Document:

Exhibit
10.1

 

AMENDMENT
NO. 7 TO MASTER REPURCHASE AGREEMENT

 

AMENDMENT
NO. 7 TO MASTER REPURCHASE AGREEMENT, dated as of September 29, 2021 (this “Amendment”), between GP
COMMERCIAL JPM LLC (f/k/a th commercial jpm llc) (“Seller”),
a Delaware limited liability company, and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association (the “Buyer”).
Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase Agreement (as defined
below).

 

RECITALS

 

WHEREAS,
Seller and Buyer are parties to that certain Uncommitted Master Repurchase Agreement, dated as of December 3, 2015 (as amended by that
certain Amendment No. 1 to Master Repurchase Agreement, dated as of June 28, 2017, as further amended by that certain Amendment No. 2
to Master Repurchase Agreement, dated as of June 28, 2019, as further amended by that certain Amendment No. 3 to Master Repurchase Agreement,
dated as of August 23, 2019, as further amended by that certain Amendment No. 4 to Master Repurchase Agreement, dated as of December
13, 2019, as further amended by that certain Amendment No. 5 to Master Repurchase Agreement and Amendment No. 2 to Amended and Restated
Guarantee Agreement, dated as of July 2, 2020, as further amended by that certain Amendment No. 6 to Master Repurchase Agreement and
Amendment No. 3 to Amended and Restated Guarantee Agreement, dated as of September 25, 2020, as further amended, restated, supplemented
or otherwise modified and in effect from time to time, the “Repurchase Agreement”).

 

WHEREAS,
Seller and Buyer have agreed, subject to the terms and conditions hereof, that the Repurchase Agreement shall be amended as set forth
in this Amendment.

 

NOW
THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Seller and Buyer each agree as follows:

 

Section
1.    Amendments to Repurchase
Agreement.

 

(a)           The
defined terms “Alternative Rate”, “Alternative Rate Transaction” and “Federal Funds Rate”,
as set forth in Article 2 of the Repurchase Agreement, are each hereby deleted in their entirety.

 

(b)           Article
2 of the Repurchase Agreement is hereby amended by inserting the following new defined terms in correct alphabetical order:

 

“Alternate
Rate” shall mean, with respect to each Pricing Rate Period, the per annum rate of interest of the Alternate Rate Index determined
as of the applicable Pricing Rate Determination Date, plus the Applicable Spread.

 

“Alternate
Rate Index” shall mean the first alternative set forth in the order below that can be determined by Buyer as of the Benchmark
Replacement Date:

 

		1.	The sum of (A) Term SOFR and (B) the Alternate Rate Spread Adjustment, or

                                                                                

	 	 	 
		2.	The
                                            sum of (A) Compounded SOFR and (B) the Alternate Rate Spread Adjustment; or
	 	 	 
		3.	The
                                            sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant
                                            Governmental Body as the replacement for the then-current Benchmark and (b) the Alternate
                                            Rate Spread Adjustment; or
	 	 	 
		4.	The
                                            sum of: (A) the ISDA Fallback Rate and (B) the Alternate Rate Spread Adjustment; or
	 	 	 
		5.	The
                                            sum of: (A) the alternate rate of interest that has been selected by Buyer as the replacement
                                            for the then-current Benchmark giving due consideration to any evolving or then-prevailing
                                            market convention for determining a rate of interest as a replacement for the then-current
                                            Benchmark for U.S. dollar denominated securitizations at such time and (b) the Alternate
                                            Rate Spread Adjustment,

 

     

     

    

 

provided
that, in the case of clauses (1) and (2) above, such rate, or the underlying rates component thereof, is or are displayed on a screen
or other information service that publishes such rate or rates from time to time as selected by Buyer in its reasonable discretion. In
no event shall the Alternate Rate Index be less than zero.

 

“Alternate
Rate Index Conforming Changes” shall mean, with respect to any conversion of a Transaction to an Alternate Rate Transaction,
any technical, administrative or operational changes (including changes to the definition of “Pricing Rate Period”, “Remittance
Date”, “Pricing Rate Determination Date” and “Business Day”, timing and frequency of determining rates
and making payments of interest and preceding and succeeding business day conventions and other administrative matters) that Buyer decides
may be appropriate to reflect the adoption and implementation of such Alternate Rate Index and to permit the administration thereof by
Buyer in a manner substantially consistent with market practice (or, if Buyer decides that adoption of any portion of such market practice
is not administratively feasible or if Buyer or its designee determines that no market practice for use of the Alternate Rate Index exists,
in such other manner as Buyer determines is reasonably necessary).

