Document:

Unassociated Document

 

FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT

 

This FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT (this “Amendment”) is made as of this 6th day of August, 2012 by and among (i) WRT Realty L.P., a Delaware limited partnership (the “Borrower”), (ii) the Lenders party thereto (the “Lenders”), and (iii) KeyBank National Association, as agent (the “Agent”) for the Lenders.

WHEREAS, the Borrower, the Lenders, and the Agent are party to that certain Amended and Restated Loan Agreement, dated as of March 3, 2011 (as same may be amended, modified, supplemented, extended, renewed, or restated from time to time, the “Loan Agreement”).  Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Loan Agreement.

WHEREAS, the REIT has requested that the Agent and the Lenders consent to the issuance by the REIT of certain unsecured debt instruments (the “Offered Notes”) pursuant to a public offering on the terms set forth in the Prospectus Supplement attached hereto as Exhibit A.

WHEREAS, the Agent and the Lenders have consented to the issuance by the REIT of the Offered Notes, provided that the Borrower, among other things, executes and delivers this Amendment to Agent.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Agent, the Lenders and the Borrower agree as follows:

	
1.

	
Exhibit A to the Loan Agreement is hereby amended by inserting the following definition in alphabetical order:

 

“Offered Notes shall mean any notes issued by the REIT pursuant to that certain bond indenture dated August 6, 2012, executed by the REIT in favor of The Bank of New York Mellon, as trustee for the holders of the unsecured notes, as the same by supplemented from time to time.”

 

	
2.

	
Exhibit A to the Loan Agreement is hereby amended by deleting the definitions of Consolidated Entity and Total Asset Value.

 

	
3.

	
Exhibit A to the Loan Agreement is hereby amended by deleting the definition Pro Rata in its entirety and replacing same with the following:

 

“Pro Rata shall mean a calculation based on the percentage of the capital stock of or other equity interest in any Person owned, directly or indirectly, by the Borrower and/or the REIT.”

 

	
4.

	
Section 7.26.2 of the Loan Agreement is hereby deleted in its entirety and shall be replaced by the following:

 

  

  

  

 

“Consolidated Leverage Ratio. The quotient resulting from dividing (i) the sum of the Borrower’s and the REIT's Pro Rata share of the aggregate amount of all Debt respecting the REIT, Borrower, and its Subsidiaries (including, without limitation, the outstanding balance of the Loan), by (ii) the REIT's Pro Rata share of the aggregate amount of all total assets respecting the Borrower, and its Subsidiaries, each as determined in accordance with GAAP, all as reasonably determined by the Agent in a manner consistent with the procedures and methods utilized  by the Agent in analyzing the financial information provided by the Borrower prior to closing, shall at all times be less than fifty five (55%) percent.

 

The compliance with the Consolidated Leverage Ratio covenant shall be tested by the Agent on the Calculation Date with results based upon then current financial information, as reasonably determined solely by the Agent.  If such Consolidated Leverage Ratio covenant shall not be satisfied on any Calculation Date, the Borrower shall prepay a sufficient amount of principal outstanding on the Loan such that if such principal reduction had been made on the Calculation Date the Consolidated Leverage Ratio covenant would have been satisfied on such Calculation Date.  It shall be an Event of Default if the Borrower fails to make such a prepayment not later than the first to occur of: (i) ten (10) Business Days after Notice from Agent to the Borrower  properly requesting the payment, or (ii) if the Borrower has failed to give Agent and each of the Lenders sufficient reports to enable Agent to make the necessary calculations, forty-five (45) days following the applicable Calculation Date, provided the Borrower shall have an additional five (5) days to supply additional information to the Agent from the date the Agent notifies the Borrower that the initial reports have been deemed insufficient by the Agent.”

 

	
5.

	
Section 10.1.11 of the Loan Agreement is hereby deleted in its entirety and shall be replaced by the following:

 

“10.1.11.  Default of Other Specified Debt and Related Documents.  If a default or event of default (regardless of how or if defined) shall occur under (a) any Debt of the Borrower, (b) any Debt of any Borrower Subsidiaries in excess of $10,000,000.00 in any instance or $25,000,000.00 in the aggregate, or (c) the Offered Notes.”

 

	
6.

	
Upon the execution hereof, the Borrower shall pay to the Agent all fees and expenses (including reasonable attorney’s fees and expenses) incurred by the Agent.

 

  

2

  

 

	
7.

	
This Amendment, which may be executed in multiple counterparts, constitutes the entire agreement of the parties regarding the matters contained herein and shall not be modified by any prior oral or written discussions.

 

	
8.

	
The Borrower acknowledges and agrees that it has no claims, counterclaims, offsets, defenses or causes of action against the Lenders or the Agent with respect to amounts outstanding under the Loan Agreement or otherwise.  To the extent such claims, counterclaims, offsets, defenses and/or causes of actions should exist, whether known or unknown, at law or in equity, the Borrower hereby WAIVES same and RELEASES the Lender from any and all liability in connection therewith.

 

[SIGNATURES TO FOLLOW]

 

  

3

  

 

It is intended that this Amendment take effect as an instrument under seal as of the date first written above.

