Document:

Exhibit
10.5

 

EXECUTION COPY

 

FIRST
AMENDMENT TO THE $450 MILLION TERM LOAN FACILITY CREDIT AGREEMENT

 

This FIRST AMENDMENT TO
THE $450 MILLION TERM LOAN FACILITY CREDIT AGREEMENT (this “First Amendment”)
is made and dated as of the 20th day of July, 2006, by and among THE MACERICH
PARTNERSHIP, L.P., a limited partnership organized under the laws of the state
of Delaware (“Macerich Partnership”), AS BORROWER; THE MACERICH COMPANY,
a Maryland corporation (“MAC”); MACERICH WRLP II CORP., a Delaware
corporation (“Macerich WRLP II Corp.”); MACERICH WRLP II LP, a
Delaware limited partnership (“Macerich WRLP II LP”); MACERICH WRLP
CORP., a Delaware corporation (“Macerich WRLP Corp.”); MACERICH WRLP
LLC, a Delaware limited liability company (“Macerich WRLP LLC”); MACERICH
TWC II CORP., a Delaware corporation (“Macerich TWC Corp.”); MACERICH
TWC II LLC, a Delaware limited liability company (“Macerich TWC LLC”);
MACERICH WALLEYE LLC, a Delaware limited liability company (“Macerich
Walleye LLC”); IMI WALLEYE LLC, a Delaware limited liability company (“IMI
Walleye LLC”); and WALLEYE RETAIL INVESTMENTS LLC, a Delaware limited
liability company (“Walleye Investments LLC”), AS GUARANTORS; THE
LENDERS FROM TIME TO TIME PARTY HERETO (collectively and severally, the “Lenders”);
and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as
administrative agent for the Lenders (in such capacity, the “Administrative
Agent” or “DBTCA”) and as
collateral agent for the Benefited Creditors.

 

RECITALS

 

A.            Pursuant
to that certain Credit Agreement, dated as of April 25, 2005, as amended or
otherwise modified to date (the “Credit Agreement”), by and among the
Borrower, MAC, the lenders from time to time party thereto (the “Existing
Lenders”), and the Administrative Agent, the Existing Lenders have made a
term loan to the Borrower in the principal amount of $450,000,000. Initially
capitalized terms used herein and not otherwise defined have the respective
meanings given to such terms in the Credit Agreement.

 

B.            The
Borrower has requested that certain modifications to the Credit Agreement as
more fully set forth herein.

 

C.            The
Lenders party hereto and the Borrower have agreed to amend the Credit Agreement
and DBTCA has agreed to act as administrative agent on behalf of the Lenders
and as collateral agent on behalf of the Benefited Creditors on the terms and
subject to the conditions set forth herein and in the other Loan Documents.

 

NOW, THEREFORE, in
consideration of the foregoing Recitals and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto
hereby agree as follows:

 

1

 

AGREEMENT

 

1.             (I)  Amendment to Annex I of the Loan Agreement.
Effective as of the date hereof, Annex I of the Loan Agreement is hereby
amended as follows:

 

(a)           The
definition of “Disposition Promissory Note” is hereby deleted in its
entirety.

 

(b)           The
definition of “Distribution” is hereby amended in its entirety to read
as follows:

 

“Distribution”
shall mean with respect to MAC, Macerich Partnership or, prior to the Wilmorite
Release Date, MACWH: (i) any distribution of cash or Cash Equivalent, directly
or indirectly, to the partners or holders of Capital Stock of such Persons, or
any other distribution on or in respect of any partnership, company or equity
interests of such Persons; and (ii) the declaration or payment of any dividend
on or in respect of any shares of any class of Capital Stock of such Persons,
other than: (1) dividends payable solely in shares of common stock by MAC; or
(2) the purchase, redemption, exchange, or other retirement of any shares of
any class of Capital Stock of such Persons, directly or indirectly through a
Subsidiary of MAC or otherwise, (A) to the extent such purchase, redemption,
exchange, or other retirement occurs in exchange for the issuance of Capital
Stock of MAC or Macerich Partnership or (B) with respect to MACWH, to the
extent such purchase, redemption, or other retirement occurs in exchange for
the issuance of Capital Stock of MACWH, MAC or Macerich Partnership in
accordance with the provisions of the MACWH Partnership Agreement.

 

(c)           The
definition of “Existing Revolving Credit Agreement” is hereby amended in
its entirety to read as follows:

 

“Existing Revolving
Credit Agreement” shall mean that certain Credit Agreement evidencing the
Existing Revolving Credit Facility, amended and restated as of April 25, 2005,
and as Modified concurrently herewith, by
and among the Borrower, as borrower, MAC and the other guarantors signatory
thereto, the lenders signatory thereto and DBTCA, as administrative agent and
collateral agent.

 

(d)           The
definition of “Existing Revolving Credit Facility” is hereby amended in
its entirety to read as follows:

 

“Existing Revolving Credit
Facility” shall mean that certain credit facility evidenced by the Existing
Revolving Credit Agreement, which provides for the funding of certain revolving
loans and the 

 

2

 

issuance of letters of
credit to, and on behalf of, Macerich Partnership in the aggregate committed
amount of, as of the date hereof, $1,500,000,000 at any one time outstanding.

 

(e)           The
definition of “Fixed Charges” is hereby amended in its entirety to read
as follows:

 

“Fixed Charges”
shall mean, for any period, solely with respect to the Consolidated Entities,
the sum of the amounts for such period of (i) scheduled payments of principal
of Indebtedness of the Consolidated Entities (other than any Bullet Payment,
including any Bullet Payment under the Interim Loan or Term Loan), (ii) the
Consolidated Entities’ pro rata
share of scheduled payments of principal of Indebtedness of Joint Ventures
(other than any Bullet Payment) that does not otherwise constitute Indebtedness
of and is not otherwise recourse to the Consolidated Entities or their assets,
(iii) Interest Expense, (iv) payments of dividends in respect of Disqualified
Capital Stock; and (v) to the extent not otherwise included in Interest
Expense, dividends and other distributions paid during such period by the
Borrower or MAC with respect to preferred stock or preferred operating units
(excluding distributions on convertible preferred units of MACWH in accordance
with the MACWH Partnership Agreement). For purposes of clauses (ii) and (v),
the Consolidated Entities’ pro rata
share of payments by any Joint Venture shall be deemed equal to the product of
(a) the payments made by such Joint Venture, multiplied
by (b) the percentage of the total outstanding Capital Stock of such
Person held by any Consolidated Entity, expressed as a decimal.

 

(f)            The
definition of “Gross Asset Value” is hereby amended in its entirety to
read as follows:

 

“Gross Asset Value”
shall mean, at any time, solely with respect to the Consolidated Entities, the
sum of (without duplication):

 

(i) for Retail Properties
that are Wholly-Owned the sum of, for each such property, (a) such property’s
Property NOI for the Measuring Period, divided
by (b) (1) 6.75% (expressed as a decimal), in the case of regional
Retail Properties or (2) 8.25% (expressed as a decimal) in the case of Retail
Properties that are not regional Retail Properties; plus

 

(ii) for Retail
Properties that are not Wholly-Owned, the sum of, for each such property, (a)
the Gross Asset Value of each such Retail Property at such time, as calculated
pursuant to the 

 

3

 

foregoing clause (i), multiplied by (b) the percentage of the
total outstanding Capital Stock held by Consolidated Entities in the owner of
the subject Retail Property, expressed as a decimal; provided, notwithstanding
anything to the contrary in this definition, so long as 100% of the
Indebtedness and other liabilities of the owner of the Broadway Plaza Property
reflected in the financial statements of such owner or disclosed in the notes
thereto (to the extent the same would constitute a Contingent Obligation) is
counted in the calculation of Total Liabilities pursuant to subsection (ii) of
the definition of “Total Liabilities”, the Broadway Plaza Property, and the
cash and Cash Equivalents and “Other GAV Assets” (as defined below) with
respect thereto, shall be deemed to be Wholly-Owned and the Gross Asset Value
with respect to the Broadway Plaza Property shall be calculated in accordance with
clause (i) of this definition; plus

 

(iii) all cash and Cash
Equivalents (other than, in either case, Restricted Cash) held by the
Consolidated Entity at such time, and, in the case of cash and Cash Equivalents
not Wholly-Owned, multiplied by a
percentage (expressed as a decimal) equal to the percentage of the total
outstanding Capital Stock held by the Consolidated Entity holding title to such
cash and Cash Equivalents; plus

 

(iv) all Mortgage Loans
acquired for the purpose of acquiring the underlying real property, valued by
the book value of each such Mortgage Loan when measured; plus

