Document:

EX-4.2

 

Exhibit 4.2

FIRST AMENDMENT TO CREDIT AGREEMENT

     This First Amendment to Credit Agreement (this “Amendment”) is made as of this 30th day of
March, 2007 by and among Developers Diversified Realty Corporation, a corporation organized under
the laws of the State of Ohio (the “Borrower”), Bank of America, N.A., not individually, but as
“Administrative Agent”, and the several banks, financial institutions and other entities from time
to time parties to this Agreement (the “Lenders”).

RECITALS

     A. Borrower, Administrative Agent, and the Lenders are parties to a Credit Agreement dated as
of February 26, 2007 (the “Credit Agreement”). All capitalized terms used in this Amendment and
not otherwise defined herein shall have the meanings described as such terms in the Credit
Agreement.

     B. Borrower has requested changes to certain terms in the Credit Agreement as set forth herein
and the Lenders have agreed to such changes.

     NOW, THEREFORE, in consideration of the foregoing recitals and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

AMENDMENTS

     1. The foregoing recitals to this Amendment are incorporated into and made part of this
Amendment.

     2. The definition of “Investment” in Article I of the Credit Agreement is hereby amended and
restated in its entirety as follows:

     “Investment” of a Person means any loan, advance (other than commission, travel and similar
advances to officers and employees made in the ordinary course of business), extension of credit
(other than accounts receivable arising in the ordinary course of business on terms customary in
the trade), deposit account or contribution of capital by such Person to any other Person or any
investment in, or purchase or other acquisition of, the stock, partnership interests, notes,
debentures or other securities of any other Person made by such Person. For the avoidance of
doubt, an Investment shall not include any security of any Person that is convertible into,
exchangeable for or exercisable into or an option to purchase equity securities of Borrower.

     3. The definition of “Restricted Payment” is hereby deleted from Article I of the Credit
Agreement.

     4. Section 6.11 of the Credit Agreement (Restricted Payments) is hereby deleted in its
entirety.

     5. Borrower hereby represents and warrants that:

	 	(a)	 	no Default or Unmatured Default exists under the Loan
Documents;

 

 

	 	(b)	 	the Loan Documents are in full force and effect and Borrower
has no defenses or offsets to, or claims or counterclaims relating to, its
obligations under the Loan Documents;
	 
	 	(c)	 	there has been no material adverse change in the financial
condition of Borrower as shown in its September 30, 2006 financial statements;
	 
	 	(d)	 	Borrower has full corporate power and authority to execute this
Amendment and no consents are required for such execution other than any
consents which have already been obtained; and
	 
	 	(e)	 	all representations and warranties contained in Article 5 of
the Credit Agreement are true and correct as of the date hereof and all
references therein to “the date of this Agreement” shall refer to “the date of
this Amendment.”

     6. Except as specifically modified hereby, the Credit Agreement is and remains unmodified and
in full force and effect and is hereby ratified and confirmed. All references in the Loan
Documents to the “Credit Agreement” henceforth shall be deemed to refer to the Credit Agreement as
amended by this Amendment.

     7. This Amendment may be executed in any number of counterparts, all of which taken together
shall constitute one agreement, and any of the parties hereto may execute this Amendment by signing
any such counterpart. This Amendment shall be construed in accordance with the internal laws (and
not the law of conflicts) of the State of New York, but giving effect to federal laws applicable to
national banks.

     8. This Amendment shall become effective when it has been executed by Borrower, Administrative
Agent, and the Required Lenders.

-2-

 

     IN WITNESS WHEREOF, the Borrower, the Required Lenders and the Administrative Agent have
executed this Amendment as of the date first above written.

