Document:

EX-10.42

 Exhibit 10.42 

EXECUTION VERSION 

FIRST AMENDMENT TO 

MASTER REPURCHASE AGREEMENT 

FIRST AMENDMENT TO MASTER REPURCHASE AGREEMENT, dated as of May 20, 2021 (this “Amendment”), by and
between BARCLAYS BANK PLC, a public limited company organized under the laws of England and Wales (together with its successors and assigns, “Purchaser”), and FS CREIT FINANCE BB-1
LLC, a limited liability company organized under the laws of the State of Delaware (together with its successors and permitted assigns, “Seller”). Capitalized terms used and not otherwise defined herein shall have the meanings
given to such terms in the Repurchase Agreement (as defined below and as amended hereby). 
 RECITALS 

WHEREAS, Seller and Purchaser are parties to that certain Master Repurchase Agreement, dated as of February 22, 2021 (the
“Existing Repurchase Agreement” and, as amended by this Amendment, and as hereafter further amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to time, the “Repurchase
Agreement”); and 
 WHEREAS, Purchaser and Seller desire to make certain amendments and modifications to the Existing
Repurchase Agreement as further set forth herein. 
 NOW, THEREFORE, in consideration of the foregoing recitals, and other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 

ARTICLE 1 

AMENDMENTS TO REPURCHASE AGREEMENT 

(a) Article 2 of the Existing Repurchase Agreement is hereby amended by deleting the definition of “Senior Participation
Interest” in its entirety and replacing it with the following in its appropriate alphabetical order: 
 “Senior Participation
Interest” shall mean a senior or pari passu senior Participation Interest in a Mortgage Loan (such Mortgage Loan, a “Participated Loan”) evidenced by a Participation Certificate; provided that (i) the holder
of any pari passu Senior Participation Interest is the Record Holder and the Controlling Holder or (ii) subject to Purchaser’s approval in its sole and absolute discretion, if the holder of such pari passu Senior
Participation Interest is not a Record Holder or a Controlling Holder (a “Non-Controlling Senior Participation Interest”): (A) the related Participated Loan was previously a Purchased Asset
and was included in a securitization for which Purchaser or an Affiliate of Purchaser acted as an underwriter or structuring agent (where such Non-Controlling Senior Participation Interest represents a portion
of such Participated Loan that is not being included in such securitization); (B) control of such Participated Loan is required to be in the securitization in connection with the inclusion of a portion of the Purchased Asset in such securitization;
(C) the Purchase 

 
Price Percentage and the Spread with respect to such Non-Controlling Participation Interest shall be as determined by Purchaser in its sole and absolute
discretion and reflected in the related Confirmation; (D) any Non-Controlling Senior Participation Interest may only continue to be an Eligible Asset until nine (9) months after such Non-Controlling Senior Participation Interest becomes a Purchased Asset; (E) the aggregate outstanding Purchase Price with respect to Non-Controlling Senior Participation
Interests does not at any time exceed 10% of the Maximum Facility Purchase Price (unless otherwise agreed in writing by Seller and Purchaser); and (F) the Participated Loan was originated by an Affiliate of Guarantor or a Subsidiary thereof. A
Senior Participation Interest shall not be junior to any other participation interest or Promissory Note secured directly or indirectly by the same Mortgaged Property. 

(b) Exhibit II of the Existing Repurchase Agreement is hereby deleted in its entirety and replaced with the counterpart exhibit attached
as Annex A hereto. 
 ARTICLE 2 

REPRESENTATIONS 

Seller represents and warrants to Purchaser, as of the date of this Amendment, as follows: 

(a) all representations and warranties made by it in the Existing Repurchase Agreement (other than those contained in Article 10(w), which
shall be considered solely for the purpose of determining the Market Value and eligibility of the Purchased Assets, unless (i) Seller shall have made any such representations and warranties with actual knowledge that they were materially false
or misleading at the time made; or (ii) any such representations and warranties have been determined by Purchaser in its sole and absolute discretion to be materially false or misleading on a regular basis) are true, correct and complete in all
material respects with the same force and effect as if made on and as of the date hereof, except to the extent any such representation and warranty expressly refers to a prior date; 

(b) it is duly incorporated or organized, validly existing and in good standing under the laws of its jurisdiction of organization; 

