Looking for an agreement? Search from over 1 million agreements now.

10.5 1st Amend.to $40,000,000 Term Loan Credit

This is an actual contract by Gables Residential Trust.

Save time and money with our Premium Packages.
Buy all (8) recommended agreements for
$140.00 (50% savings)
Agreement Preview
Sectors: Real Estate
Governing Law: Georgia, View Georgia State Laws
Effective Date: August 05, 1997
Search This Document
FIRST AMENDMENT TO TERM LOAN


THIS FIRST AMENDMENT TO TERM LOAN (this "First Amendment") is dated as of the 5th day of August, 1997 among GABLES REALTY LIMITED PARTNERSHIP (the "Borrower"), WACHOVIA BANK, N.A., as Agent (the "Agent"), and WACHOVIA BANK, N.A., (the "Bank');


W I T N E S S E T H:


WHEREAS, the Borrower, the Agent and the Bank executed and delivered that certain Term Loan, dated as of the 15th day of November, 1996 (the "Credit Agreement");


WHEREAS, the Borrower has requested and the Agent and the Bank have agreed to certain amendments to the Credit Agreement, subject to the terms and conditions hereof;


NOW, THEREFORE, for and in consideration of the above premises and other good and valuable consideration, the receipt and sufficiency of which hereby is acknowledged by the parties hereto, the Borrower, the Agent and the Bank hereby covenant and agree as follows:


1. Definitions. Unless otherwise specifically defined herein, each term used
herein which is defined in the Credit Agreement shall have the meaning
assigned to such term in the Credit Agreement. Each reference to "hereof",
"hereunder", "herein" and "hereby" and each other similar reference and
each reference to "this Agreement" and each other similar reference
contained in the Credit Agreement shall from and after the date hereof
refer to the Credit Agreement as amended hereby.


2. Amendments.


2.1. Amendment to Section 2.05. Section 2.05 of the Credit Agreement is hereby
amended by deleting such Section in its entirety and by substituting
therefor the following:


SECTION 2.05. Interest Rates. (a) "Applicable Margin" means (i) for the period commencing on the Closing Date to and including the first Performance Pricing Determination Date, (x) for any Base Rate Loan, (0.25)%, and (y) for any Euro-Dollar Loan, 0.80%; and (ii) from and after the first Performance Pricing Determination Date, (x) for any Base Rate Loan, (0.25)% and (y) for each Euro-Dollar Loan, the percentage determined on each Performance Pricing Determination Date by reference to the table set forth below as to such type of Loan and the Debt Rating for the quarterly or annual period ending immediately prior to such Performance Pricing Determination Date; provided, that (i) if there is no Debt Rating, the Applicable Margin for the Euro Dollar Loans shall be based upon Level IV of the table if there is no Debt Rating, the Applicable Margin for the Euro-Dollar Loans shall be based upon Level IV of the table below, and (ii) for Euro-Dollar Loans in effect under the Original Agreement on the Closing Date, the Applicable Margin in effect under the Original Agreement shall continue to apply thereto for the remainder of the Interest Period with respect thereto.


Level I Level II Level III Level IV Debt BBB+ BBB BBB- less than BBB- Rating or or or or
Baal Baa2 Baa3 less than Baa3


Applicable 0.675 0.80 0.95 1.15 Margin


In determining the amounts to be paid by the Borrower pursuant to Sections 2.05(b), and 2.06(a), the Borrower and the Bank shall refer to the Borrower's Debt Rating from time to time. For purposes hereof, "Performance Pricing Determination Date" shall mean each date on which the Debt Rating changes. Each change in interest and fees as a result of a change in Debt Rating shall be effective only for Loans (including Refunding Loans) which are made on or after the relevant Performance Pricing Determination Date. All determinations hereunder shall be made by the Agent unless the Bank or the Borrower shall object to any such determination. The Borrower shall promptly notify the Agent of any change in the Debt Rating.


(b) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Loan is made until it becomes due, at a rate per annum equal to the Base Rate for such day less the Applicable Margin. Such interest shall be payable for each Interest Period on the last day thereof. Any overdue principal of and, to the extent permitted by applicable law, overdue interest on any Base Rate Loan shall bear interest, payable upon demand, for each day until paid at a rate per annum equal to the Default Rate.


(c) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to the sum of the Applicable Margin plus the applicable Adjusted London Interbank Offered Rate for such Interest Period. Such interest shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than 1 month, at intervals of 1 month after the first day thereof. Any overdue principal of and, to the extent permitted by law, overdue interest on any Euro-Dollar Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Default Rate.


The "Adjusted London Interbank Offered Rate" applicable to any Interest Period means a rate per annum equal to the quotient obtained (rounded upwards, if necessary, to the next higher 1/100th of 1%) by dividing (i) the applicable London Interbank Offered Rate for such Interest Period by (ii) 1.00 minus the Euro-Dollar Reserve Percentage.


The "London Interbank Offered Rate" applicable to any Euro-Dollar Loan means for the Interest Period of such Euro-Dollar Loan, the rate per annum determined on the basis of the offered rate for deposits in Dollars of amounts equal or comparable to the principal amount of such Euro-Dollar Loan offered for a term comparable to such Interest Period, which
-- End of Preview --
Home| About Us| FAQ| Subscription | Contact Us |

Privacy Policy   Terms of Service  54.92.148.165