Document:

exv10w28

 

EXHIBIT 10.28

FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT

     This First Amendment to Revolving Credit Agreement (this “First
Amendment”) amends that certain Revolving Credit Agreement (as amended hereby,
the “Credit Agreement”) dated as of December 31, 2003, and is made and entered
into as of the 13th day of February, 2004 by and among FIRST POTOMAC REALTY
INVESTMENT LIMITED PARTNERSHIP (“FPLP” or the “Borrower”), FLEET NATIONAL BANK
(“Fleet”), a national banking association, having its principal place of
business at 100 Federal Street, Boston, Massachusetts 02109 and KEYBANK
NATIONAL ASSOCIATION (collectively with Fleet, the “Banks”) and FLEET NATIONAL
BANK, as managing administrative agent for itself and each other Bank.

     WHEREAS, the Banks and the Borrower have determined to make certain
amendments to the Credit Agreement, as set forth herein.

     NOW, THEREFORE, in consideration of One Dollar ($1.00) and other good
and valuable consideration by each of the parties hereto, the receipt and
sufficiency of which are hereby acknowledged, it is agreed as follows:

	1.	 	Capitalized terms used but not defined herein shall have
the respective
meanings assigned to such terms in the Credit Agreement.
	 
	2.	 	The definition of “Assignment of Contracts” contained in
Section 1 of the
Credit Agreement is amended by inserting the word “in” immediately
following the reference to “Borrower’s interest” contained therein.
	 
	3.	 	The definition of “Borrowing Base Availability” contained in
Section 1 of
the Credit Agreement is amended to read in its entirety as follows:

	 	 	“Borrowing Base Availability. As of the date that any
Loan is to be made hereunder, an amount equal to the lesser
of (i) 70 % (the “Advance Rate”) of the Collateral Property
Value at such time, provided that the Advance Rate
shall be automatically and permanently decreased to 65% at
such time as the Collateral Property Value multiplied by 65% would be at least equal to $50,000,000, and (ii) the
Collateral Debt Service Coverage Amount at such time, and
provided, further, that at no time may the Borrowing
Base Availability otherwise attributable to the Collateral
Properties exceed 85% of the Appraised Value of Collateral
Properties as set forth in the most recent MAI Appraisals
provided to and approved by the Administrative Agent (it
being acknowledged and agreed that if the Borrowing Base
Availability attributable to the Collateral Properties would
exceed 85% of the

-1-

 

	 	 	Appraised Value of Collateral Properties, the Borrower may
request that a new MAI Appraisal be obtained for one or more
Collateral Properties, at the Borrower’s sole cost and expense,
and the appraised value determined by such new MAI Appraisal(s)
shall then be the effective appraised value for the applicable
Collateral Properties for purposes of this definition. The
amount available to be drawn at any time shall be the Borrowing
Base Availability less the Maximum Drawing Amount and all
outstanding Loans at such time.”

	4.	 	The definition of “Eligible Assignee” contained in Section 1 of the
Credit
Agreement is amended by inserting, at the end thereof, the following new
sentence:

	 	 	“In no event shall the Borrower or any Affiliate of the Borrower
be an Eligible Assignee.”

	5.	 	Clause (c) of the definition of “Increase Conditions” contained in
Section
1 of the Credit Agreement is amended by inserting the words “an Eligible
Assignee and” immediately following the words “such financial
institution
shall be” contained therein.
	 
	6.	 	The definition of “Tenant Estoppel” contained in Section 1 of the Credit
Agreement is amended by deleting each reference to the word “Major”
contained therein and replacing it with the following: “Collateral
Property”.
	 
	7.	 	Clause (c) of Section 2.3 of the Credit Agreement is amended by inserting
the word “and” immediately following the first reference to “Applicable
Base Rate Margin” contained therein.
	 
	8.	 	Clause (v) of Section 2.4 of the Credit Agreement is amended to read in
its
entirety as follows:

	 	 	“The Agent will promptly notify each Lender of any Completed Loan
Request and will cause a copy thereof to be delivered to each
Lender on the same Business Day received, or, in the case of a
Libor Rate Loan, the next Business Day, in each case absent
circumstances outside of its control.”

