Document:

ex10_1.htm

    FOURTH
AMENDMENT TO AMENDED AND

    RESTATED
REVOLVING CREDIT AGREEMENT

     

    This
Fourth Amendment to Amended and Restated Revolving Credit Agreement (this
"Amendment") is executed as of July 16, 2007, among Mid-America Apartment Communities,
Inc. ("MAAC"), Mid-America Apartments, L.P.
("Mid-America"), the financial institutions listed on Schedule 1, as
amended or supplemented from time to time (the "Lenders"), and Regions Bank, an Alabama
banking corporation and the successor-by-merger to AmSouth Bank, as
Administrative Agent for the Lenders, its successors and assigns (in such
capacity, the "Administrative Agent").

     

    Recitals

     

    A.           MAAC,
Mid-America, certain Lenders and the Administrative Agent entered into that
certain Amended and Restated Revolving Credit Agreement dated as of July 17,
2003, as amended by that certain First Amendment to Amended and Restated
Revolving Credit Agreement dated as of May 19, 2004, as amended further by that
certain Second Amendment to Amended and Restated Revolving Credit Agreement
dated as of May 23, 2005, and as amended further by that certain Third Amendment
to Amended and Restated Revolving Credit Agreement dated as of June 21, 2006 (as
it may be amended further from time to time, the "Agreement").  Unless
otherwise defined in this Amendment, capitalized terms shall have the meaning
assigned to them in the Agreement.

     

    B.           The
Borrowers have requested that the Agreement be amended to extend the Maturity
Date defined in the Agreement and to amend certain other terms.

     

    C.           The
parties to the Agreement desire to execute this Amendment to evidence the
extension of the Maturity Date and the modification of certain other provisions
set forth in the Agreement.

     

    Agreement

     

    NOW,
THEREFORE, in consideration of the above Recitals, the parties hereby agree as
follows:

     

              1.           Section 1.1 of the Agreement is hereby
amended by replacing the amount of "Forty Million Dollars ($40,000,000.00)" with
the amount of "Fifty Million Dollars ($50,000,000.00)."  The parties
agree that the Aggregate Commitment is being increased to $50,000,000.00 on the
date hereof.

     

              2.           Section 1.3 of the
Agreement is hereby amended by deleting the figure "$40,000,000.00" and
replacing it with the figure "$50,000,000.00."

     

              3.           The
first three lines of Section 1.12 of the
Agreement are hereby deleted in their entirety and replaced with the
following:  "Each Eurodollar Loan shall have an Interest Period of one
(1) day, thirty (30) days or sixty (60) days (the "Interest Period") as the
Borrowers specify in the applicable Borrowing or Conversion Notice, except that:".

     

               4.           The
introductory sentence and subsections (a) and (b) of Section 1.13 of the
Agreement are hereby deleted in their entirety and replaced with the
following:

     

    1.13.       Interest

     

    For each
Loan (including Advances under the Swing Line Facility), the Borrowers may elect
that such Loan accrue interest at either the Base Rate or the Eurodollar
Rate.

     

    
      	
               
      

            	
              (a)

            	
              Each
      Eurodollar Loan shall bear interest at the Eurodollar Rate on its unpaid
      principal amount from the first to the last day in its applicable Interest
      Period.  Accrued interest shall be payable on Eurodollar Loans
      on the last day of the applicable Interest Period unless the Eurodollar
      Loan has an Interest Period of one (1) day, in which case accrued interest
      thereon shall be payable on the first day of each
  month.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Each
      Base Rate Loan shall bear interest at the Base Rate minus 100 basis points
      on its unpaid principal amount from the date such Loan is made until
      repaid.  Accrued interest shall be payable on Base Rate Loans on
      the first day of each month.

