Document:

EX-10.1

Exhibit 10.1

FOURTH AMENDMENT TO CREDIT AGREEMENT

THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made the 15th day of October,
2009, by and among THE ST. JOE COMPANY, a Florida corporation, ST. JOE TIMBERLAND COMPANY OF
DELAWARE, L.L.C., a Delaware limited liability company, ST. JOE FINANCE COMPANY, a Florida
corporation, the LENDERS listed on the signature pages hereof and BRANCH BANKING AND TRUST COMPANY,
as Administrative Agent.

R E C I T A L S:

The Borrower, the Initial Guarantors, the Administrative Agent and the Lenders entered into a
certain Credit Agreement dated as of September 19, 2008, as amended by a First Amendment to Credit
Agreement dated October 30, 2008, a Second Amendment to Credit Agreement dated February 20, 2009
and a Third Amendment to Credit Agreement dated May 1, 2009 (referred to herein, as so amended, as
the “Credit Agreement”). Capitalized terms used in this Amendment which are not otherwise defined
in this Amendment shall have the respective meanings assigned to them in the Credit Agreement.

The Borrower and the Guarantors have requested the Administrative Agent and the Lenders to (i)
change the definition of “Termination Date” within the Credit Agreement and (ii) amend Sections
2.06, 2.07, 5.01, 5.07, 5.12, 5.30 and 5.38 of the Credit Agreement, as set forth herein. The
Lenders, the Administrative Agent, the Guarantors and the Borrower desire to amend the Credit
Agreement upon the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the Recitals and the mutual promises contained herein and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Borrower, the Guarantors, the Administrative Agent and the Lenders, intending to
be legally bound hereby, agree as follows:

SECTION 1. Recitals. The Recitals are incorporated herein by reference and shall be
deemed to be a part of this Amendment.

SECTION 2. Amendments. The Credit Agreement is hereby amended as set forth in this
Section 2.

SECTION 2.01. Amendment to Section 1.01. The definition of “Termination Date” set
forth in Section 1.01 of the Credit Agreement is amended and restated to read in its entirety as
follows:

“Termination Date” means the earlier to occur of (i) September 19, 2012, (ii)
the date the Revolver Commitments are terminated pursuant to Section 6.01 following
the occurrence of an Event of Default, or (iii) the date the Borrower terminates the
Revolver Commitments entirely pursuant to Section 2.09.

SECTION 2.02. Amendment to Section 2.06(a). Section 2.06(a) of the Credit Agreement
is amended and restated to read in its entirety as follows:

SECTION 2.06 Interest Rates.

(a) “Applicable Margin” shall be determined by the Administrative Agent from
time to time, based upon the ratio of Total Indebtedness to Total Asset Value (as
set forth in the Margin and Fee Rate Certificate most recently delivered by the
Borrower pursuant to Section 5.01(j)), as follows:

	 	 	 	 	 	 	 	 	 
	Ratio of Total Indebtedness

to Total Asset Value

	 	Euro-Dollar Loans and

Letters of Credit
	 	Base

Rate Loans

	 

	 	 	 	 	 	 	 	 
	Greater than or equal to 40%

	 	 	2.75	%	 	 	1.75	%
	Greater than or equal to 25%

but less than 40%

	 	

2.50%
	 	

1.50%

	Greater than or equal to 10%

but less than 25%

	 	

