Document:

EX-10.2

 

Exhibit 10.2

CHARTER ONE BANK, N.A.

CONTROL SHEET FOR SECURITY AGREEMENT

BANK INFORMATION

	 	 	 
	Name of Loan Officer:

	 	Robert Dracon
	Address of Bank

	 	1215 Superior Avenue
	 

	 	Cleveland, Ohio
	 

	 	44114
	 
	 	 
	Governing Law

	 	Ohio
	 
	Name of Person
	 	 
	Preparing Documents:

	 	Elaine Brogowicz

OBLIGOR INFORMATION

	 	 	 
	Obligor:

	 	Type of Entity:
	 
	 	 
	John D. Oil & Gas Company

	 	corporation
	8500 Station Street, Suite 345
	 	 
	Mentor, Ohio 44060
	 	 

WARNINGS!!!

     AUTHORITY DOCUMENTS WARNING! You must prepare Authority Documents for any Obligor that
is not a natural person. Failure to obtain such documents may jeopardize the Bank’s ability to
collect the loan and realize upon its collateral. Refer to the manual if you have any questions
concerning which documents are required for each obligor.

     OHIO HOMESTEAD ACT WARNING! Under Ohio law, for a waiver of homestead exemption by a natural
person to be effective, such person’s spouse should also sign any agreement, including a guaranty,
containing such a waiver. Please consult your attorney if you have any questions concerning the
waiver of homestead exemption.

     Obligor Warnings:

John D. Oil & Gas Company

 

 

8500 Station Street, Suite 345

Mentor, Ohio 44060

REVISED ARTICLE 9 WARNING! Revised Article 9 of the Uniform Commercial Code (“Revised Article 9”)
is effective in Ohio. The term “Old Article 9” as used herein means the version of Article 9 of
the Uniform Commercial Code in effect in Ohio prior to the effective date of Revised Article 9
(“Effective Date”).

Revised Article 9 significantly changes filing requirements for most UCC financing statements.
Notwithstanding which state law the parties choose to govern the loan documents, Revised Article 9,
unlike old Article 9, provides that, in most cases, the law of the state in which Borrower (not the
collateral) is “located” governs perfection of the security interest in the personal property of
Borrower taken as collateral, and UCC-1 financing statements must be filed in the state where
Borrower is located. Under Revised Article 9, the “location” of Borrower is determined primarily
in three different ways: (1) an individual is located in the state of his or her principal
residence; (2) an entity (e.g., a corporation, limited partnership, limited liability company, or
business trust) which is organized (e.g., incorporated in the case of a corporation) under the laws
of a state and is registered in such state (e.g., a certificate of incorporation has been filed by
the corporation) is located in the state in which it is so registered; and (3) an entity which is
organized under the laws of a state but is not registered with such state (e.g., some states do not
provide for registration of partnerships), is deemed located in the state where its place of
business (if there is only one such place) or its chief executive office (if the entity has more
than one place of business) is located. Notwithstanding the foregoing, under Revised Article 9,
certain types of collateral, including but not limited to fixtures, minerals and agricultural
collateral, will still require filing where the collateral is located. Transactions with trusts
can present very peculiar questions, and you should CONSULT WITH COUNSEL with respect to any such
transactions.

Notwithstanding the change in location for the filing of UCC financing statements, lien searches
should continue to be performed until June 30, 2006 as they would have been under Old Article 9 in
all states where any personal property is located; this is recommended because secured parties that
have a perfected security interest in property by filing a financing statement under Old Article 9
will continue to have a perfected security interest until the earlier to occur of the lapse of
their UCCs (generally, 5 years from the filing date) and June 30, 2006, and will be able to
continue their UCCs by filing continuation statements in compliance with Revised Article 9.

Note that under Revised Article 9, the debtor’s name as it appears on the UCC form must be exactly
the same name as appears on the organizational documents of the debtor. It is therefore important
that the name which is used on the UCC form be taken directly from the charter documents of the
debtor, such as articles or certificate of incorporation, organization or formation or partnership
agreement or similar constitutive documents. In the case of an individual, you should verify the
name of the individual by reference to a driver’s license or social security card; if the
individual uses hyphenated names or other variations, file against all variations.

     ALL ASSET SECURITY AGREEMENT WARNING! You have chosen an All Asset Security Agreement for
John D. Oil & Gas Company for this credit transaction. Certain types of collateral cannot be
perfected by filing financing statements. Please review the manual and consult counsel if you have
any question about how to perfect a security interest in your collateral. If John D. Oil & Gas
Company has any Federal government receivables as collateral, you may need to comply with the
Federal Assignment of Claims Act. Documenter does not currently supply the necessary forms. If
John D. Oil & Gas Company has collateral respecting which a Certificate of Title, as defined in
Section 9-102 of the Uniform Commercial Code, has been issued by a State with a statute that
provides for the security interest to be indicated on the Certificate as a condition or result of
the security interest obtaining priority over the rights of a lien creditor with respect to the
collateral, you will need to obtain the Certificate of Title and follow state law requirements to
perfect the security interest. Please see the manual and consult your counsel if you have any
unusual collateral, including aircraft, federally documented vessels or

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agricultural products. To
the extent that the collateral includes Commercial Tort claims, you must identify the claim with
specificity in the Security Agreement and Financing Statement.

     PURCHASE MONEY SECURITY INTEREST IN EQUIPMENT WARNING! If the Bank is financing the purchase
of equipment a Purchase Money Security Interest under the Uniform Commercial Code can be obtained.
It is advisable to do the following: (a) insure the description on the Security Agreement matches
the description on the invoice, (b) insure the Borrower will not take delivery of the equipment
more than 20 days before the Bank has filed a financing statement and (c) issue the check being
used to purchase the equipment jointly to the Borrower and the seller of the equipment.

CONTROL DATA

	 	 	 
	Interest Calculation

	 	360 Day Year
	 
	 	 
	Type of Security Agreement for Obligor 1:

	 	All Assets

3

 

SECURITY AGREEMENT

     This SECURITY AGREEMENT (this “Agreement”) entered into at Cleveland, Ohio, as of
February 20, 2007, between John D. Oil & Gas Company, a Maryland corporation, with its chief
executive office located at 8500 Station Street, Suite 345, Mentor, Ohio 44060 (the “Borrower”)
and Charter One Bank, N.A., a national banking association, with an address of 1215 Superior
Avenue, Cleveland, Ohio 44114 (the “Bank”).

     FOR VALUE RECEIVED, and in consideration of the granting by the Bank of financial
accommodations to or for the benefit of the Borrower, including without limitation respecting the
Obligations (as hereinafter defined), the Borrower represents and agrees with the Bank, as of the
date hereof and as of the date of each loan, credit and/or other financial accommodation, as
follows:

1. GRANT OF SECURITY INTEREST

1.1 Grant of Security Interest. In consideration of the Bank’s extending credit
and other financial accommodations to or for the benefit of the Borrower, the Borrower hereby
grants to the Bank a security interest in, a lien on and pledge and assignment of the Collateral
(as hereinafter defined). The security interest granted by this Agreement is given to and shall be
held by the Bank as security for the payment and performance of all Obligations (as hereinafter
defined), including without limitation, all amounts due and owing to the Bank and all obligations
respecting that certain Revolving Term Note, dated September 28, 2006, by Richard M Osborne and
John D. Oil & Gas Company in favor of the Bank in the original principal amount of $5,000,000.00
which was modified and increased to $7,500,000.00 on February 20, 2007 (the “Note”; and
collectively, along with all other agreements, documents, certificates and instruments delivered in
connection therewith, the “Loan Documents”), and any substitutions, modifications, extensions or
amendments to any of the Loan Documents.

1.2 Definitions. The following definitions shall apply:

	 	(a)	 	“Bank Affiliate” shall mean any “Affiliate” of the Bank or any lender acting as a
participant under any loan arrangement between the Bank and the Borrower(s). The term
“Affiliate” shall mean with respect to any person, (a) any person which, directly or
indirectly through one or more intermediaries controls, or is controlled by, or is under
common control with, such person, or (b) any person who is a director or officer (i) of
such person, (ii) of any subsidiary of such person, or (iii) any person described in clause
(a) above. For purposes of this definition, control of a person shall mean the power,
direct or indirect, (x) to vote 5% or more of the Capital Stock having ordinary voting
power for the election of directors (or comparable equivalent) of such person, or (y) to
direct or cause the direction of the management and policies of such person whether by
contract or otherwise. Control may be by ownership, contract, or otherwise.
	 
