Exhibit 10.2
FIRST AMENDMENT TO
AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT
This FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT (this Amendment) is made as of the 5th day of June, 2003, by and among (i) SL GREEN OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (Borrower), (ii) SL GREEN REALTY CORP., a Maryland corporation (the Company, and a Guarantor), (iii) each of the direct and indirect Subsidiaries of Borrower or the Company that is a signatory hereto under the caption Guarantors on the signature pages hereto, (iv) each of the financial institutions that is a signatory hereto under the caption Lenders on the signature pages hereto (individually, a Lender and, collectively, the Lenders), (v) WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent for the Lenders hereunder (in such capacity, Agent) and as arranger (in such capacity, Arranger), (vi) COMMERZBANK AG NEW YORK BRANCH, as syndication agent for the Lenders and (vii) EUROHYPO AG, NEW YORK BRANCH, as documentation agent for the Lenders, and is made with reference to that certain Amended and Restated Credit and Guaranty Agreement dated as of February 6, 2003, by and among Borrower, Guarantors, the lenders signatory thereto (the Existing Lenders), Agent, Arranger, syndication agent and documentation agent (as amended, restated, supplemented or otherwise modified from time to time, the Credit Agreement). Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement.
RECITALS
WHEREAS, under the terms of the Credit Agreement, the Existing Lenders provide to Borrower an unsecured term loan facility in the maximum amount of $150,000,000 (the Facility); and
WHEREAS, under the terms of the Credit Agreement, the Obligations of Borrower are jointly and severally unconditionally guaranteed by Guarantors, including, without limitation, with respect to certain Guarantors, pursuant to that certain Instrument of Adherence executed by said Guarantors dated as of March 17, 2003 (the Instrument of Adherence); and
WHEREAS, Borrower has requested, pursuant to § 2.2 of the Credit Agreement, that the Total Commitment be increased to $200,000,000, and certain Existing Lenders have agreed to increase their Commitments and a Lender not an Existing Lender has agreed to make a Commitment such that the Total Commitment shall be $200,000,000; and
WHEREAS, at the request of Borrower, Lenders have agreed to amend the Credit Agreement and Schedule 1.2 thereto in accordance with § 2.2(e) of the Credit Agreement in order to reflect the increase in Total Commitment and to make certain other
amendments to the Credit Agreement, including, without limitation, to extend the Maturity Date and substitute the Lenders for the Existing Lenders; and
WHEREAS, the parties hereto intend that this Amendment not constitute a novation or satisfaction of the Obligations or be deemed to evidence or constitute a repayment of all or any portion of such Obligations.
NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:
Maturity Date. June 5, 2008, or such earlier date on which the Loans shall become due and payable pursuant to the terms hereof.
Upon receipt of an affidavit (including appropriate indemnification) of an officer of any Lender as to the loss, theft, destruction or mutilation of such Lenders Note, and, in the case of such loss, theft, destruction or mutilation, upon cancellation of such Note, Borrower will issue, in lieu thereof, a replacement note in the same principal amount thereof and otherwise of like tenor.
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SECTION 30. TAX SHELTER PROVISIONS. None of Borrower, the Company, any other Guarantor or any Related Company intends to treat the Facility or the transactions contemplated by this Agreement and the other Loan Documents as being a reportable transaction (within the meaning of Treasury Regulation Section 1.6011-4). If Borrower, any Guarantor or any Related Company determines to take any action inconsistent with such intention, Borrower will promptly notify Agent thereof, who shall in turn, promptly notify
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the Lenders. If Borrower so notifies Agent, Borrower acknowledges that Agent and each of the Lenders may treat its respective Commitment Percentage of the Loans as part of a transaction that is subject to Treasury Regulation Section 301.6112-1, and Agent and any such Lender will maintain the lists and other records, including the identity of any applicable Persons, as required by such Treasury Regulation. Notwithstanding anything to the contrary set forth herein or in any other written or oral understanding or agreement entered into in connection with the transactions contemplated in this Agreement, Borrower, each Guarantor, each Lender and Agent acknowledge and agree that (i) any obligations of confidentiality contained herein or in any such understanding or agreement do not apply to the tax treatment and tax structure of the transactions contemplated by the Loan Documents (and any related transactions or arrangements), and each of Borrower, any Guarantor, any Lender and Agent (and each of their respective employees, representatives, or other agents) may disclose to any and all required Persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by the Loan Documents and all materials of any kind (including opinions or other tax analyses) that are provided to any such Person relating to such tax treatment and tax structure, all within the meaning of Treasury Regulations Section 1.6011-4; provided, however, that each such Person recognizes that the privilege each has to maintain, in its sole discretion, the confidentiality of a communication relating to the transactions contemplated by the Loan Documents, including a confidential communication with its attorney or a confidential communication with a federally authorized tax practitioner under Section 7525 of the Internal Revenue Code, is not intended to be affected by the foregoing. The authorization to disclose granted pursuant to the preceding sentence is subject to compliance with any applicable federal or state securities laws, and is not intended to permit disclosure of any other information, including without limitation, (A) any portion of any materials to the extent not required in order to analyze the tax treatment or tax structure of the transactions contemplated by the Loan Documents, (B) the identities of participants or potential participants in said transactions, except in compliance with any list maintenance obligation imposed by Treasury Regulations Section 301.6112-1, (C) the existence or status of any negotiations, (D) any pricing or financial information, except to the extent such information is required in order to analyze the tax treatment or tax structure of said transactions, or (E) any other term or detail not required in order to analyze the tax treatment or tax structure of said transactions.
