Document:

Exhibit 10.7

 

FIRST AMENDED AND RESTATED GUARANTY

 

FIRST AMENDED AND RESTATED GUARANTY (as the
same may be amended, supplemented or otherwise modified from time to time, this
“Guaranty”), dated as
of June 29, 2004, by and among each of the Subsidiaries listed on
Schedule I hereto (collectively, the “Subsidiary Guarantors”) and BANK OF AMERICA, N.A., as
administrative agent  (in such capacity,
the “Administrative Agent”)
on behalf of the Lenders under and as defined in the Loan Agreement
(hereinafter defined).

 

RECITALS

 

I.                                         Reference is
made to that certain Secured Term Loan Agreement, dated as of
September 29, 2003, by and among New Plan Excel Realty Trust, Inc., a
Maryland corporation (the “Borrower”) and Fleet National Bank, individually and as
administrative agent (“FNB”) (the “Original Loan Agreement”).

 

II.                                     FNB, individually
and as administrative agent, has assigned all of its rights and obligations
under the Original Loan Agreement, the Original Guaranty (as hereinafter
defined) and the other loan documents executed in connection therewith to Bank
of America, N.A., individually and as Administrative Agent.

 

III.                                 Borrower, the Lenders
and the Administrative Agent have entered into that certain First Amended and
Restated Secured Term Loan Agreement, dated as of June 29, 2004, which
amends and restates the Original Loan Agreement (as the same may be amended,
supplemented or otherwise modified from time to time, the “Loan Agreement”).

 

IV.                                 In connection with the
execution and delivery of the Loan Agreement, the Subsidiary Guarantors and
Administrative Agent desire to amend and restate in its entirety that certain
Guaranty dated as of September 29, 2003 by the Subsidiary Guarantors in
favor of FNB for the benefit of the Lenders (the “Original Guaranty”).

 

V.                                     The Administrative
Agent and the Lenders have made it a condition precedent to the effectiveness
of the Loan Agreement that each Subsidiary Guarantor execute and deliver this
Guaranty.

 

VI.                                 Each Subsidiary
Guarantor expects to derive substantial benefit from the Loan Agreement and the
transactions contemplated thereby and, in furtherance thereof, has agreed to
execute and deliver this Guaranty.

 

Therefore, in consideration of the Recitals,
the terms and conditions herein contained and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, each of the
Subsidiary Guarantors and the Administrative Agent hereby amend and restate the
Original Guaranty in its entirety and covenant and agree as follows:

 

1.                                       Defined
Terms

 

(a)                                  Capitalized
terms used herein which are not otherwise defined herein shall have the
respective meanings ascribed thereto in the Loan Agreement.

 

 

(b)                                 When
used in this Guaranty, the following capitalized terms shall have the
respective meanings ascribed thereto as follows:

 

“Borrower
Obligations” means all present and future
obligations and liabilities, whether deemed principal, interest, additional
interest, fees, expenses or otherwise of the Borrower to the Administrative
Agent and the Lenders, including, without limitation, all obligations under (i)
the Loan Agreement, (ii) the Notes, and (iii) all other Loan Documents.

 

“Guarantor
Obligations” means, with respect to each
Subsidiary Guarantor, all of the obligations and liabilities of such Subsidiary
Guarantor hereunder, whether fixed, contingent, now existing or hereafter
arising, created, assumed, incurred or acquired.

 

2.                                       Guarantee

 

(a)                                  Subject
to Section 2(b), each Subsidiary Guarantor hereby absolutely, irrevocably
and unconditionally guarantees the full and prompt payment when due (whether at
stated maturity, by acceleration or otherwise) of the Borrower
Obligations.  The agreements of each
Subsidiary Guarantor in this Guaranty constitute a guarantee of payment, and no
Credit Party shall have any obligation to enforce any Loan Document or exercise
any right or remedy with respect to any collateral security thereunder by any
action, including making or perfecting any claim against any Person or any
collateral security for any of the Borrower Obligations prior to being entitled
to the benefits of this Guaranty.  The
Administrative Agent may, at its option, proceed against the Subsidiary
Guarantors, or any one or more of them, in the first instance, to enforce the
Guarantor Obligations without first proceeding against the Borrower or any
other Person, and without first resorting to any other rights or remedies, as
the Administrative Agent may deem advisable. 
In furtherance hereof, if any Credit Party is prevented by law from
collecting or otherwise hindered from collecting or otherwise enforcing any
Borrower Obligation in accordance with its terms, such Credit Party shall be
entitled to receive hereunder from the Subsidiary Guarantors after demand
therefor, the sums which would have been otherwise due had such collection or
enforcement not been prevented or hindered.

