Document:

exv10w2

Exhibit 10.2

FIRST POTOMAC REALTY INVESTMENT LIMITED PARTNERSHIP

7600 Wisconsin Avenue, 11th Floor

Bethesda, Maryland 20814

Dated as of: December 29, 2009

KeyBank National Association,

as Administrative Agent

127 Public Square

Cleveland, OH 44114

Attention: John C. Scott

     Re: Amendment No. 3 to Secured Term Loan Agreement

Ladies and Gentlemen:

     We refer to the Secured Term Loan Agreement dated as of August 7, 2007 (as amended and in
effect from time to time, the “Credit Agreement”), by and among FIRST POTOMAC REALTY
INVESTMENT LIMITED PARTNERSHIP, a Delaware limited partnership (the “Borrower”), KEYBANK
NATIONAL ASSOCIATION and the other lending institutions which are parties thereto (individually, a
“Lender” and collectively, the “Lenders”), and KEYBANK NATIONAL ASSOCIATION, as
administrative agent for itself and each other Lender (the “Agent”). Capitalized terms
used in this letter of agreement (this “Amendment”) which are not defined herein, but which
are defined in the Credit Agreement, shall have the same meanings herein as therein, as the context
so requires.

     We have requested the Lenders to make certain amendments to the Credit Agreement, and you have
advised us that the Lenders are prepared and would be pleased to make the amendments so requested
by us on the condition that we join in this Amendment.

     In connection with this Amendment, PNC Bank, National Association (the “Exiting Bank”) is
being repaid by us an amount equal to $10,000,000 in satisfaction in full of the entire portion of
the outstanding Term Loan made by it to the Borrower under the Credit Agreement, such repayment to
be made on a non-pro rata basis; and upon repayment of such amounts and the effectiveness of this
Amendment, the Exiting Bank shall no longer be a Lender under the Credit Agreement. As a result,
as of the Effective Date (defined below), KeyBank National Association will be the sole Lender
under the Credit Agreement (in such capacity, the “Continuing Lender”).

     In connection with the Amendment, we have also requested you to convert the outstanding Term
Loan (after giving effect to the repayment contemplated above) to four

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

separate and distinct term loans, each in the principal amount of $10,000,000, each such term loan
to have the maturity date set forth below in this Amendment (the “Term Loan Conversion”).

     Accordingly, in consideration of these premises, the promises, mutual covenants and agreements
contained in this Amendment, and fully intending to be legally bound by this Amendment, we hereby
agree as follows:

ARTICLE I

AMENDMENTS TO CREDIT AGREEMENT

     Effective as of December 29, 2009, and subject to the fulfillment of the conditions contained
in Article II of this Amendment, the Credit Agreement is amended in each of the following respects:

     (a) The term “Loan Documents” shall, wherever used in the Credit Agreement or any of the other
Loan Documents, be deemed to also mean and include this Amendment, each of the promissory notes
evidencing Term Loan A, Term Loan B, Term Loan C and Term Loan D, the Splitter Agreement relating
to the new promissory notes and any omnibus amendment and reaffirmation of the Security Documents
entered into in connection with this Amendment.

     (b) §1.1 of the Credit Agreement is hereby amended as follows:

	 	(1)	 	The definition for “Applicable Base Rate Margin” is hereby
deleted in its entirety and the following substituted in lieu thereof:
	 
	 	 	 	“Applicable Base Rate Margin. From the Effective Date through
December 31, 2010, the Applicable Base Rate Margin shall be one hundred
twenty five (125) basis points. From January 1, 2011 through December 31,
2011, the Applicable Base Rate Margin shall be two hundred twenty five
(225) basis points. From January 1, 2012 through December 31, 2012, the
Applicable Base Rate Margin shall be three hundred twenty five (325) basis
points. From and after January 1, 2013, the Applicable Base Rate Margin
shall be four hundred twenty five (425) basis points.”
	 
	 	(2)	 	The definition for “Applicable Libor Margin” is hereby
deleted in its entirety and the following substituted in lieu thereof:
	 
	 	 	 	“Applicable Libor Margin. From the Effective Date through
December 31, 2010, the Applicable Libor Margin shall be two hundred fifty
(250) basis points. From January 1, 2011 through December 31, 2011, the
Applicable Libor Margin shall be three

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

	 	 	 	hundred fifty (350) basis points. From January 1, 2012 through December
31, 2012, the Applicable Libor Margin shall be four hundred fifty (450)
basis points. From and after January 1, 2013, the Applicable Libor Margin
shall be five hundred fifty (550) basis points.”
	 
	 	(3)	 	The definition for “Base Rate” is hereby deleted in its
entirety and the following substituted in lieu thereof:
	 
	 	 	 	“Base Rate. As at any applicable date of determination, the
greater of (i) the fluctuating annual rate of interest announced from time
to time by the Agent at the Agent’s Head Office as its “prime rate” and
(ii) one half of one percent (0.50%) plus the Federal Funds Rate. The
Base Rate is a reference rate and does not necessarily represent the
lowest or best rate being charged to any customer. Any change in the rate
of interest payable hereunder resulting in a change in the Base Rate shall
become effective as of the opening of business on the day on which such
change in the Base Rate becomes effective, without notice or demand of any
kind”
	 
	 	(4)	 	The definition for “Capital Reserve” is hereby deleted in its
entirety and the following substituted in lieu thereof:
	 
	 	 	 	“Capital Reserve. As at any date of determination, a capital
reserve equal to the weighted average of square feet of the Real Estate
Assets during the applicable period, multiplied by $0.15 per annum.”
	 
	 	(5)	 	The definition for “Capitalization Rate” is hereby deleted in
its entirety and the following substituted in lieu thereof:
	 
	 	 	 	“Capitalization Rate. The Capitalization Rate shall be 8.50%.”
	 
	 	(6)	 	The definition for “Consolidated or consolidated” is hereby
amended by deleting at the end thereof the following phrase: “in accordance
with the terms of this Agreement”
	 
	 	(7)	 	The definition of “Commitment” is amended by deleting the
reference to “the Term Loan” contained therein and by inserting in place
thereof the following: “Term Loan A, Term Loan B, Term Loan C and Term Loan
D”.
	 
