Document:

FS CREDIT REAL ESTATE INCOME TRUST, INC 8-K  

 

Exhibit 10.1

 

Execution Version

 

FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

This Fourth Amendment to
Loan and Security Agreement (this “Amendment”) is dated as of June 7, 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, 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 to (i) increase the Revolver Commitments in respect of the Revolving
Credit Facility from $25,000,000 to $55,000,000 as set forth herein, and (ii) make certain other changes in connection therewith
as 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 by:

 

		(i)	deleting the bold, stricken text (indicated textually in the same manner as the following example:
stricken text) and to add the bold, double-underlined text (indicated textually
in the same manner as the following example: double-underlined text)
as set forth in the pages attached as Annex A hereto;

 

		(ii)	amending and restating Schedule C-1 in the form attached to Annex A hereto, which such schedule
sets forth the Revolver Commitments of each Lender (including each New Lender (as defined below)) as of the Amendment Effective
Date; and

 

		(iii)	amending and restating Exhibit C-1 in the form attached as Annex B hereto.

 

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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.

 

(iv)          The Agent shall have received a fee letter dated as of the date hereof executed between the Borrowers and the Agent with
respect to certain fees payable in connection with this Amendment (as amended, restated, supplemented or otherwise modified from
time to time, the “Fourth Amendment Fee Letter”).

 

(v)           In addition to payment of the fees contemplated by the Fourth Amendment Fee Letter, 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.

 

(ix)           The Agent shall have received the written opinions, dated the date of this Amendment, of counsel to 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;

 

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(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;

 

(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.             Joinder of New Lender. Upon the occurrence of the Amendment Effective Date, the Person identified on the signature
page hereto under the heading “New Lender” (the “New Lender”) will join (and be bound by) the Loan
Agreement and the other Loan Documents as a Lender thereunder and thus will, as of the Amendment Effective Date, be a Lender for
all purposes under the Loan Agreement and the other Loan Documents to the same extent as if originally a party thereto. Furthermore,
upon the occurrence of the Amendment Effective Date, New Lender will hold a Revolver Commitment in an amount equal to the amount
set forth opposite its name on Schedule C-1 to the Loan Agreement (as amended by this Amendment). Each Borrower and Agent
hereby agrees that, from and after the Amendment Effective Date, New Lender shall be deemed to be, and shall become, a “Lender”
for all purposes of, and with all the rights and remedies of a “Lender” under, the Loan Agreement (as amended hereby)
and the other Loan Documents. New Lender (a) represents and warrants that (i) it is legally authorized to enter into this Amendment
and (ii) it has all necessary power and authority, and has taken all action necessary, to execute and deliver this Amendment and to consummate the
transactions contemplated hereby and become a Lender under the Loan Agreement and the other Loan Documents, (b) confirms that it
has received a copy of the Loan Agreement, this Amendment, the other Loan Documents and such other documents and information as
it has deemed appropriate to make its own credit analysis and decision to enter into the Loan Agreement, this Amendment and any
other Loan Documents; (c) agrees that it will, independently and without reliance upon the Agent or any Lender and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not
taking action under the Loan Agreement, the other Loan Documents or any other instrument or document furnished pursuant hereto
or thereto; (d) appoints and authorizes the Agent to take such action as an agent on its behalf and to exercise such powers and
discretion under the Loan Agreement, this Amendment and the other Loan Documents or any other instrument or document furnished
pursuant hereto or thereto as are delegated to the Agent by the terms thereof, together with such powers as are incidental thereto;
and (e) agrees that it will be bound by the provisions of the Loan Agreement, this Amendment and the other Loan Documents and will
perform in accordance with its terms all of the obligations which by the terms of the Loan Agreement, this Amendment and the other
Loan Documents are required to be performed by it as a Lender.

 

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7.             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.

 

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

 

9.             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.

 

10.           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.

 

11.           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.

 

12.           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

 

13.           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 Agreement to be executed and delivered as of the date first set forth
above.

 

	 	FS CREDIT REAL ESTATE INCOME TRUST,
    INC., a Maryland corporation, as a Borrower
	 	 	 
	 	By:	/s/ Stephen Sypherd
	 	 	Name: Stephen Sypherd
	 	 	Title: Vice President, Secretary and Treasurer

 

	 	FS
    CREIT FINANCE HOLDINGS LLC, a Delaware limited liability company, as a Borrower
	 	 	 
	 	By: FS Credit Real Estate Income
Trust, Inc., its sole member
	 	 	 
	 	By:	/s/ Stephen Sypherd
	 	 	Name: Stephen Sypherd
	 	 	Title: Vice President, Secretary and Treasurer

 

Loan and Security Agreement Amendment 

 

     

     

    

 

	 	CITY NATIONAL BANK, 

a national banking association,
as Agent and as a Lender
	 	 	 
	 	By:	/s/ Adam Strauss
	 	 	Name: Adam Strauss
	 	 	Title: Senior Vice President

 

Loan and Security Agreement Amendment

 

     

     

    

	CITY NATIONAL BANK, 

a national banking association,
as Agent and as a Lender	 
	 	 	 
	By:	       	 
	 	Name:  	 
	 	Title:  	 

 

	WOODFOREST NATIONAL BANK, 

as New Lender	 
	 	 	 
	By:	/s/ Maya Mylavarapu	 
	 	Name: Maya Mylavarapu	 
	 	Title: Vice President	 

 

ny- 2039325

 

     

     

    

ANNEX A

 

Loan and Security Agreement

 

See attached.

 

ny- 2039325

 

     

     

    

Conformed
through ThirdAnnex A
to Fourth Amendment dated December 23, 2020to
Loan and Security Agreement dated June 7, 2021

 

LOAN AND SECURITY AGREEMENT

 

dated as of August 22, 2019

 

by and among

 

FS CREDIT REAL ESTATE INCOME TRUST, INC. and

 

FS CREIT FINANCE HOLDINGS LLC

 

Each as a Borrower,

 

THE LENDERS THAT ARE SIGNATORIES HERETO

 

as the Lenders,

 

and

 

CITY NATIONAL BANK,

 

together with its successors and assigns

 

as
Administrative Agent

 

     

     

    

LOAN AND SECURITY AGREEMENT

 

THIS LOAN AND SECURITY AGREEMENT,
dated as of August 22, 2019 is entered into by and among, on the one hand, 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”), and, on the other hand, the lenders identified on the signature pages hereof
(such lenders, together with their respective successors and permitted assigns, are referred to hereinafter each individually as
a “Lender” and collectively as the “Lenders”), and CITY NATIONAL BANK, a national
banking association (“CNB”), as administrative agent for the Lenders (in such capacity, together with its successors
and assigns in such capacity, “Agent”).

 

Article I

 

DEFINITIONS AND CONSTRUCTION

 

1.1          Definitions.
For purposes of this Agreement (as defined below), the following initially capitalized terms shall have the following meanings:

 

“Administrative Borrower”
has the meaning specified therefor in Section 2.23 of this Agreement.

 

“Advisor”
means FS Real Estate Advisor, LLC, a Delaware limited liability company, together with any successor or assignee which is an Affiliate
of FS CREIT or any such successor or assignee reasonably acceptable to Agent.

 

“Advisory Agreements”
means (i) the Second Amended and Restated Advisory Agreement, dated as of August 17, 2018, between FS CREIT and the Advisor and
(ii) the Amended and Restated Sub-Advisory Agreement, dated as of August 30, 2017 between the Advisor and the Sub-Advisor.

 

“Affiliate”
means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with,
that Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
“controlled by,” and “under common control with”), as applied to any Person, means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of that Person, whether through the
ownership of voting securities, by contract, or otherwise.

 

“Agent” has the meaning set forth in the preamble
to this Agreement.

 

“Agent-Related Persons” means Agent,
together with its Affiliates, officers, directors, employees, attorneys, and agents.

 

“Agent’s Account”
means the account of Agent identified on Schedule A-1.

 

“Agent’s Liens” means the Liens granted
by any Borrower to Agent under this Agreement or the other Loan Documents.

 

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“Agreement”
means this Loan and Security among the Borrowers, the Lenders, and Agent, together with all exhibits and schedules hereto, as amended,
restated, supplemented or otherwise modified from time to time.

 

“Asset” means
any interest of a Person in any kind of property or asset, whether real, personal, or mixed real and personal, or whether tangible
or intangible.

 

“Assignee” has the meaning set forth in Section
9.1(a).

 

“Assignment and Acceptance”
means an Assignment and Acceptance Agreement substantially in the form of Exhibit A-1.

 

“Authorized Person” means any officer of the Borrower.

 

“Availability”
means, as of any date of determination, the amount that the Borrower is entitled to borrow as Loans hereunder (after giving effect
to all then outstanding Obligations and all sublimits then applicable hereunder).

 

“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for
such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used
for determining the length of an Interest Period pursuant to this Agreement as
of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition
of “Interest Period” pursuant to Section 2.14(b)(iv).

 

“Bankruptcy
Code” means The Bankruptcy Reform Act of 1978 (11 U.S.C. §§101-1330), as amended or supplemented from time to
time, and any successor statute, and all of the rules and regulations issued or promulgated in connection therewith.

 

“Base LIBOR Rate” means a rate per annum, rounded upwards, if necessary, to the nearest
1/16 of 1.00%, equal to the rate of interest which is identified and normally published by Bloomberg Professional Service page
USD-LIBOR-BBA (BBAM) as the offered rate for loans in Dollars for the applicable Interest Period; provided that, if the
Base LIBOR Rate shall be less than zero0.50%,
such rate shall be deemed zero0.50%
for purposes of this Agreement. The rate is set by the ICE Benchmark Administration or any successor determining administrator
as of 11:00 a.m. (London time) on the second Eurodollar Business Day preceding the first day of each Interest Period. If Bloomberg
Professional Service (or another nationally-recognized rate reporting source acceptable to the Agent) no longer reports such rate
or Agent determines in good faith that the rate so reported no longer accurately reflects the rate available to Agent in the London
Interbank Market or if such index no longer exists or if page USD-LIBOR-BBA (BBAM) no longer exists or accurately reflects the
rate available to Agent in the London Interbank Market, “LIBOR” shall be determined by reference to such other comparable
publicly available service for displaying eurodollar rates as may be selected by Agent in its discretion..

 

“Base Rate”
means for any day a fluctuating rate per annum equal to the greatest of (a) the Federal Funds Rate plus 1/2 of 1.00%, (b) the rate
of interest announced or otherwise established by the Agent from time to time as its prime commercial rate as in effect on such
day, with any change in the Base Rate resulting from a change in said prime commercial rate to be effective as of the date of the relevant change
in said prime commercial rate (it being acknowledged and agreed that such rate may not be the Agent’s best or lowest rate)
and (c) the LIBOR Rate for a one month Interest Period on such day plus 1.00%.

 

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“Base Rate Loan”
means any Loan bearing interest at the Base Rate.

 

“Benchmark”
means, initially, USD LIBOR; provided that if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its
related Benchmark Replacement Date have occurred with respect to USD LIBOR or
the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark
Replacement has replaced such prior benchmark rate pursuant to Section 2.14(b)(i).

 

“Benchmark
Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined by
Agent for the applicable Benchmark Replacement Date:

 

(a)          the
sum of: (i) Term SOFR and (ii) the related Benchmark Replacement Adjustment;

 

(b)          the
sum of: (i) Daily Simple SOFR and (ii) the related Benchmark Replacement Adjustment;

 

(c)          the
sum of: (i) the alternate benchmark rate that has been selected by Agent and the Borrower as the replacement for the then-current
Benchmark for the applicable Corresponding Tenor giving due consideration to
(x) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant
Governmental Body or (y) any evolving or then-prevailing market convention for
determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated
credit facilities at such time and (ii) the related Benchmark Replacement Adjustment;

 

provided
that, in the case of clause (a), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that
publishes such rate from time to time as selected by Agent in its reasonable discretion. If the Benchmark Replacement as determined
pursuant to clause (a), (b) or (c) above would be less than the applicable Floor with respect to the applicable Revolving Credit
Facility, the Benchmark Replacement will be deemed to be such applicable Floor for the
purposes of this Agreement and the other Loan Documents.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the then current Benchmark with an Unadjusted Benchmark
Replacement for any applicable Interest Period and Available Tenor for any setting of
such Unadjusted Benchmark Replacement:

 

(a)           for purposes of clauses (a) and (b) of the definition of “Benchmark Replacement,”
the first alternative set forth in the order below that can be determined by Agent: (i) the spread adjustment, or method
for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference
Time such Benchmark Replacement is first set for such Interest Period that has
been selected or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted
Benchmark Replacement for the applicable Corresponding Tenor; (ii) the spread adjustment (which may be a positive
or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that would
apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation
event with respect to such Benchmark for the applicable Corresponding Tenor; and

 

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(b)           for purposes of clause (c) of the definition of “Benchmark Replacement,” the spread adjustment, or method for
calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected
by Agent and the Administrative Borrower for the applicable Corresponding Tenor, giving due consideration to (i) any selection
or recommendation of a spread adjustment, or method for calculating or determining
such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the
Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention
for determining a spread adjustment, or method for calculating or determining
such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement
for U.S. dollar denominated syndicated credit facilities;

 

provided
that, in the case of clause (a) above, such adjustment is displayed on a screen or other information service that publishes such
Benchmark Replacement Adjustment from time to time as selected by Agent in its reasonable
discretion.

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition
of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing
requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions,
and other technical, administrative or operational matters) that Agent decides may be appropriate to reflect the adoption and implementation
of such Benchmark Replacement and to permit the administration thereof by Agent in a manner substantially consistent with market
practice (or, if Agent decides that adoption of any portion of such market practice
is not administratively feasible or if Agent determines that no market practice
for the administration of such Benchmark Replacement exists, in such other manner of administration as Agent decides is reasonably
necessary in connection with the administration of this Agreement and the other Loan
Documents).

 

“Benchmark
Replacement Date” means the earliest to occur of the following events with respect
to the then-current Benchmark:

 

(a)            in the case of clause (a) or (b) of the definition of “Benchmark Transition Event,”
the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on
which the administrator of such Benchmark (or the published component used in
the calculation thereof) permanently or indefinitely ceases to provide all Available
Tenors of such Benchmark (or such component thereof);

 

(b)           in
the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein; or

 

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(c)           in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election
is provided to the Lenders, so long as Agent has not received, by 5:00 p.m.
(New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders,
written notice of objection to such Early Opt-in Election from Lenders comprising the
Required Lenders.

