Document:

Exhibit

Exhibit 10.1

FIRST AMENDMENT TO LOAN AGREEMENT

THIS FIRST AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is effective as of September 30, 2018 (the “Effective Date”), by and among CWI 2 OP LP, a Delaware limited partnership (“Borrower”), and W. P. Carey Inc., a Maryland corporation (“Lender”).
  
RECITALS

A.Borrower is the maker of that certain Amended, Restated and Consolidated Promissory Note (the “Note”) dated as of October 19, 2017 in the original principal amount of Twenty Five Million and 00/100 Dollars ($25,000,000.00) and payable to the order of Lender.  The loan evidenced by the Note is herein referred to as the “Loan.”  Lender made the Loan to Borrower pursuant to that certain Loan Agreement (the “Loan Agreement”) dated as of October 19, 2017 between Borrower and Lender. 
B.    The Note is secured by, inter alia, that certain Pledge Agreement, dated as of October 19, 2017 (as defined in the Loan Agreement, the “Security Instrument”), made by Borrower for the benefit of Lender, encumbering the equity interests described therein and more particularly described in the Security Instrument (the “Property”).  The Note, the Loan Agreement, the Security Instrument and all other documents evidencing and securing the Loan shall be referred to herein as the “Loan Documents”.  All references herein to Loan Documents and all references in the Loan Agreement to Loan Documents shall be deemed to include this Amendment and Reaffirmation.
C.    Borrower has requested that Lender extend the Maturity Date (as defined in the Loan Agreement), and Lender is willing to do so on the terms and conditions set forth herein.
D.    Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Loan Documents. All references herein to the Borrower shall mean the Borrower, as the ownership thereof has been reconstituted, as of the Effective Date.  

AGREEMENTS:

NOW THEREFORE, in consideration of the foregoing recitals (which are hereby incorporated herein by this reference) and the mutual covenants and promises of the parties hereto and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1.    MATURITY DATE.    Clause (i) of “Maturity Date” as defined in Article I of the Loan Agreement is hereby deleted in its entirety and replaced with the following: “December 31, 2019.”
2.    NO DEFAULTS.  Borrower hereby represents and warrants to Lender as of the Effective Date that no Event of Default has occurred and is continuing under the Loan Documents.  
3.    NO OFFSETS OR DEFENSES.  Borrower hereby acknowledges, confirms and warrants to Lender that as of the Effective Date, Borrower does not claim any offset, defense, claim, right of set-off or counterclaim against Lender under, arising out of or in connection with this Amendment, the Note, the Loan Agreement or any of the other Loan Documents.  In addition, Borrower covenants and agrees with Lender that if any offset, defense, claim, right of set-off or counterclaim exists as of the Effective Date, Borrower hereby irrevocably and expressly waives the right to assert such matter.

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4.    CONFIRMATION.  Except as specifically set forth herein, all other terms and conditions of the Loan Documents shall remain unmodified and in full force and effect, the same being confirmed, ratified, acknowledged and republished hereby.    
5.    DEFAULT.    Any breach by Borrower of any of the covenants contained in this Amendment or the material inaccuracy of any representation or warranty contained in this Amendment and Reaffirmation shall constitute a default under the Loan Agreement and each other Loan Document.
6.    MODIFICATIONS.  This Amendment and Reaffirmation may not be amended, modified or otherwise changed in any manner except by a writing executed by Lender and Borrower.
7.    SUCCESSORS AND ASSIGNS.  This Amendment applies to, inures to the benefit of, and binds all parties hereof, their heirs, legatees, devisees, administrators, executors, and permitted successors and assigns.
8.    NO NOVATION.  THE PARTIES DO NOT INTEND THIS AMENDMENT AND REAFFIRMATION NOR THE TRANSACTIONS CONTEMPLATED HEREBY TO BE, AND THIS AMENDMENT AND REAFFIRMATION AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING BY THE BORROWER UNDER OR IN CONNECTION WITH THE LOAN DOCUMENTS.  FURTHER, THE PARTIES DO NOT INTEND THIS AMENDMENT AND REAFFIRMATION NOR THE TRANSACTIONS CONTEMPLATED HEREBY TO AFFECT THE PRIORITY OF ANY OF THE LENDER'S LIENS IN ANY OF THE COLLATERAL SECURING THE NOTE IN ANY WAY, INCLUDING, BUT NOT LIMITED TO, THE LIENS, SECURITY INTERESTS AND ENCUMBRANCES CREATED BY THE SECURITY INSTRUMENT.
9.    ENTIRE AGREEMENT.  This Amendment and Reaffirmation constitutes all of the agreements among the parties relating to the matters set forth herein and supersedes all other prior or concurrent oral or written letters, agreements and understandings with respect to the matters set forth herein.
10.    COUNTERPARTS.  This Amendment and Reaffirmation may be signed in any number of counterparts by the parties hereto, all of which taken together shall constitute one and the same instrument.
11.    GOVERNING LAW.  In accordance with Section 8.7 of the Loan Agreement, this Amendment and Reaffirmation shall be governed by, and construed in accordance with, the laws of the state of New York without giving effect to the conflict of laws provisions of said state.  
12.    SUPREMACY CLAUSE.  It is hereby agreed that the terms and conditions of the Loan Agreement, the Note and other Loan Documents, as modified by this Amendment and Reaffirmation, shall remain in full force and effect and shall be binding upon Borrower.  It is understood and agreed that in the event there are any conflicting or omitted provisions or variations between the terms, conditions, rights, or remedies in the Loan Agreement, the Note or any other Loan Document (other than this Amendment and Reaffirmation) and the terms of this Amendment and Reaffirmation, those terms, conditions, rights or remedies of this Amendment and Reaffirmation shall prevail.   A default under the terms and conditions of this Amendment and Reaffirmation shall, subject to any notice and cure periods specified in the Loan Agreement, the Note and the other Loan Documents constitute an Event of Default under the terms and conditions of the Loan Agreement, the Note and the other Loan Documents  

