Exhibit 10.1
SECOND AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT
     THIS SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) dated as of September 8, 2008 by and among POST APARTMENT HOMES,
L.P. (the “Borrower”), each of the Lenders party hereto, and WACHOVIA BANK,
NATIONAL ASSOCIATION, as Agent (the “Agent”).
     WHEREAS, the Borrower, the Lenders, the Agent and certain other parties
have entered into that certain Amended and Restated Credit Agreement dated as of
April 28, 2006 (as in effect immediately prior to the date hereof, the “Credit
Agreement”) and the Borrower, the Lenders and the Agent desire to amend certain
provisions of the Credit Agreement on the terms and conditions contained herein.
     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the parties hereto, the parties
hereto hereby agree as follows:
     Section 1. Specific Amendments to Credit Agreement. The parties hereto
agree that the Credit Agreement is amended as follows:
     (a) The Credit Agreement is hereby amended by restating subsection (e) of
Section 9.1 in its entirety as follows:
     (e) Gross Asset Value of Borrower and Subsidiary Guarantors. The ratio of
(i) Gross Asset Value attributable only to the Borrower and its Subsidiaries
that are Guarantors to (ii) Gross Asset Value determined exclusive of assets
that are owned by Excluded Subsidiaries or by other Subsidiaries or
Unconsolidated Affiliates that are prohibited from guaranteeing the Indebtedness
of another Person pursuant to any document, instrument or agreement evidencing
Secured Indebtedness of such Subsidiaries or Unconsolidated Affiliates, to be
less than 0.80 to 1.00 at any time.
     (b) The Credit Agreement is hereby amended by deleting the incorrect
references to “Section 9.1(g) or Section 9.1(h)” in Section 7.12(b)(ii) and
replacing it with the correct references to “Section 9.1(e) or Section 9.1(f)”.
     (c) The Credit Agreement is hereby amended by deleting the incorrect
reference to “Section 9.6” in Section 7.12(c) and replacing it with the correct
reference to “Section 9.7”.
     Section 2. Conditions Precedent. The effectiveness of this Amendment is
subject to receipt by the Agent of each of the following, each in form and
substance satisfactory to the Agent:
     (a) a counterpart of this Amendment duly executed by the Borrower and the
Requisite Lenders;
     (b) a Reaffirmation of Obligations duly executed by each Guarantor, in the
form of Exhibit A attached hereto;

 

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

 

     (c) evidence of the payment of the fee described in Section 6 below, and of
all other fees and expenses payable to the Agent in connection with this
Amendment; and
     (d) such other documents, instruments and agreements as the Agent may
reasonably request.
     Section 3. Representations. The Borrower represents and warrants to the
Agent and the Lenders that:
     (a) Authorization. The Borrower has the right and power, and has taken all
necessary action to authorize it, to execute and deliver this Amendment and to
perform its obligations hereunder and under the Credit Agreement, as amended by
this Amendment, in accordance with their respective terms. This Amendment has
been duly executed and delivered by a duly authorized officer of the sole
general partner of the Borrower and each of this Amendment and the Credit
Agreement, as amended by this Amendment, is a legal, valid and binding
obligation of the Borrower enforceable against the Borrower in accordance with
its respective terms except as the same may be limited by bankruptcy,
insolvency, and other similar laws affecting the rights of creditors generally
and the availability of equitable remedies for the enforcement of certain
obligations (other than the payment of principal) contained herein or therein
and as may be limited by equitable principles generally.
     (b) Compliance with Laws, etc. The execution and delivery by the Borrower
of this Amendment and the performance by the Borrower of this Amendment and the
Credit Agreement, as amended by this Amendment, in accordance with their
respective terms, do not and will not, by the passage of time, the giving of
notice or otherwise: (i) require any Government Approvals or violate any
Applicable Laws relating to the Borrower or any other Loan Party; (ii) conflict
with, result in a breach of or constitute a default under the organizational
documents of the Borrower or any other Loan Party, or any indenture, agreement
or other instrument to which the Borrower or any other Loan Party is a party or
by which it or any of its respective properties may be bound; or (iii) result in
or require the creation or imposition of any Lien upon or with respect to any
property now owned or hereafter acquired by the Borrower or any other Loan
Party.
     (c) No Default. No Default or Event of Default has occurred and is
continuing as of the date hereof nor will exist immediately after giving effect
to this Amendment.
     Section 4. Reaffirmation of Representations by Borrower. The Borrower
hereby repeats and reaffirms all representations and warranties made by the
Borrower to the Agent and the Lenders in the Credit Agreement and the other Loan
Documents to which it is a party on and as of the date hereof with the same
force and effect as if such representations and warranties were set forth in
this Amendment in full, except for (i) representations and warranties that
expressly relate solely to an earlier date (in which case such representations
and warranties shall have been true and correct in all material respects on and
as of such earlier date) and (ii) changes in factual circumstances not
prohibited under the Loan Documents.
     Section 5. Certain References. Each reference to the Credit Agreement in
any of the Loan Documents shall be deemed to be a reference to the Credit
Agreement as amended by this Amendment.

