Document:

Exhibit 10.1

 

TENTH AMENDMENT TO  CREDIT AGREEMENT AND LIMITED WAIVER

 

This Tenth
Amendment to Credit Agreement and Limited Waiver (this “Tenth  Amendment”)
is made as of September 26, 2008, by and among GLOBAL
OPERATING LLC, a Delaware limited liability company (“OLLC”),
GLOBAL COMPANIES LLC, a Delaware
limited liability company (“Global”), GLOBAL
MONTELLO GROUP CORP., a Delaware corporation (“Montello”), GLEN HES CORP., a Delaware corporation (“Glen Hes”), CHELSEA
SANDWICH LLC, a Delaware limited liability company (“Sandwich” and, collectively with OLLC, Global,
Glen Hes and Montello, the “Borrowers” and each a “Borrower”), GLOBAL PARTNERS LP, a Delaware limited partnership (the “MLP”),
GLOBAL GP LLC, a Delaware limited
liability company (the “GP” and, collectively with the MLP, the “Initial
Guarantors and each individually, an “Initial  Guarantor”),
each “Lender” (as such term is defined in the Credit Agreement referred to
below) (collectively, the “Lenders” and each individually, a “Lender”)
party hereto  and Bank of America, N.A.
as Administrative Agent and L/C Issuer (as each such term is defined in the
Credit Agreement), amending certain provisions of that certain Credit Agreement
dated as of October 4, 2005 (as amended and in effect from time to time,
the “Credit  Agreement”) by and among the Borrowers, the Initial
Guarantors, the Lenders, the Administrative Agent and the L/C Issuer.  Terms not otherwise defined in the Credit
Agreement shall have the same respective meanings herein as therein.

 

WHEREAS, the Loan
Parties, the Lenders, the Administrative Agent and the L/C Issuer desire to
amend certain provisions of the Credit Agreement as provided more fully herein
below;

 

NOW, THEREFORE, in
consideration of the premises and the mutual agreements contained herein and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto hereby agree as follows:

 

§1.  Amendment  to  Section 1
of  the  Credit  Agreement.  Section 1.1
of the Credit Agreement is hereby amended as follows:

 

(a)           the
definition of “Obligations” contained in Section 1.1 of the Credit
Agreement is hereby amended by inserting immediately after the words “with
respect to any Loan or Letter of Credit” which appears in such definition the
words “or Secured Cash Management Agreements”; and

 

(b)           Section 1.1
of the Credit Agreement is further amended by inserting the following
definitions in the appropriate alphabetical order:

 

“Availability Limitation Amount” means, as of the relevant date
of determination, the sum of (a) the Swap Termination Value Amount as of such
date plus (b) the Setoff Amount as of such date.

 

 

“Cash Management Agreement” means any agreement to provide cash
management services, including treasury, depository, overdraft, credit or debit
card, electronic funds transfer and other cash management arrangements.

 

“Cash Management Bank” means any Person that, at the time it enters into a Cash
Management Agreement, is a Lender or an Affiliate of a Lender, in its capacity
as a party to such Cash Management Agreement.

 

“Secured Cash Management
Agreement” means any
Cash Management Agreement that is entered into by and between any Loan Party
and any Cash Management Bank.

 

“Setoff Amount” means, notwithstanding the waiver of any right
of setoff or other similar claim which an account debtor may have agreed to
with respect to any Eligible Receivable (the “Setoff Waiver”), as of the
relevant date of determination, the amount of such Eligible Receivable which
would be subject to a right of setoff or similar claim to the extent such
Setoff Waiver is not enforced or did not exist.

 

“Swap Termination Value Amount” means, as of any relevant date
of determination, the Swap Termination Value of all Swap Contracts which
constitute Loan Documents, provided, to the extent a Loan Party has no
obligation under any Swap Contract as of such date, or is otherwise owed money
from the counterparty thereunder (i.e. is “in the money” thereunder), then the
Swap Termination Value Amount for such Swap Contract as of such date of
determination shall be $0, provided  however, notwithstanding the
foregoing, to the extent the Swap Termination Value of a Swap Contract with a
Lender is a positive number (i.e. a Loan Party is “in the money”) and the Swap
Termination Value of another Swap Contract with a different Lender is a
negative number (i.e. a Loan Party is “out of the money”), the Swap Termination
Value Amount shall be the net results of such Swap Termination Values.

 

§2.  Amendment  to  Section 2
of  the  Credit  Agreement.  Section 2
of the Credit Agreement is hereby amended as follows:

 

(a)           Section 2.1(a)(i) of
the Credit Agreement is hereby amended by deleting the words “provided, however,
that after giving effect to any Borrowing of a WC Revolver Loan (i) the
Total WC Revolver Outstandings shall not exceed the lesser of (1) the
Total WC Revolver Commitment as in effect on such date and (2) the
Borrowing Base at such time” which appear in the first sentence of
Section 2.1(a)(i) and substituting in place thereof the words “provided,
however, that after giving effect to any Borrowing of a WC Revolver Loan
(i) the Total WC Revolver Outstandings shall not exceed the lesser of
(1) the Total WC Revolver Commitment as in effect on such date and
(2) the Borrowing Base at such time minus the Availability
Limitation Amount at such time”.

