Document:

irsaexhibit415

 

Exhibit 4.15

TRADUCCIÓN PÚBLICA

SWORN TRANSLATION

 

TWELFTH AGREEMENT FOR THE IMPLEMENTATION OF AMENDMENT
TO THE CORPORATE SERVICES MASTER AGREEMENT

 

Agreement
made in the Autonomous City of Buenos Aires on the 30th day of June of 2020
by and between:

 

(i)
CRESUD S.A.C.I.F. y A.,
domiciled at Moreno 877, 23th Floor, Autonomous City of Buenos
Aires, represented hereat by the undersigned attorneys-in-fact
(hereinafter “CRESUD”), party of the first
part;

 

(ii)
IRSA Propiedades Comerciales
S.A., domiciled at Moreno 877, 22nd Floor, Autonomous
City of Buenos Aires, represented hereat by the undersigned
attorneys-in-fact (hereinafter “IRSAPC”), party of the
second part, and

 

(iii)
IRSA Inversiones y Representaciones
Sociedad Anónima, domiciled at Bolívar 108,
1st Floor,
Autonomous City of Buenos Aires and having established domicile for
purposes hereof at Moreno 877, 22nd Floor, Autonomous
City of Buenos Aires, represented hereat by the undersigned
attorneys-in-fact, party of the third part (hereinafter
“IRSA” and collectively with CRESUD and IRSAPC referred
to as “THE PARTIES”).

 

WHEREAS: 

 

(i) On
June 30, 2004 THE PARTIES executed a Master Agreement for the
Exchange of Corporate Services (hereinafter “the Master
Agreement”);

 

(ii) On
August 23, 2007 THE PARTIES executed the First Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “First Agreement”), whereby
certain amendments were introduced to the Areas of Exchange of
Corporate Services and the Cost Distribution Bases, and new
Individually Responsible Persons were appointed;

 

(iii)
On August 14, 2008 and November 27, 2009, THE PARTIES executed the
Second Agreement for the Implementation of Amendments to the
Corporate Services Master Agreement (hereinafter the "Second
Agreement”) and the Third Agreement for the Implementation of
Amendments to the Corporate Services Master Agreement (hereinafter
the “Third Agreement”), respectively, whereby new
amendments were introduced to the Areas of Exchange of Corporate
Services and the Cost Distribution Bases;

 

(iv) On
March 12, 2010, THE PARTIES executed an Addendum to the Master
Agreement for the Exchange of Corporate Services (hereinafter the
“Addendum”) whereby THE PARTIES agreed to unify in
CRESUD the services of the Areas of Exchange of Corporate Services,
for which purposes the employment agreements of

 

 

1

 

 

most of
the employees of such areas were transferred and the procedure to
allocate the costs of potential labor expenses arising from
departure of employees was established;

 

(v) On
July 11, 2011, THE PARTIES executed the Fourth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the "Fourth Agreement”); on October
15, 2012, THE PARTIES executed the Fifth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the "Fifth Agreement"); on November 12,
2013, THE PARTIES executed the Sixth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Sixth Agreement”); and on
February 18, 2015, THE PARTIES executed the Seventh Agreement for
the Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Seventh Agreement” and
together with the First Agreement, the Second Agreement, the Third
Agreement, the Fourth Agreement, the Fifth Agreement and the Sixth
Agreement, the “Agreements”), whereby new amendments
were introduced to the Areas of Exchange of Corporate Services and
the Cost Distribution Bases;

 

(vi)
Pursuant to the structuring process of a new organizational model
of division of areas by business, an agreement was reached to
transfer to IRSA and/or IRSAPC the employment agreements of those
employees who render services related to the Technical,
Infrastructure and Services, Purchases, Architecture and Design and
Works Development Area, Real Estate Business Management, Real
Estate Business Human Resources, Safety and Real Estate Areas, all
of them related to the real estate business. On February 24, 2014
THE PARTIES executed a Second Addendum to the Master Agreement for
the Exchange of Corporate Services (hereinafter the “Second
Addendum”) whereby the mechanisms to be used for the
allocation of the costs of potential labor expenses that such
process would involve were established.

 

(vii)
On November 12, 2015, THE PARTIES executed the Eighth Agreement for
the Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Eighth
Agreement”)

 

(viii)
On May 5, 2017, THE PARTIES executed the Ninth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Ninth
Agreement”).

 

(ix) On
June 29, 2018, THE PARTIES executed the Tenth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Tenth
Agreement”).

 

(x) On
June 28, 2019, THE PARTIES executed the Eleventh Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Eleventh
Agreement”).

 

(xi)
THE PARTIES have been performing the Master Agreement based on an
Implementation Manual originally drafted by Deloitte & Co.
S.R.L., updated in due time;

 

 

2

 

 

(xii)
In accordance with the recommendations made by Deloitte on its
reports, new operational changes have been implemented in the Areas
of Exchange of Corporate Services and the Cost Distribution Bases
starting in July 2018, which THE PARTIES wish to acknowledge in
writing;

 

(xiii)
THE PARTIES have disclosed the content of the TWELFTH AGREEMENT FOR THE IMPLEMENTATION OF
AMENDMENTS TO THE CORPORATE SERVICES MASTER AGREEMENT
(hereinafter the “Twelfth Agreement”) to their
respective Audit Committees; and

 

(xix)
THE PARTIES execute this Twelfth Agreement ad referendum the effective approval
thereof by the Board of Directors of THE PARTIES;

 

NOW IN CONSIDERATION OF THE FOREGOING, THE PARTIES hereby
agree to execute this Twelfth Agreement subject to the following
terms and conditions:

 

ONE: THE PARTIES ratify that the Areas (as defined in the
Master Agreement) and the calculation method applicable to the
Exchange of Operational Services (also as defined in the Master
Agreement) have been changed as from the dates listed below,
amending therefore Exhibits I and II, as amended by the Agreements,
to the Master Agreement as per the following detail:

 

(i)
Starting in July 2019, the Human Resources department reporting to
the Shared Services Center (CSC) changed its Cost distribution
method from “50% weighing of percentages of the CSC sectors;
and 50% weighing of percentages of the Corporate divisions”
to “75% weighing of percentages of the CSC sectors; and 25%
weighing of percentages of the Corporate divisions.” As a
consequence, Exhibit II was modified to reflect these
changes.

