Document:

Exhibit

Exhibit 10.1

NINTH AMENDMENT TO
SECOND AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

THIS NINTH AMENDMENT TO SECOND AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT (this “Amendment”), dated as of February 21, 2020 is by and between DHI Mortgage Company, Ltd., a Texas limited partnership (the “Seller”), the Buyers party to the Repurchase Agreement (defined below) (the “Buyers”), and U.S. Bank National Association, a national banking association, as administrative agent for the Buyers (the “Administrative Agent”).
RECITALS
A.    The Seller, the Buyers, and the Administrative Agent are parties to a Second Amended and Restated Master Repurchase Agreement dated as of February 27, 2015, a First Amendment to Second Amended and Restated Master Repurchase Agreement dated as of February 26, 2016, a Second Amendment to Second Amended and Restated Master Repurchase Agreement dated as of June 24, 2016, a Third Amendment to Second Amended and Restated Master Repurchase Agreement dated as of September 23, 2016, a Fourth Amendment to Second Amended and Restated Master Repurchase Agreement dated as of February 24, 2017, a Fifth Amendment to Second Amended and Restated Master Repurchase Agreement dated as of February 23, 2018, a Sixth Amendment to Second Amended and Restated Master Repurchase Agreement dated as of February 22, 2019, a Seventh Amendment to Second Amended and Restated Master Repurchase Agreement dated as of March 26, 2019, and an Eighth Amendment to Second Amended and Restated Master Repurchase Agreement dated as of June 21, 2019 (as amended, restated, or otherwise modified from time to time, the “Repurchase Agreement”).
B.    The parties hereto desire to amend the Repurchase Agreement as provided herein.
AGREEMENT
In consideration of the premises herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
Section 1.Definitions.  Capitalized terms used and not otherwise defined in this Amendment have the meanings specified in the Repurchase Agreement.
Section 2.Amendments.
2.1    Definitions.  Section 1.2 of the Repurchase Agreement is amended by adding or amending and restating, as applicable, the following definitions thereto, to read in their entireties as follows:
“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. § 1841(k)) of such party.
“Covered Entity” means any of the following:
(a)a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);
(b)a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or
(c)a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
 “Default Right” means has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. § 252.81, 47.2 or 382.1, as applicable
“Eligible Capitalized Servicing Rights” means Capitalized Servicing Rights for which the Seller has obtained a third party valuation report acceptable to the Administrative Agent. 

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“LIBOR Margin” means 1.60%.
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. § 5390(c)(8)(D).
“Seller’s Consolidated Tangible Net Worth” means, as of any date, the remainder of (a) all assets of the Seller and the Restricted Subsidiaries on a Consolidated basis minus (b) the sum of (i) all GAAP Indebtedness and all Contingent Indebtedness of the Seller and the Restricted Subsidiaries, (ii) all assets of the Seller and the Restricted Subsidiaries which would be classified as intangible assets under GAAP, including, but not limited to, Capitalized Servicing Rights that are not Eligible Capitalized Servicing Rights, Eligible Capitalized Servicing Rights in excess of one percent (1%) of the aggregate outstanding principal balance of the mortgage loans serviced, goodwill (whether representing the excess of cost over book value of assets acquired or otherwise), patents, trademarks, trade names, copyrights, franchises, deferred charges and intercompany receivables; provided that Eligible Capitalized Servicing Rights up to one percent (1%) of the aggregate outstanding principal balance of the mortgage loans serviced will not be deducted under this clause (ii), (iii) investments in and advances to Unrestricted Subsidiaries and Affiliates, and (iv) investments in and advances to JVs.
“Swap Obligations” means, with respect to any Person, any and all obligations, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Swaps and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any Swap. 
“Termination Date” means the earlier of (i) February 19, 2021, and (ii) the date when the Buyers’ Commitments are terminated pursuant to this Agreement, by order of any Governmental Authority or by operation of law.
2.2    Request for Increase in Maximum Aggregate Commitment.  Section 2.3 of the Repurchase Agreement is amended and restated in its entirety as follows:
2.3.  Request for Increase in Maximum Aggregate Commitment.  The Seller may from time to time, by giving advanced written notice of at least two Business Days to the Administrative Agent in the form of Exhibit G hereto, request an increase in the Maximum Aggregate Commitment in increments of $25,000,000, with a minimum increase of $25,000,000 to a specified amount up to $1,500,000,000 for a period for such increase being designated by the Seller (but not less than 30 days, or if less, the period remaining until the Termination Date); provided that no Default has occurred that has not been cured before it has become an Event of Default, and no Event of Default has occurred that the Administrative Agent has not declared in writing to have been waived or cured. Upon receipt of such request, the Administrative Agent may request one or more existing Buyers or new Buyers (which new Buyers are acceptable to the Seller) to provide increased Commitments to finance all or a portion of the requested increase. The Administrative Agent shall notify the Seller of such new and existing Buyers’ responses to requests for increased or new Commitments. Following such notice, to achieve the full amount of a requested increase, with the prior consent of the Administrative Agent, the Seller may invite additional new Buyers to provide such increase. Any increase under this Section 2.3 shall be in the sole discretion of the Administrative Agent and the Buyers, and no Buyer will have any obligation to increase its Committed Sum. The consent of the Administrative Agent and the Buyers to an increase under this Section 2.3 shall be evidenced by the Administrative Agent providing to the parties to this Agreement an updated Schedule BC. If an increase in the Maximum Aggregate Commitment is achieved, then the Pro Rata ownership interest in the Purchased Loans of each Buyer shall, following funding by the Buyers increasing their Commitment Sums or by the new Buyers, automatically be adjusted proportionately. Upon the expiration of any such increase, the Seller shall, to the extent required, reduce the Aggregate Outstanding Purchase Price to the amount of the Maximum Aggregate Commitment as then in effect, and the ownership interests in the Purchased Loans of each Buyer shall automatically be adjusted accordingly.
2.3    Tangible Net Worth.  The Repurchase Agreement is amended by amending and restating Section 17.12 thereto, to read as follows:
17.12.    Tangible Net Worth.  At all times, the Seller’s Consolidated Tangible Net Worth shall not be less than $120,000,000. 

