Exhibit 10.3

AMENDMENT TO CREDIT AGREEMENT
THIS AMENDMENT TO CREDIT AGREEMENT, hereinafter referred to as this “Amendment”,
dated as of March 3, 2020, is made and entered into by and among HINES GLOBAL
REIT PROPERTIES LP, a Delaware limited partnership (“Borrower”), the guarantors
(“Guarantors”) signatories hereto, the financial institutions (“Lenders”) which
are now or may hereafter become signatories hereto, and JPMORGAN CHASE BANK,
NATIONAL ASSOCIATION (“JPMorgan”), as administrative agent for the Lenders (in
such capacity, “Agent”).
W I T N E S S E T H:
WHEREAS, Borrower, Agent, Lenders and certain other persons have entered into an
Amended and Restated Credit Agreement dated as of June 29, 2015 (as amended by
Amendment to Credit Agreement dated as of March 4, 2019, the “Credit
Agreement”); and
WHEREAS, Borrower has exercised its first extension option and requested that
the Credit Agreement and the other Loan Documents be amended in certain other
respects, and Agent and Lenders have approved such request;
NOW, THEREFORE, in consideration of the premises and the mutual agreements,
representations and warranties herein set forth, and for other good and valuable
consideration, Borrower, Guarantors, Agent and Lenders do hereby agree as
follows:
Section 1.Capitalized terms used herein that are defined in the Credit Agreement
shall have the same meanings when used herein unless otherwise defined herein.

Section 2.Borrower requested that the aggregate Revolving Loan Commitments be
decreased to $200,000,000.00 pursuant to Section 2.09(b) of the Credit
Agreement, effective as of February 6, 2020. The aggregate Revolving Loan
Commitments are $200,000,000.00.

Section 3.Borrower requested that the aggregate Foreign Currency Commitments and
the Foreign Currency Sublimit be decreased to $100,000,000.00, as of February 6,
2020. The Credit Agreement is hereby amended to provide that, as of February 6,
2020, (a) the aggregate Dollar Equivalent of the Lenders’ Foreign Currency
Commitments and the Foreign Currency Sublimit are each $100,000,000.00, and (b)
the Foreign Currency Commitments shall not be adjusted ratably if the Revolving
Loan Commitments are increased or decreased but shall never exceed the aggregate
Revolving Loan Commitments.

Section 4.The Credit Agreement is hereby amended as follows:

(a)
Section 1.01 is hereby amended to add the following definitions and, if already
defined, to amend the following definitions in their entirety:

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“Affected Financial Institution” means (a) any EEA Financial Institution or
(b) any UK Financial Institution.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by
the applicable Resolution Authority in respect of any liability of an Affected
Financial Institution.
“Bail-In Legislation” means (a) with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and
of the Council of the European Union, the implementing law, regulation, rule or
requirement for such EEA Member Country from time to time which is described in
the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom,
Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and
any other law, regulation or rule applicable in the United Kingdom relating to
the resolution of unsound or failing banks, investment firms or other financial
institutions or their affiliates (other than through liquidation, administration
or other insolvency proceedings).
“Maturity Date” means September 4, 2020, as the same may be extended in
accordance with Section 2.22.
“Resolution Authority” means an EEA Resolution Authority or, with respect to any
UK Financial Institution, a UK Resolution Authority.
“UK Financial Institution” means any BRRD Undertaking (as such term is defined
under the PRA Rulebook (as amended form time to time) promulgated by the United
Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6
of the FCA Handbook (as amended from time to time) promulgated by the United
Kingdom Financial Conduct Authority, which includes certain credit institutions
and investment firms, and certain affiliates of such credit institutions or
investment firms.
“UK Resolution Authority” means the Bank of England or any other public
administrative authority having responsibility for the resolution of any UK
Financial Institution.
“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution
Authority, the write-down and conversion powers of such EEA Resolution Authority
from time to time under the Bail-In Legislation for the applicable EEA Member
Country, which write-down and conversion powers are described in the EU Bail-In
Legislation Schedule, and (b) with respect to the United Kingdom, any powers of
the applicable Resolution Authority under the Bail-In Legislation to cancel,
reduce, modify or change the form of a liability of any UK Financial Institution
or any contract or instrument under which that liability arises, to convert all
or part of that liability into shares, securities or obligations of that

