Exhibit 10.2
FORM OF AMENDMENT
[TENTH] AMENDMENT TO THE
AMENDED AND RESTATED
LIMITED PARTNERSHIP AGREEMENT OF
THE MACERICH PARTNERSHIP, L.P.
THIS [TENTH] AMENDMENT (the
“Amendment” ) TO THE AMENDED AND RESTATED
LIMITED PARTNERSHIP AGREEMENT DATED AS OF MARCH 16, 1994,
AMENDED AS OF AUGUST 14, 1995, FURTHER AMENDED AS OF
JUNE 27, 1997, FURTHER AMENDED AS OF NOVEMBER 16, 1997,
FURTHER AMENDED AS OF FEBRUARY 25, 1998, FURTHER AMENDED AS OF
FEBRUARY 26, 1998, FURTHER AMENDED AS OF JUNE 17, 1998,
FURTHER AMENDED AS OF DECEMBER 23, 1998, FURTHER AMENDED AS OF
NOVEMBER 9, 2000, AND FURTHER AMENDED AS OF JULY 26, 2002
(the “Agreement” ) OF THE MACERICH PARTNERSHIP,
L.P. (the “Partnership” ) is dated effective as
of
.
RECITALS
WHEREAS , MACP LP, a subsidiary of the Partnership, has
merged with and into Wilmorite Holdings, L.P. (“WHLP”),
a Delaware partnership (the “Partnership Merger”)
effective as of
;
WHEREAS , simultaneously with the consummation of the
Partnership Merger, the agreement of limited partnership of WHLP
was amended and restated (the “2005 Amended and Restated WHLP
Agreement”);
WHEREAS , pursuant to Section 8.10 of the 2005
Amended and Restated WHLP Agreement, the Partnership has the right
to cause each limited partner of WHLP (each, a “WHLP
Partner”) to exchange his, her or its partnership units in
WHLP for interests in the Partnership (the “Partnership
Call”), and certain WHLP Partners have the right to exchange
part or all of their partnership units in WHLP for interests in the
Partnership (the “WHLP Partner Put Right”);
WHEREAS, the Partnership Call and/or the WHLP Partner Put
Right has been exercised (each such date of exercise being a
“WHLP Contribution Date”);
WHEREAS , the Partnership has agreed to issue to one or
more of the WHLP Partners, (1) in exchange for all or a portion of
their common units in WHLP (the “WHLP Common Units”),
Common Units; (2) in exchange for all or a portion of their
nonparticipating Class A Preferred Units in WHLP (the “WHLP
Nonparticipating CPUs”), special partnership units of the
Partnership (the “Series N Preferred Units”) having the
terms and subject to the conditions set forth herein; and (3) in
exchange for all or a portion of their participating Class A
Preferred Units in WHLP (the “WHLP Participating
CPUs”), special partnership units of the Partnership (the
“Series P Preferred Units”) having the terms and
subject to the conditions set forth herein;
WHEREAS , the Series N Preferred Units shall have the
terms set forth in Exhibit B to this Amendment and the redemption
rights set forth in Exhibits D and F to this Amendment;
WHEREAS , the Series P Preferred Units shall have the
terms set forth in Exhibit C to this Amendment and the redemption
rights set forth in Exhibit E to this Amendment;
WHEREAS, Section 3.3(a)(i) of the Agreement
authorizes the General Partner to cause the Partnership to issue
additional interests in the Partnership in one or more classes, or
one or more series of any of such classes, with such designations,
preferences and relative, participating, optional or other special
rights, powers and duties, including rights, powers and duties
senior to those of the Limited Partners, all as shall be determined
by the General Partner in its sole and absolute discretion and
without the approval of any of the Limited Partners;
WHEREAS, Section 12.1(b)(iii) of the
Agreement provides that the General Partner has the power, without
the consent of the Limited Partners of the Partnership, to amend
the Agreement as may be required to facilitate or implement setting
forth the designations, rights, powers, duties, and preferences of
the holders of any additional interests in the Partnership issued
pursuant to Section 3.3 ;
WHEREAS, the General Partner has made the determination
pursuant to Section 12.1(b)(iii) of the Agreement that
consent of the Limited Partners of the Partnership is not required
with respect to the matters set forth in this Amendment;
and
WHEREAS, all things necessary to make this Amendment a
valid agreement of the Partnership have been done;
NOW, THEREFORE,
pursuant to the authority granted to
the General Partner under the Agreement, the Agreement is hereby
amended as follows:
1.
