Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NUMBER TWO 
 to the 

Master Repurchase Agreement 
 dated
as of June 27, 2014 
 by and between 

PARLEX 7 FINCO, LLC, 
 and 

METROPOLITAN LIFE INSURANCE COMPANY 

This AMENDMENT NUMBER TWO to the Master Repurchase Agreement (this “Amendment”) is made as of this 22nd day of April, 2016, by and between PARLEX 7 FINCO, LLC (“Seller”) and METROPOLITAN LIFE INSURANCE COMPANY (“Buyer”), to that certain Master Repurchase Agreement,
dated as of June 27, 2014, by and between Seller and Buyer, as amended by that certain Amendment Number One, dated as of February 24, 2015, by and between Seller and Buyer (as may be further amended, restated, supplemented or otherwise modified from
time to time, the “Repurchase Agreement”). 
 WHEREAS, Seller and Buyer have agreed to amend the Repurchase
Agreement as more particularly set forth herein. 
 NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1. Amendment. The Repurchase
Agreement is hereby amended as follows: 
  

	 	1.1.	 The definition of “Facility Amount” in Section 2 of the Repurchase Agreement is hereby
amended and restated in its entirety as follows: 

 “‘Facility Amount’ shall mean (i)
prior to the Initial Facility Termination Date, One Billion Dollars ($1,000,000,000) and (ii) at all times after Seller exercises its first Facility Extension Option in accordance with Section 3(e) of this Agreement, the aggregate Maximum
Purchase Price for all Purchased Assets as of the Initial Facility Termination Date, (a) as increased by the aggregate Buyer Future Funding Advance Amount with respect to all Purchased Assets as of the Initial Facility Termination Date and (b) as
reduced by the Maximum Purchase Price and any related Buyer Future Funding Advance Amount for each Purchased Asset that is repaid in full or repurchased by Seller on any Repurchase Date after the Initial Facility Termination Date.” 

 

	 	1.2.	 The definition of “Initial Facility Termination Date” in Section 2 of the Repurchase
Agreement is hereby amended and restated in its entirety as follows: 

 “‘Initial Facility
Termination Date’ shall mean April 22, 2017.” 

	 	1.3.	 The definition of “LIBOR” in Section 2 of the Repurchase Agreement is hereby amended
by adding the following sentence as the last sentence thereof: 

 “Notwithstanding anything herein to
the contrary, LIBOR shall not be less than 0.00% with respect to any Purchased Asset with an initial Purchase Date occurring on or after April 22, 2016.” 
  

	 	1.4.	 The definition of “Purchase Price” in Section 2 of the Repurchase Agreement is hereby
amended and restated in its entirety as follows: 

 “‘Purchase Price’ shall mean with
respect to any Purchased Asset, the price at which such Purchased Asset is transferred by Seller to Buyer on the applicable Purchase Date in an amount equal to the Maximum Purchase Price (subject to Section 3(v)), as adjusted after the
Purchase Date as set forth below and not to exceed the Maximum Purchase Price. The Purchase Price as of the Purchase Date for any Purchased Asset shall be an amount equal to the product obtained by multiplying (i) the Market Value of such Purchased
Asset as of the Purchase Date by (ii) the Purchase Price Percentage for such Purchased Asset as set forth on the related Confirmation. The Purchase Price of any Purchased Asset shall thereafter be (a) decreased by (i) the amount of any Income
applied pursuant to Section 5 hereof to reduce such Purchase Price and (ii) any other amounts paid to Buyer by or on behalf of Seller to reduce such Purchase Price solely in accordance with Section 4 of this Agreement, and (b)
increased by the amount of additional Purchase Price advanced in accordance with Section 3(v), each Margin Availability Advance and Future Funding Advance.” 
  

	 	1.5.	 Section 3(s) of the Repurchase Agreement is hereby amended and restated in its entirety as follows:

 “(s) [Reserved.]” 
  

	 	1.6.	 The first two (2) sentences of Section 3(t) of the Repurchase Agreement are hereby amended and restated
in their entirety as follows: 

 “If at any time prior to the Repurchase Date for the applicable
Purchased Asset (i) one or more Margin Notices have been delivered with respect to such Purchased Asset and the Margin Deficits related thereto have been cured by Seller in compliance with Section 4 of the Agreement and (ii) the Market Value
of such Purchased Asset has increased since the cure of prior Margin Deficits such that Margin Availability then exists with respect to such Purchased Asset, Seller shall, on any Business Day prior to the Repurchase Date for such Purchased Asset and
within one (1) Business Day after Buyer notifies Seller of the existence of such Margin Availability, submit to Buyer a written request that Buyer transfer cash to Seller so as to increase the outstanding Purchase Price for such Purchased Asset in
an amount equal to the Margin Deficits previously cured with respect to such Purchased Asset by Seller in compliance with Section 4 of the Agreement (subject to Section 3(v) and not to exceed the Margin Availability for such Purchased
Asset) (a “Margin Availability Advance”) which Margin Availability Advance shall increase the outstanding Purchase Price for such Purchased Asset. Subject to Section 3(v), the Margin Availability Advance shall be funded by
Buyer on the 

 
date requested by Seller which requested funding date shall be no earlier than one (1) Business Day following the date of Seller’s delivery of a request for a Margin Availability Advance if
such written request is delivered by 11:00 a.m. New York City time on any Business Day.” 
  

