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EXHIBIT 10.37
FIRST AMENDMENT TO CREDIT AGREEMENT
THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this "First Amendment") is
dated as of the 22nd day of November, 1996 among GABLES REALTY LIMITED
PARTNERSHIP (the "Borrower"), WACHOVIA BANK OF GEORGIA, N.A., as Agent (the
"Agent") and WACHOVIA BANK OF GEORGIA, N.A., FIRST UNION NATIONAL BANK OF
GEORGIA, GUARANTY FEDERAL BANK, F.S.B., AMSOUTH BANK OF ALABAMA and COMMERZBANK
AG, ATLANTA AGENCY (collectively, the "Banks");
W I T N E S S E T H :
WHEREAS, the Borrower, the Agent and the Banks executed and delivered
that certain Credit Agreement, dated as of the 28th day of March, 1996 (the
"Credit Agreement");
WHEREAS, the Borrower has requested and the Agent and the Banks have
agreed to certain amendments to the Credit Agreement, subject to the terms and
conditions hereof;
NOW, THEREFORE, for and in consideration of the above premises and
other good and valuable consideration, the receipt and sufficiency of which
hereby is acknowledged by the parties hereto, the Borrower, the Agent and the
Banks hereby covenant and agree as follows:
1. Definitions. Unless otherwise specifically defined herein, each term
used herein which is defined in the Credit Agreement shall have the meaning
assigned to such term in the Credit Agreement. Each reference to "hereof",
"hereunder", "herein" and "hereby" and each other similar reference and each
reference to "this Agreement" and each other similar reference contained in the
Credit Agreement shall from and after the date hereof refer to the Credit
Agreement as amended hereby.
2. Termination of Swing Loan Facility. The Swing Loan facility
contained in Section 2.01 (b) of the Credit Agreement is terminated, and all
references in the Credit Agreement to "Swing Loan", "Swing Loans", "Swing Loan
Borrowing" and "Swing Loan Note" hereby are deleted.
3. Amendment to Section 2.05(a). Section 2.05 (a) of the Credit
Agreement hereby is amended by (i) deleting the reference to "Level III" in the
provisio in clause (ii) and substituting therefor a reference to "Level IV"; and
(ii) deleting the table contained therein (the "Old Table") and substituting
therefor the following table (the "New Table"); provided, however, that the Old
Table shall continue to apply as to Euro-Dollar Loans in existence on the
effective date of this First Amendment, and the New Table shall apply only as to
Euro-Dollar Loans (including Refunding Loans) made on or after the effective
date of this First Amendment.
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LEVEL I LEVEL II LEVEL III LEVEL IV
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