	9.	 	Section 2.8 of the Credit Agreement is amended by deleting the reference
to “$20,000,000” contained therein; and by inserting in place thereof
the
following: “$50,000,000.”

-2-

 

	10.	 	Clauses (c) and (d) contained in Section 8.4 of the Credit Agreement are
each amended by deleting therefrom the words: “Upon the request of the
Agent and”.
	 
	11.	 	Clause (a) contained in Section 11.4 of the Credit Agreement is amended
by inserting a comma immediately following the word “creation”
contained therein.
	 
	12.	 	Section 12.9 of the Credit Agreement is amended: (i) by deleting the
reference to “Estoppel Agreements” contained in clause (b) thereof and
replacing it with the words “Tenant Estoppels; and (ii) by inserting the
following at the end thereof: “, in each case except to the extent waived
by the Agent with respect to tenants who are not tenants under Major
Leases”.
	 
	13.	 	The parenthetical contained in Section 12.14 of the Credit Agreement is
amended by deleting the reference to “Appraisal Determination Process”
contained therein; and by inserting in place thereof the following words:
“the definition thereof.
	 
	14.	 	Clause (n) contained in Section 14.1 of the Credit Agreement is amended
by inserting at the end thereof the following:

	 	 	“; or during any twelve-month period on or after the Closing
Date, individuals who at the beginning of such period constituted
the Board of Trustees of the Trust (together with any new
directors whose election by the Board of Trustees or whose
nomination for election by the shareholders of the Trust was
approved by a vote of at least a majority of the members of the
Board of Trustees then in office who either were members of the
Board of Trustees at the beginning of such period or whose
election or nomination for election was previously so approved)
ceased for any reason to constitute a majority of the members of
the Board of Trustees of the Trust then in office.”

	15.	 	The second and third sentences contained in Section 14.2 of the Credit
Agreement are amended to read in their entirety as follows:

	 	 	“If any other Event of Default shall have occurred and be
continuing, the Agent may, and upon the request of the Majority
Lenders shall, terminate the unused portion of the Commitments or
other commitment to extend credit hereunder. No such termination
of the Commitments or other commitment to extend credit hereunder
shall relieve the Borrower of any of the Obligations or

-3-

 

	 	 	any of its existing obligations to the Agent or the Lenders
arising under other agreements or instruments.”

	16.	 	The seventh sentence contained in Section
16.10(b) of the Credit Agreement is amended by inserting the
following proviso at the end thereof:

	 	 	“, provided, however, that the Agent may not
implement the proposed workout plan without the Majority
Lenders’ approval if the number of Lenders hereunder is
three or less.”

	17.	 	The first sentence contained in Section 16.11 of the Credit
Agreement is
amended by inserting at the end thereof the following:

	 	 	“and, at the request of the Majority Lenders, the Agent
will resign if its Commitment is no longer at least equal
to that of the largest Commitment of any Lender, unless
such circumstance is a result of the merger or
consolidation of any of the other Lenders or a result of
events other than the sale by the Agent of any portion of
its Commitment”.

	18.	 	Section 16.11 of the Credit Agreement is further amended by
inserting at
the end thereof the following new sentence:

	 	 	“The Agent may be removed at the direction of the Majority
Lenders in the event of a final judicial determination (in
which the Agent had an opportunity to be heard) that the
Agent had acted in a grossly negligent manner or in willful
misconduct.”

	19.	 	The third sentence contained in Section 18 of the Credit
Agreement is
amended to add the following at the end thereof:

	 	 	“, provided that such consent shall not be required
at any time that an Event of Default has occurred and is
continuing.”

	20.	 	Schedule 2 to the Credit Agreement is amended to read in its
entirety as
set forth on Annex 1 attached hereto.

	21.	 	The Borrower hereby represents and warrants as follows:

(a)
Representations in Credit Agreement. Both before and
after giving effect to this First Amendment, each of the
representations and warranties made by or on behalf of the
Borrower, the Trust or any of their respective Subsidiaries
contained in the Credit Agreement or any of the other Loan
Documents, was true when made and is true on and as of the date
hereof

-4-

 

with the same full force and effect as if each of such
representations and warranties had been made on the date hereof
and in this First Amendment, except to the extent that such
representations and warranties relate expressly to an earlier
date.