2

2.4    Liquidity.  The Repurchase Agreement is amended by amending and restating Section 17.14 thereto, to read as follows: 
17.14.    Liquidity.  Seller’s Liquidity shall at all times be no less than $45,000,000. 
2.5    Acknowledgement Regarding Any Supported QFCs.  The Repurchase Agreement is amended by adding a new Section 38 thereto, to read as follows: 
38    Acknowledgement Regarding Any Supported QFCs.
To the extent that the Repurchase Documents provide support, through a guarantee or otherwise, for Swap Obligations or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Repurchase Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Repurchase Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Repurchase Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Nonfunding Buyer shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.
2.6    Schedules.  Schedule BC to the Repurchase Agreement is amended and restated to read in its entirety as set forth on Schedule BC hereto.
2.7    Compliance Certificate.  Exhibit C to the Repurchase Agreement is amended and restated to read in its entirety as set forth on Exhibit C hereto.
Section 3.Effectiveness.  This Amendment shall become effective as of the date first above written upon the Seller’s fulfillment of the following conditions precedent:
3.1    The Administrative Agent shall have received (or be satisfied that it will receive by such deadline as the Administrative Agent shall specify) the following, all of which must be satisfactory in form and content to the Administrative Agent:
(a)this Amendment, duly executed by the Seller, the Required Buyers, and the Administrative Agent; 
(b)an amended and restated Fee Letter, duly executed by the Seller and the Administrative Agent; and

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(c)a certificate of the General Partner’s corporate secretary or assistant secretary or other authorized officer dated as of the date hereof as to (i) the incumbency of the officers of the Seller executing this Amendment and all other Repurchase Documents executed or to be executed by or on behalf of the Seller, (ii) the authenticity of their signatures, and specimens of their signatures shall be included in such certificate or set forth on an exhibit attached to it (the Administrative Agent, the Buyers and the Custodian shall be entitled to rely on that certificate until the Seller has furnished a new certificate to the Administrative Agent), (iii) resolutions of the General Partner’s board of directors, authorizing the execution, delivery and performance by the Seller of this Amendment and all other Repurchase Documents to be delivered by the Seller pursuant to this Amendment and (iv) copies of the Seller’s (1) limited partnership agreement, (2) certificate of limited partnership issued by the state of Texas, (3) articles of incorporation certified by the Secretary of State of the State of the General Partner, and (4) bylaws and all amendments, or certification that there have been no changes to such documents since a true and correct copy thereof was delivered to the Administrative Agent and that such documents are in full force and effect.
3.2    Payment to the Administrative Agent or the Custodian, as applicable, of all fees and expenses (including the disbursements and reasonable fees of the Administrative Agent’s attorneys) of the Administrative Agent and the Buyers payable by Seller pursuant to Section 9 of the Repurchase Agreement accrued and billed for to the date of the Seller’s execution and delivery of this Agreement.
Section 4.Miscellaneous.
4.1    Ratifications.  This Amendment shall modify and supersede all terms and provisions set forth in the Repurchase Documents that are inconsistent with this Amendment, and the terms and provisions of the Repurchase Documents are ratified and confirmed and shall continue in full force and effect.
4.2    Seller Representations and Warranties.  The Seller hereby represents and warrants that the representations and warranties set forth in Section 15 of the Repurchase Agreement are true and correct in all material respects with the same force and effect on and as of the date hereof as though made as of the date hereof.
4.3    Survival.  The representations and warranties made by the Seller in this Amendment shall survive the execution and delivery of this Amendment.
4.4    Reference to Repurchase Agreement.  Each of the Repurchase Documents, including the Repurchase Agreement and any and all other agreements, documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Repurchase Agreement as amended hereby, is hereby amended so that any reference in such Repurchase Document to the Repurchase Agreement shall refer to the Repurchase Agreement as amended and modified hereby.
4.5    Applicable Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of New York as applicable to the Repurchase Agreement.
4.6    Successors and Assigns.  This Amendment is binding upon and shall inure to the benefit of the Seller, the Buyers, the Administrative Agent, and their respective successors and assigns, except that the Seller may not assign or transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and, to the extent required by the Repurchase Agreement, the Buyers.
4.7    Counterparts.  This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed an original, but all of which when taken together shall constitute one and the same instrument.
4.8    Headings.  The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.
4.9    ENTIRE AGREEMENT.  THIS AMENDMENT AND THE OTHER REPURCHASE DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

