FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT

Exhibit 4.4

FIRST AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT
AGREEMENT

     This First Amendment to Seventh Amended and Restated Credit Agreement (this “Amendment”) is made as of this 30th day of March, 2007 by and among Developers Diversified Realty Corporation, a corporation organized under the laws of the State of Ohio (the “Borrower”), JPMorgan Chase Bank, N.A., not individually, but as “Administrative Agent”, and the several banks, financial institutions and other entities from time to time parties to this Agreement (the “Lenders”).

RECITALS

     A. Borrower, Administrative Agent, and the Lenders are parties to a Seventh Amended and Restated Credit Agreement dated as of June 29, 2006 (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. Borrower has requested changes to certain terms in the Credit Agreement as set forth herein and the Lenders have agreed to such changes.

     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 “Investment” in Article I of the Credit Agreement is hereby amended and restated in its entirety as follows:

     “Investment” of a Person means any loan, advance (other than commission, travel and similar advances to officers and employees made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business on terms customary in the trade), deposit account or contribution of capital by such Person to any other Person or any investment in, or purchase or other acquisition of, the stock, partnership interests, notes, debentures or other securities of any other Person made by such Person. For the avoidance of doubt, an Investment shall not include any security of any Person that is convertible into, exchangeable for or exercisable into or an option to purchase equity securities of Borrower.

     3. The definition of “Restricted Payment” is hereby deleted from Article I of the Credit Agreement.

     4. Section 6.11 of the Credit Agreement (Restricted Payments) is hereby deleted in its entirety.

     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, 2006 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 New York, but giving effect to federal laws applicable to national banks.

     8. This Amendment shall become effective when it has been executed by Borrower, Administrative Agent, and the Required Lenders.

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          IN WITNESS WHEREOF, the Borrower, the Required Lenders and the Administrative Agent have executed this Amendment as of the date first above written.

	DEVELOPERS DIVERSIFIED REALTY CORPORATION
	By:	/s/ Xxxx X. Xxxxxxx
		Print Name: Xxxx X. Xxxxxxx
		Title:	Executive Vice President

	DDR PR VENTURES LLC, S.E.
	By:	/s/ Xxxx X. Xxxxxxx
		Print Name: Xxxx X. Xxxxxxx
		Title:	Executive 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

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	JPMORGAN CHASE BANK, N.A., Individually and as Administrative Agent
	By:	/s/ Xxxxxxxx X. Xxxxxx
		Print Name: Xxxxxxxx X. Xxxxxx
		Title:	Executive Director

New York Administrative Office:

000 Xxxx Xxxxxx
Xxxxx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Phone: 212/000-0000
Facsimile: 646/534-0574
Attention: Xxxxxxxx Xxxxxx, Vice President

London Administrative Office:

000 Xxxxxx Xxxx
Xxxxxx XX0X 0XX
Attention of Agency Department

S-2

	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: Xxxxxx Xxxxx

X-0

	XXXXXXXX XX, XXX XXXX BRANCH Individually and as Documentation Agent
	By:	/s/ Xxxx X. Xxxxxx
		Print Name: Xxxx X. Xxxxxx
		Title:	Director

	and by:
	By:	/s/ Xxxx Xxxxx
		Print Name: Xxxx Xxxxx
		Title:	Vice President

Eurohypo AG, New York Branch
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, XX 00000
Attention: Xxxx Xxxxxxxxxxx

With a copy to:

Head of Xxxxx Xxxxxxxxxx
Xxxxxxxx XX, Xxx Xxxx Branch
1114 Avenue of the Xxxxxxxx
00^xx Xxxxx
Xxx Xxxx, XX 00000
Phone: (000) 000-0000
Fax: (000) 000-0000

S-4

	WACHOVIA BANK, National Association, Individually and as Documentation Agent
	By:	/s/ Xxxxxxx X. Xxxx
		Print Name: Xxxxxxx X. Xxxx
		Title:	Vice President

Mail Code XX-0000, 00^xx Xxxxx
000 X. Xxxxxxx Xxxxxx
Xxxxxxxxx, XX 00000
Phone: 704/000-0000
Facsimile: 704/383-6205
Attention: Xxxxxxx X. Xxxx

