Exhibit 10.1

 

EXECUTION VERSION

 

AMENDMENT NO. 1 TO REVOLVING CREDIT AND TERM LOAN AGREEMENT

 

This AMENDMENT NO. 1 TO REVOLVING CREDIT AND TERM LOAN AGREEMENT (this
“Amendment”) is made as of October 16, 2014, by and among WASHINGTON PRIME
GROUP, L.P., an Indiana limited partnership (the “Borrower”), the LENDERS listed
on the signature pages hereof and BANK OF AMERICA, N.A., as Administrative Agent
(the “Administrative Agent”).

 

WITNESSETH:

 

WHEREAS, the Borrower , the Lenders party thereto and the Administrative Agent
have entered into the Revolving Credit and Term Loan Agreement, dated as of
May 15, 2014 (the “Credit Agreement”); and

 

WHEREAS, the Borrower has requested that the Requisite Lenders amend certain
provisions to the Credit Agreement and that the Administrative Agent acknowledge
such amendments pursuant to Section 14.7(a) of the Credit Agreement; and

 

WHEREAS, the Requisite Lenders are willing to make, and the Administrative Agent
is willing to acknowledge, such amendments to the Credit Agreement, in
accordance with and subject to 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.

 

2.                                      Amendments to Credit Agreement. The
Credit Agreement is hereby amended as follows, effective on the Effective Date
(as defined in Section 3 below):

 

(a)                                 The following definitions in Section 1.1 of
the Credit Agreement are hereby amended and restated in their entirety as
follows:

 

“Combined Debt Service” means, for any period, the sum of (i) regularly
scheduled payments of principal and interest (net of amounts payable to the
Consolidated Businesses in regard thereto under Interest Rate Hedges) of the
Consolidated Businesses paid and/or accrued during such period and (ii) the
portion of the regularly scheduled payments of principal and interest of
Minority Holdings allocable to the Borrower in accordance with GAAP, paid during
such period, in each case including participating interest expense and excluding
balloon payments of principal and extraordinary interest payments and net of
amortization of deferred costs associated with new financings or refinancings of
existing Indebtedness; provided, that any Transaction Debt Interest Expense
shall not constitute Combined Debt Service.

 

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“Maturing Indebtedness” means, in the case of any calculation required
hereunder, Indebtedness (other than Transaction Debt) that by its terms is
scheduled to mature on or before the date that is 24 months from the date of
calculation.

 

“Secured Indebtedness” means any Indebtedness (other than Transaction Debt)
secured by a Lien.

 

“Total Adjusted Outstanding Indebtedness” means, for any period, the sum of
(i) the amount of Indebtedness (other than Transaction Debt) of the General
Partner and the Borrower and the Borrower’s pro rata share of the Indebtedness
of the other Consolidated Businesses set forth on the then most recent quarterly
financial statements of the Borrower and (ii) the outstanding amount of Minority
Holdings Indebtedness allocable in accordance with GAAP to any of the
Consolidated Businesses as of the time of determination.

 

“Unencumbered Combined EBITDA” means that portion of Combined EBITDA which
represents revenues earned from third party property and asset management (up to
5% of Combined EBITDA) or from Real Property that is not subject to or
encumbered by Secured Indebtedness and is not subject to any agreements (other
than those agreements more particularly described on Schedule 1.1.5), the effect
of which would be to restrict, directly or indirectly, the ability of the owner
of such Property from granting Liens thereon (such Real Property, an
“Unencumbered Asset”), calculated on the first day of each fiscal quarter for
the four immediately preceding consecutive fiscal quarters.  For the avoidance
of doubt, provisions in any agreement that are substantially similar to (but not
materially more restrictive than) any provisions herein or that condition the
ability to encumber assets upon the maintenance of one or more specified ratios
but that do not generally prohibit the encumbrance of assets, or the encumbrance
of specific assets shall not constitute provisions the effect of which would be
to restrict, directly or indirectly, the ability of the owner of a Property from
granting Liens thereon.

