Document:

EX-10.5

Exhibit 10.5

BLACK BOX CORPORATION

PERFORMANCE SHARE AWARD AGREEMENT

2008 LONG-TERM INCENTIVE PLAN

 

	 	 	 
	Employee:
	 	 
	 

	 

	 	 	 
	Number of Performance Shares (as defined below)

subject to this Performance Share Award Agreement:
	 	 
	 

	 

Pursuant to the Black Box Corporation 2008 Long-Term Incentive Plan (the “Plan”), the Compensation
Committee (the “Compensation Committee”) of the Board of Directors (the “Board”) of Black Box
Corporation (the “Company”) has granted to you the number of Performance Shares set forth above. A
“Performance Share” is a “Performance Grant” as defined in the Plan that represents a contingent
right to receive common stock, $.001 par value (“Common Stock”) of the Company, as described more
fully herein, to the extent that such Performance Shares are earned and become payable pursuant to
the terms of this Performance Share Award Agreement (this “Agreement”) as set forth in Exhibit I
hereto. Performance Shares as initially awarded have no independent economic value, but rather are
mere units of measurement used for the purpose of calculating the value of benefits, if any, to be paid
under this Agreement. Additional terms and conditions of this Award (as defined in the Plan) are
set forth below.

          1.      Date
of Grant. This Award was granted to you on
[month, day,
year] (the
“Grant Date”).

          2.      Vesting
Provisions - Entitlement to Shares.

                   (a)      Exhibit I attached hereto sets forth the performance conditions (the “Performance
Conditions”) and other criteria for determining whether and to what extent the Performance Shares
will vest and result in your entitlement to shares of Common Stock under this Award. The number of
shares of Common Stock issuable upon vesting of the Performance Shares under this Agreement is
determined as set forth on Exhibit I, and such number of shares of Common Stock will be adjusted as
set forth in the Plan. The date on which the Committee (as defined in the Plan) certifies in
writing whether and to what extent the applicable Performance Conditions and any other material
terms of this Award have been achieved, and the number of shares of Common Stock, if any, to be
issued is the “Vesting Date.” For purposes of this provision, and for so long as the Internal
Revenue Code of 1986, as amended (the “Code”), permits, the approved minutes of a meeting of the
Committee in which the certification is made may be treated as written certification. No shares of
Common Stock will be issued if the Performance Conditions have not been met.

Strictly Private and Confidential

REV:
6/2009

 

 

                   (b)      Except as otherwise provided herein, the shares of Common Stock to which you become
entitled upon vesting of Performance Shares will be issued to you on the Vesting Date (or as soon
as reasonably practicable thereafter, but in no event later than the 15th day of the third month
following the Vesting Date, and in no event later than December 31 of the year in which the
Performance Period ends), subject to your satisfaction of all applicable income and employment tax
withholding. Notwithstanding the foregoing or any provision of this Agreement or the Plan to the
contrary, the delivery of any shares of Common Stock upon vesting of any Performance Shares shall
be delayed until six (6) months after your Separation from Service (as defined in the Plan) to the
extent required by Section 409A (“Section 409A”) of the Code.

                   (c)      You will not have any stockholder rights, including, but not limited to, voting rights or
dividend rights, with respect to the shares of Common Stock subject to this Award until you become
the record holder of the shares of Common Stock following their actual issuance to you.

          3.      Taxes
and Withholding. You acknowledge that any amounts recognized for federal,
state or local tax purposes, including payroll taxes, on account of the vesting of Performance
Shares and/or issuance of the shares of Common Stock to you shall be subject to tax withholding by
the Company or any parent, subsidiary or affiliate of the Company by whom you are employed (such
entities hereinafter referred to as the “BB Group”). Your minimum statutory tax withholding
obligations, if any, on account of the vesting of Performance Shares and/or issuance of shares of
Common Stock will be satisfied by the Company withholding from the shares of Common Stock to be
issued to you a sufficient number of whole shares of Common Stock distributable in connection with
this Award equal to the applicable minimum statutory tax withholding obligation. Notwithstanding
any provision herein to the contrary, in the event that this Award becomes subject to taxes under
the Federal Insurance Contributions Act (“FICA”) or similar taxes before the shares of Common Stock
under the Award would otherwise be issued, the Company shall issue to you a sufficient number of
whole shares of Common Stock under this Award that does not exceed the applicable minimum statutory
tax withholding obligation with respect to such FICA taxes and any federal, state or local income
taxes that may apply as a result of such accelerated issuance of shares of Common Stock and the
Company shall withhold such shares of Common Stock to satisfy such FICA and any related income tax
liability; provided, however, that any such accelerated issuance of shares of Common Stock shall
be made only to the extent permitted under Treas. Reg. § 1.409A-3(j)(4)(vi). In the event that you
do not make tax payments when required, the Company may refuse to issue or cause to be delivered
any shares of Common Stock under this Agreement until such payment has been made or arrangements
for such payment satisfactory to the Company have been made. In connection with the foregoing, the
number of whole shares of Common Stock that are to be withheld shall not exceed the amount of the
minimum statutory tax withholding obligations and any shortfall in the amount required to be
withheld shall be paid by
check by you or shall be withheld from your pay. In determining the amount of taxes owed upon
vesting and/or delivery of shares of Common Stock under this Award and the number of shares to be
withheld, the Company shall

Strictly Private and Confidential

2

 

utilize the “Fair Market Value” of the shares of Common Stock as
defined in the Plan except that, if the shares of Common Stock are listed on any established stock
exchange, system or market, the Fair Market Value as of any given date of determination shall be
the closing market price of the shares of Common Stock as quoted in such exchange, system or market
on the closest preceding date, to such date of determination, on which the shares of Common Stock
were traded.

          4.      Restriction
on Transfer and Forfeiture of Unvested Performance Shares.

                   (a)      None of the Performance Shares issued pursuant to this Agreement may be assigned or
transferred, hypothecated or encumbered, in whole or in part, either directly or by operation of
law or otherwise, including, but not limited to, by execution, levy, garnishment, attachment,
pledge, bankruptcy or in any other manner; provided, however, the Committee may permit a transfer
to a Permitted Transferee (as defined in the Plan).

                   (b)      Except as set forth in this Section 4, effective on the date you experience a Separation
from Service other than as a result of your death, “disability” (as defined in the Plan) or
retirement (at such age or upon such conditions as shall be specified by the Board), including, but
not limited to, as a result of your voluntary termination or involuntary termination (with or
without cause), any unvested Performance Shares shall be automatically null and void and shall be
forfeited to the Company at the time of your Separation from Service and without any further
obligation on the part of the Company.

                   (c)      In the event of a change-in-control (as defined in the Plan) prior to the conclusion of
the Performance Period (as defined on Exhibit I), you will be entitled to receive, immediately
prior to the consummation of the change-in-control, one (1) share of Common Stock for each
Performance Share. In the event of a change-in-control after the conclusion of the Performance
Period and prior to the issuance of any shares of Common Stock under this Agreement, you will be
entitled to receive, immediately prior to the consummation of the change-in-control, the number of
shares of Common Stock determined in accordance with Exhibit I.

                   (d)      If you experience a Separation from Service as a result of your death, disability or
retirement, you shall be entitled to a prorated portion of the shares of Common Stock, if any, to
which you otherwise would be entitled pursuant to the Performance Shares granted to you under this
Agreement, determined after completion of the Performance Period and based on the achievement of
the Performance Conditions, and then prorated based on the ratio of the number of complete months
that you were employed during the Performance Period to the total number of months
in the Performance Period. Any payments due to you in the event of your death will be paid to
your estate as provided herein after completion of the Performance Period.

Strictly Private and Confidential

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5.      Amendment, Modification, Termination
 and Adjustment. The Committee may amend,
modify or terminate this Agreement in accordance with the terms and conditions of the Plan.
Adjustments to this Agreement may be made in accordance with the terms and conditions of the Plan.

          6.      Continuation of Employment. Neither the Plan nor this Agreement shall confer upon
you any right to continue in the employ of the BB Group, or limit in any respect the right of the
BB Group to terminate your employment at any time.

          7.      Plan Documents. This Award is issued pursuant to and is subject to the provisions
of the Plan. This Agreement is qualified in its entirety by reference to the Plan itself, which is
incorporated herein by reference, and a copy of which may be obtained from the office of the
Company’s General Counsel at any time. In the event of a conflict between the terms and conditions
of the Plan and the terms and conditions of this Agreement, the terms and conditions of the Plan
shall prevail and control.

          8.      Section 409A. This Award is intended to be excepted from coverage under Section
409A which deals with nonqualified deferred compensation, and shall be administered, interpreted
and construed accordingly. A payment shall be treated as made on the specified date of payment if
such payment is made at such date or a later date in the same calendar year or, if later, by the
15th day of the third calendar month following the specified date of payment, as provided and in
accordance with Treas. Reg. § 1.409A-3(d). The Company may, in its sole discretion and without
your consent, modify or amend the terms of this Agreement, impose conditions on the timing or
effectiveness of the vesting of the Performance Shares or issuance of the shares of Common Stock
upon vesting of the Performance Shares or take any other action the Company deems necessary or
advisable to cause the Performance Shares to be excepted from Section 409A (or to comply therewith
to the extent the Company determines it is not excepted). Notwithstanding the foregoing, you
recognize and acknowledge that Section 409A may impose upon you certain taxes or interest charges
for which you are and shall remain solely responsible.

Strictly Private and Confidential

4

 

Please acknowledge your acceptance and agreement to the terms of this Agreement by signing this
Agreement in the space provided below and returning it promptly to the Company. By signing this
Agreement, you agree to all of the terms and conditions of this Award as described above and in the
Plan.

	 	 	 	 	 
	 	 	     Black Box Corporation
	 
	 	 	 	 
	 

	 	     By:	 	 
	 

	 	 	 

I accept and agree to the terms of this Agreement as set forth herein.

	 	 	 
	 

	 	 
	Employee
	 	Date

Strictly Private and Confidential

5

 

Exhibit I

to

Performance Share Award Agreement

          The number of shares of Common Stock, if any, to be issued for each Performance Share will be
determined (rounded up to the nearest whole share) by multiplying the number of Performance Shares
set forth on the first page of this Agreement by the Overall Payout Percentage (as defined below),
which can be 0% or within the range from 25% to 150%, calculated as follows:

          1.      For each Performance Element identified below, the achievement of such Performance Element
in the period from April 1, 2009 to March 31, 2011 (the “Performance Period”) relative to the
Target for such Performance Element listed in the table below shall be expressed as a percentage
(the “Performance Achievement Percentage”), with the achievement of any such Performance Element at
the Threshold amount indicated below to be equal to achievement of the Target at 75%, the
achievement of any such Performance Element at the Target amount indicated below to be equal to
achievement of the Target at 100% and the achievement of any such Performance Element at the
Maximum amount indicated below to be equal to achievement of the Target at 120%. Straight-line
interpolation shall be utilized to determine the achievement of each such Performance Element for
the Performance Period based on the Threshold, Target and Maximum amounts listed below.

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Performance
Element
 

	 	 	Threshold 

	 	 	Target 

	 	 	Maximum 

	 
	 	
1. Adjusted EBITDA ($ millions) (as defined below)

	 	 	
$170
	 	 	
$226
	 	 	
$271	 
	 	
2. Relative TSR (as defined below)

	 	 	
25th
Percentile
	 	 	
50th 

Percentile
	 	 	
75th 

Percentile	 
	 

 

 

          2.      A “Payout Percentage” for each Performance Element shall be determined based on such
Performance Element’s Performance Achievement Percentage as follows:

	 	 	 	 	 	 
	 
	 	Performance Achievement
Percentage 

	 	 	Payout
Percentage 

	 
	 	If the Performance Achievement Percentage is less 

than 75%, then the Payout Percentage is
	 	 	0	 
	 	If the Performance Achievement Percentage is 75%, 

then the Payout Percentage is
	 	 	50%	 
	 	If the Performance Achievement Percentage is 100%, 

then the Payout Percentage is
	 	 	100%	 
	 	If the Performance Achievement Percentage is 120%

or above, then the Payout Percentage is
	 	 	150%	 
	 

          If the Performance Achievement Percentage is greater than 75% but less than 100%, or greater
than 100% but less than 120%, the Performance Achievement Percentage will be determined utilizing
straight-line interpolation. The Payout Percentage can be 0% or can be within the range from 25%
to 150%.