- 2 -

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

 

     Section 6. Working Fee. The Borrower agrees to pay to the Agent for the
account of each Lender executing and delivering this Amendment a fee equal to
$5,000.
     Section 7. Expenses. The Borrower shall reimburse the Agent upon demand for
all reasonable costs and expenses (including reasonable attorneys’ fees)
incurred by the Agent in connection with the preparation, negotiation and
execution of this Amendment and the other agreements and documents executed and
delivered in connection herewith.
     Section 8. Benefits. This Amendment shall be binding upon and shall inure
to the benefit of the parties hereto and their respective successors and
assigns.
     Section 9. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF GEORGIA APPLICABLE TO
CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.
     Section 10. Effect. Except as expressly herein amended, the terms and
conditions of the Credit Agreement and the other Loan Documents remain in full
force and effect. The amendments contained herein shall be deemed to have
prospective application only, unless otherwise specifically stated herein.
     Section 11. Counterparts. This Amendment may be executed in any number of
counterparts, each of which shall be deemed to be an original and shall be
binding upon all parties, their successors and assigns.
     Section 12. Definitions. All capitalized terms not otherwise defined herein
are used herein with the respective definitions given them in the Credit
Agreement.
[Signatures on Next Page]

- 3 -

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

 

     IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to
Amended and Restated Credit Agreement to be executed as of the date first above
written.

            POST APARTMENT HOMES, L.P.
      By:   Post GP Holdings, Inc., its sole general partner                    
          By:   /s/ Christopher J. Papa         Name:   Christopher J. Papa     
  Title:   Executive Vice President and
Chief Financial Officer     

[Signatures Continued on Next Page]

 

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

 

[Signature Page to Second Amendment to Amended and Restated
Credit Agreement with Post Apartment Homes, L.P.]

            WACHOVIA BANK, NATIONAL ASSOCIATION, as a Lender and Agent
      By:   /s/Amit Khimji         Name:   Amit Khimji        Title:   Vice
President     

[Signatures Continued on Next Page]

 

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

 

[Signature Page to Second Amendment to Amended and Restated
Credit Agreement with Post Apartment Homes, L.P.]

            JPMORGAN CHASE BANK, N.A.
      By:   /s/ Vanessa Chiu         Name:   Vanessa Chiu        Title:   Vice
President     

[Signatures Continued on Next Page]

 

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

 

[Signature Page to Second Amendment to Amended and Restated
Credit Agreement with Post Apartment Homes, L.P.]

            SUMITOMO MITSUI BANKING CORPORATION
      By:   /s/ David A. Buck         Name:   David A. Buck        Title:  
Senior Vice President     

[Signatures Continued on Next Page]

 

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

 

[Signature Page to Second Amendment to Amended and Restated
Credit Agreement with Post Apartment Homes, L.P.]

            SUNTRUST BANK
      By:   /s/ W. John Wendler         Name:   W. John Wendler        Title:  
Senior Vice President     

[Signatures Continued on Next Page]

 

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

 

[Signature Page to Second Amendment to Amended and Restated
Credit Agreement with Post Apartment Homes, L.P.]

            WELLS FARGO BANK, NATIONAL ASSOCIATION
      By:   /s/ Robin Terry         Name:   Robin Terry        Title:   AVP     

[Signatures Continued on Next Page]

 

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

 

[Signature Page to Second Amendment to Amended and Restated
Credit Agreement with Post Apartment Homes, L.P.]

            PNC BANK, NATIONAL ASSOCIATION
      By:   /s/ Chad McMasters         Name:   Chad McMasters        Title:  
SVP     

[Signatures Continued on Next Page]

 

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

 

[Signature Page to Second Amendment to Amended and Restated
Credit Agreement with Post Apartment Homes, L.P.]

            REGIONS BANK
      By:   /s/ Kerri Raines         Name:   Kerri Raines        Title:   Vice
President     

[Signatures Continued on Next Page]

 

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

 

[Signature Page to Second Amendment to Amended and Restated
Credit Agreement with Post Apartment Homes, L.P.]

