Document:

ddr-ex44_230.htm

Exhibit 4.4

THIRD AMENDMENT TO LOAN AGREEMENT AND OTHER LOAN DOCUMENTS

Dated as of March 14, 2018

Between

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

and

RVI CMA HOLDER LLC, as additional obligor

and 

COLUMN FINANCIAL, INC., JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, and WELLS FARGO BANK, NATIONAL ASSOCIATION,

collectively, as Lender

 

 

 

 

 

THIRD AMENDMENT TO LOAN AGREEMENT AND OTHER LOAN DOCUMENTS

THIS THIRD AMENDMENT TO LOAN AGREEMENT AND OTHER LOAN DOCUMENTS, dated as of March 14, 2018 (this “Amendment”), is by and among COLUMN FINANCIAL, INC., having an address at 11 Madison Avenue, New York, New York 10010 (“CF”), JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, having an address at 383 Madison Avenue, New York, New York 10179 (“JPM”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, having an address at Wells Fargo Center, 1901 Harrison Street, 2nd Floor, MAC A0227-020, Oakland, California 94612 (“Wells”; and together with CF and JPM and their respective successors and/or assigns, collectively “Lender”), EACH OF THE ENTITIES LISTED ON SCHEDULE I ATTACHED HERETO, each having its principal place of business at 3300 Enterprise Parkway, Beachwood, OH 44122 (individually and/or collectively, as the context may require, together with their respective successors and/or assigns, “Borrower”) and RVI CMA HOLDER LLC, a Delaware limited liability company having its principal place of business at 3300 Enterprise Parkway, Beachwood, OH 44122 (“Additional Obligor”).  All capitalized terms not defined herein shall have the respective meanings set forth in the Loan Agreement (as defined below).

W I T N E S S E T H:

WHEREAS, Lender has made a loan in the original principal amount of One Billion Three Hundred Fifty Million Dollars ($1,350,000,000) (the “Loan”) to Borrower pursuant to that certain Loan Agreement, dated as of February 14, 2018 (the “Original Loan Agreement”), as amended by that certain First Amendment to Loan Agreement, dated as of February 27, 2018 (the “First Amendment to Loan Agreement”) by and among Borrower, Lender and Additional Obligor, and as further amended by that certain Second Amendment to Loan Agreement, dated as of March 6, 2018 (the “Second Amendment to Loan Agreement”), by and among Borrower, Lender and Additional Obligor, which Loan is evidenced by the Original Loan Agreement, the First Amendment to Loan Agreement, the Second Amendment to Loan Agreement and the other Loan Documents (as defined in the Original Loan Agreement); and

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

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

 

 

A G R E E M E N T:

Section I.Modification to Original Loan Agreement.   

(i)Section 1.1 of the Original Loan Agreement is hereby amended to delete the definition of “LIBOR Spread” in its entirety and add in the appropriate alphabetical order the following definition of “LIBOR Spread”:

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

	
(a)
	
Component A, 1.107000000%;

	
(b)
	
Component B, 1.757000000%;

	
(c)
	
Component C, 2.057000000%;

	
(d)
	
Component D, 5.373735028%;

	
(e)
	
Component E, 4.507000000%;

	
(f)
	
Component F, 6.007000000%; 

	
(g)
	
Component G, 7.507000000%; and

	
(h)
	
Component HRR, 9.507000000%;

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

(ii)Section 2.11 of the Original Loan Agreement is hereby deleted in its entirety and the following inserted in lieu thereof: 

“Section 2.11.  Components of the Loan.  For the purposes of computing interest payable from time to time on the principal amount of the Loan and certain other computations set forth herein, the principal balance of the Loan shall be divided into Components A through HRR.  The principal amount of the Components shall be as follows:

		
	
COMPONENT
	
PRINCIPAL AMOUNT

	
A
	
$524,000,000

	
B
	
$159,200,000

	
C
	
$137,900,000

	
D
	
$121,900,000

	
E

F
	
$165,500,000

$160,300,000

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COMPONENT
	
PRINCIPAL AMOUNT

	
   G
	
$13,400,000

	
HRR
	
$67,800,000

(iii)Section 4.12(a)(vi) of the Original Loan Agreement is hereby deleted in its entirety and the following inserted in lieu thereof: 

“(vi)(A) prior to a Securitization, within three (3) Business Days of Lender’s request therefor, (B) during a Trigger Period, no later than fifteen (15) days after and as of the end of each calendar month, and (C) at all other times no later than forty-five (45) days after and as of the end of each calendar quarter, a calculation of the then current Debt Yield, together with such back-up information as Lender shall require.”

