Document:

Exhibit 10.9

 

THIS PROMISSORY NOTE (“NOTE”) AND
THE SECURITIES INTO WHICH THE NOTE MAY BE CONVERTED HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) OR UNDER THE SECURITIES LAWS OF ANY STATE. THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED
OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN OPINION
OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal
    Amount: Up to $4,312,500.00	Dated
    as of [_____], 2022
	 	New York, New York

 

Arbor
Rapha Capital Bioholdings Corp. I, a Delaware corporation (the “Maker”), hereby promises to pay to the order
of Arbor Rapha Capital LLC (the “Payee”) or its registered assigns or successors in interest, the principal sum of
up to Four Million Three Hundred Twelve Thousand Five Hundred Dollars ($4,312,500) in lawful money of the United States of America, on the terms
and conditions described below. Except for the optional conversions described below in Section 15, all payments on this Note shall
be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee
may from time to time designate by written notice in accordance with the provisions of this Note.

 

1.     Principal.
The principal balance of this Note shall be payable by Maker on the date (the “Maturity Date”) on which Maker consummates
a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or
more businesses (the “Business Combination”). The principal balance may not be prepaid, and is only payable upon consummation
by the Maker of the Business Combination. Under no circumstances shall any individual, including but not limited to any officer, director,
employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder. If a Business
Combination is not consummated, this Note will be extinguished.

 

2.     Interest.
No interest shall accrue or be charged by Payee on the unpaid principal balance of this Note.

 

3.     Drawdown
Requests. Maker and Payee agree that Maker may request Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000) to
fund the trust account established in connection with the Maker’s initial public offering (the “Trust Account”)
to a value of $10.25 per public share sold in such initial public offering (the “Trust Account Funding Level”), on
the date of the consummation of such offering, solely for deposit into the Trust Account. The remaining undrawn principal of this Note
may be drawn down on the date of the consummation of the underwriter’s over-allotment option in connection with the IPO (which may
be the date identified in the first sentence of this Section 3), solely for deposit into the Trust Account to ensure that the Trust
Account Funding Level is maintained at $10.25 per share sold in the Maker’s initial public offering, in an amount proportionate
to the exercise of such over-allotment option. Once an amount is drawn down under this Note, it shall not be available for future drawdown.
No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any payments under this Note.

 

     

     

    

 

4.     Application
of Payments; No Repayment. All payments (or conversions into warrants, as applicable) shall be
applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorney’s fees and then to the payment in full of any late charges and finally to the reduction of the unpaid principal
balance of this Note. In the event that a Business Combination is not consummated by the Maker within the time prescribed in the Maker’s
amended and restated certificate of incorporation, as amended from time to time, the principal balance hereunder held in the Trust Account,
as well as any interest earned thereon, shall be distributed solely to the Maker’s public stockholders upon the Maker’s liquidation
or dissolution.

 

5.     Events
of Default. The occurrence of any of the following shall constitute an event of default, but
only following the date of the consummation of a Business Combination and to the extent any amounts under this Note remain outstanding
(“Event of Default”):

 

		(a)	Failure to Make Required Payments. Failure by Maker to
pay the principal amount due pursuant to this Note within five (5) business days of the date specified above or issue warrants pursuant
to Section 15 hereof, if so elected by Payee.

 

		(b)	Voluntary Bankruptcy, Etc. The commencement by Maker
of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent
by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar
official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or
the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of
any of the foregoing.

 

		(c)	Involuntary Bankruptcy, Etc. The entry of a decree or
order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under any applicable bankruptcy,
insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official)
of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of
any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

6.     Remedies.

 

		(a)	Upon the occurrence of an Event of Default specified in Section 5(a) hereof,
Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of
this Note, and all other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or
other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same
to the contrary notwithstanding.

 

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		(b)	Upon the occurrence of an Event of Default specified in Sections
5(b) or 5(c), the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall automatically
and immediately become due and payable, in all cases without any action on the part of Payee.

 

7.     Waivers.
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the
terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or
personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing
for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that
may be levied upon pursuant to a judgment obtained by virtue hereof, or any writ of execution issued hereon, may be sold upon any such
writ in whole or in part in any order desired by Payee.

