Document:

Exhibit 4.11 - 1st_Amendment_to_5th_AR_OP_LPA

FIRST AMENDMENT TO
FIFTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP
OF
PREFERRED APARTMENT COMMUNITIES OPERATING PARTNERSHIP, L.P.

This FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP (this “Amendment’) of PREFERRED APARTMENT COMMUNITIES OPERATING PARTNERSHIP, L.P. (the “Partnership”), dated as of March 14, 2014, is entered into among PREFERRED APARTMENT COMMUNITIES, INC., a Maryland corporation, the general partner (the “General Partner”), and PREFERRED APARTMENT ADVISORS, LLC, a Delaware limited liability company, the special limited partner (the “Special Limited Partner”).

RECITALS

WHEREAS, the parties hereto are parties to that certain Fifth Amended and Restated Agreement  of Limited Partnership of the Partnership, effective as of January 1, 2014 (the “Agreement”), and pursuant to Section 14.1 of the Agreement, the parties hereto desire to make certain clarification amendments to the Agreement.
NOW THEREFORE, in consideration of the premises made hereunder, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

		
	1.
	Article 1 of the Agreement is hereby amended by deleting the following defined term:

“Net Invested Capital”

		
	2.
	Article 1 of the Agreement is hereby amended by replacing the definition of “Capital Contribution” with the following:

““Capital Contribution” means, with respect to any Partner, any cash, cash equivalents or the Gross Asset Value of property (net of any liabilities secured by contributed property that the Partnership is considered to assume or take subject to under Section 752 of the Code) which such Partner contributes or is deemed to contribute to the Partnership pursuant to Article 4 including, for the avoidance of doubt and without duplication, any amount treated as reinvested in accordance with Section 5.2(e).” 

		
	3.
	Article 1 of the Agreement is hereby amended by replacing the definition of “Disposition Expenses” with the following:

““Disposition Expenses” means, as determined as of the Distribution Date, all costs and expenses borne by the Partnership in connection with the sale or other disposition of a Real Estate Asset, as reasonably determined by the General Partner, including any costs and expenses borne after the disposition of such Real Estate Asset.”

		
	4.
	Article 1 of the Agreement is hereby amended by replacing the definition of “Net Sale Proceeds” with the following:

““Net Sale Proceeds” means the net proceeds from a Capital Transaction, as determined by the General Partner.  For the avoidance of doubt, Net Sale Proceeds shall be reduced by any Disposition Expenses with respect to a Real Estate Asset included in the Capital Transaction.”

		
	5.
	Section 5.1(b)(ii) of the Agreement is hereby amended by deleting the term “Net Invested Capital” and replacing it with the term “Allocable Capital Contribution”.

		
	6.
	Subparagraph 1(c) of Exhibit B is hereby deleted in its entirety and replaced with the following:

“(c)    General Partner Gross Income Allocation. Prior to any allocations under subparagraph 1(a) and 1(b), there shall be specially allocated to the General Partner an amount of (i) first, items of Partnership income and (ii) second, items of Partnership gain during each fiscal year or other applicable period in an amount equal to the excess, if any, of (A) the cumulative distributions made to the General Partner under Section 7.3(b) of the Agreement, other than distributions which would properly be treated as “guaranteed payments” or which are attributable to the reimbursement of expenses which would properly be deductible by the Partnership, over (B) the cumulative allocations of Partnership income and gain to the General Partner under this subparagraph 1(c).”

[Signature page follows.]

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly executed this Amendment as of the date first set forth above.

General Partner:

PREFERRED APARTMENT COMMUNITIES, INC.

