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Loan and Security Agreement [Amended and Restated No. 1]
Loan and Security Agreement [Amended and Restated No. 1] (1,527K)
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AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT
Dated as of May 2, 2003
Among
THE FINANCIAL INSTITUTIONS NAMED HEREIN
as the Lenders
BANK OF AMERICA, N.A.
as the Agent
BANC OF AMERICA SECURITIES LLC
as Sole Lead Arranger and Book Manager
FLEET RETAIL FINANCE INC. and
THE CIT GROUP/BUSINESS CREDIT, INC.
as Co-Syndication Agents
SPIEGEL, INC.,
EDDIE BAUER, INC.,
SPIEGEL CATALOG, INC.,
ULTIMATE OUTLET INC. and
NEWPORT NEWS, INC.
Each as a Debtor-in-Possession Under Chapter 11 of the Bankruptcy Code
as Borrowers and Guarantors
and
THE SUBSIDIARIES OF SPIEGEL, INC. PARTY HERETO
as Guarantors
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TABLE OF CONTENTS
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ARTICLE 1 INTERPRETATION OF THIS AGREEMENT......................................................................... 2
1.1 Definitions..................................................................................... 2
1.2 Accounting Terms................................................................................ 43
1.3 Interpretive Provisions......................................................................... 43
1.4 Interest Act (Canada)........................................................................... 44
ARTICLE 2 LOANS AND LETTERS OF CREDIT.............................................................................. 44
2.1 Total Facility.................................................................................. 44
2.2 Revolving Loans................................................................................. 44
2.3 Letters of Credit............................................................................... 51
2.4 Bank Products................................................................................... 58
ARTICLE 3 INTEREST AND FEES........................................................................................ 59
3.1 Interest........................................................................................ 59
3.2 Conversion and Continuation Elections........................................................... 59
3.3 Maximum Interest Rate........................................................................... 61
3.4 Unused Line Fee................................................................................. 61
3.5 Letter of Credit Fee............................................................................ 62
3.6 Fee Letters..................................................................................... 62
3.7 Payment of Fees................................................................................. 62
ARTICLE 4 PAYMENTS AND PREPAYMENTS................................................................................. 62
4.1 Revolving Loans................................................................................. 62
4.2 Termination or Reduction of Facility............................................................ 62
4.3 Payments by the Loan Parties.................................................................... 63
4.4 Payments as Revolving Loans..................................................................... 64
4.5 Apportionment and Application and Reversal of Payments.......................................... 64
4.6 Indemnity for Returned Payments................................................................. 65
4.7 Agent's and Lenders' Books and Records; Monthly Statements...................................... 65
ARTICLE 5 TAXES, YIELD PROTECTION AND ILLEGALITY................................................................... 66
5.1 Taxes........................................................................................... 66
5.2 Illegality...................................................................................... 68
5.3 Increased Costs and Reduction of Return......................................................... 68
5.4 Funding Losses.................................................................................. 69
5.5 Inability to Determine Rates.................................................................... 69
5.6 Certificates of Lenders......................................................................... 69
5.7 Survival........................................................................................ 69
ARTICLE 6 COLLATERAL; ADMINISTRATIVE SUPERPRIORITY................................................................. 70
6.1 Grant of Security Interest...................................................................... 70
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6.2 Perfection and Protection of Security Interest.................................................. 72
6.3 Location of Collateral.......................................................................... 74
6.4 Title to, Liens on, and Sale and Use of Collateral.............................................. 75
6.5 [Intentionally Omitted]......................................................................... 75
6.6 Access and Examination; Promotional Materials................................................... 75
6.7 Collateral Reporting............................................................................ 76
6.8 Accounts........................................................................................ 77
6.9 Collection of Accounts; Payments................................................................ 78
6.10 Inventory; Perpetual Inventory.................................................................. 80
6.11 Equipment....................................................................................... 80
6.12 [Intentionally Omitted]......................................................................... 81
6.13 Documents, Instruments, and Chattel Paper....................................................... 81
6.14 Right to Cure................................................................................... 81
6.15 Power of Attorney............................................................................... 81
6.16 The Agent's and Lenders' Rights, Duties and Liabilities......................................... 82
6.17 Patent, Trademark and Copyright Collateral...................................................... 83
6.18 Grant of License to Use Intellectual Property................................................... 84
ARTICLE 7 BOOKS AND RECORDS; FINANCIAL INFORMATION; NOTICES........................................................ 85
7.1 Books and Records............................................................................... 85
7.2 Financial and Other Information................................................................. 85
7.3 Notices to the Lenders.......................................................................... 90
ARTICLE 8 GENERAL WARRANTIES AND REPRESENTATIONS................................................................... 93
8.1 Authorization, Validity, and Enforceability of this Agreement and the Loan Documents............ 93
8.2 Validity and Priority of Security Interest...................................................... 93
8.3 Organization and Qualification.................................................................. 94
8.4 Corporate Name; Prior Transactions.............................................................. 94
8.5 Subsidiaries and Affiliates..................................................................... 94
8.6 Financial Statements and Projections............................................................ 94
8.7 Capitalization.................................................................................. 95
8.8 Reorganization Matters.......................................................................... 95
8.9 Debt............................................................................................ 95
8.10 Distributions................................................................................... 95
8.11 Title to Property............................................................................... 95
8.12 Real Estate; Leases............................................................................. 95
8.13 Proprietary Rights.............................................................................. 96
8.14 Trade Names..................................................................................... 96
8.15 Litigation...................................................................................... 96
8.16 Restrictive Agreements.......................................................................... 96
8.17 Labor Disputes.................................................................................. 96
8.18 Environmental Laws.............................................................................. 97
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8.19 No Violation of Law............................................................................. 98
8.20 No Default...................................................................................... 98
8.21 ERISA Compliance................................................................................ 98
8.22 Taxes........................................................................................... 99
8.23 Regulated Entities.............................................................................. 99
8.24 Use of Proceeds; Margin Regulations............................................................. 99
8.25 Copyrights, Patents, Trademarks and Licenses, etc. ............................................. 100
8.26 No Material Adverse Change...................................................................... 100
8.27 Full Disclosure................................................................................. 100
8.28 Material Agreements............................................................................. 100
8.29 Bank Accounts................................................................................... 100
8.30 Assets Necessary for Conduct of Business........................................................ 100
8.31 Existing Securitization Program................................................................. 100
ARTICLE 9 AFFIRMATIVE AND NEGATIVE COVENANTS....................................................................... 101
9.1 Taxes and Other Obligations..................................................................... 101
9.2 Legal Existence and Good Standing............................................................... 101
9.3 Compliance with Law and Agreements; Maintenance of Licenses..................................... 102
9.4 Maintenance of Property; Inspection of Property................................................. 102
9.5 Insurance....................................................................................... 102
9.6 [Intentionally Omitted]......................................................................... 103
9.7 Environmental Laws.............................................................................. 103
9.8 Compliance with ERISA........................................................................... 104
9.9 Mergers, Consolidations or Sales................................................................ 104
9.10 Distributions; Capital Change; Restricted Investments........................................... 105
9.11 [Intentionally Omitted]......................................................................... 105
9.12 Guaranties...................................................................................... 105
9.13 Debt.............................................................................................105
9.14 Prepayment...................................................................................... 106
