Document:

EX-10.56

 Exhibit 10.56 

EXECUTION VERSION 

AMENDMENT NO. 5 TO GUARANTEE AGREEMENT 

AMENDMENT NO. 5 TO GUARANTEE AGREEMENT, dated as of December 17, 2021 (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 (i) Amendment No. 1 to Master Repurchase and Securities Contract, dated as of April 26, 2018, by and
among Seller, Guarantor and Buyer, (ii) Amendment No. 2 to Master Repurchase and Securities Contract, dated of July 24, 2018, between and among Seller, Buyer and Guarantor, (iii) Amendment No. 3 to Master Repurchase and
Securities Contract, dated as of November 30, 2018, between and among Seller, Buyer and Guarantor, (iv) Amendment No. 4 to Master Repurchase and Securities Contract, dated as of August 1, 2019, between and among Seller, Buyer and
Guarantor, (v) Amendment No. 5 to Master Repurchase and Securities Contract, dated as of August 29, 2019, between and among Seller, Buyer and Guarantor, (vi) Amendment No. 6 to Master Repurchase and Securities Contract,
dated as of August 27, 2020, between and among Seller, Buyer and Guarantor, and (vii) Amendment No. 7 to Master Repurchase and Securities Contract, dated as of July 30, 2021, between and among 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 further amended by Amendment No. 2 to Guarantee Agreement, by and between Buyer and
Guarantor, dated as of August 29, 2018, as further amended by Amendment No. 3 to Guarantee Agreement, by and between Buyer and Guarantor, dated as of August 3, 2020 and effective as of March 31, 2020, as further amended by
Amendment No. 4 to Guarantee Agreement, by and between Buyer and Guarantor, dated as of July 30, 2021, 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. Amendments to Guarantee Agreement. 

(a) The defined term, “Liquidity”, as set forth in Section 1 of the Guarantee Agreement, is hereby
amended and restated in its entirety to read as follows: 
 “Liquidity”: With respect to Guarantor and any
date, the amount of (i) unrestricted and unencumbered (other than pursuant to the Repurchase Documents) Cash and Cash Equivalents held by Guarantor and its consolidated Subsidiaries (including, without limitation, Cash and Cash Equivalents held by
Seller), (ii) the aggregate amount of all unfunded investor capital commitments of Guarantor, if any, that are available to be called on without condition (other than customary notice conditions or as otherwise set forth in the subscription or other
relevant agreements of Guarantor) and are not pledged to any other Person or subject to any Lien (other than pursuant to a subscription financing line of credit), net of amounts outstanding under any subscription financing line of credit of
Guarantor or any of its consolidated Subsidiaries and (iii) aggregate amount of all unfunded lender commitments to Guarantor, if any, that are available to be called on without condition (other than customary credit facility conditions). 

(b) Section 9(c) of the Guarantee Agreement is hereby amended and restated in its entirety to read as follows: 

“(c) Maximum Debt to Equity Ratio. Guarantor shall not permit the ratio of its Total Indebtedness to its Tangible
Net Worth to be greater than 3.50 to 1.00 at any time.” 
 (c) Section 9(d) of the Guarantee Agreement is hereby amended and restated in
its entirety to read as follows: 
 “(d) Minimum Liquidity. Guarantor shall not permit its Liquidity to be less
than five percent (5.00%) of the aggregate outstanding Purchase Prices of all Purchased Assets subject to Transactions as of such date of determination.” 

SECTION 2. Conditions Precedent. This Amendment and its provisions shall become effective on the date hereof, provided that this
Amendment has been executed and delivered by a duly authorized officer of Guarantor and Buyer (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. 

  
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 SECTION 4. Acknowledgements of Guarantor. (i) Guarantor hereby
acknowledges that Buyer is in compliance with its undertakings and obligations under the Repurchase Agreement and the other Repurchase Documents, and (ii) notwithstanding the terms of this Amendment and any impact of such terms on
Section 9 of the Guarantee Agreement, Guarantor hereby acknowledges that Section 5 of the Fee Letter remains in full force and effect. 