 

“Alternate
Rate Spread Adjustment” shall mean the first alternative set forth in the order below that can be determined by Buyer as of
the Benchmark Replacement Date:

 

		1.	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, endorsed or recommended
                                            by the Relevant Governmental Body for the applicable Unadjusted Alternate Rate Index; or

 

		2.	if
                                            the applicable Unadjusted Alternate Rate Index is equivalent to the ISDA Fallback Rate, then
                                            the ISDA Fallback Adjustment, or

 

		3.	the
                                            spread adjustment (which may be a positive or negative value or zero) that has been selected
                                            by Buyer giving due consideration to 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 the then current Benchmark with the applicable Unadjusted Alternate
                                            Rate Index for U.S. dollar denominated securitization transactions at such time,

 

    -2- 

     

    

 

provided
that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such
Alternate Rate Spread Adjustment from time to time as selected by Buyer in its reasonable discretion

 

“Alternate
Rate Transaction” shall mean any Transaction at such time as interest thereon accrues at a rate of interest based upon the
Alternate Rate.

 

“Benchmark”
means (i) initially LIBOR, and (ii) on and after the conversion to an Alternate Rate Index pursuant to Article 3 hereof, the Alternate
Rate Index determined in accordance with the terms hereof.

 

“Benchmark
Replacement Date” means:

 

(1)    
in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public
statement or publication of information referenced therein (which the parties hereto acknowledge occurred on March 5, 2021 in respect
of LIBOR) and (b) the date on which the administrator of the relevant Benchmark permanently or indefinitely ceases to provide such Benchmark,

 

(2)    
in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein, and

 

(3)    
in the case of clause (4) of the definition of “Benchmark Transition Event,” such date as determined by Buyer in its sole
discretion.

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then current Benchmark (the
parties hereto acknowledge that a Benchmark Transition Event as defined in clauses (1) and (2) below occurred on March 5, 2021 in respect
of LIBOR, but no related Benchmark Replacement Date in respect of LIBOR has been determined as of the Closing Date):

 

(1)    
a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that the administrator
has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide the Benchmark;

 

    -3- 

     

    

 

(2)    
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank
for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority
with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over
the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark
permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will
continue to provide the Benchmark;

 

(3)    
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that
the Benchmark is no longer representative; or

 

(4)
     any “Benchmark Transition Event” as determined by Buyer in its sole discretion.

 

“Compounded
SOFR” shall mean the compounded average of SOFR for approximately a one-month period, with the rate, or methodology for this
rate, and conventions for this rate (which, for example, may be calculated in arrears with a lookback and/or suspension period as a mechanism
to determine the interest amount payable prior to the end of each Pricing Rate Period) being established by Buyer in accordance with:

 

		1.	the
                                            rate, or methodology for the rate, and conventions for the rate selected or recommended by
                                            the Relevant Governmental Body for determining compounded SOFR; provided, that
	 	 	 
		2.	if,
                                            and to the extent that, Buyer determines that Compounded SOFR cannot be so determined in
                                            accordance with clause (1) above, then Compounded SOFR will mean the rate, or methodology
                                            for the rate, and conventions for the rate that have been selected by Buyer giving due consideration
                                            to any industry-accepted market practice for similar U.S. dollar denominated master repurchase
                                            or credit facilities at such time (as a result of amendment or as originally executed);

 

provided,
further, that if Buyer decides that any such rate, methodology or convention determined in accordance with clause (1) or clause
(2) is not administratively feasible for Buyer, then Compounded SOFR will be deemed unable to be determined for purposes of the definition
of “Alternate Rate Index.”

 

    -4- 

     

    

 

“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.

 

“ISDA
Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any
successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives
published from time to time.

 

“ISDA
Fallback Adjustment” means the spread adjustment, (which may be a positive or negative value or zero) that would apply for
derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect
to the then-current Benchmark.

 

“ISDA
Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective
upon the occurrence of an index cessation date with respect to the then-current Benchmark, excluding the applicable ISDA Fallback Adjustment.

