EXTENSION AND THIRD MODIFICATION AGREEMENT
Exhibit
10.1
This
EXTENSION AND THIRD MODIFICATION AGREEMENT (this “Agreement”)
is
made as of June 22, 2007 by and among (a) Xxxx-Xxxx Realty, L.P. (the
“Borrower”),
(b)
the Lenders party hereto, and (c) JPMorgan Chase Bank, N.A. as Administrative
Agent (in such capacity, the “Administrative
Agent”)
for
the Lenders.
WHEREAS,
the Borrower, the Lenders and the Administrative Agent are parties to a Second
Amended and Restated Revolving Credit Agreement dated as of November 23, 2004,
as modified by the Extension and Modification Agreement dated as of September
16, 2005 and the Second Modification Agreement dated as of July 14, 2006 (as
so
modified, the “Credit
Agreement”),
pursuant to which the Lenders have agreed to make loans to the Borrower on
the
terms and conditions set forth therein; and
WHEREAS,
the Borrower has requested that the Lenders extend the maturity date of and
make
certain other modifications to the Credit Agreement, and the Lenders party
hereto are willing to so extend and modify the Credit Agreement on the terms
and
conditions set forth herein;
NOW,
THEREFORE, in consideration of the foregoing premises, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and fully intending to be legally bound by this Agreement, the
parties hereto agree as follows:
1. Definitions.
Capitalized terms used herein without definition shall have the meanings
assigned to such terms in the Credit Agreement.
2. Modifications
to Credit Agreement.
As of
the Effective Date (as defined in §4 hereof) the Credit Agreement is modified as
follows:
2.1. Modifications
to §1.1.§1.1.
is
hereby modified as follows:
2.1.1. The
definition of the term “Applicable Margin” is hereby modified by restating the
second paragraph of such definition in its entirety to read as
follows:
“The
applicable debt ratings and the Applicable Margins are set forth in the
following table:
S&P
Rating
|
Xxxxx’x
Rating
|
Third
Rating
|
Applicable
Margin for Revolving Credit LIBOR Rate Loans
|
Applicable
Margin for Alternate Base Rate Loans
|
No
rating or less than BBB-
|
No
rating or less than Baa3
|
No
rating or less than BBB-/Baa3 equivalent
|
1.00%
|
0%
|
BBB-
|
Baa3
|
BBB-/Baa3
equivalent
|
0.75%
|
0%
|
BBB
|
Baa2
|
BBB/Baa2
equivalent
|
0.55%
|
0%
|
BBB+
|
Baa1
|
BBB+/Baa1
equivalent
|
0.425%
|
0%
|
A-
or higher
|
A3
or higher
|
A-/A3
equivalent or higher
|
0.375%
|
0%
|
2.1.2. The
definition of the term “Capitalized Unencumbered Property NOI” is hereby
modified by restating such definition in its entirety to read as
follows:
“Capitalized
Unencumbered Property NOI.
As of
any date of determination with respect to an Unencumbered Property (other than
an Acquisition Property), an amount equal to the Revised Adjusted Unencumbered
Property NOI for such Unencumbered Property for the most recent two (2) complete
fiscal quarters multiplied
by
two (2),
with the product being divided
by
8.00%,
except with respect to CBD Properties, which shall be divided
by
6.75%;
provided
that if
such Unencumbered Property has been owned for fewer than two (2) complete fiscal
quarters, the Revised Adjusted Unencumbered Property NOI for such Unencumbered
Property shall be calculated by using the actual results for the period that
such Unencumbered Property has been owned and adjusting such results for a
period of two (2) complete fiscal quarters.”
2.1.3. The
definition of the term “CBD Property(ies)” is hereby modified by restating such
definition in its entirety to read as follows:
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“CBD
Property(ies).
Collectively, (a) any Real Estate listed on Schedule
CBD
attached
hereto, (b) any improved Real Estate which is located in the borough of
Manhattan in New York, New York, Jersey City, New Jersey, or Washington, D.C.
which is acquired after June 22, 2007, and (c) any other improved Real Estate
which is located in markets with characteristics similar to those identified
in
clause (b) and is designated by the Agent and the Borrower as a CBD Property
from time to time.”
2.1.4. The
definition of the term “Consolidated Capitalized NOI” is hereby modified by
restating such definition in its entirety to read as follows:
“Consolidated
Capitalized NOI.
