FIRST AMENDMENT TO FIRST AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT
Exhibit 10.1
FIRST AMENDMENT TO FIRST AMENDED AND RESTATED
SECURED TERM LOAN AGREEMENT
SECURED TERM LOAN AGREEMENT
This FIRST AMENDMENT TO FIRST AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT (the
“Amendment”) is made as of February 20, 2007, by and among Developers Diversified Realty
Corporation, a corporation organized under the laws of the State of Ohio (“DDR”), DDR PR Ventures,
LLC, S.E., a Delaware limited liability company (“DDR PR”; DDR and DDR PR together with any
Qualified Borrower that issues a Qualified Borrower Note in accordance with the terms of the Loan
Agreement (as hereinafter defined), collectively, the “Borrower”), KeyBank National Association,
and the several banks, financial institutions and other entities from time to time parties to the
Loan Agreement (the “Lenders”), and KeyBank National Association, not individually, but as
“Administrative Agent”, Bank of America, N.A., not individually, but as “Syndication Agent”, and
Eurohypo AG, New York Branch, ING Real Estate Finance (USA) LLC and Scotiabanc Inc., not
individually, but as “Documentation Agents”, and one or more new or existing “Lenders” shown on the
signature pages hereof
R
E C I T A L S
A. Borrower, Administrative Agent, Syndication Agent, Documentation Agent and certain other
Lenders entered into that certain First Amended and Restated Secured Term Loan Agreement dated as
of June 29, 2006 (as modified and amended, the “Loan Agreement”). All capitalized terms used
herein and not otherwise defined shall have the meanings given to them in the Loan Agreement.
B. Pursuant to the terms of the Loan Agreement, the Lenders initially agreed to provide
Borrower with a secured term loan facility in an aggregate principal amount of up to
$400,000,000.00. The Borrower, the Administrative Agent and the Lenders now desire to amend the
Loan Agreement in order to, among other things (i) increase the Aggregate Commitment to
$550,000,000.00; (ii) provide Borrower with the right to further increase the Aggregate Commitment
to $800,000,000.00 upon satisfaction of certain conditions set forth in the Loan Agreement; (iii)
extend the maturity date to February 20, 2011; (iv) reduce the interest rate of the Loans; and (v)
admit The Bank of New York and Regions Bank (collectively, the “New Lenders”) as “Lenders” under
the Loan Agreement.
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:
AGREEMENTS
1. The foregoing Recitals to this Amendment hereby are incorporated into and made part of this
Amendment.
2. From
and after February 20, 2007 (the “Effective Date”), (i) the New Lenders shall be
considered as “Lenders” under the Loan Agreement and the Loan Documents, and (ii) the Lenders shall
each have a Commitment in the amount shown next to their respective signatures on the signature
pages of this Amendment (such amounts to include any increases in
the Commitments of the existing Lenders). The Borrower shall, on or before the Effective
Date, execute and deliver to each of the Lenders a new or amended and restated Note in the amount
of their respective Commitment.
3. From and after the Effective Date, the Aggregate Commitment shall equal Five Hundred Fifty
Million and No/100 Dollars ($550,000,000.00).
4. The definition of “Maturity Date” set forth in Article I of the Loan Agreement is hereby
modified and amended by deleting therefrom the date “June 28, 2008” and by inserting in lieu
thereof the date “February 20, 2011.”
5. The second to last paragraph set forth in Section 2.1 of the Loan Agreement is hereby
modified and amended by deleting therefrom the amount “500,000,000” and by inserting in lieu
thereof the amount “800,000,000”.
6. Section 2.2 of the Loan Agreement is hereby modified and amended by deleting such Section
in its entirety and by inserting in lieu thereof the following new Section 2.2:
“2.2 Final Principal Payment and Extension of Maturity Date.
Any outstanding Borrowings and all other unpaid Obligations shall
be paid in full by the Borrower on the Maturity Date. Provided no
Default or Unmatured Default has occurred and is continuing,
Borrower shall have the option to extend the term of the Loan beyond
the initial Maturity Date for one (1) successive term (an “Extension
Option”) of one (1) year to the Payment Date occurring in
February 20, 2012 by submitting a request for an extension to the
Administrative Agent (an “Extension Request”) no more than 90 and no
fewer than 30 days prior to the initial Maturity Date and upon
payment to Lender of all reasonable costs incurred by Lender in
connection with such extension, whether the extension actually
occurs or not. Promptly upon receipt of an Extension Request, the
Administrative Agent shall notify each Lender of the Extension
Request. It shall be an additional condition precedent to the
extension of the Maturity Date pursuant hereto that (a) the Borrower
shall have paid to the Administrative Agent for the ratable benefit
of the Lenders, on or before the initial Maturity Date a fee equal
to 0.10% of the Aggregate Commitment and (b) the Borrower shall have
executed and delivered to Administrative Agent a Compliance
Certificate demonstrating compliance with all covenants set forth in
Section 6.18(ix), (x) and (xi) and
representations and warranties set forth in the Loan Documents after
giving effect to such extension.”
