Document:

EX-10.6.1

 Exhibit 10.6.1 

FIRST AMENDMENT TO 

MASTER REPURCHASE AGREEMENT 

AND OTHER TRANSACTION DOCUMENTS 

THIS FIRST AMENDMENT TO MASTER REPURCHASE AGREEMENT AND OTHER TRANSACTION DOCUMENTS, dated as of June 30, 2013 (the
“Effective Date”) (this “Amendment No. 1”), is entered into by and among RAIT CMBS CONDUIT I, LLC, a Delaware limited liability company, as seller (together with its permitted successors and assigns in
such capacity, “Seller”), CITIBANK, N.A., a national banking association, as buyer (together with its successors and assigns in such capacity, “Buyer”), and RAIT FINANANCIAL TRUST, a Maryland real
estate investment trust, as guarantor (together with its successors and permitted assigns, in such capacity, “Guarantor”). Capitalized terms used and not otherwise defined herein shall have the meanings given to such terms in the
Repurchase Agreement (as defined below). 
 R E C I T A L S 

WHEREAS, Seller and Buyer are parties to that certain Master Repurchase Agreement, dated as of October 27, 2011 (the “Existing
Repurchase Agreement”); 
 WHEREAS, Guarantor is a party to that certain Guaranty, dated as of October 27, 2011 made for the
benefit of Buyer (as amended by this Amendment No. 1, and as further amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to time, the “Guaranty”); and 

WHEREAS, the parties hereto desire to make certain amendments and modifications to the Existing Repurchase Agreement and the Guaranty. The
Existing Repurchase Agreement, as amended by this Amendment No. 1, and as further amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to time, shall be referred to herein as the “Repurchase
Agreement.” 
 NOW THEREFORE, in consideration of the foregoing recitals, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
  

	 	Section 1.	Amendments to Repurchase Agreement. 

 Effective as of the Effective Date, the following
definitions in Article II of the Repurchase Agreement are each added or, if already present in the Existing Repurchase Agreement, amended and restated in its entirety, as follows: 

“First Amendment” shall mean that certain First Amendment to Master Repurchase Agreement and Other Transaction
Documents dated as of June 30, 2013 by and among Buyer, Seller and Sponsor.” 
 “Guaranty” shall
mean the Guaranty, dated as of the date hereof, made by Sponsor for the benefit of Buyer, as amended by the First Amendment and from time to 

 
time thereafter, of amounts due under this Agreement to Buyer, plus any actual, out-of-pocket costs reasonably incurred in connection with the enforcement, and pursuant to the terms, of such
Guaranty.” 
  

	 	Section 2.	Amendment to Guaranty. 

 (a) Effective as of the Effective Date, the following
definitions are each added to Section 1 of the Guaranty, as follows: 
 “Adjusted Book Value”
means, as of a particular date, (i) Total Assets of Guarantor and its consolidated Subsidiaries, less (ii) Total Liabilities of Guarantor and its consolidated Subsidiaries, plus (iii) Special Book Value Adjustments as of such
date.” 
 “Special Book Value Adjustments” means, as of a particular date, (A) the following
adjustments, made on a cumulative basis: (i) the GAAP adjustment to Guarantor’s book value that reflects the cost of long-term interest rate hedges maintained for RAIT CRE CDO I, Ltd. and RAIT Preferred Funding II, Ltd., plus (ii) the
amount of depreciation and amortization accumulated against real estate assets owned or consolidated with Guarantor, plus (iii) the value of the recurring fees paid for collateral management and property management by Guarantor and its
consolidated Subsidiaries which were not already included in Guarantor’s Total Assets, minus (iv) the impact, if any, on Guarantor’s Total Assets of consolidating Taberna Preferred Funding VIII, Ltd. and/or Taberna Preferred Funding
IX, Ltd. with Guarantor, or (B) such other adjustments to Guarantor’s book value as shall be adopted by Guarantor within the definition of “Adjusted Book Value” as such term is used from time to time in Guarantor’s Annual
Report on Form 10-K or Quarterly Report on Form 10-Q, as filed under the Securities Exchange Act of 1934 for the period corresponding to such date.” 

