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                                                                                  SECOND AMENDMENT TO MASTER REPURCHASE AGREEMENT AND OTHER                          TRANSACTION DOCUMENTS         SECOND   AMENDMENT  TO      MASTER  REPURCHASE  AGREEMENT          AND  OTHER TRANSACTION DOCUMENTS, dated as of July 15, 2019 (this “Amendment”), by  and among GP COMMERCIAL CB LLC, a Delaware limited liability company (“Seller”), as  seller, CITIBANK, N.A., a national banking association (including any successor and assigns  thereto, “Purchaser”),  as  purchaser, and  acknowledged  and  agreed  to  by GRANITE  POINT  MORTGAGE TRUST, INC., a Maryland corporation (“Guarantor”), as guarantor.  Capitalized  terms used and not otherwise defined herein shall have the meanings given to such terms in the  Repurchase Agreement (as defined below).                                    RECITALS         WHEREAS, Seller and Purchaser entered into that certain Master Repurchase Agreement,  dated as of June 28, 2017 (as amended by the First Amendment to Master Repurchase Agreement  and  Other  Transaction  Documents,  dated  as  of  February  28,  2019, the “Original  Repurchase  Agreement”; as amended by this Amendment and as the same may be further amended, replaced,  restated, supplemented or otherwise modified from time to time, the “Repurchase Agreement”);         WHEREAS,  Seller  and  Purchaser  entered  into  that  certain  Fee  Letter,  dated  as  of  June 28, 2017 (as amended by the First Amendment to Fee Letter, dated as of January 11, 2019,  and the Second Amendment to Fee Letter, dated as of July 15, 2019, and as the same may be further  amended,  replaced,  restated,  supplemented  or  otherwise  modified  from  time  to  time,  the “Fee  Letter”); and         WHEREAS,   Seller  and  Purchaser  each  desire  to  make  certain  modifications  to  the  Original Repurchase Agreement and the other Transaction Documents pursuant to and the terms  and conditions of this Amendment;         WHEREAS,  it  is  a  condition  to  the  effectiveness  of  this Amendment,  that Guarantor  reaffirms the terms and conditions of the Guaranty; and         NOW  THEREFORE,  in  consideration  of  the  foregoing  recitals,  and  other  good  and  valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties  hereto, intending to be legally bound, agree as follows:                                    ARTICLE 1            AMENDMENTS TO ORIGINAL REPURCHASE AGREEMENT         (a)   The  definition of “Stated  Facility  Expiration  Date” set  forth  in Article  2  of  the  Original Repurchase Agreement is hereby amended and restated in its entirety as follows:         “Stated Facility Expiration Date” shall mean July 15, 2022.         (b)   Article 2 of the Original Repurchase Agreement is hereby amended by adding the  following definitions in the appropriate alphabetical order:    25858154.4.BUSINESS                  -1-                                        

 

      “Delaware LLC Act” shall mean Chapter 18 of the Delaware Limited Liability Company        Act, 6 Del. C. §§ 18-101 et seq., as amended.         “Dividing  LLC” shall  mean  a  Delaware  limited  liability  company  that  is  effecting  a        Division pursuant to and in accordance with Section 18-217 of the Delaware LLC Act.         “Division” shall mean the division of a Dividing LLC into two or more domestic limited        liability companies pursuant to and in accordance with Section 18-217 of the Delaware        LLC Act.         (c)   Article 10(h)  of  the  Original  Repurchase  Agreement  is  hereby  amended and  restated in its entirety as follows:               (h)   enter  into  any  transaction  of Division,  merger, consolidation  or        amalgamation or liquidate, wind up or dissolve itself (or suffer any liquidation, winding up        or dissolution) or sell all or substantially all of its assets;         (d)   Article 13(a)(xix) of the Original Repurchase Agreement is hereby amended and  restated in its entirety as follows:               (xix) Merger; Consolidation; Division.  (A) A merger or consolidation of Seller        or Guarantor shall occur and either Guarantor and/or an Affiliate of Guarantor is not the        direct or indirect controlling surviving entity or (B) a Division of Seller or Guarantor shall        occur.                                    ARTICLE 2              AMENDMENT TO OTHER TRANSACTION DOCUMENTS         Each  Transaction  Document is  hereby  amended  such  that  each  reference  to the  “Repurchase Agreement” shall  mean  the  Original  Repurchase Agreement as  amended  by  this  Amendment  and  as  the  same  may  be  further  amended,  replaced,  restated,  supplemented  or  otherwise modified from time to time.                                    ARTICLE 3                               REPRESENTATIONS         (a)   Each of Seller and Guarantor represents and warrants to Purchaser, as of the date  of this Amendment, as follows:               (i)   it is duly authorized to execute and deliver this Amendment and has taken        all necessary action to authorize such execution, delivery and performance;               (ii)  the person signing this Amendment on its behalf is duly authorized to do so        on its behalf;               (iii) the execution, delivery and performance of this Amendment will not violate        any Requirement of Law applicable to it or its organizational documents or any agreement        by which it is bound or by which any of its assets are affected;     25858154.4.BUSINESS                  -2-                                        

