Document:

EX-4.2

 Exhibit 4.2 

AMERICAN WATER CAPITAL CORP. 

OFFICERS’ CERTIFICATE 

MAY 14, 2021 
 3.250% SENIOR NOTES
DUE 2051 
 PURSUANT TO SECTIONS 102 AND 301 OF THE INDENTURE IDENTIFIED BELOW 

The undersigned officers of American Water Capital Corp., a Delaware corporation (the “Company”), acting pursuant to an
authorization contained in the unanimous written consent, effective May 4, 2021, of the Board of Directors of the Company (the “Board Resolutions”), and Sections 102 and 301 of the Indenture, dated as of December 4, 2009 (the
“Indenture”, and unless otherwise defined herein, capitalized terms shall have the meanings ascribed to them therein), between the Company and Wells Fargo Bank, National Association, as Trustee, do hereby certify as follows: 

 

	 	1)	 There is hereby established under the Indenture the following series of debt securities of the Company, and the
terms of such series (the “Series”) are as follows: 

  

	 	a)	 The Series shall be known and designated as the “3.250% Senior Notes due 2051” of the Company (the
“Securities”); 

  

	 	b)	 The terms of the Securities are as set forth in Annex A hereto;

  

	 	c)	 The Securities shall be redeemable at the option of the Company as specified and subject to the limitations set
forth in Annex A hereto; 

  

	 	d)	 The Securities shall not be entitled to the benefits of any sinking fund or analogous provisions;

  

	 	e)	 The covenants and definitions set forth in Article 8 and Article 10 of the Indenture apply to the Securities;

  

	 	f)	 The Securities shall be subject to defeasance as specified and subject to the limitations set forth in
Annex A hereto; 

  

	 	g)	 The Securities will be issued in the form of one or more fully registered Global Securities which are
exchangeable from time to time for fully registered certificated securities in accordance with the terms of the Indenture; and 

  

	 	h)	 The Company will not pay additional amounts on the Securities held by a
non-U.S. person in respect of taxes or similar charges withheld or deducted; 

  

	 	2)	 The undersigned have read the provisions of the Indenture relating to the authentication and delivery of
securities thereunder, including Sections 201, 301 and 303 thereof and the definitions relating thereto; 

  

	 	3)	 The undersigned have read the Board Resolutions authorizing the issuance of the Securities and the taking of
any action by such officers of the Company in connection therewith, and have made such investigation or examination as is necessary, in the opinion of the undersigned, to enable the undersigned to express an informed opinion as to whether the
covenants and conditions precedent to the action to be taken by the Trustee in authenticating and delivering Securities under the Indenture have been complied with; 

 

	 	4)	 In the opinion of the undersigned, such covenants and conditions precedent have been complied with; and

  

	 	5)	 The Securities are “Debt” under the Support Agreement, dated June 22, 2000 and amended as of
July 26, 2000, between American Water Works Company, Inc. and the Company. 

  

  
 -2- 

 IN WITNESS WHEREOF, we have hereunto signed our names as of the date first written above.

  

			
	By:	 	 /s/ JAMES S. MERANTE

		 	Name: James S. Merante
		 	Title: Vice President and Treasurer
		
	By:	 	 /s/ JEFFREY M. TAYLOR

		 	Name: Jeffrey M. Taylor
		 	Title: Secretary

 American Water Capital Corp. – Officers’ Certificate 

 

 ANNEX A 

 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

American Water Capital Corp. 

