夹层贷款协议.docx
EX-10.16 17 d368735dex1016.htm MEZZANINE LOAN AGREEMENTEXHIBIT 10.16Loan No. 10061253MEZZANINE LOAN AGREEMENTDated as of June 13, 2012BetweenTNP SRT PORTFOLIO II HOLDINGS, LLCas BorrowerandKEYBANK NATIONAL ASSOCIATION,as LenderTABLE OF CONTENTS Page ARTICLE I - DEFINITIONS; PRINCIPLES OF CONSTRUCTION 1 Section 1.1 Definitions 1 Section 1.2 Principles of Construction 26 ARTICLE II - GENERAL TERMS 27 Section 2.1 Loan Commitment; Disbursement to Borrower 27 2.1.1 Agreement to Lend and Borrow 27 2.1.2 Single Disbursement to Borrower 27 2.1.3 The Note, Pledge Agreement and Loan Documents 27 2.1.4 Use of Proceeds 27 Section 2.2 Interest Rate 27 2.2.1 Interest Rate 27 2.2.2 Interest Calculation 27 2.2.3 Default Rate 28 2.2.4 Usury Savings 28 Section 2.3 Loan Payment 28 Section 2.4 Prepayments 29 Section 2.5 Liquidation Events 29 Section 2.6 Lockbox Account/Cash Management 29 2.5.1 Lockbox Account 29 2.6.2 Cash Management 30 2.6.3 Mezzanine Collection Account 31 ARTICLE III - CONDITIONS PRECEDENT TO CLOSING 32 ARTICLE IV - REPRESENTATIONS AND WARRANTIES 32 Section 4.1 Borrower Representations 32 4.1.1 Organization 32 4.1.2 Proceedings 33 4.1.3 No Conflicts 33 4.1.4 Litigation 33 4.1.5 Agreements 33 4.1.6 UCC Insurance; Mezzanine Lender Endorsement 34 4.1.7 Solvency 34 4.1.8 Full and Accurate Disclosure 35 4.1.9 No Plan Assets 35 4.1.10 Compliance 35 4.1.11 Financial Information 35 4.1.12 Condemnation 36 4.1.13 Federal Reserve Regulations 36 4.1.14 Not a Foreign Person 36 4.1.15 Enforceability 36 4.1.16 No Prior Assignment 36 4.1.17 Insurance 36 i4.1.18 Leases 36 4.1.19 Filing and Recording Taxes 37 4.1.20 Special Purpose Entity/Separateness 37 4.1.21 Management Agreement 38 4.1.22 Illegal Activity 38 4.1.23 No Change in Facts or Circumstances; Disclosure 38 4.1.24 Investment Company Act 38 4.1.25 Embargoed Person 38 4.1.26 Principal Place of Business; State of Organization 39 4.1.27 Mortgage Loan Representations and Warranties 39 4.1.28 Title Insurance Proceeds 39 Section 4.2 Survival of Representations 39 ARTICLE V - BORROWER COVENANTS 39 Section 5.1 Affirmative Covenants 39 5.1.1 Existence; Compliance with Legal Requirements 39 5.1.2 Taxes and Other Charges 40 5.1.3 Litigation 41 5.1.4 Access to Property 41 5.1.5 Notice of Default 41 5.1.6 Cooperate in Legal Proceedings 41 5.1.7 Perform Loan Documents 42 5.1.8 Further Assurances 42 5.1.9 Principal Place of Business, State of Organization 42 5.1.10 Financial Reporting 43 5.1.11 Business and Operations 45 5.1.12 Title to the Property 45 5.1.13 Costs of Enforcement 45 5.1.14 Estoppel Statement 45 5.1.15 Loan Proceeds 46 5.1.16 Performance by Borrower 46 5.1.17 Leasing Matters 47 5.1.18 Alterations 47 5.1.19 Operation of Property 48 5.1.20 Embargoed Person 49 5.1.21 Mortgage Loan Reserve Funds 49 5.1.22 Special Distributions 49 5.1.23 Curing 49 5.1.24 Environmental