夹层贷款协议(共94页)

1、EX-10.1617d368735dex1016.htmMEZZANINE LOAN AGREEMENTEXHIBIT 10.16Loan No.10061253MEZZANINE LOAN AGREEMENTDated as of June13, 2012BetweenTNP SRT PORTFOLIO II HOLDINGS, LLCas BorrowerandKEYBANK NATIONAL ASSOCIATION,as LenderTABLE OF CONTENTSPageARTICLE I - DEFINITIONS; PRINCIPLES OF CONSTRUCTION1Secti

2、on1.1Definitions1Section1.2Principles of Construction26ARTICLE II - GENERAL TERMS27Section2.1Loan Commitment; Disbursement to Borrower272.1.1Agreement to Lend and Borrow272.1.2Single Disbursement to Borrower272.1.3The Note, Pledge Agreement and Loan Documents272.1.4Use of Proceeds27Section2.2Interes

3、t Rate272.2.1Interest Rate272.2.2Interest Calculation272.2.3Default Rate282.2.4Usury Savings28Section2.3Loan Payment28Section2.4Prepayments29Section2.5Liquidation Events29Section2.6Lockbox Account/Cash Management292.5.1Lockbox Account292.6.2Cash Management302.6.3Mezzanine Collection Account31ARTICLE

4、 III - CONDITIONS PRECEDENT TO CLOSING32ARTICLE IV - REPRESENTATIONS AND WARRANTIES32Section4.1Borrower Representations324.1.1Organization324.1.2Proceedings334.1.3No Conflicts334.1.4Litigation334.1.5Agreements334.1.6UCC Insurance; Mezzanine Lender Endorsement344.1.7Solvency344.1.8Full and Accurate D

5、isclosure354.1.9No Plan Assets354.1.10Compliance354.1.11Financial Information354.1.12Condemnation364.1.13Federal Reserve Regulations364.1.14Not a Foreign Person364.1.15Enforceability364.1.16No Prior Assignment364.1.17Insurance36i4.1.18Leases364.1.19Filing and Recording Taxes374.1.20Special Purpose E

6、ntity/Separateness374.1.21Management Agreement384.1.22Illegal Activity384.1.23No Change in Facts or Circumstances; Disclosure384.1.24Investment Company Act384.1.25Embargoed Person384.1.26Principal Place of Business; State of Organization394.1.27Mortgage Loan Representations and Warranties394.1.28Tit

7、le Insurance Proceeds39Section4.2Survival of Representations39ARTICLE V - BORROWER COVENANTS39Section5.1Affirmative Covenants395.1.1Existence; Compliance with Legal Requirements395.1.2Taxes and Other Charges405.1.3Litigation415.1.4Access to Property415.1.5Notice of Default415.1.6Cooperate in Legal P

8、roceedings415.1.7Perform Loan Documents425.1.8Further Assurances425.1.9Principal Place of Business, State of Organization425.1.10Financial Reporting435.1.11Business and Operations455.1.12Title to the Property455.1.13Costs of Enforcement455.1.14Estoppel Statement455.1.15Loan Proceeds465.1.16Performan

9、ce by Borrower465.1.17Leasing Matters475.1.18Alterations475.1.19Operation of Property485.1.20Embargoed Person495.1.21Mortgage Loan Reserve Funds495.1.22Special Distributions495.1.23Curing495.1.24Environmental Covenants505.1.25Mortgage Borrower Covenants52Section5.2Negative Covenants525.2.1Operation

10、of Property525.2.2Liens525.2.3Dissolution525.2.4Change In Business535.2.5Debt Cancellation535.2.6Zoning53ii5.2.7No Joint Assessment535.2.8ERISA535.2.9Transfers545.2.10Limitations on Distributions575.2.11Lost Note575.2.12Limitation on Securities Issuances57ARTICLE VI - INSURANCE; CASUALTY; CONDEMNATI

11、ON58Section6.1Insurance58Section6.2Casualty58Section6.3Condemnation58Section6.4Restoration59ARTICLE VII - RESERVE FUNDS59Section7.1Transfer of Reserve Funds under Mortgage Loan59Section7.2Tax and Insurance Escrow Fund60Section7.3Replacements and Replacement Reserve607.3.1Replacement Reserve Fund607.