S-5

XXXXX FARGO BANK, N.A.,
Real Estate Finance Group,
Individually and as Documentation Agent

	By:	/s/ Xxxxx Xxxxx
		Print Name: Xxxxx Xxxxx
		Title:	Vice President

000 Xxxxx Xxxxxx Xxxxx
Xxxxx 0000
Xxxxxxx, XX 00000
Phone: 000-000-0000
Facsimile: 000-000-0000
Attention: Xx. Xxxxx Xxxxx

S-6

	LASALLE BANK NATIONAL ASSOCIATION Individually and as Senior Managing Agent
	By:	/s/ Xxxxxx Xxxxxxx
		Print Name: Xxxxxx Xxxxxxx
		Title:	FVP

000 Xxxxx XxXxxxx Xxxxxx
Xxxxx 0000
Xxxxxxx, XX 00000
Phone: 000-000-0000
Facsimile: 000-000-0000
Attention: Xx. Xxxxxx Xxxxxxx

X-0

	US BANK N.A., Individually and as Senior Managing Agent
	By:	/s/ Xxxx X. Xxxxxxxx
		Print Name: Xxxx X. Xxxxxxxx
		Title:	Vice President

0000 Xxxxxx Xxxxxx
Xxxxxxxxx, XX 00000
Phone: 000-000-0000
Facsimile: 000-000-0000
Attention: Xx. Xxxx X. Xxxxxxxx

X-0

	DEUTSCHE BANK AG, NEW YORK BRANCH Individually and as Managing Agent
	By:	/s/ Xxxxxx X. Xxxxxx
		Print Name: Xxxxxx X. Xxxxxx
		Title:	Managing Director

	By:	/s/ Xxxxxx Xxxxxxx
		Print Name: Xxxxxx Xxxxxxx
		Title:	Assistant Vice President

000 Xxxxxxxx Xxxxx
Xxxxx 000
Xxxxxx, Xxxxx 00000
Phone: 000-000-0000
Facsimile: 000-000-0000
Attention: Xxxxx Xxxxxx

[Signature Page to DDR Amended and Restated Credit Agreement dated as of March 30, 2007]

S-9

	ING REAL ESTATE FINANCE (USA) LLC Individually and as Managing Agent
	By:	/s/ Xxxxxxxxxxx X. Xxxxxxxxx
		Print Name: Xxxxxxxxxxx X. Xxxxxxxxx
		Title:	Director

000 Xxxxx Xxxxxxxx Xxxxxx, Xxxxx 0000
Xxx Xxxxxxx, XX 00000
Attention: Xxxxxxxxxxx X. Xxxxxxxxx

S-10

MIZUHO CORPORATE BANK, LTD.
Individually and as Managing Agent
 

By:  

Print Name:  

Title:  

0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, XX 00000
Telephone: 000-000-0000
Facsimile: 000-000-0000/4489
Attention: Xxxxx Xxxxxxxx
 

S-11

	XXXXXX XXXXXXX BANK Individually and as Managing Agent
	By:	/s/ Xxxxxx Xxxxxx
		Print Name: Xxxxxx Xxxxxx
		Title:	Authorized Signatory
	0000 Xxxxxxxx 00xx Xxxxx Xxx Xxxx, XX 00000 Phone: 000-000-0000 / 2484 Facsimile: 000-000-0000 / 1866 Attention: Xxxxxx Xxxxxx

S-12

	THE BANK NEW YORK Individually and as Managing Agent
	By:
		Print Name:  Xxxx Xxxxxxx
		Title:	Managing Director
	Xxx Xxxx Xxxxxx 00xx Xxxxx Xxx Xxxx, XX 00000 Phone: 000-000-0000 Facsimile: 000-000-0000 Attention: Xxxx Xxxxxxx

X-00

	XXX XXXX XX XXXX XXXXXX Individually and as Managing Agent
	By:	/s/ Xxx Xxxxxxxxxx
		Print Name: Xxx Xxxxxxxxxx
		Title:	Managing Director
	Xxx Xxxxxxx Xxxxx, 00xx Xxxxx Xxx Xxxx, XX 00000 Phone: 000-000-0000 Facsimile: 000-000-0000 Attention: Xx. Xxx Xxxxxxxxxx

