Document:

EX-10.1

Ex. 10.1

NEITHER THE ISSUANCE AND SALE OF THIS NOTE NOR THE SECURITIES INTO WHICH THIS NOTE IS CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE
OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933 OR
(B) AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER
SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144, RULE 144A OR OTHER EXEMPTION UNDER SAID ACT.

THE TRANSFER OF THE SECURITIES REPRESENTED HEREBY IS PROHIBITED EXCEPT IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION.

VIASPACE INC.

SENIOR SECURED CONVERTIBLE PROMISSORY NOTE

$17,000.00 October 25, 2013

FOR VALUE RECEIVED, VIASPACE INC., a Nevada corporation (“Company”), promises to pay to Kevin
Schewe (“Holder”), or its registered assigns, in lawful money of the United States of America the
principal sum of SEVENTEEN THOUSAND Dollars ($17,000.00), or such other amount as shall equal the
outstanding principal amount hereof, together with interest from the date of this Note on the
unpaid principal balance at a rate equal to six percent (6.0%) per annum, computed on the basis of
the actual number of days elapsed and a year of 365 days. Unless converted into Common Stock of
Company as set forth in Section 3 and/or Section 8 below, all unpaid principal, together with any
then unpaid and accrued interest, shall be due and payable on the earlier of (i) October 25, 2015
(the “Maturity Date”), (ii) upon prepayment of all amounts due and payable under this Note in
accordance with the terms hereof, or (iii) when, upon or after the occurrence of an Event of
Default (as defined below), such amounts are declared due and payable by Holder or made
automatically due and payable in accordance with the terms hereof. Immediately prior to the
issuance of this Note by Company, Holder acknowledges that it has delivered to Company the sum of
SEVENTEEN THOUSAND Dollars ($17,000.00) reflecting the principal amount under this Note.

This Note is one of a series of notes (the “Notes”) having like tenor and effect (except for
variations necessary to express the name of the holder, the principal amount of each of the Notes
and the date on which each Note is funded) in an aggregate principal amount of up to $1,000,000
issued or to be issued by Company on or about the period from September 2012 to August 2017 (or
such other period as agreed upon by the Company and the Holder) pursuant to the terms of a Loan
Agreement, dated as of September 30, 2012, by and between Company and the Holder (or his designees)
of the Notes (the “Loan Agreement”). The Notes shall rank equally without preference or priority
of any kind over one another, and all payments on account of principal and interest with respect to
any of the Notes shall be applied ratably and proportionately on the outstanding Notes on the basis
of the principal amount of the outstanding indebtedness represented thereby.

The following is a statement of the rights of Holder and the conditions to which this Note is
subject, and to which Company by issuance of this Note, and Holder by the acceptance of this Note,
agree:

1. Definitions. As used in this Note, the following capitalized terms have the
following meanings:

(a) “Common Stock” shall mean the Company’s Common Stock, par value $0.001.

(b) “Collateral” has the meaning given in Section 4 hereof.

(c) “Company” includes the corporation initially executing this Note and any Person which
shall succeed to or assume the obligations of Company under this Note.

(d) “Conversion Notice” has the meaning given in Section 8(e) hereof.

(e) “Conversion Period” shall mean the period from the date of the Note and ending on the
Maturity Date.

(f) “Conversion Price” has the meaning given in Section 8(b) hereof

(g) “Event of Default” has the meaning given in Section 6 hereof.

(h) “Holder” shall mean the Person specified in the introductory paragraph of this Note or any
Person who shall at the time be the registered holder of this Note. “Holders” shall mean the
Persons collectively specified in the introductory paragraph of this Note and the other Notes or
any Persons who shall at the time be the registered holders of this Note and the other Notes.

(i) “Majority Holders” shall mean Holders holding a majority of the aggregate principal amount
of the Notes then outstanding.

(j) “Note” shall mean this Senior Secured Convertible Promissory Note.

(k) “Obligations” shall mean and include all loans, advances, debts, liabilities and
obligations owed by Company to Holder of every kind and description, now existing or hereafter
arising under or pursuant to the terms of this Note including, all interest, fees, charges,
expenses, attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by
Company hereunder.

(l) “Person” shall mean and include an individual, a partnership, a corporation (including a
business trust), a joint stock company, a limited liability company, an unincorporated association,
a joint venture or other entity or a governmental authority.

(m) “Prepayment Amount” has the meaning given in Section 3 hereof

(n) “Prepayment Notice” has the meaning given in Section 3 hereof.

(o) “Sale Transaction” shall mean a transaction or series of related transactions involving
(i) the consolidation or merger of Company with another Person, (ii) a sale of all or substantially
all of the assets of Company, (iii) a purchase, tender or exchange offer that is accepted by the
holders of more than the 50% of the outstanding shares of capital stock of Company, (iv) the
consummation of a stock purchase agreement or other business combination with another Person
whereby such other Person acquires more than the 50% of the outstanding capital stock of Company.

(p) “Securities Act” has the meaning given in Section 5(b) hereof.

(q) “Loan Agreement” has the meaning in the second introductory paragraph of this Note.

(r) “Successor Entity” has the meaning given in Section 10 hereof.

Capitalized term not otherwise defined shall have the meaning set forth in the Loan Agreement.

2. Interest. Unless converted into Common Stock of Company as set forth in Section 8
below, or unless prepaid or converted as set forth in Section 3 below, accrued interest on this
Note shall be payable on the Maturity Date.

3. Prepayment. During the Conversion Period, Company may, at any time and from time
to time, prepay all or any portion of the principal due under this Note, together with accrued
interest, without penalty. Company shall effect such prepayment by providing Holder twenty (20)
days written notice prior to the date of such prepayment (such notice, a “Prepayment Notice”)
indicating the amount of principal and accrued interest Company desires to prepay (the “Prepayment
Amount”). Notwithstanding the foregoing, Holder shall have 10 days following receipt of such
Prepayment Notice to notify Company in writing of its election to convert the Prepayment Amount
into shares of Common Stock, in which case such Prepayment Amount shall be converted into shares of
Common Stock in accordance with the conversion procedures set forth in Section 8(e) hereof
(provided that, with respect to conversions effected pursuant to this Section 3, any references to
the Conversion Amount in Section 8(e) shall refer to the Prepayment Amount). Should Holder elect
to convert the Prepayment Amount into shares of Common Stock, the number of shares of Common Stock
into which such Prepayment Amount will be converted shall be determined by dividing the Prepayment
Amount by the then applicable Conversion Price.

4. Security Interest. As security for the payment and performance of the Obligations
under this Note and the other Notes, Company hereby grants to the holder of this Note and of the
other Notes a first lien security interest in all of Company’s right, title and interest in, to and
under all of its personal property, wherever located and whether now existing or owned or hereafter
acquired or arising, including all accounts, chattel paper, commercial tort claims, deposit
accounts, documents, equipment (including all fixtures), general intangibles, intellectual property
(including all patents and patent applications, all copyrights and applications for copyright, all
state (including common law), federal and foreign trademarks, service marks and trade names, and
applications for registration of such trademarks, service marks and trade names, and all trade
secrets), instruments, inventory, investment property, letter-of-credit rights, money and all
products, proceeds and supporting obligations of any and all of the foregoing (collectively, the
“Collateral”). Notwithstanding the foregoing, the security interest granted herein shall not
extend to any property, rights or licenses to the extent the granting of a security interest
therein would be contrary to applicable law.

5. Representations and Warranties of Holder. Holder represents and warrants to Company
as follows:

(a) Binding Obligation. Holder has full legal capacity, power and authority to execute
and deliver this Note and to perform his obligations hereunder. This Note is a valid and binding
obligation of Holder, enforceable in accordance with its terms, except as limited by bankruptcy,
insolvency or other laws of general application relating to or affecting the enforcement of
creditors’ rights generally and general principles of equity.