As of
any date of determination, an amount equal to Revised Consolidated Adjusted
Net
Income for the most recent two (2) completed fiscal quarters multiplied
by
two (2),
with the product being divided
by
8.00%,
except with respect to CBD Properties, which shall be divided
by
6.75%;
provided
that if
any Real Estate has been owned for fewer than two (2) complete fiscal quarters,
the Revised Consolidated Adjusted Net Income for such Real Estate shall be
calculated by using the actual results for the period that such Real Estate
has
been owned and adjusting such results for a period of two (2) complete fiscal
quarters.”
2.1.5. The
definition of the term “Consolidated Total Capitalization” is hereby modified by
restating such definition in its entirety to read as follows:
“Consolidated
Total Capitalization.
As of
any date of determination, with respect to MCRC, the Borrower and their
respective Subsidiaries determined on a consolidated basis in accordance with
GAAP, the sum (without double-counting) of:
(a)
Consolidated Capitalized NOI (other than with respect to (1) Acquisition
Properties and (2) Real Estate with a negative Consolidated Capitalized NOI),
plus
(b)
the
cost of all Acquisition Properties, plus
(c)
the
value of Unrestricted Cash and Cash Equivalents (excluding until forfeited
or
otherwise entitled to be retained by the Borrower or its Subsidiaries, tenant
security and other restricted deposits), plus
(d)
the
aggregate costs incurred and paid to date by the Borrower and its Subsidiaries
with respect to Construction-In-Process, plus
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(e)
the
value of Indebtedness of third parties to the Borrower and its Subsidiaries
for
borrowed money which is secured by mortgage liens on real estate (valued in
accordance with GAAP at the book value of such Indebtedness and not then more
than 90 days past due or declared by the Borrower or its relevant Subsidiary
to
be past due), plus
(f)
the
actual net cash investment by the Borrower and its Subsidiaries in any Other
Investments (wherein any such Other Investment (x) does not have any
Indebtedness that is then more than 90 days past due or (y) has not been
declared to be in default of any monetary or material monetizable obligations),
plus
(g)
the
book value of Unimproved Non-Income Producing Land plus
(h)
the
value of Eligible Cash 1031 Proceeds;
provided
that the
value of each of the foregoing items comprising Consolidated Total
Capitalization (other than Eligible Cash 1031 Proceeds) shall be subject to
the
following capped amounts for determining Consolidated Total
Capitalization:
(i)
|
the
book value of Unimproved Non-Income Producing Land shall be limited
to ten
(10%) percent of Consolidated Total
Capitalization;
|
(ii)
|
investments
in Other Investments shall be Without Recourse to the Borrower, the
Guarantors and their Subsidiaries other than as expressly permitted
in the
definition of Other Investment and the amount of such investments
shall be
limited to fifteen (15%) percent of Consolidated Total
Capitalization;
|
(iii)
|
the
aggregate Project Costs of all Construction-in-Process shall be limited
to
fifteen (15%) percent of Consolidated Total Capitalization. For purposes
hereof, Construction-in-Process shall not include so-called “build to
suit” properties which are seventy-five (75%) percent pre-leased (by
rentable square foot) and a property shall continue to be valued
(for
financial covenant compliance purposes) as Construction-in-Process
until
the end of four (4) consecutive calendar quarters following substantial
completion of such property;
|
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(iv)
|
the
value of Indebtedness of third parties to the Borrower, the Guarantors,
or
their Subsidiaries for borrowed money which is unsecured or is secured
by
mortgage liens (valued at the book value of such Indebtedness) shall
be
limited to fifteen (15%) percent of Consolidated Total
Capitalization;
|
(v)
|
the
investments set forth in clauses (i) through (iv) above, taken in
the
aggregate, shall be limited to thirty (30%) percent of Consolidated
Total
Capitalization; and
|
(vi)
|
investments
in Real Estate other than office, office flex, and industrial/warehouse
properties, taken in the aggregate, shall be limited to fifteen (15%)
percent of Consolidated Total
Capitalization.”
|
2.1.6. The
definition of the term “Construction-in-Process” is hereby modified by deleting
the words “the covenant set forth in §9.8(c)” on the fourth line thereof and
substituting the words “clause (iii) to the proviso in the definition of
Consolidated Total Capitalization in §1.1” in place thereof.
