Document:

rvi-ex43_418.htm

Exhibit 4.3

SECOND AMENDMENT TO LOAN AGREEMENT AND OTHER LOAN DOCUMENTS

Dated as of March 21, 2019

Between

EACH OF THE ENTITIES LISTED ON SCHEDULE I ATTACHED HERETO,
individually and/or collectively, as the context may require, as Borrower

and

RVI CMA HOLDER LLC, as additional obligor

and 

COLUMN FINANCIAL, INC., JPMORGAN CHASE BANK, NATIONAL ASSOCIATION and MORGAN STANLEY BANK, N.A.,

collectively, as Lender

 

 

 

 

 

SECOND AMENDMENT TO LOAN AGREEMENT AND OTHER LOAN DOCUMENTS

THIS SECOND AMENDMENT TO LOAN AGREEMENT AND OTHER LOAN DOCUMENTS, dated as of March 21, 2019 (this “Amendment”), is by and among COLUMN FINANCIAL, INC., having an address at 11 Madison Avenue, New York, New York 10010 (“CF”), JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, having an address at 383 Madison Avenue, New York, New York 10179 (“JPM”) and MORGAN STANLEY BANK, N.A., having an address at 1585 Broadway, New York, New York 10036 (“MS”; together with CF and JPM and their respective successors and/or assigns, each a “Co-Lender” and, collectively, collectively “Lender”), EACH OF THE ENTITIES LISTED ON SCHEDULE I ATTACHED HERETO, each having its principal place of business at 3300 Enterprise Parkway, Beachwood, OH 44122 (individually and/or collectively, as the context may require, together with their respective successors and/or assigns, “Borrower”) and RVI CMA HOLDER LLC, a Delaware limited liability company having its principal place of business at 3300 Enterprise Parkway, Beachwood, OH 44122 (“Additional Obligor”).  All capitalized terms not defined herein shall have the respective meanings set forth in the Loan Agreement (as defined below).

W I T N E S S E T H:

WHEREAS, Lender has made a loan in the original principal amount of $900,000,000 (the “Loan”) to Borrower pursuant to that certain Loan Agreement, dated as of March 11, 2019, by and among Borrower, Lender and Additional Obligor, as amended by that certain First Amendment to Loan Agreement and Other Loan Documents, dated as of March 19, 2019, by and among Borrower and Lender (collectively, the “Original Loan Agreement”), which Loan is evidenced by the Original Loan Agreement and the other Loan Documents (as defined in the Original Loan Agreement); and

WHEREAS, Borrower, Lender and Additional Obligor now desire to amend the Original Loan Agreement (the Original Loan Agreement, as amended by this Amendment, and as the same may be further amended, replaced, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”) and certain other Loan Documents, each as more specifically set forth herein.

NOW, THEREFORE, in consideration of the agreements set forth in this Amendment and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows.

A G R E E M E N T:

Section I.Modification to Original Loan Agreement.   

(a)Section 1.1 of the Original Loan Agreement is hereby amended to delete the definition of “LIBOR Spread” in its entirety and replace it with the following definition of “LIBOR Spread”:

 

 

““LIBOR Spread” shall mean, with respect to each Component of the Loan, as the same, the following amounts, as the same may be reallocated pursuant to Section 11.1(b) hereof:

(a)Component A, 1.159090000%;

(b)Component B, 1.559090000%;

(c)Component C, 3.277715162%; and 

(d)Component H-RR, 8.509090000%;

the LIBOR Spread shall be increased by (x) 25 basis points (0.25%) from and after the first day of the third Extension Period in accordance with Section 2.9(g), without duplication of any increase with respect to the Alternate Rate Spread or the Prime Rate Spread in accordance with Section 2.9(g).”

(b)Section 2.11 of the Original Loan Agreement is hereby deleted in its entirety and replaced with the following:

“Section 2.11Components of the Loan

.  For the purposes of computing interest payable from time to time on the principal amount of the Loan and certain other computations set forth herein, the principal balance of the Loan shall be divided into Components A through H-RR.  The principal amount of the Components shall be as follows:

		
	
COMPONENT
	
PRINCIPAL AMOUNT

	
A
	
$445,100,000

	
B
	
$101,200,000

	
C
	
$308,400,000

	
H-RR
	
$45,300,000”

 

Section II.Amendment to Other Loan Documents.  Each of the Loan Documents (other than the Loan Agreement) is hereby amended such that (i) each reference in any of the Loan Documents (other than the Loan Agreement) to the defined term “LIBOR Spread”, which defined term has been modified pursuant to this Amendment shall be deemed to be a reference to such defined term as so modified and (ii) each reference to the Loan Agreement shall mean the Original Loan Agreement, as modified pursuant to the terms of this Agreement. 

