Letter Amendment to the Amended and Restated Credit Agreement dated October 15, 2018

EX-10.1 2 ex101wheelerwaiverletter10.htm EXHIBIT 10.1 OCTOBER 2018 LETTER/WAIVER Exhibit

Exhibit 10.1

As of October 15, 2018

Wheeler REIT, L.P.

Riversedge North,

2529 Virginia Beach Blvd., Suite 200,

Virginia Beach, VA 23452

Ladies and Gentlemen:

Reference is made that certain revolving loan (the "Loan") by and among KEYBANK NATIONAL ASSOCIATION, a national banking association ("KeyBank"), as administrative agent ("Agent") on behalf of itself and other lenders (the "Lenders"), WHEELER REIT, L.P., a Virginia limited partnership ("Borrower"), and the respective subsidiaries of the Borrower which are Guarantors of the Loan.

The Loan is evidenced by, among other documents, instruments and agreements, that certain Amended and Restated Credit Agreement dated as of December 21, 2017 by and among Agent, the Lenders, Borrower and the Guarantors (as same has been amended from time to time, the "Loan Agreement"). Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Loan Agreement.

The Borrower has requested that the Agent and the Lenders waive or modify certain provisions of the Credit Agreement, and the Agent and the Lenders have so agreed to do so as provided below:

Accordingly, the Agent, the Lenders, Borrower and the Guarantors hereby agree as follows, effective as of September 7, 2018:

As a result of the closing of the refinance of the Pending Refinance Properties on September 7, 2018, there exists a $3,830,000.00 over advance (the “Overadvance”) on the Borrowing Base Availability. The Agent and the Lenders hereby agree that the Borrower shall have (provided no Event of Default shall otherwise occur) a period through February 28, 2019 to repay such Overadvance or otherwise properly balance the Borrowing Base Availability; nothing contained herein shall be deemed constitute a waiver of the Agent’s and the Lenders’ rights and remedies should any further over-advance occur.

Except as expressly amended hereby, the remaining terms and conditions of the Loan Agreement and all other Loan Documents shall continue in full force and effect. Except as expressly provided above, nothing contained herein shall be deemed to constitute a waiver by the Agent and the Lenders of any Defaults or Events of Default which may now or hereafter be in existence under the Loan Agreement, or a waiver of any rights and remedies of the Agent and the Lenders arising in connection therewith, all of which are expressly reserved.

It is intended that this Letter Agreement take effect as a sealed instrument as of the date first above written.



	AGENT AND LENDER:
	KEYBANK NATIONAL ASSOCIATION, as Lender, Issuing Lender, Swing Loan Lender and as Agent By: /s/ Robert Avil Name: Robert Avil Title: Senior Vice President
	ACKNOWLEDGED AND AGREED

BORROWER:

WHEELER REIT, L.P., a Virginia limited partnership


By:	WHEELER REAL ESTATE INVESTMENT TRUST, INC., a Maryland corporation, its general partner

By: /s/ David Kelly