2.1.7. The
definition of the term “Maturity Date” is hereby modified by (a) deleting the
date “November 23, 2009” on the first line of such definition and substituting
the date “June 22, 2011” in place thereof and (b) deleting the percentage
“0.25%” in the sixth line thereof and substituting the percentage “0.15%” in
place thereof.
2.1.8. The
definition of the term “Other Investment” is hereby modified by deleting the
reference to “§9.8(b)” in the tenth line thereof and substituting a reference to
“clause (ii) to the proviso in the definition of Consolidated Total
Capitalization in §1.1” in place thereof.
2.1.9. The
definition of the term “Permitted Event” is hereby restated in its entirety to
read as follows:
“Permitted
Event.
The
election by the Borrower to exclude a Subsidiary Guarantor, Operating Subsidiary
or other Subsidiary as a Credit Party following a Bankruptcy Event with respect
to such Subsidiary Guarantor, Operating Subsidiary or other Subsidiary; provided
that the aggregate contribution to Consolidation Total Capitalization made
by
all Subsidiary Guarantors, Operating Subsidiaries and other Subsidiaries subject
to such Bankruptcy Event shall not exceed $50,000,000. For purposes hereof,
“Bankruptcy Event” shall mean any action or proceeding of the type described in
§12.1(g) or §12.1(h).”
5
2.1.10. The
definition of the term “Required Lenders” is hereby modified by restating such
definition in its entirety to read as follows:
“Required
Lenders.
As of
any date, the Lenders whose aggregate Commitments constitute at least fifty-one
percent (51%) of the Total Commitment; provided
that if
the Total Commitment has been terminated by the Lenders the Required Lenders
shall be the Lenders holding at least fifty-one percent (51%) of the sum of
the
outstanding principal amount of the Loans and the Letter of Credit
Participations on such date; and provided
further
that if
any Lender shall be a Delinquent Lender at such time, then there shall be
excluded from the determination of Required Lenders the amount of the
Commitment, Loans, and Letter of Credit Participations of such Lender, as
applicable, at such time.”
2.1.11. The
definition of the term “Unencumbered Property” is hereby modified by deleting
the words “other than those listed in §8.2(iii) and §8.2(x)” on the fourth line
thereof.
2.2. Modification
to §2.4(f).§2.4(f)
of the Credit Agreement is hereby modified by deleting the table set forth
in
said §2.4(f) and substituting the following table in place thereof:
S&P
Rating
|
Xxxxx’x
Rating
|
Third
Rating
|
Facility
Fee Percentage
|
No
rating or less than BBB-
|
No
rating or less than Baa3
|
No
rating or less than BBB-/Baa3 equivalent
|
0.25%
|
BBB-
|
Baa3
|
BBB-/Baa3
equivalent
|
0.20%
|
BBB
|
Baa2
|
BBB/Baa2
equivalent
|
0.15%
|
BBB+
|
Baa1
|
BBB+/Baa1
equivalent
|
0.15%
|
A-
or higher
|
A3
or higher
|
A-/A3
equivalent or higher
|
0.125%
|
2.3. Modification
to §2.9.
§2.9
of
the Credit Agreement is modified by adding the following sentence at the end
of
said §2.9:
6
"Unless
otherwise directed by Borrower, any prepayments made by the Borrower shall
be
applied first to any and all Loans outstanding that are not secured by a
Refinancing Mortgage (as defined in §7.12), and only to Loans secured by
Refinancing Mortgages if there shall be no other Loans outstanding at the
time."
2.4. Modification
to §7.5(e).
§7.5(e)
of the Credit Agreement is hereby modified by deleting said §7.5(e) in its
entirety.
2.5. Modification
to §7.9.
§7.9
of
the Credit Agreement is hereby modified by deleting the last sentence of said
§7.9 in its entirety and substituting the following new sentence in place
thereof:
“Notwithstanding
the foregoing, a breach of the covenants in this §7.9 shall only constitute an
Event of Default if such breach results in a Material Adverse
Effect.”
2.6. Modification
to §7.12.
§7.12
of the Credit Agreement is hereby modified by restating said §7.12 in its
entirety to read as follows:
Ҥ7.12.