 

“LIBOR
Rate Transaction” shall mean any Transaction at such time as interest thereon accrues at a rate of interest based upon LIBOR.

 

“Relevant
Governmental Body” shall mean 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.

 

“SOFR”
with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as
the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

 

“Term
SOFR” means the forward-looking term rate for approximately a one-month period based on SOFR that has been selected or recommended
by the Relevant Governmental Body.

 

“Unadjusted
Alternate Rate Index” shall mean the Alternate Rate Index excluding the Alternate Rate Spread Adjustment.

 

(c)            The defined terms “Pricing Rate” and “Pricing Rate Determination Date”, each as set forth in Article
2 of the Repurchase Agreement, are each hereby amended and restated in their entirety to read as follows:

 

    -5- 

     

    

 

“Pricing
Rate” shall mean, for any Pricing Rate Period and any Purchased Asset, an annual rate equal to the sum of (i) the Benchmark
and (ii) the relevant Applicable Spread with respect to such Purchased Asset, in each case, for the applicable Pricing Rate Period for
the related Purchased Asset. The Pricing Rate shall be subject to adjustment and/or conversion as provided in the Transaction Documents
or the related Confirmation.

 

“Pricing
Rate Determination Date” shall mean with respect to any Pricing Rate Period with respect to any Transaction, (a) if the related
Pricing Rate is determined in reference to LIBOR, the second (2nd) London Business Day preceding the first day of such Pricing
Rate Period, and (b) if the related Pricing Rate is determined in reference to an Alternate Rate, the second (2nd) Business Day preceding
the first day of such Pricing Rate Period.

 

(d)           
Article 3(h) of the Repurchase Agreement is hereby amended and restated in its entirety to read as follows:

 

(h)
If prior to the first day of any Pricing Rate Period with respect to any Transaction, Buyer shall have determined in the exercise of
its reasonable business judgment (which determination shall be conclusive and binding upon Seller) that, by reason of circumstances affecting
the relevant market  (other than a Benchmark Transition Event), adequate and reasonable means do not exist for ascertaining the
then-current Benchmark for such Pricing Rate Period, Buyer shall give written notice thereof to Seller as soon as practicable thereafter. 
Thirty (30) calendar days after such notice is given, the Pricing Rate with respect to such Transaction for such Pricing Rate Period,
and for any subsequent Pricing Rate Periods until such notice has been withdrawn by Buyer, shall be the Alternate Rate.

 

(e)            Article 3(i) of the Repurchase Agreement is hereby amended by deleting the words “Alternative Rate Transactions” and
inserting the words “Alternate Rate Transactions” in lieu thereof.

 

(f)           
Article 3(k)(ii) of the Repurchase Agreement is hereby amended by inserting the words “or the Alternate Rate Index”
immediately following the word “LIBOR”.

 

(g)           Article 3(m) of the Repurchase Agreement is hereby amended and restated in its entirety to read as follows:

 

(m)       Seller
agrees to indemnify Buyer and to hold Buyer harmless from any loss or expense which Buyer sustains or incurs as a consequence of (i) any
default by Seller in payment of the principal of or interest on a LIBOR Rate Transaction or an Alternate Rate Transaction including,
without limitation, any such loss or expense arising from interest or fees payable by Buyer to lenders of funds obtained by it in order
to maintain a LIBOR Rate Transaction or an Alternate Rate Transaction hereunder, (ii) any prepayment or repurchase (whether voluntary
or mandatory) of the LIBOR Rate Transaction or Alternate Rate Transaction, as applicable, on a day that (A) is not a Remittance
Date and/or is not the last day of the Pricing Rate Period or (B) is a Remittance Date if Seller did not give the prior written
notice of such prepayment or repurchase required pursuant to the terms of this Agreement, including, without limitation, such loss or
expense arising from interest or fees payable by Buyer to lenders of funds obtained by it in order to maintain the LIBOR Rate Transaction
or an Alternate Rate Transaction hereunder and (iii) the conversion pursuant to the terms hereof of the LIBOR Rate Transaction to
an Alternate Rate Transaction on a date other than the Remittance Date, including, without limitation, such loss or expenses arising
from interest or fees payable by Buyer to lenders of funds obtained by it in order to maintain a LIBOR Rate Transaction hereunder (the
amounts referred to in clauses (i), (ii) and (iii) are herein referred to collectively as the “Breakage Costs”).
Buyer shall deliver to Seller a statement setting forth the amount and basis of determination of any Breakage Costs in reasonable detail,
it being agreed that such statement and the method of its calculation shall be conclusive and binding upon Seller absent manifest error.
This Article 3(m) shall survive termination of this Agreement and the repurchase of all Purchased Assets subject to Transactions
hereunder.

