Document:

EX-10.53

Exhibit 10.53

OMNIBUS AMENDMENT TO LOAN DOCUMENTS

This OMNIBUS AMENDMENT TO LOAN DOCUMENTS (this “Amendment”) is entered into as of November
10, 2008 by and between TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, a New York
corporation (“Lender”), having an address at 730 Park Avenue, New York, New York 10017 and
                                        , a                                         
 (“Borrower”) having
an address at Life Time Fitness, Inc., 2902 Corporate Place, Chanhassen, Minnesota 55317.

RECITALS:

     A. Lender has made and Borrower, together with certain affiliates of Borrower identified in
Exhibit A hereto (each an “Other Borrower”, collectively, the “Other
Borrowers” and together with the Borrower, the “Borrowers”) have accepted a loan (the
“Loan”) in the maximum principal amount of $143,119,000.00.

     B. The aggregate amount of the Loan is evidenced by thirteen (13) separate promissory notes,
each executed by the Borrower or an Other Borrower as provided on Exhibit A-1, each dated
one of the following dates: (i) June 14, 2001, (ii) October 26, 2001 or (iii) November 27, 2002
(all such promissory notes executed by the Borrowers are referred to herein collectively as the
“Note(s)”). The Note(s) evidence(s) a promise to pay the principal balances thereof, with
interest thereon to the order of Lender as set forth in the Note(s) and with the balance, if any,
of the Debt being due and payable on July 1, 2011 (the “Maturity Date”).

     C. In connection with the Loan, the Borrower and the Other Borrowers executed and delivered
various real property encumbrance documents, affecting the real property described in Exhibit
C hereto.

     D. The parties have determined it is in their mutual interest to modify certain provisions of
the Loan Documents relative to transfers of interest in the Sponsor (as those terms are defined in
the Mortgages, which term is defined in the Notes).

     E. Contemporaneously herewith, each of the Other Borrowers is executing an Omnibus Amendment
in form substantially identical to this Amendment to effectuate the matters expressed in
Recital D with respect to the documents to which each such Other Borrower is a party (such
Omnibus Amendments executed by the Other Borrowers are referred to herein as the
“Contemporaneous Omnibus Amendments”).

AGREEMENT

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

	1.	 	Incorporation of Recitals. The foregoing Recitals are true and accurate and are
hereby incorporated into this Amendment.

 

 

2. Description of the Loan Documents.

	 	a.	 	The term “Original Loan Documents” means the Notes, together with all
other documents executed and delivered by the Borrower, by the Other Borrowers, by LTF
TIAA Real Estate Holdings, LLC (“LTF Holdings”), LIFE TIME FITNESS, INC.
(“Life Time”), LTF CLUB OPERATIONS COMPANY, INC. (“LTF Club”), LTF REAL
ESTATE COMPANY, INC., (“LTF Real Estate”), and FCA REAL ESTATE HOLDINGS, LLC,
(“FCA”) to secure or evidence the Loan, as such documents may have been
heretofore amended. The Original Loan Documents are identified by name of the entity
having executed them on Exhibit B hereto. The Original Loan Documents executed
by the Borrower are referred to herein as the “Borrower Original Loan
Documents”.
	 
	 	b.	 	The term “Amended Loan Documents” means all documents listed on
Exhibit B hereto as (i) amended hereby, (ii) amended by any Contemporaneous
Omnibus Amendment or (iii) amended by any documents executed contemporaneously herewith
by LTF Holdings, Life Time, LTF Club, LTF Real Estate, and FCA as any such documents
identified in clauses (i) and (ii) may from time to time be amended, modified or
restated.

	3.	 	Amendment of Specific Original Loan Documents. The Original Loan Documents are
hereby amended as set forth below:

	 	a.	 	Original Promissory Notes. All references in the Notes executed by the
Borrower (the “Borrower Notes”) to the “Mortgage” or to any term
defined by the Mortgage shall mean such Mortgage or such terms as amended hereby and as
may from time to time be further amended, modified or restated.
	 
	 	b.	 	Original First Mortgage.

	 	i.	 	The term “Original First Mortgage” means that document (or
those documents) identified on Exhibit B hereto as a “First
Mortgage” or a “First Deed of Trust” executed by the Borrower and
encumbering the real property legally described in Exhibit C hereto.
	 
	 	ii.	 	Amendment of Certain Terms.

	 	(1)	 	The definition of “Note(s)” in the
Original First Mortgage shall mean the Borrower Notes, as hereby
amended and as may from time to time be amended, modified or restated.
	 
