a20191217form8kexhibid00






                                                                            Exhibit 10.3       FIRST AMENDMENT TO AMENDED AND RESTATED GUARANTEE AGREEMENT                 THIS  FIRST  AMENDMENT  TO  AMENDED  AND  RESTATED  GUARANTEE  AGREEMENT (this “Amendment”), dated as of  December 17, 2019, is by and between JPMORGAN  CHASE BANK, NATIONAL ASSOCIATION, a national banking association organized under the laws  of  the  United  States  (“Buyer”),  and  GRANITE  POINT  MORTGAGE  TRUST  INC.,  a  Maryland  corporation, as guarantor (“Guarantor”).                                        W I T N E S S E T H:                WHEREAS,  GP  Commercial  JPM  LLC  (“Seller”)  and  Buyer  have  entered  into that  certain Uncommitted Master Repurchase Agreement, dated as of December 3, 2015, as amended by that  certain  Amendment  No.  1  to  Master  Repurchase  Agreement,  dated  as  of  June  28,  2017  (as  further  amended, supplemented or otherwise modified from time to time, the “Master Repurchase Agreement”);                WHEREAS, Guarantor has executed and delivered that certain Amended and Restated  Guarantee Agreement, dated as of June 28, 2017 (as amended, supplemented or otherwise modified from  time to time, the “Guarantee”); and                WHEREAS, Guarantor and Buyer wish to  modify certain terms and provisions of the  Guarantee, as set forth herein.                NOW, THEREFORE, for good and valuable consideration, the parties hereto agree as  follows:          1. Amendments to Guarantee.  The Guarantee is hereby amended as follows:                (a) The definition of Debt-to-Asset Ratio in Section 1 of the Guarantee is hereby deleted  in its entirety.                (b) Section 9(c) of the Guarantee is hereby deleted in its entirety and replaced with the  following:                       (c)    Total  Debt  to  Total  Assets  Ratio.   Guarantor  shall  not,  with  respect  to        itself and its Subsidiaries, directly or indirectly, permit the ratio, expressed as a percentage, (i) the        numerator of which shall equal the Indebtedness of Guarantor and its consolidated Subsidiaries        associated  with  its  Target  Investments  (net  of  restricted  cash associated  with  any  consolidated        variable  interest  entities)  and  (ii)  the  denominator  of  which  shall  equal  the  Total  Assets  of        Guarantor and its consolidated Subsidiaries associated with its Target Investments, to at any time        be greater than seventy-seven and one half percent (77.5%); provided, that notwithstanding the        foregoing,  Guarantor  and  its  consolidated  Subsidiaries  may  from  time  to  time  acquire  Highly        Rated CMBS and enter into secured Indebtedness in connection therewith pursuant to which the        ratio, expressed as a percentage, (i) the numerator of which equals the Indebtedness of Guarantor        and its consolidated Subsidiaries associated with its Highly Rated CMBS (net of restricted cash        associated  with  any  consolidated  variable  interest  entities)and (ii) the denominator of which         equals the Total Assets of Guarantor and its consolidated Subsidiaries associated with its Highly         Rated CMBS  exceeds seventy-seven and one half percent (77.5%) but is not greater than ninety         percent (90.00%), subject to the condition that at any such time, Guarantor shall not, with respect         to itself and its Subsidiaries, directly or indirectly, permit the ratio, expressed as a percentage, (i)         the  numerator  of  which  shall  equal  the  Indebtedness  of  Guarantor  and  its  consolidated      ACTIVE 251053887 





 






