Document:

EX-10.6

 Exhibit 10.6 

SECOND AMENDMENT TO SECOND AMENDED AND RESTATED MASTER 

REPURCHASE AGREEMENT 

THIS SECOND AMENDMENT TO SECOND AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT (this “Amendment”), dated as of
March 30, 2018 (the “Effective Date”), is made by and among PARLEX 2 FINANCE, LLC, a Delaware limited liability company (“Parlex 2”), PARLEX 2A FINCO, LLC, a Delaware limited liability company (“Parlex
2A”), PARLEX 2 UK FINCO, LLC, a Delaware limited liability company (“Parlex 2 UK”), PARLEX 2 EUR FINCO, LLC, a Delaware limited liability company (“Parlex 2 EUR”, and together with Parlex 2, Parlex 2A,
Parlex 2 UK and any other Person when such Person joins as a Seller hereunder from time to time, individually and/or collectively as the context may require, “Seller”), BLACKSTONE MORTGAGE TRUST, INC., a Maryland corporation
(“Guarantor”) (for the purpose of acknowledging and agreeing to the provision set forth in Section 3 hereof), and CITIBANK, N.A., a national banking association (“Buyer”). 

W I T N E S S E T H: 

WHEREAS, Seller and Buyer have entered into that certain Second Amended and Restated Master Repurchase Agreement, dated
as of March 31, 2017 (as the same may be further amended, supplemented, extended, restated, replaced or otherwise modified from time to time, the “Original Agreement”); 

WHEREAS, Seller and Buyer have entered into that certain First Amendment to Second Amended and Restated Master
Repurchase Agreement, dated as of December 21, 2017 (the “First Amendment”; together with the Original Agreement, 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) The
following definitions in Section 2 of the Repurchase Agreement are hereby deleted in their entirety and the following corresponding definitions are substituted therefor: 

 “Concentration Limit” shall mean, unless otherwise agreed to in
writing by Buyer (including, without limitation, in a Confirmation), the test that shall be satisfied at any applicable date of determination, if the aggregate outstanding Purchase Price with respect to all Purchased Loans which are Participation
Interests shall not exceed 33% of the Facility Amount (i) which outstanding Purchase Price for Foreign Purchased Loans shall for purposes of such calculations be converted to U.S. Dollars based on the Purchase Date Spot Rate (U.S. Dollars) for
such Foreign Purchased Loan as of the related Purchase Date, and (ii) excluding for purposes of such calculation each Participation A-1 issued pursuant to a Participation Agreement for which no Concentration Limit shall be applicable. 

“Facility Amount” shall mean, subject to Section 30(j) of this Agreement, $750,000,000; provided
that whenever under this Agreement Seller and Buyer are required or otherwise need to calculate availability in U.S. Dollars for a Purchased Loan which is not a U.S. Purchased Loan, then (x) the calculation of the applicable amount in U.S.
Dollars for such Purchased Loan shall be based on the Purchase Date Spot Rate (U.S. Dollars) for such Purchased Loan as of the related Purchase Date and (y) the calculation of the applicable amount in U.S. Dollars for Purchased Loans which were
previously the subject of Transactions shall be the Purchase Date Spot Rate (U.S. Dollars) as of their respective Purchase Dates. 

“Facility Availability Period” shall mean the period commencing on the June 12, 2013 and ending on
March 31, 2021 (or if such day is not a Business Day, the next succeeding Business Day). Notwithstanding anything herein to the contrary, at any time during the Facility Availability Period, Seller may request an extension of the Facility
Availability Period which extension shall be in Buyer’s sole discretion and subject to terms and conditions determined by Buyer in its sole discretion. 

“Purchase Date Spot Rate” shall mean the Purchase Date Spot Date (EUR), the Purchase Date Spot Rate (GBP) or
the Purchase Date Spot Rate (U.S. Dollars), as applicable. 
 (b) The definition of “Euro Amount” in
Section 2 of the Repurchase Agreement is hereby deleted in its entirety. 
 (c) The following defined term is
hereby added to Section 2 of the Repurchase Agreement in its appropriate alphabetical location as follows: 

“Purchase Date Spot Rate (U.S. Dollars)” shall mean with respect to any Purchased Loan which is not a U.S.
Purchased Loan, the Spot Rate for converting the Applicable Currency of such Purchased Loan to U.S. Dollars on the related Purchase Date (which shall be set forth in the applicable Confirmation). 