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4.10    Joinder of New Buyers.  Each of Capital One Bank and Veritex Community Bank (each a “New Buyer” and collectively the “New Buyers”) agrees to be bound by the provisions of the Repurchase Agreement and agrees that it shall, on the date of this Amendment, become a Buyer for all purposes of the Repurchase Agreement to the same extent as if originally a party thereto.  Each of the undersigned New Buyers (a) represents and warrants that it is legally authorized to enter into this Amendment; (b) confirms that it has received a copy of the Repurchase Agreement and each of the other Repurchase Documents, and has reviewed such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment; (c) agrees that it will, independently and without reliance upon the Administrative Agent, or any other Buyer and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Repurchase Agreement or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Repurchase Agreement or any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers as are incidental thereto; and (e) agrees that it will be bound by the provisions of the Repurchase Agreement and will perform in accordance with its terms all the obligations which by the terms of the Repurchase Agreement are required to be performed by it as a Buyer.

[Signature Pages Follow]

5

IN WITNESS WHEREOF the parties have caused this Amendment to be executed as of the date first set forth above.
DHI MORTGAGE COMPANY, LTD., 
as Seller and Servicer

By:  DHI Mortgage Company GP, Inc.
Its General Partner

By:   /s/ MARK C. WINTER                 
Name:   Mark C. Winter
Title:   Executive Vice President

S-1
Ninth Amendment to Second Amended and Restated Master Repurchase Agreement

U.S. BANK NATIONAL ASSOCIATION, 
as Administrative Agent and a Buyer

By:   /s/ EDWIN D. JENKINS                
Name:   Edwin D. Jenkins            
Title:   Senior Vice President

S-2
Ninth Amendment to Second Amended and Restated Master Repurchase Agreement

ASSOCIATED BANK, N.A., as a Buyer

By:   /s/ MATTHEW O'ROURKE            
Name:   Matthew O'Rourke            
Title:   Relationship Manager

S-3
Ninth Amendment to Second Amended and Restated Master Repurchase Agreement

TRUIST BANK, formerly known as BRANCH BANKING & TRUST COMPANY, as a Buyer

By:   /s/ SAMUEL W. BRYAN            
Name:   Samuel W. Bryan    
Title:   Senior Vice President

S-4
Ninth Amendment to Second Amended and Restated Master Repurchase Agreement

COMERICA BANK, as a Buyer

By:   /s/ BRADEN FUDGE                    
Name:   Braden Fudge                
Title:   Assistant Vice President

S-5
Ninth Amendment to Second Amended and Restated Master Repurchase Agreement

TIAA, FSB, formerly known as EVERBANK, as a Buyer

By:   /s/ E.R. MOORE                    
Name:   E.R. Moore                
Title:   Vice President

S-6
Ninth Amendment to Second Amended and Restated Master Repurchase Agreement

BMO HARRIS BANK N.A., as a Buyer

By:   /s/ ROBERT BOMBEN                    
Name:   Robert Bomben            
Title:   Director

S-7
Ninth Amendment to Second Amended and Restated Master Repurchase Agreement

STERLING NATIONAL BANK, as a Buyer

By:   /s/ EDDIE OTHMAN                    
Name:   Eddie Othman                
Title:   Senior Vice President

