EX-10.9 2 dex109.htm CREDIT AGREEMENT, DATED AS OF NOVEMBER 3, 2009 Credit Agreement, dated as of November 3, 2009

Exhibit 10.9

Loan Number: 1001642-0

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EXECUTION COPY

 

 

 

CREDIT AGREEMENT

Dated as of November 3, 2009

by and among

NATIONAL RETAIL PROPERTIES, INC.,

                                                                          as Borrower,

THE FINANCIAL INSTITUTIONS PARTY HERETO

AND THEIR ASSIGNEES UNDER SECTION 12.6.,

                                                                         as Lenders,

WELLS FARGO BANK, NATIONAL ASSOCIATION,

                                                                         as Administrative Agent,

BANK OF AMERICA, N.A.,

                                                                         as Syndication Agent,

Each of

PNC BANK, NATIONAL ASSOCIATION

and

U.S. BANK NATIONAL ASSOCIATION,

                                                                         as a Documentation Agent,

and

Each of

WELLS FARGO SECURITIES, LLC

and

BANC OF AMERICA SECURITIES LLC,

                                                                          as Joint Lead Arrangers and Joint Bookrunners

 

 

 

 

TABLE OF CONTENTS

 

Article I. Definitions

      1   

Section 1.1.

    Definitions      1   

Section 1.2.

    General; References to Pacific Time      22   

Article II. Credit Facility

      22   

Section 2.1.

    Revolving Loans      22   

Section 2.2.

    Swingline Loans      23   

Section 2.3.

    Letters of Credit      25   

Section 2.4.

    Rates and Payment of Interest on Loans      29   

Section 2.5.

    Number of Interest Periods      30   

Section 2.6.

    Repayment of Loans      30   

Section 2.7.

    Prepayments      30   

Section 2.8.

    Continuation      30   

Section 2.9.

    Conversion      31   

Section 2.10.

    Notes      31   

Section 2.11.

    Extension of Termination Date      32   

Section 2.12.

    Expiration or Maturity Date of Letters of Credit Past Termination Date      32   

Section 2.13.

    Voluntary Reductions of the Commitment      33   

Section 2.14.

    Increase of Commitments      33   

Section 2.15.

    Amount Limitations      34   

Section 2.16.

    Funds Transfer Disbursements      34   

Article III. Payments, Fees and Other General Provisions

      35   

Section 3.1.

    Payments      35   

Section 3.2.

    Pro Rata Treatment      36   

Section 3.3.

    Sharing of Payments, Etc.      36   

Section 3.4.

    Several Obligations      37   

Section 3.5.

    Minimum Amounts      37   

Section 3.6.

    Fees      37   

Section 3.7.

    Computations      38   

Section 3.8.

    Usury      38   

Section 3.9.

    Statements of Account      39   

Section 3.10.

    Defaulting Lenders      39   

Section 3.11.

    Taxes; Foreign Lenders      41   

Article IV. Yield Protection, Etc.

      43   

Section 4.1.

    Additional Costs; Capital Adequacy      43   

Section 4.2.

    Suspension of LIBOR Loans      44   

Section 4.3.

    Illegality      45   

Section 4.4.

    Compensation      45   

Section 4.5.

    Affected Lenders      46   

Section 4.6.

    Treatment of Affected Loans      46   

Section 4.7.

    Change of Lending Office      47   

Section 4.8.

    Assumptions Concerning Funding of LIBOR Loans      47   

Article V. Conditions Precedent

      47   

Section 5.1.

    Initial Conditions Precedent      47   

Section 5.2.

    Conditions Precedent to All Loans and Letters of Credit      49   

Section 5.3.

    Conditions as Covenants      50   

Article VI. Representations and Warranties

      50   

Section 6.1.

    Representations and Warranties      50   

Section 6.2.

    Survival of Representations and Warranties, Etc.      56   

Article VII. Affirmative Covenants

      57   

Section 7.1.

    Preservation of Existence and Similar Matters      57   

Section 7.2.

    Compliance with Applicable Law      57   

Section 7.3.

    Maintenance of Property      57   

Section 7.4.

    Insurance      57   

Section 7.5.

    Payment of Taxes and Claims      57   

Section 7.6.

    Inspections      58   

Section 7.7.

    Use of Proceeds; Letters of Credit      58   

Section 7.8.

    Environmental Matters      58   

Section 7.9.

    Books and Records      59   

Section 7.10.

    Further Assurances      59   

Section 7.11.

    New Subsidiaries /Guarantors      59   

Section 7.12.

    REIT Status      60   

Section 7.13.

    Exchange Listing      60   

Article VIII. Information

      60   

Section 8.1.

    Quarterly Financial Statements      60   

Section 8.2.

    Year-End Statements      60   

Section 8.3.

    Compliance Certificate; Additional Information      60   

Section 8.4.

    Other Information      61   

Section 8.5.

    Electronic Delivery of Certain Information      63   

Section 8.6.

    Public/Private Information      64   

Section 8.7.

    USA Patriot Act Notice; Compliance      64   

Article IX. Negative Covenants

      64   

Section 9.1.

    Financial Covenants      64   

Section 9.2.

    Restricted Payments      65   

Section 9.3.

    Indebtedness      65   

Section 9.4.

    Certain Permitted Investments      66   

Section 9.5.

    Conduct of Business      66   

Section 9.6.

    Liens; Negative Pledges; Other Matters      66   

Section 9.7.

    Merger, Consolidation, Sales of Assets and Other Arrangements      67   

Section 9.8.

    Fiscal Year      67   

Section 9.9.

    Modifications of Organizational Documents      68   

Section 9.10.

    Transactions with Affiliates      68   

Section 9.11.

    ERISA Exemptions      68   

Section 9.12.

    Environmental Matters      68   

Section 9.13.

    Derivatives Contracts      68   

Article X. Default

      69   

Section 10.1.

    Events of Default      69   

Section 10.2.

    Remedies Upon Event of Default      72   

Section 10.3.

    Remedies Upon Default      73   

Section 10.4.

    Marshaling; Payments Set Aside      73   

Section 10.5.

    Allocation of Proceeds      73   

 

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Section 10.6.

    Collateral Account      74   

Section 10.7.

    Performance by Administrative Agent      75   

Section 10.8.

    Rights Cumulative      75   

Article XI. The Administrative Agent

      75   

Section 11.1.

    Appointment and Authorization      75   

Section 11.2.

    Administrative Agent’s Reliance      76   

Section 11.3.

    Notice of Events of Default      77   

Section 11.4.

    Wells Fargo as Lender      77   

Section 11.5.

    Approvals of Lenders      77   

Section 11.6.

    Lender Credit Decision, Etc.      78   

Section 11.7.

    Indemnification of Administrative Agent      79   

Section 11.8.

    Successor Administrative Agent      79   

Section 11.9.

    Titled Agents      80   

Article XII. Miscellaneous

      80   

Section 12.1.

    Notices      80   

Section 12.2.

    Expenses      81   

Section 12.3.

    Stamp, Intangible and Recording Taxes      82   

Section 12.4.

    Setoff      82   

Section 12.5.

    Litigation; Jurisdiction; Other Matters; Waivers      83   

Section 12.6.

    Successors and Assigns      83   

Section 12.7.

    Amendments and Waivers      85   

Section 12.8.

    Nonliability of Administrative Agent and Lenders      87   

Section 12.9.

    Confidentiality      87   

Section 12.10.

    Indemnification      88   

Section 12.11.

    Termination; Survival      90   

Section 12.12.

    Severability of Provisions      90   

Section 12.13.

    GOVERNING LAW      90   

Section 12.14.

    Counterparts      90   

Section 12.15.

    Obligations with Respect to Loan Parties      90   

Section 12.16.

    Independence of Covenants      90   

Section 12.17.

    Limitation of Liability      91   

Section 12.18.

    Entire Agreement      91   

Section 12.19.

    Construction      91   

Section 12.20.

    Headings      91   

 

SCHEDULE I    Commitments
SCHEDULE 1.1(A)    Existing Letters of Credit
SCHEDULE 1.1.(B)    List of Loan Parties
SCHEDULE 6.1.(b)    Ownership Structure
SCHEDULE 6.1.(f)    Properties
SCHEDULE 6.1.(g)    Indebtedness and Guaranties; Total Liabilities
SCHEDULE 6.1.(h)    Litigation
SCHEDULE 6.1(r)    Affiliate Transactions
SCHEDULE 6.1(x)    Unencumbered Assets

 

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EXHIBIT A    Form of Assignment and Assumption Agreement
EXHIBIT B    Form of Guaranty
EXHIBIT C    Form of Notice of Borrowing
EXHIBIT D    Form of Notice of Continuation
EXHIBIT E    Form of Notice of Conversion
EXHIBIT F    Form of Notice of Swingline Borrowing
EXHIBIT G    Form of Transfer Authorizer Designation Form
EXHIBIT H    Form of Revolving Note
EXHIBIT I    Form of Swingline Note
EXHIBIT J    Form of Opinion of Counsel
EXHIBIT K    Form of Compliance Certificate

 

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THIS CREDIT AGREEMENT (this “Agreement”) dated as of November 3, 2009, by and among NATIONAL RETAIL PROPERTIES, INC., a corporation formed under the laws of the State of Maryland (the “Borrower”), each of the financial institutions initially a signatory hereto together with their successors and assignees under Section 12.6. (the “Lenders”), WELLS FARGO BANK, NATIONAL ASSOCIATION (“Administrative Agent”), BANK OF AMERICA, N.A., as the Syndication Agent (the “Syndication Agent”), each of PNC BANK, NATIONAL ASSOCIATION and U.S. BANK NATIONAL ASSOCIATION, as a Documentation Agent (each a “Documentation Agent”), and each of WELLS FARGO SECURITIES, LLC AND BANC OF AMERICA SECURITIES LLC, as a joint lead arranger (each a “Joint Lead Arranger”) and joint bookrunner (each a “Joint Bookrunner”).

WHEREAS, the Administrative Agent, the Issuing Bank and the Lenders desire to make available to the Borrower a $400,000,000 revolving credit facility with a $20,000,000 swingline subfacility and a $30,000,000 letter of credit subfacility, on the terms and conditions contained herein.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto agree as follows:

ARTICLE I. DEFINITIONS

Section 1.1. Definitions.

In addition to terms defined elsewhere herein, the following terms shall have the following meanings for the purposes of this Agreement:

“Accession Agreement” means an Accession Agreement substantially in the form of Annex I to the Guaranty.

“Additional Costs” has the meaning given that term in Section 4.1.(b).

“Administrative Agent” means Wells Fargo Bank, National Association, as contractual representative for the Issuing Bank and the Lenders under the terms of this Agreement, or any successor Administrative Agent appointed pursuant to Section 11.8.

“Administrative Questionnaire” means the Administrative Questionnaire completed by each Lender and delivered to the Administrative Agent in a form supplied by the Administrative Agent to the Lenders from time to time.

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, controls or is controlled by or is under common control with the Person specified; provided, however, in no event shall the Administrative Agent, the Issuing Bank or any Lender or any of their respective Affiliates be an Affiliate of the Borrower. For purposes of this definition, “control” (including with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

“Agreement Date” means the date as of which this Agreement is dated.

 

“Applicable Law” means all applicable provisions of constitutions, statutes, rules, regulations and orders of any Governmental Authority, including all orders and decrees of all courts, tribunals and arbitrators.

“Applicable Margin” means the percentage per annum determined, at any time, based on the range into which the Borrower’s Credit Rating then falls, in accordance with the levels in the table set forth below (each a “Level”). As of the Agreement Date, the Applicable Margin is determined based on Level 3. Any change in the Borrower’s Credit Rating which would cause it to move to a different Level shall be effective as of the first day of the first calendar month immediately following receipt by the Administrative Agent of written notice delivered by the Borrower in accordance with Section 8.4.(m) that the Borrower’s Credit Rating has changed; provided, however, if the Borrower has not delivered the notice required by Section 8.4.(m) but the Administrative Agent becomes aware that the Borrower’s Credit Rating has changed, then the Administrative Agent may, in its sole discretion, adjust the Level effective as of the first day of the first calendar month following the date the Administrative Agent becomes aware that the Borrower’s Credit Rating has changed. During any period that the Borrower has received two Credit Ratings, the Applicable Margin shall be determined by the lower of such two Credit Ratings. During any period that the Borrower has received three Credit Ratings, the Applicable Margin shall be determined by the lower of the highest two Credit Ratings. During any period for which the Borrower has not received a Credit Rating from both of Moody’s and S&P, the Applicable Margin shall be determined based on Level 5.

 

Level

   

Borrower’s Credit Rating (S&P/Moody’s or equivalent)

    Applicable Margin  

1

    A-/A3 (or equivalent) or better      2.40 % 

2

    BBB+/Baa1 (or equivalent)      2.60 % 

3

    BBB/Baa2 (or equivalent)      2.80 % 

4

    BBB-/Baa3 (or equivalent)      3.00 % 

5

    Lower than BBB-/Baa3 (or equivalent)      3.40 % 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender, or (c) an entity or an Affiliate of any entity that administers or manages a Lender.

“Assignee” has the meaning given that term in Section 12.6.(c).

“Assignment and Assumption Agreement” means an Assignment and Assumption Agreement among a Lender, an Assignee and the Administrative Agent, substantially in the form of Exhibit A.

“Bankruptcy Code” means the Bankruptcy Code of 1978, as amended.

“Bankruptcy Proceeding” means a case, proceeding or condition of any of the types described in Section 10.1.(f) or (g).

“Base Rate” means the LIBOR Market Index Rate; provided, that if for any reason the LIBOR Market Index Rate is unavailable, Base Rate shall mean the per annum rate of interest equal to the Federal Funds Rate plus one and one-half of one percent (1.50%).

“Base Rate Loan” means a Revolving Loan bearing interest at a rate based on the Base Rate.

 

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“Benefit Arrangement” means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group.

“Borrower” has the meaning set forth in the introductory paragraph hereof and shall include the Borrower’s successors and permitted assigns.

“Business Day” means (i) a day of the week (but not a Saturday, Sunday or holiday) on which the offices of the Administrative Agent in San Francisco, California are open to the public for carrying on substantially all of the Administrative Agent’s business functions, and (ii) if such day relates to a LIBOR Loan, any such day that is also a day on which dealings in Dollar deposits are carried on in the London interbank market. Unless specifically referenced in this Agreement as a Business Day, all references to “days” shall be to calendar days.

“Capitalization Rate” means 9.0% or such higher percentage to which the Capitalization Rate may be increased pursuant to Section 2.11.

“Capitalized Lease Obligation” means obligations under a lease that are required to be capitalized for financial reporting purposes in accordance with GAAP. The amount of a Capitalized Lease Obligation is the capitalized amount of such obligation as would be required to be reflected on a balance sheet of the applicable Person prepared in accordance with GAAP as of the applicable date.

“Cash Equivalents” means: (a) securities issued, guaranteed or insured by the United States of America or any of its agencies with maturities of not more than one year from the date acquired; (b) certificates of deposit with maturities of not more than one year from the date acquired issued by a United States federal or state chartered commercial bank of recognized standing, or a commercial bank organized under the laws of any other country which is a member of the Organization for Economic Cooperation and Development, or a political subdivision of any such country, acting through a branch or agency, which bank has capital and unimpaired surplus in excess of $500,000,000.00 and which bank or its holding company has a short-term commercial paper rating of at least A-2 or the equivalent by S&P or at least P-2 or the equivalent by Moody’s; (c) reverse repurchase agreements with terms of not more than 7 days from the date acquired, for securities of the type described in clause (a) above and entered into only with commercial banks having the qualifications described in clause (b) above; (d) commercial paper issued by any Person incorporated under the laws of the United States of America or any State thereof and rated at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s, in each case with maturities of not more than one year from the date acquired; and (e) investments in money market funds registered under the Investment Company Act of 1940, as amended, which have net assets of at least $500,000,000.00 and at least 85.0% of whose assets consist of securities and other obligations of the type described in clauses (a) through (d) above.

“Collateral Account” means a special deposit account maintained by the Administrative Agent and under its sole dominion and control.

“Commitment” means, as to each Lender (other than the Swingline Lender), such Lender’s obligation (a) to make Revolving Loans pursuant to Section 2.1., (b) to issue (in the case of the Lender then acting as Issuing Bank) or participate in (in the case of the other Lenders) Letters of Credit pursuant to Section 2.3.(a) and 2.3.(i), respectively (but in the case of the Lender acting as the Issuing Bank excluding the aggregate amount of participations in the Letters of Credit held by the other Lenders), and (c) to participate in Swingline Loans pursuant to Section 2.2.(e), collectively, in an amount up to, but not exceeding, the amount set forth for such Lender on Schedule I hereto as such Lender’s “Commitment

 

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Amount” or as set forth in the applicable Assignment and Acceptance Agreement, as the same may be reduced from time to time pursuant to Section 2.13. or increased or reduced as appropriate to reflect any assignments to or by such Lender effected in accordance with Section 12.6.

“Commitment Percentage” means, as to each Lender, the ratio, expressed as a percentage, of (a) the amount of such Lender’s Commitment to (b) the aggregate amount of the Commitments of all Lenders hereunder; provided, however, that if at the time of determination the Commitments have terminated or been reduced to zero, the “Commitment Percentage” of each Lender shall be the Commitment Percentage of such Lender in effect immediately prior to such termination or reduction.

“Compliance Certificate” has the meaning given that term in Section 8.3.

“Construction Budget” means the fully budgeted costs associated with the acquisition and construction of real property (including, but not limited to, the cost of acquiring such real property) as reasonably determined by the Borrower in good faith.

“Continue”, “Continuation” and “Continued” each refers to the continuation of a LIBOR Loan from one Interest Period to another Interest Period pursuant to Section 2.8.

“Convert”, “Conversion” and “Converted” each refers to the conversion of a Loan of one Type into a Loan of another Type pursuant to Section 2.9.

“Credit Event” means any of the following: (a) the making (or deemed making) of any Loan, (b) the Conversion of a Loan, (c) the Continuation of a LIBOR Loan and (d) the issuance of a Letter of Credit.

“Credit Rating” means the rating assigned by a Rating Agency to the senior unsecured long term indebtedness of a Person.

“Default” means any of the events specified in Section 10.1., whether or not there has been satisfied any requirement for the giving of notice, the lapse of time, or both.

“Defaulting Lender” means any Lender, as determined by the Administrative Agent in good faith, that (a) has failed to fund (or has failed, within 3 Business Days after request by the Administrative Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund) any portion of a Loan, participations in Letter of Credit Liabilities under Section 2.3.(j) or participations in Swingline Loans under Section 2.2.(e), in each case required to be funded by it hereunder within one Business Day of the date required to be funded by it hereunder, (b) has otherwise failed to pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless such amount is the subject of a good faith dispute, (c) has notified the Borrower, the Administrative Agent or any other Lender in writing that, or has made a public statement to the effect that, it does not intend to comply with any of its funding obligations under this Agreement, or (d) has become or is (i) insolvent or (ii) the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment.

“Defaulting Lender Excess” means, with respect to any Defaulting Lender, the excess, if any, of such Defaulting Lender’s Commitment Percentage of the aggregate outstanding principal amount of Revolving Loans of all Lenders (calculated as if all Defaulting Lenders other than such Defaulting Lender had funded all of their respective Revolving Loans) over the aggregate outstanding principal amount of all Revolving Loans of such Defaulting Lender.

 

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“Derivatives Contract” means any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement. Not in limitation of the foregoing, the term “Derivatives Contract” includes any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement, including any such obligations or liabilities under any such master agreement.

“Derivatives Termination Value” means, in respect of any one or more Derivatives Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Derivatives Contracts, (a) for any date on or after the date such Derivatives Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a) the amount(s) determined as the mark-to-market value(s) for such Derivatives Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Derivatives Contracts (which may include the Administrative Agent or any Lender).

“Dollars” or “$” means the lawful currency of the United States of America.

“EBITDA” means, with respect to a Person for any period (without duplication): (a) net income (loss) (prior to Preferred Dividends and minority interests) of such Person for such period determined on a consolidated basis, in accordance with GAAP, exclusive of the following (but only to the extent included in determination of such net income (loss)): (i) depreciation and amortization expense and other non-cash charges; (ii) Interest Expense (without giving effect to clause (c) of the definition thereof); (iii) income tax expense or benefit; (iv) asset impairment and restructuring charges; (v) gains and losses from the extinguishment of debt and interest rate hedges, and (vi) extraordinary or non-recurring gains and losses, including without limitation, gains and losses from the sale of Properties; plus (b) such Person’s pro rata share of EBITDA of its Unconsolidated Affiliates. EBITDA shall be adjusted to remove any impact from straight line rent leveling adjustments required under GAAP and amortization of intangibles pursuant to Statement of the Financial Accounting Standards No. 141 and include any principal component of payments received under Finance Leases.

“Effective Date” means the later of (a) the Agreement Date and (b) the date on which all of the conditions precedent set forth in Section 5.1. shall have been fulfilled or waived in writing by the Requisite Lenders.

“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other Person (other than a natural person) approved by (i) the Administrative Agent and (ii) unless a Default or Event of Default exists, the Borrower (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include the Borrower or any of the Borrower’s Affiliates or Subsidiaries.

 

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“Eligible Mortgage Note Receivable” means a promissory note which satisfies all of the following requirements: (a) such promissory note is owned solely by the Borrower or a Guarantor; (b) such promissory note is secured by a first priority Mortgage; (c) neither such promissory note, nor any interest of the Borrower or such Guarantor therein, is subject to (i) any Lien other than Permitted Liens of the types described in clauses (a) through (c) of the definition thereof or (ii) any Negative Pledge; (d) the real property subject to such Mortgage is not subject to any other Lien other than Permitted Liens of the types described in clauses (a) through (c) of the definition thereof; (e) the real property subject to such Mortgage is free of all structural defects, environmental conditions or other adverse matters except for defects, conditions or matters individually or collectively which are not material to the profitable operation of such real property; (f) such real property is occupied and is in operation (or will be in operation after the completion of construction (which is otherwise permitted hereunder) with respect to such real property); (g) any required principal, interest or other payment due under such promissory note is not more than 60 days past due; and (h) there exists no default or event of default under such promissory note.

“Environmental Laws” means any Applicable Law relating to environmental protection or the manufacture, storage, remediation, disposal or clean-up of Hazardous Materials including, without limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.; Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq.; National Environmental Policy Act, 42 U.S.C. § 4321 et seq.; regulations of the Environmental Protection Agency, any applicable rule of common law and any judicial interpretation thereof relating primarily to the environment or Hazardous Materials, and any analogous or comparable state or local laws, regulations or ordinances that concern Hazardous Materials or protection of the environment.

“Equity Interest” means, with respect to any Person, any share of capital stock of (or other ownership or profit interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person whether or not certificated, any security convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other interests), and any other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest is authorized or otherwise existing on any date of determination.

“Equity Issuance” means any issuance or sale by a Person of any Equity Interest in such Person and shall in any event include the issuance of any Equity Interest upon the conversion or exchange of any security constituting Indebtedness that is convertible or exchangeable, or is being converted or exchanged, for Equity Interests.

“ERISA” means the Employee Retirement Income Security Act of 1974, as in effect from time to time.

“ERISA Event” means, with respect to the ERISA Group, (a) any “reportable event” as defined in Section 4043 of ERISA with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the withdrawal of a member of the ERISA Group from a Plan subject to Section 4063 of ERISA during a plan year in which it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) the incurrence by a member of the ERISA Group of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; (d) the incurrence by any member of the ERISA

 

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Group of any liability under Title IV of ERISA with respect to the termination of any Plan or Multiemployer Plan; (e) the institution of proceedings to terminate a Plan or Multiemployer Plan by the PBGC; (f) the failure by any member of the ERISA Group to make when due required contributions to a Multiemployer Plan or Plan unless such failure is cured within 30 days or the filing pursuant to Section 412(c) of the Internal Revenue Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard; (g) any other event or condition that might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or Multiemployer Plan or for the imposition of liability under Section 4069 or 4212(c) of ERISA; (h) the receipt by any member of the ERISA Group of any notice or the receipt by any Multiemployer Plan from any member of the ERISA Group of any notice, concerning the imposition of a Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent (within the meaning of Section 4245 of ERISA), in reorganization (within the meaning of Section 4241 of ERISA), or in “critical” status (within the meaning of Section 432 of the Internal Revenue Code or Section 304 of ERISA); (i) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any member of the ERISA Group or the imposition of an Lien in favor of the PBGC under Title IV of ERISA; or (j) a determination that a Plan is, or is reasonably expected to be, in “at risk” status (within the meaning of Section 430 of the Internal Revenue Code or Section 303 of ERISA).

“ERISA Group” means the Borrower, any Subsidiary and all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control, which, together with the Borrower or any Subsidiary, are treated as a single employer under Section 414 of the Internal Revenue Code.

“Event of Default” means any of the events specified in Section 10.1., provided that any requirement for notice or lapse of time or any other condition has been satisfied.

“Excluded Asset” means either a lease by the Borrower or any Guarantor, as lessor, of a real property asset, or a promissory note held by the Borrower or any Guarantor which is secured by a Mortgage on real property, in either case where (a) any required base rental payment, or principal or interest payment, as the case may be, is more than 60 days past due or (b) in the case of a lease wherein the tenant is the subject of a Bankruptcy Proceeding, such lease has been rejected in bankruptcy; provided that assets with respect to real property subject to a lease rejected in bankruptcy shall cease to be considered Excluded Assets once such real property has been re-leased to a third-party which is not otherwise subject to clause (a) or (b) above.

“Excluded Subsidiary” means any Subsidiary (a) either (i) holding title to assets which are or are to become collateral for any Secured Indebtedness of such Subsidiary which is prohibited from Guarantying the Indebtedness of any other Person pursuant to (x) any document, instrument or agreement evidencing such Secured Indebtedness or (y) a provision of such Subsidiary’s organizational documents which provision was included in such Subsidiary’s organizational documents as a condition to the extension of such Secured Indebtedness or (ii) that is not a Wholly Owned Subsidiary and cannot become a party to the Guaranty without violating terms of its articles of incorporation, operating agreement, partnership agreement, declaration of trust, shareholders agreement, member agreement or other similar organizational document, which terms expressly prohibit such Subsidiary from providing Guarantees of Indebtedness of any other Person and (b) for which none of the Borrower, any Subsidiary (other than another Excluded Subsidiary) or any other Loan Party has Guaranteed any of the Indebtedness of such Subsidiary (except for guarantees of customary exceptions for fraud, misapplication of funds, environmental indemnities and other similar exceptions to non-recourse liability (but not exceptions relating to bankruptcy, insolvency, receivership or other similar events)) or has any direct obligation to maintain or preserve such Subsidiary’s financial condition or to cause such Subsidiary to achieve any specified levels of operating results. A Subsidiary shall remain an Excluded Subsidiary for so long as (A) the above requirements are satisfied and (B) such Subsidiary does not Guarantee any Indebtedness of any Person (other than another Excluded Subsidiary).

 

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“Existing Credit Agreement” means the Eighth Amended and Restated Credit Agreement, dated as of December 13, 2005, by and among the Borrower, the financial institutions party thereto and their assignees, Wachovia Bank, National Association, as Administrative Agent, and the other parties thereto.

“Existing Letters of Credit” means each of the letters of credit issued by Wachovia Bank, National Association under the Existing Credit Agreement and described on Schedule 1.1(A).

“Extension Notification Date” has the meaning given that term in Section 2.11.

“Facility Fee” means the per annum percentage set forth in the table below corresponding to the Level at which the “Applicable Margin” is determined in accordance with the definition thereof:

 

Level

    Facility Fee  

1

      0.35 % 

2

      0.40 % 

3

      0.45 % 

4

      0.50 % 

5

      0.60 % 

Any change in the applicable Level at which the Applicable Margin is determined shall result in a corresponding and simultaneous change in the Facility Fee.

“Fair Market Value” means, with respect to (a) a security listed on a national securities exchange or the NASDAQ National Market, the price of such security as reported on such exchange by any widely recognized reporting method customarily relied upon by financial institutions and (b) with respect to any other property, the price which could be negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing buyer, neither of which is under pressure or compulsion to complete the transaction.

“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight Federal Funds transactions with members of the Federal Reserve System arranged by Federal Funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three Federal Funds brokers of recognized standing selected by the Administrative Agent.

“Fee Letter” means that certain fee letter dated as of September 17, 2009, by and among the Borrower, the Administrative Agent and the other parties thereto.

“Fees” means the fees and commissions provided for or referred to in Section 3.6. and any other fees payable by the Borrower hereunder, under any other Loan Document or under the Fee Letter.

“Finance Lease” means a lease of a real property asset which would be categorized as a capital lease under GAAP.

 

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“Fitch” means Fitch, Inc. and its successors.

“Fixed Charges” means, for any period, the sum of (a) Interest Expense for such period, (b) all regularly scheduled principal payments made with respect to Indebtedness of the Borrower and its Subsidiaries during such period, other than any balloon, bullet or similar principal payment which repays such Indebtedness in full, and (c) all Preferred Dividends paid during such period. The Borrower’s pro rata share of the Fixed Charges of Unconsolidated Affiliates of the Borrower shall be included in determinations of Fixed Charges.

“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business.

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination.

“Governmental Approvals” means all authorizations, consents, approvals, licenses and exemptions of, registrations and filings with, and reports to, all Governmental Authorities.

“Governmental Authority” means any national, state or local government (whether domestic or foreign), any political subdivision thereof or any other governmental, quasi-governmental, judicial, administrative, public or statutory instrumentality, authority, body, agency, bureau, commission, board, department or other entity (including, without limitation, the Federal Deposit Insurance Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with authority to bind a party at law.

“Gross Lease Revenues” means, for a given period, the aggregate gross revenue and tenant reimbursements of the Borrower and its Subsidiaries from leases of real property assets, (a) excluding with respect to such leases that are not Finance Leases, straight line rent adjustments (reported in the consolidated financial statements of the Borrower and its Subsidiaries for purposes of GAAP) in respect of such leases for such period, and (b) including the principal component of all payments actually received in respect of Finance Leases during such period. The Borrower’s pro rata share of the aggregate gross revenue from leases of real property assets of any Unconsolidated Affiliate of the Borrower shall be included.

“Guarantor” means, individually and collectively, as the context shall require: (i) all Material Subsidiaries (other than Excluded Subsidiaries), and (ii) any Subsidiary that elects to become a Guarantor.

“Guaranty”, “Guaranteed”, “Guarantying” or to “Guarantee” as applied to any obligation means and includes: (a) a guaranty (other than by endorsement of negotiable instruments for collection in the ordinary course of business), directly or indirectly, in any manner, of any part or all of such obligation, or (b) an agreement, direct or indirect, contingent or otherwise, and whether or not constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in the event of nonperformance) of any part or all of such obligation whether by: (i) the purchase of securities or obligations, (ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor with respect to such obligation to make any payment or performance (or payment of damages in the event of nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the supplying

 

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of funds to or in any other manner investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn down by beneficiaries of letters of credit (including Letters of Credit), or (v) the supplying of funds to or investing in a Person on account of all or any part of such Person’s obligation under a Guaranty of any obligation or indemnifying or holding harmless, in any way, such Person against any part or all of such obligation. As the context requires, “Guaranty” shall also mean the Guaranty to which the Guarantors are parties substantially in the form of Exhibit B.

“Hazardous Materials” means all or any of the following: (a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable Environmental Laws as “hazardous substances”, “hazardous materials”, “hazardous wastes”, “toxic substances” or any other formulation intended to define, list or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity, or “EP toxicity”; (b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal resources; (c) any flammable substances or explosives or any radioactive materials; (d) asbestos in any form; (e) toxic mold; and (f) electrical equipment which contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of fifty parts per million.

“Indebtedness” means, with respect to a Person, at the time of computation thereof, all of the following (without duplication): (a) all obligations of such Person in respect of money borrowed; (b) all obligations of such Person, whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions of credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are customarily paid or that are issued or assumed as full or partial payment for property or services rendered; (c) Capitalized Lease Obligations of such Person; (d) all reimbursement obligations of such Person under or in respect of any letters of credit or acceptances (whether or not the same have been presented for payment); (e) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Mandatorily Redeemable Stock issued by such Person or any other Person, valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; (f) all obligations of such Person in respect of any purchase obligation, repurchase obligation, takeout commitment or forward equity commitment, in each case evidenced by a binding agreement (excluding any such obligation to the extent the obligation can be satisfied by the issuance of Equity Interests (other than Mandatorily Redeemable Stock)); (g) net obligations under any Derivatives Contract not entered into as a hedge against existing Indebtedness, in an amount equal to the Derivatives Termination Value thereof; (h) all Indebtedness of other Persons which such Person has guaranteed or is otherwise recourse to such Person (except for guaranties of customary exceptions for fraud, misapplication of funds, environmental indemnities and other similar exceptions to non-recourse liability (but not exceptions relating to bankruptcy, insolvency, receivership or other similar events)); (i) all Indebtedness of another Person secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property or assets owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness or other payment obligation; and (j) such Person’s pro rata share of the Indebtedness of any Unconsolidated Affiliate of such Person. Indebtedness of any Person shall include Indebtedness of any partnership or joint venture in which such Person is a general partner or joint venturer to the extent of such Person’s pro rata share of the ownership of such partnership or joint venture (except if such Indebtedness, or portion thereof, is recourse to such Person, in which case the greater of such Person’s pro rata portion of such Indebtedness or the amount of the recourse portion of the Indebtedness, shall be included as Indebtedness of such Person). All Loans and Letter of Credit Liabilities shall constitute Indebtedness of the Borrower.

 

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“Intellectual Property” has the meaning given that term in Section 6.1.(s).

“Interest Expense” means, for any period, without duplication, (a) total interest expense of the Borrower and its Subsidiaries, including capitalized interest not funded under a construction loan interest reserve account, determined on a consolidated basis in accordance with GAAP for such period, plus (b) the Borrower’s pro rata share of Interest Expense of Unconsolidated Affiliates for such period less (c) non-cash interest expense from convertible debt pursuant to Financial Accounting Standards Board Staff Position No. APB 14-1.

“Interest Period” means with respect to any LIBOR Loan, each period commencing on the date such LIBOR Loan is made, or in the case of the Continuation of a LIBOR Loan the last day of the immediately preceding Interest Period for such Loan, and ending one week thereafter (if available from all of the Lenders) or on the numerically corresponding day in the first, third or sixth calendar month thereafter, as the Borrower may select in a Notice of Borrowing, Notice of Continuation or Notice of Conversion, as the case may be, except that each Interest Period (other than an Interest Period having a duration of one week) that commences on the last Business Day of a calendar month (or on a day of a month for which there is no numerically corresponding day in the appropriate subsequent calendar month) shall end on the last Business Day of the appropriate subsequent calendar month. Notwithstanding the foregoing: (i) if any Interest Period would otherwise end after the Termination Date, such Interest Period shall end on the Termination Date; and (ii) each Interest Period that would otherwise end on a day which is not a Business Day shall end on the immediately following Business Day (or, if such immediately following Business Day falls in the next calendar month, on the immediately preceding Business Day).

“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended.

“Investment” means, with respect to any Person, any acquisition or investment (whether or not of a controlling interest) by such Person, by means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance or extension of credit to, capital contribution to, Guaranty of Indebtedness of, or purchase or other acquisition of any Indebtedness of, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute the business or a division or operating unit of another Person. Any binding commitment to make an Investment in any other Person, as well as any option of another Person to require an Investment in such Person, shall constitute an Investment. Except as expressly provided otherwise, for purposes of determining compliance with any covenant contained in a Loan Document, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.

“Issuing Bank” means Wells Fargo or any other Lender, each in its capacity as an issuer of Letters of Credit pursuant to Section 2.3.

“Joint Arranger” has the meaning given that term in the introductory paragraph hereof and shall include successors and permitted assigns.

“L/C Commitment Amount” equals $30,000,000.

“Lender” means each financial institution from time to time party hereto as a “Lender”, together with its respective successors and permitted assigns, and, as the context requires, includes the Swingline Lender; provided, however, that the term “Lender” shall not include any Lender (or its Affiliates) in its capacity as a Specified Derivatives Provider.

 

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“Lending Office” means, for each Lender and for each Type of Loan, the office of such Lender specified in such Lender’s Administrative Questionnaire or in the applicable Assignment and Assumption Agreement, or such other office of such Lender as such Lender may notify the Administrative Agent in writing from time to time.

“Letter of Credit” has the meaning given that term in Section 2.3.(a).

“Letter of Credit Documents” means, with respect to any Letter of Credit, collectively, any application therefor, any certificate or other document presented in connection with a drawing under such Letter of Credit and any other agreement, instrument or other document governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations.

“Letter of Credit Liabilities” means, without duplication, at any time and in respect of any Letter of Credit, the sum of (a) the Stated Amount of such Letter of Credit plus (b) the aggregate unpaid principal amount of all Reimbursement Obligations of the Borrower at such time due and payable in respect of all drawings made under such Letter of Credit. For purposes of this Agreement, a Lender (other than the Lender then acting as Issuing Bank) shall be deemed to hold a Letter of Credit Liability in an amount equal to its participation interest under Section 2.3. in the related Letter of Credit, and the Lender then acting as the Issuing Bank shall be deemed to hold a Letter of Credit Liability in an amount equal to its retained interest in the related Letter of Credit after giving effect to the acquisition by the Lenders (other than the Lender then acting as the Issuing Bank) of their participation interests under such Section.

“Level” has the meaning given that term in the definition of the term “Applicable Margin.”

“LIBOR” means, for the Interest Period for any LIBOR Loan, the greater of (a) the rate of interest, rounded up to the nearest whole multiple of one-hundredth of one percent (.01%), obtained by dividing (i) the rate of interest referred to as the BBA (British Bankers’ Association) LIBOR rate as set forth by any service selected by the Administrative Agent that has been nominated by the British Bankers’ Association as an authorized information vendor for the purpose of displaying such rate for deposits in U.S. Dollars at approximately 9:00 a.m. Pacific time, 2 Business Days prior to the date of commencement of such Interest Period for purposes of calculating effective rates of interest for loans or obligations making reference thereto, for an amount approximately equal to the applicable LIBOR Loan and for a period of time approximately equal to such Interest Period by (ii) a percentage equal to 1 minus the stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”) as specified in Regulation D of the Board of Governors of the Federal Reserve System (or against any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Loans is determined or any applicable category of extensions of credit or other assets which includes loans by an office of any Lender outside of the United States of America) and (b) the LIBOR Floor. Any change in such maximum rate shall result in a change in LIBOR on the date on which such change in such maximum rate becomes effective.

“LIBOR Floor” means 1.00%.

“LIBOR Loan” means a Revolving Loan bearing interest at a rate based on LIBOR.

“LIBOR Market Index Rate” means, for any day, LIBOR as of that day that would be applicable for a LIBOR Loan having a one month Interest Period determined at approximately 9:00 a.m. Pacific time for such day (or if such day is not a Business Day, the immediately preceding Business Day). The LIBOR Market Index Rate shall be determined on a daily basis and in no event shall be less than the LIBOR Floor.

 

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“Lien” as applied to the property of any Person means: (a) any security interest, encumbrance, mortgage, deed to secure debt, deed of trust, assignment of leases or rents, pledge, lien, hypothecation, assignment, charge or lease constituting a Capitalized Lease Obligation, conditional sale or other title retention agreement, or other security title or encumbrance of any kind in respect of any property of such Person, or upon the income, rents or profits therefrom; (b) any arrangement, express or implied, under which any property of such Person is transferred, sequestered or otherwise identified for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person; (c) the filing of any financing statement under the Uniform Commercial Code or its equivalent in any jurisdiction; and (d) any agreement by such Person to grant, give or otherwise convey any of the foregoing.

“Loan” means a Revolving Loan or a Swingline Loan.

“Loan Document” means this Agreement, each Note, each Letter of Credit Document, the Guaranty and each other document or instrument now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this Agreement (other than the Fee Letter and any Specified Derivatives Contract).

“Loan Party” means each of the Borrower, any Guarantor and each other Person who guarantees all or a portion of the Obligations and/or who pledges any collateral security to secure all or a portion of the Obligations. Schedule 1.1.(B) sets forth the Loan Parties in addition to the Borrower as of the Agreement Date.

“Mandatorily Redeemable Stock” means, with respect to any Person, any Equity Interest of such Person which by the terms of such Equity Interest (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise, (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than an Equity Interest to the extent redeemable in exchange for common stock or other equivalent common Equity Interests), (b) is convertible into or exchangeable or exercisable for Indebtedness or Mandatorily Redeemable Stock, or (c) is redeemable at the option of the holder thereof, in whole or part (other than an Equity Interest which is redeemable solely in exchange for common stock or other equivalent common Equity Interests), in each case on or prior to the date on which all Loans are scheduled to be due and payable in full.

“Material Adverse Effect” means a materially adverse effect on (a) the business, assets, liabilities, condition (financial or otherwise), results of operations or business prospects of the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Borrower or any other Loan Party to perform its obligations under any Loan Document to which it is a party, (c) the validity or enforceability of any of the Loan Documents, (d) the rights and remedies of the Lenders, the Issuing Bank and the Administrative Agent under any of the Loan Documents or (e) the timely payment of the principal of or interest on the Loans or other amounts payable in connection therewith or the timely payment of all Reimbursement Obligations.

“Material Debt” has the meaning given that term in Section 10.1.(e)(i).

“Material Plan” means at any time a Plan or Plans having aggregate Unfunded Liabilities in excess of $1,000,000.

 

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“Material Subsidiary” means any Subsidiary to which $15,000,000 or more of Real Property Value is attributable on an individual basis.

“Mezzanine Investment” means (a) a promissory note secured by a second Mortgage of which the Borrower, a Guarantor or one of their respective Subsidiaries is the holder and retains the rights of collection of all payments thereunder or (b) a promissory note of which the Borrower, a Guarantor or one of their respective Subsidiaries is the holder and retains the rights of collection of all payments thereunder which promissory note is secured by a pledge of Equity Interests in a Person that owns a parcel (or group of related parcels) of real property subject to a Mortgage.

“Moody’s” means Moody’s Investors Service, Inc. and its successors.

“Mortgage” means a mortgage, deed of trust, deed to secure debt or similar security instrument made by a Person owning an interest in real property granting a Lien on such interest in real property as security for the payment of Indebtedness of such Person or another Person.

“Mortgage Receivable” means a promissory note secured by a first Mortgage of which the Borrower, a Guarantor or one of their respective Subsidiaries is the holder and retains the rights of collection of all payments thereunder.

“Multiemployer Plan” means at any time a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding six plan years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Group during such six year period.

“Negative Pledge” means, with respect to a given asset, any provision of a document, instrument or agreement (other than any Loan Document or Specified Derivatives Contract) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; provided, however, that an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge for purposes of this Agreement.

“Net Operating Income” or “NOI” means, for any Property and for a given period, the sum of the following (without duplication and determined on a consistent basis with prior periods): (a) Gross Lease Revenues and other revenues received in the ordinary course from such Property (including proceeds of rent loss insurance but excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants’ obligations for rent) minus (b) all expenses paid (excluding interest but including an appropriate accrual for taxes and insurance) related to the ownership, operation or maintenance of such Property, including but not limited to taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing and other expenses incurred in connection with such Property, but specifically excluding general overhead expenses of the Borrower or any Subsidiary and any property management fees) minus (c) the greater of (i) the actual property management fee paid during such period and (ii) an imputed management fee in the amount of one percent (1.0%) of the gross revenues for such Property for such period.

 

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“Net Proceeds” means with respect to any Equity Issuance by a Person, the aggregate amount of all cash and the Fair Market Value of all other property (other than securities of such Person being converted or exchanged in connection with such Equity Issuance) received by such Person in respect of such Equity Issuance net of investment banking fees, legal fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred by such Person in connection with such Equity Issuance.

“Nonrecourse Indebtedness” means, with respect to a Person, Indebtedness for borrowed money in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, and other similar customary exceptions to nonrecourse liability (but not exceptions relating to bankruptcy, insolvency, receivership or other similar events)) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness.

“Note” means a Revolving Note or a Swingline Note.

“Notice of Borrowing” means a notice substantially in the form of Exhibit C (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.1.(b) evidencing the Borrower’s request for a borrowing of Revolving Loans.

“Notice of Continuation” means a notice substantially in the form of Exhibit D (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.8. evidencing the Borrower’s request for the Continuation of a LIBOR Loan.

“Notice of Conversion” means a notice substantially in the form of Exhibit E (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.9. evidencing the Borrower’s request for the Conversion of a Loan from one Type to another Type.

“Notice of Swingline Borrowing” means a notice substantially in the form of Exhibit F (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Swingline Lender pursuant to Section 2.2.(b) evidencing the Borrower’s request for a Swingline Loan.

“Obligations” means, individually and collectively: (a) the aggregate principal balance of, and all accrued and unpaid interest on, all Loans; (b) all Reimbursement Obligations and all other Letter of Credit Liabilities; and (c) all other indebtedness, liabilities, obligations, covenants and duties of the Borrower or any of the other Loan Parties owing to the Administrative Agent, the Issuing Bank or any Lender of every kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents, including, without limitation, the Fees and indemnification obligations, whether direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory note. For the avoidance of doubt, “Obligations” shall not include Specified Derivatives Obligations.

“OFAC” means U.S. Department of the Treasury’s Office of Foreign Assets Control and any successor Governmental Authority.

“Participant” has the meaning given that term in Section 12.6.(b).

“PBGC” means the Pension Benefit Guaranty Corporation and any successor agency.

 

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“Permitted Liens” means, as to any Person, (a) Liens securing taxes, assessments and other charges or levies imposed by any Governmental Authority (excluding any Lien imposed pursuant to any of the provisions of ERISA or pursuant to any Environmental Laws) or the claims of materialmen, mechanics, carriers, warehousemen or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which are not at the time required to be paid or discharged under the applicable provisions of Section 7.5.; (b) Liens consisting of deposits or pledges made, in the ordinary course of business, in connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar Applicable Laws; (c) Liens consisting of encumbrances in the nature of zoning restrictions, easements, and rights or restrictions of record on the use of real property, which do not materially detract from the value of such property or impair the intended use thereof in the business of such Person; (d) the rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such Person; (e) Liens, if any, in favor of the Administrative Agent for its benefit and the benefit of the Lenders; (f) Liens in favor of the Borrower or a Guarantor securing obligations owing by a Subsidiary to the Borrower or a Guarantor; and (g) Liens in existence as of the Agreement Date and disclosed on Part II of Schedule 6.1.(f).

“Person” means any natural person, corporation, limited partnership, general partnership, joint stock company, limited liability company, limited liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, or any other nongovernmental entity, or any Governmental Authority.

“Plan” means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group or (b) has at any time within the preceding six years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at such time a member of the ERISA Group.

“Post-Default Rate” means, in respect of any principal of any Loan or any other Obligation that is not paid when due (whether at stated maturity, by acceleration, by optional or mandatory prepayment or otherwise), a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Margin plus four percent (4.0%).

“Potential Defaulting Lender” means any Lender, as reasonably determined by the Administrative Agent or the Swingline Lender, as applicable, that: (a) has failed to comply with, or has made a public statement to the effect that it does not intend to comply with, its funding obligations under one or more syndicated credit facilities or other agreements in which it commits or is obligated to extend credit (other than this Agreement); (b) has a parent corporation or other Affiliate that is subject to any condition or event described in the immediately preceding clause (a); or (c) has, or whose parent corporation has, a Credit Rating of less than BBB-/Baa3 (or equivalent) from either S&P or Moody’s. As used in this definition, the term “parent corporation” means, with respect to a Lender, any Person Controlling such Lender, including without limitation, the bank holding company (as defined in Regulation Y of the Board of Governors of the Federal Reserve System), if any, of such Lender.

“Preferred Dividends” means, for any period and without duplication, all Restricted Payments paid during such period on Preferred Equity Interests issued by the Borrower or a Subsidiary. Preferred Dividends shall not include dividends or distributions (a) paid or payable solely in Equity Interests (other than Mandatorily Redeemable Stock) payable to holders of such class of Equity Interests, (b) paid or payable to the Borrower or a Subsidiary, or (c) constituting or resulting in the redemption of Preferred Equity Interests, other than scheduled redemptions not constituting balloon, bullet or similar redemptions in full.

 

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“Preferred Equity Interests” means, with respect to any Person, Equity Interests in such Person which are entitled to preference or priority over any other Equity Interest in, such Person in respect of the payment of dividends or distribution of assets upon liquidation or both.

“Principal Office” means the office of the Administrative Agent located at 733 Marquette Avenue, Minneapolis, Minnesota 55402, or such other office of the Administrative Agent as the Administrative Agent may designate from time to time.

“Property” means any parcel of real property (together with all improvements thereon) owned or leased (in whole or in part) or operated by the Borrower, any Subsidiary or any Unconsolidated Affiliate of the Borrower and which is located in a state of the United States of America, the District of Columbia, Puerto Rico or Canada.

“Qualified Plan” shall mean a Benefit Arrangement that is intended to be tax-qualified under Section 401(a) of the Internal Revenue Code.

“Rating Agency” means S&P, Moody’s or Fitch.

“Real Property Value” means the annualized Net Operating Income as of the last day of the fiscal quarter of the Borrower most recently ended of all Properties in place at the end of such fiscal quarter divided by the applicable Capitalization Rate.

“Register” has the meaning given that term in Section 12.6.(d).

“Regulatory Change” means, with respect to any Lender, any change effective after the Agreement Date in Applicable Law (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) or the adoption or making after such date of any interpretation, directive or request applying to a class of banks, including such Lender, of or under any Applicable Law (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) by any Governmental Authority or monetary authority charged with the interpretation or administration thereof or compliance by any Lender with any request or directive regarding capital adequacy.

“Reimbursement Obligation” means the absolute, unconditional and irrevocable obligation of the Borrower to reimburse the Issuing Bank for any drawing honored by the Issuing Bank under a Letter of Credit.

“REIT” means a Person qualifying for treatment as a “real estate investment trust” under the Internal Revenue Code.

“Requisite Lenders” means, as of any date, Lenders having at least 66-2/3% of the aggregate amount of the Commitments, or, if the Commitments have been terminated or reduced to zero, Lenders holding at least 66 2/3% of the aggregate principal amount of the outstanding Revolving Loans, Swingline Loans and Letter of Credit Liabilities; provided that (i) in determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded, and (ii) at all times when two or more Lenders are party to this Agreement, the term “Requisite Lenders” shall in no event mean less than two Lenders unless only two Lenders are party to this Agreement and one of such Lenders is a Defaulting Lender. For purposes of this definition, a Lender (other than the Swingline Lender) shall be deemed to hold a Swingline Loan or a Letter of Credit Liability to the extent such Lender has acquired a participation therein under the terms of this Agreement and has not failed to perform its obligations in respect of such participation.

 

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“Restricted Payment” means (a) any dividend or other distribution, direct or indirect, on account of any Equity Interest of the Borrower or any Subsidiary now or hereafter outstanding, except a dividend payable solely in Equity Interests of identical class to the holders of that class; (b) any redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Equity Interest of the Borrower or any Subsidiary now or hereafter outstanding; and (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire any Equity Interests of the Borrower or any Subsidiary now or hereafter outstanding.

“Revolving Loan” means a loan made by a Lender to the Borrower pursuant to Section 2.1.(a).

“Revolving Note” has the meaning given that term in Section 2.10.(a).

“Sanctioned Entity” means (a) an agency of the government of, (b) an organization directly or indirectly controlled by, or (c) a Person resident in, in each case, a country that is subject to a sanctions program identified on the list maintained by the OFAC and published from time to time, as such program may be applicable to such agency, organization or Person.

“Sanctioned Person” means a Person named on the list of Specially Designated Nationals or Blocked Persons maintained by the OFAC as published from time to time.

“Secured Indebtedness” means, with respect to any Person, as of any given date, the aggregate principal amount of all Indebtedness of such Person outstanding at such date that is secured in any manner by any Lien on any property and in the case of the Borrower, shall include (without duplication) the Borrower’s pro rata share of the Secured Indebtedness of its Unconsolidated Affiliates.

“Securities Act” means the Securities Act of 1933, as amended from time to time, together with all rules and regulations issued thereunder.

“Securitization Investment” means an investment in residual interests in securitized pools of promissory notes, mortgage loans, chattel paper, leases or similar financial assets owned by the Borrower, its Subsidiaries, or any other Loan Party as of June 30, 2009.

“Solvent” means, when used with respect to any Person, that (a) the fair value and the fair salable value of its assets (excluding any Indebtedness due from any affiliate of such Person) are each in excess of the fair valuation of its total liabilities (including all contingent liabilities computed at the amount which, in light of all the fact and circumstances existing at such time, represents the amount that could reasonably be expected to become an actual and matured liability); (b) such Person is able to pay its debts or other obligations in the ordinary course as they mature; and (c) such Person has capital not unreasonably small to carry on its business and all business in which it proposes to be engaged.

“Specified Derivatives Contract” means any Derivatives Contract that is made or entered into at any time, or in effect at any time now or hereafter, whether as a result of an assignment or transfer or otherwise, between the Borrower or any Subsidiary of the Borrower and an Specified Derivatives Provider.

“Specified Derivatives Obligations” means all indebtedness, liabilities, obligations, covenants and duties of the Borrower or its Subsidiaries under or in respect of any Specified Derivatives Contract, whether direct or indirect, absolute or contingent, due or not due, liquidated or unliquidated, and whether or not evidenced by any written confirmation.

 

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“Specified Derivatives Provider” means any Lender, or any Affiliate of a Lender that is a party to a Derivatives Contract at the time the Derivatives Contract is entered into.

“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. and its successors

“Stated Amount” means the amount available to be drawn by a beneficiary under a Letter of Credit from time to time, as such amount may be increased or reduced from time to time in accordance with the terms of such Letter of Credit.

“Subsidiary” means, for any Person, any corporation, partnership, limited liability company or other entity of which at least a majority of the Equity Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other individuals performing similar functions of such corporation, partnership, limited liability company or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person, and shall include all Persons the accounts of which are consolidated with those of such Person pursuant to GAAP.

“Swingline Commitment” means the Swingline Lender’s obligation to make Swingline Loans pursuant to Section 2.2. in an amount up to, but not exceeding, $20,000,000, as such amount may be reduced from time to time in accordance with the terms hereof.

“Swingline Lender” means Wells Fargo Bank, National Association, together with its respective successors and assigns.

“Swingline Loan” means a loan made by the Swingline Lender to the Borrower pursuant to Section 2.2.

“Swingline Note” has the meaning given that term in Section 2.10.(a).

“Swingline Termination Date” means the date which is 7 Business Days prior to the Termination Date.

“Tangible Net Worth” means, as of a given date, (a) the stockholders’ equity of the Borrower and its Subsidiaries determined on a consolidated basis, plus (b) accumulated depreciation and amortization to the extent reflected in the determination of stockholders’ equity of the Borrower and its Subsidiaries, plus (c) the accumulated principal component of all payments made to the Borrower and its Subsidiaries in respect of Finance Leases to the extent reflected in the determination of stockholders’ equity of the Borrower and its Subsidiaries minus (d) the following (to the extent reflected in determining stockholders’ equity of the Borrower and its Subsidiaries): (i) the amount of any write-up in the book value of any assets contained in any balance sheet resulting from revaluation thereof or any write-up in excess of the cost of such assets acquired, and (ii) all amounts appearing on the assets side of any such balance sheet for assets which would be classified as intangible assets under GAAP, all determined on a consolidated basis.

“Taxes” has the meaning given that term in Section 3.11.

 

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“Termination Date” means November 2, 2012, or such later date to which the Termination Date may be extended pursuant to Section 2.11.

“Titled Agents” means each of the Joint Arrangers, the Syndication Agent and each of the Documentation Agents and their respective successors and permitted assigns.

“Total Asset Value” means (without duplication): (a) Real Property Value plus (b) 50.0% of the undepreciated cost of Properties that are developed but that are unleased and vacant plus (c) the book value of construction and undeveloped land plus (d) unrestricted cash and cash equivalents plus (e) book value of Mortgage Receivables plus (f) book value of notes and accounts receivables. Borrower’s pro rata share of assets held by Unconsolidated Affiliates will be included in Total Asset Value calculations consistent with the above described treatment for wholly owned assets.

“Total Liabilities” means, all GAAP liabilities including recourse and non-recourse mortgage Indebtedness, letters of credit, purchase obligations, repurchase obligations, forward commitments (including, but not limited to, forward equity commitments and commitments to purchase properties), unsecured Indebtedness, accounts payable, accrued expenses, Capitalized Lease Obligations (including ground leases to the extent required under GAAP to be reported as a liability), Guarantees of Indebtedness, subordinated debt, and unfunded obligations. Total Liabilities will include (without redundancy): (a) 100% of the recourse liability of the Borrower and its Subsidiaries under (i) Guarantees of Indebtedness or (ii) loans where the Borrower or a Subsidiary is liable for Indebtedness as a general partner or otherwise and (b) the pro rata share of the Borrower or any of its Subsidiaries of Nonrecourse Indebtedness in Unconsolidated Affiliates or Indebtedness that is not recourse to the Borrower and its other Subsidiaries. The calculation of Total Liabilities shall not include any fair value adjustments to the carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value option election under Financial Accounting Standards Board ASC 825-10-25 (formerly known as Statement of Financial Accounting Standards No. 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other Financial Accounting Standards Board standards allowing entities to elect fair value option for financial liabilities. Therefore, the amount of liabilities that is included in the calculation of Total Liabilities shall be the historical cost basis.

“Transfer Authorizer Designation Form” means a form substantially in the form of Exhibit G to be delivered to the Administrative Agent pursuant to Section 5.1.(xv), as the same may be amended, restated or modified from time to time with the prior written approval of the Administrative Agent.

“Type” with respect to any Revolving Loan, refers to whether such Loan is a LIBOR Loan or a Base Rate Loan.

“Unconsolidated Affiliate” means, with respect to any Person, any other Person in whom such Person holds an Investment, which Investment is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated under GAAP with the financial results of such Person on the consolidated financial statements of such Person.

“Unencumbered Asset Value” means the sum (without duplication) of (a) the Real Property Value attributable to Unencumbered Assets which are not Excluded Assets; plus (b) aggregate book value of all Eligible Mortgage Notes Receivable; plus (c) all of the Borrower’s and Guarantors’ cash and cash equivalents (excluding tenant deposits and other cash and cash equivalents the disposition of which is restricted in any way); provided, however, that if the aggregate value of such cash and cash equivalents would exceed 2.0% of Unencumbered Asset Value, the value of such cash and cash equivalents in excess of 2.0% of Unencumbered Asset Value shall be excluded in the determination of Unencumbered Asset Value hereunder; plus (d) 50.0% of the book value of all Unencumbered Assets which are vacant but

 

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which have not been vacant for more than 12 months; all as determined in accordance with GAAP. If the aggregate value of the items described in the preceding clauses (b), (c) and (d) above exceeds 10.0% of Unencumbered Asset Value, the value in excess of 10.0% of Unencumbered Asset Value shall be excluded in the determination of Unencumbered Asset Value.

“Unencumbered Assets” means, collectively, each Property of the Borrower or any Guarantor that meets the following criteria: (a) such Property is fully developed as a retail property; (b) the Property is domestic and owned entirely by the Borrower and/or a Guarantor; (c) neither such Property, nor any interest of the Borrower or any Subsidiary therein, is subject to any Lien (other than Permitted Liens of the types described in clauses (a) through (d) and clause (f) of the definition thereof) or a Negative Pledge; (d) if such Property is owned by a Guarantor (i) none of the Borrower’s direct or indirect ownership interest in such Guarantor is subject to any Lien (other than Permitted Liens described in clauses (a) through (c) of the definition thereof) or to a Negative Pledge; and (ii) the Borrower directly, or indirectly through a Subsidiary, has the right to take the following actions without the need to obtain the consent of any Person: (x) to sell, transfer or otherwise dispose of such Property and (y) to create a Lien on such Property as security for Indebtedness of the Borrower or such Guarantor, as applicable; and (e) such Property is free of all structural defects or major architectural deficiencies, title defects, environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters individually or collectively which are not material to the profitable operation of such Property.

“Unencumbered NOI” means the NOI attributable to Unencumbered Assets.

“Unfunded Liabilities” means, with respect to any Plan at any time, the amount (if any) by which (a) the value of all benefit liabilities under such Plan, determined on a plan termination basis using the assumptions prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds (b) the fair market value of all Plan assets allocable to such liabilities under Title IV of ERISA (excluding any accrued but unpaid contributions), all determined as of the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential liability of a member of the ERISA Group to the PBGC or any other Person under Title IV of ERISA.

“Unimproved Land” means raw land on which no development (other than improvements that are not material and are temporary in nature) has occurred and for which no development is scheduled in the following 12 months.

“Unsecured Indebtedness” means Indebtedness that is not Secured Indebtedness; provided, however, that any Indebtedness that is secured by a pledge of only Equity Interests shall be deemed to be Unsecured Indebtedness.

“Unsecured Interest Expense” means, for a given period, all Interest Expense of the Borrower and its Subsidiaries attributable to Unsecured Indebtedness of the Borrower and its Subsidiaries for such period.

“Wells Fargo” means Wells Fargo Bank, National Association, and its successors and assigns.

“Wholly Owned Subsidiary” means any Subsidiary of a Person in respect of which all of the Equity Interests (other than, in the case of a corporation, directors’ qualifying shares) are at the time directly or indirectly owned or controlled by such Person or one or more other Subsidiaries of such Person or by such Person and one or more other Subsidiaries of such Person.

“Withdrawal Liability” shall mean any liability as a result of a complete or partial withdrawal from a Multiemployer Plan as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

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Section 1.2. General; References to Pacific Time.

Unless otherwise indicated, all accounting terms, ratios and measurements shall be interpreted or determined in accordance with GAAP as in effect on the Agreement Date and consistently applied; provided that, if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Requisite Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Requisite Lenders); provided further that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. References in this Agreement to “Sections”, “Articles”, “Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless otherwise indicated. References in this Agreement to any document, instrument or agreement (a) shall include all exhibits, schedules and other attachments thereto, (b) shall include all documents, instruments or agreements issued or executed in replacement thereof, to the extent permitted hereby and (c) shall mean such document, instrument or agreement, or replacement or predecessor thereto, as amended, supplemented, restated or otherwise modified as of the date of this Agreement and from time to time thereafter to the extent not prohibited hereby and in effect at any given time. Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Unless explicitly set forth to the contrary, a reference to “Subsidiary” means a Subsidiary of the Borrower or a Subsidiary of such Subsidiary and a reference to an “Affiliate” means a reference to an Affiliate of the Borrower. Titles and captions of Articles, Sections, subsections and clauses in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. Unless otherwise indicated, all references to time are references to Pacific time.

