AMENDMENT NUMBER TEN
MASTER REPURCHASE AGREEMENT
Dated as of May 17, 2013,
VELOCITY COMMERCIAL CAPITAL, LLC
This AMENDMENT NUMBER TEN (this Amendment Number Ten) is made this 13th day of June, 2016, between VELOCITY COMMERCIAL CAPITAL, LLC (Seller) and CITIBANK, N.A. (Buyer), to the Master Repurchase Agreement, dated as of May 17, 2013, between Seller and Buyer, as such agreement may be amended from time to time (the Agreement). Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Agreement.
WHEREAS, Seller has requested that Buyer agree to amend the Agreement, and the Buyer has agreed, subject to the terms and conditions set forth herein; and
WHEREAS, as of the date hereof, Seller represents to Buyer that Seller is in full compliance with all of the terms and conditions of the Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Program Document.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and for the mutual covenants herein contained, the parties hereto hereby agree as follows:
SECTION 1. Amendment. Effective as of June 13, 2016 (the Amendment Effective Date), but subject to the condition precedent set forth in Section 2 below, the Agreement is hereby amended as follows:
(a) Section 2 of the Agreement is hereby amended by deleting the definition of Termination Date in its entirety and replacing it with the following:
Termination Date shall mean July 15, 2016 or such earlier date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law.
SECTION 2. Condition Precedent. As a condition precedent to the effectiveness of this Amendment Number Ten, Seller shall have paid to Buyer the Additional 2016 Commitment Fee as set forth in Amendment Number Seven to the Pricing Side Letter in the amount of $32,876.71, in immediately available funds, without deduction, set off or counterclaim.