 

(b)                                 Notwithstanding
anything to the contrary contained herein, the maximum aggregate amount of the
obligations of each Subsidiary Guarantor hereunder shall not, as of any date of
determination, exceed the lesser of  the
greatest amount that is valid and enforceable against such Subsidiary Guarantor
under principles of New York State contract law and  the greatest amount that would not render such Subsidiary
Guarantor’s liability hereunder subject to avoidance as a fraudulent transfer
or conveyance under Section 548 of Title 11 of the United States Code or
any provisions of applicable state law (collectively, the “Fraudulent Transfer
Laws”), in each case after giving effect to all other liabilities of such
Subsidiary Guarantor, contingent or otherwise, that are relevant under the
Fraudulent Transfer Laws (specifically excluding, however, any liability (A) in
respect of intercompany indebtedness to the Borrower or any Affiliate or
Subsidiary of the Borrower, to the extent that such intercompany indebtedness
would be discharged to the extent payment is made by such Subsidiary Guarantor
hereunder, and (B) under any guarantee of (1) senior unsecured indebtedness or
(2) indebtedness subordinated in right of payment to any Borrower Obligation,
in either case which contains a limitation as to maximum liability similar to
that set forth in this Section 2(b) and pursuant to which the liability of
such Subsidiary Guarantor hereunder is included in the liabilities taken into
account in determining such maximum liability) and after giving effect as
assets to the value (as determined under the applicable provisions of the
Fraudulent Transfer Laws) of any rights to subrogation,

 

2

 

contribution, reimbursement, indemnity or similar rights of such
Subsidiary Guarantor pursuant to applicable law or any agreement providing for
an equitable allocation among such Subsidiary Guarantor and other Affiliates or
Subsidiaries of the Borrower of obligations arising under guarantees by such
parties.

 

(c)                                  Each
Subsidiary Guarantor agrees that the Guarantor Obligations may at any time and
from time to time exceed the maximum aggregate amount of the obligations of
such Subsidiary Guarantor hereunder without impairing this Guaranty or
affecting the rights and remedies of any Credit Party hereunder.

 

3.                                       Absolute
Obligation

 

Except as provided by Section 8.2 of the
Loan Agreement, no Subsidiary Guarantor shall be released from liability
hereunder unless and until the Commitments of the Lenders have terminated and
either (i) the Borrower shall have paid in full the outstanding principal
balance of the Loans, together with all accrued and unpaid interest thereon,
and all other amounts then due and owing under the Loan Documents, or (ii) the
Guarantor Obligations of such Subsidiary Guarantor shall have been paid in full
in cash.  Each Subsidiary Guarantor
acknowledges and agrees that (a) no Credit Party has made any representation or
warranty to such Subsidiary Guarantor with respect to the Borrower, any of its
Subsidiaries, any Loan Document, or any agreement, instrument or document
executed or delivered in connection therewith, or any other matter whatsoever,
and (b) such Subsidiary Guarantor shall be liable hereunder, and such liability
shall not be affected or impaired, irrespective of (A) the validity or
enforceability of any Loan Document, or any agreement, instrument or document
executed or delivered in connection therewith, or the collectability of any of
the Borrower Obligations, (B) the preference or priority ranking with respect
to any of the Borrower Obligations, (C) the existence, validity, enforceability
or perfection of any security interest or collateral security under any Loan
Document, or the release, exchange, substitution or loss or impairment of any
such security interest or collateral security, (D) any failure, delay, neglect
or omission by any Credit Party to realize upon or protect any direct or
indirect collateral security, indebtedness, liability or obligation, any Loan
Document, or any agreement, instrument or document executed or delivered in
connection therewith, or any of the Borrower Obligations, (E) the existence or
exercise of any right of set-off by any Credit Party, (F) the existence,
validity or enforceability of any other guarantee with respect to any of the
Borrower Obligations, the liability of any other Person in respect of any of
the Borrower Obligations, or the release of any such Person or any other
guarantor of any of the Borrower Obligations, (G) any act or omission of any
Credit Party in connection with the administration of any Loan Document or any
of the Borrower Obligations, (H) the bankruptcy, insolvency, reorganization or
receivership of, or any other proceeding for the relief of debtors commenced by
or against, any Person, (I) the disaffirmance or rejection, or the purported
disaffirmance or purported rejection, of any of the Borrower Obligations, any
Loan Document, or any agreement, instrument or document executed or delivered
in connection therewith, in any bankruptcy, insolvency, reorganization or
receivership, or any other proceeding for the relief of debtor, relating to any
Person, (J) any law, regulation or decree now or hereafter in effect which
might in any manner affect any of the terms or provisions of any Loan Document,
or any agreement, instrument or document executed or delivered in connection
therewith or any of the Borrower Obligations, or which might cause or permit to
be invoked any alteration in the time, amount, manner or payment or performance
of any of the Borrower’s obligations and liabilities (including the Borrower
Obligations), (K) the

 

3

 

merger or consolidation of the Borrower into or with any Person, (L)
the sale by the Borrower of all or any part of its assets, (M) the fact that at
any time and from time to time none of the Borrower Obligations may be
outstanding or owing to any Credit Party, (N) any amendment or modification of,
or supplement to, any Loan Document, or (O) any other reason or circumstance
which might otherwise constitute a defense available to or a discharge of the
Borrower in respect of its obligations or liabilities (including the Borrower
Obligations) or of such Subsidiary Guarantor in respect of any of the Guarantor
Obligations (other than by the performance in full thereof).

 

4.                                       Representations
and Warranties

 

(a)                                  Each
of the Subsidiary Guarantors represents and warrants as to itself that all
representations and warranties relating to it contained in the Loan Agreement
are true and correct.

 

(b)                                 Each
of the Subsidiary Guarantors represents and warrants as to itself that it has
full legal power and authority to enter into, execute, deliver and perform the
terms of this Guaranty, all of which have been duly authorized by all proper
and necessary corporate or trust action.

 

(c)                                  Each
of the Subsidiary Guarantors represents and warrants as to itself that this
Guaranty constitutes the valid and legally binding obligations of such
Subsidiary Guarantor, and is enforceable in accordance with its terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, or other similar laws affecting the enforcement of creditors’
rights generally; and that the execution, delivery and performance by such
Subsidiary Guarantor of this Guaranty does not violate the provisions of any
applicable statute, law, rule or regulation of any Governmental Authority.