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13.    WAIVER OF TRIAL BY JURY.  BORROWER, ON THE ONE HAND, AND LENDER, ON THE OTHER HAND, HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN, THE APPLICATION FOR THE LOAN, THE NOTE, THE LOAN DOCUMENTS, THIS AMENDMENT AND REAFFIRMATION OR ANY ACTS OR OMISSIONS OF THE OTHER PARTIES, THEIR OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS IN CONNECTION THEREWITH.  
14.    FURTHER ASSURANCES.  Borrower shall reasonably cooperate with Lender and shall execute and deliver, or cause to be executed and delivered, all such other documents and instruments, and shall take all such other actions that Lender may request from time to time in order to accomplish and satisfy the provisions and purposes of this Amendment and Reaffirmation, including such confirmations and/or corrective instruments as Lender reasonably may require.
Signatures on following page

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment, under seal, as of the Effective Date.

	
		
	LENDER:

	 
	 

	W. P. Carey Inc., a Maryland corporation

	 
	 

	 
	 

	By:
	 

	 
	Name:

	 
	Title:

	
		
	BORROWER:

	 
	 

	CWI 2 OP, LP, a Delaware limited partnership

	 
	 

	By:
	Carey Watermark Investors

	 
	Incorporated, its general partner

	 
	 

	By:
	 

	 
	Name:

	 
	Title:

4EX-10.61

 Exhibit 10.61 

SHARE REPURCHASE AGREEMENT 

dated as of 

November 13, 2018 

between 
 AXA S.A.

 and 
 AXA
Equitable Holdings, Inc. 

 Table of Contents 

 

							
	 	 	 	  	Page	 
	Article 1	  

	Sale and Repurchase	  

			
	 1.1
	 	 Repurchase
	  	 	1	 
	 1.2
	 	 Closing
	  	 	1	 
	 1.3
	 	 Closing Conditions
	  	 	2	 
	
	Article 2	  

	Representations and Warranties of AXA	  

			
	 2.1
	 	 Existence; Power and Authority
	  	 	3	 
	 2.2
	 	 Authorization
	  	 	3	 
	 2.3
	 	 No Conflicts
	  	 	3	 
	 2.4
	 	 Title
	  	 	3	 
	
	Article 3	  

	Representations and Warranties of the Company	  

			
	 3.1
	 	 Existence; Power and Authority
	  	 	4	 
	 3.2
	 	 Authorization
	  	 	4	 
	 3.3
	 	 No Conflicts
	  	 	4	 
	 3.4
	 	 Sufficient Funds
	  	 	4	 
	