	 	(b)	 	“Code” shall mean the Ohio Uniform Commercial Code, Ohio Revised Code Chapter 1309
as amended from time to time.
	 
	 	(c)	 	“Collateral” shall mean all of the Borrower’s present and future right, title and
interest in and to any and all of the personal property of the Borrower whether such
property is now existing or

 

 

hereafter created, acquired or arising and wherever located
from time to time, including without limitation:

	 	(i)	 	accounts;
	 
	 	(ii)	 	chattel paper;
	 
	 	(iii)	 	goods;
	 
	 	(iv)	 	inventory;
	 
	 	(v)	 	equipment;
	 
	 	(vi)	 	fixtures
	 
	 	(vii)	 	farm products;
	 
	 	(viii)	 	instruments;
	 
	 	(ix)	 	investment property;
	 
	 	(x)	 	documents;
	 
	 	(xi)	 	commercial tort claims;
	 
	 	(xii)	 	deposit accounts;
	 
	 	(xiii)	 	letter-of-credit rights;
	 
	 	(xiv)	 	general intangibles;
	 
	 	(xv)	 	supporting obligations; and
	 
	 	(xvi)	 	proceeds and products of the foregoing.

	 	(d)	 	“Debtors” shall mean the Borrower’s customers who are indebted to the Borrower.
	 
	 	(e)	 	“Obligation(s)” shall mean, without limitation, all loans, advances, indebtedness,
notes, liabilities, rate swap transactions, basis swaps, forward rate transactions,
commodity swaps, commodity options, equity or equity index swaps, equity or equity index
options, bond options, interest rate options, foreign exchange transactions, cap
transactions, floor transactions, collar transactions, forward transactions, currency swap
transactions, cross-currency rate swap transactions, currency options and amounts,
liquidated or unliquidated, owing by the Borrower to the Bank or any Bank Affiliate at any
time, of each and every kind, nature and description, whether arising under this Agreement
or otherwise, and whether secured or unsecured, direct or indirect (that is, whether the
same are due directly by the Borrower to the Bank or any Bank Affiliate; or are due
indirectly by the Borrower to the Bank or any Bank Affiliate as endorser, guarantor or
other surety, or as borrower of obligations due third persons which have been endorsed or
assigned to the Bank or any Bank Affiliate, or otherwise), absolute or contingent, due or
to become due, now existing or hereafter arising or contracted, including, without
limitation, payment when due of all amounts outstanding respecting any of the Loan
Documents. Said term shall also include all interest and other charges chargeable to the
Borrower or due from the Borrower to the Bank or any Bank Affiliate from time to time and
all costs and expenses referred to in this Agreement.

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	 	(f)	 	“Person” or “party” shall mean individuals, partnerships, corporations, limited
liability companies and all other entities.

     All words and terms used in this Agreement other than those specifically defined herein shall
have the meanings accorded to them in the Code.

	1.3    Ordinary Course of Business. The Bank hereby authorizes and permits the
Borrower to hold, process, sell, use or consume in the manufacture or processing of finished goods,
or otherwise dispose of inventory for fair consideration, all in the ordinary course of the
Borrower’s business, excluding, without limitation, sales to creditors or in bulk or sales or other
dispositions occurring under circumstances which would or could create any lien or interest adverse
to the Bank’s security interest or other right hereunder in the proceeds resulting therefrom. The
Bank also hereby authorizes and permits the Borrower to receive from the Debtors all amounts due as
proceeds of the Collateral at the Borrower’s own cost and expense, and also liability, if any,
subject to the direction and control of the Bank at all times; and the Bank may at any time,
without cause or notice, and whether or not an Event of Default has occurred or demand has been
made, terminate all or any part of the authority and permission herein or elsewhere in this
Agreement granted to the Borrower with reference to the Collateral, and notify Debtors to make all
payments due as proceeds of the Collateral to the Bank. Until Bank shall otherwise notify
Borrower, all proceeds of and collections of Collateral shall be retained by Borrower and used
solely for the ordinary and usual operation of Borrower’s business. From and after notice by Bank
to Borrower, all proceeds of and collections of the Collateral shall be held in trust by Borrower
for Bank and shall not be commingled with Borrower’s other funds or deposited in any Bank account
of Borrower; and Borrower agrees to deliver to Bank on the dates of receipt thereof by Borrower,
duly endorsed to Bank or to bearer, or assigned to Bank, as may be appropriate, all proceeds of the
Collateral in the identical form received by Borrower.
	 
	1.4    
Allowances. Absent an Event of Default the Borrower may grant such allowances
or other adjustments to Debtors (exclusive of extending the time for payment of any item which
shall not be done without first obtaining the Bank’s written consent in each instance) as the
Borrower may reasonably deem to accord with sound business practice, including, without limiting
the generality of the foregoing, accepting the return of all or any part of the inventory (subject
to the provisions set forth in this Agreement with reference to returned inventory).
	 
	1.5    Records. The Borrower shall hold its books and records relating to the
Collateral segregated from all the Borrower’s other books and records in a manner satisfactory to
the Bank; and shall deliver to the Bank from time to time promptly at its request all invoices,
original documents of title, contracts, chattel paper, instruments and any other writings relating
thereto, and other evidence of performance of contracts, or evidence of shipment or delivery of the
merchandise or of the rendering of services; and the Borrower will deliver to the Bank promptly at
the Bank’s request from time to time additional copies of any or all of such papers or writings,
and such other information with respect to any of the Collateral and such schedules of inventory,
schedules of accounts and such other writings as the Bank may in its sole discretion deem to be
necessary or effectual to evidence any loan hereunder or the Bank’s security interest in the
Collateral.
	 
	1.6    Legends. The Borrower shall promptly make, stamp or record such entries or
legends on the Borrower’s books and records or on any of the Collateral (including, without
limitation, chattel paper) as Bank shall request from time to time, to indicate and disclose that
Bank has a security interest in such Collateral.
	 
	1.7    Inspection. The Bank, or its representatives, at any time and from time to
time, shall have the right at the sole cost and expense of Borrower, and the Borrower will permit
the Bank and/or its representatives: (a) to examine, check, make copies of or extracts from any of
the Borrower’s books, records and files (including, without limitation, orders and original
correspondence); (b) to perform field exams or otherwise inspect and examine the Collateral and to
check, test or appraise the same as to quality, quantity, value and condition; and (c) to verify
the Collateral or any portion or portions thereof or the Borrower’s compliance with the provisions
of this Agreement.

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	1.8    Purchase Money Security Interests. To the extent the Borrower uses proceeds
of any loans to purchase Collateral, the repayment of such loans shall be on a “first-in-first-out”
basis so that the portion of the loan used to purchase a particular item of Collateral shall be
repaid in the order in which Borrower purchased such item of Collateral.
	 
	1.9    Search Reports. Bank shall receive prior to the date of this Agreement UCC
search results under all names used by the Borrower during the prior five (5) years, from each
jurisdiction where any Collateral is located, from the State, if any, where the Borrower is
organized and registered (as such terms are used in the Code), and the State where the Borrower’s
chief executive office is located. The search results shall confirm that the security interest in
the Collateral granted Bank hereunder is prior to all other security interests in favor of any
other Person.

2. REPRESENTATIONS AND WARRANTIES

2.1 Accounts and Contract Rights. All accounts arise out of legally enforceable
and existing contracts, and represent unconditional and undisputed bona fide indebtedness by a
Debtor, and are not and will not be subject to any discount (except such cash or trade discount as
may be shown on any invoice, contract or other writing delivered to the Bank). No contract right,
account, general intangible or chattel paper is or will be represented by any note or other
instrument, and no contract right, account or general intangible is, or will be represented by any
conditional or installment sales obligation or other chattel paper, except such instruments or
chattel paper as have been or immediately upon receipt by the Borrower will be delivered to the
Bank (duly endorsed or assigned), such delivery, in the case of chattel paper, to include all
executed copies except those in the possession of the installment buyer and any security for or
guaranty of any of the Collateral shall be delivered to the Bank immediately upon receipt thereof
by the Borrower, with such assignments and endorsements thereof as the Bank may request.

