Document:

EXHIBIT 10.1

 

FIRST AMENDMENT

TO

SECOND AMENDED AND RESTATED AGREEMENT
OF LIMITED PARTNERSHIP

OF GLOBAL NET LEASE OPERATING PARTNERSHIP, L.P.

 

Dated as of February 28, 2017

 

This FIRST AMENDMENT TO SECOND AMENDED
AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF GLOBAL NET LEASE OPERATING PARTNERSHIP, L.P. (this “Amendment”),
dated as of February 28, 2017, is hereby adopted by Global Net Lease, Inc., a Maryland corporation (hereinafter defined, as the
“General Partner”), as the general partner of Global Net Lease Operating Partnership, L.P., a Delaware limited
partnership (the “Operating Partnership”). For ease of reference, capitalized terms used herein and not otherwise
defined have the meanings assigned to them in the Second Amended and Restated Agreement of Limited Partnership of Global Net Lease
Operating Partnership, L.P., dated as of June 2, 2015 (the “Agreement”).

 

WHEREAS, the Board
of Directors of the General Partner has determined that it is advisable and in the best interests of the General Partner, that
the charter of the General Partner be amended as of 5:00 p.m. on February 28, 2017 (the “Split Effective Time”)
to provide that every three (3) issued and outstanding common shares of beneficial interest of the General Partner (the “Common
Shares”) be combined into one (1) issued and outstanding Common Share (the “Reverse Share Split”);

 

WHEREAS, as a result
of the Reverse Share Split and in accordance with the terms of the Agreement, the “Conversion Factor” is automatically
adjusted from 1.0 to one-third (1/3);

 

WHEREAS, the General
Partner has determined that, to maintain a one-to-one correspondence between the Common Shares and the OP Units in the Limited
Partnership (the “OP Units”), the Class B Units in the Limited Partnership (the “Class B Units”)
and the LTIP Units in the Operating Partnership (the “LTIP Units”, and together with the “OP Units”
and the “Class B Units, collectively, the “Partnership Units”), it is advisable and in the best interests
of the Operating Partnership: (i) to effect a corresponding reverse unit split of the Partnership Units, such that every three
(3) Partnership Units that were issued and outstanding at the Split Effective Time shall be combined into one (1) issued and outstanding
Partnership Unit; and (ii) to adjust the “Conversion Factor” from one-third (1/3) back to 1.0;

 

WHEREAS, the General
Partner desires to amend the Agreement to provide for the foregoing; and

 

WHEREAS, Section 11.01(a)
of the Agreement grants the General Partner the power and authority to amend the Agreement, without the consent of the Operating
Partnership’s limited partners (the “Limited Partners”), to reflect a change that does not adversely affect
any of the Limited Partners in any material respect.

 

     

     

    

 

NOW, THEREFORE, the
General Partner hereby amends the Agreement as follows:

 

		1.	As a result of the Reverse Share Split and in accordance with the definition of “Conversion
Factor” in the Agreement prior to this Amendment, at the Split Effective Time the “Conversion Factor” was automatically
adjusted from 1.0 to one-third (1/3).

 

		2.	To maintain a one-to-one correspondence between the Common Shares and the OP Units, the Class B
Units and the LTIP Units after the Reverse Share Split, immediately after the Split Effective Time: (i) every three (3) OP Units
that were issued and outstanding at the Split Effective Time shall be combined into one (1) issued and outstanding OP Unit, (ii)
every three (3) Class B Units that were issued and outstanding at the Split Effective Time shall be combined into one (1) issued
and outstanding Class B Unit, (iii) every three (3) LTIP Units that were issued and outstanding at the Split Effective Time shall
be combined into one (1) issued and outstanding LTIP Unit and (iv) any fractional Partnership Unit created thereby will be cancelled,
and the number of OP Units, Class B Units and LTIP Units issued to each holder of OP Units, Class B Units and LTIP Units, as applicable,
otherwise entitled to a fractional Partnership Unit shall be rounded to the next lowest whole number.

 

		3.	As a result of the foregoing reverse unit split, immediately after the Split Effective Time the
“Conversion Factor” shall be 1.0.

 

		4.	The Agreement and this Amendment shall be read together and shall have the same force and effect
as if the provisions of the Agreement and this Amendment (including attachments hereto) were contained in one document. Any provisions
of the Agreement not amended by this Amendment shall remain in full force and effect as provided in the Agreement immediately prior
to the date hereof.

 

 

 

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blank]

  

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IN WITNESS WHEREOF, the General Partner
has executed this Amendment as of the date first written above.

 

	 	GENERAL PARTNER:
	 	 
	 	GLOBAL NET LEASE, INC.