 

(ii)
Starting in July 2019, the Commercial Transactions department
reporting to the Shared Services Center changed the Cost
distribution method from “Hours devoted to each task”
to “Number of agreements signed by company. As a consequence,
Exhibit II was modified to reflect these changes.

 

(iii)
Starting in July 2019, the Financial Planning and Risks department
reporting to the Administration and Finance area changed the Cost
distribution method from “time spent in tasks
performed” to “50 % for Financial Risks will be
distributed pro rata based on the following: Number of risk notes
made for balance sheets, Valuation of instruments, Fair Value of
Liabilities (number of valued debts), yield/risk analysis for
assets and Liabilities. Fifty percent (50%) for Financial Planning
will be distributed pro rata based on the number of consolidated
companies in each cash report submitted on a monthly basis and
those companies in which a quarterly report is separately sent for
the company because there is a partner.” As a consequence,
Exhibit II was modified to reflect these changes.

 

(iv)
Starting in July 2019, the System Maintenance division reporting to
the Shared Services Center became a party to the Shared Services
Agreement, and it applied the Cost distribution method “Hours
devoted to each task.” As a consequence, Exhibits I and II
were modified to reflect these changes.

 

 

3

 

 

 

(v)
Starting in January 2020, the Financial Administration department
reporting to Administration and Finance changed the Cost
distribution method from “total Assets weighted at 40% and
total Liabilities weighted at 60%. The resulting percentage shall
be weighted at 80% over the total. The remaining 20% will
correspond to the percentage that each company consummates over the
total inquiries for special transactions.” to “Total
Assets weighted at 60% and total Liabilities weighted at 40%. The
resulting percentage shall be weighted at 50% over the total.
Thirty percent (30%) corresponds to the number of transactions
performed for each vehicle and its subsidiaries. The remaining 20%
will correspond to the number of vehicles for which transactions
are performed and the number of inquiries for special
transactions.” As a consequence, Exhibit II was modified to
reflect these changes.

 

(vi)
Starting in March 2020, the functions of the Hotels division were
absorbed by the Investments area. As a consequence, Exhibits I and
II were modified to reflect these changes.

 

(vii)
Starting in March 2020, the Rental Offices segment ceased to report
to the Investments division. As a consequence, Exhibits I and II
were modified to reflect these changes.

 

(viii)
In March 2020, the Governmental Affairs division started reporting
to the Investments area. In addition, starting in July 2020, the
sector changed its Cost distribution method from “Weighing of
allocated projects” to “Tasks performed and time spent
in such tasks.” As a consequence, Exhibits I and II were
modified to reflect these changes.

 

(ix)
Starting in July 2020, the Investments division and the Commercial
Design division, reporting to the Investments area, changed their
cost distribution methods from “By total book value of the
properties in each company” and “IRSA/IRSAPC: Projects
executed,” to the same method for both of them: “Tasks
performed and time spent in each”. As a consequence, Exhibit
II was modified to reflect these changes.

 

(x)
Starting in July 2020, the Internal Control and Internal Audit
departments, reporting to Compliance, were combined into one single
department under the name of “Risk Management and
Audit,” and implemented as Cost distribution method
“Time estimated/projected in the annual plan.” As a
consequence, Exhibit II was modified to reflect these
changes.

 

(xi)
Starting in July 2020, the Compliance Department, Fraud Prevention
and Corporate Governance, reporting to the Compliance department,
were combined into one single department under the name of
“Compliance Department,” and implemented the Cost
distribution method “Proportional among the three
companies.” As a consequence, Exhibit II was modified to
reflect these changes.

 

(xii)
Starting in July 2020, a part of the Corporate Accounting and
Reporting department reporting to the Administration and Finance
area, together with the Accounting and Reporting department of the
Real Estate Business reporting to the Administration department of
the Real Estate Business, and the Accounting and Reporting
department reporting to the Agricultural Business, were combined
into one single department under the name of Accounting and
Reporting, and implemented the Cost distribution method
“Number of vouchers recorded by the three companies and their
managed subsidiaries.” As a consequence, Exhibit II was
modified to reflect these changes.

 

 

4

 

 

In
consideration of the foregoing, the PARTIES hereby put on record
that, subject to the clarifications detailed in the preceding
clauses and for purposes of updating Exhibits I and II, they shall
be read as hereto attached for the periods and as from the dates
indicated.

 

TWO: THE PARTIES represent that all the sections of the
Master Agreement, the Agreements, the Addendum and the Second
Addendum that have not been amended pursuant to this Twelfth
Agreement continue to be in full force and effect.

 

In
witness whereof, this Agreement has been executed in three (3)
counterparts of the same tenor and to a single effect in the place
and on the date first written.

 

 

CRESUD S.A.C.I.F.y A. 

 

[Illegible signature]  Mariano Garriga / 
[Illegible signature] Carlos Bolusson

Attorneys-in-fact 

 

IRSA Inversiones
y Representaciones Sociedad Anónima 

 

[Illegible signature]  Jose Luis Rinaldini /

[Illegible signature] Roberto Daniel
Sanguinetti

Attorneys-in-fact 

 

IRSA Propiedades
Comerciales S.A. 

 

[Illegible signature]  Gaston Lernoud /

[Illegible signature] Cristina Johnson

Attorneys-in-fact 

 

 

 

 

5

 

Exhibit I

 

Description of Corporate Services Exchange
Areas

 

Corporate Human Resources 

 

The Human Resources sector renders to THE PARTIES the service
consisting in Human Resources Administration; Human Resources
Management, and Organizational Culture Management. Within the main
activities of the sector we may mention labor relationships,
selection of managerial positions, leadership training and
interpersonal skills, compensation and benefits, internal
communications, etc.

