Document:

GGP 9.30.2014 EX-10.4 (1)

Exhibit 10.4
EXECUTION COPY

AMENDMENT NO. 1
Dated as of April 30, 2014
to
THIRD AMENDED AND RESTATED CREDIT AGREEMENT
Dated as of October 23, 2013
                     THIS AMENDMENT NO. 1 (this “Amendment”) is made as of April 30, 2014 by and among GENERAL GROWTH PROPERTIES, INC., a Delaware corporation (“Parent”), GGP LIMITED PARTNERSHIP, a Delaware limited partnership (the “Partnership”), GGPLP REAL ESTATE 2010 LOAN PLEDGOR HOLDING, LLC, a Delaware limited liability company (“GGPLP RE Pledgor”), GGPLPLLC 2010 LOAN PLEDGOR HOLDING, LLC, a Delaware limited liability company (“GGPLPLLC Pledgor”), GGPLP L.L.C., a Delaware limited liability company (the “LLC”), GGPLP 2010 LOAN PLEDGOR HOLDING, LLC, a Delaware limited liability company (“GGPLP Pledgor”) and 200 LAFAYETTE, LLC, a Delaware limited liability company (“GGP Lafayette” and, together with the Parent, the Partnership, GGPLP RE Pledgor, GGPLPLLC Pledgor, the LLC and GGPLP Pledgor, being referred to herein, individually or collectively, as the context shall require, as “Borrower” or “Borrowers”), and the other Loan Parties party hereto, the Lenders party hereto and Wells Fargo Bank, National Association, as administrative agent (in such capacity, the “Administrative Agent”), under that certain Third Amended and Restated Credit Agreement, dated as of October 23, 2013, by and among the Borrowers, the Parent, the other Loan Parties party thereto, the Lenders from time to time party thereto and the Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).  Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.
WHEREAS, the Borrowers have requested that the Lenders (including the Swingline Lender), each Issuing Bank and the Administrative Agent consent to the amendments to, and certain waivers in respect of, the Credit Agreement set forth herein;
WHEREAS, the Borrowers, the other Loan Parties, the Lenders party hereto, the Swingline Lender, each Issuing Bank and the Administrative Agent have agreed to such amendments and waivers on the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrowers, the other Loan Parties, the Lenders party hereto, the Swingline Lender, each Issuing Bank and the Administrative Agent, intending to be legally bound, hereby agree as follows:
1.Amendments to the Credit Agreement.  Effective as of April 30, 2014, subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, the Credit Agreement is hereby amended as follows:
(a)    The recitals to the Credit Agreement are amended to delete each reference to “GGP LLC” appearing therein and replace such reference with “GGPLP LLC”.

ACTIVE 200210837v.7

(b)    The definition of “Borrower” and “Borrowers” set forth in Section 1.01 of the Credit Agreement is amended and restated in its entirety as follows:
“Borrower” and “Borrowers” have the meaning set forth in the introductory paragraph hereof and shall include each Borrower’s respective successors and permitted assigns; provided, that from and after the GGP Lafayette Borrower Addition Date and until the GGP Lafayette Release Date, “Borrower” and “Borrowers” shall be deemed to include GGP Lafayette; provided, further, that (i) GGP Lafayette shall be released as a Borrower upon the GGP Lafayette Release Date and (ii) upon a Borrower Release Date applicable to any Borrower (other than the Parent, the Partnership and GGP Lafayette), such Borrower shall be automatically released from its obligations under the Loan Documents and shall cease to be Borrower hereunder; provided, further, that from and after the Amendment No. 1 Effective Date, “Borrower” and “Borrowers” shall be deemed to include GGP Cumulus and GGP Nimbus.
(c)    The definition of “Existing Credit Agreement” set forth in Section 1.01 of the Credit Agreement is amended to delete the reference to “GGP LLC” appearing therein and replace such reference with “GGPLP LLC”.
(d)    The definition of “GGP LLC” set forth in Section 1.01 of the Credit Agreement is amended and restated in its entirety as follows:
“GGP LLC” means GGP, LLC, a Delaware limited liability company.
(e)    The definition of “Parent Guarantors” set forth in Section 1.01 of the Credit Agreement is amended and restated in its entirety as follows:
“Parent Guarantors” means, collectively, the Parent, GGP LP II, GGP LLC (successor in interest to GGP, Inc., a Delaware corporation), GGP Real Estate Holding I, Inc., a Delaware corporation, and GGP Real Estate Holding II, Inc., a Delaware corporation.
(f)    Section 1.01 of the Credit Agreement is amended to include the following new definitions alphabetically therein:
“Amendment No. 1 Effective Date” means April 30, 2014.
“GGP Cumulus” means GGP Cumulus, LP, a Delaware limited partnership.
“GGP Nimbus” means GGP Nimbus, LP, a Delaware limited partnership.
“GGPLP LLC” has the meaning set forth in the introductory paragraph hereof and shall include such Person’s successors and permitted assigns.
“Specified Reorganization” shall mean the reorganization of the Loan Parties as set forth on Schedule 1.03, which reorganization shall be consummated and effective after the Amendment No. 1 Effective Date.”
(g)    Section 1.02 of the Credit Agreement is amended to include the following new clause (g) at the end thereof:

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(g)    From and after the Amendment No. 1 Effective Date, each of GGP Cumulus and GGP Nimbus shall be a “Borrower” hereunder.
(h)    Schedule 1.03 attached hereto is added to the Credit Agreement as Schedule 1.03 thereunder.
(i)    Article 1 of the Credit Agreement is amended to include the following new Section 1.03 immediately after the end of Section 1.02 thereof:
Section 1.03    Specified Reorganization
After the Amendment No. 1 Effective Date, the Loan Parties will complete a series of transactions which will result in the name changes, formations, contributions, mergers and conversions of certain entities constituting the Specified Reorganization.  Notwithstanding anything herein to the contrary, the parties hereto acknowledge and consent to the Specified Reorganization, which is more fully described in Schedule 1.03.
(j)    Section 9.02 of the Credit Agreement is amended to include the following new sentence at the end thereof:
Notwithstanding anything herein to the contrary, the foregoing shall not proscribe any Investment in connection with the Specified Reorganization.
(k)    Section 9.03 of the Credit Agreement is amended to include the following new sentence at the end thereof:
Notwithstanding anything herein to the contrary, the foregoing shall not proscribe any Restricted Junior Payment made in connection with the Specified Reorganization.
(l)    Clause (j) of Section 9.05 of the Credit Agreement is amended and restated in its entirety as follows:
(j)    transactions constituting Restricted Junior Payments permitted under Section 9.03 (including, without limitation, any transactions consummated in connection with the Specified Reorganization);
(m)    Section 9.06 of the Credit Agreement is amended (a) to delete the “and” appearing at the end of clause (v) thereof, (b) to delete the period (“.”) now appearing at the end of clause (vi) thereof and to substitute the following therefor:  “; and”; and (c) to insert the following new clause (vii) at the end thereof:
(vii)     provided that GGP LLC shall have become a Guarantor on or prior to the Amendment No. 1 Effective Date, the Specified Reorganization may be consummated.
(n)    Section 9.08 of the Credit Agreement is amended to insert the following immediately prior to the period (“.”) now appearing at the end thereof:
; provided, however, that the Loan Parties may permit any of their respective Subsidiaries to amend any such organizational documents if such amendment is required to effectuate the transactions contemplated by the Specified Reorganization

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(o)    It is acknowledged that immediately following the consummation of the Specified Reorganization, (i) GGP Cumulus shall change its name to “GGP Limited Partnership” and (ii) the Partnership shall change its name to “GGP Operating Partnership, LP”.
2.    Waiver.  It is acknowledged that the first step of the Specified Reorganization was the dissolution of GGP, Inc. through the merger with and into GGP, LLC (the “Initial Step”) and that the Initial Step occurred prior to the Amendment No. 1 Effective Date.  Effective as of the date of satisfaction or waiver of the conditions precedent set forth in Section 3 below, the Lenders party hereto hereby waive any Default or Event of Default arising (if any) under Section 10.01 of the Credit Agreement to the extent of any violation of Section 9.06 of the Credit Agreement or any other provision of the Credit Agreement as a result of the timing of the Initial Step.  Such waiver shall be effective only in the specific instance and for the purpose for which given.
3.    Conditions of Effectiveness.  The effectiveness of this Amendment is subject to the conditions precedent that:
(a)    the Administrative Agent shall have received counterpart signature pages of this Amendment duly executed by the Borrowers, each of the Lenders required pursuant to Section 12.07 of the Credit Agreement, the Swingline Lender, each Issuing Bank and the Administrative Agent;
(b)    the Administrative Agent shall have received counterparts of the Consent and Reaffirmation attached as Exhibit A hereto duly executed by the Guarantors (the “Consent and Reaffirmation”);
(c)    the Administrative Agent shall have received (i) counterparts of the Joinder Agreement attached as Exhibit B hereto duly executed by the existing Borrowers, GGP Cumulus, GGP Nimbus and the Administrative Agent (the “Joinder”) and (ii) a joinder to the Guaranty in the form attached thereto duly executed by GGP LLC (the “Guaranty Joinder”);
(d)    the Administrative Agent shall have received the instruments, certificates and documents set forth in Sections 5.01(v) through (x) and (xvii) of the Credit Agreement in respect of GGP Cumulus and GGP Nimbus, each in its capacity as a Borrower, and in respect of GGP LLC, in its capacity as a Guarantor, in each case dated as of the date of this Amendment, all in form and substance reasonably acceptable to the Administrative Agent;
(e)    to the extent any Note shall have been issued to any Lender on or prior to the date of this Amendment, replacement Notes executed by the Borrowers (including GGP Cumulus and GGP Nimbus); provided, however, that (i) such replacement Notes shall not be required unless and until such time as the relevant Lender has returned its original Note to the Administrative Agent (or its counsel) for concurrent cancellation with the issuance of such replacement Note (and the Partnership shall have received confirmation thereof) and (ii) to the extent such Notes have not been returned as described in clause (i), no such replacement Notes shall constitute a condition to the effectiveness of this Amendment; and
(f)    the Administrative Agent shall have received payment and/or reimbursement of the Administrative Agent’s and its affiliates actual reasonable and documented out-of-pocket costs and expenses (including, to the extent invoiced prior to the date of this Amendment, the actual reasonable and documented out-of-pocket fees and expenses of one counsel for the Administrative Agent, the Issuing Banks and the Lenders, taken as a whole (and, if necessary, one local counsel in any relevant 

