Document:

Exhibit 10.6

 

Super LLC

420 Lexington
Avenue, 7th Floor

New York, New York  10170

 

As of March 28,
2008

 

	
  JPMorgan Chase Bank,
  N.A.

  	
   

  	
  KeyBank National
  Association

  
	
  270 Park Avenue

  	
   

  	
  1200 Abernathy Road,
  Suite 1550

  
	
  New York, New York
  10017

  	
   

  	
  Atlanta, Georgia 30328

  
	
   

  	
   

  	
   

  
	
  Bank of America, N.A.

  	
   

  	
  The Royal Bank of
  Scotland PLC

  
	
  Hearst Tower

  	
   

  	
  101 Park Avenue

  
	
  214 North Tryon Street

  	
   

  	
  New York, New York
  10178

  
	
  Charlotte, North
  Carolina 28255

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Wachovia Bank, National
  Association

  	
   

  	
   

  
	
  301 South College
  Street

  	
   

  	
   

  
	
  Charlotte, North
  Carolina 28288

  	
   

  	
   

  

 

Re:          Amended and Restated
Loan Agreement, dated August 1, 2007, by and among Super LLC (the “Borrower”),
certain guarantors thereto (the “Guarantors”), the lenders party thereto
(each, a “Lender”, and, collectively, the “Lenders”), and
JPMorgan Chase Bank, N.A., as agent for the Lenders (in such capacity, the “Administrative
Agent”, and together with the Lenders, the “Lender Parties”) (as
amended, restated, supplemented or otherwise modified from time to time, the “Loan
Agreement”, and, collectively with all related agreements and ancillary
documents, the “Loan Documents”), and Letter Agreement, dated as of February 14,
2008, by and among the Borrower, the Guarantors, Centro GA America LLC and the
Lender Parties (the “Extension Agreement”)

 

Ladies and Gentlemen:

 

Capitalized
terms used herein and not otherwise defined have the meanings set forth in the
Extension Agreement.

 

1.             Each of the
Guarantors and the Super Entities, jointly and severally, represent and warrant
to the Lender Parties as follows:

 

(a) The Borrower and
Centro NP (as defined in the Loan Agreement) have advised the Lender Parties
that, effective as of April 20, 2007, the property management business of
Centro NP was distributed to Centro New Plan Inc., the Class E member of
the Borrower, in accordance with the structure steps set forth on Exhibit A
hereto (the “Management Business Distribution”).  Said Exhibit A also sets forth
certain reimbursement payments which, as a result of the Management Business
Distribution, 

 

 

have been made and, from time to time from and after the date of this
letter agreement, will be made (the “Reimbursement Payments”).  The Reimbursement Payments constitute actual
and necessary costs and expenses in respect of employment, general and
administrative matters and the operation of properties and relating to the
property management business of Centro NP (which business was distributed to
Centro New Plan Inc. in connection with the Management Business Distribution),
in all cases allocated consistent with historical business practices.  Such Reimbursement Payments have been, and
will hereafter be, in compliance with the Budget, and shall not exceed the
permitted amounts set forth therein.  In
order to properly reflect the Management Business Distribution, (i) Centro
NP may be restating its financial statements for the second and third quarters
of 2007 (the “Centro NP Restatement”) and/or (ii) Centro Properties
Limited may be restating its financial statements (the “CPL Financial
Statements”) for periods ending on June 30, 2007 and December 31,
2007 (the “CPL Restatement” and, collectively with the Centro NP
Restatement, the “Restatements”).

 

(b) New Plan of
Hillside Village, LLC (“Village
Center Owner”) is a Super Entity and the owner of Hillside Village
Center (also known as Village Center), Smithtown, New York (“Village Center”).  As of the date hereof, Village Center is
party to certain documents evidencing a mortgage loan with an outstanding
principal balance of  $3,999,324.41 and a
stated maturity date of April 1, 2008 (the “Village Center Loan”).  Borrower will cause that portion of
the proceeds previously realized on account of the sale of the property
commonly known as Paseo del Norte, Albuquerque, New Mexico as is necessary to repay in full the Village Center Loan
(together with accrued and unpaid interest thereon as of the date of repayment)
to be distributed to Village Center,
and Village Center will use such proceeds to so repay in full the Village
Center Loan and all interest accrued thereon (the transactions described in
this paragraph, collectively, the “Village Center Transactions”).