(iv)The Original Loan Agreement is hereby amended by deleting Schedule 8.6-A attached thereto and inserting in lieu thereof the schedule attached hereto identified as “Schedule 8.6-A”. 

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Section VI.No Waiver.  The execution, delivery and effectiveness of this Amendment shall not, except to the extent expressly provided herein, operate as a waiver of any right, power or remedy of any of Lender, Borrower or Additional Obligor under the Loan Agreement or any of the other Loan Documents, nor constitute a waiver of any provision of the Loan Agreement or any of the other Loan Documents by any of the parties hereto.

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

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

Section IX.Ratification.  Borrower, Lender and Additional Obligor hereby ratify and confirm the Loan Agreement, as modified hereby.  Except as modified and amended by this Amendment, the Loan, the Loan Agreement and the other Loan Documents and the 

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respective obligations of Lender, Borrower and Additional Obligor thereunder shall be and remain unmodified and in full force and effect.

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

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

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

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

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

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

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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

 

BORROWER:

	

	
 

	

	
       DDR TUCSON SPECTRUM I LLC

DDR TUCSON SPECTRUM II LLC

DDR TUCSON SPECTRUM III LLC

DDR MARINER SQUARE LLC

DDR MARINER SQUARE II LLC

GS II GREEN RIDGE LLC

DDR DOUGLASVILLE PAVILION LLC

RVT NEWNAN CROSSING LLC

RVT SILVER SPRING SQUARE LLC

RVT HENDERSONVILLE TN LLC

RVT HAMILTON COMMONS LLC

RVT WEST ALLIS CENTER LLC

BRE DDR RIVERDALE VILLAGE INNER RING LLC

BRE DDR RIVERDALE VILLAGE OUTER RING LLC

DDRA MAPLE GROVE CROSSING LLC

RVT BRANDON BOULEVARD SHOPPES LLC

RVT TEQUESTA SHOPPES LLC

RVT EAST LLOYD COMMONS LLC

RVT WRANGLEBORO CONSUMER SQUARE LLC

RVT NOBLE TOWN CENTER LLC 

RVT KYLE CROSSING LLC

RVT HOMESTEAD PAVILION LLC

RVT LAKE WALDEN SQUARE LLC

BRE DDR BROOKFIELD LLC

BRE DDR BROWN DEER MARKET LLC

BRE DDR BROWN DEER CENTER LLC

RVT PEACH STREET SQUARE i LLC

RVT ERIE MARKETPLACE LLC

RVT PAVILION AT SHOPPERS WORLD LLC

BRE DDR MARKETPLACE AT TOWNE CENTER LLC

BRE DDR HARBISON COURT LLC

DDR GRESHAM STATION LLC

GS II UPTOWN SOLON LLC

DDR WALKS AT HIGHWOOD PRESERVE I LLC

DDR SEABROOK LLC

BRE DDR MIDWAY MARKETPLACE LLC

BRE DDR GRANDVILLE MARKETPLACE LLC

DDR WILLOWBROOK PLAZA LLC

BRE DDR GREAT NORTHERN LLC

DDR MILLENIA PLAZA LLC

DDR I-DRIVE LLC

 

 

DDR PALM VALLEY PAVILIONS LLC

DDR CROSSROADS CENTER LLC

GS II BIG OAKS LLC

DDR GUAYAMA WM LLC, S.E.

DDR SENORIAL LLC, S.E. 

DDR RIO HONDO LLC, S.E.

DDR ATLANTICO LLC, S.E.

DDR FAJARDO LLC, S.E.

DDR NORTE LLC, S.E.