 

(d)                                 Each
of the Subsidiary Guarantors represents and warrants as to itself that no
consent, authorization or approval of, filing with, notice to, or exemption by,
stockholders, any Governmental Authority or any other Person not obtained is
required to be obtained by such Subsidiary Guarantor to authorize, or is
required in connection with, the execution, delivery and performance of this
Guaranty or is required to be obtained by such Subsidiary Guarantor as a
condition to the validity or enforceability of this Guaranty.

 

5.                                       Notices

 

Except as otherwise specifically provided
herein, all notices, requests, consents, demands, waivers and other
communications hereunder shall be in writing (including facsimile) and shall be
given in the manner set forth in Section 11.2 of the Loan Agreement (i) in
the case of the Administrative Agent, to the address set forth in
Section 11.2 of the Loan Agreement, (ii) in the case of a Subsidiary
Guarantor, to the address set forth in Schedule I hereto, or (iii) in the
case of each party hereto, to such other addresses as to which the
Administrative Agent may be hereafter notified by the respective parties
hereto.

 

6.                                       Expenses

 

Each Subsidiary Guarantor agrees that it
shall, promptly after demand, pay to the Administrative Agent any and all
reasonable out-of-pocket sums, costs and expenses, which any

 

4

 

Credit Party may pay or incur defending, protecting or enforcing this
Guaranty (whether suit is instituted or not), reasonable attorneys’ fees and
disbursements.  All sums, costs and
expenses which are due and payable pursuant to this Section shall bear
interest, payable on demand, at the highest rate then payable on the Borrower
Obligations.

 

7.                                       Repayment
in Bankruptcy, etc.

 

If, at any time or times subsequent to the
payment of all or any part of the Borrower Obligations or the Guarantor
Obligations, any Credit Party shall be required to repay any amounts previously
paid by or on behalf of the Borrower or any Subsidiary Guarantor in reduction
thereof by virtue of an order of any court having jurisdiction in the premises,
including as a result of an adjudication that such amounts constituted
preferential payments or fraudulent conveyances, the Subsidiary Guarantors
unconditionally agree to pay to the Administrative Agent, within 10 days after
demand, a sum in cash equal to the amount of such repayment, together with
interest on such amount from the date of such repayment by such Credit Party to
the date of payment to the Administrative Agent at the applicable after-maturity
rate set forth in the Loan Agreement.

 

8.                                       Miscellaneous

 

(a)                                  Except
as otherwise expressly provided in this Guaranty, each Subsidiary Guarantor
hereby waives presentment, demand for payment, notice of default,
nonperformance and dishonor, protest and notice of protest of or in respect of
this Guaranty, the other Loan Documents and the Borrower Obligations, notice of
acceptance of this Guaranty and reliance hereupon by any Credit Party, and the
incurrence of any of the Borrower Obligations, notice of any sale of collateral
security or any default of any sort.

 

(b)                                 No
Subsidiary Guarantor is relying upon any Credit Party to provide to such
Subsidiary Guarantor any information concerning the Borrower or any of its
Subsidiaries, and each Subsidiary Guarantor has made arrangements satisfactory
to such Subsidiary Guarantor to obtain from the Borrower on a continuing basis
such information concerning the Borrower and its Subsidiaries as such
Subsidiary Guarantor may desire.

 

(c)                                  Each
Subsidiary Guarantor agrees that any statement of account with respect to the
Borrower Obligations from any Credit Party to the Borrower which binds the
Borrower shall also be binding upon such Subsidiary Guarantor, and that copies
of said statements of account maintained in the regular course of or such
Credit Party’s business may be used in evidence against such Subsidiary
Guarantor in order to establish its Guarantor Obligations.

 

(d)                                 Each
Subsidiary Guarantor acknowledges that it has received a copy of the Loan
Documents and has approved of the same. 
In addition, each Subsidiary Guarantor acknowledges having read each
Loan Document and having had the advice of counsel in connection with all
matters concerning its execution and delivery of this Guaranty.

 

(e)                                  This
Guaranty shall be binding upon each Subsidiary Guarantor and its successors and
inure to the benefit of, and be enforceable by the Administrative Agent,
Lenders and their respective successors, transferees and assigns.  No Subsidiary Guarantor may assign any
right, or delegate any duty, it may have under this Guaranty.

 

5

 

(f)                                    Subject
to the limitations set forth in Section 2(b), the Guarantor Obligations
shall be joint and several.

 

(g)                                 This
Guaranty is the “Guaranty” referred to in the Loan Agreement, and is subject
to, and should be construed in accordance with, the provisions thereof.  Each of the parties hereto acknowledges and
agrees that the following provisions of the Loan Agreement are made applicable
to this Guaranty and all such provisions are incorporated by reference herein
as if fully set forth herein, including Sections 1 (Definitions), 2.11 (Taxes; Net
Payments), 9.1 (Events of Default), 11.1 (Amendments
and Waivers), 11.3 (No Waiver; Cumulative Remedies), 11.5 (Payment of
Expenses and Taxes), 11.7 (Successors and Assigns), 11.9 (Counterparts),
11.12 (Indemnity),
11.13 (Governing
Law), 11.14, (Headings Descriptive), 11.15 (Severability),
11.16 (Integration),
11.17 (Consent
to Jurisdiction), 11.18 (Service of Process), 11.19 (No
Limitation on Service or Suit) and 11.20 (WAIVER OF TRIAL BY JURY)
thereof.

