Exhibit 10.1

 

SECOND AMENDMENT TO CREDIT AGREEMENT

THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of
September 28, 2012 by and among ROUSE PROPERTIES, INC., a corporation formed
under the laws of the State of Delaware (the “Borrower”), each of the Lenders
party hereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
(the “Administrative Agent”).

WHEREAS, the Borrower, the Lenders, the Administrative Agent and certain other
parties have entered into that certain Credit Agreement dated as of January 12,
2012 (as amended and as in effect immediately prior to the effectiveness of this
Amendment, the “Credit Agreement”), and 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 agree
as follows:

Section 1.  Specific Amendments to Credit Agreement.  Upon the effectiveness of
this Amendment, the parties hereto agree that the Credit Agreement shall be
amended as follows:

(a) The Credit Agreement is amended by restating the definitions of “Applicable
Margin” and “LIBOR” contained in Section 1.1. in their entirety as follows:

“Applicable Margin” means four and one-half percent (4.50%).

“LIBOR” means, for the Interest Period for any LIBOR Loan, the rate of interest
obtained by dividing (i) the rate of interest, rounded upward to the nearest
whole multiple of one-hundredth of one percent (0.01%), referred to as the BBA
(British Bankers’ Association) LIBOR rate as set forth by any service selected
by the Administrative Agent that has been nominated by the British Bankers’
Association as an authorized information vendor for the purpose of displaying
such rate for deposits in Dollars at approximately 9:00 a.m. Pacific time, two
(2) Business Days prior to the date of commencement of such Interest Period for
purposes of calculating effective rates of interest for loans or obligations
making reference thereto, for an amount approximately equal to the applicable
LIBOR Loan and for a period of time approximately equal to such Interest Period
by (ii) a percentage equal to 1 minus the stated maximum rate (stated as a
decimal) of all reserves, if any, required to be maintained with respect to
Eurocurrency funding (currently referred to as “Eurocurrency liabilities”) as
specified in Regulation D of the Board of Governors of the Federal Reserve
System (or against any other category of liabilities which includes deposits by
reference to which the interest rate on LIBOR Loans is determined or any
applicable category of extensions of credit or other assets which includes loans
by an office of any Lender outside of the United States of America).  Any change
in such maximum rate shall result in a change in LIBOR on the date on which such
change in such maximum rate becomes effective.

Section 2.  Conditions Precedent.  The effectiveness of this Amendment is
subject to receipt by the Administrative Agent of each of the following in form
and substance satisfactory to the Administrative Agent:
 
 
 
 

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(i)   counterparts of this Amendment executed by the Borrower and all of the
Lenders;

 
 
(ii)    a Guarantor Acknowledgement substantially in the form of Exhibit A
attached hereto, executed by each Guarantor;

 
(iii)    evidence that all fees and expenses due and payable to the
Administrative Agent, any of the Lenders and any of their respective Affiliates
have been paid; and

 
 
(iv)    such other documents, agreements and instruments as the Administrative
Agent may reasonably request.

Section 3.  Representations.  The Borrower represents and warrants to the
Administrative 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 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 enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar laws
relating to or limiting creditors’ rights generally or by equitable principles
relating to enforceability.

(b)           No Conflicts.  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
both:  (a) require any material Governmental Approval or violate in any material
respect any Applicable Law (including all Environmental Laws) relating to the
Borrower; (ii) conflict with, result in a breach of or constitute a default
under (x) the organizational documents of the Borrower, or (y) any indenture,
agreement or other instrument to which the Borrower is a party or by which it or
any of its properties may be bound; or (iii) result in or require the creation
or imposition of any Lien upon or with respect to any property of the Borrower
other than Liens created under the Loan Documents in favor of the Administrative
Agent for the benefit of the Secured Parties.

Section 4.  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.

Section 5.  Expenses.  The Borrower shall reimburse the Administrative Agent for
all reasonable and documented out-of-pocket costs and expenses (including
reasonable attorneys’ fees) incurred by the Administrative 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 6.  Benefits.  This Amendment shall be binding upon and shall inure to
the benefit of the parties hereto and their respective successors and assigns.

Section 7.  GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT TAKING INTO
ACCOUNT CONFLICT OF LAW PRINCIPLES).
 
 
 
 
 

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Section 8.  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.

Section 9.  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 10.  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]

 
 

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

 
 

  ROUSE PROPERTIES, INC.                
 
By:
/s/ Andrew Silberfein       Name: Andrew Silberfein       Title: President and
Chief Executive Officer  

                                                                           
 
 
 

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[Signature Page to Second Amendment to Credit Agreement for Rouse Properties,
Inc.]