 

(c) In
furtherance of the delivery of the collateral to the Lender Parties as required
by Section 3(i) of the Extension Agreement (as such Section 3(i) is
amended and restated below by this letter agreement), the Borrower has,
concurrently with its execution and delivery of this letter agreement, caused (a) title
to the NP Residual Properties (as defined in said amended and restated Section 3(i) of
the Extension Agreement), other than the NP Residual Properties owned by the
Existing Property Owners (as defined below), to be transferred to wholly-owned
subsidiaries of certain Super Entities (the “New Property Owner Subsidiaries”),
(b) the shares, membership interests or limited partnership interests, as
applicable, of each of the New Property Owner Subsidiaries and the seven other
Super Entities that own NP Residual Properties (such other Super Entities each
owning only one NP Residual Property are referred to herein as the “Existing
Property Owners”) to be distributed/contributed to Centro NP Residual
Holding LLC and (c) the membership interests of Centro Preston Ridge
Member LLC (the owner of all of the membership interests of BPR Shopping
Center, LLC) to be distributed/contributed to Centro NP Residual Holding LLC
and the loan documents evidencing the Preston Ridge Facility to be amended or
otherwise modified as necessary to reflect such distribution/contribution and
to continue in full force and effect the liens of  the Lender Parties, as the lenders of the
Preston Ridge Facility, without 

 

2

 

interruption (the transactions described in this paragraph,
collectively, the “NP Residual Transactions”).

 

2.             The Management
Business Distribution, the Reimbursement Payments, the Village Center
Transactions, the NP Residual Transactions and/or any other facts,
circumstances or actions described on Exhibit A are collectively
referred to herein as the “Restructuring
Matters”.  Upon the effectiveness
hereof in accordance with paragraph 9 below, the Lender Parties hereby waive
(A) any default under the Loan Documents and/or the Extension Agreement,
any Event of Default and any Trigger Event, in each case, to the extent that
any of the Restructuring Matters or the Restatements (solely to the extent such
Restatements relate to the Management Business Distribution) constituted,
constitutes or may, when the same occurs or is taken in the future, will
constitute such a default, Event of Default or Trigger Event, provided
that (1) nothing contained herein is intended to nor shall it constitute
the waiver by the Lender Parties of any Trigger Event under Section 3(b)(iv) or
Section 3(d)(iii) of the Extension Agreement to the extent
attributable to any of the Restructuring Matters, the Restatements or
otherwise, (2) no Centro Entity or Super Entity shall provide (or offer to
provide) any monetary consideration or grant (or offer to grant) any collateral
to the holders of the Senior Notes (as defined in the Loan Agreement) in
exchange for a waiver of any default or event of default under the Senior Notes
resulting from the Restructuring Matters or the Restatements, and (3) such
waiver is conditional upon (x) the prior consent of Centro NP’s auditors
to the Centro NP Restatements, and (y) the CPL Restatement being in
accordance with the email from Paul Belcher of Centro Properties Group dated 28
March 2008 (11:51 p.m. on March 27, 2008 in the U.S.) (the “Belcher
Email”) and attached as Exhibit D hereto, such that all
material changes to the CPL Financial Statements are properly described in the
Belcher Email, and (B) the applicable terms and provisions of the Loan
Documents and/or the Extension Agreement to the extent the same prohibit or
restrict any of the Restructuring Matters or the Restatements.

