Document:

Ex_10_1

		
			Exhibit 10.1
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			SECOND AMENDMENT  TO  LOAN AGREEMENT
		

		
			 
		

		
			Dated  as of August 8, 2014 among
		

		
			ONE PARK BOULEVARD, LLC,  as  Borrower
		

		
			 
		

		
			and
		

		
			 
		

		
			SUNSTONE PARK LESSEE, LLC,  as Operating Lessee
		

		
			 
		

		
			and
		

		
			 
		

		
			MUFG UNION  BANK, N.A.,  as  Agent
		

		
			 
		

		
			and
		

		
			 
		

		
			MUFG UNION  BANK, N.A.,  as a Lender
		

		
			 
		

		
			and
		

		
			 
		

		
			COMPASS  BANK,  as a Lender
		

		
			 
		

		
			and
		

		
			 
		

		
			CIBC INC.,  as a Lender
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			 

		

 

		SECOND AMENDMENT  TO  LOAN AGREEMENT
		

		
			 
		

		
			This SECOND AMENDMENT TO LOAN AGREEMENT (this “Amendment”) dated as of August 8, 2014 (the “Effective Date”), by  and among ONE PARK BOULEVARD, LLC, a Delaware limited liability company, having offices at 120 Vantis,  Suite 350, Aliso Viejo,  California 92656 (“Borrower”), SUNSTONE PARK LESSEE, LLC, a Delaware limited liability company, having offices at 120 Vantis, Suite 350, Aliso Viejo,  California 92656 (“Operating Lessee”; Borrower and Operating Lessee are each sometimes referred to as a “Loan Party” and collectively  as “Loan Parties”), MUFG UNION BANK, N.A. (f/k/a Union Bank, N.A.), a national banking association, having an office at 230 Park Avenue, New York, New York 10169, as agent for Lenders (as defined in the Loan Agreement (as defined below)) (in its capacity as  agent, together with its permitted successors and assigns, “Agent”), MUFG UNION  BANK, N.A., a  national banking association, having an office  at 230 Park Avenue, New York, New York 10169, as a Lender (“Union  Bank”), CIBC INC., a  Delaware  corporation, having offices at 425 Lexington Avenue, 4th Floor, New York, New York 10017, as a Lender (“CIBC”), and COMPASS  BANK, an Alabama banking corporation, having offices at 8333 Douglas Avenue, Suite 505, Dallas, Texas 75225, Attention:  Commercial  Real Estate Lending, as a Lender (“Compass”).
		

		
			 
		

		
			W I T N E S S E T H:
		

		
			 
		

		
			WHEREAS, Loan Parties and Aareal Capital Corporation (“ACC”), as the initial Agent and the initial Lender (as joined into by Union Bank (as successor-in- interest to PB (USA) Realty  Corporation), CIBC, Compass and Aareal Bank AG, a German  banking corporation (“ABAG”),  as Lenders), entered into that certain Loan Agreement dated as of April 15, 2011, as amended by that certain First Amendment to Loan Agreement dated as of July 17, 2012 (the “First Amendment”) (as so amended, the “Existing Loan Agreement”; capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Existing Loan Agreement, as amended hereby), pursuant to which ACC  agreed to make a loan to Borrower in the original principal amount of $240,000,000, of which amount $229,449,512.56 remains outstanding as of the date hereof (the  “Existing Loan”);
		

		
			 
		

		
			WHEREAS, in connection with the Existing Loan, in addition to the Existing Loan  Agreement, Loan  Parties and Sponsors entered into other Loan Documents (as defined in the Existing Loan Agreement) (the “Existing Loan Documents”; the Existing Loan Documents, as amended  by the Modification Documents (as defined below), the “Loan Documents”);
		

		
			 
		

		
			WHEREAS, immediately prior to the execution of this Amendment, (a)  each of ACC and ABAG assigned all of its respective interest under the Existing Loan Agreement and the Existing Loan Documents as a Lender in portions to each of Union Bank and Compass pursuant to those certain Assignments and Acceptances dated as of the date hereof and (b)  ACC resigned as  Agent pursuant to Section 9.13(a) of the Existing Loan Agreement (the Loan Parties and the Lenders at the time having waived any notice requirements set forth in said Section 9.13(a) with respect to such resignation) and the Requisite Lenders appointed Union Bank as successor Agent to ACC, in each  case, pursuant to that certain letter dated as of the date hereof from ACC to  Requisite Lenders, and acknowledged and agreed to by Requisite Lenders and Loan Parties, such that (i) Union Bank, CIBC and Compass currently constitute all Lenders and (ii) Union Bank constitutes the sole Agent;
		

		

		

		 

		

			 

		

 

		 
		

		
			WHEREAS, the parties hereto desire to enter into this Amendment (i) to confirm ACC’s resignation as Agent and the appointment of Union Bank as Agent, (ii) to reflect each of ACC’s and ABAG’s assignment of all of its interest under the Existing Loan Agreement as a Lender in portions to each of Union Bank, CIBC and  Compass and  (iii) to amend the Existing Loan Agreement in other  respects (the Existing Loan Agreement, as  amended  by this Amendment, the  “Loan  Agreement”);  and
		

		
			 
		

		
			WHEREAS, in connection with the amendment of the Existing Loan Agreement, Loan Parties, Sponsors, Hilton Management, Lenders and/or Agent are,  concurrently herewith, entering into the following documents and agreements, all dated  as of the date hereof:   (i) a Second Substitute Promissory Note made by Borrower in favor of Union Bank in the principal amount of $76,483,170.90; (ii) a Second  Substitute Promissory Note made by  Borrower in favor of CIBC in the principal  amount of $76,483,170.77; (iii) a  Second Substitute  Promissory Note made by  Borrower in  favor of Compass in the principal  amount of $76,483,170.89; (iv) a First Amendment to Leasehold and Subleasehold Deed of Trust, Security Agreement, Financing Statement, Fixture Filing and Assignment of Rents and Assignment of Leases and Rents among Loan Parties and Agent; (v) an Omnibus Amendment and Reaffirmation of Loan Documents among Loan Parties,  Sponsors and Agent; (vi) a second Loan  Fee Letter between Borrower and Agent (the “Supplemental  Fee Letter”); and (vii) a  Reaffirmation of Manager  Subordination and  Cooperation Agreement between Hilton Management and Agent, and acknowledged  and agreed to by  Loan  Parties  (all of the foregoing,  collectively, the  “Modification Documents”).
		

		
			 
		

		
			NOW, THEREFORE,  for and in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt and legal sufficiency of which are hereby  acknowledged  by the parties hereto, Loan Parties, Agent and Lenders do hereby agree  as follows:
		

		
			 
		

		
			ARTICLE I.
		

		
			 
		

		
			AMENDMENT  TO  THE  EXISTING LOAN AGREEMENT
		

		
			 
		

		
			SECTION 1.1 Agent. The parties  hereto  consent,  acknowledge  and agree that as of the date hereof ACC has resigned as Agent (the Loan Parties and Lenders having waived  any  notice  requirements set  forth in Section 9.13(a) of the Existing Loan  Agreement with respect to such  resignation) and Union Bank has been designated  as the successor Agent to ACC.
		

		
			 
		

		
			SECTION 1.2 Definitions.
		

		
			 
		

		
			(a) The following definitions set forth in Section 1.1 of the Existing Loan Agreement are  amended to include the First Amendment, this Amendment and the Modification Documents, as applicable:  (i) “Loan Agreement”; (ii) “Loan Documents” (including in any document defined in such definition); and (iii) “Security  Documents” (including in any document defined in such  definition).
		

		
			 
		

		
			(b) The following definitions set forth in Section 1.1 of the Existing Loan Agreement are amended as  follows:
		

		

		

		 

		

			 

		

 

		 
		

		
			(i)The definition of  “Authorized Agent Representative” is amended  by deleting the text  “Joseph Kelly” therefrom and replacing it with the text  “Lisa Miller”.
		

		
			 
		

		
			(ii)Clause  (b) of the definition of  “Cash Sweep  Condition” is amended  by deleting the text  “1.40:1.00” therefrom  and replacing it with the text  “1.35:1.00”.
		

		
			 
		

		
			(iii)The  definition of “Eligible Assignee” is amended  by inserting the text “not on a Government List,” immediately prior to the text “not an Affiliate of Loan  Parties or Sponsor” therein.
		

		
			 
		

		
			(iv)The definition of  “Permitted Encumbrances” is amended  by inserting the  following text  at the  end of such definition: “and (vii) the ENA”.
		