	Article 4	  

	Miscellaneous	  

			
	 4.1
	 	 Termination
	  	 	4	 
	 4.2
	 	 Further Assurances
	  	 	4	 
	 4.3
	 	 Expenses
	  	 	4	 
	 4.4
	 	 Survival
	  	 	4	 
	 4.5
	 	 Amendments and Waivers
	  	 	4	 
	 4.6
	 	 Assignment; Binding Agreement
	  	 	5	 
	 4.7
	 	 No Third Party Beneficiaries
	  	 	5	 
	 4.8
	 	 Entire Agreement
	  	 	5	 
	 4.9
	 	 Severability
	  	 	5	 
	 4.10
	 	 Counterparts
	  	 	5	 
	 4.11
	 	 GOVERNING LAW
	  	 	5	 
	 4.12
	 	 CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL
	  	 	5	 
	 4.13
	 	 Notices
	  	 	6	 
	 4.14
	 	 Interpretation
	  	 	6	 

  
 ii 

 SHARE REPURCHASE AGREEMENT 

This Share Repurchase Agreement, dated as of November 13, 2018 (this “Agreement”), is made between AXA S.A., a
société anonyme organized under the laws of France (“AXA”), and AXA Equitable Holdings, Inc., a Delaware corporation (the “Company”). 

WHEREAS, on November 6, 2018, the Company received notice from AXA that AXA intends to offer and sell shares of common stock of
the Company, par value $0.01 (the “Common Stock”), pursuant to the registration statement on Form S-1 to be filed by the Company on or about the date hereof in an underwritten registered
offering (the “Secondary Offering”); 
 WHEREAS, concurrently with the Secondary Offering, AXA wishes to sell to the
Company, and the Company wishes to purchase from AXA, shares of Common Stock on the terms and subject to the conditions set forth in this Agreement (the “Repurchase Transaction”); and 

WHEREAS, the independent and disinterested directors of the audit committee (the “Committee”) of the board of
directors of the Company (the “Board”) have approved the Repurchase Transaction. 
 NOW, THEREFORE, in consideration
of the mutual promises and covenants set forth herein and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 

Article 1 
 SALE AND
REPURCHASE 
 1.1 Repurchase. On the terms and subject to the conditions set forth in this Agreement, at the Closing (as defined
below), AXA shall sell and transfer to the Company, and the Company shall purchase from AXA, 20,000,000 shares of Common Stock (the “Firm Shares”), plus up to an additional 10,000,000 shares of Common Stock (the “Option
Shares” and, together with the Firm Shares, the “Repurchased Shares”) as determined by AXA in a written notice delivered at or prior to the time of the pricing of the Secondary Offering (the “Notice”),
provided that the number of Repurchased Shares multiplied by the Per Share Purchase Price may not exceed $740 million. The price for each Repurchased Share shall be the per share price to be paid by the underwriters to AXA in connection
with the Secondary Offering, pursuant to that certain underwriting agreement to be entered into by and among AXA, the Company and each of the underwriters party thereto (which price AXA hereby represents to the Company is net of all underwriting
discounts and commissions payable by AXA to the underwriters in connection with the Secondary Offering) (the “Per Share Purchase Price”). 

1.2 Closing. The closing of the Repurchase Transaction (the “Closing”) shall be held at the offices of
Debevoise & Plimpton LLP, 919 Third Avenue, New York, NY 10022 at the time specified for the closing in the underwriting agreement for the Secondary Offering, subject to the satisfaction or waiver of the conditions set forth in
Section 1.3 below (the date on which the Closing actually occurs is referred to herein as the “Closing Date”). At the Closing: 

 (a) AXA shall deliver or cause to be delivered to the Company all right, title and interest
in and to the Repurchased Shares, free and clear of all liens, claims, security interests and other encumbrances, together with all documentation reasonably necessary to transfer to the Company such right, title and interest. 

(b) Subject to clause (d) below, the Company shall pay to AXA the aggregate Per Share Purchase Price for the Repurchased Shares in
immediately available funds by wire transfer to an account in accordance with the instructions provided by AXA to the Company no later than two business days prior to the Closing. 

(c) AXA agrees to pay all stamp, stock transfer and similar duties, if any, in connection with the Repurchase Transaction. 

(d) The Company shall be entitled to deduct and withhold from the amounts payable to AXA hereunder in respect of the Repurchased Shares such
amounts as are required to be deducted or withheld pursuant to the Internal Revenue Code of 1986, as amended, and the applicable Treasury regulations thereunder; provided that if AXA provides to the Company a duly completed and executed IRS
Form W-8BEN-E demonstrating entitlement to the 5% withholding tax rate on dividends under the income tax treaty between the United States and France, then the Company
shall withhold tax at such 5% rate on the amounts that are treated as a dividend for U.S. tax purposes. 
 1.3 Closing Conditions.