7. Section 2.4 of the Loan Agreement is hereby modified and amended by deleting therefrom the
table of applicable debt ratings and Applicable Margins set forth therein and by inserting in lieu
thereof the following new table of applicable debt ratings and Applicable Margins:
2
| LIBOR | ABR | ||||||||||||
| Applicable | Applicable | ||||||||||||
| S&P Rating | Xxxxx’x Rating | Margin | Margin | ||||||||||
A- or higher |
A3 or higher | 0.45 | % | (-0.125 | %) | ||||||||
BBB+ |
Baa1 | 0.525 | % | (-0.125 | %) | ||||||||
BBB |
Baa2 | 0.70 | % | (-0.125 | %) | ||||||||
BBB- |
Baa3 | 0.875 | % | (-0.125 | %) | ||||||||
Less than BBB- |
Less than Baa3 | 1.20 | % | 0.125 | % | ||||||||
8. Clause (iv) of Section 8.2 of the Loan Agreement is hereby modified and amended by deleting
therefrom the amount “500,000,000” and by inserting in lieu thereof the amount “800,000,000”.
9. For purposes of Section 13.1 of the Loan Agreement (Giving Notice), the address(es)
and facsimile number(s) for the New Lenders shall be as specified below their respective
signature(s) on the signature pages of this Amendment.
10. The Borrower hereby represents and warrants that, as of the Effective Date, there is no
Default or Unmatured Default, the Borrower has no offsets or claims against any of the Lenders and
the representations and warranties contained in Article V of the Agreement, as modified and amended
by this Amendment, are true and correct as of such date.
11. As expressly modified as provided herein, the obligations of Borrower, Lenders and
Administrative Agent under the Loan Agreement are hereby ratified and confirmed and the Loan
Agreement shall continue in full force and effect.
12. This Amendment shall be construed and enforced in accordance with the laws of the State of
Ohio (excluding the laws applicable to conflicts or choice of law). This Amendment shall be
binding upon and shall inure to the benefit of the parties hereto and their respective permitted
successors, successors-in-title and assigns as provided in the Loan Agreement.
13. 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.
(REMAINDER OF PAGE INTENTIONALLY LEFT BLANK)
3
IN WITNESS WHEREOF, the parties have executed and delivered this Amendment as of the date
first written above.
| BORROWER: | ||||||
| DEVELOPERS DIVERSIFIED REALTY CORPORATION | ||||||
| By: | /s/ Xxxxx X. Xxxxx | |||||
| Print Name: | Xxxxx X. Xxxxx | |||||
| Title: | Sr. Vice President | |||||
| 0000 Xxxxxxxxxx Xxxxxxx | ||||||
| Xxxxxxxxx, Xxxx 00000 | ||||||
| Phone: 216/000-0000 | ||||||
| Facsimile: 216/755-1775 | ||||||
| Attention: Chief Financial Officer | ||||||
| with a copy to: | ||||||
| 0000 Xxxxxxxxxx xxxxxxx | ||||||
| Xxxxxxxxx, Xxxx 00000 | ||||||
| Phone: 216/000-0000 | ||||||
| Facsimile: 216/755-1560 | ||||||
| Attention: General Counsel | ||||||
[Signatures Continued on Following Page]
| DDR PR VENTURES, LLC, S.E. | ||||||
| By: | /s/ Xxxxx X. Xxxxx | |||||
| Print Name: | Xxxxx X. Xxxxx | |||||
