CREDIT AGREEMENT
as Borrowers,
from Time to Time Parties Hereto,
as a Guarantor and
ARTICLE I DEFINITIONS | 126 | ||
SECTION 1.1 | Defined Terms | 126 | |
SECTION 1.2 | Other Definitional Provisions; Interpretation | 149 | |
SECTION 1.3 | Accounting Terms; GAAP | 150 | |
ARTICLE II THE LOANS | 150 | ||
SECTION 2.1 | Several Borrowers and Loans | 150 | |
SECTION 2.2 | Loans; Etc. | 150 | |
SECTION 2.3 | Optional and Mandatory Prepayments | 153 | |
SECTION 2.4 | Conversion and Continuation Options | 154 | |
SECTION 2.5 | Fees | 155 | |
SECTION 2.6 | Interest Rates and Payment Dates | 155 | |
SECTION 2.7 | Computation of Interest and Fees | 156 | |
SECTION 2.8 | Inability to Determine Interest Rate | 157 | |
SECTION 2.9 | Pro Rata Treatment and Payments | 157 | |
SECTION 2.10 | Illegality | 158 | |
SECTION 2.11 | Requirements of Law | 159 | |
SECTION 2.12 | Taxes | 161 | |
SECTION 2.13 | Indemnity | 163 | |
SECTION 2.14 | Change of Lending Office | 163 | |
SECTION 2.15 | Replacement of Lenders under Certain Circumstances | 163 | |
SECTION 2.16 | Additional Borrowers; Kimco as Authorized Exclusive Agent | 164 | |
SECTION 2.17 | [Intentionally Omitted.] | 166 | |
SECTION 2.18 | Identity of Lenders; Funding of Loans | 166 | |
ARTICLE III LETTERS OF CREDIT | 166 | ||
SECTION 3.1 | L/C Commitment | 166 | |
SECTION 3.2 | Procedure for Issuance of Letters of Credit | 167 | |
SECTION 3.3 | Fees and Other Charges | 167 | |
SECTION 3.4 | L/C Participations | 168 | |
SECTION 3.5 | Reimbursement Obligation of the Borrowers | 169 | |
SECTION 3.6 | Obligations Absolute | 169 | |
SECTION 3.7 | Letter of Credit Payments | 170 |
SECTION 3.8 | Applications | 171 | |
SECTION 3.9 | Replacement of the Issuing Lender; Alternate Issuing Lender | 171 | |
ARTICLE IV REPRESENTATIONS AND WARRANTIES | 171 | ||
SECTION 4.1 | Financial Condition | 172 | |
SECTION 4.2 | No Change | 172 | |
SECTION 4.3 | Corporate Existence; Compliance with Law | 172 | |
SECTION 4.4 | Corporate Power; Authorization; Enforceable Obligations | 173 | |
SECTION 4.5 | No Legal Bar | 173 | |
SECTION 4.6 | No Material Litigation | 174 | |
SECTION 4.7 | No Default | 174 | |
SECTION 4.8 | Ownership of Property | 174 | |
SECTION 4.9 | Intellectual Property | 174 | |
SECTION 4.10 | No Burdensome Restrictions; Disclosure | 174 | |
SECTION 4.11 | Taxes | 175 | |
SECTION 4.12 | Federal Regulations | 175 | |
SECTION 4.13 | ERISA | 175 | |
SECTION 4.14 | Investment Company Act; Other Regulations | 176 | |
SECTION 4.15 | [Intentionally Omitted.] | 176 | |
SECTION 4.16 | Purpose | 176 | |
SECTION 4.17 | Environmental Matters | 176 | |
SECTION 4.18 | Insurance | 177 | |
SECTION 4.19 | Condition of Properties | 177 | |
SECTION 4.20 | Benefit of Loans | 178 | |
SECTION 4.21 | REIT Status | 178 | |
SECTION 4.22 | Solvency | 178 | |
ARTICLE V CONDITIONS | 178 | ||
SECTION 5.1 | Conditions to Effectiveness / Effective Date | 178 | |
SECTION 5.2 | Conditions to Each Extension of Credit | 179 | |
ARTICLE VI AFFIRMATIVE COVENANTS | 180 | ||
SECTION 6.1 | Financial Statements | 180 | |
SECTION 6.2 | Certificates; Other Information | 181 | |
SECTION 6.3 | Payment of Obligations | 181 |
SECTION 6.4 | Maintenance of Existence, etc | 181 | |
SECTION 6.5 | Maintenance of Property; Insurance | 182 | |
SECTION 6.6 | Inspection of Property; Books and Records; Discussions | 182 | |
SECTION 6.7 | Notices | 182 | |
SECTION 6.8 | Environmental Laws | 183 | |
SECTION 6.9 | Baseline Conditions | 184 | |
ARTICLE VII NEGATIVE COVENANTS | 184 | ||
SECTION 7.1 | Financial Covenants | 184 | |
SECTION 7.2 | Limitation on Certain Fundamental Changes | 185 | |
SECTION 7.3 | Limitation on Restricted Payments | 186 | |
SECTION 7.4 | Limitation on Investments, Loans and Advances | 186 | |
SECTION 7.5 | Limitation on Transactions with Affiliates | 186 | |
SECTION 7.6 | Limitation on Changes in Fiscal Year | 187 | |
SECTION 7.7 | Limitation on Lines of Business; Issuance of Commercial Paper; Creation of Subsidiaries; Negative Pledges Swap Agreements | 187 | |
ARTICLE VIII EVENTS OF DEFAULT | 187 | ||
ARTICLE IX THE AGENTS | 192 | ||