(b) Securities Law Compliance. Holder has been advised that this Note has not been
registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state
securities laws and, therefore, cannot be resold unless they are registered under the Securities
Act and applicable state securities laws or unless an exemption from such registration requirements
is available. Holder is aware that Company is under no obligation to effect any such registration
with respect to this Note, or the Common Stock issuable or issued pursuant to the conversion of
this Note, or to file for or comply with any exemption from registration. Holder has not been
formed solely for the purpose of making this investment and is purchasing this Note for its own
account for investment, not as a nominee or agent, and not with a view to, or for resale in
connection with, the distribution thereof. Holder has such knowledge and experience in financial
and business matters that Holder is capable of evaluating the merits and risks of such investment,
is able to incur a complete loss of such investment and is able to bear the economic risk of such
investment for an indefinite period of time.

(c) Accredited Investor. Holder is an “accredited investor” within the meaning of SEC
Rule 501 of Regulation D of the Securities Act, as presently in effect.

(d) Restricted Securities. Holder understands that this Note is a “restricted
security” under the federal securities laws inasmuch as it is being acquired from Company in a
transaction not involving a public offering and that under such laws and applicable regulations
such Note may be resold without registration under the Securities Act only in certain limited
circumstances. In the absence of an effective registration statement covering the Note or an
available exemption from registration under the Securities Act, the Note must be held indefinitely.
Holder represents that it is familiar with SEC Rule 144, and understands the resale limitations
imposed thereby and by the Securities Act.

(e) Access to Information. Holder acknowledges that Company has given Holder access
to the corporate records and accounts of Company and to all information in its possession relating
to Company, has made its officers and representatives available for interview by Holder, and has
furnished Holder with all documents and other information required for Holder to make an informed
decision with respect to the purchase of this Note.

6. Events of Default. The occurrence of any of the following shall constitute an
“Event of Default” under this Note:

(a) Failure to Pay. Company shall fail to pay (i) when due any principal or interest
payment on the due date hereunder or (ii) any other payment required under the terms of this Note
on the date due, and (in either case) such payment shall not have been made within twenty (20) days
of Company’s receipt of Holder’s written notice to Company of such failure to pay;

(b) Failure to Perform. Company fails to perform any obligation under this Note and
does not cure that failure within twenty (20) days of Company’s receipt of Holder’s written notice
to Company of such failure to perform; or

(c) Voluntary Bankruptcy or Insolvency Proceedings. Company shall (i) apply for or
consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a
substantial part of its property, (ii) be unable, or admit in writing its inability, to pay its
debts generally as they mature, (iii) make a general assignment for the benefit of its or any of
its creditors, (iv) be dissolved or liquidated, (v) become insolvent (as such term may be defined
or interpreted under any applicable statute), (vi) commence a voluntary case or other proceeding
seeking liquidation, reorganization or other relief with respect to itself or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such
relief or to the appointment of or taking possession of its property by any official in an
involuntary case or other proceeding commenced against it, or (vii) take any action for the purpose
of effecting any of the foregoing; or

(d) Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the appointment
of a receiver, trustee, liquidator or custodian of Company or of all or a substantial part of the
property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization
or other relief with respect to Company or the debts thereof under any bankruptcy, insolvency or
other similar law now or hereafter in effect shall be commenced and an order for relief entered or
such proceeding shall not be dismissed or discharged within thirty (30) days of commencement.

7. Rights of Holder upon Default. Upon the occurrence or existence of any Event of
Default (other than an Event of Default referred to in Sections 6(c) and 6(d)) and at any time
thereafter during the continuance of such Event of Default, the Majority Holders may, by written
notice to Company, declare all outstanding Obligations payable by Company under the Notes to be
immediately due and payable without presentment, demand, protest or any other notice of any kind,
all of which are hereby expressly waived. Upon the occurrence or existence of any Event of Default
described in Sections 6(c) and 6(d), immediately and without notice, all outstanding Obligations
payable by Company under the Notes shall automatically become immediately due and payable, without
presentment, demand, protest or any other notice of any kind, all of which are hereby expressly
waived. In addition to the foregoing remedies, upon the occurrence or existence of any Event of
Default, Holder may exercise any other right power or remedy permitted to him by law, either by
suit in equity or by action at law, or both.

8. Conversion.

(a) Conversion. Holder shall have the right to convert, at any time during the
Conversion Period, all or any portion of the principal amount, together with any unpaid and accrued
interest, then outstanding under this Note into fully paid and non-assessable shares of Common
Stock at a conversion price per share equal to the Conversion Price (as defined below). The number
of shares of Common Stock into which such principal and interest then outstanding under this Note
will be converted shall be determined by dividing the amount of principal, together with all unpaid
and accrued interest, then outstanding under this Note to be converted (the “Conversion Amount”) by
the Conversion Price.

(b) Conversion Price. Subject to Section 8(c), the “Conversion Price” shall be equal
to 80% of the Average Trading Price as reported by the principal trading exchange on which the
Company’s Common Stock is traded for the twenty (20) trading days preceding the date of the Note.

(c) Adjustments to Conversion Price. The Conversion Price shall be subject to
proportional adjustments for stock splits, stock dividends, combinations, consolidations,
reclassifications and the like.

(d) Conversion Procedure. Before Holder shall be entitled to convert the Conversion
Amount then outstanding under this Note into shares of Common Stock, Holder shall surrender this
Note at the office of this Company, and shall give written notice (a form of which is attached to
this Note, the “Conversion Notice”) to Company at its principal corporate office, of the election
to convert the same and shall state therein the total Conversion Amount. Company shall not be
obligated to issue certificates evidencing the shares of Common Stock issuable upon such conversion
unless (i) Holder executes and delivers to Company the Conversion Notice for the converted shares
and (ii) this Note is delivered to Company. Company shall, as soon as practicable after such
delivery, issue and deliver certificates (bearing such legends as are required by applicable state
and federal securities laws in the opinion of counsel to Company and required by this Note and the
Loan Agreement), representing the number of fully paid and non-assessable shares of the Common
Stock into which the Conversion Amount will be converted in accordance with the provisions herein,
and a new promissory note having like tenor as this Note for the principal amount and interest then
outstanding under this Note that are not being so converted. Any conversion pursuant to this
Section 8 shall be deemed to have been made immediately prior to the close of business on the date
of Company’s receipt of the Conversion Notice, so that the rights of Holder under this Note to the
extent of the Conversion Amount shall cease at such time and Holder shall be treated for all
purposes as having become the record holder of such shares of Common Stock at such time.

(e) Fractional Shares; Effect of Conversion. No fractional shares shall be issued
upon conversion of this Note. In lieu of Company issuing any fractional shares to Holder upon the
conversion of this Note, Company shall pay to Holder an amount equal to the product obtained by
multiplying the Conversion Price by the fraction of a share not issued pursuant to the previous
sentence. Upon conversion of this Note in full and the payment of the amounts specified in this
Section 9(f), Company shall be forever released from all its obligations and liabilities under this
Note.

(f) Reservation of Stock Issuable Upon Conversion. Company shall at all times reserve
and keep available out of its authorized but unissued shares of Common Stock solely for the purpose
of effecting the conversion of this Note such number of its shares of Common Stock as shall from
time to time be sufficient to effect the conversion of this Note.

9. Reserved

10. Effect of Sale Transaction. Upon the occurrence of any Sale Transaction, the
Successor Entity (as defined below) shall succeed to, and be substituted for the Company (so that
from and after the date of such Sale Transaction, the provisions of this Note referring to the
“Company” shall refer instead to the Successor Entity), and may exercise every right and power of
the Company and shall assume all of the obligations of the Company under this Note with the same
effect as if such Successor Entity had been named as the Company herein. Upon consummation of the
Sale Transaction, the Successor Entity shall deliver to the Holder confirmation that there shall be
issued upon conversion of this Note at any time after the consummation of the Sale Transaction, in
lieu of the shares of the Common Stock purchasable upon the conversion of the Notes prior to such
Sale Transaction, such shares of common stock (or other securities, cash, assets or other property)
of the Successor Entity. The provisions of this Section shall apply similarly and equally to
successive Sale Transactions and shall be applied without regard to any limitations on the
conversion of this Note. As used in this Section 10, “Successor Entity” means the Person, which
may be the Company, formed by, resulting from or surviving any Sale Transaction, or the parent
entity of such Person, as applicable.