 

3.             By executing
this letter agreement, each of the parties hereto agrees and acknowledges,
effective from and after the date hereof, as follows:

 

(i)            For the avoidance of
doubt, the Extension Agreement shall be deemed to include the waivers set forth
in the January 14 Letter Agreement, and such waivers remain in full force
and effect;

 

(ii)           Section 3(i), Section 3(j) and
Section 3(k) of the Extension Agreement shall be amended and restated
in their entirety, as set forth on Exhibit B hereto, and an Exhibit M
shall be added to the Extension Agreement, said Exhibit M also as set
forth on Exhibit B hereto;

 

(iii)          The Extension Agreement
shall be amended to provide for the addition of a new Section 3(q), which Section 3(q) shall
provide as follows:  “without the prior
written consent of all of the Lender Parties (which consent has not been
provided as of the date hereof), with respect to any Super Entity that is party
to any property-level management contract contemplated to have been transferred
or subcontracted to Centro US Management Joint Venture 2, LP in 

 

3

 

connection with the Management Business Distribution,
the remittance by any such Super Entity of any payment on account of any
management fees, commissions, or any other similar payment(s), including those
expressly subordinated pursuant to the terms and provisions of any such
contract(s)”;

 

(iv)          The Extension Agreement
shall be amended to provide for the addition of a new Section 3(r), which Section 3(r) shall
provide as follows:  “without the prior
written consent of all of the Lender Parties (which consent has not been
provided as of the date hereof), the guaranty by Centro Super Management Joint
Venture 2, LLC of any of the obligations of any of the Centro Entities under
the Australian Credit Facility, the 2005 NPA, or the 2007 NPA, as applicable)”;

 

(v)           Section 4(a)(iii) of the
Extension Agreement shall be amended by replacing “March 31” with “April 7”;

 

(vi)          Part II of Exhibit B
of the Extension Agreement (i.e., the schedule of Category 1 Additional
Guarantees) shall be amended by adding thereto the guaranty set forth on Exhibit C
hereto, which guaranty shall constitute a Category 1 Additional Guaranty;

 

(vii)         As used in the Extension
Agreement (including as modified by clause (ix) below) with respect to the
sale of a property (including the sale of a property that is not a Combined
Pool Property, the sale of a Combined Pool Property and a Permitted Property
Sale), the term  “proceeds” shall be deemed to mean the
proceeds of the sale of the applicable property after satisfaction of the
outstanding principal amount of, premium or penalty, if any, and interest on
any mortgage indebtedness encumbering the applicable property that is required
to be paid under the terms of such mortgage indebtedness as a result of such
sale and net of reasonable and customary closing costs and expenses;

 

(viii)        Section 4(i)(x) of the
Extension Agreement shall be amended by replacing “Centro Entity” with “Relevant
Centro Entity”; and

 

(ix)           Without limiting the
definition thereof contained in Section 4(m) of the Extension
Agreement, a “Permitted Property Sale”
shall also include the sale, assignment or distribution of the properties
listed below (the “Additional Permitted Property Sales”) pursuant to
proposals previously submitted to, and approved by, the board of directors of
CPT; provided, however, any Additional Permitted Property Sale
shall not constitute a Permitted Property Sale if the gross sale price
reflected in the corresponding proposal submitted to, and approved by, the
Board of Directors of CPT is reduced by an amount that is greater than the
lesser of (i) 5% of such gross sale price and (ii) $250,000.  The proceeds of the Additional Permitted
Property Sales shall not be subject to the mandatory prepayment provisions set
forth in Section 2.1.1(f) and Section 2.4.2(a) of the loan
agreement evidencing the Preston Ridge Facility and/or Section 2(a) of
the Extension Agreement prior to April 30, 2008; provided that all
proceeds of the 

 

4

 

Additional Permitted Property Sales shall be retained
by the Company Entity that sold the applicable property, and no portion of such
proceeds shall be transferred to any other entity or person prior to April 30,
2008.  The properties subject to the
Additional Permitted Property Sales are as follows:

 