Covenants 50 5.1.25 Mortgage Borrower Covenants 52 Section 5.2 Negative Covenants 52 5.2.1 Operation of Property 52 5.2.2 Liens 52 5.2.3 Dissolution 52 5.2.4 Change In Business 53 5.2.5 Debt Cancellation 53 5.2.6 Zoning 53 ii5.2.7 No Joint Assessment 53 5.2.8 ERISA 53 5.2.9 Transfers 54 5.2.10 Limitations on Distributions 57 5.2.11 Lost Note 57 5.2.12 Limitation on Securities Issuances 57 ARTICLE VI - INSURANCE; CASUALTY; CONDEMNATION 58 Section 6.1 Insurance 58 Section 6.2 Casualty 58 Section 6.3 Condemnation 58 Section 6.4 Restoration 59 ARTICLE VII - RESERVE FUNDS 59 Section 7.1 Transfer of Reserve Funds under Mortgage Loan 59 Section 7.2 Tax and Insurance Escrow Fund 60 Section 7.3 Replacements and Replacement Reserve 60 7.3.1 Replacement Reserve Fund 60 7.3.2 Disbursements from Replacement Reserve Account 61 7.3.3 Performance of Replacements 62 7.3.4 Failure to Make Replacements 64 7.3.5 Balance in the Replacement Reserve Account 65 7.3.6 Waiver of Deposits to the Replacement Reserve Account 65 Section 7.4 Rollover Reserve 65 7.4.1 Deposits to Rollover Reserve Fund 65 7.4.2 Withdrawal of Rollover Reserve Funds 65 7.4.3 Waiver of Rollover Reserve Fund 65 Section 7.5 Excess Cash Flow Reserve Fund 66 7.5.1 Deposits to Excess Cash Flow Reserve Fund 66 7.5.2 Release of Excess Cash Flow Reserve Funds 67 Section 7.6 Reserve Funds, Generally 67 ARTICLE VIII - DEFAULTS 68 Section 8.1 Event of Default 68 Section 8.2 Remedies 70 Section 8.3 Remedies Cumulative; Waivers 73 ARTICLE IX - SPECIAL PROVISIONS 73 Section 9.1 Securitization 73 9.1.1 Sale of Notes and Securitization 73 9.1.2 Securitization Costs 75 Section 9.2 Right to Release Information 75 Section 9.3 Exculpation 75 Section 9.4 Matters Concerning Manager 75 Section 9.5 Servicer 75 Section 9.6 Dissemination of Information 76 ARTICLE X - MISCELLANEOUS 76 Section 10.1 Survival 76 iiiSection 10.2 Lenders Discretion 77 Section 10.3 Governing Law 77 Section 10.4 Modification, Waiver in Writing 77 Section 10.5 Delay Not a Waiver 77 Section 10.6 Notices 78 Section 10.7 Trial by Jury 79 Section 10.8 Headings 79 Section 10.9 Severability 79 Section 10.10 Preferences 79 Section 10.11 Waiver of Notice 79 Section 10.12 Remedies of Borrower 80 Section 10.13 Expenses; Indemnity 80 Section 10.14 Schedules Incorporated 81 Section 10.15 Offsets, Counterclaims and Defenses 81 Section 10.16 No Joint Venture or Partnership; No Third Party .Beneficiaries 81 Section 10.17 Publicity 82 Section 10.18 Waiver of Marshalling of Assets 82 Section 10.19 Waiver of Counterclaim 82 Section 10.20 Conflict; Construction of Documents; Reliance 82 Section 10.21 Brokers and Financial Advisors 83 Section 10.22 Prior Agreements 83 Section 10.23 Liability 83 Section 10.24 Certain Additional Rights of Lender (VCOC) 83 Section 10.25 OFAC 84 Section 10.26 Duplicate Originals; Counterparts 84 ARTICLE XI - SPECIAL