Section III.Reaffirmation of Guaranty. In connection with this Amendment, Guarantor hereby:

(a)Consents to and acknowledges this Amendment and acknowledges and agrees that this Amendment shall not impair, reduce or adversely affect the nature of the obligations of Guarantor under the Guaranty.

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(b)Warrants and represents that, to its knowledge, there are no defenses, offsets or counterclaims existing with respect to its obligations under the Guaranty.

(c)Acknowledges that the Guaranty and the obligations of Guarantor contained in the Guaranty are continuing and in full force and effect.

(d)Reaffirms the Guaranty and its obligations thereunder, and acknowledges that this reaffirmation of the Guaranty is for the benefit of Lender.

Section IV.Reaffirmation of Pledgor Guaranty. In connection with this Amendment, Pledgor hereby:

(a)Consents to and acknowledges this Amendment and acknowledges and agrees that this Amendment shall not impair, reduce or adversely affect the nature of the obligations of Pledgor under the Pledgor Guaranty.

(b)Warrants and represents that, to its knowledge, there are no defenses, offsets or counterclaims existing with respect to its obligations under the Pledgor Guaranty.

(c)Acknowledges that the Pledgor Guaranty and the obligations of Pledgor contained in the Pledgor Guaranty are continuing and in full force and effect.

(d)Reaffirms the Pledgor Guaranty and its obligations thereunder, and acknowledges that this reaffirmation of the Pledgor Guaranty is for the benefit of Lender.

Section V.Reaffirmation of Environmental Indemnity. In connection with this Amendment, each of Borrower and Guarantor hereby:

(a)Consents to and acknowledges this Amendment and acknowledges and agrees that this Amendment shall not impair, reduce or adversely affect the nature of the obligations of Borrower or Guarantor under the Environmental Indemnity.

(b)Warrants and represents that, to its knowledge, there are no defenses, offsets or counterclaims existing with respect to its obligations under the Environmental Indemnity.

(c)Acknowledges that the Environmental Indemnity and the obligations of Borrower and Guarantor contained in the Environmental Indemnity are continuing and in full force and effect.

(d)Reaffirms the Environmental Indemnity and its obligations thereunder, and acknowledges that this reaffirmation of the Environmental Indemnity is for the benefit of Lender.

Section VI.No Waiver.  The execution, delivery and effectiveness of this Amendment shall not, except to the extent expressly provided herein, operate as a waiver of any right, power or remedy of any of Lender, Borrower or Additional Obligor under the Loan Agreement or any of 

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the other Loan Documents, nor constitute a waiver of any provision of the Loan Agreement or any of the other Loan Documents by any of the parties hereto.

Section VII.No Presumption Against Party Drafting Amendment.  Should any provision of this Agreement require judicial interpretation, it is agreed that a court interpreting or construing the same shall not apply a presumption that the terms hereof shall be more strictly construed against any party by reason of the rule of construction that a document is to be construed more strictly against the party who itself or through its agent prepared or drafted the same, it being agreed that all parties to this Amendment participated in the preparation hereof.

Section VIII.Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

Section IX.Ratification.  Borrower, Lender and Additional Obligor hereby ratify and confirm the Loan Agreement, as modified hereby.  Except as modified and amended by this Amendment, the Loan, the Loan Agreement and the other Loan Documents and the respective obligations of Lender, Borrower and Additional Obligor thereunder shall be and remain unmodified and in full force and effect.

Section X.No Further Modification.  No further modification, amendment, extension, discharge, termination or waiver hereof shall be effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given.

Section XI.Governing Law.  This Amendment shall be construed and enforced in accordance with the laws of the State of New York (without regard to the principles of conflicts of laws).  If any provision hereof is not enforceable, the remaining provisions of this Amendment shall be enforced in accordance with their terms.