	
BORROWER:

	
WRT REALTY L.P., a Delaware limited partnership

 

By:   Winthrop Realty Trust, general partner

 

         By:   /s/ Carolyn Tiffany

         Name:  Carolyn Tiffany

         Title:  Chief Operating Officer

 

	
AGENT:

	
KEYBANK NATIONAL ASSOCIATION,

a national banking association

 

By:  /s/ Jane McGrath                                                      

       Duly Authorized

 

	
LENDER:

	
KEYBANK NATIONAL ASSOCIATION,

a national banking association

By:  /s/ Jane McGrath                                                      

Duly Authorized

 

First Amendment Signature Page

 

  

  

  

 

CONSENT

Each of the undersigned Guarantors consent to the foregoing First Amendment and acknowledge and agree that the respective guaranty executed by each of the undersigned remains in full force and effect.

GUARANTORS:

WINTHROP REALTY TRUST, an Ohio Business trust

By: /s/ Carolyn Tiffany                                           

Name:  Carolyn Tiffany

Title:  President

WRT TRS MANAGEMENT CORP., a Delaware corporation

By: /s/ Carolyn Tiffany                                           

Name:  Carolyn Tiffany

Title:  President

FT-FIN ACQUISITION LLC,

a Delaware limited liability company

By: /s/ Carolyn Tiffany                                           

Name:  Carolyn Tiffany

Title: President

FT-FIN GP LLC, a Delaware limited liability company

By: /s/ Carolyn Tiffany                                           

Name:  Carolyn Tiffany

Title: President

WRT-ANDOVER PROPERTY LLC,

a Delaware limited liability company

By: /s/ Carolyn Tiffany                                           

Name:  Carolyn Tiffany

Title:  President

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

  

5

  

 

WRT-ANDOVER PROPERTY MANAGER LLC,

a Delaware limited liability company

By: /s/ Carolyn Tiffany                                           

Name:  Carolyn Tiffany

Title:  President

WRT-SOUTH BURLINGTON PROPERTY LLC,

a Delaware limited liability company

By: /s/ Carolyn Tiffany                                           

Name:  Carolyn Tiffany

Title:  President

WRT-SOUTH BURLINGTON PROPERTY

MANAGER LLC, a Delaware limited liability company

By: /s/ Carolyn Tiffany                                           

Name:  Carolyn Tiffany

Title: President

WRT PROPERTY HOLDING LLC, a Delaware limited liability company

By: /s/ Carolyn Tiffany                                           

Name:  Carolyn Tiffany

Title:  President

 WRT-CROSSROADS LLC, a Delaware limited liability company

By: /s/ Carolyn Tiffany                                           

Name:  Carolyn Tiffany

Title:  President

WRT-CROSSROADS ONE LLC, a Delaware limited liability company

By: /s/ Carolyn Tiffany                                           

Name:  Carolyn Tiffany

Title:  President

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

  

6

  

 

FT-WD PROPERTY LLC, a Delaware limited liability company

By: /s/ Carolyn Tiffany                                           

Name:  Carolyn Tiffany

Title:  President

FT-KRG (Atlanta) LLC

FT-KRG (Denton) LLC

FT-KRG (Louisville) LLC

FT-KRG (Memphis) LLC

FT-KRG (Seabrook) LLC

FT-KRG (Greensboro) LLC

Each, a Delaware limited liability company

By: /s/ Carolyn Tiffany                                           

Name:   Carolyn Tiffany

Title:   President

FT-KRG PROPERTY L.P., a Delaware limited partnership

By:  FT-FIN GP LLC, a Delaware limited liability company, its general partner

By: /s/ Carolyn Tiffany                                           

Name:  Carolyn Tiffany

Title:  President

7exhibit_10-30.htm

EXHIBIT 10.30

 

$10,000 Promissory Note

  June 26, 2012

Redfin Network, Inc.  (“Borrower”), located at 1500 W. Cypress Creek Rd., Suite 411, Fort Lauderdale, FL 33309 in consideration of $10,000, hereby promises to pay to the order of Kathy Schultz (“Lender”), at its primary place of business at 333 Las Olas Way #3203, Fort Lauderdale, FL 33301 or at such other address given to Borrower by Lender, in immediately available funds and in lawful money of the United States of America, the principal sum of One Hundred Thousand dollars ($10,000.00), or such lesser sum as may be advanced and outstanding hereunder, when demanded by Lender, together with interest on the unpaid principal balance of this Note equal to three percent (3%) for use of funds for PO funding.  This note is for a period of 30 days and may be extended for additional periods by mutual agreement of the parties.

 

Principal of this note will be used exclusively for purchase of inventory only for resale by borrower.

 

All payments made on this Note as scheduled shall be applied, to the extent thereof, first to accrued but unpaid interest and the balance to unpaid principal.  Except to the extent specific provisions are set forth in this Note with respect to application of payments, all payments received by the holder hereof shall be applied, to the extent thereof, to the indebtedness owing by Borrower to Lender in such order and manner as Lender or any other holder hereof shall deem appropriate, any instructions from Borrower or anyone else to the contrary notwithstanding.