 

Administration and Finance 

 

The Administration and Finance sector renders to THE PARTIES the
service consisting in Investor Relations, Capital Markets,
Financial Risk and Management of Financial Transactions. In
addition, it renders to THE PARTIES the service consisting in
planning and defining the companies’ fiscal
policies and
Control and determination of the companies’ accounting
guidelines and policies.

 

Planning 

 

The Planning area is responsible for medium- and long-term
planning, for aligning THE PARTIES’ objectives and individual
goals, for coordinating THE PARTIES’ investment analysis,
controlling the Board’s and corporate expenses management and
budgeting, and for coordinating all the management information
flowing through the businesses and submitted to the respective
Boards of Directors.

 

Institutional Relations 

 

The Institutional Relations department renders to THE PARTIES the
service consisting in relations with the media and communities
where the company does business, consisting in drafting of
newsletters and statements, preparation of brochures and
institutional events, CSR strategy, relationship with NGOs and
planning and preparation of CSR actions.

 

Compliance 

 

The Compliance sector is responsible for information security and
Internal Control, controlling the proper management of the
different processes that constitute the administrative and
accounting system and participating in their continuous
improvement. In addition, it is in charge of verifying compliance
with controls defined in the processes as well as with the
regulations, principles and procedures that govern the governing
bodies of the Parties. In addition, it provides support and
assistance to the Audit Committee for compliance with its duties.
Furthermore, it renders to THE PARTIES Corporate Fraud Prevention
services.

 

Shared Services Center 

 

The Shared Services Center provides THE PARTIES with all the
transactional and operational services associated with income and
expense management, to the services inherent in managing human
resources benefits and payroll processing, in commercial contract
management, in errand running services and in general services. And
it is also responsible for managing, maintaining and providing
support to systems, technology and processes and the
companies’ tax calculation processes. In addition, it
controls the expenses management and budgeting of the
area.

 

Safety 

 

The Safety sector renders to THE PARTIES the surveillance
service. 

 

Legal Affairs - Corporate 

 

The Legal Affairs - Corporate sector renders to THE PARTIES the
service consisting in aid to the preparation, analysis of and
answer to legal briefs, agreements, official letters, etc. In
addition, it renders

 

 

6

 

 

to THE PARTIES the service consisting in managing their
assets’ coverage by negotiating, purchasing and monitoring
insurance policies, dealing with claims in terms of coverage,
collection, etc.

 

Technical, Infrastructure and Services 

 

The Technical, Infrastructure and Services sector renders to THE
PARTIES the services consisting in Operation, maintenance and
preservation of real estate assets and land reserves of the
Companies.

 

Purchases and Hirings 

 

The Purchases and Hirings sector renders to THE PARTIES the
services consisting in procuring the most appropriate goods and/or
service for the purpose for which they will be used. Quality, costs
and terms of delivery are essential when taking the decision to
hire. In addition, this sector deals with the necessary means to
obtain appropriate financing of the purchases from
suppliers.

 

Proceedings and Permits 

 

The Proceedings and Permits sector renders to IRSA and IRSA PC the
service consisting in management of national and municipal permits
and licenses before the controlling entities.

 

Corporate Environment 

 

The Corporate Environment Sector assesses the environmental impact
of projects and activities in order to determine preventive and
corrective actions. This sector seeks to minimize potential
impacts, following the working methodology set forth in an
Environmental Management System. This area also manages the
environmental records that are required by operation of
law.

 

Investments 

 

The Investments sector renders to IRSA and IRSA PC the services
consisting in sales, acquisitions, Commercial design and Project
management of real estate. In addition, it takes part in the
businesses of IRSA and IRSA PC arising from governmental grants
(exploitation concessions and private initiatives).

It renders to IRSA the services consisting in the integration of
the different areas of hotels along with their business relations.
It carries out activities to optimize and control hotels’
management and organization.

It renders to IRSA the services consisting in the integration of
the different areas of IRSA International Businesses with its
business relationships and performs tasks intended to optimize and
control management of such companies.

 

Rental Offices 

 

The Rental Offices sector renders to IRSA and IRSA PC the services
consisting in commercial management of offices and other real
properties of the real estate business.

 

Bolívar 

 

Bolívar includes the employees performing activities of
support and assistance to the Parties’ Board of
Directors.

 

Real Estate Business Board of Directors to be
Distributed 

 

The Real Estate Business Board of Directors to be Distributed
sector includes the employees performing activities of support and
assistance to the Board of Directors of IRSA and
IRSAPC.

 

Attorneys-in-Fact 

 

The Attorneys-in-Fact sector groups the employees who perform
activities consisting in representing THE PARTIES before different
governmental agencies.

 

 

7

 

 

General Management Department to be Distributed 

 

The General Management Department to be Distributed sector includes
employees performing activities of support and assistance to the
Parties’ General Management Departments.

 

Board of Directors’ Safety 

 

The Board of Directors’ Safety sector renders to the Parties
the service consisting in comprehensive safety for the main
officers acting in their Board of Directors.

 

Real Estate Business Management 

 

The Real Estate Business Management sector renders the following
services to IRSA and IRSAPC: budget and management control,
analysis of new businesses, marketing and leadership agreements for
the business legal aspects.

 

Real Estate Business HR 

 

The Real Estate Business HR sector renders to IRSA and IRSAPC the
service consisting in Human Resource Administration; Human Resource
Management; Workplace Safety, Hygiene and Environment;
Organizational Culture Management and Project Management. The main
sector activities include, among others: personnel management,
recruitment and training, compensation and benefits, internal
communication, etc.

 

Accounting and Reporting 

 

The Accounting and Reporting sector renders to the Parties the
services consisting in accounting and preparation of
non-consolidated and consolidated financial statements of IRSA
Inversiones y Representaciones S.A., IRSA Propiedades Comerciales
S.A. and CRESUD S.A.C.I.F. y A. and of the respective managed
subsidiaries.

