Document:

Exhibit 4.25

 

 

 

 

 

 

 

 

 

 

B.O.S. BETTER ONLINE SOLUTIONS   LTD.

 

share
PURCHASE AGREEMENT

Dated
as of

November
28, 2014

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

 

share
PURCHASE AGREEMENT

 

This
SHARE PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of November 27, 2014, by and among
B.O.S Better Online Solutions Ltd. (the “Company”), and Novel Infrastructure Ltd. a Company incorporated in Mauritius
with registered offices at C/O Ocra (Mauritius) Limited, level 2 Maxcity Building, Remy Ollier street Port Louis, Mauritius (the
“Investor”) to be wholly owned by Ms. Rachel Troublaiewitch, whose address is A34, Block A, 15/F, Repulse Bay Apartments,
101 Repulse Bay Road, Repulse Bay, Hong Kong and her father, Mr. Paning Wong ("Wong"), shortly following the Closing
(as defined below). 

 

WHEREAS,
subject to the terms and conditions herein, the Investor desires to acquire from the Company, and the Company desires to issue
to the Investor Ordinary Shares of the Company, nominal value NIS 80.00 each (each, a “Share” and collectively, the
“Shares”).

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and
the Investor hereby agree as follows:

 

1.            PURCHASE
AND SALE OF SHARES/LOAN CONVERSION COMMITMENT/OTHER COVENANTS.

 

1.1           Subject
to the satisfaction of the terms and conditions described in this Agreement, at the Closing (as defined below), the Company agrees
to sell to the Investor, and the Investor agrees to purchase from the Company, such number of Shares at a purchase price per Share
equal to the volume weighted average closing price of the Company’s Ordinary Shares on the Nasdaq Capital Market for the
twenty (20) trading days ending on the last trading day immediately prior to the date hereof (the “PPS”), against
the payment to the Company of a total of US$500,000 (the “Purchase Amount”).

 

1.2           Promptly
following the Closing, Ms. Rachel Troublaiewitch shall be appointed as an observer to the Board of Directors.

 

2.            CLOSING.
The execution and delivery of this Agreement (and the performance thereof) shall occur on November 28, 2014, upon delivery
by facsimile or e-mail of the pdf version of executed signature pages of this Agreement and all other documents, instruments and
writings required to be delivered pursuant to this Agreement to Amit, Pollak, Matalon & Co., NITSBA Tower, 17 Yitzhak Sadeh
Street, Tel-Aviv 67775 Israel attn: Shlomo Landress, Adv., Fax: (972) 3 568-9001 (the “Closing”). At the Closing on
November 27, 2014, the Investor shall deliver to the Company payment in full (without deduction of any fees or taxes) for the
Shares to be purchased, via wire transfer of immediately available funds in accordance with the wire instructions below or bank
or cashier’s check. As soon as possible following Closing the Company will deliver to the Investor a duly executed share
certificate in the name of the Investor reflecting the number of shares purchased hereunder.

 

	 	BOS
    Better Online Solutions Ltd.
	 	Bank
    Leumi Ltd.
	 	11
        Moshe Levy St.

        Rishon
        Le-Zion Industrial Zone, 75707

        Israel

         

    	 

    	 

    

 

3.            REPRESENTATIONS
AND WARRANTIES BY THE COMPANY. The Company hereby represents and warrants to the Investor that:

 

3.1            Corporate
Organization. The Company is a corporation duly incorporated and validly existing under the laws of Israel, and has the corporate
power to own its property and to carry on its business as now being conducted. The Company’s shares are traded on the Nasdaq
Capital Market.

 

3.2            Due
Authorization and Valid Issuance. The Company has the corporate power to enter into this Agreement. The Agreement has been,
or will have been, at the time of its execution and delivery, duly executed and delivered by the Company. Prior to the Closing
of this Agreement, the Company shall have acted to complete all corporate action necessary on its part for the issuance, sale
and delivery of the Shares. The Shares being purchased by the Investor hereunder will, upon issuance and payment therefore pursuant
to the terms hereof, be duly authorized, validly issued, fully-paid and nonassessable.

 

3.3            Binding
Agreement. The Agreement constitutes a valid and legally binding obligation of the Company enforceable against the Company
in accordance with its terms, except as (i) such enforceability may be limited by bankruptcy, insolvency, reorganization, arrangement,
moratorium or similar laws relating to or affecting the rights of creditors and contracting parties generally, (ii) the remedy
of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion
of the court before which any proceeding therefore may be brought, and (iii) rights to indemnity and contribution may be limited
by Israeli or U.S. state or federal securities laws applicable to the Company or by the public policy underlying such laws.

 

3.4           Non-Contravention.
Neither the execution and delivery of the Agreement, nor the consummation of the transactions or the performance of the obligations
contemplated hereby will result in any violation or breach of Company’s Articles of Association as currently in effect,
board resolutions or shareholders resolutions.

