Document:

QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.16  

 
 

SECOND AMENDMENT TO CREDIT AGREEMENT AND
  FIRST AMENDMENT TO PLEDGE AGREEMENT    
    

        SECOND AMENDMENT TO CREDIT AGREEMENT AND FIRST AMENDMENT TO PLEDGE AGREEMENT (collectively, this "Amendment"),
dated as of March 11, 2005, among UNITED ONLINE, INC., a Delaware corporation (the "Borrower"), certain pledgors party to the Pledge Agreement referred
to below party (each, a "Pledgor" and, collectively, the "Pledgors"), various Lenders party to the
Credit Agreement referred to below, DEUTSCHE BANK TRUST COMPANY AMERICAS, as Administrative Agent (in such capacity, the "Administrative Agent"), and
DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent under the Pledge Agreement (in such capacity, the "Collateral Agent"). Unless otherwise
indicated, all capitalized terms used herein and not otherwise defined shall have the respective meanings provided such terms in the Credit Agreement referred to below. 

 
 

WITNESSETH:    

        WHEREAS,
the Borrower, the Lenders, Deutsche Bank Securities Inc., as Lead Arranger, and the Administrative Agent are parties to a Credit Agreement, dated as of December 3, 2004 (as
amended, modified, and/or supplemented to, but not including, the date hereof, the "Credit Agreement"); 

        WHERAS,
the Borrower, the Pledgors and the Collateral Agent are parties to a Pledge Agreement, dated as of December 13, 2004 (the "Pledge Agreement"); and 

        WHEREAS,
subject to the terms and conditions of this Amendment, the parties hereto wish to amend the Credit Agreement and the Pledge Agreement, in each case as herein provided; 

        NOW,
THEREFORE, it is agreed: 

I.    Amendments to Credit Agreement.

        1.     Section
9.03(b) of the Credit Agreement is hereby amended and restated to read in its entirety as follows: 

        "(b) All
insurance policies or certificates (or certified copies thereof) with respect to the Borrower's and its Subsidiaries' property (and any other insurance maintained
by the Borrower and/or such Subsidiaries, except fiduciary liability insurance, director and officer's insurance, worker's compensation insurance, and crime policy insurance) (i) shall be endorsed to
the Collateral Agent's satisfaction for the benefit of the Collateral Agent (including, without limitation, by naming the Collateral Agent as loss payee and/or additional insured) and (ii) shall state
that such insurance policies shall not be canceled without the respective insurer providing (or endeavoring to provide) at least 30 days' prior written notice thereof to the Collateral Agent.". 

        2.     Section
13.19(d) of the Credit Agreement is hereby amended and restated to read in its entirety as follows: 

        "(d) Within
120 days after the Borrowing Date (or such longer period as may be agreed by the Administrative Agent in its sole discretion), the Administrative Agent shall
have received (i) resolutions of the board of directors of Juno India approving the grant of a Lien on the shares of Juno India in favor of the Collateral Agent (for the benefit of the Secured
Creditors) pursuant to the Pledge Agreement, (ii) resolutions from each shareholder of Juno India approving the grant of a Lien on the shares of Juno India in favor of the Collateral Agent (for the
benefit of the Secured Creditors) pursuant to the Pledge Agreement, and, in each case with respect to items (i)-(ii) above, in form and substance reasonably satisfactory to the Administrative Agent,
and (iii) evidence of notation of the grant of such Lien on the shares of Juno India in favor of the Collateral Agent (for the benefit of the Secured Creditors) in the register of members (or other
corporate records reasonably satisfactory to the Administrative Agent) of Juno India.". 

 

II.    Amendments to Pledge Agreement.

        1.     Section
3.2(a)(iii) of the Pledge Agreement is hereby amended by inserting the following text immediately prior to the semi-colon at the end of said Section: 

";
provided that (A) no such notification shall be required to be given in the case of a Certificated Security, Uncertificated Security, Partnership
Interest or Limited Liability Company Interest which is then subject to a securities account "control" agreement meeting the requirements of Section 3.2(b)(i) below and (B) with respect to any such
Certificated Security, Uncertificated Security, Partnership Interest or Limited Liability Company Interest not then subject to a securities account "control" agreement, no such notification shall be
required to be given until the first date of delivery (or required delivery) of the financial statements pursuant to Section 9.01(b) or (c), as the case may be, of the Credit Agreement following the
acquisition of such Certificated Security, Uncertificated Security, Partnership Interest or Limited Liability Company Interest, as the case may be". 

