Document:

Exhibit 10.1

 

TSI HOLDINGS II, LLC

TOWN SPORTS INTERNATIONAL, LLC

SECOND AMENDMENT TO CREDIT AGREEMENT

This SECOND AMENDMENT
TO CREDIT AGREEMENT (this “Second Amendment”) is dated as of November 8, 2018 and entered into by and among
TSI HOLDINGS II, LLC, a Delaware limited liability company (“Holdings”), TOWN SPORTS INTERNATIONAL,
LLC, a New York limited liability company (the “Borrower”), the Subsidiary Guarantors listed on the signature
pages hereto (each, a “Subsidiary Guarantor” and, collectively, the “Subsidiary Guarantors”)
and DEUTSCHE BANK AG NEW YORK BRANCH, as RL Lender (in such capacity, the “RL Lender”) and administrative
agent for the Lenders (in such capacity, the “Administrative Agent”) and is made with reference to that certain
Credit Agreement, dated as of November 15, 2013 (as amended, restated, supplemented and/or otherwise modified from time to time,
the “Credit Agreement”), by and among Holdings, the Borrower, the Lenders and the Administrative Agent. Capitalized
terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement.

RECITALS

WHEREAS, pursuant
to Section 2.16 of the Credit Agreement, the Borrower has made an Extension Offer to the RL Lender (who constitutes all of the
Lenders with a Revolving Loan Commitment); and

WHEREAS, Holdings,
the Borrower and the RL Lender desire to (a) amend the Credit Agreement to extend the Initial Revolving Loan Maturity Date and
(b) make certain other amendments to the Credit Agreement as set forth herein, in each case in accordance with the terms hereof
and the Extension Offer;

NOW, THEREFORE,
in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as
follows:

Section 1.          AMENDMENTS
TO THE CREDIT AGREEMENT

A.       Section
1.01 of the Credit Agreement is hereby amended by adding thereto the following new definitions, which definitions shall be
inserted in proper alphabetical order:

“Second
Amendment” shall mean the Second Amendment to Credit Agreement, dated as of the Second Amendment Effective Date, among
Holdings, the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent.

“Second
Amendment Effective Date” shall mean November 8, 2018.

B.       Section 1.01
of the Credit Agreement is hereby further amended by amending and restating the definition of “Initial Revolving Loan Maturity
Date” appearing therein in its entirety as follows:

“Initial
Revolving Loan Maturity Date” shall mean the earlier to occur of (a) August 14, 2020 and (b) the date on which the aggregate
amount of Incremental Term Loans and/or Incremental RL Commitments incurred or obtained by the Borrower in reliance on clause (I)
of the definition of “Maximum Incremental Commitment Amount” since the Second Amendment Effective Date exceeds $20,000,000.

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C.       Section 10.07
of the Credit Agreement is hereby amended and restated in its entirety as follows:

“10.07
Total Leverage Ratio; Incremental Capacity.Holdings will not permit the Total Leverage Ratio as of the last day of any
Test Period (x) ending prior to the Second Amendment Effective Date to be greater than 4.50:1.00 and (y) ending on or after the
Second Amendment Effective Date to be greater than 4.00:1.00. Notwithstanding the foregoing, this Section 10.07 shall only be in
effect (x) when the aggregate outstanding principal amount or face amount (as the case may be) of Swingline Loans, Letters of Credit
(other than Letters of Credit in an aggregate face amount not to exceed $5,500,000 at any time outstanding issued in the ordinary
course of business and on a basis consistent with the past practices of the Borrower) and/or Revolving Loans exceeds (A) prior
to the Second Amendment Effective Date, 25% of the aggregate amount of the Total Revolving Loan Commitment then in effect and (B)
on and after the Second Amendment Effective Date, 20% of the aggregate amount of the Total Revolving Loan Commitment then in effect
and (y) when determining whether a Default or an Event of Default exists for purposes of Section 7.01 if the aggregate outstanding
principal amount or face amount (as the case may be) of Swingline Loans, Letters of Credit (other than Letters of Credit in an
aggregate face amount not to exceed $5,500,000 at any time outstanding issued in the ordinary course of business and on a basis
consistent with past practices of the Borrower) and/or Revolving Loans exceeds (or will exceed after giving effect to the proposed
Credit Event) (A) prior to the Second Amendment Effective Date, 25% of the aggregate amount of the Total Revolving Loan Commitment
then in effect and (B) on and after the Second Amendment Effective Date, 20% of the aggregate amount of the Total Revolving Loan
Commitment then in effect (it being understood that, for the purposes of this clause (y), calculation of compliance with this Section
10.07 shall be determined as of the last day of the Test Period most recently ended prior to the date of the applicable Credit
Event but determined on a pro forma basis to give effect to such Credit Event).”