		
			 
		

		
			(c) The following definitions set forth in Section 1.1 of the Existing Loan Agreement are amended and restated in their entirety by the following:
		

		
			 
		

		
			“LIBOR” means, (a) the average rate of interest per annum equal to the London Interbank Offered Rate or LIBOR promulgated by the Intercontinental Exchange Benchmark Administration Ltd. (“ICE”, or the successor thereto if ICE is no longer  making a London Interbank Offered  Rate available)  for the equivalent LIBOR Rate Period as published by  Bloomberg  (or such other commercially  available source providing quotations of ICE LIBOR as designated by Agent from time to time) at  approximately 11:00 a.m.  (London time) two  (2) Business Days before the first day of the applicable LIBOR Rate Period for a period of time comparable to the applicable LIBOR  Rate Period, (b) if the foregoing method is not available and no such rate is ascertainable as of 11:00 a.m. (London  time)   on  such   determination  date,   Agent  shall  request  the principal London office of any  four (4) major reference banks in the  London  interbank  market   selected    by  Agent  to   provide  such   bank’s offered quotation (expressed as a  percentage per annum) to prime banks in the London interbank market for deposits in U.S. Dollars for a period of time equivalent to the applicable LIBOR Rate Period as of 11:00 a.m. (London time) on such determination date for the amounts of not less than $1,000,000 and if at least two (2) such offered quotations are so provided, LIBOR shall be the arithmetic mean of such quotations; and if fewer than two (2) such quotations are so provided, Agent shall request any three major banks in New York City  selected by  Agent to provide such bank’s  rate (expressed as a percentage per annum) for loans in U.S. Dollars to leading European  banks for a period of time equivalent to the applicable LIBOR Rate Period as of approximately 11:00 a.m. (New York City time) on  the  applicable determination date for amounts of not less than $1,000,000 and if at least two (2) such rates are  so provided, LIBOR shall be the arithmetic mean of such  rates  or  (c) if the foregoing methods are not available and no such rate is ascertainable, then at a  rate reasonably determined  by Agent.
		

		
			 
		

		
			“LIBOR Rate Period” means for any  Loan Portion, each period for the computation of Interest on a Loan Portion at a LIBOR Rate.   Subject to Section 2.3(e), each LIBOR Rate Period shall have a duration of one (1),   three   (3) or  
		

		 

		

			 

		

 

		six   (6) month(s)  (in  each   case,   subject   to  general  availability), as selected by  Borrower in accordance with Section 2.3(a) and/or Section 2.3(c), or such other period as Borrower and Lenders shall agree.   Notwithstanding the foregoing, in the case of a LIBOR Rate  Period which would otherwise end after the date which is the Maturity Date, such LIBOR Rate  Period shall have a duration equal to the period commencing on the effective  date of such LIBOR Rate Period and ending on and including the Maturity Date.   Each LIBOR Rate Period shall commence with respect to any outstanding  principal of the Loan, on any  date selected  by   Borrower   in  accordance   with  Section 2.3;  provided,  however,   that notwithstanding anything in this definition of LIBOR Rate Period to the contrary, (i) if any LIBOR Rate Period would otherwise end on a day which is not a LIBOR Banking Day, such LIBOR Rate  Period shall be  extended to the next succeeding LIBOR Banking Day, unless the result of such extension would be to carry such LIBOR Rate Period over into another calendar month, in which event such LIBOR Rate  Period shall end on the immediately preceding LIBOR Banking Day and (ii) any LIBOR Rate Period that begins on the last LIBOR Banking Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Rate Period) shall end on the last LIBOR Banking  Day of the calendar month during which the LIBOR Rate Period would otherwise expire  (e.g., one (1), three (3) or six  (6) month(s)).
		

		
			 
		

		
			“Loan Fee Letter” means that certain Loan Fee Letter dated as of August 8, 2014 between Agent and Borrower.
		

		
			 
		

		
			“Loan  Parties’ Certificate” means that certain Loan Parties’ Certificate dated as of  August 8, 2014 made by  Loan Parties in favor of Agent.
		

		
			 
		

		
			“Margin” means two and one-quarter of one percent (2.25%) per annum.
		

		
			 
		

		
			“Maturity Date” means August 8, 2019, or such earlier date as the  entire principal amount of the Loan shall become due and payable by  acceleration or otherwise pursuant to the terms of the Loan Documents.
		

		
			 
		

		
			“Note” means, individually or collectively, as the context may  require, (i) that certain Second Substitute Promissory Note made by  Borrower  in favor of Union Bank in the principal  amount of $76,483,170.90, (ii) that certain Second Substitute Promissory Note made by  Borrower  in favor of CIBC  Inc. in the principal  amount of $76,483,170.77 and (iii) that certain Second Substitute Promissory Note made by Borrower in favor of Compass Bank in the principal amount of $76,483,170.89, in each case dated  as of August 8, 2014.
		

		
			 
		

		
			“Permitted  Prepayment Date” means August 8, 2015.
		

		
			 
		

		
			“Requisite Lenders” means, at any time, non-Defaulting Lenders having Commitments representing  at least sixty six-percent (66%) of the total Commitments of all non-Defaulting Lenders at such time and, provided there  are  
		

		 

		

			 

		

 

		two (2) or more non-Defaulting Lenders at such time, not less than two (2) Lenders.
		

		
			 
		

		
			(d) The following definitions are  added to Section 1.1 of the Existing Loan Agreement in alphabetical  order (and such terms shall also have such definitions in this Amendment):
		

		
			 
		

		
			“Basel III” has the meaning set  forth in Section 2.12(b) hereof.
		

		
			 
		

		
			“ENA” means that certain Exclusive Negotiating Agreement dated  as of April 10, 2012 between the San Diego Unified  Port District and Borrower.
		

		
			 
		

		
			“Union Bank” means MUFG Union Bank, N.A., its successors or assigns by merger, consolidation, sale of  all or substantially all of its assets or interests in one or a series of related transactions or other corporate reorganization.
		

		
			 
		

		
			(e) The following definitions from Section 1.1 of the Existing Loan Agreement are deleted in their entirety  and all references to such terms in the Existing Loan Agreement and the Existing Loan Documents are deleted in their entirety:  “Debt Service   Coverage   Ratio”,  “Default  DSCR”,   “Default  DSCR   Letter   of  Credit”,   “Par Prepayment Date”,  “Prepayment Fee” and “Reference Banks”.   In connection therewith:
		

		
			 
		

		
			(i)The text “Default DSCR or” is deleted in its entirety from the definition of  “Spread Maintenance Premium” in the Existing Loan  Agreement;
		

		
			 
		

		
			(ii)The text “Prepayment Fee or other” or “the Prepayment Fee or other,” as applicable, is deleted in its entirety  from (a) the first sentence of Section 2.4(f) of the Existing Loan Agreement, (b) the last sentence  of  Section 2.6 of the Existing Loan   Agreement,  (c)   the  first  sentence   of  Section  2.12(e)   of   the  Existing  Loan Agreement, (d) the second sentence of Section 6.12(h) of the Existing Loan Agreement, and (e) the  first sentence of Section 6.13(c)(i) of the Existing Loan  Agreement;
		

		
			 
		

		
			(iii)The last sentence of Section 2.4(f) of the Existing Loan Agreement is deleted in its entirety;
		

		
			 
		

		
			(iv)The last sentence of Section 2.4(g) of the Existing Loan Agreement is deleted in its entirety;
		

		
			 
		

		
			(v)The  text   “without  a   Prepayment  Fee,”  is  deleted   in  its entirety from the  first sentence of Section 2.12(g) of the Existing Loan  Agreement;
		

		
			 
		

		
			(vi)The last sentence of Section 3.2(a) of the Existing Loan Agreement is deleted in its entirety;
		

		
			 
		

		
			(vii)Clause (ii) of Section 6.1(c) of the Existing Loan Agreement is amended  and restated in its entirety  by the following text: “(ii) intentionally omitted”;
		

		
			 
		

		
			(viii)The text “the Prepayment Fee (unless an Event of Default shall then be continuing, in which event the Prepayment Fee shall be due and payable) or any other” is deleted 
		

		 

		

			 

		

 

		in its entirety  from Section 6.13(c)(iv)  of the Existing Loan Agreement and replaced with the text  “any”;
		

		
			 
		

		
			(ix)The first parenthetical of Section 7.2 of the Existing Loan Agreement is amended and restated in its entirety by the following text: “(including, with respect to any  acceleration prior to the Permitted Prepayment Date, the Spread Maintenance Premium applicable thereto)”;  and
		

		
			 
		

		
			(x)The  text   “Debt  Service   Coverage   Ratio”  and  “Default DSCR   Letter   of  Credit,”   is  deleted   in  its  entirety from  Section  9.5(b)(ii)(A)  of  the Existing Loan  Agreement.
		

		
			 
		

		
			SECTION 1.3 Reversion to One-Month  LIBOR Rate. Section 2.3(d) of the Existing Loan Agreement is amended and restated in its entirety by the following text:
		

		
			 
		

		
			“(d)Reversion to One-Month LIBOR Rate.   If an Authorized Loan  Parties’ Representative fails to timely notify an Authorized Agent Representative in accordance with Section 2.3(a)(i),  (c) or  (e) of Borrower’s election of a LIBOR Rate or Base  Rate for any  Loan Portion with an expiring LIBOR  Rate Period or fails to provide all of the information required by Section 2.3(c) or (e) for the election of a LIBOR Rate, the Applicable Interest Rate on such Loan Portion shall, provided that no Event of  Default shall then exist, automatically upon the expiration of such LIBOR Rate Period convert to a LIBOR Rate having a LIBOR Rate Period of one (1) month or, if such one-month LIBOR Rate Period would end after the Maturity  Date, a LIBOR Rate Period having a duration equal to the period commencing upon the expiration of such  expiring LIBOR Rate Period and ending on and including the Maturity Date, subject to the proviso in the definition of “LIBOR Rate Period”  herein.”.
		