 

(h)                                 Each
Subsidiary Guarantor agrees that (i) the execution and delivery of a Guaranty
by any Required Additional Guarantor after the date hereof shall not affect the
obligations of the Subsidiary Guarantors hereunder, and (ii) the Subsidiary
Guarantors and each such Required Additional Guarantor shall, subject to
Section 2(b), be jointly and severally liable for all of the Borrower
Obligations.

 

(i)                                     If,
notwithstanding the provisions of Section 8(g) above, this Guaranty is
deemed to be governed by California law, then the following shall apply but
shall not in any way limit the generality of any other provisions contained in
this Guaranty.

 

The Subsidiary Guarantors hereby waive (a)
any defense of the Subsidiary Guarantors based upon a Credit Party’s election
of any remedy against the Subsidiary Guarantors or Borrower or both;
(b) any defense based upon a Credit Party’s failure to disclose to the
Subsidiary Guarantors any information concerning Borrower’s financial condition
or any other circumstances bearing on Borrower’s ability to pay all sums
payable under the Loan Documents; (c) any defense based upon any statute
or rule of law which provides that the obligation of a surety must be neither
larger in amount nor in any other respects more burdensome than that of a
principal; (d) any defense based upon a Credit Party’s election, in any
proceeding instituted under Title 11, U.S.C.A., as amended from time to time or
any successor thereto (the “Bankruptcy Code”), of the application of
Section 1111(b)(2) of the Bankruptcy Code or any successor statute;
(e) any right of subrogation, any right to enforce any remedy which a
Credit Party may have against Borrower and any right to participate in, or
benefit from, any security for any of the Loan Documents now or hereafter held
by the Credit Parties; and (f) benefit of any statute of limitations
affecting the liability of the Subsidiary Guarantors hereunder or the enforcement
hereof.  Without limiting the generality
of the foregoing or any other provision hereof, the Subsidiary Guarantors
expressly waive any and all benefits which might otherwise be available to the
Subsidiary Guarantors under Sections 2787 to 2855, inclusive, of the California
Civil Code, including without limitation, Sections 2809, 2810, 2819, 2839,
2845, 2849 and 2850, and all benefits which might otherwise be available to the
Subsidiary Guarantors under Sections 2899 and 3433 of the California Civil Code
and the California Code of Civil Procedure Sections 580a, 580b, 580d and 726,
or any of such sections.  Furthermore,
without limitation of any waiver otherwise set forth herein, the Subsidiary
Guarantors waive all rights and defenses arising out of an election of remedies
by the Credit Parties even though that election of remedies, such as a
nonjudicial foreclosure with respect to the security for a guaranteed
obligation, has

 

6

 

destroyed the Subsidiary Guarantors’ rights of subrogation and
reimbursement against the principal by operation of Section 580d of the
California Code of Civil Procedure or otherwise.

 

[SIGNATURES COMMENCE ON FOLLOWING PAGE]

 

7

 

IN EVIDENCE of the agreement by the parties
hereto to the terms and conditions herein contained, each such party has caused
this Guaranty to be duly executed on its behalf.

 

	
   

  	
  NEW PLAN REALTY TRUST, a

  Massachusetts business trust

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Steven F. Siegel

  
	
   

  	
  Name:

  	
  Steven F. Siegel

  
	
   

  	
  Title:

  	
   

  	
  Executive Vice President and Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXCEL REALTY TRUST - ST, INC., a

  Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Steven F. Siegel

  
	
   

  	
  Name:

  	
  Steven F. Siegel

  
	
   

  	
  Title:

  	
   

  	
  Executive Vice President and Secretary

  
	
   

  	
   

  
	
   

  	
  [CORPORATE SEAL]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW PLAN FACTORY MALLS, INC., a

  Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Steven F. Siegel

  
	
   

  	
  Name:

  	
  Steven F. Siegel

  
	
   

  	
  Title:

  	
   

  	
  Executive Vice President and Secretary

  
	
   

  	
   

  
	
   

  	
  [CORPORATE SEAL]

  
	
   

  	
   

  
	
   

  	
  CA NEW PLAN ASSET PARTNERSHIP IV,

  L.P., a Delaware limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  CA New Plan Asset, Inc., a Delaware

  corporation, its sole general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Steven F. Siegel

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Steven F. Siegel

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
  Executive Vice President and

  
	
   

  	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  [CORPORATE SEAL]

  
									

 

8

 

	
   

  	
  EXCEL REALTY TRUST-NC, a North

  Carolina general partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  NC Properties #1 Inc., a Delaware

  corporation, its managing partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Steven F. Siegel

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Steven F. Siegel

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
  Executive Vice President and

  
	
   

  	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  [CORPORATE SEAL]

  
	
   

  	
   

  
	
   

  	
  NP OF TENNESSEE, L.P., a Delaware limited

  partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  New Plan of Tennessee, Inc., a Delaware

  corporation, its sole general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Steven F. Siegel

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Steven F. Siegel

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
  Executive Vice President and

  
	
   

  	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  [CORPORATE SEAL]

  
	
   

  	
   

  
	
   

  	
  POINTE ORLANDO DEVELOPMENT

  COMPANY, a California general partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  ERT Development Corporation, a