S-8
Ninth Amendment to Second Amended and Restated Master Repurchase Agreement

CAPITAL ONE, NATIONAL ASSOCIATION, as a Buyer

By:   /s/ PAUL SPIRIDIGLIOZZI                     
Name:   Paul Spiridigliozzi
Title:   Managing Director

S-9
Ninth Amendment to Second Amended and Restated Master Repurchase Agreement

VERITEX COMMUNITY BANK, as a Buyer

By:   /s/ AMY SATSKY                    
Name:    Amy Satsky
Title:   EVP - Managing Director Specialty Finance

S-10
Ninth Amendment to Second Amended and Restated Master Repurchase Agreement

SCHEDULE BC TO NINTH AMENDMENT
TO SECOND AMENDED AND RESTATED
MASTER REPURCHASE AGREEMENT

SCHEDULE BC
TO SECOND AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

THE BUYERS' COMMITTED SUMS

	
					
	Buyer
	Except as provided in the below chart, 
Committed Sum for any period:

	U.S. Bank National Association
	 
	$
	250,000,000
	

	Truist Bank, f/k/a Branch Banking & Trust Company
	 
	$
	175,000,000
	

	Comerica Bank
	 
	$
	175,000,000
	

	TIAA, FSB, f/k/a EverBank
	 
	$
	175,000,000
	

	BMO Harris Bank N.A.
	 
	$
	125,000,000
	

	Sterling National Bank
	 
	$
	100,000,000
	

	Associated Bank, N.A.
	 
	$
	75,000,000
	

	Capital One Bank
	 
	$
	75,000,000
	

	Veritex Community Bank
	 
	$
	50,000,000
	

	Maximum Aggregate Commitment
	 
	$
	1,200,000,000
	

	
					
	Buyer
	Committed Sum for 
March 23, 2020 through and including April 22, 2020
June 22, 2020 through and including July 22, 2020
September 21, 2020 through and including November 5, 2020
December 21, 2020 through and including January 20, 2021

	U.S. Bank National Association
	 
	$
	291,666,667
	

	Truist Bank, f/k/a Branch Banking & Trust Company
	 
	$
	204,166,667
	

	Comerica Bank
	 
	$
	204,166,667
	

	TIAA, FSB, f/k/a EverBank
	 
	$
	204,166,667
	

	BMO Harris Bank N.A.
	 
	$
	145,833,333
	

	Sterling National Bank
	 
	$
	116,666,667
	

	Associated Bank, N.A.
	 
	$
	87,500,000
	

	Capital One Bank
	 
	$
	87,500,000
	

	Veritex Community Bank
	 
	$
	58,333,333
	

	Maximum Aggregate Commitment
	 
	$
	1,400,000,000
	

Sch. BC

EXHIBIT C TO NINTH AMENDMENT
TO SECOND AMENDED AND RESTATED
MASTER REPURCHASE AGREEMENT

FORM OF OFFICER’S CERTIFICATE WITH COMPUTATIONS
TO SHOW COMPLIANCE OR NON-COMPLIANCE WITH
CERTAIN FINANCIAL COVENANTS

OFFICER’S CERTIFICATE

ADMINISTRATIVE AGENT:    U.S. Bank National Association
SELLER:    DHI MORTGAGE COMPANY, LTD.
SUBJECT PERIOD:       ended     , 20___
DATE:      , 20___
This certificate is delivered to the Administrative Agent and the Buyers under the Second Amended and Restated Master Repurchase Agreement dated as of February 27, 2015 (as supplemented, amended or restated from time to time, the “Current Repurchase Agreement”), among the Seller, the Administrative Agent and the Buyers from time to time party thereto. Unless they are otherwise defined in this request, terms defined in the Current Repurchase Agreement have the same meanings here as there.
The undersigned officer of the Seller certifies to the Administrative Agent that on the date of this certificate:
1.    The undersigned is an incumbent officer of the Seller, holding the title stated below his or her signature below.
2.    The Seller’s Financial Statements that are attached to this certificate were prepared in accordance with GAAP and present fairly the Seller’s financial condition and results of operations as of _________________ for that month (the “Subject Period”) and for the year to that date (except that interim (i.e., other than annual) Financial Statements exclude notes to Financial Statements and statements of changes to stockholders’ equity and are subject to year-end adjustments).
3.    The undersigned officer of the Seller supervised a review of the Seller’s activities during the Subject Period in respect of the following matters and has determined the following:
(a) except to the extent that (i) a representation or warranty speaks to a specific date or (ii) the facts on which a representation or warranty is based have changed by transactions or conditions contemplated or expressly permitted by the Repurchase Documents, the representations and warranties of the Seller in the Current Repurchase Agreement and the other Repurchase Documents are true and correct in all material respects, other than the changes, if any, described on the attached Annex A;
(b) no event has occurred that could reasonably be expected to have a materially adverse effect on any of the Central Elements of the Seller;
(c) the Seller has complied with all of its obligations under the Repurchase Documents, other than the deviations, if any, described on the attached Annex A;