 

3.5           No
Consent. To the Company’s best knowledge, and in reliance on the representations of the Investor given in Section 4
hereof, except for reporting obligations and approvals required under applicable securities laws and market regulations in Israel
and the United States and for notices to or approvals by the Office of the Chief Scientist (if required), no consent of any governmental
body or third party is required to be made or obtained by the Company in connection with the execution and delivery of the Agreement
by the Company or the consummation by the Company of the transactions or the performance of the obligations contemplated hereby
by the Company.

 

3.6           Capitalization.
The authorized share capital of the Company consists of 2,500,000 Ordinary Shares, nominal value NIS 80.00 per share, of which,
as of November 27, 2014, 1,647,030 Ordinary Shares are issued and outstanding. 

 

    	- 2 -

    	 

    

 

3.7         Financial
Statements. The audited consolidated financial statements of the Company as of December 31, 2013 and the related notes
thereto, as filed by the Company with the Securities and Exchange Commission (“SEC”) under Form 20-F on April 14,
2014, fairly present the financial position of the Company as of their respective dates, and have been prepared in accordance
with the books and records of the Company as at the applicable dates and for the applicable periods. Such financial
statements have been prepared in accordance with generally accepted accounting principles applied on a consistent basis
throughout the periods therein specified, except as may be disclosed in the notes to such financial statements, or as
may be permitted by the Securities and Exchange Commission and except as disclosed in the filings the Company made in
connection with such statements, if any.

 

3.8         Legal
Proceedings. Except as disclosed in the Company’s public filings or as otherwise disclosed to the Investor, there is
no material legal or governmental proceeding pending or, to the knowledge of the Company, threatened to which the Company is or
may be a party.

 

3.9         Compliance
with Law. To the knowledge of the Company, the business of the Company is conducted in accordance with applicable laws, except
to extent that, individually or in the aggregate, would not have a material adverse effect on the Company.

 

3.10        Disclosure.
The representations and warranties of the Company contained in this Section 3 as of the date hereof and as of the Closing,
and in the Company’s public filings with the SEC, and the disclosures orally provided to the Investor, do not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements herein, in light of the
circumstances under which they are made, not misleading.

 

4.            REPRESENTATIONS
OF THE INVESTOR. The Investor represents and warrants to the Company that (representations and warranties are made, jointly
and severally, by Troublaiewitch, herself and on behalf of the Investor and each of its shareholders, including Wong):

 

4.1         Enforceability.
(i) The Investor is authorized and qualified and has full right and power to become an investor in the Company, is authorized
to purchase the Shares and to perform its obligations pursuant to the provisions hereof, and (ii) the person signing the Agreement
and any other instrument executed and delivered therewith on behalf of the Investor has been duly authorized by such entity and
has full power and authority to do so.

 

4.2         Restrictions
on Transferability and Hedging.

 

4.2.1        
The Investor understands that (i) the Shares have not been registered under the Securities Act of 1933, or under the laws of any
other jurisdiction; (ii) such Shares cannot be sold, transferred or otherwise disposed of unless they are subsequently registered
under the Securities Act and, where required, under the laws of other jurisdictions or unless an exemption from registration is
then available; (iii) there is now no registration statement on file with the Securities and Exchange Commission with respect
to the Shares to be purchased by the Investor.

 

    	- 3 -

    	 

    

 

4.2.2       
The Investor acknowledges and agrees that the certificates representing the Shares shall bear restrictive legends as counsel to
the Company may determine are necessary or appropriate, including without limitation, legends under applicable securities laws
similar to the following:

 

“The
shares represented by this certificate have not been registered under the Securities Act of 1933. The shares have been acquired
for investment and may not be sold, transferred, assigned or otherwise disposed of in the absence of an effective registration
statement with respect to the shares evidenced by this certificate, filed and made effective under the Securities Act of 1933,
or an opinion of the Company’s counsel that registration under such Act is not required.”

 

4.2.3        
The Company will not register any transfer of Shares not made pursuant to registration under the Securities Act, or pursuant to
an available exemption from registration.

 

4.2.4        
The Investor agrees not to engage in hedging transactions with regard to the Shares sold pursuant to this Agreement.

 

4.3         Investment
Purposes. The Shares are being acquired for investment purposes. The Shares are not being purchased with a view to, or for
sale in connection with, any distribution or other disposition thereof. The Investor has no present plans to enter into any contract,
undertaking, agreement or arrangement for any such resale, distribution or other disposition and it will not divide its interest
in the Company’s Shares with others, resell or otherwise distribute the Shares in violation of U.S. federal or state securities
laws or the Israeli Securities Law.

