Document:

Exhibit

Exhibit 10.1

Execution Version

FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT dated as of July 25, 2019 (this “Agreement”), is executed by each of the Term Lenders and certain other Lenders collectively constituting the Requisite Lenders, KEYBANK NATIONAL ASSOCIATION, as Agent (the “Agent”), LEXINGTON REALTY TRUST, a real estate investment trust formed under the laws of the State of Maryland (the “Trust”), and the other parties hereto.

WHEREAS, the Trust, the financial institutions signatory thereto and their assignees thereunder (the “Lenders”), the Agent, and the other parties thereto, have entered into that certain Amended and Restated Credit Agreement dated as of February 6, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); and 

WHEREAS, the Trust has requested to make certain other amendments to the Credit Agreement as set forth herein and the Agent and the Lenders have agreed to such amendments on the terms and conditions set forth herein.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged by the parties hereto, the parties hereto hereby agree as follows:

Section 1.    Specific Amendments to Credit Agreement.  Upon the effectiveness of this Agreement, the parties hereto agree as follows:

(a)The Credit Agreement is amended by restating the definitions referenced below set forth in Section 1.1. thereof as follows:

“1031 Property” means property held by a “qualified intermediary” (a “QI”), as defined in the Treasury Regulations promulgated pursuant to Section 1031 of the Internal Revenue Code, or an “exchange accommodation titleholder” (an “EAT”), as defined in Revenue Procedure 2000-37, as modified by Revenue Procedure 2004-51, (or in either case, by one or more Wholly Owned Subsidiaries thereof, singly or as tenants in common) which is a single purpose entity and has entered into an “exchange agreement” or a “qualified exchange accommodation agreement” with the Borrower, a Qualified Subsidiary of the Borrower, or, (A) so long as the LCIF Ownership Condition is satisfied, LCIF or a Wholly Owned Subsidiary of LCIF, (B) so long as the NLSAF Ownership Condition is satisfied, Net Lease Strategic Assets Fund L.P. or a Wholly Owned Subsidiary of Net Lease Strategic Assets Fund L.P., or (C) so long as the SPC Ownership Condition is satisfied, Six Penn Center L.P. or a Wholly Owned Subsidiary of Six Penn Center L.P., in connection with the acquisition (or possible disposition) of such property by the Borrower or a Qualified Subsidiary of the Borrower, LCIF or a Wholly Owned Subsidiary of LCIF, Net Lease Strategic Assets Fund L.P. or a Wholly Owned Subsidiary of Net Lease Strategic Assets Fund L.P., or Six Penn Center L.P. or a Wholly Owned Subsidiary of Six Penn Center L.P., as applicable, pursuant to, and qualifying for tax treatment under, Section 1031 of the Internal Revenue Code.

“Eligible 1031 Property” means a 1031 Property which satisfies all of the following requirements: (a) such 1031 Property is (i) an office, industrial or retail property or (ii) such other commercial Property as the Agent may approve in its reasonable discretion; (b) the Borrower or a Qualified Subsidiary of the Borrower, or, (A) so long as the LCIF Ownership Condition is satisfied, LCIF or a Wholly Owned Subsidiary of LCIF, (B) so long as the 

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NLSAF Ownership Condition is satisfied, Net Lease Strategic Assets Fund L.P. or a Wholly Owned Subsidiary of Net Lease Strategic Assets Fund L.P., or (C) so long as the SPC Ownership Condition is satisfied, Six Penn Center L.P. or a Wholly Owned Subsidiary of Six Penn Center L.P. leases such 1031 Property from the applicable QI or EAT (or Wholly Owned Subsidiary(ies) thereof, as applicable) and the Borrower or a Qualified Subsidiary of the Borrower, LCIF or a Wholly Owned Subsidiary of LCIF, Net Lease Strategic Assets Fund L.P. or a Wholly Owned Subsidiary of Net Lease Strategic Assets Fund L.P., or Six Penn Center L.P. or a Wholly Owned Subsidiary of Six Penn Center L.P., as applicable, manages such 1031 Property; (c) the Borrower or a Qualified Subsidiary of the Borrower, or, (A) so long as the LCIF Ownership Condition is satisfied, LCIF or a Wholly Owned Subsidiary of LCIF, (B) so long as the NLSAF Ownership Condition is satisfied, Net Lease Strategic Assets Fund L.P. or a Wholly Owned Subsidiary of Net Lease Strategic Assets Fund L.P., or (C) so long as the SPC Ownership Condition is satisfied, Six Penn Center L.P. or a Wholly Owned Subsidiary of Six Penn Center L.P. is obligated to purchase such 1031 Property (or Wholly Owned Subsidiary(ies) of the applicable QI or EAT that owns such 1031 Property) from the applicable QI or EAT and the applicable QI or EAT is obligated to sell such 1031 Property (or Wholly Owned Subsidiary(ies) thereof that owns such 1031 Property, as applicable) to the Borrower or a Qualified Subsidiary of the Borrower,  LCIF or a Wholly Owned Subsidiary of LCIF, Net Lease Strategic Assets Fund L.P. or a Wholly Owned Subsidiary of Net Lease Strategic Assets Fund L.P., or Six Penn Center L.P. or a Wholly Owned Subsidiary of Six Penn Center L.P., as applicable; provided, however that in the case of a disposition of a 1031 Property by the Borrower or a Qualified Subsidiary of the Borrower, LCIF or a Wholly Owned Subsidiary of LCIF, Net Lease Strategic Assets Fund L.P. or a Wholly Owned Subsidiary of Net Lease Strategic Assets Fund L.P., or Six Penn Center L.P. or a Wholly Owned Subsidiary of Six Penn Center L.P. (a “Relinquished Property”), the Borrower or a Qualified Subsidiary of the Borrower, LCIF or a Wholly Owned Subsidiary of LCIF, Net Lease Strategic Assets Fund L.P. or a Wholly Owned Subsidiary of Net Lease Strategic Assets Fund L.P., or Six Penn Center L.P. or a Wholly Owned Subsidiary of Six Penn Center L.P. shall not be obligated to repurchase such 1031 Property (or Wholly Owned Subsidiary(ies) thereof that owns such 1031 Property, as applicable) from the applicable QI or EAT (or Wholly Owned Subsidiary(ies) thereof that owns such 1031 Property, as applicable) and the applicable QI or EAT (or Wholly Owned Subsidiary(ies) thereof that owns such 1031 Property, as applicable) shall not be obligated to resell such 1031 Property (or Wholly Owned Subsidiary(ies) thereof that owns such 1031 Property, as applicable) to the Borrower or a Qualified Subsidiary of the Borrower, LCIF or a Wholly Owned Subsidiary of LCIF, Net Lease Strategic Assets Fund L.P. or a Wholly Owned Subsidiary of Net Lease Strategic Assets Fund L.P., or Six Penn Center L.P. or a Wholly Owned Subsidiary of Six Penn Center L.P. unless such 1031 Property (or Wholly Owned Subsidiary(ies) thereof that owns such 1031 Property, as applicable) is not transferred or assigned, within 180 days of its acquisition by the applicable QI or EAT (or Wholly Owned Subsidiary(ies) thereof that owns such 1031 Property, as applicable), to a Person other than the Borrower or a Qualified Subsidiary of the Borrower, LCIF or a Wholly Owned Subsidiary of LCIF, Net Lease Strategic Assets Fund L.P. or a Wholly Owned Subsidiary of Net Lease Strategic Assets Fund L.P., or Six Penn Center L.P. or a Wholly Owned Subsidiary of Six Penn Center L.P. or Subsidiary; (d) the applicable QI or EAT (or Wholly Owned Subsidiary(ies) thereof that owns such 1031 Property, as applicable) acquired such 1031 Property with the proceeds of a loan made by the Borrower or a Qualified Subsidiary of the Borrower, or, (A) so long as the LCIF Ownership Condition is satisfied, LCIF or a Wholly Owned Subsidiary of LCIF, (B) so long as the NLSAF Ownership Condition is satisfied, Net Lease Strategic Assets Fund L.P. or a Wholly Owned Subsidiary of Net Lease 

