Exhibit 10.4

 

AMENDMENT NO. 1 TO SECOND AMENDED AND

RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT

 

This AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AND TERM
LOAN AGREEMENT (this “Amendment”) is made as of June 30, 2005 by and among
(a) The Mills Limited Partnership, a Delaware limited partnership (the
“Borrower”), (b) JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase
Bank) as Administrative Agent (in such capacity, the “Administrative Agent”) for
the Lenders (as defined below); and (c) the Lenders party hereto.

 

WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to
that certain Second Amended and Restated Revolving Credit and Term Loan
Agreement dated as of December 17, 2004, as modified by that certain Waiver to
Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as
of February 16, 2005 (as so modified, the “Credit Agreement”), pursuant to which
the Lenders have agreed to make loans and extend credit to the Borrower on the
terms and conditions set forth therein;

 

WHEREAS, the Borrower has requested that the Lenders (i) reallocate the
Revolving Credit Commitments to increase the Revolving Credit Tranche B
Commitments and correspondingly decrease the Revolving Credit Tranche A
Commitments, (ii) amend the capitalization rates for properties contained in the
definition of “Capitalization Value”, and (iii) clarify the accounting method to
be employed in calculating the Borrower’s proportionate share of Minority
Holdings for purposes of determining compliance with financial covenants; and

 

WHEREAS, the Lenders party hereto are willing to so amend the Credit Agreement
and reallocate their Revolving Credit Commitments on the terms and conditions
set forth herein.

 

NOW, THEREFORE, in consideration of the foregoing premises, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and fully intending to be legally bound by this Amendment, the
parties hereto agree as follows:

 

1.   Definitions.  Capitalized terms used herein without definition shall have
the meanings assigned to such terms in the Credit Agreement.

 

2.   Amendments to Credit Agreement.  As of the Effective Date (as defined in
Section 6 hereof) the Credit Agreement is hereby amended as follows:

 

2.1            Definition of Capitalization Value.  The definition of
“Capitalization Value” set forth in Section 1.1 of the Credit Agreement is
amended by (i) deleting the percentage “8.25%” in clauses (i) and (vii)(I) of
the definition thereof and replacing it with “7.25%” and (ii) deleting the
percentage “8.00%”

 

--------------------------------------------------------------------------------

 

in clauses (v) and (vii)(I) of the definition thereof and replacing it with
“7.00%”.

 

2.2            Definition of GAAP. The definition of “GAAP” in Section 1.1 of
the Credit Agreement is amended by inserting the following sentence immediately
following the first sentence thereof: “Notwithstanding the foregoing, for
purposes of determining compliance with the financial covenants set forth in
Article IX, Borrower shall continue to use the “economic share percentages”
methodology that was in use on the Closing Date to calculate its proportionate
share of Minority Holdings instead of the “hypothetical liquidation at book
value” methodology.”

 

2.3            Definition of Revolving Credit Tranche A Commitments.  The
definition of “Revolving Credit Tranche A Commitments” set forth in Section 1.1
of the Credit Agreement is amended by deleting the figure “$825,000,000” in the
penultimate line thereof and replacing it with the figure “$600,000,000”.

 

2.4            Definition of Revolving Credit Tranche B Commitments.  The
definition of “Revolving Credit Tranche B Commitments” set forth in Section 1.1
of the Credit Agreement is amended by deleting the figure “$175,000,000” in the
penultimate line thereof and replacing it with the figure “$400,000,000”.

 

2.5            Optional Currency Repayments.  Section 4.2(j)(iii) is hereby
amended by deleting the figure “$175,000,000” in each of the instances in which
it appears in the second sentence thereof and replacing it with the figure
“$400,000,000”.

 

2.6            Amendment to Exhibit C.  Exhibit C to the Credit Agreement is
hereby amended by deleting the figure “$175,000,000” in clause (a) of the fourth
paragraph thereof, which is the first paragraph in brackets, and replacing it
with the figure “$400,000,000”.

 

2.7            Replacement of Schedule 1.1-A.  Schedule 1.1-A to the Credit
Agreement is hereby deleted in its entirety and replaced with Schedule 1.1-A
attached hereto.