	 	 	 	 	 	 	 
	 	 	DEVELOPERS DIVERSIFIED REALTY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Joan U. Allgood	 	 
	 

	 	 	 	 	 	 
	 	 	Print Name: Joan U. Allgood	 	 
	 	 	Title: Executive Vice President	 	 

	 	 	 
	 

	 	3300 Enterprise Parkway
	 

	 	Beachwood, Ohio 44122
	 

	 	Phone: 216/755-5775
	 

	 	Facsimile: 216/755-1775
	 

	 	Attention: Chief Financial Officer
	 
	 	 
	 

	 	with a copy to:
	 
	 	 
	 

	 	3300 Enterprise Parkway
	 

	 	Beachwood, Ohio 44122
	 

	 	Phone: 216/755-5650
	 

	 	Facsimile: 216/755-1560
	 

	 	Attention: General Counsel

S-1

 

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.,	 	 
	 	 	Individually and as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael W. Edwards	 	 
	 

	 	 	 	 	 	 
	 	 	Print Name: Michael W. Edwards	 	 
	 	 	Title: Senior Vice President	 	 

	 	 	 
	 

	 	231 South LaSalle Street
	 

	 	Chicago, IL 60604
	 

	 	Phone: 312/828-5215
	 

	 	Facsimile: 312/974-4970
	 

	 	Attention: Michael W. Edwards

S-2EX-4.3

 

Exhibit 4.3

SECOND AMENDMENT TO FIRST AMENDED AND RESTATED

SECURED TERM LOAN AGREEMENT

     This SECOND AMENDMENT TO FIRST AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT (the
“Amendment”) is made as of this 30th day of March, 2007, by and among Developers
Diversified Realty Corporation, a corporation organized under the laws of the State of Ohio
(“DDR”), DDR PR Ventures, LLC, S.E., a Delaware limited liability company (“DDR PR”; DDR and DDR PR
together with any Qualified Borrower that issues a Qualified Borrower Note in accordance with the
terms of the Loan Agreement (as hereinafter defined), collectively, the “Borrower”), KeyBank
National Association, and the other several banks, financial institutions and other entities from
time to time parties to the Loan Agreement (the “Lenders”), and KeyBank National Association, not
individually, but as “Administrative Agent”, Bank of America, N.A., not individually, but as
“Syndication Agent”, and Eurohypo AG, New York Branch, ING Real Estate Finance (USA) LLC and
Scotiabanc Inc., not individually, but as “Documentation Agents”, and one or more new or existing
“Lenders” shown on the signature pages hereof.

RECITALS

     A. Borrower, Administrative Agent, Syndication Agent, Documentation Agents and certain other
Lenders entered into that certain First Amended and Restated Secured Term Loan Agreement dated as
of June 29, 2006, as modified and amended by that certain First Amendment to First Amended and
Restated Secured Term Loan Agreement dated as of February 20, 2007 (as modified and amended, the
“Loan Agreement”). All capitalized terms used in this Amendment and not otherwise defined herein
shall have the meanings given to them in the Loan Agreement.

     B. Borrower has requested changes to certain terms in the Loan Agreement as set forth herein
and the Lenders have agreed to such changes.

     NOW, THEREFORE, in consideration of the foregoing Recitals and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

AMENDMENTS

     1. The foregoing Recitals to this Amendment are incorporated into and made part of this
Amendment.

     2. The definition of “Investment” in Article I of the Loan Agreement is hereby amended and
restated in its entirety as follows:

“Investment” of a Person means any loan, advance (other than commission, travel and similar
advances to officers and employees made in the ordinary course of business), extension of credit
(other than accounts receivable arising in the ordinary course of business on terms customary in
the trade), deposit account or contribution of capital by such Person to any other Person or any
investment in, or purchase or other acquisition of, the stock, partnership interests, notes,
debentures or other securities of any other Person made by such Person. For the avoidance of

 

 

doubt, an Investment shall not include any security of any Person that is convertible into,
exchangeable for or exercisable into or an option to purchase equity securities of Borrower.

     3. The definition of “Restricted Payment” is hereby deleted from Article I of the Loan
Agreement.

     4. The text of Section 6.11 of the Loan Agreement (Restricted Payments) is hereby deleted in
its entirety and the following is hereby inserted in lieu thereof: “Intentionally
Omitted.”.