9.15 Transactions with Affiliates.................................................................... 106
9.16 Investment Banking and Finder's Fees............................................................ 107
9.17 Reserved........................................................................................ 107
9.18 Business Conducted.............................................................................. 107
9.19 Liens........................................................................................... 107
9.20 Sale and Leaseback Transactions................................................................. 107
9.21 New Subsidiaries................................................................................ 107
9.22 Fiscal Year..................................................................................... 107
9.23 Modification of Permitted Consumer Credit Card Program Documents................................ 108
9.24 Use of Proceeds................................................................................. 108
9.25 Interim Bankruptcy Court Order; Final Bankruptcy Court Order; Administrative Expense Claim
Priority; Lien Priority........................................................................ 108
9.26 Further Assurances.............................................................................. 109
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9.27 [Intentionally Omitted]......................................................................... 109
9.28 Obligations under Real Estate Leases, Equipment Leases and Licenses............................. 109
9.29 Reclamation Claims.............................................................................. 109
9.30 Prepetition Claims.............................................................................. 110
9.31 Applications to Bankruptcy Court................................................................ 110
9.32 Use of Letters of Credit........................................................................ 110
9.33 Notices......................................................................................... 110
9.34 Restructuring Advisor........................................................................... 110
9.35 Reserved........................................................................................ 110
9.36 Sourcing Arrangements........................................................................... 110
9.37 Minimum Combined Availability................................................................... 111
9.38 Capital Expenditures............................................................................ 111
ARTICLE 10 CONDITIONS OF LENDING.................................................................................... 112
10.1 Conditions Precedent to Making of Loans on the Closing Date..................................... 112
10.2 Conditions Precedent to Making of Loans on and after the Final Bankruptcy Court Order Date...... 116
10.3 Conditions Precedent to Each Loan............................................................... 117
ARTICLE 11 DEFAULT; REMEDIES........................................................................................ 118
11.1 Events of Default............................................................................... 118
11.2 Remedies........................................................................................ 123
ARTICLE 12 TERM AND TERMINATION..................................................................................... 125
12.1 Term and Termination............................................................................ 125
ARTICLE 13 AMENDMENTS; WAIVER; PARTICIPATIONS; ASSIGNMENTS; SUCCESSORS.............................................. 125
13.1 No Waivers; Cumulative Remedies................................................................. 125
13.2 Amendments and Waivers.......................................................................... 125
13.3 Assignments; Participations..................................................................... 127
ARTICLE 14 THE AGENT................................................................................................ 129
14.1 Appointment and Authorization................................................................... 129
14.2 Delegation of Duties............................................................................ 130
14.3 Liability of Agent.............................................................................. 130
14.4 Reliance by Agent............................................................................... 131
14.5 Notice of Default............................................................................... 131
14.6 Credit Decision................................................................................. 131
14.7 Indemnification................................................................................. 132
14.8 Agent in Individual Capacity.................................................................... 132
14.9 Successor Agent................................................................................. 132
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14.10 Withholding Tax................................................................................. 133
14.11 Reserved........................................................................................ 134
14.12 Collateral Matters.............................................................................. 134
14.13 Restrictions on Actions by Lenders; Sharing of Payments......................................... 135
14.14 Agency for Perfection........................................................................... 136
14.15 Payments by Agent to Lenders.................................................................... 136
14.16 Concerning the Collateral and the Related Loan Documents........................................ 136
14.17 Field Audit and Examination Reports; Disclaimer by Lenders...................................... 137
14.18 Relation Among Lenders.......................................................................... 137
14.19 The Arranger and Co-Agents, Etc. ............................................................... 138
ARTICLE 15 MISCELLANEOUS............................................................................................ 138
15.1 No Waivers; Cumulative Remedies................................................................. 138
15.2 Severability.................................................................................... 138
15.3 Governing Law; Choice of Forum; Service of Process.............................................. 138
15.4 Waiver of Jury Trial............................................................................ 139
15.5 Survival of Representations and Warranties...................................................... 140
15.6 Other Security and Guaranties................................................................... 140
15.7 Fees and Expenses............................................................................... 140
15.8 Notices......................................................................................... 141
15.9 Waiver of Notices............................................................................... 142
15.10 Binding Effect.................................................................................. 142
15.11 Indemnity of the Agent and the Lenders by the Loan Parties...................................... 142
15.12 Limitation of Liability......................................................................... 143
15.13 Final Agreement................................................................................. 143
15.14 Counterparts.................................................................................... 144
15.15 Captions........................................................................................ 144
15.16 Right of Setoff................................................................................. 144
15.17 Joint and Several Liability..................................................................... 144
15.18 Confidentiality................................................................................. 145
15.19 Conflicts with Other Loan Documents............................................................. 146
15.20 Appraisals...................................................................................... 146
ARTICLE 16 GUARANTEES............................................................................................... 147
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EXHIBITS
EXHIBIT A - FORM OF INTERIM BANKRUPTCY COURT ORDER
EXHIBIT B - FORM OF BORROWING BASE CERTIFICATE
EXHIBIT C - FINANCIAL STATEMENTS
EXHIBIT D - FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT
EXHIBIT E - FORM OF NOTICE OF BORROWING
EXHIBIT F - FORM OF NOTICE OF CONVERSION/CONTINUATION
EXHIBIT G - [INTENTIONALLY OMITTED]
EXHIBIT H - INITIAL DIP FORECAST
SCHEDULES
Schedule 1.1(a) COMMITMENTS
Schedule 1.1(b) EXCLUDED SUBSIDIARIES
Schedule 1.1(c) MAJOR CREDIT CARD PROGRAM AGREEMENTS
Schedule 6.l(a)(xiv) COMMERCIAL TORT CLAIMS
Schedule 6.3 LOAN PARTIES' CHIEF EXECUTIVE OFFICE, THE LOCATION OF
ITS BOOKS AND RECORDS, THE LOCATIONS OF THE COLLATERAL
Schedule 6.17 INTELLECTUAL PROPERTY
Schedule 8.4 CORPORATE NAME; PRIOR TRANSACTIONS
Schedule 8.5 SUBSIDIARIES AND AFFILIATES
Schedule 8.7 CAPITALIZATION OF LOAN PARTIES
Schedule 8.9 DEBT
Schedule 8.11 OWNED REAL PROPERTY
Schedule 8.12 LEASES
Schedule 8.13 PROPRIETARY RIGHTS
Schedule 8.14 TRADE NAMES
Schedule 8.15 LITIGATION
Schedule 8.17 LABOR DISPUTES
Schedule 8.18 ENVIRONMENTAL ISSUES
Schedule 8.19 VIOLATIONS OF LAW
Schedule 8.21 ERISA ISSUES
Schedule 8.26 MATERIAL ADVERSE CHANGE
Schedule 8.28 MATERIAL AGREEMENTS
Schedule 8.29 BANK ACCOUNTS
Schedule 9.3 COMPLIANCE WITH LAWS
Schedule 9.12 EXISTING GUARANTIES
Schedule 9.15 TRANSACTIONS WITH AFFILIATES
Schedule 9.19 EXISTING LIENS
Schedule 10.1(m) GOOD STANDING CERTIFICATES
vi
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AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT
Amended and Restated Loan and Security Agreement, dated as of May 2, 2003,
among the financial institutions listed on the signature pages hereof (such
financial institutions, together with their respective successors and assigns,
are referred to hereinafter each individually as a "Lender" and collectively as
the "Lenders"), Bank of America, N.A., with an office at 335 Madison Avenue, New
York, New York, as agent for the Lenders (in its capacity as agent, together
with any successor in such capacity, the "Agent"), Banc of America Securities
LLC, as sole lead arranger and book manager (in such capacity, the "Arranger"),
Fleet Retail Finance Inc. and The CIT Group/Business Credit, Inc., as
co-syndication agents (in such capacity, the "Co-Syndication Agents"), Spiegel,
Inc., a Delaware corporation and a debtor-in-possession under Chapter 11 of the
Bankruptcy Code (as hereinafter defined) ("Spiegel", and in its capacity as
authorized representative of the Borrowers, the "Authorized Representative"),
Eddie Bauer, Inc., a Delaware corporation and a debtor-in-possession under
Chapter 11 of the Bankruptcy Code ("Eddie Bauer"), Spiegel Catalog, Inc., a
Delaware corporation and a debtor-in-possession under Chapter 11 of the
Bankruptcy Code ("Catalog"), Ultimate Outlet Inc., a Delaware corporation and a
debtor-in-possession under Chapter 11 of the Bankruptcy Code ("Ultimate") and
Newport News, Inc., a Delaware corporation and a debtor-in-possession under
Chapter 11 of the Bankruptcy Code ("Newport" and, together with Spiegel, Eddie
Bauer, Catalog and Ultimate, jointly and severally, the "Borrowers", and Spiegel
and each of its direct and indirect Subsidiaries that is a signatory hereto as a
Guarantor (each a "Guarantor" and collectively, the "Guarantors"), each of which
is a debtor-in-possession under Chapter 11 of the Bankruptcy Code.