ARTICLE II. CREDIT FACILITY

Section 2.1. Revolving Loans.

(a) Making of Revolving Loans. Subject to the terms and conditions set forth in this Agreement, including without limitation, Section 2.15. below, during the period from the Effective Date to but excluding the Termination Date, each Lender severally and not jointly agrees to make Revolving Loans to the Borrower, in an aggregate principal amount at any one time outstanding up to, but not exceeding, the amount of such Lender’s Commitment. Subject to the terms and conditions of this Agreement, during the period from the Effective Date to but excluding the Termination Date, the Borrower may borrow, repay and reborrow Revolving Loans hereunder.

(b) Requests for Revolving Loans. Not later than 9:00 a.m. at least 1 Business Day prior to a borrowing of Base Rate Loans and not later than 9:00 a.m. at least 3 Business Days prior to a borrowing of LIBOR Loans, the Borrower shall deliver to the Administrative Agent a Notice of Borrowing. Each Notice of Borrowing shall specify the aggregate principal amount of the Revolving Loans to be borrowed, the date such Revolving Loans are to be borrowed (which must be a Business Day), the use of the proceeds of such Revolving Loans, the Type of the requested Revolving Loans, and if such Revolving Loans are to be LIBOR Loans, the initial Interest Period for such Revolving Loans. Each Notice of Borrowing shall be irrevocable once given and binding on the Borrower. Prior to delivering a Notice of Borrowing, the Borrower may (without specifying whether a Revolving Loan will be a Base Rate Loan or

 

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a LIBOR Loan) request that the Administrative Agent provide the Borrower with the most recent LIBOR available to the Administrative Agent. The Administrative Agent shall provide such quoted rate to the Borrower on the date of such request or as soon as possible thereafter.

(c) Funding of Revolving Loans. Promptly after receipt of a Notice of Borrowing under the immediately preceding subsection (b), the Administrative Agent shall notify each Lender of the proposed borrowing. Each Lender shall deposit an amount equal to the Revolving Loan to be made by such Lender to the Borrower with the Administrative Agent at the Principal Office, in immediately available funds not later than 9:00 a.m. on the date of such proposed Revolving Loans. Subject to fulfillment of all applicable conditions set forth herein, the Administrative Agent shall make available to the Borrower at the Principal Office, not later than 12:00 noon on the date of the requested borrowing of Revolving Loans, the proceeds of such amounts received by the Administrative Agent. No Lender shall be responsible for the failure of any other Lender to make a Loan or to perform any other obligation to be made or performed by such other Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make any Loan or to perform any other obligation to be made or performed by such other Lender.

(d) Assumptions Regarding Funding by Lenders. With respect to Revolving Loans to be made after the Effective Date, unless the Administrative Agent shall have been notified by any Lender prior to the specified date of the borrowing that such Lender does not intend to make available to the Administrative Agent the Revolving Loan to be made by such Lender on such date, the Administrative Agent may assume that such Lender will make the proceeds of such Revolving Loan available to the Administrative Agent in accordance with this Section, and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption, make available to the Borrower the amount of such Revolving Loan to be provided by such Lender. In such event, if such Lender does not make available to the Administrative Agent the proceeds of such Revolving Loan, then such Lender and the Borrower severally agree to pay to the Administrative Agent on demand the amount of such Revolving Loan with interest thereon, for each day from and including the date such Revolving Loan is made available to the Borrower but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to such Revolving Loan under Section 2.4.(a). If the Borrower and such Lender shall pay the amount of such interest to the Administrative Agent for the same or overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays to the Administrative Agent the amount of such Revolving Loan, the amount so paid shall constitute such Lender’s Revolving Loan included in the borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make available the proceeds of a Revolving Loan to be made by such Lender.

Section 2.2. Swingline Loans.

(a) Swingline Loans. Subject to the terms and conditions hereof, including without limitation Section 2.15., during the period from the Effective Date to but excluding the Swingline Termination Date, the Swingline Lender agrees to make Swingline Loans to the Borrower in an aggregate principal amount at any one time outstanding up to, but not exceeding the Swingline Commitment. If at any time the aggregate principal amount of the Swingline Loans outstanding at such time exceeds the Swingline Commitment in effect at such time, the Borrower shall immediately pay the Administrative Agent for the account of the Swingline Lender the amount of such excess. Subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow Swingline Loans hereunder. The borrowing of a Swingline Loan shall not constitute usage of any Lender’s Commitment for purposes of calculation of the fee payable under Section 3.6.(b).

 

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(b) Procedure for Borrowing Swingline Loans. The Borrower shall give the Administrative Agent and the Swingline Lender notice pursuant to a Notice of Swingline Borrowing or telephonic notice of each borrowing of a Swingline Loan. Each Notice of Swingline Borrowing shall be delivered to the Swingline Lender no later than 9:00 a.m. on the proposed date of such borrowing. Any telephonic notice shall include all information to be specified in a written Notice of Swingline Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Swingline Borrowing sent to the Swingline Lender by telecopy on the same day of the giving of such telephonic notice. On the date of the requested Swingline Loan and subject to satisfaction of the applicable conditions set forth in Article V. for such borrowing, the Swingline Lender will make the proceeds of such Swingline Loan available to the Borrower in Dollars, in immediately available funds, at the account specified by the Borrower in the Notice of Swingline Borrowing not later than 11:00 a.m. on such date.

(c) Interest. Swingline Loans shall bear interest at a per annum rate equal to the Base Rate as in effect from time to time plus the Applicable Margin (or at such other rate or rates as the Borrower and the Swingline Lender may agree from time to time in writing). Interest payable on Swingline Loans is solely for the account of the Swingline Lender (except to the extent a Lender acquires a participating interest in a Swingline Loan pursuant to the immediately following subsection (e). All accrued and unpaid interest on Swingline Loans shall be payable on the dates and in the manner provided in Section 2.4. with respect to interest on Base Rate Loans (except as the Swingline Lender and the Borrower may otherwise agree in writing in connection with any particular Swingline Loan).

(d) Swingline Loan Amounts, Etc. Each Swingline Loan shall be in the minimum amount of $500,000 and integral multiples of $50,000 in excess thereof, or such other minimum amounts agreed to by the Swingline Lender and the Borrower. Any voluntary prepayment of a Swingline Loan must be in integral multiples of $100,000 or the aggregate principal amount of all outstanding Swingline Loans (or such other minimum amounts upon which the Swingline Lender and the Borrower may agree) and in connection with any such prepayment, the Borrower must give the Swingline Lender prior written notice thereof no later than 10:00 a.m. on the date of such prepayment. The Swingline Loans shall, in addition to this Agreement, be evidenced by the Swingline Note.

(e) Repayment and Participations of Swingline Loans. The Borrower agrees to repay each Swingline Loan within one Business Day of demand therefor by the Swingline Lender and, in any event, within 5 Business Days after the date such Swingline Loan was made; provided, that the proceeds of a Swingline Loan may not be used to repay a Swingline Loan. Notwithstanding the foregoing, the Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Swingline Loans on the Swingline Termination Date (or such earlier date as the Swingline Lender and the Borrower may agree in writing). In lieu of demanding repayment of any outstanding Swingline Loan from the Borrower, the Swingline Lender may, on behalf of the Borrower (which hereby irrevocably directs the Swingline Lender to act on its behalf for such purpose), request a borrowing of Base Rate Loans from the Lenders in an amount equal to the principal balance of such Swingline Loan. The amount limitations contained in Section 3.5.(a) shall not apply to any borrowing of Base Rate Loans made pursuant to this subsection. The Swingline Lender shall give notice to the Administrative Agent of any such borrowing of Base Rate Loans not later than 9:00 a.m. at least one Business Day prior to the proposed date of such borrowing, and the Administrative Agent shall give prompt notice of such borrowing to the Lenders. Not later than 9:00 a.m. on such date, each Lender will make available to the Administrative Agent at the Principal Office for the account of the Swingline Lender, in immediately available funds, the proceeds of the Base Rate Loan to be made by such Lender, and, to the extent of such Base Rate Loan, such Lender’s participation in the Swingline Loan so repaid shall be deemed to be

 

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funded by such Base Rate Loan. The Administrative Agent shall pay the proceeds of such Base Rate Loans to the Swingline Lender, which shall apply such proceeds to repay such Swingline Loan. At the time each Swingline Loan is made, each Lender shall automatically (and without any further notice or action) be deemed to have purchased from the Swingline Lender, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage in such Swingline Loan. If the Lenders are prohibited from making Loans required to be made under this subsection for any reason whatsoever, including without limitation, the occurrence of any of the Defaults or Events of Default described in Sections 10.1.(f) or 10.1.(g), upon notice from the Administrative Agent or the Swingline Lender, each Lender severally agrees to pay to the Administrative Agent for the account of the Swingline Lender in respect of such participation the amount of such Lender’s Commitment Percentage of each outstanding Swingline Loan in Dollars and in immediately available funds. If such amount is not in fact made available to the Administrative Agent by any Lender, the Swingline Lender shall be entitled to recover such amount on demand from such Lender, together with accrued interest thereon for each day from the date of demand thereof, at the Federal Funds Rate. If such Lender does not pay such amount forthwith upon demand therefor by the Administrative Agent or the Swingline Lender, and until such time as such Lender makes the required payment, the Swingline Lender shall be deemed to continue to have outstanding Swingline Loans in the amount of such unpaid participation obligation for all purposes of the Loan Documents (other than those provisions requiring the other Lenders to purchase a participation therein). Further, such Lender shall be deemed to have assigned any and all payments made of principal and interest on its Loans, and any other amounts due such Lender hereunder, to the Swingline Lender to fund Swingline Loans in the amount of the participation in Swingline Loans that such Lender failed to purchase pursuant to this Section until such amount has been purchased (as a result of such assignment or otherwise). A Lender’s obligation to make payments in respect of a participation in a Swingline Loan shall be absolute and unconditional and shall not be affected by any circumstance whatsoever, including without limitation, (i) any claim of setoff, counterclaim, recoupment, defense or other right which such Lender or any other Person may have or claim against the Administrative Agent, the Swingline Lender or any other Person whatsoever, (ii) the occurrence or continuation of a Default or Event of Default (including without limitation, any of the Defaults or Events of Default described in Sections 10.1. (f) or 10.1.(g), or the termination of any Lender’s Commitment, (iii) the existence (or alleged existence) of an event or condition which has had or could have a Material Adverse Effect, (iv) any breach of any Loan Document by the Administrative Agent, any Lender, the Borrower or any other Loan Party, or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

(f) Defaulting Lenders. Upon demand by the Swingline Lender at any time while a Lender is a Defaulting Lender or a Potential Defaulting Lender, the Borrower shall deliver to the Administrative Agent for the benefit of the Swingline Lender within one Business Day of such demand, cash collateral or other credit support satisfactory to the Swingline Lender in its sole discretion in an amount equal to such Defaulting Lender’s or Potential Defaulting Lender’s Commitment Percentage of the aggregate principal amount of the Swingline Loans then outstanding.

Section 2.3. Letters of Credit.

(a) Letters of Credit. Subject to the terms and conditions of this Agreement, including without limitation, Section 2.15., the Issuing Bank, on behalf of the Lenders, agrees to issue for the account of the Borrower (or the Borrower and any other Loan Party) during the period from and including the Effective Date to, but excluding, the date 30 days prior to the Termination Date, one or more standby letters of credit (each a “Letter of Credit”) up to a maximum aggregate Stated Amount at any one time outstanding not to exceed the L/C Commitment Amount. The parties hereto agree that the Existing Letters of Credit shall be deemed to be Letters of Credit hereunder.

 

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(b) Terms of Letters of Credit. At the time of issuance, the amount, form, terms and conditions of each Letter of Credit, and of any drafts or acceptances thereunder, shall be subject to approval by the Issuing Bank and the Borrower. Notwithstanding the foregoing, in no event may (i) the expiration date of any Letter of Credit extend beyond the Termination Date, or (ii) any Letter of Credit have an initial duration in excess of one year; provided, however, a Letter of Credit may contain a provision providing for the automatic extension of the expiration date in the absence of a notice of non-renewal from the Issuing Bank but in no event shall any such provision permit the extension of the expiration date of such Letter of Credit beyond the Termination Date.

(c) Requests for Issuance of Letters of Credit. The Borrower shall give the Issuing Bank and the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) at least 5 Business Days prior to the requested date of issuance of a Letter of Credit, such notice to describe in reasonable detail the proposed terms of such Letter of Credit and the nature of the transactions or obligations proposed to be supported by such Letter of Credit, and in any event shall set forth with respect to such Letter of Credit the proposed (i) initial Stated Amount, (ii) beneficiary, and (iii) expiration date. The Borrower shall also execute and deliver such customary applications and agreements for standby letters of credit, and other forms as requested from time to time by the Issuing Bank. Provided the Borrower has given the notice prescribed by the first sentence of this subsection and delivered such application and agreements referred to in the preceding sentence, subject to the other terms and conditions of this Agreement, including the satisfaction of any applicable conditions precedent set forth in Article V., the Issuing Bank shall issue the requested Letter of Credit on the requested date of issuance for the benefit of the stipulated beneficiary but in no event prior to the date 5 Business Days following the date after which the Issuing Bank has received all of the items required to be delivered to it under this subsection. Upon the written request of the Borrower, the Issuing Bank shall deliver to the Borrower a copy of (i) any Letter of Credit proposed to be issued hereunder prior to the issuance thereof and (ii) each issued Letter of Credit within a reasonable time after the date of issuance thereof. To the extent any term of a Letter of Credit Document is inconsistent with a term of any Loan Document, the term of such Loan Document shall control.

(d) Reimbursement Obligations. Upon receipt by the Issuing Bank from the beneficiary of a Letter of Credit of any demand for payment under such Letter of Credit, the Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by the Issuing Bank as a result of such demand and the date on which payment is to be made by the Issuing Bank to such beneficiary in respect of such demand; provided, however, that the Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse the Issuing Bank for the amount of each demand for payment under such Letter of Credit on or prior to the date on which payment is to be made by the Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind (other than notice as provided in this subsection). Upon receipt by the Issuing Bank of any payment in respect of any Reimbursement Obligation, the Issuing Bank shall promptly pay to each Lender that has acquired a participation therein under the second sentence of Section 2.3.(i) such Lender’s Commitment Percentage of such payment.

(e) Manner of Reimbursement. Upon its receipt of a notice referred to in the immediately preceding subsection (d), the Borrower shall advise the Administrative Agent and the Issuing Bank whether or not the Borrower intends to borrow hereunder to finance its obligation to reimburse the Issuing Bank for the amount of the related demand for payment and, if it does, the Borrower shall submit a timely request for such borrowing as provided in the applicable provisions of this Agreement. If the Borrower fails to so advise the Administrative Agent and the Issuing Bank, or if the Borrower has failed to reimburse the Issuing Bank for a demand for payment under a Letter of Credit by the date of such payment, after which the Issuing Bank has notified the Administrative Agent, then (i) if the applicable

 

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conditions contained in Article V. would permit the making of Revolving Loans, the Borrower shall be deemed to have requested a borrowing of Revolving Loans (which shall be Base Rate Loans) in an amount equal to the unpaid Reimbursement Obligation and the Administrative Agent shall give each Lender prompt notice of the amount of the Revolving Loan to be made available to the Administrative Agent not later than 1:00 p.m., and (ii) if such conditions would not permit the making of Revolving Loans, the provisions of subsection (j) of this Section shall apply. The minimum amount limitations of Section 3.5.(a) shall not apply to any borrowing of Base Rate Loans under this subsection.

(f) Effect of Letters of Credit on Commitments. Upon the issuance by the Issuing Bank of any Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Commitment of each Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Lender’s Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) any related Reimbursement Obligations then outstanding.

(g) Issuing Bank’s Duties Regarding Letters of Credit; Unconditional Nature of Reimbursement Obligations. In examining documents presented in connection with drawings under Letters of Credit and making payments under such Letters of Credit against such documents, the Issuing Bank shall only be required to use the same standard of care as it uses in connection with examining documents presented in connection with drawings under letters of credit in which it has not sold participations and making payments under such letters of credit. The Borrower assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, none of the Issuing Bank, Administrative Agent or any of the Lenders shall be responsible for, and the Borrower’s obligations in respect of the Letters of Credit shall not be affected in any manner by (i) the form, validity, sufficiency, accuracy, genuineness or legal effects of any document submitted by any party in connection with the application for and issuance of or any drawing honored under any Letter of Credit even if such document should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit, or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) failure of the beneficiary of any Letter of Credit to comply fully with conditions required in order to draw upon such Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, facsimile, electronic mail, telecopy or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit, or of the proceeds thereof; (vii) the misapplication by the beneficiary of any Letter of Credit, or of the proceeds of any drawing under any Letter of Credit; or (viii) any consequences arising from causes beyond the control of the Issuing Bank, Administrative Agent or the Lenders. None of the above shall affect, impair or prevent the vesting of any of the Issuing Bank’s, Administrative Agent’s or any Lender’s rights or powers hereunder. Any action taken or omitted to be taken by the Issuing Bank under or in connection with any Letter of Credit, if taken or omitted in the absence of gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final, non-appealable judgment), shall not create against the Issuing Bank any liability to the Borrower, the Administrative Agent or any Lender. In this connection, the obligation of the Borrower to reimburse the Issuing Bank for any drawing made under any Letter of Credit shall be absolute, unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement or any other applicable Letter of Credit Document under all circumstances whatsoever, including without limitation, the following circumstances: (A) any lack of validity or enforceability of any Letter of Credit Document or any term or provisions therein; (B) any amendment or waiver of or any consent to departure from all or any of the Letter of Credit Documents; (C) the existence of any claim, setoff, defense or other right which the Borrower may have at any time against the Issuing Bank, the Administrative Agent or any Lender, any beneficiary of a Letter of Credit or any other Person, whether in connection with this Agreement, the transactions

 

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contemplated hereby or in the Letter of Credit Documents or any unrelated transaction; (D) any breach of contract or dispute between the Borrower, the Issuing Bank, the Administrative Agent, any Lender or any other Person; (E) any demand, statement or any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein or made in connection therewith being untrue or inaccurate in any respect whatsoever; (F) any non-application or misapplication by the beneficiary of a Letter of Credit or of the proceeds of any drawing under such Letter of Credit; (G) payment by the Issuing Bank under the Letter of Credit against presentation of a draft or certificate which does not strictly comply with the terms of the Letter of Credit; and (H) any other act, omission to act, delay or circumstance whatsoever that might, but for the provisions of this Section, constitute a legal or equitable defense to or discharge of the Borrower’s Reimbursement Obligations.

(h) Amendments, Etc. The issuance by the Issuing Bank of any amendment, supplement or other modification to any Letter of Credit shall be subject to the same conditions applicable under this Agreement to the issuance of new Letters of Credit (including, without limitation, that the request therefor be made through the Issuing Bank), and no such amendment, supplement or other modification shall be issued unless either (i) the respective Letter of Credit affected thereby would have complied with such conditions had it originally been issued hereunder in such amended, supplemented or modified form or (ii) the Administrative Agent and Requisite Lenders (or all of the Lenders if required by Section 12.7.) shall have consented thereto. In connection with any such amendment, supplement or other modification, the Borrower shall pay the Fees, if any, payable under the last sentence of Section 3.6.(c).

(i) Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing Bank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Bank to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing Bank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Bank in respect of any Letter of Credit pursuant to the immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Issuing Bank, Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Bank pursuant to the second and the last sentences of Section 3.6.(c)).

(j) Payment Obligation of Lenders. Each Lender severally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, on demand in immediately available funds in Dollars the amount of such Lender’s Commitment Percentage of each drawing paid by the Issuing Bank under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Commitment Percentage of such drawing. Each Lender’s obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to receive the same for the account of the Issuing Bank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other Loan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1.(f) or (g) or (iv) the termination of the Commitments. Each such payment to the Administrative Agent for the account of the Issuing Bank shall be made without any offset, abatement, withholding or deduction whatsoever.

 

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(k) Information to Lenders. Promptly following any change in Letters of Credit outstanding, the Issuing Bank shall deliver to each Lender and the Borrower a notice describing the aggregate amount of all Letters of Credit outstanding at such time. Upon the request of any Lender from time to time, the Issuing Bank shall deliver any other information reasonably requested by such Lender with respect to each Letter of Credit then outstanding. Other than as set forth in this subsection, the Issuing Bank shall have no duty to notify the Lenders regarding the issuance or other matters regarding Letters of Credit issued hereunder. The failure of the Issuing Bank to perform its requirements under this subsection shall not relieve any Lender from its obligations under Section 2.3.(j).

(l) Existing Letters of Credit. With respect to each of the Existing Letters of Credit and any extensions of such Existing Letters of Credit made in accordance with the terms and conditions hereunder, Wachovia Bank, National Association (together with its successors) shall be deemed to be an Issuing Bank hereunder and shall have all of the rights and obligations under and in respect of this Agreement and the other Loan Documents, and shall be entitled to all of the same benefits (including, without limitation, the rights, obligations and benefits set forth in this Section 2.3. and in Sections 12.2. and 12.10.) as are afforded to an Issuing Bank hereunder and thereunder in its capacity as an Issuing Bank (and not as a Lender).

(m) Defaulting Lenders. Upon demand by the Administrative Agent at any time while a Lender is a Defaulting Lender or a Potential Defaulting Lender, the Borrower shall deliver to the Administrative Agent, for the benefit of the Issuing Bank, within one Business Day of such demand, cash collateral or other credit support satisfactory to the Issuing Bank in its sole discretion in an amount equal to such Defaulting Lender’s or Potential Defaulting Lender’s Commitment Percentage of the Letter of Credit Liabilities then outstanding.

Section 2.4. Rates and Payment of Interest on Loans.

(a) Rates. The Borrower promises to pay to the Administrative Agent for the account of each Lender interest on the unpaid principal amount of each Loan made by such Lender for the period from and including the date of the making of such Loan to but excluding the date such Loan shall be paid in full, at the following per annum rates:

(i) during such periods as such Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time), plus the Applicable Margin; and

(ii) during such periods as such Loan is a LIBOR Loan, at LIBOR for such Loan for the Interest Period therefor, plus the Applicable Margin.

Notwithstanding the foregoing, while an Event of Default exists, the Borrower shall pay to the Administrative Agent for the account of each Lender and the Issuing Bank, as the case may be, interest at the Post-Default Rate on the outstanding principal amount of any Loan made by such Lender, on all Reimbursement Obligations and on any other amount payable by the Borrower hereunder or under the Notes held by such Lender to or for the account of such Lender (including without limitation, accrued but unpaid interest to the extent permitted under Applicable Law).

(b) Payment of Interest. All accrued and unpaid interest on the outstanding principal amount of each Loan shall be payable (i) monthly in arrears on the first day of each calendar month, commencing with the first full calendar month occurring after the Effective Date and (ii) on any date on which the

 

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principal balance of such Loan is due and payable in full (whether at maturity, due to acceleration or otherwise). Interest payable at the Post-Default Rate shall be payable from time to time on demand. Promptly after the determination of any interest rate provided for herein or any change therein, the Administrative Agent shall give notice thereof to the Lenders to which such interest is payable and to the Borrower. All determinations by the Administrative Agent of an interest rate hereunder shall be conclusive and binding on the Lenders and the Borrower for all purposes, absent manifest error.

Section 2.5. Number of Interest Periods.

There may be no more than 6 different Interest Periods for LIBOR Loans outstanding at the same time.

Section 2.6. Repayment of Loans.

The Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Revolving Loans on the Termination Date.

Section 2.7. Prepayments.

(a) Optional. Subject to Section 4.4., the Borrower may prepay any Loan in whole or in part at any time without premium or penalty. The Borrower shall give the Administrative Agent at least 3 Business Days’ prior written notice of the prepayment of any LIBOR Loan and 1 Business Day’s prior written notice of prepayment of any Base Rate Loan.

(b) Mandatory. If at any time the aggregate principal amount of all outstanding Revolving Loans, together with the aggregate principal amount of all outstanding Letter of Credit Liabilities, and the aggregate principal amount of all outstanding Swingline Loans exceeds the aggregate amount of the Commitments in effect at such time, the Borrower shall immediately pay to the Administrative Agent for the accounts of the Lenders then holding Commitments (or if the Commitments have been terminated, then holding outstanding Revolving Loans, Swingline Loans, and/or Letter of Credit Liabilities), the amount of such excess. Such payment shall be applied to pay all amounts of principal outstanding on the Loans and any Reimbursement Obligations in accordance with the last sentence of Section 3.2., and if any Letters of Credit are outstanding at such time, the remainder, if any, shall be deposited into the Collateral Account for application to any Reimbursement Obligations. If the Borrower is required to pay any outstanding LIBOR Loans by reason of this Section prior to the end of the applicable Interest Period, the Borrower shall pay all amounts due under Section 4.4.

Section 2.8. Continuation.

So long as no Default or Event of Default exists, the Borrower may on any Business Day, with respect to any LIBOR Loan, elect to maintain such LIBOR Loan or any portion thereof as a LIBOR Loan by selecting a new Interest Period for such LIBOR Loan. Each new Interest Period selected under this Section shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period shall be made by the Borrower giving to the Administrative Agent a Notice of Continuation not later than 9:00 a.m. on the third Business Day prior to the date of any such Continuation. Such notice by the Borrower of a Continuation shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Continuation, specifying (a) the proposed date of such Continuation, (b) the LIBOR Loan and portion thereof subject to such Continuation and (c) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. Each Notice of Continuation shall be irrevocable by and binding on the Borrower once given. Promptly after receipt of a Notice of Continuation, the

 

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Administrative Agent shall notify each Lender of the proposed Continuation. If the Borrower shall fail to select in a timely manner a new Interest Period for any LIBOR Loan in accordance with this Section, or if a Default or Event of Default exists, such Loan will automatically, on the last day of the current Interest Period therefor, Convert into a Base Rate Loan notwithstanding the first sentence of Section 2.9. or the Borrower’s failure to comply with any of the terms of such Section.

Section 2.9. Conversion.

So long as no Default or Event of Default exists, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.4. Each such Notice of Conversion shall be given not later than 9:00 a.m. one Business Day prior to the date of any proposed Conversion into Base Rate Loans and 3 Business Days prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.

Section 2.10. Notes.

(a) Notes. The Revolving Loans made by each Lender shall, in addition to this Agreement, also be evidenced by a promissory note of the Borrower substantially in the form of Exhibit H (each a “Revolving Note”), payable to the order of such Lender in a principal amount equal to the amount of its Commitment as originally in effect and otherwise duly completed. The Swingline Loans made by the Swingline Lender to the Borrower shall, in addition to this Agreement, also be evidenced by a promissory note of the Borrower substantially in the form of Exhibit I (the “Swingline Note”), payable to the order of the Swingline Lender in a principal amount equal to the amount of the Swingline Commitment as originally in effect and otherwise duly completed.

(b) Records. The date, amount, interest rate, Type and duration of Interest Periods (if applicable) of each Loan made by each Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by such Lender on its books and such entries shall be binding on the Borrower absent manifest error; provided, however, that (i) the failure of a Lender to make any such record shall not affect the obligations of the Borrower under any of the Loan Documents and (ii) if there is a discrepancy between such records of a Lender and the statements of accounts maintained by the Administrative Agent pursuant to Section 3.9., in the absence of manifest error, the statements of account maintained by the Administrative Agent pursuant to Section 3.9. shall be controlling.

(c) Lost, Stolen, Destroyed or Mutilated Notes. Upon receipt by the Borrower of (i) written notice from a Lender that a Note of such Lender has been lost, stolen, destroyed or mutilated, and (ii)(A) in the case of loss, theft or destruction, an unsecured agreement of indemnity from such Lender in form reasonably satisfactory to the Borrower, or (B) in the case of mutilation, upon surrender and cancellation of such Note, the Borrower shall at its own expense execute and deliver to such Lender a new Note dated the date of such lost, stolen, destroyed or mutilated Note.

 

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Section 2.11. Extension of Termination Date.

Subject to the terms of this Section, the Borrower shall have the right, exercisable one time, to request that the Administrative Agent and the Lenders extend the Termination Date by one year. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 days but not more than 180 days prior to the current Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall forward to each Lender a copy of the Extension Request delivered to the Administrative Agent promptly upon receipt thereof. Not later than the date that is 30 days after the Administrative Agent’s receipt of the Extension Request, the Administrative Agent shall notify the Borrower if the Requisite Lenders have determined to condition the extension of the Termination Date on an increase in the Capitalization Rate to a percentage not to exceed 10.0%, and if so, what the new Capitalization Rate to become effective on the current Termination Date would be. Any new Capitalization Rate shall be the rate determined by the Requisite Lenders on the basis of then current market conditions and data. If the Requisite Lenders determine to condition the extension of the Termination Date on an increase in the Capitalization Rate, then not later than the date that is 30 days prior to the current Termination Date (the “Extension Notification Date”), the Borrower shall notify the Administrative Agent in writing of its decision to extend or not to extend the Termination Date by one year. If the Borrower fails to provide such written notification on or prior to the Extension Notification Date, the Borrower shall be deemed to have elected to extend the Termination Date by one year. If the Borrower elects, or is deemed to have elected, to extend the Termination Date, then subject to satisfaction of the following conditions, the Termination Date shall be extended for one year: (a) if the Requisite Lenders have conditioned the extension of the Termination Date on an increase in the Capitalization Rate, the Borrower shall have caused to be executed and delivered to the Administrative Agent such documents and agreements as the Administrative Agent may request to evidence such increase, (b) immediately prior to such extension and immediately after giving effect thereto, no Default or Event of Default shall exist, (c) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party would be true and correct immediately after giving effect to the requested extension of the Termination Date, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date) and (d) the Borrower shall have paid the Fees payable under Section 3.6.(d).

Section 2.12. Expiration or Maturity Date of Letters of Credit Past Termination Date.

If on the date the Commitments are terminated (whether voluntarily, by reason of the occurrence of an Event of Default or otherwise), there are any Letters of Credit outstanding hereunder, the Borrower shall, on such date, pay to the Administrative Agent, for its benefit and the benefit of the Lenders and the Issuing Bank, an amount of money equal to the Stated Amount of such Letter(s) of Credit for deposit into the Collateral Account. If a drawing pursuant to any such Letter of Credit occurs on or prior to the expiration date of such Letter of Credit, the Borrower authorizes the Administrative Agent to use the monies deposited in the Collateral Account to reimburse the Issuing Bank for the payment made by the Issuing Bank to the beneficiary with respect to such drawing or the payee with respect to such presentment. If no drawing occurs on or prior to the expiration date of such Letter of Credit, the Administrative Agent shall pay to the Borrower (or to whomever else may be legally entitled thereto) the monies deposited in the Collateral Account with respect to such outstanding Letter of Credit on or before the date 30 days after the expiration date of such Letter of Credit.

 

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Section 2.13. Voluntary Reductions of the Commitment.

The Borrower may terminate or reduce the aggregate unused amount of the Commitments (for which purpose use of the Commitments shall be deemed to include the aggregate amount of Letter of Credit Liabilities and the aggregate principal amount of all outstanding Swingline Loans) at any time and from time to time without penalty or premium upon not less than 5 Business Days prior written notice to the Administrative Agent of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction and shall be irrevocable once given and effective only upon receipt by the Administrative Agent (“Commitment Reduction Notice”); provided, however, that if the Borrower seeks to reduce the aggregate amount of the Commitments below $100,000,000, then the Commitments shall be reduced to zero and except as otherwise provided herein, the provisions of this Agreement shall terminate. Promptly after receipt of a Commitment Reduction Notice the Administrative Agent shall notify each Lender of the proposed termination or Commitment reduction. The Commitments, once terminated or reduced pursuant to this Section, may not be increased or reinstated. The Borrower shall pay all interest and fees on the Loans accrued to the date of such reduction or termination of the Commitments to the Administrative Agent for the account of the Lenders, including but not limited to any applicable compensation due to each Lender in accordance with Section 4.4. of this Agreement.

Section 2.14. Increase of Commitments.

The Borrower shall have the right at any time and from time to time during the period beginning on the Effective Date through and including the date 180 days prior to the Termination Date to request increases in the aggregate amount of the Commitments (provided that after giving effect to any increases in the Commitments pursuant to this Section, the aggregate amount of the Commitments shall not exceed $500,000,000) by providing written notice to the Administrative Agent, which notice shall be irrevocable once given. Each such increase in the Commitments must be an aggregate minimum amount of $50,000,000 and integral multiples of $15,000,000 in excess thereof. The Administrative Agent, in consultation with the Borrower, shall manage all aspects of the syndication of such increase in the Commitments, including decisions as to the selection of the existing Lenders and/or other banks, financial institutions and other institutional lenders to be approached with respect to such increase and the allocations of the increase in the Commitments among such existing Lenders and/or other banks, financial institutions and other institutional lenders. No Lender shall be obligated in any way whatsoever to increase its Commitment, and any new Lender becoming a party to this Agreement in connection with any such requested increase must be an Eligible Assignee. If a new Lender becomes a party to this Agreement, or if any existing Lender agrees to increase its Commitment, such Lender shall on the date it becomes a Lender hereunder (or increases its Commitment, in the case of an existing Lender) (and as a condition thereto) purchase from the other Lenders its Commitment Percentage (determined with respect to the Lenders’ relative Commitments and after giving effect to the increase of Commitments) of any outstanding Revolving Loans, by making available to the Administrative Agent for the account of such other Lenders, in same day funds, an amount equal to the sum of (A) the portion of the outstanding principal amount of such Revolving Loans to be purchased by such Lender plus (B) the aggregate amount of payments previously made by the other Lenders under Section 2.3.(j) which have not been repaid plus (C) interest accrued and unpaid to and as of such date on such portion of the outstanding principal amount of such Revolving Loans. The Borrower shall pay to the Lenders amounts payable, if any, to such Lenders under Section 4.4. as a result of the prepayment of any such Revolving Loans. Effecting the increase of the Commitments under this Section is subject to the following conditions precedent: (x) no Default or Event of Default shall be in existence on the effective date of such increase, (y) the representations and warranties made or deemed made by the Borrower or any other Loan Party in any Loan Document to which such Loan Party is a party shall be true or correct on the effective date of such increase except to the extent that such representations and warranties expressly relate solely to an earlier

 

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date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted hereunder, and (z) the Administrative Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent: (i) if not previously delivered to the Administrative Agent, copies certified by the Secretary or Assistant Secretary of (A) all corporate, partnership, member or other necessary action taken by the Borrower to authorize such increase and (B) all corporate, partnership, member or other necessary action taken by each Guarantor authorizing the guaranty of such increase; and (ii) an opinion of counsel to the Borrower and the Guarantors, and addressed to the Administrative Agent and the Lenders covering such matters as reasonably requested by the Administrative Agent, and (iii) new Notes executed by the Borrower, payable to any new Lenders and replacement Notes executed by the Borrower, payable to any existing Lenders increasing their Commitments, in the amount of such Lender’s Commitment at the time of the effectiveness of the applicable increase in the aggregate amount of the Commitments. In connection with any increase in the aggregate amount of the Commitments pursuant to this Section 2.14. any Lender becoming a party hereto shall execute such documents and agreements as the Administrative Agent may reasonably request.

Section 2.15. Amount Limitations.

Notwithstanding any other term of this Agreement or any other Loan Document, no Lender shall be required to make a Loan, and the Issuing Bank shall not be required to issue a Letter of Credit, if immediately after the making of such Loan or the issuance of such Letter of Credit the aggregate principal amount of all outstanding Revolving Loans, together with the aggregate amount of all Letter of Credit Liabilities and all Swingline Loans, would exceed the aggregate amount of the Commitments at such time.

Section 2.16. Funds Transfer Disbursements.

(a) Generally. The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Loan made by the Lenders or any of their Affiliates pursuant to the Loan Documents as requested by an authorized representative of the Borrower to any of the accounts designated in the Transfer Authorizer Designation Form. The Borrower agrees to be bound by any transfer request: (i) authorized or transmitted by the Borrower; or, (ii) made in the Borrower’s name by an authorized representative specified on the Transfer Authorizer Designation Form and accepted by the Administrative Agent in good faith and in compliance with this Section 2.16., even if not properly authorized by the Borrower. The Borrower further agrees and acknowledges that the Administrative Agent may rely solely on any bank routing number or identifying bank account number or name provided by the Borrower to effect a wire of funds transfer even if the information provided by the Borrower identifies a different bank or account holder than named by the Borrower. The Administrative Agent is not obligated or required in any way to take any actions to detect errors in information provided by the Borrower. If the Administrative Agent takes any actions in an attempt to detect errors in the transmission or content of transfer or requests or takes any actions in an attempt to detect unauthorized funds transfer requests, the Borrower agrees that no matter how many times the Administrative Agent takes these actions the Administrative Agent will not in any situation be liable for failing to take or correctly perform these actions in the future and such actions shall not become any part of the transfer disbursement procedures authorized under this provision, the Loan Documents, or any agreement between the Administrative Agent and the Borrower. The Borrower agrees to notify the Administrative Agent of any errors in the transfer of any funds or of any unauthorized or improperly authorized transfer requests within 14 days after the Administrative Agent’s confirmation to the Borrower of such transfer.

 

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(b) Funds Transfer. The Administrative Agent will, in its sole discretion, determine the funds transfer system and the means by which each transfer will be made. The Administrative Agent may delay or refuse to accept a funds transfer request if the transfer would: (i) violate the terms of this authorization; (ii) require use of a bank unacceptable to the Administrative Agent or any Lender or prohibited by any Governmental Authority; (iii) cause the Administrative Agent or any Lender to violate any Federal Reserve or other regulatory risk control program or guideline; or (iv) otherwise cause the Administrative Agent or any Lender to violate any Applicable Law or regulation.

(c) Limitation of Liability. None of the Administrative Agent, the Issuing Bank or any Lender shall be liable to the Borrower or any other parties for (i) errors, acts or failures to act of others, including other entities, banks, communications carriers or clearinghouses, through which the Borrower’s transfers may be made or information received or transmitted, and no such entity shall be deemed an agent of the Administrative Agent, the Issuing Bank or any Lender, (ii) any loss, liability or delay caused by fires, earthquakes, wars, civil disturbances, power surges or failures, acts of government, labor disputes, failures in communications networks, legal constraints or other events beyond Administrative Agent’s, Issuing Bank’s or any Lender’s control, or (iii) any special, consequential, indirect or punitive damages, whether or not (x) any claim for these damages is based on tort or contract or (y) the Administrative Agent, the Issuing Bank, any Lender or the Borrower knew or should have known the likelihood of these damages in any situation. None of the Administrative Agent, the Issuing Bank or any Lender makes any representations or warranties other than those expressly made in this Agreement.

ARTICLE III. PAYMENTS, FEES AND OTHER GENERAL PROVISIONS

Section 3.1. Payments.

(a) Payments by Borrower. Except to the extent otherwise provided herein, all payments of principal, interest, Fees and other amounts to be made by the Borrower under this Agreement, the Notes or any other Loan Document shall be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to the Administrative Agent at the Principal Office, not later than 11:00 a.m. on the date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). Subject to Section 10.5., the Borrower shall, at the time of making each payment under this Agreement or any other Loan Document, specify to the Administrative Agent the amounts payable by the Borrower hereunder to which such payment is to be applied. Each payment received by the Administrative Agent for the account of a Lender under this Agreement or any Note shall be paid to such Lender by wire transfer of immediately available funds in accordance with the wiring instructions provided by such Lender to the Administrative Agent from time to time, for the account of such Lender at the applicable Lending Office of such Lender. Each payment received by the Administrative Agent for the account of the Issuing Bank under this Agreement shall be paid to the Issuing Bank by wire transfer of immediately available funds in accordance with the wiring instructions provided by the Issuing Bank to the Administrative Agent from time to time, for the account of the Issuing Bank. In the event the Administrative Agent fails to pay such amounts to such Lender or the Issuing Bank, as the case may be, within one Business Day of receipt of such amounts, the Administrative Agent shall pay interest on such amount until paid at a rate per annum equal to the Federal Funds Rate from time to time in effect. If the due date of any payment under this Agreement or any other Loan Document would otherwise fall on a day which is not a Business Day such date shall be extended to the next succeeding Business Day and interest shall continue to accrue at the rate, if any, applicable to such payment for the period of such extension.

(b) Presumptions Regarding Payments by Borrower. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may (but shall not be obligated to), in reliance upon such

 

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assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent on demand that amount so distributed to such Lender or the Issuing Bank, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

Section 3.2. Pro Rata Treatment.

Except to the extent otherwise provided herein: (a) each borrowing from the Lenders under Sections 2.1.(a), 2.2.(e), and 2.3.(e) shall be made from the Lenders, each payment of the Fees under Sections 3.6.(b), the first sentence of Sections 3.6.(c) and Section 3.6.(d) shall be made for the account of the Lenders, and each termination or reduction of the amount of the Commitments under Section 2.13. shall be applied to the respective Commitments of the Lenders, pro rata according to the amounts of their respective Commitments; (b) each payment or prepayment of principal of Revolving Loans by the Borrower shall be made for the account of the Lenders pro rata in accordance with the respective unpaid principal amounts of the Revolving Loans held by them, provided that, subject to Section 3.10., if immediately prior to giving effect to any such payment in respect of any Revolving Loans the outstanding principal amount of the Revolving Loans shall not be held by the Lenders pro rata in accordance with their respective Commitments in effect at the time such Revolving Loans were made, then such payment shall be applied to the Revolving Loans in such manner as shall result, as nearly as is practicable, in the outstanding principal amount of the Revolving Loans being held by the Lenders pro rata in accordance with their respective Commitments; (c) each payment of interest on Revolving Loans by the Borrower shall be made for the account of the Lenders pro rata in accordance with the amounts of interest on such Revolving Loans then due and payable to the respective Lenders; (d) the Conversion and Continuation of Revolving Loans of a particular Type (other than Conversions provided for by Section 4.6.) shall be made pro rata among the Lenders according to the amounts of their respective Loans and the then current Interest Period for each Lender’s portion of each Loan of such Type shall be coterminous; (e) the Lenders’ participation in, and payment obligations in respect of, Swingline Loans under Section 2.2., shall be in accordance with their respective Commitment Percentage; and (f) the Lenders’ participation in, and payment obligations in respect of, Letters of Credit under Section 2.3., shall be in accordance with their respective Commitment Percentage. All payments of principal, interest, fees and other amounts in respect of the Swingline Loans shall be for the account of the Swingline Lender only (except to the extent any Lender shall have acquired a participating interest in any such Swingline Loan pursuant to Section 2.2.(e), in which case such payments shall be pro rata in accordance with such participating interests). Any payment or prepayment of principal or interest made (i) during the existence of a Default or Event of Default shall be made for the account of the Lenders in accordance with the order set forth in Section 10.5. and (ii) pursuant to Section 2.7.(b), shall be made for the account of the Swingline Lender and the Lenders holding Commitments (or, if the Commitments have been terminated, holding Revolving Loans and Letter of Credit Liabilities) in accordance with the order set forth in Section 10.5.

Section 3.3. Sharing of Payments, Etc.

If a Lender shall obtain payment of any principal of, or interest on, any Loan under this Agreement or shall obtain payment on any other Obligation owing by the Borrower or any other Loan Party through the exercise of any right of set-off, banker’s lien, counterclaim or similar right or otherwise or through voluntary prepayments directly to a Lender or other payments made by the Borrower or any other Loan Party to a Lender (other than any payment in respect of Specified Derivatives Obligations) not in accordance with the terms of this Agreement and such payment should be distributed to the Lenders in accordance with Section 3.2. or Section 10.5., as applicable, such Lender shall promptly

 

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purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Loans made by the other Lenders or other Obligations owed to such other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable, to the end that all the Lenders shall share the benefit of such payment (net of any reasonable expenses which may actually be incurred by such Lender in obtaining or preserving such benefit) in accordance with the requirements of Section 3.2. or Section 10.5., as applicable. To such end, all the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. The Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Loans or other Obligations owed to such other Lenders may exercise all rights of set-off, banker’s lien, counterclaim or similar rights with respect to such participation as fully as if such Lender were a direct holder of Loans in the amount of such participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation of the Borrower.

Section 3.4. Several Obligations.

No Lender shall be responsible for the failure of any other Lender to make a Loan or to perform any other obligation to be made or performed by such other Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make any Loan or to perform any other obligation to be made or performed by such other Lender.

Section 3.5. Minimum Amounts.

(a) Borrowings and Conversions. Each borrowing of Base Rate Loans shall be in an aggregate minimum amount of $100,000 and integral multiples of $100,000 in excess thereof. Each borrowing and each Conversion of LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount.

(b) Prepayments. Each voluntary prepayment of Revolving Loans shall be in an aggregate minimum amount of $100,000 and integral multiples of $100,000 in excess thereof (or, if less, the aggregate principal amount of Revolving Loans then outstanding).

(c) Reductions of Commitments. Each reduction of the Commitments under Section 2.13. shall be in an aggregate minimum amount of $10,000,000 and integral multiples of $5,000,000 in excess thereof.

(d) Letters of Credit. The initial Stated Amount of each Letter of Credit shall be at least $50,000.

Section 3.6. Fees.

(a) Closing Fee. On the Effective Date, the Borrower agrees to pay to the Administrative Agent and each Lender all loan fees as have been agreed to in writing by the Borrower and the Administrative Agent.

(b) Facility Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a facility fee equal to the average daily amount of the Commitment of such Lender (whether or not utilized) times the Facility Fee for the period from and including the Agreement Date to but excluding the date such Commitment is terminated or reduced to zero or the Termination Date, such fee

 

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to be paid quarterly in arrears on (i) the last day of each March, June, September and December in each year, (ii) the date of each reduction in the Commitments (but only on the amount of the reduction) and (iii) on the Termination Date. The Borrower acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrower as described herein and for no other purposes.

(c) Letter of Credit Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a letter of credit fee at a rate per annum equal to the Applicable Margin times the daily average Stated Amount of each Letter of Credit for the period from and including the date of issuance of such Letter of Credit (x) to and including the date such Letter of Credit expires or is terminated or (y) to but excluding the date such Letter of Credit is drawn in full. The fees provided for in the immediately preceding sentence shall be nonrefundable and payable in arrears (i) quarterly on the last day of March, June, September and December in each year, (ii) on the Termination Date, (iii) on the date the Commitments are terminated or reduced to zero and (iv) thereafter from time to time on demand of the Administrative Agent. In addition to such fees, the Borrower shall pay to the Issuing Bank solely for its own account and not the account of any Lender, a fronting fee in respect of each Letter of Credit at the rate equal to one-eighth of one percent (0.125%) per annum on the daily average Stated Amount of such Letter of Credit for the period from and including the date of issuance of such Letter of Credit (A) through and including the date such Letter of Credit expires or is terminated or (B) to but excluding the date such Letter of Credit is drawn in full. The fee provided for in the immediately preceding sentence shall be nonrefundable and payable upon issuance of the applicable Letter of Credit. The Borrower shall pay directly to the Issuing Bank from time to time on demand all commissions, charges, costs and expenses in the amounts customarily charged by the Issuing Bank from time to time in like circumstances with respect to the issuance of each Letter of Credit, drawings, amendments, extensions, renewals and other transactions relating thereto.

(d) Extension Fee. If the Borrower exercises its right to extend the Termination Date in accordance with Section 2.11., the Borrower agrees to pay to the Administrative Agent for the account of each Lender a fee equal to two-fifths of one percent (0.40%) of the amount of such Lender’s Commitment (whether or not utilized). Such fee shall be due and payable in full on the Extension Notification Date.

(e) Administrative and Other Fees. The Borrower agrees to pay the administrative and other fees of the Administrative Agent as provided in the Fee Letter and as may be otherwise agreed to in writing by the Borrower and the Administrative Agent from time to time.

Section 3.7. Computations.

Unless otherwise expressly set forth herein, any accrued interest on any Loan, any Fees or other Obligations due hereunder shall be computed on the basis of a year of 360 days and the actual number of days elapsed.

Section 3.8. Usury.

In no event shall the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest allowed by Applicable Law and, if any such payment is paid by the Borrower or any other Loan Party or received by any Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the respective Lender in writing that the Borrower elects to have such excess sum returned to it forthwith. It is the express intent of the parties hereto that the Borrower not pay and the Lenders not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under Applicable Law. The parties

 

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hereto hereby agree and stipulate that the only charge imposed upon the Borrower for the use of money in connection with this Agreement is and shall be the interest specifically described in Section 2.4.(a)(i) and (a)(ii) and in Section 2.2.(c). Notwithstanding the foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, facility fees, closing fees, letter of credit fees, underwriting fees, default charges, late charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Administrative Agent or any Lender to third parties or for damages incurred by the Administrative Agent or any Lender, in each case, in connection with the transactions contemplated by this Agreement and the other Loan Documents, are charges made to compensate the Administrative Agent or any such Lender for underwriting or administrative services and costs or losses performed or incurred, and to be performed or incurred, by the Administrative Agent and the Lenders in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of money. All charges other than charges for the use of money shall be fully earned and nonrefundable when due.

Section 3.9. Statements of Account.

The Administrative Agent will account to the Borrower monthly with a statement of Loans, accrued interest and Fees, charges and payments made pursuant to this Agreement and the other Loan Documents, and such account rendered by the Administrative Agent shall be deemed conclusive upon the Borrower absent manifest error. The failure of the Administrative Agent to deliver such a statement of accounts shall not relieve or discharge the Borrower from any of its obligations hereunder.

Section 3.10. Defaulting Lenders.

(a) Generally. If any Lender shall become a Defaulting Lender, then such Defaulting Lender’s right to participate in the administration of the Loans, this Agreement and the other Loan Documents, including without limitation, any right to vote in respect any amendment, consent or waiver of the terms of this Agreement or any other Loan Document, or to direct any action or inaction of the Administrative Agent or to be taken into account in the calculation of the Requisite Lenders, shall be suspended while such Lender remains a Defaulting Lender; provided, however, that the foregoing shall not permit an increase in such Lender’s Commitment or an extension of the Termination Date of such Lender’s Loans or other Obligations owing to such Lender, in each case, without such Lender’s consent. If a Lender is a Defaulting Lender because it has failed to make timely payment to the Administrative Agent of any amount required to be paid to the Administrative Agent hereunder (without giving effect to any notice or cure periods), then the Administrative Agent shall be entitled (i) to collect interest from such Defaulting Lender on such delinquent payment for the period from the date on which the payment was due until the date on which the payment is made at the Federal Funds Rate, (ii) to withhold or setoff and to apply in satisfaction of the defaulted payment and any related interest, any amounts otherwise payable to such Defaulting Lender under this Agreement or any other Loan Document and (iii) to bring an action or suit against such Defaulting Lender in a court of competent jurisdiction to recover the defaulted amount and any related interest. No Commitment of any Lender shall be increased or otherwise affected, and except as otherwise expressly provided in this Section, performance by the Borrower of its obligations hereunder and the other Loan Documents shall not be excused or otherwise modified, as a result of the operation of this Section. The rights and remedies of the Borrower, the Administrative Agent, the Issuing Bank, the Swingline Lender and the Lenders against a Defaulting Lender under this Section are in addition to any other rights and remedies the Borrower, the Administrative Agent, the Issuing Bank and the Lenders may have against such Defaulting Lender under this Agreement, any of the other Loan Documents, Applicable Law or otherwise.

 

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(b) Treatment of Payments. Until the Defaulting Lender Excess of a Defaulting Lender has been reduced to zero, any payment of the principal of the Revolving Loans shall, unless the Requisite Lenders agree otherwise, be applied to the outstanding principal balance of the Revolving Loans of the applicable Lenders that are not Defaulting Lenders. Any amount paid by the Borrower for the account of a Defaulting Lender under this Agreement or any other Loan Document will not be paid or distributed to such Defaulting Lender, but will instead be retained by the Administrative Agent in a segregated non-interest bearing account until such Defaulting Lender has ceased to be a Defaulting Lender in accordance with subsection (f) below or the termination of the Commitments and payment in full of all Obligations of the Borrower hereunder and the other Loan Documents, at which time such amounts will be applied by the Administrative Agent to the making of payments from time to time in the following order of priority: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent and the Swingline Lender under this Agreement; second, to the payment of interest then due and payable to the Lenders hereunder other than Defaulting Lenders, ratably among them in accordance with the amounts of such interest then due and payable to them; third, to the payment of Fees then due and payable to the Lenders other than Defaulting Lenders, ratably among them in accordance with the amounts of such Fees then due and payable to them; fourth, to pay principal of all Loans, Reimbursement Obligations and other Letter of Credit Liabilities then due and payable to the Lenders, other than Defaulting Lenders hereunder ratably in accordance with the amounts thereof then due and payable to them; fifth, to the ratable payment of all other Obligations then due and payable to the Lenders other than Defaulting Lenders; and sixth, after the termination of the Commitments and payment in full of all obligations of the Borrower hereunder, to pay amounts owing under this Agreement to such Defaulting Lender or as a court of competent jurisdiction may otherwise direct.

(c) Fees. During any period that a Lender is a Defaulting Lender, such Defaulting Lender’s Commitment and outstanding Loans shall be excluded for purposes of calculating any Fee payable to the Lenders under Sections 3.6.(b), 3.6.(c) and 3.6.(d), and during such period the Borrower shall not be required to pay, and such Defaulting Lender shall not be entitled to receive, any such Fees otherwise payable to such Defaulting Lender under such Sections.

(d) Borrowing Requests. While any Lender is a Defaulting Lender or a Potential Defaulting Lender, the Borrower authorizes each of the Administrative Agent, the Issuing Bank and the Swingline Lender (which authorization is irrevocable and coupled with an interest) to give, in such Person’s discretion, Notices of Borrowing pursuant to Section 2.1. in such amounts and at such times as may be required to (i) reimburse any Reimbursement Obligation that has become due and payable, (ii) repay an outstanding Swingline Loan or (iii) cash collateralize the Obligations of the Borrower in respect of outstanding Letters of Credit in an amount equal to the aggregate amount of the obligations (contingent or otherwise) of such Defaulting Lender or Potential Defaulting Lender in respect of such Letters of Credit.

(e) Purchase of Defaulting Lender’s Commitment. During any period that a Lender is a Defaulting Lender, the Borrower may, by giving written notice thereof to the Administrative Agent, such Defaulting Lender and the other Lenders, demand that such Defaulting Lender assign its Commitment to an Eligible Assignee subject to and in accordance with the provisions of Section 12.6.(c). No party hereto shall have any obligation whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. In connection with any such assignment, such Defaulting Lender shall promptly execute all documents reasonably requested to effect such assignment, including an appropriate Assignment and Acceptance and, notwithstanding Section 12.6.(c), shall pay to the Administrative Agent an assignment fee in the amount of $10,000.

(f) Termination of Defaulting Lender’s Commitments. During any period that a Lender is a Defaulting Lender, the Borrower may terminate in full the Commitments of such Defaulting Lender by giving notice to such Defaulting Lender and the Administrative Agent (such termination, a “Defaulting Lender Termination”) so long as on the effective date of such Defaulting Lender Termination and after giving effect thereto and to any repayment of Revolving Loans in connection therewith: (i) no Default or

 

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Event of Default exists (unless the Requisite Lenders otherwise consent to such Defaulting Lender Termination), (ii) no Revolving Loans shall be outstanding, and (iii) the sum of (x) the Letter of Credit Liabilities, (y) the amount of cash collateral or other credit support then held by the Administrative Agent pursuant to Section 2.3.(m) and (z) the outstanding principal amount of Swingline Loans shall not exceed the aggregate Commitments of all Lenders that are not Defaulting Lenders. Each such notice shall specify the effective date of such Defaulting Lender Termination (the “Defaulting Lender Termination Date”), which shall be not less than 5 Business Days (or such shorter period as agreed to by the Administrative Agent and such Defaulting Lender) after the date on which such notice is delivered to such Defaulting Lender and the Administrative Agent. On each such Defaulting Lender Termination Date, (i) the Commitments of such Defaulting Lender shall be reduced to zero, (ii) such Defaulting Lender shall cease to be a “Lender” hereunder (provided that any Defaulting Lender shall continue to be entitled to the indemnification provisions contained herein, but only with respect to matters arising prior to the applicable Defaulting Lender Termination Date), (iii) the Commitments of all other Lenders shall remain unchanged and (iv) the Commitment Percentages of outstanding Letter of Credit Liabilities and Swingline Loans will be reallocated by the Administrative Agent among the Lenders (other than the Defaulting Lender) in accordance with their Commitment Percentages after giving effect to the Defaulting Lender Termination.

(g) Cure. If the Borrower, the Administrative Agent, the Issuing Bank and the Swingline Lender agree in writing in their discretion that a Lender that is a Defaulting Lender or a Potential Defaulting Lender should no longer be deemed to be a Defaulting Lender or Potential Defaulting Lender, as the case may be, the Administrative Agent will so notify the Lenders, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, such Lender will, to the extent applicable, purchase such portion of outstanding Loans of the other Lenders and make such other adjustments as the Administrative Agent may determine to be necessary to cause the interest of the Lenders in the Loans and Letter of Credit Liabilities to be on a pro rata basis in accordance with their respective Commitment Percentages, whereupon such Lender will cease to be a Defaulting Lender or Potential Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while such Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no cure by a Lender under this subsection of its status as a Defaulting Lender or Potential Defaulting Lender will constitute a waiver or release of any claim of the Borrower or any other party hereunder arising from such Lender’s having been a Defaulting Lender or Potential Defaulting Lender.

Section 3.11. Taxes; Foreign Lenders.

(a) Taxes Generally. All payments by the Borrower of principal of, and interest on, the Loans and all other Obligations shall be made free and clear of and without deduction for any present or future excise, stamp or other taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges of any nature whatsoever imposed by any taxing authority, but excluding (i) franchise taxes, (ii) any taxes (other than withholding taxes) that would not be imposed but for a connection between the Administrative Agent, the Issuing Bank or a Lender and the jurisdiction imposing such taxes (other than a connection arising solely by virtue of the activities of the Administrative Agent, the Issuing Bank or such Lender pursuant to or in respect of this Agreement or any other Loan Document), (iii) any taxes imposed on or measured by the Issuing Bank’s or any Lender’s assets, net income, receipts or branch profits, and (iv) any taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges to the extent imposed as a result of the failure of the Agent, the Issuing Bank or a Lender, as applicable, to provide and keep current (to the extent legally able) any certificates, documents or other evidence required to qualify for an exemption from, or reduced rate of, any such taxes fees, duties, levies, imposts, charges, deductions, withholdings or other charges or required by the immediately following subsection (c) to be furnished by the Administrative Agent, Issuing Bank or such Lender, as applicable

 

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(such non-excluded items being collectively called “Taxes”). If any withholding or deduction from any payment to be made by the Borrower hereunder is required in respect of any Taxes pursuant to any Applicable Law, then the Borrower will:

(i) pay directly to the relevant Governmental Authority the full amount required to be so withheld or deducted;

(ii) promptly forward to the Administrative Agent an official receipt or other documentation satisfactory to the Administrative Agent evidencing such payment to such Governmental Authority; and

(iii) pay to the Administrative Agent for its account or the account of the applicable Lender or the Issuing Bank, as the case may be, such additional amount or amounts as is necessary to ensure that the net amount actually received by the Administrative Agent, the Issuing Bank or such Lender will equal the full amount that the Administrative Agent, the Issuing Bank or such Lender would have received had no such withholding or deduction been required.

(b) Tax Indemnification. If the Borrower fails to pay any Taxes when due to the appropriate Governmental Authority or fails to remit to the Administrative Agent, for its account or the account of the Issuing Bank or respective Lender, as the case may be, the required receipts or other required documentary evidence, the Borrower shall indemnify the Administrative Agent, the Issuing Bank and the Lenders for any incremental Taxes, interest or penalties that may become payable by the Administrative Agent, the Issuing Bank or any Lender as a result of any such failure. For purposes of this Section, a distribution hereunder by the Administrative Agent or any Lender to or for the account of any Lender shall be deemed a payment by the Borrower.

(c) Tax Forms. Prior to the date that any Lender or Participant organized under the laws of a jurisdiction outside the United States of America becomes a party hereto, such Person shall deliver to the Borrower and the Administrative Agent such certificates, documents or other evidence, as required by the Internal Revenue Code or Treasury Regulations issued pursuant thereto (including Internal Revenue Service Forms W-8ECI and W-8BEN, as applicable, or appropriate successor forms), properly completed, currently effective and duly executed by such Lender or Participant establishing that payments to it hereunder and under the Notes are (i) not subject to United States Federal backup withholding tax and (ii) not subject to United States Federal withholding tax under the Internal Revenue Code. Each such Lender or Participant shall (x) deliver further copies of such forms or other appropriate certifications on or before the date that any such forms expire or become obsolete and after the occurrence of any event requiring a change in the most recent form delivered to the Borrower and (y) obtain such extensions of the time for filing, and renew such forms and certifications thereof, as may be reasonably requested by the Borrower or the Administrative Agent. The Borrower shall not be required to pay any amount pursuant to last sentence of subsection (a) above to any Lender or Participant that is organized under the laws of a jurisdiction outside of the United States of America or the Administrative Agent, if it is organized under the laws of a jurisdiction outside of the United States of America, if such Lender, Participant or the Administrative Agent, as applicable, fails to comply with the requirements of this subsection. If any such Lender or Participant fails to deliver the above forms or other documentation, then the Administrative Agent may withhold from such payment to such Lender such amounts as are required by the Internal Revenue Code. If any Governmental Authority asserts that the Administrative Agent did not properly withhold or backup withhold, as the case may be, any tax or other amount from payments made to or for the account of any Lender, such Lender shall indemnify the Administrative Agent therefor, including all penalties and interest, any taxes imposed by any jurisdiction on the amounts payable to the Administrative Agent under this Section, and costs and expenses (including all reasonable fees and disbursements of any law firm or other external counsel and the allocated cost of internal legal services and all disbursements of internal counsel) of the Administrative Agent. The obligation of the Lenders under this Section shall survive the termination of the Commitments, repayment of all Obligations and the resignation or replacement of the Administrative Agent.

