EX-4.2 Credit Agreement

EX-4.2 4 l00232aexv4w2.txt EX-4.2 CREDIT AGREEMENT EXHIBIT 4.2 FIRST AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT This First Amendment to Fourth Amended and Restated Credit Agreement (this "Amendment") is made as of this 13th day of March, 2003 by and Developers Diversified Realty Corporation, a corporation organized under the laws of the State of Ohio (the "Borrower"), Bank One, NA, having its principal office in Chicago, Illinois and the several banks, financial institutions and other entities from time to time parties to this Agreement (the "Lenders"), and Bank One, NA, not individually, but as "Administrative Agent". RECITALS A. Borrower, Administrative Agent, and the Lenders are parties to a Fourth Amended and Restated Credit Agreement dated as of May 29, 2002 (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. Pursuant to the terms of the Credit Agreement, the Lenders made available a credit facility with a potential Aggregate Commitment of $650,000,000. C. Borrower, JDN Realty Corporation, a Maryland corporation ("JDN Realty"), and DDR Transitory Sub, Inc., a Maryland corporation, have entered into an Agreement and Plan of Merger dated as of October 4, 2002 (the "Merger Agreement"), pursuant to which JDN Realty will become a Wholly-Owned Subsidiary of Borrower through the consummation of various merger transactions as more particularly described in the Merger Agreement (collectively, such transactions are referred to as the "Merger"). D. Borrower has requested a change in certain terms contained in the Credit Agreement in order to facilitate the Merger. 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 "Value of Unencumbered Assets" in Article 1 of the Credit Agreement is hereby amended by changing clause (B) to read as follows: "(B) for each Pre-Leased Project Under Construction, 100 percent of the then current book value, as determined in accordance with GAAP, of such Pre-Leased Project Under Construction, provided that the aggregate amount added to value under this clause (B) shall not exceed 10 percent of the total Value of Unencumbered Assets." 3. Section 6.19 of the Credit Agreement is hereby amended and restated as follows: Variable Interest Indebtedness. The Borrower and its Subsidiaries shall not at any time permit the outstanding principal balance of Indebtedness which bears interest at an interest rate that is not fixed through the maturity date of such Indebtedness to exceed $1,100,000,000, unless all of such Indebtedness in excess of $1,100,000,000 is subject to a Rate Management Transaction approved by the Administrative Agent that effectively converts the interest rate on such excess to a fixed rate. 4. Section 6.21 (i) of the Credit Agreement is hereby amended and restated as follows: Consolidated Outstanding Indebtedness to exceed (A) fifty-eight percent (58%) of Consolidated Market Value as of any date through and including December 30, 2003, and (B) fifty-five percent (55%) of Consolidated Market Value as of any date thereafter; 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, 2002 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 Illinois, but giving effect to federal laws applicable to national banks. -2- 8. This Amendment shall become effective when (i) it has been executed by Borrower, Administrative Agent, and the Required Lenders; and (ii) the Merger has been completed. -3- IN WITNESS WHEREOF, the Borrower, the Lenders and the Administrative Agent have executed this Amendment as of the date first above written. DEVELOPERS DIVERSIFIED REALTY CORPORATION By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 3300 Enterprise Parkway Beachwood, Ohio 44122 Phone: 216 ###-###-#### Facsimile: 216 ###-###-#### Attention: Scott A. Wolstein S-1 BANK ONE, NA, Individually and as Administrative Agent By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 1 Bank One Plaza, IL 1-0315 Chicago, Illinois 60670 Phone: 312 ###-###-#### Facsimile: 312 ###-###-#### Attention: Corporate Real Estate S-2 BANK OF AMERICA, N.A., Individually and as Syndication Agent By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 231 South LaSalle Street Chicago, IL 60697 Phone: 312 ###-###-#### Facsimile: 312 ###-###-#### Attention: Ms. Cheryl Gray S-3 COMMERZBANK AG, Individually and as Documentation Agent By:_________________________________________ Print Name:_________________________________ Title:______________________________________ and by: By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 2 World Financial Center New York, NY 10281-1050 Phone: 212/400/7569 Facsimile: 212 ###-###-#### Attention: Mr. Douglas Traynor S-4 DEUTSCHE BANK SECURITIES, INC. Individually and as Documentation Agent By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 31 West 52nd Street New York, NY 10019 Phone: 646 ###-###-#### Facsimile: 646 ###-###-#### Attention: Mr. Geoff Bedrosian S-5 FLEET BANK, Individually and as Documentation Agent By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 100 Federal Street Boston, MA 02110 Phone: 617 ###-###-#### Facsimile: 617 ###-###-#### Attention: Mr. James Keough S-6 WELLS FARGO BANK, N.A., Real Estate Finance Group, Individually and as Documentation Agent By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 225 West Wacker Suite 2550 Chicago, IL 60606 Phone: 312 ###-###-#### Facsimile: 312 ###-###-#### Attention: Mr. Scott Solis S-7 WACHOVIA BANK, NA., Individually and as Managing Agent By:_________________________________________ Print Name:_________________________________ Title:______________________________________ Mail Code GA-31281, 28th Floor 191 Peachtree St., N.E. Atlanta, GA 30303 Phone: 404 ###-###-#### Facsimile: 404 ###-###-#### Attention: Mr. John Blackwelder S-8 FIRSTAR BANK, N.A., Individually and as Co-Agent By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 1350 Euclid Avenue Cleveland, OH 44115 Phone: 216 ###-###-#### Facsimile: 216 ###-###-#### Attention: Mr. Samuel Russo S-9 ING CAPITAL LLC, Individually and as Co-Agent By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 1325 Avenue of the Americas New York, NY 10019 Phone: 646 ###-###-#### Facsimile: 212/424/6210 Attention: Mr. David Lattimer S-10 JP MORGAN CHASE, Individually and as Co-Agent By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 270 Park Avenue New York, NY 10017 Phone: 212 ###-###-#### Facsimile: 212 ###-###-#### Attention: Mr. John F. Mix S-11 AM SOUTH BANK By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 1900 Fifth Avenue North Birmingham, AL 35203 Phone: 205 ###-###-#### Facsimile: 205 ###-###-#### Attention: Mr. Robert Blair S-12 THE HUNTINGTON NATIONAL BANK By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 917 Euclid Avenue Cleveland, OH 44115 Phone: 216 ###-###-#### Facsimile: 216 ###-###-#### Attention: Mr. Richard Goss S-13 LASALLE BANK, N.A. By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 135 South LaSalle Street Suite 1225 Chicago, IL 60603 Phone: 312 ###-###-#### Facsimile: 312 ###-###-#### Attention: Mr. Eric Ogden S-14 LEHMAN COMMERCIAL PAPER INC. By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 399 Park Ave., 8th Floor New York, NY 10022 Phone: 212 ###-###-#### Facsimile: 646 ###-###-#### Attention: Mr. Tom Buffa S-15 PNC BANK, NATIONAL ASSOCIATION By:_________________________________________ Print Name:_________________________________ Title:______________________________________ One PNC Plaza 249 Fifth Avenue Pittsburgh, PA 15222 Phone: 412 ###-###-#### Facsimile: 412 ###-###-#### Attention: Mr. Andrew White S-16 CITICORP REAL ESTATE, INC. By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 390 Greenwich Street New York, NY 10013 Phone: 212 ###-###-#### Facsimile: 212 ###-###-#### Attention: Mr. Michael Psyllos S-17 ERSTE BANK By:_________________________________________ Print Name:_________________________________ Title:______________________________________ By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 280 Park Avenue West Building New York, NY 10017 Phone: 212 ###-###-#### Facsimile: 212 ###-###-#### Attention: Mr. Gregory Aptman S-18 MELLON BANK, N.A. By:_________________________________________ Print Name:_________________________________ Title:______________________________________ Suite 5325 One Mellon Center Pittsburgh, PA ###-###-#### Phone: 412 ###-###-#### Facsimile: 412 ###-###-#### Attention: Mr. Thomas Greulich S-19 THE NORTHERN TRUST COMPANY By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 50 South LaSalle Street Chicago, IL 60675 Phone: 312 ###-###-#### Facsimile: 312 ###-###-#### Attention: Mr. Robert Wiarda S-20 SOUTHTRUST BANK By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 420 North 20th Street Birmingham, AL 35203 Phone: 205 ###-###-#### Facsimile: 205 ###-###-#### Attention: Mr. Ronnie Brantley S-21 ALLIED IRISH BANKS, P.L.C. New York Branch By:_________________________________________ Print Name:_________________________________ Title:______________________________________ By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 405 Park Avenue New York, NY 10022 Phone: 212 ###-###-#### Facsimile: 212 ###-###-#### Attention: Mr. Anthony O'Reilly Ms. Hillary Patterson S-22 CHANG HWA BANK By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 685 3rd Avenue, 29th Floor New York, NY 10017 Phone: 212 ###-###-#### Facsimile: 212 ###-###-#### Attention: Vivian Chen S-23 COMPASS BANK By:_________________________________________ Print Name:_________________________________ Title:______________________________________ 15 South 20th Street 15th Floor Birmingham, AL 35233 Phone: 205 ###-###-#### Facsimile: 205 ###-###-#### Attention: Johanna Paley S-24