          3.      The “Overall Payout Percentage” is the average of the Payout Percentages of both of the
Performance Elements. For example, if the Payout Percentage for Adjusted EBITDA is 100% and the
Payout Percentage for Relative TSR is 110%, the Overall Payout Percentage is 105% (100% + 110% =
210%/2 = 105%). As another example, if the Payout Percentage for Adjusted EBITDA is 0% and the
Payout Percentage for Relative TSR is 50%, the Overall Payout Percentage is 25% (0% + 50% = 50%/2 =
25%).

          “Adjusted EBITDA” means income before provision for income taxes plus interest, depreciation,
amortization and excluding “Reconciling Items.” Reconciling Items means employee severance costs,
amortization of intangible assets on acquisitions, stock-based compensation expense, asset write-up
depreciation expense on acquisitions, the impact of Current Legal Matters (as defined below), the
impact of the change in fair value of the Company’s interest-rate swap, expenses related to funding
the non-contributory defined benefit plan for the Communication Workers of America Local 1109
sponsored by NextiraOne, LLC, the impact of Current IRS Audits (as defined below) and the impact of
any goodwill impairment. “Current Legal Matters” means the following items and, for avoidance of
doubt, includes any impact arising from these matters or from any settlement or resolution thereof:
(i) the matters relating to the Company’s historical stock option practices, including, but not
limited to, the pending investigation by the Securities and Exchange Commission, the shareholders’
derivative litigation captioned In re Black Box Corporation Derivative Litigation, in the United
States District Court for the Western District of Pennsylvania, Master File No. 2:06-CV-1531-JFC,
Frederick C. Young v. Black Box Corporation, in the Court of Common Pleas of Allegheny County,
Pennsylvania, No. GD-07-024508 and any other
current or future legal matters involving any current or former officer or director of the Company
arising from or related to the Company’s

I-2

 

historical stock option practices and actions taken by the
Company in connection therewith, (ii) the subpoena from the United States General Services
Administration (“GSA”), Office of Inspector General, related to potential violations of the terms
of a GSA Multiple Award Schedule contract and any legal matters arising from or related thereto,
(iii) the Company’s pending litigation with Avaya, Inc., in the United States District Court for
the District of New Jersey, No. 07-CV-06161, (iv) legal matters arising from or related to the
fraud committed by certain former employees of the Company in Italy and (v) Dillard’s, Inc. and
Dillard Investment Co., Inc. vs. Norstan Communications, Inc., in the United States District Court
for the Eastern District of Arkansas, Western Division, Case No. 4-08-CV-0470 BSM. “Current IRS
Audits” means, as of May 14, 2009, any pending or requested audits of the Company by the Internal
Revenue Service.

          “Relative TSR” means the Total Shareholder Return (as defined below) of the Common Stock
relative to the Total Shareholder Return of the common stock (or its equivalent) of the companies
in the peer group set forth on Schedule A hereto (the “Peer Group”) for the Performance Period,
expressed as a percentile relative to the Peer Group, utilizing the whole company ranking method
(i.e., including the Company within the array of companies for which Total Shareholder Return is
compared). The Peer Group shall be adjusted as provided in “Peer Group Adjustments” below.

          “Total Shareholder Return” for any measurement period shall be determined as follows:
((Ending Price minus Beginning Price) plus Dividends) divided by Beginning Price, where “Beginning
Price” means the average of the closing prices of one (1) share of the common stock (or its
equivalent) for the twenty (20) trading days ending on the last trading day prior to the first day
of the measurement period, “Ending Price” means the average of the closing prices of one (1) share
of the common stock (or its equivalent) for the twenty (20) trading days ending on the last trading
day of the measurement period and “Dividends” means the value of the dividends paid on the common
stock (or its equivalent) during the measurement period.

          
“Peer Group Adjustments” shall mean the following adjustments to the Peer Group:

          (i)      If a company in the Peer Group (a “Peer Group Company”) becomes bankrupt, the bankrupt
company will remain in the Peer Group positioned at one level below the lowest performing
non-bankrupt company in the Peer Group. In the case of multiple bankruptcies, the bankrupt
companies will be positioned below the non-bankrupt companies in reverse chronological order by
bankruptcy date.

          (ii)      If a Peer Group Company is acquired by another company or entity, including through a
management buy-out or going-private transaction, the acquired Peer Group Company will be removed
from the Peer Group for the entire Performance
Period; provided that, if the acquired company became bankrupt prior to its acquisition, it shall
be treated as provided in (i) above.

I-3

 

          (iii)      If a Peer Group Company sells, spins-off or disposes of a portion of its business, the
selling Peer Group Company will remain in the Peer Group for the Performance Period unless such
disposition(s) results in the disposition of more than 50% of the company’s total assets during the
Performance Period.

          (iv)      If a Peer Group Company acquires another company, the acquiring Peer Group Company will
remain in the Peer Group for the Performance Period.

          (v)      If the price of a Peer Group Company’s common stock (or its equivalent) is not available
on a consistent, reliable basis due to delisting on all major stock exchanges and over-the-counter
markets, such delisted Peer Group Company will be removed from the Peer Group for the entire
Performance Period; provided, however, that, if the Peer Group Company becomes bankrupt prior to
the end of the Performance Period, it shall be treated as in (i) above.

          (vi)      If the Common Stock and/or any Peer Group Company’s stock is subject to an event as
contemplated by Section 14 of the Plan, such company’s Total Shareholder Return performance will be
adjusted, in accordance with the principles set forth in Section 14 of the Plan, for such event so
as not to give an advantage or disadvantage to such company by comparison to the other companies.

I-4

 

Schedule A

to

Exhibit I

to

Performance Share
Award Agreement

Peer Group

Acxiom Corporation

ADC Telecommunications, Inc.

ARRIS Group, Inc.

Brocade Communications Systems, Inc.

CIBER, Inc.

Ciena Corporation

Belden Inc.

Cincinnati Bell Inc.

CommScope, Inc.

Dycom Industries, Inc.

Gartner, Inc.

GTSI Corp.

ManTech International Corporation

MasTec, Inc.

MAXIMUS, Inc.

Novell, Inc.

Nu Horizons Electronics Corp.

Plantronics, Inc.

Polycom, Inc.

SAVVIS, Inc.exv10w1

Exhibit 10.1

SEVENTH AMENDMENT TO

AMENDED AND RESTATED

SENIOR SECURED CREDIT AGREEMENT

among

Apartment Investment and Management Company,

AIMCO Properties, L.P., and

AIMCO/Bethesda Holdings, Inc.,

as the Borrowers

and

The Lenders Party Hereto

Dated as of August 4, 2009

 

 

SEVENTH AMENDMENT TO

AMENDED AND RESTATED

SENIOR SECURED CREDIT AGREEMENT

     This SEVENTH AMENDMENT TO AMENDED AND RESTATED SENIOR SECURED CREDIT AGREEMENT (this
“Amendment”) is dated as of August 4, 2009 and entered into by and among APARTMENT
INVESTMENT AND MANAGEMENT COMPANY, a Maryland corporation (the “REIT”), AIMCO PROPERTIES,
L.P., a Delaware limited partnership (“AIMCO”), and AIMCO/BETHESDA HOLDINGS, INC., a
Delaware corporation (“AIMCO/Bethesda”) (the REIT, AIMCO and AIMCO/Bethesda collectively
referred to herein as “Borrowers”), BANK OF AMERICA, N.A. (“Bank of America”), as
Administrative Agent (in such capacity, “Administrative Agent”) and as Swing Line Lender
and L/C Issuer, and the Lenders party hereto, and is made with reference to that certain Amended
and Restated Senior Secured Credit Agreement, dated as of November 2, 2004, by and among Borrowers,
each lender from time to time party thereto, BANK OF AMERICA, N.A., as Administrative Agent and as
Swing Line Lender and L/C Issuer, and KeyBank National Association, as Syndication Agent (the
“Original Credit Agreement”), as amended by that certain First Amendment to Amended and
Restated Senior Secured Credit Agreement, dated June 16, 2005 (the “First Amendment”), as
amended by that certain Second Amendment to Amended and Restated Senior Secured Credit Agreement,
dated March 22, 2006 (the “Second Amendment”), as amended by that certain Third Amendment
to Amended and Restated Senior Secured Credit Agreement, dated August 31, 2007 (“Third
Amendment”), as amended by that certain Fourth Amendment to Amended and Restated Senior Secured
Credit Agreement, dated September 14, 2007 (“Fourth Amendment”), as amended by that certain
Fifth Amendment to Amended and Restated Senior Secured Credit Agreement, dated September 9, 2008
(“Fifth Amendment”) and as amended by that certain Sixth Amendment to Amended and Restated
Senior Secured Credit Agreement, dated May 1, 2009 (the “Sixth Amendment”) (the Original
Credit Agreement as amended by the First Amendment, Second Amendment, Third Amendment, Fourth
Amendment, Fifth Amendment, Sixth Amendment and this Amendment is referred to herein as the
“Credit Agreement”). Capitalized terms used in this Amendment shall have the meanings set
forth in the Credit Agreement unless otherwise defined herein.

RECITALS

     WHEREAS, Borrowers desire to amend the Credit Agreement as more particularly set forth below;

     WHEREAS, pursuant to the Credit Agreement, the amendments set forth herein require the consent
of the Required Lenders, and the Required Lenders have consented hereto;

     NOW, THEREFORE, in consideration of the agreements, provisions and covenants contained herein,
the parties agree as follows:

Section 1. AMENDMENTS TO THE CREDIT AGREEMENT

          A. Amendments to Section 1.01. Section 1.01 of the Credit Agreement is hereby
amended in the following respects:

               (a) Section 1.01 of the Credit Agreement is hereby amended by inserting the following new
definitions therein in the appropriate alphabetical order:

“Auction” has the meaning specified in Annex I hereto.

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“Auction Period” has the meaning specified in Annex I hereto.

“Qualifying Loans” has the meaning specified in Annex I hereto.

“Term B Loan Auction Prepayment” has the meaning specified in Annex I
hereto.

“Tender Agent” means such financial institution as is acceptable to the Borrowers
and identified by the Borrowers in a written notice to the Administrative Agent from time to
time (it being understood that the Borrowers may replace the Tender Agent with a successor
Tender Agent from time to time).

“Term B Loan Auction Prepayment Notice” has the meaning specified in Annex I
hereto.

               (b) The defined term “Net Income” is deleted and replaced with:

““Net Income” means, for any period and for any Person, the net income (loss) of the
Person (including net income (loss) attributable to noncontrolling interests in consolidated
real estate partnerships) for that period, determined in accordance with GAAP; provided that
there shall be excluded (i) the net amount of any gains or non-cash losses, and (ii) any
income or gains associated with or resulting from the prepayment of Term Loans under Section
2.05(d).”

               (c) The defined term “Funds From Operations” is deleted and replaced with:

““Funds From Operations” means, with respect to Borrowers and their Subsidiaries on
a consolidated basis, net income calculated in accordance with GAAP, excluding gains or
losses from debt restructuring (including without limitation any income or gains associated
with or resulting from the prepayment of Term Loans under Section 2.05(d)) and sales of
depreciable property, plus depreciation and amortization (excluding amortization of
financing costs), and after adjustments for unconsolidated partnerships and joint ventures
(with adjustments for unconsolidated partnerships and joint ventures calculated to reflect
funds from operations on the same basis) and the payment of dividends on preferred Stock, as
interpreted by the National Association of Real Estate Investment Trusts in its April 1,
2002, White Paper; provided, however, the following shall be excluded when
calculating “Funds From Operations”: (i) non-cash adjustments for preferred Stock issuance
costs, (ii) non-cash adjustments for loan amortization costs and (iii) non-cash adjustments
for impairment losses on real estate development assets, net of any tax benefit.”