 

(v)(a) 100% of the Book
Value of Construction-in-Process with respect to Retail Properties Under
Construction that are Wholly-Owned and (b) the product of (1) 100% of the Book
Value of Construction-in-Process with respect to Retail Properties Under
Construction that are not Wholly-Owned multiplied
by (2) a percentage (expressed as a decimal) equal to the percentage
of the total outstanding Capital Stock held by the Consolidated Entity holding
title to such Retail Properties Under Construction; plus

 

(vi) to the extent not
otherwise included in the foregoing clauses, (a) the Book Value of tenant
receivables, deferred charges and other assets with respect to Real Properties
that are Wholly-Owned and (b) the product of (1) the Book Value of tenant
receivables, deferred charges and other assets with respect to Real Properties
that are not Wholly-Owned multiplied by
(2) a percentage (expressed as a decimal) equal to the percentage of the total
outstanding Capital Stock held by a Consolidated Entity holding title to such
Real Property (collectively, “Other GAV Assets”), provided that the aggregate value of Other
GAV Assets shall not 

 

4

 

exceed five percent (5%)
of the aggregate Gross Asset Value of all the assets of the Consolidated
Entities;

 

(vii) the Book Value of
land and other Properties not constituting Retail Properties; plus

 

(viii) the Book Value of
the Investment in Northpark Mall.

 

provided,
however, that (A)(i) the determination of Gross Asset Value
for any period shall not include any Retail Property (or any Property NOI
relating to any Retail Property) that has been sold or otherwise disposed of at
any time prior to or during such period; (ii) any Retail Property (whether
acquired before or after the Closing Date) and shall be valued at Book Value
for 18 months after acquisition thereof; (B) upon the sale, conveyance, or
transfer of all of a Real Property to a Person other than a Macerich Entity,
the Gross Asset Value with respect to such Real Property shall no longer be
considered; and (C) the determination of the NOI for any Retail Property Under
Construction which is no longer classified as “construction-in-process” under
GAAP shall be calculated using an adjusted Measuring Period determined by
annualizing the most recent fiscal quarter until such Retail Property Under
Construction has achieved Stabilization.

 

(g)           The
definition of “Intangible Assets” is hereby deleted in its entirety.

 

(h)           The
definition of “Lakewood Center Property” is hereby deleted in its
entirety.

 

(i)            The
definition of “Net Worth” is hereby amended in its entirety to read as
follows:

 

 “Net Worth” means, at any date, the sum
of (i) the aggregate Gross Asset Value; minus (2) the Total Liabilities.

 

(j)            The
definition of “Permitted WHLP Cash Distribution” is hereby amended in
its entirety to read as follows:

 

“Permitted MACWH Cash Distribution” shall have the
meaning given such term in Section 8.4(4) of the Credit Agreement.

 

(k)           The
definition of “Rochester Distribution” is hereby amended in its entirety
to read as follows:

 

“Rochester
Distribution” shall mean the distribution by MACWH of all of the membership interests in Rochester Malls LLC to

 

5

 

limited partners of MACWH
in accordance with Sections 8.7 or 8.8 of the MACWH Partnership
Agreement.

 

(l)            The
definition of “Tangible Net Worth” is hereby deleted in its entirety.

 

(m)          The
definition of “Westcor Assets” is hereby deleted in its entirety.

 

(n)           The
definition of “WHLP” is hereby deleted in its entirety.

 

(o)           The
definition of “WHLP Partnership Agreement” is hereby deleted in its
entirety.

 

(p)           The
definition of “Wilmorite Acquisition” is hereby amended in its entirety
to read as follows:

 

“Wilmorite Acquisition”
shall mean that certain acquisition by MAC and the Borrower of Wilmorite
Properties, Inc., MACWH and their subsidiaries pursuant to the Wilmorite Merger
Agreement.

 

(q)           The
definition of “Wilmorite Assets” is hereby deleted in its entirety.

 

(r)            The
definition of “Wilmorite Merger Agreement” is hereby amended in its
entirety to read as follows:

 

“Wilmorite Merger
Agreement” shall mean an Agreement and Plan of Merger, dated as of December
22, 2004, among MAC, the Borrower, MACW, Inc., Wilmorite Properties, Inc. and
MACWH.

 

(s)           The
definition of “Wilmorite Principal Entity” is hereby amended in its
entirety to read as follows:

 

“Wilmorite Principal
Entity” shall mean MACWH.

 

(II)           The
following definitions of “MACWH” and “MACWH Partnership Agreement” are hereby added to Annex I of the
Credit Agreement in the appropriate alphabetical order:

 

(a)           “MACWH”
shall mean MACWH, L.P., a Delaware limited partnership.

 

(b)           “MACWH
Partnership Agreement” shall mean the 2005 Amended and Restated Agreement
of Limited Partnership of MACWH, between MACWH and the Borrower.

 

6

 

(III)         Amendment
to Section 7.1(1) of the Loan Agreement. Effective as of the date hereof, Section
7.1(1) of the Loan Agreement is hereby amended by deleting
“PricewaterhouseCoopers” and replacing the same with “Deloitte & Touche.”

 

(IV)         Amendment
to Section 8.4(4) of the Loan Agreement. Effective as of the date hereof,
Section 8.4(4) of the Loan Agreement is hereby amended in its entirety to read
as follows:

 

“(4)         Prior
to the Wilmorite Release Date, any Disposition by any Wilmorite Guarantor of
any of the Capital Stock of the Wilmorite Principal Entity; provided that (i)
MACWH may consummate the Rochester Distribution in accordance with the
provisions of the MACWH Partnership Agreement, and (ii) so long as no Potential
Default or Event of Default shall have occurred and be continuing, MACWH may
make cash distributions in accordance with Article 8 of the MACWH Partnership
Agreement, provided that the Borrower Parties would be in compliance with the
covenants in Section 8.12, calculated as of the last day of the most
recent fiscal quarter for which financial statements have been delivered
pursuant to Section 7.1(1) or 7.1(2) and on a pro forma basis as
if such cash distribution had occurred, and any Indebtedness incurred in
connection therewith had been incurred, on the last day of such fiscal quarter
(any distribution under this clause (ii), a “Permitted MACWH Cash
Distribution”); and”

 

(V)           Amendment
to Section 8.11(2) of the Loan Agreement. Effective as of the date hereof,
Section 8.11(2) of the Loan Agreement is hereby amended in its entirety to read
as follows:

 

“(2)         Prior
to the Wilmorite Release Date, MACWH shall not make Distributions in any Fiscal
Year other than distributions of Available Cash (as defined in the MACWH
Partnership Agreement) under and in accordance with the provisions of the MACWH
Partnership Agreement except for (i) the Rochester Distribution and (ii) any
Permitted MACWH Cash Distribution.”

 

(VI)         Amendment
to Section 8.12(1) of the Loan Agreement. Effective as of the date hereof,
Section 8.12(1) of the Loan Agreement is hereby amended in its entirety to read
as follows:

 

“(1)         Minimum Net Worth. As
of the last day of any Fiscal Quarter, Net Worth shall not be less than
$4,000,000,000.”

 

2.             Amendment
Effective. This First Amendment will be effective when:

 

(a)           this
First Amendment has been duly executed and delivered by Borrower, the
Administrative Agent, the Collateral Agent and the Lenders; and

 

7

 

(b)           the
Borrower has paid the reasonable fees and expenses of the Administrative Agent
in connection with this First Amendment.

 

3.             Covenants,
Representations and Warranties of the Borrower.

 

(a)           The
Borrower and each other Borrower Party (by its execution of the Consent and
Agreement), reaffirm all terms, covenants, representations and warranties
(except to the extent such representations and warranties pertain solely to an
earlier date as set forth in the Loan Documents) that they made in the Loan
Documents, as Modified by this First Amendment.

 

(b)           The
Borrower represents and warrants to the Lenders, the Administrative Agent and
the Collateral Agent that (i) The Borrower has the legal power and
authority to enter into this First Amendment without consent or approval by any
third party and (ii) this First Amendment constitutes the legal, valid and
binding obligation of the Borrower, enforceable against the Borrower in
accordance with its terms, except, in each case, as may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws relating to
or limiting creditors’ rights generally or by equitable principles affecting
enforceability.