W I T N E S S E T H:
WHEREAS, (i) each of the Borrowers and Guarantors has filed in the
Bankruptcy Court (as hereinafter defined) a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (as hereinafter defined) and has continued in
the possession of its assets and in the management of its businesses pursuant to
Sections 1107 and 1108 of the Bankruptcy Code, and such reorganization cases are
being jointly administered under Case Number 03-11540 (CB) (the "Case") and (ii)
each of the Canadian Guarantors intends to file an application for relief
pursuant to Section 18.6 of the CCAA (the "Canadian Case");
WHEREAS, pursuant to and subject to the terms and conditions of the Loan
and Security Agreement, dated as of March 17, 2003 (as amended, supplemented or
otherwise modified prior to the date hereof, the "Existing Loan Agreement"),
among the Lenders, the Agent, the Arranger, the Co-Syndication Agents, the
Borrowers and the Guarantors, the Lenders agreed to make available to the
Borrowers a debtor-in-possession revolving credit facility of up to
$400,000,000;
WHEREAS, the Borrowers, the Guarantors, the Lenders, the Agent, the
Arranger and the Co-Syndication Agents have agreed to amend and restate the
Existing Loan Agreement as set forth below in order to, among other things,
provide for the items specified in Section 10.2(e);
NOW, THEREFORE, in consideration of the mutual conditions and agreements
set forth in this Agreement, and for good and valuable consideration, the
receipt of which is hereby
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acknowledged, the parties hereto hereby agree that on the Restatement Effective
Date (as hereinafter defined), the Existing Loan Agreement shall be amended and
restated in its entirety as follows:
ARTICLE 1
INTERPRETATION OF THIS AGREEMENT
1.1 Definitions. As used herein:
"Accelerated Delivery Period" means the period commencing upon the
occurrence of a Combined Availability Threshold Event and continuing until such
time thereafter as Combined Availability is greater than $100,000,000 at all
times for thirty (30) consecutive days and the Authorized Representative has
delivered to the Agent evidence reasonably satisfactory to the Agent of
satisfaction of such condition for such thirty (30) consecutive day period.
"Account Debtor" means each Person obligated in any way on or in
connection with an Account, Chattel Paper or General Intangible (including a
payment intangible).
"Accounts" means, with respect to any Loan Party, all of such Loan
Party's now owned or hereafter acquired or arising accounts (as defined in the
UCC), and any other rights of such Loan Party to payment for the sale or lease
of Inventory or goods or rendition of services, whether or not they have been
earned by performance, including, without limitation, Major Credit Card
Receivables and Consumer Credit Card Receivables.
"Accounts Appraisal" means (a) prior to the Final Bankruptcy Court
Order Date, the appraisal of the Consumer Credit Card Receivables of the
Borrowers delivered to the Agent and the Lenders within 30 days after the
Interim Bankruptcy Court Order Date and prepared by an appraiser acceptable to
the Agent and the Initial Lenders and to be in form, scope and substance
satisfactory to the Agent and the Initial Lenders and (b) thereafter, each
Account Appraisal delivered pursuant to Section 15.20.
"ACH Transactions" means any cash management or related services
including the automatic clearing house transfer of funds by the Bank for the
account of any Borrower pursuant to agreement or overdrafts.
"Affiliate" means, as to any Person, any other Person which, directly
or indirectly, is in control of, is controlled by, or is under common control
with, such Person or which owns, directly or indirectly, ten percent (10%) or
more of the outstanding equity interest of such Person. A Person shall be deemed
to control another Person if the controlling Person possesses, directly or
indirectly, the power to direct or cause the direction of the management and
policies of the other Person, whether through the ownership of voting
securities, by contract, or otherwise.