Ex C-1

(d) no Event of Default has occurred that has not been declared by the Administrative Agent in writing to have been cured or waived, and no Default has occurred that has not been cured before it became an Event of Default, other than those Events of Default and/or Defaults, if any, described on the attached Annex A; and
(e) compliance by the Seller with the financial covenants in Sections 17.12, 17.13, and 17.14 of the Current Repurchase Agreement, is accurately calculated on the attached Annex A.
DHI MORTGAGE COMPANY, LTD.
By: DHI Mortgage Company GP, Inc.
Its General Partner

By:      _______________________________
Name:      _______________________________
Title:      _______________________________

Ex C-2

ANNEX A TO OFFICER’S CERTIFICATE
1.    Describe changes to representations and warranties, if any (clause 3(a) of attached Officer’s Certificate); if none, so state.
2.    Describe deviations from compliance with obligations under the Repurchase Documents (clause 3(c) of attached Officer’s Certificate); if none, so state.
3.    Describe Defaults or Events of Default, if (clause 3(d) of attached Officer’s Certificate); if none, so state.
4.    Calculate compliance with covenants in Sections 17.12 through 17.14 of the Current Repurchase Agreement (clause 3(e) of attached Officer’s Certificate):
(a)    Section 17.12.  The Seller’s Tangible Net Worth as of __________ is $____________________ (the minimum under Section 17.12 is $120,000,000.)
(b)    Section 17.13.  The ratio of Seller’s GAAP Indebtedness and Contingent Indebtedness to Tangible Net Worth of the Seller on a consolidated basis with its Restricted Subsidiaries, measured monthly is ___ to 1.0 (the maximum ratio under Section 17.13 is 8.0:1.0.)
(c)    Section 17.14.  The Seller’s liquidity (unrestricted cash, Cash Equivalents and unused portion of the Maximum Aggregate Commitments) for the month ended __________________, 20__ was $_____________ (the minimum under Section 17.14 is $45,000,000).
5.    For the Subject Period, (i) describe and give details regarding actual repurchase, make whole and indemnity payments made by Seller to any Person, and (ii) provide a summary of notices received by the Seller requesting or demanding that the Seller repurchase (or pay indemnity or other compensation in respect of) Mortgage Loans previously sold or otherwise disposed of by the Seller to any Investor or other Person pursuant to any express or implied repurchase or indemnity obligation as per Section 16.5.  (Attach schedule or explanation.)

Ex C-3

Attachment to Annex A
Purchased Loans Curtailment Report
(List Purchased Loans on which unscheduled principal payment, prepayment or reduction of more than one regularly scheduled principal and interest installment payment was received since last monthly report and resulting new Principal Balance.)

Ex C-4EX-10.1

 Exhibit 10.1 

FOURTH AMENDMENT TO THE 

AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP OF 

CITY OFFICE REIT OPERATING PARTNERSHIP, L.P. 

February 26, 2020 

THIS FOURTH AMENDMENT TO THE AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF CITY OFFICE REIT OPERATING PARTNERSHIP, L.P. (this
“Amendment”), dated as of February 26, 2020, is entered into by CITY OFFICE REIT, INC., a Maryland corporation, as general partner (the “General Partner”) of CITY OFFICE REIT OPERATING PARTNERSHIP, L.P., a
Maryland limited partnership (the “Partnership”), for itself and on behalf of the limited partners of the Partnership. 

