LADR 12.31.14 EX-4.9


Exhibit 4.9


FIRST SUPPLEMENTAL INDENTURE
FIRST SUPPLEMENTAL INDENTURE, (this “Supplemental Indenture”) dated as of March 12, 2014, by and among the parties that are signatories hereto as Guarantors (each a “Guaranteeing Subsidiary”), and Wilmington Trust, National Association, as Trustee under the Indenture referred to below.
W I T N E S S E T H:
WHEREAS, each of the Issuers and the Trustee have heretofore executed and delivered an indenture dated as of September 19, 2012 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an aggregate principal amount of $325.0 million of 7.375% Senior Notes due 2017 (the “Notes) of the Issuers (as defined in the Indenture);
WHEREAS, the Indenture provides that under certain circumstances each Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture to which such Guaranteeing Subsidiary shall unconditionally guarantee, on a joint and several basis with the other Guarantors, all of the Issuers’ Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and
WHEREAS, pursuant to Section 9.1 of the Indenture, the Issuers, any Guarantor and the Trustee are authorized to execute and deliver this Supplemental Indenture to amend or supplement the Indenture, without the consent of any Holder;
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, each Guaranteeing Subsidiary, the Issuers, the other Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
ARTICLE I


DEFINITIONS
SECTION 1.1.    Defined Terms.  As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recitals hereto are used herein as therein defined.  The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.
ARTICLE II
AGREEMENT TO BE BOUND; GUARANTEE
SECTION 2.1.    Agreement to be Bound.  Each Guaranteeing Subsidiary hereby becomes a party to the Indenture as a Guarantor and as such will have all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture.
SECTION 2.2.    Guarantee.  Each Guaranteeing Subsidiary agrees, on a joint and several basis with all the existing Guarantors, to fully, unconditionally and irrevocably Guarantee to each Holder of the Notes and the Trustee the Guaranteed Obligations pursuant to Article X of the Indenture on a senior basis.
ARTICLE III


MISCELLANEOUS
SECTION 3.1.    Notices.  All notices and other communications to each Guarantor shall be given as provided in the Indenture to each Guarantor, at its address set forth below, with a copy to the Issuers as provided in the Indenture for notices to the Issuers.



SECTION 3.2.    Merger and Consolidation.  Each Guaranteeing Subsidiary shall not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into another Person (other than the Issuers or any Restricted Subsidiary that is a Guarantor or becomes a Guarantor concurrently with the transaction) except in accordance with Section 4.1(d) of the Indenture.
SECTION 3.3.    Release of Guarantee.  Each Guarantee shall be released in accordance with Section 10.2 of the Indenture.
SECTION 3.4.    Parties.  Nothing expressed or mentioned herein is intended or shall be construed to give any Person, firm or corporation, other than the Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or any provision herein or therein contained.
SECTION 3.5.    Governing Law.  This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.
SECTION 3.6.    Severability.  In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.
SECTION 3.7.    Benefits Acknowledged.  Each Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the Indenture.  Each Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Guarantee are knowingly made in contemplation of such benefits.
SECTION 3.8.    Ratification of Indenture; Supplemental Indentures Part of Indenture.  Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.  This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.
SECTION 3.9.    The Trustee.  The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture or with respect to the recitals contained herein, all of which recitals are made solely by the other parties hereto.
SECTION 3.10.    Counterparts.  The parties hereto may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.  The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes.  Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.
SECTION 3.11.    Execution and Delivery.  Each Guaranteeing Subsidiary agrees that its Guarantee shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of any such Guarantee.
SECTION 3.12.    Headings.  The headings of the Articles and the Sections in this Supplemental Indenture are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.



IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.
	
	
	LADDER MIDCO LLC

	LADDER MIDCO III LLC

	LADDER MIDCO II LLC

	LADDER MEMBER CORPORATION

	LADDER CAPITAL FINANCE PORTFOLIO LLC

	LCR INCOME I LP LLC

	LADDER CAPITAL REALTY II LLC

	LADDER CAPITAL FINANCE PORTFOLIO II LLC

	LADDER CAPITAL FINANCE LLC

	LADDER CAPITAL CRE EQUITY LLC

	LADDER GRACE LAKE MEMBER LLC

	ONP JV MEMBER LLC

	LVT JV MEMBER LLC

	IOP JV MEMBER LLC

	ONP ROOFTOP JV MEMBER LLC

	CANPAC JV MEMBER LLC,






	
			
	as Guarantors

	 
	 
	 

	By:
	 
	/s/Marc Fox

	 
	 
	Name: Marc Fox

	 
	 
	Title:   Chief Financial Officer

	 
	 
	 

	Address for Notices:

	 
	 
	 

	345 Park Avenue

	8th Floor

	New York, New York 10154










	
			
	Acknowledged by:

	 
	 
	 

	LADDER CAPITAL FINANCE HOLDINGS LLLP

	 
	 
	 

	By:
	 
	/s/Marc Fox

	 
	 
	Name: Marc Fox

	 
	 
	Title:   Chief Financial Officer

	 
	 
	 

	LADDER CAPITAL FINANCE CORPORATION

	 
	 
	 

	By:
	 
	/s/Marc Fox

	 
	 
	Name: Marc Fox

	 
	 
	Title:   Assistant Secretary









[Signature Page to Supplemental Indenture]






	
			
	WILMINGTON TRUST, NATIONAL
ASSOCIATION,
as Trustee

	 
	 
	 

	By:
	 
	/s/ Jane Y. Schweiger

	 
	 
	Name: Jane Y. Schweiger

	 
	 
	Title: Vice President









[Supplemental Indenture Signature Page]