(b) Effective as of the Effective Date, the term “Consolidated Net Worth” and its definition in Section 1 of the Guaranty is
hereby deleted in its entirety. 
 (c) Effective as of the Effective Date, the first financial covenant of Section 5 of the
Guaranty is amended and restated in its entirety as follows: 
 “Minimum Adjusted Book Value. Adjusted Book Value
to be less than the sum of (x) $450 million plus (y) 75% of the net proceeds received by Guarantor in connection with any issuance of Equity Interests in Guarantor, minus (z) 100% of the amount paid by Guarantor for the
repurchase of any Equity Interests in Guarantor, in each case subsequent to the date of this Guaranty;” 
  

	 	Section 3.	Transaction Documents in Full Force and Effect as Modified. 

 Except as specifically
modified hereby, the Transaction Documents shall remain in full force and effect in accordance with their terms and are hereby ratified and confirmed. All references to the Transaction Documents shall be deemed to mean the Transaction Documents as
modified by this Amendment No. 1. This Amendment No. 1 shall not constitute a novation of 

  
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the Transaction Documents, but shall constitute modifications thereof. The parties hereto agree to be bound by the terms and conditions of the Transaction Documents, as modified by this Amendment
No. 1, as though such terms and conditions were set forth herein. 
  

	 	Section 4.	Representations. 

 Seller and Guarantor each represents and warrants, as of the Effective
Date, as follows: 
 (a) it is duly incorporated or organized, validly existing and in good standing under the laws of its jurisdiction of
organization and is duly qualified in each jurisdiction necessary to conduct business as presently conducted; 
 (b) the execution, delivery
and performance by it of this Amendment No. 1 are within its corporate, company or partnership powers, has been duly authorized and does not contravene (i) its organizational documents or its applicable resolutions, (ii) any
Requirements of Law or (iii) any contractual obligation to which it is a party; 
 (c) other than applicable resolutions, no consent,
license, permit, approval or authorization of, or registration, filing or declaration with, any Governmental Authority or other Person is required in connection with the execution, delivery, performance, validity or enforceability by or against it
of this Amendment No. 1 or the Transaction Documents; 
 (d) this Amendment No. 1 has been duly executed and delivered by it; 

(e) each of this Amendment No. 1 and the Transaction Documents constitutes its legal, valid and binding obligation, enforceable against
it in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, other limitations on creditors’ rights generally and general principles of equity; and 

(f) after giving effect to this Amendment No. 1, it is in compliance with its covenants set forth in the Transaction Documents and no
Default or Event of Default exists; 
  

	 	Section 5.	Miscellaneous. 

 (a) This Amendment No. 1 may be executed in any number of
counterparts (including by facsimile), and by the different parties hereto on the same or separate counterparts, each of which shall be deemed to be an original instrument but all of which together shall constitute one and the same agreement. The
parties intend that faxed signatures and electronically imaged signatures such as PDF files shall constitute as original signatures and are binding on all parties. 

(b) The descriptive headings of the various sections of this Amendment No. 1 are inserted for convenience of reference only and shall not
be deemed to affect the meaning or construction of any of the provisions hereof. 

  
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 (c) This Amendment No. 1 (together with the other Transaction Documents, as amended hereby)
represents the final agreement among the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements between the parties. There are no unwritten oral agreements between the parties. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the parties have caused this Amendment No. 1 to be executed by
their respective officers thereunto duly authorized, as of the date first above written. 
  

