Document:

EX-10.30

 Exhibit 10.30 

AMENDMENT NO. 2 TO GUARANTEE AGREEMENT 

AMENDMENT NO. 2 TO GUARANTEE AGREEMENT, dated as of August 29, 2018 (this “Amendment”), by and between FS CREDIT REAL
ESTATE INCOME TRUST, INC., a Maryland corporation (“Guarantor”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, 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). 
 RECITALS 

WHEREAS, FS CREIT Finance WF-1 LLC, a Delaware limited liability company (“Seller”)
and Buyer are parties to that certain Master Repurchase and Securities Contract, dated as of August 30, 2017 (as amended by that certain Amendment No. 1 to Master Repurchase and Securities Contract, dated as of April 26, 2018, by and
between Seller and Buyer, and by that certain Amendment No. 2 to Master Repurchase and Securities Contract, dated of even date herewith, by and between Seller, Buyer and Guarantor, and as further amended, restated, supplemented or otherwise
modified and in effect from time to time, the “Repurchase Agreement”); 
 WHEREAS, in connection with the Repurchase
Agreement, Guarantor executed and delivered to Buyer the Guarantee Agreement dated as of August 30, 2017, as amended by Amendment No. 1 to Guarantee Agreement, by and between Buyer and Guarantor, dated as of April 26, 2018, as amended
hereby, and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the “Guarantee Agreement”); 

WHEREAS, Guarantor and Buyer have agreed to amend certain provisions of the Guarantee Agreement in the manner set forth herein. 

Therefore, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Guarantor and Buyer hereby each agree as follows: 
 SECTION 1. Amendment to Guarantee Agreement. Effective as
of July 24, 2018, the defined term “Net Available Capital Commitments”, as set forth in Section 1(s) of the Guarantee Agreement, is hereby amended and restated in its entirety to read as follows: 

“(s) “Net Available Capital Commitments”: As of any date of determination with respect to Guarantor,
calculated, without duplication and determined on an aggregate basis, the amount of any unfunded, unencumbered and uncalled capital commitments in favor of Guarantor and callable as of right by Guarantor pursuant to (i) the Subscription
Agreements dated July 28, 2017 and May 1, 2018, between FS Shareholder and Guarantor, (ii) the Subscription Agreements dated July 28, 2017 and May 1, 2018, between Rialto Shareholder and

 
Guarantor and/or (iii) such other subscription agreements as Buyer may hereafter approve by notice to Guarantor (such approval not to be unreasonably withheld, conditioned or delayed), but
in each case only to the extent that each such capital commitment (x) is from either FS Shareholder or Rialto Shareholder, but only to the extent that each such entity (A) is not subject to an Act of Insolvency, and (B) has not
previously failed to fund any other capital call under a partnership agreement, subscription agreement or another similar agreement, (y) is payable in cash, and (z) is readily available to be called by Guarantor without condition from time
to time other than customary notice and similar administrative conditions.” 
 SECTION 2. Conditions Precedent. This
Amendment and its provisions shall become effective on July 24, 2018 (the “Amendment Effective Date”). 
 SECTION
3. Representations, Warranties and Covenants. Guarantor hereby represents and warrants to Buyer, as of the date hereof and as of the Amendment Effective Date, that (i) it is in full compliance with all of the terms and provisions set
forth in each Repurchase Document to which it is a party on its part to be observed or performed, and (ii) no Default or Event of Default has occurred or is continuing. Guarantor hereby confirms and reaffirms its representations, warranties and
covenants contained in each Repurchase Document to which it is a party. 
 SECTION 4. Acknowledgements of Guarantor. Guarantor
hereby acknowledges that Buyer is in compliance with its undertakings and obligations under the Repurchase Agreement and the other Repurchase Documents. 