 

4.4         Offshore
Transaction. Investor is not a “U.S. Person”, as such term is defined in Regulation S under the Securities Act
of 1933 (“Reg. S”), its principal address is outside the United States and it has no present intention of becoming
a resident of (or moving its principal place of business to) the United States. Such Investor was located outside the United States
at the time any offer to sell and any other action in connection with such offer and sale was made to such Investor and at the
time that the buy order was originated by the Investor. The Shares are being acquired solely for such Investor’s own account,
and in no event and without derogating from the foregoing, for the account or the benefit of a U.S. person. The Investor shall
comply with the applicable distribution compliance periods pursuant to Reg. S.

 

4.5         Information
and Advice.

 

4.5.1       
The Investor has carefully reviewed and understands the risks of a purchase of the Shares. In connection with the Investor’s
investment in the Company, it has obtained the advice of its own investment advisors, counsel and accountants (the “Advisors”).
The Investor and its Advisors have reviewed the Company’s public filings and have been furnished with all materials relating
to the Company or the offering of the Shares (the “Offering”) that they have requested. The Investor and its Advisors
have been afforded the opportunity to ask questions of the Company concerning the financial and other affairs of the Company and
the conditions of the Offering and to obtain any additional information necessary to verify the accuracy of any representations
or information set forth with respect to the Shares.

 

    	- 4 -

    	 

    

 

4.5.2        
 The Company has answered all reasonable inquiries that the Investor and its Advisors have made concerning the Company or any
other matters relating to the creation and operations of the Company and the terms and conditions of the Offering.

 

4.6
         Sophistication and Risk.

 

4.6.1        
It has such knowledge and experience in financial and business matters, that it is capable of evaluating, and has evaluated, the
merits and risks of the Offering. By reason of its business or financial experience, it has the capacity to protect its interests
in connection with an investment in the Company.

 

4.6.2        
It understands that no Israeli or U.S. federal or state agency has passed upon the Shares or made any finding or determination
as to the fairness of the transactions contemplated in the Agreement.

 

4.6.3        
It understands that the Shares are speculative investments, which involve a high degree of risk, including the risk that the Investor
might lose its entire amount invested in the Company.

 

4.6.4        
It understands that any tax benefits that may be available to the Investor, if any, may be lost through adoption of new laws,
amendments to existing laws or regulations, or changes in the interpretation of existing laws and regulations.

 

4.6.5        
It has the financial ability to bear the economic risk of its investment in the Company and has adequate net worth and means of
providing for the Investor’s current needs and contingencies to sustain a complete loss of the Investor’s investment
and has no need for liquidity in the Investor’s investment in the Company.

 

4.6.6        
It is an "Accredited Investor" as such term is defined in Rule 501 of Regulation D under the Securities Act of 1933.

 

4.7
        No solicitation. At no time was the Investor presented
with or solicited by any leaflet, public promotional meeting, newspaper or magazine article, radio or television advertisement
or any other form of general advertising or general solicitation concerning the Offering.

 

4.8         Broker-Dealer.
The Investor is not a broker-dealer, nor is it an affiliate of any broker-dealer.

 

4.9         Further
Indebtedness. The Investor acknowledges that no provision of the Agreement restricts, or shall be construed to restrict, in
any way the ability of the Company to incur indebtedness or to issue share capital or other equity securities (or securities convertible
into equity securities) of the Company or to grant liens on its property and assets.

 

4.10      Voting
and/or Investment Control over the Investor. The Investor has made available to the Company a list of individuals who have
or share voting and/or investment control over such Investor. The Investor acknowledges that the Company may be required to disclose
such information in its public filings. Investor shall update such list as may reasonably be requested by the Company from time
to time to comply with the Company's disclosure obligation and/or with a request for such information from any regulatory body.

 

    	- 5 -

    	 

    

 

4.11        Independent Investment. The Investor is acting independently with respect to its investment in the Shares.

 

4.12        Holdings.
Schedule 1 attached hereto reflects the holdings of the Company’s shares by the Investor and its affiliates as of
the date hereof, and as of the Closing.

 

4.13        Availability
of Exemptions.The Investor understands that the Shares are being offered and sold in reliance on a transactional exemption
or exemptions from the registration requirements of Israeli and U.S. federal and state securities laws and the Company is relying
upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the Investor
set forth herein in order to determine the applicability of such exemptions and the suitability of the Investor to acquire the
Shares.

 

4.14        Indemnification.
 The Investor agrees to indemnify, defend and hold harmless the Company and its shareholders, directors, executive officers
and affiliates from and against all liability, damage, losses, costs and expenses (including reasonable attorneys’ fees)
which they may incur by reason of the failure of the Investor to fulfill any of the terms and conditions of this Agreement, or
by reason of any breach of the representations and warranties made by the Investor herein or in any document provided by the Investor
to any executive officers, directors, the Company or any of their affiliates.

 

4.15        Disclosure.
The representations and warranties of the Investor contained in this Section 4 as of the date hereof and as of the Closing,
do not contain any untrue statement of a material fact or omit to state a material fact required to be stated herein or necessary
to make the statements herein, in light of the circumstances under which they are made, not misleading. The Investor understands
and confirms that the Company will rely on the foregoing representations in effecting the transaction contemplated in the Agreement
and other transactions in securities of the Company.