 

“Unsecured Indebtedness” means any Indebtedness (other than Transaction Debt)
not secured by a Lien.

 

(b)                                 Section 1.1 of the Credit Agreement is
amended by inserting the following new definitions in the appropriate
alphabetical order:

 

“Acquisition” shall mean the direct or indirect acquisition of Glimcher by the
Company pursuant to the Merger Agreement.

 

“Glimcher” means Glimcher Realty Trust, a Maryland REIT.

 

“Merger Agreement” means that certain Agreement and Plan of Merger, dated as of
September 16, 2014, by and among the Company, the

 

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Borrower, WPG Subsidiary Holdings I, LLC, a Maryland limited liability company,
WPG Subsidiary Holdings II Inc., Glimcher, and Glimcher Properties Limited
Partnership, a Delaware limited partnership, as may be amended, restated,
amended and restated, supplemented or otherwise modified from time to time.

 

“Transaction Debt” means Indebtedness incurred by the Company, the Borrower
and/or one or more of their respective Subsidiaries, in each case, prior to the
consummation of the Acquisition for purposes of financing the Acquisition,
refinancing Indebtedness of the Company, the Borrower, Glimcher or their
subsidiaries in connection with the Acquisition, and paying related premiums,
fees and expenses (the “Permitted Purposes”) and any Contingent Obligations
issued by the Company, the Borrower or any of their respective Subsidiaries in
respect of all or any portion of such Indebtedness so long as (x) the aggregate
principal amount of such Indebtedness does not exceed $1,250,000,000, (y) the
proceeds of such Indebtedness are deposited into and held in a segregated
account and released from such segregated account only for application to the
Permitted Purposes or to the mandatory redemption or repayment of such
Indebtedness in accordance with its terms (it being agreed, for the avoidance of
doubt, that such proceeds shall not constitute “Unrestricted Cash” while in such
segregated account) and (z) such Indebtedness is not secured by any Liens other
than Liens on such segregated account; provided, that notwithstanding anything
to the contrary set forth herein, such Indebtedness shall cease to constitute
“Transaction Debt” upon the consummation of the Acquisition; provided further,
that if the Acquisition is not consummated on or prior to April 16, 2015, or if
the Merger Agreement is terminated in accordance with its terms at any time
prior thereto, if such Indebtedness is not repaid or redeemed within twenty (20)
Business Days of such date, such Indebtedness shall thereafter cease to
constitute Transaction Debt.

 

“Transaction Debt Interest Expense” shall mean any interest expense attributable
to Transaction Debt during any period in which it constitutes or constituted
Transaction Debt.

 

(c)                                  Section 7.1(c)(i) of the Credit Agreement
is hereby amended and restated in its entirety as follows:

 

“(i) Schedule 7.1-C (as updated pursuant to Section 8.2(a)(iii) and
Section 8.12) (A) contains a chart, together with lists, indicating the
corporate structure of the Company, the Borrower, and any other Person in which
the Company or the Borrower holds a direct or indirect partnership, joint
venture or other equity interest indicating the nature of such interest with
respect to each Person included in such diagram as of the date Schedule 7.1-C
was last updated; and (B) accurately sets forth, as of the date Schedule 7.1-C
was last updated, (1) the correct legal name of such

 

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Person, the jurisdiction of its incorporation or organization and the
jurisdictions in which it is qualified to transact business as a foreign
corporation, or otherwise, and (2) the authorized, issued and outstanding shares
or interests of each class of Securities of the Company, the Borrower and the
Subsidiaries of the Borrower and the owners of such shares or interests
(provided, however, that the shareholders of the Company and the limited
partners of the Borrower are not listed thereon). As of the date Schedule 7.1-C
was last updated, none of such issued and outstanding Securities is subject to
any vesting, redemption, or repurchase agreement, and there are no warrants or
options (other than Permitted Securities Options) outstanding with respect to
such Securities, except as noted on Schedule 7.1-C. The outstanding Capital
Stock of the Company is duly authorized, validly issued, fully paid and
nonassessable and the outstanding Securities of the Borrower and its
Subsidiaries are duly authorized and validly issued. Attached hereto as part of
Schedule 7.1-C is a true, accurate and complete copy of the Borrower Partnership
Agreement as in effect on the Closing Date and such Partnership Agreement has
not been amended, supplemented, replaced, restated or otherwise modified in any
respect since the Closing Date.”

