Document:

EX-10.1

AMENDMENT TO SECURITIES PURCHASE AGREEMENT

This AMENDMENT TO SECURITIES PURCHASE AGREEMENT, made and entered into on this 30th day of
September 2015 (this “Amendment”), by and among ARS VI INVESTOR I, LP, a limited
partnership formed and existing under the laws of the State of Delaware formerly known as ARS VI
Investor I, LLC (the “Investor”), RAIT FINANCIAL TRUST, a real estate investment trust
formed and existing under the laws of the State of Maryland (the “Company”), RAIT
PARTNERSHIP, L.P., a limited partnership formed and existing under the laws of the State of
Delaware (the “Operating Partnership”), TABERNA REALTY FINANCE TRUST, a real estate
investment trust formed and existing under the laws of the State of Maryland (“Taberna”),
and RAIT ASSET HOLDINGS IV, LLC, a limited liability company formed and existing under the laws of
the State of Delaware (“NewSub” and together with the Company, the Operating Partnership
and Taberna, the “Issuer Parties”) amends the Securities Purchase Agreement, dated as of
October 1, 2012 by and among the Issuer Parties and the Investor (the “Securities Purchase
Agreement”). Capitalized terms used but not defined herein shall have the meanings ascribed to
such terms in the Securities Purchase Agreement.

RECITALS

WHEREAS, the parties desire to amend the Securities Purchase Agreement; and

WHEREAS, the Securities Purchase Agreement provides that it can be amended by a written
instrument signed by all parties to the Securities Purchase Agreement.

NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree to amend the
Securities Purchase Agreement as follows:

ARTICLE I

AMENDMENTS

Section 1.1. From and after September 28, 2015, the reference in Section 5.10(c)(i) of the
Securities Purchase Agreement to “fifty percent (50%)” is hereby replaced with “seventy-five
percent (75%)”.

Section 1.2. From and after September 28, 2015, the reference in Section 5.10(e) of the
Securities Purchase Agreement to “110%” is hereby replaced with “120%”.

ARTICLE II

MISCELLANEOUS

Section 2.1. Fee. Simultaneously with the execution and delivery of this Amendment,
and as a condition to the effectiveness thereof, the Issuer Parties shall pay to Almanac Realty
Investors, LLC, an Affiliate of the Investor, a fee in the amount of $450,000 in cash in
immediately available funds to the account designated by Almanac Realty Investors, LLC. Section
2.2. Representations and Warranties. In order to induce the Investor to execute this
Amendment, the Issuer Parties hereby represent and warrant to the Investor as follows:

a) The execution, delivery and performance by the Issuer Parties of this
Amendment have been duly authorized by all necessary organizational action, on the
part of each such Issuer Party and do not require any consent or approval of, or
notice to or action by, any other Person (including any Governmental Authority).

b) This Amendment has been duly executed and delivered by each of the Issuer
Parties and constitutes a valid and binding obligation of each Issuer Party
enforceable against it in accordance with its terms.

c) Except as expressly disclosed in the Company’s public company filings filed
with the Commission pursuant to the requirements of the Securities Act or the
Exchange Act filed by the Company following the Effective Date and prior to the date
hereof (the “Public Filings”), each of the representations and warranties
made by an Issuer Party in or pursuant to the Securities Purchase Agreement or any
Related Document (i) that is qualified by materiality or “material adverse effect”
or similar language is true and correct, and (ii) that is not qualified by
materiality, is true and correct in all material respects, in each case, on and as
of the date hereof, as if made on and as of the date hereof, except to the extent
any such representation and warranty expressly relates to an earlier date, in which
case such representation and warranty shall have been true and correct in all
material respects as of such earlier date.

d) Except as expressly disclosed in the Public Filings, each Issuer Party has
performed, satisfied and complied in all material respects with all covenants,
agreements and conditions required by the Securities Purchase Agreement and the
Related Documents to be performed, satisfied or complied with by it at or prior to
the date hereof.

e) No Draw Down Termination Event (except as expressly disclosed in the Public
Filings) or Mandatory Redemption Triggering Event (except with respect to the
commitment dated August 4, 2015 entered into between the Company and the Commission
and the Order of the Commission (administrative proceeding file no. 3-16776) entered
on September 2, 2015, and the wells notices delivered to certain executive officers
of the Issuer Parties in connection with the underlying investigation related
thereto, in each case as expressly disclosed in the Public Filings), or an event
which, with notice or lapse of time or both, would become such a Draw Down
Termination Event or Mandatory Redemption Event, has occurred or is continuing.

