Document:

EX-10.1

 

Exhibit 10.1

 

 

AMENDMENT NO. 1 TO

THIRD AMENDED AND RESTATED LOAN AGREEMENT

BY AND AMONG

HEALTH CARE REIT, INC.

AND CERTAIN OF ITS SUBSIDIARIES,

THE BANKS SIGNATORY HERETO

AND

KEYBANK NATIONAL ASSOCIATION,

AS ADMINISTRATIVE AGENT FOR SUCH BANKS,

DEUTSCHE BANK SECURITIES INC.,

AS SYNDICATION AGENT

AND

UBS SECURITIES LLC,

BANK OF AMERICA, N.A.

JPMORGAN CHASE BANK, N.A.

AS DOCUMENTATION AGENTS

SEPTEMBER 20, 2006

 

 

KEYBANK NATIONAL ASSOCIATION

AND

DEUTSCHE BANK SECURITIES INC.,

AS JOINT LEAD ARRANGERS AND JOINT BOOK MANAGERS

 

 

AMENDMENT NO. 1 TO

THIRD AMENDED AND RESTATED LOAN AGREEMENT

     AGREEMENT (this “Amendment No. 1”), made as of the 20th day of September, 2006, by and among:

     HEALTH CARE REIT, INC., a Delaware corporation, and each of the other entities listed on
Exhibit 1 annexed hereto (individually, a “Borrower” and collectively, the “Borrowers”);

     The Banks that have executed the signature pages hereto (individually, a “Bank” and,
collectively, the “Banks”); and

     KEYBANK NATIONAL ASSOCIATION, a national banking association, as Administrative Agent for the
Banks (in such capacity, together with its successors in such capacity, the “Agent”).

W I T N E S S E T H:

     WHEREAS:

     (A) The Borrowers, the Agent, Deutsche Bank Securities Inc., as Syndication Agent, and UBS
Securities LLC, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as Documentation Agents and
the Banks entered into a certain Third Amended and Restated Loan Agreement dated July 26, 2006 (the
“Original Loan Agreement”; the Original Loan Agreement, as amended hereby, and as it may hereafter
be further amended, modified or supplemented, is hereinafter referred to as the “Loan Agreement”);

     (B) The Borrowers wish to amend Section 7.4 (Mergers, Acquisitions) of the Original Loan
Agreement and the Banks and the Agent are willing to amend said Section 7.4 on the terms and
conditions hereinafter set forth; and

     (C) All capitalized terms used herein which are not otherwise defined herein shall have the
respective meanings ascribed thereto in the Original Loan Agreement.

     NOW, THEREFORE, the parties hereto agree as follows:

     ARTICLE 1. Amendment to Original Loan Agreement.

          Section 1.1 Section 7.4 of the Original Loan Agreement is hereby deleted in its entirety and
the following is substituted therefor:

     “Merge or consolidate with any Person, or, acquire all or substantially all of
the assets or any of the capital stock or other equity interests of any Person
unless (a) a Borrower is the surviving entity, (b) no Default or Event of Default
exists or will occur after giving effect thereto, and (c) the approval of the
stockholders of HCRI is not required under Section 312.03(c) of the New York Stock
Exchange’s Listed Company Manual or any successor provision of such manual.”

 

 

          Section 1.2 (a) All references in the Original Loan Agreement and the other Loan Documents to
the “Loan Agreement”, and also in the case of the Original Loan Agreement to “this Agreement”,
shall be deemed to refer to the Original Loan Agreement, as amended hereby.

               (b) The Original Loan Agreement and the other Loan Documents shall each be deemed amended and
supplemented hereby to the extent necessary, if any, to give effect to the provisions of this
Agreement.

     ARTICLE 2. Representations and Warranties.

          (a) The Borrowers hereby confirm, reaffirm and restate to each of the Banks and the Agent all
of the representations and warranties set forth in Article 3 of the Original Loan Agreement as if
such representations and warranties were made as of the date hereof, except for changes in the
ordinary course of business which, either singly or in the aggregate, would not have a Material
Adverse Effect.

          (b) (i) The execution, delivery and performance by each Borrower of this Amendment No. 1 are
within its organizational powers and have been duly authorized by all necessary action (corporate
or otherwise) on the part of each Borrower, (ii) this Amendment No. 1 is the legal, valid and
binding obligation of each Borrower, enforceable against each Borrower in accordance with its
respective terms, and (iii) the execution, delivery and performance by each Borrower of this
Amendment No. 1 does not: (A) contravene the terms of any Borrower’s organizational documents, (B)
conflict with or result in a breach or contravention of, or the creation of any lien under, any
document evidencing any contractual obligation to which any Borrower is a party or any order,
injunction, writ or decree to which any Borrower or its property is subject, or (C) violate any
requirement of law.