2.25%
	 	

1.25%

	Less than 10%

	 	 	2.00	%	 	 	1.00	%

Any adjustment to the Applicable Margin shall be effective (a) in the case of a
Margin and Fee Rate Certificate delivered in connection with quarterly financial
statements of the Borrower delivered pursuant to Section 5.01(b), as of the date 55
days following the end of the last day of the applicable Fiscal Quarter covered by
such Margin and Fee Rate Certificate, (b) in the case of a Margin and Fee Rate
Certificate delivered in connection with annual financial statements of the Borrower
delivered pursuant to Section 5.01(a), as of the date 85 days following the end of
the last day of the applicable Fiscal Year covered by such Margin and Fee Rate
Certificate, and (c) in the case of any other Margin and Fee Rate Certificate, as of
the date 5 Domestic Business Days following the Administrative Agent’s request for
such Margin and Fee Rate Certificate. If the Borrower fails to deliver a Margin and
Fee Rate Certificate pursuant to Section 5.01(j), the Applicable Margin shall be
determined as if the ratio of Total Indebtedness to Total Asset Value is greater
than 40% until the date of the delivery of the required Margin and Fee Rate
Certificate. As of the Closing Date, and thereafter until changed as provided
above, the Applicable Margin shall be determined as if the ratio of Total
Indebtedness to Total Asset Value is less than 10%. Any change in the Applicable
Margin on any day shall result in a corresponding change, effective on and as of
such day, in the interest rate applicable to the Advances and in the fees applicable
to each Letter of Credit outstanding on such day; provided, that no Applicable
Margin shall be decreased pursuant to this Section 2.06 if a Default is in existence
on such day. In the event that any financial statement or Margin and Fee Rate
Certificate delivered pursuant to Section 5.01 is shown to be, or becomes known to
be, inaccurate (regardless of whether this Agreement or the Revolver Commitments are
in effect when such inaccuracy is discovered, provided that neither the
Administrative Agent nor any Lender shall request payment pursuant to this sentence
more than two years after the termination of this Agreement and the Revolver
Commitments and the payment in full of the principal of and interest on all
Advances), and such inaccuracy, if corrected, would have led to the application of a
higher Applicable Margin under this Section 2.06 for any period rather than the
Applicable Margin applied for such period, then (i) the Borrower shall immediately
deliver to the Administrative Agent a corrected Margin and Fee Rate Certificate and
related financial information for such period, (ii) the Applicable Margin shall be
at the actual Applicable Margin under this Section 2.06 for such period, and (iii)
the Borrower shall immediately pay to the Administrative Agent, for the account of
the Lenders, the accrued additional interest owing as a result of such increased
Applicable Margin for such period. The provisions of this Section 2.06(a) and this
definition shall not limit the rights of the Administrative Agent and the Lenders
with respect to Sections 2.06(b) or 2.06(c) or Article VI and shall survive the
termination of this Agreement and the Revolver Commitments. For the purposes of
determining the ratio of Total Indebtedness to Total Asset Value, indebtedness of a
Qualified SPE attributable to Qualified Senior Notes shall be excluded and Qualified
Installment Sale Notes shall not be included in determinations of Total Asset Value.

SECTION 2.03. Amendment to Section 2.06(c). Section 2.06(c) of the Credit Agreement
is amended and restated to read in its entirety as follows:

(c) Each Euro-Dollar Advance shall bear interest on the outstanding principal
amount thereof, for the Interest Period applicable thereto, at a rate per annum
equal to the sum of: (1) the Applicable Margin, plus (2) the applicable Adjusted
London InterBank Offered Rate for such Interest Period; provided, however, that
interest on each Euro-Dollar Advance shall in no event be less than four percent
(4%) per annum. Such interest shall be payable for each Interest Period on the last
day thereof, provided that interest on Index Euro-Dollar Advances shall be
payable on each Interest Payment Date while such Index Euro-Dollar Advance is
outstanding and the date such Index Euro-Dollar Advance is converted to a Tranche
Euro-Dollar Advance or repaid. Any overdue principal of and, to the extent
permitted by applicable law, overdue interest on any Euro-Dollar Advance shall bear
interest, payable on demand, for each day until paid in full at a rate per annum
equal to the Default Rate.

The “London InterBank Offered Rate” applicable to any Euro-Dollar Advance means for
the Interest Period of such Euro-Dollar Advance the rate per annum determined on the
basis of the rate for deposits in Dollars offered for a term comparable to such
Interest Period, which rate appears on the display designated as Reuters Screen
LIBOR01 Page (or such other successor page as may replace Reuters Screen LIBOR01
Page or such other service or services as may be nominated by the British Banker’s
Association for the purpose of displaying London InterBank Offered Rates for U.S.
dollar deposits) determined as of 11:00 a.m. London, England time, two (2)
Euro-Dollar Business Days prior to the first day of such Interest Period,
provided that if no such offered rates appear on such page, the “London
InterBank Offered Rate” for such Interest Period will be the arithmetic average
(rounded upward, if necessary, to the next higher 1/100th of 1%) of rates quoted by
not less than two (2) major lenders in New York City, selected by the Administrative
Agent, at approximately 10:00 A.M., New York City time, two (2) Euro-Dollar Business
Days prior to the first day of such Interest Period, for deposits in Dollars offered
by leading European banks for a period comparable to such Interest Period in an
amount comparable to the principal amount of such Euro-Dollar Advance.

