EXHIBIT 10.117
 
SECOND AMENDMENT TO
 
AMENDED AND RESTATED CREDIT AGREEMENT
 
This Second Amendment to Amended and Restated Credit Agreement (the “Amendment”)
dated as of April 27, 2010, is among Glimcher Properties Limited Partnership, a
limited partnership organized under the laws of the State of Delaware (the
“Borrower”), KeyBank National Association, a national banking association, and
the several banks, financial institutions and other entities from time to time
parties to the Agreement (collectively, the “Lenders”), and KeyBank National
Association, not individually, but as “Administrative Agent”.
 
RECITALS
 
A.           The Borrower is primarily engaged in the business of purchasing,
owning, operating, leasing and managing retail properties.
 
B.           The Borrower, the Administrative Agent and the Lenders are parties
to an Amended and Restated Credit Agreement dated as of December 14, 2006, as
amended by a Comprehensive Amendment thereto dated as of March 4, 2010 (as
amended, the Credit Agreement”).
 
C.           The Borrower has requested that the Administrative Agent and the
Lenders enter into this Amendment to amend the Credit Agreement to modify one of
the definitions therein relating to a financial covenant of the Borrower
thereunder.  The Administrative Agent and the Lenders have agreed to do so, on
the terms set forth herein.
 
TERMS AND CONDITIONS
 
NOW, THEREFORE, with reference to the foregoing Recitals, all of which are
incorporated herein by this reference, for valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:
 
1.           The following Definition from Article 1A of the Credit Agreement is
hereby deleted in its entirety and replaced with the following:
 
“Fixed Charges” shall mean, for any period, the sum of (i) Consolidated Debt
Service, (ii) all dividends payable on account of preferred stock or preferred
operating partnership units of the Borrower or any other Person in the Glimcher
Group, provided that if Glimcher Realty Trust issues perpetual preferred stock
yielding gross proceeds in excess of $50,000,000, in the aggregate, during the
90-day period following the “Amendment Effective Date” (as defined in the Second
Amendment to this Agreement), then the dividends on the portion of such stock
issuance which yields gross proceeds in excess of $50,000,000 shall be
permanently excluded from this calculation (provided that such exclusion shall
only apply to the dividends on those shares of such perpetual preferred stock
generating a maximum of an additional $50,000,000 of gross proceeds in excess of
the first $50,000,000 of such gross proceeds); (iii) all ground lease payments
to the extent not deducted as an expense in calculating Adjusted Annual EBITDA
and (iv) plus the Glimcher Percentage of amounts payable by Joint Ventures with
respect to items (ii) and (iii) above.
 
 
 

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2.           This Amendment may be executed in two or more counterparts, each of
which shall be deemed to be an original, and all of which together shall
constitute a single agreement.
 
3.           Other than as expressly amended herein, the Loan Agreement shall
remain in full force and effect.
 
[Signature pages follow.]
 
 
2

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IN WITNESS WHEREOF, the Borrower, the Lenders and the Administrative Agent have
executed this Amendment as of the date first above written.
 
GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership

By:          Glimcher Properties Corporation, its sole general partner

By: /s/ Mark E. Yale 
Name: Mark E. Yale
Title: Executive Vice President, Chief Financial Officer and Treasurer

180 East Broad Street
Columbus, OH  43215
Attention:  Richard Burkhart
Phone:  614-887-5889
Facsimile:  614-621-2326
Email:  rburkhar@glimcher.com

With copies to:

Attention:  General Counsel
Phone:  614-887-5623
Facsimile:  614-621-8863
Email:  krieck@glimcher.com
 
 
 

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The undersigned, being the Parent Entities referred to herein and the
signatories to the Parent Guaranty referenced herein, hereby consent to and
approve of this Amendment and agree that the Parent Guaranty shall continue in
full force and effect.

GLIMCHER REALTY TRUST

By: /s/ Mark E.
Yale                                                                           
Name: Mark E. Yale
Title: Executive Vice President, Chief Financial Officer and Treasurer

180 East Broad Street
Columbus, OH  43215
Attention:  Richard Burkhart
Phone:  614-887-5889
Facsimile:  614-621-2326
Email:  rburkhar@glimcher.com

With copies to:

Attention:  General Counsel
Phone:  614-887-5623
Facsimile:  614-621-8863
Email:  krieck@glimcher.com

GLIMCHER PROPERTIES CORPORATION

By: /s/ Mark E.
Yale                                                                           
Name: Mark E. Yale
Title: Executive Vice President, Chief Financial Officer and Treasurer

180 East Broad Street
Columbus, OH  43215
Attention:  Richard Burkhart
Phone:  614-887-5889
Facsimile:  614-621-2326
Email:  rburkhar@glimcher.com

With copies to:

Attention:  General Counsel
Phone:  614-887-5623
Facsimile:  614-621-8863
Email:  krieck@glimcher.com
 