 

            (iv)  the execution, delivery and performance of this Amendment will not be in        conflict with, result in a breach of, or constitute (with due notice or lapse of time or both)        a default under, or result in the creation or imposition of any lien of any nature whatsoever        upon any of the property or assets of such Person, pursuant to any such agreement;                (v)   except for those obtained or filed on or prior to the date hereof, such Person        is  not  required  to  obtain  any  consent,  approval  or  authorization from,  or  to  file  any        declaration or statement with, any governmental authority or other agency in connection        with or as a condition to the execution, delivery or performance of this Amendment;                (vi)  this Amendment is  a legal  and binding obligation of such Person and is        enforceable  against  such Person in  accordance  with  its  terms,  except  as  limited  by        bankruptcy, insolvency or other laws of general application relating to the enforcement of        creditors’ rights and subject, as to enforceability, to general principals of equity, regardless        whether enforcement is sought in a proceeding in equity or at law;               (vii) this Amendment has been duly executed and delivered by it;               (viii) no  event  has  occurred  and  is  continuing  which  constitutes  an  Event  of        Default  under  the  Repurchase  Agreement,  the  Fee  Letter  or  any  other  Transaction        Document, or any event that but for notice or lapse of time or both would constitute an        Event of Default; and                (ix)  no change, occurrence, or development exists that, individually or in the        aggregate, could reasonably be expected to have a Material Adverse Effect.         (b)   Seller represents and warrants to Purchaser, as of the date of this Amendment, that  all representations and warranties made by it in Article 9 of the Repurchase Agreement are true  and correct (unless such representation or warranty expressly relates only to an earlier date in  which case Seller represents and warrants to Purchaser that such representation or warranty was  true and correct as of such earlier date);         (a)   Guarantor represents and warrants to Purchaser, as of the date of this Amendment,  that all representations and warranties made by it in the Guaranty are true and correct (unless such  representation  or  warranty  expressly  relates only to  an  earlier  date  in  which  case Guarantor  represents and warrants to Purchaser that such representation or warranty was true and correct as  of such earlier date);                                    ARTICLE 4           REAFFIRMATION, RATIFICATION AND ACKNOWLEDGMENT         (a)   Seller  hereby  (i)  ratifies  and  reaffirms  all  of  its  payment  and  performance  obligations,  contingent  or  otherwise,  and  each  grant  of  security  interests  and  liens  in  favor  of  Purchaser,  under  each  Transaction Document  to  which  it  is  a  party and (ii)  agrees  and  acknowledges  that  such  ratification  and  reaffirmation  is  not  a  condition  to  the  continued  effectiveness of such Transaction Documents.         (b)   Guarantor hereby reaffirms the terms and conditions of the Guaranty.    25858154.4.BUSINESS                  -3-                                        

 

