Document:

EX-10.6

 Exhibit 10.6 

SECOND AMENDMENT TO GUARANTY 

SECOND AMENDMENT TO GUARANTY (this “Amendment”) dated as of June 7, 2021 (the “Effective Date”),
by and between TPG RE FINANCE TRUST HOLDCO, LLC, a Delaware limited liability company (“Guarantor”), and BARCLAYS BANK PLC, a public limited company organized under the laws of England and Wales (“Purchaser”).
Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase Agreement (as hereinafter defined). 

RECITALS 
 WHEREAS, TPG RE
Finance 23, Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands (“Seller”) and Purchaser are parties to that certain Master Repurchase Agreement, dated as of August 13, 2019 (as
amended, restated, supplemented or otherwise modified from time to time, the “Repurchase Agreement”); 
 WHEREAS, Guarantor
guaranteed the obligations of Seller under the Repurchase Agreement and the other Transaction Documents pursuant to that certain Guaranty, dated as of August 13, 2019 (as heretofore amended, restated, supplemented or otherwise modified, the
“Guaranty”), from Guarantor to Purchaser; and 
 WHEREAS, Guarantor and Purchaser wish to amend and modify the Guaranty
upon the terms and conditions hereinafter set forth. 
 NOW THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor and Purchaser hereby agree that the Guaranty shall be amended and modified as follows: 

1. Amendment of Guaranty. Guarantor and Purchaser hereby agree that the Guaranty shall be amended and modified as of the Effective Date
as follows: 
 (a) Exhibit A to the Guaranty is hereby amended by inserting the following new definition in correct alphabetical order: 

“Second Amendment Effective Date” shall mean June 7, 2021 

(b) Exhibit A to the Guaranty is hereby amended by deleting and replacing the definitions of “Tangible Net Worth” and “Total
Equity” in their entirety with the following: 
 ““Tangible Net Worth” shall mean, with respect to any Person, as
of any date of determination, on a consolidated basis, (a) the total tangible assets of such Person, less (b) the total liabilities of such Person, in each case, on or as of such date and as determined in accordance with GAAP, each of
which shall be adjusted to exclude the then-current amount of CECL Reserves and other unrealized valuation reserves, if any. For the avoidance of doubt, tangible net worth will reflect realized losses recorded against the equity of any assets of the
Guarantor or its Subsidiaries from and after April 1, 2020.” 
  

 ““Total Equity” shall mean, as of any date of determination,
(a) with respect to any Person, the sum of all shareholder equity of such Person and its Subsidiaries on a consolidated basis, as determined in accordance with GAAP, and (b) with respect to Guarantor, (i) the sum of all shareholder
equity of such Person and its Subsidiaries on a consolidated basis, as determined in accordance with GAAP, plus (ii) any other equity instrument(s) issued by such Person or its Subsidiary that is or are classified as temporary equity under
GAAP.” 
 (c) Article V(k) of the Guaranty is hereby deleted in its entirety and replaced with the following: 

“(k) Financial Covenants. Guarantor shall at all times until the Guaranteed Obligations (other than those Repurchase Obligations
(including contingent reimbursement obligations and indemnity obligations) which, by their express terms, survive termination of the Transaction Documents) have been paid in full, satisfy the following financial covenants, as determined on a
consolidated basis in accordance with GAAP, consistently applied: 
 (i) Minimum Liquidity. Guarantor shall not permit its Liquidity
at any time to be less than the greater of (x) $15,000,000 and (y) 5% of Guarantor’s Recourse Indebtedness. 
 (ii) Minimum
Tangible Net Worth. Guarantor shall not permit its Tangible Net Worth at any time to be less than the sum of (x) $1,000,000,000.00 plus (y) seventy-five (75%) of the proceeds of all equity issuances (net of underwriting discounts
and commissions, and other out-of-pocket expenses related to such equity issuances) made by Guarantor or Sponsor, without duplication, after the Second Amendment
Effective Date, minus (z) seventy-five percent (75%) of the book value or net proceeds, as applicable, of any preferred or redeemable equity or stock that is redeemed or repurchased after the Second Amendment Effective Date. 