 

5.            CONDITIONS
OF INVESTOR’S OBLIGATION AT THE CLOSING. The obligation of the Investor to purchase the Shares is subject to the fulfillment
or waiver by the Investor prior to or on the date of the Closing of the conditions set forth in this Section 5. In the event that
any such condition is not satisfied to the satisfaction of the Investor, then the Investor shall not be obligated to proceed with
the purchase of such securities.

 

5.1          Representations
and Warranties. The representations and warranties of the Company under this Agreement shall be true in all material respects
as of the Closing, with the same effect as though made on and as of such date.

 

5.2          Compliance
with Agreements. The Company shall have performed and complied in all material respects with all agreements or conditions
required by this Agreement to be performed and complied with by it prior to or as of the Closing.

 

5.3          No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any
of the transactions contemplated by this Agreement.

 

    	- 6 -

    	 

    

 

6.           CONDITIONS
OF THE COMPANY’S OBLIGATION AT THE CLOSING. The obligation of the Company to issue the Shares to the Investor is subject
to the fulfillment or waiver by the Company prior to or on the Closing of the conditions set forth in this Section 6. In the event
that any such condition is not satisfied to the satisfaction of the Company, then the Company shall not be obligated to proceed
with the sale of the securities under this Agreement.

 

6.1          Representations
and Warranties. The representations and warranties of the Investor under this Agreement shall be true in all material respects
as of the Closing, with the same effect as though made on and as of such date.

 

6.2          Compliance
with Agreements. The Investor shall have performed and complied in all respects with all agreements or conditions required
by this Agreement to be performed and complied with by it prior to or as of the Closing.

 

6.3          No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any
of the transactions contemplated by this Agreement.

 

6.4          Delivery
of Purchase Amount. The Investor shall have delivered to the Company its Purchase Amount for the Shares at the Closing Date.

 

6.5          Government
Approvals. The Company shall have received all necessary governmental approvals with respect to the transactions contemplated
hereby. The Investor shall have executed any confirmations and undertakings required by the Office of Chief Scientist, if applicable.

 

6.6          Notices
to Nasdaq. The Company shall have made all required filings of notices with Nasdaq. The Company shall use its best efforts
to complete such filings.

 

7.           CONFIDENTIALITY.
Any information disclosed to the Investor or its Advisors, which has not previously been made available to the general public
by the Company, if any, shall be considered Confidential Information. The Investor acknowledges the confidential nature of the
Confidential Information it may have received, and agrees that the Confidential Information is the valuable property of the Company.
The Investor agrees that it and its Advisors shall not reproduce any of the Confidential Information without the prior written
consent of the Company, nor shall they use any Confidential Information for any purpose except as permitted by and in the performance
of this Agreement, or divulge all or any part of the Confidential Information to any third party. The confidentiality obligations
undertaken by the Investor hereunder will remain in full force and effect regardless of the execution and consummation or termination
of this Agreement. Nothing herein shall be deemed to derogate from the Non-Disclosure Agreement Investor (or an affiliate thereof)
has entered into on November 24, 2014 and such agreement shall remain in full force an effect following Closing.

 

    	- 7 -

    	 

    

 

8.            MISCELLANEOUS.

 

8.1          Amendments. This
Agreement may be modified, supplemented or amended only by a written instrument executed by both parties.

 

8.2          Notices.
Any notice that is required or provided to be given under this Agreement shall be deemed to have been sufficiently given and received
for all purposes, (i) when delivered in writing by hand, upon delivery; (ii) if sent via facsimile or email, upon transmission
(and if transmitted and received on a non-business day, on the first business day following transmission), (iii) seven (7) business
days (and fourteen (14) business days for international mail) after being sent by certified or registered mail, postage and charges
prepaid, return receipt requested, or (iv) three (3) business days after being sent by internationally overnight delivery providing
receipt of delivery, to the following addresses:

 

if
to the Company, B.O.S Better Online Solutions Ltd., 20 Freiman Street, Rishon Lezion, 75101 Israel Attn: Mr. Eyal Cohen, CFO,
facsimile: (972) 3 954-1003, with a copy to Amit, Pollak Matalon & Co., NITSBA Tower, 17 Yitzhak Sadeh St., Tel-Aviv 67775
Israel attn: Shlomo Landress, Adv. Fax: (972) 3 568-9001; or at any other address designated by the Company to the Investor in
writing;

 

if
to the Investor, to its address listed in the preamble hereto or at any other address designated by the Investor to the Company
in writing.

 

8.3          Survival
of Representations and Warranties. All representations and warranties contained herein or in any certificate or document delivered
hereunder shall survive after the execution and delivery of this Agreement or such certificate or document, as the case may be,
for a period of 24 months from the date hereof. All covenants and agreements in the Agreement shall survive in accordance with
their terms. This Section shall survive the termination of this Agreement for any reason.

