AMENDMENTTO REVOLVING CREDIT AGREEMENT

Contract Categories: Business Finance - Credit Agreements
EX-10.1 2 a07-10742_1ex10d1.htm EX-10.1

Exhibit 10.1

AMENDMENT TO REVOLVING CREDIT AGREEMENT

THIS AMENDMENT TO REVOLVING CREDIT AGREEMENT (this “Amendment”) is made as of March 30, 2007, by and among ERP OPERATING LIMITED PARTNERSHIP, a Delaware limited partnership (the “Borrower”), the BANKS listed on the signature pages hereof, BANK OF AMERICA, N.A., as Administrative Agent, JPMORGAN CHASE BANK, N.A., as Syndication Agent, and SUNTRUST BANK, WACHOVIA BANK, NATIONAL ASSOCIATION, WELLS FARGO BANK, N.A., LASALLE BANK NATIONAL ASSOCIATION, THE ROYAL BANK OF SCOTLAND plc, and U.S. BANK NATIONAL ASSOCIATION, as Documentation Agents.

W I T N E S S E T H:

WHEREAS, the Borrower, Administrative Agent and the Banks have entered into the Revolving Credit Agreement dated as of February 28, 2007 (the “Credit Agreement”); and

WHEREAS, the parties desire to modify the Credit Agreement upon the terms and conditions set forth herein.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties do hereby agree as follows:

1.                             Definitions.  All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.

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2.                             Non-Stabilized Property Value.  The definition of “Non-Stabilized Property Value” is hereby deleted and the following substituted therefor:

“‘Non-Stabilized Property Value’ means, the sum of (i) the aggregate Acquisition Property Value,  (ii)  the aggregate Construction Property Value, (iii) the aggregate Redevelopment Property Value, (iv) the aggregate Condo Property Value, (v) the aggregate value of any Acquisition Property that was classified as a “Non-Stabilized Property” as of September 30, 2006 pursuant to the Existing Revolving Credit Agreement, valued for a period of six fiscal quarters at the greater of (1) the  Property EBITDA divided by FMV Cap Rate (or Borrower’s Share thereof with respect to any such Non-Stabilized Property owned by a Consolidated Subsidiary or an Investment Affiliate), and (2) undepreciated book value (cost basis plus improvements) (or Borrower’s Share thereof with respect to any such Non-Stabilized Property owned by a Consolidated Subsidiary or an Investment Affiliate) and thereafter shall be valued as a Stabilized Property, and (vi) with respect to Raw Land or any other Non-Stabilized Property (other than the Non-Stabilized Properties described under clauses (i) through (v)), the aggregate undepreciated book value (cost basis plus improvements), determined in accordance with GAAP of such Non-Stabilized Property (or Borrower’s Share thereof with respect to any Non-Stabilized Property owned by a Consolidated Subsidiary or an Investment Affiliate). All such Acquisition Properties described under clause (v) shall be valued as a Stabilized Property following the sixth full fiscal quarter after the date of this Agreement.”

3.                             Effective Date.  This Amendment shall become effective upon receipt by the Administrative Agent of counterparts hereof signed by the Borrower and the Required Banks (the date of such receipt being deemed the “Effective Date”).

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4.                             Representations and Warranties.  Borrower hereby represents and warrants that as of the Effective Date, all the representations and warranties set forth in the Credit Agreement, as amended hereby (other than representations and warranties which expressly speak as of a different date), are true and complete in all material respects.

5.                             Entire Agreement.  This Amendment constitutes the entire and final agreement among the parties hereto with respect to the subject matter hereof and there are no other agreements, understandings, undertakings, representations or warranties among the parties hereto with respect to the subject matter hereof except as set forth herein.

6.                             Governing Law.  This Amendment shall be governed by, and construed in accordance with, the law of the State of Illinois.

7.                             Counterparts.  This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart.

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8.                             Headings, Etc.  Section or other headings contained in this Amendment are for reference purposes only and shall not in any way affect the meaning or interpretation of this Amendment.

9.                             No Further Modifications.  Except as modified herein, all of the terms and conditions of the Credit Agreement, as modified hereby shall remain in full force and effect and, as modified hereby, the Borrower confirms and ratifies all of the terms, covenants and conditions of the Credit Agreement in all respects.

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IN WITNESS WHEREOF, this Agreement has been duly executed as of the date first above written.

 

ERP OPERATING LIMITED PARTNERSHIP, an
Illinois limited partnership

 

 

 

 

 

By:

Equity Residential, a Maryland real estate
investment trust and its sole general partner

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ Donna Brandin

 

 

 

Name: Donna Brandin

 

 

 

Title: EVP – Chief Financial Officer

 

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BANK OF AMERICA, N.A., as Administrative Agent
and a Bank

 

 

 

 

 

 

 

 

 

By:

/s/ Mark Mokelke

 

 

 

Name: Mark Mokelke

 

 

 

Title: Vice President

 

\

 

JPMORGAN CHASE BANK, N.A., as Syndication
Agent and as a Bank

 

 

 

 

 

 

By:

/s/ Marc E. Costantino

 

 

 

Name: Marc E. Costantino

 

 

 

Title: Executive Director

 

 

SUNTRUST BANK, as Documentation Agent

 

 

 

and as a Bank

 

 

 

 

 

 

 

 

 

By:

/s/ Nancy B. Richards

 

 

 

Name:  Nancy B. Richards

 

 

 

Title:  Senior Vice President

 