Use of Proceeds. Subject at all times to the other provisions of this
Agreement, the Borrower will use the proceeds of the Loans solely for general
working capital needs (including letters of credit) and other general corporate
purposes. Without limiting the right of the Borrower to make requests for
Loans
as provided in §2.5 hereof, it is agreed by the Lenders that, from time to time,
on not less than five (5) Business Days’ notice, the Borrower may request
proceeds of the Loans be specifically used to refinance certain secured mortgage
Indebtedness of the Borrower and/or its Subsidiaries, in which event, a portion
of the Loans equal to the amount of the advances made hereunder in connection
with such refinancing, at the Borrower's election, may be secured by an amended
and restated mortgage on the property securing the mortgage to be refinanced
(a
"Refinancing Mortgage"). Any such Refinancing Mortgage and any other
agreement, certifications, opinions and other documents will be (i) in form
and
substance reasonably acceptable to the Administrative Agent and its counsel,
(ii) be consistent in all material respects with the terms of this Agreement,
and (iii) subject to being released or assigned by the Administrative Agent
at
the request of the Borrower (it being understood and agreed that the
Administrative Agent shall not be required to give any representations or
warranties with respect to any such release or assignment, including with
respect to any aspects of the Indebtedness secured thereby). In addition,
in
connection with each Refinancing Mortgage, the Administrative Agent, at the
request and expense of Borrower, will provide subordination, non-disturbance
and
attornment agreements. No Real Estate that is subject to a Refinancing Mortgage
shall qualify as an Unencumbered Property under this
Agreement.”
7
2.7. Modification
to §8.2.
§8.2
of
the Credit Agreement is hereby modified by restating said §8.2 in its entirety
to read as follows:
Ҥ8.2. Restrictions
on Liens, Etc.
None of
the Borrower, any Guarantor, any Operating Subsidiary and any wholly-owned
Subsidiary will: (a) create or incur or suffer to be created or incurred or
to
exist any lien, encumbrance, mortgage, pledge, negative pledge, charge,
restriction or other security interest of any kind upon any of its property
or
assets of any character whether now owned or hereafter acquired, or upon the
income or profits therefrom; (b) transfer any of such property or assets or
the
income or profits therefrom for the purpose of subjecting the same to the
payment of Indebtedness or performance of any other obligation in priority
to
payment of its general creditors; (c) acquire, or agree or have an option to
acquire, any property or assets upon conditional sale or other title retention
or purchase money security agreement, device or arrangement; (d) suffer to
exist
for a period of more than thirty (30) days after the same shall have been
incurred any Indebtedness or claim or demand against it that if unpaid might
by
law or upon bankruptcy or insolvency, or otherwise, be given any priority
whatsoever over its general creditors; or (e) sell, assign, pledge or otherwise
transfer any accounts, contract rights, general intangibles, chattel paper
or
instruments, with or without recourse (the foregoing items (a) through (e)
being
sometimes referred to in this §8.2 collectively as “Liens”),
in
each case, that affect an Unencumbered Property (or the owner thereof),
provided
that
the
Borrower, the Guarantors and any Subsidiary may create or incur or suffer to
be
created or incurred or to exist the following Liens that affect an Unencumbered
Property (or the owner thereof):
(i) Liens
securing taxes, assessments, governmental charges (including, without
limitation, water, sewer and similar charges) or levies or claims for labor,
material and supplies that are not yet due and payable;
(ii) deposits
or pledges made in connection with, or to secure payment of, worker’s
compensation, unemployment insurance, old age pensions or other social security
obligations; and deposits with utility companies and other similar deposits
made
in the ordinary course of business;
(iii) encumbrances
on properties consisting of easements, rights of way, covenants, notice of
use
limitations under Environmental Laws, restrictions on the use of real property
and defects and irregularities in the title thereto; landlord’s or lessor’s
Liens under Leases to which the Borrower, any Guarantor, or any Subsidiary
is a
party or bound; purchase options granted at a price not less than the market
value of such property; and other similar Liens or encumbrances on properties,
none of which interferes materially and adversely with the use of the property
affected in the ordinary conduct of the business of the owner thereof, and
which
matters neither (x) individually or in the aggregate have a Material Adverse
Effect nor (xx) make title to such property unmarketable by the conveyancing
standards in effect where such property is located;
8
(iv) any
Leases (excluding Synthetic Leases) entered into in good faith with Persons
that
are not Affiliates; provided
that
Leases with Affiliates on market terms and with monthly market rent payments
required to be paid are Permitted Liens;
(v) Liens
in
respect of judgments or awards that have been in force for less than the
applicable period for taking an appeal, so long as execution is not levied
thereunder or in respect of which, at the time, a good faith appeal or
proceeding for review is being prosecuted, and in respect of which a stay of
execution shall have been obtained pending such appeal or review; provided
that the
Borrower shall have obtained a bond or insurance with respect thereto to the
Administrative Agent’s reasonable satisfaction; and
(vi) Liens
consisting of mortgages, deeds of trust or other security interests granted
by a
Subsidiary Guarantor to the Borrower or another Guarantor to secure intercompany
Indebtedness owing from such Subsidiary Guarantor to the Borrower or such other
Guarantor; provided
that at
all times such Indebtedness and Liens (sometimes referred to herein collectively
as the “Intercompany
Secured Debt”)
shall
be held by the Borrower or a Guarantor and the Borrower’s or such Guarantor’s
rights or interests therein shall not be subject to any Liens.
