Exhibit 10.1
FIRST AMENDMENT TO FIRST AMENDED AND RESTATED
SECURED TERM LOAN AGREEMENT
     This FIRST AMENDMENT TO FIRST AMENDED AND RESTATED SECURED TERM LOAN
AGREEMENT (the “Amendment”) is made as of February 20, 2007, by and among
Developers Diversified Realty Corporation, a corporation organized under the
laws of the State of Ohio (“DDR”), DDR PR Ventures, LLC, S.E., a Delaware
limited liability company (“DDR PR”; DDR and DDR PR together with any Qualified
Borrower that issues a Qualified Borrower Note in accordance with the terms of
the Loan Agreement (as hereinafter defined), collectively, the “Borrower”),
KeyBank National Association, and the several banks, financial institutions and
other entities from time to time parties to the Loan Agreement (the “Lenders”),
and KeyBank National Association, not individually, but as “Administrative
Agent”, Bank of America, N.A., not individually, but as “Syndication Agent”, and
Eurohypo AG, New York Branch, ING Real Estate Finance (USA) LLC and Scotiabanc
Inc., not individually, but as “Documentation Agents”, and one or more new or
existing “Lenders” shown on the signature pages hereof
R E C I T A L S
     A. Borrower, Administrative Agent, Syndication Agent, Documentation Agent
and certain other Lenders entered into that certain First Amended and Restated
Secured Term Loan Agreement dated as of June 29, 2006 (as modified and amended,
the “Loan Agreement”). All capitalized terms used herein and not otherwise
defined shall have the meanings given to them in the Loan Agreement.
     B. Pursuant to the terms of the Loan Agreement, the Lenders initially
agreed to provide Borrower with a secured term loan facility in an aggregate
principal amount of up to $400,000,000.00. The Borrower, the Administrative
Agent and the Lenders now desire to amend the Loan Agreement in order to, among
other things (i) increase the Aggregate Commitment to $550,000,000.00;
(ii) provide Borrower with the right to further increase the Aggregate
Commitment to $800,000,000.00 upon satisfaction of certain conditions set forth
in the Loan Agreement; (iii) extend the maturity date to February 20, 2011;
(iv) reduce the interest rate of the Loans; and (v) admit The Bank of New York
and Regions Bank (collectively, the “New Lenders”) as “Lenders” under the Loan
Agreement.
     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:
AGREEMENTS
     1. The foregoing Recitals to this Amendment hereby are incorporated into
and made part of this Amendment.
     2. From and after February 20, 2007 (the “Effective Date”), (i) the New
Lenders shall be considered as “Lenders” under the Loan Agreement and the Loan
Documents, and (ii) the Lenders shall each have a Commitment in the amount shown
next to their respective signatures on the signature pages of this Amendment
(such amounts to include any increases in

 

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the Commitments of the existing Lenders). The Borrower shall, on or before the
Effective Date, execute and deliver to each of the Lenders a new or amended and
restated Note in the amount of their respective Commitment.
     3. From and after the Effective Date, the Aggregate Commitment shall equal
Five Hundred Fifty Million and No/100 Dollars ($550,000,000.00).
     4. The definition of “Maturity Date” set forth in Article I of the Loan
Agreement is hereby modified and amended by deleting therefrom the date
“June 28, 2008” and by inserting in lieu thereof the date “February 20, 2011.”
     5. The second to last paragraph set forth in Section 2.1 of the Loan
Agreement is hereby modified and amended by deleting therefrom the amount
“500,000,000” and by inserting in lieu thereof the amount “800,000,000”.
     6. Section 2.2 of the Loan Agreement is hereby modified and amended by
deleting such Section in its entirety and by inserting in lieu thereof the
following new Section 2.2:
“2.2 Final Principal Payment and Extension of Maturity Date. Any outstanding
Borrowings and all other unpaid Obligations shall be paid in full by the
Borrower on the Maturity Date. Provided no Default or Unmatured Default has
occurred and is continuing, Borrower shall have the option to extend the term of
the Loan beyond the initial Maturity Date for one (1) successive term (an
“Extension Option”) of one (1) year to the Payment Date occurring in
February 20, 2012 by submitting a request for an extension to the Administrative
Agent (an “Extension Request”) no more than 90 and no fewer than 30 days prior
to the initial Maturity Date and upon payment to Lender of all reasonable costs
incurred by Lender in connection with such extension, whether the extension
actually occurs or not. Promptly upon receipt of an Extension Request, the
Administrative Agent shall notify each Lender of the Extension Request. It shall
be an additional condition precedent to the extension of the Maturity Date
pursuant hereto that (a) the Borrower shall have paid to the Administrative
Agent for the ratable benefit of the Lenders, on or before the initial Maturity
Date a fee equal to 0.10% of the Aggregate Commitment and (b) the Borrower shall
have executed and delivered to Administrative Agent a Compliance Certificate
demonstrating compliance with all covenants set forth in Section 6.18(ix), (x)
and (xi) and representations and warranties set forth in the Loan Documents
after giving effect to such extension.”
     7. Section 2.4 of the Loan Agreement is hereby modified and amended by
deleting therefrom the table of applicable debt ratings and Applicable Margins
set forth therein and by inserting in lieu thereof the following new table of
applicable debt ratings and Applicable Margins:

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                                      LIBOR     ABR               Applicable    
Applicable        S&P Rating   Moody’s Rating     Margin     Margin  
A- or higher
  A3 or higher     0.45 %     (-0.125 %)
BBB+
  Baa1     0.525 %     (-0.125 %)
BBB
  Baa2     0.70 %     (-0.125 %)
BBB-
  Baa3     0.875 %     (-0.125 %)
Less than BBB-
  Less than Baa3     1.20 %     0.125 %

     8. Clause (iv) of Section 8.2 of the Loan Agreement is hereby modified and
amended by deleting therefrom the amount “500,000,000” and by inserting in lieu
thereof the amount “800,000,000”.
     9. For purposes of Section 13.1 of the Loan Agreement (Giving Notice), the
address(es) and facsimile number(s) for the New Lenders shall be as specified
below their respective signature(s) on the signature pages of this Amendment.
     10. The Borrower hereby represents and warrants that, as of the Effective
Date, there is no Default or Unmatured Default, the Borrower has no offsets or
claims against any of the Lenders and the representations and warranties
contained in Article V of the Agreement, as modified and amended by this
Amendment, are true and correct as of such date.
     11. As expressly modified as provided herein, the obligations of Borrower,
Lenders and Administrative Agent under the Loan Agreement are hereby ratified
and confirmed and the Loan Agreement shall continue in full force and effect.
     12. This Amendment shall be construed and enforced in accordance with the
laws of the State of Ohio (excluding the laws applicable to conflicts or choice
of law). This Amendment shall be binding upon and shall inure to the benefit of
the parties hereto and their respective permitted successors,
successors-in-title and assigns as provided in the Loan Agreement.
     13. 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.
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     IN WITNESS WHEREOF, the parties have executed and delivered this Amendment
as of the date first written above.

                  BORROWER:    
 
                DEVELOPERS DIVERSIFIED REALTY CORPORATION    
 
           
 
  By:    /s/ David E. Weiss    
 
           
 
  Print Name:    David E. Weiss    
 
           
 
  Title:    Sr. Vice President    
 
           
 
                3300 Enterprise Parkway     Beachwood, Ohio 44122     Phone:
216/755-5775     Facsimile: 216/755-1775     Attention: Chief Financial Officer
 
                with a copy to:                           3300 Enterprise
parkway             Beachwood, Ohio 44122     Phone: 216/755-5650     Facsimile:
216/755-1560     Attention: General Counsel

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                  DDR PR VENTURES, LLC, S.E.    
 
           
 
  By:   /s/ David E. Weiss    
 
           
 
  Print Name:   David E. Weiss    
 
           
 
  Title:   Sr. Vice President    
 
           
 
                3300 Enterprise Parkway     Beachwood, Ohio 44122     Phone:
216/755-5775     Facsimile: 216/755-1775     Attention: Chief Financial Officer
 
                with a copy to:           3300 Enterprise Parkway     Beachwood,
Ohio 44122     Phone: 216/755-5650     Facsimile: 216/755-1560     Attention:
General Counsel

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                  EXISTING LENDERS:
 
            $44,500,000.00   KEYBANK NATIONAL ASSOCIATION,         Individually
and as Administrative Agent    
 
           
 
  By:   /s/ Kevin P. Murray    
 
         
 
  Print Name: Kevin P. Murray    
 
           
 
  Title:    VP    
 
         
 
