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Exhibit 10.4
			
	

RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP, LP
___________________________________
First Amendment
Dated as of July 29, 2020
to the
Note Purchase Agreement
Dated as of November 10, 2017
___________________________________
Re: $250,000,000 4.19% Senior Notes due December 15, 2027
			
	

First Amendment to the Note Purchase Agreement
This First Amendment dated as of July 29, 2020 (the or this “First Amendment”) to the Note Purchase Agreement dated as of November 10, 2017 is between Retail Opportunity Investments Partnership, LP, a Delaware limited partnership (the “Company”), Retail Opportunity Investments Corp., a Maryland corporation (the “Parent Guarantor”) and each of the institutions which is a signatory to this First Amendment (collectively, the “Noteholders”).
Recitals:
        A. The Company, the Parent Guarantor and each of the Purchasers listed on the Purchaser Schedule to the Note Purchase Agreement (defined below) have heretofore entered into the Note Purchase Agreement dated as of November 10, 2017 (the “Note Purchase Agreement”).  The Company has heretofore issued $250,000,000 aggregate principal amount of its 4.19% Senior Notes due December 15, 2027 (the “Notes”) pursuant to the Note Purchase Agreement. The Noteholders constitute the Required Holders as defined in the Note Purchase Agreement.
        B. The Company, the Parent Guarantor and the Noteholders now desire to amend the Note Purchase Agreement in the respects, but only in the respects, hereinafter set forth.
        C. Capitalized terms used herein shall have the respective meanings ascribed thereto in the Note Purchase Agreement unless herein defined or the context shall otherwise require.
        D. All requirements of law have been fully complied with and all other acts and things necessary to make this First Amendment a valid, legal and binding instrument according to its terms for the purposes herein expressed have been done or performed.
Now, therefore, upon the full and complete satisfaction of the conditions precedent to the effectiveness of this First Amendment set forth in Section 3.1 hereof, and in consideration of good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Company, the Parent Guarantor and the Noteholders do hereby agree as follows:
Section 1. Amendments.
        Section 1.1. Section 10 of the Note Purchase Agreement is hereby amended to insert a new Section 10.12 to read as follows: 
Section 10.12. Minimum Liquidity Amount.  At any time during the Waiver Period, neither the Company nor the Parent Guarantor will permit the Liquidity Amount to be less than $150,000,000.
        Section 1.2. The definition of “Unencumbered Asset Pool Value” set forth in Schedule A of the Note Purchase Agreement is hereby amended by amending paragraph (E) set forth therein as follows:
        (E) each UAP Property contributing to the Unencumbered Asset Pool Value shall have a minimum occupancy (leased and tenant current on all payments) of not less than (i) during the Waiver Period, 50% and (ii) thereafter 70% (each called the “Minimum Economic Occupancy”); provided that up to 15% of the aggregate value of the UAP Properties contributing to the Unencumbered Asset Pool Value can be comprised of Real Property Assets acquired in any preceding twelve month period that do not meet the Minimum Economic Occupancy requirement; and
        Section 1.3. Schedule A of the Note Purchase Agreement is hereby amended by inserting the following additional definitions:
“Original Consolidated Unencumbered Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Unsecured Indebtedness as of such date to (b) the Unencumbered Asset Pool Value; provided that the 

