Document:

Amendment No. 1 to Fourth Amended and Restated Revolving Credit Agreement

 EXHIBIT 10.1 
  
 AMENDMENT NO. 1 TO FOURTH AMENDED AND RESTATED 
 CREDIT AGREEMENT 
  
 THIS AMENDMENT NO. 1 TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is made as of June 30, 2005, by and among KILROY REALTY, L.P., a Delaware limited partnership (the
“Borrower”), KILROY REALTY CORPORATION, as Guarantor (the “Guarantor”), the BANKS listed on the signature pages hereof, JPMORGAN CHASE BANK, N.A. (successor to JPMorgan Chase Bank), as Administrative Agent, BANK OF
AMERICA, N.A., COMMERZBANK AG and WACHOVIA BANK, NATIONAL ASSOCIATION, as Syndication Agents, J.P. MORGAN SECURITIES INC. and BANC OF AMERICA SECURITIES LLC, as Joint Lead Arrangers and Joint Bookrunners, and EUROHYPO AG, NEW YORK BRANCH., as
Documentation Agent. 
  
 W I T N
E S S E T H: 
  
 WHEREAS, the Borrower and the Banks have entered into the Fourth Amended and Restated Revolving Credit Agreement, as of October 22, 2004 (the “Credit Agreement”); and 
  
 WHEREAS, the parties desire to modify the Credit Agreement upon the terms
and conditions set forth herein. 
  
 NOW THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties do hereby agree as follows: 
  
 1. Definitions. All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement. 
  
 2. FMV Cap Rate. The definition of “FMV Cap Rate” is hereby deleted and the
following substituted therefor: “‘FMV Cap Rate’ means 8.75% with respect to those Real Property Assets that are office properties, and 8.25% with respect to those Real Property Assets that are industrial properties.”

 3. Financial Covenants. 
  

(a) Section 5.8(a) is hereby amended by deleting the phrase “, up to maximum aggregate amount of $15,000,000 during the twelve (12) month period immediately
preceding the date of determination”. 
  
 (b) Section 5.8(d) is hereby
amended by adding the following at the end of the Section: “In calculating Total Asset Value for purposes hereof only, there shall be excluded from Annual EBITDA for such period compensation expense of the General Partner, if any, related to
its special long-term compensation program for its executive officers, as described in its Form 10-Q filed with the Securities and Exchange Commission.” 
  
 (c) Section 5.8(h) is hereby amended by adding the following at the end of the Section: “In calculating Total Asset Value for purposes of Consolidated Tangible Net
Worth only, there shall be excluded from Annual EBITDA for such period compensation expense of the General Partner, if any, related to its special long-term compensation program for its executive officers, as described in its Form 10-Q filed with
the Securities and Exchange Commission.” 
  
 4. Effective Date. This
Amendment shall become effective upon receipt by the Administrative Agent of counterparts hereof signed by the Borrower and the Required Banks (the date of such receipt being deemed the “Effective Date”). 
  
 5. Representations and Warranties. Borrower hereby represents and warrants that as of
the Effective Date, all the representations and warranties set forth in the Credit Agreement, as amended hereby (other than representations and warranties which expressly speak as of a different date), are true and complete in all material respects.

  
 6. Entire Agreement. This Amendment constitutes the entire and final
agreement among the parties hereto with respect to the subject matter hereof and there are no other agreements, understandings, undertakings, representations or warranties among the parties hereto with respect to the subject matter hereof except as
set forth herein. 
  
 7. Governing Law. This Amendment shall be governed
by, and construed in accordance with, the law of the State of New York. 
  
 8.
Counterparts. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart.

 9. Headings, Etc. Section or other headings contained in this Amendment are for reference purposes only and shall
not in any way affect the meaning or interpretation of this Amendment. 
  
 10.
No Further Modifications. Except as modified herein, all of the terms and conditions of the Credit Agreement, as modified hereby shall remain in full force and effect and, as modified hereby, the Borrower confirms and ratifies all of the
terms, covenants and conditions of the Credit Agreement in all respects. 