      (c)   Each of Seller and Guarantor hereby (i) agree that  neither such  ratification and  reaffirmation above, as  applicable, nor  Purchaser’s  solicitation  of  such  ratification  and  reaffirmation, constitutes a course of dealing giving rise to any obligation or condition requiring a  similar or any other ratification or reaffirmation from such Seller and/or Guarantor with respect to  any subsequent modifications to the Repurchase Agreement, the Fee Letter or the other Transaction  Documents and (ii) agree and acknowledge that each of the Repurchase Agreement, the Fee Letter,  the Guaranty and the other Transaction Documents shall each remain in full force and effect and  are each hereby ratified and confirmed.                                     ARTICLE 5                                EFFECTIVENESS         This Amendment shall become effective as of the date this Amendment is executed and  delivered  by  a  duly  authorized  officer  of  each  of  Seller, Guarantor  and Purchaser,  along  with  (a) delivery to Purchaser of such other documents as Purchaser reasonably requested prior to the  date  hereof,  including  without  limitation,  an  opinion  of  outside  counsel  to  Seller  reasonably  acceptable to Purchaser as to corporate and enforceability matters and a bring down opinion with  respect to the Bankruptcy Code safe harbors opinion delivered to Purchaser on behalf of Seller and  (b) receipt by Purchaser of payment from Seller of the Second Amendment Additional Upfront  Fee (as defined in the Fee Letter) and an amount equal to the amount of actual costs and expenses,  including, without limitation, the reasonable fees and expenses of counsel to Purchaser, incurred  by Purchaser in connection with this Amendment and the transactions contemplated hereby.                                    ARTICLE 6                                GOVERNING LAW         THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS  OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF  THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH  LAWS WITHOUT REGARD TO THE CONFLICT OF LAWS DOCTRINE APPLIED IN SUCH  STATE (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS  LAW OF THE STATE OF NEW YORK).                                    ARTICLE 7                                MISCELLANEOUS         (a)   Except as expressly amended or modified hereby, the Repurchase Agreement and  the  other  Transaction  Documents  shall  each  be  and  shall  remain  in  full  force  and  effect  in  accordance with their terms.          (b)   Each Seller agrees to pay or cause to be paid, as and when billed by Purchaser and  as a condition precedent to the effectiveness of this Amendment, all reasonable out-of-pocket costs  and  expenses  paid  or  incurred  by  Purchaser  in  connection  with  this  Amendment  and  the  transactions  contemplated  hereby,  including,  without  limitation,  reasonable  outside  counsel  attorneys’ fees and expenses, and documentation costs and charges.         (c)   This  Amendment  may  not  be  amended  or  otherwise  modified,  waived  or  supplemented except as provided in the Transaction Documents.    25858154.4.BUSINESS                  -4-                                        

 

      (d)   This Amendment, the Repurchase Agreement and the other Transaction Documents  contain  the  entire  agreement  of  the  parties  hereto  and  thereto  in  respect  of  the  transactions  contemplated hereby and thereby, and all prior agreements among or between such parties, whether  oral or written are superseded by the terms of this Amendment, the Repurchase Agreement and the  other Transaction Documents. This Amendment contains a final and complete integration of all  prior expressions by the parties with respect to the subject matter hereof and shall constitute the  entire agreement among the parties with respect to such subject matter, superseding all prior oral  or written understandings.         (e)   Wherever possible, each provision of this Amendment shall be interpreted in such  manner as to be effective and valid under applicable law, but if any provision of this Amendment  shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the  extent of such prohibition or invalidity, without invalidating the remainder of such provision or the  remaining provisions of this Amendment.         (f)   Whenever in this Amendment any of the parties hereto is referred to, such reference  shall be deemed to include the legal representatives, and permitted successors and assigns of such  party.  All covenants, promises and agreements in this Amendment, by or on behalf of Seller and  Guarantor, shall inure to the benefit of the legal representatives, successors and permitted assigns  of Purchaser.         (g)   This Amendment may be executed in counterparts, each of which so executed shall  be deemed to be an original, but all of such counterparts shall together constitute but one and the  same instrument.  This Amendment shall be effective and binding as of the date hereof with respect  to each party hereto upon the execution and delivery by such party of its signature page of this  Amendment, without regard to whether the delivery of such signature page occurs before or after  any other party delivers its respective signature page.         (h)   The headings in this Amendment are for convenience of reference only and shall  not affect the interpretation or construction of this Amendment.         (i)   This Amendment is a Transaction Document executed pursuant to the Repurchase  Agreement and shall be construed, administered and applied in accordance with the terms and  provisions of the Repurchase Agreement.         (j)   Nothing contained herein shall affect or be construed to affect any lien, charge or  encumbrance created by any Transaction Document or the priority of any such lien, charge or  encumbrance over any other liens, charges or encumbrances.          (k)   Except  as  specifically  set  forth  in  this Amendment,  the  execution,  delivery  and  effectiveness of this Amendment shall not (i) limit, impair, constitute a waiver by, or otherwise  affect any right, power or remedy of Purchaser under the Repurchase Agreement or any other  Transaction Document, (ii) constitute a waiver of any provision in the Repurchase Agreement or  in any of the other Transaction Documents or of any Default or Event of Default that may have  occurred and be continuing or (iii) alter, modify, amend or in any way affect any of the terms,  conditions, obligations, covenants or agreements contained in the Repurchase Agreement or in any    25858154.4.BUSINESS                  -5-                                        