(d) Initiation; Confirmation; Termination; Fees: 

  
 2 

 (i) Section 3(a) of the Repurchase Agreement is
hereby amended and restated in its entirety as follows: 
 “(a) Subject to the terms and conditions set forth in this
Agreement (including, without limitation, (x) the “Transaction Conditions Precedent” specified in Section 3(b) of this Agreement and (y) Section 4(h) of this Agreement), an agreement to enter into a Transaction shall be
made, from time to time, in writing at the initiation of Seller as provided below; provided, however, that (i) the aggregate outstanding Purchase Price at any time for all Purchased Loans shall not exceed the Facility Amount, and
(ii) Buyer shall not have any obligation to enter into new Transactions with Seller after the occurrence and during the continuance of a monetary or material non-monetary Default or an Event of Default or after the Facility Availability Period.
Seller may, from time to time, submit to Buyer a Transaction Request, in the form of Exhibit VIII attached hereto, for Buyer’s review and approval in order to enter into a Transaction with respect to any Eligible Loan that Seller proposes to be
included as Collateral under this Agreement. Upon Buyer’s receipt of a complete Due Diligence Package, Buyer shall have the right to request, in Buyer’s good faith business judgment and in a manner consistent with Buyer’s other master
repurchase facilities for comparable assets, additional diligence materials and deliveries with respect to the applicable Eligible Loan, to the extent necessary for Buyer’s underwriting of such Eligible Loan. Upon Buyer’s receipt of the
Transaction Request, Due Diligence Package and such additional diligence materials, Buyer shall use commercially reasonable efforts to within five (5) Business Days and following receipt of internal credit approval, either (i) notify
Seller of the Purchase Price and the Market Value for the Eligible Loan or (ii) deny Seller’s request for a Transaction. Buyer’s failure to respond to Seller within five (5) Business Days shall be deemed to be a denial of
Seller’s request for a Transaction, unless Buyer and Seller have agreed otherwise in writing. Buyer shall have the right to review all Eligible Loans proposed to be sold to Buyer in any Transaction and to conduct its own due diligence
investigation of such Eligible Loans as Buyer reasonably determines. Buyer shall be entitled to make a determination, in its sole discretion, that it shall or shall not purchase any or all of the Eligible Loans proposed to be sold to Buyer by
Seller. On the Purchase Date for the Transaction which shall be on a date mutually agreed upon by Buyer and Seller following the approval of an Eligible Loan by Buyer, the Purchased Loan shall be transferred to Buyer or its designee against the
transfer of the Purchase Price (which Purchase Price shall be funded in the Applicable Currency of the related Whole Loan or Senior Interest (or participation interest therein) and stated on the applicable Confirmation) to an account of Seller or as
directed by Seller in writing (and subject to the last sentence of Section 17).” 
 (ii)
Section 4(h) of the Repurchase Agreement is hereby amended and restated in its entirety as follows: 