D.       The
Administrative Agent hereby waives the Minimum Tranche Amount and the 10 Business Day prior written notice requirement for the
Extension effected hereby.

Section 2.           CONDITIONS
TO EFFECTIVENESS

Section 1 of
this Second Amendment shall become effective only upon the satisfaction of all of the following conditions precedent (the date
of satisfaction of such conditions being referred to herein as the “Second Amendment Effective Date”):

A.       Amendment.
Holdings, the Borrower, the Subsidiary Guarantors, the Administrative Agent and the RL Lender shall have signed a counterpart hereof
(whether the same or different counterparts) and shall have delivered (including by way of facsimile (or other electronic) transmission)
their signed counterparts to the Administrative Agent.

B.       Revolving
Loan Commitment. The Borrower shall have delivered a notice of reduction pursuant to Section 4.02(a) of the Credit Agreement
such that, immediately prior to the effectiveness of the Second Amendment, the Revolving Loan Commitment of the RL Lender shall
be no greater than $15,000,000 after giving effect to this Second Amendment.

    	2

     

    

C.       Secretary’s
Certificate. The Administrative Agent shall have received a certificate of an Authorized Officer of each Credit Party, dated
the Second Amendment Effective Date, certifying and attaching a true and complete copy of resolutions duly adopted or written consents
duly executed by the board of directors (or equivalent governing body or any committee thereof) of each Credit Party authorizing
the execution, delivery and performance of this Second Amendment and the performance of the Credit Agreement (as amended by this
Second Amendment) and the other Credit Documents and certifying that such resolutions or written consents have not been modified,
rescinded or amended and are in full force and effect.

D.       Legal
Opinion. The Administrative Agent shall have received from Stuart M. Steinberg, P.C., general counsel to the Credit Parties,
an opinion, in form and substance reasonably satisfactory to the Administrative Agent, addressed to the Administrative Agent and
the RL Lender and dated the Second Amendment Effective Date.

E.       Fees
and Expenses. The Borrower shall have paid all costs, fees, expenses and other amounts due and payable pursuant to the Credit
Documents and any other fee due and payable to the Administrative Agent or any affiliate thereof as may have been separately agreed
to by the Borrower and the Administrative Agent or such affiliate in connection with the Credit Agreement and this Second Amendment,
including the reasonable fees and expenses of White & Case LLP that have been invoiced and not paid in full prior to the Second
Amendment Effective Date.

Section 3.           CREDIT
PARTY REPRESENTATIONS AND WARRANTIES

In order to induce
the RL Lender to enter into this Second Amendment and to amend the Credit Agreement in the manner provided herein, each Credit
Party represents and warrants to the RL Lender that the following statements are true and correct:

A.       Power
and Authority. Each Credit Party has the corporate, partnership or limited liability company power and authority, as the case
may be, to execute, deliver and perform the terms and provisions of this Second Amendment and has taken all necessary corporate,
partnership or limited liability company action, as the case may be, to authorize the execution, delivery and performance by it
of this Second Amendment. Each Credit Party has duly executed and delivered this Second Amendment, and this Second Amendment constitutes
its legal, valid and binding obligation enforceable in accordance with its terms, except to the extent that the enforceability
hereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting
creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law).