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material jurisdiction to such Persons, taken as a whole)) in connection with this Amendment and the other Loan Documents.
4.    Representations and Warranties of GGP Cumulus, GGP Nimbus and the Borrowers.  Each of GGP Cumulus, GGP Nimbus and each Borrower hereby represents and warrants as follows:
(a)    This Amendment and the Credit Agreement as amended hereby constitute legal, valid and binding obligation of such Person enforceable against such Person in accordance with its respective terms, except as the same may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained herein or therein and as may be limited by equitable principles generally (regardless of whether such enforceability is considered in a proceeding in equity or at law).
(b)    As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default or Event of Default shall have occurred and be continuing and (ii) the representations and warranties of the Parent and the Borrowers set forth in the Credit Agreement, as amended hereby, are true and correct in all material respects as of the date hereof, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Credit Agreement.
5.    Reference to and Effect on the Credit Agreement and the other Loan Documents.
(a)    Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby.
(b)    Except as specifically amended by this Amendment and the Consent and Reaffirmation, the Joinder, the Guaranty Joinder, the Credit Agreement and the Loan Documents shall remain in full force and effect and are hereby ratified and confirmed.
(c)    The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement or the Loan Documents, except as otherwise expressly set forth herein.
(d)    Each of this Amendment, the Joinder, the Guaranty Joinder and the Consent and Reaffirmation shall constitute Loan Documents. 
6.    Governing Law.  This Amendment, and any claim, controversy, dispute or cause of action arising under or related hereto, and the transactions contemplated hereby shall be governed by, and construed in accordance with, the laws of the State of New York (including Section 5-1401 and Section 5-1402 of the General Obligations Law of the State of New York), without reference to any other conflicts or choice of law principles thereof.
7.    Headings.  The paragraph and section headings in this Amendment are provided for convenience of reference only and shall not affect its construction or interpretation.

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8.    Counterparts.  To facilitate execution, this Amendment may be executed in any number of counterparts as may be convenient or requisite (which may be effectively delivered by facsimile, in portable document format (“PDF”) or other similar electronic means).  It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons requisite to bind any party, appear on each counterpart.  All counterparts shall collectively constitute a single document.  It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto.
[Signature Pages Follow]

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IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.
GENERAL GROWTH PROPERTIES, INC., as a Borrower

GGP LIMITED PARTNERSHIP, as a Borrower
By:  GGP, LLC, its general partner 
By:  GGP Real Estate Holding II, Inc., its managing member

GGPLP REAL ESTATE 2010 LOAN PLEDGOR 
HOLDING, LLC, as a Borrower

GGPLPLLC 2010 LOAN PLEDGOR
HOLDING, LLC, as a Borrower

GGPLP L.L.C., as a Borrower
   By:  GGP Limited Partnership, its managing 
member
By:  GGP, LLC, its general partner 
By:  GGP Real Estate Holding II, Inc., its managing member

GGPLP 2010 LOAN PLEDGOR HOLDING, LLC, as a Borrower

200 LAFAYETTE, LLC, as a Borrower
  By:  GGPLP Real Estate, Inc., a Delaware corporation, its sole                    member

By:   /s/ Stacie L. Herron                   .                  
     Name: Stacie L. Herron           
     Title:  Authorized Signatory

Signature Page to Amendment No. 1 to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al.

WELLS FARGO BANK, NATIONAL ASSOCIATION,
individually as a Lender, as the Swingline Lender, as an Issuing Bank and as Administrative Agent

By: /s/ Winita Lau___________________________
Name:  Winita Lau
Title: Vice President

Signature Page to Amendment No. 1 to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al.

DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender 

By:  /s/ J.T. Johnston Coe________________
     Name:  J.T. Johnston Coe
     Title:  Managing Director

By:  /s/ James Rolison_____________________
     Name: James Rolison
     Title: Managing Director

Signature Page to Amendment No. 1 to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al.

ROYAL BANK OF CANADA, as a Lender

By:   /s/ Brian Gross___________
     Name:  Brian Gross
     Title: Authorized Signatory

Signature Page to Amendment No. 1 to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al.

BANK OF AMERICA, N.A., as a Lender

By:  /s/ Cheryl Sneor__________________
     Name:  Cheryl Sneor
     Title: Vice President

Signature Page to Amendment No. 1 to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al.

BARCLAYS BANK PLC, as a Lender

By: /s/ Noam Azachi___________________
     Name: Noam Azachi
     Title: Vice President

Signature Page to Amendment No. 1 to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al.

GOLDMAN SACHS BANK USA, as a Lender

By: /s/ Ashwin Ramakrishna____________
     Name: Ashwin Ramakrishna
     Title: Authorized Signatory

Signature Page to Amendment No. 1 to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al.

MORGAN STANLEY BANK, N.A., as a Lender

By: /s/ Nick Zangari_____________________
     Name: Nick Zangari
     Title: Authorized Signatory

Signature Page to Amendment No. 1 to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al.

U.S. BANK NATIONAL ASSOCIATION, as a Lender

By: /s/ Dennis Redpath____________________
     Name: Dennis Redpath
     Title: Senior Vice President

Signature Page to Amendment No. 1 to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al.

JPMORGAN  CHASE BANK, N.A., as a Lender

By: /s/ Brendan Poe____________________
     Name: Brendan Poe
     Title: Executive Director

Signature Page to Amendment No. 1 to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al.

UBS AG, STAMFORD BRANCH, as a Lender

By: /s/ Lana Gifas___________________
     Name: Lana Gifas
     Title: Director

By: /s/ Jennifer Anderson________________
     Name: Jennifer Anderson
     Title: Associate Director 

Signature Page to Amendment No. 1 to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al.

CITIBANK, N.A., as a Lender

By: /s/ John C. Rowland______________
     Name: John C. Rowland
     Title: Vice President

Signature Page to Amendment No. 1 to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al.

RBS CITIZENS, N.A., as a Lender

By: /s/ Michael C. Browne_________________
     Name: Michael C. Browne
     Title:  Vice President 

Signature Page to Amendment No. 1 to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al.

TORONTO DOMINION (NEW YORK) LLC, as a Lender

By: /s/ Robyn Zeller__________________________
     Name: Robyn Zeller
     Title: Vice President

Signature Page to Amendment No. 1 to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al.