| Title: | Sr. Vice President | |||||
| 0000 Xxxxxxxxxx Xxxxxxx | ||||||
| Xxxxxxxxx, Xxxx 00000 | ||||||
| Phone: 216/000-0000 | ||||||
| Facsimile: 216/755-1775 | ||||||
| Attention: Chief Financial Officer | ||||||
| with a copy to: | ||||||
| 0000 Xxxxxxxxxx Xxxxxxx | ||||||
| Xxxxxxxxx, Xxxx 00000 | ||||||
| Phone: 216/000-0000 | ||||||
| Facsimile: 216/755-1560 | ||||||
| Attention: General Counsel | ||||||
[Signatures Continued on Following Page]
| EXISTING LENDERS: | ||||||
| $44,500,000.00 | KEYBANK NATIONAL ASSOCIATION, | |||||
| Individually and as Administrative Agent | ||||||
| By: | /s/ Xxxxx X. Xxxxxx | |||||
| Print Name: | Xxxxx X. Xxxxxx | |||||
| Title: | VP | |||||
| 000 Xxxxxx Xxxxxx | ||||||
| 0xx Xxxxx | ||||||
| Xxxxxxxxx, XX 00000 | ||||||
| Phone: 000-000-0000 | ||||||
| Facsimile: 000-000-0000 | ||||||
| Attention: Xxxxx Xxxxxx | ||||||
| With a copy to: | ||||||
| 000 Xxxxxx Xxxxxx | ||||||
| 0xx Xxxxx | ||||||
| Xxxxxxxxx, XX 00000 | ||||||
| Phone: 000-000-0000 | ||||||
| Facsimile: 000-000-0000 | ||||||
| Attention: Xxx Xxxxxxx | ||||||
[Signatures Continued on Following Page]
| $44,500,000.00 | BANK OF AMERICA, N.A., | |||||
| Individually and as Syndication Agent | ||||||
| By: | /s/ Xxxxxxx X. Xxxxxxx | |||||
| Print Name: | Xxxxxxx X. Xxxxxxx | |||||
| Title: | Senior Vice President | |||||
| 000 Xxxxx XxXxxxx Xxxxxx | ||||||
| Xxxxxxx, XX 00000 | ||||||
| Phone: 312/000-0000 | ||||||
| Facsimile: 312/974-4970 | ||||||
| Attention: Xx. Xxxxxx Xxxxx | ||||||
[Signatures Continued on Following Page]
| $43,000,000.00 | EUROHYPO AG, NEW YORK BRANCH, | |||||||
| Individually and as Documentation Agent | ||||||||
| By: | /s/ Xxxxx Xxxxxx | |||||||
| Print Name: | Xxxxx Xxxxxx | |||||||
| Title: | Director | |||||||
| and by: | ||||||||
| By: | /s/ Xxxx Xxxxx | |||||||
| Print Name: | Xxxx Xxxxx | |||||||
| Title: | Vice President | |||||||
| Head of Portfolio Operations | ||||||||
| Eurohypo AG, New York Branch | ||||||||
| 1114 Avenue of the Xxxxxxxx | ||||||||
| 00xx Xxxxx | ||||||||
| Xxx Xxxx, XX 00000 | ||||||||
| Phone: (000) 000-0000 | ||||||||
| Fax: (000) 000-0000 | ||||||||
| With a copy to: | ||||||||
| Head of Xxxxx Xxxxxxxxxx | ||||||||
| Xxxxxxxx XX, Xxx Xxxx Branch | ||||||||
| 1114 Avenue of the Xxxxxxxx | ||||||||
| 00xx Xxxxx | ||||||||
| Xxx Xxxx, XX 00000 | ||||||||
| Phone: (000) 000-0000 | ||||||||
| Fax: (000) 000-0000 | ||||||||
[Signatures Continued on Following Page]
| $43,000,000.00 | ING REAL ESTATE FINANCE (USA) LLC, | |||||
| Individually and as Documentation Agent | ||||||
| By: | /s/ Xxxxxxxxxxx Xxxxxxxxx | |||||
| Print Name: Xxxxxxxxxxx Xxxxxxxxx | ||||||
| Title: Vice President | ||||||
| c/o Xxxxx Xxxxx Xxxx and Maw | ||||||
| 000 Xxxxx Xxxxx Xxxxxx, 00xx Xxxxx | ||||||
| Xxx Xxxxxxx, XX 00000 | ||||||
| Phone: 000-000-0000 | ||||||
| Facsimile: 212-883-2734 | ||||||
| Attention: Xx. Xxxxxxxxxxx Xxxxxxxxx | ||||||
[Signatures Continued on Following Page]
