Exhibit 10.1

 

SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

THIS SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT (this “Amendment”) is made
as of the 29th day of September, 2003, by and among NEW PLAN EXCEL REALTY TRUST,
INC., a Maryland corporation (the “Borrower”), the entities executing this
Amendment as guarantors (collectively, the “Guarantors”), each lender a party
hereto (each a “Lender” and, collectively, the “Lenders”), and FLEET NATIONAL
BANK (“Fleet”), as administrative agent (in such capacity, the “Administrative
Agent”).

 

RECITALS.

 

WHEREAS, Borrower, Administrative Agent and certain of the Lenders entered into
that certain Revolving Credit Agreement, dated as of April 26, 2002, as amended
by that certain First Amendment to Revolving Credit Agreement dated as of
November 6, 2002 between Borrower, Guarantors, Administrative Agent and certain
of the Lenders (as amended, the “Credit Agreement”); and

 

WHEREAS, the Guarantors executed that certain Guaranty dated as of April 26,
2002 in favor of Administrative Agent and Lenders (the “Guaranty”); and

 

WHEREAS, Borrower has requested that Administrative Agent and the Lenders make
certain modifications to the Credit Agreement; and

 

WHEREAS, the Administrative Agent and the Lenders have agreed to such
modifications to the Credit Agreement subject to the execution and delivery by
Borrower and the Guarantors of this Amendment;

 

NOW, THEREFORE, for and in consideration of the sum of TEN and NO/100 DOLLARS
($10.00), and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto do hereby covenant and agree
as follows:

 

1.                                       Definitions.  All terms used herein
which are not otherwise defined herein shall have the meanings set forth in the
Credit Agreement.

 

2.                                       Modification Fee.  Borrower hereby
agrees to pay to the Administrative Agent for the account of each Lender who
delivers an original executed counterpart of this Amendment to Administrative
Agent on or prior to September 5, 2003 (each such Lender, a “Consenting Lender”)
a non-refundable cash fee (the “Modification Fee”) in an amount equal to
$5,000.00, which Modification Fee shall be fully earned when paid and
non-refundable under any circumstances.

 

3.                                       Modification of the Credit Agreement. 
Borrower, Guarantors, the Lenders, and Administrative Agent do hereby modify and
amend the Credit Agreement as follows:

 

(a)                                  By adding the following new §2.20 to the
Credit Agreement:

 

“2.20  Leverage Event.  Upon the occurrence of a Leverage Event (as defined in
Section 8.15), the Loans shall bear interest on the

 

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outstanding principal balance thereof at the applicable rate or rates per annum
as set forth in Section 8.15.”

 

(b)                                 By deleting clause (x) of §8.1 of the Credit
Agreement in its entirety, appearing on page 66 thereof, and inserting in lieu
thereof the following new clause (x) of §8.1:

 

“(x)                             Liens on the interests of Borrower or any
Subsidiary of Borrower in any Joint Venture or in any Subsidiary of Borrower,
provided that the existence of such Liens, and the Indebtedness secured thereby,
does not cause the Borrower to be in violation of Section 8.15,”

 

(c)                                  By deleting §8.14 of the Credit Agreement
in its entirety, appearing on page 72 thereof, and inserting in lieu thereof the
following new §8.14:

 

“8.14                     Minimum Tangible Net Worth.

 

Permit the Tangible Net Worth of the Borrower and its Subsidiaries on a
Consolidated basis at any time to be less than the sum of (i) $1,278,400,000,
plus (ii) 80% of the aggregate net proceeds received by the Borrower from and
after September    , 2003, in connection with the issuance of any capital stock
of the Borrower.”

 

(d)                                 By deleting §8.15 of the Credit Agreement in
its entirety, appearing on page 72 thereof, and inserting in lieu thereof the
following new §8.15:

 

“8.15                     Maximum Total Indebtedness.

