Document:

Exhibit 10.1

 

EXHIBIT F

  

ESCROW AGREEMENT

 

ESCROW
DEPOSIT AGREEMENT

 

This ESCROW DEPOSIT AGREEMENT
(this “Agreement”) dated as of this 19th day of May 2022, by and among Visionary Education Technology Holdings Group
Inc., an Ontario (Canada) corporation (the “Company”), having an address at 200 Town Centre Blvd., Suite 408A, Markham,
Ontario, Canada L3R 8G5, Joseph Stone Capital, LLC, a Delaware limited liability company and the representative of the several underwriters
named in the Underwriting Agreement (the “Representative”) by and between the Company and the Representative, having
an address at 200 Old Country Road, Suite #610, Mineola, New York 11501, and Hoagland, Longo, Moran, Dunst & Doukas, LLP(the “Escrow
Agent”), having an office at 40 Paterson Street, New Brunswick, New Jersey 08903. All capitalized terms not herein defined shall
have the meanings ascribed to them in that certain Underwriting Agreement, dated May 16, 2022, including all attachments, schedules and
exhibits thereto (the “Underwriting Agreement”).

 

W I T N E S S E T H:

 

WHEREAS, the Representative and the Company
have agreed that a certain sum of money shall be held in escrow upon certain terms and conditions; and

 

WHEREAS, the Representative and the Company
appoint the Escrow Agent as escrow agent of such escrow subject to the terms and conditions set forth in this Agreement; and

 

WHEREAS, the Escrow Agent accepts such appointment
as escrow agent subject to the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, IT IS AGREED as follows:

 

 1. Delivery of Escrow Funds.

 

(a) The
Company will deliver, or shall cause to be delivered, to the Escrow Agent by checks or wire transfer made payable to “Hoagland,
Longo, Moran, Dunst & Doukas, LLP as Escrow Agent for Visionary Education Technology Holdings Inc.” to be held in the Escrow
Agent’s trust account at Bank of America entitled “Visionary Education Technology Holdings Inc., HLMDD as Escrow Agent”
having ABA No.026009593, Account No. [008443109618] (the “Escrow Account”).

 

(b) The
collected funds deposited into the Escrow Account are referred to as the “Escrow Funds”.

 

(c) The
Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of these checks or any other funds delivered
to Escrow Agent for deposit into the Escrow Account. If, for any reason, these checks or any other funds deposited into the Escrow Account
shall be returned unpaid to the Escrow Agent, the sole duty of the Escrow Agent shall be to advise the Representative and the Company
promptly thereof and return check in the manner directed in writing by the Representative and the Company.

 

2. Release
of Escrow Funds. The Escrow Funds shall be paid by the Escrow Agent in accordance with the following:

 

(a) If the
Representative advises the Escrow Agent and the Company in writing on or prior to November 19, 2023 (the date that is eighteen (18) months
after the Closing Date) (the “Final Termination Date”) that there are indemnification amounts payable to the Representative
or another Underwriter Indemnified Party by the Company pursuant to Sections 5.1.1 and 5.1.2 of the Underwriting Agreement that have
not been paid by the Company, the Representative shall specify the amount due and payable in its notice, and the Escrow Agent shall wire
transfer such amount to the Representative, provided such amount is collected and available for withdrawal and subject to Escrow Agent’s
receipt of a joint written instruction from the Company and the Representative as set forth in Exhibit A-1. The Company shall not unreasonably
withhold, delay or condition its execution of such Escrow Release Notice.

 

 

    	 	 	 

     

    

 

(b) Promptly
following the Final Termination Date, the Escrow Agent shall pay all remaining Escrow Funds by wire transfer to the Company in accordance
with a joint written instruction in the form of Exhibit A-2 of the Company and the Representative. The Representative shall not unreasonably
withhold, delay, or condition its execution of such Escrow Release Notice.

 

(c) The
Escrow Agent shall not be required to pay any uncollected funds or any funds that are not available for withdrawal. The Escrow Agent
may act in reliance upon any instructions, court orders, notices, certifications, demands, consents, authorizations, receipts, powers
of attorney or other writings delivered to it without being required to determine the authenticity or validity thereof or the correctness
of any fact stated therein, the propriety or validity of the service thereof, or the jurisdiction of the court issuing any judgment or
order.

 

3. Acceptance
by Escrow Agent. The Escrow Agent hereby accepts and agrees to perform its obligations hereunder, provided that:

 

(a) Upon
execution of this Agreement, the Representative shall execute and deliver to Escrow Agent, Exhibit B hereto and the Company shall execute
and deliver to Escrow Agent Exhibit B-1 (together with Exhibit B, each a “Certificate”) hereto, for the purpose of
(i) establishing the identity of each respective authorized representative(s) of the Representative and the Company entitled to singly
initiate and/or confirm disbursement instructions to Escrow Agent on behalf of each such party and (ii) providing standing wire instructions
for each of the Representative and the Company to be used for disbursements to said party. The Escrow Agent may act in reliance upon
any signature on each Certificate believed by it to be genuine, and may assume that any person who has been designated by the Representative
or the Company to give any written instructions, notice or receipt, or make any statements in connection with the provisions hereof has
been duly authorized to do so. The Escrow Agent shall have no duty to make inquiry as to the genuineness, accuracy or validity of any
statements or instructions or any signatures on statements or instructions, including but not limited to, those contained on each Certificate.
The Representative and the Company may update their respective Certificate by executing and delivering to the Escrow Agent an updated
Certificate in the form attached hereto as Exhibit B and/or Exhibit B-1. Until such time as Escrow Agent shall receive an updated Certificate,
Escrow Agent shall be fully protected in relying without inquiry on the current Certificate on file with Escrow Agent.

 

(b) The
Escrow Agent may seek confirmation of disbursement instructions by telephone call back to one of the authorized representatives set forth
on each Certificate, and the Escrow Agent may rely upon the confirmations of anyone purporting to be the person(s) so designated. To
ensure the accuracy of the instruction it receives, the Escrow Agent may record such call back. If the Escrow Agent is unable to verify
the instruction, or is not satisfied in its sole discretion with the verification it receives, it will not execute the instruction until
all issues have been resolved to its satisfaction. The Representative and the Company agree that the foregoing procedures constitute
commercially reasonable security procedures. Escrow Agent further agrees not to comply with any direction or instruction (other than
those contained herein or delivered in accordance with this Agreement) from any party inconsistent with the foregoing.

 

(c) The
Escrow Agent may act relative hereto in reliance upon advice of counsel in reference to any matter connected herewith. The Escrow Agent
shall not be liable for any mistake of fact or error of judgment or law, or for any acts or omissions of any kind, unless caused by its
willful misconduct or gross negligence.

 

(d) The
Company and Representative, jointly and severally, agree to indemnify, release, and hold the Escrow Agent harmless from and against any
and all claims, losses, costs, liabilities, damages, suits, demands, judgments or expenses, including, but not limited to, attorney's
fees, costs and disbursements, (collectively “Claims”) claimed against or incurred by Escrow Agent arising out of
or related, directly or indirectly, to this Agreement and the Escrow Agent’s performance hereunder or in connection herewith, except
to the extent such Claims arise from Escrow Agent’s willful misconduct or gross negligence as adjudicated by a court of competent
jurisdiction.

