Document:

EX-10.47

 Exhibit 10.47 

EXECUTION VERSION 

FIFTH AMENDMENT TO 

MASTER REPURCHASE AGREEMENT 

FIFTH AMENDMENT TO MASTER REPURCHASE AGREEMENT, dated February 16, 2022 (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, as further amended by the Second Amendment to Fee Letter and Second Amendment to Repurchase Agreement, dated as of August 5, 2021, as further amended by the
Third Amendment to Master Repurchase Agreement, dated as of October 7, 2021, and as further amended by the Fourth Amendment to Master Repurchase Agreement, dated as of January 18, 2022 (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
February 16, 2022 through and including May 31, 2022 (the “Upsize Period”), $700,000,000 and (ii) for any date after May 31, 2022, $450,000,000; provided that, during the Upsize Period, (a) no Draw
Fee shall be deemed due, earned and payable with respect to any Purchase Price paid to Seller that causes the aggregate outstanding Purchase Price to exceed $450,000,000 and (b) for purposes of clause (y) of the definition of
“Facility Year Draw Fee Cap” in the Fee Letter, the Maximum Facility Purchase Price shall be deemed to be $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 

  
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 (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. 

ARTICLE 4 
 FEES AND
EXPENSES 
 (a) On the date hereof, as a condition precedent to the effectiveness of this Amendment, Seller shall pay to Purchaser
an amount equal to $90,277.78. 
 (b) 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. 

  
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 (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. 

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

[SIGNATURES FOLLOW] 

  
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 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 – Fifth 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 – Fifth Amendment to Master Repurchase AgreementEX-10.49

 Exhibit 10.49 

Execution Version 

FIFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT 

This Fifth Amendment to Loan and Security Agreement (this “Amendment”) is dated as of December 21, 2021 by and among
FS CREDIT REAL ESTATE INCOME TRUST, INC., a Maryland corporation (“FS CREIT”), and FS CREIT FINANCE HOLDINGS LLC, a Delaware limited liability company (“Finance Holdings” and together with FS CREIT,
each individually referred to hereinafter as a “Borrower” and collectively as the “Borrowers”), the Lenders (as defined below) party hereto, and CITY NATIONAL BANK, a national banking association
(“CNB”), as administrative agent for the Lenders (in such capacity, “Agent”). 
 RECITALS

 WHEREAS, the Borrowers, certain banks and financial institutions from time to time party thereto (the “Lenders”) and
the Agent, entered into that certain Loan and Security Agreement, dated as of August 22, 2019 (the “Loan Agreement”, as amended by that certain First Amendment to Loan and Security Agreement, dated as of December 4, 2019,
as further amended by that certain Second Amendment to Loan and Security Agreement, dated as of March 23, 2020, as further amended by that certain Third Amendment to Loan and Security Agreement, dated as of December 23, 2020, as further
amended by that certain Fourth Amendment to Loan and Security Agreement, dated as of June 7, 2021 and as the same may be further amended, modified, supplemented or restated from time to time); 

WHEREAS, the Borrowers have requested that the Lenders and the Agent amend the Loan Agreement as more specifically set forth herein; 

WHEREAS, the Agent and the Lenders have agreed to amend the Loan Agreement as set forth in this Amendment and the other parties hereto have
agreed to join in the execution of this Amendment in their respective capacities, on the terms and subject to the conditions set forth herein; and 

NOW, THEREFORE, in consideration of the mutual promises herein contained and for other valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto do hereby agree as follows: 
  

	1.	 Definitions. For the purposes of this Amendment, unless otherwise expressly defined, the terms used
herein shall have the respective meanings assigned to them in the Loan Agreement. 

  

	2.	 Amendments to Loan Agreement. Subject to the satisfaction of the conditions set forth in Section

  

	3	 below, the Loan Agreement (as in effect prior to this Amendment) is hereby amended as follows:

 (a) Section 6.14 of the Loan Agreement is hereby amended and restated in its entirety as follows:

 “6.14 Net Asset Value. In the case of FS CREIT, fail to maintain a Net Asset Value greater than or equal to
$350,000,000 at any time.” 
 (b) Section 6.15 of the Loan Agreement is hereby amended and restated in its entirety
as follows: 
 “6.15 Debt to Asset Ratio. Permit the Debt to Asset Ratio to be greater than 3.50:1.00 at any
time. As used herein, “Debt to Asset Ratio” means the result of (a) all Debt of the Borrowers and each of their respective Subsidiaries (including, without limitation, any Subsidiary Financing) to (b) the Net Asset Value.”

  
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 3. Conditions Precedent. This Amendment shall become effective upon satisfaction (or waiver in
writing by the Lenders party hereto) of the following conditions (in each case, in form and substance acceptable to the Agent in its sole discretion) (the date on which the following conditions are satisfied or waived in writing by the Lenders party
hereto, the “Amendment Effective Date”): 
 (i) The Agent shall have received a copy of this Amendment executed and
delivered by each Borrower, the Lenders party hereto and the Agent. 
 (ii) The Agent shall have received a certificate of a Responsible
Officer of each Borrower (i) attesting to the written consent of the board of directors or similar governing body of such Borrower authorizing the execution, delivery, and performance of this Amendment, and (ii) certifying that, as of the
date hereof, the following documents delivered to the Agent on the Closing Date remain true and correct without amendment thereto: (A) the incumbency certificate, (B) the certificate of incorporation of FS CREIT and Charter, (C) the
certificate of formation of Finance Holdings, (D) the Bylaws of FS CREIT and (E) the operating agreement of Financing Holdings. 