     ARTICLE 3. Conditions to Effectiveness of this Agreement.

     This Amendment No. 1 shall become effective on the date of the fulfillment (to the
satisfaction of the Agent) of the following conditions precedent:

      (a) This Amendment No. 1 shall have been executed and delivered to the Agent by a duly
authorized representative of the Borrowers, the Agent and the Required Banks.

     (b) All legal matters incident hereto shall be satisfactory to the Agent and its
counsel.

     ARTICLE 4. Miscellaneous.

          Section 4.1 Article 10 of the Original Loan Agreement. The miscellaneous provisions
under Article 10 of the Original Loan Agreement, together with the definition of all terms used
therein, and all other sections of the Original Loan Agreement to which Article 10 refers are
hereby incorporated by reference as if the provisions thereof were set forth in full herein, except
that (i) the term “Loan Agreement” shall be deemed to refer, respectively, to the Original Loan
Agreement, as amended by this Amendment No. 1, (ii) the term “this Agreement” shall be deemed to
refer to this Amendment No. 1; and (iii) the terms “hereunder” and “hereto” shall be deemed to
refer to this Amendment No. 1.

2

 

          Section 4.2 Continued Effectiveness. Except as amended hereby, the Original Loan
Agreement and the other Loan Documents are hereby ratified and confirmed in all respects and shall
remain in full force and effect in accordance with their respective terms.

          Section 4.3 Counterparts. This Amendment No. 1 may be executed by the parties hereto
in one or more counterparts, each of which shall be an original and all of which shall constitute
one and the same agreement.

[Signature Pages to Follow]

3

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be duly executed on
the date first above written.

HEALTH CARE REIT, INC.

HCRI PENNSYLVANIA PROPERTIES, INC.

HCRI TEXAS PROPERTIES, INC.

HCRI TEXAS PROPERTIES, LTD.
     
By Health Care REIT, Inc.,
     
Its General Partner

HCRI NEVADA PROPERTIES, INC.

HCRI LOUISIANA PROPERTIES, L.P.
     
By HCRI Southern Investments I, Inc.,
     
Its General Partner

HEALTH CARE REIT INTERNATIONAL, INC.

HCN ATLANTIC GP, INC.

HCN ATLANTIC LP, INC.

HCN BCC HOLDINGS, INC.

HCRI INDIANA PROPERTIES, INC.

HCRI INDIANA PROPERTIES, LLC
     
By Health Care REIT, Inc.,
     
Its Member

HCRI LIMITED HOLDINGS, INC.

HCRI MASSACHUSETTS PROPERTIES, INC.

HCRI MASSACHUSETTS PROPERTIES TRUST
     
By HCRI Massachusetts Properties, Inc.
     
Its Trustee

HCRI HOLDINGS TRUST
     
By HCRI Massachusetts Properties, Inc.
     
Its Trustee

HCRI NORTH CAROLINA PROPERTIES, LLC
     
By HCRI North Carolina Properties I, Inc.
     
Its Member

HCRI SOUTHERN INVESTMENTS I, INC.

HCRI TENNESSEE PROPERTIES, INC.

PENNSYLVANIA BCC PROPERTIES, INC.

HCRI KENTUCKY PROPERTIES, LLC
     
By Health Care REIT, Inc.
     
Its Member

HCRI MASSACHUSETTS PROPERTIES TRUST II
     
By HCRI Massachusetts Properties, Inc.
     
Its Trustee

HCRI MARYLAND PROPERTIES, LLC
     By
Health Care REIT, Inc.
     Its
Member

HCRI NORTH CAROLINA PROPERTIES I, INC.

HCRI NORTH CAROLINA PROPERTIES III, LIMITED PARTNERSHIP
     By
HCRI North Carolina Properties II, Inc.
     Its
General Partner

HCRI NORTH CAROLINA PROPERTIES II, INC.

HCRI WISCONSIN PROPERTIES, LLC
     
By Health Care REIT, Inc.
     
Its Member

HCRI MISSISSIPPI PROPERTIES, INC.

[Borrowers continued on following page]

 

 

HCRI ILLINOIS PROPERTIES, LLC
     
By Health Care REIT, Inc.
     
Its Member

HCRI MISSOURI PROPERTIES, LLC
     
By Health Care REIT, Inc.
     