	 	(8)	 	The definition for “Consolidated Fixed Charges” is hereby
amended by adding the following at the end thereof:

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

	 	 	 	“, in each case adjusted to include the Borrower’s, the Trust’s or any
Subsidiary’s pro rata share of the foregoing items of any Partially-Owned
Entity in such period, based on its percentage ownership interest in such
Partially-Owned Entity (or such other amount for which the Borrower, the
Trust or such Subsidiary is obligated based on an arm’s length agreement”
	 
	 	(9)	 	The definition for “Consolidated Gross Asset Value” is hereby
deleted in its entirety and the following substituted in lieu thereof:
	 
	 	 	 	“Consolidated Gross Asset Value. As of any date of determination,
the sum of (i)(x) the Net Operating Income of all of the Real Estate
Assets (except as provided below) for the most recent fiscal quarter, less
the Management Fee Adjustment, with the sum thereof multiplied by (y) 4;
with the product thereof being divided by (z) the Capitalization Rate;
plus (ii) an amount equal to the Cost Basis Value of Real Estate Assets
Under Development on such date, plus (iii) the Cost Basis Value of Land on
such date, plus (iv) the Cost Basis Value of Mortgage Notes on such date,
plus (v) the value of Cash and Cash Equivalents on such date, as
determined in accordance with GAAP and approved by the Agent, provided
that (i) Net Operating Income from Real Estate Assets acquired during the
applicable fiscal quarter and the immediately preceding fiscal quarter
shall be excluded, and such acquired Real Estate Assets shall be included
at their Cost Basis Value, and (ii) Net Operating Income from Real Estate
Assets sold or otherwise transferred during the applicable fiscal quarter
shall be excluded, with Consolidated Gross Asset Value being adjusted to
include the Borrower’s, the Trust’s or any Subsidiary’s pro rata share of
Net Operating Income (and the items comprising Net Operating Income) from
any Partially-Owned Entity in such period, based on its percentage
ownership interest in such Partially-Owned Entity (or such other amount to
which the Borrower, the Trust or such Subsidiary is entitled based on an
arm’s length agreement)”
	 
	 	(10)	 	The definition for “Consolidated Total Interest Expense” is
hereby amended by adding the following at the end thereof:
	 
	 	 	 	“, in each case adjusted to include the Borrower’s, the Trust’s or any
Subsidiary’s pro rata share of the foregoing items of any Partially-Owned
Entity in such period, based on its percentage ownership interest in such
Partially-Owned Entity (or such other amount for which the Borrower, the
Trust or such Subsidiary is obligated based on an arm’s length agreement)”

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

	 	(11)	 	The definitions of “Extension”, “Increase” and “Increase
Conditions” are hereby deleted in their entirety.
	 
	 	(12)	 	The definition for “Indebtedness” is hereby amended by
deleting in subsection (b) the phrase, “mortgage, pledge, security interest,
lien, charge,” and substituting in lieu thereof the word, “Lien”.
	 
	 	(13)	 	The definition for “Libor Rate” is hereby deleted in its
entirety and the following substituted in lieu thereof:
	 
	 	 	 	“Libor Rate. For any Libor Rate Loan for any Interest Period, the
average rates as shown in Reuters Screen LIBOR01 Page (or any successor
service) at which deposits in U.S. dollars are offered by first class
banks in the London Interbank Market at approximately 11:00 a.m. (London
time) on the day that is two (2) Libor Business Days prior to the first
day of such Interest Period with a maturity approximately equal to such
Interest Period and in an amount approximately equal to the amount to
which such Interest Period relates, adjusted for reserves and taxes if
required by future regulations. If Reuters no longer reports such rate or
Agent determines in good faith that the rate so reported no longer
accurately reflects the rate available to Agent in the London Interbank
Market, then any and all outstanding Loans shall be Base Rate Loans and
bear interest at the Base Rate plus the Applicable Base Rate Margin. For
any period during which a Reserve Percentage shall apply, the Libor Rate
with respect to Libor Rate Loans shall be equal to the amount determined
above divided by an amount equal to 1 minus the Reserve Percentage.”
	 
	 	(14)	 	The definition for “Loan” is hereby deleted in its entirety
and the following substituted in lieu thereof:
	 
	 	 	 	“Loan. Any of Term Loan A, Term Loan B, Term Loan C or Term Loan
D, as applicable, and/or all of such Term Loan A, Term Loan B, Term Loan C
and Term Loan D together, as the context may require.”
	 
	 	(15)	 	The definition for “Maturity Date” is hereby deleted in its
entirety and the following substituted in lieu thereof:
	 
	 	 	 	“Maturity Date. (i) With reference to Term Loan A, January 15,
2011, (ii) with reference to Term Loan B, January 15, 2012, (iii) with
reference to Term Loan C, January 15, 2013, and (iv) with reference to
Term Loan D, January 15, 2014; in each case, or such

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

	 	 	 	earlier date on which any of such Term Loans shall become due and payable
pursuant to the terms hereof.”
	 
	 	(16)	 	The definition for “Net Operating Income” is hereby amended
by inserting in the fifth line thereof after the phrase “management fees” the
following: “(or Overhead Allocation, as applicable)”.
	 
	 	(17)	 	The definition for “Notes” is hereby amended by deleting the
reference to “the Total Commitment” and by inserting in place thereof the
following: “Term Loan A, Term Loan B, Term Loan C and Term Loan D,
respectively,”.
	 
	 	(18)	 	The definition of “Obligations” is hereby amended by
inserting, immediately following the reference to “the Term Loan” contained
therein, the following: “(including Term Loan A, Term Loan B, Term Loan C and
Term Loan D)”.
	 
