Modification of the Loan Agreement. (a) The second sentence in Section 1.1 of the Loan Agreement is deleted in its entirety and replaced with the following:
Modification of the Loan Agreement. The Agent, the Lenders and the Borrower hereby amend the Loan Agreement as follows:
(a) By inserting the following definitions in §1.1 of the Credit Agreement, in the appropriate alphabetical order: US_Active\118417538\V-5
Modification of the Loan Agreement. Borrower, Guarantors, the Lenders, and Administrative Agent do hereby modify and amend the Loan Agreement as follows:
(a) By adding the following new definitions to §1.1 of the Loan Agreement:
Modification of the Loan Agreement. The Loan Agreement is modified as follows:
2.1 In the WHEREAS clause of the Loan Agreement, “$50,000,000.00” is changed to “$5,000,000.00”.
2.2 In the first sentence in Section 1.1 of the Loan Agreement, “$50,000,000.00” is changed to “$5,000,000.00”.
2.3 The second sentence in Section 1.1 of the Loan Agreement is deleted in its entirety and replaced with the following:
Modification of the Loan Agreement. Borrower, Agent and the Banks hereby modify and amend the Loan Agreement by deleting in its entirety the last sentence of §7.19(a)(i) of the Loan Agreement and inserting in lieu thereof the following: "If such Unencumbered Borrowing Base Property is owned or leased by a Subsidiary Guarantor, such Subsidiary Guarantor shall not be a borrower or guarantor with respect to any Secured Indebtedness;"
Modification of the Loan Agreement. Borrowers, Xxxxxxx Xxxxxxx, KeyBank and Agent do hereby modify and amend the Loan Agreement as follows:
(a) By deleting in its entirety the definition of “Acknowledgment” appearing in §1.1 of the Loan Agreement, and inserting in lieu thereof the following: “Acknowledgment. Collectively, (i) that certain Acknowledgment dated as of January 30, 2007 executed by MMPI in favor of Agent, and (ii) that certain Acknowledgment dated as of July 10, 2008 executed by South Alameda in favor of Agent.”
(b) By deleting in its entirety the definition of “Assignment of Interests” appearing in §1.1 of the Loan Agreement, and inserting in lieu thereof the following:
Modification of the Loan Agreement. Borrower, Agent and the Banks hereby modify and amend the Loan Agreement by deleting in its entirety the definition of "Capitalization Rate" appearing in Section 1.1 of the Loan Agreement and inserting in lieu thereof the following: "Capitalization Rate. Seven and one-half percent (7.5%)."
Modification of the Loan Agreement. Borrower, the Administrative Agent and the Lenders do hereby modify and amend the Loan Agreement by deleting from the Loan Agreement the text that is shown as a deletion or strike-through in the form of the Loan Agreement attached hereto as Exhibit A and made a part hereof (the “Revised Loan Agreement”), and by inserting in the Loan Agreement the text shown as an insertion or underlined text in the Revised Loan Agreement, such that from and after the Effective Date (as hereinafter defined) the Loan Agreement is amended to read as set forth in the Revised Loan Agreement. Notwithstanding the foregoing, the compliance calculations template attached as Schedule A of Exhibit D to the Loan Agreement (Form of Compliance Certificate) shall be the template attached to the Revised Loan Agreement, regardless that such template is not marked by deletion, strike-through, insertion or underline. From and after the Effective Date (as hereinafter defined), the Loan Agreement shall be the Loan Agreement, as amended by this Amendment.
Modification of the Loan Agreement. (a) The fifth sentence of Section 4.2(d) of the Loan Agreement is hereby amended such that the phrase “If an Event of Default exists” shall be amended and restated in its entirety to read as follows: “If an Event of Default exists for failure of Borrower to pay a liquidated sum of money in accordance with the Loan Agreement or any other Loan Document, or if any other Event of Default exists for which Lender has accelerated the Scheduled Maturity Date,”
(b) Section 4.2(e)(ii) of the Loan Agreement is hereby amended and restated in its entirety to read as follows:
(ii) Then, either:
(A) provided no Event of Default exists, the balance of all remaining funds on deposit in the Deposit Accounts shall be disbursed to the Borrower in accordance with such wire instructions as Borrower may have furnished to Lender in writing, or
(B) if an Event of Default exists but (1) such Event of Default did not arise by failure of Borrower to pay a liquidated sum of money in accordance with the Loan Agreement or any other Loan Document, or (2) Lender has not yet accelerated the Scheduled Maturity Date as a result of such non-monetary Event of Default, then Lender shall disburse funds on deposit in the Deposit Accounts up to the minimum amount required in order that GTJ REIT, Inc., a Maryland corporation, may make distributions to its stockholders, so as not to adversely affect the ability of GTJ REIT, Inc., to continue to qualify as a real estate investment trust under Section 857 of the Internal Revenue Code or Section 4981 of the Internal Revenue Code or any other related or successor provisions of the Internal Revenue Code, provided, in no event shall such disbursement from the Deposit Accounts exceed twenty percent (20%) of such minimum distribution required to be made by GTJ REIT, Inc. to its stockholders.”
(c) Section 8.2 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:
Modification of the Loan Agreement. The Loan Agreement is hereby modified and amended such that the definition of the “Note” is hereby modified and amended to include the Note as amended, modified and extended in this Agreement.