PNC BANK, NATIONAL ASSOCIATION, as a Lender

By: /s/ Joel Dalson________________________________
     Name:  Joel Dalson
     Title: Senior Vice President

Signature Page to Amendment No. 1 to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al.

EXHIBIT A
CONSENT AND REAFFIRMATION
Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 1 to the Third Amended and Restated Credit Agreement dated as of October 23, 2013 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among by and among GENERAL GROWTH PROPERTIES, INC., a Delaware corporation (“Parent”), GGP LIMITED PARTNERSHIP, a Delaware limited partnership (the “Partnership”), GGPLP REAL ESTATE 2010 LOAN PLEDGOR HOLDING, LLC, a Delaware limited liability company (“GGPLP RE Pledgor”), GGPLPLLC 2010 LOAN PLEDGOR HOLDING, LLC, a Delaware limited liability company (“GGPLPLLC Pledgor”), GGPLP L.L.C., a Delaware limited liability company (the “LLC”) and GGPLP 2010 LOAN PLEDGOR HOLDING, LLC, a Delaware limited liability company (“GGPLP Pledgor” and, together with the Parent, the Partnership, GGPLP RE Pledgor, GGPLPLLC Pledgor and the LLC, the “Borrowers”), and the other Loan Parties from time to time party thereto, the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as administrative agent (in such capacity, the “Administrative Agent”), which Amendment No. 1 is dated as of April [__], 2014 (the “Amendment”).  Capitalized terms used in this Consent and Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement.
Without in any way establishing a course of dealing by the Administrative Agent or any Lender, each of the undersigned consents to the Amendment and reaffirms the terms and conditions of the Guaranty and any other Loan Document executed by it and acknowledges and agrees that the Guaranty and each Loan Document executed by the undersigned in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed.  Furthermore, each of the undersigned acknowledge and agree that on and after the Amendment No. 1 Effective Date, each of GGP Cumulus and GGP Nimbus shall be a “Borrower” for all purposes of the Credit Agreement, the Guaranty and the other Loan Documents.  All references to the Credit Agreement contained in the above‐referenced documents shall be a reference to the Credit Agreement as so modified by the Amendment and as the same may be amended, supplemented, restated or otherwise modified from time to time hereafter.
This Consent and Reaffirmation, and any claim, controversy, dispute or cause of action arising under or related hereto, and the transactions contemplated hereby shall be governed by, and construed in accordance with, the laws of the State of New York (including Section 5-1401 and Section 5-1402 of the General Obligations Law of the State of New York), without reference to any other conflicts or choice of law principles thereof.
Dated:  April 30, 2014
[Signature Pages Follow]

	
				
	 
	GENERAL GROWTH PROPERTIES, INC.

By:   
     Name:   
     Title:   

	 
	GGP LIMITED PARTNERSHIP II
By:  GGP, LLC, its general partner 
By:  GGP Real Estate Holding II, Inc., its managing member

By:   
     Name:   
     Title:   

	

	                                                                              GGP, LLC, successor in interest to GGP, Inc.                                                               
                                                                              
                                                                              By:  GGP Real Estate Holding II, Inc., its managing member

                                                                                 By:   
                                                                                 Name:   
                                                                                  Title:   

	 
	GGP REAL ESTATE HOLDING I, INC.

By:   
     Name:   
     Title: 

	 
	GGP REAL ESTATE HOLDING I, INC.

By:   
     Name:   
     Title: 

	 
	

GGPLP REAL ESTATE, INC.

By:   
     Name:   
     Title: ____________________________   

Signature Page to Consent and Reaffirmation to Amendment No. 1 to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al.

	
				
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent

By:___________________________ 
Name: 
Title:
	 
	 

Signature Page to Consent and Reaffirmation to Amendment No. 1 to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al.

EXHIBIT B
JOINDER AGREEMENT
JOINDER AGREEMENT dated as of April 30, 2014, among GGP LIMITED PARTNERSHIP, a Delaware limited partnership (the “Partnership”), GGPLP REAL ESTATE 2010 LOAN PLEDGOR HOLDING, LLC, a Delaware limited liability company (“GGPLP RE Pledgor”), GGPLPLLC 2010 LOAN PLEDGOR HOLDING, LLC, a Delaware limited liability company (“GGPLPLLC Pledgor”), GGPLP L.L.C., a Delaware limited liability company (the “LLC”) and GGPLP 2010 LOAN PLEDGOR HOLDING, LLC, a Delaware limited liability company (“GGPLP Pledgor”), GENERAL GROWTH PROPERTIES, INC., a Delaware corporation (the “Parent”, and, together with the Partnership, GGPLP RE Pledgor, GGPLPLLC Pledgor, the LLC and GGPLP Pledgor, being referred to herein, individually or collectively, as the context shall require, as “Existing Borrower” or “Existing Borrowers”), GGP CUMULUS, LP, a Delaware limited partnership (“GGP Cumulus”), GGP NIMBUS, LP, a Delaware limited partnership (“GGP Nimbus” and collectively with GGP Cumulus, the “New Borrowers”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”).
Reference is hereby made to the Third Amended and Restated Credit Agreement dated as of October 23, 2013 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among by and among the Existing Borrowers and the other Loan Parties from time to time party thereto, the Lenders from time to time party thereto and the Administrative Agent.  Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.  
Under the Credit Agreement, the Lenders have agreed, pursuant to the terms thereof and subject to the conditions therein set forth, to make Loans to the Existing Borrowers, and the Existing Borrowers desire that each of the New Borrowers become a Borrower.  In addition, each New Borrower hereby authorizes the Partnership to act on its behalf as and to the extent provided for in the Credit Agreement.
Each of the Existing Borrowers and New Borrowers represents and warrants that the representations and warranties of the Loan Parties in the Credit Agreement relating to the New Borrowers and this Agreement are true and correct in all material respects on and as of the date hereof, other than representations given as of a particular date, in which case they shall be true and correct in all material respects as of that date, and except for changes in factual circumstances specifically and expressly permitted under the Credit Agreement.  The Existing Borrowers agree that the co-borrower obligations contained in Section 3.11 of the Credit Agreement will apply to the Obligations of each New Borrower in its capacity as a Borrower.  Upon execution of this Agreement by each of the Existing Borrowers, the New Borrowers and the Administrative Agent, each New Borrower shall be a party to the Credit Agreement as a “Borrower” for all purposes thereof, and each New Borrower hereby agrees to be bound by all provisions of the Credit Agreement applicable to such New Borrower in its capacity as a Borrower.
This Agreement, and any claim, controversy, dispute or cause of action arising under or related hereto, and the transactions contemplated hereby shall be governed by, and construed in accordance with, the laws of the State of New York (including Section 5-1401 and Section 5-1402 of the General Obligations Law of the State of New York), without reference to any other conflicts or choice of law principles thereof.
To facilitate execution, this Agreement may be executed in any number of counterparts as may be convenient or requisite (which may be effectively delivered by facsimile, in portable document format (“PDF”) or other similar electronic means).  It shall not be necessary that the signature of, or on 