 

(a)                                  Permit at any time Consolidated Total
Indebtedness to be more than 57.5% of Adjusted Consolidated Total Assets at such
time, or

 

(b)                                 Permit at any time the portion of the
Consolidated Total Indebtedness (which shall exclude Indebtedness of Joint
Ventures that are not Subsidiaries) consisting of Consolidated secured
Indebtedness of Borrower and its Subsidiaries at such time to exceed 40% of
Adjusted Consolidated Total Assets at such time.

 

In the event that the Consolidated Total Indebtedness shall exceed 55% of the
Adjusted Consolidated Total Assets at any time (a “Leverage Event”), then upon
the occurrence and during the continuance of such Leverage Event, the
outstanding principal balance of (a) the LIBOR Rate Loans shall bear interest at
a rate per annum equal to LIBOR for the applicable Interest Period plus the
Applicable Margin plus 0.10%, and (b) the Prime Rate Loans shall bear interest
at a rate per annum equal to the Prime Rate plus the Applicable Margin plus
0.10%.”

 

(e)                                  By deleting Paragraph 3 of Exhibit “G” to
the Credit Agreement in its entirety and inserting in lieu thereof the following
new Paragraph 3 of Exhibit “G”:

 

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“3.                                 Minimum Tangible Net Worth.  The Tangible
Net Worth of the Borrower and its Subsidiaries on a Consolidated basis is
$               .  Eighty percent of the aggregate net proceeds received by the
Borrower from and after September     , 2003 in connection with the issuance of
capital stock of the Borrower is $           .  Accordingly, Tangible Net Worth
exceeds Minimum Tangible Net Worth, which is $              .  [Minimum Tangible
Net Worth is the sum of $1,278,400.00 plus 80% of such proceeds.]”

 

(f)                                    By deleting Paragraphs 4(a) and 4(b) of
Exhibit “G” to the Credit Agreement in their entirety and inserting in lieu
thereof the following new Paragraphs 4(a) and 4(b) of Exhibit “G”:

 

“4.                                 Maximum Total Indebtedness.

 

(a)                                  Consolidated Total Indebtedness is
$            and Adjusted Consolidated Total Assets is $         .  Accordingly,
Consolidated Total Indebtedness is       % of Adjusted Consolidated Total Assets
[Consolidated Total Indebtedness must not be more than 57.5% of Adjusted
Consolidated Total Assets at any time].”

 

(b)                                 The portion of Consolidated Total
Indebtedness (which shall exclude Indebtedness of Joint Ventures that are not
Subsidiaries) consisting of secured Indebtedness of the Borrower and its
Subsidiaries is $              .  Accordingly, such portion of Consolidated
Total Indebtedness consisting of secured Indebtedness of the Borrower and its
Subsidiaries is          % of Adjusted Consolidated Total Assets.  [Such portion
of Consolidated Total Indebtedness consisting of secured Indebtedness of the
Borrower and its Subsidiaries must not be more than 40% of Adjusted Consolidated
Total Assets.]”

 

4.                                       References to Loan Documents.  All
references in the Loan Documents to the Credit Agreement shall be deemed a
reference to the Credit Agreement as modified and amended herein.

 

5.                                       Consent of Guarantors.  By execution of
this Amendment, Guarantors hereby expressly consent to the modifications and
amendments relating to the Credit Agreement as set forth herein, and Guarantors
hereby acknowledge, represent and agree that the Guaranty and the other Loan
Documents to which each is a party remain in full force and effect and
constitute the valid and legally binding obligation of Guarantors enforceable
against Guarantors in accordance with their terms except as enforceability is
limited by bankruptcy, insolvency, reorganization, moratorium or other laws
relating to or affecting generally the enforcement of creditors’ rights and
except to the extent that availability of the remedy of specific performance or
injunctive relief is subject to the discretion of the court before which any
proceeding therefor may be brought, that the Guaranty and the other Loan
Documents to which each is a party extend to and apply to the Credit Agreement
as modified and amended, and that the execution and delivery of this Amendment
does not constitute, and shall not be deemed to constitute, a release, waiver or

 

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satisfaction of Guarantors’ obligations under  the Credit Agreement, the
Guaranty or the other Loan Documents.

