Document:

Exhibit 10.19

    

     

      

    
      EXECUTION VERSION

       

     

      FIFTH AMENDMENT TO AMENDED AND RESTATED MASTER REPURCHASE

      

      

      This Fifth Amendment to Amended and Restated Master Repurchase Agreement (this “Amendment”), dated as of October 29, 2021, is by and among KREF LENDING III LLC, a Delaware limited liability company (“QRS
            Seller”), KREF LENDING III TRS LLC, a Delaware limited liability company (“TRS Seller”; together with QRS Seller, the “Sellers” and each a “Seller”), GOLDMAN SACHS BANK USA, a New York chartered bank (“Buyer”), and solely for purposes of Section 3 hereof, KREF HOLDINGS
        III LLC (“Pledgor”) and KKR REAL ESTATE FINANCE HOLDINGS L.P. (“Guarantor”). 
        Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase Agreement (as defined below).

      

      

      W I T N E S S E T H:

       

      WHEREAS, the Sellers and Buyer
        have entered into (i) that certain Amended and Restated Master Repurchase Agreement, dated as of November 1, 2017 (as amended by that certain First Amendment to Amended and Restated Master Repurchase Agreement, dated as
        of July 31, 2018, that certain Second Amendment to Amended and Restated Master Repurchase Agreement, dated as of October 31, 2018, that certain Third Amendment to Amended and Restated Master Repurchase Agreement, dated as of May 22, 2020, that
        certain Fourth Amendment to Amended and Restated Master Repurchase Agreement, dated as of June 30, 2021 and as may be further amended, modified and/or restated from time to time, the “Repurchase Agreement”) and (ii) that certain Amended and Restated Fee Letter, dated as of November 1, 2017 (as amended by that certain First Amendment to Fee Letter, dated as of May 22, 2020 and as may be further
        amended, modified and/or restated from time to time, the “Fee Letter”);

       

      WHEREAS, the Sellers and Buyer
        wish to modify certain terms and provisions of the Repurchase Agreement; and

       

      WHEREAS, contemporaneously with
        the execution and delivery of this Amendment, the Sellers and Buyer wish to modify certain terms and provisions of the Fee Letter pursuant to a Second Amendment to Amended and Restated Fee Letter, dated as of the date hereof (the “Fee Letter Amendment”), among the Sellers and Buyer.

       

      NOW, THEREFORE, the parties
        hereto agree as follows:

       

      1.     Amendments to Repurchase Agreement.  The Repurchase Agreement is hereby amended as follows:

       

      (a)    Each of the following
          definitions in Article 2 of the Repurchase Agreement are hereby deleted and replaced as follows:

       

      “Term Amortization
            Period End Date” means the earliest to occur of: (i) if each of the Term Availability Period End Date Extension Conditions has not been satisfied or otherwise waived by Buyer on or prior to October 31, 2022, then October 30, 2024,
        and (ii) if each of the Term Availability Period End Date Extension Conditions has been satisfied or otherwise waived by Buyer on or prior to October 31, 2022, then October 30, 2025.

      

      

      “Term Availability
            Period End Date” means the earliest to occur of: (a) (i) if each of the Term Availability Period End Date Extension Conditions has not been satisfied or otherwise waived

       

      

      
        
          

      

      
      by Buyer on or prior to October 31, 2022, then October 31, 2022, and (ii) if each of the Term Availability Period End Date Extension
        Conditions has been satisfied or otherwise waived by Buyer on or prior to October 31, 2022, then October 30, 2023; (b) if Buyer has delivered a Safe Harbor Notice following the occurrence of a Safe Harbor Event, the date set forth in such Safe
        Harbor Notice as the revised “Term Availability Period End Date”; or (c) the date that Buyer may declare as the “Term Availability Period End Date” pursuant to Section 14(b)(i) following the occurrence of an Event of Default.