PROVISIONS 84 Section 11.1 The Mortgage Loan and Additional Matters 84 11.1.1 Compliance with Mortgage Loan Documents 84 11.1.2 Other Limitations 85 11.1.3 Additional Representations and Warranties 86 11.1.4 Mortgage Loan Defaults 86 11.1.5 Acquisition of the Mortgage Loan 87 11.1.6 Deed in Lieu of Foreclosure 87 11.1.7 Refinancing or Prepayment of the Mortgage Loan 88 11.1.8 Intercreditor Agreement 88 11.1.9 Independent Approval Rights 88 ivSCHEDULES Schedule I Rent RollSchedule II Organizational Chart of Borrower v夹层贷款协议本夹层贷款协议，日截至 2012 年 6 月 13 日 （经修正，重申、 替换、 补充或否则时而不时修改这 协议 ），之间一路全国协会、 全国银行协会、 具有地址在 11501 Outlook、 套房 300、 欧弗兰帕克、 堪萨斯 66211 （连同与其继承人和，"贷款人"） 和 TNP SRT 组合 II 控股，有限责任公司特拉华州有限责任公司，其主要营业地的业务 1900 主街，套房 700，欧文，加州 92614 ("借款人")。WITNESSETh：反之，借款人渴望从放款人 ； 获得贷款 （定义见下文）并且，而贷款人是愿意向借款人，贷款，遵守并按照本协议及其它贷款文件 （定义见下文） 的职权范围。现在因此，考虑由贷款人和公约、 协议、 陈述和保证本协议所述贷款作出时，缔约方双方契约、 同意、 代表和保证，如下所示：第一条 定义 ；建设的原则。1.1 定义。为所有目的本协定中，都除非另有明确要求，或除非上下文明确指出有相反的意思："权责发生制期间"指期间开始和包括第一 （1） 一天的每个日历月期限内的贷款和结束，包括这种日历月 ； 最后日历日期然而，权责发生制初期应展开和包括关闭日期和应结束，包括关闭日期发生的日历月份的最后的日历日期。"行动"的涵义第 10.3 条规定。"额外破产意见"是指任何随后的破产意见。"额外允许转让"的涵义 5.2.9(f) 一节所述。"关联机构"指，对于任何人，任何其他人直接或间接地是在控制中，由控制或与这样的人共同控制或董事或高级人员，这种人或这类人的一个附属机构。"关联经理"是指任何在其中抵押贷款借款人、 借款人或担保人有，直接或间接的经理，任何法律、 有益或经济利益。"聚合的债务服务"是指，任何特定的时间、 预定的本金和利息支付期间欠注和抵押贷款说明，在聚合。"年度预算"是指经营预算，包括所有计划的资本支出，为适用的会计年度或其它期间编写的抵押贷款借款人根据按揭贷款协议的属性。本说明所载的"预计偿还日期"涵义。第 5.1.10(f) 条规定的"批准年度预算"涵义。"可用性门槛"按揭贷款协议中规定的涵义。"奖"指任何政府的权力就谴责任何赔偿。"破产诉讼"指任何人： (a) 该等呈请自愿根据破产法 或任何其他联邦或州破产或无力偿债法 ；(b) 提交的反对这样的人，根据破产法 或任何其他联邦或州破产或无力偿债法 ； 非自愿的请愿书(提交答案同意或否则为默许或参加任何非自愿的请愿书反对它，由任何其它人根据破产法 或任何其他联邦或州破产或无力偿债法 ； c) 这种人(d) 这样的人同意或默许或托管人、 接管人、 受托人或考官任命申请加入为这种人或其中任何部分的财产 ；或 (e) 这样的人进行赋值债权人，或承认，以书面形式或在任何法律程序，其破产或无力偿还其债务到期。"破产代码"是指标题 11 的美国法典 ，11 u.s.c.§101、 及续后，同样可从时间到时间，修正和任何继任者章程或章程和所有规则和规例不时都颁布条例，以及任何可比性的外国法律，有关破产，破产债权人的权利或任何其他联邦国家破产或无力偿债法。"碧 Lo"具有部分 7.5(a) 本合同规定的意义。"碧露租赁"的涵义节 7.5(a) 本合同规定。"碧-罗/罗格翻转储备帐户"一节 7.5(a) 本合同规定的涵义。"碧-罗/罗格翻转储备基金"的涵义节 7.5(a) 本合同规定。 2"碧露空间"一节 7.5(a) 本合同规定的涵义。"借用人"的涵义建立四引言段中双方，以及其继任者和允许转让。"营业日"指赖以商业银行未经授权或法律要求在城市次又一次被指定为接收付款的地方关闭一天。"资本支出"手段，为任何一段，为项目的开支总额大写根据公认会计准则 （包括为建筑改善或大修，租赁委员会和租户改进支出）。"现金扫事件"是指发生的： (a) 一个违约事件 ；(b) 任何按揭借款人破产行动、 借款人或经理 ；或者 (c) DSCR 触发事件。"现金扫事件治疗"手段 (a) 如果现金扫事件只引起的 DSCR 触发事件，1.25 到 1.00 债务服务覆盖率的成就发生或更大的两个 2 连续季度根据紧接的决心，(b) 如果现金扫事件造成的违约事件的日期对尾随六 6 月由贷方的此类违约事件 （哪个治疗贷款人不是有义务接受和可能拒绝或接受其自由裁量权），治疗方法接受或者 (c) 如果现金扫事件由破产管理行动引起，如果借款人替换经理一个合格的经理根据更换管理协议在六十一届 60 日内发生的破产操作管理器 ；规定，但是，这种现金扫事件补救阐明在这个定义中，应符合以下条件： (i) 没有违约事件应已发生和 (ii) 现金扫事件治疗可能会出现不超过两个的情况下根据本协议或任何其他的贷款文件，继续 （2） 次合计贷款期限及 (iii) 借款人应支付所有贷款的合理费用 ； 这种现金扫事件补救包括合理的律师费用和开支。“Cash Sweep Period” means each period commencing on the occurrence of a Cash Sweep Event and continuing until the earlier of (a) the Payment Date next occurring following the related Cash Sweep Event Cure, or (b) until payment in full of all principal and interest on the Loan and all other amounts payable under the Loan Documents.