 

6.                                       Representations and Warranties. 
Borrower and Guarantors represent and warrant to the Lenders and Administrative
Agent as follows:

 

(a)                                  Authorization.  The execution, delivery and
performance of this Amendment and the transactions contemplated hereby and
thereby (i) are within the authority of Borrower and the Guarantors, (ii) have
been duly authorized by all necessary proceedings on the part of such Persons,
(iii) do not and will not conflict with or result in any breach or contravention
of any provision of law, statute, rule or regulation to which any of such
Persons is subject or any judgment, order, writ, injunction, license or permit
applicable to such Persons, (iv) do not and will not conflict with or constitute
a default (whether with the passage of time or the giving of notice, or both)
under any provision of the partnership agreement or certificate, certificate of
formation, operating agreement, articles of incorporation or other charter
documents or bylaws of, or any mortgage, indenture, agreement, contract or other
instrument binding upon, any of such Persons or any of its properties or to
which any of such Persons is subject, and (v) do not and will not result in or
require the imposition of any lien or other encumbrance on any of the
properties, assets or rights of such Persons.

 

(b)                                 Enforceability.  This Amendment constitutes
the valid and legally binding obligations of Borrower and Guarantors enforceable
in accordance with the respective terms and provisions hereof, except as
enforceability is limited by bankruptcy, insolvency, reorganization, moratorium
or other laws relating to or affecting generally the enforcement of creditors’
rights and except to the extent that availability of the remedy of specific
performance or injunctive relief is subject to the discretion of the court
before which any proceeding therefor may be brought.

 

(c)                                  Approvals.  The execution, delivery, and
performance of this Amendment and the transactions contemplated hereby do not
require the approval or consent of any Person or the authorization, consent,
approval of or any license or permit issued by, or any filing or registration
with, or the giving of any notice to, any court, department, board, commission
or other governmental agency or authority other than those already obtained.

 

(d)                                 Reaffirmation.  The representations and
warranties made in the Loan Documents by and with respect to Borrower or the
Guarantors are true and correct in all material respects as if such
representations and warranties were made as of the date hereof.

 

7.                                       No Default.  By execution hereof, each
of the Borrower and Guarantors certify that it is and will be in compliance with
all of its respective covenants under the Loan Documents after the execution and
delivery of this Amendment, and that no Default or Event of Default has occurred
and is continuing.

 

8.                                       Waiver of Claims.  Borrower and
Guarantors acknowledge, represent, and agree that Borrower and Guarantors have
no defenses, setoffs, claims, counterclaims or causes of action of any kind or
nature whatsoever with respect to the Loan Documents, the administration or
funding of the Loans or any acts or omissions of Administrative Agent or any of
the Lenders,

 

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or any past or present officers, agents or employees of Administrative Agent or
any of the Lenders, and each of Borrower and Guarantors does hereby expressly
waive, release and relinquish any and all such defenses, setoffs, claims,
counterclaims and causes of action, if any.

 

9.                                       Ratification.  Except as hereinabove
set forth, all terms, covenants, and provisions of the Credit Agreement, the
Guaranty and the other Loan Documents remain unaltered and in full force and
effect, and the parties hereto do hereby expressly ratify and confirm the Credit
Agreement as modified and amended herein.  Nothing in this Amendment shall be
deemed or construed to constitute, and there has not otherwise occurred, a
novation, cancellation, satisfaction, release, extinguishment, or substitution
of the indebtedness evidenced by the Notes or the other obligations of Borrower
and Guarantors under the Loan Documents.

 

10.                                 Amendment as Loan Document.  This Amendment
shall constitute a Loan Document.

 

11.                                 Effectiveness of Amendment.  This Amendment
shall be effective upon the execution and delivery hereof by Borrower,
Guarantors, Administrative Agent and the Required Lenders.

 

12.                                 Counterparts.  This Amendment may be
executed in any number of counterparts which shall together constitute but one
and the same agreement.