“Euro-Dollar Reserve Percentage” means for any day that percentage (expressed as a
decimal) which is in effect on such day, as prescribed by the Board of Governors of
the Federal Reserve System (or any successor) for determining the maximum reserve
requirement for a member bank of the Federal Reserve System in respect of
“Eurocurrency liabilities” (or in respect of any other category of liabilities which
includes deposits by reference to which the interest rate on such Euro-Dollar
Advance is determined or any category of extensions of credit or other assets which
includes loans by a non-United States office of any Lender to United States
residents). The Adjusted London InterBank Offered Rate shall be adjusted
automatically on and as of the effective date of any change in the Euro-Dollar
Reserve Percentage.

SECTION 2.04. Amendment to Sections 2.07(a) and (b). Sections 2.07(a) and (b) of the
Credit Agreement are amended and restated to read in their entirety as follows:

(a) The Borrower shall pay to the Administrative Agent for the ratable account
of each Lender an unused commitment fee equal to the product of: (i) the aggregate
of the daily average amounts of such Lender’s Unused Revolver Commitment, times
(ii) a per annum percentage equal to .50%. Such unused commitment fee shall accrue
from and including the Fourth Amendment Effective Date to and including the
Termination Date. Unused commitment fees shall be payable quarterly in arrears on
each Quarterly Payment Date and on the Termination Date; provided that should the
Revolver Commitments be terminated at any time prior to the Termination Date for any
reason, the entire accrued and unpaid fee shall be paid on the date of such
termination.

(b) “Unused Revolver Commitment” means at any date, with respect to any Lender,
an amount equal to its Revolver Commitment less the sum of: (i) the aggregate
outstanding principal amount of its Revolver Advances (excluding Swing Advances);
(ii) such Lender’s pro rata share of the aggregate outstanding principal amount of
all advances made by the Letter of Credit Issuer pursuant to Section 11; and (iii)
such Lender’s pro rata share of the Undrawn Amounts.

SECTION 2.05. Amendment to Section 5.01(j). Section 5.01(j) of the Credit
Agreement is amended and restated to read in its entirety as follows:

(j) simultaneously with the delivery of each set of financial statements
referred to in clauses (a) and (b) above, and within 5 Domestic Business Days of the
Administrative Agent’s request with respect to any other date, a certificate (the
“Margin and Fee Rate Certificate”) substantially in the form attached hereto as
Exhibit K, reflecting the information needed for a determination of the
ratio of Total Indebtedness to Total Asset Value and the Applicable Margin as at the
end of such quarterly accounting period, fiscal year or other date, as the case may
be, in such form as Administrative Agent shall in its sole discretion approve,
together with Borrower’s calculation of the ratio of Total Indebtedness to Total
Asset Value and the Applicable Margin, all as at the end of such quarterly
accounting period, fiscal year or other date, as the case may be. Such Margin and
Fee Rate Report shall be certified as to truth and accuracy by the Chief Financial
Officer or other authorized officer of Borrower;

SECTION 2.06. Amendment to Section 5.07. Section 5.07 of the Credit Agreement is
amended and restated to read in its entirety as follows:

SECTION 5.07. Minimum Consolidated Tangible Net Worth. Consolidated
Tangible Net Worth shall at no time be less than $800,000,000, plus 100% of the
cumulative Net Proceeds of Capital Stock/Conversion of Debt received during any
period after June 30, 2008, calculated quarterly at the end of each Fiscal Quarter.

SECTION 2.07. Amendment to Section 5.12. Section 5.12 of the Credit Agreement is
amended and restated to read in its entirety as follows:

SECTION 5.12. Investments. No Loan Party nor any Subsidiary of a Loan
Party shall make Investments in any Person except as permitted by Sections 5.08 and
5.10(i) through (v) and except Investments in (i) Cash and Cash Equivalents,
(ii) commercial paper rated A-1 or the equivalent thereof by Standard & Poor’s
Corporation or P-1 or the equivalent thereof by Moody’s Investors Service, Inc. and
in either case maturing within 12 months after the date of acquisition, (iii) tender
bonds the payment of the principal of and interest on which is fully supported by a
letter of credit issued by a United States Bank whose long-term certificates of
deposit are rated at least AA or the equivalent thereof by Standard & Poor’s
Corporation or AA or the equivalent thereof by Moody’s Investors Service, Inc., (iv)
any Guarantor; (v) existing Investments set forth on Schedule 5.12; (vi) Investments
in Qualified Installment Sale Transactions, and (vii) Investments not otherwise
permitted under this Section 5.12, made in the ordinary course of business that do
not exceed $175,000,000 in the aggregate at any one time (exclusive of Qualified
Installment Sale Transactions), and at the time when any such Investment is to be
made, and after giving effect thereto, no Default or Event of Default exists.