 

 

 

    	 	2	 

     

    

 

(e) In the
event of any disagreement between or among the Representative and the Company, or between any of them and any other person, resulting
in adverse claims or demands being made to Escrow Agent in connection with the Escrow Account, or in the event that the Escrow Agent,
in good faith, be in doubt as to what action it should take hereunder, the Escrow Agent may, at its option, refuse to comply with any
claims or demands on it, or refuse to take any other action hereunder, so long as such disagreement continues or such doubt exists, and
in any such event, the Escrow Agent shall not become liable in any way or to any person for its failure or refusal to act, and the Escrow
Agent shall be entitled to continue so to refrain from acting until (i) the rights of all parties shall have been fully and finally adjudicated
by a court of competent jurisdiction, or (ii) all differences shall have been adjusted and all doubt resolved by agreement among all
of the interested persons, and the Escrow Agent shall have been notified thereof in writing signed by all such persons. The Escrow Agent
shall have the option, after thirty (30) days’ notice to the Representative and the Company of its intention to do so, to file
an action in interpleader requiring the parties to answer and litigate any claims and rights among themselves. The rights of the Escrow
Agent under this section are cumulative of all other rights which it may have by law or otherwise.

 

(f) In the
event that the Escrow Agent shall be uncertain as to its duties or rights hereunder, the Escrow Agent shall be entitled to (i) refrain
from taking any action other than to keep safely the Escrow Funds until it shall be directed otherwise by a court of competent jurisdiction,
or (ii) deliver the Escrow Funds to a court of competent jurisdiction.

 

(g) The
Escrow Agent shall have no duty, responsibility or obligation to interpret or enforce the terms of any agreement other than Escrow Agent's
obligations hereunder, and the Escrow Agent shall not be required to make a request that any monies be delivered to the Escrow Account,
it being agreed that the sole duties and responsibilities of the Escrow Agent shall be to the extent not prohibited by applicable law
(i) to accept checks or other instruments for the payment of money delivered to the Escrow Agent for the Escrow Account and deposit said
checks or instruments into the Escrow Account, and (ii) disburse or refrain from disbursing the Escrow Funds as stated herein, provided
that the checks or instruments received by the Escrow Agent have been collected and are available for withdrawal.

 

4. Escrow
Account Statements and Information. The Escrow Agent agrees to send to the Representative and/or the Company a copy of the Escrow
Account periodic statement, upon request in accordance with the Escrow Agent’s regular practices for providing account statements
to its non-escrow clients and to also provide the Representative and/or the Company, or their designee, upon request other deposit account
information, including Account balances, by telephone or by computer communication, to the extent practicable. The Representative and
the Company agree to complete and sign all forms or agreements required by the Escrow Agent for that purpose. The Representative and
the Company each consents to the Escrow Agent’s release of such Account information to any of the individuals designated by the
Representative or the Company, which designation has been signed in accordance with Section 3(a) by any of the persons in Schedule
A. Further, the Representative and the Company have an option to receive e-mail notification of incoming and outgoing wire transfers.
If this e-mail notification service is requested and subsequently approved by the Escrow Agent, the Representative and the Company agrees
to provide a valid e-mail address and other information necessary to set-up this service and sign all forms and agreements required for
such service. The Representative and the Company each consents to the Escrow Agent’s release of wire transfer information to the
designated e-mail address(es). The Escrow Agent’s liability for failure to comply with this section shall not exceed the cost of
providing such information.

 

5. Resignation
and Termination of the Escrow Agent. The Escrow Agent may resign at any time by giving thirty (30) days' prior written notice of
such resignation to the Representative and the Company. Upon providing such notice, the Escrow Agent shall have no further obligation
hereunder except to hold the Escrow Funds that it has received as of the date on which it provided the notice of resignation as depository.
In such event, the Escrow Agent shall not take any action until the Representative and the Company jointly designates a banking corporation,
trust company, attorney or other person as successor escrow agent. Upon receipt of such written instructions signed by the Representative
and the Company, the Escrow Agent shall promptly deliver the Escrow Funds, net of any outstanding charges, to such successor escrow agent
and shall thereafter have no further obligations hereunder. If such instructions are not received within thirty (30) days following the
effective date of such resignation, then the Escrow Agent may deposit the Escrow Funds and any other amounts held by it pursuant to this
Agreement with a clerk of a court of competent jurisdiction pending the appointment of a successor escrow agent. In either case provided
for in this section, the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising
with respect to the Escrow Funds.

 

6. Termination.
The Representative and the Company may terminate the appointment of the Escrow Agent hereunder upon a joint written notice to Escrow
Agent specifying the date upon which such termination shall take effect. In the event of such termination, the Representative and the
Company shall, within thirty (30) days of such notice, jointly appoint a successor escrow agent and the Escrow Agent shall, upon receipt
of written instructions signed by both the Representative and the Company, turn over to such successor escrow agent all of the Escrow
Funds; provided, however, that if the Representative and the Company fail to appoint a successor escrow agent within such thirty (30)-day
period, such termination notice shall be null and void and the Escrow Agent shall continue to be bound by all of the provisions hereof.
Upon receipt of the Escrow Funds, the successor escrow agent shall become the Escrow Agent hereunder and shall be bound by all of the
provisions hereof and the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising
with respect to the Escrow Funds.

 

 

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7. Investment.
All Escrow Funds received by the Escrow Agent shall be held only in an non-interest-bearing bank account at Escrow Agent.

 

8. Compensation.
The Escrow Agent shall be entitled, for the duties to be performed by it hereunder, to a fee of $6,000.00, which fee shall be paid by
the Company upon the signing of this Agreement. Further, if the term of this Agreement exceeds one (1) year from the execution date hereof,
a fee of $1,500.00 will be paid by the Company on each such anniversary of the execution of this Agreement. In addition, the Company
shall be obligated to reimburse Escrow Agent for all fees, costs and expenses incurred or that becomes due in connection with this Agreement
or the Escrow Account, including reasonable attorney’s fees. Neither the modification, cancellation, termination or rescission
of this Agreement nor the resignation or termination of the Escrow Agent shall affect the right of the Escrow Agent to retain the amount
of any fee which has been paid, or to be reimbursed or paid any amount which has been incurred or becomes due, prior to the effective
date of any such modification, cancellation, termination, resignation or rescission. To the extent the Escrow Agent has incurred any
such expenses, or any such fee becomes due, prior to any closing, the Escrow Agent shall advise the Representative and the Company and
the Company shall direct all such amounts to be paid directly at any such closing.

 

9. Notices. All notices, requests, demands
and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given
if sent by hand-delivery, by facsimile followed by first-class mail, by nationally recognized overnight courier service or by prepaid
registered or certified mail, return receipt requested, to the addresses set forth below.

 

If to the Representative:

 

Joseph Stone Capital, LLC

200 Old Country Road, Suite #610

Mineola, New York 11501

Attention: Damian Maggio, Chief Executive Officer

Fax: 516-267-7011

 

If to the Company:

 

Visionary Education Technology Holdings Group Inc.