2.2 Title to Collateral. At the date hereof the Borrower is (and as to Collateral
that the Borrower may acquire after the date hereof, will be) the lawful owner of the Collateral,
and the Collateral and each item thereof is, will be and shall continue to be free of all
restrictions, liens, encumbrances or other rights, title or interests (other than the security
interest therein granted to the Bank), credits, defenses, recoupments, set-offs or counterclaims
whatsoever. The Borrower has and will have full power and authority to grant to the Bank a
security interest in the Collateral and the Borrower has not transferred, assigned, sold, pledged,
encumbered, subjected to lien or granted any security interest in, and will not transfer, assign,
sell (except sales or other dispositions in the ordinary course of business in respect to inventory
as expressly permitted in this Agreement), pledge, encumber, subject to lien or grant any security
interest in any of the Collateral (or any of the Borrower’s right, title or interest therein), to
any person other than the Bank. The Collateral is and will be valid and genuine in all respects.
The Borrower will warrant and defend the Bank’s right to and interest in the Collateral against all
claims and demands of all persons whatsoever.

2.3 Location of Collateral. Except for sale, processing, use, consumption or
other disposition in the ordinary course of business, the Borrower will keep all inventory and
equipment only at locations specified in this Agreement or specified to the Bank in writing. The
Borrower shall, during the term of this Agreement, keep the Bank currently and accurately informed
in writing of each location where the Borrower’s records relating to its accounts and contract
rights, respectively, are kept, and shall not remove such records or any of them to another
location without giving the Bank at least thirty (30) days prior written notice thereof.

2.4 Third Parties. The Bank shall not be deemed to have assumed any liability or
responsibility to the Borrower or any third person for the correctness, validity or genuineness of
any instruments or documents that may be released or endorsed to the Borrower by the Bank (which
shall automatically be deemed to be without recourse to the Bank in any event) or for the
existence, character, quantity, quality, condition, value or delivery of any goods purporting to be
represented by any such documents; and the Bank, by accepting such security interest in the
Collateral, or by releasing any Collateral to the Borrower, shall not be deemed to have assumed any
obligation or liability to any supplier or Debtor or to any other

4

 

third party, and the Borrower
agrees to indemnify and defend the Bank and hold it harmless in respect to any claim or proceeding
arising out of any matter referred to in this paragraph.

2.5 Payment of Accounts. Each account or other item of Collateral, other than
inventory and equipment, will be paid in full on or before the date shown as its due date in the
schedule of Collateral, in the copy of the invoice(s) relating to the account or other Collateral
or in contracts relating thereto. Upon any suspension of business, assignment or trust mortgage
for the benefit of creditors, dissolution, petition in receivership or under any chapter of the
Bankruptcy Code as amended from time to time by or against any Debtor, any Debtor becoming
insolvent or unable to pay its debts as they mature or any other act of the same or different
nature amounting to a business failure, the Borrower will immediately notify the Bank thereof.

2.6 Taxes. Borrower has filed all Federal, state and other tax returns required
to be filed (except for such returns for which current and valid extensions have been filed), and
all taxes, assessments and other governmental charges due from the Borrower have been fully paid.
The Borrower has established on its books reserves adequate for the payment of all Federal, state
and other tax liabilities (if any).

2.7 Use of Proceeds. No portion of any loan is to be used for (i) the purpose of
purchasing or carrying any “margin security” or “margin stock” as such terms are used in
Regulations U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R. 221 and 224
or (ii) primarily personal, family or household purposes. The Collateral is not used or acquired
primarily for personal, family or household purposes.

3. AFFIRMATIVE COVENANTS

3.1 Payments and Performance. Borrower will duly and punctually pay all
Obligations becoming due to the Bank and will duly and punctually perform all Obligations on its
part to be done or performed under this Agreement.

3.2 Books and Records; Inspection. Borrower will at all times keep proper books
of account in which full, true and correct entries will be made of its transactions in accordance
with generally accepted accounting principles, consistently applied and which are, in the opinion
of a Certified Public Accountant acceptable to Bank, adequate to determine fairly the financial
condition and the results of operations of Borrower. Borrower will at all reasonable times make
its books and records available in its offices for inspection, examination and duplication by the
Bank and the Bank’s representatives and will permit inspection of the Collateral and all of its
properties by the Bank and the Bank’s representatives. Borrower will from time to time furnish the
Bank with such information and statements as the Bank may request in its sole discretion with
respect to the Obligations or the Bank’s security interest in the Collateral. Borrower shall,
during the term of this Agreement, keep the Bank currently and accurately informed in writing of
each location where Borrower’s records relating to its accounts and contract rights are kept, and
shall not remove such records to another location without giving the Bank at least thirty (30) days
prior written notice thereof.

3.3 Notice to Account Debtors. The Borrower agrees, at the request of the Bank,
to notify all or any of the Debtors in writing of the Bank’s security interest in the Collateral in
whatever manner the Bank requests and, hereby authorizes the Bank to notify all or any of the
Debtors of the Bank’s security interest in the Borrower’s accounts at the Borrower’s expense.

3.4 Contact with Accountant. The Borrower hereby authorizes the Bank to directly
contact and communicate with any accountant employed by Borrower in connection with the review
and/or maintenance of Borrower’s books and records or preparation of any financial reports
delivered by or at the request of Borrower to Bank.

3.5 Operating and Deposit Accounts. The Borrower shall maintain with the Bank its
primary operating and deposit accounts. At the option of the Bank, all loan payments and fees will
automatically

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be debited from the Borrower’s primary operating account and all advances will
automatically be credited to the Borrower’s primary operating account.

3.6 Taxes. Borrower will promptly pay all real and personal property taxes,
assessments and charges and all franchise, income, unemployment, retirement benefits, withholding,
sales and other taxes assessed against it or payable by it before delinquent; provided that this
covenant shall not apply to any tax assessment or charge which is being contested in good faith and
with respect to which reserves have been established and are being maintained. The Bank may, at
its option, from time to time, discharge any taxes, liens or encumbrances of any of the Collateral,
and the Borrower will pay to the Bank on demand or the Bank in its sole discretion may charge to
the Borrower all amounts so paid or incurred by it.

3.7 Maintenance. Borrower will keep and maintain the Collateral and its other
properties, if any, in good repair, working order and condition. The Borrower will immediately
notify the Bank of any loss or damage to or any occurrence which would adversely affect the value
of any Collateral. The Bank may, at its option, from time to time, take any other action that the
Bank may deem proper to repair, maintain or preserve any of the Collateral, and the Borrower will
pay to the Bank on demand or the Bank in its sole discretion may charge to the Borrower all amounts
so paid or incurred by it.

3.8 Insurance. Borrower will maintain in force property and casualty insurance on
all Collateral and any other property of Borrower, if any, against risks customarily insured
against by companies engaged in businesses similar to that of Borrower containing such terms and
written by such companies as may be satisfactory to the Bank, such insurance to be payable to the
Bank as its interest may appear in the event of loss and to name the Bank as insured pursuant to a
standard loss payee clause; no loss shall be adjusted thereunder without the Bank’s approval; and
all such policies shall provide that they may not be canceled without first giving at least Ten
(10) days written notice of cancellation to the Bank. In the event that Borrower fails to provide
evidence of such insurance, the Bank may, at its option, secure such insurance and charge the cost
thereof to the Borrower. At the option of the Bank, all insurance proceeds received from any loss
or damage to any of the Collateral shall be applied either to the replacement or repair thereof or
as a payment on account of the Obligations. From and after the occurrence of an Event of Default,
the Bank is authorized to cancel any insurance maintained hereunder and apply any returned or
unearned premiums, all of which are hereby assigned to the Bank, as a payment on account of the
Obligations.

3.9 Notification of Default. Immediately upon becoming aware of the existence of
any condition or event which constitutes an Event of Default, or any condition or event which would
upon notice or lapse of time, or both, constitute an Event of Default, Borrower shall give Bank
written notice thereof specifying the nature and duration thereof and the action being or proposed
to be taken with respect thereto.

3.10 Notification of Material Litigation. Borrower will immediately notify the
Bank in writing of any litigation or of any investigative proceedings of a governmental agency or
authority commenced or threatened against it which would or might be materially adverse to the
financial condition of Borrower or any guarantor of the Obligations.