        2.     Section
3.3 of the Pledge Agreement is hereby amended by (i) deleting the text "Annexes A through G hereto" appearing in the first sentence of said Section and inserting
the text "Annexes A through G hereto and Annex I hereto" in lieu thereof and (ii) inserting the following text immediately prior to the period at the end of the first sentence of said Section: 

"provided that with respect to any Certificated Security, Uncertificated Security, Partnership Interest or Limited Liability Company Interest subject to
the procedures described in Section 3.2(a)(iii), no such certificate or supplements shall be required to be delivered unless and until the notification is required to be given in respect thereof
pursuant to said Section 3.2(a)(iii)". 

III.    Miscellaneous Provisions.

        1.     In
order to induce the Lenders to enter into this Amendment, each of the Borrower and each Pledgor hereby represents and warrants that: 

        (a)   no
Default or Event of Default exists as of the Amendment Effective Date (as defined below), both before and after giving effect to this Amendment; and 

        (b)   all
of the representations and warranties contained in the Credit Agreement or the other Credit Documents are true and correct in all material respects on the Amendment
Effective Date, both before and after giving effect to this Amendment, with the same effect as though such representations and warranties had been made on and as of the Amendment Effective Date (it
being understood that any representation or warranty made as of a specific date shall be true and correct in all material respects only as of such specific date). 

        2.     This
Amendment is limited as specified and shall not constitute a modification, acceptance or waiver of any other provision of the Credit Agreement, the Pledge Agreement
or any other Credit Document. 

        3.     This
Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and
delivered shall be an original, but all of which shall together constitute one and the same instrument. A complete set of counterparts shall be lodged with the Borrower and the Administrative Agent. 

        4.     THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE
OF NEW YORK.

        5.     This
Amendment shall become effective on the date (the "Amendment Effective Date") on which each of the Borrower, each
Pledgor party to the Pledge Agreement on the date hereof, the Collateral Agent and Lenders constituting the Required Lenders shall have signed a counterpart hereof 

2

 

(whether
the same or different counterparts) and shall have delivered (including by way of facsimile transmission) the same to the Administrative Agent at its Notice Office. 

        6.     From
and after the Amendment Effective Date, all references in the Credit Agreement and each of the other Credit Documents to the Credit Agreement and the Pledge
Agreement shall be deemed to be references to the Credit Agreement and the Pledge Agreement, as the case may be, as modified hereby. 

*    *    *  

3

 

        IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly executed and delivered as of the date first above written. 

	 	 	UNITED ONLINE, INC.
	

 	
 	

By:	

/s/  CHARLES S. HILLIARD      
 Name: Charles S. Hilliard

Title: Executive Vice President, Finance and Chief Financial

          Officer
	

 	
 	

NETZERO, INC.,

    as a Pledgor
	

 	
 	

By:	

/s/  CHARLES S. HILLIARD      
 Name: Charles S. Hilliard

Title: Executive Vice President, Finance

          and Chief Financial Officer
	

 	
 	

JUNO ONLINE SERVICES, INC.,

    as a Pledgor
	

 	
 	

By:	

/s/  CHARLES S. HILLIARD      
 Name: Charles S. Hilliard

Title: Executive Vice President, Finance

          and Chief Financial Officer
	

 	
 	

NETBRANDS, INC.,

    as a Pledgor
	

 	
 	

By:	

/s/  CHARLES S. HILLIARD      
 Name: Charles S. Hilliard

Title: Executive Vice President, Finance

          and Chief Financial Officer
	

 	
 	

MEGA WEB SERVICES, INC.,

    as a Pledgor
	

 	
 	

By:	

/s/  CHARLES S. HILLIARD      
 Name: Charles S. Hilliard

Title: Executive Vice President, Finance

          and Chief Financial Officer
	 	 	 	 

4

 

	

 	
 	

UOL ADVERTISING, INC.,

    as a Pledgor
	

 	
 	

By:	

/s/  CHARLES S. HILLIARD      
 Name: Charles S. Hilliard

Title: Executive Vice President, Finance

          and Chief Financial Officer
	

 	
 	

PAY CONFIDENTIAL, INC.,

    as a Pledgor
	

 	
 	

