Document:

EX-10.4

 Exhibit 10.4 

EXECUTION VERSION 
 FIRST
AMENDMENT TO AMENDED AND RESTATED GUARANTEE AGREEMENT 
 FIRST AMENDMENT TO AMENDED AND RESTATED GUARANTEE AGREEMENT, dated as of
May 28, 2020 (this “Amendment”) and effective as of April 1, 2020 (the “Effective Date”), by and between TPG RE FINANCE TRUST HOLDCO, LLC, a Delaware limited liability company
(“Guarantor”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Buyer”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase
Agreement (as hereinafter defined). 
 RECITALS 

WHEREAS, TPG RE Finance 11, Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands
(“Seller”) and Buyer are parties to that certain Master Repurchase and Securities Contract Agreement, dated as of May 25, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Repurchase
Agreement”); 
 WHEREAS, Guarantor guaranteed the obligations of Seller under the Repurchase Agreement and the other Repurchase
Documents pursuant to that certain Amended and Restated Guarantee Agreement, dated as of May 4, 2018 (as heretofore amended, restated, supplemented or otherwise modified, the “Guaranty”), from Guarantor to Buyer; and 

WHEREAS, Guarantor and Buyer wish to amend and modify the Guaranty upon the terms and conditions hereinafter set forth. 

NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Guarantor and Buyer hereby agree that the Guaranty shall be amended and modified as follows: 

1.    Amendment of Guaranty. Guarantor and Buyer hereby agree that the Guaranty shall be amended and modified with
retroactive effect effective as of the Effective Date as follows: 
 (a)    Section 1 of the Guaranty is hereby amended
by inserting the following new definitions in correct alphabetical order: 
 ““CECL Reserve” means, with respect to
any Person and as of a particular date, all amounts determined in accordance with GAAP under ASU 2016-13 and recorded on the balance sheet of such Person and its consolidated Subsidiaries as of such date. 

“Equity Adjustment” means, with respect to Guarantor and its Subsidiaries on a consolidated basis and as of a particular
date, the sum of all CECL Reserves and any loan loss reserves, write-downs, impairments or realized losses taken against the value of any assets of Guarantor or its Subsidiaries from and after April 1, 2020 as of such date; provided,
however, in no event shall Equity Adjustment exceed the amount of (a) Total Equity of Guarantor less (b) the product of Total Indebtedness of Guarantor multiplied by twenty-five percent (25%). 

 “First Amendment Effective Date” means April 1, 2020. 

“Total Adjusted Equity” means, with respect to any Person, as of any date of determination, Total Equity of such Person as of
such date plus Equity Adjustment for such Person as of such date.” 
 (b)    Section 1 of the Guaranty is hereby
amended by deleting and replacing the definitions of “Tangible Net Worth” and “Total Equity” in their entirety with the following: 

““Tangible Net Worth” means, with respect to any Person, as of any date of determination, on a consolidated basis,
(a) the total tangible assets of such Person, less (b) the total liabilities of such Person, in each case, on or as of such date and as determined in accordance with GAAP.” 

“Total Equity” means, as of any date of determination, (a) with respect to any Person, the sum of all shareholder equity
of such Person and its Subsidiaries on a consolidated basis, as determined in accordance with GAAP, and (b) with respect to Guarantor, (i) the sum of all shareholder equity of Guarantor and its Subsidiaries on a consolidated basis, as
determined in accordance with GAAP, plus (ii) the Class B Preferred Equity issued to PE Holder, L.L.C. by Sponsor pursuant to the Investment Agreement dated as of May 28, 2020, between Sponsor and PE Holder, L.L.C., and held by PE
Holder, L.L.C. or its Affiliates, or any assignee or transferee thereof.” 
 (c)    Section 9(a) of the Guaranty is
hereby deleted in its entirety and replaced with the following: 
 “(a)     Guarantor hereby covenants and agrees
that, at all times until all Repurchase Obligations have been paid in full, Guarantor shall not, with respect to itself and its Subsidiaries on a consolidated basis, directly or indirectly: 

(i)    permit the ratio of Total Indebtedness to Total Adjusted Equity at any time to exceed 3.5 to 1.0; 

(ii)    permit Liquidity at any time to be less than the greater of (A) Ten Million and No/100 Dollars
($10,000,000.00) and (B) 5.0% of Guarantor’s Recourse Indebtedness; 
 (iii)    permit Tangible Net Worth at any
time to be less than the sum of (A) $1,100,000,000.00, plus (B) seventy-five percent (75%) of the proceeds of all equity issuances (net of underwriting discounts and commissions, and other out-of-pocket expenses related to such equity issuances) made by Guarantor or Sponsor, without duplication, after the First Amendment Effective Date; and 

