Document:

Exhibit 10.5

      

       

      

      EXECUTION VERSION

      

      

      AMENDMENT NO. 2 TO AMENDED AND RESTATED MASTER REPURCHASE AND

      SECURITIES CONTRACT

      

      

      AMENDMENT NO. 2 TO AMENDED AND RESTATED MASTER REPURCHASE AND SECURITIES CONTRACT, dated as of November 28, 2018 (this “Amendment”), by and between KREF LENDING I LLC, a Delaware limited liability
          company (“Seller”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national
          banking association (“Buyer”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase Agreement (as defined
          below).

      

      

      RECITALS

      

      

      WHEREAS, Seller and Buyer are parties to that certain Amended and Restated Master Repurchase and Securities Contract, dated as of
          April 7, 2017 (as amended by Amendment No. 1 to Amended and Restated Master Repurchase and Securities Contract, dated as of September 20, 2017, by and between Seller and Buyer, as further amended hereby and as further amended, restated,
          supplemented or otherwise modified and in effect from time to time, the “Repurchase Agreement”); and

      

      

      WHEREAS, Buyer and Seller have agreed to amend certain provisions of the Repurchase Agreement in the manner set forth herein; and
          Guarantor hereby agrees to make the acknowledgments set forth herein.

      

      

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

      

      

      SECTION 1.          Repurchase Agreement Amendments.

      

      

      (a)          The following new defined terms “Beneficial Ownership Certification”, “Beneficial Ownership Regulation”, “Eligible NCPPP Purchased Asset” and “Second Amendment Effective Date” are each hereby added to Section 2.01 of the Repurchase Agreement in correct alphabetical order:

      

      

      “Beneficial Ownership Certification”:
          A certification regarding beneficial ownership as required by the Beneficial Ownership Regulation in a form as agreed to by Buyer.

      

      

      “Beneficial Ownership Regulation”:
          Means 31 C.F.R. § 1010.230.

      

      

      “Eligible NCPPP Purchased Asset”:
          Defined in Section 1 of the Fee Letter, which definition is incorporated herein by reference.

      

      

      “Second Amendment Effective Date”:
          November 28, 2018.

      

      

      
        
          

      

      
      (b)          The defined term “Eligible Asset”, as set forth in Section 2.01 of the Repurchase Agreement, is hereby amended by deleting “and” at the
          end of clause (p), by adding “and” at the end of clause (q), and by adding the following, new clause (r) immediately following clause (q):

      

      

      “(r)          that, in the case of any Senior Interest with
          respect to which the related Senior Interest Documents do not provide that Seller, in its capacity as participant or note holder, is vested with the ability to control and make all of the material decisions with respect to the related Whole Loan,
          is (I) an Eligible NCPPP Purchased Asset, and (II) subject to (x) a co-lender agreement and/or participation agreement in form and substance acceptable to Buyer in its sole discretion and (y) such additional terms and conditions as Buyer may
          require in its sole discretion as set forth in the related Confirmation;”

      

      

      (c)          The defined term “Funding Expiration Date”, as set forth in Section 2.01 of the Repurchase Agreement, is hereby amended to delete the
          date “April 7, 2020” and replace it with the date “November 28, 2021”.

      

      

      (d)          The defined term “Material Modification”, as set forth in Section 2.01 of the Repurchase Agreement, is hereby amended to add the
          following additional sentence at the end thereof:

      

      

      “For the avoidance of doubt, with respect to each Eligible NCPPP Purchased Asset, this definition includes, without limitation, any
          action or inaction taken that would constitute a Material Modification with respect to the underlying Whole Loan or the related co-lender agreement and/or participation agreement.”

      

      

      (d)          The defined term “Maturity Date”, as set forth in Section 2.01 of the Repurchase Agreement, is hereby amended to delete the date “April
          7, 2020” and replace it with the date “November 28, 2021”.

      

      

      (e)          Section 3.06(a) of the Repurchase Agreement is hereby amended to add the following new clause (vi) to the end of the second sentence thereof immediately preceding the period:

      

      

      “and (vi) if requested by Buyer, Seller shall have delivered to Buyer a new or updated Beneficial Ownership Certification, as
          applicable, in relation to Seller to the extent that Seller qualifies as a “legal entity customer” under the Beneficial Ownership Regulation”

      

      

      (f)          The following new Section 7.21 is hereby added to the Repurchase Agreement in correct numerical order:

      

      

      “Section 7.21          Beneficial Ownership Certification. The information included in each Beneficial Ownership Certification is true and correct in all respects.”