          B. Amendments to Section 2.05. Section 2.05 of the Credit Agreement is hereby
amended in the following respects:

               (a) Section 2.05(a) of the Credit Agreement is hereby amended by adding the following new
sentence immediately after the last sentence set forth therein: “For avoidance of doubt, the
Borrowers may make voluntary prepayments of Term B Loans either pursuant to this Section 2.05(a) or
to Section 2.05(d).”; and

               (b) Section 2.05 of the Credit Agreement is hereby amended by inserting the following new
Section 2.05(d) immediately following Section 2.05(c) set forth therein:

     “(d) Subject to their compliance with the requirements for an Auction set forth in
Annex I hereto, the Borrowers may, at any time or from time to time during the
Auction Period (but not more than five times), voluntarily make a Term B Loan Auction
Prepayment of

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Qualifying Loans, without premium or penalty, by delivering (or causing the Tender
Agent to deliver) a Term B Loan Auction Prepayment Notice to the Administrative Agent not
later than 11:00 a.m. three Business Days prior to any date of prepayment of such Qualifying
Loans. If such notice is given by the Borrowers, the Borrowers shall make such prepayment
and the payment amount specified in such notice shall be due and payable on the date
specified therein. The Administrative Agent or the Tender Agent will promptly notify each
relevant Lender of its receipt of each such notice, and of such Lender’s applicable share of
such Term B Loan Auction Prepayment. Any prepayment of a Eurodollar Rate Loan shall be
accompanied by all accrued interest on the par amount prepaid, together with any additional
amounts required pursuant to Section 3.05.”

          C. Amendments to Section 3.05. Section 3.05(a) of the Credit Agreement is hereby
amended by inserting the phrase “,other than any prepayment made pursuant to Section 2.05(d),”
immediately after the phrase “any continuation, conversion, payment or prepayment” set forth
therein.

          D. Amendments to Section 7.06. Section 7.06(c) of the Credit Agreement is hereby
amended by deleting the phrase “(x) for so long as the Term B Loan (or any portion thereof) is
outstanding, Borrowers may apply an amount not to exceed 50% of Net Disposition Proceeds toward
the purchase, redemption or other acquisition of REIT common stock if an equal amount is applied
to repay the Term B Loan” set forth therein and inserting in lieu thereof the following phrase:

     “(x) for so long as the Term B Loan (or any portion thereof) is outstanding, Borrowers
may apply Net Disposition Proceeds toward the purchase, redemption or other acquisition of
REIT common stock if Term B Loans having at least an equal aggregate face amount to such
amount have been prepaid pursuant to Section 2.05(a) or 2.05(d).”

          E. Amendments to Section 10.04. Section 10.04(b) of the Credit Agreement is hereby
amended by (x) inserting the phrase “and the Tender Agent” immediately after the phrase “each
Lender and the L/C Issuer” set forth therein and (y) inserting the phrase “(including without
limitation with respect to the transactions contemplated by Section 2.05(d) and Annex I
hereto)” immediately after the phrase “the performance by the parties hereto of their respective
obligations hereunder or thereunder” set forth in clause (i) therein.

          F. Amendments to Annexes to Credit Agreement. The Credit Agreement is hereby amended
by attaching thereto, and incorporating therein, Annex I (and the exhibits attached
thereto) attached to this Amendment as Exhibit A.

Section 2. CONDITIONS TO EFFECTIVENESS

     2.1 This Amendment shall become effective (the “Seventh Amendment Effective Date”) at
such time that all of the following conditions are satisfied:

          A. The Administrative Agent shall have received counterparts of this Amendment, duly executed
and delivered on behalf of each of (a) the Borrowers and (b) the Required Lenders.

          B. Administrative Agent shall have received favorable opinions of (i) Skadden, Arps, Slate,
Meagher & Flom LLP, and (ii) DLA Piper LLP (US), in each case addressed to the Administrative
Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as
Administrative Agent may reasonably request; and

3

 

          C. Borrowers shall have paid to the Administrative Agent, for the account of each Lender who
executes and delivers this Amendment prior to 5:00 p.m. New York time on August 3, 2009, an
amendment fee in the amount of 0.05% of such Lender’s Aggregate Credit Exposure on such date. The
amendment fee will be paid to the Administrative Agent for distribution to such Lenders on the
Seventh Amendment Effective Date.

Section 3. BORROWERS’ REPRESENTATIONS AND WARRANTIES

     In order to induce the Lenders to consent to this Amendment and to amend the Credit Agreement
in the manner provided herein, Borrowers represent and warrant to Administrative Agent and to each
Lender that the following statements are true, correct and complete:

     3.1 Corporate Power and Authority. Borrowers have all requisite power and authority
to enter into this Amendment and any other agreements, guaranties or other operative documents to
be delivered pursuant to this Amendment, to carry out the transactions contemplated by, and perform
their obligations under, the Credit Agreement as amended hereby. Each of the Borrowers, Pledgors
and Guarantors is in good standing in the respective states of their organization on the Seventh
Amendment Effective Date;

     3.2 Authorization of Agreements. The execution and delivery of this Amendment and the
performance of the Credit Agreement as amended hereby have been duly authorized by all necessary
action on the part of Borrowers and the other parties delivering any of such documents, as the case
may be.

     3.3 No Default. After giving effect to this Amendment, no Default or Event of Default
exists under the Credit Agreement as of the Seventh Amendment Effective Date. Further, after
giving effect to this Amendment, no Default or Event of Default would result under the Credit
Agreement from the consummation of this Amendment;

     3.4 No Conflict. The execution, delivery and performance by Borrowers of this
Amendment and the performance of the Credit Agreement by Borrowers, does not and will not (i)
violate any provision of any applicable material law or any governmental rule or regulation
applicable to Borrowers or any of their Subsidiaries except as could not reasonably be expected to
have a Material Adverse Effect, the Organization Documents of Borrowers or any of their
Subsidiaries or any order, judgment or decree of any court or other Governmental Authority binding
on Borrowers or any of their Subsidiaries except as could not reasonably be expected to have a
Material Adverse Effect, (ii) conflict with, result in a breach of or constitute (with due notice
or lapse of time or both) a default under any Contractual Obligation of Borrowers or any of their
Subsidiaries except as could not reasonably be expected to have a Material Adverse Effect, (iii)
result in or require the creation or imposition of any Lien upon any of the properties or assets of
Borrowers or any of their Subsidiaries not otherwise permitted by the Credit Agreement except as
could not reasonably be expected to have a Material Adverse Effect, or (iv) require any approval of
members or stockholders or any approval or consent of any Person under any Contractual Obligation
of Borrowers or any of their Subsidiaries, except for such approvals or consents which have been or
will be obtained on or before the Seventh Amendment Effective Date or except for such approvals or
consents which, if not obtained, are not reasonably expected to result in a Material Adverse
Effect;

     3.5 Governmental Consents. The execution and delivery by Borrowers of this Amendment
and the performance by Borrowers under the Credit Agreement does not and will not require any
registration with, consent or approval of, or notice to, or other action to, with or by, any
federal, state or other governmental authority or regulatory body, except for filings or recordings
in respect of the Liens

4

 

created pursuant to the Loan Documents and except as may be required, in connection with the
disposition of any Collateral, by laws generally affecting the offering and sale of securities;

     3.6 Binding Obligation. The Credit Agreement, as amended by this Amendment, has been
duly executed and delivered by Borrowers and is enforceable against Borrowers, in accordance with
its respective terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable
principles relating to enforceability; and

     3.7 Incorporation of Representations and Warranties From Credit Agreement. After
giving effect to this Amendment, the representations and warranties contained in Article V
of the Credit Agreement are and will be true, correct and complete in all material respects on and
as of the Seventh Amendment Effective Date to the same extent as though made on and as of such
date, except representations and warranties solely to the extent such representations and
warranties specifically relate to an earlier date, in which case they were true, correct and
complete in all material respects on and as of such earlier date.

Section 4. MISCELLANEOUS

     4.1 Reference to and Effect on the Credit Agreement and the Other Loan Documents.

          A. On and after the Seventh Amendment Effective Date, each reference in the Credit Agreement
to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the
Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and
be a reference to the Credit Agreement, as amended by this Amendment.

          B. Except as specifically amended by this Amendment, the Credit Agreement and the other Loan
Documents shall remain in full force and effect and are hereby ratified and confirmed.

          C. The execution, delivery and performance of this Amendment shall not, except as expressly
provided herein, constitute a waiver of any provision of, or operate as a waiver of any right,
power or remedy of Administrative Agent or any Lender under, the Credit Agreement or any of the
other Loan Documents.

     4.2 Fees and Expenses. Borrowers acknowledge that all reasonable costs, fees and
expenses incurred by Administrative Agent or Tender Agent and their respective counsel with respect
to this Amendment and the documents and transactions contemplated hereby shall be for the account
of Borrowers. The Borrowers hereby agree to pay the reasonable fees, cost and expenses of
Administrative Agent’s and Tender Agent’s counsel in connection with this Amendment concurrently
with or promptly but in no event later than 30 days after submission of an invoice with respect to
such reasonable fees, costs and expenses.

     4.3 Headings. Section and subsection headings in this Amendment are included herein
for convenience of reference only and shall not constitute a part of this Amendment for any other
purpose or be given any substantive effect.

     4.4 Counterparts; Effectiveness. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original, but all such counterparts together shall
constitute but one and the same instrument; signature pages may be detached from multiple separate
counterparts and attached to a

5

 

single counterpart so that all signature pages are physically attached to the same document.
This Amendment shall become effective upon the execution of a counterpart hereof by each Borrower
and Administrative Agent, and receipt by Borrowers and Administrative Agent of written, facsimile
or electronic image scan (e.g., “PDF” or “tif”) transmission or telephonic notification of such
execution and authorization of delivery thereof.

     4.5 Entire Agreement. This Amendment embodies the entire agreement and understanding
among the parties with respect to this amendment to the Credit Agreement, and supersedes all prior
agreements and understandings, oral or written, relating thereto.

     4.6 Governing Law. This Amendment shall be governed by, and construed in accordance
with, the law of the State of California.

Section 5. ACKNOWLEDGEMENT AND CONSENT

          A. Guarantors are party to that certain Continuing Guaranty (as amended from time to time),
dated as of November 2, 2004, pursuant to which Guarantors have guarantied the Obligations.
Pledgors are party to that certain Security Agreement (Securities) made by Borrowers (as amended
from time to time) and Security Agreement (Securities) made by certain other Pledgors (as amended
from time to time), dated as of November 2, 2004, pursuant to which Pledgors have pledged the
Collateral as security for the Indebtedness (as defined in the applicable Pledge Agreement).

          B. Each Guarantor and each Pledgor hereby acknowledges that it has reviewed the terms and
provisions of the Credit Agreement and this Amendment and consents to the amendment of the Credit
Agreement effected pursuant to this Amendment. Each Guarantor hereby confirms that each Guaranty
to which it is a party or otherwise bound, and each Pledgor hereby confirms that the Pledge
Agreement to which it is a party or otherwise bound, will continue to guaranty or secure, as the
case may be, to the fullest extent possible the payment and performance of all of the “Guaranteed
Obligations” (as defined in the applicable Guaranty) or the “Indebtedness” (as defined in the
applicable Pledge Agreement), as the case may be, including without limitation the payment and
performance of all such “Guaranteed Obligations” or “Indebtedness”, as the case may be, with
respect to the Obligations of Borrowers now or hereafter existing under or in respect of the
Credit Agreement (as amended hereby) and the Notes defined therein.