      Subsidiaries and (ii) the denominator of which shall equal the Total Assets of Guarantor and its        consolidated Subsidiaries to be greater than eighty percent (80.00%).                       2.  Conditions Precedent to Amendment.  The effectiveness of this Amendment is subject to the  following:                (a) This Amendment shall be duly executed and delivered by Guarantor and Buyer, and  acknowledged by Seller; and                (b) Buyer shall have received such other documents as Buyer may reasonably request.          3. Guarantor Representations.  Guarantor hereby represents and warrants that:                 (a) no Default or Event of Default exists, and no Default or Event of Default will occur  as a result of the execution, delivery and performance by Guarantor of this Amendment; and                (b) all  representations  and  warranties  contained  in  the  Guaranty  are  true,  correct,  complete  and  accurate  in  all  respects  (except  such  representations  which  by  their  terms  speak  as  of  a  specified date).          4. Defined  Terms.   Capitalized  terms  used  but  not  otherwise  defined  herein  shall  have  the  meanings given to them in the Guarantee.          5. Continuing Effect; Reaffirmation of Guarantee.  As amended by this Amendment, all terms,  covenants and provisions of the Guarantee are ratified and confirmed and shall remain in full force and  effect.   In  addition,  any  and  all  guaranties  and  indemnities  for  the  benefit  of  Buyer  and  agreements  subordinating rights and liens to the rights and liens of Buyer, are hereby ratified and confirmed and shall  not be released, diminished, impaired, reduced or adversely affected by this Amendment, and each party  indemnifying  Buyer,  and  each  party  subordinating  any  right  or  lien  to  the  rights  and  liens  of  Buyer,  hereby consents, acknowledges and agrees to the modifications set forth in this Amendment and waives  any common law, equitable, statutory or other rights which such party might otherwise have as a result of  or in connection with this Amendment.          6. Binding Effect; No Partnership; Counterparts.  The provisions of the Guarantee, as amended  hereby, shall be binding upon and inure to the benefit of the parties hereto and their respective successors  and permitted assigns.  Nothing herein contained shall be deemed or construed to create a partnership or  joint  venture  between  any  of  the  parties  hereto.   For  the  purpose  of  facilitating  the  execution  of  this  Amendment  as  herein  provided,  this  Amendment  may  be  executed  simultaneously  in  any  number  of  counterparts, each of which shall be deemed to be an original, and such counterparts when taken together  shall constitute but one and the same instrument.  Delivery of an executed counterpart signature page to  this Amendment in Portable Document Format (PDF) or by facsimile transmission shall be effective as  delivery of a manually executed original counterpart thereof.          7. Further  Agreements.   Guarantor  agrees  to  execute  and  deliver  such  additional  documents,  instruments  or  agreements  as  may  be  reasonably  requested  by  Buyer  and  as  may  be  necessary  or  appropriate from time to time to effectuate the purposes of this Amendment.          8. Governing Law.  The provisions of Section 15 of the Guarantee are incorporated herein by  reference.                                               2  ACTIVE 251053887 





 






      9.  Headings.   The  headings  of  the  sections  and  subsections  of  this Amendment are for  convenience of reference only and shall not be considered a part hereof nor shall they be deemed to limit  or otherwise affect any of the terms or provisions hereof.          10. References to Transaction Documents.  All references to the Guarantee in any Transaction  Document, or in any other document executed or delivered in connection therewith shall, from and after  the  execution  and  delivery  of  this  Amendment,  be  deemed  a  reference  to  the  Guarantee  as  amended  hereby, unless the context expressly requires otherwise.                             [NO FURTHER TEXT ON THIS PAGE]                                              3  ACTIVE 251053887 





 






       IN WITNESS WHEREOF, the parties have executed this Amendment as of the day first written  above.                                                                                     BUYER:                                                                                                                              JPMORGAN CHASE BANK, NATIONAL                                          ASSOCIATION, a national banking association                                                                                                                                                                        By: /s/ Thomas N. Cassino _______________________                                                Name: Thomas N. Cassino                                               Title: Executive Director                                               4  ACTIVE 251053887 





 






                                                                                  GUARANTOR:                                                                                            GRANITE POINT MORTGAGE TRUST INC., a                                          Maryland corporation                                                          By: /s/ Marcin Urbaszek  ________________                                              Name: Marcin Urbaszek                                              Title: Chief Financial Officer                                                                                               5  ACTIVE 251053887 





 






                                        ACKNOWLEDGED AND AGREED TO BY:                                                                                           SELLER:                                                                                                                              GP COMMERCIAL JPM LLC, a Delaware limited                                          liability company                                                                                                                                                                         By: /s/ Marcin Urbaszek _________________________                                                Name: Marcin Urbaszek                                               Title: Chief Financial Officer                                                                                           6  ACTIVE 251053887