 

8.     Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance,
default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability
of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted
or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee
with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may
become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9.     Notices.
All notices, statements or other documents which are required or contemplated by this Note shall be made: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to
the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or
fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication
so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt
of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier
service or five (5) days after mailing if sent by mail.

 

10.    Construction.
THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES
THEREOF.

 

11.    Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

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12.    Trust
Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any right,
title, interest or claim of any kind (“Claim”) in or to any distribution of or from the Trust Account, and hereby
agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever;
provided, however, that if the Maker completes its Business Combination, the Maker shall repay the principal balance of this Note, which
may be out of the proceeds released to the Maker from the Trust Account.

 

13.    Amendment;
Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with,
the written consent of the Maker and the Payee.

 

14.    Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or
otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall
be void; provided, however, that this Note shall be freely assignable by the Payee to any assignee, subject to any applicable
securities laws.

 

15.    Optional
Conversion Into Warrants.

 

		(a)	At
the Payee’s option, on the Maturity Date, the Payee may elect to convert all or any portion of this Note into that number of warrants
(the “Conversion Warrants”) equal to: (i) the portion of the principal amount of the Note being converted
pursuant to this Section 15, divided by (ii) $1.50, rounded down to the nearest whole number. Each Conversion Warrant shall have
the same terms and conditions as the warrants issued by the Maker pursuant to a private placement to Payee, as described in Maker’s
Registration Statement on Form S-1 (333-[______]), including the transfer restrictions applicable thereto. The Conversion Warrants
and the shares of Common Stock underlying such Conversion Warrants, and any other equity security of Maker issued or issuable with respect
to the foregoing by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, amalgamation,
consolidation or reorganization (the “Warrant Securities”), shall be entitled to the registration rights set forth
in that certain registration rights agreement between the Maker and the parties thereto, dated as of [___], 2021.

 

		(b)	Upon any complete or partial conversion of the principal amount
of this Note, (i) such principal amount shall be so converted and such converted portion of this Note shall become fully paid and
satisfied, (ii) the Payee shall surrender and deliver this Note, duly endorsed, to Maker or such other address which Maker shall
designate against delivery of the Conversion Warrants, (iii) Maker shall promptly deliver a new duly executed Note to the Payee
in the principal amount that remains outstanding, if any, after any such conversion and (iv) in exchange for all or any portion
of the surrendered Note, Maker shall, within five (5) business days following receipt by Maker of Payee’s election to convert
this Note pursuant to this Section 15, deliver to Payee the Conversion Warrants, which shall bear such legends as are required,
in the opinion of counsel to Maker or by any other agreement between Maker and the Payee and applicable state and federal securities
laws.

 

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		(c)	The Payee shall pay any and all issue and other taxes that may
be payable with respect to any issue or delivery of the Conversion Warrants upon conversion of this Note pursuant hereto; provided, however,
that the Payee shall not be obligated to pay any transfer taxes resulting from any transfer requested by the Payee in connection with
any such conversion.

 

		(d)	The Conversion Warrants shall not be issued upon conversion
of this Note unless such issuance and such conversion comply with all applicable provisions of law.

 

[Signature Page Follows]

 

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IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as
of the day and year first above written.

 

	 	Arbor Rapha Capital Bioholdings Corp. I
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to the Promissory Note by
Arbor Rapha Capital Bioholdings Corp. I

in favor of Arbor Rapha Capital LLC for up to $4,312,500]

 

    6EX-10.43

 Exhibit 10.43 

EXECUTION VERSION 

AMENDMENT NO. 5 TO MASTER REPURCHASE AGREEMENT 

AMENDMENT NO. 5 TO MASTER REPURCHASE AGREEMENT, dated as of March 31, 2021 (this “Amendment”), between CMTG JP FINANCE
LLC (“Seller”), a Delaware limited liability company, and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association (the “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 Uncommitted Master Repurchase Agreement, dated as of June 29, 2018 (as amended by
that certain Amendment No. 1 to Master Repurchase Agreement, dated as of August 7, 2018, as amended by that certain Amendment No. 2 to Master Repurchase Agreement, dated as of February 15, 2019, as amended by that certain
Amendment No. 3 to Master Repurchase Agreement, dated as of October 1, 2019, as amended by that certain Amendment No. 4 to Master Repurchase Agreement, dated as of February 18, 2020 and as further amended hereby, and as may be
further amended, restated, supplemented or otherwise modified and in effect from time to time, the “Repurchase Agreement”). 