3.11 Pension Plans. With respect to any pension or benefit plan maintained by
Borrower, or to which Borrower contributes (“Plan”), the benefits under which are guarantied, in
whole or in part, by the Pension Benefit Guaranty Corporation created by the Employee Retirement
Income Security Act of 1974, P.L. 93-406, as amended (“ERISA”) or any governmental authority
succeeding to any or all of the functions of the Pension Benefit Guaranty Corporation (“Pension
Benefit Guaranty Corporation”), Borrower will (a) fund each Plan as required by the provisions of
Section 412 of the Internal Revenue Code of 1986, as amended; (b) cause each Plan to pay all
benefits when due; (c) furnish Bank (i) promptly with a copy of any notice of each Plan’s
termination sent to the Pension Benefit Guaranty Corporation (ii) no later than the date of
submission to the Department of Labor or to the Internal Revenue Service, as the case may be, a
copy of any request for waiver from the funding standards or extension of the amortization periods
required by Section 412 of the Internal Revenue Code of 1986, as

6

 

amended and (iii) notice of any
Reportable Event as such term is defined in ERISA; and (d) subscribe to any contingent liability
insurance provided by the Pension Benefit Guaranty Corporation to protect against employer
liability upon termination of a guarantied pension plan, if available to Borrower.

4. DEFAULT

4.1 Default. “Event of Default” shall mean the occurrence of one or more of any
of the following events:

	 	(a)	 	default of any liability, obligation, covenant or undertaking of the Borrower or
any guarantor of the Obligations to the Bank, hereunder or otherwise, including, without
limitation, failure to pay in full and when due any installment of principal or interest or
default of the Borrower or any guarantor of the Obligations under any other Loan Document
or any other agreement with the Bank;
	 
	 	(b)	 	failure of the Borrower or any guarantor of the Obligations to maintain aggregate
collateral security value satisfactory to the Bank;
	 
	 	(c)	 	default of any material liability, obligation or undertaking of the Borrower or any
guarantor of the Obligations to any other party;
	 
	 	(d)	 	if any statement, representation or warranty heretofore, now or hereafter made by
the Borrower or any guarantor of the Obligations in connection with this Agreement or in
any supporting financial statement of the Borrower or any guarantor of the Obligations
shall be determined by the Bank to have been false or misleading in any material respect
when made;
	 
	 	(e)	 	if the Borrower or any guarantor of the Obligations is a corporation, trust,
partnership or limited liability company, the liquidation, termination or dissolution of
any such organization, or the merger or consolidation of such organization into another
entity, or its ceasing to carry on actively its present business or the appointment of a
receiver for its property;
	 
	 	(f)	 	the death of the Borrower or any guarantor of the Obligations and, if the Borrower
or any guarantor of the Obligations is a partnership or limited liability company, the
death of any partner or member;
	 
	 	(g)	 	the institution by or against the Borrower or any guarantor of the Obligations of
any proceedings under the Bankruptcy Code 11 USC §101 et seq. or any other law in which the
Borrower or any guarantor of the Obligations is alleged to be insolvent or unable to pay
its debts as they mature, or the making by the Borrower or any guarantor of the Obligations
of an assignment for the benefit of creditors or the granting by the Borrower or any
guarantor of the Obligations of a trust mortgage for the benefit of creditors;
	 
	 	(h)	 	the service upon the Bank of a writ in which the Bank is named as trustee of the
Borrower or any guarantor of the Obligations;
	 
	 	(i)	 	a judgment or judgments for the payment of money shall be rendered against the
Borrower or any guarantor of the Obligations, and any such judgment shall remain
unsatisfied and in effect for any period of thirty (30) consecutive days without a stay of
execution;
	 
	 	(j)	 	any levy, lien (including mechanics lien), seizure, attachment, execution or
similar process shall be issued or levied on any of the property of the Borrower or any
guarantor of the Obligations;
	 
	 	(k)	 	the termination or revocation of any guaranty of the Obligations; or

7

 

	 	(l)	 	the occurrence of such a change in the condition or affairs (financial or
otherwise) of the Borrower or any guarantor of the Obligations, or the occurrence of any
other event or circumstance, such that the Bank, in its sole discretion, deems that it is
insecure or that the prospects for timely or full payment or performance of any obligation
of the Borrower or any guarantor of the Obligations to the Bank has been or may be
impaired.

4.2 Acceleration. If an Event of Default shall occur, at the election of the
Bank, all Obligations shall become immediately due and payable without notice or demand, except
with respect to Obligations payable on DEMAND, which shall be due and payable on DEMAND, whether or
not an Event of Default has occurred.

     The Bank is hereby authorized, at its election, after an Event of Default or after Demand,
without any further demand or notice except to such extent as notice may be required by applicable
law, to take possession and/or sell or otherwise dispose of all or any of the Collateral at public
or private sale; and the Bank may also exercise any and all other rights and remedies of a secured
party under the Code or which are otherwise accorded to it in equity or at law, all as Bank may
determine, and such exercise of rights in compliance with the requirements of law will not be
considered adversely to affect the commercial reasonableness of any sale or other disposition of
the Collateral. If notice of a sale or other action by the Bank is required by applicable law,
unless the Collateral is perishable or threatens to decline speedily in value or is of a type
customarily sold on a recognized market, the Borrower agrees that ten (10) days written notice to
the Borrower, or the shortest period of written notice permitted by such law, whichever is smaller,
shall be sufficient notice; and that to the extent permitted by law, the Bank, its officers,
attorneys and agents may bid and become purchasers at any such sale, if public, and may purchase at
any private sale any of the Collateral that is of a type customarily sold on a recognized market or
which is the subject of widely distributed standard price quotations. Any sale (public or private)
shall be without warranty and free from any right of redemption, which the Borrower shall waive and
release after default upon the Bank’s request therefor, and may be free of any warranties as to the
Collateral if Bank shall so decide. No purchaser at any sale (public or private) shall be
responsible for the application of the purchase money. Any balance of the net proceeds of sale
remaining after paying all Obligations of the Borrower to the Bank shall be returned to such other
party as may be legally entitled thereto; and if there is a deficiency, the Borrower shall be
responsible for repayment of the same, with interest. Upon demand by the Bank, the Borrower shall
assemble the Collateral and make it available to the Bank at a place designated by the Bank which
is reasonably convenient to the Bank and the Borrower. The Borrower hereby acknowledges that the
Bank has extended credit and other financial accommodations to the Borrower upon reliance of the
Borrower’s granting the Bank the rights and remedies contained in this Agreement including without
limitation the right to take immediate possession of the Collateral upon the occurrence of an Event
of Default or after DEMAND with respect to Obligations payable on DEMAND and the Borrower hereby
acknowledges that the Bank is entitled to equitable and injunctive relief to enforce any of its
rights and remedies hereunder or under the Code and the Borrower hereby waives any defense to such
equitable or injunctive relief based upon any allegation of the absence of irreparable harm to the
Bank.

     The Bank shall not be required to marshal any present or future security for (including but
not limited to this Agreement and the Collateral subject to the security interest created hereby),
or guarantees of, the Obligations or any of them, or to resort to such security or guarantees in
any particular order; and all of its rights hereunder and in respect of such securities and
guaranties shall be cumulative and in addition to all other rights, however existing or arising.
To the extent that it lawfully may do so, the Borrower hereby agrees that it will not invoke and
irrevocably waives the benefits of any law relating to the marshaling of collateral which might
cause delay in or impede the enforcement of the Bank’s rights under this Agreement or under any
other instrument evidencing any of the Obligations or under which any of the Obligations is
outstanding or by which any of the Obligations is secured or guaranteed. Except as required by
applicable law, the Bank shall have no duty as to the collection or protection of the Collateral or
any income thereon, nor as to the preservation of rights against prior parties, nor as to the
preservation of any rights pertaining thereto beyond the safe custody thereof.