 

    -6- 

     

    

 

(h)           Article 3 of the Repurchase Agreement is hereby further amended by inserting the following new clauses (aa) and (bb) at the end
thereof in correct alphabetical order:

 

(aa)          Buyer
shall determine daily in Buyer’s sole discretion whether a Benchmark Transition Event has occurred. Upon the occurrence of a Benchmark
Transition Event, Buyer shall determine the Benchmark Replacement Date in accordance with the definition thereof (it being acknowledged
that a Benchmark Transition Event in respect of LIBOR occurred on March 5, 2021). Following the occurrence of a Benchmark Transition
Event and the determination of the corresponding Benchmark Replacement Date, Buyer shall, or shall cause Repo Servicer to, promptly give
notice of the occurrence of a Benchmark Transition Event and the date of the corresponding Benchmark Replacement Date by electronic mail
to Seller. Each Transaction shall be converted, from and after the Benchmark Replacement Date to an Alternate Rate Transaction bearing
interest based on the Alternate Rate Index.

 

(bb)         The
Alternate Rate will be determined conclusively by Buyer or its agent and such determination will be binding on Seller absent manifest
error. In connection with the implementation of an Alternate Rate Index, Buyer shall have the right to make Alternate Rate Index Conforming
Changes from time to time and, notwithstanding anything to the contrary in this Agreement or in any other Transaction Documents, any
amendments implementing such Alternate Rate Index Conforming Changes shall become effective without any further action or consent of
Seller.

 

Section
2.    Conditions Precedent; Effective
Date. This Amendment shall become effective upon a counterpart of this Amendment being duly executed and delivered by a duly authorized
officer of each of the Seller, Guarantor and Buyer, along with the delivery to Buyer of such other documents as Buyer or counsel to Buyer
may reasonably request.

 

Section
3.    Seller’s Representations
and Warranties. On and as of the date first above written, Seller hereby represents and warrants to Buyer that (a) Seller has taken
all necessary action to authorize the execution, delivery and performance of this Amendment and (b) this Amendment has been duly executed
and delivered by or on behalf of Seller and constitutes the legal, valid and binding obligation of Seller enforceable against Seller
in accordance with its terms subject to applicable bankruptcy, insolvency, and other limitations on creditors’ rights generally
and to equitable principles.

 

    -7- 

     

    

 

Section
4.    Acknowledgments of Guarantor. 
Guarantor hereby acknowledges the execution and delivery of this Amendment by Seller and agrees that Guarantor continues to be bound
by the Guarantee Agreement to the extent of the Obligations (as defined therein), notwithstanding the impact of the changes set forth
herein.

 

Section
5.    Limited Effect. Except
as expressly amended and modified by this Amendment, the Repurchase Agreement shall continue to be, and shall remain, in full force and
effect in accordance with its terms; provided, however, that upon the effective date hereof, all references in the Repurchase
Agreement to the “Transaction Documents” shall be deemed to include, in any event, this Amendment. Each reference to Repurchase
Agreement in any of the Transaction Documents shall be deemed to be a reference to the Repurchase Agreement, as amended hereby.

 

Section
6.    Counterparts. This Amendment
may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together
shall constitute one and the same instrument, and the words “executed,” “signed,” “signature,” and
words of like import as used above and elsewhere in this Amendment or in any other certificate, agreement or document related to this
transaction shall include, in addition to manually executed signatures, images of manually executed signatures transmitted by facsimile
or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic
signatures (including, without limitation, any electronic sound, symbol, or process, attached to or logically associated with a contract
or other record and executed or adopted by a person with the intent to sign the record).  The use of electronic signatures and electronic
records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic
means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping
system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state
law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

 

