Document:

Exhibit 10.1

 

Voting Agreement

 

This Voting
Agreement (this “Agreement”) is made and entered into as of January ___, 2022, by and among Calian Corp, a Delaware
corporation (the “Purchaser”), and the undersigned holder (the “Holder”) of securities of American
Virtual Cloud Technologies, Inc., a Delaware corporation (the “Company”). Capitalized terms used but not defined herein
have the meaning attributed to them in the Purchase Agreement (as defined below).

 

Recitals

 

WHEREAS,
concurrently with the execution of this Agreement, the Purchaser, Computex, Inc., a Delaware corporation (the “Seller”),
and the Company are entering into a certain Asset Purchase Agreement (the “Purchase Agreement”) pursuant to which the
Seller has agreed to sell to the Purchaser, and the Purchaser has agreed to purchase from the Seller, the Purchased Assets (the “Transaction”),
subject to the terms and conditions set forth in the Purchase Agreement;

 

WHEREAS,
the sale of the Purchased Assets to the Purchaser pursuant to the terms of the Purchase Agreement may be deemed to constitute a sale of
substantially all of the Company’s property and assets for purposes of Section 271 of the General Corporation Law of the State of
Delaware, and it is a condition to the Company’s and the Seller’s obligations to consummate the transactions contemplated
by the Purchase Agreement that the Stockholder Approval be obtained; and

 

WHEREAS,
as an inducement and a condition to the Purchaser entering into the Purchase Agreement, the Holder has
agreed to enter into this Agreement, pursuant to which the Holder is agreeing, among other matters, to vote all of its Covered Stock (as
defined below) in favor of the approval of the Purchase Agreement, the Transaction and the other transactions contemplated by the Purchase
Agreement. 

 

NOW, THEREFORE, in consideration of the promises
and the covenants and agreements set forth below, the parties agree as follows:

 

1. Covenants
of the Holder.

 

(a) During
the term of this Agreement, the Holder shall not (a) cause or permit any Transfer (as defined below) of any of the Covered Stock or any
right or interest therein, or (b) enter into any agreement, option, understanding or arrangement with respect to a Transfer of any of
the Covered Stock. Except as required by this Agreement, the Holder shall not deposit (or permit the deposit of) any Covered Stock in
a voting trust or grant any proxy or power of attorneys or enter into any voting agreement or similar agreement with respect to any of
the Covered Stock or in any way grant any other Person any right whatsoever with respect to the voting or disposition of the Covered Stock.
For purposes hereof, a Person shall be deemed to have effected a “Transfer” of Covered Stock if such Person directly
or indirectly: (a) sells, pledges, encumbers, grants an option with respect to, transfers, assigns, or otherwise disposes of (including
by merger (including by conversion into securities or other consideration), by tendering into any tender or exchange offer, by operation
of Law or otherwise) such security, or any interest in such security; or (b) enters into an agreement, arrangement or commitment providing
for the sale of, pledge of, encumbrance of, grant of an option with respect to, transfer of or disposition of such shares or any interest
therein. Any Transfer or attempted Transfer in violation of this Agreement shall be null and void ab initio. It is hereby clarified
that if any involuntary Transfer of any of the Covered Stock shall occur (such as in the case of appointment of a receiver to the Holder’s
assets as part of bankruptcy proceedings), the transferee (which term, as used herein, shall include the initial transferee and any and
all subsequent transferees of the initial transferee) shall take and hold such Covered Stock subject to all of the restrictions, liabilities
and rights under this Agreement, which shall continue in full force and effect until the termination of this Agreement.

 

     

    

    

 

(b) The
Holder irrevocably and unconditionally agrees that it shall at any meeting of the stockholders of the Company or at any adjournment thereof,
in an action by written consent or in any other circumstances upon which the Holder’s vote, consent or other approval is sought
in connection with the Purchase Agreement and approval of the Transaction and/or the other transactions contemplated by the Purchase Agreement,
to (i) appear at each such meeting or otherwise cause all of its Covered Stock to be counted as present thereat for purpose of establishing
a quorum and (ii) vote (or cause to be voted), in person or by proxy, all of the Covered Stock that are then entitled to be voted (a)
in favor of the Purchase Agreement and the transactions contemplated by the Purchase Agreement, including the Transaction, (b) in favor
of any action, proposal, transaction or agreement that is submitted by the Company for a vote of the stockholders of the Company and would
reasonably be expected to facilitate the transactions contemplated by the Purchase Agreement, (c) in favor of any proposal to adjourn
or postpone to a later date any meeting of the stockholders of the Company at which any of the foregoing matters of this Section 1 are
submitted for consideration and vote of the stockholders of the Company if there are not sufficient votes for approval of any such matters
on the date on which the meeting is held, and (d) against (1) any action or agreement that would result in a breach of any covenant, representation
or warranty or any other obligation or agreement of the Company or the Seller contained in the Purchase Agreement, or of such Holder contained
in this Agreement, and (2) any other action that would reasonably be expected to impede, interfere with, delay, postpone or adversely
affect or prevent the transactions contemplated by the Purchase Agreement or this Agreement. The Holder agrees that the Covered Stock
that are entitled to be voted shall be voted (or cause to be voted) as set forth in the preceding sentences.

 

(c) Without
limiting the generality of paragraph (b), no later than 10 business days prior to the date of the Stockholders’ Meeting: (i) with
respect to any Covered Stock (and any other securities held by the Holder which have a right to vote at such meeting) that are registered
in the name of the Holder, the Holder shall deliver or cause to be delivered, in accordance with the instructions set out in the Proxy
Statement, a duly executed proxy or proxies directing the holder of such proxy or proxies to vote in favor of the Transaction; and (ii)
with respect to any Covered Stock (and any other securities held by the Holder which have a right to vote at such meeting) that are beneficially
owned by the Holder but not registered in the name of the Holder, the Holder shall deliver a duly executed voting instruction form to
the intermediary through which the Holder holds his or her beneficial interest in the Holder’s Covered Stock, instructing that the
Holder’s Covered Stock (which have a right to vote at such meeting) be voted at the Stockholders’ Meeting in favor of the
Transaction. Such proxy or proxies shall name those individuals as may be designated by the Company in the Proxy Statement and such proxy
or proxies or voting instructions shall not be revoked, withdrawn or modified without the prior written consent of the Purchaser and the
Company unless this Agreement is terminated in accordance with Section 4 prior to the exercise of such proxy.