 

2

 

(b)           Section 2.2(f) of
the Credit Agreement is hereby amended by inserting at the end of the text
thereof the following sentence:  “In
addition, the Availability Limitation Amount shall be determined at the times
the Borrowers determine their Borrowing Base (or at such other interval as may
be specified by the Administrative Agent) by the Administrative Agent by
reference to a report delivered by the Borrowers to the Administrative Agent
and the Lenders with the Borrowing Base Report which report details the
information necessary for the Administrative Agent to determine the Swap
Termination Value Amount and Setoff Amount, as applicable.”.

 

(c)           Section 2.3(a)(i) of
the Credit Agreement is hereby amended by deleting the words “provided
that after giving effect to any L/C Credit Extension with respect to any Letter
of Credit, (x) the Total WC Revolver Outstandings shall not exceed the
lesser of (i) the Total WC Revolver Commitments as in effect at such time
and (ii) the Borrowing Base at such time” which appear in the first
sentence of Section 2.3(a)(i) and substituting in place thereof the
words “provided that after giving effect to any L/C Credit Extension
with respect to any Letter of Credit, (x) the Total WC Revolver
Outstandings shall not exceed the lesser of (i) the Total WC Revolver
Commitments as in effect at such time and (ii) the Borrowing Base at such
time minus the Availability Limitation Amount at such time”.

 

(d)           Section 2.4(b) of
the Credit Agreement is hereby amended by deleting the words “If for any reason
(i) the Total WC Revolver Outstandings at any time exceed the lesser of
(1) the Total WC Revolver Commitments then in effect and (2) the
Borrowing Base at such time” which appear in the first sentence of
Section 2.4 and substituting in place thereof the words “ If for any
reason (i) the Total WC Revolver Outstandings at any time exceed the
lesser of (1) the Total WC Revolver Commitments then in effect and
(2) the Borrowing Base at such time minus the Availability
Limitation Amount at such time”.

 

§3.  Conditions
to Effectiveness.This Tenth Amendment
will become effective as of the date hereof upon receipt by the Administrative
Agent of a fully-executed original counterparts of this Tenth Amendment
executed by the Loan Parties, the Administrative Agent and the required
Lenders.

 

§4.  Limited
Waiver.pursuant to Section 2.1(a)(iv) of the Credit
Agreement, in each calendar year, the Outstanding
Amount of all WC Revolver Loans which constitute Tranche I Loans shall not
exceed $97,000,000 for a period of ten (10) consecutive calendar days (the
“Borrowing  Limitation  Requirement”).  The Borrowers have requested that the
Administrative Agent and the Required Lenders waive the Borrowing Limitation
Requirement for the calendar year ending December 31, 2008.  Upon the effectiveness of this
Tenth Amendment as described in §3 above, the Required Lenders and the
Administrative Agent hereby waive the Borrowing Limitation Requirement
contained in Section 2.1(a)(iv) of the Credit Agreement for the
calendar year ending December 31, 2008.

 

§5.          Representations
and  Warranties.  Each of the Loan Parties hereby repeats, on
and as of the date hereof, each of the representations and warranties made by
it in 

 

3

 

Article V of the Credit Agreement except to the extent that such
representations and warranties specifically refer to an earlier date, in which
case they shall be true and correct as of such earlier date, and except that
for purposes of this §5, the representations and warranties contained in
subsections (a) and (b) of Section 5.5 of the Credit Agreement
shall be deemed to refer to the most recent statements furnished pursuant to
clauses (a) and (b), respectively, of Section 6.1 of the Credit
Agreement, provided, that all references
therein to the Credit Agreement shall refer to such Credit Agreement as amended
hereby.  In addition, each of the Loan
Parties hereby represents and warrants that the execution and delivery by such
Loan Party of this Tenth Amendment and the performance by each such Loan Party
of all of its agreements and obligations under the Credit Agreement as amended
hereby and the other Loan Documents to which it is a party are within the
corporate, partnership and/or limited liability company authority of each of
the Loan Parties and have been duly authorized by all necessary corporate,
partnership and/or membership action on the part of each of the Loan Parties.

 

§6.          Ratification, Etc.  Except as expressly amended hereby, the
Credit Agreement and all documents, instruments and agreements related thereto,
including, but not limited to the Security Documents, are hereby ratified and
confirmed in all respects and shall continue in full force and effect.  The Credit Agreement and this Tenth Amendment
shall be read and construed as a single agreement.  All references in the Credit Agreement or any
related agreement or instrument to the Credit Agreement shall hereafter refer
to the Credit Agreement as amended hereby.