Section
7.    No Novation, Effect of Agreement. 
Guarantor, Seller and Buyer have entered into this Amendment solely to amend the terms of the Repurchase Agreement and do not intend
this Amendment or the transactions contemplated hereby to be, and this Amendment and the transactions contemplated hereby shall not be
construed to be, a novation of any of the obligations owing by Seller or Guarantor (the “Repurchase Parties”) under
or in connection with the Repurchase Agreement or any of the other document executed in connection therewith to which any Repurchase
Party is a party (the “Repurchase Documents”).   It is the intention of each of the parties hereto that
(i) the perfection and priority of all security interests securing the payment of the obligations of the Repurchase Parties under
the Repurchase Agreement and the other Transaction Documents are preserved, (ii) the liens and security interests granted under
the Repurchase Agreement continue in full force and effect, and (iii) any reference to the Repurchase Agreement in any such Repurchase
Document shall be deemed to also reference this Amendment.

 

    -8- 

     

    

 

Section
8.    Consent to Jurisdiction;
Waiver of Jury Trial.

 

(a)  
Each party irrevocably and unconditionally (i) submits to the non-exclusive jurisdiction of any United States Federal or New York
State court sitting in Manhattan, and any appellate court from any such court, solely for the purpose of any suit, action or proceeding
brought to enforce its obligations under this Amendment or relating in any way to this Amendment or any Transaction under the Repurchase
Agreement and (ii) waives, to the fullest extent it may effectively do so, any defense of an inconvenient forum to the maintenance of
such action or proceeding in any such court and any right of jurisdiction on account of its place of residence or domicile.

 

(b)  
To the extent that either party has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding,
from jurisdiction of any court or from set off or any legal process (whether service or notice, attachment prior to judgment, attachment
in aid of execution of judgment, execution of judgment or otherwise) with respect to itself or any of its property, such party hereby
irrevocably waives and agrees not to plead or claim such immunity in respect of any action brought to enforce its obligations under this
Amendment or relating in any way to this Amendment or any Transaction under the Repurchase Agreement.

 

(c)  
The parties hereby irrevocably waive, to the fullest extent each may effectively do so, the defense of an inconvenient forum to the maintenance
of such action or proceeding and irrevocably consent to the service of any summons and complaint and any other process by the mailing
of copies of such process to them at their respective address specified in the Repurchase Agreement. The parties hereby agree that a
final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law. Nothing in this Section 8 shall affect the right of Buyer to serve legal process in any
other manner permitted by law or affect the right of Buyer to bring any action or proceeding against the Seller or its property in the
courts of other jurisdictions.

 

(d)  
EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR
RELATING TO THIS AMENDMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER OR THEREUNDER.

 

Section
9.    GOVERNING LAW. THIS
AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AMENDMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AMENDMENT,
AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES
HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AMENDMENT.

 

[SIGNATURES
FOLLOW]

 

    -9- 

     

    

 

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

 

		BUYER:
	 	 
	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

a national banking
association organized under the laws of the United States

 

		By:	/s/
                                            Thomas Cassino
	 	 	Name: Thomas Cassino
	 	 	Title: Managing Director

 

Signature Page to Second Omnibus Amendment and Agreement

 

     

     

    

 

		SELLER:
	 	 
	 	gp COMMERCIAL JPM LLC, a
Delaware limited liability company
	 	 
	 	By: 	/s/
  Michael J. Karber
	 	 	Name: Michael J. Karber
	 	 	Title: General Counsel

 

Signature Page to Second Omnibus Amendment and Agreement 

 

     

     

    

 

	Acknowledged and Agreed:	 
	 	 
	granite point mortgage trust inc.,

a Maryland corporation, in its capacity as Guarantor, and solely for purposes of acknowledging and agreeing to the terms of this Amendment:	 

 

	By:	 /s/ Michael J. Karber	 
	 	Name: Michael J. Karber	 
	 	Title: General Counsel	 

 

Signature Page to Second Omnibus Amendment and AgreementExhibit 10.1

 

EXECUTION VERSION

 

AMENDMENT NO. 3 TO

MASTER REPURCHASE AGREEMENT

 

THIS AMENDMENT NO. 3 TO MASTER
REPURCHASE AGREEMENT, dated as of September 30, 2021 (this “Amendment”) is made by and among WALKER & DUNLOP,
LLC, a Delaware limited liability company (“Seller”) and JPMORGAN CHASE BANK, N.A., a national banking association
(the “Buyer”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the
Repurchase Agreement (as defined below).