By:	

/s/  CHARLES S. HILLIARD      
 Name: Charles S. Hilliard

Title: Executive Vice President, Finance

          and Chief Financial Officer
	

 	
 	

AIMTV, INC.,

    as a Pledgor
	

 	
 	

By:	

/s/  CHARLES S. HILLIARD      
 Name: Charles S. Hilliard

Title: Executive Vice President, Finance

          and Chief Financial Officer
	

 	
 	

JUNO INTERNET SERVICES, INC.,

    as a Pledgor
	

 	
 	

By:	

/s/  CHARLES S. HILLIARD      
 Name: Charles S. Hilliard

Title: Executive Vice President, Finance

          and Chief Financial Officer
	

 	
 	

CLASSMATES ONLINE, INC.,

    as a Pledgor
	

 	
 	

By:	

/s/  CHARLES S. HILLIARD      
 Name: Charles S. Hilliard

Title: Executive Vice President, Finance

          and Chief Financial Officer
	 	 	 	 

5

 

	

 	
 	

CLASSMATES ADVERTISING, INC.,

    as a Pledgor
	

 	
 	

By:	

/s/  CHARLES S. HILLIARD      
 Name: Charles S. Hilliard

Title: Executive Vice President, Finance

          and Chief Financial Officer
	

 	
 	

CLASSMATES INTERNATIONAL, INC.,

    as a Pledgor
	

 	
 	

By:	

/s/  CHARLES S. HILLIARD      
 Name: Charles S. Hilliard

Title: Executive Vice President, Finance

          and Chief Financial Officer
	

 	
 	

CLASSMATES MEDIA, INC.,

    as a Pledgor
	

 	
 	

By:	

/s/  CHARLES S. HILLIARD      
 Name: Charles S. Hilliard

Title: Executive Vice President, Finance

          and Chief Financial Officer
	

 	
 	

DEUTSCHE BANK TRUST COMPANY AMERICAS,

    Individually, as Administrative Agent and

    as Collateral Agent
	

 	
 	

By:	

/s/  ANCA TRIFAN      
 Name: Anca Trifan

Title: Director
	

 	
 	

By:	

/s/  PAUL O'LEARY      
 Name: Paul O'Leary

Title: Vice President
	 	 	 	 

6

 

	

 	
 	

SIGNATURE PAGE TO THE SECOND AMENDMENT TO CREDIT AGREEMENT AND FIRST AMENDMENT TO PLEDGE AGREEMENT, DATED AS OF MARCH 11, 2005, AMONG UNITED ONLINE, INC., CERTAIN PLEDGORS PARTY TO THE PLEDGE AGREEMENT, VARIOUS LENDERS PARTY TO THE CREDIT AGREEMENT,
AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT AND AS COLLATERAL AGENT
	

 	
 	

NAME OF INSTITUTION:
	

 	
 	

ACA Management, LLC as Advisor to ACA CLO 2005-1, LTD.
	

 	
 	

By:	

/s/  VINCENT INGATO      
 Name: Vincent Ingato

Title: Managing Director
	

 	
 	

Landmark III CDO Limited

By: Aladdin Capital Management, LLC as Manager
	

 	
 	

By:	

/s/  JOHN J. D'ANGELO      
 Name: John J. D'Angelo

Title: Authorized Signatory
	

 	
 	

Landmark V CDO Limited

By: Aladdin Capital Management, LLC as Manager
	

 	
 	

By:	

/s/  JOHN J. D'ANGELO      
 Name: John J. D'Angelo

Title: Authorized Signatory
	

 	
 	

AVENUE CLO FUND, LIMITED
	

 	
 	

By:	

/s/  RICHARD D'ADDARIO      
 Name: Richard D'Addario

Title: Senior Portfolio Manager
	

 	
 	

Bushnell CBNA Loan Funding LLC, for itself or as agent for Bushnell CFPI Loan Funding LLC
	

 	
 	

By:	

/s/  SUZANNE SMITH      
 Name: Suzanne Smith

Title: As Attorney-In-Fact
	 	 	 	 

7

 

	

 	
 	

LOAN STAR STATE TRUST

By Its Investment Manager, Highland Capital Management, L.P.

By Its General Partner, Strand Advisors, Inc.
	

