Document:

EX-10.7

 Exhibit 10.7 

SECOND AMENDMENT TO GUARANTY 

SECOND AMENDMENT TO GUARANTY, dated as of April 14, 2021 (this “Amendment”), by and between CREDIT RE OPERATING COMPANY,
LLC, a Delaware limited liability company (“Guarantor”), and DEUTSCHE BANK AG, CAYMAN ISLANDS BRANCH, a branch of a foreign banking institution (“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, DB Loan NT-II, LLC and CLNC Credit 5, LLC, each a Delaware limited liability company
organized in series (collectively, “Master Seller”) and Buyer are parties to that certain Master Repurchase Agreement, dated as of October 23, 2018 (as amended, modified and/or restated, the “Repurchase
Agreement”), between Master Seller and Buyer; 
 WHEREAS, Guarantor guaranteed the obligations of Seller under the Repurchase
Agreement and the other Transaction Documents pursuant to that certain Guaranty, dated as of October 23, 2018, as amended by that certain Amendment to Guaranty, dated as of May 7, 2020 (as amended, modified and/or restated, 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. 

 

	 	a.	 The following defined terms are hereby inserted in Section 1 of the Guaranty in alphabetical order:

 “Internalization Agreement” means that certain Termination Agreement, dated as of April 4, 2021,
by and among Parent, Guarantor, Manager and Colony Capital Investment Advisors, LLC. 
 “Internalization Date” means the
“Closing Date,” as such term is defined in the Internalization Agreement. 
  

	 	b.	 Guarantor and Buyer hereby agree that Section 5(a)(ii) of the Guaranty is hereby deleted in its entirety
and replaced with the following with retroactive effect to January 1, 2020: 

 “(ii) Minimum Tangible Net Worth. Consolidated Tangible
Net Worth (A) at any time prior to the Internalization Date, shall not be less than the sum of (i) $1,500,000,000 plus (ii) seventy-five percent (75%) of the net cash proceeds thereafter received by Guarantor (x) from any
offering by Guarantor of its common equity and (y) from any offering by Parent of its common equity to the extent such net cash proceeds are contributed to Guarantor, excluding any such net cash proceeds that are contributed to Guarantor within
ninety (90) days of receipt of such net cash proceeds and applied to purchase, redeem or otherwise acquire Capital Stock issued by Guarantor (or any direct or indirect parent thereof), and (B) at any time from and after the Internalization
Date, shall not be less than the sum of (I) $1,350,000,000 plus (II) the amount described in the foregoing clause (ii);” 

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. Consent to Internalization of Management by Parent and Guarantor. Buyer acknowledges that, pursuant to the Internalization Agreement
described in Section 1 of this Amendment, Parent and Guarantor intend to effectuate an internalization of management as contemplated in Section 10(u) of the Repurchase Agreement. Buyer hereby approves such internalization of management.

 4. 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 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 12 of the Guaranty remain true and correct as of the date hereof. 

5. 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), any generally accepted electronic means
(including via DocuSign) or by facsimile transmission shall be effective as delivery of a manually executed original counterpart thereof. 

  
 2 

 6. 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. 
 7. 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. 
 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. 

9. Repurchase Agreement, Guaranty and Transaction Documents in Full Force and Effect. Except as expressly amended hereby, Master Seller,
on behalf of itself and each Series Seller that is a party to a Transaction under the Repurchase Agreement as of the date hereof, 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] 

  
 3 

 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. 
  

			
	GUARANTOR:
	
	CREDIT RE OPERATING COMPANY, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ David A. Palamé

		 	Name: David A. Palamé
		 	Title: Vice President

 
			
	BUYER:
	
	DEUTSCHE BANK AG, CAYMAN ISLANDS BRANCH
		
	By:	 	 /s/ Thomas Rugg

		 	Name: Thomas Rugg
		 	Title: Managing Director
		
	By:	 	 /s/ Murray Mackinnon

		 	Name: Murray Mackinnon
		 	Title: Director

			
	ACKNOWLEDGED AND AGREED
	AS OF THE DATE FIRST SET FORTH ABOVE:
	
	SELLER:
	
	DB LOAN NT-II, LLC, a Delaware limited liability company
		
	By:	 	 /s/ David A. Palamé

		 	Name: David A. Palamé
		 	Title: Vice President
	
	CLNC CREDIT 5, LLC, a Delaware limited liability company
		
	By:	 	 /s/ David A. Palamé

		 	Name: David A. Palamé
		 	Title: Vice PresidentEX-10.8

 Exhibit 10.8 

SECOND AMENDMENT TO GUARANTEE AGREEMENT 

SECOND AMENDMENT TO GUARANTEE AGREEMENT, dated as of April 13, 2021 (this “Amendment”), by and between CREDIT RE
OPERATING COMPANY, 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, CLNC Credit 8, LLC, a Delaware limited liability company (“Seller”) and Buyer are parties to that certain Master
Repurchase and Securities Contract, dated as of November 2, 2018 (as amended, modified and/or restated, the “Repurchase Agreement”), between Seller and Buyer; 

