EXHIBIT 10.1

 

FIRST AMENDMENT TO
SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

This First Amendment to Second Amended and Restated Credit Agreement (herein,
this “Amendment”) is entered into as of October 29, 2010, among
LTC Properties, Inc., a Maryland corporation (the “Borrower”), the Guarantors
party hereto, the Lenders party hereto and Bank of Montreal, Chicago Branch, as
Administrative Agent (the “Administrative Agent”).

 

PRELIMINARY STATEMENTS

 

A.        The Borrower, the guarantors party thereto (the “Guarantors”), the
financial institutions party thereto (the “Lenders”), and the Administrative
Agent entered into that certain Second Amended and Restated Credit Agreement,
dated as of July 17, 2008 (such Second Amended and Restated Credit Agreement, as
the same has been amended prior to the date hereof, being referred to herein as
the “Credit Agreement”).  All capitalized terms used herein without definition
shall have the same meanings herein as such terms have in the Credit Agreement.

 

B.        The Borrower has requested that the Administrative Agent and the
Lenders increase the amount of permitted investments in joint ventures from
$30,000,000 to $50,000,000 and make certain other amendments to the Credit
Agreement, and the Administrative Agent and the Lenders are willing to do so
under the terms and conditions set forth in this Amendment.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto agree as follows:

 

SECTION 1.                                                 AMENDMENTS.

 

Subject to the satisfaction of the conditions precedent set forth in Section 2
below, the Credit Agreement shall be and hereby is amended as follows:

 

1.1.     Clause (l) of Section 8.9 of the Credit Agreement is amended by
deleting the amount “$30,000,000” appearing therein and inserting in its place
the amount “$50,000,000”.

 

SECTION 2.                                                 CONDITIONS PRECEDENT.

 

The effectiveness of this Amendment is subject to the satisfaction of all of the
following conditions precedent:

 

2.1.     The Borrower, the Guarantors, the Lenders and the Administrative Agent
shall have executed and delivered this Amendment.

 

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2.2.     The Administrative Agent shall have received copies (executed or
certified, as may be appropriate) of all legal documents or proceedings taken in
connection with the execution and delivery of this Amendment to the extent the
Administrative Agent or its counsel may reasonably request.

 

2.3.     Legal matters incident to the execution and delivery of this Amendment
shall be satisfactory to the Administrative Agent and its counsel.

 

SECTION 3.                                                 REPRESENTATIONS.

 

In order to induce the Administrative Agent and the Lenders to execute and
deliver this Amendment, the Borrower hereby represents to the Administrative
Agent and the Lenders that as of the date hereof (a)  the representations and
warranties set forth in Section 6 of the Credit Agreement are and shall be and
remain true and correct and (b) the Borrower is in compliance with the terms and
conditions of the Credit Agreement and no Default or Event of Default has
occurred and is continuing under the Credit Agreement or shall result after
giving effect to this Amendment.

 

SECTION 4.                                                 MISCELLANEOUS.

 

4.1.         Except as specifically amended herein, the Credit Agreement shall
continue in full force and effect in accordance with its original terms. 
Reference to this specific Amendment need not be made in the Credit Agreement,
the Notes, the other Loan Documents, or any other instrument or document
executed in connection therewith, or in any certificate, letter or communication
issued or made pursuant to or with respect to the Credit Agreement, any
reference in any of such items to the Credit Agreement being sufficient to refer
to the Credit Agreement as amended hereby.

 

4.2.         The Borrower agrees to pay on demand all costs and expenses of or
incurred by the Administrative Agent in connection with the negotiation,
preparation, execution and delivery of this Amendment, including the fees and
expenses of counsel for the Administrative Agent.

 

4.3.         This Amendment may be executed in any number of counterparts, and
by the different parties on different counterpart signature pages, all of which
taken together shall constitute one and the same agreement.  Any of the parties
hereto may execute this Amendment by signing any such counterpart and each of
such counterparts shall for all purposes be deemed to be an original.  Delivery
of executed counterparts of this Amendment by e-mail or facsimile shall be
effective as an original.  This Amendment shall be governed by the internal laws
of the State of New York.

 

[SIGNATURE PAGE TO FOLLOW]

 

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This First Amendment to Second Amended and Restated Credit Agreement is entered
into as of the date and year first above written.

 

 

“BORROWER”

 

 

 

LTC PROPERTIES, INC.

 

 

 

 

 

By

/s/ Wendy Simpson

 

 

Name:

Wendy Simpson

 

 

Title:

CEO & President

 

 

 

 

 

 

 

 

 

By

/s/ Pamela Shelley-Kessler

 

 

Name:

Pamela Shelley-Kessler

 

 

Title:

SVP & Chief Financial Officer

 

 

 

 

 

“GUARANTORS”

 

 

 

FLORIDA-LTC, INC.

 

 

 

 

 

By

/s/ Wendy Simpson

 

 

Name:

Wendy Simpson

 

 

Title:

CEO & President

 

 

 

 

 

 

 

 

 

By

/s/ Pamela Shelley-Kessler

 

 

Name:

Pamela Shelley-Kessler

 

 

Title:

SVP & Chief Financial Officer

 

 

 

 

 

LTC GP I, INC.