          C. Each Guarantor acknowledges and agrees that any Guaranty to which it is a party or
otherwise bound, and each Pledgor acknowledges and agrees that the Pledge Agreement to which it is
a party or otherwise bound, shall continue in full force and effect and that all of its
obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the
execution or effectiveness of this Amendment. Each Guarantor and each Pledgor represents and
warrants that all representations and warranties contained in the Guaranty and/or the Pledge
Agreement, as the case may be, to which it is a party or otherwise bound are true, correct and
complete in all material respects on and as of the date hereof to the same extent as though made
on and as of that date, except to the extent such representations and warranties specifically
relate to an earlier date, in which case they were true, correct and complete in all material
respects on and as of such earlier date.

          D. Each Guarantor and each Pledgor (other than the Borrowers) acknowledges and agrees that
(i) notwithstanding the conditions to effectiveness set forth in this Amendment, such Guarantor or
such Pledgor, as the case may be, is not required by the terms of the Credit Agreement or any
other Loan Document to consent to the amendments to the Credit Agreement effected pursuant to this
Amendment and (ii) nothing in the Credit Agreement, this Amendment or any other Loan Document

6

 

shall be deemed to require the consent of such Guarantor or such Pledgor to any future
amendments to the Credit Agreement.

[Signatures on Next Page]

7

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered as of the day and year first written above.

BORROWERS:

	 	 	 	 	 	 	 	 	 
	 	 	APARTMENT INVESTMENT AND

MANAGEMENT COMPANY,

a Maryland corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	AIMCO PROPERTIES, L.P.,

a Delaware limited partnership	 	 
	 	 	 	 	By:   AIMCO-GP, INC.,

a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	   By:
	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Patti K. Fielding	 	 
	 

	 	 	 	 	 	Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	AIMCO/BETHESDA HOLDINGS, INC.,

a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

PLEDGORS (for purposes of Section 5 only):

	 	 	 	 	 	 	 	 	 
	 	 	APARTMENT INVESTMENT AND

MANAGEMENT COMPANY,

a Maryland corporation, as Pledgor	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Patti K. Fielding
	 	 	 	 	 	 	 
	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer
	 
	 	 	 	 	 	 	 	 
	 	 	AIMCO PROPERTIES, L.P.,

a Delaware limited partnership, as Pledgor	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO-GP, INC.,

a Delaware corporation
	 	 	Its:	 	General Partner
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Patti K. Fielding	 	 
	 

	 	 	 	 	 	Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	AIMCO/BETHESDA HOLDINGS, INC.,

a Delaware corporation, as Pledgor	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Patti K. Fielding
	 	 	 	 	 	 	 
	 	 	 	 	Patti
K. Fielding

Executive Vice President and Treasurer

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	AIMCO/IPT, INC.,
a Delaware corporation,	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	NHP A&R SERVICES, INC.,
a Virginia corporation	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	NHP REAL ESTATE CORPORATION,
a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	AIMCO HOLDINGS QRS, INC.,
a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	NHPMN-GP, INC.,
a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	LAC PROPERTIES QRS II INC.,
a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Patti K. Fielding	 	 
	 	 	 	 	Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	AIMCO LP LA, LP, 
a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO LA QRS, Inc.,	 	 
	 	 	 	 	 	 	a Delaware corporation	 	 
	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Patti K. Fielding	 	 
	 	 	 	 	 	 	 	 	Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	GP-OP PROPERTY MANAGEMENT, LLC, 
a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO Properties, L.P.,	 	 
	 	 	 	 	 	 	a Delaware limited partnership,	 	 
	 	 	 	 	 	 	Its: Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	AIMCO-GP, Inc.,	 	 
	 	 	 	 	 	 	 	 	a Delaware corporation,	 	 
	 	 	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:
	 	 /s/ Patti K. Fielding
 

Patti K. Fielding
	 	 
	 

	 	 	 	 	 	 	 	 	 	Executive Vice President and Treasurer	 	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	AIMCO GP LA, L.P.,
a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO-GP, INC.,	 	 
	 	 	 	 	a Delaware corporation,	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 	 	
	 	 	 	 	 	 	Patti K. Fielding	 	 
	 	 	 	 	 	 	Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	LAC PROPERTIES OPERATING PARTNERSHIP, L.P.,
a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO GP LA, L.P.,	 	 
	 	 	 	 	a Delaware limited partnership,	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO-GP, INC.,	 	 
	 	 	 	 	 	 	a Delaware corporation,	 	 
	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Patti K. Fielding	 	 
	 	 	 	 	 	 	 	 	Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	AIC REIT PROPERTIES LLC,
a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO Properties, L.P.,	 	 
	 	 	 	 	a Delaware limited partnership,	 	 
	 	 	Its:	 	Managing Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO-GP, INC.,	 	 
	 	 	 	 	 	 	a Delaware corporation,	 	 
	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	 	 	/s/ Patti K. Fielding
 

Patti K. Fielding
	 	 
	 

	 	 	 	 	 	 	 	 	 	Executive Vice President and Treasurer	 	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	AMBASSADOR APARTMENTS, L.P.

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO QRS GP, LLC,

a Delaware limited liability company	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO Properties, L.P.,

a Delaware limited partnership,	 	 
	 	 	 	 	Its:	 	Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	AIMCO-GP, Inc.,

a Delaware corporation,	 	 
	 	 	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Patti K. Fielding	 	 
	 

	 	 	 	 	 	 	 	 	 	Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	AIMCO HOLDINGS, L.P.

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO Holdings QRS, Inc.,

a Delaware corporation,	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Patti K. Fielding	 	 
	 	 	 	 	 	 	Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	AMBASSADOR FLORIDA PARTNERS LIMITED PARTNERSHIP,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Ambassador Florida Partners, Inc.,

a Delaware corporation,	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Patti K. Fielding	 	 
	 	 	 	 	 	 	Executive Vice President and Treasurer	 	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	LAC PROPERTIES SUB LLC,

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	LAC Properties Operating Partnership, L.P.,

a Delaware limited partnership,	 	 
	 	 	Its:	 	Managing Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO GP LA, L.P.,

a Delaware limited partnership,	 	 
	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	AIMCO-GP, Inc.,

a Delaware corporation,	 	 
	 	 	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Patti K. Fielding 

Executive Vice President and
Treasurer	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	LAC PROPERTIES GP I LLC

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	LAC Properties Operating Partnership, L.P.,

a Delaware limited partnership,	 	 
	 	 	Its:	 	Managing Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO GP LA, L.P.,

a Delaware limited partnership,	 	 
	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	AIMCO-GP, Inc.,

a Delaware corporation,	 	 
	 	 	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Patti K. Fielding	 	 
	 

	 	 	 	 	 	 	 	 	 	Executive Vice President and
Treasurer	 	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

GUARANTORS (for purposes of Section 5 only):

AIMCO EQUITY SERVICES, INC.,

a Virginia corporation

AIMCO HOLDINGS QRS, INC.,

a Delaware corporation

AIMCO-LP TRUST

a Delaware trust

AIMCO PROPERTIES FINANCE CORP.,

a Delaware corporation

AMBASSADOR I, INC.,

a Delaware corporation

AMBASSADOR VIII, INC.,

a Delaware corporation

ANGELES REALTY CORPORATION II,

a California corporation

CONCAP EQUITIES, INC.,

a Delaware corporation

NHP A&R SERVICES, INC.,

a Virginia corporation

NHPMN STATE MANAGEMENT, INC.,

a Delaware corporation

NHP MULTI-FAMILY CAPITAL CORPORATION,

a District of Columbia corporation

AIMCO-GP, INC.,

a Delaware corporation

NHPMN-GP, INC.,

a Delaware corporation

	 	 	 	 	 
	 	By:  	                /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President and Treasurer 	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

	 	 	 	 	 
	 	AIMCO IPLP, L.P.,

a Delaware limited partnership

 	 
	 	By:  	AIMCO/IPT, Inc., 
a Delaware corporation
 	 
	 	Its:	 	      General Partner 	 

	 	 	 	 	 
	 	By:  	                        /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President
and Treasurer 	 

	 	 	 	 	 
	 	AIMCO HOLDINGS, L.P.,

a Delaware limited partnership

 	 
	 	By:  	AIMCO Holdings QRS, Inc.,
a Delaware corporation,
 	 
	 	Its:	 	      General Partner 	 

	 	 	 	 	 
	 	By:  	                       /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President
and Treasurer 	 

	 	 	 	 	 
	 	AMBASSADOR CRM FLORIDA PARTNERS LIMITED PARTNERSHIP,

a Delaware limited partnership

 	 
	 	By:  	Ambassador Florida Partners Limited Partnership,
a Delaware limited partnership
 	 
	 	Its:	 	      General Partner 	 

	 	 	 	 	 
	 	By:  	          Ambassador Florida Partners, Inc.,
a Delaware corporation
 	 
	 		 	Its:              General Partner 	 

	 	 	 	 	 
	 	By:  	                                              /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President and Treasurer 	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

	 	 	 	 	 
	 	AMBASSADOR APARTMENTS, L.P.

a Delaware limited partnership

 	 
	 	By:  	AIMCO QRS GP, LLC,
a Delaware limited liability company,
 	 
	 	Its:	 	      General Partner 	 

	 	 	 	 	 
	 	By:  	            AIMCO Properties, L.P.,
a Delaware limited partnership,
 	 
	 	Its:	 	               Member 	 

	 	 	 	 	 
	 	By:  	                               AIMCO-GP, Inc.,
a Delaware corporation,
 	 
	 	Its:	 	                  General Partner 	 

	 	 	 	 	 
	 	By:  	                               /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President
and Treasurer 	 

	 	 	 	 	 
	 	LAC PROPERTIES OPERATING PARTNERSHIP, L.P.,

a Delaware limited partnership

 	 
	 	By:  	AIMCO GP LA, L.P.,
a Delaware limited partnership
 	 
	 	Its:	 	      General Partner 	 

	 	 	 	 	 
	 	By:  	                AIMCO-GP, Inc.,
a Delaware corporation
 	 
	 	Its:	 	            General Partner 	 

	 	 	 	 	 
	 	By:  	                                /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President
and Treasurer 	 

	 	 	 	 	 
	 	GP-OP PROPERTY MANAGEMENT, LLC

a Delaware limited liability company

 	 
	 	By:  	AIMCO Properties, L.P.,
a Delaware limited partnership,
 	 
	 	Its:	 	      Member 	 

	 	 	 	 	 
	 	By:  	             AIMCO-GP, Inc.,
a Delaware corporation,
 	 
	 	Its:	 	             General Partner 	 

	 	 	 	 	 
	 	By:  	                              /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President and
Treasurer 	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

	 	 	 	 	 
	 	NHPMN MANAGEMENT, L.P.,

a Delaware limited partnership

 	 
	 	By:  	NHPMN-GP, Inc.
a Delaware corporation,
 	 
	 	Its:	 	      General Partner 	 

	 	 	 	 	 
	 	By:  	                        /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President
and Treasurer 	 

	 	 	 	 	 
	 	NHPMN MANAGEMENT, LLC,

a Delaware limited liability company

 	 
	 	By:  	AIMCO/Bethesda Holdings, Inc.,
a Delaware corporation,
 	 
	 	Its:	 	      Member 	 

	 	 	 	 	 
	 	By:  	                      /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President
and Treasurer 	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

	 	 	 	 	 
	 	OP PROPERTY MANAGEMENT, L.P.,

a Delaware limited partnership

 	 
	 	By:  	NHPMN-GP, Inc.,
a Delaware corporation
 	 
	 	Its:	 	      Managing General Partner 	 

	 	 	 	 	 
	 	By:  	                        /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President
and Treasurer 	 

	 	 	 	 	 
	 	OP PROPERTY MANAGEMENT, LLC,

a Delaware limited liability company

 	 
	 	By:  	AIMCO Properties, L.P.,
a Delaware limited partnership
 	 
	 	Its:	 	      Member 	 

	 	 	 	 	 
	 	By:  	                AIMCO-GP, Inc.,
a Delaware corporation
 	 
	 	Its:	 	            General Partner 	 

	 	 	 	 	 
	 	By:  	                                /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President
and Treasurer 	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