	 	1.7.	 Section 12(s) of the Repurchase Agreement is hereby amended and restated in its entirety as follows:

 “(s) Seller shall pay to Buyer all fees and other amounts as and when due as set forth in this
Agreement, the Fee Letter and the other Transaction Documents, including, without limitation, (i) each Commitment Fee; (ii) the Extension Fee, which shall be due and payable by Seller on each date the Seller extends the Facility Termination Date
pursuant to Seller’s exercise of Facility Extension Options in accordance with Section 3(e) of this Agreement; and (iii) the Funding Fee, which shall be due and payable by Seller on the related Purchase Date for a Purchased Asset.”

  

	 	1.8.	 The first sentence of Section 3(u) of the Repurchase Agreement is hereby amended and restated in its
entirety as follows: 

 “At any time prior to the Repurchase Date for the applicable Purchased Asset,
in the event a future funding is made or is to be made by Seller pursuant to the Purchased Asset Documents for a Purchased Asset, Seller may submit to Buyer a request that Buyer (A) transfer cash to Seller in an amount not less than $1,000,000 and
equal to the Maximum Purchase Price Percentage multiplied by the Future Funding Amount of such future funding (a “Future Funding Advance”) (subject to Section 3(v) of this Agreement), which Future Funding Advance shall increase the
outstanding Purchase Price for such Purchased Asset, and (B) increase the Market Value for such Purchased Asset by the Future Funding Amount then being advanced by Seller.” 

 

	 	1.9.	 Section 3 of the Repurchase Agreement is hereby amended to add the following Section 3(v) in its proper
numerical and alphabetical sequence: 

 “(v) If the funding of any of (1) the Purchase Price of a
Purchased Asset on the Purchase Date, (2) any Margin Availability Advance pursuant to Section 3(t) of this Agreement, or (3) any Future Funding Advance pursuant to Section 3(u) of this Agreement would cause the Facility Amount or the
Concentration Limit to be exceeded, then the funding of the portion of such Purchase Price, Margin Availability Advance or Future Funding Advance, as applicable, that would cause such thresholds to be exceeded will be deferred until such time as the
funding of such portions would no longer cause such thresholds, as applicable, to be exceeded; provided, that the right to receive such deferred amounts will terminate upon the Initial Facility Termination Date.” 

SECTION 2. Reinstatement of Extension Option. Notwithstanding anything to the contrary, any Facility Extension Option exercised or
deemed exercised prior to the date hereof, including, 

 
without limitation, any exercise or deemed exercise of a Facility Extension Option as of February 24, 2016, is hereby reinstated such that Seller shall have Facility Extension Options for up to
five (5) successive one (1) year periods commencing on the Initial Facility Termination Date (as such term is amended and restated by this Amendment). Without limitation to the foregoing, Buyer and Seller hereby expressly acknowledge and agree
that, for purposes of clause (ii) of the definition of Facility Amount in the Repurchase Agreement, Seller shall not be deemed to have exercised its first Facility Extension Option as of the date hereof. 

SECTION 3. Conditions Precedent. This Amendment shall not be effective until (x) Buyer shall have received from Seller the payment of
the Commitment Fee due on the date hereof in connection with the amendment to the definition of “Initial Facility Termination Date” set forth herein; (y) with respect to each Purchased Asset with a Purchase Date prior to April 22, 2016,
Seller and Buyer shall have entered into a Transaction Request and a Confirmation with respect to each such Purchased Asset reflecting the Purchase Price as equal to the Maximum Purchase Price; and (z) as of the date hereof, no Margin Availability
exists with respect to each such Purchased Asset. 
 SECTION 4. Fees and Expenses. Seller agrees to pay to Buyer all fees and out of
pocket expenses incurred by Buyer in connection with this Amendment, including all reasonable fees and out of pocket costs and expenses of legal counsel to Buyer incurred in connection with this Amendment, in accordance with Section 30(d) of
the Repurchase Agreement. 
 SECTION 5. Defined Terms. Any terms capitalized but not otherwise defined herein shall have the
respective meanings set forth in the Repurchase Agreement. 
 SECTION 6. Guarantor Ratification. Blackstone Mortgage Trust, Inc., a
Maryland corporation (the “Guarantor”) hereby ratifies and confirms that the Guaranty, dated as of June 27, 2014, made by Guarantor in favor of Buyer, continues in full force and effect and unmodified and shall not be released,
diminished, impaired, reduced or adversely affected by this Amendment or otherwise, and Guarantor hereby consents, acknowledges and agrees to this Amendment and waives any common law, equitable or statutory rights that it might otherwise have as a
result of or in connection with this Amendment. 
 SECTION 7. Limited Effect. Except as amended hereby, the Repurchase Agreement
shall continue in full force and effect in accordance with its terms. Reference to this Amendment need not be made in the Repurchase Agreement or any other instrument or document executed in connection therewith, or in any certificate, letter or
communication issued or made pursuant to, or with respect to, the Repurchase Agreement, any reference in any of such items to the Repurchase Agreement being sufficient to refer to the Repurchase Agreement as amended hereby. 