 

(c)           The
Borrower represents and warrants to the Lenders, the Administrative Agent and
the Collateral Agent that, as of the date hereof, (i) no Default or Event of
Default has occurred and is continuing; (ii) no Default or Event of Default
will occur as a result of the execution, delivery and performance by the
Borrower of this Amendment; (iii) the Borrower has not given any notice of any
uncured Default under the Credit Agreement; and (iv) there are no legal
proceedings commenced or threatened by any Borrower Party against the Lenders,
the Administrative Agent or the Collateral Agent.

 

(d)           The
Borrower confirms and acknowledges that, as of the date hereof, neither it nor
any other Borrower Party has any offsets, defenses, claims, counterclaims,
setoffs, or other basis for reduction with respect to any of the obligations.

 

4.             Effect
Upon Loan Documents.

 

(a)           Except
as specifically set forth in this First Amendment, the Loan Documents shall
remain in full force and effect and are hereby ratified and confirmed.

 

(b)           The
parties hereto specifically acknowledge and agree that the Credit Agreement, as
hereby amended, is in full force and effect in accordance with its terms and
has not been Modified, except pursuant to this First Amendment.

 

(c)           All
references to the “Credit Agreement” in the Credit Agreement and any other Loan
Document shall mean and refer to the Credit Agreement, as Modified hereby.

 

(d)           This
First Amendment shall be a Loan Document for all purposes under the Credit
Agreement.

 

8

 

(e)           Except
to the extent expressly set forth herein, the execution, delivery and
effectiveness of this First Amendment shall not operate as a waiver of any
right, power or remedy of any Lender, the Administrative Agent or the
Collateral Agent under the Loan Documents, or any other document, instrument or
agreement executed and/or delivered in connection therewith.

 

5.             Governing
Law. THIS FIRST AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT
AGENTS AND LENDERS SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.

 

6.             Counterparts.
This First Amendment may be executed by one or more of the parties to this
First Amendment in any number of separate counterparts, each of which, when so
executed, shall be deemed an original, and all of such counterparts taken
together shall be deemed to constitute but one and the same instrument.

 

[Signatures Begin on Next Page]

 

9

 

IN WITNESS WHEREOF, the
parties hereto have caused this First Amendment to the $450 Million Term Loan
Facility Credit Agreement to be executed as of the day and year first above
written.

 

	
  BORROWER:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THE MACERICH
  PARTNERSHIP, L.P.,

  	
   

  
	
   

  	
  a Delaware limited
  partnership

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Macerich Company,

  
	
   

  	
   

  	
  a Maryland corporation,

  
	
   

  	
   

  	
  Its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
     /s/ Richard A. Bayer

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Richard A. Bayer

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President,

  
	
   

  	
   

  	
   

  	
   

  	
  Chief Legal Officer

  
	
   

  	
   

  	
   

  	
   

  	
  & Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
  GUARANTORS:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THE MACERICH COMPANY,

  
	
   

  	
  a Maryland corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
     /s/
  Richard A. Bayer

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Richard A. Bayer

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President,

  
	
   

  	
   

  	
   

  	
  Chief Legal Officer

  
	
   

  	
   

  	
   

  	
  & Secretary

  
	
   

  	
   

  	
   

  	
   

  
																

 

 

	
   

  	
  MACERICH TWC II CORP.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Richard A. Bayer

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Richard A. Bayer

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President, 

  Chief Legal Officer

  & Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MACERICH TWC II LLC,

  
	
   

  	
  a Delaware limited
  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  The Macerich Partnership,
  L.P.,

  
	
   

  	
   

  	
  a Delaware limited
  partnership,

  
	
   

  	
   

  	
  Its sole member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  The Macerich Company,

  
	
   

  	
   

  	
   

  	
  a Maryland corporation,

  
	
   

  	
   

  	
   

  	
  Its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
     /s/
  Richard A. Bayer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  Richard A. Bayer

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President, 

  Chief Legal Officer

  & Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MACERICH WRLP CORP.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Richard A. Bayer

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Richard A. Bayer

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President, 

  Chief Legal Officer

  & Secretary

  
																

 

 

	
   

  	
  MACERICH WRLP, LLC,

  
	
   

  	
  a Delaware limited
  liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Macerich
  Partnership, L.P.,

  
	
   

  	
   

  	
  a Delaware limited
  partnership,

  
	
   

  	
   

  	
  Its sole member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  The Macerich Company,

  
	
   

  	
   

  	
   

  	
  a Maryland corporation,

  
	
   

  	
   

  	
   

  	
  Its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
     /s/
  Richard A. Bayer

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Richard A. Bayer

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President, 

  Chief Legal Officer

  & Secretary

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MACERICH WRLP II CORP.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Richard A. Bayer

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Richard A. Bayer

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President, 

  Chief Legal Officer

  & Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MACERICH WRLP II, LP,

  
	
   

  	
  a Delaware limited
  liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Macerich WRLP II Corp.,

  
	
   

  	
   

  	
  a Delaware corporation,

  
	
   

  	
   

  	
  Its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Richard A. Bayer

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Richard A. Bayer

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President, 

  Chief Legal Officer

  & Secretary

  
									

 

 

	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MACERICH WALLEYE LLC,

  
	
   

  	
  a Delaware limited
  liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Macerich
  Partnership, L.P.,

  
	
   

  	
   

  	
  a Delaware limited
  partnership,

  
	
   

  	
   

  	
  Its sole member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  The Macerich Company,

  
	
   

  	
   

  	
   

  	
  a Maryland corporation,

  
	
   

  	
   

  	
   

  	
  Its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Richard A. Bayer

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Richard A. Bayer

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President, 

  Chief Legal Officer

  and Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IMI WALLEYE LLC,

  
	
   

  	
  a Delaware limited
  liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Macerich
  Partnership, L.P.,

  
	
   

  	
   

  	
  a Delaware limited
  partnership,

  
	
   

  	
   

  	
  Its sole member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  The Macerich Company,

  
	
   

  	
   

  	
   

  	
  a Maryland corporation,

  
	
   

  	
   

  	
   

  	
  Its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
    /s/ Richard
  A. Bayer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  Richard A. Bayer

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President, 

  Chief Legal Officer

  and Secretary

  
								

 

 

 

	
   

  	
  WALLEYE RETAIL
  INVESTMENTS LLC,

  
	
   

  	
  a Delaware limited
  liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Macerich Walleye LLC,

  
	
   

  	
   

  	
  a Delaware limited
  liability company,

  
	
   

  	
   

  	
  Its managing member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  The Macerich
  Partnership, L.P.,

  
	
   

  	
   

  	
   

  	
  a Delaware limited
  partnership,

  
	
   

  	
   

  	
   

  	
  Its sole member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  The Macerich Company,

  
	
   

  	
   

  	
   

  	
   

  	
  a Maryland corporation,

  
	
   

  	
   

  	
   

  	
   

  	
  Its general partner

  
	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
     /s/
  Richard A. Bayer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  Richard A. Bayer

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice 

  President, 

  Chief Legal Officer

  and Secretary

  
									

 

 

 

	
  LENDERS AND AGENTS:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK TRUST
  COMPANY AMERICAS, as 

  Administrative Agent and a Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ James Rolison

  	
   

  
	
   

  	
   

  	
  Name:

  	
  James Rolison

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  s/s Linda Wang

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Linda Wang

  
	
   

  	
   

  	
  Title:

  	
  Director

  
						

 

 

	
   

  	
  [LENDER]

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Derrick
  Lynch

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Derrick Lynch

  
	
   

  	
   

  	
  Title:

  	
  Assistant Vice
  President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Investment Advisor to

  
	
   

  	
  AIB Debt Management,
  Limited

  
					

 

 

	
   

  	
  Blue Square Funding
  Limited Series J

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  DB Services New Jersey,
  Inc.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Deidre
  Whorton

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Deidre Whorton

  
	
   

  	
   

  	
  Title:

  	
  Assistant Vice
  President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Jay
  Hopkins

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Jay Hopkins

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
   

  	
  CALYON

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  John
  A. Wain

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John A. Wain

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Daniel
  J. Reddy

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Daniel J. Reddy

  
	
   

  	
   

  	
  Title:

  	
  Director

  
					

 

 

	
   

  	
  COMERICA BANK

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  James
  Graycheck

  	
   

  
	
   

  	
   

  	
  Name:

  	
  James Graycheck

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
   

  	
  COMMERZBANK, AG, NEW
  YORK BRANCH, 

  as Co-Syndication Agent

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
  SUP

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

 

	
   

  	
  DEKABANK DEUTSCHE
  GIROZENTRALE

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Burkhard
  Mau

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Burkhard Mau

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Carsten
  Gotsch

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Carsten Gotsch

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
   

  	
  SENIOR DEBT PORTFOLIO

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Boston Management and
  Research