		
			 
		

		
			SECTION 1.4 Manner of Payment. The second sentence of Section 2.5(a) of the Existing Loan Agreement is amended and restated in its entirety  by the  following text:
		

		
			 
		

		
			“Such sums shall be payable by wire transfer to the credit of Agent, at Union Bank, N.A., ABA  # 122 000 496, Account # 77070196431, Account Name:  CLO Wire Transfer  Clearing, Reference:  One  Park  Boulevard, LLC, or to such other account or address as Agent may  from time to time designate in writing to Borrower.”.
		

		
			 
		

		
			SECTION 1.5 Increased  Costs  and Capital Adequacy.
		

		
			 
		

		
			(a) Clause  (i) of Section 2.12(b) of the Existing Loan Agreement is amended  and restated in its entirety by the following text:
		

		
			 
		

		
			“(i) any change after the date hereof in the general application of any law, rule, regulation or guideline adopted or arising out of (y) the June 2006 report of the Basel Committee on  Banking Regulations and  Supervisory  Practices entitled  “Basel II:  International Convergence of  Capital Measurement and Capital  Standards: a  Revised  Framework - Comprehensive Version”, or (z) the reports and supporting documentation of the Basel Committee on Banking Supervision commonly  referred to as the Basel III  accord (“Basel III”), in  each case together  
		

		 

		

			 

		

 

		with any  amendments thereto, or any  change in the interpretation or administration thereof by  any domestic or foreign Governmental Authority, central bank or comparable agency  charged with the interpretation or administration thereof,”.
		

		
			 
		

		
			(b) The  penultimate  sentence   of  Section  2.12(b)   of   the  Existing Loan Agreement is amended  and restated in its entirety by the  following text:
		

		
			 
		

		
			“Notwithstanding the foregoing, any  change based on the reports and supporting documentation of Basel III, together with any  amendments thereto, shall not be deemed to have occurred on or prior to the date hereof.”.
		

		
			 
		

		
			SECTION 1.6 Interest  Rate Protection Agreement.
		

		
			 
		

		
			(a) Borrower shall keep in full force and effect the Interest  Rate  Protection Agreement existing as of the date hereof with Commonwealth Bank of Australia that  expires on April 15, 2015  (Transaction ID 700217)  (the “Existing Interest Rate Protection Agreement”).
		

		
			 
		

		
			(b) Prior to or concurrently with the expiration of the Existing Interest Rate Protection Agreement or any  Subsequent Interest Rate Protection Agreement, Borrower shall enter into, and satisfy  all conditions precedent to the effectiveness of, one or more subsequent Interest Rate Protection Agreements (collectively, the “Subsequent Interest Rate  Protection Agreement”) in an aggregate notional amount equal to one-half (i.e., 50%) of the then outstanding principal  amount of the Loan for a minimum term of  at least one (1) year commencing on the expiration date of the Existing Interest Rate Protection Agreement or such  Subsequent Interest  Rate Protection Agreement and which otherwise satisfy the requirements of Section 2.7(a) of the Existing Loan Agreement, provided    that,  with  respect   to  the  requirements   set   forth  in  Section  2.7(a)(i)  of  the Existing Loan Agreement, any such Subsequent Interest Rate Protection Agreement shall protect Borrower  against upward fluctuations of an Applicable Interest Rate which is LIBOR (as distinguished from the LIBOR Rate) applicable to a LIBOR Rate Period of one (1) month (as opposed to three (3) months) in excess of the amount which would cause the LIBOR Rate  to exceed four and one-quarter percent (4.25%) (as opposed to three and three-quarter percent (3.75%)) per annum for a minimum of at least one (1)  year.   If any  Subsequent Interest Rate Protection Agreement expires prior to the Maturity Date, Borrower shall, prior to or concurrently  with the expiration of such Subsequent Interest  Rate Protection Agreement, enter into a new  Subsequent Interest Rate Protection Agreement that otherwise satisfies the requirements of Section 2.7(a) of the Existing Loan Agreement, as modified by this Section 1.6(b).   For the avoidance of ambiguity,  and subject to Section 2.7(e) of the Existing Loan  Agreement, Borrower shall maintain an  Interest Rate Protection Agreement in full force and effect until the Maturity Date and Borrower’s failure to maintain an Interest Rate Protection Agreement pursuant to this  Section 1.6(b) during the term of the Loan shall, subject to the provisions of Section 2.7(c) of the Existing Loan  Agreement, be deemed to be a breach of Borrower’s obligation to maintain an Interest Rate Protection Agreement pursuant to Section 2.7 of the Existing Loan  Agreement.
		

		
			 
		

		
			SECTION 1.7 Letters of Credit. The third sentence of Section 3.6(c) of the Existing Loan Agreement is amended and restated in its entirety by the following text:
		

		
			 
		

		

		

		 

		

			 

		

 

		“Any such application to the Obligations after an Event of Default which occurs prior to the  Permitted Prepayment Date shall be subject to the Spread Maintenance Premium to the extent of the principal reduction and further, only to the extent that in such circumstances the Spread Maintenance Premium would otherwise be payable under the terms of this Loan  Agreement.”.
		

		
			 
		

		
			SECTION 1.8 Patriot Act. Section 5.33 of the Existing Loan Agreement is amended  by inserting the following text after the text “whether directly or indirectly” therein:
		

		
			 
		

		
			“(but excluding any Person who owns an indirect interest in a Loan Party  as a result of ownership of an interest in any  Person that is listed on a public exchange in the  United  States of America and subject to regulation by the United  States  Securities  and Exchange Commission)”.
		

		
			 
		

		
			SECTION 1.9 Ground Lease. The second sentence of Section 5.37 of the Existing Loan Agreement is amended and restated in its entirety  by the following text:
		

		
			 
		

		
			“Subject to the conditions set forth in  Section 8 of the Ground Lease, the Ground Lease permits the interest of Borrower thereunder to be  encumbered  by a mortgage.”.
		

		
			 
		

		
			SECTION 1.10 Proof of Required Insurance to Agent. The first sentence of Section 6.11(c) of the Existing Loan Agreement is amended by inserting the following text  at the  end thereof:
		

		
			 
		

		
			“; provided, further, however, that in the event that Loan  Parties notify Agent that Loan Parties are unable to deliver certified copies of such Insurance  Policies to Agent, Loan Parties shall make  certified copies of such Insurance Policies available for review by Agent at the named insured’s  corporate office”.
		

		
			 
		

		
			SECTION 1.11 Debt Service Coverage Ratio. Section 6.33 of the Existing Loan Agreement is amended and restated in its entirety  by the following text: “Intentionally Omitted.”.   All references in the Existing Loan Agreement to said Section
		

		
			6.33 shall be disregarded.
		

		
			 
		

		
			SECTION 1.12 Event of Default. Clause (vi) of Section 7.1(o) of the Existing Loan Agreement is amended and restated in its entirety by the following text: “(vi) intentionally omitted;”.
		

		
			 
		

		
			SECTION 1.13 Assignments and Participations. Clause (a) of Section 8.1 of the Existing Loan Agreement is amended by inserting the following text after the text “, in which case the prior unanimous consent of all  Lenders shall be required” therein:
		

		
			 
		

		
			“) (provided further that in no event shall Agent consent to any such  assignment, sale, negotiation, pledge or hypothecation by any Lender to any Person that is on a Government List)”.
		

		
			 
		

		

		

		 

		

			 

		

 

		SECTION 1.14 Replacement of Agent. (a) In Section 1.1 of the Existing Loan  Agreement, the definition of  “Aareal” is deleted in its entirety,  and (b)(i) in Sections 6.10(h)(z), 8.8, 9.2(e), 9.3, 10.11 of the Existing Loan Agreement and (ii) in Schedules 2.7 and 8.5 of the Existing Loan Agreement, the text “Aareal”  and “Aareal  Bank AG”, as applicable, in each place that it appears, is amended and restated with the text  “Union Bank”.
		

		
			 
		

		
			SECTION 1.15 Notice Addresses.
		

		
			 
		

		
			(a) The addresses for notices to Loan Parties set forth in Section 10.11 of the Existing Loan  Agreement are  amended to be the  following:
		

		
			 
		

		
			c/o Hilton Worldwide, Inc.
7930 Jones  Branch  Drive,  Suite 1100
McLean, Virginia 22102
Attention:  Treasurer with
		

		
			 
		

		
			a  copy to:
		

		
			 
		

		
			c/o Hilton Worldwide, Inc.
7930 Jones  Branch  Drive,  Suite 1100
McLean, Virginia 22102
Attention:  General  Counsel  and a
		

		
			 
		

		
			copy to:
		

		
			 
		

		
			c/o Sunstone Hotel Investors, Inc.
120 Vantis, Suite 350
Aliso Viejo, California 92656
Attention:  Finance Department and a
		

		
			 
		

		
			copy to:
		

		
			 
		

		
			Latham & Watkins LLP
12670 High Bluff Drive
San Diego, California 92130
Attention:  Bruce P.  Shepherd, Esq.
		

		
			 
		

		
			(b) The addresses for notices to Agent and Union Bank (as assignee of each of ACC’s and ABAG’s interest as Lender) set forth in Section 10.11 of the Existing Loan  Agreement are  amended to be the  following:
		

		
			 
		

		
			MUFG Union Bank, N.A.
230 Park Avenue
New York, New York 10169
Attention:  Portfolio Management with 
		

		
			 
		

		
			a  copy to:
		

		
			 
		

		

		

		 

		

			 

		

 

		(prior to January 1, 2015)
Kaye Scholer LLP
425 Park Avenue
New York, New York  10022
Attention:  Warren  J.  Bernstein, Esq.
		