            US BANK, NATIONAL ASSOCIATION
      By:           Name:           Title:        

[Signatures Continued on Next Page]

 

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

 

[Signature Page to Second Amendment to Amended and Restated
Credit Agreement with Post Apartment Homes, L.P.]

            DEUTSCHE BANK TRUST COMPANY AMERICAS
      By:   /s/ J.T. Johnston Coe         Name:   J.T. Johnston Coe       
Title:   Managing Director              By:   /s/ Perry Forman         Name:  
Perry Forman        Title:   Director     

[Signatures Continued on Next Page]

 

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

 

[Signature Page to Second Amendment to Amended and Restated
Credit Agreement with Post Apartment Homes, L.P.]

            THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
      By:   /s/ John Feeney         Name:   John Feeney        Title:   Vice
President     

[Signatures Continued on Next Page]

 

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

 

[Signature Page to Second Amendment to Amended and Restated
Credit Agreement with Post Apartment Homes, L.P.]

            MIDFIRST BANK, a federally chartered savings association
      By:   /s/ Darrin Rigler         Name:   Darrin Rigler        Title:   Vice
President     

[Signatures Continued on Next Page]

 

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

 

[Signature Page to Second Amendment to Amended and Restated
Credit Agreement with Post Apartment Homes, L.P.]

            THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND
    By:   /s/ John Hogan         Name:   John Hogan        Title:   Authorized
Signatory     

[Signatures Continued on Next Page]

 

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

 

[Signature Page to Second Amendment to Amended and Restated
Credit Agreement with Post Apartment Homes, L.P.]

            COMERICA BANK
      By:   /s/ James Graycheck         Name:   James Graycheck        Title:  
Vice President     

[Signatures Continued on Next Page]

 

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

 

[Signature Page to Second Amendment to Amended and Restated
Credit Agreement with Post Apartment Homes, L.P.]

            THE NORTHERN TRUST COMPANY
      By:   /s/ Carol B. Conklin         Name:   Carol B. Conklin       
Title:   Vice President     

[Signatures Continued on Next Page]

 

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

 

[Signature Page to Second Amendment to Amended and Restated
Credit Agreement with Post Apartment Homes, L.P.]

            FIRST COMMERCIAL BANK, NEW YORK AGENCY
      By:           Name:           Title:        

[Signatures Continued on Next Page]

 

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

 

[Signature Page to Second Amendment to Amended and Restated
Credit Agreement with Post Apartment Homes, L.P.]

            CHANG HWA COMMERCIAL BANK, LTD.,
New York Branch
      By:   /s/ Jim C.Y. Chen         Name:   Jim C.Y. Chen        Title:   Vice
President & General Manager     

[Signatures Continued on Next Page]

 

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

 

[Signature Page to Second Amendment to Amended and Restated
Credit Agreement with Post Apartment Homes, L.P.]

            PEOPLE’S UNITED BANK
      By:   /s/ Maurice Fry         Name:   Maurice Fry        Title:   Vice
President   

 

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

 

         

EXHIBIT A

REAFFIRMATION OF OBLIGATIONS
     Each of the undersigned (each a “Guarantor” and collectively the
“Guarantors”) hereby (a) reaffirms its continuing obligations owing under the
Guaranty dated as of April 26, 2006, executed and delivered by the Guarantors
(the “Guaranty”) and (b) agrees that the Second Amendment to Amended and
Restated Credit Agreement dated the date hereof (the “Amendment”) amending the
Amended and Restated Credit Agreement dated as of April 26, 2006 by and between
Post Apartment Homes, L.P., the Lenders party thereto (the “Lenders”), Wachovia
Bank, National Association, as Agent (the “Agent”) and the other parties thereto
(as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), and the transactions contemplated by the Amendment do not
in any way affect the validity or enforceability of the Guaranty, or reduce,
impair or discharge the obligations of such Guarantor thereunder.
     Each of the Guarantors represents and warrants to the Agent and the Lenders
that the execution, delivery, and performance of this Reaffirmation of
Obligations has been authorized by all requisite action on the part of such
Guarantor and will not violate such Guarantor’s organizational or governing
document.
     Each of the Guarantors further agrees that references to the Credit
Agreement contained in any Loan Document (as defined in the Credit Agreement)
shall be deemed to be references to the Credit Agreement, as amended by the
Amendment.
     This Reaffirmation of Obligations shall be construed in accordance with and
be governed by the law (without giving effect to the conflict of law principles
thereof) of the State of Georgia.
[Signatures Continued on Next Page]

 

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

 

     IN WITNESS WHEREOF, each of the undersigned have duly executed and
delivered this Reaffirmation of Obligations as of September 8, 2008.