WHEREAS, Seller and Buyer have agreed, subject to the terms and conditions hereof, that the Repurchase Agreement shall be amended as set
forth in this Amendment. 
 NOW 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 agree as follows: 
 SECTION 1. Amendments
to Repurchase Agreement. 
 (a) The defined terms “Alternative Rate”, “Alternative Rate Transaction”
and “Federal Funds Rate”, as set forth in Article 2 of the Repurchase Agreement, are each hereby deleted in their entirety. 

(b) Article 2 of the Repurchase Agreement is hereby amended by inserting the following new defined terms in correct alphabetical order:

 “Alternate Rate” shall mean, with respect to each Pricing Rate Period, the per annum rate of interest of
the Alternate Rate Index determined as of the applicable Pricing Rate Determination Date, plus the Applicable Spread. 

“Alternate Rate Index” shall mean the first alternative set forth in the order below that can be determined by
Buyer as of the Benchmark Replacement Date: 
  

	 	1.	 The sum of (A) Term SOFR and (B) the Alternate Rate Spread Adjustment, or 

	 	2.	 The sum of (A) Compounded SOFR and (B) the Alternate Rate Spread Adjustment; or

  

	 	3.	 The sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant
Governmental Body as the replacement for the then-current Benchmark and (b) the Alternate Rate Spread Adjustment; or 

  

	 	4.	 The sum of: (A) the ISDA Fallback Rate and (B) the Alternate Rate Spread Adjustment; or

  

	 	5.	 The sum of: (A) the alternate rate of interest that has been selected by Buyer as the replacement for the
then-current Benchmark giving due consideration to any evolving or then-prevailing market convention for determining a rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated securitizations at such time and
(b) the Alternate Rate Spread Adjustment, 

 provided that, in the case of clauses (1) and (2) above,
such rate, or the underlying rates component thereof, is or are displayed on a screen or other information service that publishes such rate or rates from time to time as selected by Buyer in its reasonable discretion. In no event shall the Alternate
Rate Index be less than zero. 
 “Alternate Rate Index Conforming Changes” shall mean, with respect to any
conversion of a Transaction to an Alternate Rate Transaction, any technical, administrative or operational changes (including changes to the definition of “Pricing Rate Period”, “Remittance Date”, “Pricing Rate Determination
Date” and “Business Day”, timing and frequency of determining rates and making payments of interest and preceding and succeeding business day conventions and other administrative matters) that Buyer decides may be appropriate to
reflect the adoption and implementation of such Alternate Rate Index and to permit the administration thereof by Buyer in a manner substantially consistent with market practice (or, if Buyer decides that adoption of any portion of such market
practice is not administratively feasible or if Buyer or its designee determines that no market practice for use of the Alternate Rate Index exists, in such other manner as Buyer determines is reasonably necessary). 

“Alternate Rate Spread Adjustment” shall mean the first alternative set forth in the order below that can be
determined by Buyer as of the Benchmark Replacement Date: 
  

	 	1.	 the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive
or negative value or zero) that has been selected, endorsed or recommended by the Relevant Governmental Body for the applicable Unadjusted Alternate Rate Index; or 

  
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	 	2.	 if the applicable Unadjusted Alternate Rate Index is equivalent to the ISDA Fallback Rate, then the ISDA
Fallback Adjustment, or 

  

	 	3.	 the spread adjustment (which may be a positive or negative value or zero) that has been selected by Buyer
giving due consideration to any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then current Benchmark with the applicable
Unadjusted Alternate Rate Index for U.S. dollar denominated securitization transactions at such time, 

 provided
that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Alternate Rate Spread Adjustment from time to time as selected by Buyer in its reasonable discretion 

“Alternate Rate Transaction” shall mean any Transaction at such time as interest thereon accrues at a rate of
interest based upon the Alternate Rate. 
 “Benchmark” means (i) initially LIBOR, and (ii) on and
after the conversion to an Alternate Rate Index pursuant to Article 3 hereof, the Alternate Rate Index determined in accordance with the terms hereof. 