SECTION 5. Limited Effect. Except as expressly amended and modified by this Amendment, the Fee and Pricing Letter shall continue
to be, and shall remain, in full force and effect in accordance with their respective terms; provided, however, that upon the Amendment Effective Date, each (x) reference therein and herein to the “Repurchase Documents”
shall be deemed to include, in any event, this Amendment, (y) reference to the “Guarantee Agreement” in any of the Repurchase Documents shall be deemed to be a reference to the Guarantee Agreement, as amended hereby, and
(z) reference in the Guarantee Agreement to “this Guarantee Agreement”, “hereof”, “herein” or words of similar effect in referring to the Guarantee Agreement shall be deemed to be references to the Guarantee
Agreement, as amended by this Amendment. 
 SECTION 6. Counterparts. This Amendment may be executed by each of the parties
hereto on any number of separate counterparts, each of which shall be an original and all of which taken together 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. 

SECTION 7. Expenses. Guarantor agrees to pay and reimburse Buyer for all out-of-pocket costs and expenses incurred by Buyer in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the fees and disbursements of Cadwalader,
Wickersham & Taft LLP, counsel to Buyer. 

  
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 SECTION 8. 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.
 [SIGNATURES FOLLOW] 

  
 -3- 

 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. 
  

					
	GUARANTOR:
	
	FS CREDIT REAL ESTATE INCOME TRUST, INC., a Maryland corporation
		
	By:	 	 /s/ Edward T. Gallivan, Jr.

		 	Name:	 	 Edward T. Gallivan, Jr.

		 	Title:	 	Chief Financial Officer

  
 FS Credit REIT – Amendment No. 2 to
the Guarantee Agreement 

 
					
	BUYER:
	
	WELLS FARGO BANK, N.A., a national banking association
		
	By:	 	 /s/ Michael P. Duncan

		 	Name:	 	Michael P. Duncan 
		 	Title:	 	Vice President

  
 FS Credit REIT – Amendment No. 2 to
the Guarantee AgreementEX-10.31

 Exhibit 10.31 

Execution Version 

FIFTH AMENDMENT TO UNCOMMITTED MASTER REPURCHASE AND SECURITIES CONTRACT AGREEMENT 

THIS FIFTH AMENDMENT TO UNCOMMITTED MASTER REPURCHASE AND SECURITIES CONTRACT AGREEMENT (this “Amendment”),
dated as of December 11, 2020, is by and between GOLDMAN SACHS BANK USA, a New York state-chartered bank, as buyer (“Buyer”) and FS CREIT FINANCE GS-1 LLC, a Delaware
limited liability company, as seller (“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 Uncommitted Master Repurchase and Securities Contract Agreement, dated as of
January 26, 2018, as amended by that certain First Amendment to Uncommitted Master Repurchase and Securities Contract Agreement, dated as of June 6, 2018, as amended by that certain Second Amendment to Uncommitted Master Repurchase and
Securities Contract Agreement, dated as of February 20, 2019, as amended by that certain Third Amendment to Uncommitted Master Repurchase and Securities Contract Agreement and First Amendment to Guarantee Agreement, dated as of
December 19, 2019, as amended by that certain Fourth Amendment to Uncommitted Master Repurchase and Securities Contract Agreement and First Amendment to Fee Letter, dated as of February 18, 2020 (as the same may be further amended,
restated, supplemented or otherwise modified from time to time, the “Master Repurchase Agreement”); and 

WHEREAS, Seller and Buyer wish to modify certain terms and provisions of the Master Repurchase Agreement as set forth below.

 NOW, THEREFORE, for good and valuable consideration, 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 are hereby added to Article 2 of the Master Repurchase Agreement in appropriate alphabetical order: 

“Benchmark” shall mean, initially, LIBOR; provided, that if a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred with respect to LIBOR or the then-current Benchmark, then “Benchmark” shall mean the applicable Benchmark Replacement. 