  
	
   

  	
   

  	
  as Investment Advisor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Michael
  B. Bottnof

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael B. Bottnof

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
   

  	
  EATON VANCE SENIOR
  FLOATING RATE TRUST

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Eaton Vance Management

  
	
   

  	
   

  	
  as Investment Advisor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Michael
  B. Bottnof

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael B. Bottnof

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
   

  	
  TOLLI & CO.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Eaton Vance Management

  
	
   

  	
   

  	
  as Investment Advisor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Michael
  B. Bottnof

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael B. Bottnof

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
   

  	
  EATON VANCE FLOATING
  RATE INCOME TRUST

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Eaton Vance Management

  
	
   

  	
   

  	
  as Investment Advisor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Michael
  B. Bottnof

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael B. Bottnof

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
   

  	
  GRAYSON & CO

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Boston Management and
  Research

  
	
   

  	
   

  	
  as Investment Advisor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Michael
  B. Bottnof

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael B. Bottnof

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
   

  	
  EATON VANCE
  INSTITUTIONAL SENIOR LOAN FUND

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Eaton Vance Management

  
	
   

  	
   

  	
  as Investment Advisor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Michael
  B. Bottnof

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael B. Bottnof

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
   

  	
  EATON VANCE

  
	
   

  	
  LIMITED DURATION INCOME
  FUND

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Eaton Vance Management

  
	
   

  	
   

  	
  as Investment Advisor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Michael
  B. Bottnof

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael B. Bottnof

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
   

  	
  EATON VANCE SHORT
  DURATION

  DIVERSIFIED INCOME FUND

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Eaton Vance Management

  
	
   

  	
   

  	
  as Investment Advisor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Michael
  B. Bottnof

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael B. Bottnof

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
   

  	
  EATON VANCE SENIOR
  INCOME TRUST

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Eaton Vance Management

  
	
   

  	
   

  	
  as Investment Advisor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Michael
  B. Bottnof

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael B. Bottnof

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
   

  	
  Emigrant Bank

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  David
  J. Feingold

  	
   

  
	
   

  	
   

  	
  Name:

  	
  David J. Feingold

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
					

 

 

	
   

  	
  ERSTE BANK, a Republic
  of Austria Corporation as Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Gregory
  Aptman

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Gregory Aptman

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  John
  Fay

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John Fay

  
	
   

  	
   

  	
  Title:

  	
  Director

  
					

 

 

	
   

  	
  SECURITY BENEFIT LIFE
  COMPANY,

  
	
   

  	
  as Lender

  	
   

  
	
   

  	
  By:

  	
  Four Corners Capital
  Management LLC,

  
	
   

  	
   

  	
  As Sub-Adviser

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Vijay
  Srinivasan

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Vijay Srinivasan, CFA

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECURITY INCOME
  FUND-INCOME 

  OPPORTUNITY SERIES,

  
	
   

  	
  as Lender

  	
   

  
	
   

  	
  By:

  	
  Four Corners Capital
  Management LLC,

  
	
   

  	
   

  	
  As Sub-Adviser

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Vijay
  Srinivasan

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Vijay Srinivasan, CFA

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  FIRST TRUST/FOUR CORNER
  SENIOR 

  FLOATING RATE INCOME FUND,

  
	
   

  	
  as Lender

  	
   

  
	
   

  	
  By:

  	
  Four Corners Capital
  Management LLC,

  
	
   

  	
   

  	
  As Sub-Adviser

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Vijay
  Srinivasan

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Vijay Srinivasan, CFA

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  FIRST TRUST/FOUR CORNER
  SENIOR 

  FLOATING RATE INCOME FUND B,

  
	
   

  	
  as Lender

  	
   

  
	
   

  	
  By:

  	
  Four Corners Capital
  Management LLC,

  
	
   

  	
   

  	
  As Sub-Adviser

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Vijay
  Srinivasan

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Vijay Srinivasan, CFA

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
   

  	
  FORTESS PORTFOLIO
  TRUST, as Lender

  
	
   

  	
  By:

  	
  Four Corners Capital
  Management LLC,

  
	
   

  	
   

  	
  As Sub-Adviser

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Vijay
  Srinivasan

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Vijay Srinivasan, CFA

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

	
   

  	
  FRANKLIN FLOATING RATE
  DAILY ACCESS 

  FUND

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Richard
  Hsu

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Richard Hsu

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

10

 

	
   

  	
  Franklin CLO
  I, Limited

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  David
  Ardini

  	
   

  
	
   

  	
   

  	
  Name:

  	
  David Ardini

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  
					

 

 

	
   

  	
  FRANKLIN
  STRATEGIC INCOME FUND 

  (CANADA)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Richard
  Hsu

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Richard Hsu

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  
					

 

 

	
   

  	
  FRANKLIN
  STRATEGIC SERIES-FRANKLIN STRATEGIC INCOME FUND

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Richard
  Hsu

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Richard Hsu

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  
					

 

 

	
   

  	
  FRANKLIN
  TEMPLETON VARIABLE

  INSURANCE PRODUCTS TRUST-FRANKLIN 

  STRATEGIC INCOME SECURITIES FUND

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Richard
  Hsu

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Richard Hsu

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  
					

 

 

	
   

  	
  ELF Funding
  Trust I

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Highland
  Capital Management, L.P.,

  
	
   

  	
   

  	
  As
  Collateral Manager

  
	
   

  	
  By:

  	
  Strand
  Advisors, Inc.,

  
	
   

  	
  Its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Chad
  Schramek

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Chad
  Schramek

  
	
   

  	
   

  	
  Title:

  	
  Assistant
  Treasurer

  
	
   

  	
   

  	
  Strand
  Advisors, Inc., General Partner of 

  Highland Capital Management, L.P.

  
						

 

 

	
   

  	
  Jasper CLO,
  Ltd.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Highland
  Capital Management, L.P.,

  
	
   

  	
   

  	
  As
  Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Strand
  Advisors, Inc.,

  
	
   

  	
   

  	
  Its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Chad
  Schramek

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Chad
  Schramek

  
	
   

  	
   

  	
  Title:

  	
  Assistant
  Treasurer

  
	
   

  	
   

  	
  Strand
  Advisors, Inc., General Partner of Highland Capital Management, L.P.

  
						

 

 

	
   

  	
  HFT Real
  Estate CDO 2006-1, Ltd.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Highland
  Capital Management, L.P.,

  
	
   

  	
   

  	
  As
  Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Strand
  Advisors, Inc.,

  
	
   

  	
   

  	
  Its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Chad
  Schramek

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Chad
  Schramek

  
	
   

  	
   

  	
  Title:

  	
  Assistant
  Treasurer

  
	
   

  	
   

  	
  Strand
  Advisors, Inc., General Partner of 

  Highland Capital Management, L.P.

  
					

 

 

	
   

  	
  Loan Funding
  VII LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Highland
  Capital Management, L.P.,

  
	
   

  	
   

  	
  As
  Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Strand
  Advisors, Inc.,

  
	
   

  	
   

  	
  Its General
  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Chad
  Schramek

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Chad
  Schramek

  
	
   

  	
   

  	
  Title:

  	
  Assistant
  Treasurer

  
	
   

  	
   

  	
  Strand
  Advisors, Inc., General Partner of

  Highland Capital Management, L.P.

  
					

 

 

	
   

  	
  Highland
  Legacy Limited

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Highland
  Capital Management, L.P.,

  
	
   

  	
   

  	
  As
  Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Strand
  Advisors, Inc.,

  
	
   

  	
   

  	
  Its General
  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Chad
  Schramek

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Chad
  Schramek

  
	
   

  	
   

  	
  Title:

  	
  Assistant
  Treasurer

  
	
   

  	
   

  	
  Strand
  Advisors, Inc., General Partner of 

  Highland Capital Management, L.P.

  
					

 

 

	
   

  	
  Southfork
  CLO, Ltd.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Highland
  Capital Management, L.P.,

  
	
   

  	
   

  	
  As
  Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Strand
  Advisors, Inc.,

  
	
   

  	
   

  	
  Its General
  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Chad
  Schramek

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Chad
  Schramek

  
	
   

  	
   

  	
  Title:

  	
  Assistant
  Treasurer

  
	
   

  	
   

  	
  Strand
  Advisors, Inc., General Partner of 

  Highland Capital Management, L.P.