 

8.4          Delays
or Omissions; Waiver. Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing
to any party under this Agreement shall impair any such right, power or remedy of such party nor shall it be construed to be a
waiver of any breach or default, or an acquiescence thereto, or of a similar breach or default thereafter occurring; nor shall
any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.
Any waiver, permit, consent or approval of any kind or character on the part of any party hereto of any breach or default under
this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and
shall be effective only to the extent specifically set forth in such writing.

 

8.5
        Other Remedies. Any and all remedies herein expressly conferred upon
a party shall be deemed cumulative with, and not exclusive of, any other remedy conferred hereby or by law on such party, and
the exercise of any one remedy shall not preclude the exercise of any other.

 

    	- 8 -

    	 

    

  

8.6          Entire
Agreement. This Agreement and the exhibits and schedules hereto, constitute the entire understanding and agreement of the
parties hereto with respect to the subject matter hereof and thereof and supersede all prior and contemporaneous agreements or
understandings, inducements or conditions, express or implied, written or oral, between the parties with respect hereto and thereto.

 

8.7          Headings.
All section headings herein are inserted for convenience only and shall not modify or affect the construction or interpretation
of any provision of this Agreement.

 

8.8          Severability.
Should any one or more of the provisions of this Agreement (including its exhibits and schedules) be determined to be illegal
or unenforceable, all other provisions of this Agreement shall be given effect separately from the provision or provisions determined
to be illegal or unenforceable and shall not be affected thereby. The parties further agree to replace such void or unenforceable
provision of this Agreement with a valid and enforceable provision, which will achieve, to the extent possible, the economic,
business and other purposes of the void or unenforceable provision.

 

8.9          Assignment.
This Agreement may not be assigned in whole or in part by the Investor without the prior written consent of the Company.

 

8.10        Governing Law and Venue. This Agreement shall be construed in accordance
with and governed by the internal laws of the State of Israel, without regard to conflict of laws provisions. Any dispute arising
under or in relation to this Agreement shall be adjudicated in the competent court of Tel Aviv-Jaffa district only, and each of
the parties hereby submits irrevocably to the exclusive jurisdiction of such court.

 

8.11        Counterparts.
This Agreement may be executed concurrently in any number of counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument.

 

8.12       Further
Actions. At any time and from time to time, each party agrees, without further consideration, to take such actions and to execute
and deliver such documents as may be reasonably necessary to effectuate the purposes of this Agreement.

 

(Remainder
of page intentionally left blank.)

 

    	- 9 -

    	 

    

 

IN
WITNESS WHEREOF, the undersigned have executed and delivered this Agreement as of the date first set forth above.

 

	B.O.S. BETTER ONLINE SOLUTIONS LTD.	 
	 	 	 
	By:	/s/ Eyal Cohen	 
	 	Name: Eyal Cohen	 
	 	Title: CFO	 
	 	 	 
	By:	/s/ Yuval Viner	 
	 	Name: Yuval Viner	 
	 	Title: CEO	 
	 	 	 
	Novel Infrastructure Ltd.	 
	 	 	 
	By: 	/s/ Pa Ning
    Wong	 
	 	Name: Pa Ning Wong	 
	 	Title: Chairman	 

    	- 10 -

    	 

    

 

Schedule
1

 

	INVESTOR’S
NAME	 	PURCHASE 	 	 	NO.
OF SHARES	 	 	PRE-CLOSING
    

HOLDINGS	 	 	POST-CLOSING

HOLDINGS	 
	AND ADDRESS	 	 AMOUNT	 	 	 PURCHASED	 	 	Amount	 	 	Percent	 	 	Amount	 	 	Percent	 
	Novel
    Infrastructure Ltd. 
	 	$	500,000	 	 	 	128,147	 	 	 	0	 	 	 	0	%	 	 	128,147	 	 	 	7.2	%

 

 

- 11 -FR-2015.3.31-EX10.2

EXECUTION COPY

        
FIRST AMENDMENT TO
UNSECURED TERM LOAN AGREEMENT

This FIRST AMENDMENT TO UNSECURED TERM LOAN AGREEMENT (this “First Amendment”) is made and entered into as of April 20, 2015 by and among FIRST INDUSTRIAL, L.P., a limited partnership formed under the laws of the State of Delaware (together with its successors and assigns, the “Borrower”), FIRST INDUSTRIAL REALTY TRUST, INC.., a corporation formed under the laws of the State of Maryland (the “General Partner”), each of the financial institutions initially a signatory to the Credit Agreement (as defined below) together with their successors and assigns under Section 13.1 of the Credit Agreement (the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”). 