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DDR
As referenced in this Loan and Security Agreement [Amended and Restated No. 1]:
Developers Diversified Realty
– Assurance Society of the United
States; (f) The Taubman Landlords (as defined in The Taubman Landlords'
Limited Objection dated April 23, 2003), (g) Developers Diversified Realty
Corporation, General Growth Management, Inc., Kravco Company, New Plan
Excel Realty Trust, Inc., The Rouse Company Affiliates, and Wilmorite,
Inc., (h) CPG
_____________
dt 111711
;
Mills
As referenced in this Loan and Security Agreement [Amended and Restated No. 1]:
Mills Corp – k/a
Senpike Mall Company, Pyramid Crossgates Company, Salmon Run Shopping
Center, LLC, Scranton Mall Associates and Shopco 129 Limited Partnership,
(b) The Mills Corp oration, and certain of its subsidiaries, (c) Simon
Property Group, L.P., (d) Willow Grove Associates, Cherry Hill Center, LLC
and Exton Square
_____________
Mills Corp – 820 W. Stacey Rd., Ste. 100 Allen TX Chelsea Financing Partnership
------------------------------------------------------------------------------------------------------------------------------------
Eddie Bauer, Inc. 5000 Arizona Mills Cir., Ste. 621 Tempe AZ The Mills Corp oration
------------------------------------------------------------------------------------------------------------------------------------
Eddie Bauer, Inc. 447 Great Mall Dr. Milpitas CA Great Mall of the Bay Area
------------------------------------------------------------------------------------------------------------------------------------
Eddie Bauer, Inc. 239 Tanger Dr. Williamsburg
_____________
dt 109816
;
Prudential
As referenced in this Loan and Security Agreement [Amended and Restated No. 1]:
Prudential Insurance Co – GCA Realty, (i) The Macerich
Company, RREEF Management Company, The Forbes Company, Urban Retail
Properties Co., The Cadillac Fairview Corporation, Ltd. (Canada), the
Prudential Insurance Co mpany of America and Gregory Greenfield &
Associates, and (j) Computer Sales International, Inc., Fleet Business
Credit, LLC f/k/a Fleet Business Credit
_____________
dt 159739
;
|
Rouse
As referenced in this Loan and Security Agreement [Amended and Restated No. 1]:
Rouse Co – Objection dated April 23, 2003), (g) Developers Diversified Realty
Corporation, General Growth Management, Inc., Kravco Company, New Plan
Excel Realty Trust, Inc., The Rouse Co mpany Affiliates, and Wilmorite,
Inc., (h) CPG Partners, L.P. f/k/a Chelsea GCA Realty, (i) The Macerich
Company, RREEF Management Company,
_____________
Rouse Co – Inc. 4800 South Hulen Street, Space 125 Ft. Worth TX Rouse
------------------------------------------------------------------------------------------------------------------------------------
Eddie Bauer, Inc. 700 SW 5th Avenue, Suite 001 Portland OR The Rouse Co mpany
------------------------------------------------------------------------------------------------------------------------------------
Eddie Bauer, Inc. 8430 Factory Shops Blvd. #430 Jeffersonville OH Colorado Mills Ltd. Partners
------------------------------------------------------------------------------------------------------------------------------------
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LOAN PARTY LOCATION
_____________
Rouse Co – Five
------------------------------------------------------------------------------------------------------------------------------------
Eddie Bauer, Inc. 120 Laconia Road, Suite 225 Tilton NH Charter Oak Partners
------------------------------------------------------------------------------------------------------------------------------------
Eddie Bauer, Inc. 145A Stephens Way Dillon CO The Rouse Co mpany
------------------------------------------------------------------------------------------------------------------------------------
Eddie Bauer, Inc. 1911 Leeburg Road, Space 900; PO Box 110 Grove City PA Westfield
------------------------------------------------------------------------------------------------------------------------------------
Eddie Bauer, Inc. 55 Cache Street Jackson
_____________
Rouse Co – North Shiloh Drive, Space 149 Fayetteville NC Macerich Fayetteville LP
------------------------------------------------------------------------------------------------------------------------------------
Eddie Bauer, Inc. 8445 Park Meadows Center Drive Space JA7 Littleton CO The Rouse Co mpany
------------------------------------------------------------------------------------------------------------------------------------
Eddie Bauer, Inc. 8445 Park Meadows Center Drive Space JA7 Littleton CO Rouse Park Meadow LLC
------------------------------------------------------------------------------------------------------------------------------------
Eddie Bauer, Inc. 600 N. Michigan
_____________
Rouse Co – Blvd. Columbus OH Taubman
------------------------------------------------------------------------------------------------------------------------------------
Eddie Bauer, Inc. 5043 Turtle Crossing Blvd. Columbus OH Taubman
------------------------------------------------------------------------------------------------------------------------------------
Eddie Bauer, Inc. 3450 Wrightsboro Rd. Augusta GA The Rouse Co mpany
------------------------------------------------------------------------------------------------------------------------------------
Eddie Bauer, Inc. 2901 Capitol of Texas Hwy, #A-08A Austin TX The Equitable Life Assurance
------------------------------------------------------------------------------------------------------------------------------------
Eddie Bauer, Inc. 10300 Southside Blvd.
_____________
dt 109404
;
Spiegel
As referenced in this Loan and Security Agreement [Amended and Restated No. 1]:
SPIEGEL, INC – LLC
as Sole Lead Arranger and Book Manager
FLEET RETAIL FINANCE INC. and
THE CIT GROUP/BUSINESS CREDIT, INC.
as Co-Syndication Agents
SPIEGEL, INC .,
EDDIE BAUER, INC.,
SPIEGEL CATALOG, INC.,
ULTIMATE OUTLET INC. and
NEWPORT NEWS, INC.
Each as a Debtor-in-Possession Under Chapter 11
_____________
SPIEGEL, INC – NEWS, INC.
Each as a Debtor-in-Possession Under Chapter 11 of the Bankruptcy Code
as Borrowers and Guarantors
and
THE SUBSIDIARIES OF SPIEGEL, INC . PARTY HERETO
as Guarantors
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ARTICLE 1 INTERPRETATION OF THIS AGREEMENT......................................................................... 2
1.1
_____________
Spiegel,
Inc – Arranger"),
Fleet Retail Finance Inc. and The CIT Group/Business Credit, Inc., as
co-syndication agents (in such capacity, the "Co-Syndication Agents"), Spiegel,
Inc ., a Delaware corporation and a debtor-in-possession under Chapter 11 of the
Bankruptcy Code (as hereinafter defined) ("Spiegel", and in its
_____________
Spiegel, Inc – Final Judgment and Order of
Permanent Injunction and Other Equitable Relief entered in the matter of
United States Securities and Exchange Commission v. Spiegel, Inc . on March
11, 2003 and (iii) upon the occurrence and during the continuance of an
Event of Default, unpaid allowed fees and
_____________
Spiegel
(inc – forth in this Agreement and (iii) any provisions in this Agreement which
relate to any financial statements or related report or statement of Spiegel
(inc luding, without limitation, any Financial Statements), the term "Subsidiary"
shall not include any Excluded Subsidiary.
"Super Majority Lenders" means, at any time, Lenders
_____________
dt 650817
;
More... |
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Assumption and Reimbursement Agreement
Assumption and Reimbursement Agreement (55K)
Doc #115884: Click preview link for longer preview.
ASSUMPTION AND REIMBURSEMENT AGREEMENT (CNL)
This ASSUMPTION AND REIMBURSEMENT AGREEMENT (this "Agreement") is made
effective as of March 28, 2003, by and among MARRIOTT INTERNATIONAL, INC., a
Delaware corporation ("Marriott Parent"), MARRIOTT CONTINUING CARE, LLC, a
Delaware limited liability company ("MCC" and, together with Marriott Parent,
"Assignors"), CNL RETIREMENT PROPERTIES, INC., a Delaware corporation ("CNL
Parent"), CNL Retirement MA3 Pennsylvania, LP, a Delaware limited partnership
("PA Assignee"), and CNL Retirement MA3 Virginia, LP, a Delaware limited
partnership ("VA Assignee" and, together with PA Assignee, "Operating
Assignees;" Operating Assignees and CNL Parent, collectively, "Assignees").
RECITALS
A. On the date hereof, pursuant to a Purchase and Sale Agreement
dated as of December 20, 2002 by and among MCC (as Seller), CNL Retirement MA3,
LP, a Delaware limited partnership, or assigns (as Purchaser), Marriott Parent
and CNL Parent (as amended or modified from time to time, the "Real Estate
Purchase Agreement"), the VA Assignee is purchasing from MCC the senior living
facility located in Ft. Belvoir, Virginia more specifically described in EXHIBIT
A-1 attached hereto (the "Fairfax") and PA Assignee is purchasing the senior
living facility located in Haverford, Pennsylvania more specifically described
in EXHIBIT A-2 attached hereto (the "Quadrangle," and collectively with the
Fairfax, the "Facilities"); and, pursuant to a Stock Purchase Agreement dated as
of December 30, 2002 by and among Marriott Parent, Sunrise Assisted Living, Inc.