  
					

 

 

	
   

  	
  Loan Funding
  IV LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Highland
  Capital Management, L.P.,

  
	
   

  	
   

  	
  As
  Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Strand
  Advisors, Inc.,

  
	
   

  	
   

  	
  Its General
  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Chad
  Schramek

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Chad
  Schramek

  
	
   

  	
   

  	
  Title:

  	
  Assistant
  Treasurer

  
	
   

  	
   

  	
  Strand
  Advisors, Inc., General Partner of 

  Highland Capital Management, L.P.

  
					

 

 

	
   

  	
  Oligra 43

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Wendy
  Cheung

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Wendy Cheung

  
	
   

  	
   

  	
  Title:

  	
  Authorized
  Signatory

  
					

 

 

	
   

  	
  ING Real Estate Finance (USA) LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Christopher
  S. Godlewski

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Christopher
  S. Godlewski

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  
					

 

 

	
   

  	
  KEYBANK
  NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Jane
  E. McGrath

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Jane E.
  McGrath

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  
					

 

 

	
   

  	
  LightPoint
  CLO 2004-1, Ltd.

  
	
   

  	
  LightPoint
  CLO IV, Ltd.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Colin
  Donlan

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Colin Donlan

  
	
   

  	
   

  	
  Title:

  	
  Director

  
					

 

 

	
   

  	
  OLYMPIC CLO
  I

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  John
  M. Casparian

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John M.
  Casparian

  
	
   

  	
   

  	
  Title:

  	
  Chief
  Operating Officer,

  
	
   

  	
   

  	
   

  	
  (Manager)

  
	
   

  	
   

  	
   

  	
  Centre
  Pacific, LLC

  
					

 

 

	
   

  	
  Centurion
  CDO 8, Limited

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  RiverSource
  Investments, LLC 

  as Collateral Manager

  
	
   

  
	
   

  	
  By:

  	
    /s/  Robin
  C. Stancil

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Robin C.
  Stancil

  
	
   

  	
   

  	
  Title:

  	
  Supervisor -
  Fixed Income

  
							

 

 

	
   

  	
  Centurion
  CDO II, Ltd.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  RiverSource
  Investments, LLC

  
	
   

  	
   

  	
  as
  Collateral Manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Robin
  C. Stancil

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Robin C.
  Stancil

  
	
   

  	
   

  	
  Title:

  	
  Supervisor -
  Fixed Income

  
					

 

 

	
   

  	
  Centurion
  CDO 9, Ltd.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  RiverSource
  Investments, LLC

  
	
   

  	
   

  	
  as
  Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Robin
  C. Stancil

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Robin C.
  Stancil

  
	
   

  	
   

  	
  Title:

  	
  Supervisor -
  Fixed Income

  
					

 

 

	
   

  	
  Centurion
  CDO VII, Ltd.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  RiverSource
  Investments, LLC

  
	
   

  	
   

  	
  as
  Collateral Manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Robin
  C. Stancil

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Robin C.
  Stancil

  
	
   

  	
   

  	
  Title:

  	
  Supervisor -
  Fixed Income

  
					

 

 

	
   

  	
  Union Bank
  of California, N.A.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Kathleen
  S. Crandell

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Kathleen S.
  Crandell

  
	
   

  	
   

  	
  Title:

  	
  SVP &
  Regional Manager

  
					

 

 

	
   

  	
  U.S. Bank
  National Association

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Wayne
  Choi

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Wayne Choi

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice
  President

  
					

 

 

	
   

  	
  VAN KAMPEN

  
	
   

  	
  SENIOR
  INCOME TRUST

  
	
   

  
	
   

  	
  By:

  	
  Van Kampen
  Asset Management

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Robert
  P. Drobny

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Robert P.
  Drobny

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  
					

 

 

	
   

  	
  VAN KAMPEN

  
	
   

  	
  SENIOR LOAN
  FUND

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Van Kampen
  Asset Management

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Robert
  P. Drobny

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Robert P.
  Drobny

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  
					

 

 

	
   

  	
  [LENDER]

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Bryan
  Stevens

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Bryan
  Stevens

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  
					

 

 

	
   

  	
  JPMorgan
  Chase Bank, N.A.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Marc
  E. Costantino

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Marc E.
  Costantino

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  
					

 

 

	
   

  	
  Trumbull
  THC2 Loan Funding LLC,

  
	
   

  	
  for itself
  or as agent for Trumbull THC2 CFPI Loan 

  Funding LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Beata
  Konopko

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Beata
  Konopko

  
	
   

  	
   

  	
  Title:

  	
  As
  attorney-in-fact

  
					

 

 

	
   

  	
  Bushnell
  CBNA Loan Funding LLC,

  
	
   

  	
  for itself
  or as agent for Bushnell CFPI Loan 

  Funding LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Beata
  Konopko

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Beata
  Konopko

  
	
   

  	
   

  	
  Title:

  	
  As
  attorney-in-fact

  
					

 

 

	
   

  	
  Stedman CBNA
  Loan Funding LLC,

  
	
   

  	
  for itself
  or as agent for Stedman CFPI Loan 

  Funding LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Roy
  Hykal

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Roy Hykal

  
	
   

  	
   

  	
  Title:

  	
  Attorney-in-fact

  
					

 

 

	
   

  	
  Attentus
  CDOI, LTD

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Attentus
  Management Group, LLC

  
	
   

  	
   

  	
  Its
  Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Steve
  Stein

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Steve Stein

  
	
   

  	
   

  	
  Title:

  	
  Managing
  Director

  
					

 

 

	
   

  	
  AWE, LTD

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Attentus
  Management Group, LLC

  
	
   

  	
   

  	
  as Portfolio
  Manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Steve
  Stein

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Steve Stein

  
	
   

  	
   

  	
  Title:

  	
  Managing
  Director

  
					

 

 

	
   

  	
  SIERRA CLO I

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  John
  M. Casparian

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John M.
  Casparian

  
	
   

  	
   

  	
  Title:

  	
  Chief
  Operating Officer,

  
	
   

  	
   

  	
   

  	
  (Manager)

  
	
   

  	
   

  	
   

  	
  Centre
  Pacific, LLC

  
					

 

 

	
   

  	
  WHITNEY CLO
  I

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  John
  M. Casparian

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John M.
  Casparian

  
	
   

  	
   

  	
  Title:

  	
  Chief
  Operating Officer,

  
	
   

  	
   

  	
   

  	
  (Manager)

  
	
   

  	
   

  	
   

  	
  Centre
  Pacific, LLC

  
					

 

 

	
   

  	
  Granite
  Ventures III Ltd.

  
	
   

  	
  Stone Tower
  Debt Advisors LLC,

  
	
   

  	
  as its
  Collateral Manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Michael
  W. Delpercio

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael W.
  Delpercio

  
	
   

  	
   

  	
  Title:

  	
  Authorized
  Signatory

  
					

 

 

	
   

  	
  Granite
  Ventures II Ltd.

  
	
   

  	
  Stone Tower
  Debt Advisors LLC,

  
	
   

  	
  as its
  Collateral Manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Michael
  W. Delpercio

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael W.
  Delpercio

  
	
   

  	
   

  	
  Title:

  	
  Authorized
  Signatory

  
					

 

 

	
   

  	
  Granite
  Ventures I Ltd.

  
	
   

  	
  Stone Tower
  Debt Advisors LLC,

  
	
   

  	
  as its
  Collateral Manager

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Michael
  W. Delpercio

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael W.
  Delpercio

  
	
   

  	
   

  	
  Title:

  	
  Authorized
  Signatory

  
					

 

 

	
   

  	
  Stone Tower
  CLO V Ltd.

  
	
   

  	
  Stone Tower
  Debt Advisors LLC,

  
	
   

  	
  as its
  Collateral Manager

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Michael
  W. Delpercio

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael W.
  Delpercio

  
	
   

  	
   

  	
  Title:

  	
  Authorized
  Signatory

  
					

 

 

	
   

  	
  Stone Tower
  CLO IV Ltd.

  
	
   

  	
  Stone Tower
  Debt Advisors LLC,

  
	
   

  	
  as its
  Collateral Manager

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Michael
  W. Delpercio

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael W.
  Delpercio

  
	
   

  	
   

  	
  Title:

  	
  Authorized
  Signatory

  
					

 

 

	
   

  	
  Stone Tower
  Credit Funding I Ltd.

  
	
   

  	
  Stone Tower
  Debt Advisors LLC,

  
	
   

  	
  as its
  Collateral Manager

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Michael
  W. Delpercio

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael W.
  Delpercio

  
	
   

  	
   

  	
  Title:

  	
  Authorized
  Signatory

  
					

 

 

	
   

  	
  Stone Tower
  CLO III Ltd.