SECTION 5. Limited Effect. Except as expressly amended and modified by this Amendment, the Guarantee Agreement 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. No Novation, Effect of Agreement. The parties hereto have entered into
this Amendment solely to amend the terms of the Guarantee Agreement and do not intend this Amendment or the transactions contemplated hereby to be, and this Amendment and the transactions contemplated hereby shall not be construed to be, a novation
of any of the obligations owning by Seller, Guarantor or any of their respective Affiliates (the “Repurchase Parties”) under or in connection with the Repurchase Agreement or any of the other Repurchase Documents. It is the
intention of each of the parties hereto that (i) the perfection and priority of all security interests securing the payment of the Repurchase Obligations of the Repurchase Parties under the Repurchase Agreement are preserved, (ii) the
liens and security interests granted under the Repurchase Agreement continue in full force and effect, and (iii) any reference to the Guarantee Agreement in any such Repurchase Document shall be deemed to also reference this Amendment. 

SECTION 7. 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 8. 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. 
 SECTION
9. 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 

  
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 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] 

  
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 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:	 	CFO

 FS Credit REIT – Amendment No. 5 to the Guarantee Agreement 

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

		 	Name:	 	Michael Duncan
		 	Title:	 	Director

 FS Credit REIT – Amendment No. 5 to the Guarantee AgreementEX-10.57

 Exhibit 10.57 

Execution Version 

THIRD AMENDMENT TO GUARANTEE AGREEMENT 

THIS THIRD AMENDMENT TO GUARANTEE AGREEMENT (this “Amendment”), dated as of September 22, 2020 (the
“Effective Date”), is by and between GOLDMAN SACHS BANK USA, a New York state-chartered bank, as buyer (“Buyer”) and FS CREDIT REAL ESTATE INCOME TRUST, INC., a Maryland corporation, as
guarantor (“Guarantor”). 
 WITNESSETH: 

WHEREAS, FS CREIT FINANCE GS-1 LLC, a Delaware limited liability company
(“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”); 

WHEREAS, in connection with the Master Repurchase Agreement, Guarantor executed that certain Guarantee Agreement, dated
January 26, 2018, in favor of Buyer, 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
Second Amendment to Guarantee Agreement dated as of August 3, 2020 and effective as of March 31, 2020 (as may be further amended, restated, supplement or otherwise modified from time to time, the “Guarantee Agreement”);
and 
 WHEREAS, Guarantor and Buyer wish to modify certain terms and provisions of the Guarantee Agreement as set forth herein. 

NOW, THEREFORE, for good and valuable consideration, the parties hereto agree as follows: 

1. Amendments to the Guarantee Agreement. The Guarantee Agreement is hereby amended as follows: 

(a) The following definitions are hereby added to Exhibit A of the Guarantee Agreement in appropriate alphabetical order: 

“Non-Recourse Indebtedness”: With respect to any Person and any date, indebtedness of
such Person as of such date for borrowed money in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, Act of Insolvency,
non-approved transfers or other events) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness. 

“Securitization Indebtedness”: Shall have the meaning set forth in the definition of “Indebtedness” in this Exhibit
A. 