 

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(d) USA Patriot Act Notice; Compliance. In order for the Administrative Agent to comply with the USA Patriot Act of 2001 (Public Law 107-56), prior to any Lender or Participant that is organized under the laws of a jurisdiction outside of the United States of America becoming a party hereto, the Administrative Agent may request, and such Lender or Participant shall provide to the Administrative Agent, its name, address, tax identification number and/or such other identification information as shall be necessary for the Administrative Agent to comply with federal law.

ARTICLE IV. YIELD PROTECTION, ETC.

Section 4.1. Additional Costs; Capital Adequacy.

(a) Capital Adequacy. If any Lender in the Loans determines that compliance with any law or regulation or with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law) affects or would affect the amount of capital required or expected to be maintained by such Lender, or any corporation controlling such Lender, as a consequence of, or with reference to, such Lender’s Commitments or its making or maintaining Loans below the rate which such Lender or such corporation controlling such Lender could have achieved but for such compliance (taking into account the policies of such Lender or such corporation with regard to capital), then the Borrower shall, from time to time, within 30 calendar days after written demand by such Lender, pay to such Lender additional amounts sufficient to compensate such Lender or such corporation controlling such Lender to the extent that such Lender determines such increase in capital is allocable to such Lender’s obligations hereunder.

(b) Additional Costs. In addition to, and not in limitation of the immediately preceding clause (a), the Borrower shall promptly pay to the Administrative Agent for the account of a Lender from time to time such amounts as such Lender may determine to be necessary to compensate such Lender for any costs incurred by such Lender that it determines are attributable to its making or maintaining of any LIBOR Loans or its obligation to make any LIBOR Loans hereunder, any reduction in any amount receivable by such Lender under this Agreement or any of the other Loan Documents in respect of any of such LIBOR Loans or such obligation or the maintenance by such Lender of capital in respect of its LIBOR Loans or its Commitments (such increases in costs and reductions in amounts receivable being herein called “Additional Costs”), resulting from any Regulatory Change that: (i) changes the basis of taxation of any amounts payable to such Lender under this Agreement or any of the other Loan Documents in respect of any of such LIBOR Loans or its Commitments (other than taxes imposed on or measured by the overall net income of such Lender or of its Lending Office for any of such LIBOR Loans by the jurisdiction in which such Lender has its principal office or such Lending Office), or (ii) imposes or modifies any reserve, special deposit or similar requirements (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System or other similar reserve requirement applicable to any other category of liabilities or category of extensions of credit or other assets by reference to which the interest rate on LIBOR Loans is determined) relating to any extensions of credit or other assets of, or any deposits with or other liabilities of, or other credit extended by, or any other acquisition of funds by such Lender (or its parent corporation), or any commitment of such Lender (including, without limitation, the Commitments of such Lender hereunder) or (iii) has or would have the effect of reducing the rate of return on capital of such Lender to a level below that which such Lender could have achieved but for such Regulatory Change (taking into consideration such Lender’s policies with respect to capital adequacy).

 

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(c) Lender’s Suspension of LIBOR Loans. Without limiting the effect of the provisions of the immediately preceding subsection (a) and (b), if by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by the excess above a specified level of the amount of a category of deposits or other liabilities of such Lender that includes deposits by reference to which the interest rate on LIBOR Loans is determined as provided in this Agreement or a category of extensions of credit or other assets of such Lender that includes LIBOR Loans or (ii) becomes subject to restrictions on the amount of such a category of liabilities or assets that it may hold, then, if such Lender so elects by notice to the Borrower (with a copy to the Administrative Agent), the obligation of such Lender to make or Continue, or to Convert Base Rate Loans into, LIBOR Loans hereunder shall be suspended until such Regulatory Change ceases to be in effect (in which case the provisions of Section 4.6. shall apply).

(d) Additional Costs in Respect of Letters of Credit. Without limiting the obligations of the Borrower under the preceding subsections of this Section (but without duplication), if as a result of any Regulatory Change or any risk-based capital guideline or other requirement heretofore or hereafter issued by any Governmental Authority there shall be imposed, modified or deemed applicable any tax, reserve, special deposit, capital adequacy or similar requirement against or with respect to or measured by reference to Letters of Credit and the result shall be to increase the cost to the Issuing Bank of issuing (or any Lender of purchasing participations in) or maintaining its obligation hereunder to issue (or purchase participations in) any Letter of Credit or reduce any amount receivable by the Issuing Bank or any Lender hereunder in respect of any Letter of Credit, then, upon demand by the Issuing Bank or such Lender, the Borrower shall pay promptly, and in any event within 3 Business Days of demand, to the Issuing Bank or, in the case of such Lender, to the Administrative Agent for the account of such Lender, from time to time as specified by the Issuing Bank or such Lender, such additional amounts as shall be sufficient to compensate the Issuing Bank or such Lender for such increased costs or reductions in amount.

(e) Notification and Determination of Additional Costs. Each of the Administrative Agent, Issuing Bank, each Lender, and each Participant, as the case may be, agrees to notify the Borrower of any event occurring after the Agreement Date entitling the Administrative Agent, the Issuing Bank, such Lender or such Participant to compensation under any of the preceding subsections of this Section as promptly as practicable; provided, however, that the failure of the Administrative Agent, the Issuing Bank, any Lender or any Participant to give such notice shall not release the Borrower from any of its obligations hereunder. The Administrative Agent, the Issuing Bank, each Lender and each Participant, as the case may be, agrees to furnish to the Borrower (and in the case of the Issuing Bank, a Lender or a Participant to the Administrative Agent as well) a certificate setting forth the basis and amount of each request for compensation under this Section. Absent manifest error, determinations by the Administrative Agent, the Issuing Bank, such Lender, or such Participant, as the case may be, of the effect of any Regulatory Change shall be conclusive, provided that such determinations are made on a reasonable basis and in good faith.

Section 4.2. Suspension of LIBOR Loans.

Anything herein to the contrary notwithstanding, if, on or prior to the determination of LIBOR for any Interest Period:

(a) the Administrative Agent reasonably determines (which determination shall be conclusive) that quotations of interest rates for the relevant deposits referred to in the definition of LIBOR are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest for LIBOR Loans as provided herein or is otherwise unable to determine LIBOR, or

 

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(b) the Administrative Agent reasonably determines (which determination shall be conclusive) that the relevant rates of interest referred to in the definition of LIBOR upon the basis of which the rate of interest for LIBOR Loans for such Interest Period is to be determined are not likely to adequately and fairly reflect the cost to any Lender of making or maintaining LIBOR Loans for such Interest Period.

then the Administrative Agent shall give the Borrower and each Lender prompt notice thereof and, so long as such condition remains in effect, the Lenders shall be under no obligation to, and shall not, make additional LIBOR Loans, Continue LIBOR Loans or Convert Loans into LIBOR Loans and the Borrower shall, on the last day of each current Interest Period for each outstanding LIBOR Loan, either prepay such Loan or Convert such Loan into a Base Rate Loan.

Section 4.3. Illegality.

Notwithstanding any other provision of this Agreement, if any Lender shall determine (which determination shall be conclusive and binding) that it is unlawful for such Lender to honor its obligation to make or maintain LIBOR Loans hereunder, then such Lender shall promptly notify the Borrower thereof (with a copy of such notice to the Administrative Agent) and such Lender’s obligation to make or Continue, or to Convert Loans of any other Type into, LIBOR Loans shall be suspended until such time as such Lender may again make and maintain LIBOR Loans (in which case the provisions of Section 4.6. shall be applicable).

Section 4.4. Compensation.

The Borrower shall pay to the Administrative Agent for the account of each Lender, upon the request of the Administrative Agent, such amount or amounts as the Administrative Agent shall determine in its reasonable discretion shall be sufficient to compensate such Lender for any loss, cost or expense attributable to:

(a) any payment or prepayment (whether mandatory or optional) of a LIBOR Loan, or Conversion of a LIBOR Loan, made by such Lender for any reason (including, without limitation, acceleration) on a date other than the last day of the Interest Period for such Loan; or

(b) any failure by the Borrower for any reason (including, without limitation, the failure of any of the applicable conditions precedent specified in Article V. to be satisfied) to borrow a LIBOR Loan from such Lender on the date for such borrowing, or to Convert a Base Rate Loan into a LIBOR Loan or Continue a LIBOR Loan on the requested date of such Conversion or Continuation.

Not in limitation of the foregoing, such compensation shall include, without limitation; in the case of a LIBOR Loan, an amount equal to the then present value of (i) the amount of interest that would have accrued on such LIBOR Loan for the remainder of the Interest Period at the rate applicable to such LIBOR Loan, less (ii) the amount of interest that would accrue on the same LIBOR Loan for the same period if LIBOR were set on the date on which such LIBOR Loan was repaid, prepaid or Converted or the date on which the Borrower failed to borrow, Convert or Continue such LIBOR Loan, as applicable, calculating present value by using as a discount rate LIBOR quoted on such date. Upon the Borrower’s request, the Administrative Agent shall provide the Borrower with a statement setting forth the basis for requesting such compensation and the method for determining the amount thereof. Absent manifest error, any such statement shall be conclusive, provided that such determinations are made on a reasonable basis and in good faith.

 

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Section 4.5. Affected Lenders.

If (a) a Lender requests compensation pursuant to Section 3.11. or 4.1., and the Requisite Lenders are not requesting compensation under such Sections, or (b) the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Sections 4.1.(c) or 4.3. but the obligation of the Requisite Lenders shall not have been suspended under such Sections, then, so long as there does not then exist any Default or Event of Default, the Borrower may demand that such Lender (the “Affected Lender”), and upon such demand the Affected Lender shall promptly, assign its Commitment to an Eligible Assignee subject to and in accordance with the provisions of Section 12.6.(c) for a purchase price equal to the aggregate principal balance of Loans then owing to the Affected Lender plus any accrued but unpaid interest thereon and accrued but unpaid fees owing to the Affected Lender. Each of the Administrative Agent and the Affected Lender shall reasonably cooperate in effectuating the replacement of such Affected Lender under this Section, but at no time shall the Administrative Agent, such Affected Lender nor any other Lender be obligated in any way whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. The exercise by the Borrower of its rights under this Section shall be at the Borrower’s sole cost and expense and at no cost or expense to the Administrative Agent, the Affected Lender or any of the other Lenders. The terms of this Section shall not in any way limit the Borrower’s obligation to pay to any Affected Lender compensation owing to such Affected Lender pursuant to Section 3.11. or 4.1.

Section 4.6. Treatment of Affected Loans.

If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1.(c) or Section 4.3. then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 4.1.(c) or Section 4.3. on such earlier date as such Lender may specify to the Borrower with a copy to the Administrative Agent) and, unless and until such Lender gives notice as provided below that the circumstances specified in Section 4.1.(c) or Section 4.3. that gave rise to such Conversion no longer exist:

(i) to the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and

(ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans.

If such Lender gives notice to the Borrower (with a copy to the Administrative Agent) that the circumstances specified in Section 4.1.(c) or 4.3. that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.

 

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Section 4.7. Change of Lending Office.

Each Lender agrees that it will use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate an alternate Lending Office with respect to any of its Loans affected by the matters or circumstances described in Sections 3.11., 4.1. or 4.3. to reduce the liability of the Borrower or avoid the results provided thereunder, so long as such designation is not disadvantageous to such Lender as determined by such Lender in its sole discretion, except that such Lender shall have no obligation to designate a Lending Office located in the United States of America.

Section 4.8. Assumptions Concerning Funding of LIBOR Loans.

Calculation of all amounts payable to a Lender under this Article IV. shall be made as though such Lender had actually funded LIBOR Loans through the purchase of deposits in the relevant market bearing interest at the rate applicable to such LIBOR Loans in an amount equal to the amount of the LIBOR Loans and having a maturity comparable to the relevant Interest Period; provided, however, that each Lender may fund each of its LIBOR Loans in any manner it sees fit and the foregoing assumption shall be used only for calculation of amounts payable under this Article IV.

ARTICLE V. CONDITIONS PRECEDENT

Section 5.1. Initial Conditions Precedent.

The obligation of the Lenders to effect or permit the occurrence of the first Credit Event hereunder, whether as the making of a Loan or the issuance of a Letter of Credit, is subject to the satisfaction or waiver of the following conditions precedent:

(a) The Administrative Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent:

(i) Counterparts of this Agreement executed by each of the parties hereto;

(ii) Revolving Notes executed by the Borrower, payable to each Lender and complying with the terms of Section 2.10.(a) and the Swingline Note executed by the Borrower;

(iii) The Guaranty executed by each of the Guarantors existing as of the Effective Date;

(iv) The articles of incorporation of the Borrower certified as of a recent date by the Secretary of State of the State of Maryland;

(v) A good standing certificate with respect to the Borrower issued as of a recent date by the Secretary of State of the state of its incorporation and certificates of qualification to transact business or other comparable certificates issued by the Secretary of State (and any state department of taxation, as applicable) of each state in which the Borrower is required to be so qualified and where the failure to be so qualified could reasonably be expected to have a Material Adverse Effect;

(vi) A certificate of incumbency signed by the Secretary or Assistant Secretary of the Borrower with respect to each of the officers of the Borrower authorized to execute and deliver the Loan Documents to which the Borrower is a party and the officers of the Borrower then authorized to deliver Notices of Borrowing, Notices of Swingline Borrowings, Notices of Continuation and Notices of Conversion and to request the issuance of Letters of Credit;

 

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(vii) Copies, certified by the Secretary or Assistant Secretary of the Borrower, of (i) the bylaws of the Borrower and (ii) all corporate (or comparable) action taken by the Borrower to authorize the execution, delivery and performance of the Loan Documents to which the Borrower is a party;

(viii) The articles of incorporation, articles of organization, certificate of limited partnership or other comparable organizational instrument (if any) of each Guarantor certified as of a recent date by the Secretary of State of the state of formation of such Guarantor;

(ix) A certificate of good standing or certificate of similar meaning with respect to each Guarantor issued as of a recent date by the Secretary of State of the state of formation of each such Guarantor and certificates of qualification to transact business or other comparable certificates issued by each Secretary of State (and any state department of taxation, as applicable) of each state in which such Guarantor is required to be so qualified and where the failure to be so qualified could reasonably be expected to have a Material Adverse Effect;

(x) A certificate of incumbency signed by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Guarantor with respect to each of the officers of such Guarantor authorized to execute and deliver the Loan Documents to which such Guarantor is a party;

(xi) Copies certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Guarantor of (i) the by-laws of such Guarantor, if a corporation, the operating agreement, if a limited liability company, the partnership agreement, if a limited or general partnership, or other comparable document in the case of any other form of legal entity and (ii) all corporate, partnership, member or other necessary action taken by such Guarantor to authorize the execution, delivery and performance of the Loan Documents to which it is a party;

(xii) An opinion of counsel to the Loan Parties addressed to the Administrative Agent, the Lenders and the Swingline Lender, addressing the matters set forth in Exhibit J;

(xiii) The Fees then due and payable under Section 3.6., and any other Fees payable to the Administrative Agent, the Titled Agents and the Lenders on or prior to the Effective Date, including without limitation, the fees and expenses of counsel to the Administrative Agent;

(xiv) A Compliance Certificate calculated as of June 30, 2009 (giving pro forma effect to the financing contemplated by this Agreement and the use of the proceeds of the Loans to be funded on the Effective Date);

(xv) a Transfer Authorizer Designation Form effective as of the Agreement Date;

(xvi) evidence that all indebtedness, liabilities or obligations (other than obligations in respect of Existing Letters of Credit) owing by the Loan Parties under the Existing Credit Agreement shall have been paid in full and all Liens, if any, securing such indebtedness, liabilities or other obligations have been released; and

 

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(xvii) such other documents and instruments as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably request; and

(b) In the good faith judgment of the Administrative Agent:

(i) There shall not have occurred or become known to the Administrative Agent or any of the Lenders any event, condition, situation or status since the date of the information contained in the financial and business projections, budgets, pro forma data and forecasts concerning the Borrower and its Subsidiaries delivered to the Administrative Agent and the Lenders prior to the Agreement Date that has had or could reasonably be expected to result in a Material Adverse Effect;

(ii) No litigation, action, suit, investigation or other arbitral, administrative or judicial proceeding shall be pending or threatened which could reasonably be expected to (1) result in a Material Adverse Effect or (2) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect, the ability of the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party;

(iii) The Borrower and its Subsidiaries shall have received all approvals, consents and waivers, and shall have made or given all necessary filings and notices as shall be required to consummate the transactions contemplated hereby without the occurrence of any default under, conflict with or violation of (1) any Applicable Law or (2) any agreement, document or instrument to which the Borrower or any other Loan Party is a party or by which any of them or their respective properties is bound, except for such approvals, consents, waivers, filings and notices the receipt, making or giving of which would not reasonably be likely to (A) have a Material Adverse Effect, or (B) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect the ability of the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party; and

(iv) There shall not have occurred or exist any other material disruption of financial or capital markets that could reasonably be expected to materially and adversely affect the transactions contemplated by the Loan Documents.

Section 5.2. Conditions Precedent to All Loans and Letters of Credit.

The obligations of the Lenders to make any Loans and of the Issuing Bank to issue Letters of Credit, are all subject to the further conditions precedent that: (a) no Default or Event of Default shall exist as of the date of the making of such Loan or date of issuance of such Letter of Credit or would exist immediately after giving effect thereto, and no violation of the limits described in Section 2.15. would occur after giving effect thereto; (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects on and as of the date of the making of such Loan or date of issuance of such Letter of Credit with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted hereunder; (c) in the case of the borrowing of Revolving Loans, the Administrative Agent shall have received a timely Notice of Borrowing, or in the case of a Swingline Loan, the Swingline Lender shall have received a timely Notice of Swingline Borrowing; and (d) in the case of the issuance of a Letter of Credit or the making of a Swingline Loan, no Lender shall be a Defaulting Lender or Potential Defaulting Lender; provided, however, in the case of the issuance of a Letter of Credit, the Issuing Bank may, in its sole and absolute

 

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discretion, waive this condition precedent on behalf of itself and all Lenders if cash collateral or other credit support satisfactory to the Issuing Bank has been pledged or otherwise provided to the Administrative Agent in respect of such Defaulting Lender’s or Potential Defaulting Lender’s participation in such Letter of Credit in accordance with Section 2.3.(m). Each Credit Event shall constitute a certification by the Borrower to the effect set forth clauses (a) and (b) of the preceding sentence (both as of the date of the giving of notice relating to such Credit Event and, unless the Borrower otherwise notifies the Administrative Agent prior to the date of such Credit Event, as of the date of the occurrence of such Credit Event). In addition, the Borrower shall be deemed to have represented to the Administrative Agent and the Lenders at the time such Loan is made or such Letter of Credit is issued that all conditions to the making of such Loan or issuing of such Letter of Credit contained in this Article V. have been satisfied.

Section 5.3. Conditions as Covenants.

If the Lenders permit the making of any Loans, or the Issuing Bank issues a Letter of Credit, prior to the satisfaction of all conditions precedent set forth in Sections 5.1. and 5.2., the Borrower shall nevertheless cause such condition or conditions to be satisfied within 5 Business Days after the date of the making of such Loans or the issuance of such Letter of Credit. Unless set forth in writing to the contrary, the making of its initial Loan by a Lender shall constitute a confirmation by such Lender to the Administrative Agent and the other Lenders that insofar as such Lender is concerned the Borrower has satisfied the conditions precedent for initial Loans set forth in Sections 5.1. and 5.2.

ARTICLE VI. REPRESENTATIONS AND WARRANTIES

Section 6.1. Representations and Warranties.

In order to induce the Administrative Agent and each Lender to enter into this Agreement and to make Loans and, in the case of the Issuing Bank, to issue Letters of Credit, the Borrower represents and warrants to the Administrative Agent, the Issuing Bank and each Lender as follows:

(a) Organization; Power; Qualification. Each of the Borrower, each other Loan Party and each other Subsidiary is a corporation, partnership or other legal entity, duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation or formation, has the power and authority to own or lease its respective properties and to carry on its respective business as now being and hereafter proposed to be conducted and is duly qualified and is in good standing as a foreign corporation, partnership or other legal entity, and authorized to do business, in each jurisdiction in which the character of its properties or the nature of its business requires such qualification or authorization and where the failure to be so qualified or authorized could reasonably be expected to have, in each instance, a Material Adverse Effect.

(b) Ownership Structure. As of the Agreement Date, Part I of Schedule 6.1.(b) is a complete and correct list of all Subsidiaries of the Borrower setting forth for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) the type of legal entity of such Subsidiary, (iii) each Person holding any Equity Interests in such Subsidiary, (iv) the nature of the Equity Interests held by each such Person, (v) the percentage of ownership of such Subsidiary represented by such Equity Interests, and (vi) whether such Subsidiary is a Material Subsidiary and/or an Excluded Subsidiary. Except as disclosed in such Schedule, as of the Agreement Date (A), each of the Borrower and its Subsidiaries owns, free and clear of all Liens, and has the unencumbered right to vote, all outstanding Equity Interests in each Person shown to be held by it on such Schedule, (B) all of the issued and outstanding capital stock of each such Person organized as a corporation is validly issued, fully paid and nonassessable and (C) there are no outstanding subscriptions, options, warrants, commitments, preemptive rights or

 

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agreements of any kind (including, without limitation, any stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible into, any additional shares of capital stock of any class, or partnership or other ownership interests of any type in, any such Person. As of the Agreement Date, Part II of Schedule 6.1.(b) correctly sets forth all Unconsolidated Affiliates of the Borrower, including the correct legal name of such Person, the type of legal entity which each such Person is, and all Equity Interests in such Person held directly or indirectly by the Borrower.

(c) Authorization of Agreement, Etc. The Borrower has the right and power, and has taken all necessary action to authorize it, to borrow and obtain other extensions of credit hereunder. The Borrower and each other Loan Party has the right and power, and has taken all necessary action to authorize it, to execute, deliver and perform each of the Loan Documents and the Fee Letter to which it is a party in accordance with their respective terms and to consummate the transactions contemplated hereby and thereby. The Loan Documents and the Fee Letter to which the Borrower or any other Loan Party is a party have been duly executed and delivered by the duly authorized officers of such Person and each is a legal, valid and binding obligation of such Person enforceable against such Person in accordance with its respective terms, except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained herein or therein and as may be limited by equitable principles generally.

(d) Compliance of Loan Documents and Fee Letter with Laws, Etc. The execution, delivery and performance of this Agreement, Notes and the other Loan Documents to which the Borrower or any other Loan Party is a party and of the Fee Letter in accordance with their respective terms and the borrowings and other extensions of credit hereunder do not and will not, by the passage of time, the giving of notice, or both: (i) require any Governmental Approval or violate any Applicable Law (including all Environmental Laws) relating to the Borrower or any other Loan Party; (ii) conflict with, result in a breach of or constitute a default under the organizational documents of the Borrower or any other Loan Party, or any indenture, agreement or other instrument to which the Borrower or any other Loan Party is a party or by which it or any of its respective properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by the Borrower or any other Loan Party.

(e) Compliance with Law; Governmental Approvals. The Borrower, each Subsidiary and each other Loan Party is in compliance with each Governmental Approval applicable to it and all other Applicable Laws (including without limitation, all Environmental Laws) relating to the Borrower, each Subsidiary or such other Loan Party except for noncompliances which, and Governmental Approvals the failure to possess which, could not, individually or in the aggregate, reasonably be expected to cause a Default or Event of Default or have a Material Adverse Effect.

(f) Title to Properties; Liens. As of the Agreement Date, Part I of Schedule 6.1.(f) sets forth all of the real property owned or leased by the Borrower, each other Loan Party and each other Subsidiary. Each such Person has good, marketable and legal title to, or a valid leasehold interest in, its respective assets. As of the Agreement Date, there are no Liens against any of the assets of the Borrower, any Subsidiary or any other Loan party except for the Liens existing as of the Agreement Date set forth on Part II of Schedule 6.1.(f) and the other Permitted Liens.

(g) Existing Indebtedness; Total Liabilities. Part I of Schedule 6.1.(g) is, as of the Agreement Date, a complete and correct listing of all Indebtedness (including without limitation all Guarantees) of the Borrower and its Subsidiaries, and if such Indebtedness is secured by any Lien, a description of all of the property subject to such Lien. As of the Agreement Date, the Loan Parties and the other Subsidiaries have performed and are in material compliance with all of the terms of such

 

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Indebtedness and all instruments and agreements relating thereto, and no default or event of default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute a default or event of default, exists with respect to any such Indebtedness. Part II of Schedule 6.1.(g) is, as of the Agreement Date, a complete and correct listing of all Total Liabilities of the Loan Parties and the other Subsidiaries (excluding any Indebtedness set forth on Part I of such Schedule).

(h) Litigation. Except as set forth on Schedule 6.1.(h), there are no actions, suits, investigations or proceedings pending (nor, to the knowledge of the Borrower, are there any actions, suits or proceedings threatened, nor to the knowledge of the Borrower is there any basis therefor) against or in any other way relating adversely to or affecting, the Borrower, any Subsidiary or any other Loan Party or any of their respective property in any court or before any arbitrator of any kind or before or by any other Governmental Authority which, (i) if adversely determined, could reasonably be expected to have a Material Adverse Effect or (ii) in any manner draws into question the validity or enforceability of any Loan Documents or the Fee Letter. There are no strikes, slow downs, work stoppages or walkouts or other labor disputes in progress or threatened relating to the Borrower, any Subsidiary or any other Loan party which could reasonably be expected to have a Material Adverse Effect.

(i) Taxes. All federal, state and other tax returns of the Borrower, any Subsidiary or any other Loan Party required by Applicable Law to be filed have been duly filed, and all federal, state and other taxes, assessments and other governmental charges or levies upon the Borrower, any Subsidiary and each other Loan Party and their respective properties, income, profits and assets which are due and payable have been paid, except any such nonpayment or non-filing which is at the time permitted under Section 7.5. As of the Agreement Date, none of the United States income tax returns of the Borrower, its Subsidiaries or any other Loan Party is under audit. All charges, accruals and reserves on the books of the Borrower and each of its Subsidiaries and each other Loan Party in respect of any taxes or other governmental charges are in accordance with GAAP.

(j) Financial Statements. The Borrower has furnished to each Lender copies of (i) the audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries for the fiscal years ended December 31, 2007 and December 31, 2008, and the related audited consolidated statements of operations, shareholders’ equity and cash flow for the fiscal years ended on such dates, with the opinion thereon of Ernst & Young LLP, and (ii) the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries for the fiscal quarter ended June 30, 2009, and the related unaudited consolidated statements of operations, shareholders’ equity and cash flow of the Borrower and its consolidated Subsidiaries for the period of two fiscal quarters ended on such date. Such balance sheets and statements (including in each case related schedules and notes) are complete and correct in all material respects and present fairly, in accordance with GAAP consistently applied throughout the periods involved, the consolidated financial position of the Borrower and its consolidated Subsidiaries as at their respective dates and the results of operations and the cash flow for such periods (subject, as to interim statements, to changes resulting from normal year-end audit adjustments). Neither the Borrower nor any of its Subsidiaries has on the Agreement Date any material contingent liabilities, liabilities, liabilities for taxes, unusual or long-term commitments or unrealized or forward anticipated losses from any unfavorable commitments, except as referred to or reflected or provided for in said financial statements.

(k) No Material Adverse Change; Solvency. Since December 31, 2008, there has been no event, change, circumstance or occurrence that could reasonably be expected to have a Material Adverse Effect. Each of the Borrower, the other Loan Parties and each Subsidiary to which more than $25,000,000 of Total Asset Value is attributable, is Solvent, and the Borrower and its Subsidiaries, taken as a whole, are Solvent.

 

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(l) ERISA.

(i) Each Benefit Arrangement is in compliance with the applicable provisions of ERISA, the Internal Revenue Code and other Applicable Laws in all material respects. Except with respect to Multiemployer Plans, each Qualified Plan (A) has received a favorable determination from the Internal Revenue Service applicable to the Qualified Plan’s current remedial amendment cycle (as defined in Revenue Procedure 2007-44 or “2007-44” for short), (B) has timely filed for a favorable determination letter from the Internal Revenue Service during its staggered remedial amendment cycle (as defined in 2007-44) and such application is currently being processed by the Internal Revenue Service, (C) had filed for a determination letter prior to its “GUST remedial amendment period” (as defined in 2007-44) and received such determination letter and the staggered remedial amendment cycle first following the GUST remedial amendment period for such Qualified Plan has not yet expired, or (D) is maintained under a prototype plan and may rely upon a favorable opinion letter issued by the Internal Revenue Service with respect to such prototype plan. To the best knowledge of the Parent and the Borrower, nothing has occurred which would cause the loss of their reliance on the Qualified Plan’s favorable determination letter or opinion letter.

(ii) With respect to any Benefit Arrangement that is a retiree welfare benefit arrangement, all amounts have been accrued on the applicable ERISA Group’s financial statements in accordance with Statement of Financial Accounting Standards No. 106. The “benefit obligation” of all Plans does not exceed the “fair market value of plan assets” for such Plans by more than $10,000,000 all as determined by and with such terms defined in accordance with Statement of Financial Accounting Standards No. 158.

(iii) Except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (i) no ERISA Event has occurred or is expected to occur; (ii) there are no pending, or to the best knowledge of the Parent and the Borrower, threatened, claims, actions or lawsuits or other action by any Governmental Authority, plan participant or beneficiary with respect to a Benefit Arrangement; (iii) there are no violations of the fiduciary responsibility rules with respect to any Benefit Arrangement; and (iv) no member of the ERISA Group has engaged in a non-exempt “prohibited transaction,” as defined in Section 406 of ERISA and Section 4975 of the Internal Revenue Code, in connection with any Plan, that would subject any member of the ERISA Group to a tax on prohibited transactions imposed by Section 502(i) of ERISA or Section 4975 of the Internal Revenue Code.

(m) Not Plan Assets; No Prohibited Transactions. None of the assets of the Borrower, any other Loan Party or any other Subsidiary constitute “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. Assuming that no Lender funds any amount payable by it hereunder with “plan assets,” as that term is defined in 29 C.F.R. 2510.3-101, the execution, delivery and performance of this Agreement and the other Loan Documents, and the borrowing and repayment of amounts hereunder, do not and will not constitute “prohibited transactions” under ERISA or the Internal Revenue Code.

(n) Absence of Default. Neither the Borrower, any Subsidiary nor any other Loan Party is in default under its certificate or articles of incorporation or formation, bylaws, partnership agreement or other similar organizational documents, and no event has occurred, which has not been remedied, cured or waived: (i) which constitutes a Default or an Event of Default; or (ii) which constitutes, or which with the passage of time, the giving of notice, a determination of materiality, the satisfaction of any condition, or any combination of the foregoing, would constitute a default or event of default by the Borrower, any Subsidiary or any other Loan Party under any agreement (other than this Agreement) or judgment, decree

 

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or order to which the Borrower or any Subsidiary or other Loan Party is a party or by which the Borrower or any Subsidiary or other Loan Party or any of their respective properties may be bound where such default or event of default could, individually or in the aggregate, have a Material Adverse Effect.

(o) Environmental Laws. In the ordinary course of business and from time to time each of the Borrower, its Subsidiaries and the other Loan Parties conducts reviews of the effect of Environmental Laws on its respective business, operations and properties, including without limitation, their respective Properties, in the course of which the Borrower, each Subsidiary and each other Loan Party identifies and evaluates associated actual and potential liabilities and costs (including, without limitation, determining whether any capital or operating expenditures are required for clean-up or closure of properties presently or previously owned, determining whether any capital or operating expenditures are required to achieve or maintain compliance in all material respects with Environmental Laws or required as a condition of any Governmental Approval, any contract, or any related constraints on operating activities, determining whether any costs or liabilities exist in connection with on-site or off-site treatment, storage, handling and disposal of wastes or Hazardous Materials, and determining whether any actual or potential liabilities to third parties, including employees, and any related costs and expenses exist). Each of the Borrower, its Subsidiaries and the other Loan Parties: (i) is in compliance with all Environmental Laws applicable to its business, operations and the Properties, (ii) has obtained all Governmental Approvals which are required under Environmental Laws, and each such Governmental Approval is in full force and effect, and (iii) is in compliance with all terms and conditions of such Governmental Approvals, where with respect to each of the immediately preceding clauses (i) through (iii) the failure to obtain or to comply with could reasonably be expected to have a Material Adverse Effect. Except for any of the following matters that could not reasonably be expected to have a Material Adverse Effect, the Borrower has no knowledge of, nor has received notice of, any past, present, or pending releases, events, conditions, circumstances, activities, practices, incidents, facts, occurrences, actions, or plans that, with respect to the Borrower, its Subsidiaries and each other Loan Party, their respective businesses, operations or with respect to the Properties, may: (i) cause or contribute to an actual or alleged violation of or noncompliance with Environmental Laws, (ii) cause or contribute to any other potential common-law or legal claim or other liability, or (iii) cause any of the Properties to become subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law or require the filing or recording of any notice, approval or disclosure document under any Environmental Law and, with respect to the immediately preceding clauses (i) through (iii) is based on or related to the on-site or off-site manufacture, generation, processing, distribution, use, treatment, storage, disposal, transport, removal, clean up or handling, or the emission, discharge, release or threatened release of any wastes or Hazardous Material, or any other requirement under Environmental Law. There is no civil, criminal, or administrative action, suit, demand, claim, hearing, notice, or demand letter, mandate, order, lien, request, investigation, or proceeding pending or, to the Borrower’s knowledge after due inquiry, threatened, against the Borrower, its Subsidiaries or any other Loan Party relating in any way to Environmental Laws which could reasonably be expected to have a Material Adverse Effect. None of the Properties is listed on or proposed for listing on the National Priority List promulgated pursuant to the Comprehensive Environmental Response, Compensation and Liability Act of 1980 and its implementing regulations, or any state or local priority list promulgated pursuant to any analogous state or local law. To Borrower’s knowledge, no Hazardous Materials generated at or transported from the Properties is or has been transported to, or disposed of at, any location that is listed or proposed for listing on the National Priority List or any analogous state or local priority list, or any other location that is or has been the subject of a clean-up, removal or remedial action pursuant to any Environmental Law, except to the extent that such transportation or disposal could not reasonably be expected to result in a Material Adverse Effect.

(p) Investment Company. None of the Borrower, any Subsidiary or any other Loan Party is (i) an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, or (ii) subject to any other Applicable Law which purports to regulate or restrict its ability to borrow money or obtain other extensions of credit or to consummate the transactions contemplated by this Agreement or to perform its obligations under any Loan Document to which it is a party.

 

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(q) Margin Stock. None of the Borrower, any Subsidiary or any other Loan Party is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System.

(r) Affiliate Transactions. Except as permitted by Section 9.10. or as otherwise set forth on Schedule 6.1.(r), neither the Borrower, any Subsidiary nor any other Loan Party is a party to or bound by any agreement or arrangement (whether oral or written) to which any Affiliate of the Borrower, any Subsidiary or any other Loan Party is a party.

(s) Intellectual Property. Each of the Borrower, each other Loan Party and each other Subsidiary owns or has the right to use, under valid license agreements or otherwise, all material patents, licenses, franchises, trademarks, trademark rights, trade names, trade name rights, trade secrets and copyrights (collectively, “Intellectual Property”) necessary to the conduct of its businesses as now conducted and as contemplated by the Loan Documents, without known conflict with any patent, license, franchise, trademark, trade secret, trade name, copyright, or other proprietary right of any other Person. The Borrower, each other Loan Party and each other Subsidiary have taken all such steps as they reasonably deem necessary to protect their respective rights under and with respect to such Intellectual Property. No material claim has been asserted by any Person with respect to the use of any Intellectual Property by the Borrower, any other Loan Party or any other Subsidiary, or challenging or questioning the validity or effectiveness of any Intellectual Property. The use of such Intellectual Property by the Borrower, its Subsidiaries and the other Loan Parties, does not infringe on the rights of any Person, subject to such claims and infringements as do not, in the aggregate, give rise to any liabilities on the part of the Borrower, any other Loan Party or any other Subsidiary that could reasonably be expected to have a Material Adverse Effect.

(t) Business. As of the Agreement Date, the Borrower and its Subsidiaries are engaged in the business of acquiring, owning, financing, leasing, managing, developing and selling retail, office and industrial real property generally leased to credit-worthy tenants under net leases, together with other business activities incidental thereto.

(u) Broker’s Fees. No broker’s or finder’s fee, commission or similar compensation will be payable with respect to the transactions contemplated hereby. No other similar fees or commissions will be payable by any Loan Party for any other services rendered to the Borrower or any of its Subsidiaries ancillary to the transactions contemplated hereby.

(v) Accuracy and Completeness of Information. No written information, report or other papers or data (excluding financial projections and other forward looking statements) furnished to the Administrative Agent or any Lender by, on behalf of, or at the direction of, the Borrower, any Subsidiary or any other Loan Party in connection with or relating in any way to this Agreement, contained any untrue statement of a fact material to the creditworthiness of the Borrower, any Subsidiary or any other Loan Party or omitted to state a material fact necessary in order to make such statements contained therein, in light of the circumstances under which they were made, not misleading. All financial statements furnished to the Administrative Agent or any Lender by, on behalf of, or at the direction of, the Borrower, any Subsidiary or any other Loan Party in connection with or relating in any way to this Agreement, present fairly, in accordance with GAAP consistently applied throughout the periods involved, the financial position of the Persons involved as at the date thereof and the results of operations for such

 

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periods. All financial projections and other forward looking statements prepared by or on behalf of the Borrower, any Subsidiary or any other Loan Party that have been or may hereafter be made available to the Administrative Agent or any Lender were or will be prepared in good faith based on reasonable assumptions. As of the Effective Date, no fact is known to the Borrower which has had, or may in the future have (so far as the Borrower can reasonably foresee), a Material Adverse Effect which has not been set forth in the financial statements referred to in Section 6.1.(j) or in such information, reports or other papers or data or otherwise disclosed in writing to the Administrative Agent and the Lenders.

(w) REIT Status. The Borrower qualifies as a REIT and is in compliance with all requirements and conditions imposed under the Internal Revenue Code to allow the Borrower to maintain its status as a REIT.

(x) Unencumbered Assets. As of the Agreement Date, Schedule 6.1.(x) is a correct and complete list of all Unencumbered Assets. Each of the assets included by the Borrower in calculations of Unencumbered Asset Value satisfies all of the requirements contained in the definition of “Unencumbered Asset”.

(y) OFAC. None of the Borrower, any of the other Loan Parties, any of the other Subsidiaries, or any other Affiliate of the Borrower: (i) is a person named on the list of Specially Designated Nationals or Blocked Persons maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) available at http://www.treas.gov/offices/eotffc/ofac/sdn/index.html, or as otherwise published from time to time; (ii) is (A) an agency of the government of a country, (B) an organization controlled by a country, or (C) a person resident in a country that is subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treas.gov/offices/eotffc/ofac/sanctions/index.html, or as otherwise published from time to time, as such program may be applicable to such agency, organization or person; or (iii) derives any of its assets or operating income from investments in or transactions with any such country, agency, organization or person; and none of the proceeds from the Loan will be used to finance any operations, investments or activities in, or make any payments to, any such country, agency, organization, or person.

Section 6.2. Survival of Representations and Warranties, Etc.

All statements contained in any certificate, financial statement or other instrument delivered by or on behalf of the Borrower, any Subsidiary or any other Loan Party to the Administrative Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not limited to, any such statement made in or in connection with any amendment thereto or any statement contained in any certificate, financial statement or other instrument delivered by or on behalf of the Borrower prior to the Agreement Date and delivered to the Administrative Agent or any Lender in connection with closing the transactions contemplated hereby) shall constitute representations and warranties made by the Borrower in favor of the Administrative Agent or any of the Lenders under this Agreement. All representations and warranties made under this Agreement and the other Loan Documents shall be deemed to be made at and as of the Agreement Date, the Effective Date, the date on which any extension of the Termination Date is effectuated pursuant to Section 2.11. and the date of the occurrence of any Credit Event, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date) and except for changes in factual circumstances specifically permitted hereunder. All such representations and warranties shall survive the effectiveness of this Agreement, the execution and delivery of the Loan Documents and the making of the Loans and the issuance of the Letters of Credit.

 

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ARTICLE VII. AFFIRMATIVE COVENANTS

For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 12.7., all of the Lenders) shall otherwise consent in the manner provided for in Section 12.7., the Borrower shall comply with the following covenants:

Section 7.1. Preservation of Existence and Similar Matters.

Except as otherwise permitted under Section 9.7., the Borrower shall, and shall cause each Subsidiary and each other Loan Party to, preserve and maintain its respective existence, rights, franchises, licenses and privileges in the jurisdiction of its incorporation or formation and qualify and remain qualified and authorized to do business in each jurisdiction in which the character of its properties or the nature of its business requires such qualification and authorization and where the failure to be so authorized and qualified could reasonably be expected to have a Material Adverse Effect.

Section 7.2. Compliance with Applicable Law.

The Borrower shall, and shall cause each Subsidiary and each other Loan Party to, comply with all Applicable Laws, including the obtaining of all Governmental Approvals, the failure with which to comply could reasonably be expected to have a Material Adverse Effect.

Section 7.3. Maintenance of Property.

In addition to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each Subsidiary and other Loan Party to (a) protect and preserve all of its material properties, including, but not limited to, all Intellectual Property, and maintain in good repair, working order and condition all tangible properties, ordinary wear and tear excepted, and (b) make or cause to be made all needed and appropriate repairs, renewals, replacements and additions to such properties, so that the business carried on in connection therewith may be properly and advantageously conducted at all times.

Section 7.4. Insurance.

In addition to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each Subsidiary and other Loan Party to, maintain insurance (on a full replacement cost basis) with financially sound and reputable insurance companies against such risks and in such amounts as is customarily maintained by Persons engaged in similar businesses or as may be required by Applicable Law, and from time to time deliver to the Administrative Agent upon its request a detailed list, together with copies of all policies of the insurance then in effect if requested, stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby. Subject to the requirements of any applicable lease, the Borrower shall, and shall cause its Subsidiaries to, apply any proceeds from such insurance coverage with respect to any Unencumbered Asset to either (i) repair or rebuild the property for which such proceeds are being received, (ii) acquire a substantially equivalent property or (iii) repay Obligations.

Section 7.5. Payment of Taxes and Claims.

The Borrower shall, and shall cause each Subsidiary and other Loan Party to, pay and discharge when due (a) all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or upon any properties belonging to it, and (b) all lawful claims of materialmen, mechanics, carriers, warehousemen and landlords for labor, materials, supplies and rentals which, if unpaid, might become a Lien on any properties of such Person; provided, however, that this Section shall

 

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not require the payment or discharge of any such tax, assessment, charge, levy or claim which is being contested in good faith by appropriate proceedings which operate to suspend the collection thereof and for which adequate reserves have been established on the books of the Borrower, such Subsidiary or such other Loan Party, as applicable, in accordance with GAAP.

Section 7.6. Inspections.

The Borrower shall, and shall cause each Subsidiary and other Loan Party to, permit representatives of the Administrative Agent or any Lender to visit and inspect any of their respective properties, to examine and make abstracts from any of their respective books and records and to discuss their respective affairs, finances and accounts with their respective officers, employees and independent public accountants (in the Borrower’s presence if an Event of Default does not then exist), all at such reasonable times during business hours and as often as may reasonably be requested and so long as no Event of Default exists, with reasonable prior notice, and at all times subject to the rights of tenants under their respective leases. The Borrower shall be obligated to reimburse the Administrative Agent and the Lenders for their costs and expenses incurred in connection with the exercise of their rights under this Section only if such exercise occurs while a Default or Event of Default exists.

Section 7.7. Use of Proceeds; Letters of Credit.

The Borrower shall use the proceeds of Loans and the Letters of Credit only (a) to refinance all of the Indebtedness outstanding under the Existing Credit Agreement and (b) for general corporate purposes of the Borrower and its Subsidiaries. The Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, use any part of such proceeds (a) to purchase or carry, or to reduce or retire or refinance any credit incurred to purchase or carry, any margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System) or to extend credit to others for the purpose of purchasing or carrying any such margin stock; provided, however, the Borrower may use proceeds of the Loans and Letters of Credit to purchase the Borrower’s common stock so long as such use will not result in any of the Loans, Letters of Credit or other Obligations being considered to be “purpose credit” directly or indirectly secured by margin stock within the meaning of Regulation U or Regulation X of the Board of Governors of the Federal Reserve System or (b) fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or Sanctioned Entity.

Section 7.8. Environmental Matters.

The Borrower shall, and shall cause all of its Subsidiaries and the other Loan Parties to, comply with all Environmental Laws the failure with which to comply could reasonably be expected to have a Material Adverse Effect. The Borrower shall comply, and shall cause each other Loan Party and each other Subsidiary to comply, and the Borrower shall use, and shall cause each other Loan Party and each other Subsidiary to use, commercially reasonable efforts to cause all other Persons occupying, using or present on the Properties to comply, with all Environmental Laws in all material respects. The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, promptly take all actions and pay or arrange to pay all costs necessary for it and for the Properties to comply in all material respects with all Environmental Laws and all Governmental Approvals, including actions to remove and dispose of all Hazardous Materials and to clean up the Properties as required under Environmental Laws. The Borrower shall, and shall cause the Loan Parties and the other Subsidiaries to, promptly take all actions necessary to prevent the imposition of any Liens on any of their respective properties arising out of or related to any Environmental Laws. Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative Agent or any Lender.

 

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Section 7.9. Books and Records.

The Borrower shall, and shall cause each of its Subsidiaries and the other Loan Parties to, maintain books and records pertaining to its respective business operations in such detail, form and scope as is consistent with good business practice and in accordance with GAAP.

Section 7.10. Further Assurances.

At the Borrower’s cost and expense and upon request of the Administrative Agent, the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, duly execute and deliver or cause to be duly executed and delivered, to the Administrative Agent such further instruments, documents and certificates, and do and cause to be done such further acts that may be reasonably necessary or advisable in the reasonable opinion of the Administrative Agent to carry out more effectively the provisions and purposes of this Agreement and the other Loan Documents.

Section 7.11. New Subsidiaries /Guarantors.

(a) Requirement to Become Guarantor. Within 30 calendar days of any Person (other than an Excluded Subsidiary) becoming a Material Subsidiary after the Effective Date, the Borrower shall deliver to the Administrative Agent each of the following items, each in form and substance satisfactory to the Administrative Agent: (i) an Accession Agreement executed by such Subsidiary and, (ii) the items that would have been delivered under Sections 5.1.(a)(viii) through (xii), and (xvii) as if such Subsidiary had been one on the Effective Date; provided, however, promptly (and in any event within 10 Business Days) upon any Material Subsidiary ceasing to qualify as an Excluded Subsidiary, such Subsidiary shall comply with the provisions of this Section. Upon the request of any Lender, the Administrative Agent shall send to such Lender a copy of each of the foregoing items received by the Administrative Agent with respect to a Subsidiary.

(b) Other Guarantors. If at any time the Real Property Value attributable to all Subsidiaries (excluding Material Subsidiaries and Excluded Subsidiaries) that are not Guarantors exceeds $50,000,000 in the aggregate, the Borrower shall cause one or more of such Subsidiaries to become Guarantors by delivering to the Administrative Agent the items required to be delivered under the immediately preceding subsection (a) within 30 calendar days of such occurrence so that the Real Property Value attributable to such Subsidiaries does not exceed $50,000,000.

(c) Release of a Guarantor. The Borrower may request in writing that the Administrative Agent release, and upon receipt of such request the Administrative Agent shall release, a Guarantor from the Guaranty so long as: (i) such Guarantor meets, or will meet simultaneously with its release from the Guaranty, all of the provisions of the definition of the term “Excluded Subsidiary” and none of the Guarantor’s Properties or other assets are to be taken into account when calculating Unencumbered Asset Value; (ii) such Guarantor is not otherwise required to be a party to the Guaranty under the immediately preceding subsection (a); (iii) no Default or Event of Default shall then be in existence or would occur as a result of such release, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1.; and (iv) the Administrative Agent shall have received such written request at least 10 Business Days (or such shorter period as may be acceptable to the Administrative Agent) prior to the requested date of release. Delivery by the Borrower to the Administrative Agent of any such request shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both as of the date of the giving of such request and as of the date of the effectiveness of such request) are true and correct with respect to such request.

 

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Section 7.12. REIT Status.

The Borrower shall at all times maintain its status as a REIT.

Section 7.13. Exchange Listing.

The Borrower shall maintain at least one class of common shares of the Borrower having trading privileges on the New York Stock Exchange or the American Stock Exchange or which is the subject of price quotations in the over-the-counter market as reported by the National Association of Securities Dealers Automated Quotation System.

ARTICLE VIII. INFORMATION

For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 12.7., all of the Lenders) shall otherwise consent in the manner set forth in Section 12.7., the Borrower shall furnish to the Administrative Agent for distribution to each of the Lenders:

Section 8.1. Quarterly Financial Statements.

As soon as available and in any event within 5 days after the same is required to be filed with the Securities and Exchange Commission (but in no event later than 45 days after the end of each of the first, second and third fiscal quarters of the Borrower), the unaudited consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such period and the related unaudited consolidated statements of earnings, and cash flows of the Borrower and its Subsidiaries for such period, setting forth in each case in comparative form the figures as of the end of and for the corresponding periods of the previous fiscal year, all of which shall be certified by the chief executive officer or chief financial officer of the Borrower, in his or her opinion, to present fairly, in accordance with GAAP and in all material respects, the consolidated financial position of the Borrower and its Subsidiaries as at the date thereof and the results of operations for such period (subject to normal year-end audit adjustments).

Section 8.2. Year-End Statements.

As soon as available and in any event within 5 days after the same is required to be filed with the Securities and Exchange Commission (but in no event later than 90 days after the end of each fiscal year of the Borrower), the audited consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year and the related audited consolidated statements of earnings, stockholders’ equity and cash flows of the Borrower and its Subsidiaries for such fiscal year, setting forth in comparative form the figures as at the end of and for the previous fiscal year, all of which shall be certified by (a) the chief executive officer or chief financial officer of the Borrower, in his or her opinion, to present fairly, in accordance with GAAP in all material respects, the consolidated financial position of the Borrower and its Subsidiaries as at the date thereof and the results of operations for such period and (b) independent certified public accountants of recognized national standing acceptable to the Administrative Agent, whose certificate shall be unqualified and in scope and substance satisfactory to the Requisite Lenders and who shall have authorized the Borrower to deliver such financial statements and certification thereof to the Administrative Agent and the Lenders pursuant to this Agreement.

Section 8.3. Compliance Certificate; Additional Information.

At the time financial statements are furnished pursuant to Sections 8.1. and 8.2., a certificate substantially in the form of Exhibit K (a “Compliance Certificate”) executed by the chief financial officer of the Borrower: (a) setting forth in reasonable detail as at the end of such quarterly accounting period,

 

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fiscal year, or other fiscal period, as the case may be, the calculations required to establish whether or not the Borrower was in compliance with the covenants contained in Sections 9.1., 9.2. and 9.4. and (b) stating that, to the best of his or her knowledge, information and belief after due inquiry, no Default or Event of Default exists, or, if such is not the case, specifying such Default or Event of Default and its nature, when it occurred, whether it is continuing and the steps being taken by the Borrower with respect to such event, condition or failure. Together with any Compliance Certificate delivered with financial statements furnished pursuant to Sections 8.1. and 8.2., the Borrower shall deliver reports, in form and detail satisfactory to the Administrative Agent, setting forth (a) a description of all Properties acquired during such fiscal quarter, including the net operating income of each such Property, acquisition costs and related mortgage debt and such other information as the Administrative Agent may request; and (b) all Unencumbered Assets at the end of such fiscal quarter.

Section 8.4. Other Information.

(a) Management Reports. Promptly upon receipt thereof, copies of all management reports, if any, submitted to the Borrower or its Board of Directors by its independent public accountants;

(b) Securities Filings. Promptly upon, and in any event within 5 Business Days of the filing thereof, copies of all registration statements (excluding the exhibits thereto (unless requested by the Administrative Agent) and any registration statements on Form S-8 or its equivalent), reports on Forms 10-K, 10-Q and 8-K (or their equivalents) and all other periodic reports which the Borrower, any Subsidiary or any other Loan Party shall file with the Securities and Exchange Commission (or any Governmental Authority substituted therefor) or any national securities exchange;

(c) Shareholder Information; Press Releases. Promptly upon the mailing thereof to the shareholders of the Borrower generally, copies of all financial statements, reports and proxy statements so mailed and promptly upon the issuance thereof copies of all press releases issued by the Borrower, any Subsidiary or any other Loan Party;

(d) Projections. No later than December 31 of each fiscal year of the Borrower ending prior to the Termination Date (or by the end of each fiscal quarter of the Borrower ending prior to the Termination Date upon the Administrative Agent’s request), projected balance sheets, operating statements, profit and loss projections and cash flow budgets (including sources and uses of cash in form and content reasonably satisfactory to the Administrative Agent) of the Borrower and its Subsidiaries on a consolidated basis for the period of four consecutive fiscal quarters immediately following such fiscal year end or fiscal quarter end, as applicable, prepared on a quarterly basis and all itemized in reasonable detail. The foregoing shall be accompanied by pro forma calculations, together with detailed assumptions, required to establish whether or not the Borrower, and when appropriate its consolidated Subsidiaries, is projected to be in compliance with the covenants contained in Sections 9.1. at the end of each fiscal quarter of the next succeeding fiscal year. Such projected consolidated financial statements shall represent the reasonable best estimate by the Borrower of the future financial performance of the Borrower and its Subsidiaries for the periods set forth therein and shall be prepared on the basis of assumptions set forth therein, which the Borrower believes are fair and reasonable as of the date of preparation in light of current and reasonably foreseeable business conditions (it being understood that actual results may differ from those set forth in such projected financial statements).

(e) ERISA. If any ERISA Event shall occur that individually, or together with any other ERISA Event that has occurred, could reasonably be expected to have a Material Adverse Effect, a certificate of the chief executive officer or chief financial officer of the Parent setting forth details as to such occurrence and the action, if any, which the Parent or applicable member of the ERISA Group is required or proposes to take;

 

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(f) Litigation. To the extent the Borrower, any other Loan Party or any other Subsidiary is aware of the same, prompt notice of the commencement of any proceeding or investigation by or before any Governmental Authority and any action or proceeding in any court or other tribunal or before any arbitrator against or in any other way relating adversely to, or adversely affecting, the Borrower, any other Loan Party or any other Subsidiary or any of their respective properties, assets or businesses which, if determined or resolved adversely to such Person, could reasonably be expected to have a Material Adverse Effect, and prompt notice of the receipt of notice that any United States income tax returns of any Loan Party or any other Subsidiary are being audited;

(g) Modification of Organizational Documents. A copy of any material amendment to the certificate or articles of incorporation, bylaws, partnership agreement or other similar organizational documents of the Borrower or any other Loan Party promptly upon, and in any event within 15 Business Days after, the effectiveness thereof;

(h) Change of Management or Financial Condition. Prompt notice of any material change in the executive management of the Borrower, any Subsidiary or any other Loan Party and any change in the business, assets, liabilities, condition (financial or otherwise), results of operations or business prospects of the Borrower, any Subsidiary or any other Loan Party which has had or could reasonably be expected to have a Material Adverse Effect;

(i) Default. Notice of the occurrence of any Default or Event of Default promptly upon a Responsible Officer of the Borrower, any other Loan Party or any other Subsidiary obtaining knowledge thereof;

(j) Judgments. Prompt notice of any order, judgment or decree in excess of $25,000,000 having been entered against the Borrower, any Subsidiary or any other Loan Party or any of their respective properties or assets;

(k) Notice of Violations of Law. Prompt notice if the Borrower, any Subsidiary or any other Loan Party shall receive any notification from any Governmental Authority alleging a violation of any Applicable Law, or any inquiry with respect to any matters, in either case which could reasonably be expected to have a Material Adverse Effect;

(l) Material Asset Sales. Prompt notice of the sale, transfer or other disposition of any assets having a book value or fair market value in excess of $50,000,000 in the aggregate of the Borrower, any Subsidiary or any other Loan Party to any Person other than the Borrower, any Subsidiary or any other Loan Party;

(m) Ratings Change. Promptly, and in any event within 2 Business Days of any change in the Borrower’s Credit Rating, a certificate stating that the Borrower’s Credit Rating has changed and providing the new Credit Rating that is in effect;

(n) Patriot Act Information. Promptly, upon each request, information identifying the Borrower as a Lender may request in order to comply with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001));

(o) Notice of Violation of Environmental Laws. Promptly, and in any event within 3 Business Days after the Borrower receives any of the following notices, the Borrower shall provide the Administrative Agent with a copy of such notice if the matters referenced in such notice either individually or in the aggregate could reasonably be expected to have a Material Adverse Effect: (i) the

 

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Borrower, any Loan Party or any other Subsidiary shall receive notice that any violation of or noncompliance with any Environmental Law has or may have been committed or is threatened; (ii) the Borrower, any Loan Party or any other Subsidiary shall receive notice that any administrative or judicial complaint, order or petition has been filed or other proceeding has been initiated, or is about to be filed or initiated against any such Person alleging any violation of or noncompliance with any Environmental Law or requiring any such Person to take any action in connection with the release or threatened release of Hazardous Materials; (iii) the Borrower, any Loan Party or any other Subsidiary shall receive any notice from a Governmental Authority or private party alleging that any such Person may be liable or responsible for any costs associated with a response to, or remediation or cleanup of, a release or threatened release of Hazardous Materials or any damages caused thereby; or (iv) the Borrower, any Loan Party or any other Subsidiary shall receive notice of any other fact, circumstance or condition that could reasonably be expected to form the basis of an environmental claim;

(p) Derivatives Termination Value. Promptly upon the request of the Administrative Agent, the Derivatives Termination Value in respect of any Specified Derivatives Contract from time to time outstanding; and

(q) Other Information. From time to time and promptly upon each request, such data, certificates, reports, statements, opinions of counsel, documents or further information regarding any Property or the business, assets, liabilities, financial condition, results of operations or business prospects of the Borrower, any of its Subsidiaries, or any other Loan Party as the Administrative Agent or any Lender may reasonably request.

Section 8.5. Electronic Delivery of Certain Information.

(a) Documents required to be delivered pursuant to the Loan Documents shall be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website such as www.Edgar.com <http://www.Edgar.com> or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the foregoing shall not apply to (A) notices to any Lender (or the Issuing Bank) pursuant to Article II. and (B) any Lender that has not notified the Administrative Agent or Borrower that it cannot or does not want to receive electronic communications. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered 24 hours after the date and time on which the Administrative Agent or the Borrower posts such documents or the documents become available on a commercial website and the Administrative Agent or the Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. on the opening of business on the next business day for the recipient. Notwithstanding anything contained herein, in every instance the Borrower shall be required to provide paper copies of the certificate required by Section 8.3. to the Administrative Agent and shall deliver paper copies of any documents to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for the certificates required by Section 8.3., the Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.

 

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(b) Documents required to be delivered pursuant to Article II. may be delivered electronically to a website provided for such purpose by the Administrative Agent pursuant to the procedures provided to the Borrower by the Administrative Agent.

Section 8.6. Public/Private Information.

The Borrower shall cooperate with the Administrative Agent in connection with the publication of certain materials and/or information provided by or on behalf of the Borrower. Documents required to be delivered pursuant to the Loan Documents shall be delivered by or on behalf of the Borrower to the Administrative Agent and the Lenders (collectively, “Information Materials”) pursuant to this Article and shall designate Information Materials (a) that are either available to the public or not material with respect to the Borrower and its Subsidiaries or any of their respective securities for purposes of United States federal and state securities laws, as “Public Information” and (b) that are not Public Information as “Private Information”. Notwithstanding anything to the contrary in this Section, any Information Materials provided without any designation shall be deemed to be “Private Information” for all purposes hereunder.

Section 8.7. USA Patriot Act Notice; Compliance.

The USA Patriot Act of 2001 (Public Law 107-56) and federal regulations issued with respect thereto require all financial institutions to obtain, verify and record certain information that identifies individuals or business entities which open an “account” with such financial institution. Consequently, a Lender (for itself and/or as Administrative Agent for all Lenders hereunder) may from time-to-time request, and the Borrower shall, and shall cause the other Loan Parties, to provide to such Lender, such Loan Party’s name, address, tax identification number and/or such other identification information as shall be necessary for such Lender to comply with federal law. An “account” for this purpose may include, without limitation, a deposit account, cash management service, a transaction or asset account, a credit account, a loan or other extension of credit, and/or other financial services product.

ARTICLE IX. NEGATIVE COVENANTS

For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 12.7., all of the Lenders) shall otherwise consent in the manner set forth in Section 12.7., the Borrower shall comply with the following covenants:

Section 9.1. Financial Covenants.

The Borrower shall not permit:

(a) Maximum Leverage Ratio. The ratio of (i) Total Liabilities to (ii) Total Asset Value, to exceed 0.60 to 1.00 at any time.

(b) Minimum Fixed Charge Ratio. The ratio of (i) EBITDA for the fiscal quarter of the Borrower most recently ended to (ii) Fixed Charges for such period, to be less than 1.75 to 1.00 at any time.

(c) Unencumbered Asset Ratio. The ratio of (i) Unencumbered Asset Value to (ii) Unsecured Indebtedness of the Borrower and its Subsidiaries, to be less than 1.67 to 1.00 at any time. For purposes of this subsection (c), during any period that the ratio of Total Liabilities to Total Asset Value is greater than 0.50 to 1.00, the amount of Secured Indebtedness of the Borrower and its Subsidiaries that is not Nonrecourse Indebtedness in excess of 5.00% of Total Asset Value shall be deemed to be Unsecured Indebtedness.

 

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(d) Unencumbered Interest Ratio. The ratio of (i) Unencumbered NOI to (ii) Interest Expense in respect of Unsecured Indebtedness of the Borrower and its Subsidiaries for such period, to be less than 2.00 to 1.00 at any time.

(e) Minimum Tangible Net Worth. Tangible Net Worth at any time to be less than (i) $1,350,000,000 plus (ii) 85.0% of the Net Proceeds of all Equity Issuances effected by the Borrower or any Subsidiary after June 30, 2009 (other than Equity Issuances to the Borrower or any Subsidiary).

(f) Maximum Secured Indebtedness Ratio. The ratio of (i) Secured Indebtedness of the Borrower and its Subsidiaries to (ii) Total Asset Value, to exceed 0.30 to 1.00 at any time.