By:    /s/ John A. Williams__________________
John A. Williams
President and Chief Executive Officer

Special Limited Partner:

PREFERRED APARTMENT ADVISORS, LLC

By:    NELL Partners, Inc., its sole member

By:    /s/ John A. Williams__________________
John A. Williams
President and Chief Executive OfficerEX. 10.2.7 Q4'13

Exhibit 10.2.7

Execution Version
AMENDMENT NO. 6 TO SECOND AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT 
This AMENDMENT NO. 6 TO SECOND AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT is dated as of November 6, 2013 (this “Amendment”), among AMERESCO, INC. (the “Borrower”), THE GUARANTORS PARTY HERETO (the "Guarantors" and collectively with the Borrower, the "Credit Parties"), THE LENDERS PARTY HERETO (the “Lenders”), and BANK OF AMERICA, N.A., as administrative agent (the “Agent”).
WHEREAS, the Credit Parties, the Lenders, and the Agent are parties to that certain Second Amended and Restated Credit and Security Agreement dated as of June 30, 2011, among the Borrower, the Guarantors, the Lenders, and the Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);
WHEREAS, the Credit Parties, the Agent and the Lenders wish to revise one of the financial covenants, as described herein;
NOW, THEREFORE, in consideration of the foregoing and the agreements contained herein, the parties agree that the Credit Agreement is hereby amended as follows:
1.Capitalized Terms.  Capitalized terms used herein which are defined in the Credit Agreement have the same meanings herein as therein, except to the extent that such meanings are amended hereby.
2.Amendment to Credit Agreement.  Section 8.10(a) of the Credit Agreement is hereby deleted and replaced with the following:
(a)    Minimum EBITDA.  The Credit Parties shall not permit EBITDA of the Core Ameresco Companies for any period of four consecutive fiscal quarters to be less than $30,000,000.
3.Confirmation of Guaranty by Guarantors.  Each Guarantor hereby confirms and agrees that all indebtedness, obligations or liability of the Borrower under the Credit Agreement as amended hereby, whether any such indebtedness, obligations and liabilities are now existing or hereafter arising, due or to become due, actual or contingent, or direct or indirect, constitute “Obligations” under and as defined in the Credit Agreement and, subject to the limitation set forth in Section 3.8 of the Credit Agreement, are guaranteed by and entitled to the benefits of the Guaranty set forth in Article 3 of the Credit Agreement.  Each Guarantor hereby ratifies and confirms the terms and provisions of such Guarantor’s Guaranty and agrees that all of such terms and provisions remain in full force and effect.
4.Confirmation of Security Interests.  Each Credit Party hereby confirms and agrees that all indebtedness, obligations and liabilities of the Credit Parties under the Credit Agreement as amended hereby, whether any such indebtedness, obligations and liabilities are now existing or hereafter arising, due or to become due, actual or contingent, or direct or indirect, constitute “Obligations” under and as defined in the Credit Agreement and are secured by the Collateral 

AM 25008355.2

and entitled to the benefits of the grant of security interests pursuant to Article 4 of the Credit Agreement.  The Credit Parties hereby ratify and confirm the terms and provisions of Article 4 of the Credit Agreement and agree that, after giving effect to this Amendment, all of such terms and provisions remain in full force and effect.
5.No Default; Representations and Warranties, etc.  The Credit Parties hereby confirm that, after giving effect to this Amendment, the representations and warranties of the Credit Parties contained in Article 5 of the Credit Agreement and the other Loan Documents are true and correct on and as of the date hereof as if made on such date (except to the extent that such representations and warranties expressly relate to an earlier date) and no Default or Event of Default shall have occurred and be continuing.  Each Credit Party hereby further represents and warrants that (a) the execution, delivery and performance by such Credit Party of this Amendment (i) have been duly authorized by all necessary action on the part of such Credit Party, (ii) will not violate any applicable law or regulation or the organizational documents of such Credit Party, (iii) will not violate or result in a default under any indenture, agreement or other instrument binding on such Credit Party or any of its assets, and (iv) do not require any consent, waiver, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or any Person (other than the Agent and the Lenders) which has not been made or obtained; and (b) it has duly executed and delivered this Amendment.
6.Conditions to Effectiveness.  This Amendment shall become effective upon the receipt by the Agent of the following:
(a)counterparts of this Amendment duly executed by each of the parties hereto or written evidence reasonably satisfactory to the Agent that each of the parties hereto has signed a counterpart of this Amendment; and
(b)payment by the Borrower to the Agent for the account of the Lenders of an amendment fee of $42,500.
7.Miscellaneous.
(a)Except to the extent specifically amended hereby, the Credit Agreement, the Loan Documents and all related documents shall remain in full force and effect.  This Amendment shall constitute a Loan Document.  Whenever the terms or sections amended hereby shall be referred to in the Credit Agreement, Loan Documents or such other documents (whether directly or by incorporation into other defined terms), such defined terms shall be deemed to refer to those terms or sections as amended by this Amendment.
(b)This Amendment may be executed in any number of counterparts, each of which, when executed and delivered, shall be an original, but all counterparts shall together constitute one instrument.  Delivery of an executed counterpart to this Amendment by telecopy or other electronic means shall be effective as an original and shall constitute a representation that an original will be delivered.
(c)This Amendment shall be governed by the laws of the Commonwealth of Massachusetts and shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