	 	 	 	 	 
	 	LAC PROPERTIES GP I LIMITED PARTNERSHIP,

a Delaware limited partnership

 	 
	 	By:  	LAC Properties GP I LLC,
a Delaware limited liability company
 	 
	 	Its:	 	      General Partner 	 

	 	 	 	 	 
	 	By:  	          LAC Properties Operating Partnership, L.P.,
a Delaware limited partnership
 	 
	 	Its:	 	          Managing Member 	 

	 	 	 	 	 
	 	By:  	                        AIMCO GP LA, L.P.,
a Delaware limited partnership
 	 
	 	Its:	 	             General Partner 	 

	 	 	 	 	 
	 	By:  	                                         AIMCO-GP, Inc.,
a Delaware corporation
 	 
	 	Its:	 	             General Partner 	 

	 	 	 	 	 
	 	By:  	                                                          /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice
President and
Treasurer 	 

	 	 	 	 	 
	 	LAC PROPERTIES GP II LIMITED PARTNERSHIP,

a Delaware limited partnership

 	 
	 	By:  	LAC Properties QRS II Inc.,
a Delaware corporation,
 	 
	 	Its:	 	      General Partner 	 

	 	 	 	 	 
	 	By:  	                       /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President
and Treasurer 	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

	 	 	 	 	 
	 	AIMCO SELECT PROPERTIES, L.P.,

a Delaware limited partnership

 	 
	 	By:  	AIMCO/Bethesda Holdings, Inc.,
a Delaware corporation,
 	 
	 	Its:	 	      General Partner 	 

	 	 	 	 	 
	 	By:  	          /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President
and Treasurer 	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

	 	 	 	 	 
	 	Bank of America, N.A.,

as a Lender

 	 
	 	By:  	/s/ James P. Johnson
 	 
	 	 	Name:  	James P. Johnson 	 
	 	 	Title:  	Senior Vice President 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION,

As Syndication Agent And Lender

 	 
	 	By:  	/s/ Christopher T. Neil
 	 
	 	 	Name:  	Christopher T. Neil 	 
	 	 	Title:  	Senior Relationship Manager 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/ J. Derek Evans
 	 
	 	 	Name:  	J. Derek Evans 	 
	 	 	Title:  	SVP 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	AIB DEBT MANAGEMENT LIMITED,

as a Lender

 	 
	 	By:  	/s/ Joseph Augustini
 	 
	 	 	Name:  	Joseph Augustini 	 
	 	 	Title:  	Senior Vice President
Investment Advisor to
AIB Debt Management, Limited 	 
	 
	 	 	 
	 	By:  	                /s/ Marc Pierron
 	 
	 	 	Name:  	Marc Pierron 	 
	 	 	Title:  	AVP 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Ameriprise Certificate Company,

as a Lender

 	 
	 	By:  	/s/ Robin C. Stancil
 	 
	 	 	Name:  	Robin C. Stancil 	 
	 	 	Title:  	Assistant Vice President 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Aurum CLO 2002-1 Ltd.

By: Deutsche Investment Management Americas,

Inc. (as successor in interest to Deutsche

Asset Management, Inc.)

As Sub-Adviser,

as a Lender

 	 
	 	By:  	/s/ Eric S. Meyer
 	 
	 	 	Name:  	Eric S. Meyer 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	                     /s/ Thomas R. Bouchard
 	 
	 	 	Name:  	Thomas R. Bouchard 	 
	 	 	Title:  	Vice President 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	BABSON CLO LTD. 2003-I

BABSON CLO LTD. 2005-I

BABSON CLO LTD. 2005-II

BABSON CLO LTD. 2005-III

BABSON CLO LTD. 2006-II

BABSON CLO LTD. 2007-I

SUFFIELD CLO, LIMITED,

as Lenders

By: Babson Capital Management LLC as

Collateral Manager

 	 
	 	By:  	/s/ Arthur McMahon
 	 
	 	 	Name:  	Arthur McMahon 	 
	 	 	Title:  	Director 	 
	 
	 	C.M. LIFE INSURANCE COMPANY,

as a Lender

By: Babson Capital Management LLC as

Investment Adviser

 	 
	 	By:  	/s/ Arthur McMahon
 	 
	 	 	Name:  	Arthur McMahon 	 
	 	 	Title:  	Director 	 
	 
	 	HAKONE FUND II LLC, as a Lender

By: Babson Capital Management LLC as

Investment Manager

 	 
	 	By:  	/s/ Arthur McMahon
 	 
	 	 	Name:  	Arthur McMahon 	 
	 	 	Title:  	Director 	 
	 
	 	MASSACHUSETTS MUTUAL LIFE

INSURANCE COMPANY, as a Lender

By: Babson Capital Management LLC as

Investment Adviser

 	 
	 	By:  	/s/ Arthur McMahon
 	 
	 	 	Name:  	Arthur McMahon 	 
	 	 	Title:  	Director 	 
	 
	 	VINACASA CLO, LTD., as a Lender

By: Babson Capital Management LLC as

Collateral Servicer

 	 
	 	By:  	/s/ Arthur McMahon
 	 
	 	 	Name:  	Arthur McMahon 	 
	 	 	Title:  	Director 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	VINACASA SUBSIDIARY HOLDING COMPANY
II, LLC, as a Lender

By: Vinacasa CLO, Ltd., Its Sole Member

By: Babson Capital Management LLC as

Collateral Servicer

 	 
	 	By:  	/s/ Arthur McMahon
 	 
	 	 	Name:  	Arthur McMahon 	 
	 	 	Title:  	Director 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Cent CDO 12 Limited

By: RiverSource Investments,

LLC as Collateral Manager,

as a Lender

 	 
	 	By:  	/s/ Robin C. Stancil
 	 
	 	 	Name:  	Robin C. Stancil 	 
	 	 	Title:  	Director of Operations 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Cent CDO 14 Limited

By: RiverSource Investments,

LLC as Collateral Manager,

as a Lender

 	 
	 	By:  	/s/ Robin C. Stancil
 	 
	 	 	Name:  	Robin C. Stancil 	 
	 	 	Title:  	Director of Operations 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Cent CDO 15 Limited

By: RiverSource Investments,

LLC as Collateral Manager,

as a Lender

 	 
	 	By:  	/s/ Robin C. Stancil
 	 
	 	 	Name:  	Robin C. Stancil 	 
	 	 	Title:  	Director of Operations 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Cent CDO XI Limited

By: RiverSource Investments,

LLC as Collateral Manager,

as a Lender

 	 
	 	By:  	/s/ Robin C. Stancil
 	 
	 	 	Name:  	Robin C. Stancil 	 
	 	 	Title:  	Director of Operations 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Centurion CDO 8 Limited

By: RiverSource Investments,

LLC as Collateral Manager,

as a Lender

 	 
	 	By:  	                   /s/ Robin C. Stancil
 	 
	 	 	Name:  	Robin C. Stancil 	 
	 	 	Title:  	Director of Operations 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Centurion CDO 9 Limited

By: RiverSource Investments,

LLC as Collateral Manager,

as a Lender

 	 
	 	By:  	/s/ Robin C. Stancil
 	 
	 	 	Name:  	Robin C. Stancil 	 
	 	 	Title:  	Director of Operations 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Centurion CDO III, Limited

By: RiverSource Investments,

LLC as Collateral Manager,

as a Lender

 	 
	 	By:  	/s/ Robin C. Stancil
 	 
	 	 	Name:  	Robin C. Stancil 	 
	 	 	Title:  	Director of Operations 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Centurion CDO VI, Ltd.

By: RiverSource Investments,

LLC as Collateral Manager,

as a Lender

 	 
	 	By:  	/s/ Robin C. Stancil
 	 
	 	 	Name:  	Robin C. Stancil 	 
	 	 	Title:  	Director of Operations 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Centurion CDO VII Limited

By: RiverSource Investments,

LLC as Collateral Manager,

as a Lender

 	 
	 	By:  	/s/ Robin C. Stancil
 	 
	 	 	Name:  	Robin C. Stancil 	 
	 	 	Title:  	Director of Operations 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Cornerstone CLO Ltd.

By: Stone Tower Debt Advisors LLC,

As Its Collateral Manager,

as a Lender

 	 
	 	By:  	/s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Emigrant Realty Finance,

as a Lender

 	 
	 	By:  	/s/ Christine Elcik
 	 
	 	 	Name:  	Christine Elcik 	 
	 	 	Title:  	Director and Vice President 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	FIRST TRUST/FOUR CORNERS SENIOR FLOATING RATE
INCOME FUND II

By: Four Corners Capital Management, LLC,

As Sub-Adviser,

as a Lender

 	 
	 	By:  	/s/ Matt O’Mara
 	 
	 	 	Name:  	Matt O’Mara 	 
	 	 	Title:  	Vice President 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Flagship CLO IV

By: Deutsche Investment Management Americas,

Inc. (as successor in interest to Deutsche

Asset Management, Inc.)

As Sub-Adviser,

as a Lender

 	 
	 	By:  	/s/ Eric S. Meyer
 	 
	 	 	Name:  	Eric S. Meyer 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                     /s/ Thomas R. Bouchard
 	 
	 	 	Name:  	Thomas R. Bouchard 	 
	 	 	Title:  	Vice President 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	FOUR CORNERS CLO 2005-I, Ltd.

By: Four Corners Capital Management, LLC

As Collateral Manager,

as a Lender

 	 
	 	By:  	                 /s/ Matt O’Mara
 	 
	 	 	Name:  	Matt O’Mara 	 
	 	 	Title:  	Vice President 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Four Corners CLO II, Ltd.,

as a Lender

 	 
	 	By:  	                    /s/ Sean Bresnahan
 	 
	 	 	Name:  	Sean Bresnahan 	 
	 	 	Title:  	Assistant Vice President 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Four Corners CLO III, Ltd.

By: Macquarie Funds Group

FKA Four Corners Capital Management, LLC

As Collateral Manager,

as a Lender

 	 
	 	By:  	                 /s/ Matt O’Mara
 	 
	 	 	Name:  	Matt O’Mara 	 
	 	 	Title:  	Vice President 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Granite Ventures I Ltd.

By: Stone Tower Debt Advisors LLC

As Its Collateral Manager,

as a Lender

 	 
	 	By:  	/s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Granite Ventures II Ltd.

By: Stone Tower Debt Advisors LLC

As Its Collateral Manager,

as a Lender

 	 
	 	By:  	               /s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Granite Ventures III Ltd.

By: Stone Tower Debt Advisors LLC

As Its Collateral Manager,

as a Lender

 	 
	 	By:  	/s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Grayson CLO, Ltd.

By: Highland Capital Management, L.P.

As Collateral Manager

By: Strand Advisors, Inc.,

Its General Partner,

as a Lender

 	 
	 	By:  	/s/ Jason Post
 	 
	 	 	Name:  	Jason Post 	 
	 	 	Title:  	Operations Director 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Bank of America as Trustee for

H/2 Targeted Return Strategies II Ltd.,

as a Lender

 	 
	 	By:  	                 /s/ Michael Oliver
 	 
	 	 	Name:  	Michael Oliver 	 
	 	 	Title:  	Vice President 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Bank of America National Association as

Trustee for H/2 Real Estate CDO 2006-1, Ltd.,

as a Lender

 	 
	 	By:  	/s/ Michael Oliver
 	 
	 	 	Name:  	Michael Oliver 	 
	 	 	Title:  	Vice President 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	LATITUDE CLO I,

as a Lender

 	 
	 	By:  	/s/ Kirk Wallace
 	 
	 	 	Name:  	Kirk Wallace 	 
	 	 	Title:  	Senior Vice President 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Liberty CLO, Ltd.

By: Highland Capital Management, L.P.