 

(d) The
Holder hereby revokes any and all previous proxies granted or voting instruction forms or other voting documents delivered that may conflict
or be inconsistent with the matters set forth in this Agreement.

 

(e) Subject
to Section 2, the Holder will immediately cease and cause to be terminated any existing solicitation, encouragement, discussion or negotiation
commenced prior to the date of this Agreement with any person (other than Purchaser) by such Holder, or, if applicable, any of its representatives
or agents, with respect to any transaction that could reasonably be expected to delay, prevent, impede or frustrate the successful completion
of the Transaction and each of the transactions contemplated by the Purchaser Agreement, whether or not initiated by the Holder or any
of its representatives or agents.

 

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2. Director
Matters Excluded. No provision of this Agreement shall limit or otherwise restrict the Holder with respect to any vote that the Holder
(or, if the Holder is not a natural person, the Holder’s representative) may make solely in his or her capacity as a director of
the Company with respect to a matter presented to the Company’s board of directors.

 

3. Representations
and Warranties of the Holder. The Holder hereby represents and warrants to the Purchaser as follows:

 

(a) The
Holder (i) is the record and beneficial owner of the Common Stock and other securities of the Company set forth on Schedule A (collectively,
the “Existing Stock”), free and clear of any Encumbrances of any nature whatsoever (other than pursuant to (x) applicable
restrictions on transfer under applicable securities laws, or (y) this Agreement), and (ii) does not beneficially own any securities of
the Company (including options, warrants or convertible securities) other than the Existing Stock.

 

(b) Except
as set forth on Schedule A, the Holder has the sole right to Transfer, to vote and to direct the voting of the Existing Stock (or,
if this Agreement also is signed by the Holder’s spouse, the Holder and his or her spouse, if applicable, together have the sole
right to Transfer, to vote and to direct the voting of the Existing Stock), and none of the Existing Stock are subject to any proxy, power
of attorney, attorney-in-fact, voting trust, vote pooling or other agreement with respect to the Transfer, right to vote, call meetings
of shareholders or give consents or approvals of any kind in respect of the Existing Stock, except as set forth in this Agreement.

 

(c) The
Holder, if not a natural person: (i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization,
(ii) is not in violation of any of the provision of the Holder’s organizational documents, and (iii) has the requisite corporate,
company, partnership or other power and authority to execute and deliver this Agreement, to consummate the transactions contemplated hereby
and to comply with the terms hereof. The execution and delivery by the Holder of this Agreement, the consummation by the Holder of the
transactions contemplated hereby and the compliance by the Holder with the provisions hereof have been duly authorized by all necessary
corporate, company, partnership or other action on the part of the Holder, and no other corporate, company, partnership or other proceedings
on the part of the Holder are necessary to authorize this Agreement, to consummate the transactions contemplated hereby or to comply with
the provisions hereof.

 

(d) This
Agreement has been duly executed and delivered by the Holder, constitutes a valid and binding obligation of the Holder and is enforceable
against the Holder in accordance with its terms, except as such enforceability may be subject to applicable bankruptcy, reorganization,
insolvency, moratorium and similar Laws affecting the enforcement of creditors’ rights generally and by general principles of equity.

 

(e) The
execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and compliance with the provisions
hereof do not and will not conflict with, or result in any violation or breach of, or default (with or without notice or lapse of time,
or both) under, any provision of (i) the organizational documents of the Holder, if applicable, (ii) any (A) statute, law, ordinance,
rule or regulation or (B) judgment, order or decree, in each case, applicable to the Holder or its properties or assets, or (iii) any
contract, trust, commitment, agreement, understanding, arrangement or restriction of any kind to which the Holder is a party or by which
the Holder or the Holder’s assets are bound. The execution and delivery by the Holder of this Agreement does not, and the performance
of the Holder’s obligations hereunder does not, require such Holder or any of its Affiliates to obtain any consent, approval, authorization
or permit of, or to make any filing with or notification to, any person or Governmental Authority, other than any filings as may be required
under the Securities Exchange Act of 1934, as amended, or the rules or regulations promulgated thereunder.

 

    	 	3	 

    

    

 

(f) There
is no action, suit, investigation, complaint or other proceeding pending against, involving or affecting the Holder or the Existing Stock
or, to the knowledge of the Holder, any other person, or, to the knowledge of the Holder, threatened against, involving or affecting the
Holder or the Existing Stock or any other person that would reasonably be expected to restrict or prohibit (or, if successful, would restrict
or prohibit) the performance by the Holder of its obligations under this Agreement.

 

(g) The
Holder understands and acknowledges that the Purchaser is entering into the Purchase Agreement in reliance upon the Holder’s execution,
delivery and performance of this Agreement. The Holder is a sophisticated holder with respect to the Existing Stock and has adequate information
concerning the transactions contemplated hereby and by the Purchase Agreement and concerning the business and financial condition of the
Company to make an informed decision regarding the matters referred to herein and has independently, without reliance upon the Company,
the Seller, the Purchaser or any of their respective Affiliates, and based on such information as the Holder has deemed appropriate, made
the Holder’s own analysis and decision to enter into this Agreement.

 

4. Termination.
This Agreement shall terminate upon the earliest to occur of (a) the valid termination of the Purchase Agreement in accordance with its
terms and (b) the Closing. In the event of the termination of this Agreement, this Agreement shall forthwith become null and void, there
shall be no liability on the part of any of the parties, and all rights and obligations of each party hereto shall cease; provided,
however, that no such termination of this Agreement shall relieve any party hereto from any liability for any breach of any provision
of this Agreement prior to such termination; provided, further, that Sections 8 through 13 shall survive any such termination.