            

    

     

        5.           
Section 2.6 of
the Agreement is hereby deleted in its entirety and replaced with the
following:

     

    2.6.           Increase in Aggregate Commitment
Amount

     

    So long
as no Default has occurred and is continuing, the Borrower shall have the right
from time to time to increase the Aggregate Commitment up to a maximum of
$60,000,000.00 by obtaining Regions Bank’s written approval, at Regions Bank’s
sole discretion. Such increase in the Aggregate Commitment shall be made solely
by Regions Bank. At such time as the increase in the Aggregate Commitment is
made by Regions Bank, (i) this Agreement shall be amended accordingly to reflect
the revised Aggregate Commitment and revised Proportionate Share of each Lender
and (ii) a new Note in the amount of such increase shall be executed by the
Borrowers in favor of Regions Bank. In no event shall the Aggregate Commitment
exceed $60,000,000.00 without the prior written approval of all of the
Lenders.

     

    6.           Section 6.8(e) of the
Agreement is hereby deleted in its entirety and replaced with the
following:

    

    
      	
               
      

            	
              (e)

            	
              Fail
      to maintain at all times a consolidated Tangible Net Worth which is not
      less than Eight Hundred Fifty Million Dollars ($850,000,000.00), which
      calculation shall include accumulated
  depreciation.

            

    

     

    7.           The
definition of "Fair Market Value" set forth in Section 11.1 of the
Agreement is hereby deleted in its entirety and replaced with the
following:

     

    Fair Market
Value shall be determined quarterly, on a "Net Operating Income" basis,
not later than the twenty-second (22nd) day of
each calendar quarter, but as of the last day of the immediately preceding
calendar quarter, from the Effective Date until the Termination Date of the
Loans, by dividing the prior calendar quarter's annualized Adjusted NOI of each
Stabilized Property subject to a Mortgage by 7.50% (with the exception of the
Stabilized Properties known as Reserve at Dexter Phase I, Phase II and Phase
III, for which the cap rate/denominator shall be 7.25%).

    

    8.           The
definition of "LIBOR" in Section 11.1 of the
Agreement is hereby amended by (i) deleting the words "page 3750 (or a successor
page) of the Dow Jones Telerate Screen" and replacing them with the words
"Rueters Screen LIBOR01 Page" and (ii) deleting the second reference to "the Dow
Jones Telerate Screen" and replacing it with a reference to "such
page."

    

    9.           The
definition of "Margin" in Section 11.1 of the
Agreement is hereby deleted in its entirety and replaced with the
following:

    

    Margin shall mean 125 basis
points.

    

    10.           The
definition of "Maturity Date" set forth in Section 11.1 of the
Agreement is hereby amended by replacing the date "May 24, 2008" with the date
"May 24, 2009."

    

    11.           Schedule 1 to the
Agreement is hereby deleted in its entirety and replaced with the Schedule 1 attached
hereto and made a part hereof.

    

    12.           The
notice address for the Administrative Agent on Schedule 3 to the
Agreement is hereby deleted in its entirety and replaced with the following
address:

    

    Regions
Bank

    Regions
Center

    1900
5th
Avenue North

    Birmingham,
Alabama 35203

    Attn:
Commercial Real Estate-Kerri Raines

    

    13.           The
notice address for the Borrowers on Schedule 3 to the
Agreement is hereby deleted in its entirety and replaced with the following
address:

    

    Mid-America
Apartment Communities, Inc.

    6584
Poplar, Suite 300

    Memphis,
Tennessee 38138

    Attention:
Mr. Al Campbell

    

    Mid-America
Apartments, L.P.

    6584
Poplar, Suite 300

    Memphis,
Tennessee 38138

    Attention:  Mr.
Al Campbell

     

    14.           Exhibit F to the
Agreement is hereby amended to reference the revised cap rates set forth in the
definition of "Fair Market Value" described herein.

     

    15.           In
consideration of this Amendment, the Borrowers shall pay to the Lenders on the
date hereof an extension fee equal to 17.5 basis points of the Aggregate
Commitment ($87,500.00).  An additional extension fee shall be payable
by the Borrowers to the Administrative Agent on the date hereof pursuant to a
separate agreement between the Administrative Agent and the
Borrowers.

     

    16.           This
Amendment shall not be effective until the following conditions have been
fulfilled:

     

    
      	
               
      

            	
              a.