 

(d)                                 Section 7.1(h) of the Credit Agreement is
hereby amended and restated in its entirety as follows:

 

“(h) Indebtedness. Schedule 7.1-H sets forth, as of December 31, 2013, all
Indebtedness for borrowed money of each of the Borrower, the General Partner and
their respective Subsidiaries and, except as set forth on Schedule 7.1-H, there
are no defaults in the payment of principal or interest on any such Indebtedness
and no payments thereunder have been deferred or extended beyond their stated
maturity and there has been no material change in the type or amount of such
Indebtedness (except for the repayment of certain Indebtedness or the incurrence
of any Indebtedness permitted by this Agreement) since December 31, 2013, which,
in the case of Non-Recourse Indebtedness only, will have or is reasonably likely
to have, in any of such cases, a Material Adverse Effect.”

 

(e)                                  Section 8.2(a)(iii) of the Credit Agreement
is hereby amended by adding the following clause (9) at the end thereof:

 

“and, if applicable, (9) an updated Schedule 7.1-C.”

 

(f)                                   Article VIII of the Credit Agreement is
hereby amended by adding the following Section 8.12 thereto:

 

“8.12  Acquisition Information.  Within fifteen (15) Business Days after the
consummation of the Acquisition, the Borrower shall deliver to the
Administrative Agent an updated Schedule 7.1-C that reflects the changes
resulting from the Acquisition and such other information relating to the

 

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Acquisition as any Lender shall have reasonably requested at least ten
(10) Business Days prior to such date in accordance with Section 8.11.”

 

(g)                                  Section 10.1(a) of the Credit Agreement is
hereby amended by adding the following clause (iv) after clause (iii) thereof:

 

“(iv)  any Transaction Debt; provided that, for the avoidance of doubt, any
Indebtedness that ceases to constitute Transaction Debt shall thereafter only be
permitted under this Section 10.1 if such Indebtedness is permitted by clauses
(i), (ii) and (iii) of this Section 10.1.”

 

(h)                                 Section 11.1(e) of the Credit Agreement is
hereby amended by adding the following proviso at the end thereof:

 

“; provided, that any mandatory redemption or repayment of Transaction Debt as a
result of the failure to consummate the Acquisition shall not be deemed to be a
Default or Event of Default under this Section 11.1(e) so long such Transaction
Debt is repaid or redeemed in accordance with its terms;”

 

3.                                      Effective Date.  This Amendment shall
become effective upon its execution by the Borrower and the Requisite Lenders
and its acknowledgement by the Administrative Agent (the “Effective Date”).

 

4.                                      Representations and Warranties.  In
order to induce the Lenders and the Administrative Agent to enter into this
Amendment, the Borrower hereby represents and warrants that as of the Effective
Date:

 

(a)                                 All of the representations and warranties of
the Borrower set forth in the Credit Agreement, as amended hereby, are true and
complete in all material respects (except in those cases where (i) such
representation or warranty is qualified by materiality or Material Adverse
Effect, in which case they shall be true and correct on and as of the Effective
Date or (ii) such representation or warranty expressly relates to an earlier
date, in which case such representations and warranties were true and correct as
of such date);

 

(b)                                 The General Partner has the requisite power
and authority to execute, deliver and perform this Amendment and the Credit
Agreement as amended by this Amendment (the “Amended Credit Agreement”, and
together with this Amendment, the “Amendment Documents”) on behalf of the
Borrower.  The General Partner is the Person who has executed this Amendment on
behalf of the Borrower and is the sole general partner of the Borrower;