 

13.                                 Miscellaneous.  This Amendment shall be
construed and enforced in accordance with the laws of the State of New York. 
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 Credit Agreement.

 

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IN WITNESS WHEREOF, the parties hereto have hereto set their hands and affixed
their seals as of the day and year first above written.

 

 

BORROWER:

 

 

 

 

NEW PLAN EXCEL REALTY TRUST, INC., a
Maryland corporation

 

 

 

 

By:

/s/ John Roche

 

 

Name:

John Roche

 

 

Title:

EVP & CFO

 

 

 

 

 

 

[CORPORATE SEAL]

 

 

 

 

 

 

 

GUARANTORS:

 

 

 

 

NEW PLAN REALTY TRUST, a Massachusetts
business trust

 

 

 

By:

/s/ John Roche

 

 

Name:

John Roche

 

 

Title:

EVP & CFO

 

 

 

 

 

 

 

 

 

 

EXCEL REALTY TRUST-ST, INC., a Delaware
corporation

 

 

 

By:

/s/ John Roche

 

 

Name:

John Roche

 

 

Title:

EVP & CFO

 

 

 

 

 

 

 

[CORPORATE SEAL]

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit Agreement

 

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NEW PLAN FACTORY MALLS, INC., a
Delaware corporation

 

 

 

By:

/s/ John Roche

 

 

Name:

John Roche

 

 

Title:

EVP & CFO

 

 

 

 

 

 

[CORPORATE SEAL]

 

 

 

 

 

 

 

CA NEW PLAN ASSET PARTNERSHIP IV,
L.P., a Delaware limited partnership

 

 

 

 

By:

CA New Plan Asset, Inc., a Delaware
corporation, its sole general partner

 

 

 

By:

/s/ John Roche

 

 

 

Name:

John Roche

 

 

 

Title:

EVP & CFO

 

 

 

 

 

 

 

 

[CORPORATE SEAL]

 

 

 

 

 

 

 

EXCEL REALTY TRUST – NC, a North
Carolina general partnership

 

 

 

By:

NC Properties #1 Inc., a Delaware
corporation, its managing Partner

 

 

 

 

 

By:

/s/ John Roche

 

 

 

Name:

John Roche

 

 

 

Title:

EVP & CFO

 

 

 

 

 

 

 

 

 

[CORPORATE SEAL]

 

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit Agreement

 

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NP OF TENNESSEE, L.P., a Delaware limited
partnership

 

 

 

 

By:

New Plan of Tennessee, Inc., a Delaware
corporation, its sole general partner

 

 

 

 

 

By:

/s/ John Roche

 

 

 

Name:

John Roche

 

 

 

Title:

EVP & CFO

 

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit Agreement

 

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POINTE ORLANDO DEVELOPMENT
COMPANY, a California general partnership

 

 

 

 

By:

ERT Development Corporation, a Delaware corporation, general partner

 

 

 

 

 

By:

/s/ John Roche

 

 

 

Name:

John Roche

 

 

 

Title:

EVP & CFO

 

 

 

 

 

 

[CORPORATE SEAL]

 

 

 

 

By:

ERT Pointe Orlando, Inc., a New York
corporation, general partner

 

 

 

 

 

By:

/s/ John Roche

 

 

 

Name:

John Roche

 

 

 

Title:

EVP & CFO

 

 

 

 

 

 

[CORPORATE SEAL]

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit Agreement

 

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CA NEW PLAN FLOATING RATE
PARTNERSHIP, L.P., a Delaware limited
partnership

 

 

 

 

By:

CA NEW PLAN FLOATING RATE SPE, INC., a Delaware corporation, its sole general
partner

 

 

 

 

 

By:

/s/ John Roche

 

 

 

Name:

John Roche

 

 

 

Title:

EVP & CFO

 

 

 

 

 

 

HK NEW PLAN EXCHANGE PROPERTY
OWNER I, LLC, a Delaware limited liability
company

 

 

 

 

By:

/s/ John Roche

 

 

Name:

John Roche

 

 

Title:

EVP & CFO

 

 

 