		
			 
		

		
			(on or after January 1, 2015)
Kaye Scholer LLP
250 West 55th Street
New York, New York  10019
Attention:  Warren  J.  Bernstein, Esq.
		

		
			 
		

		
			SECTION 1.16 Amortization Exhibit. Exhibit C of the Existing Loan Agreement is amended  and restated in its entirety by Exhibit C attached hereto.
		

		
			 
		

		
			SECTION 1.17 Insurance Requirements. Schedule 6.11 of the Existing Loan Agreement is amended  as  follows:
		

		
			 
		

		
			(a)  Clause (C) of Section (a)(i) of said Schedule 6.11 is amended by deleting the text “Twenty-Five Thousand Dollars ($25,000)” therein and replacing it with the  following text:  “Fifty Thousand Dollars  ($50,000)”.
		

		
			 
		

		
			(b) Section (a)(x) of said Schedule 6.11 is amended by deleting the text  “$25,000” therein and replacing it with the following text: “Five Hundred Thousand Dollars  ($500,000)”.
		

		
			ARTICLE II.
		

		
			REPRESENTATIONS AND WARRANTIES
		

		
			 
		

		
			Each Loan Party hereby represents and warrants to Agent and Lenders as follows:
		

		
			 
		

		
			SECTION 2.1 Due Execution.  This Amendment and the Modification Documents to which each Loan Party is a party, have been duly executed and delivered, and all necessary actions have been taken to authorize each Loan Party to perform its obligations hereunder  and thereunder.
		

		
			 
		

		
			SECTION 2.2 Enforceability. This Amendment and the Modification Documents to which each Loan Party is a party, constitute legal, valid and binding obligations of each Loan Party, subject to principles  of equity,  bankruptcy, insolvency  and other laws generally  affecting  creditors’ rights and enforcement of debtors’ obligations.
		

		
			 
		

		
			SECTION 2.3 No Violation. The consummation of the transactions contemplated in the Existing Loan Agreement and the Existing Loan Documents, as amended hereby and by the Modification Documents, respectively, the execution and delivery  of this Amendment, the Modification Documents to which each  Loan Party is a party, and all other agreements and instruments to be executed  by each  Loan Party in connection herewith and therewith, and the performance by each Loan  Party of its obligations hereunder and thereunder, do not and will not (a) violate any  Legal   Requirement currently in effect, (b) result in a breach  of  any of the terms, 
		

		 

		

			 

		

 

		conditions or provisions of, or constitute a default under any mortgage, deed of trust, indenture, agreement, permit, franchise, license, note or instrument to which any Loan  Party is a party or by which it or any  of its properties is bound to the extent that any such breach is reasonably likely to result in a Material Adverse  Effect, (c) result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any of the assets of any Loan Party  (except as contemplated by the Loan Agreement and by the other Loan Documents) or (d) violate any provision of any organizational documents of any Loan Party.   No Loan Party is in default with respect to any Legal Requirement currently in effect  relating to its formation or organization.
		

		
			 
		

		
			SECTION 2.4 Consents. All consents, approvals,  orders  or authorizations of,  or registrations, declarations or filings with, or other actions with respect to or by,  any Governmental Authority or any party  to any  Permitted Encumbrances that are required in connection with the valid execution, delivery  and performance of this Amendment and the Modification Documents and performance  by  each  Loan  Party of the Existing Loan  Agreement and the other Existing Loan Documents, each as amended hereby  and by the Modification Documents, respectively, have been obtained  and are in full force  and effect.
		

		
			 
		

		
			SECTION 2.5Representations and Warranties.
		

		
			 
		

		
			(a) All of the representations and warranties set forth in the Existing Loan Agreement and Existing Loan Documents, each as amended hereby and by the Modification Documents, respectively, are true  and correct in all material respects as of the date hereof as if made on and as of the date hereof, except representations and warranties made  as  of a specified date.
		

		
			 
		

		
			(b) For purposes of re-making such representations, Section 5.20 of the
		

		
			Existing Loan  Agreement is amended  and restated in its entirety to read  as  follows:
		

		
			 
		

		
			“Loan Parties have not dealt with any brokers or “finders” in connection with that  certain Second Amendment to Loan Agreement dated as  of August 8, 2014 among Loan  Parties, Agent and Lenders.”.
		

		
			 
		

		
			(c) For purposes of re-making such representations, Section 5.26 of the Existing Loan  Agreement is amended  and restated in its entirety to read  as  follows:
		

		
			 
		

		
			“Neither Loan Party is a party to any collective bargaining agreement other than the Agreement between Borrower and the International Union of Operating Engineers Local 501 dated as of September 1, 2010. The Agreement between  Borrower and Unite Here Local #30 (“Unite Here”) effective as of February 3, 2010 has expired. Property Manager is negotiating with Unite Here to enter into a new CBA (the “New CBA”). Except with respect to the negotiations of the New  CBA, there are no material grievances, disputes or controversies with any union or any other organization of employees at the Premises, including employees of Loan Parties, or threats of strikes, work stoppages or any  asserted pending demands for collective bargaining by any union or organization.”.
		

		
			 
		

		
			(d) For purposes of re-making such representations, the first and second sentence of Section 5.34 of the Existing Loan Agreement are amended and restated in their  entirety to read  as  follows:
		

		

		

		 

		

			 

		

 

		 
		

		
			“The rent roll for the  Premises dated as of August 6, 2014, heretofore delivered  by  Borrower to Agent (the “Rent Roll”), is true, correct and complete (in all material respects).  As of August 8, 2014, there are no Leases with respect to the Premises other than the Leases that are set forth on the Rent Roll.”.
		

		
			 
		

		
			(e) For purposes of re-making such representations, Sections 5.33 and 5.37 of the Existing Loan Agreement shall be deemed amended pursuant to Section 1.8 and Section 1.9 of this Amendment.
		

		
			 
		

		
			SECTION 2.6 Offsets, Defenses  and Counterclaims.  No Loan  Party  has any  offsets, defenses or counterclaims against its obligations under the Existing Loan Agreement or the Existing Loan Documents, as amended hereby and by the Modification Documents, respectively, as of the Effective Date, any  and all such offsets, defenses and counterclaims, if  any,  being waived  by Loan  Parties.
		

		
			 
		

		
			Solely for the purposes of this Article II, the term “Existing Loan Documents” shall mean, collectively, the Existing Loan Agreement, the Note, the Deed of Trust, the Assignment of Leases and  Rents, the Assignment of Agreements, the Environmental  Indemnity, the Recourse Liability  Agreement, the Loan Fee Letter, the Loan Parties’  Certificate, the UCC Financing Statements, the Manager SNDA, any  Lender Interest  Rate Protection Agreement and any Account Agreements, in each case, without giving effect to this Amendment or the Modification Documents.
		

		
			 
		

		
			ARTICLE III.
		

		
			MISCELLANEOUS
		

		
			SECTION 3.1 ENA. Agent and Lenders acknowledge that Agent and Lenders consented to the ENA  and the terms and conditions therein pursuant to (and for the avoidance of ambiguity, subject to the conditions set forth in) that certain letter  agreement dated as of June 13, 2012 from Borrower to the then Agent and Lenders (the “Consent Letter”) and that the Consent Letter remains in full force  and effect.   In  furtherance  of the foregoing, Agent and Lenders acknowledge that the Park  Parcel Lease Amendment (as defined in the ENA) will become effective upon satisfaction of the conditions precedent thereto set  forth in the ENA and in the Consent Letter.
		

		
			 
		

		
			SECTION 3.2 UCC Financing Statements. Loan Parties authorize Agent to file UCC Financing Statements describing Collateral to perfect Agent’s security interest in the Collateral, and Agent may describe the Collateral  as “all personal property” or “all assets” or describe specific items of Collateral.  All UCC Financing Statements filed before the date of this Amendment were authorized  by  Loan Parties and are hereby  ratified.
		

		
			 
		

		
			SECTION 3.3 Earthquake Insurance. Agent  acknowledges   and agrees that as of the date hereof Loan Parties’ have obtained, and currently maintain, earthquake insurance with a limit in the amount of $25,000,000, and that as of the date hereof such $25,000,000 limit is acceptable to Agent.
		

		
			 
		

		

		

		 

		

			 

		

 

		SECTION 3.4 Interest Payment. Loan Parties, Agent and Lenders  acknowledge and agree that immediately prior to the execution of this Amendment Borrower is making a  payment to ACC, as Agent, in the aggregate amount of $51,896.38 (the “Partial  Stub  Period Interest”), $34,608.78 of which shall be paid to ACC, as a  Lender, and $17,287.60 of which shall be paid to ABAG, as a Lender, in each  case, on account of Interest accruing from August 1, 2014 through and including August 8, 2014 on the principal amount of the Loan being assigned by ACC and ABAG, respectively, to Compass and Union Bank, and that Borrower shall have no further payment obligation with respect to the Partial Stub Period Interest.
		

