Document:

EX-10.6

 Exhibit 10.6 

DECHERT DRAFT 4/23/21 
 FS
CREIT Finance BB-1 LLC 
 201 Rouse Boulevard 

Philadelphia, PA 19112 

April 23, 2021 
 Barclays Bank PLC 

745 7th Avenue 
 New York, New York 10019 

Attention: Francis X. Gilhool, Jr. 
 Re: Master
Repurchase Agreement, dated as of February 22, 201 (as the same has been and may be amended, modified, restated, replaced, waived, substituted, supplemented or extended and in effect from time to time, the “Repurchase
Agreement”), by and between FS CREIT Finance BB-1 LLC, a Delaware limited liability company(“Seller”), and Barclays Bank PLC, a public limited company organized under the laws of
England and Wales (“Purchaser”) 
 To the addressee above: 

Pursuant to the definition of “Maximum Facility Purchase Price” in Section 1 of that certain Fee Letter, dated as of
February 22, 2021 (as the same may be amended, modified, restated, replaced, waived, substituted, supplement or extended and in effect from time to time, the “Fee Letter”), from Purchaser and accepted and agreed by Seller,
entered into in connection with the Repurchase Agreement, Seller hereby requests that the Maximum Facility Purchase Price be increased by $828,074.80 up to an aggregate total of $175,828,074.80. 

Please evidence your agreement to increase the Maximum Facility Purchase Price in accordance with the above request by returning a
countersigned copy of this letter to Seller. 
 THIS LETTER AGREEMENT (AND ANY CLAIM OR CONTROVERSY HEREUNDER) 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
SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 
 This letter agreement
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. Signature pages to this letter agreement delivered in electronic
form (such as PDF) shall be considered binding with the same force and effect as original signatures. 
 [SIGNATURES ON NEXT PAGE] 

  
 Restricted - External

 Please acknowledge your acceptance of the terms and conditions presented in this letter
agreement by signing in the place indicated below. 
  

			
	Very truly yours,
	
	 FS CREIT FINANCE BB-1 LLC,

a Delaware limited liability company

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

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

 By signing below, FS Credit Real Estate Income Trust, Inc., a Maryland corporation
(“Guarantor”), hereby acknowledges the foregoing letter and in connection Purchaser’s agreement to the terms of the foregoing letter reaffirms the terms and conditions of that certain Guaranty, dated as of February 22, 2021 (as
the same may be amended, modified, restated, replaced, waived, substituted, supplemented or extended and in effect from time to time, the “Guaranty”), made by Guarantor for the benefit of Purchaser, and acknowledges and agrees that
the Guaranty remains in full force and effect. 
  

			
	 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

 [SIGNATURES CONTINUE ON NEXT PAGE] 

  
 Barclays-FS CREIT – Upsize Letter 

 
			
	ACKNOWLEDGED AND AGREED:
	
	BARCLAYS BANK PLC
		
	By:	 	 /s/ Sabrina Khabie

		 	Name: Sabrina Khabie
		 	Title: Authorized Signatory

  
 Barclays-FS CREIT – Upsize LetterEX-10.7

 Exhibit 10.7 

EXECUTION VERSION 
 FS CREIT
Finance BB-1 LLC 
 201 Rouse Boulevard 

Philadelphia, PA 19112 
  

			
	 Barclays Bank PLC
 745 7th Avenue

New York, New York 10019
 Attention: Francis X. Gilhool,
Jr.
	 	April 26, 2021

 Re: Master Repurchase Agreement, dated as of February 22, 201 (as the same has been and may be amended,
modified, restated, replaced, waived, substituted, supplemented or extended and in effect from time to time, the “Repurchase Agreement”), by and between FS CREIT Finance BB-1 LLC, a Delaware
limited liability company(“Seller”), and Barclays Bank PLC, a public limited company organized under the laws of England and Wales (“Purchaser”) 