  
 3 

 “(h) In the event Seller requests to enter into a Transaction with Buyer
with respect to any Eligible Loan which includes Margin Excess (Future Funding) obligations approved by Buyer, or Seller requests a Margin Excess (Future Funding) with respect to any Purchased Loan, and the result of such Transaction with respect to
such Eligible Loan or the funding of such Margin Excess (Future Funding) with respect to such Purchased Loan would be that, the sum of Column A plus Column B plus Column C calculated with respect to all Purchased Loans collectively (including for
this purpose, such Eligible Loan) (with such calculation with respect to Foreign Purchased Loans to be based on the applicable amounts converted to U.S. Dollars based on the Purchase Date Spot Rate (U.S. Dollars) for such Foreign Purchased Loan)
would exceed the Facility Amount, then Seller may notify Buyer in writing that Seller elects to reallocate downward, in its sole discretion, the amount referenced in Column C with respect to any Purchased Loan by an amount necessary for the sum of
Column A plus Column B plus Column C calculated with respect to all Purchased Loans collectively (including for this purpose, such Eligible Loan) (with such calculation with respect to Foreign Purchased Loans to be based on the applicable amounts
converted to U.S. Dollars based on the Purchase Date Spot Rate (U.S. Dollars) for such Foreign Purchased Loan) not to exceed, with respect to all Purchased Loans collectively (including for this purpose, such Eligible Loan), the Facility Amount.
Notwithstanding the foregoing, Seller shall be permitted, at any time and from time to time, upon written notice to Buyer, to reallocate upward or downward the amount referenced in Column C with respect to any Purchased Loan so long as (a) the
sum of Column A plus Column B plus Column C calculated with respect to all Purchased Loans collectively (with such calculation with respect to Foreign Purchased Loans to be based on the applicable amounts converted to U.S. Dollars based on the
Purchase Date Spot Rate (U.S. Dollars) for such Foreign Purchased Loan) does not exceed the Facility Amount, and (b) any upward reallocation of the amount referenced in Column C for any Purchased Loan does not exceed the amount referenced in
Column E with respect to such Purchased Loan. Upon making any such reallocations, Seller shall promptly deliver to Buyer (by e-mail) a Facility Asset Chart, which then-current Facility Asset Chart shall represent the definitive allocation of
Buyer’s Margin Excess (Future Funding) obligations with respect to all Purchased Loans. Notwithstanding anything to the contrary set forth in this Agreement or any other Transaction Document, Buyer and Seller hereby acknowledge and agree that,
as of any date of determination, (i) the amount referenced in Column C of the then-current version of the Facility Asset Chart with respect to any Purchased Loan shall be the maximum amount of Margin Excess (Future Funding) that Buyer would be
obligated to transfer to Seller with respect to such Purchased Loan upon satisfaction of the Future Funding Conditions Precedent, in accordance with Sections 4(c) and (d) of this Agreement, and (ii) the sum of Column A plus Column B plus
Column C calculated with respect to each Purchased Loan individually, as reflected in Column D, shall not exceed, with respect to all Purchased Loans collectively (with such calculation with respect to Foreign Purchased Loans to be based on the
applicable amounts converted to U.S. Dollars based on the Purchase Date Spot Rate (U.S. Dollars) for such Foreign Purchased Loan), the Facility Amount.” 

  
 4 

 (e) Miscellaneous: 

(i) The following clause is hereby added to Section 30 of the Repurchase Agreement: 

“(j) The Transactions with respect to the Purchased Loan referred to as 190 Bowery shall remain as Transactions for all
purposes under the Agreement, but shall not be counted towards the Facility Amount for purposes of determining availability with respect to proposed Purchased Loans or for purpose of Section 3(a)(i) of this Agreement.” 

(ii) Exhibit I of the Repurchase Agreement is hereby replaced in its entirety by Exhibit I attached
hereto. 
 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. 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. 

  
 5 

 5. 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, any of the other Transaction Documents or any other document, instrument or agreement executed and/or delivered in connection
therewith. 
 6. 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. 
 7. 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 

8. 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] 

  
 6 

 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. 
  

			
	 BUYER:

	
	 CITIBANK, N.A.

		
	 By:
	 	 /s/ Richard B. Schlenger

	 Name:
	 	 Richard B. Schlenger

	 Title:
	 	 Authorized Signatory

 [SIGNATURES CONTINUE ON NEXT PAGE] 

[Signature Page to Second Amendment to Second Amended and Restated Master Repurchase Agreement] 

 
			
	 SELLER:

	
	 PARLEX 2 FINANCE, LLC,

a Delaware limited liability company

		
	 By:
	 	 /s/ Douglas N. Armer

	 Name:
	 	 Douglas N. Armer

	 Title:
	 	 Managing Director, Head of Capital Markets and Treasurer

	
	 PARLEX 2A FINCO, LLC,

a Delaware limited liability company

		
	 By:
	 	 /s/ Douglas N. Armer

	 Name:
	 	 Douglas N. Armer

	 Title:
	 	 Managing Director, Head of Capital Markets and Treasurer

	
	 PARLEX 2 UK FINCO, LLC,

a Delaware limited liability company

		
	 By:
	 	 /s/ Douglas N. Armer

	 Name:
	 	 Douglas N. Armer

	 Title:
	 	 Managing Director, Head of Capital Markets and Treasurer

	
	 PARLEX 2 EUR FINCO, LLC,

a Delaware limited liability company

		
	 By:
	 	 /s/ Douglas N. Armer

	 Name:
	 	 Douglas N. Armer

	 Title:
	 	 Managing Director, Head of Capital Markets and Treasurer

 [SIGNATURES CONTINUE ON NEXT PAGE] 

[Signature Page to Second Amendment to Second Amended and Restated Master Repurchase Agreement] 

 
			
	 GUARANTOR:

	
	BLACKSTONE MORTGAGE TRUST, INC.,
		
	 By:
	 	 /s/ Douglas N. Armer

	 Name:
	 	 Douglas N. Armer

	 Title:
	 	 Managing Director, Head of Capital Markets and Treasurer

 [Signature Page to Second Amendment to Second Amended and Restated Master Repurchase Agreement]

 EXHIBIT I 

Form of Confirmation 
 (See
attached.) 