| $43,000,000.00 | SCOTIABANC INC., | |||||||
| Individually and as Documentation Agent | ||||||||
| By: | /s/ Xxxxxxx X. Xxxxxxx | |||||||
| Print Name: | Xxxxxxx X. Xxxxxxx | |||||||
| Title: | Managing Director | |||||||
| Scotiabanc Inc. | ||||||||
| 000 Xxxxxxxxx Xxxxxx, Xxxxx 0000 | ||||||||
| Xxxxxxx, XX 00000 | ||||||||
| Phone: 000-000-0000 | ||||||||
| Facsimile: 000-000-0000 | ||||||||
| Attention: Xxxxxxx Xxxxxxx, Managing Director | ||||||||
| With a copy to: | ||||||||
| The Bank of Nova Scotia | ||||||||
| Xxx Xxxxxxx Xxxxx, 00xx Xxxxx | ||||||||
| Xxx Xxxx, XX 00000 | ||||||||
| Phone: 000-000-0000 | ||||||||
| Facsimile: 000-000-0000 | ||||||||
| Attention: Xx. Xxxxxx Xxxxx | ||||||||
[Signatures Continued on Following Page]
| $35,000,000.00 | CHARTER ONE BANK, N.A. | |||||
| By: | /s/ Xxxxxxxxxx Djulvezen | |||||
| Name: Xxxxxxxxxx Djulvezen | ||||||
| Title: Vice-President | ||||||
| 0000 Xxxxxxxx Xxxxxx | ||||||
| Xxxxxxxxx, Xxxx 00000 | ||||||
| Telephone: 000-000-0000 | ||||||
| Facsimile: 000-000-0000 | ||||||
| Attention: Xxxx Xxxxxxxx | ||||||
[Signatures Continued on Following Page]
| $30,000,000.00 | HUNTINGTON NATIONAL BANK | |||||
| By: | /s/ Xxxx Xxxxxxx | |||||
| Name: Xxxx Xxxxxxx | ||||||
| Title: Vice-President | ||||||
| 000 Xxxxxx Xxxxxx XX00 | ||||||
| Xxxxxxxxx, Xxxx 00000 | ||||||
| Telephone: 000-000-0000 | ||||||
| Facsimile: 000-000-0000 | ||||||
| Attention: Xxxx Xxxxxxx | ||||||
[Signatures Continued on Following Page]
| $30,000,000.00 | U.S. BANK NATIONAL ASSOCIATION | |||||
| By: | /s/ Xxxx X. Xxxxxxxx | |||||
| Name: Xxxx X. Xxxxxxxx | ||||||
| Title: Vice President | ||||||
| 0000 Xxxxxx Xxxxxx, Xxxxx 0000 | ||||||
| Xxxxxxxxx, Xxxx 00000 | ||||||
| Telephone: 000-000-0000 | ||||||
| Facsimile: 000-000-0000 | ||||||
| Attention: Xxxxxxx Xxxxxxxx | ||||||
[Signatures Continued on Following Page]
| $30,000,000.00 | SUNTRUST BANK | |||||
| By: | /s/ W. Xxxx Xxxxxx | |||||
| Name: W. Xxxx Xxxxxx | ||||||
| Title: Senior Vice President | ||||||
| 0000 Xxxxx Xxxx., 0xx Xxxxx | ||||||
| Xxxxxx, Xxxxxxxx 00000 | ||||||
| Telephone: 000-000-0000 | ||||||
| Facsimile: 000-000-0000 | ||||||
| Attention: W. Xxxx Xxxxxx | ||||||
[Signatures Continued on Following Page]
| $25,000,000.00 | PNC BANK, NATIONAL ASSOCIATION, | |||||
| Individually | ||||||
| By: | /s/ Xxxxx X. Xxxx | |||||
| Print Name: Xxxxx X. Xxxx | ||||||
| Title: Vice President | ||||||
| 000 Xxxxx Xxxxxx | ||||||
| 00xx Xxxxx, X0-XXXX-00-0 | ||||||
| Xxxxxxxxxx, XX 00000 | ||||||
| Phone: 000-000-0000 | ||||||
| Facsimile: 000-000-0000 | ||||||
| Attention: Xx. Xxxxxxx X. Xxxxx | ||||||
[Signatures Continued on Following Page]
| $25,000,000.00 | XXXXX FARGO BANK, N.A. | |||||
| By: | /s/ Xxxxx X. Xxxxx | |||||
| Name: Xxxxx X. Xxxxx | ||||||
| Title: Vice-President | ||||||
| 000 Xxxxx Xxxxxx Xxxxx, Xxxxx 0000 | ||||||
| Xxxxxxx, Xxxxxxxx 00000 | ||||||
| Telephone: 000-000-0000 | ||||||
| Facsimile: 000-000-0000 | ||||||
