Document:

Document

Exhibit 10.3

FORM OF RESTRICTED STOCK UNIT AGREEMENT
FOR SENIOR VICE PRESIDENTS AND ABOVE
ADVANCED MICRO DEVICES, INC. 2004 EQUITY INCENTIVE PLAN
RESTRICTED STOCK UNIT GRANT NOTICE
ADVANCED MICRO DEVICES, INC. 2004 EQUITY INCENTIVE PLAN

Advanced Micro Devices, Inc., a Delaware corporation (the “Company”), pursuant to its 2004 Equity Incentive Plan (as amended and restated, the “Plan”), hereby grants to the holder listed below (“Participant”) this award (“Award”) of restricted stock units set forth below (the “RSUs”). This Award is subject to all of the terms and conditions set forth herein and in the Terms and Conditions to the RSUs (the “Terms and Conditions”), including any applicable country-specific terms and conditions for Participant’s country set forth in the appendix thereto (the “Appendix”) and in the Plan, each of which is incorporated herein by reference.  Unless otherwise defined, the terms defined in the Plan shall have the same defined meanings in this Restricted Stock Unit Grant Notice (the “Grant Notice”) and the Terms and Conditions.
									
	Participant:		
			
	Employee ID:		
			
	Grant Date:		
			
	Number of Restricted Stock Units:		
			
	Vesting Schedule: 
		[To be specified in individual agreements], subject to Participant continuing to be an active Service Provider through each applicable vesting date.
			
	Intended Award Value:
(For Internal Use Only)
		

By his or her signature below or by electronic acceptance or authentication in a form authorized by the Company, Participant hereby: (a) agrees to be bound by the terms and conditions of the Plan, the Terms and Conditions, the Appendix and this Grant Notice; (b) acknowledges that he or she has reviewed the Plan, the Terms and Conditions, the Appendix and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice, and fully understands all provisions of the Plan, the Terms and Conditions, the Appendix and this Grant Notice; (c) agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, the Terms and Conditions, the Appendix or this Grant Notice; and (d) acknowledges and agrees that if he or she fails to timely activate a brokerage account with the Company’s designated brokerage firm (currently E*Trade) on or before the last business day preceding the first vesting date of the RSUs, then this Award will be immediately cancelled and forfeited and he or she will not receive any other benefits or compensation as replacement for this Award.
 
															
	ADVANCED MICRO DEVICES, INC.			PARTICIPANT	
					
	By:	 

		By:	 

	Print Name:	 

		Print Name:	 

	Title:	 			

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TERMS AND CONDITIONS
RESTRICTED STOCK UNIT AWARD
ADVANCED MICRO DEVICES, INC. 2004 EQUITY INCENTIVE PLAN

These Terms and Conditions (“Terms and Conditions”) together with the Plan, the Grant Notice, any country-specific terms and conditions for your country contained in the Appendix hereto, comprise your agreement (the “Agreement”) with the Company, regarding restricted stock units (the “RSUs”) awarded under the Plan.

1.Vesting of Restricted Stock Units. The RSUs will vest on the date(s) shown on the Grant Notice provided that you continue to be an active Service Provider through each vesting date. Notwithstanding the immediately preceding sentence, if your status as an active Service Provider terminates due to your death you will immediately vest in the Number of RSUs set forth in the Grant Notice. Unless and until the RSUs have vested in accordance with the vesting schedule set forth in the Grant Notice, you will have no right to receive Shares in settlement of such RSUs.
2.Settlement of Vested RSUs; Issuance of Shares.  Subject to Sections 4 and 10 of these Terms and Conditions, and further subject to any applicable country-specific terms and conditions set forth in the Appendix, the Shares in respect of vested RSUs will be issued in your name on or as soon as practicable following the date the underlying RSUs vest (the “Standard Settlement Date”). 
        Until Shares are actually issued in settlement of any vested RSUs, such RSUs will represent an unfunded, unsecured obligation of the Company.
3.Nontransferability of Restricted Stock Units. Unless determined otherwise by the Administrator, the RSUs may not be pledged, assigned, sold or otherwise transferred.
4.Forfeiture of Restricted Stock Units. Except as otherwise provided in Section 6(e) of these Terms and Conditions, if your status as a Service Provider terminates for any reason other than your death before the vesting date(s) shown on the Grant Notice, your unvested RSUs will be cancelled and forfeited without consideration. In case of any dispute as to whether your status as a Service Provider has terminated, the Administrator will have sole discretion to determine whether such termination has occurred and the effective date of such termination.
        For purposes of this Award, your status as an active Service Provider will be considered terminated (regardless of the reason for termination and whether or not the termination is in breach of Applicable Laws) effective as of the date you are no longer actively employed by or providing services to the Company or an Affiliate, and will not be extended by any notice period mandated under Applicable Laws (e.g., active employment or service would not include a period of “garden leave” or similar period pursuant to Applicable Law).  The Administrator will have the exclusive discretion to determine when your status as an active Service Provider terminates for purposes of this Award (including whether you may still be considered to be employed by or providing services to the Company or an Affiliate while on a leave of absence).
5.Responsibility for Taxes. Regardless of any action the Company or, if different, your employer (the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, fringe benefit tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items is and remains your responsibility and may exceed the amount actually withheld by the Company or the Employer. You further acknowledge that the Company and/or the Employer:  make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant, vesting or settlement of the RSUs, the issuance of Shares upon settlement of the RSUs, the subsequent sale of Shares acquired pursuant to such issuance and the receipt of any dividends and/or any dividend equivalents; and  do not commit to and are under no obligation to structure the terms of the Award or any aspect of the RSUs to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result. Further, if you are subject to tax in more than one jurisdiction, you acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. 
Prior to any relevant taxable or tax withholding event, as applicable, you will pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items (including hypothetical withholding tax 

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amounts if you are covered under a Company or Employer Tax equalization policy).. In this regard, you authorize the Company, the Employer, and their respective agents, at their discretion, to satisfy any applicable withholding obligations with regard to all Tax-Related Items by one or a combination of the following:

(a)withholding from your wages or other cash compensation payable to you by the Company and/or the Employer;

(b)withholding from proceeds of the sale of Shares issuable or issued to you upon vesting and/or settlement of the RSUs either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization without your further consent or authorization); or

(c)withholding in Shares to be issued upon vesting and/or settlement of the RSUs; or

(d)requiring you to make a payment in cash by certified check or wire transfer.

Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering statutory withholding rates or other withholding rates, including maximum rates applicable in your jurisdiction(s), in which case you may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent amount in Shares. If the obligation for Tax-Related Items is satisfied by withholding in Shares, you are deemed for tax purposes to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items due as a result of any aspect of your participation in the Plan.

If you are covered by a Company or Employer tax equalization policy, you agree to pay to the Company or Employer any additional hypothetical tax obligation calculated and paid under the terms of such tax equalization policy. Finally, you must pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if you fail to comply with your obligations in connection with the Tax-Related Items.

6.Other Terms and Conditions.
(i)The Plan. The Agreement is further subject to the terms and provisions of the Plan. Only certain provisions of the Plan are described in the Agreement. As a condition to your receipt of the RSUs and any Shares issuable in settlement of vested RSUs, you acknowledge and agree to the terms and conditions of the Agreement and the terms and provisions of the Plan.
(ii)Activation of Brokerage Account.  This Award of RSUs is subject to and conditioned on your activation of a brokerage account with the Company’s designated brokerage firm on or before the last business day immediately preceding the first vesting date of the RSUs.  If you fail to timely activate a brokerage account with the Company’s designated brokerage firm, then this Award and all of the RSUs covered by this Award will be immediately cancelled and forfeited and you will not receive any other benefits or compensation as replacement for the RSUs.
(iii)Stockholder Rights. Until the Shares are issued, you have no right to vote or receive dividends or any other rights as a stockholder with respect to the RSUs.
(iv)Employment Relationship. Nothing in the Agreement will confer on you any right to continue in the employ of the Company or the Employer or interfere with or restrict rights of the Company or the Employer, which are hereby expressly reserved, to terminate your employment at any time.
(v)Change of Control. If your employment is terminated by the Company or the Employer (including for this purpose any successor to the Company due to such Change of Control and any employer that is an Affiliate of such successor) for any reason other than for Misconduct or, if applicable, by you as a result of a Constructive Termination, within one year after a Change of Control, then the RSUs will become fully vested upon the date of termination.