 

	 	By:	/s/
Scott J. Bowman
	 	 	Name:	Scott J. Bowman
	 	 	Title:	Chief Executive Officer and President

 

 

 

    3Exhibit

Exhibit 10.13

SECOND AMENDMENT TO 
AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
This SECOND AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (this “Amendment”), is made as of February 22, 2017, by and among SB Financing Trust Owner LLC, as the borrower representative (the “Borrower Representative”), 2013-A Property Holdings LLC (“2013-A Property Holdings”), 2013B Property Owner LLC (“2013B Property Owner”), 2015B Property Owner LLC (“2015B Property Owner”), and SBY Finance TRS LLC  (“SBY Finance TRS”), THPI Acquisition Holdings LLC (“THPI”), Provident Residential Real Estate Fund LLC (“Provident”), 2012-B PROPERTY HOLDINGS LLC (“2012-B Property Holdings”), 2012-C PROPERTY HOLDINGS LLC (“2012-C Property Holdings”), Desert Chill LLC (“Desert Chill”), Polar Cactus LLC (“Polar Cactus”), Polar Cactus II LLC (“Polar Cactus II”), Polar Cactus III LLC (“Polar Cactus III”), Resi II LLC (“Resi II”), Arctic Citrus LLC (“Arctic Citrus”) and 2016A Property Owner LLC (“2016A Property Owner” and together with 2012-B Property Holdings, 2012-C Property Holdings, Desert Chill, Polar Cactus, Polar Cactus II, Polar Cactus III, Resi II, THPI, Provident, 2013-A Property Holdings, 2013B Property Owner, 2015B Property Owner, SBY Finance TRS and Arctic Citrus, the “Borrowers”), Silver Bay Operating Partnership L.P., a Delaware limited partnership, as the master property manager (the “Master Property Manager”), Bank of America, National Association, as Joint Lead Arranger, as a Lender and as agent for each Lender (in such capacity, the “Agent”), JPMorgan Chase Bank, National Association, as Joint Lead Arranger and a Lender and each Lender party thereto from time to time (the “Lenders”).
WHEREAS, the parties hereto have entered into that certain Amended and Restated Revolving Credit Agreement, dated as of February 18, 2015 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrowers, the Master Property Manager, the Borrower Representative, U.S. Bank National Association, as Calculation Agent and as Paying Agent, the Agent and Lenders; and
WHEREAS, the Borrowers and the Borrower Representative have requested that the Lenders amend the Credit Agreement; and
WHEREAS, the Agent and Lenders are willing to agree to amend the Credit Agreement, subject to the terms and conditions set forth in this Amendment.
NOW, THEREFORE, in consideration of the foregoing premises, and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.Definitions. Unless otherwise defined herein, capitalized terms used herein shall have the meanings assigned to them in the Credit Agreement, as amended hereby.

2.Amendment.  Section 2.8(b)(x) of the Credit Agreement is hereby amended by replacing the phrase “on or after the Revolving Period Termination Date” with the phrase “on or after August 18, 2017”. 
3.Prepayment of Credit Facility.  The parties acknowledge and agree that notwithstanding anything in the Credit Agreement to the contrary, the Borrowers may, upon at least five (5) Business Days’ prior written notice to the Agent and each Lender, permanently reduce the aggregate Commitment of the Lenders to zero so long as all Advances Outstanding (and accrued but unpaid interest thereon) and all other outstanding Obligations are paid in full on such reduction date, provided that the Borrower may revoke such notice and/or extend the reduction date by not more than five (5) Business Days.  Upon payment in full of all Obligations and reduction of the aggregate Commitment of the Lenders to zero, the Liens and security interests in favor of the Agent and the other Secured Parties under the Credit Agreement and the other Loan Documents shall automatically terminate and all guarantees and Loan Documents (other than with respect to expense reimbursement, indemnity and other obligations which, by their express terms, survive termination of the Credit Agreement) shall be automatically released and terminated without any further action by any party.  
4.Commitment.  The parties acknowledge and agree that on any date of determination from and after February 18, 2017, the aggregate Commitment of the Lenders shall be automatically and permanently reduced to an amount equal to the Advances Outstanding on such date.  
5.Confirmations and Acknowledgements.  To induce the Agent and the Lenders to enter into this Amendment, each Borrower and the Borrower Representative does hereby:
a.confirm that no Default or Event of Default has occurred and is continuing; and
b.acknowledge and agree that this Amendment shall be deemed a Loan Document for all purposes.
6.Conditions to Effectiveness. The effectiveness of this Amendment is subject to the following conditions precedent:
a.Delivery of Documents.  Each of the parties hereto shall have duly executed and delivered, or caused to be duly executed and delivered, this Amendment.
b.Fees.  The Agent and each Lender shall have received all fees required to be paid to it on the date hereof in accordance with the letter agreement of even date herewith among the Agent, the Lenders, the Borrower Representative and the Borrowers.  

