Document:

Exhibit 10.9

THIRD AMENDMENT TO MASTER
REPURCHASE AGREEMENT

THIS THIRD AMENDMENT TO MASTER REPURCHASE AGREEMENT,
dated as of March __, 2006  (this “Amendment”)
by and among Goldman Sachs Mortgage Company, as a buyer (“GSMC”),
Gramercy Warehouse Funding II LLC, as a seller (“Gramercy”) and GKK
Trading Warehouse II LLC, as a seller (“GKK” and together with Gramercy,
collectively, “Seller”), amends that certain Master Repurchase
Agreement, dated as of January 3, 2005, as amended by that certain First
Amendment to Master Repurchase Agreement dated as of June 30, 2005 and
that Second Amendment to Master Repurchase Agreement, dated as of August __,
2005 (as amended, the “Repurchase Agreement”). Capitalized terms used
but not defined herein shall have the meanings set forth in the Repurchase
Agreement.

RECITAL

WHEREAS, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Seller and GSMC have
agreed to amend the Repurchase Agreement as provided herein;

NOW, THEREFORE, IT
IS AGREED AS FOLLOWS:

1.             Schedule
1. Schedule 1 to Annex I to the Repurchase Agreement is hereby deleted in
its entirety and replaced with Schedule A-1 attached hereto. From
and after the date hereof, all references to Schedule 1 in the Repurchase
Agreement shall be deemed to refer to Schedule A-1 attached
hereto.

2.             Continuing
Effect. Except as expressly amended by this Amendment, the Repurchase
Agreement and the other Transaction Documents remain in full force and effect
in accordance with their respective terms, and are hereby in all respects
ratified and confirmed.

3.             References
to Repurchase Agreement. All references to the Repurchase Agreement 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 Repurchase Agreement as amended hereby,
unless the context expressly requires otherwise.

4.             Governing
Law. This Amendment shall be governed by and construed and interpreted in
accordance with the laws of the State of New York.

5.             Counterparts.
This Amendment may be executed in any number of counterparts, each of which
when so executed and delivered shall be an original, but all of which shall
constitute one and the same instrument.

[Signatures appear on the
next page.]

 

 

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered in
their names as of the date first above written.

	
  

  	
  GOLDMAN SACHS MORTGAGE COMPANY, a New York limited partnership

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Goldman Sachs
  Real Estate Funding Corp., its 

  
	
   

  	
   

  	
  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GRAMERCY
  WAREHOUSE FUNDING II LLC, a Delaware limited liability
  company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  GRAMERCY
  INVESTMENT TRUST, a Maryland real estate investment trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  GKK Capital LP,
  a Delaware limited partnership, its sole member and manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  GRAMERCY CAPITAL CORP., a Maryland corporation, its
  general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title

  
	
   

  	
   

  	
   

  
	
   

  	
  GKK TRADING WAREHOUSE II, LLC, a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   GKK TRADING
  CORP., its sole member and manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  GRAMERCY CAPITAL CORP., a Maryland corporation, its
  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 2Exhibit 10.10

PRICING
LETTER

(SECOND AMENDED AND RESTATED MASTER REPURCHASE FACILITY)

March 21,
2006

GRAMERCY WAREHOUSE

FUNDING I LLC

c/o SL Green Realty Corp.

420 Lexington Avenue

New York, New York 10170

Attention: Mr. Hugh Hall

Re:                               Second
Amended and Restated Master Repurchase Agreement, dated as of April 21,
2005 (as the same may be amended, restated, supplement or otherwise modified
and in effect from time to time the “Repurchase Agreement”), by the
among GRAMERCY WAREHOUSE FUNDING I LLC (“GWF-I”) and the additional
sellers from time to time parties thereto (the “Additional Sellers”,
together with GWF-I, collectively, the “Sellers”, each, a “Seller”),
the buyers from time to time parties thereto (collectively, the “Buyers”
each, a “Buyer”) and WACHOVIA BANK, NATIONAL ASSOCIATION, as agent for
the Buyers (in such capacity, the “Agent”), with Wachovia Capital
Markets, LLC, as the Sole Lead Arranger.

Ladies and Gentlemen:

                Reference is made to the Repurchase Agreement defined
above. Capitalized terms that are used but not otherwise defined herein shall
have the meanings set forth in the Repurchase Agreement. This letter agreement
is delivered to you pursuant to the Repurchase Agreement to set forth certain
additional terms and conditions that have agreed to by the Sellers and the
Buyers.

                With respect to each Transaction entered into between
any Seller and the Agent on behalf of the Buyers pursuant to the Repurchase
Agreement, all terms shall be set forth in the related Confirmation. To the
extent not set forth in the related Confirmation, the terms of each transaction
shall be as set forth herein. In the event of any conflict between the terms
set forth in this letter agreement and the terms set forth in any Confirmation,
the terms of such Confirmation shall control.

1.  Definitions.
As used herein and in any other Repurchase Document, subject to the preceding
paragraph, the following terms shall have the following meanings (all terms
defined in this Section or in other provisions of this letter agreement in the
singular shall have the same meanings when used in the plural and vice versa):

 

                “Pricing Rate”: With respect to a Mortgage
Asset of a certain Class and the applicable Type of Underlying Mortgaged
Property, at any date of determination a rate per annum equal to the sum of (a) the
Eurodollar Rate applicable on such date plus (b) the applicable Pricing
Spread.