 IN WITNESS WHEREOF, this Agreement has been duly executed as of the date first above written. 

 

					
	 BORROWER:
	 	KILROY REALTY, L.P., a Delaware limited partnership
			
	 	 	By:	 	Kilroy Realty Corporation, a Maryland corporation, its general partner
			
	 	 	By:	 	 /s/ Tyler H. Rose

	 	 	Name:	 	Tyler H. Rose
	 	 	Title:	 	Senior Vice President and Treasurer
			
	 	 	By:	 	 /s/ Timothy M. Schoen

	 	 	Name:	 	Timothy M. Schoen
	 	 	Title:	 	Vice President – Corporate Finance

			
	 JPMORGAN CHASE BANK, N.A., as

	     Administrative Agent and as a Bank

		
	 By:
	 	 /s/ Susan M. Tate

	 Name:
	 	Susan Tate
	 Title:
	 	Vice President

			
	 BANK OF AMERICA, N.A.

		
	 By:
	 	 /s/ James Johnson

	 Name:
	 	James P. Johnson
	 Title:
	 	Senior Vice President

			
	 COMMERZBANK AKTIENGESELLSCHAFT,
 NEW YORK AND GRAND CAYMAN BRANCHES

		
	 By:
	 	 /s/ Ralph C. Marra, Jr.

	 Name:
	 	Ralph C. Marra, Jr.
	 Title:
	 	Vice President
		
	 By:
	 	 /s/ Kerstin Micke

	 Name:
	 	Kerstin Micke
	 Title:
	 	Assistant Treasurer

			
	WACHOVIA BANK, NATIONAL ASSOCIATION
		
	 By:
	 	 /s/ Casey Foulke

	 Name:
	 	 Casey Foulke

	 Title:
	 	 Vice President

			
	 EUROHYPO AG, NEW YORK BRANCH

		
	 By:
	 	 /s/ John Lippmann

	 Name:
	 	John Lippmann
	 Title:
	 	Vice President
		
	 By:
	 	 /s/ Nicholas Manolas

	 Name:
	 	Nicholas Manolas
	 Title:
	 	Vice President

			
	 PNC BANK, NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ Paul Jamiolkowski

	 Name:
	 	Paul Jamiolkowski
	 Title:
	 	Senior Vice President

			
	 KEYBANK NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ Michael P. Szuba

	 Name:
	 	 Michael P. Szuba

	 Title:
	 	 Assistant Vice President

			
	 UNION BANK OF CALIFORNIA

		
	 By:
	 	 /s/ Kandice K. Parsons

	 Name:
	 	 Kandice K. Parsons

	 Title:
	 	 Vice President

			
	 U.S. BANK

		
	 By:
	 	 /s/ Perry Skoll

	 Name:
	 	Perry Skoll
	 Title:
	 	Vice President

  
  

			
	 BANK OF THE WEST

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

			
	 CHANG HWA COMMERCIAL BANK, LTD.,
 LOS ANGELES
BRANCH

		
	 By:
	 	 /s/ Wen-Che Chen

	 Name:
	 	Wen-Che Chen
	 Title:
	 	Vice President and General Manager

			
	 KBC BANK N.V.

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

			
	 MELLON BANK, N.A.

		
	 By:
	 	 /s/ Michael P. Gage

	 Name:
	 	Michael P. Gage
	 Title:
	 	First Vice President

  
  

			
	 COMERICA BANK

		
	 By:
	 	 /s/ Charles L. Weddell

	 Name:
	 	Charles L. Weddell
	 Title:
	 	Vice PresidentEleventh Amendment to the Credit Agreement dated June 28, 2005

 Exhibit 10.1 
  
 ELEVENTH AMENDMENT TO CREDIT AGREEMENT 
  
 THIS ELEVENTH AMENDMENT TO CREDIT AGREEMENT (the “Eleventh Amendment”) is made effective as of June 28,
2005, among PEMCO AVIATION GROUP, INC., a Delaware corporation, PEMCO AEROPLEX, INC., an Alabama corporation, PEMCO ENGINEERS, INC., a Delaware corporation, PEMCO WORLD AIR SERVICES, INC., a Delaware corporation, SPACE
VECTOR CORPORATION, a Delaware corporation (collectively, the “Borrowers”), WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association (successor by merger to SouthTrust Bank), as Agent (the “Agent”),
WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association (successor by merger to SouthTrust Bank), as a Lender, and COMPASS BANK, an Alabama banking corporation, as a Lender. Capitalized terms used herein but not defined
shall have the meanings as set forth in the Credit Agreement, as amended (as hereinafter defined). 
  
