Document:

Exhibit 10.6  

 AMENDMENT NO. 3 TO ADVISORY AGREEMENT  

        This Amendment No. 3 is made and entered into as of August 8, 2012 and amends the Advisory Agreement dated as of
March 17, 2010, as first amended on February 24, 2011 and renewed on July 19, 2011, as further amended on November 8, 2011 and renewed on July 19, 2012 (the  "Advisory Agreement"), by and among NorthStar Real Estate Income Trust, Inc., a Maryland corporation (the  "Company"), NorthStar Real Estate Income Trust Operating Partnership, LP, a Delaware limited
partnership (the "Operating
Partnership"), NS Real Estate Income Trust Advisor, LLC (the "Advisor") and NorthStar Realty Finance Corp., a Maryland
corporation (the "Sponsor"). Capitalized terms used but not defined herein shall have the meanings set forth in the Advisory Agreement. 

        WHEREAS,
each of the Company, the Operating Partnership, the Advisor and the Sponsor desires to amend the Advisory Agreement. 

        NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, each of the Company, the
Operating Partnership, the Advisor and the Sponsor agree as follows: 

        1.     Section 12.03
of the Advisory Agreement is hereby superseded and replaced in its entirety by the following: 

        8.02    Asset Management Fees.    The Company shall pay the Advisor as compensation for the services described in
Section 3.03 hereof a monthly fee (the "Asset Management Fee") in an amount equal to one-twelfth of 1.25% of the sum of the Cost of Investments (or in the case of originated Loans,
the principal amount), less any principal repaid by borrowers on Loans or other debt securities (or the Company's proportionate share thereof in the case of an Investment made through a Joint
Venture), as of the end of each month. For purposes of calculating the Asset Management Fee, the Cost of Investments for each Investment shall be prorated for the number of days during the applicable
month that the Company owns such Investment. The Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the Asset Management Fee for the applicable month. The Asset
Management Fee shall generally be payable on the last day of the month that immediately follows the month in which such Asset Management Fee was earned, or the first business day following the last
day of such month. However, payment of the Asset Management Fee may be deferred, in whole or in part, as to any transaction in the sole discretion of the Advisor. Any such deferred Asset Management
Fees shall be paid to the Advisor without interest at such subsequent date as the Advisor shall request. 

        2.     Except
to the extent amended hereby, the provisions of the Advisory Agreement shall remain unmodified, and the Advisory Agreement, as amended by this Amendment
No. 3, shall remain in full force and effect in accordance with its terms. 

        3.     This
Amendment No. 3 may be executed simultaneously in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and
the same instrument. 

        IN
WITNESS WHEREOF, the parties hereto have executed this Amendment No. 3 to the Advisory Agreement as of the date and year first above written. 

 

							
	 	 	NorthStar Real Estate Income Trust, Inc.
	

 	
 	
 By:	
 	
/s/ DANIEL R. GILBERT

 
	 	 	 	 	Name:	 	Daniel R. Gilbert
	 	 	 	 	Title:	 	President and Chief Investment Officer

 

  

 

							
	 	 	NorthStar Real Estate Income Trust Operating Partnership, LP
	

 	
 	
 By:	
 	
NorthStar Real Estate Income Trust, Inc.,

its General Partner

 

  

 

							
	

 	
 	
 By:	
 	
/s/ DANIEL R. GILBERT

 
	 	 	 	 	Name:	 	Daniel R. Gilbert
	 	 	 	 	Title:	 	President and Chief Investment Officer

 

  

 

							
	 	 	NS Real Estate Income Trust Advisor, LLC
	

 	
 	
 By:	
 	
NRFC Sub-REIT Corp., its sole member

 

  

 

							
	

 	
 	
 By:	
 	
/s/ DANIEL R. GILBERT

 
	 	 	 	 	Name:	 	Daniel R. Gilbert
	 	 	 	 	Title:	 	President and Chief Investment Officer
	

 	
 	
NorthStar Realty Finance Corp.
	

 	
 	
 By:	
 	
/s/ DANIEL R. GILBERT

 
	 	 	 	 	Name:	 	Daniel R. Gilbert
	 	 	 	 	Title:	 	Co-President and Chief Investment OfficerExhibit 4.3

 

	
   

  