("Sunrise") and certain affiliates of Marriott Parent (as amended or modified
from time to time, the "Stock Purchase Agreement"), Sunrise is acquiring all of
the issued and outstanding stock of Marriott Senior Living Services, Inc., a
Delaware corporation to be renamed Sunrise Senior Living Services, Inc. (the
"Company") and, indirectly through the Company, all of the issued and
outstanding stock of MCC (capitalized terms used and not defined herein shall
have the meanings given them in the Real Estate Purchase Agreement);
B. Each of MCC, Company (as predecessor to MCC) and Marriott
Retirement Communities - Haverford, Inc. (as predecessor to Company and MCC)
have from time to time issued to residents of the Quadrangle and to certain
other Persons in connection with continuing care arrangements at the Quadrangle
obligations known as "Lifecare Bonds" as more specifically described on Schedule
1 hereto (the "Outstanding Quadrangle Bonds");
C. Each of MCC, Company (as predecessor to MCC) and Marriott
Retirement Communities - Fairfax, Inc., as predecessor to Company and MCC, have
from time to time issued to residents of the Fairfax and to certain other
Persons in connection with continuing care arrangements at the Fairfax
obligations known as "Lifecare Bonds" as more specifically
1
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described on Schedule 2 hereto (the "Outstanding Fairfax Bonds" and, together
with the Outstanding Quadrangle Bonds, the "Outstanding Bonds");
D. Pursuant to the Lifecare Agreements of Undertaking set forth on
Schedule 3 hereto (the "Lifecare Undertakings"), Marriott Parent has agreed to
provide all financial and other support that may be required to comply with
obligations under "Lifecare Bonds" issued in respect of the Facilities
("Lifecare Bonds") and continuing care agreements entered into in respect of the
Facilities ("Continuing Care Agreements");
E. Pursuant to the Host Marriott Indemnity Agreement, dated as of
October 8, 1993, among Marriott International, Inc., Marriott Senior Living
Services, Inc., Marriott Corporation, HMC Retirement Properties, Inc. and HMH
Properties, Inc. (the "Host Marriott Indemnity Agreement," and, together with
the Lifecare Undertakings, the "Parent Lifecare Agreements"), Marriott Parent
has agreed to indemnify and hold harmless Host Marriott Corporation from and
against liabilities in respect of Continuing Care Agreements and Lifecare Bonds;
F. Pursuant to the Real Estate Purchase Agreement, PA Operating
Assignee and VA Operating Assignee respectively have agreed to assume and
perform all of the obligations of MCC in respect of the Outstanding Quadrangle
Bonds and the Outstanding Fairfax Bonds respectively; and CNL Parent has agreed
to assume all of the financial obligations of Marriott Parent under the Parent
Lifecare Agreements and to indemnify and reimburse Marriott Parent as provided
herein;
G. Pursuant to the Real Estate Purchase Agreement, contemporaneous
with the execution and delivery hereof, VA Operating Assignee is entering into a
Deed of Trust, Assignment of Rents and Security Agreement dated as of the date
hereof granting to Marriott Parent a lien on and security interest in the
Fairfax as security for the obligations of Assignees to Marriott Parent
hereunder (the "VA Deed of Trust") and PA Operating Assignee is entering into a
Mortgage, Assignment of Rents and Security Agreement dated as of the date hereof
granting to Marriott Parent a lien on and security interest in the Quadrangle as
security for the obligations of Assignees to Marriott Parent hereunder (the "PA
Mortgage" and with the VA Deed of Trust, collectively, the "Mortgages");
H. On the date hereof, MCC and Operating Assignees are entering
into certain lease agreements in respect of the Facilities (collectively, the
"Operating Agreements"), and, pursuant thereto, from and after the Closing,
Lifecare Bonds will be issued by MCC or another Affiliate of Sunrise, Continuing
Care Agreements will be entered into by MCC or another Affiliate of Sunrise, and
CNL Parent will provide financial support in respect thereof; and
I. Assignors and Assignees desire to confirm the foregoing
assumptions and agreements, and to provide certain related assurances; and MCC
and Operating Assignees desire to consent to the assumption by CNL Parent of
Marriott Parent's financial obligations with respect to the Parent Lifecare
Undertakings, all on the terms and conditions set forth herein.
AGREEMENT
NOW, THEREFORE, in consideration of the premises, the agreements and
covenants herein contained and other valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:
1. ASSIGNMENT.
2
{PAGE}
(a) MCC hereby assigns to VA Operating Assignee all of the
obligations, liabilities, duties and covenants to be performed by MCC or any
Affiliate of MCC after the date hereof under or in respect of each of the
Outstanding Fairfax Bonds (the "Assumed Fairfax Obligations").
(b) MCC hereby assigns to PA Operating Assignee all of the
obligations, liabilities, duties and covenants to be performed by MCC or any
Affiliate of MCC after the date hereof under or in respect of each of the
Outstanding Quadrangle Bonds (the "Assumed Quadrangle Obligations" and, together
with the Assumed Fairfax Obligations, the "Assumed Operating Obligations").
(c) Marriott Parent hereby assigns to CNL Parent and the
Operating Assignees, as joint and several obligors, all of the financial
obligations, liabilities, duties and covenants to be performed by Marriott
Parent or any Affiliate of Marriott Parent after the date hereof under each of
the Lifecare Undertakings and, to the extent related to Lifecare Bonds or
Continuing Care Agreements, the Host Marriott Indemnity Agreement (collectively,
the "Assumed Parent Obligations" and, together with the Assumed Operating
Obligations, the "Assumed Obligations"). For the avoidance of doubt, (i) the
parties acknowledge that, pursuant to the Operating Agreements, the management
and operation of the Facilities from and after the Closing, including the
provision of living accommodations, facilities, services and programs provided
115884
|
Citibank
As referenced in this Assumption and Reimbursement Agreement:
Citibank, N.A. – first to interest due, if any, and then to the
principal of the Parent Reimbursement Obligations.
(iii) "PRIME RATE" means the rate that Citibank, N.A. (or any
successor entity) publishes from time to time as its prime lending rate, as in
effect from time to time.
(b)
_____________
dt 145777
;
Host Marriott
As referenced in this Assumption and Reimbursement Agreement:
Host Marriott Corp – Host Marriott Indemnity Agreement," and, together with
the Lifecare Undertakings, the "Parent Lifecare Agreements"), Marriott Parent
has agreed to indemnify and hold harmless Host Marriott Corp oration from and
against liabilities in respect of Continuing Care Agreements and Lifecare Bonds;
F. Pursuant to the Real Estate Purchase Agreement, PA
_____________
dt 110499
;
Marriott Int'l
As referenced in this Assumption and Reimbursement Agreement:
MARRIOTT INTERNATIONAL, INC – ASSUMPTION AND REIMBURSEMENT AGREEMENT (CNL)
This ASSUMPTION AND REIMBURSEMENT AGREEMENT (this "Agreement") is made
effective as of March 28, 2003, by and among MARRIOTT INTERNATIONAL, INC ., a
Delaware corporation ("Marriott Parent"), MARRIOTT CONTINUING CARE, LLC, a
Delaware limited liability company ("MCC" and, together with Marriott Parent,
"Assignors"), CNL
_____________
Marriott International, Inc – in respect of the
Facilities ("Continuing Care Agreements");
E. Pursuant to the Host Marriott Indemnity Agreement, dated as of
October 8, 1993, among Marriott International, Inc ., Marriott Senior Living
Services, Inc., Marriott Corporation, HMC Retirement Properties, Inc. and HMH
Properties, Inc. (the "Host Marriott Indemnity Agreement," and, together
_____________
"Marriott International, Inc – dress or design owned by Marriott Parent or its Affiliates,
including the word mark "Marriott" (the "Marriott Word Mark"), the name and mark
"Marriott International, Inc .", the "M" logo (a copy of which is attached hereto
as Schedule (4)) or any composite or other name or mark containing "
_____________
Marriott International, Inc – or required delivery shall automatically be extended to the next
Business Day.