SECTION 8. Representations and Warranties. Seller hereby represents and warrants to Buyer that it is in compliance with all the terms
and provisions set forth in the Repurchase Agreement on its part to be observed or performed, and that no Default or Event of Default has occurred or is continuing, and hereby confirms and reaffirms the representations and warranties contained in
Section 10 of the Repurchase Agreement. Seller hereby represents and warrants that this Amendment has been duly and validly executed and delivered by it, and constitutes its legal, valid and binding obligation, enforceable against it in
accordance with its terms. 

 SECTION 9. Governing Law. This Amendment and the rights and obligations of the parties
hereunder shall be construed in accordance with and governed by the laws of the State of New York, without regard to principles of conflicts of laws (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law which shall be
applicable). 
 SECTION 10. Headings. The section headings used in this Amendment are for convenience of reference only and
shall not affect the interpretation or construction of this Amendment. 
 SECTION 11. Counterparts. For the purpose of facilitating
the execution of this Amendment, and for other purposes, this Amendment may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same
instrument. The parties intend that faxed signatures and electronically imaged signatures such as .pdf files shall constitute original signatures and are binding on all parties. The original documents shall be promptly delivered, if requested. 

[REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK] 

 IN WITNESS WHEREOF, Seller and Buyer have caused their names to be duly signed to
this Amendment by their respective officers thereunto duly authorized, all as of the date hereof. 
  

			
	SELLER:
	
	PARLEX 7 FINCO, LLC
		
	 By:
	 	 /s/ Douglas Armer

	 Name:
	 	 Douglas Armer

	 Title:
	 	 Managing Director, Head of Capital Markets and Treasurer

	
	BUYER:
	
	METROPOLITAN LIFE INSURANCE COMPANY
		
	 By:
	 	 /s/ Brett A. Ulrich

	 Name:
	 	 Brett Ulrich

	 Title:
	 	 Director

 Agreed to, accepted and ratified by: 

 

			
	BLACKSTONE MORTGAGE TRUST, INC.,
	 a Maryland corporation, as Guarantor

		
	 By:
	 	 /s/ Douglas Armer

	 Name:
	 	 Douglas Armer

	 Title:
	 	 Managing Director, Head of Capital Markets and TreasurerEX10.2

 Exhibit 10.2 

AMENDMENT NO. 5 TO AMENDED AND RESTATED MASTER REPURCHASE AND SECURITIES CONTRACT 

AMENDMENT NO. 5 TO AMENDED AND RESTATED MASTER REPURCHASE AND SECURITIES CONTRACT, dated as of June 30, 2016 (this
“Amendment”), between PARLEX 5 FINCO, LLC, a Delaware limited liability company (“Seller”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Buyer”).
Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase Agreement (as defined below). 

RECITALS 

WHEREAS, Seller and Buyer are parties to that certain Amended and Restated Master Repurchase and Securities Contract, dated as
of April 4, 2014 (as amended by that certain Amendment No. 1 to Amended and Restated Master Repurchase and Securities Contract, dated as of October 23, 2014, as further amended by that certain Amendment No. 2 to Amended and Restated Master
Repurchase and Securities Contract, dated as of March 13, 2015, as further amended by that certain Amendment No. 3 to Amended and Restated Master Repurchase and Securities Contract, dated as of April 14, 2015, as further amended by that certain
Amendment No. 4 to Amended and Restated Master Repurchase and Securities Contract, dated as of March 11, 2016, as amended hereby and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the
“Repurchase Agreement”); 
 WHEREAS, Seller has requested, and Buyer has agreed, to amend the Repurchase
Agreement as set forth in this Amendment and Blackstone Mortgage Trust, Inc. (“Guarantor”) agrees to make the acknowledgements set forth herein. 

Therefore, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Seller and Buyer hereby agree as follows: 
 SECTION 1. Amendment to Repurchase
Agreement. 
 (a) The following, new defined terms are hereby added to Article 2 of the Repurchase Agreement in
correct alphabetical order: 
 “Collateral”: Defined in Section 11.01. 

“Other Facility”: The Other Repurchase Agreement and any documents related thereto. 

“Other Facility Buyer”: The “Buyer”, as defined in the Other Repurchase Agreement.