B.       Approvals.
No order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by,
any governmental or public body or authority, or any subdivision thereof, is required to be obtained or made by, or on behalf of,
any Credit Party to authorize, or is required to be obtained or made by, or on behalf of, any Credit Party in connection with,
(i) the execution, delivery and performance of this Second Amendment or (ii) the legality, validity, binding effect or enforceability
of this Second Amendment (except for those that have otherwise been obtained or made).

    	3

     

    

C.       No
Violation. Neither the execution, delivery or performance by any Credit Party of this Second Amendment, nor compliance by it
with the terms and provisions hereof, (i) will contravene in any material respect any provision of any law, statute, rule or regulation
or any order, writ, injunction or decree of any court or governmental instrumentality, (ii) will conflict with or result in any
breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or
imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of any Credit Party or any of
its Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, credit agreement or loan agreement, or any other
material agreement, contract or instrument, in each case to which any Credit Party or any of its Subsidiaries is a party or by
which it or any its property or assets is bound or to which it may be subject, or (iii) will violate any provision of the certificate
or articles of incorporation, certificate of formation, limited liability company agreement, partnership agreement or by-laws (or
equivalent organizational documents), as applicable, of any Credit Party or any of its Subsidiaries.

D.       Incorporation
of Representations and Warranties From Credit Agreement. The representations and warranties contained in Section 8 of the Credit
Agreement are and will be true and correct in all material respects on and as of the Second Amendment Effective Date to the same
extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an
earlier date, in which case they were true and correct in all material respects on and as of such earlier date; provided,
that, if a representation and warranty is qualified as to materiality, with respect to such representation and warranty the materiality
qualifier set forth above shall be disregarded for purposes of this condition.

E.       Absence
of Default. No event has occurred and is continuing or will result from the consummation of the transactions contemplated by
this Second Amendment that would constitute a Default or an Event of Default.

Section 4.           ACKNOWLEDGMENT
AND CONSENT

Each of Holdings,
the Borrower and each Subsidiary Guarantor has read this Second Amendment and consents to the terms hereof and hereby acknowledges
and agrees that any Guaranty and any Security Document to which it is a party or otherwise bound shall continue in full force and
effect and that all of its obligations thereunder shall be valid and enforceable in accordance with their respective terms, except
to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other similar laws relating to or affecting creditors’ rights generally and subject to general principles of equity, regardless
of whether considered in a proceeding in equity or at law, and shall not be impaired or limited by the execution or effectiveness
of this Second Amendment.

Each Subsidiary
Guarantor acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth in this Second Amendment,
such Subsidiary Guarantor is not required by the terms of the Credit Agreement or any other Credit Document to consent to the amendments
to the Credit Agreement effected pursuant to this Second Amendment and (ii) nothing in the Credit Agreement, this Second Amendment
or any other Credit Document shall be deemed to require the consent of any Subsidiary Guarantor to any future amendments to the
Credit Agreement as amended hereby.

    	4

     

    

Section 5.           MISCELLANEOUS

A.       Reference
to and Effect on the Credit Agreement and the Other Credit Documents. 

(i)       On
and after the Second Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”,
 “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the
other Credit Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like
import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby.

(ii)       The
parties hereto agree that this Second Amendment is a Credit Document.

(iii)       Except
as specifically amended by this Second Amendment, the Credit Agreement and the other Credit Documents shall remain in full force
and effect and are hereby ratified and confirmed.

(iv)       The
execution, delivery and performance of this Second Amendment shall not, except as expressly provided herein, constitute a waiver
of any provision of, or operate as a waiver of any right, power or remedy of Administrative Agent or any Lender under, the Credit
Agreement or any of the other Credit Documents.

B.       Headings.
Section and subsection headings in this Second Amendment are included herein for convenience of reference only and shall
not constitute a part of this Second Amendment for any other purpose or be given any substantive effect.