threshold of the Minimum Economic Occupancy in clause (E) thereof shall be 70%.
“Liquidity Amount” means, as of any date of determination, the sum of (a) the aggregate amount of Unrestricted Cash and Cash Equivalents held by the Parent Guarantor or Company on such date, plus (b) the aggregate principal amount that is available for borrowing under any Material Credit Facility; provided that the maturity of such Material Credit Facility is at least one year from such date of determination; minus (c) the aggregate principal amount of Indebtedness outstanding on such date of determination that is payable or required to be paid on or prior to the last day of the Waiver Period, minus (d) the aggregate amount of committed capital expenditures to be made during the Waiver Period, minus (e) the aggregate amount of declared dividends and/or other distributions to be made during the Waiver Period.
“Waiver Period” means each of the fiscal quarters of the Company ended June 30, 2020, September 30, 2020, December 31, 2020 and March 31, 2021.
“Unrestricted Cash and Cash Equivalents” means, as of any date of determination, the sum of the aggregate amount of cash and Cash Equivalents (valued at fair market value) which is Unrestricted. As used in this definition, “Unrestricted” means the specified asset is not subject to any escrow, cash trap, reserves, Liens (other Liens permitted under Section 10.5) or claims of any kind in favor of any Person.
Section 2. Representations and Warranties of the Company and the Parent Guarantor.
        Section 2.1. To induce the Noteholders to execute and deliver this First Amendment (which representations shall survive the execution and delivery of this First Amendment), the Company and the Parent Guarantor jointly and severally represent and warrant to the Noteholders that:
        (a) this First Amendment has been duly authorized, executed and delivered by the Company and the Parent Guarantor and this First Amendment constitutes the legal, valid and binding obligation, contract and agreement of the Company and the Parent Guarantor enforceable against each of them in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors’ rights generally;
        (b) the Note Purchase Agreement, as amended by this First Amendment, constitutes the legal, valid and binding obligation, contract and agreement of the Company and the Parent Guarantor enforceable against each of them in accordance with their respective terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors’ rights generally;
        (c) the execution, delivery and performance by the Company and the Parent Guarantor of this First Amendment (i) have been duly authorized by all requisite partnership or corporate action and, if required, shareholder action, (ii) do not require the consent or approval of any governmental or regulatory body or agency and (iii) will not (A) violate (1) any provision of law, statute, rule or regulation or the Company’s or the Parent Guarantor’s other limited partnership agreement, Parent Guarantor agreement or charter documents, (2) any order of any court or any rule, regulation or order of any other agency or government binding upon the Company or the Parent Guarantor or (3) any provision of any material indenture, agreement or other instrument to which either the Company or the Parent Guarantor is a party or by which their properties or assets are or may be bound, or (B) result in a breach or constitute (alone or with due notice or lapse of time or both) a default under any indenture, agreement or other instrument referred to in clause (iii)(A)(3) of this Section 2.1(c);

        (d) after giving effect to this First Amendment, no Default or Event of Default has occurred which is continuing; and
        (e) neither the Company, the Parent Guarantor nor any of their Affiliates has paid or agreed to pay any fees or other consideration, or given any additional security or collateral, or shortened the maturity or average life of any Indebtedness or permanently reduced any borrowing capacity, in each case, in favor of or for the benefit of any creditor of the Company, the Parent Guarantor any Subsidiary or any Affiliate, solely in consideration for the changes contemplated by or similar in nature to the changes in this First Amendment other than the fees contemplated in Section 3.1(d) below and lesser or equivalent fees paid to the holders pursuant to the agreements referenced in Section 3.1(b) below.
Section 3. Conditions to Effectiveness of This First Amendment.
        Section 3.1. This First Amendment shall not become effective until, and shall become effective when, each and every one of the following conditions shall have been satisfied:
        (a) executed counterparts of this First Amendment, duly executed by the Company, the Parent Guarantor and the holders of at least 50% of the outstanding principal of the Notes, shall have been delivered to the holders of Notes;
        (b) the holders of Notes shall have received evidence satisfactory to them that each of the following shall have been amended in form and substance consistent with this First Amendment: (i) the Bank Credit Agreement, (ii) the Term Loan Agreement and (iii) the 2016 Note Purchase Agreement;
        (c) the recitals set forth above and the representations and warranties of the Company and the Parent Guarantor set forth in Section 2 hereof are true and correct on and with respect to the date hereof; 
        (d) each Noteholder shall have received from the Company an amendment fee equal to the amount set forth in that certain letter dated July 29, 2020 from the Company to the Noteholders; and
        (e) to the extent invoiced at least one (1) Business Day prior to the date hereof, the fees and expenses of Chapman and Cutler, LLP, counsel to the Noteholders, shall have been paid by the Company, in connection with the negotiation, preparation, approval, execution and delivery of this First Amendment.
Upon receipt of all of the foregoing, this First Amendment shall become effective.
Section 4. Confirmation of Subsidiary Guaranties.
        Section 4.1. By its execution of this First Amendment, the Parent Guarantor reaffirms its obligations under the Guaranty Agreement dated as of December 15, 2017 (the “Guaranty”) and acknowledges that its Guaranty remains in full force and effect and extends to all obligations of the Company under the Note Purchase Agreement as amended by this First Amendment and as may be further amended, amended and restated, modified or supplemented from time to time.
Section 5. Miscellaneous.
        Section 5.1. This First Amendment shall be construed in connection with and as part of the Note Purchase Agreement, and except as modified and expressly amended by this First Amendment, all terms, conditions and covenants contained in the Note Purchase Agreement and the Notes are hereby ratified and shall be and remain in full force and effect.
        Section 5.2. Any and all notices, requests, certificates and other instruments executed and delivered after the execution and delivery of this First Amendment may refer to the Note Purchase Agreement without making specific reference to this First Amendment but nevertheless all such references shall include this First Amendment unless the context otherwise requires.