 (a) The obligation of AXA to sell the Repurchased Shares to the Company and the obligation of the Company to purchase and pay for the
Repurchased Shares on the Closing Date are subject to the consummation of the Secondary Offering. 
 (b) The obligation of the Company to
purchase and pay for the Repurchased Shares on the Closing Date is subject to the satisfaction or waiver of the following additional conditions: 

(i) each representation and warranty made by AXA in Article 2 below shall be true and correct on and as of the Closing Date as
though made as of the Closing Date. 
 (ii) that after giving effect to the Repurchase Transaction (A) the
actual, current value of the assets of the Company will exceed the total amount of the Company’s total liabilities by an amount greater than the Company’s capital as defined in the Delaware General Corporation Law; (B) the
Company will be able to pay its liabilities as they become absolute and mature; (C) the Company will not have an unreasonably small amount of capital for the business in which it is engaged or intends to engage; and (D) the
Company will be able to continue as a going concern. 
 (iii) the Committee shall have received an opinion from a nationally
recognized investment banking or financial advisory firm regarding the Per Share Purchase Price to be paid by the Company (which opinion has not been withdrawn prior to the Closing), in a form acceptable to the Committee. 

  
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 (c) The obligation of the Company to purchase and pay for the Option Shares on the Closing
Date is also subject to the additional condition that the Company has received the Notice. 
 (d) The obligation of AXA to sell the
Repurchased Shares on the Closing Date is subject to the additional condition that each representation and warranty made by the Company in Article 3 below shall be true and correct on and as of the Closing Date as though made as of the Closing Date.

 Article 2 

REPRESENTATIONS AND WARRANTIES OF AXA 

AXA hereby makes the following representations and warranties to the Company: 

2.1 Existence; Power and Authority. AXA has been duly incorporated and is validly exiting as a
société aonyme under French law, with full power and authority to execute and perform its obligations under this Agreement; and all action required to be taken for due and proper authorization,
execution and delivery by it of this Agreement and the consummation of the transaction contemplated hereby has been duly and validly taken. 

2.2 Authorization. This Agreement has been duly authorized, executed and delivered by or on behalf of AXA. The place of execution of
this Agreement by or on behalf of AXA was New York, New York. 
 2.3 No Conflicts. The execution and delivery by AXA of, and the
performance by AXA of its obligations under, this Agreement and the consummation by AXA of any other of the transactions contemplated hereby, or the fulfillment by AXA of such terms will not result in a breach of any of the terms or provisions of,
or constitute a default under, any instrument, agreement or order to which AXA is a party or by which AXA is bound or infringe any law, regulation, order, rule, decree or statute applicable to AXA and are not contrary to the provisions of the
constitutional documents of AXA. 
 2.4 Title. AXA has, and on the Closing Date will have, valid title to, or a valid “security
entitlement” within the meaning of Section 8-501 of the New York Uniform Commercial Code in respect of, the Repurchased Shares free and clear of all security interests, claims, liens, equities or
other encumbrances and the legal right and power, and all authorization and approval required by law, to enter into this Agreement and to sell, transfer and deliver the Repurchased Shares or a security entitlement in respect of such Repurchased
Shares. 

  
 3 

 Article 3 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company hereby makes the following representations and warranties to AXA: 

3.1 Existence; Power and Authority. The Company has been duly incorporated, is validly existing as a corporation in good standing under
the laws of the State of Delaware, has the corporate power and authority to execute and perform its obligations under this Agreement; and all action required to be taken for due and proper authorization, execution and delivery by it of this
Agreement and the consummation of the transaction contemplated hereby has been duly and validly taken. 
 3.2 Authorization. This
Agreement has been duly authorized, executed and delivered by or on behalf of the Company. 
 3.3 No Conflicts. The execution and
delivery by the Company of, and the performance by the Company of its obligations under, this Agreement and the consummation by the Company of any other of the transactions contemplated hereby, or the fulfillment by the Company of such terms will
not result in a breach of any of the terms or provisions of, or constitute a default under, any instrument, agreement or order to which the Company is a party or by which the Company is bound or infringe any law, regulation, order, rule, decree
or statute applicable to the Company and are not contrary to the provisions of the constitutional documents of the Company. 
 3.4
Sufficient Funds. The Company will have, as of the Closing Date, access to legally available funds sufficient to consummate the Repurchase Transaction. 