 	
 	

By:	

/s/  DAVID LANCELOT      
 Name: David Lancelot

Title: Treasurer

          Highland Capital Management, L.P.
	

 	
 	

Pioneer Floating Rate Trust

By Highland Capital Management, L.P.

Its Sub-Advisor
	

 	
 	

By:	

/s/  R. JOSEPH DOUGHERTY      
 Name: R. Joseph Dougherty

Title: Senior Vice President, Secretary
	

 	
 	

Southfork CLO, Ltd.

By: Highland Capital Management, L.P.

As Collateral Manager
	

 	
 	

By:	

/s/  DAVID LANCELOT      
 Name: David Lancelot

Title: Treasurer

Highland Capital Management, L.P.
	

 	
 	

HIGHLAND OFFSHORE PARTNERS, L.P.

By: Highland Capital Management, L.P.

As General Partner
	

 	
 	

By:	

/s/  DAVID LANCELOT      
 Name: David Lancelot

Title: Treasurer

Highland Capital Management, L.P.
	

 	
 	

Premium Loan Trust I, Ltd.
	

 	
 	

By:	

/s/  TIMOTHY S. VAN KIRK      
 Name: Timothy S. Van Kirk

Title: Managing Director
	 	 	 	 

8

 

	

 	
 	

WIND RIVER CLO I LTD.

By: McDonnell Investment Management, LLC,

as Manager
	

 	
 	

By:	

/s/  KATHLEEN A. ZAM      
 Name: Kathleen A. Zam

Title: Vice President
	

 	
 	

Olympic CLO I
	

 	
 	

By:	

/s/  JOHN M. COGEDIAN      
 Name: John M. Cogedian

Title: Chief Operating Officer,

          LLC (Manager)
	

 	
 	

Sankaty Advisors, LLC as Collateral

Manager for AVERY POINT CLO, LTD.

as Term Lender
	

 	
 	

By:	

/s/  JEFFREY HAWKINS      
 Name: Jeffrey Hawkins

Title: Senior Vice President
	

 	
 	

Sankaty Advisors, LLC as Collateral

Manager For Loan Funding XI LLC,

as Term Lender
	

 	
 	

By:	

/s/  JEFFREY HAWKINS      
 Name: Jeffrey Hawkins

Title: Senior Vice President
	

 	
 	

Sankaty Advisors, LLC as Collateral

Manager for Race Point CLO, Limited, as Term Lender
	

 	
 	

By:	

/s/  JEFFREY HAWKINS      
 Name: Jeffrey Hawkins

Title: Senior Vice President
	 	 	 	 

9

 

	

 	
 	

Sankaty Advisors LLC as Collateral

Manager for Race Point II CLO

Limited, as Term Lender
	

 	
 	

By:	

/s/  JEFFREY HAWKINS      
 Name: Jeffrey Hawkins

Title: Senior Vice President
	

 	
 	

Sankaty High Yield Asset Partners, L.P.
	

 	
 	

By:	

/s/  JEFFREY HAWKINS      
 Name: Jeffrey Hawkins

Title: Senior Vice President
	

 	
 	

Sankaty High Yield Asset Partners, II, L.P.
	

 	
 	

By:	

/s/  JEFFREY HAWKINS      
 Name: Jeffrey Hawkins

Title: Senior Vice President
	

 	
 	

Sankaty High Yield Partners III, L.P.
	

 	
 	

By:	

/s/  JEFFREY HAWKINS      
 Name: Jeffrey Hawkins

Title: Senior Vice President
	

 	
 	

HARBOUR TOWN FUNDING LLC
	

 	
 	

By:	

/s/  MEREDITH J. KOSLICK      
 Name: Meredith J. Koslick

Title: Assistant Vice President
	

 	
 	

SANTA BARBARA BANK & TRUST
	

 	
 	

By:	

/s/  IRIS L. SIEGEL      
 Name: Iris L. Siegel

Title: Vice President
	 	 	 	 

10

 

	

 	
 	

SILICON VALLEY BANK
	

 	
 	

By:	

/s/  BOB MULLER      
 Name: Bob Muller

Title: Senior Relationship Manager
	

 	
 	

ULT CBNA Loan Funding LLC, for itself or as agent for ULT CFPI Loan Funding LLC
	

 	
 	

By:	

/s/  JANET HAACK      
 Name: Janet Haack

Title: As Attorney-In-Fact
	

 	
 	

Stanfield Arbitrage CDO, Ltd.