12、3.2Disbursements from Replacement Reserve Account617.3.3Performance of Replacements627.3.4Failure to Make Replacements647.3.5Balance in the Replacement Reserve Account657.3.6Waiver of Deposits to the Replacement Reserve Account65Section7.4Rollover Reserve657.4.1Deposits to Rollover Reserve Fund657.4

13、.2Withdrawal of Rollover Reserve Funds657.4.3Waiver of Rollover Reserve Fund65Section7.5Excess Cash Flow Reserve Fund667.5.1Deposits to Excess Cash Flow Reserve Fund667.5.2Release of Excess Cash Flow Reserve Funds67Section7.6Reserve Funds, Generally67ARTICLE VIII - DEFAULTS68Section8.1Event of Defau

14、lt68Section8.2Remedies70Section8.3Remedies Cumulative; Waivers73ARTICLE IX - SPECIAL PROVISIONS73Section9.1Securitization739.1.1Sale of Notes and Securitization739.1.2Securitization Costs75Section9.2Right to Release Information75Section9.3Exculpation75Section9.4Matters Concerning Manager75Section9.5

15、Servicer75Section9.6Dissemination of Information76ARTICLE X - MISCELLANEOUS76Section10.1Survival76iiiSection10.2Lenders Discretion77Section10.3Governing Law77Section10.4Modification, Waiver in Writing77Section10.5Delay Not a Waiver77Section10.6Notices78Section10.7Trial by Jury79Section10.8Headings79

16、Section10.9Severability79Section10.10Preferences79Section10.11Waiver of Notice79Section10.12Remedies of Borrower80Section10.13Expenses; Indemnity80Section10.14Schedules Incorporated81Section10.15Offsets, Counterclaims and Defenses81Section10.16No Joint Venture or Partnership; No Third Party .Benefic

17、iaries81Section10.17Publicity82Section10.18Waiver of Marshalling of Assets82Section10.19Waiver of Counterclaim82Section10.20Conflict; Construction of Documents; Reliance82Section10.21Brokers and Financial Advisors83Section10.22Prior Agreements83Section10.23Liability83Section10.24Certain Additional R

18、ights of Lender (VCOC)83Section10.25OFAC84Section10.26Duplicate Originals; Counterparts84ARTICLE XI - SPECIAL PROVISIONS84Section11.1The Mortgage Loan and Additional Matters8411.1.1Compliance with Mortgage Loan Documents8411.1.2Other Limitations8511.1.3Additional Representations and Warranties8611.1

19、.4Mortgage Loan Defaults8611.1.5Acquisition of the Mortgage Loan8711.1.6Deed in Lieu of Foreclosure8711.1.7Refinancing or Prepayment of the Mortgage Loan8811.1.8Intercreditor Agreement8811.1.9Independent Approval Rights88ivSCHEDULESScheduleIRent RollScheduleIIOrganizational Chart of Borrowerv夹层贷款(di

20、 kun)协议本夹层(jicng)贷款协议，日截至 2012 年 6 月 13 日 （经修正(xizhng)，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

21、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(dngy) ；建设(jinsh)的原则。1.1 定义。为所有目的本协定中，都除非(chfi)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

22、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(shumng)所载的预计偿还(chnghun)日期涵义(hn y)。第 5.1.10(f) 条规定的批准

23、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

24、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

25、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）

26、，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

27、 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

28、Section6.2hereof.“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

29、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

30、 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 a

31、ctivities 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”

32、 has the meaning set forth inSection 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 Lo

33、an 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 num

34、erator 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 manage

35、ment 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 incurr

36、ed, (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” mea

37、ns 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

38、 (5%)above the Interest Rate.4“Disclosure Documents” means, collectively and as applicable, any offering circular, prospectus, prospectus supplement, private placement memorandum or other offering document, in each case, in connection with a Securitization.“Division” shall mean an administrative or

39、operating unit of a Person as opposed to a separate entity wholly or partially owned by such Person.“DSCR Trigger Event” has the meaning set forth in the Mortgage Loan Agreement.“Eligible Account” means a separate and identifiable account from all other funds held by the holding institution that is

40、either (a)an account or accounts maintained with a federal or state-chartered depository institution or trust company which complies with the definition of Eligible Institution or (b)a segregated trust account or accounts maintained with a federal or state chartered depository institution or trust c