		
			 
		

		
			SECTION 3.5 No Other Amendments. Except as amended hereby  and by the Modification Documents, the Existing Loan Agreement and the Existing Loan Documents, respectively, shall remain unmodified and in full force and effect.
		

		
			 
		

		
			SECTION 3.6 Ratification. Each Loan Party ratifies and reaffirms its obligations, indemnities and covenants made  under the Existing Loan Agreement and the Existing Loan Documents, each as amended hereby and by the Modification Documents, respectively.
		

		
			 
		

		
			SECTION 3.7 Waiver. This Amendment is not, and shall not be construed to be, a waiver or approval of or consent to any other matter or transaction, or a waiver of any Default or Event of Default of any Loan Party or any of the rights and remedies of Agent or Lenders under the Loan Agreement and the Loan Documents or otherwise.
		

		
			 
		

		
			SECTION 3.8 Headings, Etc. The headings  and captions of various Sections of this Amendment have been inserted for convenience only  and are not to be construed as defining, modifying, limiting or amplifying, in any way, the scope or intent of the provisions hereof.
		

		
			 
		

		
			SECTION 3.9 Entire Agreement. The Loan Agreement and the other Loan Documents represent the entire  agreement between the parties with respect to the subject matter thereof.
		

		
			 
		

		
			SECTION 3.10 Recitals. The recitals of this Amendment constitute a part of this Amendment.
		

		
			 
		

		
			SECTION 3.11 Governing  Law. This Amendment shall be governed by, and construed in accordance with, the substantive laws of the State of New York.  Loan  Parties, Agent and Lenders irrevocably (a) agree that  any suit, action or other legal proceeding arising out of or relating to this Amendment or the Modification Documents may be brought in the Courts of the United States of America located in the  Southern District of New York or in a state court of record in New York County, New York, (b)  consent to the jurisdiction of each such  court in any such suit, action or proceeding and (c) waive any objection which it may have to the laying of venue of any such suit, action or proceeding in any  of such courts and any claim that any such suit, action or proceeding has been brought in an inconvenient forum. Loan  Parties irrevocably consent to the service of any  and all process in any such suit, action or proceeding by service of copies of such process to Loan Parties at their address provided in Section 10.11 of the Loan Agreement. Nothing in this Section 3.11, however, shall affect the right of Agent to serve legal process in any other manner permitted by law or  affect the right of  Agent to bring  any suit, action or proceeding against Loan Parties or their property in the  courts of  any other jurisdictions.
		

		
			 
		

		

		

		 

		

			 

		

 

		SECTION 3.12 Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. A copy of an executed  counterpart of this Amendment that is transmitted by  facsimile or email in .PDF or .TIF  (or other similar)  format shall constitute  an original  for  all purposes.
		

		
			 
		

		
			[Remainder of Page Intentionally Left Blank; Signatures to Follow]
		

		

		

		 

		

			 

		

 

		
		

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

		
			 
		

		
			 
		

			
					
						LOAN  PARTIES:

					
						 

					
						ONE PARK  BOULEVARD, LLC, a Delaware limited liability company

				
	
					
						By:

					
					
						/s/ Bryan A. Giglia

					
					
						 

				
	
					
						 

					
					
						Name: Bryan A. Giglia

					
						Title: Authorized Signatory

					
					
						 

				

		
			 
		

		
			 
		

			
					
						SUNSTONE PARK LESSEE, LLC, a Delaware limited liability company

				
	
					
						By:

					
					
						/s/ Bryan A. Giglia

					
					
						 

				
	
					
						 

					
					
						Name: Bryan A. Giglia

					
						Title: Authorized Signatory

					
					
						 

				

		
			 
		

		
			 
		

		
			[Signatures continue on the following page]
		

		

		

		 

		

			 

		

 

		
		

		
			 
		

			
					
						AGENT:

					
						 

					
						MUFG UNION BANK, N.A., a national banking association, as Agent

				
	
					
						By:

					
					
						/s/ Andrew E. Woodtli

					
					
						 

				
	
					
						 

					
					
						Name: Andrew E. Woodtli

					
						Title: Senior Director

					
					
						 

				

		
			 
		

		
			 
		

		
			[Signatures continue on the following page]
		

		

		

		 

		

			 

		

 

		
		

		
			 
		

			
					
						LENDERS:

					
						 

					
						MUFG UNION BANK, N.A., a national banking association

				
	
					
						By:

					
					
						/s/ Andrew E. Woodtli

					
					
						 

				
	
					
						 

					
					
						Name: Andrew E. Woodtli

					
						Title: Senior Director

					
					
						 

				

		
			 
		

		
			 
		

			
					
						CIBC INC., a Delaware corporation

				
	
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
						Title:

					
					
						 

				

		
			 
		

		
			 
		

			
					
						COMPASS BANK, an Alabama banking corporation

				
	
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
						Title:

					
					
						 

				

		
			 
		

		

		

		 

		

			 

		

 

		
		

		
			 
		

			
					
						LENDERS:

					
						 

					
						MUFG UNION BANK, N.A., a national banking association

				
	
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
						Title:

					
					
						 

				

		
			 
		

		
			 
		

			
					
						CIBC INC., a Delaware corporation

				
	
					
						By:

					
					
						/s/ John Lindathal

					
					
						 

				
	
					
						 

					
					
						Name: John Lindathal

					
						Title: Managing Director

					
					
						 

				

		
			 
		

		
			 
		

			
					
						COMPASS BANK, an Alabama banking corporation

				
	
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
						Title:

					
					
						 

				

		
			 
		

		

		

		 

		

			 

		

 

		
		

		
			 
		

			
					
						LENDERS:

					
						 

					
						MUFG UNION BANK, N.A., a national banking association

				
	
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
						Title:

					
					
						 

				

		
			 
		

		
			 
		

			
					
						CIBC  INC., a Delaware corporation

				
	
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
						Title:

					
					
						 

				

		
			 
		

		
			 
		

			
					
						COMPASS BANK, an Alabama banking corporation

				
	
					
						By:

					
					
						/s/ Don Byerly

					
					
						 

				
	
					
						 

					
					
						Name: Don Byerly

					
						Title: Senior Vice President

					
					
						 

				

		
			 
		

		

		

		 

		

			 

		

 

		
		

		
			EXHIBIT C
		

		
			 
		

		
			Required Amortization Payments
		

		
			 
		

		
			[See Attached]
		

		
			 
		

		

		

		 

		

			 

		

 

		
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Principal

					
					
						Interest
Rate

					
					
						Term
(Months)

					
					
						Monthly
Payment

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						229,449,512.56

					
					
						6.00%

					
					
						360

					
					
						1,375,665.76

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Month

					
					
						Beginning

					
					
						Monthly

					
					
						 

					
					
						Principal

					
					
						Ending

					
					
						Yearly

					
					
						%

				
	
					
						 

					
					
						Balance

					
					
						Payment

					
					
						Interest

					
					
						Reduction

					
					
						Balance

					
					
						Reduction

					
					
						Amortized

				
	
					
						9/1/2014

					
					
						229,449,512.56

					
					
						1,375,665.76

					
					
						1,147,247.56

					
					
						228,418.20

					
					
						229,221,094.36

					
					
						 

					
					
						 

				
	
					
						10/1/2014

					
					
						229,221,094.36

					
					
						1,375,665.76

					
					
						1,146,105.47

					
					
						229,560.29

					
					
						228,991,534.07

					
					
						 

					
					
						 

				
	
					
						11/1/2014

					
					
						228,991,534.07

					
					
						1,375,665.76

					
					
						1,144,957.67

					
					
						230,708.09

					
					
						228,760,825.98

					
					
						 

					
					
						 

				
	
					
						12/1/2014

					
					
						228,760,825.98

					
					
						1,375,665.76

					
					
						1,143,804.13

					
					
						231,861.63

					
					
						228,528,964.35

					
					
						 

					
					
						 

				
	
					
						1/1/2015

					
					
						228,528,964.35

					
					
						1,375,665.76

					
					
						1,142,644.82

					
					
						233,020.94

					
					
						228,295,943.41

					
					
						 

					
					
						 

				
	
					
						2/1/2015

					
					
						228,295,943.41

					
					
						1,375,665.76

					
					
						1,141,479.72

					
					
						234,186.04

					
					
						228,061,757.37

					
					
						 

					
					
						 

				
	
					
						3/1/2015

					
					
						228,061,757.37

					
					
						1,375,665.76

					
					
						1,140,308.79

					
					
						235,356.97

					
					
						227,826,400.40

					
					
						 

					
					
						 

				
	
					
						4/1/2015

					
					
						227,826,400.40

					
					
						1,375,665.76

					
					
						1,139,132.00

					
					
						236,533.76

					
					
						227,589,866.64

					
					
						 

					
					
						 

				
	
					
						5/1/2015

					
					
						227,589,866.64

					
					
						1,375,665.76

					
					
						1,137,949.33

					
					
						237,716.43

					
					
						227,352,150.21

					
					
						 

					
					
						 

				
	
					
						6/1/2015

					
					
						227,352,150.21

					
					
						1,375,665.76

					
					
						1,136,760.75

					
					
						238,905.01

					
					
						227,113,245.20

					
					
						 

					
					
						 

				
	
					
						7/1/2015

					
					
						227,113,245.20

					
					
						1,375,665.76

					
					
						1,135,566.23

					
					