 

5. Further
Covenants and Assurances.

 

(a) The
Holder will, from time to time, execute and deliver, or cause to be executed and delivered, such additional or further consents, documents
and other instruments as the Purchaser may reasonably request for the purpose of effectively carrying out the provisions of this Agreement
and the transactions contemplated hereby.

 

(b) The Holder shall not
take any action that would make any representation or warranty of the Holder contained herein untrue or incorrect or would reasonably
be likely to adversely affect, prevent or delay (i) the Holder from performing any of the Holder’s obligations under this Agreement
(it being understood that nothing contained in this Agreement shall be deemed to restrict the ability of the Holder to exercise any voting
rights with respect to the Existing Stock consistent with this Agreement (but not Transfer) held by the Holder as of the date hereof)
or (ii) the Stockholder Approval from being obtained.

 

(c) The
Holder agrees that it will not bring, commence, institute, maintain, prosecute, participate in or voluntarily aid any action, claim, suit
or cause of action, in Law or in equity, in any court or before any Governmental Authority, which (i) challenges the validity of
or seeks to enjoin the operation of any provision of this Agreement or (ii) alleges that the execution and delivery of this Agreement
by the Holder, either alone or together with the other voting agreements and proxies to be delivered in connection with the execution
of the Purchase Agreement, or the approval of the Purchase Agreement by the board of directors of the Company, breaches any fiduciary
duty of the board of directors of the Company or any member thereof; provided, that the Holder may defend against, contest
or settle any such action, claim, suit or cause of action brought against the Holder that relates solely to the Holder’s capacity
as a director or officer of the Company.

 

    	 	4	 

    

    

 

(d) The
Holder agrees that any additional securities of the Company (including through the exercise of any stock options or otherwise, and any
securities acquired in connection with any stock split, exchange of shares, stock dividend, reclassification, merger, reorganization,
recapitalization or other change in the capital structure of the Company affecting the Company Stock) acquired by the Holder after the
date of this Agreement and prior to the termination of this Agreement (together with the Existing Stock, the “Covered Stock”)
shall automatically be subject to the terms of this Agreement as though owned by the Holder on the date hereof and the representations,
warranties, covenants, agreements and obligations hereunder shall attach to any such additional securities.

 

6. Successors
and Assigns. The provisions of this Agreement will be binding upon and enure to the benefit of the parties and their respective successors
and assigns; provided, however, that no party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement
without the prior written consent of the other parties to this Agreement, except that the Purchaser may collaterally assign this Agreement
to any Affiliate. Without limiting the foregoing or Section 1 hereof in any way, the Holder agrees that this Agreement and the obligations
hereunder shall attach to the Covered Stock from the date hereof through the termination of this Agreement and shall be binding upon any
Person to which legal or beneficial ownership of the Covered Stock shall pass, whether by operation of Law or otherwise, including the
Holder’s heirs, guardians, administrators or successors, and the Holder further agrees to take all actions necessary to effectuate
the foregoing.

 

7. Remedies.
The Holder acknowledges that money damages would be both incalculable and an insufficient remedy for any breach of this Agreement by it,
and that any such breach would cause the Purchaser irreparable harm. Accordingly, the Holder agrees that in the event of any breach or
threatened breach of this Agreement, the Purchaser, in addition to any other remedies at Law or in equity it may have, shall be entitled
to seek immediate equitable relief, including injunctive relief and specific performance, without the necessity of proving the inadequacy
of money damages as a remedy and without the necessity of posting any bond or other security, to prevent breaches of this Agreement and
to enforce specifically the terms and provisions hereof in any court of the United States or any state having jurisdiction.

 

8. Notices.
All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to
have been given (a) when delivered by hand; (b) when received by the addressee if sent by a nationally recognized overnight courier
(receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during
normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient; (d) on the
third (3rd) day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid; or (e) on
the date sent if sent by electronic mail, with electronic evidence of transmission generated on the end of the sending party, or receipt
confirmed by the recipient party. Such communications must be sent to the respective parties at the following addresses (or at such other
address for a party as shall be specified in a notice given in accordance with this Section 8):

 

(i) if
to the Purchaser, to

 

Calian Group Ltd.

770 Palladium Drive, 4th Floor

Ottawa, Ontario, K2V 1C8

Attn: Patrick Houston

E-Mail: phouston@calian.com

 

with a copy to (which shall not constitute
notice):

 

LaBarge Weinstein LLP

800-515 Legget Drive

Ottawa, Ontario K2K 3G4

Attention: Deborah Weinstein

E-Mail:
dw@lwlaw.com

 

 (ii) if to the Holder, to the address set forth on Schedule A hereto.

 

    	 	5	 

    

    

 

9. Severability.
The invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity or enforceability
of any other provision of this Agreement in such jurisdiction, or the validity or enforceability of any provision of this Agreement in
any other jurisdiction.

 

10. Entire
Agreement/Amendment. This Agreement represents the entire agreement of the parties with respect to the subject matter hereof and supersede
all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement
may not be amended, modified, altered or supplemented except by means of a written instrument executed and delivered by the parties hereto.

 

11. Governing
Law. This Agreement shall be construed in accordance with, and governed in all respects by, the internal laws of the State of Delaware
without regard to the Laws of such jurisdiction that would require the substantive Laws of another jurisdiction to apply. Unless otherwise
explicitly provided in this Agreement, any action, claim, suit or proceeding relating to this Agreement or the enforcement of any provision
of this Agreement shall be brought or otherwise commenced only in any state or federal court located in Delaware. Each party hereto (a)
expressly and irrevocably consents and submits to the exclusive jurisdiction of the Delaware Court of Chancery (or in the event (but only
in the event) that such court does not have subject matter jurisdiction over such action or proceeding, in the United States District
Court for the District of Delaware) in any action arising out of or relating to this Agreement or any of the matters contemplated hereby;
(b) agrees that each such court shall be deemed to be a convenient forum; (c) agrees that service of process in any such proceeding may
be made by giving notice pursuant to Section 8; and (d) agrees not to assert, by way of motion, as a defense or otherwise, in any such
proceeding commenced in any such court, any claim that such party is not subject personally to the jurisdiction of such court, that such
proceeding has been brought in an inconvenient forum, that the venue of such proceeding is improper or that this Agreement or the subject
matter of this Agreement may not be enforced in or by such court.