 

(c)                                  The execution, delivery and performance of
each of the Amendment Documents by the Borrower and the consummation of the
transactions contemplated thereby are within the Borrower’s partnership powers,
have been duly authorized by all necessary partnership or other applicable
action (and, in the case of the General Partner acting on behalf of the Borrower
in connection therewith, all necessary corporate action of such

 

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General Partner) and such authorization has not been rescinded.  No other
partnership or corporate action or proceedings on the part of the Borrower or
any General Partner is necessary to consummate such transactions;

 

(d)                                 Each of the Amendment Documents has been
duly executed and delivered on behalf of the Borrower and constitutes the
Borrower’s legal, valid and binding obligation, enforceable against the Borrower
in accordance with its 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 proceeding of equity or at law;

 

(e)                                  The execution, delivery and performance of
each of the Amendment Documents will not (A) conflict with the Organizational
Documents of the Borrower or any Subsidiary of the Borrower, (B) constitute a
tortious interference with any Contractual Obligation of any Person or conflict
with, result in a breach of or constitute (with or without notice or lapse of
time or both) a default under any Requirement of Law or Contractual Obligation
of the Borrower, the General Partner, any Limited Partner, any Subsidiary of the
Borrower, or any general or limited partner of any Subsidiary of the Borrower,
or require termination of any such Contractual Obligation which may subject the
Administrative Agent or any of the other Lenders to any liability, (C) result in
or require the creation or imposition of any Lien whatsoever upon any of the
Property or assets of the Borrower, the General Partner, any Limited Partner,
any Subsidiary of the Borrower, or any general partner or limited partner of any
Subsidiary of the Borrower, or (D) require any approval of shareholders of the
Company or any general partner (or equity holder of any general partner) of any
Subsidiary of the Borrower ;

 

(f)                                   The execution, delivery and performance of
each of the Amendment Documents do not and will not require any registration
with, consent or approval of, or notice to, or other action to, with or by any
Governmental Authority, except filings, consents or notices which have been
made, obtained or given; and

 

(g)                                  No Event of Default or Potential Event of
Default exists on the Effective Date after giving effect to this Amendment.

 

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 New York
without regard to its conflict of laws principles.

 

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7.                                      Counterpart.  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. Delivery of an executed
counterpart of a signature page to this Amendment by telecopy or other
electronic means shall be effective as delivery of a manually executed
counterpart of this Amendment.

 

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
expressly modified herein, all of the terms and conditions of the Credit
Agreement and the other Loan Documents, as expressly modified hereby shall
remain in full force and effect and, as expressly modified hereby, the Borrower
confirms and ratifies all of the terms, covenants and conditions of the Credit
Agreement and the other Loan Documents in all respects.  The execution, delivery
and performance of this Amendment shall not, except as expressly provided
herein, constitute a waiver of any provision of, or operate as a waiver of any
right, power or remedy of the Administrative Agent or any Lender under the
Credit Agreement or any of the other Loan Documents.  This Amendment shall
constitute a “Loan Document” under the Credit Agreement.

 

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

 

 

WASHINGTON PRIME GROUP, L.P.

 

 

 

By:

Washington Prime Group Inc., an
Indiana corporation, its general
partner

 

 

 

 

 

 

 

By:

/s/ Mark S. Ordan

 

Name:

Mark S. Ordan

 

Title:

Chief Executive Officer

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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BANK OF AMERICA, N.A., individually and as
Administrative Agent

 

 

 

 

 

By:

/s/ Roger C. Davis

 

 

Title:

Roger C. Davis

 

 

Name:

Senior Vice President

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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JPMORGAN CHASE BANK, N.A.

 

 

 

 

 

By:

/s/ Nadeige Dung

 

 

Title: Nadeige Dung

 

 

Name: Vice President

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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CITIBANK, N.A.