	 	(2)	 	The definition of “Loan Documents” in
the Original First Mortgage is amended to mean and include the Amended
Loan Documents.

	 	iii.	 	Section 12.2(b)(iii)(a) of the Original First Mortgage is
hereby deleted and replaced with the following:

2

 

	 	 	 	“(a) At all times, Bahram Akradi individually retains not less
than 1,800,000 shares in Sponsor, which shares must be owned
unencumbered not later than November 30, 2008, and the
employees of the Sponsor, at any time, other than Bahram
Akradi (the “Employee Shareholders”) in the aggregate
retain not less than three percent (3.0%) of the shares of
Sponsor (the “Required Percentage”), except to the
extent that Bahram Akradi and the Employee Shareholders are
diluted (but not more than proportionately) as the result of a
purchase of new shares in Sponsor by contributors of capital
raised in either the public or private markets. Concerning
Bahram Akradi’s shares, if at any time during the term of this
Mortgage any change in the outstanding shares of capital stock
of the Sponsor shall occur by reason of any reclassification,
recapitalization, stock split, reverse split, subdivision or
combination, exchange or readjustment of shares or similar
event, or any stock dividend thereon with a record date during
such period, the number of shares Bahram Akradi must hold
pursuant to the immediately preceding sentence shall be
appropriately adjusted to reflect such change. Concerning the
shares of Employee Shareholders at least one third (1/3) of
the Required Percentage must be owned, the remainder must be
held in the form of options, whether vested or unvested, and
at least two thirds (2/3) of the Required Percentage must
either be owned or held in the form of vested options.”

	 	iv.	 	Section 12.2(b)(iv) of the Original First Mortgage is hereby
deleted and replaced with the following:

	 	 	 	“Transfers of an Investor’s interest in Sponsor to any adult
“member of the immediate family” of the Investor or to a trust
for the benefit of such Investor or any “member of the
immediate family” of the Investor, provided that subsequent to
the Transfer, Bahram Akradi (or a trust or trusts for the
benefit of Bahram Akradi or any “member of the immediate
family” of Bahram Akradi as to which Bahram Akradi retains the
sole power to direct such trusts) remains as a shareholder and
retains the number of shares required by Section
12.2(b)(iii)(a) above. The phrase “member of the immediate
family” means a spouse, a sibling, a lineal ancestor or
descendant (including a legally adopted child) and a spouse of
any lineal ancestor or descendant.”

	 	v.	 	Notice. The Borrower’s notice address in Section 17.1
is hereby deleted and replaced with the following:

3

 

	 	 	 	 	 
	 

	 	“If to Borrower:
	 	Life Time Fitness, Inc.
	 

	 	 	 	2902 Corporate Place
	 

	 	 	 	Chanhassen, MN 55317
	 

	 	 	 	Attention: Bahram Akradi
	 

	 	“with a copy to:
	 	Life Time Fitness, Inc.
	 

	 	 	 	2902 Corporate Place
	 

	 	 	 	Chanhassen, MN 55317

	 

	 	 	 	Attention: General Counsel”

	 	c.	 	Original First Assignment of Leases and Rents.

	 	i.	 	The term “Original First Assignment” means that
document (or those documents) identified on Exhibit B hereto as a
“First Assignment of Leases and Rents” executed by the Borrower.
	 
	 	ii.	 	Amended Mortgage. All references in the Original First
Assignment(s) to the “Mortgage” shall mean the Original First Mortgage
relating to the real property encumbered by such Original First Assignment, as
amended hereby, and as it may from time to time be amended, modified or
restated.
	 
	 	iii.	 	Amended Definitions.

	 	(1)	 	All terms in the Original First Assignment
defined by reference to an Original First Mortgage shall mean such
terms as defined in such Original First Mortgage as amended hereby, as
it may from time to time be amended, modified or restated.
	 
	 	(2)	 	The definition of “Notes” in the
Original First Assignment shall mean the Borrower Notes, as hereby
amended and as may from time to time be amended, modified or restated.

	 	iv.	 	The term “Assignment” in the Original First Assignment
shall mean such document as amended hereby and as it may from time to time be
amended, modified or restated.

	 	d.	 	Original Guaranty.

	 	i.	 	Original Guaranty. The term “Original
Guaranty” means that document identified on Exhibit B as a
“Guaranty”, executed by the Borrower.
	 
	 	ii.	 	All references to “Loan Documents” in the Original
Guaranty, whether individually or collectively shall mean such Loan Documents
as hereby amended and as may from time to time be amended, modified or
restated.
	 
	 	iii.	 	The term “Guaranty” in the Original Guaranty shall mean
such document as amended hereby and as it may from time to time be amended,
modified or restated.