                          POST PROPERTIES, INC.
 
                        By:   /s/ Christopher J. Papa               Name:  
Christopher J. Papa     Title:   Executive Vice President and
Chief Financial Officer
 
                        POST GP HOLDINGS, INC.
 
                        By:   /s/ Christopher J. Papa               Name:  
Christopher J. Papa     Title:   Executive Vice President and
Chief Financial Officer
 
                        POST LP HOLDINGS, INC.
 
                        By:   /s/ Christopher J. Papa               Name:  
Christopher J. Papa     Title:   Executive Vice President and
Chief Financial Officer
 
                        POST FB I, LIMITED PARTNERSHIP,
a Georgia limited partnership
 
                        By:   Post FB Acquisition GP I, LLC,
a Georgia limited liability company,
its sole general partner
 
                            By:   Post Apartment Homes, L.P.,
a Georgia limited partnership, its sole member
 
                                By:   Post GP Holdings, Inc.,
a Georgia corporation,
its sole general partner
 
                   
 
              By:   /s/ Christopher J. Papa
 
                   
 
              Name:   Christopher J. Papa
 
              Title:   Executive Vice President
and Chief Financial Officer

 

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

 

                          POST FB II, LIMITED PARTNERSHIP,
a Georgia limited partnership
 
                        By:   Post FB Acquisition GP II, LLC,
a Georgia limited liability company,
its sole general partner
 
                            By:   Post Apartment Homes, L.P.,
a Georgia limited partnership,
its sole member
 
                                By:   Post GP Holdings, Inc.,
a Georgia corporation,
its sole general partner
 
                   
 
              By:   /s/ Christopher J. Papa
 
                   
 
              Name:   Christopher J. Papa
 
              Title:   Executive Vice President
and Chief Financial Officer
 
                        AUSTIN BC, L.P.,
a Georgia limited partnership
 
                        By:   BC Austin GP, LLC,
a Georgia limited liability company,
its sole general partner
 
                            By:   Post Apartment Homes, L.P.,
a Georgia limited partnership,
its sole member
 
                                By:   Post GP Holdings, Inc.,
a Georgia corporation,
its sole general partner
 
                   
 
              By:   /s/ Christopher J. Papa
 
                   
 
              Name:   Christopher J. Papa
 
              Title:   Executive Vice President and
Chief Financial Officer

[Signatures Continued on Next Page]

 

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

 

                          PBP LAKE SUSANNAH APARTMENT LAND,
LLC, a Georgia limited liability company
 
                        By:   Post Apartment Homes, L.P.,
a Georgia limited partnership,
its sole member
 
                            By:   Post GP Holdings, Inc.,
a Georgia corporation,
its sole general partner
 
                                By:   /s/ Christopher J. Papa                  
            Name:   Christopher J. Papa             Title:   Executive Vice
President and
Chief Financial Officer
 
                        PARK LAND DEVELOPMENT, LLC,
a Georgia limited liability company
 
                        By:   Post Park, LLC,
a Georgia limited liability company,
its managing member
 
                            By:   Post Apartment Homes, L.P.,
a Georgia limited partnership,
its sole member
 
                                By:   Post GP Holdings, Inc.,
a Georgia corporation,
its sole general partner
 
                   
 
              By:   /s/ Christopher J. Papa
 
                   
 
              Name:   Christopher J. Papa
 
              Title:   Executive Vice President
and Chief Financial Officer

[Signatures Continued on Next Page]

 

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

 

                          PBP LAKE SUSANNAH CONDO LAND, LLC,
a Georgia limited liability company
 
                        By:   Post Services, Inc.,
a Georgia corporation,
its sole member
 
                            By:   /s/ Christopher J. Papa                      
Name:   Christopher J. Papa         Title:   Executive Vice President and
Chief Financial Officer
 
                        POST EASTSIDE LIMITED PARTNERSHIP,
a Georgia limited partnership
 
                        By:   Post Eastside Acquisition GP, LLC,
a Georgia limited liability company,
its sole general partner
 
                            By:   Post Apartment Homes, L.P.,
a Georgia limited partnership,
its sole member
 
                                By:   Post GP Holdings, Inc.,
a Georgia corporation,
its sole general partner
 
                   
 
