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Exhibit 10.87

AMENDMENT NO. 2
TO 
THIRD AMENDED AND RESTATED CREDIT AGREEMENT

         This AMENDMENT NO. 2 TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of the 7th day of November, 2019, between HUDSON PACIFIC PROPERTIES, L.P., a Maryland limited partnership (the “Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”) on its own behalf and on behalf of the Requisite Lenders.

WITNESSETH:

                WHEREAS, the Borrower, each of the Lenders, the Administrative Agent, and certain other financial institutions have entered into that certain Third Amended and Restated Credit Agreement, dated as of March 13, 2018 (as amended by that certain Amendment No. 1 to Third Amended and Restated Credit Agreement, dated as of March 1, 2019, and as further amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”), pursuant to which the Lenders have made certain loans and financial accommodations available to the Borrower; and

                          WHEREAS, the Borrower has requested that the Credit Agreement be amended as set forth in this Amendment, the Requisite Lenders have agreed to amend the Credit Agreement as set forth in this Amendment and the Requisite Lenders have authorized the Administrative Agent to execute this Amendment on behalf of such Requisite Lenders; 

                 NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties Borrower and the Administrative Agent (on its own behalf and on behalf of the Requisite Lenders)do hereby agree as follows:

    1. DEFINED TERMS.

                        Each defined term used herein and not otherwise defined herein shall have the meaning given to such term in the Credit Agreement. 

    2. AMENDMENTS TO THE CREDIT AGREEMENT.  

   2.1       Amendment to the Definition of “Property”.  The definition of “Property” set forth in Section 1.1 of the Credit Agreement shall be amended and restated in its entirety to read as follows:

““Property” means any parcel of real property owned or leased (in whole or in part) or operated by the Borrower, Hudson REIT, any Subsidiary or any Unconsolidated Affiliate of the Borrower and which is located in a state of the United States of America or the District of Columbia or Canada.”

   2.2       Amendment to the Definition of “Total Asset Value”.  The definition of “Total Asset Value” set forth in Section 1.1 of the Credit Agreement shall be amended by (i) deleting the period after the word “Value” in the second clause (g) and substituting with “; and” in lieu thereof and (ii) adding a new clause (h) as follows:

Exhibit 10.87

“(h) Investments in Properties in Canada such that the aggregate value in such Investments exceeds fifteen percent (15.0%) of Total Asset Value.”

2.3       Amendment to the Definition of “Unencumbered Asset Value”.  The definition of “Unencumbered Asset Value” set forth in Section 1.1 of the Credit Agreement shall be amended and restated in its entirety to read as follows:

““Unencumbered Asset Value” means without duplication, the sum of the following: 

(a) For each Unencumbered Pool Property owned for the most recently ended four (4) fiscal quarters, the quotient of (i) Net Operating Income attributable to such Unencumbered Pool Property (A) if other than a Studio Property, for the most recently ended two (2) fiscal quarters annualized, and (B) if a Studio Property, for the most recently ended four (4) fiscal quarters, divided by (ii) the Capitalization Rate, plus 

(b) For each Unencumbered Pool Property acquired within the last four (4) fiscal quarters, the acquisition cost of such Unencumbered Pool Property.  

Notwithstanding the above, (i) to the extent that the Unencumbered Asset Value attributable to Unencumbered Pool Properties subject to Ground Leases exceeds thirty percent (30%) of total Unencumbered Asset Value (provided that the Metro Park Ground Lease shall not be taken into account when calculating such thirty percent (30%) limitation), such excess shall be excluded from Unencumbered Asset Value; (ii) to the extent that the aggregate rental revenue of the Unencumbered Pool Properties generated from a single tenant or Affiliated tenants in the aggregate exceeds twenty-five percent (25.0%), in each such case, such excess shall be excluded when determining Net Operating Income for the purposes of calculating Unencumbered Asset Value; and (iii) to the extent that the Unencumbered Asset Value attributable to Unencumbered Pool Properties in Canada exceeds twenty percent (20.0%) of total Unencumbered Asset Value, such excess shall be excluded from Unencumbered Asset Value.  In no event shall a Property valued pursuant to subsection (a) of this definition above be less than zero.”
2.4       Amendment to the Definition of “Unencumbered NOI” set forth in Section 1.1.  The definition of “Unencumbered NOI” set forth in Section 1.1 of the Credit Agreement shall be amended and restated in its entirety to read as follows:

““Unencumbered NOI” means, for any period the aggregate NOI from the Unencumbered Pool Properties for the most recent two (2) fiscal quarters annualized.  To the extent that an Unencumbered Pool Property has been owned for at least one month, but not for a full fiscal quarter, the NOI from that Property for such period of ownership will be annualized.  If the Property has not been owned for one full month, NOI shall be based on an Administrative Agent approved pro forma NOI.”

            2.5.      Amendment to Section 1.1.  Section 1.1 of the Credit Agreement shall be amended to add thereto the following new definition, incorporated in the proper alphabetical order as follows:

““Canadian Dollars” or “C$” means lawful currency of Canada.”

2.6       Amendment to Section 9.3. Section 9.3 of the Credit Agreement shall be amended and restated in its entirety to read as follows:

“Within forty-five (45) days of the end of each of the first, second and third fiscal quarters of Hudson REIT and within ninety (90) days of the end of each fiscal year of Hudson REIT, a certificate substantially in the form of Exhibit I (a “Compliance Certificate”) executed on behalf of the Borrower 

Exhibit 10.87

by the chief financial officer of Hudson REIT (a) setting forth in reasonable detail as of the end of such quarterly accounting period or fiscal year, as the case may be, (i) the calculations required to establish whether Hudson REIT was in compliance with the covenants contained in Section 10.1, (ii) a list of all assets included in calculations of Unencumbered Asset Value and shall disclose which assets have been added or removed from such calculation since the previous list delivered to Administrative Agent and (iii) a list of all assets included in calculations of Total Asset Value which are located in Canada and shall disclose all Total Asset Value attributable thereto; (b) stating that no Default or Event of Default exists, or, if such is not the case, specifying such Default or Event of Default and its nature, when it occurred and the steps being taken by the Borrower with respect to such event, condition or failure; (c) setting forth a statement of Funds From Operations; and (d) setting forth a report of newly acquired Properties, including the Net Operating Income, cost and mortgage debt, if any, of each such Property. The calculations set forth in this Section 9.3 above shall be in Dollars and any conversion from Canadian Dollars to Dollars shall be calculated using the same methodology as the conversion from Canadian Dollars to Dollars in Hudson REIT’s public reporting practice with respect thereto in accordance with all appropriate guidance applicable thereto.” 

2.7       Amendment to Article XIII. The following new Section 13.26 is added to the Credit Agreement:

            “Section 13.26. Acknowledgment Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for swap agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States.  In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States.  Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

As used in this Section 13.26, the following terms have the following meanings:

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

Exhibit 10.87

“Covered Entity” means any of the following:

a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).” 

3.         REPRESENTATIONS AND WARRANTIES.

            The Borrower hereby represents and warrants to the Administrative Agent and the Lenders as follows:

3.1       The Amendment.  This Amendment has been duly and validly executed by an authorized officer of the Borrower and constitutes the legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its terms.  

3.2       Credit Agreement.  The Credit Agreement, as amended by this Amendment, and the other Loan Documents remain in full force and effect and remain the valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its terms.  The Borrower hereby ratifies and confirms the Credit Agreement (as amended hereby) and the other Loan Documents.

3.3       Claims and Defenses.     As of the date of this Amendment, the Borrower has no defenses, claims, counterclaims or setoffs with respect to the Credit Agreement (as amended hereby) or any other Loan Document or its Obligations thereunder or with respect to any actions of the Administrative Agent, any Lender or any of their respective officers, directors, shareholders, employees, agents or attorneys, and the Borrower irrevocably and absolutely waives any such defenses, claims, counterclaims and setoffs and release the Administrative Agent, any Lender and each of their respective officers, directors, shareholders, employees, agents and attorneys from the same.          