Notwithstanding
the foregoing provisions of this §8.2, the failure of any Unencumbered Property
to comply with the covenants set forth in this §8.2 shall result in such
Unencumbered Property’s no longer qualifying as Unencumbered Property under this
Agreement, but such disqualification shall not by itself constitute a Default
or
Event of Default, unless the cause of such non-qualification otherwise
constitutes a Default or an Event of Default.”
2.8. Modification
to §8.3.
§8.3(b)(i) of the Credit Agreement is hereby modified by restating said
§8.3(b)(i) in its entirety to read as follows:
9
“(i) the
Sale
of or granting of an Indebtedness Lien on any Unencumbered Property or other
Real Estate so long as no Default or Event of Default has then occurred and
is
continuing, or would occur and be continuing after giving effect to such Sale
or
Indebtedness Lien; provided,
that
prior to (A) any Sale of any Unencumbered Property (for consideration in excess
of $75,000,000) or (B) the granting of an Indebtedness Lien with respect to
an
Unencumbered Property (in connection with the incurrence of Indebtedness in
excess of $75,000,000), the Borrower shall provide to the Administrative Agent
a
statement in the form of Exhibit
D
hereto
signed by the chief financial officer or senior vice president of finance or
other thereon designated officer of the Borrower and setting forth in reasonable
detail computations evidencing compliance with the covenants contained in §9
hereof and certifying that no Default or Event of Default has occurred and
is
continuing, or would occur and be continuing after giving effect to such
proposed Sale or Indebtedness Lien and all liabilities, fixed or contingent,
pursuant thereto; and provided
further,
if such
Sale involves a qualified, deferred exchange under § 1031 of the Code, the
Borrower shall also provide the statements and certifications described in
the
previous proviso on the date of any release from the escrow account of the
proceeds of such qualified, deferred exchange under §1031 of the
Code;”
2.9. Modification
to §8.6.
§8.6
of
the Credit Agreement is hereby modified by deleting the current text and
restating said §8.6 in its entirety to read as follows:
Ҥ8.6. Distributions.
During
any period when any Event of Default has occurred and is continuing, neither
the
Borrower nor MCRC will make any Distributions in excess of the Distributions
required to be made by it in order to maintain MCRC’s status as a
REIT.”
2.10. Modification
to §9.8.
§9.8
of
the Credit Agreement is hereby modified by deleting said §9.8 in its entirety
and substituting the following in place thereof:
Ҥ9.8. [Intentionally
Deleted.]”
2.11. Modification
to §12.1(f).
§12.1(f) of the Credit Agreement is hereby modified by restating said §12.1(f)
in its entirety to read as follows:
“(f) the
Borrower or any Guarantor or any of their respective Subsidiaries shall (i)
fail
to pay at maturity, or within any applicable period of grace or cure, any
obligation for borrowed money or credit received by it (other than current
obligations in the ordinary course of business) or in respect of any Capitalized
Leases in respect of any Recourse obligations or credit in an aggregate amount
in excess of $50,000,000 (determined in accordance with §9.9 hereof) or (ii)
fail to observe or perform any material term, covenant or agreement contained
in
any agreement by which it is bound, evidencing or securing borrowed money or
credit received (other than current obligations in the ordinary course of
business) or in respect of any Capitalized Leases in respect of any Recourse
obligations or credit in an aggregate amount in excess of $50,000,000
(determined in accordance with §9.9 hereof) for such period of time (after the
giving of appropriate notice if required) as would permit the holder or holders
thereof or of any obligations issued thereunder to accelerate the maturity
thereof; and none of the foregoing is a Non-Material Breach.”
