Document:

Exhibit 10.7.a

AMENDMENT NO. 1 TO

AMENDED AND RESTATED

MASTER REPURCHASE AGREEMENT

AMENDMENT NO. 1, dated as
of February 7, 2007 (this “Amendment”), to the Amended and Restated Master
Repurchase Agreement, dated as of February 15, 2006 (as amended hereby and as
further amended, restated, supplemented or otherwise modified and in effect
from time to time, the “Repurchase Agreement”), among CAPITAL TRUST,
INC. and CT BSI FUNDING CORP. (each, a “Seller” and collectively the “Sellers”)
and BEAR, STEARNS FUNDING, INC. (the “Buyer”).  Capitalized terms used but not otherwise
defined herein shall have the meanings given to them in the Repurchase Agreement.

RECITALS

WHEREAS,
the Buyer and the Sellers are parties to the Repurchase Agreement; and

WHEREAS,
the Buyer and the Sellers have agreed, subject to the terms and conditions of
this Amendment, that the Repurchase Agreement shall be modified to reflect
certain terms set forth hereinafter;

NOW THEREFORE, the Buyer
and the Sellers hereby agree, in consideration of the mutual premises and
mutual obligations set forth herein, the receipt and sufficiency of which is
hereby acknowledged, that the Repurchase Agreement is hereby amended as
follows:

SECTION 1.         Amendments.

(a)           The definition of “CDO Assets”
is hereby deleted in its entirety and the following is inserted in lieu
thereof:

“CDO Assets” shall mean Eligible
Assets, as specified by an indenture for any collateralized debt obligation
issued by Seller, or its subsidiaries, which are to be designated as CDO
Assets.

(b)           The definition of “CDO I Asset”
is hereby deleted in its entirety.

(c)           The definition of  “CDO II Asset” is hereby deleted in
its entirety.

(d)           The definition of “Maximum CDO
Aggregate Purchase Price” is hereby deleted in its entirety and the
following is inserted in lieu thereof:

 “Maximum
CDO Aggregate Purchase Price” shall mean $200,000,000 less the aggregate
Purchase Price for CDO Assets owed to Bear, Stearns International Limited under
the BSIL Repurchase Agreement.

 (e)  The
definition of “Maximum Committed Aggregate Purchase Price” is hereby
deleted in its entirety and the following is inserted in lieu thereof:

“Maximum Committed Aggregate Purchase
Price” shall mean $250,000,000 less the aggregate amount owed, excluding
the aggregate Purchase Price for CDO Assets, to Bear, Stearns International
Limited under the BSIL Repurchase Agreement; provided, however,
that for the purposes of calculating the Purchase Fee hereunder, the Maximum
Committed Aggregate Purchase Price shall be deemed to be as provided in Section
2(e) hereof.

(f)            The following definition is hereby
added to the Repurchase Agreement:

“Upsize Side Letter” shall mean that
certain side letter dated as of the date hereof by and between Buyer and
Seller.

(g)           Section 2(g)(iii) is hereby deleted in
its entirety and the following is inserted in lieu thereof:

“No Exit Fee will be payable for the early
repurchase of any Purchased Asset which is a CDO Asset.”

(h)           Section 2(m) is hereby amended as
follows:

Reference to the term “Side Letter” is hereby
deleted and replaced with the term “Upsize Side Letter”

SECTION 2.         Upsize
Purchase Fee.  Seller shall pay on or
prior to the date hereof a one-time, up front amount (the “Upsize Purchase
Fee”) as set forth in the Upsize Side Letter.

SECTION 3.         Effective
Date.  This Amendment shall be
effective on the date that this Amendment shall have been executed and
delivered by a duly authorized officer of each Buyer and the Seller (the “Amendment
Effective Date”).

SECTION 4.         No
Default.  On the Amendment Effective
Date, no Default or Event of Default shall have occurred and be continuing
under the Repurchase Agreement.

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 from and after the Amendment Effective Date all references
to the Agreement therein or in any related document shall be deemed to be a
reference to the Repurchase Agreement as amended hereby.  The
execution of this Amendment by the Buyer shall not operate as a waiver of any
of its rights, powers or privileges under the Repurchase Agreement or any
related document, except as expressly set forth herein.