	 	(19)	 	The definition for “Real Estate Assets Under Development” is
hereby deleted in its entirety and the following substituted in lieu thereof:
	 
	 	 	 	“Real Estate Assets Under Development. Any Real Estate Assets for
which the Borrower or any of its Subsidiaries is actively pursuing
construction of one or more Buildings or other improvements and for which
construction is proceeding to completion without undue delay from Permit
denial, construction delays or otherwise, all pursuant to such Person’s
ordinary course of business, provided that any such Real Estate Asset (or,
if applicable, any Building comprising a portion of any such Real Estate
Asset) will no longer be considered a Real Estate Asset Under Development
on the date upon which a certificate of occupancy has issued for such Real
Estate Asset (or Building) or such Real Estate Asset (or Building) may
otherwise be lawfully occupied for its intended use.”
	 
	 	(20)	 	The definition of “Term Loan” is hereby deleted in its
entirety and the following substituted in lieu thereof:
	 
	 	 	 	“Term Loan. Collectively, each of Term Loan A, Term Loan B, Term
Loan C and Term Loan D, and as the context so requires, each of such Term
Loan A, Term Loan B, Term Loan C and Term Loan D individually.

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

	 	(21)	 	The definition of “Total Commitment” is hereby deleted in its
entirety and the following substituted in lieu thereof:
	 
	 	 	 	“Total Commitment. As of any date, the sum of the then current
Commitments of the Lenders under each of Term Loan A, Term Loan B, Term
Loan C and Term Loan D. As of the Effective Date, the Total Commitment
shall be $40,000,000.
	 
	 	(22)	 	The definition of “Unsecured Revolver” is hereby amended by
deleting the reference to “$125,000,000” contained therein and by replacing it
with the following reference: “$175,000,000”.
	 
	 	(23)	 	The definition for “Unsecured Revolver Agreement” is hereby
deleted in its entirety and the following substituted in lieu thereof:
	 
	 	 	 	“Unsecured Revolver Agreement. The Second Amended and Restated
Revolving Credit Agreement dated as of December ___, 2009, among the
Borrower and certain of its Subsidiaries, KeyBank National Association,
individually and as administrative agent and certain other lenders, as the
same may be modified, increased, amended or restated from time to time.”
	 
	 	(24)	 	The following definitions are hereby added to the Credit
Agreement:
	 
	 	 	 	“Consolidated Debt Yield. In relation to the Borrower, the Trust
and their respective Subsidiaries for any fiscal quarter, the percentage
determined by dividing (i) Consolidated EBITDA for the most recent fiscal
quarter, annualized by (ii) Consolidated Total Indebtedness as of the last
day of such fiscal quarter”
	 
	 	 	 	“Effective Date. The Effective Date shall be the effective date
of Amendment No. 3 to Loan Agreement, which is December ___, 2009.”
	 
	 	 	 	“Term Loan A. The Term Loan in the principal amount equal to
$10,000,000 made by the Lenders to the Borrower and converted into Term
Loan A on the Effective Date.”
	 
	 	 	 	“Term Loan B. The Term Loan in the principal amount equal to
$10,000,000 made by the Lenders to the Borrower and converted into Term
Loan B on the Effective Date.”

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

	 	 	 	“Term Loan C. The Term Loan in the principal amount equal to
$10,000,000 made by the Lenders to the Borrower and converted into Term
Loan C on the Effective Date.”
	 
	 	 	 	“Term Loan D. The Term Loan in the principal amount equal to
$10,000,000 made by the Lenders to the Borrower and converted into Term
Loan D on the Effective Date.”

     (c) §2.3(c) of the Credit Agreement is hereby amended to read in its entirety as follows:
“[Reserved.]”

     (d) §2.9 of the Credit Agreement is hereby amended to read in its entirety as follows:
“[Reserved.]”

     (e) §3.1 of the Credit Agreement is hereby deleted in its entirety and the following is
substituted in lieu thereof:

“§3.1 Maturity. The Borrower promises to pay on the applicable Maturity
Date, and there shall become absolutely due and payable on the applicable Maturity
Date, all unpaid principal of each of Term Loan A, Term Loan B, Term Loan C and
Term Loan D outstanding on such date, together with any and all accrued and unpaid
interest thereon and any and all other unpaid amounts due under this Agreement, the
Notes or any other of the Loan Documents.”

     (f) The first sentence of §3.2 of the Credit Agreement is hereby deleted in its entirety and
the following is substituted in lieu thereof:

“The Borrower shall have the right, at its election, to prepay the outstanding
amount of each Term Loan, in whole or in part, at any time without penalty or
premium; provided that (i) any such voluntary prepayment shall be applied
first to outstanding amounts under Term Loan A, then to outstanding amounts under
Term Loan B, then to the outstanding amounts under Term Loan C and then to
outstanding amounts under Term Loan D and (ii) the outstanding amount of any Libor
Rate Loans may not be prepaid on a date other than the last day of an Interest
Period unless the Borrower pays the Libor Breakage Costs for each Libor Rate Loan
so prepaid at the time of such prepayment.”

     (g) §7.1(b) of the Credit Agreement is hereby deleted in its entirety and the following
substituted in lieu thereof:

§7.1(b) Capitalization. The outstanding equity of FPLP is comprised of a
general partner interest and limited partner interests, all of which have been duly
issued and are outstanding and fully paid and non-

