Exhibit 10.3
AGREEMENT AND SECOND AMENDMENT
TO CREDIT AGREEMENT
THIS AGREEMENT and Second Amendment to Credit Agreement, hereinafter
referred to as this "Amendment", dated as of November 1, 2001, is made and
entered into by and among ARCHSTONE-XXXXX OPERATING TRUST, a Maryland real
estate investment trust formerly known as Archstone Communities Trust (the
"Borrower"), the financial institutions (including Chase, the Syndication Agent
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and the Documentation Agent, the "Lenders") which are now or may hereafter
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become signatories hereto, THE CHASE MANHATTAN BANK, a New York banking
corporation ("Chase"), as administrative agent for Lenders (in such capacity,
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"Agent"), XXXXX FARGO BANK, NATIONAL ASSOCIATION, as syndication agent for
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Lenders (in such capacity, "Syndication Agent"), and BANK OF AMERICA, N.A., as
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documentation agent for the Lenders (in such capacity, "Documentation Agent").
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W I T N E S S E T H:
- - - - - - - - - -
WHEREAS, the Borrower, the Agent, the Syndication Agent, the
Documentation Agent and certain of the Lenders have entered into a Credit
Agreement dated as of December 20, 2000, and an Agreement and First Amendment to
Credit Agreement dated as of September 21, 2001 (the "Credit Agreement"); and
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WHEREAS, the Borrower has requested that the Commitment be increased to
$700,000,000.00 pursuant to Section 2.1(d) of the Credit Agreement; and
WHEREAS, the Borrower, the Agent, the Syndication Agent, the
Documentation Agent and the Lenders desire to amend the Credit Agreement in
certain respects to provide for the increase of the Commitment, and to make
certain other changes to the Credit Agreement;
NOW, THEREFORE, in consideration of the premises and the mutual
agreements, representations and warranties herein set forth, and for other good
and valuable consideration, the Borrower, the Agent, the Syndication Agent, the
Documentation Agent and the Lenders do hereby agree as follows:
Section 1. Capitalized terms used herein that are defined in the Credit
Agreement shall have the same meanings when used herein unless otherwise defined
herein.
Section 2. The Borrower has requested that the aggregate Commitment be increased
to $700,000,000.00 pursuant to Section 2.1(d) of the Credit Agreement. This
Amendment will
provide for the increase of the Commitment. The aggregate amount of the
Commitment is $700,000,000.00.
Section 3. Each Lender Commitment and the Percentage for each Lender is as
described on Exhibit A attached hereto and hereby made a part hereof, and the
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signature pages to the Credit Agreement are so amended.
Section 4. Section 2.8(d)(y) of the Credit Agreement is hereby amended to
replace "10:30 a.m." with "9:30 a.m.".
Section 5. Section 2.8(j) of the Credit Agreement shall be amended to add
the following sentence at the end thereof:
Each Money Market Loan shall mature at the end of each Interest Period, as
specified in the Money Market Quote.
Section 6. Section 8.1(b)(ii) of the Credit Agreement shall be amended to
read as follows:
(ii) increase the Commitment above $700,000,000.00,
Section 7. Section 8.1(c) of the Credit Agreement shall be amended in its
entirety to be and read as follows:
(c) without the prior written consent of the Super-Majority Lenders,
Agent shall not modify, amend or waive in any respect whatsoever the
provisions of (i) Section 5.3 or the definitions of the financial
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covenants (or any component thereof) described in Section 5.3, (ii)
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Section 5.11(c)(i), or (iii) Section 6.2.
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Section 8. Exhibit B to the Credit Agreement is hereby deleted and replaced
with a new Exhibit B in the form of Exhibit B attached hereto and hereby made a
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part hereof.
Section 9. Borrower represents and warrants that the representations and
warranties contained in Section 4 of the Credit Agreement, as modified by this
Amendment, are true and correct in all material respects on and as of the date
hereof as though made on and as of such date. Borrower hereby certifies that no
event has occurred and is continuing which constitutes an Event of Default under
the Credit Agreement or which upon the giving of notice or the lapse of time or
both would constitute such an Event of Default.
Section 10. Except as expressly amended hereby, the Credit Agreement and
the other Credit Documents shall remain in full force and effect. The Credit
Agreement, as hereby amended, and all rights and powers created thereby or
thereunder and under the other Credit Documents are in all respects ratified and
confirmed and remain in full force and effect.
2
Section 11. The term "Credit Agreement" as used in the Credit Agreement,
the other Credit Documents or any other instrument, document or writing
furnished to the Agent or the Lenders by the Borrower shall mean the Credit
Agreement as hereby amended.