1.             Austin Town Center, Austin, Minnesota (owned
by Bradley Operating Limited Partnership, an entity that is a subsidiary of
Centro Saturn LLC – i.e., “Heritage”) 
(sale price - $7,325,000);

 

2.             Yarbrough, El Paso, Texas (owned by CA New
Plan Texas Assets, L.P., a Super Entity)(sale price - $2,800,000);

 

3.             Socorro, Socorro, New
Mexico (owned by CA New Plan Fixed Rate
Partnership, L.P., a Super Entity) (sale price - $5,500,000);

 

4.             Price Chopper Plaza,
Rome, New York (owned by Centro NP, a
Super Entity)(sale price - $1,450,000); and

 

5.             Salmon Run Plaza,
Watertown, New York (owned by Salmon
Run Plaza LLC, an entity that is a subsidiary of Centro Saturn LLC – i.e., “Heritage”)
(sale price - $12,000,000).

 

4.             The Borrower, the
Guarantors, Centro GA America LLC and the Lender Parties each hereby
acknowledge and agree that this letter agreement shall remain in full force and
effect through and including the date of expiration or termination of the
Extension Agreement, as such Extension Agreement may be further amended,
supplemented or modified from time to time, and shall terminate upon the
expiration or termination of the Extension Agreement.

 

5.             The Borrower and the
Guarantors agree not to take or permit to be taken any act or action to cause
or that will cause Centro Super Management Joint Venture 2, LLC to become
obligated as a guarantor, surety or otherwise with respect to any of the
obligations of the applicable Centro Entities under the Australian Credit
Facility, the 2005 NPA, or the 2007 NPA.

 

6.             The Lender Parties
hereby agree and consent to the conversion of those certain equity notes issued
by Centro Direct Property Fund and Centro Direct Property Fund International
(collectively, the “Equity Notes”), which grant a direct or indirect
interest to CPT Manager Limited, as responsible entity for Centro Property
Trust, in units of Centro Direct Property Fund and Centro Direct Property Fund
International, respectively (the “Equity Note Conversion”).  The Equity Note Conversion shall be in
accordance with the terms and provisions of the Equity Notes.

 

5

 

7.             Borrower and the
Guarantors shall, and must ensure that each Super Entity and their respective
advisors shall, involve the Lender Parties and their financial advisor and
legal advisors in the restructuring efforts of the Centro Entities and the
Super Entities, including, but not limited to, the evaluation and review
process of any bids regarding the sale of assets or broader equity
recapitalization efforts.

 

8.             In consideration of
the time and effort to be expended by each of the Lender Parties in connection
with the matters described in the Extension Agreement and all amendments and
modifications thereto (including, without limitation, this letter agreement),
the grant of the relief provided for thereunder and hereunder and other
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the Borrower and each of the Guarantors, the Borrower and each
of the Guarantors, each on behalf of itself and the other Super Entities and
Centro Entities, respectively, and its and their respective present and former
agents, principals, officers, directors, employees, attorneys, subsidiaries,
parents, affiliated entities and predecessor and successor firms (collectively,
the “Releasors”), each hereby irrevocably and unconditionally releases
and forever discharges each Lender Party, its respective affiliates and the
officers, directors, employees, agents and advisors of each Lender Party and
its respective affiliates (collectively, the “Indemnified Parties”) from
any and all claims (“Claims”, which shall be defined to include actions,
causes of action, rights, debts, obligations, damages, liabilities, losses,
liens, fees, costs, expenses, assertions of lost revenues or business
opportunities, controversies, promises, and demands) in law or at equity, known
or unknown, ascertained or not ascertained, suspected or unsuspected, that the
Releasors ever had, now have, or shall or may have, solely to the extent such
Claims arise in connection with or concern any discussions, meetings or information
exchange contemplated under the Loan Agreement and/or the Extension Agreement
(including this letter agreement), through the date hereof.  The provisions set forth in this paragraph 8
shall survive any termination or expiration of the Extension Agreement.