10
2.12. Schedule
1.2.
Schedule
1.2
to the
Credit Agreement is hereby modified by deleting said Schedule
1.2
in its
entirety and substituting the Schedule
1.2
attached
to this Agreement in place thereof.
2.13. Schedule
CBD.
Schedule
CBD
to the
Credit Agreement is hereby modified by deleting said Schedule
CBD
in its
entirety and substituting the Schedule
CBD
attached
to this Agreement in place thereof.
3. Provisions
Of General Application.
3.1. Representations
and Warranties.
The
Borrower hereby represents and warrants as of the date hereof that (a) each
of
the representations and warranties of the Borrower and the Guarantors contained
in the Credit Agreement, the other Loan Documents or in any document or
instrument delivered pursuant to or in connection with the Credit Agreement
or
this Agreement are true and correct in all material respects as of the date
as
of which they were made and are true and correct in all material respects at
and
as of the date of this Agreement (except to the extent (i) of changes resulting
from transactions contemplated or not prohibited by the Credit Agreement or
the
other Loan Documents, (ii) of changes occurring in the ordinary course of
business, or (iii) that such representations and warranties relate expressly
to
an earlier date), (b) no Default or Event of Default exists on the date hereof
(before and after giving effect to this Agreement), and (c) this Agreement
has
been duly authorized, executed and delivered by the Borrower and is in full
force and effect as of the Effective Date, and the agreements and obligations
of
the Borrower contained herein constitute the legal, valid and binding
obligations of the Borrower, enforceable against it in accordance with its
terms, subject only to applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or other laws relating to or affecting generally
the
enforcement of creditors’ rights and to the fact that the availability of the
remedy of specific performance or injunctive relief is subject to the discretion
of the court before which any proceeding therefor may be brought.
11
The
Borrower hereby further represents and warrants as of the date hereof that
the
execution, delivery and performance of this Agreement (i) are within the
authority of the Borrower, (ii) do not conflict with or result in any breach
or
contravention of any provision of law, statute, rule or regulation to which
the
Borrower is subject or any judgment, order, writ, injunction, license or permit
applicable to the Borrower, (iii) do not conflict with any provision of the
agreement of limited partnership, any certificate of limited partnership, the
charter documents or by-laws of the Borrower or any general partner or other
controlling Person thereof, (iv) do not contravene any provisions of, or
constitute a default hereunder, a Default or an Event of Default or a failure
to
comply with any term, condition or provision of, any other agreement,
instrument, judgment, order, decree, permit, license or undertaking binding
upon
or applicable to the Borrower or any of the Borrower’s properties (except for
any such failure to comply under any such other agreement, instrument, judgment,
order, decree, permit, license, or undertaking as would not materially and
adversely affect the condition (financial or otherwise), properties, business
or
results of operations of the Borrower, the Operating Subsidiaries or any
Guarantor) or result in the creation of any mortgage, pledge, security interest,
lien, encumbrance or charge upon any of the properties or assets of the
Borrower, the Operating Subsidiaries or any Guarantor, and (v) do not require
(A) the approval or consent of any governmental agency or authority other than
those already obtained, or (B) filing with any governmental agency or authority,
other than filings which will be made with the SEC when and as required by
law.
3.2. No
Other Changes.
Except
as otherwise expressly provided or contemplated by this Agreement, all of the
terms, conditions and provisions of the Credit Agreement remain unaltered and
in
full force and effect. The Credit Agreement and this Agreement shall be read
and
construed as one agreement. The making of the modifications in this Agreement
does not imply any obligation or agreement by the Administrative Agent or any
Lender to make any other amendment, waiver, modification or consent as to any
matter on any subsequent occasion. This Agreement shall be a Loan Document
under
the Credit Agreement.
3.3. Governing
Law.