(g) Revenues from Ground Leases. The ratio (expressed as a percentage) of (i) the aggregate income of the Borrower and its Subsidiaries from properties leased by the Borrower and its Subsidiaries (as lessees) under ground leases for any fiscal quarter ending during the term of this Agreement to (ii) Gross Lease Revenues for such fiscal quarter, to exceed 5.0%.

(h) Industry/Tenant Concentrations. The percentage of Gross Lease Revenues for any fiscal quarter of the Borrower attributable to (i) Convenience Stores and Gas Automotive Service Stores to exceed 35.0%; (ii) Restaurants to exceed 25.0%; (iii) Convenience Stores, Gas Automotive Service Stores and Restaurants, collectively, to exceed 52.5%; provided, however, that failure to comply with the immediately preceding clause (iii) shall not constitute a Default or Event of Default and the Borrower shall be deemed to be in compliance with the immediately preceding clause (iii) so long as (A) such percentage does not exceed 55.0% for a period of more than two consecutive quarters and (B) the Borrower shall not have previously used the exception provided in clause (A); (iv) each other industry, individually, not specified in the immediately preceding clauses (i) through (iii) to exceed 20.0%; (v) any single tenant and its Affiliates (other than either Susser Holding Corp. and The Pantry Inc. and their respective Affiliates) to exceed 10.0%; (v) Susser Holdings Corp. and its Affiliates to exceed 12.0%, and (vi) The Pantry Inc. and its Affiliates to exceed 12.0%.

Section 9.2. Restricted Payments.

If any Event of Default exists, the Borrower shall not, and shall not permit any Subsidiary to, declare or make any Restricted Payment other than cash distributions to its shareholders during any fiscal year in an aggregate amount not to exceed the minimum amount necessary for the Borrower to remain in compliance with Section 7.12. If an Event of Default specified in Section 10.1.(a), Section 10.1.(b), Section 10.1.(f) or Section 10.1.(g) exists or, if as a result of the occurrence of any other Event of Default any of the Obligations have been accelerated pursuant to Section 10.2.(a), the Borrower shall not, and shall not permit any Subsidiary to, make any Restricted Payments to any Person whatsoever other than to the Borrower or any Subsidiary that is a Guarantor.

Section 9.3. Indebtedness.

The Borrower shall not, and shall not permit any Subsidiary or any other Loan Party to, incur, assume, or otherwise become obligated in respect of any Indebtedness after the Agreement Date if immediately prior to the assumption, incurring or becoming obligated in respect thereof, or immediately thereafter and after giving effect thereto, a Default or Event of Default is or would be in existence, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1.

 

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Section 9.4. Certain Permitted Investments.

The Borrower and the Guarantors shall not, and shall not permit any of their Subsidiaries to, (a) make any Securitization Investments after the Agreement Date and (b) make any Investment, or otherwise own the following items, which would cause the aggregate value of such holdings of the Borrower, the Guarantors and such Subsidiaries to exceed the applicable limits set forth below:

(i) Investments in Unconsolidated Affiliates such that the aggregate book value of such Investments determined in accordance with GAAP exceeds 15.0% of Total Asset Value at any time;

(ii) Mezzanine Investments, Securitization Investments, and Mortgage Receivables (including without limitation, Eligible Mortgage Notes Receivable) such that the aggregate book value of all such Mezzanine Investments, Securitization Investments, and Mortgage Receivables, collectively, exceeds 12.5% of Total Asset Value at any time; provided that the aggregate book value of Mezzanine Investments and Securitization Investments, collectively, shall not exceed 5.0% of Total Asset Value at any time; and

(iii) Unimproved Land and the aggregate Construction Budget for all real property, such that the current book value of Unimproved Land and the aggregate Construction Budget for all real property, collectively, exceeds 10.0% of Total Asset Value at any time; provided that the current book value of all Unimproved Land shall not exceed 5.0% of Total Asset Value at any time; and

(iv) Investments in Equity Interests of any Person (other than their respective Subsidiaries and Unconsolidated Affiliates) such that such Investments in such Equity Interests exceeds 5.0% of Total Asset Value at any time.

In addition to the foregoing limitations, the aggregate value of all of the items subject to the limitations in the preceding clauses (b)(ii) through (b)(iv) shall not exceed 20.0% of Total Asset Value at any time.

Section 9.5. Conduct of Business.

The Borrower shall not, and shall not permit any Subsidiary or any other Loan Party to, engage in any type of business except as described in Section 6.1.(t).

Section 9.6. Liens; Negative Pledges; Other Matters.

(a) The Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, create, assume, or incur any Lien (other than Permitted Liens) upon any of its properties, assets, income or profits of any character whether now owned or hereafter acquired if immediately prior to the creation, assumption or incurring of such Lien, or immediately thereafter, a Default or Event of Default is or would be in existence, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1.

(b) The Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, enter into, assume or otherwise be bound by any Negative Pledge except for a Negative Pledge contained in (i) an agreement (x) evidencing Indebtedness which the Borrower or such Subsidiary may create, incur, assume, or permit or suffer to exist under Section 9.3., (y) which Indebtedness is secured by a Lien permitted to exist under the Loan Documents, and (z) which prohibits the creation of any other Lien on

 

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only the property securing such Indebtedness as of the date such agreement was entered into; or (ii) an agreement relating to the sale of a Subsidiary or assets pending such sale, provided that in any such case the Negative Pledge applies only to the Subsidiary or the assets that are the subject of such sale.

(c) The Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Subsidiary (other than an Excluded Subsidiary) to: (i) pay dividends or make any other distribution on any of such Subsidiary’s capital stock or other equity interests owned by the Borrower or any Subsidiary; (ii) pay any Indebtedness owed to the Borrower or any Subsidiary; (iii) make loans or advances to the Borrower or any Subsidiary; or (iv) transfer any of its property or assets to the Borrower or any other Subsidiary.

Section 9.7. Merger, Consolidation, Sales of Assets and Other Arrangements.

The Borrower shall not, and shall not permit any Subsidiary or other Loan Party to: (i) enter into any transaction of merger or consolidation; (ii) liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution); or (iii) convey, sell, lease, sublease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or any substantial part of its business or assets, whether now owned or hereafter acquired; provided, however, that:

(a) any of the actions described in the immediately preceding clauses (i) through (iii) may be taken with respect to any Subsidiary or any other Loan Party (other than the Borrower) so long as immediately prior to the taking of such action, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence;

(b) the Borrower, each Subsidiary and each other Loan Party may sell, transfer or dispose of assets among themselves;

(c) the Borrower, its Subsidiaries and the other Loan Parties may lease and sublease their respective assets, as lessor or sublessor (as the case may be), in the ordinary course of their business; and

(d) a Person may merge with and into the Borrower, any Subsidiary or any Loan Party so long as (i) the Borrower, such Subsidiary or such Loan Party, as applicable, is the survivor of such merger, (ii) immediately prior to such merger, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence, and (iii) the Borrower shall have given the Administrative Agent and the Lenders at least 10 Business Days’ prior written notice of such merger (except that such prior notice shall not be required in the case of the merger of a Subsidiary with and into the Borrower).

If, as a result of the consummation of any transaction described in the immediately preceding clause (a) or (b), a Person would become a Subsidiary that has assets having a book value or fair market value in excess of $50,000,000 in the aggregate and that is not an Excluded Subsidiary, the Borrower shall not permit the consummation of such transaction unless the items described in Section 7.11. (a) are delivered to the Administrative Agent at the time of the consummation of such transaction.

Section 9.8. Fiscal Year.

The Borrower shall not, and shall not permit any other Loan Party or other Subsidiary to, change its fiscal year from that in effect as of the Agreement Date.

 

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Section 9.9. Modifications of Organizational Documents.

The Borrower shall not, and shall not permit any other Loan Party or other Subsidiary to, amend, supplement, restate or otherwise modify its articles or certificate of incorporation, by-laws, operating agreement, declaration of trust, partnership agreement or other applicable organizational document without the prior written consent of the Administrative Agent and the Requisite Lenders if such amendment, supplement, restatement or other modification could reasonably be expected to have a Material Adverse Effect.

Section 9.10. Transactions with Affiliates.

The Borrower shall not permit to exist or enter into, and shall not permit any of its Subsidiaries or any other Loan Party to permit to exist or enter into, any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate of the Borrower, such Subsidiary or such Loan Party, except (a) as set forth on Schedule 6.1.(r), (b) transactions between and among the Borrower and its Wholly Owned Subsidiaries or (c) transactions in the ordinary course of and pursuant to the reasonable requirements of the business of the Borrower, such Subsidiary, or such Loan Party and upon fair and reasonable terms which are no less favorable to the Borrower, such Subsidiary, or such Loan Party than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate. Notwithstanding the forgoing, no payments may be made with respect to any items set forth on such Schedule 6.1.(r) if a Default or Event of Default exists or would result therefrom.

Section 9.11. ERISA Exemptions.

The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, permit any of its respective assets to become or be deemed to be “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. The Borrower shall not cause or permit to occur, and shall not permit any other member of the ERISA Group to cause or permit to occur, any ERISA Event if such ERISA Event could reasonably be expected to have a Material Adverse Effect.

Section 9.12. Environmental Matters.

The Borrower shall not, and shall not permit its Subsidiaries or any other Loan Party or any other Person to, use, generate, discharge, emit, manufacture, handle, process, store, release, transport, remove, dispose of or clean up any Hazardous Materials on, under or from the Properties in violation of any Environmental Law the violation of which could reasonably be expected to have a Material Adverse Effect. Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative Agent or any Lender.

Section 9.13. Derivatives Contracts.

The Borrower shall not, and shall not permit any Subsidiary or any other Loan Party, to enter into or become obligated in respect of, Derivatives Contracts, other than Derivatives Contracts entered into by the Borrower, Loan Party or such Subsidiary in the ordinary course of business and which establish a hedge in respect of liabilities, commitments or assets held or reasonably anticipated by the Borrower, a Loan Party or other Subsidiary.

 

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ARTICLE X. DEFAULT

Section 10.1. Events of Default.

Each of the following shall constitute an Event of Default, whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority:

(a) Default in Payment of Principal. The Borrower shall fail to pay when due (whether upon demand, at maturity, by reason of acceleration or otherwise) the principal of any of the Loans, or any Reimbursement Obligation.

(b) Default in Payment of Interest and Other Obligations. The Borrower shall fail to pay when due any interest on any of the Loans or any of the other payment Obligations owing by the Borrower under this Agreement or any other Loan Document, or any other Loan Party shall fail to pay when due any payment Obligation owing by such other Loan Party under any Loan Document to which it is a party, and such failure shall continue for a period of 5 Business Days.

(c) Default in Performance.

(i) The Borrower shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Section 8.4.(i) or in Article IX.; or

(ii) The Borrower or any other Loan Party shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section and, in the case of this clause (ii) only, such failure shall continue for a period of 30 calendar days after the earlier of (x) the date upon which a Responsible Officer of the Borrower or any other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent.

(d) Material Misrepresentations. Any written statement, representation or warranty made or deemed made by or on behalf of the Borrower or any other Loan Party under this Agreement or under any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement at any time furnished or made or deemed made by or on behalf of the Borrower or any other Loan Party to the Administrative Agent, the Issuing Bank or any Lender, shall at any time prove to have been incorrect or misleading, in light of the circumstances in which made or deemed made, in any material respect when furnished or made or deemed made.

(e) Indebtedness Cross- Default.

(i) The Borrower, any Subsidiary or any other Loan Party shall fail to pay when due and payable, after the expiration of any applicable notice and cure period, the principal of, or interest on, any Indebtedness (other than the Loans) having an aggregate outstanding principal amount of (or, in the case of any Derivatives Contract, having, without regard to the effect of any close-out netting provision, a Derivatives Termination Value) of $25,000,000 or more (“Material Debt”); or

(ii) (x) The maturity of any Material Debt shall have been accelerated in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Material Debt or (y) any Material Debt shall have been required to be prepaid or repurchased prior to the stated maturity thereof; or

 

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(iii) Any other event exists, with or without the passage of time, the giving of notice, or otherwise, would permit any holder or holders of any Material Debt, any trustee or agent acting on behalf of such holder or holders or any other Person, to accelerate the maturity of any such Material Debt or require any such Material Debt to be prepaid or repurchased prior to its stated maturity; or

(iv) As a result of any Loan Party’s failure to perform or observe any term, covenant, condition or agreement contained in any Derivatives Contract, such Derivatives Contract is terminated and the Derivatives Termination Value owed by such Loan Party as a result thereof is $25,000,000 or more.

(f) Voluntary Bankruptcy Proceeding. The Borrower, any other Loan Party or any Subsidiary to which Subsidiary more than $25,000,000 of Total Asset Value is attributable shall: (i) commence a voluntary case under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition seeking to take advantage of any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) consent to, or fail to contest in a timely and appropriate manner, any petition filed against it in an involuntary case under such bankruptcy laws or other Applicable Laws or consent to any proceeding or action described in the immediately following subsection; (iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign; (v) admit in writing its inability to pay its debts as they become due; (vi) make a general assignment for the benefit of creditors; (vii) make a conveyance fraudulent as to creditors under any Applicable Law; or (viii) take any corporate or partnership action for the purpose of effecting any of the foregoing.

(g) Involuntary Bankruptcy Proceeding. A case or other proceeding shall be commenced against the Borrower, any other Loan Party or any Subsidiary to which Subsidiary more than $25,000,000 of Total Asset Value is attributable in any court of competent jurisdiction seeking: (i) relief under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect) or under any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of such Person, or of all or any substantial part of the assets, domestic or foreign, of such Person, and in the case of either clause (i) or (ii) such case or proceeding shall continue undismissed or unstayed for a period of 60 consecutive calendar days, or an order granting the remedy or other relief requested in such case or proceeding against the Borrower, such Subsidiary or such other Loan Party (including, but not limited to, an order for relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered.

(h) Litigation; Enforceability. The Borrower or any other Loan Party shall (or shall attempt to) disavow, revoke or terminate (or attempt to terminate) any Loan Document to which it is a party or the Fee Letter or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of any Loan Document or the Fee Letter or any Loan Document or the Fee Letter shall cease to be in full force and effect (except as a result of the express terms thereof).

(i) Judgment. A judgment or order for the payment of money or for an injunction shall be entered against the Borrower, any Subsidiary or any other Loan Party, by any court or other tribunal and (i) such judgment or order shall continue for a period of 30 days without being paid, stayed or dismissed

 

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through appropriate appellate proceedings and (ii) either (A) the amount of such judgment or order for which insurance has not been acknowledged in writing by the applicable insurance carrier (or the amount as to which the insurer has denied liability) exceeds, individually or together with all other such outstanding judgments or orders entered against the Borrower, such Subsidiaries and such other Loan Parties, $25,000,000 or (B) in the case of an injunction or other non-monetary judgment, such judgment could reasonably be expected to have a Material Adverse Effect.

(j) Attachment. A warrant, writ of attachment, execution or similar process shall be issued against any property of the Borrower, any Subsidiary or any other Loan Party which exceeds, individually or together with all other such warrants, writs, executions and processes, $25,000,000 in amount and such warrant, writ, execution or process shall not be discharged, vacated, stayed or bonded for a period of 30 days; provided, however, that if a bond has been issued in favor of the claimant or other Person obtaining such warrant, writ, execution or process, the issuer of such bond shall execute a waiver or subordination agreement in form and substance satisfactory to the Administrative Agent pursuant to which the issuer of such bond subordinates its right of reimbursement, contribution or subrogation to the Obligations and waives or subordinates any Lien it may have on the assets of any Loan Party.

(k) ERISA.

(i) Any ERISA Event shall have occurred that results or could reasonably be expected to result in liability to any member of the ERISA Group aggregating in excess of $25,000,000; or

(ii) The “benefit obligation” of all Plans exceeds the “fair market value of plan assets” for such Plans by more than $25,000,000, all as determined, and with such terms defined, in accordance with Statement of Financial Accounting Standards No. 158.

(l) Loan Documents. An Event of Default (as defined therein) shall occur under any of the other Loan Documents;

(m) Change of Control.

(i) Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person will be deemed to have “beneficial ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 35.0% of the total voting power of the then outstanding voting stock of the Borrower; or

(ii) During any period of 12 consecutive months ending after the Agreement Date, individuals who at the beginning of any such 12-month period constituted the Board of Directors of the Borrower (together with any new directors whose election by such Board or whose nomination for election by the shareholders of the Borrower was approved by a vote of a majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of Directors of the Borrower then in office.

 

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Section 10.2. Remedies Upon Event of Default.

Upon the occurrence of an Event of Default the following provisions shall apply:

(a) Acceleration; Termination of Facilities.

(i) Automatic. Upon the occurrence of an Event of Default specified in Sections 10.1.(f) or 10.1.(g), (1)(A) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding, (B) an amount equal to the Stated Amount of all Letters of Credit outstanding as of the date of the occurrence of such Event of Default for deposit into the Collateral Account pursuant to Section 10.5. and (C) all of the other Obligations of the Borrower, including, but not limited to, the other amounts owed to the Lenders, the Swingline Lender, the Issuing Bank and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents shall become immediately and automatically due and payable by the Borrower without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower, and (2) all of the the Commitments, the obligation of the Lenders to make Revolving Loans hereunder, the Swingline Commitment, the obligation of the Swingline Lender to make Swingline Loans, and the obligation of the Issuing Bank to issue Letters of Credit hereunder, shall all immediately and automatically terminate.

(ii) Optional. If any other Event of Default shall exist, the Administrative Agent may, and at the direction of the Requisite Lenders shall: (1) declare (A) the principal of, and accrued interest on, the Loans and the Notes at the time outstanding, (B) an amount equal to the Stated Amount of all Letters of Credit outstanding as of the date of the occurrence of such other Event of Default for deposit into the Collateral Account pursuant to Section 10.5. and (C) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders, the Issuing Bank and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Borrower, and (2) terminate the Commitments and the obligation of the Lenders to make Loans hereunder and the obligation of the Issuing Bank to issue Letters of Credit hereunder. If the Administrative Agent has exercised any of the rights provided under the preceding sentence, the Swingline Lender shall: (x) declare the principal of, and accrued interest on, the Swingline Loans and the Swingline Note at the time outstanding, and all of the other Obligations owing to the Swingline Lender, to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Borrower and (y) terminate the Swingline Commitment and the obligation of the Swingline Lender to make Swingline Loans.

(b) Loan Documents. The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall, exercise any and all of its rights under any and all of the other Loan Documents.

(c) Applicable Law. The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall, exercise all other rights and remedies it may have under any Applicable Law.

(d) Appointment of Receiver. To the extent permitted by Applicable Law, the Administrative Agent and the Lenders shall be entitled to the appointment of a receiver for the assets and properties of the Borrower and its Subsidiaries, without notice of any kind whatsoever and without regard to the adequacy of any security for the Obligations or the solvency of any party bound for its payment, to take possession of all or any portion of the business operations of the Borrower and its Subsidiaries and to exercise such power as the court shall confer upon such receiver.

 

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(e) Specified Derivatives Contract Remedies. Notwithstanding any other provision of this Agreement or other Loan Document, each Specified Derivatives Provider shall have the right, with the prompt notice to the Administrative Agent, but without the approval or consent of or other action by the Administrative Agent or the Lenders, and without limitation of other remedies available to such Specified Derivatives Provider under contract or Applicable Law, to undertake any of the following: (a) to declare an event of default, termination event or other similar event under any Specified Derivatives Contract and to create an “Early Termination Date” (as defined therein) in respect thereof, (b) to determine net termination amounts in respect of any and all Specified Derivatives Contracts in accordance with the terms thereof, and to set off amounts among such contracts, (c) to set off or proceed against deposit account balances, securities account balances and other property and amounts held by such Specified Derivatives Provider pursuant to any Derivatives Support Document, including any “Posted Collateral” (as defined in any credit support annex including in any such Derivatives Support Document to which such Specified Derivatives Provider may be a party), and (d) to prosecute any legal action against the Borrower, any Loan Party or other Subsidiary to enforce or collect net amounts owing to such Specified Derivatives Provider pursuant to any Specified Derivatives Contract.

Section 10.3. Remedies Upon Default.

Upon the occurrence of a Default specified in Section 10.1.(g), the Commitments shall immediately and automatically terminate.

Section 10.4. Marshaling; Payments Set Aside.

None of the Administrative Agent, the Issuing Bank, any Lender or any Specified Derivatives Provider shall be under any obligation to marshal any assets in favor of any Loan Party or any other party or against or in payment of any or all of the Obligations or the Specified Derivatives Obligations. To the extent that any Loan Party makes a payment or payments to the Administrative Agent and/or the Issuing Bank and/or any Lender and/or any Specified Derivatives Provider, or the Administrative Agent and/or the Issuing Bank and/or any Lender and/or any Specified Derivatives Provider enforce their security interests or exercise their rights of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such recovery, the Obligations or Specified Derivatives Obligations, or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

Section 10.5. Allocation of Proceeds.

If an Event of Default exists and maturity of any of the Obligations has been accelerated or the Termination Date has occurred, all payments received by the Administrative Agent under any of the Loan Documents, in respect of any principal of or interest on the Obligations or any other amounts payable by the Borrower hereunder or thereunder, shall be applied in the following order and priority:

(a) amounts due to the Administrative Agent, the Issuing Bank and the Lenders in respect of expenses due under Section 12.2. until paid in full, and then Fees;

(b) payments of interest on Swingline Loans;

 

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(c) payments of interest on all other Loans to be applied for the ratable benefit of the Lenders, in such order as the Lenders may determine in their sole discretion;

(d) payments of principal on Swingline Loans;

(e) payments of principal of all other Loans, to be applied for the ratable benefit of the Lenders, as the case may be, in such order as the Lenders may determine in their sole discretion;

(f) amounts to be deposited into the Collateral Account in respect of Letters of Credit;

(g) amounts due to the Administrative Agent and the Lenders pursuant to Sections 10.7. and 12.10.;

(h) payments of all other Obligations and all other amounts due and owing by the Borrower an the other Loan Parties under any of the Loan Documents, if any, to be applied for the ratable benefit of the Lenders; and

(i) any amount remaining after application as provided above, shall be paid to the Borrower or whomever else may be legally entitled thereto.

Section 10.6. Collateral Account.

(a) As collateral security for the prompt payment in full when due of all Letter of Credit Liabilities, the Borrower hereby pledges and grants to the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Bank and the Lenders as provided herein, a security interest in all of its right, title and interest in and to the Collateral Account established pursuant to the requirements of Section 2.12. and the balances from time to time in the Collateral Account (including the investments and reinvestments therein provided for below). The balances from time to time in the Collateral Account shall not constitute payment of any Letter of Credit Liabilities until applied by the Administrative Agent as provided herein. Anything in this Agreement to the contrary notwithstanding, funds held in the Collateral Account shall be subject to withdrawal only as provided in this Section and in Section 2.12.

(b) Amounts on deposit in the Collateral Account shall be invested and reinvested by the Administrative Agent in such Cash Equivalents as the Administrative Agent shall determine in its sole discretion. All such investments and reinvestments shall be held in the name of and be under the sole dominion and control of the Administrative Agent, provided, that all earnings on such investments will be credited to and retained in the Collateral Account. The Administrative Agent shall exercise reasonable care in the custody and preservation of any funds held in the Collateral Account and shall be deemed to have exercised such care if such funds are accorded treatment substantially equivalent to that which the Administrative Agent accords other funds deposited with the Administrative Agent, it being understood that the Administrative Agent shall not have any responsibility for taking any necessary steps to preserve rights against any parties with respect to any funds held in the Collateral Account.

(c) If an Event of Default exists, the Administrative Agent may (and, if instructed by the Requisite Lenders, shall) in its (or their) discretion at any time and from time to time elect to liquidate any such investments and reinvestments and credit the proceeds thereof to the Collateral Account and apply or cause to be applied such proceeds and any other balances in the Collateral Account to the payment of any of the Letter of Credit Liabilities due and payable.

 

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(d) So long as no Default or Event of Default exists, the Administrative Agent shall, from time to time, at the request of the Borrower, deliver to the Borrower within 10 Business Days after the Administrative Agent’s receipt of such request from the Borrower, against receipt but without any recourse, warranty or representation whatsoever, such of the balances in the Collateral Account as exceed the aggregate amount of Letter of Credit Liabilities at such time. When all of the Obligations shall have been indefeasibly paid in full and no Letters of Credit remain outstanding, the Administrative Agent shall deliver to the Borrower, against receipt but without any recourse, warranty or representation whatsoever, the balances remaining in the Collateral Account.

(e) The Borrower shall pay to the Administrative Agent from time to time such fees as the Administrative Agent normally charges for similar services in connection with the Administrative Agent’s administration of the Collateral Account and investments and reinvestments of funds therein.

Section 10.7. Performance by Administrative Agent.

If the Borrower shall fail to perform any covenant, duty or agreement contained in any of the Loan Documents, the Administrative Agent may perform or attempt to perform such covenant, duty or agreement on behalf of the Borrower after the expiration of any cure or grace periods set forth herein. In such event, the Borrower shall, at the request of the Administrative Agent, promptly pay any amount reasonably expended by the Administrative Agent in such performance or attempted performance to the Administrative Agent, together with interest thereon at the applicable Post-Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, neither the Administrative Agent nor any Lender shall have any liability or responsibility whatsoever for the performance of any obligation of the Borrower under this Agreement or any other Loan Document.

Section 10.8. Rights Cumulative.

The rights and remedies of the Administrative Agent, the Issuing Bank, the Lenders and the Specified Derivatives Providers under this Agreement, each of the other Loan Documents, the Fee Letter and Specified Derivatives Contracts shall be cumulative and not exclusive of any rights or remedies which any of them may otherwise have under Applicable Law. In exercising their respective rights and remedies the Administrative Agent, the Issuing Bank, the Lenders and the Specified Derivatives Providers may be selective and no failure or delay by the Administrative Agent, the Issuing Bank, any of the Lenders or any of the Specified Derivatives Providers in exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any power or right preclude its other or further exercise or the exercise of any other power or right.

ARTICLE XI. THE ADMINISTRATIVE AGENT

Section 11.1. Appointment and Authorization.

Each Lender hereby irrevocably appoints and authorizes the Administrative Agent to take such action as contractual representative on such Lender’s behalf and to exercise such powers under this Agreement and the other Loan Documents as are specifically delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. Not in limitation of the foregoing, each Lender authorizes and directs the Administrative Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any action taken by the Requisite Lenders in accordance with the provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized

 

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and binding upon all of the Lenders. Nothing herein shall be construed to deem the Administrative Agent a trustee or fiduciary for any Lender or to impose on the Administrative Agent duties or obligations other than those expressly provided for herein. Without limiting the generality of the foregoing, the use of the terms “Agent”, “Administrative Agent”, “agent” and similar terms in the Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead, use of such terms is merely a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. The Administrative Agent shall deliver to each Lender, promptly upon receipt thereof by the Administrative Agent, copies of each of the financial statements, certificates, notices and other documents delivered to the Administrative Agent pursuant to Article VIII. that the Borrower is not otherwise required to deliver directly to the Lenders. The Administrative Agent will furnish to any Lender, upon the request of such Lender, a copy (or, where appropriate, an original) of any document, instrument, agreement, certificate or notice furnished to the Administrative Agent by the Borrower, any Loan Party or any other Affiliate of the Borrower, pursuant to this Agreement or any other Loan Document not already delivered to such Lender pursuant to the terms of this Agreement or any such other Loan Document. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection of any of the Obligations), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Requisite Lenders (or all of the Lenders if explicitly required under any other provision of this Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the Obligations; provided, however, that, notwithstanding anything in this Agreement to the contrary, the Administrative Agent shall not be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or any other Loan Document or Applicable Law. Not in limitation of the foregoing, the Administrative Agent may exercise any right or remedy it or the Lenders may have under any Loan Document upon the occurrence of a Default or an Event of Default unless the Requisite Lenders have directed the Administrative Agent otherwise. Without limiting the foregoing, no Lender shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of the Requisite Lenders, or where applicable, all the Lenders.

Section 11.2. Administrative Agent’s Reliance.

Notwithstanding any other provisions of this Agreement or any other Loan Documents, neither the Administrative Agent nor any of its directors, officers, agents, employees or counsel shall be liable for any action taken or not taken by it under or in connection with this Agreement or any other Loan Document, except for its or their own gross negligence or willful misconduct in connection with its duties expressly set forth herein or therein. Without limiting the generality of the foregoing, the Administrative Agent: may consult with legal counsel (including its own counsel or counsel for the Borrower or any other Loan Party), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts. Neither the Administrative Agent nor any of its directors, officers, agents, employees or counsel: (a) makes any warranty or representation to any Lender, the Issuing Bank or any other Person and shall be responsible to any Lender, the Issuing Bank or any other Person for any statement, warranty or representation made or deemed made by the Borrower, any other Loan Party or any other Person in or in connection with this Agreement or any other Loan Document; (b) shall have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of the Borrower or other Persons or inspect the property, books or records of the Borrower or any other Person; (c) shall be responsible to any Lender or

 

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the Issuing Bank for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan Document, any other instrument or document furnished pursuant thereto or any Collateral covered thereby or the perfection or priority of any Lien in favor of the Administrative Agent on behalf of the Lenders, the Issuing Bank and the Specified Derivatives Providers in any such Collateral; (d) shall have any liability in respect of any recitals, statements, certifications, representations or warranties contained in any of the Loan Documents or any other document, instrument, agreement, certificate or statement delivered in connection therewith; and (e) shall incur any liability under or in respect of this Agreement or any other Loan Document by acting upon any notice, consent, certificate or other instrument or writing (which may be by telephone, telecopy or electronic mail) believed by it to be genuine and signed, sent or given by the proper party or parties. The Administrative Agent may execute any of its duties under the Loan Documents by or through agents, employees or attorneys-in-fact and shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct.

Section 11.3. Notice of Events of Default.

The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing with reasonable specificity such Default or Event of Default and stating that such notice is a “notice of default.” If any Lender (excluding the Lender which is also serving as the Administrative Agent) becomes aware of any Default or Event of Default, it shall promptly send to the Administrative Agent such a “notice of default”. Further, if the Administrative Agent receives such a “notice of default,” the Administrative Agent shall give prompt notice thereof to the Lenders.

Section 11.4. Wells Fargo as Lender.

Wells Fargo, as a Lender or as a Specified Derivatives Provider, as the case may be, shall have the same rights and powers under this Agreement and any other Loan Document and under any Specified Derivatives Contract, as the case may be, as any other Lender or Specified Derivatives Provider and may exercise the same as though it were not the Administrative Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include Wells Fargo in each case in its individual capacity. Wells Fargo and its affiliates may each accept deposits from, maintain deposits or credit balances for, invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally engage in any kind of business with the Borrower, any other Loan Party or any other affiliate thereof as if it were any other bank and without any duty to account therefor to the Issuing Bank, other Lenders, or any other Specified Derivatives Providers. Further, the Administrative Agent and any affiliate may accept fees and other consideration from the Borrower for services in connection with this Agreement or any Specified Derivatives Contract, or otherwise without having to account for the same to the Issuing Bank, the other Lenders or any other Specified Derivatives Providers. The Issuing Bank and the Lenders acknowledge that, pursuant to such activities, Wells Fargo or its affiliates may receive information regarding the Borrower, other Loan Parties, other Subsidiaries and other Affiliates (including information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them.

Section 11.5. Approvals of Lenders.

All communications from the Administrative Agent to any Lender requesting such Lender’s determination, consent, approval or disapproval (a) shall be given in the form of a written notice to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, approval, consent or disapproval is requested, or shall advise such Lender where information, if any,

 

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regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved, (c) shall include, if reasonably requested by such Lender and to the extent not previously provided to such Lender, written materials and a summary of all oral information provided to the Administrative Agent by the Borrower in respect of the matter or issue to be resolved, and (d) shall include the Administrative Agent’s recommended course of action or determination in respect thereof. Unless a Lender shall give written notice to the Administrative Agent that it specifically objects to the recommendation or determination of the Administrative Agent (together with a reasonable written explanation of the reasons behind such objection) within 10 Business Days (or such lesser or greater period as may be specifically required under the express terms of the Loan Documents) of receipt of such communication, such Lender shall be deemed to have conclusively approved of or consented to such recommendation or determination.

Section 11.6. Lender Credit Decision, Etc.

Each of the Lenders and the Issuing Bank expressly acknowledges and agrees that neither the Administrative Agent nor any of its officers, directors, employees, agents, counsel, attorneys-in-fact or other affiliates has made any representations or warranties as to the financial condition, operations, creditworthiness, solvency or other information concerning the business or affairs of the Borrower, any other Loan Party, any Subsidiary or any other Person to the Issuing Bank or such Lender and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower, any other Loan Party or any other Subsidiary or Affiliate, shall be deemed to constitute any such representation or warranty by the Administrative Agent to the Issuing Bank or any Lender. Each of the Lenders and the Issuing Bank acknowledges that it has made its own credit and legal analysis and decision to enter into this Agreement and the transactions contemplated hereby, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent, or any of their respective officers, directors, employees, agents or counsel, and based on the financial statements of the Borrower, the other Loan Parties, the other Subsidiaries and any other Affiliates thereof, and inquiries of such Persons, its independent due diligence of the business and affairs of the Borrower, the other Loan Parties, the other Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed appropriate. Each of the Lenders and the Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent or any of their respective officers, directors, employees and agents, and based on such review, advice, documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents. The Administrative Agent shall not be required to keep itself informed as to the performance or observance by the Borrower or any other Loan Party of the Loan Documents or any other document referred to or provided for therein or to inspect the properties or books of, or make any other investigation of, the Borrower, any other Loan Party or any other Subsidiary. Except for notices, reports and other documents and information expressly required to be furnished to the Lenders and the Issuing Bank by the Administrative Agent under this Agreement or any of the other Loan Documents, the Administrative Agent shall have no duty or responsibility to provide any Lender or the Issuing Bank with any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of the Borrower, any other Loan Party or any other Affiliate thereof which may come into possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or other Affiliates. Each of the Lenders and the Issuing Bank acknowledges that the Administrative Agent’s legal counsel in connection with the transactions contemplated by this Agreement is only acting as counsel to the Administrative Agent and is not acting as counsel to any Lender or the Issuing Bank.

 

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Section 11.7. Indemnification of Administrative Agent.

Regardless of whether the transactions contemplated by this Agreement and the other Loan Documents are consummated, each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) pro rata in accordance with such Lender’s respective Commitment Percentage, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may at any time be imposed on, incurred by, or asserted against the Administrative Agent (in its capacity as Administrative Agent but not as a “Lender”) in any way relating to or arising out of the Loan Documents, any transaction contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under the Loan Documents (collectively, “Indemnifiable Amounts”); provided, however, that no Lender shall be liable for any portion of such Indemnifiable Amounts to the extent resulting from the Administrative Agent’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment; provided, however, that no action taken in accordance with the directions of the Requisite Lenders (or all of the Lenders, if expressly required hereunder) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limiting the generality of the foregoing, each Lender agrees to reimburse the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) promptly upon demand for its ratable share of any out-of-pocket expenses (including the reasonable fees and expenses of the counsel to the Administrative Agent) incurred by the Administrative Agent in connection with the preparation, negotiation, execution, administration, or enforcement (whether through negotiations, legal proceedings, or otherwise) of, or legal advice with respect to the rights or responsibilities of the parties under, the Loan Documents, any suit or action brought by the Administrative Agent to enforce the terms of the Loan Documents and/or collect any Obligations, any “lender liability” suit or claim brought against the Administrative Agent and/or the Lenders, and any claim or suit brought against the Administrative Agent and/or the Lenders arising under any Environmental Laws. Such out-of-pocket expenses (including counsel fees) shall be advanced by the Lenders on the request of the Administrative Agent notwithstanding any claim or assertion that the Administrative Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the Administrative Agent that the Administrative Agent will reimburse the Lenders if it is actually and finally determined by a court of competent jurisdiction that the Administrative Agent is not so entitled to indemnification. The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder or under the other Loan Documents and the termination of this Agreement. If the Borrower shall reimburse the Administrative Agent for any Indemnifiable Amount following payment by any Lender to the Administrative Agent in respect of such Indemnifiable Amount pursuant to this Section, the Administrative Agent shall share such reimbursement on a ratable basis with each Lender making any such payment.

Section 11.8. Successor Administrative Agent.

The Administrative Agent may (i) resign at any time as Administrative Agent under the Loan Documents by giving written notice thereof to the Lenders and the Borrower or (ii) be removed as Administrative Agent under the Loan Documents, if the Administrative Agent is a Defaulting Lender, by all of the Lenders (other than the Lender then acting as the Administrative Agent), provided that no Default or Event of Default exists, with the written consent of the Borrower (not to be unreasonably withheld or delayed), in each case, upon not less than 30 days’ prior written notice to the Administrative Agent. Upon any such resignation, the Requisite Lenders shall have the right to appoint a successor Administrative Agent which appointment shall, provided no Default or Event of Default exists, be subject to the Borrower’s approval, which approval shall not be unreasonably withheld or delayed (except that the Borrower shall, in all events, be deemed to have approved each Lender and any of its affiliates as a successor Administrative Agent). If no successor Administrative Agent shall have been so appointed in

 

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accordance with the immediately preceding sentence, and shall have accepted such appointment, within 30 days after the current Administrative Agent’s giving of notice of resignation, then the current Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent, which shall be a Lender, if any Lender shall be willing to serve, and otherwise shall be an Eligible Assignee. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the current Administrative Agent, and the current Administrative Agent shall be discharged from its duties and obligations under the Loan Documents. After any Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Article XI. shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under the Loan Documents. Notwithstanding anything contained herein to the contrary, the Administrative Agent may assign its rights and duties under the Loan Documents to any of its affiliates by giving the Borrower and each Lender prior written notice.

Section 11.9. Titled Agents.

Each of the “Joint Lead Arrangers”, the “Joint Bookrunners”, and the “Syndication Agent” (each a “Titled Agent”) in each such respective capacity, assumes no responsibility or obligation hereunder, including, without limitation, for servicing, enforcement or collection of any of the Loans, nor any duties as an agent hereunder for the Lenders. The titles given to the Titled Agents are solely honorific and imply no fiduciary responsibility on the part of the Titled Agents to the Administrative Agent, any Lender, the Borrower or any other Loan Party and the use of such titles does not impose on the Titled Agents any duties or obligations greater than those of any other Lender or entitle the Titled Agents to any rights other than those to which any other Lender is entitled.

ARTICLE XII. MISCELLANEOUS

Section 12.1. Notices.

Unless otherwise provided herein (including without limitation as provided in Section 8.5.), communications provided for hereunder shall be in writing and shall be mailed, telecopied, or delivered as follows:

If to the Borrower:

National Retail Properties, Inc.

450 South Orange Avenue, Suite 900

Orlando, Florida 32801

Attention: Chief Financial Officer

Telecopy Number:        (407) 650-1044

Telephone Number:      (407) 650-1230

With a copy to:

National Retail Properties, Inc.

450 South Orange Avenue, Suite 900

Orlando, Florida 32801

Attention: General Counsel

Telecopy Number:        (321) 206-2138

Telephone Number:      (407) 650-1115

 

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If to the Administrative Agent:

Wells Fargo Bank, National Association

2859 Paces Ferry Road, Suite 1200

Atlanta, Georgia 30339

Attn: Walter R. Gillikin

Telecopier:        (770) 435-2262

Telephone:        (770) 319-3271

If to the Issuing Bank:

Wells Fargo Bank, National Association

2859 Paces Ferry Road, Suite 1200

Atlanta, Georgia 30339

Attn: Loan Administration

Telecopier:         770-435-2262

Telephone:         770-435-3800

If to any other Lender:

To such Lender’s address or telecopy number as set forth in the Administrative Questionnaire.

or, as to each party at such other address as shall be designated by such party in a written notice to the other parties delivered in compliance with this Section; provided, a Lender or the Issuing Bank shall only be required to give notice of any such other address to the Administrative Agent and the Borrower. All such notices and other communications shall be effective (i) if mailed, upon the first to occur of receipt or the expiration of 3 days after the deposit in the United States Postal Service mail, postage prepaid and addressed to the address of the Borrower or the Administrative Agent, the Issuing Bank and Lenders at the addresses specified; (ii) if telecopied, when transmitted; (iii) if hand delivered, when delivered; or (iv) if delivered in accordance with Section 8.5. to the extent applicable; provided, however, that, in the case of the immediately preceding clauses (i), (ii) and (iii), non-receipt of any communication as of the result of any change of address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication. Notwithstanding the immediately preceding sentence, all notices or communications to the Administrative Agent, the Issuing Bank or any Lender under Articles II. shall be effective only when actually received. None of the Administrative Agent, the Issuing Bank or any Lender shall incur any liability to the Borrower (nor shall the Administrative Agent incur any liability to the Lenders) for acting upon any telephonic notice referred to in this Agreement which the Administrative Agent, the Issuing Bank or such Lender, as the case may be, believes in good faith to have been given by a Person authorized to deliver such notice or for otherwise acting in good faith hereunder.

Section 12.2. Expenses.

The Borrower agrees (a) to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with the preparation, negotiation and execution of, and any amendment, supplement or modification to, any of the Loan Documents (including due diligence expenses and travel expenses relating to closing), and the consummation of the transactions contemplated thereby, including the reasonable fees and disbursements of counsel to the Administrative Agent and costs and expenses in connection with the use of IntraLinks, Inc., SyndTrak or other similar

 

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information transmission systems in connection with the Loan Documents, (b) to pay or reimburse the Issuing Bank all out-of-pocket costs and expenses incurred by the Issuing Bank in connection with any demand for payment thereunder, (c) to pay or reimburse the Administrative Agent, the Issuing Bank and the Lenders for all their costs and expenses incurred in connection with the enforcement or preservation of any rights under the Loan Documents and the Fee Letter, including the reasonable fees and disbursements of their respective counsel (including the allocated fees and expenses of in-house counsel) and any payments in indemnification or otherwise payable by the Lenders to the Administrative Agent pursuant to the Loan Documents, (d) to pay, and indemnify and hold harmless the Administrative Agent, the Issuing Bank and the Lenders from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any failure to pay or delay in paying, documentary, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of any of the Loan Documents, or consummation of any amendment, supplement or modification of, or any waiver or consent under or in respect of, any Loan Document and (e) to the extent not already covered by any of the preceding subsections, to pay the fees and disbursements of counsel to the Administrative Agent, the Issuing Bank and any Lender incurred in connection with the representation of the Administrative Agent, the Issuing Bank or such Lender in any matter relating to or arising out of any bankruptcy or other proceeding of the type described in Sections 10.1.(f) or 10.1.(g), including, without limitation (i) any motion for relief from any stay or similar order, (ii) the negotiation, preparation, execution and delivery of any document relating to the Obligations and (iii) the negotiation and preparation of any debtor-in-possession financing or any plan of reorganization of the Borrower or any other Loan Party, whether proposed by the Borrower, such Loan Party, the Lenders or any other Person, and whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding or the confirmation or conclusion of any such proceeding.

Section 12.3. Stamp, Intangible and Recording Taxes.

The Borrower shall pay any and all stamp, excise, intangible, registration, recordation and similar taxes, fees or charges and shall indemnify the Administrative Agent and each Lender against any and all liabilities with respect to or resulting from any delay in the payment or omission to pay any such taxes, fees or charges, which may be payable or determined to be payable in connection with the execution, delivery, recording, performance or enforcement of this Agreement, the Notes and any of the other Loan Documents, the amendment, supplement, modification or waiver of or consent under this Agreement, the Notes or any of the other Loan Documents or the perfection of any rights or Liens under this Agreement, the Notes or any of the other Loan Documents.

Section 12.4. Setoff.

Subject to Section 3.3. and in addition to any rights now or hereafter granted under Applicable Law and not by way of limitation of any such rights, the Administrative Agent, each Lender, the Issuing Bank and each Participant is hereby authorized by the Borrower, at any time or from time to time while an Event of Default exists, without notice to the Borrower or to any other Person, any such notice being hereby expressly waived, but in the case of a Lender, the Issuing Bank or a Participant subject to receipt of the prior written consent of the Administrative Agent and the Requisite Lenders exercised in their sole discretion, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Administrative Agent, the Issuing Bank, such Lender, such Participant or any affiliate of the Administrative Agent, the Issuing Bank or such Lender, to or for the credit or the account of the Borrower against and on account of any of the Obligations, irrespective of whether or not any or all of the Loans and all other Obligations have been declared to be, or have otherwise become, due and payable as permitted by Section 10.2., and although such obligations shall be contingent or unmatured.

 

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Section 12.5. Litigation; Jurisdiction; Other Matters; Waivers.

(a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT, THE ISSUING BANK OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT, THE ISSUING BANK AND THE BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT, THE NOTES, OR ANY OTHER LOAN DOCUMENT OR THE FEE LETTER OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS.

(b) EACH OF THE BORROWER, THE ADMINISTRATIVE AGENT, THE ISSUING BANK AND EACH LENDER HEREBY AGREES THAT THE FEDERAL DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK OR ANY STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN OF NEW YORK, NEW YORK SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT, THE ISSUING BANK OR ANY OF THE LENDERS, PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, THE LOANS AND LETTERS OF CREDIT, THE NOTES OR ANY OTHER LOAN DOCUMENT OR THE FEE LETTER OR TO ANY MATTER ARISING HEREFROM OR THEREFROM. THE BORROWER, THE ISSUING BANK AND EACH OF THE LENDERS EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT, THE ISSUING BANK OR ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION.

(c) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS AGREEMENT.

Section 12.6. Successors and Assigns.

(a) Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns, except that the Borrower may not assign or otherwise transfer any of is rights or obligations under this Agreement without the prior written consent of all Lenders (and any such assignment or transfer to which all of the Lenders have not consented shall be null and void).

 

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(b) Participations. Any Lender may at any time grant to an affiliate of such Lender, or one or more banks or other financial institutions (each a “Participant”) participating interests in its Commitment or the Obligations owing to such Lender. Except as otherwise provided in Section 12.4. or as otherwise expressly stated herein, no Participant shall have any rights or benefits under this Agreement or any other Loan Document. In the event of any such grant by a Lender of a participating interest to a Participant, such Lender shall remain responsible for the performance of its obligations hereunder, and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to which any Lender may grant such a participating interest shall provide that such Lender shall retain the sole right and responsibility to enforce the obligations of the Borrower hereunder including, without limitation, the right to approve any amendment, modification or waiver of any provision of this Agreement; provided, however, such Lender may agree with the Participant that it will not, without the consent of the Participant, agree to (i) increase such Lender’s Commitment, (ii) extend the date fixed for the payment of principal on the Loans or portions thereof owing to such Lender, (iii) reduce the rate at which interest is payable thereon, or (iv) release any Guarantor from its obligations under the Guaranty except as contemplated by Section 7.11.(c). An assignment or other transfer which is not permitted by subsection (c) or (d) below shall be given effect for purposes of this Agreement only to the extent of a participating interest granted in accordance with this subsection (b).

(c) Assignments. Any Lender may with the prior written consent of the Administrative Agent and, so long as no Default or Event of Default exists, the Borrower (which consent, in each case, shall not be unreasonably withheld) at any time assign to one or more Eligible Assignees (each an “Assignee”) all or a portion of its Commitment and its other rights and obligations under this Agreement and the Notes; provided, however, that (i) no such consent of the Borrower or the Administrative Agent shall be required in the case of any assignment to another Lender or to any affiliate of a Lender, (ii) any partial assignment shall be in an amount at least equal to $5,000,000 and integral multiples of $1,000,000 in excess thereof and after giving effect to such assignment the assigning Lender retains a Commitment, or if the Commitments have been terminated, holds Notes having an aggregate outstanding principal balance, of at least $5,000,000 and integral multiples of $1,000,000 in excess thereof, (iii) if the assigning Lender (or its Affiliate) is a Specified Derivatives Provider and if after giving effect to such assignment such Lender will hold no further Loans or Commitments under this Agreement, such Lender shall undertake such assignment only contemporaneously with an assignment by such Lender (or its Affiliate, as the case may be) of all of its Specified Derivatives Contracts to the Assignee or another Lender (or Affiliate thereof) and (iv) each such assignment shall be effected by means of an Assignment and Assumption Agreement. Upon execution and delivery of such instrument and payment by such Assignee to such transferor Lender of an amount equal to the purchase price agreed between such transferor Lender and such Assignee, such Assignee shall be deemed to be a Lender party to this Agreement and shall have all the rights and obligations of a Lender with a Commitment and/or Loans, as the case may be, as set forth in such Assignment and Assumption Agreement, and the transferor Lender shall be released from its obligations hereunder to a corresponding extent, and no further consent or action by any party shall be required. Upon the consummation of any assignment pursuant to this subsection (c), the transferor Lender, the Administrative Agent and the Borrower shall make appropriate arrangements so the new Notes are issued to the Assignee and such transferor Lender, as appropriate, and shall update Schedule I attached hereto. In connection with any such assignment, the transferor Lender shall pay to the Administrative Agent an administrative fee for processing such assignment in the amount of $4,500.00. Anything in this Section to the contrary notwithstanding, no Lender may assign or participate any interest in any Loan held by it hereunder to the Borrower, or any of its respective affiliates or Subsidiaries.

 

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(d) Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Principal Office a copy of each Assignment and Assumption Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

(e) Federal Reserve Bank Assignments. In addition to the assignments and participations permitted under the foregoing provisions of the Section, and without the need to comply with any of the formal or procedural requirements of this Section, any Lender may at any time and from time to time, pledge and assign all or any portion of its rights under all or any of the Loan Documents to a Federal Reserve Bank; provided that no such pledge of assignment shall release such Lender from its obligations thereunder. No such pledge or assignment shall release the assigning Lender from its obligations hereunder.

(f) Information to Assignee, Etc. A Lender may furnish any information concerning the Borrower, any Subsidiary or any other Loan Party in the possession of such Lender from time to time to Assignees and Participants (including prospective Assignees and Participants).

Section 12.7. Amendments and Waivers.

(a) Generally. Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted by this Agreement or in any other Loan Document to be given by the Lenders may be given, (ii) any term of this Agreement or of any other Loan Document may be amended, (iii) the performance or observance by the Borrower or any other Loan Party of any terms of this Agreement or such other Loan Document may be waived, and (iv) the existence of any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent of the Requisite Lenders (or the Administrative Agent at the written direction of the Requisite Lenders), and, in the case of an amendment to any Loan Document, the written consent of each Loan Party which is party thereto.

(b) Certain Requisite Lender Consents. Notwithstanding the foregoing, no amendment, waiver or consent shall, unless in writing, and signed by the Requisite Lenders (which must include Wells Fargo at all times during which Wells Fargo is acting as Administrative Agent and the Commitment Percentage of Wells Fargo is not less than ten percent (10.0%)) amend the financial covenants set forth in Section 9.1. or any of the definitions related thereto or waive any Default or Event of Default resulting from a breach of any of the financial covenants set forth in Section 9.1.

(c) Consent of Affected Lenders. Notwithstanding the foregoing but subject to Section 3.10.(a), no amendment, waiver or consent shall, unless in writing, and signed by all of the Lenders directly affected thereby (or the Administrative Agent at the written direction of such Lenders), do any of the following:

(i) increase the Commitments of the Lenders (excluding any increase as a result of an assignment of Commitments permitted under Section 12.6.) or subject the Lenders to any additional obligations except for any increases contemplated under Section 2.14.

 

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(ii) reduce the principal of, or interest rates that have accrued or that will be charged on the outstanding principal amount of, any Loans or other Obligations;

(iii) reduce the amount of any Fees payable to the Lenders hereunder;

(iv) postpone any date fixed for any payment of principal of, or interest on, any Loans or for the payment of Fees or any other Obligations, or extend the expiration date of any Letter of Credit beyond the Termination Date except in accordance with Section 2.11.;

(v) amend or otherwise modify the provisions of Section 3.2.;

(vi) change the definitions of Commitment Percentage;

(vii) amend this Section or amend the definitions of the terms used in this Agreement or the other Loan Documents insofar as such definitions affect the substance of this Section;

(viii) modify the definition of the term “Requisite Lenders” or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof;

(vix) release any Guarantor from its obligations under the Guaranty except as contemplated by Section 7.11.(c);

(x) waive a Default or Event of Default under Section 10.1.(a) or (b);

(xi) amend, or waive the Borrower’s compliance with, Section 2.15.; or

(xii) amend, or waive a Default or Event of Default under Section 10.1.(m).

(d) Amendment of Administrative Agent’s Duties, Etc. No amendment, waiver or consent unless in writing and signed by the Administrative Agent, in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties of the Administrative Agent under this Agreement or any of the other Loan Documents. Any amendment, waiver or consent relating to Section 2.2. or the obligations of the Swingline Lender under this Agreement or any other Loan Document shall, in addition to the Lenders required hereinabove to take such action, require the written consent of the Swingline Lender. Any amendment, waiver or consent relating to Section 2.3. or the obligations of the Issuing Bank under this Agreement or any other Loan Document shall, in addition to the Lenders required hereinabove to take such action, require the written consent of the Issuing Bank. Any amendment, waiver or consent with respect to any Loan Document that (i) diminishes the rights of a Specified Derivatives Provider in a manner or to an extent dissimilar to that affecting the Lenders or (ii) increases the liabilities or obligations of a Specified Derivatives Provider shall, in addition to the Lenders required hereinabove to take such action, require the consent of the Lender that is (or having an Affiliate that is) such Specified Derivatives Provider. No waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose set forth therein. No course of dealing or delay or omission on the part of the Administrative Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. Any Event of Default occurring hereunder shall continue to exist until such time as such Event of Default is waived in writing in accordance with the terms of this Section, notwithstanding any attempted cure or other action by the Borrower, any other Loan Party or any other Person subsequent to the occurrence of such Event of Default. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon the Borrower shall entitle the Borrower to other or further notice or demand in similar or other circumstances.

 

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Section 12.8. Nonliability of Administrative Agent and Lenders.

The relationship between the Borrower, on the one hand, and the Lenders and the Administrative Agent, on the other hand, shall be solely that of borrower and lender. Neither the Administrative Agent nor any Lender shall have any fiduciary responsibilities to the Borrower and no provision in this Agreement or in any of the other Loan Documents, and no course of dealing between or among any of the parties hereto, shall be deemed to create any fiduciary duty owing by the Administrative Agent or any Lender to any Lender, the Borrower, any Subsidiary or any other Loan Party. Neither the Administrative Agent nor any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the Borrower’s business or operations.

Section 12.9. Confidentiality.

Except as otherwise provided by Applicable Law, the Administrative Agent, the Issuing Bank and each Lender shall utilize all information obtained pursuant to the requirements of this Agreement that has been designated, or deemed to be, “Private Information” in accordance with Section 8.6. in accordance with its customary procedure for handling confidential information of this nature and in accordance with safe and sound banking practices but in any event may make disclosure: (a) to any of their employees, any of their respective affiliates, and any of their affiliates’ respective employees (provided any such Person shall agree to keep such information confidential in accordance with the terms of this Section); (b) as reasonably requested by any bona fide Assignee, Participant or other transferee in connection with the contemplated transfer of any Commitment or participations therein as permitted hereunder (provided they shall agree to keep such information confidential in accordance with the terms of this Section or on substantially similar terms); (c) as required or requested by any Governmental Authority or representative thereof or pursuant to legal process or in connection with any legal proceedings; (d) to the Administrative Agent’s, Issuing Bank’s or such Lender’s respective independent auditors and other professional advisors (provided they shall be notified of the confidential nature of the information and are either subject to customary confidentiality obligations of professional practice or who agree to keep such information confidential in accordance with the terms of this Section or on substantially similar terms); (e) if an Event of Default exists, to any other Person, in connection with the exercise by the Administrative Agent, the Issuing Bank or the Lenders of rights hereunder or under any of the other Loan Documents; (f) upon the Borrower’s prior consent (which consent shall not be unreasonably withheld), to any contractual counterparties to any swap or similar hedging agreement or any rating agency; and (g) to the extent such information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis from a source other than the Borrower or any Affiliate. Notwithstanding the foregoing, the Administrative Agent and each Lender may disclose any such confidential information, without notice to the Borrower or any other Loan Party, to Governmental Authorities in connection with any regulatory examination of the Administrative Agent or such Lender or in accordance with the regulatory compliance policy of the Administrative Agent or such Lender. Further, notwithstanding anything to the contrary set forth herein or in any other written or oral understanding or agreement to which the parties hereto are parties or by which they are bound, the parties hereto acknowledge and agree that (i) any obligations of confidentiality contained herein and therein do not apply and have not applied from the commencement of discussions between the parties to the tax treatment and tax structure of the transactions contemplated by the Loan Documents (and any related transactions or arrangements), and (ii) each party (and each of its employees, representatives, or other agents) may disclose to any and all 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

 

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(including opinions or other tax analyses) that are provided to such party relating to such tax treatment and tax structure, all within the meaning of Treasury Regulations Section 1.6011-4; provided, however, that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transactions contemplated by the Loan Documents as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the tax treatment or tax structure of the transactions contemplated by the Loan Documents; provided, further, however, to the extent not inconsistent with the immediately preceding clause (ii), the parties hereto do not intend anything contained in this sentence to be a waiver of the privilege each has to maintain, in its sole discretion, the confidentiality of a communication with its attorney or a confidential communication with a federally authorized tax practitioner under Section 7525 of the Internal Revenue Code relating to the transactions contemplated by the Loan Documents.

Section 12.10. Indemnification.

(a) The Borrower shall and hereby agrees to indemnify, defend and hold harmless the Administrative Agent, each of the Lenders and the Issuing Bank, any affiliate of the Administrative Agent, each of the Lenders and the Issuing Bank, and their respective directors, officers, shareholders, agents, employees and counsel (each referred to herein as an “Indemnified Party”) from and against any and all of the following (collectively, the “Indemnified Costs”): losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses of every kind and nature (including, without limitation, amounts paid in settlement, court costs and the reasonable fees and disbursements of counsel incurred in connection with any litigation, investigation, claim or proceeding or any advice rendered in connection therewith, but excluding losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses indemnification in respect of which is specifically covered by Section 3.11. or 4.1. or expressly excluded from the coverage of such Sections) incurred by an Indemnified Party in connection with, arising out of, or by reason of, any suit, cause of action, claim, arbitration, investigation or settlement, consent decree or other proceeding (the foregoing referred to herein as an “Indemnity Proceeding”) which is in any way related directly or indirectly to: (i) this Agreement or any other Loan Document or the transactions contemplated thereby; (ii) the making of any Loans or issuance of Letters of Credit hereunder; (iii) any actual or proposed use by the Borrower of the proceeds of the Loans or Letters of Credit; (iv) the Administrative Agent’s, the Issuing Bank’s or any Lender’s entering into this Agreement; (v) the fact that the Administrative Agent, the Issuing Bank and the Lenders have established the credit facility evidenced hereby in favor of the Borrower; (vi) the fact that the Administrative Agent, the Issuing Bank and the Lenders are creditors of the Borrower and have or are alleged to have information regarding the financial condition, strategic plans or business operations of the Borrower and the Subsidiaries; (vii) the fact that the Administrative Agent, the Issuing Bank and the Lenders are material creditors of the Borrower and are alleged to influence directly or indirectly the business decisions or affairs of the Borrower and the Subsidiaries or their financial condition; (viii) the exercise of any right or remedy the Administrative Agent, the Issuing Bank or the Lenders may have under this Agreement or the other Loan Documents; provided, however, that the Borrower shall not be obligated to indemnify any Indemnified Party for any acts or omissions of such Indemnified Party in connection with matters described in this clause (viii) that constitute gross negligence or willful misconduct; (ix) any civil penalty or fine assessed by OFAC against, and all reasonable costs and expenses (including counsel fees and disbursements) inclurred in connection with the defense thereof by, the Administrative Agent, the Issuing Bank or any Lender as a result of conduct of the Borrower, any other Loan Party or any Subsidiary that violate a sanction enforced by OFAC; (x) any violation or non-compliance by the Borrower or any Subsidiary of any Applicable Law (including any Environmental Law) including, but not limited to, any Indemnity Proceeding commenced by (A) the Internal Revenue Service or state taxing authority or (B) any Governmental Authority or other Person under any Environmental Law, including any Indemnity Proceeding commenced by a Governmental Authority or other Person seeking remedial or other action to cause the Borrower or its Subsidiaries (or its respective properties) (or the Administrative Agent and/or the Lenders and/or the Issuing Bank as successors to the Borrower) to be in compliance with such Environmental Laws.

 

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(b) The Borrower’s indemnification obligations under this Section shall apply to all Indemnity Proceedings arising out of, or related to, the foregoing whether or not an Indemnified Party is a named party in such Indemnity Proceeding. In this connection, this indemnification shall cover all Indemnified Costs of any Indemnified Party in connection with any deposition of any Indemnified Party or compliance with any subpoena (including any subpoena requesting the production of documents). This indemnification shall, among other things, apply to any Indemnity Proceeding commenced by other creditors of the Borrower or any Subsidiary, any shareholder of the Borrower or any Subsidiary (whether such shareholder(s) are prosecuting such Indemnity Proceeding in their individual capacity or derivatively on behalf of the Borrower), any account debtor of the Borrower or any Subsidiary or by any Governmental Authority. If indemnification is to be sought hereunder by an Indemnified Party, then such Indemnified Party shall notify the Borrower of the commencement of any Indemnity Proceeding; provided, however, that the failure to so notify the Borrower shall not relieve the Borrower from any liability that it may have to such Indemnified Party pursuant to this Section 12.10.

(c) This indemnification shall apply to any Indemnity Proceeding arising during the pendency of any bankruptcy proceeding filed by or against the Borrower and/or any Subsidiary.

(d) All out-of-pocket fees and expenses of, and all amounts paid to third-persons by, an Indemnified Party shall be advanced by the Borrower at the request of such Indemnified Party notwithstanding any claim or assertion by the Borrower that such Indemnified Party is not entitled to indemnification hereunder upon receipt of an undertaking by such Indemnified Party that such Indemnified Party will reimburse the Borrower if it is actually and finally determined by a court of competent jurisdiction that such Indemnified Party is not so entitled to indemnification hereunder.