2

(d)The Credit Parties agree to pay all reasonable expenses, including legal fees and disbursements incurred by the Agent in connection with this Amendment and the transactions contemplated hereby.

[Signature Pages Follow]

3

IN WITNESS WHEREOF, the parties hereto have executed this Amendment which shall be deemed to be a sealed instrument as of the date first above written.

BORROWER

AMERESCO, INC.

By:   /s/  Andrew B. Spence    
Name: Andrew B. Spence
Title: Vice President & Chief Financial Officer

GUARANTORS
AMERESCO ENERTECH, INC. 
AMERESCO FEDERAL SOLUTIONS, INC. 
AMERESCO PLANERGY HOUSING, INC. 
AMERESCO QUANTUM, INC. 
AMERESCO SELECT, INC. 
AMERESCOSOLUTIONS, INC. 
APPLIED ENERGY GROUP INC. 
SIERRA ENERGY COMPANY
By:   /s/  Andrew B. Spence    
Name:  Andrew B. Spence
Title:  Treasurer
AMERESCO SOUTHWEST, INC. 

By:   /s/  Andrew B. Spence    
Name: Andrew B. Spence
Title: Vice President and Treasurer
E.THREE CUSTOM ENERGY SOLUTIONS, LLC,
By: Sierra Energy Company, its sole member

By:   /s/  Andrew B. Spence    
Name:  Andrew B. Spence
Title:  Treasurer

[Signature Page to Amendment No. 6 to Second Amended Ameresco Credit and Security Agreement]

AMERESCO ASSET SUSTAINABILITY GROUP LLC
AMERESCO EVANSVILLE, LLC 
AMERESCO HAWAII LLC 
AMERESCO INTELLIGENT SYSTEMS, LLC 
AMERESCO LFG HOLDINGS LLC
AMERESCO PALMETTO LLC
AMERESCO SOLAR, LLC 
AMERESCO SOLAR NEWBURYPORT LLC 
AMERESCO SOLAR-PRODUCTS LLC 
AMERESCO WOODLAND MEADOWS ROMULUS LLC 
SELDERA LLC 
SOLUTIONS HOLDINGS, LLC

By: Ameresco, Inc., its sole member

By:   /s/  Andrew B. Spence    
Name:  Andrew B. Spence
Title:  Vice President & Chief Financial Officer

AMERESCO SOLAR – SOLUTIONS LLC 
AMERESCO SOLAR – TECHNOLOGIES LLC 
By: Ameresco Solar LLC, its sole member 
By:  Ameresco, Inc., its sole member

By:   /s/  Andrew B. Spence    
Name:  Andrew B. Spence
Title:  Vice President & Chief Financial Officer

[Signature Page to Amendment No. 6 to Second Amended Ameresco Credit and Security Agreement]

AGENT:

BANK OF AMERICA, N.A.

By:   /s/  Angela Larkin    
Name:  Angela Larkin
Title:  Assistant Vice President

LENDERS:

BANK OF AMERICA, N.A.

By:   /s/  John F. Lynch    
Name:  John F. Lynch
Title:  S.V.P.

WEBSTER BANK, N.A.

By:   /s/  Ann M. Meade    
Name:  Ann M. Meade
Title:  Senior Vice President

[Signature Page to Amendment No .6 to Second Amended Ameresco Credit and Security Agreement]

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