(iii) Maximum Debt-to-Equity Ratio. Guarantor shall
not permit the ratio of (x) Total Indebtedness to (y) Total Adjusted Equity at any time to exceed 4.25:1.00. 
 (iv) Minimum
Interest Coverage Ratio. Guarantor shall not permit, as of any date of determination, the ratio of (x) EBITDA for the period of twelve (12) consecutive months ended on such date (if such date is the last day of a fiscal quarter) or the
last day of the fiscal quarter most recently ended prior to such date (if such date is not the last day of a fiscal quarter) to (y) Interest Expense for such period to be less than 1.5 to 1.0. 

In the event that Guarantor or any Subsidiary of TPG Real Estate Finance Trust, Inc. has entered into or shall enter into or amend any other
commercial real estate loan repurchase agreement, warehouse facility or credit facility with any other lender or repurchase buyer for the purpose of financing commercial real estate loans comparable to the Purchased Assets (each as in effect after
giving effect to all amendments thereof, a “Third Party Agreement”) and such Third Party Agreement contains any financial covenant as to Guarantor for which there is no corresponding financial covenant in this Guaranty at the time
such financial covenant becomes effective (each an “Additional Financial Covenant”), or contains a financial covenant that corresponds to a financial covenant in this Guaranty and such financial covenant is more

  
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restrictive as to Guarantor than the corresponding financial covenant in this Guaranty as in effect at the time such financial covenant becomes effective (each, a “More Restrictive
Financial Covenant” and together with each Additional Financial Covenant, each an “MFN Covenant”), then (A) Guarantor shall promptly notify Purchaser of the effectiveness of such MFN Covenant and (B) unless
Purchaser elects otherwise, the financial covenants contained in this Guaranty shall automatically be deemed to be modified to reflect such MFN Covenant (whether through amendment of an existing financial covenant contained in this Guaranty
(including, if applicable, related definitions) or the inclusion of an additional financial covenant (including, if applicable, related definitions), as applicable). In the event that all Third Party Agreements that contain an MFN Covenant are or
have been amended, modified or terminated and the effect thereof is to make less restrictive as to Guarantor any MFN Covenant or eliminate any MFN Covenant, then, upon Guarantor providing written notice to Purchaser of the same (each, an
“MFN Step Down Notice”), the financial covenants in this Guaranty shall automatically be deemed to be modified to reflect only such MFN Covenants which are then in effect as of the date of any such MFN Step Down Notice;
provided, however, that in no event will the foregoing cause the financial covenants of Guarantor to be any less restrictive than the financial covenants expressly set forth in this Guaranty as of the Closing Date. Promptly upon
request by Purchaser, Guarantor shall execute any amendments, supplements, modifications and other instruments as Purchaser may reasonably require from time to time in order to document any such modification and otherwise carry out the intent and
purposes of this paragraph.” 
 2. Amendment of Transaction Documents. From and after the date hereof, all references in the
Repurchase Agreement and the other Transaction Documents to the “Guaranty” shall be deemed to refer to the Guaranty as amended and modified by this Amendment and as same may be further amended, modified and/or restated. 

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

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

5. GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS,
RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO THE CONFLICT OF LAWS DOCTRINE APPLIED IN SUCH STATE (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 
 6. Expenses. Seller hereby
acknowledges and agrees that Seller shall be responsible for all reasonable out-of-pocket costs and expenses of Purchaser in connection with documenting and consummating
the modifications contemplated by this Amendment, including, but not limited to, the reasonable fees and expenses of Purchaser’s external legal counsel. 

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

8. Repurchase Agreement, Guaranty and Transaction Documents in Full Force and Effect. Except as expressly amended hereby, Seller and
Guarantor acknowledge and agree that all of the terms, covenants and conditions of the Repurchase Agreement and the Transaction Documents remain unmodified and in full force and effect and are hereby ratified and confirmed in all respects. 

