Amendments to Section 3.1. Section 3.1 of the Existing Credit Agreement is hereby amended by deleting the phrase “October 31, 2011” and inserting in lieu thereof the phrase “October 31, 2012”.
Amendments to Section 3.1 a. The Purchase Agreement is hereby amended by deleting the definition of “Closing Date Yield Price” set forth in Section 3.1(a) thereof and inserting the following definition in lieu thereof: “an amount equal to (x) the aggregate Gross Annual Rent, less the aggregate annual property tax (with exemptions removed) for the most recent year available (or such tax amount as is otherwise mutually agreed) and the aggregate annual HOA fees for the most recent year available, in each case, for all of the Properties subject to such Closing as of the applicable Closing Date divided by (y) (i) with respect to the Initial Closing, 8.84%, (ii) with respect to the Second Closing, 8.61% and (iii) with respect to the Final Closing, 8.68% for all TIPs and 8.48% for all other Properties.”
b. The Purchase Agreement is hereby amended by deleting both Section 3.1(b) and Section 3.1(c) thereof.
Amendments to Section 3.1. A. Section 3.1 of the Warehouse Agreement is amended by adding the following clause at the beginning thereof: “Except as expressly set forth below,”
B. Paragraph (v) of Section 3.1 of the Warehouse Agreement is amended by amending and restating such paragraph in its entirety as follows:
Amendments to Section 3.1. Section 3.1 (a) of the Credit Agreement is hereby amended and restated in its entirety as follows:
(a) Subject to and upon the terms and conditions herein set forth, the Borrower may request a Letter of Credit Issuer at any time and from time to time on or after the Closing Date and prior to the date that is 60 Business Days prior to the Facility Termination Date to issue, for the account of the Borrower, any Subsidiary Guarantor or the Insurance Subsidiary (the Borrower, any such Subsidiary Guarantor or the Insurance Subsidiary, a “Letter of Credit Obligor”), and subject to and upon the terms and conditions herein set forth, such Letter of Credit Issuer agrees to issue from time to time, irrevocable standby letters of credit denominated and payable in Dollars in such form as may be approved by such Letter of Credit Issuer and the Administrative Agent (each such letter of credit (a “Letter of Credit” and collectively, the “Letters of Credit”).”