 

 

 

 

 

By

/s/ Wendy Simpson

 

 

Name:

Wendy Simpson

 

 

Title:

CEO & President

 

 

 

 

 

 

 

 

 

By

/s/ Pamela Shelley-Kessler

 

 

Name:

Pamela Shelley-Kessler

 

 

Title:

SVP & Chief Financial Officer

 

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NORTH CAROLINA REAL ESTATE INVESTMENTS, LLC

 

 

 

 

 

By

/s/ Wendy Simpson

 

 

Name:

Wendy Simpson

 

 

Title:

CEO & President

 

 

 

 

 

 

 

 

 

By

/s/ Pamela Shelley-Kessler

 

 

Name:

Pamela Shelley-Kessler

 

 

Title:

SVP & Chief Financial Officer

 

 

 

 

 

EDUCATION PROPERTY INVESTORS, INC.

 

 

 

 

 

By

/s/ Wendy Simpson

 

 

Name:

Wendy Simpson

 

 

Title:

CEO & President

 

 

 

 

 

 

 

 

 

By

/s/ Pamela Shelley-Kessler

 

 

Name:

Pamela Shelley-Kessler

 

 

Title:

SVP & Chief Financial Officer

 

 

 

 

 

ALBUQUERQUE REAL ESTATE INVESTMENTS, INC.

 

 

 

 

 

By

/s/ Clint Malin

 

 

Name:

Clint Malin

 

 

Title:

CEO

 

 

 

 

 

 

 

 

 

By

/s/ Pamela Shelley-Kessler

 

 

Name:

Pamela Shelley-Kessler

 

 

Title:

Chief Financial Officer & Treasurer

 

4

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LTC-GARDNER, INC.

 

 

 

 

 

By

/s/ Wendy Simpson

 

 

Name:

Wendy Simpson

 

 

Title:

CEO & President

 

 

 

 

 

 

 

 

 

By

/s/ Pamela Shelley-Kessler

 

 

Name:

Pamela Shelley-Kessler

 

 

Title:

SVP & Chief Financial Officer

 

 

 

 

 

LTC-GRIFFIN, INC.

 

 

 

 

 

By

/s/ Wendy Simpson

 

 

Name:

Wendy Simpson

 

 

Title:

CEO & President

 

 

 

 

 

 

 

 

 

By

/s/ Pamela Shelley-Kessler

 

 

Name:

Pamela Shelley-Kessler

 

 

Title:

SVP & Chief Financial Officer

 

 

 

 

 

LTC-JONESBORO, INC.

 

 

 

 

 

By

/s/ Wendy Simpson

 

 

Name:

Wendy Simpson

 

 

Title:

CEO & President

 

 

 

 

 

 

 

 

 

By

/s/ Pamela Shelley-Kessler

 

 

Name:

Pamela Shelley-Kessler

 

 

Title:

SVP & Chief Financial Officer

 

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LTC PARTNERS IX, L.P.

 

 

 

 

 

By

/s/ Wendy Simpson

 

 

Name:

Wendy Simpson

 

 

Title:

CEO & President

 

 

 

 

 

 

 

 

 

By

/s/ Pamela Shelley-Kessler

 

 

Name:

Pamela Shelley-Kessler

 

 

Title:

SVP & Chief Financial Officer

 

 

 

 

 

TEXAS-LTC LIMITED PARTNERSHIP

 

 

 

 

 

By

/s/ Wendy Simpson

 

 

Name:

Wendy Simpson

 

 

Title:

CEO & President

 

 

 

 

 

 

 

 

 

By

/s/ Pamela Shelley-Kessler

 

 

Name:

Pamela Shelley-Kessler

 

 

Title:

SVP & Chief Financial Officer

 

 

 

 

 

TEXAS-LTC WOODRIDGE LIMITED PARTNERSHIP

 

 

 

 

 

By

/s/ Wendy Simpson

 

 

Name:

Wendy Simpson

 

 

Title:

CEO & President

 

 

 

 

 

 

 

 

 

By

/s/ Pamela Shelley-Kessler

 

 

Name:

Pamela Shelley-Kessler

 

 

Title:

SVP & Chief Financial Officer

 

6

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BEAUMONT REAL ESTATE INVESTMENTS, LP

 

 

 

 

 

By

/s/ Wendy Simpson

 

 

Name:

Wendy Simpson

 

 

Title:

CEO & President

 

 

 

 

 

 

 

 

 

By

/s/ Pamela Shelley-Kessler

 

 

Name:

Pamela Shelley-Kessler

 

 

Title:

SVP & Chief Financial Officer

 

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Accepted and agreed to.

 

 

“ADMINISTRATIVE AGENT” AND “L/C ISSUER”

 

 

 

BANK OF MONTREAL, Chicago Branch, as L/C Issuer and as Administrative Agent

 

 

 

 

 

By

/s/ Aaron Lanski

 

 

Name:

Aaron Lanski

 

 

Title:

Director

 

 

 

 

 

“LENDERS”

 

 

 

 

 

BMO CAPITAL MARKETS FINANCING, INC.

 

 

 

 

 

By

/s/ Aaron Lanski

 

 

Name:

Aaron Lanski

 

 

Title:

Director

 

 

 

 

 

KEY BANK NATIONAL ASSOCIATION

 

 

 

 

 

By

/s/ Amy L. MacLearie

 

 

Name:

Amy L. MacLearie

 

 

Title:

AVP

 

 

 

 

 

RAYMOND JAMES BANK, FSB

 

 

 

 

 

By

/s/ Steven Paley

 

 

Name:

Steven Paley

 

 

Title:

Senior Vice President

 

 

 

 

 

ROYAL BANK OF CANADA

 

 

 

 

 

By

/s/ Dan LePage

 

 

Name:

Dan LePage

 

 

Title:

Authorized Signatory

 

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BANK OF AMERICA, N.A.

 

 

 

 

 

By

/s/ Amie L. Edwards

 

 

Name:

Amie L. Edwards

 

 

Title:

Senior Vice President

 

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