Section 12. Guarantor hereby joins in this Amendment to evidence
Guarantor's consent to execution by the Borrower of this Amendment, to confirm
that the Guaranty applies and shall continue to apply to the increased
Commitment and to the Credit Agreement as modified by this Amendment and to
acknowledge that without such consent and confirmation, the Agent and the
Lenders would not execute this Amendment or otherwise consent to such
modification.
Section 13. This Amendment (a) shall be binding upon the Borrower, the
Guarantor, the Agent and the Lenders and their respective successors and assigns
(provided, however, no party may assign its rights hereunder except in
accordance with the Credit Agreement); (b) may be modified or amended only in
accordance with the Credit Agreement; (c) shall be governed by and construed in
accordance with the laws of the State of Texas and the United States of America;
(d) may be executed in several counterparts, and by the parties hereto on
separate counterparts, and each counterpart, when so executed and delivered,
shall constitute an original agreement, and all such separate counterparts shall
constitute but one and the same agreement; and (e) embodies the entire agreement
and understanding between the parties with respect to the subject matter hereof
and supersedes all prior agreements, consents and understandings relating to
such subject matter.
3
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
signed by their respective duly authorized officers, effective as of the date
first set forth herein.
ARCHSTONE-XXXXX OPERATING TRUST
By: /s/ Xxxx X. Xxxxxxxx, Xx.
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Name: Xxxx X. Xxxxxxxx, Xx.
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Title: Vice President
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PTR-CALIFORNIA HOLDINGS (3) LLC, formerly known as
PTR-CALIFORNIA HOLDINGS (3) INCORPORATED
By: /s/ Xxxx X. Xxxxxxxx, Xx.
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Name: Xxxx X. Xxxxxxxx, Xx.
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Title: Vice President
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SCA-NORTH CAROLINA LIMITED
PARTNERSHIP
By: Archstone Xxxxx, Operating Trust, Sole Member.
BY: SCA-North Carolina (1) LLC,
General Partner
By: /s/ Xxxx X. Xxxxxxxx, Xx.
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Name: Xxxx X. Xxxxxxxx, Xx.
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Title: Vice President
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SCA-NORTH CAROLINA (1) LLC, formerly known as SCA-NORTH
CAROLINA (1) INCORPORATED
By: Archstone Xxxxx, Operating Trust, Sole Member.
By: /s/ Xxxx X. Xxxxxxxx, Xx.
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Name: Xxxx X. Xxxxxxxx, Xx.
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Title: Vice President
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4
SCA-NORTH CAROLINA (2) LLC, formerly
known as SCA-NORTH CAROLINA (2)
INCORPORATED
By: Archstone-Xxxxx Operating Trust, sole member
By: /s/ Xxxx X. Xxxxxxxx, Xx.
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Name: Xxxx X. Xxxxxxxx, Xx.
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Title: Vice President
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SCA-1 LLC, formerly know as SCA-1 INCORPORATED
By: Archstone-Xxxxx Operating Trust, sole member
By: /s/ Xxxx X. Xxxxxxxx, Xx.
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Name: Xxxx X. Xxxxxxxx, Xx.
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Title: Vice President
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ATLANTIC MULTIFAMILY LIMITED
PARTNERSHIP-1
By: Archstone-Xxxxx Operating Trust, sole member
BY: SCA-1 LLC,
General Partner
By: /s/ Xxxx X. Xxxxxxxx, Xx.
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Name: Xxxx X. Xxxxxxxx, Xx.
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Title: Vice President
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ASN MASSACHUSETTS HOLDINGS (3) LLC,
formerly known as ASN MASSACHUSETTS
HOLDINGS (3) INCORPORATED
By: Archstone-Xxxxx Operating Trust, sole member
By: /s/ Xxxx X. Xxxxxxxx, Xx.
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Name: Xxxx X. Xxxxxxxx, Xx.
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Title: Vice President
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5
ARCHSTONE COMMUNITIES LIMITED
PARTNERSHIP II
BY: Archstone-Xxxxx Operating Trust,
General Partner
By: /s/ Xxxx X. Xxxxxxxx, Xx.
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Name: Xxxx X. Xxxxxxxx, Xx.
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Title: Vice President
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ASN NORTHGATE, L.L.C.
By: Archstone-Xxxxx Operating Trust,
Sole Member
By: /s/ Xxxx X. Xxxxxxxx, Xx.
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Name: Xxxx X. Xxxxxxxx, Xx.
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Title: Vice President
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6
THE CHASE MANHATTAN BANK,
as Agent and as a Lender
By: /s/ Xxxx X. Xxxxxx
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Name: Xxxx X. Xxxxxx
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Title: Sr. Vice President
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0
XXXXXXXX XXXXX XXXXXXX, INC.