 

Borrower shall be entitled to prepay this Note in whole or in part at any time.  Any prepayments of this Note shall be applied first to accrued but unpaid interest, and then to the principal balance hereof in the inverse order of maturity.

 

All agreements between Borrower and Lender, or any subsequent holder of this Note, whether now existing or hereafter arising and whether written or oral, are expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of the maturity of this Note or otherwise, shall the amount paid or agreed to be paid to the holder of this Note for the use, forbearance, or detention of the funds advanced pursuant to this Note or for the performance or payment of any covenant or obligation contained herein or in any other document evidencing, securing or pertaining to this Note, exceed the maximum amount permissible under applicable law (the “Highest Lawful Rate”).  If from any circumstance whatsoever fulfillment of any provision hereof or of any such other document, at the time performance of such provision shall be due, shall involve transcending the limit of validity prescribed by applicable law, then ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity, and if from any circumstance the holder hereof shall ever receive anything of value deemed excess interest by applicable law, an amount equal to any such excess interest shall be applied to the reduction of the principal amount owing under this Note, and not to the payment of interest, or if such excess interest exceeds the unpaid principal balance of this Note, such excess interest shall be refunded to Borrower.  All sums paid or agreed to be paid to any holder of this Note for the use, forbearance or detention of any funds advanced pursuant to this Note shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of this Note until payment in full so that the rate of interest on account of the indebtedness evidenced by this Note is uniform throughout the term hereof.  The terms and provisions of this paragraph shall control and supersede every other provision of all agreements between Borrower and any holder of this Note.

 

 

  

1

  

 

 

If this Note is placed in the hands of an attorney for collection after default, or if all or any part of the indebtedness represented hereby is proved, established or collected in any court or in any bankruptcy, receivership, debtor relief, probate or other court proceedings, Borrower and all endorsers, sureties and guarantors of this Note jointly and severally agree to pay reasonable attorneys’ fees and collection costs to the holder hereof in addition to the principal and interest payable hereunder.

 

Borrower and all endorsers, sureties and guarantors of this Note hereby severally waive demand, presentment for payment, protest, notice of protest, notice of acceleration of and notice of intention to accelerate the maturity of this Note, diligence in collecting, the bringing of any suit against any party and any notice of or defense on account of any extensions, renewals, partial payments or changes in any manner of or in this Note or in any of its terms, provisions and covenants, or any releases or substitutions of any security, or any delay, indulgence or other act of any trustee or any holder hereof, whether before or after maturity.

 

Neither the failure by the holder hereof to exercise, nor delay by the holder hereof in exercising, the right to accelerate the maturity of this Note or any other right, power or remedy upon any default or event of default shall be construed as a waiver of such default or event of default or as a waiver of the right to exercise any such right, power or remedy at any time.  No single or partial exercise by the holder hereof of any right, power or remedy shall exhaust the same or shall preclude any other or further exercise thereof, and every such right, power or remedy may be exercised at any time and from time to time.  All rights and remedies provided for in this Note are cumulative of each other and of any and all other rights and remedies existing at law or in equity, and the holder hereof shall, in addition to the rights and remedies provided herein, be entitled to avail itself of all such other rights and remedies as may now or hereafter exist at law or in equity for the collection of the indebtedness owing hereunder, and the resort to any right or remedy provided for hereunder or provided for by law or in equity shall not prevent the concurrent or subsequent employment of any other appropriate rights or remedies.  Without limiting the generality of the foregoing provisions, the acceptance by the holder hereof from time to time of any payment under this Note which is past due or which is less than the payment in full of all amounts due and payable at the time of such payment, shall not (i) constitute a waiver of or impair or extinguish the rights of the holder hereof to accelerate the maturity of this Note or to exercise any other right, power or remedy at the time or at any subsequent time, or nullify any prior exercise of any such right, power or remedy, or (ii) constitute a waiver of the requirement of punctual payment and performance, or a novation in any respect.

 

This Note may not be changed, amended or modified except in a writing expressly intended for such purpose and executed by the party against whom enforcement of the change, amendment or modification is sought.

 

The Loan is made solely for business purposes and is not for personal, family, household or agricultural purposes.

 

 

  

2

  

 

 

Time shall be of the essence in this Note with respect to all of Borrower’s obligations hereunder.

 

THIS THE LAWS OF THE STATE OF FLORIDA HEREUNDER SHALL GOVERN NOTE AND THE RIGHTS AND DUTIES OF THE PARTIES, EXCEPT TO THE EXTENT THE SAME ARE GOVERNED BY THE FEDERAL LAWS OF THE UNITED STATES OF AMERICA.  THE BOOKS AND RECORDS OF LENDER SHALL CONSTITUTE PRIMA FACIE EVIDENCE OF ALL SUMS DUE LENDER HEREUNDER.

 

THIS NOTE REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

Executed as of the date first written above.

 

	 	 
BORROWER:

_________________________________

Redfin Network, Inc.

By: Jeffrey L. Schultz. Pres/CEO

Date: 6/26/2012

 

 

 

 

 

 

 

 

 

 

 

2

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