 

For
the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement
Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement
Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement
Date” will be deemed to have occurred in the case of clause (a) or (b)
with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current
Available Tenors of such Benchmark (or the published component used in the calculation thereof).

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events
with respect to the then-current Benchmark:

 

(a)           a public statement or publication of information by or on behalf of the administrator
of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased
or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide
any Available Tenor of such Benchmark (or such component thereof);

 

(b)           a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or
the published component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve
Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution
authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar
insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator
of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component
thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide any Available Tenor of such Benchmark (or such component
thereof); or

 

(c)           a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or
the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component
thereof) are no longer representative.

 

For
the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark
if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor
of such Benchmark (or the published component used in the calculation thereof).

 

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“Benchmark
Unavailability Period” means the period (if any) (a) beginning at the time that a Benchmark Replacement Date pursuant to
clauses (a) or (b) of that definition has occurred if, at such time, no Benchmark
Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section
2.14(b) and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for
all purposes hereunder and under any Loan Document in accordance with Section 2.14(b).

 

“Beneficial Ownership
Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

 

“Beneficial Ownership Regulation” means 31 C.F.R.
§ 1010.230.

 

“Borrower”
and “Borrowers” have the respective meanings set forth in the introduction to this Agreement.

 

“Borrowing”
means a borrowing under the Revolving Credit Facility consisting of a Loan made by the Lenders (or Agent on behalf thereof) to
any Borrower.

 

“Borrowing Base”
means as of any date of determination, the result of (a) 90% of the amount of cash and Cash Equivalents on the balance sheet of
FS CREIT as of such date (excluding any Unencumbered Assets) plus (b) 80% of Net Contributed
Capital for the applicable Measurement Period.

 

“Breakage Costs”
means, with respect to any Lender, in the event of any prepayment, conversion, or continuation of any LIBOR Rate Loan on any date
that is not the expiration date of the Interest Period thereto, the amount determined by such Lender to be the excess, if any,
of (i) the amount of interest that would have accrued on the principal amount of such LIBOR Rate Loan had such event not occurred,
at the LIBOR Rate that would have been applicable thereto (excluding margin or spread), for the period from the date of such event
to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert, or continue, for
the period that would have been the Interest Period therefor), over (ii) the amount of interest that would accrue on such principal
amount for such period at the interest rate which Agent or such Lender would be offered were it to be offered, at the commencement
of such period, Dollar deposits of a comparable amount and period in the London interbank market.

 

“Business Day” means a day when
major commercial banks are open for business in the State of New York, other than Saturdays or Sundays.

 

“Bylaws”
means the bylaws of FS CREIT adopted as of February 13, 2017.

 

“Capital Contribution Account” means the Deposit
Account maintained by FS CREIT with Agent as account number 210667024 into which Investor capital contributions are deposited
from time to time.

 

“Capitalized Lease Obligations”
means, as to any Person, the aggregate amount which, in accordance with GAAP, is required to be reported as a liability on the
balance sheet of such Person in respect of such Person’s interest as lessee under a capitalized lease.

 

    6 

     

    

“Cash Equivalents”
means (a) any readily-marketable securities (i) issued by, or directly, unconditionally and fully guaranteed or insured by the
US federal government or (ii) issued by any agency of the US federal government the obligations of which are fully backed by the
full faith and credit of the US federal government, (b) any readily marketable direct obligations issued by any other agency of
the US federal government, any state of the US or any political subdivision of any such state or any public instrumentality thereof,
in each case having a rating of at least “A-1” from S&P or at least “P-1” from Moody’s, (c)
any commercial paper rated at least “A-1” by S&P or “P-1” by Moody’s and issued by any Person
organized under the laws of any state of the US, (d) any Dollar-denominated time deposit, insured certificate of deposit, overnight
bank deposit or bankers’ acceptance issued or accepted by (i) any Lender or (ii) any
commercial bank that is (A) organized under the laws of the US, any state thereof or the District of Columbia, (B) ”adequately
capitalized” (as defined in the regulations of its primary federal banking regulators) and (C) has Tier 1 capital (as defined
in such regulations) in excess of $250,000,000 and (e) shares of any US money market fund that (i) has substantially all of its
assets invested continuously in the types of investments referred to in clause (a), (b), (c) or (d) above with maturities as set
forth in the proviso below, (ii) has net assets in excess of $500,000,000 and (iii) has obtained from either S&P or Moody’s
the highest rating obtainable for money market funds in the US; provided, however, that the maturities of all obligations specified
in any of clause (a), (b), (c) or (d) above shall not exceed 365 days.

 

“Change of Control Event”
means (a) the Sub-Advisor ceases to be the sub-advisor of FS CREIT, (b) the Advisor ceases to be the advisor of FS CREIT or (c)
a Borrower fails to own, directly or indirectly, all of the outstanding Securities of each of its then existing Subsidiaries (except
for the inclusion of a tranche of additional equityholder(s) of any Subsidiary for the purpose of efficiently structuring the Specified
Subsidiary Financing or another Subsidiary Financing to the extent disclosed to the Agent prior to the effectiveness thereof and
reasonably acceptable to the Agent) it being understood that it shall not be a Change of Control Event if any Subsidiary is dissolved,
wound down or otherwise ceases to exist.

 

“Charter”
means the Second Articles of Amendment and Restatement of FS CREIT, dated as of September 5, 2017.

 

“Closing Date”
means the date on which each of the conditions precedent in Article III has been fulfilled to the reasonable satisfaction
of Agent and its counsel.

 

“Closing Date Advance”
means the Loans made on the Closing Date for payment of the Closing Fee and payment of all reasonable and documented out-of-pocket
fees, costs, and expenses of Agent (including the reasonable fees and expenses of Agent’s counsel) incurred in connection
with the preparation, negotiation, execution, and delivery of the Loan Documents.

 

“Closing Fee” has the meaning set forth in Section
2.11(b).

 

“CNB” has the meaning set forth in the preamble to
this Agreement.

 

“Collateral” has the meaning set forth in Section 11.1(a).

 

    7 

     

    

“Compliance Certificate”
means a certificate substantially in the form of Exhibit C-1 delivered by a Responsible Officer of Administrative Borrower
to Agent.

 

“Contingent Obligation”
means, as to any Person and without duplication of amounts, any written obligation of such Person guaranteeing or intended to guarantee
(whether guaranteed, endorsed, co-made, discounted, or sold with recourse to such Person) any Debt, noncancellable lease, dividend,
reimbursement obligations relating to letters of credit, or any other obligation that pertains to Debt, a noncancellable lease,
a dividend, or a reimbursement obligation related to letters of credit (each, a “primary obligation”) of any
other Person (“primary obligor”) in any manner, whether directly or indirectly, including any written obligation
of such Person, irrespective of whether contingent, (a) to purchase any such primary obligation, (b) to advance or supply funds
(whether in the form of a loan, advance, stock purchase, capital contribution, or otherwise) (i) for the purchase, repurchase,
or payment of any such primary obligation or any Asset constituting direct or indirect security therefor, or (ii) to maintain working
capital or equity capital of the primary obligor, or otherwise to maintain the net worth, solvency, or other financial condition
of the primary obligor, (c) to purchase or make payment for any Asset, securities, services, or noncancellable lease if primarily
for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such
primary obligation, (d) to indemnify any other Person for costs, fees, expenses, or other liabilities incurred by such other Person
or (e) under any rate contracts.

 

“Contractual Obligation”
means, as to any Person, any material provision of any material indenture, mortgage, deed of trust, contract, undertaking, agreement,
or other instrument to which that Person is a party or by which any of its Assets is subject.

 

“Control Agreement”
means any control agreement, in form and substance reasonably satisfactory to Agent, executed and delivered by any Borrower, Agent,
and the applicable bank or securities intermediary, as applicable, with respect to a Deposit Account or Securities Account.

 

“Corresponding
Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight)
or an interest payment period having approximately the same length (disregarding business
day adjustment) as such Available Tenor.

 

“Daily
Balance” means, as of any date of determination and with respect to any Obligation, the amount of such Obligation owed at
the end of such Business Day after giving effect to all payments received and credit extensions made on such date.

 

“Daily
Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established
by Agent in accordance with the conventions for this rate selected or recommended
by the Relevant Governmental Body for determining “Daily Simple SOFR”
for syndicated business loans; provided, that if Agent decides that any such convention is not administratively feasible for Agent,
then Agent may establish another convention in its reasonable discretion.

 

    8 

     

    

“Debt”
means, as to any Person, (a) all obligations for such Person for borrowed money, (b) all obligations of such Person evidenced
by bonds, debentures, notes, or other similar instruments, all reimbursement or other obligations of such Person in respect of
letters of credit, bankers acceptances, or other financial products and all net obligations of such Person under interest rate
swaps, (c) all obligations of such Person to pay the deferred purchase price of Assets or services, exclusive of trade payables
that are due and payable in the ordinary and usual course of such Person’s business, (d) all Capitalized Lease Obligations
of such Person, (e) all obligations or liabilities of others secured by a Lien on any Asset owned by such Person, irrespective
of whether such obligation or liability is assumed, to the extent of the lesser of such obligation or liability or the fair market
value of such Asset and (f) all Contingent Obligations of such Person. Notwithstanding the foregoing, Debt shall not include any
Debt that would appear on such Person’s consolidated balance sheet solely as a result of consolidation under the variable
interest entity guidance in ASC 810.

 

“Debtor
Relief Laws” means any applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, insolvency, fraudulent
conveyance, reorganization, or similar laws affecting the rights, remedies, or recourse of creditors generally, including without
limitation the Bankruptcy Code and all amendments thereto, as are in effect from time to time during the term of the Loans.

 

“Defaulting
Lender” means any Lender that (a) has failed to fund any amounts required to be funded by it under this Agreement on
the date that it is required to do so under this Agreement (including the failure to make a required payment in connection with
a L/C Disbursement), (b) notified any Borrower, Agent or any Lender in writing that it does not intend to comply with all or any
portion of its funding obligations under this Agreement, (c) has made a public statement to the effect that it does not intend
to comply with its funding obligations under this Agreement or under other agreements generally (as reasonably determined by Agent)
under which it has committed to extend credit, (d) failed, within one Business Day after written request by Agent, to confirm
that it will comply with the terms of this Agreement relating to its obligations to fund any amounts required to be funded by
it under this Agreement, (e) otherwise failed to pay over to Agent or any other Lender any other amount required to be paid by
it under this Agreement on the date that it is required to do so under this Agreement, unless the subject of a good faith dispute
or (f) (i) becomes or is insolvent or has a parent company that has become or is insolvent or (ii) becomes the subject of a bankruptcy
or insolvency proceeding, or has had a receiver, conservator, trustee, or custodian appointed for it, or has taken any action
in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent
company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, or
custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence
in any such proceeding or appointment.

 

“Defaulting
Lender Rate” means (a) for the first 3 days from and after the date the relevant payment is due, the Federal Funds Rate
and (b) thereafter, the interest rate then applicable to Loans that are Base Rate Loans.

 

“Deposit
Account” has the meaning set forth in the UCC.

 

    9 

     

    

“Distribution
Account” means the Deposit Account maintained by FS CREIT with State Street Bank and Trust Company as account number
10826915 into which all Subsidiary Distributions are deposited from time to time that is subject to a Control Agreement.

 

“Division/Series
Transaction” shall mean, with respect to any Borrower and its Subsidiaries,
that any such Person (a) divides into two or more Persons (whether or not the original Credit Party or Subsidiary thereof survives
such division) or (b) creates, or reorganizes into, one or more series, in each case as contemplated under any requirement of
law of any jurisdiction.

 

“Dollars”
and “$” mean US dollars or such coin or currency of the US as at the time of payment shall be legal tender
for the payment of public and private debts in the US.

 

“Early
Opt-in Election” means, if the then-current Benchmark is USD LIBOR, the occurrence
of:

 

(a)       a
notification by Agent to (or the request by the Borrower to the Agent to notify) each of the other parties hereto that at least
five (5) currently outstanding U.S. dollar-denominated syndicated credit facilities
at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any
other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly
available for review), and

 

(b)       the
joint election by Agent and the Administrative Borrower to trigger a fallback from USD LIBOR and the provision by Agent of written
notice of such election to the Lenders.

 

“Eligible
Transferee” means (a) any Lender or any Affiliate (other
than individuals) of a Lender, (b) so long as no Event of Default has occurred and is continuing, any other Person approved by
Agent and Administrative Borrower (which approval of the Administrative Borrower shall not be unreasonably withheld, delayed,
or conditioned) and (c) during the continuation of an Event of Default, any other Person approved by Agent.

 

“Environmental
Law” means any applicable US federal, state, provincial, foreign or local statute, law, rule, regulation, ordinance,
code, binding and enforceable guideline, binding and enforceable written policy, or rule of common law now or hereafter in effect
and in each case as amended, or any judicial or administrative interpretation thereof, including any judicial or administrative
order, consent decree or judgment, in each case, to the extent binding on any Borrower or its respective Subsidiaries, relating
to the environment, the effect of the environment on employee health, or Hazardous Materials, in each case as amended from time
to time.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder by
any Governmental Authority, as from time to time in effect.

 

“ERISA
Affiliate” means any trade or business (whether or not incorporated) under common control with a Borrower, within
the meaning of Section 414(b) or (c) of the Internal Revenue Code (and Sections 414(m) and (o) of the Internal Revenue
Code for purposes of provisions relating to Section 412, 430 or 431 of the Internal Revenue Code).

 

    10 

     

    

 

“ERISA
Event” means that (1) any Borrower has underlying assets which constitute Plan Assets or (2) any Borrower or any ERISA
Affiliate sponsors, maintains, contributes to, is required to contribute to or has any material liability with respect to, any
Plan.

 

“Erroneous
Payment” has the meaning assigned to it in Section 10.20(a).

 

“Erroneous
Payment Deficiency Assignment” has the meaning assigned to it in Section 10.20(d).

