Document:

GUARANTY
OF PAYMENT AND PERFORMANCE

THIS GUARANTY OF
PAYMENT AND PERFORMANCE (“Guaranty”)
is made as of the 21st day of December, 2012, by PHILLIPS EDISON – ARC SHOPPING
CENTER REIT INC., a Maryland corporation (“REIT”),
PHILLIPS EDISON SHOPPING CENTER OP GP LLC, a Delaware limited liability
company (“General Partner”), HERON CREEK STATION LLC, a
Delaware limited liability company, and each other Subsidiary Guarantor (as
defined in the Loan Agreement (as hereinafter defined)), jointly and severally
(collectively, the “Guarantor”) in favor of KEYBank National Association, as administrative agent for the benefit of the
Lenders (as defined in the Loan Agreement) (“Administrative Agent”). 

R E C I T A L S

A.      Pursuant to the
terms of that certain Revolving Loan Agreement between Phillips
Edison- ARC Shopping Center Operating Partnership, L.P., a Delaware limited
partnership (the “Borrower”),
Administrative Agent and the Lenders now or hereafter a party thereto of even
date herewith (the “Loan Agreement”), the Lenders have agreed to make a
revolving loan and other financial accommodations to the Borrower in the
principal sum of FORTY MILLION AND 00/100 DOLLARS ($40,000,000.00), increasable to TWO HUNDRED FIFTY MILLION AND
00/100 DOLLARS ($250,000,000.00) as provided in the Loan Agreement (the “Facility”)
for the purposes specified in the Loan Agreement.  All capitalized terms not
otherwise defined herein shall have the meaning ascribed thereto in the Loan
Agreement.

B.      The Loan
Agreement provides that the Facility shall be evidenced by one or more Notes.

C.     General Partner
is the general partner of the Borrower, the Borrower is a wholly owned
subsidiary of REIT, and the Subsidiary Guarantors are wholly owned subsidiaries
of Borrower.  

NOW, THEREFORE, to induce the Lenders to enter into the Loan
Agreement and to make the Facility, and in consideration thereof, Guarantor
unconditionally guarantees and agrees as follows:

1.     
GUARANTY.  Guarantor hereby, jointly and severally, absolutely
and unconditionally guarantees to Lenders the complete payment and performance
of the following liabilities, obligations and indebtedness of the Borrower to
Lenders:

(a)   
the full and prompt payment when
due, whether by acceleration or otherwise, either before or after maturity
thereof, of the Revolving Credit Notes made by the Borrower to the order of the
Lenders in the aggregate principal face amount of Forty Million and No/100
Dollars ($40,000,000.00), the Swing Loan Note made by the Borrower to the order
of the Swing Loan Lender in the principal face amount of Four Million and
No/100 Dollars ($4,000,000.00), together with interest as provided in such
Notes and together with any replacements, supplements, renewals, modifications,
consolidations, restatements, increases and extensions thereof; and

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(b)  
the full and prompt payment when
due, whether by acceleration or otherwise, either before or after maturity
thereof, of each other Note as may be issued under the Loan Agreement (the
Notes described in subparagraph (a) above and described in this subparagraph
(b) are hereinafter referred to collectively as the “Notes”); and

(c)   
the full and prompt payment and
performance when due of any and all obligations of the Borrower to Lenders
under the terms of the Loan Agreement, including, without limitation, any
reimbursement obligations with respect to Letters of Credit, together with any
replacements, supplements, renewals, modifications, consolidations,
restatements and extensions thereof; and

(d)  
the full and prompt payment and
performance when due of any and all obligations of the Borrower and any
Guarantor under the Security Documents, together with any replacements,
supplements, renewals, modifications, consolidations, restatements and
extensions thereof; and

(e)   
the full and prompt payment and
performance of any and all other obligations of the Borrower and any Guarantor
to Lenders under any other agreements, documents or instruments now or
hereafter evidencing, securing or otherwise relating to the indebtedness
evidenced by the Notes or the other Loan Documents.  

2.     
REMEDIES.  If Guarantor fails to promptly perform its
obligations under this Guaranty, Administrative Agent may from time to time,
and without first requiring performance by the Borrower or exhausting any or
all security for the Facility, bring any action at law or in equity or both to
compel Guarantor to perform its obligations hereunder, and to collect in any
such action compensation for all loss, cost, damage, injury and expense
sustained or incurred by Administrative Agent and/or the Lenders as a direct or
indirect consequence of the failure of Guarantor to perform its obligations
together with interest thereon at the rate of interest applicable to the
principal balance of the Notes. 
Guarantor hereby agrees and acknowledges
that this Guaranty is an instrument for the payment of money, and hereby
consents that Administrative Agent, at its sole option, in the event of a
default by Guarantor in the payment of any sums due hereunder, shall have the
right to bring a motion action under New York CPLR Section 3213.

3.     
RIGHTS OF ADMINISTRATIVE
AGENT.  Guarantor authorizes
Administrative Agent, without giving notice to Guarantor or obtaining
Guarantor’s consent and without affecting the liability of Guarantor, from time
to time to: (a) renew or extend all or any portion of the Borrower’s
obligations under the Notes or any of the other Loan Documents; (b) declare all
sums owing to Administrative Agent and the Lenders under the Notes and the
other Loan Documents due and payable upon the occurrence of a Default (as
defined in the Loan Agreement) under the Loan Documents; (c) make non‐material
changes in the dates specified for payments of any sums payable in periodic
installments under the Notes or any of the other Loan Documents; (d) otherwise
modify the terms of any of the Loan Documents, including increases in the
principal amount of the Notes in accordance with the provisions of the Loan
Agreement, but excluding (i) changes in the manner by which interest
rates, fees or charges are calculated under the Notes and the other Loan
Documents (Guarantor acknowledges that if the Notes or other Loan Documents so
provide, said interest rates, fees 

 

 

and charges may vary
from time to time) or (ii) advancement of the Maturity Date of the Notes
where no Default has occurred under the Loan Documents; (e) take and hold
security for the performance of the Borrower’s obligations under the Notes or
the other Loan Documents and exchange, enforce, waive and release any such
security; (f) apply such security and direct the order or manner of sale
thereof as Administrative Agent in its discretion may determine;
(g) release, substitute or add any one or more endorsers of the Notes or
guarantors of the Borrower’s obligations under the Notes or the other Loan
Documents; (h) apply payments received by Administrative Agent from the
Borrower, Guarantor or any other guarantor to any obligations of the Borrower
to the Lenders, in such order as Administrative Agent shall determine in its
sole discretion, whether or not any such obligations are covered by this
Guaranty; (i) assign this Guaranty in whole or in part; and (j) assign,
transfer or negotiate all or any part of the indebtedness guaranteed by this
Guaranty.