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Strategic Assets Fund L.P., or (C) so long as the SPC Ownership Condition is satisfied, Six Penn Center L.P. or a Wholly Owned Subsidiary of Six Penn Center L.P. which loan is secured either by a Mortgage on such 1031 Property or a pledge of all of the Equity Interests of the applicable QI or EAT (or Wholly Owned Subsidiary(ies) thereof that owns such 1031 Property, as applicable); (e) neither such 1031 Property, nor any interest of the Borrower, any Subsidiary of the Borrower, LCIF, any Subsidiary of LCIF, Net Lease Strategic Assets Fund L.P. or a Subsidiary of Net Lease Strategic Assets Fund L.P., or Six Penn Center L.P. or a Subsidiary of Six Penn Center L.P. therein, is subject to any Lien (other than (i) Permitted Liens and (ii) the Lien of a Mortgage or pledge referred to in the immediately preceding clause (d)) or a Negative Pledge; and (f) such 1031 Property is free of all structural defects or major architectural deficiencies, title defects, environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters individually or collectively which are not material to the profitable operation of such 1031 Property.  In no event shall a 1031 Property qualify as an Eligible 1031 Property for a period in excess of 180 consecutive days.  For purposes of determining Unencumbered Property Value, such 1031 Property shall be deemed to have been owned or leased by the Borrower or a Qualified Subsidiary of the Borrower, LCIF or a Wholly Owned Subsidiary of LCIF, Net Lease Strategic Assets Fund L.P. or a Wholly Owned Subsidiary of Net Lease Strategic Assets Fund L.P., or Six Penn Center L.P. or a Wholly Owned Subsidiary of Six Penn Center L.P., as applicable, from the date acquired by the applicable QI or EAT (or Wholly Owned Subsidiary(ies) thereof that owns such 1031 Property, as applicable). 

“Eligible Unencumbered Property” means a Property which satisfies all of the following requirements: (a) such Property is located in a state of the United States of America or in the District of Columbia and is wholly owned in fee simple by, or subject to a Ground Lease in favor of, the Borrower or a Qualified Subsidiary of the Borrower; provided, however, that (1) the non-wholly owned Property owned by CTO Associates Limited Partnership shall be deemed to satisfy this requirement so long as the Trust’s relative percentage ownership of the voting Equity Interests in  such Person does not decrease from the Trust’s relative percentage ownership interest on September 30, 2018; (2) the Properties wholly owned in fee simple by, or subject to a Ground Lease in favor of, LCIF or a Wholly Owned Subsidiary of LCIF which are (i) set forth on Part 1 of Schedule EUP or (ii) exchanged for any Property listed on such Schedule (and owned by LCIF or such Wholly Owned Subsidiary) pursuant to Section 1031 of the Internal Revenue Code, shall be deemed to satisfy this requirement so long as the LCIF Ownership Condition is satisfied; (3) the Properties wholly owned in fee simple by, or subject to a Ground Lease in favor of, Net Lease Strategic Assets Fund L.P. or a Wholly Owned Subsidiary of Net Lease Strategic Assets Fund L.P. which are (i) set forth on Part 2 of Schedule EUP or (ii) exchanged for a Property listed on such Schedule (and owned by Net Lease Strategic Assets Fund L.P. or such Wholly Owned Subsidiary thereof) pursuant to Section 1031 of the Internal Revenue Code, shall be deemed to satisfy this requirement so long as the NLSAF Ownership Condition is satisfied and (4) the Properties wholly owned in fee simple by, or subject to a Ground Lease in favor of, Six Penn Center L.P. or a Wholly Owned Subsidiary of Six Penn Center L.P. which are (i) set forth on Part 2 of Schedule EUP or (ii) exchanged for a Property listed on such Schedule (and owned by Six Penn Center L.P. or such Wholly Owned Subsidiary) pursuant to Section 1031 of the Internal Revenue Code, shall be deemed to satisfy this requirement so long as the SPC Ownership Condition is satisfied; (b) such Property is (i) an office, industrial or retail Property, or (ii) such other commercial Property as the Agent may approve in its reasonable discretion; (c) tenants of such Property are not more than 30 days past due in respect of lease payments; (d) such Property is free of all structural defects 

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or major architectural deficiencies, title defects, environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters individually or collectively which are not material to the profitable operation of such Property; (e) regardless of whether such Property is owned or leased by the Borrower, LCIF, or any of their Subsidiaries, the Borrower has the right directly or through its Subsidiary, to take the following actions without the need to obtain the consent of any Person: (i) to create Liens on such Property as security for Indebtedness of the Borrower, LCIF or such Subsidiaries, as applicable, (ii) to sell, transfer or otherwise dispose of such Property and (iii) if such Property is owned by a Subsidiary, to cause such Subsidiary to provide guarantees and incur, repay and prepay debt; and (f) neither such Property nor, if such Property is owned by a Subsidiary of the Borrower or LCIF, any of the Borrower’s direct or indirect ownership interest in such Subsidiary or LCIF, is subject to (i) any Liens other than Permitted Liens of the types described in clauses (a) through (f) of the definition of such term and (ii) any Negative Pledge.  An Eligible 1031 Property shall also constitute an Eligible Unencumbered Property.   For the avoidance of doubt, for purposes of determining Eligible Unencumbered Property, (1) any Property set forth on Schedule EUP that is not deemed an Eligible Unencumbered Property solely due to the existence of any Lien other than Permitted Liens of the types described in clauses (a) through (f) of the definition of such term shall automatically constitute an Eligible Unencumbered Property upon removal of any such Liens not constituting Permitted Liens of the types described in clauses (a) through (f) of the definition of such term and (2) Schedule EUP shall be deemed to be automatically updated and modified to include any 1031 Property or Property exchanged for any Property on or deemed to be on Schedule EUP.  

“Termination Date” means (a) with respect to Revolving Loans and the Revolving Loan Commitments, the Revolving Termination Date, and (b) with respect to Term Loans, January 31, 2025.