As Collateral Manager

By: Strand Advisors, Inc., Its General Partner,

as a Lender

 	 
	 	By:  	/s/ Jason Post
 	 
	 	 	Name:  	Jason Post 	 
	 	 	Title:  	Operations Director 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Lightpoint CLO 2004-1,

as a Lender

 	 
	 	By:  	/s/ Brad Tank
 	 
	 	 	Name:  	Brad Tank 	 
	 	 	Title:  	Managing Director 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Lightpoint CLO III, Ltd.,

as a Lender

 	 
	 	By:  	/s/ Brad Tank
 	 
	 	 	Name:  	Brad Tank 	 
	 	 	Title:  	M. D. 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Lightpoint CLO IV, Ltd.,

as a Lender

 	 
	 	By:  	/s/ Brad Tank
 	 
	 	 	Name:  	Brad Tank 	 
	 	 	Title:  	M. D. 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Lightpoint CLO V, Ltd.,

as a Lender

 	 
	 	By:  	/s/ Brad Tank
 	 
	 	 	Name:  	Brad Tank 	 
	 	 	Title:  	M. D. 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Lightpoint CLO VII, Ltd.,

as a Lender

 	 
	 	By:  	/s/ Brad Tank
 	 
	 	 	Name:  	Brad Tank 	 
	 	 	Title:  	M. D. 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Lightpoint CLO VIII, Ltd.,

as a Lender

 	 
	 	By:  	/s/ Brad Tank
 	 
	 	 	Name:  	Brad Tank 	 
	 	 	Title:  	M. D. 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Loan Star State Trust

By: Highland Capital Management, L.P.,

As Collateral Manager

By: Strand Advisors, Inc., Its Investment

Advisor,

as a Lender

 	 
	 	By:  	/s/ Jason Post
 	 
	 	 	Name:  	Jason Post 	 
	 	 	Title:  	Operations Director 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Marquette US/European CLO P.L.C.,
as a Lender

 	 
	 	By:  	/s/ Brad Tank
 	 
	 	 	Name:  	Brad Tank 	 
	 	 	Title:  	M.D. 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

	 	 	 	 	 
	 	OLYMPIC CLO I,
as a Lender

 	 
	 	By:  	/s/ John M. Casparian
 	 
	 	 	Name:  	John M. Casparian 	 
	 	 	Title:  	Co-President

Churchill Pacific Asset Management, Manager 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

	 	 	 	 	 
	 	Rampart CLO 2006-1 Ltd.
By: Stone Tower Debt Advisors LLC,
As Its Collateral Manager,
as a Lender

 	 
	 	By:  	/s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

	 	 	 	 	 
	 	Rampart CLO 2007 Ltd.
By: Stone Tower Debt Advisors LLC,
As Its Collateral Manager,
as a Lender

 	 
	 	By:  	/s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

	 	 	 	 	 
	 	Raymond James Bank, FSB,
as a Lender

 	 
	 	By:  	/s/ Thomas G. Scott
 	 
	 	 	Name:  	Thomas G. Scott 	 
	 	 	Title:  	Senior Vice President 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

	 	 	 	 	 
	 	Rockwall CDO LTD.
By: Highland Capital Management, L.P.
As Collateral Manager
By: Strand Advisors, Inc., It’s General Partner,
as a Lender

 	 
	 	By:  	/s/ Jason Post
 	 
	 	 	Name:  	Jason Post 	 
	 	 	Title:  	Operations Director 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

	 	 	 	 	 
	 	SAN GABRIEL CLO I,
as a Lender

 	 
	 	By:  	/s/ John M. Casparian
 	 
	 	 	Name:  	John M. Casparian 	 
	 	 	Title:  	Co-President
Churchill Pacific Asset Management, Manager 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

	 	 	 	 	 
	 	Sequils-Centurion V, Ltd.
By:
RiverSource Investments, 
LLC as Collateral Manager,
as a Lender

 	 
	 	By:  	/s/ Robin C. Stancil
 	 
	 	 	Name:  	Robin C. Stancil 	 
	 	 	Title:  	Director of Operations 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

	 	 	 	 	 
	 	SF-3 Segregated Portfolio, a segregated

portfolio of Shiprock Finance, SPC, for which

Shiprock Finance, SPC is acting on behalf of

and for the account of SF-3 Segregated

Portfolio,
As a Lender

 	 
	 	By:  	

/s/ Sean Bresnahan
 	 
	 	 	Name:  	Sean Bresnahan 	 
	 	 	Title:  	Assistant Vice President 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

	 	 	 	 	 
	 	SIERRA CLO II,

as a Lender

 	 
	 	By:  	/s/ John M. Casparian
 	 
	 	 	Name:  	John M. Casparian 	 
	 	 	Title:  	Co-President
Churchill Pacific Asset Management, Manager 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

	 	 	 	 	 
	 	Stone Tower CDO II Ltd.

By Stone Tower Debt Advisors LLC

As Its Collateral Manager,

as a Lender

 	 
	 	By:  	/s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Stone Tower CDO Ltd.

By Stone Tower Debt Advisors LLC

As Its Collateral Manager,

as a Lender

 	 
	 	By:  	/s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Stone Tower CDO III Ltd.

By Stone Tower Debt Advisors LLC

As Its Collateral Manager,

as a Lender

 	 
	 	By:  	/s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Stone Tower CDO IV Ltd.

By Stone Tower Debt Advisors LLC

As Its Collateral Manager,

as a Lender

 	 
	 	By:  	/s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Stone Tower CDO V Ltd.

By Stone Tower Debt Advisors LLC

As Its Collateral Manager,

as a Lender

 	 
	 	By:  	/s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Stone Tower CDO VI Ltd.

By Stone Tower Debt Advisors LLC

As Its Collateral Manager,

as a Lender

 	 
	 	By:  	/s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Stone Tower CDO VII Ltd.

By Stone Tower Debt Advisors LLC

As Its Collateral Manager,

as a Lender

 	 
	 	By:  	/s/ Michael W. DelPercio
 	 
	 	 	Name:  	Michael W. DelPercio 	 
	 	 	Title:  	Authorized Signatory 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Stratford CLO, Ltd.

By: Highland Capital Management, L.P.,

As Collateral Manager,

By: Strand Advisors, Inc.,

Its General Partner,

as a Lender

 	 
	 	By:  	/s/ Jason Post
 	 
	 	 	Name:  	Jason Post 	 
	 	 	Title:  	Operations Director 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	VENTURE II CDO 2002, LIMITED

By its investment advisor,

MJX Asset Management LLC,

as a Lender

 	 
	 	By:  	/s/ Frederick H. Taylor
 	 
	 	 	Name:  	Frederick H. Taylor 	 
	 	 	Title:  	Managing Director 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	VENTURE III CDO LIMITED

By its investment advisor,

MJX Asset Management LLC,

as a Lender

 	 
	 	By:  	/s/ Frederick H. Taylor
 	 
	 	 	Name:  	Frederick H. Taylor 	 
	 	 	Title:  	Managing Director 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	VENTURE IV CDO LIMITED

By its investment advisor,

MJX Asset Management LLC,

as a Lender

 	 
	 	By:  	/s/ Frederick H. Taylor
 	 
	 	 	Name:  	Frederick H. Taylor 	 
	 	 	Title:  	Managing Director 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	VENTURE IX CDO LIMITED

By its investment advisor,

MJX Asset Management LLC,

as a Lender

 	 
	 	By:  	/s/ Frederick H. Taylor
 	 
	 	 	Name:  	Frederick H. Taylor 	 
	 	 	Title:  	Managing Director 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	VENTURE V CDO LIMITED

By its investment advisor,

MJX Asset Management LLC,

as a Lender

 	 
	 	By:  	/s/ Frederick H. Taylor
 	 
	 	 	Name:  	Frederick H. Taylor 	 
	 	 	Title:  	Managing Director 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	VENTURE VII CDO LIMITED

By its investment advisor,

MJX Asset Management LLC,

as a Lender

 	 
	 	By:  	/s/ Frederick H. Taylor
 	 
	 	 	Name:  	Frederick H. Taylor 	 
	 	 	Title:  	Managing Director 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	VENTURE VIII CDO LIMITED

By its investment advisor,

MJX Asset Management LLC,

as a Lender

 	 
	 	By:  	/s/ Frederick H. Taylor
 	 
	 	 	Name:  	Frederick H. Taylor 	 
	 	 	Title:  	Managing Director 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	VISTA LEVERAGED INCOME FUND

By its investment advisor,

MJX Asset Management LLC,

as a Lender

 	 
	 	By:  	/s/ Frederick H. Taylor
 	 
	 	 	Name:  	Frederick H. Taylor 	 
	 	 	Title:  	Managing Director 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	Westchester CLO, Ltd

By: Highland Capital Management, L.P.,

As Collateral Servicer

By: Strand Advisors, Inc., Its General Partner,

as a Lender

 	 
	 	By:  	/s/ Jason Post
 	 
	 	 	Name:  	Jason Post 	 
	 	 	Title:  	Operations Director 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

	 	 	 	 	 

 

 

	 	 	 	 	 
	 	WHITNEY CLO I,

as a Lender

 	 
	 	By:  	/s/ John M. Casparian
 	 
	 	 	Name:  	John M. Casparian 	 
	 	 	Title:  	Co-President

Churchill Pacific Asset Management, Manager 	 
	 

(Seventh Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

Exhibit A to Seventh Amendment

Annex I to Credit Agreement

Auction Procedures

ThisAnnex I is intended to summarize certain basic terms of the Auction procedures
pursuant to and in accordance with the terms and conditions of Section 2.05(d) of the Credit
Agreement (as defined below), of which this Annex I is a part. It is not intended to be a
definitive list of all of the terms and conditions of an Auction, and all such terms and conditions
shall be set forth in the applicable offer procedures set for each Auction (the “Offer
Documents”); provided that in all events each Auction shall be open to all the Term
Lenders and written notice of each such Auction by the Tender Agent shall be provided to all Term
Lenders in accordance with the Tender Agent’s standard dissemination practices. The Administrative
Agent, or any of its Affiliates may tender Return Bids and be a participating Lender on the same
terms and conditions set forth in this Annex I and the applicable Offer Documents, and such
participation may not be deemed a recommendation to any Lender to submit a Return Bid or to take
part in this or any other offer.

          Reference is made to the Amended and Restated Senior Secured Credit Agreement, dated as of
November 2, 2004, by and among APARTMENT INVESTMENT AND MANAGEMENT COMPANY, a Maryland corporation
(the “REIT”), AIMCO PROPERTIES, L.P., a Delaware limited partnership (“AIMCO”), and AIMCO/BETHESDA
HOLDINGS, INC., a Delaware corporation (“AIMCO/Bethesda”) (the REIT, AIMCO and AIMCO/Bethesda
collectively referred to herein as “Borrowers”), each lender from time to time party thereto, BANK
OF AMERICA, N.A., as Administrative Agent and as Swing Line Lender and L/C Issuer, and KeyBank
National Association, as Syndication Agent (as amended by (i) the First Amendment to Amended and
Restated Senior Secured Credit Agreement, dated June 16, 2005, (ii) the Second Amendment to Amended
and Restated Senior Secured Credit Agreement, dated March 22, 2006, (iii) the Third Amendment to
Amended and Restated Senior Secured Credit Agreement, dated August 31, 2007, (iv) the Fourth
Amendment to Amended and Restated Senior Secured Credit Agreement, dated September 14, 2007, (v)
the Fifth Amendment to Amended and Restated Senior Secured Credit Agreement, dated September 9,
2008, (vi) the Sixth Amendment to Amended and Restated Senior Secured Credit Agreement, dated May
1, 2009, (vii) the Seventh Amendment to Amended and Restated Senior Secured Credit Agreement, dated
August 4, 2009 and as further amended, restated, amended and restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”). Capitalized terms used herein but not
defined herein have the meanings given to such terms in the Credit Agreement.

