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EXHIBIT 10.11.2
SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT
dated as of August 4, 1998
among
IRVINE APARTMENT COMMUNITIES, L.P.,
THE BANKS LISTED HEREIN,
BANK OF AMERICA NT&SA,
as Administrative Agent,
and
▇▇▇▇▇ FARGO BANK, N.A., as
Documentation Agent
with
▇.▇. ▇▇▇▇▇▇ SECURITIES, INC.,
as Syndication Agent
================================================================================
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TABLE OF CONTENTS
Page
ARTICLE I. THE AMENDMENT .....................................................1
SECTION 1.1. Letters of Credit ...........................................1
ARTICLE II. CONDITIONS TO EFFECTIVENESS OF THIS SECOND AMENDMENT ..............2
ARTICLE III. REPRESENTATIONS OF BORROWER .......................................2
ARTICLE IV. MISCELLANEOUS .....................................................3
SECTION 4.1. Capitalized Terms ...........................................3
SECTION 4.2. Ratification ................................................3
SECTION 4.3. Counterparts ................................................3
SECTION 4.4. Governing Law ...............................................3
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SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT
THIS SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT (this "Second
Amendment") dated as of August 4, 1998 among IRVINE APARTMENT COMMUNITIES, L.P.,
a Delaware limited partnership (the "Borrower"), the BANKS listed on the
signature pages hereof ("Banks"), BANK OF AMERICA NT&SA, as Administrative
Agent, and ▇▇▇▇▇ FARGO BANK, N.A., as Documentation Agent.
WHEREAS, Borrower, the Administrative Agent, the Documentation Agent and
the banks listed on the signature pages thereof entered into that certain
Revolving Credit Agreement ("Original Agreement") dated as of June 27, 1997;
WHEREAS, Borrower, the Banks, the Administrative Agent and the
Documentation Agent entered into that certain First Amendment to Revolving
Credit Agreement ("First Amendment") dated as of July 10, 1998. The Original
Agreement, as modified by the First Amendment shall be referred to herein as the
"Amended Agreement";
WHEREAS, Borrower, the Banks, the Administrative Agent and the
Documentation Agent wish to increase the amount of the Letter of Credit
subfacility set forth in the First Amendment. The Original Agreement, as
modified by the First Amendment and this Second Amendment may be referred to
herein as the "Credit Agreement";
NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements hereinafter set forth, the Borrower, the Banks, the
Administrative Agent and the Documentation Agent agree as follows:
ARTICLE I.
THE AMENDMENT
SECTION 1.1. Letters of Credit. Section 2.16(a) of the Amended Agreement
shall be amended to delete "Twenty-Five Million Dollars ($25,000,000)" and to
insert in lieu thereof "Fifty Million Dollars ($50,000,000)". In addition, the
following shall be inserted after the first sentence of Section 2.16(a):
"Notwithstanding anything to the contrary with respect to the foregoing
sentence, it is not the intention thereof to restrict the issuance of Letters of
Credit in connection with bond indebtedness and/or the enhancement thereof."
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ARTICLE II.
CONDITIONS TO EFFECTIVENESS OF THIS SECOND
AMENDMENT
The closing hereunder shall occur on the date when each of the following
conditions is satisfied (or waived by the Administrative Agent and the Banks),
each document to be dated the Closing Date unless otherwise indicated:
(a) the Borrower, the Administrative Agent, each of the Banks and any
Designated Bidders shall have executed and delivered to the Borrower and the
Administrative Agent a duly executed original of this Second Amendment;
(b) the Borrower shall have taken all actions required to authorize the
execution and delivery of this Second Amendment and the performance thereof by
the Borrower, and shall have supplied satisfactory evidence thereof to the
Administrative Agent;
(c) the Administrative Agent shall have received, for its and any other
Bank's account, all fees due and payable pursuant to the Credit Agreement on or
before the Closing Date, and the fees and expenses accrued through the Closing
Date of ▇▇▇▇▇▇, ▇▇▇▇ & ▇▇▇▇▇▇▇▇ LLP; and
(d) no Default or Event of Default shall have occurred.
ARTICLE III.
REPRESENTATIONS OF BORROWER
The Borrower hereby represents and warrants to the Administrative Agent,
Documentation Agent and each of the Banks the following:
(a) All of the representations and warranties contained in the Amended
Agreement are true and correct on and as of the date hereof and will be true and
correct after giving effect to this Second Amendment; the foregoing
representation and warranty is not intended to modify Section 6.1(d) of the
Credit Agreement.
