Document:

rexr-ex102_201507167.htm

Exhibit 10.2

FIRST AMENDMENT TO amended and restated CREDIT AGREEMENT

THIS FIRST AMENDMENT TO Amended and Restated CREDIT AGREEMENT (this “Amendment”) is entered into as of July   , 2015 (the “Effective Date”), among Rexford Industrial Realty, L.P., a Maryland limited partnership (“Borrower”), Rexford Industrial Realty, Inc., a Maryland corporation (“Parent”), each Lender that is a signatory hereto, and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, “Administrative Agent”), Swing Line Lender and L/C Issuer.

R E C I T A L S

A.Reference is hereby made to that certain Amended and Restated Credit Agreement dated as of June 11, 2014 (as modified, amended, renewed, extended, or restated from time to time, the “Credit Agreement”), executed by Borrower, Parent, the Lenders party thereto, and Bank of America, N.A., as Administrative Agent, Swing Line Lender, and L/C Issuer (Administrative Agent, Swing Line Lender, L/C Issuer, and Lenders are individually referred to herein as a “Credit Party” and collectively referred to herein as the “Credit Parties”).

B.Borrower, Parent, Administrative Agent and the Lenders party hereto desire to modify certain provisions contained in the Credit Agreement, in each case subject to the terms and conditions set forth herein.

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

1.Terms and References.  Unless otherwise stated in this Amendment (a) terms defined in the Credit Agreement have the same meanings when used in this Amendment, and (b) references to “Sections” are to the Credit Agreement’s sections.

2.Amendments to the Credit Agreement.

(a)Section 1.01 of the Credit Agreement is hereby amended to add the following definitions in the appropriate alphabetical order:

“First Amendment Effective Date” means July   , 2015, the effective date of the First Amendment to Amended and Restated Credit Agreement, executed by Borrower, Parent, the Lenders signatory thereto, Administrative Agent, Swing Line Lender, and L/C Issuer and consented to by Subsidiary Guarantors.

 

“Material Credit Facility” means any agreement creating or evidencing Indebtedness for borrowed money (excluding any Non-Recourse Debt) by any member of the Consolidated Group or in respect of which any member of the Consolidated Group is an obligor or otherwise provides a Guarantee or other credit support (other than a guaranty of Customary Recourse Exceptions), in a principal amount outstanding or available for borrowing equal to or greater than $150,000,000 (or the equivalent of such amount in the relevant currency of payment, determined as of the date of the closing of such facility based on the exchange rate of such other currency).

 

“Pari Passu Facility” means any Indebtedness in a principal amount equal to or greater than $100,000,000 of any member of the Consolidated Group that, prior to becoming Secured Debt, was included in Total Unsecured Debt for purposes of calculating the covenants set forth in 

Rexford Industrial Realty, L.P.

First Amendment

 

Section 9.13(f) and (g), and any modifications, amendments, renewals, extensions, or restructurings of any such Indebtedness.

 

“Total Secured Recourse Debt” means, as of any date, (a) all Secured Debt that is Recourse Debt of the Consolidated Group as of such date, plus (b) without duplication of the amount included in clause (a) above with respect to Unconsolidated Affiliates, all Secured Debt that is Recourse Debt of each Unconsolidated Affiliate of the Consolidated Group multiplied by the respective Unconsolidated Affiliate Interest of each member of the Consolidated Group in such Unconsolidated Affiliate.

 

(b)Section 1.01 of the Credit Agreement is hereby amended to delete the following definitions in their entirety and replace such definitions with the following:

“Change of Control” means an event or series of events by which:

(a)any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of thirty-five percent (35%) or more of the equity securities of Parent entitled to vote for members of the board of directors or equivalent governing body of Parent on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right); or

(b)during any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent governing body of Parent cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; or

(c)the passage of thirty (30) days from the date upon which any Person or two or more Persons acting in concert shall have acquired by contract or otherwise, or shall have entered into a contract or arrangement (excluding any contract or arrangement which, by its terms, requires as a condition to the closing of such transaction that the Obligations under this Agreement (other than Unmatured Surviving Obligations) be refinanced or paid in full) that, upon consummation thereof, will result in its or their acquisition of the power to exercise, directly or indirectly, a controlling influence over the management or policies of Parent, or control over the equity securities of Parent entitled to vote for members of the board of directors or equivalent governing body of Parent on a fully-diluted basis (and taking into account all such securities that such Person or group has the right to acquire pursuant to any option right) representing twenty-five percent (25%) or more of the combined voting power of such securities; or

(d)Parent shall cease to be the sole general partner of Borrower; or

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(e)Parent shall cease to own, directly or indirectly, at least fifty percent (50%) of the issued and outstanding Equity Interests of Borrower; or

(f)Borrower shall cease to own, directly or indirectly, all of the issued and outstanding Equity Interests in each Guarantor (other than Parent).