 

§7.          No  Waiver.  Except as expressly set forth in this Tenth
Amendment, nothing contained herein shall constitute a waiver of, impair or
otherwise affect any Obligations, any other obligation of the Loan Parties or
any rights of the Administrative Agent, the L/C Issuer or the Lenders
consequent thereon.

 

§8.          Counterparts.  This Tenth Amendment may be executed in one
or more counterparts, each of which shall be deemed an original but which
together shall constitute one and the same instrument.

 

§9.          Severability.  If any provision of this Tenth Amendment is
held to be illegal, invalid or unenforceable, (a) the legality, validity
and enforceability of the remaining provisions of this Tenth Amendment shall
not be affected or impaired thereby and (b) the parties shall endeavor in
good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as
possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

§10.        Governing  Law.  THIS TENTH AMENDMENT SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH
OF MASSACHUSETTS (WITHOUT REFERENCE TO CONFLICT OF LAWS).

 

4

 

IN WITNESS WHEREOF, the parties hereto have
executed this Tenth Amendment as a document under seal as of the date first
above written.

 

	
   

  	
  GLOBAL OPERATING LLC

  
	
   

  	
  By: Global Partners LP, its sole member

  
	
   

  	
  By: Global GP LLC, its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
         /s/Thomas J. Hollister

  
	
   

  	
  Title:

  	
  COO and CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GLOBAL COMPANIES LLC

  
	
   

  	
  By: Global Operating LLC, its sole member

  
	
   

  	
  By: Global Partners LP, its sole member

  
	
   

  	
  By: Global GP LLC, its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
         /s/Thomas J. Hollister

  
	
   

  	
  Title:

  	
  COO and CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GLOBAL MONTELLO GROUP CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
         /s/Thomas J. Hollister

  
	
   

  	
  Title:

  	
  COO and CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GLEN HES CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
         /s/Thomas J. Hollister

  
	
   

  	
  Title:

  	
  COO and CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CHELSEA SANDWICH LLC

  
	
   

  	
  By: Global Operating LLC, its sole member

  
	
   

  	
  By: Global Partners LP, its sole member

  
	
   

  	
  By: Global GP LLC, its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
         /s/Thomas J. Hollister

  
	
   

  	
  Title:

  	
  COO and CFO

  
				

 

5

 

	
   

  	
  BANK OF AMERICA, N.A., as

  
	
   

  	
   

  	
  Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Henry Pennell

  	 

	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A., as

  
	
   

  	
   

  	
  a Lender and L/C Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Christen A. Lacey

  
	
   

  	
  Title:

  	
  Principal

  
	
   

  	
   

  
	
   

  	
  STANDARD CHARTERED BANK, as

  
	
   

  	
   

  	
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Patricia Doyle

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
  Commodity Corporate-Traders

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Robert K. Reddington

  
	
   

  	
  Title:

  	
  AVP/Credit Documentation

  
	
   

  	
   

  	
  Credit Risk Control

  
	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A., as

  
	
   

  	
   

  	
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ John M. Hariaczyi

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SOCIETE GENERALE, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

6

 

	
   

  	
  RBS
  CITIZENS,

  
	
   

  	
  NATIONAL
  ASSOCIATION

  
	
   

  	
     as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Marina Grossi

  
	
   

  	
  Title:  Senior Vice President

  
	
   

  	
   

  
	
   

  	
  SOVEREIGN BANK, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Marie C. Duprey

  
	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  
	
   

  	
  FORTIS CAPITAL CORP., as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WEBSTER BANK NATIONAL

  
	
   

  	
       ASSOCIATION, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Carol Carver

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  KEYBANK NATIONAL ASSOCIATION,

  
	
   

  	
       as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

7

 

	
   

  	
  TD BANK, N.A.,

  
	
   

  	
  (f/k/a TD BankNorth, N.A.)

  
	
   

  	
         as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Curtis C. Simard

  
	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, N.A.

  
	
   

  	
       as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ M. W. Sweeney

  
	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WACHOVIA BANK,

  
	
   

  	
    NATIONAL ASSOCIATION

  
	
   

  	
       as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ D. M. Grondin

  
	
   

  	
  Title: Senior VP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CALYON NEW YORK BRANCH

  
	
   

  	
       as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Zali Win

  
	
   

  	
  Title:

  	
  MD

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Michael Kermarrec

  
	
   

  	
  Title:

  	
  Vice President

  

 

8

 

RATIFICATION OF GUARANTY

 

Each of the
undersigned guarantors (each a “Guarantor”) hereby acknowledges and
consents to the foregoing Tenth Amendment as of September 26, 2008, and
agrees that the Guaranty dated as of October 4, 2005 (as amended and in
effect from time to time, the “Guaranty”) from each of the undersigned
Guarantors remains in full force and effect, and each of the Guarantors confirms
and ratifies all of its obligations thereunder. Notwithstanding anything to the
contrary contained herein, the parties thereto hereby acknowledge, agree and
confirm that as of the date hereof, the Guaranty remains in full force and
effect.