(b) No Events of Default. No Default or Event of Default
exists on the
date hereof (both before and after giving effect to this First
Amendment).

(c) Binding Effect of Documents. This First Amendment has
been duly
executed and delivered by the Borrower and is in full force and
effect as of
the date hereof, and the agreements and obligations of the
Borrower
contained herein constitute legal, valid and binding obligations
of the
Borrower enforceable against the Borrower in accordance with
their
respective terms.

	22.	 	Provisions of General Application.

(a) No Other Changes. Except as otherwise expressly
provided by this
First Amendment, all of the terms, conditions and provisions of
the Credit
Agreement and each of the other Loan Documents remain unaltered.
The
Credit Agreement and this First Amendment shall be read and
construed
as one agreement.

(b) Governing Law. This First Amendment is intended to take
effect as a
sealed instrument and shall be deemed to be a contract under the
laws of
the State of New York. This First Amendment and the rights and
obligations of each of the parties hereto shall be governed by and
interpreted and determined in accordance with the laws of the
State of
New York (without regard to conflicts of laws provisions).

(c)
Binding Effect; Assignment. This First Amendment shall
be binding
upon and inure to the benefit of each of the parties hereto and
their
respective successors in title and assigns.

(d) Counterparts. This First Amendment may be executed in
any number
of counterparts, but all such counterparts shall together
constitute but one
and the same agreement. In making proof of this First Amendment,
it
shall not be necessary to produce or account for more than one
counterpart
thereof signed by each of the parties hereto.

(e) Conflict with Other Agreements. If any of the terms of
this First
Amendment shall conflict in any respect with any of the terms of
any of
the Credit Agreement or any other Loan Document, the terms of this
First
Amendment shall be controlling.

-5-

 

(f) Condition Precedent. The effectiveness of this First Amendment
is subject to the condition precedent that the Agent shall have received,
in form and substance satisfactory to it, an executed original of this
First Amendment from the Borrower, the Trust and each of the Lenders.

     WITNESS the execution hereof, under seal, as of the day and year first written above.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	FLEET NATIONAL BANK,	 	 	 	 
	 	 	Individually and as Managing Administrative Agent	 
	 	 		 	 	 	 
	 	By:	
	 	 	 	 
	 	Name: 	Daniel L. Silbert	 	 	 	 
	 	Title: 	Director	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	KEYBANK NATIONAL
ASSOCIATION, Individually	 
	 	 		 	 	 	 
	 	By:	
	 	 	 	 
	 	Name: 	John C. Scott	 	 	 	 
	 	Title: 	Vice President	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	FIRST POTOMAC REALTY
INVESTMENT LIMITED PARTNERSHIP	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	By:	First Potomac Realty Trust, its sole
general partner
	 
	 	 	 		 	 	 
	 	 	By:	
	 	 	 
	 	 	 	Name: 	Barry H. Bass	 	 
	 	 	 	Title: 	Senior Vice President
and CFO	 	 

-6-

 

ACCEPTED AND AGREED:

FIRST POTOMAC REALTY TRUST, Guarantor

	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 
	 	By:	
	 (SEAL)	 	 	 
	 	Name: 	Barry H. Bass	 	 	 	 
	 	Title: 	Senior Vice President
and CFO	 	 	 	 

-7-

 

ANNEX 1

SCHEDULE 2

	 	 	 	 	 	 	 	 	 
	Bank
	 	Commitment Amount
	 	Commitment Percentage

	Fleet National Bank

One Federal Street

Boston, MA 02109
	 	$	30,00,000	 	 	 	60	%
	KeyBank National Association
	 	$	20,000,000	 	 	 	40	%
	TOTAL
	 	$	50,000,000	 	 	 	100	%

-8-exv10w24

 

Exhibit 10.24

    	 	 	 
	
	 	 
	Global
            eXchange Services
	 	 
	Where
            Technology Meets Experience 
	 	Harvey F. Seegers
	 
	 	President & Chief Executive
          Officer
	

	 
	 	100 Edison Park Dr., Gaithersburg,
          MD 20878
	 
	 	PH 301.340.5900 FX 301.340.5902
          • www.gxs.com
	 
	 	Harvey.Seegers@gxs.com

November 4, 2003

Robert B. Patrick

614 S. Fairfax Street

Alexandria, VA 22314

Dear Bobby:

On behalf of the Board of Directors, I am pleased to extend you an offer of
employment with Global eXchange Services (GXS) as a key member of the
leadership team. The employment terms in this letter supersede any other
agreements or promises made to you by anyone, whether verbally or written.