“Eurodollar Rate” means:

(a)for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”) or a comparable or successor rate, which rate is approved by Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by Administrative Agent from time to time) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; and

(b)for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m., London time determined two (2) Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day;

provided that (i) to the extent a comparable or successor rate is approved by Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent with market practice (ii) to the extent such market practice is not administratively feasible for Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by Administrative Agent, and (iii) if the Eurodollar Rate shall be less than zero (0), such rate shall be deemed to be zero (0) for purposes of this Agreement.

“Funds from Operations” means, for the Consolidated Group for any period, the sum of (a) Net Income plus (b) depreciation and amortization expense determined in accordance with GAAP excluding amortization expense attributable to capitalized debt costs; provided that there shall not be included in such calculation (i) any proceeds of any insurance policy other than rental or business interruption insurance received by any member of the Consolidated Group, (ii) any gain or loss which is classified as “extraordinary” in accordance with GAAP, (iii) any capital gains and taxes on capital gains, (iv) income (or loss) associated with third-party ownership of non-controlling Equity Interests, and (v) gains or losses on the sale of discontinued operations.

“Negative Pledge” means a provision of any agreement (other than this Agreement and any agreement in favor of the holders of Indebtedness that is pari passu with the Obligations that only prohibits creation of a Lien on Unencumbered Properties on terms no more onerous in any material respect than those set forth in this Agreement) that prohibits the creation of any Lien on any assets of a Person; provided, however, that the following shall not constitute a “Negative Pledge” for purposes of this Agreement: (a) an agreement that establishes a maximum ratio of unsecured debt to unencumbered assets, or of secured debt to total assets, or that otherwise conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets; and (b) any requirement for the grant in favor of the holders of any Unsecured Debt of an equal and ratable Lien in connection with a pledge of any property or asset to secure the Obligations.

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“Unencumbered Properties” means, as of any date, each Eligible Unencumbered Property identified by Borrower in the most-recent Unencumbered Property Report delivered to Administrative Agent, and “Unencumbered Property” means any one of the Unencumbered Properties.

 “Unsecured Interest Expense” means, as of any date of determination, the greater of (a) Interest Expense on the Total Unsecured Debt for the most recently ended Calculation Period, and (b) the annual amount of interest payments on the Total Unsecured Debt as of such date of determination based on an interest rate equal to six percent (6.00%) per annum.

(c)Section 1.01 of the Credit Agreement is hereby amended to delete the definition of “Total Recourse Debt” in its entirety.

(d)Section 3.01(e)(ii)(D) of the Credit Agreement is hereby amended by adding the following at the end thereof:

For purposes of determining withholding Taxes imposed under FATCA, from and after the First Amendment Effective Date, Borrower and Administrative Agent shall treat (and the Lenders hereby authorize Administrative Agent to treat) the Obligations as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

(e)Section 7.11 of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

7.11Taxes.  The members of the Consolidated Group have filed all Federal and all material state and other tax returns and reports required to be filed, and have paid all Federal and all material state and other taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP.  There is no proposed tax assessment against any member of the Consolidated Group that would, if made, have a Material Adverse Effect.  No member of the Consolidated Group is in breach of any obligations under the Tax Matters Agreement or other similar agreements.

(f)Section 7.18 of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

7.18Solvency.  Each of Parent and Borrower is, individually, Solvent, and the other Loan Parties, when taken on a consolidated basis with Parent and Borrower are Solvent.

(g)Section 9.03 of the Credit Agreement is hereby amended to add the following unlettered provision at the end of such Section:

Notwithstanding the foregoing, any Subsidiary that is not a Subsidiary Guarantor may merge or consolidate with, or liquidate or dissolve into, or Dispose of all or substantially of its assets to, any other Subsidiary that is not a Subsidiary Guarantor whether or not a Default exists before or after giving effect to such merger, consolidation, liquidation, dissolution or Disposition.

(h)Section 9.13(b) of the Credit Agreement is hereby amended to add the following at the end thereof:

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Notwithstanding the foregoing, each of Parent and Borrower shall not, and shall not permit any other member of the Consolidated Group to, secure any Indebtedness outstanding under or pursuant to any Pari Passu Facility or any Material Credit Facility unless and until the Obligations (including the Guaranties) shall concurrently be secured equally and ratably with such Indebtedness pursuant to documentation reasonably acceptable to Administrative Agent in substance and in form including an intercreditor agreement and opinions of counsel to Parent, Borrower and/or any other members of the Consolidated Group, as the case may be, from counsel and in a form that is reasonably acceptable to Administrative Agent.