8

 

4.3 Power of Attorney. The Borrower hereby irrevocably constitutes and appoints
the Bank as the Borrower’s true and lawful attorney, with full power of substitution, at the sole
cost and expense of the Borrower but for the sole benefit of the Bank, upon the occurrence of an
Event of Default or after DEMAND with respect to Obligations payable on DEMAND, to convert the
Collateral into cash, including, without limitation, completing the manufacture or processing of
work in process, and the sale (either public or private) of all or any portion or portions of the
inventory and other Collateral; to enforce collection of the Collateral, either in its own name or
in the name of the Borrower, including, without limitation, executing releases or waivers,
compromising or settling with any Debtors and prosecuting, defending, compromising or releasing any
action relating to the Collateral; to receive, open and dispose of all mail addressed to the
Borrower and to take therefrom any remittances or proceeds of Collateral in which the Bank has a
security interest; to notify Post Office authorities to change the address for delivery of mail
addressed to the Borrower to such address as the Bank shall designate; to endorse the name of the
Borrower in favor of the Bank upon any and all checks, drafts, money orders, notes, acceptances or
other instruments of the same or different nature; to sign and endorse the name of the Borrower on
and to receive as secured party any of the Collateral, any invoices, freight or express receipts,
or bills of lading, storage receipts, warehouse receipts, or other documents of title of the same
or different nature relating to the Collateral; to sign the name of the Borrower on any notice of
the Debtors or on verification of the Collateral; and to sign, if necessary, and file or record on
behalf of the Borrower any financing or other statement in order to perfect or protect the Bank’s
security interest. The Bank shall not be obliged to do any of the acts or exercise any of the
powers hereinabove authorized, but if the Bank elects to do any such act or exercise any such
power, it shall not be accountable for more than it actually receives as a result of such exercise
of power, and it shall not be responsible to the Borrower except for its own gross negligence or
willful misconduct. All powers conferred upon the Bank by this Agreement, being coupled with an
interest, shall be irrevocable so long as any Obligation of the Borrower or any guarantor or surety
to the Bank shall remain unpaid or the Bank is obligated under this Agreement to extend any credit
to the Borrower.

4.4 Nonexclusive Remedies. All of the Bank’s rights and remedies not only under
the provisions of this Agreement but also under any other agreement or transaction shall be
cumulative and not alternative or exclusive, and may be exercised by the Bank at such time or times
and in such order of preference as the Bank in its sole discretion may determine.

4.5 Reassignment to Borrower. Whenever the Bank deems it desirable that any legal
action be instituted with respect to any Collateral or that any other action be taken in any
attempt to effectuate collection of any Collateral, the Bank may reassign the item in question to
the Borrower (and if the Bank shall execute any such reassignment, it shall automatically be deemed
to be without recourse to the Bank in any event) and require the Borrower to proceed with such
legal or other action at the Borrower’s sole liability, cost and expense, in which event all
amounts collected by the Borrower on such item shall nevertheless be subject to the Bank’s security
interest.

5. MISCELLANEOUS

5.1 Waivers. The Borrower waives notice of intent to accelerate, notice of
acceleration, notice of nonpayment, demand, presentment, protest or notice of protest of the
Obligations, and all other notices, consents to any renewals or extensions of time of payment
thereof, and generally waives any and all suretyship defenses and defenses in the nature thereof.

5.2 Waiver of Homestead. To the maximum extent permitted under applicable law,
the Borrower hereby waives and terminates any homestead rights and/or exemptions respecting any of
its property under the provisions of any applicable homestead laws, including without limitation
Section 2329.66 of the Ohio Revised Code.

5.3 Severability. If any provision of this Agreement or portion of such provision
or the application thereof to any person or circumstance shall to any extent be held invalid or
unenforceable, the remainder

9

 

of this Agreement (or the remainder of such provision) and the
application thereof to other persons or circumstances shall not be affected thereby.

5.4 Deposit Collateral. The Borrower hereby grants to the Bank a continuing lien
and security interest in any and all deposits or other sums at any time credited by or due from the
Bank or any Bank Affiliate to the Borrower and any cash, securities, instruments or other property
of the Borrower in the possession of the Bank or any Bank Affiliate, whether for safekeeping or
otherwise, or in transit to or from the Bank or any Bank Affiliate (regardless of the reason the
Bank or Bank Affiliate had received the same or whether the Bank or Bank Affiliate has
conditionally released the same) as security for the full and punctual payment and performance of
all of the liabilities and obligations of the Borrower to the Bank or any Bank Affiliate and such
deposits and other sums may be applied or set off against such liabilities and obligations of the
Borrower to the Bank or any Bank Affiliate at any time, whether or not such are then due, whether
or not demand has been made and whether or not other collateral is then available to the Bank or
any Bank Affiliate.

5.5 Indemnification. The Borrower shall indemnify, defend and hold the Bank and
any Bank Affiliate and their directors, officers, employees, agents and attorneys (each an
“Indemnitee”) harmless of and from any claim brought or threatened against any Indemnitee by the
Borrower, any guarantor or endorser of the Obligations, or any other person (as well as from
reasonable attorneys’ fees and expenses in connection therewith) on account of the Bank’s
relationship with the Borrower, or any guarantor or endorser of the Obligations (each of which may
be defended, compromised, settled or pursued by the Bank with counsel of the Bank’s election, but
at the expense of the Borrower), except for any claim arising out of the gross negligence or
willful misconduct of the Bank. The within indemnification shall survive payment of the
Obligations, and/or any termination, release or discharge executed by the Bank in favor of the
Borrower.

5.6 Costs and Expenses. the Borrower shall pay to the Bank on demand any and all
costs and expenses (including, without limitation, reasonable attorneys’ fees and disbursements,
court costs, litigation and other expenses) incurred or paid by the Bank in establishing,
maintaining, protecting or enforcing any of the Bank’s rights or the Obligations, including,
without limitation, any and all such costs and expenses incurred or paid by the Bank in defending
the Bank’s security interest in, title or right to the Collateral or in collecting or attempting to
collect or enforcing or attempting to enforce payment of the Obligations.

5.7 Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall be an original, but all of which shall constitute but one agreement.

5.8 Complete Agreement. This Agreement and the other Loan Documents constitute
the entire agreement and understanding between and among the parties hereto relating to the subject
matter hereof, and supersedes all prior proposals, negotiations, agreements and understandings
among the parties hereto with respect to such subject matter.

5.9 Binding Effect of Agreement. This Agreement shall be binding upon and inure
to the benefit of the respective heirs, executors, administrators, legal representatives,
successors and assigns of the parties hereto, and shall remain in full force and effect (and the
Bank shall be entitled to rely thereon) until released in writing by the Bank. Notwithstanding any
such termination, the Bank shall have a security interest in all Collateral to secure the payment
and performance of Obligations arising after such termination as a result of commitments or
undertakings made or entered into by the Bank prior to such termination. The Bank may transfer and
assign this Agreement and deliver the Collateral to the assignee, who shall thereupon have all of
the rights of the Bank; and the Bank shall then be relieved and discharged of any responsibility or
liability with respect to this Agreement and the Collateral. The Borrower may not assign or
transfer any of its rights or obligations under this Agreement. Except as expressly provided
herein or in the other Loan Documents, nothing, expressed or implied, is intended to confer upon
any party, other than the parties hereto, any rights, remedies, obligations or liabilities under or
by reason of this Agreement or the other Loan Documents.

10

 

5.10 Further Assurances. Borrower will from time to time execute and deliver to
Bank such documents, and take or cause to be taken, all such other or further action, as Bank may
request in order to effect and confirm or vest more securely in Bank all rights contemplated by
this Agreement and the other Loan Documents (including, without limitation, to correct clerical
errors) or to vest more fully in or assure to the Bank the security interest in the Collateral
granted to the Bank by this Agreement or to comply with applicable statute or law and to facilitate
the collection of the Collateral (including, without limitation, the execution of stock transfer
orders and stock powers, endorsement of promissory notes and instruments and notifications to
obligors on the Collateral). To the extent permitted by applicable law, Borrower authorizes the
Bank to file financing statements, continuation statements or amendments, and any such financing
statements, continuation statements or amendments may be filed at any time in any jurisdiction.
Bank may at any time and from time to time file financing statements, continuation statements and
amendments thereto which contain any information required by the Code for the sufficiency or filing
office acceptance of any financing statement, continuation statement or amendment, including
whether Borrower is an organization, the type of organization and any organization identification
number issued to Borrower. Borrower agrees to furnish any such information to Bank promptly upon
request. In addition, Borrower shall at any time and from time to time take such steps as Bank may
reasonably request for Bank (i) to obtain an acknowledgment, in form and substance satisfactory to
Bank, of any bailee having possession of any of the Collateral that the bailee holds such
Collateral for Bank, (ii) to obtain “control” (as defined in the Code) of any Collateral comprised
of deposit accounts, electronic chattel paper, letter of credit rights or investment property, with
any agreements establishing control to be in form and substance satisfactory to Bank, and (iii)
otherwise to insure the continued perfection and priority of Bank’s security interest in any of the
Collateral and the preservation of its rights therein. Borrower hereby constitutes Bank its
attorney-in-fact to execute, if necessary, and file all filings required or so requested for the
foregoing purposes, all acts of such attorney being hereby ratified and confirmed; and such power,
being coupled with an interest, shall be irrevocable until this Agreement terminates in accordance
with its terms, all Obligations are irrevocably paid in full and the Collateral is released.