 (b) The definition of “Indebtedness” in Exhibit A of the Guarantee Agreement is
hereby deleted in its entirety and replaced with the following: 
 “Indebtedness”: With respect to any Person and any date,
all of the following with respect to such Person as of such date: (a) obligations in respect of money borrowed (including principal, interest, assumption fees, prepayment fees, yield maintenance charges, penalties, exit fees, contingent
interest and other monetary obligations whether choate or inchoate and whether by loan, the issuance and sale of debt securities or the sale of property or assets to another Person subject to an understanding or agreement, contingent or otherwise,
to repurchase such property or assets, or otherwise), (b) obligations, whether or not for money borrowed: (i) represented by notes payable, letters of credit or drafts accepted, in each case representing extensions of credit,
(ii) evidenced by bonds, debentures, notes or similar instruments, (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are
customarily paid or that are issued or assumed as full or partial payment for property or services rendered, or (iv) in connection with the issuance of Preferred Equity or trust preferred securities, (c) Capital Lease Obligations,
(d) reimbursement obligations under any letters of credit or acceptances (whether or not the same have been presented for payment), (e) Off–Balance Sheet Obligations, (f) obligations to purchase, redeem, retire, defease or otherwise
make any payment in respect of any mandatory redeemable stock issued by such Person or any other Person (inclusive of forward equity contracts), valued at the greater of its voluntary or involuntary liquidation preference plus accrued and
unpaid dividends, (g) as applicable, all obligations of such Person (but not the obligations of others) in respect of any keep well arrangements, credit enhancements, contingent or future funding obligations under any Purchased Asset or any
obligation senior to any Purchased Asset, unfunded interest reserve amount under any Purchased Asset or any other obligation of such Person with respect to such Purchased Asset that is senior to such Purchased Asset, purchase obligation, repurchase
obligation, sale/buy-back agreement, takeout commitment or forward equity commitment, in each case evidenced by a binding agreement (excluding any such obligation to the extent the obligation can be satisfied
by the issuance of Equity Interests (other than mandatory redeemable stock)), (h) net obligations under any Derivatives Contract not entered into as a hedge against existing indebtedness, in an amount equal to the Derivatives Termination Value
thereof, (i) all non-recourse Indebtedness, recourse indebtedness and all indebtedness of other Persons that such Person has guaranteed or is otherwise recourse to such Person, (j) all indebtedness
of another Person secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien (other than, except with respect to any Purchased Asset, any Liens granted pursuant to the
Repurchase Documents) on property or assets owned by such Person, even though such Person has not assumed or become liable for the payment of such indebtedness or other payment obligation; provided, that if such Person has not assumed or become
liable for the payment of such indebtedness, then for the purposes of this definition the amount of such indebtedness shall not exceed the market value of the property subject to such Lien, (k) all Contingent Liabilities, (l) all obligations of
such Person incurred in connection with the acquisition or carrying of fixed assets by such Person or obligations of such Person to pay the deferred purchase or acquisition price of property or assets, including contracts for the deferred purchase
price of property or assets that include the procurement of services, (m) indebtedness of general partnerships of which such Person is liable as a general partner (whether secondarily or contingently liable or otherwise), and
(n) obligations to fund capital commitments under any Governing Document, 

  
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 subscription agreement or otherwise. Notwithstanding the foregoing, Indebtedness of a Person
shall not include Non-Recourse Indebtedness of any Person arising pursuant to real estate mortgage investment conduits or other similar securitization transactions (“Securitization
Indebtedness”) that are not issued by Guarantor, Affiliates of Guarantor, Advisor and/or Affiliates of Advisor (e.g., commercial real estate CLOs) where such Securitization Indebtedness would appear on such first Person’s consolidated
balance sheet solely as a result of the consolidation of “variable interest entities” under the requirements of the Accounting Standards Codification Section 810, as amended, modified or supplemented from time to time; provided that
for purposes of this clause a Person shall not be considered an Affiliate of another Person solely as a result of owning the most subordinate class(es) of any Securitization Indebtedness issued by such other Person. 

2. Effectiveness. This Amendment is effective as of the Effective Date subject to receipt by Buyer of the following: 

(a) Amendment. This Amendment, duly executed and delivered by Guarantor and Buyer. 

(b) Responsible Officer Certificate. A signed certificate from a Responsible Officer of Guarantor certifying: (i) that no
amendments have been made to the organizational documents of Guarantor since January 26, 2018, unless otherwise stated therein; and (ii) the authority of Guarantor 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 Guarantor. 
 (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. Guarantor Representations. Guarantor hereby represents and warrants that all representations and warranties contained in
Section 8 of the Guaranty are true and correct in all material respects (except such representations which by their terms speak as of a specified date). 

4. Defined Terms. Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Master Repurchase
Agreement and the Guarantee Agreement, as applicable. 
 5. Continuing Effect of Guarantee Agreement. As amended by this Amendment,
all terms, covenants and provisions of the Guarantee Agreement are ratified and confirmed and shall remain in full force and effect. 
 6.
Binding Effect; No Partnership; Counterparts. The provisions of the Guarantee 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. 

  
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 7. Further Agreements. Guarantor 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. This Amendment shall be governed by, and construed and interpreted in accordance with, the laws of the State of New
York pursuant to Sections 5-1401 and 5-1402 of the New York General Obligations Law without giving effect to the conflict of law principles thereof. 

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
Guarantee Agreement. All references to the Guarantee 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 Guarantee 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 Guarantee Agreement or any other Transaction Document, nor constitute a waiver of any provision of the Guarantee
Agreement or any other Transaction Document by any of the parties hereto. 
 [NO FURTHER TEXT ON THIS PAGE] 

  
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 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 Third
Amendment to Guarantee Agreement 

 
					
	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 Third
Amendment to Guarantee Agreement

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