Back to top

CONSTRUCTION LOAN AGREEMENT

Construction Loan Agreement

CONSTRUCTION LOAN AGREEMENT You are currently viewing:
This Construction Loan Agreement involves

CORPORATE OFFICE PROPERTIES TRUST | CITIZENS BANK OF PENNSYLVANIA | COMMERCE BANK, NA | KEYBANK NATIONAL ASSOCIATION | MANUFACTURERS AND TRADERS TRUST COMPANY | PNC BANK, NATIONAL ASSOCIATION | REGIONS BANK | Section 125, KEYBANC CAPITAL MARKETS, INC | SUNTRUST BANK | WACHOVIA BANK, NATIONAL ASSOCIATION

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: CONSTRUCTION LOAN AGREEMENT
Governing Law: New York     Date: 8/8/2008
Industry: REOPER     Law Firm: Alston Bird     Sector: SERVIC

Search Construction Loan Agreement by:

Document Title:

Entire Document: (optional)

50 of the Top 250 law firms use our Products every day

Exhibit 10.1

 

 

CONSTRUCTION LOAN AGREEMENT

 

Dated as of May 2, 2008

 

by and among

 

CORPORATE OFFICE PROPERTIES, L.P.,

as Borrower

 

CORPORATE OFFICE PROPERTIES TRUST,

as Parent,

 

KEYBANC CAPITAL MARKETS

as Arranger,

 

KEYBANK NATIONAL ASSOCIATION,

as Administrative Agent,

 

BANK OF AMERICA, N.A.,

as Syndication Agent,

 

MANUFACTURERS AND TRADERS TRUST COMPANY,

as Documentation Agent,

 

and

 

THE FINANCIAL INSTITUTIONS INITIALLY SIGNATORY HERETO

AND THEIR ASSIGNEES PURSUANT TO SECTION 12.5.,

as Lenders

 

 



 

TABLE OF CONTENTS

 

Article I. Definitions

1

 

 

Section 1.1.

Definitions

1

Section 1.2.

General; References to Times

17

 

 

 

Article II. Credit Facility

18

 

 

Section 2.1.

Loans

18

Section 2.2.

Rates and Payment of Interest on Loans

21

Section 2.3.

Number of Interest Periods

22

Section 2.4.

Repayment of Loans

22

Section 2.5.

Prepayments

22

Section 2.6.

Continuation

23

Section 2.7.

Conversion

23

Section 2.8.

Notes

24

Section 2.9.

Extension of Termination Date

24

Section 2.10.

Amount Limitations

25

Section 2.11.

Increase of Commitments

25

 

 

 

Article III. Payments, Fees and Other General Provisions

26

 

 

Section 3.1.

Payments

26

Section 3.2.

Pro Rata Treatment

26

Section 3.3.

Sharing of Payments, Etc.

26

Section 3.4.

Several Obligations

27

Section 3.5.

Minimum Amounts

27

Section 3.6.

Fees

27

Section 3.7.

Computations

28

Section 3.8.

Usury

28

Section 3.9.

Agreement Regarding Interest and Charges

28

Section 3.10.

Statements of Account

29

Section 3.11.

Defaulting Lenders

29

Section 3.12.

Taxes

30

 

 

 

Article IV. Yield Protection, Etc.

32

 

 

Section 4.1.

Additional Costs; Capital Adequacy

32

Section 4.2.

Suspension of LIBOR Loans

33

Section 4.3.

Illegality

33

Section 4.4.

Compensation

33

Section 4.5.

Treatment of Affected Loans

34

Section 4.6.

Change of Lending Office

35

Section 4.7.

Assumptions Concerning Funding of LIBOR Loans

35

 

 

 

Article V. Borrowing Base Properties

35

 

 

Section 5.1.

Eligibility of Properties

35

Section 5.2.

Release of Properties

39

Section 5.3.

Frequency of Calculations of Borrowing Base

39

 

i



 

Article VI. Conditions Precedent

40

 

 

Section 6.1.

Conditions Precedent to Effectiveness of Agreement

40

Section 6.2.

Additional Conditions Precedent To All Loans

42

Section 6.3.

Initial Construction Requirements to Making of Loans Under a Borrowing Base Property Sub-Facility

43

Section 6.4.

Deliveries for Subsequent Loans for Borrowing Base Properties

43

Section 6.5.

Deliveries for Final Disbursements

44

Section 6.6.

Conditions as Covenants

44

 

 

 

Article VII. Representations and Warranties

44

 

 

Section 7.1.

Representations and Warranties

44

Section 7.2.

Survival of Representations and Warranties, Etc.

49

 

 

 

Article VIII. Affirmative Covenants

49

 

 

Section 8.1.

Use of Proceeds

49

Section 8.2.

Further Assurances

50

Section 8.3.

Certain Covenants of Existing Credit Agreement

50

Section 8.4.

Foreign Assets Control

50

Section 8.5.

Construction Related Covenants

50

 

 

 

Article IX. Information

54

 

 

Section 9.1.

Compliance Certificate

54

Section 9.2.

Other Information

54

 

 

 

Article X. Default

55

 

 

Section 10.1.

Events of Default

55

Section 10.2.

Remedies Upon Event of Default

57

Section 10.3.

Remedies Upon Default

58

Section 10.4.

Allocation of Proceeds

58

Section 10.5.

Performance by Agent

59

Section 10.6.

Rights Cumulative

59

 

 

 

Article XI. The Agent

59

 

 

Section 11.1.

Authorization and Action

59

Section 11.2.

Agent’s Reliance, Etc.

60

Section 11.3.

Notice of Defaults

61

Section 11.4.

KeyBank as Lender

61

Section 11.5.

Approvals of Lenders

61

Section 11.6.

Lender Credit Decision, Etc.

62

Section 11.7.

Collateral Matters

62

Section 11.8.

Indemnification of Agent

63

Section 11.9.

Successor Agent

64

Section 11.10.

Titled Agent

65

 

 

 

Article XII. Miscellaneous

65

 

 

Section 12.1.

Notices

65

 

ii



 

Section 12.2.

Expenses

66

Section 12.3.

Setoff

67

Section 12.4.

Litigation; Jurisdiction; Other Matters; Waivers

67

Section 12.5.

Successors and Assigns

68

Section 12.6.

Amendments

72

Section 12.7.

Nonliability of Agent and Lenders

73

Section 12.8.

Confidentiality

73

Section 12.9.

Indemnification

74

Section 12.10.

Termination; Survival

76

Section 12.11.

Severability of Provisions

77

Section 12.12.

GOVERNING LAW

77

Section 12.13.

Counterparts

77

Section 12.14.

Obligations With Respect to Loan Parties

77

Section 12.15.

Limitation of Liability

77

Section 12.16.

Entire Agreement

77

Section 12.17.

Construction

78

Section 12.18.

Patriot Act

78

Section 12.19.

Existing Credit Agreement Provisions

78

 

 

SCHEDULE I

Commitments

 

SCHEDULE 5.1.

Borrowing Base Properties

 

SCHEDULE 7.1.(b)

Ownership of Property Owners

 

SCHEDULE 8.5(f)

Insurance Requirements

 

 

 

 

EXHIBIT A

Form of Assignment and Acceptance Agreement

 

EXHIBIT B

Form of Borrowing Base Certificate

 

EXHIBIT C

Form of Draw Request

 

EXHIBIT D

Form of Guaranty

 

EXHIBIT E

Form of Notice of Continuation

 

EXHIBIT F

Form of Notice of Conversion

 

EXHIBIT G

Form of Pledge Agreement

 

EXHIBIT H

Form of Note