      

      

      “Term Availability
            Period End Date Extension Conditions” means

      

      

      	

            	(i)	
              Sellers shall have provided Buyer written notice of their commitment to extend each of the Term Availability Period End Date and the Term Amortization Period End Date
                no earlier than 90 days and no later than 30 days prior to October 31, 2022;

            

       

      	

            	(ii)	
              as of October 31, 2022:

            

       

      	

            	a.	
              no (A) Default or Event of Default shall have occurred and be continuing, (B) Margin Deficit Amount that is due and payable shall be outstanding, (C) Concentration
                Limit Amount shall be outstanding, and (D) other payment obligation shall remain outstanding;

            

       

      	

            	b.	
              the representations and warranties made by the Sellers, Pledgor and Guarantor in each of the Transaction Documents to which they are a party shall be true, correct
                and complete in all material respects as of the date thereof with the same force and effect as if made on the date thereof, and Sellers, Pledgor and Guarantor shall each be in compliance with their respective covenant obligations under each
                of the Transaction Documents; and

            

       

      	

            	c.	
              no Safe Harbor Event shall have occurred, and no event shall have occurred and be continuing which would be reasonably likely to result in a Material Adverse Effect;
                and

            

       

      	

            	(iii)	
              Sellers shall have paid the Extension Fee due by October 31, 2022.

            

       

      2.     Effectiveness.  The effectiveness of this Amendment is subject to, as applicable, receipt by Buyer of the following items listed in clauses (a) through (e) below.

       

      (a)    Amendments.  (i) This Amendment duly executed and delivered by each Seller, Pledgor, Guarantor and Buyer and (ii) the Fee Letter Amendment duly executed and delivered by each
          Seller and Buyer.

       

      (b)   Responsible Officer Certificate.   A signed certificate from a Responsible Officer of each Seller relating to each Seller’s execution and delivery of this Amendment and the other
          Transaction Documents to be executed and delivered in connection with this Amendment, in substantially the form

       

      
        2

        
          

      

      of the “Officer’s Certificate” dated June 30, 2021 in connection with the aforementioned Fourth Amendment to Amended and Restated Master Repurchase
        Agreement.

       

      (c)    Good Standing.  Certificates of existence and good standing and/or qualification to engage in business for each Seller.

       

      (d)   Fees.  Payment by Sellers of (i) the Extension Fee due on the date hereof to Buyer and (ii) the actual costs and expenses, including, without limitation, the reasonable fees and
          expenses of counsel to Buyer, incurred by Buyer in connection with this Amendment and the transactions contemplated hereby.

       

      3.     Post-Closing Opinion Obligations.  Within ten (10) Business Days of the date of this Amendment or such longer period as agreed to by Buyer in its reasonable discretion, a legal
          opinion of counsel to the Sellers as to authority, enforceability and non-contravention of organizational documents and law with respect to this Amendment and a bring down opinion with respect to the previously delivered opinion addressing the
          applicability of Bankruptcy Code safe harbors.

       

      4.    Continuing Effect; Reaffirmation of Pledge Agreement and Guarantee.  Each of QRS Seller, TRS Seller, Pledgor and Guarantor acknowledge and agree that all terms, covenants and
          provisions of the Repurchase Agreement, as amended by this Amendment, and the Fee Letter, as amended by the Fee Letter Amendment, are ratified and confirmed and shall remain in full force and effect and in addition, any and all guaranties,
          pledges and indemnities for the benefit of Buyer (including, without limitation, the Pledge Agreement and the Guarantee) and agreements subordinating rights and liens to the rights and liens of Buyer, are hereby ratified and confirmed and shall
          not be released, diminished, impaired, reduced or adversely affected by this Amendment or the Fee Letter Amendment, and each party indemnifying Buyer, and each party subordinating any right or lien to the rights and liens of Buyer, hereby
          consents, acknowledges and agrees to the modifications set forth in this Amendment and the Fee Letter Amendment and waives any common law, equitable, statutory or other rights which such party might otherwise have as a result of or in connection
          with this Amendment and the Fee Letter Amendment.  Each of QRS Seller, TRS Seller, Pledgor and Guarantor certifies that (x) the representations and warranties contained in the Transaction Documents to which it is a party remain true, correct and
          complete in all material respects as of the date hereof with the same force and effect as if made on the date hereof and (y) it has no offsets, counterclaims or defenses to any of its obligations under the Transaction Documents to which it is a
          party.