 

9.             The parties hereto
further acknowledge and agree that, notwithstanding anything to the contrary
set forth herein, the effectiveness of this letter agreement shall be subject
to satisfaction of the conditions precedent that (a) the parties hereto
shall have executed and delivered this letter agreement, (b) each of the
Other Bank/Noteholder Group Lenders shall have executed a waiver letter similar
to this letter agreement that is in form and substance acceptable to the Lender
Parties (the “Other Waiver Letter
Agreements”), (c) the relevant Super Entities and the relevant
Centro GA Entities shall have executed and delivered to each of the applicable
U.S. Bank Group Lenders, at the same time, the Security Instruments, the
Payment Guarantees and the Severed Notes (each term as defined in the Extension
Agreement unless the definition of such term has been amended and restated on Exhibit B
hereof) and all other ancillary documents related thereto that are required to
be delivered pursuant to the Extension Agreement (as amended by this letter
agreement), each of which shall have become valid, effective and enforceable
against each such Super Entity and Centro GA Entity in accordance with their
respective terms, and (d) the Lender Parties (as lenders under the Preston
Ridge Facility), BPR Shopping Center, LLC, the current guarantors under the
Preston Ridge Facility and Centro NP Residual Holding LLC shall have executed
and delivered an amendment to the loan agreement evidencing the Preston Ridge
Facility in 

 

6

 

form and substance satisfactory to the Lender Parties.  The Lender Parties hereby agree that the
execution and delivery by the Other Bank/Noteholder Group Lenders and the
applicable Centro Parties and/or Super Parties of the Other Waiver Letter
Agreements shall not constitute a Trigger Event under Section 3(b) or
any other provision of the Extension Agreement.

 

10.           The Borrower and the
Guarantors agree and acknowledge that all of the representations and warranties
of the applicable Super Entities and the Centro Entities contained in the
Extension Agreement are true and correct in all material respects on the
effective date hereof immediately after giving effect to this letter agreement,
and all such representations and warranties are hereby incorporated by
reference and reaffirmed as if set forth fully and in their entirety, with the
same effect as though such representations and warranties had been made on and
as of the effective date hereof (it being understood that any representation or
warranty made as of a specific date shall be true and correct in all material
respects as of such specific date).

 

11.           The Borrower and the
Guarantors acknowledge and agree that the Lender Parties have not been involved
in any way with the Restatements or the preparation of the financial statements
of any of the Centro Entities or Super Entities.  This letter agreement and the transactions
contemplated under this letter agreement (including, without limitation, the
Restatements (if the same were to occur)) shall constitute part of the Loan
Agreement for purposes of indemnification and the indemnification provisions
provided therein shall extend to this letter agreement and the transactions
contemplated hereunder.  The provisions
of this Section 11 shall not limit the indemnification rights of any party
under the Loan Agreement.

 

12.           The respective counsel
and advisors to each Lender Party shall continue to receive payment in full of
all invoiced costs, fees and expenses as and when required pursuant to Section 1(e) of
the Extension Agreement.

 

13.           Each of the parties
hereto hereby represents and warrants that each of the following statements is
true, accurate and complete as to such party as of the effective date of this
letter agreement:

 

(a)           such party has
carefully read and fully understood all of the terms and conditions of this
letter agreement;

 

(b)           such party has
consulted with, or had a full and fair opportunity to consult with, an attorney
regarding the terms and conditions of this letter agreement;

 

(c)           such party has had a
full and fair opportunity to participate in the drafting of this letter
agreement;

 

(d)           such party is freely,
voluntarily, knowingly and intelligently entering into this letter agreement;

 

7

 

(e)           in entering into this
letter agreement, such party has not relied upon any representation, warranty,
covenant or agreement not expressly set forth herein and in the Loan Agreement,
the Extension Agreement and other documents delivered in connection therewith;

 

(f)            this letter agreement
has been duly authorized and validly executed and delivered by such party and
constitutes each such party’s legal, valid and binding obligation, enforceable
in accordance with its terms; and

 

(g)           such party is duly
organized, validly existing and in good standing under the laws of its
jurisdiction of formation and has the full power and legal authority to execute
this letter agreement, consummate the transactions contemplated hereby, and
perform its obligations hereunder.