  Delaware corporation, general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Steven F. Siegel

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Steven F. Siegel

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
  Executive Vice President and

  
	
   

  	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  [CORPORATE SEAL]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  ERT Pointe Orlando, Inc., a New York

  Corporation, a New York corporation,

  general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Steven F. Siegel

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Steven F. Siegel

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
  Executive Vice President and

  
	
   

  	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  [CORPORATE SEAL]

  
							

 

9

 

	
   

  	
  CA NEW PLAN TEXAS ASSETS, L.P., a

  Delaware limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  CA New Plan Floating Rate SPE, Inc., a

  Delaware corporation, its sole general

  partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Steven F. Siegel

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Steven F. Siegel

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
  Executive Vice President and

  
	
   

  	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  [CORPORATE SEAL]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  HK NEW PLAN EXCHANGE PROPERTY

  OWNER I, LLC, a Delaware limited liability

  company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Steven F. Siegel

  
	
   

  	
  Name:

  	
  Steven F. Siegel

  
	
   

  	
  Title:

  	
   

  	
  Executive Vice President and Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW PLAN OF ILLINOIS, LLC, a Delaware

  limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Steven F. Siegel

  
	
   

  	
  Name:

  	
  Steven F. Siegel

  
	
   

  	
  Title:

  	
   

  	
  Executive Vice President and Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW PLAN PROPERTY HOLDING

  COMPANY, a Maryland real estate investment

  trust

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Steven F. Siegel

  
	
   

  	
  Name:

  	
  Steven F. Siegel

  
	
   

  	
  Title:

  	
   

  	
  Executive Vice President and Secretary

  
									

 

10

 

	
   

  	
  BANK OF AMERICA, N.A., as

  Administrative Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Kelley Prentiss

  
	
   

  	
  Name:

  	
  Kelley Prentiss

  
	
   

  	
  Title:

  	
   

  	
  Principal

  
						

 

11

 

SCHEDULE I

 

TO SUBSIDIARY GUARANTY

 

SUBSIDIARY GUARANTORS

 

UNDER FIRST AMENDED AND RESTATED GUARANTY

DATED AS OF JUNE 29, 2004

 

	
  Name

  	
   

  	
  Jurisdiction
  of

  Incorporation or Formation

  	
   

  	
  Address
  for Notices

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Plan Realty Trust

  	
   

  	
  Massachusetts

  	
   

  	
  c/o New Plan Excel

  Realty Trust, Inc.

  1120 Avenue of the Americas 

  New York, New York 10036

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Excel Realty Trust – ST, Inc.

  	
   

  	
  Delaware

  	
   

  	
  c/o New Plan Excel

  Realty Trust, Inc.

  1120 Avenue of the Americas 

  New York, New York 10036

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Plan Factory Malls, Inc.

  	
   

  	
  Delaware

  	
   

  	
  c/o New Plan Excel

  Realty Trust, Inc.

  1120 Avenue of the Americas 

  New York, New York 10036

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CA New Plan Asset Partnership IV, L.P.

  	
   

  	
  Delaware

  	
   

  	
  c/o New Plan Excel

  Realty Trust, Inc.

  1120 Avenue of the Americas 

  New York, New York 10036

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Excel Realty Trust-NC

  	
   

  	
  North Carolina

  	
   

  	
  c/o New Plan Excel

  Realty Trust, Inc.

  1120 Avenue of the Americas 

  New York, New York 10036

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  NP of Tennessee, L.P.

  	
   

  	
  Delaware

  	
   

  	
  c/o New Plan Excel

  Realty Trust, Inc.

  1120 Avenue of the Americas 

  New York, New York 10036

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pointe Orlando Development Company

  	
   

  	
  California

  	
   

  	
  c/o New Plan Excel

  Realty Trust, Inc.

  1120 Avenue of the Americas 

  New York, New York 10036

  

 

12

 

	
  Name

  	
   

  	
  Jurisdiction
  of

  Incorporation or Formation

  	
   

  	
  Address
  for Notices

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CA New Plan Texas Assets, L.P.

  	
   

  	
  Delaware

  	
   

  	
  c/o New Plan Excel

  Realty Trust, Inc.

  1120 Avenue of the Americas 

  New York, New York 10036

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HK New Plan Exchange Property Owner I, LLC

  	
   

  	
  Delaware

  	
   

  	
  c/o New Plan Excel

  Realty Trust, Inc.

  1120 Avenue of the Americas 

  New York, New York 10036

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Plan of Illinois, LLC

  	
   

  	
  Delaware

  	
   

  	
  c/o New Plan Excel

  Realty Trust, Inc.

  1120 Avenue of the Americas 

  New York, New York 10036

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Plan Property Holding Company

  	
   

  	
  Maryland

  	
   

  	
  c/o New Plan Excel

  Realty Trust, Inc.

  1120 Avenue of the Americas 

  New York, New York 10036

  

 

13Exhibit
10.1

 

FIRST
AMENDMENT TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO CREDIT
AGREEMENT, dated as of the 7th day of July, 2004 (this “Amendment”),
is made among DJ ORTHOPEDICS, LLC, a Delaware limited liability company (the
“Borrower”), DJ ORTHOPEDICS, INC.,
a Delaware corporation (the “Parent”), the other Guarantors (as defined
in the Credit Agreement referred to below) identified on the signature pages
hereto, the Lenders (as defined in the Credit Agreement referred to below)
identified on the signature pages hereto, and WACHOVIA BANK, NATIONAL ASSOCIATION,
as administrative agent (in such capacity,
the “Administrative Agent”).