SECTION 2.08. Amendment to Section 5.30. Section 5.30 of the Credit Agreement is
amended and restated to read in its entirety as follows:

SECTION 5.30. Additional Debt. No Loan Party or Subsidiary of a Loan
Party shall directly or indirectly issue, assume, create, incur or suffer to exist
any Debt or the equivalent (including obligations under capital leases), except for:
(a) the Debt owed to the Lenders under the Loan Documents; (b) the Debt existing
and outstanding on the Closing Date described on Schedule 5.30; (c) intercompany
Debt permitted by Section 5.10(iii), provided that such Debt is at all times
subordinated to the Obligations pursuant to the Subordination Agreement; and
(d) Debt not otherwise permitted under this Section 5.30, the aggregate outstanding
principal amount of which shall not, at any time, exceed $175,000,000 (provided,
however, indebtedness of a Qualified SPE in respect of Qualified Installment Sale
Transactions shall not be subject to this Section).

SECTION 2.09. Amendment to Section 5.38(c). Section 5.38(c) of the Credit Agreement
is amended and restated to read in its entirety as follows:

(c) If the Administrative Agent or the Required Lenders reasonably determine
that they are required by law or regulation to have appraisals prepared in respect
of any Mortgaged Property of St. Joe Timberland that constitutes or is to constitute
Collateral, St. Joe Timberland will, at its own expense, provide to the
Administrative Agent appraisals (or reimburse the Administrative Agent for such
appraisals as Administrative Agent elects to obtain) which satisfy the applicable
requirements of Applicable Laws, and which shall otherwise be in form and substance
reasonably satisfactory to the Administrative Agent; provided, however, at any time
a Trigger Event has occurred and is continuing, St. Joe Timberland will, at its own
expense, provide to the Administrative Agent appraisals (or reimburse the
Administrative Agent for such appraisals as Administrative Agent elects to obtain)
in respect to all of the Mortgaged Property which satisfy the reasonable
requirements of Administrative Agent in all material respects. As long as a Trigger
Event is continuing, the Administrative Agent may require additional appraisals on
all or any portion of the Mortgaged Property (at the sole expense of St. Joe
Timberland) in its reasonable discretion.

SECTION 3. Conditions to Effectiveness. The effectiveness of this Amendment and the
obligations of the Lenders hereunder are subject to the following conditions, unless the Required
Lenders waive such conditions:

(a) receipt by the Administrative Agent from each of the parties hereto of a duly executed
counterpart of this Amendment signed by such party;

(b) receipt by the Administrative Agent of all documents which the Administrative Agent may
reasonably request relating to the existence of each Loan Party, the authority for and the validity
of this Amendment and the other Loan Documents, and any other matters relevant hereto, all in form
and substance satisfactory to the Administrative Agent, including without limitation an Officer’s
Certificate, signed by the Secretary, an Assistant Secretary, a member, manager, partner, trustee
or other authorized representative of the respective Loan Party, certifying as to the names, true
signatures and incumbency of the officer or officers of the respective Loan Party authorized to
execute and deliver this Amendment and other Loan Documents, and certifying whether or not any
changes to the entity’s Organizational Documents has taken place since May 1, 2009, and certified
copies of, if applicable, a certificate of the Secretary of State of such Loan Party’s state of
organization as to the good standing or existence of such Loan Party; and a copy of the
Organizational Action taken by the board of directors of the Loan Party or the members, managers,
trustees, partners or other applicable Persons authorizing the Loan Party’s execution, delivery and
performance of this Amendment;

(c) the fact that the representations and warranties of the Borrower and the Guarantors
contained in Section 5 of this Amendment shall be true on and as of the date hereof; and

(d) All other documents and legal matters in connection with the transactions contemplated by
this Amendment shall be reasonably satisfactory in form and substance to the Administrative Agent
and its counsel.