200 Town Centre
Blvd., Suite 408A

Markham, Ontario, Canada L3R 8G5

Attention: Dr. Thomas Traves, Chief Executive Officer

Fax No.:
905-739-0950

 

If to Escrow Agent:

 

Hoagland, Longo, Moran, Dunst & Doukas, LLP

40 Paterson StreetNew Brunswick, New Jersey 08903

Attention:
Anthony C. Iacocca, Esq.

Fax No.: (732) 545-4579

 

 10. General.

 

(a) This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to agreements
made and to be entirely performed within such State, without regard to choice of law principles, and any action brought hereunder shall
be brought in the courts of the State of New York, located in the County of New York. Each party hereto irrevocably waives any objection
on the grounds of venue, forum non- conveniens or any similar grounds and irrevocably consents to service of process by mail or in any
manner permitted by applicable law and consents to the jurisdiction of said courts. EACH OF THE PARTIES HERETO HEREBY WAIVES ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

 

 

    	 	4	 

     

    

 

(b) This
Agreement sets forth the entire agreement and understanding of the parties in respect to the matters contained herein and supersedes
all prior agreements, arrangements and understandings relating thereto.

 

(c) All
of the terms and conditions of this Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the parties hereto,
as well as their respective successors and assigns.

 

(d) This
Agreement may be amended, modified, superseded or canceled, and any of the terms or conditions hereof may be waived, only by a written
instrument executed by each party hereto or, in the case of a waiver, by the party waiving compliance. The failure of any party at any
time or times to require performance of any provision hereof shall in no manner affect its right at a later time to enforce the same.
No waiver of any party of any condition, or of the breach of any term contained in this Agreement, whether by conduct or otherwise, in
any one or more instances shall be deemed to be or construed as a further or continuing waiver of any such condition or breach or a waiver
of any other condition or of the breach of any other term of this Agreement. No party may assign any rights, duties or obligations hereunder
unless all other parties have given their prior written consent.

 

(e) If any
provision included in this Agreement proves to be invalid or unenforceable, it shall not affect the validity of the remaining provisions.

 

(f) This
Agreement and any modification or amendment of this Agreement may be executed in several counterparts or by separate instruments and
all of such counterparts and instruments shall constitute one agreement, binding on all of the parties hereto.

 

11. Form
of Signature. The parties hereto agree to accept a facsimile transmission copy of their respective actual signatures as evidence
of their actual signatures to this Agreement and any modification or amendment of this Agreement; provided, however, that
each party who produces a facsimile signature agrees, by the express terms hereof, to place, promptly after transmission of his or her
signature by fax, a true and correct original copy of his or her signature in overnight mail to the address of the other party.

 

12. No
Third-Party Beneficiaries. This Agreement is solely for the benefit of the parties and their respective successors and permitted
assigns, and no other person has any right, benefit, priority or interest under or because of the existence of this Agreement.

 

Signature Page Follows

 

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IN WITNESS WHEREOF, the parties have duly
executed this Agreement as of the date first set forth above.

 

JOSEPH STONE CAPITAL, LLC

 

 

	By:	/s/ Damian Maggio	 
	 	Name: Damian Maggio	 
	 	Title: Chief Executive Officer	 

 

 

VISIONARY EDUCATION TECHNOLOGY HOLDINGS GROUP
INC.

 

 

	By:	/s/ Thomas Traves	 
	 	Name: Dr. Thomas Traves	 
	 	Title: Chief Executive Officer	 

 

 

HOAGLAND, LONGO, MORAN, DUNST & DOUKAS,
LLP

 

 

	By:	/s/ Anthony Iococca	 
	 	Name: Anthony C. Iacocca, Esq.	 
	 	Title: Partner	 

 

 

 

[Signature Page to the Escrow Agreement]

 

 

    	 	 	 

     

    

 

EXHIBIT A-1

 

FORM OF ESCROW RELEASE NOTICE

 

 

 

Date:

 

Hoagland, Longo, Moran, Dunst & Doukas, LLP

40 Paterson StreetNew Brunswick, New Jersey 08903

Attention:
Anthony C. Iacocca, Esq.

Fax No.: (732) 545-4579

 

Dear Mr. Iacocca:

 

In accordance with the terms of Section 2(a)
of an Escrow Deposit Agreement dated as of May 19, 2022 (the "Escrow Agreement"), by and between Visionary Education Technology
Holdings Group Inc. (the “Company”), Joseph Stone Capital, LLC (the “Representative”), and Hoagland, Longo, Moran,
Dunst & Doukas, LLP (the “Escrow Agent”), the Company and the Representative hereby notify the Escrow Agent that the
a valid indemnity claim has been established and agreed in the amount of US$________.

 

PLEASE DISTRIBUTE THE SUM OF US$ _______ BY
WIRE TRANSFER TO JOSEPH STONE CAPITAL, LLC AS FOLLOWS:

 

[Wire transfer instructions to be inserted
here.]

 

Very truly yours,

 

Visionary Education Technology Holdings Group Inc.

By: ________________________________

Name: ______________________________

Title:_______________________________

 

Joseph Stone Capital, LLC

By: ________________________________

Name: ______________________________

Title:_______________________________

 

 

    	 	 	 

     

    

 

EXHIBIT A-2

 

FORM OF ESCROW RELEASE NOTICE

 

 

Date:

 

Hoagland, Longo, Moran, Dunst & Doukas, LLP

40 Paterson StreetNew Brunswick, New Jersey 08903

Attention:
Anthony C. Iacocca, Esq.

Fax No.: (732) 545-4579

 

Dear Mr. Iacocca:

 

In accordance with the terms of Section 2(b) of
an Escrow Deposit Agreement dated as of May 19, 2022 (the "Escrow Agreement"), by and between Visionary Education Technology
Holdings Group Inc. (the “Company”), Joseph Stone Capital, LLC (the “Representative”), and Hoagland, Longo, Moran,
Dunst & Doukas, LLP (the “Escrow Agent”), the Company and the Representative hereby notify the Escrow Agent that the Final
Termination Date has past.

 

PLEASE DISTRIBUTE THE SUM OF US$ ______ BY WIRE
TRANSFER TO VISIONARY EDUCATION TECHNOLOGY HOLDINGS GROUP INC. AS FOLLOWS :

 

[Wire transfer instructions to be inserted
here.]

 

Very truly yours,

 

Visionary Education Technology Holdings Group Inc.

By: ________________________________

Name: ______________________________

Title:_______________________________

 

Joseph Stone Capital, LLC

By: ________________________________

Name: ______________________________

Title:_______________________________

 

 

 

 

    	 	 	 

     

    

 

 

EXHIBIT B

 

CERTIFICATE OF AUTHORIZED REPRESENTATIVES JOSEPH STONE CAPITAL, LLC

 

	Name	 	Signature	 	Initiate (Y/N)	 	Callback (Y/N)	 	Phone No.	 	Alt. Phone No.
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

 

STANDING WIRE INSTRUCTIONS FOR JOSEPH STONE CAPITAL, LLC

 

In accordance with Section 3(a) of the Agreement disbursements to Joseph
Stone Capital, LLC by wire transfer must be sent in accordance with the following wire instructions:

 

	Bank Name:	[	 	]
	Bank Address:	[	 	]
	ABA Number:	[	 	]
	Account Number:	[	 	]
	Account Name:	[	 	]

 

 

 

    	 	 	 

     

    

 

EXHIBIT B-1

 

CERTIFICATE
OF AUTHORIZED REPRESENTATIVES – VISIONARY EDUCATION TECHNOLOGY HOLDINGS GROUP INC.