(i)Section 9.13(c) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

(c)Maximum Secured Recourse Debt.  Permit Total Secured Recourse Debt, as of the last day of any fiscal quarter of Parent, to be greater than fifteen percent (15%) of Total Asset Value.

(j)Section 10.01(e) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

(e)Cross-Default.  (i) any member of the Consolidated Group (A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than (x) $80,000,000, either individually or in the aggregate, with respect to Recourse Debt or (y) $150,000,000, either individually or in the aggregate with respect to Non-Recourse Debt, and such failure continues after the expiration of any applicable period of grace or notice, or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which any member of the Consolidated Group is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as defined in such Swap Contract) under such Swap Contract as to which any member of the Consolidated Group is an Affected Party (as defined in such Swap Contract) and, in either event, the Swap Termination Value owed by such member of the Consolidated Group as a result thereof is greater than $80,000,000; or

(k)Section 10.01(h) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

(h)Judgments.  There is entered against any member of the Consolidated Group and remains outstanding (i) one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments or orders) exceeding $40,000,000 (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage), 

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or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of ten (10) consecutive Business Days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or

(l)Section 10.01(i) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

(i)ERISA.  An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result, individually or in the aggregate with any other ERISA Event, in liability of any member of the Consolidated Group under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC that has, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; or

(m)Section III of Schedule 1 to Exhibit D of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

III.Section 9.13(c) – Maximum Secured Recourse Debt.

	
A.
	
Total Secured Recourse Debt as of the Statement Date:$

	
B.
	
Total Asset Value as of the Statement Date:$

	
C.
	
Total Secured Recourse Debt to Total Asset Value
(Line III.A divided by Line III.B):__________ %

	

	
Maximum permitted:15%

 

3.Amendments to other Loan Documents.

(a)All references in the Loan Documents to the Credit Agreement shall henceforth include references to the Credit Agreement, as modified and amended hereby, and as may, from time to time, be further amended, modified, extended, renewed, and/or increased.

(b)Any and all of the terms and provisions of the Loan Documents are hereby amended and modified wherever necessary, even though not specifically addressed herein, so as to conform to the amendments and modifications set forth herein.

4.Conditions Precedent.  This Amendment shall not be effective unless and until:

(a)Administrative Agent receives fully executed counterparts of this Amendment signed by the Loan Parties and the Required Lenders and acknowledged by Administrative Agent;

(b)the representations and warranties in the Credit Agreement, as amended by this Amendment, and each other Loan Document are true and correct in all material respects (without duplication of any materiality qualifiers therein) on and as of the date of this Amendment as though made as of the date of this Amendment, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (without duplication of any materiality qualifiers therein) as of such earlier date, and except that the representations and warranties contained in subsections (a) and (b) of Section 7.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 8.01;

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(c)after giving effect to this Amendment, no Default exists; and

(d)Borrower pays the reasonable fees, charges and disbursements of a single counsel (and appropriate local counsel) for Administrative Agent.

5.Ratifications.  Each of Borrower and Parent (a) ratifies and confirms all provisions of the Loan Documents as amended by this Amendment, (b) ratifies and confirms that all guaranties, assurances, and liens granted, conveyed, or assigned to the Credit Parties under the Loan Documents are not released, reduced, or otherwise adversely affected by this Amendment and continue to guarantee, assure, and secure full payment and performance of all present and future Obligations, and (c) agrees to perform such acts and duly authorize, execute, acknowledge, deliver, file, and record such additional documents, and certificates as Administrative Agent may request in order to create, perfect, preserve, and protect those guaranties, assurances, and liens.

6.Representations.  Each of Borrower and Parent represents and warrants to the Credit Parties that as of the date of this Amendment: (a) this Amendment has been duly authorized, executed, and delivered by each Loan Party; (b) no action of, or filing with, any Governmental Authority is required to authorize, or is otherwise required in connection with, the execution, delivery, and performance by any Loan Party of this Amendment, except for actions or filings which have been duly obtained, taken, given or made and are in full force and effect; (c) the Loan Documents, as amended by this Amendment, are valid and binding upon each Loan Party and are enforceable against each Loan Party in accordance with their respective terms, except as limited by Debtor Relief Laws and by general principles of equity; (d) the execution, delivery, and performance by each Loan Party of this Amendment do not (i) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (A) any material Contractual Obligation to which such Loan Party is a party or affecting such Loan Party or the properties of such Loan Party or any of its Subsidiaries or (B) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Loan Party or its property is subject; or (ii) violate in any material respect any Law; (e) all representations and warranties in the Loan Documents are true and correct in all material respects (without duplication of any materiality qualifiers therein), except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (without duplication of any materiality qualifiers therein) as of such earlier date, and except that the representations and warranties contained in subsections (a) and (b) of Section 7.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 8.01; (f) no Default exists; and (vii) no amendments have been made to the Organization Documents of any Loan Party, as applicable, since June 11, 2014.