 
 

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KEYBANK NATIONAL ASSOCIATION,

 
Individually and as Administrative Agent

 
By: /s/ Kevin P. Murray                                                      
Print Name:  Kevin P. Murray
Title:  Senior Vice President

1200 Abernathy Road NE
Suite 1550
Atlanta, GA  30328
Attention:  Kevin P. Murray
Phone:  770-510-2168
Facsimile: 770-510-2195
 
 
 

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EUROHYPO AG, NEW YORK BRANCH,

 
Individually and as Co-Syndication Agent

By: /s/ Nasir Alamdr 
Name: Nasir Alamdr 
Title: Executive
Director                                                                           
 

By: /s/ Stephen
Cox                                                                           
Name: Stephen Cox 
Title: Executive
Director                                                                           
 
 
Eurohypo AG, New York Branch

 
1114 Avenue of the Americas, 29th Floor
New York, NY  10036
Attention:  Head of Portfolio Operations
Phone:  212-479-5861
Facsimile:  866-874-5034

 
with copy to:
 
 
Eurohypo AG, New York Branch

 
1114 Avenue of the Americas, 29th Floor
New York, NY  10036
Attention:  Head of Legal Department
Phone:  212-479-5700
Facsimile:  866-276-7680

 
 
 

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WACHOVIA BANK, NATIONAL
ASSOCIATION, Individually and as
Co-Syndication Agent

By: /s/ Matthew
Ricketts                                                                           
Name: Matthew
Ricketts                                                                           
Title: Director 
 
 
Wachovia Bank, National Association

 
301 South College Street
16th Floor
Charlotte, NC  28288
Attention:  Anand J. Jobanputra
Phone:  704-383-4013
Facsimile:  704-383-6205
Email:  anand.jobanputra@wachovia.com

 
 
 

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

By: /s/ Michael W. Edwards 
Name: Michael W. Edwards 
Title: Senior Vice President 
 
Bank of America, N.A.
231 South LaSalle Street, 10th Floor
Mail Code:  IL1-231-10-35
Chicago, IL  60604
Attention: Michael W. Edwards, Senior Vice President
Phone:  312-828-5175
Facsimile:  312-974-4970

 
 

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RBS CITIZENS, N.A., d/b/a CHARTER ONE,

 
Individually and as Co-Documentation Agent

By: /s/ Erin L. Mahon 
Name: Erin L. Mahon 
Title: Assistant Vice
President                                                                           
 
 
RBS CITIZENS, N.A., d/b/a CHARTER ONE,

 
71 South Wacker Drive, 29th Floor
Chicago, IL  60606
Attention:  Emily Cassato
Phone:  312-777-3469
Facsimile:  312-777-3691

 
 
 

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AAREAL CAPITAL CORPORATION

By: /s/ Terry Sweeney 
Name: Terry Sweeney 
Title: General
Counsel                                                                           
 
and

By: /s/ Daniel de Roo 
Name: Daniel de Roo 
Title: Director 
 
Aareal Capital Corporation
250 Park Avenue, Suite 820
New York, NY  10177
Attention: Christoph Donner
Senior Managing Director
Phone:  646-205-4509
Facsimile:  917-322-0285
 
 
 

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HUNTINGTON NATIONAL BANK

By:/s/ Mark
Kauffman                                                                           
Name: Mark
Kauffman                                                                           
Title: Senior Vice President 
 
 
Huntington National Bank

 
41 South High Street, HC0840
Columbus, OH  43215
Attention: Michael Kauffman
Senior Vice President
Phone:  216-515-6983
Facsimile:  877-297-9067

 
 
 
 

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PNC BANK, NATIONAL ASSOCIATION

By: /s/ Brent Sobczak 
Name: Brent Sobczak 
Title: Assistant Vice
President                                                                           
 
 
PNC Bank, National Association

 
155 East Broad Street
Columbus, OH  43215
Attention:  Brent Sobczak, Assistant Vice President
Phone:  614-463-7233
Facsimile: 614-463-8058

 
 
 

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U.S. BANK NATIONAL ASSOCIATION

By: /s/ Anthony J. Mathena 
Name: Anthony J. Mathena 
Title: Vice President 
 
 
U.S. Bank National Association

 
Commercial Real Estate
10 West Broad Street, 12th Floor
Columbus, OH  43215
Attention:  Anthony Mathena, Vice President
Phone:  614-232-8013
Facsimile:  614-232-8033

 
 
 
 

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MIDFIRST BANK,
a Federally Chartered Savings Association

 
By: _____________________________________
Name: ___________________________________
Title: ____________________________________
 
 
MidFirst Bank

 
501 NW Grand Blvd.
Oklahoma City, OK  73118
Attention:  Todd G. Wright, Vice President
Phone:  405-767-7108
Facsimile:  405-767-7119