By: Stanfield Capital Partners LLC

as its Collateral Manager
	

 	
 	

By:	

/s/  CHRISTOPHER E. JENSEN      
 Name: Christopher E. Jensen

Title: Managing Partner
	

 	
 	

Stanfield Quattro CLO, Ltd.

By: Stanfield Capital Partners LLC

As its Collateral Manager
	

 	
 	

By:	

/s/  CHRISTOPHER E. JENSEN      
 Name: Christopher E. Jensen

Title: Managing Partner
	

 	
 	

WhiteHorse II, Ltd.

By: WhiteHorse Capital Partners, L.P.

As Collateral Manager
	

 	
 	

By:	

/s/  ETHAN UNDERWOOD      
 Name: Ethan Underwood

Title: Portfolio Manager

11

QuickLinks

SECOND AMENDMENT TO CREDIT AGREEMENT AND FIRST AMENDMENT TO PLEDGE AGREEMENT

WITNESSETHQuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.12E  

 
 

FIRST AMENDMENT TO AMENDED AND RESTATED UNSECURED REVOLVING CREDIT AGREEMENT    
    

        THIS FIRST AMENDMENT TO AMENDED AND RESTATED UNSECURED REVOLVING CREDIT AGREEMENT (this "Amendment") made as of
the 15th day of March, 2005 by and among AMERIVEST PROPERTIES INC., a Maryland corporation (the "Borrower") KEYBANK
NATIONAL ASSOCIATION, a national banking association (the "Lender") and KEYBANK NATIONAL ASSOCIATION, a national banking
association, as agent (the "Agent"). 

W I T N E S S E T H:  

        WHEREAS, the Borrower, the Lender and the Agent entered into that certain First Amended and Restated Unsecured
Revolving Credit Agreement dated October 20, 2004 ("Loan Agreement"); and 

        WHEREAS, the Borrower, the Lender and the Agent have agreed to modify certain provisions of the Loan Agreement; and 

        NOW, THEREFORE, for and in consideration of the sum of TEN and NO/100 DOLLARS ($10.00), and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto do hereby covenant and agree as follows: 

        1.    Definitions.    All the terms used herein which are not otherwise defined herein shall have the meanings set
forth in the Loan Agreement. 

        2.    Modification of the Loan Agreement.    The Borrower, the Agent and the Lenders do hereby modify and amend the
Loan Agreement as follows: 

        (a)   Notwithstanding
anything contained in the Loan Agreement (including, without limitation, §2 thereof) or any other Loan Document to the contrary,
(i) from and after the date of this Amendment, the obligation of the Lender to make Loans to the Borrower pursuant to the Loan Agreement shall cease to be revolving in nature, (ii) all
Outstanding Obligations as of the date hereof and any additional Loans made to the Borrower pursuant to the Loan Agreement shall be deemed to be term loans, and once repaid or prepaid the amount of
such repayment or prepayment shall not be available for reborrowing under the Loan Agreement and (iii) all further Loans made pursuant to the Loan Agreement shall be subject to the Agent's
approval in its sole and absolute discretion. 

        (b)   By
deleting the reference to "November 12, 2007" in the definition of "Maturity Date" in §1.1 of the Loan Agreement and replacing it with
"April 1, 2006". 

        (c)   By
deleting §3.2 of the Loan Agreement in its entirety and inserting in lieu thereof the following new §3.2: 

        "§3.2    Mandatory Repayments of Loan.    

        (a)   If
at any time the sum of the Outstanding Obligations exceeds the Maximum Credit Amount, then the Borrower shall immediately pay the amount of such excess to the Agent
for the respective accounts of the Lenders for application to the Loans. 

        (b)   The
Borrower shall make principal payments to the Agent for the respective accounts of the Lenders for application to the Loans in the aggregate principal amount of
(x) at least $5,000,000.00 between the period March 15, 2005 and September 1, 2005, and (y) at least $10,000,000.00 between the period March 15, 2005 and
January 3, 2006 (including the amounts paid pursuant to clause (x) above), such principal amounts to include payments made pursuant to Section §3.2(c) and (d)." 