 

 

	
   

  	
  GLOBAL
  PARTNERS LP

  
	
   

  	
  By: Global
  GP LLC, its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Thomas J. Hollister

  
	
   

  	
  Title:

  	
  COO and CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GLOBAL GP
  LLC

  
	
   

  	
  By:

  	
   

  	
  /s/ Thomas J. Hollister

  
	
   

  	
  Title:

  	
  COO and CFO

  

 

9Exhibit 10.1

 

FIRST AMENDMENT TO

NOTE AND CONSTRUCTION LOAN AGREEMENT

 

This FIRST
AMENDMENT TO NOTE AND CONSTRUCTION LOAN AGREEMENT (this “Amendment”) is made as of September 24,
2008 (the “Amendment Effective Date”)
by and between BEHRINGER HARVARD MOCKINGBIRD COMMONS LLC, a Delaware limited
liability company (successor in interest by merger to Behringer Harvard
Mockingbird Commons, LP, a Texas limited partnership) (“Borrower”), and CREDIT UNION
LIQUIDITY SERVICES, LLC, a Texas limited liability company f/k/a TEXANS
COMMERCIAL CAPITAL, LLC (“Lender”).

 

WHEREAS,
Borrower and Lender entered into that certain Construction Loan Agreement dated
as of September 30, 2005, pursuant to which Lender loaned to Borrower (the
“Loan”) up to the principal
sum of $34,047,458.00 (the “Loan Agreement”)
as further evidenced by one certain promissory note dated as of September 30,
2005 in the original principal amount of $34,047,458.00, executed by Borrower
and payable to the order of Lender (the “Note”);
and

 

WHEREAS, as
security for the obligations of Borrower under the Loan Agreement and the Note,
Borrower executed and delivered to Lender, among other things, (i) that
certain Amended and Restated Deed of Trust, Security Agreement, Financing
Statement, and Assignment of Rental, dated September 30, 2005, executed by
Borrower to Joel B. Fox and/or John C. O’Shea, as trustee for the benefit of Lender,
covering the property described therein and recorded October 4, 2005 as
Instrument No. 200503532798, Official Records of Dallas County, Texas (the
“Deed of Trust”) and (ii) that
certain Absolute Assignment of Leases and Rents from Borrower to Lender, dated September 30,
2005, covering the property described therein and recorded as Instrument No. 200503532799,
Official Records of Dallas County, Texas (the “Assignment”); and

 

WHEREAS, the
Loan Agreement, Note, Deed of Trust and any and all other documents evidencing
and/or securing the indebtedness described in the Note, as same may have been
previously amended, are referred to collectively as the “Loan Documents”); and

 

WHEREAS, in
connection with the Loan, Behringer Harvard Mockingbird Commons GP, LLC, a
Texas limited liability company, and Behringer Harvard Short Term Opportunity
Fund I, LP, a Texas limited partnership (each a “Guarantor” and collectively the “Guarantors”) entered into those certain
Guaranty Agreements dated as of September 30, 2005; and

 

WHEREAS, the
original Maturity Date of the Note was October 1, 2007; and

 

WHEREAS, pursuant
to Section 4(b) of the Note, Borrower previously extended the
Maturity Date to October 1, 2008; and

 

WHEREAS,
Borrower and Lender have agreed to make certain changes to the Loan Documents,
and desire to enter into this Amendment to document such changes;

 

1

 

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

 

1.             Defined
Terms.  Each capitalized term used
but not defined herein has the meaning assigned to such term in the Loan
Agreement or the other Loan Documents.

 

2.             Minimum
Sale Price.  The following new Section 5.18
is hereby added to the Loan Agreement:

 

5.18.        Minimum Sale Price.  Borrower shall not sell a residential
condominium unit on the Property for an amount less than $200.00 per gross
square foot without the prior written consent of Lender (which consent may be withheld
by Lender in its sole and absolute discretion).

 

3.             Mandatory
Principal Reduction Payments.  As a
condition precedent to the effectiveness of the amendments in Sections 4
through 11 below, Borrower shall, on the Amendment Effective Date, make a
principal prepayment to Lender by wire transfer in the amount of $5,000,000.00.  Borrower’s failure to make such payment on or
before five (5) days after the Amendment Effective Date shall constitute
an immediate Event of Default under the Note and Loan Agreement, and in such
event Lender may, at Lender’s option, accelerate the Loan without notice or
demand of any kind, all of which are specifically waived by Borrower,
including, without limitation, demand, notice of intent to accelerate, and
notice of acceleration.  Borrower shall
not be entitled to notice of failure to make the above payment.  For avoidance of doubt, the amendments in
Sections 4 through 11 below shall be effective only upon Lender’s receipt of
the entire $5,000,000.00 principal reduction in accordance with the terms of
this Section 3.

