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Exhibit 10.23
[BANK OF BOSTON LETTERHEAD]
August 28, 1996
Meridian Industrial Trust, Inc.
000 Xxxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxxxxxxx, Xxxxxxxxxx 00000
Attention: Xxxxxx X. Xxxxxx
Re: $75,000,000 Revolving Credit Agreement (the "Agreement") dated
February 23, 1996 by and among Meridian Industrial Trust, Inc.
("Borrower"), The First National Bank of Boston, Texas Commerce Bank
National Association, and NationsBank of Texas, N.A. (the "Banks").
1. Section 8.7(a)(ii)(b) of the Agreement states that the Borrower may not
pay distributions to shareholders in excess of 110% of Cash Available
for Distribution for the preceding four quarters except that commencing
with any quarter after December 31, 1996, such percentage will be
decreased to 100%. In order to further clarify this requirement,
beginning with the Compliance Certificate for the 2nd quarter of 1996
period, the Parties have agreed to modify this section as follows: For
Compliance Certificates covering periods prior to and including December
31, 1996, the Tear Period will begin with the quarter ended March 31,
1996 and may or may not include four quarters.
The Banks agree to waive Section 8.7(a)(ii)(b) for the period ended
March 31, 1996 but continue to require compliance with this section for
all future periods.
2. With regard to Section 7.15(a)(iv), the Banks further agree to allow
Sears to comprise up to 20% of the Cross Cash Receipts generated by the
Unencumbered Operating Properties so long as Sears shall maintain a
Xxxxx'x rating of at least A3.
Please sign below attesting to your agreement with the above terms.
MERIDIAN INDUSTRIAL TRUST, INC.
By: /s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
President
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THE FIRST NATIONAL BANK OF BOSTON
By: /s/ XXXXXX X. XXXXXXX
--------------------------------
Xxxxxx X. Xxxxxxx
TEXAS COMMERCE BANK NATIONAL ASSOCIATION
By: /s/ XXXXXXXXX X. XXXXXX
---------------------------------
Xxxxxxxxx X. Xxxxxx
NATIONSBANK OF TEXAS, N.A.
By: /s/ XXXXX O'X. XXXXXX
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Xxxxx O'X. Xxxxxx
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