(c) it is duly authorized to execute and deliver this Amendment and to perform its obligations under the Existing Repurchase Agreement, as
amended and modified hereby, and has taken all necessary action to authorize such execution, delivery and performance; 
 (d) the person
signing this Amendment on its behalf is duly authorized to do so on its 
 behalf; 

(e) the execution, delivery and performance of this Amendment will not violate any Requirement of Law applicable to it or its organizational
documents or any agreement by which it is bound or by which any of its assets are affected; 
 (f) this Amendment has been duly executed and
delivered by it; and 

  
 2 

 (g) the Existing Repurchase Agreement, as amended and modified hereby, constitutes its
legal, valid and binding obligation, enforceable against it in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, other limitations on creditors’ rights generally and general principles of equity. 

ARTICLE 3 
 FEES AND
EXPENSES 
 Seller shall promptly pay all of Purchaser’s reasonable costs and expenses (including, without limitation, the
reasonable fees and expenses of external counsel), incurred in connection with the preparation, negotiation, execution and consummation of this Amendment. 

ARTICLE 4 
 GOVERNING
LAW 
 THIS AMENDMENT (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). 
 ARTICLE 5 

MISCELLANEOUS 
 (a)
Except as expressly amended or modified hereby, the Repurchase Agreement and the other Transaction Documents shall each be and shall remain in full force and effect in accordance with their terms. All references to the Transaction Documents shall be
deemed to mean the Transaction Documents as modified by this Amendment. 
 (b) This Amendment 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. Delivery of an executed counterpart of a signature page of this Amendment in electronic format shall be as
effective as delivery of a manually executed original counterpart of this Amendment. 
 (c) The headings in this Amendment are for
convenience of reference only and shall not affect the interpretation or construction of this Amendment. 
 (d) This Amendment may not be
amended or otherwise modified, waived or supplemented except as provided in the Repurchase Agreement. 
 (e) This Amendment contains a final
and complete integration of all prior expressions by the parties with respect to the subject matter hereof and shall constitute the entire agreement among the parties with respect to such subject matter, superseding all prior oral or written
understandings. 

  
 3 

 (f) This Amendment and the Repurchase Agreement, as amended hereby, are a single Transaction
Document and shall be construed in accordance with the terms and provisions of the Repurchase Agreement. 
 [SIGNATURE PAGES FOLLOW] 

  
 4 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed
as of the date first above written. 
  

			
	PURCHASER:
	
	BARCLAYS BANK PLC, a public limited company organized under the laws of England and Wales
		
	By:	 	 /s/ Francis X. Gilhool

		 	Name: Francis X. Gilhool
		 	Title: Authorized Signatory

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

 

  
 Barclays-FS CREIT – First Amendment to Master Repurchase Agreement 

 
			
	SELLER:
	
	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

  

  
 Barclays-FS CREIT – First Amendment to Master Repurchase Agreement 

 ANNEX A 

[Attached] 

 EXHIBIT II 

FORM OF CONFIRMATION STATEMENT 

[Date] 
 To: Barclays Bank PLC 

Ladies and Gentlemen: 
 Reference is made hereby
to the Master Repurchase Agreement, dated as of February 22, 2021 (the “Agreement”), between Barclays Bank PLC (“Purchaser”) and FS CREIT Finance BB-1 LLC
(“Seller”). This Confirmation is being delivered to you, as Purchaser, to request a Transaction pursuant to which Purchaser will purchase from us, as Seller, the Eligible Asset identified on the attached Schedule 1 in
accordance with the terms of the Agreement. Capitalized terms used herein without definition have the meanings given in the Agreement. 
  

			
	Purchase Date:	  	__________, 20__
		
	Eligible Asset:	  	___________________, as further identified on Schedule 1
		
	Asset Type:	  	[Mortgage Loan][Senior Note][Senior Participation
		  	Interest]
		
	Record Holder:	  	[NAP][Yes][No]1
		
	Controlling Holder:	  	[NAP][Yes][No]1
	
	Outstanding Principal Amount of Purchased
	Asset as of Purchase Date:	  	$__________
	
	Available Future Funding under Purchased
	Asset as of Purchase Date:	  	$__________
		