 

3.   Reallocation.  On the Effective Date, the Revolving Credit Commitments and
Pro Rata Shares of each of the Lenders shall be reallocated to give effect to
the increase in the Revolving Credit Tranche B Commitments and the decrease in
the Revolving Credit Tranche A Commitments in accordance with Schedule 1.1-A. 
The Borrower shall make such borrowings and repayments of the Loans as shall be
necessary to effect the reallocation of the Revolving Credit Commitments and the
Loans to reflect such adjusted Pro Rata Shares.

 

2

--------------------------------------------------------------------------------

 

4.   Provisions Of General Application.

 

4.1.              Representations and Warranties. The Borrower hereby represents
and warrants as of the date hereof that (a) each of the representations and
warranties of the Borrower contained in the Credit Agreement, the other Loan
Documents or in any document or instrument delivered pursuant to or in
connection with the Credit Agreement or this Amendment are true as of the date
as of which they were made and are true at and as of the date of this Amendment
(except to the extent that such representations and warranties expressly speak
as of a different date), (b) no Event of Default or Potential Event of Default
exists on the date hereof, (c) the organizational documents of each of the
Borrower and the Guarantor attached to the Secretary’s Certificate dated as of
December 17, 2004 remain in full force and effect and, except for such certified
copies of amendments or modifications to organizational documents provided to
the Administrative Agent and counsel to the Lenders, such organizational
documents have not been amended, modified, annulled, rescinded or revoked since
December 17, 2004 and (d) this Amendment has been duly authorized, executed and
delivered by the Borrower and is in full force and effect as of the Effective
Date, and the agreements and obligations of the Borrower contained herein
constitute the legal, valid and binding obligations of the Borrower, enforceable
against it in accordance with their respective terms, except to the extent that
the enforcement thereof or the availability of equitable remedies may be limited
by applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent
transfer, fraudulent conveyance or similar laws now or hereafter in effect
relating to or affecting creditors rights generally or by general principles of
equity, or by the discretion of any court in awarding equitable remedies,
regardless of whether such enforcement is considered in a preceding in equity or
at law.

 

4.2.              No Other Changes.  Except as otherwise expressly provided or
contemplated by this Amendment, all of the terms, conditions and provisions of
the Credit Agreement remain unaltered and in full force and effect.  The Credit
Agreement and this Amendment shall be read and construed as one agreement.  The
making of the amendments in this Amendment does not imply any obligation or
agreement by the Administrative Agent or any Lender to make any other amendment,
waiver, modification or consent as to any matter on any subsequent occasion.

 

4.3.              Governing Law.  This Amendment shall be deemed to be a
contract under the laws of the State of New York.  This Amendment and the rights
and obligations of each of the parties hereto are contracts under the laws of
the State of New York and shall for all purposes be construed in accordance with
and governed by the laws of such State (excluding the laws applicable to
conflicts or choice of law).

 

3

--------------------------------------------------------------------------------

 

4.4.              Assignment.  This Amendment shall be binding upon and inure to
the benefit of each of the parties hereto and their respective permitted
successors and assigns.

 

4.5.              Counterparts.  This Amendment may be executed in any number of
counterparts, but all such counterparts shall together constitute but one and
the same agreement.  In making proof of this Amendment, it shall not be
necessary to produce or account for more than one counterpart thereof signed by
each of the parties hereto.

 

5.   Effectiveness of this Amendment.  This Amendment shall become effective on
the date on which the following conditions precedent are satisfied (such date
being hereinafter referred to as the “Effective Date”):

 

(a)           execution and delivery to the Administrative Agent by the Required
Lenders and each of the Lenders with a Revolving Credit Tranche B Commitment,
the Borrower, and the Administrative Agent of this Amendment;

 

(b)           execution and delivery to the Administrative Agent by the
Guarantor of a reaffirmation of guaranty in form and substance satisfactory to
the Administrative Agent;

 

(c)           delivery to the Administrative Agent of certified resolutions of
the Executive Committee of the Board of Directors of The Mills Corporation, the
sole general partner of the Borrower, authorizing this Amendment; and

 

(d)           payment by the Borrower of the fees and expenses described in the
Credit Agreement and invoiced to the Borrower prior to the date hereof.