 

12. Independent
Legal Advice. The Holder acknowledges and agrees that it: (i) obtained independent legal advice in respect of the Transaction and
the Holder’s rights and obligations hereunder; or (ii) if the Holder has not obtained independent legal advice, the Holder has reviewed
or had the opportunity to review this Agreement and the Purchase Agreement, prior to executing this Agreement and, to the extent the Holder
has failed to obtain such independent legal advice, the Holder shall not in any way use or rely upon such failure as a basis for claiming
that this Agreement or the obligations and liabilities of the Holder hereunder, are unenforceable or, alternatively, as a defense to the
enforcement of this Agreement.

 

13. Counterparts.
For the convenience of the parties, this Agreement may be executed in counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument.

 

[Remainder
of page intentionally left blank]

 

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In
Witness Whereof, the parties have caused this Agreement to be executed as of the date first above written.

 

	 	Holder
	 	 	 
	 	By:	                        
	 	Name:	 
	 	[Title:]	                     
	 	 	 
	 	Holder’s Spouse (if applicable)
	 	 	 
	 	By:	                          
	 	Name:	 

 

Signature Page to the Voting Agreement

 

     

     

    

 

	 	PURCHASER 
	 	 	 
	 	By:	                        
	 	Name: 	 
	 	Title:	 

 

Signature Page to the Voting Agreement

 

     

     

    

 

SCHEDULE A

 

	Name
                                            and Address of Holder	 	Shares
                                            of

 Company 

Common Stock	 	Company

                                            Options	 	Company

                                            WarrantsDocument

Exhibit 10.1

SECOND AMENDMENT TO MASTER REPURCHASE AGREEMENT AND OTHER TRANSACTION DOCUMENTS
SECOND AMENDMENT TO MASTER REPURCHASE AGREEMENT AND OTHER TRANSACTION DOCUMENTS, dated as of January 27, 2022 (this “Amendment”), by and among CMFT RE LENDING RF SUB CB, LLC, a Delaware limited liability company (“Seller”), as seller, CITIBANK, N.A., a national banking association (including any successor and assigns thereto, “Buyer”), as buyer, and acknowledged and agreed to by CIM REAL ESTATE FINANCE TRUST, INC., a Maryland corporation (“Guarantor”), as guarantor. Capitalized terms used and not otherwise defined herein shall have the meanings given to such terms in the Repurchase Agreement (as defined below).
RECITALS
WHEREAS, Seller and Buyer entered into that certain Master Repurchase Agreement, dated as of June 4, 2020, as amended by that certain First Amendment to Master Repurchase Agreement, dated as of August 17, 2021 (collectively, the “Existing Repurchase Agreement”; as amended by this Amendment and as the same may be further amended, replaced, restated, supplemented or otherwise modified from time to time, the “Repurchase Agreement”);
WHEREAS, Seller and Buyer each desire to make certain modifications to the Existing Repurchase Agreement and the other Transaction Documents pursuant to and the terms and conditions of this Amendment; and
WHEREAS, it is a condition to the effectiveness of this Amendment, that Guarantor reaffirms the terms and conditions of the Guaranty.
NOW THEREFORE, in consideration of the foregoing recitals, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:
ARTICLE 1
AMENDMENTS TO EXISTING REPURCHASE AGREEMENT
(a)The following defined terms set forth in Article 2 and any references thereto in the Existing Repurchase Agreement are hereby deleted in their entirety: “Compounded SOFR”, “Corresponding Tenor”, “Early Opt-in Election”, “First Amendment”, “ISDA”, “ISDA Definitions”, “Term SOFR Transition Event” and “Unadjusted Benchmark Replacement”.
(b)Article 2 of the Existing Repurchase Agreement is hereby amended by either adding the following defined terms in the appropriate alphabetical order, or, if the corresponding defined term already exists therein, amending and restating such defined term in its entirety as follows:
“Anticipated Benchmark Replacement Date” shall have the meaning specified in Article 3(g)(v).
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“Applicable SOFR” shall mean, with respect to each SOFR Based Transaction, either the SOFR Average or Term SOFR, as applicable, as designated in the related Confirmation.
“Benchmark” shall mean, (a) for any LIBOR Based Transaction, initially, LIBOR, (b) for any SOFR Based Transaction for which the Applicable SOFR designated on the related Confirmation is the SOFR Average, initially, the SOFR Average and (c) for any SOFR Based Transaction for which the Applicable SOFR designated on the related Confirmation is Term SOFR, initially, Term SOFR; provided that if a Benchmark Transition Event or a SOFR Transition Event, as applicable, and its related Benchmark Replacement Date have occurred with respect to the then-current Benchmark or with respect to any Transaction, as applicable, then “Benchmark” shall mean, with respect to such then-current Benchmark or with respect to any applicable Transaction, as applicable, the related Benchmark Replacement. Notwithstanding the foregoing, if any setting of any Benchmark as provided above would result in such Benchmark setting being less than the applicable Benchmark Floor, such setting of such Benchmark shall instead be deemed to be such Benchmark Floor.
“Benchmark Floor” shall mean the greater of (a) 0.00% and (b) such higher amount as may be specified with respect to any Transaction in the related Confirmation.
“Benchmark Replacement” shall mean, with respect to any replacement of any then-current Benchmark under the terms of this Agreement, the sum of (a) the alternate benchmark rate that has been selected by Buyer giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for such Benchmark for U.S. dollar-denominated commercial mortgage loan repurchase facilities or other similar agreements at such time and (b) the Benchmark Replacement Adjustment; provided, that such Benchmark Replacement is consistent with the benchmark rate selected by Buyer in its other commercial mortgage loan repurchase facilities with similarly situated counterparties and wherein Buyer has a similar contractual right; provided, further, that in connection with the replacement of LIBOR pursuant to Article 3(g)(i) or a SOFR Transition Event, such Benchmark Replacement shall be the SOFR Average or Term SOFR, as applicable (so long as no Benchmark Transition Event and Benchmark Replacement Date has occurred with respect to such rate), as determined by Buyer in its sole discretion. Notwithstanding the foregoing, if any setting of the Benchmark Replacement as provided above would result in such Benchmark Replacement setting being less than the applicable Benchmark Floor, such setting of the Benchmark Replacement shall instead be deemed to be such Benchmark Floor.
“Benchmark Replacement Adjustment” shall mean, with respect to any replacement of any then-current Benchmark under the terms of this Agreement, the spread adjustment, or method for calculating or determining such spread adjustment 
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(which may be a positive or negative value or zero) that has been selected by 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 such Benchmark with the applicable Benchmark Replacement by the Relevant Governmental Body or (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 such Benchmark with the applicable Benchmark Replacement for U.S. dollar-denominated commercial mortgage loan repurchase facilities at such time; provided, that such Benchmark Replacement Adjustment is consistent with the spread adjustment or method for calculating or determining such spread adjustment selected by Buyer for replacement of such Benchmark with the related Benchmark Replacement in its other commercial mortgage loan repurchase facilities with similarly situated counterparties and wherein Buyer has a similar contractual right.
“Benchmark Replacement Conforming Changes” shall mean, with respect to any Benchmark or Benchmark Replacement, any technical, administrative or operational changes (including, without limitation, changes to the definitions of “LIBOR”, “LIBOR Based Transaction”, “Pricing Rate Period”, “Pricing Rate Determination Date”, “Reference Time”, “SOFR Average”, “SOFR Based Transaction”, “Term SOFR” and any similar defined term in this Agreement, provisions with respect to timing and frequency of determining rates and making payments of interest or price differential, timing of transaction requests, future advance requests, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, the formula for calculating any benchmark rate (including, without limitation, LIBOR, SOFR, the SOFR Average and Term SOFR), the formula, methodology or convention for applying the successor Benchmark Floor to any benchmark rate (including, without limitation, LIBOR, SOFR, the SOFR Average and Term SOFR) and other technical, administrative or operational matters) that Buyer decides may be appropriate to reflect the adoption and implementation of such Benchmark or Benchmark Replacement, as applicable, 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 determines that no market practice for the administration of such Benchmark or Benchmark Replacement, as applicable, exists, in such other manner of administration as Buyer decides is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents).
“Benchmark Replacement Date” shall mean the earliest to occur of the following events with respect to the then-current Benchmark:
(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 and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation 
    -3-