4

 

	 	iv.	 	With respect to the Guaranty executed by LTF Minnesota Real
Estate Company, LLC (“LTF Minnesota”) the foregoing amendments shall
not modify the limitation of liability set forth in the Guaranty executed by
LTF Minnesota.

	 	e.	 	Environmental Indemnity.

	 	i.	 	Original Indemnity. The term “Original
Indemnity” means that document identified on Exhibit B hereto as an
“Environmental Indemnity” executed by the Borrower.
	 
	 	ii.	 	All references to “Loan Documents” in the Original
Indemnity, whether individually or collectively shall mean such Loan Documents
as hereby amended and as may from time to time be amended, modified or
restated.
	 
	 	iii.	 	The term “Environmental Indemnity” in the Original
Indemnity shall mean such document as amended hereby and as it may from time to
time be amended, modified or restated.

	 	f.	 	Original Second Mortgage.

	 	i.	 	The term “Original Second Mortgage” means that document
(or those documents) identified on Exhibit B hereto as “Second
Mortgages” or “Second Deeds of Trust” executed by the Borrower and
encumbering the real property legally described in Exhibit C hereto.
	 
	 	ii.	 	Amendment of Certain Terms.

	 	(1)	 	The definition of “Note(s)” in the
Original Second Mortgage shall mean the Borrower Notes, as hereby
amended and as may from time to time be amended, modified or restated.
	 
	 	(2)	 	The definition of “Loan Documents” in
the Original Second Mortgage is amended to mean and include the Amended
Loan Documents.

	 	iii.	 	Section 12.2(b)(iii)(a) of the Original Second Mortgage is
hereby deleted and replaced with the following:

	 	 	 	“(a) At all times, Bahram Akradi individually retains not less
than 1,800,000 shares in Sponsor, which shares must be owned
unencumbered not later than November 30, 2008, and the
employees of the Sponsor, at any time, other than Bahram
Akradi (the “Employee Shareholders”) in the aggregate
retain not less than three percent (3.0%) of the shares of
Sponsor (the “Required Percentage”), except to the
extent that Bahram Akradi and the Employee Shareholders are
diluted (but not more than proportionately)

5

 

	 	 	 	as the result of a purchase of new shares in Sponsor by
contributors of capital raised in either the public or private
markets. Concerning Bahram Akradi’s shares, if at any time
during the term of this Mortgage any change in the outstanding
shares of capital stock of the Sponsor shall occur by reason
of any reclassification, recapitalization, stock split,
reverse split, subdivision or combination, exchange or
readjustment of shares or similar event, or any stock dividend
thereon with a record date during such period, the number of
shares Bahram Akradi must hold pursuant to the immediately
preceding sentence shall be appropriately adjusted to reflect
such change. Concerning the shares of Employee Shareholders
at least one third (1/3) of the Required Percentage must be
owned, the remainder must be held in the form of options,
whether vested or unvested, and at least two thirds (2/3) of
the Required Percentage must either be owned or held in the
form of vested options.”

	 	iv.	 	Section 12.2(b)(iv) of the Original Second Mortgage is hereby
deleted and replaced with the following:

	 	 	 	“Transfers of an Investor’s interest in Sponsor to any adult
“member of the immediate family” of the Investor or to a trust
for the benefit of such Investor or any “member of the
immediate family” of the Investor, provided that subsequent to
the Transfer, Bahram Akradi (or a trust or trusts for the
benefit of Bahram Akradi or any “member of the immediate
family” of Bahram Akradi as to which Bahram Akradi retains the
sole power to direct such trusts) remains as a shareholder and
retains the number of shares required by Section
12.2(b)(iii)(a) above. The phrase “member of the immediate
family” means a spouse, a sibling, a lineal ancestor or
descendant (including a legally adopted child) and a spouse of
any lineal ancestor or descendant.”

	 	v.	 	Revised Guaranty. References in the Original Second
Mortgage to the “Guaranty” shall mean the Original Guaranty as amended
hereby and as it may from time to time be amended, modified or restated.
Exhibit G to the Original Second Mortgage is hereby deemed replaced
with the Original Guaranty as amended hereby and as it may from time to time be
amended, modified or restated.
	 
	 	vi.	 	The terms “Senior Mortgage” and “Senior
Assignment”, as used in the Original Second Mortgage shall mean,
respectively, the Original First Mortgage and the Original First Assignment,
each as amended hereby and

6

 

	 	 	 	as such documents may from time to time be amended, modified or restated.
	 
	 	vii.	 	Notice. The Borrower’s notice address in Section 17.1
is hereby deleted and replaced with the following:

	 	 	 	 	 
	 

	 	“If to Borrower:
	 	Life Time Fitness, Inc.
	 

	 	 	 	2902 Corporate Place
	 

	 	 	 	Chanhassen, MN 55317
	 

	 	 	 	Attention: Bahram Akradi
	 

	 	“with a copy to:
	 	Life Time Fitness, Inc.
	 

	 	 	 	2902 Corporate Place
	 

	 	 	 	Chanhassen, MN 55317

	 

	 	 	 	Attention: General Counsel”

	 	g.	 	Original Second Assignment of Leases and Rents.

	 	i.	 	The term “Original Second Assignment” means that
document (or those documents) identified on Exhibit B hereto as a
“Second Assignment of Leases and Rents” executed by the Borrower.
	 
	 	ii.	 	Amended Mortgage. All references in the Original
Second Assignment(s) to the “Mortgage” shall mean the Original Second
Mortgage relating to the real property encumbered by such Original Second
Assignment, as amended hereby, and as it may from time to time be amended,
modified or restated.
	 
	 	iii.	 	Amended Definitions.