To the addressee above: 
 Pursuant to the
definition of “Maximum Facility Purchase Price” in Section 1 of that certain Fee Letter, dated February 22, 2021 (as the same may be amended, modified, restated, replaced, waived, substituted, supplement or extended and in effect
from time to time, the “Fee Letter”), from Purchaser and accepted and agreed by Seller, entered into in connection with the Repurchase Agreement, Seller hereby requests that the Maximum Facility Purchase Price, which was
previously increased by that certain letter agreement, dated as of April 23, 2021, from Seller and FS Credit Real Estate Income Trust, Inc., a Maryland corporation (“Guarantor”), and acknowledged and agreed by Purchaser, be
further increased by $74,171,925.20 up to an aggregate total of $250,000,000. 
 Please evidence your agreement to increase the Maximum
Facility Purchase Price in accordance with the above request by returning a countersigned copy of this letter to Seller. 
 THIS LETTER
AGREEMENT (AND ANY CLAIM OR CONTROVERSY HEREUNDER) 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 SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

This letter agreement 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. Signature pages to this letter agreement delivered in electronic form (such as PDF) shall be considered binding with the same force and effect as original signatures. 

[SIGNATURES ON NEXT PAGE] 

 Please acknowledge your acceptance of the terms and conditions presented in this letter
agreement by signing in the place indicated below. 
  

			
	 Very truly yours,

	
	 FS CREIT FINANCE BB-1 LLC,

a Delaware limited liability company
  

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

	 Name: Edward T. Gallivan, Jr.

	 Title: Chief Financial Officer

 By signing below, Guarantor hereby acknowledges the foregoing letter and in connection Purchaser’s
agreement to the terms of the foregoing letter reaffirms the terms and conditions of that certain Guaranty, dated as of February 22, 2021 (as the same may be amended, modified, restated, replaced, waived, substituted, supplemented or extended
and in effect from time to time, the “Guaranty”), made by Guarantor for the benefit of Purchaser, and acknowledges and agrees that the Guaranty remains in full force and effect. 

 

			
	 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

 [SIGNATURES CONTINUE ON NEXT PAGE] 

Barclays-FS CREIT – Upsize Letter 2 

 
			
	 ACKNOWLEDGED AND AGREED:

 

	 BARCLAYS BANK PLC

 

	 By:
	 	 /s/ Francis X. Gilhool

	 Name: Francis X. Gilhool

	 Title: Authorized Signatory

 Barclays-FS CREIT – Upsize Letter 2Exhibit 4.1

      

      

      

      SPECIMEN UNIT CERTIFICATE

    

    

    NUMBER UNITS

    U-

    

    

    SEE REVERSE FOR CERTAIN

    DEFINITIONS

    

    

    CUSIP [ ]

    

    

    LEARN CW INVESTMENT CORPORATION

    

    

    UNITS CONSISTING OF ONE CLASS A ORDINARY SHARE AND ONE-THIRD
        OF ONE REDEEMABLE WARRANT TO PURCHASE ONE CLASS A ORDINARY SHARE

    

    

    THIS CERTIFIES THAT                 is the owner of                 Units.

    

    

    Each Unit (“Unit”) consists of one (1) Class A ordinary share, par value $0.0001 per share (“Ordinary Shares”), of Learn CW Investment Corporation, a
      Cayman Islands exempted company (the “Company”), and one-third (1/3) of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one (1) Ordinary Share for $11.50 per share (subject to adjustment). Each
      Warrant will become exercisable on the later of (i) thirty (30) days after the Company’s completion of a merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses
      (each, a “Business Combination”), and (ii) twelve (12) months from the closing of the Company’s initial public offering, and will expire unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years after the date on which
      the Company completes its initial Business Combination, or earlier upon redemption or liquidation (the “Expiration Date”). The Ordinary Shares and Warrants comprising the Units represented by this certificate are not transferable separately prior to
      , 2021, unless Evercore Group L.L.C. elects to allow earlier separate trading, subject to the Company’s filing with the Securities and Exchange Commission of a Current Report on Form 8-K containing an audited balance sheet reflecting the Company’s
      receipt of the gross proceeds of the initial public offering and issuing a press release announcing when separate trading will begin. No fractional warrants will be issued upon separation of the Units and only whole warrants are exercisable. The
      terms of the Warrants are governed by a Warrant Agreement, dated as of , 2021, between the Company and American Stock Transfer & Trust Company, LLC as Warrant Agent, and are subject to the terms and provisions contained therein, all of which
      terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 6201 15th Avenue, Brooklyn, New York 11219, and are available to any Warrant
      holder on written request and without cost.