  
	
   

  	
  Stone Tower
  Debt Advisors LLC,

  
	
   

  	
  as its
  Collateral Manager

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Michael
  W. Delpercio

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael W.
  Delpercio

  
	
   

  	
   

  	
  Title:

  	
  Authorized
  Signatory

  
					

 

 

	
   

  	
  NYLIM
  Flatiron CLO 2005-1 Ltd.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  New York
  Life Investment Management 

  LLC, as Collateral Manager

  
	
   

  	
   

  	
  Attorney-In-Fact

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  F.
  Berthelot

  	
   

  
	
   

  	
   

  	
  Name:

  	
  F. Berthelot

  
	
   

  	
   

  	
  Title:

  	
  Director

  
					

 

 

	
   

  	
  NYLIM
  Institutional Floating Rate Fund L.P.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  New York
  Life Investment Management 

  LLC, as Investment Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  F.
  Berthelot

  	
   

  
	
   

  	
   

  	
  Name:

  	
  F. Berthelot

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MainStay                  Manager
  Fund, a series of

  Eclipse Funds Inc.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  New York
  Life Investment Management LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  F.
  Berthelot

  	
   

  
	
   

  	
   

  	
  Name:

  	
  F. Berthelot

  
	
   

  	
   

  	
  Title:

  	
  Director

  
						

 

 

	
   

  	
  MainStay
  Floating Rate Fund, a series of Eclipse Funds, Inc.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  New York
  Life Investment Management LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  F.
  Berthelot

  	
   

  
	
   

  	
   

  	
  Name:

  	
  F. Berthelot

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MainStay VP
  Floating Rate Portfolio, a series of

  MainStay VP Series Funds, Inc.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  New York
  Life Investment Management LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  F.
  Berthelot

  	
   

  
	
   

  	
   

  	
  Name:

  	
  F. Berthelot

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  New York
  Life Insurance Company

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  F.
  Berthelot

  	
   

  
	
   

  	
   

  	
  Name:

  	
  F. Berthelot

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  New York
  Life Insurance and Annuity Corporation

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  New York
  Life Investment Management 

  LLC, Its Investment Manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  F.
  Berthelot

  	
   

  
	
   

  	
   

  	
  Name:

  	
  F. Berthelot

  
	
   

  	
   

  	
  Title:

  	
  DirectorExhibit 10.1

 

Execution Copy

 

CHANGE-IN-CONTROL AGREEMENT

 

This
CHANGE-IN-CONTROL AGREEMENT (“Agreement”) is dated as of July 24, 2006,
and is entered into by and among Sherri Heronema (“Employee”),
Centennial Bank Holdings, Inc., a Delaware corporation (“CBHI” or,
together with its subsidiaries, the “Company”).

 

WHEREAS, Employee was hired as of the date
hereof by the Company;

 

NOW,
THEREFORE, as an inducement to render services and superior performance,
Employee and the Company agree as follows:

 

1.             Termination
Without Cause or For Good Reason Following a Change-in-Control.

 

(a)           If within two (2) years
following a Change-in-Control the Company terminates Employee’s employment
other than for Cause or Employee terminates her employment for Good Reason,
then the Company shall:

 

(i)            pay to the Employee in
one lump sum within five (5) days of such termination, an amount in cash equal
to two (2) times the Employee’s Compensation;

 

(ii)           for 24 months following
the date of such termination, continue to provide medical and dental benefits
to the Employee, her spouse and her eligible dependants on the same basis as
such benefits are then currently provided to such Employee (the “Medical
Benefits”); provided that such benefits shall be secondary to any other
coverage obtained by the Employee; provided, however, that if the Company’s
welfare plans do not permit such coverage, the Company will provide Employee
the Medical Benefits with the same tax effect; and

 

(iii)          pay or provide for all
Accrued Compensation and Other Benefits.

 

(b)           Limits. The
Company’s obligation to make any payments to Employee as described in this
Agreement (other than Accrued Compensation) is contingent upon Employee’s
execution of a Waiver and Release of Claims, a form of which is attached to
this Agreement as Annex A. On any termination in accordance with this
Agreement, the Company shall have no further obligation to make payments under
this Agreement other than as specifically provided for in this Section 1 and
Employee shall not be eligible to receive any other severance benefits under
any severance or termination plan, program, policy or arrangement maintained by
the Company or its affiliates.

 

 

2.             Excess Payments.
Notwithstanding any provision of this Agreement to the contrary, in the event any
payments or non-cash benefits that Employee is entitled to receive (whether
pursuant to the terms of this Agreement or otherwise (the “Payments”))
would be subject to the excise tax (the “Excise Tax”) under Section 4999 of the Internal Revenue
Code of 1986, as amended (the “Code”),
then the amounts payable to Employee under this Agreement shall be reduced, but
not below zero, to the maximum amount as will result in no portion of the
Payments being subject to such excise tax (the “Safe Harbor Cap”). For purposes of reducing the Payments to
the Safe Harbor Cap, only amounts payable to Employee under this Agreement (and
no other Payments) shall be reduced, unless consented to by Employee.

 

3.             Non-Solicitation and Confidential
Information.

 

(a)           Non-Solicitation. By Employee’s
acceptance of the payments under this Agreement, Employee shall not, for a
period of two (2) years following Employee’s termination of employment with the
Company, in any manner, directly or indirectly (without the prior written
consent of the Company): 
(i) Solicit any Client to transact business with a Competitive
Enterprise in a Restricted Territory or to reduce or refrain from doing any
business with the Company, (ii) transact business with any Client that
would cause Employee to be a Competitive Enterprise in a Restricted Territory,
(iii) interfere with or damage any relationship between the Company and a
Client or (iv) Solicit anyone who is then an employee of the Company (or
who was an employee of the Company within the prior 12 months) to resign from
the Company or to apply for or accept employment with any other business or
enterprise.

 

(b)           Confidential
Information. Employee hereby acknowledges that, as an employee of the
Company, she will be making use of, acquiring and adding to confidential
information of a special and unique nature and value relating to the Company
and its strategic plans, operations, financial condition and performance and
such confidential information constitutes trade secrets of the Company. Employee
further recognizes and acknowledges that all confidential information is the
exclusive property of the Company, is material and confidential, and is
critical to the successful conduct of the business of the Company. Accordingly,
Employee hereby covenants and agrees that she will use confidential information
for the benefit of the Company only and shall not at any time, directly or
indirectly, while employed with the Company and thereafter, divulge, reveal or
communicate any confidential information to any person, firm, corporation or
entity whatsoever, or use any confidential information for her own benefit or
for the benefit of others. Notwithstanding the foregoing, Employee shall be
authorized to disclose confidential information (i) as may be required by law
or legal process after providing the Company with prior written notice and an
opportunity to respond to such disclosure (unless such notice is prohibited by
law), (ii) in any criminal proceeding against her after providing the Company
with prior written notice and an opportunity to seek protection for such
confidential information and (iii) with the prior written consent of the
Company.

 

(c)           Validity. The terms and
provisions of this Section 4 are intended to be separate and divisible
provisions and if, for any reason, any one or more of them is

 

2

 

held to be invalid or
unenforceable, neither the validity nor the enforceability of any other
provision of this Agreement shall thereby be affected. The parties hereto
acknowledge that the potential restrictions on Employee’s future employment
imposed by this Section 4 are reasonable in both duration and geographic
scope and in all other respects. If for any reason any court of competent
jurisdiction shall find any provisions of this Section 4 unreasonable in
duration or geographic scope or otherwise, Employee and Employer agree that the
restrictions and prohibitions contained herein shall be effective to the
fullest extent allowed under applicable law in such jurisdiction.

 

(d)           Specific Enforcement; Cessation of Payments.
The Company is entitled to an action or proceeding, in addition to its rights
under Section 9 and whether or not an arbitration proceeding has been or is
ever initiated, to temporarily, preliminarily or permanently enforce any part
of Section 3(a) or (b). Employee agrees that (i) Employee violating any
part of Section 3(a) or (b) would cause damage to the Company that cannot be
measured or repaired, (ii) the Company therefore is entitled to an injunction,
restraining order or other equitable relief restraining any actual or
threatened violation of such Sections, (iii) no bond will need to be posted for
the Company to receive such an injunction, order or other relief and (iv) no
proof will be required that monetary damages for violations of Section 3(a) or
(b) would be difficult to calculate and that remedies at law would be
inadequate.

 

(e)           Survival. Any termination of
Employee’s employment or of this Agreement (or breach of this Agreement by
Employee or the Company) shall have no effect on the continuing operation of
this Section 3.