 

RECITALS

 

A.            The Borrower, the
Parent, the Lenders, the Administrative Agent, and the Syndication Agent and
Documentation Agents identified therein are parties to a Credit Agreement,
dated as of November 26, 2003 (as amended, the “Credit Agreement”),
providing for the availability of certain credit facilities to the Borrower
upon the terms and conditions set forth therein.  Capitalized terms used herein without definition shall have the
meanings given to them in the Credit Agreement.

 

B.            The Borrower has
requested certain amendments to the Credit Agreement.  The Administrative Agent and the Lenders have agreed to make such
amendments on the terms and conditions set forth herein.

 

STATEMENT OF AGREEMENT

 

NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

ARTICLE I

 

AMENDMENTS TO EFFECT NEW PRICING
GRID

 

1.1           Amendments
to Section 1.1(a) Consisting of New Definitions.  The following definitions are hereby added to Section 1.1 of
the Credit Agreement in appropriate alphabetical order:

 

“ ‘First Amendment’
shall mean the First Amendment to Credit Agreement, dated as of July 7, 2004,
among the Borrower, the Parent, the other Guarantors party thereto, the Lenders
party thereto, and the Administrative Agent.”

 

“ ‘First
Amendment Effective Date’ shall mean the date upon which the conditions to
the effectiveness of the First Amendment set forth in Section 3.1 thereof
are satisfied or waived in accordance with their terms.”

 

 

1.2           Amendments
to Section 1.1(a) Consisting of Restatements of Definitions.  The following definition appearing in
Section 1.1 of the Credit Agreement is hereby amended and restated in its
entirety as follows:

 

“ ‘Applicable
Percentage’ (a) at any time from and after the Closing Date to (but
not including) the First Amendment Effective Date, shall have the meaning given
to such term in the Credit Agreement as in effect immediately prior to giving
effect to the First Amendment, and (b) at any time from and after the
First Amendment Effective Date and with respect to all Loans outstanding as of
such date as well as any Loan made after such date, shall mean the applicable
percentage (i) to be added to the Base Rate for purposes of determining
the Adjusted Base Rate and (ii) to be added to the LIBOR Rate for purposes
of determining the Adjusted LIBOR Rate, in each case as determined under the
following matrix with reference to the Total Leverage Ratio (provided
that the Applicable Percentage for Swingline Loans at any time shall be equal
to (i) the Applicable Percentage at such time for Revolving Loans that are
Base Rate Loans minus (ii) 0.50%):

 

	
   

  	
   

  	
   

  	
   

  	
  Revolving
  Loans and Swingline Loans

  	
   

  	
  Term Loans

  	
   

  
	
  Level

  	
   

  	
  Total

  Leverage Ratio

  	
   

  	
  Applicable

  LIBOR Margin

  	
   

  	
  Applicable
  Base

  Rate Margin

  	
   

  	
  Applicable

  LIBOR Margin

  	
   

  	
  Applicable
  Base

  Rate Margin

  	
   

  
	
  I

  	
   

  	
  Greater than or equal
  to 3.75 to 1.0

  	
   

  	
  3.50

  	
  %

  	
  2.50

  	
  %

  	
  2.25

  	
  %

  	
  1.25

  	
  %

  
	
  II

  	
   

  	
  Less than 3.75 to 1.0
  but greater than or equal to 3.25 to 1.0

  	
   

  	
  3.25

  	
  %

  	
  2.25

  	
  %

  	
  2.25

  	
  %

  	
  1.25

  	
  %

  
	
  III

  	
   

  	
  Less than 3.25 to 1.0
  but greater than or equal to 2.75 to 1.0

  	
   

  	
  3.00

  	
  %

  	
  2.00

  	
  %

  	
  2.25

  	
  %

  	
  1.25

  	
  %

  
	
  IV

  	
   

  	
  Less than 2.75 to 1.0

  	
   

  	
  2.75

  	
  %

  	
  1.75

  	
  %

  	
  2.25

  	
  %

  	
  1.25

  	
  %

  

 

On each Adjustment Date
(as hereinafter defined), the Applicable Percentage for all Loans shall be
adjusted effective as of such Adjustment Date (based upon the calculation of
the Total Leverage Ratio as of the last day of the Reference Period to which
such Adjustment Date relates) in accordance with the above matrix; provided,
however, that, notwithstanding the foregoing or anything else herein to
the contrary, if at any time the Borrower shall have failed to deliver any of
the financial statements as required by Sections 6.1(b) or 6.1(c), as the case may be, or the
Compliance Certificate as required by Section 6.2(a), then at all times from
and including the fifth (5th) Business Day following the date on
which such statements and Compliance Certificate are required to have been
delivered until the date on which the same shall have been delivered, each
Applicable Percentage shall be determined based on Level I above
(notwithstanding the actual Total Leverage Ratio).  For purposes of this definition, “Adjustment Date” shall
mean, with respect to any Reference Period of

 

2

 

the Borrower beginning with the Reference Period
ending as of the last day of the fourth fiscal quarter of fiscal year 2003, the
day of (or, if such day is not a Business Day, the next succeeding Business
Day) delivery by the Borrower in accordance with Section 6.1(b) or Section 6.1(c),
as the case may be, of (i) financial statements as of the end of and for
such Reference Period and (ii) a duly completed Compliance Certificate
with respect to such Reference Period.”