Section 2.3. Reaffirmation. Each Issuer Party hereby: (a) reaffirms, ratifies,
confirms, and acknowledges its obligations under the Securities Purchase Agreement and each Related
Document to which it is a party, and agrees that is continues to be bound thereby and shall perform
thereunder; (b) agrees and acknowledges that the Securities Purchase Agreement and each Related
Document and all of such party’s obligations thereunder are and remain in full force and effect
and, except as expressly provided herein or as otherwise agreed upon by the parties hereto with
respect to the RAIT FL1 through RAIT FL4 floating rate securitizations sponsored by Operating
Partnership, have not been modified; (c) acknowledges and agrees that it has no defenses, offsets
or counterclaims of any kind or nature whatsoever to its obligations under the Securities Purchase
Agreement and each Related Document and (d) acknowledges and agrees that nothing contained in this
Amendment shall be deemed to constitute a waiver of any rights or claims by the Investor in respect
of any events that may hereafter occur or heretofore have occurred.

Section 2.4. Release. Each Issuer Party hereby releases, acquits, and forever
discharges the Investor, each Affiliate of the Investor, each member, manager, partner, shareholder
or equity owner of the Investor or such Affiliate, and each officer, director, trustee, employee,
representative, agent and advisor of and to any of the foregoing, and each person, if any, who
controls the Investor within the meaning of Section 15 of the Securities Act or Section 20(a) of
the Exchange Act (collectively, the “Released Parties”), from any and all claims, causes of
action, suits, debts, liens, obligations, liabilities, demands, losses, costs and expenses
(including reasonable attorneys’ fees) of any kind, character, or nature whatsoever, known or
unknown, fixed or contingent, which such Issuer Party may have or claim to have now or which may
hereafter arise out of or connected with any act of commission or omission of the Released Parties
existing or occurring prior to the date of this Amendment or any instrument executed prior to the
date of this Amendment. The provisions of this paragraph shall be binding upon each Issuer Party
and shall inure to the benefit of each of the Released Parties, and their respective heirs,
executors, administrators, successors and assigns.

Section 2.5. No Further Amendment. Except as otherwise amended in this Amendment, all
provisions of the Securities Purchase Agreement shall remain in full force and effect.

Section 2.6. Headings. The article, section and subsection headings in this Amendment are
for convenience only and shall not constitute a part of this Amendment for any other purpose and
shall not be deemed to limit or affect any of the provisions hereof.

Section 2.7. Governing Law. This Amendment shall be governed by and construed in
accordance with the internal procedural and substantive laws of the State of New York, without
giving effect to the choice of law provisions of such state that would cause the application of the
laws of any other jurisdiction.

Section 2.8. Counterparts. This Amendment may be executed in one or more counterparts
(including by facsimile or other electronic transmission), all of which shall be considered one and
the same agreement and shall become effective when one or more counterparts have been signed by
each of the parties and delivered to the other parties (including by facsimile or other electronic
transmission).

Section 2.9. Related Documents. This Amendment shall constitute a Related Document.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed
by their respective authorized officer as of the date first above written.

	 	 	 
	COMPANY:

	 	

	 

	RAIT FINANCIAL TRUST

	By: /s/ James Sebra

	 

	Name: James Sebra

	Title: CFO

	 	

	OPERATING PARTNERSHIP:

	 

	RAIT PARTNERSHIP, L.P.