        Section 5.3. The descriptive headings of the various Sections or parts of this First Amendment are for convenience only and shall not affect the meaning or construction of any of the provisions hereof.
        Section 5.4. This First Amendment shall be governed by and construed in accordance with New York law, excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.
        Section 5.5. The execution hereof by you shall constitute a contract between us for the uses and purposes hereinabove set forth, and this First Amendment may be executed in any number of counterparts, each executed counterpart constituting an original, but all together only one agreement.

[Rest of Page Intentionally Left Blank]

If you are in agreement with the foregoing, please sign the form of agreement on a counterpart of this First Amendment and return it to the Company, whereupon this Agreement shall become a binding agreement among each of the undersigned.

												
			RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP, LP	
			By:	Retail Opportunity Investments GP, LLC, its general partner
				
			By:	/s/ Michael B. Haines
				Name:  Michael B. Haines
				Title:  Chief Financial Officer
				
			RETAIL OPPORTUNITY INVESTMENTS CORP.	
				
			By:	/s/ Michael B. Haines
				Name:  Michael B. Haines
				Title:  Chief Financial Officer
				
				
	Accepted and Agreed to on the date first written above:			
				
				
	METROPOLITAN LIFE INSURANCE COMPANY			
	by	MetLife Investment Advisors, LLC, its Investment Manager		
				
	METROPOLITAN TOWER LIFE INSURANCE COMPANY 			
	by	MetLife Investment Advisors, LLC, its Investment Manager		
				
	By:	/s/ John Wills
		
		Name:  John Wills
		
		Title:  Authorized Signatory		
				
	TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA			
	a New York domiciled life insurance company			
	By:	Nuveen Alternative Advisors LLC, a Delaware limited liability company, its investment manager
		
				
	By:	/s/ Jeffrey J. Hughes
		
		Name:  Jeffrey J. Hughes
		
		Title:  Senior Director
		
				

												
	TRANSAMERICA LIFE INSURANCE COMPANY			
	By:	AEGON USA Investment Management, LLC, its investment manager		
				
	By:	/s/ Josh Prieskorn
		
		Name:  Josh Prieskorn
		
		Title:  Vice President
		
				
	TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY
			
	By:	AEGON USA Investment Management, LLC, its investment manager		
				
	By:	/s/ Josh Prieskorn
		
		Name:  Josh Prieskorn
		
		Title:  Vice President
		
				
	MUTUAL OF OMAHA INSURANCE COMPANY
			
				
	By:	/s/ Justin P. Kavan
		
		Name:  Justin P. Kavan
		
		Title:  Senior Vice President
		
				
	UNITED OF OMAHA LIFE INSURANCE COMPANY			
				
	By:	/s/ Justin P. Kavan
		
		Name:  Justin P. Kavan
		
		Title:  Senior Vice President
		
				
	PACIFIC LIFE INSURANCE COMPANY			
				
	By:	/s/ Kevin Liang
		
		Name:  Kevin Liang
		
		Title:  Senior Director
		
				
	JACKSON NATIONAL LIFE INSURANCE COMPANY			
	By:	PPM America, Inc., as attorney in fact, on behalf of Jackson National Life Insurance Company		
				
	By:	/s/ Elena Unger
		
		Name:  Elena Unger
		
		Title:  Vice President
		
				
	JACKSON NATIONAL LIFE INSURANCE COMPANY			
	By:	PPM America, Inc., as attorney in fact, on behalf of Jackson National Life Insurance Company		
				