        (c)   The
proceeds distributed to or received by or on behalf of the Borrower or any Related Company or, in the case of any Unconsolidated Entity, the proceeds actually
distributed to or

 
received by or on behalf of the Borrower or any Related Company by such Unconsolidated Entity, (i) from each and every sale or refinancing of or other capital event with respect to any asset
[(other than office equipment and furnishings in the ordinary course of business)] of the Borrower, any Related Company or any Unconsolidated Entity (including a casualty or
condemnation or return of capital with respect to such assets or any of such Person's direct or indirect interest therein), less all reasonable and customary closing costs, expenses and commissions
paid to unrelated parties and less any Indebtedness secured by such asset to be satisfied as a part of such sale or refinance and (ii) from each and every sale, financing, or refinancing of, or
transaction which results in the dilution of, the Borrower's, direct or indirect ownership interest in any of the Related Companies or any Unconsolidated Entity, shall be promptly paid to the Agent
for the account of the Lenders after receipt thereof by the Borrower such Related Company or such Unconsolidated Entity as a prepayment of the Loans to the extent of the outstanding balance of the
Loans. The Borrower agrees that the Borrower shall, promptly, upon the Borrower's belief that such event may occur, provide notice to Agent of any proposed or contemplated event described in this
§3.2(c). 

        (d)   The
Borrower further covenants and agrees that, notwithstanding anything to the contrary contained herein (if anything), at least one (1) time during each
calendar year during the term of this Agreement, the Borrower shall cause the outstanding balance of the Loans to not exceed $20,000,000.00 for a period of not less than thirty (30) consecutive
days, and if necessary to comply with the foregoing, the Borrower shall repay such amount of the Loans (and accrued and unpaid interest thereon and other amounts payable hereunder (including all
amount payable in connection with such prepayment)) such that there shall be a balance hereunder of not more than $20,000,000.00 for such period." 

        (d)   Notwithstanding
anything contained in §8.1 of the Loan Agreement to the contrary, the Borrower will not, and the Borrower will not permit any of the Related
Companies or any Controlled Unconsolidated Entity to, create, incur, assume, guarantee or become or remain liable, contingently or otherwise, with respect to any Indebtedness, other than
(i) the Indebtedness listed on Schedule I hereto and (ii) Indebtedness of the kind referred to in clauses (b), (c), (d) and (e) of §8.1 of the Loan
Agreement, without the prior written consent of the Agent. 

        (e)   By
deleting §8.7 and of the Loan Agreement in its entirety and inserting in lieu thereof the following new §8.7: 

        "§8.7    Distributions.    The Borrower shall not make any Distributions without the prior written consent
of the Agent." 

        (f)    By
adding the following sentence to the end of each of §9.4 and §9.5 of the Credit Agreement: 

        "Notwithstanding
the foregoing, extraordinary gains and losses shall not be annualized for purposes of the foregoing calculations if, and to the extent, approved by Agent in its
reasonable discretion." 

        3.    Waiver.    The Agent and the Lender do hereby waive the Default by Borrower of compliance with the covenant set
forth in §12.1(q) of the Loan Agreement for the fiscal quarter ending December 31, 2004. The Agent and the Lenders have made no agreement, and are in no way obligated, to grant any
future extension, waiver, indulgence or consent. 

        4.    References to Loan Agreement.    All references in the Loan Documents to the Loan Agreement shall be deemed a
reference to the Loan Agreement as modified and amended herein. 

        5.    Consent of the Borrower.    By execution of this Amendment, the Borrower hereby acknowledges represents and
agrees that the Loan Documents remain in full force and effect and constitute the valid

 
and legally binding obligations of the Borrower enforceable against the Borrower in accordance with their respective terms, and that the execution and delivery of this Amendment and any other
modification documents do not constitute, and shall not be deemed to constitute, a release, waiver or satisfaction of Borrower's obligations under the Loan Documents. 

        6.    Representations.    Borrower represents and warrants to Agent and the Lenders as follows: 

        (a)    Authorization.    The execution, delivery and performance of this Amendment and the transactions contemplated
hereby (i) are within the authority of the Borrower, (ii) have been duly authorized by all necessary proceedings on the part of the Borrower, (iii) do not and will not conflict
with or result in any breach or contravention of any provision of law, statute, rule or regulation to which any of such Persons is subject or any judgment, order, writ, injunction, license or permit
applicable to such Persons, (iv) do not and will not conflict with or constitute a default (whether with the passage of time or the giving of notice, or both) under any provision of the
partnership agreement or certificate, certificate of formation, operating agreement, articles of incorporation or other charter documents or bylaws of, or any mortgage, indenture, agreement, contract
or other instrument binding upon, the Borrower or any of its properties or to which the Borrower is subject (v) do not and will not result in or require the imposition of any lien or other
encumbrance on any of the properties, assets or rights of the Borrower. 