3.250% Senior Notes due 2051 
  

			
		  	CUSIP No. 03040W AZ8
		  	ISIN No. US03040WAZ86
	No R.	  	$                    

 American Water Capital Corp., a corporation duly organized and existing under the laws of Delaware (herein
called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of Dollars on
June 1, 2051, and to pay interest thereon from May 14, 2021 or from the most recent Interest Payment Date to which interest has been paid or as duly provided for semi-annually on June 1 and December 1, in arrears, commencing
December 1, 2021, and on any earlier date of redemption, at the rate of 3.250% per annum, until the principal hereof is paid or made available for payment. Interest on this Security shall be computed assuming a
360-day year consisting of twelve 30-day months. 
 The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest, which shall be the close of business on the fifteenth day (whether or not a Business Day) next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for
will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

 

 Payment of the principal of (and premium, if any) and any such interest on this Security
will be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts (i) with respect to any Global Security, by wire transfer of immediately available funds to
the accounts specified by the Holder of such Global Security or (ii) with respect to any certificated Security, by wire transfer of immediately available funds to the respective accounts specified by the Holders of such certificated Security
or, if no such account is specified, by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 

  
 2 

 Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	AMERICAN WATER CAPITAL CORP.
		
	By	 	  

 TRUSTEE’S CERTIFICATION OF AUTHENTICATION 

This is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture. 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

As Trustee 
  

			
	By	 	  

		 	Authorized Signatory
		
	Dated:	 	

  

 This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of December 4, 2009 (herein called the “Indenture”, which term shall have the meaning assigned to it in such
instrument), between the Company and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for
a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.
This Security is one of the series designated on the face hereof. 
 The Company may from time to time, without the consent of the Holders,
create and issue Additional Securities, so that each such further issue shall be consolidated and form a single series with the Outstanding Securities of this series. 

All or a portion of the Securities of this series may be redeemed at the option of the Company at any time or from time to time. The
Redemption Price for the Securities of this series to be redeemed on any Redemption Date prior to December 1, 2050 (the “Par Call Date”) will be equal to the greater of the following amounts: (a) 100% of the principal
amount of the Securities of this series being redeemed on that Redemption Date; or (b) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities of this series being redeemed on that
Redemption Date that would be payable if such Securities of this series matured on the Par Call Date (not including any portion of any payments of interest accrued to that Redemption Date) discounted to that Redemption Date on a semi-annual basis at
the Adjusted Treasury Rate (as defined below) plus 15 basis points, as determined by the Reference Treasury Dealer (as defined below), plus, in each case, accrued and unpaid interest thereon to that Redemption Date. The Redemption Price for the
Securities of this series to be redeemed on any Redemption Date on or after the Par Call Date will be equal to 100% of the principal amount of the Securities of this series being redeemed on that Redemption Date plus accrued and unpaid interest
thereon to that Redemption Date. Notwithstanding the foregoing, installments of interest on the Securities of this series that are due and payable on Interest Payment Dates falling on or prior to a Redemption Date will be payable on the Interest
Payment Date to the Holder of such Securities of this series as of the close of business on the relevant Regular Record Date. The Redemption Price will be calculated on the basis of a 360-day year consisting
of twelve 30-day months. Calculation of the Redemption Price will be made by the Company or on behalf of the Company by a person designated by the Company; provided that such calculation or the correctness
thereof shall not be a duty or obligation of the Trustee. 
 The Company shall mail notice of any redemption at least 30 days but not more
than 60 days before the Redemption Date to each Holder of the Securities of this series to be redeemed, and, if less than all of the Securities of this series are to be redeemed, the particular Securities of this series to be redeemed will be
selected by the Trustee on a pro rata basis, by lot or in such manner as the Trustee shall deem appropriate and fair in accordance with DTC procedures. Unless the Company defaults in payment of the Redemption Price, on and after that Redemption
Date, interest will cease to accrue on the Securities of this series or portions thereof called for redemption. 
 “Adjusted
Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 
 “Comparable Treasury
Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to the remaining term of the Securities of this series to be redeemed, calculated as if the maturity date of the
Securities of this series was the Par Call Date (the “Remaining Life”), that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the Remaining Life. 

  
 4 

 “Comparable Treasury Price” means, with respect to any Redemption Date,
(A) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Company obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations, or (C) if only one Reference Treasury Dealer Quotation is received, such quotation. 