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(vi)Declination of RSUs. If you wish to decline your RSUs, you must complete and file the Declination of Grant form with Corporate Compensation and Benefits no later than one calendar month prior to the first vesting date of the RSUs. Your declination is non-revocable, and you will not receive a grant of stock options or any other compensation as replacement for the declined RSUs.  Your decision to not timely file the Declination of Grant form will constitute your acceptance of the Award on the terms on which it is offered, as set forth in this Agreement and the Plan. 
(vii)Recovery in the Event of a Financial Restatement; Claw-Back Policy. In the event the Company is required to prepare an accounting restatement due to material noncompliance of the Company with any financial reporting requirement under applicable securities laws, the Administrator will review all equity-based compensation (including the RSUs) awarded to employees at the Senior Vice President level and above.  If the Administrator (in its sole discretion) determines that you were directly involved with fraud, misconduct or gross negligence that contributed to or resulted in such accounting restatement, the Administrator may, to the extent permitted by Applicable Laws, recover for the benefit of the Company all or a portion of the equity-based compensation awarded to you, including (without limitation) by cancelation, forfeiture, repayment and disgorgement of profits realized from the sale of securities of the Company; provided, however, the Administrator will not have the authority to recover any equity-based compensation awarded more than 18 months prior to the date of the first public issuance or filing with the U.S. Securities and Exchange Commission (the “SEC”) (whichever first occurs) of the financial document embodying such financial reporting requirement.   In determining whether to seek recovery, the Administrator may take into account any considerations it deems appropriate, including Applicable Laws and whether the assertion of a recovery claim may prejudice the interests of the Company in any related proceeding or investigation. Further, and notwithstanding the foregoing, the RSUs (including any proceeds, gains or other economic benefit actually or constructively received by you upon any receipt of the RSUs or upon the receipt or resale of any Shares underlying the RSUs) shall be subject to the provisions of any claw-back policy implemented by the Company, including, without limitation, any claw-back policy adopted to comply with the requirements of Applicable Laws, including without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, to the extent set forth in such claw-back policy.
7.Nature of Grant. In accepting this Award, you acknowledge, understand and agree that:
(viii)the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time;
(ix)the grant of the RSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past;
(x)all decisions with respect to future RSU grants, if any, will be at the sole discretion of the Company;
(xi)you are voluntarily participating in the Plan;
(xii)the RSUs and the Shares subject to the RSUs, and the value of and income from such RSUs and Shares, are not intended to replace any pension rights, retirement benefits or other compensation;
(xiii)the RSUs and the Shares subject to the RSUs, and the value of and income from such RSUs and Shares, are not part of normal or expected compensation or salary for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;
(xiv)the RSU grant and your participation in the Plan will not be interpreted to form an employment contract or other service relationship with the Company, the Employer or any Affiliate;
(xv)the future value of the underlying Shares is unknown and cannot be predicted with certainty;
(xvi)no claim or entitlement to compensation or damages will arise from forfeiture of the RSUs resulting from termination of your status as a Service Provider (for any reason whatsoever and whether or not in breach of Applicable Laws), and in consideration of the grant of the RSUs to which you are otherwise not entitled, you irrevocably agree to (i) 

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never institute any such claim against the Company, the Employer, or any of their respective Affiliates, (ii) waive your ability, if any, to bring any such claim against the Company, the Employer or any of their respective Parents, Subsidiaries or Affiliates, (iii) forever release the Company, the Employer and each of their respective Affiliates from any such claim, and (iv) execute any and all documents necessary, or reasonably requested by the Company, to request dismissal or withdrawal of any such claim that is allowed by a court of competent jurisdiction, in each case to the maximum extent permitted by Applicable Laws;
(xvii)the RSUs and the benefits under the Plan, if any, will not automatically transfer to another company in the case of a merger of the Company with or into another company or the sale of substantially all of the assets of the Company; and
(xviii)if you are providing services outside the United States:
a.the RSUs and the Shares subject to the RSUs, and the value of and income from such RSUs, are not part of normal or expected compensation or salary for any purpose, including, without limitation, for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension benefits, retirement benefits, welfare benefits or similar mandatory payments; and
b.none of the Company, the Employer, or any of their respective Affiliates will be liable for any foreign exchange rate fluctuation between any local currency and the U.S. Dollar that may affect the value of the RSUs, any amounts due to you pursuant to the settlement of the RSUs or the subsequent sale of any Shares acquired upon settlement.
8.No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying Shares. You are hereby advised to consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.
9.Data Privacy. You understand that the Company and the Employer hold certain personal information about you, including, but not limited to, your name, home address, email address, and telephone number, date of birth, social insurance number, passport number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all RSUs or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in your favor (your “Data”), for the exclusive purpose of implementing, administering and managing the Plan.
You understand that it will be necessary for your Data to be collected, used and transferred, in electronic or other form, as described in the Agreement and any other Award Documentation by and among, as applicable, the Employer, the Company and any Affiliate. Such processing will be for the exclusive purpose of implementing, administering and managing your participation in the Plan, and therefore for the performance of the Agreement. The provision of your Data is a contractual requirement. Without the provision of your Data, it will not be possible to for the Company and/ or the Employer to perform their obligations under the Agreement.

You understand that, in performing the Agreement, it will be necessary for:

•your Data to be transferred to a Company-designated Plan broker, or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan;

•the Company, its Plan broker and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan,  to receive, possess, use, retain and transfer your Data, in electronic or other form, for the sole purpose of implementing, administering and managing your participation in the Plan; and 

•your Data to be held only as long as is necessary to implement, administer and manage your participation in the Plan. 

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If you are located in the European Union (“EU”), European Economic Area (“EEA”) or the United Kingdom (“UK”), you understand that the recipients of your Data may be located in countries outside of the EU/EEA/UK, including the United States , and that the recipients’ country  may not have privacy laws and protections that are equivalent to those of the EU/EEA/UK member state in which you are based. You understand that if you reside in the EU/EEA/UK, you can request a list with the names and addresses of any recipients of your Data by contacting your local human resources representative. 

You understand that if you reside in the EU/EEA/UK, you may, at any time and free of charge, request access to your Data, object to the processing of your Data, request to have access to it restricted, request additional information about the storage and processing of your Data, require any necessary amendments to your Data or ask for it to be erased by contacting your local human resources representative in writing. You may also have the right to receive a copy of your Data in a machine-readable format, and the right to not to be subject to any decision that significantly affects you being taken solely by automated processing, including profiling. We will process any request in line with applicable laws and our policies and procedures. You also have the right to lodge a complaint with a local supervisory authority.

10.Compliance with Laws and Regulations. The issuance and transfer of the Shares will be subject to and conditioned upon compliance by the Company and you with all applicable state, federal and foreign laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Shares may be listed or quoted at the time of such issuance or transfer; and, you understand that the Company shall not be required to issue or deliver any Shares prior to fulfillment of all of the following conditions: (a) the admission of such Shares to listing on all stock exchanges on which the Company’s common stock is then listed; (b) the completion of any registration or other qualification of such Shares under any state or federal law or under rulings or regulations of the SEC or of any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable; (c) the obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its absolute discretion, determine to be necessary or advisable; and (d) the lapse of such reasonable period of time following the vesting or settlement as the Administrator may from time to time establish for reasons of administrative convenience. The Shares shall be fully paid and nonassessable. You understand that the Company is under no obligation to register or qualify the Shares with the SEC or any state or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the Shares. Further, you agree that the Company has unilateral authority to amend the Plan and the Agreement without your consent to the extent necessary or advisable to comply with securities or other laws applicable to issuance of Shares.
11.Successors and Assigns. The Company may assign any of its rights under the Agreement. The Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer contained herein, the Agreement will be binding upon you and your heirs, executors, administrators, legal representatives, successors and assigns.
12.Governing Law; Jurisdiction; Severability. The Agreement is to be governed by and construed in accordance with the internal laws of the State of Delaware, U.S.A., as such laws are applied to agreements between Delaware residents entered into and to be performed entirely within Delaware, excluding that body of laws pertaining to conflict of laws. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the Company and you evidenced by this grant or the Agreement, the Company and you hereby submit to and consent to the exclusive jurisdiction of the State of Delaware and agree that such litigation will be conducted only in the courts of New Castle County, Delaware, or the federal courts for the United States for the District of Delaware, and no other courts, where this grant is made and/or to be performed. If any provision of the Agreement is determined by a court of law to be illegal or unenforceable, in whole or in part, that provision will be enforced to the maximum extent possible and the other provisions will remain fully effective and enforceable.
13.Further Instruments. You agree to execute further instruments and to take further actions as may be reasonably necessary to carry out the purposes and intent of the Agreement.
14.Administrator Authority. The Administrator has the power to interpret the Plan and the Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or 