Its Member

HCRI SURGICAL PROPERTIES, LLC
     
By Health Care REIT, Inc.
     
Its Member

HCRI TUCSON PROPERTIES, INC.

HCRI INVESTMENTS, INC.

HCRI CHICAGO PROPERTIES, INC.

HCRI GENERAL PROPERTIES, INC.

HCRI KANSAS PROPERTIES, LLC
     
By Health Care REIT, Inc.
     
Its Member

HCRI TENNESSEE PROPERTIES, LLC
     
By HCRI Tennessee Properties, Inc.
     
Its Member

HH FLORIDA, LLC
     
By Limited Holdings, Inc.
     
Its Member

HCRI NEW HAMPSHIRE PROPERTIES, LLC
     
By Health Care REIT, Inc.
     
Its Member

HCRI PROVIDER PROPERTIES, LLC
     
By Health Care REIT, Inc.
     
Its Member

1920 CLEVELAND ROAD WEST, LLC
     
By Health Care REIT, Inc., as the Member of
     
HCRI Provider Properties, LLC
     
Its Member

721 HICKORY STREET, LLC
     
By Health Care REIT, Inc., as the Member of
     
HCRI Provider Properties, LLC
     
Its Member

111 LAZELLE ROAD EAST, LLC
     
By Health Care REIT, Inc., as the Member of
     
HCRI Provider Properties, LLC
     
Its Member

5166 SPANSON DRIVE SE, LLC
     
By Health Care REIT, Inc., as the Member of
     
HCRI Provider Properties, LLC
     
Its Member

1425 YORKLAND ROAD, LLC
     
By Health Care REIT, Inc., as the Member of
     
HCRI Provider Properties, LLC
     
Its Member

[Borrowers continued on following page]

 

 

222 EAST BEECH STREET — JEFFERSON, L.L.C.
     
By Health Care REIT, Inc., as the Member of
     
HCRI Provider Properties, LLC
     
Its Member

HCRI SENIOR HOUSING PROPERTIES, INC.

209 MERRIMAN ROAD, L.L.C.
     
By Health Care REIT, Inc., as the Member of
     
HCRI Provider Properties, LLC
     
Its Member

HCRI FINANCING, INC.

	 	 	 	 	 
	 

	 	By
	 	/s/ George L. Chapman
	 

	 	 	 	 
	 

	 	 	 	Chief Executive Officer

     GEORGE L. CHAPMAN, as Chief Executive Officer of all of the aforementioned entities, has
executed this Amendment No. 1 to Third Amended and Restated Loan Agreement and intending that all
entities above named are bound and are to be bound by the one signature as if he had executed this
Amendment No. 1 to Third Amended and Restated Loan Agreement separately for each of the above named
entities.

 

 

	 	 	 	 	 	 	 
	 	 	KEYBANK NATIONAL ASSOCIATION,

     as Administrative Agent and as a Bank
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Laura Conway
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Laura Conway
	 

	 	 	 	Title:
	 	Vice President

 

 

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK AG NEW YORK BRANCH
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Diane Rolfe
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Diane Rolfe
	 

	 	 	 	Title:
	 	Director
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Ming K. Chu
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Ming K. Chu
	 

	 	 	 	Title:
	 	Vice President

 

 

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Kevin R. Wagley
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Kevin R. Wagley
	 

	 	 	 	Title:
	 	Senior Vice President

 

 

	 	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Jan E. Petrik
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Jan E. Petrik
	 

	 	 	 	Title:
	 	Senior Vice President

 

 

	 	 	 	 	 	 	 
	 	 	UBS LOAN FINANCE LLC
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Richard L. Tavrow
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Richard L. Tavrow
	 

	 	 	 	Title:
	 	Director
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Irja R. Otsa
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Irja R. Otsa
	 

	 	 	 	Title:
	 	Associate Director

 

 

	 	 	 	 	 	 	 
	 	 	COMERICA BANK
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Dawn M. Morgulec
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Dawn M. Morgulec
	 

	 	 	 	Title:
	 	Assistant Vice President

 

 

	 	 	 	 	 	 	 
	 	 	FIRST TENNESSEE BANK NATIONAL

ASSOCIATION
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Jean M. Brennan 
	 	 	 	 	 
	 

	 	 	 	Name:	 	Jean M. Brennan 
	 

	 	 	 	Title:	 	Senior Vice President

 

 

	 	 	 	 	 	 	 
	 	 	LASALLE BANK NATIONAL ASSOCIATION
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Robert E. Goeckel
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Robert E. Goeckel
	 