						240,099.53

					
					
						226,873,145.67

					
					
						Year 1 Total

					
					
						 

				
	
					
						8/1/2015

					
					
						226,873,145.67

					
					
						1,375,665.76

					
					
						1,134,365.73

					
					
						241,300.03

					
					
						226,631,845.64

					
					
						2,817,666.92

					
					
						1.2%

				
	
					
						9/1/2015

					
					
						226,631,845.64

					
					
						1,375,665.76

					
					
						1,133,159.23

					
					
						242,506.53

					
					
						226,389,339.11

					
					
						 

					
					
						 

				
	
					
						10/1/2015

					
					
						226,389,339.11

					
					
						1,375,665.76

					
					
						1,131,946.70

					
					
						243,719.06

					
					
						226,145,620.05

					
					
						 

					
					
						 

				
	
					
						11/1/2015

					
					
						226,145,620.05

					
					
						1,375,665.76

					
					
						1,130,728.10

					
					
						244,937.66

					
					
						225,900,682.39

					
					
						 

					
					
						 

				
	
					
						12/1/2015

					
					
						225,900,682.39

					
					
						1,375,665.76

					
					
						1,129,503.41

					
					
						246,162.35

					
					
						225,654,520.04

					
					
						 

					
					
						 

				
	
					
						1/1/2016

					
					
						225,654,520.04

					
					
						1,375,665.76

					
					
						1,128,272.60

					
					
						247,393.16

					
					
						225,407,126.88

					
					
						 

					
					
						 

				
	
					
						2/1/2016

					
					
						225,407,126.88

					
					
						1,375,665.76

					
					
						1,127,035.63

					
					
						248,630.13

					
					
						225,158,496.75

					
					
						 

					
					
						 

				
	
					
						3/1/2016

					
					
						225,158,496.75

					
					
						1,375,665.76

					
					
						1,125,792.48

					
					
						249,873.28

					
					
						224,908,623.47

					
					
						 

					
					
						 

				
	
					
						4/1/2016

					
					
						224,908,623.47

					
					
						1,375,665.76

					
					
						1,124,543.12

					
					
						251,122.64

					
					
						224,657,500.83

					
					
						 

					
					
						 

				
	
					
						5/1/2016

					
					
						224,657,500.83

					
					
						1,375,665.76

					
					
						1,123,287.50

					
					
						252,378.26

					
					
						224,405,122.57

					
					
						 

					
					
						 

				
	
					
						6/1/2016

					
					
						224,405,122.57

					
					
						1,375,665.76

					
					
						1,122,025.61

					
					
						253,640.15

					
					
						224,151,482.42

					
					
						 

					
					
						 

				
	
					
						7/1/2016

					
					
						224,151,482.42

					
					
						1,375,665.76

					
					
						1,120,757.41

					
					
						254,908.35

					
					
						223,896,574.07

					
					
						Year  2 Total

					
					
						 

				
	
					
						8/1/2016

					
					
						223,896,574.07

					
					
						1,375,665.76

					
					
						1,119,482.87

					
					
						256,182.89

					
					
						223,640,391.18

					
					
						2,991,454.46

					
					
						1.3%

				
	
					
						9/1/2016

					
					
						223,640,391.18

					
					
						1,375,665.76

					
					
						1,118,201.96

					
					
						257,463.80

					
					
						223,382,927.38

					
					
						 

					
					
						 

				
	
					
						10/1/2016

					
					
						223,382,927.38

					
					
						1,375,665.76

					
					
						1,116,914.64

					
					
						258,751.12

					
					
						223,124,176.26

					
					
						 

					
					
						 

				
	
					
						11/1/2016

					
					
						223,124,176.26

					
					
						1,375,665.76

					
					
						1,115,620.88

					
					
						260,044.88

					
					
						222,864,131.38

					
					
						 

					
					
						 

				
	
					
						12/1/2016

					
					
						222,864,131.38

					
					
						1,375,665.76

					
					
						1,114,320.66

					
					
						261,345.10

					
					
						222,602,786.28

					
					
						 

					
					
						 

				
	
					
						1/1/2017

					
					
						222,602,786.28

					
					
						1,375,665.76

					
					
						1,113,013.93

					
					
						262,651.83

					
					
						222,340,134.45

					
					
						 

					
					
						 

				
	
					
						2/1/2017

					
					
						222,340,134.45

					
					
						1,375,665.76

					
					
						1,111,700.67

					
					
						263,965.09

					
					
						222,076,169.36

					
					
						 

					
					
						 

				
	
					
						3/1/2017

					
					
						222,076,169.36

					
					
						1,375,665.76

					
					
						1,110,380.85

					
					
						265,284.91

					
					
						221,810,884.45

					
					
						 

					
					
						 

				
	
					
						4/1/2017

					
					
						221,810,884.45

					
					
						1,375,665.76

					
					
						1,109,054.42

					
					
						266,611.34

					
					
						221,544,273.11

					
					
						 

					
					
						 

				
	
					
						5/1/2017

					
					
						221,544,273.11

					
					
						1,375,665.76

					
					
						1,107,721.37

					
					
						267,944.39

					
					
						221,276,328.72

					
					
						 

					
					
						 

				
	
					
						6/1/2017

					
					
						221,276,328.72

					
					
						1,375,665.76

					
					
						1,106,381.64

					
					
						269,284.12

					
					
						221,007,044.60

					
					
						 

					
					
						 

				
	
					
						7/1/2017

					
					
						221,007,044.60

					
					
						1,375,665.76

					
					
						1,105,035.22

					
					
						270,630.54

					
					
						220,736,414.06

					
					
						Year 3 Total

					
					
						 

				
	
					
						8/1/2017

					
					
						220,736,414.06

					
					
						1,375,665.76

					
					
						1,103,682.07

					
					
						271,983.69

					
					
						220,464,430.37

					
					
						3,175,960.81

					
					
						1.4%

				
	
					
						9/1/2017

					
					
						220,464,430.37

					
					
						1,375,665.76

					
					
						1,102,322.15

					
					
						273,343.61

					
					
						220,191,086.76

					
					
						 

					
					
						 

				
	
					
						10/1/2017

					
					
						220,191,086.76

					
					
						1,375,665.76

					
					
						1,100,955.43

					
					
						274,710.33

					
					
						219,916,376.43

					
					
						 

					
					
						 

				
	
					
						11/1/2017

					
					
						219,916,376.43

					
					
						1,375,665.76

					
					
						1,099,581.88

					
					
						276,083.88

					
					
						219,640,292.55

					
					
						 

					
					
						 

				
	
					
						12/1/2017

					
					
						219,640,292.55

					
					
						1,375,665.76

					
					
						1,098,201.46

					
					
						277,464.30

					
					
						219,362,828.25

					
					
						 

					
					
						 

				
	
					
						1/1/2018

					
					
						219,362,828.25

					
					
						1,375,665.76

					
					
						1,096,814.14

					
					
						278,851.62

					
					
						219,083,976.63

					
					
						 

					
					
						 

				
	
					
						2/1/2018

					
					
						219,083,976.63

					
					
						1,375,665.76

					
					
						1,095,419.88

					
					
						280,245.88

					
					
						218,803,730.75

					
					
						 

					
					
						 

				
	
					
						3/1/2018

					
					
						218,803,730.75

					
					
						1,375,665.76

					
					
						1,094,018.65

					
					
						281,647.11

					
					
						218,522,083.64

					
					
						 

					
					
						 

				
	
					
						4/1/2018

					
					
						218,522,083.64

					
					
						1,375,665.76

					
					
						1,092,610.42

					
					
						283,055.34

					
					
						218,239,028.30

					
					
						 

					
					
						 

				
	
					
						5/1/2018

					
					
						218,239,028.30

					
					
						1,375,665.76

					
					
						1,091,195.14

					
					
						284,470.62

					
					
						217,954,557.68

					
					
						 

					
					
						 

				
	
					
						6/1/2018

					
					
						217,954,557.68

					
					
						1,375,665.76

					
					
						1,089,772.79

					
					
						285,892.97

					
					
						217,668,664.71

					
					
						 

					
					
						 

				
	
					
						7/1/2018

					
					
						217,668,664.71

					
					
						1,375,665.76

					
					
						1,088,343.32

					
					
						287,322.44

					
					
						217,381,342.27

					
					
						Year 4 Total

					
					
						 

				
	
					
						8/1/2018

					
					
						217,381,342.27

					
					
						1,375,665.76

					
					
						1,086,906.71

					
					
						288,759.05

					
					
						217,092,583.22

					
					
						3,371,847.15

					
					
						1.5%

				
	
					
						9/1/2018

					
					
						217,092,583.22

					
					
						1,375,665.76

					
					
						1,085,462.92

					
					
						290,202.84

					
					
						216,802,380.38

					
					
						 

					
					
						 

				
	
					
						10/1/2018

					
					
						216,802,380.38

					
					
						1,375,665.76

					
					
						1,084,011.90

					
					
						291,653.86

					
					
						216,510,726.52

					
					
						 

					
					
						 

				
	
					
						11/1/2018

					
					
						216,510,726.52

					
					
						1,375,665.76

					
					
						1,082,553.63

					
					
						293,112.13

					
					
						216,217,614.39

					
					
						 

					
					
						 

				
	
					
						12/1/2018

					
					