 EXHIBIT I 

CONFIRMATION STATEMENT 

Ladies and Gentlemen: 

Citibank, N.A., is pleased to deliver our written CONFIRMATION of our agreement to enter into the Transaction pursuant
to which Citibank, N.A. shall purchase from you, [                    ], LLC (“Seller”), the Purchased Loans identified in the
Second Amended and Restated Master Repurchase Agreement, dated as of March 31, 2017 (the “Agreement”), among Citibank, N.A. (“Buyer”) and Seller, [list Seller entities other than the
“Seller” defined hereunder] and any Person that joins as a Seller (as such term is defined in the Agreement) under the Agreement from time to time, as follows below and on the attached Schedule 1. Capitalized terms used herein without
definition have the meanings given in the Agreement. 
  

			
	 Purchased Loan:
	  	 As identified on attached Schedule 1

		
	 Aggregate Principal Amount of Purchased Loan:
	  	 As identified on attached Schedule 1

		
	 Governing Agreements:
	  	 As identified on attached Schedule 1

		
	 Purchase Date:
	  	                 ,
20    

		
	 Repurchase Date:
	  	 The earlier of (x) the Facility Expiration Date and (y) the maturity date of the Purchased Loan, not extended (i.e.
[                    , 20    ])

		
	 Purchase Price Percentage:
	  	 [            %]

		
	 Maximum Purchase Price Percentage:
	  	 [            %]

		
	 Pricing Rate:
	  	 [one/three] month [LIBOR/EURIBOR] plus
[            %]

		
	 Margin Percentage:
	  	 [            %]

		
	 LTV (Purchase Price):
	  	 [            %]

		
	 Maximum LTV (Purchase Price):
	  	 [            %]

		
	 LTV (Aggregate Loan UPB):
	  	 [            %]

		
	 LTV (Loan UPB):
	  	 [            %]

		
	 Purchase Price:
	  	 [$/£/€             ]

		
	 Maximum Purchase Price as of Purchase Date:
	  	 [$/£/€             ]

		
	 Funding Fee:
	  	 [$/£/€             ]

		
	 Applicable Currency:
	  	 [U.S. Dollars/Pounds Sterling/Euros]

  
 I-1 

			
		
	 [Purchase Date Spot Rate (U.S. Dollars):
	  	
[            
]]1

		
	 [Purchase Date Spot Rate (EUR):
	  	
[            
]]2

		
	 [Purchase Date Spot Rate (GBP):
	  	
[            
]]31

		
	 Future Funding Conditions Precedent:
	  	 [            ]

		
	 [Additional Transaction Conditions Precedent:
	  	 As identified on attached Schedule 1]4

		
	 [Other Applicable Business Day:
	  	 As identified on attached Schedule 1]5

		
	 Type of Funding:
	  	 [Table Funding/Non-Table Funding]

		
	 [Wiring Instructions]6
	  	 [ABA No:
                    

		
		  	 Credit:
                    

		
		  	 Acct. No:
                    

		
		  	 Reference:
                    ]

  
  

	1 	 For Foreign Purchased Loans. 

	2 	 For Foreign Purchased Loans denominated in Euro. 

	3 	 For Foreign Purchased Loans denominated in Pounds Sterling. 

	4 	 As mutually agreed upon by Buyer and Seller. 

	5 	 For Foreign Purchased Loans, as necessary pursuant to clause (iii) of the definition of “Business
Day”. 

	6 	 If different than the standard wiring instructions on Annex I to the Master Repurchase Agreement. In such
instance, Confirmation requires signature of two officers of Seller. 