11. Successors and Assigns. Subject to the restrictions on transfer described in
Sections 12 and 13 below, the rights and obligations of Company and Holder of this Note shall be
binding upon and benefit the successors, assigns, heirs, administrators and transferees of the
parties.

12. Waiver and Amendment. Any term of this Note may be amended or waived only with
the written consent of Company and the Majority Holders; provided, however, that any such amendment
or modification which by its terms would not apply equally to all holders of the Notes shall not be
applicable to any holder whose rights under the Notes would be adversely affected by such amendment
or modification in a different manner than other holders thereof without such adversely affected
holder’s written consent.

13. Transfer of this Note or Securities Issuable on Conversion Hereof. With respect
to any offer, sale or other disposition of this Note or securities into which such Note may be
converted, Holder will give written notice to Company prior thereto, describing briefly the manner
thereof, together with a written opinion of Holder’s counsel, or other evidence if reasonably
satisfactory to Company, to the effect that such offer, sale or other distribution may be effected
without registration or qualification (under any federal or state law then in effect). Upon
receiving such written notice and reasonably satisfactory opinion, if so requested, or other
evidence, Company, as promptly as practicable, shall notify Holder that Holder may sell or
otherwise dispose of this Note or such securities, all in accordance with the terms of the notice
delivered to Company. If a determination has been made pursuant to this Section 12 that the
opinion of counsel for Holder, or other evidence, is not reasonably satisfactory to Company,
Company shall so notify Holder promptly after such determination has been made. Each Note thus
transferred and each certificate representing the securities thus transferred shall bear a legend
as to the applicable restrictions on transferability in order to ensure compliance with the
Securities Act, unless in the opinion of counsel for Company such legend is not required in order
to ensure compliance with the Securities Act. Company may issue stop transfer instructions to its
transfer agent in connection with such restrictions. Subject to the foregoing, transfers of this
Note shall be registered upon registration books maintained for such purpose by or on behalf of
Company. Prior to presentation of this Note for registration of transfer, Company shall treat the
registered Holder hereof as the owner and Holder of this Note for the purpose of receiving all
payments of principal and interest hereon and for all other purposes whatsoever, whether or not
this Note shall be overdue and Company shall not be affected by notice to the contrary.

14. Notices. Any notices, consents, waivers or other communications required or
permitted to be given under the terms of this Agreement must be in writing and will be deemed to
have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by
facsimile (provided confirmation of transmission is mechanically or electronically generated and
kept on file by the sending party); or (iii) one business day after deposit with an overnight
courier service, in each case properly addressed to the party to receive the same. The addresses
and facsimile numbers for such communications shall be to the respective addresses or facsimile
numbers of the parties as set forth in the Loan Agreement, or at such other address or facsimile
number as such parties shall have furnished in writing.

15. Usury. In the event any interest is paid on this Note which is deemed to be in
excess of the then legal maximum rate, then that portion of the interest payment representing an
amount in excess of the then legal maximum rate shall be deemed a payment of principal and applied
against the principal of this Note.

16. Waivers. Company hereby waives notice of default, presentment or demand for
payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to
this instrument.

17. Governing Law and Forum. This Note and all actions arising out of or in
connection with this Note shall be governed by and construed in accordance with the laws of the
State of Colorado, United States of America, without regard to the conflicts of law provisions of
the State of Colorado, or of any other state. All disputes or controversies relating to or arising
from this Note shall be adjudicated in the state and federal courts located in the state of
Colorado. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION
WITH RESPECT TO THIS NOTE AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS
WAIVER. The Convention on Contracts for the International Sale of Goods shall not apply to this
Note.

[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, Company has caused this Note to be issued as of the date first written
above and Holder agrees to the terms and conditions of this Note.

VIASPACE INC.

By: /s/ Carl Kukkonen

	 	 	Name: Carl Kukkonen

Its: CEO

KEVIN SCHEWE

/s/ Kevin Schewe

NOTICE OF CONVERSION

(To be executed by the Registered Holder in order to convert the Note)

The undersigned hereby elects to convert $17,000.00 of the principal and $ 0 of the
interest due on the Note issued by VIASPACE Inc. on October 25, 2013 into Shares of Common Stock of
VIASPACE Inc. (the “Borrower”) according to the conditions set forth in such Note, as of the date
written below.

Date of Conversion:       October 25, 2013      

Conversion Price:      $0.0114      

Shares To Be Delivered:      1,491,228      

Signature:      /s/ Kevin L. Schewe—

Print Name:       Kevin L. Schewe—

Address:      400 Indiana St., Suite 220, Golden, CO 80401      

2EDR-FirstAmendmenttotheFourthAmendedandRestatedCreditAgreement

 

Exhibit 10.1

FIRST AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 

This First Amendment to Fourth Amended and Restated Credit Agreement (this “Amendment”) is dated as of October 24, 2013 and is entered into between Education Realty Operating Partnership, LP and various subsidiaries thereof (collectively referred to as “Borrower”), the Lenders, and KeyBank, National Association, as Administrative Agent on behalf of itself and the Lenders. 
WHEREAS the Borrower, the Administrative Agent and the Lenders have entered into that certain Fourth Amended and Restated Credit Agreement dated as of January 14, 2013 (the “Credit Agreement”), where the Lenders have agreed to provide certain financial accommodations to the Borrower; and   
WHEREAS, the Borrower has requested that the Lenders agree to increase the aggregate amount of the Lenders’ Commitments and amend certain other provisions of the Credit Agreement and the Lenders have agreed to so amend the terms and conditions of the Credit Agreement as set forth herein;  
NOW THEREFORE, in consideration of the mutual promises and agreements herein contained, the parties hereto hereby agree as follows:
1.Incorporation of Terms and Conditions of Credit Agreement.   Except as amended hereby, all of the terms and conditions of the Credit Agreement (including, without limitation, all definitions set forth therein) are specifically incorporated herein by reference.  Except as amended hereby, all capitalized terms used (including in the preamble hereto) but not otherwise defined herein shall have the same meaning as in the Credit Agreement, as applicable.
2.    Representations and Warranties.  Each Credit Party hereby represents and warrants that, as of the First Amendment Effective Date, (i) no Default or Event of Default exists under the Credit Agreement or under any other Loan Document and (ii) all representations and warranties of such Credit Party set forth in the Credit Agreement or in any other Loan Documents are true and correct on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date, in which event they were true and correct as of such earlier date.
3.    Ratification of Loan Documents and Guaranties.  The Credit Agreement, as hereby amended, and each other Loan Document, are hereby ratified, confirmed and re-affirmed in all respects and shall continue in full force and effect.  Each Guarantor hereby acknowledges, confirms and agrees that its “Obligations” as a Guarantor under, and as defined in, the applicable Guaranty to which it is a party include, without limitation, all Obligations of the Credit Parties at any time and from time to time outstanding under the Credit Agreement, as amended hereby, and each other Loan Document.

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4.    Joinder.    Upon the execution hereof, each of EDR Lexington I LLC, Retreat at State College, LLC, Cottages W. Lafayette IN LLC, EDR Austin LLC, EDR Syracuse, LLC, Carrollton Place, LLC, and EDR Statesboro, LLC hereby (a) becomes a party to the Loan Documents as a Borrower thereunder with the same force and effect as if originally named therein as a Borrower and, without limiting the generality of the foregoing, hereby irrevocably, absolutely, and unconditionally assumes and agrees to timely and faithfully pay and perform all of the obligations of the Borrower under the Loan Documents, and (b) represents and warrants that each of the representations and warranties contained in Article III of the Credit Agreement are also made by it and are true and correct in all material respects on and as the date hereof (after giving effect to this Amendment) as if made on and as of such date.  
5.    Lender Joinder.  By their execution below, each of Fifth Third Bank and JPMorgan Chase Bank, N.A. hereby agree that they have become Lenders under the Credit Agreement and have issued Commitments to the Borrower under the Credit Agreement in the respective amounts set forth on revised Schedule 2.01 set forth on Annex A to this Amendment.   Each of Fifth Third Bank and JPMorgan Chase Bank, N.A. represent and warrant on its own behalf  that it has full power and authority, and has taken all action necessary, to execute and deliver this Amendment and to consummate the transactions contemplated hereby and to issue its Commitment under the Credit Agreement.
6.    Amendments to Credit Agreement.  Subject to the satisfaction or waiver of the conditions precedent set forth in Section 5 hereof:
a.    Article 1 of the Credit Agreement is hereby amended as follows:
i.    the definition of “Applicable Rate” is hereby amended by:
(A)    deleting the table in clause (a) thereof in its entirety and substituting the following in its stead:
	