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person or any other person, to provide that any such contract or instrument is
to have effect as if a right had been exercised under it or to suspend any
obligation in respect of that liability or any of the powers under that Bail-In
Legislation that are related to or ancillary to any of those powers.
(b)Section 9.16 is hereby amended in its entirety to read as follows:
SECTION 9.16 Acknowledgement and Consent to Bail-In of Affected Financial
Institutions. Notwithstanding anything to the contrary in any Loan Document or
in any other agreement, arrangement or understanding among any such parties,
each party hereto acknowledges that any liability of any Affected Financial
Institution arising under any Loan Document, to the extent such liability is
unsecured, may be subject to the Write-Down and Conversion Powers of the
applicable Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by the applicable
Resolution Authority to any such liabilities arising hereunder which may be
payable to it by any party hereto that is an Affected Financial Institution; and
(b)    the effects of any Bail-In Action on any such liability, including, if
applicable:
(i)    a reduction in full or in part or cancellation of any such liability;
(ii)    a conversion of all, or a portion of, such liability into shares or
other instruments of ownership in such Affected Financial Institution, its
parent entity, or a bridge institution that may be issued to it or otherwise
conferred on it, and that such shares or other instruments of ownership will be
accepted by it in lieu of any rights with respect to any such liability under
this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the
exercise of the Write-Down and Conversion Powers of the applicable Resolution
Authority.
Section 5.Borrower represents and warrants that, except as qualified in this
Section, (a) the representations and warranties contained in Article III of the
Credit Agreement are true and correct in all material respects on and as of the
date hereof as though made on and as of such date, and (b) all of the conditions
for extension of the Maturity Date set forth in Section 2.22 of the Credit
Agreement have been satisfied. The representations and warranties set forth in
Article III of the Credit Agreement are qualified as follows: attached hereto as
Exhibit A is an updated list of all Subsidiaries of the REIT to replace the
existing Schedule 3.13. Borrower hereby certifies that no event has occurred and
is continuing which constitutes an Event of Default under the Credit Agreement
or which upon the giving of notice or the lapse of time or both would constitute
such an Event of Default.

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Section 6.Except as expressly amended hereby, the Credit Agreement and the other
Loan Documents shall remain in full force and effect. The Credit Agreement, as
hereby amended, and all rights and powers created thereby or thereunder and
under the other Loan Documents are in all respects ratified and confirmed and
remain in full force and effect.

Section 7.The term “Credit Agreement” as used in the Credit Agreement, the other
Loan Documents or any other instrument, document or writing furnished to Agent
or Lenders by Borrower shall mean the Credit Agreement as hereby amended.

Section 8.This Amendment (a) shall be binding upon Borrower, Guarantors, Agent
and Lenders and their respective successors and assigns (provided, however, no
party may assign its rights hereunder except in accordance with the Credit
Agreement); (b) may be modified or amended only in accordance with the Credit
Agreement; (c) shall be governed by and construed in accordance with the laws of
the State of Texas and the United States of America; (d) may be executed in
several counterparts, and by the parties hereto on separate counterparts, and
each counterpart, when so executed and delivered, shall constitute an original
agreement, and all such separate counterparts shall constitute but one and the
same agreement; and (e) embodies the entire agreement and understanding between
the parties with respect to the subject matter hereof and supersedes all prior
agreements, consents and understandings relating to such subject matter.
Borrower and Guarantors each hereby releases, discharges and acquits forever
Agent, Lenders and their respective officers, directors, trustees, agents,
employees and counsel (in each case, past, present and future) from any and all
Claims existing as of the date of actual execution hereof by the applicable
person or entity. As used herein, the term “Claim” shall mean any and all
liabilities, claims, defenses, demands, actions, causes of action, judgments,
deficiencies, interest, liens, costs or expenses (including but not limited to
court costs, penalties, attorneys’ fees and disbursements, and amounts paid in
settlement) of any kind and character whatsoever, arising directly or indirectly
from the loan evidenced by the Credit Agreement, including but not limited to
claims for usury, breach of contract, breach of commitment, negligent
misrepresentation or failure to act in good faith, in each case whether now
known or unknown, suspected or unsuspected, asserted or unasserted or primary or
contingent, and whether arising out of written documents, unwritten
undertakings, course of conduct, tort, violations of laws or regulations or
otherwise.