SECTION 9.1 | The Agents | 192 | |
SECTION 9.2 | Indemnification | 194 | |
SECTION 9.3 | The Syndication Agents, Documentation Agent, Lead Arranger, and Bookrunner | 195 | |
ARTICLE X MISCELLANEOUS | 195 | ||
SECTION 10.1 | Amendments and Waivers; Automatic Modifications | 195 | |
SECTION 10.2 | Notices | 197 | |
SECTION 10.3 | No Waiver; Cumulative Remedies | 198 | |
SECTION 10.4 | Survival of Representations and Warranties | 198 | |
SECTION 10.5 | Payment of Expenses and Taxes | 198 | |
SECTION 10.6 | Successors and Assigns | 199 | |
SECTION 10.7 | Disclosure | 203 | |
SECTION 10.8 | [Intentionally Omitted.] | 203 | |
SECTION 10.9 | Extension of Maturity Date | 203 |
SECTION 10.10 | Subsidiary Guarantors; Release of Borrowers | 203 | |
SECTION 10.11 | Adjustments; Set-off | 204 | |
SECTION 10.12 | Counterparts | 205 | |
SECTION 10.13 | Severability | 205 | |
SECTION 10.14 | Integration | 206 | |
SECTION 10.15 | GOVERNING LAW | 206 | |
SECTION 10.16 | Submission to Jurisdiction; Waivers | 206 | |
SECTION 10.17 | Acknowledgments | 206 | |
SECTION 10.18 | WAIVERS OF JURY TRIAL | 207 | |
SECTION 10.19 | Confidentiality | 207 | |
SECTION 10.20 | Judgment Currency | 208 | |
ARTICLE XI GUARANTEE BY KIMCO | 209 | ||
SECTION 11.1 | Guarantee | 209 | |
SECTION 11.2 | Guaranteed Obligations Not Waived | 209 | |
SECTION 11.3 | Guarantee of Payment | 209 | |
SECTION 11.4 | No Discharge or Diminishment of Guarantee | 210 | |
SECTION 11.5 | Defenses Waived; Maturity of Guaranteed Obligations | 210 | |
SECTION 11.6 | Agreement to Pay; Subordination | 211 | |
SECTION 11.7 | Reinstatement | 211 | |
SECTION 11.8 | Information | 212 | |
SECTION 11.9 | Payments | 212 | |
EXHIBITS: | |||
Exhibit A | -- | Form of Assignment and Assumption | |
Exhibit B-1 | -- | Form of Revolving Credit Note | |
Exhibit C-1 | -- | Form of Subsidiary Guarantee | |
Exhibit C-2 | -- | Form of Subsidiary Joinder | |
Exhibit D | -- | Form of Opinion of Loan Party Counsel | |
Exhibit E-1 | -- | Form of Closing Certificate of Borrowers | |
Exhibit E-2 | -- | Form of Closing Certificate of Kimco | |
Exhibit F | -- | Form of Compliance Certificate | |
SCHEDULES: | |||
Schedule 1.1A | -- | Lenders and Commitments as of Effective Date | |
Schedule 1.1B | -- | FFO Definition Variations |
Schedule 4.1 | -- | Certain Financial Disclosure | |
Schedule 4.2 | -- | Transaction(s) Referred to in Section 4.2 | |
Schedule 4.19 | -- | Condemnation Proceedings | |
Schedule 7.2 | -- | Transaction(s) Referred to in Section 7.2 | |
Schedule 10.10 | -- | Subsidiary Guarantors |
Level I Status | Level II Status | Level III Status | Level IV Status | Level V Status | Level VI Status | ||||||||||||||
Eurodollar Loans, CDOR Loans and Money Market Loans | 0.40 | % | 0.45 | % | 0.55 | % | 0.65 | % | 0.85 | % | 1.15 | % | |||||||
ABR Loans and Cdn Prime Loans | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 0.40 | % |
Level I Status | Level II Status | Level III Status | Level IV Status | Level V Status | Level VI Status | |||||||||||
0.125% | 0.125 | % | 0.15 | % | 0.20 | % | 0.25 | % | 0.25 | % | ||||||
Level I Status | Level II Status | Level III Status | Level IV Status | Level V Status | Level VI Status | |||||||||||
0.40% | 0.45 | % | 0.55 | % | 0.65 | % | 0.85 | % | 1.15 | % | ||||||
the Administrative Agent shall give telecopy or telephonic notice thereof to the Borrowers and the Lenders as soon as practicable thereafter. If such notice is given, (x) any Eurodollar Loans requested to be made on the first day of such Interest Period shall be made as ABR Loans, (y) any Revolving Credit Loans that were to have been converted on the first day of such Interest Period to Eurodollar Loans shall be converted to or continued as ABR Loans, and (z) any outstanding Eurodollar Loans shall be converted, on the first day of such Interest Period, to ABR Loans. Until such notice has been withdrawn by the Administrative Agent, no further Eurodollar Loans shall be made or continued as such, nor shall the Borrowers have the right to convert any other Revolving Credit Loans to Eurodollar Loans.