 

 

[Remainder of page left blank intentionally]

 

4

--------------------------------------------------------------------------------

 

IN WITNESS WHEREOF, the undersigned have duly executed and delivered this
Amendment as of the date first set forth above.

 

 

THE BORROWER:

THE MILLS LIMITED PARTNERSHIP, a Delaware
limited partnership

 

 

 

By:

THE MILLS CORPORATION, a Delaware
corporation, its General Partner

 

 

 

 

 

By:

/s/ M. SCOTT DECAIN

 

 

 

 

Name:

M. Scott DeCain

 

 

 

Title:

Senior Vice President,
Capital Markets

 

 

 

 

Signature Page to Amendment No. 1 to Second

Amended and Restated Revolving Credit and Term Loan Agreement

 

--------------------------------------------------------------------------------

 

ADMINISTRATIVE AGENT

JPMORGAN CHASE BANK, N.A., FORMERLY

SWING LENDER, ISSUING

KNOWN AS JPMORGAN CHASE BANK

LENDER, AND LENDER:

 

 

By:

/s/ CHARLES HOAGLAND

 

 

 

Charles Hoagland

 

 

Vice President

 

--------------------------------------------------------------------------------

 

CO-SYNDICATION AGENT

BANK OF AMERICA, N.A.

AND LENDER:

 

 

 

 

By:

/s/ MICHAEL W. EDWARDS

 

 

 

Michael W. Edwards

 

 

Senior Vice President

 

--------------------------------------------------------------------------------

 

CO-SYNDICATION AGENT

EUROHYPO AG, NEW YORK BRANCH

AND LENDER:

 

 

 

 

By:

/s/ BEN J. MARCIANO

 

 

 

Ben J. Marciano

 

 

Managing Director

 

 

 

 

 

 

 

By:

/s/ STEPHEN COX

 

 

 

Stephen Cox

 

 

Vice President

 

--------------------------------------------------------------------------------

 

LENDER:

KEY BANK, NATIONAL ASSOCIATION

 

 

 

By:

/s/ JAMES B. MCLAUGHLIN

 

 

 

James B. McLaughlin

 

 

Senior Vice President

 

--------------------------------------------------------------------------------

 

LENDER:

WACHOVIA BANK, NATIONAL

 

ASSOCIATION

 

 

 

By:

/s/ CATHY A. CASEY

 

 

 

Cathy A. Casey

 

 

Director

 

--------------------------------------------------------------------------------

 

LENDER:

CITICORP NORTH AMERICA, INC.

 

 

 

 

 

By:

/s/ JEANNE CRAIG

 

 

 

Jeanne Craig

 

 

Vice President

 

--------------------------------------------------------------------------------

 

LENDER:

HYPO REAL ESTATE CAPITAL

 

CORPORATION

 

 

 

By:

/s/ EVAN F. DENNER

 

 

 

Evan F. Denner

 

 

Managing Director

 

 

 

 

By:

/s/ PAVLINA JIROUTKOVA

 

 

 

Pavlina Jiroutkova

 

 

Director

 

--------------------------------------------------------------------------------

 

LENDER:

MORGAN STANLEY BANK

 

 

 

By:

/s/ DANIEL TWENGE

 

 

 

Daniel Twenge

 

 

Vice President

 

--------------------------------------------------------------------------------

 

LENDER:

ROYAL BANK OF CANADA

 

 

 

By:

/s/ GORDON MACARTHUR

 

 

 

Gordon MacArthur

 

 

Authorized Signatory

 

--------------------------------------------------------------------------------

 

LENDER:

U.S. BANK NATIONAL ASSOCIATION

 

 

 

By:

/s/ WALTER WHITT

 

 

 

Walter Whitt

 

 

Vice President

 

--------------------------------------------------------------------------------

 

LENDER:

COMMERZBANK AG, NEW YORK AND

 

GRAND CAYMAN BRANCHES

 

 

 

By:

/s/ JAMES BRETT

 

 

 

James Brett

 

 

Assistant Treasurer

 

 

 

 

 

 

 

By:

/s/ DAVID GOLDMAN

 

 

 

David Goldman

 

 

Vice President

 

--------------------------------------------------------------------------------

 

LENDER:

ING REAL ESTATE FINANCE (USA) LLC

 

 

 

 

 

By:

/s/ DANIEL SLIWAK

 

 

 

Daniel Sliwak

 

 

Vice President

 

--------------------------------------------------------------------------------

 

LENDER:

MERRILL LYNCH CAPITAL CORPORATION

 

 

 

By:

/s/ JOHN C. ROWLAND

 

 

 

John C. Rowland

 

 

Vice President

 

--------------------------------------------------------------------------------

 

LENDER:

PB CAPITAL CORPORATION

 

 

 

By:

/s/ DARYLE AGUAM

 

 

 

Daryle Aguam

 

 

Vice President

 

 

 

 

 

 

 

By:

/s/ MICHAEL E. ASHEROFF

 

 

 

Michael E. Asheroff

 

 

Associate

 

--------------------------------------------------------------------------------

 

LENDER:

BAYERISCHE LANDESBANK,

 

NEW YORK BRANCH

 

 

 

By:

/s/ GEORGE GNAD

 

 

 

George Gnad

 

 

Senior Vice President

 

 

 

 

 

 

 

By:

/s/ NORMAN MCCLAVE

 

 

 

Norman McClave

 

 

First Vice President

 

--------------------------------------------------------------------------------

 

LENDER:

BRANCH BANKING & TRUST CO.

 

 

 

By:

/s/ RONALD P. GUDBRANDSEN

 

 

 

Ronald P. Gudbrandsen

 

 

Senior Vice President

 

--------------------------------------------------------------------------------

 

LENDER:

CALYON NEW YORK BRANCH

 

 

 

By:

/s/ JOHN A. WAIN

 

 

 

John A. Wain

 

 

Managing Director

 

 

 

 

 

 

 

By:

/s/ DANIEL J. REDDY

 

 

 

Daniel J. Reddy

 

 

Director

 

--------------------------------------------------------------------------------

 

LENDER:

LASALLE BANK NATIONAL ASSOCIATION

 

 

 

By:

/s/ ROBERT E. GOECKEL

 

 

 

Robert E. Goeckel

 

 

Vice President

 

--------------------------------------------------------------------------------

 

LENDER:

MANUFACTURERS AND TRADERS

 

TRUST COMPANY

 

 

 

By:

/s/ MATTHEW LIND

 

 

 

Matthew Lind

 

 

Vice President

 

--------------------------------------------------------------------------------

 

LENDER:

EMIGRANT SAVINGS BANK

 

 

 

 

 

By:

/s/ PATRICIA GOLDSTEIN

 

 

 

Patricia Goldstein

 

 

Senior Executive Vice President

 

--------------------------------------------------------------------------------

 

LENDER:

AIB DEBT MANAGEMENT LTD

 

 

 

By:

/s/ ANTHONY O’REILLY

 

 

 

Anthony O’Reilly

 

 

Vice President

 

 

 

 

 

 

 

By:

/s/ DENISE MAGYER

 

 

 

Denise Magyer

 

 

Vice President

 

--------------------------------------------------------------------------------

 

LENDER:

KBC BANK NV

 

 

 

By:

/s/ KENNETH D. CONNOR

 

 

 

Kenneth D. Connor

 

 

Vice President, Real Estate

 

 

 

 

 

 

 

By:

/s/ MICHAEL CURRAN

 

 

 

Michael Curran

 

 

First Vice President

 

--------------------------------------------------------------------------------

 

LENDER:

PNC BANK, NATIONAL ASSOCIATION

 

 

 

By:

/s/ WILLIAM R. LYNCH, III

 

 

 

William R. Lynch, III

 

 

Senior Vice President

 

--------------------------------------------------------------------------------

 

LENDER:

WELLS FARGO BANK,

 

NATIONAL ASSOCIATION

 

 

 

 

 

By:

/s/ ERIN P. PEART

 

 

 

Erin P. Peart

 

 

Senior Vice President

 

--------------------------------------------------------------------------------

 

LENDER:

SOVEREIGN BANK

 

 

 

 

 

By:

/s/ KATHERINE FELPEL

 

 

 

Katherine Felpel

 

 

Assistant Vice President

 

--------------------------------------------------------------------------------