thereof) permanently or indefinitely ceases to provide such Benchmark (or such component thereof);
(2)in the case of clause (3) of the definition of “Benchmark Transition Event”, the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative or to be non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks; provided, that such non-representativeness, non-compliance or non-alignment will be determined by reference to the most recent statement or publication referenced in such clause (3) even if such Benchmark (or such component thereof) continues to be provided on such date; or
(3)in the case of a SOFR Transition Event, the date set forth in the related Rate Election Notice provided to Seller.
For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.
“Benchmark Transition Event” shall mean, with respect to any applicable Benchmark, the occurrence of one or more of the following events with respect to such Benchmark:
(1)a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof);
(2)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or 
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will cease to provide such Benchmark (or such component thereof) 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 (or such component thereof); or
(3)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such Benchmark (or such component thereof) is not, or as of a specified future date will not be, representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.
“Benchmark Unavailability Period” shall mean, with respect to any Benchmark, the period (if any) during which Buyer determines that (a) adequate and reasonable means do not exist for ascertaining such Benchmark (including, without limitation, (i) if such Benchmark is LIBOR, such Benchmark is determined pursuant to the proviso in the definition of “LIBOR” and (ii) if the Benchmark (or the published component used in the calculation thereof) is the SOFR Average or Term SOFR, that the SOFR Average or Term SOFR, as applicable, cannot be determined in accordance with the definition thereof) or (b) it is unlawful to accrue Purchase Price Differential based on such Benchmark or to otherwise use such Benchmark to determine the applicable Purchase Price Differential due for any Pricing Rate Period.
“Eligibility Criteria” shall mean, with respect to any Eligible Asset, as of the Purchase Date, therefor, (i) the proposed Purchased Asset is a Whole Loan, Senior Interest or Mezzanine Loan accruing interest at a floating rate based on LIBOR, the SOFR Average, Term SOFR or any other benchmark rate approved by Buyer in its sole discretion, (ii) after giving effect to the purchase of the proposed Purchased Asset, the Portfolio Purchase Price Debt Yield (including the proposed Purchased Asset), as determined by Buyer, will be greater than the Minimum Portfolio Purchase Price Debt Yield, (iii) there is no monetary or material non-monetary default or event of default (beyond all applicable notice and grace periods) under the related Purchased Asset Documents, (iv) the Mortgaged Property LTV of the proposed Purchased Asset will not exceed the Mortgaged Property LTV Threshold and (v) the maximum term of the proposed Purchased Asset, including all extension options, is not more than five (5) years.
“LIBOR” shall mean the London interbank offered rate for U.S. dollars with a tenor of one month which, with respect to the setting of such rate with respect to each Pricing Rate Period, shall be the rate (expressed as a percentage per annum and rounded upward, if necessary, to the next nearest 1/1000 of 1%) for deposits in U.S. dollars, for a one month period, that appears on “Page BBAM” of the Bloomberg Financial Markets Services Screen (or the successor thereto) for the Reference Time as determined by Buyer; provided that, if such rate does not appear on “Page BBAM” of the Bloomberg 
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Financial Markets Services Screen (or the successor thereto) for the Reference Time, LIBOR shall be the rate determined with respect to the immediately preceding Pricing Rate Period. Buyer’s determination of LIBOR shall be binding and conclusive on Seller absent manifest error. Notwithstanding the foregoing, if any setting of LIBOR as provided above would result in such LIBOR setting being less than the applicable Benchmark Floor, such setting of LIBOR shall instead be deemed to be such Benchmark Floor.
“LIBOR Based Transaction” shall mean any Transaction for which the Benchmark is designated as LIBOR in the related Confirmation (and, in the case of any Transaction entered into prior to December 31, 2021, if no Benchmark is designated in the related Confirmation).
“LIBOR Based Pricing Rate Determination Date” shall mean (a) in the case of the first Pricing Rate Period for any Purchased Asset, two (2) London Business Days prior to the related Purchase Date for such Purchased Asset, and (b) in the case of each subsequent Pricing Rate Period, with respect to any Pricing Rate Period, two (2) London Business Days prior to the first day of such Pricing Rate Period.
“London Business Day” shall mean any day other than (a) a Saturday, (b) a Sunday or (c) any other day on which commercial banks in London, England are not open for business and conducting transactions in foreign currency and exchange.
“Pricing Rate Determination Date” shall mean, (a) with respect to any LIBOR Based Transaction, the LIBOR Based Pricing Rate Determination Date, (b) with respect to any SOFR Based Transaction, the SOFR Based Pricing Rate Determination Date and (c) with respect to any Transaction that is neither a LIBOR Based Transaction nor a SOFR Based Transaction, the date on which the Pricing Rate is to be set, as determined by Buyer in accordance with the Benchmark Replacement Conforming Changes.
“Rate Election Notice” shall mean, the written notice of the election by Buyer, in its sole discretion, to declare that an “SOFR Transition Event” shall occur, which Rate Election Notice shall designate the affected Benchmark, the applicable Benchmark Replacement Date and whether the applicable Benchmark Replacement shall be the SOFR Average or Term SOFR.
“Reference Time” shall mean, with respect to any setting of the then-current Benchmark for each Pricing Rate Period, (a) if such Benchmark is LIBOR, 11:00 a.m. (London time) on the LIBOR Based Pricing Rate Determination Date, (b) if such Benchmark is the SOFR Average or Term SOFR, 3:00 p.m. (New York city) time on the SOFR Based Pricing Rate Determination Date and (c) if such Benchmark is not LIBOR, the SOFR Average or Term SOFR, then the time determined by Buyer in accordance with the Benchmark Replacement Conforming Changes.
