THIS AMENDMENT TO CREDIT AGREEMENT is dated as of April __, 1997 and is
among GLENBOROUGH PROPERTIES, L.P., a California limited partnership
("Borrower"), ▇▇▇▇▇ FARGO BANK, NATIONAL ASSOCIATION ("▇▇▇▇▇ Fargo"), FLEET
NATIONAL BANK ("Fleet") (▇▇▇▇▇ Fargo and Fleet, collectively, "Lenders"), and
▇▇▇▇▇ Fargo, in its capacity as Agent and as a Lender.
RECITALS
WHEREAS, Borrower and Lenders are the parties to that certain Credit
Agreement dated July 11, 1996 (as amended, supplemented or modified from time to
time, the "Agreement"), pursuant to which Borrower entered into a %50,000,000
revolving credit facility with Lenders secured by a variety of Borrower's
properties; pursuant to which Borrower entered into a $50,000,000 revolving
credit facility with Lenders secured by a variety of Borrower's properties;
WHEREAS, Fleet has previously purchased from ▇▇▇▇▇ Fargo a $20,000,000
portion of the Facility pursuant to an Assignment and Assumption Agreement
between ▇▇▇▇▇ Fargo and Fleet;
WHEREAS, ▇▇▇▇▇ Fargo has previously purchased from Imperial Bank a
$10,000,000 portion of the Facility pursuant to an Assignment and Assumption
Agreement between ▇▇▇▇▇ Fargo and Imperial Bank;
WHEREAS, Borrower and Lenders desire to modify the Agreement as provided
herein;
NOW, THEREFORE, the parties hereto agree as follows:
1. Modification of LIBOR Loans Rate. Effective as of March 8, 1997,
Section 2.04 (b) of the Agreement is hereby amended and restated as
follows:
(b) LIBOR Loans. Subject to Sections 2.04(d) and 2.04(h), all
LIBOR Loans shall bear interest on the unpaid principal amount thereof
during the Interest Period applicable thereto at a rate per annum
equal to the sum of LIBOR for such Interest Period plus one and
three-quarters percent (1.75%). LIBOR Loans shall be in tranches of
One Million Dollars ($1,000,000) or Fifty Thousand Dollar ($50,000)
increments in excess thereof. No more than four (4) LIBOR Loan
tranches shall be outstanding at any one time. Notwithstanding
anything to the contrary contained herein and subject to the Default
Interest provisions contained in Section 2.04(d), if an Event of
Default occurs and as a result thereof the Commitments are terminated,
all LIBOR Loans will convert to Base Rate Loans upon the expiration of
the applicable Interest Periods therefor or the date all Loans become
due, whichever occurs first.
2. Definition of Base Rate. Effective as of March 18, 1997, the
definition of "Base Rate" is hereby amended and restated as follows:
"Base Rate" means, on any day, the base rate of interest per
annum established from time to time by Agent at its principal office
in San Francisco, California, and designated as its prime rate as in
effect on such day.
3. No Other Modification. Except as amended herein, the Agreement
shall remain unmodified and in full force and effect.
IN WITNESS WHEREOF, this Amendment to Credit Agreement has been duly
executed on the date set forth above.
BORROWER: GLENBOROUGH PROPERTIES, L.P., a
California limited partnership
By: GLENBOROUGH REALTY TRUST INCORPORATED,
a Maryland corporation, its general partner
By /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
-----------------------------------
▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
Its Executive Vice President
and Chief Operating Officer
AGENT/LENDER: ▇▇▇▇▇ FARGO BANK, NATIONAL ASSOCIATION
By /s/ ▇▇▇▇▇▇ ▇▇▇▇
---------------------------------------
Its Vice President
Pro Rata Share: 60%
Loan Commitment: $30,000,000
OTHER LENDER: FLEET NATIONAL BANK
By /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇
---------------------------------------
Its Vice President
Pro Rata Share: 40%
Loan Commitment: $20,000,000
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