C.       Applicable
Law. THIS SECOND AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

D.       Counterparts.
This Second Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each
of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one
and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart
so that all signature pages are physically attached to the same document. Delivery of an executed counterpart hereof by facsimile
or other electronic transmission shall be as effective as delivery of any original executed counterpart hereof.

[Remainder of page intentionally left
blank]

    	5

     

    

IN WITNESS WHEREOF,
the parties hereto have caused this Second Amendment to be duly executed and delivered by their respective officers thereunto duly
authorized as of the date first written above.

	 	TSI HOLDINGS II, LLC
	 	 
	 	 
	 	By:	
   

	 	 	 
	 	Name:	
   

	 	 	 
	 	Title:	
   

 

	 	TOWN SPORTS INTERNATIONAL, LLC
	 	 
	 	 
	 	By:	
   

	 	 	 
	 	Name:	
   

	 	 	 
	 	Title:	
   

 

    
	 	-Signature Page-
 Second Amendment to Credit

                                                                                Agreement
	 

 

     

    

 

	 	TSI 1231 3RD AVENUE, LLC 
	 	TSI 217 BROADWAY, LLC
	 	TSI 30 BROAD STREET, LLC
	 	TSI 555 6TH AVENUE, LLC
	 	TSI – ALAMEDA, LLC
	 	TSI ALLSTON, LLC
	 	TSI ASTORIA, LLC
	 	TSI ASTOR PLACE, LLC
	 	TSI AVENUE A, LLC
	 	TSI BACK BAY, LLC
	 	TSI BAYONNE, LLC
	 	TSI BAY RIDGE 86TH STREET, LLC
	 	TSI BAYRIDGE, LLC
	 	TSI BEACON STREET, LLC 
	 	TSI BETHESDA, LLC
	 	TSI BOYLSTON, LLC
	 	TSI BROADWAY, LLC
	 	TSI BROOKLYN BELT, LLC
	 	TSI BULFINCH, LLC
	 	TSI BUTLER, LLC
	 	TSI – CAL. GLENDALE, LLC,

each as a Guarantor
	 	 
	 	 
	 	By:	
   

	 	Name:
	 	Title:

 

    
	 	-Signature Page-
 Second Amendment to Credit

                                                                                Agreement
	 

 

     

    

	 	TSI CANTON, LLC
	 	TSI CARMEL, LLC,
	 	TSI CASH MANAGEMENT, LLC
	 	TSI CENTRAL SQUARE, LLC
	 	TSI CLARENDON, LLC
	 	TSI CLIFTON, LLC
	 	TSI COBBLE HILL, LLC
	 	TSI COLONIA, LLC
	 	TSI COLUMBIA HEIGHTS, LLC
	 	TSI COMMACK, LLC
	 	TSI CONNECTICUT AVENUE, LLC
	 	TSI COURT STREET, LLC
	 	TSI CROTON, LLC
	 	TSI DANBURY, LLC
	 	TSI DAVIS SQUARE, LLC
	 	TSI DEER PARK, LLC
	 	TSI DOBBS FERRY, LLC
	 	TSI DORCHESTER, LLC
	 	TSI DOWNTOWN CROSSING, LLC
	 	TSI DUPONT CIRCLE, INC.
	 	TSI DUPONT II, INC.
	 	TSI EAST 23, LLC,

each as a Guarantor
	 	 
	 	 
	 	By:	
   

	 	Name:
	 	Title:

 

    
	 	-Signature Page-
 Second Amendment to Credit

                                                                                Agreement
	 

 

     

    

 