 

 

 

8

 

 

 Exhibit
II

Cost Distribution Bases

 

	

Corporate
Departments

 

	

Department

 

	

Division
/ Subdivision

 

	

Distribution
Method

 

	

Corporate Human Resources

 

	

Corporate
Human Resources

 

	
 

	

By
headcount (non-corporate personnel) and weighting the percentages
of other areas (corporate personnel).

 

	

Administration and Finance

	

Finance
Department

	
 

	

The
percentages of all the sectors making up the area are
weighted.

	

Capital
Markets

	
 

	

Number
of financial
transactions conducted in the period weighted at 70% and the
remaining 30% corresponds to updates of offering memoranda and
“horizontal” works (20F, annual reports, Press Release,
etc.)

	

Relations
with Investors

	
 

	

Number
of business highlights during the six-month period, number of
earnings releases, number of meetings with investors (current or
potential) to discuss the companies’ business and strategy,
number of active coverages, number of earnings release conferences,
the complexity of the website of each company, number of material
events published in the Argentine Securities Commission and the US
Securities and Exchange Commission, and number of Roadshows
(Deal or Non-Deal). All items involved are weighted in equal
parts. 

 

	

Financial
Planning and Risks

	
 

	

Fifty
percent (50 %) for Financial Risks will be distributed pro rata
based on the following: Number of risk notes made for balance
sheets, Valuation of instruments, Fair Value of Liabilities (number
of valued debts), yield/risk analysis for assets and Liabilities.
Fifty percent (50%) for Financial Planning will be distributed pro
rata based on the number of consolidated companies in each cash
report submitted on a monthly basis and those companies in which a
quarterly report is separately sent for the company because there
is a partner.

	

Financial
Administration

	
 

	

Total
Assets weighted at 60% and total Liabilities weighted at 40%. The
resulting percentage shall be weighted at 50% over the total.
Thirty percent (30%) corresponds to the number of transactions
performed for each vehicle and its subsidiaries. The remaining 20%
will correspond to the number of vehicles for which transactions
are performed and number of inquiries for special
transactions.

 

 

9

 

 

	

Corporate
Departments

 

	

Department

 

	

Division
/ Subdivision

 

	

Distribution
Method

 

	
 

	

Corporate
Tax

	
 

	

Salaries
are weighted by position and by tasks performed (by
company)

	
 

	

Corporate
Accounting and Reporting

	
 

	

Tasks
performed and time spent in each.

	

Planning

 

	

Planning
Department

 

	
 

	

Each
one of the sectors making up the area is weighted.

 

	

Corporate
Budget and Management Control

 

	
 

	

Overhead
expenses budget for the period is pro-rated.

 

	

Strategic
Analysis

 

	
 

	

Tasks
performed and the time spent in each.

 

	

Institutional Relations

 

	
 

	
 

	

Area
expenses budget for the period is pro-rated

 

	

Compliance

 

	

Compliance
Department

 

	
 

	

Proportional
among the three companies.

 

	

Risk
Management and Audit

 

	
 

	

Time
estimated/projected in the annual plan.

 

	

Information
security

 

	
 

	

Time
spent in each task is weighted

 

	

Shared Services Center (CSC)

 

 

 

 

	

CSC Department

 

	
 

	

The
percentage corresponding to each sector falling within the scope of
the CSC area is weighted on the basis of the impact exerted by the
relevant sector’s projected salaries on the total salaries of
the CSC.

 

	

Revenues
Administration

 

	
 

	

Number
of Revenue Transactions performed for each Company + Direct
Allocation of Resources

 

	

Expenses
Administration

 

	
 

	

Number
of Expense Transactions performed for each Company + Direct
Allocation of Resources

 

	

Customer
Administration

 

	
 

	

Direct
Allocation of Resources

 

	

Collections
Administration

 

	
 

	

Direct
Allocation of Resources

 

	

Treasury
Administration

 

	
 

	

Number
of Treasury Transactions performed for each Company.

 

	

Own
Account Administration

 

	
 

	

Number
of Transactions performed for each Company.

 

	

Technology

 

	
 

	

Weighting
of time spent in each task (related to the services).

 

	

IT
Services

 

	
 

	

Number
of CASTI incidents processed for each Company.

 

	

Master
Data

 

	
 

	

Number
of transactions processed by each Company.

 

	

Systems
and Applications

 

	
 

	

Hours
devoted to each task.

 

	

Project
Systems

 

	
 

	

Hours
devoted to each task.

 

	

Systems
Maintenance

 

	
 

	

Hours
devoted to each task.

 

	

Commercial
Transactions

 

	
 

	

Number
of agreements signed by Company

 

	

Data
Management

 

	
 

	

Hours
devoted to each task.

 

	

Process
Quality

 

	
 

	

Weighting
of time spent in each task.

 

	

CSC
Human Resources

 

	
 

	

75%
weighting of % of CSC sectors; and 25% weighting % of Corporate
sectors.

 

	

Errand
Running Service

 

	
 

	

Number
of errands run.

 

	

Back
office

 

	
 

	

Hours
spent in each task.

 

	

General
Services

 

	
 

	

Hours
spent in each task.

 

	

Administrative
operations

 

	
 

	

The
percentage of each sector served is weighted.

 

	

Services
Control

 

	
 

	

Number
of documents controlled by company

 

	

CSC
Taxes

 

	
 

	

Salaries
are weighted by position and by tasks performed (by
company)

 

	

Real Estate Business Management

 

 

 

 

	

Real
Estate Business Administration Department

 

	
 

	

Each of
the Departments comprising the Area is weighted. It does not render
services to Cresud.

 

	

Real
Estate Business Analysis

 

	
 

	

Hours
devoted to reviewed projects as applicable to IRSA PC or
IRSA.

 

	

Real
Estate Legal Affairs

 

	
 

	

Weighting
of hours and salaries.

 

	

Real
Estate Budget and Management Control

 

	
 

	

Actual
revenues per company.

 

	

Real Estate Business Board of Directors to be
Distributed

 

	
 

	
 

	

Proportional
between IRSA and IRSAPC. Excludes Cresud.