3.4       No Default.  After giving effect to this Amendment, no Default or Event of Default exists under the Credit Agreement, nor will any occur immediately after the execution and delivery of this Amendment or by the performance or observance of any provision hereof.

3.5       Credit Agreement Representations and Warranties.  After giving effect to this Amendment, all representations and warranties of the Borrower contained in the Credit Agreement (as amended hereby) or in any other Loan Documents are true and correct as of the date hereof (as though made on and as of the date hereof), except to the extent that such representations and warranties expressly relate to an earlier specified date, in which case such representations and warranties are true and correct as of the date when made. 

Exhibit 10.87

                         4.         REAFFIRMATION. 

                        The Borrower hereby acknowledges and agrees that the terms and provisions hereof shall not affect in any way any payment, performance, observance or other obligations or liabilities of the Borrower under the Credit Agreement or under any of the other Loan Documents, all of which obligations and liabilities shall remain in full force and effect and extend to the further loans, extensions of credit and other Obligations incurred under the Loan Documents, and each of which obligations and liabilities are hereby ratified, confirmed and reaffirmed in all respects. 

            5.         CONDITIONS PRECEDENT TO EFFECTIVENESS OF THIS AMENDMENT.

                        In addition to all of the other conditions and agreements set forth herein, the effectiveness of this Amendment is subject to the following condition precedent:

       5.1       Amendment No. 2 to Credit Agreement.  The Administrative Agent shall have received (i) an original counterpart of this Amendment, executed and delivered by a duly authorized officer of the Borrower and (ii) an original counterpart of the Ratification and Affirmation attached to this Amendment, executed and delivered by a duly authorized officer of Hudson REIT. 

                        6.         MISCELLANEOUS.

      6.1  Governing Law.  This Amendment shall be governed by and construed in accordance with the law of the State of New York, without regard to principles of conflict of law.

         6.2       Severability.  Each provision of this Amendment shall be interpreted in such manner as to be valid under applicable law, but if any provision hereof shall be invalid under applicable law, such provision shall be ineffective to the extent of such invalidity, without invalidating the remainder of such provision or the remaining provisions hereof.

          6.3       Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.  Delivery of an executed counterpart hereof by facsimile shall be effective as manual delivery of such counterpart; provided, however, that, each party hereto will promptly thereafter deliver counterpart originals of such counterpart facsimiles delivered by or on behalf of such party.

       6.4       Nonwaiver.  The execution, delivery, performance and effectiveness of this Amendment shall not operate nor be deemed to be nor construed as a waiver (i) of any right, power or remedy of the Administrative Agent or any Lender under the Credit Agreement, nor (ii) of any term, provision, representation, warranty or covenant contained in the Credit Agreement or any other documentation executed in connection therewith.  Further, none of the provisions of this Amendment shall constitute, be deemed to be or construed as, a waiver of any Event of Default under the Credit Agreement, as amended by this Amendment.

6.5       Reference to and Effect on the Credit Agreement.  Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to the Credit Agreement, as amended hereby, and each reference to the Credit Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended hereby.  Notwithstanding the date of this Amendment, the amendments 

Exhibit 10.87

herein above shall apply to the calculations set forth in the Compliance Certificate for the fiscal quarter ended September 30, 2019.  This Amendment is a Loan Document for all purposes.

[Signature pages follow]

Exhibit 10.87

IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and delivered by its duly authorized officer as of the date first above written.