“Benchmark Replacement Date” means: 

(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of
(a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the relevant Benchmark permanently or indefinitely ceases to provide such Benchmark, 

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public
statement or publication of information referenced therein, and 
 (3) in the case of clause (4) of the definition of
“Benchmark Transition Event,” such date as determined by Buyer in its sole discretion. 
 “Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then current Benchmark: 

(1) a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that the
administrator has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; 

  
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 (2) a public statement or publication of information by the regulatory
supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator
for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or
indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; 

(3) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark
announcing that the Benchmark is no longer representative; or 
 (4) any “Benchmark Transition Event” as determined
by Buyer in its sole discretion. 
 “Compounded SOFR” shall mean the compounded average of SOFR for approximately a one-month period, with the rate, or methodology for this rate, and conventions for this rate (which, for example, may be calculated in arrears with a lookback and/or suspension period as a mechanism to determine the
interest amount payable prior to the end of each Pricing Rate Period) being established by Buyer in accordance with: 
  

	 	1.	 the rate, or methodology for the rate, and conventions for the rate selected or recommended by the Relevant
Governmental Body for determining compounded SOFR; provided, that 

  

	 	2.	 if, and to the extent that, Buyer determines that Compounded SOFR cannot be so determined in accordance with
clause (1) above, then Compounded SOFR will mean the rate, or methodology for the rate, and conventions for the rate that have been selected by Buyer giving due consideration to any industry-accepted market practice for similar U.S. dollar
denominated master repurchase or credit facilities at such time (as a result of amendment or as originally executed); 

provided, further, that if Buyer decides that any such rate, methodology or convention determined in accordance
with clause (1) or clause (2) is not administratively feasible for Buyer, then Compounded SOFR will be deemed unable to be determined for purposes of the definition of “Alternate Rate Index.” 

“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at
http://www.newyorkfed.org, or any successor source. 
 “ISDA Definitions” means the 2006 ISDA Definitions
published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

  
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 “ISDA Fallback Adjustment” means the spread adjustment,
(which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the then-current Benchmark. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA
Definitions to be effective upon the occurrence of an index cessation date with respect to the then-current Benchmark, excluding the applicable ISDA Fallback Adjustment. 

“LIBOR Rate Transaction” shall mean any Transaction at such time as interest thereon accrues at a rate of
interest based upon LIBOR. 
 “Relevant Governmental Body” shall mean the Federal Reserve Board and/or the
Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“SOFR” with respect to any day means the secured overnight financing rate published for such day by the
Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website. 

“Term SOFR” means the forward-looking term rate for approximately a
one-month period based on SOFR that has been selected or recommended by the Relevant Governmental Body. 

“Unadjusted Alternate Rate Index” shall mean the Alternate Rate Index excluding the Alternate Rate Spread
Adjustment. 
 (c) The defined terms “Pricing Rate” and “Pricing Rate Determination Date”, each as set forth in
Article 2 of the Repurchase Agreement, are each hereby amended and restated in their entirety to read as follows: 

“Pricing Rate” shall mean, for any Pricing Rate Period and any Purchased Asset, an annual rate equal to the sum of
(i) the Benchmark and (ii) the relevant Applicable Spread with respect to such Purchased Asset, in each case, for the applicable Pricing Rate Period for the related Purchased Asset. The Pricing Rate shall be subject to adjustment and/or
conversion as provided in the Transaction Documents or the related Confirmation. 
 “Pricing Rate Determination
Date” shall mean with respect to any Pricing Rate Period with respect to any Transaction, (a) if the related Pricing Rate is determined in reference to LIBOR, the second (2nd) London
Business Day preceding the first day of such Pricing Rate Period, and (b) if the related Pricing Rate is determined in reference to an Alternate Rate, the second (2nd) Business Day preceding the first day of such Pricing Rate Period. 

  
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 (d) Article 3(h) of the Repurchase Agreement is hereby amended and restated in its
entirety to read as follows: 
 (h) If prior to the first day of any Pricing Rate Period with respect to any Transaction,
Buyer shall have determined in the exercise of its reasonable business judgment (which determination shall be conclusive and binding upon Seller) that, by reason of circumstances affecting the relevant market (other than a Benchmark Transition
Event), adequate and reasonable means do not exist for ascertaining the then-current Benchmark for such Pricing Rate Period, Buyer shall give written notice thereof to Seller as soon as practicable thereafter. If such notice is given, the
Pricing Rate with respect to such Transaction for such Pricing Rate Period, and for any subsequent Pricing Rate Periods until such notice has been withdrawn by Buyer, shall be the Alternate Rate. 