	By:	/s/ Elena Unger
		
		Name:  Elena Unger
		
		Title:  Vice President
		
				

												
	GENWORTH LIFE INSURANCE COMPANY			
				
	By:	/s/ Nikhil Jain
		
		Name:  Nikhil Jain
		
		Title:  Investments OfficerExhibit

Exhibit 10.2.12

June 30, 2020 

CorEnergy Infrastructure Trust, Inc.
1100 Walnut Street, Suite 3350
Kansas City, Missouri  64106
Re: Management Fee for the Quarter Ended June 30, 2020
Ladies and Gentlemen:

Reference is made to that certain Management Agreement, dated as of May 8, 2015 and effective as of May 1, 2015, by and between CorEnergy Infrastructure Trust, Inc., a Maryland corporation (the “Company”), and Corridor InfraTrust Management, LLC, a Delaware limited liability company (the “Manager”) (as such agreement has been, and may be further, amended, restated, supplemented or otherwise modified from time to time, the “Management Agreement”). Capitalized terms used and not defined herein are used as defined in the Management Agreement. 
 
The Company and the Manager have entered into this Letter Agreement, effective as of June 30, 2020, to clarify the application of the Management Fee provisions set forth in Section 8(a) of the Management Agreement to (i) the Company’s net proceeds from the August 12, 2019 private placement offering of 5.875% Convertible Senior Notes due 2025 and (ii) the sale of the Pinedale Liquids Gathering System to the tenant, termination of the Pinedale Lease Agreement and settlement of the Pinedale Credit Facility, which had the potential to close anytime between June 30, 2020 and July 30, 2020 (collectively, the “Pinedale Transaction”). This letter documents that the Manager has proposed, and the Company has agreed, that solely for the purpose of calculating the quarterly Management Fee due as of June 30, 2020, the definition of “Managed Assets” set forth in Section 8(a) of the Management Agreement shall be applied in a manner that reduces Managed Assets by the net proceeds from the August 12, 2019 private placement offering of 5.875% Convertible Senior Notes due 2025 (excluding the cash portion of such proceeds utilized in connection with the exchange of the Company’s 7.00% Convertible Senior Notes due 2020). 

Further, the Manager has proposed, and the Company has agreed, that solely for the purpose of calculating the quarterly Management Fee due as of June 30, 2020, the definition of “Managed Assets” set forth in Section 8(a) of the Management shall be applied in a manner that increases Managed Assets by excluding the impact of the Pinedale Transaction, which occurred on the last day of the quarter. In order to ensure equitable application of the quarterly management fee provisions of the Management Agreement, for which the assets in the Pinedale Transaction were under management for all but the last day of the quarter, the Manager and the Company agreed that the incremental management fee attributable to the assets involved in the Pinedale Transaction should be paid for the second quarter of 2020. This letter in no way supersedes our May 9, 2016 letter agreement (effective March 31, 2016) concerning the Management Fee calculation.
 
The purpose of this waiver is to apply Section 8(a) of the Management Agreement (i) to only the reinvested portion of the net proceeds, received during the third quarter of 2019, from the 5.875% Convertible Note offering and (ii) to exclude the impact of the Pinedale Transaction, which occurred on the last day of the quarter, as specifically set forth herein.  All other provisions of the Management Agreement shall remain in full force and effect and shall not be affected by this Letter Agreement. Please acknowledge your agreement to the foregoing by signing this Letter Agreement as indicated below.

1100 Walnut Street, Suite 3350, Kansas City, MO 64106 | Main: 816.875.3705 | Fax: 816.875.5875 | corenergy.reit

Exhibit 10.2.12

	
	
	Very truly yours,

	 

	CORRIDOR INFRATRUST MANAGEMENT, LLC

	By:  /s/ Richard C. Green, Jr.                                 

	Name:  Richard C. Green, Jr., Managing Director

	
	
	Agreed and accepted:

	 

	CORENERGY INFRASTRUCTURE TRUST, INC.

	By:  /s/ David J. Schulte                                          

	Name:  David J. Schulte, President

1100 Walnut Street, Suite 3350, Kansas City, MO 64106 | Main: 816.875.3705 | Fax: 816.875.5875 | corenergy.reit

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