[NO FURTHER TEXT ON THIS PAGE] 

  
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 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. 
  

			
	PURCHASER:
	
	BARCLAYS BANK PLC, a public limited company organized under the laws of England and Wales
		
	By:	 	 /s/ Francis X. Gilhool

		 	Name: Francis X. Gilhool
		 	Title: Authorized Signatory

 [Signature Page to Second Amendment to Guaranty (TRT-Barclays)]

 
			
	GUARANTOR:
	
	TPG RE FINANCE TRUST HOLDCO, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ Deborah Ginsberg

		 	Name: Deborah Ginsberg
		 	Title: Vice President

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

 

			
	SELLER:
	
	TPG RE FINANCE 23, LTD.,
	an exempted company incorporated with
	limited liability under the laws of the Cayman
	Islands
		
	By:	 	 /s/ Deborah Ginsberg

		 	Name: Deborah Ginsberg
		 	Title: Vice President

 [Signature Page to Second Amendment to Guaranty (TRT-Barclays)]EX-10.7

 Exhibit 10.7 

SECOND AMENDMENT TO AMENDED AND RESTATED GUARANTY 

SECOND AMENDMENT (this “Amendment”) dated as of June 7, 2021 (the “Effective Date”) to Amended and
Restated Guaranty, dated of May 4, 2018 made by TPG RE FINANCE TRUST HOLDCO, LLC, a Delaware limited liability company (“Guarantor”) in favor of BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, together with
any successor administrative agent, the “Administrative Agent”) for the benefit of the Secured Parties (as defined in the Credit Agreement referred to below). Capitalized terms used but not otherwise defined herein shall have the
meanings given to them in the Credit Agreement. 
 RECITALS 

WHEREAS, TPG RE Finance 20, Ltd., an exempted company incorporated under the laws of the Cayman Islands with limited liability (the
“Borrower”), TPG RE Finance Pledgor 20, LLC, a Delaware limited liability company, the Lenders from time to time party thereto and Administrative Agent have entered into a Credit Agreement, dated as of September 29, 2017 (as
amended, modified, restated, amended and restated, extended, supplemented or otherwise modified from time to time, the “Credit Agreement”), providing for the making of Loans to Borrower as contemplated therein. 

WHEREAS, Guarantor has guaranteed the Obligations pursuant to that certain Amended and Restated Guaranty, dated as of May 4, 2018 (as
heretofore amended, restated, supplemented or otherwise modified, the “Guaranty”); and 
 WHEREAS, the parties hereto wish
to amend the Guaranty upon the terms and conditions hereinafter set forth. 
 NOW THEREFORE, in consideration of the premises and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree that the Guaranty shall be amended and modified as of the Effective Date as follows: 

1. Amendment of Guaranty. 

(a) New Definitions. Section 1 of the Guaranty is hereby amended by inserting the following new definition in the correct
alphabetical order: 
 “Second Amendment Effective Date” means June 7, 2021. 

(b) Amended and Restated Definitions. Section 1 of the Guaranty is hereby amended by amending and restating the definitions
of “Tangible Net Worth” and “Total Equity” in their entirety as follows: 
 ““Tangible Net
Worth” means, with respect to any Person, as of any date of determination, on a consolidated basis, (a) the total tangible assets of such Person, less (b) the total liabilities of such Person, in each case, on or as of such date
and as determined in accordance with GAAP, each of which shall be adjusted to exclude the then-current amount of CECL Reserves and other unrealized valuation reserves, if any. For the avoidance of doubt, tangible net worth will reflect realized
losses recorded against the equity of any assets of the Guarantor or its Subsidiaries from and after April 1, 2020.” 