7.Continued Effect.  Except to the extent amended hereby, all terms, provisions and conditions of the Credit Agreement and the other Loan Documents, and all documents executed in connection therewith, shall continue in full force and effect and shall remain enforceable and binding in accordance with their respective terms.

8.Miscellaneous.  Unless stated otherwise (a) the singular number includes the plural and vice versa and words of any gender include each other gender, in each case, as appropriate, (b) headings and captions may not be construed in interpreting provisions, (c) this Amendment must be construed -- and its performance enforced -- under New York law, (d) if any part of this Amendment is for any reason found to be unenforceable, all other portions of it nevertheless remain enforceable, (e) this Amendment may be executed in any number of counterparts with the same effect as if all signatories had signed the same document, and all of those counterparts must be construed together to constitute the same document, and (f) delivery of an executed counterpart of a signature page to this Amendment by telecopier, 

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electronic mail or other electronic delivery shall be effective as delivery of a manually executed counterpart of this Amendment.

9.Parties.  This Amendment binds and inures to Borrower, Parent and the Credit Parties and their respective successors and permitted assigns.

10.Entireties.  The Credit Agreement as amended by this Amendment represents the final agreement between the parties about the subject matter of the Credit Agreement as amended by this Amendment and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties.  There are no unwritten oral agreements between the parties.

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]

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EXECUTED as of the date first stated above.

		
	
 
	
BORROWER:

 

	
 
	
REXFORD INDUSTRIAL REALTY, L.P., 
a Maryland limited partnership

 

	
 
	
By:   REXFORD INDUSTRIAL REALTY, INC.,

a Maryland corporation

its General Partner

 

 

By:  /s/ Howard Schwimmer

Name: Howard Schwimmer

Title: Co-Chief Executive Officer

 

	
 
	
By   /s/ Michael Frankel

Name: Michael Frankel

Title: Co-Chief Executive Officer

 

 

		
	
 
	
PARENT:

 

	
 
	
REXFORD INDUSTRIAL REALTY, INC.,

a Maryland corporation

 

 

By:  /s/ Howard Schwimmer

Name: Howard Schwimmer

Title: Co-Chief Executive Officer

 

	
 
	
By   /s/ Michael Frankel

Name: Michael Frankel

Title: Co-Chief Executive Officer

 

 

 

		

Signature Page to Rexford Industrial Realty, L.P.

First Amendment to Amended and Restated Credit Agreement

 

	
 
	
ADMINISTRATIVE AGENT:

 

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

 

 

By:  /s/ Julia Elterman

Name: Julia Elterman

Title: SVP

 

 

		

Signature Page to Rexford Industrial Realty, L.P.

First Amendment to Amended and Restated Credit Agreement

 

	
 
	
LENDERS:

 

	
 
	
BANK OF AMERICA, N.A., as a Lender

 

 

By:  /s/ Julia Elterman

Name: Julia Elterman

Title: SVP

 

 

		

Signature Page to Rexford Industrial Realty, L.P.

First Amendment to Amended and Restated Credit Agreement

 

	
 

	
 
	
JPMORGAN CHASE BANK, N.A., as a Lender

 

 

By:  /s/ Faina Birger

Name: Faina Birger

Title: Authorized Officer

 

 

		

Signature Page to Rexford Industrial Realty, L.P.

First Amendment to Amended and Restated Credit Agreement

 

	
 

	
 
	
PNC BANK, NATIONAL ASSOCIATION, as a Lender

 

 

By:  /s/ Nicolas Zitelli

Name: Nicolas Zitelli

Title: Senior Vice President

 

		

Signature Page to Rexford Industrial Realty, L.P.

First Amendment to Amended and Restated Credit Agreement

 

	
 

	
 
	
CITIZENS BANK, NATIONAL ASSOCIATION (FORMERLY KNOWN AS RBS CITIZENS, NATIONAL ASSOCATION), as a Lender

 

 

By:  /s/ Samuel A. Bluso

Name: Samuel A. Bluso

Title: Senior Vice President

 

		

Signature Page to Rexford Industrial Realty, L.P.

First Amendment to Amended and Restated Credit Agreement

 

	
 

	
 
	
WELLS FARGO BANK, NATIONAL 

ASSOCIATION N.A., as a Lender

 

 

By:  /s/ Kevin A. Stacker

Name: Kevin A. Stacker

Title: Senior Vice President

 

 

 

		

Signature Page to Rexford Industrial Realty, L.P.