4.     
GUARANTOR’S WAIVERS.  Guarantor waives: (a) any defense based upon any
legal disability or other defense of the Borrower, any other guarantor or other
person, or by reason of the cessation or limitation of the liability of the
Borrower from any cause other than full payment of all sums payable under the
Notes or any of the other Loan Documents; (b) any defense based upon any lack
of authority of the officers, directors, partners or agents acting or
purporting to act on behalf of the Borrower or any principal of the Borrower or
any defect in the formation of the Borrower or any principal of Borrower; (c)
any defense based upon the application by the Borrower of the proceeds of the
Facility for purposes other than the purposes represented by the Borrower to
Administrative Agent or intended or understood by Administrative Agent or
Guarantor; (d) any and all rights and defenses arising out of an election of
remedies by Administrative Agent; (e) any defense based upon Administrative
Agent’s failure to disclose to Guarantor any information concerning the
Borrower’s financial condition or any other circumstances bearing on the
Borrower’s ability to pay all sums payable under the Notes or any of the other
Loan Documents; (f) any defense based upon any statute or rule of law which
provides that the obligation of a surety must be neither larger in amount nor
in any other respects more burdensome than that of a principal; (g) any defense
based upon Administrative Agent’s election, in any proceeding instituted under
the Federal Bankruptcy Code, of the application of Section 1111(b)(2) of the
Federal Bankruptcy Code or any successor statute; (h) any defense based upon
any borrowing or any grant of a security interest under Section 364 of the
Federal Bankruptcy Code; (i) any right of subrogation, any right to enforce any
remedy which Administrative Agent and/or the Lenders may have against the
Borrower or any other Guarantor and any right to participate in, or benefit
from, any security for the Notes or the other Loan Documents now or hereafter
held by Administrative Agent; (j) presentment, demand, protest and notice of
any kind; (k) the benefit of any statute of limitations affecting the liability
of Guarantor hereunder or the enforcement hereof; and (l) to the fullest extent
permitted by law, any other legal, equitable or surety defenses whatsoever to
which Guarantor might otherwise be entitled, it being the intention that the
obligations of Guarantor hereunder are absolute, unconditional and
irrevocable.  These rights and defenses being waived by Guarantor include, but
are not limited to, any rights or defenses based upon or relating to
suretyship, priority of liens, relations of debtor and creditor, and judgment
in civil trials.  Finally, Guarantor agrees that the performance of any act or
any payment which tolls any statute of limitations applicable to the Notes or
any of the other Loan Documents shall similarly operate to toll the statute of
limitations applicable to Guarantor’s liability hereunder.

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5.     
GUARANTOR’S WARRANTIES.  Guarantor warrants and acknowledges that: (a) the
Lenders would not make the Facility but for this Guaranty; (b) there are no
conditions precedent to the effectiveness of this Guaranty; (c) Guarantor has
established adequate means of obtaining from sources other than Administrative
Agent and/or the Lenders, on a continuing basis, financial and other
information pertaining to the Borrower’s financial condition, the Collateral,
the Real Estate Assets and the Borrower’s activities relating thereto and the
status of the Borrower’s performance of obligations under the Loan Documents,
and Guarantor agrees to keep adequately informed from such means of any facts,
events or circumstances which might in any way affect Guarantor’s risks
hereunder and Administrative Agent has made no representation to Guarantor as
to any such matters; (d) the most recent financial statements of Guarantor
previously delivered to Administrative Agent are true and correct in all
respects, have been prepared in accordance with generally accepted accounting
principles consistently applied (or other principles acceptable to
Administrative Agent) and fairly present the financial condition of Guarantor
as of the respective dates thereof, and no material adverse change has occurred
in the financial condition of Guarantor since the respective dates thereof; and
(e) Guarantor has not and will not, without the prior written consent of
Administrative Agent, sell, lease, assign, encumber, hypothecate, transfer or
otherwise dispose of all or substantially all of Guarantor’s assets, or any
interest therein, other than in the ordinary course of Guarantor’s business.

6.     
SUBORDINATION.  Guarantor subordinates all present and future
indebtedness owing by the Borrower to Guarantor to the obligations at any time
owing by the Borrower to Administrative Agent and the Lenders under the Notes
and the other Loan Documents.  Guarantor assigns all such indebtedness to the
Administrative Agent for the benefit of the Lenders as security for this
Guaranty, the Notes and the other Loan Documents.  Guarantor agrees to make no
claim for such indebtedness until all obligations of the Borrower under the
Notes and the other Loan Documents have been fully discharged.  Guarantor
further agrees not to assign all or any part of such indebtedness unless
Administrative Agent is given prior notice and such assignment is expressly
made subject to the terms of this Guaranty.  If Administrative Agent so
requests, (a) all instruments evidencing such indebtedness shall be duly
endorsed and delivered to Administrative Agent, (b) all security for such
indebtedness shall be duly assigned and delivered to Administrative Agent, (c)
such indebtedness shall be enforced, collected and held by Guarantor as trustee
for the Lenders and shall be paid over to Administrative Agent for the benefit
of the Lenders on account of the Facility but without reducing or affecting in
any manner the liability of Guarantor under the other provisions of this
Guaranty, and (d) Guarantor shall execute, file and record such documents and
instruments and take such other action as Administrative Agent deems necessary
or appropriate to perfect, preserve and enforce the Lenders’ rights in and to
such indebtedness and any security therefor.  If Guarantor fails to take any
such action, Administrative Agent, as attorney-in-fact for Guarantor, is hereby
authorized to do so in the name of Guarantor.  The foregoing power of attorney
is coupled with an interest and cannot be revoked.