 “Other Facility Repurchase Obligations”: The
“Repurchase Obligations” as defined in the Other Repurchase Agreement. 
 “Other Repurchase
Agreement”: That certain Fourth Amended and Restated Master Repurchase and Securities Contract, dated as of June 30, 2016 (as amended, restated, supplemented or otherwise modified and in effect from time to time), by and among Other
Facility Buyer, Parlex 5 KEN Finco, LLC, Parlex 5 KEN UK Finco, LLC, Parlex 5 KEN CAD Finco, LLC, Parlex 5 KEN ONT Finco, LLC and Parlex 5 Ken EUR Finco, LLC. 

(b) The defined term, “Maximum Amount”, as set forth in Article 2 of the Repurchase Agreement, is
hereby amended by deleting the number “$1,000,000,000” and substituting in lieu thereof the number “$2,000,000,000”. 

(c) The defined term “Maximum Concentration Limit”, as set forth in Article 2 of the Repurchase Agreement, is
hereby amended and restated in its entirety to read as follows: 
 “Maximum Concentration Limit”: With
respect to any Purchased Asset as of any date of determination, a limit that will be exceeded if the outstanding Purchase Price of such Purchased Asset as of such date of determination exceeds the lesser of (a) $250,000,000 and (b) twenty-five
percent (25%) of the Maximum Amount as in effect on such date of determination. 
 (d) The penultimate sentence of
Section 3.09 of the Repurchase Agreement is hereby amended and restated in its entirety to read as follows: 

The Repurchase Obligations and the Other Facility Repurchase Obligations shall be full recourse to Seller, and
limited recourse to Guarantor as set forth in the Guarantee Agreement, it being expressly agreed that Seller is liable to Other Facility Buyer for all obligations of the sellers under the Other Repurchase Agreement, including, without limitation,
the Other Facility Repurchase Obligations. 
 (e) Section 5.02 of the Repurchase Agreement is hereby amended by
deleting the word “and” at the end of priority fifth, amending and restating the existing priority sixth in its entirety to read as set forth below, and inserting the following new priority seventh, as set forth below,
each in correct numerical order: 
 sixth, to make a payment to Other Facility Buyer or its Affiliates
on account of any other amounts then due and payable under the Other Facility pursuant to priorities first through fifth of Section 5.02 of the Other Repurchase Agreement until such other amounts then due and payable pursuant to
priorities first through fifth of Section 5.02 of the Other Repurchase Agreement have been reduced to zero, each such payment to be deposited into the related Waterfall Account (as defined in the Other Repurchase Agreement) and
allocated in accordance with the Other Repurchase Agreement; and 

  
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 seventh, to pay to Seller any remainder for its own
account, for payment of any other disbursements as determined by Seller in Seller’s sole discretion (including distributions to Pledgor or its Affiliates); provided that, if any Default has occurred and is continuing on such Remittance
Date, all amounts otherwise payable to Seller hereunder shall be retained in the Waterfall Account until the earlier of (x) the day on which Buyer provides written notice to the Waterfall Account Bank that such Default has been cured to the
satisfaction of Buyer in its sole discretion and no other Default or Event of Default has occurred and is continuing, at which time the Waterfall Account Bank shall apply all such amounts pursuant to this priority seventh; and (y) the
expiration of the cure period applicable to such Default, at which time the Waterfall Account Bank shall apply all such amounts pursuant to Section 5.04. 

(f) Section 5.03 of the Repurchase Agreement is hereby amended by deleting the word “seventh” in
clause (A) of priority fifth and inserting the word “eighth” in lieu thereof, deleting the word “and” at the end of priority sixth, amending and restating the existing priority seventh in its entirety
to read as set forth below, and inserting the following new priority eighth, as set forth below, each in correct numerical order: 

seventh, to make a payment to Other Facility Buyer or its Affiliates on account of any other amounts
then due and payable under the Other Facility pursuant to priorities first through ninth of Section 5.03 of the Other Repurchase Agreement until such other amounts then due and payable pursuant to priorities first through
ninth of Section 5.03 of the Other Repurchase Agreement have been reduced to zero, each such payment to be deposited into the related Waterfall Account (as defined in the Other Repurchase Agreement) in accordance with the Other Repurchase
Agreement; and 
 eighth, to pay to Seller any remainder for its own account, for payment of
any other disbursements as determined by Seller in Seller’s sole discretion (including distributions to Pledgor or its Affiliates); provided that, if any Default has occurred and is continuing on such Remittance Date, all amounts
otherwise payable to Seller hereunder shall be retained in the Waterfall Account until the earlier of (x) the day on which Buyer provides written notice to the Waterfall Account Bank that such Default has been cured to the satisfaction of Buyer in
its sole discretion and no other Default or Event of Default has occurred and is continuing, at which time the Waterfall Account Bank shall apply all such amounts pursuant to this priority eighth; and (y) the expiration of the cure
period applicable to such Default, up to a maximum of ten (10) days after the occurrence of the applicable Default, at which time the Waterfall Account Bank shall apply all such amounts pursuant to Section 5.04. 