 

4.             First
Amendment to Deed of Trust.  Concurrently
with the execution of this Amendment, Borrower shall execute and deliver to
Lender a First Amendment to Amended and Restated Deed of Trust, Security
Agreement, Financing Statement and Assignment of Rental (the “First Amendment to Deed of Trust”).  It is expressly understood and agreed by
Borrower and Lender that the First Amendment to Deed of Trust shall not be
effective (and shall not be recorded) until Borrower has paid to Lender all of
the principal reduction payments totaling $5,000,000.00 required by Section 3
above.  Upon such occurrence, Lender shall
complete the date in the first line of the First Amendment to Deed of Trust and
record the document in the real property records of Dallas County, Texas.

 

5.             Leasing.  Without limiting the general prohibition
against leasing any portion of the Residential Condominium or the Future
Development Area Unit contained in Section 4.04 of the Loan Agreement,
Lender agrees that Borrower may by written notice to Lender designate up to
five (5) residential condominium units (or more, if approved in writing in
advance by Lender in its sole discretion) as units which Borrower desires to
lease, and Lender agrees that Borrower shall be permitted to lease such units
provided that (i) Lender shall have approved in writing (in its reasonable
discretion) the specific unit to be leased (each a “Potential Leased Unit”), (ii) so
long as Borrower or any subsidiary or affiliate of Borrower owns such unit, the
terms of any such lease shall be normal and customary for similar units in
Dallas, Texas, and (iii) Lender shall have 

 

2

 

received from
Borrower the Release Price for such Potential Leased Unit pursuant to Article VI
of the Deed of Trust.

 

6.             Extension
of Maturity Date.  The definition of “Maturity
Date” in Section 2 of the Note is hereby revised in its entirety to read
as follows:

 

“Maturity
Date” means October 1, 2009, as such date may be extended pursuant to Section 4(b) of
this Note.

 

7.             Modification
of Extension Option.  Section 4(b) of
the Note is hereby revised in its entirety to read as follows:

 

(b)           Notwithstanding
anything to the contrary contained herein, so long as no Event of Default or
Potential Default has occurred and is continuing, Lender shall, upon
satisfaction of all of the following conditions, extend the Maturity Date until
October 1, 2010:

 

(i)            Maker shall deliver a
written request for such extension to Lender on or before a date which is more
than thirty (30) days but not more than ninety (90) days prior to October 1,
2009;

 

(ii)           Maker shall, during the
period from and after September 16, 2008 and on or before October 1,
2009 (and specifically excluding any principal prepayments required to be made
before September 16, 2008), make principal reduction payments totaling
$5,000,000.00, either through sales of condominium units and release of such
units pursuant to Article VI of the Deed of Trust or through cash payments.  It is expressly understood and agreed by
Maker that any principal reduction payment received in connection with a
partial release of the Future Development Area Unit pursuant to Section 6.3
of the Deed of Trust shall not be included in determining if Maker has made the
required $5,000,000.00 principal reduction, except to the extent that such
paydown on account of the release of the Future Development Area Unit exceeds
$3,020,000.00; and

 

(iii)          Lender shall have
received from an appraiser mutually acceptable to Lender and Borrower (it being
agreed that CBRE, Cushman Wakefield, and Integra, or any successor entities to
such companies, are approved) an Appraisal of the Mortgaged Property (as
defined in the Deed of Trust) then remaining subject to the lien of the Deed of
Trust dated as of a date no more than 90 days prior to October 1, 2009, and
the appraised value of such Mortgaged Property as determined by such Appraisal
is not less than the quotient of (x) the outstanding principal balance of
the Obligations on October 1, 2009, divided by (y) seventy-five
percent (75%).

 

8.             Permitted
Indebtedness.  The definition of “Permitted
Indebtedness” in Section 1.01 of the Loan Agreement is hereby revised in
its entirety to read as follows:

 

3

 

“Permitted
Indebtedness” means (a) the Loan; (b) property taxes and
insurance premiums accrued but not delinquent; (c) Indebtedness for items
permitted under the Approved Budget for which no Advance has yet been made for
payment and which is not past due; (d) the ANB Construction Loan (and any
refinancings thereof); (e) Debt arising under any Hedging Arrangement
between Borrower and a swap counterparty permitted under Section 5.18; (f) unsecured
trade Indebtedness incurred in the ordinary course of business of operation and
maintenance of the Aggregate Property, which is not past due; and (g) unsecured
loans made by owners (directly or indirectly) of interests in Borrower or
Affiliates of such owners.  It is
expressly agreed that Indebtedness incurred by Borrower in the past and
consistent with the above shall be Permitted Indebtedness.

 

9.             Hedging
Agreements.  The following new
definition of “Hedging Agreements” is hereby added to Section 1.01 of the
Loan Agreement:

 

“Hedging
Arrangement” means a hedge, call, swap, collar, floor, cap, option, forward
sale or purchase or other contract or similar arrangement (including any
obligations to purchase or sell any commodity or security at a future date for
a specific price) which is entered into to reduce or eliminate or otherwise
protect against the risk of fluctuations in prices or rates, including interest
rates, foreign exchange rates, commodity prices and securities prices.