 

ARTICLE II

 

REPRESENTATIONS AND WARRANTIES

 

To induce the Administrative Agent and the Lenders to
enter into this First Amendment, each of the Credit Parties represents and
warrants to the Administrative Agent and the Lenders as follows:

 

2.1           Authorization;
Enforceability.  Each Credit Party
has taken all necessary corporate or limited liability action, as applicable,
to execute, deliver and perform this First Amendment and any other Credit
Documents contemplated hereby to which it is a party and has validly executed
and delivered each of such Credit Documents. 
This First Amendment and each such other Credit Document constitutes the
legal, valid and binding obligation of each Credit Party that is a party hereto
or thereto, enforceable against it in accordance with its terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally, by
general equitable principles or by principles of good faith and fair dealing
(regardless of whether enforcement is sought in equity or at law).

 

2.2           No
Violation.  The execution, delivery
and performance by each Credit Party of this First Amendment and each of the
other Credit Documents contemplated hereby to which it is a party, and
compliance by it with the terms hereof and thereof, do not and will not
(i) violate any provision of its articles or certificate of incorporation
or formation, its bylaws or operating agreement, or other applicable formation
or organizational documents, (ii) contravene any other Requirement of Law
applicable to it, (iii) conflict with, result in a breach of or constitute
(with notice, lapse of time or both) a default under any indenture, agreement
or other instrument to which it is a party, by which it or any of its
properties is bound or to which it is subject, or (iv) except for the
Liens granted in favor of the Administrative Agent pursuant to the Security
Documents, result in or require the creation or imposition of any Lien upon any
of its properties, revenues or assets; except, in the case of clauses (ii)
and (iii) above, where such violations or conflicts, individually or in the
aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

2.3           Governmental
and Third-Party Authorization.  No
consent, approval, authorization or other action by, notice to, or registration
or filing with, any Governmental Authority or other Person is or will be
required as a condition to or otherwise in connection with the due execution,
delivery and performance by each Credit Party of this First Amendment or any of
the other Credit Documents contemplated hereby to which it is a party or the
legality, validity or enforceability hereof or thereof.

 

2.4           Representations
and Warranties; No Default.  Both
immediately before and after giving effect to this First Amendment,
(i) all representations and warranties of the Credit Parties

 

3

 

contained
herein, in the Credit Agreement (as amended hereby) and in the other Credit
Documents qualified as to materiality are true and correct and those not so
qualified are true and correct in all material respects (except to the extent
any such representation or warranty is expressly stated to have been made as of
a specific date, in which case such representation or warranty is true and
correct (if qualified as to materiality) or true and correct in all material
respects (if not so qualified), in each case as of such date), and (ii) no
Default or Event of Default has occurred and is continuing.

 

ARTICLE III

 

CONDITIONS PRECEDENT

 

3.1           Conditions
of Effectiveness.  This First
Amendment shall become effective as of the date when, and only when, each of
the following conditions precedent shall have been satisfied:

 

(a)           The
Administrative Agent shall have received the following, each dated as of the
First Amendment Effective Date:

 

(i)            an executed
counterpart hereof from each of the Credit Parties and the Lenders;

 

(ii)           a certificate, signed
by the president, the chief executive officer or the chief financial officer of
the Parent, in form and substance reasonably satisfactory to the Administrative
Agent, certifying that as of the First Amendment Effective Date, both
immediately before and after giving effect to the consummation of the
transactions contemplated hereby, (i) all representations and warranties
of the Credit Parties contained in this First Amendment, the Credit Agreement
and the other Credit Documents qualified as to materiality are true and correct
and those not so qualified are true and correct in all material respects
(except to the extent any such representation or warranty is expressly stated
to have been made as of a specific date, in which case such representation or
warranty is true and correct (if qualified as to materiality) or true and
correct in all material respects (if not so qualified), in each case as of such
date), (ii) no Default or Event of Default has occurred and is continuing,
and (iii) no Material Adverse Effect has occurred since December 31, 2003,
and there exists no event, condition or state of facts that could reasonably be
expected to result in a Material Adverse Effect; and

 

(iii)          a certificate of the
secretary or assistant secretary of each Credit Party, in form and substance
reasonably satisfactory to the Administrative Agent, certifying that
(i) the articles or certificate of incorporation or other comparable
organizational documents and the bylaws or comparable governing documents of
such entity have not been amended since the Closing Date and (ii) that
attached thereto is a true and complete copy of resolutions adopted by the
board of directors (or similar governing body) of such Credit Party,
authorizing the execution, delivery and performance of this First Amendment and
any other Credit Documents to which it is a party delivered in connection
herewith.

 

4

 

(b)           Since
December 31, 2003, both immediately before and after giving effect to the
consummation of the First Amendment and the transactions contemplated hereby,
there shall not have occurred (i) a Material Adverse Effect or
(ii) any event, condition or state of facts that could reasonably be
expected to have a Material Adverse Effect.

 

(c)           The
Borrower shall have paid all fees and expenses relating to the First Amendment
and the Credit Agreement which are due and payable on the First Amendment
Effective Date, including (i) the unpaid balance of all fees payable to
the Arranger and the Administrative Agent pursuant to the Engagement Letter
dated as of June 18, 2004 between the Borrower and the Arranger and
(ii) all other fees and expenses of the Arranger, the Administrative Agent
and the Lenders required hereunder or under any other Credit Document to be
paid on or prior to the First Amendment Effective Date (including reasonable
fees and expenses of counsel) in connection with this First Amendment and the transactions
contemplated hereby.