 

 

	Name	 	Signature	 	Initiate (Y/N)	 	Callback (Y/N)	 	Phone No.	 	Alt. Phone No.
	Tom Traves	 	/s/ Tom Traves	 	T/T	 	 	 	647-825-6455	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

 

STANDING WIRE INSTRUCTIONS FOR
VISIONARY EDUCATION TECHNOLOGY HOLDINGS GROUP INC.

 

In accordance with Section 3(a) of the Agreement disbursements to
Visionary Education Technology Holdings Group Inc. by wire transfer must be sent in accordance with the following wire instructions:

 

	Bank Name:	[	 	]
	Bank Address:	[	 	]
	ABA Number:	[	 	]
	Account Number:	[	 	]
	Account Name:	[	 	]ck1528985-ex102_10.htm

Exhibit 10.2

 

FIRST AMENDMENT TO CREDIT AGREEMENT AND 
AGREEMENT REGARDING INCREMENTAL TERM LOANS

This FIRST AMENDMENT TO CREDIT AGREEMENT AND AGREEMENT REGARDING INCREMENTAL TERM LOANS dated as of May 17, 2022 (this “Amendment”) is by and among INLAND REAL ESTATE INCOME TRUST, INC., a Maryland corporation (the “Borrower”), the Subsidiary Guarantors signatory hereto, the several banks and other financial institutions and lenders signatory hereto (each a “Lender” and collectively, the “Lenders”) and KEYBANK NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”).

W I T N E S S E T H:

WHEREAS, the Borrower, the Lenders and the Administrative Agent, are parties to that certain Second Amended and Restated Credit Agreement dated as of February 3, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);

WHEREAS, pursuant to that certain Purchase and Sale Agreement dated as of May 5, 2022 (the “IRPF Portfolio Purchase Agreement”), by and among the Sellers (as defined therein) and the Borrower, the Borrower acquired (the “IRPF Portfolio Acquisition”), among other things, the IRPF Portfolio (as defined in Section 3 below); 

WHEREAS, in connection with the consummation of the IRPF Portfolio Acquisition and pursuant to Section 2.23 of the Credit Agreement, the Borrower has requested (i) the establishment of additional Term Loan A Loans (the “First Amendment Incremental Term Commitments”) and that additional Term Loan A Loans (the “First Amendment Incremental Term Loans”) be made on the First Amendment Effective Date (as defined below) by the Lenders party hereto with amounts set forth on Schedule I hereto in the column “First Amendment Incremental Term Commitments” (the “First Amendment Increasing Lenders”) to the Borrower in the aggregate principal amount of $300,000,000 and (ii) that the Required Lenders and the Administrative Agent consent to the amendment of certain provisions of the Credit Agreement on the terms and conditions set forth herein; and

WHEREAS, (i) the First Amendment Increasing Lenders are willing to advance the First Amendment Incremental Term Loans to the Borrower and (ii) the Required Lenders and the Administrative Agent are willing to amend the Credit Agreement on the terms and conditions set forth herein.

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

Section 1.  Definitions.  Except as otherwise defined herein, capitalized terms used herein shall have the meanings ascribed thereto in the Credit Agreement.

Section 2.  Incremental Term Loans.  

 

 

	
 
	
(a)
	
General.  Subject to the satisfaction of the conditions precedent set forth in Section 5, each First Amendment Increasing Lender severally agrees to make an additional Term Loan A Loan to the Borrower on the First Amendment Effective Date in a principal amount equal to the amount set forth for such First Amendment Increasing Lender on Schedule I hereto as such First Amendment Increasing Lender’s “First Amendment Incremental Term Commitment”.  Once made (a) each First Amendment Incremental Term Loan shall, for the avoidance of doubt, be a “Term Loan A Loan” under and as defined in the Credit Agreement and shall be due and payable in full on the Term Loan A Maturity Date, (b) the First Amendment Incremental Term Loans will accrue interest from and including the First Amendment Effective Date at the same per annum rate as the Term Loan A Loans advanced as of the Agreement Effective Date (the “Closing Date Term Loans”) pursuant to Section 2.14 of the Credit Agreement, and (c) the initial Interest Period for the First Amendment Incremental Term Loans will end concurrently with the end of the Interest Period for the Closing Date Term Loans (notwithstanding anything in the definition of the Interest Period to the contrary).  

	
 
	
(b)
	
Use of Proceeds.  The proceeds of the First Amendment Incremental Term Loans shall be used to (i) finance a portion of the IRPF Portfolio Acquisition pursuant to the IRPF Portfolio Purchase Agreement and pay fees and expenses incurred in connection with the First Amendment Incremental Term Loans and this Amendment and (ii) repay amounts outstanding under the Credit Agreement.

(c)Credit Agreement Governs Terms.  The First Amendment Incremental Term Loans shall have identical terms to the Closing Date Term Loans (other than as to the principal amount thereof and use of proceeds therewith) and shall otherwise be subject to the provisions, including any provisions restricting the rights, or regarding the obligations, of the Loan Parties or any provisions regarding the rights of the Term Loan A Lenders, of the Credit Agreement and the other Loan Documents.  Each reference to a “Term Loan A Loan” or “Term Loan A Loans” in the Credit Agreement shall be deemed to include the First Amendment Incremental Term Loans.  Without limiting the foregoing, the First Amendment Incremental Term Loans (and all interest and other amounts payable thereon or with respect thereto) (i) shall be “Obligations” under and as defined in the Credit Agreement, (ii) shall be guaranteed by the Subsidiary Guaranty on a pari passu basis with the Closing Date Term Loans and Revolving Loans and (iii) will share ratably in right of prepayment with the Closing Date Term Loans pursuant to Section 2.3 of the Credit Agreement.

(d)Lender Affirmation. Each First Amendment Increasing Lender (i) confirms that a copy of the Credit Agreement and the other applicable Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment and make a First Amendment Incremental Term Commitment, have been made available to such First Amendment Increasing Lender; (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender or agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement or the other applicable Loan Documents, including this Amendment; and (iii) appoints and authorizes the 

-2-

 

Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto.  Each First Amendment Increasing Lender that is not a Lender immediately prior to the effectiveness of this Amendment acknowledges and agrees that, upon the First Amendment Effective Date, such First Amendment Increasing Lender shall be a “Lender” under, and for all purposes of, the Credit Agreement and the other Loan Documents, and shall be subject to and bound by the terms thereof, and shall perform all obligations of and shall have all rights and benefits of a Lender thereunder.

Section 3.  Amendments to the Credit Agreement.