 

10.           Limitation
on Hedging.  The following negative
covenant is hereby added to the Loan Agreement as Section 5.18:

 

5.18.        Limitation on Hedging.  The Borrower shall not (a) purchase,
assume, or hold a speculative position in any commodities market or futures
market or enter into any Hedging Arrangement for speculative purposes; or (b) be
party to or otherwise enter into any Hedging Arrangement which (i) is
entered into for reasons other than as a part of its normal business operations
as a risk management strategy and/or hedge against changes resulting from
market conditions related to the Borrower’s financings and operations, or (ii) obligates
the Borrower to any margin call requirements.

 

11.           Prepayment.
 Section 2.07(a) of the Loan
Agreement is hereby revised in its entirety to read as follows:

 

(a)           At any time and from
time to time Borrower may, upon five (5) Business Days’ written notice to
Lender, prepay the principal of the Loan then outstanding, in whole or in part,
without penalty or premium; provided, however, that each
prepayment of less than the full outstanding principal balance of the Loan
shall be in an amount equal to at least One Hundred Thousand Dollars ($100,000.00)
and integral multiples thereof.

 

12.           Representations
and Warranties.  As of the Amendment
Effective Date, the following specific provisions in Article III of
the Loan Agreement are hereby amended and restated in their entirety to read as
follows:

 

4

 

3.01(a)    Borrower.  Borrower is a limited liability company duly
formed, validly existing and in good standing under the laws of the State of
Delaware and in accordance with the Organizational Documents of Borrower.  Borrower is duly authorized to conduct
business in Texas and in each other jurisdiction, if any, in which the nature
of its properties, assets or activities require such authorization.  Except as disclosed in writing to Lender, no
member of Borrower has transferred, assigned, pledged or mortgaged its interest
in Borrower or any profits or proceeds therefrom.

 

3.01(b)    Guarantors.  Behringer Harvard Mockingbird Commons GP, LLC
is a limited liability company duly formed, validly existing and in good
standing under the laws of the State of Texas and in accordance with its Organizational
Documents.  Each other Guarantor is duly
formed, validly existing and in good standing under the laws of the State of
its formation and in accordance with the Organizational Documents of such
person.  In addition, each Guarantor is
duly authorized to conduct business in Texas and in each other jurisdiction in
which the nature of its properties, assets or activities require such
authorization.

 

3.12         Financial Condition.  Borrower has sufficient capital or has access
to sufficient capital to carry on its business and transactions as now
conducted and as planned to be conducted in the future.  Neither Borrower nor any Guarantor is the
subject of any bankruptcy, insolvency, reorganization or receivership proceeding
and, to Borrower’s best knowledge, no such proceeding is threatened or imminent
with respect to any such Person.

 

3.13         Restrictions.  Neither of Borrower nor any Guarantor is a
party to any contract or agreement, or subject to any charter or other
restriction, which materially and adversely affects its business.  Borrower has not agreed or consented to cause
or permit in the future (upon the happening of a contingency or otherwise) any
of its assets, whether now owned or hereafter acquired, to be subject to any
Liens (other than the Permitted Liens). 
Borrower has not agreed or consented to cause or permit in the future
(upon the happening of a contingency or otherwise) all or any portion of its
direct ownership interest in any Person, or any profits or proceeds therefrom,
to be subject to any Liens (other than Permitted Liens).

 

3.14         No Default.  To the best of Borrower’s knowledge, no
Potential Default or Event of Default has occurred and is continuing under this
Loan Agreement or any other Loan Document.

 

13.           Further
Amendments.  Any and all of the terms
and provisions of the Loan Documents are hereby amended and modified wherever
necessary, and even though not specifically addressed herein, so as to conform
to the modifications set forth herein.

 

14.           Confirmation
of Loan Documents.  Borrower
covenants, represents and warrants to Lender as follows:

 

5

 

(a)           The principal balance
of the Loan as of the Amendment Effective Date (but before application of the
mandatory principal prepayment due on the Amendment Effective Date pursuant to Section 3
hereof) is $30,390,129.21.

 

(b)           To the best knowledge
of Borrower, Borrower is not in default under the Note, the Deed of Trust, or
any other Loan Document after giving effect to the terms of this Amendment;

 

(c)           Borrower has no
defenses, counter-claims or offsets to the Note, Deed of Trust, or any other
Loan Document, as modified herein;

 

(d)           Borrower waives any and
all defenses, counter-claims, or offsets to the enforcement of the Note, Deed
of Trust, or any other Loan Document, as modified, renewed, and extended herein,
whether known or unknown; and

 

(e)           The Note, Deed of Trust,
and other Loan Documents, as modified, renewed, and extended herein, are in
full force and effect.

 

15.           Confirmation
of Liens and Security Interests. 
Borrower hereby renews and confirms the liens, security interests, and
rights of any and all security for the Note (including, without limitation, the
liens, security interests, and rights of the Deed of Trust), which are hereby
acknowledged by Borrower to be valid and subsisting against the Property.