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SECTION 2. BORROWERS REPRESENTATIONS AND WARRANTIES.
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Section 1 of this Amendment shall become effective only upon the satisfaction of all of the following conditions precedent (the date of satisfaction of such conditions being referred to herein as the First Amendment Effective Date):
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In furtherance of the foregoing clause (ii), each Lender receiving a replacement Note pursuant to the foregoing clause (ii) covenants that it shall promptly surrender to Agent, and Agent covenants that it shall promptly thereafter return to Borrower for cancellation, such Lenders existing Note replaced thereby.
Each of Borrower, the Company and each other Guarantor (each individually a Credit Support Party and, collectively, the Credit Support Parties) hereby acknowledges that it has reviewed the terms and provisions of the Credit Agreement and this Amendment and consents to the amendment of the Credit Agreement and Schedule 1.2 thereto effected pursuant to this Amendment. Each Credit Support Party hereby confirms that each Loan Document to which it is a party or otherwise bound will continue to guaranty or secure, as the case may be, to the fullest extent possible the payment and performance of all Obligations of Borrower now or hereafter existing under or in respect of the Credit Agreement and the Notes.
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IN WITNESS WHEREOF, the undersigned have duly executed this Agreement as a sealed instrument as of the date first set forth above.
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BORROWER: |
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SL
GREEN OPERATING PARTNERSHIP, |
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By: |
SL
Green Realty Corp., its general |
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By |
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Name: |
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Title: |
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GUARANTORS: |
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SL GREEN REALTY CORP. |
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By |
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Name: |
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Title: |
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NEW GREEN 1140 REALTY LLC |
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By: |
SL
Green Operating Partnership, |
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By |
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Green Realty Corp., its |
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By |
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Name: |
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Title: |
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SLG 17 BATTERY LLC |
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By: |
SL
Green Operating Partnership, |
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By: |
SL Green Realty Corp., its general partner |
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By |
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Name: |
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Title: |
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SL GREEN MANAGEMENT LLC |
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By: |
SL
Green Operating Partnership, |
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By: |
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Green Realty Corp., its |
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Name: |
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Title: |
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SLG IRP REALTY LLC |
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By: |
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Green Operating Partnership, |
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By: |
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Green Realty Corp., its |
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By |
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Name: |
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Title: |
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GREEN 286 MADISON LLC |
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By: |
SL
Green Operating Partnership, |
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By: |
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Green Realty Corp., its |
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Name: |
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Title: |
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GREEN 1370 BROADWAY LLC |
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By: |
SL
Green Operating Partnership, |
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By: |
SL
Green Realty Corp., its |
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By |
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Name: |
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Title: |
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GREEN 292 MADISON LLC |
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By: |
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Green Operating Partnership, |
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By: |
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Green Realty Corp., its |
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By |
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Name: |
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Title: |
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GREEN 110 EAST 42ND LLC |
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By: |
SL
Green Operating Partnership, |
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By: |
SL Green
Realty Corp., its |
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By |
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Name: |
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Title: |
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GREEN 1372 BROADWAY LLC |
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By: |
SL
Green Operating Partnership, |
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By: |
SL
Green Realty Corp., its |
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By |
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Name: |
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Title: |
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GREEN 1466 BROADWAY LLC |
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By: |
SL
Green Operating Partnership, |
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By: |
SL
Green Realty Corp., its |
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By |
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Name: |
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Title: |
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GREEN 440 NINTH LLC |
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By: |
SL
Green Operating Partnership, |
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By: |
SL
Green Realty Corp., its |
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By |
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Name: |
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Title: |
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GREEN 470 PAS LLC |
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By: |
SL
Green Operating Partnership, |
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By: |
SL
Green Realty Corp., its |
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By |
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Name: |
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Title: |
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ADMINISTRATIVE AGENT: |
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WELLS FARGO BANK, NATIONAL ASSOCIATION, As Administrative Agent |
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By |
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Christopher B. Wilson |
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Vice President |
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LENDER: |
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WELLS FARGO BANK, NATIONAL ASSOCIATION |
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By |
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Christopher B. Wilson |
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Vice President |
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LENDER: |
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COMMERZBANK
AG NEW YORK |
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By |
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Name: |
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Title: |
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By |
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Name: |
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Title: |
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LENDER: |
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EUROHYPO AG, NEW YORK BRANCH |
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By |
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Name: |
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Title: |
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By |
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Name: |
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Title: |
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LENDER: |
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PB CAPITAL CORPORATION |
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By |
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Name: |
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Title: |
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By |