(e) Article 3(i) of the Repurchase Agreement is hereby amended by deleting the words “Alternative Rate Transactions” and
inserting the words “Alternate Rate Transactions” in lieu thereof. 
 (f) Article 3(k)(ii) of the Repurchase Agreement is
hereby amended by inserting the words “or the Alternate Rate Index” immediately following the word “LIBOR”. 
 (g)
Article 3(m) of the Repurchase Agreement is hereby amended and restated in its entirety to read as follows: 
 (m)
Seller agrees to indemnify Buyer and to hold Buyer harmless from any loss or expense which Buyer sustains or incurs as a consequence of (i) any default by Seller in payment of the principal of or interest on a LIBOR Rate Transaction or an
Alternate Rate Transaction including, without limitation, any such loss or expense arising from interest or fees payable by Buyer to lenders of funds obtained by it in order to maintain a LIBOR Rate Transaction or an Alternate Rate Transaction
hereunder, (ii) any prepayment or repurchase (whether voluntary or mandatory) of the LIBOR Rate Transaction or Alternate Rate Transaction, as applicable, on a day that (A) is not a Remittance Date and/or is not the last day of the Pricing
Rate Period or (B) is a Remittance Date if Seller did not give the prior written notice of such prepayment or repurchase required pursuant to the terms of this Agreement, including, without limitation, such loss or expense arising from interest
or fees payable by Buyer to lenders of funds obtained by it in order to maintain the LIBOR Rate Transaction or an Alternate Rate Transaction hereunder and (iii) the conversion pursuant to the terms hereof of the LIBOR Rate Transaction to an
Alternate Rate Transaction on a date other than the Remittance Date, including, without limitation, such loss or expenses arising from interest or fees payable by Buyer to lenders of funds obtained by it in order to maintain a LIBOR Rate Transaction
hereunder (the amounts referred to in clauses (i), (ii) and (iii) are herein referred to collectively as the “Breakage Costs”). Buyer shall deliver to Seller a statement setting forth the amount and basis of determination of any
Breakage Costs in reasonable detail, it being agreed that such statement and the method of its calculation shall be conclusive and 

  
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binding upon Seller absent manifest error. This Article 3(m) shall survive termination of this Agreement and the repurchase of all Purchased Assets subject to
Transactions hereunder. 
 (h) Article 3 of the Repurchase Agreement is hereby further amended by inserting the following new clauses
(y) and (z) at the end thereof in correct alphabetical order: 
 (y) Buyer shall determine daily in Buyer’s sole discretion whether
a Benchmark Transition Event has occurred. Upon the occurrence of a Benchmark Transition Event, Buyer shall determine the Benchmark Replacement Date in accordance with the definition thereof. Following the occurrence of a Benchmark Transition Event
and the determination of the corresponding Benchmark Replacement Date, Buyer shall, or shall cause Repo Servicer to, promptly give notice of the occurrence of a Benchmark Transition Event and the date of the corresponding Benchmark Replacement Date
by electronic mail to Seller. Each Transaction shall be converted, from and after the Benchmark Replacement Date to an Alternate Rate Transaction bearing interest based on the Alternate Rate Index. 

(z) The Alternate Rate will be determined conclusively by Buyer or its agent and such determination will be binding on Seller absent manifest
error. In connection with the implementation of an Alternate Rate Index, Buyer shall have the right to make Alternate Rate Index Conforming Changes from time to time and, notwithstanding anything to the contrary in this Agreement or in any other
Transaction Documents, any amendments implementing such Alternate Rate Index Conforming Changes shall become effective without any further action or consent of Seller. 