(b) No event which constitutes a Default or an Event of Default under
the Amended Agreement, as amended hereby, has occurred and is continuing, or
would result from the execution and delivery of this Second Amendment.
(c) The Borrower has the power and authority to execute and deliver this
Second Amendment and to perform its obligations under the Amended Agreement, as
amended hereby, and all such action has been duly authorized by all necessary
proceeding on its part. The Credit Agreement and each of the Loan Documents has
been duly and validly executed and delivered by the Borrower and constitute a
valid and legally binding obligation of the Borrower enforceable in accordance
with its terms,
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except as limited by moratorium, bankruptcy, reorganization, insolvency or other
laws affecting creditor's rights generally or by the exercise of judicial
discretion in accordance with general principles of equity.
ARTICLE IV.
MISCELLANEOUS
SECTION 4.1 Capitalized Terms. The capitalized terms used herein which
are defined in the Amended Agreement and not otherwise defined herein shall have
the meanings specified therein.
SECTION 4.2 Ratification. The Amended Agreement, as hereby amended, is
in all respects ratified and confirmed, and all other rights and powers created
thereby or thereunder shall be and remain in full force and effect.
SECTION 4.3 Counterparts. This Second Amendment may be executed in
several counterparts, and each counterpart, when so executed and delivered,
shall constitute an original instrument, and all such separate counterparts
shall constitute one and the same instrument.
SECTION 4.4 Governing Law. THIS SECOND AMENDMENT AND THE OTHER LOAN
DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER
SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE
OF CALIFORNIA EXCEPT TO THE EXTENT PREEMPTED BY FEDERAL LAW (WITHOUT GIVING
EFFECT TO THE PRINCIPLES THEREOF RELATING TO CONFLICTS OF LAW).
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IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment
to be duly executed by their respective authorized officers as of the day and
year first above written.
IRVINE APARTMENT COMMUNITIES, L.P.,
a Delaware limited partnership
By: Irvine Apartment Communities,
Inc., a Maryland corporation,
General Partner
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇
-----------------------------------
Name: ▇▇▇▇▇ ▇. ▇▇▇▇
Title: Senior Vice President
and Chief Financial Officer
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇
-----------------------------------
Name: ▇▇▇▇▇ ▇▇▇▇▇
Title: Vice President
Corporate Finance and Controller
Facsimile number: (▇▇▇) ▇▇▇-▇▇▇▇
Address:
c/o Irvine Apartment Communities, Inc.
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attn: Vice President, Corporate Finance and
Controller
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Guarantor hereby acknowledges the foregoing Second Amendment and hereby ratifies
and reconfirms its obligations under those certain Guaranties dated as of July
10, 1998 ("Guarantied Obligations"), and expressly acknowledges that such
Guarantied Obligations refer to the obligations as set forth in the Credit
Agreement (as defined in the foregoing Second Amendment).
Irvine Apartment Communities,
Inc., a Maryland corporation
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇
----------------------------------------
Name: ▇▇▇▇▇ ▇. ▇▇▇▇
Title: Senior Vice President
and Chief Financial Officer
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇
----------------------------------------
Name: ▇▇▇▇▇ ▇▇▇▇▇
Title: Vice President,
Corporate Finance and Controller
Facsimile number: (▇▇▇) ▇▇▇-▇▇▇▇
Address:
Irvine Apartment Communities, Inc.
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attn: Vice President, Corporate Finance and
Controller
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Commitment Amount
$50,000,000
LIBOR Lending Office: BANK OF AMERICA NT & SA
▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
------------------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Attn: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Title: Vice President
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇
Domestic Lending Office:
▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attn: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇
Money Market Lending Office:
▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇
▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attn: ▇▇▇▇▇ ▇▇▇▇▇▇▇
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇
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Commitment Amount
$50,000,000
LIBOR Lending Office: ▇▇▇▇▇ FARGO BANK, ▇▇
▇▇▇▇▇ Fargo Bank, NA
Disbursement and Operations Center By: /s/ ▇▇▇ ▇▇▇▇▇
▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇ --------------------------------
El ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Name: ▇▇▇ ▇▇▇▇▇
Title: Vice President
Attn: ▇▇▇▇ ▇▇▇▇▇▇
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇
Domestic Lending Office:
▇▇▇▇▇ Fargo Bank, NA
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attn: Office Manager
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇
Money Market Lending Office:
▇▇▇▇▇ Fargo Bank, NA
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attn: Office Manager
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇
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Commitment Amount
$45,000,000
LIBOR Lending Office: ▇▇▇▇▇▇ GUARANTY TRUST COMPANY OF
NEW YORK
------------------------------
------------------------------
------------------------------ By: /s/ ▇▇▇▇▇▇▇ ▇. ▇'▇▇▇▇▇▇▇
------------------------------------
Attn: Name: ▇▇▇▇▇▇▇ ▇. ▇'▇▇▇▇▇▇▇
------------------------ Title: Vice President
Telecopy: ( )
--- -------------
Domestic Lending Office:
c/o ▇.▇. ▇▇▇▇▇▇ Services Inc.