(b)The Credit Agreement is further amended by adding the following phrase at the end of the definition of “Wholly Owned Subsidiary” in Section 1.1 of the Credit Agreement:

For purposes of calculating financial covenants under this Agreement, all of the Qualified Subsidiaries of the Borrower shall be deemed to be Wholly Owned Subsidiaries of the Borrower.

(c)The Credit Agreement is further amended by adding the following definitions to Section 1.1. thereof in the appropriate alphabetical location:

“First Amendment Effective Date” means July 25, 2019.

“Qualified Subsidiary” means any Subsidiary of the Borrower in respect of which (i) the Borrower is the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of no less than 99.95% of the total voting power and economic interest of such Subsidiary and (ii) the Borrower, directly or indirectly, has the sole authority to direct the management and policies of such Subsidiary, including, without limitation, by virtue of a Wholly Owned Subsidiary of the Borrower being, directly or indirectly, the general partner or manager of such Subsidiary.  For the avoidance of doubt, each Wholly Owned Subsidiary of the Borrower (without giving effect to the second to last sentence of such definition regarding LCIF and its Subsidiaries) also constitutes a Qualified Subsidiary and each Wholly Owned Subsidiary of a Qualified Subsidiary also constitutes 

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a Qualified Subsidiary.  In no event shall a QI or an EAT be deemed to be a Qualified Subsidiary.

(d)The Credit Agreement is further amended by adding the following phrase at the end of Section 8.3 thereof:

Concurrently with each Compliance Certificate delivered after the First Amendment Effective Date in connection with the financial statements required pursuant to Sections 8.1. and 8.2., solely to the extent there is any change to the previously delivered Schedule EUP, the Borrower shall furnish to the Agent an updated Schedule EUP to reflect any replacements, exchanges, additions or dispositions of Properties permitted hereunder.
 
(e)The Credit Agreement is further amended by adding a new Section 12.25 thereto in appropriate numerical order as follows:

Section 12.25.  Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Derivatives Contract 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):

(a)    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.

(b)    As used in this Section 12.25, the following terms have the following meanings:

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“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.

“Covered Entity” means any of the following:  (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) 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).

(f)Schedule I to the Credit Agreement is deleted and attached Schedule 1 is substituted in its place.
(g)Schedule EUP to the Credit Agreement is deleted and attached Schedule 2 is substituted in its place.

Section 2.  Reallocation of Lender Pro Rata Shares; No Novation.

Upon the effectiveness of this Agreement (the “Effective Date”), the Term Loans shall be deemed to have been simultaneously reallocated among the Lenders as follows:

(a)    On the Effective Date, each Term Lender that will have a greater Term Loan Percentage upon the Effective Date than its Term Loan Percentage immediately prior to the Effective Date (each, a “Purchasing Lender”), without executing an Assignment and Acceptance, shall be deemed to have purchased assignments pro rata from each Term Lender that will have a smaller Term Loan Percentage upon the Effective Date than its Term Loan Percentage immediately prior to the Effective Date (each, a “Selling Lender”) in all such Selling Lender’s rights and obligations under this Agreement and the other Loan Documents as a Term Lender (collectively, the “Lender Assigned Rights and Obligations”) so that, after giving effect to such assignments, each Term Lender shall have its respective Term Loan Commitments as set forth in Schedule I to the Credit Agreement (as amended hereby) and a corresponding Term Loan Percentage of all Term Loans then outstanding.  Each such purchase hereunder shall be at par for a purchase price equal to the principal amount of the applicable Term Loan and without recourse, representation or warranty, except that each Selling Lender shall be deemed to represent and warrant to each applicable Purchasing Lender that the Lender Assigned Rights and Obligations of such Selling Lender being assigned to such Purchasing Lender are not subject to any Liens created by that Selling Lender.  For the avoidance of doubt, in no event shall the aggregate principal amount of each Term Lender’s Term Loans exceed its Term Loan Commitment as set forth in Schedule I to the Credit Agreement (as amended hereby).

(b)    The Agent shall calculate the net amount to be paid or received by each Lender in connection with the assignments effected hereunder on the Effective Date.  Each Lender required to make a payment pursuant to this Section shall make the net amount of its required payment available to the Agent, in same day funds, at the office of the Agent not later than 12:00 P.M. (New York time) on the Effective Date.  The Agent shall distribute on the Effective Date the proceeds of such amounts to the Lenders entitled to receive payments pursuant to this Section, pro rata in proportion to the amount each such Lender is entitled to receive at the primary address set forth in Schedule I to the Credit Agreement (as amended hereby) or at such other address as such Lender may request in writing to the Agent.

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(c)    Nothing in this Agreement shall be construed as a discharge, extinguishment or novation of the Obligations of the Loan Parties outstanding under the Credit Agreement.

Section 3.  Conditions Precedent.  The effectiveness of this Agreement is subject to receipt by the Agent of each of the following, each in form and substance reasonably satisfactory to the Agent:

(a)    a counterpart of this Agreement duly executed by the Borrower, the Agent, the Term Lenders, and Lenders otherwise constituting the Requisite Lenders;

(b)    Term Notes executed by the Borrower, payable to each Term Lender (if requested by such Lender);

(c)     a certificate from a Responsible Officer of the Borrower certifying as of the date hereof, and after giving effect to the transactions contemplated hereby, that (i) no Default or Event of Default shall be in existence on the date hereof and (ii) each representation and warranty made or deemed made by the Borrower or any other Loan Party in each Loan Document to which any such Loan Party is a party is true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on the date hereof except to the extent that such representations and warranties expressly related solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date);

(d)    an opinion of counsel to the Borrower and the other Loan Parties addressed to the Agent and the Lenders and covering such matters as the Agent may reasonably request;

(e)    evidence that all Fees then due and payable by the Borrower on the date hereof in connection with the Credit Agreement, together with, to the extent required by Section 9 of this Agreement, all other fees, expenses and reimbursement amounts due and payable to the Agent, including without limitation, the reasonable and documented out‐of‐pocket fees and expenses of counsel to the Agent, have been paid; and

(f)    such other documents, instruments and agreements as the Agent may reasonably request.

Section 4.    Representations of Borrower; Reaffirmation of Obligations.  The Borrower (i) represents and warrants that (a) no Default or Event of Default has occurred and is continuing as of the date hereof or will exist immediately after giving effect to this Agreement and (b) each representation and warranty made or deemed made by the Borrower or any other Loan Party in each Loan Document to which any such Loan Party is a party is true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on the date hereof except to the extent that such representations and warranties expressly related solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and (ii) acknowledges and reaffirms its Obligations and its continuing obligations owing to the Agent and the Lenders under each of the Loan Documents.

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Section 5.    Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

Section 6.     Counterparts.  This Agreement may be executed in any number of counterparts each of which, when taken together, shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement.

Section 7.     Headings.  Section headings have been inserted herein for convenience only and shall not be construed to be a part hereof.

Section 8.      Amendments; Waivers.  This Agreement may not be amended, changed, waived or modified except by a writing executed by each of the Lenders required by Section 12.6 of the Credit Agreement, the Agent, and the Borrower.