  
Position

You would be joining us as Senior Vice President and Chief Marketing Officer
reporting to me.

  
Cash Compensation

Your starting salary will be $225,000 per year with a target annual bonus of
$150,000 with a minimum guaranteed bonus of $75,000. Additionally, you will be
guaranteed a $25,000 bonus for the remainder of 2003. This would be paid to you
no later than the end of March 2004. Please note that the quotation of a rate
of pay is merely for convenience and does not imply that your employment is for
a year or any fixed period.

  
Stock-Based Compensation

Ownership is a cornerstone principle of GXS’ reward strategy. The Board has
approved for you to receive 568,882 options with an exercise price of $0.50 per
share. Please understand that the actual value that you realize from your
options may vary greatly, based on the performance of GXS. We have designed the
program with the intent to provide significant upside potential if GXS is
successful. All terms contain herein are subject to the provisions of the stock
incentive plan document which is enclosed.

  
Benefits

In additional to your compensation package you will be eligible for employee
benefits (including vacation, medical, dental, vision, accident and disability
insurance, 401(k) plans) in accordance with GXS’s benefit plans.

  
Termination

Depending upon the reason for your employment with GXS ending, you will be
covered by ONE of the following:

(1) Cause or Voluntarily Quit

If your employment terminates because you voluntarily quit or because the
Company terminates you for “cause”, you will not be entitled to any additional
compensation. “Cause” shall include, but not be limited to: willful or
unreasonable neglect of your job duties, committing fraud, misappropriation or
embezzlement; dishonesty; insubordination; being convicted of a felony;
disclosure of confidential information in violation of the company’s written
policies; and willfully or unreasonably engaging in conduct materially
injurious to the Company.

 

 

(2) Termination Without Cause

If you are terminated without “cause” you would receive, as severance,
continuation of your then current salary and medical benefits for twelve
months and a pro rated portion of your most recent Annual Bonus payment. This
payment would be subject to your signing the Company’s standard termination
agreement, which includes a release for the benefit of GXS and non-competition
and non-solicitation commitments by you for a period of twelve months.

Confidentiality/Integrity

This offer is made in the strictest confidence. You are required to
maintain the confidentiality of the information contained in this offer
and any proprietary information you received from GXS in consideration of
this offer. Failure to comply will result in the offer being summarily
withdrawn.

GXS’ most valuable assets are its worldwide reputation of integrity and high
standards of business conduct. Therefore, among the Company Policies that you
must sign as a condition of employment, are those described in the enclosed
compliance guide. Furthermore, in making this offer of employment, we have no
intention of interfering with any continuing obligation regarding trade secrets
and confidential information that you may have with any prior employer. In this
connection, you will also be required to sign the enclosed “Proprietary
Information and Invention Agreement” as a condition of employment with GXS.

  	 	 	 
	 Other

	 This offer is contingent
          on the following: 

	•	 	Receipt of necessary internal and external approvals, including a background
        check
	•	 	Proof of identification and U.S. work authorization, in accordance with
        the Immigration Reform and Control Act of 1986
	•	 	Drug Screen and Medical Exam

GXS reserves the right to modify any of these terms at any time if it deems
necessary. Further, the benefits and programs offered may be modified, and your
participation in those benefits will be subject to the terms of those plans and
programs. Your employment and benefits will also be subject to GXS’ policies as
promulgated from time-to-time.

Please sign below your acceptance of this offer under the terms described above
and return a copy to Mike Humenik, Senior Vice President, Global Human
Resources.

We look forward to having you as a member of the Senior Executive
leadership team and believe this position will provide you with the kind
of challenge and career growth you are seeking.

Regards,

/s/ Harvey S. Seegers

I accept this offer of employment with Global eXchange Services

    	 	 	 
	/s/ ROBERT
            B. PATRICK 
	 	11/6/03
	

	Robert B.
            Patrick 
	 	Date
	 	 	 
	Cc: M.
            Humenik

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]