	 	TSI EAST 36, LLC
	 	TSI EAST 41, LLC
	 	TSI EAST 48, LLC
	 	TSI EAST 51, LLC
	 	TSI EAST 59, LLC
	 	TSI EAST 76, LLC
	 	TSI EAST 86, LLC
	 	TSI EAST 91, LLC
	 	TSI EAST BRUNSWICK, LLC
	 	TSI EAST MEADOW, LLC
	 	TSI ELITE BACK BAY, LLC
	 	TSI ENGLEWOOD, LLC
	 	TSI FENWAY, LLC
	 	TSI FIRST AVENUE, LLC
	 	TSI FOREST HILLS, LLC
	 	TSI GALLERY PLACE, LLC
	 	TSI GARDEN CITY, LLC
	 	TSI GARNERVILLE, LLC
	 	TSI GEORGETOWN, LLC
	 	TSI GIFTCO, LLC
	 	TSI GLENDALE, LLC,

each as a Guarantor
	 	 
	 	By:	
   

	 	Name:
	 	Title:

 

    
	 	-Signature Page-
 Second Amendment to Credit

                                                                                Agreement
	 

 

     

    

 

	 	TSI GLOVER, LLC
	 	TSI GRAND CENTRAL, LLC
	 	TSI GREAT NECK, LLC
	 	TSI GREENPOINT, LLC
	 	TSI GREENWICH, LLC
	 	TSI HARTSDALE, LLC
	 	TSI HAWTHORNE, LLC
	 	TSI HICKSVILLE, LLC
	 	TSI HIGHPOINT, LLC
	 	TSI HOBOKEN, LLC
	 	TSI HOBOKEN NORTH, LLC
	 	TSI HOLDINGS (CIP), LLC
	 	TSI HOLDINGS (DC), LLC
	 	TSI HOLDINGS (IP), LLC
	 	TSI HOLDINGS (MA), LLC
	 	TSI HOLDINGS (MD), LLC
	 	TSI HOLDINGS (NJ), LLC
	 	TSI HOLDINGS (PA), LLC
	 	TSI HOLDINGS (VA), LLC
	 	TSI HUNTINGTON, LLC
	 	TSI INSURANCE, INC.
	 	TSI INTERNATIONAL, INC.,

each as a Guarantor
	 	 
	 	 
	 	By:	
   

	 	Name:
	 	Title:

 

    
	 	-Signature Page-
 Second Amendment to Credit

                                                                                Agreement
	 

 

     

    

	 	TSI – IRVINE, LLC
	 	TSI IRVING PLACE, LLC
	 	TSI JERSEY CITY, LLC
	 	TSI – LAGUNA HILLS, LLC
	 	TSI LARCHMONT, LLC
	 	TSI LEXINGTON (MA), LLC
	 	TSI LINCOLN, LLC
	 	TSI LIVINGSTON, LLC
	 	TSI LONG BEACH, LLC
	 	TSI LYNNFIELD, LLC
	 	TSI – LUCILLE 38TH AVENUE, LLC
	 	TSI – LUCILLE 42ND STREET, LLC
	 	TSI – LUCILLE 89TH STREET, LLC
	 	TSI – LUCILLE ASTORIA, LLC
	 	TSI – LUCILLE AUSTIN STREET, LLC
	 	TSI – LUCILLE BAYSHORE, LLC
	 	TSI – LUCILLE BRONX, LLC
	 	TSI – LUCILLE CLIFTON, LLC
	 	TSI – LUCILLE COMMACK, LLC
	 	TSI – LUCILLE HOLBROOK, LLC
	 	TSI – LUCILLE JERSEY CITY, LLC
	 	TSI – LUCILLE KINGS HIGHWAY, LLC,

each as a Guarantor
	 	 
	 	 
	 	By:	
   

	 	Name:
	 	Title:

 

    
	 	-Signature Page-
 Second Amendment to Credit

                                                                                Agreement
	 

 

     

    

 