 

of the other Transaction Document, all of which are ratified and affirmed in all respects and shall  continue in full force and effect.                              [SIGNATURES FOLLOW]   25858154.4.BUSINESS                  -6-                                        

 

                                                                                       IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed  as of the date first above written.                                          SELLER:                                                                                  GP COMMERCIAL CB LLC, a Delaware                                         limited liability company                                                                                                                           By:  /s/ Marcin Urbaszek                                                         Name: Marcin Urbaszek                                            Title: Chief Financial Officer                                                           [SIGNATURES CONTINUED ON FOLLOWING PAGE]                                [Second Amendment to MRA]  

 

                        PURCHASER:                                                    CITIBANK, N.A.                                                                              By:  /s/ Richard B. Schlenger                                     Name: Richard B. Schlenger                             Title: Authorized Signatory                             [SIGNATURES CONTINUED ON FOLLOWING PAGE]                                                                    [Second Amendment to MRA]  

 

           GUARANTOR:                          GRANITE POINT MORTGAGE TRUST,             INC., a Maryland corporation                                       By:  /s/ Marcin Urbaszek                             Name: Marcin Urbaszek                Title: Chief Financial Officer                               [Second Amendment to MRA]gsthfourthamendmenttomra

  FOURTH AMENDMENT TO MASTER REPURCHASE AND SECURITIES CONTRACT                                  AGREEMENT                This Fourth Amendment to Master Repurchase and Securities Contract Agreement (this  “Amendment”), dated as of July 16, 2019 is by and between GOLDMAN SACHS BANK USA, a New  York state-chartered bank, as buyer (“Buyer”), and TH COMMERCIAL GS LLC, a Delaware limited  liability  company (“Seller”).  Capitalized  terms  used  but  not  otherwise  defined  herein  shall  have  the  meanings given to them in the Master Repurchase Agreement (as defined below).                                  W I T N E S S E T H:               WHEREAS,  Seller and Buyer  have  entered  into  that  certain  Master  Repurchase  and  Securities Contract Agreement, dated as of May 2, 2017, as amended by that certain First Amendment to  Master Repurchase and Securities Contract Agreement, dated as of June 28, 2017, as amended by that  certain  Second  Amendment  to  Master  Repurchase  and  Securities  Contract  Agreement,  dated  as  of  November 16, 2017, as amended by that certain Third Amendment to Master Repurchase and Securities  Contract Agreement, dated as of May 9, 2018 (the “Master Repurchase Agreement”);                WHEREAS, Seller and Buyer wish to modify certain terms and provisions of the Master  Repurchase Agreement.               NOW, THEREFORE, the parties hereto agree as follows:         1. Amendments  to  Master  Repurchase  Agreement.   The  Master  Repurchase  Agreement  is  hereby amended as follows:               (a) The  following  definitions  in  Article  2  of  the  Master  Repurchase  Agreement are  hereby deleted in their entirety and replaced with the following:               “Availability Period Expiration Date” shall mean May 2, 2020, as such date may be              extended in accordance with Article 3(i) of this Agreement.                            “Renewal Period” shall mean the one (1) year period commencing on the day following              the then current Availability Period Expiration Date and expiring on the one (1) year              anniversary of such date.                            (b) In Article 3(i)(iv)(A) of the Master Repurchase Agreement, the reference to “second  (2nd) anniversary” is hereby deleted and replaced with “third (3rd) anniversary”.         2. Effectiveness.  The  effectiveness  of this  Amendment  is  subject  to  receipt  by  Buyer  of  the  following:               (a) Amendment.  This Amendment, duly executed and delivered by Seller and Buyer;               (b) Amendment to Fee Letter.  The Second Amendment to Fee Letter, dated as of the  date hereof (the “Fee Letter Amendment”), by and between Buyer and Seller; and               (c) Fees.  Payment by Seller of (i) the applicable Renewal Period Fee, and (ii) the actual  costs and expenses, including, without limitation, the reasonable fees and expenses of counsel to Buyer,  incurred by Buyer in connection with this Amendment and the transactions contemplated hereby.     LEGAL_US_E # 141770557.4    

 