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revoke any such rules (including, but not limited to, the determination of whether or not any RSUs have vested). All actions taken and all interpretations and determinations made by the Administrator will be final and binding upon you, the Company and all other interested persons. The Administrator will not be personally liable for any action, determination or interpretation made with respect to the Plan or the Agreement
15.Language. You acknowledge that you are sufficiently proficient in English, or have consulted with an advisor who is sufficiently proficient in English, to understand the terms and conditions of the Agreement. Furthermore, if you have received the Agreement or any other Award Documentation translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.
16.Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.
17.Imposition of Other Requirements. The Company reserves the right to impose other requirements on your participation in the Plan, on the RSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with Applicable Laws or facilitate the administration of the Plan, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
18.Headings. The captions and headings of the Agreement are included for ease of reference only and will be disregarded in interpreting or construing the Agreement. All references herein to Sections will refer to Sections of these Terms and Conditions, unless otherwise noted.
19.Appendix. Notwithstanding any provisions in the Award Documentation, the RSU grant will be subject to any additional terms and conditions for your country set forth in an Appendix to these Terms and Conditions. Moreover, if you relocate to one of the countries included in the Appendix, the additional terms and conditions for such country will apply to you, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Company reserves the right to require you to sign any additional agreements that may be necessary to accomplish the foregoing. The Appendix constitutes part of the Agreement.
20.Waiver. You acknowledge that a waiver by the Company of breach of any provision of the Agreement will not operate or be construed as a waiver of any other provision of the Agreement, or of any subsequent breach by you or any other Participant.
21.Entire Agreement. The Plan, these Terms and Conditions, the Appendix and the Grant Notice constitute the entire agreement and understanding of the parties with respect to the subject matter of the Agreement, and supersede all prior understandings and agreements, whether oral or written, between the parties with respect to the specific subject matter hereof.
22.Insider Trading Restrictions/Market Abuse Laws. You acknowledge that, depending on your or your broker’s country or the country in which the Shares are listed, you may be subject to insider trading restrictions and/or market abuse laws, which may affect your ability to accept, acquire, sell or otherwise dispose of Shares or rights to Shares (or rights linked to Shares) under the Plan (e.g., RSUs) during such times as you are considered to have “inside information” regarding the Company (as defined by the laws or regulations in your country). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders you placed before you possessed insider information.  Furthermore, you could be prohibited from (a) disclosing the inside information to any third party (other than on a “need to know” basis) and (b) “tipping” third parties (including employees and other service providers) or causing them otherwise to buy or sell Company securities.  Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. You acknowledge that it is your responsibility to comply with any applicable restrictions, and you should speak to your personal advisor on this matter.
23.Notices. Any notice to be given under the terms of the Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be given to you shall be addressed to you at your last residential or email address reflected on the Company’s records. By a notice given pursuant 

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to this Section 23, either party may hereafter designate a different address for notices to be given to that party. Any notice which is required to be given to you shall, if you are then deceased, be given to your legal representative. Any notice shall be deemed duly given to you (or, if applicable, your legal representative), (a) if it is delivered by email, upon confirmation of receipt (with an automatic “read receipt” constituting acknowledgment of receipt for purposes of this Section 23(a)); and (b) if sent by certified mail (return receipt requested), on the second business day following deposit (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service or similar local service in jurisdictions outside of the United States.
24.Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or the Agreement, if you are subject to Section 16 of the Exchange Act, the Plan, the RSUs and the Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Laws, the Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.
25.Section 409A. The RSUs are not intended to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code (together with any U.S. Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof, “Section 409A”). However, notwithstanding any other provision of the Plan or the Agreement, if at any time the Administrator determines that the RSUs (or any portion thereof) may be subject to Section 409A, the Administrator shall have the right in its sole discretion (without any obligation to do so or to indemnify you or any other person for failure to do so) to adopt such amendments to the Plan or the Agreement, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate either for the RSUs to be exempt from the application of Section 409A or to comply with the requirements of Section 409A.
26.Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. The Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. You shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to RSUs, as and when vested or settled pursuant to the terms hereof.
27.Termination, Rescission and Recapture. The RSUs are intended to align your long-term interests with the long-term interests of the Company. If you engage in certain activities discussed below, either during employment with the Company or after such employment terminates for any reason, the Company may terminate any outstanding, unexpired or unpaid RSUs (“Termination”), rescind any payment or delivery of Shares pursuant to the RSUs (“Rescission”) or recapture any cash or any Shares or any proceeds from your sale of Shares acquired pursuant to the RSUs (“Recapture”), as more fully described below and to the extent permitted by Applicable Laws. For purposes of this Section 27, “Competitive Organization or Business” is defined as those corporations, institutions, individuals, or other entities identified by the Company as competitive or working to become competitive in the Company’s most recently filed annual report on Form 10-K.
(xix)You are acting contrary to the long-term interests of the Company if you at any time fail to comply with any agreement or undertaking regarding inventions, intellectual property rights, and/or proprietary or confidential information or material that you signed or otherwise agreed to in favor of the Company.
(xx)You are acting contrary to the long-term interests of the Company if you, while employed by the Company: (i) materially breach the AMD Agreement or any Company (or Affiliate) policy applicable to you, or any written agreement between you and the Company (or Affiliate); (ii) violate the Company’s Worldwide Standards of Business Conduct or commit any other act of misconduct, or violate state or federal law relating to the workplace (including laws related to sexual harassment or age, sex or other prohibited discrimination); (iii) commit any act or omission resulting in your being charged with a criminal offense involving moral turpitude, dishonesty, or breach of trust; or (iv) engage in conduct that constitutes a felony, or enter a plea of guilty or nolo contendere with respect to a felony under applicable law. Whether you are acting 

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contrary to the long-term interests of the Company for any of the reasons set forth in clauses (i) through (iv) above shall be determined by the Administrator in its sole discretion.
(xxi)You are acting contrary to the long-term interests of the Company if, during the restricted period set forth below, you engage in any of following activities in, or directed into, any State, possession or territory of the United States of America or any country in which the Company operates, sells products or does business:
c.while employed by the Company, you render services to or otherwise directly or indirectly engage in or assist, any Competitive Organization or Business;
d.while employed by the Company or at any time thereafter, without the prior written consent of the Compensation and Leadership Resources Committee of the Board (“CLRC”), you (A) use any confidential information or trade secrets of the Company to render services to or otherwise engage in or assist any Competitive Organization or Business or (B) solicit away or attempt to solicit away any customer or supplier of the Company if in doing so, you use or disclose any of the Company’s confidential information or trade secrets;
e.while employed by the Company or during a period of twelve (12) months thereafter, without the prior written consent of the Board, you carry on any business or activity (whether directly or indirectly, as a partner, shareholder, principal, agent, director, affiliate, employee or consultant) that is a direct material Competitive Organization or Business (as conducted now or during the term of this Agreement);
f.while employed by the Company or during the period of twelve (12) months thereafter, without the prior written consent of the Board, you solicit away or influence or attempt to influence or solicit away any client, customer or other person either directly or indirectly to direct his/her or its purchase of the Company’s products and/or services to any Competitive Organization or Business; or
g.while employed by the Company or during a period of twelve (12) months thereafter, without the prior written consent of the Board, you solicit or influence or attempt to influence or solicit any person employed by the Company or any consultant then retained by the Company to terminate or otherwise cease his/her employment or consulting relationship with the Company or become an employee of or perform services for any outside organization or business that is or is working to become competitive with the Company.
The activities described in this Section 27(c) are collectively referred to as “Activities Against the Company’s Interest.”

(xxii)If the Company determines, in its sole and absolute discretion, that: (i) you have violated any of the requirements set forth in Section 27(a) or (b) above or (ii) you have engaged in any Activities Against the Company’s Interest (the date on which such violation or activity first occurred being referred to as the “Trigger Date”), then the Company will, in its sole and absolute discretion, impose a Termination, Rescission and/or Recapture of any or all of the RSUs, Shares issued or issuable pursuant to the RSUs, or the proceeds you received therefrom, provided, that such Termination, Rescission and/or Recapture shall not apply to the RSUs to the extent that such RSUs vested earlier than one year prior to the Trigger Date. Within ten days after receiving notice from the Company that Rescission or Recapture is being imposed on any RSU, you shall deliver to the Company the Shares acquired pursuant to the RSUs, or, if you have sold such Shares, the gain realized, or payment received as a result of the rescinded payment or delivery. Any payment by you to the Company pursuant to this Section 27(d) shall be made either in cash or by returning to the Company the number of Shares that you received in connection with the rescinded payment or delivery. It shall not be a basis for Termination, Rescission or Recapture if after your termination of employment, you purchase, as an investment or otherwise, stock or other securities of a Competitive Organization or Business, so long as (x) such stock or other securities are listed upon a recognized securities exchange or traded over-the-counter, and (y) such investment does not represent more than a one percent equity interest in the organization or business.
(xxiii)Upon payment or delivery of Shares pursuant to the RSUs, you shall, if requested by the Company, certify on a form acceptable to the Company that you are in compliance with the terms and conditions of this Agreement and, if your termination of employment has occurred, shall state the name and address of your then-current employer or any entity for 