 

 

 

 

 

By:

/s/ John C. Rowland

 

 

Title: John C. Rowland

 

 

Name: Vice President

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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THE ROYAL BANK OF SCOTLAND PLC

 

 

 

 

 

By:

/s/ Jeannine Pascal

 

 

Title: Vice President

 

 

Name: Jeannine Pascal

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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SUMITOMO MITSUI BANKING CORPORATION

 

 

 

 

 

By:

/s/ William G. Karl

 

 

Name: William G. Karl

 

 

Title: Executive Officer

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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BARCLAYS BANK PLC

 

 

 

By:

/s/ Ronnie Glenn

 

 

Title: Vice President

 

 

Name: Ronnie Glenn

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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COMPASS BANK

 

 

 

 

 

By:

/s/ S. Kent Gorman

 

 

Name: S. Kent Gorman

 

 

Name: Senior Vice President

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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PNC BANK, NATIONAL ASSOCIATION

 

 

 

 

 

By:

/s/ Sarah E. Beeson

 

 

Name: Sarah E. Beeson

 

 

Name: Senior Vice President

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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U.S. BANK NATIONAL ASSOCIATION

 

 

 

 

 

By:

/s/ Renee Lewis

 

 

Title: Senior Vice President

 

 

Name: Renee Lewis

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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DEUTSCHE BANK AG NEW YORK BRANCH

 

 

 

 

 

By:

/s/ J.T. Johnston Coe

 

 

Title: Managing Director

 

 

Name: J.T. Johnston Coe

 

 

 

 

 

 

By:

/s/ Joanne Soliman

 

 

Title: Vice President

 

 

Name: Joanne Soliman

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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GOLDMAN SACHS BANK USA

 

 

 

 

 

By:

/s/ Michelle Latzoni

 

 

Title: Authorized Signatory

 

 

Name: Michelle Latzoni

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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MORGAN STANLEY BANK, N.A.

 

 

 

 

 

By:

/s/ Christopher Winthrop

 

 

Title: Authorized Signatory

 

 

Name: Christopher Winthrop

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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UNION BANK, N.A.

 

 

 

 

 

By:

/s/ John T. Feeney

 

 

Title: Director

 

 

Name: John T. Feeney

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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MIZUHO BANK, LTD.

 

 

 

 

 

By:

/s/ Noel Purcell

 

 

Title: Authorized Signatory

 

 

Name: Noel Purcell

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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CAPITAL ONE, NATIONAL ASSOCIATION

 

 

 

 

 

By:

/s/ Frederick H. Denecke

 

 

Name: Frederick H. Denecke

 

 

Title: Senior Vice President

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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SUNTRUST BANK

 

 

 

 

 

By:

/s/ Michael Kauffman

 

 

Title: Senior Vice President

 

 

Name: Michael Kauffman

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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THE BANK OF NOVA SCOTIA

 

 

 

 

 

By:

/s/ Chad Hale

 

 

Title: Director & Execution Head, REGAL

 

 

Name: Chad Hale

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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FIFTH THIRD BANK, AN OHIO BANKING CORPORATION

 

 

 

 

 

By:

/s/ Matthew Rodgers

 

 

Title: VP

 

 

Name: Matthew Rodgers

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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TD BANK, N.A.

 

 

 

 

 

By:

/s/ Brian S. Welch

 

Title: Senior Vice President

 

Name: Brian S. Welch

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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REGIONS BANK

 

 

 

 

 

By:

/s/ Lori Chambers

 

 

Title: Vice President

 

 

Name: Lori Chambers

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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BRANCH BANKING AND TRUST COMPANY

 

 

 

 

 

By:

/s/ Steve Whitcomb

 

 

Title: Senior Vice President

 

 

Name: Steve Whitcomb

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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THE BANK OF NEW YORK MELLON

 

 

 

 

 

By:

/s/ Helga Blum

 

 

Title: Managing Director

 

 

Name: Helga Blum

 

[Signature Page to Amendment No. 1 to WPG Credit Agreement]

 

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