Document:

EX-10.23

 Exhibit 10.23 

EXECUTION VERSION 

AMENDMENT NUMBER NINE 
 to the 

MASTER REPURCHASE AGREEMENT 
 Dated
as of May 17, 2013, 
 between 

VELOCITY COMMERCIAL CAPITAL, LLC 

and 
 CITIBANK, N.A. 

This AMENDMENT NUMBER NINE (this “Amendment Number Nine”) is made this 13th day of June, 2016, between VELOCITY COMMERCIAL
CAPITAL, LLC (“Seller”) and CITIBANK, N.A. (“Buyer”), to the Master Repurchase Agreement, dated as of May 17, 2013, between Seller and Buyer, as such agreement may be amended from time to time (the
“Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Agreement. 

RECITALS 
 WHEREAS, Seller
has requested that Buyer agree to amend the Agreement, and the Buyer has agreed, subject to the terms and conditions set forth herein; and 

WHEREAS, as of the date hereof, Seller represents to Buyer that Seller is in full compliance with all of the terms and conditions of the
Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Program Document. 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and for the mutual covenants
herein contained, the parties hereto hereby agree as follows: 
 SECTION 1. Amendment. Effective as of June 13, 2016 (the
“Amendment Effective Date”), but subject to the condition precedent set forth in Section 2 below, the Agreement is hereby amended as follows: 

(a) Section 2 of the Agreement is hereby amended by deleting the definition of “Termination Date” in its entirety and replacing it
with the following: 
 “Termination Date” shall mean July 15, 2016 or such earlier date on which this
Agreement shall terminate in accordance with the provisions hereof or by operation of law. 
 SECTION 2. Condition Precedent. As a
condition precedent to the effectiveness of this Amendment Number Nine, Seller shall have paid to Buyer the Additional 2016 Commitment Fee as set forth in Amendment Number Seven to the Pricing Side Letter in the amount of $32,876.71, in immediately
available funds, without deduction, set off or counterclaim. 
 SECTION 3. Fees and Expenses. Seller agrees to pay to Buyer all
reasonable out of pocket costs and expenses incurred by Buyer in connection with this Amendment Number Nine (including all reasonable fees and out of pocket costs and expenses of the Buyer’s legal counsel) in accordance with Sections 23 and 25
of the Agreement. 
 SECTION 4. Representations. Seller hereby represents to Buyer that as of the date hereof, Seller is in full
compliance with all of the terms and conditions of the Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Program Document. 

 SECTION 5. Binding Effect; Governing Law. This Amendment Number Nine shall be binding
on and inure to the benefit of the parties hereto and their respective successors and permitted assigns. THIS AMENDMENT NUMBER NINE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO
THE CONFLICT OF LAWS PRINCIPLES THEREOF (EXCEPT FOR SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

SECTION 6. Counterparts. This Amendment Number Nine 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. 
 SECTION 7.
Limited Effect. Except as amended hereby, the Agreement shall continue in full force and effect in accordance with its terms. Reference to this Amendment Number Nine need not be made in the Agreement or any other instrument or document
executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to, or with respect to, the Agreement, any reference in any of such items to the Agreement being sufficient to refer to the Agreement as amended
hereby. 

  
 2 

 IN WITNESS WHEREOF, Seller and Buyer have caused this Amendment Number Nine to be executed
and delivered by their duly authorized officers as of the Amendment Effective Date. 
  

			
	 VELOCITY COMMERCIAL CAPITAL, LLC

(Seller)

		
	By:	 	/s/ Jeff Taylor
	Name:	 	Jeff Taylor
	Title:	 	Executive Vice President
	
	 CITIBANK, N.A.

(Buyer)

		
	By:	 	 
	Name:	 	
	Title:	 	

 Amendment Nine to MRA 

 IN WITNESS WHEREOF, Seller and Buyer have caused this Amendment Number Nine to be executed
and delivered by their duly authorized officers as of the Amendment Effective Date. 
  

			
	 VELOCITY COMMERCIAL CAPITAL, LLC

(Seller)

		
	By:	 	 
	Name:	 	
	Title:	 	
	
	 CITIBANK, N.A.

(Buyer)

		
	By:	 	/s/ Susan Mills
	Name:	 	Susan Mills
	Title:	 	Vice President
		 	Citibank, N.A.

 Amendment Nine to MRAEX-10.24

 Exhibit 10.24 

EXECUTION VERSION 

AMENDMENT NUMBER TEN 
 to the 

MASTER REPURCHASE AGREEMENT 
 Dated
as of May 17, 2013, 
 between 

VELOCITY COMMERCIAL CAPITAL, LLC 

and 
 CITIBANK, N.A. 

This AMENDMENT NUMBER TEN (this “Amendment Number Ten”) is made this 13th day of June, 2016, between VELOCITY COMMERCIAL
CAPITAL, LLC (“Seller”) and CITIBANK, N.A. (“Buyer”), to the Master Repurchase Agreement, dated as of May 17, 2013, between Seller and Buyer, as such agreement may be amended from time to time (the
“Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Agreement. 

RECITALS 
 WHEREAS, Seller
has requested that Buyer agree to amend the Agreement, and the Buyer has agreed, subject to the terms and conditions set forth herein; and 

WHEREAS, as of the date hereof, Seller represents to Buyer that Seller is in full compliance with all of the terms and conditions of the
Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Program Document. 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and for the mutual covenants
herein contained, the parties hereto hereby agree as follows: 
 SECTION 1.    Amendment. Effective as of
June 13, 2016 (the “Amendment Effective Date”), but subject to the condition precedent set forth in Section 2 below, the Agreement is hereby amended as follows: 

(a)    Section 2 of the Agreement is hereby amended by deleting the definition of “Termination Date” in its
entirety and replacing it with the following: 
 “Termination Date” shall mean July 15, 2016 or such
earlier date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law. 
 SECTION
2.    Condition Precedent. As a condition precedent to the effectiveness of this Amendment Number Ten, Seller shall have paid to Buyer the Additional 2016 Commitment Fee as set forth in Amendment Number Seven to the
Pricing Side Letter in the amount of $32,876.71, in immediately available funds, without deduction, set off or counterclaim. 