 

 

 

 

 

NEW PLAN OF ILLINOIS, LLC, a Delaware
limited liability company

 

 

 

 

By:

/s/ John Roche

 

 

Name:

John Roche

 

 

Title:

EVP & CFO

 

 

 

 

 

 

 

 

 

 

NEW PLAN PROPERTY HOLDING
COMPANY, a Maryland real estate investment
trust

 

 

 

 

By:

/s/ John Roche

 

 

Name:

John Roche

 

 

Title:

EVP & CFO

 

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit Agreement

 

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LENDERS AND AGENTS:

 

 

 

 

FLEET NATIONAL BANK, a national banking
association, individually and as Administrative
Agent

 

 

 

 

By:

/s/ Bill Lamb

 

 

Name:

Bill Lamb

 

 

Title:

Vice President

 

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit Agreement

 

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CITICORP NORTH AMERICA, INC.,
individually and as Co-Managing Agent

 

 

 

 

By:

/s/ Michael Chiopak

 

 

 

Michael Chiopak

 

 

Vice President

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit Agreement

 

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BANK OF AMERICA, N.A., individually and as
Co-Documentation Agent

 

 

 

 

By:

/s/ Michael Edwards

 

 

 

Michael Edwards

 

 

Managing Director

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit Agreement

 

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BANK ONE, NA, individually and as Co-
Syndication Agent

 

 

 

 

By:

/s/ Robert Rulla

 

 

 

Robert Rulla

 

 

Assistant Vice President

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit Agreement

 

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KEYBANK NATIONAL ASSOCIATION, a
national banking association, individually and as
Co-Managing Agent

 

 

 

 

By:

/s/ John C. Scott

 

 

 

John C. Scott

 

 

Assistant Vice-President

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit Agreement

 

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THE BANK OF NEW YORK, individually and as
Co-Syndication Agent

 

 

 

 

By:

/s/ Rick Laudisi

 

 

 

Name:  Rick Laudisi

 

 

Title:  Vice President

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit Agreement

 

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WELLS FARGO BANK, N.A., individually and
as Co-Documentation Agent

 

 

 

 

By:

/s/ Christopher B. Wilson

 

 

 

Christopher B. Wilson

 

 

Vice President

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit Agreement

 

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CHANG HWA COMMERCIAL BANK, LTD.,
NEW YORK BRANCH

 

 

 

 

By:

/s/ Ming-Hsien Lin

 

 

 

Ming-Hsien Lin

 

 

Senior Vice President and General Manager

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit Agreement

 

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SUNTRUST BANK

 

 

 

 

By:

/s/ Nancy B. Richards

 

 

 

Name: Nancy B. Richards

 

 

Title:  Vice President

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit Agreement

 

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ISRAEL DISCOUNT BANK OF NEW YORK

 

 

 

 

By:

/s/ Gary Solomon

 

 

 

Name:  Gary Solomon

 

 

Title:  Vice President

 

 

 

 

By:

/s/ Marc G. Cooper

 

 

 

Name:  Marc G. Cooper

 

 

Title:  Vice President

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit Agreement

 

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PNC BANK, NATIONAL ASSOCIATION

 

 

 

 

By:

/s/ Thomas Nastarowicz

 

 

 

Thomas Nastarowicz

 

 

Vice President

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit Agreement

 

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COMPASS BANK, an Alabama corporation

 

 

 

 

By:

/s/ Luke J. Nolan

 

 

 

Luke J. Nolan

 

 

Vice President

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit Agreement

 

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CITIZENS BANK OF RHODE ISLAND

 

 

 

 

By:

/s/ Craig E. Schermerhorn

 

 

Name:  Craig E. Schermerhorn

 

Title:  Vice President

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit Agreement

 

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CHEVY CHASE BANK, F.S.B.

 

 

 

 

By:

/s/ Eric Lawrence

 

 

Name:  Eric Lawrence

 

Title:  Group Vice President

 

Signature Page to New Plan Second Amendment to $350MM Revolving Credit Agreement

 

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