 

“Erroneous
Payment Impacted Class” has the meaning assigned to it in Section 10.20(d).

  

“Erroneous
Payment Return Deficiency” has the meaning assigned to it in Section 10.20(d).

 

“Erroneous
Payment Subrogation Rights” has the meaning assigned to it in Section 10.20(d).

 

“Eurocurrency
Reserve Requirement” means the sum (without duplication) of the rates (expressed as a decimal) of reserves (including,
without limitation, any basic, marginal, supplemental, or emergency reserves) that are required to be maintained by banks during
the Interest Period under any regulations of the Federal Reserve Board, or any other governmental authority having jurisdiction
with respect thereto, applicable to funding based on so-called “Eurocurrency Liabilities”, including Regulation D
(12 CFR 224).

 

“Eurodollar
Business Day” means any Business Day on which major commercial banks are open for international business (including
dealings in Dollar deposits) in New York, New York and London, England.

 

“Event
of Default” has the meaning set forth in Article VII hereof.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended or supplemented from time to time, and any successor statute,
and all of the rules and regulations issued or promulgated in connection therewith.

 

“Excluded
Property” means (i) all of the stock, limited liability company interests, partnership interests and other
Securities in each Subsidiary of the Borrowers other than direct Subsidiaries of FS CREIT to the extent such Subsidiary is
not a primary obligor with respect to a Subsidiary Financing, (ii) any property, right, title or interest which is pledged in
any customary equity pledge agreement pursuant to any Subsidiary Financing (including, without limitation, any and all cash,
proceeds, dividends, insurance payable by reason of loss or damage to the pledged collateral, interests or accounts that hold
proceeds of the pledged collateral, in each case, which are pledged in any such equity pledge agreement), in each case, on
terms substantially consistent with the equity pledge agreements in existence on the Closing Date and (iii) all (x) cash, (y)
Cash Equivalents or (z) other assets, in each case for which credit is received under the terms of any financial
covenant within any Subsidiary Financing documentation (and each account in which any such cash, Cash Equivalent or asset is
held) of FS CREIT that is required to be unencumbered in order to comply with any financial covenant included in any
Subsidiary Financing documentation (such cash, Cash Equivalents and/or assets set forth in this clause (iii), the
“Unencumbered Assets”).

 

    11 

     

    

 

“Extension
Effective Date” has the meaning set forth in Section 2.11(c).

 

“Extension Fee” has the meaning
set forth in Section 2.11(c).

 

“Federal
Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds
transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal
Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the
Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on
the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds
Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to CNB
on such day on such transactions as determined by Agent.

 

“Federal
Reserve Board” means the Board of Governors of the Federal Reserve System or any successor thereto.

 

“Finance
Holdings” has the meaning set forth in the preamble to this Agreement.

 

“FINRA” means the Financial
Industry Regulatory Authority.

 

“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially
(as of the execution of this Agreement, the modification, amendment or renewal of this Agreement
or otherwise) with respect to USD LIBOR.

 

“Fourth
Amendment” means that certain Fourth Amendment to Loan and Security Agreement,
dated as of the Fourth Amendment Effective Date, by and among the Borrowers, the Lenders
party thereto and the Agent.

 

“Fourth
Amendment Fee Letter” has the meaning set forth in the Fourth Amendment.

 

“Fourth
Amendment Effective Date” means June 7, 2021.

 

“FS
CREIT” has the meaning set forth in the preamble to this Agreement.

 

“Funding Date” means the date
on which a Loan occurs.

 

“Funding
Losses” has the meaning set forth in Section 2.7(b)(ii).

 

    12 

     

    

 

“GAAP”
means generally accepted accounting principles in the US in effect from time
to time.

 

“Governing
Documents” means, with respect to any Person, the certificate or articles of incorporation, charter, by-laws,
certificate of formation, partnership agreement, operating agreement or other organizational documents of such
Person.

 

“Governmental
Authority” means any US federal, state, local, or other governmental department, commission, board, bureau, agency,
central bank, court, tribunal, or other instrumentality, domestic or foreign.

 

“Hazardous
Materials” means (a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable laws
or regulations as “hazardous substances,” “hazardous materials,” “hazardous wastes,” “toxic
substances,” or any other formulation intended to define, list, or classify substances by reason of deleterious properties
such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, or “EP toxicity”, (b) oil,
petroleum, or petroleum derived substances, natural gas, natural gas liquids, synthetic gas, drilling fluids, produced waters,
and other wastes associated with the exploration, development, or production of crude oil, natural gas, or geothermal resources,
(c) any flammable substances or explosives or any radioactive materials and (d) asbestos in any form or electrical equipment that
contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of 50 parts per million.

 

“Highest
Lawful Rate” means the maximum non-usurious interest rate, as in effect from time to time, that may be charged, contracted
for, reserved, received, or collected by a Lender in connection with this Agreement or the other Loan Documents.

 

“Increase”
has the meaning set forth in Section 2.21 hereof.

 

“Increase
Effective Date” has the meaning set forth in Section 2.21 hereof.

 

“Increase Fee” has the meaning set forth in
Section 2.11(d).

 

“Indemnified
Liabilities” has the meaning set forth in Section 8.2 hereof.

 

“Indemnitee” has the meaning
set forth in Section 8.2 hereof.

 

“Insolvency
Proceeding” means any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under
any Debtor Relief Law or any other state or US federal bankruptcy or insolvency law, assignments for the benefit of creditors,
formal or informal moratoria, compositions, extensions generally with creditors, or proceedings seeking reorganization, arrangement,
or other similar relief.

 

“Interest
Payment Date” means, (x) in the case of Base Rate Loans, the first day of each fiscal quarter and (y) in the case of
LIBOR Rate Loans, the last day of the applicable Interest Period, provided, that in the case of any Interest Period greater
than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period
and on the last day of such Interest Period.

 

     13

     

    

 

“Interest
Period” means, with respect to any LIBOR Rate Loan, the period commencing on the date such LIBOR Rate Loan is made (including
the date a Base Rate Loan is converted to a LIBOR Rate Loan, or a LIBOR Rate Loan is renewed as a LIBOR Rate Loan, which, in the
latter case, will be the last day of the expiring Interest Period) and ending on the date which is one (1), three (3) or six (6)
months thereafter, as selected by Administrative Borrower; provided, that no Interest Period may extend beyond the Maturity
Date.

 

“Internal
Revenue Code” means the United States Internal Revenue Code of 1986, as amended.

 

“Investment”
means, as to any Person, any direct or indirect purchase or other acquisition by that Person of, or beneficial interest in,
stock, instruments, bonds, debentures or other securities of any other Person, or any direct or indirect loan, advance, or
capital contribution by such Person to any other Person, including all indebtedness and accounts receivable due from that
other Person that did not arise from sales or the rendition of services to that other Person in the ordinary and usual course
of such Person’s business, and deposit accounts (including certificates of deposit).

 

“Investors”
means the “Stockholders” of the FS CREIT as such term is defined in the Charter.

 

“ISDA
Definitions” means the 2006 ISDA Definitions published by the International Swaps
and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from
time to time, or any successor definitional booklet for interest rate derivatives published from
time to time by the International Swaps and Derivatives Association, Inc. or such successor
thereto.

 

“Issuing
Lender” means (a) CNB or (b) any other Lender that, at the request of Borrower and with the consent of Agent, agrees,
in such Lender’s sole discretion, to become an Issuing Lender for the purpose of issuing Letters of Credit pursuant to Section
2.15.

 

“KMR”
means Katten Muchin Rosenman LLP.

 

“L/C
Disbursement” means a payment made by Issuing Lender to a beneficiary of a Letter of Credit pursuant to such Letter
of Credit.

 

“Lender”
and “Lenders” have the respective meanings set forth in the preamble to this Agreement, and shall include any
other Person made a party to this Agreement in accordance with the provisions of Section 9.1.

 

“Lender
Group” means, individually and collectively, each of the Lenders (including the Issuing Lender) and Agent.

 

     14

     

    

 

“Lender
Group Expenses” means all (a) costs or expenses (including taxes) required to be paid by any Borrower or its
Subsidiaries under any of the Loan Documents that are paid, advanced, or incurred by Agent, (b) fees or charges paid or
incurred by Agent in connection with the Lender Group’s transactions with any Borrower, including: (i) fees or charges
for photocopying, notarization, couriers and messengers, telecommunication, public record searches (including tax lien,
litigation, and UCC searches and including searches with the United States Patent and Trademark Office, the United States
Copyright Office, or, if required, the department of motor vehicles), filing, recording, publication, (ii) if an Event of
Default has occurred and is continuing, appraisal (including periodic collateral appraisals or business valuations to the
extent of the fees and charges (and up to the amount of any limitation) contained in this Agreement) and
(iii) if an Event of Default has occurred and is continuing, and if reasonably requested by the
Agent, environmental examinations, (c) charges paid or incurred by Agent resulting from the dishonor of checks, (d)
reasonable costs and expenses paid or incurred by Agent or any Lender to correct any default or enforce any provision of the
Loan Documents, or in gaining possession of, selling, preparing for sale, or advertising to sell the Collateral, or
any portion thereof, irrespective of whether a sale is consummated, (e) reasonable third party fees and expenses of Agent
related to collateral examinations of the books to the extent of the fees and charges (and up to the amount of any
limitation) contained in this Agreement, (f) reasonable costs and expenses of third party claims or any other suit paid or
incurred by the Agent or any Lender in enforcing or defending the Loan Documents or in connection with the transactions
contemplated by the Loan Documents, (g) Agent’s reasonable out of pocket costs and expenses (including reasonable
attorneys’ fees of one firm of counsel per jurisdiction (including any special counsel acting in multiple
jurisdictions) and, in the case of an actual or perceived conflict of interest where the Indemnitee affected by such conflict
retains its own counsel, of another firm of counsel for such affected Indemnitee) incurred in advising, structuring,
drafting, reviewing, administering or amending the Loan Documents and (h) Agent’s and each Lender’s reasonable
costs and expenses (including attorneys, accountants, consultants, and other third party advisors fees and expenses) incurred
in terminating, enforcing (including attorneys, accountants, consultants, and other third party advisors fees and expenses
incurred in connection with a “workout,” a “restructuring,” or an Insolvency Proceeding concerning
any Borrower or any of its Subsidiaries or in exercising rights or remedies under the Loan Documents), or defending the Loan
Documents, irrespective of whether suit is brought, or in taking any Remedial Action concerning the Collateral.

 

“Lender-Related
Person” means, with respect to any Lender, such Lender, together with such Lender’s Affiliates, officers, directors,
employees, attorneys, and agents and
other representatives.

 

“Letter
of Credit” has the meaning set forth in Section 2.15(a).

 

“Letter
of Credit Collateralization” means, with respect to each Letter of Credit, outstanding after the Maturity Date,
either (a) providing cash collateral (pursuant to documentation reasonably satisfactory to Agent, including provisions that
specify that the Letter of Credit Fees and all fees, charges and commissions provided for in Section 2.4(d) of this
Agreement (including any fronting fees) will continue to accrue while the Letters of Credit are outstanding) to be held by
Agent for the benefit of the Lenders in an amount equal to 103% of the then existing Letter of Credit Usage with respect to
such Letter of Credit, (b) delivering to Agent documentation executed by all beneficiaries under such Letter of Credit, in
form and substance reasonably satisfactory to Agent and Issuing Lender, terminating all of such beneficiaries’ rights
under the Letters of Credit, or (c) providing Agent with a standby letter of credit, in form and substance reasonably
satisfactory to Agent, from a commercial bank reasonably acceptable to Agent in an amount equal to 103% of the then existing
Letter of Credit Usage with respect to such Letter of Credit (it being understood that the Letter of Credit Fee and all
fronting fees set forth in this Agreement will continue to accrue while the Letters of Credit are outstanding and that any
such fees that accrue must be an amount that can be drawn under any such standby letter of credit).

 

     15

     

    

 

“Letter
of Credit Exposure” means, as of any date of determination with respect to any Lender, such Lender’s Pro Rata Share
of the Letter of Credit Usage on such date.

 

“Letter
of Credit Fee” has the meaning set forth in Section 2.4(d).

 

“Letter
of Credit Usage” means, as of any date of determination, with respect to all outstanding Letters of Credit, the aggregate
undrawn amount of outstanding Letters of Credit and with respect to each outstanding Letter of Credit, the undrawn amount of such
Letter of Credit.

 

“LIBOR”
has the meaning set forth in Section 2.22(a).

 

“LIBOR
Rate” means with respect to each day during each Interest Period pertaining to a LIBOR Rate Loan, a rate per annum determined
for such day in accordance with the following formula (rounded upward to the nearest 1/100th of 1.00%):

 

_________ Base
LIBOR Rate ________ 

 

1 - Eurocurrency Reserve Requirement

 

“LIBOR
Rate Loan” means any Loan bearing interest at the LIBOR Rate.

 

“LIBOR
Successor Rate” has the meaning set forth in Section 2.22.

 

“LIBOR
Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming
changes to any applicable defined terms herein and administrative matters as may be appropriate, as agreed by the Administrative
Borrower and the Agent, to reflect the adoption of such LIBOR Successor Rate and to permit the administration thereof by Agent
in a manner substantially consistent with market practice (or, if Agent reasonably determines that adoption of any portion of
such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor
Rate exists, in such other manner of administration as the Agent and the Administrative Borrower agree).

 

“LIBOR
Suspension Date” has the meaning set forth in Section 2.22(a).

 

“LIBOR
Suspension Events” has the meaning set forth in Section 2.22(b).

 

“Lien”
means any lien, mortgage, pledge, assignment (including any assignment of rights to receive payments of money) for security, security
interest, charge, or encumbrance of any kind (including any conditional sale or other title retention agreement and any agreement
to give any security interest).

 

     16

     

    

 

“Loan”
means a loan made by the Lenders (or Agent on behalf thereof) to any Borrower pursuant to Section 2.1 of this Agreement.

 

“Loan
Account” has the meaning set forth in Section 2.12 hereof.

 

“Loan
Documents” means this Agreement, the Letters of Credit, the Fourth Amendment
and each other amendment to this Agreement entered into prior to the Fourth Amendment Effective Date, the Fourth Amendment
Fee Letter and any and all other documents, agreements, or instruments that have been or are entered into by any Borrower
and Agent in connection with the transactions contemplated by this Agreement, including any amendment
hereto.