        9 

which you perform business services and your title, and shall identify any organization or business in which you own a greater-than-one-percent equity interest.
(xxiv)Notwithstanding the foregoing provisions of this Section 27, in exceptional cases, the Company has sole and absolute discretion not to require Termination, Rescission and/or Recapture, and its determination not to require Termination, Rescission and/or Recapture with respect to any particular act by you or the RSUs shall not in any way reduce or eliminate the Company’s authority to require Termination, Rescission and/or Recapture with respect to any other act by you or other equity awards.
(xxv)Nothing in this Section 27 shall be construed to impose obligations on you to refrain from engaging in lawful competition with the Company after the termination of employment. For the avoidance of doubt, you acknowledge that this Section 27(f) shall not limit or supersede any other agreement between you and the Company concerning restrictive covenants.
(xxvi)All administrative and discretionary authority given to the Company under this Section 27 shall be exercised by the CLRC, or an executive officer of the Company as the CLRC may designate from time to time.
(xxvii)Notwithstanding any provision of this Section 27, if any provision of this Section 27 is determined to be unenforceable or invalid under any Applicable Laws, such provision will be applied to the maximum extent permitted by Applicable Laws, and shall automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to any limitations required under Applicable Laws. Furthermore, if any provision of this Section 27 is illegal under any Applicable Laws, such provision shall be null and void to the extent necessary to comply with Applicable Laws.
(xxviii)Notwithstanding the foregoing, this Section 27 shall not be applicable to you from and after your termination of employment if such termination of employment occurs after a Change of Control.
28.Foreign Asset/Account Reporting; Exchange Control Requirements.  Certain applicable foreign asset and/or foreign account reporting requirements and exchange controls may affect your ability to acquire or hold Shares acquired under the Plan or cash received from participating in the Plan (including any dividends paid on Shares acquired under the Plan) in a brokerage or bank account outside your country.  You may be required to report such accounts, assets or transactions to the tax or other authorities in your country.  You may also be required to repatriate sale proceeds or other funds received as a result of your participation in the Plan to your country through a designated bank or broker and/or within a certain time after receipt. You acknowledge that you are responsible for complying with any applicable regulations, and that you should speak to your personal legal advisor for any details.
By signing the Grant Notice or otherwise accepting the RSU grant and the Shares issued upon vesting of the RSUs, you agree to be bound by terms of the Agreement and the Plan.

        10 

APPENDIX

Terms and Conditions 
Restricted Stock Unit Award
Advanced Micro Devices, Inc. 2004 Equity Incentive Plan

Capitalized terms not specifically defined in this Appendix (this “Appendix”) have the same meaning assigned to them in the Advanced Micro Devices, Inc. 2004 Equity Incentive Plan (as amended and restated, the “Plan”) and/or the Terms and Conditions to which this Appendix is attached (the “Terms and Conditions”). 
This Appendix includes additional terms and conditions that govern the grant of RSUs in the United Kingdom. If you are a citizen or resident of a country other than the one in which you are currently residing and/or working, transfer residency and/or employment to another country after the grant of the RSUs or are considered a resident of another country for local law purposes, the Company may, in its discretion, determine to what extent the additional terms and conditions contained herein will be applicable to you.
The additional terms and conditions set forth herein are based on the laws in effect in the United Kingdom as of April 2020.  The laws of the United Kingdom are complex and subject to change. As a result, you should not rely on the information noted herein as the only source of information relating to the consequences of your participation in the Plan because the information may be out of date at vesting of the RSUs, the receipt of any dividends or dividend equivalents or the subsequent sale of the Shares. Accordingly, if you are subject to the laws of the United Kingdom, you should seek appropriate professional advice as to how those may apply to your particular situation. 
UNITED KINGDOM
Terms and Conditions
Settlement of Restricted Stock Units. The following provision supplements Section 2 of the Terms and Conditions:
Notwithstanding any discretion contained in Section 11(d) of the Plan, RSUs will be settled in Shares only, not cash.
Responsibility for Taxes. The following provisions supplement Section 5 of the Terms and Conditions:
Without limitation to Section 5 of the Terms and Conditions, you hereby agree that you are liable for all Tax-Related Items and hereby covenant to pay all such Tax- Related Items, as and when requested by the Company or the Employer, as applicable, or by Her Majesty’s Revenue & Customs (“HMRC”) (or any other tax authority or any other relevant authority).  You also hereby agree to indemnify and keep indemnified the Company and the Employer, as applicable, against any Tax-Related Items that they are required to pay or withhold or have paid or will pay on your behalf to HMRC (or any other tax authority or any other relevant authority).
Notwithstanding the foregoing, if you are a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), the terms of immediately foregoing provision may not apply in case the indemnification could be considered a loan.  In this case, the amount of the income tax not collected within ninety (90) days of the end of the U.K. tax year in which an event giving rise to the Tax-Related Items occurs may constitute a benefit to you on which additional income tax and National Insurance contributions may be payable. You will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Company or the Employer, as applicable, for the value of any National Insurance contributions due on this additional benefit, which may be obtained from you by the Company or the Employer at any time thereafter by any of the means referred to in Section 5 of the Terms and Conditions.

        11trtx-ex1011_900.htm

 

Exhibit 10.11

 

Execution Copy

 

SECOND AMENDMENT TO MASTER REPURCHASE AND SECURITIES CONTRACT

This amendment (this “Amendment”) is made between TPG RE Finance 14, Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands (“Seller”), and U.S. Bank National Association (“Buyer”) and is effective as of May 28, 2020 (the “Effective Date”) except as otherwise provided below.

RECITALS

	
A.
	
Seller and Buyer have executed that certain Master Repurchase and Securities Contract dated as of March 31, 2017, as amended by that certain Amendment No. 1 to Master Repurchase and Securities Contract, dated May 4, 2018 (as may be further amended, restated, supplemented, amended and restated and/or otherwise modified from time to time, the “Agreement”).  Capitalized terms used in this Amendment but not otherwise defined herein shall have the meanings ascribed to them in the Agreement. The Transaction Documents set forth the terms and conditions upon which Buyer and Seller may enter into transactions in which Seller agrees to transfer to Buyer specified interests in Eligible Assets set forth in the related Confirmation against the transfer of funds by Buyer on the related Purchase Date with a simultaneous agreement by Buyer to transfer to Seller such specified interests in such Eligible Assets at a date certain or on demand, against the transfer of funds by Seller.

	
B.
	
In connection with the Agreement, TPG RE Finance Trust Holdco, LLC, a Delaware limited liability company (the “Guarantor”, together with Seller, each, a “Seller Party”, and collectively, the “Seller Parties”), executed that certain Amended and Restated Limited Guaranty dated as of May 4, 2018, (as amended, restated, supplemented, amended and restated and/or otherwise modified from time to time, the “Guaranty”), pursuant to which the Guarantor unconditionally and irrevocably guaranteed to Buyer certain obligations of Seller under the Transaction Documents on the terms and conditions set forth therein.

	
C.
	
Seller has requested that Buyer (i) permit certain modifications to the Agreement to, among other things, (A) forbear from issuing a Margin Call in respect of the Hurt Plaza Purchased Mortgage Loan (as defined below) and the One Bay Plaza Purchased Mortgage Loan (as defined below) for the period commencing on the Effective Date through and including December 1, 2020 (the “Margin Holiday Period”), (B) forbear from requiring Seller to pay any Margin Deficit with respect to the Hurt Plaza Purchased Mortgage Loan or One Bay Plaza Purchased Mortgage Loan during the Margin Holiday Period and (C) forbear from requiring Seller to repurchase the Hurt Plaza Purchased Mortgage Loan or One Bay Plaza Purchased Mortgage Loan in the event either becomes an Impaired Asset or otherwise ceases to be an Eligible Mortgage Loan pursuant to clause (iv) of the definition of Eligible Mortgage Loan during the Margin Holiday Period, and (ii) agree to a permit certain Material Purchased Mortgage Loan Modifications to be documented in modification documents to be entered into after the date hereof with respect to (A) the Hurt Plaza Purchased Mortgage Loan (the “Hurt Plaza Purchased Mortgage Loan Modification”) and (B) the One Bay Plaza Purchased Mortgage Loan (the “One Bay Plaza Purchased Mortgage Loan Modification”)

	
D.
	
Buyer has agreed to (i) modify the Agreement as provided herein, (ii) permit the Hurt Plaza Purchased Mortgage Loan Modification and One Bay Plaza Purchased Mortgage Loan Modification and (iii) the other agreements and acknowledgments set forth herein, but, in each case, only upon the terms and conditions more particularly described in this Amendment.

 

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In consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree as follows:

	
E.
	
On the date hereof, TPG RE Finance Trust, Inc., the sole member of Guarantor, is entering into that certain Investment Agreement with Affiliates of Starwood Capital Group in connection with its infusion of preferred equity in the amount of approximately $325 million (the “Preferred Equity Investment”), a description of which is contained in the summary attached hereto as Exhibit A. Simultaneously with entering into the Preferred Equity Investment, Buyer and Guarantor are entering into that certain Amendment to the Guaranty dated as of the date hereof (the “Guaranty Amendment”).

SECTION 1. Amendment to Agreement. Subject to the satisfaction or waiver in writing of each condition precedent set forth in Section 4 hereof, and in reliance on the representations, warranties, covenants and agreements contained in this Amendment, the Agreement shall be amended in the manner provided in this Section 1.

