Letter Agreement Amending Section 8.3(l) of Credit Agreements Between New Plan Excel Realty Trust, Inc. and The Bank of New York
This letter agreement, dated July 27, 2001, is between The Bank of New York (as Administrative Agent for the lenders) and New Plan Excel Realty Trust, Inc. It clarifies and amends Section 8.3(l) of two existing credit agreements, specifying new limits on the repurchase of the company's stock or equity interests. The amendment allows annual repurchases up to 10% of currently outstanding shares plus 10% of any new shares issued after the agreement date. Both parties have acknowledged and accepted the changes.
EXHIBIT 10.2
[BNY LETTERHEAD]
July 27, 2001
New Plan Excel Realty Trust, Inc.
1120 Avenue of the Americas
New York, New York 10036
Attn: John B. Roche, Chief Financial Officer
Re: Those two certain Credit Agreements, each dated as of November 17, 1999, by and among New Plan Excel Realty Trust, Inc., the Lenders who are parties thereto, Bank One, N. A. and Fleet National Bank (f/k/a BankBoston, N. A.), as Co-Documentation Agents, and The Bank of New York , as Administrative Agent for such Lenders (the “Credit Agreements”)
Dear John:
Please be advised that the Required Lenders under each of the Credit Agreements have approved the clarification of Section 8.3(l) of the Credit Agreement as follows:
Section 8.3(l) of each Credit Agreement is deleted in its entirety and the following paragraph is inserted in lieu thereof:
| "(l) repurchases of any common or preferred stock or other equity interests (or securities convertible into such interests) in the Borrower that have been previously issued by the Borrower which do not exceed, in any calendar year, (1) 10% of the aggregate outstanding shares of common and preferred stock and other equity interests in Borrower as of the date hereof, in any combination, plus (2) 10% of the aggregate of any additional shares of common and preferred stock and other equity interests in Borrower issued after the date hereof, in any combination;”. |
| THE BANK OF NEW YORK, as Administrative Agent | ||
| By: | /s/ FREDERICK LAUDISI | |
| Frederick Laudisi, | ||
| Vice President | ||
Acknowledged, agreed and accepted
this 30 day of July, 2001
NEW PLAN EXCEL REALTY TRUST, INC.
By: /s/ JOHN B. ROCHE
Name: John B. Roche Title: CFO