  
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 (g) Section 5.04 of the Repurchase Agreement is hereby amended by deleting
the word “and” at the end of priority fifth, amending and restating the existing priority sixth in its entirety to read as set forth below, and inserting the following new priority seventh, as set forth below, each in
correct numerical order: 
 sixth, to make a payment to Other Facility Buyer or its Affiliates on
account of the Repurchase Price of all Purchased Assets (each as defined in the Other Repurchase Agreement) related to the Other Repurchase Agreement and any other amounts due and owing under the Other Facility until the Repurchase Price for such
Purchased Assets (each as defined in the Other Repurchase Agreement) and such other amounts due and owing have been reduced to zero, each such payment to be deposited into the related Waterfall Account (as defined in the Other Repurchase Agreement)
and allocated in Other Facility Buyer’s sole discretion; and 
 seventh, to pay to Seller any
remainder for its own account; provided, that if Buyer has exercised the remedies described in Section 10.02(d)(ii) with respect to any or all Purchased Assets, Seller shall not be entitled to any proceeds from any
eventual sale of such Purchased Assets. 
 (h) The preamble to Article 7 of the Repurchase Agreement is hereby
amended and restated in its entirety to read as follows: 
 Seller represents and warrants to Buyer and to
Other Facility Buyer, on and as of the date of this Agreement, each Purchase Date, and at all times when any Repurchase Document or Transaction is in full force and effect as follows: 

(i) Section 10.01 of the Repurchase Agreement is hereby amended by deleting the word “and” at the end of
clause (t), deleting the period at the end of clause (u), inserting “; and” at the end of clause (u), and inserting the following new clause (v), in correct alphabetical order: 

(v) an Event of Default (as such term is defined in the Other Repurchase Agreement) has occurred and is
continuing under the Other Facility. 
 (j) Section 11.01 of the Repurchase Agreement is hereby amended and restated
in its entirety to read as follows: 
 Section 11.01 Grant. (a) Buyer and Seller intend that the
Transactions be sales to Buyer of the Purchased Assets and not loans from Buyer to Seller secured by the Purchased Assets. However, to preserve and protect Buyer’s rights with respect to the Purchased Assets and under the Repurchase Documents
if any Governmental Authority recharacterizes any Transaction with respect to a Purchased Asset as other than a sale, and as security for the performance by Seller of the Repurchase Obligations and the performance by the sellers under the Other
Repurchase Agreement of the Other Facility Repurchase Obligations, (i) Seller hereby grants to Buyer a present Lien on and security interest in all of the right, title and interest of Seller in, to and under (A) the

  
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Purchased Assets (which for this purpose shall be deemed to include the items described in the proviso in the definition thereof), and (B) each Interest Rate Protection Agreement with each
Hedge Counterparty relating to each Purchased Asset ((A) and (B) collectively, the “Collateral”) and (ii) Seller hereby grants to Other Facility Buyer a present Lien on and security interest in all of the right, title and interest
of Seller in, to and under the Collateral; and the transfer of the Purchased Assets to Buyer shall be deemed to constitute and confirm such grant, to secure the payment and performance by Seller of the Repurchase Obligations (including the
obligation of Seller to pay the Repurchase Price, or if the related Transaction is recharacterized as a loan, to repay such loan for the Repurchase Price) and the performance by the sellers under the Other Repurchase Agreement of the Other Facility
Repurchase Obligations. 
 (b) Other Facility Buyer hereby acknowledges and agrees that Other Facility
Buyer’s security interest in the Collateral as security for the Other Facility Repurchase Obligations shall at all times be junior and subordinate in all respects to Buyer’s security interest in the Collateral as security for the
Repurchase Obligations. The preceding subordination of Other Facility Buyer’s security interest in the Collateral affects only the relative priority of Other Facility Buyer’s security interest in the Collateral, and shall not subordinate
the Other Facility Repurchase Obligations in right of payment to the Repurchase Obligations. 
 (c) Buyer
agrees to act as agent for and on behalf of Other Facility Buyer (including without limitation for purposes of Sections 9-313(c), 8-106(d)(3), 9-104(a) and 9-106(a) of the UCC) with respect to the security interest granted hereby to secure the
obligations owing to Other Facility Buyer under the Other Facility, including, without limitation, with respect to the Purchased Assets and the Mortgage Asset Files held by Custodian pursuant to the Custodial Agreement. 