5.11 Amendments and Waivers. This Agreement may be amended and Borrower may take
any action herein prohibited, or omit to perform any act herein required to be performed by it, if
Borrower shall obtain the Bank’s prior written consent to each such amendment, action or omission
to act. No course of dealing and no delay or omission on the part of Bank in exercising any right
hereunder shall operate as a waiver of such right or any other right and waiver on any one or more
occasions shall not be construed as a bar to or waiver of any right or remedy of Bank on any future
occasion.

5.12 Terms of Agreement. This Agreement shall continue in full force and effect
so long as any Obligations or obligation of Borrower to Bank shall be outstanding, or the Bank
shall have any obligation to extend any financial accommodation hereunder, and is supplementary to
each and every other agreement between Borrower and Bank and shall not be so construed as to limit
or otherwise derogate from any of the rights or remedies of Bank or any of the liabilities,
obligations or undertakings of Borrower under any such agreement, nor shall any contemporaneous or
subsequent agreement between Borrower and the Bank be construed to limit or otherwise derogate from
any of the rights or remedies of Bank or any of the liabilities, obligations or undertakings of
Borrower hereunder, unless such other agreement specifically refers to this Agreement and expressly
so provides.

5.13 Notices. Any notice under or pursuant to this Agreement shall be a signed
writing or other authenticated record (within the meaning of Article 9 of the Code). Any notices
under or pursuant to this Agreement shall be deemed duly received and effective if delivered in
hand to any officer of agent of the Borrower or Bank, or if mailed by registered or certified mail,
return receipt requested, addressed to the Borrower or Bank at the address set forth in this
Agreement or as any party may from time to time designate by written notice to the other party.

5.14 Governing Law. This Agreement has been executed or completed and/or is to be
performed in Ohio, and it and all transactions thereunder or pursuant thereto shall be governed as
to interpretation, validity, effect, rights, duties and remedies of the parties thereunder and in
all other respects by the laws of Ohio.

11

 

5.15 Reproductions. This Agreement and all documents which have been or may be
hereinafter furnished by Borrower to the Bank may be reproduced by the Bank by any photographic,
photostatic, microfilm, xerographic or similar process, and any such reproduction shall be
admissible in evidence as the original itself in any judicial or administrative proceeding (whether
or not the original is in existence and whether or not such reproduction was made in the regular
course of business).

5.16 Jurisdiction and Venue. Borrower irrevocably submits to the nonexclusive
jurisdiction of any Federal or state court sitting in Ohio, over any suit, action or proceeding
arising out of or relating to this Agreement. Borrower irrevocably waives, to the fullest extent
it may effectively do so under applicable law, any objection it may now or hereafter have to the
laying of the venue of any such suit, action or proceeding brought in any such court and any claim
that the same has been brought in an inconvenient forum. Borrower hereby consents to any and all
process which may be served in any such suit, action or proceeding, (i) by mailing a copy thereof
by registered and certified mail, postage prepaid, return receipt requested, to the Borrower’s
address shown in this Agreement or as notified to the Bank and (ii) by serving the same upon the
Borrower in any other manner otherwise permitted by law, and agrees that such service shall in
every respect be deemed effective service upon Borrower.

5.17 JURY WAIVER. THE BORROWER AND BANK EACH HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY, AND AFTER AN OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL, (A) WAIVE ANY AND ALL RIGHTS
TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING IN CONNECTION WITH THIS AGREEMENT, THE OBLIGATIONS,
ALL MATTERS CONTEMPLATED HEREBY AND DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND (B) AGREE NOT TO
SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE, OR HAS
NOT BEEN, WAIVED. THE BORROWER CERTIFIES THAT NEITHER THE BANK NOR ANY OF ITS REPRESENTATIVES,
AGENTS OR COUNSEL HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE BANK WOULD NOT IN THE EVENT OF
ANY SUCH PROCEEDING SEEK TO ENFORCE THIS WAIVER OF RIGHT TO TRIAL BY JURY.

5.18 Warrant of Attorney. Each of the undersigned authorizes any attorney at law
to appear in any Court of Record in the State of Ohio or in any other state or territory of the
United States after the above indebtedness becomes due, whether by acceleration or otherwise, to
waive the issuing and service of process, and to confess judgment against any one or more of the
undersigned in favor of the Bank for the amount then appearing due together with costs of suit, and
thereupon to waive all error and all rights of appeal and stays of execution. No such judgment or
judgments against less than all of the undersigned shall be a bar to a subsequent judgment or
judgments against any one or more of the undersigned against whom judgment has not been obtained
hereon; this being a joint and several warrant of attorney to confess judgment. The attorney at
law authorized hereby to appear for the undersigned may be an attorney at law representing the
Bank, and the undersigned hereby expressly waive any conflict of interest that may exist by virtue
of such representation. The undersigned also agree that the attorney acting for the undersigned as
set forth in this Section may be compensated by the Bank for such services.

WARNING—BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL.IF YOU DO
NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE
POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE
CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE
AGREEMENT, OR ANY OTHER CAUSE.

12

 

	 	 	 	 	 	 	 
	 	 	John D. Oil & Gas Company
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Richard M. Osborne	 	 
	 

	 	 	 	 

Richard M. Osborne, CEO
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Greg Osborne	 	 
	 

	 	 	 	 

Greg Osborne, President
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ C. Jean Mihitsch	 	 
	 

	 	 	 	 

C. Jean Mihitsch, CFO
	 	 

	 	 	 	 	 
	Accepted: Charter One Bank, N.A.	 	 
	 
	 	 	 	 
	By:
	 	/s/ Robert Dracon	 	 
	Name:

	 	 

Robert Dracon
	 	 
	Title:

	 	Vice President	 	 

© 2007
Medici, a division of Wolters Kluwer Financial Services

13EX-10.1

 

Exhibit 10.1

FIRST AMENDMENT TO FIRST AMENDED AND RESTATED

SECURED TERM LOAN AGREEMENT

     This FIRST AMENDMENT TO FIRST AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT (the
“Amendment”) is made as of February 20, 2007, by and among Developers Diversified Realty
Corporation, a corporation organized under the laws of the State of Ohio (“DDR”), DDR PR Ventures,
LLC, S.E., a Delaware limited liability company (“DDR PR”; DDR and DDR PR together with any
Qualified Borrower that issues a Qualified Borrower Note in accordance with the terms of the Loan
Agreement (as hereinafter defined), collectively, the “Borrower”), KeyBank National Association,
and the several banks, financial institutions and other entities from time to time parties to the
Loan Agreement (the “Lenders”), and KeyBank National Association, not individually, but as
“Administrative Agent”, Bank of America, N.A., not individually, but as “Syndication Agent”, and
Eurohypo AG, New York Branch, ING Real Estate Finance (USA) LLC and Scotiabanc Inc., not
individually, but as “Documentation Agents”, and one or more new or existing “Lenders” shown on the
signature pages hereof

R
E C I T A L S

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

     B. Pursuant to the terms of the Loan Agreement, the Lenders initially agreed to provide
Borrower with a secured term loan facility in an aggregate principal amount of up to
$400,000,000.00. The Borrower, the Administrative Agent and the Lenders now desire to amend the
Loan Agreement in order to, among other things (i) increase the Aggregate Commitment to
$550,000,000.00; (ii) provide Borrower with the right to further increase the Aggregate Commitment
to $800,000,000.00 upon satisfaction of certain conditions set forth in the Loan Agreement; (iii)
extend the maturity date to February 20, 2011; (iv) reduce the interest rate of the Loans; and (v)
admit The Bank of New York and Regions Bank (collectively, the “New Lenders”) as “Lenders” under
the Loan 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 parties hereto
agree as follows:

AGREEMENTS

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

     2. From
and after February 20, 2007 (the “Effective Date”), (i) the New Lenders shall be
considered as “Lenders” under the Loan Agreement and the Loan Documents, and (ii) the Lenders shall
each have a Commitment in the amount shown next to their respective signatures on the signature
pages of this Amendment (such amounts to include any increases in

 

 

the Commitments of the existing Lenders). The Borrower shall, on or before the Effective
Date, execute and deliver to each of the Lenders a new or amended and restated Note in the amount
of their respective Commitment.

     3. From and after the Effective Date, the Aggregate Commitment shall equal Five Hundred Fifty
Million and No/100 Dollars ($550,000,000.00).