      

      

      
        - 2 -

        
          

      

      (g)          The following new clause (g) is hereby added to the
          end of Section 8.09 of the Repurchase Agreement:

      

      

      (g)          any Material Modification with respect to any
          Eligible NCPPP Purchased Asset.

      

      

      (h)          The following new Section 8.18 is hereby added to the Repurchase Agreement in correct numerical order:

      

      

      “Section 8.18          Beneficial Ownership. To the extent that Seller is a “legal entity customer” under the Beneficial Ownership Regulation, Seller shall promptly give notice to Buyer of any
          change in the information provided in any Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified therein and shall promptly deliver an updated Beneficial Ownership Certification to Buyer.”

      

      

      (i)          Section 10.01(r) of the Repurchase Agreement is hereby amended and restated in its entirety to read as follows:

      

      

      (r)          any Material Modification is made to any Purchased
          Asset or any Purchased Asset Document without the prior written consent of Buyer; provided, that, solely in the case of a Material Modification relating to an Eligible NCPPP Purchased Asset, no Event of Default shall occur under this clause (r)
          if (i) Seller and its Affiliates had no consent, right–to-direct or approval rights in respect of such Material Modification, and (ii) Seller repurchases the related Eligible NCPPP Purchased Asset in accordance with Section 3.05 within two (2) Business Days following notice to Seller from Buyer.

      

      

      (j)          The first full sentence of Section 17.01(c) of the Repurchase Agreement is hereby amended and restated in its entirety to read as follows:

      

      

      Seller shall not and shall not direct or (other than in the case of a Material Modification relating to an Eligible NCPPP Purchased
          Asset with respect to which Material Modification Seller and its Affiliates have no consent, right–to-direct or approval rights in respect thereof) otherwise permit any Servicer to (i) make any Material Modification without the prior written
          consent of Buyer or (ii) take any action which would result in a violation of the obligations of any Person under the related Servicing Agreement, this Agreement or any other Repurchase Document, or which would otherwise be inconsistent with the
          rights of Buyer under the Repurchase Documents.

      

      

      (k)          Section 18.15(b) of the Repurchase Agreement is hereby amended to add the following new clause to the end of the last sentence thereof immediately preceding the period:

      

      

      “including, but not limited to, any information required to be obtained by Buyer pursuant to the Beneficial Ownership Regulation”

      

      

      
        - 3 -

        
          

      

      SECTION 2.          Conditions Precedent. This Amendment and its provisions shall become effective on the first date on which (a) this Amendment is executed and delivered by a duly authorized officer of each of
          Seller, Guarantor and Buyer and (b) Buyer has received payment of the installment of the Structuring Fee that is due on the Second Amendment Effective Date (such date, the “Amendment

              Effective Date”).

      

      

      SECTION 3.          Conditions Subsequent. Within twenty (20) Business Days following the Amendment Effective Date, Seller and Guarantor shall provide Buyer with updated copies of each of the legal opinions
          delivered to Buyer in connection with the execution and delivery of the Repurchase Agreement and each of the related Repurchase Documents, each, in form and substance acceptable to Buyer and its counsel. The failure of Seller and Guarantor to do
          so on a timely basis shall constitute an immediate Event of Default under the Repurchase Agreement.

      

      

      SECTION 4.          Representations, Warranties and Covenants. Seller hereby represents and warrants to Buyer, as of the date hereof and as of the Amendment Effective Date, that (i) it is in full compliance with
          all of the terms and provisions set forth in each Repurchase Document to which it is a party on its part to be observed or performed, and (ii) no Default or Event of Default has occurred or is continuing. Seller hereby confirms and reaffirms each
          of its representations, warranties and covenants contained in each Repurchase Document.

      

      

      SECTION 5.          Acknowledgements of Seller and Guarantor. Seller hereby acknowledges that Buyer is in compliance with its undertakings and obligations under the Repurchase Agreement and the other Repurchase
          Documents.