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇
------------------------------ Attention: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇
------------------------------
------------------------------ Domestic and Euro-Currency
Lending Office:
Attn: Nassau, Bahamas Office
------------------------ c/o ▇.▇. ▇▇▇▇▇▇ Services, Inc.
Telecopy: ( ) ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
--- ------------- ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇
Attention: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇/1872
Money Market Lending Office:
------------------------------
------------------------------
------------------------------
Attn:
------------------------
Telecopy: ( )
--- -------------
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Commitment Amount
$40,000,000
LIBOR Lending Office: U.S. BANK
▇▇▇ ▇▇▇ ▇▇▇. S.
MPFP0509 By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ ------------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Title: Vice President
Attn: ▇▇▇▇▇ ▇▇▇▇▇▇▇
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇
Domestic Lending Office:
------------------------------
------------------------------
------------------------------
Attn:
------------------------
Telecopy: ( )
--- -------------
Money Market Lending Office:
------------------------------
------------------------------
------------------------------
Attn:
------------------------
Telecopy: ( )
--- -------------
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Commitment Amount
$25,000,000
LIBOR Lending Office: COMMERZBANK AG
LOS ANGELES BRANCH
COMMERZBANK AG
Grand Cayman Branch
c/o COMMERZBANK AG By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
New York Branch ------------------------------------
2 World Financial Center Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ Title: Vice President
By: /s/ ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
------------------------------------
Attn: ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇ Title: Assistant Vice President
Domestic Lending Office:
COMMERZBANK AG
Grand Cayman Branch
c/o COMMERZBANK AG
New York Branch
▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇
Attn: ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇
Money Market Lending Office:
COMMERZBANK AG
Grand Cayman Branch
c/o COMMERZBANK AG
New York Branch
▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇
Attn: ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇
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Commitment Amount
$20,000,000
LIBOR Lending Office: FIRST UNION BANK, N.A.
First Union National Bank
▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇-▇▇▇▇ By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇.
▇▇▇▇▇▇▇▇▇, ▇.▇. ▇▇▇▇▇ ------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇.
Title: Vice President
Attn: ▇▇▇ ▇▇▇▇▇▇▇▇
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇
Domestic Lending Office:
First Union National Bank
▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇-▇▇▇▇
▇▇▇▇▇▇▇▇▇, ▇.▇. ▇▇▇▇▇
Attn: ▇▇▇ ▇▇▇▇▇▇▇▇
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇
Money Market Lending Office:
First Union National Bank
▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇-▇▇▇▇
▇▇▇▇▇▇▇▇▇, ▇.▇. ▇▇▇▇▇
Attn: ▇▇▇ ▇▇▇▇▇▇▇▇
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇
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Commitment Amount
$20,000,000
LIBOR Lending Office: FLEET NATIONAL BANK
Fleet National Bank
▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇., ▇▇▇▇▇ ▇▇▇ By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Providence, R.I. 02903 -------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Vice President
Attn: ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇
Domestic Lending Office:
Fleet National Bank
▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇., ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇▇▇, R.I. 02903
Attn: ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇
Money Market Lending Office:
Fleet National Bank
▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇., ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇▇▇, R.I. 02903
Attn: ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇
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BANK OF AMERICA NT & SA,
as Administrative Agent
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
-------------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Title: Vice President
Attn: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇
DOMESTIC AND LIBOR LENDING OFFICE:
▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attn: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇
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Address: ▇▇▇▇▇ FARGO BANK, N.A.,
as Documentation Agent
▇▇▇▇▇ Fargo Bank, NA
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇ By /s/ ▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ --------------------------------------
Name: ▇▇▇▇ ▇▇▇▇▇▇
Title: Assistant Vice President
Attn: Office Manager
Telecopy: (▇▇▇) ▇▇▇-▇▇▇▇