     1. Summary. During the one year period commencing with August 4, 2009 and ending on
August 4, 2010 (the “Auction Period”), the Borrowers, or any Borrower individually, may
make up to (but not more than) five offers in the aggregate to prepay Term B Loans to Lenders (each
such offer, an “Auction”) (each such prepayment, a “Term B Loan Auction
Prepayment”) pursuant to the procedures described herein. No Auction may be commenced if any
other Auction has been previously commenced and not yet completed, terminated or expired. Separate
Auctions may not be commenced on the same day.

     2. Notice Procedures. The Borrowers will provide written notice in substantially the
form attached hereto as Exhibit A to the Tender Agent that the Borrowers (or any individual
Borrower) desire to prepay Term B Loans (each an “Auction Notice”). Each Auction Notice
shall specify:

          (a) the maximum principal amount of outstanding Term B Loans the Borrowers are willing to
prepay in connection with such Auction, which shall be no less than $500,000 and may be in integral
multiples of $500,000 in excess thereof (the “Auction Amount”);

i

 

Exhibit A to Seventh Amendment

Annex I to Credit Agreement

          (b) in connection with an Auction that is a (i) Modified Dutch Auction or a Variable Price
Auction, the range of discounts (the “Discount Range”), expressed as a range of prices per
$1,000 of the Term B Loans at issue, equal to a percentage of par of the principal amount of the
applicable Term B Loans at which the Borrowers would be willing to prepay in the Auction (i.e. a
discount range of 20% to 40% means a discount of 20% to 40% of par and, commensurately, a payment
range of 60% (in the case of a 40% discount) to 80% (in the case of a 20% discount) of par) and
(ii) Fixed Price Auction, the discount (the “Fixed Discount”) expressed as a price per
$1,000 of the Term B Loans at issue, equal to a percentage of par of the principal amount of the
applicable Term B Loans at which the Borrowers would be willing to prepay in the Auction (i.e. a
discount of 20% means a discount of 20% of par and, commensurately, a payment of 80% of par);

          (c) whether
the Auction will be a Modified Dutch Auction, a Variable Price Auction or a Fixed
Price Auction; and

          (d) the date on which the Auction will conclude, on which date Return Bids (defined below)
will be due by 11:00 a.m., as such date and time may be extended (such time, the “Expiration
Time”) for a period not exceeding three Business Days upon notice by the Borrowers to the
Tender Agent not less than 24 hours before the original Expiration Time.

     3. Reply Procedures. Each Lender holding Term B Loans wishing to participate in such
Auction must by the date and time specified in the Auction Notice provide the Tender Agent with a
written notice of participation in the form attached hereto as Exhibit B (a “Return
Bid”) which shall specify:

          (a) in connection with an Auction that is a Modified Dutch Auction or a Variable Price
Auction, a discount to par that must be expressed as a price per $1,000 of Loans (the “Reply
Discount”) within the Discount Range (in multiples of $5 per $1,000 principal amount); and

          (b) the principal amount of Term B Loans, in an amount not less than $500,000 and may be in
integral multiples of $500,000 in excess thereof (but subject to rounding requirements specified by
the Tender Agent), that such Lender would be willing to offer for prepayment at (i) in connection
with a Modified Dutch Auction or a Variable Price Auction, such Reply Discount or (ii) in
connection with a Fixed Price Auction, the Fixed Discount (the “Reply Amount”).

          A Lender may submit a Reply Amount that is less than the minimum amount and incremental amount
requirements described above only if the Reply Amount comprises the entire amount of such Term B
Loans held by such Lender. Lenders may only submit one Return Bid per Auction; provided
that (except in the case of a Fixed Price Auction) each Return Bid may contain up to three
component bids, each of which may result in a separate Qualifying Bid (as defined below) and each
of which will not be contingent on any other component bid submitted by such Lender resulting in a
Qualifying Bid; provided further that, the sum of any Lender’s bid(s) may not
exceed the principal face amount of Loans held by it. The Borrowers will have no obligation to
(and may not) prepay any Term B Loans at a Reply Discount that is outside the applicable Discount
Range, nor will any Return Bids (including any component bids specified therein) submitted at a
Reply Discount that is outside such applicable Discount Range be considered in any calculation of
the Applicable Discount, if applicable. A Lender failing to submit a Return Bid shall be
conclusively deemed to have irrevocably elected not to participate in the Auction.

     4. Modified Dutch Auction Procedures.

ii

 

Exhibit A to Seventh Amendment

Annex I to Credit Agreement

          (a) Identification of Clearing Bid and Determination of the Applicable Discount. In
the event the Auction being conducted has been specified by the Borrowers to be a Modified Dutch
Auction, this Section 4 shall be applicable and the Auction shall constitute a
“Modified Dutch Auction”. Based on the Reply Discounts and Reply Amounts received by the
Tender Agent in such Modified Dutch Auction, the Tender Agent, in consultation with the Borrowers,
will determine the applicable discount (the “Modified Dutch Auction Applicable Discount”)
for the Modified Dutch Auction, which will be the Reply Discount at which the Borrowers can
complete the Auction by accepting and prepaying the full Auction Amount (or such lesser amount of
Term B Loans for which the Borrowers have received Return Bids within the Discount Range) pursuant
to Section 2.05(d) of the Credit Agreement. The Modified Dutch Auction Applicable Discount will be
determined and computed by adding the Reply Amounts at each Reply Discount within the Discount
Range, commencing with the Reply Amounts which are offered at the highest of such Reply Discounts
(i.e. a Reply Discount of 20% is higher than a Reply Discount of 19%) and followed by Reply Amounts
which are offered at each lesser Reply Discount within the Discount Range in descending order
towards par until the aggregate principal amount of Term B Loans covered by Return Bids within the
Discount Range reaches the Auction Amount or, if less, the aggregate amount of Term B Loans for
which the Borrowers have received Return Bids within the Discount Range. The Modified Dutch
Auction Applicable Discount will equal the least of the Reply Amounts that is within the Discount
Range (i.e., a Reply Discount of 18% is the least of Reply Discounts of 20%, 19% and 18%). No
Return Bids will be accepted which specify a Reply Discount less than the Modified Dutch Auction
Applicable Discount. The Modified Dutch Auction Applicable Discount so derived shall be applicable
for all Lenders who have offered to participate in the Auction and whose Return Bids (including any
component bid thereof) specified a Reply Discount equal to or greater than the Modified Dutch
Auction Applicable Discount (each a “Modified Dutch Auction Qualifying Bid”). If no such
Modified Dutch Auction Applicable Discount for the full Auction Amount can be so derived, then the
Modified Dutch Auction Applicable Discount for all Reply Amounts shall be the least of the Reply
Discounts that is within the Discount Range (i.e. a Reply Discount of 18% is the least of Reply
Discounts of 20%, 19% and 18%).

     (b) Identification of Accepted Amounts and Acceptance of Bids; Proration. Once the
Applicable Discount for each Modified Dutch Auction is determined, the Borrowers shall accept
Return Bids (including any component bid thereof) (and commensurately identify for prepayment those
Term B Loans (or the respective portions thereof) (“Modified Dutch Auction Qualifying
Loans”)) offered by the Lenders whose Return Bids (or component bids thereof) constitute
Modified Dutch Auction Qualifying Bids, all at the Modified Dutch Auction Applicable Discount;
provided that if the aggregate principal amount of Modified Dutch Auction Qualifying Loans
(disregarding any interest and premium, if any, payable thereon) would exceed the Auction Amount
for such Modified Dutch Auction, the Borrowers shall accept Return Bids for prepayment of Modified
Dutch Auction Qualifying Loans all at the Modified Dutch Auction Applicable Discount based on the
respective principal amounts so offered by applying such respective principal amounts (up to the
Auction Amount (such amount being referred to as the “Modified Dutch Auction Cap Amount”))
sequentially and pro-rata to the aggregate Reply Amounts included in each Modified Dutch Auction
Qualifying Bid at the level of each Reply Discount within the Discount Range, until the aggregate
principal amount of Modified Dutch Auction Qualifying Loans reaches the Auction Amount or, if less,
the aggregate amount of Term B Loans for which the Borrowers have received Modified Dutch Auction
Qualifying Bids. Such application shall be made at each level of Reply Discounts without proration
unless and until the aggregate amount of Modified Dutch Auction Qualifying Loans exceed the
Modified Dutch Auction Cap Amount, in which case the aggregate Reply Amounts covered by Return Bids
(or component bids thereof) specifying Reply Discounts equal to the Modified Dutch Auction
Applicable Discount shall be pro-rated (based on the aggregate amount of Return Bids specifying
Reply Discounts equal to the Modified Dutch Auction Applicable Discount and the amount of such Return Bids that would be necessary to reach the Modified Dutch Auction Cap

iii

 

Exhibit A to Seventh Amendment

Annex I to Credit Agreement

Amount after giving effect to all other Return Bids specifying Reply Discounts below the Modified
Dutch Auction Applicable Discount) to the extent necessary so that the aggregate accepted bids do
not exceed the Modified Dutch Auction Cap Amount.

     5. Variable Price Auction Procedures.

          (a) Determination of the Applicable Discount. In the event the Auction being
conducted has been specified by the Borrowers to be a Variable Price Auction, this Section
5 shall be applicable and the Auction shall constitute a “Variable Price Auction”.
Based on the Reply Discounts and Reply Amounts received by the Tender Agent in such Variable Price
Auction, the Tender Agent, in consultation with the Borrowers, will determine the applicable
discount (the “Variable Price Auction Applicable Discount” and, together with the Modified
Dutch Auction Applicable Discount and the Fixed Discount, each an “Applicable Discount”)
for the Auction, which shall be, for each Lender submitting a Return Bid constituting a Variable
Price Qualifying Bid (as defined below), the Reply Discount identified by such Lender with respect
to the portion of its Reply Bid that is a Variable Price Qualifying Bid. The Borrowers shall
accept Return Bids (each a “Variable Price Qualifying Bid”), giving priority to Return Bids
with the highest Reply Discounts, until the full Auction Amount (or such lesser amount of Term B
Loans for which the Borrowers have received Return Bids within the Discount Range) has been
reached. Return Bids (including any component bid thereof) specifying the highest Reply Discounts
within the Discount Range will be given absolute priority, commencing with the Reply Amounts which
are offered at the highest of such Reply Discounts (i.e. a Reply Discount of 20% is higher than a
Reply Discount of 19%) and followed by Reply Amounts which are offered at each lesser Reply
Discount within the Discount Range in descending order towards par until the aggregate principal
amount of Term B Loans covered by Return Bids within the Discount Range reaches the Auction Amount
or, if less, the aggregate amount of Term B Loans for which the Borrowers have received Return Bids
within the Discount Range.

     (b) Identification of Accepted Amounts and Acceptance of Bids; Proration. Once the
Variable Price Auction Applicable Discount for each Variable Price Auction is determined, the
Borrowers shall accept Return Bids (including any component bid thereof) (and commensurately
identify for prepayment those Term B Loans (or the respective portions thereof) (“Variable
Price Auction Qualifying Loans”)) offered by the Lenders whose Return Bids (or component bids
thereof) constitute Variable Price Auction Qualifying Bids, each at the Variable Price Auction
Applicable Discount applicable to such Lender’s Return Bids which constitute Variable Price Auction
Qualifying Bids; provided that if the aggregate principal amount of Variable Price Auction
Qualifying Loans (disregarding any interest and premium, if any, payable thereon) would exceed the
Auction Amount for such Variable Price Auction, the Borrowers shall accept Return Bids for
prepayment of Variable Price Auction Qualifying Loans each at the Variable Price Auction Applicable
Discount, based on the respective principal amounts so offered by applying such respective
principal amounts (up to such Auction Amount (such amount being referred to as the “Variable
Price Auction Cap Amount”)) sequentially (commencing with the Variable Price Qualifying Bids
which are offered at the highest of such Variable Price Auction Applicable Discount (i.e. a
Variable Price Auction Applicable Discount of 20% is higher than a Variable Price Auction
Applicable Discount of 19%) and followed by Variable Price Qualifying Bids which are offered at
each lesser Variable Price Auction Applicable Discount in descending order towards par (all such
Variable Price Auction Qualifying Bids within any single level of Variable Price Auction Applicable
Discount constituting a “Variable Bid Class”)). Such application shall be made at each
Variable Bid Class level without proration unless and until the aggregate amount of Variable Price
Auction Qualifying Loans exceed the Variable Price Auction Cap Amount, in which case the aggregate
Reply Amounts covered by Return Bids (or component bids thereof) within the Variable Bid Class for
which the highest level of Variable Price Auction Applicable Discount applies shall be pro-rated to
the extent necessary so

iv

 

Exhibit A to Seventh Amendment

Annex I to Credit Agreement

that the aggregate of all Return Bids accepted for prepayment under such Variable Price
Auction do not exceed the Variable Price Auction Cap Amount.