WHEREAS, the Amended and Restated Agreement of Limited Partnership of the Partnership was executed on April 21, 2014 (the
“Amended and Restated Partnership Agreement”), a First Amendment thereto was executed on September 30, 2016 (the “First Amendment”), a Second Amendment thereto was executed on March 9, 2017 (the
“Second Amendment”) and a Third Amendment thereto was executed on June 16, 2017 (the “Third Amendment” and together with the Amended and Restated Partnership Agreement, the First Amendment and the Second
Amendment, as now or hereafter amended, restated, modified, supplemented or replaced, the “Partnership Agreement”); and 

WHEREAS, the General Partner has previously established and set forth the terms of Partnership Units designated as the Series A Preferred
Units as set forth in the First Amendment and the Third Amendment (the “Series A Preferred Units”), and, in connection with the authorization to issue and sell up to 5,600,000 shares of Series A Preferred Stock of the General
Partner (the “Series A Preferred Stock”), the Partnership has authorized the issuance of up to 5,600,000 Series A Preferred Units to the General Partner; and 

WHEREAS, each of the General Partner and the Partnership previously entered into Equity Distribution Agreements, each dated June 16, 2017
(as amended, the “2017 Equity Distribution Agreements”), among the General Partner and the Partnership, on the one hand, and each of KeyBanc Capital Markets Inc., Raymond James & Associates, Inc. and BMO Capital Markets
Corp., on the other hand, in connection with which the General Partner was authorized to issue and sell, from time to time, up to 1,000,000 shares of Series A Preferred Stock of the General Partner and to cause the Partnership to issue corresponding
Series A Preferred Units to the General Partner, at each time the shares of Series A Preferred Stock are issued by the General Partner, in an amount equal to the shares of Series A Preferred Stock issued pursuant to the 2017 Equity Distribution
Agreements; and 
 WHEREAS, effective February 25, 2020, the General Partner and the Partnership terminated the 2017 Equity
Distribution Agreements (the “Terminations”); and 
 WHEREAS, on February 26, 2020, the General Partner filed an
automatic shelf registration statement on Form S-3 (file no. 333-236637) (the “2020 Registration Statement”) with the United States Securities and
Exchange Commission, which became effective immediately upon filing; and 

 WHEREAS, each of the General Partner and the Partnership desire to enter into new Equity
Distribution Agreements, to be dated February 26, 2020, among the General Partner and the Partnership, on the one hand, and each of KeyBanc Capital Markets Inc., Raymond James & Associates, Inc., BMO Capital Markets Corp., RBC Capital
Markets, LLC, B. Riley FBR, Inc., D.A. Davidson & Co. and Janney Montgomery Scott LLC, on the other hand (as they may be amended from time to time, the “Equity Distribution Agreements”), in connection with which the General
Partner may issue and sell, from time to time, up to 1,000,000 shares of Series A Preferred Stock of the General Partner and cause the Partnership to issue corresponding Series A Preferred Units to the General Partner, at each time the shares of
Series A Preferred Stock are issued by the General Partner, in an amount equal to the shares of Series A Preferred Stock issued pursuant to the Equity Distribution Agreements; and 

WHEREAS, the General Partner desires to amend Schedule I to Annex A to the Partnership Agreement from time to time in connection with the
issuances and sales of the shares of Series A Preferred Stock by the General Partner under the Equity Distribution Agreements, to set forth the number of Series A Preferred Units issued and outstanding; and 

WHEREAS, pursuant to the authority granted to the General Partner pursuant to Section 4.2.A and Article 14 of the Partnership Agreement,
and as authorized by (i) the written consent of the General Partner dated as of February 26, 2020 and (ii) the resolutions of the Board of Directors of the General Partner and the resolutions of the Pricing Committee of the Board of
Directors of the General Partner dated as of February 25, 2020 and February 26, 2020, respectively, the General Partner desires to further amend the Partnership Agreement to replace certain defined terms or references therein due to the
Terminations, the filing of the 2020 Registration Statement and the entry into the Equity Distribution Agreements substantially concurrently with this Amendment, and to continue to provide for the designation and issuance of 5,600,000 Series A
Preferred Units, including 1,000,000 Series A Preferred Units issuable to the General Partner in connection with the transactions contemplated by the Equity Distribution Agreements; and 

WHEREAS, the General Partner desires to amend Section 10.3 of the Partnership Agreement to reflect the Bipartisan Budget Act of 2015.

 NOW, THEREFORE, in consideration of good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the
General Partner hereby amends the Partnership Agreement as follows: 
 1.    The Partnership Agreement is
hereby amended such that all references to the “Equity Distribution Agreements” therein, which referred to the 2017 Equity Distribution Agreements, shall be deemed to refer to the “Equity Distribution Agreements”, as defined in
this Amendment. 
 2.    After the date hereof through the first date on which the Equity Distribution
Agreements have been terminated pursuant to their terms, (i) the General Partner shall, as of each date that a prospectus supplement to the 2020 Registration Statement or any successor registration statement is filed with the United States
Securities and Exchange 