 

16.           Borrower’s
Representations.  Borrower represents
and warrants to Lender, and covenants and agrees with Lender, as follows:

 

(a)           Borrower has the power
and requisite authority to execute, deliver, and perform its obligations
hereunder and under the Loan Documents, and is duly authorized, and has taken
all necessary action to authorize such person or entity to execute, deliver and
perform this Amendment, the First Amendment to Deed of Trust and the Loan
Documents and will continue to be duly authorized to perform its obligations
under this Amendment, the First Amendment to Deed of Trust and the Loan
Documents.

 

(b)           The representations and
warranties set forth in the Loan Documents, except as expressly amended by this
Amendment or modified by virtue of a definitional change herein, are true and
correct in all material respects as if made on the date hereof, with the
exception of those items specifically listed on Schedule 1 attached
hereto and made a part hereof.

 

17.           Release.  Effective as of the Amendment Effective Date,
and in consideration for this Amendment and all documents executed herewith,
Borrower and Guarantors agree as follows:

 

A.            For the time period
existing on and prior to the Amendment Effective Date and relating exclusively
to the Loan Documents and the loan memorialized therein, Borrower and
Guarantors fully and finally release and discharge Lender (and its officers,
directors, shareholders, representatives, employees, agents and attorneys) of
and from any and all defaults, potential defaults occurring on or prior to the
Amendment Effective 

 

6

 

Date, claims, damages or causes of action to,
of or for the benefit (whether directly or indirectly) of, Borrower or any
Guarantor, at law or in equity, known or unknown, contingent or otherwise,
whether asserted or unasserted, whether statutory, in contract or in tort, as
well as any other kind or character of action now held, owned or possessed
(whether directly or indirectly) by Borrower or any Guarantor on account of,
arising out of, related to or concerning, whether directly or indirectly,
proximately or remotely, the Loan Documents and accruing prior to the Amendment
Effective Date (collectively, the “Released Claims”);

 

B.            In addition to the
release set forth above, and not in limitation thereof, Borrower and Guarantor
each agree that it or he will never prosecute, or voluntarily (unless required
by law) aid in the prosecution of, any of the Released Claims, whether by
claim, counterclaim or otherwise.

 

18.           Lender’s
Representations.  Lender represents
and warrants to Borrower as follows:

 

(a)           As of the Amendment
Effective Date, Borrower is not in default under Article VII(a) of
the Loan Agreement and to Lender’s current actual knowledge, Borrower is not in
default under any other provision in Article VII of the Loan Agreement.  As used in this section, the words “Lender’s
current actual knowledge” mean and refer to the current actual knowledge of Lender’s
sole portfolio manager with stewardship over the Loan as of the Amendment
Effective Date, not in his individual capacity but solely in his capacity as an
officer of Lender, limited to his current consciousness, without any due
diligence, inquiry, or investigation of any kind or duty of inquiry or
investigation and not including any constructive, imputed or implied knowledge.

 

(b)           Lender has the power
and requisite authority to execute, deliver and perform its obligations
hereunder and is duly authorized, and has taken all necessary action to
authorize the person executing this Amendment, to execute and deliver this
Amendment.

 

19.           Expenses
of Lender.  Borrower shall be
responsible for all of Lender’s costs and expenses incurred in connection with
the preparation, negotiation and execution of this Amendment, the other
documents executed pursuant hereto and any additional costs and expenses
incurred in connection herewith.

 

20.           Joinder
of Guarantors.  Each Guarantor hereby
(i) consents to the execution of this Amendment and acknowledges and
consents to the terms and provisions hereof, (ii) ratifies, confirms and
agrees that there are no claims or offsets against, or defenses or
counterclaims to, the terms and provisions of, and the obligations created and
evidenced by, the Note or the Guaranty executed by such Guarantor, and (iii) certifies
that the representations and warranties contained herein are, in all material
respects, true and correct representations and warranties as of the date
hereof.  The provisions set forth in Section 23
of the Guaranty executed by Behringer Harvard Mockingbird Commons GP, LLC and
in Section 24 of the Guaranty executed by 

 

7

 

Behringer
Harvard Short Term Opportunity Fund I, LP are hereby specifically confirmed as
being in full force and effect.

 

21.           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.  Facsimile or
electronic signatures shall be effective as originals.

 

22.           Modification.  This Amendment cannot be changed except by an
instrument in writing signed by the party against whom the enforcement of any
change is sought.  THIS AMENDMENT AND THE
LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT
BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES.  THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

[Signature Pages Follow]

 

8

 

EXECUTED as of
the Amendment Effective Date.