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

assessable and, as of the Effective Date, are owned and held of record by the
Persons set forth on Schedule 7.1(b) attached hereto. All of the issued and
outstanding general partner interests of FPLP are owned and held of record by the
Trust. There are no outstanding securities or agreements exchangeable for or
convertible into or carrying any rights to acquire a general partner interest in
FPLP. There are no outstanding commitments, options, warrants, calls or other
agreements (whether written or oral) binding on FPLP or the Trust which require or
could require FPLP or the Trust to sell, grant, transfer, assign, mortgage, pledge
or otherwise dispose of any general partner interest in FPLP. Except as set forth
in the Agreement of Limited Partnership of FPLP, no general partner interests of
FPLP are subject to any restrictions on transfer or any partner agreements, voting
agreements, trust deeds, irrevocable proxies; or any other similar agreements or
interests (whether written or oral). FPLP owns, directly or indirectly, 100% (by
number of votes or controlling interests) of the outstanding voting interests and
of the economic interests in each Subsidiary Guarantor. All of the issued and
outstanding equity interests of each Subsidiary Guarantor are owned and held of
record by the Persons set forth on Schedule 7.1(b) attached hereto, and all of such
equity interests have been duly issued and are outstanding and fully paid and
non-assessable. There are no outstanding securities or agreements exchangeable for
or convertible into or carrying any rights to acquire any equity interests in any
Subsidiary Guarantor. There are no outstanding commitments, options, warrants,
calls or other agreements (whether written or oral) binding on any Subsidiary
Guarantor which require or could require any Subsidiary Guarantor to sell, grant,
transfer, assign, mortgage, pledge or otherwise dispose of any equity interest of
such Subsidiary Guarantor and any such commitments, options, warrants, calls or
other agreements relating to FPLP are set forth on Schedule 7.1(b). Except as
disclosed on Schedule 7.1(b) attached hereto, no equity interests of any Subsidiary
Guarantor are subject to any restrictions on transfer or any partner agreements,
voting agreements, trust deeds, irrevocable proxies; or any other similar
agreements or interests (whether written or oral) and any such restrictions or
other agreements relating to FPLP are asset forth on Schedule 7.1(b). All of the
Preferred Equity which exists as of the Effective Date, and each of the agreements
or other documents entered into and/or setting forth the terms, rights and
restrictions applicable to any such Preferred Equity, are listed and described on
Schedule 7.1(b) attached hereto. All of the agreements and other documents
relating to the Preferred Equity have been furnished to the Agent.

     (h) §7.19 of the Credit Agreement is hereby deleted in its entirety and the following
substituted in lieu thereof:

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

“§7.19. Subsidiaries. Schedule 7.19 sets forth, as of the Closing Date, all
of the respective Subsidiaries of FPLP, each Subsidiary Guarantor and the Trust,
together with the exact legal name of each of such entities (including the Trust)
and the tax identification number of each of such entities (including the Trust).”

     (i) §8.6 of the Credit Agreement is hereby amended by adding the following at the end thereof:

“Without limitation of the foregoing, the business in which the Borrower and its
Subsidiaries are engaged will be limited to the acquisition, development, ownership
and operation of income-producing office, industrial and flex properties in the
Mid-Atlantic United States and any business activities and Investments permitted
under §9.3 incidental thereto”

     (j) §9.1(f) is hereby amended as follows:

	 	(i)	 	by deleting in subsection (i) thereof, “ten percent (10%)”
and substituting in lieu thereof the following, “fifteen percent (15%)”; and
	 
	 	(ii)	 	by deleting in subsection (iii) thereof, “fifty-five percent
(55%)” and substituting in lieu thereof the following, “forty-five percent
(45%)”.

     (k) §9.4(a) of the Credit Agreement is hereby amended by adding after the phrase, “so long as”
the following phrase, “, in each case,”.

     (l) §9.6(a) of the Credit Agreement is hereby amended by adding after the phrase, “Borrower
shall not make” the following phrase, “or declare”.

     (m) §10.1 of the Credit Agreement is hereby deleted in its entirety and the following
substituted in lieu thereof:

“§10.1 Consolidated Total Leverage Ratio. At any time, (i) from the
Closing Date through the fiscal quarter ending September 30, 2010, Consolidated
Total Indebtedness as at the last day of the each fiscal quarter shall not exceed
sixty-five percent (65%) of Consolidated Gross Asset Value as of the last day of
such fiscal quarter, (ii) from the fiscal quarter ending December 31, 2010 through
the fiscal quarter ending September 30, 2011, Consolidated Total Indebtedness as at
the last day of each fiscal quarter shall not exceed sixty-two and one half of one
percent (62.5%) of Consolidated Gross Asset Value as of the last day of such fiscal
quarter, and (iii) from and after the fiscal quarter ending December

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

31, 2011, Consolidated Total Indebtedness as at the last day of the applicable
fiscal quarter shall not exceed sixty percent (60%) of Consolidated Gross Asset
Value as of the last day of such fiscal quarter. This covenant shall be tested
quarterly as of the last day of the applicable quarter.”

     (n) §10.2 of the Credit Agreement is hereby deleted in its entirety and the following
substituted in lieu thereof:

“§10.2 Consolidated Debt Yield. As at the end of any fiscal quarter (i)
from the Closing Date through the fiscal quarter ending September 30, 2010, the
Consolidated Debt Yield shall not be less than ten percent (10%), (ii) from the
fiscal quarter ending December 31, 2010 through the fiscal quarter ending September
30, 2011, the Consolidated Debt Yield shall not be less than ten and one half of
one percent (10.5%), and (iii) from and after the fiscal quarter ending December
31, 2011, the Consolidated Debt Yield shall not be less than eleven percent (11%).”

     (o) §10.5 of the Credit Agreement is hereby deleted in its entirety and the following
substituted in lieu thereof:

“§10.5 Borrowing Base Pool Leverage. As at the end of any fiscal quarter
or any other date of measurement, (i) from the Closing Date through the fiscal
quarter ending December 31, 2010, Borrower shall not permit Consolidated Borrowing
Base Indebtedness to exceed sixty-seven and one-half of one percent (67.5%) of the
aggregate Value of Eligible Borrowing Base Properties, (ii) from the fiscal quarter
ending March 31, 2011 through the fiscal quarter ending December 31, 2011, Borrower
shall not permit Consolidated Borrowing Base Indebtedness to exceed sixty-five
percent (65%) of the aggregate Value of Eligible Borrowing Base Properties, (iii)
from the fiscal quarter ending March 31, 2012 through the fiscal quarter ending
December 31, 2012, Borrower shall not permit Consolidated Borrowing Base
Indebtedness to exceed sixty-two and one-half of one percent (62.5%) of the
aggregate Value of Eligible Borrowing Base Properties, and (iv) from and after the
fiscal quarter ending March 31, 2013, Borrower shall not permit Consolidated
Borrowing Base Indebtedness to exceed sixty percent (60%) of the aggregate Value of
Eligible Borrowing Base Properties.”