S-14

	UBS LOAN FINANCE LLC Individually and as Managing Agent
	By:	/s/ Xxxx X. Xxxx
		Print Name: Xxxx X. Xxxx
		Title:	Associate Director
	and by:
	By:	/s/ Xxxx X. Xxxxx
		Print Name: Xxxx X. Xxxxx
		Title:	Associate Director
	000 Xxxxxxxxxx Xxxx. Xxxxxxxx, XX 00000 Phone: 000-000-0000 Facsimile: 000-000-0000 Attention: Xxxx Xxxx

S-15

	REGIONS BANK, successor by merger to Amsouth Bank Individually and as Co-Agent
	By:	/s/ Xxxx X. Xxxxxxx
		Print Name: Xxxx X. Xxxxxxx
		Title:	Assistant Vice President
	0000 Xxxxx Xxxxxx Xxxxx Xxxxxx Xxxxxx 00 Xxxxxxxxxx, XX 00000 Phone: 000-000-0000 Facsimile: 000-000-0000 Attention: Xx. Xxxx X. Xxxxxxx

S-16

	KEYBANK NATIONAL ASSOCIATION Individually and as Co-Agent
	By:	/s/ Xxxxx X. Xxxxxx
		Print Name: Xxxxx X. Xxxxxx
		Title:	Vice President
	000 Xxxxxx Xxxxxx 0xx Xxxxx Xxxxxxxxx, XX 00000 Phone: 000-000-0000 Facsimile: 000-000-0000 Attention: Xxxxx X. Xxxxxx

S-17

	PNC BANK, N.A. Individually and as Co-Agent
	By:	/s/ Xxxxxxx X. Xxxxx
		Print Name: Xxxxxxx X. Xxxxx
		Title:	Senior Vice President
	000 Xxxxx Xxxxxx, Xxxxx 00-0 Xxxxxxxxxx, XX 00000-0000 Phone: 000-000-0000 Facsimile: 000-000-0000 Attention: Xxxxxxx X. Xxxxx

S-18

	SOVEREIGN BANK Individually and as Co-Agent
	By:	/s/ T. Xxxxxxx Xxxxxxx
		Print Name:  T. Xxxxxxx Xxxxxxx
		Title:	Senior Vice President
	00 Xxxxx Xxxxxx Xxxxxx, XX 00000 Telephone: 000-000-0000 Facsimile: 000-000-0000 Attention: T. Xxxxxxx Xxxxxxx

S-19

	SUNTRUST BANK Individually and as Co-Agent
	By:	/s/ Xxxxx X. Xxxxxxxx
		Print Name: Xxxxx X. Xxxxxxxx
		Title:	Senior Vice President
	0000 Xxxxx Xxxxxxxxx 0xx Xxxxx Xxxxxx, XX 00000 Phone: 000-000-0000 Facsimile: 000-000-0000 Attention: Xx. Xxxxx X. Xxxxxxxx

S-20

	CHARTER ONE BANK, N.A. Individually and as Co-Agent
	By:
		Print Name:  Xxxxxxx Xxxxxxxx
		Title:	Vice President
	0000 Xxxxxxxx Xxx — XXX 000 Xxxxxxxxx, XX 00000 Phone: 000-000-0000 Facsimile: 000-000-0000

S-21

	THE BANK OF TOKYO—MITSUBISHI UFJ, LTD.
	By:	/s/ Xxxxx X. Xxxxxx
		Print Name: Xxxxx X. Xxxxxx
		Title:	Vice President
	0000 Xxxxxx xx xxx Xxxxxxxx Xxx Xxxx, XX 00000 Telephone: 000-000-0000 Facsimile: 000-000-0000 Attention Xx. Xxxxx X. Xxxxxx