  	
  THIS CERTIFIES
  THAT is the owner of CUSIP DATED COUNTERSIGNED AND REGISTERED: COMPUTERSHARE
  TRUST COMPANY, N.A. TRANSFER AGENT AND REGISTRAR, FULLY-PAID AND
  NON-ASSESSABLE ORDINARY SHARES OF Isola Group Ltd. (hereinafter called the
  “Company”), transferable on the books of the Company in person or by duly
  authorized attorney, upon surrender of this Certificate properly endorsed.
  This Certificate and the shares represented hereby, are issued and shall be
  held subject to all of the provisions of the Memorandum and Articles of
  Association, as amended, of the Company (copies of which are on file with the
  Company and with the Transfer Agent), to all of which each holder, by acceptance
  hereof, assents. This Certificate is not valid unless countersigned and
  registered by the Transfer Agent and Registrar. Witness the facsimile seal of
  the Company and the facsimile signatures of its duly authorized officers.
  ORDINARY SHARES PAR VALUE $0.0001 ORDINARY SHARES THIS CERTIFICATE IS
  TRANSFERABLE IN CANTON, MA AND NEW YORK, NY SEE REVERSE FOR CERTAIN
  DEFINITIONS Certificate Number Shares . ISOLA GROUP LTD. INCORPORATED UNDER
  THE LAWS OF THE CAYMAN ISLANDS President, Chief Executive Officer and Director
  Executive Vice President and Chief Financial Officer By AUTHORIZED SIGNATURE
  016570| 003590|127C|RESTRICTED||4|057-423 G49610 10 1 <<Month Day,
  Year>> * * 000000* * * * * * * * * 000000* * * * * * * * * 000000* * *
  * * * * * * 000000* * * * * * * * * 000000* * ** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
  Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
  Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
  Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
  Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
  Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
  Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
  Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
  Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample ****
  Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Sample
  **** Mr. Sample
  **000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares***
  *000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****
  000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****0
  00000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****00
  0000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000
  000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****0000
  00**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****00000
  0**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000
  **Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000*
  *Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**
  Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**S
  ***ZERO HUNDRED THOUSAND ZERO HUNDRED AND ZERO*** MR. SAMPLE & MRS.
  SAMPLE & MR. SAMPLE & MRS. SAMPLE NNNNN ZQ 000000 

  

 

 

	
  

  	
  The IRS
  requires that we report the cost basis of certain shares acquired after
  January 1, 2011. If your shares were covered by the legislation and you have
  sold or transferred the shares and requested a specific cost basis
  calculation method, we have processed as requested. If you did not specify a
  cost basis calculation method, we have defaulted to the first in, first out
  (FIFO) method. Please visit our website or consult your tax advisor if you
  need additional information about cost basis. If you do not keep in contact
  with us or do not have any activity in your account for the time periods
  specified by state law, your property could become subject to state unclaimed
  property laws and transferred to the appropriate state. For value received,
  ____________________________hereby sell, assign and transfer unto
  _______________________________________________________________________________________________________________________________
  _______________________________________________________________________________________________________________________________
  _______________________________________________________________________________________________________________________________
  _______________________________________________________________________________________________________________________
  Shares _______________________________________________________________________________________________________________________
  Attorney Dated:
  __________________________________________20__________________ Signature:
  ____________________________________________________________ Signature: ____________________________________________________________
  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. PLEASE INSERT SOCIAL
  SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE (PLEASE PRINT OR TYPEWRITE
  NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE) of the ordinary
  shares represented by the within Certificate, and do hereby irrevocably
  constitute and appoint to transfer the said shares on the books of the
  within-named Company with full power of substitution in the premises. . ISOLA
  GROUP LTD. THE COMPANY WILL FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO
  REQUESTS, A SUMMARY OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE,
  PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF THE ORDINARY SHARES OF THE
  COMPANY AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH
  PREFERENCES AND RIGHTS, AND THE VARIATIONS IN RIGHTS, PREFERENCES AND LIMITATIONS
  DETERMINED FOR EACH SERIES, WHICH ARE FIXED BY THE MEMORANDUM AND ARTICLES OF
  ASSOCIATION OF THE COMPANY, AS AMENDED, AND THE RESOLUTIONS OF THE BOARD OF
  DIRECTORS OF THE COMPANY, AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO
  DETERMINE VARIATIONS FOR FUTURE SERIES. SUCH REQUEST MAY BE MADE TO THE
  OFFICE OF THE SECRETARY OF THE COMPANY OR TO THE TRANSFER AGENT. THE BOARD OF
  DIRECTORS MAY REQUIRE THE OWNER OF A LOST OR DESTROYED SHARE CERTIFICATE, OR
  HIS LEGAL REPRESENTATIVES, TO GIVE THE COMPANY A BOND TO INDEMNIFY IT AND ITS
  TRANSFER AGENTS AND REGISTRARS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST
  THEM ON ACCOUNT OF THE ALLEGED LOSS OR DESTRUCTION OF ANY SUCH CERTIFICATE.
  Signature(s) Guaranteed: Medallion Guarantee Stamp THE SIGNATURE(S) SHOULD 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. 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 UNIF TRF MIN ACT - Custodian (until age )
  and not as tenants in common (Cust) under Uniform Transfers to Minors Act
  (Minor) (State) Additional abbreviations may also be used though not in the
  above list.

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