EXHIBIT 4.2
FIRST AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT
AGREEMENT
This First Amendment to Fourth Amended and Restated Credit Agreement
(this "Amendment") is made as of this 13th day of March, 2003 by and Developers
Diversified Realty Corporation, a corporation organized under the laws of the
State of Ohio (the "Borrower"), Bank One, NA, having its principal office in
Chicago, Illinois and the several banks, financial institutions and other
entities from time to time parties to this Agreement (the "Lenders"), and Bank
One, NA, not individually, but as "Administrative Agent".
RECITALS
A. Borrower, Administrative Agent, and the Lenders are parties to
a Fourth Amended and Restated Credit Agreement dated as of May 29, 2002 (the
"Credit Agreement"). All capitalized terms used in this Amendment and not
otherwise defined herein shall have the meanings described as such terms in the
Credit Agreement.
B. Pursuant to the terms of the Credit Agreement, the Lenders
made available a credit facility with a potential Aggregate Commitment of
$650,000,000.
C. Borrower, JDN Realty Corporation, a Maryland corporation ("JDN
Realty"), and DDR Transitory Sub, Inc., a Maryland corporation, have entered
into an Agreement and Plan of Merger dated as of October 4, 2002 (the "Merger
Agreement"), pursuant to which JDN Realty will become a Wholly-Owned Subsidiary
of Borrower through the consummation of various merger transactions as more
particularly described in the Merger Agreement (collectively, such transactions
are referred to as the "Merger").
D. Borrower has requested a change in certain terms contained in
the Credit Agreement in order to facilitate the Merger.
NOW, THEREFORE, in consideration of the foregoing recitals and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:
AMENDMENTS
1. The foregoing recitals to this Amendment are incorporated into
and made part of this Amendment.
2. The definition of "Value of Unencumbered Assets" in Article 1
of the Credit Agreement is hereby amended by changing clause (B) to read as
follows:
"(B) for each Pre-Leased Project Under Construction, 100
percent of the then current book value, as determined in
accordance with GAAP, of such Pre-Leased Project Under
Construction, provided that the aggregate amount added to
value under this clause (B) shall not exceed 10 percent of the
total Value of Unencumbered Assets."
3. Section 6.19 of the Credit Agreement is hereby amended and
restated as follows:
Variable Interest Indebtedness. The Borrower and its
Subsidiaries shall not at any time permit the outstanding
principal balance of Indebtedness which bears interest at an
interest rate that is not fixed through the maturity date of
such Indebtedness to exceed $1,100,000,000, unless all of such
Indebtedness in excess of $1,100,000,000 is subject to a Rate
Management Transaction approved by the Administrative Agent
that effectively converts the interest rate on such excess to
a fixed rate.
4. Section 6.21 (i) of the Credit Agreement is hereby amended and
restated as follows:
Consolidated Outstanding Indebtedness to exceed (A)
fifty-eight percent (58%) of Consolidated Market Value as of
any date through and including December 30, 2003, and (B)
fifty-five percent (55%) of Consolidated Market Value as of
any date thereafter;
5. Borrower hereby represents and warrants that:
(a) no Default or Unmatured Default exists under the Loan
Documents;
(b) the Loan Documents are in full force and effect and
Borrower has no defenses or offsets to, or claims or
counterclaims relating to, its obligations under the
Loan Documents;
(c) there has been no material adverse change in the
financial condition of Borrower as shown in its
September 30, 2002 financial statements;
(d) Borrower has full corporate power and authority to
execute this Amendment and no consents are required
for such execution other than any consents which have
already been obtained; and
(e) all representations and warranties contained in
Article 5 of the Credit Agreement are true and
correct as of the date hereof and all references
therein to "the date of this Agreement" shall refer
to "the date of this Amendment."
6. Except as specifically modified hereby, the Credit Agreement
is and remains unmodified and in full force and effect and is hereby ratified
and confirmed. All references in the Loan Documents to the "Credit Agreement"
henceforth shall be deemed to refer to the Credit Agreement as amended by this
Amendment.
7. This Amendment may be executed in any number of counterparts,
all of which taken together shall constitute one agreement, and any of the
parties hereto may execute this Amendment by signing any such counterpart. This
Amendment shall be construed in accordance with the internal laws (and not the
law of conflicts) of the State of Illinois, but giving effect to federal laws
applicable to national banks.
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8. This Amendment shall become effective when (i) it has been
executed by Borrower, Administrative Agent, and the Required Lenders; and (ii)
the Merger has been completed.
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IN WITNESS WHEREOF, the Borrower, the Lenders and the
Administrative Agent have executed this Amendment as of the date first above
written.
DEVELOPERS DIVERSIFIED REALTY
CORPORATION
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
0000 Xxxxxxxxxx Xxxxxxx
Xxxxxxxxx, Xxxx 00000
Phone: 216/000-0000
Facsimile: 216/755-1506
Attention: Xxxxx X. Xxxxxxxx
S-1
BANK ONE, NA,
Individually and as Administrative Agent
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
1 Bank One Plaza, IL 1-0315
Xxxxxxx, Xxxxxxxx 00000
Phone: 312/000-0000
Facsimile: 312/732-5939
Attention: Corporate Real Estate
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BANK OF AMERICA, N.A.,
Individually and as Syndication Agent
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
000 Xxxxx XxXxxxx Xxxxxx
Xxxxxxx, XX 00000
Phone: 312/000-0000
Facsimile: 312/828-4970
Attention: Ms. Xxxxxx Xxxx
S-3
COMMERZBANK AG,
Individually and as Documentation Agent
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
and by:
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
0 Xxxxx Xxxxxxxxx Xxxxxx
Xxx Xxxx, XX 00000-0000
Phone: 212/400/7569
Facsimile: 212/266-7565
Attention: Xx. Xxxxxxx Xxxxxxx
S-4
DEUTSCHE BANK SECURITIES, INC.