behalf of, each party, or that the signature of all persons requisite to bind any party, appear on each counterpart.  All counterparts shall collectively constitute a single document.  It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto.
[Signature Pages Follow]

Signature Page to Joinder Agreement to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al

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

GGP LIMITED PARTNERSHIP
By:  GGP, LLC, its general partner 
By:  GGP Real Estate Holding II, Inc., its managing member

By:    
     Name:    
     Title:    

GGPLP REAL ESTATE 2010 LOAN PLEDGOR 
HOLDING, LLC

By:    
     Name:    
     Title:    

GGPLPLLC 2010 LOAN PLEDGOR
HOLDING, LLC

By:    
     Name:    
     Title:    

GGPLP L.L.C.
   By:  GGP Limited Partnership, its managing 
member
By:  GGP, LLC, its general partner 
By:  GGP Real Estate Holding II, Inc., its managing member

By:    
     Name:    
     Title:    

GGPLP 2010 LOAN PLEDGOR HOLDING, LLC

By:    
     Name:    

Signature Page to Joinder Agreement to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al

     Title:    
    

Signature Page to Joinder Agreement to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al

GENERAL GROWTH PROPERTIES, INC.

By:    
     Name:    
     Title:    

GGP CUMULUS, LP

By: ______________________________
     Name:    
     Title:    

GGP NIMBUS, LP

By: ______________________________
     Name:    
     Title:    

Signature Page to Joinder Agreement to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et al

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
as Administrative Agent
By:                             
    Name:  ___________________________ 
    Title:    ___________________________

Signature Page to Joinder Agreement to
Third Amended and Restated Credit Agreement dated as of October 23, 2013
GGP Limited Partnership et alGGP 9.30.2014 EX-10.5 (1)

SECOND AMENDMENT
TO
LOAN AGREEMENT
among
GENERAL GROWTH PROPERTIES, INC., 
as Borrower,
and
THE LENDERS PARTY HERETO, 
as Lenders,
and
THE GUARANTORS PARTY HERETO, 
as Guarantors,
and
U.S. BANK NATIONAL ASSOCIATION, 
as Administrative Agent 
and
RBC CAPITAL MARKETS∗ and U.S. BANK NATIONAL ASSOCIATION, 
as Joint Lead Arrangers and Bookrunners

Date:    As of August 1, 2014

NYDOCS03/991730.11

SECOND AMENDMENT TO LOAN AGREEMENT
This Second Amendment to Loan Agreement (as amended, modified or supplemented from time to time, this “Amendment”) is dated as of August 1, 2014 among GENERAL GROWTH PROPERTIES, INC., a Delaware corporation (“Borrower”); each of the lenders listed on the signature pages hereof (“Lenders”); each of the guarantors listed on the signature pages hereof; and U.S. BANK NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, “Administrative Agent”).
W I T N E S S E T H:
WHEREAS, Borrower, the guarantors listed on the signature pages thereof (“Property Guarantors”), Lenders, Administrative Agent, RBC Capital Markets and U.S. Bank National Association, as Joint Lead Arrangers and Bookrunners, and the other parties from time to time party thereto entered into a Loan Agreement dated as of April 26, 2013, as amended by that certain First Amendment to Loan Agreement dated as of July 23, 2013 (the “First Amendment”) (as so amended and as otherwise heretofore amended, supplemented or otherwise modified, the “Loan Agreement”);
WHEREAS, certain affiliates of Borrower from time to time party thereto (“Top Tier Guarantors” and, together with Property Guarantors, “Guarantors”) have entered into a Repayment Guaranty dated as of April 26, 2013 (as heretofore amended, supplemented or otherwise modified, the “Repayment Guaranty”); and
WHEREAS, the parties now desire to make certain amendments to the Loan Agreement as set forth herein;
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
		
	1.
	Definitions.  Except as otherwise expressly provided for in this Amendment, capitalized terms used in this Amendment shall have the meanings assigned thereto in the Loan Agreement.