												
		BORROWER:		
				
		HUDSON PACIFIC PROPERTIES, L.P.,		
		a Maryland limited partnership		
				
		By:	Hudson Pacific Properties, Inc.	
			a Maryland corporation, its general partner	
				
			By:	
			Name:	Mark T. Lammas
			Title:	Chief Financial Officer

Exhibit 10.87

												
		ADMINISTRATIVE AGENT:		
				
		WELLS FARGO BANK, NATIONAL ASSOCIATION,		
		as Administrative Agent, on its own behalf and on behalf of the Requisite Lenders		
				
				
		By:		
			Name:	Kevin A. Stacker
			Title:	Senior Vice President
				

Exhibit 10.87

RATIFICATION AND AFFIRMATION OF GUARANTOR
As of the date hereof, the undersigned Guarantor hereby expressly (a) acknowledges the terms of this Amendment, (b) ratifies and affirms its obligations under the Guaranty, dated as of March 13, 2018, to which it is a party (the “Guaranty Agreement”), (c) acknowledges, renews and extends its continued liability under the Guaranty Agreement and agrees that the Guaranty Agreement remains in full force and effect notwithstanding the matters contained herein and (d) represents and warrants to the Administrative Agent and the Lenders that, as of the date hereof, after giving effect to the terms of this Amendment, all representations and warranties of the Guarantor under the Guaranty Agreement are true and correct as of the date hereof (as though made on and as of the date hereof), except to the extent that such representations and warranties expressly relate to an earlier specified date, in which case such representations and warranties are true and correct as of the date when made.

               Dated as of October ___, 2019.

												
		HUDSON PACIFIC PROPERTIES, INC.,		
		a Maryland corporation		
				
		By:		
		Name:	Kay L. Tidwell	
		Title:	Secretary	
				
				

HUDSON PACIFIC PROPERTIES, INC.,    a Maryland corporation
By:                                                       Name:  Kay L. Tidwell            Title:  SecretaryDocument

Exhibit 10.88

                    

Hudson Pacific Properties, L.P.

            

First Amendment
Dated November 7, 2019

to

Note Purchase Agreement
Dated as of November 16, 2015

            

4.34% Series A Guaranteed Senior Notes due January 2, 2023
4.69% Series B Guaranteed Senior Notes due December 16, 2025
4.79% Series C Guaranteed Senior Notes due December 16, 2027

                    

Exhibit 10.88

First Amendment to Note Purchase Agreement

        This First Amendment dated November 7, 2019 (this “First Amendment”) to that certain Note Purchase Agreement dated as of November 16, 2015 is among Hudson Pacific Properties, L.P., a Maryland limited partnership (the “Company”), and each holder of Original Notes (as hereinafter defined) (collectively, the “Noteholders”) that is a signatory hereto.
Recitals:

        A. Whereas, the Company has heretofore entered into that certain Note Purchase Agreement dated as of November 16, 2015 (the “Original Note Agreement”) with each of the Purchasers party thereto pursuant to which the Company issued and has outstanding (a) $110,000,000 aggregate principal amount of its 4.34% Series A Guaranteed Senior Notes due January 2, 2023 (the “Series A Notes”), (b) $259,000,000 aggregate principal amount of its 4.69% Series B Guaranteed Senior Notes due December 16, 2025 (the “Series B Notes”), and (c) $56,000,000 aggregate principal amount of its 4.79% Series C Guaranteed Senior Notes due December 16, 2027 (the “Series C Notes”; the Series A Notes, the Series B Notes and the Series C Notes, the “Original Notes”);
        B. Whereas, capitalized terms used herein shall have the respective meanings ascribed thereto in the Original Note Agreement unless herein defined or the context shall otherwise require;
        C. Whereas, the Company has requested that the Noteholders amend the Original Note Agreement in certain respects;
        D. Whereas, the Noteholders party hereto have agreed to the amendment request of the Company, and the Company and such Noteholders now desire to amend the Original Note Agreement in the respects, but only in the respects, hereinafter set forth; and 
        E. Whereas, all requirements of law have been fully complied with and all other acts and things necessary to make this First Amendment a valid, legal and binding instrument according to its terms for the purposes herein expressed have been done or performed.
        Now, therefore, upon the full and complete satisfaction of the conditions precedent to the effectiveness of this First Amendment set forth in Section 3.1 hereof, and in consideration of good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Company and the Noteholders party hereto do hereby agree as follows:
SECTION 1.Amendments.
1.1. Section 7.2(a) of the Original Note Agreement shall be and is hereby amended and restated in its entirety to read as follows:

“(a) Covenant Compliance — setting forth (1) the information from such financial statements that is required in order to establish whether the Company was in compliance with the requirements of Section 10.5 and each Additional Covenant during the quarterly or annual period covered by the statements then being furnished (including with respect to each such provision that involves mathematical calculations, the information from such financial statements that is required to perform such calculations) and detailed calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Section or Additional Covenant, and the calculation of the amount, ratio or percentage then in existence and (2) a list of the assets included in the calculation of Unencumbered Asset Value.  The calculations required pursuant to this Section 7.2 shall be in Dollars and any conversion from Canadian Dollars to Dollars shall be calculated using the same methodology as the conversion from Canadian Dollars to Dollars in Hudson REIT’s public reporting practice with respect thereto in accordance with all appropriate guidance applicable thereto.  In the event that Hudson REIT, the Company or any Subsidiary has made an election to measure any financial liability using fair value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section 22.2) as to the period covered by any such financial statement, such Senior Financial Officer’s certificate as to such period shall include a reconciliation from GAAP with respect to such election;”

1.2. The definitions of “Property,” “Unencumbered Asset Value” and “Unencumbered NOI” set forth in Schedule A to the Original Note Agreement shall be and are hereby amended and restated in their entirety to read as follows, respectively:
        “Property” means any parcel of real property owned or leased (in whole or in part) or operated by the Company, Hudson REIT, any Subsidiary or any Unconsolidated Affiliate of Hudson REIT and which is located in a state of the United States of America or the District of Columbia or Canada.

        “Unencumbered Asset Value” means without duplication, the sum of the following: 

        (a) For each Unencumbered Pool Property owned for the most recently ended four fiscal quarters, the quotient of (1) Net Operating Income attributable to such Unencumbered Pool Property (i) if other than a Studio Property, for the most recently ended two fiscal quarters annualized, and (ii) if a Studio Property, for the most recently ended four fiscal quarters, divided by (2) the Capitalization Rate, plus 

        (b) For each Unencumbered Pool Property acquired within the last four fiscal quarters, the acquisition cost of such Unencumbered Pool Property.  

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        Notwithstanding the above, (A) to the extent that the Unencumbered Asset Value attributable to Unencumbered Pool Properties subject to Ground Leases exceeds 30% of total Unencumbered Asset Value (provided that the Metro Park Ground Lease shall not be taken into account when calculating such 30% limitation), such excess shall be excluded from Unencumbered Asset Value; (B) to the extent that the aggregate rental revenue of the Unencumbered Pool Properties generated from a single tenant or Affiliated tenants in the aggregate exceeds 25%, in each such case, such excess shall be excluded when determining Net Operating Income for the purposes of calculating Unencumbered Asset Value; and (C) to the extent that the Unencumbered Asset Value attributable to Unencumbered Pool Properties located in Canada exceeds 20% of total Unencumbered Asset Value, such excess shall be excluded from Unencumbered Asset Value.  In no event shall a Property valued pursuant to clause (a) of this definition above be less than zero.

        “Unencumbered NOI” means, for any period the aggregate NOI from the Unencumbered Pool Properties for the most recent two fiscal quarters annualized.  To the extent that an Unencumbered Pool Property has been owned for at least one month, but not for a full fiscal quarter, the NOI from that Property for such period of ownership will be annualized.  If the Property has not been owned for one full month, NOI shall be based on a pro forma NOI approved by the Required Holders, provided that any pro forma NOI approved by the administrative agents under each Material Credit Facility shall be deemed to be approved by the Required Holders.

        1.3 The following new definitions shall be and are hereby added to Schedule A to the Original Note Agreement in proper sequence:
“Canadian Dollars” means lawful currency of Canada.
“Dollars” means lawful currency of the United States of America.
1.4 The definition of “Total Asset Value” set forth in Schedule A to the Original Note Agreement shall be and is hereby amended by (a) deleting the word “and” at the end of the second clause (f) thereof, (b) deleting the period after the word “Value” in the second clause (g) thereof and replacing it with “; and” and (c) adding the following new clause (h) after such second clause (g):
“(h)  Investments in Properties located in Canada, such that the aggregate value in such Investments in Properties located in Canada exceeds 15% of Total Asset Value.”