Section XII.Counterparts.  This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

Section XIII.References to Loan Agreement.  All references in the Loan Documents to the Loan Agreement shall mean the Loan Agreement as hereby modified herein.

Section XIV.Entire Agreement.  This Amendment constitutes the entire agreement between Borrower, Additional Obligor and Lender with respect to subject matter hereof and supersedes all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof.

Section XV.Incorporation of Recitals; Defined Terms.  The recitals hereto are hereby incorporated into this Amendment as if fully set forth herein.  All capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Loan Agreement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized representatives, all as of the day and year first above written.

					
	
BORROWER:

DDR TUCSON SPECTRUM I LLC

DDR TUCSON SPECTRUM II LLC

DDR TUCSON SPECTRUM III LLC

DDR MARINER SQUARE LLC

DDR MARINER SQUARE II LLC

GS II GREEN RIDGE LLC

RVT NEWnAN CROSSING LLC

RVT HAMILTON COMMONS LLC

RVT WEST ALLIS CENTER LLC

BRE DDR RIVERDALE VILLAGE INNER RING LLC

BRE DDR RIVERDALE VILLAGE OUTER RING LLC

DDRA MAPLE GROVE CROSSING LLC

RVT NOBLE TOWN CENTER LLC 

RVT HOMESTEAD PAVILION LLC

RVT LAKE WALDEN SQUARE LLC

BRE DDR BROOKFIELD LLC

BRE DDR BROWN DEER MARKET LLC

BRE DDR BROWN DEER CENTER LLC

RVT PEACH STREET SQUARE i LLC

RVT ERIE MARKETPLACE LLC

RVT PAVILION AT SHOPPERS WORLD LLC

BRE DDR MARKETPLACE AT TOWNE CENTER LLC

BRE DDR HARBISON COURT LLC

GS II UPTOWN SOLON LLC

DDR SEABROOK LLC

BRE DDR MIDWAY MARKETPLACE LLC

DDR WILLOWBROOK PLAZA LLC

BRE DDR GREAT NORTHERN LLC

DDR CROSSROADS CENTER LLC

GS II BIG OAKS LLC

DDR GUAYAMA WM LLC, S.E.

DDR SENORIAL LLC, S.E. 

DDR RIO HONDO LLC, S.E.

DDR ATLANTICO LLC, S.E.

DDR FAJARDO LLC, S.E.

DDR NORTE LLC, S.E.

DDR ESCORIAL LLC, S.E.
	
 

 

 

					
	
DDR DEL SOL LLC, S.E.

DDR ISABELA LLC, S.E.

DDR CAYEY LLC, S.E.

DDR VEGA BAJA LLC, S.E.
	
 

	
DDR PALMA REAL LLC, S.E.,
	
 

	
each a Delaware limited liability company
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
By:
	
/s/ Matthew Ostrower
	
 

	
 
	
Name:
	
Matthew Ostrower
	
 

	
 
	
Title:
	
Chief Financial Officer
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
DDR/1ST CAROLINA CROSSINGS SOUTH LP, a

	
Delaware limited partnership
	
 

	
 
	
 
	
 
	
 

	
By:
	
RVT CAROLINA CROSSINGS GP LLC, a

Delaware limited liability company, its general partner
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By:
	
/s/ Matthew Ostrower
	
 

	
 
	
 
	
Name:
	
Matthew Ostrower
	
 

	
 
	
 
	
Title:
	
Chief Financial Officer
	
 

	
 
	
 
	
 
	
 

 

 

 

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

 

 

				
				
	
ADDITIONAL OBLIGOR:
	
 

	
 
	
 

	
RVI CMA HOLDER LLC, a Delaware limited liability company
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
By:
	
/s/ Matthew Ostrower
	
 

	
 
	
Name:
	
Matthew Ostrower
	
 

	
 
	
Title:
	
Chief Financial Officer
	
 

	
 
	
 
	
 
	
 

 

 

 

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

 

 

				
				
	
LENDER:
	
 

	
 
	
 

	
COLUMN FINANCIAL, INC., a Delaware corporation
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
By:
	
/s/ David Tlusty
	
 

	
 
	
Name:
	
David Tlusty
	
 

	
 
	
Title:
	
Authorized Signatory
	
 

	
 
	
 
	
 
	
 

 

 

 

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

 

				
				
	
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
By:
	
/s/ Amanda Barner
	
 

	
 
	
Name:
	
Amanda Barner
	
 

	
 
	
Title:
	
Vice President
	
 

	
 
	
 
	
 
	
 

 

 

 

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

 

 

			
			
	
MORGAN STANLEY BANK, N.A.