     5. Borrower hereby represents and warrants that:

	 	(a)	 	no Default or Unmatured Default exists under the Loan
Documents;
	 
	 	(b)	 	the Loan Documents are in full force and effect and Borrower
has no defenses or offsets to, or claims or counterclaims relating to, its
obligations under the Loan Documents;
	 
	 	(c)	 	there has been no material adverse change in the financial
condition of Borrower from that shown in its September 30, 2006 financial
statements;
	 
	 	(d)	 	Borrower has full corporate power and authority to execute this
Amendment and no consents are required for such execution other than any
consents which have already been obtained; and
	 
	 	(e)	 	all representations and warranties contained in Article V of
the Loan Agreement are true and correct as of the date hereof and all
references therein to “the date of this Agreement” shall refer to “the date of
the Second Amendment to this Agreement and all representations and warranties
contained in the other Loan Documents are true and correct as of the date
hereof and all references therein to “the date of this Agreement” shall refer
to “the date of the Second Amendment to the Loan Agreement.”

     6. Except as specifically modified hereby, the Loan Agreement is and remains unmodified and in
full force and effect and the obligations of Borrower, Lenders and Administrative Agent under the
Loan Agreement are hereby ratified and confirmed. All references in the Loan Documents to the “Loan
Agreement” henceforth shall be deemed to refer to the Loan Agreement as amended by this Amendment.

     7. This Amendment may be executed in any number of counterparts, all of which taken together
shall constitute one agreement, and any of the parties hereto may execute this Amendment by signing
any such counterpart. This Amendment shall be construed and enforced in accordance with the laws
of the State of Ohio (excluding the laws applicable to conflicts or choice of law). This Amendment
shall be binding upon and shall inure to the benefit of the parties hereto and their respective
permitted successors, successors-in-title and assigns as provided in the Loan Agreement.

2

 

     8. This Amendment shall become effective when it has been executed by Borrower, Administrative
Agent and the Required Lenders.

3

 

     IN WITNESS WHEREOF, the Borrower, the Required Lenders and the Administrative Agent have
executed this Amendment as of the date first above written.

	 	 	 	 	 
	 	BORROWER:

DEVELOPERS DIVERSIFIED REALTY CORPORATION

 	 
	 	By:  	/s/ Joan U. Allgood
 	 
	 	 	Print Name: Joan U. Allgood 	 
	 	 	Title:  	Executive Vice President 	 
	 
	 	 3300 Enterprise Parkway

Beachwood, Ohio 44122

Phone: 216/755-5775

Facsimile: 216/755-1775

Attention: Chief Financial Officer

 	 
	 	 with a copy to:

 	 
	 	 3300 Enterprise Parkway

Beachwood, Ohio 44122

Phone: 216/755-5650

Facsimile: 216/755-1560

Attention: General Counsel

 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	DDR PR VENTURES, LLC, S.E.

 	 
	 	By:  	/s/ Joan U. Allgood
 	 
	 	 	Print Name: Joan U. Allgood 	 
	 	 	Title:  	Executive Vice President 	 
	 
	 	 3300 Enterprise Parkway

Beachwood, Ohio 44122

Phone: 216/755-5775

Facsimile: 216/755-1775

Attention: Chief Financial Officer

 	 
	 	 with a copy to:

 	 
	 	 3300 Enterprise Parkway

Beachwood, Ohio 44122

Phone: 216/755-5650

Facsimile: 216/755-1560

Attention: General Counsel

 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	LENDERS:

KEYBANK NATIONAL ASSOCIATION,

Individually and as Administrative Agent

 	 
	 	By:  	/s/ Kevin P. Murray
 	 
	 	 	Print Name: Kevin P. Murray 	 
	 	 	Title:  	VP 	 
	 
	 	 127 Public Square

8th Floor

Cleveland, OH 44114

Phone: 216-689-7547

Facsimile: 216-689-4997

Attention: Kevin Murray

 	 
	 	 With a copy to:

 	 
	 	127 Public Square

8th Floor

Cleveland, OH 44114

Phone: 216-689-4545

Facsimile: 216-689-4997

Attention: Dan Heberle

 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.,

Individually and as Syndication Agent

 	 
	 	By:  	/s/ Michael W. Edwards
 	 
	 	 	Print Name: Michael W. Edwards 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	231 South LaSalle Street

Chicago, IL 60604

Phone: 312/828-5215

Facsimile: 312/974-4970

Attention: Ms. Cheryl Sneor

 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	EUROHYPO AG, NEW YORK BRANCH,

Individually and as Documentation Agent

 	 
	 	By:  	/s/ Mark A. Fisher
 	 
	 	 	Print Name: Mark A. Fisher 	 
	 	 	Title:  	Director 	 
	 
	 	 and by:

 	 
	 
	 	By:  	                                              John Hayes
 	 
	 	 	Print Name: John Hayes 
	 	 	Title:  	Vice President 	 
	 
	 	 Head of Portfolio Operations

Eurohypo AG, New York Branch

1114 Avenue of the Americas

29th Floor

New York, NY 10036

Phone: (212) 479-5700

Fax: (866) 267-7680

 	 
	 	 With a copy to:

 	 
	 	Head of Legal Department

Eurohypo AG, New York Branch

1114 Avenue of the Americas

29th Floor

New York, NY 10036

Phone: (212) 479-5700

Fax: (866) 267-7680

 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	ING REAL ESTATE FINANCE (USA) LLC,

Individually and as Documentation Agent

 	 
	 	By:  	/s/ Christopher Godlewski
 	 
	 	 	Print Name: Christopher Godlewski 
	 	 	Title:  	Director 	 
	 
	 	601 S. Figueroa Street, Suite 3400

Los Angeles, CA 90017

Phone: 213-236-3480

Facsimile: 213-236-3499

Attention: Mr. Christopher Godlewski

 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	SCOTIABANC INC.,

Individually and as Documentation Agent

 	 
	 	By:  	 	 
	 	 	Print Name: William E. Zarrett 
	 	 	Title:  	Managing Director 	 
	 
	 	 Scotiabanc Inc.

600 Peachtree Street, Suite 2700

Atlanta, GA 30308

Phone: 404-877-1504

Facsimile: 404-888-8998

Attention: William Zarrett, Managing Director

 	 
	 	 With a copy to:

 	 
	 	The Bank of Nova Scotia

One Liberty Plaza, 25th Floor

New York, NY 10006

Phone: 212-225-5167

Facsimile: 212-225-5166

Attention: Mr. Robert Boese

 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	CHARTER ONE BANK, N.A.

 	 
	 	By:  	/s/ Florentina Djulvezan
 	 
	 	 	Name:  	Florentina Djulvezan	 
	 	 	Title:  	Vice-President 	 
	 
	 	1215 Superior Avenue

Cleveland, Ohio 44114

Telephone: 216-277-0694

Facsimile: 216-277-4607

Attention: Florentina Djulvezan

 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	HUNTINGTON NATIONAL BANK

 	 
	 	By:  	/s/ Ryan Terrano
 	 
	 	 	Name:  	Ryan Terrano	 
	 	 	Title:  	Vice-President 	 
	 
	 	917 Euclid Avenue CM17

Cleveland, Ohio 44115

Telephone: 216-515-0683

Facsimile: 216-515-6821

Attention: Ryan Terrano

 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	THE BANK OF NEW YORK 

 	 
	 	By:  	/s/ Scott DeTraglia
 	 
	 	 	Print Name: Scott DeTraglia 	 
	 	 	Title:  	Vice President 	 
	 
	 	 One Wall Street

21st Floor

New York, New York 10286

Telephone: (212) 635-8245

Facsimile: (212) 809-9520

Attention: Scott Detraglia

 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Mark H. Oldfield
 	 
	 	 	Name:  	Mark H. Oldfield 	 
	 	 	Title:  	Vice President 	 
	 
	 	 1350 Euclid Avenue, Suite 1100

Cleveland, Ohio 44115

Telephone: 216-623-9299

Facsimile: 216-241-0164

Attention: Mark H. Oldfield

 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	SUNTRUST BANK

 	 
	 	By:  	/s/ Nancy B. Richards
 	 
	 	 	Name:  	Nancy B. Richards 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	 8330 Boone Blvd., 8th Floor