 

	

Real Estate Business HR

 

	
 

	
 

	

By
payroll

 

	

Safety

 

	
 

	
 

	

Per
hour

 

	

Legal Affairs - Corporate

 

	
 

	
 

	

Weighted
between number of minutes analyzed and premium amount of the annual
insurance program.

 

 

 

10

 

 

	

Corporate
Departments

 

	

Department

 

	

Division
/ Subdivision

 

	

Distribution
Method

 

	

Corporate Environment and Quality

 

	
 

	
 

	

Area
expenses budget for the period is pro-rated.

 

	

Technical, Infrastructure and Services

 

	

Technical,
Infrastructure and Services

(IRSAPC
– IRSA: Weighted average from the Departments reporting to it
less the percentage allocated to CRESUD. CRESUD: a percentage is
calculated based on the hours spent in the tasks
performed/planned)

 

 

 

	

Planning
and Control

 

	

By
allocation of resources

 

	

Logistics

 

	

Weighted
between directly assigned personnel and centralized personnel
distributed per square meter of the real property (IRSA and IRSAPC)
and time spent in tasks (CRESUD).

 

	

Distributed
Operations

 

 

 

	

Square
meters of real property held, operated and to which maintenance
services are provided (IRSA and IRSAPC) and time spent in tasks
(CRESUD).

 

	

Third
parties' services

 

	

Distribution
by resource allocation.

 

	

Traveling
Personnel

 

	

Maintenance
hours (IRSA and IRSAPC) and time spent in tasks
(CRESUD).

 

	

Engineering
and Maintenance

 

	

Square
meters of real property held, to which maintenance, engineering and
other services are provided (IRSA and IRSAPC) and time spent in
tasks (CRESUD).

 

	

Architecture

 

	

Personnel
distributed by footage and number of stores.

 

	

Buildings
Personnel To be distributed

 

	

By
number of buildings in each company.

 

	

Purchases and Hirings

 

	
 

	
 

	

Purchase
orders through a weighting of their volume and amount.

 

	

Proceedings and Permits

 

	
 

	
 

	

Tasks
performed and time spent in each.

 

	

Investments

 

	

Investments

 

	
 

	

Tasks
performed and time spent in each.

 

	

Project Management

 

	
 

	

Tasks
performed and time spent in each.

 

	

Commercial Design

 

	
 

	

Tasks
performed and time spent in each.

 

	

Governmental Affairs

 

	
 

	

Tasks
performed and time spent in each.

 

	

Rental Offices

 

	
 

	
 

	

By
total book value of the properties in each company

 

	

Bolívar

 

	
 

	
 

	

Proportional
among the three companies.

 

	

Attorneys-in-fact

 

	
 

	
 

	

Proportional
among the three companies.

 

	

Board of Directors’ Safety

 

	
 

	
 

	

Proportional
among the three companies.

 

	

General Management to be distributed

 

	
 

	
 

	

Proportional
among the three companies.

 

	

Accounting and Reporting

 

	
 

	
 

	

Number
of vouchers recorded for the three companies and their managed
subsidiaries.

 

 

THIS DOCUMENT IS A TRUE AND
ACCURATE TRANSLATION into English of the document in Spanish
I have had before me in Buenos Aires, on this 25th day of August,
2020.

[For authentication purposes
only:]                                                                                                                              

ES TRADUCCIÓN FIEL al
inglés del documento adjunto redactado en español que he
tenido ante mí y al cual me remito en Buenos Aires, a los 25
días de agosto de 2020.

 

 

11Exhibit 101

		

			Exhibit 10.1

		

		
			EIGHTH AMENDMENT TO CREDIT AGREEMENT
		

		
			THIS EIGHTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of November 16, 2020, by and among CONDOR HOSPITALITY LIMITED PARTNERSHIP, a Virginia limited partnership (“Borrower”), the undersigned parties to this Amendment executing as “Guarantors” (hereinafter referred to individually as “Guarantor” and collectively as “Guarantors”), KEYBANK NATIONAL ASSOCIATION (“KeyBank”), THE HUNTINGTON NATIONAL BANK (“Huntington”), BMO HARRIS BANK N.A. (“BMO”; KeyBank, Huntington and BMO collectively, the “Lenders”), and KeyBank as Agent for itself and the other Lenders from time to time a party to the Credit Agreement (as hereinafter defined) (KeyBank, in its capacity as Agent, is hereinafter referred to as “Agent”).
		

		
			W I T N E S S E T H:
		

		
			WHEREAS, the Borrower, Agent, KeyBank and the lenders party thereto are parties to that certain Credit Agreement dated as of March 1, 2017, as amended by that certain First Amendment to Credit Agreement and Other Loan Documents dated as of May 11, 2017 (the “First Amendment”), as amended by that certain Second Amendment to Credit Agreement dated as of December 13, 2017 (the “Second Amendment”), as amended by that certain Third Amendment to Credit Agreement dated as of March 8, 2019 (the “Third Amendment”), as amended by that certain Fourth Amendment to Credit Agreement dated as of May 3, 2019 (the “Fourth Amendment”), as amended by that certain Fifth Amendment to Credit Agreement dated as of August 9, 2019 (the “Fifth Amendment”), as amended by that certain Sixth Amendment to Credit Agreement and Other Loan Documents dated as of March 30, 2020 (the “Sixth Amendment”), and as amended by that certain Seventh Amendment to Credit Agreement and Other Loan Documents dated as of May 13, 2020 (the “Seventh Amendment”) (such Credit Agreement, as amended by the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment and the Seventh Amendment, may be further varied, extended, supplemented, consolidated, replaced, increased, renewed, modified or amended from time to time, the “Credit Agreement”);
		

		
			WHEREAS, certain of the Guarantors executed and delivered to Agent that certain Unconditional Guaranty of Payment and Performance dated as of March 1, 2017, as amended by the First Amendment, the Sixth Amendment and the Seventh Amendment (as such Guaranty, as amended by the First Amendment, the Sixth Amendment and the Seventh Amendment, may be further varied, extended, supplemented, consolidated, replaced, increased, renewed, modified or amended from time to time, the “Guaranty”);
		

