Document:

Exhibit 10.3

    

     

    

    
      EXECUTION VERSION

    

     

    

    
      FIRST AMENDMENT TO AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

      

      

      This First Amendment to Amended and Restated Master Repurchase Agreement (this “Amendment”), dated as of July 31, 2018, is by and among KREF LENDING III LLC, a Delaware limited liability company (“QRS Seller”),

          KREF LENDING III TRS LLC, a Delaware limited liability company (“TRS Seller”; together with QRS Seller, the “Sellers” and each a “Seller”) and GOLDMAN SACHS BANK USA, a New York chartered bank (“Buyer”).  Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase Agreement (as defined below).

      

      

      W I T N E S S E T H:

      

      

      WHEREAS, the Sellers and Buyer have entered
          into that certain Amended and Restated Master Repurchase Agreement, dated as of November 1, 2017 (as the same may be amended, modified and/or restated from time to time, the “Repurchase

              Agreement”); and

      

      

      WHEREAS, the Sellers and Buyer wish to modify
          certain terms and provisions of the Master Repurchase Agreement.

      

      

      NOW, THEREFORE, the parties hereto agree as
          follows:

      

      

      1.  Amendments to Repurchase Agreement.  The Repurchase Agreement is hereby amended as follows:

      

      

      (a)           The definition of “Swingline Facility Amount” in Article 2 of the Repurchase Agreement is hereby deleted in its entirety and replaced with the following:

      

      

      “Swingline Facility Amount” means, at all times prior
          to the Business Day preceding the Swingline Maturity Date, $50,000,000 and at all times thereafter, $150,000,000.

      

      

      (b)           The definition of “Term Facility Amount” in Article 2 of the Repurchase Agreement is hereby deleted in its entirety and replaced with the following:

      

      

      “Term Facility Amount” means, at all times prior to the
          Business Day preceding the Swingline Maturity Date, $350,000,000 and at all times thereafter, $250,000,000.

      

      

      (c)           The following is hereby added as a new Section
          3(t) to the Repurchase Agreement:

      

      

      (t)     If, at any time the aggregate outstanding Purchase
          Prices for all existing Term Transactions exceeds the Term Facility Amount, then Sellers shall promptly (and in any event not later than the immediately following Business Day) pay to Buyer an amount so that the aggregate outstanding Purchase
          Prices for all existing Term Transactions no longer exceeds the Term Facility Amount.  Buyer shall apply such payment to the Purchased Loans that constitute Term Transactions as Buyer may determine in its sole discretion.

      

      

      (d)           The following is hereby added as a new Section
          3(u) to the Repurchase Agreement:

      

      

      (u)     If, at any time the aggregate outstanding Purchase
          Prices for all existing Swingline Transactions exceeds the Swingline Facility Amount, then Seller shall promptly (and in any event not later than the immediately following Business Day) pay to Buyer an amount so that the aggregate outstanding
          Purchase Prices for all existing Swingline Transactions no longer exceeds the Swingline Facility Amount.  Buyer shall apply such payment to the Purchased Loans that constitute Swingline Transactions as Buyer may determine in its sole discretion.

      

      

      
        
          

      

      
      (e)           Section 14(iii) of the Repurchase Agreement is
          hereby deleted in its entirety and replaced with the following::

      

      

      (iii)    Sellers fail to pay any Concentration Limit Amount
          in accordance with Section 3(o) or any amounts payable in accordance with Sections 3(t) or
          3(u).”

      

      

      2.   Effectiveness.  The effectiveness of this Amendment is subject to receipt by Buyer of the following:

      

      

      (a) Amendment.  This Amendment, duly executed and delivered by each Seller, Pledgor, Guarantor and Buyer.

      

      

      (b) Responsible Officer Certificate.   A signed certificate from a Responsible Officer of each Seller certifying: (i) that no amendments have been made to the organizational documents of such Seller since November 1, 2017,
          unless otherwise stated therein; and (ii) as to the authority of such Seller to execute and deliver this Amendment and the other Transaction Documents to be executed and delivered in connection with this Amendment.

      

      

      (c) Good Standing.  Certificates of existence and good standing and/or qualification to engage in business for each Seller.

      

      

      (d) Fees.  Payment by Sellers of the actual costs and expenses, including, without limitation, the reasonable fees and expenses of counsel to Buyer, incurred by Buyer in connection with this Amendment and the transactions
          contemplated hereby.

      

      

      3.  Continuing Effect; Reaffirmation of Pledge Agreement and Guarantee.  Each of QRS Seller, TRS Seller, Pledgor and Guarantor acknowledge and agree that all terms, covenants and provisions of the Repurchase Agreement, as
          amended by this Amendment, are ratified and confirmed and shall remain in full force and effect and in addition, any and all guaranties, pledges and indemnities for the benefit of Buyer (including, without limitation, the Pledge Agreement and the
          Guarantee) 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.  Each of QRS Seller, TRS Seller, Pledgor and Guarantor certifies that (x) the representations and warranties contained in the Transaction
          Documents to which it is a party remain true, correct and complete in all material respects as of the date hereof with the same force and effect as if made on the date hereof and that (y) it has no offsets, counterclaims or defenses to any of its
          obligations under the Transaction Documents to which it is a party.