 

(d)           The
Administrative Agent shall have received such other documents, certificates,
opinions, and instruments in connection with the transactions contemplated
hereby as it shall have reasonably requested.

 

ARTICLE IV

 

ACKNOWLEDGEMENT AND CONFIRMATION
OF CREDIT PARTIES

 

Each of the Guarantors hereby acknowledges and
consents to all of the terms and conditions of this First Amendment and agrees
that this First Amendment and all documents executed in connection herewith do
not operate to reduce or discharge such Guarantor’s obligations under the
Guaranty Agreement and the other Credit Documents to which it is a party.  Further, each of the Credit Parties hereby
(i) confirms its pledge of and grant of a security interest in all of its
Collateral to the Administrative Agent made pursuant to the Security Agreement,
the Pledge Agreement and the other Credit Documents to which it is a party,
(ii) further confirms and agrees that, after giving effect to this
Amendment, the Credit Agreement, the Notes, the Guaranty Agreement, the
Security Agreement, the Pledge Agreement and the other Credit Documents to
which it is a party remain in full force and effect and enforceable against
such Credit Party in accordance with their respective terms and shall not be
discharged, diminished, limited or otherwise affected in any respect, and
(iii) represents and warrants to the Administrative Agent and the Lenders
that it has no knowledge of any claims, counterclaims, offsets, or defenses to
or with respect to its obligations under the Credit Documents, or if such
Credit Party has any such claims, counterclaims, offsets, or defenses to the
Credit Documents or any transaction related to the Credit Documents, the same
are hereby waived, relinquished, and released in consideration of the execution
of this First Amendment.  Each of the
Guarantors further waives any defense to its guaranty liability occasioned by
this First Amendment.  This
acknowledgement and confirmation by each of the Credit Parties is made and
delivered to induce the Administrative Agent and the Lenders to enter into this
First Amendment, and each Credit Party acknowledges that the Administrative
Agent and the Lenders would not enter into this First Amendment in the absence
of the acknowledgement and confirmation contained herein.

 

5

 

ARTICLE V

 

MISCELLANEOUS

 

5.1           Governing
Law.  This First Amendment shall be
governed by and construed and enforced in accordance with the laws of the State
of New York (including Sections 5-1401 and 5-1402 of the New York General
Obligations Law, but excluding all other choice of law and conflicts of law
rules).

 

5.2           Full
Force and Effect.  Except as
expressly amended hereby, the Credit Agreement shall continue in full force and
effect in accordance with the provisions thereof on the date hereof.  As used in the Credit Agreement,
“hereinafter,” “hereto,” “hereof,” and words of similar import shall, unless
the context otherwise requires, mean the Credit Agreement after amendment by
this First Amendment.  Any reference to
the Credit Agreement or any of the other Credit Documents herein or in any such
documents shall refer to the Credit Agreement and Credit Documents as amended
hereby.  This First Amendment is limited
as specified and shall not constitute or be deemed to constitute an amendment,
modification or waiver of any provision of the Credit Agreement except as
expressly set forth herein.  This First
Amendment shall constitute a Credit Document under the terms of the Credit
Agreement.

 

5.3           No
Novation.  Nothing herein contained
shall be construed as a substitution or novation of the Loans outstanding under
the Credit Agreement, which shall remain outstanding after the First Amendment
Effective Date.

 

5.4           Expenses.  The Borrower agrees on demand (i) to pay all
reasonable fees and expenses of counsel to the Administrative Agent, and (ii)
to reimburse the Administrative Agent for all reasonable out-of-pocket costs
and expenses, in each case, in connection with the preparation, negotiation,
execution and delivery of this First Amendment and the other Credit Documents
delivered in connection herewith.

 

5.5           Severability.  To the extent any provision of this First
Amendment is prohibited by or invalid under the applicable law of any
jurisdiction, such provision shall be ineffective only to the extent of such
prohibition or invalidity and only in any such jurisdiction, without
prohibiting or invalidating such provision in any other jurisdiction or the
remaining provisions of this First Amendment in any jurisdiction.

 

5.6           Successors
and Assigns.  This First Amendment
shall be binding upon, inure to the benefit of and be enforceable by the
respective successors and permitted assigns of the parties hereto.

 

5.7           Construction.  The headings of the various sections and
subsections of this First Amendment have been inserted for convenience only and
shall not in any way affect the meaning or construction of any of the
provisions hereof.

 

5.8           Counterparts.  This First Amendment may be executed in any
number of counterparts and by different parties hereto on separate
counterparts, each of which when so executed and delivered shall be an
original, but all of which shall together constitute one and the same
instrument.

 

6

 

IN WITNESS WHEREOF,
the parties hereto have caused this First Amendment to be executed by their
duly authorized officers as of the date first above written.

 

	
   

  	
  DJ ORTHOPEDICS, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DJ ORTHOPEDICS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DJ ORTHOPEDICS CAPITAL

  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DJ ORTHOPEDICS DEVELOPMENT

  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  

 

 

[signatures
continued on following pages]

 

 

	
   

  	
  WACHOVIA BANK, NATIONAL

  ASSOCIATION, as Administrative Agent and as a

  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  

 

 

	
   

  	
  [NAME OF
  INSTITUTION]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

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