		
	2.
	Amendments to Loan Agreement.

2.1    Schedule 1 of the Loan Agreement is hereby deleted in its entirety and replaced with Schedule 1 attached to this Amendment.
2.2    The definition of “Applicable Margin” in Section 1.1 of the Loan Agreement is hereby amended and restated to read in its entirety as follows:
“Applicable Margin” means, (a) with respect to Base Rate Loans, 75 basis points (0.75%) per annum; and (b) with respect to LIBOR Loans, 175 basis points (1.75%) per annum, provided, however, that for so long as a Strike Event Period is continuing and Borrower has elected the Strike Interest Rate Option in accordance with Section 9.26, the Applicable Margin shall be (i) with respect to Base Rate Loans, 225 basis points (2.25%) per annum; and (ii) with respect to LIBOR Loans, 325 basis points (3.25%) per annum.
2.3    The definition of “Prepayment Premium” in Section 1.1 of the Loan Agreement is hereby amended and restated to read in its entirety as follows:
“Prepayment Premium” means an amount equal to (a) 1.00% of the amount prepaid during the period from the Closing Date of the Initial Advance through and including April 25, 2015 (including in connection with any prepayment made by Borrower pursuant to Section 9.26) and (b) zero ($0) with respect to any prepayment made at any time after April 25, 2015.  Notwithstanding the foregoing, with respect to prepayments made in connection with the release 

NYDOCS03/991730.11    2

of the Named Properties and Other Properties pursuant to Section 2.6, no Prepayment Premium shall be payable on the first $500,000,000 (in the aggregate) prepaid in connection with such prepayments, provided that a Prepayment Premium shall be payable in connection with any such prepayments in excess of $500,000,000 in the aggregate to the extent that such prepayments are permitted by the Required Lenders or permitted pursuant to Section 2.6(1)(a).
		
	3.
	Upfront Fee.  Borrower agrees to pay an upfront fee (collectively, the “Upfront Fee”), to Administrative Agent, for the ratable benefit of the applicable Lenders, in an amount equal to (a) 0.10% of the Commitment of each incumbent Lender under the Loan Agreement that continues to be a Lender as of the Effective Date (the “Existing Lenders”) (as listed on Schedule 1 hereto) and that has delivered its signature page to this Amendment to Administrative Agent by 5:00 P.M. (New York City time) on July 30, 2014 and (b) 0.075% of the Commitment of each Existing Lender that delivers its signature page to this Amendment to Administrative Agent thereafter.  The Upfront Fee shall be earned and due and payable in full, in cash, on the Effective Date and shall be non-refundable thereafter.

		
	4.
	Commitments.

		
	(a)
	Borrower and Guarantors hereby acknowledge and agree that as of the effective date of this Amendment and following satisfaction of all conditions thereto as provided herein, the amount of each Lender’s Commitment shall be the amount set forth on Schedule 1 attached hereto.  If any Existing Lender is increasing its Commitment (an “Increasing Lender”) or if there is any Lender that is not an Existing Lender but that is becoming a Lender under the Loan Agreement and delivers its signature page to this Amendment to Administrative Agent (a “New Lender” and, together with the Increasing Lenders, the “Subject Lenders”), then each Subject Lender shall receive a Note based on its Commitment as set forth on Schedule 1 hereto, which Note, in the case of each Existing Lender, shall be a replacement for such Existing Lender’s existing Note and shall not be a novation or satisfaction of such indebtedness.

		
	(b)
	By its signature below, each Subject Lender hereby agrees to perform all obligations with respect to its respective Commitment as set forth in the Loan Agreement as amended by this Amendment, which obligations shall include, but shall not be limited to, the obligation to indemnify Administrative Agent as provided in the Loan Agreement.

		
	(c)
	On the effective date of this Amendment, (i) the outstanding principal balance of the Loans prior to the effectiveness of this Amendment shall be reallocated among the Lenders to the extent required to cause the outstanding principal amount of the Loans owed to each Lender to be equal to such Lender’s Commitment (as in effect after the effectiveness of this Amendment), and (ii) each Subject Lender shall advance the applicable funds to Administrative Agent and the funds so advanced shall be distributed among the Lenders whose Commitments are decreasing as necessary to accomplish the required reallocation of the outstanding Loans.

		
	5.
	Representations and Warranties.  Borrower and each Guarantor hereby represent and warrant that:

		
	(a)
	The representations and warranties of Borrower and each Guarantor contained in each of the Loan Documents (as amended or supplemented to date, including pursuant to this Amendment) are true and correct in all material respects (except to the extent that any representation or warranty that is qualified by materiality shall be true and correct in all respects) as such representations and warranties may have changed based upon events or activities not prohibited by the Loan Agreement on and as of the Effective Date (as defined below), before and after giving effect to this Amendment, as though made on and as of such date.  Borrower and each Guarantor further represent and warrant that the factual matters described herein are true and correct as of the date hereof. 

NYDOCS03/991730.11    3

		
	(b)
	The execution, delivery and performance by each Loan Party of this Amendment:  (1) have been duly authorized and do not require the consent or approval of any other party or Governmental Authority which has not been obtained; and (2) will not violate any law or result in the imposition of any Lien upon the assets of any Loan Party, except as contemplated by the Loan Documents.  

		
	(c)
	This Amendment has been duly executed and delivered by or on behalf of each Loan Party and constitutes the legal, valid and binding obligations of each Loan Party, enforceable in accordance with its terms, subject to applicable Bankruptcy Law.  This Amendment is not subject to any right of rescission, set off, counterclaim or defense by any Loan Party, including the defense of usury, nor would the operation of any of the terms of this Amendment, or the exercise of any right hereunder, render this Amendment or any of the other Loan Documents unenforceable, and no Loan Party has asserted any right of rescission, set off, counterclaim or defense with respect thereto. 