      

      

      SECTION 6.          Acknowledgments of Guarantor. Guarantor hereby acknowledges (a) the execution and delivery of this Amendment and agrees that it continues to be bound by the Guarantee Agreement to the extent
          of the Guaranteed Obligations (as defined therein), notwithstanding the execution of this Amendment and the impact of the changes set forth herein, and (b) that Buyer is in compliance with its undertakings and obligations under the Repurchase
          Agreement, the Guarantee Agreement and each of the other Repurchase Documents.

      

      

      SECTION 7.          Limited Effect. Except as expressly amended and modified by this Amendment, the Repurchase Agreement and each of the other Repurchase Documents shall continue to be, and shall remain, in full
          force and effect in accordance with their respective terms; provided, however, that upon
          the Amendment Effective Date (x) each reference therein and herein to the “Repurchase Documents” shall be deemed to include, in any event, this Amendment, (y) each reference to the “Repurchase Agreement” in any of the Repurchase Documents shall
          be deemed to be a reference to the Repurchase Agreement as amended hereby, and (z) each reference in the Repurchase Agreement to “this Agreement”, this “Repurchase Agreement”, this “Master Repurchase and Securities Contract”, “hereof”, “herein”
          or words of similar effect in referring to the Repurchase Agreement shall be deemed to be references to the Repurchase Agreement, as amended by this Amendment.

      

      

      SECTION 8.          No Novation, Effect of Agreement. Seller and Buyer have entered into this Amendment solely to amend the terms of the Repurchase Agreement and do not intend this Amendment or the transactions
          contemplated hereby to be, and this Amendment and the transactions contemplated hereby shall not be construed to be, a novation of any of the obligations owing by Seller, Guarantor or Pledgor (the “Repurchase Parties”) under or in connection with the Repurchase Agreement, the Pledge Agreement or any of the other Repurchase Documents to which any Repurchase Party is a party. It is the intention of each of
          the parties hereto that (i) the perfection and priority of all security interests securing the payment of the Repurchase Obligations of the Repurchase Parties under the Repurchase Agreement and the Pledge Agreement are preserved, (ii) the liens
          and security interests granted under the Repurchase Agreement and the Pledge Agreement continue in full force and effect, and (iii) any reference to the Repurchase Agreement in any such Repurchase Document shall be deemed to also reference this
          Amendment.

      

      

      
        - 4 -

        
          

      

      SECTION 9.          Counterparts. This Amendment may be executed by each of the parties hereto on 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 by facsimile transmission shall be effective as delivery of a manually executed original
          counterpart thereof.

      

      

      SECTION 10.          Expenses. Seller agrees to pay and reimburse Buyer for all out-of-pocket costs and expenses incurred by Buyer in connection with the preparation, execution and delivery of this Amendment and
          all other agreements, instruments or documents related thereto, including, without limitation, the fees and disbursements of Cadwalader, Wickersham & Taft LLP, counsel to Buyer.

      

      

      SECTION 11.          GOVERNING LAW. THIS AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS
            AMENDMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AMENDMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND
            DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AMENDMENT.

      

      

      [SIGNATURES FOLLOW]

      

      

      
        - 5 -

        
          

      

      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.

      

      

      	 	
              SELLER:

            
	 	 	 
	 	
              KREF
                    LENDING I LLC, a Delaware limited liability company

            
	 	 	 
	 	
              By:

            	
              /s/ Patrick Mattson

            
	 	
              

              

            	
              
                Name: Patrick Mattson

              

            
	 	
              

              

            	
              
                Title: Authorized Signatory

              

            
	 	 	 
	 	
              Acknowledged and Agreed:

            
	 	 	 
	 	
              GUARANTOR:

            
	 	 	 
	 	
              KKR REAL
                    ESTATE FINANCE HOLDINGS L.P., a Delaware limited partnership

            
	 	 	 
	 	
              By:

            	
              /s/ Patrick Mattson

            
	 	
              

              

            	
              
                Name: Patrick Mattson

              

            
	 	
              

              

            	
              
                Title: Authorized Signatory

              

            

       

      

      
        
          

      

      	 	
              BUYER:

            
	 	 	 
	 	
              WELLS
                    FARGO BANK, N.A., a national banking association

            
	 	 	 
	 	
              By:

            	
              /s/ Allen Lewis

            
	 	

            	
              Name: Allen Lewis

            
	 	

            	
              Title: Managing DirectorExhibit 10.6

      