This
Agreement shall be deemed to be a contract under the laws of the State of New
York. This Agreement and the rights and obligations of each of the parties
hereto are contracts under the laws of the State of New York and shall for
all
purposes be construed in accordance with and governed by the laws of such State
(excluding the laws applicable to conflicts or choice of law).
3.4. Assignment.
This
Agreement shall be binding upon and inure to the benefit of each of the parties
hereto and their respective permitted successors and assigns.
3.5. Counterparts.
This
Agreement may be executed in any number of counterparts, but all such
counterparts shall together constitute but one and the same agreement. In making
proof of this Agreement, it shall not be necessary to produce or account for
more than one counterpart thereof signed by each of the parties
hereto.
12
4. Effectiveness
of this Agreement.
This
Agreement shall become effective on the date on which the following conditions
precedent are satisfied (such date being hereinafter referred to as the
“Effective
Date”):
(a) Execution
and delivery to the Administrative Agent by each of the Lenders, the Borrower,
the Guarantors and the Administrative Agent of this Agreement.
(b) Execution
and delivery to the Administrative Agent of (i) a certificate of each of the
Borrower and MCRC confirming that there have been no changes to their respective
charter documents since May 24, 2006, or (ii) if there have been changes to
the
Borrower’s or MCRC’s charter document since such date, a secretary’s certificate
of the Borrower or MCRC certifying as to such changes.
(c) Delivery
to the Administrative Agent of an incumbency certificate of the Borrower and
MCRC and of resolutions of the board of directors of MCRC authorizing this
Agreement.
(d) Payment
to the Administrative Agent, for the accounts of the Agents and the Lenders,
as
applicable, all fees due and payable on or before the Effective Date and all
expenses due and payable on or before the Effective Date, including, without
limitation, reasonable attorneys’ fees and expenses and other costs and expenses
incurred in connection with this Agreement.
(e) Delivery
to the Administrative Agent by Seyfarth Xxxx LLP, as counsel to the Borrower,
and Xxxxxxx Xxxxx Xxxxxxxx & Ingersoll, LLP, as corporate counsel to MCRC,
of opinions addressed to the Lenders and the Administrative Agent in form and
substance reasonably satisfactory to the Administrative Agent.
[Remainder
of page left blank intentionally]
13
IN
WITNESS WHEREOF, the undersigned have duly executed and delivered this Extension
and Third Modification Agreement as of the date first set forth
above.
XXXX-XXXX
REALTY, L.P.
By:
|
Xxxx-Xxxx
Realty Corporation,
|
its
general partner
|
By:
/s/
Xxxxx Xxxxxxxxx
Name: Xxxxx
Xxxxxxxxx
Title: Executive
Vice President
and
Chief
Financial Officer
JPMORGAN
CHASE BANK, N.A.,
individually and
as
Administrative Agent, Swing Lender and Fronting Bank
By:
/s/
Xxxx X. Xxxxxxxxxxx
Name:
Xxxx X. Xxxxxxxxxx
Title:
Executive Director
BANK
OF AMERICA, N.A.
By:
/s/
Xxxxxxxxx X. Xxxxxxxx
Name:
Xxxxxxxxx X. Xxxxxxxx
Title:
Vice President
2
SCOTIABANC,
INC.
By:
/s/
X.X. Xxxx
Name:
X.X. Xxxx
Title:
Managing Director
3
WACHOVIA
BANK, NATIONAL ASSOCIATION
By:
/s/
Xxxxxxx X. Xxxx
Name:
Xxxxxxx X. Xxxx
Title:
Vice President
4
XXXXX
FARGO BANK, NATIONAL ASSOCIATION
By:
/s/
Xxxxxxxxxxx X. Xxxxxx
Name:
Xxxxxxxxxxx X. Xxxxxx
Title:
Vice President
5
SUNTRUST
BANK
By:/s/
Xxxxxxx X. Xxxxxxxx
Name:
Xxxxxxx X. Xxxxxxxx
Title:
Senior Vice President
6
PNC
BANK, NATIONAL ASSOCIATION
By:
/s/
J.
Xxxxxxx Xxxxxx
Name:
J.
Xxxxxxx Xxxxxx
Title:
Vice President
0
XXXXXXXX
XXXXX XXXXXXX, INC.