1.1Amended Definitions. Section 2 of the Agreement shall be and it hereby is amended by amending and restating following definitions in Section 2(a) of the Agreement in their entirety to read as follows:

“Alternative Rate” means, for any Pricing Rate Period or portion thereof, with respect to any Transaction, an annual rate determined in accordance with Section 27(c), and in no event shall such Alternative Rate ever be less than zero percent.

“Anti-Corruption Laws” means the United States Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder, and any other anti- corruption law applicable to Seller.

“PATRIOT ACT” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), as amended from time to time, and any successor statute.

“Sanctions” means sanctions administered or enforced from time to time by the U.S. government, including those administered by OFAC, the U.S. Department of State, or the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority.

1.2Added Definitions. Section 2(a) of the Agreement shall be and it hereby is amended by adding the following definition, to be placed in the appropriate alphabetical order, to read as follows:

“Benchmark Replacement” means the sum of: (a) an alternate benchmark rate that has been selected by the Buyer giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body and (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to LIBOR for U.S. commercial real estate mortgage loan repurchase facilities denominated in Dollars that are substantially similar to the facilities under this Agreement and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.

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“Benchmark Replacement Adjustment” means, with respect to any replacement under this Agreement of LIBOR with an alternative benchmark rate, for each applicable Pricing Rate Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Buyer giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR with an alternative benchmark rate by the Relevant Governmental Body and (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR with an alternative benchmark rate at such time for U.S. commercial real estate mortgage loan repurchase facilities denominated in Dollars that are substantially similar to the facilities under this Agreement, which adjustment or method for calculating or determining such spread adjustment pursuant to clause (b) is published on an information service as selected by the Buyer from time to time and as may be updated periodically.

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Alternative Rate,” the definition of “Pricing Rate Period,” timing and frequency of determining rates and making payments of interest and other administrative matters) that the Buyer decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Buyer in a manner substantially consistent with then- prevailing market practice (or, if the Buyer decides that adoption of any portion of such market practice is not administratively feasible or if the Buyer determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Buyer decides is reasonably necessary in connection with the administration of this Agreement).

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to LIBOR:

	
 
	
(a)
	
in the case of clauses (b), (c) or (d) of Section 27(c)(ii), the later of:
	
 

(i)the date of the public statement or publication of information referenced therein and

(ii)the date on which the administrator of LIBOR permanently or indefinitely ceases to provide LIBOR;

	
 
	
(b)
	
in the case of clause (a) of Section 27(c)(ii), the earlier of
	
 

(i)the date of the public statement or publication of information referenced therein; and

(ii)the date specified by the Buyer by notice to the Seller; or

(c)in the case of clause (e) of Section 27(c)(ii), the date specified by the Buyer by notice to the Seller.

“Benchmark Transition Event” is defined in Section 27(c)(ii).

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“Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to LIBOR and solely to the extent that LIBOR has not been replaced hereunder with a Benchmark Replacement, the period (y) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced LIBOR for all purposes under this Agreement and the other Transaction Documents in accordance with Section 27(c) and (z) ending at the time that a Benchmark Replacement has replaced LIBOR for all purposes under this Agreement and the other Transaction Documents pursuant to Section 27(c)(ii).

“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.

“Hurt Plaza Purchased Mortgage Loan” means that certain senior loan purchased by Buyer on June 25, 2018, originated by Seller and secured directly and indirectly by, among other things, an office building located in Atlanta, Georgia.

“LIBOR” means the London Interbank Offered Rate.

“One Bay Plaza Purchased Mortgage Loan” means that certain senior loan purchased by Buyer on July 19, 2019, originated by Seller and secured directly and indirectly by, among other things, an office building located near San Francisco, California.

“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

1.3Deleted Definitions. Section 2(a) of the Agreement shall be and it hereby is amended by deleting the definitions of “Sanctioned Country” and “Sanctioned Person” in their entirety.

1.4LIBOR Notification. Section 2 of the Agreement shall be and it hereby is amended by adding the following Section 2(f) to read in its entirety as follows:

(f)LIBOR Notification. The interest rate on the Transactions and any advances hereunder is determined by reference to the LIBO Rate, which is derived from LIBOR. Section 27(c)(ii) provides a mechanism for (a) determining an alternative rate of interest if LIBOR is no longer available or in the other circumstances set forth in Section 27(c)(ii) and (b) modifying this Agreement to give effect to such alternative rate of interest. The Buyer does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to LIBOR or other rates in the definition of LIBO Rate or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 27(c)(ii), will have the same value as, or be economically equivalent to, the LIBO Rate.

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1.5Anti-Corruption Laws; Sanctions; Anti-Terrorism Laws. Section 9(b)(xxi) of the Agreement shall be and it hereby is amended and restated in its entirety to read as follows:

(xx)Anti-Corruption Laws;  Sanctions;  Anti-Terrorism  Laws  The  Seller Parties and their respective directors, officers, and employees and, to the knowledge of the Seller, the agents of the Seller Parties are in compliance with Anti-Corruption Laws and all applicable Sanctions in all material respects. Each Seller Party has implemented and maintained in effect policies and procedures designed to ensure compliance with Anti-Corruption Laws and applicable Sanctions. None of the Seller Parties or, to the knowledge of Seller, any director, officer, employee, agent, or affiliate of any Seller Party is an individual or entity that is, or is 50% or more owned (individually or in the aggregate, directly or indirectly) or controlled by individuals or entities (including any agency, political subdivision or instrumentality of any government) that are (a) the target of any Sanctions or (b) located, organized or resident in a country or territory that is the subject of Sanctions (currently Crimea, Cuba, Iran, North Korea and Syria).

1.6Sanctions. Section 11(s) of the Agreement shall be and it hereby is amended and restated in its entirety to read as follows:

(o)Seller will not, directly or (s) indirectly, use the Purchase Price received by Buyer, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or (b)(i) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions, or (ii) in any other manner that would result in a violation of Sanctions by any Person (including Buyer). The Seller shall provide such information and take such actions as are reasonably requested by Buyer in order to assist Buyer in maintaining compliance with anti-money laundering laws and regulations.

1.7Alternate Rate of Interest. Section 27(c) of the Agreement shall be and it hereby is amended and restated in its entirety to read as follows:

	
 
	
(c)
	
Alternate Rate of Interest.

(i)Notwithstanding anything to the contrary in this Agreement or any other Transaction Document, if the Buyer determines (which determination shall be conclusive absent manifest error) that:

(a)deposits of a type and maturity appropriate to match fund the advances hereunder are not available to the Buyer in the relevant market, or

(b)the interest rate applicable to advances hereunder for the applicable Pricing Rate Period is not ascertainable or available (including, without limitation, because the applicable Reuters Screen (or on any successor or substitute page on such screen) is unavailable) or does not adequately and fairly reflect the cost of making or maintaining such advances,

then the outstanding Transactions shall, at Buyer’s discretion, be converted automatically to Alternative Rate Transactions, for which the Pricing Rate shall be the Alternative Rate, on the last day of the then current Pricing Rate Period or within such earlier period as may be required by law.

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(ii)Notwithstanding anything to the contrary in this Agreement or any other Transaction Document, if the Buyer determines (which determination shall be conclusive absent manifest error) that any one or more of the following (each, a “Benchmark Transition Event”) has occurred:

(a)the circumstances set forth in Section 27(c)(i) have arisen (including, without limitation, a public statement or publication of information by the regulatory supervisor for the administrator of LIBOR described in clause (ii) of this Section 27(c)(ii) announcing that LIBOR is no longer representative) and such circumstances are unlikely to be temporary,

(b)ICE Benchmark Administration (or any Person that has taken over the administration of LIBOR for deposits in Dollars that is acceptable to the Buyer) discontinues its administration and publication of LIBOR for deposits in Dollars,

(c)a public statement or publication of information by or on behalf of the administrator of LIBOR described in clause (ii) of this Section 27(c) announcing that such administrator has ceased or will cease as of a specific date to provide LIBOR (permanently or indefinitely); provided that, at the time of  such statement, there is no successor administrator that is acceptable to the Buyer that will continue to provide LIBOR after such specified date,

(d)a public statement by the supervisor for the administrator of LIBOR described in clause (ii) of this Section 27(c), the U.S. Federal Reserve System, an insolvency official with jurisdiction over such administrator for LIBOR, a resolution authority with jurisdiction over such administrator for LIBOR or a court or an entity with similar insolvency or resolution authority over such administrator for LIBOR, which states that such administrator of LIBOR has ceased or will cease as of a specific date to provide LIBOR (permanently or indefinitely); provided that, at the time of such statement or publication, there is no successor administrator that is acceptable to the Buyer that will continue to provide LIBOR after such specified date; or

(e)commercial real estate mortgage loan repurchase facilities substantially similar to the facilities under this Agreement being executed at such time, or that include language substantially similar to that contained in this Section 27(c), are being executed or amended, as the case may be, to incorporate or adopt a new benchmark interest rate to replace LIBOR for deposits in Dollars,

then the Buyer and the Seller may amend this Agreement to replace the LIBO Rate with a Benchmark Replacement (the “Alternative Rate”). No replacement of the LIBO Rate with an Alternative Rate pursuant to this Section 27(c) will occur prior to the date set forth in the applicable amendment.

