SEC Contract Filing

Filing Date: 2015-02-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>2
<FILENAME>q414exhibit109.htm
<DESCRIPTION>EXHIBIT 10.9
<TEXT>
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<a name="s9B77206A3FDAB2F74E53851F493AC82A"></a><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.9</font></div></div><br><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Loan Number: 1011173-0</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">FIRST AMENDMENT TO FIVE-YEAR TERM LOAN AGREEMENT</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">THIS FIRST AMENDMENT TO FIVE-YEAR TERM LOAN AGREEMENT (this &#8220;Amendment&#8221;) is dated as of November 3, 2014, by and among PREIT ASSOCIATES, L.P., a Delaware limited partnership (&#8220;PREIT&#8221;), PREIT-RUBIN, INC., a Pennsylvania corporation (&#8220;PREIT-RUBIN&#8221;; together with PREIT, each individually, a &#8220;Borrower&#8221; and collectively, the &#8220;Borrower&#8221;), PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, a Pennsylvania business trust (the &#8220;Parent&#8221;), each of the LENDERS (as defined below) and WELLS FARGO BANK, NATIONAL ASSOCIATION (the &#8220;Administrative Agent&#8221;).</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, the Borrower, the Parent, each of the financial institutions initially a signatory thereto together with their assignees pursuant to Section&#160;11.6.(b) (the &#8220;Lenders&#8221;), and the Administrative Agent have entered into that certain Five-Year Term Loan Agreement dated as of January 8, 2014 (as amended and in effect immediately prior to the date hereof, the &#8220;Term Loan Agreement&#8221;); and</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, the Borrower, the Parent, the Lenders and the Administrative Agent desire to amend certain provisions of the Term Loan Agreement on the terms and conditions contained herein.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Section&#160;1.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Definitions</font><font style="font-family:inherit;font-size:11pt;">. Capitalized terms used in this Amendment and not otherwise defined herein shall have the respective meanings given such terms in the Term Loan Agreement.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Specific Amendments to Term Loan Agreement</font><font style="font-family:inherit;font-size:11pt;">. Upon the effectiveness of this Amendment, the parties hereto agree that the Term Loan Agreement shall be amended as follows:</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(a)&#160;&#160;&#160;&#160;The Term Loan Agreement is amended by restating the definition of &#8220;Commitment Termination Date&#8221; set forth in Section&#160;1.1. in its entirety as follows:</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Commitment Termination Date</font><font style="font-family:inherit;font-size:11pt;">&#8221; means the earlier of (a) April 8, 2015, and&#160;(b) the date on which the Commitments have been terminated or reduced to zero.</font></div><div style="line-height:120%;text-align:justify;font