(e) An Indemnified Party may conduct its own investigation and defense of, and may formulate its own strategy with respect to, any Indemnity Proceeding covered by this Section and, as provided above, all Indemnified Costs incurred by such Indemnified Party shall be reimbursed by the Borrower. No action taken by legal counsel chosen by an Indemnified Party in investigating or defending against any such Indemnity Proceeding shall vitiate or in any way impair the obligations and duties of the Borrower hereunder to indemnify and hold harmless each such Indemnified Party; provided, however, that (i) if the Borrower is required to indemnify an Indemnified Party pursuant hereto and (ii) the Borrower has provided evidence reasonably satisfactory to such Indemnified Party that the Borrower has the financial wherewithal to reimburse such Indemnified Party for any amount paid by such Indemnified Party with respect to such Indemnity Proceeding, such Indemnified Party shall not settle or compromise any such Indemnity Proceeding without the prior written consent of the Borrower (which consent shall not be unreasonably withheld or delayed).

(f) If and to the extent that the obligations of the Borrower hereunder are unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable Law.

(g) The Borrower’s obligations hereunder shall survive any termination of this Agreement and the other Loan Documents and the payment in full in cash of the Obligations, and are in addition to, and not in substitution of, any of the other obligations set forth in this Agreement or any other Loan Document to which it is a party.

References in this Section 12.10. to “Lender” or “Lenders” shall be deemed to include such Persons (and their Affiliates) in their capacity as Specified Derivatives Providers.

 

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Section 12.11. Termination; Survival.

At such time as (a) all of the Commitments have been terminated, (b) all Letters of Credit have terminated (c) none of the Lenders or the Swingline Lender is obligated any longer under this Agreement to make any Loans and (c) all Obligations (other than obligations which survive as provided in the following sentence) have been paid and satisfied in full, this Agreement shall terminate. The indemnities to which the Administrative Agent, the Issuing Bank and the Lenders are entitled under the provisions of Sections 3.11., 4.1., 4.4., 11.7., 12.2. and 12.10. and any other provision of this Agreement and the other Loan Documents, and the provisions of Section 12.5., shall continue in full force and effect and shall protect the Administrative Agent, the Issuing Bank and the Lenders (i) notwithstanding any termination of this Agreement, or of the other Loan Documents, against events arising after such termination as well as before and (ii) at all times after any such party ceases to be a party to this Agreement with respect to all matters and events existing on or prior to the date such party ceased to be a party to this Agreement.

Section 12.12. Severability of Provisions.

If any provision under this Agreement or the other Loan Documents shall be determined by a court of competent jurisdiction to be invalid or unenforceable, that provision shall be deemed severed from the Loan Documents, and the validity, legality and enforceability of the remaining provisions shall remain in full force as thought the invalid, illegal, or unenforceable provision had never been part of the Loan Documents.

Section 12.13. GOVERNING LAW.

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

Section 12.14. Counterparts.

To facilitate execution, this Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts as may be convenient or required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single document. It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of , each of the parties hereto.

Section 12.15. Obligations with Respect to Loan Parties.

The obligations of the Borrower to direct or prohibit the taking of certain actions by the other Loan Parties as specified herein shall be absolute and not subject to any defense the Borrower may have that the Borrower does not control such Loan Parties.

Section 12.16. Independence of Covenants.

All covenants hereunder shall be given in any jurisdiction independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or be otherwise within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists.

 

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Section 12.17. Limitation of Liability.

None of the Administrative Agent, the Issuing Bank or any Lender, or any affiliate, officer, director, employee, attorney, or agent of the Administrative Agent, the Issuing Bank or any Lender shall have any liability with respect to, and the Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by the Borrower in connection with, arising out of, or in any way related to, this Agreement, any of the other Loan Documents or the Fee Letter, or any of the transactions contemplated by this Agreement or any of the other Loan Documents. The Borrower hereby waives, releases, and agrees not to sue the Administrative Agent, the Issuing Bank or any Lender or any of the Administrative Agent’s, the Issuing Bank’s or any Lender’s affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Agreement, any of the other Loan Documents, the Fee Letter, or any of the transactions contemplated by this Agreement or financed hereby.

Section 12.18. Entire Agreement.

This Agreement, the Notes, the other Loan Documents and the Fee Letter embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and thereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto. There are no oral agreements among the parties hereto.

Section 12.19. Construction.

The Administrative Agent, the Issuing Bank, the Borrower and each Lender acknowledge that each of them has had the benefit of legal counsel of its own choice and has been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel and that this Agreement and the other Loan Documents shall be construed as if jointly drafted by the Administrative Agent, the Issuing Bank, the Borrower and each Lender.

Section 12.20. Headings.

The paragraph and section headings in this Agreement are provided for convenience of reference only and shall not affect its construction or interpretation.

[Signatures on Following Pages]

 

- 91 -

 

IN WITNESS WHEREOF, the parties hereto have caused this Credit Agreement to be executed by their authorized officers all as of the day and year first above written.

 

BORROWER:
NATIONAL RETAIL PROPERTIES, INC.
By:    
  Name:    
  Title:    

STATE OF GEORGIA

COUNTY OF FULTON

BEFORE ME, a Notary Public in and for said County, personally appeared                         , known to me to be a person who, as                      of National Retail Properties, Inc., the entity which executed the foregoing Credit Agreement, signed the same, and acknowledged to me that he did so sign said instrument in the name and upon behalf of said corporation as an officer of said corporation.

IN TESTIMONY WHEREOF, I have subscribed my name, and affixed my official seal, as of November __, 2009.

  
Notary Public
My Commission Expires:
[NOTARIAL SEAL]

 

[Signatures Continued on Next Page]

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Signature Page to Credit Agreement dated as of

November 3, 2009 with National Retail Properties

 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Issuing Bank and as a Lender
By:    
  Name:    
  Title:    

 

[Signatures Continued on Next Page]

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Signature Page to Credit Agreement dated as of

November 3, 2009 with National Retail Properties

 

[LENDER]
By:    
  Name:    
  Title:    

 

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SCHEDULE I

Commitments

 

Lender

    Commitment  

Wells Fargo Bank, National Association

    $ 90,000,000   

Bank of America, N.A.

    $ 50,000,000   

PNC Bank, National Association

    $ 40,000,000   

U.S. Bank National Association

    $ 40,000,000   

Royal Bank of Canada

    $ 35,000,000   

SunTrust Bank

    $ 35,000,000   

Citicorp North America, Inc.

    $ 35,000,000   

Branch Banking & Trust Company

    $ 35,000,000   

Chevy Chase Bank, a division of Capital One, N.A.

    $ 25,000,000   

Raymond James Bank, FSB

    $ 15,000,000   

Total:

    $ 400,000,000   

 

SCHEDULE 1.1A

EXISTING LETTERS OF CREDIT

 

DATE ISSUED

    EXPIRATION
DATE		      LETTER OF CREDIT
BALANCE		      LETTER OF CREDIT
NUMBER		  

07/18/05

      06/13/10         21,607.55         SM214660   

07/18/05

      06/13/10         35,278.65         SM214659   

03/02/06

      02/24/10         589,975.65         SM218664   

12/06/07

      12/04/09         6,482.00         SM229087   
              
        653,343.85      
              

 

SCHEDULE 1.1(B)

GUARANTORS

 

  1 CNLRS Acquisitions, Inc.
  2 CNLRS Equity Ventures BEP, Inc.
  3 CNLRS Equity Ventures Rockwall, Inc.
  4 CNLRS Equity Ventures, Inc.
  5 National Retail Properties Trust
  6 National Retail Properties, LP
  7 Net Lease Realty I, Inc.
  8 NNN Acquisitions, Inc.
  9 NNN CA Auto Svc LLC
10 NNN Development, Inc.
11 NNN Equity Ventures Harrison Crossing, Inc.
12 NNN Equity Ventures, Inc.
13 NNN GP Corp.
14 NNN LP Corp.
15 NNN PBY LLC
16 NNN Retail FF Mabank LLC
17 NNN Ster Florida LLC
18 NNN Texas GP Corp.
19 NNN TRS, Inc.

 

Schedule 6.1(b)

NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES

ORGANIZATION CHART

as of September 30, 2009

LOGO

 

National Retail Properties, Inc.

Subsidiaries

 

     

Company Name

   

Domestic
Jurisdiction

   

Entity Type

   

Excluded, Immaterial,

Gurarantor

1    CCMH I, LLC    Delaware    Limited Liability Company    Excluded Subsidiary
2    CCMH II, LLC    Delaware    Limited Liability Company    Excluded Subsidiary
3    CCMH III, LLC    Delaware    Limited Liability Company    Excluded Subsidiary
4    CCMH IV, LLC    Delaware    Limited Liability Company    Excluded Subsidiary
5    CCMH V, LLC    Delaware    Limited Liability Company    Excluded Subsidiary
6    CCMH VI, LLC    Delaware    Limited Liability Company    Excluded Subsidiary
7    CNL Commercial Mortgage Funding, Inc.    Delaware    Corporation    Excluded Subsidiary
8    CNLRS Acquisitions, Inc.    Maryland    Corporation    Guarantor - Material Subsidiary
9    CNLRS BEP, L.P.    Texas    Limited Partnership    Excluded Subsidiary
10    CNLRS Equity Ventures BEP, Inc.    Maryland    Corporation    Guarantor - Material Subsidiary
11    CNLRS Equity Ventures Rockwall, Inc.    Maryland    Corporation    Guarantor - Material Subsidiary
12    CNLRS Equity Ventures, Inc.    Maryland    Corporation    Guarantor - Material Subsidiary
13    CNLRS RGI Bonita Springs LLC    Delaware    Limited Liability Company    Excluded Subsidiary
14    CNLRS Rockwall, L.P.    Texas    Limited Partnership    Excluded Subsidiary
15    Gator Pearson, LLC    Delaware    Limited Liability Company    Excluded Subsidiary
16    National Retail Properties Trust    Maryland    Corporation    Guarantor - Material Subsidiary
17    National Retail Properties, LP    Delaware    Limited Partnership    Guarantor - Material Subsidiary
18    Net Lease Funding, Inc.    Maryland    Corporation   
19    Net Lease Realty I, Inc.    Maryland    Corporation    Guarantor - Material Subsidiary
20    Net Lease Realty VI, LLC    Delaware    Limited Liability Company    Excluded Subsidiary
21    NNN Acquisitions, Inc.    Maryland    Corporation    Guarantor - Material Subsidiary
22    NNN BJ’s Orlando FL, LLC    Florida    Limited Liability Company    Excluded Subsidiary
23    NNN Brokerage Services, Inc.    Maryland    Corporation   
24    NNN CA Auto Svc LLC    Delaware    Limited Liability Company    Guarantor - Material Subsidiary

25    NNN Development, Inc.    Maryland    Corporation    Guarantor - Material Subsidiary
26    NNN Equity Ventures Harrison Crossing, Inc.    Maryland    Corporation    Guarantor - Material Subsidiary
27    NNN Equity Ventures, Inc.    Maryland    Corporation    Guarantor - Material Subsidiary
28    NNN GP Corp.    Delaware    Corporation    Guarantor - Material Subsidiary
29    NNN Harrison Crossing, L.P.    Texas    Limited Partnership    Excluded Subsidiary
30    NNN LP Corp.    Delaware    Corporation    Guarantor - Material Subsidiary
31    NNN PBY LLC    Delaware    Limited Liability Company    Guarantor - Material Subsidiary
32    NNN RAD Monticello NY, LLC    Delaware    Limited Liability Company    Excluded Subsidiary
33    NNN Retail FF Mabank LLC    Delaware    Limited Liability Company    Guarantor - Material Subsidiary
34    NNN Retail Properties Fund I LLC    Delaware    Limited Liability Company    Excluded Subsidiary
35    NNN Retail Properties Fund Sub I LLC    Delaware    Limited Liability Company    Excluded Subsidiary
36    NNN Retail Properties Fund Sub II LLC    Delaware    Limited Liability Company    Excluded Subsidiary
37    NNN Retail Properties Fund Sub III LLC    Delaware    Limited Liability Company    Excluded Subsidiary
38    NNN Ster Florida LLC    Florida    Limited Liability Company    Guarantor - Material Subsidiary
39    NNN Ster Paradise Valley Arizona LLC    Arizona    Limited Liability Company   
40    NNN Ster Texas LP    Texas    Limited Partnership   
41    NNN Texas GP Corp.    Delaware    Corporation    Guarantor - Material Subsidiary
42    NNN TRS, Inc.    Maryland    Corporation    Guarantor - Material Subsidiary
43    Orange Avenue Mortgage Investments, Inc.    Delaware    Corporation    Excluded Subsidiary
44    WG Grand Prairie TX, LLC    Delaware    Limited Liability Company    Excluded Subsidiary

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

    1

       Golden Corral    1910 Veteran Memorial Drive    Abbeville    LA

    2

       Golden Corral    322 U.S. Highway 27 South    Lake Placid    FL

    3

       Checkers    2495 South Orange Ave.    Orlando    FL

    4

       Rallys    3033 Cherry Street    Toledo    OH

    5

       KFC    641 Gravois Road    Fenton    MO

    6

       Havertys Furniture    15701 U.S. Highway 19    Clearwater    FL

    7

       Havertys Furniture    2000 Principal Row    Orlando    FL

    8

       CVS    2806 Nogalitos Avenue    San Antonio    TX

    9

       Office Depot    2501 E. Randol Mill Rd.    Arlington    TX

  10

       OfficeMax    4540 Eastgate Blvd.    Cincinnati    OH

  11

       Barnes & Noble    122 Brandon Town Cntr    Brandon    FL

  12

       Barnes & Noble    960-B S. Colorado Boulevard    Denver    CO

  13

       CVS    815 S. Georgia Ave    Amarillo    TX

  14

       Borders    101 Geoffrey Drive    Wilmington    DE

  15

       Borders    9750 West Broad Street    Richmond    VA

  16

       OfficeMax    2255 W. Howard Street    Evanston    IL

  17

   

Multi

    HomeGoods    13061 Fairlakes Shopping Center    Fairfax    VA
      Michaels    13061 Fairlakes Shopping Center    Fairfax    VA
      Washington Bike Center    13061 Fairlakes Shopping Center    Fairfax    VA

  18

       Mattress Firm    8686 Florline Blvd.    Baton Rouge    LA

  19

       Barnes & Noble    3981 Highway 9    Freehold    NJ

  20

       Rite Aid    2981 Chapel Hill Road    Douglasville    GA

  21

       CVS    4406 Johnston Street    Lafayette    LA

  22

       OfficeMax    875 N. State Road 436    Altamonte Springs    FL

  23

       Pier I Imports    8535 Old Seward Highway    Anchorage    AK

  24

       CVS    6951 SE 15th St    Midwest City    OK

  25

       Office Depot    9700 West Broad Street    Richmond    VA

  26

       Borders    116 Bangor Mall Blvd.    Bangor    ME

  27

       OfficeMax    19650 S. Dixie Highway    Cutler Ridge    FL

  28

       Havertys Furniture    6500 North Davis Highway    Pensacola    FL

  29

       Dick’s Sporting Goods    23349 Eureka Road    Taylor    MI

  30

       Dick’s Sporting Goods    5220 Campbell Boulevard    White Marsh    MD

  31

       Pier I Imports    2725 Germantown Parkway    Memphis    TN

  32

       Vacant Property    26542 Town Center Drive    Foothill Ranch    CA

  33

       OfficeMax    2800 Power Inn Road    Sacramento    CA

  34

       OfficeMax    1241 N. Davis Road    Salinas    CA

  35

       Shop ‘n Save    713 E. Eighth Avenue    Homestead    PA

  36

       Roger & Marv’s    3401 80th Street    Kenosha    WI

  37

       Riser Foods    5321 Warrensville Road    Maple Heights    OH

  38

       Supervalu    459 Camden Road    Huntington    WV

  39

       Top’s    5600 Martin Way    Lacey    WA

  40

       Barnes & Noble    2619 Miamisburg-Centerville Road    Dayton    OH

  41

       CVS    4026 N. Macarthur Blvd    Oklahoma City    OK

  42

       CVS    2412 N. Classen Blvd.    Oklahoma City    OK

  43

       Blockbuster Video    3531-B Highway 20 SE    Conyers    GA

  44

       Rite Aid    3531-A Highway 20 SE    Conyers    GA

  45

       Barnes & Noble    1260 Churn Creek Road    Redding    CA

  46

       OfficeMax    1270 Churn Creek Road    Redding    CA

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

  47

       Shoes on a Shoestring    10030 Coors Blvd.    Albuquerque    NM

  48

       Best Buy    445 Howe Avenue    Cuyahoga Falls    OH

  49

       Pier I Imports    401 Towne Center Blvd.    Sanford    FL

  50

       Best Buy    1200 Rockville Pike    Rockville    MD

  51

       Best Buy    13058 Fair Lakes Parkway    Fairfax    VA

  52

       Barnes & Noble    2774 Germantown Parkway    Memphis    TN

  53

       Office Depot    423 Central Park Avenue    Hartsdale    NY

  54

       CVS    2220 Cross Timbers Road    Flower Mound    TX

  55

       Sports Authority    4092 Cattleman Rd    Sarasota    FL

  56

   

Multi

    Bealls    4084 Cattleman Road    Sarasota    FL
      Vacant Property    4088 Cattleman Road    Sarasota    FL

  57

       Borders    880 West S.R. 436    Altamonte Springs    FL

  58

       Ashley Furniture    880 W. SR 436    Altamonte Springs    FL

  59

       OfficeMax    2075 Seventh St. West    Kelso    WA

  60

       CVS    900 W. Pioneer Pkwy    Arlington    TX

  61

       CVS    390 Limit Street    Leavenworth    KS

  62

       Robb & Stucky    13170 S. Cleveland Ave.    Ft. Myers    FL

  63

       Sports Authority    6760 Winchester Drive    Memphis    TN

  64

       Rite Aid    2745 Washington Road    Augusta    GA

  65

       Rite Aid    6620 Highway 85    Riverdale    GA

  66

       Havertys Furniture    4510 Mitchellville    Bowie    MD

  67

       Petco    2901 32nd Avenue South    Grand Forks    ND

  68

       Vacant Property    3224 E. Town Circle    Knoxville    TN

  69

       Wendy’s    2750 Power Inn Road    Sacramento    CA

  70

       OfficeMax    2533 Wards Road    Lynchburg    VA

  71

       Rite Aid    1131 Green St    Warner Robins    GA

  72

       Best Buy    430 Home Drive    Pittsburg    PA

  73

       Vacant Property    200 East Bellis Fair Parkway    Bellingham    WA

  74

       Gen-X Clothing    31858 Pacific Highway South    Federal Way    WA

  75

       Vacant Property    9950 Waterstone Blvd.    Mason    OH

  76

       Sports Authority    4900 W. Kennedy Blvd.    Tampa    FL

  77

       OfficeMax    10600 US Highway 441    Leesburg    FL

  78

       Sports Authority    11700 Chenal Parkway    Little Rock    AR

  79

       7-Eleven    17621 Bruce B. Downs Blvd.    Tampa    FL

  80

       Michaels    104 Allan Wood Road    Plymouth Meeting    PA

  81

       7-Eleven    2400 Land O’ Lakes Blvd    Land O’ Lakes    FL

  82

       Barnes & Noble    200 West Route 70    Marlton    NJ

  83

       A.C. Moore Arts & Crafts, Inc.    550 Mount Pleasant Avenue    Dover    NJ

  84

       OfficeMax    7255 SW Dartmouth St    Tigard    OR

  85

       Food 4 Less    1320 E. 30th Street    Chula Vista    CA

  86

       Heilig-Meyers/The Room Store    809 Northpoint Road    Baltimore    MD

  87

       Ace Hardware and Lighting    569 Latham Drive    Bourbonnais    IL

  88

       Vacant Property    10091 Lincoln Highway    Everett    PA

  89

       Heilig-Meyers/The Room Store    7425 N. Ritchie Highway    Glen Burnie    MD

  90

       Heilig-Meyers/The Room Store    4350 Branch Ave.    Marlow Heights    MD

  91

       Heilig-Meyers/The Room Store    226 Pauline Drive    York    PA

  92

       OfficeMax    1429 State Route 16    Griffin    GA

  93

       Vacant Property    6760 Winchester Drive    Memphis    TN

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

  94

       Mi Pueblo Foods    1731 E. Bayshore Rd    Palo Alto    CA

  95

       Bed Bath & Beyond    7340 W. Bell Road    Glendale    AZ

  96

       Spencer’s Air Conditioning & Appliance    7346 West Bell Road    Glendale    AZ

  97

       Pier I Imports    1819 Norman Drive    Valdosta    GA

  98

       Rite Aid    4927 Homeville Road    West Mifflin    PA

  99

       Kash n’ Karry    750 State Road 574    Brandon    FL

100

       Fresh Market    4120 Northwest 16th Boulevard    Gainesville    FL

101

       Vacant Property    4057 Cattleman Road    Sarasota    FL

102

       Ross Dress for Less    340 West Kettleman Lane    Lodi    CA

103

       Vacant Property    2365 Hwy 43    Winfield    AL

104

       CVS    7107 North Oak Trafficway    Gladstone    MO

105

       Value City Furniture    5240 Campbell Blvd.    White Marsh    MD

106

       Home Decor    6756 Winchester Road    Memphis    TN

107

       Rite Aid    3807 Lincoln Highway    Thorndale    PA

108

       Rite Aid    120 South Mill Road    Kennett Square    PA

109

       Int’l House of Pancakes    1421 S. Air Depot    Midwest City    OK

110

       Lowe’s    430 S. Germantown Parkway    Memphis    TN

111

       Rite Aid    7601 Granby Street    Norfolk    VA

112

       Best Buy    1730 S. Colorado Blvd.    Denver    CO

113

       Applebee’s    14830 Manchester Road    Ballwin    MO

114

       Arby’s    393 S. 8th Street    Colorado Springs    CO

115

       Arby’s    1825 Washington Road    Thomson    GA

116

       Arby’s    9747 E. M-36    Whitmore Lake    MI

117

       Arby’s    1840 Columbus Ave    Washington Courthouse    OH

118

       New Covenant Church    1340 Augusta West Parkway    Augusta    GA

119

       Babies “R” Us    14450 E. US Highway 40    Independence    MO

120

       Season’s 52    1770 East Higgins Road    Schaumburg    IL

121

       Wherehouse Music    179 State Farm Parkway Drive    Homewood    AL

122

       Blockbuster Video    5376 Highway 90 W    Mobile    AL

123

       Blockbuster Video    535 Schillinger Road South    Mobile    AL

124

       Blockbuster Video    1429 Thompson Bridge Road    Gainesville    GA

125

       Blockbuster Video    201 Smith Road    Glasgow    KY

126

       BMW    3264 Commerce Ave.    Duluth    GA

127

       Pueblo Viejo Restaurant    7450 W. Chandler Blvd.    Chandler    AZ

128

       Boston Market    1873 S. Randall Road    Geneva    IL

129

       Boston Market    7360 W. 159th Street    Orland Park    IL

130

       Boston Market    4125 E. Court    Burton    MI

131

       Boston Market    43363 Cresent Blvd.    Novi    MI

132

       Donato’s    960 N. Court Street    Medina    OH

133

       Boston Market    26440 Lorain Road    N. Olmsted    OH

134

       Boston Market    1997 Niles-Cortland Road    Warren    OH

135

       Burger King    401 Southpark Blvd.    Colonial Heights    VA

136

       Champps    7955 North Pointe Parkway    Alpharetta    GA

137

       Claim Jumper    1536 Baseline Rd.    Tempe    AZ

138

       Claim Jumper    250 Harding Blvd.    Roseville    CA

139

       Taco Bron    6910 E Tanque Verde Rd    Tucson    AZ

140

       El Tapatio Grill    100 Duo Drive    Hammond    LA

141

       Fazoli’s    4000 E. Wilder Rd.    Bay City    MI

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

142

       Golden Corral    815 Providence Road    Brandon    FL

143

       Golden Corral    11801 56th Street North    Temple Terrace    FL

144

       Hollywood Video    7364 Wooster Pike    Cincinnati    OH

145

       Hooters    13606 Bruce B. Downs Blvd.    Tampa    FL

146

       Billy Bob’s    3150 NE Division Road    Gresham    OR

147

       Keg Steakhouse    3218 Fielding Street    Bellingham    WA

148

       Keg Steakhouse    18110 Alderwood Mall Parkway    Lynnwood    WA

149

       Keg Steakhouse    2212 W. Mildred Street    Tacoma    WA

150

       KFC    1234 State Ave. Northeast    Marysville    WA

151

       Vacant Property    26855 Greenfield Road    Southfield    MI

152

       Carvers    1535 Miamisburg-Centerville Road    Centerville    OH

153

       Pizza Hut    1605 S. Hwy 21 Bypass    Monroeville    AL

154

       Popeye’s    2330 Ronald Reagan Parkway    Snellville    GA

155

       Three Monkeys    7520 High Cross Road    Columbus    OH

156

       Rite Aid    1310 Springhill Ave.    Mobile    AL

157

       Rite Aid    25801 Perdido Beach Blvd.    Orange Beach    AL

158

       Tully’s    1449 French Road    Cheektowaga    NY

159

       Schlotzsky’s Deli    4445 E. Thomas Road    Phoenix    AZ

160

       Taco Bell (Non Southern Bells)    2660 W. Thunderbird    Phoenix    AZ

161

       Schlotzsky’s Deli    10070 N. 90th Street    Scottsdale    AZ

162

       Muchas Gracias Mexican Restaurant    4940 Commercial St.    Salem    OR

163

       Carl’s Jr.    13920 Sprague Ave.    Spokane    WA

164

       Vacant Property    8225 Dix Ellis Trail    Jacksonville    FL

165

       Las Margaritas    7020 East 21st Street    Indianapolis    IN

166

       Taco Bell (Non Southern Bells)    3453 N. Pine Ave.    Ocala    FL

167

       Taco Bell (Non Southern Bells)    50 Williamson Blvd.    Ormond Beach    FL

168

       Texas Roadhouse    2870 North Ave.    Grand Junction    CO

169

       Texas Roadhouse    10310 Grant Street    Thornton    CO

170

       Vacant Property    3805 Eastern Blvd.    Montgomery    AL

171

       United Trust Bank    8028 S. Harlem Ave.    Bridgeview    IL

172

   

Multi

    Cash Advance    811 W. University Drive    Mesa    AZ
      Vacant Property    811 W. University Drive    Mesa    AZ

173

   

Multi

    H&R Block    2708 N. Illinois    Swansea    IL
      Swansea Quick Cash    2708 N. Illinois    Swansea    IL
      Vacant Property    2708 N. Illinois    Swansea    IL

174

       Buffalo Wild Wings    5400 Highway 421    Michigan City    IN

175

   

Multi

    Vacant    8755 Columbine Rd.    Eden Prairie    MN
      Fantastic Sams    8755 Columbine Rd.    Eden Prairie    MN
      Shek’s Chinese Express    8755 Columbine Rd.    Eden Prairie    MN
      Subway    8755 Columbine Rd.    Eden Prairie    MN

176

       Enterprise Rent-A-Car    1437 College Road    Wilmington    NC

177

       Whataburger    3531 New Mexico State Hwy 528    Albuquerque    NM

178

       Jared Jewelers    3001 Turner Hill Rd.    Lithonia    GA

179

       Jared Jewelers    2206 W. Brandon Blvd.    Brandon    FL

180

       Hy-Vee    201 North Belt Hwy.    St. Joseph    MO

181

       Sports Authority    931 US Highway 1    Iselin    NJ

182

       Vacant Property    2309 N Hwy 67    Florissant    MO

183

       Vacant Property    9105 Hickory Flat Highway    Woodstock    GA

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

184

       Amoco    13691 SW 152nd Street    Miami    FL

185

       Winn-Dixie    5750 Milgen Road    Columbus    GA

186

       Certified Auto Sales    5200 Alameda Blvd Albuquerque    Albuquerque    NM

187

       Bed Bath & Beyond    1118 Joe Mann Drive    Midland    MI

188

       Humana    2900 N. University Drive    Sunrise    FL

189

       Char-Hut    2601 N. University Drive    Sunrise    FL

190

       Kohl’s    Hough Rd and Cox Creek Pkwy    Florence    AL

191

       Furniture Xpress    3189 Buford Drive NE    Buford    GA

192

       Thomasville    3189 Buford Drive NE    Buford    GA

193

       Stone Mountain Chevrolet    4400 Stone Mountain Highway    Lilburn    GA

194

       Rite Aid    310 South Pearl Street    Albany    NY

195

   

Multi

    Easyhome    101 Saratoga Street    Cohoes    NY
      Family Dollar    101 Saratoga Street    Cohoes    NY
      China 1    101 Saratoga Street    Cohoes    NY
      Subway    101 Saratoga Street    Cohoes    NY
      Vacant Property    101 Saratoga Street    Cohoes    NY
      Vacant Property    101 Saratoga Street    Cohoes    NY

196

       Family Dollar    424 Lower Main Street    Hudson Falls    NY

197

       Rite Aid    76-78 Main Street    Hudson Falls    NY

198

       Rite Aid    90 West Avenue    Saratoga Springs    NY

199

       Vacant Property    93 Montcalm Street    Ticonderoga    NY

200

   

Multi

    Rite Aid    201 Henry Johnson Blvd.    Albany    NY
      Subway    201 Henry Johnson Blvd.    Albany    NY

201

       Rite Rug    2165 Morse Road    Columbus    OH

202

       Vacant Property    2651 East Franklin Boulevard    Gastonia    NC

203

       United Rentals    8080 Carder Court    Littleton    CO

204

       United Rentals    4300 118th Avenue North    Clearwater    FL

205

       United Rentals    1926 SE Frontage Road    Fort Collins    CO

206

       United Rentals    5101 West Reno Avenue    Oklahoma City    OK

207

       United Rentals    620 Eckel Road    Perrysburg    OH

208

       Advance Auto Parts    11705 NW 7th Ave    Miami    FL

209

   

Multi

    Dr. Clean Dry Cleaners    143 Broadway    Monticello    NY
      Family Dollar    353 East Broadway    Monticello    NY

210

       Vacant Land    Hough Rd and Cox Creek Pkwy    Florence    AL

211

       Best Buy    116 Grand Regency Boulevard    Brandon    FL

212

       CVS    3031 NW 23rd St    Oklahoma City    OK

213

       PetSmart    6555 West Grand Boulevard    Chicago    IL

214

       Hobby Lobby    2700 Elida Road    Lima    OH

215

       Rite Aid    2820 Columbia Pike    Arlington    VA

216

       Jared Jewelers    7520 W. Bell Road    Glendale    AZ

217

       Jared Jewelers    5011 Monroe Street    Toledo    OH

218

       Amoco    2300 Nob Hill Road    Sunrise    FL

219

       Barnes & Noble    591 South University Drive    Plantation    FL

220

       Borders    2240 East Sunrise Blvd.    Ft. Lauderdale    FL

221

       Kash n’ Karry    1101 Bloomingdale Ave    Valrico    FL

222

       Best Buy    6600 22nd Ave North    St. Petersburg    FL

223

       Bed Bath & Beyond    10050 West Broad Street    Richmond    VA

224

       Food Fast    200 S. Third    Mabank    TX

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

225

       Food Fast    6424 S. Broadway    Tyler    TX

226

   

Multi

    Beautiful America Dry Cleaners    12186 Lake Underhill Road    Orlando    FL
      BJ’s Wholesale Club    12190 Lake Underhill Rd.    Orlando    FL
      CORA Rehabilitation Clinics    12182 Lake Underhill Road    Orlando    FL
      Magic China Café    12188 Lake Underhill Road    Orlando    FL
      Spa and Nails Club    12180 Lake Underhill Road    Orlando    FL
      Vacant Property    12188 Lake Underhill Road    Orlando    FL

227

       Rite Aid    357 East Broadway    Monticello    NY

228

   

Multi

    Jo-Ann etc    5625 So. Padre Island Drive    Corpus Christi    TX
      Spec’s Liquor and Fine Foods    5625-A So. Padre Island Drive    Corpus Christi    TX
      Vacant Property    5625-A So. Padre Island Drive    Corpus Christi    TX

229

       Dollar Tree    3141 Broadway Blvd    Garland    TX

230

       Barnes & Noble    7626 Westheimer Road    Houston    TX

231

       Babies “R” Us    1501 West Arbrook    Arlington    TX

232

   

Multi

    Fallas Paredes    1455 West Arbrook    Arlington    TX
      Mr. E’s Music Supercenter    1455 West Arbrook    Arlington    TX

233

       CVS    2500 W. Park Row Dr.    Pantego    TX

234

       CVS    1496 FM Rd    Lewisville    TX

235

       CVS    3350 Forest Hill Circle    Forest Hill    TX

236

       CVS    2510 Walnut St    Garland    TX

237

       Michaels    2705 Grapevine Mills Parkway    Grapevine    TX

238

   

Multi

    Dollar Tree    811 E. Highway 190    Copperas Cove    TX
      GymKix    815 E. Highway 190    Copperas Cove    TX

239

       Hastings    4501 North Street    Nacogdoches    TX

240

       Pier I Imports    1104 South Expressway 83    Harlingen    TX

241

       Academy    6250 Eastex Freeway    Beaumont    TX

242

       Academy    8236 S. Gessner Road    Houston    TX

243

       Academy    5500 Spencer Highway    Pasadena    TX

244

   

Multi

    Tractor Supply Co.    1920 West Wheeler Avenue    Aransas Pass    TX
      Vacant Property    1920 West Wheeler Avenue    Aransas Pass    TX

245

       Vacant Property    2201 N. St. Marys Street    Beeville    TX

246

       Corpus Christi Flea Market    11330 W. Leopard St.    Corpus Christi    TX

247

       Susser    4525 Ayers Street    Corpus Christi    TX

248

   

Multi

    Jin’s Asian Cafe    2280 Highway 36 South    Sealy    TX
      Palais Royale    2280 Hwy 36 S.    Sealy    TX
      Vacant Property    2202 Hwy 36 S    Sealy    TX

249

       CVS    7102 Campbell Rd    Dallas    TX

250

       Vacant Property    4521 Kemp Blvd    Wichita Falls    TX

251

       Blockbuster Video    1150 East Main    Alice    TX

252

       Blockbuster Video    830 S. 14th Street    Kingsville    TX

253

       Johnny Carino’s    3805 I-10    S. Beaumont    TX

254

       Johnny Carino’s    595 East Round Grove Road    Lewisville    TX

255

       Johnny Carino’s    6821 Slide Road    Lubbock    TX

256

       Champps    855 West John W. Carpenter Freeway    Irving    TX

257

       Denny’s (Co. Owned)    2210 Highway 71 South    Columbus    TX

258

       Golden Corral    11917 E. Northwest Highway    Dallas    TX

259

       Hollywood Video    3205 Interstate 70 Business Loop    Clifton    CO

260

       Jared Jewelers    11230 Midlothian Turnpike    Richmond    VA

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

261

       Stop N Go    2475 W. Tarrant Road    Grand Prairie    TX

262

       Stop N Go    1201 N. Little School Road    Kennedale    TX

263

       TGI Friday’s    5217 S. Padre Island Drive    Corpus Christi    TX

264

       Jared Jewelers    7400 FM 1960 Road West    Houston    TX

265

       Reliable Life Insurance    12115 Lackland Rd.    St. Louis    MO

266

       Gander Mountain    10300 West Interstate 40    Amarillo    TX

267

       United Rentals    8221 Highway 225    La Porte    TX

268

       United Rentals    5345 South General Bruce Drive    Temple    TX

269

       United Rentals    524 Avenue K    Plano    TX

270

       United Rentals    1350 South Loop 12    Irving    TX

271

       United Rentals    609 North Bell    Cedar Park    TX

272

       United Rentals    1706 North Interstate-35 East    Carrollton    TX

273

       Orlando Metro Gymnastics    1501 South Alafaya Trail    Orlando    FL

274

       United Rentals    5930 East Loop 820 South    Ft. Worth    TX

275

       United Rentals    5930 East Loop 820 South    Ft. Worth    TX

276

       Majestic Liquors    1111 Jacksboro Hwy    Ft. Worth    TX

277

       Majestic Liquors    5600 East I-20    Ft. Worth    TX

278

       Majestic Liquors    6801 Randol Mill    Ft. Worth    TX

279

       Majestic Liquors    1200 Eastchase Pkwy    Ft. Worth    TX

280

       Majestic Liquors    3500 Ft. Worth hwy    Hudson Oaks    TX

281

       Majestic Liquors    7530 State Hwy 155    Coffee City    TX

282

       Ziebart    1955 E. County Rd. D    Maplewood    MN

283

       Ziebart    6754 Pearl Rd.    Middleburg Heights    OH

284

       Merchant’s Tires    1141 Bladensburg Road    Washington    DC

285

       Merchant’s Tires    13776 Warwick Blvd.    Newport News    VA

286

       Merchant’s Tires    201 W. Mercury Blvd.    Hampton    VA

287

       Merchant’s Tires    7400 N. Military    Norfolk    VA

288

       Merchant’s Tires    379 Hungerford Drive    Rockville    MD

289

       Ashley Furniture    7301 Jefferson Blvd.    Louisville    KY

290

       Academy    1915 Mallory Lane    Franklin    TN

291

       American Payday Loans    3148 SE 14th Street    Des Moines    IA

292

       Carl’s Jr.    1972 N. Alma School Road    Chandler    AZ

293

       Carl’s Jr.    3790 West Ina Road    Tucson    AZ

294

       Gate Petroleum    3699 Concord Pkwy S.    Concord    NC

295

       Gate Petroleum    760 N. Wesleyan Blvd    Rocky Mount    NC

296

       Goodyear Truck & Tire    5941 N. Air Cap Drive    Park City    KS

297

       Int’l House of Pancakes    2402 SE Delaware Ave    Ankeny    IA

298

       Jack in the Box    4960 Dallas Parkway    Plano    TX

299

       Kum & Go    12011 Blondo Street    Omaha    NE

300

       Perkins Restaurant    2425 E. Euclid Ave    Des Moines    IA

301

       Perkins Restaurant    2000 McKinley Ave    Des Moines    IA

302

       Perkins Restaurant    4601 Merle Hay Road    Des Moines    IA

303

       Perkins Restaurant    1505 W 19th Street    Newton    IA

304

       Perkins Restaurant    8601 Hickman Road    Urbandale    IA

305

       SOAKS Express Wash    2410 SE Delaware Avenue    Ankeny    IA

306

       QuikTrip    5770 Brookhollow Pwy    Norcross    GA

307

       QuikTrip    5095 Oakbrook Pkwy    Norcross    GA

308

       QuikTrip    6140 Jimmy Carter Blvd    Norcross    GA

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

309

       QuikTrip    11700 Haynes Bridge Road    Alpharetta    GA

310

       QuikTrip    897 West Ridge Road    Gainesville    GA

311

       QuikTrip    1470 Towne Lake Pkwy    Woodstock    GA

312

       QuikTrip    1501 E. Grand Avenue    Des Moines    IA

313

       QuikTrip    3941 S.E. 14th    Des Moines    IA

314

       QuikTrip    5169 Merle Hay Road    Johnston    IA

315

       QuikTrip    4600 Merle Hay Road    Urbandale    IA

316

       QuikTrip    11925 University Ave    Clive    IA

317

       QuikTrip    15650 W. 135th Street    Olathe    KS

318

       QuikTrip    4020 South Meridian    Wichita    KS

319

       QuikTrip    6011 West Central    Wichita    KS

320

       QuikTrip    800 NE Woods Chapel Road    Lee’s Summit    MO

321

       QuikTrip    850 McNutt Road    Herculaneum    MO

322

       QuikTrip    16505 E. Admiral Place    Tulsa    OK

323

       Qwest Corporation Service Center    Highway 9 & Ridgewood Drive    Decorah    IA

324

       Qwest Corporation Service Center    1550 Blairsferry Road    Cedar Rapids    IA

325

   

Multi

    Sonic    2601 S. Louise Ave.    Sioux Falls    SD
      Vacant Property    2601 S. Louise Ave.    Sioux Falls    SD

326

       Walgreens    1424 S. Yale Ave    Tulsa    OK

327

       AmerUs Group Warehouse    845 6th Avenue    Des Moines    IA

328

       Zio’s Italian Kitchen    14150 E. Iliff Avenue    Aurora    CO

329

       Jacobson Industrial    1321 E. Euclid Ave.    Des Moines    IA

330

       United Rentals    1201 Lake Washington Road    Melbourne    FL

331

       Majestic Liquors    1150 East Highway 377    Granbury    TX

332

       Majestic Liquors    2151 W. Northwest Highway    Dallas    TX

333

       Majestic Liquors    7560 Greenville Ave.    Dallas    TX

334

       Spirit Halloween Superstore    5610 Suemandy Road    St. Peters    MO

335

       Pantry (Lil’ Champ)    1515 N. Main Street    Gainesville    FL

336

       Chili’s    2592 N. Columbia Street    Milledgeville    GA

337

       Chili’s    1635-A Springdale Drive    Camden    SC

338

       Bassett Furniture    10899 Lincoln Trails    Fairview Heights    IL

339

       Amscot    8231 W. Hillsborough Ave.    Tampa    FL

340

       Vacant Property    3256 W State Rd.    Olean    NY

341

   

Multi

    Famous Footwear    1776 DeMille Rd    Lapeer    MI
      Rue 21    1768 DeMille Rd    Lapeer    MI
      Sally Beauty Supply    1750 DeMille Rd    Lapeer    MI
      MC Sports    1750 DeMille Rd    Lapeer    MI

342

   

Multi

    Continental Rental    1812 DeMille Blvd.    Lapeer    MI
      Great Clips    1824 DeMille Road    Lapeer    MI
      Quizno’s    1836 DeMille Road    Lapeer    MI
      Vacant Property    1812 DeMille Blvd.    Lapeer    MI

343

       Guitar Center    1641 W. County Rd. B-2    Roseville    MN

344

       Wherehouse Music    13907 E. US Hwy 40    Independence    MO

345

   

Multi

    Vacant Property    8925 Highway 6 North    Houston    TX
      Vacant Property    8925 Highway 6 North    Houston    TX

