FIRST AMENDMENT TO PROMISSORY NOTE
This First Amendment to Promissory Note (the Amendment) is made effective as of the 20th day of August, 2019, by OAKTREE REAL ESTATE INCOME TRUST, INC., a Maryland corporation (the Borrower), and OAKTREE FUND GP I, L.P., a Delaware limited partnership (together with its successors and assigns, the Lender). All capitalized terms not defined in this Amendment will have the meanings given to them in the Note.
WHEREAS, Borrower and Lender are parties to that certain Promissory Note dated as of April 11, 2019 (as amended, the Note), providing for an unsecured, uncommitted line of credit in a maximum aggregate principal amount of $150 million; and
WHEREAS, in light of current interest rates offered in the market, the parties desire to amend the Note to reduce the rate at which borrowings under the Note bear interest from LIBOR plus 3.25% per annum to LIBOR plus 2.50% per annum.
NOW, THEREFORE, in consideration of the agreements set forth in this Amendment and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties hereto agree as follows:
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The words LIBOR plus 3.25% in the second paragraph of the Note are hereby deleted and replaced with LIBOR plus 2.50%.
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Except as otherwise amended hereby, the Note shall remain unmodified and in full force and effect.
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This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.
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