(iv)    as of any date of determination, permit the ratio of (A) EBITDA for the period of twelve
(12) consecutive months ended on such date (if such date is the last day of a fiscal quarter) or the last day of the fiscal quarter most recently ended prior to such date (if such date is not the last day of a fiscal quarter) to
(B) Interest Expense for such period to be less than (x) if such date of determination is a date prior to the First Amendment Effective Date or 

  
 2 

 
from and after December 2, 2020, 1.5 to 1.0, and (y) if such date of determination is a date from and after the First Amendment Effective Date but prior to December 2, 2020, 1.4 to
1.0.” 
 2.    Amendment of Repurchase Documents. From and after the date hereof, all references in the
Repurchase Agreement and the other Repurchase Documents to the “Guarantee Agreement” shall be deemed to refer to the Guaranty as amended and modified by this Amendment and as same may be further amended, modified and/or restated. 

3.    Representations and Warranties. On and as of the date first above written, Guarantor hereby represents and
warrants to Buyer that (a) after giving effect to this Amendment, it is in compliance with all the terms and provisions set forth in the Guaranty on its part to be observed or performed, (b) after giving effect to this Amendment, no
Default or Event of Default under Repurchase Documents has occurred and is continuing, and (c) after giving effect to this Amendment, the representations and warranties contained in Section 8 of the Guaranty are true and correct in all
respects as though made on such date (except for any such representation or warranty that by its terms refers to a specific date other than the date first above written, in which case it shall be true and correct in all respects as of such other
date). 
 4.    Counterparts. This Amendment may be executed by each of the parties hereto in any number of
separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment in Portable Document Format (PDF) by
facsimile or email transmission shall be effective as delivery of a manually executed original counterpart thereof. 

5.    GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT
TO THE CONFLICT OF LAW PRINCIPLES THEREOF. 
 6.    Expenses. Seller hereby acknowledges and agrees that
Seller shall be responsible for all reasonable out-of-pocket costs and expenses of Buyer in connection with documenting and consummating the modifications contemplated
by this Amendment, including, but not limited to, the reasonable fees and expenses of Buyer’s external legal counsel. 

7.    No Novation, Effect of Amendment. The parties hereto have entered into this Amendment solely to amend the
terms of the Guaranty and do not intend this Amendment or the transactions contemplated hereby to be, and this Amendment and the transactions contemplated hereby shall not be construed to be, a novation of any of the obligations owing by Seller,
Guarantor or any of their respective affiliates (the “Repurchase Parties”) under or in connection with the Repurchase Agreement or any of the other Repurchase Documents. It is the intention of each of the parties hereto that
(i) the perfection and priority of all security interests securing the payment of the obligations of the Repurchase Parties under the Repurchase Agreement are preserved and (ii) the liens and security interests granted under the Repurchase
Agreement continue in full force and effect. 
 8.    Reaffirmation of Guaranty. Guarantor acknowledges and
agrees that, except as modified hereby, the Guaranty remains unmodified and in full force and effect and enforceable in accordance with its terms, including, for the avoidance of doubt, Section 9(c) of the Guaranty. 

  
 3 

 9.    Repurchase Agreement, Guaranty and Repurchase Documents in Full
Force and Effect. Except as expressly amended hereby, Seller and Guarantor acknowledge and agree that all of the terms, covenants and conditions of the Repurchase Agreement and the Repurchase Documents remain unmodified and in full force and
effect and are hereby ratified and confirmed in all respects. 
 [NO FURTHER TEXT ON THIS PAGE] 

  
 4 

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

			
	BUYER:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association
		
	By:	 	 /s/ Allen Lewis

	Name:	 	Allen Lewis
	Title:	 	Managing Director

 [Signature Page to First Amendment to Amended and Restated Guarantee Agreement] 

 
			
	GUARANTOR:
	
	 TPG RE FINANCE TRUST HOLDCO, LLC,

a Delaware limited liability company

		
	By:	 	 /s/ Matthew Coleman

	Name:	 	Matthew Coleman
	Title:	 	Vice President

 Acknowledged and Agreed as of the date first set forth above: 

 

			
	SELLER: 
	
	 TPG RE FINANCE 11, LTD., 

an exempted company incorporated with limited liability under the laws of the Cayman Islands

		
	By:	 	 /s/ Matthew Coleman

	Name:	 	Matthew Coleman
	Title:	 	Vice President

 [Signature Page to First Amendment to Amended and Restated Guarantee Agreement]EX-10.5

 Exhibit 10.5 

FIRST AMENDMENT TO AMENDED AND RESTATED GUARANTY 

FIRST AMENDMENT TO AMENDED AND RESTATED GUARANTY, dated as of May 28, 2020 (this “Amendment”) and effective as of
April 1, 2020 (the “Effective Date”), by and between TPG RE FINANCE TRUST HOLDCO, LLC, a Delaware limited liability company (“Guarantor”), and MORGAN STANLEY BANK, N.A., a national banking association
(“Buyer”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase Agreement (as hereinafter defined). 