“SOFR” shall mean the secured overnight financing rate as administered by the SOFR Administrator.
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“SOFR Average” shall mean the compounded average of SOFR over a rolling calendar day period of thirty (30) days (“30-Day SOFR Average”) which, with respect to the setting of such rate with respect to each Pricing Rate Period, shall be the 30-Day SOFR Average (expressed as a percentage per annum and rounded upward, if necessary, to the next nearest 1/1000 of 1%) published by the SOFR Administrator on the SOFR Administrator’s Website for the related Reference Time; provided, however, that if, as of such Reference Time, the 30-Day SOFR Average has not been published on the SOFR Administrator’s Website, the SOFR Average for such setting will be 30-Day SOFR Average as published on the SOFR Administrator’s Website for the first preceding U.S. Government Securities Business Day for which such 30-Day SOFR Average was published on the SOFR Administrator’s Website so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to the related SOFR Based Pricing Rate Determination Date. Notwithstanding the foregoing, if any setting of the SOFR Average as provided above would result in such setting being less than the applicable Benchmark Floor, such setting of the SOFR Average shall instead be deemed to be such Benchmark Floor.
“SOFR Based Pricing Rate Determination Date” shall mean, (a) in the case of the first Pricing Rate Period for any Purchased Asset, two (2) U.S. Government Securities Business Days prior to the related Purchase Date for such Purchased Asset, and (b) in the case of each subsequent Pricing Period, two (2) U.S. Government Securities Business Days preceding the first day of such Pricing Rate Period.
“SOFR Based Transaction” shall mean any Transaction for which the Benchmark (or the published component used in the calculation thereof) designated in the related Transaction (or as a result of the occurrence of a Benchmark Transition Event or SOFR Transition Event, as applicable, and the related Benchmark Replacement Date) is either the SOFR Average or Term SOFR.
“SOFR Transition Event” shall mean, the occurrence of:
(1)a determination by Buyer to convert all Transactions using an applicable Benchmark to a Benchmark Replacement; and
(2)the provision by Buyer of the applicable Rate Election Notice to Seller.
“Term SOFR” shall mean, the forward-looking term rate based on SOFR with a tenor of one month (the “Term SOFR Reference Rate”) which, with respect to the setting of such rate with respect to each Pricing Rate Period, shall be the Term SOFR Reference Rate (expressed as a percentage per annum and rounded upward, if necessary, to the next nearest 1/1000 of 1%) published by the Term SOFR Administrator as of the related Reference Time; provided, however, that if, as of the such Reference Time, the Term SOFR Reference Rate has not been published by the Term SOFR Administrator then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the Term SOFR 
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Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to the related SOFR Based Pricing Rate Determination Date. Notwithstanding the foregoing, if any setting of Term SOFR as provided above would result in such setting being less than the applicable Benchmark Floor, such setting of Term SOFR shall instead be deemed to be such Benchmark Floor.
“Term SOFR Administrator” shall mean CME Group Benchmark Administration Limited (CBA), or a successor administrator of the Term SOFR Reference Rate selected by Buyer in its reasonable discretion.
“U.S. Government Securities Business Day” shall mean any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association, or any successor thereto, recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.
(c)Article 3(e)(iv) of the Existing Repurchase Agreement is hereby amended by adding the following after the last sentence thereof:
Notwithstanding anything in this Article 3(e) to the contrary, in no event shall Buyer be required to advance or reallocate any Margin Excess in respect of a LIBOR Based Transaction after January 1, 2022; provided that the foregoing shall not modify or affect the determination of any Margin Deficit hereunder or Buyer’s obligation to fund Future Funding Advance Draws subject to the terms and conditions of Article 3(e)(iii).
(d)Article 3(g) of the Existing Repurchase Agreement is hereby amended and restated in its entirety as follows:
(g) Effect of Benchmark Transition Event.
(i)Benchmark Replacement. Notwithstanding anything to the contrary in this Agreement or in any other Transaction Document, if a Benchmark Transition Event or a SOFR Transition Event, as applicable, and its related Benchmark Replacement Date have occurred with respect to any Benchmark prior to the Reference Time for any Pricing Rate Determination Date for such Benchmark, the applicable Benchmark Replacement will replace such Benchmark for all purposes under this Agreement or under any other Transaction Document in respect of such setting and all settings on all subsequent dates (without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document). Notwithstanding the foregoing, Buyer and Seller may at any time agree to amend and restate any Confirmation with respect to any Transaction to replace the related Benchmark with respect to such Transaction with the applicable Benchmark Replacement.
(ii)Benchmark Replacement Conforming Changes. In connection with the implementation or administration of any Benchmark or Benchmark Replacement, in 
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connection with any Benchmark Replacement Date or as a result of a Benchmark Unavailability Period, 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 Seller or any other party to this Agreement or any other Transaction Document.
(iii)Market Disruption. During a Benchmark Unavailability Period, the component of the Pricing Rate based on the applicable Benchmark shall, during the continuance of such Benchmark Unavailability Period, be replaced with a Benchmark Replacement reasonably determined by Buyer.