(k) Section 11.02 of the Repurchase Agreement is hereby amended and restated in its entirety to read as follows: 

Section 11.02 Effect of Grant. If any circumstance described in
Section 11.01 occurs, (a) this Agreement shall also be deemed to be a security agreement as defined in the UCC, (b) Buyer and Other Facility Buyer shall have all of the rights and remedies provided to a secured
party by Requirements of Law (including the rights and remedies of a secured party under the UCC and the right to set off any mutual debt and claim) and under any other agreement between Buyer and Seller or between any Affiliated Hedge Counterparty
and Seller, (c) without limiting the generality of the foregoing, Buyer and Other Facility Buyer shall be entitled to set off the proceeds of the liquidation of the Purchased Assets against all of the Repurchase Obligations or Other Facility
Repurchase Obligations, as applicable, without prejudice to Buyer’s or Other Facility Buyer’s right to recover any deficiency, (d) the possession by Buyer or any of its agents, including Custodian, of the Mortgage Loan Documents, the
Purchased Assets and such other items of property as constitute instruments, money, negotiable 

  
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documents, securities or chattel paper shall be deemed to be possession by the secured party for purposes of perfecting such security interest under the UCC and Requirements of Law, and
(e) notifications to Persons (other than Buyer) holding such property, and acknowledgments, receipts or confirmations from Persons (other than Buyer) holding such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, securities intermediaries, bailees or agents (as applicable) of the secured party for the purpose of perfecting such security interest under the UCC and Requirements of Law. The security interests of Buyer granted herein shall
be, and Seller hereby represents and warrants to Buyer and all other Affiliated Hedge Counterparties that it is, a first priority perfected security interest. The security interests of Other Facility Buyer granted herein shall be, and Seller hereby
represents and warrants to Buyer and all other Affiliated Hedge Counterparties that it is, a perfected security interest subordinate in priority only to the security interests of Buyer. For the avoidance of doubt, (i) each Purchased Asset and
each Interest Rate Protection Agreement relating to a Purchased Asset secures the Repurchase Obligations of Seller with respect to all other Transactions and all other Purchased Assets, including any Purchased Assets that are junior in priority to
the Purchased Asset in question, and the Other Facility Repurchase Obligations, and (ii) if an Event of Default has occurred and is continuing, no Purchased Asset or Interest Rate Protection Agreement relating to a Purchased Asset will be
released from Buyer’s or Other Facility Buyer’s Lien or transferred to Seller until the Repurchase Obligations and Other Facility Repurchase Obligations are indefeasibly paid in full. Notwithstanding the foregoing, the Repurchase
Obligations and Other Facility Repurchase Obligations shall be full recourse to Seller. 
 (l) Section 18.08(d) of
the Repurchase Agreement is hereby amended and restated in its entirety to read as follows: 
 (d) Seller
shall cooperate with Buyer, at Buyer’s sole cost and expense, in connection with (i) any such sale and assignment of participations, syndications or assignments and (ii) any intercreditor
agreement entered in connection therewith, and shall enter into such restatements of, and amendments, supplements and other modifications to, the Repurchase Documents to give effect to any such sale or assignment; provided, that none of the
foregoing shall change any economic or other material term of the Repurchase Documents in a manner adverse to Seller without the consent of Seller. 

(m) Article 18 of the Repurchase Agreement is hereby amended by inserting the following new Section 18.27 in
correct numerical order: 
 Section 18.27 Joint and Several Obligations. 

(a) Seller hereby acknowledges and agrees that (i) Seller shall be jointly and severally liable with the
sellers under the Other Repurchase Agreement to Buyer to the maximum extent permitted by Requirements of Law for all Repurchase Obligations and Other Facility Repurchase Obligations, (ii) the 

  
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liability of Seller (A) shall be absolute and unconditional and shall remain in full force and effect (or be reinstated) until all Repurchase Obligations and Other Facility Repurchase Obligations
shall have been paid in full and the expiration of any applicable preference or similar period pursuant to any Insolvency Law, or at law or in equity, without any claim having been made before the expiration of such period asserting an interest in
all or any part of any payment(s) received by Buyer, and (B) until such payment has been made, shall not be discharged, affected, modified or impaired on the occurrence from time to time of any event, including any of the following, whether or not
with notice to or the consent of Seller, (1) the waiver, compromise, settlement, release, modification, supplementation, termination or amendment (including any extension or postponement of the time for payment or performance or renewal or
refinancing) of any of the Repurchase Obligations, Repurchase Documents, Other Facility Repurchase Obligations or “Repurchase Documents” (as defined in the Other Repurchase Agreement), (2) the failure to give notice to Seller of the
occurrence of an Event of Default, (3) the release, substitution or exchange by Buyer of any Purchased Asset or “Purchased Asset” (as defined in the Other Repurchase Agreement) (whether with or without consideration) or the acceptance by
Buyer of any additional collateral or the availability or claimed availability of any other collateral or source of repayment or any nonperfection or other impairment of collateral, (4) the release of any Person primarily or secondarily liable for
all or any part of the Repurchase Obligations or the Other Facility Repurchase Obligations, whether by Buyer or in connection with any Insolvency Proceeding affecting Seller, any seller under the Other Repurchase Agreement, or any other Person who,
or any of whose property, shall at the time in question be obligated in respect of the Repurchase Obligations, the Other Facility Repurchase Obligations or any part thereof, (5) the sale, exchange, waiver, surrender or release of any Purchased
Asset, “Purchased Asset” (as defined in the Other Repurchase Agreement), guarantee or other collateral by Buyer, (6) the failure of Buyer to protect, secure, perfect or insure any Lien at any time held by Buyer as security for amounts owed
by Seller or any seller under the Other Repurchase Agreement, or (7) to the extent permitted by Requirements of Law, any other event, occurrence, action or circumstance that would, in the absence of this Section 18.27, result in the release
or discharge Seller from the performance or observance of any Repurchase Obligation or any seller from the performance or observance of any Other Facility Repurchase Obligation, (iii) Buyer shall not be required first to initiate any suit or to
exhaust its remedies against Seller, any seller under the Other Repurchase Agreement or any other Person to become liable, or against any of the Purchased Assets or “Purchased Assets” (as defined in the Other Repurchase Agreement), in
order to enforce the Repurchase Documents and the “Repurchase Documents” (as defined in the Other Repurchase Agreement) and Seller expressly agrees that, notwithstanding the occurrence of any of the foregoing, Seller shall be and remain
directly and primarily liable for all sums due under any of the Repurchase Documents and the “Repurchase Documents” (as defined in the Other Repurchase Agreement), (iv) when making any demand hereunder against Seller or any of the
Purchased Assets, Buyer may, 