	Repurchase Date:	  	__________, 20__
		
	Purchase Price:	  	$__________
		
	Pricing Rate:	  	As defined in the Agreement
		
	Initial Benchmark:	  	[LIBOR]
		
	Benchmark Floors:	  	LIBOR:  __________%
		  	SOFR:    __________%
		  	[RATE]: __________%

  
  

	1	 Must select “Yes” or “No” for any Senior Note and Senior Participation Interest and NAP for
other asset types. 

  
 Ex. II-1 

			
	Spread:	  	__________%
		
	Purchase Price Percentage:	  	__________%
		
	Governing Agreements:	  	As identified on attached Schedule 2
		
	Requested Exceptions Report:	  	Attached as Schedule 3
		
	Requested Wire Amount:	  	$__________
		
	Type of Funding:	  	[Wet][Dry] Funding

 Seller’s Wiring Instructions: 
  

			
	Bank Name:	  	  

	ABA Number:	  	  

	Account Number:	  	  

	Reference:	  	  

 [Seller hereby certifies that all conditions precedent to the funding of a Purchase Price increase in
connection with the Future Advance set forth in the related Purchased Asset Documents and in Article 3(h)(ii) of the Agreement have been satisfied except for the following conditions which have been waived by Purchaser: [IDENTIFY ANY WAIVED
CONDITIONS]].2 
 To evidence your agreement to enter into the Transaction in
accordance with the terms set forth in this Confirmation, please return a countersigned copy of this Confirmation to Seller. 
  

			
	FS CREIT FINANCE BB-1 LLC
		
	By:	 	              

		 	Name:
		 	Title:

  

			
	AGREED AND ACKNOWLEDGED:
	
	BARCLAYS BANK PLC
		
	By:	 	
                     
    

		 	Name:
		 	Title:

  
  

	2	 To be included if the Confirmation is delivered in connection with a future funding. 

  
 Ex. II-2 

 Schedule 1 to Confirmation 

Purchased Asset Schedule 

(attached) 
  

 

  
 Ex. II-3 

 Schedule 2 to Confirmation 

Governing Agreements 

  
 Ex. II-4 

 Schedule 3 to Confirmation 

Requested Exceptions Report 

  
 Ex. II-5EX-10.44

 Exhibit 10.44 

EXECUTION VERSION 

THIRD AMENDMENT TO 

MASTER REPURCHASE AGREEMENT 

THIRD AMENDMENT TO MASTER REPURCHASE AGREEMENT, dated October 7, 2021 (this “Amendment”), is entered into
by and between FS CREIT FINANCE BB-1 LLC, a limited liability company organized under the laws of the State of Delaware (“Seller”), and BARCLAYS BANK PLC, a public limited
company organized under the laws of England and Wales (including any successor thereto, “Purchaser”). Capitalized terms used and not otherwise defined herein shall have the meanings given to such terms in the Master Repurchase
Agreement (as defined below). 
 RECITALS 

WHEREAS, Purchaser and Seller are parties to that certain Master Repurchase Agreement, dated as of February 22, 2021, as
amended by the First Amendment to Master Repurchase Agreement, dated as of May 20, 2021, and as further amended by the Second Amendment to Repurchase Agreement, dated as of August 5, 2021 (the “Existing Repurchase
Agreement” and, as amended by this Amendment, and as hereafter further amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to time, the “Master Repurchase Agreement”);
and 
 WHEREAS, the parties hereto desire to make certain amendments and modifications to the Existing Repurchase Agreement as
further set forth herein. 
 NOW, THEREFORE, in consideration of the foregoing recitals, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 

ARTICLE 1 
 AMENDMENT
TO THE MASTER REPURCHASE AGREEMENT 
 Article 2 of the Existing Repurchase Agreement is hereby amended by amending
and restating the following definition in its appropriate alphabetical order: 
 “Maximum Facility Purchase
Price” shall mean (i) from and including October 7, 2021 through and including the closing date of the securitization transaction being arranged by Purchaser and through which Seller intends to sell all or a substantial portion of
the existing Purchased Assets (the “CLO Closing”), $525,000,000 and (ii) after the CLO Closing, $450,000,000. 