	 	(1)	 	All terms in the Original Second Assignment
defined by reference to an Original Second Mortgage shall mean such
terms as defined in such Original Second Mortgage as amended hereby, as
it may from time to time be amended, modified or restated.
	 
	 	(2)	 	The definition of “Note(s)” in the
Original Second Assignment shall mean the Borrower Notes, as hereby
amended and or as may from time to time be amended, modified or
restated.

	 	iv.	 	Revised Guaranty. References in the Original Second
Assignment to the “Guaranty” shall mean the Original Guaranty as
amended hereby and as it may from time to time be amended, modified or
restated.
	 
	 	v.	 	The term “Assignment” in the Original Second Assignment
shall mean such document as amended hereby and as it may from time to time be
amended, modified or restated.

	4.	 	Limitation of Liability. Except as expressly amended hereby, nothing in this
Amendment shall in any manner affect any limitation of liability expressly provided in any of
the Original Loan Documents, including, without limitation, in Section 16 of the
Notes,

7

 

	 	 	Article XV of the Original First Mortgages and the Original Second Mortgages, the
limitations on remedy limits contained in the Original Loan Documents executed by LTF
Minnesota Real Estate Company, LLC and the Original Loan Documents executed by LTF USA Real
Estate Company, LLC with respect to the property located in the Commonwealth of Virginia or
the property located in the State of Ohio.
	 
	5.	 	Reaffirmation. Borrower hereby repeats, reaffirms and remakes all representations,
warranties, covenants and agreements contained in the Amended Loan Documents to which it is a
party as of the date of this Amendment. Without limiting the foregoing, Borrower confirms
that its obligations under each Guaranty and Indemnity to which it is a party are not
diminished or mitigated by the execution of this Amendment or any other Contemporaneous
Omnibus Amendment.
	 
	6.	 	Representations. Borrower represents and warrants that (i) no default or event of
default currently exists under any of the Amended Loan Documents; (ii) no condition exists
which with the giving of notice or the passage of time, or both, would result in such a
default or event of default; (iii) each of the foregoing RECITALS is correct; (iv) there has
been no material adverse change in the financial condition of Borrower from that shown in the
financial statements most recently furnished to Lender in connection with the loans referred
to herein, and (v) as of October 20, 2008, there were 39,712,101 shares of the Sponsor
outstanding.
	 
	7.	 	Full Force and Effect. All of the provisions, rights, powers and remedies contained
in the Amended Loan Documents shall stand and remain unchanged and in full force and effect.
The Borrower has no defense to any of its obligations under the Amended Loan Documents to
which it is a party.
	 
	8.	 	References. No reference to this Amendment need be made in any instrument or
document at any time referring to any Amended Loan Document, and any reference in any such
instrument or document to an Original Loan Document shall be deemed to be a reference to the
Amended Loan Documents.
	 
	9.	 	Defined Terms. Unless otherwise defined in this Amendment, capitalized terms shall
have the meanings given to them in each of the Original First Mortgages, as amended hereby.
	 
	10.	 	Governing Law. This Amendment shall be construed in accordance with and governed by
the internal laws of the State of New York without regard to conflicts of law principles,
provided, however, that the foregoing shall not affect the choice of law provision specified
in an Amended Loan Document.
	 
	11.	 	Counterparts. This Amendment may be executed in any number of counterparts, each of
which shall be deemed an original, but which together shall constitute one and the same
instrument.
	 
	12.	 	Amendments. No provision of this Amendment may be modified, amended or waived except
by a writing executed by the party sought to be bound thereby. No consent or

8

 

	 	 	approval of Lender shall be given or deemed to have been given except to the extent
expressly set out in a writing executed and delivered by Lender to Borrower.
	 
	13.	 	Amendment as Loan Instrument. This Amendment shall be considered a “Loan Document”
and shall be construed in conjunction with the other Amended Loan Documents.
	 
	14.	 	Conditions to Effectiveness; Further Assurances.

	 	a.	 	As consideration for this Amendment, Borrower has furnished and Lender
acknowledges the following: (a) payment by Borrower and receipt by Lender of a loan
modification fee in an amount agreed upon by Lender and Borrower, (b) the delivery of
endorsements to Lender’s policies of title insurance evidencing the recording of this
Amendment and evidencing no intervening matters affecting title to the Property, except
as Lender shall accept in Lender’s sole and absolute discretion (it being acknowledged
that the actual delivery of such endorsement will be after the date of this Amendment,
but no later than 30 days from such date), (c) the delivery of evidence of the
authority of the Borrower and all Affiliates of Borrower to execute this Amendment and
all related documents, satisfactory to Lender in its reasonable discretion, and (d) the
payment of all of Lender’s costs and expenses associated with this Amendment, including
without limitation, the fees and expenses of Lender’s outside counsel.
	 