WHEREAS, Guarantor guaranteed the obligations of Seller under the Repurchase Agreement and the other Transaction Documents pursuant to that
certain Guarantee Agreement, dated as of November 2, 2018, as amended by that certain Amendment to Guarantee Agreement, dated as of May 7, 2020 (as amended, modified and/or restated, the “Guarantee”), from Guarantor to
Buyer; and 
 WHEREAS, Guarantor and Buyer wish to amend and modify the Guarantee 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 Guarantee shall be amended and modified as follows: 
 1. Amendment of
Guarantee. Guarantor and Buyer hereby agree that the Guarantee shall be amended and modified with retroactive effect as of January 1, 2020 as follows: 

(a) Section 1 of the Guarantee is hereby amended by inserting the following new definitions in correct alphabetical order: 

“Internalization Agreement” means that certain Termination Agreement, dated as of April 4, 2021, by and among Sponsor,
Guarantor, Manager and Colony Capital Investment Advisors, LLC. 
 “Internalization Date” means the “Closing
Date,” as such term is defined in the Internalization Agreement. 
 (b) Section 9(b) of the Guarantee is hereby deleted in its entirety
and replaced with the following: 

 (b) Minimum Tangible Net Worth. At all times during the period from the Closing Date
through and including December 31, 2019, Guarantor shall comply with Section 9(b) of this Guarantee Agreement as in effect prior to the First Guarantee Amendment. Consolidated Tangible Net Worth of Guarantor (A) at any time from and
after January 1, 2020 and prior to the Internalization Date, shall not be less than the sum of (i) $1,500,000,000.00, plus (ii) seventy-five percent (75%) of the net cash proceeds thereafter received by Guarantor (x) from any offering
by Guarantor of its common equity and (y) from any offering by Sponsor of its common equity to the extent such net cash proceeds are contributed to Guarantor, excluding any such net cash proceeds that are contributed to Guarantor within ninety
(90) days of receipt of such net cash proceeds and applied to purchase, redeem or otherwise acquire Capital Stock issued by Guarantor (or any direct or indirect parent thereof), and (B) at any time from and after the Internalization Date,
shall not be less than the sum of (I) $1,350,000,000.00, plus (II) the amount described in the foregoing clause (ii). 
 2.
Amendment of Transaction Documents. From and after the date hereof, all references in the Repurchase Agreement and the other Transaction Documents to the Guarantee shall be deemed to refer to the Guarantee as amended and modified by this
Amendment and as same may be further amended, modified and/or restated. 
 3. Consent to Internalization of Management by Sponsor and
Guarantor. Buyer acknowledges that, pursuant to the Internalization Agreement described in Section 1 of this Amendment, Sponsor and Guarantor intend to effectuate an internalization of management as contemplated in clause (e) of the
definition of “Change of Control” in the Repurchase Agreement and Section 8.14 of the Repurchase Agreement. Buyer hereby approves such internalization of management. 

4. 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 Guarantee 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 Guarantee 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). 

5. 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 by facsimile transmission shall be
effective as delivery of a manually executed original counterpart thereof. 
 6. 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. 

  
 2 

 7. 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. 
 8. No Novation, Effect of Amendment.
The parties hereto have entered into this Amendment solely to amend the terms of the Guarantee 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 owning 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. 
 9. Reaffirmation
of Guarantee. Guarantor acknowledges and agrees that, except as modified hereby, the Guarantee remains unmodified and in full force and effect and enforceable in accordance with its terms. 

10. Repurchase Agreement, Guarantee 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] 
  

  
 3 

 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. 
  

			
	GUARANTOR:
	
	CREDIT RE OPERATING COMPANY, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ David A. Palamé

		 	Name: David A. Palamé
		 	Title: Vice President
	
	BUYER:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Allen Lewis

		 	Name: Allen Lewis
		 	Title: Managing Director

 ACKNOWLEDGED AND AGREED 

AS OF THE DATE FIRST SET FORTH ABOVE: 
  

			
	SELLER:
	
	 CLNC CREDIT 8, LLC,
 a
Delaware limited liability company

		
	By:	 	 /s/ David A. Palamé

		 	Name: David A. Palamé
		 	Title:   Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}]]