        (b)    Enforceability.    The execution and delivery of this Amendment are valid and legally binding obligations of
the Borrower enforceable in accordance with the respective terms and provisions hereof, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws
relating to or affecting generally the enforcement of creditors' rights and the effect of general principles of equity. 

        (c)    Approvals.    The execution, delivery and performance of this Amendment and the transactions contemplated
hereby do not require the approval or consent of any Person or the authorization, consent, approval of or any license or permit issued by, or any filing or registration with, or the giving of any
notice to, any court, department, board, commission or other governmental agency or authority other than those already obtained. 

        7.    No Default.    By execution hereof, the Borrower certifies that it is and will be in compliance with all
covenants under the Loan Documents after the execution and delivery of this Amendment, and that no Default or Event of Default has occurred and is continuing under the Loan Documents, as amended by
this Amendment. 

        8.    Waiver of Claims.    The Borrower acknowledges, represents and agrees that it has no defenses, setoffs, claims,
counterclaims or causes of action of any kind or nature whatsoever with respect to the Loan Documents, the administration or funding of the Loans or with respect to any acts or omissions of Agent or
the Lenders, or any past or present officers, agents or employees of the Agent or the Lenders, and the Borrower does hereby expressly waive, release and relinquish any and all such defenses, setoffs,
claims, counterclaims and causes of action, if any. 

        9.    Ratification.    Except as hereinabove set forth, all terms, covenants and provisions of the Loan Documents,
including, without limitation, the Loan Agreement, remain unaltered and in full force and effect, and the parties hereto do hereby expressly ratify and confirm, the Loan Documents and the Loan
Agreement as modified and amended herein. Nothing in this Amendment shall be deemed or construed to constitute, and there has not otherwise occurred, a novation, cancellation, satisfaction, release,
extinguishment or substitution of the indebtedness evidenced by the Notes or the other obligations of the Borrower under the Loan Documents. 

        10.    Effective Date.    This Amendment shall be deemed effective and in full force and effect upon the execution and
delivery of this Amendment by the Borrower, the Agent and the Lenders.

 

        11.    Amendment as Loan Document.    This Amendment shall constitute a Loan Document. 

        12.    Counterparts.    This Amendment may be executed in any number of counterparts which shall together constitute
but one and the same agreement. 

        13.    Miscellaneous.    This Amendment shall be construed and enforced in accordance with the law of State of Georgia
(excluding the laws applicable to conflicts of choice of law). This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors,
successors-in-title and assigns as provided in the Loan Agreement. 

[Remainder of Page Intentionally Left Blank; Signatures on Following Page]

 

        IN WITNESS WHEREOF, the parties hereto have hereto set their hands and affixed their seals as of the day and year first above written. 

	 	 	BORROWER:
	

 	
 	
AMERIVEST PROPERTIES INC., a Maryland corporation
	

 	
 	

By:	
 	

/s/ John B. Greenman

	 	 	Name:	 	John B. Greenman

	 	 	Title:	 	Vice President

	

 	
 	

[CORPORATE SEAL]

 

	 	 	LENDER:
	

 	
 	
KEYBANK NATIONAL ASSOCIATION, a national banking association
	

 	
 	

By:	
 	

/s/ Daniel P. Stegemoeller

	 	 	Name:	 	Daniel P. Stegemoeller

	 	 	Title:	 	Vice President

	

 	
 	
AGENT:
	

 	
 	
KEYBANK NATIONAL ASSOCIATION, a national banking association, as Agent
	

 	
 	

By:	
 	

/s/ Daniel P. Stegemoeller

	 	 	Name:	 	Daniel P. Stegemoeller

	 	 	Title:	 	Vice President

Schedule I

to

First Amendment to Amended and Restated

Unsecured Revolving Credit Agreement  

Existing Indebtedness

[List] 

Debt Summary  

	 
	 	 