7.     
BANKRUPTCY OF BORROWER.  In any bankruptcy or other proceeding in which the
filing of claims is required by law, Guarantor shall file all claims which
Guarantor may have against the Borrower relating to any indebtedness of the
Borrower to Guarantor and shall assign to Administrative Agent for the benefit
of the Lenders all rights of Guarantor thereunder. If Guarantor does not file
any such claim, Administrative Agent, as attorney-in-fact for Guarantor, is
hereby authorized to do so in the name of Guarantor or, in 

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Administrative
Agent’s discretion, to assign the claim to a nominee and to cause proof of
claim to be filed in the name of Administrative Agent’s nominee.  The foregoing
power of attorney is coupled with an interest and cannot be revoked. 
Administrative Agent or its nominee shall have the right, in its reasonable
discretion, to accept or reject any plan proposed in such proceeding and to
take any other action which a party filing a claim is entitled to do.  In all
such cases, whether in administration, bankruptcy or otherwise, the person or
persons authorized to pay such claim shall pay to Administrative Agent for the
benefit of the Lenders the amount payable on such claim and, to the full extent
necessary for that purpose, Guarantor hereby assigns to Administrative Agent
for the benefit of the Lenders all of Guarantor’s rights to any such payments
or distributions; provided, however, Guarantor’s obligations
hereunder shall not be satisfied except to the extent that Administrative Agent
receives cash by reason of any such payment or distribution.  If Administrative
Agent receives anything hereunder other than cash, the same shall be held as
collateral for amounts due under this Guaranty.  If all or any portion of the
obligations guaranteed hereunder are paid or performed, the obligations of
Guarantor hereunder shall continue and shall remain in full force and effect in
the event that all or any part of such payment or performance is avoided or
recovered directly or indirectly from Administrative Agent and/or the Lenders
as a preference, fraudulent transfer or otherwise under the Bankruptcy Code or
other similar laws, irrespective of (a) any notice of revocation given by
Guarantor prior to such avoidance or recovery, or (b) full payment and
performance of all of the indebtedness and obligations evidenced and secured by
the Loan Documents.

8.     
FACILITY SALES AND
PARTICIPATIONS; DISCLOSURE OF INFORMATION.  Guarantor agrees that the Lenders may elect, at any time, to sell,
assign, or grant participations in all or any portion of its rights and
obligations under the Loan Documents and this Guaranty, and that any such sale,
assignment or participation may be to one or more financial institutions,
private investors, and/or other entities, at the Lenders’ sole discretion. 
Guarantor further agrees that Administrative Agent and the Lenders may
disseminate to any such actual or potential purchaser(s), assignee(s) or
participant(s) all documents and information (including, without limitation,
all financial information) which has been or is hereafter provided to or known
to Administrative Agent and the Lenders with respect to:  (a) the Collateral or
the Real Estate Assets and their operation; (b) any party connected with the
Facility (including, without limitation, Guarantor, the Borrower, any partner
of the Borrower, any constituent partner of the Borrower, any other guarantor
and any non-borrower trustor); and/or (c) any lending relationship other than
the Facility which Administrative Agent and/or the Lenders may have with any
party connected with the Facility.  In the event of any such sale, assignment
or participation, Administrative Agent and the Lenders and the parties to such
transaction shall share in the rights and obligations of Administrative Agent
and the Lenders as set forth in the Loan Documents only as and to the extent
they agree among themselves.  In connection with any such sale, assignment or
participation, Guarantor further agrees that the Guaranty shall be sufficient
evidence of the obligations of Guarantor to each purchaser, assignee, or
participant, and upon written request by Administrative Agent, Guarantor shall
consent to such amendments or modifications to the Loan Documents as may be
reasonably required in order to evidence any such sale, assignment, or
participation.

Anything in this Agreement to the contrary
notwithstanding, and without the need to comply with any of the formal or procedural
requirements of this Agreement, including this Section, any Lender may at any
time and from time to time pledge and 

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assign all or any
portion of its rights under all or any of the Loan Documents to a Federal
Reserve Bank; provided that no such pledge or assignment shall release such
Lender from its obligations thereunder.

9.     
ADDITIONAL, INDEPENDENT AND
UNSECURED OBLIGATIONS.  This
Guaranty is a continuing guaranty of payment and not of collection and cannot
be revoked by Guarantor and shall continue to be effective with respect to any
indebtedness referenced in Section 1 hereof arising or created after any
attempted revocation hereof or after the death of Guarantor (if Guarantor is a
natural person, in which event this Guaranty shall be binding upon Guarantor’s
estate and Guarantor’s legal representatives and heirs). The obligations of
Guarantor hereunder shall be in addition to and shall not limit or in any way
affect the obligations of Guarantor under any other existing or future
guaranties unless said other guaranties are expressly modified or revoked in
writing. This Guaranty is independent of the obligations of the Borrower under
the Notes and the other Loan Documents. Administrative Agent may bring a
separate action to enforce the provisions hereof against Guarantor without
taking action against the Borrower or any other party or joining the Borrower
or any other party as a party to such action.  

10.  ATTORNEYS’ FEES; ENFORCEMENT.  If any attorney is engaged by Administrative Agent
or any Lender to enforce or defend any provision of this Guaranty, or any of
the other Loan Documents, or as a consequence of any Default under the Loan
Documents, with or without the filing of any legal action or proceeding,
Guarantor shall pay to Administrative Agent for the benefit of the Lenders,
immediately upon demand all attorneys’ fees and costs incurred by
Administrative Agent or any Lender in connection therewith, together with
interest thereon from the date of such demand until paid at the rate of
interest applicable to the principal balance of the Notes as specified therein.

11.  RULES OF CONSTRUCTION.  The word “Borrower” as used herein shall include
both the named Borrower and any other person at any time assuming or otherwise
becoming primarily liable for all or any part of the obligations of the named
Borrower under the Notes and the other Loan Documents.  The term “person” as
used herein shall include any individual, company, trust or other legal entity
of any kind whatsoever. If this Guaranty is executed by more than one person,
the term “Guarantor” shall include all such persons. When the context and
construction so require, all words used in the singular herein shall be deemed
to have been used in the plural and vice versa.  All headings appearing in this
Guaranty are for convenience only and shall be disregarded in construing this
Guaranty.