All such notices shall be addressed,
if to Marriott Parent, to:
Marriott International, Inc .
10400 Fernwood Road
Bethesda, Maryland 20817
Attn: Chief Financial Officer
with a copy to:
Marriott International, Inc.
10400 Fernwood Road
Bethesda, Maryland
_____________
Marriott International, Inc – addressed,
if to Marriott Parent, to:
Marriott International, Inc.
10400 Fernwood Road
Bethesda, Maryland 20817
Attn: Chief Financial Officer
with a copy to:
Marriott International, Inc .
10400 Fernwood Road
Bethesda, Maryland 20817
Attn: General Counsel
14
{PAGE}
and
Marriott International, Inc.
10400 Fernwood Road
Bethesda, Maryland 20817
Attn:
_____________
dt 275869
;
|
Sunrise Senior
As referenced in this Assumption and Reimbursement Agreement:
Sunrise Senior Living Services, Inc – Agreement"), Sunrise is acquiring all of
the issued and outstanding stock of Marriott Senior Living Services, Inc., a
Delaware corporation to be renamed Sunrise Senior Living Services, Inc . (the
"Company") and, indirectly through the Company, all of the issued and
outstanding stock of MCC (capitalized terms used and not defined
_____________
dt 268263
;
 Citibank
As referenced in this Assumption and Reimbursement Agreement:
Citibank, N.A. – first to interest due, if any, and then to the
principal of the Parent Reimbursement Obligations.
(iii) "PRIME RATE" means the rate that Citibank, N.A. (or any
successor entity) publishes from time to time as its prime lending rate, as in
effect from time to time.
(b)
_____________
dt 145777
;
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| 2003 |
Credit Agreement
Credit Agreement (285K)
Doc #115935: Click preview link for longer preview.
THIS CREDIT AGREEMENT dated as of April 23, 2003, by and among PREIT
Associates, L.P., a Delaware limited partnership (the "Borrower"), PENNSYLVANIA
REAL ESTATE INVESTMENT TRUST, a Pennsylvania business trust (the "Parent"), each
of the financial institutions initially a signatory hereto together with their
assignees pursuant to Section 11.5.(d), and Wells Fargo Bank, National
Association, as Agent.
WHEREAS, the Lenders are willing to make available to the Borrower a
$200,000,000 credit facility, which will include a $175,000,000 term loan credit
facility and a $25,000,000 revolving credit facility, on the terms and
conditions contained herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the parties hereto, the parties
hereto agree as follows:
ARTICLE I. DEFINITIONS
Section 1.1. Definitions.
In addition to terms defined elsewhere herein, the capitalized terms
used herein shall have their respective defined meanings as set forth in
Annex I.
Section 1.2. General; References to Times.
Unless otherwise indicated, all accounting terms, ratios and
measurements shall be interpreted or determined in accordance with GAAP as in
effect as of the Agreement Date. References in this Agreement to "Sections",
"Articles", "Exhibits" and "Schedules" are to sections, articles, exhibits and
schedules herein and hereto unless otherwise indicated. references in this
Agreement to any document, instrument or agreement (a) shall include all
exhibits, schedules and other attachments thereto, (b) shall include all
documents, instruments or agreements issued or executed in replacement thereof,
to the extent permitted hereby and (c) shall mean such document, instrument or
agreement, or replacement thereto, as amended, supplemented, restated or
otherwise modified from time to time to the extent permitted hereby and in
effect at any given time. Wherever from the context it appears appropriate, each
term stated in either the singular or plural shall include the singular and
plural, and pronouns stated in the masculine, feminine or neuter gender shall
include the masculine, the feminine and the neuter. Unless explicitly set forth
to the contrary, a reference to "Subsidiary" means a Subsidiary of the Parent or
a Subsidiary of such Subsidiary and a reference to an "Affiliate" means a
reference to an Affiliate of the Borrower. Titles and captions of Articles,
Sections, subsections and clauses in this Agreement are for convenience only,
and neither limit nor amplify the provisions of this Agreement. Unless otherwise
indicated, all references to time are references to San Francisco, California
time.
{PAGE}
ARTICLE II. CREDIT FACILITIES
Section 2.1. Loans.
(a) Revolving Loans. Subject to the terms and conditions hereof, during
the period from the Effective Date to but excluding the Revolving Credit
Termination Date, each Lender severally and not jointly agrees to make Revolving
Loans to the Borrower in an aggregate principal amount at any one time
outstanding up to, but not exceeding, the amount of such Lender's Revolving
Commitment. Subject to the terms and conditions of this Agreement, during the
period from the Effective Date to but excluding the Revolving Credit Termination
Date, the Borrower may borrow, repay and reborrow Revolving Loans.
(b) Term Loans. Subject to the terms and conditions hereof, during the
period from the Effective Date to but excluding the Term Loan Facility
Expiration Date, each Lender severally and not jointly agrees to make Term Loans
to the Borrower in an aggregate principal amount at any one time outstanding up
to, but not exceeding, the amount of such Lender's Term Commitment; provided,
however, the aggregate amount of Term Loans advanced to finance the acquisition
of a given Rouse Property shall not exceed the amount set forth with respect to
such Property on Schedule 2.1.(b). Once repaid, the principal amount of a Term
Loan may not be reborrowed.
(c) Requesting Loans. The Borrower shall give the Agent notice pursuant
to a Notice of Borrowing of each borrowing of Loans. Each Notice of Borrowing
shall be delivered to the Agent before 9:00 a.m. (i) in the case of LIBOR Loans,
on the date three Business Days prior to the proposed date of such borrowing and
(ii) in the case of Base Rate Loans, on the date one Business Day prior to the
proposed date of such borrowing. The Agent will transmit by telecopy or other
similar form of transmission the Notice of Borrowing (or the information
contained in such Notice of Borrowing) to each Lender promptly upon receipt by
the Agent. Each Notice of Borrowing shall be irrevocable once given and binding
on the Borrower.
(d) Disbursements of Loan Proceeds. No later than 9:00 a.m. on the date
specified in the Notice of Borrowing, each Lender will make available for the
account of its applicable Lending Office to the Agent, in immediately available
funds, the proceeds of the Loan or Loans to be made by such Lender. With respect
to Loans to be made after the Effective Date, unless the Agent shall have been
notified by any Lender prior to the specified date of borrowing that such Lender
does not intend to make available to the Agent the Loan to be made by such
Lender on such date, the Agent may assume that such Lender will make the
proceeds of such Loan available to the Agent on the date of the requested
borrowing as set forth in the Notice of Borrowing and the Agent may (but shall
not be obligated to), in reliance upon such assumption, make available to the
Borrower the amount of such Loan to be provided by such Lender. Subject to
satisfaction of the applicable conditions set forth in Article V. for such
borrowing, the Agent will make the proceeds of such borrowing available to the
Borrower no later than 12:00 noon on the date and at the account specified by
the Borrower in such Notice of Borrowing.
115935
|
McGraw-Hill Companies
As referenced in this Credit Agreement:
McGraw-Hill Companies, Inc – and Echelon Mall in Camden County, New
Jersey.
