Exhibit 10.1
 
 
AMENDMENT NO. 1 TO
THIRD AMENDED AND RESTATED LOAN AGREEMENT
BY AND AMONG
HEALTH CARE REIT, INC.
AND CERTAIN OF ITS SUBSIDIARIES,
THE BANKS SIGNATORY HERETO
AND
KEYBANK NATIONAL ASSOCIATION,
AS ADMINISTRATIVE AGENT FOR SUCH BANKS,
DEUTSCHE BANK SECURITIES INC.,
AS SYNDICATION AGENT
AND
UBS SECURITIES LLC,
BANK OF AMERICA, N.A.
JPMORGAN CHASE BANK, N.A.
AS DOCUMENTATION AGENTS
SEPTEMBER 20, 2006
 
 
KEYBANK NATIONAL ASSOCIATION
AND
DEUTSCHE BANK SECURITIES INC.,
AS JOINT LEAD ARRANGERS AND JOINT BOOK MANAGERS

 

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AMENDMENT NO. 1 TO
THIRD AMENDED AND RESTATED LOAN AGREEMENT
     AGREEMENT (this “Amendment No. 1”), made as of the 20th day of September,
2006, by and among:
     HEALTH CARE REIT, INC., a Delaware corporation, and each of the other
entities listed on Exhibit 1 annexed hereto (individually, a “Borrower” and
collectively, the “Borrowers”);
     The Banks that have executed the signature pages hereto (individually, a
“Bank” and, collectively, the “Banks”); and
     KEYBANK NATIONAL ASSOCIATION, a national banking association, as
Administrative Agent for the Banks (in such capacity, together with its
successors in such capacity, the “Agent”).
W I T N E S S E T H:
     WHEREAS:
     (A) The Borrowers, the Agent, Deutsche Bank Securities Inc., as Syndication
Agent, and UBS Securities LLC, Bank of America, N.A. and JPMorgan Chase Bank,
N.A., as Documentation Agents and the Banks entered into a certain Third Amended
and Restated Loan Agreement dated July 26, 2006 (the “Original Loan Agreement”;
the Original Loan Agreement, as amended hereby, and as it may hereafter be
further amended, modified or supplemented, is hereinafter referred to as the
“Loan Agreement”);
     (B) The Borrowers wish to amend Section 7.4 (Mergers, Acquisitions) of the
Original Loan Agreement and the Banks and the Agent are willing to amend said
Section 7.4 on the terms and conditions hereinafter set forth; and
     (C) All capitalized terms used herein which are not otherwise defined
herein shall have the respective meanings ascribed thereto in the Original Loan
Agreement.
     NOW, THEREFORE, the parties hereto agree as follows:
     ARTICLE 1. Amendment to Original Loan Agreement.
          Section 1.1 Section 7.4 of the Original Loan Agreement is hereby
deleted in its entirety and the following is substituted therefor:
     “Merge or consolidate with any Person, or, acquire all or substantially all
of the assets or any of the capital stock or other equity interests of any
Person unless (a) a Borrower is the surviving entity, (b) no Default or Event of
Default exists or will occur after giving effect thereto, and (c) the approval
of the stockholders of HCRI is not required under Section 312.03(c) of the New
York Stock Exchange’s Listed Company Manual or any successor provision of such
manual.”

 