 

4.             Definitions.

 

(a)           Accrued Compensation.
“Accrued Compensation” means, as of Employee’s termination of employment, (i)
unpaid salary, (ii) salary for any accrued vacation not taken and (iii) unpaid
expense reimbursements. Accrued Compensation will be paid in one lump sum
within five (5) days of such termination.

 

(b)           Board.
“Board” means the Board of Directors of CBHI.

 

(c)           Cause. Termination
of employment for “Cause” means that, prior to any termination of Employee’s
employment, Employee shall have committed:

 

(i)            an intentional act of
fraud, embezzlement or theft;

 

(ii)           intentional damage to
property of the Company;

 

(iii)          intentional disclosure
of confidential information or trade secrets of the Company or information
relating to customers of the Company or its parent, a subsidiary or affiliate;

 

(iv)          willful violation of any
law, rule or regulation (other than traffic violations or similar offenses) or
final cease and desist order;

 

3

 

(v)           an act constituting a
felony or a misdemeanor involving moral turpitude for which the Employee is
convicted by any federal, state or local authority, or to which the Employee
enters a plea of guilty or nolo contendere;

 

(vi)          an act or omission that
causes Employee to be disqualified or barred by any governmental or
self-regulatory authority from serving in the capacity contemplated by this
Agreement or losing any governmental or self-regulatory license that is
reasonably necessary for Employee to perform her responsibilities to the
Company under this Agreement; or

 

(vii)         intentional breach of
corporate fiduciary duty involving personal profit.

 

For the purposes of this Agreement, no act, or failure to act, on the
part of Employee shall be deemed “intentional” unless done, or omitted to be
done, by Employee not in good faith and without reasonable belief that her
action or omission was in the best interest of the Company. Notwithstanding the
foregoing, Employee shall not be deemed to have been terminated for Cause
hereunder unless and until there shall have been delivered to Employee a copy
of a resolution duly adopted by the affirmative vote of not less than
three-quarters of the members of the Board then in office at a meeting of the
Board called and held for such purpose (after reasonable notice to Employee and
an opportunity for Employee, together with her counsel to be heard before the
Board), finding that, in the good faith opinion of the Board, Employee had
committed an act set forth above in clauses (i) through (vii) and specifying
the particulars thereof in detail. Nothing herein shall limit the right of
Employee or her beneficiaries to contest the validity or propriety of any such
determination.

 

(d)           Change-in-Control.
“Change in Control” means:

 

(i)            stockholder approval
of a plan of dissolution or liquidation of CBHI;

 

(ii)           the individuals who, as of the date of this
Agreement, constitute the Board (“Incumbent Board”), cease for any reason
to constitute at least two-thirds of the members of the Board; provided,
however, that if the election, or nomination for election by CBHI’s
stockholders, of any new director was approved by a vote of at least two-thirds
of the Incumbent Board, such new director shall, for purposes of this Agreement, be considered as a member of the
Incumbent Board; provided, further, however, that no
individual shall be considered a member of the Incumbent Board if such
individual initially assumed office as a result of either an actual or
threatened “election contest” or other actual or threatened solicitation of
proxies or consents by or on behalf of an individual, entity or group (within the meaning of Section 13(d) or
14(d) of the Exchange Act) (a “Person”) other than the Board (a “Proxy
Contest”) including by reason of any agreement intended to avoid or settle
any election contest or Proxy Contest;

 

4

 

(iii)          the consummation of a
plan of reorganization, merger or consolidation involving CBHI, except for a
reorganization, merger or consolidation where (A) the stockholders of CBHI
immediately prior to such reorganization, merger or consolidation own directly
or indirectly at least 70% of the combined voting power of the outstanding
voting securities of CBHI resulting from such reorganization, merger or
consolidation (the “Surviving Company”) in substantially the same
proportion as their ownership of voting securities of CBHI immediately prior to
such reorganization, merger or consolidation, and (B) the individuals who
were members of the Incumbent Board immediately prior to the execution of the
agreement providing for such reorganization, merger or consolidation constitute
at least two-thirds of the members of the board of directors of the Surviving
Company, or of a company beneficially owning, directly or indirectly, a
majority of the voting securities of the Surviving Company;

 

(iv)          the sale of all or substantially all the assets of the Company to another Person; or

 

(v)           the acquisition by another Person of beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) of stock representing more than fifty percent (50%) of the voting
power of CBHI then outstanding by another Person.

 

(e)           Client. “Client” means any client or
prospective client of the Company to whom Employee provided services, or for
whom Employee transacted business, or whose identity became known to Employee
in connection with his relationship with or employment by Employer.

 

(f)            Compensation. “Compensation”
means Employee’s highest annual compensation for any calendar year in the three
calendar years ending with the calendar year which includes the date of
Employee’s termination of employment with the Company, with Employee’s compensation
for any such calendar year in which Employee does not complete twelve (12)
months of service being annualized on the basis of a twelve (12) month year. For
purposes of determining Employee’s “Compensation”, Employee’s annual
compensation for any calendar year or portion thereof shall be limited to
Employee’s base salary, automobile and other expense allowances, and bonus
attributable to such calendar year regardless of when paid, before reductions
for any amounts excludable from Employee’s gross income for federal income tax
purposes pursuant to Section 125 or Section 401(k) of the Code or under any
nonqualified deferred compensation plan. Notwithstanding anything herein to the
contrary, “Compensation” shall not include Employee’s income from the
grant or vesting of restricted stock, or from the grant, vesting, or exercise
of stock options.

 

(g)           Competitive Enterprise. “Competitive Enterprise” means any business enterprise that
either (A) engages in any activity closely associated with commercial banking
or the operation of an institution, the deposits of which are insured by the
Federal Deposit Insurance Corporation, in a Restricted Territory, or
(B) holds a

 

5

 

25% or greater equity, voting
or profit participation interest in any enterprise that engages in such a
competitive activity.

 

(h)           Disability. “Disability”
shall occur if Employee is incapacitated and absent from her duties hereunder
on a full-time basis for four (4) consecutive months or for at least one
hundred eighty (180) days (which need not be consecutive) during any twelve
(12) month period.

 

(i)            Good
Reason. “Good Reason” means:

 

(i)            without
her express written consent, the assignment to Employee of any duties
inconsistent with her title, position, duties, responsibilities and status with
the Company as in effect immediately before the Change-in-Control, or any other
action by the Company that results in a diminution of Employee’s title, duties,
position or reporting relationships, or any removal of Employee from, or any
failures to re-elect Employee to, any of such positions, except in connection
with the termination of her employment for Cause or as a result of her
Disability or death, or termination by Employee other than for Good Reason; provided,
however, that insubstantial or inadvertent actions not taken in bad
faith which are remedied by the Company promptly after receipt of notice
thereof given by Employee shall not constitute Good Reason;

 

(ii)           any
reduction in Employee’s base salary, or a significant reduction in the
aggregate employee benefits provided to Employee without her prior written
consent, unless such reduction applies equally to other similarly situated
employees of the Company, in each case, which is not remedied within ten (10)
calendar days after receipt by the Company of written notice from the Employee
of such change or reduction, as the case may be;

 

(iii)          a
determination by Employee made in good faith that she has been rendered
substantially unable to carry out, or has been substantially hindered in the
performance of, any of the authorities, powers, functions, responsibilities or
duties attached to her position, which situation is not remedied within thirty
(30) calendar days after receipt by the Company of written notice from Employee
of such determination;

 

(iv)          the
Company relocating its principal executive offices or requiring Employee to
relocate her principal location of work to a location which is in excess of
fifty (50) miles from the current location thereof, or requiring Employee to
travel away from her office in the course of discharging her responsibilities
or duties hereunder more than thirty (30) consecutive calendar days or an
aggregate of more than one hundred twenty (120) calendar days in any consecutive
three hundred sixty-five (365) calendar-day period, without in either case her
prior consent;

 

6

 

(v)           failure
by the Company to require any successor (whether direct or indirect, by
purchase, merger consolidation or otherwise) to all or substantially all of the
business and/or assets of the Company, by agreement in form and substance
satisfactory to Employee, to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place; or

 

(vi)          any
material breach of this Agreement by the Company.

 

(j)            Other Benefits.
“Other Benefits” means, as of Employee’s termination of Employment, accrued
amounts or benefits required to be paid or provided to Employee under any other
plan, program, policy or arrangement of the Company. Other Benefits shall be
paid or provided for in accordance with the terms of such other plan, program,
policy or arrangement except as otherwise specifically provided in this
Agreement.