“Benchmark Replacement” shall mean the first alternative set forth in the order below that can be determined by Buyer
as of the Benchmark Replacement Date: 
 (1) the sum of (a) Term SOFR and (b) the Benchmark Replacement Adjustment; 

(2) the sum of (a) Compounded SOFR and (b) the Benchmark Replacement Adjustment; 

(3) the sum of (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the
replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment; 

 (4) the sum of (a) the ISDA Fallback Rate and (b) the Benchmark Replacement
Adjustment; or 
 (5) the sum of (a) the alternate rate of interest that has been selected by Buyer as the replacement for the
then-current Benchmark giving due consideration to the then-prevailing market convention for determining a rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate CMBS loans at such time and
(b) the Benchmark Replacement Adjustment; 
 provided that, in the case of clauses (1) and (2) above, such rate, or the
underlying rates component thereof, is or are displayed on a screen or other information service that publishes such rate or rates from time to time as selected by Buyer in its reasonable discretion, and provided, further in all cases
that in no event shall the Benchmark Replacement for any Pricing Rate Period be deemed to be less than zero. 
 “Benchmark
Replacement Adjustment” shall mean the first alternative set forth in the order below that can be determined by Buyer as of the Benchmark Replacement Date: 

(1) the spread adjustment (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant
Governmental Body for the applicable Unadjusted Benchmark Replacement; 
 (2) if the applicable Unadjusted Benchmark Replacement is
equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; and 
 (3)the spread adjustment (which may be a positive or negative
value or zero) that has been selected by Buyer giving due consideration to the then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the
then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate CMBS loans at such time; 

provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that
publishes such Benchmark Replacement Adjustment from time to time as selected by Buyer in its reasonable discretion. 
 “Benchmark
Replacement Conforming Changes” shall mean, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Pricing Rate Determination Date”, the
definition of “Pricing Rate Period,” the definition of “Reference Time,” the timing and frequency of determining rates and making payments of interest and other administrative matters) that Buyer decides may be appropriate to
reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by Buyer in a manner substantially consistent with market practice for repurchase facilities or similar structured finance arrangements
(or, if Buyer decides that adoption of any portion of such market practice is not administratively feasible or if Buyer determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of
administration as Buyer decides is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents). 

  
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 “Benchmark Replacement Date” shall mean: 

(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the
public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; and 

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein. 
 For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the
same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date shall be deemed to have occurred prior to the Reference Time for such determination. 

“Benchmark Transition Event” shall mean the occurrence of one or more of the following events with respect to the
then-current Benchmark: 
 (1) a public statement or publication of information by or on behalf of the administrator of the Benchmark
announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide
the Benchmark; 
 (2) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark,
the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with
similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the
time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or 
 (3) a public
statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative. 

“Benchmark Transition Notice” shall have the meaning specified in Article 14(a)(iii). 

“Compounded SOFR” shall mean the compounded average of SOFRs for a one-month
period, with the rate, or methodology for this rate, and conventions for this rate (which may include compounding in arrears with a lookback and/or suspension period as a mechanism to determine the interest amount payable prior to the end of each
Pricing Rate Period) being established by Buyer in accordance with: 
 (1) the rate, or methodology for this rate, and conventions for this
rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that, 
 (2) if, and to the
extent that, Buyer determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate, that Buyer determines are substantially consistent

  
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with at least two currently outstanding U.S. dollar-denominated repurchase facilities or similar structured finance arrangements at such time (as a result of amendment or as originally executed);

 provided, further, that if Buyer decides that any such rate, methodology or convention determined in accordance with clause
(1) or clause (2) is not administratively feasible for Buyer, then Compounded SOFR shall be deemed unable to be determined for purposes of the definition of “Benchmark Replacement.” 

“ISDA Definitions” shall mean the 2006 ISDA Definitions published by the International Swaps and Derivatives
Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” shall mean the spread adjustment (which may be a positive or negative value or zero) that
would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the then-current Benchmark. 

“ISDA Fallback Rate” shall mean the rate that would apply for derivatives transactions referencing the ISDA Definitions
to be effective upon the occurrence of an index cessation date with respect to the then-current Benchmark, excluding the applicable ISDA Fallback Adjustment. 

“Reference Banks” shall mean any money center banks selected by Buyer which are engaged in transactions in Eurodollar
deposits in the international Eurocurrency market with an established place of business in London. 
 “Reference
Time” shall mean, with respect to any Pricing Rate Period, (x) if the Benchmark is LIBOR, 11:00 a.m. (London time) on the second Business Day preceding the first day of such Pricing Rate Period, and (y) if the Benchmark is not
LIBOR, the date and time determined by Buyer in accordance with the Benchmark Replacement Conforming Changes. 
 “Relevant
Governmental Body” shall mean the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York
or any successor thereto. 
 “SOFR” shall mean, with respect to any day, the secured overnight financing rate
published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator), on the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor
source. 
 “Term SOFR” shall mean the forward-looking term rate for a
one-month period based on SOFR that has been selected or recommended by the Relevant Governmental Body. 