SECTION 2.Representations and Warranties of the Company.
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2.1. To induce the Noteholders to execute and deliver this First Amendment (which representations shall survive the execution and delivery of this First Amendment), the Company represents and warrants to the Noteholders that:
(a) this First Amendment has been duly authorized by all necessary limited partnership action on the part of the Company and has been duly executed and delivered by the Company, and this First Amendment and the Original Note Agreement, as amended by this First Amendment, constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, except as such enforceability may be limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (2) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);
(b) the execution and delivery of this First Amendment by the Company and the performance by the Company hereof and of the Original Note Agreement, as amended by this First Amendment, will not (1) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of Hudson REIT or the Company under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or by-laws, shareholders agreement or any other agreement or instrument to which Hudson REIT or the Company is bound or by which Hudson REIT or the Company or any of their respective properties may be bound or affected, (2) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to Hudson REIT or the Company or (3) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to Hudson REIT or the Company;
(c) no consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution and delivery of this First Amendment by the Company or the performance by the Company hereof or of the Original Note Agreement, as amended by this First Amendment;
(d) on the CP Satisfaction Date (as hereinafter defined), after giving effect to this First Amendment, all the representations and warranties contained in Section 5 of the Original Note Agreement are true and correct in all material respects with the same force and effect as if made by the Company on and as of the date hereof (except to the extent such representations and warranties expressly refer to an earlier date, in which case they were true and correct in all material respects as of such earlier date); and
(e) as of the CP Satisfaction Date and after giving effect to this First Amendment, no Default or Event of Default has occurred which is continuing and no waiver of Default or Event of Default is in effect.
-4-

SECTION 3.Conditions to Effectiveness of this First Amendment.
3.1. This First Amendment shall become effective upon satisfaction of each and every one of the following conditions (the date of such satisfaction, the “CP Satisfaction Date”):
(a) executed counterparts of this First Amendment, duly executed by the Company, Hudson REIT and Noteholders constituting Required Holders, shall have been delivered to each Noteholder or its special counsel;
(b) the representations and warranties of the Company set forth in Section 2 hereof shall be true and correct on and with respect to the CP Satisfaction Date;
(c) each Material Credit Facility in effect on the date of this First Amendment shall have been amended to align the relevant terms thereof with the amended terms of the Original Note Agreement pursuant to this First Amendment, and copies of each such amendment shall have been delivered to each Noteholder or its special counsel; and
(d) the Company shall have paid the reasonable and documented fees and expenses of Schiff Hardin LLP, special counsel to the Noteholders, in connection with the negotiation, preparation, approval, execution and delivery of this First Amendment.
SECTION 4.Miscellaneous.
4.1. This First Amendment shall be construed in connection with and as part of the Original Note Agreement, and except as modified and expressly amended by this First Amendment, all terms, conditions and covenants contained in the Original Note Agreement are hereby ratified and shall be and remain in full force and effect.  Notwithstanding the date of this First Amendment, the amendments herein shall apply to the calculations set forth in the Senior Financial Officer’s certificate delivered pursuant to Section 7.2(a) for the fiscal quarter ended September 30, 2019.
4.2. Any and all notices, requests, certificates and other instruments executed and delivered after the execution and delivery of this First Amendment may refer to the Original Note Agreement without making specific reference to this First Amendment but nevertheless all such references shall include this First Amendment unless the context otherwise requires.
4.3. The descriptive headings of the various Sections or parts of this First Amendment are for convenience only and shall not affect the meaning or construction of any of the provisions hereof.
4.4 This First Amendment shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.
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4.5. This First Amendment may be executed in any number of counterparts, each executed counterpart constituting an original, but all together only one agreement.  Delivery of an executed counterpart of this First Amendment by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart of this First Amendment.