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Name: |
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Title: |
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LENDER: |
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KEYBANK NATIONAL ASSOCIATION |
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By |
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Title: |
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LENDER: |
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HSH
NORDBANK AG, NEW YORK |
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By |
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Name: |
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Title: |
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By |
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Name: |
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Title: |
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EXHIBIT A
LENDERS; DOMESTIC AND LIBOR LENDING OFFICES
WELLS FARGO BANK, NATIONAL ASSOCIATION
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Notices: |
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40 West 57th Street |
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New York, New York 10019 |
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Attention: |
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Mr. Mauricio J. Maldonado |
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Loan Administrator |
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Telephone: |
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212/315-7271 |
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Telefax: |
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212/581-0979 |
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Funding/Payments/Rate Options: |
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2120 East Park Place, Suite 100 |
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El Segundo, California 90245 |
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Attention: |
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Ms. Shirley Williams (Funding/Payments) |
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Telephone: |
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310/335-9475 |
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Telefax: |
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310/615-1014 |
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Attention: |
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Mr. Don Munoz (Rate Options) |
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Telephone: |
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310/335-9442 |
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Telefax: |
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310/615-1014 |
COMMERZBANK AG NEW YORK BRANCH
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Notices: |
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2 World Financial Center |
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New York, New York 10281 |
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Attention: |
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Mr. David Schwarz |
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Senior Vice President |
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Telephone: |
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212/266-7632 |
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Telefax: |
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212/266-7565 |
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Funding/Payments/Rate Options: |
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Attention: |
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Mr. Massimo Ippolito (Administration) |
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Telephone: |
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212/266-7707 |
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Telefax: |
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212/266-7772 |
EUROHYPO AG, NEW YORK BRANCH
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Notices: |
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1114 Avenue of the Americas, 29th Floor |
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New York, New York 10036 |
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Attention: |
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Mr. Alfred R. Koch |
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Telephone: |
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212/479-5705 |
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Telefax: |
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212/479-5800 |
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Funding/Payments/Rate Options: |
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Attention: |
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Ms. Stephanie Ortega (Operations/Administration) |
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Telephone: |
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212/479-5738 |
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Telefax: |
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212/479-5803 |
PB CAPITAL CORPORATION
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Notices: |
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590 Madison Avenue, 30th Floor |
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New York, New York |
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Attention: |
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Ms. Connie Pun |
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Telephone: |
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212/756-5626 |
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Telefax: |
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212/756-5536 |
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Funding/Payments/Rate Options: |
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Attention: |
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Ms. Sharon Fong (Operations/Administration) |
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Telephone: |
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212/756-5503 |
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Telefax: |
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212/756-5536 |
2
KEYBANK NATIONAL ASSOCIATION
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Notices: |
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575 Fifth Avenue, 38th Floor |
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New York, New York 10017 |
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Attention: |
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Mr. Timothy J. Mertens |
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Vice President |
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Telephone: |
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917/368-2390 |
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Telefax: |
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917/368-2370 |
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1146 19th Street, N.W., Suite 400 |
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Washington, District of Columbia |
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Attention: |
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Ms. Jennifer Dakin |
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Telephone: |
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202/452-4940 |
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Telefax: |
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202/452-4925 |
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Funding/Payments/Rate Options: |
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127 Public Square |
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OH-01-27-0839 |
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Cleveland, Ohio 44114 |
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Attention: |
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Mr. R. J. Quinn (Operations/Administration) |
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Telephone: |
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216/689-4343 |
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Telefax: |
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216/689-4721 |
HSH NORDBANK AG, NEW YORK BRANCH
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Notices: |
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Martensdamm 6 |
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24103 Kiel, Germany |
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Attention: |
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Ms. Heidrun Meyer |
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Telephone: |
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011-49-431-900-12364 |
|
Telefax: |
|
011-49-431-900-34123 |
|
|
|
|
|
Funding/Payments/Rate Options: |
||
|
590 Madison Avenue, 28th Floor |
||
|
New York, New York 10022 |
||
|
Attention: |
|
Mr. Faustino Lugo (Operations/Administration) |
|
|
|
Ms. Madeleine Ricci (Operations/Administration) |
|
Telephone: |
|
212/407-6124 / 212/407-6123 |
|
Telefax: |
|
212/407-6133 |
3
EXHIBIT B
SCHEDULE 1.2
COMMITMENTS AND COMMITMENT PERCENTAGES
|
Financial Institution |
|
Commitment |
|
Commitment |
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo Bank, National Association |
|
$ |
74,000,000 |
|
37.0 |
% |
|
|
|
|
|
|
|
|
|
Commerzbank AG New York Branch |
|
34,000,000 |
|
17.0 |
% |
|
|
|
|
|
|
|
|
|
|
Eurohypo AG, New York Branch |
|
29,000,000 |
|
14.5 |
% |
|
|
|
|
|
|
|
|
|
|
PB Capital Corporation |
|
24,000,000 |
|
12.0 |
% |
|
|
|
|
|
|
|
|
|
|
KeyBank National Association |
|
19,000,000 |
|
9.5 |
% |
|
|
|
|
|
|
|
|
|
|
HSH Nordbank AG, New York Branch |
|
20,000,000 |
|
10.0 |
% |
|
|
|
|
$ |
200,000,000 |
|
100.0 |
% |