Section 9.THIS AMENDMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED BY ANY OF THE
PARTIES BEFORE OR SUBSTANTIALLY CONTEMPORANEOUSLY WITH THE EXECUTION HEREOF
TOGETHER CONSTITUTE A WRITTEN LOAN AGREEMENT WHICH REPRESENTS THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

[Signature Pages Follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed
by their respective duly authorized officers, effective as of the date first set
forth herein.
HINES GLOBAL REIT PROPERTIES LP
By:    Hines Global REIT, Inc.,
General Partner
By:    /s/ A. Gordon Findlay
Name:    A. Gordon Findlay
Title:    Chief Accounting Officer and Treasurer
GUARANTORS:
HINES GLOBAL REIT, INC.,
a Maryland corporation
By:    /s/ A. Gordon Findlay
Name:    A. Gordon Findlay
Title:    Chief Accounting Officer and Treasurer
HINES GLOBAL REIT 4875 TOWN CENTER LLC,
a Delaware limited liability company
By:    /s/ A. Gordon Findlay
Name:    A. Gordon Findlay
Title:    Manager
HINES GLOBAL REIT 2615 MED CENTER
PARKWAY LLC,
a Delaware limited liability company
By:    /s/ A. Gordon Findlay
Name:    A. Gordon Findlay
Title:    Manager

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HINES GLOBAL REIT SAN ANTONIO RETAIL I LP,
a Delaware limited partnership
By:    Hines Global REIT San Antonio Retail I GP LLC,
a Delaware limited liability company,
Its: General Partner
By:    /s/ A. Gordon Findlay
Name:    A. Gordon Findlay
Title:    Manager    
HINES GLOBAL REIT MARLBOROUGH
CAMPUS I LLC,
a Delaware limited liability company
By:    /s/ A. Gordon Findlay
Name:    A. Gordon Findlay
Title:    Manager
GALLERIA PARKING RAMP, LLC,
a Minnesota limited liability company
By:    Hines Global REIT Minnesota Retail I LLC,
a Delaware limited liability company,
Sole Member
By:    /s/ A. Gordon Findlay
Name:    A. Gordon Findlay
Title:    Manager

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GALLERIA SHOPPING CENTER, LLC,
a Minnesota limited liability company
By:    Hines Global REIT Minnesota Retail I LLC,
a Delaware limited liability company,
Sole Member
By:    /s/ A. Gordon Findlay
Name:    A. Gordon Findlay
Title:    Manager
HINES GLOBAL REIT MINNESOTA RETAIL I LLC,
a Delaware limited liability company
By:    /s/ A. Gordon Findlay
Name:    A. Gordon Findlay
Title:    Manager

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Signature page to Amendment Agreement with Hines Global REIT Properties LP
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, individually and as Administrative
Agent
By:    /s/ Elizabeth Johnson
Name:    Elizabeth Johnson
Title:    Executive Director

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Signature page to Amendment Agreement with Hines Global REIT Properties LP
BANK OF AMERICA, N.A.
By:    /s/ Cody Canafax
Name:    Cody Canafax
Title:    Assistant Vice President