	 	 
	 	March 15, 2005
	 
	Lender
 
	 	Mortgaged Property
	 	Maturity Date
	 	Principal

Balance
	 	Interest

Rate(1)
	 
	Fixed Rate—	 	 	 	 	 	 	 	 	 	 
	Teachers Insurance and Annuity Association of America	 	AmeriVest Plaza at Inverness	 	1/10/2006	 	$	14,370,197	 	7.90	%
	Greenwich Capital Financial Products	 	Parkway Centre II Centerra

Southwest Gas Building	 	10/1/2008	 	 	37,910,204	 	5.13	%
	Metropolitan Life Insurance Company	 	Parkway Centre III	 	9/10/2009	 	 	15,070,941	 	4.47	%
	Allstate Life Insurance Company	 	Financial Plaza	 	10/5/2010	 	 	24,045,098	 	5.25	%
	Southern Farm Bureau Life Insurance Company	 	Scottsdale Norte	 	4/1/2011	 	 	6,553,667	 	7.90	%
	J. P. Morgan Chase	 	Hackberry View—1st	 	9/1/2012	 	 	11,388,359	 	6.57	%
	J. P. Morgan Chase	 	Hackberry View—2nd(2)	 	9/1/2012	 	 	960,405	 	8.00	%
	Teachers Insurance and Annuity Association of America	 	Sheridan Center Arrowhead Fountains

Kellogg Building	 	1/1/2013	 	 	28,733,061	 	7.40	%
	Allstate Life Insurance Company	 	Camelback—1st	 	9/5/2014	 	 	15,855,852	 	5.82	%
	Allstate Life Insurance Company	 	Camelback—2nd	 	9/5/2014	 	 	4,954,954	 	5.82	%
	Security Life of Denver Insurance Company	 	Keystone Office Park—1st	 	5/1/2022	 	 	4,207,994	 	8.00	%
	Security Life of Denver Insurance Company	 	Keystone Office Park—2nd	 	5/1/2022	 	 	471,308	 	8.63	%
	GEMSA	 	Hampton Court	 	11/1/2007	 	 	7,900,000	 	5.48	%
	 	 	 	 	 	 	
	 	
	 
	 	 	Subtotal	 	 	 	 	 	$	172,422,040	 	6.14	%
	 	 	 	 	 	 	
	 	
	 
	Variable Rate—	 	 	 	 	 	 	 	 	 	 
	KeyBank National Association—	 	Chateau Plaza	 	11/12/2005	 	$	32,900,000	 	4.96	%
	 	Senior Secured Line of Credit	 	Greenhill Park	 	 	 	 	 	 	 	 
	KeyBank National Association—	 	 	 	 	 	 	 	 	 	 
	 	Unsecured Line of Credit	 	Unsecured	 	11/12/2007	 	 	28,857,063	 	5.63	%
	 	 	 	 	 	 	
	 	
	 
	 	 	Subtotal	 	 	 	 	 	$	61,757,063	 	5.25	%
	 	 	 	 	 	 	
	 	
	 
	Other notes payable—	 	 	 	 	 	 	 	 	 	 
	Lease Capital Corporation	 	Phone system	 	10/31/2007	 	 	59,240	 	11.11	%
	 	 	 	 	 	 	
	 	
	 
	 	 	Subtotal	 	 	 	 	 	 	59,240	 	11.11	%
	 	 	 	 	 	 	
	 	
	 
	 	 	 	Total debt, excluding "liabilities—held for sale'	 	 	 	 	 	$	234,238,343	 	5.92	%
	 	 	 	 	 	 	
	 	
	 
	Liabilities—held for sale	 	 	 	 	 	 	 	 	 	 
	Jefferson Pilot	 	Texas Bank Buildings	 	 	 	$	—	 	—	 
	 	 	 	 	 	 	
	 	
	 
	 	 	 	Total including mortgage loan included in "liabilities—held for sale'	 	 	 	 	 	$	234,238,343	 	5.89	%
	 	 	 	 	 	 	
	 	
	 

	(1)
	Interest
only, does not include amortization of deferred financing costs or unused facility fees.

	(2)
	The
amount recorded reflects a net present value calculation based on a fair market value rate of 8%. The actual loan balance assumed was $697,847 at an interest rate of 15%. 

QuickLinks

FIRST AMENDMENT TO AMENDED AND RESTATED UNSECURED REVOLVING CREDIT AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}]]