 

“Margin
Securities” means “margin stock” as that term is defined in Regulation U of the Federal Reserve Board.

 

“Material
Adverse Effect” means (a) a material and adverse effect on the business, operations, Assets, or condition (financial
or otherwise) of the Borrowers (taken as a whole), (b) a material impairment of the Borrowers’ ability to perform their
obligations under the Loan Documents or of the Lender Group’s ability to enforce the Obligations or realize upon the Collateral
or (c) a material impairment of the enforceability or priority of the Agent’s Liens with respect to the Collateral.

 

“Maturity
Date” means August 23, 2022,June 7, 2023,
subject to any extension thereof in accordance to Section 2.20.

 

“Maximum
Revolver Amount” means $25,000,000,55,000,000,
as such amount may be increased from time to time pursuant to Section 2.21 or
decreased from time to time pursuant to Section 2.10(c). or
terminated in whole or in part pursuant to Section 7.2.

 

“Measurement
Period” means, as of any date of determination, the period of three (3) consecutive fiscal months of FS CREIT
ending on such date.

 

“Moody’s” means Moody’s Investors Service, Inc.

 

“Net
Asset Value” means, on any date of determination, FS CREIT’s net asset value as determined by the Advisor in accordance
with FS CREIT’s valuation guidelines, as set forth in the registration statement for FS CREIT’s public offering of
common stock as in effect on the date hereof.

 

“Net
Contributed Capital” means, on any date of determination, “Invested Capital” of FS CREIT as such term is
defined in the Charter.

 

“Non-Defaulting
Lender” means each Lender other than a Defaulting Lender.

 

“Obligations”
means all Loans, debts, principal, interest, premiums, liabilities (including all amounts charged to the Borrowers’
Loan Account pursuant hereto), contingent reimbursement obligations with respect to outstanding Letters of Credit,
obligations (including indemnification obligations), fees (including the fees provided for in
the Fourth Amendment Fee Letter and the Letter of Credit Fee), charges, costs, expenses (including Lender Group
Expenses) (including any portion thereof that accrues after the commencement of an Insolvency Proceeding, whether or not
allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), guaranties, covenants, Erroneous
Payment Subrogation Rights and duties of any kind and description owing by any Borrower to the Lender Group
pursuant to or evidenced by the Loan Documents and irrespective of whether for the payment of money, whether direct or
indirect, absolute or contingent, due or to become due, now existing or hereafter arising, and including all interest not
paid when due and all expenses that any Borrower is required to pay or reimburse by the Loan Documents, by law, or otherwise.
Any reference in this Agreement or in the Loan Documents to the Obligations shall include all extensions, modifications,
renewals, or alterations thereof, both prior and subsequent to any Insolvency Proceeding.

 

     17

     

    

 

“OFAC”
means The Office of Foreign Assets Control of the U.S. Department of the Treasury.

 

“Originating
Lender” has the meaning set forth in Section 9.1(e).

 

“Participant” has the meaning set forth
in Section 9.1(e).

 

“Permitted
Discretion” means a determination made in the exercise of reasonable (from the perspective of a secured lender)
business judgment.

 

“Permitted
Investments” means those investments which are permitted by, and as described in the Charter and/or Bylaws of FS CREIT
and the operating agreement of Finance Holdings.

 

“Permitted
Liens” means: (a) Liens for taxes, assessments, or governmental charges or claims the payment of which is not, at such
time, required by Section 5.4 hereof, (b) banker’s Liens in the nature of rights of setoff arising in the ordinary course
of business of a Borrower, (c) Liens granted by a Borrower to Agent in order to secure its respective obligations under this Agreement
and the other Loan Documents to which it is a party, (d) Liens and deposits in connection with workers’ compensation, unemployment
insurance, social security and other legislation affecting a Borrower, (e) Liens arising out of judgments or awards that have
been in force for less than the applicable period for taking an appeal so long as such judgments or awards do not constitute an
Event of Default and (f) Liens arising from precautionary security grants with respect to the sale or contribution of assets (i)
of Finance Holdings to FS Rialto 2019-FL1 Issuer, Ltd. (the “Issuer”) pursuant to the Collateral Interest Purchase
Agreement, dated as of December 5, 2019 among the Issuer, Finance Holdings, and other parties thereto in connection with the Specified
Subsidiary Financing and/or (ii) in connection with any other Subsidiary Financing to the extent disclosed to the Agent prior
to the granting thereof and reasonably acceptable to the Agent.

 

“Person”
means and includes natural persons, corporations, partnerships, limited liability companies, joint ventures, associations, companies,
business trusts, or other organizations, irrespective of whether they are legal entities.

 

     18

     

    

 

“Plan”
means any “pension plan” (as such term is defined in Section 3(2) of ERISA) subject to Section 412 of the Internal
Revenue Code or Title IV of ERISA established, maintained or contributed to by the Company, the
Parentany Borrower or any ERISA Affiliate.

 

“Plan
Asset Regulation” ” means the regulations issued by the United States Department of Labor at Section 2510.3-101
of Part 2510 of Chapter XXV, Title 29 of the United States Code of Federal Regulations, as modified by Section 3(42) of ERISA.

 

“Plan
Assets” means “plan assets” within the meaning of the Plan Asset Regulation.

 

“Pro
Rata Share” means, as of any date of determination:

 

(a)            
with respect to a Lender’s obligation to make a Loan and receive payments of principal, interest, fees, costs, and
expenses with respect thereto, (i) prior to the Revolver Commitments being terminated or reduced to zero, the percentage
obtained by dividing (y) such Lender’s Revolver Commitment, by
(z) the aggregate Revolver Commitments of all Lenders and (ii) from and after the time that the Revolver Commitments have
been terminated or reduced to zero, the percentage obtained by dividing (y) the aggregate outstanding principal amount of
such Lender’s Loans by (z) the aggregate outstanding principal amount of all Loans,

 

(b)            with respect to a Lender’s obligation to participate in Letters of Credit, to reimburse the Issuing Lender, and to receive
payments of fees with respect thereto, (i) prior to the Revolver Commitments being terminated or reduced to zero, the percentage
obtained by dividing (y) such Lender’s Revolver Commitment, by (z) the aggregate Revolver Commitments of all Lenders and
(ii) from and after the time that the Revolver Commitments have been terminated or reduced to zero, the percentage obtained by
dividing (y) the aggregate outstanding principal amount of such Lender’s Loans plus such Lender’s ratable portion
of the Risk Participation Liability with respect to outstanding Letters of Credit by (z) the aggregate outstanding principal amount
of all Loans plus the aggregate amount of the Risk Participation Liability with respect to outstanding Letters of Credit, and

 

(c)            
with respect to all other matters as to a particular Lender (including the indemnification obligations arising under Section
10.7), the percentage obtained by dividing (i) such Lender’s Revolver Commitment, by (ii) the aggregate amount of
Revolver Commitments of all Lenders; provided, that in the event the Revolver Commitments have been terminated or
reduced to zero, Pro Rata Share under this clause shall be the percentage obtained by dividing (A) the outstanding principal
amount of such Lender’s Loans plus such Lender’s ratable portion of the Risk Participation Liability with respect
to outstanding Letters of Credit by (B) the outstanding principal amount of all Loans of all
Lenders plus the aggregate amount of the Risk Participation Liability of
all Lenders with respect to all outstanding
Letters of Credit.

 

“Record”
means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable
in perceivable form.

 

“Reference
Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBOR, 11:00 a.m.
(London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not
USD LIBOR, the time determined by Agent in its reasonable
discretion.

 

     19

     

    

 

“Register”
has the meaning set forth in Section 9.1(h) hereof.

 

“Regulatory Change” has the meaning set forth in
Section 2.13 hereof.

 

“Relevant
Governmental Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or
a committee officially endorsed or convened by the Board of Governors of the
Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto.

 

“Remedial
Action” means all actions taken to (a) clean up,
remove, remediate, contain, treat, monitor, assess, evaluate, or in any way address Hazardous Materials in the indoor or
outdoor environment, (b) prevent or minimize a release or threatened release of Hazardous Materials so they do not migrate or
endanger or threaten to endanger public health or welfare or the indoor or outdoor environment, (c) restore or reclaim
natural resources or the environment, (d)   perform any pre-remedial studies, investigations, or post-remedial
operation and maintenance activities or (e) conduct any other actions with respect to Hazardous Materials authorized by
Environmental Laws.

 

“Replaced
Lender” has the meaning set forth in Section 12.2.

 

“Replacement Lender” has the meaning set
forth in Section 12.2.

 

“Request
for Borrowing” means an irrevocable written notice from any of the individuals identified on Exhibit R-1 attached
hereto to Agent of the Administrative Borrower’s request to borrow any Loan or for the issuance of a Letter of Credit, which
notice shall be substantially in the form of Exhibit R-2 attached hereto.

 

“Request
for Conversion/Continuation” means an irrevocable written notice from any of the individuals identified on Exhibit
R-1 attached hereto to Agent pursuant to the terms of Section 2.8, substantially in the form of Exhibit R-3
attached hereto.

 

“Required
Lenders” means, at any time, the Lenders(a)
when there are three or more Lenders, at least two Lenders that are not Affiliates of one another whose aggregate Pro
Rata Shares (calculated under clause (dc)
of the definition of Pro Rata Shares) exceed 50%. or
(b) when there are
two or fewer Lenders (provided that any Lenders that are Affiliates of each other
shall all be treated as one Lender for purposes of this clause (b)), all of the Lenders.

 

“Responsible
Officer” means the president, chief executive officer, chief operating officer, chief financial officer, secretary,
general counsel, vice president, manager, controller, authorized signatory, managing partner, member or manager of a Person, or
such other officer of such Person designated by a Responsible Officer in a writing delivered to Agent.

 

“Revolver
Availability” means, as of any date, the result of (a) the Maximum Revolver Amount as of such date less (b) the
Revolving Credit Facility Usage as of such date.

 

     20

     

    

“Revolver
Commitment” means, with respect to each Lender, its commitment in respect of the Revolving Credit Facility, and,
with respect to all Lenders, their commitments in respect of the Revolving Credit Facility, in each case as such Dollar
amounts are set forth beside such Lender’s name under the applicable heading on Schedule C-1 or in the
Assignment and Acceptance pursuant to which such Lender became a Lender hereunder, as such amounts may be (a)  
reduced or increased from time to time pursuant to assignments made in accordance with the provisions of Section 9.1,
(b) increased from time to time pursuant to Section 2.21 or (c) terminated or reduced to zero from time to time
pursuant to Section 7.2.

 

“Revolving
Credit Facility” means the revolving credit facility described in Section 2.1 hereof.

 

“Revolving
Credit Facility Usage” means, at the time any determination thereof is to be made, the aggregate Dollar amount of the
outstanding Loans at such time; provided, that the foregoing shall not include any Letter of Credit Usage.

 

“Risk
Participation Liability” means, as to each Letter of Credit, all reimbursement obligations of a Borrower to the Issuing
Lender with respect to an L/C Undertaking, consisting of (a) the amount available to be drawn or which may become available to
be drawn, (b) all amounts that have been paid by the Issuing Lender to the extent not reimbursed by a Borrower and (c) all accrued
and unpaid interest, fees, and expenses payable with respect thereto.

 

“S&P”
means Standard & Poor’s Rating Group.

 

“Sanctioned
Entity” means (a) a country or a government of a country, (b) an agency of the government of a country, (c) an organization
directly or indirectly controlled by a country or its government or (d) a Person resident in or determined to be resident in a
country, in each case, that is subject to a country sanctions program administered and enforced by OFAC.

 

“Sanctioned
Person” means a person named on the list of Specially Designated Nationals maintained by OFAC.

 

“Scheduled
Unavailability Date” has the meaning set forth in Section 2.22(b).

 

“SEC”
means the Securities and Exchange Commission of the United States of America or any successor thereto.

 

“Securities”
means the capital stock, partnership interest, membership interest or other securities or equity interests of a Person, all warrants,
options, convertible securities, joint venture interests, common share interests, and other interests which may be exercised in
respect of, converted into or otherwise relate to such Person’s capital stock, partnership interest, membership interest
or other equity interests and any other securities, including debt securities of such Person.

 

“SOFR”
means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day
published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.

 

     21

     

    

“SOFR
Administrator” means the Federal Reserve Bank of New York (or a successor administrator
of the secured overnight financing rate).

 

“SOFR
Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org,
or any successor source for the secured overnight financing rate identified as such
by the SOFR Administrator from time to time.

 

“Specified
Subsidiary Financing” has the meaning given to such term in the First Amendment to Loan and Security Agreement dated
as of December 4, 2019 by and among the Borrowers, the Lenders and the Agent.

 

“Sub-Advisor”:
means Rialto Capital Management, LLC, a Delaware limited liability company, together with such successors and permitted assigns
reasonably acceptable to Agent.

 

“Subsidiary”
means, with respect to any Person (a) any corporation in which such Person, directly or indirectly through its Subsidiaries, owns
more than 50% of the stock of any class or classes having by the terms thereof the ordinary voting power to elect a majority of
the directors of such corporation and (b) any partnership, association, joint venture, limited liability company, or other entity
in which such Person, directly or indirectly through its Subsidiaries, has more than a 50% equity interest at the time.

 

“Subsidiary
Distributions” means all returns, profits, distributions and similar amounts paid to FS CREIT by any Subsidiary (including,
without limitation, distributions of proceeds related to the sale or realization of Investments made by or
in such Subsidiary).

 

“Subsidiary
Financing” means financing arrangements provided to any Subsidiary of a Borrower. For the avoidance of doubt, any Subsidiary
Financing shall not be secured by the Collateral.

 

“Taxes”
means any tax based upon or measured by net or gross income, gross receipts, sales, use, ad valorem, transfer, franchise, withholding,
payroll, employment, excise, occupation, premium or property taxes, or conduct of business, together with any interest and penalties,
additions to tax and additional amounts imposed by any US federal, state, local, or foreign taxing authority upon any Person.

 

“Term”
shall have the meaning set forth in Section 2.19 hereof.

 

“Term
SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based
on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

“Termination
Date” has the meaning set forth in Section 11.3(j).

