Document:

trtx-ex101_31.htm

Exhibit 10.1

 

EXECUTION VERSION

 

Eleventh Amendment to Master Repurchase and securities contract Agreement

This Eleventh Amendment to Master Repurchase and Securities Contract Agreement (this “Amendment”), dated as of August 3, 2021, is by and between GOLDMAN SACHS BANK USA, a New York state-chartered bank, as buyer (“Buyer”), and TPG RE FINANCE 2, LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands (“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 August 19, 2015 (as amended by that certain First Amendment to the Master Repurchase and Securities Contract Agreement, dated as of December 29, 2015, as further amended by that certain Second Amendment to the Master Repurchase and Securities Contract Agreement, dated as of November 3, 2016, as further amended by that certain Third Amendment to Master Repurchase and Securities Contract Agreement, dated as of June 12, 2017, as further amended by that certain Fourth Amendment to Master Repurchase and Securities Contract Agreement, dated as of February 14, 2018, as further amended by that certain Fifth Amendment to Master Repurchase and Securities Contract Agreement, dated as of May 4, 2018, as further amended by that certain Sixth Amendment to Master Repurchase and Securities Contract Agreement, dated as of August 17, 2018, as further amended by that certain Seventh Amendment to Master Repurchase and Securities Contract Agreement, dated as of August 16, 2019 and effective as of February 1, 2019, as further amended by that certain Eighth Amendment to Master Repurchase and Securities Contract Agreement, dated as of August 19, 2019, as further amended by that certain Ninth Amendment to the Master Repurchase and Securities Contract Agreement, dated as of June 30, 2020, as further amended by that certain Tenth Amendment to Master Repurchase and Securities Contract Agreement, dated as of November 23, 2020, and as further amended hereby, and as further amended, restated, supplemented or otherwise modified and in effect from time to time, collectively, the “Master Repurchase Agreement”); and

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:

i.The following definition of “Availability Period Expiration Date” hereby replaces the same existing definition in Article 2 of the Master Repurchase Agreement:

““Availability Period Expiration Date” shall mean August 19, 2022, as such date may be extended in accordance with Article 3(h) of this Agreement.”

ii.All instances of the definitions of “First Additional Renewal Option”, “Second Additional Renewal Option”, “Additional Renewal Options”, “Future Advance Draw Fee”, and “Renewal Standby Fee”, “Upsize Fee” and all terms, provisions and conditions relating to each of the foregoing, in each case, to the extent applicable (including, without limitation, Article 3(n)(iii), Article 3(n)(iv) and Article 3(o)), are hereby deleted and removed in their entirety from the Master Repurchase Agreement. 

 

 

iii.The following definitions of “Additional Renewal Option”, “Annual Renewal Fee” and “Eleventh MRSCA Amendment Extension Fee” are hereby inserted in Article 2 of the Master Repurchase Agreement in correct alphabetical order:

““Additional Renewal Option” shall have the meaning specified in Article 3(h) of this Agreement.” 

 

““Annual Renewal Fee” shall have the meaning set forth in the Fee Letter.”

 

““Eleventh MRSCA Amendment Extension Fee” shall have the meaning set forth in the Fee Letter.”

iv.Article 3(h)(ii) of the Master Repurchase Agreement is hereby deleted in its entirety and replaced with the following:

“(ii)  Seller shall have two (2) options each to extend the then-current Availability Period Expiration Date for a period of one additional (1) year (each, an “Additional Renewal Option”); provided, that Seller has satisfied all of the conditions listed in clause (iii) below (collectively, the “Availability Period Renewal Conditions”).