      3. Seller Representations.  Seller hereby represents and warrants that:                (a) no Potential  Event  of Default,  Event  of  Default  or  Margin  Deficit  exists,  and  no  Potential Event of Default, Event of Default or Margin Deficit will occur as a result of the execution,  delivery and performance by Seller of this Amendment; and               (b) all representations and warranties contained in the Master Repurchase Agreement are  true,  correct,  complete  and  accurate  in  all respects  (except  such  representations  which  by  their  terms  speak as of a specified date and subject to any exceptions disclosed to Buyer in an Exception Report prior  to such date and approved by Buyer).         4. Defined  Terms.   Capitalized  terms  used  but  not  otherwise  defined  herein  shall  have  the  meanings given to them in the Master Repurchase Agreement.         5. Continuing Effect; Reaffirmation of Guarantee.  As amended by this Amendment, all terms,  covenants  and  provisions  of  the  Master  Repurchase  Agreement  are  ratified  and  confirmed  and  shall  remain  in  full force  and  effect.   In  addition,  any  and  all  guaranties  and  indemnities for the  benefit  of  Buyer (including, without limitation, the Guarantee) and agreements subordinating rights and liens to the  rights  and  liens of  Buyer,  are  hereby  ratified  and  confirmed  and  shall  not  be  released,  diminished,  impaired,  reduced  or  adversely  affected  by  this  Amendment,  and  each  party indemnifying Buyer,  and  each party subordinating any right or lien to the rights and liens of Buyer, hereby consents, acknowledges  and  agrees  to  the  modifications  set  forth  in  this  Amendment  and  waives  any  common  law,  equitable,  statutory or other rights which such party might otherwise have as a result of or in connection with this  Amendment.         6. Binding  Effect;  No  Partnership;  Counterparts.  The  provisions  of  the  Master  Repurchase  Agreement, as amended hereby, shall be binding upon and inure to the benefit of the parties hereto and  their respective successors and permitted assigns.  Nothing herein contained shall be deemed or construed  to create a partnership or joint venture between any of the parties hereto.  For the purpose of facilitating  the execution of this Amendment as herein provided, this Amendment may be executed simultaneously in  any number of counterparts, each of which shall be deemed to be an original, and such counterparts when  taken  together  shall  constitute  but  one  and  the  same  instrument.   Delivery  of  an  executed  counterpart  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.         7. Further  Agreements.    Seller  agrees  to  execute  and  deliver  such  additional  documents,  instruments  or  agreements  as  may  be  reasonably  requested  by Buyer and  as  may  be  necessary  or  appropriate from time to time to effectuate the purposes of this Amendment.                                          2   LEGAL_US_E # 141770557.4    

 

      8. Governing  Law.   The  provisions  of Article  20 of  the Master  Repurchase Agreement  are  incorporated herein by reference.         9. Headings.   The  headings  of  the  sections  and  subsections  of  this  Amendment  are  for  convenience of reference only and shall not be considered a part hereof nor shall they be deemed to limit  or otherwise affect any of the terms or provisions hereof.         10. References to Transaction Documents.  All references to the Master Repurchase Agreement  in any Transaction Document, or in any other document executed or delivered in connection therewith  shall, from and after the execution and delivery of this Amendment, be deemed a reference to the Master  Repurchase Agreement as amended hereby, unless the context expressly requires otherwise.         11. No Waiver.  The execution, delivery and effectiveness of this Amendment shall not operate  as a waiver of any right, power or remedy of Buyer under the Master Repurchase Agreement or any other  Transaction Document, nor constitute a waiver of any provision of the Master Repurchase Agreement or  any other Transaction Document by any of the parties hereto.                         [NO FURTHER TEXT ON THIS PAGE]                                          3   LEGAL_US_E # 141770557.4    

 

                                                                                       IN WITNESS WHEREOF, the parties have executed this Amendment as of the day first written  above.                                                                            BUYER:                                                                            GOLDMAN SACHS BANK USA, a New York state-                                     chartered bank                                                                                                                  By: /s/ Jeffrey Dawkins _________________________                                          Name: Jeffrey Dawkins                                         Title:   Authorized Person                                         4   LEGAL_US_E # 141770557.4    

 

                                                                                                                   SELLER:                                                                          TH COMMERCIAL GS LLC, a Delaware limited                                     liability company                                                                                                               By: /s/ Marcin Urbaszek ________________                                     Name: Marcin Urbaszek                                     Title: Chief Financial Officer                                            5  LEGAL_US_E # 141770557.4                 

 

                                                                                                                   AGREED AND ACKNOWLEDGED:                                                                                 GUARANTOR:                                                                          GRANITE POINT MORTGAGE TRUST INC., a                                     Maryland corporation                                                                   By:  /s/ Marcin Urbaszek                                                        Name: Marcin Urbaszek                                        Title: Chief Financial Officer                                                                                             6  LEGAL_US_E # 141770557.4

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