SEC Contract Filing

Filing Date: 2017-02-28

Document Content:
<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>3
<FILENAME>ex1011keybankincreaseagree.htm
<DESCRIPTION>EXHIBIT 10.11
<TEXT>
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<div><a name="s60B12C5E24F0C27EC342614A187AE993"></a></div><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exhibit 10.12</font></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">INCREASE AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Increase Agreement (this &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;), dated as of December 1, 2016 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Increase Effective Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;), is by and among NSA OP, LP, a limited partnership formed under the laws of the State of Delaware (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Borrower</font><font style="font-family:inherit;font-size:12pt;">&#8221;), certain Subsidiaries of the Borrower party to the Credit Agreement referred to below, NATIONAL STORAGE AFFILIATES TRUST, a Maryland real estate investment trust (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Parent Guarantor</font><font style="font-family:inherit;font-size:12pt;">&#8221; and, together with those certain Subsidiaries, collectively, the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Guarantors</font><font style="font-family:inherit;font-size:12pt;">&#8221;), the lender parties signatory hereto (each, an &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Increase Lender</font><font style="font-family:inherit;font-size:12pt;">&#8221; and collectively the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Increase Lenders</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and KeyBank National Association, as Administrative Agent (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Administrative Agent</font><font style="font-family:inherit;font-size:12pt;">&#8221;) for the Lenders (as hereinafter defined) and in its capacity as Swingline Lender and as issuer of Letters of Credit. All capitalized terms used herein without definitions shall have the meanings given to such terms in the Credit Agreement (as hereinafter defined). </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Amended and Restated Credit Agreement, dated as of May 6, 2016 (as amended, modified, supplemented or restated and in effect from time to time, the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Credit Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;), is by and among, among others, the Borrower, the Guarantors, the Administrative Agent and the financial institutions which are or become a party thereto as lenders (each a &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Lender</font><font style="font-family:inherit;font-size:12pt;">&#8221; and, collectively, the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Lenders</font><font style="font-family:inherit;font-size:12pt;">&#8221;);</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, Section 2.16 of the Credit Agreement provides that the Borrower may request, upon notice to the Administrative Agent and satisfaction of the conditions set forth in Section 2.16(b) (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Increase Conditions</font><font style="font-family:inherit;font-size:12pt;">&#8221;), that the Revolving Commitments and/or term loans made under the Credit Agreement be increased by an aggregate amount of up to $325,000,000;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Borrower has requested that the Revolving Commitments made under the Credit Agreement be increased by an aggregate amount equal to $50,000,000 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Increase</font><font style="font-family:inherit;font-size:12pt;">&#8221;), so that after giving effect to the Increase, the aggregate Revolving Commitments will equal $400,000,000;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font