  
 -7- 

 
but shall be under no obligation to, make a similar demand on any seller under the Other Repurchase Agreement, or otherwise pursue such rights and remedies as it may have against any seller under
the Other Repurchase Agreement or any other Person or against any collateral security or guarantee related thereto or any right of offset with respect thereto, and any failure by Buyer to make any such demand, file suit or otherwise pursue such
other rights or remedies or to collect any payments from any such other seller or any such other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of any such other seller or
any such other Person or any such collateral security, guarantee or right of offset, shall not relieve Seller if a demand or collection is not made and shall not release Seller of its obligations or liabilities hereunder, and shall not impair or
affect the rights and remedies, express or implied, or as a matter of law, of Buyer against Seller (as used herein, the term “demand” shall include the commencement and continuation of legal proceedings), (v) on disposition by Buyer of any
property encumbered by any Purchased Assets or “Purchased Assets” (as defined in the Other Repurchase Agreement), Seller shall be and shall remain jointly and severally liable for any deficiency, (vi) Seller waives (A) any and all notice
of the creation, renewal, extension or accrual of any amounts at any time owing to Buyer by any other seller under the “Repurchase Documents” (as defined in the Other Repurchase Agreement) and notice of or proof of reliance by Buyer upon
Seller or acceptance of the obligations of Seller under this Section 18.27, and all such amounts, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance
upon the obligations of Seller under this Agreement, and all dealings between Seller, on the one hand, and Buyer, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the obligations of Seller
under this Agreement and the Other Repurchase Agreement, and (B) diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon Seller with respect to any amounts at any time owing to Buyer by Seller under the
Repurchase Documents or any other seller under the “Repurchase Documents” (as defined in the Other Repurchase Agreement), and (vii) Seller shall continue to be liable under this Section 18.27 without regard to (A) the validity,
regularity or enforceability of any other provision of this Agreement, the Other Repurchase Agreement, any other Repurchase Document or any other “Repurchase Document” (as defined in the Other Repurchase Agreement), any amounts at any time
owing to Buyer by Seller under the Repurchase Documents or any seller under the “Repurchase Documents” (as defined in the Other Repurchase Agreement), or any other collateral security therefor or guarantee or right of offset with respect
thereto at any time or from time to time held by Buyer, (B) any defense, set off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by Seller against Buyer, or (iii) any other
circumstance whatsoever (with or without notice to or knowledge of Seller) which constitutes, or might be construed to constitute, an equitable or legal discharge of Seller for any amounts owing to Buyer by Seller under the Repurchase Documents, or
of any seller under the “Repurchase Documents” (as defined in the Other Repurchase Agreement), in bankruptcy or in any other instance. 

  
 -8- 

 (b) Seller shall remain fully obligated under this Agreement
notwithstanding that, without any reservation of rights against Seller and without notice to or further assent by Seller, any demand by Buyer for payment of any amounts owing to Buyer by any other seller under the “Repurchase Documents”
(as defined in the Other Repurchase Agreement) may be rescinded by Buyer and any the payment of any such amounts may be continued, and the liability of any other party upon or for any part thereof, or any collateral security or guarantee therefor or
right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by Buyer (including any extension or postponement of the time for
payment or performance or renewal or refinancing of any Other Facility Repurchase Obligation), and this Agreement, the Other Repurchase Agreement, the Repurchase Documents, the “Repurchase Documents” (as defined in the Other Repurchase
Agreement) and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, in accordance with its terms, as Buyer may deem advisable from time to time, and any
collateral security, guarantee or right of offset at any time held by Buyer for the payment of amounts owing to Buyer by Seller under the Repurchase Documents or any seller under the “Repurchase Documents” (as defined in the Other
Repurchase Agreement) may be sold, exchanged, waived, surrendered or released. Buyer shall not have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for amounts owing to Buyer by Seller under the
Repurchase Documents or by sellers under the “Repurchase Documents” (as defined in the Other Repurchase Agreement), or any property subject thereto. 