     4. The definition of “Maturity Date” set forth in Article I of the Loan Agreement is hereby
modified and amended by deleting therefrom the date “June 28, 2008” and by inserting in lieu
thereof the date “February 20, 2011.”

     5. The second to last paragraph set forth in Section 2.1 of the Loan Agreement is hereby
modified and amended by deleting therefrom the amount “500,000,000” and by inserting in lieu
thereof the amount “800,000,000”.

     6. Section 2.2 of the Loan Agreement is hereby modified and amended by deleting such Section
in its entirety and by inserting in lieu thereof the following new Section 2.2:

“2.2 Final Principal Payment and Extension of Maturity Date.
Any outstanding Borrowings and all other unpaid Obligations shall
be paid in full by the Borrower on the Maturity Date. Provided no
Default or Unmatured Default has occurred and is continuing,
Borrower shall have the option to extend the term of the Loan beyond
the initial Maturity Date for one (1) successive term (an “Extension
Option”) of one (1) year to the Payment Date occurring in
February 20, 2012 by submitting a request for an extension to the
Administrative Agent (an “Extension Request”) no more than 90 and no
fewer than 30 days prior to the initial Maturity Date and upon
payment to Lender of all reasonable costs incurred by Lender in
connection with such extension, whether the extension actually
occurs or not. Promptly upon receipt of an Extension Request, the
Administrative Agent shall notify each Lender of the Extension
Request. It shall be an additional condition precedent to the
extension of the Maturity Date pursuant hereto that (a) the Borrower
shall have paid to the Administrative Agent for the ratable benefit
of the Lenders, on or before the initial Maturity Date a fee equal
to 0.10% of the Aggregate Commitment and (b) the Borrower shall have
executed and delivered to Administrative Agent a Compliance
Certificate demonstrating compliance with all covenants set forth in
Section 6.18(ix), (x) and (xi) and
representations and warranties set forth in the Loan Documents after
giving effect to such extension.”

     7. Section 2.4 of the Loan Agreement is hereby modified and amended by deleting therefrom the
table of applicable debt ratings and Applicable Margins set forth therein and by inserting in lieu
thereof the following new table of applicable debt ratings and Applicable Margins:

2

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	LIBOR	 	 	ABR	 
	 	 	 	 	 	 	Applicable	 	 	Applicable	 
	     S&P Rating	 	Moody’s Rating	 	 	Margin	 	 	Margin	 
	A- or higher
	 	A3 or higher	 	 	0.45	%	 	 	(-0.125	%)
	BBB+
	 	Baa1	 	 	0.525	%	 	 	(-0.125	%)
	BBB
	 	Baa2	 	 	0.70	%	 	 	(-0.125	%)
	BBB-
	 	Baa3	 	 	0.875	%	 	 	(-0.125	%)
	Less than BBB-
	 	Less than Baa3	 	 	1.20	%	 	 	0.125	%

     8. Clause (iv) of Section 8.2 of the Loan Agreement is hereby modified and amended by deleting
therefrom the amount “500,000,000” and by inserting in lieu thereof the amount “800,000,000”.

     9. For purposes of Section 13.1 of the Loan Agreement (Giving Notice), the address(es)
and facsimile number(s) for the New Lenders shall be as specified below their respective
signature(s) on the signature pages of this Amendment.

     10. The Borrower hereby represents and warrants that, as of the Effective Date, there is no
Default or Unmatured Default, the Borrower has no offsets or claims against any of the Lenders and
the representations and warranties contained in Article V of the Agreement, as modified and amended
by this Amendment, are true and correct as of such date.

     11. As expressly modified as provided herein, the obligations of Borrower, Lenders and
Administrative Agent under the Loan Agreement are hereby ratified and confirmed and the Loan
Agreement shall continue in full force and effect.

     12. This Amendment shall be construed and enforced in accordance with the laws of the State of
Ohio (excluding the laws applicable to conflicts or choice of law). This Amendment shall be
binding upon and shall inure to the benefit of the parties hereto and their respective permitted
successors, successors-in-title and assigns as provided in the Loan Agreement.

     13. This Amendment may be executed in any number of counterparts, all of which taken together
shall constitute one agreement, and any of the parties hereto may execute this Amendment by signing
any such counterpart.

(REMAINDER OF PAGE INTENTIONALLY LEFT BLANK)

3

 

     IN WITNESS WHEREOF, the parties have executed and delivered this Amendment as of the date
first written above.

	 	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 
	 	 	DEVELOPERS DIVERSIFIED REALTY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 /s/ David E. Weiss	 	 
	 

	 	 	 	 	 	 
	 

	 	Print Name:	 	 David E. Weiss	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 Sr. Vice President	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	3300 Enterprise Parkway
	 	 	Beachwood, Ohio 44122
	 	 	Phone: 216/755-5775
	 	 	Facsimile: 216/755-1775
	 	 	Attention: Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	with a copy to:	 	 	 	 
	 	 	 	 	 	 	 
	 	 	3300 Enterprise
parkway	 	 	 	 
	 	 	Beachwood, Ohio 44122
	 	 	Phone: 216/755-5650
	 	 	Facsimile: 216/755-1560
	 	 	Attention: General Counsel

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 
	 	 	DDR PR VENTURES, LLC, S.E.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ David E. Weiss	 	 
	 

	 	 	 	 	 	 
	 

	 	Print Name:	 	David E. Weiss	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Sr. Vice President	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	3300 Enterprise Parkway
	 	 	Beachwood, Ohio 44122
	 	 	Phone: 216/755-5775
	 	 	Facsimile: 216/755-1775
	 	 	Attention: Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	with a copy to:
	 	 	 
	 	 	3300 Enterprise Parkway
	 	 	Beachwood, Ohio 44122
	 	 	Phone: 216/755-5650
	 	 	Facsimile: 216/755-1560
	 	 	Attention: General Counsel

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 
	 	 	EXISTING
LENDERS:
	 
	 	 	 	 	 	 
	$44,500,000.00	 	KEYBANK NATIONAL ASSOCIATION,	 	 
	 	 	Individually and as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Kevin P. Murray	 	 
	 

	 	 	 	 	 
	 

	 	Print Name:	Kevin P. Murray	 	 
	 

	 	 	 	 	 	 
	 

	 	Title: 	 	VP	 	 
	 

	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	127 Public Square
	 	 	8th Floor
	 	 	Cleveland, OH 44114
	 	 	Phone: 216-689-7547
	 	 	Facsimile: 216-689-4997
	 	 	Attention: Kevin Murray
	 
	 	 	 	 	 	 
	 	 	With a copy to:
	 
	 	 	 	 	 	 
	 	 	127 Public Square
	 	 	8th Floor
	 	 	Cleveland, OH 44114
	 	 	Phone: 216-689-4545
	 	 	Facsimile: 216-689-4997
	 	 	Attention: Dan Heberle

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 
	$44,500,000.00	 	BANK OF AMERICA, N.A.,
	 	 	Individually and as Syndication Agent
	 

	 	By:	 	/s/ Michael W. Edwards	 	 
	 

	 	 	 	 	 	 
	 

	 	Print Name:	 	Michael W. Edwards	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Senior Vice President	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	231 South LaSalle Street
	 	 	Chicago, IL 60604
	 	 	Phone: 312/828-5215
	 	 	Facsimile: 312/974-4970
	 	 	Attention: Ms. Cheryl Sneor

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 	 	 
	$43,000,000.00	 	EUROHYPO AG, NEW YORK BRANCH,	 	 
	 	 	Individually and as Documentation Agent	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ David Sarner
	 	 	 
	 	 
	 	 	Print Name:	 	David Sarner
	 

	 	Title:
	 	Director	 	 

	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	and by:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ John Hayes
	 	 	 	 	 	 	 
	 	 	Print Name:	 	John Hayes
	 	 	 	 	 	 	 	 
	 

	 	Title:	 	Vice President
	 	 	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Head of Portfolio Operations	 	 
	 	 	Eurohypo AG, New York Branch	 	 
	 	 	1114 Avenue of the Americas	 	 
	 	 	29th Floor	 	 
	 	 	New York, NY 10036	 	 
	 	 	Phone: (212) 479-5700	 	 
	 	 	Fax: (866) 267-7680	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	With a copy to:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Head of Legal Department	 	 
	 	 	Eurohypo AG, New York Branch	 	 
	 	 	1114 Avenue of the Americas	 	 
	 	 	29th Floor	 	 
	 	 	New York, NY 10036	 	 
	 	 	Phone: (212) 479-5700	 	 
	 	 	Fax: (866) 267-7680	 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 
	$43,000,000.00	 	ING REAL ESTATE FINANCE (USA) LLC,	 	 
	 	 	Individually and as Documentation Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Christopher Godlewski	 	 
	 