	 	b.	 	Borrower will execute, acknowledge and deliver to Lender, or to any other
entity Lender designates, any additional or replacement documents and perform any
additional actions that Lender determines are reasonably necessary to evidence, perfect
or protect the rights intended to be afforded to Lender under this Amendment and to
otherwise carry out the intent or facilitate the performance of the provisions of the
this Amendment and the Loan Documents executed by Borrower or any Affiliate of
Borrower.
	 
	 	c.	 	Borrower appoints Lender as Borrower’s attorney-in-fact to perform, at Lender’s
election, any actions and to execute and record any of the additional or replacement
documents referred to in this Section, in each instance only at Lender’s election and
only to the extent Borrower has failed to comply with the terms of this Section.

	15.	 	Release. Borrower represents and warrants that there are no defaults by Borrower or
events which, with the passage of time or the giving of notice, would constitute an Event of
Default by Borrower, that Borrower has no offsets or defenses against Lender respecting any
portion of the Obligations and that Borrower has no claim against Lender of any kind in
connection with this Loan. Borrower hereby releases any claim against Lender which Borrower
may have as of the date hereof, either known or unknown.

	16.	 	Certification of Compliance. Borrower agrees to certify to Lender in writing that it
complies with Section 12.2(b)(iii)(a) and Section 12.2(b)(iv) of the
Mortgages, providing

9

 

	 	 	any evidence of such compliance reasonably requested by Lender within 10 days
after the end of each calendar year and at any other time reasonably requested
by Lender.

	17.	 	WAIVERS. BORROWER HEREBY REPEATS, REAFFIRMS AND
REMAKES ALL WAIVERS CONTAINED IN THE
ORIGINAL LOAN DOCUMENTS AS OF THE DATE
OF THIS AMENDMENT, INCLUDING WITHOUT
LIMITATION, THE WAIVER OF JURY TRIAL
CONTAINED IN THE ORIGINAL LOAN
DOCUMENTS.

[Signature Pages Follow]

10

 

     IN WITNESS WHEREOF, this Amendment has been duly executed effective as of the date first
written above.

	 	 	 	 	 
	 	 	TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

[Insert Proper Signature Block and State Notary]

 

	 	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

[Insert Proper Signature Block and State Notary]

This Instrument was prepared by,

and after recording this Instrument

should be returned to:

John F. Edelbrock, Esq.

c/o Mayer Brown LLP

71 S. Wacker Drive

Chicago, Illinois 60606

 

EXHIBIT A

List of Other Borrowers

	1.	 	LTF Michigan Real Estate Company, LLC
	 
	2.	 	LTF Minnesota Real Estate Company, LLC
	 
	3.	 	LTF USA Real Estate Company, LLC

 

EXHIBIT A-1

Notes Made by Co-Borrowers

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	TIAA	 	 	 	 
	 	 	 	 	Mortgage	 	Original Note	 	 
	Co-Borrower	 	Property(ies)	 	Number	 	Amount	 	Date of Note
	LTF Michigan Real 

Estate Company, LLC

(f/k/a LTF Michigan 

Real Estate, LLC)

	 	Troy, Michigan
	 	 	0005004-00	 	 	$	10,949,541	 	 	June 14, 2001
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	LTF Michigan Real 

Estate Company, LLC

(f/k/a LTF Michigan 

Real Estate, LLC)

	 	Shelby, Michigan
	 	 	0005004-01	 	 	$	10,143,440	 	 	June 14, 2001
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	LTF Michigan Real 

Estate Company, LLC

(f/k/a LTF Michigan 

Real Estate, LLC)

	 	Novi, Michigan
	 	 	0005004-02	 	 	$	9,710,019	 	 	June 14, 2001
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	LTF USA Real Estate 

Company, LLC (f/k/a 

LTF USA Real 

Estate, LLC)

	 	Schaumburg, Illinois
	 	 	0005005-00	 	 	$	12,149,062	 	 	June 14, 2001
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	LTF USA Real Estate 

Company, LLC (f/k/a 

LTF USA Real 

Estate, LLC)

	 	Warrenville,

Illinois
	 	 	0005005-01	 	 	$	13,723,938	 	 	June 14, 2001
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	LTF USA Real Estate 

Company, LLC (f/k/a 

LTF USA Real 

Estate, LLC)

	 	Centerville,

Virginia
	 	 	0005006	 	 	$	9,344,000	 	 	June 14, 2001
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	LTF USA Real Estate 

Company, LLC (f/k/a 

LTF USA Real 

Estate, LLC)

	 	Indianapolis,

Indiana
	 	 	0005007	 	 	$	9,049,000	 	 	June 14, 2001
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	LTF USA Real Estate 