SECTION 4. No Other Amendment. Except for the amendments set forth above and those
contained in the First Amendment to Credit Agreement dated October 30, 2008 (“First Amendment”),
the Second Amendment to Credit Agreement dated February 20, 2009 (“Second Amendment”), and the
Third Amendment to Credit Agreement dated May 1, 2009 (“Third Amendment”), the text of the Credit
Agreement shall remain unchanged and in full force and effect. On and after the Fourth Amendment
Effective Date, all references to the Credit Agreement in each of the Loan Documents shall
hereafter mean the Credit Agreement as amended by the First Amendment, the Second Amendment, the
Third Amendment and this Amendment. This Amendment is not intended to effect, nor shall it be
construed as, a novation. The Credit Agreement, the First Amendment, the Second Amendment, the
Third Amendment and this Amendment shall be construed together as a single agreement. This
Amendment shall constitute a Loan Document under the terms of the Credit Agreement. Nothing herein
contained shall waive, annul, vary or affect any provision, condition, covenant or agreement
contained in the Credit Agreement, except as herein amended, nor affect nor impair any rights,
powers or remedies under the Credit Agreement as hereby amended. The Lenders and the
Administrative Agent do hereby reserve all of their rights and remedies against all parties who may
be or may hereafter become secondarily liable for the repayment of the Notes. The Borrower and the
Guarantors promise and agree to perform all of the requirements, conditions, agreements and
obligations under the terms of the Credit Agreement, as heretofore and hereby amended, and the
other Loan Documents being hereby ratified and affirmed. The Borrower and the Guarantors hereby
expressly agree that the Credit Agreement, as amended, and the other Loan Documents are in full
force and effect.

SECTION 5. Representations and Warranties. The Borrower and the Guarantors hereby
represent and warrant to each of the Lenders as follows:

(a) No Default or Event of Default under the Credit Agreement or any other Loan Document has
occurred and is continuing unwaived by the Lenders on the date hereof.

(b) The Borrower and the Guarantors have the power and authority to enter into this Amendment
and to do all acts and things as are required or contemplated hereunder to be done, observed and
performed by them.

(c) This Amendment has been duly authorized, validly executed and delivered by one or more
authorized officers of the Borrower and the Guarantors and constitutes the legal, valid and binding
obligations of the Borrower and the Guarantors enforceable against them in accordance with its
terms, provided that such enforceability is subject to general principles of equity.

(d) The execution and delivery of this Amendment and the performance by the Borrower and the
Guarantors hereunder do not and will not require the consent or approval of any regulatory
authority or governmental authority or agency having jurisdiction over the Borrower, or any
Guarantor, nor be in contravention of or in conflict with the articles of incorporation, bylaws or
other organizational documents of the Borrower, or any Guarantor that is a corporation, the
articles of organization or operating agreement of any Guarantor that is a limited liability
company, or the provision of any statute, or any judgment, order or indenture, instrument,
agreement or undertaking, to which any Borrower, or any Guarantor is party or by which the assets
or properties of the Borrower and the Guarantors are or may become bound.

SECTION 6. Counterparts. This Amendment may be executed in multiple counterparts,
each of which shall be deemed to be an original and all of which, taken together, shall constitute
one and the same agreement.

SECTION 7. Governing Law. This Amendment shall be construed in accordance with and
governed by the laws of the State of North Carolina.

SECTION 8. Effective Date. This Amendment shall be effective as of September 30,
2009 (“Fourth Amendment Effective Date”).

SECTION 9. Amendment Fee. On the date hereof, the Borrower and the Guarantors shall
pay to the Administrative Agent for the ratable account of each Lender an amendment fee in an
amount equal to the product of: (i) the amount of such Lender’s Revolver Commitment, times
(ii) 0.25%.

1

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

	 	 	 	THE ST. JOE COMPANY

	 	 	 	By: /s/ Stephen W.
Solomon

	 	 	Name: Stephen W.
Solomon

	 	 	 	Title: Senior Vice President and Treasurer

[CORPORATE SEAL]

ST. JOE TIMBERLAND COMPANY OF DELAWARE, L.L.C.