12.  CREDIT REPORTS.  Each legal entity and individual obligated on this Guaranty hereby
authorizes Administrative Agent to order and obtain, from a credit reporting
agency of Administrative Agent’s and Lenders’ choice, a third party credit
report on such legal entity and individual.

13.  GOVERNING LAW.  This Guaranty shall pursuant to Section 5-1401 of the New York
General Obligations Law be governed by, and construed in accordance with, the
laws of the State of New York, except to the extent preempted by federal laws. 
Guarantor and all persons and entities in any manner obligated to
Administrative Agent and the Lenders under this Guaranty consent to the
jurisdiction of any federal or state court within the State of New 

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York having proper venue and also consent to service of
process by any means authorized by New York or federal law.

14.  MISCELLANEOUS. The provisions of this Guaranty will bind and benefit the heirs,
executors, administrators, legal representatives, nominees, successors and
assigns of Guarantor, Administrative Agent and the Lenders.  No Guarantor shall
assign or transfer any of its rights or obligations under this Guaranty without
the prior written consent of Administrative Agent and the Lenders.  The
liability of all persons and entities who are in any manner obligated hereunder
shall be joint and several. If any provision of this Guaranty shall be
determined by a court of competent jurisdiction to be invalid, illegal or unenforceable,
that portion shall be deemed severed from this Guaranty and the remaining parts
shall remain in full force as though the invalid, illegal or unenforceable
portion had never been part of this Guaranty.  Time is of the essence of this
Guaranty.

15.  ADDITIONAL PROVISIONS.  Such additional terms, covenants and conditions as
may be set forth on any exhibit executed by Guarantor and attached hereto which
recites that it is an exhibit to this Guaranty are incorporated herein by this
reference.

16.  ENFORCEABILITY.  Guarantor hereby acknowledges that: (a) the obligations undertaken
by Guarantor in this Guaranty are complex in nature, and (b) numerous possible
defenses to the enforceability of these obligations may presently exist and/or
may arise hereafter, and (c) as part of Administrative Agent’s and the Lenders’
consideration for entering into this transaction, Administrative Agent and the
Lenders have specifically bargained for the waiver and relinquishment by
Guarantor of all such defenses, and (d) Guarantor has had the opportunity to
seek and receive legal advice from skilled legal counsel in the area of
financial transactions of the type contemplated herein.  Given all of the
above, Guarantor does hereby represent and confirm to Administrative Agent and
the Lenders that Guarantor is fully informed regarding, and that Guarantor does
thoroughly understand: (i) the nature of all such possible defenses, and (ii)
the circumstances under which such defenses may arise, and (iii) the benefits
which such defenses might confer upon Guarantor, and (iv) the legal
consequences to Guarantor of waiving such defenses.  Guarantor acknowledges
that Guarantor makes this Guaranty with the intent that this Guaranty and all
of the informed waivers herein shall each and all be fully enforceable by
Administrative Agent, and that Administrative Agent and the Lenders are induced
to enter into this transaction in material reliance upon the presumed full
enforceability thereof.

17.  WAIVER OF RIGHT TO TRIAL BY JURY.  EACH PARTY TO THIS GUARANTY, AND BY ITS ACCEPTANCE
HEREOF, ADMINISTRATIVE AGENT AND THE LENDERS, HEREBY EXPRESSLY WAIVE ANY RIGHT
TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING
UNDER THE LOAN DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION
THEREOF OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THE LOAN
DOCUMENTS (AS NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR
AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS
RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER 

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ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR
OTHERWISE; AND EACH PARTY AND ADMINISTRATIVE AGENT AND THE LENDERS HEREBY AGREE
AND CONSENT THAT ANY PARTY TO THIS GUARANTY AND ADMINISTRATIVE AGENT AND THE
LENDERS MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY
COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO AND
ADMINISTRATIVE AGENT AND THE LENDERS TO THE WAIVER OF THEIR RIGHT TO TRIAL BY
JURY.

18.  JOINDER TO CERTAIN COVENANTS IN LOAN AGREEMENT.  Guarantor hereby makes the representations and
warranties concerning Guarantor contained in Article 6 of the Loan Agreement as
to itself only and covenants and agrees to be bound by the covenants of
Guarantor contained in Articles 5 and 8 of the Loan Agreement as to itself
only.

19.  NOTICES. 
All notices, demands, or other communications under this Guaranty shall be in
writing and shall be delivered to the appropriate party at the address set
forth on the signature page of this Guaranty (or with respect to Administrative
Agent and the Lenders, at the address set forth in the Loan Agreement) (subject
to change from time to time by written notice to all other parties to this
Guaranty).  All communications shall be deemed served upon delivery of, or if
mailed, upon the first to occur of receipt, the expiration of one (1) Business
Day after deposit with a reputable overnight delivery service, or the
expiration of three (3) days after the deposit in the United States Postal
Service mail, postage prepaid and addressed to the address of Guarantors or
Administrative Agent and Lenders at the address specified in the Loan
Agreement; provided, however, that non-receipt of any communication as the
result of any change of address of which the sending party was not notified or
as the result of a refusal to accept delivery shall be deemed receipt of such
communication.

[Signatures on
following page]

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[Signature page to Guaranty of Payment and
Performance]

 

IN WITNESS WHEREOF,
Guarantor has executed this Guaranty under seal as of the date appearing on the
first page of this Guaranty.

 

 

PHILLIPS EDISON – ARC SHOPPING CENTER REIT INC.

 

By: 
/s/ Richard J. Smith______________________

Name:  Richard J. Smith______________________

Title:   Vice President________________________ 

 

                                                                       
PHILLIPS EDISON SHOPPING CENTER 

                                                      
                OP GP LLC

 

 

By: 
/s/ Richard J. Smith______________________ 

Name:  Richard J. Smith______________________

Title:   Vice President________________________ 

HERON CREEK STATION LLC

 

By: 
/s/ Richard J. Smith______________________

Name:  Richard J. Smith______________________

Title:   Vice President________________________ 

 

[End of Signatures]

Guarantors’ Address: 

 

c/o Phillips Edison & Company Ltd.

