Section 7(b). Section 7(b) of the Credit Agreement is amended and restated in its entirety to read as follows:
Section 7(b). 4. Limitation on Liability of Depositor and Others...............67 SECTION 7B.5. Depositor May Own Certificates or Notes.......................67 ARTICLE VIII Default
Section 7(b). Section 7(b) of the CEO Agreement shall be amended by deleting the reference to “Section 7(a)” and replacing such reference with “Sections 7(a) and 7(g)”.
Section 7(b). (i) of the Original Lease is hereby deleted in its entirety and the following is inserted in its place: "Tenant (i) shall pay Landlord monthly the Excess Cost of Electricity, as defined below; (ii) shall be billed for such Excess Cost of Electricity by Landlord monthly, based upon Landlord's reasonable estimate of the annual cost of electrical service to the Development using historical costs and other relevant information; and (iii) agrees to pay each xxxx promptly in accordance with its terms. "Excess Cost of Electricity" shall mean, for the particular billing period, (x) the cost of electrical service to the Development including, without limitation, the cost of electrical service to the Premises, common areas and any service inspection therefor, whether or not such electrical service was required during business or non-business hours, such business hours being set forth in paragraph 13 of the Rules and Regulations, less (y) (i) $76,061 for the billing period consisting of first three month of the Initial Renewal Term (October, November and December of 2000), (ii) $228,182, for each of the billing periods consisting of the calendar year 2001 and of the calendar year 2002, and (iii) $171,137 for the billing period consisting of the final nine months of the Initial Renewal Term (January through September of 2003). To the extent such costs in a particular billing period are less than the amounts set forth in clause (y), Tenant shall not earn any credit nor claim or seek any offset, credit or remuneration therefor. The reconciliation of the actual cost of electrical service to the Development and Landlord's estimate thereof of the Excess Cost of Electricity shall be performed in the manner described in Section 7c. hereof with respect to the Operating Expenses. The cost for electrical service for the Development shall not be included as an Operating Expense notwithstanding references thereto in Section 7b.(ii) hereof.";
Section 7(b). (ii) of the Original Lease is hereby amended by (i) deleting the first three sentences thereof and inserting in their place: "For each calendar year within which falls any part of the Term commencing after the calendar year 2000, Tenant shall pay to Landlord 100% of the excess if any, in Operating Expenses for such year for the Development over the Operating Expenses for the calendar year 2000 (the "Base Operating Expenses"), and (ii) deleting within the definition of "Operating Expenses" contained therein the clause, "and adjusted to reflect a 95% occupied Development (which, upon the leasing by Tenant of the entire Development, will be adjusted to reflect a 100% occupied Development)". Operating Expenses for October, November and December of 2000 only shall be paid by Landlord and Tenant shall have no liability therefor, but Tenant shall remain obligated under the Primary Term of the Lease for payment of increases in Operating Expenses through and including September of 2000.
Section 7(b). (i) of the Original Lease is hereby deleted in its entirety and the following is inserted in its place:
Section 7(b). Negative Covenants......................................................
Section 7(b). (i) of the Agreement is hereby deleted in its entirety and replaced with the following paragraph:
(i) For the purposes of this Agreement, “Competition” shall mean: participating, directly or indirectly, as an individual proprietor, partner,stockholder, officer, employee, director, joint venturer, investor, lender or consultant (within the United States of America, or in any country where BCI does business) in a Competing Business (as defined below); provided, however, that such participation shall not include (i) the mere ownership of not more than three percent (3%) of the total outstanding stock of a publicly held company; or (ii) any activity engaged in with the prior written approval of the Board of Directors of the Company (the “Board”).
Section 7(b). 4(i) of the Existing Credit Agreement is amended by deleting the reference to "$5,000,000" and inserting in lieu thereof the following amount of "$15,000,000".
Section 7(b). 7(i) of the Existing Credit Agreement is amended by inserting the phrase "and its Subsidiaries" immediately following the phrase "less than the Consolidated Net Worth of the Company".