 WHEREAS, pursuant to that certain Credit Agreement dated as of December 16, 2002, among Borrowers, Agent, and the other Lender Parties a party
thereto (the “Credit Agreement”), Lenders made available, subject to the terms and conditions thereof, (i) the Revolving Loan of up to $20,000,000.00, (ii) the Swing Line Loan of up to $5,000,000.00, and (iii) the Term Loan of up to
$5,000,000.00; and 
  
 WHEREAS, pursuant to that certain
First Amendment to Credit Agreement dated as of May 22, 2003, among Borrowers, Agent, and the other Lender Parties a party thereto (the “First Amendment”), the Credit Agreement was amended in order to extend to Borrowers the Treasury Stock
Loan in the amount of up to $5,000,000.00; and 
  
 WHEREAS,
pursuant to that certain Second Amendment to Credit Agreement dated as of November 24, 2003, among Borrowers, Agent, and the other Lender Parties a party thereto (the “Second Amendment”), the Credit Agreement was amended in order to (i)
temporarily increase the Swing Line Loan Commitment to up to $7,000,000.00, and (ii) temporarily increase the Revolving Loan Commitment to up to $22,000,000.00; and 
  
 WHEREAS, pursuant to that certain Third Amendment to Credit Agreement dated as of December 16, 2003, among Borrowers,
Agent, and the other Lender Parties a party thereto (the “Third Amendment”), the Credit Agreement was amended in order to (i) increase the Swing Line Loan Commitment to up to $6,000,000.00, (ii) increase the Revolving Loan Commitment to up
to $25,000,000.00, and (iii) extend the Revolving Loan Maturity Date from December 16, 2004 until December 16, 2005; and 
  
 WHEREAS, pursuant to that certain Fourth Amendment to Credit Agreement dated as of May 7, 2004, among Borrowers, Agent, and the other Lender
Parties a party thereto (the “Fourth Amendment”), the Credit Agreement was amended in order to (i) temporarily increase the Revolving Loan Commitment to up to $27,000,000.00, and (ii) increase the Letter of Credit Commitment to up to
$1,500,000.00; and 
  
 WHEREAS, pursuant to that certain
Fifth Amendment to Credit Agreement dated as of May 22, 2004, among Borrowers, Agent, and the other Lender Parties a party thereto (the “Fifth Amendment”), the Credit Agreement was amended in order to, among other things, extend the
Treasury Stock Loan Advancement Termination Date from May 22, 2004 to May 22, 2005; 

 WHEREAS, pursuant to that certain Sixth Amendment to Credit Agreement dated as of August 1, 2004,
among Borrowers, Agent, and the other Lender Parties a party thereto (the “Sixth Amendment”), the Credit Agreement was amended in order to extend until December 31, 2004 the temporary increase of the Revolving Loan Commitment to up to
$27,000,000.00; and 
  
 WHEREAS, pursuant to that certain
Seventh Amendment to Credit Agreement dated as of November 5, 2004, among Borrowers, Agent, and the other Lender Parties a party thereto (the “Seventh Amendment”), the Credit Agreement was amended in order to, among other things,
temporarily increase the Revolving Loan Commitment to up to $33,000,000.00; and 
  
 WHEREAS, pursuant to that certain Eighth Amendment to Credit Agreement dated as of December 22, 2004, among Borrowers, Agent, and the other Lender Parties a party thereto (the “Eighth Amendment”), the
Credit Agreement was amended in order to, among other things, (i) extend until April 30, 2005 the temporary increase of the Revolving Loan Commitment to up to $33,000,000.00, and (ii) extend the Revolving Loan Maturity Date from December 16, 2005
until April 30, 2006; and 
  
