Document:

First Amendment to Mezzanine Loan Agreement dated January 7, 2003

 Exhibit 10.7.1 

  
 FIRST AMENDMENT TO 
 MEZZANINE LOAN AGREEMENT 
  
 Dated as of January 7, 2003 
  
 Between 
  
 WHP MEZZ BORROWER-1, L.L.C. 
 and 
 WHP MEZZ BORROWER-2, L.L.C., 
 collectively, as Borrower 
  
 and 
  
 BEAR STEARNS COMMERCIAL MORTGAGE, INC., 
 as Lender 
  

  

 FIRST AMENDMENT TO MEZZANINE LOAN AGREEMENT 
  
 THIS FIRST AMENDMENT TO MEZZANINE LOAN AGREEMENT, dated as of January
7, 2003 (this “Amendment”), between BEAR STEARNS COMMERCIAL MORTGAGE, INC., a New York corporation, having an address at 383 Madison Avenue, New York, New York 10179 (“Lender”), WHP MEZZ BORROWER-1,
L.L.C., a Delaware limited liability company (“Borrower 1”), and WHP MEZZ BORROWER-2, L.L.C., a Delaware limited liability company (“Borrower 2”), each having its principal place of business at 903 Calle
Amenecer, Suite 100, San Clemente, California 92673 (Borrower 1 and Borrower 2, each, an “Individual Borrower” and, collectively, “Borrower”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, Lender loaned the principal sum of $4,500,000.00 (the
“Original Loan”) to Borrower pursuant to the terms and conditions of that certain Mezzanine Loan Agreement, dated as of December 5, 2002 (the “Loan Agreement”) and evidenced by that certain Promissory
Note, dated December 5, 2002, made by Borrower in favor of Lender (such Promissory Note, together with all extensions, renewals, replacements, restatements or modifications thereof being hereinafter referred to collectively as the
“Original Note”); and 
  
 WHEREAS,
pursuant to Section 9.1.2 of the Loan Agreement, Lender now wishes to amend the Loan Agreement, and Borrower consents to such amendment, in order to, among other things, resize the Original Loan and reallocate a portion of the Junior Mezzanine Loan
to the Original Loan in an amount equal to $6,000,000 such that the Original Loan is hereby resized to an outstanding principal amount of $10,500,000 as evidenced by that certain Amended and Restated Promissory Note, dated as of the date hereof,
made by Borrower in favor of Lender (the “Amended Note”). 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties hereto hereby covenant, agree, represent and warrant that the Loan Agreement is hereby amended as
follows: 
  

	 	I.	MODIFICATIONS TO LOAN TERMS 

  
 Section 1.1 Schedule I attached to the Loan Agreement is hereby deleted in its entirety and replaced with Schedule I attached hereto.

  
 Section 1.2 The words “Four Million Five Hundred
Thousand Dollars ($4,500,000)” are hereby deleted from the Recitals of the Loan Agreement regarding the amount of the Loan and are hereby replaced by the words “Ten Million Five Hundred Thousand Dollars ($10,500,000)”. 
  
 Section 1.3 The words “Fifty Million Dollars ($50,000,00)”
are hereby deleted from the definition of Junior Mezzanine Loan in Section 1.1 of the Loan Agreement and are hereby replaced with the words “Forty Four Million Dollars ($44,000,000)”. 
  

	 	II.	MISCELLANEOUS 

  
 Section 2.1 Except as specifically modified and amended herein, all other terms, conditions and covenants contained in the Loan Agreement shall
remain in full force and effect. 
  
 Section 2.2 Whenever
the term “Note” is used in the Loan Agreement or in any of the other Loan Documents, such term shall be deemed to refer to the Amended Note, in the outstanding principal amount of $10,500,000.00. 
  
 Section 2.3 Whenever the term “Loan” is used in any Loan
Document or any other document relating to the Loan to which Borrower, Guarantor or Limited Guarantor is a party including, but not limited to, Borrower’s organizational documents or in the organizational documents of Guarantor, such term shall
be deemed to refer to the Loan as resized in the outstanding principal amount of $10,500,000.00. All references to the Loan amount of $4,500,000 shall be deemed to refer to the Loan resized in the outstanding principal amount of $10,500,000. Any
reference to the term “Junior Mezzanine Loan” and the Junior Mezzanine Loan amount of $50,000,000 in any Loan Document shall be deemed to refer to the Junior Mezzanine Loan as resized in the outstanding principal amount of $44,000,000.

  
 Section 2.4 All references in the Loan Documents to the
Loan Agreement shall mean the Loan Agreement as hereby modified. 
  
 Section 2.5 Unless otherwise defined in this Amendment, capitalized terms used herein shall have the meanings assigned to such terms in the Loan Agreement 
  
 Section 2.6 This Amendment may be executed in any number of counterparts with the same effect as if all parties
hereto had signed the same document. All such counterparts shall be construed together and shall constitute one instrument, but in making proof hereof it shall only be necessary to produce one such counterpart. 
  
 Section 2.7 This Amendment shall be binding upon and inure to the
benefit of the parties and their respective heirs, legal representatives, successors and assigns. 
  
 Section 2.8 This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to principles
of conflict laws and any applicable law of the United States of America. 
  
 Section 2.9 No modification, amendment, extension, discharge, termination or waiver of any provision of the Loan Agreement or of any other Loan Document, nor consent to any departure by Borrower therefrom,
shall in any event be effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given.