     (p) §10.6 of the Credit Agreement is hereby deleted in its entirety and the following
substituted in lieu thereof:

“§10.6 Borrowing Base Pool Debt Service Coverage Ratio. As at the end of
any fiscal quarter or any other date of measurement, the ratio of (i) Adjusted Net
Operating Income for the applicable quarter, annualized;

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

divided by (ii) Implied Debt Service for the applicable period shall not be less
than (a) from the Closing Date through the fiscal quarter ending December 31, 2010,
1.40 to 1.00, (b) from the fiscal quarter ending March 31, 2011 through the fiscal
quarter ending December 31, 2011, 1.45 to 1.00, (c) from the fiscal quarter ending
March 31, 2012 through the fiscal quarter ending December 31, 2012, 1.50 to 1.00,
and (d) from and after the fiscal quarter ending March 31, 2013, 1.55 to 1.00.”

     (q) §14.1(a) of the Credit Agreement is hereby amended by deleting the reference therein to
“any Loans” and by inserting in place thereof the following: “Term Loan A, Term Loan B, Term Loan
C or Term Loan D”.

     (r) §14.1(b) of the Credit Agreement is hereby amended by deleting the reference therein to
“the Loans” and by inserting in place thereof the following: “Term Loan A, Term Loan B, Term Loan
C or Term Loan D”.

     (s) §14.1(i) of the Credit Agreement is hereby amended by deleting the number “$322,201,600”
and substituting in lieu thereof, the number “370,000,000”.

     (t) §14.1(n) of the Credit Agreement is hereby deleted in its entirety and the following
substituted in lieu thereof:

“(n) the occurrence of any transaction in which any “person” or “group” (within
the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934)
becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities
Exchange Act of 1934), directly or indirectly, of a sufficient number of shares of
all classes of stock then outstanding of the Trust ordinarily entitled to vote in
the election of directors, empowering such “person” or “group” to elect a majority
of the Board of Directors or Board of Trustees of the Trust, who did not have such
power before such transaction; or during any twelve-month period on or after the
Closing Date, individuals who at the beginning of such period constituted the Board
of Trustees of the Trust (together with any new directors whose election by the
Board of Trustees or whose nomination for election by the shareholders of the Trust
was approved by a vote of at least a majority of the members of the Board of
Trustees then in office who either were members of the Board of Trustees at the
beginning of such period or whose election or nomination for election was
previously so approved) ceased for any reason to constitute a majority of the
members of the Board of Trustees of the Trust then in office; or”

     (u) §14.1(o) of the Credit Agreement is hereby deleted in its entirety and the following
substituted in lieu thereof:

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

“(o) without limitation of the other provisions of this §14.1, the Trust shall at
any time fail to be the sole general partner of FPLP (or shall enter into any
agreement to permit any other Person to acquire a general partner interest in FPLP)
or shall at any time be in contravention of any of the requirements contained in
the last paragraph of §9.2 hereof, or §9.3 (including, without limitation, the last
paragraph of §9.3)”

     (v) Exhibit C of the Credit Agreement is hereby amended in its entirety as set forth on Annex
1 attached hereto.

     (w) Schedule 7.1(b) of the Credit Agreement is hereby amended in its entirety as set forth on
Annex 2 attached hereto.

     (x) Schedule 7.19 of the Credit Agreement is hereby amended in its entirety as set forth on
Annex 3 attached hereto.

ARTICLE II

CONVERSION OF EXISTING TERM LOAN AND 

PAYMENT OF EXITING LENDER

     (a) The Borrower has requested, and the Continuing Lender has agreed, to convert the
outstanding Term Loan under the Credit Agreement into four separate and distinct term loans. As of
the Effective Date, the Term Loan shall be converted to Term Loan A, Term Loan B, Term Loan C and
Term Loan D, all as more fully described in the Credit Agreement, as amended hereby. Each of Term
Loan A, Term Loan B, Term Loan C and Term Loan D shall be evidenced by a separate promissory note
of the Borrower to each Lender. The Borrower, the Continuing Lender and the Administrative Agent
shall enter into a Splitter Agreement on the date hereof in connection with the foregoing.

     (b) On the Effective Date, the Borrower shall pay to the Exiting Bank an amount equal to
$10,000,000, together with all accrued and unpaid interest thereon and any other amounts due to the
Exiting Bank under the Credit Agreement. By its countersignature below, the Continuing Lender
hereby consents to such non-pro rata payment under the Credit Agreement notwithstanding the
provisions thereof.

ARTICLE III

CONDITIONS PRECEDENT TO AMENDMENT

     The Lenders’ agreement herein to amend the Credit Agreement as of the Amendment Date is
subject to the fulfillment to the satisfaction of the Lenders of the following conditions precedent
on or prior to such date:

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

     (a) The Borrower shall have executed and delivered to the Agent a counterpart of this
Amendment, which shall be in form and substance satisfactory to the Lenders;

     (b) The Borrower shall have executed and delivered to the Continuing Lender a promissory note
evidencing each of Term Loan A, Term Loan B, Term Loan C and Term Loan D and a Splitter Agreement
in connection therewith;

     (c) The Trust and the Subsidiary Guarantors shall have acknowledged and consented to the
provisions of this Amendment;

     (d) The Borrower shall have made the principal, interest and any other payment required
pursuant to this Amendment and PNC Bank, National Association shall have ceased to be a Lender
under the Credit Agreement (and shall have acknowledged such event to the Agent);

     (e) The Borrower shall have paid to the Administrative Agent, for the accounts of the
Continuing Lender or for its own account, as applicable, the fees and expenses payable as of the
Closing Date in accordance with this Amendment, the Credit Agreement or any separate fee letter
entered into by the Borrower and the Trust and the Administrative Agent; and

     (f) The Agent and the Majority Lenders shall have executed this Amendment.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

     The Borrower and the Guarantor hereby represent and warrant to you as follows:

     (a) Representations and Warranties. Each of the representations and warranties made
by the Borrower and the Guarantor, as applicable, to the Agent and the Lenders in the Credit
Agreement and other Loan Documents, as applicable, was true, correct and complete when made and is
true, correct and complete on and as of the date hereof with the same full force and effect as if
each of such representations and warranties had been made by the Borrower and the Guarantor on the
date hereof and in this Amendment, except to the extent that such representations and warranties
relate solely to a prior date.