	 	TSI – LUCILLE RALPH AVENUE, LLC
	 	TSI – LUCILLE ROCKVILLE CENTRE, LLC
	 	TSI – LUCILLE ST. NICHOLAS AVENUE, LLC
	 	TSI – LUCILLE VALLEY STREAM, LLC
	 	TSI MAHWAH, LLC
	 	TSI MAMARONECK, LLC
	 	TSI MARKET STREET, LLC
	 	TSI MARLBORO, LLC
	 	TSI MASSAPEQUA, LLC
	 	TSI MATAWAN, LLC
	 	TSI MERCER STREET, LLC
	 	TSI MIDWOOD, LLC
	 	TSI MONTCLAIR, LLC
	 	TSI MORRIS PARK, LLC
	 	TSI MURRAY HILL, LLC
	 	TSI NEWARK, LLC
	 	TSI NEWBURY STREET, LLC
	 	TSI NEW ROCHELLE, LLC
	 	TSI NEWTON, LLC
	 	TSI NORTH BETHESDA, LLC
	 	TSI – NORTHRIDGE, LLC,

each as a Guarantor
	 	 
	 	 
	 	By:	
   

	 	Name:
	 	Title:

 

    
	 	-Signature Page-
 Second Amendment to Credit

                                                                                Agreement
	 

 

     

    

	 	TSI OCEANSIDE, LLC
	 	TSI – PLACENTIA, LLC
	 	TSI PRINCETON, LLC
	 	TSI PROVIDENCE EASTSIDE, LLC
	 	TSI RADNOR, LLC
	 	TSI RAMSEY, LLC
	 	TSI REGO PARK, LLC
	 	TSI RIDGEWOOD, LLC
	 	TSI RODIN PLACE, LLC
	 	TSI – SAN JOSE, LLC
	 	TSI SCARSDALE, LLC
	 	TSI SHERIDAN, LLC
	 	TSI SILVER SPRING, LLC
	 	TSI SMITHTOWN, LLC
	 	TSI SOCIETY HILL, LLC
	 	TSI SOMERS, LLC
	 	TSI SOMERSET, LLC
	 	TSI SOUTH BETHESDA, LLC
	 	TSI SOUTH END, LLC
	 	TSI SOUTH PARK SLOPE, LLC
	 	TSI SOUTH STATION, LLC
	 	TSI SPRINGFIELD, LLC

each as a Guarantor
	 	 
	 	 
	 	By:	
   

	 	Name:
	 	Title:

 

    
	 	-Signature Page-
 Second Amendment to Credit

                                                                                Agreement
	 

 

     

    

 

	 	TSI STAMFORD POST, LLC
	 	TSI STATEN ISLAND, LLC
	 	TSI STOKED, LLC
	 	TSI – STUDIO CITY, LLC
	 	TSI SUMMER STREET, LLC
	 	TSI SUNNYSIDE, LLC
	 	TSI SYOSSET, LLC
	 	TSI – TOPANGA, LLC
	 	TSI – TORRANCE, LLC
	 	TSI TOTAL WOMAN HOLDCO, LLC
	 	TSI UNIVERSITY MANAGEMENT, LLC
	 	TSI – VALENCIA, LLC
	 	TSI VARICK STREET, LLC
	 	TSI WALTHAM, LLC
	 	TSI WASHINGTON, INC.
	 	TSI WATERTOWN, LLC
	 	TSI WAYLAND, LLC
	 	TSI WELLESLEY, LLC
	 	TSI WELLINGTON CIRCLE, LLC
	 	TSI WEST 14, LLC
	 	TSI WEST 16, LLC
	 	TSI WEST 23, LLC,

each as a Guarantor
	 	 
	 	 
	 	By:	
   

	 	Name:
	 	Title:

 

    
	 	-Signature Page-
 Second Amendment to Credit

                                                                                Agreement
	 

 

     

    

 