 

“Unencumbered
Assets” has the meaning set forth in the definition of “Excluded Property”.

 

     22

     

    

“UCC”
means the Uniform Commercial Code as in effect in the State of New York; provided that, if perfection or the effect of perfection
or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in
effect in a jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect
from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection
or non-perfection or priority.

 

“US”
means the United States of America.Unadjusted Benchmark Replacement” means
the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

  

“Unencumbered
Assets” has the meaning set forth in the definition of “Excluded Property”.

 

“Unmatured
Event of Default” means an event, act, or occurrence which, with the giving of notice or the passage of time, would
become an Event of Default, excluding the failure to make any payment which is not yet due and payable.

 

“Unused
Line Fee” means, as of any date, the product of (a) the Revolver Availability as of such date times (b) 0.3750.50%
per annum.

 

“US”
means the United States of America.

 

“USD
LIBOR” means the London interbank offered rate for U.S. dollars.

 

1.2            Construction. Unless
the context of this Agreement or any other Loan Document clearly requires otherwise, references to the plural include the
singular and references to the singular include the plural, the part includes the whole, the term “including” is
not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the
phrase “and/or.” References in this Agreement or any other Loan Document to a “determination” or
“designation” include estimates by Agent (in the case of quantitative determinations or designations), and
beliefs by Agent (in the case of qualitative determinations or designations). The words “hereof,”
“herein,” “hereby,” “hereunder,” and similar terms in this Agreement or any other Loan
Document refer to this Agreement or such Loan Document, as applicable, as a whole and not to any particular provision of this
Agreement or such Loan Document, as applicable. Article, section, subsection, clause, exhibit, and schedule references are to
this Agreement unless otherwise specified. Any reference herein to this Agreement or any of the Loan Documents includes any
and all alterations, amendments, changes, extensions, modifications, renewals, or supplements thereto or thereof, as
applicable. Any reference herein or in any other Loan Document to the satisfaction, repayment, or payment in full of the
Obligations shall mean (a) the payment or repayment in full in immediately available funds of (i) the principal amount of,
and interest accrued and unpaid with respect to, all outstanding Loans, together with the payment of any premium
applicable to the repayment of the Loans, (ii) all Lender Group Expenses that have accrued and are unpaid regardless of
whether demand has been made therefore, (iii) all fees or charges that have accrued hereunder or under any other Loan
Document (including the Letter of Credit Fee) and are unpaid, (b) in the case of contingent reimbursement obligations with
respect to Letters of Credit, providing Letter of Credit Collateralization, (c) the payment or repayment in full in
immediately available funds of all other outstanding Obligations other than unasserted contingent indemnification Obligations
and (d) the termination of all of the Revolver Commitments of the Lenders. Any reference herein to any Person shall be
construed to include such Person’s successors and assigns. Any requirement of a writing contained herein or in any
other Loan Document shall be satisfied by the transmission of a Record.

 

     23

     

    

 

1.3           UCC.
Any terms used in this Agreement which are defined in the UCC shall be construed and defined as set forth in the UCC unless
otherwise defined herein.

 

Article
II

 

AMOUNT
AND TERMS OF LOANS

 

		2.1	Revolving
                                         Credit Facility.

 

		(a)	Subject
                                         to the other terms and conditions hereof:

 

(i)         Each Lender with a Revolver Commitment agrees
(severally, not jointly or jointly and severally) to make Loans to the Borrowers in an aggregate amount at any one time
outstanding not to exceed such Lender’s Pro Rata Share of the lesser of (A) the Maximum Revolver Amount less the
aggregate Letter of Credit Usage at such time and (B)   the Borrowing Base less the aggregate Letter of
Credit Usage at such time; provided, that at no time shall the sum of such Lender’s aggregate Loans and such
Lender’s Pro Rata Share of the aggregate Letter of Credit Usage exceed such Lender’s Revolver Commitment, and 

 

(ii)
     Amounts borrowed
pursuant to this Section 2.1 may be repaid and, subject to the terms and conditions of this Agreement, reborrowed at any
time during the term of this Agreement. The outstanding principal amount of each Loan, together with interest accrued thereon,
shall be due and payable on the Maturity Date, or if earlier, the date on which such Loan is declared due and payable pursuant
to the terms of this Agreement. or
otherwise in accordance with Section 2.10.

 

		(b)	In
                                         no event shall:

 

(i)
        the sum of (A) the Revolving Credit Facility
Usage plus (B) the aggregate Letter of Credit Usage at any time exceed the Maximum Revolver Amount;

 

(ii)
      the sum of (A) the Revolving Credit Facility
Usage plus (B) the aggregate Letter of Credit Usage exceed the Borrowing Base;

 

(iii)      the
principal amount of any Borrowing requested to be made under the Revolving Credit Facility exceed the positive difference
between (A) the lesser of (I) the Borrowing Base and (II) the Maximum Revolver Amount and (B) the sum of (I) the Revolving
Credit Facility Usage extant immediately prior to such Borrowing plus (II) the aggregate Letter of Credit Usage extant
immediately prior to such Borrowing.

 

     24

     

    

 

(c)          Notwithstanding
any other provision of this Agreement to the contrary, no Lender with a Revolver Commitment shall have an obligation to make
any Loan under the Revolving Credit Facility on or after the Maturity Date or issue or amend any Letter of Credit on or after
the Maturity Date.

 

2.2          Rate
Designation. The Administrative Borrower shall designate each Loan under the Revolving Credit Facility as a Base Rate
Loan or a LIBOR Rate Loan in the Request for Borrowing or Request for Conversion/Continuation given to Agent in accordance
with Section 2.7 or Section 2.8, as applicable. Each Base Rate Loan under the Revolving Credit Facility shall
be in a minimum principal amount of $100,000 and integral multiples of $100,000 in excess thereof, unless such Loan is being
made to pay any interest, fees, or expenses then due hereunder, in which case such Loan may be in the amount of such
interest, fees, or expenses, and each LIBOR Rate Loan under the Revolving Credit Facility shall be in a minimum principal
amount of $100,000 and integral multiples of $100,000 in excess thereof, unless such Loan is being made to pay any interest,
fees, or expenses then due hereunder, in which case such Loan may be in the amount of such interest, fees, or
expenses.

 

		2.3	[Intentionally
                                         Omitted].

 

		2.4	Interest
                                         Rates; Payment of Principal and Interest.

 

(a)
        The
Borrowers shall make each payment due hereunder by making, or causing to be made, the amount thereof available to
Agent’s Account, not later than 1:00 p.m. (Pacific Time) on the date of payment, for the account of the Lender Group.
The Borrowers hereby authorize Agent, if not paid to Agent in immediately available funds within two (2) Business Days of the
date when such payment was due, to obtain quarterly payments in respect of such interest provided for in this Agreement or
the other Loan Documents (as and when payable hereunder or under the other Loan Documents) by debiting the Distribution
Account in an amount equal to the amount thereof. If the Borrowers fail to make any such payment when due, each Borrower
hereby authorizes and directs Agent to charge such interest, Letters of Credit Fees, and all other fees, expenses, and other
Lender Group Expenses provided for in this Agreement or the other Loan Documents (as and when payable hereunder or under the
other Loan Documents), to the Borrowers’ Loan Account as a Loan, and if such amounts are charged to the
Borrowers’ Loan Account as a Loan, such amounts thereafter shall accrue interest at the rate then applicable to
Base Rate Loans hereunder.

 

(i)           Unless
Agent receives notice from the Administrative Borrower prior to the date on which any payment is due to the Lenders that the
Borrowers will not make such payment in full as and when required, Agent may assume that the Borrowers have made (or will
make) such payment in full to Agent on such date in immediately available funds and Agent may (but shall not be so required),
in reliance upon such assumption, distribute to each Lender on such due date an amount equal to the amount then due such
Lender. If and to the extent the Borrowers do not make such payment in full to Agent on the date when due, each Lender
severally shall repay to Agent on demand such amount distributed to such Lender, together with interest thereon at the
Defaulting Lender Rate for each day from the date such amount is distributed to such Lender until the date repaid.

     25

     

    

(ii)           Except
as otherwise provided with respect to Defaulting Lenders and except as otherwise provided in the Loan Documents (including
agreements between Agent and individual Lenders), aggregate principal and interest payments shall be apportioned ratably
among the Lenders (in accordance with their respective Pro Rata Shares) and applied thereto and payments of fees and expenses
(other than fees or expenses that are for Agent’s separate account, after giving effect to any agreements between Agent
and individual Lenders) shall be apportioned ratably among the Lenders in accordance with their respective Pro Rata Shares.
Subject to Section 2.4(a)(iv) below, Agent shall apply any and all payments shall
be remitted to Agent and all such payments,, distributions or other amounts
received by Agent (or by any Lender, which shall promptly be turned over to Agent) in respect of the Obligations and/or any
Collateral, and any and all proceeds of or related to any Collateral
received by Agent, shall be applied as follows (or
by any Lender, which shall promptly be turned over to the Administrative Agent),
in the following order:

 

 (A)    first, to pay any fees and Lender Group Expenses then due to Agent under the Loan Documents, until paid in full,

 

(B)     second,
to pay any fees and Lender Group Expenses then due to the Lenders under the Loan Documents, on a ratable basis, until paid in
full,

 

(C)     third,
ratably to pay interest due in respect of the Loans until paid in full,

 

(D)
    fourth, so long
as no Event of Default has occurred and is continuing, to pay the then due and owing principal balance of all Loans until paid
in full,

 

(E)     
fifth, if an Event of Default has occurred
and is continuing, ratably (i) to pay the outstanding principal balance of the Loans until paid in full and (ii)    
to Agent, to be held by Agent, for the ratable benefit of Issuing Lender and those Lenders having a Revolver Commitment, as cash
collateral in an amount up to 103% of the Letter of Credit Usage until paid in full,

 

(F)
     sixth, to
pay any other Obligations (other than those owed to Defaulting Lenders), until paid in full,

 

(G)    
seventh, to pay any Obligations owed to
Defaulting Lenders, until paid in full, and

 

(H)     eighth,
to the Borrowers (to be wired to the Distribution Account) or such other Person entitled thereto under applicable law.

 

(iii)
         Agent
promptly shall distribute to each Lender, pursuant to the applicable wire instructions received from each Lender in writing, such
funds as it may be entitled to receive.

 

(iv)
         In
each instance, so long as no Event of Default has occurred and is continuing, Section 2.4(a)(ii) shall not apply to any
payment made by any Borrower to Agent and specified by such Borrower in a written notice to be for the payment of specific Obligations
then due and payable (or prepayable) under any provision of this Agreement.

     26

     

    

 

(v)          For
purposes of the foregoing, “paid in full” means payment of all amounts owing under the Loan Documents according
to the terms thereof (including, without limitation, Section 1.2), including loan
fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any
Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether or not any of the
foregoing would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding.

 

(vi)          In
the event of a direct conflict between the priority provisions of this Section 2.4 and other provisions contained in
any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be
read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual,
irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall
control and govern.

 

(b)          Subject
to Section 2.5, each Base Rate Loan shall bear interest upon the unpaid principal balance thereof, from and
including the date advanced or converted, to but excluding the date of conversion or repayment thereof, at a fluctuating
rate, per annum, equal to the lesser of (i) the Base Rate plus 1.25 percentage points or (ii) the Highest Lawful Rate. Any
change in the interest rate resulting from a change in the Base Rate will become effective on the day on which each change in
the Base Rate is announced by Agent. Interest due with respect to Base Rate Loans shall be due and payable, in arrears, on
each Interest Payment Date applicable to such Loan and on the Maturity Date; provided, that with respect to any
prepayment required pursuant to Section 2.9 hereof, the interest due with respect to the amount to be prepaid in
accordance therewith and on the date required thereby, shall be calculated as the ratable portion of the accrued interest on
the amount required to be so prepaid and that such accrued interest shall be calculated as if on or with respect to the Loan
most recently advanced prior to the date of such prepayment.

 

(c)          Subject
to Section 2.5, each LIBOR Rate Loan shall bear interest upon the unpaid principal balance thereof, from the
date advanced, converted, or continued, at a rate, per annum, equal to the lesser of (i) the LIBOR Rate plus 2.25 percentage
points and (ii) the Highest Lawful Rate. Interest due with respect to each LIBOR Rate Loan shall be due and payable, in
arrears, on each Interest Payment Date applicable to that LIBOR Rate Loan and on the Maturity Date. Anything to the contrary
contained in this Agreement notwithstanding, the Borrowers may not have more than ten (10) LIBOR Rate Loans outstanding at
any one time.

 

(d)          The
Borrowers shall pay Agent (for the ratable benefit of the Lenders with a Revolver Commitment, subject to any
agreements between Agent and individual Lenders), a Letter of Credit Fee (in addition to the charges, commissions, fees, and
costs set forth in Section 2.15(c)) which shall accrue at a rate equal to 2.25% per annum times the Daily
Balance of the Letter of Credit Usage (the “Letter of Credit Fee”), and which shall be payable quarterly
in arrears commencing on October 1, 2019 and continuing on the first day of each fiscal quarter thereafter.

     27

     

    

(e)          Unless prepaid in accordance with the terms hereof, the
outstanding principal balance of all Loans, together with accrued and unpaid interest thereon, shall be due and payable, in
full, on the Maturity Date.

 

(f)
         On
the Maturity Date, the Borrowers shall provide to Agent Letter of Credit Collateralization.

 

2.5          Default
Rate. Upon the occurrence and during the continuation of an Event of Default under Sections 7.1(a), (d)
or (e) and with respect to any other Event of Default, upon the written direction of the Required Lenders, in each
case, without affecting any of the other rights and remedies provided for herein or in any of the other Loan Documents, (a)
the unpaid principal amount of the Loans and any other amounts owing hereunder or under the other Loan Documents shall bear
interest thereafter, at a per annum rate equal to (i) in the case of LIBOR Rate Loans, LIBOR Rate, plus 2.00 percentage
points (the “LIBOR Rate Loan Default Rate”) or (ii) in the case of other Loans or amounts not addressed in
clause (b) below, the Base Rate, plus 2.00 percentage points, as applicable (the “Base Rate Loan Default
Rate”), and (b) the Letter of Credit Fee shall be increased by 2.00 percentage points (the “Letter of
Credit Default Rate”). All amounts payable under this Section 2.5 shall be immediately due and payable
without the requirement of notice or demand.