 

14.           The person or persons
signing the letter agreement on behalf of the Borrower and the Guarantors,
respectively, is signing strictly in his/her respective corporate capacity and
not in an individual capacity.

 

15.           The execution, delivery
and performance by the Super Entities and the Guarantors, as applicable, of
each such entity’s respective obligations under and in connection with (a) the
Restructuring Transactions, the Restatements (if the same were to occur),
and/or the Equity Note Conversion, after giving effect to this letter agreement
and the Other Waiver Letter Agreements and (b) the Extension Agreement, as
amended and/or modified by this letter agreement, will not (i) contravene,
result in any breach of, or constitute a default under, or result in the
creation of any encumbrance in respect of any property of such entity or any of
its subsidiaries under, and indenture, mortgage, deed of trust, loan, purchase
or credit agreement, lease, corporate charter, memorandum and articles of
association, regulations or by-laws, or any other agreement or instrument to
which such entity or any of its subsidiaries is bound or by which such entity
or any of its subsidiaries or any of their respective properties may be bound
or affected (including, without limitation, the Other Bank/Noteholder Group
Extension Agreements, as amended and/or modified on or prior to the date
hereof) other than the liens and encumbrances required to be granted to Bank of
America, the Administrative Agent and KeyBank pursuant to the Extension
Agreement, (ii) conflict with or result in a breach of any of the terms,
conditions or provisions of any order, judgment, decree, or ruling of any
court, arbitrator of governmental authority applicable to such entity or any of
its subsidiaries, (iii) violate any provision of any statute or other rule or
regulation of any governmental authority applicable to such entity or any of
its subsidiaries or (iv) contravene any of its constituent documents.

 

16.           The Borrower and the
Guarantors each hereby represent and warrant that the execution and delivery of
the Security Instruments (and the related deliveries required to be provided,
as set forth on Exhibit F of the Extension Agreement), the Severed Notes
and the Payment Guarantees, and the performance of all obligations of the
applicable Super Entities and/or the Centro Entities party thereto including,
without limitation, the payment by Borrower of all mortgage and related tax
obligations associated with the Security Instruments, in each case as
contemplated by the Extension 

 

8

 

Agreement (as amended by this letter agreement), shall not contravene,
result in any breach of, or constitute a default under any existing contractual
or other obligation of any of the Super Entities and/or the Centro Entities.

 

17.           This letter agreement
may be executed in one or more counterparts and by different parties hereto on
separate counterparts, each of which, when so executed, shall constitute one
and the same agreement.

 

18.           This letter agreement
shall be construed in accordance with the laws of the State of New York, and
the obligations, rights, and remedies of the parties hereto shall be determined
in accordance with such laws.

 

19.           The Extension Agreement
shall be deemed to incorporate the terms and provisions of this letter
agreement.  The Borrower, the Guarantors
and the Lender Parties each acknowledge and agree that, other than as
specifically modified by this letter agreement, all of the terms and conditions
of the Loan Documents (including, without limitation, all obligations of the
Guarantors with respect thereto) and the Extension Agreement are hereby
ratified and confirmed and that the Loan Documents and the Extension Agreement
each remain in full force and effect as of the date hereof, and constitutes the
legal, valid and binding obligation, contract and agreement of the Borrower,
the Guarantors, Centro GA America LLC and the Lender Parties.   This letter agreement shall be deemed to be
a Loan Document.