			
	Total Leverage Ratio
	ABR
Spread
	Eurodollar
Spread

	Category 1
<40%
	0.30%
	1.30%

	Category 2
>40% but <45%
	0.40%
	1.40%

	Category 3
>45% but <50% 
	0.55%
	1.55%

	Category 4
>50% but <55%
	0.75%
	1.75%

	Category 5
> 55%
	1.00%
	2.00%

(B)    deleting the reference to “Category 4” in the last sentence of clause (a) thereof and substituting “Category 5” in its stead;

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(C)    deleting the table in clause (b) thereof in its entirety and substituting the following in its stead:
	
				
	Investment Grade Rating
	ABR
Spread
	Eurodollar
Spread
	Facility Fee

	Category 1
At least A- or A3
	0.00%
	0.95%
	0.10%

	Category 2
At least BBB+ or Baa1
	0.00%
	1.00%
	0.15%

	Category 3
At least BBB or Baa2
	0.10%
	1.10%
	0.20%

	Category 4
At least BBB- or Baa3
	0.30%
	1.30%
	0.25%

	Category 5
Below BBB-, Baa3 or unrated
	0.70%
	1.70%
	0.30%

ii.    by deleting the last two sentences in the definition of “Commitment” in their entirety, and substituting the following in their stead:
The amount of each Lender's Commitment as of the First Amendment Effective Date is set forth on Schedule 2.01, or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Commitment, as applicable.  From and after the First Amendment Effective Date, the aggregate amount of the Lenders’ Commitments is $500,000,000.00.
iii.    by deleting the reference to “January 14, 2017” in the definition of “Maturity Date” and substituting “January 14, 2018” in its stead;
iv.    by deleting the definition of “Unencumbered Pool Value” in its entirety and substituting the following in its stead:
“Unencumbered Pool Value” means, as of any date of calculation, as to each Acceptable Unencumbered Property in the Unencumbered Pool, (a) for Acceptable Unencumbered Property that was acquired by the Borrower less than twelve (12) months prior to the date of calculation, the Historical Value of such Acceptable Unencumbered Property, (b) for Acceptable Unencumbered Property that has been owned by the Borrower for twelve (12) months or longer, the Adjusted Unencumbered NOI for the most recently ended four (4) quarters for such Acceptable Unencumbered Property, and then divided by six-and-three-quarters percent (6.75%), and (c) for Acceptable Unencumbered Property that was an Asset Under Development but has been open and operating for less than twelve (12) months, the Historical Value of such Acceptable Unencumbered Property or, at the Borrower’s election (which election shall be irrevocable with respect to such Acceptable Unencumbered Property once made until such time as such Acceptable Unencumbered Property has been open and operated by the 

3

 

Borrower for twelve (12) months or longer, at which time the provisions of subsection (b) above shall control), the Adjusted Unencumbered NOI for such Acceptable Unencumbered Property calculated for the period of operation instead of the period of ownership, annualized, and then divided by six-and-three-quarters percent (6.75%).   
v.    the definition of “Value” is hereby amended by:
(A)    deleting the reference to “seven percent (7%)” in clause (a) thereof and substituting “six-and-three-quarters percent (6.75%)” in its stead;
(B)    deleting clause (b) thereof in its entirety and substituting the following in its stead:
(b) for Real Property that was acquired by the Borrower or its Subsidiary less than twelve (12) months prior to the date of calculation, the Historical Value of such Real Property; plus
(C)    renumbering clauses (d) and (e) thereof as clauses (e) and (f), respectively, and adding a new clause (d) therein as follows:
(d) for Real Property that was an Asset Under Development but has been open and operating for less than twelve (12) months, the Historical Value of such Real Property or, at the Borrower’s election (which election shall be irrevocable with respect to such Real Property once made until such time as such Acceptable Unencumbered Property has been open and operated by the Borrower for at least twelve (12) months or longer, at which time the provisions of subsection (a) above shall control), the Net Operating Income for such Real Property calculated for the period of operation instead of the period of ownership, annualized, and then divided by six-and-three-quarters percent (6.75%); plus
vi.    by adding the following new definition in appropriate alphabetical order:
“First Amendment Effective Date” means October 24, 2013.
b.    Section 2.04(a) of the Credit Agreement is hereby amended by deleting the reference to “$30,000,000” in subclause (i) thereof and substituting “$50,000,000” in its stead;
c.    Section 2.05(b) of the Credit Agreement is hereby amended by deleting the reference to “$45,000,000” in subclause (i) thereof and substituting “$75,000,000” in its stead;
d.    Section 2.08(d) of the Credit Agreement is hereby amended as follows:
i.    by deleting the reference to “January 14, 2017” in the first sentence thereof and substituting “October 24, 2017” in its stead; and

4

 

ii.    by deleting the reference to “$500,000,000.00” in subclause (c) thereof and substituting “700,000,000.00” in its stead;
e.    Section 5.02(d) of the Credit Agreement is hereby amended by deleting the following text in its entirety:
“provided that, Borrower shall remain in compliance if, for one (1) period of two consecutive fiscal quarters, such ratio shall exceed fifty percent (50%) but not exceed fifty-five percent (55%);”
f.    Article V of the Credit Agreement is hereby amended by inserting new Section 5.18 as set forth below:
“5.18.  OFAC.  (a) No Credit Party or  is, nor shall any Credit Party be at any time, a Person with whom the Lenders are restricted from doing business under the regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of Treasury of the United States of America (including, those Persons named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order (including, the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action.  
(b) No Credit Party is, nor shall any Credit Party be at any time, knowingly engaged in any dealings or transactions or otherwise be associated with such Persons referenced in clause (a) above.”
g.    Section 5.02(i) of the Credit Agreement is hereby amended by deleting the reference to “thirty percent (30%)” therein and substituting “thirty five percent (35%)” in its stead;
h.    Schedule 3.05(f) of the Credit Agreement is hereby amended by deleting item number 2 on said Schedule.
i.    Schedule 2.01 to the Credit Agreement is hereby restated in its entirety as set forth in Annex A hereto; 
j.    Schedule 3.15 to the Credit Agreement is hereby restated in its entirety as set forth in Annex B hereto;
k.    Schedule 5.12 to the Credit Agreement is hereby restated in its entirety as set forth in Annex C hereto; and
l.    Exhibit B to the Credit Agreement is hereby restated in its entirety as set forth in Annex D hereto.
7.    Conditions to Effectiveness.  This Amendment shall not be effective until each of the following conditions precedent has been satisfied to the satisfaction of, or waived in accordance with Section 9.02 of the Credit Agreement by, the Administrative Agent and the Lenders:

5

 

a.    This Amendment shall have been duly executed and delivered by the Borrower, the Guarantor, and the Lenders.  The Administrative Agent shall have received a fully executed original or .pdf copy hereof.
b.    Each Lender that so requests shall have received a Note duly executed and delivered by the Borrower in the full amount of such Lender’s Commitment after giving effect to this Amendment.
c.    The Administrative Agent shall have received (i) a copy of all organization consents and resolutions on the part of each Credit Party necessary for the valid execution, delivery and performance by such Credit Party of this Amendment, (ii) current certificates of legal existence and good standing for each Credit Party, and (iii) a customary legal opinion from counsel to each Credit Party.
d.    The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the First Amendment Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.
e.    There shall not have occurred a material adverse change in, or material adverse effect upon, the operations, business, properties, or condition (financial or otherwise) of the Loan Parties, taken as a whole, since June 30, 2013.
f.    After giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing.
The Administrative Agent shall notify the Borrower and the Lenders of the First Amendment Effective Date, and such notice shall be conclusive and binding. Upon such effectiveness, each Lender shall, as applicable, fund a Borrowing or receive a prepayment to reflect the revised/new Commitments set forth on amended Schedule 2.01.
8.    Loan Document.  This Amendment shall constitute a Loan Document for all purposes.
9.    Binding Effect.  The terms and provisions hereof shall be binding upon the parties hereto and their successors and assigns and shall inure to the benefit of the Administrative Agent and each Lender and their respective successors and assigns.
10.    Multiple Counterparts.   This Amendment may be executed in multiple counterparts, each of which shall constitute an original and which together shall constitute but one and the same instrument.  The delivery of an executed counterpart of a signature page of this Amendment by telecopier or other electronic transmission shall be as effective as delivery of a manually executed counterpart.
11.    Severability.  Any determination that any provision of this Amendment or any application thereof is invalid, illegal, or unenforceable in any respect in any instance shall not affect the validity, 

6

 

legality, or enforceability of such provision in any other instance, or the validity, legality, or enforceability of any other provision of this Amendment.
12.    Headings.  The headings at various places in this Amendment are intended for convenience only and shall not affect the interpretation of this Amendment.
13.    Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF.