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WELLS FARGO BANK, N.A., as

 

 

Documentation Agent and as a Bank

 

 

 

 

 

 

 

 

 

 

By:

/s/ Scott S. Solis

 

 

 

Name: Scott S. Solis

 

 

 

Title: Senior Vice President

 

 

EUROHYPO AG, NEW YORK BRANCH, as

 

 

Managing Agent and as a Bank

 

 

 

 

 

 

 

 

 

 

By:

/s/ Mark A. Fisher

 

 

 

Name: Mark A. Fisher

 

 

 

Title: Director

 

 

By:

/s/ John Hayes

 

 

 

Name: John Hayes

 

 

 

Title: Vice President

 

 

U.S. BANK NATIONAL ASSOCIATION, as

 

 

Documentation Agent and as a Bank

 

 

 

 

 

 

 

 

 

 

By:

/s/ Renee Lewis

 

 

 

Name: Renee Lewis

 

 

 

Title: Vice President

 

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THE ROYAL BANK OF SCOTLAND plc, as

 

 

Documentation Agent and as a Bank

 

 

 

 

 

 

By:

/s/ Neil Crawford

 

 

 

Name: Neil Crawford

 

 

 

Title: Managing Director

 

 

CITICORP NORTH AMERICA INC., as Senior

 

 

Managing Agent and as a Bank

 

 

 

 

 

 

By:

/s/ Malav Kakad

 

 

 

Name: Malav Kakad

 

 

 

Title: Vice President

 

 

DEUTSCHE BANK AG, NEW YORK

 

 

BRANCH, as Senior Managing Agent and as a

 

 

 

Bank

 

 

 

 

 

By:

/s/ Steven P. Lapham

 

 

 

Name: Steven P. Lapham

 

 

 

Title: Managing Director

 

 

By:

/s/ Joanna Soliman

 

 

 

Name: Joanna Soliman

 

 

 

Title: Assistant Vice President

 

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LEHMAN COMMERCIAL PAPER INC., as

 

 

Senior Managing Agent and as a Bank

 

 

 

 

 

 

By:

/s/ Janine M. Shugan

 

 

 

Name: Janine M. Shugan

 

 

 

Title: Authorized Signatory

 

 

MERRILL LYNCH BANK USA, as Senior

 

 

Managing Agent and as a Bank

 

 

 

 

 

 

By:

/s/ Louis Alder

 

 

 

Name: Louis Alder

 

 

 

Title: Director

 

 

MORGAN STANLEY BANK, as Senior

 

 

Managing Agent and as a Bank

 

 

 

 

 

 

By:

/s/ Daniel Twenge

 

 

 

Name: Daniel Twenge

 

 

 

Title:

Authorized Signatory

 

 

 

 

Morgan Stanley Bank

 

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THE BANK OF TOKYO - MITSUBISHI UFJ,

 

 

LTD., as Co-Agent and as a Bank

 

 

 

 

 

 

 

 

 

By:

/s/ James T. Taylor

 

 

 

Name: James T. Taylor

 

 

 

Title: Vice President

 

 

THE BANK OF NEW YORK, as Co-Agent and

 

 

as a Bank

 

 

 

 

 

 

 

 

 

By:

/s/ Scott Detraglia

 

 

 

Name: Scott Detraglia

 

 

 

Title: Vice President

 

 

COMERICA BANK, as Co-Agent and as a Bank

 

 

 

 

 

 

 

 

 

By:

/s/ Leslie A. Vogel

 

 

 

Name: Leslie A. Vogel

 

 

 

Title: Vice President

 

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MEGA INTERNATIONAL COMMERCIAL

 

 

BANK CO., LTD., NEW YORK BRANCH, as a

 

 

Bank

 

 

 

 

 

By:

/s/ Tsang-Pei Hsu

 

 

 

Name: Tsang-Pei Hsu

 

 

 

Title: VP & Deputy General Manager

 

 

THE NORTHERN TRUST COMPANY, as a

 

 

Bank

 

 

 

 

 

 

By:

/s/ Kate M. Spadoni

 

 

 

Name: Kate M. Spadoni

 

 

 

Title: Second Vice President

 

 

PEOPLE’S BANK, as a Bank

 

 

 

 

 

By:

/s/ Anne Kuchinski

 

 

 

Name: Anne Kuchinski

 

 

 

Title: Vice President

 

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SUMITOMO MITSUI BANKING

 

 

CORPORATION, as a Bank

 

 

 

 

 

 

 

 

By:

/s/ William M. Ginn

 

 

 

Name: William M. Ginn

 

 

 

Title: General Manager

 

 

FIRST HORIZON BANK, A DIVISION OF

 

 

FIRST TENNESSEE BANK, NA, as a Bank

 

 

 

 

 

 

 

 

 

 

By:

/s/ Kenneth W. Rub

 

 

 

Name: Kenneth W. Rub

 

 

 

Title: Vice President

 

 

BANK OF CHINA, NEW YORK BRANCH, as

 

 

a Bank

 

 

 

 

 

By:

/s/ William W. Smith

 

 

 

Name: William W. Smith

 

 

 

Title: Deputy General Manager

 

 

BANK OF CHINA, LOS ANGELES BRANCH,

 

 

as a Bank

 

 

 

 

 

 

 

 

By:

/s/ Xiao Wang

 

 

 

Name: Xiao Wang

 

 

 

Title:

Branch Manager &

 

 

 

 

First Vice President

 

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