 

		2.6	Computation
                                         of Interest and Fees Maximum Interest Rate.

 

(a)          All
interest and fees chargeable under the Loan Documents shall be computed on the basis of a 360-day year (or a 365-day
year or 366-day year, as the case may be, for Base Rate Loans), in each case, for the actual number of days elapsed in the
period during which the interest or fees accrue. In the event the Base Rate is changed from time to time hereafter, the rates
of interest hereunder based upon the Base Rate automatically and immediately shall be increased or decreased by an amount
equal to such change in the Base Rate. Interest shall accrue from the first day of the making of a Loan (or the date on which
interest or fees or other payments are due hereunder, if applicable) to (but not including) the date of repayment of such
Loan (or the date of the payment of interest or fees or other payments, if applicable) in accordance with the provisions
hereof.

 

(b)
        Anything to the contrary contained in this Agreement
notwithstanding, the Borrowers shall not be obligated to pay, and Agent shall not be entitled to charge, collect, receive,
reserve, or take interest (it being understood that interest shall be calculated as the aggregate of all charges which constitute
interest under applicable law that are contracted for, charged, reserved, received, or paid) in excess of the Highest Lawful Rate.
During any period of time in which the interest rates specified herein exceed the Highest Lawful Rate, interest shall accrue and
be payable at such Highest Lawful Rate; provided, that if the interest rate otherwise applicable hereunder declines below
the Highest Lawful Rate, interest shall continue to accrue and be payable at the Highest Lawful Rate (so long as there remains
any unpaid principal with respect to the Loans) until the interest that has been paid hereunder equals the amount of interest
that would have been paid if interest had at all times accrued and been payable at the applicable interest rates otherwise specified
in this Agreement. For purposes of this Section 2.6, the term “applicable law” shall mean that law in effect
from time to time and applicable to this loan transaction which lawfully permits the charging and collection of the highest
permissible, lawful, non-usurious rate of interest on such loan transaction and this Agreement, including laws of the State of
New York, to the extent controlling, laws of the US.

     28

     

    

 

		2.7	Request
                                         for Borrowing.

 

(a)         
Each Base Rate Loan shall be made on a Business
Day and each LIBOR Rate Loan shall be made on a Eurodollar Business Day.

 

(b)
         Each
Borrowing shall be made by a written Request for Borrowing, which Request for Borrowing shall be irrevocable, given by an Authorized
Person by mail or e-mail (in a format bearing a copy of the signature(s) required thereon) or by telephone (which shall be confirmed
by one of the other means of delivery), and delivered to Agent at 400 Park Avenue, 7th Floor, New York, NY 10022, e-mail address
Adam.Strauss@CNB.com, telephone 917-322-0635, and such Request for Borrowing shall attach an updated Compliance Certificate duly
executed by a Responsible Officer of FS CREIT. Each Request for Borrowing
Request shall be made not later than the time specified below on or before the
date described below:

 

(i)            if
such Borrowing is to be a Base Rate Loan, 10:00 a.m. (Pacific Time) on the requested Funding Date (or such lesser period as
agreed to by Agent in its discretion), and such Request for Borrowing shall specify (among other things) that a Base Rate
Loan is requested and state the amount thereof; or

 

(ii)           if
such Borrowing is to be a LIBOR Rate Loan, 1:00 p.m. (Pacific Time) at least one (1) Eurodollar Business Day before
the date the LIBOR Rate Loan is to be made, and such Request for Borrowing shall specify (among other things) that a LIBOR
Rate Loan is requested and state the amount and Interest Period thereof (subject to the provisions of this Article
II); provided, that no Loan shall be available as a LIBOR Rate Loan when any Unmatured Event of Default or Event
of Default has occurred and is continuing. If the Administrative Borrower fails to designate a Loan as a LIBOR Rate Loan in
accordance herewith, the Loan will be a Base Rate Loan. In connection with each LIBOR Rate Loan, the Borrowers shall
indemnify, defend, and hold Agent and the Lenders harmless against any loss, cost, or expense incurred by Agent or any Lender
as a result of (a) the payment of any principal of any LIBOR Rate Loan other than on the last day of an Interest Period
applicable thereto (including as a result of an Event of Default), (b) the conversion of any LIBOR Rate Loan other than on
the last day of the Interest Period applicable thereto, or (c) the failure to borrow, convert, continue or prepay any LIBOR
Rate Loan on the date specified in any LIBOR Notice delivered pursuant hereto (such losses, costs, and
expenses, collectively, “Funding Losses”), except if caused by a Lender failing to fund. Funding Losses
shall, with respect to Agent or any Lender, be deemed to equal the amount determined by Agent or such Lender to be the
excess, if any, of (i)    the amount
of interest that would have accrued on the principal amount of such LIBOR Rate Loan (excluding margin or spread) had such
event not occurred, at the LIBOR Rate that would have been applicable thereto, for the period from the date of such event to
the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert, or continue,
for the period that would have been the Interest Period therefor), minus (ii) the amount of interest that would accrue on
such principal amount for such period at the interest rate which Agent or such Lender would be offered were it to be offered,
at the commencement of such period, Dollar deposits of a comparable amount and period in the London interbank market. A
certificate of Agent
or a Lender delivered to the Administrative Borrower setting forth any amount or amounts that Agent or such Lender is entitled
to receive pursuant to this Section 2.7(b)(ii) shall be conclusive absent manifest error.

     29

     

    

 

(c)          If
the notice provided for in clause (b) of this Section 2.7 with respect to a Base Rate Loan or a LIBOR Rate Loan
is received by Agent not later than 10:00 a.m. or 1:00 p.m. (Pacific Time), as applicable on a Business Day or Eurodollar
Business Day, as applicable, such day shall be treated as the first Business Day or Eurodollar Business Day, as applicable,
of the required notice period. In any other event, such notice will be treated as having been received immediately before
10:00 a.m. or 1:00 p.m. (Pacific Time), as applicable, of the next Business Day or Eurodollar Business Day, as applicable,
and such day shall be treated as the first Business Day or Eurodollar Business Day, as applicable, of the required notice
period.

 

(d)          Each Request for Borrowing shall specify, among other
information, the intended use of the proceeds of such Loan or Letter of Credit and the amount to be applied to each such
use.

 

(e)          Promptly
after receipt of a Request for Borrowing pursuant to Section 2.7(b), Agent shall notify the Lenders of the requested
Loan. Each Lender shall make the amount of such Lender’s Pro Rata Share of the requested Loan available to Agent in
immediately available funds, to Agent’s Account, not later than 101:00 ap.m.
(Pacific Time) on the Funding Date applicable thereto. After Agent’s receipt of the proceeds of such Loans, Agent
shall make the proceeds thereof available to the Borrowers on the applicable Funding Date by transferring immediately
available funds equal to such proceeds received by Agent to the Distribution Account; provided, that Agent shall not
request any Lender to make, and no Lender shall have the obligation to make, any Loan if Agent shall have actual knowledge
that (1) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the
requested Funding Date for the applicable Loan unless such condition has been waived or (2) the requested Loan would exceed
the Availability on such Funding Date.

 

(f)
         Unless
Agent receives notice from a Lender on or prior to the Closing Date or, with respect to any Loan after the Closing Date, prior
to 9:00 a.m. (Pacific time) on the Funding Date of such Loan, that such Lender will not make available as and when required hereunder
to Agent for the account of the Borrowers the amount of that Lender’s Pro Rata Share of the Loan, Agent may assume that
each Lender has made or will make such amount available to Agent in immediately available funds on the Funding Date and Agent
may (but shall not be so required), in reliance upon such assumption, make available to the Borrowers on such date a corresponding
amount. If and to the extent any Lender (other than CNB) shall not have made its full amount available to Agent in immediately
available funds and Agent in such circumstances has made available to the Borrowers such amount, that Lender shall on the Business
Day following such Funding Date make such amount available to Agent, together with interest at the Defaulting Lender Rate for
each day during such period. A notice submitted by Agent to any Lender with respect to amounts owing under this subsection shall
be conclusive, absent manifest error. If such amount is so made available, such payment to Agent shall constitute such Lender’s
Loan on the date of Loan for all purposes of this Agreement. If such amount is not made available to Agent on the Business Day
following the Funding Date, Agent will notify the Borrowers of such failure to fund and, upon demand by Agent, the Borrowers shall
pay such amount to Agent for Agent’s account, together with interest thereon for each day elapsed since the date of such
Loan, at a rate per annum equal to the interest rate applicable at the time to the Loans composing such Loan, without in any way
prejudicing the rights and remedies of the Borrowers against the Defaulting Lender. The failure of any Lender to make any Loan
on any Funding Date shall not relieve any other Lender of any obligation hereunder to make a Loan on such Funding Date, but no
Lender shall be responsible for the failure of any other Lender to make the Loan to be made by such other Lender on any Funding
Date.

     30

     

    

 

(g)
         Notwithstanding
the provisions of Section 2.4(a)(ii), Agent shall not be obligated to transfer to a Defaulting Lender any payments made
by any Borrower to Agent for the Defaulting Lender’s benefit or any proceeds of Collateral that would otherwise be remitted
hereunder to the Defaulting Lender, and, in the absence of such transfer to the Defaulting Lender, Agent shall transfer any such
payments (A) first, to Issuing Lender, to the extent of the portion of a L/C Disbursement that was required to be, but was not,
paid by the Defaulting Lender, (B) second, to each Non-Defaulting Lender ratably in accordance with their Revolver Commitments
(but, in each case, only to the extent that such Defaulting Lender’s portion of a Loan (or other funding obligation) was
funded by such other Non-Defaulting Lender), (C) to a suspense account maintained by Agent, the proceeds of which shall be retained
by Agent and may be made available to be re-advanced to or for the benefit of the Borrowers (upon the request of the Borrowers
and subject to the conditions set forth in Section 3.2) as if such Defaulting Lender had made its portion of Loans (or
other funding obligations) hereunder and (D) from and after the date on which all other Obligations have been paid in full, to
such Defaulting Lender in accordance with tier (G) of Section 2.4(a)(ii). Subject to the foregoing, Agent may hold and,
in its Permitted Discretion, re-lend to the Borrowers for the account of such Defaulting Lender the amount of all such payments
received and retained by Agent for the account of such Defaulting Lender. Solely for the purposes of voting or consenting to matters
with respect to the Loan Documents (including the calculation of Pro Rata Share in connection therewith) and for the purpose of
calculating the fee payable under Section 2.11(b), such Defaulting Lender shall be deemed not to be a “Lender”
and such Lender’s Revolver Commitment shall be deemed to be zero; provided, that the foregoing shall not apply to
any of the matters governed by Section 12.2(a)(i) through (iii). The provisions of this Section 2.7(g) shall
remain effective with respect to such Defaulting Lender until the earlier of (y) the date on which all of the Non-Defaulting Lenders,
Agent, Issuing Lender, and the Borrowers shall have waived, in writing, the application of this Section 2.7(g) to such
Defaulting Lender or (z) the date on which such Defaulting Lender makes payment of all amounts that it was obligated to fund hereunder,
pays to Agent all amounts owing by Defaulting Lender in respect of the amounts that it was obligated to fund hereunder, and, if
requested by Agent, provides adequate assurance of its ability to perform its future obligations hereunder. The operation of this
Section 2.7(g) shall not be construed to increase or otherwise affect the Revolver Commitment of any Lender, to relieve
or excuse the performance by such Defaulting Lender or any other Lender of its duties and obligations hereunder, or to relieve
or excuse the performance by any Borrower of its duties and obligations hereunder to Agent, Issuing Lender, or to the Lenders
other than such Defaulting Lender. Any failure by a Defaulting Lender to fund amounts that it was obligated to fund hereunder
shall constitute a material breach by such Defaulting Lender of this Agreement and shall entitle the Borrowers, at their option,
upon written notice to Agent, to arrange for a substitute Lender to assume the Revolver Commitment and Loans of such Defaulting
Lender, such substitute Lender to be reasonably acceptable to Agent. In connection with the arrangement of such a substitute Lender,
the Defaulting Lender shall have no right to refuse to be replaced hereunder, and agrees to execute and deliver a completed form
of Assignment and Acceptance in favor of the substitute Lender (and agrees that it shall be deemed to have executed and delivered
such document if it fails to do so) subject only to being paid its share of the outstanding Obligations (including (1) all interest,
fees, and other amounts that may be due and payable in respect thereof, and (2) an assumption of its Pro Rata Share of its participation
in the Letters of Credit); provided, that any such assumption of the Revolver Commitment of such Defaulting Lender shall
not be deemed to constitute a waiver of any of the Lender Groups’ or the Borrowers’ rights or remedies against any
such Defaulting Lender arising out of or in relation to such failure to fund. In the event of a direct conflict between the priority
provisions of this Section 2.7(g) and any other provision contained in this Agreement or any other Loan Document, it is
the intention of the parties hereto that such provisions be read together and construed, to the fullest extent possible, to be
in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms
and provisions of this Section 2.7(g) shall control and govern.

     31

     

    

 

(h)
        Agent,
as a non-fiduciary agent for the Borrowers, shall maintain a register showing the principal amount of the Loans, owing to each
Lender and the interests therein of each Lender, from time to time and such records shall, absent manifest error, conclusively
be presumed to be correct and accurate.

 

(i)
         All
Loans shall be made by the Lenders contemporaneously and in accordance with their Pro Rata Shares. It is understood that (i) no
Lender shall be responsible for any failure by any other Lender to perform its obligation to make any Loan (or other extension
of credit) hereunder, nor shall any Revolver Commitment of any Lender be increased or decreased as a result of any failure by
any other Lender to perform its obligations hereunder and (ii) no failure by any Lender to perform its obligations hereunder shall
excuse any other Lender from its obligations hereunder.