Article 4 
 MISCELLANEOUS

 4.1 Termination. This Agreement may be terminated prior to the Closing (a) by mutual written consent of the
Company (at the direction of the disinterested and independent directors of the Audit Committee) and AXA or (b) by either the Company (at the direction of the disinterested and independent directors of the Audit Committee) or AXA on or
after 6:00 p.m. Eastern Time on December 1, 2018 if the Closing shall not have occurred by such date. 
 4.2 Further Assurances.
Each party hereto agrees to execute and deliver, or cause to be executed and delivered, such agreements, instruments and other documents, and take such other actions consistent with the terms of this Agreement, as the other party may reasonably
require from time to time in order to carry out the purposes of this Agreement. 
 4.3 Expenses. Each party agrees to pay its own
costs and expenses associated with this Agreement and the Repurchase Transaction. 
 4.4 Survival. All representations and warranties
contained herein or made in writing by any party in connection herewith shall survive the execution and delivery of this Agreement and the consummation of the transactions contemplated thereby. 

4.5 Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended or waived only by
written agreement executed by the parties hereto. 

  
 4 

 4.6 Assignment; Binding Agreement. This Agreement and the rights and obligations
arising hereunder shall inure to the benefit of and be binding upon the parties hereto, and neither party may assign any of its rights or delegate any of its obligations hereunder without the express written consent of the other party. 

4.7 No Third Party Beneficiaries. Nothing in this Agreement shall convey any rights upon any person or entity which is not a party or a
successor or permitted assignee of a party to this Agreement. 
 4.8 Entire Agreement. This Agreement constitutes the sole and entire
agreement among the parties with respect to the subject matter of this Agreement, and supersedes all prior representations, agreements and understandings, written or oral, with respect to the subject matter hereof. 

4.9 Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstances,
is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be in any way impaired
thereby, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. To the extent that any such provision is so held to be invalid, illegal or unenforceable, the parties shall
in good faith use commercially reasonable efforts to find and effect an alternative means to achieve the same or substantially the same result as that contemplated by such provision. 

4.10 Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be deemed an original (including
signatures delivered via facsimile or electronic mail) with the same effect as if the signatures thereto and hereto were upon the same instrument. The parties hereto may deliver this Agreement by facsimile or by electronic mail and each party shall
be permitted to rely on the signatures so transmitted to the same extent and effect as if they were original signatures. 
 4.11 GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES
THEREOF TO THE EXTENT THAT SUCH PRINCIPLES WOULD APPLY THE LAW OF ANOTHER JURISDICTION. 
 4.12 CONSENT TO JURISDICTION AND SERVICE OF
PROCESS; WAIVER OF JURY TRIAL. Each party to this Agreement hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts located in the State of New York for any actions, suits or proceedings arising out of or
relating to this Agreement and the transactions contemplated thereby; provided that such consent to jurisdiction is solely for the purpose referred to in this Section 4.12 and shall not be deemed to be a general submission to the
jurisdiction of said courts or in the State of New York other than for such purpose. Each of the parties hereby agrees not to commence any such action, suit or proceeding other than before one of the above-named courts. EACH PARTY TO THIS AGREEMENT
HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY. 

  
 5 

 4.13 Notices. 

Unless otherwise provided in this Agreement, all notices and other communications provided for hereunder shall be dated and in writing and
shall be deemed to have been given (i) when delivered, if delivered personally, sent by confirmed telecopy or sent by registered or certified mail, return receipt requested, postage prepaid, provided that such delivery is completed
during normal business hours of the recipient, failing which such notice shall be deemed to have been given on the next business day, (ii) on the next business day if sent by overnight courier and delivered on such business day within
ordinary business hours and, if not, the next business day following delivery; and (iii) when received, if received during normal business hours and, if not, the next business day after receipt, if delivered by means other than those
specified above. Such notices shall be delivered to the address set forth below, or to such other address as a party shall have furnished to the other party in accordance with this Section. 

To AXA: 
 25 Avenue Matignon 

75008 Paris, France 
 Attention:
General Counsel 
 Telephone: +33 (1) 40 75 48 68 

E-mail: helen.browne@axa.com 

To the Company 
 AXA Equitable
Holdings, Inc. 
 1290 Avenue of the Americas 

New York, New York 10104 

Attention: Dave Hattem, General Counsel 

Telephone: (212) 314-3863 

E-mail: dave.hattem@axa.us.com 

4.14 Interpretation. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. 
 [Signature Page Follows] 

  
 6 

 In witness whereof, the parties have caused this Share Repurchase Agreement to be executed
and delivered as of the date first above written. 
  

			
	AXA S.A.
		
	By:	 	 /s/ Nicolas Leclercq

	Name:	 	Nicolas Leclercq
	Title:	 	Attorney-in-Fact
	
	AXA EQUITABLE HOLDINGS, INC.
		
	By:	 	 /s/ Anders Malmström

	Name:	 	Anders Malmström
	Title:	 	Senior Executive Vice President and Chief Financial Officer

 [Signature Page to Share Repurchase Agreement]

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