 ““Total Equity” means, as of any date of
determination, (a) with respect to any Person, the sum of all shareholder equity of such Person and its Subsidiaries on a consolidated basis, as determined in accordance with GAAP, and (b) with respect to Guarantor, (i) the sum of all
shareholder equity of such Person and its Subsidiaries on a consolidated basis, as determined in accordance with GAAP, plus (ii) any other equity instrument(s) issued by such Person or its Subsidiary that is or are classified as temporary
equity under GAAP.” 
 (c) Amendments to Section 9 of the Guaranty. Sections 9(a), 9(b),
9(c) and 9(d) of the Guaranty are hereby amended and restated in their entirety as follows: 
 (a) Minimum Liquidity.
Permit Liquidity at any time to be less than the greater of (i) Fifteen Million and No/100 Dollars ($15,000,000.00) and (ii) 5.0% of the Guarantor’s Recourse Indebtedness. 

(b) Minimum Tangible Net Worth. Permit Tangible Net Worth at any time to be less than the sum of (i)
$1,000,000,000.00, plus (ii) seventy-five percent (75%) of the proceeds of all equity issuances (net of underwriting discounts and commissions, and other
out-of-pocket expenses related to such equity issuances) made by the Guarantor or the Sponsor, without duplication, after the Second Amendment Effective Date,
minus (iii) seventy-five percent (75%) of the book value or net proceeds, as applicable, of any preferred or redeemable equity or stock that is redeemed or repurchased after the Second Amendment Effective Date. 

(c) Maximum Ratio of Total Indebtedness to Total Equity. Permit the ratio of (i) Total Indebtedness to
(ii) Total Adjusted Equity at any time to exceed 4.25 to 1.0. 
 (d) Minimum Interest Coverage Ratio. Permit, as
of any date of determination, the ratio of (i) EBITDA for the period of twelve (12) consecutive months ended on such date (if such date is the last day of a fiscal quarter) or most recently ended prior to such date (if such date is not the
last day of a fiscal quarter) to (ii) Interest Expense for such period to be less than 1.5 to 1.0. 
 2. Guarantor Representations
and Warranties. Guarantor hereby represents and warrants to Administrative Agent and the Lenders that (i) it has the power to execute, deliver and perform its respective obligations under this Amendment, (ii) this Amendment has
been duly executed and delivered by it for good and valuable consideration, and constitutes its legal, valid and binding obligation enforceable against it in accordance with its terms subject to bankruptcy, insolvency, and other limitations on
creditors’ rights generally and to equitable principles, and (iii) neither the execution and delivery of this Amendment, nor the consummation by it of the transactions contemplated by this Amendment, nor compliance by it with the terms,
conditions and provisions of this Amendment will conflict with or result in a breach of any of the terms, conditions or provisions of (A) its Organizational Documents (as defined in the Credit Agreement),

  
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(B) any Contractual Obligation (as defined in the Credit Agreement) to which it is now a party or the rights under which have been assigned to it or the obligations under which have been assumed
by it or to which its assets are subject or constitute a default thereunder, or result thereunder in the creation or imposition of any lien upon any of its assets, other than pursuant to this Amendment, (C) any judgment or order, writ,
injunction, decree or demand of any court applicable to it, or (D) any applicable requirement of any Law, in the case of clauses (B)-(D) above, to the extent that such conflict or breach is reasonably likely to result in a Material Adverse
Effect. Guarantor hereby represents and warrants to Administrative Agent and the Lenders that all of the representations and warranties set forth in Section 15 of the Guaranty remain true and correct in all material respects as of the date
hereof. 
 3. Conditions Precedent. This Amendment shall become effective as of the Effective Date provided that all of the
following conditions precedent shall have been satisfied: 
 (a) The Administrative Agent shall have received counterparts of
this Amendment, duly executed and delivered by Borrower, Guarantor, Administrative Agent and each Lender. 
 (b) no Default
shall exist or would result from the consummation of the transactions contemplated by this Amendment. 
 4. Affirmation and
Ratification. 
 (a) The Guaranty, as modified by this Amendment, remains in full force and effect and is hereby
ratified and affirmed by Guarantor. The provisions of this Amendment shall be deemed to have prospective application only. This Amendment is not intended to and shall not constitute a novation. Guarantor hereby reaffirms and admits the validity and
enforceability of the Guaranty, as modified by this Amendment. 
 (b) This Amendment shall be limited precisely as written
and, except as expressly provided herein, shall not be deemed (i) to be a consent granted pursuant to, or a waiver, modification or forbearance of, any term or condition of the Guaranty, any other Loan Document or any of the instruments or
agreements referred to therein or a waiver of any Default or Event of Default, whether or not known to Administrative Agent or any of the Lenders, or (ii) to prejudice any right or remedy which Administrative Agent or any Lender may now have or
have in the future against any Person under or in connection with the any Loan Document or any of the instruments or agreements referred to therein or any of the transactions contemplated thereby. 