		
			WHEREAS, Borrower and certain of the Guarantors executed and delivered to Agent that certain Cash Collateral Account Agreement dated as of March 1, 2017, as amended by that certain First Amendment to Cash Collateral Account Agreement dated as of March 24, 2017, as amended by the First Amendment, as amended by that certain Second Amendment to Cash Collateral Account Agreement dated as of June 21, 2017, as amended by that certain Third Amendment to Cash Collateral Account Agreement dated as of August 31, 2017, as amended by that certain Fourth Amendment to Cash Collateral Account Agreement dated as of January 17, 2018, and as amended by that certain Fifth Amendment to Cash Collateral Account Agreement dated as of February 21, 2018, as amended by the Sixth Amendment, and as amended by the Sixth Amendment to Cash Collateral Account Agreement dated as of May 13, 2020 (as the same may 
		

		 

 

		be further varied, extended, supplemented, consolidated, replaced, increased, renewed, modified or amended from time to time, the “Cash Collateral Agreement”);
		

		
			WHEREAS, CDOR TLH Magnolia, LLC, TRS TLH Magnolia, LLC, CDOR LEX Lowry, LLC, TRS LEX Lowry, LLC, CDOR AUS Louis, LLC and TRS AUS Louis, LLC have become a party to the Guaranty and the Cash Collateral Agreement pursuant to that certain Joinder Agreement dated March 24, 2017; and 
		

		
			WHEREAS CDOR MCO Village, LLC and TRS MCO Village, LLC have become a party to the Guaranty and the Cash Collateral Agreement pursuant to that certain Joinder Agreement dated June 21, 2017; and
		

		
			WHEREAS, CDOR ELP Edge, LLC, TRS ELP Edge, LLC, CDOR AUS Casey, LLC and TRS AUS Casey, LLC have become a party to the Guaranty and the Cash Collateral Agreement pursuant to that certain Joinder Agreement dated August 31, 2017; and
		

		
			WHEREAS, CDOR AUS Tech, LLC and TRS AUS Tech, LLC have become a party to the Guaranty and the Cash Collateral Agreement pursuant to that certain Joinder Agreement dated January 17, 2018; and 
		

		
			WHEREAS, CDOR CHS Holiday, LLC and TRS CHS Holiday, LLC have become a party to the Guaranty and the Cash Collateral Agreement pursuant to that certain Joinder Agreement dated February 21, 2018; and
		

		
			WHEREAS, Spring Street Hotel Property LLC and Spring Street Hotel OPCO LLC have become a party to the Guaranty and the Cash Collateral Agreement pursuant to that certain Joinder Agreement dated May 13, 2020; and
		

		
			WHEREAS, the Borrower and the Guarantors have requested that the Agent and the Lenders make certain modifications to the Credit Agreement, and Agent and the undersigned Lenders have consented to such modifications, subject to the execution and delivery of this Amendment.
		

		
			NOW, THEREFORE, for and in consideration of the sum of TEN and NO/100 DOLLARS ($10.00), and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby covenant and agree as follows:
		

		
			1.    Definitions.  Capitalized terms used in this Amendment, but which are not otherwise expressly defined in this Amendment, shall have the respective meanings given thereto in the Credit Agreement.
		

		
			2.    Modifications of the Credit Agreement.  The Borrower, Agent and the Lenders do hereby modify and amend the Credit Agreement as follows: 
		

		
			(a)    By deleting in its entirety §9.1 of the Credit Agreement and inserting in lieu thereof the following:
		

		
			“§9.1    Debt Yield.  Commencing November 30, 2020 and continuing thereafter, the Debt Yield shall at all times be greater than ten percent (10%).”    
		

		

		

		 

		

			2

		

 

		(b)    By deleting in its entirety §9.5 of the Credit Agreement, and inserting in lieu thereof the following:
		

		
			“§9.5 Adjusted Consolidated EBITDA to Fixed Charges.  The Borrower will not at any time permit the ratio of Adjusted Consolidated EBITDA determined for the most recently ended four (4) fiscal quarters to Fixed Charges determined for the most recently ended four (4) fiscal quarters to be less than the following.  
		

			
					
						For the Period:

					
					
						Ratio

				
	
					
						Commencing November 30, 2020 and continuing thereafter

					
					
						1.50 to 1

				

		
			For the purposes of determining compliance with this §9.5, commencing upon November 30, 2020, the Consolidated EBITDA and Fixed Charges shall be calculated (i) [reserved], (ii) for the fiscal quarter ending December 31, 2020, by multiplying the Consolidated EBITDA and Fixed Charges for the period from July 1, 2020 through and including December 31, 2020, by two (2), (iii) for the fiscal quarter ending March 31, 2021, by multiplying the Consolidated EBITDA and Fixed Charges for the period from July 1, 2020 through and including March 31, 2021, by one and one-third (1.33), and (iv) for each calendar quarter thereafter, Consolidated EBITDA and Fixed Charges shall be calculated for the prior four (4) consecutive fiscal quarters most recently ended.
		

		
			3.    References to Credit Agreement.  All references in the Loan Documents to the Credit Agreement shall be deemed a reference to the Credit Agreement as modified and amended herein.
		

		
			4.    Consent of Guarantors.  By execution of this Amendment, Guarantors  hereby expressly consent to the modifications and amendments relating to the Credit Agreement as set forth herein and the execution and delivery of and any other agreements contemplated hereby, and Borrower and Guarantors hereby acknowledge, represent and agree that the Credit Agreement, as modified and amended herein, and the other Loan Documents, as the same may be modified in connection with this Amendment, remain in full force and effect and constitute the valid and legally binding obligation of Borrower and Guarantors, respectively, enforceable against such Persons in accordance with their respective terms, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and the effect of general principles of equity, and that the Guaranty extends to and applies to the foregoing documents as modified and amended.
		