DDR ESCORIAL LLC, S.E.

DDR DEL SOL LLC, S.E.

DDR ISABELA LLC, S.E.

DDR CAYEY LLC, S.E.

DDR VEGA BAJA LLC, S.E. AND

DDR PALMA REAL LLC, S.E., 

each a Delaware limited liability company

 

 

	
 
	
By:  /s/ Matthew Ostrower
	

Name:  Matthew Ostrower

Title:    Chief Financial Officer

 

 

 

DDR/1ST CAROLINA CROSSINGS SOUTH LP, a Delaware limited partnership

 

By:  RVT CAROLINA CROSSINGS GP LLC, a 

Delaware limited liability company, its general partner

 

 

	
 
	
By:  /s/ Matthew Ostrower
	

Name:  Matthew Ostrower

Title:    Chief Financial Officer

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

 

 

ADDITIONAL OBLIGOR:

RVI CMA HOLDER LLC, a Delaware limited liability company

 

	
 
	
By:  /s/ Matthew Ostrower
	

        Name: Matthew Ostrower

        Title:   Chief Financial Officer

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

 

 

LENDER:

 

COLUMN FINANCIAL, INC., a Delaware corporation

 

 

By: /s/ David Tlusty

Name:  David Tlusty

Title:    Authorized Signatory

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

 

 

 

 

 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

 

By: /s/ Simon B. Burce

 Name: Simon B. Burce

 Title: Vice President

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

 

By: /s/ Jeffrey L. Cirillo

Name: Jeffrey L. Cirillo

Title:   Managing Director

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

 

 

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

 

SPONSOR:

 

RETAIL VALUE INC., an Ohio corporation 

 

 

By: /s/ Matthew Ostrower

      Name: Matthew Ostrower

      Title: Chief Financial Officer

 

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

 

 

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

 

PLEDGOR:

 

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

 

 

By: /s/ Matthew Ostrower

      Name: Matthew Ostrower

      Title: Chief Financial Officer

 

 

[NO FURTHER TEXT ON THIS PAGE]ddr-ex45_229.htm

Exhibit 4.5

This Twenty-Second Supplemental Indenture shall not be operative until the acceptance for purchase of Notes representing the Requisite Consents on the first Acceptance Date following the receipt of the Requisite Consents.

TWENTY-SECOND SUPPLEMENTAL INDENTURE

THIS TWENTY-SECOND SUPPLEMENTAL INDENTURE is entered into as of February 16, 2018, by and between DDR Corp., an Ohio corporation (the “Company”), and U.S. Bank National Association (the “Trustee”), a national banking association organized and existing under the laws of the United States, as successor trustee to U.S. Bank Trust National Association, as successor to National City Bank.

WHEREAS, the Company and the Trustee entered into the Indenture dated as of May 1, 1994 (as supplemented by a First Supplemental Indenture dated as of May 10, 1995, by a Second Supplemental Indenture dated as of July 18, 2003, by a Third Supplemental Indenture dated as of January 23, 2004 and by a Seventeenth Supplemental Indenture dated as of November 26, 2013, the “Indenture”) relating to the Company’s 3.500% Notes due 2021 (the “Notes”);

WHEREAS, Section 902 of the Indenture provides that the Company and the Trustee may, with the consent of the Holders of not less than a majority in principal amount of the Notes then Outstanding (the “Requisite Consents”), enter into a supplemental indenture for the purpose of changing in any manner any of the provisions of, or modifying in any manner the rights of the Holders of Notes under, the Indenture; 

WHEREAS, the Company has offered to purchase (the “Tender Offer”) any and all of the Outstanding Notes upon the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement, dated as of January 30, 2018 (the “Offer to Purchase”), and the accompanying Letter of Transmittal and Consent, as the same may be further amended, supplemented or modified; 

WHEREAS, in conjunction with the Tender Offer, the Company has solicited the consent of the Holders of the Notes to certain proposed amendments to the Indenture (the “Proposed Amendments”), as set forth herein, and the execution and delivery of a supplemental indenture in respect of the Proposed Amendments, with the Proposed Amendments being operative only upon the acceptance for purchase by the Company of Notes representing the Requisite Consents on the first Acceptance Date (as defined in the Offer to Purchase) following the receipt of the Requisite Consents; 

WHEREAS, the Company has received the Requisite Consents to the adoption of the Proposed Amendments and has furnished to the Trustee evidence of such Requisite Consents;

WHEREAS, the Company has not yet accepted for purchase any Outstanding Notes tendered pursuant to the Tender Offer; and

WHEREAS, the Company and the Trustee are authorized to enter into this Twenty-Second Supplemental Indenture.