11501 Northlake Drive

Cincinnati, Ohio  45249

Attention:        Richard Smith

                        Chief Financial
Officer

 

9FIRST
AMENDMENT TO REVOLVING LOAN agreement

AND OTHER LOAN DOCUMENTS

THIS FIRST AMENDMENT
TO REVOLVING LOAN AGREEMENT AND
OTHER LOAN DOCUMENTS (this “Amendment”)
made as of the 15th day of January, 2013, by and among PHILLIPS
EDISON – ARC SHOPPING CENTER OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership (“Borrower”), PHILLIPS EDISON –ARC
SHOPPING CENTER REIT INC., a Maryland corporation (“REIT”), PHILLIPS
EDISON SHOPPING CENTER OP GP LLC, a Delaware limited liability company (“General
Partner”), the parties executing below as Subsidiary Guarantors (the “Subsidiary
Guarantors”; REIT, General Partner and the Subsidiary Guarantors,
collectively the “Guarantors”), KEYBANK NATIONAL ASSOCIATION, a
national banking association (“KeyBank”), THE OTHER LENDERS WHICH ARE
SIGNATORIES HERETO (KeyBank and the other lenders which are signatories
hereto, collectively, the “Lenders”), and KEYBANK NATIONAL
ASSOCIATION, a national banking association, as Administrative Agent for
the Lenders (the “Administrative Agent”). 

W
I T N E S S E T H:

WHEREAS, Borrower, Administrative Agent and KeyBank entered
into that certain Revolving Loan Agreement dated as of December 21, 2012
(the “Credit Agreement”); and

WHEREAS, Borrower has requested that the amount of the credit
facility provided under the Credit Agreement be increased; and

WHEREAS, the Administrative Agent and the Lenders have agreed
to such increase subject to the execution and delivery by Borrower and
Guarantors of this Amendment.

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

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

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

(a)   
By deleting in their entirety the
definitions of “Adjusted Mortgaged Property NOI”, “Borrowing Base Acquisition
Value Limit”, “Commitment Amount”, “Letter of Credit Sublimit”, “Revolving
Credit Loans” and “Swing Loan Commitment” appearing in Section 1.1 of the Credit
Agreement, and inserting in lieu thereof the following:

“Adjusted Mortgaged Property NOI” shall mean
Property NOI for the immediately preceding four (4) fiscal quarters, net of
capital expenditure reserves of $0.15 per square foot, for Real Estate Assets which
are Mortgaged Properties.  For the purposes of calculation of Adjusted
Mortgaged Property NOI for any 

 

 

Mortgaged Property not
owned and operated by the Borrower or a Subsidiary Guarantor for four (4) full
fiscal quarters and with respect to which there is an Appraisal approved by
Administrative Agent, the Adjusted Mortgaged Property NOI shall be calculated
using the net operating income for the first (1st) four (4) fiscal
quarters of Borrower’s or such Subsidiary Guarantor’s ownership of such asset
as set forth in the Appraisal for such Mortgaged Property approved by
Administrative Agent, net of capital expenditure reserves of $0.15 per square
foot for such Mortgaged Property.

“Borrowing Base Acquisition Value Limit” means
for Eligible Real Estate owned by a Subsidiary Guarantor included in the
Borrowing Base, which Eligible Real Estate is not subject to a Mortgage but as
to which all of the Equity Interests of Borrower, directly or indirectly, in
such Subsidiary Guarantor have been pledged pursuant to the Pledge Agreement
and as to which the Borrower or such Subsidiary Guarantor is not yet required
pursuant to subsection (y) of Schedule 12.3 to deliver to Administrative
Agent a Mortgage and the other items described in subsection (y) of Schedule
12.3 (each such property is referred to in this definition as a “Pledged
Property”), the amount which is fifty-five percent (55%) of the sum of the
Acquisition Value of each such Pledged Property; provided that in no event
shall the Borrowing Base Acquisition Value Limit at any time exceed an amount
equal to twenty-five percent (25%) of the sum of (1) the aggregate Appraised
Values of each Mortgaged Property subject to a Mortgage as most recently
determined under this Agreement plus (2) the aggregate Acquisition Value of the
Pledged Properties.

“Commitment Amount” means the amount set forth
as such for each Lender on Schedule 1.1  hereof, which in the
aggregate as of January 15, 2013 equals $88,000,000.00.  The Commitment Amount
may be increased as provided in Section 2.14. 

“Letter of Credit Sublimit” means the sum of
$8,800,000.00, as the same may be changed from time to time in accordance with
the terms of this Agreement.

“Revolving Credit Loan or Loans” means an
individual Revolving Credit Loan or the aggregate Revolving Credit Loans, as
the case may be, in the maximum principal amount of $88,000,000.00 (subject to
increase as provided in Section 2.14) to be made by the Lenders
hereunder as more particularly described in Section 2.1.  Without
limiting the foregoing, Revolving Credit Loans shall also include Revolving
Credit Loans made pursuant to Section 2.6(f). 

“Swing Loan Commitment” means the sum of
$8,800,000.00, as the same may be changed from time to time in accordance with
the terms of this Agreement.

(b)  
By deleting in its entirety
Schedule 1.1 attached to the Credit Agreement, and inserting in lieu
thereof Schedule 1.1  attached hereto; and

2

 

 

 

(c)   
Any references to Notes in the
Security Documents attached to the Credit Agreement as Exhibits shall be deemed
to be conformed to refer to the Notes issued under the Credit Agreement, as
amended by this Amendment.

(d)  
The form of covenant compliance
worksheet attached to the Compliance Certificate shall be deleted and Schedule 2 
to this Amendment shall be inserted in lieu thereof.