 

WHEREAS, the Seller and the
Buyer are parties to that certain Master Repurchase Agreement, dated as of August 26, 2019 (as amended by that certain Correction of Master
Repurchase Agreement dated July 23, 2020, as further amended by that certain Amendment No. 1 to Master Repurchase Agreement, dated as
of August 24, 2020, and as amended hereby and as may be further amended, restated, supplemented or otherwise modified from time to time,
the “Repurchase Agreement”); and

 

WHEREAS, the Seller and the
Buyer have agreed to amend certain provisions of the Repurchase Agreement in the manner set forth herein.

 

NOW THEREFORE, in consideration
of the premises and the other mutual covenants contained herein, the parties hereto agree as follows:

 

SECTION 1.     
Amendments. Effective as of the Effective Date (as defined below), the Repurchase Agreement is hereby amended as follows:

 

1.1            Section
2(a) of the Repurchase Agreement is hereby amended by deleting the definition of “Termination Date” in its entirety
and replacing it with the following:

 

“Termination
Date” means the earliest of (i) the Business Day, if any, that Seller or Buyer designates as the Termination Date by written
notice given to the other Party, (ii) the date of Declaration of the Termination Date pursuant to Section 11(b)(i) and (iii) September
15, 2022.

 

1.2            Section
2(a) of the Repurchase Agreement is hereby amended by deleting the definition of “Adjusted LIBO Rate” in its entirety.

 

1.3            Section
7(a)(i) of the Repurchase Agreement is hereby amended by deleting the subsection in its entirety and replacing it with the following:

 

(i)             impose,
modify or deem applicable any reserve, special deposit, liquidity or similar requirement against assets of, deposits with or for the account
of, or credit extended by, Buyer; or

 

1.4           Schedule
TR attached to the Repurchase Agreement is deleted in its entirety and hereby replaced with Schedule TR attached hereto.

 

1.5           Schedule
BL attached to the Repurchase Agreement is deleted in its entirety and hereby replaced with Schedule BL attached hereto.

 

     

     

    

 

SECTION 2.     
Effective Date. This Amendment shall become effective as of the date of this Amendment (the “Effective Date”)
so long as the Buyer shall have received executed counterparts of this Amendment, executed by each of the parties hereto.

 

SECTION 3.     
Miscellaneous.

 

3.1            References
to Repurchase Agreement. Upon the effectiveness of this Amendment, each reference in the Repurchase Agreement to “this Agreement”,
 “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to the Repurchase
Agreement as amended hereby, and each reference to the Repurchase Agreement in any other Transaction Document or any other document,
instrument or agreement, executed and/or delivered in connection with any Transaction Document shall mean and be a reference to the Repurchase
Agreement as amended hereby.

 

3.2            Representations,
Warranties and Covenants. Each of the Seller and the Parent hereby represent and warrant to Buyer, as of the date hereof and as of
the Effective Date, that (i) it is in full compliance with all of the terms and provisions set forth in each Transaction Document to
which it is a party on its part to be observed or performed, and (ii) no Default or Event of Default has occurred or is continuing. Each
of the Seller and the Parent hereby confirm, reaffirm and ratify its representations, warranties and covenants contained in each Transaction
Document to which it is a party.

 

3.3            Acknowledgements
of Seller. Each of the Seller and the Parent acknowledges that Buyer is in compliance with its undertakings and obligations under
the Repurchase Agreement and the other Transaction Documents.

 

3.4          Waivers.
(a) Each of the Seller and the Parent acknowledges and agrees that it has no defenses, rights of setoff, claims, counterclaims or causes
of action of any kind or description against Buyer arising under or in respect of the Repurchase Agreement or any other Transaction Document
and any such defenses, rights of setoff, claims, counterclaims or causes of action which may exist as of the date hereof are hereby irrevocably
waived, and (b) in consideration of Buyer entering into this Amendment, Seller hereby waives, releases and discharges Buyer and Buyer’s
officers, employees, representatives, agents, counsel and directors from any and all actions, causes of action, claims, demands, damages
and liabilities of whatever kind or nature, in law or in equity, now known or unknown, suspected or unsuspected to the extent that any
of the foregoing arise out of or from or in any way relating to or in connection with the Repurchase Agreement or the other Transaction
Documents, including, but not limited to, any action or failure to act under the Repurchase Agreement or the other Transaction Documents
on or prior to the date hereof, except, with respect to any such Person being released hereby, any actions, causes of action, claims,
demands, damages and liabilities arising out of such Person’s gross negligence or willful misconduct in connection with the Repurchase
Agreement or the other Transaction Documents.