 

[Signatures Pages Follow]

 

9

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  SUPER LLC, on behalf of
  itself and its

  subsidiaries and affiliates

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
  Name: Steven Siegel

  
	
   

  	
  Title: Executive Vice
  President

  
	
   

  	
   

  
	
   

  	
  CENTRO PROPERTIES
  LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Graham Goldie

  
	
   

  	
  Name: Graham Goldie

  
	
   

  	
  Title: Director

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Elizabeth Hourigan

  
	
   

  	
  Name: Elizabeth
  Hourigan

  
	
   

  	
  Title: Secretary

  
	
   

  	
   

  
	
   

  	
  CPT MANAGER LIMITED, as
  Responsible

  Entity of the CENTRO PROPERTY

  TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Graham Goldie

  
	
   

  	
  Name: Graham Goldie

  
	
   

  	
  Title: Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Elizabeth Hourigan

  
	
   

  	
  Name: Elizabeth
  Hourigan

  
	
   

  	
  Title: Secretary

  
	
   

  	
   

  
	
   

  	
  CENTRO GA AMERICA LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven Siegel

  
	
   

  	
  Name: Steven Siegel

  
	
   

  	
  Title: Executive Vice
  President

  

 

 

	
  CONSENTED AND AGREED TO

  
	
  THIS 28th DAY OF MARCH,
  2008:

  
	
   

  
	
  JPMORGAN CHASE BANK,
  N.A.

  
	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Thomas M. Cosenza

  	
   

  
	
   

  	
  Name: Thomas M. Cosenza

  
	
   

  	
  Title: Executive
  Director

  
	
   

  	
   

  
	
  BANK OF AMERICA, N.A.

  
	
   

  
	
   

  
	
  By:

  	
  /s/
  Michael W. Edwards

  	
   

  
	
   

  	
  Name: Michael W.
  Edwards

  
	
   

  	
  Title: Senior Vice
  President

  
	
   

  	
   

  
	
  KEYBANK NATIONAL
  ASSOCIATION

  
	
   

  	
   

  
	
   

  
	
  By:

  	
  /s/
  Daniel P. Stegemoeller

  	
   

  
	
   

  	
  Name: Daniel P.
  Stegemoeller

  
	
   

  	
  Title: Senior Banker

  
	
   

  
	
  THE ROYAL BANK OF
  SCOTLAND PLC

  
	
   

  	
   

  
	
   

  
	
  By:

  	
  /s/
  Gauri N. Ketcher

  	
   

  
	
   

  	
  Name: Gauri N. Ketcher

  
	
   

  	
  Title: Senior Vice
  President

  
	
   

  
	
  WACHOVIA BANK, NATIONAL
  ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Evander S. Jones, Jr.

  	
   

  
	
   

  	
  Name: Evander S.
  Jones, Jr.

  
	
   

  	
  Title DirectorExhibit 10.1

 

 

456 North Fifth Street,
Philadelphia, PA  19123

Tel. (215) 873-2200; Fax
(215) 873-0869; Website www.motherswork.com

 

 

March 28,
2008

 

 

	
  Dan W. Matthias

  Via Hand Delivery

   

  	
  Rebecca C. Matthias

  Via Hand Delivery

  
	
  Wachovia Bank, National Association

  227 West Trade Street ·Suite 1550

  Charlotte, NC 28202-1675

  Attn: Dawn S. Puky, Vice President

  	
   

  

 

Re:      Permitted
Rabbi Trust Withdrawal

 

Dear Dan, Rebecca and Ms. Puky:

 

Reference is hereby made to the Supplemental Retirement Agreement
between the Company and Dan Matthias dated March 2, 2007 (the “DM SERP”),
the Supplemental Retirement Agreement between the Company and Rebecca Matthias
dated March 2, 2007 (the “RM SERP”), the related Trust Agreement
for Supplemental Retirement Agreements between the Company and Wachovia Bank
(the “Trustee”) dated April 27, 2007 (the “Rabbi Trust Agreement”)
and the related grantor trust created by the Rabbi Trust Agreement (the “Rabbi
Trust”).

 

Notwithstanding any contrary terms of the DM SERP, the RM SERP or the
Rabbi Trust Agreement, this letter memorializes your consent and agreement to (i) the
distribution by the Trustee to the Company, upon the Company’s direction on or
prior to September 30, 2008, of up to $1,000,000 from the Trust, and (ii) the
use by the Company of any amount so distributed for whatever purpose the
Company chooses.