By:
/s/
Xxxxxxx Xxxxxxx
Name:
Xxxxxxx Xxxxxxx
Title:
Managing Director
8
US
BANK NATIONAL ASSOCIATION
By:
/s/
Xxxxx X. St. Xxxxx
Name:
Xxxxx X. St. Xxxxx
Title:
Vice President
0
XXXX
XX XXXXX, XXX XXXX BRANCH
By:
/s/
Xxxxxxx X. Xxxxx
Name:
Xxxxxxx X. Xxxxx
Title:
Deputy General Manager
00
XXX
XXXX XX XXX XXXX
By:
/s/
Xxxxx Xxxxxxxxx
Name:
Xxxxx Xxxxxxxxx
Title:
Vice President
11
CHEVY
CHASE BANK, F.S.B.
By:
/s/
Xxxx Xxxxxx
Name:
Xxxx Xxxxxx
Title:
Vice President
12
DEUTSCHE
BANK TRUST COMPANY AMERICAS
By:
/s/
Xxxxxx Xxxxx
Name:
Xxxxxx Xxxxx
Title:
Director
By:
/s/
X.
X. Xxxxxxxx Xxx
Name:
X.X. Xxxxxxxx Xxx
Title:
Managing Director
13
MIZUHO
CORPORATE BANK, LTD.
By:
/s/
Xxxxxx Xxxxxx
Name:
Xxxxxx Xxxxxx
Title:
Deputy General Manager
14
THE
BANK OF TOKYO-MITSUBISHI UFJ, LTD.
By:
/s/
Xxxxx X. Xxxxxx
Name: Xxxxx
X.
Xxxxxx
Title: Vice
President
15
NORTH
FORK BANK
By:
/s/
Xxxxxxx X. XxXxxxx
Name:
Xxxxxxx X. XxXxxxx
Title:
Senior Vice President
16
COMERICA
BANK
By:
/s/
Xxxxxx X. Xxxxx
Name:
Xxxxxx X. Xxxxx
Title:
Vice President
00
XXXXX
XXX XXXXXXXXXX XXXX, XXX., XXX XXXX BRANCH
By:
/s/
Xxx X. X. Xxxx
Name:
Xxx
X.X. Xxxx
Title:
VP
& General Manager
00
XXXXX
XXXXXXXXXX XXXX, XXX XXXX AGENCY
By:
/s/
Xxxxx X. X. Xx
Name:
Xxxxx X. X. Xx
Title:
SVP & General Manager
19
MEGA
INTERNATIONAL COMMERCIAL BANK CO. LTD. NEW YORK BRANCH
By:
/s/
Xxxxx-Xxx Xxx
Name:
Xxxxx-Xxx Xxx
Title:
VP
& DGM
00
XXX
XXXXX XXXX XX XXXXXXXX PLC
By:
/s/
Xxxxx Xxxxxxxx
Name:
Xxxxx Xxxxxxxx
Title:
Vice President
00
XXX
XXX XXXXXXXXXX XXXX, XXX XXXX AGENCY
By:
/s/
Xxxxx Xxxxx
Name:
Xxxxx Xxxxx
Title:
Assistant Vice President
22
BANK
HAPOALIM B.M.
By:
/s/
Xxxxxxx XxXxxxxxxx
Name:
Xxxxxxx XxXxxxxxxx
Title:
Senior Vice President
BANK
HAPOALIM B.M.
By:
/s/
Xxxx Xxxx
Name:
Xxxx Xxxx
Title:
Vice President
23
Xxxx-Xxxx
Realty Corporation
Schedule
CBD
CBD
Properties
Property
Address
|
City/State
|
|
Harborside
Financial Center 1
|
Jersey
City, NJ
|
|
Harborside
Financial Center 2
|
Jersey
City, NJ
|
|
Harborside
Financial Center 3
|
Jersey
City, NJ
|
|
Harborside
Financial Center 4-A
|
Jersey
City, NJ
|
|
Xxxxxxxxxx
Xxxxxxxxx Xxxxxx 0
|
Xxxxxx
Xxxx, XX
|
|
000
Xxxxxx Xxxxxx
|
Xxxxxx
Xxxx, XX
|
|
0000
X Xxxxxx
|
Xxxxxxxxxx,
XX
|
|
0000
Xxxxxxxxxxx Xxxxxx XX
|
Xxxxxxxxxx,
XX
|
|
000
Xxxxx Xxxxxx - Unit A and Unit C
|
New
York, NY
|
24