 

3.5            Effect
on Repurchase Agreement. Except as expressly amended and modified by this Amendment, the Repurchase Agreement and each of the other
Transaction Documents shall continue to be, and shall remain, unmodified and in full force and effect in accordance with their respective
terms.

 

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3.6            No Novation, Effect of Agreement.  The Seller, the Parent and the Buyer have entered into this Amendment solely to
amend the terms of the Repurchase Agreement and do not intend this Amendment or the transactions contemplated hereby to be, and this
Amendment and the transactions contemplated hereby shall not be construed to be, a novation of any of the obligations owing by the Seller
or the Parent under, or in connection with, the Repurchase Agreement or any of the other Transaction Documents.   It is the
intention of each of the parties hereto that (i) the perfection and priority of all security interests securing the payment of the
obligations of the Seller and the Parent under the Repurchase Agreement and the other Transaction Documents are preserved, (ii) the
liens and security interests granted under the Repurchase Agreement continue in full force and effect, and (iii) any reference to
the Repurchase Agreement in any such Transaction Document shall be deemed to also reference this Amendment.

 

3.7           No
Waiver. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of
any Person under the Repurchase Agreement or any other document, instrument or agreement executed in connection therewith, nor constitute
a waiver of any provision contained therein.

 

3.8           Successors
and Assigns. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors
and assigns.

 

3.9            Counterparts;
Electronic Transmission.

 

(a)            This
Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract.

 

(b)            Delivery of an executed counterpart of a signature page of this Amendment or any other Transaction Document by telecopy, emailed
pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually
executed counterpart of this Amendment. The words “execution”, “signed”, “signature”, “delivery”
and words of like import in or relating to any document to be signed in connection with this Amendment and the transactions contemplated
hereby shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other similar state laws based on
the Uniform Electronic Transactions Act; provided that nothing herein shall require Buyer to accept electronic signatures in any form
or format without its prior written consent.

 

3.10          Headings.
The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed
to affect the meaning or construction of any of the provisions hereof.

 

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3.11         
Governing Law; Consent to Jurisdiction.

 

(a)            This Amendment shall be governed by and construed in accordance with the internal laws of the State of New York, but giving effect
to federal law applicable to national banks.

 

(b)            Seller
hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the United States District
Court for the Southern District Of New York and of any New York state court sitting in the City of New York for purposes of all legal
proceedings arising out of or relating to this Amendment or the Transactions contemplated hereby, or for recognition or enforcement of
any judgment, and each Party hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may (and any such claims, cross-claims or third party claims brought against Buyer may only) be heard and determined in such state court
or, to the extent permitted by law, in such federal court. Seller hereby irrevocably waives, to the fullest extent it may effectively
do so, any objection that it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and
any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. Nothing in this Section 3.11
shall affect the right of Buyer to bring any action or proceeding against Seller or its Property in the courts of other jurisdictions.
Each Party agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Each Party consents to the service of any and all process in any such
action or proceeding by the mailing of copies of such process to it at its address for notices hereunder specified in Section 14
of the Repurchase Agreement.

 

[Remainder of page left intentionally blank]

 

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

 

SELLER:

 

	WALKER & DUNLOP, LLC, as
    Seller	 
	 	 
	By:	/s/ Richard M. Lucas	 

	Name:	Richard M. Lucas	 
	Title:	Executive Vice President, General Counsel & Secretary	 
	 	 
	WALKER & DUNLOP, INC., as
    Parent	 
	 	 

	By:	/s/ Richard M. Lucas                            	 

	Name:	 Richard M. Lucas	 
	Title:	Executive Vice President, General Counsel & Secretary	 
	  	 
	BUYER:	 
	 	 
	JPMORGAN CHASE BANK, N.A., as
    Buyer	 
	 	 

	By:	 /s/ Grace Chi	 

	Name: Grace Chi	 
	Title: Authorized Officer	 

 

Signature Page to Amendment No. 3 to Repurchase Agreement (JPM/Walker & Dunlop)

 

     

     

    

 

SCHEDULE TR

 

See attached.

 

     

     

    

 

SCHEDULE BL

 

See attached.

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