RECITALS 
 WHEREAS, TPG RE
Finance 12, Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands (“Seller”) and Buyer are parties to that certain Master Repurchase and Securities Contract Agreement, dated as of
May 4, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Repurchase Agreement”); 

WHEREAS, Guarantor guaranteed the obligations of Seller under the Repurchase Agreement and the other Transaction Documents pursuant to that
certain Amended and Restated Guaranty, dated as of May 4, 2018 (as heretofore amended, restated, supplemented or otherwise modified, the “Guaranty”), from Guarantor to Buyer; and 

WHEREAS, Guarantor and Buyer wish to amend and modify the Guaranty upon the terms and conditions hereinafter set forth. 

NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Guarantor and Buyer hereby agree that the Guaranty shall be amended and modified as follows: 

1.    Amendment of Guaranty. Guarantor and Buyer hereby agree that the Guaranty shall be amended and modified with
retroactive effect effective as of the Effective Date as follows: 
 (a)    Section 1 of the Guaranty is hereby amended
by inserting the following new definitions in correct alphabetical order: 
 “CECL Reserve” shall mean, with respect to any
Person and as of a particular date, all amounts determined in accordance with GAAP under ASU 2016-13 and recorded on the balance sheet of such Person and its consolidated Subsidiaries as of such date. 

“Equity Adjustment” shall mean, with respect to Guarantor and its Subsidiaries on a consolidated basis and as of a particular
date, the sum of all CECL Reserves and any loan loss reserves, write-downs, impairments or realized losses taken against the value of any assets of Guarantor or its Subsidiaries from and after April 1, 2020 as of such date; provided,
however, in no event shall Equity Adjustment exceed the amount of (a) Total Equity of Guarantor less (b) the product of Total Indebtedness of Guarantor multiplied by twenty-five percent (25%). 

 “First Amendment Effective Date” means April 1, 2020. 

“Total Adjusted Equity” means, with respect to any Person, as of any date of determination, Total Equity of such Person as of
such date plus Equity Adjustment for such Person as of such date.” 
 (b)    Section 1 of the Guaranty is hereby
amended by deleting and replacing the definitions of “Tangible Net Worth” and “Total Equity” in their entirety with the following: 

“Tangible Net Worth” shall mean, with respect to any Person, as of any date of determination, on a consolidated basis,
(a) the total tangible assets of such Person, less (b) the total liabilities of such Person, in each case, on or as of such date and as determined in accordance with GAAP. 

“Total Equity” shall mean, as of any date of determination, (a) with respect to any Person, the sum of all shareholder
equity of such Person and its Subsidiaries on a consolidated basis, as determined in accordance with GAAP, and (b) with respect to Guarantor, (i) the sum of all shareholder equity of Guarantor and its Subsidiaries on a consolidated basis,
as determined in accordance with GAAP, plus (ii) the Class B Preferred Equity issued to PE Holder, L.L.C. by Sponsor pursuant to the Investment Agreement dated as of May 28, 2020, between Sponsor and PE Holder, L.L.C., and held by PE
Holder, L.L.C. or its Affiliates, or any assignee or transferee thereof. 
 (c)    Section 9(a) of the Guaranty is
hereby deleted in its entirety and replaced with the following: 
 “(a)     Guarantor hereby agrees that, until the
Repurchase Obligations have been paid in full, Guarantor shall not, with respect to itself and its Subsidiaries on a consolidated basis, directly or indirectly: 

(i)    permit its Liquidity at any time to be less than the greater of (i) Ten Million and No/100 Dollars
($10,000,000.00) and (ii) 5% of Guarantor’s Recourse Indebtedness; 
 (ii)    permit its Tangible Net Worth at any
time to be less than the sum of (x) $1,100,000,000.00, plus (y) seventy-five percent (75%) of the proceeds of all equity issuances (net of underwriting discounts and commissions, and other out-of-pocket expenses related to such equity issuances) made by Guarantor or Sponsor, without duplication, after the date of the First Amendment; 