 

v.Article 3(h)(iii)(E) of the Master Repurchase Agreement is hereby deleted in its entirety and replaced with the following:

“(E)Seller shall have paid to Buyer the Annual Renewal Fee in accordance with the terms and provisions of the Fee Letter.”

vi.Article 3(n) of the Master Repurchase Agreement is hereby amended by (a) adding  “and” at the end of clause (ii) thereof and (b) adding the following as new clause (iii) thereof:

“(iii)  the Annual Renewal Fee, which shall be due and payable by Seller in connection with any extension of the Availability Period Expiration Date pursuant to Article 3(h).” 

vii.Article 5(c)(iv) of the Master Repurchase Agreement is hereby deleted in its entirety and replaced with the following:

“(iv) fourth, for so long as any Ineligible Asset remains subject to a Transaction pursuant to, and in accordance with, Article 12(c), an amount equal to the product of (x) any “default interest” (however so defined in the applicable Purchased Asset Documents) received by Seller, multiplied by (x) the Advance Rate of the subject Purchased Assets, which shall be applied to reduce the outstanding Purchase Prices of all Ineligible Assets until such Purchase Prices are reduced to zero; and

(v)  fifth, to Seller, the remainder, if any; provided that, if any monetary or material non-monetary Default has occurred and is continuing on such Remittance Date, all amounts otherwise payable to Seller hereunder shall be retained in the Depository Account until the earlier of (x) the day on which Buyer provides written notice to the Depository that such monetary or material non-monetary Default has been cured to the satisfaction of Buyer in its sole discretion and no other monetary or material non-monetary Default or Event of Default has occurred and is continuing, at which time the Depository shall apply all such amounts pursuant to this priority fifth; and (y) the date that the related monetary or material non-monetary Default becomes an Event of Default, at which time the Depository shall apply all such amounts pursuant to Article 5(f).”

 

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viii.Article 5(d)(iii) of the Master Repurchase Agreement is hereby deleted in its entirety and replaced with the following:

“(iii) third, for so long as any Ineligible Asset remains subject to a Transaction pursuant to, and in accordance with, Article 12(c), the remainder, if any, shall be applied to reduce the outstanding Purchase Prices of all Ineligible Assets until such Purchase Prices are reduced to zero; and

(iv)fourth, to Seller, the remainder, if any (any such remainder being referred to herein as “Excess Principal Payments”), provided, however, that during the Amortization Period, any Excess Principal Payments shall be applied pursuant to Article 5(e); provided that, if any monetary or material non-monetary Default has occurred and is continuing on such Remittance Date, all amounts otherwise payable to Seller hereunder shall be retained in the Depository Account until the earlier of (x) the day on which Buyer provides written notice to the Depository that such monetary or material non-monetary Default has been cured to the satisfaction of Buyer in its sole discretion and no other monetary or material non-monetary Default or Event of Default has occurred and is continuing, at which time the Depository shall apply all such amounts pursuant to this priority fourth; and (y) the date that the related monetary or material non-monetary Default becomes an Event of Default, at which time the Depository shall apply all such amounts pursuant to Article 5(f).”

 

ix.Article 5(e)(ii) of the Master Repurchase Agreement is hereby deleted in its entirety and replaced with the following:

“(ii) second, for so long as any Ineligible Asset remains subject to a Transaction pursuant to, and in accordance with, Article 12(c), the remainder, if any, shall be applied to reduce the outstanding Purchase Prices of all Ineligible Assets until such Purchase Prices are reduced to zero; and

 

(iii)third, to Seller, any remainder provided that, if any monetary or material non-monetary Default has occurred and is continuing on such Remittance Date, all amounts otherwise payable to Seller hereunder shall be retained in the Depository Account until the earlier of (x) the day on which Buyer provides written notice to the Depository that such monetary or material non-monetary Default has been cured to the satisfaction of Buyer in its sole discretion and no other monetary or material non-monetary Default or Event of Default has occurred and is continuing, at which time the Depository shall apply all such amounts pursuant to this priority third; and (y) the date that the related monetary or material non-monetary Default becomes an Event of Default, at which time the Depository shall apply all such amounts pursuant to Article 5(f).”    