(a)Article I of the Credit Agreement is hereby amended by adding the following defined terms thereto in alphabetical order:

“First Amendment” shall mean that certain First Amendment to Credit Agreement and Agreement Regarding Incremental Term Loans by and among the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent.

“First Amendment Effective Date” shall mean May 17, 2022.

“IRPF Portfolio” shall mean the properties commonly referred to by the following names: City Place Retail, Lower Makefield Center, New Town Village Center, Northpark Village Square, Northville Park Place, Olde Ivy Village, Rusty Leaf Plaza and Sprouts Village.

“IRPF Portfolio Acquisition” shall have the meaning set forth in the First Amendment.

(b)Article I of the Credit Agreement is hereby amended by deleting the definition of “Gross Asset Value” of such Section in its entirety and by substituting the following in lieu thereof:

“Gross Asset Value” means, as of any date of determination, the sum of all of the following of the Borrower and its Subsidiaries: (i) with respect to each stabilized Project owned by the Borrower or any Subsidiary for the most recent four (4) fiscal quarters of the Borrower for which financial results have been reported (A) the aggregate Adjusted NOI attributable to all such Projects which are then still owned by the Borrower or a member of the Consolidated Group divided by (B) the Capitalization Rate, plus (ii) with respect to all other Projects not so owned for such full period, but which are then still owned by the Borrower or a member of the Consolidated Group, the cost basis under GAAP of such Project, plus, without duplication, (iii) Construction-in-Progress then owned by a member of the Consolidated Group plus (iv) Unimproved Land to the extent owned by the Consolidated Group as of the end of the most recent fiscal quarter of the Borrower for which financial results have been reported (valued at GAAP book value), plus (v) Notes Receivable to the extent owned by the Consolidated 

-3-

 

Group as of the end of the most recent fiscal quarter of the Borrower for which financial results have been reported (valued at the lesser of book value and the outstanding principal balance under GAAP), plus (vi) Unrestricted Cash, Cash Equivalents and Marketable Securities owned by the Consolidated Group as of the end of the most recent fiscal quarter of the Borrower for which financial results have been reported, plus (vii) the applicable Consolidated Group Pro Rata Share of (A) Adjusted NOI for the most recent four (4) fiscal quarters of the Borrower for which financial results have been reported attributable to any Projects which are then still owned by an Investment Affiliate (excluding Adjusted NOI attributable to Projects not so owned for such entire four (4) fiscal quarter period) divided by (B) the Capitalization Rate, plus (viii) the applicable Consolidated Group Pro Rata Share of, the cost basis under GAAP of such Project, for any Projects then owned by an Investment Affiliate and first acquired by an Investment Affiliate on or after the first day of such period of four prior fiscal quarters, plus (ix) the applicable Consolidated Group share of Construction-in-Progress then owned by an Investment Affiliate, plus (x) the applicable Consolidated Group Pro Rata Share of Unimproved Land owned by Investment Affiliates as of the end of such most recent fiscal quarter (valued at undepreciated GAAP book value, after taking into account any impairments), plus (xi) the applicable Consolidated Group Pro Rata Share of Notes Receivable owned by Investment Affiliates as of the end of such most recent fiscal quarter (valued at the lesser of book value and the outstanding principal balance under GAAP), plus (xii) the applicable Consolidated Group Pro Rata Share of Unrestricted Cash, Cash Equivalents and Marketable Securities owned by Investment Affiliates as of the end of such most recent fiscal quarter. Assets which are pledged for Indebtedness that has been defeased will be excluded from Gross Asset Value. Notwithstanding the foregoing, the IRPF Portfolio will be valued at the cost basis under GAAP for the fiscal quarters ending June 30, 2022 through March 31, 2024 and thereafter in accordance with clause (i) of this definition of Gross Asset Value.  

(c) Article I of the Credit Agreement is hereby amended by deleting the definition of “Term Loan A Facility” of such Section in its entirety and by substituting the following in lieu thereof:

“Term Loan A Facility” means the facility hereunder pursuant to which the Term Loan A Lenders hereunder will make Term Loan A Loans to Borrower as more particularly described in Article II in the maximum principal amount of $575,000,000.00 (subject to possible decrease as provided in Section 2.1(b) and possible increase as provided in Section 2.23).

(d) Article I of the Credit Agreement is hereby amended by deleting the definition of “Unencumbered Pool Value” of such Section in its entirety and by substituting the following in lieu thereof:

“Unencumbered Pool Value” means, as of any date of determination, (a) the aggregate Adjusted NOI attributable to Unencumbered 

-4-

 

Properties included in the Unencumbered Pool as of such determination date and also owned for the entirety of the most recent four (4) consecutive fiscal quarters for which financial results of Borrower have been reported (provided that the contribution to Adjusted NOI on account of any Unencumbered Property shall not in any event be a negative number) divided by the Capitalization Rate, plus (b) the aggregate acquisition cost of all Unencumbered Properties included in the Unencumbered Pool as of such determination date but not so owned for such period of four (4) consecutive entire fiscal quarters. For purposes of this definition, to the extent that the aggregate amount included in Unencumbered Pool Value on account of any of the three (3) following categories would exceed twenty percent (20%) of Unencumbered Pool Value in any such case, the amount in excess of twenty percent (20%) of Unencumbered Pool Value attributable to such category shall be disregarded in the calculation of Unencumbered Pool Value: a) a single Project; b) the aggregate amount of Unencumbered Pool Value attributable to leases any single tenant or group of tenants which are Affiliates of each other; or c) Projects subject to a ground lease. Notwithstanding the foregoing, the IRPF Portfolio will be valued at the cost basis under GAAP for the fiscal quarters ending June 30, 2022 through March 31, 2024 and thereafter in accordance with clause (a) of this definition of Unencumbered Pool Value.

(e)Section 2.23 of the Credit Agreement is hereby amended by deleting subsection (a) of such Section in its entirety and by substituting the following in lieu thereof:

Provided that no Unmatured Default or Default has occurred and is continuing, subject to the terms and conditions set forth in this Section 2.23, the Borrower shall have the option at any time and from time to time after the First Amendment Effective Date and prior to the date that is at least thirty (30) days prior to the Facility Termination Date to request an increase in the Aggregate Revolving Credit Commitment, the Term Loan A Commitments and/or the Term Loan B Commitments, each in increments of $10,000,000, by an aggregate amount of increases to the Aggregate Revolving Credit Commitment, the Term Loan A Commitments and Term Loan B Commitments of up to $425,000,000 (the amount of the requested increase to be set forth in the Increase Notice) (which, assuming no previous reduction in the Revolving Credit Commitments, the Term Loan A Commitments or the Term Loan B Commitments, would result in an Aggregate Commitment of $1,200,000,000), written notice to the Administrative Agent (an “Increase Notice”). The execution and delivery of the Increase Notice by the Borrower shall constitute a representation and warranty by the Borrower that all the conditions set forth in this Section 2.23 shall have been satisfied on the date of such Increase Notice. The Commitment Increase may be allocated (1) to the then existing Revolving Credit Commitments, having the same terms as the existing Revolving Credit Commitments (2) to the then existing Term Loan A Commitments having the same terms as the existing Term Loan A Commitments, (3) to the initial Term Loan B Commitment, or once the initial Term Loan B Commitment is provided hereunder, to the then existing Term Loan B Commitments having the same terms as the existing Term Loan B Commitments, or (4) any combination thereof reasonably satisfactory to 

-5-

 

Administrative Agent  and satisfactory to the existing or additional Revolving Credit Lenders, Term Loan A Lenders or Term Loan B Lenders, as applicable, providing such additional Revolving Credit Commitments, Term Loan A Commitments or Term Loan B Commitments, as applicable.