In connection with the implementation of a Benchmark Replacement, the Buyer will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.

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The Buyer will promptly notify the Seller of (1) any occurrence of a Benchmark Transition Event (other than pursuant to clause (v) of this Section 27(c)), (2) the implementation of any Benchmark Replacement, (3) the effectiveness of any Benchmark Replacement Conforming Changes, and (4) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Buyer pursuant to this Section 27(c), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 27(c).

Upon notice to the Seller by the Buyer in accordance with Section 15 of the commencement of a Benchmark Unavailability Period and until a Benchmark Replacement is determined in accordance with this Section 27(c), interest on each advance hereunder shall accrue at the Money Market Rate plus the Applicable Spread. Such Benchmark Replacement shall be adjusted for any reserve requirement and any subsequent costs arising from a change in government regulation.

1.8Margin Holiday Period – Margin Calls. Notwithstanding anything to the contrary contained in the Transaction Documents, during the Margin Holiday Period, Buyer shall not (x) make any Margin Calls in respect of the Hurt Plaza Purchased Mortgage Loan or One Bay Plaza Purchased Mortgage Loan pursuant to Section 4(a) of the Agreement, (y) require Seller to pay any Margin Deficit with respect to the Hurt Plaza Purchased Mortgage Loan or One Bay Plaza Purchased Mortgage Loan or (z) require Seller to repurchase either the Hurt Plaza Purchased Mortgage Loan or One Bay Plaza Purchased Mortgage Loan (i) pursuant to Section 4(d) of the Agreement or (ii) in the event either ceases to be an Eligible Mortgage Loan pursuant to clause (iv) of the definition thereof. In furtherance of the foregoing, the existence of any Margin Deficit with respect to the Hurt Plaza Purchased Mortgage Loan  or One Bay Plaza Purchased Mortgage Loan under the Agreement shall, during the Margin Holiday Period, be disregarded for all purposes under Sections 3(d), 3(j), 3(k), 4(e), and 5(d) of the Agreement. This is not a waiver of any amounts due under the Agreement. Any and all interest, as applicable, will continue to accrue during the Margin Holiday Period. Except as otherwise expressly provided in this Amendment, all other payments, including but not limited to Price Differential and any fees required pursuant to the terms of the Transaction Documents, including the Fee Letter, required by the Transaction Documents must be made in the normal course.

1.9Termination of the Margin Holiday Period. Notwithstanding anything to the contrary contained herein, the Margin Holiday Period shall terminate and any and all restrictions on Buyer’s rights as set forth in Section 1.8 of this Amendment shall thereafter be null and void, upon the earlier to occur of (i) the expiration of the Margin Holiday Period or (ii) Buyer’s written notice to Seller upon the occurrence of a Margin Holiday Termination Event. As used herein, the term “Margin Holiday Termination Event” shall mean (x) the occurrence of any Event of Default under the Agreement or other Transaction Documents other than as a result of the existence of a Margin Deficit with respect to the Hurt Plaza Purchased Mortgage Loan or One Bay Plaza Purchased Mortgage Loan or the failure of Seller to repurchase the Hurt Plaza Purchased Mortgage Loan and/or One Bay Plaza Purchased Mortgage Loan should such Purchased Mortgage Loan(s) become an Impaired Asset or cease to be an Eligible Purchased Mortgage Loan pursuant to clause (iv) of the definition thereof, (y) any representation made by Seller or Guarantor under or in connection with this Amendment shall prove to be false in any material respect as of the date when made or (z) in the event that (A) Seller receives notice from any Other Buyer(s) under any Other Facility Agreement(s) (as such terms are defined below) of the existence of any margin deficit or requesting payment of any margin call (the “Other Facility Margin Notices”) and (B) the aggregate amount of all such margin deficits or margin calls set forth in the Other Facility Margin Notice(s) exceeds $15,000,000.00. Seller shall deliver to Buyer a copy of any Other Facility Margin Notice within one (1) Business Day of receipt by Seller. In the event Buyer terminates the Margin Holiday Period as set forth herein, Buyer shall be entitled to use the most recently delivered financial reporting from Seller to determine if a Margin Deficit exists.

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SECTION 2.

2.1Purchase Price Reduction. On the date hereof, Seller is transferring cash in the amount of $5,894,708.00 to Buyer in reduction of the outstanding Purchase Price of the Hurt Plaza Purchased Mortgage Loan and/or One Bay Plaza Purchased Mortgage Loan in the respective amounts set forth on Schedule I hereto (the “Purchase Price Reduction”). In connection with such Purchase Price Reduction, the Purchase Price Percentage and Maximum Purchase Price Percentage of the applicable Purchased Mortgage Loans shall hereafter be reduced to the respective amounts set forth on Schedule I hereto, and Buyer and Seller shall enter into amended and restated Confirmations for each such Purchased Mortgage Loan to reflect the new Purchase Price, Purchase Price Percentage and Maximum Purchase Price Percentage with respect to each such Purchased Mortgage Loan.

2.2From and after the Effective Date, Section 5(d)(vii) of the Agreement is amended as follows and any Principal Payment distributable to Seller pursuant to Section 5(d)(vii) of the Agreement shall be distributed as follows:

(vii) to remit the remainder of any Principal Payment as follows: (i) with respect to the One Bay Plaza Purchased Mortgage Loan, twenty-five percent (25%) of such Principal Payment to Buyer, based upon a repayment to Seller by the Mortgagor of the One Bay Plaza Purchased Mortgage Loan at par, and the remainder to Seller and (ii) with respect to the Hurt Plaza Purchased Mortgage Loan, thirty-five percent (35%) of such Principal Payment  to Buyer, based upon a repayment to Seller by the Mortgagor  of the Hurt Plaza Purchased Mortgage Loan at par and the remainder to Seller.

SECTION 3.

3.1Modifications of the Hurt Plaza Purchased Mortgage Loan and One Bay Plaza Purchased Mortgage Loan. During the Margin Holiday Period, notwithstanding any contrary  provisions in the Agreement, including, without limitation, Sections 10(g), 10(p), and 24(a) thereof, Seller shall be permitted to enter into one or more Hurt Plaza Purchased Mortgage Loan Modifications and/or One Bay Plaza Purchased Mortgage Loan Modifications, without Buyer’s consent (unless otherwise expressly provided below), with respect to:

(i)changing the payment terms of the related Mortgage Loan Documents to provide that all or a portion of interest (at Seller’s election) shall not be required to be paid on a monthly basis and instead shall be deferred and paid at a later date or accrued and added to the principal balance of such Purchased Mortgage Loan for a period ending no later than December 31, 2020 (the “Purchased Mortgage Loan Margin Holiday Period”);

(ii)(a) waiving, modifying or reallocating any required furniture, fixture and equipment (“FF&E”) and capital expenditure escrow and reserve deposits during the Margin Holiday Period, and (b) utilizing FF&E reserves (including those held by the franchisor), existing (and new, as set forth below) excess cash flow reserves, and capital expenditure reserves to pay for accrued and unpaid interest on the Purchased Mortgage Loan as well as costs needed to carry the Mortgaged Property during the Purchased Mortgage Loan Margin Holiday Period; provided that such escrows and reserves are not Purchased Mortgage Loan proceeds pursuant to the terms of the Purchased Mortgage Loan Documents;

(iii)extending any required completion dates (and/or extending or permitting delays for force majeure events) for repairs or capital expenditure projects relating to the Mortgaged Property during the Margin Holiday Period;

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(iv)if applicable, waiving or modifying any covenants requiring the Mortgagor to continuously operate or limiting cessation of operations at the Mortgaged Property during the Margin Holiday Period or such longer period as required by any relevant Governmental Authority or other Requirements of Law;

(v)if applicable, consenting to any modification to the applicable franchise agreement to address waivers and deferrals of FF&E, brand refresh, working capital and capital expenditure requirements during the Margin Holiday Period;

(vi)if applicable, consenting to any modification to the Mortgage Loan Documents to address any defaults and or bankruptcy of any retail or restaurant tenants (or their lease guarantors) at the Mortgaged Property and voting in any such bankruptcy;

(vii)if applicable., consenting to any modification to the applicable Ground Lease to address waivers and deferrals of tenant requirements under such Ground Lease during the Margin Holiday Period (including consenting to any modification to the Ground Lease that would permit ground rent forgiveness beyond the Margin Holiday Period (i.e., to the extent same is beneficial to the Mortgagor and Seller)); and/or

(viii)providing that all excess cash flow from the Mortgaged Property will be swept into a reserve account under Seller’s control to be applied to pay accrued and unpaid interest on the Purchased Mortgage Loan, as well as costs needed to carry the Mortgaged Property.

