Document:

Exhibit 10.1

      

     

    

    
      EXECUTION VERSION

    

     

    

    
      FIRST AMENDMENT TO REPURCHASE AGREEMENT

      

      

      This First Amendment to Repurchase Agreement (this “Amendment”),

          effective as of December 31, 2018, is by and between KREF LENDING IV LLC, a Delaware limited liability company (the “Seller”) and MORGAN STANLEY BANK, N.A., a national
          banking association (“Buyer”).  Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase Agreement (as defined
          below).

      

      

      W I T N E S S E T H:

      

      

      WHEREAS, Buyer and Seller, entered into that
          certain Master Repurchase and Securities Contract Agreement dated as of December 6, 2016 the “Original Repurchase Agreement”), as modified by that certain Omnibus
          Amendment dated as of November 10, 2017 by and among Guarantor, Seller and Buyer (the “Omnibus Amendment”) (the Original Repurchase Agreement, as amended by the Omnibus
          Amendment and as the same may be further amended, modified and/or restated, collectively, the “Repurchase Agreement”);;

      

      

      WHEREAS, Buyer and Seller wish to modify
          certain terms and provisions of the Repurchase Agreement.

      

      

      NOW, THEREFORE, the parties hereto agree as
          follows:

      

      

      1.           Amendments to Repurchase.  The Repurchase Agreement
          is hereby amended as follows:

      

      

      (a)          The definition of Total Indebtedness  in Section 2 of the Repurchase Agreement is hereby deleted and replaced with the following:

      

      

      ““Total Indebtedness” means, with respect to any Person,
          as of any date of determination, the aggregate Indebtedness (other than Contingent Liabilities not reflected on such Person’s consolidated balance sheet) of such Person and its Consolidated Subsidiaries plus the proportionate share of all
          Indebtedness (other than Contingent Liabilities not reflected on such Person’s consolidated balance sheet) of all non-Consolidated Subsidiaries of such Person as of such date, all on or as of such date and determined in accordance with GAAP, less
          (a) the amount of non-recourse Indebtedness owing pursuant to securitization transactions that are not issued or sponsored by Guarantor, Affiliates of Guarantor and/or Affiliates of Manager (e.g. commercial real estate CLOs (including, without
          limitation, any CMBS investments)) that result from the consolidation of “variable interest entities” under the requirements of the Accounting Standards Codification Section 810, as amended, modified or supplemented from time to time, and (b) the
          amount of any non-recourse Indebtedness owing pursuant to a financing or securitization transaction such as a REMIC securitization, a collateralized loan obligation transaction or any other similar transaction.”

      

      

      
        
          

      

      
      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)          Fees.  Payment by Seller of 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.           Binding Effect; No Partnership; Counterparts.  The provisions of the 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.

      

      

      4.            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.

      

      

      5.            Governing Law.  The provisions of Section 18 of the Repurchase Agreement are incorporated herein by reference.

      

      

      6.            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.

      

      

      7.           References to Transaction Documents.  All references to the 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 Repurchase Agreement as amended hereby, unless the context expressly requires otherwise.

      

      

      [NO FURTHER TEXT ON THIS PAGE]

       

        

      
        2

        
          

      

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

      

      

      	 	
              BUYER:

            
	 	 
	 	
              MORGAN STANLEY BANK, N.A., a national banking

            
	 	 	 
	 	
              By:

            	/s/ Anthony Preisano

            
	 	 	
              Name: 

            	Anthony Preisano
	 	 	
              Title: 

            	Authorized Signatory

      

      

      
        [Signature Page to First Amendment to Repurchase Agreement]

      

      

      

      
        
          

      

      	 	
              SELLER:

            
	 	 
	 	
              KREF LENDING IV LLC, a Delaware limited liability company

            
	 	 	 
	 	
              By:

            	
              /s/ Patrick Mattson

               

            
	 	 	
              Name:

            	
              Patrick Mattson

            
	 	 	
              Title:

            	
              Authorized Signatory

            

      

      

    

    
      [Signature Page to First Amendment to Repurchase Agreement]Exhibit 10.2

    

     

    

    
      EXECUTION VERSION

    

     

    

    
      SECOND AMENDMENT TO MASTER REPURCHASE AGREEMENT

      

      

      THIS SECOND AMENDMENT TO MASTER REPURCHASE AGREEMENT (this “Amendment”), dated as of March 14, 2019, by and among MORGAN STANLEY BANK, N.A. (“Buyer”), KREF LENDING IV LLC (“Seller”) and KKR REAL ESTATE FINANCE HOLDINGS L.P. (“Guarantor”) amends that
          certain Master Repurchase and Securities Contract Agreement, dated December 6, 2016, by and between Buyer and Seller (the “Original Repurchase Agreement”), as
          modified by that certain Omnibus Amendment, dated as of November 10, 2017 by and among Guarantor, Seller and Buyer (the “Omnibus Amendment”), and as further
          modified by that certain First Amendment to Repurchase Agreement, dated as of December 31, 2018 by and between Buyer and Seller (the “First Amendment”)(the
          Original Repurchase Agreement, as amended by the Omnibus Amendment and as amended by the First Amendment and as the same may be further amended, modified and/or restated, collectively, the “Repurchase Agreement”).

