SEC Contract Filing

Filing Date: 2019-02-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.21
<SEQUENCE>6
<FILENAME>ess-123118xex1021.htm
<DESCRIPTION>EXHIBIT 10.21
<TEXT>
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<div><a name="se91bec444a934758ac697d88bf03ace3"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.21</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:32px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">FIRST AMENDMENT TO SECOND AMENDED AND RESTATED</font></div><div style="line-height:120%;padding-bottom:32px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">REVOLVING CREDIT AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (this &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">First Amendment</font><font style="font-family:inherit;font-size:10pt;">&#8221;) is made as of January&#160;11, 2019 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Effective Date</font><font style="font-family:inherit;font-size:10pt;">&#8221;), by and among ESSEX PORTFOLIO, L.P., a California limited partnership (&#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Borrower</font><font style="font-family:inherit;font-size:10pt;">&#8221;), the lenders which are parties hereto (collectively, the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Lenders</font><font style="font-family:inherit;font-size:10pt;">&#8221;) and PNC BANK, NATIONAL ASSOCIATION, as administrative agent under the Credit Agreement (in such capacity, &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Administrative Agent</font><font style="font-family:inherit;font-size:10pt;">&#8221;) and L/C Issuer.</font></div><div style="line-height:120%;padding-bottom:24px;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">BACKGROUND</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">A.</font><font style="font-family:inherit;font-size:10pt;">Administrative Agent, the Lenders, and Borrower entered into that certain Second Amended and Restated Revolving Credit Agreement, dated as of January 17, 2018 (the &#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Credit Agreement</font><font style="font-family:inherit;font-size:10pt;">&#8221;), pursuant to which the Lenders agreed to make revolving credit loans to Borrower under the terms and conditions set forth therein.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">B.</font><font style="font-family:inherit;font-size:10pt;">Administrative Agent, the Lenders and Borrower desire to modify the Credit Agreement and the other Loan Documents to (i) extend the Original Maturity Date, and (ii) modify certain other terms and provisions, on the terms and subject to the conditions herein set forth.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, agree as follows:</font></div><div style="line-height:120%;padding-bottom:24px;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">AGREEMENT</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Terms</font><font style="font-family:inherit;font-size:10pt;">. Capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement.</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:96px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">2.</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Amendments to Credit Agreement</font><font style="font-family:inherit;font-size:10pt;">. The Credit Agreement is hereby amended as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:144px;"><font