“Reference Treasury Dealer” means (A) each of J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and a Primary
Treasury Dealer (as defined below) selected by U.S. Bancorp Investments, Inc., or their respective affiliates which are primary U.S. Government securities dealers in the United States (a “Primary Treasury Dealer”); provided,
however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer; and (B) any other Primary Treasury Dealer(s) selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at
5:00 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 
 In the event of redemption of this Security
in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and
Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an
Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the
right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of
Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have 

  
 5 

 
made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received
from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice,
request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates
expressed herein. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

In connection with any proposed transfer of this Security if this Security ceases to be a Global Security, the Company or DTC shall be
required to provide or cause to be provided to the Trustee all information that is (i) available to the Company or the DTC, as applicable, (ii) necessary to allow the Trustee to comply with any applicable tax reporting obligations,
including without limitation any cost basis reporting obligations under Section 6045 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), and (iii) specifically and timely requested in writing by the
Trustee. Any transferor shall also provide or cause to be provided to the Trustee all information that is (i) available to such transferor, (ii) necessary to allow the Trustee to comply with any applicable tax reporting obligations,
including without limitation any cost basis reporting obligations under Code Section 6045, and (iii) specifically and timely requested by the Trustee. The Trustee may rely on information provided to it and shall have no responsibility to
verify or ensure the accuracy of such information. 
 The Securities of this series are issuable only in registered form without coupons in
denominations of $1,000 and integral multiples of $1,000. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this
series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge
shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

  
 6 

 All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 
 THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW
YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF. 

  
 7EX-10.5

 Exhibit 10.5 

EXECUTION VERSION 

SEVENTH AMENDMENT TO UNCOMMITTED MASTER REPURCHASE AND SECURITIES 

CONTRACT AGREEMENT 

THIS SEVENTH AMENDMENT TO UNCOMMITTED MASTER 

REPURCHASE AND SECURITIES CONTRACT AGREEMENT (this “Amendment”), dated as of April 23, 2021, is by and between GOLDMAN SACHS
BANK USA, a New York state-chartered bank, as buyer (“Buyer”) and FS CREIT FINANCE GS-1 LLC, a Delaware limited liability company, as seller (“Seller”). Capitalized
terms used but not otherwise defined herein shall have the meanings given to them in the Master Repurchase Agreement (as defined below). 

W I T N E S S E T H: 

WHEREAS, 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 amended by that certain Fifth Amendment
to Uncommitted Master Repurchase and Securities Contract Agreement, dated as of December 11, 2020, as amended by that certain Sixth Amendment to Uncommitted Master Repurchase and Securities Contract Agreement, dated as of January 21, 2021
(as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Master Repurchase Agreement”); 

WHEREAS, Seller has requested that Buyer increase the Maximum Facility Amount, and Buyer has agreed to increase the Maximum Facility
Amount in accordance with the terms and conditions set forth herein; and 
 WHEREAS, Seller and Buyer wish to modify certain terms
and provisions of the Master Repurchase Agreement. 
 NOW, THEREFORE, for good and valuable consideration, the parties hereto agree
as follows: 
 1. Amendments to Master Repurchase Agreement. The Master Repurchase Agreement is
hereby amended as follows: 
 (a) The definition of “Maximum Facility Amount” in Article 2 of the Master Repurchase
Agreement is hereby deleted in its entirety and replaced with the following: 
 ““Maximum Facility Amount” shall mean
(i) from the date hereof through the earlier of (a) May 31, 2021, or (b) the closing date of that certain CLO known as the FS RIAL 2021-FL2 (the “FS RIAL Closing Date”) (the
“Temporary Upsize Period”), Two Hundred Fifty Million and No/100 Dollars ($250,000,000.00) (provided, that Seller may request an additional increase in connection with any requested Future Funding Advance, which shall be approved or
denied in Buyer’s sole and absolute discretion) and (ii) from the day following the expiration of the Temporary Upsize Period, One Hundred Seventy-Five Million and No/100 Dollars ($175,000,000.00) (the “Original Facility
Amount”) as may be increased to Two Hundred Fifty Million and No/100 Dollars ($250,000,000.00) pursuant to Article 3(n).” 