I-18
{PAGE}
"S&P" means Standard & Poor's Rating Services, a division of The
McGraw-Hill Companies, Inc .
"Secured Indebtedness" means, with respect to a Person as of any given
date, the aggregate principal amount of all Indebtedness of such
_____________
dt 310526
;
PREIT
As referenced in this Credit Agreement:
PENNSYLVANIA
REAL ESTATE INVESTMENT TRUST, – PAGE}
THIS CREDIT AGREEMENT dated as of April 23, 2003, by and among PREIT
Associates, L.P., a Delaware limited partnership (the "Borrower"), PENNSYLVANIA
REAL ESTATE INVESTMENT TRUST, a Pennsylvania business trust (the "Parent"), each
of the financial institutions initially a signatory hereto together with their
assignees pursuant to Section
_____________
Pennsylvania Real Estate Investment Trust, – Agreement to be executed by their authorized officers all as of the day and year
first above written.
PREIT Associates, L.P.
By: Pennsylvania Real Estate Investment Trust,
its general partner
By: /s/ Jonathan B. Weller
------------------------------------------
Name: Jonathan B. Weller
-----------------------------------
Title: President & Chief Operating Officer
-----------------------------------
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
_____________
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
– By: Pennsylvania Real Estate Investment Trust,
its general partner
By: /s/ Jonathan B. Weller
------------------------------------------
Name: Jonathan B. Weller
-----------------------------------
Title: President & Chief Operating Officer
-----------------------------------
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
By: /s/ Jonathan B. Weller
-----------------------------------------------
Name: Jonathan B. Weller
------------------------------------------
Title: President & Chief Operating Officer
-----------------------------------------
[Signatures Continued on Next Page]
-59-
{PAGE}
[Signature
_____________
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, – 200,000,000 Senior Credit Facility
CREDIT AGREEMENT
Dated as of April 23, 2003
by and among
PREIT Associates, L.P.,
as Borrower,
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST,
as Parent,
The financial institutions party hereto
and their assignees under Section 11.5.(d),
as Lenders,
and
WELLS FARGO BANK, NATIONAL
_____________
Pennsylvania Real Estate Investment Trust, – First Amended and Restated
Agreement of Limited Partnership Agreement of PREIT Associates, L.P. dated as of
September 30, 1997, by and among Pennsylvania Real Estate Investment Trust, as
the general partner and the limited partners whose names are set forth therein,
as amended and in effect on the Agreement
_____________
dt 110033
;
Rouse
As referenced in this Credit Agreement:
Rouse Co – given that term in Section 2.9.(a).
"Rouse Acquisition" means the acquisition by the Parent, indirectly
through Subsidiaries, from affiliates of The Rouse Co mpany, of the Rouse
Properties pursuant to the applicable Agreements of Purchase and Sale dated as
of March 7, 2003 by and among
_____________
Rouse Co – and Sale dated as
of March 7, 2003 by and among certain Subsidiaries of the Parent, as buyers, and
certain affiliates of The Rouse Co mpany, as sellers.
"Rouse Properties" means each of the retail Properties commonly known
as Cherry Hill Mall in Camden County, New Jersey, Moorestown
_____________
dt 109408
;
|
BNY
As referenced in this Credit Agreement:
Bank of New York – or substantially in, the form of the exhibit to Appendix C to
the Federal Reserve Bank of New York Operating Circular No. 10.
(g) A Lender may furnish any information concerning the Borrower,
any
Bank of New York – System arranged by Federal funds brokers on such day, as published by the
Federal Reserve Bank of New York on the Business Day next succeeding such day,
provided that (a) if such day is
dt 41449
;
Wells Fargo Bank
As referenced in this Credit Agreement:
Wells Fargo Bank, Na – trust (the "Parent"), each
of the financial institutions initially a signatory hereto together with their
assignees pursuant to Section 11.5.(d), and Wells Fargo Bank, Na tional
Association, as Agent.
WHEREAS, the Lenders are willing to make available to the Borrower a
$200,000,000 credit facility, which will
_____________
Wells Fargo Bank, Na – Lending Office, the Borrower shall send
copies of the notices described in Article II. to the following address of the
Agent:
-48-
{PAGE}
Wells Fargo Bank, Na tional Association
Disbursement and Operations Center
2120 East Park Place, Suite 100
El Segundo, California 90245
Attention: Disbursement Administrator, Philadelphia REG
Telecopy Number: (
_____________
Wells Fargo Bank, Na – Signatures Continued on Next Page]
-59-
{PAGE}
[Signature Page to Credit Agreement dated as of
April 23, 2003 with PREIT Associates, L.P.]
Wells Fargo Bank, Na tional Association,
as Agent and as a Lender
By: /s/ Charles Cooke
----------------------
Name: Charles Cooke
----------------
Title: Vice President
---------------
Revolving Commitment: $25,000,000
_____________
Wells Fargo Bank, Na – Cooke
----------------------
Name: Charles Cooke
----------------
Title: Vice President
---------------
Revolving Commitment: $25,000,000
Term Commitment: $175,000,000
Lending Office (all Types of Loans):
Wells Fargo Bank, Na tional Association
Two Logan Square, Suite 1750
100-120 N. 18th Street
Philadelphia, PA 19103
Attention: Charles J. Cooke
Telecopier: (215) 561-3812
_____________
Wells Fargo Bank, Na – 100-120 N. 18th Street
Philadelphia, PA 19103
Attention: Charles J. Cooke
Telecopier: (215) 561-3812
Telephone: (215) 640-3924
Address for Notices:
Wells Fargo Bank, Na tional Association
Two Logan Square, Suite 1750
100-120 N. 18th Street
Philadelphia, PA 19103
Attention: Charles J. Cooke
Telecopier: (215) 561-3812
_____________
dt 114596
;
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Promissory Note
Promissory Note (10K)
Doc #116986: Click preview link for longer preview.
PROMISSORY NOTE
$4,000,000 Bloomfield Hills, Michigan
May 9, 2003
FOR VALUE RECEIVED, Grubb & Ellis Company, a Delaware corporation (the
"Maker"), hereby unconditionally promises to pay to the order of Kojaian
Funding, L.L.C. (the "Holder"), having an address at 39400 Woodward Avenue,
Suite 250, Bloomfield Hills, Michigan 48304, at such address or at such other
place as may be designated in writing by the Holder, or its successors and/or
assigns, the original aggregate principal sum of Four Million Dollars
($4,000,000), together with interest on the unpaid principal balance of this
Note outstanding at a rate per annum equal to ten percent (10%) (computed on the
basis of the actual number of days elapsed in a 360-day year).