346

       Vacant Property    1250 E. County Line Rd    Ridgeland    MS

347

       Vacant Property    2392 E. South Blvd    Montgomery    AL

348

       Hollywood Video    3263 Ambassador Caffrey Pkwy    Lafayette    LA

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

349

       REB Oil    720 S. Federal Hwy    Deerfield Beach    FL

350

       REB Oil    2758 US 27 South    Lake Placid    FL

351

       Susser (Stripes)    1400 Military Road    Brownsville    TX

352

       Susser (Stripes)    1991 FM 802    Brownsville    TX

353

       Susser (Stripes)    1998 Alton Gloor Blvd    Brownsville    TX

354

       Susser (Stripes)    3595 West Alton Gloor Blvd    Brownsville    TX

355

       Susser (Stripes)    3755 Boca Chica Boulevard    Brownsville    TX

356

       Susser (Stripes)    3500 FM 802    Brownsville    TX

357

       Susser (Stripes)    6106 Padre Island Highway    Brownsville    TX

358

       Susser (Stripes)    7401 Padre Island Highway    Brownsville    TX

359

       Susser (Stripes)    850 Old Port Isabel Road    Brownsville    TX

360

       Susser (Stripes)    10361 So. Padre Island Drive    Corpus Christi    TX

361

       Susser (Stripes)    14901 Northwest Blvd    Corpus Christi    TX

362

       Susser (Stripes)    15233 S. Padre Island Drive    Corpus Christi    TX

363

       Susser (Stripes)    6002 Ayers Street    Corpus Christi    TX

364

       Susser (Stripes)    616 N. Daniel Salinas Boulevard    Donna    TX

365

       Susser (Stripes)    4218 S. McColl Road    Edinburg    TX

366

       Susser (Stripes)    500 East Rice St    Falfurias    TX

367

       Susser (Stripes)    100 W Riley (Hwy 44)    Freer    TX

368

       Susser (Stripes)    1900 N. Highway 37    George West    TX

369

       Susser (Stripes)    202 North Ed Carey Drive    Harlingen    TX

370

       Susser (Stripes)    2423 E. Tyler Ave    Harlingen    TX

371

       Susser (Stripes)    3201 East Harrison Avenue    Harlingen    TX

372

       Susser (Stripes)    101 East Expressway 83    La Feria    TX

373

       Susser (Stripes)    101 W. Del Mar Blvd.    Laredo    TX

374

       Susser (Stripes)    1200 E. Del Mar Blvd    Laredo    TX

375

       Susser (Stripes)    2501 E Del Mar    Laredo    TX

376

       Susser (Stripes)    602 Prada Machin Drive    Laredo    TX

377

       Susser (Stripes)    8612 McPherson Avenue    Laredo    TX

378

       Susser (Stripes)    9304 FM 1472    Laredo    TX

379

       Susser (Stripes)    4236 S.E. Lee Blvd.    Lawton    OK

380

       Susser (Stripes)    4712 Military Hwy    McAllen    TX

381

       Susser (Stripes)    2400 Hwy 83 E    Mission    TX

382

       Susser (Stripes)    2900 W 3 Mile Road    Mission    TX

383

       Susser (Stripes)    7900 North Expressway    Olmito    TX

384

       Susser (Stripes)    1521 W. Ridge Road    Pharr    TX

385

       Susser (Stripes)    1621 W. Sam Houston Street    Pharr    TX

386

       Susser (Stripes)    7401 S. Jackson Road    Pharr    TX

387

       Susser (Stripes)    1685 West Highway 100    Port Isabel    TX

388

       Susser (Stripes)    1650 Wildcat Drive    Portland    TX

389

       Susser (Stripes)    435 West Highway 281    Progreso    TX

390

       Susser (Stripes)    6240 South Highway 77    Riviera    TX

391

       Susser (Stripes)    331 Padre Blvd.    South Padre Island    TX

392

       Susser (Stripes)    2500 West Expressway 83    San Benito    TX

393

       Susser (Stripes)    1701 N. Raul Longoria    San Juan    TX

394

       Susser (Stripes)    2200 SW Parkway    Wichita Falls    TX

395

       Susser (Stripes)    3601 Callfield Road    Wichita Falls    TX

396

       Susser (Stripes)    5376 Kell Blvd    Wichita Falls    TX

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

397

       Susser (Stripes)    2305 FM 511    Brownsville    TX

398

       Susser (Stripes)    2684 W. Alton Gloor Blvd    Brownsville    TX

399

       Susser (Stripes)    15302 S. Padre Island Drive    Corpus Christi    TX

400

       Susser (Stripes)    1218 W. Canton Road    Edinburg    TX

401

       Susser (Stripes)    702 East US Hwy 281    Los Indios    TX

402

       Susser (Stripes)    3901 N. Ware Road    McAllen    TX

403

       Susser (Stripes)    2195 West Hwy 77    San Benito    TX

404

       Susser (Stripes)    101 W. Nolana Loop    San Juan    TX

405

       Chili’s    2505 Broad Street    Sumter    SC

406

       Amscot    5912 South Orange Blossom Trail    Orlando    FL

407

       Amscot    6001 S. John Young Parkway    Orlando    FL

408

       Uni-Mart    12996 Main Rd.    Newstead    NY

409

       Uni-Mart    2 East Main Street    Canisteo    NY

410

       Furr’s Family Dining    Griggs Avenue    Las Cruces    NM

411

       Amscot    4445 Silver Star Road    Orlando    FL

412

       Pantry (Lil’ Champ)    6820 Maricamp Road    Ocala    FL

413

       Amscot    2033 Americana Blvd    Orlando    FL

414

       Southern Bells (Taco Bell)    1105 25th Street    Columbus    IN

415

       Southern Bells (Taco Bell)    3132 E. Wabash Ave.    Terre Haute    IN

416

       Southern Bells (Taco Bell)    6327 E. 82nd Street    Indianapolis    IN

417

       Southern Bells (Taco Bell)    6215 Crawfordsville Road    Speedway    IN

418

       Southern Bells (Taco Bell)    3636 US Highway 41    Terre Haute    IN

419

       Southern Bells (Taco Bell)    2326 N. 6th Street    Vincennes    IN

420

       Southern Bells (Taco Bell)    4260 Frederica    Ownesboro    KY

421

       Southern Bells (Taco Bell)    3520 Jonathan Moore Pike    Columbus    IN

422

       Southern Bells (Taco Bell)    1321 Morgan Ave    Evansville    IN

423

       Southern Bells (Taco Bell)    1621 E. State Road 44    Shelbyville    IN

424

       Southern Bells (Taco Bell)    1805 N. Lincoln Street    Greensburg    IN

425

       Southern Bells (Taco Bell)    2999 W. 16th Street    Bedford    IN

426

       Southern Bells (Taco Bell)    21 N. Madison Square Ave.    Madisonville    KY

427

       Southern Bells (Taco Bell)    11425 Allisonville Road    Fishers    IN

428

       Southern Bells (Taco Bell)    4422 W. Lloyd Expressway    Evansville    IN

429

       Southern Bells (Taco Bell)    2408 W. Maryland Street    Evansville    IN

430

       Southern Bells (Taco Bell)    5712 W. 86th Street    Indianapolis    IN

431

       KFC    1201 Covert Ave.    Evansville    IN

432

       Vacant Land    Ronald Reagan Blvd and 17-92    Longwood    FL

433

       Pantry (Shop-a-Snak)    580 14th Street South    Bessemer    AL

434

       Pantry (Shop-a-Snak)    16725 Highway 280    Chelsea    AL

435

       Pantry (Shop-a-Snak)    613 Highway 78 E    Jasper    AL

436

       Pantry (Shop-a-Snak)    2677 Valleydale Road    Birmingham    AL

437

       Pantry (Shop-a-Snak)    1503 11th Ave South    Birmingham    AL

438

       Pantry (Shop-a-Snak)    3640 Lorna Road    Hoover    AL

439

       Pantry (Shop-a-Snak)    701 Key Drive    Birmingham    AL

440

       Pantry (Shop-a-Snak)    400 Greensprings Parkway    Homewood    AL

441

       Pantry (Shop-a-Snak)    2501 John Hawkins Parkway    Hoover    AL

442

       Pantry (Shop-a-Snak)    7245 Skyland Blvd. East    Tuscaloosa    AL

443

       Pantry (Shop-a-Snak)    2400 McFarland Blvd.    Tuscaloosa    AL

444

       Pantry (Shop-a-Snak)    615 University Blvd.    Tuscaloosa    AL

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

445

       Pantry (Shop-a-Snak)    199 Main Street    Trussville    AL

446

       Pantry (Shop-a-Snak)    2195 Highway 150    Hoover    AL

447

       Road Ranger    172 S. Bell School Road    Rockford    IL

448

       Road Ranger    2900 S. Grand Ave    Springfield    IL

449

       Road Ranger    1734 Sycamore Road    Dekalb    IL

450

       Road Ranger    2406 Bell School Road    Cherry Valley    IL

451

       Road Ranger    2405 N. 22nd Street    Decatur    IL

452

       Road Ranger    2001 N. State Street    Belvidere    IL

453

       Road Ranger    100 Plaza Drive    Elk Run Heights    IA

454

       Road Ranger    3752 Camp Butler Road    Springfield    IL

455

       Road Ranger    102 East Wood Drive    Oakdale    WI

456

       Road Ranger    2151 Ripley Street    Lake Station    IN

457

       Road Ranger    2762 County Highway N    Cottage Grove    WI

458

       Road Ranger    990 W. SR 42    Brazil    IN

459

       Road Ranger    2705 12th Street    Mendota    IL

460

       Road Ranger    3429 N Main Street    Rockford    IL

461

       Furr’s Family Dining    51 S. Pantano Road    Tucson    AZ

462

       Pull-A-Part    309 Sand Bar Ferry Rd.    Augusta    GA

463

       Pull-A-Part    4416 Buford Highway    Norcross    GA

464

       Pull-A-Part    1540 Henrico Road    Conley    GA

465

       Pull-A-Part    7114 Centennial Blvd.    Nashville    TN

466

       Pull-A-Part    1900 Vanderbilt Rd.    Birmingham    AL

467

       Pull-A-Part    6024 N. Tryon St.    Charlotte    NC

468

       Pull-A-Part    6825 Recovery Rd.    Louisville    KY

469

       Pull-A-Part    4401 Peters Road    Harvey    LA

470

       Pull-A-Part    5813 Old Rutledge Pk    Knoxville    TN

471

       Pull-A-Part    249 Galbert Road    Lafayette    LA

472

       Pull-A-Part    4433 West 130th Street    Cleveland    OH

473

       Pantry (Kangaroo Express)    7249 US Hwy 15-501    Carthage    NC

474

       Pantry (Kangaroo Express)    2120 Juniper Lake Road    West End    NC

475

       Pantry (Kangaroo Express)    1513 E. 11th Street    Siler City    NC

476

       Pantry (Kangaroo Express)    4470 NC Hwy 87S    Sanford    NC

477

       Pantry (Kangaroo Express)    2206 Jefferson Davis Hwy    Sanford    NC

478

       Pantry (Kangaroo Express)    5198 SE Abshier Blvd.    Belleview    FL

479

       Pantry (Kangaroo Express)    2517 South 3rd Street    Jacksonville    FL

480

       Pantry (Kangaroo Express)    10550 San Jose Blvd    Jacksonville    FL

481

       Denny’s (Franchisee)    310 S. Shackleford Drive    Little Rock    AR

482

       Denny’s (Franchisee)    4300 S. University Avenue    Little Rock    AR

483

       Denny’s (Franchisee)    5000 Oracle Road    Tucson    AZ

484

       Denny’s (Franchisee)    2060 Bascom Avenue    Campbell    CA

485

       Denny’s (Franchisee)    600 Carson Plaza Drive    Carson    CA

486

       Denny’s (Franchisee)    4747 Pacific Highway    Stockton    CA

487

       Denny’s (Franchisee)    1450 Harrison Road    Colorado Springs    CO

488

       Denny’s (Franchisee)    8125 N. Academy Blvd.    Colorado Springs    CO

489

       Denny’s (Franchisee)    3600 N. Freeway    Pueblo    CO

490

       Denny’s (Franchisee)    111 Elm Street    Enfield    CT

491

       Denny’s (Franchisee)    1298 Silas Deane Highway    Wethersfield    CT

492

       Denny’s (Franchisee)    7405 W. 4th Ave    Hialeah    FL

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

493

       Denny’s (Franchisee)    5825 NW 36th Street    Virginia Gardens    FL

494

       Denny’s (Franchisee)    1450 Miami Gardens Dr NE    N. Miami    FL

495

       Denny’s (Franchisee)    2671 N. Federal Highway    Pompano Beach    FL

496

       Denny’s (Franchisee)    1507 Belvedere Road    W. Palm Beach    FL

497

       Denny’s (Franchisee)    2580 Airport Way    Boise    ID

498

       Denny’s (Franchisee)    4310 Yellowstone Avenue    Chubbuck    ID

499

       Denny’s (Franchisee)    607 Nampa Boulevard    Nampa    ID

500

       Denny’s (Franchisee)    17 W. Algonquin Road    Arlington Heights    IL

501

       Denny’s (Franchisee)    522 Ramada Blvd.    Collinsville    IL

502

       Denny’s (Franchisee)    6288 E. 82nd Street    Indianapolis    IN

503

       Denny’s (Franchisee)    4902 SE Street    Indianapolis    IN

504

       Denny’s (Franchisee)    6241 Crawfordsville Road    Indianapolis    IN

505

       Denny’s (Franchisee)    8901 US 31 South    Indianapolis    IN

506

       Denny’s (Franchisee)    8808 North Michigan Road    Indianapolis    IN

507

       Denny’s (Franchisee)    4260 State Road 26 E    Lafayette    IN

508

       Denny’s (Franchisee)    720 E 81st Street    Merriville    IN

509

       Denny’s (Franchisee)    494 Lincoln Street    Worcester    MA

510

       Denny’s (Franchisee)    314 Washington Blvd.    Laurel    MD

511

       Denny’s (Franchisee)    27750 Novi Road    Novi    MI

512

       Denny’s (Franchisee)    28681 Telegraph Road    Southfield    MI

513

       Denny’s (Franchisee)    255 N. Century Avenue    Maplewood    MN

514

       Denny’s (Franchisee)    2925 N. Hwy. 67    Florissant    MO

515

       Denny’s (Franchisee)    1515 S. Hampton Avenue    St. Louis    MO

516

       Denny’s (Franchisee)    10575 Watson Road    St. Louis    MO

517

       Denny’s (Franchisee)    975 S. Main Street    Kernersville    NC

518

       Denny’s (Franchisee)    3215 Wake Forest Road    Raleigh    NC

519

       Denny’s (Franchisee)    3509 S. 84th Street    Omaha    NE

520

       Denny’s (Franchisee)    4927 Mahoning Avenue    Austintown    OH

521

       Denny’s (Franchisee)    154 Boardman-Canfield Road    Boardman Township    OH

522

       Denny’s (Franchisee)    17695 Bagley Road    Middleburg Heights    OH

523

       Third Federal Savings    1616 Snow Road    Parma    OH

524

       Vacant Property    8104 E. 68th Street South    Tulsa    OK

525

       Denny’s (Franchisee)    15815 SE 82nd Drive    Clackamas    OR

526

       Denny’s (Franchisee)    8787 SW Scholls Ferry Road    Portland    OR

527

       Denny’s (Franchisee)    1710 I-40 East    Amarillo    TX

528

       Denny’s (Franchisee)    4918 South Padre Island Drive    Corpus Christi    TX

529

       Denny’s (Franchisee)    9009 Skillman Road    Dallas    TX

530

       Denny’s (Franchisee)    6737 Camp Bowie Blvd.    Ft. Worth    TX

531

       Denny’s (Franchisee)    3332 S. Loop W    Houston    TX

532

       Denny’s (Franchisee)    8025 Glenview Drive    North Richland Hills    TX

533

       Michael’s Family Restaurant    1835 Texoma Parkway    Sherman    TX

534

       Denny’s (Franchisee)    1422 State Hwy. 6 S.    Sugarland    TX

535

       Denny’s (Franchisee)    1680 N. 200 West    Provo    UT

536

       Denny’s (Franchisee)    7214 Richmond Highway    Alexandria    VA

537

       Denny’s (Franchisee)    10473 Lee Highway    Fairfax    VA

538

       Denny’s (Franchisee)    118 Interstate Avenue    Chehalis    WA

539

       Denny’s (Franchisee)    34726 S. 16th    Federal Way    WA

540

       Denny’s (Franchisee)    6112 100th Street SW    Tacoma    WA

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

541

       Amscot    1825 Gulf to Bay Boulevard    Clearwater    FL

542

       Pantry (Kangaroo Express)    34920 Emerald Coast Parkway    Destin    FL

543

       Pantry (Kangaroo Express)    4563 Highway 20E    Niceville    FL

544

       Susser (Stripes)    2005 W. Palma Vista Dr.    Palmview    TX

545

       Pantry (Kangaroo Express)    1800 N. Croatan Hwy    Kill Devil Hills    NC

546

       Pantry (Kangaroo Express)    100 Ocean Bay Blvd    Kill Devil Hills    NC

547

       Pantry (Kangaroo Express)    1137 State Road 20    Interlachen    FL

548

       Vacant Property    14797 State Street    Hillman    MI

549

       Logan’s Roadhouse    604 Carriage House Dr    Jackson    TN

550

       Logan’s Roadhouse    1395 Interstate Dr    Cookeville    TN

551

       Logan’s Roadhouse    2820 MacArthur Dr    Alexandria    LA

552

       Logan’s Roadhouse    3509 Gerstner Memorial Pkwy    Lake Charles    LA

553

       Logan’s Roadhouse    4740 Valley View Blvd    Roanoke    VA

554

       Logan’s Roadhouse    4649 W. 1st Street    Sanford    FL

555

       Logan’s Roadhouse    1141 Hwy 35 North    San Marcos    TX

556

       Logan’s Roadhouse    600 Greenwood Park Dr. North    Greenwood    IN

557

       Logan’s Roadhouse    600 Sam Ridley Pkwy. West    Smyrna    TN

558

       Logan’s Roadhouse    6617 Lima Road    Fort Wayne    IN

559

       Logan’s Roadhouse    2701 Watson Blvd.    Warner Robins    GA

560

       Logan’s Roadhouse    2400 Gateway Drive    Opelika    AL

561

       Logan’s Roadhouse    1310 N. Eisenhower Drive    Beckley    WV

562

       Dave & Buster’s    3665 Park Mill Run Drive    Hilliard    OH

563

       Logan’s Roadhouse    948 North East Loop 820    Hurst    TX

564

       Logan’s Roadhouse    6685 Airways Blvd.    Southhaven    MS

565

       Logan’s Roadhouse    7087 Baker’s Bridge Ave    Franklin    TN

566

       Logan’s Roadhouse    7612 N. 10th Street    McAllen    TX

567

       Pull-A-Part    4444 Norman Bridge Road    Montgomery    AL

568

       Pantry (Kangaroo Express)    14630 US Highway 231    Midland City    AL

569

       Pull-A-Part    4000 I-55 South    Jackson    MS

570

       Pantry (Kangaroo Express)    601 Tiny Town    Clarksville    TN

571

       Pantry (Kangaroo Express)    523 Dover Road    Clarksville    TN

572

       Pantry (Kangaroo Express)    377 Hancock Street    Gallatin    TN

573

       Susser (Stripes)    2798 West Highway 83    Rio Grande City    TX

574

       Susser (Stripes)    102 N. Stuart Place    Zapata    TX

575

       Susser (Stripes)    2201 South “I” Road    San Juan    TX

576

       Susser (Stripes)    1837 N. Stuart Place    Harlingen    TX

577

       Whataburger    290 Frontage Road    Brunswick    GA

578

       Pantry (Kangaroo Express)    4025 Pine Ridge Road    Naples    FL

579

       Healthy Pet    2030 Lawrenceville-Suwanee Road    Suwanee    GA

580

       Vacant Property    7265 North La Cholla Blvd    Tucson    AZ

581

       Pantry (Kangaroo Express)    1700 Belk Drive    Oxford    MS

582

       Road Ranger    2835 North Main Street    Princeton    IL

583

       Road Ranger    6070 Gardner Street    South Beloit    IL

584

       Road Ranger    933 South 4th Street    DeKalb    IL

585

       Road Ranger    19 N 681 US Highway 20    Hampshire    IL

586

       Road Ranger    4910 N Market Street    Champaign    IL

587

       Road Ranger    205 N Highway Drive    Fenton    MO

588

       Mister Car Wash    423 N. Pines Road    Spokane    WA

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

589

       Mister Car Wash    1022 N. Division Street    Spokane    WA

590

       Mister Car Wash    7711 Normandale Blvd.    Edina    MN

591

       Mister Car Wash    1555 West County Rd. B    Roseville    MN

592

       Mister Car Wash    5900 Osgood Ave.    Stillwater    MN

593

       Mister Car Wash    110 E. Thompson Ave. East    West St Paul    MN

594

       Mister Car Wash    700 E. River Rd    Anoka    MN

595

       Mister Car Wash    8280 Flying Cloud Road    Eden Prairie    MN

596

       Mister Car Wash    8508 Xylon Avenue N.    Brooklyn Park    MN

597

       Mister Car Wash    8420 E. Point Douglas Road    Cottage Grove    MN

598

       Mister Car Wash    3104 W. Division St.    St. Cloud    MN

599

       Mister Car Wash    11318 Highway 55    Plymouth    MN

600

       Mister Car Wash    2525 Ingersoll Ave.    Des Moines    IA

601

       Mister Car Wash    8727 University Ave.    Clive    IA

602

       Mister Car Wash    5055 Northland Ave. NE    Cedar Rapids    IA

603

       Mister Car Wash    3333 Merle Hay Road    Des Moines    IA

604

       Mister Car Wash    640 W. Crosstimbers    Houston    TX

605

       Mister Car Wash    1038 Gessner Drive    Houston    TX

606

       Mister Car Wash    2251 Voss Road    Houston    TX

607

       Mister Car Wash    210 F.M. 1960 Road East    Houston    TX

608

       Mister Car Wash    10760 Westheimer Road    Houston    TX

609

       Mister Car Wash    6612 F.M. 1960 Road    Houston    TX

610

       Mister Car Wash    6107 Hillcroft Street    Houston    TX

611

       Mister Car Wash    380 Uvalde Road    Houston    TX

612

       Mister Car Wash    9637 FM 1960 By Pass Rd West    Humble    TX

613

       Mister Car Wash    3150 Kirby Dr    Houston    TX

614

       Mister Car Wash    2530 Hwy 6    Sugarland    TX

615

       Pull-A-Part    200 Block of Galbert Road    Baton Rouge    LA

616

       Whataburger    7755 Normandy Blvd.    Jacksonville    FL

617

       Whataburger    2540 Commercial Drive    Starke    FL

618

       Whataburger    463773 State Road 200    Yulee    FL

619

       Pantry (Kangaroo Express)    21195 Highway 25    Columbiana    AL

620

       Healthy Pet    2403 Boulevard    Colonial Heights    VA

621

       Chili’s    623 West Oglethorpe Highway    Hinesville    GA

622

       Pantry (Kangaroo Express)    7020 Highway 90    Longs    SC

623

       Road Ranger    2349 Blairs Ferry Road    Cedar Rapids    IA

624

       Road Ranger    998 8th Avenue    Marion    IA

625

       Pantry (Kangaroo Express)    901 Avenue G    Kentwood    LA

626

       Ferguson    136 N. Geronimo Street    Destin    FL

627

       Furr’s Family Dining    I-35 Service Road & SW 11th Street    Moore    OK

628

       Vacant Property    1051 Murfreesboro Rd    Lebanon    TN

629

       Pantry (Kangaroo Express)    302 Ross Clark Circle    Dothan    AL

630

       Pantry (Petro Express)    4600 Independence Blvd.    Charlotte    NC

631

       Pantry (Petro Express)    7208 E. Independence Blvd.    Charlotte    NC

632

       Pantry (Petro Express)    6500 Fairview Road    Charlotte    NC

633

       Pantry (Petro Express)    100 East John Street    Matthews    NC

634

       Pantry (Petro Express)    4336 Park Road    Charlotte    NC

635

       Pantry (Petro Express)    7035 East WT Harris Blvd    Charlotte    NC

636

       Pantry (Petro Express)    605 Clanton Road    Charlotte    NC

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

637

       Pantry (Petro Express)    4900 N. Tryon Street    Charlotte    NC

638

       Pantry (Petro Express)    3800 Wilkinson Blvd.    Charlotte    NC

639

       Pantry (Petro Express)    2541 N. Cherry Road    Rock Hill    SC

640

       Pantry (Petro Express)    2230 E. Main Street    Lincolnton    NC

641

       Pantry (Petro Express)    2483 Franklin Blvd    Gastonia    NC

642

       Pantry (Petro Express)    2200 S. Tryon    Charlotte    NC

643

       Pantry (Petro Express)    6229 W. Sugar Creek Road    Charlotte    NC

644

       Pantry (Petro Express)    9716 South Blvd    Charlotte    NC

645

       Pantry (Petro Express)    10409 Mallard Creek Rd    Charlotte    NC

646

       Pantry (Petro Express)    8505 S. Tryon St.    Charlotte    NC

647

       Pantry (Petro Express)    249 Carowinds Blvd.    Fort Mill    SC

648

       Pantry (Petro Express)    11640 Providence Road    Charlotte    NC

649

       Pantry (Petro Express)    4718 N. Graham St    Charlotte    NC

650

       Pantry (Petro Express)    7405 Hwy 73    Denver    NC

651

       Pantry (Petro Express)    20008 W. Catawba Ave    Cornelius    NC

652

       Pantry (Petro Express)    131 Turnersburg Hwy    Statesville    NC

653

       Pantry (Petro Express)    910 Liberty Street    York    SC

654

       Pantry (Petro Express)    8501 Concord Mills Blvd    Concord    NC

655

       Pantry (Petro Express)    618 Tinsley Way    Rock Hill    SC

656

       Pantry (Petro Express)    1121 Randolph Street    Thomasville    NC

657

       Pantry (Petro Express)    1627 E. Main Street    Lincolnton    NC

658

       Pantry (Petro Express)    6441 Wilkinson Blvd.    Belmont    NC

659

       Pantry (Petro Express)    2853 N. Center Street    Hickory    NC

660

       Pantry (Petro Express)    1529 Concord Parkway North    Concord    NC

661

       Pantry (Petro Express)    4568 Charlotte Highway    Lake Wylie    SC

662

       Pantry (Petro Express)    807 Conover Blvd.    Conover    NC

663

       Pantry (Petro Express)    4923 S. Tryon Street    Charlotte    NC

664

       Pantry (Petro Express)    2001 N. Chester Hwy 321    Gastonia    NC

665

       Pantry (Petro Express)    4044 Charlotte Highway    Lake Wylie    SC

666

       Pantry (Petro Express)    3473 U.S. Highway 21    Fort Mill    SC

667

       Pantry (Petro Express)    225 Cleveland Avenue    Kings Mountain    NC

668

       Pantry (Petro Express)    516 Cox Road    Gastonia    NC

669

       Pantry (Petro Express)    3794 E. Franklin Blvd    Gastonia    NC

670

       Pantry (Petro Express)    9424 S. Tryon Street    Charlotte    NC

671

       Pantry (Petro Express)    8910 Albemarle Road    Charlotte    NC

672

       Pantry (Petro Express)    499 Herlong Avenue    Rock Hill    SC

673

       Pantry (Petro Express)    9620 Rea Road    Charlotte    NC

674

       Pantry (Petro Express)    5905 Waxhaw Highway    Mineral Springs    NC

675

       Pantry (Petro Express)    1805 N. Morgan Mill Road    Monroe    NC

676

       Pantry (Petro Express)    3503 Weddington Road    Monroe    NC

677

       Pantry (Petro Express)    601 E. North Main Street    Waxhaw    NC

678

       Pantry (Petro Express)    3006 Old Charlotte Hwy    Monroe    NC

679

       Pantry (Petro Express)    4500 Randolph Road    Charlotte    NC

680

       Pantry (Petro Express)    1420 Celanese Road    Rock Hill    SC

681

       Pantry (Petro Express)    8008 Harris Station Blvd.    Charlotte    NC

682

       Goodyear Truck & Tire    2031 Antonio St.    Anthony    TX

683

       Smiley’s Rocky Mountain    1400 S. Abilene Street    Aurora    CO

684

       Susser (Stripes)    104 South Reynolds    Orange Grove    TX

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

685

       Cool Crest    10735 East 40 Highway    Independence    MO

686

       All Star Sports    1010 N. Webb Road    Wichita    KS

687

       All Star Sports    8333 West 21st Street    Wichita    KS

688

       Wingfoot    505 Patriot Drive    Dandrige    TN

689

       Wingfoot    3491 Madison Highway    Valdosta    GA

690

       Wingfoot    142-A Carbondale Road    Dalton    GA

691

       Wingfoot    415 East Main Street    Beaverdam    OH

692

       Wingfoot    2930 County Road 500 North    Whiteland    IN

693

       Wingfoot    271 Pilot Land    Brunswick    GA

694

       Wingfoot    2539 Burr Street    Gary    IN

695

       Wingfoot    6880 Franklin-Lebanon Road    Franklin    OH

696

       Wingfoot    1352 Trollingwood-Hawfields Road    Mebane    NC

697

       Wingfoot    2052 Homestead Road    Bowman    SC

698

       Wingfoot    7051 Hwy 21    Port Wentworth    GA

699

       Wingfoot    Route 1 Box 253-B    Evansville    IN

700

       Wingfoot    112 Frontage Road    Piedmont    SC

701

       Wingfoot    110 Triport Road    Georgetown    KY

702

       Wingfoot    7791 Alcoa Road    Benton    AR

703

       Sonic Automotive    1300 Cressida Drive    Charlotte    NC

704

       Pull-A-Part    2935 Farrisview Boulevard    Memphis    TN

705

       Majestic Liquors    501 Northwest Parkway    Azle    TX

706

       Majestic Liquors    4520 Camp Bowie Blvd    Ft. Worth    TX

707

       Magic Mountain    5890 Scarborough Blvd    Columbus    OH

708

       Magic Mountain    8350 Lyra Drive    Columbus    OH

709

       Food Fast    899 Pinson Road    Forney    TX

710

       Food Fast    101 Gun Barrel    Gun Barrel City    TX

711

       Food Fast    1222 WSW Loop 323    Tyler    TX

712

       Food Fast    1975 Airline Drive    Bossier City    LA

713

       Food Fast    5502 Old Bullard Road    Tyler    TX

714

       Food Fast    1101 McCann Road    Longview    TX

715

       Food Fast    2309 W. Main    Gun Barrel City    TX

716

       Food Fast    1711 Judson Road    Longview    TX

717

       Food Fast    I-30 and Hwy 37    Mt. Vernon    TX

718

       Food Fast    13168 Hwy 64 E.    Tyler    TX

719

       Food Fast    3357 Gilmer Rd    Longview    TX

720

       Food Fast    319 E. Larissa    Jacksonville    TX

721

       Food Fast    125 N. Highway 274    Kemp    TX

722

       Food Fast    4025 Jewella Ave    Shreveport    LA

723

       Food Fast    611 E. Marshall Ave.    Longview    TX

724

       Food Fast    3001 Judson Road    Longview    TX

725

       Food Fast    8604 Highway 64 East    Tyler    TX

726

       Food Fast    4201 University Blvd.    Tyler    TX

727

       Food Fast    5120 Old Jacksonville Hwy    Forney    TX

728

       Food Fast    Hwy 31, Box 554    Brownsboro    TX

729

       Food Fast    4725 Troup Hwy    Tyler    TX

730

       Food Fast    805 W. Houston    Tyler    TX

731

       Food Fast    100 S. Access Road    Longview    TX

732

       Food Fast    1707 E. Front St.    Tyler    TX

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

733

       Food Fast    22137 State Hwy 155 South    Flint    TX

734

       Pantry (Kangaroo Express)    7821 Vaughn Road    Montgomery    AL

735

       Chili’s    2825 Ledo Road    Albany    GA

736

       Bugaboo Creek    935 Jefferson Road    Rochester    NY

737

       Bugaboo Creek    2965 Turner Hill Road    Lithonia    GA

738

       Chili’s    510 Commerce Blvd    Statesboro    GA

739

       Chili’s    3015 West Radio Drive    Florence    SC

740

       Wingfoot    625 Carrollton Street    Temple    GA

741

       Pull-A-Part    I-65 & Moffett Road    Mobile    AL

742

       Majestic Liquors    10307 Highway 87    Lubbock    TX

743

       Wingfoot    11957 Douglas Ave.    Des Moines    IA

744

       Majestic Liquors    9909 Highway 87    Lubbock    TX

745

       Chili’s    1700 Baytree Road    Valdosta    GA

746

       Wingfoot    8055 Interstate Hwy 35    Robinson    TX

747

       Wingfoot    600 West State 92    Kearney    MO

748

       Pull-A-Part    North Patterson Ave.    Winston-Salem    NC

749

       Ultra Car Wash    650 Schillinger Road South    Mobile    AL

750

       Pull-A-Part    Marshall Blvd.    Lithonia    GA

751

       Road Ranger    905 Hen House Road    Okawville    IL

752

       Pantry (Kangaroo Express)    4402 Ten-Ten Rd    Cary    NC

753

       Wingfoot    I-40 and Morgan Road    Oklahoma City    OK

754

       Road Ranger    2175 Central Ave    Dubuque    IA

755

       Pull-A-Part    5702 Monticello Rd    Columbia    SC

756

       Kerasotes Theatre    1351 College Mall Rd    Bloomington    IN

757

       Kerasotes Theatre    1221 W. Boughton Road    Bolingbrook    IL

758

       Kerasotes Theatre    250 Pavilions Place    Brighton    CO

759

       Kerasotes Theatre    3960 Limelight Ave.    Castle Rock    CO

760

       Kerasotes Theatre    5600 Pearl Dr.    Evansville    IN

761

       Kerasotes Theatre    1401 W. Carl Sandburg Drive    Galesburg    IL

762

       Kerasotes Theatre    100 Meijer Drive    Michigan City    IN

763

       Kerasotes Theatre    860 E Princeton    Muncie    IN

764

       Kerasotes Theatre    2815 Show Place Drive    Naperville    IL

765

       Kerasotes Theatre    1320 W. Maple Street    New Lenox    IL

766

       Kerasotes Theatre    1860 Anjali Way    Machesney Park    IL

767

       Road Ranger    1705 S. State Street    Belvidere    IL

768

       Road Ranger    518 Shirland Avenue    South Beloit    IL

769

       Mister Car Wash    3750 West River Rd.    Rochester    MN

770

       Mister Car Wash    3223 41st Street Northwest    Rochester    MN

771

       Susser (Stripes)    2401 Meadow Avenue    Laredo    TX

772

       Susser (Stripes)    1701 Arkansas Avenue    Laredo    TX

773

       Susser (Stripes)    602 Washington St    Laredo    TX

774

       Susser (Stripes)    1002 Santa Maria Avenue    Laredo    TX

775

       Susser (Stripes)    3919 San Bernardo Ave    Laredo    TX

776

       Susser (Stripes)    3602 N Commerce Street    Harlingen    TX

777

       Susser (Stripes)    898 N. Sam Houston Blvd    San Benito    TX

778

       Susser (Stripes)    2203 S Stockton Ave.    Monahans    TX

779

       Susser (Stripes)    1350 S County Road West    Odessa    TX

780

       Susser (Stripes)    2200 Spur 239    Del Rio    TX

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

781

       Susser (Stripes)    700 Junction Hwy    Kerrville    TX

782

       Susser (Stripes)    4798 Knickerbocker Rd    San Angelo    TX

783

       Pep Boys    775 W. Route 70    Marlton    NJ

784

       Pep Boys    5241 Route 42    Turnersville    NJ

785

       Pep Boys    2501 South Cicero Ave.    Cicero    IL

786

       Pep Boys    6811 West Grand Avenue    Chicago    IL

787

       Pep Boys    1824 West Jefferson St    Joliet    IL

788

       Pep Boys    17015 Torrence Avenue    Lansing    IL

789

       Pep Boys    1531 Cobb Parkway    Marietta    GA

790

       Pep Boys    11160 Alpharetta Road    Roswell    GA

791

       Pep Boys    10548 Atlantic Blvd.    Jacksonville    FL

792

       Pep Boys    4155 S. Jones Blvd.    Las Vegas    NV

793

       Pep Boys    575 State Route 18    East Brunswick    NJ

794

       Mister Car Wash    611 Montgomery Highway    Vestavia Hills    AL

795

       Mister Car Wash    4621 Hwy 280 East    Birmingham    AL

796

       Mister Car Wash    1880 Gulf to Bay Blvd.    Clearwater    FL

797

       Mister Car Wash    10471 Park Blvd.    Seminole    FL

798

       Mister Car Wash    3622 Gandy Blvd.    Tampa    FL

799

       Mister Car Wash    3205 North Galloway Ave.    Mesquite    TX

800

       Buck’s    9801 Page Avenue    St. Louis    MO

801

       Susser (Stripes)    1407 W. Nolana Loop    Pharr    TX

802

       Mister Car Wash    6237 N. Mesa    El Paso    TX

803

       Mister Car Wash    8857 Gateway West    El Paso    TX

804

       Mister Car Wash    4800 Osborne Drive    El Paso    TX

805

       Mister Car Wash    12120 Montwood    El Paso    TX

806

       Mister Car Wash    11184 Vista Del Sol    El Paso    TX

807

       Vacant Property    3500 Main Street    Farmington    NM

808

       Susser (Stripes)    201 W. Nolana Avenue    McAllen    TX

809

       Susser (Stripes)    711 Ed Carey Drive    Harlingen    TX

810

       Susser (Stripes)    1120 Saunders Street    Laredo    TX

811

       Susser (Stripes)    930 Morgan Boulevard    Harlingen    TX

812

       Susser (Stripes)    1656 West Highway 100    Port Isabel    TX

813

       Kerasotes Theatre    875 Deer Creek Drive    Schererville    IN

814

       Kerasotes Theatre    300 N. 33rd Street    Quincy    IL

815

       Kerasotes Theatre    5530 W. Homer Street    Chicago    IL

816

       Kerasotes Theatre    420 Village Walk Lane    Johnson Creek    WI

817

       Kerasotes Theatre    1301 Kalahari Drive    Lake Delton    WI

818

       Express Oil Change    2300 University Boulevard    Birmingham    AL

819

       Express Oil Change    327 E Dr. Hicks Boulevard    Florence    AL

820

       Express Oil Change    5046 Highway 17    Helena    AL

821

       Express Oil Change    3100 Woodward Avenue    Muscle Shoals    AL

822

       Express Oil Change    2105 Frederick Road    Opelika    AL

823

       Wingfoot    715 S. Lakeside Drive    Amarillo    TX

824

       Wingfoot    2520 South Gallatin Street    Jackson    MS

825

       Pet Paradise    14500 John F. Kennedy Blvd    Houston    TX

826

       Road Ranger    2075 Litton Lane    Hebron    KY

827

       Road Ranger    5960 Centennial Circle    Florence    KY

828

       Road Ranger    985 Burlington Pike    Florence    KY

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

829

       Road Ranger    411 Mt. Zion Road    Florence    KY

830

       Road Ranger    70 Broadway    Dry Ridge    KY

831

       Road Ranger    610 West 5th Street    Covington    KY

832

       Road Ranger    1430 Gloria Terrell Drive    Wilder    KY

833

       Road Ranger    7930 Alexandria Pike.    Alexandria    KY

834

       Pet Paradise    23 Enterprise Drive    Bunnell    FL

835

       Dave & Buster’s    6812 S. 105th East Ave.    Tulsa    OK

836

       Susser (Stripes)    3301 Southmost Road    Brownsville    TX

837

       Susser (Stripes)    101 W Highway 107    La Villa    TX

838

       Susser (Stripes)    9219 FM 1472 (Mines Road)    Laredo    TX

839

       Susser (Stripes)    6715 E State Highway 107    Edinburg    TX

840

       Susser (Stripes)    4600 South 23rd Street    McAllen    TX

841

       Susser (Stripes)    4506 Ben-Cha Road    Laredo    TX

842

       Ultra Car Wash    4032 Lawrenceville Highway    Lilburn    GA

843

       Arizona Oil    1208 S. Ellsworth Rd.    Mesa    AZ

844

       Arizona Oil    4705 E. Highway 60    Miami    AZ

845

       Arizona Oil    4881 S. Campbell Ave.    Tucson    AZ

846

       Arizona Oil    7601 E. Tanque Verde Rd.    Tucson    AZ

847

       Arizona Oil    365 E. Southern Ave    Mesa    AZ

848

       Arizona Oil    766 W. Guadalupe Road    Gilbert    AZ

849

       Arizona Oil    10809 N. Frank Lloyd Wright Blvd.    Scottsdale    AZ

850

       Arizona Oil    6904 N. Dysart Rd.    Glendale    AZ

851

       Arizona Oil    501 W. Irvington Road    Tucson    AZ

852

       Arizona Oil    1990 W. Highway 89A    Sedona    AZ

853

       Arizona Oil    286 Walker Road    Prescott    AZ

854

       Arizona Oil    2245 E. Florence Blvd    Casa Grande    AZ

855

       Arizona Oil    802 W Speedway BLvd    Tucson    AZ

856

       Arizona Oil    9102 W. Peoria Ave.    Peoria    AZ

857

       LA Fitness    45 Alexander-Bellbrook Road    Centerville    OH

858

       Chili’s    707 W 7th Street    Tifton    GA

859

       Wingfoot    108 West Glendale Hodgenville Road    Glendale    KY

860

       LA Fitness    30195 Mound Road    Warren    MI

861

       Amazing Jake’s    831 North Central Pkwy    Plano    TX

862

       TitleMax    654 Bessemer Hwy.    Fairfield    AL

863

       TitleMax    600 S. Main St.    Darlington    SC

864

       TitleMax    3051 Allison Bonnett Dr. (Birmingham)    Hueytown    AL

865

       TitleMax    714 Ft. Williams St.    Sylacauga    AL

866

       TitleMax    3731 Austell Rd (Atlanta)    Marietta    GA

867

       TitleMax    203 East Meighan Blvd.    Gadsden    AL

868

       TitleMax    300 S. Quintard St.    Anniston    AL

869

       TitleMax    3557 Pio Nono Ave.    Macon    GA

870

       TitleMax    111 W. Fairview Ave.    Montgomery    AL

871

       TitleMax    8122 Tara Blvd.    Jonesboro    GA

872

       TitleMax    465 W. Pike St.    Lawrenceville    GA

873

       TitleMax    2537 W. Main St.    Snellville    GA

874

       TitleMax    7527 Highway 85    Riverdale    GA

875

       TitleMax    9814 W. Florissant Ave.    St. Louis    MO

876

       TitleMax    1827 N. Glenstone Ave.    Springfield    MO

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

877

       TitleMax    5309 Jimmy Carter Blvd.    Norcross    GA

878

       TitleMax    3103 Wade Hampton Blvd.    Taylors    SC

879

       TitleMax    129 Chesterfield Hwy    Cheraw    SC

880

       TitleMax    3100 Two Notch Rd    Columbia    SC

881

       TitleMax    208 East Walnut Ave.    Dalton    GA

882

       TitleMax    5231 Winchester Rd.    Memphis    TN

883

       TitleMax    1932 Whiskey Rd.    Aiken    SC

884

       TitleMax    820 W. College St.    Pulaski    TN

885

       TitleMax    4022 Nolensville Pike    Nashville    TN

886

       TitleMax    854 Ellington Pkwy.    Lewisburg    TN

887

       TitleMax    1646 Sycamore View Rd.    Memphis    TN

888

       TitleMax    9640 Natural Bridge Rd.    Berkeley    MO

889

       TitleMax    8640 Airport Rd.    St. Louis    MO

890

       TitleMax    4807 Nolensville Rd.    Nashville    TN

891

       TitleMax    1325 W. Kearney St.    Springfield    MO

892

       LA Fitness    4700 Marburg Ave.    Cincinnati    OH

893

       Wingfoot    921 Murfreesboro Rd.    Lebanon    TN

894

       Pet Paradise    7511 Monroe Rd.    Houston    TX

895

       Pull-A-Part    1250 Kelly Ave.    Akron    OH

896

       Chili’s    700 Ronald Reagan Drive    Evans    GA

897

       Wingfoot    1101 Uniroyal Dr.    Laredo    TX

898

       Pet Paradise    2921 Boyer Street    Charlotte    NC

899

       Pet Paradise    10401 Orange Dr.    Davie    FL

900

       Dave & Buster’s    2201 & 2215 North Mayfair Road    Wauwatosa    WI

901

       Express Oil Change    956 Germantown Pkwy N    Cordova    TN

902

       Express Oil Change    1045 West Goodman Rd.    Horn Lake    MS

903

       Express Oil Change    9106 US Highway 64    Lakeland    TN

904

       Express Oil Change    7540 Winchester Road    Memphis    TN

905

       Susser (Stripes)    533 N. Frankford    Lubbock    TX

906

       Susser (Stripes)    9020 Hwy 6 South    Houston    TX

907

       Sunshine Energy    5501 East Bannister Road    Kansas City    MO

908

       Sunshine Energy    2211 Oak Ridge Dr.    Neosho    MO

909

       Sunshine Energy    900 S. Chouteau Avenue    Chouteau    OK

910

       Vacant Property    426 N. Wilson St.    Vinita    OK

911

       Sunshine Energy    1109 East Fourth St.    Altamont    KS

912

       KFC    5933 Peach Street    Erie    PA

913

       Wendy’s    201 Tarentum Bridge Rd.    New Kensington    PA

914

       Uni-Mart    301 E. 7th St.    Bloomsburg    PA

915

       Uni-Mart    1891 Philadelphia Ave.    Chambersburg    PA

916

       Fuel-On    401 W 4th Street    Emporium    PA

917

       Fuel-On    999 CanDo Fwy.    Hazleton    PA

918

       Fuel-On    135-137 Center Street    Johnsonburg    PA

919

       Uni-Mart    175 E. State Street    Larksville    PA

920

       Green Light Convenience    4685 Birney Ave.    Moosic    PA

921

       Uni-Mart    120 Montemorenci Ave.    Ridgway    PA

922

       Fuel-On    711 Market Street    Bloomsburg    PA

923

       Uni-Mart    101 E King St.    Shippensburg    PA

924

       Fuel-On    807 S. Michael Rd.    St. Mary’s    PA

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

925

       Fuel-On    601 Church St.    White Haven    PA

926

       Uni-Mart    PA Ave. & Northhampton St.    Wilkes-Barre    PA

927

       Uni-Mart    532 Hazel Street    Wilkes-Barre    PA

928

       Uni-Mart    465 Hazle St.    Wilkes-Barre    PA

929

       Uni-Mart    517 E. Sunbury St.    Shamokin    PA

930

       Uni-Mart    1037 High Street    Williamsport    PA

931

       Uni-Mart    Second & Lawton Streets    St Clair    PA

932

       Fuel-On    360 E. Main Street    Luzerne    PA

933

       Uni-Mart    106 W. College Ave.    Pleasant Gap    PA

934

       Uni-Mart    285 S Church St.    Hazleton    PA

935

       Uni-Mart    23 Central Avenue    Avis    PA

936

       Fuel-On    211 S Main Street    Yeagertown    PA

937

       Uni-Mart    512 East Mahoning St.    Punxsutawney    PA

938

       Uni-Mart    410 Kellys Way    East Brady    PA

939

       Uni-Mart    3000 Bear Creek Blvd.    Bear Creek    PA

940

       Uni-Mart    215-217 S Main St.    Taylor    PA

941

   

Multi

    Fuel-On    300 Memorial Hwy.    Dallas    PA
      Pennstar Bank    300 Memorial Hwy.    Dallas    PA

942

       Uni-Mart    1181 Romine Ave.    Port Vue    PA

943

       Uni-Mart    1300 Coraopolis Hghts. Rd.    Coraopolis    PA

944

       Uni-Mart    321-325 Center Street    Ashland    PA

945

       Uni-Mart    Exit 36 Off PA Turnpike    Bear Creek    PA

946

       Uni-Mart    4325 S. Mountain Boulevard    Mountaintop    PA

947

       Uni-Mart    5690 William Penn Hwy    Export    PA

948

   

Multi

    Best Smoke & Gas    100 Center Square    Abbottstown    PA
      Borough of Abbottstown    100 Center Square    Abbottstown    PA

949

       Uni-Mart    350 N. Main Street    Mercersburg    PA

950

       Uni-Mart    Ligonier St. & 13th St.    New Florence    PA

951

       Uni-Mart    600 Beaver and 6th Ave    Ellwood City    PA

952

       Fuel-On    129 North Main Street    Zelienople    PA

953

       Uni-Mart    5724 Ellsworth Ave.    Pittsburgh    PA

954

       Uni-Mart    2480 Rt. 115    Effort    PA

955

       Uni-Mart    3765 Nuangola Road    Nuangola    PA

956

       Uni-Mart    240 S. River Road    Plains    PA

957

   

Multi

    China Wok    1962 Spring Road    Carlisle    PA
      Fuel-On    1962 Spring Road    Carlisle    PA
      M & T Bank    1962 Spring Road    Carlisle    PA

958

       Uni-Mart    50 East Main Street    Plainfield    PA

959

       Uni-Mart    434 Main Street    McSherrystown    PA

960

       Uni-Mart    658 Wyndamere Road    Lewisberry    PA

961

       Uni-Mart    400 Beaver Ave. & 4th Ave.    Hastings    PA

962

       Uni-Mart    1220 River Avenue    Williamsport    PA

963

       Uni-Mart    61 E Main Street    Nanticoke    PA

964

       Vacant Property    447 Broad Street    Montoursville    PA

965

       Fuel-On    2953 Pottsville/Minersville Hwy    Minersville    PA

966

       Fuel-On    600 East Market Street    Danville    PA

967

       Uni-Mart    PA Route 150    Beech Creek    PA

968

       Uni-Mart    100 Mill Street    Milesburg    PA

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

969

       Fuel-On    12755 Harrison Street    Summerville    PA

970

       Uni-Mart    280 Walnut Street    Howard    PA

971

       Uni-Mart    PA Route 66 and 36    Leeper    PA

972

       Uni-Mart    501 Main Street    Reynoldsville    PA

973

       Uni-Mart    State & Filbert Streets    Curwensville    PA

974

       Uni-Mart    565 West Mahoning Ave    Punxsutawney    PA

975

       Vacant Property    Routes 350 & 550    Warriors Mark    PA

976

       Uni-Mart    1 N Main Street    Hughesville    PA

977

       Uni-Mart    US Rt 322 Port Matilda Hghwy    Philipsburg    PA

978

       Uni-Mart    101 Bridge Street    Jersey Shore    PA

979

       Denny’s (Franchisee)    2079 East State Street    Hermitage    PA

980

       Pep Boys    1748 Street Rd    Cornwell Heights    PA

981

       Pep Boys    4680 E. Roosevelt Blvd    Philadelphia    PA

982

       Pep Boys    222 South Westend Blvd.    Quakertown    PA

983

       Jared Jewelers    8275 Red Bug Lake Road    Oviedo    FL

984

       Jared Jewelers    12656 N. Tatum Blvd.    Phoenix    AZ

985

       Jared Jewelers    2425 S. Stemmons    Lewisville    TX

986

       Ross Dress for Less    2 Miracle Way    Coral Gables    FL

987

       Home Depot    2901 N. University Drive    Sunrise    FL

988

       Walgreens    2301 N. University Drive    Sunrise    FL

989

   

Multi

    Best Buy    990 County Road 64    Big Flats    NY
      S&W Awards    990 County Road 64    Big Flats    NY
      Panera Bread    990 County Road 64    Big Flats    NY
      Power Center    990 County Road 64    Big Flats    NY
      EZ Home    990 County Road 64    Big Flats    NY
      Maurices    990 County Road 64    Big Flats    NY

990

       Pantry (Lil’ Champ)    8820 103rd Street    Jacksonville    FL

991

   

Multi

    Power Center    7201 Eastman Ave.    Midland    MI
      Coldstone    7201 Eastman Ave.    Midland    MI
      FedEx Kinko’s    7201 Eastman Ave.    Midland    MI
      Medical Weight Loss Clinic    7201 Eastman Ave.    Midland    MI
      Starbucks    7201 Eastman Ave.    Midland    MI
      Regis Salon    7201 Eastman Ave.    Midland    MI
      Sprint PCS    7201 Eastman Ave.    Midland    MI

992

       Pantry (Kangaroo Express)    1000 Whippoorwill Lane    Naples    FL

993

       Pantry (Kangaroo Express)    2934 Tamiami Trail East    Naples    FL

994

       Uni-Mart    76 Chestnut Street    Bradford    PA

995

       Fuel-On    159 Fraley St.    Kane    PA

996

       AJ Petroleum    6300 Johnson Street    Hollywood    FL

997

   

Multi

    J & J Insurance    7039 Taft Street    Hollywood    FL
      Nitlantika    7039 Taft Street    Hollywood    FL
      Roni Deutch Tax Services    7039 Taft Street    Hollywood    FL

998

       Uni-Mart    101 St. Johns Street    Midway    PA

999

       Uni-Mart    672 Miller Avenue    Clairton    PA

1000

       Fuel-On    710 Elizabeth Street    Houtzdale    PA

1001

       Uni-Mart    211 Freedom Avenue    Burnham    PA

1002

       Uni-Mart    8th & Market Street    Port Royal    PA

1003

       Pep Boys    3401 Plaza Drive    Reading    PA

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

1004

   

Multi

    Vacant Property    9105 Hickory Flat Hwy    Woodstock    GA
      Vacant Property    9105 Hickory Flat Hwy    Woodstock    GA
      Vacant Property    9105 Hickory Flat Hwy    Woodstock    GA
      Vacant Property    9105 Hickory Flat Hwy    Woodstock    GA
      Vacant Property    9105 Hickory Flat Hwy    Woodstock    GA
      Yen Ching Restaurant    9105 Hickory Flat Hwy    Woodstock    GA
      Salon 140    9105 Hickory Flat Hwy    Woodstock    GA

1005

   

Multi

    Power Center    Topsham Fair Mall Road    Topsham    ME
      GameStop    Topsham Fair Mall Road    Topsham    ME
      Sally Beauty Supply    Topsham Fair Mall Road    Topsham    ME
      Vacant Property    Topsham Fair Mall Road    Topsham    ME
      Vacant Property    Topsham Fair Mall Road    Topsham    ME
      SuperCuts    127-133 Topsham Fair Mall Road    Topsham    ME

1006

       Vacant Land    Corner of SR 4 & Indian Meadows Dr    Fairfield Township    OH

1007

       Vacant Land    Topsham Fair Mall Road    Topsham    ME

1008

       Vacant Land    1940 N. Memorial Drive    Lancaster    OH

1009

       Tutor Time    8160 Sheldon Road    Elk Grove    CA

1010

       Vacant Land    Mazzucco Parcel    Bonita Springs    FL

1011

       Vacant Land    Intersection of Russell St. and N. Maple St.    Hadley    MA

1012

       Pep Boys    Calle Marginal Edficio 730    Guayama    PR

1013

   

Multi

    Belltone    1800 West Harrison Street    Harlingen    TX
      H&R Block    1800 West Harrison Street    Harlingen    TX
      Power Center    1800 West Harrison Street    Harlingen    TX

1014

       Starbucks    1800 West Harrison Street    Harlingen    TX

1015

   

Multi

    Power Center    1800 West Harrison Street    Harlingen    TX
      Edible Arrangements    1800 West Harrison Street    Harlingen    TX
      T-Mobile    1800 West Harrison Street    Harlingen    TX
      Vacant Property    1800 West Harrison Street    Harlingen    TX

1016

   

Multi

    Power Center    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Best Buy    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Dick’s Sporting Goods    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      HardRock Nails and Spa    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      J.C. Penney    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Justice    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Lane Bryant    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Mattress Giant    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      The Children’s Place    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Staples    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Vacant Property    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Vacant Property    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Zales    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Belk    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      ULTA Salon, Cosmetics and Fragrance    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      94 Nails and Spas    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Nails and Spa    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX

1017

       Vacant Land    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX

1018

       Vacant Land    Beltline Road and Spur 580    Grand Prairie    TX

1019

       Our Place    7630 NE Loop 820    North Richland Hills    TX

 

SCHEDULE 6.1.(f) - PART I

PROPERTY LIST

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

1020

   

Multi

    Power Center    2501 W. Airport Freeway    Irving    TX
      Starbucks    2501 W. Airport Freeway    Irving    TX
      T-Mobile    2501 W. Airport Freeway    Irving    TX
      Purpose Money    2501 W. Airport Freeway    Irving    TX

1021

   

Multi

    Power Center    895 Highway 77    Waxahachie    TX
      T-Mobile    895 Highway 77    Waxahachie    TX
      Monarch Dental    895 Highway 77    Waxahachie    TX
      The Cash Store    895 Highway 77    Waxahachie    TX

1022

       NNN Operated    2301 H Street    Bakersfield    CA

1023

       NNN Operated    1701 Stine Road    Bakersfield    CA

1024

       NNN Operated    7901 Rosedale Highway    Bakersfield    CA

1025

       NNN Operated    920 34th Street    Bakersfield    CA

1026

       NNN Operated    4411 Market Street    Ventura    CA

1027

       NNN Operated    2757 Johnson Drive    Ventura    CA

1028

       NNN Operated    1601 San Fernando Road    San Fernando    CA

1029

       NNN Operated    7301 White Lane    Bakersfield    CA

1030

       NNN Operated    3951 Wible Road    Bakersfield    CA

1031

       NNN Operated    7991 White Lane    Bakersfield    CA

1032

       NNN Operated    5201 Stockdale Road    Bakersfield    CA

1033

       NNN Operated    2523 Brundage Lane    Bakersfield    CA

 

 

SCHEDULE 6.1.(f) - PART II

EXISTING LIENS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

1

       CVS    7107 North Oak Trafficway    Gladstone    MO

2

       Barnes & Noble    591 South University Drive    Plantation    FL

3

       Borders    2240 East Sunrise Blvd.    Ft. Lauderdale    FL

4

       Kash n’ Karry    1101 Bloomingdale Ave    Valrico    FL

5

       Best Buy    6600 22nd Ave North    St. Petersburg    FL

6

       Bed Bath & Beyond    10050 West Broad Street    Richmond    VA

7

       Jared Jewelers    8275 Red Bug Lake Road    Oviedo    FL

8

       Jared Jewelers    12656 N. Tatum Blvd.    Phoenix    AZ

9

       Jared Jewelers    2425 S. Stemmons    Lewisville    TX

10

   

Multi

    Beautiful America Dry Cleaners    12186 Lake Underhill Road    Orlando    FL
      BJ’s Wholesale Club    12190 Lake Underhill Rd.    Orlando    FL
      CORA Rehabilitation Clinics    12182 Lake Underhill Road    Orlando    FL
      Magic China Café    12188 Lake Underhill Road    Orlando    FL
      Spa and Nails Club    12180 Lake Underhill Road    Orlando    FL
      Vacant Property    12188 Lake Underhill Road    Orlando    FL

11

       Rite Aid    357 East Broadway    Monticello    NY

 

SCHEDULE 6.1. (g) - PART I

INDEBTEDNESS AND GUARANTIES

 

Debt

    Original/
Maximum
Balance		      Current
Outstanding
Balance		      Maturity
Date		    

Existing Liens

                 

Wachovia Line of Credit (unsecured)

                    

Prime

      N/A         —           05/08/2010              

LIBOR

      N/A         —           05/08/2010              
                               
     400,000,000         —                   
                               

Notes Payable (unsecured)

                    

2010

      20,000,000         20,000,000         09/20/2010              

2012

      50,000,000         50,000,000         06/01/2012              

2014

      150,000,000         150,000,000         06/15/2014              

2015

      150,000,000         150,000,000         12/15/2015              

2017

      250,000,000         250,000,000         10/15/2017              

Convertible

      172,500,000         138,700,000         09/20/2011 A            

Convertible

      234,035,000         223,035,000         06/17/2013 B            
                               
     1,026,535,000         981,735,000                 
                               

Mortgages Payable (secured)

                    

H&R Investment, Inc.

      350,000         12,746         12/01/2009      CVS    7107 North Oak Trafficway    Gladstone      MO   

Bear Stearns

      21,000,000         19,249,827         07/01/2012      Barnes & Noble    591 South University Drive    Plantation      FL   
           Borders    2240 East Sunrise Blvd.    Ft. Lauderdale      FL   
           Kash n’ Karry    1101 Bloomingdale Ave    Valrico      FL   
           Best Buy    6600 22nd Ave North    St. Petersburg      FL   
           Bed Bath & Beyond    10050 West Broad Street    Richmond      VA   

John Hancock

      6,951,710         4,677,967         01/01/2017      Beautiful America Dry Cleaners    12186 Lake Underhill Road    Orlando      FL   
           BJ’s Wholesale Club    12190 Lake Underhill Rd.    Orlando      FL   
           CORA Rehabilitation Clinics    12182 Lake Underhill Road    Orlando      FL   
           Magic China Café    12188 Lake Underhill Road    Orlando      FL   
           Spa and Nails Club    12180 Lake Underhill Road    Orlando      FL   
           Vacant Property    12188 Lake Underhill Road    Orlando      FL   

GE Capital

      662,500         279,455         04/01/2014      Jared Jewelers    8275 Red Bug Lake Road    Oviedo      FL   

GE Capital

      745,000         398,771         04/01/2019      Jared Jewelers    12656 N. Tatum Blvd.    Phoenix      AZ   

GE Capital

      537,500         204,316         04/01/2019      Jared Jewelers    2425 S. Stemmons    Lewisville      TX   

Conseco Mortgage Capital, Inc.

      1,015,084         725,032         09/01/2016      Rite Aid    357 East Broadway    Monticello      NY   
                               
     31,261,794         25,548,114                 
                               

Construction Commitments

         5,674,000                 
                         

NNN RETAIL PROPERTIES FUND I, LLC C

      N/A         6,540,000         11/08/2011              
                         

 

A

Maturity date represents the first put option date. The stated maturity date is 9/15/2026.

B

Maturity date represents the first put option date. The stated maturity date is 6/15/2028.

C

National Retail Properties, Inc. owns a 15% equity interest in the LLC and guarantees 15% of the total balance outstanding of $43,600,000

SCHEDULE 6.1. (g) - PART II

TOTAL LIABILITIES

 

Debt

    Outstanding
Balance		  

Accrued expenses and other liabilities (09/30/2009)

      54,343,789   
        

Letters of Credit (Schedule 1.1(A))

      653,344   
        

 

SCHEDULE 6.1.(h)

Litigation

None.

 

SCHEDULE 6.1.(r)

Afilliate Transactions

None.

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

1       Golden Corral    1910 Veteran Memorial Drive    Abbeville    LA
2       Golden Corral    322 U.S. Highway 27 South    Lake Placid    FL
3       Checkers    2495 South Orange Ave.    Orlando    FL
4       Rallys    3033 Cherry Street    Toledo    OH
5       KFC    641 Gravois Road    Fenton    MO
6       Havertys Furniture    15701 U.S. Highway 19    Clearwater    FL
7       Havertys Furniture    2000 Principal Row    Orlando    FL
8       CVS    2806 Nogalitos Avenue    San Antonio    TX
9       Office Depot    2501 E. Randol Mill Rd.    Arlington    TX
10       OfficeMax    4540 Eastgate Blvd.    Cincinnati    OH
11       Barnes & Noble    122 Brandon Town Cntr    Brandon    FL
12       Barnes & Noble    960-B S. Colorado Boulevard    Denver    CO
13       CVS    815 S. Georgia Ave    Amarillo    TX
14       Borders    101 Geoffrey Drive    Wilmington    DE
15       Borders    9750 West Broad Street    Richmond    VA
16       OfficeMax    2255 W. Howard Street    Evanston    IL
17    Multi    HomeGoods    13061 Fairlakes Shopping Center    Fairfax    VA
      Michaels    13061 Fairlakes Shopping Center    Fairfax    VA
      Washington Bike Center    13061 Fairlakes Shopping Center    Fairfax    VA
18       Mattress Firm    8686 Florline Blvd.    Baton Rouge    LA
19       Barnes & Noble    3981 Highway 9    Freehold    NJ
20       Rite Aid    2981 Chapel Hill Road    Douglasville    GA
21       CVS    4406 Johnston Street    Lafayette    LA
22       OfficeMax    875 N. State Road 436    Altamonte Springs    FL
23       Pier I Imports    8535 Old Seward Highway    Anchorage    AK
24       CVS    6951 SE 15th St    Midwest City    OK
25       Office Depot    9700 West Broad Street    Richmond    VA
26       Borders    116 Bangor Mall Blvd.    Bangor    ME
27       OfficeMax    19650 S. Dixie Highway    Cutler Ridge    FL
28       Havertys Furniture    6500 North Davis Highway    Pensacola    FL
29       Dick’s Sporting Goods    23349 Eureka Road    Taylor    MI
30       Dick’s Sporting Goods    5220 Campbell Boulevard    White Marsh    MD
31       Pier I Imports    2725 Germantown Parkway    Memphis    TN
32       Vacant Property    26542 Town Center Drive    Foothill Ranch    CA
33       OfficeMax    2800 Power Inn Road    Sacramento    CA
34       OfficeMax    1241 N. Davis Road    Salinas    CA
35       Shop ‘n Save    713 E. Eighth Avenue    Homestead    PA
36       Roger & Marv’s    3401 80th Street    Kenosha    WI
37       Riser Foods    5321 Warrensville Road    Maple Heights    OH
38       Supervalu    459 Camden Road    Huntington    WV
39       Top’s    5600 Martin Way    Lacey    WA
40       Barnes & Noble    2619 Miamisburg-Centerville Road    Dayton    OH
41       CVS    4026 N. Macarthur Blvd    Oklahoma City    OK
42       CVS    2412 N. Classen Blvd.    Oklahoma City    OK
43       Blockbuster Video    3531-B Highway 20 SE    Conyers    GA
44       Rite Aid    3531-A Highway 20 SE    Conyers    GA
45       Barnes & Noble    1260 Churn Creek Road    Redding    CA
46       OfficeMax    1270 Churn Creek Road    Redding    CA

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

47       Shoes on a Shoestring    10030 Coors Blvd.    Albuquerque    NM
48       Best Buy    445 Howe Avenue    Cuyahoga Falls    OH
49       Pier I Imports    401 Towne Center Blvd.    Sanford    FL
50       Best Buy    1200 Rockville Pike    Rockville    MD
51       Best Buy    13058 Fair Lakes Parkway    Fairfax    VA
52       Barnes & Noble    2774 Germantown Parkway    Memphis    TN
53       Office Depot    423 Central Park Avenue    Hartsdale    NY
54       CVS    2220 Cross Timbers Road    Flower Mound    TX
55       Sports Authority    4092 Cattleman Rd    Sarasota    FL
56    Multi    Bealls    4084 Cattleman Road    Sarasota    FL
      Vacant Property    4088 Cattleman Road    Sarasota    FL
57       Borders    880 West S.R. 436    Altamonte Springs    FL
58       Ashley Furniture    880 W. SR 436    Altamonte Springs    FL
59       OfficeMax    2075 Seventh St. West    Kelso    WA
60       CVS    900 W. Pioneer Pkwy    Arlington    TX
61       CVS    390 Limit Street    Leavenworth    KS
62       Robb & Stucky    13170 S. Cleveland Ave.    Ft. Myers    FL
63       Sports Authority    6760 Winchester Drive    Memphis    TN
64       Rite Aid    2745 Washington Road    Augusta    GA
65       Rite Aid    6620 Highway 85    Riverdale    GA
66       Havertys Furniture    4510 Mitchellville    Bowie    MD
67       Petco    2901 32nd Avenue South    Grand Forks    ND
68       Vacant Property    3224 E. Town Circle    Knoxville    TN
69       Wendy’s    2750 Power Inn Road    Sacramento    CA
70       OfficeMax    2533 Wards Road    Lynchburg    VA
71       Rite Aid    1131 Green St    Warner Robins    GA
72       Best Buy    430 Home Drive    Pittsburg    PA
73       Vacant Property    200 East Bellis Fair Parkway    Bellingham    WA
74       Gen-X Clothing    31858 Pacific Highway South    Federal Way    WA
75       Vacant Property    9950 Waterstone Blvd.    Mason    OH
76       Sports Authority    4900 W. Kennedy Blvd.    Tampa    FL
77       OfficeMax    10600 US Highway 441    Leesburg    FL
78       Sports Authority    11700 Chenal Parkway    Little Rock    AR
79       7-Eleven    17621 Bruce B. Downs Blvd.    Tampa    FL
80       Michaels    104 Allan Wood Road    Plymouth Meeting    PA
81       7-Eleven    2400 Land O’ Lakes Blvd    Land O’ Lakes    FL
82       Barnes & Noble    200 West Route 70    Marlton    NJ
83       A.C. Moore Arts & Crafts, Inc.    550 Mount Pleasant Avenue    Dover    NJ
84       OfficeMax    7255 SW Dartmouth St    Tigard    OR
85       Food 4 Less    1320 E. 30th Street    Chula Vista    CA
86       Heilig-Meyers/The Room Store    809 Northpoint Road    Baltimore    MD
87       Ace Hardware and Lighting    569 Latham Drive    Bourbonnais    IL
88       Vacant Property    10091 Lincoln Highway    Everett    PA
89       Heilig-Meyers/The Room Store    7425 N. Ritchie Highway    Glen Burnie    MD
90       Heilig-Meyers/The Room Store    4350 Branch Ave.    Marlow Heights    MD
91       Heilig-Meyers/The Room Store    226 Pauline Drive    York    PA
92       OfficeMax    1429 State Route 16    Griffin    GA
93       Vacant Property    6760 Winchester Drive    Memphis    TN

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

94       Mi Pueblo Foods    1731 E. Bayshore Rd    Palo Alto    CA
95       Bed Bath & Beyond    7340 W. Bell Road    Glendale    AZ
96       Spencer’s Air Conditioning & Appliance    7346 West Bell Road    Glendale    AZ
97       Pier I Imports    1819 Norman Drive    Valdosta    GA
98       Rite Aid    4927 Homeville Road    West Mifflin    PA
99       Kash n’ Karry    750 State Road 574    Brandon    FL
100       Fresh Market    4120 Northwest 16th Boulevard    Gainesville    FL
101       Vacant Property    4057 Cattleman Road    Sarasota    FL
102       Ross Dress for Less    340 West Kettleman Lane    Lodi    CA
103       Vacant Property    2365 Hwy 43    Winfield    AL
104       Value City Furniture    5240 Campbell Blvd.    White Marsh    MD
105       Home Decor    6756 Winchester Road    Memphis    TN
106       Rite Aid    3807 Lincoln Highway    Thorndale    PA
107       Rite Aid    120 South Mill Road    Kennett Square    PA
108       Int’l House of Pancakes    1421 S. Air Depot    Midwest City    OK
109       Lowe’s    430 S. Germantown Parkway    Memphis    TN
110       Rite Aid    7601 Granby Street    Norfolk    VA
111       Best Buy    1730 S. Colorado Blvd.    Denver    CO
112       Applebee’s    14830 Manchester Road    Ballwin    MO
113       Arby’s    393 S. 8th Street    Colorado Springs    CO
114       Arby’s    1825 Washington Road    Thomson    GA
115       Arby’s    9747 E. M-36    Whitmore Lake    MI
116       Arby’s    1840 Columbus Ave    Washington Courthouse    OH
117       New Covenant Church    1340 Augusta West Parkway    Augusta    GA
118       Babies “R” Us    14450 E. US Highway 40    Independence    MO
119       Season’s 52    1770 East Higgins Road    Schaumburg    IL
120       Wherehouse Music    179 State Farm Parkway Drive    Homewood    AL
121       Blockbuster Video    5376 Highway 90 W    Mobile    AL
122       Blockbuster Video    535 Schillinger Road South    Mobile    AL
123       Blockbuster Video    1429 Thompson Bridge Road    Gainesville    GA
124       Blockbuster Video    201 Smith Road    Glasgow    KY
125       BMW    3264 Commerce Ave.    Duluth    GA
126       Pueblo Viejo Restaurant    7450 W. Chandler Blvd.    Chandler    AZ
127       Boston Market    1873 S. Randall Road    Geneva    IL
128       Boston Market    7360 W. 159th Street    Orland Park    IL
129       Boston Market    4125 E. Court    Burton    MI
130       Boston Market    43363 Cresent Blvd.    Novi    MI
131       Donato’s    960 N. Court Street    Medina    OH
132       Boston Market    26440 Lorain Road    N. Olmsted    OH
133       Boston Market    1997 Niles-Cortland Road    Warren    OH
134       Burger King    401 Southpark Blvd.    Colonial Heights    VA
135       Champps    7955 North Pointe Parkway    Alpharetta    GA
136       Claim Jumper    1536 Baseline Rd.    Tempe    AZ
137       Claim Jumper    250 Harding Blvd.    Roseville    CA
138       Taco Bron    6910 E Tanque Verde Rd    Tucson    AZ
139       El Tapatio Grill    100 Duo Drive    Hammond    LA
140       Fazoli’s    4000 E. Wilder Rd.    Bay City    MI
141       Golden Corral    815 Providence Road    Brandon    FL

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

142       Golden Corral    11801 56th Street North    Temple Terrace    FL

143

       Hollywood Video    7364 Wooster Pike    Cincinnati    OH

144

       Hooters    13606 Bruce B. Downs Blvd.    Tampa    FL

145

       Billy Bob’s    3150 NE Division Road    Gresham    OR

146

       Keg Steakhouse    3218 Fielding Street    Bellingham    WA

147

       Keg Steakhouse    18110 Alderwood Mall Parkway    Lynnwood    WA

148

       Keg Steakhouse    2212 W. Mildred Street    Tacoma    WA

149

       KFC    1234 State Ave. Northeast    Marysville    WA

150

       Vacant Property    26855 Greenfield Road    Southfield    MI

151

       Carvers    1535 Miamisburg-Centerville Road    Centerville    OH

152

       Pizza Hut    1605 S. Hwy 21 Bypass    Monroeville    AL

153

       Popeye’s    2330 Ronald Reagan Parkway    Snellville    GA

154

       Vacant Property    7520 High Cross Road    Columbus    OH

155

       Rite Aid    1310 Springhill Ave.    Mobile    AL

156

       Rite Aid    25801 Perdido Beach Blvd.    Orange Beach    AL

157

       Tully’s    1449 French Road    Cheektowaga    NY

158

       Schlotzsky’s Deli    4445 E. Thomas Road    Phoenix    AZ

159

       Taco Bell (Non Southern Bells)    2660 W. Thunderbird    Phoenix    AZ

160

       Schlotzsky’s Deli    10070 N. 90th Street    Scottsdale    AZ

161

       Muchas Gracias Mexican Restaurant    4940 Commercial St.    Salem    OR

162

       Carl’s Jr.    13920 Sprague Ave.    Spokane    WA

163

       Vacant Property    8225 Dix Ellis Trail    Jacksonville    FL

164

       Las Margaritas    7020 East 21st Street    Indianapolis    IN

165

       Taco Bell (Non Southern Bells)    3453 N. Pine Ave.    Ocala    FL

166

       Taco Bell (Non Southern Bells)    50 Williamson Blvd.    Ormond Beach    FL

167

       Texas Roadhouse    2870 North Ave.    Grand Junction    CO

168

       Texas Roadhouse    10310 Grant Street    Thornton    CO

169

       Vacant Property    3805 Eastern Blvd.    Montgomery    AL

170

       United Trust Bank    8028 S. Harlem Ave.    Bridgeview    IL

171

   

Multi

    Cash Advance    811 W. University Drive    Mesa    AZ
      Vacant Property    811 W. University Drive    Mesa    AZ

172

   

Multi

    H&R Block    2708 N. Illinois    Swansea    IL
      Swansea Quick Cash    2708 N. Illinois    Swansea    IL
      Vacant Property    2708 N. Illinois    Swansea    IL

173

       Buffalo Wild Wings    5400 Highway 421    Michigan City    IN

174

   

Multi

    Beneficial    8755 Columbine Rd.    Eden Prairie    MN
      Fantastic Sams    8755 Columbine Rd.    Eden Prairie    MN
      Shek’s Chinese Express    8755 Columbine Rd.    Eden Prairie    MN
      Subway    8755 Columbine Rd.    Eden Prairie    MN

175

       Enterprise Rent-A-Car    1437 College Road    Wilmington    NC

176

       Whataburger    3531 New Mexico State Hwy 528    Albuquerque    NM

177

       Jared Jewelers    3001 Turner Hill Rd.    Lithonia    GA

178

       Jared Jewelers    2206 W. Brandon Blvd.    Brandon    FL

179

       Hy-Vee    201 North Belt Hwy.    St. Joseph    MO

180

       Sports Authority    931 US Highway 1    Iselin    NJ

181

       Vacant Property    2309 N Hwy 67    Florissant    MO

182

       Vacant Property    9105 Hickory Flat Highway    Woodstock    GA

183

       Amoco    13691 SW 152nd Street    Miami    FL

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

184       Winn-Dixie    5750 Milgen Road    Columbus    GA
185       Certified Auto Sales    5200 Alameda Blvd Albuquerque    Albuquerque    NM
186       Bed Bath & Beyond    1118 Joe Mann Drive    Midland    MI
187       Humana    2900 N. University Drive    Sunrise    FL
188       Char-Hut    2601 N. University Drive    Sunrise    FL
189       Kohl’s    Hough Rd and Cox Creek Pkwy    Florence    AL
190       Furniture Xpress    3189 Buford Drive NE    Buford    GA
191       Thomasville    3189 Buford Drive NE    Buford    GA
192       Stone Mountain Chevrolet    4400 Stone Mountain Highway    Lilburn    GA
193       Rite Aid    310 South Pearl Street    Albany    NY
194    Multi    Easyhome    101 Saratoga Street    Cohoes    NY
      Family Dollar    101 Saratoga Street    Cohoes    NY
      China 1    101 Saratoga Street    Cohoes    NY
      Subway    101 Saratoga Street    Cohoes    NY
      Vacant Property    101 Saratoga Street    Cohoes    NY
195       Vacant Property    101 Saratoga Street    Cohoes    NY
196       Family Dollar    424 Lower Main Street    Hudson Falls    NY
197       Rite Aid    76-78 Main Street    Hudson Falls    NY
198       Rite Aid    90 West Avenue    Saratoga Springs    NY
199       Vacant Property    93 Montcalm Street    Ticonderoga    NY
200    Multi    Rite Aid    201 Henry Johnson Blvd.    Albany    NY
      Subway    201 Henry Johnson Blvd.    Albany    NY
201       Rite Rug    2165 Morse Road    Columbus    OH
202       Vacant Property    2651 East Franklin Boulevard    Gastonia    NC
203       United Rentals    8080 Carder Court    Littleton    CO
204       United Rentals    4300 118th Avenue North    Clearwater    FL
205       United Rentals    1926 SE Frontage Road    Fort Collins    CO
206       United Rentals    5101 West Reno Avenue    Oklahoma City    OK
207       United Rentals    620 Eckel Road    Perrysburg    OH
208       Advance Auto Parts    11705 NW 7th Ave    Miami    FL
209    Multi    Dr. Clean Dry Cleaners    143 Broadway    Monticello    NY
      Family Dollar    353 East Broadway    Monticello    NY
210       Vacant Land    Hough Rd and Cox Creek Pkwy    Florence    AL
211       Best Buy    116 Grand Regency Boulevard    Brandon    FL
212       CVS    3031 NW 23rd St    Oklahoma City    OK
213       PetSmart    6555 West Grand Boulevard    Chicago    IL
214       Hobby Lobby    2700 Elida Road    Lima    OH
215       Rite Aid    2820 Columbia Pike    Arlington    VA
216       Jared Jewelers    7520 W. Bell Road    Glendale    AZ
217       Jared Jewelers    5011 Monroe Street    Toledo    OH
218       Amoco    2300 Nob Hill Road    Sunrise    FL
219       Food Fast    200 S. Third    Mabank    TX
220       Food Fast    6424 S. Broadway    Tyler    TX
221    Multi    Jo-Ann etc    5625 So. Padre Island Drive    Corpus Christi    TX
      Spec’s Liquor and Fine Foods    5625-A So. Padre Island Drive    Corpus Christi    TX
      Vacant Property    5625-A So. Padre Island Drive    Corpus Christi    TX
222       Dollar Tree    3141 Broadway Blvd    Garland    TX
223       Barnes & Noble    7626 Westheimer Road    Houston    TX

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

224       Babies “R” Us    1501 West Arbrook    Arlington    TX
225    Multi    Fallas Paredes    1455 West Arbrook    Arlington    TX
      Mr. E’s Music Supercenter    1455 West Arbrook    Arlington    TX
226       CVS    2500 W. Park Row Dr.    Pantego    TX
227       CVS    1496 FM Rd    Lewisville    TX
228       CVS    3350 Forest Hill Circle    Forest Hill    TX
229       CVS    2510 Walnut St    Garland    TX
230       Michaels    2705 Grapevine Mills Parkway    Grapevine    TX
231    Multi    Dollar Tree    811 E. Highway 190    Copperas Cove    TX
      GymKix    815 E. Highway 190    Copperas Cove    TX
232       Hastings    4501 North Street    Nacogdoches    TX
233       Pier I Imports    1104 South Expressway 83    Harlingen    TX
234       Academy    6250 Eastex Freeway    Beaumont    TX
235       Academy    8236 S. Gessner Road    Houston    TX
236       Academy    5500 Spencer Highway    Pasadena    TX
237    Multi    Tractor Supply Co.    1920 West Wheeler Avenue    Aransas Pass    TX
      Vacant Property    1920 West Wheeler Avenue    Aransas Pass    TX
238       Vacant Property    2201 N. St. Marys Street    Beeville    TX
239       Corpus Christi Flea Market    11330 W. Leopard St.    Corpus Christi    TX
240       Susser    4525 Ayers Street    Corpus Christi    TX
241    Multi    Jin’s Asian Cafe    2280 Highway 36 South    Sealy    TX
      Palais Royale    2280 Hwy 36 S.    Sealy    TX
      Vacant Property    2202 Hwy 36 S    Sealy    TX
242       CVS    7102 Campbell Rd    Dallas    TX
243       Vacant Property    4521 Kemp Blvd    Wichita Falls    TX
244       Blockbuster Video    1150 East Main    Alice    TX
245       Blockbuster Video    830 S. 14th Street    Kingsville    TX
246       Johnny Carino’s    3805 I-10    S. Beaumont    TX
247       Johnny Carino’s    595 East Round Grove Road    Lewisville    TX
248       Johnny Carino’s    6821 Slide Road    Lubbock    TX
249       Champps    855 West John W. Carpenter Freeway    Irving    TX
250       Denny’s (Co. Owned)    2210 Highway 71 South    Columbus    TX
251       Golden Corral    11917 E. Northwest Highway    Dallas    TX
252       Hollywood Video    3205 Interstate 70 Business Loop    Clifton    CO
253       Jared Jewelers    11230 Midlothian Turnpike    Richmond    VA
254       Stop N Go    2475 W. Tarrant Road    Grand Prairie    TX
255       Stop N Go    1201 N. Little School Road    Kennedale    TX
256       TGI Friday’s    5217 S. Padre Island Drive    Corpus Christi    TX
257       Jared Jewelers    7400 FM 1960 Road West    Houston    TX
258       Reliable Life Insurance    12115 Lackland Rd.    St. Louis    MO
259       Gander Mountain    10300 West Interstate 40    Amarillo    TX
260       United Rentals    8221 Highway 225    La Porte    TX
261       United Rentals    5345 South General Bruce Drive    Temple    TX
262       United Rentals    524 Avenue K    Plano    TX
263       United Rentals    1350 South Loop 12    Irving    TX
264       United Rentals    609 North Bell    Cedar Park    TX
265       United Rentals    1706 North Interstate-35 East    Carrollton    TX
266       Orlando Metro Gymnastics    1501 South Alafaya Trail    Orlando    FL