 
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and as a Lender

 
By:___/s/ Winita Lau_____

 
     Name: Winita Lau

 
     Title: Vice President

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[Signature Page to Second Amendment to Credit Agreement for Rouse Properties,
Inc.]

 
ROYAL BANK OF CANADA, as a Lender

 
By:__/s/ Brian Gross__

 
    Name: Brian Gross

 
    Title: Authorized Signatory

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[Signature Page to Second Amendment to Credit Agreement for Rouse Properties,
Inc.]
 

 
U.S. BANK NATIONAL ASSOCIATION, as a Lender

 
By: __/s/ Dennis J. Redpath__

 
    Name: Dennis J. Redpath

 
    Title: Senior Vice President

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[Signature Page to Second Amendment to Credit Agreement for Rouse Properties,
Inc.]

 
GOLDMAN SACHS BANK USA, as a Lender

 
By: __/s/ Michelle Latzoni__

 
    Name: Michelle Latzoni

 
    Title: Authorized Signatory

 

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[Signature Page to Second Amendment to Credit Agreement for Rouse Properties,
Inc.]

 
DEUTSCHE BANK TRUST COMPANY AMERICAS, as a
    Lender

 
By: __/s/ J.T. Johnston Coe__

 
    Name: J.T. Johnston Coe

 
    Title: Managing Director

 
By: __/s/ James Rolison__

 
    Name: James Rolison

 
    Title: Managing Director

 

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[Signature Page to Second Amendment to Credit Agreement for Rouse Properties,
Inc.]

 

 
BARCLAYS BANK PLC, as a Lender

 
By: __/s/ Diane Rolfe__

 
Name: Diane Rolfe

 
Title: Director

 

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[Signature Page to Second Amendment to Credit Agreement for Rouse Properties,
Inc.]

 
 

 
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender

 
By: __/s/ William O’Daly__

 
    Name: William O’Daly

 
    Title: Director

 
By: __/s/ Sanja Gazahi__

 
    Name: Sanja Gazahi

 
    Title: Associate

 
 

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EXHIBIT A

FORM OF GUARANTOR ACKNOWLEDGEMENT

THIS GUARANTOR ACKNOWLEDGEMENT dated as of September 28, 2012 (this
“Acknowledgement”) executed by each of the undersigned (the “Guarantors”) in
favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the
“Administrative Agent”), and each Secured Party.

WHEREAS, Rouse Properties, Inc., a corporation formed under the laws of the
State of Delaware (the “Borrower”), the Lenders, the Administrative Agent and
certain other parties have entered into that certain Credit Agreement dated as
of January 12, 2012 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”);

WHEREAS, each of the Guarantors is a party to that certain Guaranty dated as of
January 12, 2012 (as amended, restated, supplemented or otherwise modified from
time to time, the “Guaranty”) pursuant to which they guarantied, among other
things, the Borrower’s obligations under the Credit Agreement on the terms and
conditions contained in the Guaranty;

WHEREAS, the Borrower, the Administrative Agent and the Lenders are to enter
into a Second Amendment to Credit Agreement dated as of the date hereof (the
“Amendment”), to amend certain terms of the Credit Agreement on the terms and
conditions contained therein; and

WHEREAS, it is a condition precedent to the effectiveness of the Amendment that
the Guarantors execute and deliver this Acknowledgement;

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

Section 1.  Reaffirmation.  Each Guarantor hereby reaffirms its continuing
obligations to the Administrative Agent and the Secured Parties under the
Guaranty and agrees that the transactions contemplated by the Amendment shall
not in any way affect the validity and enforceability of the Guaranty, or
reduce, impair or discharge the obligations of such Guarantor thereunder.

Section 2.  Governing Law.  THIS ACKNOWLEDGEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

Section 3.  Counterparts.  This Acknowledgement 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 4.  Definitions.  All capitalized terms not otherwise defined herein are
used herein with the respective definitions given them in the Credit Agreement.

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IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this
Guarantor Acknowledgement as of the date and year first written above.

 

  ANIMAS VALLEY MALL, LLC
BIRCHWOOD MALL, LLC
CACHE VALLEY MALL, LLC
CHULA VISTA CENTER, LP
    By:   Chula Vista GP, LLC, its general partner
COLONY SQUARE MALL L.L.C.
GGP-GATEWAY MALL L.L.C.
LANSING MALL, LLC
MALL ST. VINCENT, LLC
NORTH PLAINS MALL, LLC
SIERRA VISTA MALL, LLC
SILVER LAKE MALL, LLC
SPRING HILL MALL L.L.C.
THREE RIVERS MALL L.L.C.
WESTWOOD MALL, LLC
WHITE MOUNTAIN MALL, LLC

 
 

             
 
By:
        Name:       Title:          

 
 
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