     6. Fixed Price Auction Procedures. In the event the Auction being conducted has been
specified by the Borrowers to be a Fixed Price Auction, this Section 6 shall be applicable
and the Auction shall constitute a “Fixed Price Auction”. The Borrowers shall accept
Return Bids until the full Auction Amount (or such lesser amount of Term B Loans for which the
Borrowers have received Return Bids at the Fixed Discount) has been reached. The Borrowers shall
commensurately identify for prepayment those Term B Loans (or the respective portions thereof)
(“Fixed Price Auction Qualifying Loans” and, together with Modified Dutch Auction
Qualifying Loans and Variable Price Auction Qualifying Loans, “Qualifying Loans”) offered
by the Lenders and satisfying the provisions of Section 3 above applicable to Fixed Price
Auctions (together with a Modified Dutch Auction Qualifying Bid and a Variable Price Qualifying
Bid, each a “Qualifying Bid”), each at the Fixed Discount; provided that if the
aggregate principal amount of Fixed Price Auction Qualifying Loans (disregarding any interest and
premium, if any, payable thereon) would exceed the Auction Amount for such Fixed Price Auction, the
Borrowers shall accept Return Bids for prepayment of Fixed Price Auction Qualifying Loans each at
the Fixed Discount, based on the respective principal amounts so offered by applying such
respective principal amounts (up to such Auction Amount) pro-rata to the extent necessary so that
the aggregate of all Return Bids accepted for prepayment under such Fixed Price Auction do not
exceed such Auction Amount.

     7. Notification Procedures.

          (a) The Tender Agent will calculate and post the Applicable Discount and proration factor onto
an internet site (including IntraLinks or such other electronic workspace reasonably acceptable to
the Borrowers) in accordance with the Tender Agent’s standard dissemination practices promptly
after the Return Bids were due (as extended, if applicable).

          (b) The Borrowers shall deliver irrevocable notice (each a “Term B Loan Auction Prepayment
Notice”) to the Tender Agent no later than 11:00 a.m., three (3) Business Days prior to the
date of such Term B Loan Auction Prepayment, which notice shall specify the date and amount of the
Term B Loan Auction Prepayment and the Applicable Discount for each Lender as calculated by the
Tender Agent; provided that the Borrowers shall not be required to pay any amounts pursuant
to Section 3.05 of the Credit Agreement if a Term B Loan Auction Prepayment of a Eurodollar Rate
Loan does not occur on an interest payment date. Upon receipt of any Term B Loan Auction
Prepayment Notice the Tender Agent shall promptly notify each relevant Lender and the
Administrative Agent thereof. If any Term B Loan Auction Prepayment Notice is given, the amount
specified in such notice shall be due and payable to the applicable Lenders on the date specified
therein together with accrued interest (on the par principal amount) to but not including such date
on the amount prepaid.

     8. Additional Procedures. Once initiated by an Auction Notice, the Borrowers may
withdraw an Auction only in the event that, as of such time, no Return Bid has been received by the
Tender Agent. Furthermore, in connection with any Auction, upon submission by a Lender of a Return
Bid, such Lender will not have any withdrawal rights. Any Return Bid (including any component bid
thereof) delivered to the Tender Agent may not be modified, revoked, terminated or cancelled by a
Lender.

          All questions as to the form of documents and validity and eligibility of Term B Loans that
are the subject of an Auction may be determined by the Tender Agent, in consultation with the
Borrowers, and their determination will be final and binding. The Tender Agent’s interpretation of
the

v

 

Exhibit A to Seventh Amendment

Annex I to Credit Agreement

terms and conditions of the Offer Documents, in consultation with the Borrowers, will be final
and binding.

     9. Borrowers. The Borrowers may elect to cause any individual Borrower to initiate
any Auction, in which case such individual Borrower shall take the actions and make the
prepayments, if any, required in connection therewith.

          This Annex I shall not require the Borrowers to initiate any Auction.

vi

 

Exhibit A to Seventh Amendment

Exhibit A to Annex I to Credit Agreement

[Modified Dutch Auction] [Variable Price Auction] [Fixed Price Auction] Notice

Tender Agent

[Address Line 1]

[Mail Code Information]

[Address Line 2]

Attention:

Telecopier:

Telephone:

Ladies and Gentlemen:

          Reference is made to the Amended and Restated Senior Secured Credit Agreement, dated as of
November 2, 2004, by and among APARTMENT INVESTMENT AND MANAGEMENT COMPANY, a Maryland corporation
(the “REIT”), AIMCO PROPERTIES, L.P., a Delaware limited partnership (“AIMCO”), and
AIMCO/BETHESDA HOLDINGS, INC., a Delaware corporation (“AIMCO/Bethesda”) (the REIT, AIMCO
and AIMCO/Bethesda collectively referred to herein as “Borrowers”), each lender from time
to time party thereto, BANK OF AMERICA, N.A., as Administrative Agent and as Swing Line Lender and
L/C Issuer, and KeyBank National Association, as Syndication Agent (as amended by (i) the First
Amendment to Amended and Restated Senior Secured Credit Agreement, dated June 16, 2005, (ii) the
Second Amendment to Amended and Restated Senior Secured Credit Agreement, dated March 22, 2006, the
(iii) the Third Amendment to Amended and Restated Senior Secured Credit Agreement, dated August 31,
2007, (iv) the Fourth Amendment to Amended and Restated Senior Secured Credit Agreement, dated
September 14, 2007, (v) the Fifth Amendment to Amended and Restated Senior Secured Credit
Agreement, dated September 9, 2008, (vi) the Sixth Amendment to Amended and Restated Senior Secured
Credit Agreement, dated May 1, 2009, (vii) the Seventh Amendment to Amended and Restated Senior
Secured Credit Agreement, dated August 4, 2009 and as further amended, restated, amended and
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).
Capitalized terms used herein but not defined herein have the meanings given to such terms in the
Credit Agreement.

          The Borrowers hereby give notice to the Lenders that they desire to conduct the following
[Modified Dutch Auction] [Variable Price Auction] [Fixed Price Auction] with respect to the Term B
Loans:

          Auction Amount: $___.

          [Discount Range: Not less than $___nor greater than $  per $1,000 principal
amount of Term B Loans.]1

          [Fixed Discount: Equal to $  per $1,000 principal amount of Term B Loans.]2

          The Borrowers acknowledge that this Auction Notice may not be withdrawn other than in
accordance with the terms of the Auction. The Auction shall be consummated in accordance with the
procedures set forth on Annex I to the Credit Agreement with each Return Bid due by 11:00 a.m.
Pacific time on                     , 20___.

 

			
	1	 	For use in connection with a Modified Dutch Auction or
a Variable Price Auction.
	 
	2	 	For use in connection with a Fixed Price Auction.

 

 

Exhibit A to Seventh Amendment

Exhibit A to Annex I to Credit Agreement

	 	 	 	 	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 	 	 	 	 
	 	 	APARTMENT INVESTMENT AND

MANAGEMENT COMPANY,

a Maryland corporation
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Its:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	AIMCO PROPERTIES, L.P.,

a Delaware limited partnership
	 	 	 	 	By:	 	AIMCO-GP, INC.,
	 	 	 	 	a Delaware corporation
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 
	 

	 	 	 	 	 	 

	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Its:	 	 
	 	 	AIMCO/BETHESDA HOLDINGS, INC.,

a Delaware corporation
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Its:	 	 	 	 

 

 

Exhibit A to Seventh Amendment

Exhibit B to Annex I to Credit Agreement

Form of Return Bid

Tender Agent

[Address Line 1]

[Mail Code Information]

[Address Line 2]

Attention:

Telecopier:

Telephone:

Ladies and Gentlemen:

          Reference is made to the Amended and Restated Senior Secured Credit Agreement, dated as of
November 2, 2004, by and among APARTMENT INVESTMENT AND MANAGEMENT COMPANY, a Maryland corporation
(the “REIT”), AIMCO PROPERTIES, L.P., a Delaware limited partnership (“AIMCO”), and
AIMCO/BETHESDA HOLDINGS, INC., a Delaware corporation (“AIMCO/Bethesda”) (the REIT, AIMCO
and AIMCO/Bethesda collectively referred to herein as “Borrowers”), each lender from time
to time party thereto, BANK OF AMERICA, N.A., as Administrative Agent and as Swing Line Lender and
L/C Issuer, and KeyBank National Association, as Syndication Agent (as amended by (i) the First
Amendment to Amended and Restated Senior Secured Credit Agreement, dated June 16, 2005, (ii) the
Second Amendment to Amended and Restated Senior Secured Credit Agreement, dated March 22, 2006, the
(iii) the Third Amendment to Amended and Restated Senior Secured Credit Agreement, dated August 31,
2007, (iv) the Fourth Amendment to Amended and Restated Senior Secured Credit Agreement, dated
September 14, 2007, (v) the Fifth Amendment to Amended and Restated Senior Secured Credit
Agreement, dated September 9, 2008, (vi) the Sixth Amendment to Amended and Restated Senior Secured
Credit Agreement, dated May 1, 2009, (vii) the Seventh Amendment to Amended and Restated Senior
Secured Credit Agreement, dated August 4, 2009 and as further amended, restated, amended and
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).
Capitalized terms used herein but not defined herein have the meanings given to such terms in the
Credit Agreement.

          The undersigned Lender hereby gives notice of its participation in the Auction by submitting
the following Return Bid:[3]

[Use the following table in the case of a Modified Dutch Auction or a Variable Price Auction:]

	 	 	 
	Reply Discount	 	 
	(price per $1,000)	 	Reply Amount
	US $                     

	 	US $                     
	US $                     

	 	US $                     
	US $                     

	 	US $                     

[Use the following table in the case of a Fixed Price Auction:]

	 	 	 
	Reply Amount at the Fixed Discount
	US $                     

 

			
	3	 	In a Modified Dutch Auction or a Variable Price Auction, the Lender may submit up to three component bids but need not submit more than one. The sum of the Lender’s bid(s) may not exceed the aggregate principal face amount of Term B Loans held by it.

 

 

Exhibit A to Seventh Amendment

Exhibit B to Annex I to Credit Agreement

          The undersigned Lender acknowledges and agrees that (i) the Borrowers or their Affiliates
currently may have, and later may come into possession of, information that is not known to such
Lender and that may be material to a decision to enter into the Auction or to provide a Return Bid
and accept prepayment of its Loans at the Applicable Discount or that is otherwise material (which
information may include, without limitation, information regarding the Loan Parties, the Term B
Loans and the other Obligations) (any such information, “Excluded Information”), (ii) such
Lender has determined to enter into such transaction notwithstanding its lack of knowledge of the
Excluded Information, and (iii) none of the Borrowers, any other Loan Parties nor any of their
respective Affiliates shall have any liability to such selling Lender or its successors or assigns,
and such selling Lender to the maximum extent permitted by law waives and releases any claims it
may have against the Borrowers, the other Loan Parties and their respective Affiliates, with
respect to the nondisclosure of the Excluded Information, now or in the future.

          The undersigned Lender further acknowledges that the submission of this Return Bid obligates
the Lender to tender the entirety or its pro-rata portion of the Reply Amount in accordance with
the Auction Procedures, as applicable.

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	[LENDER NAME]]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	[Lender Notice Address]

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