Section 9.      Expenses.  To the extent required by Section 12.2 of the Credit Agreement, the Borrower shall reimburse the Agent promptly after demand for all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) incurred by the Agent in connection with the preparation, negotiation and execution of this Agreement and the other agreements and documents executed and delivered in connection herewith.

Section 10.    Benefits.  This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.

Section 11.    Certain References.  Each reference to the Credit Agreement in any of the Loan Documents shall be deemed to be a reference to the Credit Agreement as amended by this Agreement.

Section 12.     Effect.  Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full force and effect.  The amendments contained herein shall be deemed to have prospective application only, unless otherwise specifically stated herein.

Section 13.    Definitions.  Terms not otherwise defined herein are used herein with the respective meanings given them in the Credit Agreement.

Section 14.    No Novation.  The parties hereto do not intend this Agreement or the transactions contemplated hereby to be, and this Agreement and the transactions contemplated hereby shall not be construed to be, a novation of any of the obligations owing by the Borrower under or in connection with the Credit Agreement or any of the other Loan Documents.

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IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Amended and Restated Credit Agreement to be executed by their authorized officers all as of the day and year first above written.

BORROWER:

LEXINGTON REALTY TRUST

	
			
	By:
	/s/ Joseph Bonventre

	 
	Name:
	Joseph Bonventre

	 
	Title:
	Executive Vice President

        

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[Signature Page to First Amendment to A&R Credit Agreement]

KEYBANK NATIONAL ASSOCIATION, as Agent and as a Lender 

	
			
	By:
	/s/ Tayven Hike

	 
	Name:
	Tayven Hike

	 
	Title:
	Senior Vice President

Lending Office:

KeyBank, National Association
1200 Abernathy Road NE, Suite 1500 
Atlanta, Georgia  30328
Attn: Tayven Hike 
Telephone:     (770) 510-2100 
Telecopy:     (770) 510-2195

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[Signature Page to First Amendment to A&R Credit Agreement]

WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender

	
			
	By:
	/s/ D. Bryan Gregory

	 
	Name:
	D. Bryan Gregory

	 
	Title:
	Director

Lending Office:

Wells Fargo Bank, N.A.
550 South Tryon Street, 6th Floor
MAC D1086-061
Charlotte, North Carolina 28202-4200
Attn:    D. Bryan Gregory 
Telephone:     (704) 410-1776

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[Signature Page to First Amendment to A&R Credit Agreement]

REGIONS BANK, as a Lender

	
			
	By:
	/s/ T. Barrett Vawter

	 
	Name:
	T. Barrett Vawter

	 
	Title:
	Vice President

Lending Office (all Types of Loans):

Regions Bank 
1900 5th Avenue North, 15th Floor
Birmingham, AL 35203
Attn:    Terri Crowe
Telephone: (205) 581-7614
Telecopy:    (205) 264-5456

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[Signature Page to First Amendment to A&R Credit Agreement]

PNC BANK, NATIONAL ASSOCIATION, as a Lender

	
			
	By:
	/s/ Shari Reams-Henofer

	 
	Name:
	Shari Reams-Henofer

	 
	Title:
	Senior Vice President

Lending Office:

PNC Bank, National Association
1600 Market Street, 9th floor
Philadelphia, PA 19103
Attn:    Shari Reams-Henofer
Telephone: (215) 585-5352
shari.reams@pnc.com

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[Signature Page to First Amendment to A&R Credit Agreement]

TD BANK, N.A., as a Lender

	
			
	By:
	/s/ Jessica Trombly

	 
	Name:
	Jessica Trombly

	 
	Title:
	Vice President

Lending Office (all Types of Loans):

TD Bank, N.A.
Commercial Real Estate Development
200 State Street, 8th Floor
Boston, MA 02109
Attn:    Jessica Trombly
Telephone: (617) 737-3678
Telecopy:   (617) 737-0238

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[Signature Page to First Amendment to A&R Credit Agreement]

U.S. BANK, NATIONAL ASSOCIATION, as a Lender

	
			
	By:
	/s/ Kimberly Gill

	 
	Name:
	Kimberly Gill

	 
	Title:
	Assistant Vice President

Lending Office:

U.S. Bank National Association 
One Federal Street, 9th Floor 
Boston, Massachusetts  02110
Attn:    Kimberly Gill
Telephone: (617) 603-7659

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[Signature Page to First Amendment to A&R Credit Agreement]

JPMORGAN CHASE BANK, N.A., as a Lender

	
			
	By:
	/s/ Paul Choi

	 
	Name:
	Paul Choi

	 
	Title:
	Executive Director

Lending Office:

JPMorgan Chase Bank, N.A. 
270 Park Avenue, 45th Floor 
New York, New York 10017
Attn:    Paul Choi
Telephone: (212) 648-1281
Telecopy     (646) 645-8851

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[Signature Page to First Amendment to A&R Credit Agreement]

BANK OF AMERICA, N.A., as a Lender

	
			
	By:
	/s/ Thomas W. Nowak

	 
	Name:
	Thomas W. Nowak

	 
	Title:
	Vice President

Lending Office:

Bank of America, N.A. 
135 S. LaSalle Street 
IL4-135-06-11
Chicago, Illinois  60603-4157
Attn:    Thomas W. Nowak 
Telephone: (312) 828-4353

[Signatures Continued on Next Page]

[Signature Page to First Amendment to A&R Credit Agreement]

CITIZENS BANK, N.A., as a Lender

	
			
	By:
	/s/ Nan E. Delahunt

	 
	Name:
	Nan E. Delahunt

	 
	Title:
	Vice President

Lending Office:

Citizens Bank, N.A. 
1215 Superior Avenue, 6th Floor
Mailcode OHS675
Cleveland, Ohio  44114
Attn:    Ellen D. Pallotta
Email:     Ellen.D. Pallotta@citizensbank.com
Telephone: (216) 277-3346
Facsimile:   (216) 277-7106

[Signatures Continued on Next Page]

[Signature Page to First Amendment to A&R Credit Agreement]

BRANCH BANKING AND TRUST COMPANY, as a Lender

	
			
	By:
	/s/ Ahaz Armstrong

	 
	Name:
	Ahaz Armstrong

	 
	Title:
	Senior Vice President

Lending Office:

BB&T
200 W. 2nd Street, Floor 16
Winston Salem, North Carolina 27101
Attn:    Ahaz Armstrong
Telephone: (336) 733-2575

[Signatures Continued on Next Page]

[Signature Page to First Amendment to A&R Credit Agreement]

FIRST TENNESSEE BANK, NATIONAL ASSOCIATION, as a Lender

	
			
	By:
	/s/ Thomas C. Owens

	 
	Name:
	Thomas C. Owens

	 
	Title:
	Senior Vice President

Lending Office:

First Tennessee Bank National Association 
800 South Gay Street, 4th Floor 
Knoxville, Tennessee  37929
Attn:    Thomas C. Owens
Telephone: (865) 971-2439
Facsimile:   (865) 971-2468

[Signature Page to First Amendment to A&R Credit Agreement]

MIZUHO BANK, as a Lender

	
			