3.     
Amendment of Cash Collateral
Agreement.  Borrower, Subsidiary
Guarantors and Administrative Agent do hereby modify and amend the Cash
Collateral Agreement by deleting in its entirety the first (1st) “WHEREAS”
clause, appearing on page 1 thereof, and inserting in lieu thereof the
following:

“WHEREAS, pursuant to
that certain Revolving Loan Agreement dated December 21, 2012 by and among
Borrower, KeyBank, the Lenders from time to time party thereto and Agent (as
the same may be varied, extended, supplemented, consolidated, amended,
replaced, renewed, increased, modified or restated, the “Loan Agreement”), the
Lenders have agreed to provide a revolving credit facility to Borrower in the
amount of $88,000,000.00, increasable to $250,000,000.00 as provided in the Loan
Agreement (the “Loans”), which Loans are evidenced by those certain Notes made
by Borrower to the order of the Lenders (such Notes, and any other note as may
be issued under the Loan Agreement, as the same may be varied, extended,
supplemented, consolidated, amended, replaced, renewed, modified or restated,
hereinafter referred to collectively as the “Note”); and”

Amendment of
Indemnity Agreement.  Borrower,
Guarantors and the Administrative Agent do hereby modify and amend the
Indemnity Agreement by deleting in their entirety the first (1st) and third
(3rd) “WHEREAS” paragraphs of the Indemnity Agreement, appearing on pages 1 and
2 thereof, and inserting in lieu thereof the following:

4.     
“WHEREAS, the Borrower and
Additional Guarantors are the owners or lessees with respect to “Mortgaged
Properties” more particularly described in the Credit Agreement, and the “Land”
shall include the real property described therein (the Land, together with all
improvements now or hereafter located in, on or under the Land, collectively,
the “Property”);

WHEREAS, the Lenders have agreed to provide to
Borrower a revolving credit loan facility in the amount of up to $88,000,000.00
pursuant to the Credit Agreement, which facility may be increased to up to
$250,000,000.00 pursuant to Section 2.14 of the Credit Agreement (the “Loan”),
and which Loan is evidenced by, among other things, those certain Revolving
Promissory Notes made by Borrower to the order of the Lenders in the aggregate
principal face amount of $88,000,000.00 and that certain Swing Loan Note made
by Borrower to the order of KeyBank in the amount of the Swing Loan Commitment
(together with all amendments, modifications, replacements, consolidations,
increases, supplements and extensions thereof, collectively, the “Note”) and
secured by, among other things, the Mortgages on the Property;”

5.                 
Amendment of Guaranty.  Administrative Agent and Guarantors do hereby
modify and amend each Guaranty to which such Guarantor is a party as follows:  

3

 

 

 

(a)              
    By deleting in its entirety Recital A
of the Guaranty, appearing on page 1 thereof, and inserting in lieu thereof the
following:

“A.    Pursuant to the terms of that certain Revolving
Loan Agreement between Phillips Edison- ARC Shopping Center Operating
Partnership, L.P., a Delaware limited partnership (the “Borrower”),
Administrative Agent and the Lenders now or hereafter a party thereto dated
December 21, 2012 (the “Loan Agreement”), the Lenders have agreed to
make a revolving loan and other financial accommodations to the Borrower in the
principal sum of EIGHTY EIGHT MILLION AND 00/100 DOLLARS ($88,000,000.00),
increasable to TWO HUNDRED FIFTY MILLION AND 00/100 DOLLARS ($250,000,000.00)
as provided in the Loan Agreement (the “Facility”) for the purposes
specified in the Loan Agreement.  All capitalized terms not otherwise defined
herein shall have the meaning ascribed thereto in the Loan Agreement.”

(b)              
     By deleting in its entirety
Section 1(a) of each Guaranty, and inserting in lieu thereof the following:

“(a)   the full and prompt payment when due, whether
by acceleration or otherwise, either before or after maturity thereof, of the
Revolving Promissory Notes made by the Borrower to the order of the Lenders in
the aggregate principal face amount of Eighty Eight Million and No/100 Dollars
($88,000,000.00), the Swing Loan Note made by the Borrower to the order of the
Swing Loan Lender in the principal face amount of Eight Million Eight Hundred
Thousand and No/100 Dollars ($8,800,000.00), together with interest as provided
in such Notes and together with any replacements, supplements, renewals,
modifications, consolidations, restatements, increases and extensions thereof;
and”

6.                 
Commitments.   

(a)               
Borrower and Guarantors hereby
acknowledge and agree that as of the effective date of this Amendment and
following satisfaction of all conditions thereto as provided herein, the amount
of each Lender’s Commitment Amount shall be the amount set forth on Schedule
1.1 attached hereto.  In connection with the increase, Bank of America, N.A.
(the “New Lender”) shall be issued a Revolving Promissory Note in the principal
face amount of its Commitment Amount, which will be a “Revolving Promissory
Note” under the Credit Agreement, and New Lender shall be a Lender under the
Credit Agreement.  KeyBank shall be issued a replacement Revolving Promissory
Note in the amount of its Commitment Amount, and KeyBank will promptly return
to Borrower its existing Revolving Promissory Note in the principal face amount
of $40,000,000.00 marked “Replaced”.

(b)              
Borrower and Guarantors hereby
acknowledge and agree that as of the effective date of this Amendment and
following satisfaction of all conditions thereto as provided herein, the Swing
Loan Commitment shall be increased from $4,000,000.00 to $8,800,000.00.  In
connection with the increase of the Swing Loan Commitment, KeyBank shall be
issued a replacement Swing Loan Note in the principal face amount of
$8,800,000.00 (the “Replacement Swing Loan Note”), and upon acceptance of the
Replacement Swing Loan Note by KeyBank it 

4

 

 

 

will be the
“Swing Loan Note” under the Credit Agreement.  KeyBank will promptly return to
Borrower the existing Swing Loan Note in the principal face amount of
$4,000,000.00 marked “Replaced”.