                127 Public Square     8th Floor     Cleveland, OH 44114    
Phone: 216-689-7547     Facsimile: 216-689-4997     Attention: Kevin Murray
 
                With a copy to:
 
                127 Public Square     8th Floor     Cleveland, OH 44114    
Phone: 216-689-4545     Facsimile: 216-689-4997     Attention: Dan Heberle

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              $44,500,000.00   BANK OF AMERICA, N.A.,     Individually and as
Syndication Agent
 
  By:   /s/ Michael W. Edwards    
 
           
 
  Print Name:   Michael W. Edwards    
 
           
 
  Title:   Senior Vice President    
 
           
 
                231 South LaSalle Street     Chicago, IL 60604     Phone:
312/828-5215     Facsimile: 312/974-4970     Attention: Ms. Cheryl Sneor

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                  $43,000,000.00   EUROHYPO AG, NEW YORK BRANCH,        
Individually and as Documentation Agent    
 
               
 
  By:   /s/ David Sarner    
 
        Print Name:   David Sarner
 
  Title:   Director  
 
                 
 
               
 
  and by:            
 
               
 
  By:   /s/ John Hayes                   Print Name:   John Hayes              
 
 
  Title:   Vice President      
 
   
 
                    Head of Portfolio Operations         Eurohypo AG, New York
Branch         1114 Avenue of the Americas         29th Floor         New York,
NY 10036         Phone: (212) 479-5700         Fax: (866) 267-7680    
 
                    With a copy to:    
 
                    Head of Legal Department         Eurohypo AG, New York
Branch         1114 Avenue of the Americas         29th Floor         New York,
NY 10036         Phone: (212) 479-5700         Fax: (866) 267-7680    

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              $43,000,000.00   ING REAL ESTATE FINANCE (USA) LLC,        
Individually and as Documentation Agent    
 
           
 
  By:   /s/ Christopher Godlewski    
 
                Print Name: Christopher Godlewski         Title: Vice President
   
 
                c/o Mayer Brown Rowe and Maw         350 South Grand Avenue,
25th Floor         Los Angeles, CA 90071         Phone: 213-621-3940        
Facsimile: 212-883-2734         Attention: Mr. Christopher Godlewski    

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                  $43,000,000.00   SCOTIABANC INC.,         Individually and as
Documentation Agent    
 
               
 
  By:   /s/ William E. Zarrett    
 
        Print Name: William E. Zarrett          
 
   
 
  Title:   Managing Director      
 
   
 
                    Scotiabanc Inc.         600 Peachtree Street, Suite 2700    
    Atlanta, GA 30308         Phone: 404-877-1504         Facsimile:
404-888-8998         Attention: William Zarrett, Managing Director    
 
                    With a copy to:    
 
                    The Bank of Nova Scotia         One Liberty Plaza, 25th
Floor         New York, NY 10006         Phone: 212-225-5167         Facsimile:
212-225-5166         Attention: Mr. Robert Boese    
 
               

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              $35,000,000.00   CHARTER ONE BANK, N.A.    
 
           
 
  By:   /s/ Florentina Djulvezen    
 
                Name: Florentina Djulvezen         Title: Vice-President    
 
                1215 Superior Avenue         Cleveland, Ohio 44114        
Telephone: 216-277-0388         Facsimile: 216-277-4607         Attention: Mike
Kauffman    

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              $30,000,000.00   HUNTINGTON NATIONAL BANK    
 
           
 
  By:   /s/ Ryan Terrano    
 
                Name: Ryan Terrano         Title: Vice-President    
 
                917 Euclid Avenue CM17         Cleveland, Ohio 44115        
Telephone: 216-515-0683         Facsimile: 216-515-6821         Attention: Ryan
Terrano    

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              $30,000,000.00   U.S. BANK NATIONAL ASSOCIATION    
 
           
 
  By:   /s/ Mark H. Oldfield    
 
                Name: Mark H. Oldfield         Title:   Vice President    
 
                1350 Euclid Avenue, Suite 1100         Cleveland, Ohio 44115    
    Telephone: 216-623-5982         Facsimile: 216-241-0164         Attention:
Anthony Yannucci    

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              $30,000,000.00   SUNTRUST BANK    
 
           
 
  By:   /s/ W. John Wender    
 
              Name: W. John Wender         Title: Senior Vice President    
 
                8330 Boone Blvd., 8th Floor         Vienna, Virginia 22182      
  Telephone: 703-442-1563         Facsimile: 703-442-1570         Attention: W.
John Wender    