(i) Exhibit I of the Repurchase Agreement, “Confirmation Statement”, is hereby amended and restated in its entirety as set
forth on Exhibit I attached hereto. 
 SECTION 2. Conditions Precedent; Effective Date. This
Amendment shall become effective upon a counterpart of this Amendment being duly executed and delivered by a duly authorized officer of each of the Seller, Guarantor and Buyer, along with the delivery to Buyer of such other documents as Buyer or
counsel to Buyer may reasonably request. 
 SECTION 3. Seller’s Representations and Warranties. On
and as of the date first above written, Seller hereby represents and warrants to Buyer that (a) Seller has taken all necessary action to authorize the execution, delivery and performance of this Amendment and (b) 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 applicable bankruptcy, insolvency, and other limitations on
creditors’ rights generally and to equitable principles. 
 SECTION 4. Acknowledgments of
Guarantor. Guarantor hereby acknowledges the execution and delivery of this Amendment by Seller and agrees that Guarantor continues to be bound by the Guarantee Agreement to the extent of the Obligations (as defined therein),
notwithstanding the impact of the changes set forth herein. 

  
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 SECTION 5. 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 effective date hereof, all references in the
Repurchase Agreement to the “Transaction Documents” shall be deemed to include, in any event, this Amendment. Each reference to Repurchase Agreement in any of the Transaction Documents shall be deemed to be a reference to the Repurchase
Agreement, as amended hereby. 
 SECTION 6. Counterparts. This Amendment may be executed in counterparts,
each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same instrument, and the words “executed,” “signed,” “signature,” and words of like
import as used above and elsewhere in this Amendment or in any other certificate, agreement or document related to this transaction shall include, in addition to manually executed signatures, images of manually executed signatures transmitted by
facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation, any electronic sound, symbol, or process, attached to or
logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record). The use of electronic signatures and electronic records (including, without limitation, any contract or other record
created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent
permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based
on the Uniform Electronic Transactions Act or the Uniform Commercial Code. 
 SECTION 7. No Novation, Effect
of Agreement. Guarantor, 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 or Guarantor (the “Repurchase Parties”) under or in connection with the Repurchase Agreement or any of the other
document executed in connection therewith to which any Repurchase Party is a party (the “Repurchase Documents”). 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 obligations of the Repurchase Parties under the Repurchase Agreement and the other Transaction Documents are preserved, (ii) the liens and security interests granted under the Repurchase 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. 

SECTION 8. Consent to Jurisdiction; Waiver of Jury Trial. 

(a) Each party irrevocably and unconditionally (i) submits to the non-exclusive jurisdiction of
any United States Federal or New York State court sitting in Manhattan, and any appellate court from any such court, solely for the purpose of any suit, action or proceeding brought to enforce its obligations under this Amendment or relating in any
way to this Amendment or any Transaction under the Repurchase Agreement and (ii) waives, to the fullest 

  
 -8- 

 
extent it may effectively do so, any defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and any right of jurisdiction on account of its place of
residence or domicile. 
 (b) To the extent that either party has or hereafter may acquire any immunity (sovereign or otherwise) from any
legal action, suit or proceeding, from jurisdiction of any court or from set off or any legal process (whether service or notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) with
respect to itself or any of its property, such party hereby irrevocably waives and agrees not to plead or claim such immunity in respect of any action brought to enforce its obligations under this Amendment or relating in any way to this Amendment
or any Transaction under the Repurchase Agreement. 
 (c) The parties hereby irrevocably waive, to the fullest extent each may effectively
do so, the defense of an inconvenient forum to the maintenance of such action or proceeding and irrevocably consent to the service of any summons and complaint and any other process by the mailing of copies of such process to them at their
respective address specified in the Repurchase Agreement. The parties hereby agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Nothing in this Section 8 shall affect the right of Buyer to serve legal process in any other manner permitted by law or affect the right of Buyer to bring any action or proceeding against the Seller or its
property in the courts of other jurisdictions. 
 (d) 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, ANY OTHER TRANSACTION DOCUMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER OR THEREUNDER. 

