Document:

Document

Exhibit 10.4
EXECUTION VERSION

Portions of this exhibit have been redacted in compliance with Regulation S-K Item 601(b)(10). The omitted information is not material and is the type of information that TPG RE Finance Trust, Inc. customarily and actually treats as private and confidential.

FIRST AMENDMENT TO
FEE LETTER AND THIRD AMENDMENT TO 
MASTER REPURCHASE AGREEMENT

THIS FIRST AMENDMENT TO FEE LETTER AND THIRD AMENDMENT TO MASTER REPURCHASE AGREEMENT, dated April 26, 2022 (this “Amendment”), is entered into by and among TPG RE FINANCE 23, LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands (“Seller”), and BARCLAYS BANK PLC, a public limited company organized under the laws of England and Wales (including any successors or assigns thereto, “Purchaser”).  Capitalized terms used and not otherwise defined herein shall have the meanings given to such terms in the Fee Letter (as defined below), and if not defined therein, in the Master Repurchase Agreement (as defined below).
RECITALS
WHEREAS, Purchaser and Seller are parties to that certain Master Repurchase Agreement, dated as of August 13, 2019, as amended by that certain First Amendment to Master Repurchase Agreement, dated as of June 19, 2020, as further amended by that certain Second Amendment to Master Repurchase Agreement, dated as of April 14, 2022 (as so amended, the “Existing Repurchase Agreement” and, as further amended by this Amendment, and as hereafter further amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to time, the “Master Repurchase Agreement”); 
WHEREAS, in connection with the Master Repurchase Agreement, Seller and Purchaser are parties to that certain Fee Letter, dated as of August 13, 2019 (the “Existing Fee Letter” and, as amended by this Amendment, and as hereafter amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to time, the “Fee Letter”); and
WHEREAS, the parties hereto desire to make certain amendments and modifications to the Existing Repurchase Agreement and the Existing Fee Letter.
NOW THEREFORE, in consideration of the foregoing recitals, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:
ARTICLE 1

AMENDMENTS TO THE EXISTING REPURCHASE AGREEMENT
Article 2 of the Existing Repurchase Agreement is hereby amended by amending and restating the following definition:
“Availability Period” shall mean the period (i) beginning on the Closing Date and (ii) ending August 12, 2025, or such later date as may be in effect pursuant to Article 3(f).

ARTICLE 2

[REDACTED]

ARTICLE 3

REPRESENTATIONS
Seller represents and warrants to Purchaser, as of the date of this Amendment, as follows:
(a)all representations and warranties made by any Seller Party in the Transaction Documents (except to the extent disclosed on the Requested Exceptions Report approved by Purchaser in accordance with the terms hereof and other than MTM Representations, unless Seller shall have made any such representation or warranty with actual Knowledge that it was materially false or misleading at the time made) are true, correct and complete on and as of the date hereof with the same force and effect as if made on and as of such date, provided that, to the extent that any such representation or warranty related to a specific earlier date set forth therein, it shall be true, correct and complete as of such earlier date;
(b)it is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and is duly qualified in each jurisdiction necessary to conduct business as presently conducted; 
(c)it is duly authorized to execute and deliver this Amendment and to perform its obligations under the Existing Repurchase Agreement and the Existing Fee Letter, in each case, as amended and modified hereby, and has taken all necessary action to authorize such execution, delivery and performance; 
(d)the person signing this Amendment on its behalf is duly authorized to do so on its behalf; 
(e)the execution, delivery and performance of this Amendment will not violate any Requirement of Law applicable to it or its organizational documents or any agreement by which it is bound or by which any of its assets are affected; 
(f)this Amendment has been duly executed and delivered by it; and 
(g)the Existing Repurchase Agreement and the Existing Fee Letter, in each case, as amended and modified hereby, constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, other limitations on creditors’ rights generally and general principles of equity.
ARTICLE 4

[RESERVED]
ARTICLE 5

EXPENSES
Seller shall pay on demand all of Purchaser’s actual out-of-pocket costs and expenses, including reasonable fees and expenses of external attorneys, incurred in connection with the preparation, negotiation, execution and consummation of this Amendment.
2

ARTICLE 6

GOVERNING LAW
THIS AMENDMENT (AND ANY CLAIM OR CONTROVERSY HEREUNDER) SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO THE CONFLICT OF LAWS DOCTRINE APPLIED IN SUCH STATE (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).
ARTICLE 7