	 	TSI WEST 38, LLC
	 	TSI WEST 41, LLC
	 	TSI WEST 48, LLC
	 	TSI WEST 73, LLC
	 	TSI WEST 76, LLC
	 	TSI WEST 80, LLC
	 	TSI WEST 94, LLC
	 	TSI WEST 115TH STREET, LLC
	 	TSI WEST 125, LLC
	 	TSI WEST 145TH STREET, LLC
	 	TSI WESTBORO TENNIS, LLC
	 	TSI WESTBOROUGH, LLC
	 	TSI WEST CALDWELL, LLC
	 	TSI WEST END, LLC
	 	TSI WEST HARTFORD, LLC
	 	TSI – WESTLAKE, LLC
	 	TSI WEST NEWTON, LLC
	 	TSI WEST NYACK, LLC
	 	TSI WESTWOOD, LLC
	 	TSI WHITE PLAINS, LLC
	 	TSI WHITE PLAINS CITY CENTER, LLC
	 	TSI WHITESTONE, LLC,

each as a Guarantor
	 	 
	 	 
	 	By:	
   

	 	Name:
	 	Title:

 

    
	 	-Signature Page-
 Second Amendment to Credit

                                                                                Agreement
	 

 

     

    

 

	 	TSI WOBURN, LLC
	 	TSI WOODMERE, LLC,

each as a Guarantor
	 	 
	 	 
	 	By:	
   

	 	Name:
	 	Title:

 

    
	 	-Signature Page-
 Second Amendment to Credit

                                                                                Agreement
	 

 

     

    

 

	 	DEUTSCHE BANK AG NEW YORK BRANCH, 

as Administrative Agent
	 	 
	 	 
	 	By:	
   

	 	 	 
	 	Name:	
   

	 	 	 
	 	Title:	
   

 

 

	 	 
	 	 
	 	By:	
   

	 	 	 
	 	Name:	
   

	 	 	 
	 	Title:	
   

 

 

 

	 	DEUTSCHE BANK AG NEW YORK BRANCH, 

as RL Lender
	 	 
	 	 
	 	By:	
   

	 	 	 
	 	Name:	
   

	 	 	 
	 	Title:	
   

 

 

 

	 	 
	 	 
	 	By:	
   

	 	 	 
	 	Name:	
   

	 	 	 
	 	Title:	
   

 

    
	 	-Signature
                                         Page-
 Second Amendment to Credit 

AgreementExhibit

Exhibit 10.1

AMENDMENT NO. 1 TO AMENDED AND RESTATED ASSET
MANAGEMENT AGREEMENT

This amendment (this “Amendment”), dated as of November 7, 2018 hereby amends the Amended and Restated Asset Management Agreement dated as of November 9, 2017 (the “Asset Management Agreement”) by and between NorthStar Realty Europe Corp., a Maryland corporation (“NRE”), and CNI NRE Advisors, LLC, a Delaware limited liability company (the “Asset Manager”).  Each capitalized term used in this Amendment and not otherwise defined herein shall have the meaning ascribed to such term in the Asset Management Agreement.   

NOW, THEREFORE, the parties hereto, for good and valuable consideration, the adequacy of which is hereby acknowledged, and intending to be legally bound, hereby wish to amend the Asset Management Agreement on the terms set forth herein:
AGREEMENTS
1.    Press Release. NRE has issued a press release announcing this Amendment and that the SRC, is conducting a process to review strategic alternatives in an effort to enhance stockholder value, including by means of a potential sale of NRE.  
2.    Commercially Reasonable Efforts. At the direction of the SRC, NRE shall use commercially reasonable efforts, consistent with the fiduciary duties of the SRC and the Board of Directors of NRE, to enter into a definitive agreement providing for an NRE Change of Control. 
3.    Management.  Subject to the other terms and conditions of this Amendment, from the date hereof through the Termination Date (as defined below), the Asset Manager shall continue to manage NRE and provide Services pursuant to the existing terms of the Asset Management Agreement, including in exchange for NRE’s payment of the Base Management Fee, any Incentive Fee and expense reimbursement due pursuant to the existing terms of the Asset Management Agreement.
4.    Retention and Transition Plan.  Promptly after the date hereof, the Asset Manager and NRE (through its Board of Directors) hereby agree to formulate a management transition and retention program to induce the employees of the Asset Manager and its Subsidiaries set forth on Exhibit A to continue providing Services to NRE through the Termination Date and substantially similar services to NRE following the Termination Date, which program shall be reasonably acceptable to the Board of Directors of NRE and the Asset Manager.
5.    Termination of the Asset Management Agreement.  After the date hereof and prior to the Outside Date, the Asset Manager and NRE acknowledge and agree that any definitive agreement entered into with respect to an NRE Change of Control need not comply with Section 19(b) of the Asset Management Agreement.  The Asset Management Agreement will automatically terminate (the date of such termination, the “Termination Date”), without further action of either party hereto, effective upon the earlier of (A) (i) the closing of an NRE Change of Control, and (ii) the completion of an internalization of the management of NRE within nine months of a Triggering Date (as defined below) (the date which is nine months after the Triggering Date being referred to as the “Outside 

