Amendment No. 3 to Senior Secured Term Loan Agreement between Berkshire Hathaway Life Insurance Company of Nebraska and Seritage Growth Properties, L.P.
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Summary
This amendment, dated June 16, 2022, modifies the existing Senior Secured Term Loan Agreement between Berkshire Hathaway Life Insurance Company of Nebraska (as lender and agent) and Seritage Growth Properties, L.P. (as borrower), with Seritage Growth Properties as guarantor. It allows the borrower and its affiliates to sell or transfer property to unrelated third parties at fair market value without lender consent, provided sale proceeds are deposited into a controlled account and used according to the original loan agreement. All other terms of the loan remain unchanged.
EX-10.1 2 ff1100381_101.htm
Exhibit 10.1
Dated June 16, 2022
AMENDMENT NO. 3 TO SENIOR
SECURED TERM LOAN AGREEMENT
Berkshire Hathaway Life Insurance Company of Nebraska (as Administrative Agent and Lender), and Seritage Growth Properties, L.P. (as Borrower) and Seritage Growth Properties (as Parent and Guarantor), under that certain. Secured Term Loan Agreement dated as of July 31, 2018 (the Loan Agreement), mutually agree to the following Amendment No. 3 to the Loan Agreement:
(1) Notwithstanding anything to the contrary contained in Section 6.05(c), the Parent, the Borrower and their respective Subsidiaries shall be permitted without the consent of Administrative Agent to sell, transfer or otherwise dispose of such Person's property (including but not limited to Properties or equity interests of any Subsidiary) to unaffiliated third parties for no less than fair market value; provided, that (a) Borrower deposits all Net Proceeds received by the Parent, the Borrower or any of their Subsidiaries in respect of such sale, transfer or disposition into a Controlled Account and (b) the use of such Net Proceeds shall be subject to the terms and conditions contained in the Loan Agreement, including but not limited to Section 6.04 (Restricted Payments) and Section 6.07 (Investments, Loans) thereof.
In all other respects, the Loan Agreement remains unchanged.
June 16 2022
ACCEPTED AND AGREED:
Berkshire Hathaway Life Insurance Company of Nebraska
By: | /s/ Brian Snover | |
Name: | Brian Snover | |
Title: | Senior Vice President |
Seritage Growth Properties, L.P. and Seritage Growth Properties
By: | /s/ Matthew Fernand | |
Name: | Matthew Fernand | |
Title: | Chief Legal Officer & Corporate Secretary |