(f)Section 6.17 of the Credit Agreement is hereby amended by deleting subsection (f) of such Section in its entirety and by substituting the following in lieu thereof: 

The Unsecured Leverage Ratio to be more than sixty percent (60%) at any time, provided that from the First Amendment Effective Date until March 31, 2023, the Unsecured Leverage Ratio may exceed sixty percent (60%) so long as the Unsecured Leverage Ratio does not exceed sixty-two and one half percent (62.5%), provided further that no breach of this Section 6.17(f) shall occur unless and until Borrower has failed to make the principal payments required to restore compliance with this covenant as provided in Section 2.3(b); or

(g)Section 8.2 of the Credit Agreement is hereby amended by deleting subsection (d) of such Section in its entirety and by substituting the following in lieu thereof:

Without the consent of each Lender, increase the Aggregate Commitment beyond $1,200,000,000 provided that no Lender’s Commitment can be increased without the consent of such Lender;

(h)Schedule 1.1 to the Credit Agreement, Commitments, is hereby amended by deleting such Schedule in its entirety and by substituting Schedule 1.1 attached hereto in lieu thereof.

Section 4.  Representations and Warranties.  The Borrower and each other Loan Party hereby represent and warrant as follows:

(a)at the time of and immediately after giving effect to this Amendment, all representations and warranties of each Loan Party set forth in the Loan Documents are true and correct in all material respects (except to the extent that any representation and warranty that is qualified by materiality shall be true and correct in all respects) as of the First Amendment Effective Date (or, to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall be true and correct in all material respects as of such earlier date, except to the extent that any representation and warranty that is qualified by materiality shall be true and correct in all respects on such earlier date);

(b)the Borrower and each Subsidiary Guarantor has the corporate power and authority and legal right to execute and deliver this Amendment and to perform its obligations hereunder. The execution and delivery by the Borrower and each Subsidiary Guarantor of this Amendment and the performance of its obligations hereunder have been duly authorized by proper corporate proceedings, and the Loan Documents, as amended by this Amendment, constitute legal, valid and binding obligations of the Borrower and each Subsidiary Guarantor enforceable against the Borrower and each Subsidiary Guarantor in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity, or by the discretion 

-6-

 

of any court in awarding equitable remedies, regardless of whether such enforcement is considered in a proceeding of equity or at law;

(c) Neither the execution and delivery by the Borrower or the other Loan Parties of this Amendment, nor the consummation of the transactions herein contemplated, nor compliance with the provisions hereof will violate any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on the Borrower, or any of the Subsidiary Guarantors or the Borrower’s or any Subsidiary Guarantor’s articles of incorporation, operating agreement, partnership agreement, or by-laws, or the provisions of any indenture, instrument or agreement to which the Borrower or any of the Subsidiary Guarantors is a party or is subject, or by which it, or its Property, is bound, or conflict with or constitute a default thereunder, except where such violation, conflict or default would not reasonably be expected to have a Material Adverse Effect, or result in the creation or imposition of any Lien in, of or on the Property of the Borrower or a Subsidiary Guarantor pursuant to the terms of any such indenture, instrument or agreement. No order, consent, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, any governmental or public body or authority, or any subdivision thereof, is required to authorize, or is required as a condition to the execution, delivery and performance of, or the legality, validity, binding effect or enforceability of, any of the Loan Documents other than (i) those already obtained, (ii) filings after the date hereof of disclosures with the U.S. Securities and Exchange Commission and (iii) as may be required hereafter with respect to tenant improvements, repairs or other work with respect to any real estate; and

(d)  on and as of the date hereof and immediately after giving effect to this Amendment, no Default or Unmatured Default has occurred and is continuing.

Section 5.  Conditions Precedent.  This Amendment shall be effective on the date on which all of the following conditions precedent shall have been satisfied (such date, the “First Amendment Effective Date”) in a manner acceptable to the Administrative Agent:

(a)The Administrative Agent (or its counsel) shall have received the following, each to be in form and substance reasonably satisfactory to the Administrative Agent and the Lenders:

(i)The duly executed originals of this Amendment (with sufficient originals thereof for each of the Lenders), the Notes payable to each of the Lenders and any other additional Loan Documents;

(ii)(A) Certificates of good standing for each Loan Party from its state of organization, certified by the appropriate governmental officer and dated not more than thirty (30) days prior to the First Amendment Effective Date, and (B) foreign qualification certificates for each Loan Party certified by the appropriate governmental officer and dated not more than thirty (30) days prior to the First Amendment Effective Date, for each jurisdiction in which an Unencumbered Property owned by such Loan Party is located;

-7-

 

(iii)(A) A copy of any formation document that has been amended since the closing of the Credit Agreement on February 3, 2022 and certified by an officer of the applicable Loan Party that such formation document is a true and correct copy thereof or (B) with respect to any formation document that has not been so amended in accordance with clause (A) above, a certification by an officer of the applicable Loan Party that the formation documents of such Loan Party, previously delivered to the Administrative Agent in connection with the Credit Agreement on February 3, 2022, remain in effect as of the date of hereof and have not been amended, modified, revoked or rescinded;

(iv) Incumbency certificates, executed by officers of the Loan Parties, which shall identify by name and title and bear the signature of the Persons authorized to sign  this Amendment and the additional Loan Documents and to make borrowings hereunder on behalf of such parties, upon which certificate the Administrative Agent and the Lenders shall be entitled to rely until informed of any change in writing by the applicable Loan Party;

(v) Copies, certified by a Secretary or an Assistant Secretary of the applicable Loan Party, of the Board of Directors’ resolutions (and resolutions of other bodies, if any are reasonably deemed necessary by counsel for the Administrative Agent) authorizing the First Amendment Incremental Term Loans and amendments provided for herein, with respect to the Borrower, and the execution, delivery and performance of this Amendment and the additional Loan Documents to be executed and delivered by the applicable Loan Party

(vi)(A) A customary written opinion of the Loan Parties’ special counsel, Proskauer Rose LLP, addressed to the Lenders and in form reasonably satisfactory to the Administrative Agent, and (B) a customary written opinion of the Loan Parties’ special Maryland counsel, Venable LLP, addressed to the Lenders and in form reasonably satisfactory to the Administrative Agent);