(iii)    permit the ratio of (A) Total Indebtedness to (B) Total Adjusted Equity at any time to exceed 3.5 to
1.0; and 
 (iv)    permit, as of any date of determination, the ratio of (A) EBITDA for the period of twelve
(12) consecutive months ended on such date (if such date is the last day of a fiscal quarter) or the last day of the fiscal quarter most recently ended prior to such date (if such date is not the last day of a fiscal quarter) to
(B) Interest Expense for such period to be less than (x) if such date of determination is a date prior to the First Amendment Effective Date or 

  
 2 

 
from and after December 2, 2020, 1.5 to 1.0, and (y) if such date of determination is a date from and after the First Amendment Effective Date but prior to December 2, 2020, 1.4 to
1.0” 
 2.    Amendment of Transaction Documents. From and after the date hereof, all references in the
Repurchase Agreement and the other Transaction Documents to the “Guaranty” shall be deemed to refer to the Guaranty as amended and modified by this Amendment and as same may be further amended, modified and/or restated. 

3.    Reaffirmation of Representations and Warranties. Guarantor hereby represents and warrants to Buyer that, as
of the date hereof, (i) it has the power to execute, deliver and perform its respective obligations under this Amendment, (ii) this Amendment has been duly executed and delivered by it for good and valuable consideration, and constitutes
its legal, valid and binding obligation enforceable against it in accordance with its terms subject to bankruptcy, insolvency, and other limitations on creditors’ rights generally and to equitable principles, and (iii) neither the
execution and delivery of this Amendment, nor the consummation by it of the transactions contemplated by this Amendment, nor compliance by it with the terms, conditions and provisions of this Amendment will conflict with or result in a breach of any
of the terms, conditions or provisions of (A) its organizational documents, (B) any contractual obligation to which it is now a party or the rights under which have been assigned to it or the obligations under which have been assumed by it
or to which its assets are subject or constitute a default thereunder, or result thereunder in the creation or imposition of any lien upon any of its assets, other than pursuant to this Amendment, (C) any judgment or order, writ, injunction,
decree or demand of any court applicable to it, or (D) any applicable Requirement of Law, in the case of clauses (B)-(D) above, to the extent that such conflict or breach is reasonably likely to result in a Material Adverse Effect. Guarantor
hereby represents and warrants to Buyer that all of the representations and warranties set forth in Section 8 of the Guaranty remain true and correct in all material respects as of the date hereof. 

4.    Counterparts. This Amendment may be executed by each of the parties hereto in any number of separate
counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment in Portable Document Format (PDF) or executed
via DocuSign by facsimile or email transmission shall be effective as delivery of a manually executed original counterpart thereof. 

5.    GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT
TO THE CONFLICT OF LAW PRINCIPLES THEREOF. 
 6.    Expenses. Seller hereby acknowledges and agrees that
Seller shall be responsible for all reasonable out-of-pocket costs and expenses of Buyer in connection with documenting and consummating the modifications contemplated
by this Amendment, including, but not limited to, the reasonable fees and expenses of Buyer’s external legal counsel. 

7.    Reaffirmation of Guaranty. Guarantor acknowledges and agrees that, except as modified hereby, the Guaranty
remains unmodified and in full force and effect and enforceable in accordance with its terms, including, for the avoidance of doubt, Section 9(c) of the Guaranty. 

  
 3 

 8.    Repurchase Agreement, Guaranty and Transaction Documents in
Full Force and Effect. Except as expressly amended hereby, Seller and Guarantor acknowledge and agree that all of the terms, covenants and conditions of the Repurchase Agreement and the Transaction Documents remain unmodified and in full force
and effect and are hereby ratified and confirmed in all respects. 
 [NO FURTHER TEXT ON THIS PAGE] 

  
 4 

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

			
	BUYER:
	
	MORGAN STANLEY BANK, N.A., a national banking association
		
	By:	 	 /s/ Anthony Preisano

	Name:	 	Anthony Preisano
	Title:	 	Executive Director

 [Signature Page to First Amendment to Amended and Restated Guaranty] 

 
			
	GUARANTOR:
	
	 TPG RE FINANCE TRUST HOLDCO, LLC,

a Delaware limited liability company

		
	By:	 	 /s/ Matthew Coleman

	Name:	 	Matthew Coleman
	Title:	 	Vice President

 Acknowledged and Agreed as of the date first set forth above: 

 

			
	SELLER:
	
	TPG RE FINANCE 12, LTD.,
	 an exempted company incorporated with

limited liability under the laws of the Cayman Islands

		
	By:	 	 /s/ Matthew Coleman

	Name:	 	Matthew Coleman
	Title:	 	Vice President

 [Signature Page to First Amendment to Amended and Restated Guaranty]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}]]