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EXHIBIT 4.1
FIRST AMENDMENT TO
AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
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This First Amendment to Amended and Restated Revolving Credit Agreement
(the "Amendment") is made as of June 30, 1998, by and among Developers
Diversified Realty Corporation ("Borrower"), The First National Bank of Chicago,
individually and as "Administrative Agent," and the "Lenders" shown on the
signature pages hereof.
R E C I T A L S
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A. Borrower, Administrative Agent and the Lenders have entered into an
Amended and Restated Credit Agreement dated as of February 24, 1998 (as amended,
the "Credit Agreement"). All capitalized terms used herein and not otherwise
defined shall have the meanings give to them in the Credit Agreement.
B. Pursuant to the terms of the Credit Agreement, the Lenders initially
agreed to provide Borrower with a revolving credit facility in an aggregate
principal amount of up to $250,000,000. The Borrower, the Administrative Agent
and the Lenders now desire to amend the Credit Agreement in order to (i)
increase the Aggregate Commitment to $300,000,000; and
(ii) make certain other changes to the Credit Agreement.
NOW, THEREFORE, in consideration of the foregoing Recitals and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:
AGREEMENTS
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1. The foregoing Recitals to this Amendment hereby are incorporated
into and made part of this Amendment.
2. From and after the date on which this Amendment and the amended and
restated Notes described below have been fully executed and delivered (the
"Effective Date") certain of the Lenders shall be deemed to have increased their
respective Commitments to the amounts shown on Attachment A to this Amendment
and the respective Percentages of all the Lenders shall be revised as shown on
Attachment A to this Amendment. The Borrower shall, on or before the Effective
Date, execute and deliver to each Lender increasing its Commitment an amended
and restated note in the amount of such increased Commitment. The Lenders shall
cooperate on the Effective Date to adjust their respective ratable Loans to
conform to the new Percentages as described in Section 2.1 hereof.
3. From and after the Effective Date, the Aggregate Commitment shall
equal Three Hundred Million Dollars ($300,000,000).
4. For purposes of facilitating further increases in the Aggregate
Commitment, Section 2.1 of the Credit Agreement entitled, COMMITMENTS: REDUCTION
OR INCREASE IN AGGREGATE COMMITMENT, is hereby amended by replacing the amount
"$300,000,000" therein with the
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amount "$400,000,000." Similarly Section 8.2 of the Credit Agreement, entitled,
Amendments, is hereby amended by deleting the amount "$300,000,000" appearing in
clause (iv) thereof and replacing it with the amount "$400,000,000."
5. The Borrower hereby represents and warrants that, as of the
Effective Date, there is no Default or Unmatured Default, the representations
and warranties contained in Article V of the Credit Agreement are true and
correct as of such date and the Borrower has no offsets or claims against any of
the Lenders.
6. As expressly modified as provided herein, the Credit Agreement shall
continue in full force and effect.
7. This Amendment may be executed in any number of counterparts, all of
which taken together shall constitute one agreement, and any of the parties
hereto may execute this Amendment by singing any such counterpart.
IN WITNESS WHEREOF, the parties have executed and delivered this
Amendment as of the date first written above.
DEVELOPERS DIVERSIFIED REALTY
CORPORATION
By: /s/ William H. Schafer
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Print Name: WILLIAM H. SCHAFER
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Title: Vice President and CEO
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34555 Chagrin Boulevard
Moreland Hills, Ohio 44022-1004
Phone: 216/247-4700
Facsimile: 216/247-1118
Attention: Scott A. Wolstein
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THE FIRST NATIONAL BANK OF CHICAGO,
Individually and as Administrative Agent
By: /s/ Gregory A. Gilbert
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Print Name: GREGORY A. GILBERT
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Title: Vice President
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One First National Plaza
Chicago, Illinois 60670
Phone: 312/732-4000
Facsimile: 312/732-1117
Attention: Real Estate Finance Department
BANK OF AMERICA NATIONAL TRUST &
SAVINGS ASSOCIATION, a national banking
association
By: /s/ Richard G. Baer, Jr.
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Print Name: RICHARD G. BAER, JR.
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Title: Vice President
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231 South LaSalle Street, 12-Q
Chicago, Illinois 60697
Phone: 312/828-5149
Facsimile: 312/974-4970
Attention: Richard G. Baer, Jr., Vice President
COMMERZBANK AKTIENGESELLSCHAFT
By: /s/ Mark Monson
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Print Name: MARK MONSON
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Title: Vice President
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311 South Wacker Drive, 58th Floor
Chicago, Illinois 60606
Phone: 312/408-6900
Facsimile: 312/435-1485
Attention: Timothy Shortly
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FLEET NATIONAL BANK
By: /s/ Jane E. McGrath
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Print Name: JANE E. McGRATH
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Title: Vice President
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75 State Street, MA/B/F11C
Boston, Massachusetts 02109-1810
Phone: 617/346-2881
Facsimile: 617/346-3220
Attention: Thomas Hanold, Vice President
UNION BANK OF SWITZERLAND, NEW
YORK BRANCH
By: /s/ Joseph M. Bassil
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Print Name: JOSEPH M. BASSIL
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Title: Director
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299 Park Avenue
New York, New York 10171-0026
Phone: 212/821-3851
Facsimile: 212/821-4138
Attention: Joe Bassil
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AMSOUTH BANK
By: /s/ Lawrence Clark
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Print Name: LAWRENCE CLARK
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Title: Vice President
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1900 5th Avenue, North
AmSouth South Sonar Tower, 9th Floor
Birmingham, Alabama 35288
Phone: 205/581-7493
Facsimile: 205/326-4075
Attention: Lawrence Clark, Vice President
PNC BANK, NATIONAL ASSOCIATION
By: /s/ Terri A. Wyder
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Print Name: TERRI A. WYDER
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Title: Vice President
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One PNC Plaza
249 5th Avenue, Mail Stop P1-POPP-19-2
Pittsburgh, Pennsylvania 15222-2707
Phone: 412/762-9118
Facsimile: 412/762-6500
Attention: Dina Muth
BANK ONE
By: /s/ Samuel T. Russo
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Print Name: SAMUEL T. RUSSO
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Title: Vice President
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OH2-5491, 3rd Floor
Commercial Real Estate
600 Superior Avenue
Cleveland, Ohio 44114
Phone: 216/781-2431
Facsimile: 216/781-4567
Attention: Sam Russo
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COMERICA BANK
By: /s/ Leslie Vogel
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Print Name: LESLIE VOGEL
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Title: Account Officer
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500 Woodward Avenue
Detroit, Michigan 48226-3256
Phone: 313/222-9306
Facsimile: 313/222-9295
Attention: David Campbell, Vice President
FIRST UNION NATIONAL BANK
By: /s/ John A. Schissal
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Print Name: JOHN A. SCHISSAL
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Title: Director
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One First Union Center, DC-6
Charlotte, North Carolina 28288-0166
Phone: 704/383-1967
Facsimile: 704/383-6205
Attention: Daniel J. Sullivan
MELLON BANK, N.A.
By: /s/ James R. Carey
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Print Name: JAMES R. CAREY
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Title: Vice President
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One Mellon Bank Center, Suite 2915
Pittsburgh, Pennsylvania 15258
Phone: 412/234-9625
Facsimile: 412/234-8657
Attention: Tom Greulich