	 	 	 	Title:
	 	Vice President

 

 

	 	 	 	 	 	 	 
	 	 	CALYON NEW YORK BRANCH
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Thomas Randolph
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Thomas Randolph
	 

	 	 	 	Title:
	 	Managing Director
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Douglas Weir
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Douglas Weir
	 

	 	 	 	Title:
	 	Director

 

 

	 	 	 	 	 	 	 
	 	 	EMIGRANT SAVINGS BANK
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Patricia Goldstein
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Patricia Goldstein
	 

	 	 	 	Title:
	 	Senior Executive, Vice President

 

 

	 	 	 	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Jeanette A. Grifffin
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Jeanette A. Grifffin
	 

	 	 	 	Title:
	 	Director

 

 

	 	 	 	 	 	 	 
	 	 	HSH NORDBANK AG, NEW YORK BRANCH
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Aldo M. Cicilia
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Aldo M. Cicilia
	 

	 	 	 	Title:
	 	Vice President
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ James Fitzgerald
	 	 	 	 	 
	 

	 	 	 	Name:
	 	James Fitzgerald
	 

	 	 	 	Title:
	 	Senior Vice President

 

 

EXHIBIT 1 TO AMENDMENT NO. 1

LIST OF BORROWERS

 

	 	 	 
	Name of Borrower	 	State of Organization
	 
	 	 
	Health Care REIT, Inc.

	 	Delaware
	HCRI Pennsylvania Properties, Inc.

	 	Pennsylvania
	HCRI Texas Properties, Inc.

	 	Delaware
	HCRI Texas Properties, Ltd.

	 	Texas
	HCRI Nevada Properties, Inc.

	 	Nevada
	HCRI Louisiana Properties, L.P.

	 	Delaware
	Health Care REIT International, Inc.

	 	Delaware
	HCN Atlantic GP, Inc.

	 	Delaware
	HCN Atlantic LP, Inc.

	 	Delaware
	HCN BCC Holdings, Inc.

	 	Delaware
	HCRI Indiana Properties, Inc.

	 	Delaware
	HCRI Indiana Properties, LLC

	 	Indiana
	HCRI Limited Holdings, Inc.

	 	Delaware
	HCRI Massachusetts Properties Trust

	 	Massachusetts
	HCRI Massachusetts Properties, Inc.

	 	Delaware
	HCRI Holdings Trust

	 	Massachusetts
	HCRI North Carolina Properties, LLC

	 	Delaware
	HCRI Southern Investments I, Inc.

	 	Delaware
	HCRI Tennessee Properties, Inc.

	 	Delaware
	Pennsylvania BCC Properties, Inc.

	 	Pennsylvania
	HCRI Kentucky Properties, LLC

	 	Kentucky
	HCRI Massachusetts Properties Trust II

	 	Massachusetts
	HCRI Maryland Properties, LLC

	 	Maryland
	HCRI North Carolina Properties I, Inc.

	 	North Carolina
	HCRI North Carolina Properties III, Limited Partnership

	 	North Carolina
	HCRI North Carolina Properties II, Inc.

	 	North Carolina
	HCRI Wisconsin Properties, LLC

	 	Wisconsin
	HCRI Mississippi Properties, Inc.

	 	Mississippi
	HCRI Illinois Properties, LLC

	 	Delaware
	HCRI Missouri Properties, LLC

	 	Delaware
	HCRI Surgical Properties, LLC

	 	Ohio
	HCRI Tucson Properties, Inc.

	 	Delaware
	HCRI Investments, Inc.

	 	Delaware
	HCRI Chicago Properties, Inc.

	 	Delaware
	HCRI General Properties, Inc.

	 	Delaware
	HCRI Kansas Properties, LLC

	 	Delaware
	HCRI Tennessee Properties, LLC

	 	Delaware
	HH Florida, LLC

	 	Delaware
	HCRI New Hampshire Properties, LLC

	 	Delaware
	HCRI Provider Properties, LLC

	 	Delaware
	1920 Cleveland Road West, LLC

	 	Delaware
	721 Hickory Street, LLC

	 	Delaware
	111 Lazelle Road East, LLC

	 	Delaware
	5166 Spanson Drive SE, LLC

	 	Delaware
	1425 Yorkland Road, LLC

	 	Delaware
	222 East Beech Street — Jefferson, L.L.C.

	 	Delaware
	HCRI Senior Housing Properties, Inc.

	 	Delaware
	209 Merriman Road, L.L.C.