MISCELLANEOUS
ARTICLE 1Except as expressly amended or modified hereby, the Transaction Documents shall remain in full force and effect in accordance with their terms and are hereby ratified and confirmed.  All references to the Transaction Documents shall be deemed to mean the Transaction Documents as modified by this Amendment.   
(a)This Amendment may be executed in counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page of this Amendment in electronic format shall be as effective as delivery of a manually executed original counterpart of this Amendment.
(b)The headings in this Amendment are for convenience of reference only and shall not affect the interpretation or construction of this Amendment.
(c)This Amendment may not be amended or otherwise modified, waived or supplemented except as provided in the Master Repurchase Agreement.
(d)This Amendment contains a final and complete integration of all prior expressions by the parties with respect to the subject matter hereof and shall constitute the entire agreement among the parties with respect to such subject matter, superseding all prior oral or written understandings.
(e)This Amendment and the Fee Letter, and this Amendment and the Repurchase Agreement, as applicable, in each case, together constitute a single Transaction Document.
[SIGNATURES FOLLOW]
3

IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed, as of the date first above written.

									
		BARCLAYS BANK PLC,

		as Purchaser
			
			
		By:
	/s/ Francis X. Gilhool
			Name: Francis X. Gilhool

			Title:  Authorized Signatory

[SIGNATURE CONTINUES ON FOLLOWING PAGES]

Barclays–TPG – First Amendment to Fee Letter and Third Amendment to Master Repurchase Agreement

									
		TPG RE FINANCE 23, LTD.,
		an exempted company incorporated with limited
		liability under the laws of the Cayman Islands,
		as a Seller
			
			
		By:
	/s/ Deborah Ginsberg
			Name: Deborah Ginsberg

			Title:   Vice President

			

Barclays–TPG – First Amendment to Fee Letter and Third Amendment to Master Repurchase AgreementDocument

Exhibit 10.1

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED LEASE AGREEMENT NO. 1

THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED LEASE AGREEMENT NO. 1 (this "First Amendment") is entered into as of May 6,
2022, by and between HPT TA PROPERTIES TRUST, a Maryland real estate investment trust, and HPT TA PROPERTIES LLC, a Maryland limited liability company ("HPT"
and, collectively with HPT TA Properties Trust, "Landlord"), and TA OPERATING LLC,
a Delaware limited liability company ("Tenant").

WHEREAS, Landlord and Tenant are parties to that certain Second Amended and
Restated Lease Agreement No.  1, dated as of October 14, 2019 (the "Lease"); and

WHEREAS, the TA Travel Center located at 7265 N.  Baker Road, Fremont, Indiana
(the "Fremont Property") is subject to the Lease;

WHEREAS, the Fremont Property is the subject of a ground lease effective as of August 12, 2002 (as assigned from time to time, the "Fremont Lease"), as evidenced by that certain Memorandum of Leases recorded August 20, 2002 as Instrument 02080600 of the records of Steuben County, Indiana; and

WHEREAS, the Fremont Lease has been amended by that certain First Amendment to and Assignment of Lease Agreement, Equipment Lease,  and Sewer and Water Well Use Agreement by and among Quadland Corporation, an Ohio corporation, Tewel Corporation, a Delaware corporation, HPT, and Tenant dated as of March 21, 2022 (the "Fremont Amendment"), as evidenced by that certain Notice of First Amendment to and Assignment of Leases recorded March 29, 2022 as Instrument 22030694 of the records of Steuben County, Indiana; and

WHEREAS, the Fremont Amendment assigned from HPT to Tenant the tenant's interest under the Fremont Lease; and

WHEREAS, Landlord and Tenant desire to amend the Lease to reflect the removal of the Fremont Property from the definitions of "Land" and of "Property" under the Lease, due to the assignment of the Fremont Lease to Tenant;

NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree that the Lease is hereby amended as of March
21, 2022, as follows:

1.            Capitalized Terms.   Capitalized terms used but not otherwise defined in this First
Amendment shall have the meanings given such terms in the Lease.

2.          Lease Amendment.   (a) The list preceding Exhibits A-1 through A-36 of the
Lease is hereby deleted in its entirety and replaced with the list attached hereto and

4877-2795-2666,  v.3

incorporated herein by this reference, and (b) Exhibit A-13 of the Lease is hereby deleted in its entirety and replaced with Exhibit A-13 attached hereto and incorporated herein by this reference.   Accordingly, the Fremont Property is no longer a Property and the land which previously had been described in Exhibit A-13 is no longer included in the definition of Land, as "Property" and "Land" are defined by Section 2.1 of the Lease.

3.         Ratification.  The Lease, as amended by this First Amendment, is hereby ratified and confirmed.  For the avoidance of doubt, all references in the Lease to the "Agreement" shall mean and refer to the Lease as amended by this First Amendment.

IN WITNESS WHEREOF, Landlord and Tenant have executed this First Amendment as a sealed instrument as of the date first above written.