Vienna, Virginia 22182

Telephone: 703-442-1557

Facsimile: 703-442-1570

Attention: Nancy B. Richards

 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION,

Individually

 	 
	 	By:  	/s/ Michael E. Smith
 	 
	 	 	Print Name:  Michael E. Smith 	 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	 249 Fifth Avenue

19th Floor, P1-POPP-19-1

Pittsburgh, PA 15222

Phone: 412-768-9135

Facsimile: 412-762-6500

Attention: Mr. Michael E. Smith

 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	REGIONS BANK

 	 
	 	By:  	/s/ Lori Hatcher
 	 
	 	 	Name:  	Lori Hatcher 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	 1900 5th Avenue North, 15th Floor

Birmingham, Alabama 35203

Telephone: (205) 326-5465

Facsimile: (205) 264-5456

Attention: Lori Hatcher

 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A.

 	 
	 	By:  	/s/ Scott S. Solis
 	 
	 	 	Name:  	Scott S. Solis 	 
	 	 	Title:  	Vice-President 	 
	 
	 	 123 North Wacker Drive, Suite 1900

Chicago, Illinois 60606

Telephone: 312-269-4818

Facsimile: 312-782-0969

Attention: Scott S. Solis

 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	UBS LOAN FINANCE LLC

 	 
	 	By:  	/s/ Richard L. Tavrow
 	 
	 	 	Print Name: Richard L. Tavrow 	 
	 	 	Title:	Director 	 
	 
	 	 	 
	 	By:  	                                              /s/ Irja R. Otsa
 	 
	 	 	Print Name: Irja R. Otsa 	  
	 	 	Title:  	Associate Director 	 
	 
	 	677 Washington Blvd.

Stamford, Connecticut 06901

Telephone: 203-719-0678

Facsimile: 203-719-3888

Attention: Iris Choi

 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	SUMITOMO MITSUI BANKING CORPORATION

 	 
	 	By:  	/s/ David A. Buck
 	 
	 	 	Print Name: David A. Buck 	  
	 	 	Title:  	Senior Vice President 	 
	 
	 	277 Park Avenue

New York, NY 10172

Phone: 212-224-4178

Facsimile: 212-224-4887

Attention: Mr. Charles J. Sullivan

 	 
	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	BANCO POPULAR DE PUERTO RICO, NEW YORK BRANCH

 	 
	 	By:  	 	 
	 	 	Name:  	Hector J. Gonzalez 	 
	 	 	Title:  	Vice-President 	 
	 
	 	7 West 51st Street

New York, New York 10019

Telephone: 212-445-1988

Facsimile: 212-245-4677

Attention: Hector J. Gonzalez

 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	LASALLE BANK NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Robert Goeckel
 	 
	 	 	Name:  	Robert Goeckel 	 
	 	 	Title:  	Vice President 	 
	 
	 	135 South LaSalle Street

Suite 1225

Chicago, Illinois 60603

Telephone: 312-904-4705

Facsimile: 312-904-6691

Attention: Robert Goeckel

 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	THE NORTHERN TRUST COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	Robert Wiarda 	 
	 	 	Title:  	Vice President 	 
	 
	 	 50 S. LaSalle

Chicago, Illinois 60675

Telephone: 312-444-3380

Facsimile: 312-444-7028

Attention: Robert Wiarda

 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 
	 	MANUFACTURERS AND TRADERS TRUST COMPANY

 	 
	 	By:  	/s/ Brian D. Beitz
 	 
	 	 	Name:  	Brian D. Beitz 	 
	 	 	Title:  	Vice-President 	 
	 
	 	One Fountain Plaza, 12th Floor

Buffalo, New York 14203

Telephone: 716-848-7337

Facsimile: 716-848-7318

Attention: Brian D. Beitz

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