              By:   /s/ Christopher J. Papa
 
                   
 
              Name:   Christopher J. Papa
 
              Title:   Executive Vice President
and Chief Financial Officer
 
                        PBP BLOCKS 206/207, LLC,
a Georgia limited liability company
 
                        By:   Post Services, Inc.,
a Georgia corporation,
its sole member
 
                            By:   /s/ Christopher J. Papa                      
Name:   Christopher J. Papa         Title:   Executive Vice President and
Chief Financial Officer

[Signatures Continued on Next Page]

 

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

 

                          PBC APARTMENTS, LLC,
a Georgia limited liability company
 
                        By:   Post Apartment Homes, L.P.,
a Georgia limited partnership,
its sole member
 
                            By:   Post GP Holdings, Inc.,
a Georgia corporation,
its sole general partner
 
                                By:   /s/ Christopher J. Papa                  
            Name:   Christopher J. Papa             Title:   Executive Vice
President and
Chief Financial Officer
 
                        ALEXANDER CONDOMINIUM DEVELOPMENT I, LLC,
a Georgia limited liability company
 
                        By:   Post Services, Inc.,
a Georgia corporation,
its sole member
 
                            By:   /s/ Christopher J. Papa                      
Name:   Christopher J. Papa         Title:   Executive Vice President and
Chief Financial Officer

[Signatures Continued on Next Page]

 

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

 

                              POST MIDTOWN SQUARE, L.P.,
a Georgia limited partnership
 
                            By:   Post Midtown Square GP, LLC,
a Georgia limited liability company,
its sole general partner
 
                                By:   Post Apartment Homes, L.P.,
a Georgia limited partnership
its sole member
 
                                    By:   Post GP Holdings, Inc.,
a Georgia corporation,
its sole general partner
 
                                        By:   /s/ Christopher J. Papa          
                            Name:   Christopher J. Papa                 Title:  
Executive Vice President
and Chief Financial Officer
 
                            POST-AMERUS RICE LOFTS, L.P.,
a Georgia limited partnership
 
                            By:   Rice Lofts, L.P.,
a Texas limited partnership,
its sole general partner
 
                                By:   Post Rice Lofts, LLC,
a Texas limited liability company,
its sole general partner
 
                                    By:   Post Apartment Homes, L.P.,
a Georgia limited partnership,
its sole member
 
                                        By:   Post GP Holdings, Inc.,
a Georgia corporation,
its sole general partner
 
                       
 
                  By:   /s/ Christopher J. Papa
 
                       
 
                  Name:
Title:   Christopher J. Papa Executive Vice President and Chief Financial
Officer

[Signatures Continued on Next Page]

 

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

 

                          PMBC AUSTIN LIMITED PARTNERSHIP,
a Georgia limited partnership
 
                        By:   Austin BCPM Acquisition LLC,
a Delaware limited liability company,
its sole general partner
 
                            By:   Post Apartment Homes, L.P.,
a Georgia limited partnership,
its sole member
 
                                By:   Post GP Holdings, Inc.,
a Georgia corporation,
its sole general partner
 
                   
 
              By:   /s/ Christopher J. Papa
 
                   
 
              Name:   Christopher J. Papa
 
              Title:   Executive Vice President and
Chief Financial Officer
 
                        POST ALEXANDER, LLC,
a Georgia limited liability company
 
                        By:   Post Apartment Homes, L.P.,
a Georgia limited partnership,
its sole member
 
                            By:   Post GP Holdings, Inc.,
a Georgia corporation,
its sole general partner
 
                                By:   /s/ Christopher J. Papa                  
            Name:   Christopher J. Papa             Title:   Executive Vice
President and Chief Financial Officer

[Signatures Continued on Next Page]

 

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

 

                          PBP APARTMENTS, LLC,
a Georgia limited liability company
 
                        By:   Post Apartment Homes, L.P.,
a Georgia limited partnership,
its sole member
 
                            By:   Post GP Holdings, Inc.,
a Georgia corporation,
its sole general partner
 
                                By:   /s/ Christopher J. Papa                  
            Name:   Christopher J. Papa             Title:   Executive Vice
President and Chief Financial Officer
 
                        SOHO CONDOMINIUM DEVELOPMENT, LLC,
a Georgia limited liability company
 
                        By:   Post Services, Inc.,
a Georgia corporation,
its sole member
 
                            By:   /s/ Christopher J. Papa
                      Name:   Christopher J. Papa         Title:   Executive
Vice President and Chief
Financial Officer