Document:

ltc_Ex_102

		
			EXHIBIT 10.2
		

		
			 
		

		
			Prudential Investment Management, Inc. and
		

		
			the holders of Notes signatory hereto
		

		
			c/o Prudential Capital Group
		

		
			2029 Century Park East, Suite 715
		

		
			Los Angeles, CA 90067
		

		
			August 4, 2015
		

		
			LTC Properties, Inc.
		

		
			2829 Townsgate Road, Suite 350
		

		
			Westlake Village, California 91361
		

		
			Re:First Amendment to Third Amended and Restated Note Purchase and Private Shelf Agreement
		

		
			Ladies and Gentlemen:
		

		
			Reference is made to the Third Amended and Restated Note Purchase and Private Shelf Agreement, dated as of April 28, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”), by and between LTC Properties, Inc., a Maryland corporation (the “Company”), on the one hand, and the Purchasers named therein, on the other hand.  Capitalized terms used and not otherwise defined herein shall have the meanings provided in the Agreement.
		

			
	
			
				 1.
			Amendments.  Pursuant to the provisions of Section 17 of the Agreement, and subject to the terms and conditions of this letter agreement, the Purchasers hereby agree with the Company that the Agreement is modified, as follows:

			
	
			
				 1.1
			The reference to “the 2012 Note Agreement” set forth in Section 10.1 is deleted and replaced with “any Other Note Agreement.”

			
	
			
				 1.2
			The reference to “the 2012 Noteholders” set forth in Section 10.8 is deleted and replaced with “the Other Noteholders.”

			
	
			
				 1.3
			The definition of “2012 Noteholders” set forth in Schedule B is deleted in its entirety.

			
	
			
				 1.4
			A new definition of “Other Note Agreement” is inserted in Schedule B in its proper alphabetical order, as follows:

		
			“Other Note Agreement” means any of (i) the 2012 Note Agreement, and (ii) any other agreement or instrument executed and delivered by the Company in connection with a financing, which constitutes unsecured Indebtedness for Borrowed Money of the Company and ranks pari passu with the obligations evidenced by the Notes, as such agreement or instrument may be amended, restated, supplemented, replaced or otherwise modified from time to time.
		

		

		

		 

 

		

			 

		

		
		

			
	
			
				 1.5
			A new definition of “Other Noteholders” is inserted in Schedule B in its proper alphabetical order, as follows:

		
			“Other Noteholders” means the holders from time to time of the notes issued under any Other Note Agreement.
		

			
	
			
				 1.6
			The definition of “Unencumbered Assets” set forth in Schedule B is amended:   (i) to delete the reference to “the 2012 Noteholders” in clause (d) thereof and replace such reference with “the Other Noteholders”; and (ii) to delete each reference to “the 2012 Note Agreement” set forth in clauses (d) and (e) thereof and replace each such reference with “any Other Note Agreement.”

			
	
			
				 1.7
			Notwithstanding anything to the contrary in Section 2B(8)(ii) of the Agreement, no Structuring Fee will be payable by the Company so long as a minimum aggregate principal amount of $100,000,000 of Shelf Notes is purchased and sold by no later than September 4, 2015.

		
			 
		

			
	
			
				 2.
			Limitation of Modifications.  The amendments effected in this letter agreement shall be limited precisely as written and shall not be deemed to be (a) an amendment, consent, waiver or other modification of any other terms or conditions of the Agreement or any other document related to the Agreement, or (b) a consent to any future amendment, consent, waiver or other modification.  Except as expressly set forth in this letter, the Agreement and the documents related to the Agreement shall continue in full force and effect.

			
	
			
				 3.
			Representations and Warranties.  The Company hereby represents and warrants as follows:  (i) No Default or Event of Default has occurred and is continuing; (ii) the Company’s execution, delivery and performance of the Agreement, as modified by this letter agreement, have been duly authorized by all necessary corporate and other action and do not and will not require any registration with, consent or approval of, or notice to or action by, any Person (including any Governmental Authority) in order to be effective and enforceable; (iii) the Agreement, as modified by this letter agreement, constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws of general application relating to or affecting the enforcement of creditors’ rights or by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); and (iv) each of the representations and warranties set forth in Section 5 of the Agreement is true, correct and complete as of the date hereof (except to the extent such representations and warranties expressly relate to another date, in which case such representations and warranties are true, correct and complete as of such other date).