						216,217,614.39

					
					
						1,375,665.76

					
					
						1,081,088.07

					
					
						294,577.69

					
					
						215,923,036.70

					
					
						 

					
					
						 

				
	
					
						1/1/2019

					
					
						215,923,036.70

					
					
						1,375,665.76

					
					
						1,079,615.18

					
					
						296,050.58

					
					
						215,626,986.12

					
					
						 

					
					
						 

				
	
					
						2/1/2019

					
					
						215,626,986.12

					
					
						1,375,665.76

					
					
						1,078,134.93

					
					
						297,530.83

					
					
						215,329,455.29

					
					
						 

					
					
						 

				
	
					
						3/1/2019

					
					
						215,329,455.29

					
					
						1,375,665.76

					
					
						1,076,647.28

					
					
						299,018.48

					
					
						215,030,436.81

					
					
						 

					
					
						 

				
	
					
						4/1/2019

					
					
						215,030,436.81

					
					
						1,375,665.76

					
					
						1,075,152.18

					
					
						300,513.58

					
					
						214,729,923.23

					
					
						 

					
					
						 

				
	
					
						5/1/2019

					
					
						214,729,923.23

					
					
						1,375,665.76

					
					
						1,073,649.62

					
					
						302,016.14

					
					
						214,427,907.09

					
					
						 

					
					
						 

				
	
					
						6/1/2019

					
					
						214,427,907.09

					
					
						1,375,665.76

					
					
						1,072,139.54

					
					
						303,526.22

					
					
						214,124,380.87

					
					
						 

					
					
						 

				
	
					
						7/1/2019

					
					
						214,124,380.87

					
					
						1,375,665.76

					
					
						1,070,621.90

					
					
						305,043.86

					
					
						213,819,337.01

					
					
						Year 5 Total

					
					
						 

				
	
					
						8/1/2019

					
					
						213,819,337.01

					
					
						1,375,665.76

					
					
						1,069,096.69

					
					
						306,569.07

					
					
						213,512,767.94

					
					
						3,579,815.28

					
					
						1.6%EX-4.1

FIRST AMENDMENT 

THIS FIRST AMENDMENT, dated as of October 31, 2014 (this “Amendment”), is to the
Fourth Amended and Restated Credit Agreement (the “Credit Agreement”) dated as of April 1,
2014 among PENSKE AUTOMOTIVE GROUP, INC. (the “Company”), various financial institutions
(the “Lenders”) and MERCEDES-BENZ FINANCIAL SERVICES USA LLC, as agent for the Lenders (the
“Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement are used
herein as defined in the Credit Agreement.

WHEREAS, the parties hereto desire to amend the Credit Agreement in certain respects;

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration
(the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as
follows:

SECTION 1. AMENDMENTS. Effective on the Amendment Effective Date (defined below), the
Credit Agreement shall be amended as follows:

1.1 Section 1.1 of the Credit Agreement shall be amended by adding the following definitions
thereto, in the proper alphabetical order:

ATC means The Around The Clock Freightliner Group, LLC, an Oklahoma limited
liability company.

ATC Acquisition means the acquisition by PAG Investments, LLC of up to all of
the equity interests of ATC Holdco from the existing holders thereof.

ATC Debt means Debt consisting of financing provided by MBFS to the ATC
Entities.

ATC Debt Documents means the Revolving Loan and Security Agreement dated as of
June 10, 2013 between ATC and MBFS, and any other document, instrument or agreement
evidencing or securing the ATC Debt.

ATC Entities means ATC, ATC Holdco, Bowen, ATC Realty and ATC West Texas and
any Subsidiary of any such Person.

ATC Floor Plan Debt means all ATC Debt incurred under Floor Plan Financings.

ATC Holdco means ATC Holdco, LLC, a Delaware limited liability company.

ATC Realty means ATC Realty Investments, LLC, an Oklahoma limited liability
company.

ATC West Texas means ATC West Texas, LLC, a Delaware limited liability company.

Bowen means Bowen Realty Investments, LLC, an Oklahoma limited liability
company.

1.2 Section 1.1 of the Credit Agreement shall be amended by amending and restating the last
sentence of the definition of “Borrowing Base” to read in its entirety as follows:

Notwithstanding the foregoing, all assets (including daily rental vehicles, goodwill,
franchise value and cash on deposit in deposit accounts) of (i) the Hertz Entities, (ii) the
ATC Entities and (iii) MB Greenwich shall be excluded from the Borrowing Base for all
purposes.

1.3 Section 1.1 of the Credit Agreement shall be amended by amending and restating the
definition of “Fixed Charge Coverage Ratio” to read in its entirety as follows:

Fixed Charge Coverage Ratio means, for any Computation Period, the ratio of (a)
the total for such period of EBITDAR minus Capital Expenditures (other than, without
duplication, Acquisition Capital Expenditures and Financed Capital Expenditures) to
(b) the sum of (i) Interest Expense for such period to the extent paid in cash (including,
for the avoidance of doubt, with respect to the Hertz Debt and the ATC Debt) plus
(ii) Rental Expense for such period (including, for the avoidance of doubt, Rental Expense
of the Hertz Entities and the ATC Entities) plus (iii) income tax expense for such
period of the Company and its Subsidiaries to the extent paid in cash plus (iv)
scheduled payments of principal of Debt for such period for the Company and its Subsidiaries
(including, for the avoidance of doubt, the Hertz Debt, but only as to scheduled Curtailment
Payments (as defined in the Hertz Loan Agreement) thereon, and not any Matured Unit Payment
(as defined in the Hertz Loan Agreement) due with respect to any daily retail vehicle).

1.4 Section 9.1 of the Credit Agreement shall be amended by inserting the following as a new
Section 9.1.13 and renumbering each subsequent Section:

9.1.13 ATC Debt Documents. Promptly, and in any event no later than five (5)
days prior to the effectiveness thereof, written notice and copies of any ATC Debt Document
that the Company or any Subsidiary proposes to enter into and any proposed amendment to any
ATC Debt Document.

1.5 Section 9.7 of the Credit Agreement shall be amended by (i) deleting clauses (c) and (d)
of such Section and inserting the following in lieu thereof:

(c) unsecured Debt of Domestic Subsidiaries to the Company or to any other Domestic
Subsidiary, provided that, without the consent of the Required Lenders, (i) neither
the Company nor any Subsidiary shall make any Investment after the date hereof in MB
Greenwich in an aggregate amount exceeding $5,000,000 at any one time outstanding except as
required to prevent any default under, any automotive framework, franchise or dealer
agreement of MB Greenwich and (ii) neither the Company nor any Subsidiary shall make any
Investment in any ATC Entity if the aggregate amount of all Investments in ATC Entities
would exceed $25,000,000 in any Fiscal Year;

(d) unsecured Debt of the Company to Domestic Subsidiaries, provided that,
without the consent of the Required Lenders, (i) neither the Company nor any Subsidiary
shall make any Investment after the date hereof in MB Greenwich in an aggregate amount
exceeding $5,000,000 at any one time outstanding except as required to prevent any default
under, any automotive framework, franchise or dealer agreement of MB Greenwich and (ii)
neither the Company nor any Subsidiary shall make any Investment in any ATC Entity if the
aggregate amount of all Investments in ATC Entities would exceed $25,000,000 in any Fiscal
Year;

(ii) deleting the word “and” at the end of clause (r) thereof, (iii) deleting the period at the end
of clause (s) thereof and substituting “; and” therefor and (iv) adding the following as a new
clause (t) at the end thereof:

(t) (i) Debt of the ATC Entities consisting of ATC Debt (other than ATC Floor Plan
Debt), in an aggregate principal amount not to exceed $250,000,000 without the consent of
the Required Lenders, (ii) ATC Floor Plan Debt and (iii) any unsecured guarantee by the
Company of any Debt described in clauses (i) and (ii) above.

1.6 Section 9.8 of the Credit Agreement shall be amended by (i) deleting the word “and” at the
end of clause (p) thereof, (ii) deleting the period at the end of clause (q) thereof and
substituting “;” therefor and (iii) adding the following as new clauses (r) and (s) at the end
thereof:

(r) Liens on any asset of an ATC Entity securing ATC Debt permitted by Section
9.7(t); and

(s) Liens on Capital Stock of the ATC Entities held by ATC in favor of MBFS to secure
the ATC Debt permitted by Section 9.7(t).

1.7 Section 9.10 of the Credit Agreement shall be amended by adding the following sentence to
the end thereof:

Notwithstanding the foregoing, the Company and its Subsidiaries may only consummate the
ATC Acquisition so long as the requirements set forth in clause (e) above are met.

