Document:

ex10.htm

    Exhibit
10.1

    

    

    FIRST
AMENDMENT TO AMENDED AND RESTATED LIMITED

     PARTNERSHIP
AGREEMENT

    

    This
Amendment (this “Amendment”)
to the Amended and Restated Limited Partnership Agreement of JER US Debt
Co-Investment Vehicle, L.P. is made as of this 4th day of December, 2008, by and
among JER Debt Co-Investment Advisors, L.P., a Delaware limited partnership, as
general partner (the “General
Partner”), JERIT Non-CDO Assets Holding LLC, a Delaware limited liability
company, as limited partner, JER Fund IV US Debt Co-Investment, LLC, a Delaware
limited liability company, as limited partner and the California Public
Employees’ Retirement System, as limited partner (collectively, the “Limited
Partners”).

    

    WHEREAS,
the General Partner and the Limited Partners have entered into (either directly
or by subscription agreement, as applicable) that certain Amended and Restated
Limited Partnership Agreement of JER US Debt Co-Investment Vehicle, L.P. (the
“LPA”)
dated as of December 11, 2007; and

    

    WHEREAS,
the General Partner and the Limited Partners desire to amend certain provisions
of the LPA in accordance with the terms of this Amendment.

    

    NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which is hereby recognized and acknowledged by the parties hereto, the parties
hereto agree as follows:

    

    1.           Amendments. (a) The
definition of “Expiration
Date” in Article I of the LPA is hereby deleted in its entirety, and the
following definition is hereby substituted therefor:

    

    “Expiration
Date:  The date which is the second anniversary of the
Closing.”

    

    (b) The following definitions of “WestLB Line” and “Management Fee Determination
Date” are hereby inserted into Article I of the LPA:

    

    “Management Fee Determination
Date”:  With respect to a determination of the Management Fee,
the applicable date the Management Fee is calculated hereunder.

    

    “WestLB Line”: That certain
revolving credit facility made pursuant to that certain Revolving Credit
Agreement dated as of February 1, 2008 by and among the Partnership, as
borrower, WestLB AG New York Branch, as administrative agent and WestLB AG New
York Branch, as structuring agent, as the same may be amended, restated,
extended, supplemented, replaced or otherwise modified.

    

    (c)
Section 4.6(a) of the LPA is hereby deleted in its entirety, and the following
is hereby substituted therefor:

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “4.6 Other Activities. Exclusivity.
(a)  Except as provided herein, until December 11, 2008, the
General Partner shall seek to pursue all investment opportunities meeting the
Investment Guidelines for the exclusive benefit of the Partnership; provided, that the foregoing
shall not apply to investments, the acquisition costs of which individually do
not exceed $5,000,000. Notwithstanding the foregoing, the General Partner may
cause the Partnership to co-invest in any investment opportunity meeting the
investment objectives of the (i) Partnership and (ii) JER Fund IV and/or JERIT,
with such co-investment being allocated 55% to the Partnership and 45% to JER
Fund IV and/or JERIT; provided, that where the
Partnership and JER Fund IV and/or JERIT invest in the same investment
opportunity, JER Fund IV and/or JERIT shall, subject to tax, legal, regulatory,
accounting and other similar considerations, invest and divest at substantially
the same time and on substantially the same terms and conditions as those on
which the Partnership invests; provided, that the
Partnership may separately dispose of its pro rata share of such Investment
without the consent of JER Fund IV and/or JERIT, as applicable; and provided, further, that until
four months after the Closing date all Target Investments shall be allocated
100% to the Partnership. The General Partner hereby confirms that no allocation
pursuant to the immediately preceding sentence shall result in CalPERS, through
its Interest in the Partnership, indirectly owning less than 50% of any
Investment. Notwithstanding anything to the contrary contained herein, it is
hereby acknowledged and agreed that from and after December 11, 2008, the
General Partner shall have no further duty or obligation (i) to pursue any
investment opportunities for the benefit of the Partnership or (ii) to allocate
any investment opportunities between/among the Partnership, JER Fund IV and/or
JERIT, as would otherwise be required hereunder.”