First Amendment to Amended and Restated Credit Agreement

 

	
 

	
 
	
CITIBANK, N.A., as a Lender

 

 

By:  /s/ Michael Chlopak

Name: Michael Chlopak

Title: Vice President

 

 

		

Signature Page to Rexford Industrial Realty, L.P.

First Amendment to Amended and Restated Credit Agreement

 

	
 

	
 
	
U.S. BANK NATIONAL ASSOCIATION, as a Lender

 

 

By:  /s/ Nai Saefong

Name: Nai Saefong

Title: Vice President

 

 

 

 

Signature Page to Rexford Industrial Realty, L.P.

First Amendment to Amended and Restated Credit Agreement

 

To induce the Credit Parties that are parties hereto to enter into this Amendment, each of the undersigned hereby (a) consents and agrees to the execution and delivery of this Amendment and the terms and conditions hereof, (b) agrees that this Amendment in no way releases, diminishes, impairs, reduces, or otherwise adversely affects any guaranties, assurances, or other obligations or undertakings of any of the undersigned under any Loan Documents, and (c) waives notice of acceptance of this Amendment, which Amendment binds each of the undersigned and their respective successors and permitted assigns and inures to the benefit of the Credit Parties and their respective successors and permitted assigns.

GUARANTORS:

 

REXFORD INDUSTRIAL - 228TH STREET, LLC

REXFORD INDUSTRIAL - VANOWEN, LLC

RIF I - MONROVIA, LLC

RIF I - MULBERRY, LLC

RIF I - VALLEY BLVD., LLC

RIF II - BLEDSOE AVENUE, LLC

RIF II - CROCKER, LLC

RIF II - EASY STREET, LLC

RIF II - FIRST AMERICAN WAY, LLC

RIF II - LA JOLLA SORRENTO BUSINESS PARK, LLC

RIF II - ORANGETHORPE, LLC

RIF II - ORANGETHORPE TIC, LLC

RIF II - PIONEER AVENUE, LLC

RIF III - 157TH STREET, LLC

RIF III - ARCHIBALD, LLC

RIF III - AVENUE STANFORD, LLC

RIF III - BROADWAY, LLC

RIF III - EMPIRE LAKES, LLC

RIF III - IMPALA, LLC

RIF III - SANTA FE SPRINGS, LLC

RIF III - YARROW DRIVE, LLC

 

 

				
	
 
	
By:   REXFORD INDUSTRIAL REALTY, L.P., 
a Maryland limited partnership,

Its Sole and Managing Member

 

	
 
	
By:   REXFORD INDUSTRIAL REALTY, INC.,

a Maryland corporation

its General Partner

 

By:  /s/ Howard Schwimmer

Name: Howard Schwimmer

Title: Co-Chief Executive Officer

 

	
 
	
By:  /s/ Michael Frankel

Name: Michael Frankel

Title: Co-Chief Executive Officer

 

Signature Page to Rexford Industrial Realty, L.P.

First Amendment to Amended and Restated Credit Agreement

 

RIF III - YARROW DRIVE II, LLC

RIF IV - BURBANK, LLC

RIF IV - CENTRAL AVENUE, LLC

RIF IV - CORNERSTONE, LLC

RIF IV - EAST 46TH STREET, LLC

RIF IV - ENFIELD, LLC

RIF IV - GLENDALE, LLC

RIF IV - GRAND, LLC

RIF IV - HARBOR WARNER, LLC

RIF IV - LONG CARSON, LLC

RIF IV - NEWTON, LLC

RIF IV - POINSETTIA, LLC

RIF IV - SAN GABRIEL, LLC

RIF IV - WEST 33RD STREET, LLC

RIF V - 240TH STREET, LLC

RIF V - ARROW BUSINESS CENTER, LLC

RIF V - ARROYO, LLC

RIF V - BENSON, LLC

RIF V - CALVERT, LLC

RIF V - CAMPUS AVENUE, LLC

RIF V - DEL NORTE, LLC

RIF V - GOLDEN VALLEY, LLC

RIF V - GRAND COMMERCE CENTER, LLC

RIF V - MACARTHUR, LLC

RIF V - NORMANDIE BUSINESS CENTER, LLC

RIF V - ODESSA, LLC

RIF V - PARAMOUNT BUSINESS CENTER, LLC

RIF V - SHOEMAKER INDUSTRIAL PARK, LLC

RIF V - VINEDO, LLC

rexford industrial - 2980 san fernando, llc

rexford industrial - alton, llc

 

				
	
 
	
By:   REXFORD INDUSTRIAL REALTY, L.P., 
a Maryland limited partnership,

Its Sole and Managing Member

 

	
 
	
By:   REXFORD INDUSTRIAL REALTY, INC.,

a Maryland corporation

its General Partner

 

By:  /s/ Howard Schwimmer

Name: Howard Schwimmer

Title: Co-Chief Executive Officer

 

	
 
	
By:  /s/ Michael Frankel

Name: Michael Frankel

Title: Co-Chief Executive Officer

 

 

Signature Page to Rexford Industrial Realty, L.P.