	By:
	/s/ Donna DeMagistris

	 
	Name:
	Donna DeMagistris

	 
	Title:
	Authorized Signatory

Lending Office:

MIZUHO BANK, LTD.
1251 A venue of the Americas
New York, New York 10020
Attn: James Cubbon
Telephone: (212) 282-3234
Fax: (212) 282-4488
Email: james.cubbon@mizuhocbus.com

[Signature Page to First Amendment to A&R Credit Agreement]

ASSOCIATED BANK, NATIONAL ASSOCIATION, as a Lender

	
			
	By:
	/s/ Mitchell Vega

	 
	Name:
	Mitchell Vega

	 
	Title:
	Vice President

Lending Office:

ASSOCIATED BANK, NATIONAL ASSOCIATION
525 W. Monroe, 24th Floor
Chicago, IL 60606
Attn: Nathan Huppert
Telephone: (312) 544-4654
Fax: (312) 544-4663

[Signature Page to First Amendment to A&R Credit Agreement]

Schedule 1

SCHEDULE I

Commitments

	
			
	Lender
	Revolving Loan Commitment
	Term Loan Commitment

	KeyBank National Association
	$60,000,000
	$35,000,000

	Wells Fargo Bank, National Association
	$60,000,000
	$35,000,000

	Regions Bank
	$60,000,000
	$35,000,000

	PNC Bank, National Association
	$50,000,000
	$24,500,000

	TD Bank, N.A.
	$50,000,000
	$24,500,000

	U.S. Bank National Association
	$50,000,000
	$24,500,000

	JPMorgan Chase Bank, N.A.
	$50,000,000
	$24,500,000

	Bank of America, N.A.
	$50,000,000
	$24,500,000

	Branch Banking and Trust Company
	$40,000,000
	$12,500,000

	Citizens Bank, N.A.
	$40,000,000
	$10,000,000

	Mizuho Bank, Ltd.
	$40,000,000
	$20,000,000

	First Tennessee Bank, N.A.
	$25,000,000
	$15,000,000

	Associated Bank, National Association
	$25,000,000
	$15,000,000

	TOTAL
	$600,000,000
	$300,000,000

Schedule 2

SCHEDULE EUP - Existing Eligible Unencumbered Properties

Part 1 – LCIF Properties 
	
					
	Owned by
	Street Address
	City
	State
	Property 
 Type

	LCIF
	2415 US Hwy 78 East
	Moody
	AL
	Industrial

	LCIF
	3102 Queen Palm Drive
	Tampa
	FL
	Industrial

	LCIF
	832 N. Westover Blvd
	Albany
	GA
	Retail

	LCIF
	4455 American Way
	Baton Rouge
	LA
	Office

	LCIF
	7670 Hacks Cross Road
	Olive Branch
	MS
	Industrial

	LCIF
	671 Washburn Switch Road
	Shelby
	NC
	Industrial

	LCIF
	200 Arrowhead Drive
	Hebron
	OH
	Industrial

	LCIF
	191 Arrowhead Drive
	Hebron
	OH
	Industrial

	LCIF
	250 Rittenhouse Circle
	Bristol
	PA
	Industrial

	LCIF
	3476 Stateview Blvd
	Fort Mill
	SC
	Office

	LCIF
	3480 Stateview Blvd
	Fort Mill
	SC
	Office

	LCIF
	2050 Roanoke Rd
	Westlake
	TX
	Office

	LCIF
	13651 McLearen Road
	Herndon
	VA
	Office

	LCIF
	King St./ 1042 Fort Street Mall
	Honolulu
	HI
	Office

	LCIF
	549 Wingo Road
	Byhalia
	MS
	Industrial

	LCIF
	1020 W Airport Road
	Romeoville
	IL
	Industrial

	LCIF
	4005 E I-30
	Grand Prairie
	TX
	Industrial

	LCIF
	4015 Lakeview Corporate Drive
	Edwardsville
	IL
	Industrial

	LCIF
	10535 Red Bluff Road
	Pasadena
	TX
	Industrial

	LCIF
	7875 White Road SW
	Austell
	GA
	Industrial

	LCIF
	3737 Duncanville Rd
	Dallas
	TX
	Industrial

	LCIF
	70 Tyger River Dr
	Duncan
	SC
	Industrial

	 
	 
	 
	 
	 

Properties with Liens other than Permitted Liens of the types described in clauses (a) through (f) of the definition of such term:
	
					
	LCIF
	2800 Polar Way
	Richland
	WA
	Industrial

	LCIF
	26700 Bunert Road
	Warren
	MI
	Industrial

	LCIF
	5600 Broken Sound Blvd
	Boca Raton
	FL
	Office

	LCIF
	1460 Tobias Gadson Blvd
	Charleston
	SC
	Office

	LCIF
	5200 Metcalf Ave
	Overland Park
	KS
	Office

Part 2 – Net Lease Strategic Assets Fund L.P. and Six Penn Center L.P. Properties  
	
					
	Owned by
	Street Address
	City
	State
	Property 
 Type

	NLS
	1440 E 15th Street
	Tucson
	AZ
	Office

	NLS
	8555 South River Parkway
	Tempe
	AZ
	Office

	NLS
	3500 N Loop Rd
	McDonough
	GA
	Office

	NLS
	904 Industrial Rd
	Marshall
	MI
	Industrial

	NLS
	1700 47th Ave North
	Minneapolis
	MN
	Industrial

	
					
	NLS
	2999 Southwest 6th Street
	Redmond
	OR
	Office

	NLS
	120 S E Parkway Dr
	Franklin
	TN
	Industrial

	NLS
	2401 Cherahala Blvd
	Knoxville
	TN
	Office

	NLS
	1401/1501 Nolan Ryan Pkwy
	Arlington
	TX
	Office

	NLS
	2800 High Meadow Circle
	Auburn Hills
	MI
	Office

	NLS
	6938 Elm Valley Drive
	Kalamazoo
	MI
	Industrial

	Six Penn
	1701 Market Street
	Philadelphia
	PA
	Office

	NLS
	3711 San Gabriel
	Mission
	TX
	Office

	NLS
	27200 W 157th Street
	New Century
	KS
	Industrial

	NLS
	16407 Applewhite Road
	San Antonio
	TX
	Industrial

	NLS
	16950 Pine Drive
	Romulus
	MI
	Industrial

	NLS
	736 Addison Rd
	Erwin
	NY
	Industrial

	NLS
	3265 E Goldstone Dr
	Meridian
	ID
	Office

	NLS
	7225 Goodson Road
	Union City
	GA
	Industrial

	NLS
	493 Westridge Pkwy
	McDonough
	GA
	Industrial

Properties with Liens other than Permitted Liens of the types described in clauses (a) through (f) of the definition of such term:
	