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              $25,000,000.00   PNC BANK, NATIONAL ASSOCIATION,        
Individually    
 
           
 
  By:   /s/ Terri A. Wyda    
 
                Print Name: Terri A. Wyda         Title: Vice President    
 
                249 Fifth Avenue         19th Floor, P1-POPP-19-1        
Pittsburgh, PA 15222         Phone: 412-768-9135         Facsimile: 412-762-6500
        Attention: Mr. Michael E. Smith    

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              $25,000,000.00   WELLS FARGO BANK, N.A.    
 
           
 
  By:   /s/ Scott S. Solis    
 
                Name: Scott S. Solis         Title: Vice-President    
 
                123 North Wacker Drive, Suite 1900         Chicago, Illinois
60606         Telephone: 312-269-4818         Facsimile: 312-782-0969        
Attention: Scott S. Solis    

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              $25,000,000.00   UBS LOAN FINANCE LLC    
 
           
 
  By:   /s/ Richard L. Tavrow    
 
                Print Name: Richard L. Tavrow         Title: Director    
 
           
 
  By:   /s/ Irja R. Otsa    
 
                Print Name: Irja R. Otsa         Title: Associate Director    
 
                677 Washington Blvd.         Stamford, Connecticut 06901        
Telephone: 203-719-0678         Facsimile: 203-719-3888         Attention: Iris
Choi    

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              $25,000,000.00   SUMITOMO MITSUI BANKING CORPORATION    
 
           
 
  By:   /s/ David A. Buck    
 
                Print Name: David A. Buck
Title: Senior Vice President    
 
                277 Park Avenue         New York, NY 10172         Phone:
212-224-4178         Facsimile: 212-224-4887         Attention: Mr. Charles J.
Sullivan    

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              $20,000,000.00   BANCO POPULAR DE PUERTO RICO, NEW YORK BRANCH    
 
           
 
  By:   /s/ Hector J. Gonzalez    
 
                Name: Hector J. Gonzalez
Title: Vice-President    
 
                7 West 51st Street
New York, New York 10019
Telephone: 212-445-1988
Facsimile: 212-245-4677
Attention: Hector J. Gonzalez    

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              $15,000,000.00   LASALLE BANK NATIONAL ASSOCIATION    
 
           
 
  By:   /s/ Robert Goeckel    
 
                Name: Robert Goeckel
Title: Vice President    
 
                135 South LaSalle Street
Suite 1225
Chicago, Illinois 60603
Telephone: 312-904-4705
Facsimile: 312-904-6691
Attention: Robert Goeckel    

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              $10,000,000.00   THE NORTHERN TRUST COMPANY    
 
           
 
  By:   /s/ Robert Wiarda    
 
                Name: Robert Wiarda
Title: Vice President    
 
                50 S. LaSalle
Chicago, Illinois 60675
Telephone: 312-444-3380
Facsimile: 312-444-7028
Attention: Robert Wiarda    

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              $7,000,000.00   MANUFACTURERS AND TRADERS TRUST COMPANY    
 
           
 
  By:   /s/ Brian D. Beitz    
 
                Name: Brian D. Beitz
Title: Vice-President    
 
                One Fountain Plaza, 12th Floor
Buffalo, New York 14203
Telephone: 716-848-7337
Facsimile: 716-848-7318
Attention: Brian D. Beitz    

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                  NEW LENDERS:    
 
            $30,000,000.00   THE BANK OF NEW YORK    
 
           
 
  By:   /s/ Scott DeTraglia    
 
         
 
  Print Name: Scott DeTraglia    
 
           
 
  Title:    Vice President    
 
         
 
                One Wall Street
15th Floor
New York, New York 10286    
 
  Telephone:
Facsimile:
Attention:    (212) 635-1143
 (212) 635-1698
 Richard W. Katz    

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              $25,000,000.00   REGIONS BANK
 
           
 
  By:   /s/ Lori Hatcher    
 
           
 
  Name:   Lori Hatcher    
 
           
 
  Title:   Assistant Vice President    
 
           
 
                1900 5th Avenue North, 15FL     Birmingham, AL 35203    
Telephone: 205-326-5465     Facsimile: 205-264-5456     Attention: Lori Hatcher