SECTION 9. 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] 

  
 -9- 

 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:
	
	 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
a national banking association organized
under the laws of the United States

		
	By:	 	 /s/ Thomas Cassino

		 	Name: Thomas Cassino
		 	Title: Managing Director

  
 JPM-Dwight - Signature
Page to Amendment to Master Repurchase Agreement 

 
					
	SELLER:
	
	 CMTG JP FINANCE LLC, a Delaware limited liability company

		
	By:	 	 /s/ J. Michael McGillis

		 	Name: J. Michael McGillis
		 	Title: Authorized Signatory

  
 JPM-Dwight - Signature
Page to Amendment to Master Repurchase Agreement 

					
	Acknowledged and Agreed:
	
	CLAROS 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/ J. Michael McGillis

		 	Name: J. Michael McGillis
		 	Title: Authorized Signatory

  
 JPM-Dwight - Signature
Page to Amendment to Master Repurchase Agreement 

 EXHIBIT I 

CONFIRMATION STATEMENT 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION 

Ladies and Gentlemen: 
 Seller is
pleased to deliver our written CONFIRMATION of our agreement to enter into the Transaction pursuant to which JPMorgan Chase Bank, National Association shall purchase from us the Purchased Assets identified on the attached
Schedule 1 pursuant to the Master Repurchase Agreement, dated as of June 26, 2018 (the “Agreement”), between JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (“Buyer”) and CMTG JP FINANCE LLC
(“Seller”) on the following terms. Capitalized terms used herein without definition have the meanings given in the Agreement. 
  

			
	Purchase Date:	  	[            ] [    ], 20[    ]
		
	Purchased Assets:	  	[Name]: As identified on attached Schedule 1
		
	Aggregate Principal Amount of Purchased Assets:	  	$[        ]
		
	Repurchase Date:	  	
		
	Purchase Price:	  	$[        ]
		
	Market Value1:	  	$[        ]
		
	Change in Purchase Price	  	$[        ]
		
	Pricing Rate:	  	one month [LIBOR/Alternate Rate] plus     %
		
	LIBOR Floor/Alternate Rate Floor	  	[    ]%
		
	Advance Rate:	  	
		
	Maximum Advance Rate:	  	
		
	Existing Mezzanine Debt:	  	[Yes/No]
		
	Total Future Funding Obligations of Seller:	  	 $[        ]

		
	Future Funding Amount requested of Buyer (if any) (subject to Buyer’s approval in its sole discretion at the time of any such request by Seller):	  	$[        ]
		
	Anticipated Timing of Future	  	

  

	1 	 As of the Purchase Date only. 

			
		
	Funding Obligations:	  	
		
	Governing Agreements:	  	[        ]
As identified on attached Schedule 1
		
	Requested Wire Amount:	  	
		
	Requested Fund Date:	  	
		
	Type of Funding:	  	[Table/Non-table]
		
	Wiring Instructions:	  	
		
	Primary Servicer:	  	Trimont Real Estate Advisors, LLC
		
	Name and address for communications:	  	Buyer: JPMorgan Chase Bank, National Association

	  	 383 Madison Avenue
New York, New York 10179
Attention:Ms. Nancy S. Alto
Telephone:(212) 834-3038
Telecopy:(917) 546-2564

							
		 	With a
copy to:	  	JPMorgan Chase Bank, National Association
383 Madison Avenue
New York, New York 10179
				
		 		  	Attention:	  	Mr. Thomas Nicholas Cassino
				
		 		  	Telephone:	  	[***]
				
		 		  	Telecopy:	  	[***]
			
		 	Seller:	  	CMTG JP Finance LLC
			
		 		  	 c/o Mack Real Estate Credit Strategies
60 Columbus Circle, 20th Floor
New York, New York 10023

		 		  	Attention:	  	Michael McGillis
		 		  	Telephone:	  	[***]
		 		  	Email:	  	[***]
			
		 	With
copies
to:	  	c/o Mack Real Estate Group
60 Columbus Circle, 20th Floor
New York, New York 10023

		 		  	Attention:	  	General Counsel
		 		  	Email:	  	[***]
			
		 	and	  	Sidley Austin LLP
787 Seventh Avenue
New York, New York 10019

		 		  	Attention:	  	Brian Krisberg
		 		  	Telephone:	  	[***]
		 		  	Email:	  	[***]

 
			
	CMTG JP FINANCE LLC
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	AGREED AND ACKNOWLEDGED:
	
	 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

		
	By:	 	
                 

		 	Name:
		 	Title:

 Schedule 1 to Confirmation Statement 

Purchased Assets: 
 Aggregate Principal Amount: 

 Schedule 2 to Confirmation Statement 

[Additional representations and warranties for the Construction Loans.] 

  
 JPM-Dwight - Signature
Page to Amendment to Master Repurchase Agreement

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