[Signature Pages Follow]

7

 

IN WITNESS WHEREOF, this Amendment has been duly executed and delivered by each of the parties hereto as of the date first above written.

BORROWER:

	
	
	EDUCATION REALTY OPERATING PARTNERSHIP, LP, a Delaware limited partnership

By:   EDUCATION REALTY OP GP,    INC., a Delaware corporation, its    General Partner

By:_/s/ Randall H. Brown 
Randall H. Brown, 
Executive Vice President/Treasurer 

	 

	 

	EDR TALLAHASSEE I, LLC, a Delaware limited liability company

By:  Education Realty Trust, LLC,
a Delaware limited liability company, its managing member

By: Education Realty Operating
       Partnership, LP, a Delaware
       limited partnership, its
       managing member

By:  Education Realty OP GP, Inc.
a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown, 
Executive Vice President/Treasurer

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

	
	
	EDR OXFORD, LLC,
a Delaware limited liability company

By:  Education Realty Operating
        Partnership, LP, a Delaware limited 
        partnership, its managing
        member

By:  Education Realty OP GP, Inc.,
a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown, 
Executive Vice President/Treasurer

	 

	EDR LAWRENCE LIMITED PARTNERSHIP, a Delaware limited partnership 

By:    EDR Lawrence LLC, a Delaware limited liability company, its general partner

By:    EDR Lawrence, Inc., a Delaware corporation, its managing member

By:_/s/ Randall H. Brown 
Randall H. Brown,
Vice President

 

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

	
	
	EDR TALLAHASSEE LIMITED
PARTNERSHIP, a Delaware limited 
partnership

By:   EDR Tallahassee, LLC, a Delaware limited liability company, its general partner

By:   EDR Tallahassee, Inc., a Delaware corporation, its managing member

By:_/s/ Randall H. Brown 
Randall H. Brown,
Vice President 

	EDR TAMPA LIMITED PARTNERSHIP, a Delaware limited partnership 

By:   EDR Tampa, LLC, a Delaware limited liability company, its general partner

By:   EDR Tampa, Inc., a Delaware corporation, its managing member

By:_/s/ Randall H. Brown 
Randall H. Brown,
Vice President   

	EDR WESTERN MICHIGAN LIMITED PARTNERSHIP, a Delaware limited partnership 

By:   EDR Western Michigan, LLC, a Delaware limited liability company, its general partner

By:   EDR Western Michigan, Inc., a Delaware corporation, its managing member

By:_/s/ Randall H. Brown 
Randall H. Brown,
Vice President

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

	
	
	EDR CHARLOTTESVILLE LLC, a Delaware limited liability company 

By:  Education Realty Operating
        Partnership, LP, a Delaware limited 
        partnership, its managing
        member

By:  Education Realty OP GP, Inc.,
a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown, 
Executive Vice President/Treasurer

	 

	EDR CHARLOTTESVILLE JEFFERSON LLC, a Delaware limited liability company 

By:  Education Realty Operating
        Partnership, LP, a Delaware limited 
        partnership, its managing
        member

By:  Education Realty OP GP, Inc.,
a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown, 
Executive Vice President/Treasurer    

	 

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

	
	
	EDR CHARLOTTESVILLE WERTLAND LLC, a Delaware limited liability company 

By:  Education Realty Operating
        Partnership, LP, a Delaware limited 
        partnership, its managing
        member

By:  Education Realty OP GP, Inc.,
a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown,
Executive Vice President/Treasurer     

	EDR BERKELEY LP, a Delaware limited partnership

By:  EDR Berkeley LLC,
a Delaware limited liability company, its general partner

By: Education Realty Operating
       Partnership, LP, a Delaware
       limited partnership, its
       managing member

By:  Education Realty OP GP, Inc.
a Delaware corporation, its general partner

By:_/s/ Randall H. Brown 
Randall H. Brown,
Executive Vice President/Treasurer

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

	
	
	EDR ORLANDO LIMITED PARTNERSHIP, a Delaware limited partnership 

By:    EDR Orlando LLC, a Delaware limited liability company, its general partner

By:    EDR Orlando, Inc., a Delaware corporation, its managing member

By:_/s/ Randall H. Brown 
Randall H. Brown,
Vice President

 

    

    

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

	
	
	EDR GAINESVILLE LIMITED PARTNERSHIP, a Florida limited partnership

By:  EDR Gainesville GP, LLC,
a Delaware limited liability company, its general partner

By: Education Realty Operating
       Partnership, LP, a Delaware
       limited partnership, its
       managing member

By:  Education Realty OP GP, Inc.
a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown,
Executive Vice President/Treasurer

	EDR CARBONDALE, LLC,
a Delaware limited liability company

By:  Education Realty Operating
        Partnership, LP, a Delaware limited 
        partnership, its managing
        member

By:  Education Realty OP GP, Inc.,
a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown, 
Executive Vice President/Treasurer

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

	
	
	DISTRICT ON 5TH TUCSON AZ LLC,
a Delaware limited liability company

By:  Education Realty Operating
        Partnership, LP, a Delaware limited 
        partnership, its managing
        member

By:  Education Realty OP GP, Inc.,
a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown, 
Executive Vice President/Treasurer

	CV EAST LANSING MI LLC,
a Delaware limited liability company

By:  Education Realty Operating
        Partnership, LP, a Delaware limited 
        partnership, its  managing
        member

By:  Education Realty OP GP, Inc.,
a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown, 
Executive Vice President/Treasurer

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

	
	
	PROVINCE KENT OH LLC,
a Delaware limited liability company

By:  Education Realty Operating
        Partnership, LP, a Delaware limited 
        partnership, its  managing
        member

By:  Education Realty OP GP, Inc.,
a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown, 
Executive Vice President/Treasurer

	THE PROVINCE GREENVILLE NC LP, a Delaware limited partnership

By:  The Province Greenville NC GP LLC,
a Delaware limited liability company, its general partner

By: Education Realty Operating
       Partnership, LP, a Delaware
       limited partnership, its
       managing member

By:  Education Realty OP GP, Inc.
a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown,
Executive Vice President/Treasurer

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

	
	
	UNIVERSITY VILLAGE TOWERS LP, a Delaware limited partnership

By:  University Village Towers LLC,
a Delaware limited liability company, its general partner

By: Education Realty Operating
       Partnership, LP, a Delaware
       limited partnership, its
       managing member

By:  Education Realty OP GP, Inc.
a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown,
Executive Vice President/Treasurer

	3949 LINDELL LLC,
a Delaware limited liability company

By:  Education Realty Operating
        Partnership, LP, a Delaware limited 
        partnership, its managing
        member

By:  Education Realty OP GP, Inc.,
a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown, 
Executive Vice President/Treasurer

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

	
	
	EDR LEXINGTON I LLC,
a Delaware limited liability company

By:  Education Realty Operating
        Partnership, LP, a Delaware limited 
        partnership, its managing
        member

By:  Education Realty OP GP, Inc.,
a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown,
Executive Vice President/Treasurer