Any Borrower or Kimco: | c/o Kimco Realty Corporation | |
3333 New Hyde Park Road, Suite 100 | ||
New Hyde Park, New York 11042 | ||
Attention: Glenn G. Cohen | ||
Telecopy: (516) 869-2572 | ||
The Administrative Agent and the Issuing Lender: | Royal Bank of Canada | |
Royal Bank Plaza | ||
P.O. Box 50, 200 Bay Street | ||
12th Floor, South Tower | ||
Toronto, Ontario M5J 2W7 | ||
Canada | ||
Attention: Manager, Agency Services Group | ||
Telecopy: (416) 842-4023 |
with a copy to: | Royal Bank of Canada | |
One Liberty Plaza, 3rd Floor | ||
165 Broadway | ||
New York, New York 10006-1404 | ||
Attention: Manager, Loans Administration | ||
Telecopy: (212) 428-2372 | ||
and to: | Royal Bank of Canada | |
One Liberty Plaza, 6th Floor | ||
165 Broadway | ||
New York, New York 10006-1404 | ||
Attention: Gordon MacArthur | ||
Telecopy: (212) 428-6459 | ||
and a copy of all notices faxed to: | Mr. Jamie Cameron | |
CTM Group | ||
Facsimile: (416) 842-4020 | ||
BORROWERS: | ||
KIMCO NORTH TRUST I | ||
By: | /s/ David B. Henry | |
Name: David B. Henry | ||
Title: Trustee | ||
By: | /s/ Michael V. Pappagallo | |
Name: Michael V. Pappagallo | ||
Title: Trustee | ||
KIMCO NORTH TRUST II | ||
By: | /s/ Glenn G. Cohen | |
Name: Glenn Cohen | ||
Title: Trustee | ||
KIMCO NORTH TRUST III | ||
By: | /s/ Glenn G. Cohen | |
Name: Glenn G. Cohen | ||
Title: Trustee | ||
KIMCO NORTH LOAN TRUST IV | ||
By: | /s/ Glenn G. Cohen | |
Name: Glenn G. Cohen | ||
Title: Trustee |
KIMCO NORTH TRUST V | ||
By: | /s/ Glenn G. Cohen | |
Name: Glenn G. Cohen | ||
Title: Trustee | ||
KIMCO NORTH TRUST VI | ||
By: | /s/ Glenn G. Cohen | |
Name: Glenn G. Cohen | ||
Title: Trustee | ||
ADMINISTRATIVE AGENT: | ||
ROYAL BANK OF CANADA, as Administrative Agent | ||
By: | /s/ David Wheatley | |
Name: David Wheatley | ||
Title: Manager, Agency | ||
LENDERS AND ISSUING LENDER: | ||
ROYAL BANK OF CANADA, acting through a U.S. branch, as a Lender and as Issuing Lender | ||
By: | /s/ Gordon MacArthur | |
Name: Gordon MacArthur | ||
Title: Authorized Signatory |
BANK OF AMERICA NATIONAL ASSOCIATION, acting through its Canada branch | ||
By: | /s/ Medina Sales de Andrade | |
Name: Medina Sales de Andrade | ||
Title: Assistant Vice President | ||
CANADIAN IMPERIAL BANK OF COMMERCE, acting through a U.S. branch | ||
By: | /s/ Joel Gershkon | |
Name: Joel Gershkon | ||
Title: Authorized Signatory | ||
THE BANK OF NOVA SCOTIA, acting through a U.S. branch | ||
By: | /s/ R.H. Boese | |
Name: R.H. Boese | ||
Title: Managing Director | ||
JPMORGAN CHASE BANK, N.A., | ||
TORONTO BRANCH | ||
By: | /s/ Christine Chan | |
Name: Christine Chan | ||
Title: Vice President |
KIMCO: | ||
KIMCO REALTY CORPORATION, | ||
for the limited purposes set forth in the preamble to this Agreement | ||
By: | /s/ Glenn G. Cohen | |
Name: Glenn G. Cohen | ||
Title: Treasurer/Vice President |