(vii)A certificate, signed by an Authorized Officer of the Borrower, (A) stating that on the First Amendment Effective Date no Default or Unmatured Default has occurred and is continuing, (B) stating that there has been no change in the financial condition or business of the Borrower and the Consolidated Group taken as a whole since the date of the most recent financial statements delivered to the Administrative Agent which would reasonably be expected to have a Material Adverse Effect and that all representations and warranties of the Borrower are true and correct in all material respects (except to the extent that any representation and warranty that is qualified by materiality shall be true and correct in all respects) as of the First Amendment Effective Date (or, to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall be true and correct in all material respects as of such earlier date, except to the extent that any representation and warranty that is qualified by materiality shall be true and correct in all respects on such earlier date), (C) stating that all conditions precedent to the closing of the IRPF Portfolio Purchase Agreement have been satisfied or waived in accordance with the terms thereof, and the IRPF Portfolio Purchase Agreement has been or will be consummated substantially simultaneously with the closing of this Amendment and (D) attaching a 

-8-

 

final, executed version of the IRPF Portfolio Purchase Agreement without alteration, amendment or other change, supplement or modification that has not been approved by the Administrative Agent in its sole discretion;

(viii)Written money transfer instructions, addressed to the Administrative Agent and signed by an Authorized Officer, together with such other related money transfer authorizations as the Administrative Agent may have reasonably requested;

(ix)A pro forma compliance certificate substantially in the form of Exhibit A to the Credit Agreement, utilizing the covenants established within the Credit Agreement and executed by the Borrower’s chief financial officer or chief accounting officer;

(x)Evidence that all fees due to each of the Lenders with respect to this Amendment have been paid;

(xi)A Beneficial Ownership Certification, if required;

(xii)The absence of any action, suit, investigation or proceeding, pending or, to the Borrower’s knowledge, threatened in writing, in any court or before any arbitrator or Governmental Authority that is reasonably likely to have a Material Adverse Effect on the Borrower and the Consolidated Group, taken as a whole, or that could reasonably be expected to have a Material Adverse Effect on any transaction contemplated hereby or on the ability of the Borrower or the Subsidiary Guarantors, taken as a whole, to perform their respective obligations under the Loan Documents; and

(xiii)Such other documents as the Administrative Agent or its counsel may have reasonably requested prior to the First Amendment Effective Date, the form and substance of which documents shall be reasonably acceptable to the parties and their respective counsel.

(b)All conditions precedent to the closing of the IRPF Portfolio Purchase Agreement shall have been satisfied or waived in accordance with the terms thereof, and the IRPF Portfolio Purchase Agreement shall be consummated substantially simultaneously with the closing of this Amendment and funding of the First Amendment Incremental Term Loans.

Section 6.  Reference to and Effect on the Loan Documents.

(a) Upon the effectiveness of this Amendment, on and after the date hereof, each reference to the Credit Agreement, to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended hereby.

(b) Except as specifically amended above, the Credit Agreement and all other Loan Documents are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.  No Loan Party has any knowledge of any challenge to the Administrative Agent’s or any Lender’s claims arising under the Loan Documents or the effectiveness of the Loan Documents.

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(c)  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender under the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

(d)  This Amendment shall not constitute a modification of the Credit Agreement or a course of dealing with the Administrative Agent or any Lender at variance with the Credit Agreement such as to require further notice by the Administrative Agent or any Lender to require strict compliance with the terms of the Credit Agreement and the other Loan Documents in the future, except as expressly set forth herein.

Section 7.  Further Assurances.  The Borrower agrees to take all further actions and execute such other documents and instruments as the Administrative Agent may from time to time reasonably request to carry out the transactions contemplated by this Amendment, the Loan Documents and all other agreements executed and delivered in connection herewith.

Section 8.  Costs and Expenses.  The Borrower agrees to pay on the First Amendment Effective Date all reasonable and documented out-of-pocket costs and expenses in connection with the preparation, execution and delivery of this Amendment and the other instruments and documents to be delivered hereunder, including, without limitation, the reasonable and documented fees, charges and disbursements of counsel for the Administrative Agent with respect thereto and with respect to advising the Administrative Agent as to its rights and responsibilities hereunder and thereunder.

Section 9.  Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

Section 10.  Loan Document.  This Amendment shall be deemed to be a Loan Document for all purposes.

Section 11.  Affirmation of Guaranty.  By executing this Amendment, the Subsidiary Guarantors hereby acknowledge, consent and agree that all of their obligations and liabilities under the Subsidiary Guaranty remain in full force and effect, and that the execution and delivery of this Amendment and any and all documents executed in connection herewith shall not alter, amend, reduce or modify its obligations and liability under the Subsidiary Guaranty or any of the other Loan Documents to which they are a party.

Section 12.  Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument.  Delivery of an executed counterpart to this Amendment by facsimile or other electronic method of transmission shall be as effective as delivery of a manually executed counterpart hereof.

Section 13.Titles.  The parties hereby acknowledge the appointment of Fifth Third Bank as an Arranger and Syndication Agent and Texas Capital Bank and First Horizon Bank as Documentation Agents.

[remainder of page intentionally left blank]

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IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Credit Agreement and Agreement Regarding Incremental Term Loans to be duly executed as of the date first above written.

 

 

	
BORROWER:
	
INLAND REAL ESTATE INCOME TRUST, INC.

 

 

By:

Name: Catherine L. Lynch

	
 
	
Title: 
	
Chief Financial Officer

[Signature Page to IREIT First Amendment and Agreement Regarding Incremental Term Loans]

 

SUBSIDIARY GUARANTORS:

 

		
	
IREIT Athens Eastside, L.L.C.

IREIT Branson Hills Plaza – T, L.L.C.

IREIT Branson Hills, L.L.C.

IREIT Conyers Heritage, L.L.C.

IREIT Coral Springs North Hills, L.L.C.

IREIT Denton Village, L.L.C.

IREIT Flowood Dogwood, L.L.C.

IREIT Fresno El Paseo, L.L.C.

IREIT Frisco Marketplace, L.L.C.

IREIT Harvest Square, L.L.C.

IREIT Hot Springs Fairgrounds L.L.C.

IREIT Jacksonville Richlands, L.L.C.

IREIT Lake St. Louis Hawk Ridge, L.L.C.

IREIT Layton Pointe, L.L.C.

IREIT Little Rock Midtowne, L.L.C.

IREIT Little Rock Park Avenue, L.L.C.

IREIT Louisville Dixie Valley, L.L.C.

IREIT Lynchburg Lakeside, L.L.C.

IREIT Mansfield Pointe, L.L.C.

IREIT Neenah Fox Point, L.L.C.

IREIT Newington Fair, L.L.C.

IREIT Northville Park Place, L.L.C.

 
	
IREIT Ocean Isle Beach Landing, L.L.C.

IREIT Olive Branch Wedgewood, L.L.C.

IREIT Orange Rusty Leaf, L.L.C.

IREIT Owings Mill New Town, L.L.C.

IREIT Plaistow Pentucket, L.L.C.

IREIT Pleasant Prairie Plaza, L.L.C.

IREIT Pleasant Prairie Ridge, L.L.C.

IREIT Prattville Legends, L.L.C.

IREIT Shoppes at Branson Hills – K, L.L.C.

IREIT Shrewsbury White City, L.L.C.

IREIT Smyrna Olde Ivy Village, L.L.C.

IREIT South Jordan Oquirrh Mountain, L.L.C.