	RETREAT AT STATE COLLEGE, LLC, 
a Georgia limited liability company

By:   State College Housing LLC, a Delaware limited liability company, its sole member

By:  Education Realty Operating
        Partnership, LP, a Delaware limited 
        partnership, its managing
        member

By:  Education Realty OP GP, Inc.,
a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown, 
Executive Vice President/Treasurer

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

	
	
	COTTAGES W. LAFAYETTE IN LLC,
a Delaware limited liability company

By:  Education Realty Operating
        Partnership, LP, a Delaware limited 
        partnership, its managing
        member

By:  Education Realty OP GP, Inc.,
a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown, 
Executive Vice President/Treasurer

	

EDR AUSTIN LLC,
a Delaware limited liability company

By:  Education Realty Operating
        Partnership, LP, a Delaware limited 
        partnership, its managing
        member

By:  Education Realty OP GP, Inc.,
a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown, 
Executive Vice President/Treasurer

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

	
	
	EDR SYRACUSE, LLC, 
a Delaware limited liability company

By:  Education Realty Operating
        Partnership, LP, a Delaware limited 
        partnership, its managing
        member

By:  Education Realty OP GP, Inc.,
a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown, Executive Vice President/Treasurer

	CARROLLTON PLACE, LLC,
a Georgia limited liability company

By:  EDR Manager, LLC, a Delaware limited liability company, it managing member

       By:  Education Realty Operating      Partnership, LP, a Delaware limited partnership, its manager member

By:  Education Realty OP GP, Inc., a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown, 
Executive Vice President/Treasurer

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

	
	
	EDR STATESBORO, LLC, 
a Delaware limited liability company

By:  EDR Manager, LLC, a Delaware limited liability company, it managing member

       By:  Education Realty Operating      Partnership, LP, a Delaware limited partnership, its manager member

By:  Education Realty OP GP, Inc., a Delaware corporation, its general partner

By:_/s/ Randall H. Brown
Randall H. Brown, 
Executive Vice President/Treasurer

    

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

GUARANTOR:

EDUCATION REALTY TRUST, INC.

By:    /s/ Randall H. Brown            
Randall H. Brown, 
Executive Vice President,
Chief Financial Officer, Treasurer    

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

KEYBANK, NATIONAL ASSOCIATION, 
individually and as Administrative Agent,

By:    /s/ Gregory W. Lane            
Gregory W. Lane
Vice President  

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

PNC BANK, NATIONAL ASSOCIATION

By:    /s/ Andrew T. White            
Name:    Andrew T. White
Title:    Senior Vice President

Address:
1600 Market Street, 30th Floor
Philadelphia, Pennsylvania 19103
Attention:    Andrew T. White, 
Senior Vice President
Telephone No.:  (215) 585-6123
Telecopy No.:  (215) 585-5806

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

REGIONS BANK

By:    /s/ Vincent Hughes            
Name:    Vincent Hughes
		
	Title:
	Vice President 
Real Estate Corporate Banking

Address:
1900 5th Avenue North, 15th Floor
Birmingham, Alabama 35203
Attention:  Lee Surtees, Director
Telephone No.:  (205) 264-4860
Telecopy No.:    (205) 264-5456

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

ROYAL BANK OF CANADA

By:    /s/ Brian Gross__________________
Name:    Brian Gross
Title:    Authorized Signatory

Address:
Three World Financial Center 
200 Vesey Street
New York, New York 10281-8098
Attention:    Brian Gross
Telephone No.:  (212) 266-4047
Telecopy No.:    (212) 428-6460

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

	
		
	 
	BANK OF AMERICA, N.A.

By:   /s/ Asad A. Rafiq__________________
Name:   Asad A. Rafiq
Title:   Vice President

	 
	Address:
135 S. LaSalle Street
Mail Code:  IL4-135-06-11
Chicago, Illinois  60603
Attention:  Asad A. Rafiq
         Vice President
Telephone No.:  (312) 828-4416
Telecopy No.:    (312) 992-9767

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

	
		
	 
	U.S. BANK NATIONAL ASSOCIATION

By:   /s/ Lori Y. Jensen_________________
Name:   Lori Y. Jensen 
Title:   Vice President

	 
	Address:
1100 Abernathy Road, N.E., Suite 1250
Atlanta, GA  30328
Attention:   Lori Y. Jensen
      Vice President
Telephone No.:   (770) 512-3118
Telecopy No.:       (770) 512-3130

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

	
		
	 
	FIRST TENNESSEE BANK, N.A.

By:   /s/ Elizabeth H. Vaughn____________
Name:   Elizabeth H. Vaughn  
Title:   Senior Vice President

	 
	Address:
165 Madison Avenue, 10th Floor
Memphis, TN  38103
Attention:   Elizabeth H. Vaughn
      Senior Vice President
Telephone No.:   (901) 523-4105
Telecopy No.:       (901) 523-4032

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

	
		
	 
	METROPOLITAN BANK

By:   /s/ Joelle Rogin___________________
Name:   Joelle Rogin 
Title:   Senior Vice President

	 
	Address:
1661 Aaron Brenner Drive, Suite 100
Memphis, TN  38120
Attention:   Joelle Rogin
      Senior Vice President
Telephone No.:   (901) 969-8004
Telecopy No.:       (901) 969-8100

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

	
		
	 
	JPMORGAN CHASE BANK, N.A.

By:   /s/ Rita Lai Blumberg______________
Name:   Rita Lai Blumberg 
Title:   Authorized Officer

	 
	Address:
270 Park Ave., Floor 45
New York, NY 10017
Attention:   Rita Lai Blumberg
      Authorized Officer
Telephone No.:   (212) 270-6254
Telecopy No.:       (646) 534-6301

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

	
		
	 
	FIFTH THIRD BANK, an Ohio banking corporation

By:   /s/ Michael P. Perillo_______________
Name:   Michael P. Perillo 
Title:   Officer

	 
	Address:
222 S. Riverside Plaza
Chicago, IL 60606
Attention:   Michael P. Perillo
      Officer
Telephone No.:   (312) 704-6829
Telecopy No.:       (312) 704-7364

    

[Signature Page to First Amendment to Fourth A&R Credit Agreement]

 

ANNEX A

SCHEDULE 2.01

	
						
	Lender
	Revolving Loan Commitment
	Applicable Percentage

	KEYBANK, NATIONAL ASSOCIATION
	

	$72,500,000.00
	

	14.5
	%

	PNC BANK, NATIONAL ASSOCIATION
	

	$68,000,000.00
	

	13.6
	%

	REGIONS BANK
	

	$68,000,000.00
	

	13.6
	%

	ROYAL BANK OF CANADA
	

	$68,000,000.00
	

	13.6
	%

	BANK OF AMERICA, N.A.
	

	$50,000,000.00
	

	10.0
	%

	U.S. BANK NATIONAL ASSOCIATION
	

	$50,000,000.00
	

	10.0
	%

	FIRST TENNESSEE BANK, N.A.
	

	$30,000,000.00
	

	6.0
	%

	METROPOLITAN BANK
	

	$8,500,000.00
	

	1.7
	%

	JPMORGAN CHASE BANK, N.A.
	

	$50,000,000.00
	

	10.0
	%

	FIFTH THIRD BANK
	

	$35,000,000.00
	

	7.0
	%

	TOTAL
	

	$500,000,000.00
	

	100.0
	%

Annex - A

 

ANNEX B

SCHEDULE 3.15 
LIST OF SUBSIDIARIES
	
		
	28th and Aurora at Boulder LLC
	EDR Phoenix, LLC

	3949 Lindell, LLC
	EDR Riverside, LLC (Inactive)

	Anderson Road Lafayette LLC
	EDR State College Limited Partnership

	Anderson Road Oxford LLC
	EDR State College, Inc.

	AOD/Raleigh Residence Hall, LLC
	EDR State College, LLC

	Blacksburg VA Housing LLC
	EDR Statesboro, LLC

	Cape Place (DE), LLC
	EDR Stillwater Limited Partnership

	Carrollton Place, LLC
	EDR Stillwater, Inc.