First Amendment to Amended and Restated Credit Agreement

 

 

rexford industrial - hindry, llc

rexford industrial - 9615 norwalk, llc

rexford industrial - industry way, llc

 

				
	
 
	
By:   REXFORD INDUSTRIAL REALTY, L.P., 
a Maryland limited partnership,

Its Sole and Managing Member

 

	
 
	
By:   REXFORD INDUSTRIAL REALTY, INC.,

a Maryland corporation

its General Partner

 

By:  /s/ Howard Schwimmer

Name: Howard Schwimmer

Title: Co-Chief Executive Officer

 

	
 
	
By:  /s/ Michael Frankel

Name: Michael Frankel

Title: Co-Chief Executive Officer

 

 

Signature Page to Rexford Industrial Realty, L.P.

First Amendment to Amended and Restated Credit AgreementEX-4.1

 Exhibit 4.1 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 UNLESS AND UNTIL THIS GLOBAL NOTE IS EXCHANGED IN WHOLE OR IN PART FOR A GLOBAL NOTE IN
DEFINITIVE REGISTERED FORM, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY. 

 CVS HEALTH CORPORATION 
  

			
	No. [    ]		$[        ]

 CUSIP No. 126650 CH1 
 ISIN
No. US126650CH13 
 1.900% Senior Note due 2018 

CVS HEALTH CORPORATION, a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to,
being herein called the “Company”), for value received promises to pay to CEDE & CO., or registered assigns, the principal sum of $[        ] on July 20, 2018. If such maturity
date is not a Business Day, then payment of principal will be made on the next succeeding Business Day and no interest will accrue on the amount so payable for the period from such maturity date to the date payment is made. 

Interest Payment Dates: January 20 and July 20. 

Record Dates: Each January 5 and July 5, immediately preceding each Interest Payment Date. 

Additional provisions of this Note are set forth on the reverse side of this Note. 

[Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

 

					
	CVS HEALTH CORPORATION
		
	By:		  

			Name:		Carol A. DeNale
			Title:		Senior Vice President and Treasurer
		
	By:		  

			Name:		David Denton
			Title:		Executive Vice President and Chief Financial Officer

 [Signature Page to Note No. [    ] of 2018 Notes] 

 Dated: 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A., 
 as Trustee, certifies that this is one of the Debt Securities referred to 

in the Indenture. 
  

			
	By		  

			Authorized Signatory

  
 [Signature Page to
Note No. [    ] of 2018 Notes] 

 1.900% Senior Note due 2018 

This Note is one of a duly authorized series of Notes of CVS Health Corporation, a Delaware corporation (such corporation, and its successors
and assigns under the Indenture hereinafter referred to, being herein called the “Company”), designated as its 1.900% Senior Notes due 2018 (hereinafter referred to as the “Notes”). 

 

	 	(a)	Interest 

 The Company promises to pay interest on the principal amount of this Note at the rate
per annum shown above. 
 The Company will pay interest on the Notes semi-annually on January 20 and July 20 of each year,
commencing January 20, 2016. Interest on the Notes will accrue from the most recent date to which interest has been paid or provided for, or, if no interest has been paid or provided for, from July 20, 2015. Interest will be computed on
the basis of a 360-day year of twelve 30-day months. The Company shall pay interest on overdue principal at the rate borne by the Notes. If any interest payment date is not a Business Day, then payment of interest will be made on the next
succeeding Business Day and no interest will accrue on the amount so payable for the period from such interest payment date to the date payment is made. 
  

	 	(b)	Method of Payment 

 The Company will pay interest on the Notes (except defaulted interest) to
the Persons who are registered Holders thereof at the close of business on the January 5 and July 5 (whether or not a Business Day) immediately preceding the interest payment date even if the Notes are canceled after the record date and on
or before the interest payment date. Holders must surrender Notes to a Paying Agent to collect principal payments. The Company will pay principal, premium, if any, and interest in money of the United States that at the time of payment is legal
tender for payment of public and private debts by wire transfer of immediately available funds to the accounts specified by the Holders, or, if no such account is specified, the Company may pay principal and interest by check payable in such money.
It may mail an interest check to a Holder’s registered address. 
  

	 	(c)	Paying Agent and Registrar 

 Initially, The Bank of New York Mellon Trust Company, N.A., a
national banking association (the “Trustee”), will act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice. The Company or any of its domestically incorporated
Wholly Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar. 
  