 WHEREAS, pursuant to that
certain Ninth Amendment to Credit Agreement dated as of March 31, 2005, among Borrowers, Agent, and the other Lender Parties a party thereto (the “Ninth Amendment”), the Credit Agreement was amended in order to, among other things, amend
certain of the financial covenants set forth therein; 
  
 WHEREAS, pursuant to that certain Tenth Amendment to Credit Agreement dated as of April 30, 2005, among Borrowers, Agent, and the other Lender Parties a party thereto (the “Tenth Amendment”), the Credit Agreement was
amended in order to (i) extend until June 30, 2005 the temporary increase of the Revolving Loan Commitment to up to $33,000,000.00, and (ii) amend the repayment terms of the Treasury Stock Loan; and 
  
 WHEREAS, Lender Parties and Borrowers have agreed to amend the Credit
Agreement, as amended, in order to (i) extend the Revolving Loan Maturity Date from April 30, 2006 until October 15, 2006, (ii) change the Revolving Loan Commitment to $28,000,000.00, and (iii) amend the Borrowing Base, all as hereinafter provided
(the Credit Agreement, as amended by the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment, the Seventh Amendment, the Eighth Amendment, the Ninth Amendment, the Tenth
Amendment, and the Eleventh Amendment, hereinafter referred to as the “Credit Agreement, as amended”). 
  
 NOW, THEREFORE, in consideration of One Dollar ($1.00) and other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties agree that the Credit Agreement, as amended, is hereby amended, effective as of the date of this Eleventh Amendment, as follows: 
  
 1. The Credit Agreement, as amended, is hereby amended by deleting the definitions of “Borrowing Base”, “Revolving Loan
Commitment”, “Revolving Loan Maturity Date” and “Revolving Notes”, and by substituting the following new definitions in lieu thereof: 
  

 2 

 “Borrowing Base” means, at any time, the amount computed on the
Collateral Report most recently delivered to, and accepted by, Agent in accordance with this Agreement and equal to the aggregate of: 
  
 (A) Eighty-five percent (85%) of Eligible Accounts due from prime contractors on all U.S. Government contracts; plus 
  
 (B) Eighty-five percent (85%) of Eligible Accounts due from
governmental and commercial contracts; plus 
  
 (C) Fifty percent (50%) of Eligible Accounts which are unbilled due to the terms of an applicable contract, but with respect to which work has been performed and completed; plus 
  
 (D) The lesser of (i) fifty percent (50%) of Eligible Inventory, or (ii) $14,000,000.00. 
  
 “Revolving Loan Commitment” means the
commitment of the Revolving Loan Lenders, subject to the terms of this Agreement, to lend Borrowers up to the lesser of (i) Twenty-Eight Million Dollars ($28,000,000.00), or (ii) the Borrowing Base, less the Available Amount of the Letters of
Credit, less any outstanding Letter of Credit Advances. 
  
 “Revolving Loan Maturity Date” means the earlier of (a) October 15, 2006, or (b) the occurrence of an Event of Default. 
  
 “Revolving Notes” means (i) that certain Fifth Amended and Restated Revolving Note from
Borrowers to Wachovia Bank, National Association, dated June 28, 2005, in the principal amount of $17,920,000.00, and (ii) that certain Fourth Amended and Restated Revolving Note from Borrowers to Compass, dated June 28, 2005, in the principal
amount of $10,080,000.00, and includes any amendment to or modification of any such note and any promissory note given in extension or renewal of, or in substitution for, such note. 
  