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

267       United Rentals    5930 East Loop 820 South    Ft. Worth    TX
268       United Rentals    5930 East Loop 820 South    Ft. Worth    TX
269       Majestic Liquors    1111 Jacksboro Hwy    Ft. Worth    TX
270       Majestic Liquors    5600 East I-20    Ft. Worth    TX
271       Majestic Liquors    6801 Randol Mill    Ft. Worth    TX
272       Majestic Liquors    1200 Eastchase Pkwy    Ft. Worth    TX
273       Majestic Liquors    3500 Ft. Worth hwy    Hudson Oaks    TX
274       Majestic Liquors    7530 State Hwy 155    Coffee City    TX
275       Ziebart    1955 E. County Rd. D    Maplewood    MN
276       Ziebart    6754 Pearl Rd.    Middleburg Heights    OH
277       Merchant’s Tires    1141 Bladensburg Road    Washington    DC
278       Merchant’s Tires    13776 Warwick Blvd.    Newport News    VA
279       Merchant’s Tires    201 W. Mercury Blvd.    Hampton    VA
280       Merchant’s Tires    7400 N. Military    Norfolk    VA
281       Merchant’s Tires    379 Hungerford Drive    Rockville    MD
282       Ashley Furniture    7301 Jefferson Blvd.    Louisville    KY
283       Academy    1915 Mallory Lane    Franklin    TN
284       American Payday Loans    3148 SE 14th Street    Des Moines    IA
285       Carl’s Jr.    1972 N. Alma School Road    Chandler    AZ
286       Carl’s Jr.    3790 West Ina Road    Tucson    AZ
287       Gate Petroleum    3699 Concord Pkwy S.    Concord    NC
288       Gate Petroleum    760 N. Wesleyan Blvd    Rocky Mount    NC
289       Goodyear Truck & Tire    5941 N. Air Cap Drive    Park City    KS
290       Int’l House of Pancakes    2402 SE Delaware Ave    Ankeny    IA
291       Jack in the Box    4960 Dallas Parkway    Plano    TX
292       Kum & Go    12011 Blondo Street    Omaha    NE
293       Perkins Restaurant    2425 E. Euclid Ave    Des Moines    IA
294       Perkins Restaurant    2000 McKinley Ave    Des Moines    IA
295       Perkins Restaurant    4601 Merle Hay Road    Des Moines    IA
296       Perkins Restaurant    1505 W 19th Street    Newton    IA
297       Perkins Restaurant    8601 Hickman Road    Urbandale    IA
298       SOAKS Express Wash    2410 SE Delaware Avenue    Ankeny    IA
299       QuikTrip    5770 Brookhollow Pwy    Norcross    GA
300       QuikTrip    5095 Oakbrook Pkwy    Norcross    GA
301       QuikTrip    6140 Jimmy Carter Blvd    Norcross    GA
302       QuikTrip    11700 Haynes Bridge Road    Alpharetta    GA
303       QuikTrip    897 West Ridge Road    Gainesville    GA
304       QuikTrip    1470 Towne Lake Pkwy    Woodstock    GA
305       QuikTrip    1501 E. Grand Avenue    Des Moines    IA
306       QuikTrip    3941 S.E. 14th    Des Moines    IA
307       QuikTrip    5169 Merle Hay Road    Johnston    IA
308       QuikTrip    4600 Merle Hay Road    Urbandale    IA
309       QuikTrip    11925 University Ave    Clive    IA
310       QuikTrip    15650 W. 135th Street    Olathe    KS
311       QuikTrip    4020 South Meridian    Wichita    KS
312       QuikTrip    6011 West Central    Wichita    KS
313       QuikTrip    800 NE Woods Chapel Road    Lee’s Summit    MO
314       QuikTrip    850 McNutt Road    Herculaneum    MO

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

315       QuikTrip    16505 E. Admiral Place    Tulsa    OK
316       Qwest Corporation Service Center    Highway 9 & Ridgewood Drive    Decorah    IA
317       Qwest Corporation Service Center    1550 Blairsferry Road    Cedar Rapids    IA
318    Multi    Sonic    2601 S. Louise Ave.    Sioux Falls    SD
      Vacant Property    2601 S. Louise Ave.    Sioux Falls    SD
319       Walgreens    1424 S. Yale Ave    Tulsa    OK
320       AmerUs Group Warehouse    845 6th Avenue    Des Moines    IA
321       Zio’s Italian Kitchen    14150 E. Iliff Avenue    Aurora    CO
322       Jacobson Industrial    1321 E. Euclid Ave.    Des Moines    IA
323       United Rentals    1201 Lake Washington Road    Melbourne    FL
324       Majestic Liquors    1150 East Highway 377    Granbury    TX
325       Majestic Liquors    2151 W. Northwest Highway    Dallas    TX
326       Majestic Liquors    7560 Greenville Ave.    Dallas    TX
327       Spirit Halloween Superstore    5610 Suemandy Road    St. Peters    MO
328       Pantry (Lil’ Champ)    1515 N. Main Street    Gainesville    FL
329       Chili’s    2592 N. Columbia Street    Milledgeville    GA
330       Chili’s    1635-A Springdale Drive    Camden    SC
331       Bassett Furniture    10899 Lincoln Trails    Fairview Heights    IL
332       Amscot    8231 W. Hillsborough Ave.    Tampa    FL
333       Vacant Property    3256 W State Rd.    Olean    NY
334    Multi    Famous Footwear    1776 DeMille Rd    Lapeer    MI
      Rue 21    1768 DeMille Rd    Lapeer    MI
      Sally Beauty Supply    1750 DeMille Rd    Lapeer    MI
      MC Sports    1750 DeMille Rd    Lapeer    MI
335    Multi    Continental Rental    1812 DeMille Blvd.    Lapeer    MI
      Great Clips    1824 DeMille Road    Lapeer    MI
      Quizno’s    1836 DeMille Road    Lapeer    MI
      Vacant Property    1812 DeMille Blvd.    Lapeer    MI
336       Guitar Center    1641 W. County Rd. B-2    Roseville    MN
337       Wherehouse Music    13907 E. US Hwy 40    Independence    MO
338    Multi    Vacant Property    8925 Highway 6 North    Houston    TX
      Vacant Property    8925 Highway 6 North    Houston    TX
339       Vacant Property    1250 E. County Line Rd    Ridgeland    MS
340       Vacant Property    2392 E. South Blvd    Montgomery    AL
341       Hollywood Video    3263 Ambassador Caffrey Pkwy    Lafayette    LA
342       REB Oil    720 S. Federal Hwy    Deerfield Beach    FL
343       REB Oil    2758 US 27 South    Lake Placid    FL
344       Susser (Stripes)    1400 Military Road    Brownsville    TX
345       Susser (Stripes)    1991 FM 802    Brownsville    TX
346       Susser (Stripes)    1998 Alton Gloor Blvd    Brownsville    TX
347       Susser (Stripes)    3595 West Alton Gloor Blvd    Brownsville    TX
348       Susser (Stripes)    3755 Boca Chica Boulevard    Brownsville    TX
349       Susser (Stripes)    3500 FM 802    Brownsville    TX
350       Susser (Stripes)    6106 Padre Island Highway    Brownsville    TX
351       Susser (Stripes)    7401 Padre Island Highway    Brownsville    TX
352       Susser (Stripes)    850 Old Port Isabel Road    Brownsville    TX
353       Susser (Stripes)    10361 So. Padre Island Drive    Corpus Christi    TX
354       Susser (Stripes)    14901 Northwest Blvd    Corpus Christi    TX

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

355       Susser (Stripes)    15233 S. Padre Island Drive    Corpus Christi    TX
356       Susser (Stripes)    6002 Ayers Street    Corpus Christi    TX
357       Susser (Stripes)    616 N. Daniel Salinas Boulevard    Donna    TX
358       Susser (Stripes)    4218 S. McColl Road    Edinburg    TX
359       Susser (Stripes)    500 East Rice St    Falfurias    TX
360       Susser (Stripes)    100 W Riley (Hwy 44)    Freer    TX
361       Susser (Stripes)    1900 N. Highway 37    George West    TX
362       Susser (Stripes)    202 North Ed Carey Drive    Harlingen    TX
363       Susser (Stripes)    2423 E. Tyler Ave    Harlingen    TX
364       Susser (Stripes)    3201 East Harrison Avenue    Harlingen    TX
365       Susser (Stripes)    101 East Expressway 83    La Feria    TX
366       Susser (Stripes)    101 W. Del Mar Blvd.    Laredo    TX
367       Susser (Stripes)    1200 E. Del Mar Blvd    Laredo    TX
368       Susser (Stripes)    2501 E Del Mar    Laredo    TX
369       Susser (Stripes)    602 Prada Machin Drive    Laredo    TX
370       Susser (Stripes)    8612 McPherson Avenue    Laredo    TX
371       Susser (Stripes)    9304 FM 1472    Laredo    TX
372       Susser (Stripes)    4236 S.E. Lee Blvd.    Lawton    OK
373       Susser (Stripes)    4712 Military Hwy    McAllen    TX
374       Susser (Stripes)    2400 Hwy 83 E    Mission    TX
375       Susser (Stripes)    2900 W 3 Mile Road    Mission    TX
376       Susser (Stripes)    7900 North Expressway    Olmito    TX
377       Susser (Stripes)    1521 W. Ridge Road    Pharr    TX
378       Susser (Stripes)    1621 W. Sam Houston Street    Pharr    TX
379       Susser (Stripes)    7401 S. Jackson Road    Pharr    TX
380       Susser (Stripes)    1685 West Highway 100    Port Isabel    TX
381       Susser (Stripes)    1650 Wildcat Drive    Portland    TX
382       Susser (Stripes)    435 West Highway 281    Progreso    TX
383       Susser (Stripes)    6240 South Highway 77    Riviera    TX
384       Susser (Stripes)    331 Padre Blvd.    South Padre Island    TX
385       Susser (Stripes)    2500 West Expressway 83    San Benito    TX
386       Susser (Stripes)    1701 N. Raul Longoria    San Juan    TX
387       Susser (Stripes)    2200 SW Parkway    Wichita Falls    TX
388       Susser (Stripes)    3601 Callfield Road    Wichita Falls    TX
389       Susser (Stripes)    5376 Kell Blvd    Wichita Falls    TX
390       Susser (Stripes)    2305 FM 511    Brownsville    TX
391       Susser (Stripes)    2684 W. Alton Gloor Blvd    Brownsville    TX
392       Susser (Stripes)    15302 S. Padre Island Drive    Corpus Christi    TX
393       Susser (Stripes)    1218 W. Canton Road    Edinburg    TX
394       Susser (Stripes)    702 East US Hwy 281    Los Indios    TX
395       Susser (Stripes)    3901 N. Ware Road    McAllen    TX
396       Susser (Stripes)    2195 West Hwy 77    San Benito    TX
397       Susser (Stripes)    101 W. Nolana Loop    San Juan    TX
398       Chili’s    2505 Broad Street    Sumter    SC
399       Amscot    5912 South Orange Blossom Trail    Orlando    FL
400       Amscot    6001 S. John Young Parkway    Orlando    FL
401       Uni-Mart    12996 Main Rd.    Newstead    NY
402       Uni-Mart    2 East Main Street    Canisteo    NY

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

403       Furr’s Family Dining    Griggs Avenue    Las Cruces    NM
404       Amscot    4445 Silver Star Road    Orlando    FL
405       Pantry (Lil’ Champ)    6820 Maricamp Road    Ocala    FL
406       Amscot    2033 Americana Blvd    Orlando    FL
407       Southern Bells (Taco Bell)    1105 25th Street    Columbus    IN
408       Southern Bells (Taco Bell)    3132 E. Wabash Ave.    Terre Haute    IN
409       Southern Bells (Taco Bell)    6327 E. 82nd Street    Indianapolis    IN
410       Southern Bells (Taco Bell)    6215 Crawfordsville Road    Speedway    IN
411       Southern Bells (Taco Bell)    3636 US Highway 41    Terre Haute    IN
412       Southern Bells (Taco Bell)    2326 N. 6th Street    Vincennes    IN
413       Southern Bells (Taco Bell)    4260 Frederica    Ownesboro    KY
414       Southern Bells (Taco Bell)    3520 Jonathan Moore Pike    Columbus    IN
415       Southern Bells (Taco Bell)    1321 Morgan Ave    Evansville    IN
416       Southern Bells (Taco Bell)    1621 E. State Road 44    Shelbyville    IN
417       Southern Bells (Taco Bell)    1805 N. Lincoln Street    Greensburg    IN
418       Southern Bells (Taco Bell)    2999 W. 16th Street    Bedford    IN
419       Southern Bells (Taco Bell)    21 N. Madison Square Ave.    Madisonville    KY
420       Southern Bells (Taco Bell)    11425 Allisonville Road    Fishers    IN
421       Southern Bells (Taco Bell)    4422 W. Lloyd Expressway    Evansville    IN
422       Southern Bells (Taco Bell)    2408 W. Maryland Street    Evansville    IN
423       Southern Bells (Taco Bell)    5712 W. 86th Street    Indianapolis    IN
424       KFC    1201 Covert Ave.    Evansville    IN
425       Vacant Land    Ronald Reagan Blvd and 17-92    Longwood    FL
426       Pantry (Shop-a-Snak)    580 14th Street South    Bessemer    AL
427       Pantry (Shop-a-Snak)    16725 Highway 280    Chelsea    AL
428       Pantry (Shop-a-Snak)    613 Highway 78 E    Jasper    AL
429       Pantry (Shop-a-Snak)    2677 Valleydale Road    Birmingham    AL
430       Pantry (Shop-a-Snak)    1503 11th Ave South    Birmingham    AL
431       Pantry (Shop-a-Snak)    3640 Lorna Road    Hoover    AL
432       Pantry (Shop-a-Snak)    701 Key Drive    Birmingham    AL
433       Pantry (Shop-a-Snak)    400 Greensprings Parkway    Homewood    AL
434       Pantry (Shop-a-Snak)    2501 John Hawkins Parkway    Hoover    AL
435       Pantry (Shop-a-Snak)    7245 Skyland Blvd. East    Tuscaloosa    AL
436       Pantry (Shop-a-Snak)    2400 McFarland Blvd.    Tuscaloosa    AL
437       Pantry (Shop-a-Snak)    615 University Blvd.    Tuscaloosa    AL
438       Pantry (Shop-a-Snak)    199 Main Street    Trussville    AL
439       Pantry (Shop-a-Snak)    2195 Highway 150    Hoover    AL
440       Road Ranger    172 S. Bell School Road    Rockford    IL
441       Road Ranger    2900 S. Grand Ave    Springfield    IL
442       Road Ranger    1734 Sycamore Road    Dekalb    IL
443       Road Ranger    2406 Bell School Road    Cherry Valley    IL
444       Road Ranger    2405 N. 22nd Street    Decatur    IL
445       Road Ranger    2001 N. State Street    Belvidere    IL
446       Road Ranger    100 Plaza Drive    Elk Run Heights    IA
447       Road Ranger    3752 Camp Butler Road    Springfield    IL
448       Road Ranger    102 East Wood Drive    Oakdale    WI
449       Road Ranger    2151 Ripley Street    Lake Station    IN
450       Road Ranger    2762 County Highway N    Cottage Grove    WI

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

451       Road Ranger    990 W. SR 42    Brazil    IN
452       Road Ranger    2705 12th Street    Mendota    IL
453       Road Ranger    3429 N Main Street    Rockford    IL
454       Furr’s Family Dining    51 S. Pantano Road    Tucson    AZ
455       Pull-A-Part    309 Sand Bar Ferry Rd.    Augusta    GA
456       Pull-A-Part    4416 Buford Highway    Norcross    GA
457       Pull-A-Part    1540 Henrico Road    Conley    GA
458       Pull-A-Part    7114 Centennial Blvd.    Nashville    TN
459       Pull-A-Part    1900 Vanderbilt Rd.    Birmingham    AL
460       Pull-A-Part    6024 N. Tryon St.    Charlotte    NC
461       Pull-A-Part    6825 Recovery Rd.    Louisville    KY
462       Pull-A-Part    4401 Peters Road    Harvey    LA
463       Pull-A-Part    5813 Old Rutledge Pk    Knoxville    TN
464       Pull-A-Part    249 Galbert Road    Lafayette    LA
465       Pull-A-Part    4433 West 130th Street    Cleveland    OH
466       Pantry (Kangaroo Express)    7249 US Hwy 15-501    Carthage    NC
467       Pantry (Kangaroo Express)    2120 Juniper Lake Road    West End    NC
468       Pantry (Kangaroo Express)    1513 E. 11th Street    Siler City    NC
469       Pantry (Kangaroo Express)    4470 NC Hwy 87S    Sanford    NC
470       Pantry (Kangaroo Express)    2206 Jefferson Davis Hwy    Sanford    NC
471       Pantry (Kangaroo Express)    5198 SE Abshier Blvd.    Belleview    FL
472       Pantry (Kangaroo Express)    2517 South 3rd Street    Jacksonville    FL
473       Pantry (Kangaroo Express)    10550 San Jose Blvd    Jacksonville    FL
474       Denny’s (Franchisee)    310 S. Shackleford Drive    Little Rock    AR
475       Denny’s (Franchisee)    4300 S. University Avenue    Little Rock    AR
476       Denny’s (Franchisee)    5000 Oracle Road    Tucson    AZ
477       Denny’s (Franchisee)    2060 Bascom Avenue    Campbell    CA
478       Denny’s (Franchisee)    600 Carson Plaza Drive    Carson    CA
479       Denny’s (Franchisee)    4747 Pacific Highway    Stockton    CA
480       Denny’s (Franchisee)    1450 Harrison Road    Colorado Springs    CO
481       Denny’s (Franchisee)    8125 N. Academy Blvd.    Colorado Springs    CO
482       Denny’s (Franchisee)    3600 N. Freeway    Pueblo    CO
483       Denny’s (Franchisee)    111 Elm Street    Enfield    CT
484       Denny’s (Franchisee)    1298 Silas Deane Highway    Wethersfield    CT
485       Denny’s (Franchisee)    7405 W. 4th Ave    Hialeah    FL
486       Denny’s (Franchisee)    5825 NW 36th Street    Virginia Gardens    FL
487       Denny’s (Franchisee)    1450 Miami Gardens Dr NE    N. Miami    FL
488       Denny’s (Franchisee)    2671 N. Federal Highway    Pompano Beach    FL
489       Denny’s (Franchisee)    1507 Belvedere Road    W. Palm Beach    FL
490       Denny’s (Franchisee)    2580 Airport Way    Boise    ID
491       Denny’s (Franchisee)    4310 Yellowstone Avenue    Chubbuck    ID
492       Denny’s (Franchisee)    607 Nampa Boulevard    Nampa    ID
493       Denny’s (Franchisee)    17 W. Algonquin Road    Arlington Heights    IL
494       Denny’s (Franchisee)    522 Ramada Blvd.    Collinsville    IL
495       Denny’s (Franchisee)    6288 E. 82nd Street    Indianapolis    IN
496       Denny’s (Franchisee)    4902 SE Street    Indianapolis    IN
497       Denny’s (Franchisee)    6241 Crawfordsville Road    Indianapolis    IN
498       Denny’s (Franchisee)    8901 US 31 South    Indianapolis    IN

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

499       Denny’s (Franchisee)    8808 North Michigan Road    Indianapolis    IN
500       Denny’s (Franchisee)    4260 State Road 26 E    Lafayette    IN
501       Denny’s (Franchisee)    720 E 81st Street    Merriville    IN
502       Denny’s (Franchisee)    494 Lincoln Street    Worcester    MA
503       Denny’s (Franchisee)    314 Washington Blvd.    Laurel    MD
504       Denny’s (Franchisee)    27750 Novi Road    Novi    MI
505       Denny’s (Franchisee)    28681 Telegraph Road    Southfield    MI
506       Denny’s (Franchisee)    255 N. Century Avenue    Maplewood    MN
507       Denny’s (Franchisee)    2925 N. Hwy. 67    Florissant    MO
508       Denny’s (Franchisee)    1515 S. Hampton Avenue    St. Louis    MO
509       Denny’s (Franchisee)    10575 Watson Road    St. Louis    MO
510       Denny’s (Franchisee)    975 S. Main Street    Kernersville    NC
511       Denny’s (Franchisee)    3215 Wake Forest Road    Raleigh    NC
512       Denny’s (Franchisee)    3509 S. 84th Street    Omaha    NE
513       Denny’s (Franchisee)    4927 Mahoning Avenue    Austintown    OH
514       Denny’s (Franchisee)    154 Boardman-Canfield Road    Boardman Township    OH
515       Denny’s (Franchisee)    17695 Bagley Road    Middleburg Heights    OH
516       Third Federal Savings    1616 Snow Road    Parma    OH
517       Vacant Property    8104 E. 68th Street South    Tulsa    OK
518       Denny’s (Franchisee)    15815 SE 82nd Drive    Clackamas    OR
519       Denny’s (Franchisee)    8787 SW Scholls Ferry Road    Portland    OR
520       Denny’s (Franchisee)    1710 I-40 East    Amarillo    TX
521       Denny’s (Franchisee)    4918 South Padre Island Drive    Corpus Christi    TX
522       Denny’s (Franchisee)    9009 Skillman Road    Dallas    TX
523       Denny’s (Franchisee)    6737 Camp Bowie Blvd.    Ft. Worth    TX
524       Denny’s (Franchisee)    3332 S. Loop W    Houston    TX
525       Denny’s (Franchisee)    8025 Glenview Drive    North Richland Hills    TX
526       Michael’s Family Restaurant    1835 Texoma Parkway    Sherman    TX
527       Denny’s (Franchisee)    1422 State Hwy. 6 S.    Sugarland    TX
528       Denny’s (Franchisee)    1680 N. 200 West    Provo    UT
529       Denny’s (Franchisee)    7214 Richmond Highway    Alexandria    VA
530       Denny’s (Franchisee)    10473 Lee Highway    Fairfax    VA
531       Denny’s (Franchisee)    118 Interstate Avenue    Chehalis    WA
532       Denny’s (Franchisee)    34726 S. 16th    Federal Way    WA
533       Denny’s (Franchisee)    6112 100th Street SW    Tacoma    WA
534       Amscot    1825 Gulf to Bay Boulevard    Clearwater    FL
535       Pantry (Kangaroo Express)    34920 Emerald Coast Parkway    Destin    FL
536       Pantry (Kangaroo Express)    4563 Highway 20E    Niceville    FL
537       Susser (Stripes)    2005 W. Palma Vista Dr.    Palmview    TX
538       Pantry (Kangaroo Express)    1800 N. Croatan Hwy    Kill Devil Hills    NC
539       Pantry (Kangaroo Express)    100 Ocean Bay Blvd    Kill Devil Hills    NC
540       Pantry (Kangaroo Express)    1137 State Road 20    Interlachen    FL
541       Vacant Property    14797 State Street    Hillman    MI
542       Logan’s Roadhouse    604 Carriage House Dr    Jackson    TN
543       Logan’s Roadhouse    1395 Interstate Dr    Cookeville    TN
544       Logan’s Roadhouse    2820 MacArthur Dr    Alexandria    LA
545       Logan’s Roadhouse    3509 Gerstner Memorial Pkwy    Lake Charles    LA
546       Logan’s Roadhouse    4740 Valley View Blvd    Roanoke    VA

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

547       Logan’s Roadhouse    4649 W. 1st Street    Sanford    FL
548       Logan’s Roadhouse    1141 Hwy 35 North    San Marcos    TX
549       Logan’s Roadhouse    600 Greenwood Park Dr. North    Greenwood    IN
550       Logan’s Roadhouse    600 Sam Ridley Pkwy. West    Smyrna    TN
551       Logan’s Roadhouse    6617 Lima Road    Fort Wayne    IN
552       Logan’s Roadhouse    2701 Watson Blvd.    Warner Robins    GA
553       Logan’s Roadhouse    2400 Gateway Drive    Opelika    AL
554       Logan’s Roadhouse    1310 N. Eisenhower Drive    Beckley    WV
555       Dave & Buster’s    3665 Park Mill Run Drive    Hilliard    OH
556       Logan’s Roadhouse    948 North East Loop 820    Hurst    TX
557       Logan’s Roadhouse    6685 Airways Blvd.    Southhaven    MS
558       Logan’s Roadhouse    7087 Baker’s Bridge Ave    Franklin    TN
559       Logan’s Roadhouse    7612 N. 10th Street    McAllen    TX
560       Pull-A-Part    4444 Norman Bridge Road    Montgomery    AL
561       Pantry (Kangaroo Express)    14630 US Highway 231    Midland City    AL
562       Pull-A-Part    4000 I-55 South    Jackson    MS
563       Pantry (Kangaroo Express)    601 Tiny Town    Clarksville    TN
564       Pantry (Kangaroo Express)    523 Dover Road    Clarksville    TN
565       Pantry (Kangaroo Express)    377 Hancock Street    Gallatin    TN
566       Susser (Stripes)    2798 West Highway 83    Rio Grande City    TX
567       Susser (Stripes)    102 N. Stuart Place    Zapata    TX
568       Susser (Stripes)    2201 South “I” Road    San Juan    TX
569       Susser (Stripes)    1837 N. Stuart Place    Harlingen    TX
570       Whataburger    290 Frontage Road    Brunswick    GA
571       Pantry (Kangaroo Express)    4025 Pine Ridge Road    Naples    FL
572       Healthy Pet    2030 Lawrenceville-Suwanee Road    Suwanee    GA
573       Vacant Property    7265 North La Cholla Blvd    Tucson    AZ
574       Pantry (Kangaroo Express)    1700 Belk Drive    Oxford    MS
575       Road Ranger    2835 North Main Street    Princeton    IL
576       Road Ranger    6070 Gardner Street    South Beloit    IL
577       Road Ranger    933 South 4th Street    DeKalb    IL
578       Road Ranger    19 N 681 US Highway 20    Hampshire    IL
579       Road Ranger    4910 N Market Street    Champaign    IL
580       Road Ranger    205 N Highway Drive    Fenton    MO
581       Mister Car Wash    423 N. Pines Road    Spokane    WA
582       Mister Car Wash    1022 N. Division Street    Spokane    WA
583       Mister Car Wash    7711 Normandale Blvd.    Edina    MN
584       Mister Car Wash    1555 West County Rd. B    Roseville    MN
585       Mister Car Wash    5900 Osgood Ave.    Stillwater    MN
586       Mister Car Wash    110 E. Thompson Ave. East    West St Paul    MN
587       Mister Car Wash    700 E. River Rd    Anoka    MN
588       Mister Car Wash    8280 Flying Cloud Road    Eden Prairie    MN
589       Mister Car Wash    8508 Xylon Avenue N.    Brooklyn Park    MN
590       Mister Car Wash    8420 E. Point Douglas Road    Cottage Grove    MN
591       Mister Car Wash    3104 W. Division St.    St. Cloud    MN
592       Mister Car Wash    11318 Highway 55    Plymouth    MN
593       Mister Car Wash    2525 Ingersoll Ave.    Des Moines    IA
594       Mister Car Wash    8727 University Ave.    Clive    IA

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

595       Mister Car Wash    5055 Northland Ave. NE    Cedar Rapids    IA
596       Mister Car Wash    3333 Merle Hay Road    Des Moines    IA
597       Mister Car Wash    640 W. Crosstimbers    Houston    TX
598       Mister Car Wash    1038 Gessner Drive    Houston    TX
599       Mister Car Wash    2251 Voss Road    Houston    TX
600       Mister Car Wash    210 F.M. 1960 Road East    Houston    TX
601       Mister Car Wash    10760 Westheimer Road    Houston    TX
602       Mister Car Wash    6612 F.M. 1960 Road    Houston    TX
603       Mister Car Wash    6107 Hillcroft Street    Houston    TX
604       Mister Car Wash    380 Uvalde Road    Houston    TX
605       Mister Car Wash    9637 FM 1960 By Pass Rd West    Humble    TX
606       Mister Car Wash    3150 Kirby Dr    Houston    TX
607       Mister Car Wash    2530 Hwy 6    Sugarland    TX
608       Pull-A-Part    200 Block of Galbert Road    Baton Rouge    LA
609       Whataburger    7755 Normandy Blvd.    Jacksonville    FL
610       Whataburger    2540 Commercial Drive    Starke    FL
611       Whataburger    463773 State Road 200    Yulee    FL
612       Pantry (Kangaroo Express)    21195 Highway 25    Columbiana    AL
613       Healthy Pet    2403 Boulevard    Colonial Heights    VA
614       Chili’s    623 West Oglethorpe Highway    Hinesville    GA
615       Pantry (Kangaroo Express)    7020 Highway 90    Longs    SC
616       Road Ranger    2349 Blairs Ferry Road    Cedar Rapids    IA
617       Road Ranger    998 8th Avenue    Marion    IA
618       Pantry (Kangaroo Express)    901 Avenue G    Kentwood    LA
619       Ferguson    136 N. Geronimo Street    Destin    FL
620       Furr’s Family Dining    I-35 Service Road & SW 11th Street    Moore    OK
621       Vacant Property    1051 Murfreesboro Rd    Lebanon    TN
622       Pantry (Kangaroo Express)    302 Ross Clark Circle    Dothan    AL
623       Pantry (Petro Express)    4600 Independence Blvd.    Charlotte    NC
624       Pantry (Petro Express)    7208 E. Independence Blvd.    Charlotte    NC
625       Pantry (Petro Express)    6500 Fairview Road    Charlotte    NC
626       Pantry (Petro Express)    100 East John Street    Matthews    NC
627       Pantry (Petro Express)    4336 Park Road    Charlotte    NC
628       Pantry (Petro Express)    7035 East WT Harris Blvd    Charlotte    NC
629       Pantry (Petro Express)    605 Clanton Road    Charlotte    NC
630       Pantry (Petro Express)    4900 N. Tryon Street    Charlotte    NC
631       Pantry (Petro Express)    3800 Wilkinson Blvd.    Charlotte    NC
632       Pantry (Petro Express)    2541 N. Cherry Road    Rock Hill    SC
633       Pantry (Petro Express)    2230 E. Main Street    Lincolnton    NC
634       Pantry (Petro Express)    2483 Franklin Blvd    Gastonia    NC
635       Pantry (Petro Express)    2200 S. Tryon    Charlotte    NC
636       Pantry (Petro Express)    6229 W. Sugar Creek Road    Charlotte    NC
637       Pantry (Petro Express)    9716 South Blvd    Charlotte    NC
638       Pantry (Petro Express)    10409 Mallard Creek Rd    Charlotte    NC
639       Pantry (Petro Express)    8505 S. Tryon St.    Charlotte    NC
640       Pantry (Petro Express)    249 Carowinds Blvd.    Fort Mill    SC
641       Pantry (Petro Express)    11640 Providence Road    Charlotte    NC
642       Pantry (Petro Express)    4718 N. Graham St    Charlotte    NC

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

643       Pantry (Petro Express)    7405 Hwy 73    Denver    NC
644       Pantry (Petro Express)    20008 W. Catawba Ave    Cornelius    NC
645       Pantry (Petro Express)    131 Turnersburg Hwy    Statesville    NC
646       Pantry (Petro Express)    910 Liberty Street    York    SC
647       Pantry (Petro Express)    8501 Concord Mills Blvd    Concord    NC
648       Pantry (Petro Express)    618 Tinsley Way    Rock Hill    SC
649       Pantry (Petro Express)    1121 Randolph Street    Thomasville    NC
650       Pantry (Petro Express)    1627 E. Main Street    Lincolnton    NC
651       Pantry (Petro Express)    6441 Wilkinson Blvd.    Belmont    NC
652       Pantry (Petro Express)    2853 N. Center Street    Hickory    NC
653       Pantry (Petro Express)    1529 Concord Parkway North    Concord    NC
654       Pantry (Petro Express)    4568 Charlotte Highway    Lake Wylie    SC
655       Pantry (Petro Express)    807 Conover Blvd.    Conover    NC
656       Pantry (Petro Express)    4923 S. Tryon Street    Charlotte    NC
657       Pantry (Petro Express)    2001 N. Chester Hwy 321    Gastonia    NC
658       Pantry (Petro Express)    4044 Charlotte Highway    Lake Wylie    SC
659       Pantry (Petro Express)    3473 U.S. Highway 21    Fort Mill    SC
660       Pantry (Petro Express)    225 Cleveland Avenue    Kings Mountain    NC
661       Pantry (Petro Express)    516 Cox Road    Gastonia    NC
662       Pantry (Petro Express)    3794 E. Franklin Blvd    Gastonia    NC
663       Pantry (Petro Express)    9424 S. Tryon Street    Charlotte    NC
664       Pantry (Petro Express)    8910 Albemarle Road    Charlotte    NC
665       Pantry (Petro Express)    499 Herlong Avenue    Rock Hill    SC
666       Pantry (Petro Express)    9620 Rea Road    Charlotte    NC
667       Pantry (Petro Express)    5905 Waxhaw Highway    Mineral Springs    NC
668       Pantry (Petro Express)    1805 N. Morgan Mill Road    Monroe    NC
669       Pantry (Petro Express)    3503 Weddington Road    Monroe    NC
670       Pantry (Petro Express)    601 E. North Main Street    Waxhaw    NC
671       Pantry (Petro Express)    3006 Old Charlotte Hwy    Monroe    NC
672       Pantry (Petro Express)    4500 Randolph Road    Charlotte    NC
673       Pantry (Petro Express)    1420 Celanese Road    Rock Hill    SC
674       Pantry (Petro Express)    8008 Harris Station Blvd.    Charlotte    NC
675       Goodyear Truck & Tire    2031 Antonio St.    Anthony    TX
676       Smiley’s Rocky Mountain    1400 S. Abilene Street    Aurora    CO
677       Susser (Stripes)    104 South Reynolds    Orange Grove    TX
678       Cool Crest    10735 East 40 Highway    Independence    MO
679       All Star Sports    1010 N. Webb Road    Wichita    KS
680       All Star Sports    8333 West 21st Street    Wichita    KS
681       Wingfoot    505 Patriot Drive    Dandrige    TN
682       Wingfoot    3491 Madison Highway    Valdosta    GA
683       Wingfoot    142-A Carbondale Road    Dalton    GA
684       Wingfoot    415 East Main Street    Beaverdam    OH
685       Wingfoot    2930 County Road 500 North    Whiteland    IN
686       Wingfoot    271 Pilot Land    Brunswick    GA
687       Wingfoot    2539 Burr Street    Gary    IN
688       Wingfoot    6880 Franklin-Lebanon Road    Franklin    OH
689       Wingfoot    1352 Trollingwood-Hawfields Road    Mebane    NC
690       Wingfoot    2052 Homestead Road    Bowman    SC

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

691       Wingfoot    7051 Hwy 21    Port Wentworth    GA
692       Wingfoot    Route 1 Box 253-B    Evansville    IN
693       Wingfoot    112 Frontage Road    Piedmont    SC
694       Wingfoot    110 Triport Road    Georgetown    KY
695       Wingfoot    7791 Alcoa Road    Benton    AR
696       Sonic Automotive    1300 Cressida Drive    Charlotte    NC
697       Pull-A-Part    2935 Farrisview Boulevard    Memphis    TN
698       Majestic Liquors    501 Northwest Parkway    Azle    TX
699       Majestic Liquors    4520 Camp Bowie Blvd    Ft. Worth    TX
700       Magic Mountain    5890 Scarborough Blvd    Columbus    OH
701       Magic Mountain    8350 Lyra Drive    Columbus    OH
702       Food Fast    899 Pinson Road    Forney    TX
703       Food Fast    101 Gun Barrel    Gun Barrel City    TX
704       Food Fast    1222 WSW Loop 323    Tyler    TX
705       Food Fast    1975 Airline Drive    Bossier City    LA
706       Food Fast    5502 Old Bullard Road    Tyler    TX
707       Food Fast    1101 McCann Road    Longview    TX
708       Food Fast    2309 W. Main    Gun Barrel City    TX
709       Food Fast    1711 Judson Road    Longview    TX
710       Food Fast    I-30 and Hwy 37    Mt. Vernon    TX
711       Food Fast    13168 Hwy 64 E.    Tyler    TX
712       Food Fast    3357 Gilmer Rd    Longview    TX
713       Food Fast    319 E. Larissa    Jacksonville    TX
714       Food Fast    125 N. Highway 274    Kemp    TX
715       Food Fast    4025 Jewella Ave    Shreveport    LA
716       Food Fast    611 E. Marshall Ave.    Longview    TX
717       Food Fast    3001 Judson Road    Longview    TX
718       Food Fast    8604 Highway 64 East    Tyler    TX
719       Food Fast    4201 University Blvd.    Tyler    TX
720       Food Fast    5120 Old Jacksonville Hwy    Forney    TX
721       Food Fast    Hwy 31, Box 554    Brownsboro    TX
722       Food Fast    4725 Troup Hwy    Tyler    TX
723       Food Fast    805 W. Houston    Tyler    TX
724       Food Fast    100 S. Access Road    Longview    TX
725       Food Fast    1707 E. Front St.    Tyler    TX
726       Food Fast    22137 State Hwy 155 South    Flint    TX
727       Pantry (Kangaroo Express)    7821 Vaughn Road    Montgomery    AL
728       Chili’s    2825 Ledo Road    Albany    GA
729       Bugaboo Creek    935 Jefferson Road    Rochester    NY
730       Bugaboo Creek    2965 Turner Hill Road    Lithonia    GA
731       Chili’s    510 Commerce Blvd    Statesboro    GA
732       Chili’s    3015 West Radio Drive    Florence    SC
733       Wingfoot    625 Carrollton Street    Temple    GA
734       Pull-A-Part    I-65 & Moffett Road    Mobile    AL
735       Majestic Liquors    10307 Highway 87    Lubbock    TX
736       Wingfoot    11957 Douglas Ave.    Des Moines    IA
737       Majestic Liquors    9909 Highway 87    Lubbock    TX
738       Chili’s    1700 Baytree Road    Valdosta    GA

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

739       Wingfoot    8055 Interstate Hwy 35    Robinson    TX
740       Wingfoot    600 West State 92    Kearney    MO
741       Pull-A-Part    North Patterson Ave.    Winston-Salem    NC
742       Ultra Car Wash    650 Schillinger Road South    Mobile    AL
743       Pull-A-Part    Marshall Blvd.    Lithonia    GA
744       Road Ranger    905 Hen House Road    Okawville    IL
745       Pantry (Kangaroo Express)    4402 Ten-Ten Rd    Cary    NC
746       Wingfoot    I-40 and Morgan Road    Oklahoma City    OK
747       Road Ranger    2175 Central Ave    Dubuque    IA
748       Pull-A-Part    5702 Monticello Rd    Columbia    SC
749       Kerasotes Theatre    1351 College Mall Rd    Bloomington    IN
750       Kerasotes Theatre    1221 W. Boughton Road    Bolingbrook    IL
751       Kerasotes Theatre    250 Pavilions Place    Brighton    CO
752       Kerasotes Theatre    3960 Limelight Ave.    Castle Rock    CO
753       Kerasotes Theatre    5600 Pearl Dr.    Evansville    IN
754       Kerasotes Theatre    1401 W. Carl Sandburg Drive    Galesburg    IL
755       Kerasotes Theatre    100 Meijer Drive    Michigan City    IN
756       Kerasotes Theatre    860 E Princeton    Muncie    IN
757       Kerasotes Theatre    2815 Show Place Drive    Naperville    IL
758       Kerasotes Theatre    1320 W. Maple Street    New Lenox    IL
759       Kerasotes Theatre    1860 Anjali Way    Machesney Park    IL
760       Road Ranger    1705 S. State Street    Belvidere    IL
761       Road Ranger    518 Shirland Avenue    South Beloit    IL
762       Mister Car Wash    3750 West River Rd.    Rochester    MN
763       Mister Car Wash    3223 41st Street Northwest    Rochester    MN
764       Susser (Stripes)    2401 Meadow Avenue    Laredo    TX
765       Susser (Stripes)    1701 Arkansas Avenue    Laredo    TX
766       Susser (Stripes)    602 Washington St    Laredo    TX
767       Susser (Stripes)    1002 Santa Maria Avenue    Laredo    TX
768       Susser (Stripes)    3919 San Bernardo Ave    Laredo    TX
769       Susser (Stripes)    3602 N Commerce Street    Harlingen    TX
770       Susser (Stripes)    898 N. Sam Houston Blvd    San Benito    TX
771       Susser (Stripes)    2203 S Stockton Ave.    Monahans    TX
772       Susser (Stripes)    1350 S County Road West    Odessa    TX
773       Susser (Stripes)    2200 Spur 239    Del Rio    TX
774       Susser (Stripes)    700 Junction Hwy    Kerrville    TX
775       Susser (Stripes)    4798 Knickerbocker Rd    San Angelo    TX
776       Pep Boys    775 W. Route 70    Marlton    NJ
777       Pep Boys    5241 Route 42    Turnersville    NJ
778       Pep Boys    2501 South Cicero Ave.    Cicero    IL
779       Pep Boys    6811 West Grand Avenue    Chicago    IL
780       Pep Boys    1824 West Jefferson St    Joliet    IL
781       Pep Boys    17015 Torrence Avenue    Lansing    IL
782       Pep Boys    1531 Cobb Parkway    Marietta    GA
783       Pep Boys    11160 Alpharetta Road    Roswell    GA
784       Pep Boys    10548 Atlantic Blvd.    Jacksonville    FL
785       Pep Boys    4155 S. Jones Blvd.    Las Vegas    NV
786       Pep Boys    575 State Route 18    East Brunswick    NJ

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

787       Mister Car Wash    611 Montgomery Highway    Vestavia Hills    AL
788       Mister Car Wash    4621 Hwy 280 East    Birmingham    AL
789       Mister Car Wash    1880 Gulf to Bay Blvd.    Clearwater    FL
790       Mister Car Wash    10471 Park Blvd.    Seminole    FL
791       Mister Car Wash    3622 Gandy Blvd.    Tampa    FL
792       Mister Car Wash    3205 North Galloway Ave.    Mesquite    TX
793       Buck’s    9801 Page Avenue    St. Louis    MO
794       Susser (Stripes)    1407 W. Nolana Loop    Pharr    TX
795       Mister Car Wash    6237 N. Mesa    El Paso    TX
796       Mister Car Wash    8857 Gateway West    El Paso    TX
797       Mister Car Wash    4800 Osborne Drive    El Paso    TX
798       Mister Car Wash    12120 Montwood    El Paso    TX
799       Mister Car Wash    11184 Vista Del Sol    El Paso    TX
800       Vacant Property    3500 Main Street    Farmington    NM
801       Susser (Stripes)    201 W. Nolana Avenue    McAllen    TX
802       Susser (Stripes)    711 Ed Carey Drive    Harlingen    TX
803       Susser (Stripes)    1120 Saunders Street    Laredo    TX
804       Susser (Stripes)    930 Morgan Boulevard    Harlingen    TX
805       Susser (Stripes)    1656 West Highway 100    Port Isabel    TX
806       Kerasotes Theatre    875 Deer Creek Drive    Schererville    IN
807       Kerasotes Theatre    300 N. 33rd Street    Quincy    IL
808       Kerasotes Theatre    5530 W. Homer Street    Chicago    IL
809       Kerasotes Theatre    420 Village Walk Lane    Johnson Creek    WI
810       Kerasotes Theatre    1301 Kalahari Drive    Lake Delton    WI
811       Express Oil Change    2300 University Boulevard    Birmingham    AL
812       Express Oil Change    327 E Dr. Hicks Boulevard    Florence    AL
813       Express Oil Change    5046 Highway 17    Helena    AL
814       Express Oil Change    3100 Woodward Avenue    Muscle Shoals    AL
815       Express Oil Change    2105 Frederick Road    Opelika    AL
816       Wingfoot    715 S. Lakeside Drive    Amarillo    TX
817       Wingfoot    2520 South Gallatin Street    Jackson    MS
818       Pet Paradise    14500 John F. Kennedy Blvd    Houston    TX
819       Road Ranger    2075 Litton Lane    Hebron    KY
820       Road Ranger    5960 Centennial Circle    Florence    KY
821       Road Ranger    985 Burlington Pike    Florence    KY
822       Road Ranger    411 Mt. Zion Road    Florence    KY
823       Road Ranger    70 Broadway    Dry Ridge    KY
824       Road Ranger    610 West 5th Street    Covington    KY
825       Road Ranger    1430 Gloria Terrell Drive    Wilder    KY
826       Road Ranger    7930 Alexandria Pike.    Alexandria    KY
827       Pet Paradise    23 Enterprise Drive    Bunnell    FL
828       Dave & Buster’s    6812 S. 105th East Ave.    Tulsa    OK
829       Susser (Stripes)    3301 Southmost Road    Brownsville    TX
830       Susser (Stripes)    101 W Highway 107    La Villa    TX
831       Susser (Stripes)    9219 FM 1472 (Mines Road)    Laredo    TX
832       Susser (Stripes)    6715 E State Highway 107    Edinburg    TX
833       Susser (Stripes)    4600 South 23rd Street    McAllen    TX
834       Susser (Stripes)    4506 Ben-Cha Road    Laredo    TX

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

835       Ultra Car Wash    4032 Lawrenceville Highway    Lilburn    GA
836       Arizona Oil    1208 S. Ellsworth Rd.    Mesa    AZ
837       Arizona Oil    4705 E. Highway 60    Miami    AZ
838       Arizona Oil    4881 S. Campbell Ave.    Tucson    AZ
839       Arizona Oil    7601 E. Tanque Verde Rd.    Tucson    AZ
840       Arizona Oil    365 E. Southern Ave    Mesa    AZ
841       Arizona Oil    766 W. Guadalupe Road    Gilbert    AZ
842       Arizona Oil    10809 N. Frank Lloyd Wright Blvd.    Scottsdale    AZ
843       Arizona Oil    6904 N. Dysart Rd.    Glendale    AZ
844       Arizona Oil    501 W. Irvington Road    Tucson    AZ
845       Arizona Oil    1990 W. Highway 89A    Sedona    AZ
846       Arizona Oil    286 Walker Road    Prescott    AZ
847       Arizona Oil    2245 E. Florence Blvd    Casa Grande    AZ
848       Arizona Oil    802 W Speedway BLvd    Tucson    AZ
849       Arizona Oil    9102 W. Peoria Ave.    Peoria    AZ
850       LA Fitness    45 Alexander-Bellbrook Road    Centerville    OH
851       Chili’s    707 W 7th Street    Tifton    GA
852       Wingfoot    108 West Glendale Hodgenville Road    Glendale    KY
853       LA Fitness    30195 Mound Road    Warren    MI
854       Amazing Jake’s    831 North Central Pkwy    Plano    TX
855       TitleMax    654 Bessemer Hwy.    Fairfield    AL
856       TitleMax    600 S. Main St.    Darlington    SC
857       TitleMax    3051 Allison Bonnett Dr. (Birmingham)    Hueytown    AL
858       TitleMax    714 Ft. Williams St.    Sylacauga    AL
859       TitleMax    3731 Austell Rd (Atlanta)    Marietta    GA
860       TitleMax    203 East Meighan Blvd.    Gadsden    AL
861       TitleMax    300 S. Quintard St.    Anniston    AL
862       TitleMax    3557 Pio Nono Ave.    Macon    GA
863       TitleMax    111 W. Fairview Ave.    Montgomery    AL
864       TitleMax    8122 Tara Blvd.    Jonesboro    GA
865       TitleMax    465 W. Pike St.    Lawrenceville    GA
866       TitleMax    2537 W. Main St.    Snellville    GA
867       TitleMax    7527 Highway 85    Riverdale    GA
868       TitleMax    9814 W. Florissant Ave.    St. Louis    MO
869       TitleMax    1827 N. Glenstone Ave.    Springfield    MO
870       TitleMax    5309 Jimmy Carter Blvd.    Norcross    GA
871       TitleMax    3103 Wade Hampton Blvd.    Taylors    SC
872       TitleMax    129 Chesterfield Hwy    Cheraw    SC
873       TitleMax    3100 Two Notch Rd    Columbia    SC
874       TitleMax    208 East Walnut Ave.    Dalton    GA
875       TitleMax    5231 Winchester Rd.    Memphis    TN
876       TitleMax    1932 Whiskey Rd.    Aiken    SC
877       TitleMax    820 W. College St.    Pulaski    TN
878       TitleMax    4022 Nolensville Pike    Nashville    TN
879       TitleMax    854 Ellington Pkwy.    Lewisburg    TN
880       TitleMax    1646 Sycamore View Rd.    Memphis    TN
881       TitleMax    9640 Natural Bridge Rd.    Berkeley    MO
882       TitleMax    8640 Airport Rd.    St. Louis    MO

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

883       TitleMax    4807 Nolensville Rd.    Nashville    TN
884       TitleMax    1325 W. Kearney St.    Springfield    MO
885       LA Fitness    4700 Marburg Ave.    Cincinnati    OH
886       Wingfoot    921 Murfreesboro Rd.    Lebanon    TN
887       Pet Paradise    7511 Monroe Rd.    Houston    TX
888       Pull-A-Part    1250 Kelly Ave.    Akron    OH
889       Chili’s    700 Ronald Reagan Drive    Evans    GA
890       Wingfoot    1101 Uniroyal Dr.    Laredo    TX
891       Pet Paradise    2921 Boyer Street    Charlotte    NC
892       Pet Paradise    10401 Orange Dr.    Davie    FL
893       Dave & Buster’s    2201 & 2215 North Mayfair Road    Wauwatosa    WI
894       Express Oil Change    956 Germantown Pkwy N    Cordova    TN
895       Express Oil Change    1045 West Goodman Rd.    Horn Lake    MS
896       Express Oil Change    9106 US Highway 64    Lakeland    TN
897       Express Oil Change    7540 Winchester Road    Memphis    TN
898       Susser (Stripes)    533 N. Frankford    Lubbock    TX
899       Susser (Stripes)    9020 Hwy 6 South    Houston    TX
900       Sunshine Energy    5501 East Bannister Road    Kansas City    MO
901       Sunshine Energy    2211 Oak Ridge Dr.    Neosho    MO
902       Sunshine Energy    900 S. Chouteau Avenue    Chouteau    OK
903       Vacant Property    426 N. Wilson St.    Vinita    OK
904       Sunshine Energy    1109 East Fourth St.    Altamont    KS
905       KFC    5933 Peach Street    Erie    PA
906       Wendy’s    201 Tarentum Bridge Rd.    New Kensington    PA
907       Uni-Mart    301 E. 7th St.    Bloomsburg    PA
908       Uni-Mart    1891 Philadelphia Ave.    Chambersburg    PA
909       Fuel-On    401 W 4th Street    Emporium    PA
910       Fuel-On    999 CanDo Fwy.    Hazleton    PA
911       Fuel-On    135-137 Center Street    Johnsonburg    PA
912       Uni-Mart    175 E. State Street    Larksville    PA
913       Green Light Convenience    4685 Birney Ave.    Moosic    PA
914       Uni-Mart    120 Montemorenci Ave.    Ridgway    PA
915       Fuel-On    711 Market Street    Bloomsburg    PA
916       Uni-Mart    101 E King St.    Shippensburg    PA
917       Fuel-On    807 S. Michael Rd.    St. Mary’s    PA
918       Fuel-On    601 Church St.    White Haven    PA
919       Uni-Mart    PA Ave. & Northhampton St.    Wilkes-Barre    PA
920       Uni-Mart    532 Hazel Street    Wilkes-Barre    PA
921       Uni-Mart    465 Hazle St.    Wilkes-Barre    PA
922       Uni-Mart    517 E. Sunbury St.    Shamokin    PA
923       Uni-Mart    1037 High Street    Williamsport    PA
924       Uni-Mart    Second & Lawton Streets    St Clair    PA
925       Fuel-On    360 E. Main Street    Luzerne    PA
926       Uni-Mart    106 W. College Ave.    Pleasant Gap    PA
927       Uni-Mart    285 S Church St.    Hazleton    PA
928       Uni-Mart    23 Central Avenue    Avis    PA
929       Fuel-On    211 S Main Street    Yeagertown    PA
930       Uni-Mart    512 East Mahoning St.    Punxsutawney    PA

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

931       Uni-Mart    410 Kellys Way    East Brady    PA
932       Uni-Mart    3000 Bear Creek Blvd.    Bear Creek    PA
933       Uni-Mart    215-217 S Main St.    Taylor    PA
934       Fuel-On    300 Memorial Hwy.    Dallas    PA
      Pennstar Bank    300 Memorial Hwy.    Dallas    PA
935       Uni-Mart    1181 Romine Ave.    Port Vue    PA
936       Uni-Mart    1300 Coraopolis Hghts. Rd.    Coraopolis    PA
937       Uni-Mart    321-325 Center Street    Ashland    PA
938       Uni-Mart    Exit 36 Off PA Turnpike    Bear Creek    PA
939       Uni-Mart    4325 S. Mountain Boulevard    Mountaintop    PA
940       Uni-Mart    5690 William Penn Hwy    Export    PA
941       Best Smoke & Gas    100 Center Square    Abbottstown    PA
      Borough of Abbottstown    100 Center Square    Abbottstown    PA
942       Uni-Mart    350 N. Main Street    Mercersburg    PA
943       Uni-Mart    Ligonier St. & 13th St.    New Florence    PA
944       Uni-Mart    600 Beaver and 6th Ave    Ellwood City    PA
945       Fuel-On    129 North Main Street    Zelienople    PA
946       Uni-Mart    5724 Ellsworth Ave.    Pittsburgh    PA
947       Uni-Mart    2480 Rt. 115    Effort    PA
948       Uni-Mart    3765 Nuangola Road    Nuangola    PA
949       Uni-Mart    240 S. River Road    Plains    PA
950       China Wok    1962 Spring Road    Carlisle    PA
      Fuel-On    1962 Spring Road    Carlisle    PA
      M & T Bank    1962 Spring Road    Carlisle    PA
951       Uni-Mart    50 East Main Street    Plainfield    PA
952       Uni-Mart    434 Main Street    McSherrystown    PA
953       Uni-Mart    658 Wyndamere Road    Lewisberry    PA
954       Uni-Mart    400 Beaver Ave. & 4th Ave.    Hastings    PA
955       Uni-Mart    1220 River Avenue    Williamsport    PA
956       Uni-Mart    61 E Main Street    Nanticoke    PA
957       Vacant Property    447 Broad Street    Montoursville    PA
958       Fuel-On    2953 Pottsville/Minersville Hwy    Minersville    PA
959       Fuel-On    600 East Market Street    Danville    PA
960       Uni-Mart    PA Route 150    Beech Creek    PA
961       Uni-Mart    100 Mill Street    Milesburg    PA
962       Fuel-On    12755 Harrison Street    Summerville    PA
963       Uni-Mart    280 Walnut Street    Howard    PA
964       Uni-Mart    PA Route 66 and 36    Leeper    PA
965       Uni-Mart    501 Main Street    Reynoldsville    PA
966       Uni-Mart    State & Filbert Streets    Curwensville    PA
967       Uni-Mart    565 West Mahoning Ave    Punxsutawney    PA
968       Vacant Property    Routes 350 & 550    Warriors Mark    PA
969       Uni-Mart    1 N Main Street    Hughesville    PA
970       Uni-Mart    US Rt 322 Port Matilda Hghwy    Philipsburg    PA
971       Uni-Mart    101 Bridge Street    Jersey Shore    PA
972       Denny’s (Franchisee)    2079 East State Street    Hermitage    PA
973       Pep Boys    1748 Street Rd    Cornwell Heights    PA
974       Pep Boys    4680 E. Roosevelt Blvd    Philadelphia    PA

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

975       Pep Boys    222 South Westend Blvd.    Quakertown    PA
976       Ross Dress for Less    2 Miracle Way    Coral Gables    FL
977       Home Depot    2901 N. University Drive    Sunrise    FL
978       Walgreens    2301 N. University Drive    Sunrise    FL
979    Multi    Best Buy    990 County Road 64    Big Flats    NY
      S&W Awards    990 County Road 64    Big Flats    NY
      Panera Bread    990 County Road 64    Big Flats    NY
      Power Center    990 County Road 64    Big Flats    NY
      EZ Home    990 County Road 64    Big Flats    NY
      Maurices    990 County Road 64    Big Flats    NY
980       Pantry (Lil’ Champ)    8820 103rd Street    Jacksonville    FL
981    Multi    Power Center    7201 Eastman Ave.    Midland    MI
      Coldstone    7201 Eastman Ave.    Midland    MI
      FedEx Kinko’s    7201 Eastman Ave.    Midland    MI
      Medical Weight Loss Clinic    7201 Eastman Ave.    Midland    MI
      Starbucks    7201 Eastman Ave.    Midland    MI
      Regis Salon    7201 Eastman Ave.    Midland    MI
      Sprint PCS    7201 Eastman Ave.    Midland    MI
982       Pantry (Kangaroo Express)    1000 Whippoorwill Lane    Naples    FL
983       Pantry (Kangaroo Express)    2934 Tamiami Trail East    Naples    FL
984       Uni-Mart    76 Chestnut Street    Bradford    PA
985       Fuel-On    159 Fraley St.    Kane    PA
986       AJ Petroleum    6300 Johnson Street    Hollywood    FL
987    Multi    J & J Insurance    7039 Taft Street    Hollywood    FL
      Nitlantika    7039 Taft Street    Hollywood    FL
      Roni Deutch Tax Services    7039 Taft Street    Hollywood    FL
988       Uni-Mart    101 St. Johns Street    Midway    PA
989       Uni-Mart    672 Miller Avenue    Clairton    PA
990       Fuel-On    710 Elizabeth Street    Houtzdale    PA
991       Uni-Mart    211 Freedom Avenue    Burnham    PA
992       Uni-Mart    8th & Market Street    Port Royal    PA
993       Pep Boys    3401 Plaza Drive    Reading    PA
994    Multi    Vacant Property    9105 Hickory Flat Hwy    Woodstock    GA
      Vacant Property    9105 Hickory Flat Hwy    Woodstock    GA
      Vacant Property    9105 Hickory Flat Hwy    Woodstock    GA
      Vacant Property    9105 Hickory Flat Hwy    Woodstock    GA
      Vacant Property    9105 Hickory Flat Hwy    Woodstock    GA
      Yen Ching Restaurant    9105 Hickory Flat Hwy    Woodstock    GA
      Salon 140    9105 Hickory Flat Hwy    Woodstock    GA
995    Multi    Power Center    Topsham Fair Mall Road    Topsham    ME
      GameStop    Topsham Fair Mall Road    Topsham    ME
      Sally Beauty Supply    Topsham Fair Mall Road    Topsham    ME
      Vacant Property    Topsham Fair Mall Road    Topsham    ME
      Vacant Property    Topsham Fair Mall Road    Topsham    ME
996       SuperCuts    127-133 Topsham Fair Mall Road    Topsham    ME
997       Vacant Land    Corner of SR 4 & Indian Meadows Dr    Fairfield Township    OH
998       Vacant Land    Topsham Fair Mall Road    Topsham    ME
999       Vacant Land    1940 N. Memorial Drive    Lancaster    OH

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

1000       Tutor Time    8160 Sheldon Road    Elk Grove    CA
1001       Vacant Land    Mazzucco Parcel    Bonita Springs    FL
1002       Vacant Land    Intersection of Russell St. and N. Maple St.    Hadley    MA
1003       Pep Boys    Calle Marginal Edficio 730    Guayama    PR
1004    Multi    Belltone    1800 West Harrison Street    Harlingen    TX
      H&R Block    1800 West Harrison Street    Harlingen    TX
      Power Center    1800 West Harrison Street    Harlingen    TX
      Starbucks    1800 West Harrison Street    Harlingen    TX
1005    Multi    Power Center    1800 West Harrison Street    Harlingen    TX
      Edible Arrangements    1800 West Harrison Street    Harlingen    TX
      T-Mobile    1800 West Harrison Street    Harlingen    TX
      Vacant Property    1800 West Harrison Street    Harlingen    TX
1006    Multi    Power Center    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Best Buy    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Dick’s Sporting Goods    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      HardRock Nails and Spa    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      J.C. Penney    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Justice    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Lane Bryant    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Mattress Giant    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      The Children’s Place    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Staples    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Vacant Property    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Vacant Property    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Zales    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Belk    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      ULTA Salon, Cosmetics and Fragrance    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      94 Nails and Spas    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Nails and Spa    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
      Vacant Land    Corner of State Hwy 205 & Park East Subdivision    Rockwall    TX
1007       Vacant Land    Beltline Road and Spur 580    Grand Prairie    TX
1008       Our Place    7630 NE Loop 820    North Richland Hills    TX
1009    Multi    Power Center    2501 W. Airport Freeway    Irving    TX
      Starbucks    2501 W. Airport Freeway    Irving    TX
      T-Mobile    2501 W. Airport Freeway    Irving    TX
      Purpose Money    2501 W. Airport Freeway    Irving    TX
1010    Multi    Power Center    895 Highway 77    Waxahachie    TX
      T-Mobile    895 Highway 77    Waxahachie    TX
      Monarch Dental    895 Highway 77    Waxahachie    TX
      The Cash Store    895 Highway 77    Waxahachie    TX
1011       NNN Operated    2301 H Street    Bakersfield    CA
1012       NNN Operated    1701 Stine Road    Bakersfield    CA
1013       NNN Operated    7901 Rosedale Highway    Bakersfield    CA
1014       NNN Operated    920 34th Street    Bakersfield    CA
1015       NNN Operated    4411 Market Street    Ventura    CA
1016       NNN Operated    2757 Johnson Drive    Ventura    CA
1017       NNN Operated    1601 San Fernando Road    San Fernando    CA
1018       NNN Operated    7301 White Lane    Bakersfield    CA

 

SCHEDULE 6.1.(x)

UNENCUMBERED ASSETS

 

Property
Count

        

Concept

   

Street Address

   

City

   

State

1019       NNN Operated    3951 Wible Road    Bakersfield    CA
1020       NNN Operated    7991 White Lane    Bakersfield    CA
1021       NNN Operated    5201 Stockdale Road    Bakersfield    CA
1022       NNN Operated    2523 Brundage Lane    Bakersfield    CA

 

 

EXHIBIT A

FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT dated as of _______, 20__ (the “Agreement”) by and among _________________________ (the “Assignor”), _________________________ (the “Assignee”)[, NATIONAL RETAIL PROPERTIES, INC. (the “Borrower”)]1 and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”).