WITNESSETH:

WHEREAS, the Borrower, the General Partner, the Administrative Agent and the Lenders are parties to that certain Unsecured Term Loan Agreement dated as of January 29, 2014 (the “Credit Agreement”); 

WHEREAS, the Borrower has requested that the Administrative Agent and the Lenders amend certain terms and conditions of the Credit Agreement as described herein; and

WHEREAS, the Administrative Agent and the Lenders party to this First Amendment have agreed to so amend certain terms and conditions of the Credit Agreement, all on the terms and conditions set forth below in this First Amendment.

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto hereby agree as follows:

		
	1.
	Definitions. All capitalized undefined terms used in this First Amendment shall have the meanings ascribed thereto in the Credit Agreement, as amended hereby.

		
	2.
	Amendments to Credit Agreement.  Effective as set forth in Section 3 below, the Credit Agreement is hereby amended as follows:

		
	a.
	Section 1.1 of the Credit Agreement is hereby amended to add the following definitions in alphabetical order:

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its Subsidiaries from time to time concerning or relating to bribery, corruption or money laundering.
“Sanctioned Person” is defined in Section 6.27 hereof.
     “Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.
    

“Specified Rate Management Transactions” means the Rate Management Transactions occurring (i) on January 16, 2014 between the Borrower and PNC Bank, National Association, as agreed to pursuant to a trade confirmation dated as of the same date between the Borrower and PNC Bank, National Association, (ii) on January 16, 2014 between the Borrower and Regions Bank, as agreed to pursuant to a trade confirmation dated as of the same date between the Borrower and Regions Bank, (iii) on January 23, 2014 between the Borrower and PNC Bank, National Association, as agreed to pursuant to a trade confirmation dated as of the same date between the Borrower and PNC Bank, National Association, and (iv) on January 23, 2014 between the Borrower and Wells Fargo Bank, National Association, as agreed to pursuant to a trade confirmation dated as of the same date between the Borrower and Wells Fargo Bank, National Association.
		
	b.
	The definition of “Applicable Cap Rate” now appearing in Section 1.1 of the Credit Agreement is amended and restated in its entirety as follows:

  
“Applicable Cap Rate” means 7.0%.
		
	c.
	The definition of “Base LIBOR Rate” now appearing in Section 1.1 of the Credit Agreement is amended and restated in its entirety as follows:

  
“Base LIBOR Rate” means, with respect to any Eurocurrency Borrowing, for any Interest Period, the rate of interest obtained by dividing (i) the rate of interest per annum determined on the basis of the rate for deposits in Dollars for a period equal to the applicable Interest Period which appears on Reuters Screen LIBOR01 Page (or any applicable successor page) at approximately 11:00 a.m. (London time), two (2) Business Days prior to the first day of the applicable Interest Period  by (ii) a percentage equal to 1 minus the stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”) as specified in Regulation D of the Board of Governors of the Federal Reserve System (or against any other category of liabilities which includes deposits by reference to which the interest rate on Eurocurrency Loans is determined or any applicable category of extensions of credit or other assets which includes loans by an office of any Lender outside of the United States of America); provided that if as so determined at any time no Specified Rate Management Transaction shall be in effect, the Base LIBOR Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.  If, for any reason, the rate referred to in the preceding clause (i) does not appear on Reuters Screen LIBOR01 Page (or any applicable successor page), then the rate to be used for such clause (i) shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars would be offered by first class banks in the London Interbank market to the Administrative Agent at approximately 11:00 a.m. (London time), two (2) Business Days prior to the first day of the applicable Interest Period for a period equal to such Interest Period. Any change in the maximum rate or reserves, described in the preceding clause (ii) shall result in a change in the Base LIBOR Rate on the date on which such change in such maximum rate becomes effective.
		
	d.
	The definition of “Federal Funds Effective Rate” now appearing in Section 1.1 of the Credit Agreement is amended and restated in its entirety as follows:

  

“Federal Funds Effective Rate” means, for any day, an interest rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately 11:00 a.m. (Central Time) on such day on such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by the Administrative Agent in its sole discretion; provided, that, if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for  purposes of this Agreement.
		
	e.
	The definition of “Implied Capitalization Value” now appearing in Section 1.1 of the Credit Agreement is amended to delete the reference to “$250,000,000” now appearing therein and to substitute “$400,000,000” therefor.

  
		
	f.
	The definition of “LIBOR Market Index Rate” now appearing in Section 1.1 of the Credit Agreement is amended and restated in its entirety as follows:

  
“LIBOR Market Index Rate” means, for any day, the Base LIBOR Rate as of that day that would be applicable for a Eurocurrency Borrowing having a one month Interest Period determined at approximately 10:00 a.m. (Central Time) for such day (rather than 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period as otherwise provided in the definition of Base LIBOR Rate), or if such day is not a Business Day, the immediately preceding Business Day.  The LIBOR Market Index Rate shall be determined on a daily basis. 
		
	g.
	The definition of “Net Proceeds” now appearing in Section 1.1 of the Credit Agreement is deleted in its entirety.