“Unadjusted Benchmark Replacement” shall mean the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

  
 4 

 (b) The following definitions hereby replace the same existing definitions in Article 2 of
the Master Repurchase Agreement: 
 “LIBOR” shall mean, with respect to each Pricing Rate Period, the rate determined
by Buyer to be (i) the per annum rate for one (1) month deposits in U.S. dollars, which appears on the Reuters Screen LIBOR01 Page (or any successor thereto) as the London Interbank Offering Rate as of the Reference Time (rounded
upwards, if necessary, to the nearest 1/1000 of 1%); (ii) if such rate does not appear on said Reuters Screen LIBOR01 Page, the arithmetic mean (rounded as aforesaid) of the offered quotations of rates obtained by Buyer from the Reference Banks for
one (1) month deposits in U.S. dollars to prime banks in the London Interbank market as of approximately the Reference Time and in an amount that is representative for a single transaction in the relevant market at the relevant time; or
(iii) if fewer than two (2) Reference Banks provide Buyer with such quotations, the rate per annum which Buyer determines to be the arithmetic mean (rounded as aforesaid) of the offered quotations of rates which major banks in New
York, New York selected by Buyer are quoting at approximately 11:00 a.m., New York City time, on the Pricing Rate Determination Date for loans in U.S. dollars to leading European banks for a period equal to the applicable Pricing Rate Period in
amounts of not less than $1,000,000.00; provided, that such selected banks shall be the same banks as selected for all of Buyer’s other customers where LIBOR is to be applied, to the extent such banks are available. Buyer’s
determination of LIBOR shall be binding and conclusive on Seller absent manifest error. LIBOR may or may not be the lowest rate based upon the market for U.S. dollar deposits in the London Interbank Eurodollar Market at which Buyer prices loans on
the date which LIBOR is determined by Buyer as set forth above. Notwithstanding anything contained herein to the contrary, with respect to each Transaction, in no event shall LIBOR for such Transaction be less than 0.50% . 

“Pricing Rate” shall mean, for any Pricing Rate Period (or such other period based upon the applicable Purchased Asset)
and any Transaction: 
 (a) during the Availability Period, an annual rate equal to the sum of (i) the Benchmark, plus (ii) the
relevant Applicable Spread, in each case, for the applicable Pricing Rate Period for the related Purchased Asset; and 
 (b) during the
Amortization Period, an annual rate equal to the sum of (i) the Benchmark, plus (ii) the Amortization Period Additional Percentage, plus (iii) the relevant Applicable Spread, in each case, for the applicable Pricing Rate Period for
the related Purchased Asset. 
 The Pricing Rate, in any such case, shall be subject to adjustment and/or conversion as provided in the
Transaction Documents (including, without limitation as provided in Article 14) or the related Confirmation. 
 “Pricing
Rate Determination Date” shall mean with respect to any Transaction, (i) with respect to the first Pricing Rate Period, the related Purchase Date for such Purchased Asset and (ii) with respect to any subsequent Pricing Rate
Period, (a) if the Benchmark is LIBOR, the second (2nd) Business Day preceding the first day of such Pricing Rate Period and (b) if the Benchmark is not LIBOR, the time determined by
Buyer in accordance with the Benchmark Replacement Conforming Changes. 

  
 5 

 (c) The definitions of “Federal Funds Rate”, “Federal
Funds Rate Applicable Spread”, “Federal Funds Rate Transaction”, “Substitute Rate”, “Substitute Rate Applicable Spread”, “Substitute Rate
Transaction” and “Reserve Interest Rate” in Article 2 of the Master Repurchase Agreement are hereby deleted in their entirety. 

(d) Article 14(a) of the Master Repurchase Agreement is hereby deleted in its entirety and replaced with the following: 

“(a) Effect of Benchmark Transition Event. 