			
	
			
				 4.
			Effectiveness.    This letter agreement shall become effective on the date on which (i) the Purchasers shall have received a fully executed counterpart of this letter from the Company, (ii) a corresponding amendment to the Credit Agreement shall have been entered into and shall have become effective concurrently therewith or prior thereto, and the Purchasers shall have received a copy thereof, certified by a Responsible Officer as being a true, correct and complete copy thereof, and (iii) the Company shall have paid Vedder Price P.C. its accrued and unpaid legal fees and expenses, to the extent such fees and expenses have been invoiced.

		

		

		 

 

		

			 

		

		
		

			
	
			
				 5.
			Miscellaneous.

		
			 
		

			
	
			
				 (a)
			This document may be executed in multiple counterparts, which together shall constitute a single document.

			
	
			
				 (b)
			This letter agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the internal laws of the State of New York, excluding choice-of-law principles of the law of such state that would permit the application of the laws of a jurisdiction other than such state.

		
			[Remainder of the page intentionally left blank]
		

		
			 
		

		
			 
		

		
			
		

		 

 

		

			 

		

		If you are in agreement with the foregoing, please sign a counterpart of this letter in the space indicated below and deliver it to the Purchasers whereupon, subject to the conditions expressed herein, it shall become a binding agreement between the Company, on the one hand, and the Purchasers, on the other hand.
		

			
					
						Sincerely,

				
	
					
						 

				
	
					
						 

				
	
					
						PRUDENTIAL INVESTMENT MANAGEMENT, INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Cornelia Cheng

					
					
						 

				
	
					
						Name: Cornelia Cheng

					
					
						 

				
	
					
						Title:  Vice President

					
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						THE PRUDENTIAL INSURANCE COMPANY

				
	
					
						OF AMERICA, as a holder of Series A-1 Notes, Series B Notes, Series C Notes and Series D Notes

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Cornelia Cheng

					
					
						 

				
	
					
						Title:  Vice President

					
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						PRUCO LIFE INSURANCE COMPANY, as a holder of Series A-2 Notes and Series B Notes

				
	
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Cornelia Cheng

					
					
						 

				
	
					
						Title:  Vice President

					
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						UNITED OF OMAHA LIFE INSURANCE 

				
	
					
						COMPANY, as a holder of Series A-2 Notes

				
	
					
						 

				
	
					
						By:  Prudential Private Placement Investors, L.P. (as Investment Advisor)

				
	
					
						 

				
	
					
						By:  Prudential Private Placement Investors, Inc., (as its General Partner)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Cornelia Cheng

					
					
						 

				
	
					
						Title:  Vice President

					
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						PRUDENTIAL RETIREMENT INSURANCE 

				
	
					
						AND ANNUITY COMPANY, as a holder of Series B Notes and Series C Notes

				
	
					
						 

				
	
					
						By:  Prudential Investment Management, Inc., as investment advisor

				
	
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Cornelia Cheng

					
					
						 

				
	
					
						Title:  Vice President

					
					
						 

				

		

		

		 

 

		

			 

		

		
		

			
					
						FARMERS NEW WORLD LIFE INSURANCE COMPANY, as a holder of Series C Notes

				
	
					
						 

				
	
					
						By:  Prudential Private Placement Investors, L.P. (as Investment Advisor)

				
	
					
						 

				
	
					
						By:  Prudential Private Placement Investors, Inc., (as its General Partner)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Cornelia Cheng

					
					
						 

				
	
					
						Title:  Vice President

					
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						AMERICAN INCOME LIFE INSURANCE COMPANY, as a holder of Series D Notes

				
	
					
						 

				
	
					
						By:  Prudential Private Placement Investors, L.P. (as Investment Advisor)

				
	
					
						 

				
	
					
						By:  Prudential Private Placement Investors, Inc., (as its General Partner)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Cornelia Cheng

					
					
						 

				
	
					
						Title:  Vice President

					
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						LIBERTY NATIONAL LIFE INSURANCE 

				
	
					
						COMPANY, as a holder of Series D Notes

				
	
					
						 

				
	
					
						By:  Prudential Private Placement Investors, L.P. (as Investment Advisor)

				
	
					
						 

				
	
					
						By:  Prudential Private Placement Investors, Inc., (as its General Partner)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Cornelia Cheng

					
					
						 

				
	
					
						Title:  Vice President

					
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						FAMILY HERITAGE LIFE INSURANCE 

				
	
					
						COMPANY OF AMERICA, as a holder of Series D Notes

				
	
					
						 

				
	
					
						By:  Prudential Private Placement Investors, L.P. (as Investment Advisor)