Amendments
.
(a)
In exchange for the contribution of
WHLP Common Units, the Partnership hereby issues to each new
Limited Partner identified under the heading “Common
Units” on Exhibit A to this Amendment the number of Common
Units set forth opposite such new Limited Partner’s
name. Each new Limited Partner is hereby admitted as a
Limited Partner in respect of such Common Units, and each such new
Limited Partner agrees to be bound by the provisions of this
Agreement, as amended from time to time. Without limitation
of the foregoing, each such new Limited Partner is deemed to have
made all of the representations, warranties, acknowledgements,
waivers and agreements set forth in Sections 10.6, 11.1 and 13.11
of the Agreement. The Capital Contribution made by each such new
Limited Partner shall be deemed to be the fair market value of the
contributed WHLP Common Units, which shall be the Cash Amount (as
such term is defined in the 2005 Amended and Restated WHLP
Agreement) that would have been payable if the common units were
redeemed pursuant to Section 8.6 of the 2005 Amended and
Restated WHLP Agreement as of the date of such
redemption.
(b)
Section 2.2 of the Agreement is
hereby amended by inserting the following new Sections 2.2(f) and
2.2(g) to read as follows:
(f)
Series N Preferred
Units . In exchange
for the contribution of the WHLP Nonparticipating CPUs, the
Partnership hereby issues to each new Limited Partner identified
under the heading “Series N Preferred Units” on Exhibit
A to this Amendment
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the number of Series N Preferred
Units set forth opposite such new Limited Partner’s
name. Each new Limited Partner is hereby admitted as a
Limited Partner in respect of such Series N Preferred Units, and
each such new Limited Partner agrees to be bound by the provisions
of this Agreement, as amended from time to time. Without
limitation of the foregoing, each such new Limited Partner is
deemed to have made all of the representations, warranties,
acknowledgements, waivers and agreements set forth in Sections
10.6, 11.1 and 13.11 of the Agreement. The Capital
Contribution made by each such new Limited Partner shall be deemed
to be the fair market value of the contributed WHLP
Nonparticipating CPUs, which shall be reasonably determined in good
faith by the General Partner. Series N Preferred Units shall
have the rights, powers and duties set forth in Exhibit B to this
Amendment.
(g)
Series P Preferred
Units . In exchange
for the contribution of the WHLP Participating CPUs, the
Partnership hereby issues to each new Limited Partner identified
under the heading “Series P Preferred Units” on Exhibit
A to this Amendment the number of Series P Preferred Units set
forth opposite such new Limited Partner’s name. Each
new Limited Partner is hereby admitted as a Limited Partner in
respect of such Series P Preferred Units, and each such new Limited
Partner agrees to be bound by the provisions of this Agreement, as
amended from time to time. Without limitation of the
foregoing, each such new Limited Partner is deemed to have made all
of the representations, warranties, acknowledgements, waivers and
agreements set forth in Sections 10.6, 11.1 and 13.11 of the
Agreement. The Capital Contribution made by each such new
Limited Partner shall be deemed to be the fair market value of the
contributed WHLP Participating CPUs, which shall be reasonably
determined in good faith by the General Partner. Series P
Preferred Units shall have the rights, powers and duties set forth
in Exhibit C to this Amendment.