       

      5.     Binding Effect; No Partnership; Counterparts.  The provisions of the Repurchase Agreement, as amended hereby, shall be binding upon and inure to the benefit of the parties
          hereto and their respective successors and permitted assigns.  Nothing herein contained shall be deemed or construed to create a partnership or joint venture between any of the parties hereto.  For the purpose of facilitating the execution of
          this Amendment as herein provided, this Amendment may be executed simultaneously in any number of counterparts, each of which shall be deemed to be an original, and such counterparts when taken together shall constitute but one and the same
          instrument.

       

      6.     Further Agreements.   Each Seller agrees to execute and deliver such additional documents, instruments or agreements as may be reasonably requested by Buyer and as may be
          necessary or appropriate from time to time to effectuate the purposes of this Amendment.

       

      
        3

        
          

      

      7.     Governing Law.  The provisions of Section 20 of the Repurchase Agreement are incorporated herein by reference.

       

      8.     Headings.  The headings of the sections and subsections of this Amendment are for convenience of reference only and shall not be considered a part hereof nor shall they be
          deemed to limit or otherwise affect any of the terms or provisions hereof.

       

      9.     References to Transaction Documents.  All references to the Repurchase Agreement in any Transaction Document, or in any other document executed or delivered in connection
          therewith shall, from and after the execution and delivery of this Amendment, be deemed a reference to the Repurchase Agreement as amended hereby, unless the context expressly requires otherwise.

       

      [NO FURTHER TEXT ON THIS PAGE]

       

      

      
        4

        
          

      

      IN WITNESS WHEREOF, the parties have executed this Amendment as of the day first written above.

      

      

      	 	
              BUYER:

            
	 	 	 
	 	
              GOLDMAN SACHS BANK USA, a New York
                state-chartered bank

            
	 	 	 
	 	
              By:

            	
              /s/ Prachi Bansal

            
	 	 	
              Name: Prachi Bansal

            
	 	 	
              Title: Authorized Person

            

      
         

        

        [Signature Page to Fifth Amendment to A&R MRA]

         

        

      

      
        
          

      

      SELLERS:

       

      	 	
              KREF LENDING III LLC,

              a Delaware limited liability company

            
	 	 	 
	 	
              By:

            	
              /s/ Patrick Mattson

            
	 	 	
              Name: Patrick Mattson

            
	 	 	
              Title:  Authorized Signatory

            
	 	 	 
	 	
              KREF LENDING III TRS LLC,

              a Delaware limited liability company

            
	 	 	 
	 	
              By:

            	
              /s/ Patrick Mattson

            
	 	 	
              Name: Patrick Mattson

            
	 	 	
              Title: Authorized Signatory

            

       

      

      
        [Signature Page to Fifth Amendment to A&R MRA]

         

        

        
          
            

        

      

      	 	
              AGREED AND ACKNOWLEDGED:

            
	 	 	 
	 	
              PLEDGOR:

            
	 	 
	 	
              KREF HOLDINGS III LLC,

            
	 	
              a Delaware limited liability company

            
	 	 	 
	 	
              By:

            	
              /s/ Patrick Mattson

            
	 	 	
              Name: Patrick Mattson

            
	 	 	
              Title: Authorized Signatory

            

      

      

      	 	
              GUARANTOR:

            
	 	 	 
	 	
              KKR REAL ESTATE FINANCE HOLDINGS L.P.