LANDLORD:

HPT TA PROPERTIES TRUST,
a Maryland real estate investment trust

						
	By:	/s/ Todd Hargreaves
		Name:  Todd Hargreaves
		Its: President
		
	HPT TA PROPERTIES LLC,
	a Maryland limited liability company
		
	By:	/s/ Todd Hargreaves
		Name:  Todd Hargreaves
		Its: President
		
	TENANT:
	
	TA OPERATING LLC,
	A Delaware limited liability company
		
	By:	/s/ Peter J. Crage
		Name:  Peter J. Crage
		Its: E.V.P.,  C.F.O. & Treasurer

  
                                                     EXHIBITS A-1 through A-36

                                                                              LAND

															
	Exhibit	TA Site No.	Property Address	Commencement Date	Initial Base Year
	A-1	226	1501 N. Fort Grant Road, Wilcox, AZ 85643 	June 9, 2015	2015
	A-2	311	I-40 & I-55 at Club Road, W. Memphis, AR 72301	May 30, 2007	2012
	A-3	160	27769 Lagoon Drive, Buttonwillow, CA 93206	June 9, 2015	2015
	A-4	162	4325 Guasti Road, Ontario, CA 91761	June 9, 2015	2015
	A-5	163	12310 S. Highway 33, Santa Nella, CA 95322	June 9, 2015	2015
	A-6	174	12151 W. 44th Avenue, Wheat Ridge (Denver West), CO 80033	June 9, 2015	2015
	A-7	171	3 East Industrial Road, Branford (New Haven), CT 06405	June 9, 2015	2015
	A-8	178	2112 Highway 71 South, Marianna, FL 32448	June 9, 2015	2015
	A-9	197	8909 20th Street, Vero Beach, FL 32966	June 9, 2015	2015
	A-10	177	4401 Highway 17, Richmond Hill (Savannah), GA 31324	June 9, 2015	2015
	A-11	44	19 N. 430 Route 20, Hampshire (Elgin), IL 60140	June 9, 2015	2015
	A-12*	236*	21 Romines Dr., Morris, IL 60450*	June 9, 2015*	2015*
	A-13		Intentionally Deleted		
	A-14	382	4230 West Highway 24, Remington, IN 47977	June 22, 2016	2017
	A-15	46	224 Highway 65 South, Tallulah, LA 71284	June 9, 2015	2015
	A-16	151	7401 Assateague Drive, Jessup, MD 20794	June 9, 2015	2015
	A-17	89	200 Baker Road, Dexter (Ann Arbor), MI 48130	June 9, 2015	2015
	A-18	47	2150 Russell Mt. Gilead Rd., Meridian, MS 39301	June 9, 2015	2015
	A-19	108	8050 Dean Martin Drive, Las Vegas, NV 89139	January 17, 2019	2015
	A-20	172	200 North McCarran Blvd., Sparks, NV 89431	June 9, 2015	2015
	A-21	211	108 Ocean Drive, Greenland, NH 03840	June 9, 2015	2015
	A-22	8	3404 W. Highway 66, Gallup, NM 87301	June 9, 2015	2015
	A-23	14	202 N. Motel Blvd., Las Cruces, NM 88005	June 9, 2015	2015
	A-24	208	9616 Commerce Drive, Dansville, NY 14437	June 9, 2015	2015

															
	A-25
	24
	940 US Rt. 42, NE, London, OH 43140
	June 9, 2015
	2015

	A-26
	15
	8834 Lake Road, Seville, OH 44273
	June 9, 2015
	2015

	A-27
	58
	5400 Seventy Six Drive, Youngstown, OH 44515	June 9, 2015
	2015

	A-28
	212
	6 Buckhorn Road, Bloomsburg, PA 17815
	June 9, 2015
	2015

	A-29
	3
	245 Allegheny Blvd., Brookville, PA 15825
	June 9, 2015
	2015

	A-30
	117
	13011 Old Hickory Blvd,. Antioch, TN 37013	June 9, 2015
	2015

	A-31
	49
	2105 S. Goliad Street, Rockwall, TX 75087
	June 9, 2015
	2015

	A-32
	60
	8836 N Highway 40, Tooele (Salt Lake City), UT 84074	June 9, 2015
	2015

	A-33
	143
	1025 Peppers Ferry Rd., Wytheville, VA 24382	June 9, 2015
	2015

	A-34
	176
	46630 North Bend Way, North Bend (Seattle East ), WA 98045
	June 9, 2015
	2015

	A-35
	339
	10506 West Aero Road, Spokane, WA 99224	May 30, 2007
	2012

	A-36
	187
	4000 1-80 Service Rd., Bums (Cheyenne),
WY 82053
	June 9, 2015
	2015

[See attached copies.]

			
	Exhibit A-13

INTENTIONALLY DELETED

4877-2795-2666, v.3

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