				
	
					
						 

				
	
					
						By:  Prudential Private Placement Investors, Inc., (as its General Partner)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Cornelia Cheng

					
					
						 

				
	
					
						Title:  Vice President

					
					
						 

				

		
			 
		

		
			 
		

		 

		

			 

		

 

		

			 

		

			
					
						Accepted and agreed to

					
					
						 

				
	
					
						as of the date first

					
					
						 

				
	
					
						appearing above:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						THE COMPANY:

					
					
						 

				
	
					
						 

					
					
						LTC PROPERTIES, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Wendy Simpson

				
	
					
						 

					
					
						Name:

					
					
						Wendy Simpson

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer and President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pam Kessler

				
	
					
						 

					
					
						Name:

					
					
						Pamela J. Shelley-Kessler

				
	
					
						 

					
					
						Title:

					
					
						Executive Vice President, Chief Financial Officer and Secretaryltc_Ex_103

		
			Exhibit 10.3
		

		
			 
		

		
			First Amendment to Amended and Restated Credit Agreement
		

		
			This First Amendment to Amended and Restated Credit Agreement (herein, this “Amendment”) is entered into as of August 4, 2015, among LTC Properties, Inc., a Maryland corporation (the “Borrower”), the Lenders party hereto, and Bank of Montreal, a Canadian chartered bank, as Administrative Agent (the “Administrative Agent”) and L/C Issuer (the “L/C Issuer”).
		

		
			Preliminary Statements
		

			
	
			
				 A.
			The Borrower, the financial institutions party thereto (the “Lenders”), the L/C Issuer and the Administrative Agent are parties to an Amended and Restated Credit Agreement dated as of October 14, 2014 (as the same may be amended, modified, restated or supplemented from time to time pursuant to the terms thereof, the “Credit Agreement”).  All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement.

			
	
			
				 B.
			The Borrower, the Administrative Agent, and the Required Lenders have agreed, among other things, to make certain other amendments to the Credit Agreement on the terms and conditions set forth in this Amendment.

		
			Now, Therefore, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:  
		

		
			Section 1.Amendment.
		

		
			Subject to the satisfaction of the conditions precedent set forth in Section 2 below, the defined terms “Note Purchase Agreement” and “Noteholders” set forth in Section 1.1 of the Credit Agreement shall be and hereby are amended and restated in their entirety to read as follows:
		

		
			“Note Purchase Agreement” means any of (i) the Second Amended and Restated Note Purchase and Private Shelf Agreement dated as of October 30, 2013, as extended, renewed, amended, modified, amended and restated or supplemented in its entirety, and any refinancing or replacement of any series of notes issued and outstanding thereunder, (ii) the Note Purchase Agreement dated as of July 19, 2012, as extended, renewed, amended, modified, amended and restated or supplemented in its entirety, and any refinancing or replacement of and series of notes issued and outstanding thereunder, and (iii) any other agreement or instrument entered into by the Borrower in connection with a financing, which constitutes unsecured Indebtedness for Borrowed Money of the Borrower and ranks pari passu with the Obligations.
		

		
			 
		

		
			 
		

		

		

		 

 

		“Noteholders” means the holders of any series of notes or other Indebtedness issued under or in connection with a Note Purchase Agreement, including, without limitation (i) the 5.26% Series A-1 Senior Notes due July 14, 2015 in the aggregate original principal amount of $25,000,000, (ii) the 5.74% Series A-2 Senior Notes Due January 14, 2019 in the aggregate original principal amount of $25,000,000, (iii) the 4.80% Series B Senior Notes due July 20, 2021 in the aggregate original principal amount of $50,000,000, (iv) the 5.03% Senior Notes due July 19, 2024 in the aggregate original principal amount of $85,800,000, (v) the 3.99% Series C Senior Notes due November 20, 2021 in the aggregate principal amount of $70,000,000 and (vi) the 4.50% Series D Senior Notes due July 31, 2026 in the aggregate original principal amount of $30,000,000.
		

		
			Section 2.Conditions Precedent.
		

		
			The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent:
		

		
			3.1.The Borrower, the Required Lenders and the Administrative Agent shall have executed and delivered this Amendment to the Administrative Agent.
		

		
			3.2.Legal matters incidental to the execution and delivery of this Amendment shall be satisfactory to the Administrative Agent and its counsel.
		

		
			Section 3.Representations.
		