	 	Delaware
	HCRI Financing, Inc.

	 	DelawareEX-10.1

 

EXHIBIT 10.1

PAYCHEX, INC.

2002 STOCK INCENTIVE PLAN

(as amended and restated effective October 12, 2005)

2007 MASTER RESTRICTED STOCK AWARD AGREEMENT

     1. Grant of Restricted Stock. This 2007 Master Restricted Stock Award Agreement
(this “Award Agreement”) sets forth the terms and conditions of the Restricted Stock (the “Award”)
granted to you by the Governance and Compensation Committee (the “Committee”) of the Board of
Directors of Paychex, Inc. (the “Company”) under the Company’s 2002 Stock Incentive Plan, as
amended and restated effective October 12, 2005 (the “Plan”), as described on your Award Notice.
The Award is subject to all of the provisions of the Plan, which is hereby incorporated by
reference and made a part of this Award Agreement. The capitalized terms used in this Award
Agreement are defined in the Plan.

     2. Restriction and Vesting.

          (a) Subject to the terms set forth in this Award Agreement and the Plan, provided you are
still a member of the Board of Directors of the Company, the total number of Shares represented by
the Award shall vest on the third anniversary of the date of grant set forth on your Award Notice
(a “Vesting Date”). The Committee shall have discretion to accelerate vesting in whole or in part
for events including but not limited to Retirement from Board service. For purposes of this
Agreement, “Retirement” shall mean attainment of age 55 or older, with at least ten years of
service as a member of the Paychex Board of Directors.

          (b) Notwithstanding Section 2(a) of this Award Agreement, you shall not be permitted to sell
any vested Shares underlying the Award during the period of tenure as a member of the Company’s
Board of Directors, except as necessary to satisfy any tax obligations. The Company shall be
authorized to add a legend regarding this restriction on transfer to any certificate representing
the shares of Common Stock under the Award.

          (c) Unless the Committee determines otherwise, if your board tenure terminates for any reason
before the Shares represented by the Award have vested, then the unvested Shares underlying the
Award shall be forfeited and cancelled immediately.

     3. Book-Entry Registration. The Award initially will be evidenced by book-entry
registration only, without the issuance of a certificate representing the Shares underlying the
Award.

     4. Issuance of Shares. The Company shall, when that the conditions to vesting
specified in Section 2 of this Award Agreement are satisfied, issue a certificate or certificates
representing the Shares underlying the Award that have vested as promptly as practicable following
the Vesting Date of such Shares.

     5. Rights as a Stockholder. Except as otherwise provided by this Section, you will
have the rights of a stockholder with respect to the Shares underlying the Award, including, but
not limited to, the right to receive such cash dividends, if any, as may be declared on such Shares
from time to

 

 

time and the right to vote (in person or by proxy) such Shares at any meeting of stockholders
of the Company. Notwithstanding the foregoing, the dividends paid on any unvested Shares shall be
retained by the Company and held in escrow, trust or similar manner, and shall only be paid to you
upon the vesting of the underlying Shares to which the dividends relate; upon the forfeiture of any
Shares represented by the Award, your right to the dividends paid on the underlying Shares which
are forfeited shall also be forfeited.

     6. Restrictions on Transfer of Shares. The Award, and the right to vote the Shares
underlying the Award and to receive dividends thereon, may not, except as otherwise provided in the
Plan, be sold, assigned, transferred, pledged or encumbered in any way prior to the vesting of such
Shares, whether by operation of law or otherwise, except by will or the laws of descent and
distribution. After a Vesting Date, the vested Shares may be issued during your lifetime only to
you, or after your death to your designated beneficiary, or, in the absence of such beneficiary, to
your duly qualified personal representative.

     7. Rights of Company and Affiliates. This Award Agreement does not affect the right
of the Company or any Affiliate to take any corporate action whatsoever, including without
limitation its right to recapitalize, reorganize or make other changes in its capital structure or
business, merge or consolidate, issue bonds, notes, Shares or other securities, including preferred
stock, or options therefor, dissolve or liquidate, or sell or transfer any part of its assets or
business.

     8. Plan Controls. In the event of any conflict among the provisions of the Plan and
this Award Agreement, the provisions of the Plan will be controlling and determinative.

     9. Amendment. Except as otherwise provided by the Plan, the Company may only alter,
amend or terminate the Award with your consent.

     10. Governing Law. This Award Agreement shall be governed by and construed in
accordance with the laws of the State of New York, except as superseded by applicable federal law,
without giving effect to its conflicts of law provisions.

* * * * *

2

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