 

This letter does not relieve the Company of its obligation under Section 4(b) of
each of the DM SERP and the RM SERP to fund the Trust (based on benefits then
accrued) within 60 days following the end of each fiscal year of the
Company.  Accordingly, the Company will
be required to contribute an amount equal to (i) any amount distributed to
it from the Trust pursuant to this letter, plus (ii) any other amounts
required to be contributed to the Trust in the ordinary course (e.g., amounts
in respect of SERP benefits accrued during the 2008 fiscal year), no later than
November 29,  2008.

 

 

	
  

  	
  

  	
  

  	
  

  

 

 

This letter, except as to the approval of actions contemplated hereby,
is in no way to be treated as otherwise rendering the Trust revocable nor
authorizing the use of Trust assets for any purpose other than as described in
the Rabbi Trust Agreement.

 

For avoidance of doubt, Mr. and Mrs. Matthias’ execution of
this letter evidences their specific consent to actions of the Trustee in
following the directions of the Company to distribute to the Company Rabbi
Trust assets.  Mr. and Mrs. Matthias,
their beneficiaries, and the Company completely release the Trustee (including
its successors, officers, employees, attorneys and agents) from any and all
claims, demands, causes of action, obligations, controversies and liabilities
of any kind, in law, equity or otherwise, arising out of the Trustee’s
distribution of Rabbi Trust assets to the Company in accordance with this
letter.

 

To acknowledge your consent to and agreement with the foregoing, please
execute and date this letter in the spaces provided below and return the
executed copies to me.  This letter may
be signed in multiple counterparts, each of which will be deemed an original,
and all of which together will constitute a single instrument.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  MOTHERS WORK, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
       /s/ Ron Masciantonio

  
	
   

  	
   

  	
  Ron Masciantonio

  
	
   

  	
   

  	
  Vice President and General Counsel

  

 

 

Acknowledged and agreed on this

28th day of March, 2008:

 

	
  /s/ Dan W. Matthias

  	
   

  	
   

  
	
  Dan W. Matthias

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  COMMONWEALTH OF
  PENNSYLVANIA

  	
  :

  
	
   

  	
  : SS.

  
	
  COUNTY OF PHILADELPHIA

  	
  :

  

 

 

On this 28th day of March,
2008, before me personally appeared Dan W. Matthias, known to me or
satisfactorily proven to be the person described in and who executed this
letter agreement, and acknowledged that he executed the same as his free act
and deed.

 

IN WITNESS WHEREOF, I have
hereunto set my hand and affixed my official seal.

 

 

	
   

  	
  /s/ Paula Kurtz  

  
	
   

  	
  Notary Public

  
	
   

  	
  My Commission Expires: 9/1/2011

  

 

 

Acknowledged and agreed on this

28th day of March, 2008:

 

	
  /s/ Rebecca C. Matthias

  	
   

  
	
  Rebecca C. Matthias

  

 

 

	
  COMMONWEALTH OF
  PENNSYLVANIA

  	
  :

  
	
   

  	
  : SS.

  
	
  COUNTY OF PHILADELPHIA

  	
  :

  

 

 

On this 28th day of March,
2008, before me personally appeared Rebecca C. Matthias, known to me or
satisfactorily proven to be the person described in and who executed this
letter agreement, and acknowledged that she executed the same as her free act
and deed.

 

IN WITNESS WHEREOF, I have
hereunto set my hand and affixed my official seal.

 

 

	
   

  	
  /s/ Paula Kurtz

  
	
   

  	
  Notary Public

  
	
   

  	
  My Commission Expires: 9/1/2011

  

 

 

Acknowledged and agreed on this

28th day of March, 2008:

 

Wachovia Bank, National Association

 

	
  By:

  	
  /s/ Dawn S. Puky

  	
   

  
	
   

  
	
  Title:

  	
  Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]