Company, LLC (f/k/a 

LTF USA Real 

Estate, LLC)

	 	Algonquin, Illinois
	 	 	0005005-02	 	 	$	13,500,000	 	 	October 26, 2001
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	LTF USA Real Estate 

Company, LLC (f/k/a 

LTF USA Real 

Estate, LLC)

	 	Columbus, Ohio
	 	 	0005128-00	 	 	$	5,000,000	 	 	October 26, 2001

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	TIAA	 	 	 	 
	 	 	 	 	Mortgage	 	Original Note	 	 
	Co-Borrower	 	Property(ies)	 	Number	 	Amount	 	Date of Note
	LTF USA Real Estate 

Company, LLC (f/k/a 

LTF USA Real 

Estate, LLC)

	 	Burr Ridge, Illinois
	 	 	0005384-01	 	 	$	15,000,000	 	 	November 27, 2002
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	LTF USA Real Estate 

Company, LLC (f/k/a 

LTF USA Real 

Estate, LLC)

	 	Orland Park,

Illinois
	 	 	0005390-00	 	 	$	15,000,000	 	 	November 27, 2002
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	LTF USA Real Estate 

Company, LLC (f/k/a 

LTF USA Real 

Estate, LLC)

	 	Skokie, Illinois
	 	 	0005391-00	 	 	$	15,000,000	 	 	November 27, 2002
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	LTF Minnesota Real 

Estate Company, LLC

(f/k/a LTF 

Minnesota Real 

Estate, LLC)

	 	Eagan, Minnesota
	 	 	0005008	 	 	$	4,550,000	 	 	June 14, 2001
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Total
	 	$	143,119,000	 	 	 

 

EXHIBIT B

Loan Documents

 

EXHIBIT C

Legal Description of

Real Property Owned by Borrowersexv10w4

Exhibit 10.4

FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT

     THIS FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT dated as of December 5, 2008 (this
“Amendment”), by and among PRIVATEBANCORP, INC. a Delaware corporation (the
“Borrower”), each of the financial institutions party hereto as “Lenders” and SUNTRUST
BANK, in its capacity as Administrative Agent (in such capacity, the “Administrative
Agent”).

W I T N E S S E T H:

     WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to that certain
Revolving Credit Agreement dated as of September 26, 2008 (the “Credit Agreement”);

     WHEREAS, the Borrower desires to issue up to $200,000,000 of senior unsecured debt guaranteed
by the Federal Deposit Insurance Corporation (the “FDIC”) pursuant to the FDIC’s temporary
liquidity guarantee program established pursuant to 12 C.F.R. Part 370; and

     WHEREAS, in order to facilitate the foregoing, the Borrower, the Lenders and the
Administrative Agent desire to amend the Credit Agreement on the terms and conditions hereof.

     NOW, THEREFORE, for and in consideration of the above premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto,
the Lenders, the Administrative Agent and the Borrower hereby agree as follows:

     1. Defined Terms. Capitalized terms which are used herein without definition and
which are defined in the Credit Agreement shall have the same meanings herein as in the Credit
Agreement.

     2. Limited Amendments.

     (a) The Credit Agreement is hereby amended by inserting the following defined terms into
Section 1.1 in appropriate alphabetical order:

     “FDIC” shall mean the Federal Deposit Insurance Corporation.

     “FDIC Guarantee Program” shall mean the FDIC’s temporary liquidity guarantee
program established pursuant to 12 C.F.R. Part 370.

     (b) The Credit Agreement is hereby further amended by deleting the definition of “Base Rate”
in Section 1.1 and inserting in lieu thereof the following:

     “Base Rate” shall mean the highest of (i) the per annum rate which the
Administrative Agent publicly announces from time to time to be its prime lending
rate, as in effect from time to time, (ii) the Federal Funds Rate, as in effect from
time to time, plus one-half of one percent (0.50%) or (iii) the sum of (x) LIBOR for an

 

 

Interest Period of one month, which shall be determined on each Business Day, plus
(y) the excess of 1.25% over the Base Rate Margin. The Administrative Agent’s prime
lending rate is a reference rate and does not necessarily represent the lowest or
best rate charged to customers. The Administrative Agent may make commercial loans
or other loans at rates of interest at, above or below the Administrative Agent’s
prime lending rate. Each change in the Administrative Agent’s prime lending rate
shall be effective from and including the date such change is publicly announced as
being effective.

     (c) The Credit Agreement is further amended by deleting the “.” at the end of Section 5.1(h)
and inserting in its place “; and” and inserting the following new clause (i) into Section 5.1
immediately following Section 5.1(h):

     “(i) promptly after delivery thereof, all reports, certificates and other data
required pursuant to the FDIC Guarantee Program.”