    

    (d) Section 6.1(a) of the LPA is hereby
deleted in it is entirety, and the following is hereby substituted
therefor:

    

    “6.1
Management Fees. (a)
The Management Fee will commence accruing as of the date of the Closing. CalPERS
shall make a Capital Contribution to the General Partner of the fee applicable
to such Limited Partner (the “Management Fee”) described
below. The Management Fee shall be paid quarterly in arrears in the manner and
on the dates set forth in Section 3.1. The Management Fee may also be paid out
of CalPERS’ share of Investment Proceeds, and the General Partner may cause the
Partnership to borrow funds to pay the Management Fee. Commencing on December
11, 2008, through and including December 11, 2009, the Management Fee on any
date shall be an amount equal to the product of (I) 1.5% per annum and (II) the
sum of (A) CalPERS’ aggregate Capital Contributions for Investments plus (B) CalPERS’ pro rata
share of the outstanding principal balance on the WestLB Line as of the
applicable Management Fee Determination Date minus (C) CalPERS’ pro rata
share of all unrestricted cash and cash equivalents held by the Partnership as
of the applicable Management Fee Determination Date minus (D) Capital
Contributions for Investments that have been the subject of a Disposition. After
December 11, 2009, the Management Fee on any date shall be an amount equal to
the product of (I) 1.5% per annum and (II) the sum of (A) CalPERS’ aggregate
Capital Contributions for Investments minus (B) Capital
Contributions for Investments that have been the subject of a
Disposition.”

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.           Continuing Effect.
Except as expressly set forth in this Amendment, the LPA remains in full force
and effect and is hereby ratified and confirmed in all respects.

    

    3.           Counterparts. This
Amendment may be executed in one or more counterparts, all of which shall
constitute one and the same instrument.

    

    

    [SIGNATURES APPEAR ON THE FOLLOWING
PAGE]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered in their names as of the date first written
above.

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	 
      	
                                      GENERAL
      PARTNER:

                                    
	 
      	 
      	 
      	 
      	 
      
	 
      	
                                      JER DEBT CO-INVESTMENT
      ADVISORS, L.P., 

                                      a Delaware
      limited partnership

                                    
	 
      	 
      
	 
      	
                                      By:

                                    	
                                      JER
      DEBT Co-Investment Advisors, L.L.C., 

                                      its
      general partner

                                    
	 
      	 
      
	 
      	 
      	
                                      By:

                                    	/s/
      Mark S. Weiss	 
      
	 
      	 
      	 
      	
                                      Name: 
      Mark S. Weiss

                                    	 
      
	 
      	 
      	 
      	
                                      Title: 
      Managing Director

                                    	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                                      LIMITED
      PARTNERS:

                                    
	 
      	 
      	 
      	 
      	 
      
	 
      	
                                      CALIFORNIA
      PUBLIC EMPLOYEES’

                                    
	 
      	
                                      RETIREMENT
      SYSTEM

                                    
	 
      	 
      
	 
      	
                                      By:

                                    	/s/
      JJ Jelincic	 
      
	 
      	 
      	
                                      Name: 
      JJ Jelincic

                                    
	 
      	 
      	
                                      Title: 
      Investment Officer III

                                    
	 
      	 
      
	 
      	 
      
	 
      	
                                      JERIT
      NON-CDO ASSETS HOLDING LLC, 

                                      a
      Delaware limited liability company

                                    
	 
      	 
      	 
      	 
      	 
      
	 
      	
                                      By:

                                    	
                                      JER
      Investors Trust Inc., a Maryland 

                                      corporation,
      its sole member

                                    
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                                      By:

                                    	/s/ Mark S. Weiss	 
      
	 
      	 
      	 
      	
                                      Name: 
      Mark S. Weiss

                                    	 
      
	 
      	 
      	 
      	
                                      Title: 
      President

                                    	 
      
	 
      	 
      
	 
      	 
      
	
                                      [SIGNATURES CONTINUE ON THE
      FOLLOWING PAGE]

                                    
	 
      	 
      	 
      	 
      	 
      

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	 
      	 
      	 
      	 
      	 
      
	 
      	
                                  JER FUND IV US DEBT
      CO-INVESTMENT, LLC, 

                                  a Delaware
      limited liability company

                                
	 
      	 
      
	 
      	
                                  By:

                                	
                                  JER
      REAL ESTATE PARTNERS IV, L.P.

                                  a
      Delaware limited partnership, Member

                                
	 
      	 
      	 
      
	 
      	 
      	
                                  By:
      JER REAL ESTATE ADVISORS IV, L.P.

                                  a
      Delaware limited partnership, its general partner

                                
	 
      	 
      	
                                  By:
      JER REAL ESTATE ADVISORS IV, INC.

                                  a
      Delaware corporation, its general partner

                                
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                                  By:

                                	/s/
      Gerald R. Best	 
      
	 
      	 
      	 
      	
                                  Name: 
      Gerald R. Best

                                
	 
      	 
      	 
      	
                                  Title: 
      Director & Counsel

                                
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
                                  By:

                                	
                                  JER
      REAL ESTATE QUALIFIED PARTNERS IV, L.P.