Seller will keep Buyer reasonably informed regarding any Hurt Plaza Purchased Mortgage Loan Modifications and One Bay Plaza Purchased Mortgage Loan Modifications (including notifying Buyer of any requests therefore from the underlying borrower and providing copies of any related draft and final modification documents related thereto).

SECTION 4. Conditions. The amendments to the Agreement contained in Section 1 of  this  Amendment and the covenants and agreements contained in Section 3 of this Amendment, in each case, shall be effective upon the satisfaction of each of the conditions set forth in this Section 4.

4.1Execution and Delivery. Each Seller Party and the Buyer shall have executed and delivered this Amendment and any other documents requested by the Buyer prior to the date hereof, all in form and substance satisfactory to the Buyer.

4.2Intentionally Omitted.

4.3No Default. After giving effect to the amendments contained herein, no Default or Event of Default shall have occurred and be continuing.

4.4Representations and Warranties. The representations and warranties of the Seller set forth in Section 5 of this Amendment are true and correct.

4.5Legal Matters Satisfactory. All legal matters incident to the consummation of the transactions contemplated hereby shall be reasonably satisfactory to counsel for the Buyer retained at the expense of the Seller. All legal matters have been satisfied as of the Effective Date as evidenced by Buyer’s execution and delivery of this Amendment.

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SECTION 5. Representations, Warranties and Covenants of the Seller Parties. To induce the Buyer to enter into this Amendment, each Seller Party hereby represents and warrants to the Buyer as follows, and shall observe the following covenants:

5.1Reaffirmation of Representations and Warranties/Further Assurances. After giving effect to the amendments contained herein, each representation and warranty of the Seller Parties contained in the Agreement or in any other Transaction Document is true and correct in all material respects on the date of this Amendment (except that any representation or warranty which by its terms was made as of a specified date shall be true and correct in all material respects only as of such specified date and any representation or warranty which is qualified by reference to “materiality” or “Material Adverse Change” is true and correct in all respects). The applicable Seller Party must promptly correct, , any defect or error that may be discovered in any Transaction Document or in the execution, acknowledgment or recordation of any Transaction Document. Promptly upon reasonable request by Buyer, the applicable Seller Party also must do, execute, acknowledge, deliver, record, re-record, file, re- file, register and re-register, any and all deeds, conveyances, mortgages, deeds of trust, trust deeds, assignments, estoppel certificates, financing statements and continuations thereof, notices of assignment, transfers, certificates, assurances and other instruments as Buyer may reasonably require from time to time in order: (a) to carry out more effectively the purposes of the Transaction Documents; (b) to perfect and maintain the validity, effectiveness and priority of any security interests intended to be created by the Transaction Documents; and (c) to better assure, convey, grant, assign, transfer, preserve, protect and confirm unto Buyer the rights granted now or hereafter intended to be granted to Buyer under any Transaction Document or under any other instrument executed in connection with any Transaction Document or that any Seller Party may be or become bound to convey, mortgage or assign to Buyer in order to carry out the intention or facilitate the performance of the provisions of any Transaction Document. Upon Buyer’s reasonable request, Seller Parties must furnish to Buyer evidence satisfactory  to Buyer of every such recording, filing or registration.

5.2Consent and Reaffirmation of Guaranty. Guarantor agrees that the obligations of Seller guaranteed under the Guaranty include, without limitation, certain obligations of Seller under the Agreement, as the Agreement has been modified pursuant to the terms of this Amendment, all as more particularly set forth in the Guaranty. In addition, Guarantor acknowledges that its obligations under the Guaranty are separate and distinct from those of Seller on the Agreement, and Guarantor represents and warrants to Buyer that Guarantor has no claims, offsets or defenses with respect to its obligations under the Guaranty.

5.3Corporate Authority; No Conflicts. The execution, delivery and performance by Seller of this Amendment and all documents, instruments and agreements contemplated herein are within Seller’s corporate, limited liability company, limited partnership or other organizational powers, have been duly authorized by necessary action, require no action by or in respect of, or filing with, any court or agency of government and do not violate or constitute a default under any provision of any applicable law or other agreements binding upon Seller or result in the creation or imposition of any Lien upon any of  the assets of Seller except as permitted under the Agreement.

5.4Enforceability. This Amendment constitutes the valid and binding obligation of such Seller Party enforceable in accordance with its terms, except as (i) the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditor’s rights generally, and (ii) the availability of equitable remedies may be limited by equitable principles of general application.

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SECTION 6. Miscellaneous.

6.1Effectiveness of Prior Documents. By its signature below, each Seller Party hereby (a) acknowledges and agrees that, except as expressly provided herein and the Guaranty Amendment, the Agreement and each of the other Transaction Documents are hereby ratified and confirmed in all respects and shall remain in full force and effect, (b) ratifies and reaffirms its obligations under, and acknowledges, renews and extends its continued liability under, the Agreement and each other Transaction Document to which it is a party, (c) ratifies and reaffirms all of the Liens granted by it to secure the payment and performance of the Facility Obligations and (d) acknowledges that, except as  expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of (i) any right, power or remedy of the Buyer under any of the Transaction Documents or (ii) any Default now existing or hereafter arising. Without limiting the generality of the foregoing, none of  the execution, delivery, negotiation pursuant to, or other consummation of this Amendment shall constitute the commencement of an action such as to render operative any jurisdiction’s “single action” or “one action” rule. Upon and after the execution of this Amendment by each of the parties hereto, each reference in the Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Agreement, and each reference in the other Transaction Documents to “the Agreement”, “thereunder”, “thereof” or words of like import referring to the Agreement, shall mean and be a reference to the Agreement as modified hereby. This Amendment is a Transaction Document, and all provisions in the Agreement pertaining to Transaction Documents apply hereto. This is an amendment, not a novation.

6.2Government Deferral Order. In the event that any federal, state or local government unit, regulatory agency, or executive issues an order requiring a moratorium, stay, or otherwise imposes a mandatory forbearance, modification, deferral or other limit on the collection of loan payments of any kind during the term of the Agreement (“Government Deferral Order”), and subject to any such Government Deferral Order, any deferral or similar period required by such Government Deferral Order will be deemed to run concurrently with any modification, forbearance or deferment period provided for in this Amendment. This includes any change to any Repurchase Price in which Buyer has agreed to collect less than the full principal and interest otherwise due under the original Transaction Documents.

6.3Survival. All agreements, representations and warranties made herein will survive the execution of this Amendment.

6.4Parties in Interest. All of the terms and provisions of this Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and assigns.

6.5Legal Expenses. The Seller Parties hereby agree to pay all reasonable fees and expenses of special counsel to the Buyer incurred by the Buyer in connection with the preparation, negotiation and execution of this Amendment and all related documents.

6.6Counterparts. The Amendment may be signed in any number of counterparts, each of which will be considered an original, but when taken together will constitute one document. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or electronic image (including, without limitation, “pdf”, “tif” or “jpg”) format or executed via DocuSign will be effective as a delivery of an original of a manually executed counterpart of this Amendment and will create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as is such facsimile or electronic image signature page was an original thereof. However, this Amendment shall bind no party until the Seller, the Guarantor and the Buyer have executed a counterpart.

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6.7No Commitment to Extend, Modify or Forbear. EXCEPT AS SPECIFICALLY PROVIDED IN THIS AMENDMENT OR THE GUARANTY AMENDMENT, BUYER HAS NOT AGREED, AND DOES NOT HEREBY AGREE, TO EXTEND, MODIFY OR OTHERWISE RESTRUCTURE ANY FACILITY, OR FORBEAR FROM EXERCISING ANY OF ITS RIGHTS OR REMEDIES UNDER THE TRANSACTION DOCUMENTS, AS AMENDED BY THIS  AMENDMENT OR THE GUARANTY AMENDMENT. NO PRIOR COURSE OF DEALING, NO USAGE OF TRADE, AND NO ORAL STATEMENTS OR COMMENTS BY BUYER OR ITS OFFICERS, EMPLOYEES, ATTORNEYS OR OTHER AGENTS, WHETHER BEFORE, ON OR AFTER THE DATE HEREOF, WILL BE DEEMED TO BE A COMMITMENT OR AGREEMENT BY BUYER TO EXTEND, MODIFY, OR OTHERWISE RESTRUCTURE ANY FACILITY OR FORBEAR FROM EXERCISING ANY OF ITS RIGHTS OR REMEDIES, EXCEPT AS EXPRESSLY SET FORTH IN THE AMENDMENT, OR UNLESS THE SAME IS HEREAFTER REDUCED IN WRITING AND SIGNED BY AN AUTHORIZED REPRESENTATIVE OF BUYER.