		
			5.    Representations.  Borrower and Guarantors represent and warrant to Agent and the Lenders as follows as of the date of this Amendment:
		

		
			(a)    Authorization.  The execution, delivery and performance by the Borrower and the Guarantors of this Amendment and any other agreements contemplated hereby and the transactions contemplated hereby and thereby (i) are within the authority of Borrower and Guarantors, (ii) have been duly authorized by all necessary proceedings on the part of such Persons, (iii) do not and will not conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation to which any of such Persons is subject or any judgment, order, writ, injunction, license or permit applicable to such Persons, (iv) do not and will not conflict with or constitute a default (whether with the passage of time or the giving of notice, or both) under any provision of the partnership agreement, operating agreement, articles of incorporation or other charter documents or bylaws of, or any agreement or other instrument 
		

		 

		

			3

		

 

		binding upon, any of such Persons or any of its properties, (v) do not and will not result in or require the imposition of any lien or other encumbrance on any of the properties, assets or rights of such Persons other than the liens and encumbrances in favor of the Agent contemplated by this Amendment and the other Loan Documents, and (vi) do not require any approval or consent of any Person other than those already obtained and delivered to the Agent.
		

		
			(b)    Enforceability.  This Amendment and each other document executed and delivered in connection with this Amendment are the valid and legally binding obligations of Borrower and Guarantors, enforceable in accordance with the respective terms and provisions hereof, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and the effect of general principles of equity.
		

		
			(c)    Approvals.  The execution, delivery and performance by the Borrower and the Guarantors of this Amendment and any other agreements contemplated hereby and the transactions contemplated hereby and thereby do not require the approval or consent of, or filing or registration with, or the giving of any notice to, any court, department, board, governmental agency or authority other than those already obtained.
		

		
			(d)    Reaffirmation.  Each of the representations and warranties made by or on behalf of Borrower, Guarantors or any of their respective Subsidiaries contained in this Amendment, the Credit Agreement, the other Loan Documents or in any document or instrument delivered pursuant to or in connection with the Credit Agreement or this Amendment are true in all material respects as of the date as of which they were made and are true in all material respects as of the date hereof, with the same effect as if made at and as of that time, except to the extent of changes resulting from transactions permitted by the Loan Documents (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct only as of such specified date).
		

		
			(e)    No Default.  By execution hereof, the Borrower and Guarantors certify that the Borrower and Guarantors are and will be in compliance with all covenants under the Loan Documents immediately after the execution and delivery of this Amendment and the other documents executed in connection herewith, and that no Default or Event of Default has occurred and is continuing.
		

		
			6.    Waiver of Claims.  Borrower and Guarantors acknowledge, represent and agree that Borrower and Guarantors as of the date hereof have no defenses, setoffs, claims, counterclaims or causes of action of any kind or nature whatsoever with respect to the Loan Documents, the administration or funding of the Loans or Letters of Credit or with respect to any acts or omissions of Agent or any Lender, or any past or present officers, agents or employees of Agent or any Lender, and each of Borrower and Guarantors does hereby expressly waive, release and relinquish any and all such defenses, setoffs, claims, counterclaims and causes of action, if any.
		

		
			7.    Ratification.  Except as hereinabove set forth, all terms, covenants and provisions of the Credit Agreement and the other Loan Documents remain unaltered and in full force and effect, and the parties hereto do hereby expressly ratify and confirm the Credit Agreement and the other Loan Documents.  Nothing in this Amendment or any other document executed in connection herewith shall be deemed or construed to constitute, and there has not otherwise occurred, a novation, cancellation, satisfaction, release, extinguishment or substitution of the indebtedness 
		

		 

		

			4

		

 

		evidenced by the Notes or the other obligations of Borrower and Guarantors under the Loan Documents (including without limitation the Guaranty).  This Amendment shall constitute a Loan Document.
		

		
			8.    Counterparts.  This Amendment may be executed in any number of counterparts which shall together constitute but one and the same agreement.
		

		
			9.    Miscellaneous.  THIS AMENDMENT SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors, successors-in-title and assigns as provided in the Credit Agreement.
		

		
			10.    Amendments of Other Loan Documents.  The Lenders authorized Agent to execute and deliver amendments to the other Loan Documents as Agent deems appropriate contemporaneously with the execution and delivery of this Amendment.
		

		
			11.    Effective Date.  This Amendment shall be deemed effective and in full force and effect (the “Effective Date”) upon confirmation by the Agent of the satisfaction of the following conditions:
		

		
			(a)    the execution and delivery of this Amendment by Borrower, Guarantors, Agent, and the Lenders;
		

		
			(b)    Borrower shall have paid to Agent for the pro rata account of all of the  Lenders in accordance with their respective Commitments a fee in an amount equal to thirty (30) basis points on the Total Commitment in effect on October 1, 2020 (which fee was payable on October 1, 2020);
		

		
			(c)    receipt by Agent of such other consents, resolutions, certificates, documents, instruments, amendments to Loan Documents and agreements as the Agent may reasonably request; and
		

		
			(d)    the Borrower shall have paid the reasonable fees and expenses of Agent in connection with this Amendment and the transactions contemplated hereby.
		

		
			12.    Amendment as a Loan Document.  The Amendment shall constitute a Loan Document.  
		

		
			[CONTINUED ON NEXT PAGE]
		

		
			 
		

		

		

		 

		

			5

		

 

		

			 

		

		IN WITNESS WHEREOF, the parties hereto, acting by and through their respective duly authorized officers and/or other representatives, have duly executed this Amendment under seal as of the day and year first above written.
		