 2. As a condition to the effectiveness of this Eleventh Amendment (a) Borrowers shall have executed and delivered to Agent
the Revolving Notes, (b) Agent shall have received appropriate resolutions of Borrowers’ directors, in a form satisfactory to Agent, authorizing Borrowers to enter into this Eleventh Amendment and any other documentation required by Agent in
connection with this Eleventh Amendment; (c) Agent shall have received a Bringdown and Incumbency Certificate of each Borrower, in a form satisfactory to Agent; (d) Borrowers shall have executed and delivered to Agent all further documents and
performed all other acts which Agent reasonably deems necessary or appropriate to perfect or protect its security for the Loans; and (e) Borrowers shall have delivered to Agent such other documentation, if any, as may be requested by Agent to
satisfy Agent that this Eleventh Amendment, and all other documents and instruments executed by Borrowers in connection with this Eleventh Amendment or in furtherance hereof have each been duly authorized, executed and delivered on behalf of
Borrowers, and constitute valid and binding obligations of Borrowers. 
  

 3 

 3. Each Borrower represents and warrants to Lender Parties that all representations and warranties given
by such Borrower in Article IX of the Credit Agreement, as amended, are true and correct as of the date of this Eleventh Amendment, except to the extent affected by this Eleventh Amendment. Each Borrower represents and warrants to Lender Parties
that as of the date of this Eleventh Amendment, such Borrower is in full compliance with all of the covenants of such Borrower contained in Article X of the Credit Agreement, as amended, except to the extent affected by this Eleventh Amendment.

  
 4. Except as heretofore or herein expressly modified, or as
may otherwise be inconsistent with the terms of this Eleventh Amendment (in which case the terms and conditions of this Eleventh Amendment shall govern), all terms of the Credit Agreement, as amended, and all documents and instruments executed and
delivered in furtherance thereof shall be and remain in full force and effect, and the same are hereby ratified and confirmed in all respects. 
  
 * * * * * 
  

 4 

 IN WITNESS WHEREOF, this Eleventh Amendment has been duly executed as of the day and year first
above written. 
  

							
	 WITNESS:
	 	BORROWERS:
			
	 	 	 	 	PEMCO AVIATION GROUP, INC.
			
	 /s/ Randall C. Shealy

	 	By:	 	 /s/ Doris Sewell

	Print Name:	 	Randall C. Shealy	 	Its:	 	Secretary
			
	 	 	 	 	PEMCO AEROPLEX, INC.
			
	 /s/ Randall C. Shealy

	 	By:	 	 /s/ Doris Sewell

	Print Name:	 	Randall C. Shealy	 	Its:	 	Secretary
			
	 	 	 	 	PEMCO ENGINEERS, INC.
			
	 /s/ Randall C. Shealy

	 	By:	 	 /s/ Doris Sewell

	Print Name:	 	Randall C. Shealy	 	Its:	 	Secretary
			
	 	 	 	 	PEMCO WORLD AIR SERVICES, INC.
			
	 /s/ Randall C. Shealy

	 	By:	 	 /s/ Doris Sewell

	Print Name:	 	Randall C. Shealy	 	Its:	 	Secretary
			
	 	 	 	 	SPACE VECTOR CORPORATION
			
	 /s/ Randall C. Shealy

	 	By:	 	 /s/ Doris Sewell

	Print Name:	 	Randall C. Shealy	 	Its:	 	Secretary
			
	 	 	 	 	AGENT:
			
	 	 	 	 	WACHOVIA BANK, NATIONAL
	 	 	 	 	ASSOCIATION, as Agent
			
	 /s/ Brad Ainsworth

	 	By:	 	 /s/ Austin Davis

	Print Name:	 	Brad Ainsworth	 	Its:	 	Vice President

  

 5 

							
	 	 	 	 	LENDERS:
			
	 	 	 	 	WACHOVIA BANK, NATIONAL
	 	 	 	 	ASSOCIATION
			
	 /s/ Brad Ainsworth

	 	By:	 	 /s/ Austin Davis

	Print Name:	 	Brad Ainsworth	 	Its:	 	Vice President
			
	 	 	 	 	COMPASS BANK
			
	 /s/ Alex Morton

	 	By:	 	 /s/ Lee Smith

	Print Name:	 	 Alex Morton

	 	Its:	 	 Executive Vice President

  

 6

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