(i) Benchmark Conversion Election. Notwithstanding anything to the contrary in this Agreement or in any other
Transaction Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any determination of the Benchmark for any Pricing Rate Period (as determined by Buyer in its
sole and absolute discretion (which determination shall be conclusive and binding upon Seller absent manifest error)), Buyer shall have the sole and exclusive right to elect to replace the then-current Benchmark with a Benchmark Replacement in
accordance with this Agreement and under any other Transaction Document in respect of such determination and all determinations on all subsequent dates (without any amendment to, or further action or consent of Seller). 

(ii) Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement,
Buyer shall have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary in this Agreement or in any other Transaction Documents, any amendments implementing such Benchmark
Replacement Conforming Changes shall become effective without any further action or consent of Seller. 
 (iii)
Benchmark Transition Notice. Buyer shall promptly notify Seller of (A) the occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, (B) the implementation of any Benchmark Replacement and
(C) the effectiveness of any related Benchmark Replacement Conforming Changes in connection with the replacement of the then-current Benchmark with such Benchmark Replacement (such notice, the “Benchmark Transition
Notice”). From and after the Benchmark Replacement Date related to such Benchmark Transition Notice, the specified Benchmark Replacement shall be the Benchmark for all purposes under this Agreement, each of the other Transaction
Documents and every Transaction hereunder. 
 (iv) Standards for Decisions and Determinations. Notwithstanding
anything to the contrary in this Agreement or in any other Transaction Document, any determination, decision or election that may be made by Buyer pursuant to this Article 14(a), including, but not limited to, any determination of any
Benchmark Transition Event, any election to replace the then-current Benchmark with a Benchmark Replacement, any Benchmark Transition Notice or any selection of the Benchmark Replacement, the related Benchmark Replacement Adjustment or any related
Benchmark Replacement Conforming Changes or any other determination, decision or election with respect to a rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any
decision to take or refrain from taking any action or any selection, shall be conclusive and binding absent manifest error and may be made in the sole discretion of Buyer without consent from the Seller. If any Benchmark Replacement of a Transaction
occurs on a day that is not the last day of the then current Pricing Rate Period with respect to such Transaction, Seller shall pay to Buyer such amounts, if any, as may be required pursuant to Article 14(f) of this Agreement.” 

  
 6 

 (e) Article 14(b) of the Master Repurchase Agreement is hereby deleted in its entirety and
replaced with the following: 
 “(b) Illegality. Notwithstanding any other provision herein, if the adoption of or any change in
any Requirement of Law or in the interpretation or application thereof shall make it unlawful for Buyer to enter into or maintain Transactions as contemplated by the Transaction Documents, the commitment of Buyer hereunder to enter into new
Transactions or, if such adoption of or change in Requirement of Law makes it unlawful for Buyer to continue to maintain Transactions as contemplated by this Agreement, to continue Transactions as such shall forthwith be canceled.” 

(f) Article 14(c) of the Master Repurchase Agreement is hereby deleted in its entirety and replaced with the following: 

“(c) Increased Costs. If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof by
any Governmental Authority or compliance by Buyer with any request or directive from any central bank or other Governmental Authority having jurisdiction over Buyer made subsequent to the date hereof: 

(i) shall subject Buyer or any Transferee to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses
(b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) under this Agreement or its deposits, reserves, other liabilities or capital attributable thereto; 

(ii) shall impose, modify or hold applicable any Reserve Requirements, other reserves, special deposit, compulsory loan or similar requirement
against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of Buyer that is not otherwise included in the determination of the
Benchmark hereunder; or 
 (iii) shall impose on Buyer any other condition; 

and the result of any of the foregoing is to increase the cost to Buyer, by an amount that Buyer deems, in the exercise of its reasonable
business judgment, to be material, of entering into, continuing or maintaining Transactions or to reduce any amount receivable under the Transaction Documents in respect thereof; then, in any such case, Seller shall promptly pay Buyer, upon its
demand, any additional amounts necessary to compensate Buyer for such increased cost or reduced amount receivable; provided, however, that to the extent any such determination by Buyer and imposition of such increased costs apply to
all sellers under similar repurchase facilities with Buyer, such determination and imposition of such increased costs will not be applied solely to Seller; provided, further, that if Buyer fails to notify Seller of any event which
would entitle Buyer to compensation pursuant to this Article 14(c) within sixty (60) days after Buyer’s Knowledge of such event, then Buyer shall not be entitled to such compensation from Seller for any amount resulting from
such event and arising prior to the date which is sixty (60) days before the date on which Buyer notifies Seller of such event. Such notification as to the calculation of any additional amounts payable pursuant to this