By: /s/ Xxxxxxx Xxxxxxx
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Name: Xxxxxxx Xxxxxxx
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Title: VP
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8
BANK OF AMERICA, N.A.
By: /s/ Xxxxxxx Xxxxxxxxxx
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Name: Xxxxxxx Xxxxxxxxxx
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Title: Vice President
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9
XXXXX FARGO BANK, NATIONAL
ASSOCIATION
By: /s/ Xxxx X. XxXxxxx
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Name: Xxxx X. XxXxxxx
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Title: Vice President
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00
XXXXXXXXXXX XX, XXX XXXX
AND GRAND CAYMAN BRANCHES
By: /s/ Xxxxxxxxx Xxxxxx
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Name: Xxxxxxxxx Xxxxxx
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Title: Vice President
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By: /s/ E. Xxxxxx Xxxxx
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Name: E. Xxxxxx Xxxxx
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Title: Assistant Vice President
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11
BANK HAPOALIM, B.M.
By: /s/ Xxxx Xxxx
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Name: Xxxx Xxxx
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Title: Vice President
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By: /s/ Xxxxxx Xxxxxx
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Name: Xxxxxx Xxxxxx
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Title: First Vice President
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12
WACHOVIA BANK, N.A.
By: /s/ Xxx Xxxxxx
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Name: Xxx Xxxxxx
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Title: VP
---------------------------------
13
FIRST UNION NATIONAL BANK
By: /s/ Xxxxxx X. Xxxxxxxx
--------------------------------
Name: Xxxxxx X. Xxxxxxxx
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Title: Managing Director
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14
MELLON BANK, N.A.
By: /s/ Xxxxx X. XxXxxx
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Name: Xxxxx X. XxXxxx
--------------------------------
Title: Vice President
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15
SOUTHTRUST BANK
By: /s/ Xxxx X. Xxxxxxxxx
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Name: Xxxx X. Xxxxxxxxx
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Title: Group Vice President
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16
SUNTRUST BANK
By: /s/ Xxxxxxx X. Harstman
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Name: Xxxxxxx X. Harstman
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Title: Senior Vice President
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17
BANK ONE, NA
By: /s/ Dell X. XxXxx
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Name: Dell X. XxXxx
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Title: Vice President
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00
XXXXX XXXX XX XXXXXXXXXX, N.A.
By: /s/ Xxxxx Xxxxxx
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Name: Xxxxx Xxxxxx
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Title: Vice President
---------------------------------
19
KEYBANK NATIONAL ASSOCIATION
By: /s/ Xxxxx Transher
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Name: Xxxxx Transher
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Title: Assistant Vice President
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20
FLEET NATIONAL BANK
By: /s/ Xxxx Xxxx
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Name: Xxxx Xxxx
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Title: Vice President
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21
CITIZENS BANK OF RHODE ISLAND
By: /s/ Xxxx X. Xxxxxxxx
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Name: Xxxx X. Xxxxxxxx
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Title: Loan Officer
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22
PNC BANK, NATIONAL ASSOCIATION
By: /s/ Xxxx Xxxxxxxxxxxx
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Name: Xxxx Xxxxxxxxxxxx
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Title: Vice President
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Address:
PNC Real Estate Finance
000 Xxxxx Xxxxxx
Xxxxxxxxxx, Xxxxxxxxxxxx 00000-0000
Attention: Xxxx Xxxxxxxxxxxx
Telephone No.: (000) 000-0000
Telecopy No.: (000) 000-0000
23
AMSOUTH BANK
By: /s/ Xxxxxx X. Xxxxxxx, III
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Name: Xxxxxx X. Xxxxxxx, III
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Title: Vice President
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Address:
Commercial Real Estae
0000 Xxxxx Xxxxxx Xxxxx, 0/xx/ Xxxxx
Xxxxxxxxxx, Xxxxxxx 00000
Attention: Xxxxxx X. (Buddy) Sharbel, III
Telephone No.: (000) 000-0000
Telecopy No.: (000) 000-0000
24
U.S. BANK NATIONAL ASSOCIATION
