Document:

ex10-1.htm

Exhibit 10.1

 

AMENDMENT NO. 10

TO

LIMITED PARTNERSHIP AGREEMENT

OF

GLIMCHER PROPERTIES LIMITED PARTNERSHIP

This Amendment No. 10 is made effective as of April 28, 2010, by the General Partner and the Limited Partners of Glimcher Properties Limited Partnership, a Delaware limited partnership (the “Partnership”).

Recitals

1.             The Partnership was organized pursuant to a Limited Partnership Agreement dated as of November 30, 1993, as thereby amended from time to time (the “Partnership Agreement”).  Capitalized terms used herein and not defined shall have the meanings given to them in the Partnership Agreement.

2.             By action at a meeting on January 15, 2004, the Board of Trustees (the “Board”) of Glimcher Realty Trust, a Maryland real estate investment trust (the “Trust”), classified and designated 6,900,000 preferred shares of the Trust as 8.125% Series G Cumulative Redeemable Preferred Shares (the “Series G Preferred Shares”), with such preferences, rights, voting powers, restrictions limitations as to distributions, qualifications and terms and conditions of redemption as described in that certain Articles Supplementary to the Trust’s Charter (the “First Articles Supplementary”) filed with the State Department of Assessments and Taxation of Maryland on February 19, 2004, establishing the Series G Preferred Shares, with such preferences, rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption as described in the First Articles Supplementary, and on February 23, 2004 the Trust issued 6,000,000 Series G Preferred Shares.

3.             On April 27, 2010, the Board filed Articles Supplementary to the Charter with the State Department of Assessments and Taxation of Maryland (the “Subsequent Articles Supplementary”), reclassifying and designating 3,500,000 additional shares as Series G Preferred Shares (the “Additional Shares”), with such preferences, rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption as set forth in the Charter, as supplemented by the Subsequent Articles Supplementary, in connection with a public offering by the Trust of the Additional Shares pursuant to an Underwriting Agreement dated as of April 23, 2010 (the “Underwriting Agreement”) with Goldman Sachs & Co. and Banc of America Securities Inc., as representatives of the underwriters (the “Underwriters”).

4.             Pursuant to the Underwriting Agreement, the Underwriters have agreed to purchase the Additional Shares of the Trust, for the purposes and upon the terms and conditions set forth therein, with the proceeds from such series to be contributed by the Trust to the Partnership in exchange for a series of Preferred Interests in the Partnership.

5.             Pursuant to Section 6.3(b) of the Partnership Agreement, upon contribution to the Partnership by the Trust of the proceeds from the issuance of the Additional Shares, the Partnership shall issue to the Trust an interest in the Partnership having designations, preferences and rights such that the economic interests thereof are substantially similar to such Additional Shares.

  

 

  

 

6.             Pursuant to Section 18.2(iii) of the Partnership Agreement, the General Partner has the power, without the consent of the limited partners of the Partnership, to amend the Partnership Agreement with respect to the issuance of additional interests in the Partnership such as those contemplated herein.

7.             Pursuant to Section 16 of the Partnership Agreement, the General Partner has been appointed as attorney-in-fact by each of the limited partners of the Partnership for purposes, inter alia, of effecting amendments to the Partnership Agreement adopted in accordance with Section 18.

Amendment

NOW, THEREFORE, the Partnership Agreement is hereby amended as set forth in this Amendment No. 10 as follows:

1.           Creation and Issuance of Additional Units of Series G Preferred Interest.  In consideration of the Company’s contribution to the Partnership of the net proceeds following the issuance and sale of the Additional Shares by the Trust, there shall be authorized, designated and issued to the Trust an additional 3,500,000 Units of Series G Preferred Interest, with the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption as set forth in the Charter, the Subsequent Articles Supplementary and the Partnership Agreement, including but not limited to Amendment No. 8 to the Partnership Agreement.

2.           Additional Documents and Actions.  The General Partner is expressly authorized on behalf of the Partnership to (i) execute and deliver all such other instruments, assignments, assignments, affidavits, notices, agreements, consents, certificates and other documents, and (ii) take all such further and other actions as the General Partner shall deem necessary, advisable or appropriate to carry out the transactions contemplated in this Amendment No. 10.

3.           Construction; Limited Partnership Agreement.  Consistent with Section 6.3(b) of the Partnership Agreement, it is intended that the economic interests of the Series G Preferred Interest shall be substantially similar to the Series G Preferred Shares, and this Amendment No. 10 shall be construed as reasonably required with respect to the preferences and rights of the Series G Preferred Interest to give effect to such intent. Except as expressly provided herein or as so reasonably required to give effect to the provisions hereof, the terms of the Partnership Agreement shall remain in full force and effect and are hereby ratified and confirmed.

[SIGNATURE PAGE FOLLOWS]

  

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IN WITNESS WHEREOF, the General Partners and the Limited Partners have executed this Amendment No. 10 effective as of the date first set forth above.

 

	GENERAL PARTNER:	 	LIMITED PARTNERS:	 
	 	 	 	 
	Glimcher Properties Corporation	 	Glimcher Realty Trust	 
	 	 	 	 
	 	 	 	 
	
By: /s/ Mark E. Yale

	 	
By: /s/ Mark E. Yale

	 
	
Name: Mark E. Yale

	 	
Name: Mark E. Yale

	 
	
Title: Executive Vice President, Chief 

Financial Officer and Treasurer

	 	
Title: Executive Vice President, Chief 

Financial Officer and Treasurer

	 
	 	 	 	 
	 	 	 	 
	 	 	All Other Limited Partners	 
	 	 	 	 
	 	 	By: Glimcher Properties Corporation,	 
	 	 	       pursuant to power of attorney set	 
	 	 	       forth in Section 16 of the Partnership	 
	 	 	       Agreement	 
	 	 	 	 
	 	 	       By: /s/ Mark E. Yale	 
	 	 	             Name: Mark E. Yale	 
	 	 	
             Title: Executive Vice President,

             Chief Financial Officer and 

             Treasurer

	 

 

 

3blsmediaform101.htm

PROMISSORY NOTE

 

                                                                                      April 22, 2010

Henderson, Nevada

 

WHEREAS, the undersigned, BLS Media, Inc., a Nevada corporation (“Maker”), received Two Hundred Thousand Dollars ($200,000.00) (“Principal”) from ____________________________ (“Payee”) as of the date of this Promissory Note.