(c) Each reference in the Guaranty to “this Guaranty,” “hereunder,” “hereof,” “herein,”
or words of like import, and each reference in each other Loan Document (and the other documents and instruments delivered pursuant to or in connection therewith) to this Guaranty, whether direct or indirect, shall mean and be a reference to the
Guaranty as modified by this Amendment and as the Guaranty may in the future be amended, restated, supplemented or modified from time to time. 

  
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 5. Loan Document; Expenses. Each party hereto acknowledges and agrees that
this Amendment shall constitute a Loan Document. Without limitation of the foregoing, Guarantor acknowledges and agrees that Guarantor shall be responsible for all reasonable
out-of-pocket costs and expenses of Administrative Agent in connection with the preparation, execution and delivery of this Amendment and any other documentation
contemplated hereby (whether or not this Amendment becomes effective or the transactions contemplated hereby are consummated and whether or not any Default or Event of Default has occurred or is continuing), including, but not limited to, the
reasonable fees and disbursements of Arnold & Porter Kaye Scholer LLP, counsel to the Administrative Agent. 
 6.
Headings. Section headings in this Amendment are included for convenience of reference only and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment. 

7. Execution. This Letter Agreement may be signed, acknowledged and agreed to in any number of counterparts, each of which shall
be an original, and all of which together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page by telecopier or electronic mail (in a .pdf format) shall be effective as delivery of a manually
executed counterpart. This Letter Agreement may be executed using Electronic Signatures (including, without limitation, facsimile and .pdf) and shall be considered an original, and shall have the same legal effect, validity and enforceability as a
paper record. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by Administrative Agent of a manually signed paper hereof which has been converted into electronic form (such as
scanned into .pdf format), or an electronically signed communication converted into another format, for transmission, delivery and/or retention. For purposes hereof, “Electronic Signature” shall have the meaning assigned to it by 15
USC §7006, as it may be amended from time to time. Upon the reasonable request of Administrative Agent, any Electronic Signature of any other party hereto shall, as promptly as practicable, be followed by a manually executed counterpart
thereof. 
 8. Governing Law. THIS AMENDMENT AND ANY CLAIMS, 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 SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS
OF LAWS THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

[NO FURTHER TEXT ON THIS PAGE] 
  

  
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 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. 
  

			
	ADMINISTRATIVE AGENT AND SOLE LENDER:
	
	BANK OF AMERICA, N.A., as Administrative Agent and sole Lender
		
	By:	 	 /s/ Katherine Petteys

		 	Name: Katherine Petteys
		 	Title: Vice President

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

 
			
	GUARANTOR:
	
	TPG RE FINANCE TRUST HOLDCO, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Deborah Ginsberg

		 	Name: Deborah Ginsberg
		 	Title: Vice President

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

 

			
	BORRWER:
	
	TPG RE FINANCE 20, LTD., a Delaware limited liability company
		
	By:	 	 /s/ Deborah Ginsberg

		 	Name: Deborah Ginsberg
		 	Title: Vice President
	
	PLEDGOR:
	
	TPG RE FINANCE PLEDGOR 20, LTD., a Delaware limited liability company
		
	By:	 	 /s/ Deborah Ginsberg

		 	Name: Deborah Ginsberg
		 	Title: Vice President

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

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