                                  a
      Delaware limited partnership, Member

                                
	 
      	 
      	
                                  By:
      JER REAL ESTATE ADVISORS IV, L.P.

                                  a
      Delaware limited partnership, its general partner

                                
	 
      	 
      	
                                  By:
      JER REAL ESTATE ADVISORS IV, INC.

                                  a
      Delaware corporation, its general partner

                                
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                                  By:

                                	/s/ Gerald R. Best	 
      
	 
      	 
      	 
      	
                                  Name: 
      Gerald R. Best

                                
	 
      	 
      	 
      	
                                  Title: 
      Director &
CounselExhibit 10.1

                                   AGREEMENT
(CO-WORK FOR INDUSTRY DEVELOPMENT OF ELECTRIC CAR INDUSTRY AND INTELLECTUAL CAR
                  INDUSTRY IN FUTURE WITH KERMYUNG UNI. KOREA)

LEOZONE  Inc.  and  the  Center  of  Automotive  Mechatronics Parts/ Intelligent
Automotive  Parts Business Promotion Team in Keimyung University hereby agree to
make  collaboration  for  the  development  of  electronic  and  the intelligent
automobile  industry  for  sophisticated  future-oriented  automobiles  as  a
next-generation  growth  engine.

ARTICLE  1  (PURPOSE)
The  primary  purpose  of  this  Agreement  is  to promote mutual development of
concerned  parties  through technology and information exchanges by establishing
bilateral  collaborative  system.

ARTICLE  2(SCOPE  OF  COLLABORATION)
This Agreement shall be applicable to following areas for mutual development and
active  collaboration.
1.     To  establish  a  collaborative  system  for industry-academy co-research
through  joint  research  projects  and  etc.
2.     Mutual exchange and utilization of various resources including technical
personnel, research equipment, facilities, academic information and etc.
3.     Mutual contributions to the development of science and technology as well
as of the local community

ARTICLE  3  (OBLIGATION  OF  CONFIDENTIALITY)
Except  for  publicly  available  information, both parties shall keep the other
party's  data  and  information  obtained during the process of establishing and
implementing  this  Agreement  as  confidential  and shall not misuse, reveal or
disclose  the  above-mentioned  information without a prior consent of the other
party.

ARTICLE  4  (PRINCIPLE  OF  COOPERATION)
Both  parties shall actively cooperate with each other and comply with the other
party's  request  based  on  good  faith.

ARTICLE  5  (EFFECTIVENESS  OF  AGREEMENT)
This  Agreement  shall  go  into effect upon signature by both parties and shall
remain effective unless terminated or halted based on the mutual consent of both
parties.

ARTICLE  6  (MODIFICATION  OF  AGREEMENT)
1.     This  Agreement  may  be modified in part based on mutual consent of both
parties.
2.     Modification of this Agreement shall require signatures by
representatives of both parties and such modification shall go into effect upon
the date of signature by both parties, unless specified otherwise.

ARTICLE  7  (IMPLEMENTATION  OF  AGREEMENT)
Both parties shall faithfully implement this Agreement based on mutual trust and
neither  party  shall be responsible for any loss or damage caused by Act of God
beyond  the  control  of  both  parties.

ARTICLE  8  (DETAILED  AGREEMENT)
If  it is necessary to advance the purpose of this Agreement and intended mutual
relationships  into  another  level of detail including a follow-up agreement or
contract,  both parties may proceed with escalating the effect of this Agreement
accordingly  based  on  mutual  consent.

ARTICLE  9  (NON-BINDING  FORCE)
1.     Any  rights  and  obligations incurred during the process of implementing
roles  assigned  to each party shall not be regarded as being created, modified,
accepted  or  carrying  binding  force.
2.     Any specific matters that might occur during the process of implementing
roles assigned to each party shall be settled according to the consent based on
due responsibilities of both parties.

ARTICLE  10  (INTERPRETATION  OF  AGREEMENT)
Any  particulars  that  are  not  stipulated in the Agreement or any discrepancy
between  parties  on  the  interpretation  of  the  Agreement  shall  be settled
according  to  the  consent  based  on  mutual  faith  and  trust.

<PAGE>
                               November 14. 2007

LEOZONE  Inc                The  Center  of  Automotive  Mechatronics  Parts
CEO  Lee,  Jeong  Yong      President  Lee,  Jae  Cheon

                            Intelligent Automotive Parts Business Promotion Team
                            Team  Leader  Lee,  Byeong  Soo

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