	 	 	 	 	 	 
	 	 	Print Name: Christopher Godlewski	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	c/o Mayer Brown Rowe and Maw	 	 
	 	 	350 South Grand Avenue, 25th Floor	 	 
	 	 	Los Angeles, CA 90071	 	 
	 	 	Phone: 213-621-3940	 	 
	 	 	Facsimile: 212-883-2734	 	 
	 	 	Attention: Mr. Christopher Godlewski	 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 	 	 
	$43,000,000.00	 	SCOTIABANC INC.,	 	 
	 	 	Individually and as Documentation Agent	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ William E. Zarrett
	 	 	 
	 	 
	 	 	Print Name:	William E. Zarrett
	 	 	 	 	 	 
	 	 
	 

	 	Title:	 	Managing Director
	 	 	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Scotiabanc Inc.	 	 
	 	 	600 Peachtree Street, Suite 2700	 	 
	 	 	Atlanta, GA 30308	 	 
	 	 	Phone: 404-877-1504	 	 
	 	 	Facsimile: 404-888-8998	 	 
	 	 	Attention: William Zarrett, Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	With a copy to:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	The Bank of Nova Scotia	 	 
	 	 	One Liberty Plaza, 25th Floor	 	 
	 	 	New York, NY 10006	 	 
	 	 	Phone: 212-225-5167	 	 
	 	 	Facsimile: 212-225-5166	 	 
	 	 	Attention: Mr. Robert Boese	 	 
	 
	 	 	 	 	 	 	 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 
	$35,000,000.00	 	CHARTER ONE BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Florentina Djulvezen	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Florentina Djulvezen	 	 
	 	 	Title: Vice-President	 	 
	 
	 	 	 	 	 	 
	 	 	1215 Superior Avenue	 	 
	 	 	Cleveland, Ohio 44114	 	 
	 	 	Telephone: 216-277-0388	 	 
	 	 	Facsimile: 216-277-4607	 	 
	 	 	Attention: Mike Kauffman	 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 
	$30,000,000.00	 	HUNTINGTON NATIONAL BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Ryan Terrano	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Ryan Terrano	 	 
	 	 	Title: Vice-President	 	 
	 
	 	 	 	 	 	 
	 	 	917 Euclid Avenue CM17	 	 
	 	 	Cleveland, Ohio 44115	 	 
	 	 	Telephone: 216-515-0683	 	 
	 	 	Facsimile: 216-515-6821	 	 
	 	 	Attention: Ryan Terrano	 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 
	$30,000,000.00	 	U.S. BANK NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Mark H. Oldfield	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Mark H. Oldfield	 	 
	 	 	Title:   Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	1350 Euclid Avenue, Suite 1100	 	 
	 	 	Cleveland, Ohio 44115	 	 
	 	 	Telephone: 216-623-5982	 	 
	 	 	Facsimile: 216-241-0164	 	 
	 	 	Attention: Anthony Yannucci	 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 
	$30,000,000.00	 	SUNTRUST BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ W. John Wender	 	 
	 

	 	 	 	 	 
	 	 	Name: W. John Wender	 	 
	 	 	Title: Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	8330 Boone Blvd., 8th Floor	 	 
	 	 	Vienna, Virginia 22182	 	 
	 	 	Telephone: 703-442-1563	 	 
	 	 	Facsimile: 703-442-1570	 	 
	 	 	Attention: W. John
Wender	 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 
	$25,000,000.00	 	PNC BANK, NATIONAL ASSOCIATION,	 	 
	 	 	Individually	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Terri A. Wyda	 	 
	 

	 	 	 	 	 	 
	 	 	Print Name: Terri A. Wyda	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	249 Fifth Avenue	 	 
	 	 	19th Floor, P1-POPP-19-1	 	 
	 	 	Pittsburgh, PA 15222	 	 
	 	 	Phone: 412-768-9135	 	 
	 	 	Facsimile: 412-762-6500	 	 
	 	 	Attention: Mr. Michael E. Smith	 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 
	$25,000,000.00	 	WELLS FARGO BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Scott S. Solis	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Scott S. Solis	 	 
	 	 	Title: Vice-President	 	 
	 
	 	 	 	 	 	 
	 	 	123 North Wacker Drive, Suite 1900	 	 
	 	 	Chicago, Illinois 60606	 	 
	 	 	Telephone: 312-269-4818	 	 
	 	 	Facsimile: 312-782-0969	 	 
	 	 	Attention: Scott S. Solis	 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 
	$25,000,000.00	 	UBS LOAN FINANCE LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Richard L. Tavrow	 	 
	 

	 	 	 	 	 	 
	 	 	Print Name: Richard L. Tavrow	 	 
	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Irja R. Otsa	 	 
	 

	 	 	 	 	 	 
	 	 	Print Name: Irja R. Otsa	 	 
	 	 	Title: Associate Director	 	 
	 
	 	 	 	 	 	 
	 	 	677 Washington Blvd.	 	 
	 	 	Stamford, Connecticut 06901	 	 
	 	 	Telephone: 203-719-0678	 	 
	 	 	Facsimile: 203-719-3888	 	 
	 	 	Attention: Iris Choi	 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 
	$25,000,000.00	 	SUMITOMO MITSUI BANKING CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ David A. Buck	 	 
	 

	 	 	 	 	 	 
	 	 	Print Name: David A. Buck

Title: Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	277 Park Avenue	 	 
	 	 	New York, NY 10172	 	 
	 	 	Phone: 212-224-4178	 	 
	 	 	Facsimile: 212-224-4887	 	 
	 	 	Attention: Mr. Charles J. Sullivan	 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 
	$20,000,000.00	 	BANCO POPULAR DE PUERTO RICO, NEW YORK BRANCH	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Hector J. Gonzalez	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Hector J. Gonzalez

Title: Vice-President	 	 
	 
	 	 	 	 	 	 
	 	 	7 West 51st Street

New York, New York 10019

Telephone: 212-445-1988

Facsimile: 212-245-4677

Attention: Hector J. Gonzalez	 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 
	$15,000,000.00	 	LASALLE BANK NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Robert Goeckel	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Robert Goeckel

Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	135 South LaSalle Street

Suite 1225

Chicago, Illinois 60603

Telephone: 312-904-4705

Facsimile: 312-904-6691

Attention: Robert Goeckel	 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 
	$10,000,000.00	 	THE NORTHERN TRUST COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Robert Wiarda	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Robert Wiarda

Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	50 S. LaSalle

Chicago, Illinois 60675

Telephone: 312-444-3380

Facsimile: 312-444-7028

Attention: Robert Wiarda	 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 
	$7,000,000.00	 	MANUFACTURERS AND TRADERS TRUST COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Brian D. Beitz	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Brian D. Beitz

Title: Vice-President	 	 
	 
	 	 	 	 	 	 
	 	 	One Fountain Plaza, 12th Floor

Buffalo, New York 14203

Telephone: 716-848-7337

Facsimile: 716-848-7318

Attention: Brian D. Beitz	 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 
	 	 	 NEW LENDERS:	 	 
	 
	 	 	 	 	 	 
	$30,000,000.00	 	THE BANK OF NEW YORK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Scott DeTraglia	 	 
	 

	 	 	 	 	 
	 

	 	Print Name:	Scott DeTraglia	 	 
	 

	 	 	 	 	 	 
	 

	 	Title: 	 	Vice President	 	 
	 

	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	One Wall Street

15th Floor

New York, New York 10286	 	 
	 

	 	Telephone:

Facsimile:

Attention:
	 	 (212) 635-1143
 (212) 635-1698
 Richard
W. Katz	 	 

[Signatures Continued on Following Page]

 

 

	 	 	 	 	 	 	 
	$25,000,000.00	 	REGIONS BANK
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Lori Hatcher	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Lori Hatcher	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Assistant Vice President	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	1900 5th Avenue North,
15FL
	 	 	Birmingham, AL 35203
	 	 	Telephone: 205-326-5465
	 	 	Facsimile: 205-264-5456
	 	 	Attention: Lori Hatcher

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