 

x.Article 12(c) of the Master Repurchase Agreement is hereby deleted in its entirety and replaced with the following: 

“(c)If at any time Buyer determines that a Purchased Asset is an Ineligible Asset (as defined below), the related Transaction shall terminate and an Early Repurchase Date shall be deemed to occur with respect to such Purchased Asset, each in accordance with this Section 12(c).  Ninety (90) days after the earlier of receiving notice from Buyer that such Purchased Asset has become an Ineligible Asset or Seller’s Knowledge that such Purchased Asset has become an Ineligible Asset (the “Ineligibility Period”), to the extent such Purchased Asset then continues to be an Ineligible Asset, the related Transaction shall terminate and the Early Repurchase Date shall be deemed to occur and Seller shall repurchase the affected Purchased Asset and Seller shall pay the applicable Repurchase Price for such Purchased Asset to Buyer by depositing such amount in immediately available funds at the direction of Buyer; provided, that (i) within five (5) Business Days of the earlier of Seller’s receipt of Buyer’s notice that such Purchased Asset has become an Ineligible Asset or Seller’s Knowledge that such Purchased Asset has become an Ineligible Asset, to the extent such Purchased Asset then continues to be an Ineligible Asset, Seller shall make a cash payment of no less than ten percent (10%) of the then-outstanding Purchase Price of the related Purchased Asset in reduction of such outstanding Purchase Price, (ii) within thirty (30) days of the earlier of Seller’s receipt of Buyer’s notice that such Purchased Asset has become an Ineligible Asset or Seller’s Knowledge that such Purchased Asset has become an Ineligible Asset, to the extent such Purchased Asset then continues to be an Ineligible Asset, Seller shall make additional cash payment of no less than ten percent (10%) of the then-outstanding Purchase Price of the related Purchased Asset in reduction of such outstanding Purchase Price, and (iii) within sixty (60) days of the earlier of Seller’s receipt of Buyer’s notice that such Purchased Asset has become an Ineligible Asset or Seller’s Knowledge that such Purchased 

 

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Asset has become an Ineligible Asset, to the extent such Purchased Asset then continues to be an Ineligible Asset, Seller shall make additional cash payment of no less than ten percent (10%) of the then-outstanding Purchase Price of the related Purchased Asset in reduction of such outstanding Purchase Price, and the outstanding Repurchase Price of such Purchased Asset shall be fully recourse to Seller and Guarantor until such Purchased Asset has been repurchased by Seller or reinstated as an Eligible Asset pursuant to Article 12(c)(ix) hereof.  For purposes hereof, the following factors shall render a Purchased Asset an “Ineligible Asset”: 

(i)any Purchased Asset that at any time Buyer determines is not an Eligible Asset as a result of any representation, warranty (other than MTM Representations) or material information made or provided by Seller or Guarantor being false or misleading at the time such representation or warranty was made or such material information was provided;

(ii)any Purchased Asset as to which a monetary event of default has occurred and is continuing under any Purchased Asset Document for such Purchased Asset;

(iii)any Purchased Asset as to which a non-monetary event of default shall have occurred and be continuing under any Purchased Asset Document for such Purchased Asset; 

(iv)any Purchased Asset where the related Mortgagor or an Other Indebtedness Participant, or any borrower under any Other Indebtedness is thirty (30) calendar days or more (or, in the case of payments due at maturity, one (1) calendar day) delinquent in the payment of principal, interest, fees or other amounts payable under the terms of the related Purchased Asset Documents or, with respect to a Participation Interest, the Underlying Mortgage Loan is thirty (30) calendar days or more (or, in the case of payments due at maturity, one (1) calendar day) delinquent in the payment of principal, interest, fees or other amounts payable under the terms of the related Purchased Asset Documents, in each case, without regard to any waivers or modifications of, or amendments to, the related Purchased Asset Documents other than those included in the Purchased Asset File, expressly consented to by Buyer or otherwise in accordance with this Agreement and the Transaction Documents; provided, however, that any default of an Other Indebtedness Participant or Other Indebtedness under this Article 12(c)(iv) shall not cause a Purchased Asset to become an Ineligible Asset to the extent that Seller has exercised its rights to cure the same pursuant to an intercreditor agreement, co-lender agreement, participation agreement or similar instrument, as applicable, and Seller has consummated such cure within the time period provided thereunder (the “Other Indebtedness Cure Right”); provided, further, however, that an Other Indebtedness Cure Right may be only exercised by Seller no more than one (1) time with respect to any Purchased Asset or as otherwise may be agreed to by Buyer in its sole good faith discretion;