  
		
	h.
	The definition of “Taxes” now appearing in Section 1.1 of the Credit Agreement is amended and restated in its entirety as follows:

  
“Taxes” means any and all present or future taxes, duties, levies, imposts, deductions, assessments, fees, charges or withholdings, and any and all liabilities with respect to the foregoing, imposed on or with respect to any payment hereunder or under any Note but excluding Excluded Taxes and Other Taxes.
		
	i.
	Section 4.5(iv) of the Credit Agreement is amended to insert the phrase “, W-8BEN-E” immediately after the phrase “W-8BEN” now appearing therein.

		
	j.
	Section 4.5 of the Credit Agreement is amended to insert the following new clause (x) at the end thereof:

(x)    For purposes of determining withholding taxes imposed under FATCA, from and after April 20, 2015, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

		
	k.
	Section 6.27 of the Credit Agreement is amended and restated in its entirety as follows:

6.27.  Patriot Act and Other Specified Laws.
None of the Borrower or any of its Subsidiaries: (a) is (i) a Person named on the list of Specially Designated Nationals or Blocked Persons maintained by OFAC and available at http://www.treasury.gov/about/organizational-structure/offices/Pages/Office-of-Foreign-Assets-Control.aspx, or as otherwise published by OFAC from time to time, (ii) a country, a region within a country, or an agency of the government of a country, (iii) an organization controlled by a country, or (iv) a Person resident in a country, in each case that is subject to or the target of a sanctions program applicable to such country, region, agency, organization or Person and identified on any Sanctions-related list maintained by OFAC (any such Person identified in this clause (a) being a “Sanctioned Person”); or (b) to the knowledge of the Borrower, except as may be disclosed by the Borrower to the Administrative Agent  from time to time, derives any of its assets or operating income from investments in or transactions with any Sanctioned Person.  The Borrower and its Subsidiaries and, to the knowledge of the Borrower, their respective officers, directors, employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. No Loan, use of the proceeds of any Loan, or other transactions contemplated hereby will violate Anti-Corruption Laws or applicable Sanctions.  Neither the making of the Loans nor the use of the proceeds thereof will violate the Patriot Act, the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or successor statute thereto. The Borrower and its Subsidiaries are in compliance in all material respects with the Patriot Act.
		
	l.
	Section 7.18 of the Credit Agreement is amended to delete the last sentence thereof.

		
	m.
	Section 7.19 of the Credit Agreement is amended to delete the phrase “General partner” now appearing therein and to substitute “General Partner” therefor.

		
	n.
	Section 7.20 of the Credit Agreement is amended and restated in its entirety as follows:

7.20.    Patriot Act and Other Specified Laws; OFAC. None of the General Partner, the Borrower, any of the other Subsidiaries of the General Partner, or, to the knowledge of the General Partner, any other Affiliate of the General Partner: (i) is a Sanctioned Person; or (ii) to the knowledge of the General Partner, except as may be disclosed by the General Partner to the Administrative Agent from time to time, derives any of its assets or operating income from investments in or transactions with any Sanctioned Person.  The Borrower and its Subsidiaries and, to the knowledge of the Borrower, their respective officers, directors, employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. No Loan, use of the proceeds of any Loan, or other transactions contemplated hereby will violate Anti-Corruption Laws or applicable Sanctions. Neither the making of the Loans nor the use of the proceeds thereof will violate the Patriot Act, the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or successor statute thereto. The Borrower and its Subsidiaries are in compliance in all material respects with the Patriot Act.

		
	o.
	Section 8.3 of the Credit Agreement is amended to delete the phrase “five percent (5%)” now appearing in clause (x) of the second to last sentence thereof and to substitute “ten percent (10%)” therefor.

		
	p.
	Section 8.7 of the Credit Agreement is amended to insert the phrase “(including, without limitation, Anti-Corruption Laws and Sanctions)” immediately after the phrase “orders and directions” now appearing therein.

		
	q.
	Section 9.4 of the Credit Agreement is amended to insert the following at the end thereof:

The Borrower shall not request any Loan, shall not use, and shall ensure that its Subsidiaries and its or their respective directors, officers, employees and agents do not use the proceeds of any Loan (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person to the extent such activities, business or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States or (iii) in any manner that would result in the violation of any applicable Sanctions. 
		
	r.
	Clause (vi) of Section 9.5 of the Credit Agreement is amended and restated in its entirety as follows:

(vi)    So long as immediately prior to the creation, assumption or incurring of such Lien, and immediately thereafter, no Default or Event of Default would be in existence, Liens on Properties securing Indebtedness not prohibited hereunder.
		
	s.
	Section 9.7 is amended to delete clause (f) thereof; to insert “or” at the end of clause (d) thereof; and to replace the semi-colon (“;”) appearing at the end of clause (e) thereof with a period (“.”).