     (b) No Defaults or Events of Default. No Default or Event of Default exists on the
date hereof, after giving effect to this Amendment, and no condition exists on the date hereof
which would, with notice or the lapse of time, or both, constitute a Default or an Event of Default
under the Credit Agreement.

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

     (c) Binding Effect of Documents. This Amendment has been duly authorized, executed
and delivered to you by the Borrower and the Guarantor and is in full force and effect as of the
date hereof, and the agreements and obligations of the Borrower and the Guarantor contained herein
and therein constitute the legal, valid and binding obligations of the Borrower and Guarantor
enforceable against the Borrower and Guarantor in accordance with their respective terms.

ARTICLE V

MISCELLANEOUS

     This Amendment may be executed in any number of counterparts, each of which when executed and
delivered shall be deemed an original, but all of which together shall constitute one instrument.
In making proof of this Amendment, it shall not be necessary to produce or account for more than
one counterpart thereof signed by each of the parties hereto. Except to the extent specifically
amended and supplemented hereby, all of the terms, conditions and the provisions of the Credit
Agreement and each of the other Loan Documents shall otherwise remain unmodified, and the Credit
Agreement and each of the other Loan Documents, as amended and supplemented by this Amendment, are
confirmed as being in full force and effect, and the Borrower and the Guarantor hereby ratify and
confirm all of its agreements and obligations contained therein, as applicable.

[Remainder of Page Intentionally Left Blank]

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

     If you are in agreement with the foregoing, please sign the form of acceptance on the enclosed
counterpart of this Amendment, whereupon this Amendment, as so accepted by you, shall become a
binding agreement between you and the undersigned.

	 	 	 	 	 
	 	Very truly yours,

FIRST POTOMAC REALTY INVESTMENT LIMITED PARTNERSHIP

 	 
	 	By:  	First Potomac Realty Trust,
 	 
	 	 	its sole general partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass
 	 
	 	 	Barry H. Bass, 	 
	 	 	Chief Financial Officer and

Executive Vice President 	 
	 

(Signatures continued on next page)

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

[Consent to Amendment No. 3 to Secured Term Loan Agreement]

CONSENT OF TRUST GUARANTOR

     FIRST POTOMAC REALTY TRUST (the “Guarantor”) has guaranteed the Obligations (as
defined in the Guaranty by the Guarantor in favor of the Lenders and the Agent, dated as of August
7, 2007 (the “Guaranty”). By executing this consent, the Guarantor hereby absolutely and
unconditionally reaffirms to the Agent and the Lenders that the Guarantor’s Guaranty remains in
full force and effect and that the Obligations (as defined in the Guaranty) include, without
limitation, each of Term Loan A, Term Loan B, Term Loan C and Term Loan D. In addition, the
Guarantor hereby acknowledges and agrees to the terms and conditions of this Amendment and the
Credit Agreement as amended hereby (including, without limitation, the making of the
representations and warranties and the performance of the covenants applicable to it herein or
therein).

	 	 	 	 	 
	 	GUARANTOR:

FIRST POTOMAC REALTY TRUST

 	 
	 	By:  	/s/ Barry Bass
 	 
	 	 	Barry Bass, Executive Vice President and 	 
	 	 	Chief Financial Officer 	 
	 

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

[Consent to Amendment No. 3 to Secured Term Loan Agreement]

CONSENT OF SUBSIDIARY GUARANTORS

     Each of the Subsidiary Guarantors listed on Annex 3 attached hereto (the “Subsidiary
Guarantors”) has guaranteed the Obligations (as defined in the Subsidiary Guaranty by the
Subsidiary Guarantors in favor of the Lenders and the Agent, dated as of August 7, 2007 (the
“Subsidiary Guaranty”). By executing this consent, each of the Subsidiary Guarantors
hereby absolutely and unconditionally reaffirms to the Agent and the Lenders that the Subsidiary
Guarantor’s Subsidiary Guaranty remains in full force and effect and that the Obligations (as
defined in the Subsidiary Guaranty) include, without limitation, each of Term Loan A, Term Loan B,
Term Loan C and Term Loan D. In addition, each of the Subsidiary Guarantors hereby acknowledges
and agrees to the terms and conditions of this Amendment and the Credit Agreement as amended hereby
(including, without limitation, the making of the representations and warranties and the
performance of the covenants applicable to it herein or therein).

	 	 	 	 	 
	 	SUBSIDIARY GUARANTORS:

FP AIRPARK AB, LLC
 	 
	 	By:  	FPR Holdings Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	FPR General Partner, LLC
 	 
	 	 	Its General Partner 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass
 	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 
	 
	 	1434 CROSSWAYS BOULEVARD I, LLC
 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	By:  	/s/
Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

	 	 	 	 	 
	 	1434 CROSSWAYS BOULEVARD II, LLC
 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 
	 
	 	CROSSWAYS ASSOCIATES LLC
 	 
	 	By:  	Kristina Way Investments LLC
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 
	 
	 	FP CHESTERFIELD ABEF, LLC
 	 
	 	By:  	FPR Holdings Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	FPR General Partner, LLC
 	 
	 	 	Its General Partner 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

	 	 	 	 	 
	 	FP CHESTERFIELD CDGH, LLC
 	 
	 	By:  	FPR Holdings Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	FPR General Partner, LLC
 	 