 

FOR VALUE RECEIVED, the receipt and sufficiency of which are hereby acknowledged, the undersigned, the Maker hereby promises to pay to Payee the Principal and any accrued interest, in lawful money of the United States of America.

 

ARTICLE I.

PAYMENTS

 

1.1 Principal and Interest. There shall be annual interest of eight percent (8%) on the Principal evidenced by this Promissory Note. Such interest shall accrue as of the date that those funds were received by the Maker. The Principal evidenced by this Promissory Note together with any accrued interest shall be due and payable on demand by Payee. In the event that the Payee advances additional funds to the Maker subsequent to the date of this Promissory Note, then those additional funds shall be added to the Principal and shall due and payable on the terms and subject to the conditions of this Promissory Note. All payments shall be made in lawful money of the United States of America.

 

1.2 Manner of Payment. Payment of the indebtedness evidenced by this Promissory Note shall be paid by check at such place as Payee shall designate to Maker in writing. If payment of the indebtedness evidenced by this Promissory Note is due on a day which is not a Business Day, such payment shall be due on the next succeeding Business Day. “Business Day” means any day other than a Saturday, Sunday or legal holiday in the State of Nevada.

 

1.3 Prepayment. Maker may prepay this Note in whole or in part on any date without premium or penalty.

 

 

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ARTICLE II.

DEFAULTS

 

2.1 Events of Default. The occurrence of any one or more of the following events with respect to Maker shall constitute an event of default (“Event of Default”):

 

(a)           In the event, pursuant to or within the meaning of the United States Bankruptcy Code or any other federal or state law relating to insolvency or relief of debtors (a “Bankruptcy Law”), Maker shall (i) commence a voluntary proceeding; (ii) consent to the entry of an order for relief against Maker in an involuntary proceeding; (iii) consent to the appointment of a trustee, receiver, assignee, liquidator or similar official; (iv) make an assignment for the benefit of its creditors; or (v) admit in writing Maker’s inability to pay its debts as those debts become due.

 

(b)           In the event, a court of competent jurisdiction enters an order or decree pursuant to any Bankruptcy Law that (i) is for relief against Maker in an involuntary proceeding; (ii) appoints a trustee, receiver, assignee, liquidator or similar official for Maker or substantially all of Maker’s properties; or (iii) orders the liquidation of Maker, and in each event the order or decree is not dismissed within one hundred twenty (120) days.

 

(c)           In the event Maker fails to pay the Principal and any accrued interest (and any additional amounts provided for under Article I, Section 1.1 of this Agreement) evidenced by this Promissory Note upon demand by Payee.

 

2.2 Notice by Maker. Maker shall notify Payee in writing within ten (10) days after the occurrence of any Event of Default of which Maker acquires knowledge.

 

2.3 Remedies. Upon the occurrence of an Event of Default (unless all Events of Default have been cured or waived by Payee), Payee may, at its option, (i) by written notice to Maker, declare the entire unpaid principal balance evidenced by this Promissory Note immediately due and payable regardless of any prior forbearance, and (ii) exercise any and all rights and remedies available to Payee pursuant to applicable law, including, without limitation, the right to collect from Maker the amount due pursuant to this Promissory Note. Maker shall pay all reasonable costs and expenses incurred by or on behalf of Payee in connection with Payee’s exercise of any or all of its rights and remedies pursuant to this Promissory Note, including, without limitation, reasonable attorneys’ fees.

 

  

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ARTICLE III.

MISCELLANEOUS

 

3.1 Severability. If any provision in this Promissory Note is determined by a court of competent jurisdiction to be invalid or unenforceable, the other provisions of this Promissory Note will remain in full force and effect. Any provision of this Promissory Note determined by a court of competent jurisdiction invalid or unenforceable only in part will remain in full force and effect to the extent not determined to invalid or unenforceable.

 

3.2 Governing Law. This Promissory Note will be governed by the laws of the State of Nevada, without regard to conflicts of laws principles.

 

3.3 Parties in Interest. This Promissory Note shall not be assigned or transferred by Payee without the express prior written consent of Maker, except by operation of law.

 

3.4 Section Headings, Construction. The headings of sections in this Promissory Note are provided for convenience only and will not affect the construction or interpretation of the provisions of this Promissory Note. All references to “section” or “sections” refer to the corresponding section or sections of this Promissory Note unless otherwise specified. All words used in this Promissory Note will be construed to be of such gender or number as the circumstances require.

 

3.5 Entire Agreement.  The Maker and Payee acknowledge and agree that this Promissory Note is the complete and exclusive statement of the mutual understanding of the parties and that it supersedes and cancels all previous written and oral agreements and communications relating to the subject matter of this Promissory Note.

 

IN WITNESS WHEREOF, Maker has executed and delivered this Promissory Note as of the date first specified above.

 

BLS Media, Inc.,

a Nevada corporation,

located at 1683 Duarte Drive

Henderson, Nevada, 89014

 

 

By:       __________________________

Brittany Prager

Its:        President

 

 

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