Interest-only payments shall be paid on June 1, 2003 and on the first
day of each month, in arrears, thereafter through and including July 15, 2004
(the "Maturity Date") when the entire outstanding principal, any accrued
interest, plus reasonable, documented out-of-pocked expenses of the Holder
incurred in connection with the collection of this Note ("reasonable expenses"),
shall be due and payable, or earlier if such amounts are made automatically due
and payable upon the occurrence of an Event of Default (as defined below);
PROVIDED, HOWEVER, that the obligations herein are subject to the terms of that
certain Subordination Agreement dated of even date herewith among the Maker,
various financial institutions, and Bank of America, N.A. (the "Subordination
Agreement") and no payments of any nature whatsoever shall be made nor rights
shall be exercised with respect to the Note in contravention of the terms and
provisions of the Subordination Agreement. Subject to the provisions of the
Amended and Restated Credit Agreement, dated as of December 31, 2000, as
amended, among the Company, Various Financial Institutions, LaSalle Bank
National Association, American National Bank and Trust Company of Chicago and
Bank of America as same may be modified, extended, amended or supplemented at
any time or from time to time (the "Credit Agreement"), the principal amount of
this Note, plus accrued interest thereon with respect thereto, may be prepaid in
cash, in whole or in part, at anytime and from time to time by Maker by the
tendering of payment thereof to Holder after providing Holder with 15 days prior
written notice of said prepayment. All cash payments by the Maker under this
Note shall be in immediately available funds
The Note is transferable and assignable to any person to whom such
transfer is permissible under applicable law. The Maker agrees to issue from
time to time replacement Notes in the form hereof to facilitate such transfers
and assignments. In addition, after delivery of an indemnity in form and
substance satisfactory to the Maker, the Maker also agrees to issue a
replacement Note if the Note is lost, stolen, mutilated or destroyed.
Every amount overdue under this Note shall bear interest from and after
the date on which such amount first became overdue at an annual rate which is
two (2) percentage points above the rate per year specified in the first
paragraph of this Note (the "Default Interest Rate"). The Default
116986
|
Grubb & Ellis
As referenced in this Promissory Note:
Grubb & Ellis Co – TYPE}EX-4.7
{SEQUENCE}3
Exhibit 4.7
PROMISSORY NOTE
$4,000,000 Bloomfield Hills, Michigan
May 9, 2003
FOR VALUE RECEIVED, Grubb & Ellis Co mpany, a Delaware corporation (the
"Maker"), hereby unconditionally promises to pay to the order of Kojaian
Funding, L.L.C. (the "Holder"), having
_____________
GRUBB & ELLIS CO – binding upon the successors or assigns of the Maker and shall inure to the
benefit of the successors and assigns of the Holder.
GRUBB & ELLIS CO MPANY
By:
---------------------------
Name:
Title:
-3-
_____________
dt 113115
;
BofA
As referenced in this Promissory Note:
Bank of America, – certain Subordination Agreement dated of even date herewith among the Maker,
various financial institutions, and Bank of America, N.A. (the "Subordination
Agreement") and no payments of any nature whatsoever shall be
Bank of America – Financial Institutions, LaSalle Bank
National Association, American National Bank and Trust Company of Chicago and
Bank of America as same may be modified, extended, amended or supplemented at
any time or from time
dt 39686
;
| Kojaian Funding, L.L.C.
|
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| 2003 |
Promissory Note
Promissory Note (14K)
Doc #119151: Click preview link for longer preview.
PROMISSORY NOTE
$195,000,000 New York, New York
Dated as of March 10, 2003
FOR VALUE RECEIVED 330 N. WABASH AVENUE, L.L.C., a Delaware limited
liability company, as maker, having its principal place of business at c/o Prime
Group Realty Trust, 77 West Wacker Drive, Chicago, Illinois 60601 ("Borrower"),
hereby unconditionally promises to pay to the order of LEHMAN BROTHERS BANK FSB,
a federal stock savings bank, as payee, having an address at Brandywine
Building, 1000 West Street, Suite 200, Wilmington, Delaware 19801 ("Lender"), or
at such other place as the holder hereof may from time to time designate in
writing, the principal sum of One Hundred and Ninety Five Million and 00/100
Dollars ($195,000,000), in lawful money of the United States of America, with
interest thereon to be computed from the Closing Date at the Applicable Interest
Rate (or, if applicable, the Default Rate), and to be paid in accordance with
the terms of this Note and the Loan Agreement (as hereafter defined). All
capitalized terms not defined herein shall have the respective meanings set
forth in the Loan Agreement.
ARTICLE 1 : PAYMENT TERMS
(a) Borrower agrees to pay the principal sum of the Loan and interest on
the outstanding principal balance of the Loan from time to time outstanding in
accordance with this Note and the Loan Agreement dated the date hereof between
Borrower and Lender (such Loan Agreement, as same may be further amended and
restated from time to time, is hereinafter referred to as the "Loan Agreement").
The outstanding principal balance of the Loan may only be prepaid in accordance
with the Loan Agreement. The outstanding principal balance of the Loan, all
accrued and unpaid interest thereon and all other amounts due hereunder and
under the Mortgage and the other Loan Documents, shall be due and payable on the
Maturity Date.
(b) Interest on the outstanding principal balance of the Loan shall accrue
at the Applicable Interest Rate and shall be calculated as set forth in clause
(c) below. On the Payment Date occurring in April, 2003, Borrower shall pay to
Lender, in addition to the Debt Service Payment Amount, an amount equal to the
interest which will accrue on the outstanding principal balance of this Note
from the Closing Date through and including March 14, 2003. Monthly installments
of the Debt Service Payment Amount shall be paid on each monthly Payment Date
commencing on April 9, 2003 and on each succeeding monthly Payment Date up to
and including the Maturity Date.
(c) Interest on the outstanding principal balance of the Loan shall be
calculated by multiplying (i) the actual number of days elapsed in the period
for which the calculation is being made by (ii) a daily rate based on a three
hundred sixty (360) day year by (iii) the then-outstanding principal balance of
the Loan.
119151
|
Prime Group
As referenced in this Promissory Note:
Prime
Group Realty Trust, – 330 N. WABASH AVENUE, L.L.C., a Delaware limited
liability company, as maker, having its principal place of business at c/o Prime
Group Realty Trust, 77 West Wacker Drive, Chicago, Illinois 60601 ("Borrower"),
hereby unconditionally promises to pay to the order of LEHMAN BROTHERS BANK FSB,
a
_____________
Prime Group Realty Trust, – Limited Partnership, an
Illinois limited partnership, its Sole
Member
By: Prime Group Realty, L.P., a Delaware
limited partnership, its
Administrative Member
By: Prime Group Realty Trust, a
Maryland real estate
investment trust, its Managing
General Partner
By: /s/ Louis G. Conforti
---------------------
Louis G. Conforti
Co-President
_____________
dt 110146
;
Lehman Brothers
As referenced in this Promissory Note:
LEHMAN BROTHERS BANK – c/o Prime
Group Realty Trust, 77 West Wacker Drive, Chicago, Illinois 60601 ("Borrower"),
hereby unconditionally promises to pay to the order of LEHMAN BROTHERS BANK FSB,
a federal stock savings bank, as payee, having an address at Brandywine
Building, 1000 West Street, Suite 200, Wilmington, Delaware 19801 ("Lender"),
_____________
dt 112782
;
| 330 N. Wabash Avenue, L.L.C.
|
| Preview
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| 2003 |
Construction Credit Agreement
Construction Credit Agreement (217K)
Doc #126233: Click preview link for longer preview.
CONSTRUCTION CREDIT AGREEMENT
This Construction Credit Agreement (this Credit Agreement) is made and entered into as of June 23, 2003 by and among Capital Automotive L.P., a Delaware limited partnership (Capital), and certain subsidiaries of Capital from time to time party hereto (collectively, the Real Estate Subsidiaries; Capital and its Real Estate Subsidiaries are collectively referred to as the Borrowers), jointly and severally; and General Motors Acceptance Corporation, a Delaware corporation (GMAC).
W I T N E S S E T H:
WHEREAS, Borrowers desire GMAC to provide certain extensions of credit, loans or other financial accommodations to Borrowers in a maximum aggregate |