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          Section 1.2 (a) All references in the Original Loan Agreement and the
other Loan Documents to the “Loan Agreement”, and also in the case of the
Original Loan Agreement to “this Agreement”, shall be deemed to refer to the
Original Loan Agreement, as amended hereby.
               (b) The Original Loan Agreement and the other Loan Documents
shall each be deemed amended and supplemented hereby to the extent necessary, if
any, to give effect to the provisions of this Agreement.
     ARTICLE 2. Representations and Warranties.
          (a) The Borrowers hereby confirm, reaffirm and restate to each of the
Banks and the Agent all of the representations and warranties set forth in
Article 3 of the Original Loan Agreement as if such representations and
warranties were made as of the date hereof, except for changes in the ordinary
course of business which, either singly or in the aggregate, would not have a
Material Adverse Effect.
          (b) (i) The execution, delivery and performance by each Borrower of
this Amendment No. 1 are within its organizational powers and have been duly
authorized by all necessary action (corporate or otherwise) on the part of each
Borrower, (ii) this Amendment No. 1 is the legal, valid and binding obligation
of each Borrower, enforceable against each Borrower in accordance with its
respective terms, and (iii) the execution, delivery and performance by each
Borrower of this Amendment No. 1 does not: (A) contravene the terms of any
Borrower’s organizational documents, (B) conflict with or result in a breach or
contravention of, or the creation of any lien under, any document evidencing any
contractual obligation to which any Borrower is a party or any order,
injunction, writ or decree to which any Borrower or its property is subject, or
(C) violate any requirement of law.
     ARTICLE 3. Conditions to Effectiveness of this Agreement.
     This Amendment No. 1 shall become effective on the date of the fulfillment
(to the satisfaction of the Agent) of the following conditions precedent:
     (a) This Amendment No. 1 shall have been executed and delivered to the
Agent by a duly authorized representative of the Borrowers, the Agent and the
Required Banks.
     (b) All legal matters incident hereto shall be satisfactory to the Agent
and its counsel.
     ARTICLE 4. Miscellaneous.
          Section 4.1 Article 10 of the Original Loan Agreement. The
miscellaneous provisions under Article 10 of the Original Loan Agreement,
together with the definition of all terms used therein, and all other sections
of the Original Loan Agreement to which Article 10 refers are hereby
incorporated by reference as if the provisions thereof were set forth in full
herein, except that (i) the term “Loan Agreement” shall be deemed to refer,
respectively, to the Original Loan Agreement, as amended by this Amendment
No. 1, (ii) the term “this Agreement” shall be deemed to refer to this Amendment
No. 1; and (iii) the terms “hereunder” and “hereto” shall be deemed to refer to
this Amendment No. 1.

2

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          Section 4.2 Continued Effectiveness. Except as amended hereby, the
Original Loan Agreement and the other Loan Documents are hereby ratified and
confirmed in all respects and shall remain in full force and effect in
accordance with their respective terms.
          Section 4.3 Counterparts. This Amendment No. 1 may be executed by the
parties hereto in one or more counterparts, each of which shall be an original
and all of which shall constitute one and the same agreement.
[Signature Pages to Follow]

3

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to
be duly executed on the date first above written.
HEALTH CARE REIT, INC.
HCRI PENNSYLVANIA PROPERTIES, INC.
HCRI TEXAS PROPERTIES, INC.
HCRI TEXAS PROPERTIES, LTD.
      By Health Care REIT, Inc.,
      Its General Partner
HCRI NEVADA PROPERTIES, INC.
HCRI LOUISIANA PROPERTIES, L.P.
      By HCRI Southern Investments I, Inc.,
      Its General Partner
HEALTH CARE REIT INTERNATIONAL, INC.
HCN ATLANTIC GP, INC.
HCN ATLANTIC LP, INC.
HCN BCC HOLDINGS, INC.
HCRI INDIANA PROPERTIES, INC.
HCRI INDIANA PROPERTIES, LLC
      By Health Care REIT, Inc.,
      Its Member
HCRI LIMITED HOLDINGS, INC.
HCRI MASSACHUSETTS PROPERTIES, INC.
HCRI MASSACHUSETTS PROPERTIES TRUST
      By HCRI Massachusetts Properties, Inc.
      Its Trustee
HCRI HOLDINGS TRUST
      By HCRI Massachusetts Properties, Inc.
      Its Trustee
HCRI NORTH CAROLINA PROPERTIES, LLC
      By HCRI North Carolina Properties I, Inc.
      Its Member
HCRI SOUTHERN INVESTMENTS I, INC.
HCRI TENNESSEE PROPERTIES, INC.
PENNSYLVANIA BCC PROPERTIES, INC.
HCRI KENTUCKY PROPERTIES, LLC
      By Health Care REIT, Inc.
      Its Member
HCRI MASSACHUSETTS PROPERTIES TRUST II
      By HCRI Massachusetts Properties, Inc.
      Its Trustee
HCRI MARYLAND PROPERTIES, LLC
     By Health Care REIT, Inc.
     Its Member
HCRI NORTH CAROLINA PROPERTIES I, INC.
HCRI NORTH CAROLINA PROPERTIES III, LIMITED PARTNERSHIP
     By HCRI North Carolina Properties II, Inc.
     Its General Partner
HCRI NORTH CAROLINA PROPERTIES II, INC.
HCRI WISCONSIN PROPERTIES, LLC
      By Health Care REIT, Inc.
      Its Member
HCRI MISSISSIPPI PROPERTIES, INC.
[Borrowers continued on following page]