1.8 Section 9.13 of the Credit Agreement shall be amended by (i) deleting clause (a) of such
Section and inserting the following in lieu thereof:

(a) Take, and cause each Subsidiary (other than MB Greenwich) to take, such actions as
are necessary or as the Agent or the Required Lenders may reasonably request from time to
time (including the execution and delivery of guaranties, security agreements, pledge
agreements, mortgages, deeds of trust, financing statements and other documents, the filing
or recording of any of the foregoing, and the delivery of stock certificates and other
collateral with respect to which perfection is obtained by possession) to ensure that (a)
the obligations of the Company hereunder and under the other Loan Documents (i) are secured
by substantially all of the assets (other than property in which the Company is prohibited
from granting a security interest, pledge or assignment pursuant to a Permitted Restriction)
of the Company and (ii) guaranteed by all of its Subsidiaries (other than MB Greenwich and
the ATC Entities) (including, promptly upon the acquisition or creation thereof, any
Subsidiary acquired or created after the date hereof but excluding Foreign Subsidiaries (to
the extent that such exclusion is necessary to avoid material adverse tax consequences for
the Company)) by execution of a counterpart of the Guaranty and (b) the obligations of each
Subsidiary (other than MB Greenwich and the ATC Entities) under the Guaranty are secured by
substantially all of the assets (other than property in which such Subsidiary is prohibited
from granting a security interest, pledge or assignment pursuant to a Permitted Restriction)
of such Subsidiary (other than Foreign Subsidiaries (to the extent that such exclusion is
necessary to avoid material adverse tax consequences for the Company)), provided that (i)
the pledge by the Company or any Subsidiary (other than a Foreign Subsidiary) of the stock
of any Foreign Subsidiary shall be limited to 65% of the stock of such Foreign Subsidiary to
the extent the pledge of a greater percentage would have material adverse tax consequences
for the Company and (ii) a pledge of the stock of a Subsidiary shall not be required if and
to the extent that such pledge would violate a Permitted Restriction in favor of a
Manufacturer.

(ii) deleting clause (c) of such Section and inserting the following in lieu thereof:

(c) Without limiting clauses (a) and (b) above, the Company shall take
all action necessary to ensure that the Agent has, for the benefit of the Lenders, (i) a
second priority Lien, in form and substance satisfactory to the Agent, on all assets of the
Hertz Entities on which a Lien has been granted to secure the Hertz Debt, including a Lien
on any of such assets constituting vehicles subject to a certificate of title, instruments,
deposit accounts and investment property and (ii) a second priority Lien, in form and
substance satisfactory to the Agent, on all assets of the ATC Entities on which a Lien has
been granted to secure the ATC Debt, including a Lien on any of such assets constituting
vehicles subject to a certificate of title, instruments, deposit accounts and investment
property.

and (iii) adding the following clause (d):

(d) Without limiting clauses (a) and (b) above, the Company shall take
all action necessary to ensure that the Agent has, for the benefit of the Lenders, a second
priority Lien, in form and substance satisfactory to the Agent, on all assets of the ATC
Entities on which a Lien has been granted to secure the ATC Debt, including a Lien on any of
such assets constituting vehicles subject to a certificate of title, instruments, deposit
accounts and investment property.

1.9 Section 9.19 of the Credit Agreement shall be amended by amending and restating clause (a)
thereof to read as follows:

(a) contributions by the Company to the capital of any of its Subsidiaries, or by any
such Subsidiary to the capital of any of its Subsidiaries; provided that, without
the consent of the Required Lenders, (i) neither the Company nor any Subsidiary shall make
any Investment after the date hereof in MB Greenwich in an aggregate amount exceeding
$5,000,000 at any one time outstanding except as required to prevent any default under, any
automotive framework, franchise or dealer agreement of MB Greenwich and (ii) neither the
Company nor any Subsidiary shall make any Investment in any ATC Entity if the aggregate
amount of all Investments in ATC Entities would exceed $25,000,000 in any Fiscal Year;

1.10 Section 9.20 of the Credit Agreement shall be amended and restated to read in its
entirety as follows:

9.20 Restriction of Amendments to Certain Documents. Not without the written
consent of the Agent and the Lenders (a) amend or otherwise modify, or waive any rights
under, the notes or indentures relating to the Subordinated Notes (or any instrument
governing Refinancing Debt in respect of the Subordinated Notes), the Indemnity and Security
Agreement, Section 3 of the LJVP Holdings LLC Agreement, the Hertz Debt Documents, the ATC
Debt Documents or the Approved Swap Documents, in any case, if such amendment, modification
or waiver could reasonably be expected to be adverse to the Lenders in any respect and (b)
amend or otherwise modify, or waive any rights under, the LJVP Documents (other than as
covered under clause (a) above), in any case, if such amendment, modification or
waiver could reasonably be expected to have a Material Adverse Effect; and not take any
action to terminate any Approved Swap Document if it is a condition to such termination that
the Company make any payment to the counterparty under such Approved Swap Document, or if a
consequence of such termination would permit such counterparty to retain or sell any
collateral or to demand any payment from the Company.

1.11 The following Section 9.26 shall be added to the Credit Agreement:

9.26 ATC Entities. No ATC Entity shall become a franchised retailer for cars.

SECTION 2. REPRESENTATIONS AND WARRANTIES. The Company represents and warrants to the
Agent and the Lenders that: (a) the representations and warranties made in Section 8 of the Credit
Agreement are true and correct on and as of the date hereof with the same effect as if made on and
as of the date hereof (except to the extent relating solely to an earlier date, in which case they
were true and correct as of such earlier date); (b) no Event of Default or Unmatured Event of
Default exists or will result from the execution of this Amendment; (c) no event or circumstance
has occurred since the Effective Date that has resulted, or would reasonably be expected to result,
in a Material Adverse Effect; (d) the execution and delivery by the Company of this Amendment and
the performance by the Company of its obligations under the Credit Agreement as amended hereby (as
so amended, the “Amended Credit Agreement”) (i) are within the corporate powers of the
Company, (ii) have been duly authorized by all necessary corporate action, (iii) have received all
necessary approval from any governmental authority and (iv) do not and will not contravene or
conflict with any provision of any law, rule or regulation or any order, decree, judgment or award
which is binding on the Company or any of its Subsidiaries or of any provision of the certificate
of incorporation or bylaws or other organizational documents of the Company or of any agreement,
indenture, instrument or other document which is binding on the Company or any of its Subsidiaries;
and (e) the Amended Credit Agreement is the legal, valid and binding obligation of the Company,
enforceable against the Company in accordance with its terms, except as enforceability may be
limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of
creditors’ rights generally or by equitable principles relating to enforceability.

SECTION 3. CONDITIONS TO EFFECTIVENESS. The amendments set forth in Section 1
above shall become effective as of October 29, 2014 (the “Amendment Effective Date”) upon
the satisfaction of the following conditions precedent, each in form and substance satisfactory to
the Agent:

3.1 Amendment. The Agent shall have received a counterpart of this Amendment executed
by the Company and each Lender (or, in the case of any party other than the Company from which the
Agent has not received a counterpart hereof, facsimile confirmation of the execution of a
counterpart hereof by such party).

3.2 Borrowing Base Certificate. The Agent shall have received a Borrowing Base
Certificate dated as of the Amendment Effective Date.

3.3 Other Certificate. The Agent shall have received the certificate required to be
delivered pursuant to Section 9.10(e) of the Credit Agreement with respect to the ATC Acquisition.

3.4 Intercreditor Agreement. A duly executed intercreditor agreement among the Agent
and MBFS and relating to the ATC Debt Documents.

3.5 Reaffirmation. The Agent shall have received a counterpart of the Reaffirmation
of Loan Documents, in form and substance satisfactory to the Agent, executed by each Loan Party
other than the Company.

3.6 Other Documents. Such other documents as the Agent or any Lender may reasonably
request.

SECTION 4. MISCELLANEOUS.

4.1 Continuing Effectiveness, etc. As hereby amended, the Credit Agreement shall
remain in full force and effect and is hereby ratified and confirmed in all respects. All
references in the Credit Agreement, the Notes, each other Loan Document and any similar document to
the “Credit Agreement” or similar terms shall refer to the Amended Credit Agreement.

4.2 Counterparts. This Amendment may be executed in any number of counterparts and by
the different parties on separate counterparts, and each such counterpart shall be deemed to be an
original but all such counterparts shall together constitute one and the same Amendment.

4.3 Expenses. The Company agrees to pay the reasonable costs and expenses of the
Agent (including reasonable fees and disbursements of outside counsel) in connection with the
preparation, execution and delivery of this Amendment.

4.4 Severability of Provisions. In the event that any provision in or obligation
under this Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or obligations, or of such provision or
obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

4.5 Section Headings. The various headings of this Amendment are inserted for
convenience only and shall not affect the meaning or interpretation of this Amendment or the
Agreement or any provision hereof or thereof.

4.6 Governing Law. This Amendment shall be a contract made under and governed by the
laws of the State of New York applicable to contracts made and to be wholly performed within the
State of New York.

4.7 Successors and Assigns. This Amendment shall be binding upon the Company, the
Lenders and the Agent and their respective successors and assigns, and shall inure to the benefit
of the Company, the Lenders and the Agent and the successors and assigns of the Lenders and the
Agent.

4.8 Loan Document. This Amendment is a Loan Document.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

1

Delivered as of the day and year first above written.

PENSKE AUTOMOTIVE GROUP, INC.

By: /s/ David Jones

Name: David Jones

Title: Executive Vice President / Chief Financial

Officer

MERCEDES-BENZ FINANCIAL SERVICES USA LLC, as Agent, as

Issuing Lender and as a Lender

By: /s/ Michele Nowak

Name: Michele Nowak

Title: Credit Director, National Accounts

TOYOTA MOTOR CREDIT CORPORATION, as a Lender

By: /s/ Thomas F. Miller

Name: Thomas F. Miller

Title: National Accounts Manager

2

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