            	
              The
      Administrative Agent has received a fully executed original of this
      Amendment and the other documents required by the Lenders in conjunction
      with the increase/renewal transaction described
  herein;

            

    

     

    
      	
               
      

            	
              b.

            	
              The
      fees required herein have been received by the Administrative
      Agent;

            

    

     

    
      	
               
      

            	
              c

            	
              The
      Administrative Agent has received appropriate resolutions of the Borrowers
      authorizing the transactions contemplated
  herein;

            

    

     

    
      	
               
      

            	
              d.

            	
              The
      Administrative Agent has received an opinion of counsel to each of the
      Borrowers, which opinion shall be satisfactory to the Administrative Agent
      in all respects; and

            

    

     

    
      	
               
      

            	
              e.

            	
              The
      Administrative Agent has received evidence of the payment of 2006 ad
      valorem taxes for each Mortgaged
Property.

            

    

     

    Except as
expressly amended hereby, the Agreement shall remain in full force and effect in
accordance with its terms.

     

    Each
Borrower represents and warrants that no Event of Default has occurred and is
continuing under the Agreement, nor does any event that upon notice or lapse of
time or both would constitute such an Event of Default exist.

     

    

     

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    IN
WITNESS WHEREOF, the parties have executed this Amendment as of the date first
set forth above.

     

    

    MID-AMERICA
APARTMENT

    COMMUNITIES,
INC.

     

    By: 
/s/ Al Campbell

    Name: Al
Campbell

    Title:
Senior Vice President and Treasurer

    

     

    

     

    MID-AMERICA
APARTMENTS, L.P.

     

    By:
Mid-America Apartment Communities, Inc.

    Its: Sole
General Partner

     

    By:  /s/
Al Campbell

    Name: Al
Campbell

    Title:
Senior Vice President and Treasurer

    
       

      
         

        
          

        

      

      
         

      

    

    Signature
page to

    Fourth
Amendment to Amended and Restated Revolving Credit Agreement

     

    REGIONS BANK,

    in its
individual capacity as Lender

    and as
Administrative Agent

     

    By: 
/s/ Kerri L.
Raines                                                         

    Name: 
Kerri L.
Raines                                                                

    Title: 
Assistant Vice
President                                                                           

    
       

      
         

        
          

        

      

      
         

      

    

    

    

    Signature
page to

    Fourth
Amendment to Amended and Restated Revolving Credit Agreement

     

    FIRST
TENNESSEE BANK, N.A.

     

    By: 
/s/ Lee Hunter

    Name: 
Lee Hunter

    Title: 
Senior Vice Presidentex10_2.htm

    FOURTEENTH AMENDMENT TO
SECOND AMENDED AND RESTATED

    MASTER CREDIT FACILITY
AGREEMENT

    

    (MAA
II)

    

    THIS
FOURTEENTH AMENDMENT TO SECOND AMENDED AND RESTATED MASTER CREDIT FACILITY
AGREEMENT (the “Amendment”)
is effective as of the 28th day of
December, 2006, by and among (i) (a) MID-AMERICA APARTMENT COMMUNITIES, INC., a
Tennessee corporation (the “REIT”),
(b) MID-AMERICA APARTMENTS, L.P., a Tennessee limited partnership (“OP”)
(the REIT and OP being collectively referred to as “Borrower”),
and (ii) PRUDENTIAL MULTIFAMILY MORTGAGE, INC., a Delaware corporation (“Lender”).

     

                                                             RECITALS

     