6.8Complete Agreement. THIS AMENDMENT, THE GUARANTY AMENDMENT, THE AGREEMENT, AND THE OTHER TRANSACTION DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

6.9Copies; Electronic Records. Seller and the Guarantor hereby acknowledge the receipt of  a copy of the Amendment and all other Transaction Documents. Buyer may, on behalf of Seller and the Guarantor, create a microfilm or optical disk or other electronic image of the Amendment, and any or all  of the Transaction Documents. Buyer may store each such electronic image in its electronic form and  then destroy the paper original as part of Buyer's normal business practices, with the electronic image deemed to be an original and of the same legal effect, validity, and enforceability as the paper original.  To the extent permitted by law, Seller, the Guarantor and Buyer agree that Buyer may convert the Agreement into a "transferable record" or the equivalent thereof as defined in applicable law and that such transferable record will be the authoritative copy of the Agreement. Buyer, on its own behalf, may control and transfer such authoritative copy as permitted by such law.

6.10Headings. The headings, captions and arrangements used in this Amendment are, unless specified otherwise, for convenience only and shall not be deemed to limit, amplify or modify the terms of this Amendment, nor affect the meaning thereof.

6.11Notices. Notwithstanding anything to the contrary contained in the Repurchase Agreement (including Section 15 thereof) or any other Transaction Document, all notices, consents, approvals and other requests required or permitted under the Transaction Documents shall be in writing and given by e-mail or prepaid nationally recognized overnight courier. Any notice shall be deemed to have been received: (i) if sent by e-mail, on the date that it is delivered and (ii) on the next Business Day if sent by an overnight courier, provided that a copy of such notice delivered by overnight courier is also simultaneously sent by e-mail, and in each case addressed to the parties as follows, or to such other address as such party may hereafter specify in a written notice delivered pursuant to this paragraph:

If to Buyer:

U.S Bank National Association Galleria North Tower I

13737 Noel Road, Suite 800

Dallas, Texas 75240

Attention: Huvishka Ali and Thomas Salmen Telephone: (972) 581-1602/(612) 303-3640

e-mail: huvishka.ali@usbank.com / thomas.salmen@usbank.com

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with a copy to:

U.S Bank National Association 13737 Noel Road, Suite 800 Dallas, Texas 75240

Attention: Loan Administration – Ellen Wilson/Martha Burnett Telephone: (972) 581-1668/(972) 581-1603

e-mail: ellen.wilson@usbank.com/marty.barnett@usbank.com

and to:

Stroock & Stroock & Lavan LLP 180 Maiden Land

New York, New York 10038 Attention: Michael J. McCarthy, Esq.

Telephone: (212) 806-1286

e-mail: mmccarthy@stroock.com

If to Seller:

TPG RE Finance 14, Ltd.

c/o TPG RE Finance Trust Management, L.P. 888 Seventh Avenue, 33rd Floor

New York, NY 10106

Attention: TRT Asset Management, Robert R. Foley, Deborah Ginsberg and Jason Ruckman

e-mail: bfoley@tpg.com, dginsberg@tpg.com and jruckman@tpg.com

with a copy to:

Ropes & Gray LLP

1211 Avenue of the Americas New York, NY 10036 Attention: Daniel L. Stanco

e-mail: daniel.stanco@ropesgray.com

If to Guarantor:

TPG RE Finance Trust Holdco, LLC

c/o TPG RE Finance Trust Management, L.P. 888 Seventh Avenue, 33rd Floor

New York, NY 10106

Attention: Robert R. Foley, Deborah Ginsberg and Jason Ruckman

e-mail: bfoley@tpg.com, dginsberg@tpg.com and jruckman@tpg.com

with a copy to:

Ropes & Gray LLP

1211 Avenue of the Americas New York, NY 10036 Attention: Daniel L. Stanco

e-mail: daniel.stanco@ropesgray.com

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6.12Governing Law. This Amendment and any claim, controversy, dispute or cause  of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Amendment and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the laws of the State of New York. The other provisions of Section 20 of the Agreement are incorporated herein, mutatis mutandis, as if a part hereof.

6.13Most Favored Nation. Notwithstanding anything to the contrary contained in this Amendment, in the event that Guarantor and/or any Subsidiary of Guarantor enters into any written agreement or amends in writing any other commercial real estate loan repurchase agreement, warehouse facility or credit facility which agreement or facility finances commercial real estate loans similar to the Purchased Mortgage Loans (the “Other Facility Agreements” and any other buyers or lenders that are party thereto, the “Other Buyers”) and any such Other Facility Agreement, as compared to this Amendment, contains a margin holiday or similar period relating to margin calls that is shorter than the Margin Holiday Period and the material provisions of such Other Facility Agreement are not otherwise materially more favorable to Guarantor or such Affiliate, then the Margin Holiday Period shall be automatically modified to incorporate such shorter period contained in such Other Facility Agreement.

6.14General Release.

(a)Seller and the Guarantor, for and on behalf of itself and its legal representatives, successors and assigns, fully, unconditionally, and irrevocably waives, releases, relinquishes and forever discharges Buyer, its parents, subsidiaries, and affiliates, its and their respective past, present and future directors, officers, managers, agents, employees, insurers, attorneys, representatives and all of their respective heirs, successors and assigns, (collectively, the “Released Parties”), of and from any and all manner of action or causes of action, suits, claims, liabilities, losses, costs, expenses, demands, judgments, damages (including compensatory and punitive damages), levies and executions of whatsoever kind, nature and/or description arising on or before the Effective Date, in each case whether known or unknown, asserted or unasserted, liquidated or unliquidated, joint or several, fixed or contingent, direct or indirect, contractual or tortious, which Seller, the Guarantor, or its legal representatives, successors or assigns, ever had or now has or may claim to have against any of the Released Parties, with respect to any matter whatsoever, including, without limitation, the Transaction Documents, the administration of any Transaction Documents, the negotiations relating to this Amendment and the other Transaction Documents executed in connection herewith and any other instruments and agreements executed by Seller and the Guarantor in connection therewith or herewith, arising on or before the Effective Date.

(b)Seller and the Guarantor covenant and agree not to sue any Released Party or in any way assist any other person in suing a Released Party with respect to any claim released herein. Seller and the Guarantor understand, acknowledge and agree that the release set forth in this Section may be plead as a full and complete defense to any claim described above and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of any provision in this Section.

(c)Seller and the Guarantor acknowledge that Buyer is specifically relying on the provisions contained in this Section as a material inducement in entering into the Amendment. It is the express intent of Seller and the Guarantor that the provisions set forth in this Section be construed as broadly as possible in favor of the Released Parties so as to forever foreclose the assertion by Seller or any Guarantor of any claims released hereby. The provision of this release will survive and continue to be in full force and effective irrespective of any termination of this Amendment (provided this Amendment takes effect as provided in the Section above entitled “Conditions Precedent”) or the end of the Margin Holiday Period.

[Signatures on the Following Page]

 

 

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The undersigned(s) hereby execute this document, intending to create an instrument executed under seal as of the day first set forth above.

 

			
	
SELLER:
	
 
	
 

	
 
	
 
	
 

	
TPG RE FINANCE 14, 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 

 

Acknowledged and Agreed to:

 

			
	
GUARANTOR:

	
 
	
 
	
 

	
TPG RE FINANCE TRUST HOLDCO, LLC,

	
a Delaware limited liability company 

	
By: 
	
 
	
/s/ Matthew Coleman

	
Name:
	
 
	
Matthew Coleman

	
Title:
	
 
	
Vice President 

 

 

[TRT/USB – Amendment No. 2 to Master Repurchase and Securities Contract]

 

 

			
	
BUYER:
	
 
	
 

	
 
	
 
	
 

	
U.S. BANK NATIONAL ASSOCIATION

	
 

	
 
	
 
	
/s/ Thomas R. Salmen

	
Name:
	
 
	
Thomas R. Salmen

	
Title:
	
 
	
Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[TRT/USB – Amendment No. 2 to Master Repurchase and Securities Contract]

 

SCHEDULE I

 

SPECIFIED PURCHASED MORTGAGE LOANS

 

	
Purchased Asset Name
	
Amount of Partial 
Repurchase to be 
applied in reduction 
of Purchase Price
	
Outstanding 
Purchase Price

After Partial 
Repurchase as of 
May 28, 2020
	
New Purchase 
Price 
Percentage

/ Maximum 
Purchase Price 
Percentage
	
Committed Future 
Funding*

	
1. One Bay

Plaza
	
$3,874,605
	
$39,245,395
	
70% / 70%
	
$5,484,605

	
2. Hurt

Building
	
$2,020,103
	
$30,338,441
	
70% / 70%
	
$4,661,559

	
TOTAL
	
$5,894,708
	
$69,583,836
	
 
	
 

* As such amounts may be modified pursuant to an amended and restated Confirmation as agreed to by Buyer and Seller from time to time after the date hereof.

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