							
	SELLER:
	
	RAIT CMBS CONDUIT I, LLC
	a Delaware limited liability company
		
	By:	 	RAIT Funding, LLC, a Delaware limited liability company, its sole Member
			
		 	By:	 	Taberna Realty Finance Trust, a
		 		 	Maryland real estate investment trust, its sole Member
				
		 		 	By: 	 	 /s/ James Sebra

		 		 	Name:	 	James Sebra
		 		 	Title: 	 	Chief Financial Officer

 [SIGNATURES CONTINUE ON FOLLOWING PAGES] 

First Amendment to 
 Master
Repurchase Agreement 
 And Other Transaction Documents 

 [SIGNATURES CONTINUED FROM PREVIOUS PAGE] 

 

			
	BUYER:
	
	CITIBANK, N.A.
	a national banking association
		
	By:	 	 /s/ Richard B. Schlenger

	Name:	 	Richard B. Schlenger
	Title:	 	Authorized Signatory

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

First Amendment to 
 Master
Repurchase Agreement 
 And Other Transaction Documents 

 [SIGNATURES CONTINUED FROM PREVIOUS PAGES] 

 

			
	GUARANTOR:
	
	RAIT FINANCIAL TRUST
	a Maryland real estate investment trust
		
	By:	 	 /s/ James Sebra

	Name:	 	James Sebra
	Title:	 	Chief Financial Officer

 First Amendment to 

Master Repurchase Agreement 
 And
Other Transaction DocumentsEX-10.6.2

 Exhibit 10.6.2 

THIRD AMENDMENT TO MASTER REPURCHASE AGREEMENT 

THIS THIRD AMENDMENT TO MASTER REPURCHASE AGREEMENT (this “Amendment”), dated as of December 19, 2013 (the “Effective
Date”), is made by and among CITIBANK, N.A. (together with its successors and/or assigns, “Buyer”), RAIT CMBS CONDUIT I, LLC, a Delaware limited liability company (“Seller”) and, for the
purpose of acknowledging and agreeing to the provision set forth in Section 3 hereof, RAIT FINANCIAL TRUST., a Maryland real estate investment trust (“Guarantor”). 

W I T N E S S E T H: 

WHEREAS, Seller and Buyer have entered into that certain Master Repurchase Agreement, dated as of October 27, 2011, as amended by
that certain First Amendment to Master Repurchase Agreement and Other Transaction Documents, dated as of June 30, 2013, as further amended by that certain Second Amendment to Master Repurchase Agreement, dated as of October 11, 2013 (as
the same may be further amended, supplemented, extended, restated, replaced or otherwise modified from time to time, the “Repurchase Agreement”); 

WHEREAS, all capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Repurchase
Agreement; 
 WHEREAS, Seller and Buyer desire to modify certain terms and provisions of the Repurchase Agreement as set forth
herein. 
 NOW, THEREFORE, in consideration of ten dollars ($10) and for other good and valuable consideration, the receipt and legal
sufficiency of which are hereby acknowledged, Seller and Buyer covenant and agree as follows as of the Effective Date, and Guarantor acknowledges and agrees as to the provision set forth in Section 3 as of the Effective Date: 

1. Modification of Repurchase Agreement. The Repurchase Agreement is hereby modified as of the Effective Date as follows: 

(a) Sections 5(d) and 5(e) of the Repurchase Agreement are hereby deleted in their entirety and replaced with the following: 

“(d) So long as no Event of Default shall have occurred and be continuing, all Income received by the Depository in respect of the
Purchased Loans and the associated Hedging Transactions (other than Principal Payments in full (whether scheduled or unscheduled) and net sale proceeds) and any deposits to reserve accounts made pursuant to the terms of the Purchased Loan Documents
during each Collection Period shall be remitted by the Depository on the next Business Day to the account of Seller specified in the Confirmation.” 

“(e) So long as no Event of Default shall have occurred and be continuing, all Principal Payments in full in respect of each Purchased
Loan (whether scheduled or unscheduled) 

