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SECOND AMENDMENT TO LOAN
AGREEMENT
THIS SECOND AMENDMENT TO LOAN
AGREEMENT among PGRT ESH,
Inc., a Delaware corporation (the “Borrower”),
Lightstone Holdings LLC, a Delaware limited liability company
(“Lightstone Holdings”), David Lichtenstein (together
with Lightstone Holdings, the “Guarantors,” and
collectively with the Borrower, the “Loan Parties”),
and Citicorp USA, Inc., a Delaware corporation (the
“Lender”), is made as of December 31,
2008.
WHEREAS , the Borrower and the Lender are parties to the
Amended and Restated Loan Agreement dated as of June 6, 2008,
as amended by the First Amendment to Loan Agreement (the
“First Amendment”) dated as of October 31, 2008
(the “Loan Agreement”; the terms defined therein being
used herein as therein defined);
WHEREAS , each of the Guarantors guaranteed the
liabilities and obligations of the Borrower under the Loan
Agreement on the terms and conditions set forth in an Amended and
Restated Guaranty dated June 6, 2008, each as amended by the
First Amendment to Amended and Restated Guaranty dated as of
October 31, 2008 by each of the Guarantors in favor of the
Lender; and
WHEREAS , the Loan Parties and the Lender have executed
a letter agreement dated the date hereof pursuant to which the
Lender and the Loan Parties have agreed to make certain amendments
to the First Amendment.
SECTION 1. Amendment to Loan Agreement
. Effective as of the
date hereof, Section 2.2.4 of the Loan Agreement is amended by
deleting “December 31, 2
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