(c)               
By its signature below, New
Lender, subject to the terms and conditions hereof, hereby agrees to perform
all obligations with respect to its respective Commitment Amount and otherwise
under the Credit Agreement as if New Lender were an original Lender under and
signatory to the Credit Agreement having a Commitment Amount, as set forth
above, equal to its respective Commitment Amount, which obligations shall
include, but shall not be limited to, the obligation to make Revolving Credit
Loans to the Borrower with respect to its Commitment Amount as required by the
Credit Agreement, the obligation to pay amounts due in respect of Swing Loans
as set forth in the Credit Agreement, the obligation to pay amounts due in
respect of draws under Letters of Credit as required under the Credit
Agreement, and in any case the obligation to indemnify the Administrative Agent
as provided therein.  Without limiting the foregoing, New Lender makes and
confirms to the Administrative Agent and the other Lenders all of the
representations, warranties and covenants of a Lender under Article 11 of
the Credit Agreement.  Further, New Lender acknowledges that it has,
independently and without reliance upon the Administrative Agent, or on any
affiliate or subsidiary thereof or any other Lender and based on the financial
statements supplied by the Borrower and such other documents and information as
it has deemed appropriate, made its own credit analysis and decision to become
a Lender under the Credit Agreement.  Except as expressly provided in the
Credit Agreement, the Administrative Agent shall have no duty or responsibility
whatsoever, either initially or on a continuing basis, to provide any New
Lender with any credit or other information with respect to the Borrower or
Guarantors or to notify any New Lender of any Potential Default or Default.  No
New Lender has relied on the Administrative Agent as to any legal or factual
matter in connection therewith or in connection with the transactions
contemplated thereunder.  New Lender (i) represents and warrants as to itself
that it is legally authorized to, and has full power and authority to, enter
into this agreement and perform its obligations under this agreement; (2)
confirms that it has received copies of such documents and information as it
has deemed appropriate to make its own credit analysis and decision to enter
into this agreement; (3) agrees that it has and will, independently and without
reliance upon any Lender or the Administrative Agent and based upon such
documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in evaluating the Revolving Credit Loans, the
Loan Documents, the creditworthiness of the Borrower and the Guarantors and the
value of the Collateral and other assets of the Borrower and the Guarantors,
and taking or not taking action under the Loan Documents; (4) appoints and
authorizes the Administrative Agent to take such action as agent on its behalf
and to exercise such powers as are reasonably incidental thereto pursuant to
the terms of the Loan Documents; and (5) agrees that, by this agreement, it has
become a party to and will perform in accordance with their terms all the
obligations which by the terms of the Loan Documents are required to be
performed by it as a Lender.  New Lender acknowledges and confirms that its
address for notices is as set forth on the signature pages hereto.

(d)              
On the effective date of this
Amendment the outstanding principal balance of the Revolving Credit Loans shall
be reallocated among the Lenders such that the outstanding principal amount of
Revolving Credit Loans owed to each Lender shall be equal to such Lender’s Pro
Rata Share of the outstanding principal amount of all Revolving Credit Loans. 
The 

5

 

 

 

participation interests of the Lenders in Swing
Loans and Letters of Credit shall be similarly adjusted.  Each of those Lenders
whose Pro Rata Share is increasing shall advance the funds to the
Administrative Agent and the funds so advanced shall be distributed among the
Lenders whose Pro Rata Share is decreasing as necessary to accomplish the
required reallocation of the outstanding Revolving Credit Loans.

7.                 
References to Amended Documents.  All references in the Loan Documents to the Credit
Agreement, the Cash Collateral Agreement, the Indemnity Agreement, the Guaranty
or any other Loan Document amended in connection with this Amendment shall be
deemed a reference to the Credit Agreement, the Cash Collateral Agreement, the
Indemnity Agreement, the Guaranty and such other Loan Documents as modified and
amended herein or therein.  Any references in the Fee Letter to the amount of
the Loans shall be deemed to be a reference to Loans of up to $88,000,000.00,
increasable to up to $250,000,000.00.

8.                 
Acknowledgment of Borrower and
Guarantors.  Borrower and Guarantors
hereby acknowledge, represent and agree that the Loan Documents, as modified
and amended herein or in connection with this Amendment, remain in full force
and effect and constitute the valid and legally binding obligation of Borrower
and Guarantors, as applicable, enforceable against Borrower and Guarantors in accordance
with their respective terms, and that the execution and delivery of this
Amendment and any other documents in connection herewith does not constitute,
and shall not be deemed to constitute, a release, waiver or satisfaction of
Borrower’s or any Guarantor’s obligations under the Loan Documents.

9.                 
Representations and Warranties.  Borrower and Guarantors represent and warrant to
Administrative Agent and the Lenders as follows:

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

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

 

 

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

(d)              
Reaffirmation.  Borrower and Guarantors reaffirm and restate as of
the date hereof each and every representation and warranty made by the Borrower
and Guarantors and their respective Subsidiaries in the Loan Documents or
otherwise made by or on behalf of such Persons in connection therewith except
for representations or warranties that expressly relate to an earlier date.

10.             
No Default.  By execution hereof, the Borrower and Guarantors
certify that as of the date of this Amendment and immediately after giving
effect to this Amendment, no Default or Potential Default has occurred and is
continuing.

11.             
Waiver of Claims.  Borrower and Guarantors acknowledge, represent and
agree that none of such Persons has any defenses, setoffs, claims,
counterclaims or causes of action of any kind or nature whatsoever arising on
or before the date hereof with respect to the Loan Documents, the
administration or funding of the Loan or the Letters of Credit or with respect
to any acts or omissions of Administrative Agent or any Lender, or any past or
present officers, agents or employees of Administrative Agent or any Lender
pursuant to or relating to the Loan Documents, and each of such Persons does
hereby expressly waive, release and relinquish any and all such defenses,
setoffs, claims, counterclaims and causes of action arising on or before the
date hereof, if any.

12.             
Ratification.  Except as hereinabove set forth, all terms,
covenants and provisions of the Credit Agreement, the Cash Collateral
Agreement, the Indemnity Agreement, the Guaranty and any other Loan Documents
amended in connection herewith remain unaltered and in full force and effect,
and the parties hereto do hereby expressly ratify and confirm the Loan
Documents as modified and amended herein and therein.  Guarantors hereby
consent to the terms of this Amendment and ratify each Guaranty.  Nothing in this
Amendment or any other document delivered in connection herewith shall be
deemed or construed to constitute, and there has not otherwise occurred, a
novation, cancellation, satisfaction, release, extinguishment or substitution
of the indebtedness evidenced by the Notes or the other obligations of Borrower
and Guarantors under the Loan Documents.