(iv)Notices; Standards for Decisions and Determinations. Buyer will promptly notify Seller of (a) any Benchmark Replacement Date, (b) the effectiveness of any Benchmark Replacement Conforming Changes and (c) the effectiveness of any changes to the calculation of the Pricing Rate described in Article 3(g)(iii). For the avoidance of doubt, any notice required to be delivered by Buyer as set forth in this Article 3(g) may be provided, at the option of Buyer (in its sole discretion), in one or more notices and may be delivered together with, or as a part of any amendment which implements any Benchmark Replacement or Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by Buyer pursuant to this Article 3(g), 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 or any selection, will be conclusive and binding absent manifest error and may be made in Buyer’s sole discretion and without consent from Seller or any other party to this Agreement or any other Transaction Document.
(v)Acknowledgement of Benchmark Transition Event in Respect of LIBOR. Buyer and Seller acknowledge and agree that a Benchmark Transition Event in respect of LIBOR occurred on March 5, 2021. Although June 30, 2023 is the anticipated date on which the administrator of LIBOR will permanently or indefinitely cease to provide LIBOR or that LIBOR will be declared no longer representative (the “Anticipated Benchmark Replacement Date”), the related Benchmark Replacement Date cannot be determined with certainty by Buyer at this time. Seller acknowledges and agrees that Buyer may determine that the Benchmark Replacement Date with respect to LIBOR will differ from the Anticipated Benchmark Replacement Date in accordance with the definition thereof or otherwise in connection with the occurrence of another Benchmark Transition Event or a SOFR Transition Event.
(vi)Disclaimer. Buyer does not warrant or accept any responsibility for, and shall not have any liability with respect to (a) the administration, submission or any other matter related to LIBOR, SOFR, the SOFR Average or Term SOFR or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation any Benchmark Replacement implemented hereunder), (b) 
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the composition or characteristics of any such Benchmark Replacement, including whether it is similar to, or produces the same value or economic equivalence to LIBOR, SOFR, the SOFR Average or Term SOFR (or any other Benchmark) or have the same volume or liquidity as LIBOR, SOFR, the SOFR Average or Term SOFR (or any other Benchmark), (c) any actions or use of its discretion or other decisions or determinations made with respect to any matters covered by Article 3(g) or Article 3(i) including, without limitation, whether or not a Benchmark Transition Event has occurred, whether to declare a SOFR Transition Event, the removal or lack thereof of unavailable or non-representative tenors of LIBOR, SOFR, the SOFR Average or Term SOFR (or any other Benchmark), the implementation or lack thereof of any Benchmark Replacement Conforming Changes, the delivery or non-delivery of any notices required by Article 3(g)(iv) or otherwise in accordance herewith, and (d) the effect of any of the foregoing provisions of Article 3(g) or Article 3(i).
(e)Paragraph A.(34) of Exhibit X to the Repurchase Agreement is hereby amended and restated in its entirety and replaced with the following:
Each Purchased Asset bears interest at a floating rate of interest that is based on LIBOR, the SOFR Average or Term SOFR plus a margin (which interest rate may be subject to a minimum or “floor” rate).
ARTICLE 2
AMENDMENT TO OTHER TRANSACTION DOCUMENTS
Each Transaction Document is hereby amended such that each reference to the “Repurchase Agreement” shall mean the Existing Repurchase Agreement as amended by this Amendment and as the same may be further amended, replaced, restated, supplemented or otherwise modified from time to time. 
ARTICLE 3
REPRESENTATIONS
(a)Each of Seller and Guarantor represents and warrants to Buyer, as of the date of this Amendment, as follows:
(i)it is duly authorized to execute and deliver this Amendment and has taken all necessary action to authorize such execution, delivery and performance;
(ii)the person signing this Amendment on its behalf is duly authorized to do so on its behalf;
(iii)the execution, delivery and performance of this Amendment will not violate any Requirement of Law applicable to it or its organizational documents or any agreement by which it is bound or by which any of its assets are affected; 
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(iv)the execution, delivery and performance of this Amendment will not be in conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under, or result in the creation or imposition of any lien of any nature whatsoever upon any of the property or assets of such Person, pursuant to any such agreement; 
(v)except for those obtained or filed on or prior to the date hereof, such Person is not required to obtain any consent, approval or authorization from, or to file any declaration or statement with, any governmental authority or other agency in connection with or as a condition to the execution, delivery or performance of this Amendment; 
(vi)this Amendment is a legal and binding obligation of such Person and is enforceable against such Person in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to the enforcement of creditors’ rights and subject, as to enforceability, to general principals of equity, regardless whether enforcement is sought in a proceeding in equity or at law;
(vii)this Amendment has been duly executed and delivered by it;
(viii)no event has occurred and is continuing which constitutes an Event of Default under the Repurchase Agreement, the Fee Letter or any other Transaction Document, or any event that but for notice or lapse of time or both would constitute an Event of Default; and 
(ix)no change, occurrence, or development exists that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.
(b)Seller represents and warrants to Buyer, as of the date of this Amendment, that all representations and warranties made by it in Article 9 of the Repurchase Agreement (other than those contained in Article 9(s)) are true and correct (unless such representation or warranty expressly relates only to an earlier date in which case Seller represents and warrants to Buyer that such representation or warranty was true and correct as of such earlier date).