NOW, THEREFORE, the Company and the Trustee agree as follows:

  Relation to Indenture.  This Twenty-Second Supplemental Indenture supplements the Indenture and shall be a part and subject to all the terms thereof.  Except as supplemented hereby, the Indenture and the Securities issued thereunder shall continue in full force and effect.

  Capitalized Terms.  Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture. 

  Amendment. 

The first sentence of Section 1104 of the Indenture is hereby amended in its entirety as follows:

“Notice of redemption shall be given in the manner provided in Section 106, not less than two Business Days nor more than 60 days prior to the Redemption Date, unless a shorter period is specified by the terms of such series established pursuant to Section 301, to each Holder of Securities to be redeemed, but failure to give such notice in the manner herein provided to the Holder of any Security designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other such Security or portion thereof.”.

The amendment to the first sentence of Section 1104 of the Indenture relates solely to the rights of the Holders of the Notes and shall not affect the rights under the Indenture of the Holders of Securities of any other series. 

  Effect and Operation of Twenty-Second Supplemental Indenture. 

This Twenty-Second Supplemental Indenture shall be effective and binding immediately upon its execution and thereupon this Twenty-Second Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of a Note heretofore or hereafter authenticated and delivered under the Indenture shall be bound hereby, and the respective rights, limitations of rights, obligations, duties and immunities under the Indenture of the Company and the Trustee and the Holders of the Notes shall thereafter be determined, exercised and enforced thereunder subject in all respects to the amendment to the first sentence of Section 1104 of the Indenture set forth above, but, notwithstanding anything in the Indenture or this Twenty-Second Supplemental Indenture to the contrary, this Twenty-Second Supplemental Indenture shall not be operative until the acceptance for purchase by the Company of Notes representing the Requisite Consents on the first Acceptance Date following the receipt of the Requisite Consents. If the Tender Offer is terminated or withdrawn, or the Notes 

are not accepted for purchase for any reason, this Twenty-Second Supplemental Indenture will not become operative. 

  Counterparts.  This Twenty-Second Supplemental Indenture may be executed in counterparts, each of which shall be deemed an original, but all of which shall together constitute one and the same instrument.

  Governing Law.  THIS TWENTY-SECOND SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF OHIO (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF).

  Concerning the Trustee.  The Trustee shall not be responsible for any recital herein as such recitals shall be taken as statements of the Company, or the validity of the execution by the Company of this Twenty-Second Supplemental Indenture. The Trustee makes no representations as to the validity or sufficiency of this Twenty-Second Supplemental Indenture.

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Twenty-Second Supplemental Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of the day and year first above written.

	
Attest:
	
DDR CORP.

 

 

	
/s/ Aaron M. Kitlowski
	
By: /s/ Matthew L. Ostrower 

	
Name:   Aaron M. Kitlowski
	
Name:  Matthew L. Ostrower

	
Title:     Executive Vice President,
	
Title:    Executive Vice President,

	
              General Counsel and Corporate
	
             Chief Financial Officer and

	
              Secretary
	
             Treasurer

 

 

 

[Signature Page to Twenty-Second Supplemental Indenture]

 

 

 

 

	
Attest:
	
U.S. BANK NATIONAL ASSOCIATION, as Trustee

 

	
/s/ Christopher J. Grell  
	
By: /s/ K. Wendy Kumar  

	
Name: Christopher J. Grell
	
Name:K. Wendy Kumar

	
Title:  Vice President
	
Title:Vice President

[Signature Page to Twenty-Second Supplemental Indenture]

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