  
 2 

 
Commission under Rule 424 of the Securities Act of 1933, as amended, relating to issuances and sales of its Series A Preferred Stock pursuant to the Equity Distribution Agreements, (ii) the
General Partner shall, as of each date of issuance of its Series A Preferred Stock other than pursuant to the Equity Distribution Agreements, and (iii) the General Partner may, from time to time and at any time, designate an updated Schedule I
to Annex A to the Partnership Agreement which shall set forth the amount of Series A Preferred Units issued and outstanding and the owner of such Series A Preferred Units as of the date of designation. Any Schedule I to Annex A designated in
accordance with the immediately preceding sentence shall be deemed to (A) supersede any Schedule I to Annex A or other schedule thereto that is a part of the Partnership Agreement immediately prior to such designation and (B) form a part
of the Partnership Agreement as Schedule I to Annex A to the Partnership Agreement as of the date of designation. For the avoidance of doubt, the General Partner shall be under no obligation to execute an amendment to the Agreement each time it
designates an updated Schedule I to Annex A pursuant to this paragraph. 
 3.    The Table of Contents
shall be updated so that “Section 10.3 Tax Matters Partner” is deleted in its entirety and replaced with “Section 10.3 Tax Matters Partner; Partnership Representative.” 

4.    Section 10.3 of the Partnership Agreement shall be deleted in its entirety and replaced with the
following: 
 Section 10.3 Tax Matters Partner; Partnership Representative 

 

	 	A.	 Notwithstanding anything to the contrary in this Agreement, when the Partnership is treated as a Disregarded
Entity, the provisions of this Agreement shall be applied (or not applied) in a manner consistent with such treatment with respect to such period, as determined by the General Partner in its sole and absolute discretion. For any period in which the
Partnership is treated as a partnership for federal income tax purposes, the subsections (B) or (C) shall apply, as applicable. 

  

	 	B.	 For each taxable year of the Partnership beginning before January 1, 2018, 

 

	 	(1)	 the General Partner shall be the “tax matters partner” of the Partnership. The tax matters partner
shall receive no compensation for its services. All third-party costs and expenses incurred by the tax matters partner in performing its duties as such (including legal and accounting fees and expenses) shall be borne by the Partnership in addition
to any reimbursement pursuant to Section 7.4 hereof. Nothing herein shall be construed to restrict the Partnership from engaging an accounting firm to assist the tax matters partner in discharging its duties hereunder. 

 

	 	(2)	 Except as provided in those certain Tax Protection Agreements entered into by the Partnership on April 21,
2014, the tax matters partner is authorized, but not required: 

  
 3 

	 	i.	 to enter into any settlement with the IRS with respect to any administrative or judicial proceedings for the
adjustment of Partnership items required to be taken into account by a Partner for income tax purposes (such administrative proceedings being referred to as a “tax audit” and such judicial proceedings being referred to as “judicial
review”), and in the settlement agreement the tax matters partner may expressly state that such agreement shall bind all Partners, except that such settlement agreement shall not bind any Partner (i) who (within the time prescribed
pursuant to the Code and Regulations) files a statement with the IRS providing that the tax matters partner shall not have the authority to enter into a settlement agreement on behalf of such Partner (as the case may be) or (ii) who is a
“notice partner” (as defined in Code Section 6231) or a member of a “notice group” (as defined in Code Section 6223(b)(2)); 

  

	 	ii.	 in the event that a notice of a final administrative adjustment at the Partnership level of any item required
to be taken into account by a Partner for tax purposes (a “Final Adjustment”) is mailed to the tax matters partner, to seek judicial review of such Final Adjustment, including the filing of a petition for readjustment with the United
States Tax Court or the United States Claims Court, or the filing of a complaint for refund with the District Court of the United States for the district in which the Partnership’s principal place of business is located; 

 

	 	iii.	 to intervene in any action brought by any other Partner for judicial review of a final adjustment;

  

	 	iv.	 to file a request for an administrative adjustment with the IRS at any time and, if any part of such request is
not allowed by the IRS, to file an appropriate pleading (petition or complaint) for judicial review with respect to such request; 

  

	 	v.	 to enter into an agreement with the IRS to extend the period for assessing any tax that is attributable to any
item required to be taken into account by a Partner for tax purposes, or an item affected by such item; and 

  

	 	vi.	 to take any other action on behalf of the Partners or any of them in connection with any tax audit or judicial
review proceeding to the extent permitted by applicable law or regulations. 

  

	 	(3)	 The taking of any action and the incurring of any expense by the tax matters partner in connection with any
such proceeding, except to the extent required by law and as provided in those certain Tax Protection Agreements entered into by the Partnership on the date hereof, is a matter in the sole and absolute discretion of the tax matters partner. The
provisions relating to indemnification of the General Partner set forth in Section 7.7 hereof shall be fully applicable to the tax matters partner in its capacity as such. 