		
	(d)
	As of the date of this Amendment and immediately after giving effect to this Amendment, no Potential Default or Event of Default has occurred and is continuing.

		
	6.
	Effectiveness of Amendment.  This Amendment shall become effective as of the date first above written (the “Effective Date”) when, and only when, Administrative Agent shall have received each of the following, each in form and substance reasonably satisfactory to Administrative Agent:

		
	(a)
	counterparts of this Amendment executed by Borrower, each Guarantor, Administrative Agent and the Lenders (or, as to any of the Lenders, advice satisfactory to Administrative Agent that such Lender has executed this Amendment); 

		
	(b)
	an opinion of counsel to Borrower and the Guarantors addressed to Administrative Agent and the Lenders covering such matters as Administrative Agent may reasonably request; 

		
	(c)
	a Note duly executed by Borrower in favor of each Subject Lender, in the amount set forth next to such Lender’s name on Schedule 1 attached hereto; 

		
	(d)
	evidence that Borrower shall have paid all fees due and payable with respect to this Amendment; and

		
	(e)
	Such other certificates, documents, instruments and agreements as Administrative Agent may reasonably request.

		
	7.
	Costs and Expenses.  Borrower agrees to pay within five (5) Business Days of receipt of written demand from Administrative Agent all reasonable out-of-pocket costs and expenses of Administrative Agent in connection with the preparation, execution, delivery, administration, modification and amendment of this Amendment and any instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of counsel for Administrative Agent) in accordance with the terms of Section 12.5 of the Loan Agreement.

		
	8.
	Certain Definitions.  On and after the Effective Date, each reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Loan Agreement, and each reference in the other Loan Documents to “the Loan Agreement”, “thereunder”, “thereof” or words of like import referring to the Loan Agreement, shall mean and be a reference to the Loan Agreement, as amended by this Amendment.

		
	9.
	Ratification.  The Loan Agreement (as amended by this Amendment) and each of the other Loan Documents are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.  The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender or Administrative Agent under 

NYDOCS03/991730.11    4

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.  
		
	10.
	Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment.

		
	11.
	Guarantor Consent.  By its signature below, each Guarantor, as a Top Tier Guarantor under the Repayment Guaranty or as a Property Guarantor under the Loan Agreement, as applicable, hereby consents to this Amendment and each prior amendment to any Loan Document and hereby confirms and agrees that notwithstanding the effectiveness of this Amendment and each such prior amendment, the Repayment Guaranty or its obligations as a Property Guarantor under the Loan Agreement, as applicable, is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects.  

		
	12.
	Governing Law.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

[Balance of page intentionally left blank]

NYDOCS03/991730.11    5

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunder duly authorized, as of the date first above written.
BORROWER:
GENERAL GROWTH PROPERTIES, INC., a Delaware corporation
		
	By:
	/s/ Stacie L. Herron     
Name: Stacie L. Herron
Title: Authorized Signatory

[Signature Page to Second Amendment]
NYDOCS03/991730

PROPERTY GUARANTORS:
COLUMBIANA CENTRE, LLC, a Delaware limited liability company
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

FALLEN TIMBERS SHOPS, LLC, a Delaware limited 
liability company 

		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

GRAND TETON MALL, LLC, a Delaware limited liability company
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

MAYFAIR MALL, LLC, a Delaware limited liability company
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

MONDAWMIN BUSINESS TRUST, a Maryland business trust
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

NORTH TOWN MALL, LLC, a Delaware limited liability company
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

OAKWOOD HILLS MALL, LLC, a Delaware limited liability company
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

[Signature Page to Second Amendment]
NYDOCS03/991730

OAKWOOD SHOPPING CENTER, LLC, a Delaware limited liability company
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

PIONEER PLACE, LLC, a Delaware limited liability company
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

PIONEER OFFICE, LLC, a Delaware limited liability company
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

PDC-EASTRIDGE MALL, L.L.C., a Delaware limited liability company
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

PDC-RED CLIFFS MALL, L.L.C., a Delaware limited liability company
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

RED CLIFFS PLAZA, LLC, a Delaware limited liability company
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

RIVER HILLS MALL, LLC, a Delaware limited liability company
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

[Signature Page to Second Amendment]
NYDOCS03/991730

SOONER FASHION MALL, L.L.C., a Delaware limited liability company
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

SOUTHWEST DENVER LAND, L.L.C., a Delaware limited liability company
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

SOUTHWEST PLAZA, L.L.C., a Delaware limited liability company
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

[Signature Page to Second Amendment]
NYDOCS03/991730

TOP TIER GUARANTORS:
GGP REAL ESTATE HOLDING I, INC. 
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

GGP, LLC
By: GGP Real Estate Holding II, Inc., its managing    
member 
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

GGP REAL ESTATE HOLDING II, INC. 
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

GGP LIMITED PARTNERSHIP II
By: GGP Real Estate Holding I, Inc., its general    
partner
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

GGP OPERATING PARTNERSHIP, LP  
(f/k/a GGP Limited Partnership)
By:  GGP Real Estate Holding II, Inc., its general  
partner 
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

[Signature Page to Second Amendment]
NYDOCS03/991730

GGPLP L.L.C.
		