	 	(d)	Indenture 

 The Company issued the Notes under an Indenture dated as of August 15, 2006
(the “Indenture”), between the Company and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. ss.ss.
77aaa-77bbbb) as in effect on the date of the Indenture (the 

  
 5 

 
“TIA”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Holders of Notes
are referred to the Indenture and the TIA for a statement of those terms. 
 The Notes are general obligations of the Company initially
limited to $2,250,000,000 aggregate principal amount (subject to Section 2.08 of the Indenture). The Company may at any time issue additional Notes under the Indenture in unlimited amounts having the same terms as and treated as a single class
with the Notes for all purposes under the Indenture and will vote together as one class with respect to the Notes. The Indenture imposes certain limitations on the incurrence of certain additional indebtedness by the Company and certain of its
subsidiaries and the entry into certain sale and leaseback arrangements by the Company and certain of its subsidiaries. The Indenture also restricts the ability of the Company to consolidate or merge with or into, or to transfer all or substantially
all its assets to, another person. 
  

	 	(e)	Optional Redemption 

 Prior to July 20, 2018, the Company, at its option, may at any time
redeem all or any portion of the Notes upon not less than 15 nor more than 60 days’ notice, at a redemption price, plus accrued and unpaid interest to the redemption date, equal to the greater of (i) 100% of the principal amount of the
Notes being redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed (not including any portion of such payments of interest accrued to the redemption date)
discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Yield plus 15 basis points. If any redemption date is not a Business Day, then payment of the
redemption price and accrued and unpaid interest will be made on the next succeeding Business Day, and no interest will accrue on the amounts so payable for the period from such redemption date to the date payment is made. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term of the Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to such
remaining term. 
 “Comparable Treasury Price” means, with respect to any redemption date, (i) the average of the
applicable Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such applicable Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 
 “Independent Investment
Banker” means Barclays Capital Inc. or, if such firm is unwilling or unable to select the applicable Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company. 

“Reference Treasury Dealer” means (i) Barclays Capital Inc. and its successors; provided, however, that if
the foregoing shall cease to be a primary United States Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer and (ii) any other
Primary Treasury Dealers selected by the Company. 

  
 6 

 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Notes (expressed in each case as a percentage of its principal amount)
quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date. 

“Treasury Yield” means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to
maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for such redemption date. 

 

	 	(f)	Notice of Redemption 

 Notice of redemption shall be transmitted by the Company (or, at the
Company’s request, by the Trustee on the Company’s behalf) to each Holder of Notes to be redeemed. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the
redemption price of and accrued interest on all Notes (or portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date
interest ceases to accrue on such Notes (or such portions thereof) called for redemption. 
  

	 	(g)	Special Mandatory Redemption 

 On May 20, 2015, CVS Pharmacy, Inc., a wholly owned
subsidiary of the Company, entered into an Agreement and Plan of Merger (the “Merger Agreement”) to acquire Omnicare, Inc., a provider of pharmaceuticals and related pharmacy services to long-term care facilities and provider of
specialty pharmacy and commercialization services for the bio-pharmaceutical industry (the “Omnicare Acquisition”). If the Company does not consummate the Omnicare Acquisition on or prior to May 20, 2016, which date will be
extended automatically to August 20, 2016 if regulatory approval is the only closing condition under the Merger Agreement on May 20, 2016 that has not been fulfilled and all other closing conditions either have been fulfilled or are then
capable of being fulfilled (the “Omnicare Outside Date”) or if, on or prior to such date, the Merger Agreement is terminated other than as a result of consummating the Omnicare Acquisition, then the Company will be required to
redeem all outstanding Notes on the special mandatory redemption date at a redemption price equal to 101% of the aggregate principal amount of the Notes plus accrued and unpaid interest, if any, to, but excluding, the special mandatory redemption
date. The “special mandatory redemption date” means the earlier to occur of (1) the 15th day (or if such day is not a business day, the first business day thereafter) after the Omnicare Outside Date, if the Omnicare Acquisition
has not been consummated on or prior to the Omnicare Outside Date, or (2) the 15th day (or if such day is not a business day, the first business day thereafter) following the termination of the Merger Agreement other than as a result of
consummating the Omnicare Acquisition. Notwithstanding the foregoing, installments of interest on notes that are due and payable on interest payment dates 

  
 7 

 
falling on or prior to the special mandatory redemption date will be payable on such interest payment dates to the registered Holders as of the close of business on the relevant record dates in
accordance with this Note and the Indenture. 
 The Company will cause the notice of special mandatory redemption to be transmitted, with a
copy to the Trustee, within five business days after the occurrence of the event triggering the special mandatory redemption to each holder at its registered address. If funds sufficient to pay the special mandatory redemption price of the
outstanding Notes to be redeemed on the special mandatory redemption date are deposited with the Trustee or a Paying Agent on or before such special mandatory redemption date, and certain other conditions are satisfied, on and after such special
mandatory redemption date, the outstanding Notes will cease to bear interest. 
  