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  BEHRINGER HARVARD MOCKINGBIRD COMMONS

  
	
   

  	
  LLC, a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Behringer
  Harvard Mockingbird Commons GP, LLC,

  
	
   

  	
   

  	
  a Texas
  limited liability company,

  
	
   

  	
   

  	
  its manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Gerald J.
  Reihsen, III

  
	
   

  	
   

  	
   

  	
  Secretary

  

 

 

	
  STATE OF TEXAS

  	
  §

  	
   

  
	
   

  	
  §

  	
   

  
	
  COUNTY OF DALLAS

  	
  §

  	
   

  

 

This
instrument was acknowledged before me on this       
day of September, 2008, by Gerald J. Reihsen, III, as Secretary of
Behringer Harvard Mockingbird Commons GP, LLC, a Texas limited liability
company, in its capacity as the manager of Behringer Harvard Mockingbird
Commons LLC, a Delaware limited liability company, on behalf of said manager
acting on behalf of said limited liability company.

 

 

	
   

  	
   

  
	
   

  	
  Notary
  Public in and for the State of Texas

  

 

(SEAL)

 

9

 

EXECUTED as of
the Amendment Effective Date.

 

	
   

  	
  LENDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CREDIT UNION LIQUIDITY SERVICES,

  
	
   

  	
  LLC, a Texas limited liability company

  
	
   

  	
  f/k/a TEXANS
  COMMERCIAL CAPITAL,

  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
  STATE OF TEXAS

  	
  §

  	
   

  
	
   

  	
  §

  	
   

  
	
  COUNTY OF DALLAS

  	
  §

  	
   

  

 

This
instrument was acknowledged before me on this       
day of September, 2008, by                        ,
                         
of Credit Union Liquidity Services, LLC, a Texas limited liability company
f/k/a Texans Commercial Capital, LLC, on behalf of said limited liability
company.

 

 

	
   

  	
   

  
	
   

  	
  Notary
  Public in and for the State of Texas

  
	
   

  	
   

  
	
   

  	
   

  
	
  (SEAL)

  	
   

  

 

10

 

Guarantors
expressly consent to the modifications and terms contained in this Amendment:

 

	
   

  	
  GUARANTOR:

  
	
   

  	
   

  
	
   

  	
  BEHRINGER HARVARD MOCKINGBIRD COMMONS GP, LLC

  
	
   

  	
  a Texas
  limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Gerald J.
  Reihsen, III

  
	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  

 

	
  STATE OF TEXAS

  	
  §

  	
   

  
	
   

  	
  §

  	
   

  
	
  COUNTY OF DALLAS

  	
  §

  	
   

  

 

This
instrument was acknowledged before me on this       
day of September, 2008, by Gerald J. Reihsen, III, as Secretary of
Behringer Harvard Mockingbird Commons GP, LLC, a Texas limited liability
company, on behalf of said limited liability company.

 

 

	
   

  	
   

  
	
   

  	
  Notary
  Public in and for the State of Texas

  

 

 

(SEAL)

 

11

 

Guarantors
expressly consent to the modifications and terms contained in this Amendment:

 

	
   

  	
  GUARANTOR:

  
	
   

  	
   

  
	
   

  	
  BEHRINGER HARVARD SHORT-TERM OPPORTUNITY FUND I LP

  
	
   

  	
  a Texas
  limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Behringer
  Harvard Advisors II LP,

  
	
   

  	
   

  	
  a Texas
  limited partnership,

  
	
   

  	
  its general
  partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Harvard
  Property Trust, LLC

  
	
   

  	
   

  	
  a Delaware
  limited liability company,

  
	
   

  	
   

  	
  its general
  partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Gerald J.
  Reihsen, III

  
	
   

  	
   

  	
   

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  
	
  STATE OF TEXAS

  	
  §

  	
   

  	
   

  
	
   

  	
  §

  	
   

  	
   

  
	
  COUNTY OF DALLAS

  	
  §

  	
   

  	
   

  
								

 

This
instrument was acknowledged before me on this       
day of September, 2008, by Gerald J. Reihsen, III, as Executive Vice
President of Harvard Property Trust, LLC, a Delaware limited liability company,
in its capacity as the general partner of Behringer Harvard Advisors II LP, a
Texas limited partnership, in its capacity as the general partner of Behringer
Harvard Short-Term Opportunity Fund I LP, a Texas limited partnership, for and
on behalf of said entities.

 

 

	
   

  	
   

  
	
   

  	
  Notary
  Public in and for the State of Texas

  

 

 

(SEAL)

 

12

 

Schedule 1

 

Exceptions to Representations and Warranties

 

1.          With respect to Section 3.06
set forth in the Loan Agreement, the Disclosed Litigation as of the date hereof
is as follows:  None.

 

2.          With respect to the last
sentence of Section 3.19 and the representation set forth in Section 3.21(e),
as previously disclosed to and approved by Lender, the Aggregate Property is
subject to a condominium regime and is taxed accordingly.

 

3.          With respect to Section 3.23
of the Loan Agreement and any other representation regarding title, Borrower
has, with the consent of Lender and in compliance with the terms and conditions
of the Loan Agreement and other Loan Documents, sold certain condominium units
on the Property and Lender has signed and filed a release of lien with respect
to such condominium units.

 

13

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