    A.           Borrower
is a party to that certain Master Credit Facility Agreement dated as of the 22nd
day of August, 2002, by and between Borrower and Lender, which was amended and
restated pursuant to that certain Amended and Restated Master Credit Facility
Agreement dated as of December 10, 2003, which has been further amended and
restated pursuant to that certain Second Amended and Restated Master Credit
Facility Agreement dated as of March 30, 2004, as amended by that certain First
Amendment to Second Amended and Restated Master Credit Facility Agreement dated
as of March 31, 2004, as further amended by that certain Second Amendment to
Second Amended and Restated Master Credit Facility Agreement dated as of April
30, 2004, as further amended by that certain Third Amendment to Second Amended
and Restated Master Credit Facility Agreement dated as of August 3, 2004, as
further amended by that certain Fourth Amendment to Second Amended and Restated
Master Credit Facility Agreement dated as of August 31, 2004, as further amended
by that certain Fifth Amendment to Second Amended and Restated Master Credit
Facility Agreement dated as of October 1, 2004, as further amended by that
certain Sixth Amendment to Second Amended and Restated Master Credit Facility
Agreement dated as of December 1, 2004, as further amended by that certain
Seventh Amendment to Second Amended and Restated Master Credit Facility
Agreement dated as of December 15, 2004, as further amended by that certain
Eighth Amendment to Second Amended and Restated Master Credit Facility Agreement
dated as of March 31, 2005, as further amended by that certain Ninth Amendment
to Second Amended and Restated Master Credit Facility Agreement dated as of
September 23, 2005, as further amended by that certain Tenth Amendment to Second
Amended and Restated Master Credit Facility Agreement dated as of December 16,
2005, as further amended by that certain Eleventh Amendment to Second Amended
and Restated Master Credit Facility Agreement dated as of February 22, 2006, as
further amended by that certain Twelfth Amendment to Second Amended and Restated
Master Credit Facility Agreement dated as of April 3, 2006, and as further
amended by that certain Thirteenth Amendment to Second Amended and Restated
Master Credit Facility Agreement dated as of April 28, 2006 (as amended from
time to time, the “Master
Agreement”).

     

    B.           All
of the Lender's right, title and interest in the Master Agreement and the Loan
Documents executed in connection with the Master Agreement or the transactions
contemplated by the Master Agreement have been assigned to Fannie Mae pursuant
to that certain Assignment of Collateral Agreements and Other Loan Documents,
dated as of August 22, 2002 and that certain Assignment of Collateral Agreements
and Other Loan Documents, dated as of December 10, 2003 and that certain
Assignment of Collateral Agreements and Other Loan Documents dated as of March
31, 2004 (collectively, the “Assignment”).  Fannie
Mae has not assumed any of the obligations of the Lender under the Master
Agreement or the Loan Documents as a result of the Assignment.  Fannie
Mae has designated the Lender as the servicer of the Loans contemplated by the
Master Agreement. Lender is entering into this Amendment in its capacity as
servicer of the loan set forth in the Master Agreement.

     

                 C.           Borrower
and Lender are executing this Amendment to (i) reflect an increase in the
maximum amount by which the Commitment may be increased, (ii) reflect an
increase in the Variable Facility Commitment as set forth hereinafter, (iii)
reflect a Transfer of those certain Mortgaged Properties commonly known as
Calais Forest, located in Pulaski County, Arkansas (“Calais
Forest”), and Napa Valley, located in Pulaski County, Arkansas (“Napa
Valley”), from OP to REIT (the “Transfer”);
and (iv) revise certain definitions of Financial Covenants.

     

               NOW,
THEREFORE, the parties hereto, in consideration of the mutual promises and
agreements contained in this Amendment and the Master Agreement, and other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, hereby agree as follows:

     

    Section
1.  Maximum
Amount of Increase in Commitment.  Notwithstanding the
provisions of Section 8.01(a) of the Master Agreement, which limit the maximum
amount by which Borrower is permitted to increase the Commitment, Lender hereby
agrees to grant Borrower a one-time right to increase the Commitment
to$691,785,000.  In connection with the increase in Commitment, Lender
has granted Borrower a one-time right to increase the Commitment under the Other
Credit Agreement to $243,193,000.  Borrower hereby agrees that the
total commitment, when added to the commitment of the Lender to the Borrower
under the Other Credit Agreement, shall not exceed $934,978,000.  The
definition of “Reserved Amount” is hereby deleted in its entirety and restated
as follows:

     

               “Reserved Amount”
means $0.

     

    Section
2. Restriction
on Draw.  Notwithstanding
the foregoing, the parties acknowledge that Borrower shall not be permitted to
draw a Future Advance until such time as (i) the Security Instrument with
respect to each Mortgaged Property in the Collateral Pool shall have been
amended to reflect an increased total secured amount of $934,978,000, and (ii)
Lender has received a date down endorsement to each Title Insurance Policy
amending the effective date of the Title Insurance Policy to the date of the
title search performed in connection with the endorsement.