41、ompany acting in its fiduciary capacity which, in the case of a state chartered depository institution or trust company, is subject to regulations substantially similar to 12 C.F.R. 9.10(b), having in either case a combined capital and surplus of at least $50,000,000.00 and subject to supervision or

42、 examination by federal and state authority. An Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument.“Eligible Institution” means KeyBank National Association or a depository institution or trust company insured by the Federal Deposit Insurance Corporation

43、, the short term unsecured debt obligations or commercial paper of which are rated at least “A-1+” by S&P, “P-1” by Moodys and “F-1+” by Fitch in the case of accounts in which funds are held for thirty (30)days or less (or, in the case of accounts in which funds are held for more than thirty (30)day

44、s, the long-term unsecured debt obligations of which are rated at least “AA-” by Fitch and S&P and “Aa3” by Moodys).“Embargoed Person” means any Person, entity or government subject to trade restrictions under U.S. law, including The USA PATRIOT Act (including the anti terrorism provisions thereof),

45、 the International Emergency Economic Powers Act, 50 U.S.C. 1701, et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder including those related to Specially Designated Nationals and Specially Designated Global Terrorists, wi

46、th the result that the investment in Borrower or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan made by the Lender is in violation of law.“Environmental Indemnity” means that certain Environmental Indemnity Agreement, dated as of the date hereof, executed

47、 by Borrower and Guarantor in connection with the Loan for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.“Environmental Law” means any present and future federal, state and local laws, statutes, ordinances, rules, regulati

48、ons and the like, as well as common law, relating to protection of human health or the environment, relating to Hazardous Substances, relating to liability for or costs of Remediation or prevention of Releases of Hazardous Substances or relating to liability for or costs of other actual or threatene

49、d danger to human health or the environment.5Environmental Law includes, but is not limited to, the following statutes, as amended, any successor thereto, and any regulations promulgated pursuant thereto, and any state or local statutes, ordinances, rules, regulations and the like addressing similar

50、 issues: the Comprehensive Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act; the Hazardous Substances Transportation Act; the Resource Conservation and Recovery Act (including Subtitle I relating to underground storage tanks); the Solid W

51、aste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the Safe Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide and Rodenticide Act; the Endangered Species Act; the National

52、Environmental Policy Act; and the River and Harbors Appropriation Act. Environmental Law also includes, but is not limited to, any present and future federal, state and local laws, statutes, ordinances, rules, regulations and the like, as well as common law: conditioning transfer of property upon a

53、negative declaration or other approval of a governmental authority of the environmental condition of the Property; requiring notification or disclosure of Releases of Hazardous Substances or other environmental condition of the Property to any governmental authority or other Person, whether or not i

54、n connection with transfer of title to or interest in property; imposing conditions or requirements in connection with permits or other authorization for lawful activity; relating to nuisance, trespass or other causes of action related to the Property; or relating to wrongful death, personal injury,

55、 or property or other damage in connection with any physical condition or use of the Property.“Environmental Lien” has the meaning set forth inSection5.1.24hereof.“Equity Interests” means (a)partnership interests (whether general or limited) in an entity that is a partnership; (b)membership interest

56、s in an entity that is a limited liability company; or (c)the shares or stock interests in an entity that is a corporation.“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and the rulings issued thereunder.“Event of Defa

57、ult” has the meaning set forth inSection8.1(a)hereof.“Excess Cash Flow” has the meaning set forth in the Mezzanine Cash Management Agreement.“Excess Cash Flow Reserve Account” has the meaning set forth inSection7.6hereof.“Excess Cash Flow Reserve Fund” has the meaning set forth inSection7.6hereof.“E

58、xtraordinary Expense” has the meaning set forth inSection5.1.10(g)hereof.“Fiscal Year” means each twelve (12)month period commencing on January1 and ending on December31 during each year of the term of the Loan.“Fitch” means Fitch, Inc.“GAAP” means generally accepted accounting principles in the Uni

59、ted States of America as of the date of the applicable financial report.6“Governing State” has the meaning set forth isSection10.3hereof.“Governmental Authority” means any court, board, agency, commission, office or other authority of any nature whatsoever for any governmental unit (foreign, federal

60、, state, county, district, municipal, city or otherwise) whether now or hereafter in existence.“Gross Income from Operations” means, during any period, all sustainable income as reported on the financial statements delivered by Mortgage Borrower in accordance with the Mortgage Loan Agreement, comput