(c)Guarantor represents and warrants to Buyer, as of the date of this Amendment, that all representations and warranties made by it in the Guaranty are true and correct (unless such representation or warranty expressly relates only to an earlier date in which case Guarantor represents and warrants to Buyer that such representation or warranty was true and correct as of such earlier date).
ARTICLE 4
REAFFIRMATION, RATIFICATION AND ACKNOWLEDGMENT
(a)Seller hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, and each grant of security interests and liens in favor of Buyer, under each Transaction Document to which it is a party and (ii) agrees and acknowledges 
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that such ratification and reaffirmation is not a condition to the continued effectiveness of such Transaction Documents.
(b)Guarantor hereby reaffirms the terms and conditions of the Guaranty.
(c)Each of Seller and Guarantor hereby (i) agree that neither such ratification and reaffirmation above, as applicable, nor Buyer’s solicitation of such ratification and reaffirmation, constitutes a course of dealing giving rise to any obligation or condition requiring a similar or any other ratification or reaffirmation from such Seller and/or Guarantor with respect to any subsequent modifications to the Repurchase Agreement, the Fee Letter or the other Transaction Documents and (ii) agree and acknowledge that each of the Repurchase Agreement, the Fee Letter, the Guaranty and the other Transaction Documents shall each remain in full force and effect and are each hereby ratified and confirmed. 
ARTICLE 5
EFFECTIVENESS
This Amendment shall become effective as of the date this Amendment is executed and delivered by a duly authorized officer of each of Seller, Guarantor and Buyer, along with delivery to Buyer of such other documents as Buyer reasonably requested prior to the date hereof.
ARTICLE 6
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).
ARTICLE 7
MISCELLANEOUS
(a)Except as expressly amended or modified hereby, the Repurchase Agreement, the Fee Letter, the Guaranty and the other Transaction Documents shall each be and shall remain in full force and effect in accordance with their terms. 
(b)Seller agrees to pay or cause to be paid, within ten (10) Business Days of receipt of an invoice from Buyer or Buyer’s counsel, all reasonable out-of-pocket costs and expenses paid or incurred by Buyer in connection with this Amendment and the transactions contemplated hereby, including, without limitation, reasonable outside counsel attorneys’ fees and expenses, and documentation costs and charges.
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(c)This Amendment may not be amended or otherwise modified, waived or supplemented except as provided in the Transaction Documents.
(d)This Amendment, the Repurchase Agreement, the Fee Letter, the Guaranty and the other Transaction Documents contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or written are superseded by the terms of this Amendment, the Repurchase Agreement, the Fee Letter, the Guaranty and the other Transaction Documents. This Amendment contains a final and complete integration of all prior expressions by the parties with respect to the subject matter hereof and shall constitute the entire agreement among the parties with respect to such subject matter, superseding all prior oral or written understandings.
(e)Wherever possible, each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.
(f)This Amendment and all covenants, agreements, representations and warranties made herein and in any certificates delivered pursuant hereto shall survive the consummation by Buyer of the Transaction, and shall continue in full force and effect so long as all or any of the obligations are outstanding and unpaid unless a longer period is expressly set forth herein or in the Transaction Documents. Whenever in this Amendment any of the parties hereto is referred to, such reference shall be deemed to include the legal representatives, and permitted successors and assigns of such party. All covenants, promises and agreements in this Amendment, by or on behalf of Seller and Guarantor, shall inure to the benefit of the legal representatives, successors and permitted assigns of Buyer.
(g)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. 
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(h)The headings in this Amendment are for convenience of reference only and shall not affect the interpretation or construction of this Amendment.
(i)This Amendment is a Transaction Document executed pursuant to the Repurchase Agreement and shall be construed, administered and applied in accordance with the terms and provisions of the Repurchase Agreement.
(j)Nothing contained herein shall affect or be construed to affect any lien, charge or encumbrance created by any Transaction Document or the priority of any such lien, charge or encumbrance over any other liens, charges or encumbrances. 
(k)Except as specifically set forth in this Amendment, the execution, delivery and effectiveness of this Amendment shall not (i) limit, impair, constitute a waiver by, or otherwise affect any right, power or remedy of Buyer under the Repurchase Agreement, the Fee Letter, the Guaranty or any other Transaction Document, (ii) constitute a waiver of any provision in the Repurchase Agreement, the Fee Letter, the Guaranty or in any of the other Transaction Documents or of any Default or Event of Default that may have occurred and be continuing or (iii) alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Repurchase Agreement, the Fee Letter, the Guaranty or in any of the other Transaction Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.
[SIGNATURES FOLLOW]
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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:

CMFT RE LENDING RF SUB CB, LLC,
a Delaware limited liability company

By:  /s/ Nathan D. DeBacker_______________    
Name: Nathan D. DeBacker
Title:   Vice President, Chief Financial Officer and Treasurer 

GUARANTOR:

CIM REAL ESTATE FINANCE TRUST, INC, a Maryland corporation

By:   /s/ Nathan D. DeBacker_______________
Name: Nathan D. DeBacker
Title:   Vice President, Chief Financial Officer and Treasurer 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

BUYER:

CITIBANK, N.A.

By:     /s/ Richard Schlenger_______________
Name: Richard Schlenger
Title:   Authorized Signatory

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