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Date”), following which each of NRE and the Asset Manager shall have no further rights or obligations under the Asset Management Agreement other than the payment of the Termination Payment in accordance with the terms hereof; provided that following the Triggering Date, NRE shall promptly make a public announcement regarding the termination of its process to review strategic alternatives and initiation of the internalization process, at which time NRE’s obligations under Section 2 shall terminate. “Triggering Date” means the later of (x) April 30, 2019 if on such date there is not in place a definitive agreement for an NRE Change of Control, and (y) if on April 30, 2019 there is a definitive agreement for an NRE Change of Control, such date on which such agreement is terminated, if any, if no other definitive agreement for an NRE Change of Control is entered into within 30 days thereafter. On the Termination Date, NRE shall pay to the Asset Manager a termination payment equal to (I) $70,000,000, minus (II) the amount of any Incentive Fee paid pursuant to the Asset Management Agreement on or after the date hereof and on or prior to the Termination Date (the “Termination Payment”). Any internalization of the management of NRE shall be pursuant to a definitive agreement, the form of which shall be of a customary nature for transactions of this type, shall be negotiated in good faith and shall be reasonably acceptable to the Board of Directors of NRE and the Asset Manager.  During the period from any Triggering Date to the corresponding Outside Date, the Asset Manager shall reasonably cooperate with NRE  to finalize the internalization of the management of NRE as soon as reasonably practicable after such Triggering Date.
6.    Incentive Fee.  Each of NRE and the Asset Manager hereby agree that (i) the payment of all Incentive Fees in accordance with the Asset Management Agreement on or prior to the Outside Date shall in no event exceed $70,000,000 in the aggregate and (ii) no Incentive Fee shall be due or payable to the Asset Manager pursuant to the terms of the Asset Management Agreement in respect of any NRE Change of Control in connection with which the Termination Payment is paid or any period on or after the Termination Date.  For the avoidance of doubt and for illustrative purposes only, if all Incentive Fees paid prior to the Termination Date equal to fifteen million dollars ($15,000,000), the Termination Payment would equal fifty-five million dollars ($55,000,000). 
7.    Transition Services Agreement.  At the request of the Board of Directors of NRE, the Asset Manager and NRE agree to negotiate in good faith to execute a definitive transition services agreement, the form of which is reasonably acceptable to the Board of Directors of NRE and the Asset Manager, which transition services agreement shall remain in place for a period commencing upon the Termination Date and for nine (9) months thereafter (or such shorter time as the Board of Directors of NRE shall request). 
8.    Miscellaneous. The provisions set forth in Section 22 through Section 30 and Section 32 through Section 35 of the Asset Management Agreement are hereby incorporated herein, with all references to the “Agreement” being references to the Asset Management Agreement as amended by this Amendment. This Amendment may be executed in one or more counterparts, and each of such counterparts shall, for all purposes, be deemed to be an original, but all of such counterparts shall constitute one and the same instrument.  
[Signatures on Next Page]

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NORTHSTAR REALTY EUROPE CORP.

By:  /s/ RONALD M. SANDERS
Name:  Ronald M. Sanders
Title:  Assistant Secretary

CNI NRE ADVISORS, LLC

By:     /s/ MARK M. HEDSTROM
Name:  Mark M. Hedstrom
Title:    Vice President

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