     (d) The Credit Agreement is hereby further amended by deleting the “.” at the end of Section
7.1(i) and inserting in its place “; and” and inserting the following new clause (j) into Section
7.1 immediately following Section 7.1(i):

     “(j) unsecured Indebtedness of the Borrower in an aggregate amount outstanding
at any time not to exceed the lesser of (i) $200,000,000 and (ii) the Borrower’s
debt guarantee limit pursuant to 12 C.F.R. Section 370.3(b), so long as (v) such
Indebtedness qualifies as “FDIC-guaranteed debt” pursuant to 12 C.F.R. Section
370.2(i), (w) such Indebtedness has not otherwise been disqualified pursuant to 12
C.F.R. Section 370.2(i), (x) such Indebtedness has been guaranteed by the FDIC
pursuant to the FDIC Guarantee Program, (y) the maturity date of such Indebtedness
does not extend beyond June 30, 2012, as such date may be extended by the FDIC
pursuant to the FDIC Guarantee Program or otherwise and (z) the FDIC has not
terminated the Borrower’s participation in the FDIC Guarantee Program under 12
C.F.R. Section 370.3(e)(3).”

     (e) The Credit Agreement is hereby further amended by inserting the following new Section 7.9
into Article VII:

     “Section 7.9. FDIC Guarantee Program Participation. So long as the
Borrower has any Indebtedness outstanding under Section 7.1(j), the Borrower will
not opt out of the FDIC Guarantee Program.”

     3. FDIC as Governmental Authority. For the avoidance of doubt, the definition of
“Governmental Authority” set forth in Section 1.1 of the Credit Agreement shall, for all purposes,
be deemed to include the FDIC for so long as the FDIC has any regulatory authority over the
Borrower.

     4. Conditions Precedent to Effectiveness. The effectiveness of this Amendment is
subject to the truth and accuracy of the representations set forth in Sections 5 and 6 below and
receipt by the Administrative Agent of the following, each of which shall be in form and
substance

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satisfactory to Administrative Agent:

     (a) This Amendment, duly executed and delivered by the Borrower, the Required Lenders and the
Administrative Agent;

     (b) Payment of all reasonable costs and expenses of the Administrative Agent (including,
without limitation, attorneys’ fees) incurred in connection with the Credit Agreement and the other
Loan Documents, including, without limitation, the preparation, negotiation, execution and delivery
of this Amendment; and

     (c) Such other documents as the Administrative Agent may reasonably request.

     It is the intent of the parties that, notwithstanding the date that all of the foregoing conditions
are satisfied, this Amendment shall be effective as of December 5, 2008.

     5. Representations of the Borrower. The Borrower represents and warrants to the
Administrative Agent and the Lenders that:

     (a) Power and Authority. The Borrower has the power and authority to execute, deliver
and perform the terms and provisions of this Amendment, and has taken all necessary corporate, and
if required, stockholder, action to duly authorize the execution, delivery and performance by it of
this Amendment. Each of this Amendment and the Credit Agreement, as amended by this Amendment,
constitutes the legal, valid and binding obligations of the Borrower enforceable in accordance with
its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws generally affecting creditors’ rights and by equitable principles.

     (b) No Violation. The execution, delivery and performance by the Borrower of this
Amendment, and compliance by the Borrower with the terms and provisions of the Credit Agreement, as
amended by this Amendment: (i) will not contravene any provision of any law, statute, rule or
regulation or any order, writ, injunction or decree of any court or Governmental Authority binding
upon the Borrower, (ii) will not conflict with or result in any breach of any of the terms,
covenants, conditions or provisions of, or constitute a default under, or result in the creation or
imposition of (or the obligation to create or impose) any Lien upon any of the property or assets
of the Borrower or any of its Subsidiaries pursuant to the terms of any indenture, mortgage, deed
of trust, credit agreement or loan agreement, or any other agreement, contract or instrument, to
which the Borrower or any of its Subsidiaries is a party or by which they or any of their property
or assets is bound or to which they may be subject or (iii) will not violate any provision of the
certificate of incorporation or bylaws of the Borrower.

     (c) Governmental Approvals. No order, consent, approval, license, authorization or
validation of, or filing, recording or registration with (except for those that have otherwise been
obtained or made on or prior to the date of the effectiveness of this Amendment and which remain in
full force and effect on such date), or exemption by, any Governmental Authority, is required to
authorize, or is required in connection with, (i) the execution, delivery and performance of this
Amendment by the Borrower or (ii) the legality, validity, binding effect or enforceability of the

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Credit Agreement, as amended by this Amendment, against the Borrower.

     (d) No Default. No Default or Event of Default now exists or will exist immediately
after giving effect to this Amendment.

     (e) Eligible Entity. The Borrower is an “eligible entity,” as such term is defined in
12 C.F.R. Section 370.2(a) of the rules and regulations of the FDIC.