(v)any Purchased Asset upon the occurrence of any Act of Insolvency with respect to the underlying obligor;

 

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(vi)any Purchased Asset that Seller has failed to repurchase at the applicable Repurchase Date; 

(vii)any Purchased Asset as to which the Seller (or its Affiliates) has failed to satisfy any material obligations beyond any applicable cure periods under any Purchased Asset Document for such Purchased Asset; 

(viii)any Purchased Asset for which Seller or a Servicer has received notice of the foreclosure or proposed foreclosure of any Lien on the related Underlying Mortgaged Property;

(ix)any Purchased Asset that at any time Buyer determines is not an Eligible Asset as a result of any MTM Representation being false or misleading at the time such MTM Representation was made; provided that, in the event that any Purchased Asset is an Ineligible Asset solely pursuant to this Article 12(c)(ix), then, notwithstanding anything to the contrary in Article 12(c), so long as Seller cures such breach in a manner satisfactory to Buyer (as determined in the sole good faith discretion of Buyer) prior to the expiration of the Ineligibility Period, Buyer may elect to reinstate such Ineligible Asset as an Eligible Asset and Purchased Asset through the execution of an amended and restated Confirmation, and following any such reinstatement, Seller may increase the Purchase Price of such Purchase Asset in accordance with Article 3(j); or

(x)any Purchased Asset that has gone into special servicing, however so defined in any servicing, or pooling and servicing, agreement related to a securitization or similar transaction; provided that with respect to any Participation Interest, in addition to the foregoing such Participation Interest will also be considered an Ineligible Asset to the extent that the related Senior Mortgage Loan would be considered an Ineligible Asset as described in this Article 12(c).”

 

2.Effectiveness.  The effectiveness of this Amendment is subject to receipt by Buyer of the following:

i.Amendment.  This Amendment, duly executed and delivered by Seller and Buyer.

ii.Fees.  Payment by Seller of (i) the Eleventh MRSCA Amendment Extension 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.

3.No Amendments.  No amendments have been made to the organizational documents of Seller and Guarantor since August 17, 2018, unless otherwise stated therein, which provide for, among other things, the authority of Seller and Guarantor to execute and deliver this Amendment.

4.Good Standing.  Within a reasonable time after the date hereof, Seller shall provide good standing certificates for the Seller, Pledgor and Guarantor.

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 Agreement) and agreements subordinating rights and 

 

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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.

8.Governing Law.  The provisions of Article 19 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. 

 

[NO FURTHER TEXT ON THIS PAGE]

 

 

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IN WITNESS WHEREOF, the parties have executed this Amendment as a deed as of the day first written above.

 

	
BUYER:

	
 
	
 

	
 
	
 

	
GOLDMAN SACHS BANK USA, a New York state-chartered bank

	
 
	
 

	
 
	
 

	
By:
	
/s/ Prachi Bansal

	
 
	
Name: Prachi Bansal

	
 
	
Title:   Authorized Person

 

 

 

 

[ADDITIONAL SIGNATURE PAGE FOLLOWS]

 

 

 

Signature Page to Eleventh Amendment

 

 

 

	
SELLER:

	
 
	
 

	
 
	
 

	
TPG RE FINANCE 2, LTD., a Cayman Islands exempted company

	
 
	
 

	
 
	
 

	
By:
	
/s/ Deborah Ginsberg

	
 
	
Name: Deborah Ginsberg

	
 
	
Title:   Vice President

 

 

 

 

[ADDITIONAL SIGNATURE PAGE FOLLOWS]

 

 

 

Signature Page to Eleventh Amendment

 

 

 

	
AGREED AND ACKNOWLEDGED:

	
 
	
 

	
GUARANTOR:

	
 

	
 
	
 

	
TPG RE FINANCE TRUST HOLDCO, LLC, a Delaware limited liability company

	
 
	
 

	
 
	
 

	
By:
	