      

      

      
        2

        
          

      

      4.  Binding Effect; No Partnership; Counterparts.  The provisions of the Repurchase Agreement, 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.

      

      

      5.   Further Agreements.   Each Seller 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.

      

      

      6.   Governing Law.  The provisions of Section 20 of the Repurchase Agreement are incorporated herein by reference.

      

      

      7.   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.

      

      

      8.  References to Transaction Documents.  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.

      

      

      [NO FURTHER TEXT ON THIS PAGE]

      

      

      
        3

        
          

      

      IN WITNESS WHEREOF, the parties have executed this Amendment as of the day first written above.

      

      

      	 	
              BUYER:

            
	 	 
	 	
              GOLDMAN SACHS BANK USA, a New York state-chartered bank

            
	 	 	 
	 	
              By:

            	/s/ Jeffrey Dawkins

            
	 	 	
              Name: Jeffrey Dawkins

            
	 	 	
              Title: Authorized Person

                

            

      

      

      
        [Signature Page to First Amendment]

      

      

      

      
        
          

      

      	 	
              SELLERS:

            
	 	 
	 	
              KREF LENDING III LLC,

            
	 	
              a Delaware limited liability company

            
	 	 	 
	 	
              By:

            	
              /s/ Patrick Mattson

            
	 	 	
              Name: Patrick Mattson

            
	 	 	
              Title: Authorized Signatory

                

            
	 	 	 
	 	
              KREF LENDING III TRS LLC,

            
	 	
              a Delaware limited liability company

            
	 	 	 
	 	
              By:

            	
              /s/ Patrick Mattson

            
	 	 	
              Name: Patrick Mattson

            
	 	 	
              Title: Authorized Signatory

            

      

      

      
        [Signature Page to First Amendment]

      

      

      

      
        
          

      

      	 	
              AGREED AND ACKNOWLEDGED:

            
	 	

            	 
	 	
              PLEDGOR:

               
	 	 	 
	 	
              KREF HOLDINGS III LLC,

            
	 	
              a Delaware limited liability company

            
	 	 	 
	 	
              By:

            	
              /s/ Patrick Mattson

            
	 	 	
              Name: Patrick Mattson

            
	 	 	
              Title: Authorized Signatory

            
	 	 	 
	 	
              GUARANTOR:

            
	 	 	 
	 	
              KKR REAL ESTATE FINANCE HOLDINGS L.P.

            
	 	
              a Delaware limited partnership

            
	 	 	 
	 	
              By: KKR REAL ESTATE FINANCE TRUST INC., its general partner

            
	 	 	 
	 	
              By:

            	
              /s/ Patrick Mattson

            
	 	 	
              Name: Patrick Mattson

            
	 	 	
              Title: Authorized Signatory

            

    

     

    

    
      [Signature Page to First Amendment]Exhibit 10.4

    

     

    

    
      EXECUTION VERSION

    

     

    

    
      SECOND AMENDMENT TO AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

      

      

      This Second Amendment to Amended and Restated Master Repurchase Agreement (this “Amendment”), dated as of October 31, 2018, is by and among KREF LENDING III LLC, a Delaware limited liability company (“QRS Seller”), KREF
          LENDING III TRS LLC, a Delaware limited liability company (“TRS Seller”; together with QRS Seller, the “Sellers”
          and each a “Seller”) and GOLDMAN SACHS BANK USA, a New York chartered bank (“Buyer”). 
          Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase Agreement (as defined below).

      

      

      W I T N E S S E T H:

      

      

      WHEREAS, the Sellers and Buyer have entered
          into that certain Amended and Restated Master Repurchase Agreement, dated as of November 1, 2017 (as amended by that certain First Amendment to Amended and Restated Master Repurchase Agreement, dated as of July 31, 2018, and as may be further
          amended, modified and/or restated from time to time, the “Repurchase Agreement”); and

      

      

      WHEREAS, the Sellers and Buyer wish to modify
          certain terms and provisions of the Repurchase Agreement.

      

      

      NOW, THEREFORE, the parties hereto agree as
          follows:

      

      

      1.           Amendments to Repurchase Agreement.  The Repurchase Agreement is hereby amended as follows:

      

      

      (a)          Each of the following definitions in Article 2 of
          the Repurchase Agreement are hereby deleted and replaced as follows:

      

      

      “Swingline Facility Amount” means, at all times after
          the Second Amendment Date, $0.

      

      

      “Term Facility Amount” means, at all times after the
          Second Amendment Date, $400,000,000.