      

      

      RECITALS

      

      

      WHEREAS, the parties hereto desire to make certain amendments to the Repurchase Agreement as provided herein.

      

      

      NOW, THEREFORE, for good and valuable consideration, the parties hereto agree as follows:

      

      

      1.           Amendment to the Repurchase Agreement.

      

      

      (a)          The definition
          of “Scheduled Facility Termination Date” in Section 2 of the Repurchase
          Agreement is hereby amended and restated in its entirety as follows:

      

      

      “Scheduled Facility Termination Date” means December 6,
          2021.

      

      

      2.           Defined Terms.  Capitalized terms used but not defined herein shall have the meanings set forth in the Repurchase Agreement.

      

      

      3.           Ratification and Authority.

       

      

      (a)         Seller hereby represents and
          warrants that (i) Seller has the power and authority to enter into this Amendment and to perform its obligations under the Repurchase Agreement as amended hereby, (ii) Seller has by proper action duly authorized the execution and delivery of this
          Amendment and (iii) this Amendment has been duly executed and delivered by Seller and constitutes Seller’s legal, valid and binding obligations, enforceable in accordance with its terms, subject to bankruptcy, insolvency and similar laws of
          general applicability relating to or affecting creditors’ rights and to general equity principles.

      

      

      (b)         Seller hereby (i)
          unconditionally ratifies and confirms, renews and reaffirms all of its obligations under the Repurchase Agreement and, (ii) acknowledges and agrees that such obligations remain in full force and effect, binding on and enforceable against it in
          accordance with the terms of the Repurchase Agreement as amended hereby, subject to bankruptcy, insolvency and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles and (iii) represents,
          warrants and covenants that, as of the date hereof, it is not in default under the Repurchase Agreement or any of the other Transaction Documents beyond any applicable notice and cure periods, and, there are no defenses, offsets or counterclaims
          against Seller’s obligations under the Repurchase Agreement.

      

      

      
        
          

      

      
      (c)         Guarantor, by its signature
          below, hereby (i) unconditionally approves and consents to the execution by Seller of this Amendment and the modifications to the Repurchase Agreement effected thereby, (ii) unconditionally ratifies, confirms, renews, and reaffirms all of its
          obligations under the Guaranty, (iii) acknowledges and agrees that its obligations under the Guaranty remain in full force and effect, binding on and enforceable against it in accordance with its terms subject to bankruptcy, insolvency and
          similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles and (iv) represents, warrants and covenants that, as of the date hereof, it is not in default under the Guaranty beyond any
          applicable notice and cure periods, and, there are no defenses, offsets or counterclaims against its obligations under the Guaranty.  Guarantor hereby represents and warrants that it has the power and authority to enter into this Amendment and
          has by proper action duly authorized the execution and delivery of this Amendment by Guarantor.

      

      

      4.           Continuing Effect.  Except as expressly amended by this Amendment, the Repurchase Agreement, the Guaranty and the other Transaction Documents remain in full force and effect in accordance
          with their respective terms.

      

      

      5.           References to Transaction Documents.  All references to the 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 Repurchase Agreement as amended hereby, unless the context expressly requires otherwise.

      

      

      6.           Governing Law.  This Amendment shall be governed by and construed and interpreted in accordance with the laws of the State of New York.

      

      

      7.           Counterparts.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which 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.

      

      

      [Signatures appear on the next page.]

      

      

      
        2

        
          

      

      IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered in their names as of the date
          first above written.

      

      

      	 	
              BUYER:

            
	 	 	 
	 	
              MORGAN STANLEY BANK, N.A.,

            
	 	
              a national banking association

            
	 	 	 
	 	
              By: 

                

            	
              /s/ Christopher Schmidt

                

            
	 	 	
              Name:

            	Christopher Schmidt
	 	 	
              Title:

            	
              Authorized Signatory

            

      

      

      [Signatures continue on the next page]

      

      

      
        
          

      

      	 	
              SELLER:

            
	 	 	 	 	 
	 	
              KREF LENDING IV LLC, a Delaware limited liability company

            
	 	 	 	 	 
	 	 	
              By:

            	
              /s/ Patrick Mattson

            
	 	 	 	
              Name:

            	
              Patrick Mattson

            
	 	 	 	
              Title:

            	
              Authorized Signatory

            
	 	 	 	 	 
	 	
              GUARANTOR:

            
	 	 	 	 	 
	 	
              KKR REAL ESTATE FINANCE HOLDINGS L.P., a Delaware limited
                  partnership

            
	 	 	 	 	 
	 	
              By:

            	
              KKR REAL ESTATE FINANCE TRUST INC., its general partner

            
	 	 	 	 
	 	 	
              By:

            	
              /s/ Patrick Mattson

            
	 	 	 	
              Name:

            	
              Patrick Mattson

            
	 	 	 	
              Title:

            	
              Authorized Signatory

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