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Signature page to Amendment Agreement with Hines Global REIT Properties LP
U.S. BANK NATIONAL ASSOCIATION
By:    /s/ Patrick Trowbridge
Name:    Patrick Trowbridge
Title:    Senior Vice President

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Signature page to Amendment Agreement with Hines Global REIT Properties LP
BANK OF MONTREAL, CHICAGO BRANCH
By:    /s/ Patricia Henning
Name:    Patricia Henning
Title:    Vice President

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Signature page to Amendment Agreement with Hines Global REIT Properties LP
REGIONS BANK
By:    /s/ Brian Busch
Name:    Brian Busch
Title:    Vice President

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Signature page to Amendment Agreement with Hines Global REIT Properties LP
COMERICA BANK
By:    /s/ John Kamerman
Name:    John Kamerman
Title:    Vice President

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Signature page to Amendment Agreement with Hines Global REIT Properties LP
ZIONS BANCORPORATION, N.A. d/b/a AMEGY BANK
By:    /s/ Mandy Negrete
Name:    Mandy Negrete
Title:    Vice President

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Signature page to Amendment Agreement with Hines Global REIT Properties LP
MUFG UNION BANK, N.A.
By:    /s/ Dov Weinstein
Name:    Dov Weinstein
Title:    Director

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Signature page to Amendment Agreement with Hines Global REIT Properties LP
CITIZENS BANK, NATIONAL ASSOCIATION
By:    /s/ Michael Browne
Name:    Michael Browne
Title:    Senior Vice President

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Signature page to Amendment Agreement with Hines Global REIT Properties LP
EASTERN BANK
By:    /s/ Jared H. Ward
Name:    Jared H. Ward
Title:    Senior Vice President

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Signature page to Amendment Agreement with Hines Global REIT Properties LP
WELLS FARGO BANK, NATIONAL ASSOCIATION,
By:    /s/ Ricky Nahal
Name:    Ricky Nahal
Title:    Vice President

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Signature page to Amendment Agreement with Hines Global REIT Properties LP
TRUIST BANK, successor by merger to SUNTRUST BANK
By:    /s/ Joseph Pella
Name:    Joseph Pella
Title:    Senior Vice President

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EXHIBIT A
Schedule 3.13

Name
 
Jurisdiction of Organization
Hines Global REIT Properties LP
 
Delaware
Hines-Laser UK Venture I S.Á.R.L. (Lux)
 
Luxembourg
Hines Global REIT Hock Plaza I LLC
 
Delaware
Hines Global REIT Southpark Center II GP LLC
 
Delaware
Hines Global REIT Southpark Center II LP
 
Delaware
Hines Global REIT 50 South Sixth LLC
 
Delaware
HGR International Investment Manager LLC
 
Delaware
Hines Global REIT Moscow Holdings I LLC
 
Delaware
Finmos Ltd.
 
Cyprus
Dolorous Ltd.
 
Cyprus
ZAO FM Logistic (SEVO)
 
Russia
Hines Global REIT Moscow Holdings II LLC
 
Delaware
Fibersoft Limited
 
Cyprus
Maxrange Limited
 
Cyprus
OOO Gogolevsky 11
 
Russia
Hines Global REIT 250 Royall LLC
 
Delaware
Hines Global REIT Marlborough Campus I LLC
 
Delaware
Hines Global REIT Marlborough Campus II LLC
 
Delaware
Hines Global REIT Marlborough Holdings LLC
 
Delaware
Hines Global REIT Services Holdings, Inc.
 
Delaware
Hines Global REIT 100/140 Fourth Ave Services, Inc.
 
Delaware
Hines Global REIT Marlborough Campus Services, Inc.
 
Delaware
Hines Global REIT Ashford Bridge Lender LLC
 
Delaware
Hines Global REIT Ashford Equity LLC
 
Delaware
Hines Global REIT Ashford Lender LLC
 
Delaware
Hines Global REIT One Waterwall Partner LLC
 
Delaware
Hines One Waterwall Holdings LP
 
Delaware
Hines One Waterwall GP LLC
 
Texas
Hines One Waterwall LP
 
Texas
Hines Global REIT Debt Fund Services, Inc.
 