(c)
Section 4.1 of the Agreement is
hereby amended to read as follows:
4.1 Distribution of Net
Cash Flow. The
General Partner shall cause the Partnership to distribute all or a
portion of Net Cash Flow to the Partners from time to time as
determined by the General Partner, but in any event not less
frequently than quarterly, in such amounts as the General Partner
shall determine. Notwithstanding the foregoing, the General
Partner shall use its reasonable efforts to cause the Partnership
to distribute sufficient amounts to enable the General Partner to
pay shareholder dividends that will (a) satisfy the
requirements for qualifying as a REIT under the Code and
Regulations ( “REIT Requirements” ), and
(b) avoid any federal income or excise tax liability of the
General Partner. All amounts withheld pursuant to the Code or
a provision of any state or local tax law with respect to any
allocation, payment or distribution to the General Partner or any
Limited Partner shall be treated as amounts distributed to such
Partner. Upon the receipt by the General Partner of each
Exercise Notice, Series D Exercise Notice, Series N Exercise
Notice, Series P Exercise Notice, or Special Exercise Notice
pursuant to which one or more Redemption Partners, Series D
Redemption Partners, Series N Redemption Partners, or Series P
Redemption Partners exercise Redemption Rights in accordance with
the provisions of Article IX and the Redemption Rights
Exhibit, the Series D Redemption Rights Exhibit, the Series N
Redemption Rights Exhibit, the Series P Redemption Rights Exhibit,
or Special Redemption Rights in
3
accordance with the provisions of
Article IX and the Special Redemption Rights Exhibit,
the General Partner shall, unless the General Partner has elected
to issue only Shares to such Redemption Partners in respect of the
Purchase Price of the Offered Interests, Series D Preferred Shares
to such Series D Redemption Partners in respect of the Series D
Purchase Price of the Series D Offered Interests, Shares to such
Series N Redemption Partners in respect of (x) the Series N
Purchase Price of the Series N Offered Interests or (y) the Special
Purchase Price of the Special Offered Interests, or Shares to such
Series P Redemption Partners in respect of the Series P Purchase
Price of the Series P Offered Interests, cause the Partnership to
distribute to the Partners, pro rata in accordance
with their respective distribution rights as of the date of
delivery of such Exercise Notice, Series D Exercise Notice, Series
N Exercise Notice, Series P Exercise Notice, or Special Exercise
Notice, all (or such lesser portion as the General Partner shall
reasonably determine to be prudent under the circumstances) of Net
Cash Flow, which distribution shall be made prior to the closing of
the redemption or purchase and sale of the Offered Interests,
Series D Offered Interests, Series N Offered Interests, Series P
Offered Interests, or Special Offered Interests specified in such
Exercise Notice, Series D Exercise Notice, Series N Exercise
Notice, Series P Exercise Notice, or Special Exercise Notice.
Subject to any restrictions or limitations imposed by any
provisions of any agreement with respect to indebtedness or
Section 17-607 of the Act, distributions shall be made in
accordance with the following order of priority:
(a)
First, to the General Partner, with
respect to the Series A Preferred Units and Series B Preferred
Units, and to the holders of the Series D Preferred Units, the
Series N Preferred Units, and the Series P Preferred Units,
pro rata, in an amount equal to the cumulative and
unpaid Series A Preferred Return on such Series A Preferred Units,
the cumulative and unpaid Series B Preferred Return on such Series
B Preferred Units, the cumulative and unpaid Series D Preferred
Return on such Series D Preferred Units, the cumulative and unpaid
Series N Preferred Return on such Series N Preferred Units, and the
cumulative and unpaid Series P Preferred Return on such Series P
Preferred Units in such a way as to allow the General Partner to
pay cumulative preferential dividends and any additional amounts
required on the Series A Preferred Shares, the Series B Preferred
Shares, the Series D Preferred Units, any outstanding Series D
Preferred Shares, the Series N Preferred Units, and the Series P
Preferred Units, respectively, payable to the holders thereof;
and
(b)
Then, to the Partners holding Common
Units, pro rata in accordance with such
Partners’ then Percentage Interests.
(d)
Subsections (a), (b) and (c) of
Section 9.1 of the Agreement are hereby amended to read as
follows:
(a)
The Partnership does hereby grant to
each Redemption Partner and each Redemption Partner does hereby
accept the rights (“Redemption Rights”), but without
obligation to the Redemption Partner, to require the Partnership to
redeem from time to time part or all of its Partnership Interest
for the Purchase Price set forth in the Redemption Rights Exhibit
or, in the case of Series D Preferred Units, for the Series D
Purchase Price set forth in the Series D Redemption Rights Exhibit;
in the case of Series
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N Preferred Units, for the Series N
Purchase Price set forth in the Series N Redemption Rights Exhibit;
or in the case of Series P Preferred Units, for the Series P
Purchase Price set forth in the Series P Redemption Rights
Exhibit.
(b)
Notwithstanding the provisions of
Section 9.1(a) , the General Partner may, in its sole
and absolute discretion, assume directly the obligation with
respect to and satisfy the Redemption Partner’s exercise of a
Redemption Right by paying to the Redemption Partner, at the
General Partner’s election, either the Cash Purchase Price or
the Share Purchase Price; the Series D Cash Purchase Price or the
Series D Share Purchase Price; the Series N Cash Purchase Price or
the Series N Share Purchase Price; or the Series P Cash Purchase
Price or the Series P Share Purchase Price, as applicable;
provided, however, that notwithstanding the foregoing the General
Partner may not elect to pay the Share Purchase Price, the Series D
Share Purchase Price, the Serie