		
			In order to induce the Administrative Agent and the Lenders to execute and deliver this Amendment, the Borrower hereby represents to the Administrative Agent and the Lenders that as of the date hereof (a) the representations and warranties set forth in Section 6 of the Credit Agreement are and shall be and remain true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) as of said time, except to the extent the same expressly relate to an earlier date (in which case the same shall be true and correct as of such earlier date), and (b) no Default or Event of Default has occurred and is continuing under the Credit Agreement or shall result after giving effect to this Amendment.
		

		
			Section 4.Miscellaneous.
		

		
			4.1.Except as specifically amended herein, the Credit Agreement shall continue in full force and effect in accordance with its original terms.  Reference to this specific Amendment need not be made in the Credit Agreement, the Notes, the other Loan Documents, or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Credit Agreement, any reference in any of such items to the Credit Agreement being sufficient to refer to the Credit Agreement as amended hereby.
		

		

		

		 

		

			-2-

		

 

		
		

		
			4.2.The Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of or incurred by the Administrative Agent in connection with the negotiation, preparation, execution and delivery of this Amendment, including the fees and expenses of counsel for the Administrative Agent.
		

		
			4.3.This Amendment may be executed in any number of counterparts, and by the different parties on separate counterpart signature pages, and all such counterparts taken together shall be deemed to constitute one and the same instrument.  Any of the parties hereto may execute this Amendment by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original.  Delivery of a counterpart hereof by facsimile transmission or by e‐mail transmission of a Portable Document Format File (also known as an “PDF” file) shall be effective as delivery of a manually executed counterpart hereof.  This Amendment, and the rights and duties of the parties hereto, shall be construed and determined in accordance with the internal laws of the State of New York.
		

		
			[Signature Pages Follow]
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			-3-

		

 

		

			 

		

		This First Amendment to Amended and Restated Credit Agreement is entered into as of the date and year first above written.
		

		
			 
		

			
					
						 

					
					
						“Borrower”

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						LTC Properties, Inc.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Wendy Simpson

				
	
					
						 

					
					
						 

					
					
						Name  Wendy Simpson

				
	
					
						 

					
					
						 

					
					
						Title  Chairman, CEO & President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Pam Kessler

				
	
					
						 

					
					
						 

					
					
						Name  Pam Kessler

				
	
					
						 

					
					
						 

					
					
						Title  Executive Vice President and Chief Financial Officer

				

		
			 
		

		

		

		 

		

			 

		

 

		
		

		
			 
		

			
					
						 

					
					
						Bank of Montreal, as Administrative Agent, as L/C Issuer and as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Lloyd Baron

				
	
					
						 

					
					
						 

					
					
						Name Lloyd Baron

				
	
					
						 

					
					
						 

					
					
						Title  Director

				

		
			 
		

		

		

		 

		

			 

		

 

		
		

		
			 
		

			
					
						 

					
					
						KeyBank National Association, as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Laura Conway

				
	
					
						 

					
					
						 

					
					
						Name Laura Conway

				
	
					
						 

					
					
						 

					
					
						Title  Vice President

				

		
			 
		

		

		

		 

		

			 

		

 

		
		

		
			 
		

			
					
						 

					
					
						Wells Fargo Bank, National Association, as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Darin Mullis

				
	
					
						 

					
					
						 

					
					
						Name Darin Mullis

				
	
					
						 

					
					
						 

					
					
						Title  Director

				

		
			 
		

		

		

		 

		

			 

		

 

		
		

		
			 
		

			
					
						 

					
					
						Royal Bank of Canada, as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Rina Kansagra

				
	
					
						 

					
					
						 

					
					
						Name Rina Kansagra

				
	
					
						 

					
					
						 

					
					
						Title  Authorized Signatory

				

		
			 
		

		

		

		 

		

			 

		

 

		
		

		
			 
		

			
					
						 

					
					
						Credit Agricole Corporate and Investment Bank, as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Thomas Randolph

				
	
					
						 

					
					
						 

					
					
						Name Thomas Randolph

				
	
					
						 

					
					
						 

					
					
						Title  Managing Director

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Amy Trapp

				
	
					
						 

					
					
						 

					
					
						Name Amy Trapp

				
	
					
						 

					
					
						 

					
					
						Title  Managing Director

				

		
			 
		

		

		

		 

		

			 

		

 

		
		

		
			 
		

			
					
						 

					
					
						MUFG Union Bank, N.A., as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Gina M. West

				
	
					
						 

					
					
						 

					
					
						Name Gina M. West

				
	
					
						 

					
					
						 

					
					
						Title  Vice President

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