IREIT Stevens Point Pinecrest, L.L.C.

IREIT Turlock Blossom Valley, L.L.C.

IREIT Valencia Northpark, L.L.C.

IREIT West Bend Main, L.L.C.

IREIT West Valley City Lake Park, L.L.C.

IREIT Wilson Marketplace, L.L.C.

IREIT Woodbury Cityplace, L.L.C.

IREIT Yardley Lower Makefield, L.L.C.

IREIT Yorkville Marketplace, L.L.C.,

 

 

each a Delaware limited liability company

 

By:INLAND REAL ESTATE INCOME

TRUST, INC., a Maryland corporation, its

sole member

 

 

By:

Name: Catherine L. Lynch

Title:   Chief Financial Officer

 

[Signature Page to IREIT First Amendment and Agreement Regarding Incremental Term Loans]

 

ADMINISTRATIVE AGENT AND

	
LenderS:
	
KEYBANK NATIONAL ASSOCATION, as Administrative Agent, a First Amendment Increasing Lender and a Lender

 

 

 

By:

Name: Kristin Centracchio

Title: Vice President

 

 

[Signature Page to IREIT First Amendment and Agreement Regarding Incremental Term Loans]

 

PNC BANK, NATIONAL ASSOCIATION, as a First Amendment Increasing Lender and a Lender 

 

 

 

By:

Name:

Title:

 

[Signature Page to IREIT First Amendment and Agreement Regarding Incremental Term Loans]

 

BANK OF AMERICA, N.A., as a First Amendment Increasing Lender and a Lender 

 

 

 

By:

Name:

Title:

 

 

[Signature Page to IREIT First Amendment and Agreement Regarding Incremental Term Loans]

 

FIFTH THIRD BANK, NATIONAL ASSOCIATION, as a First Amendment Increasing Lender and a Lender 

 

 

 

By:

Name: 

Title: 

 

[Signature Page to IREIT First Amendment and Agreement Regarding Incremental Term Loans]

 

ASSOCIATED BANK, NATIONAL ASSOCIATION, as a Lender 

 

 

 

By:

Name:

Title:

 

 

[Signature Page to IREIT First Amendment and Agreement Regarding Incremental Term Loans]

 

BARCLAYS BANK PLC, as a Lender 

 

 

 

By:

Name:

Title:

 

 

[Signature Page to IREIT First Amendment and Agreement Regarding Incremental Term Loans]

 

FIRST HORIZON BANK, as a First Amendment Increasing Lender and a Lender 

 

 

 

By:

Name:

Title:

 

 

[Signature Page to IREIT First Amendment and Agreement Regarding Incremental Term Loans]

 

PINNACLE BANK, as a Lender 

 

 

 

By:

Name:

Title:

 

 

[Signature Page to IREIT First Amendment and Agreement Regarding Incremental Term Loans]

 

TEXAS CAPITAL BANK, as a First Amendment Increasing Lender 

 

 

 

By:

Name:

Title:

 

 

[Signature Page to IREIT First Amendment and Agreement Regarding Incremental Term Loans]

 

 

SCHEDULE 1.1

Commitments

See attached. 

 

 

 

 

 

SCHEDULE 1.1

REVOLVING CREDIT COMMITMENT

			
	
Name and Address
	
Revolving Credit
Commitment

 
	
Revolving Credit
Commitment Percentage

 

	
KeyBank National Association

1200 Abernathy Road NE

Suite 1550

Atlanta, GA  30328

 
	
$31,264,000.00
	
15.632000000000%

	
PNC Bank, National Association 

One North Franklin Street

Suite 2150

Chicago, IL 60606

 
	
$31,264,000.00
	
15.632000000000%

	
Bank of America, N.A.

135 S. LaSalle Street

Chicago, IL 60603-4157
	
$31,264,000.00
	
15.632000000000%

	
Fifth Third Bank, National Association

 

222 South Riverside, 33rd Floor

Chicago, IL  60606

 
	
$27,586,000.00
	
13.793000000000%

 

 

			
	
Name and Address
	
Revolving Credit
Commitment

 
	
Revolving Credit
Commitment Percentage

 

	
Associated Bank, National Association

525 W. Monroe, 24th Floor

Chicago, IL 60661

 
	
$12,874,000.00
	
6.437000000000%

	
Barclays Bank PLC

745 7th Avenue, 8th Floor
New York, NY 10019

 
	
$40,000,000.00
	
20.000000000000%

	
First Horizon Bank

701 Market St.

Chattanooga, TN 37402

 
	
$12,874,000.00
	
6.437000000000%

	
Pinnacle Bank, a Tennessee Bank

801 Broad St, 5th Floor

Chattanooga, TN 37402
	
$12,874,000.00
	
6.437000000000%

 

 

 

 

TERM LOAN A COMMITMENT

	
Name and Address
	
Term Loan A 
Loans prior to the First Amendment Effective Date

 
	
First Amendment Incremental Term Commitment
	
Term Loan A Commitment Percentage

 

	
KeyBank National Association

1200 Abernathy Road NE

Suite 1550

Atlanta, GA  30328

 
	
$53,736,000.00
	
$58,750,000.00
	
19.562782608696%

	
PNC Bank, National Association 

One North Franklin Street

Suite 2150

Chicago, IL 60606

 
	
$53,736,000.00
	
$58,750,000.00
	
19.562782608696%

 

 

	
Name and Address
	
Term Loan A 
Loans prior to the First Amendment Effective Date

 
	
First Amendment Incremental Term Commitment
	
Term Loan A Commitment Percentage

 

	
Bank of America, N.A.

135 S. LaSalle Street

Chicago, IL 60603-4157
	
$53,736,000.00
	
$58,750,000.00
	
19.562782608696%

	
Fifth Third Bank, National Association

222 South Riverside, 33rd Floor

Chicago, IL  60606

 
	
$47,414,000.00
	
$58,750,000.00
	
18.463304347826%

	
Associated Bank, National Association

525 W. Monroe, 24th Floor

Chicago, IL 60661

 
	
$22,126,000.00
	
$0.00
	
3.848000000000%

 

 

	
Name and Address
	
Term Loan A 
Loans prior to the First Amendment Effective Date

 
	
First Amendment Incremental Term Commitment
	
Term Loan A Commitment Percentage

 

	
Barclays Bank PLC

745 7th Avenue, 8th Floor
New York, NY 10019

 
	
$0.00
	
$0.00
	
0%

	
First Horizon Bank

701 Market St.

Chattanooga, TN 37402

 
	
$22,126,000.00
	
$15,000,000.00
	
6.456695652174%

	
Pinnacle Bank, a Tennessee Bank

801 Broad Street, 5th Floor

Chattanooga, TN 37402

 
	
$22,126,000.00
	
$0.00
	
3.848000000000%

	
Texas Capital Bank

 
	
$0.00
	
$50,000,000.00
	
8.695652173913%

 

 

 

 

TERM LOAN B COMMITMENT

			
	
Name and Address
	
Term Loan B 
Commitment

 
	
Term Loan B 
Commitment Percentage

 

	
None
	
$0.00
	
0.0000000000%

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