	 	(h)	Offers to Purchase 

 The Indenture provides, as established pursuant to Section 2.03 of the
Indenture, that upon the occurrence of a Change of Control Triggering Event and subject to further limitations contained therein, the Company shall make an offer to purchase outstanding notes in accordance with the procedures set forth in the
Indenture. 
  

	 	(i)	Denominations; Transfer; Exchange 

 The Notes are in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. Holders of Notes may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder of Notes, among other things, to furnish appropriate
endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be
redeemed in part, the portion of the Note not to be redeemed) or any Notes for a period of 15 days before a selection of Notes to be redeemed or 15 days before an interest payment date. 

 

	 	(j)	Persons Deemed Owners 

 The registered Holder of this Note may be treated as the sole owner of
such Note for all purposes. 
  

	 	(k)	Unclaimed Money 

 Subject to applicable abandoned property law, if money for the payment of
principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the
money must look only to the Company and not to the Trustee or Paying Agent for payment. 
  

	 	(l)	Discharge and Defeasance 

 Subject to certain conditions, the Company at any time may terminate
some or all of its obligations under the Notes and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Notes to redemption or maturity, as the case may be. 

  
 8 

	 	(m)	Amendment; Waiver 

 Subject to certain exceptions set forth in the Indenture, (i) the
Indenture or the Notes may be amended with the written consent of the Holders of at least a majority in principal amount outstanding of the Notes; and (ii) any default or compliance with any provision may be waived with the written consent of
the Holders of a majority in principal amount of the Notes then outstanding. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder of a Note, the Company and the Trustee may amend the Indenture or the Notes to
cure any ambiguity, omission, defect or inconsistency that does not materially and adversely affect the rights of any Holder of a Note, or to comply with Article 5 of the Indenture or to comply with requirements of the SEC in connection with
the qualification of the Indenture under the TIA. 
  

	 	(n)	Defaults and Remedies 

 If an Event of Default occurs and is continuing, the Trustee or the
Holders of at least 25% in aggregate principal amount of the Notes may declare all the Notes to be due and payable immediately. Certain events of bankruptcy or insolvency are Events of Default which will result in the Notes being due and payable
immediately upon the occurrence of such Events of Default. 
 Holders of Notes may not enforce the Indenture or the Notes except as provided
in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Notes may direct the Trustee
in its exercise of any trust or power. The Trustee may withhold from Holders of Notes notice of any continuing Default (except a Default in payment of principal or interest) if it determines that withholding such notice is in the interest of the
Holders of Notes. 
  

	 	(o)	Trustee Dealings with the Company 

 Subject to certain limitations imposed by the TIA, the
Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or
its Affiliates with the same rights it would have if it were not Trustee. 
  

	 	(p)	No Recourse Against Others 

 A director, officer, employee or stockholder, as such, of the
Company or the Trustee shall not have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations. By accepting a Note, each Holder of a Note waives and
releases all such liability. The waiver and release are part of the consideration for the issue of the Notes. 

  
 9 

	 	(q)	Authentication 

 This Note shall not be valid until an authorized signatory of the Trustee (or
an authenticating agent) manually signs the certificate of authentication on the face of this Note. 
  

	 	(r)	Abbreviations 

 Customary abbreviations may be used in the name of a Holder of a Note or an
assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

 

	 	(s)	Governing Law 

 This Note shall be governed by, and construed in accordance with, the laws of
the State of New York but without giving effect to applicable principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby. 

 

	 	(t)	CUSIP Numbers 

 Pursuant to the recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and has directed the Trustee to use such CUSIP numbers in notices of redemption as a convenience to Holders of Notes. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

 
  

  
 10 

 The Company will furnish to any Holder of a Note upon written request and without charge to such
Holder of a Note a copy of the Indenture. Requests may be made to: 
 CVS Health Corporation 

670 White Plains Road, Suite 210 

Scarsdale, New York 10583 

Attention: Nancy R. Christal 

Terms defined in the Indenture and not otherwise defined herein are used herein as therein defined. 

  
 11 

 ASSIGNMENT FORM 

To assign this Note, complete the form below: 

I or we assign and transfer this Note to: 

[Print or type assignee’s name, address and zip code] 

[Insert assignee’s soc. sec. or tax I.D. No.] 
  

					
			and irrevocably appoint              as agent to transfer this Note on the books of CVS Health Corporation. The agent may substitute another to act for him.		

  
  

 

									
	Date:		  
				Your Signature:		  

  
  

Sign exactly as your name appears on the face of this Note. 

  
 12

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