	By:
	GGP Nimbus, LP, its managing member

          By: GGP Operating Partnership, LP (f/k/a GGP      Limited Partnership), its general partner
          By: GGP Real Estate Holding II, Inc.,  
          its general partner 
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

GGPLP REAL ESTATE, INC. 
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

GGPLPLLC 2010 LOAN PLEDGOR HOLDING, LLC 
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

GGPLP 2010 LOAN PLEDGOR HOLDING, LLC 
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

GGPLP REAL ESTATE 2010 LOAN PLEDGOR HOLDING, LLC 
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

GGP LIMITED PARTNERSHIP (f/k/a GGP Cumulus, LP) 
		
	By:
	GGP Operating Partnership, LP (f/k/a GGP Limited Partnership), its general partner 

     
By: GGP Real Estate Holding II, Inc., its general partner
 
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

[Signature Page to Second Amendment]
NYDOCS03/991730

GGP NIMBUS, LP
		
	By:
	GGP Operating Partnership, LP (f/k/a GGP Limited Partnership), its general partner

     
By: GGP Real Estate Holding II, Inc., its general partner
 
		
	By:
	/s/ Stacie L. Herron     
Authorized Signatory

[Signature Page to Second Amendment]
NYDOCS03/991730

ADMINISTRATIVE AGENT:
U.S. BANK NATIONAL ASSOCIATION, as Administrative Agent
		
	By:
	/s/ Dennis Redpath     
Name: Dennis Redpath  
Title: Senior Vice President

[Signature Page to Second Amendment]
NYDOCS03/991730

LENDER:
U.S. BANK NATIONAL ASSOCIATION
		
	By:
	/s/ Dennis Redpath     
Name:   Dennis Redpath
Title:  Senior Vice President

[Signature Page to Second Amendment]
NYDOCS03/991730

LENDER:
ROYAL BANK OF CANADA
		
	By:
	/s/ Brian Gross     
Name: Brian Gross   
Title:  Authorized Signatory

[Signature Page to Second Amendment]
NYDOCS03/991730

LENDER:
WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:
	/s/Winita Lau     
Name:   Winita Lau
Title:  Vice President

[Signature Page to Second Amendment]
NYDOCS03/991730

LENDER:
BANK OF AMERICA, N.A.
		
	By:
	/s/ Cheryl Sneor     
Name:   Cheryl Sneor
Title: Vice President 

[Signature Page to Second Amendment]
NYDOCS03/991730

LENDER:
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:
	/s/ Susan E. Robbins     
Name:   Susan E. Robbins
Title:  Second Vice President

[Signature Page to Second Amendment]
NYDOCS03/991730

LENDER:
AAREAL CAPITAL CORPORATION
		
	By:
	/s/ David C. Lee     
Name:   David C. Lee
Title:  Director

		
	By:
	/s/ Jennifer Hochberg     
Name:   Jennifer Hochberg
Title:  Counsel

[Signature Page to Second Amendment]
NYDOCS03/991730

LENDER:
MORGAN STANLEY BANK, N.A.
		
	By:
	/s/ Gary P. Curwin     
Name:   Gary P. Curwin
Title:  Authorized Signatory

[Signature Page to Second Amendment]
NYDOCS03/991730

LENDER:
MUFG UNION BANK, N.A.
formerly known as Union Bank, N.A.
		
	By:
	/s/ Donald Wattson     
Name:   Donald Wattson
Title:  Vice President

[Signature Page to Second Amendment]
NYDOCS03/991730

LENDER:
PNC BANK, NATIONAL ASSOCIATION
		
	By:
	/s/ Joel Dalson     
Name:   Joel Dalson
Title:  Senior Vice President

[Signature Page to Second Amendment]
NYDOCS03/991730

LENDER:
THE BANK OF NOVA SCOTIA
		
	By:
	/s/ Frank Ottavino     
Name:   Frank Ottavino
Title:  Director

[Signature Page to Second Amendment]
NYDOCS03/991730

LENDER:
MANUFACTURERS AND TRADERS TRUST COMPANY
		
	By:
	/s/ Gregory J. Campanaro     
Name:  Gregory J. Campanaro
Title:  Vice President

 

 

[Signature Page to Second Amendment]
NYDOCS03/991730

LENDER:
THE BANK OF NEW YORK MELLON
		
	By:
	/s/ Carol Murray     
Name:   Carol Murray
Title:  Managing Director

[Signature Page to Second Amendment]
NYDOCS03/991730

LENDER:
COMPASS BANK
		
	By:
	/s/ Brian Tuerff     
Name:   Brian Tuerff
Title:  Senior Vice President

[Signature Page to Second Amendment]
NYDOCS03/991730

Schedule 1
Commitments

	
			
	LENDER
	Pro Rata Percentage
	Commitment

	U.S. Bank National Association
	23.333333330000%
	$323,521,639.25

	Royal Bank of Canada
	13.666666670000%
	$189,491,245.83

	Wells Fargo Bank, National Association
	11.666666670000%
	$161,760,819.61

	Bank of America, N.A.
	8.333333334000%
	$115,543,442.59

	The Prudential Insurance Company of America
	8.333333334000%
	$115,543,442.59

	Aareal Capital Corporation
	3.545363834000%
	$49,157,225.11

	Aareal Bank AG
	4.787969500000%
	$66,386,217.48

	Morgan Stanley Bank, N.A.
	5.000000000000%
	$69,326,065.55

	MUFG Union Bank, N.A.
	4.000000000000%
	$55,460,852.44

	PNC Bank National Association
	4.299616055000%
	$59,615,092.90

	The Bank of Nova Scotia
	2.666666666000%
	$36,973,901.62

	Manufacturers and Traders Trust Company
	4.280998065000%
	$59,356,950.50

	The Bank of New York Mellon
	3.919385878000%
	$54,343,120.46

	Compass Bank
	2.166666667000%
	$30,041,295.07

	Total
	100%
	$1,386,521,311.00

NYDOCS03/991730.11    Sch. 1-1

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