  
 7 

 
subsection shall be submitted by Buyer to Seller and shall be prima facie evidence of such additional amounts. This covenant shall survive the termination of this Agreement and the repurchase by
Seller of any or all of the Purchased Assets; provided, however, Buyer shall not be entitled to any compensation under this Article 14(c) following the date which is ninety (90) days after the termination of this Agreement.” 

(g) The following is hereby added to Exhibit III-A of the Master Repurchase Agreement as a sixth
bullet: 
 “The floating rate benchmark or index used to determine interest payments in respect of such Purchased Asset for the
preceding calendar month.” 
 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) Responsible Officer Certificate. A signed certificate from a Responsible Officer of Seller certifying: (i) that no amendments
have been made to the organizational documents of Seller since January 26, 2018, unless otherwise stated therein; and (ii) the authority of Seller to execute and deliver this Amendment and the other Transaction Documents to be executed and
delivered in connection with this Amendment. 
 (c) Good Standing. Certificates of existence and good standing and/or qualification
to engage in business for the Seller. 
 (d) 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. Seller Representations. Seller hereby represents and warrants that: 

(a) no Potential Event of Default, Event of Default or Margin Deficit has occurred and is continuing, 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; 
 (b) the
representations and warranties contained in Article 9 of the Master Repurchase Agreement are true and correct in all material respects (except to the extent that such representations and warranties specifically refer to any earlier date, in which
case Seller represents and warrants that such representations and warranties are true and correct as of such earlier date and except that the representations and warranties regarding Seller or Guarantor’s financial statements are deemed to
refer to the most recent financial statements furnished to Buyer); 
 (c) no amendments have been made to the organizational documents of
Seller since January 26, 2018; and 
 (d) Seller is duly authorized to executed and deliver this Amendment. 

4. Defined Terms. Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Master
Repurchase Agreement. 

  
 8 

 5. Continuing Effect; Reaffirmation of Guarantee Agreement. 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 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 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, Fee Letter or any other Transaction Document, nor constitute a waiver of any provision of the Master Repurchase Agreement, Fee Letter or any other Transaction Document by any of the parties
hereto. 
 [NO FURTHER TEXT ON THIS PAGE] 

  
 9 

 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

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

  
 Signature Page to Fifth
Amendment to Uncommitted Master Repurchase 
 and Securities Contract Agreement 

 
					
	SELLER:
	
	FS CREIT FINANCE GS-1 LLC, a Delaware limited liability company
		
	By:	 	 /s/ Edward T. Gallivan, Jr.

		 	Name:	 	Edward T. Gallivan, Jr.
		 	Title:	 	Chief Financial Officer

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 Signature Page to Fifth
Amendment to Uncommitted Master Repurchase and Securities Contract Agreement 

 The undersigned hereby acknowledges the execution of the Amendment and agrees that the
Guarantee Agreement and agreements therein 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 therein, and each party subordinating any right or lien to the rights and liens of Buyer, therein, hereby acknowledges 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. In addition, the undersigned reaffirms its obligations under the Guarantee Agreement and agrees that its obligations under the Guarantee Agreement
shall remain in full force and effect and apply to the additional components referenced in this Amendment. 
  

					
	GUARANTOR:
	
	 FS CREDIT REAL ESTATE INCOME TRUST,

INC., a Maryland corporation

		
	By:	 	 /s/ Edward T. Gallivan, Jr.

		 	Name:	 	Edward T. Gallivan, Jr.
		 	Title:	 	Chief Financial Officer

  
 Signature Page to Fifth
Amendment to Uncommitted Master Repurchase and Securities Contract Agreement

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