            
	 	
              a Delaware limited partnership

            
	 	 	 
	 	
              By: KKR REAL ESTATE FINANCE TRUST INC., its general partner

            
	 	 	 
	 	
              By:

            	
              /s/ Patrick Mattson

            
	 	 	
              Name: Patrick Mattson

            
	 	 	
              Title: Authorized Signatory

            

      
         

        

        [Signature Page to Fifth Amendment to A&R MRA]Exhibit 10.29

  

   

    

  
    SEVENTH AMENDMENT TO MASTER REPURCHASE AGREEMENT

     

    THIS SEVENTH AMENDMENT TO MASTER REPURCHASE AGREEMENT (this “Amendment”), dated December 29, 2021, by and among MORGAN STANLEY BANK,
      N.A. (“Buyer”), KREF LENDING IV LLC (“Seller”) and KKR REAL ESTATE FINANCE HOLDINGS L.P. (“Guarantor”) amends that certain Master Repurchase and Securities Contract Agreement, dated December 6, 2016, by and between Buyer and
      Seller, as modified by that certain Omnibus Amendment, dated as of November 10, 2017 by and among Guarantor, Seller and Buyer, as further modified by that certain First Amendment to Repurchase Agreement, dated as of December 31, 2018 by and between
      Buyer and Seller, as further modified by that certain Second Amendment to Repurchase Agreement, dated March 14, 2019 by and between Buyer and Seller, as further modified by that certain Third Amendment to Master Repurchase Agreement dated June 7,
      2019 by and among Guarantor, Seller and Buyer, as further modified by that certain Fourth Amendment to Master Repurchase Agreement, dated December 4, 2019 by and among Guarantor, Seller and Buyer, as further modified by that certain Fifth Amendment
      to Master Repurchase Agreement, dated February 21, 2020 by and among Guarantor, Seller and Buyer, and as further modified by that certain Sixth Omnibus Amendment, dated June 29, 2021 by and among Guarantor, Seller and Buyer (as the same has been or
      may be further amended, modified and/or restated from time to time, the “Repurchase Agreement”) and the other Transaction Documents as provided herein.

     

    RECITALS

     

    WHEREAS, the parties hereto desire to make certain amendments to the Repurchase Agreement and the other Transaction Documents as provided
      herein.

     

    NOW, THEREFORE, for good and valuable consideration, the parties hereto agree as follows:

     

    
      1.           Amendment to the Repurchase Agreement.

    

     

    (a)          The definition of
        “Facility Termination Date” in Section 2 of the Repurchase Agreement is hereby amended and restated in its entirety as follows:

     

    “Facility Termination Date” shall mean December 6, 2022, as such date may be extended in accordance with Section
        9(a) and Section 9(b) of this Agreement.

     

    (b)          The definition of “Scheduled Facility Termination Date” in Section 2 of the Repurchase Agreement is hereby deleted in its entirety.

     

    (c)          Section 9(a)
        of the Repurchase Agreement is hereby amended and restated in its entirety as follows:

     

      

    
      

      
        

      

    

    Seller shall have one successive option to extend the then current Facility Termination Date for an additional one (1)
      year period (“Extension Period”) by written notice delivered to Buyer no later than thirty (30) days before December 6, 2022. The Extension Period shall be automatically effective without any further action by Buyer so long as (i) no Event of
      Default shall exist on the Facility Termination Date, (ii) all representations and warranties in this Agreement shall be true, correct, complete and accurate in all respects as of the Facility Termination Date (except such representations which by
      their terms speak as of a specified date and subject to any exceptions disclosed to Buyer in an Exception Report prior to such date and approved by Buyer and subject to any exceptions disclosed to Buyer in writing for matters or events occurring
      subsequent to such date which are not prohibited and do not constitute a default under this Agreement), and (ii) Seller shall paid the Extension Fee to Buyer on or before the Facility Termination Date.

     

    2.           Conditions Precedent.
        This Amendment shall become effective upon payment by Seller to Buyer of the Extension Fee.

    

    

    3.           Defined
            Terms. Capitalized terms used but not defined herein shall have the meanings set forth in the Repurchase Agreement.

     

    
      4.           Ratification and Authority.

    

     

    (a)          Seller hereby
        represents and warrants that (i) Seller has the power and authority to enter into this Amendment and to perform its obligations under the Repurchase Agreement as amended hereby and the other Transaction Documents, (ii) Seller has by proper action
        duly authorized the execution and delivery of this Amendment and (iii) this Amendment has been duly executed and delivered by Seller and constitutes Seller’s legal, valid and binding obligations, enforceable in accordance with its terms, subject to
        bankruptcy, insolvency and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.