					
	NLS
	359 Gateway Dr
	Lavonia
	GA
	Industrial

	NLS
	590 Ecology Ln
	Chester
	SC
	Industrial

	NLS
	9601 Renner Blvd
	Lenexa
	KS
	Office

	NLS
	133 First Park Dr.
	Oakland
	ME
	Office

Part 3 – Other Eligible Unencumbered Properties
	
					
	Owned by
	Street Address
	City
	State
	Property 
 Type

	LXP
	13430 N. Black Canyon Freeway
	Phoenix
	AZ
	Office

	LXP
	2455 Premier Row
	Orlando
	FL
	Industrial

	LXP
	1001 Innovation Road
	Rantoul
	IL
	Industrial

	LXP
	749 Southrock Drive
	Rockford
	IL
	Industrial

	LXP
	3686 South Central Avenue
	Rockford
	IL
	Industrial

	LXP
	10475 Crosspoint Blvd
	Indianapolis
	IN
	Office

	LXP
	1901 Ragu Drive
	Owensboro
	KY
	Industrial

	LXP
	5417 Campus Dr
	Shreveport
	LA
	Industrial

	LXP
	201-215 N. Charles Street
	Baltimore
	MD
	Land

	LXP
	43955 Plymouth Oaks Blvd
	Plymouth
	MI
	Industrial

	LXP
	1133 Poplar Creek Road
	Henderson
	NC
	Industrial

	LXP
	2880 Kenny Biggs Road
	Lumberton
	NC
	Industrial

	LXP
	2203 Sherrill Drive
	Statesville
	NC
	Industrial

	LXP
	121 Technology Drive
	Durham
	NH
	Industrial

	LXP
	5625 N. Sloan Lane
	N. Las Vegas
	NV
	Industrial

	LXP
	351 Chamber Drive
	Chillicothe
	OH
	Industrial

	LXP
	1650-1654 William Road
	Columbus
	OH
	Industrial

	LXP
	10590 Hamilton Ave
	Cincinnati
	OH
	Industrial

	LXP
	50 Tyger River Drive
	Duncan
	SC
	Industrial

	LXP
	101 Michelin Drive
	Laurens
	SC
	Industrial

	
					
	LXP
	1362 Celebration Blvd
	Florence
	SC
	Office

	LXP
	3350 Miac Cove Road
	Memphis
	TN
	Industrial

	LXP
	900 Industrial Boulevard
	Crossville
	TN
	Industrial

	LXP
	1053 Mineral Springs Road
	Paris
	TN
	Retail

	LXP
	3820 Micro Drive
	Millington
	TN
	Industrial

	LXP
	6050 Dana Way
	Antioch
	TN
	Industrial

	LXP
	633 Garrett Parkway
	Lewisburg
	TN
	Industrial

	LXP
	13930 Pike Rd
	Missouri City
	TX
	Industrial

	LXP
	13901/14035 Industrial Rd
	Houston
	TX
	Industrial

	LXP
	1311 Broadfield Blvd
	Houston
	TX
	Office

	LXP
	291 Park Center Drive
	Winchester
	VA
	Industrial

	LXP
	175 Holt Garrison Parkway
	Danville
	VA
	Retail

	LXP
	2800 Waterford Lake Drive
	Midlothian
	VA
	Office

	LXP
	901 East Bingen Point Way
	Bingen
	WA
	Industrial

	LXP
	318 Pappy Dunn Boulevard
	Anniston
	AL
	Industrial

	LXP
	499 Derbyshire Drive
	Venice
	FL
	Specialty

	LXP
	13863 Industrial Road
	Houston
	TX
	Industrial

	LXP
	7007 F.M. 362 Rd
	Brookshire
	TX
	Industrial

	LXP
	554 Nissan Parkway
	Canton
	MS
	Industrial

	LXP
	111 W. Oakview Parkway
	Oak Creek
	WI
	Industrial

	LXP
	301 Bill Bryan Blvd
	Hopkinsville
	KY
	Industrial

	LXP
	4010 Airpark Drive
	Owensboro
	KY
	Industrial

	LXP
	730 North Black Branch Rd
	Elizabeth
	KY
	Industrial

	LXP
	750 North Black Branch Rd
	Elizabeth
	KY
	Industrial

	LXP
	10000 Business Blvd
	Dry Ridge
	KY
	Industrial

	LXP
	3301 Stagecoach Road, NE
	Thomson
	GA
	Industrial

	LXP
	2860 Clark Street
	Detroit
	MI
	Industrial

	LXP
	11511 Luna Road
	Farmers Branch
	TX
	Office

	LXP
	7005 Cochran Road
	Glenwillow
	OH
	Industrial

	LXP
	27255 SW 95th Avenue
	Wilsonville
	OR
	Industrial

	LXP
	3931 Lakeview Corporate Drive
	Edwardsville
	IL
	Industrial

	LXP
	5001 Greenwood Rd
	Shreveport
	LA
	Industrial

	LXP
	1285 West State Road 32
	Lebanon
	IN
	Industrial

	LXP
	1520 Lauderdale Memorial Hwy.
	Cleveland
	TN
	Industrial

	LXP
	490 Westridge Parkway
	McDonough
	GA
	Industrial

	LXP
	4801 North Park Drive
	Opelika
	AL
	Industrial

	LXP
	200 Sam Griffin Rd
	Smyrna
	TN
	Industrial

	LXP
	201 James Lawrence Road
	Jackson
	TN
	Industrial

	LXP
	1550 Highway 302
	Byhalia
	MS
	Industrial

	LXP
	1420 Greenwood Road
	McDonough
	GA
	Industrial

	LXP
	1621 Veterans Memorial Pkwy E
	Lafayette
	IN
	Industrial

	LXP
	80 Tyson Drive
	Wichester
	VA
	Industrial

	LXP
	9200 South Park Center Loop
	Orlando
	FL
	Office

	LXP
	8500 Nail Road
	Olive Branch
	MS
	Industrial

	LXP
	11624 S Distribution Cove
	Olive Branch
	MS
	Industrial

	LXP
	5795 N Blackstock Rd
	Spartanburg
	SC
	Industrial

	LXP
	2115 East Belt Line Road
	Carrollton
	TX
	Industrial

	LXP
	21082 Pioneer Plaza Dr
	Watertown
	NY
	Retail

	
					
	LXP
	97 Seneca Trail
	Fairlea
	WV
	Retail

	LXP
	16811 W. Commerce Drive
	Goodyear
	AZ
	Industrial

	LXP
	2601 Bermuda Hundred Rd
	Chester
	VA
	Industrial

	LXP
	10201 Schuster Way
	Pataskala
	OH
	Land

	LXP
	820 Gears Rd
	Houston
	TX
	Office

	LXP
	5352 Performance Way
	Whitestown
	IN
	Industrial

	LXP
	10345 Phillip Parkway
	Streetsboro
	OH
	Industrial

	LXP
	11555 Silo Drive
	Olive Branch
	MS
	Industrial

	LXP
	6495 Polk Lane
	Olive Branch
	MS
	Industrial

	LXP
	9201 Stateline Road
	Kansas City
	MO
	Office

	LXP
	113 Wells Street
	North Berwick
	ME
	Industrial

Properties with Liens other than Permitted Liens of the types described in clauses (a) through (f) of the definition of such term:
	
					
	LXP
	29-10 Borden Ave and 29-10 Hunters Point Ave
	Long Island City
	NY
	Industrial