Delaware
Hines Global REIT Debt Fund Holdings LLC
 
Delaware
Hines Global REIT Poland Finco LLC
 
Delaware
Hines Global REIT Poland Logistics Holdings I LLC
 
Delaware
HGR Poland Holdings GP LLC
 
Delaware
HGR Vienna Holdings LP
 
Delaware
HGR Trajan Holdings LP
 
Delaware
HGR Nero Holdings LP
 
Delaware
Piran Investments Sp. z o.o.
 
Poland
Piran Investments Sp. z o.o. Geneva SJ
 
Poland
Piran Investments Sp. z o.o. Titus SJ
 
Poland

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Piran Investments Sp. z o.o. Trajan SJ
 
Poland
Piran Investments Sp. z o.o. Hadrian SJ
 
Poland
Eaglestone Sp. z o.o. Vienna SJ
 
Poland
Hines Global REIT Australia Holdco LLC
 
Delaware
Hines Global REIT Australia Holdings Trust
 
Australia
Hines Global REIT Brookes Trust
 
Australia
Hines Global REIT 550 Terry Francois LP
 
Delaware
Hines Global REIT 550 Terry Francois GP LLC
 
Delaware
Hines Global REIT Minnesota Retail I LLC
 
Delaware
Galleria Shopping Center LLC
 
Minnesota
Hines Global REIT Ann Trust
 
Australia
Ponce & Bird Miami Development LLC
 
Delaware
Hines Ponce & Bird Holdings LP
 
Delaware
Hines Global REIT Ponce & Bird Partner LLC
 
Delaware
Hines Global REIT Siemensstrase 7 LLC
 
Delaware
Hines Global REIT Victoria Trust
 
Australia
Galleria Parking Ramp LLC
 
Minnesota
GREIT European Holdings II LLC
 
Delaware
One Westferry Circus S.a.r.l
 
Luxembourg
Global REIT Westferry HoldCo S.a.r.l
 
Luxembourg
Hines Global REIT 1 Westferry Holdings LLC
 
Delaware
Eaglestone sp. z o. o.
 
Poland
Hines Global REIT Riverside Center LLC
 
Delaware
Hines Global REIT Riverside Services, Inc.
 
Delaware
Hines Global REIT Campus Playa Vista LP
 
Delaware
Hines Global REIT Campus Playa Vista GP LLC
 
Delaware
Hines Global REIT Playa Services, Inc.
 
Delaware
Global REIT PD S.a.r.l.
 
Luxembourg
GREIT France 1
 
Paris
SCI GREIT Paris 1
 
Paris
GREIT ICR Services Inc.
 
Delaware
ICR Services S.a.r.l.
 
Luxembourg
PD ICR
 
Nanterre
Hines Global REIT 4875 Town Center LLC
 
Delaware
Hines Global REIT 2615 Med Center Parkway LLC
 
Delaware
Hines Global REIT 2300 Main Street LP
 
Delaware
Hines Global REIT 2300 Main Street GP LLC
 
Delaware
Hines Global REIT 55M Street LLC
 
Delaware
Hines Global REIT San Anotonio Retail I GP LLC
 
Delaware
Hines Global REIT San Anotonio Retail I LP
 
Delaware
Hines Global REIT Cabot Square Holdings LLC
 
Delaware
Global REIT Cabot Square HoldCo S.a.r.l.
 
Luxembourg
Cabot Square Retail S.a.r.l.
 
Luxembourg
25 Cabot Square S.a.r.l.
 
Luxembourg
Hines Global REIT Bourke Trust
 
Australia
Hines Global REIT Summit Services Inc.
 
Delaware

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Albelia Holdinsgs Limited
 
Cyprus
NC Office sp. z o.o
 
Poland
NCDP sp. z o.o
 
Poland
HGR Bellevue REIT Holdings, LLC
 
Delaware