 

		2.8	Conversion
                                         or Continuation.

 

(a)
         Subject
to the provisions of clause (d) of this Section 2.8 and the provisions of Section 2.14, Administrative Borrower
shall have the option to (i) convert all or any portion of the outstanding Base Rate Loans equal to $250,000, and integral multiples
of$100,000 in excess of such amount, to a LIBOR Rate Loan, (ii) convert all or any portion of the outstanding LIBOR Rate Loans
equal to $100,000 and integral multiples of $100,000 in excess of such amount, to a Base Rate Loan and (iii) upon the expiration
of any Interest Period applicable to any of its LIBOR Rate Loans, continue all or any portion of such LIBOR Rate Loan equal to
$100,000, and integral multiples of $100,000 in excess of such amount, as a LIBOR Rate Loan, and the succeeding Interest Period
of such continued Loan shall commence on the expiration date of the Interest Period previously applicable thereto; provided,
that a LIBOR Rate Loan only may be converted or continued, as the case may be, on the expiration date of the Interest Period applicable
thereto unless the Borrowers pay any Breakage Costs incurred by the Lender; provided further, that no outstanding Loan
may be continued as, or be converted into, a LIBOR Rate Loan when any Unmatured Event of Default or Event of Default has occurred
and is continuing; provided further, that if, before the expiration of an Interest Period of a LIBOR Rate Loan, Administrative
Borrower fails to timely deliver the appropriate Request for Conversion/Continuation, such LIBOR Rate Loan automatically shall
be converted to a Base Rate Loan. A certificate of Agent or a Lender delivered to the Administrative Borrower setting forth any
amount or amounts that Agent or such Lender is entitled to receive as Breakage Costs shall be conclusive absent manifest error.

     32

     

    

 

(b)          The
Administrative Borrower shall by mail, e-mail (in a format bearing a copy of the signature(s) required thereon) or by
telephone (which shall be confirmed by one of the other means of delivery) deliver a Request for Conversion/Continuation to
Agent (i) no later than 10:00 a.m. (Pacific time) on the proposed conversion date (in the case of a conversion to a Base Rate
Loan) and (ii) no later than 1:00 p.m. (Pacific time) one (1) Eurodollar Business Day before (in the case of a conversion to,
or a continuation of, a LIBOR Rate Loan). A Request for Conversion/Continuation shall specify (x) the proposed conversion or
continuation date (which shall be a Business Day or a Eurodollar Business Day, as applicable), (y) the amount and type of the
Loan to be converted or continued and (z) the nature of the proposed conversion or continuation.

 

(c)          Any
Request for Conversion/Continuation (or telephonic notice in lieu thereof) shall be irrevocable and the Borrowers shall be
obligated to convert or continue in accordance therewith.

 

(d)         
No Loan (or portion thereof) may be converted
into, or continued as, a LIBOR Rate Loan with an Interest Period that ends after the Maturity Date.

 

		2.9	Mandatory
                                         Repayment.

 

(a)          The
Revolver Commitments, including any commitment to issue any Letter of Credit, shall terminate on the Maturity Date, and all
Loans, all interest that has accrued and remains unpaid thereon, all contingent reimbursement obligations of the Borrowers
with respect to outstanding Letters of Credit, all unpaid fees, costs, or expenses that are payable hereunder or under any
other Loan Document, and all other Obligations immediately shall be due and payable in full, without notice or demand
(including providing Letter of Credit Collateralization), on the Maturity Date.

 

(b)          If
on any date, the sum of the then outstanding Revolving Credit Facility Usage and the then aggregate Letter of Credit Usage
exceeds the then extant amount of the Maximum Revolver Amount, then, and in each such event, the Borrowers shall repay the
Obligations in the amount of such excess to Agent for the benefit of the Lenders within three (3) Business Days of the date
when such excess first occurs.

 

(c)          In
the event that, on any date, the sum of (A) the Revolving Credit Facility Usage plus (B) the Letter of Credit Usage exceeds
the Borrowing Base, then, and in each such event, the Borrowers shall repay the Obligations in the amount of such excess to
Agent, for the benefit of the Lenders within three (3) Business Days of the date when such excess first occurs.

     33

     

    

(d)          The
Borrowers shall repay in full in cash to Agent, for the benefit of the Lenders, each
Loan in full in immediately available funds, in each case within 180 days after the relevant Funding Date for
such Loan (each, a “Repayment Date”).

 

		2.10	Voluntary
                                         Prepayments; Termination and Reduction in Commitments.

 

(a)          The
Borrowers shall have the right, at any time and from time to time, to prepay the Loans without penalty or premium. The
Administrative Borrower shall give Agent written notice not less than one (1) Business Day prior to any such prepayment with
respect to Base Rate Loans and not less than three (3) Eurodollar Business Days prior written notice of any such prepayment
with respect to LIBOR Rate Loans. In each case, such notice shall specify the date on which such prepayment is to be made
(which shall be a Business Day or Eurodollar Business Day, as applicable), and the amount of such prepayment. Each such
prepayment shall be in an aggregate minimum amount of $250,000 and shall include interest accrued on the amount prepaid to,
but not including, the date of payment in accordance with the terms hereof (or, in each case, such lesser amount constituting
the amount of all Loans then outstanding). The foregoing to the contrary notwithstanding, (x) the Borrowers may not make a
partial principal prepayment on a LIBOR Rate Loan and (y) the Borrowers may prepay the full outstanding principal balance on
a LIBOR Rate Loan prior to the end of the Interest Period; provided, that such prepayment shall be subject to Section
2.7(b)(ii).

 

(b)
         The
Borrowers shall have the option, at any time upon three (3) Business Days prior written notice by the Administrative Borrower
to Agent, to terminate this Agreement and terminate the Revolver Commitments hereunder by paying to Agent, in cash, the Obligations
in full (including providing Letter of Credit Collateralization); provided, that the Revolver Commitments shall not be
terminated if after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10(a), the aggregate
amount of the Revolving Credit Facility Usage and aggregate Letter of Credit Usage would exceed the aggregate amount of the Revolver
Commitments. Promptly following receipt of any notice, Agent shall advise the Lenders of the contents thereof. Each notice delivered
by the Administrative Borrower pursuant to this Section 2.10(b) shall be irrevocable; provided, that a notice of
termination of the Revolver Commitments delivered by the Administrative Borrower may state that such notice is conditioned upon
the effectiveness of other credit facilities, in which case such notice may be revoked by the Administrative Borrower (by notice
to Agent on or prior to the specified effective date) if such condition is not satisfied. If the Borrower has sent a notice of
termination pursuant to the provisions of this Section, then (subject to the proviso in the preceding sentence) the Revolver Commitments
shall terminate and the Borrowers shall be obligated to repay the Obligations in full on the date set forth as the date of termination
of this Agreement in such notice (including providing Letter of Credit Collateralization). Any termination of the Revolver Commitments
shall be permanent.

 

(c)
         The
Borrowers shall have the option, at any time upon three (3) Business Days’ prior written notice by Administrative Borrower
to Agent, to reduce the Revolver Commitments in increments of $1,000,000, provided that in no event shall the Revolver Commitments
be reduced to less than $5,000,000 pursuant to this Section 2.10(c). Promptly following receipt of any notice, Agent shall advise
the Lenders of the contents thereof. Each notice delivered by Administrative Borrower pursuant to this Section 2.10(c) shall be
irrevocable; provided that such notice may state that such notice is conditioned upon the effectiveness of other credit facilities,
in which case such notice may be revoked by the Borrowers (by notice to Agent on or prior to the specified effective date) if
such condition is not satisfied.

     34

     

    

 

		2.11	Fees.

 

(a)          Unused
Commitment Fee. An unused commitment fee shall be due
and payable by Borrowers to the Agent for the account of the Lenders quarterly in arrears, on the first day of each fiscal quarter,
in an amount equal to the result of the sum of the Unused Line Fee for each day during such fiscal quarter.

 

(b)         
Closing Fee. A
closing feeFourth Amendment
Fee Letter Fees. Borrowers shall
bepay to Agent, as and when due and payable
by the Borrowers to Agent for the account of the Lenders in full on the Closing Date in an amount
equal to $25,000.00 (the “Closing Fee”)under
the terms of the Fourth Amendment Fee Letter, the fees set forth in the Fourth Amendment Fee Letter.

 

(c)
         Extension
Fee. On the effective date of any extension of the Maturity Date pursuant to Section 2.20 (such date, the “Extension
Effective Date”), the Borrowers shall pay to the Agent, for the account of each Lender, an extension fee (the “Extension
Fee”) in an amount to be agreed between the Administrative Borrower and Agent.

 

(d)          Increase
Fee. On any Increase Effective Date, the Borrowers shall pay to the Agent, for the account of each Lender, an increase fee (the
“Increase Fee”) in an amount to be agreed between the Administrative Borrower and Agent.

 

2.12         Maintenance
of Loan Account; Statements of Obligations. Agent shall maintain an account on its books in the name of the Borrowers
(the “Loan Account”) on which the Borrowers will be charged with all Loans made by the Lenders (or Agent
on behalf thereof) to the Borrowers or for any Borrower’s account, the Letters of Credit issued by Issuing Lender for
any Borrower’s account, and with all other payment Obligations hereunder or under the other Loan Documents, including,
accrued interest, fees and expenses. Agent shall render statements regarding the Loan Account to the Administrative Borrower,
including principal, interest, fees, and including an itemization of all expenses owing, and such statements shall be
conclusively presumed to be correct and accurate (absent manifest error) and constitute an account stated between the
Borrowers and Agent unless, within 30 days after receipt thereof by the Administrative Borrower, the Administrative Borrower
shall deliver to Agent written objection thereto describing the error or errors contained in any such statements.

 

		2.13	Increased
                                         Costs.

 

(a)
         If
after the Closing Date, the adoption of, or any change in, any applicable law, rule, or regulation, or any change in the interpretation
or administration thereof by any Governmental Authority charged with the interpretation or administration thereof, or compliance
by Agent or the Lenders (or their Affiliates) with any request, guideline, or directive (irrespective of whether having the force
of law) of any governmental authority (a “Regulatory Change”) shall impose, modify, or deem applicable any
reserve, special deposit, or similar requirement (including any such requirement imposed by the Federal Reserve Board, but excluding
with respect to any LIBOR Rate Loan any such requirement included in the calculation of the Base LIBOR Rate, as applicable) against
Assets of, deposits with, or for the account of, or credit extended by, Agent or the Lenders (or their Affiliates) or shall impose
on Agent or the Lenders (or their Affiliates) or the interbank eurodollar market any other condition affecting its LIBOR Rate
Loans, as applicable, or its obligation to make LIBOR Rate Loans, as applicable, then, Agent may, by written notice given to the
Administrative Borrower, require the Borrowers to pay to the Lender Group such additional amounts as shall compensate the Lender
Group for any such increased cost, reduction, loss, or expense incurred by the Lender Group in connection with the Loans. Any
such request for compensation by Agent under this Section 2.13 shall set forth the basis of calculation thereof and shall,
in the absence of manifest error, be conclusive and binding for all purposes.

     35

     

    

 

(b)
         Notwithstanding anything herein to the contrary,
(i) the issuance of any rules, regulations or directions under the Dodd-Frank Wall Street Reform and Consumer Protection Act and
all requests, rules, guidelines or directives thereunder or issued in connection therewith after the date of this Agreement and
(ii) all requests, rules, guidelines or directives concerning capital adequacy promulgated by the Bank for International Settlements,
the Basel Committee on Banking Supervision (or any successor or similar authority) or the US or foreign regulatory authorities
shall, in each case, be deemed to be change in law, rule, regulation or guideline for purposes of Sections 2.8 and 2.13
and the protection of Sections 2.8 and 2.13 shall be available to each Lender and Issuing Lender regardless
of any possible contention of the invalidity or inapplicability of the law, rule, regulation, guideline or other change or condition
which shall have occurred or been imposed, so long as it shall be customary for lenders or issuing banks affected thereby to comply
therewith. Notwithstanding anything to the contrary contained herein, the Borrowers shall not be required to compensate any Lender
pursuant to this Section 2.13  for any increased costs or reductions incurred more than 180 days prior to the date
that such Lender notifies the Borrowers of the change in law, rule, regulation or guideline giving rise to such increased costs
or reductions and of such Lender’s intention to claim compensation therefor.

 

2.14
         Suspension of LIBOR Rate Loans;
Benchmark Replacement. 

 

(a)            If Agent, on any Eurodollar Business Day, is unable to determine the Base
LIBOR Rate applicable for a new, continued, or converted LIBOR Rate Loan for any reason, or any law, regulation, or governmental
order, rule or determination, makes it unlawful for any Lender to make a LIBOR Rate Loan, Borrower’s right to select LIBOR
Rate Loans will be suspended until Agent is again able to determine the Base LIBOR Rate or such Lender is able to make LIBOR Rate
Loans, as the case may be. During such suspension, new Loans, outstanding Base Rate Loans, and LIBOR Rate Loans whose Interest
Periods terminate may only be Base Rate Loans. Any such determination shall, in the absence of manifest error, be conclusive and
binding for all purposes.

 

		(b)	Benchmark
                                         Replacement Setting.

 

(i)          Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event
or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the
Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in
accordance with clause (a) or (b) of the definition of “Benchmark Replacement” for such Benchmark Replacement
Date, such Benchmark Replacement will replace such Benchmark for all
purposes hereunder and under any Loan Document in respect of such Benchmark
setting and subsequent Benchmark settings without any amendment to, or
further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement
is determined in accordance with clause (c) of the definition of “Benchmark Replacement” for such Benchmark
Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan
Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after
the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or
consent of any other party to, this Agreement or any other Loan Document so
long as the Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders
comprising the Required Lenders.

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(ii)           Benchmark Replacement Conforming Changes. In
connection with the implementation of a Benchmark Replacement, the Agent will have the right to make Benchmark Replacement
Conforming Changes from time to time and, notwithstanding anything to the
contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will
become effective without any further action or consent of any other party to this
Agreement or any other Loan Document.

 

(iii)          Notices;
Standards for Decisions and Determinations. The Agent will promptly notify the Borrower and the Lenders of (1) any occurrence
of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (2)
the implementation of any Benchmark Replacement, (3) the effectiveness of any Benchmark Replacement Conforming Changes,
(4) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (iv) below and (5) the commencement or
conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Agent or,
if applicable, any Lender (or group of Lenders) pursuant to this Section 2.14(b), including any determination with respect to
a tenor, rate or adjustment or of the occurrence or non-occurrence of an
event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive
and binding absent manifest error and may be made in its or their sole
discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as
expressly required pursuant to this Section 2.14(b).