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
/s/ Cynthia Eckes

	
 
	
Name:
	
Cynthia Eckes

	
 
	
Title:
	
Authorized Signatory

	
 
	
 
	
 

 

 

 

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

 

 

The undersigned hereby acknowledges and consents to Sections III and V of this Second Amendment to Loan Agreement and Other Loan Documents.

				
	
GUARANTOR:
	
 

	
 
	
 

	
RETAIL VALUE INC., an Ohio corporation
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
By:
	
/s/ Matthew Ostrower
	
 

	
 
	
Name:
	
Matthew Ostrower
	
 

	
 
	
Title:
	
Chief Financial Officer
	
 

	
 
	
 
	
 
	
 

 

 

 

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

 

 

The undersigned hereby acknowledges and consents to Section IV of this Second Amendment to Loan Agreement and Other Loan Documents.

				
	
PLEDGOR:

 
	
 

	
 
	
 

	
RVT PR MEZZ BORROWER I LLC, a Delaware limited liability company
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
By:
	
/s/ Matthew Ostrower
	
 

	
 
	
Name:
	
Matthew Ostrower
	
 

	
 
	
Title:
	
Chief Financial Officer
	
 

	
 
	
 
	
 
	
 

 

 

 

 

 

[NO FURTHER TEXT ON THIS PAGE]

 

 

 

SCHEDULE I

 

Borrower

 

DDR TUCSON SPECTRUM I LLC

DDR TUCSON SPECTRUM II LLC

DDR TUCSON SPECTRUM III LLC

DDR MARINER SQUARE LLC

DDR MARINER SQUARE II LLC

GS II GREEN RIDGE LLC

RVT NEWnAN CROSSING LLC

RVT HAMILTON COMMONS LLC

RVT WEST ALLIS CENTER LLC

BRE DDR RIVERDALE VILLAGE INNER RING LLC

BRE DDR RIVERDALE VILLAGE OUTER RING LLC

DDRA MAPLE GROVE CROSSING LLC

RVT NOBLE TOWN CENTER LLC 

RVT HOMESTEAD PAVILION LLC

RVT LAKE WALDEN SQUARE LLC

BRE DDR BROOKFIELD LLC

BRE DDR BROWN DEER MARKET LLC

BRE DDR BROWN DEER CENTER LLC

RVT PEACH STREET SQUARE i LLC

RVT ERIE MARKETPLACE LLC

RVT PAVILION AT SHOPPERS WORLD LLC

BRE DDR MARKETPLACE AT TOWNE CENTER LLC

BRE DDR HARBISON COURT LLC

GS II UPTOWN SOLON LLC

DDR SEABROOK LLC

BRE DDR MIDWAY MARKETPLACE LLC

DDR WILLOWBROOK PLAZA LLC

BRE DDR GREAT NORTHERN LLC

DDR CROSSROADS CENTER LLC

GS II BIG OAKS LLC

DDR GUAYAMA WM LLC, S.E.

DDR SENORIAL LLC, S.E. 

DDR RIO HONDO LLC, S.E.

DDR ATLANTICO LLC, S.E.

DDR FAJARDO LLC, S.E.

DDR NORTE LLC, S.E.

DDR ESCORIAL LLC, S.E.

DDR DEL SOL LLC, S.E.

DDR ISABELA LLC, S.E.

DDR CAYEY LLC, S.E.

DDR VEGA BAJA LLC, S.E. 

DDR PALMA REAL LLC, S.E., 

 

 

each a Delaware limited liability company

 

 

 

DDR/1ST CAROLINA CROSSINGS SOUTH LP, a Delaware limited partnershiprvi-ex44_420.htm

Exhibit 4.4

FIRST AMENDMENT TO CREDIT AGREEMENT

This FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of March 11, 2019 (this “Amendment”), is made by and among RETAIL VALUE INC., an Ohio corporation (the “Borrower”), the several banks, financial institutions and other entities party hereto (collectively, the “Lenders”) and PNC Bank, National Association, in its capacity as administrative agent for the Lenders under that certain Credit Agreement referred to below (in such capacity, the “Agent”).