	LXP
	500 Jackson St
	Columbus
	IN
	Office

	LXP
	1415 Wyckoff Rd
	Wall
	NJ
	Office

	LXP
	4 Apollo Drive
	Whippany
	NJ
	Office

	LXP
	3333 Coyote Hill Rd
	Palo Alto
	CA
	Office

	LXP
	11201 Renner Blvd
	Lenexa
	KS
	Office

	LXP
	270 Abner Jackson Pkwy
	Lake Jackson
	TX
	OfficeExhibit

Exhibit 10.1

DEFERRAL AND CONSENT AGREEMENT
This DEFERRAL AND CONSENT AGREEMENT (this “Agreement”), effective as of April 1, 2019, is being entered into on July 23, 2019, by and among IMH Financial Corporation, a Delaware corporation (the “Company”), JPMorgan Chase Funding Inc., a Delaware corporation (“JPM”), JCP Realty Partners, LLC, a Delaware limited liability company (“JCP”), and Juniper NVM, LLC, a Delaware limited liability company (“Juniper”; each of JPM, JCP and Juniper, together with their successors and assigns and any other party that executes a joinder hereto or otherwise becomes bound hereby, is referred to herein as a  “Stockholder” and they are collectively referred to herein as the “Stockholders”).  Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Certificate of Designation (as defined below).
RECITALS
WHEREAS, JCP and Juniper are collectively the holders of 2,604,852 shares of Series B-1 Cumulative Preferred Stock of the Company (the “Series B-1 Preferred Stock”), which shares constitute all of the issued and outstanding shares of Series B-1 Preferred Stock, and JPM is the holder of 5,595,148 shares of Series B-2 Cumulative Preferred Stock of the Company (the “Series B-2 Preferred Stock” and, together with the Series B-1 Preferred Stock, the “Preferred Stock”), which shares constitute all of the issued and outstanding shares of Series B-2 Preferred Stock;
WHEREAS, the Certificate of Incorporation of the Company (the “Certificate of Incorporation”), including the Certificate of Designation of the Preferred Stock (the “Certificate of Designation”), sets forth, among other things, the rights, powers and preferences, and the qualifications, limitations and restrictions thereof, of the Preferred Stock; and
WHEREAS, in exchange for a payment by the Company to each Stockholder, each Stockholder has agreed to defer by one year the date upon which it may exercise a certain right it has to require the Company to redeem such Stockholder’s Preferred Stock, on the terms and subject to the conditions provided herein.
NOW, THEREFORE, in consideration of the premises, representations, warranties, covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.Deferral of Redemption Right; Consent Payment.  
a.    Deferral of Redemption Rights.  Notwithstanding anything to the contrary set forth in the Certificate of Designation or otherwise, each Stockholder hereby covenants and agrees that it shall not to exercise its right to require the Company to redeem such Stockholder’s shares of Preferred Stock pursuant to Section 8(b) of the Certificate of Designation any time prior to July 25, 2020.  For the avoidance of doubt, after July 24, 2020, each Stockholder shall be entitled to exercise such Stockholder’s right to require the Company to redeem such Stockholder’s shares of Preferred Stock on the terms and subject to the conditions set forth in Section 8 of the Certificate of Designation.  

RLF1 21452132v.3

b.    Consent Payment.   In consideration for the covenant set forth in Section 1(a) above, the Company agrees to pay JPM, JPC and Juniper the amounts (the “Consent Payment”) set forth opposite their respective names below, such amount to be payable on the earlier of (x) the occurrence of a Liquidation Event or Deemed Liquidation Event or (y) July 25, 2020 (the “Consent Payment Date”) by wire transfer of cash in immediately available funds to an account designated in writing by JPM, JPC and Juniper to the Company at least three Business Days in advance of the Consent Payment Date:
JPM        $1,800,015.00
JCP        $   420,957.57
Juniper        $   417,049.43
c.    Acknowledgment.  The Company and each of the Stockholders acknowledges and agrees that, except as otherwise expressly provided herein, the rights, powers and preferences, and the qualifications, limitations and restrictions thereof, of the Preferred Stock remain in effect and are as set forth in the Certificate of Designation.    
2.Restrictions on Transfer.  Each Stockholder agrees not to, directly or indirectly (whether by merger, consolidation, division or otherwise), sell, transfer, tender, assign, pledge, encumber, contribute to the capital of any entity, hypothecate, give or otherwise dispose of, grant a proxy or power of attorney with respect to, deposit into any voting trust or enter into a voting arrangement or agreement, or create or permit to exist any encumbrance of any nature whatsoever with respect to (in each case, a “Transfer”), any shares of Preferred Stock held of record or owned beneficially by it, or to make any offer or agreement relating thereto, at any time prior to the termination of this Agreement in accordance with its terms (the “Termination Date”), except to a Person that has executed a joinder to this Agreement pursuant to which such Person has agreed to the covenant set forth in Section 1(a) above and to be bound by the terms hereof as a Stockholder; provided, for the avoidance of doubt, the Company shall not be required to make any payment pursuant to Section 1(b) above to any Person other than those Persons expressly identified therein.  
3.Representations and Warranties of Stockholder.  Each Stockholder hereby, severally and not jointly, represents and warrants to the Company as to itself only as follows: 
a.    Ownership of Securities.  Such Stockholder is the beneficial owner of that number and type of shares of capital stock of the Company set forth below such Stockholder’s signature on the signature page hereto.  
b.    Power, Authorization and Validity.  Such Stockholder is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization.  Such Stockholder has all requisite power and authority to enter into this Agreement and to perform its obligations under this Agreement.  The execution and delivery of this Agreement by such Stockholder and the consummation by such Stockholder of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of such Stockholder.  

2

RLF1 21452132v.3

c.    No Consents, etc.  No consent, approval, order, authorization, release or waiver of, or registration, declaration or filing with, any Governmental Authority or other Person is necessary or required to be made or obtained by such Stockholder to enable such Stockholder to lawfully execute and deliver, enter into, and perform its obligations under this Agreement.
d.    No Conflict, etc. The execution and delivery by such Stockholder of this Agreement do not conflict with, or (with or without notice or lapse of time, or both) result in a termination, breach, impairment or violation of, or constitute a default under, or require the consent, release, waiver or approval of, or notice to, any third party under, any Contract to which such Stockholder is a party or by which Stockholder or its assets is bound or affected, other than, solely to the extent provided herein, the Certificate of Incorporation.  As used herein, the term “Contract” shall mean any legally binding contract, agreement, arrangement, commitment, undertaking, instrument, permit, mortgage, license, sublicense, letter of intent, memorandum of understanding, quotation, statement of work, contract order or purchase order (in each case, whether oral or in writing).
4.Representations and Warranties of the Company.  The Company hereby represents and warrants to each Stockholder as follows, which representations and warranties are accurate in all respects on the date hereof: 
a.    Power, Authorization and Validity.  The Company is duly organized, validly existing and in good standing under the laws of the State of Delaware.  The Company has all requisite power and authority to enter into this Agreement, and to perform its obligations under this Agreement.  The execution and delivery of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Company.  This Agreement has been duly executed and delivered by the Company and constitutes a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject only to the effect, if any, of (x) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to rights of creditors generally and (y) rules of law and equity governing specific performance, injunctive relief and other equitable remedies.
b.    No Consents, etc.  No consent, approval, order, authorization, release or waiver of, or registration, declaration or filing with, any Governmental Authority or other Person is necessary or required to be made or obtained by the Company to enable the Company to lawfully execute and deliver, enter into, and perform its obligations under this Agreement.
c.    No Conflict, etc. The execution and delivery by the Company of this Agreement do not conflict with, or (with or without notice or lapse of time, or both) result in a termination, breach, impairment or violation of, or constitutes a default under, or require the consent, release, waiver or approval of, or notice to, any third party under, any Applicable Law or any Contract to which the Company is a party or by which the Company or its assets is bound or affected, other than, solely to the extent provided herein, the Certificate of Incorporation.  As used herein, the term “Applicable Law” shall mean any foreign, federal, state, local, municipal or other laws, ordinances, regulations, rules and other provisions having the force or effect of law, and all judicial and 