      

      

      (b)          The following definition is hereby added to Article
          2 of the Repurchase Agreement in the correct alphabetical order:

      

      

      “Second Amendment Date” means October 31, 2018.

      

      

      2.           Effectiveness.  The effectiveness of this Amendment is subject to receipt by Buyer of the following:

      

      

      (a)          Amendment.  This Amendment, duly executed and delivered by each Seller, Pledgor, Guarantor and Buyer.

      

      

      (b)        Responsible Officer Certificate.   A signed certificate from a Responsible Officer of each Seller relating to each Seller’s execution and delivery of this Amendment and the other Transaction Documents to be executed
          and delivered in connection with this Amendment, in substantially the form of the “Officer’s Certificate” dated July 31, 2018 in connection with the aforementioned First Amendment to Amended and Restated Master Repurchase Agreement.

      

      

      
        
          

      

      
      (c)          Good Standing.  Certificates of existence and good standing and/or qualification to engage in business for each Seller.

      

      

      (d)          Fees.  Payment by Sellers of the actual costs and expenses, including, without limitation, the reasonable fees and expenses of counsel to Buyer, incurred by Buyer in connection with this Amendment and the transactions
          contemplated hereby.

      

      

      3.          Continuing Effect; Reaffirmation of Pledge Agreement and Guarantee.  Each of QRS Seller, TRS Seller, Pledgor and Guarantor acknowledge and agree that all terms, covenants and provisions of the Repurchase Agreement, as
          amended by this Amendment, are ratified and confirmed and shall remain in full force and effect and in addition, any and all guaranties, pledges and indemnities for the benefit of Buyer (including, without limitation, the Pledge Agreement and the
          Guarantee) 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.  Each of QRS Seller, TRS Seller, Pledgor and Guarantor certifies that (x) the representations and warranties contained in the Transaction
          Documents to which it is a party remain true, correct and complete in all material respects as of the date hereof with the same force and effect as if made on the date hereof and that (y) it has no offsets, counterclaims or defenses to any of its
          obligations under the Transaction Documents to which it is a party.

      

      

      4.           Binding Effect; No Partnership; Counterparts.  The provisions of the Repurchase Agreement, 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.

      

      

      5.           Further Agreements.   Each Seller 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.

      

      

      6.           Governing Law.  The provisions of Section 20 of the Repurchase Agreement are incorporated herein by reference.

      

      

      7.           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.

      

      

      8.           References to Transaction Documents.  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.

      

      

      [NO FURTHER TEXT ON THIS PAGE]

      

      

      
        2

        
          

      

      IN WITNESS WHEREOF, the parties have executed this Amendment as of the day first written above.

      

      

      	 	
              BUYER:

            
	 	  
	 	
              GOLDMAN SACHS BANK USA, a New York state-chartered bank

            
	 	  
	 	
              By:

            	/s/ Jeffrey Dawkins
	 	 	
              Name: Jeffrey Dawkins

            
	 	 	
              Title: Authorized Person

            

      

      

      
        [Signature Page to Second Amendment]

      

      

      

      
        
          

      

      	 	
              SELLERS:

            
	 	 
	 	
              KREF LENDING III LLC,

            
	 	
              a Delaware limited liability company

            
	 	 	 
	 	
              By:

            	
              /s/ Patrick Mattson

            	 
	 	 	
              Name: Patrick Mattson

            
	 	 	
              Title: Authorized Signatory

            
	 	 	 
	 	
              KREF LENDING III TRS LLC,

            
	 	
              a Delaware limited liability company

            
	 	 	 
	 	
              By:

            	
              /s/ Patrick Mattson

            	 
	 	 	
              Name: Patrick Mattson

            
	 	 	
              Title: Authorized Signatory

            

      

      

      
        [Signature Page to Second Amendment]

      

      

      

      
        
          

      

      	 	
              AGREED AND ACKNOWLEDGED:

            
	 	 
	 	
              PLEDGOR:

            
	 	 
	 	
              KREF HOLDINGS III LLC,

            
	 	
              a Delaware limited liability company

            
	 	 
	 	
              By:

            	
              /s/ Patrick Mattson

            	 
	 	 	
              Name: Patrick Mattson

            
	 	 	
              Title:
                  Authorized Signatory

            
	 	 
	 	
              GUARANTOR:

            
	 	 
	 	
              KKR REAL ESTATE FINANCE HOLDINGS L.P.

            
	 	
              a Delaware limited partnership

            
	 	 
	 	
              By: KKR REAL ESTATE FINANCE TRUST INC., its general partner

            
	 	 
	 	
              By:

            	
              /s/ Patrick Mattson

            	 
	 	 	
              Name: Patrick Mattson

            
	 	 	
              Title: Authorized Signatory

            

    

     

    

    
      [Signature Page to Second Amendment]

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