W I T N E S S E T H

WHEREAS, the Borrower, the Lenders and the Agent are parties to that certain Credit Agreement, dated as of July 2, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; terms used herein and not otherwise defined shall have the meanings given such terms in the Credit Agreement), pursuant to which the Lenders have made loans to the Borrower on the terms and conditions set forth in the Credit Agreement;

WHEREAS, DDR Corp. executed that certain Continuing Agreement of Guaranty and Suretyship, dated as of July 2, 2018, for the benefit of Agent as the Guarantor thereunder and changed its name from DDR Corp. to SITE Centers Corp. (as referred to herein, “SITE Centers”) effective as of October 11, 2018;

WHEREAS, the Borrower has requested that the Agent and Lenders amend certain terms and provisions of the Credit Agreement for purposes of extending the Facility Termination Date and making such other changes to the Credit Agreement as may be necessary to reflect or implement the foregoing; 

WHEREAS, the Agent and the Lenders have agreed to make the amendments requested by the Borrower on the terms and subject to the conditions set forth herein; and

WHEREAS, as required pursuant to Section 8.2(iv) of the Credit Agreement, SITE Centers by signing below hereby consents to the extension of the Facility Termination Date.

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

Section 1.  Amendments to Credit Agreement.  

(a)Section 1.1 of the Credit Agreement is hereby amended by amending and restating the following definitions in their entirety as follows:

““CMBS Loan Agreement” means that certain Loan Agreement, dated as of March 11, 2019, by and among the entities listed on Schedules 1.1(a) and 1.1(b) attached thereto, as borrowers, RVI CMA Holder LLC, as additional obligor, and Column Financial, Inc., JPMorgan Chase Bank, National Association and Morgan Stanley Bank, N.A., collectively, as lender (as amended, restated, supplemented or otherwise modified from time to time).”

 

 

““Scheduled Facility Termination Date” means March 9, 2021.”

(b)Section 1.1 of the Credit Agreement is hereby amended by deleting the definitions of “DDR” and “DDR Guaranty” in their entirety and replacing them with the following definitions in proper alphabetical order:

““SITE Centers” means SITE Centers Corp. (f/k/a DDR Corp.), an Ohio corporation.”

““SITE Centers Guaranty” means a guaranty of payment executed by SITE Centers in favor of the Administrative Agent, pursuant to which SITE Centers guaranties the payment Obligations of the Borrower hereunder.”

(c)All references to “DDR” contained in the Credit Agreement and the other Loan Documents are hereby deleted in their entirety and replaced by references to “SITE Centers”.

(d)All references to DDR Guaranty contained in the Credit Agreement and the other Loan Documents are hereby deleted in their entirety and replaced by references to “SITE Centers Guaranty”.

Section 2.  Limitation.  Except as otherwise expressly provided or contemplated by this Amendment, all of the terms, conditions and provisions of the Credit Agreement and the other Loan Documents remain unaltered and in full force and effect.  The making of the amendments in this Amendment does not imply any obligation or agreement by the Agent or the Lenders to make any other amendment, waiver, modification or consent as to any matter on any subsequent occasion. And the Borrower and SITE Centers acknowledge and agree that, except as expressly provided herein, this Amendment shall not constitute an amendment, waiver, consent or release with respect to any provision of any Loan Document, a waiver of any Unmatured Default or Default under any Loan Document, or a waiver or release of any of the Agent’s or the Lenders’ rights and remedies (all of which are hereby reserved).  

Section 3.  Ratification.  Borrower and SITE Centers each represents and warrants to the Agent and Lenders that (a) all of the terms and provisions of each of the Loan Documents to which it is a party are ratified (after giving effect to the modifications and amendments of the Credit Agreement provided for in this Amendment), (b) all of the Borrower’s and SITE Centers’ representations and warranties set forth in the Loan Documents are reaffirmed (after giving effect to all of the aforementioned amendments and modifications provided for in this Amendment) and are true and correct in all material respects, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and correct in all material respects on and as of such earlier date, (c) no Unmatured Default or Default exists under any Loan Document, (d) no consent, approval, order or authorization of, or registration or filing with, any third party is required in connection with the execution, delivery and carrying out of this Amendment or, if required, has been obtained, (e) this Amendment has been duly authorized, executed and delivered by the Borrower and SITE Centers and constitutes the legal, valid and binding obligation of the Borrower and SITE Centers, enforceable in 