    

    

    Upon the consummation of the Business Combination, the Units represented by this certificate will automatically separate into the Class A Ordinary Shares
      and Warrants comprising such Units.

    

    

    This certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company.

    

    

    This certificate shall be governed by and construed in accordance with the internal laws of the State of New York.

    

    

    Witness the facsimile signatures of its duly authorized officers.

          

      

    
      	By:

            	
               

            	
               

            	
               

            
	
               

            	Chief Executive Officer   

            	
               

            	 Chief Financial Officer

    

    
      
        

    

    LEARN CW INVESTMENT CORPORATION

    

    

    The Company will furnish without charge to each unitholder who so requests, a statement of the powers, designations, preferences and relative,
      participating, optional or other special rights of each class of shares or series thereof of the Company and the qualifications, limitations or restrictions of such preferences and/or rights.

    

    

    The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full
      according to applicable laws or regulations:

    	
            TEN COM

          	
            —

          	
            as tenants in common

          	 	
            UNIF GIFT MIN ACT

          	
            —

          	 	
            Custodian

          	 
	 	 	 	 	 	 	
            (Cust)

          	 	
            (Minor)

          
	 	 	 	 	 	 	 
	
            TEN ENT

          	
            —

          	
            as tenants by the entireties

          	 	 	 	
            under Uniform Gifts to Minors Act

          
	 	 	 	 	 	 	 
	 	 	 	 	 	 	
            (State)

          
	 	 	 	 	 	 	 
	
            JT TEN

          	
            —

          	
            as joint tenants with right of

            survivorship and not as tenants in

            common

          	 	 	 	 

     

    

    Additional abbreviations may also be used though not in the above list.

    

    

    For value received, ___________________________ hereby sells, assigns and transfers unto

    
      

    
      PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

      

      

      (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

      

      

    

    ____________________ Units represented by the within Certificate, and hereby irrevocably constitutes and appoints Attorney to transfer said Units on the
      books of the within named Company with full power of substitution in the premises.

     

    

    	
            Dated

          	 	 	 
	 	 	 	
            Shareholder

             

            Notice:    The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change
                whatever.

          
	
            Signature(s) Guaranteed:

          	 
	 	 
	 	 
	 	 
	
            THE SIGNATURE(S) MUST BE GUARANTEED BY

            AN ELIGIBLE GUARANTOR INSTITUTION

            (BANKS, STOCKBROKERS, SAVINGS AND LOAN

            ASSOCIATIONS AND CREDIT UNIONS WITH

            MEMBERSHIP IN AN APPROVED SIGNATURE

            GUARANTEE MEDALLION PROGRAM, PURSUANT

            TO S.E.C. RULE 17Ad-15 OR ANY SUCCESSOR

            RULES).

          	 

    

    

    In each case, as more fully described in the Company’s final prospectus dated , 2021, the holder(s) of this certificate shall be entitled to receive a
      pro-rata portion of certain funds held in the trust account established in connection with the Company’s initial public offering only in the event that (i) the Company redeems the Ordinary Shares sold in its initial public offering and liquidates
      because it does not consummate an initial business combination within the period of time set forth in the Company’s amended and restated memorandum and articles of association, as the same may be amended from time to time, (ii) the Company redeems
      the Ordinary Shares sold in its initial public offering in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association that would affect the substance or timing of the Company’s obligation to
      provide for the redemption of Class A ordinary shares in connection with an initial business combination or to redeem 100% of the Ordinary Shares if it does not consummate an initial business combination within the time period set forth therein, or
      (iii) if the holder(s) seek(s) to redeem for cash his, her or its respective Ordinary Shares in connection with a tender offer (or proxy solicitation, solely in the event the Company seeks shareholder approval of the proposed initial business
      combination) setting forth the details of a proposed initial business combination. In no other circumstances shall the holder(s) have any right or interest of any kind in or to the trust account.

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