	Centre Lubbock TX LLC
	EDR Stillwater, LLC

	Chapel Hill Durham NC GP LLC
	EDR Storrs LLC

	Chapel Hill Durham NC LP
	EDR Storrs IC LLC

	Cottages W. Lafayette IN LLC
	EDR Syracuse Campus West LLC

	CV East Lansing MI LLC
	EDR Syracuse, LLC

	District on 5th Tucson AZ LLC
	EDR Tallahassee I, LLC

	EDR Athens I, LLC
	EDR Tallahassee Limited Partnership

	EDR Auburn, LLC
	EDR Tallahassee, Inc.

	EDR Austin LLC
	EDR Tallahassee, LLC

	EDR Berkeley LLC
	EDR Tampa Limited Partnership

	EDR Berkeley LP
	EDR Tampa, Inc.

	EDR C Station, LLC (inactive)
	EDR Tampa, LLC

	EDR Carbondale, LLC
	EDR Technology LLC

	EDR Cayce Manager, Inc.
	East Edge Tuscaloosa LLC

	EDR Cayce, LLC
	EDR Tucson I, LLC (Inactive)

	EDR Charlottesville LLC
	EDR Tucson Phase II Limited Partnership (Inactive)

	EDR Charlottesville Jefferson LLC
	EDR Tucson, Inc. (Inactive)

	EDR Charlottesville Wertland LLC
	EDR Tucson, LLC (Inactive)

	EDR Columbia Limited Partnership
	EDR Tuscaloosa LLC

	EDR Columbia, Inc.-
	EDR Wabash Limited Partnership

	EDR Columbia, LLC
	EDR Wabash, Inc.

	EDR Columbus Limited Partnership
	EDR Wabash, LLC

	EDR Columbus, Inc.
	EDR Western Michigan Limited Partnership

	EDR Columbus, LLC
	EDR Western Michigan, Inc.

	EDR Development LLC
	EDR Western Michigan, LLC

	EDR Employment Resources, LLC
	Education Realty OP GP, Inc.

	EDR Fund GP, Inc.
	Education Realty OP Limited Partner Trust

	EDR Gainesville GP, LLC
	Education Realty Operating Partnership, LP

	EDR Gainesville Limited Partnership
	Education Realty Trust, Inc.

	EDR Greensboro, LLC
	Education Realty Trust, LLC

	EDR Investment Advisor Inc.
	Fifth Street MN LLC

	EDR Investment Fund, LP
	Fort Greene Brooklyn NY LLC

	EDR Knoxville Limited Partnership
	GM Westberry LLC

	EDR Knoxville, Inc.
	Irish Row at Vaness LLC

	EDR Knoxville, LLC
	Lemon Street Tempe AZ LLC

Annex - B

 

	
		
	EDR Lawrence Limited Partnership
	Province Kent Ohio LLC

	EDR Lawrence, Inc.
	River Place (DE), LLC

	EDR Lawrence, LLC
	State College Housing LLC

	EDR Lexington I LLC
	Stinson at Norman, LLC

	EDR Lexington II LLC
	Suites Lubbock TX LLC

	EDR Lexington III LLC
	The Province Greenville NC LP

	EDR Lexington IV LLC
	The Province Greenville NC GP LLC

	EDR Lexington V LLC
	Retreat at State College, LLC

	EDR Lexington VI LLC
	University Towers Building LLC

	EDR Limpar, LLC
	University Towers OP GP, LLC

	EDR Lubbock Limited Partnership (Inactive)
	University Towers Operating Partnership, LP

	EDR Lubbock, Inc. (Inactive)
	University Towers Raleigh, LLC

	EDR Lubbock, LLC (Inactive)
	University Towers Raleigh Services, LLC

	EDR Management Inc.
	University Village - Greensboro, LLC

	EDR Manager, LLC
	University Village Towers, LLC

	EDR Murfreesboro, LLC (Inactive)
	University Village Towers, LP

	EDR Norman, LLC (Inactive)
	Varsity Ann Arbor MI LLC

	EDR OP Development LLC
	WEDR Riverside Investors V, LLC (Inactive)

	EDR Orlando Limited Partnership
	WEDR Riverside Mezz Investor V, Inc. (Inactive)

	EDR Orlando, Inc.
	WEDR Stinson Investor V, LLC (Inactive)

	EDR Orlando, LLC
	West Clayton GA LLC

	EDR Oxford, LLC
	 

	EDR Phoenix/Summa West LLC
	 

Annex - B

 

ANNEX C

SCHEDULE 5.12 
UNENCUMBERED POOL

	
	
	1.    Players Club Tallahassee – Tallahassee, Leon County, FL

	2.    The Pointe at South Florida – Tampa, Hillsborough, FL

	3.    The Commons at Tallahassee – Tallahassee, Leon County, FL

	4.    The Pointe at Western – Kalamazoo, Kalamazoo County, MI

	5.    The Reserve on West 31st – Lawrence, Douglas County, KS

	6.    Campus Creek – Oxford, Lafayette County, MS

	7.    Grandmarc at the Corner – Charlottesville, Albemarle County, VA*

	8.    Wertland Square – Charlottesville, Albemarle County, VA

	9.    Jefferson Commons – Charlottesville, Albemarle County, VA

	10.    Central Hall – Lexington, Fayette County, KY**
11.    The Lofts Orlando – Orlando, Orange County, FL
12.    Campus Lodge – Gainesville, Alachua County, FL
13.    Reserve at Saluki Pointe – Carbondale County, Jackson, IL
14.    The District on 5th – Tucson, Pima County, AZ
15.    Campus Village – East Lansing, Ingham County, MI*
16.    Province at Kent State – Kent, Portage County, OH
17.    The Province – Greenville, Pitt County, NC
18.    The Berk – Berkeley, Alameda County, CA
19.    University Village Tower – Riverside, Riverside County, CA
20.     The Retreat at State College – State College, Centre County, PA
21.    The Cottages on Lindberg – West Lafayette, Tippecanoe County, IN
22.    2400 Nueces – Austin, Travis County, TX
23.    3949 Lindell – St. Louis, Saint Louis City, MO
24.    University Village on Colvin – Syracuse, Onondaga County, NY**
25.    Carrollton Crossing – Carrollton, Carroll County, GA
26.    The Avenue at Southern – Statesboro, Bulloch County, GA

*   denotes  Eligible Off Campus Ground Lease
**  denotes  Eligible Property Lease

Annex - D

 

ANNEX D

EXHIBIT B

FORM OF COMPLIANCE CERTIFICATE

	
																							
	 

	Key Bank, National Association
	 
	 
	 
	 
	 
	 
	 

	as Administrative Agent
	 
	 
	 
	 
	 
	 
	 

	225 Franklin Street
	 
	 
	 
	 
	 
	 
	 
	 

	Boston, MA  02110
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Attn:  Mr. Gregory Lane
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	RE: Education Realty Operating Partnership, LP

	 
	Compliance Certificate for
	____________
	through
	__________

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Dear Ladies and Gentlemen:

	 
	 
	 
	 
	 

	This Compliance Certificate is made with reference to that certain Fourth Amended and Restated Credit Agreement dated as of January 14, 2013 (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement"), among Education Realty Operating Partnership, LP and certain of its Subsidiaries (collectively, the "Borrower"), the financial institutions party thereto, as lenders, and KeyBank, N.A., as Administrative Agent.  All capitalized terms used in this Compliance Certificate (including any attachments hereto) and not otherwise defined in this Compliance Certificate shall have the meanings set forth for such terms in the Credit Agreement.  All Section references herein shall refer to the Credit Agreement.