	 	 	Its General Partner 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 
	 
	 	ENTERPRISE CENTER I, LLC
 	 
	 	By:  	Enterprise Center Manager, LLC
 	 
	 	 	Its Managing Member 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 
	 
	 	GATEWAY MANASSAS I, LLC
 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

	 	 	 	 	 
	 	403 & 405 GLENN DRIVE, LLC
 	 
	 	By:  	403 & 405 Glenn Drive Manager, LLC
 	 
	 	 	Its Managing Member 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 
	 
	 	FP HANOVER C, LLC
 	 
	 	By:  	FPR Holdings Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	FPR General Partner, LLC
 	 
	 	 	Its General Partner 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 
	 
	 	FP HANOVER D, LLC
 	 
	 	By:  	FPR Holdings Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	FPR General Partner, LLC
 	 
	 	 	Its General Partner 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

	 	 	 	 	 
	 	LINDEN I, LLC
 	 
	 	By:  	Linden I Manager, LLC
 	 
	 	 	Its Managing Member 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 
	 
	 	FP GUDE, LLC
 	 
	 	By:  	FP Gude Manager
 	 
	 	 	Its Managing Member 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 
	 
	 	NEWINGTON TERMINAL ASSOCIATES LLC
 	 
	 	By:  	Newington Terminal, LLC
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

	 	 	 	 	 
	 	LANDOVER OWINGS MILLS, LLC
 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 
	 
	 	FP PROSPERITY, LLC
 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 
	 
	 	PLAZA 500, LLC
 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

	 	 	 	 	 
	 	AP INDIAN CREEK, LLC
 	 
	 	By:  	FP Indian Creek, LLC
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 
	 
	 	INDIAN CREEK INVESTORS, LLC
 	 
	 	By:  	FP Indian Creek, LLC
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

	 	 	 	 	 
	 	NORFOLK FIRST LLC
 	 
	 	By:  	Greenbrier Holding Associates LLC
 	 
	 	 	Its Sole Member 	 
	 	By:  	Greenbrier/Norfolk Investment LLC
 	 
	 	 	Its Sole Member 	 
	 	By:  	Greenbrier/Norfolk Holding LLC
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 
	 
	 	GTC II FIRST LLC
 	 
	 	By:  	Greenbrier Holding Associates LLC
 	 
	 	 	Its Sole Member 	 
	 	By:  	Greenbrier/Norfolk Investment LLC
 	 
	 	 	Its Sole Member 	 
	 	By:  	Greenbrier/Norfolk Holding LLC
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

	 	 	 	 	 
	 	RUMSEY FIRST LLC
 	 
	 	By:  	First Rumsey LLC
 	 
	 	 	Its Sole Member 	 
	 	By:  	Columbia Holding Associates LLC
 	 
	 	 	Its Sole Member 	 
	 	By:  	Rumsey/Snowden Investment LLC
 	 
	 	 	Its Sole Member 	 
	 	By:  	Rumsey/Snowden Holding LLC
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 
	 
	 	SNOWDEN FIRST LLC
 	 
	 	By:  	First Snowden LLC
 	 
	 	 	Its Sole Member 	 
	 	By:  	Columbia Holding Associates LLC
 	 
	 	 	Its Sole Member 	 
	 	By:  	Rumsey/Snowden Investment LLC
 	 
	 	 	Its Sole Member 	 
	 	By:  	Rumsey/Snowden Holding LLC
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

	 	 	 	 	 
	 	AQUIA ONE, LLC
 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 
	 
	 	FP VAN BUREN, LLC
 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 

	 
	 	ACP EAST, LLC
 	 
	 	By:  	First Potomac Realty Investment Limited Partnership
 	 
	 	 	Its Sole Member 	 
	 	By:  	First Potomac Realty Trust
 	 
	 	 	Its General Partner 	 
	 	 	 
	 	By:  	/s/ Barry H. Bass	 
	 	 	Name:  	Barry H. Bass 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 
	 

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

ACCEPTED AND AGREED AS OF DECEMBER 29, 2009:

	 	 	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION,

Individually and as Administrative Agent

 	 
	 	By:  	/s/ John Scott
 	 
	 	 	Name:  	John Scott 	 
	 	 	Title:  	Vice President 	 
	 

(End of signatures)

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

ANNEX 1

Exhibit C

Compliance Certificate

 

 

ANNEX 2

Schedule 7.1(b)

Capitalization

Signature Page to Amendment No. 3 to Secured Term Loan Agreement

 

 

ANNEX 3

Schedule 7.19

Subsidiaries

Signature Page to Amendment No. 3 to Secured Term Loan Agreementexv10w1

Exhibit 10.1

FIRST AMENDMENT

TO

AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

     THIS FIRST AMENDMENT TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (this “Amendment”) is made
as of the 31st day of December, 2009, by and among Alon USA Energy, Inc., a Delaware corporation
(“Alon USA”), Alon Refining Louisiana, Inc., a Delaware corporation (the “Company”), Alon Louisiana
Holdings, Inc., a Delaware corporation (“Alon LA”), and Alon Israel Oil Company, Ltd., an Israeli
limited liability company (“Alon Israel” and, together with Alon LA, the “Stockholders”).

RECITALS:

     A. On July 3, 2008, Alon Israel purchased 80,000 shares of the Company’s Series A Preferred
Stock, par value $1,000.00 per share (the “Purchased Preferred Shares”), pursuant to that certain
Series A Stock Purchase Agreement dated as of July 3, 2008 by and between the Company and Alon
Israel (the “Original Purchase Agreement”);

     B. In connection with the Original Purchase Agreement, the parties hereto entered into a
Stockholders Agreement (the “Original Stockholders Agreement”), dated as of July 3, 2008, to govern
the terms on which the securities of the Company will be held and transferred, which Original
Stockholders Agreement was amended and restated pursuant to an Amended and Restated Stockholders
Agreement entered into by the parties hereto as of March 31, 2009 (the “Amended Stockholders
Agreement”);

     C. Section 2.3 of the Amended Stockholders Agreement provides for the exchange of the
Purchased Preferred Shares, and of other shares of Preferred Stock that may be subject to the
Amended Stockholders Agreement, for shares of Alon Common Stock under certain circumstances; and

     D. The parties hereto desire to amend the terms of Section 2.3 of the Amended Stockholders
Agreement solely to the extent related to the Purchased Preferred Shares as hereinafter provided.