			
					
						﻿

					
					
						 

				
	
					
						﻿

					
					
						BORROWER:

				
	
					
						﻿

					
					
						CONDOR HOSPITALITY LIMITED PARTNERSHIP, a Virginia limited partnership

					
						By:    Condor Hospitality REIT Trust, a Maryland real estate investment trust, its general partner

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

				
	
					
						﻿

					
					
						GUARANTORS:

				
	
					
						﻿

					
					
						CONDOR HOSPITALITY REIT TRUST, a 
Maryland real estate investment trust

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

				
	
					
						﻿

					
					
						CONDOR HOSPITALITY TRUST, INC., a 
Maryland corporation

					
						By:  /s/ Jill Burger    

					
						Name: Jill Burger 

					
						Title: Interim Chief Financial Officer

					
						 

					
						 

				
	
					
						﻿

					
					
						TRS LEASING, INC., a Virginia corporation

					
						By:  /s/ Jill Burger    
Name: Jill Burger
Title: Vice President 

				
	
					
						﻿

					
					
						 

				

		
			﻿
		

		
			 
		

		 

		

			(Signatures Continued On Next Page)

		

		

			 

		

		

			Signature Page to Eighth Amendment to Credit Agreement - KeyBank/Condor

		

 

		

			 

		

			
					
						﻿

					
					
						 

				
	
					
						﻿

					
					
						 

				
	
					
						﻿

					
					
						CDOR AUS LOUIS, LLC, a Delaware

					
						limited liability company

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

				
	
					
						﻿

					
					
						CDOR LEX LOWRY, LLC, a Delaware limited liability company

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

				
	
					
						﻿

					
					
						CDOR TLH MAGNOLIA, LLC, a Delaware limited liability company

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

				
	
					
						﻿

					
					
						TRS AUS LOUIS, LLC, a Delaware limited liability company

					
						 

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

				
	
					
						﻿

					
					
						TRS LEX LOWRY, LLC, a Delaware limited liability company

					
						 

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

					
						 

					
						 

				
	
					
						﻿

					
					
						TRS TLH MAGNOLIA, LLC, a Delaware limited liability company

					
						 

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

				

		 

		

			(Signatures Continued On Next Page)

		

		

			 

		

		

			Signature Page to Eighth Amendment to Credit Agreement - KeyBank/Condor

		

 

			
					
						﻿

					
					
						CDOR MCO VILLAGE, LLC, a Delaware 
limited liability company

					
						 

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

				
	
					
						﻿

					
					
						TRS MCO VILLAGE, LLC, a Delaware 
limited liability company

					
						 

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

				
	
					
						﻿

					
					
						CDOR ELP EDGE, LLC, a Delaware 

					
						limited liability company

					
						 

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

				
	
					
						﻿

					
					
						TRS ELP EDGE, LLC, a Delaware limited 

					
						liability company

					
						 

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

				
	
					
						﻿

					
					
						CDOR AUS CASEY, LLC, a Delaware 

					
						limited liability company

					
						 

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

				
	
					
						﻿

					
					
						 

					
						TRS AUS CASEY, LLC, a Delaware limited 

					
						liability company

					
						 

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

				

		 

		

			(Signatures Continued On Next Page)

		

		

			 

		

		

			Signature Page to Eighth Amendment to Credit Agreement - KeyBank/Condor

		

 

			
					
						﻿

					
					
						CDOR AUS TECH, LLC, a Delaware 

					
						limited liability company

					
						 

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

				
	
					
						﻿

					
					
						TRS AUS TECH, LLC, a Delaware limited 

					
						liability company

					
						 

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

				
	
					
						﻿

					
					
						CDOR CHS HOLIDAY, LLC, a Delaware 

					
						limited liability company

					
						 

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

				
	
					
						﻿

					
					
						TRS CHS HOLIDAY, LLC, a Delaware limited 

					
						liability company

					
						 

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

					
						 

				

		
			﻿
		

		
			 
		

		 

		

			(Signatures Continued On Next Page)

		

		

			 

		

		

			Signature Page to Eighth Amendment to Credit Agreement - KeyBank/Condor

		

 

		

			 

		

			
					
						﻿

					
					
						SPPR-DOWELL, LLC, a Delaware limited liability company

					
						By:  SPPR-Dowell Holdings, Inc., a Delaware corporation, its manager

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

				
	
					
						﻿

					
					
						SPPR-DOWELL TRS SUBSIDIARY, LLC, a Delaware limited liability company

					
						By:  Condor Hospitality REIT Trust, a Maryland real estate investment trust, its manager

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

					
						SPPR-DOWELL HOLDINGS, INC., a Delaware corporation

					
						By:  /s/ Jill Burger    
Name: Jill Burger 
Title: Vice President

					
						 

					
						 

					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			(Signatures Continued On Next Page)

		

		

			 

		

		

			Signature Page to Eighth Amendment to Credit Agreement - KeyBank/Condor

		

 

		

			 

		

		SPRING STREET HOTEL PROPERTY LLC, a Delaware limited liability company
		

		
			﻿
		

		
			By:  /s/ Jill Burger                                
Name: Jill Burger 
Title: Vice President
		

		
			﻿
		

		
			SPRING STREET HOTEL OPCO LLC, a Delaware limited liability company
		

		
			﻿
		

		
			By:  /s/ Jill Burger                                
Name: Jill Burger 
Title: Vice President
		

		
			﻿
		

		
			 
		

		

		

		 

		

			(Signatures Continued On Next Page)

		

		

			 

		

		

			Signature Page to Eighth Amendment to Credit Agreement - KeyBank/Condor

		

 

		

			 

		

		﻿
		

		
			LENDERS:
		

		
			KEYBANK NATIONAL ASSOCIATION, individually and as Agent
		

		
			By:  /s/ Thomas Z. Schmitt                
Name: Thomas Z. Schmitt
Title: Assistant Vice President
		

		
			﻿
		

		
			THE HUNTINGTON NATIONAL BANK
		

		
			By:  /s/ Rebecca Stirnkorb                
Name: Rebecca Stirnkorb 
Title: Assistant Vice President
		

		
			﻿
		

		
			BMO HARRIS BANK N.A.
		

		
			By:  /s/ Gwendolyn Gatz                
Name: Gwendolyn Gatz 
Title: Director
		

		
			

		

		
			﻿
		

		 

		

			Signature Page to Eighth Amendment to Credit Agreement - KeyBank/Condor

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}]]