“Casualty” has the meaning set forth in Section 6.2 hereof.“Closing Date” means the date of the funding of the Loan.“Code” means the Internal Revenue Code of 1986, as amended, as it may be further amended from time to time, and any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form.“Collateral” has the meaning set forth in the Pledge Agreement. 3“Condemnation” means a temporary or permanent taking by any Governmental Authority as the result or in lieu or in anticipation of the exercise of the right of condemnation or eminent domain, of all or any part of the Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting the Property or any part thereof.“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of management, policies or activities of a Person, whether through ownership of voting securities, by contract or otherwise. “Controlled” and “Controlling” have correlative meanings.“Control Acknowledgment” means that certain Control Acknowledgment and Agreement executed this same date for the benefit of Lender.“Current Owner” has the meaning set forth in Section 5.2.9(f).“Debt” means the outstanding principal amount set forth in, and evidenced by, this Agreement and the Note together with all interest accrued and unpaid thereon and all other sums (including any Yield Maintenance Amount) due to Lender in respect of the Loan under the Note, this Agreement, the Pledge Agreement or any other Loan Document.“Debt Service” means, with respect to any particular period of time, the sum of scheduled interest payments due under the Note.“Debt Service Coverage Ratio” means a ratio for the applicable period in which:(a) the numerator is the Net Operating Income (excluding interest on credit accounts and using annualized operating expenses for any recurring expenses not paid monthly (e.g., Taxes and Insurance Premiums) for such period as set forth in the statements required hereunder, without deduction for (i) actual management fees incurred in connection with the operation of the Property, or (ii) amounts paid to the Mortgage Loan Reserve Funds and the Reserve Funds, less (A) management fees equal to the greater of (1) assumed management fees of 5% of Gross Income from Operations and (2) the actual management fees incurred, (B) annual Replacement Reserve Fund contributions equal to $87,072.00, (C) annual Rollover Reserve Fund contributions equal to $212,400.00, and (D) annual Bi-Lo/Kroger Reserve Fund contributions equal to $122,053.00; and(b) the denominator is the Aggregate Debt Service for such period.“Default” means the occurrence of any event hereunder or under any other Loan Document which, but for the giving of notice or passage of time, or both, would be an Event of Default.“Default Rate” means, with respect to the Loan, a rate per annum equal to the lesser of (a) the Maximum Legal Rate or (b) five percent (5
