SEC Contract Filing

Filing Date: 2017-03-01

Document Content:
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>5
<FILENAME>srg-ex109_605.htm
<DESCRIPTION>EX-10.9
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.9</p>
<p style="text-align:right;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Execution Version</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">OMNIBUS AMENDMENT</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Mezzanine Loan)</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:13.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">THIS OMNIBUS AMENDMENT (this &#8220;<font style="text-decoration:underline;">Amendment</font>&#8221;) is entered into as of September 28, 2015 by and among H/2 Special Opportunities III Corp., H/2 Credit Partners Master Fund Ltd., H/2 Investors, Ltd., H/2 Investors II, L.P. and H/2 Targeted Return Strategies II Ltd. (together with their respective successors and assigns, individually or collectively, as the context may require &#8220;<font style="text-decoration:underline;">Lender</font>&#8221;), Seritage SRC Mezzanine Finance LLC, a Delaware limited liability company (together with its permitted successors and assigns, &#8220;<font style="text-decoration:underline;">SRC Borrower</font>&#8221;), and Seritage KMT Mezzanine Finance LLC, a Delaware limited liability company (together with its permitted successors and assigns, &#8220;<font style="text-decoration:underline;">KMT Borrower</font>&#8221; and, with SRC Borrower, individually or collectively, as the context may require, &#8220;<font style="text-decoration:underline;">Borrower</font>&#8221;) and Seritage Growth Properties, a Maryland real estate investment trust (together with its permitted successors and assigns, &#8220;<font style="text-decoration:underline;">Seritage REIT</font>&#8221;), and Seritage Growth Properties, L.P., a Delaware limited partnership (together with its permitted successors and assigns, &#8220;<font style="text-decoration:underline;">Seritage OP</font>&#8221; and together with Seritage REIT, collectively, jointly and severally &#8220;<font style="text-decoration:underline;">Guarantor</font>&#8221;), and amends (i) that certain Mezzanine Loan Agreement, dated as of July 7, 2015, by and between Lender and Borrower (the &#8220;<font style="text-decoration:underline;">Loan Agreement</font>&#8221;) and (ii) that certain Guaranty, dated as of July 7, 2015, by Seritage REIT and Seritage OP for the benefit of Lender (the &#8220;<font style="text-decoration:underline;">Guaranty</font>&#8221;).&nbsp;&nbsp;Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Loan Agreement.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:13.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the parties hereto desire to amend the Loan Agreement and the Guaranty in the manner hereinafter set forth.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:13.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows, effective from and after the date hereof:</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:13.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1. <font style="text-decoration:underline;">Definitions</font>.&nbsp;&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:13.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a. The following definitions in the Loan Agreement are hereby amended and restated in their entirety as follows:</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:16.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8220;<font style="text-decoration:underline;">Acceptable Counterparty</font>&#8221; means any counterparty to an Interest Rate Cap Agreement (or the guarantor of such counterparty&#8217;s obligations pursuant to a guaranty acceptable to Lender and the Rating Agencies) that has and maintains (a) either (i) a long term unsecured debt rating or counterparty rating of A-&nbsp;&nbsp;or higher from S&amp;P and A- or higher from Fitch if rated by Fitch, or (ii) a short term unsecured debt rating of A-2 or higher from S&amp;P and F2 or higher from Fitch if rated by Fitch, and (b) a long term unsecured debt rating of A3 or higher from Moody&#8217;s.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:16.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8220;<font style="text-decoration:underline;">Eligible Account</font>&#8221; means a separate and identifiable