	By:

	 	RAIT General, Inc.,

its sole general partner

	 	 	By: /s/ James Sebra

Name: James Sebra

Title: CFO

TABERNA:

TABERNA REALTY FINANCE TRUST

By: /s/ James Sebra

Name: James Sebra

Title: CFO

1

	 	 	 
	NEWSUB:

	 	

	 

	 	

	RAIT ASSET HOLDINGS IV, LLC

	By: RAIT PARTNERSHIP, L.P.

	its Managing Member

	By:

	 	RAIT General, Inc.,

its sole general partner

By: /s/ James Sebra

Name: James Sebra

Title: CFO

INVESTOR:

ARS VI INVESTOR I, LP

By: ARS VI Investor I GP, LLC,

its General Partner

By: Almanac Realty Securities VI, L.P.,

its Sole Member

By: Almanac Realty Partners VI, LLC,

its General Partner

By: /s/ Andrew M. Silberstein

Name: Andrew M. Silberstein

Title: Authorized Person51989786v4

2EX-10.2

AMENDMENT NO. 3 TO MASTER REPURCHASE AGREEMENT

Amendment No. 3, dated as of September 28, 2015 (this “Amendment”), among UBS Real
Estates Securities Inc. (the “Buyer”), RAIT CRE Conduit II, LLC (the “Seller”) and
RAIT Financial Trust (“Guarantor”).

RECITALS

The Buyer, Seller and Guarantor are parties to (a) that certain Master Repurchase Agreement,
dated as of January 24, 2014 (as amended by Amendment No. 1, dated as of March 17, 2014 and
Amendment No. 2, dated as of March 27, 2014, the “Existing Repurchase Agreement”; as
further amended by this Amendment, the “Repurchase Agreement”) and (b) that certain Pricing
Letter, dated as of January 24, 2014 (as amended from time to time, the “Pricing Letter”).
The Guarantor is a party to that certain Guaranty (as amended from time to time, the “Program
Guaranty”), dated as of January 24, 2014, made by Guarantor in favor of the Buyer. Capitalized
terms used but not otherwise defined herein shall have the meanings given to them in the Existing
Repurchase Agreement and the Program Guaranty, as applicable.

The Buyer, Seller and Guarantor have agreed, subject to the terms and conditions of this
Amendment, that the Existing Repurchase Agreement be amended to reflect certain agreed upon
revisions to the terms of the Existing Repurchase Agreement. As a condition precedent to amending
the Existing Repurchase Agreement, Buyer has required Guarantor to ratify and affirm the Program
Guaranty on the date hereof.

Accordingly, the Buyer, Seller and Guarantor hereby agree, in consideration of the mutual
promises and mutual obligations set forth herein, that the Existing Repurchase Agreement is hereby
amended as follows:

SECTION 1. Applicability. Section 1 of the Existing Repurchase Agreement is hereby
amended by deleting the first paragraph of such section in its entirety and replacing it with the
following:

From time to time the parties hereto may enter into transactions in which (a) Seller
agrees to transfer to Buyer Purchased Assets against the transfer of funds by Buyer, and (b)
Buyer simultaneously agrees to transfer to Seller each of such Purchased Assets on the
applicable Repurchase Date, against the transfer of funds by Seller. Each such transaction
shall be referred to herein as a “Transaction” and shall be governed by this
Agreement (including any supplemental terms or conditions contained in any annexes
identified herein, as applicable hereunder), unless otherwise agreed in writing. This
Agreement is not a commitment by Buyer to enter into Transactions with Seller but rather
sets forth the procedures to be used in connection with periodic requests for Buyer to enter
into Transactions with Seller. Seller hereby acknowledges that Buyer is under no obligation
to agree to enter into, or to enter into, any Transaction pursuant to this Agreement. Any
commitment to enter into Transactions shall be set forth in the Pricing Letter, and shall be
subject to satisfaction of all terms and conditions of this Agreement.

