Exhibit 4.7
SECOND AMENDMENT TO SECURED LOAN AGREEMENT
THIS SECOND AMENDMENT, made as of the 25th day of
April, 1995, by and among PENNSYLVANIA REAL ESTATE INVESTMENT
TRUST, an unincorporated association in business trust form
("Borrower"), and CORESTATES BANK, N.A., a national banking
association ("Agent") in its individual capacity as a Lender and
as Agent for itself and MERIDIAN BANK, MIDLANTIC BANK, N.A., and
PNC BANK, NATIONAL ASSOCIATION (individually, including Agent,
referred to as a "Lender" and collectively referred to as
"Lenders").
BACKGROUND
A. Borrower, Agent and Lenders are parties to a
Secured Loan Agreement dated November 9, 1994, as amended by a
First Amendment to Secured Loan Agreement dated March 20, 1995
(the "Loan Agreement"). All capitalized terms used but not
specifically defined herein have the meanings defined in the Loan
Agreement.
B. Borrower, Agent and Lenders have this date
completed the Subsequent Closing and Lenders have severally, in
accordance with their respective Pro Rata Shares, advanced to
Borrower an additional $7,800,000.00, causing the outstanding
principal balance of the Loan to be $35,000,000.00.
C. Pursuant to Section 2.1.2.1 of the Loan Agreement,
the parties have agreed upon a new Schedule 2.1.2.1 for the Loan
Agreement.
NOW, THEREFORE, in consideration of the foregoing and
of the mutual covenants set forth herein, the parties hereto,
intending to be legally bound, agree as follows:
1. Schedule 2.1.2.1 of the Loan Agreement is hereby
deleted and the new Schedule 2.1.2.1 that is attached to this
Second Amendment as Exhibit "A" is substituted in its place.
2. Except as specifically modified hereby, the Loan
Agreement remains in full force and effect, in accordance with
its terms.
IN WITNESS WHEREOF, Borrower, Agent and Lenders have
executed this Agreement under seal, intending to be legally bound
hereby, as of the day and year first above written.
BORROWER:
PENNSYLVANIA REAL ESTATE INVESTMENT
TRUST
By: /s/ Robert G. Rogers
---------------------------------------
Robert G. Rogers, Trustee
By: /s/ Jeffrey A. Linn
---------------------------------------
Jeffrey A. Linn, Secretary
LENDERS:
CORESTATES BANK, N.A.
By: /s/ Glenn W. Gallagher
---------------------------------------
Glenn W. Gallagher, Vice President
MERIDIAN BANK
By: /s/ K.C. Barrett
---------------------------------------
K.C. Barrett, Vice President
MIDLANTIC BANK, N.A.
By: /s/ Robert A. Goldstein
---------------------------------------
Robert A. Goldstein,
Vice President
[signature continued on next page]
PNC BANK, NATIONAL ASSOCIATION
By: /s/ David A. Pioch
---------------------------------------
David A. Pioch, Vice President
AGENT:
CORESTATES BANK, N.A.
By: /s/ Glenn W. Gallagher
---------------------------------------
Glenn W. Gallagher,
Vice President
EXHIBIT "A"
Schedule 2.1.2.1
Scheduled Monthly Installment
Payment Date Installment of Principal Due
------------------------------ ----------------------------
May 1, 1995 through April, 1996,
inclusive $34,610.63
May 1, 1996 through April, 1997,
inclusive 37,714.80
May 1, 1997 through April, 1998,
inclusive 41,097.38
If first option to extend is
exercised:
April 1, 1998 41,097.38
May 1, 1998 through March 1,
1999, inclusive 44,783.35
If second option to extend is
exercised:
April 1, 1999 44,783.35
May 1, 1999 through March, 2000,
inclusive 48,799.90