3

RLF1 21452132v.3

administrative orders, writs, injunctions, awards, judgments, decrees and determinations, applicable to a Person or to such Person’s assets, properties or business.
d.    No Other Representations and Warranties.  Except for the representations and warranties of each Stockholder contained in Section 3 of this Agreement, the Company acknowledges and agrees that, in entering into this Agreement, neither any Stockholder nor any other Person on behalf of any such Stockholder has made, and the Company has not relied upon any representation or warranty, whether express or implied, with respect to any Stockholder, and the Company hereby expressly disclaims any reliance on any of the foregoing. 
		
	5.
	Miscellaneous

a.    Notices.  All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”) required, permitted or desired to be given by the Company to any Stockholder under this Agreement shall be in writing and shall be sent by facsimile (with answer back acknowledged) or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier, addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter specify in accordance with the provisions of this Section 5.  Any Notice shall be deemed to have been received: (a) three (3) days after the date such Notice is mailed, (b) on the date of sending by facsimile if sent during business hours on a Business Day (otherwise on the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business Day (otherwise on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in each case addressed to the parties as follows:
If to any Stockholder, at the address for such Stockholder on the records of the Company. 
If to the Company:
IMH Financial Corporation 
7001 N. Scottsdale Rd, Suite 2050 
Scottsdale, Arizona 85253 
Attention: Legal Department 
Fax: (480) 840-8401
with a copy to:
Ulmer & Berne LLP 
1660 West 2nd Street, Suite 1100  
Cleveland, OH 44113  
Attn: Howard Groedel, Esq.  
Fax: (216) 583-7119
The Company or any Stockholder may change the address to which any such Notice is to be delivered by furnishing ten (10) days written notice of such change to the other party in 

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accordance with the provisions of this Section 5. Notices shall be deemed to have been given on the date as set forth above, even if there is an inability to actually deliver any such Notice because of a changed address of which no Notice was given, or there is a rejection or refusal to accept any Notice offered for delivery. Notice for the Company or any Stockholder may be given by its respective counsel.
b.    Interpretation.    Unless the context of this Agreement otherwise requires:  (i) words of any gender include each other gender; (ii) words using the singular or plural number also include the plural or singular number, respectively; (iii) the terms “hereof,” “herein,” “hereto,” “hereunder” and derivative or similar words refer to this entire Agreement; (iv) references to clauses without a cross-reference to a Section or subsection are references to clauses within the same Section or, if more specific, subsection; (v) references to any Person include the successors and permitted assigns of such Person; and (vi) references from or through any date shall mean, unless otherwise specified, from and including or through and including, respectively.
c.    Counterparts.  This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other parties hereto; it being understood that all parties hereto need not sign the same counterpart.  The delivery by facsimile or by electronic delivery (including PDF format or any electronic signature complying with the U.S. federal ESIGN Act of 2000) of this Agreement with all executed signature pages (in counterparts or otherwise) shall be sufficient to bind the parties hereto to the terms and conditions set forth herein.  All of the counterparts will together constitute one and the same instrument and each counterpart will constitute an original of this Agreement.
d.    Entire Agreement; Parties in Interest; Assignment.  This Agreement and the documents, instruments and other agreements specifically referred to herein, including the Certificate of Incorporation: (a) constitute the entire agreement among the parties hereto with respect to the subject matter hereof and supersede all prior agreements and understandings, both written and oral, among the parties hereto with respect to the subject matter hereof and (b) are not intended to confer, and shall not be construed as conferring, upon any Person other than the parties hereto any rights or remedies hereunder.  This Agreement shall be binding upon, inure to the benefit of, and be enforceable by and against, the parties hereto and their respective successors and permitted assigns (including any Person to whom any shares of Preferred Stock are validly Transferred in accordance with this Agreement and any other applicable restrictions on transfer and ownership).  
f.    Governing Law.  The internal laws of the State of Delaware, irrespective of its conflicts of law principles, shall govern the validity of this Agreement, the construction of its terms and the interpretation and enforcement of the rights and duties of the parties hereto.  The parties hereto hereby irrevocably submit to the exclusive jurisdiction of the Court of Chancery of the State of Delaware or, solely to the extent such court lacks subject matter jurisdiction, the Superior Court of the State of Delaware or the U.S. federal district court for the district of Delaware solely in respect of the interpretation and enforcement of this Agreement and of the documents referred to herein and the other transactions contemplated hereby, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or thereof, 

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that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in said courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts, and the parties hereto irrevocably agree that all claims with respect to such action or proceeding shall be heard and determined in the aforementioned courts.  The parties hereto hereby consent to and grant any such court jurisdiction over the person of such parties and over the subject matter of such dispute and agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 5(a) or in such other manner as may be permitted by Applicable Law shall be valid and sufficient service thereof. 
h.    Rules of Construction.  The parties hereto agree that they have been (or have had the opportunity to be) represented by counsel during the negotiation, preparation and execution of this Agreement and, therefore, waive the application of any law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document shall be construed against the party drafting such agreement or document.
[Remainder of page intentionally left blank]

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RLF1 21452132v.3

IN WITNESS WHEREOF, the parties hereto have caused this Waiver Agreement to be executed as of the date first above written.
	
		
	 
	IMH FINANCIAL CORPORATION

By: /s/ Lawrence D. Bain          
       Name: Lawrence D. Bain
       Title:   Chairman and CEO

	 
	JPMORGAN CHASE FUNDING INC.

By: /s/ Chad Parson                   
       Name: Chad Parson
       Title:   Managing Director

5,595,148 shares of Series B-2 Preferred Stock  

	 
	JCP REALTY PARTNERS, LLC

By: /s/ Jay Wolf                          
       Name: Jay Wolf
       Title:   Managing Partner

1,308,500 shares of Series B-1 Preferred Stock

	 
	JUNIPER NVM, LLC

By:  Juniper Capital Partners, LLC
By: /s/ Jay Wolf                         
       Name: Jay Wolf
       Title:   Manager

1,296,352 shares of Series B-1 Preferred Stock

    
RLF1 21452132v.3

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