 

(k)           Restricted Territory.
“Restricted Territory” means the geographic area of the State of Colorado
extending from the continental divide to the eastern State boundary.

 

(l)            Solicit. “Solicit” means any direct or indirect
communication of any kind, regardless of who initiates it, that in any way
invites, advises, encourages or requests any person to take or refrain from
taking any action.

 

5.             Compliance with
Section 409A of the Code. To the extent required to comply with Section
409A of the Code (and the regulations thereunder), any compensation to be paid
or benefits to be provided in connection with Employee’s termination of
employment will be delayed until the earliest day on which such payments could
be made or benefits provided in compliance (at which point all payments
so-delayed shall be provided in one lump sum).

 

6.             Employment Status.
This Agreement does not constitute a contract of employment or impose on
Employee any obligation to remain in the employ of the Company, nor does it
impose on the Company any obligation to retain Employee in her present or any
other position, nor does it change the status of Employee’s employment as an
employee at will. Nothing in this Agreement shall in any way affect the right
of the Company in its absolute discretion to change or reduce Employee’s
compensation at any time, or to change at any time one or more benefit plans,
dental plans, health care plans, savings plans, bonus plans, vacation pay
plans, disability plans, and the like.

 

7.             Governing Law.
This Agreement is made and entered into in the State of Colorado, without
regard to conflict of laws rules, and the laws of Colorado shall govern its
validity and interpretation in the performance by the parties of their
respective duties and obligations.

 

7

 

8.             Entire Agreement.
This Agreement constitutes the entire agreement between the parties concerning
the matters herein and supercedes any prior written agreements, and there are
no representations, warranties or commitments, other than those in writing
executed by all of the parties.

 

9.             Arbitration. Except
as otherwise expressly provided herein, any dispute, controversy, or claim
arising out of or relating to this Agreement or breach thereof, or arising out
of or relating in any way to the employment of the Employee or the termination
thereof, shall be submitted to arbitration in accordance with the Voluntary
Labor Arbitration Rules of the American Arbitration Association. Judgment upon
the award rendered by the arbitrator may be entered in any court of competent
jurisdiction. In reaching his or her decision, the arbitrator shall have no
authority to ignore, change, modify, add to or delete from any provision of
this Agreement, but instead is limited to interpreting this Agreement. In the
case of any arbitration or subsequent judicial proceeding arising after
Employee’s discharge or termination, Employee shall be awarded her costs,
including attorneys’ fees, provided Employee substantially prevails on at least
one claim.

 

10.           Notices. Any
notice or communication required or permitted to be given to the parties shall
be delivered personally or sent by United States registered or certified mail,
postage prepaid and return receipt requested, and addressed or delivered as
follows, or to such other address as the party addressed may have substituted
by notice pursuant to this Section.

 

	
  (a)

  	
   

  	
  If to the Company:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Centennial Bank Holdings, Inc.

  
	
   

  	
   

  	
  1331 Seventeenth Street, Suite 300

  
	
   

  	
   

  	
  Denver, Colorado 80202

  
	
   

  	
   

  	
  Attn: General Counsel

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  If to Employee:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Sherri Heronema

  

 

11.           Binding Agreement.
This Agreement shall inure to the benefit of and be enforceable by Employee and
her personal or legal representatives, executors, administrators, successors,
heirs, distributees, devises and legatees. If Employee should die while any
amounts would still be payable to her hereunder if she had continued to live,
all such amounts, unless otherwise provided herein, shall be paid in accordance
with the terms of this Agreement to her devisee, legatee, or other designee,
or, if there be no such designee, to her estate. This Agreement shall inure to
the benefit of and be enforceable by the Company and any of its successors and
assigns.

 

8

 

12.           No Mitigation of
Amounts Payable Hereunder. Employee shall not be required to mitigate the
amount of any payment provided for in this Agreement by seeking other
employment or otherwise, nor shall the amount of any payment provided for in
this Agreement be reduced by any compensation earned by Employee as the result
of employment by another company after the date of termination, or otherwise.

 

13.           Captions. The
captions of this Agreement are inserted for convenience and are not part of the
Agreement.

 

14.           Severability. In
case anyone or more of the provisions contained in this Agreement shall for any
reason be held to be invalid, illegal, or unenforceable in any other respect,
such invalidity, illegality or unenforceability shall not affect any other
provision of this Agreement. This Agreement shall be construed as if such
invalid, illegal or unenforceable provision had never been a part of the
Agreement and there shall be deemed substituted therefore such other provision
as will most nearly accomplish the intent of the parties to the extent
permitted by the applicable law.

 

15.           Counterparts. This
Agreement may be executed simultaneously in two or more counterparts, each of
which shall be deemed an original, but all of which shall together constitute
one in the same Agreement.

 

	
   

  	
  EMPLOYEE:

  
	
   

  
	
   

  	
  /s/ Sherri Heronema

  
	
   

  	
  Sherri Heronema

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CENTENNIAL BANK HOLDINGS, INC.:

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel M. Quinn

  
	
   

  	
  Name:

  	
  Daniel M. Quinn

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
				

 

9

 

Annex A

 

WAIVER AND RELEASE OF CLAIMS

 

In consideration of the payments and arrangements set forth in the
change in control agreement between you and Centennial Bank Holdings, Inc., a
Delaware corporation (the “Company”), dated July 24, 2006 (the “Agreement”)
and incorporated herein by reference, you agree knowingly and voluntarily as
follows:

 

1.     You
knowingly and voluntarily waive and release forever whatever claims you ever
had, now have or hereafter may have against the Company and any subsidiary or
affiliate of the Company, and any of its present and former employees,
directors, officers and agents (collectively referred to as “Releasees”),
based upon any offer, agreement, matter, occurrence or event existing or
occurring prior to the execution of this waiver and release of claims,
including anything relating to your employment by the Company or to the
termination of such employment or to your status as a shareholder or creditor
of the Company.

 

This release and waiver includes but is not limited to any rights or
claims under United States federal, state or local law and the national or
local law of any foreign country (statutory or decisional), for wrongful or
abusive discharge, for breach of any contract, for misrepresentation, for
breach of any securities laws, or for discrimination based upon race, color,
ethnicity, sex, age, national origin, religion, disability, sexual orientation,
or any other unlawful criterion or circumstance, including rights or claims
under the Age Discrimination in Employment Act of 1967 (“ADEA”) (except
that you do not waive ADEA rights or claims that may arise after the date of
this agreement).

 

2.     The
payments received by you pursuant to the Agreement shall be in lieu of any and
all other amounts to which you might be, are now or may become entitled from
the Company and, without limiting the generality of the foregoing, you hereby
expressly waive any right or claim that you may have or assert to payment for
salary, bonuses, medical, dental or hospitalization benefits, life insurance
benefits or attorneys’ fees; provided, however, that
notwithstanding any other provision of this agreement, you do not waive any of
your rights and the Company shall comply with its obligations with respect to
(i) the payments and arrangements set forth in the Agreement and (ii)
continuation coverage requirements under Section 4980B of the Internal Revenue
Code of 1986, as amended (commonly referred to as “COBRA”).

 

3.     You
agree that you will not knowingly orally or in writing criticize, disparage or
undermine the reputation of any Releasee.

 

You also
hereby expressly agree not to discuss the business affairs of the Company and
any of its subsidiaries and affiliates with any member of the press (or to
otherwise make such information publicly available) at any time without the
express

 

10

 

written
consent of the Company. Your signature below will also constitute your
agreement that you will not disclose, directly or indirectly, to anyone other
than your spouse, counsel, accountants or financial advisors, the terms of this
release and waiver of claims or the Agreement, except as may be required by law
or in response to regulatory inquiry, judicial process or order.

 

Notwithstanding anything herein to the contrary, you hereby expressly
agree that the severance payment and arrangements set forth in the Agreement
may be offset by any amounts you owe to the Company or any of its subsidiaries
or affiliates.

 

Your signature below will also constitute confirmation that you have
(i) made such waivers, releases, agreements and confirmation in consideration
for the severance payment and other arrangements set forth in the Agreement,
(ii) been given at least 21 days within which to consider this Agreement and
its consequences, and (iii) been advised prior to signing this release and
waiver of claims to consult, and have consulted, with an attorney of your
choice. For a period of seven days following the execution of this release of
claims, you may revoke this release, and forfeit any right you have to the
severance payments and other arrangements described under the Agreement.

 

This release and waiver of claims shall be governed by the laws of the
State of Colorado, without regard to principles of conflict of laws.

 

	
   

  	
  AGREED AND CONFIRMED:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Date:            ,
  200  

  

 

11

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