  
 I-2 

					
	 Name and address for
	  	 Buyer:
	  	 Citibank, N.A.

	 communications:
	  		  	 388 Greenwich Street

		  		  	 New York, New York 10013

		  		  	 Attention: Richard Schlenger

		  		  	 Tel: (212) 816-7806

		  		  	 Email: Richard.Schlenger@Citi.com

			
		  	 Seller:
	  	
[                       
                 ], LLC

		  		  	 c/o Blackstone Mortgage Trust, Inc.

		  		  	 345 Park Avenue

		  		  	 New York, NY 10154

		  		  	 Attention: Douglas Armer

		  		  	 Tel: (212) 583-5000

		  		  	 Email:

		  		  	 BXMTCitiRepo@blackstone.com

 [Signature Page to Second Amendment to Second Amended and Restated Master Repurchase Agreement] 

 
			
	CITIBANK, N.A.

 
			
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

			
	 AGREED AND ACKNOWLEDGED:

	
	 [                    ],
LLC,
 a Delaware limited liability company

			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 [By:
	 	  

	 Name:
	 	
	 Title:]7
	 	

  
  

	7	 Second signature of Seller is only needed if Seller is
directing Buyer to fund to an account other than Seller’s account specified in Annex I to the Master Repurchase Agreement. 

[Signature Page to Second Amendment to Second Amended and Restated Master Repurchase Agreement] 

 Schedule 1 to Confirmation Statement 

Purchased Loan: 
 Aggregate
Principal Amount: 
 Governing Agreements: 

[Additional Transaction Conditions Precedent:] 

[Other Applicable Business Day:] 

[Signature Page to Second Amendment to Second Amended and Restated Master Repurchase Agreement]EX-10.7

 Exhibit 10.7 

EXECUTION VERSION 

AMENDMENT NO. 5 TO MASTER REPURCHASE AGREEMENT 

AMENDMENT NO. 5 TO MASTER REPURCHASE AGREEMENT, dated as of December 21, 2017 (this “Amendment”), among
PARLEX 1 FINANCE, LLC (“Seller”) and BANK OF AMERICA, N.A., 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 Master Repurchase Agreement, dated as of May 21, 2013, as amended
by that certain Amendment No. 1 to Master Repurchase Agreement, dated as of September 23, 2013, as further amended by that certain Joinder Agreement, also dated as of September 23, 2013, as further amended by that certain Amendment
No. 2 to Master Repurchase Agreement, dated as of June 30, 2014, as further amended by that certain Amendment No. 3 to Master Repurchase Agreement, dated as of March 27, 2015, as further amended by that certain Joinder
Termination Agreement dated as of March 25, 2016, as further amended by that certain Amendment No. 4 to Master Repurchase Agreement, also dated as of March 25, 2016 (as amended hereby and as may be further amended, restated,
supplemented, or otherwise modified and in effect from time to time, the “Repurchase Agreement”); and 

WHEREAS, Seller and Buyer have agreed to amend certain provisions of the Repurchase Agreement in the manner set forth herein,
and Blackstone Mortgage Trust Inc. (“Guarantor”) has agreed to make the acknowledgements 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, Seller and Buyer each hereby agree as follows: 
 SECTION 1. Amendments to Repurchase
Agreement. 
 (a) Section 2 of the Repurchase Agreement is hereby amended by inserting the following new
defined terms in correct alphabetical order: 
 “CLO Participated Purchased Loans” shall
mean each of the Woolworth Building Mortgage Loan Participation, the Woolworth Building Mezzanine Loan Participation, the Atlanta Plaza Mortgage Participation, the Metropolitan Portfolio III Mortgage Participation and the Brea Campus Mortgage
Participation, each as identified in the related Confirmations therefor, dated as of December 21, 2017. 

“CLO Servicer Notice” shall mean that certain Servicer Notice and Irrevocable Instruction
Letter, dated as of December 21, 2017, by and among Buyer, Seller, Midland Loan Services, Inc., a Division of PNC National Association, as servicer, CT Investment Management Co., LLC, as special servicer, as the same may be amended,
supplemented or otherwise modified from time to time. 