SECTION 6.         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.

 2
 

SECTION 7.         GOVERNING
LAW.  THIS AMENDMENT SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE
CONFLICT OF LAWS PRINCIPLES THEREOF.

[SIGNATURES
FOLLOW]

 3

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:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BEAR, STEARNS FUNDING, INC.

  
	
   

  
	
   

  
	
   

  	
  By: 

  	
  /s/ Timothy Greene

  	
   

  
	
   

  	
   

  	
  Name: 

  	
  Timothy Greene

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  
	
   

  
	
   

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
  CAPITAL TRUST, INC.

  
	
   

  	
  (jointly and severally with the other Seller)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Geoffrey G.
  Jervis

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Geoffrey G. Jervis

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial
  Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SELLER:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CT BSI FUNDING
  CORP.

  	
   

  
	
   

  	
  (jointly and severally with the other Seller)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Geoffrey G. Jervis

  	
   

  
	
   

  	
   

  	
  Name: 

  	
  Geoffrey G. Jervis

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
											

 

Signature Page to
Amendment No. 1 to Amended and Restated Master Repurchase Agreement (CT/BSF)Exhibit
10.7.b

Bear, Stearns International Limited

383 Madison Avenue

New York, New York 10179

February
7, 2007

Capital Trust, Inc.

and

CT BSI Funding Corp.

410 Park Avenue

New York, New York 10022

 

Re:                               Upsize
Pricing Terms for Amended and Restated Master Repurchase Agreement, dated as of
February 15, 2006, as amended by that certain Amendment No. 1 to Amended and
Restated Master Repurchase Agreement, dated as of February 7, 2007, by and
among Bear, Stearns International Limited, Capital Trust, Inc. and CT BSI
Funding Corp. (as the same may be further amended form time to time, the “Agreement”)

Ladies and
Gentlemen:

Reference
is made to the Agreement by and among Bear, Stearns International Limited (“Buyer”),
Capital Trust, Inc. and CT BSI Funding Corp. (each a “Seller” with joint
and several liability for the obligations of the other Seller).  The purpose of this letter agreement (the “Upsize
Letter Agreement”) is to set forth certain terms governing the
circumstances under which the Buyer will enter into Transactions pursuant to
the Agreement.  Capitalized terms used
and not otherwise defined herein shall have the meanings set forth in the Agreement.

1.             Buyer’s
Margin Ratio:  Unless otherwise agreed by
the parties (which agreement shall be memorialized in writing in the related
Confirmation), the Purchase Price on any Purchase Date prior to the Commitment
Expiration Date shall be equal to the product of the Market Value of the
Purchased Assets and the applicable Buyer’s Margin Ratio listed in the chart
below.

2.             Upsize
Purchase Fee:  The Upsize Purchase Fee
shall be a one-time, up front amount, to be paid by Sellers on the initial
Purchase Date, equal to (i) the product of (x) $100,000,000 and (y) a fraction
equal to the number of days between the date hereof and the Commitment
Expiration Date, divided by 1,095, and (ii) [****]% less any Upsize Purchase Fee paid under the
Bear, Stearns Funding Repurchase Agreement.

3.             Pricing
Rate:  The Pricing Rate with respect to
each Transaction shall be one month LIBOR plus the spread listed in the chart
below (unless otherwise agreed by the parties, which agreement shall be
memorialized in writing in the related Confirmation):

**** Material omitted pursuant to a request for
confidential treatment under Rule 24b-2 of the Exchange Act of 1934.  Material filed separately with the Securities
and Exchange Commission.