/s/ Deborah Ginsberg

	
 
	
Name: Deborah Ginsberg

	
 
	
Title:   Vice President

 

 

 

 

 

Signature Page to Eleventh Amendmenttrtx-ex102_32.htm

Exhibit 10.2

 

SECOND AMENDMENT TO CREDIT AGREEMENT

This SECOND AMENDMENT TO CREDIT AGREEMENT, dated as of September 29, 2021 (this “Amendment”), is made by and between TPG RE FINANCE 20, LTD., an exempted company incorporated in the Cayman Islands with limited liability (“Borrower”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as Administrative Agent.  Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Credit Agreement (as defined below). 

RECITALS

WHEREAS, Borrower, the Lenders and the Administrative Agent are parties to that certain Credit Agreement, dated as of September 29, 2017 (as amended by that certain First Amendment to Credit Agreement, dated as of May 4, 2018, and as may be further amended, restated, supplemented or otherwise modified and in effect from time to time, the “Credit Agreement”); and

WHEREAS, the parties hereto have agreed, subject to the terms and conditions hereof, that the Credit Agreement shall be amended as set forth in this Amendment; and TPG RE Finance Trust Holdco, LLC (“Guarantor”) has agreed, subject to the terms and conditions hereof, to make the acknowledgements set forth herein. 

NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

Section 1.Credit Agreement Amendments.  The Credit Agreement is hereby amended as follows:  

(a)Section 1.01.  Section 1.01 of the Credit Agreement is hereby amended as follows:

(i)Each of the definitions of “Initial Maturity Date”, “Extended Maturity Date”, “Extension Effective Date” and “Maturity Extension Reduction” is deleted in its entirety. 

(ii)The definition of “Maturity Date” is hereby amended and restated in its entirety to read as follows:

““Maturity Date” means September 29, 2022.”

(iii) The definition of “Funding Period” is hereby amended and restated in its entirety to read as follows:

““Funding Period” means the period from and including the Closing Date to the earliest of (a) October 15, 2021 (as such date may be extended by 

 

 

mutual agreement in writing between Borrower and the Administrative Agent), (b) the date of termination of the entire Facility Amount or the permanent reduction of the Facility Amount to zero pursuant to Section 2.04, and (c) the date of termination of the commitment of each Lender to make Loans pursuant to Section 9.02.”

(b)Section 2.01(a).  The last proviso contained in Section 2.01(a) is hereby amended and restated in its entirety to read as follows:

“; provided further that on or after the first anniversary of the Closing Date, the Loans shall be subject to the following concentration limits (collectively, the “Concentration Limits”):  (1) the aggregate outstanding principal amount of all Loans made with respect to Pledged Assets that constitute loans secured by lodging properties shall not at any time exceed 25% of the Facility Amount and (2) the aggregate outstanding principal amount of all Loans made with respect to Pledged Assets that constitute loans secured by any single type of property other than a lodging property shall not at any time exceed 75% of the Facility Amount.”

(c)Section 2.04(b).  Section 2.04(b) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“(b) [Reserved.]”

(d)Section 2.12.  Section 2.12 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“2.12 [Reserved.]”

Section 2.Conditions Precedent.  This Amendment shall become effective on the date hereof provided that this Amendment is duly executed and delivered by Borrower, the Administrative Agent and the Required Lenders.

Section 3.Representations and Warranties.  On and as of the date first above written, Borrower hereby represents and warrants to the Administrative Agent and the Lenders that (a) it is in compliance with all the terms and provisions set forth in the Credit Agreement on its part to be observed or performed, (b) no Default or Event of Default under the Credit Agreement has occurred and is continuing, (c) the representations and warranties contained in Article VI of the Credit Agreement are true and correct in all respects as though made on such date (except for any such representation or warranty that by its terms refers to a specific date other than the date first above written, in which case it shall be true and correct in all respects as of such other date) and (d) the resolutions delivered to the Administrative Agent and the Lenders on the Closing Date with respect to each Loan Party (which resolutions include approval for an extension of the Maturity Date for a period that is not less than an additional two years from the Initial Maturity Date) are and remain in full force and effect and have not been modified, rescinded or superseded since the date of adoption.