 “CLO Servicing Agreement” shall mean that
certain Servicing Agreement, dated as of December 21, 2017, by and among BXMT 2017-FL1, Ltd., as issuer, Wells Fargo Bank, National Association, as trustee and as note administrator, 42- 16 CLO L Sell, LLC, as advancing agent, Midland Loan
Services, Inc., a Division of PNC National Association, as servicer, CT Investment Management Co., LLC, as special servicer, and Park Bridge Lender Services LLC, as operating advisor, as the same may be amended, supplemented or otherwise modified
from time to time. 
 “Participation Agreement” shall mean each Participation Agreement and
Future Funding Indemnification Agreement, dated as of December 21, 2017, by and among 42-16 CLO L Sell, LLC, as Lender and as the Initial Participation A-2 Holder, Seller, as the Initial Participation A-1 Holder, Guarantor, as the Future
Funding Indemnitor, and Wells Fargo Bank, National Association, as the Participation Custodial Agent, entered into in respect of each CLO Participated Purchased Loan, as each may be amended, supplemented or otherwise modified and in effect from time
to time. 
 (b) The definition of “Significant Modification”, as set forth in Section 2 of the
Repurchase Agreement, is hereby amended by inserting the following new sentence at the end thereof: 
 “For the
avoidance of doubt, with respect to any CLO Participated Purchased Loan, the term “Significant Modification” shall include, without limitation, (a) any increase to the principal balance of any Senior Interest or Loan Participation or
the related Mortgage Loan or Mezzanine Loan, as applicable, other than as a result of any future funding by Seller as required under the Purchased Loan Documents without giving effect to amendments or modifications without the consent of Buyer
(other than amendments required in connection with such required future fundings by Seller as permitted pursuant to the Agreement) and (b) any increase to the amount of future funding obligations required to be advanced by the lender to the
applicable Underlying Obligor under any Purchased Loan Document, but shall be deemed to exclude any modification or amendment in connection with any reallocation of all or any portion of the principal balance of any CLO Participated Purchased Loan
to any other senior pari passu participation interest in the underlying Mortgage Loan or Mezzanine Loan, as applicable, related to such CLO Participated Purchased Loan which other participation interest is included in a securitization transaction
pursuant to Section 29(b) of the Participation Agreement or such similar mechanic under any other related securitization documents. 

(c) The proviso set forth in Section 3(h)(iv) of the Repurchase Agreement is hereby amended and restated in its
entirety to read as follows: 

  
 2 

 “provided that no Exit Fee shall be payable if and to
the extent that (1) such Purchased Loan is repaid only in part and not in whole, (2) such Purchased Loan is repaid in whole as a result of, and applying the principal proceeds received from, a voluntary prepayment or repayment at maturity
by an Underlying Obligor; (3) such repurchase is being made in connection with the foreclosure or other exercise of remedies under the underlying Purchased Loan Documents; (4) [Reserved]; (5) such repurchase is being made in
connection with a sale by Seller of the Purchased Loan in connection with a discounted pay-off thereof, or (6) such repurchase is being made to cure a Margin Deficit in accordance with Section 4 in respect of a Purchased Loan with a Market
Value of zero.” 
 (d) Section 3(h)(iv) of the Repurchase Agreement is hereby further amended by
inserting the following new sentence at the end thereof: 
 “Notwithstanding the foregoing, in
connection with the repurchase on December 21, 2017 of any Mortgage Loan or Mezzanine Loan, as applicable, that is an underlying Mortgage Loan or Mezzanine Loan, as applicable, in respect of a CLO Participated Purchased Loan, the Exit Fee
otherwise payable hereunder shall be reduced by an amount equal to the product of (a) 0.50% and (b) the Maximum Purchase Price of the applicable CLO Participated Purchased Loan in effect as of the Purchase Date therefor.” 

(e) Article 12(m) of the Repurchase Agreement is hereby amended by inserting the following additional sentences at
the end thereof: 
 “With respect to any termination or replacement of any servicer of any CLO
Participated Purchased Loan pursuant to the CLO Servicing Agreement or any replacement agreement thereto, to the extent that the Seller has rights to appoint, consent to the appointment of, or exercise any waiver of any termination event with
respect to, any servicer, Seller shall obtain the prior written consent of Buyer. 
 To the extent that any
Significant Modification occurs with respect to any CLO Participated Purchased Loan without Buyer’s prior written consent, (A) Seller shall promptly notify Buyer of the occurrence of such Significant Modification and (B) no later than
10 Business Days’ after receipt of written notice from Buyer, Seller shall repurchase in accordance with Section 3(i) of the Agreement the related CLO Participated Purchased Loan in full, and any failure of Seller to so repurchase such
Purchased Loan as required hereby shall be an immediate Event of Default under Section 14(a)(i).” 