  
 4 

	 	C.	 For each taxable year of the Partnership beginning on or after January 1, 2018, the General Partner shall
act as or appoint the “partnership representative” of the Partnership for purposes of Code Section 6223(a) and any comparable provisions of state and local law (the “partnership representative”) and, if necessary, shall
appoint a “designated individual” within the meaning of Treasury regulations section 301.6223-1 and any comparable provisions of state and local law (a “designated individual”). The General
Partner may designate a new partnership representative or designated individual at any time subject to applicable law and shall designate a new partnership representative or designated individual if such person or entity resigns or is deemed
ineligible. Except as provided in those certain Tax Protection Agreements dated as of April 21, 2014, the partnership representative shall have all of the powers and responsibilities of such position as provided in the Code and Treasury
Regulations and may take any action or make any elections contemplated by Code Sections 6222 through 6241 and any Treasury Regulations thereunder and comparable provisions of state and local law (the “Partnership Audit Rules”) in the sole
and absolute discretion of the General Partner. The General Partner, as partnership representative, shall have the right to retain professional assistance as it, in its sole and absolute discretion, determines is necessary to or useful in the
performance of its duties, and all out-of-pocket expenses and fees incurred by or in respect of the partnership representative shall constitute Partnership expenses. Any
Person who serves as partnership representative or designated individual shall not be liable to the Partnership or any Partner for any action it takes or fails to take in such capacity, unless such action or failure to act constitutes gross
negligence or deliberate misconduct. The provisions relating to indemnification set forth in Section 7.7 hereof shall be fully applicable to the partnership representative and the designated individual, if any, acting as such. Upon the
Partnership’s request, each Partner shall provide to the Partnership within the required time frame any information that the partnership representative believes may be necessary or appropriate to resolve any tax issue relating to the
Partnership or comply with or be eligible to invoke any aspect of the Partnership Audit Rules. Notwithstanding any provision of this Agreement to the contrary, any taxes, penalties, and interest payable by the Partnership under the Partnership Audit
Rules shall be treated as attributable to the Partners, and, to the extent possible, the General Partner shall allocate the burden of any such amounts to those Partners to whom such amounts are reasonably attributable. Any such amounts allocated to
a Partner, at the option of the General Partner, shall (a) be promptly paid to the Partnership by such Partner or (b) be paid by reducing the amount of the current or next succeeding distribution or distributions which would otherwise have
been made to such Partner. The obligations of each Partner (or former Partner) under this Section 10.03(C)) shall survive the Transfer by such Partner of its interest in the Partnership or the dissolution of the Partnership. In the event a
Partner Transfers its interest in the Partnership, the transferee and transferor shall be jointly and severally liable for any liability with respect to the obligations of the transferor Partner under this Section 10.03(C).

 5.    The First Amendment, the Third Amendment and this Amendment, collectively,
shall constitute a Partnership Unit Designation with respect to the Series A Preferred Units, as contemplated by the Partnership Agreement. 

  
 5 

 6.    The foregoing recitals are incorporated in and are
made a part of this Amendment. 
 7.    Except as specifically defined herein, all capitalized terms
shall have the definitions provided in the Partnership Agreement. This Amendment has been authorized by the General Partner pursuant to Article 14 of the Partnership Agreement and does not require execution by the Limited Partners or any other
Person. 
 8.    Except for the amendments set forth in this Amendment, the Partnership Agreement shall
be unchanged (including, without limitation, the provisions thereof relating to the designation and issuance of 5,600,000 Series A Preferred Units with the designations, preferences, conversion or other rights, voting powers or rights, restrictions,
limitations as to distributions, qualifications or terms and conditions of redemption, and any such other terms and/or relative, participating, optional or other special rights, powers and duties, set forth in the Partnership Agreement), and the
Partnership Agreement, as amended by this Amendment, shall remain in full force and effect. The General Partner affirms, ratifies and confirms the Partnership Agreement, as amended by this Amendment, and its obligations thereunder. 

[Signature Page Follows] 

  
 6 

 IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first set forth above. 

 

			
	GENERAL PARTNER:
	
	CITY OFFICE REIT, INC.,
	a Maryland corporation
		
	By:	 	 /s/ Anthony Maretic

	Name:	 	Anthony Maretic
	Title:	 	Chief Financial Officer, Secretary
		 	and Treasurer

 [Signature page for the Fourth Amendment to the Amended and Restated Agreement of Limited Partnership

 of City Office REIT Operating Partnership, L.P.]

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