SECTION 2. Definitions. Section 2 of the Existing Repurchase Agreement is hereby
amended by:

2.1 deleting the definitions of “Maximum Aggregate Purchase Price” and “Price
Differential Shortfall” in their entirety and replacing them with the following:

“Maximum Aggregate Purchase Price” shall mean $75,000,000, which amount may be
increased as mutually agreed by Buyer and Seller prior to the Termination Date.

“Price Differential Shortfall” shall mean the amount, if any, by which the sum
of (x) the actual aggregate Price Differential paid to Buyer up to the Termination Date plus
(y) Securitization Fees is less than the Minimum Price Differential.

2.2 adding the following definition in its proper alphabetical order:

“Up-Front Fee” shall have the meaning set forth in the Pricing Letter.

2.3 deleting the definitions of “Commitment Fee” and “Maximum Committed Purchase
Price” in their entirety and all references thereto.

SECTION 3. Initiation; Termination. Section 3 of the Existing Repurchase Agreement is
hereby amended by:

3.1 deleting the first paragraph of clause (b) in its entirety and replacing it with the
following:

Upon satisfaction of the conditions set forth in this Section 3(b), Buyer may enter
into a Transaction with Seller up to the Maximum Aggregate Purchase Price. Buyer may enter
into a Transaction in Buyer’s sole discretion. Buyer’s entering into each Transaction
(including the initial Transaction) is subject to the satisfaction of the following further
conditions precedent, both immediately prior to entering into such Transaction and also
after giving effect thereto to the intended use thereof:

3.2 deleting clause (b)(iv) in its entirety and replacing it with the following:

(iv) After giving effect to the requested Transaction, the aggregate outstanding
Purchase Price attributable to all Purchased Assets subject to then outstanding Transactions
under this Agreement shall not exceed the Maximum Aggregate Purchase Price.

3.3 deleting clause (c)(iii) in its entirety and replacing it with the following:

(iii) Upon satisfaction of the applicable conditions precedent set forth in Sections
3(a) and 3(b) hereof, and subject to due diligence review and approval of the proposed
Purchased Assets in accordance with Section 17, Buyer may agree to enter into such requested
Transaction so long as the conditions set forth herein are satisfied and after giving effect
to the requested Transaction the aggregate outstanding Purchase Price does not exceed the
Maximum Aggregate Purchase Price, in which case Buyer shall fund the Purchase Price in
accordance with this Agreement. Buyer’s funding the Purchase Price of the Transaction and
Seller’s acceptance thereof, will constitute the parties agreement to enter into such
Transaction. Upon remittance of the Purchase Price to Seller, Seller hereby grants,
assigns, conveys and transfers all rights, and a first priority security interest in and to
the Purchased Assets evidenced on the related Asset Schedule.

SECTION 4. Collections; Income Payments. Section 5 of the Existing Repurchase
Agreement is hereby amended by deleting clause (b)(i) in its entirety and replacing it with the
following:

(i) first, to the extent not paid by Seller, to the Custodian in payment of the
Custodial Fee and any accrued and unpaid fees (including, without limitation, any Up-Front
Fee) and expenses;

SECTION 5. Requirement of Law. Section 6 of the Existing Repurchase Agreement is
hereby amended by deleting clause (d) in its entirety and replacing it with the following:

(d) After payment of any Requirement of Law Premium, Seller will be entitled to notify
Buyer of its intention to repay all Obligations hereunder and terminate this Agreement, and
(i) Buyer will rebate to Seller the most recently paid installment of the Up-Front Fee,
pro-rated for the portion of such three month period from the date Seller terminated the
Agreement, and no further installments of the Up-Front Fee, if any, shall be due or payable
(notwithstanding anything set forth in the Program Documents), (ii) Seller shall pay the
Exit Fee, pro-rated based on the period the Agreement was in effect, and (iii) Seller shall
pay the Price Differential Shortfall, if any, pro-rated based on the period the Agreement
was in effect.