[Remainder of page intentionally left blank.]

        

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Exhibit 10.88

												
			HUDSON PACIFIC PROPERTIES, L.P.	
				
			By:	
			Name:	Mark T. Lammas
			Title:	Chief Operating Officer, Chief Financial Officer & Treasurer
				
	ACKNOWLEDGED AND AGREED:			
				
	HUDSON PACIFIC PROPERTIES, INC.			
				
	By:			
	Name:	Mark T. Lammas		
	Title:	Chief Operating Officer, Chief Financial Officer & Treasurer		
				

[Signature Page to First Amendment to 2015 Note Purchase Agreement –
Hudson Pacific Properties, L.P.]

												
		METROPOLITAN LIFE INSURANCE COMPANY 		
				
		By:		MetLife Investment Management, LLC, Its Investment Manager       
				
		By:		
			Name:	John A. Tanyeri
			Title:	Authorized Signatory
				
	Aggregate principal amount of Notes held by Noteholder:			$106,700,000
				
			METROPOLITAN TOWER LIFE INSURANCE COMPANY AS SUCCESSOR BY MERGER TO GENERAL AMERICAN LIFE INSURANCE COMPANY 	
				
			By:	MetLife Investment Management, LLC, Its Investment Manager       
				
			METLIFE REINSURANCE COMPANY OF BERMUDA, LTD.	
				
			By:	MetLife Investment Management, LLC, Its Investment Manager       
				
			By:	
			Name:	John A. Tanyeri
			Title:	Authorized Signatory
				
	Aggregate principal amount of Notes held by Noteholder:			$46,000,000

[Signature Page to First Amendment to 2015 Note Purchase Agreement –
Hudson Pacific Properties, L.P.]

												
		BRIGHTHOUSE LIFE INSURANCE COMPANY F/K/A MET LIFE INSURANCE COMPANY USA		
				
				
		By:	MetLife Investment Management, LLC, Its Investment Manager       	
				
		BRIGHTHOUSE LIFE INSURANCE COMPANY OF NY		
				
		By:	MetLife Investment Management, LLC, Its Investment Manager       	
				
		By:		
			Name:	Jason Rothenberg
			Title:	Authorized Signatory
				
	Aggregate principal amount of Notes held by Noteholder:			$43,200,000
				
		ERIE FAMILY LIFE INSURANCE COMPANY		
				
		By:	MetLife Investment Management, LLC, Its Investment Manager	
				
		By:		
			Name:	Judith A. Gulotta
			Title:	Authorized Signatory
				
	Aggregate principal amount of Notes held by Noteholder:			$4,800,000
				
		UNION FIDELITY LIFE INSURANCE COMPANY		
				
		By:	MetLife Investment Management, LLC, Its Investment Adviser	
				
		By:		
			Name:	Frank Monfalcone
			Title:	Authorized Signatory
				
	Aggregate principal amount of Notes held by Noteholder:			$24,300,000

[Signature Page to First Amendment to 2015 Note Purchase Agreement –
Hudson Pacific Properties, L.P.]

												
		AXIS REINSURANCE COMPANY		
				
		By:	MetLife Investment Management, LLC, Its Investment Manager	
				
		By:		
			Name:	Judith A. Gulotta
			Title:	Authorized Signatory
				
	Aggregate principal amount of Notes held by Noteholder:			$20,000,000
				
		SYMETRA LIFE INSURANCE COMPANY		
				
		By:	MetLife Investment Management, LLC, Its Investment Manager	
				
		By:		
			Name:	Judith A. Gulotta
			Title:	Authorized Signatory
				
	Aggregate principal amount of Notes held by Noteholder:			$30,000,000

[Signature Page to First Amendment to 2015 Note Purchase Agreement –
Hudson Pacific Properties, L.P.]