AGREEMENT:

     NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements
hereinafter set forth, the parties hereto agree as follows:

1. Definitions.

     1.1 Definitions Generally. Capitalized terms used herein and not otherwise defined
shall have the meanings assigned such terms in the Amended Stockholders Agreement.

     1.2 Amendment to Certain Defined Terms. The following Defined Term set forth in
Section 1.3 of the Amended Stockholders Agreement is hereby amended and restated in its entirety as
set forth below.

 

 

     “Original Preferred Shares” means the 80,000 Purchased Preferred Shares and all shares of
Preferred Stock that may be issued upon an exercise of the L/C Option with respect to the Original
Letters of Credit.

     1.3 New Defined Term. Section 1.3 of the Amended Stockholders Agreement is hereby
amended to add the following defined term in appropriate alphabetical order:

     “Purchased Preferred Shares” means the 80,000 shares of Preferred Stock issued pursuant to the
Original Purchase Agreement.

2. Purchased Preferred Shares Share Exchange.

     2.1 Section 2.3(d) of the Amended Stockholders Agreement is hereby amended to correct the
reference to “July 1, 2011” in the second line of such Section to “July 3, 2011”.

     2.2 Section 2.3 of the Amended Stockholders Agreement is hereby amended by adding the
following new paragraph 2.3(j) thereto:

          (j) The parties agree that Alon USA and Alon Israel and/or any of its Permitted Transferees
shall accelerate the consummation of the Share Exchange contemplated by Section 2.3(d) with respect
to the all of the Purchased Preferred Shares (the “Purchased Preferred Shares Share Exchange”) to
occur on December 31, 2009 (the “Purchased Preferred Shares Share Exchange Date”). On the
Purchased Preferred Shares Share Exchange Date, Alon USA shall issue and deliver to Alon Israel
and/or any of its Permitted Transferees in exchange for the all of the Purchased Preferred Shares
(all of which shares shall be transferred and delivered to Alon USA free and clear of any lien,
claim, judgment, charge, mortgage, security interest, escrow, equity or other encumbrance),
7,351,051 duly authorized, fully paid and nonassessable whole shares of Alon Common Stock (the
“Alon Exchange Shares”), representing the aggregate number of shares of Alon Common Stock issuable
on the Mandatory Exchange Date as determined by dividing (x) the sum of (A) the aggregate Par Value
of the Purchased Preferred Shares, and (B) the aggregate Series A Dividends accruing on the
Purchased Preferred Shares during the period from the date of issuance of the Purchased Preferred
Shares through July 3, 2011, by (y) the Original Preferred Alon Share Price (rounded to the nearest
whole share).

3. Miscellaneous Provisions.

     3.1 Effect on Amended and Restated Stockholders Agreement. Except as specifically
amended hereby, the terms and provisions of the Amended Stockholders Agreement are, in all other
respects, ratified and confirmed and remain in full force and effect. No reference to this
Amendment need be made in any notice, writing, or other communication relating to the Amended
Stockholders Agreement, any such reference to the Amended Stockholders Agreement to be deemed a
reference thereto as amended by this Amendment. All references to the Amended Stockholders
Agreement in any document, instrument, or agreement executed in connection with the Amended
Stockholders Agreement, this Amendment or any transactions contemplated thereby or hereby will be
deemed to refer to the Amended Stockholders Agreement as amended hereby.

2

 

     3.2 Successors and Assigns. The terms and conditions of this Amendment shall inure to
the benefit of and be binding upon the respective successors and permitted assigns of the parties.
Nothing in this Amendment, express or implied, is intended to confer upon any party other than the
parties hereto or their respective successors and assigns any rights, remedies, obligations, or
liabilities under or by reason of this Amendment, except as expressly provided in this Amendment.

     3.3 Governing Law. This Amendment shall be governed by, and construed in accordance
with, the laws of the State of Texas, regardless of the laws that might otherwise govern under
applicable principles of conflicts of law.

     3.4 Counterparts; Facsimile. This Amendment may be executed and delivered by
facsimile signature and in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument.

     3.5 Titles and Subtitles. The titles and subtitles used in this Amendment are used
for convenience only and are not to be considered in construing or interpreting this Amendment.

     3.6 Entire Agreement. This Amendment constitutes the full and entire understanding
and agreement between the parties with respect to the subject matter hereof, and any other written
or oral agreement relating to the subject matter hereof existing between the parties are expressly
canceled.

     3.7 Further Assurances. From and after the date of this Amendment, upon the request
of either Stockholder or the Company, the Company and each Stockholder shall execute and deliver
such instruments, documents and other writings as may be reasonably necessary or desirable to
confirm and carry out and to effectuate fully the intent and purposes of this Amendment and the
transactions contemplated hereby.

[Signature Page Follows]

3

 

     IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Amendment and
Restated Stockholders Agreement to be duly executed as of the date first set forth above.

	 	 	 	 	 
	 	 	ALON USA ENERGY, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Jeff D. Morris
	 

	 	Name:
	 	Jeff D. Morris
	 

	 	Title:
	 	President and CEO
	 
	 	 	 	 
	 	 	ALON REFINING LOUISIANA, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Jeff D. Morris
	 

	 	Name:
	 	Jeff D. Morris
	 

	 	Title:
	 	President and CEO
	 
	 	 	 	 
	 	 	STOCKHOLDERS:
	 
	 	 	 	 
	 	 	ALON LOUISIANA HOLDINGS, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Jeff D. Morris
	 

	 	Name:
	 	Jeff D. Morris
	 

	 	Title:
	 	President and CEO
	 
	 	 	 	 
	 	 	ALON ISRAEL OIL COMPANY, LTD.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ David Wiessman
	 

	 	Name:
	 	David Wiessman
	 

	 	Title:
	 	President

4

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