                “Pricing Spread”: With respect to any Transaction,
an amount equal to the applicable financing spread specified on Schedule 1
hereto in respect of the applicable Classes of Mortgage Assets and the Types of
Underlying Mortgage Property set forth therein: provided, that (i) with
respect to each such Transaction comprised of more than one (1) Type of
Mortgage Asset, the Pricing Spread shall be based upon the Type of Underlying
Mortgage Property on a componentized basis and the weighted average Pricing
Spread of the related components as of 
any date of determination, (ii) in the event that such Transaction
is comprised of Mortgage Assets each with a corresponding Book Value, the
Pricing Spread shall be based upon the Type of Underlying Mortgage Property as
of any date of determination and (iii) with respect to each Purchased
Asset which is not a Transitional Asset, the Pricing Spread will vary in
accordance with the Purchase Rate selected by the Seller (e.g., a 1.0%
reduction in the Purchase Rate will result in a 1bp (0.01%) reduction in the
Pricing Spread , up to a maximum reduction of 30bp (0.30%). In the case of
Mortgage Assets other than Whole Loans and Transitional Assets, if the initial
dollar of Purchase Price exposure is reduced to a level that is 20% less than
the initial dollar LTV listed on Schedule 1 for the related Class and
Type of Underlying Mortgage Property (e.g., a Purchase Date LTV of 50% rather
than 70% with a corresponding increase in the DSCR), then the Pricing Spread
shall be reduced by 50bp (0.05%), and if the initial dollar of Purchase Price
exposure is reduced to a level that is 10% less than the initial dollar LTV
listed on Schedule 1 for the related Class and Type of Underlying
Mortgage Property (e.g., a Purchase Date LTV of 60% rather than 70%, with a
corresponding increase in the DSCR), then the Pricing Spread shall be reduced
by 25bp (0.25%). All such reductions and any other adjustments to the Pricing
Rate shall be determined by the Agent in its sole discretion and shall be
conclusive and binding absent manifest error.

                “Purchase Rate”: With respect to any
Transaction, an amount equal to the maximum advance rate specified on Schedule 1
hereto in respect of the applicable Classes of Mortgage Assets and the Types of
Underlying Mortgage Property set forth therein; provided, that (i) in
the event any DSCR criteria applicable to a Mortgage Asset is not satisfied and
Buyer nevertheless elects to enter into, or continue, a Transaction in respect
of such Mortgage Asset, the applicable Purchase Rate shall be reduced to the
level at which all applicable DSCR criteria are satisfied and (ii) if, on
any date after the one-year anniversary of the Effective Date, the total number
of Mortgage Assets is fewer than five (5), then on such date (and again on each
one-year anniversary of such date) the Purchase Rate applicable to each
Mortgage Asset shall be reduced by 5.0% (e.g., from 65% to 60%); provided,
further, that the Purchase Rate shall be zero with respect to any
Mortgage Asset) which is an REO Property Loan or Distressed Debt, (ii) which
was not acquired by the Seller in an independent third-party transaction as of
the related Purchase Date and (iii) for which the Agent has not received
an appraisal meeting the standards of FIRREA indicating that the last dollar of
the related Purchase Price will not have an LTV greater than (x) 78% in
the case of RMBS, CMBS and any Mortgage Asset secured by an Underlying Mortgage
Property which is not a hotel or (y) 60%, in the case of any Mortgage
Asset secured by an Underlying Mortgaged Property which is a hotel.

 2
 

 

2.  Amendments.
This letter agreement may not be amended nor any provision hereof waived or modified
except by an instrument in writing signed by the Sellers and Buyer.

3.  Governing
Law. This letter agreement shall be governed by, and construed and
interpreted in accordance with, the laws of the State of New York.

This letter
agreement amends, restates and supercedes in it entirely that certain pricing
letter agreement, dated April 21, 2005, entered into in respect of the
Existing Agreement (as defined in the Repurchase Agreement).

This letter
agreement may be executed in any number of counterparts, and by the Sellers,
the Buyers and the Agent on separate counterparts, each of which, when so
executed and delivered, shall be an original, but all of which taken together
shall constitute one and the same document. Delivery of an executed counterpart
of this letter agreement by telecopier shall be effective as delivery of a
manually counterpart thereof.

Please evidence
your agreement to the terms of this letter agreement by signing a counterpart
of this letter agreement and returning it to the undersigned.

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

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  Sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
  WACHOVIA
  BANK, NATIONAL ASSOCIATION, 

  
	
   

  	
   

  	
  as the Agent and
  sole Buyer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Name: Joseph F.
  Cannon

  
	
   

  	
   

  	
  Title: Vice
  President

  

 

	
  Agreed to and
  accepted:

  
	
   

  
	
  GRAMERCY
  WAREHOUSE FUNDING I LLC,

  
	
  a Maryland
  corporation

  
	
   

  
	
  By: 

  	
  GKK CAPITAL LP,
  a Delaware limited

  partnership, its sole member and manager

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  GRAMERCY CAPITAL
  CORP.; a

  Maryland corporation, its general partner

  
	
   

  	
   

  	
   

  
	
  .

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Hugh Hall

  
	
   

  	
   

  	
   

  	
  Title: Chief
  Operating Officer

  

 

 4
 

 

 

 

	
  GRAMERCY CAPITAL CORP., a Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
   

  	
   

  
	
   

  	
  Name: Joseph F.
  Cannon

  	
   

  
	
   

  	
  Title: Chief
  Operating Officer

  	
   

  

 

 

	
  GKK CAPITAL LP, a Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
   

  	
   

  
	
   

  	
  Name: Joseph F.
  Cannon

  	
   

  
	
   

  	
  Title: Chief
  Operating Officer

  	
   

  

 

 5

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