13.             
Effective Date.  This Amendment shall be deemed effective and in
full force and effect as of the date hereof upon the satisfaction of the
following conditions:

(a)               
the execution and delivery of this
Amendment by Borrower, Guarantor, Administrative Agent and all of the Lenders;

(b)              
An opinion of counsel to the
Borrower and the Guarantors addressed to the Administrative Agent and the
Lenders covering such matters as the Administrative Agent may reasonably
request;

7

 

 

 

(c)               
A Revolving Promissory Note duly
executed by the Borrower in favor of New Lender and KeyBank in the amount set
forth next to such Lender’s name on Schedule 1.1 attached hereto;

(d)              
A Swing Loan Note duly executed by
the Borrower in favor of KeyBank in the amount of the new Swing Loan
Commitment;

(e)               
Evidence that the Borrower shall
have paid all fees due and payable with respect to this Amendment; and

(f)               
Such other resolutions,
certificates, documents, instruments and agreements as the Administrative Agent
may reasonably request.

The Borrower will pay the reasonable
fees and expenses of Administrative Agent in connection with this Amendment.

14.             
Amendment as Loan Document.  This Amendment shall constitute a Loan Document.

15.             
Counterparts.  This Amendment may be executed in any number of
counterparts which shall together constitute but one and the same agreement.

16.             
Titled Agents.  Bank of America, N.A. shall be the syndication
agent.

17.             
MISCELLANEOUS.  THIS AMENDMENT SHALL, PURSUANT TO NEW YORK GENERAL
OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.  This Amendment shall be binding upon and
shall inure to the benefit of the parties hereto and their respective permitted
successors, successors-in-title and assigns as provided in the Credit
Agreement.

 

[Signatures Begin On Next
Page]

 

 

8

 

 

 

 

 

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

BORROWER: 

PHILLIPS
EDISON ARC – SHOPPING CENTER OPERATING PARTNERSHIP, L.P., a Delaware limited partnership

By:      PHILLIPS EDISON SHOPPING 

CENTER OP GP LLC, a Delaware limited 

liability company, its General Partner

By:   /s/ Richard J. Smith_______________ 

        Richard J. Smith, Vice President

 

REIT: 

 

PHILLIPS
EDISON ARC – SHOPPING CENTER REIT INC.,
a Maryland corporation

By:   /s/ Richard J. Smith_______________ 

        Richard J. Smith, Vice President

 

GENERAL PARTNER: 

 

PHILLIPS
EDISON SHOPPING CENTER OP GP LLC, a
Delaware limited liability company

By:   /s/ Richard J. Smith_______________ 

        Richard J. Smith, Vice President

 

 [Signatures Continued On
Next Page]

9

 

 

 

SUBSIDIARY GUARANTORS: 

 

HERON
CREEK STATION LLC, a Delaware limited
liability company

By:   /s/ Richard J. Smith_______________ 

        Richard J. Smith, Vice President

 

QUARTZ
HILL STATION LLC,

a Delaware limited liability company

By:   /s/ Richard J. Smith_______________ 

        Richard J. Smith, Vice President

 

VILLAGE
ONE STATION LLC,

a Delaware limited liability company

By:   /s/ Richard J. Smith_______________ 

        Richard J. Smith, Vice President

 

HILFIKER
STATION LLC,

a Delaware limited liability company

By:   /s/ Richard J. Smith_______________ 

        Richard J. Smith, Vice President

 

 [Signatures Continued On
Next Page]

10

 

 

 

BUTLER CREEK STATION LLC,

a Delaware limited liability company

By:   /s/ Richard J. Smith_______________ 

        Richard J. Smith, Vice President

 

FAIRVIEW
OAKS STATION LLC,

a Delaware limited liability company

By:   /s/ Richard J. Smith_______________ 

        Richard J. Smith, Vice President

 

GRASSLAND
CROSSING STATION LLC,

a Delaware limited liability company

By:   /s/ Richard J. Smith_______________ 

        Richard J. Smith, Vice President

 

HAMILTON
RIDGE STATION LLC,

a Delaware limited liability company

By:   /s/ Richard J. Smith_______________ 

        Richard J. Smith, Vice President

 

MABLETON
CROSSING STATION LLC,

a Delaware limited liability company

By:   /s/ Richard J. Smith_______________ 

        Richard J. Smith, Vice President

 

WESTRIDGE
STATION LLC, a Delaware limited
liability company

 

By:   /s/ Richard J. Smith_______________ 

        Richard J. Smith, Vice President

 

 

11

 

 

 

LENDERS: 

 

KEYBANK
NATIONAL ASSOCIATION, individually
and as Administrative Agent

By:  /s/ Michael P. Szuba_____________________ 

Name:   Michael P. Szuba_____________________ 

Title:   Vice President  _______________________ 

 

 

 

BANK OF AMERICA, N.A.

By:  /s/ Jeffrey D. Cartwright__________________ 

Name:   Jeffrey D. Cartwright__________________ 

Title:    Vice President________________________ 

 

Address:

 

30 South Meridian Street, Suite 800 

Indianapolis, Indiana  46204

Attention:  Jeffrey D. Cartwright

13

 

 

 

SCHEDULE
1.1

PRO RATA SHARES

Schedule 1.1 to REVOLVING  LOAN AGREEMENT between (i)
PHILLIPS EDISON – ARC SHOPPING CENTER OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership, as “Borrower”, (ii) KEYBANK NATIONAL
ASSOCIATION, as “Administrative Agent”, and (iii) various Lenders, dated as
of December 21, 2012.

	
  Lender

  	
  Commitment Amount

  	
  Pro Rata Share

  
	
  KEYBANK NATIONAL ASSOCIATION

  	
  $48,000,000.00

  	
  54.545455%

  
	
  BANK OF AMERICA, N.A.

  	
  $40,000,000.00

  	
  45.454545%

  
	
   

  	
   

  	
   

  
	
  TOTALS

  	
  $88,000,000.00

  	
  100%

  

 

(Percentages may not total 100% due to rounding)

14

 

 

 

SCHEDULE 2

(See
attached)

 

15

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