(c) The Repurchase Obligations and the Other Facility Repurchase Obligations are full recourse obligations
to Seller, and Seller hereby forever waives, demises, acquits and discharges any and all defenses, and shall at no time assert or allege any defense, to the contrary.

(d) Anything herein or in any other Repurchase Document to the contrary notwithstanding, the maximum
liability of Seller hereunder in respect of the liabilities of the sellers under the Other Repurchase Agreement and the other “Repurchase Documents” (as defined in the Other Repurchase Agreement) shall in no event exceed the amount which
can be guaranteed by Seller under applicable federal and state laws relating to the insolvency of debtors. 
 SECTION
2. Amendment Effective Date. This Amendment and its provisions shall become effective on the date first set forth above (the “Amendment Effective Date”), which is the date that this Amendment was executed and delivered by
a duly authorized officer of each of Seller, Buyer and Guarantor, along with the delivery of a secretary certificate and bring down letters affirming the opinions as to corporate, enforceability and bankruptcy matters provided to Buyer on the
Closing Date, each dated as of the Amendment Effective Date. 

  
 -9- 

 SECTION 3. Representations, Warranties and Covenants. Seller
hereby represents and warrants to Buyer, as of the Amendment Effective Date, that (i) it is in full compliance with all of the terms and provisions and its undertakings and obligations set forth in the Repurchase Agreement and each other Repurchase
Document to which it is a party on its part to be observed or performed, and (ii) no Default or Event of Default has occurred or is continuing. Seller hereby confirms and reaffirms its representations, warranties and covenants contained in each
Repurchase Document to which it is a party. 
 SECTION 4. Acknowledgments of Guarantor. Guarantor hereby
acknowledges (a) the execution and delivery of this Amendment and agrees that it continues to be bound by that certain Guarantee Agreement, dated as of March 13, 2014 (the “Guarantee Agreement”), made by Guarantor in favor of Buyer,
notwithstanding the execution and delivery of this Amendment and the impact of the changes set forth herein, and (b) that, as of the date hereof Buyer is in compliance with its undertakings and obligations under the Repurchase Agreement, the
Guarantee Agreement and each of the other Repurchase Documents. 
 SECTION 5. Limited Effect. Except as
expressly amended and modified by this Amendment, the Repurchase Agreement and each of the other Repurchase Documents shall continue to be, and shall remain, in full force and effect in accordance with their respective terms; provided,
however, that upon the Amendment Effective Date, each (x) reference therein and herein to the “Repurchase Documents” shall be deemed to include, in any event, this Amendment, (y) each reference to the “Repurchase
Agreement” in any of the Repurchase Documents shall be deemed to be a reference to the Repurchase Agreement, as amended hereby, and (z) each reference in the Repurchase Agreement to “this Agreement”, this “Repurchase
Agreement”, this “Amended and Restated Repurchase Agreement”, “hereof”, “herein” or words of similar effect in referring to the Repurchase Agreement shall be deemed to be references to the Repurchase Agreement, as
amended by this Amendment. 
 SECTION 6. Counterparts. This Amendment may be executed by each of the
parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a 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. 

SECTION 7. Expenses. Seller and Guarantor agree to pay and reimburse Buyer for all out-of-pocket costs and
expenses incurred by Buyer in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the fees and disbursements of Cadwalader, Wickersham & Taft LLP, counsel to Buyer 

SECTION 8. GOVERNING LAW. THIS AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED
TO THIS AMENDMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AMENDMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND
DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW 

  
 -10- 

 
RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AMENDMENT. 

[SIGNATURES FOLLOW] 

  
 -11- 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered as of the day and year first above written. 
  

			
	 SELLER:

	
	 PARLEX 5 FINCO, LLC, a Delaware limited liability company

		
	 By:
	 	 /s/ Douglas Armer

	 Name:
	 	 Douglas Armer

	 Title:
	 	 Managing Director, Head of Capital

		 	 Markets and Treasurer

 
			
	 BUYER:

	
	 WELLS FARGO BANK, N.A., a national banking association

		
	 By:
	 	 /s/ Allen Lewis

	 Name:
	 	 Allen Lewis

	 Title:
	 	 Director

	
	 OTHER FACILITY BUYER:

	
	 In its capacity as Other Facility Buyer, and solely for purposes of acknowledging
and agreeing to Section 11.01(c) of the Repurchase Agreement, as amended hereby:

	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association

		
	 By:
	 	 /s/ Joe Check

	 Name:
	 	 Joe Check

	 Title:
	 	 Vice President

 
			
	 With respect to the acknowledgments set forth in Section 4
herein:

	
	 GUARANTOR:

	
	 BLACKSTONE MORTGAGE TRUST, INC., a Maryland corporation

		
	 By:
	 	 /s/ Douglas Armer

	 Name:
	 	 Douglas Armer

	 Title:
	 	 Managing Director, Head of Capital

		 	 Markets and Treasurer

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