Document:

Exhibit

Exhibit 10.4

AMENDMENT NO. 1 TO INTERCREDITOR AND SUBORDINATION AGREEMENT

This Amendment No. 1 to Intercreditor and Subordination Agreement (this “Amendment No. 1”) is made as of April 27, 2020 by and among AG Mortgage Investment Trust, Inc., for itself and the Seller Entities (defined below) (“AGMIT”), Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as collateral agent for the holders of the Senior Secured Debt Obligations (in such capacity, together with its successors, assigns or replacements in such capacity, the “Senior Collateral Agent”) and AG REIT Management LLC, as the holder of the Subordinated Note hereinafter referred to (together with its successors and assigns, the “Subordinated Lender”).  Capitalized terms used but not otherwise defined in this Amendment No. 1 shall have the meanings set forth in that certain Intercreditor and Subordination Agreement (the “Intercreditor Agreement”), dated as of April 10, 2020 by and among AGMIT, the Senior Collateral Agent, and the Subordinated Lender.  

WHEREAS, on the date hereof, the Subordinated Lender made an additional $10,000,000 loan to AGMIT (the “Additional Subordinated Loan”);

WHEREAS, in consideration of the Additional Subordinated Loan, the Debtors executed and delivered that certain Amendment No. 1 to Secured Promissory Note (“Amendment No. 1 to Secured Promissory Note”), pursuant to which, among other things, the Subordinated Note was amended to incorporate the Additional Subordinated Loan;

WHEREAS, in connection with entry into Amendment No. 1 to Secured Promissory Note, the Debtors and the Subordinated Lender entered into that certain Amendment No. 1 to Security Agreement (“Amendment No. 1 to Security Agreement”), pursuant to which, among other things, the Security Agreement entered into by the Debtors and the Subordinated Lender on April 10, 2010 (the “Subordinated Security Agreement”) was amended to incorporate the Additional Subordinated Loan; and

WHEREAS, AGMIT, the Senior Collateral Agent, and the Subordinated Lender desire to amend the Intercreditor Agreement to incorporate the Additional Subordinated Loan and to ratify the priorities and agreements set forth in the Intercreditor Agreement.

NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

1.The first recital of the Intercreditor Agreement is hereby deleted and replaced in its entirety with the following: “WHEREAS, pursuant to (i) that certain Forbearance Agreement, dated as of April 10, 2020, by and among AGMIT and its affiliates party thereto (collectively, the “Seller Entities” and, together with AGMIT, the “Debtors”) and each of the Participating Counterparties (as defined therein) party thereto (the “Senior Secured Parties”); (ii) that certain Second Forbearance Agreement, dated as of April 27, 2020 (collectively with the agreement in clause (i), as amended, modified or supplemented, the “Forbearance Agreement”), by and among the Debtors and the Senior Secured Parties; and (iii) the Security and Collateral Agency Agreement, dated as 

of April 10, 2020 (the “Senior Security Agreement”) by and among the Seller Entities and the Senior Collateral Agent, the Senior Secured Parties have agreed to refrain from exercising certain rights and remedies afforded to such parties under the Applicable Agreements (as defined below);”.
2.The definition of “Subordinated Note” set forth in the second recital paragraph of the Intercreditor Agreement is hereby amended to include Amendment No. 1 to Secured Promissory Note, and the principal amount thereof referenced in the third line of such recital paragraph is hereby amended to read “$20,000,000”;
3.The definition of “Subordinated Debt Documents” is hereby deleted in its entirety and replaced with the following: “Subordinated Debt Documents” means the Subordinated Note, as amended by that certain Amendment No. 1 to Secured Promissory Note, and all agreements, documents, and instruments entered into in connection therewith.” 
4.Except as expressly set forth herein, the Intercreditor Agreement remains in full force and effect in accordance with its terms.  The Subordinated Lender hereby ratifies, affirms, and approves of all of the terms, covenants, and conditions of the Intercreditor Agreement, as amended hereby, including the subordination provisions set forth in Article III thereof, and acknowledges and agrees that such subordination provisions shall apply to the Additional Subordinated Loan and to the Subordinated Lender’s rights under the Subordinated Security Agreement, as Amended by Amendment No. 1 to Security Agreement.  
5.The parties agree that the Senior Collateral Agent shall be afforded all of the rights, privileges, protections and immunities afforded to the Collateral Agent under the Senior Secured Debt Documents in connection with its execution of this Amendment.
[Remainder of Page Left Blank Intentionally]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Collateral Agent
		
	By:
	/s/ Jennifer A. Luce    

Name: Jennifer A. Luce 
Title: Vice President

AG REIT MANAGEMENT, LLC, as Subordinated Lender 
 
By: ANGELO, GORDON & CO. L.P. 
its Member
		
	By:
	/s/ Frank Stadelmaier            

Name: Frank Stadelmaier  
Title:   Chief Operating Officer

AG MORTGAGE INVESTMENT TRUST, INC., on behalf of itself and the Seller Entities
By: /s/ Raul E. Moreno            

Name: Raul E. Moreno
Title:   General Counsel

Signature Page to Intercreditor and Subordination AgreementExhibit 4.7

 

Lease Agreement

 

	Party A(lessor):	Ping Han	ID number/legal representative:

 

	Add.: 	Tel:

 

	Party B(lessee): 	 Tianjin Mingda Jiahe Real Estate Co. Ltd.

