FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT
This First Amendment to Revolving Credit Agreement is
dated as of December 23, 1996, by and among Mid-America Apartment
Communities, Inc. ("MAAC"), Mid-America Apartments, L.P. ("Mid-
America"), AmSouth Bank of Alabama, as Administrative Agent (the
"Administrative Agent"), and the financial institutions listed on
Schedule 1 (the "Lenders").
Recitals
A. MAAC, Mid-America, the Lenders and the
Administrative Agent entered that certain Revolving Credit
Agreement dated as of December 23, 1996 (the "Agreement").
Unless otherwise defined in this First Amendment, capitalized
terms shall have the meaning assigned to them in the Agreement.
B. The Borrowers and the Lenders desire to amend the
definition of "Base Rate".
Agreement
NOW, THEREFORE, in consideration of the above Recitals,
the Borrowers and the Lenders hereby amend the Agreement as
follows:
1. Section 11.1, Definitions, is hereby amended by
deleting in its entirety the definition of Base Rate where it
appears on page 62 and replacing it with the following:
Base Rate for a day means
a rate per annum equal to the
higher of (a) the Prime Rate minus
.75% or (b) the sum of the Federal
Funds Rate for the day plus 1.00%.
Any change in the Base Rate due to
a change in the Prime Rate or the
Federal Funds Rate shall be
effective on the effective date of
such change in the Prime Rate or
the Federal Funds Rate,
respectively.
Except as expressly amended hereby, the Agreement shall
remain in full force and effect in accordance with its terms.
IN WITNESS WHEREOF, the Borrowers, the Lenders and the
Administrative Agent have caused this First Amendment to be
executed by their respective, duly authorized representatives as
of the date first set forth above.
MID-AMERICA APARTMENT
COMMUNITIES, INC.
By______________________________
Name__________________________
Title_________________________
By______________________________
Name__________________________
Title_________________________
MID-AMERICA APARTMENTS, L.P.
By Mid-America Apartment
Communities, Inc.
Its Sole General Partner
By_________________________
Name_____________________
Title____________________
By_________________________
Name_____________________
Title____________________
SIGNATURE PAGE TO FIRST AMENDMENT
TO REVOLVING CREDIT AGREEMENT
AMSOUTH BANK OF ALABAMA, in its
individual capacity as Lender
and as Administrative Agent
By______________________________
Name__________________________
Title_________________________
SIGNATURE PAGE TO FIRST AMENDMENT
TO REVOLVING CREDIT AGREEMENT
HIBERNIA NATIONAL BANK
By______________________________
Name__________________________
Title_________________________
SIGNATURE PAGE TO FIRST AMENDMENT
TO REVOLVING CREDIT AGREEMENT
SIGNET BANK
By______________________________
Name__________________________
Title_________________________
SIGNATURE PAGE TO FIRST AMENDMENT
TO REVOLVING CREDIT AGREEMENT
FIRST TENNESSEE BANK, N.A.
By______________________________
Name__________________________
Title_________________________