2

 

 

 

accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally and (f) DDR Corp. changed its name from DDR Corp. to SITE Centers Corp. effective as of October 11, 2018.  Each of the parties hereto confirms that the Obligations (including, without limitation, the Guarantied Obligations of SITE Centers under the SITE Centers Guaranty) remain outstanding without defense, set off, counterclaim, discount or charge of any kind as of the date of this Amendment.  Each of the parties hereto agrees that neither this Amendment nor any document executed in connection herewith is intended as (or shall be construed as being) a novation of any of the obligations of the Borrower, SITE Centers, the Agent or the Lenders under any of the Loan Documents, but that each is, instead, a modification thereof setting forth certain changes which have been agreed to by the Agent, the Lenders and the Borrower.  The Borrower and SITE Centers each expressly ratifies and confirms waiver of jury trial contained in the Loan Documents which is incorporated herein by reference.

Section 4.  Credit Agreement References.  On and after the effective date of this Agreement, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import, and each reference to the Credit Agreement by the words “thereunder”, “thereof” or words of like import in any Loan Document or other document executed in connection with the Credit Agreement, shall mean and be a reference to the Credit Agreement, as modified by this Amendment.  This Amendment shall constitute a “Loan Document” under the Credit Agreement.

Section 5.  Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns and all future parties to the Credit Agreement.

Section 6.  Waiver and Release.  To induce the Agent and the Lenders to enter into this Amendment, the Borrower and SITE Centers each waives and releases and forever discharges the Agent and the Lenders and their respective officers, directors, attorneys, agents, and employees from any liability, damage, claim, loss or expense of any kind that it may have against the Agent or the Lenders or any of them arising out of or relating to the Obligations. The Borrower and SITE Centers further agree, jointly and severally, to indemnify and hold the Agent and the Lenders and their respective officers, directors, attorneys, agents and employees harmless from any loss, damage, judgment, liability or expense (including reasonable attorneys’ fees) suffered by or rendered against the Agent or the Lenders or any of them on account of any claims arising out of or relating to the Obligations. The Borrower and SITE Centers each further states for itself that it has carefully read the foregoing release and indemnity, knows the contents thereof and grants the same as its own free act and deed.

Section 7.  Counterparts.  This Amendment may be signed in any number of counterparts, each of which shall be original, with the same effect as if the signatures hereto and thereto were upon the same instrument.  This Amendment shall become effective upon the execution of a counterpart by each of the parties hereto.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic means shall be effective as delivery of a manually executed counterpart of this Amendment.

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Section 8.  Governing Law.  This Amendment shall for all purposes be considered a Loan Document and shall be governed by, construed and interpreted in accordance with, the laws of the State of Ohio without regard to principles of conflict of laws.

[Signature Pages to Follow]

 

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[SIGNATURE PAGE 1 OF 2- FIRST AMENDMENT TO CREDIT Agreement]

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment through their duly authorized representatives as of date first written above.

 

			
	
BORROWER:
	
	
 
	
	
Retail Value Inc., an Ohio corporation
	
	
 
	
	
By:
	
/s/ Matthew Ostrower

	
Name:
	
Matthew Ostrower

	
Title:
	
Executive Vice President, Chief Financial Officer and Treasurer

	
 
	
 

	
 
	
 

	
 
	
 

	
GUARANTOR:

	
 

	
SITE Centers Corp. (f/k/a DDR Corp.)

	
 

	
By:
	
/s/ Matthew Ostrower

	
Name:
	
Matthew Ostrower

	
Title:
	
Executive Vice President, Chief Financial Officer and Treasurer

	
 
	
 

 

 

 

 

 

[SIGNATURE PAGE 2 OF 2- FIRST AMENDMENT TO CREDIT
Agreement]

			
	
PNC BANK, NATIONAL ASSOCIATION,
Individually as a Lender and as Administrative
Agent
	
	
 
	
	
 
	
	
 
	
	
By:
	
/s/ Shari Reams-Henofer

	
Name:
	
Shari Reams-Henofer

	
Title:
	
Senior Vice President

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