(f) Section 22 of the Repurchase Agreement is hereby amended by inserting the following new clause (g) at the
end thereof in correct alphabetical order: 

  
 3 

 “(g) Notwithstanding any other provision in this Agreement
or the other Transaction Documents to the contrary (including, without limitation, Section 12(o)), from and after the related Purchase Date therefor, the underlying Mortgage Loans and Mezzanine Loans in respect of the CLO Participated Purchased
Loans shall be serviced as described in the CLO Servicer Notice, and the term “Irrevocable Redirection Letter” for all purposes of this Agreement shall include the CLO Servicer Notice as such agreement relates to the CLO Participated
Purchased Loans only.” 
 SECTION 2. Effectiveness. This Amendment shall become effective on the
date first set forth above (the “Amendment Effective Date”), which is the date on which this Amendment is executed and delivered by a duly authorized officer of each of Seller and Buyer and acknowledged and agreed by Guarantor,
along with delivery to Buyer of such other documents as Buyer reasonably requested prior to the Amendment Effective Date. 

SECTION 3. Compliance with Transaction Documents. On and as of the date first above written, Seller hereby
represents and warrants to Buyer that (a) it is in compliance with all the terms and provisions set forth in the Repurchase Agreement on its part to be observed or performed, (b) after giving effect to this Amendment, no Default or Event
of Default under the Repurchase Agreement has occurred and is continuing, and (c) after giving effect to this Amendment, the representations and warranties contained in Section 10 of the Repurchase Agreement are true and correct in
all material respects as though made on such date (except for any such representation or warranty that by its terms refers to a specific date other than the date first above written, in which case it shall be true and correct in all material
respects as of such other date). 
 SECTION 4. Acknowledgements of Seller. Seller hereby acknowledges that, as
of the date hereof, Buyer is in compliance with its undertakings and obligations under the Repurchase Agreement and the other Transaction Documents. 

SECTION 5. Acknowledgments of Guarantor. Guarantor hereby acknowledges (a) the execution and delivery of
this Amendment, and agrees that it continues to be bound by the Guaranty to the extent of the Obligations (as defined therein), notwithstanding the execution and delivery 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 Guaranty and each of the other Transaction Documents. 

SECTION 6. Limited Effect. Except as expressly amended and modified by this Amendment, the Repurchase Agreement
shall continue to be, and shall remain, in full force and effect in accordance with its terms; provided, however, that upon the Amendment Effective Date, all references in the Repurchase Agreement to the “Agreement” and the
“Transaction Documents” shall be deemed to include, in any event, this Amendment. Each reference to the Repurchase Agreement in any of the Transaction Documents shall be deemed to be a reference to the Repurchase Agreement as amended by
this Amendment. 
 SECTION 7. 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. 

  
 4 

 SECTION 8. Expenses. Seller agrees to pay and reimburse Buyer for
all actual out-of-pocket costs and expenses reasonably incurred by Buyer in connection with the preparation, execution and delivery of this Amendment in accordance with Section 20(b) of the Repurchase Agreement. 

SECTION 9. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AMENDMENT. 
 SECTION 10. GOVERNING
LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF.

 [Remainder of page intentionally left blank; Signatures follow on next page.] 

  
 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. 
  

					
	BUYER:
	
	 BANK OF AMERICA, N.A.,

    a national banking association

		
	 By:
	 	 /s/ Leland F. Bunch

		 	 Name:
	 	 Leland F. Bunch

		 	 Title:
	 	 Managing Director

	
	SELLER:
	
	 PARLEX 1 FINANCE, LLC,

    a Delaware limited liability company

		
	 By:
	 	 /s/ Douglas N. Armer

		 	 Name:
	 	 Douglas N. Armer

		 	 Title:
	 	 Managing Director, Head of Capital Markets and Treasurer

 [Signature Page to Amendment No. 5] 

 Acknowledged and Agreed: 

 

			
	 BLACKSTONE MORTGAGE TRUST, INC.,

a Maryland corporation, in its capacity as Guarantor, and solely for purposes of acknowledging and agreeing to the terms of this
Amendment:

		
	By:	 	 /s/ Douglas N. Armer

		 	Name: Douglas N. Armer
		 	Title: Managing Director, Head of Capital Markets and Treasurer

 [Signature Page to Amendment No. 5 to Master Repurchase Agreement (BXMT/BAML)]

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