  
 [NO FURTHER TEXT ON THIS PAGE] 
  

 -2- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
duly authorized representatives, all as of the day and year first above written. 
  

			
	BORROWER:
	
	 WHP MEZZ BORROWER-1, L.L.C., a Delaware limited liability company

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	 WHP MEZZ BORROWER-2, L.L.C., a Delaware limited liability company

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	LENDER:
	
	 BEAR STEARNS COMMERCIAL MORTGAGE, INC., a New York corporation

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

							
	ACKNOWLEDGED AND AGREED:
	 	 	 	 	 	 	 
	GUARANTOR:
	 	 	 	 	 	 	 
	 WESTBROOK HOTEL PARTNERS IV, L.L.C., a Delaware limited liability company

		
	 By:
	 	 
	 	 	 Name:
	 	 	 	 
	 	 	 Title:
	 	 	 	 
	 	 	 	 	 	 	 
	 WESTBROOK HOTEL CO-INVESTMENT PARTNERS IV, L.L.C., a Delaware limited liability company

		
	 By:
	 	 
	 	 	 Name:
	 	 	 	 
	 	 	 Title:
	 	 	 	 
	 	 	 	 	 	 	 
	LIMITED GUARANTOR:
	 
	 WESTBROOK REAL ESTATE CO-INVESTMENT PARTNERSHIP IV, L.P., a Delaware limited partnership

		
	 By:
	 	 Westbrook Real Estate Partners Management IV, L.L.C. its general partner

			
	 	 	 By:
	 	 Westbrook Real Estate Partners, L.L.C., its managing member

				
	 	 	 	 	 By:
	 	 
	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 Title:

  
 [Signatures continue
on following page] 
  

							
	 WESTBROOK REAL ESTATE FUND IV, L.P., a Delaware limited partnership

		
	 By:
	 	 Westbrook Real Estate Partners Management IV, L.L.C., its general partner

			
	 	 	 By:
	 	 Westbrook Real Estate Partners, L.L.C., its managing member

				
	 	 	 	 	 By:
	 	 
	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 Title:

  

 SCHEDULE I 
  
 (Properties – Release Amounts) 
  
 [see attached] 
  

 SCH. I-1Specimen Certificate of Registrant's Common Stock

 EXHIBIT 4.1 
  

					
	 NUMBER
	  	 	  	SHARES
			
	 	  	[eCOST.com Corporate Logo]	  	 
			
	 COMMON STOCK
	  	INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE	  	CUSIP                 
	 	  	 	  	SEE REVERSE FOR
CERTAIN DEFINITIONS
			
	This Certifies that	  	 	  	 

  
  
 is the owner of 
  
 FULLY PAID AND NONASSESSABLE SHARES OF COMMON STOCK OF 
 eCOST.COM, INC. 
 transferable on the books of the Corporation by the holder hereof in person or by duly authorized attorney upon the surrender of this Certificate properly endorsed. This
Certificate and the shares represented hereby are issued and shall be subject to all of the provisions of the Amended and Restated Certificate of Incorporation of the Corporation (copies of which are on file with the Transfer Agent), as now or
hereafter amended, to all of which the holder hereof by acceptance hereof assents. This Certificate is not valid unless countersigned by the Transfer Agent and Registrar. 
  
 WITNESS the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers. 
  
 Dated: 
  

					
	 /s/ Gary W. Guy 
	 	eCOST.COM, INC.	 	/s/ Theodore R. Sanders
	 President
	 	CORPORATE	 	Treasurer
	 	 	SEAL	 	 
	 	 	DELAWARE	 	 

  

			
	 	  	COUNTERSIGNED AND REGISTERED:
	 	  	AMERICAN STOCK TRANSFER & TRUST COMPANY
	 	  	(NEW YORK,
NY)                                  
	 	  	 
	 	  	 BY                                      
                      

	 	  	TRANSFER AGENT AND REGISTRAR
	 	  	AUTHORIZED SIGNATURE

  

 The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though
they were written out in full according to applicable laws or regulations: 
  

									
	 TEN COM-
	  	 as tenants in common
	  	 UNIF GIFT MIN ACT-
	  	                                       
      Custodian                    

	 TEN ENT-
	  	 as tenants by the entireties
	  	 	  	                               (Cust)        
               (Minor)
	  	 
	 JT TEN-
	  	 as joint tenants with right of
	  	 	  	 under Uniform Gifts to Minors

	 	  	 survivorship and not as
	  	 	  	 Act                                      
                                        
           

	 	  	 tenants in common
	  	 	  	 (State)                            

  
 Additional
abbreviations may also be used though not in the above list. 
  
 For value
received,                    ,hereby sells, assigns and transfers unto 
  
 PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE 
  
                                       
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                    
 PLEASE PRINT OR
TYPEWRITE NAME AND ADDRESS OF ASSIGNEE 
  
                                       
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
      Shares 
 of the Common Stock represented by the within Certificate, and does hereby irrevocably constitute and
appoint
                                        
                                        
                                        
                            Attorney 
  
 to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises. 

 
 Dated                     
  
 SIGNATURE(S) GUARANTEED: 
  

	
	
 THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR

INSTITUTION, (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS
 AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE
 GUARANTEE MEDALLION PROGRAM), PURSUANT TO SEC. RULE
17Ad-15.

  
 KEEP THIS CERTIFICATE IN A SAFE PLACE.
IF IT IS LOST, STOLEN, OR DESTROYED THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.

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