WHEREAS, the Assignor is a Lender under that certain Credit Agreement dated as of November 3, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among [National Retail Properties, Inc. (the “Borrower”)] [the Borrower], the financial institutions party thereto and their assignees under Section 12.6. thereof (the “Lenders”), the Administrative Agent, and the other parties thereto;

WHEREAS, the Assignor desires to assign to the Assignee all or a portion of the Assignor’s Commitment under the Credit Agreement, all on the terms and conditions set forth herein; and

WHEREAS, the [Borrower and the] Administrative Agent consent[s] to such assignment on the terms and conditions set forth herein.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged by the parties hereto, the parties hereto hereby agree as follows:

Section 1. Assignment.

(a) Subject to the terms and conditions of this Agreement and in consideration of the payment to be made by the Assignee to the Assignor pursuant to Section 2 of this Agreement, effective as of ____________, 20__ (the “Assignment Date”) the Assignor hereby irrevocably sells, transfers and assigns to the Assignee, without recourse, a $__________ interest (such interest being the “Assigned Commitment”) in and to the Assignor’s Commitment and all of the other rights and obligations of the Assignor under the Credit Agreement, such Assignor’s Revolving Note, and the other Loan Documents (representing ______% in respect of the aggregate amount of all Lenders’ Commitments), including without limitation, a principal amount of outstanding Revolving Loans equal to $                , all voting rights of the Assignor associated with the Assigned Commitment, all rights to receive interest on such amount of Revolving Loans and all commitment and other Fees with respect to the Assigned Commitment and other rights of the Assignor under the Credit Agreement and the other Loan Documents with respect to the Assigned Commitment, all as if the Assignee were an original Lender under and signatory to the Credit Agreement having a Commitment equal to the amount of the Assigned Commitment. The Assignee, subject to the terms and conditions hereof, hereby assumes all obligations of the Assignor with respect to the Assigned Commitment as if the Assignee were an original Lender under and signatory to the Credit Agreement having a Commitment equal to the Assigned Commitment, which obligations shall include, but shall not be limited to, the obligation of the Assignor to make

 

1 Include only if the Borrower’s consent is required under Section 12.6(c) of the Credit Agreement and Section 17 of this Guaranty is included.

 

Exhibit A-1

Revolving Loans to the Borrower with respect to the Assigned Commitment, the obligation to pay the Agent amounts due in respect of draws under Letters of Credit as required under Section 2.3(j) of the Credit Agreement and the obligation to indemnify the Administrative Agent as provided in the Credit Agreement (the foregoing enumerated obligations, together with all other similar obligations more particularly set forth in the Credit Agreement and the other Loan Documents, shall be referred to hereinafter, collectively, as the “Assigned Obligations”). The Assignor shall have no further duties or obligations with respect to, and shall have no further interest in, the Assigned Obligations or the Assigned Commitment from and after the Assignment Date.

(b) The assignment by the Assignor to the Assignee hereunder is without recourse to the Assignor. The Assignee makes and confirms to the Administrative Agent, the Assignor, and the other Lenders all of the representations, warranties and covenants of a Lender under Article XI. of the Credit Agreement. Not in limitation of the foregoing, the Assignee acknowledges and agrees that, except as set forth in Section 4 below, the Assignor is making no representations or warranties with respect to, and the Assignee hereby releases and discharges the Assignor from any responsibility or liability for: (i) the present or future solvency or financial condition of the Borrower, any Subsidiary or any other Loan Party, (ii) any representations, warranties, statements or information made or furnished by the Borrower, any Subsidiary or any other Loan Party in connection with the Credit Agreement or otherwise, (iii) the validity, efficacy, sufficiency, or enforceability of the Credit Agreement, any other Loan Document or any other document or instrument executed in connection therewith, or the collectibility of the Assigned Obligations, (iv) the perfection, priority or validity of any Lien with respect to any collateral at any time securing the Obligations or the Assigned Obligations under the Notes or the Credit Agreement and (v) the performance or failure to perform by the Borrower or any other Loan Party of any obligation under the Credit Agreement or any other Loan Document to which it is a party. Further, the Assignee acknowledges that it has, independently and without reliance upon the Administrative Agent, the Assignor or any other Lender or counsel to the Administrative Agent or any of their respective officers, directors, employees and agents and based on the financial statements supplied by the Borrower and such other documents and information as it has deemed appropriate, made its own credit and legal analysis and decision to become a Lender under the Credit Agreement. The Assignee also acknowledges that it will, independently and without reliance upon the Administrative Agent, the Assignor or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement or any other Loan Documents or pursuant to any other obligation. Except as expressly provided in the Credit Agreement, the Administrative Agent shall have no duty or responsibility whatsoever, either initially or on a continuing basis, to provide the Assignee with any credit or other information with respect to the Borrower, any other Loan Party or any Subsidiary or to notify the Assignee of any Default or Event of Default. The Assignee has not relied on the Administrative Agent as to any legal or factual matter in connection therewith or in connection with the transactions contemplated thereunder.

Section 2. Payment by Assignee. In consideration of the assignment made pursuant to Section 1 of this Agreement, the Assignee agrees to pay to the Assignor on the Assignment Date, an amount equal to $_________ representing (i) the aggregate principal amount outstanding of the Loans owing to the Assignor under the Credit Agreement and the other Loan Documents being assigned hereby plus (ii) the aggregate amount of payments previously made by Assignor under Section 2.3(j) of the Credit Agreement which have not been repaid and which are being assigned hereby.

 

Exhibit A-2

 

Section 3. Payments by Assignor. The Assignor agrees to pay to the Administrative Agent on the Assignment Date the administrative fee, if any, payable under the applicable provisions of the Credit Agreement.

Section 4. Representations and Warranties of Assignor. The Assignor hereby represents and warrants to the Assignee that (a) as of the Assignment Date (i) the Assignor is a Lender under the Credit Agreement having a Commitment under the Credit Agreement (without reduction by any assignments thereof which have not yet become effective) equal to $____________ and that the Assignor is not in default of its obligations under the Credit Agreement; and (ii) the outstanding balance of Revolving Loans owing to the Assignor (without reduction by any assignments thereof which have not yet become effective) is $____________; and (b) it is the legal and beneficial owner of the Assigned Commitment which is free and clear of any adverse claim created by the Assignor.

Section 5. Representations, Warranties and Agreements of Assignee. The Assignee (a) represents and warrants that it is (i) legally authorized to enter into this Agreement; (ii) an “accredited investor” (as such term is used in Regulation D of the Securities Act) and (iii) an Eligible Assignee; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant thereto and such other documents and information (including without limitation the Loan Documents) as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (c) appoints and authorizes the Administrative Agent to take such action as contractual representative on its behalf and to exercise such powers under the Loan Documents as are delegated to the Administrative Agent by the terms thereof together with such powers as are reasonably incidental thereto; (d) agrees that, if not already a Lender and to the extent of the Assigned Commitment, it will become a party to and shall be bound by the Credit Agreement and the other Loan Documents to which the other Lenders are a party on the Assignment Date and will perform in accordance therewith all of the obligations which are required to be performed by it as a Lender; and (e) is either (i) not organized under the laws of a jurisdiction outside the United States of America or (ii) has delivered to the Administrative Agent (with an additional copy for the Borrower) such items required under Section 3.11. of the Credit Agreement.

Section 6. Recording and Acknowledgment by the Administrative Agent. Following the execution of this Agreement, the Assignor will deliver to the Administrative Agent (a) a duly executed copy of this Agreement for acknowledgment and recording by the Administrative Agent and (b) the Assignor’s Revolving Note. Upon such acknowledgment and recording, from and after the Assignment Date, the Administrative Agent shall make all payments in respect of the interest assigned hereby (including payments of principal, interest, Fees and other amounts) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Credit Agreement for periods prior to the Assignment Date directly between themselves.

Section 7. Addresses. The Assignee specifies as its address for notices and its Lending Office for all Loans, the offices set forth below:

__________________________________ 

__________________________________

Attention:___________________________

Telephone No.:__________________

Telecopy No.:________________________

 

Exhibit A-3

 

Section 8. Payment Instructions. All payments to be made to the Assignee under this Agreement by the Assignor, and all payments to be made to the Assignee under the Credit Agreement, shall be made as provided in the Credit Agreement in accordance with the following instructions:

____________________________________ 

____________________________________ 

____________________________________ 

____________________________________

Section 9. Effectiveness of Assignment. This Agreement, and the assignment and assumption contemplated herein, shall not be effective until (a) this Agreement is executed and delivered by each of the Assignor, the Assignee, the Administrative Agent and if required under Section 12.6(c) of the Credit Agreement, the Borrower, and (b) the payment to the Assignor of the amounts, if any, owing by the Assignee pursuant to Section 2 hereof and (c) the payment to the Administrative Agent of the amounts, if any, owing by the Assignor pursuant to Section 3. hereof. Upon recording and acknowledgment of this Agreement by the Administrative Agent, from and after the Assignment Date, (i) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Agreement, have the rights and obligations of a Lender thereunder and (ii) the Assignor shall, to the extent provided in this Agreement, relinquish its rights (except as otherwise provided in Section 12.11 of the Credit Agreement) and be released from its obligations under the Credit Agreement; provided, however, that if the Assignor does not assign its entire interest under the Loan Documents, it shall remain a Lender entitled to all of the benefits and subject to all of the obligations thereunder with respect to its Commitment.

Section 10. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

Section 11. Counterparts. This Agreement may be executed in any number of counterparts each of which, when taken together, shall constitute one and the same agreement.

Section 12. Headings. Section headings have been inserted herein for convenience only and shall not be construed to be a part hereof.

Section 13. Amendments; Waivers. This Agreement may not be amended, changed, waived or modified except by a writing executed by the Assignee and the Assignor; provided, however, any amendment, waiver or consent which shall affect the rights or duties of the Administrative Agent under this Agreement shall not be effective unless signed by the Administrative Agent.

Section 14. Entire Agreement. This Agreement embodies the entire agreement between the Assignor and the Assignee with respect to the subject matter hereof and supersedes all other prior arrangements and understandings relating to the subject matter hereof.

Section 15. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

Section 16. Definitions. Terms not otherwise defined herein are used herein with the respective meanings given them in the Credit Agreement.

 

Exhibit A-4

 

[Include this Section only if the Borrower’s consent is required under Section 12.6.(c) of the Credit Agreement] Section 17. Agreements of the Borrower. The Borrower hereby agrees that the Assignee shall be a Lender under the Credit Agreement having a Commitment equal to the Assigned Commitment. The Borrower agrees that the Assignee shall have all of the rights and remedies of a Lender under the Credit Agreement and the other Loan Documents as if the Assignee were an original Lender under and signatory to the Credit Agreement, including, but not limited to, the right of a Lender to receive payments of principal and interest with respect to the Assigned Obligations, if any, and to the Revolving Loans made by the Lenders after the date hereof and to receive the commitment and other Fees payable to the Lenders as provided in the Credit Agreement. Further, the Assignee shall be entitled to the benefit of the indemnification provisions from the Borrower in favor of the Lenders as provided in the Credit Agreement and the other Loan Documents. The Borrower further agrees, upon the execution and delivery of this Agreement, to execute in favor of the Assignee, and if applicable to the Assignor, Notes as required by Section 12.6(c) of the Credit Agreement. Upon receipt by the Assignor of the amounts due the Assignor under Section 2, the Assignor agrees to surrender to the Borrower such Assignor’s Notes. Further, the Borrower agrees that, upon the execution and delivery of this Agreement, the Borrower shall owe the Assigned Obligations to the Assignee as if the Assignee were the Lender originally making such Loans and entering into such other obligations.]

[Signatures on Following Pages]

 

Exhibit A-5

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Assignment and Assumption Agreement as of the date and year first written above.

 

ASSIGNOR:
[NAME OF ASSIGNOR]
By:    
  Name:    
  Title:    

 

Payment Instructions

 

[Bank]

[Address]

ABA No.:

Account No.:

Account Name:

Reference:

ASSIGNEE:
[NAME OF ASSIGNEE]
By:    
  Name:    
  Title:    

 

Payment Instructions

 

[Bank]

[Address]

ABA No.:

Account No.:

Account Name:

Reference:

 

[Signatures continued on Following Page]

Exhibit A-6

 

Agreed and Consented to as of the date first written above.
[Include signature of the Borrower only if required under Section 12.6.(c) of the Credit Agreement]

BORROWER:

NATIONAL RETAIL PROPERTIES, INC.

By:

    
 

Name:

    
 

Title:

    

Accepted as of the date first written above.

ADMINISTRATIVE AGENT:

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent

By:

    
 

Name:

    
 

Title:

    

 

Exhibit A-7

 

EXHIBIT B

FORM OF GUARANTY

THIS GUARANTY dated as of November 3, 2009 executed and delivered by each of the undersigned and the other Persons from time to time party hereto pursuant to the execution and delivery of an Accession Agreement in the form of Annex I hereto (all of the undersigned, together with such other Persons each a “Guarantor” and collectively, the “Guarantors”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Administrative Agent”) for the Lenders under that certain Credit Agreement dated as of November 3, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among NATIONAL RETAIL PROPERTIES, INC. (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.6. thereof (the “Lenders”), the Administrative Agent, and the other parties thereto, for its benefit and the benefit of the Lenders, the Swingline Lender and the Issuing Bank (the Administrative Agent, the Lenders, the Swingline Lender and the Issuing Bank, each individually a “Guarantied Party” and collectively, the “Guarantied Parties”).

WHEREAS, pursuant to the Credit Agreement, the Guarantied Parties have agreed to make available to the Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement;

WHEREAS, each Guarantor is owned or controlled by the Borrower, or is otherwise an Affiliate of the Borrower;

WHEREAS, the Borrower, each Guarantor and the other Subsidiaries of the Borrower, though separate legal entities, are mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Guarantied Parties through their collective efforts;

WHEREAS, each Guarantor acknowledges that it will receive direct and indirect benefits from the Guarantied Parties’ making such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, each Guarantor is willing to guarantee the Borrower’s obligations to the Guarantied Parties on the terms and conditions contained herein; and

WHEREAS, each Guarantor’s execution and delivery of this Guaranty is a condition to the Administrative Agent and the other Guarantied Parties’ making, and continuing to make, such financial accommodations to the Borrower.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each Guarantor, each Guarantor agrees as follows:

Section 1. Guaranty. Each Guarantor hereby absolutely, irrevocably and unconditionally guaranties the due and punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following (collectively referred to as the “Guarantied Obligations”): (a) all indebtedness and obligations owing by the Borrower or any other Loan Party to any Guarantied Party under or in connection with the Credit Agreement and any other Loan Document to which the Borrower or such other Loan Party is a party, including without limitation, the repayment of all principal of the Revolving Loans, the Swingline Loans, all Reimbursement Obligations, and the payment of all interest, fees, charges, reasonable attorneys’ fees and other amounts payable to any Guarantied Party thereunder or in connection therewith; (b) any and all extensions, renewals, modifications,

 

Exhibit B-1

amendments or substitutions of the foregoing; (c) all expenses, including, without limitation, reasonable attorneys’ fees and disbursements, that are incurred by the Administrative Agent or any other Guarantied Party in the enforcement of any of the foregoing or any obligation of such Guarantor hereunder and (d) all other Obligations.

Section 2. Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and a debt of each Guarantor for its own account. Accordingly, the Guarantied Parties shall not be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy the Guarantied Parties may have against the Borrower, any other Loan Party or any other Person or commence any suit or other proceeding against the Borrower, any other Loan Party or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Loan Party or any other Person; or (c) to make demand of the Borrower, any other Loan Party or any other Person or to enforce or seek to enforce or realize upon any collateral security held by the Guarantied Parties which may secure any of the Guarantied Obligations.

Section 3. Guaranty Absolute. Each Guarantor guarantees that the Guarantied Obligations will be paid strictly in accordance with the terms of the documents evidencing the same, regardless of any Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Guarantied Parties with respect thereto. The liability of each Guarantor under this Guaranty shall be absolute, irrevocable and unconditional in accordance with its terms and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including without limitation, the following (whether or not such Guarantor consents thereto or has notice thereof):

(a)(i) any change in the amount, interest rate or due date or other term of any of the Guarantied Obligations, (ii) any change in the time, place or manner of payment of all or any portion of the Guarantied Obligations, (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Credit Agreement, any other Loan Document or any other document or instrument evidencing or relating to any Guarantied Obligations, or (iv) any waiver, renewal, extension, addition, or supplement to, or deletion from, or any other action or inaction under or in respect of, the Credit Agreement, any of the other Loan Documents, or any other documents, instruments or agreements relating to the Guarantied Obligations or any other instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing;

(b) any lack of validity or enforceability of the Credit Agreement, any of the other Loan Documents or any other document, instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing;

(c) any furnishing to the Guarantied Parties of any security for the Guarantied Obligations, or any sale, exchange, release or surrender of, or realization on, any collateral securing any of the Guarantied Obligations;

(d) any settlement or compromise of any of the Guarantied Obligations, any security therefor, or any liability of any other party with respect to the Guarantied Obligations, or any subordination of the payment of the Guarantied Obligations to the payment of any other liability of the Borrower or any other Loan Party;

(e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to such Guarantor, the Borrower, any other Loan Party or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding;

 

Exhibit B-2

 

(f) any act or failure to act by the Borrower, any other Loan Party or any other Person which may adversely affect such Guarantor’s subrogation rights, if any, against the Borrower to recover payments made under this Guaranty;

(g) any nonperfection or impairment of any security interest or other Lien on any collateral, if any, securing in any way any of the Guarantied Obligations;

(h) any application of sums paid by the Borrower, any Guarantor or any other Person with respect to the liabilities of the Borrower to the Guarantied Parties, regardless of what liabilities of the Borrower remain unpaid;

(i) any defect, limitation or insufficiency in the borrowing powers of the Borrower or in the exercise thereof;

(j) any defense, set off, claim or counterclaim (other than indefeasible payment and performance in full) which may at any time be available to or be asserted by the Borrower, any other Loan Party or any other Person against the Agent or any Lender;

(k) any change in the corporate existence, structure or ownership of the Borrower or any other Loan Party;

(l) any statement, representation or warranty made or deemed made by or on behalf of the Borrower, any Guarantor or any other Loan Party under any Loan Document, or any amendment hereto or thereto, proves to have been incorrect or misleading in any respect; or

(m) any other circumstance which might otherwise constitute a defense available to, or a discharge of, a Guarantor hereunder (other than indefeasible payment and performance in full).

Section 4. Action with Respect to Guarantied Obligations. The Guaranteed Parties may, at any time and from time to time, without the consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations hereunder, take any and all actions described in Section 3. and may otherwise: (a) amend, modify, alter or supplement the terms of any of the Guarantied Obligations, including, but not limited to, extending or shortening the time of payment of any of the Guarantied Obligations or changing the interest rate that may accrue on any of the Guarantied Obligations; (b) amend, modify, alter or supplement the Credit Agreement or any other Credit Document; (c) sell, exchange, release or otherwise deal with all, or any part, of any collateral securing any of the Guarantied Obligations; (d) release any Loan Party or other Person liable in any manner for the payment or collection of the Guarantied Obligations; (e) exercise, or refrain from exercising, any rights against the Borrower, any other Loan Party or any other Person; and (f) apply any sum, by whomsoever paid or however realized, to the Guarantied Obligations in such order as the Guarantied Parties shall elect.

Section 5. Representations and Warranties. Each Guarantor hereby makes to the Administrative Agent and the other Guarantied Parties all of the representations and warranties made by the Borrower with respect to or in any way relating to such Guarantor in the Credit Agreement and the other Loan Documents, as if the same were set forth herein in full.

 

Exhibit B-3

 

Section 6. Covenants. Each Guarantor will comply with all covenants with which the Borrower is to cause such Guarantor to comply under the terms of the Credit Agreement or any of the other Loan Documents.

Section 7. Waiver. Each Guarantor, to the fullest extent permitted by Applicable Law, hereby waives notice of acceptance hereof or any presentment, demand, protest or notice of any kind, and any other act or thing, or omission or delay to do any other act or thing, which in any manner or to any extent might vary the risk of such Guarantor or which otherwise might operate to discharge such Guarantor from its obligations hereunder.

Section 8. Inability to Accelerate Loan. If the Guarantied Parties or any one of them is prevented under Applicable Law or otherwise from demanding or accelerating payment of any of the Guarantied Obligations by reason of any automatic stay or otherwise, the Administrative Agent and/or the other Guarantied Parties shall be entitled to receive from each Guarantor, upon demand therefor, the sums which otherwise would have been due had such demand or acceleration occurred.

Section 9. Reinstatement of Guarantied Obligations. If claim is ever made on the Administrative Agent or any other Guarantied Party for repayment or recovery of any amount or amounts received in payment or on account of any of the Guarantied Obligations, and the Administrative Agent or such other Guarantied Party repays all or part of said amount by reason of (a) any judgment, decree or order of any court or administrative body of competent jurisdiction, or (b) any settlement or compromise of any such claim effected by the Administrative Agent or such other Guarantied Party with any such claimant (including the Borrower or a trustee in bankruptcy for the Borrower), then and in such event each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof or the cancellation of the Credit Agreement, any of the other Loan Documents, or any other instrument evidencing any liability of the Borrower, and such Guarantor shall be and remain liable to the Administrative Agent or such other Guarantied Party for the amounts so repaid or recovered to the same extent as if such amount had never originally been paid to the Administrative Agent or such other Guarantied Party.

Section 10. Subrogation. Upon the making by any Guarantor of any payment hereunder for the account of the Borrower, such Guarantor shall be subrogated to the rights of the payee against the Borrower; provided, however, that such Guarantor shall not enforce any right or receive any payment by way of subrogation or otherwise take any action in respect of any other claim or cause of action such Guarantor may have against the Borrower arising by reason of any payment or performance by such Guarantor pursuant to this Guaranty, unless and until all of the Guarantied Obligations have been indefeasibly paid and performed in full. If any amount shall be paid to such Guarantor on account of or in respect of such subrogation rights or other claims or causes of action, such Guarantor shall hold such amount in trust for the benefit of the Guarantied Parties and shall forthwith pay such amount to the Administrative Agent to be credited and applied against the Guarantied Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement or to be held by the Administrative Agent as collateral security for any Guarantied Obligations existing.

Section 11. Payments Free and Clear. All sums payable by each Guarantor hereunder, whether of principal, interest, fees, expenses, premiums or otherwise, shall be paid in full, without set-off or counterclaim or any deduction or withholding whatsoever (including any Taxes), and if such Guarantor is required by Applicable Law or by any Governmental Authority to make any such deduction or withholding such Guarantor shall pay to the Guarantied Parties such additional amount as will result in the receipt by the Guarantied Parties the full amount payable hereunder had such deduction or withholding not occurred or been required.

 

Exhibit B-4

 

Section 12. Set-off. In addition to any rights now or hereafter granted under any of the other Loan Documents or Applicable Law and not by way of limitation of any such rights, each Guarantor hereby authorizes each Guarantied Party and each Participant, at any time while an Event of Default exists, without any prior notice to such Guarantor or to any other Person, any such notice being hereby expressly waived, but in the case of a Lender, the Issuing Bank or a Participant subject to receipt of the prior written consent of the Administrative Agent and Requisite Lenders, exercised in their sole discretion, to set-off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Administrative Agent, the Issuing Bank, such Lender, or such Participant or any affiliate of the Administrative Agent, the Issuing Bank, or such Lender to or for the credit or the account of such Guarantor against and on account of any of the Guarantied Obligations, although such obligations shall be contingent or unmatured. Each Guarantor agrees, to the fullest extent permitted by Applicable Law, that any Participant may exercise rights of setoff or counterclaim and other rights with respect to its participation as fully as if such Participant were a direct creditor of such Guarantor in the amount of such participation.

Section 13. Subordination. Each Guarantor hereby expressly covenants and agrees for the benefit of the Guarantied Parties that all obligations and liabilities of the Borrower to such Guarantor of whatever description, including without limitation, all intercompany receivables of such Guarantor from the Borrower (collectively, the “Junior Claims”) shall be subordinate and junior in right of payment to all Guarantied Obligations. If an Event of Default shall exist, then no Guarantor shall accept any direct or indirect payment (in cash, property or securities, by setoff or otherwise) from the Borrower on account of or in any manner in respect of any Junior Claim until all of the Guarantied Obligations have been indefeasibly paid in full.

Section 14. Avoidance Provisions. It is the intent of each Guarantor, the Administrative Agent and the other Guarantied Parties that in any Proceeding, such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Guarantied Parties) to be avoidable or unenforceable against such Guarantor in such Proceeding as a result of Applicable Law, including without limitation, (a) Section 548 of the Bankruptcy Code of 1978, as amended (the “Bankruptcy Code”) and (b) any state fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether by virtue of Section 544 of the Bankruptcy Code or otherwise. The Applicable Laws under which the possible avoidance or unenforceability of the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Guarantied Parties) shall be determined in any such Proceeding are referred to as the “Avoidance Provisions”. Accordingly, to the extent that the obligations of such Guarantor hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum Guarantied Obligations for which such Guarantor shall be liable hereunder shall be reduced to that amount which, as of the time any of the Guarantied Obligations are deemed to have been incurred under the Avoidance Provisions, would not cause the obligations of any Guarantor hereunder (or any other obligations of such Guarantor to the Guarantied Parties), to be subject to avoidance under the Avoidance Provisions. This Section is intended solely to preserve the rights of the Administrative Agent and the other Guarantied Parties hereunder to the maximum extent that would not cause the obligations of any Guarantor hereunder to be subject to avoidance under the Avoidance Provisions, and no Guarantor or any other Person shall have any right or claim under this Section as against the Guarantied Parties that would not otherwise be available to such Person under the Avoidance Provisions.

 

Exhibit B-5

 

Section 15. Information. Each Guarantor assumes all responsibility for being and keeping itself informed of the financial condition of the Borrower and the other Loan Parties, and of all other circumstances bearing upon the risk of nonpayment of any of the Guarantied Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that neither of the Administrative Agent nor any other Guarantied Party shall have any duty whatsoever to advise any Guarantor of information regarding such circumstances or risks.

Section 16. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

SECTION 17. WAIVER OF JURY TRIAL.

(a) EACH GUARANTOR, AND EACH OF THE ADMINISTRATIVE AGENT AND THE OTHER GUARANTIED PARTIES BY ACCEPTING THE BENEFITS HEREOF, ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG SUCH GUARANTOR, THE ADMINISTRATIVE AGENT OR ANY OF THE OTHER GUARANTIED PARTES WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE GUARANTORS, THE ADMINISTRATIVE AGENT AND THE OTHER GUARANTIED PARTIES HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG ANY GUARANTOR, THE ADMINISTRATIVE AGENT OR ANY OTHER GUARANTIED PARTY OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS.

(b) EACH GUARANTOR, AND EACH OF THE ADMINISTRATIVE AGENT AND THE OTHER GUARANTIED PARTIES BY ACCEPTING THE BENEFITS HEREOF, HEREBY AGREES THAT THE FEDERAL DISTRICT COURT LOCATED IN THE SOUTHERN DISTRICT OF NEW YORK OR ANY STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN OF NEW YORK, NEW YORK SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE GUARANTORS, THE ADMINISTRATIVE AGENT OR ANY OF THE OTHER GUARANTIED PARTIES, PERTAINING DIRECTLY OR INDIRECTLY TO THIS GUARANTY, THE LOANS, THE LETTERS OF CREDIT, THE NOTES OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM. EACH GUARANTOR AND EACH OF THE GUARANTIED PARTIES EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT OR ANY OTHER GUARANTIED PARTY OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT OR ANY OTHER GUARANTIED PARTY OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION.

 

Exhibit B-6

 

(c) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS GUARANTY.

Section 18. Loan Accounts. The Administrative Agent, each Lender and the Swingline Lender may maintain books and accounts setting forth the amounts of principal, interest and other sums paid and payable with respect to the Guarantied Obligations arising under or in connection with the Credit Agreement, and in the case of any dispute relating to any of the outstanding amount, payment or receipt of any of the Guarantied Obligations or otherwise, the entries in such books and accounts shall be deemed conclusive evidence of the amounts and other matters set forth herein, absent manifest error. The failure of the Administrative Agent, any Lender or the Swingline Lender to maintain such books and accounts shall not in any way relieve or discharge any Guarantor of any of its obligations hereunder.

Section 19. Waiver of Remedies. No delay or failure on the part of the Administrative Agent or any other Guarantied Party in the exercise of any right or remedy it may have against any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by the Administrative Agent or any other Guarantied Party of any such right or remedy shall preclude any other or further exercise thereof or the exercise of any other such right or remedy.

Section 20. Termination. This Guaranty shall remain in full force and effect with respect to each Guarantor until indefeasible payment in full of the Guarantied Obligations and the other Obligations and the termination or cancellation of the Credit Agreement in accordance with its terms.

Section 21. Successors and Assigns. Each reference herein to the Administrative Agent or any other Guarantied Party shall be deemed to include such Person’s respective successors and assigns (including, but not limited to, any holder of the Guarantied Obligations) in whose favor the provisions of this Guaranty also shall inure, and each reference herein to each Guarantor shall be deemed to include such Guarantor’s successors and assigns, upon whom this Guaranty also shall be binding. The Guarantied Parties may, in accordance with the applicable provisions of the Credit Agreement, assign, transfer or sell any Guarantied Obligation, or grant or sell participations in any Guarantied Obligations, to any Person without the consent of, or notice to, any Guarantor and without releasing, discharging or modifying any Guarantor’s obligations hereunder. Each Guarantor hereby consents to the delivery by the Administrative Agent or any other Guarantied Party to any Assignee or Participant (or any prospective Assignee or Participant) of any financial or other information regarding the Borrower or any Guarantor. No Guarantor may assign or transfer its obligations hereunder to any Person without the prior written consent of all Lenders and any such assignment or other transfer to which all of the Lenders have not so consented shall be null and void.

Section 22. JOINT AND SEVERAL OBLIGATIONS. THE OBLIGATIONS OF THE GUARANTORS HEREUNDER SHALL BE JOINT AND SEVERAL, AND ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS LIABLE FOR THE FULL AMOUNT OF THE “GUARANTIED OBLIGATIONS” AND ALL OF THE OBLIGATIONS AND LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER.

Section 23. Amendments. This Guaranty may not be amended except in writing signed by the Administrative Agent and each Guarantor, subject to Section 12.7 of the Credit Agreement.

 

Exhibit B-7

 

Section 24. Payments. All payments to be made by any Guarantor pursuant to this Guaranty shall be made in Dollars, in immediately available funds to the Administrative Agent at its Principal Office, not later than 1:00 p.m. Pacific time, on the date one Business Day after demand therefor.

Section 25. Notices. All notices, requests and other communications hereunder shall be in writing (including facsimile transmission or similar writing) and shall be given (a) to each Guarantor at its address set forth below its signature hereto, (b) to the Administrative Agent or any other Guarantied Party at the address for notices provided for in the Credit Agreement, as applicable, or (c) as to each such party at such other address as such party shall designate in a written notice to the other parties. Each such notice, request or other communication shall be effective (i) if mailed, when received; (ii) if telecopied, when transmitted; or (iii) if hand delivered, when delivered; provided, however, that any notice of a change of address for notices shall not be effective until received.

Section 26. Severability. In case any provision of this Guaranty shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 27. Headings. Section headings used in this Guaranty are for convenience only and shall not affect the construction of this Guaranty.

Section 28. Limitation of Liability. Neither the Administrative Agent nor any other Guarantied Party, nor any affiliate, officer, director, employee, attorney, or agent of the Administrative Agent or any other Guarantied Party, shall have any liability with respect to, and each Guarantor hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by a Guarantor in connection with, arising out of, or in any way related to, this Guaranty or any of the other Loan Documents, or any of the transactions contemplated by this Guaranty, the Credit Agreement or any of the other Loan Documents. Each Guarantor hereby waives, releases, and agrees not to sue the Administrative Agent or any other Guarantied Party or any of the Administrative Agent’s or any other Guarantied Party’s affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Guaranty, the Credit Agreement or any of the other Loan Documents, or any of the transactions contemplated by the Credit Agreement or financed thereby.

Section 29. Electronic Delivery of Certain Information. Each Guarantor acknowledges and agrees that information regarding the Guarantor may be delivered electronically pursuant to Section 8.5 of the Credit Agreement.

Section 30. Definitions. (a) For the purposes of this Guaranty:

“Proceeding” means any of the following: (i) a voluntary or involuntary case concerning any Guarantor shall be commenced under the Bankruptcy Code of 1978, as amended; (ii) a custodian (as defined in such Bankruptcy Code or any other applicable bankruptcy laws) is appointed for, or takes charge of, all or any substantial part of the property of any Guarantor; (iii) any other proceeding under any Applicable Law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up or composition for adjustment of debts, whether now or hereafter in effect, is commenced relating to any Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any order of relief or other order approving any such case or proceeding is entered by a court of competent jurisdiction; (vi) any Guarantor makes a general assignment for the benefit of creditors; (vii) any Guarantor shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; (viii) any Guarantor shall call a meeting of its creditors with a view to arranging a composition or adjustment of its debts; (ix) any Guarantor shall by any act or failure to act indicate its consent to, approval of or acquiescence in any of the foregoing; or (x) any corporate action shall be taken by any Guarantor for the purpose of effecting any of the foregoing.

 

Exhibit B-8

 

(b) Terms not otherwise defined herein are used herein with the respective meanings given them in the Credit Agreement.

[Signatures on Following Page]

 

Exhibit B-9

 

IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guaranty as of the date and year first written above.

 

[GUARANTOR]
By:    
  Name:    
  Title:    
Address for Notices for all Guarantors:
c/o National Retail Properties, Inc.
450 South Orange Avenue, Suite 900
Orlando, Florida 32801
Attention: Chief Financial Officer
Telecopy Number:      (407) 650-1044
Telephone Number:    (407) 650-1230
With a copy to:
c/o National Retail Properties, Inc.
450 South Orange Avenue, Suite 900
Orlando, Florida 32801
Attention: General Counsel
Telecopy Number:      (321) 206-2138
Telephone Number:    (407) 650-1115

 

Exhibit B-10

 

ANNEX I

FORM OF ACCESSION AGREEMENT

THIS ACCESSION AGREEMENT dated as of ____________, ____, executed and delivered by ______________________, a _____________ (the “New Guarantor”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Administrative Agent”) for the Lenders under that certain Credit Agreement dated as of November 3, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among NATIONAL RETAIL PROPERTIES, INC. (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto, for its benefit and the benefit of the Lenders, the Swingline Lender and the Issuing Bank (the Administrative Agent, the Lenders, the Swingline Lender and the Issuing Bank, each individually a “Guarantied Party” and collectively, the “Guarantied Parties”).

WHEREAS, pursuant to the Credit Agreement, the Guarantied Parties have agreed to make available to the Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement;

WHEREAS, New Guarantor is owned or controlled by the Borrower, or is otherwise an Affiliate of the Borrower;

WHEREAS, the Borrower, the New Guarantor and the other Subsidiaries of the Borrower, though separate legal entities, are mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Guarantied Parties through their collective efforts;

WHEREAS, New Guarantor acknowledges that it will receive direct and indirect benefits from the Guarantied Parties’ making such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, New Guarantor is willing to guarantee the Borrower’s obligations to the Guarantied Parties on the terms and conditions contained herein; and

WHEREAS, the New Guarantor’s execution and delivery of this Agreement is a condition to the Guarantied Parties’ continuing to make such financial accommodations to the Borrower.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the New Guarantor, the New Guarantor agrees as follows:

Section 1. Accession to Guaranty. The New Guarantor hereby agrees that it is a “Guarantor” under that certain Guaranty dated November 3, 2009 (as amended, supplemented, restated or otherwise modified from time to time, the “Guaranty”) made by each of the “Guarantors” party thereto in favor of the Administrative Agent for the benefit of the Guarantied Parties and assumes all obligations of a “Guarantor” thereunder and agrees to be bound thereby, all as if the New Guarantor had been an original signatory to the Guaranty. Without limiting the generality of the foregoing, the New Guarantor hereby:

(a) irrevocably and unconditionally guarantees the due and punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all Guarantied Obligations (as defined in the Guaranty);

 

Exhibit B-11

 

(b) makes to the Administrative Agent and the other Guarantied Parties as of the date hereof each of the representations and warranties contained in Section 5 of the Guaranty and agrees to be bound by each of the covenants contained in Section 6 of the Guaranty; and

(c) consents and agrees to each provision set forth in the Guaranty.

SECTION 2. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

Section 3. Definitions. Capitalized terms used herein and not otherwise defined herein shall have their respective defined meanings given them in the Credit Agreement.

[Signatures on Next Page]

 

Exhibit B-12

 

IN WITNESS WHEREOF, the New Guarantor has caused this Accession Agreement to be duly executed and delivered under seal by its duly authorized officers as of the date first written above.

 

[NEW GUARANTOR]
By:    
  Name:    
  Title:    
(CORPORATE SEAL)
Address for Notices:
National Retail Properties, Inc.
450 South Orange Avenue, Suite 900
Orlando, Florida 32801
Attention: Chief Financial Officer
Telecopy Number:      (407) 650-1044
Telephone Number:    (407) 650-1230
With a copy to:
National Retail Properties, Inc.
450 South Orange Avenue, Suite 900
Orlando, Florida 32801
Attention: General Counsel
Telecopy Number:      (321) 206-2138
Telephone Number:    (407) 650-1115

Accepted:

 

WELLS FARGO BANK, NATIONAL

ASSOCIATION, as Administrative Agent

By:

    
 

Name:

    
 

Title:

    

 

Exhibit B-13

 

EXHIBIT C

FORM OF NOTICE OF BORROWING

____________, 20__

Wells Fargo Bank, National Association,

as Administrative Agent

2859 Paces Ferry Road, Suite 1200

Atlanta, Georgia 30339

Attn: Walter R. Gillikin

Ladies and Gentlemen:

Reference is made to that certain Credit Agreement dated as of November 3, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among National Retail Properties, Inc. (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement.

 

  1. Pursuant to Section 2.1(b) of the Credit Agreement, the Borrower hereby requests that the Lenders make Revolving Loans to the Borrower in an aggregate amount equal to $                        .

 

  2. The Borrower requests that such Revolving Loans be made available to the Borrower on ____________, 20__.

 

  3. The Borrower hereby requests that the requested Revolving Loans all be of the following Type:

[Check one box only]

 

  ¨ Base Rate Loans

 

  ¨ LIBOR Loans, with an initial Interest Period for a duration of:

[Check one box only]

 

  ¨ 1 week

 

  ¨ 1 month

 

  ¨ 3 months

 

  ¨ 6 months

 

  4. The proceeds of this borrowing of Revolving Loans will be used for the following purpose: ___________________________ _____________________________________.

5. The Borrower requests that the proceeds of this borrowing of Revolving Loans be made available to the Borrower by _______________________________________________.

 

Exhibit C-1

 

The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof and as of the date of the making of the requested Revolving Loans and after giving effect thereto, (a) no Default or Event of Default exists or shall exist, and none of the limits specified in Section 2.16. would be violated; and (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party are and shall be true and correct in all material respects, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties were true and accurate on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents. In addition, the Borrower certifies to the Administrative Agent and the Lenders that all conditions to the making of the requested Revolving Loans contained in Article V. of the Credit Agreement will have been satisfied at the time such Revolving Loans are made.

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Borrowing as of the date first written above.

 

NATIONAL RETAIL PROPERTIES, INC.
By:    
  Name:    
  Title:    

 

Exhibit C-2

 

EXHIBIT D

FORM OF NOTICE OF CONTINUATION

____________, 20__

Wells Fargo Bank, National Association,

    as Administrative Agent

2859 Paces Ferry Road, Suite 1200

Atlanta, Georgia 30339

Attn: Walter R. Gillikin

Ladies and Gentlemen:

Reference is made to that certain Credit Agreement dated as of November 3, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among National Retail Properties, Inc. (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement.

Pursuant to Section 2.9. of the Credit Agreement, the Borrower hereby requests a Continuation of Loans under the Credit Agreement, and in that connection sets forth below the information relating to such Continuation as required by such Section of the Credit Agreement:

 

  1. The proposed date of such Continuation is ____________, 20__.

 

  2. The aggregate principal amount of the Loans subject to the requested Continuation is $________________________ and was originally borrowed by the Borrower on ________________, 20__.

 

  3. The portion of such principal amount subject to such Continuation is $                        .

 

  4. The current Interest Period for each of the Loans subject to such Continuation ends on ________________, 20__.

 

  5. The duration of the new Interest Period for each of such Loans or portion thereof subject to such Continuation is:

[Check one box only]

 

  ¨ 1 week

 

  ¨ 1 month

 

  ¨ 3 months

 

  ¨ 6 months

 

[Continued on next page]

Exhibit D-1

 

The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof, as of the proposed date of the requested Continuation, and after giving effect to such Continuation, no Default or Event of Default exists or will exist.

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Continuation as of the date first written above.

 

NATIONAL RETAIL PROPERTIES, INC.
By:    
  Name:    
  Title:    

 

Exhibit D-2

 

EXHIBIT E

FORM OF NOTICE OF CONVERSION

____________, 20__

Wells Fargo Bank, National Association,

    as Administrative Agent

2859 Paces Ferry Road, Suite 1200

Atlanta, Georgia 30339

Attn: Walter R. Gillikin

Ladies and Gentlemen:

Reference is made to the Credit Agreement dated as of November 3, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among National Retail Properties, Inc. (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement.

Pursuant to Section 2.10. of the Credit Agreement, the Borrower hereby requests a Conversion of Loans of one Type into Loans of another Type under the Credit Agreement, and in that connection sets forth below the information relating to such Conversion as required by such Section of the Credit Agreement:

 

  1. The proposed date of such Conversion is ______________, 20__.

 

  2. The Loans to be Converted pursuant hereto are currently:

[Check one box only]

 

  ¨ Base Rate Loans

 

  ¨ LIBOR Loans

 

  3. The aggregate principal amount of Loans subject to the requested Conversion is $_____________________ and was originally borrowed by the Borrower on ______________, 20__.

 

  4. The portion of such principal amount subject to such Conversion is $                        .

 

Exhibit E-1

 

  5. The amount of such Loans to be so Converted is to be converted into Loans of the following Type:

[Check one box only]

 

  ¨ Base Rate Loans

 

  ¨ LIBOR Loans, with an initial Interest Period for a duration of:

[Check one box only]

 

  ¨ 1 week

 

  ¨ 1 month

 

  ¨ 3 months

 

  ¨ 6 months

The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof and as of the date of the requested Conversion and after giving effect thereto, (a) no Default or Event of Default exists or will exist (provided the certification under this clause (a) shall not be made in connection with a Conversion of a Loan into a Base Rate Loan), and (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party are and shall be true in all material respects, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties were true and accurate on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents.

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Conversion as of the date first written above.

 

NATIONAL RETAIL PROPERTIES, INC.
By:    
  Name:    
  Title:    

 

Exhibit E-2

 

EXHIBIT F

FORM OF NOTICE OF SWINGLINE BORROWING

____________, 20___

Wells Fargo Bank, National Association,

as Administrative Agent

2859 Paces Ferry Road, Suite 1200

Atlanta, Georgia 30339

Attn: Walter R. Gillikin

Ladies and Gentlemen:

Reference is made to the Credit Agreement dated as of November 3, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among National Retail Properties, Inc. (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement.

 

  1. Pursuant to Section 2.2(b) of the Credit Agreement, the Borrower hereby requests that the Swingline Lender make a Swingline Loan to the Borrower in an amount equal to $                .

 

  2. The Borrower requests that such Swingline Loan be made available to the Borrower on ____________, 20___.

 

  3. The proceeds of this Swingline Loan will be used for the following purpose:
  _______________________________________________________________________________________________________ 
  _______________________________________________________________________________________________________.

 

  4. The Borrower requests that the proceeds of the borrowing of this Swingline Loan be made available to the Borrower by ________________________________________.

The Borrower hereby certifies to the Administrative Agent, the Swingline Lender and the Lenders that as of the date hereof, as of the date of the making of the requested Swingline Loan, and after making such Swingline Loan, (a) no Default or Event of Default exists or will exist, and none of the limits specified in Section 2.16. will be violated; and (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, are and shall be true and correct in all material respects, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties were true and accurate on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents. In addition, the Borrower certifies to the Administrative Agent and the Lenders that all conditions to the making of the requested Swingline Loan contained in Article V. of the Credit Agreement will have been satisfied at the time such Swingline Loan is made.

 

[Continued on next page]

Exhibit F-1

 

If notice of the requested borrowing of this Swingline Loan was previously given by telephone, this notice is to be considered the written confirmation of such telephone notice required by Section 2.2(b) of the Credit Agreement.

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Swingline Borrowing as of the date first written above.

 

NATIONAL RETAIL PROPERTIES, INC.
By:    
  Name:    
  Title:    

 

Exhibit F-2

 

Loan Number: 1001642-0

EXHIBIT G

TRANSFER AUTHORIZER DESIGNATION

(For Disbursement of Loan Proceeds by Funds Transfer)

¨   NEW         ¨  REPLACE PREVIOUS DESIGNATION         ¨  ADD         ¨  CHANGE         ¨  DELETE LINE NUMBER

The following representatives of National Retail Properties, Inc. (“Borrower”) are authorized to request the disbursement of loan proceeds and initiate funds transfers for Loan Number 1001642-0 assigned to the unsecured revolving credit facility evidenced by the Credit Agreement dated November 3, 2009, among the Borrower, each of the financial institutions initially a signatory thereto together with their assignees under Section 12.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as the Administrative Agent for the Lenders (the “Administrative Agent”) and the other parties thereto. The Administrative Agent is authorized to rely on this Transfer Authorizer Designation until it has received a new Transfer Authorizer Designation signed by Borrower, even in the event that any or all of the foregoing information may have changed.

 

    

Name

   

Title

    Maximum
Wire
Amount I 		 
1.         
2.         
3.         
4.         
5.         

[Continued on next page]

 

1

Maximum wire amount may not exceed the aggregate amount of the Commitments.

 

Exhibit G-1

Loan Number: 1001642-0

 

Beneficiary Bank and Account Holder Information

1.

 

Transfer Funds to (Receiving Party Account Name):

Receiving Party Account Number:

Receiving Bank Name, City and State:

    Receiving Bank Routing (ABA) Number

Maximum Transfer Amount:

   

Further Credit Information/Instructions:

2.

 

Transfer Funds to (Receiving Party Account Name):

Receiving Party Account Number:

Receiving Bank Name, City and State:

    Receiving Bank Routing (ABA) Number

Maximum Transfer Amount:

   

Further Credit Information/Instructions:

3.

 

Transfer Funds to (Receiving Party Account Name):

Receiving Party Account Number:

Receiving Bank Name, City and State:

    Receiving Bank Routing (ABA) Number

Maximum Transfer Amount:

   

Further Credit Information/Instructions:

 

Exhibit G-2

Loan Number: 1001642-0

 

 

Date: ___________, 20__

“BORROWER”

National Retail Properties, Inc.,

a Maryland corporation

By:    
  Name:    
  Title:    

 

Exhibit G-3

 

EXHIBIT H

FORM OF REVOLVING NOTE

 

$                    

                         , 20    

FOR VALUE RECEIVED, the undersigned, NATIONAL RETAIL PROPERTIES, INC. (the “Borrower”) hereby unconditionally promises to pay to the order of ___________________________ (the “Lender”), in care of Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), to Wells Fargo Bank, National Association, 733 Marquette Avenue, Minneapolis, Minnesota 55402, or at such other address as may be specified by the Administrative Agent to the Borrower, the principal sum of ___________________ AND ___/100 DOLLARS ($_____________) (or such lesser amount as shall equal the aggregate unpaid principal amount of Revolving Loans made by the Lender to the Borrower under the Credit Agreement (as herein defined)), on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid principal amount owing hereunder, at the rates and on the dates provided in the Credit Agreement.

The date, amount of each Revolving Loan made by the Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by the Lender on its books and, prior to any transfer of this Note, endorsed by the Lender on the schedule attached hereto or any continuation thereof, provided that the failure of the Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower to make a payment when due of any amount owing under the Credit Agreement or hereunder in respect of the Revolving Loans made by the Lender.

This Note is one of the Revolving Notes referred to in the Credit Agreement dated as of November 3, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the financial institutions party thereto and their assignees under Section 12.6. thereof, the Administrative Agent, and the other parties thereto, and is subject to, and entitled to, all provisions and benefits thereof. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement.

The Credit Agreement provides for the acceleration of the maturity of this Note upon the occurrence of certain events and for prepayments of Loans upon the terms and conditions specified therein.

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

The Borrower hereby waives presentment for payment, demand, notice of demand, notice of non-payment, protest, notice of protest and all other similar notices.

Time is of the essence for this Note.

[This Note is given in replacement of the Revolving Note dated _____ __, 20__, in the original principal amount of $_______ previously delivered to the Lender under the Credit Agreement. THIS NOTE IS NOT INTENDED TO BE, AND SHALL NOT BE CONSTRUED TO

 

Exhibit H-1

BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING UNDER OR IN CONNECTION WITH THE OTHER NOTE.]1

IN WITNESS WHEREOF, the undersigned has executed and delivered this Revolving Note under seal as of the date first written above.

 

NATIONAL RETAIL PROPERTIES, INC.
By:    
  Name:    
  Title:    

STATE OF GEORGIA2

COUNTY OF FULTON

BEFORE ME, a Notary Public in and for said County, personally appeared ___________ _________, known to me to be a person who, as _______________ of National Retail Properties, Inc., the entity which executed the foregoing Revolving Note, signed the same, and acknowledged to me that he did so sign said instrument in the name and upon behalf of said corporation as an officer of said corporation.

IN TESTIMONY WHEREOF, I have subscribed my name, and affixed my official seal, as of November __, 2009.

 

  
Notary Public
My Commission Expires:
[NOTARIAL SEAL]

 

1

Language to be included in case of an assignment and need to issue a replacement note to an existing Lender, either because such Lender’s Commitment has increased or decreased from what it was initially.

2

Notarial Acknowledgment may be deleted if either (i) no Florida documentary stamp tax is due or (ii) Florida documentary stamp tax is due but the Revolving Note is going to be signed in the State of Florida and any tax owing paid.

 

Exhibit H-2

 

SCHEDULE OF REVOLVING LOANS

This Note evidences Revolving Loans made under the within-described Credit Agreement to the Borrower, on the dates, in the principal amounts, bearing interest at the rates and maturing on the dates set forth below, subject to the payments and prepayments of principal set forth below:

 

Date of

Loan

   

Principal

Amount of

Loan

   

Interest

Rate

   

Maturity

Date of

Loan

   

Amount

Paid or

Prepaid

   

Unpaid
Principal
Amount

   

Notation

Made By

 

Exhibit H-3

 

EXHIBIT I

FORM OF SWINGLINE NOTE

 

$                    

                             , 20    

FOR VALUE RECEIVED, the undersigned, NATIONAL RETAIL PROPERTIES, INC. (the “Borrower”), hereby promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Swingline Lender”) to its address at 733 Marquette Avenue, Minneapolis, Minnesota 55402, or at such other address as may be specified by the Swingline Lender to the Borrower, the principal sum of __________________ AND NO/100 DOLLARS ($________________) (or such lesser amount as shall equal the aggregate unpaid principal amount of Swingline Loans made by the Swingline Lender to the Borrower under the Credit Agreement (as defined below)), on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid principal amount owing hereunder, at the rates and on the dates provided in the Credit Agreement.

The date, amount of each Swingline Loan, and each payment made on account of the principal thereof, shall be recorded by the Swingline Lender on its books and, prior to any transfer of this Note, endorsed by the Swingline Lender on the schedule attached hereto or any continuation thereof, provided that the failure of the Swingline Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower to make a payment when due of any amount owing under the Credit Agreement or hereunder in respect of the Swingline Loans.

This Note is the Swingline Note referred to in the Credit Agreement dated as of November 3, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the financial institutions party thereto and their assignees under Section 12.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as the Administrative Agent, and the other parties thereto, and evidences Swingline Loans made to the Borrower thereunder. Terms used but not otherwise defined in this Note have the respective meanings assigned to them in the Credit Agreement.

The Credit Agreement provides for the acceleration of the maturity of this Note upon the occurrence of certain events and for prepayments of Swingline Loans upon the terms and conditions specified therein.

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

The Borrower hereby waives presentment for payment, demand, notice of demand, notice of non-payment, protest, notice of protest and all other similar notices.

Time is of the essence for this Note.

 

Exhibit I-1

 

IN WITNESS WHEREOF, the undersigned has executed and delivered this Swingline Note under seal as of the date first written above.

 

NATIONAL RETAIL PROPERTIES, INC.
By:    
  Name:    
  Title:    

STATE OF GEORGIA5

COUNTY OF FULTON

BEFORE ME, a Notary Public in and for said County, personally appeared ____________________, known to me to be a person who, as _______________ of National Retail Properties, Inc., the entity which executed the foregoing Swingline Note, signed the same, and acknowledged to me that he did so sign said instrument in the name and upon behalf of said corporation as an officer of said corporation.

IN TESTIMONY WHEREOF, I have subscribed my name, and affixed my official seal, as of November __, 2009.

 

  
Notary Public
My Commission Expires:
[NOTARIAL SEAL]

 

5

Notarial Acknowledgment may be deleted if either (i) no Florida documentary stamp tax is due or (ii) Florida documentary stamp tax is due but the Swingline Note is going to be signed in the State of Florida and any tax owing paid.

 

Exhibit I-2

 

SCHEDULE OF SWINGLINE LOANS

This Note evidences Swingline Loans made under the within-described Credit Agreement to the Borrower, on the dates and in the principal amounts set forth below, subject to the payments and prepayments of principal set forth below:

 

Date of Loan

   

Principal

Amount of

Loan

   

Amount Paid

or Prepaid

   

Unpaid

Principal

Amount

   

Notation

Made By

 

Exhibit I-3

 

EXHIBIT J

FORM OF OPINION OF COUNSELTO THE BORROWER AND GUARANTORS

__________ ___, 20__

Wells Fargo Bank, National Association,

    as Administrative Agent

2859 Paces Ferry Road, Suite 1200

Atlanta, Georgia 30339

The Lenders party to the Credit Agreement

referred to below

Ladies and Gentlemen:

We have acted as counsel to National Retail Properties, Inc., a Maryland Corporation (the “Borrower”), in connection with the negotiation, execution and delivery of that certain Credit Agreement dated as of November 3, 2009 (the “Credit Agreement”), by and among the Borrower, each of the financial institutions initially a signatory thereto together with their assignees pursuant to Section 12.6. and Wells Fargo Bank, National Association, as Administrative Agent. We have also acted as counsel to _____________________ (each a “Guarantor” and collectively, the “Guarantors”, and together with the Borrower collectively referred to as the “Loan Parties”) in connection with the Guaranty dated as of November 3, 2009, made by each Guarantor in favor of the Administrative Agent and the Lenders. All capitalized terms used but not defined herein shall have the meanings set forth in the Credit Agreement.

In these capacities, we have reviewed the following:

 

  (a) the Credit Agreement;

 

  (b) Revolving Notes;

 

  (c) Swingline Note;

 

  (d) the Guaranty; and

 

  (e) the Letter of Credit Document.

The documents and instruments set forth in items (a) through (e) above are referred to herein as the “Loan Documents”.

In addition to the foregoing, we have reviewed the articles of incorporation and by-laws, certificates of limited partnership and limited partnership agreements, deeds of trust or other similar organizational documents, as applicable, of each Loan Party and certain resolutions of the board of directors, as applicable, of each Loan Party (collectively, the “Organizational Documents”) and have also examined originals or copies, certified or otherwise identified to our satisfaction, of such documents, corporate records, and other instruments, and made such other investigations of law and fact, as we have deemed necessary or advisable for the purposes of rendering this opinion. In our examination of documents, we assumed the genuineness of all signatures on documents presented to us as originals (other than the signatures of officers of the Loan Parties) and the conformity to originals of documents presented to us as conformed or reproduced copies.

 

Exhibit J-1

 

Based upon the foregoing, and subject to all of the qualifications and assumptions set forth herein, we are of the opinion that:

1. The Borrower (i) is duly organized as a corporation and is validly existing and in good standing under the laws of the State of Maryland and (ii) has the power to execute, deliver and perform the Loan Documents to which it is a party, to own and use its assets, and to conduct its business as presently conducted and as proposed to be conducted immediately following the consummation of the transactions contemplated by the Credit Agreement. The Borrower is qualified to transact business as a foreign corporation in ____________________________.

2. Each Guarantor (i) is duly organized as a [corporation] and is validly existing and in good standing under the laws of its jurisdiction of organization and (ii) has the power to execute, deliver and perform the Loan Documents to which it is a party, to own and use its assets, and to conduct its business as presently conducted and as proposed to be conducted immediately following the consummation of the transactions contemplated by the Credit Agreement. Each Guarantor is qualified to transact business as a foreign corporation in _________________________________.]

3. Each Loan Party has duly authorized the execution and delivery of the Loan Documents to which it is a party and all performance by each Loan Party thereunder. Each of the Loan Parties has duly executed and delivered such Loan Documents.

4. The execution and delivery by each Loan Party of the Loan Documents to which it is a party do not, and if such Loan Party were now to perform its obligations under such Loan Documents, such performance would not, result in any:

(a) violation of such Loan Party’s respective Organizational Documents, as applicable;

(b) violation of any existing federal or state constitution, statute, regulation, rule, order, or law to which such Loan Party or its assets are subject;

(c) breach or violation of or default under, any agreements, instruments, indentures or other documents evidencing any indebtedness for money borrowed or any other material agreement to which, to our knowledge, such Loan Party is bound or under which such Loan Party or its assets is subject;

(d) creation or imposition of a contractual lien or security interest in, on or against the assets of such Loan Party under any material written agreements to which such Loan Party is a party or by which such Loan Party or its assets are bound; or

(e) violation of any judicial or administrative decree, writ, judgment or order to which, to our knowledge, such Loan Party or its assets are subject.

5. The execution, delivery and performance by each of the Loan Parties of each Loan Document to which it is a party, and the consummation of the transactions thereunder, do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority of the United States of America, the State of Maryland or the States of __________________________.

 

Exhibit J-2

 

6. The Loan Documents constitute the legal, valid and binding obligations of the Loan Parties, enforceable against the respective Loan Parties in accordance with their respective terms, except that the foregoing opinion is subject to: (a) applicable bankruptcy, insolvency, reorganization, moratorium, arrangement or similar laws relating to or affecting the enforcement of creditors’ rights generally and (b) the fact that equitable remedies or relief (including, but not limited to, the remedy of specific performance) are subject to the discretion of the court before which any such remedies or relief may be sought.

7. To our knowledge, there are no judgments outstanding against any of the Loan Parties or affecting any of their respective assets, nor is there any litigation or other proceeding against any of the Loan Parties or its assets pending or overtly threatened.

8. None of the Loan Parties is, or, after giving effect to any Loan will be, subject to regulation under the Investment Company Act of 1940 or to any federal or state statute or regulation limiting its ability to incur indebtedness for borrowed money.

9. No transfer, mortgage, intangible, documentary stamp or similar taxes are payable by the Administrative Agent or the Lenders to the State of Florida or any political subdivision thereof in connection with (a) the execution and delivery of the Loan Documents or (b) the creation of the indebtedness and obligations evidenced by any of the Loan Documents.

10. Assuming that Borrower applies the proceeds of the Loans and as provided in the Credit Agreement, the transactions contemplated by the Loan Documents do not violate the provisions of Regulations T, U or X of the Federal Reserve Board.

11. The consideration to be paid to the Lenders for the financial accommodations to be provided to the Loan Parties pursuant to the Credit Agreement does not violate any law of the State of New York relating to interest and usury.

[Customary Qualifications/Assumptions/Limitations]

 

Very truly yours,
  

 

Exhibit J-3

 

EXHIBIT K

FORM OF COMPLIANCE CERTIFICATE

_____________ __, 20__

Reference is made to the Credit Agreement dated as of November 3, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among National Retail Properties, Inc. (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given to them in the Credit Agreement.

Pursuant to Section 8.3 of the Credit Agreement, the undersigned hereby certifies to the Administrative Agent and the Lenders as follows:

(1) The undersigned is the _____________________ of the Borrower.

(2) The undersigned has examined the books and records of the Borrower and has conducted such other examinations and investigations as are reasonably necessary to provide this Compliance Certificate.

(3) No Default or Event of Default exists [if such is not the case, specify such Default or Event of Default and its nature, when it occurred and whether it is continuing and the steps being taken by the Borrower with respect to such event, condition or failure].

4. The representations and warranties made or deemed made by the Borrower and the other Loan Parties in the Credit Agreement and the other Loan Documents to which any is a party, are true and correct in all material respects on and as of the date hereof, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Credit Agreement or the other Loan Documents.

5. Attached hereto as Schedule 1 are reasonably detailed calculations establishing whether or not the Borrower and its Subsidiaries were in compliance with the covenants contained in Sections 9.1., 9.2. and 9.4. of the Credit Agreement.

IN WITNESS WHEREOF, the undersigned has executed this certificate as of the date first above written.

 

 
Name:    
Title:    

 

Exhibit K-1

 

Schedule 1

[Calculations to be attached]

 

Exhibit K-2