(iii) No Unmatured Event of Default or Event of Default shall have occurred or be continuing or would be caused by the consummation of the
transactions contemplated by this Amendment. 
 (v) The Agent shall have received full payment of all of the
out-of-pocket fees, costs, and expenses of Agent (including the reasonable and documented fees and expenses of Agent’s counsel) incurred in connection with the
preparation, negotiation, execution, and delivery of this Amendment (including those payable pursuant to Section 10.7 of the Loan Agreement). 

(vi) The representations and warranties contained in Section 4 below shall be true and correct as of the date hereof.

 (vii) No litigation, inquiry, other action or proceeding (governmental or otherwise), or injunction or other restraining order shall be
pending or overtly threatened that could reasonably be expected to have, in the reasonable opinion of Agent, a Material Adverse Effect. 

(viii) No event shall have occurred or shall be pending or overtly threatened that could reasonably be expected to have a Material Adverse
Effect upon the Borrowers. 
 4. Representations and Warranties. Each Borrower represents and warrants to Agent and each Lender as follows: 

(i) Each has all requisite power and authority under applicable law and under its organizational documents to execute, deliver and perform its
obligations under this Amendment and to perform its obligations under the Loan Agreement as amended hereby; 
 (ii) All actions, waivers and
consents (corporate, regulatory and otherwise) necessary or appropriate for it to execute, deliver and perform its obligations under this Amendment and to perform its obligations under the Loan Agreement as amended hereby, have been taken and/or
received; 
 (iii) This Amendment and the Loan Agreement, as amended by this Amendment, constitute the legal, valid and binding obligation of
it enforceable against it in accordance with the terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by the
limitation of certain remedies by certain equitable principles of general applicability; 

  
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 (iv) The execution, delivery and performance of this Amendment, and the performance of its
obligations under the Loan Agreement, as amended hereby, will not violate or contravene (a) any provision of any federal (including the Exchange Act), state, local or other law, rule, or regulation (including Regulations T, U, and X of the
Federal Reserve Board) binding on it, (b) any order of any Governmental Authority, court, arbitration board, or tribunal binding on it or (c) result in or require the creation of any Lien (other than a Permitted Lien) upon or with respect
to any of the Collateral; 
 (v) The representations and warranties contained in the Loan Agreement and the other Loan Documents are correct
in all material respects without duplication of any materiality qualifier contained therein on and as of the date of this Amendment, before and after giving effect to the same, as though made on and as of such date (except to the extent they relate
to an earlier date); 
 (vi) No event has occurred and is continuing which constitutes an Unmatured Event of Default or an Event of Default;
and 
 (vii) The Loan Agreement continues to create a valid security interest in, and Lien upon, the Collateral, in favor of the Agent, for
the benefit of the Lenders, which security interests and Liens are perfected in accordance with the terms of the Loan Agreement and prior to all Liens other than Permitted Liens. 

5. Reaffirmation of Obligations. Each Borrower hereby ratifies the Loan Agreement (including any security interests granted thereunder) and acknowledges
and reaffirms (a) that it is bound by all terms of the Loan Agreement (as amended hereby) and each other Loan Documents and (b) that it is responsible for the observance and full performance of its Obligations. Each Borrower acknowledges
receipt of a copy of this Amendment. Each Borrower hereby consents to this Amendment and reaffirms the other Loan Documents and acknowledges that the execution and delivery of this Amendment shall have no effect on any Borrower’s obligations
under the Loan Agreement or such other Loan Documents, each of which remains the legal, valid and binding obligation of each Borrower and are hereby reaffirmed. 

6. Binding Effect; Confirmation of Obligations. Except as modified by this Amendment, the Loan Agreement (as in effect prior to this Amendment) and the
other Loan Documents remain unmodified and in full force and effect. The provisions of the Loan Documents, as amended hereby, shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 7. Loan Document. This Amendment shall constitute a Loan Document under the terms of the Loan Agreement. 

8. Further Assurances. Each Borrower agrees to promptly take such action, upon the reasonable request of the Agent, as is necessary to carry out the
intent of this Amendment and the Loan Agreement. 
 9. Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF BORROWERS HEREUNDER SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF. 

10. 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. 

  
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 11. Severability. The provisions of this Amendment are severable, and if any one clause or provision
hereof shall be held invalid or unenforceable in whole or in part, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, and not any other clause or provision of this Amendment 

12. Consent to Jurisdiction; Service of Process; Waiver of Jury Trial. The jurisdiction, service of process and waiver of jury trial provisions set
forth in Sections 12.8 and 12.9 of the Loan Agreement are hereby incorporated by reference, mutatis mutandis. 
 REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK 
 SIGNATURE PAGES FOLLOW. 

 

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

					
	BORROWERS:
	
	FS CREDIT REAL ESTATE INCOME TRUST, INC.
			
		 	By:	 	 /s/ Edward T. Gallivan, Jr.

		 		 	Name: Edward T. Gallivan, Jr.
		 		 	Title: Chief Financial Officer
	
	FS CREIT FINANCE HOLDINGS LLC
		
	By:	 	FS Credit Real Estate Income Trust, Inc.,
		 	its sole member
			
		 	By:	 	 /s/ Edward T. Gallivan, Jr.

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

 [Fifth Amendment to Loan Agreement] 

			
	CITY NATIONAL BANK, a national banking association, as Agent and as a Lender
		
	By:	 	 /s/ Adam Strauss

		 	Name: Adam Strauss
		 	Title: Senior Vice President
	
	WOODFOREST NATIONAL BANK, as Lender
		
	By:	 	 /s/ Maya Mylavarapu

		 	Name: Maya Mylavarapu
		 	Title: Vice President

 [Fifth Amendment to Loan Agreement]

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