 
received by the Depository during each Collection Period shall be paid to Buyer on the next Remittance Date first in the amount necessary to reduce the Purchase Price of such Purchased Loan to
zero and then to the extent necessary to cause the Purchase Price with respect to each other Purchased Loan to equal the product of the related Market Value and the applicable Purchase Percentage. Any Principal Payments not paid to Buyer pursuant to
the preceding sentence on each Remittance Date shall be remitted to Seller.” 
 2. Seller’s Representations. Seller
has taken all necessary action to authorize the execution, delivery and performance of this Amendment. This Amendment has been duly executed and delivered by or on behalf of Seller and constitutes the legal, valid and binding obligation of Seller
enforceable against Seller in accordance with its terms subject to bankruptcy, insolvency, and other limitations on creditors’ rights generally and to equitable principles. No Event of Default has occurred and is continuing, and no Event of
Default will occur as a result of the execution, delivery and performance by Seller of this Amendment. Any consent, approval, authorization, order, registration or qualification of or with any Governmental Authority required for the execution,
delivery and performance by Seller of this Amendment has been obtained and is in full force and effect (other than consents, approvals, authorizations, orders, registrations or qualifications that if not obtained, are not reasonably likely to have a
Material Adverse Effect). 
 3. Reaffirmation of Guaranty. Guarantor has executed this Amendment for the purpose of
acknowledging and agreeing that, notwithstanding the execution and delivery of this Amendment and the amendment of the Repurchase Agreement hereunder, all of Guarantor’s obligations under the Guaranty remain in full force and effect and the
same are hereby irrevocably and unconditionally ratified and confirmed by Guarantor in all respects. 
 4. Conditions
Precedent. This Amendment and its provision shall become effective upon the execution and delivery of this Amendment by a duly authorized officer of each of Seller, Buyer and Guarantor. 

5. Agreement Regarding Expenses. Seller agrees to pay Buyer’s reasonable out of pocket expenses (including reasonable legal
fees) incurred in connection with the preparation and negotiation of this Amendment promptly (and after Buyer or Buyer’s counsel gives Seller an invoice for such expenses). 

6. Full Force and Effect. Except as expressly modified hereby, all of the terms, covenants and conditions of the Repurchase
Agreement and the other Transaction Documents remain unmodified and in full force and effect and are hereby ratified and confirmed by Seller. Any inconsistency between this Amendment and the Repurchase Agreement (as it existed before this Amendment)
shall be resolved in favor of this Amendment, whether or not this Amendment specifically modifies the particular provision(s) in the Repurchase Agreement inconsistent with this Amendment. All references to the “Agreement” in the Repurchase
Agreement or to the “Repurchase Agreement” in any of the other Transaction Documents shall mean and refer to the Repurchase Agreement as modified and amended hereby. 

  
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 7. No Waiver. The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of the Buyer under the Repurchase Agreement, the Guaranty, any of the other Transaction Documents or any other document, instrument or agreement executed and/or delivered in connection therewith.

 8. Headings. Each of the captions contained in this Amendment are for the convenience of reference only and shall not
define or limit the provisions hereof. 
 9. Counterparts. This Amendment may be executed in any number of counterparts, and
all such counterparts shall together constitute the same agreement. Signatures delivered by email (in PDF format) shall be considered binding with the same force and effect as original signatures. 

10. Governing Law. This Amendment shall be governed in accordance with the terms and provisions of Section 20 of the
Repurchase Agreement. 
 [No Further Text on this Page; Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
duly authorized representatives as of the day and year first above written and effective as of the Effective Date. 
  

							
	SELLER:
	
	 RAIT CMBS CONDUIT I, LLC
 a
Delaware limited liability company

		
	By:	 	RAIT Funding, LLC, a Delaware limited liability company, its sole Member
			
		 	By:	 	Taberna Realty Finance Trust, a Maryland real estate investment trust, its sole Member
				
		 		 	By:	 	 /s/ Kenneth R. Frappier

		 		 	Name:	 	Kenneth R. Frappier
		 		 	Title:	 	Executive Vice President
	
	GUARANTOR:
	
	 RAIT FINANCIAL TRUST

a Maryland real estate investment trust

		
	By:	 	 /s/ Kenneth R. Frappier

	Name:	 	Kenneth R. Frappier
	Title:	 	Executive Vice President

 [SIGNATURE PAGES CONTINUE ON NEXT PAGE] 

 
					
	BUYER:
	
	CITIBANK, N.A.
		
	By:	 	 /s/ Richard B. Schienger

		 	Name:	 	Richard B. Schienger
		 	Title: 	 	Authorized Signatory

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