 

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HCRI ILLINOIS PROPERTIES, LLC
      By Health Care REIT, Inc.
      Its Member
HCRI MISSOURI PROPERTIES, LLC
      By Health Care REIT, Inc.
      Its Member
HCRI SURGICAL PROPERTIES, LLC
      By Health Care REIT, Inc.
      Its Member
HCRI TUCSON PROPERTIES, INC.
HCRI INVESTMENTS, INC.
HCRI CHICAGO PROPERTIES, INC.
HCRI GENERAL PROPERTIES, INC.
HCRI KANSAS PROPERTIES, LLC
      By Health Care REIT, Inc.
      Its Member
HCRI TENNESSEE PROPERTIES, LLC
      By HCRI Tennessee Properties, Inc.
      Its Member
HH FLORIDA, LLC
      By Limited Holdings, Inc.
      Its Member
HCRI NEW HAMPSHIRE PROPERTIES, LLC
      By Health Care REIT, Inc.
      Its Member
HCRI PROVIDER PROPERTIES, LLC
      By Health Care REIT, Inc.
      Its Member
1920 CLEVELAND ROAD WEST, LLC
      By Health Care REIT, Inc., as the Member of
      HCRI Provider Properties, LLC
      Its Member
721 HICKORY STREET, LLC
      By Health Care REIT, Inc., as the Member of
      HCRI Provider Properties, LLC
      Its Member
111 LAZELLE ROAD EAST, LLC
      By Health Care REIT, Inc., as the Member of
      HCRI Provider Properties, LLC
      Its Member
5166 SPANSON DRIVE SE, LLC
      By Health Care REIT, Inc., as the Member of
      HCRI Provider Properties, LLC
      Its Member
1425 YORKLAND ROAD, LLC
      By Health Care REIT, Inc., as the Member of
      HCRI Provider Properties, LLC
      Its Member
[Borrowers continued on following page]

 

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222 EAST BEECH STREET — JEFFERSON, L.L.C.
      By Health Care REIT, Inc., as the Member of
      HCRI Provider Properties, LLC
      Its Member
HCRI SENIOR HOUSING PROPERTIES, INC.
209 MERRIMAN ROAD, L.L.C.
      By Health Care REIT, Inc., as the Member of
      HCRI Provider Properties, LLC
      Its Member
HCRI FINANCING, INC.

         
 
  By   /s/ George L. Chapman
 
       
 
      Chief Executive Officer

     GEORGE L. CHAPMAN, as Chief Executive Officer of all of the aforementioned
entities, has executed this Amendment No. 1 to Third Amended and Restated Loan
Agreement and intending that all entities above named are bound and are to be
bound by the one signature as if he had executed this Amendment No. 1 to Third
Amended and Restated Loan Agreement separately for each of the above named
entities.

 

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                  KEYBANK NATIONAL ASSOCIATION,
     as Administrative Agent and as a Bank
 
                By:   /s/ Laura Conway          
 
      Name:   Laura Conway
 
      Title:   Vice President

 

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                  DEUTSCHE BANK AG NEW YORK BRANCH
 
                By:   /s/ Diane Rolfe          
 
      Name:   Diane Rolfe
 
      Title:   Director
 
                By:   /s/ Ming K. Chu          
 
      Name:   Ming K. Chu
 
      Title:   Vice President

 

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                  BANK OF AMERICA, N.A.
 
                By:   /s/ Kevin R. Wagley          
 
      Name:   Kevin R. Wagley
 
      Title:   Senior Vice President

 

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                  JPMORGAN CHASE BANK, N.A.
 
                By:   /s/ Jan E. Petrik          
 
      Name:   Jan E. Petrik
 
      Title:   Senior Vice President

 

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                  UBS LOAN FINANCE LLC
 
                By:   /s/ Richard L. Tavrow          
 
      Name:   Richard L. Tavrow
 
      Title:   Director
 
                By:   /s/ Irja R. Otsa          
 
      Name:   Irja R. Otsa
 
      Title:   Associate Director

 

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                  COMERICA BANK
 
                By:   /s/ Dawn M. Morgulec          
 
      Name:   Dawn M. Morgulec
 
      Title:   Assistant Vice President

 

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                  FIRST TENNESSEE BANK NATIONAL
ASSOCIATION
 
           
 