Buyer’s Margin Ratio and Pricing Rate Spread for CDO Assets

	
   

  	
   

  	
  CDO Assets 

  eligible for CT 

  RE CDO 2004-1

  	
   

  	
  CDO Assets 

  eligible for CT 

  RE CDO 2005-1

  	
   

  	
  CDO Assets eligible for 

  CT CDO V

  	
   

  	
  Other Buyer 

  issued 

  CDOs

  
	
  Buyers Margin
  Ratio

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pricing Rate
  Spread (LIBOR plus number of basis points)

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  

 

Buyer’s Margin Ratio and Pricing Rate Spread for Assets other than CDO
Assets

	
  Combined Property/
  Underlying Assets Loan to Value Ratio

  	
   

  	
  50.0%

  	
   

  	
  55.0%

  	
   

  	
  60.0%

  	
   

  	
  65.0%

  	
   

  	
  70.0%

  	
   

  	
  75.0%

  	
   

  	
  80.0%

  	
   

  	
  85.0%

  

 

	
  Mezzanine Loans, Junior Participations & B Notes

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Buyer’s Margin Ratio 

  	
   

  	
  [****] 

  	
   

  	
  [****] 

  	
   

  	
  [****] 

  	
   

  	
  [****] 

  	
   

  	
  [****] 

  	
   

  	
  [****] 

  	
   

  	
  [****] 

  	
   

  	
  [****]

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pricing Rate Spread (LIBOR plus number of basis
  points)

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  
																											

All
loan to value ratios are determined by a third-party appraiser mutually
acceptable to Buyer and Sellers.  If an
Eligible Asset is a hotel, the Buyer’s Margin Ratio and the Pricing Rate may
change as agreed to by the parties.

4.             Sellers
must enter into Transactions with respect to at least three (3) Eligible Assets
within six (6) months of the initial Purchase Date (the “Required Transactions”)
in order 

**** Material omitted pursuant to a request for
confidential treatment under Rule 24b-2 of the Exchange Act of 1934.  Material filed separately with the Securities
and Exchange Commission.

 

to maintain the Buyer’s Margin Ratios set forth above.  Buyer shall have the right in its sole
discretion to reduce the applicable Buyer’s Margin Ratios by ten percent (10%)
in the event that Sellers enter into Transactions with respect to one (1) or
two (2) Eligible Assets.

 5.            If Buyer exercises its right to
reduce the Buyer’s Margin Ratio as provided in paragraph 3 above within six (6)
months prior to the Commitment Expiration Date and a Seller elects to effect an
Early Repurchase Date after Buyer has exercised such right, then no Exit Fee
shall be due or payable with respect to such Early Repurchase Date.

The terms of this Upsize Letter Agreement shall
supersede all prior Upsize Letter Agreements between the parties.  The terms and provisions set forth in this Upsize
Letter Agreement shall terminate upon the termination of the Agreement.  Any agreement by Buyer to extend the term of
the Agreement shall not thereby extend any of the terms and provisions set
forth herein with respect to any Transactions entered into on or after any
renewal of the Agreement, unless expressly agreed to by Buyer.

This Upsize Letter Agreement may be executed in any
number of counterparts, each of which counterparts shall be deemed to be an
original, and all such counterparts shall constitute one and the same
instrument.

This Upsize Letter Agreement shall be governed by
the laws of the State of New York without giving effect to the conflicts of law
principles thereof.

 

In the event of any inconsistency between the terms
and provisions contained herein and the Agreement, the terms and provisions of
this Upsize Letter Agreement shall govern.

	
  

  	
  BEAR, STEARNS
  INTERNATIONAL 

  LIMITED

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Timothy
  Greene

  	
   

  
	
   

  	
   

  	
  Name: Timothy
  Greene

  
	
   

  	
   

  	
  Title: Senior
  Vice President

  

 

	
  Acknowledged and Agreed:

  	
   

  
	
   

  	
   

  
	
  CAPITAL TRUST,
  INC.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Geoffrey G.
  Jervis

  	
   

  	
   

  
	
   

  	
  Name: Geoffrey
  G. Jervis

  	
   

  
	
   

  	
  Title: Chief
  Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CT BSI FUNDING
  CORP.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  /s/ Geoffrey G.
  Jervis

  	
   

  	
   

  
	
   

  	
  Name: Geoffrey
  G. Jervis

  	
   

  
	
   

  	
  Title: Chief
  Financial Officer

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