												
		NEW YORK LIFE INSURANCE COMPANY		
				
		By:		
			Name:	Aron Davidowitz
			Title:	Corporate Vice President
				
	Aggregate principal amount of Notes held by Noteholder:			$21,100,000
				
		NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION		
				
		By:	NYL Investors LLC, 	
			its Investment Manager	
				
		By:		
			Name:	Aron Davidowitz
			Title:	Senior Director
				
	Aggregate principal amount of Notes held by Noteholder:			$50,000,000
				
				

[Signature Page to First Amendment to 2015 Note Purchase Agreement –
Hudson Pacific Properties, L.P.]

												
		The Bank of New York Mellon, a Banking Corporation Organized Under the Laws of New York, Not in its Individual Capacity but Solely as Trustee Under that Certain Trust Agreement dated as of July 1st, 2015 Between New York Life Insurance Company, as Grantor, John Hancock Life Insurance Company (U.S.A.), as Beneficiary, John Hancock Life Insurance Company of New York, as Beneficiary, and The Bank of New York Mellon, as Trustee		
				
		By:	New York Life Insurance Company, 	
			its attorney-in-fact	
				
		By:		
			Name:	Aron Davidowitz
			Title:	Corporate Vice President
				
	Aggregate principal amount of Notes held by Noteholder:			$7,900,000
				

[Signature Page to First Amendment to 2015 Note Purchase Agreement –
Hudson Pacific Properties, L.P.]

												
		THE HARTFORD RETIREMENT PLAN TRUST FOR U.S. EMPLOYEES		
		HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY		
		HARTFORD ACCIDENT AND INDEMNITY COMPANY		
		HARTFORD UNDERWRITERS INSURANCE COMPANY		
		TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY (F/K/A HARTFORD LIFE AND ANNUITY INSURANCE COMPANY)		
		TALCOTT RESOLUTION INSURANCE COMPANY (F/K/A/ HARTFORD LIFE INSURANCE COMPANY)		
				
		By:	Hartford Investment Management Company	
			Their investment manager	
				
		By:		
			Name:	Dawn M. Crunden
			Title:	Senior Vice President
				
	Aggregate principal amount of Notes held by Noteholder:			$27,000,000
				
		FARM BUREAU LIFE INSURANCE COMPANY OF MICHIGAN		
				
		By:	Hartford Investment Management Company	
			Its investment manager	
				
		By:		
			Name:	Dawn M. Crunden
			Title:	Senior Vice President
				
	Aggregate principal amount of Notes held by Noteholder:			$6,000,000

[Signature Page to First Amendment to 2015 Note Purchase Agreement –
Hudson Pacific Properties, L.P.]

												
		USAA CASUALTY INSURANCE COMPANY		
				
		By:	BlackRock Financial Management, Inc., as investment manager	
				
		By:		
			Name:	R. Marshall Merrina
			Title:	Managing Director
				
	Aggregate principal amount of Notes held by Noteholder:			$5,000,000
				
		UNITED SERVICES AUTOMOBILE ASSOCIATION		
				
		By:	BlackRock Financial Management, Inc., as investment manager	
				
		By:		
			Name:	R. Marshall Merrina
			Title:	Managing Director
				
	Aggregate principal amount of Notes held by Noteholder:			$10,000,000

[Signature Page to First Amendment to 2015 Note Purchase Agreement –
Hudson Pacific Properties, L.P.]

												
		PACIFIC LIFE INSURANCE COMPANY		
				
		By:		
			Name:	Richard S. Banno
			Title:	Assistant Vice President
				
		By:		
			Name:	Joseph Tortorelli
			Title:	Assistant Secretary
				
	Aggregate principal amount of Notes held by Noteholder:			$15,000,000
				

[Signature Page to First Amendment to 2015 Note Purchase Agreement –
Hudson Pacific Properties, L.P.]

												
		AMERICAN FAMILY LIFE INSURANCE COMPANY		
				
		By:		
			Name:	David L. Voge
			Title:	Fixed Income Portfolio Manager
				
	Aggregate principal amount of Notes held by Noteholder:			$8,000,000
				
				
				

[Signature Page to First Amendment to 2015 Note Purchase Agreement –
Hudson Pacific Properties, L.P.]

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