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	I hereby certify that I am the Chief Accounting Officer of Education Realty Operating Partnership, LP, and that I make this Certificate on behalf of each Borrower.  I further represent and certify on behalf of the Borrower as follows as of the date of this Compliance Certificate:

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	I have reviewed the terms of the Loan Documents and have made, or have caused to be made under my supervision, a review in reasonable detail of the transactions and consolidated and consolidating financial condition of the Borrower and its Subsidiaries, during the accounting period (the "Reporting Period") covered by the financial reports delivered simultaneous herewith pursuant to Section 5.01[(a)][(b)], and that such review has not disclosed the existence during or at the end of such Reporting Period (and that I do not have knowledge of the existence as at the date hereof) of any condition or event which constitutes a Default or Event of Default.
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	All referenced dollar amounts in this certificate are stated in thousands unless otherwise noted.
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Attached hereto as Schedule A-1 is a list of the Real Property that comprises the Unencumbered Pool and the Unencumbered Pool Value, and Schedule A-2 is a list of the Real Property assets that were identified as being in the Unencumbered Pool in the last Compliance Certificate and that are no longer qualified to be in the Unencumbered Pool as of the last day of the Reporting Period.
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

Annex - D

 

	
																							
	 
	Attached hereto as Schedule B-1 is a detailed calculation of Interest Expense for the Reporting Period and Schedule B-2 is a detailed calculation of Interest Expense, principal paid and due and payable on Indebtedness, and cash dividends payable on the Parent's preferred stock for the Reporting Period, which amounts aggregated:
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Schedule B-1
	$
	 

	 
	Schedule B-2
	$
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Attached hereto as Schedule C is a detailed calculation of EBITDA for the Reporting Period, which amount was:
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Schedule C  EBITDA
	 
	 
	 
	$
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	As of the last day of the Reporting Period:
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	1.
	Fixed Charge Coverage Ratio Calculation:
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	( a )
	EBITDA
	 
	 
	 
	$

	 
	( b )
	Capital Expenditure Reserve
	 
	 
	 
	$

	 
	( c )
	Adjusted EBITDA (a)-(b)
	 
	 
	 
	$

	 
	( d )
	Principal paid and due and payable plus Interest
	 
	 
	 
	 

	 
	 
	Expense plus cash dividends on preferred stock
	 
	 
	$

	 
	( d )
	Fixed Charge Coverage Ratio ((c) to ((d))
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Covenant:    1.50 :1.00
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	2.
	Tangible Net Worth ("TNW"):
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Total Tangible Net Worth at First Amendment Effective Date
	 
	 
	 
	$[750,000,000.00]

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Required Tangible Net Worth
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Net Proceeds of Offerings after First Amendment Effective Date
	$
	 
	 

	 
	 
	 
	 
	 
	 
	 
	75
	%
	 
	 

	 
	 
	 
	 
	 
	 
	$
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Plus
	 
	 
	 
	$
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	Total Required Tangible Net Worth
	 
	 
	$

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	Covenant: Current TNW must exceed required TNW
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	3.
	Total Leverage Ratio Calculation:
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	( a )
	Indebtedness
	 
	 
	 
	 
	$

Annex - D

 

	
																							
	 
	( b )
	Total Asset Value
	 
	 
	 
	 

	 
	( c )
	Total Leverage Ratio
	 
	 
	 
	 
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Covenant:    less than sixty percent (60%) at all times
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	4.
	Varying Interest Rate Calculation:
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	( a )
	Indebtedness with a varying interest rate
	 
	 
	 
	$

	 
	( b )
	Total Asset Value
	 
	 
	 
	 
	 

	 
	( c )
	( a ) to ( b )
	 
	 
	 
	 
	 
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Covenant:   <35%
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	5.
	Total Secured Debt Ratio:
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	( a )
	Secured Debt
	 
	 
	$

	 
	( b )
	Total Asset Value
	 
	 
	$

	 
	( c )
	Total Secured Debt Ratio
	 
	 
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Covenant:   no greater than 50%
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	6.
	Total Secured Recourse Debt Ratio:
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	( a )
	Total Secured Recourse Debt
	 
	 
	$

	 
	( b )
	Total Asset Value
	 
	 
	$

	 
	( c )
	Total Fund Recourse Debt Ratio
	 
	 
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Covenant:   no greater than 15% 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	7.
	Total Additional Unsecured Debt Ratio:
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	( a )
	Total Additional Unsecured Debt
	 
	 
	$

	 
	( b )
	Total Asset Value
	 
	 
	$

	 
	( c )
	Total Additional Unsecured Debt Ratio
	 
	 
	%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Covenant:   no greater than 15% 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	8.
	Total Unsecured Debt to Unsecured Pool Value
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	( a )
	Total Unsecured Debt
	 
	 
	$

	 
	( b )
	Unencumbered Pool Value
	 
	 
	$

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

Annex - D

 

	
																							
	 
	 
	Covenant:   no greater than 60%
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	9.
	Unencumbered Assumed Debt Service Coverage
	 
	 
	$

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	( a )
	Adjusted Unencumbered NOI
	$

	 
	( b )
	Assumed Unsecured Debt Service
	$

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Ratio:    (a) ÷ (b) 
	 
	 
	 
	___%

	 
	 
	 
	 
	 
	 
	 

	 
	 
	Covenant:   Not less than 1.40 to 1.0
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	10.
	( a )
	( i )
	Investments in Unconsolidated Affiliates
	 
	$

	 
	 
	( ii )
	Total Asset Value
	 
	$

	 
	 
	( iii )
	(i) / (ii), expressed as a percentage
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Covenant:   <15%
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	( b )
	( i )
	Investments in undeveloped land
	 
	 
	$

	 
	 
	( ii )
	Total Asset Value
	 
	 
	 
	$

	 
	 
	( iii )
	(i) / (ii), expressed as a percentage
	 
	 
	___%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Covenant:   <10%
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	( c )
	( i )
	Investments in Assets Under Development
	 
	$

	 
	 
	( ii )
	Total Asset Value
	 
	 
	 
	$

	 
	 
	( iii )
	(i) / (ii), expressed as a percentage
	 
	 
	___%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Covenant:   <25%
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	( d )
	( i )
	Investments in Real Property not constituting
	 
	 
	 

	 
	 
	 
	collegiate housing communities
	 
	$

	 
	 
	( ii )
	Total Asset Value
	 
	 
	 
	$

	 
	 
	( iii )
	(i) / (ii), expressed as a percentage
	 
	 
	___%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Covenant:   <10%
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	( e )
	( i )
	Investments in undeveloped land, Unconsolidated
	 
	 

	 
	 
	 
	Affiliates, Assets Under Development and
	 
	 
	 

	 
	 
	 
	non-collegiate housing communities
	$

	 
	 
	( ii )
	Total Asset Value
	 
	 
	 
	$

	 
	 
	( iii )
	(i) / (ii), expressed as a percentage
	 
	 
	___%

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	Covenant:   <25%
	 
	 
	 
	 

Annex - D

 

	
																							
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	11.
	Restricted Payments
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	(a)
	Restricted Payments to be made on or after  ______________ for reporting period

	 
	 
	and restricted payments made preceding 3 quarters

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	2Q 201_ Dividend per share Common Stock
	$

	 
	 
	 
	1Q 201_ Dividend per share Common Stock ______
	$

	 
	 
	 
	4Q 201_ Dividend per share Common Stock ______
	$

	 
	 
	 
	3Q 201_ Dividend per share Common Stock _______
	$

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	12.
	Maximum Outstandings
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	( a )
	Aggregate Commitment
	 
	 
	 
	$

	 
	( b )
	Aggregate Borrowing Base Availability
	 
	 

	 
	 
	(attach list reflecting amount for each Real Property in the Unencumbered Pool)
	 
	 

	 
	( c )
	Maximum Loan Available Amount (lesser of (a) or (b))
	 

	 
	( d )
	Amount outstanding under Revolving Loans and Swingline Loans
	 

	 
	( e )
	LC Exposure
	 
	 
	 
	 
	 

	 
	( f )
	Revolving Credit Exposure (d) + (e); cannot exceed ( c )
	 

	 
	 
	Covenant:   <Maximum Loan Available Amount
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	This Compliance Certificate has been executed and delivered as of the date set forth above.

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	EDUCATION REALTY OPERATING PARTNERSHIP, LP

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	By:
	Education Realty OP GP, Inc., General Partner

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	By:
	 
	 
	 
	 
	 

	 
	 
	 
	 
	Name:
	J. Drew Koester
	 
	 
	 

	 
	 
	 
	 
	Title:
	Senior Vice President and Chief Accounting Officer

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

Annex - D

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