     

    (b)          Seller hereby
        (i) unconditionally ratifies and confirms, renews and reaffirms all of its obligations under the Repurchase Agreement and each of the other Transaction Documents, (ii) acknowledges and agrees that such obligations remain in full force and effect,
        binding on and enforceable against it in accordance with the terms of the Repurchase Agreement as amended hereby and the other Transaction Documents, in each case, subject to bankruptcy, insolvency and similar laws of general applicability relating
        to or affecting creditors’ rights and to general equity principles and (iii) represents, warrants and covenants that it is not in default under the Repurchase Agreement or any of the other Transaction Documents beyond any applicable notice and cure
        periods, and there are no defenses, offsets or counterclaims against Seller’s obligations under the Repurchase Agreement or the other Transaction Documents.

     

    
      

      
        

      

    

    (c)          Guarantor, by
        its signature below, hereby (i) unconditionally approves and consents to the execution by Seller of this Amendment and the modifications to the Transaction Documents effected thereby, (ii) unconditionally ratifies, confirms, renews, and reaffirms
        all of its obligations under the Guaranty, (iii) acknowledges and agrees that its obligations under the Guaranty remain in full force and effect, binding on and enforceable against it in accordance with its terms subject to bankruptcy, insolvency
        and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles and (iv) represents, warrants and covenants that it is not in default under the Guaranty beyond any applicable notice and cure
        periods, and there are no defenses, offsets or counterclaims against its obligations under the Guaranty. Guarantor hereby represents and warrants that it has the power and authority to enter into this Amendment and has by proper action duly
        authorized the execution and delivery of this Amendment by Guarantor.

     

    5.           Continuing Effect. Except
        as expressly amended by this Amendment, the Repurchase Agreement, the Guaranty and the other Transaction Documents remain in full force and effect in accordance with their respective terms. This Amendment shall not constitute a novation of any
        Transaction Document but shall constitute modifications thereof.

     

    6.           References in Transaction
          Documents. All references to the Repurchase Agreement and the Guaranty in any Transaction Document, or in any other document executed or delivered in connection therewith shall, from and after the execution and delivery of this Amendment, be
        deemed a reference to the Repurchase Agreement as amended hereby, unless the context expressly requires otherwise.

     

    7.           Governing Law. This
        Amendment shall be governed by and construed and interpreted in accordance with the laws of the State of New York without giving effect to the conflict of law principles thereof, except for Sections 5-1401 of the General Obligations Law of the
        State of New York.

     

    8.           Counterparts. This
        Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which 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.

     

    [Signatures appear on the next page.]

    
      

      
        

      

    

    IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered in their names as of the date first
      above written.

    

    

    	 	
            BUYER:

          
	 	 	 
	 	
            MORGAN STANLEY BANK, N.A.,

          
	 	
            a national banking association

          
	 	 	 
	 	
            By:

          	
            /s/ Anthony Preisano

          
	 	 	
            Name: Anthony Preisano

          
	 	 	
            Title: Executive Director

          

     

    [Signatures continue on the next page.]

    
      

      
        

      

    

    	 	
            SELLER:

          
	 	 	 	 
	 	
            KREF LENDING IV LLC,

          
	 	
            a Delaware limited liability company

          
	 	 	 	 
	 	
            By:

          	
            /s/ Patrick Mattson

          
	 	 	
            Name: Patrick Mattson

          
	 	 	
            Title: Authorized Signatory

          
	 	 	 	 
	 	
            GUARANTOR:

          
	 	 	 	 
	 	
            KR REAL ESTATE FINANCE HOLDINGS L.P.,

          
	 	
            a Delaware limited partnership

          
	 	 	 	 
	 	
            By: KKR REAL ESTATE FINANCE 

            TRUST INC., its general partner

          
	 	 	 	 
	 	 	
            By:

          	
            Patrick Mattson

          
	 	 	 	
            Name: Patrick Mattson

          
	 	 	 	
            Title: Authorized Signatory

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