       

      

      EXECUTION VERSION

      

      

      Wells Fargo Bank, National Association

      One Wells Fargo Center

      301 South College Street

      MAC D1053-053, 12th Floor

      Charlotte, North Carolina 28202

      

      

      March 27, 2019

      

      

      KREF Lending I LLC

      9 West 57th Street, Suite 4200

      New York, New York 10019

      Attention: Patrick Mattson

      

      

      
        
          	Re:	
                  Master Repurchase Agreement

                

        

      

      

      

      Gentlemen:

      

      

      Reference is made to that certain Amended and Restated Master Repurchase and Securities Contract, dated as of April 7, 2017, between
          KREF Lending I LLC (the “Seller”) and Wells Fargo Bank, National Association (the “Buyer”)
          as amended, restated, supplemented or otherwise modified and in effect from time to time (the “Master Repurchase Agreement”); capitalized terms not otherwise defined
          herein shall have the meanings ascribed thereto as set forth in the Master Repurchase Agreement.

      

      

      You have requested, and we have agreed, subject to the execution and delivery of this letter agreement, to amend the definition of
          “Regulatory Affiliate” by the deletion of KKR & Co. L.P. and KKR Fund Holding L.P. (Cayman) therefrom.

      

      

      Except as modified hereby, the Master Repurchase Agreement, remains unmodified and in full force and effect.

      

      

      Guarantor hereby acknowledges (a) the execution and delivery of this letter agreement and agrees that it continues to be bound by the
          Guarantee Agreement to the extent of the Guaranteed Obligations (as defined therein), notwithstanding the execution of this letter agreement and the impact of the changes set forth herein, and (b) that Buyer is in compliance with its undertakings
          and obligations under the Master Repurchase Agreement, the Guarantee Agreement and each of the other Repurchase Documents.

      

      

      Seller and Buyer have entered into this letter agreement solely to amend the terms of the Master Repurchase Agreement and do not
          intend this letter agreement to be, and this letter agreement shall not be construed to be, a novation of any of the obligations owing by Seller, Guarantor or Pledgor (the “Repurchase

              Parties”) under or in connection with the Master Repurchase Agreement, the Pledge Agreement or any of the other Repurchase Documents to which any Repurchase Party is a party. It is the intention of each of the parties hereto that
          (i) the perfection and priority of all security interests securing the payment of the Repurchase Obligations of the Repurchase Parties under the Master Repurchase Agreement and the Pledge Agreement are preserved, (ii) the liens and security
          interests granted under the Master Repurchase Agreement and the Pledge Agreement continue in full force and effect, and (iii) any reference to the Master Repurchase Agreement in any such Repurchase Document shall be deemed to also reference this
          letter agreement.

       

      
        
          

      

      This letter agreement and any claim, controversy or dispute arising under or related to this letter agreement, the relationship of the
          parties to this letter agreement and/or the interpretation and enforcement of the rights and duties of the parties to this letter agreement shall be governed by and construed in accordance with the internal laws and decisions of the State of New
          York, without regard to the choice of law rules thereof. The parties hereto intend that the provisions of Section 5-1401 of the New York General Obligations Law shall apply to this letter agreement.

      

      

      [SIGNATURE PAGES FOLLOW]

       

      
        
          

      

      Please execute this letter agreement where indicated below to accept this amendment to the Master Repurchase Agreement.

      

      

      	 	
              Wells Fargo Bank, National Association

            
	 	 	 
	 	
              By:

            	
              /s/ Allen Lewis

            
	 	 	
              Name: Allen Lewis

            
	 	 	
              Title: Managing Director

            

      

      

      Executed and Agreed to this 27 March, 2019

      

      

      	
              KREF LENDING I LLC, a Delaware limited liability company

            
	 	 	 
	
              By:

            	
              /s/ Patrick Mattson

            	 
	 	
              Name: Patrick Mattson

            	 
	 	
              Title: Authorized Signatory

            	 

      

      

      Acknowledged and Agreed:

      

      

      	
              KKR REAL ESTATE FINANCE HOLDINGS L.P., a Delaware limited partnership

            
	 	 	 
	
              By:

            	
              /s/ Patrick Mattson

            	 
	 	
              Name: Patrick Mattson

            	 
	 	
              Title: Authorized Signatory

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]