SECTION 6. Conditions Precedent.  This Amendment shall become effective as of the date
hereof (the “Amendment Effective Date”), subject to the satisfaction of the following
conditions precedent:

6.1 Delivered Documents.  On the Amendment Effective Date, the Buyer shall have
received the following documents, each of which shall be satisfactory to the Buyer in form and
substance:

(a) this Amendment, executed and delivered by duly authorized officers of the Buyer,
Seller and Guarantor;

(b) Amendment No. 3 to Pricing Letter, dated as of the date hereof, executed and
delivered by duly authorized officers of the Buyer, Seller and Guarantor;

(c) Amendment No. 3 to Custodial Agreement, dated as of the date hereof, executed and
delivered by duly authorized officers of the Buyer, Seller and Custodian; and

(d) such other documents as the Buyer or counsel to the Buyer may reasonably request.

SECTION 7. Ratification of Agreement. As amended by this Amendment, the Existing
Repurchase Agreement is in all respects ratified and confirmed and the Existing Repurchase
Agreement as so modified by this Amendment shall be read, taken, and construed as one and the same
instrument.

SECTION 8. Representations and Warranties.   Seller hereby represents and warrants to
the Buyer that it is in compliance with all the terms and provisions set forth in the Repurchase
Agreement on its part to be observed or performed, and that no Event of Default has occurred or is
continuing, and hereby confirms and reaffirms the representations and warranties contained in
Section 11 of the Repurchase Agreement.

SECTION 9. Limited Effect.  Except as expressly amended and modified by this
Amendment, the Existing Repurchase Agreement shall continue to be, and shall remain, in full force
and effect in accordance with its terms.

SECTION 10. Severability. Each provision and agreement herein shall be treated as
separate and independent from any other provision or agreement herein and shall be enforceable
notwithstanding the unenforceability of any such other provision or agreement.

SECTION 11. Counterparts. This Amendment may be executed in any number of
counterparts, all of which taken together shall constitute one and the same instrument, and any of
the parties hereto may execute this Amendment by signing any such counterpart. The parties agree
that this Amendment, any documents to be delivered pursuant to this Amendment and any notices
hereunder may be transmitted between them by email and/or by facsimile. Delivery of an executed
counterpart of a signature page of this Amendment in Portable Document Format (PDF) or by facsimile
shall be effective as delivery of a manually executed original counterpart of this Amendment. The
original documents shall be promptly delivered, if requested.

SECTION 12. 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.
NOTWITHSTANDING ANYTHING TO THE CONTRARY, THE EFFECTIVENESS, VALIDITY AND ENFORCEABILITY OF
ELECTRONIC CONTRACTS, OTHER RECORDS, ELECTRONIC RECORDS AND ELECTRONIC SIGNATURES USED IN
CONNECTION WITH ANY ELECTRONIC TRANSACTION BETWEEN BUYER AND SELLER PARTY SHALL BE GOVERNED BY
E-SIGN.

SECTION 13. Reaffirmation of Program Guaranty. The Guarantor hereby (i) agrees that
the liability of Guarantor or rights of Buyer under the Program Guaranty shall not be affected as a
result of this Amendment, (ii) ratifies and affirms all of the terms, covenants, conditions and
obligations of the Program Guaranty and (iii) acknowledges and agrees that such Program Guaranty is
and shall continue to be in full force and effect.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their
respective officers thereunto duly authorized as of the day and year first above written.

	 	 	 	UBS
REAL ESTATE SECURITIES INC., as Buyer

	 	 	 	By:
/s/ David Schell

	 	 	Name: David Schell

Title: Executive Director

	 	 	 	By:
/s/ Nicholas Galeone

	 	 	Name: Nicholas Galeone

Title: Executive Director

	 	 	 	RAIT
CRE CONDUIT II, LLC, as Seller

	 	 	 	By:
RAIT Partnership, L.P., its sole member
and manager

	 	 	 	By:
RAIT General, Inc., its sole general
partner

	 	 	 	By:
/s/ James Sebra

	 	 	Name: James Sebra

Title: Chief Financial Officer

	 	 	 	RAIT
FINANCIAL TRUST, as Guarantor

	 	 	 	By:
/s/ James Sebra

	 	 	Name: James Sebra

Title: Chief Financial Officer

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