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c.Expenses. The Borrowers shall have paid, to the extent invoiced on or before the date hereof, to the Agent and the other Lenders all reasonable costs and expenses of the Agent and such Lenders in connection with the preparation, execution and delivery of this Amendment and all other related documents.
7.Effect; Relationship of Parties.
a.Except as expressly amended hereby, the Credit Agreement and each other Loan Document shall be and remain in full force and effect as originally written, and shall constitute the legal, valid, binding and enforceable obligations of each Borrower, the Borrower Representative and the Master Property Manager to the Agent and Lenders. On and after the date hereof, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” 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 by this Amendment.
b.The relationship of the Agent and Lenders, on the one hand, and each Borrower, on the other hand, has been and shall continue to be, at all times, that of creditor and debtor and not as joint venturers or partners. Nothing contained in this Amendment, any instrument, document or agreement delivered in connection herewith or in the Credit Agreement or any of the other Loan Documents shall be deemed or construed to create a fiduciary relationship between or among the parties.
8.Miscellaneous. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or other electronic transmission shall be as effective as delivery of a manually executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment via facsimile or electronic mail shall also deliver a manually executed original to the Agent or its counsel, but the failure to do so does not affect the validity, enforceability or binding effect of this Amendment. This Amendment shall be binding upon and inure to the benefit of the successors and permitted assigns of the parties hereto. This Amendment and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with the laws of the State of New York without regard to conflict of laws principles (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law) thereof. This Amendment embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written negotiations, agreements and understandings of the parties with respect to the subject matter hereof.
[signature page follows]

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IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their duly authorized officers as of the day and year first above written.

SB FINANCING TRUST OWNER LLC, a Delaware limited liability company, as the Borrower Representative

By:    /S/ GRIFFIN P. WETMORE    
Name: Griffin P. Wetmore
Title: Executive Vice President of Finance

THPI ACQUISITION HOLDINGS LLC, 
PROVIDENT RESIDENTIAL REAL ESTATE FUND LLC, 
2012-B PROPERTY HOLDINGS LLC, 
2012-C PROPERTY HOLDINGS LLC, 
DESERT CHILL LLC, 
POLAR CACTUS LLC,  
POLAR CACTUS II LLC, 
POLAR CACTUS III LLC, 
RESI II LLC,  
ARCTIC CITRUS LLC, 
2013-A PROPERTY HOLDINGS LLC, 
2013B PROPERTY OWNER LLC, 
2015B PROPERTY OWNER LLC,  
SBY FINANCE TRS LLC and
2016A PROPERTY OWNER LLC,
 
each a Delaware limited liability company,  
each as a Borrower 
By:    SB Financing Trust Owner LLC,  
    a Delaware limited liability company,  
    Manager
By:    /S/ GRIFFIN P. WETMORE    
Name: Griffin P. Wetmore
Title: Executive Vice President of Finance

[Signature Page to Second Amendment]

SILVER BAY OPERATING PARTNERSHIP L.P., a Delaware limited partnership, as Master Property Manager,
By:    Silver Bay Management LLC, a Delaware limited liability company, its general partner
By:    Silver Bay Realty Trust Corp., a Maryland corporation its sole member

By:    /S/ GRIFFIN P. WETMORE
Name: Griffin P. Wetmore
Title: Executive Vice President of Finance

[Signature Page to Second Amendment]

BANK OF AMERICA, NATIONAL ASSOCIATION, as a Lender and the Agent
By:    /S/ CHARU VENKAT MANI    
Name: Charu Venkat Mani
Title: Director

[Signature Page to Second Amendment]

JPMORGAN CHASE BANK, N.A., as a Lender
By:    /S/ RAJ KOTHARI    
Name: Raj Kothari
Title: Executive Director

[Signature Page to Second Amendment]

ACKNOWLEDGED AND ACCEPTED, 
as of the date above first written:
SB FINANCING TRUST OWNER LLC, 
a Delaware limited liability company, 
as Guarantor
By: /S/ GRIFFIN P. WETMORE        
Name: Griffin P. Wetmore
Title: Executive Vice President of Finance

SB FINANCING TRUST, 
a Delaware Statutory Trust, 
as Guarantor
		
	By:
	SB Financing Trust Owner LLC, 
a Delaware limited liability company, 
its Administrator

By: /S/ GRIFFIN P. WETMORE        
Name: Griffin P. Wetmore
Title: Executive Vice President of Finance

SILVER BAY OPERATING PARTNERSHIP L.P., 
a Delaware limited partnership, 
as Guarantor
		
	By:
	Silver Bay Management LLC, 
a Delaware limited liability company, 
its general partner

		
	By:
	Silver Bay Realty Trust Corp., 
a Maryland corporation 
its sole member

By: /S/ GRIFFIN P. WETMORE        
Name: Griffin P. Wetmore
Title: Executive Vice President of Finance

[Signature Page to Second Amendment]

SILVER BAY REALTY TRUST CORP., 
a Maryland corporation, 
as Guarantor
By: /S/ GRIFFIN P. WETMORE        
Name: Griffin P. Wetmore
Title: Executive Vice President of Finance

[Signature Page to Second Amendment]

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