 2. Effectiveness. The effectiveness of this Amendment is subject to receipt by Buyer
of the following: 
 (a) Amendment. This Amendment, duly executed and delivered by Seller and Buyer. 

(b) Responsible Officer Certificate. A signed certificate from a Responsible Officer of Seller certifying: (i) that no amendments
have been made to the organizational documents of Seller since January 26, 2018, unless otherwise stated therein; and (ii) the authority of Seller 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 the Seller. 
 (d) Legal Opinion. Opinions of outside counsel to Seller reasonably acceptable to Buyer as to
such matters as Buyer may reasonably request, provided, that the execution of this Amendment by Buyer shall evidence satisfaction of this condition. 

(e) 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. Seller Representations.
Seller hereby represents and warrants that: 
 (a) no Potential Event of Default, Event of Default or Margin Deficit has occurred and is
continuing, and no Potential Event of Default, Event of Default or Margin Deficit will occur as a result of the execution, delivery and performance by Seller of this Amendment; and 

(b) the representations and warranties contained in Article 9 of the Master Repurchase Agreement are true and correct in all material respects
(except to the extent that such representations and warranties specifically refer to any earlier date, in which case Seller represents and warrants that such representations and warranties are true and correct as of such earlier date and except that
the representations and warranties regarding Seller or Guarantor’s financial statements are deemed to refer to the most recent financial statements furnished to Buyer). 

4. Defined Terms. Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Master Repurchase
Agreement. 
 5. Continuing Effect; Reaffirmation of Guarantee Agreement. As amended by this Amendment, all terms, covenants and
provisions of the Master Repurchase Agreement are ratified and confirmed and shall remain in full force and effect. In addition, any and all guaranties and indemnities for the benefit of Buyer (including, without limitation, the Guarantee Agreement)
and agreements subordinating rights and liens to the rights and liens of Buyer, are hereby ratified and confirmed and shall not be released, diminished, impaired, reduced or adversely affected by this Amendment, and each party indemnifying Buyer,
and each party subordinating any right or lien to the rights and liens of Buyer, hereby consents, acknowledges and agrees to the modifications set forth in this Amendment and waives any common law, equitable, statutory or other rights which such
party might otherwise have as a result of or in connection with this Amendment. 

  
 2 

 6. Binding Effect; No Partnership; Counterparts. The provisions of the Master
Repurchase 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. The parties consent to the use of electronic signatures and delivery of an executed counterpart of this Amendment and any other Transaction
Document or document executed in connection therewith by electronic transmission (including in “pdf” format) each of which shall have the same legal effect, validity, or enforceability as a manually executed and delivered counterpart
hereof or thereof. 
 7. Further Agreements. Seller 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. The provisions of Article 20 of the Master Repurchase Agreement are incorporated herein by reference. 

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

  
 3 

 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 Seventh Amendment to Uncommitted Master Repurchase and Securities Contract Agreement 

  

			
	SELLER:
	
	FS CREIT FINANCE GS-1 LLC, a Delaware limited liability company
		
	By:	 	 /s/ Edward T. Gallivan, Jr.

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

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

Signature Page to Seventh Amendment to Uncommitted Master Repurchase and Securities Contract Agreement 

 The undersigned hereby acknowledges the execution of the Amendment and agrees that the
Guarantee Agreement and agreements therein subordinating rights and liens to the rights and liens of Buyer, are hereby ratified and confirmed and shall not be released, diminished, impaired, reduced or adversely affected by this Amendment, and each
party indemnifying Buyer therein, and each party subordinating any right or lien to the rights and liens of Buyer, therein, hereby acknowledges the modifications set forth in this Amendment and waives any common law, equitable, statutory or other
rights which such party might otherwise have as a result of or in connection with this Amendment. In addition, the undersigned reaffirms its obligations under the Guarantee Agreement and agrees that its obligations under the Guarantee Agreement
shall remain in full force and effect and apply to the additional components referenced in this Amendment. 
  

			
	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 Seventh Amendment to Uncommitted Master Repurchase And Securities Contract Agreement]

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