| Attention: Xxxxx X. Xxxxx | ||||||
[Signatures Continued on Following Page]
| $25,000,000.00 | UBS LOAN FINANCE LLC | |||||
| By: | /s/ Xxxxxxx X. Xxxxxx | |||||
| Print Name: Xxxxxxx X. Xxxxxx | ||||||
| Title: Director | ||||||
| By: | /s/ Xxxx X. Xxxx | |||||
| Print Name: Xxxx X. Xxxx | ||||||
| Title: Associate Director | ||||||
| 000 Xxxxxxxxxx Xxxx. | ||||||
| Xxxxxxxx, Xxxxxxxxxxx 00000 | ||||||
| Telephone: 000-000-0000 | ||||||
| Facsimile: 000-000-0000 | ||||||
| Attention: Xxxx Xxxx | ||||||
[Signatures Continued on Following Page]
| $25,000,000.00 | SUMITOMO MITSUI BANKING CORPORATION | |||||
| By: | /s/ Xxxxx X. Xxxx | |||||
| Print Name: Xxxxx X. Xxxx Title: Senior Vice President |
||||||
| 000 Xxxx Xxxxxx | ||||||
| Xxx Xxxx, XX 00000 | ||||||
| Phone: 000-000-0000 | ||||||
| Facsimile: 000-000-0000 | ||||||
| Attention: Xx. Xxxxxxx X. Xxxxxxxx | ||||||
[Signatures Continued on Following Page]
| $20,000,000.00 | BANCO POPULAR DE PUERTO RICO, NEW YORK BRANCH | |||||
| By: | /s/ Xxxxxx X. Xxxxxxxx | |||||
| Name: Xxxxxx X. Xxxxxxxx Title: Vice-President |
||||||
| 0 Xxxx 00xx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Telephone: 000-000-0000 Facsimile: 000-000-0000 Attention: Xxxxxx X. Xxxxxxxx |
||||||
[Signatures Continued on Following Page]
| $15,000,000.00 | LASALLE BANK NATIONAL ASSOCIATION | |||||
| By: | /s/ Xxxxxx Xxxxxxx | |||||
| Name: Xxxxxx Xxxxxxx Title: Vice President |
||||||
| 000 Xxxxx XxXxxxx Xxxxxx Xxxxx 0000 Xxxxxxx, Xxxxxxxx 00000 Telephone: 000-000-0000 Facsimile: 000-000-0000 Attention: Xxxxxx Xxxxxxx |
||||||
[Signatures Continued on Following Page]
| $10,000,000.00 | THE NORTHERN TRUST COMPANY | |||||
| By: | /s/ Xxxxxx Xxxxxx | |||||
| Name: Xxxxxx Xxxxxx Title: Vice President |
||||||
| 00 X. XxXxxxx Xxxxxxx, Xxxxxxxx 00000 Telephone: 000-000-0000 Facsimile: 000-000-0000 Attention: Xxxxxx Xxxxxx |
||||||
[Signatures Continued on Following Page]
| $7,000,000.00 | MANUFACTURERS AND TRADERS TRUST COMPANY | |||||
| By: | /s/ Xxxxx X. Xxxxx | |||||
| Name: Xxxxx X. Xxxxx Title: Vice-President |
||||||
| Xxx Xxxxxxxx Xxxxx, 00xx Xxxxx Xxxxxxx, Xxx Xxxx 00000 Telephone: 000-000-0000 Facsimile: 000-000-0000 Attention: Xxxxx X. Xxxxx |
||||||
[Signatures Continued on Following Page]
| NEW LENDERS: | ||||||
| $30,000,000.00 | THE BANK OF NEW YORK | |||||
| By: | /s/ Xxxxx XxXxxxxxx | |||||
| Print Name: | Xxxxx XxXxxxxxx | |||||
| Title: | Vice President | |||||
| Xxx Xxxx Xxxxxx 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 |
||||||
| Telephone: Facsimile: Attention: |
(000) 000-0000 (000) 000-0000 Xxxxxxx X. Xxxx |
|||||
[Signatures Continued on Following Page]
| $25,000,000.00 | REGIONS BANK | |||||
| By: | /s/ Xxxx Xxxxxxx | |||||
| Name: | Xxxx Xxxxxxx | |||||
| Title: | Assistant Vice President | |||||
| 0000 0xx Xxxxxx Xxxxx, 00XX | ||||||
| Xxxxxxxxxx, XX 00000 | ||||||
| Telephone: 000-000-0000 | ||||||
| Facsimile: 000-000-0000 | ||||||
| Attention: Xxxx Xxxxxxx | ||||||