     

    Section
3. Expansion.  The Variable
Facility Commitment is hereby increased by $82,600,000 and the definition of
Variable Facility Commitment is hereby replaced in its entirety with the
following new definition:

     

    “Variable Facility
Commitment” means an aggregate amount of $691,785,000, which shall be evidenced
by the Variable Facility Note in the form attached hereto as Exhibit I, plus such
amount as the Borrower may elect to add to the Variable Facility Commitment in
accordance with Article VIII, and plus such amount as the Borrower may elect to
reborrow in accordance with Section 2.08, less such amount as the Borrower may
elect to convert from the Variable Facility Commitment to the Fixed Facility
Commitment in accordance with Article III and less such amount by which the
Borrower may elect to reduce the Variable Facility Commitment in accordance with
Article IX.

     

    Section
4. Transfer
of Mortgaged Properties.  Borrower has requested to Transfer
the fee simple ownership of Calais Forest and Napa Valley from OP to
REIT.  Notwithstanding the provisions of Section 13.21 of the Master
Agreement, Lender hereby consents to the Transfer and agrees that no transfer
fee shall be due in connection with the Transfer.  Exhibit AA to the
Master Agreement is hereby deleted in its entirety and replaced with the Exhibit
AA attached hereto.

     

    Section
5. Financial
Covenants.  The definition of “EBITDA” in the Master
Agreement is hereby amended and restated in its entirety as
follows:

     

    “EBITDA” means, for
any period, the sum determined in accordance with GAAP, of the following, for
any Person on a consolidated basis--

     

    (a)           the
net income (or net loss) of such Person during such Period, but excluding gains
and losses on the sale of fixed assets;

     

    (b)           all
amounts treated as expenses for depreciation, Interest Expense and the
amortization of intangibles of any kind to the extent included in the
determination of such net income (or loss); and

     

    (c)           all
accrued taxes on or measured by income to the extent included in the
determination of such net income (or loss); provided,
however, that net income (or loss) shall be computed for these purposes without
giving effect to extraordinary losses (including storm related balance sheet
impairments) or extraordinary gains;

    

    provided, however, that net income (or loss) shall be
computed for these purposes without giving effect to extraordinary losses,
extraordinary or unusual losses and impairment related to storm or earthquake,
or extraordinary gains.

    

    Section
6. Capitalized
Terms.  All capitalized
terms used in this Amendment which are not specifically defined herein shall
have the respective meanings set forth in the Master Agreement.

     

    Section
7. Reaffirmation.  The REIT and OP
hereby reaffirm their obligations under the Master Agreement as
Borrower.

     

    Section
8. Full
Force and Effect.  Except as
expressly modified by this Amendment, all terms and conditions of the Master
Agreement shall continue in full force and effect.

     

    Section
9. Counterparts.  This Amendment
may be executed in counterparts by the parties hereto, and each such counterpart
shall be considered an original and all such counterparts shall constitute one
and the same instrument.

     

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    IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day
and year first above written.

     

    BORROWER:

    

    MID-AMERICA
APARTMENT COMMUNITIES,

    INC., a
Tennessee corporation

    

    

    

    By: 
/s/ Al Campbell

    Name: 
Al Campbell

    Title: 
Senior Vice President and Treasurer

    

    

    MID-AMERICA
APARTMENTS, L.P.,

    a
Tennessee limited partnership

    

    By:  Mid-America Apartment
Communities, Inc.,

    a
Tennessee corporation, its general partner

    

    

    

    By: 
/s/ Al Campbell

             
  Name:  Al Campbell

        Title:  Senior
Vice President and Treasurer

    

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    LENDER:

    

    PRUDENTIAL
MULTIFAMILY MORTGAGE, INC., aDelaware corporation

     

                                                                   By:  /s/ Sharon
D. Callahan

                               Name:  Sharon D.
Callahan

                                                                                      
Title:  Vice
President

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