ARTICLE 2 

REPRESENTATIONS 

Seller represents and warrants to Purchaser, as of the date of this Amendment, as follows: 

 (a) all representations and warranties made by it in the Existing Repurchase Agreement
(other than those contained in Article 10(w), which shall be considered solely for the purpose of determining the Market Value and eligibility of the Purchased Assets, unless (i) Seller shall have made any such representations and warranties
with actual knowledge that they were materially false or misleading at the time made; or (ii) any such representations and warranties have been determined by Purchaser in its sole and absolute discretion to be materially false or misleading on
a regular basis) are true, correct and complete in all material respects with the same force and effect as if made on and as of the date hereof, except to the extent any such representation and warranty expressly refers to a prior date; 

(b) it is duly authorized to execute and deliver this Amendment and has taken all necessary action to authorize such execution, delivery and
performance; 
 (c) the person signing this Amendment on its behalf is duly authorized to do so on its 

behalf; 
 (d) the execution, delivery and
performance of this Amendment will not violate any Requirement of Law applicable to it or its organizational documents or any agreement by which it is bound or by which any of its assets are affected; and 

(e) this Amendment has been duly executed and delivered by it. 

ARTICLE 3 

CONDITIONS PRECEDENT 

The effectiveness of this Amendment is subject to the delivery to Purchaser of the following: 

(a) this Amendment, duly completed and executed by each of the parties hereto; and 

(b) a reaffirmation agreement executed by FS Credit Real Estate Income Trust, Inc., a Maryland corporation, in the form and substance
reasonably acceptable to Purchaser, reaffirming the terms of that certain Guaranty, dated as of February 22, 2021 (as amended, restated supplemented or otherwise modified from time to time, the “Guaranty”), and acknowledging
that the terms of the Guaranty remain in full force and effect; 
 (c) bring-down of the opinions delivered by counsel to Seller and
Guarantor on the Closing Date in form and substance reasonably acceptable to Purchaser; and 
 (d) for Seller and Guarantor, good standing
certificates dated within fourteen (14) calendar days prior to the effective date of this Amendment, certified true and complete copies of organizational documents and certified true, correct and complete copies of resolutions (or similar
authority documents) with respect to the execution, delivery and performance of this Amendment and each other document to be delivered by such party from time to time in connection herewith, in each case included in a certificate delivered by an
officer of Guarantor. 

  
 2 

 ARTICLE 4 

EXPENSES 
 Seller
shall pay on demand all of Purchaser’s reasonable out-of-pocket costs and expenses, including reasonable fees and expenses of attorneys, incurred in connection with
the preparation, negotiation, execution and consummation of this Amendment. 
 ARTICLE 5 

GOVERNING LAW 

THIS AMENDMENT (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 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 
 ARTICLE 6 

MISCELLANEOUS 
 (a)
Except as expressly amended or modified hereby, the Transaction Documents shall remain in full force and effect in accordance with their terms and are hereby ratified and confirmed. All references to the Transaction Documents shall be deemed to mean
the Transaction Documents as modified by this Amendment. 
 (b) This Amendment 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. Delivery of an executed counterpart of a signature page of this Amendment in electronic format shall be as effective as
delivery of a manually executed original counterpart of this Amendment. 
 (c) The headings in this Amendment are for convenience of
reference only and shall not affect the interpretation or construction of this Amendment. 
 (d) This Amendment may not be amended or
otherwise modified, waived or supplemented except as provided in the Master Repurchase Agreement. 
 (e) This Amendment contains a final and
complete integration of all prior expressions by the parties with respect to the subject matter hereof and shall constitute the entire agreement among the parties with respect to such subject matter, superseding all prior oral or written
understandings. 

  
 3 

 (f) This Amendment and the Repurchase Agreement, as amended hereby, are a single Transaction
Document. 
 [SIGNATURES FOLLOW] 

  
 4 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed
as of the date first above written. 
  

					
	 PURCHASER:

	
	 BARCLAYS BANK PLC

		
	By:	 	 /s/ Francis X. Gilhool

		 	Name:	 	Francis X. Gilhool
		 	Title:	 	Authorized Signatory

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 Barclays-FS CREIT – Third Amendment to Master Repurchase Agreement 

					
	 SELLER:

	
	 FS CREIT FINANCE BB-1 LLC

		
	By:	 	 /s/ Edward T. Gallivan Jr.

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

  
 Barclays-FS CREIT – Third Amendment to Master Repurchase Agreement

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