 SECTION 3.    Fees and Expenses. Seller agrees to pay to Buyer
all reasonable out of pocket costs and expenses incurred by Buyer in connection with this Amendment Number Ten (including all reasonable fees and out of pocket costs and expenses of the Buyer’s legal counsel) in accordance with Sections 23 and
25 of the Agreement. 
 SECTION 4.    Representations. Seller hereby represents to Buyer that as of the date
hereof, Seller is in full compliance with all of the terms and conditions of the Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Program Document. 

SECTION 5.    Binding Effect; Governing Law. This Amendment Number Ten shall be binding on and inure to the benefit
of the parties hereto and their respective successors and permitted assigns. THIS AMENDMENT NUMBER TEN SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF (EXCEPT FOR SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 SECTION
6.    Counterparts. This Amendment Number Ten 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. 
 SECTION 7.    Limited Effect. Except as amended hereby, the Agreement shall continue
in full force and effect in accordance with its terms. Reference to this Amendment Number Ten need not be made in the Agreement or any other instrument or document executed in connection therewith, or in any certificate, letter or communication
issued or made pursuant to, or with respect to, the Agreement, any reference in any of such items to the Agreement being sufficient to refer to the Agreement as amended hereby. 

  
 2 

 IN WITNESS WHEREOF, Seller and Buyer have caused this Amendment Number Ten to be executed
and delivered by their duly authorized officers as of the Amendment Effective Date. 
  

			
	 VELOCITY COMMERCIAL CAPITAL, LLC

(Seller)

		
	By:	 	 /s/ Jeff Taylor

	Name:	 	Jeff Taylor
	Title:	 	Executive Vice President
	
	CITIBANK, N.A.
	(Buyer)	 	
		
	By:	 	 /s/ Peter D. Steinmetz

	Name:	 	Peter D. Steinmetz
	Title:	 	Vice President, Citibank, N.A.

  
 Amendment Ten to MRAEX-10.25

 Exhibit 10.25 

EXECUTION VERSION 

AMENDMENT NUMBER ELEVEN 
 to the

 MASTER REPURCHASE AGREEMENT 

Dated as of May 17, 2013, 

between 
 VELOCITY COMMERCIAL
CAPITAL, LLC 
 and 
 CITIBANK,
N.A. 
 This AMENDMENT NUMBER ELEVEN (this “Amendment Number Eleven”) is made this 15th day of July, 2016, between VELOCITY
COMMERCIAL CAPITAL, LLC (“Seller”) and CITIBANK, N.A. (“Buyer”), to the Master Repurchase Agreement, dated as of May 17, 2013, between Seller and Buyer, as such agreement may be amended from time to time (the
“Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Agreement. 

RECITALS 
 WHEREAS, Seller
has requested that Buyer agree to amend the Agreement, and the Buyer has agreed, subject to the terms and conditions set forth herein; and 

WHEREAS, as of the date hereof, Seller represents to Buyer that Seller is in full compliance with all of the terms and conditions of the
Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Program Document. 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and for the mutual covenants
herein contained, the parties hereto hereby agree as follows: 
 SECTION 1.    Amendment. Effective as of
July 15, 2016 (the “Amendment Effective Date”), the Agreement is hereby amended as follows: 

(a)    Section 2 of the Agreement is hereby amended by deleting the definition of “Termination Date” in its
entirety and replacing it with the following: 
 “Termination Date” shall mean July 22, 2016 or such
earlier date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law. 
 SECTION
2.    Fees and Expenses. Seller agrees to pay to Buyer all reasonable out of pocket costs and expenses incurred by Buyer in connection with this Amendment Number Eleven (including all reasonable fees and out of pocket
costs and expenses of the Buyer’s legal counsel) in accordance with Sections 23 and 25 of the Agreement. 
 SECTION
3.    Representations. Seller hereby represents to Buyer that as of the date hereof, Seller is in full compliance with all of the terms and conditions of the Agreement and each other Program Document and no Default or
Event of Default has occurred and is continuing under the Agreement or any other Program Document. 

 SECTION 4.    Binding Effect; Governing Law. This Amendment
Number Eleven shall be binding on and inure to the benefit of the parties hereto and their respective successors and permitted assigns. THIS AMENDMENT NUMBER ELEVEN SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF (EXCEPT FOR SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

SECTION 5.    Counterparts. This Amendment Number Eleven 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. 

SECTION 6.    Limited Effect. Except as amended hereby, the Agreement shall continue in full force and effect in
accordance with its terms. Reference to this Amendment Number Eleven need not be made in the Agreement or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to,
or with respect to, the Agreement, any reference in any of such items to the Agreement being sufficient to refer to the Agreement as amended hereby. 

  
 2 

 IN WITNESS WHEREOF, Seller and Buyer have caused this Amendment Number Eleven to be executed
and delivered by their duly authorized officers as of the Amendment Effective Date. 
  

			
	 VELOCITY COMMERCIAL CAPITAL, LLC

(Seller)

		
	By:	 	 /s/ Jeff Taylor

	Name:	 	Jeff Taylor
	Title:	 	Executive Vice President
	
	CITIBANK, N.A.
	(Buyer)	 	
		
	By:	 	 /s/ Susan Mills

	Name:	 	Susan Mills
	Title:	 	Vice President, Citibank, N.A.

  
 Amendment Eleven to MRA

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