S-22

	MANUFACTURERS AND TRADERS TRUST COMPANY
	By:	/s/ Xxxxx X. Xxxxx
		Print Name: Xxxxx X. Xxxxx
		Title:	Vice President
	Xxx Xxxxxxxx Xxxxx 00xx Xxxxx Xxxxxxx, XX 00000-0000 Telephone: 000-000-0000 Facsimile: 000-000-0000 Attention Xx. Xxxxx X. Xxxxx

S-23

	NOMURA FUNDING FACILITY CORPORATION LTD.
	By:
		Print Name: Xxxx Xxxxx
		Title:	Authorized Agent
	Xxxxxxxxxxxxx Xxxxx 0 Xxxxxxxxxxxxx Xxxxx 0XXX Xxxxxx 0, Xxxxxxx Telephone: 0000 0000000 Facsimile: 3531 6700860 Attention: Xxxxxxx Xxxxxxx

S-24

	THE HUNTINGTON NATIONAL BANK
	By:	/s/ Xxxx X. Xxxxxxx
		Print Name: Xxxx X. Xxxxxxx
		Title:	Vice-President
	000 Xxxxxx Xxxxxx, XX00 Xxxxxxxxx, XX 00000 Phone: 000-000-0000 Facsimile: 000-000-0000 Attention: Xxxx X. Xxxxxxx

S-25

	BANCO POPULAR DE PUERTO RICO, NEW YORK BRANCH
	By:
		Print Name: Xxxxxx X. Xxxxxxxx
		Title:	Vice President
	0 Xxxx 00xx Xxxxxx Xxx Xxxx, XX 00000 Telephone: 000-000-0000 Facsimile: 000-000-0000 Attention: Xx. Xxxxxx X. Xxxxxxxx

S-26

	CITICORP NORTH AMERICA, INC.
	By:	/s/ Xxxxx Xxxxx
		Print Name: Xxxxx Xxxxx
		Title:	Vice President
	000 Xxxxxxxxx Xxxxxx, Xxxxx 0 Xxx Xxxx, XX 00000 Phone: 000-000-0000 Facsimile: 000-000-0000 Attention: Xx. Xxxxx Xxxxx

S-27

	COMERICA BANK
	By:	/s/ Xxxxx Xxxxxxxxx
		Print Name: Xxxxx Xxxxxxxxx
		Title:	VP
	000 Xxxxxxxx Xxxxxx XX 0000 Xxxxxxx, XX 00000 Telephone: 000-000-0000 Facsimile: 000-000-0000 Attention: Xx. Xxxxx Xxxxxxxxx

S-28

	XXXXXX COMMERCIAL PAPER INC.
	By:	/s/ Xxxxxx X. Xxxxxx
		Print Name: Xxxxxx X. Xxxxxx
		Title:	Authorized Signatory
	000 Xxxxxxx Xxxxxx 0xx Xxxxx Xxx Xxxx, XX 00000 Telephone: (000) 000-0000 Facsimile: (000) 000-0000 Attention: Xxxxxx Xxxxxx

S-29

	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

S-30

	THE NORTHERN TRUST COMPANY
	By:	/s/ Xxxxxx Xxxxxx
		Print Name: Xxxxxx Xxxxxx
		Title:	Vice President
	00 Xxxxx XxXxxxx Xxxxxx, 0xx Xxxxx Xxxxxxx, XX 00000 Phone: 000-000-0000 Facsimile: 000-000-0000 Attention: Xx. Xxxxxx Xxxxxx

S-31

	COMPASS BANK
	By:	/s/ Xxxxxx X. Xxxxx
		Print Name: Xxxxxx X. Xxxxx
		Title:	Senior Vice President
	0000 X. Xxxxxxx Xxxxxxxxxx Xxxxx 000 Xxxxxx, XX 00000 Phone: 000-000-0000 Facsimile: 000-000-0000 Attention: Xxxxxx X. Xxxxx

S-32

	FIRST TENNESSEE BANK NATIONAL ASSOCIATION
	By:	/s/ Xxxx Xxxxxx
		Print Name: Xxxx Xxxxxx
		Title:	Senior Vice President
	000 Xxxxxx Xxxxxx Xxxxxxxxxxx, XX 00000 Phone: 000-000-0000 Facsimile: 000-000-0000 Attention: Xxxx Xxxxxx

S-33