  By:   /s/ Jean M. Brennan           
 
      Name:   Jean M. Brennan 
 
      Title:   Senior Vice President

 

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                  LASALLE BANK NATIONAL ASSOCIATION
 
                By:   /s/ Robert E. Goeckel          
 
      Name:   Robert E. Goeckel
 
      Title:   Vice President

 

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                  CALYON NEW YORK BRANCH
 
                By:   /s/ Thomas Randolph          
 
      Name:   Thomas Randolph
 
      Title:   Managing Director
 
                By:   /s/ Douglas Weir          
 
      Name:   Douglas Weir
 
      Title:   Director

 

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                  EMIGRANT SAVINGS BANK
 
                By:   /s/ Patricia Goldstein          
 
      Name:   Patricia Goldstein
 
      Title:   Senior Executive, Vice President

 

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                  WACHOVIA BANK, NATIONAL ASSOCIATION
 
                By:   /s/ Jeanette A. Grifffin          
 
      Name:   Jeanette A. Grifffin
 
      Title:   Director

 

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                  HSH NORDBANK AG, NEW YORK BRANCH
 
                By:   /s/ Aldo M. Cicilia          
 
      Name:   Aldo M. Cicilia
 
      Title:   Vice President
 
                By:   /s/ James Fitzgerald          
 
      Name:   James Fitzgerald
 
      Title:   Senior Vice President

 

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EXHIBIT 1 TO AMENDMENT NO. 1
LIST OF BORROWERS
 

      Name of Borrower   State of Organization
 
   
Health Care REIT, Inc.
  Delaware
HCRI Pennsylvania Properties, Inc.
  Pennsylvania
HCRI Texas Properties, Inc.
  Delaware
HCRI Texas Properties, Ltd.
  Texas
HCRI Nevada Properties, Inc.
  Nevada
HCRI Louisiana Properties, L.P.
  Delaware
Health Care REIT International, Inc.
  Delaware
HCN Atlantic GP, Inc.
  Delaware
HCN Atlantic LP, Inc.
  Delaware
HCN BCC Holdings, Inc.
  Delaware
HCRI Indiana Properties, Inc.
  Delaware
HCRI Indiana Properties, LLC
  Indiana
HCRI Limited Holdings, Inc.
  Delaware
HCRI Massachusetts Properties Trust
  Massachusetts
HCRI Massachusetts Properties, Inc.
  Delaware
HCRI Holdings Trust
  Massachusetts
HCRI North Carolina Properties, LLC
  Delaware
HCRI Southern Investments I, Inc.
  Delaware
HCRI Tennessee Properties, Inc.
  Delaware
Pennsylvania BCC Properties, Inc.
  Pennsylvania
HCRI Kentucky Properties, LLC
  Kentucky
HCRI Massachusetts Properties Trust II
  Massachusetts
HCRI Maryland Properties, LLC
  Maryland
HCRI North Carolina Properties I, Inc.
  North Carolina
HCRI North Carolina Properties III, Limited Partnership
  North Carolina
HCRI North Carolina Properties II, Inc.
  North Carolina
HCRI Wisconsin Properties, LLC
  Wisconsin
HCRI Mississippi Properties, Inc.
  Mississippi
HCRI Illinois Properties, LLC
  Delaware
HCRI Missouri Properties, LLC
  Delaware
HCRI Surgical Properties, LLC
  Ohio
HCRI Tucson Properties, Inc.
  Delaware
HCRI Investments, Inc.
  Delaware
HCRI Chicago Properties, Inc.
  Delaware
HCRI General Properties, Inc.
  Delaware
HCRI Kansas Properties, LLC
  Delaware
HCRI Tennessee Properties, LLC
  Delaware
HH Florida, LLC
  Delaware
HCRI New Hampshire Properties, LLC
  Delaware
HCRI Provider Properties, LLC
  Delaware
1920 Cleveland Road West, LLC
  Delaware
721 Hickory Street, LLC
  Delaware
111 Lazelle Road East, LLC
  Delaware
5166 Spanson Drive SE, LLC
  Delaware
1425 Yorkland Road, LLC
  Delaware
222 East Beech Street — Jefferson, L.L.C.
  Delaware
HCRI Senior Housing Properties, Inc.
  Delaware
209 Merriman Road, L.L.C.
  Delaware
HCRI Financing, Inc.
  Delaware