		
	t.
	Section 10.10(a) of the Credit Agreement is amended to delete the phrase “7.5% rate” now appearing therein and to substitute “7.0% rate” therefor.

		
	u.
	Section 13.4 of the Credit Agreement is amended to insert the phrase “(and stated interest)” after the phrase “and principal amounts” now appearing therein.

		
	v.
	Section 13.7 of the Credit Agreement is amended to delete the phrase “comply with Section 4.5(ii)” now appearing therein and to substitute the phrase “comply with Section 4.5(iv)” therefor.

		
	w.
	Section 14.6 of the Credit Agreement is amended to delete the phrase “as determined by a court” now appearing therein and to substitute the phrase “are determined by a court” therefor.

		
	x.
	Each of Section 14.13(a)(i) and section 14.13(a)(ii) of the Credit Agreement is amended to insert the phrase “(including the Prepayment Premium pursuant to Section 2.24(c))” after the phrase “or any fees” now appearing therein.

		
	y.
	Section 15.1 of the Credit Agreement is amended to delete the phrase “Samuel Supple” now appearing therein and to substitute the phrase “Scott Solis” therefor.

 
		
	3.
	Conditions to Effectiveness.    This First Amendment shall not be effective until the Administrative Agent shall have received counterparts of this First Amendment duly executed and delivered by the Borrower, the General Partner, the Administrative Agent, and the Required Lenders.

		
	4.
	Representations and Warranties.  Except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, the representations and warranties of the Borrower and each other Loan Party contained in Article VI of the Credit Agreement or any other Loan Document to which any of them is a party, are true and correct on and as of the date hereof except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty is true and correct on and as of such earlier date.

		
	5.
	Limited Amendment; Ratification of Loan Documents.  Except as specifically amended or modified hereby, the terms and conditions of the Credit Agreement and the other Loan Documents shall remain in full force and effect, and are hereby ratified and affirmed in all respects.  This First Amendment shall not be deemed a waiver of, or consent to, or a modification or amendment of, any other term or condition of the Credit Agreement or any other Loan Document, except as expressly set forth herein.

		
	6.
	Governing Law. This First Amendment shall be governed by and construed in accordance with the internal laws (and not the law of conflicts) of the State of Illinois, but giving effect to federal laws applicable to national banks.

 
		
	7.
	Miscellaneous. This First Amendment may be executed in any number of counterparts, which shall together constitute an entire original agreement, and shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.  This First Amendment expresses the entire understanding of the parties with respect to the transactions contemplated hereby.  No prior negotiations or discussions shall limit, modify, or otherwise affect the provisions hereof.  Any determination that any provision of this First Amendment or any application hereof is invalid, illegal, or unenforceable in any respect and in any instance shall not affect the validity, legality, or enforceability of such provision in any other instance, or the validity, legality, or enforceability of any other provisions of this First Amendment.  Each of the Borrower and the General Partner represents and warrants that it has consulted with independent legal counsel of its selection in connection herewith and is not relying on any representations or warranties of the Administrative Agent or the Lenders or their counsel in entering into this First Amendment. This First Amendment shall constitute a Loan Document.

*******

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed as of the date first above written.

FIRST INDUSTRIAL, L.P., as the Borrower

By:    FIRST INDUSTRIAL REALTY TRUST, INC.,
its General Partner

By: /s/ Scott A. Musil     
Name:    Scott A. Musil 
Title:    Chief Financial Officer

FIRST INDUSTRIAL REALTY TRUST, INC., as General Partner

By: /s/ Scott A. Musil    
Name:    Scott A. Musil 
Title:    Chief Financial Officer 

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent and a Lender

By: /s/ Brandon H. Barry    
Name:    Brandon H. Barry
Title:    Vice President

PNC BANK, NATIONAL ASSOCIATION,
individually as a Lender and as Syndication Agent

By: /s/ Joel Dalson    
Name:    Joel Dalson
Title:    Senior Vice President

REGIONS BANK,
as a Lender

By: /s/ T. Barrett Vawter    
Name:    T. Barrett Vawter
Title:    Vice President

MUFG UNION BANK, N.A.,
successor to Union Bank, N.A., as a Lender

By: /s/ John Kennedy    
Name:    John Kennedy
Title:    Vice President
 

FIFTH THIRD BANK,
an Ohio banking corporation, as a Lender

By: /s/ Michael Glandt    
Name:    Michael Glandt
Title:    Vice President

The undersigned, as Guarantor under that certain Guaranty dated as of January 29, 2014, hereby consents to the foregoing First Amendment to Credit Agreement and acknowledges and agrees that the Guaranty dated as of January 29, 2014 and executed by the undersigned remains in full force and effect.

FIRST INDUSTRIAL REALTY TRUST, INC., as Guarantor

By: /s/ Scott A. Musil    
Name:    Scott A. Musil
       Title:    Chief Financial Officer

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