     6. Reaffirmation of Representations. The Borrower hereby repeats and reaffirms all
representations and warranties made by it to the Administrative Agent and the Lenders in the Credit
Agreement and the other Loan Documents to which it is a party on and as of the date hereof (and
after giving effect to this Amendment) with the same force and effect as if such representations
and warranties were set forth in this Amendment in full (except to the extent that such
representations and warranties relate expressly to an earlier date, in which case such
representations and warranties were true and correct as of such earlier date).

     7. No Further Amendments; Ratification of Liability. Except as expressly amended
hereby, the Credit Agreement and each of the other Loan Documents shall remain in full force and
effect in accordance with their respective terms. The Borrower hereby ratifies, confirms and
reaffirms its liabilities, payment and performance obligations (contingent or otherwise) and its
agreements under the Credit Agreement and the other Loan Documents, all as amended by this
Amendment, and the liens and security interests granted, created and perfected thereby. The
Lenders’ agreement to the terms of this Amendment or any other amendment of the Credit Agreement or
any other Loan Document shall not be deemed to establish or create a custom or course of dealing
between the Borrower or the Lenders, or among any of them. This Amendment contains the entire
agreement among the Borrower and the Lenders contemplated by this Amendment. This Amendment shall
be deemed to be a “Loan Document” for all purposes under the Credit Agreement.

     8. Other Provisions.

     (a) Except for the amendments expressly set forth and referred to above, the provisions of the
Credit Agreement and the other Loan Documents shall remain unchanged and in full force and effect,
and the Lenders and the Administrative Agent hereby reserve the right to require strict compliance
with the terms and conditions of the Credit Agreement and the other Loan Documents in the future.

     (b) 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 to be
an original, and all counterparts, taken together, shall constitute but one and the same document.

     (c) The Borrower agrees to reimburse the Administrative Agent on demand for all reasonable
costs and expenses (including, without limitation, attorneys’ fees) incurred by it in
connection with the Credit Agreement and this Amendment, the other documents referred to
herein and therein, the transactions contemplated hereby and thereby.

-4-

 

     (d) THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE
LAW OF THE STATE OF NEW YORK.

     (e) THIS AMENDMENT CONSTITUTES THE ENTIRE CONTRACT AMONG THE PARTIES HERETO RELATING TO THE
SUBJECT MATTER HEREOF AND SUPERSEDES ANY AND ALL PREVIOUS DISCUSSIONS, CORRESPONDENCE, AGREEMENTS
AND OTHER UNDERSTANDINGS, WHETHER ORAL OR WRITTEN, RELATING TO THE SUBJECT MATTER HEREOF.

     (f) In consideration of the amendments contained herein and the Borrower hereby waives and
releases each of the Lenders and the Administrative Agent from any and all claims and defenses,
whether known or unknown, with respect to the Credit Agreement and the other Loan Documents and the
transactions contemplated thereby.

     (g) THE PARTIES HERETO HAVE ENTERED INTO THIS AMENDMENT SOLELY TO AMEND TERMS OF THE CREDIT
AGREEMENT. THE PARTIES DO NOT INTEND THIS AMENDMENT NOR THE TRANSACTIONS CONTEMPLATED HEREBY TO
BE, AND THIS AMENDMENT AND THE TRANSACTION CONTEMPLATED HEREBY SHALL NOT BE CONSTRUED TO BE, A
NOVATION OF ANY OF THE OBLIGATIONS OWING BY THE BORROWER UNDER OR IN CONNECTION WITH THE CREDIT
AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS.

[Signature Pages Follow]

-5-

 

     IN WITNESS WHEREOF, the Borrower, the Lenders and the Administrative Agent have caused this
First Amendment to Revolving Credit Agreement to be duly executed by their respective duly
authorized officers and representatives as of the day and year first above written.

	 	 	 	 	 
	 	PRIVATEBANCORP, INC.

 	 
	 	By:  	                   /s/ Dennis Klaeser
 	 
	 	 	Name:  	Dennis Klaeser 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	SUNTRUST BANK, in its capacities as a Lender and 

     as Administrative Agent

 	 
	 	By:  	/s/ K. Scott Bazemore
 	 
	 	 	Name:  	K. Scott Bazemore 	 
	 	 	Title:  	Vice President 	 
	 

[Signatures Continue on Following Pages]

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A. as a Lender

 	 
	 	By:  	/s/ Jeffrey D. Bachler
 	 
	 	 	Name:  	Jeffery D. Bachler 	 
	 	 	Title:  	Vice President 	 
	 

[Signatures Continue on Following Page]

[Signature Page to First Amendment to Credit Agreement with PrivateBancorp, Inc.]

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as successor in interest to LaSalle Bank National Association, as a Lender

 	 
	 	By:  	/s/ Maryanne Fitzmaurice
 	 
	 	 	Name:  	Maryanne Fitzmaurice 	 
	 	 	Title:  	Senior Vice President 	 
	 

[Signature Page to First Amendment to Revolving Credit Agreement with PrivateBancorp, Inc.]

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