	 	 	 	By: /s/ Stephen W.
Solomon

	 	 	Name: Stephen W.
Solomon

	 	 	 	Title: Senior Vice President and Treasurer

[CORPORATE SEAL]

ST. JOE FINANCE COMPANY

By: /s/ Stephen W. Solomon

Name: Stephen W. Solomon

Title: Senior Vice President and Treasurer

[CORPORATE SEAL]

BRANCH BANKING AND TRUST COMPANY,

as Administrative Agent and as a Lender

By:  /s/ Christopher E. Verwoerdt (SEAL)

Name: Christopher E. Verwoerdt

Title: Senior Vice President

2exhibit10-1.htm

     

     

    Exhibit
10.1

    
      

       

      AMENDMENT

      TO
THE

      MANAGEMENT
AGREEMENT

      BY
AND BETWEEN

      JER
INVESTORS TRUST INC.

      and

      JER
COMMERCIAL DEBT ADVISORS LLC

       

      This
AMENDMENT No. 5 (this “Amendment”)
to the Management Agreement, dated as of June 4, 2004 (as amended, the "Management
Agreement"), by and between JER Investors Trust Inc., a Maryland
corporation (the “Company”)
and JER Commercial Debt Advisors LLC, a Delaware limited liability company (the
“Manager”),
is made as of this 14th day
of October 2009, between the Company and the Manager.  Capitalized
terms used herein and not otherwise defined herein shall have the meanings
assigned to them in the Management Agreement.

       

      WITNESSETH:

       

      WHEREAS, the Company and the
Manager are parties to the Management Agreement; and

       

      WHEREAS, the Company and the
Manager desire to amend the Management Agreement in the manner and as more fully
set forth herein; and

       

      WHEREAS, in accordance with
Section 17(d) of the Management Agreement, the parties hereto have consented to
amending the Management Agreement in the manner and as more fully set forth
herein.

       

      NOW THEREFORE, in
consideration of the mutual promises and agreements herein and intending to be
legally bound hereby, the parties hereto agree as follows:

      

      1.             Effective
as of October 7, 2009, Section 7(f) of the Management Agreement is hereby
deleted in its entirety and the following is hereby substituted therefor and
made a part of the Management Agreement:

       

      “(f)              Notwithstanding
anything to the contrary contained in Sections 7(d) and/or 7(e) of this
Agreement, the Manager and the Company hereby agree that during the months of
April, May, June, July, August, September, October and November 2009 (the “Restricted
Months”), (i) the Company shall not be required to make any payments of
Base Management Fees and/or Incentive Fees (collectively, the “Fees”)
in excess of $75,000 per month (the “Monthly
Cash Limit”) and (ii) any Fees accruing and otherwise payable pursuant to
Sections 7(d) and/or 7(e) of this Agreement in excess of the Monthly Cash Limit
(the “Accrued
Fees”) shall be deferred and due and payable by the Company to the
Manager on such date after November 30, 2009 as the Company and the Manager
shall

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      mutually
agree in writing.  Nothing contained in this Section 7(f) shall be
deemed (i) to prohibit the Company from paying any Fees up to an amount equal to
$75,000 per month, (ii) to prohibit the accrual (and ongoing obligations with
respect thereto) of any Accrued Fees during any of the Restricted Months or
(iii) to be a waiver or forgiveness by the Manager of any Accrued
Fees.”

      

      2.             Ratification. Except
as expressly modified pursuant to this Amendment, (i) the Management Agreement
is ratified and confirmed in all respects and (ii) all of the Company’s
obligations thereunder remain unchanged and in full force and
effect.

       

      [SIGNATURES
APPEAR ON THE FOLLOWING PAGE]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      IN
WITNESS WHEREOF, the parties hereto have executed this Amendment No. 5 to the
Management Agreement effective as of the date first above written.

      

      
        

        
          	 
      	
                  JER
      INVESTORS TRUST INC.

                
	 
      	 
      	 
      	 
      
	 
      	
                  By:

                	
                  /s/
      J. Michael McGillis

                	 
      
	 
      	 
      	
                  Name:

                	
                  J.
      Michael McGillis

                
	 
      	 
      	
                  Title:

                	
                  Chief
      Financial Officer

                
	 
      	 
      	 
      	 
      
	 
      	 
      

        

        

        
          	 
      	
                  JER
      COMMERCIAL DEBT ADVISORS LLC

                
	 
      	 
      	 
      	 
      
	 
      	
                  By:

                	
                  /s/
      J. Michael McGillis

                	 
      
	 
      	 
      	
                  Name:

                	
                  J.
      Michael McGillis

                
	 
      	 
      	
                  Title:

                	
                  Chief
      Financial Officer

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