Individually and as Documentation Agent
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
00 Xxxx 00xx Xxxxxx
Xxx Xxxx, XX 00000
Phone: 646/000-0000
Facsimile: 646/324-7450
Attention: Xx. Xxxxx Xxxxxxxxx
S-5
FLEET BANK,
Individually and as Documentation Agent
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
000 Xxxxxxx Xxxxxx
Xxxxxx, XX 00000
Phone: 617/000-0000
Facsimile: 617/434-6384
Attention: Mr. Xxxxx Xxxxxx
S-6
XXXXX FARGO BANK, N.A.,
Real Estate Finance Group,
Individually and as Documentation Agent
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
000 Xxxx Xxxxxx
Xxxxx 0000
Xxxxxxx, XX 00000
Phone: 312/000-0000
Facsimile: 312/782-0969
Attention: Xx. Xxxxx Xxxxx
S-7
WACHOVIA BANK, NA.,
Individually and as Managing Agent
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
Mail Code GA-31281, 28th Floor
000 Xxxxxxxxx Xx., X.X.
Xxxxxxx, XX 00000
Phone: 404/000-0000
Facsimile: 404/332-4066
Attention: Xx. Xxxx Xxxxxxxxxxx
S-8
FIRSTAR BANK, N.A.,
Individually and as Co-Agent
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
0000 Xxxxxx Xxxxxx
Xxxxxxxxx, XX 00000
Phone: 216/000-0000
Facsimile: 216/241-0164
Attention: Xx. Xxxxxx Xxxxx
S-9
ING CAPITAL LLC,
Individually and as Co-Agent
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, XX 00000
Phone: 646/000-0000
Facsimile: 212/424/6210
Attention: Xx. Xxxxx Xxxxxxxx
S-10
XX XXXXXX CHASE,
Individually and as Co-Agent
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
000 Xxxx Xxxxxx
Xxx Xxxx, XX 00000
Phone: 212/000-0000
Facsimile: 212/270-3515
Attention: Xx. Xxxx X. Mix
S-11
AM SOUTH BANK
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
0000 Xxxxx Xxxxxx Xxxxx
Xxxxxxxxxx, XX 00000
Phone: 205/000-0000
Facsimile: 205/326-4075
Attention: Mr. Xxxxxx Xxxxx
S-12
THE HUNTINGTON NATIONAL BANK
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
000 Xxxxxx Xxxxxx
Xxxxxxxxx, XX 00000
Phone: 216/000-0000
Facsimile: 216/515-6369
Attention: Xx. Xxxxxxx Xxxx
S-13
LASALLE BANK, N.A.
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
000 Xxxxx XxXxxxx Xxxxxx
Xxxxx 0000
Xxxxxxx, XX 00000
Phone: 312/000-0000
Facsimile: 312/904-6691
Attention: Mr. Xxxx Xxxxx
S-14
XXXXXX COMMERCIAL PAPER INC.
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
000 Xxxx Xxx., 0xx Xxxxx
Xxx Xxxx, XX 00000
Phone: 212/000-0000
Facsimile: 000-000-0000
Attention: Xx. Xxx Xxxxx
S-15
PNC BANK, NATIONAL ASSOCIATION
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
One PNC Plaza
000 Xxxxx Xxxxxx
Xxxxxxxxxx, XX 00000
Phone: 412/000-0000
Facsimile: 412/762-6500
Attention: Mr. Xxxxxx Xxxxx
S-16
CITICORP REAL ESTATE, INC.
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
Phone: 212/000-0000
Facsimile: 212/723-8547
Attention: Xx. Xxxxxxx Xxxxxxx
S-17
ERSTE BANK
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
000 Xxxx Xxxxxx
Xxxx Xxxxxxxx
Xxx Xxxx, XX 00000
Phone: 212/000-0000
Facsimile: 212/984-5627
Attention: Xx. Xxxxxxx Xxxxxx
S-18
MELLON BANK, N.A.
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
Suite 0000
Xxx Xxxxxx Xxxxxx
Xxxxxxxxxx, XX 00000-0000
Phone: 412/000-0000
Facsimile: 412/234-8657
Attention: Xx. Xxxxxx Xxxxxxxx
S-19
THE NORTHERN TRUST COMPANY
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
00 Xxxxx XxXxxxx Xxxxxx
Xxxxxxx, XX 00000
Phone: 312/000-0000
Facsimile: 312/444-7028
Attention: Xx. Xxxxxx Xxxxxx
S-20
SOUTHTRUST BANK
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
000 Xxxxx 00xx Xxxxxx
Xxxxxxxxxx, XX 00000
Phone: 205/000-0000
Facsimile: 205/254-8270
Attention: Xx. Xxxxxx Xxxxxxxx
S-21
ALLIED IRISH BANKS, P.L.C.
New York Branch
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
000 Xxxx Xxxxxx
Xxx Xxxx, XX 00000
Phone: 212/000-0000
Facsimile: 212/339-8325
Attention: Xx. Xxxxxxx X'Xxxxxx
Xx. Xxxxxxx Xxxxxxxxx
S-22
XXXXX XXX BANK
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
000 0xx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
Phone: 212/651-9770 ext. 29
Facsimile: 212/651-9785
Attention: Xxxxxx Xxxx
S-23
COMPASS BANK
By:_________________________________________
Print Name:_________________________________
Title:______________________________________
00 Xxxxx 00xx Xxxxxx
00xx Xxxxx
Xxxxxxxxxx, XX 00000
Phone: 205/000-0000
Facsimile: 205/297-7994
Attention: Xxxxxxx Xxxxx
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