 

	ID No./legal representative:	

 

	Add.: 	Tel:

 

In accordance with “Contract Law
of People’s Republic of China”, “Measures for the Administration of Urban Housing Leasing” of Ministry
of Construction as well as relevant regulations in Tianjin, Party A and Party B reach into following agreement through consultation
and abide by it:

 

Clause 1 (Rental house situation, area
and ancillary facilities), rental house(hereby referred as “the house”) is situated in rooms 1304 to 1306, Seton Building,
at the crossing of Xikang road and Chengdu Road, Heping District, Tianjin, floor area 611.47 square meters, please refer to the
appendix of this contract for the ancillary facilities: schedule of ancillary facilities.

 

Clause 2 (Purpose of leasing) The house
is solely for the purpose of office, Party B shall not use it for other purpose without authorization.

 

Clause 3 (Term of leasing) from January
1, 2019 to December 31, 2023.

 

Clause 4 (Rent and term of payment) The
house’s rent is RMB735,012.00, settled every six months, the first payment of rent is delivered on December 23, 2018 by Party
B to Party A, the rent for subsequent half-year is paid fifteen days prior to the due date.

 

Clause 5 Party B could pay Party A the
rent through bank transfer or in cash, in case of bank transfer, Party A shall provide Party B with designated account number for
receipt of payment, in case of cash payment, Party A shall issue formal invoice or receipt to Party B.

 

Clause 6 (Responsibilities of Party
A)

 

		1.	Party A guarantees that the property rights of the leased
premises are clear and that action of leasing is in compliance with relevant national and Tianjin laws, regulations, rules and
administrative regulations, at the same time, Party A has a full lease interest in the rental house.
		2.	Party A shall deliver the house to Party B within seven
days upon the effectiveness of this contract. If Party A is late to deliver the house, Party A shall pay Party B a penalty of
breach of contract at 3/1000 of the monthly rent per day overdue. In case of failure to deliver the house seven days overdue,
Party B is entitled to terminate the contract and claim the indemnity against Party A.
		3.	During the lease period of Party B, in the event of any
damage (including natural loss) to the house or the ancillary facilities arisen from reasons not attributable to Party B, Party
A is responsible to repair. Party B shall assist Party A to repair the house, unless otherwise agreed by both party.
		4.	Party A shall provide Party B with license required for
Party B’s operation (note: the materials as required by relevant national license issuance).

 

     

     

    

 

Clause7 (Responsibilities of Party B)

 

1. In case of following circumstances committed
by Party B, Party A is entitled to unilaterally terminate the contract, require Party B to return the house within seven days and
claim indemnity against Party B.

 

	(1)	Without Party A ‘s consent, sublease or under-lease the house to another person without authorization
or unauthorized exchange and use;
	(2)	Without Party A’s consent, transform the house structure, damage the house or alter the use
of the house without authorization;
	(3)	15 days in arrears to pay the rent;
	(4)	Make use of the house for illegal activity or storing hazardous property;
	(5)	

 

2. During the term of leasing, Party B
shall pay for the following expenses:

 

		l	Property administration fees
		l	Water tariff and electricity fees
		l	Parking fees
		l	Internet fees
		l	Telephone fees and miscellaneous fees:
Party B shall bear the charges incurred by Party B.

 

Clause 8 (Change of contract and termination)

 

	1.	During the term of leasing, both parties shall not terminate the contract without reason. Either
party shall notify the other party in writing one month in advance of the earlier termination and pays the other Party a penalty
equivalent to one month’s rent. Upon Party B’s withdrawal, the furniture left over shall be disposed of by Party A.
	2.	After the expiration of the leasing, in case of Party B’s request to renew the contract,
it shall notify Party A in writing 30days in advance. Party A shall formally reply to Party B in writing within 10 days upon acknowledgement
of the notice, it is deemed as disagreement to renewal if Party A fails to reply, then Party B shall return the house; if Party
A agrees to prolong the leasing, the contract of leasing shall be renewed. Party B has preferential rights to lease under the same
conditions.
	3.	In case of force majeure (including lawful demolition of leasing property administrator) which
causes the house loss or demolition in which circumstance contract is impossible to renew, either party could terminate the contract
and no party is liable for breach of contract. Party A shall collect the rent for actual lease period.

 

Clause 9 The matters not covered in this
contract shall be separately agreed by both parties with supplementary agreement. Supplementary agreement bears the same legal
effect with this contract. In case of disputes occurred during the execution of this contract, both parties shall resolve the dispute
through consultation. If consultation fails, either party shall file a suit in a people’s court.

 

Clause 10 This contract comes into effect
upon both parties’ signature and is in duplicate with each party holding one copy. Copies bear the same legal effect.

 

Clause 11 The appendix constitutes an integral
part of this contract and bears the same legal effect with this contract.

 

Clause 12 Other agreements: none

 

     

     

    

 

Appendix: Schedule of ancillary facilities

 

	Party A (seal): 	Party B (seal):
	Entrusted agent: 	Entrusted agent:
	Signature:	 /s/ Ping Han	Signature:	 /s/ Tianjin Mingda Jiahe Real Estate
	Co. Ltd.	 
	Date:	day month year

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