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Section 4.Acknowledgments of Guarantor.  Guarantor hereby acknowledges the execution and delivery of this Amendment by the parties hereto and agrees that it continues to be bound by that certain Guaranty Agreement, dated as of September 29, 2017 (as may be amended, restated, supplemented or otherwise modified from time to time, the “Guaranty Agreement”), made by Guarantor in favor of Lender, notwithstanding the execution and delivery of this Amendment and the impact of the changes set forth herein and therein.

Section 5.Limited Effect.  Except as expressly amended and modified by this Amendment, the Credit Agreement and each of the other Loan Documents shall continue to be, and shall remain, in full force and effect in accordance with their respective terms; provided, however, that upon the date hereof, (a) all references in the Credit Agreement to the “Loan Documents” shall be deemed to include, in any event, this Amendment, and (b) each reference to the “Credit Agreement” in any of the Loan Documents shall be deemed to be a reference to the Credit Agreement as amended hereby. 

Section 6.Counterparts.  This Amendment may be executed by the parties hereto individually or in combination, in one or more counterparts, each of which shall be deemed to be an original and all of which shall constitute one and the same agreement.  The words “execute,” “execution,” “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; provided further that, without limiting the foregoing, (a) to the extent the Administrative Agent has agreed to accept such Electronic Signature, each party hereto shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of any other party hereto without further verification and (b) upon the reasonable request of the Administrative Agent, any Electronic Signature of any party to this Amendment shall, as promptly as practicable, be followed by such manually executed counterpart.  For purposes hereof, “Electronic Record” and “Electronic Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.

Section 7.Costs and Expenses.  Borrower acknowledges and agrees that its payment obligations set forth in Section 11.04 of the Credit Agreement include the costs and expenses incurred by the Administrative Agent in connection with the preparation, execution and delivery of this Amendment and any other documentation contemplated hereby (whether or not this Amendment becomes effective or the transactions contemplated hereby are consummated and whether or not a Default or Event of Default has occurred or is continuing).  

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Section 8.Miscellaneous.  This Amendment is a Loan Document.  Neither this Amendment, nor any provision hereof, may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the parties hereto.  If any provision of this Amendment shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or enforceability without in any manner affecting the validity or enforceability of such provision in any other jurisdiction or the remaining provisions of this Amendment in any jurisdiction.  Section headings in this Amendment are included for convenience of reference only and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment.

Section 9.Successors and Assigns.  The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

Section 10.GOVERNING LAW, ET. Al.  THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).   The provisions of clauses (b), (c) and (d) of Section 11.14 and Section 11.15 of the Credit Agreement are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to those terms.

[Signature Pages to Follow]

 

 

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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.

 

	
LENDER:

	
 
	
 
	
 

	
 
	
 
	
 

	
BANK OF AMERICA, N.A., a national banking association, as Administrative Agent and as a Lender

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Katherine Petteys

	
 
	
 
	
Name: Katherine Petteys
Title: V.P.

 

 

 

[Signature Page to Second Amendment to Credit Agreement – TRT-BAML]

 

 

 

	
BORROWER:

	
 
	
 
	
 

	
 
	
 
	
 

	
TPG RE FINANCE 20, LTD., an exempted company incorporated in the Cayman Islands with limited liability

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Deborah Ginsberg

	
 
	
 
	
Name:  Deborah Ginsberg
Title:   Vice President

 

[Signature Page to Second Amendment to Credit Agreement – TRT-BAML]

 

	
Acknowledged:

	
 
	
 
	
 

	
 
	
 
	
 

	
TPG RE FINANCE TRUST HOLDCO, LLC, a Delaware limited liability company, in its capacity as Guarantor, and solely for purposes of making the acknowledgement set forth in Section 4 of this Amendment:

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Deborah Ginsberg

	
 
	
 
	
Name:  Deborah Ginsberg
Title:   Vice President

 

[Signature Page to Second Amendment to Credit Agreement – TRT-BAML]

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