By: /s/ Xxxxxxx Xxxxxxx-Xxxxx
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Name: Xxxxxxx Xxxxxxx-Xxxxx
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Title: Commercial Banking Officer
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Address:
000 Xxxxx Xxxxxxxx Xxxxxx, 0/xx/ Xxxxx
Xxxxxxx, Xxxxxxxx 00000
Attention: Xxxxxxx Xxxxxxx-Xxxxx
Telephone No.: (000) 000-0000
Telecopy No.: (000) 000-0000
25
ALLFIRST BANK
By: /s/ Xxxxx Xxxxxxxx
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Name: Xxxxx Xxxxxxxx
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Title: Vice President
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Address:
Mail Code 101-747
00 Xxxxx Xxxxxxx Xxxxxx, 00/xx/ Xxxxx
Xxxxxxxxx, Xxxxxxxx 00000
Attention: Xxxxx Xxxxxxxx
Telephone No.: (000) 000-0000
Telecopy No.: (000) 000-0000
26
LENDER LENDER COMMITMENT
(PERCENTAGE)
The Chase Manhattan Bank $ 57,500,000.00
(8.214285714%)
Citicorp North America, Inc. $ 50,000,000.00
(7.142857143%)
Bank of America, N.A $ 57,500,000.00
(8.214285714%)
Xxxxx Fargo Bank, National Association $ 57,500,000.00
(8.214285714%)
Commerzbank AG, New York and Grand
Cayman Branches $ 50,000,000.00
(7.142857143%)
Bank Hapoalim, B.M $ 15,000,000.00
(2.142857143%)
Wachovia Bank, N.A $ 35,000,000.00
(5.000000000%)
First Union National Bank $ 50,000,000.00
(7.142857143%)
Mellon Bank, N.A $ 15,000,000.00
(2.142857143%)
SouthTrust Bank $ 20,000,000.00
(2.857142857%)
SunTrust Bank $ 30,000,000.00
(4.285714286%)
Bank One, NA $ 57,500,000.00
(8.214285714%)
Page 1 of 2 Pages
EXHIBIT A
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Union Bank of California, N.A $ 35,000,000.00
(5.000000000%)
KeyBank National Association $ 20,000,000.00
(2.857142857%)
Fleet National Bank $ 20,000,000.00
(2.857142857%)
Citizens Bank of Rhode Island $ 20,000,000.00
(2.857142857%)
PNC Bank, National Association $ 35,000,000.00
(5.000000000%)
AmSouth Bank $ 25,000,000.00
(3.571428571%)
U.S. Bank National Association $ 25,000,000.00
(3.571428571%)
Allfirst Bank $ 25,000,000.00
(3.571428571%)
Page 2 of 2 Pages
EXHIBIT A
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REQUEST FOR LOAN
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Date: _______________, 200_
The Chase Manhattan Bank
000 Xxxx Xxxxxx
Xxxxxxx, Xxxxx 00000
("Agent")
RE: Request for Loan Under Credit Agreement (as amended from time
to time, the "Credit Agreement") dated as of December 20,
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2000, among Archstone Communities Trust, now known as
Archstone-Xxxxx Operating Trust (the "Borrower"), the Agent
and the Lenders as signatory to the Credit Agreement
Gentlemen:
Borrower hereby requests [check as applicable] [_] a conversion of an
existing Loan as provided below, and/or [_] an advance under the Credit
Agreement, which is allowed pursuant to Section 5.9 of the Credit Agreement, in
the amount of $____________ [minimum of $1,000,000.00 and in multiples of
$100,000.00].
Maximum Principal Amount $700,000,000.00
Less the amount outstanding under the
Credit Agreement (including Swing Loans
and Money Market Loans) $___________.__)
Less the LC Exposure $___________.__)
Less the LC Exposure $___________.__)
Available amount $___________.__
Less amount requested $___________.__)
Amount remaining to be advanced $___________.__
The advance or conversion is to be made as follows:
Page 1 of 3 Pages
EXHIBIT B
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A. Base Rate Borrowing.
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1. Amount of Base Rate Borrowing: $__________.__
2. Date of Base Rate Borrowing _______, 200_
B. Eurodollar Rate Borrowing:
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1. Amount of Eurodollar Rate
Borrowing: $__________.__
2. Amount of conversion of existing
Loan to Eurodollar Rate Borrowing: $__________.__
3. Number of Eurodollar Rate
Borrowing(s) now in effect: _____________
[cannot exceed 12]
4. Date of Eurodollar Rate Borrowing
or conversion: _______, 200_
5. Interest Period: _____________
6. Expiration date of current Interest
Period as to this conversion: _______, 200_
C. Swing Loan.
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1. Amount of Swing Loan: $__________.__
[minimum of $1,000,000.00 and in
multiples of $100,000.00]
2. Date of Swing Loan: _______, 200_
Page 2 of 3 Pages
EXHIBIT B
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Borrower hereby represents and warrants that the amounts set forth
above are true and correct, that the amount above requested has actually been
incurred, that the representations and warranties contained in the Credit
Agreement are true and correct as if made as of this date, and that Borrower has
kept, observed, performed and fulfilled each and every one of its obligations
under the Credit Agreement as of the date hereof [except as follows:]
Very truly yours,
ARCHSTONE-XXXXX OPERATING TRUST
By:_______________________________
Name:_____________________________
Title:____________________________
Page 3 of 3 Pages
EXHIBIT B
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