 

(iv)        
Unavailability of Tenor of Benchmark. Notwithstanding
anything to the contrary herein or in any other Loan Document,
at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark
is a term rate (including Term SOFR or USD LIBOR) and either (A) any tenor for such Benchmark is not displayed on a screen
or other information service that publishes such rate from time to time as selected by the Agent in its reasonable discretion
or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information
announcing that any tenor for such Benchmark is or will be no longer representative,
then the Agent may modify the definition of “Interest Period” for any Benchmark settings
at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant
to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark
Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark
(including a Benchmark Replacement), then the Agent may modify the definition of “Interest Period” for all Benchmark
settings at or after such time to reinstate such previously removed
tenor.

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(v)          Benchmark
Unavailability Period. Upon any Borrower’s receipt of notice of the commencement of a Benchmark
Unavailability Period, the Administrative Borrower may revoke any request
for a LIBOR Rate Loan of, conversion to or continuation of LIBOR Rate Loan to be made, converted or continued during any
Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a
request for a Borrowing of or conversion to Base Rate Loans. During any Benchmark Unavailability Period
or at any time that a tenor for the then current Benchmark is not an Available Tenor, the component of the Base Rate based
upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of
Base Rate.

 

		2.15	Letters
                                         of Credit.

 

(a)          Subject
to the terms and conditions of this Agreement, Issuing Lender agrees to issue letters of credit for the account of any
Borrower (each, a “Letter of Credit”). Each request for the issuance of a Letter of Credit, or the
amendment, renewal, or extension of any outstanding Letter of Credit, shall be made in writing by an Authorized Person and
delivered to Issuing Lender and Agent via hand delivery or other electronic method of transmission reasonably in advance of
the requested date of issuance, amendment, renewal, or extension. Each such request shall be in form and substance
satisfactory to Issuing Lender in its reasonable discretion and shall specify (i) the amount of such Letter of Credit, (ii)
the date of issuance, amendment, renewal, or extension of such Letter of Credit, (iii) the expiration date of such Letter of
Credit, (iv) the name and address of the beneficiary thereof, and (v) such other information (including, in the case of an
amendment, renewal, or extension, identification of the outstanding Letter of Credit to be so amended, renewed, or extended)
as shall be necessary to prepare, amend, renew, or extend such Letter of Credit. Agent shall have no obligation to issue a
Letter of Credit if any of the following would result after giving effect to the issuance of such requested Letter
of Credit:

 

(i)           the aggregate Letter of Credit Usage would exceed
the result of (A) the Borrowing Base less (B) the Revolving Credit Facility Usage,

 

(ii)          the aggregate Letter of Credit Usage would exceed
the Maximum Revolver Amount less the Revolving Credit Facility Usage, or

 

(iii)         the Letter of Credit Usage would exceed an amount
equal to 25% of the Revolver Commitment or such greater amount as the Agent may agree in its sole discretion.

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Each
Letter of Credit shall be in form and substance acceptable to Issuing Lender (in the exercise of its reasonable discretion), including
the requirement that the amounts payable thereunder must be payable in Dollars. If Issuing Lender is obligated to advance funds
under a Letter of Credit, the Borrowers immediately shall reimburse such L/C Disbursement to Issuing Lender by paying to Agent
an amount equal to such L/C Disbursement not later than 1:00 p.m. (Pacific time) on the date that such L/C Disbursement is made,
if the Administrative Borrower shall have received written or telephonic notice of such L/C Disbursement prior to 10:00 a.m. (Pacific
time) on such date, or, if such notice has not been received by the Administrative Borrower prior to such time on such date, then
not later than 1:00 p.m. (Pacific time) on the Business Day that the Administrative Borrower receives such notice, if such notice
is received prior to 10:00 a.m. (Pacific time) on the date of receipt, and, in the absence of such reimbursement, the L/C Disbursement
immediately and automatically shall be deemed to be a Loan hereunder and, thereafter, shall bear interest at the rate then applicable
to Loans that are Base Rate Loans under Section 2.4(b). To the extent an L/C Disbursement is deemed to be a Loan hereunder,
each Borrower’s obligation to reimburse such L/C Disbursement shall be discharged and replaced by the resulting Loan. Promptly
following receipt by Agent of any payment from the Borrowers pursuant to this paragraph, Agent shall distribute such payment to
the Issuing Lender.

 

(b)          Each
Borrower hereby agrees to indemnify, save, defend, and hold the Lender Group harmless from any loss, cost, expense, or
liability, and reasonable attorneys’ fees incurred by the Lender Group arising out of or in connection with any Letter
of Credit; provided, that no Borrower shall be obligated hereunder to indemnify for any loss, cost, expense, or
liability to the extent that it is caused by the gross negligence or willful misconduct of the Issuing Lender or any other
member of the Lender Group. Each Borrower agrees to be bound by the Issuing Lender’s interpretations of any Letter of
Credit issued by Issuing Lender to or for any Borrower’s account, even though this interpretation may be different from
the Borrower’s own, and the Borrower understand and agree that the Lender Group shall not be liable for any error,
negligence, or mistake, whether of omission or commission, in following the Borrower’s instructions or those contained
in the Letter of Credit or any modifications, amendments, or supplements thereto. The Borrower hereby acknowledges and agrees
that the Lender Group shall not be responsible for delays, errors, or omissions resulting from the malfunction of
equipment in connection with any Letter of Credit.

 

(c)
         Any
and all charges, commissions, fees, and costs incurred by Issuing Lender relating to Letters of Credit shall be Lender Group Expenses
for purposes of this Agreement and immediately shall be reimbursable by the Borrower to Agent for the account of the Issuing Lender;
it being acknowledged and agreed by the Borrower that, (i) as of the Closing Date, the issuance charge imposed by Issuing Lender
shall be in an amount equal to 0.125% per annum times the undrawn amount of each Letter of Credit and (ii) the Issuing
Lender also imposes a schedule of charges for amendments, extensions, drawings, and renewals.

 

(d)
         If
by reason of (i) any change after the Closing Date in any applicable law, treaty, rule, or regulation or any change in the interpretation
or application thereof by any Governmental Authority or (ii) compliance by the Lender Group with any direction, request, or requirement
(irrespective of whether having the force of law) of any Governmental Authority or monetary authority including, Regulation D
of the Federal Reserve Board as from time to time in effect (and any successor thereto):

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(i)
           any reserve, deposit, or similar requirement
is or shall be imposed or modified in respect of any Letter of Credit issued hereunder, or

 

(ii)
          there shall be imposed on the Lender Group any
other condition regarding any Letter of Credit issued pursuant hereto,

 

and
the result of the foregoing is to increase, directly or indirectly, the cost to the Lender Group of issuing, making, guaranteeing,
or maintaining any Letter of Credit or to reduce the amount receivable in respect thereof by the Lender Group, then, and in any
such case, Agent may, at any time within a reasonable period after the additional cost is incurred or the amount received is reduced,
notify the Borrower, and the Borrower shall pay on demand such amounts as Agent may specify to be necessary to compensate the
Lender Group for such additional cost or reduced receipt, together with interest on such amount from the date of such demand until
payment in full thereof at the rate then applicable to Base Rate Loans hereunder. The determination by Agent of any amount due
pursuant to this Section, as set forth in a certificate setting forth the calculation thereof in reasonable detail, shall, in
the absence of manifest or demonstrable error, be final and conclusive and binding on all of the parties hereto. Notwithstanding
anything to the contrary contained herein, the Borrowers shall not be required to compensate any Lender pursuant to this Section
2.15(d) for any increased costs or reductions incurred more than 180 days prior to the date that such Lender notifies the
Borrowers of the change in law, rule, regulation or guideline giving rise to such increased costs or reductions and of such Lender’s
intention to claim compensation therefor.

 

2.16          Funding
Sources. Nothing herein shall be deemed to obligate the Lenders (or Agent on behalf thereof) to obtain the funds to make
any Loan in any particular place or manner and nothing herein shall be deemed to constitute a representation by Agent or any
Lender that it has obtained or will obtain such funds in any particular place or manner.

 

2.17          Place
of Loans. All Loans made hereunder shall be disbursed by credit to the Distribution Account or as may otherwise be
agreed to between the Administrative Borrower and Agent.

 

2.18          Survivability.
The Borrowers’ obligations under Section 2.13 hereof shall survive repayment of the Loans made hereunder and
termination of the Revolver Commitments for a period of 180 days after such repayment and termination.

 

2.19          Term
and Termination. Subject to a Lender’s right to cease making Loans to the Borrower upon or after the occurrence and
during the continuance of an Event of Default or an Unmatured Event of Default and
unless terminated as provided elsewhere in this Agreement, this Agreement shall be in effect for a period commencing on the
Closing Date through and including the Maturity Date (the “Term”).

 

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2.20          Extension
of Maturity Date. The Borrowers shall have the option to extend the Maturity Date then in effect for up
to three (3) additional terms to be agreed between the Administrative Borrower
and Agent, not longer than 364 days each, subject to satisfaction of
the following conditions precedent:

 

(a)         
each of Agent and the
Lenderseach Lender consents in writing
to the extension in its sole discretion;

 

(b)         
the Borrowers shall have paid an Extension Fee, if any, to Agent for the benefit of the Lenders;

 

(c)         
no Event of Default or Unmatured Event of Default shall have occurred and be continuing on the date on
which notice is given in accordance with the following clause (g) or as of the effective date of such extension and immediately
after giving effect thereto;

 

(d)          on
the date on which notice is given in accordance with the following clause (g) and as of the effective date of such extension
and immediately after giving effect thereto, the representations and warranties set forth herein and in the other Loan
Documents are true and correct in all material respects with the same force and effect as if made on and as of such date
(except to the extent that such representations and warranties expressly relate to an earlier date); provided that if
a representation or warranty is qualified as to materiality, with respect to such representation or warranty, the foregoing
materiality qualifier shall be disregarded for the purposes of this condition;

 

(e)          no
event shall have occurred or shall be pending or overtly threatened as of the date on which notice is given in accordance
with the following clause (g) or as of the effective date of such extension and immediately after giving effect thereto that
could reasonably be expected to have a Material Adverse Effect upon the Borrowers;

 

(f)
         the Borrowers shall have delivered a legal opinion
in form and substance reasonably satisfactory to Agent; and

 

(g)          the
Administrative Borrower shall have delivered a written request with respect to the extension of the Maturity Date to Agent
not less than thirty (30) days prior to the Maturity Date then in effect (which shall be promptly forwarded by Agent to each
Lender).

 

		2.21	[Reserved].

 

2.22         
LIBOR Successor Rate. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, if
Agent reasonably determines that:

 

(a)          adequate
and reasonable means do not exist for ascertaining any interest rate specified herein based on London Interbank Offered Rates
(“LIBOR”) for any requested Interest Period, including, without limitation, because LIBOR is not available or published
on a current basis and such circumstances are unlikely to be temporary (such specific date, the “LIBOR Suspension Date”);
or

 

(b)          the
administrator of LIBOR or a Governmental Authority having jurisdiction over Agent has made a public statement identifying a specific
date after which LIBOR shall no longer be made available, or used for determining the interest rate of loans (such specific date,
the “Scheduled Unavailability Date”) (the events specified in the foregoing clauses (a) and (b), the “LIBOR Suspension
Events”);

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2.22          then,
LIBOR shall be replaced hereunder with an alternate benchmark rate (including any mathematical or other adjustments to the
benchmark (if any) incorporated therein) giving due consideration to any evolving or then existing convention for similar
U.S. dollar denominated commercial credit facilities for such alternative benchmarks (any such proposed rate or such other
rate as specified below, a “LIBOR Successor Rate”), together with any LIBOR Successor Rate Conforming
Changes as agreed by the Administrative Borrower and the Agent, with such replacement to be agreed to by Agent and the
Administrative Borrower, each acting in good faith, prior to the LIBOR Suspension Date or the Scheduled Unavailability Date
(as applicable) and effective along with the LIBOR Successor Rate changes at 12:01 a.m. (New York time) on the LIBOR
Suspension Date or the Scheduled Unavailability Date (as applicable); provided, however, if no LIBOR Successor Rate has been
agreed to by Agent and the Administrative Borrower prior to the LIBOR Suspension Date or the Scheduled Unavailability Date
(as applicable), then all principal outstanding hereunder on the LIBOR Suspension Date or the Scheduled Unavailability Date
(as applicable) shall bear interest at the Base Rate until such an agreement is reached; notwithstanding any other provision
of this Agreement, any LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate be less than zero
percent per annum.[Reserved].

 

2.23         Appointment
of FS CREIT as Agent for Borrowers. Each Borrower hereby irrevocably appoints FS CREIT to act as the borrowing agent and
attorney-in-fact for all Borrowers (the “Administrative Borrower”), which appointment shall remain in full
force and effect unless and until Agent shall have received prior written notice signed by each Borrower that such appointment
has been revoked and that another Borrower has been appointed Administrative Borrower. Unless otherwise specifically stated to
the contrary in this Agreement or any other Loan Document, each Borrower hereby irrevocably appoints and authorizes Administrative
Borrower (a) to request all Loans and other credit extensions (including, without limitation, the selection, conversion and continuation
of interest rates and interest periods applicable thereto) and to take such action as Administrative Borrower deems appropriate
on its behalf to obtain such Loans and other credit extensions, (b) to receive and make all notices from or to Agent and the Lenders
pursuant to this Agreement or any of the other Loan Documents related such extensions of credit, and (c) to exercise such other
powers as are reasonably incidental thereto to carry out the purposes of this Agreement. Administrative Borrower may perform any
of its duties hereunder by or through its agents or employees. In performing its functions and duties hereunder, Administrative
Borrower shall act solely on behalf of each Borrower hereunder and does not assume and shall not be deemed to have assumed any
obligation toward or relationship of agency or trust with or for Agent or the Lenders. Agent and the Lenders shall be entitled
to rely on all notices, requests, consents, certifications and/or authorizations or other similar acts delivered or taken by Administrative
Borrower for or on behalf of any Borrower pursuant to this section or the other Loan Documents without inquiry and as if such
notices, requests, consents, certifications and/or authorizations or other similar acts were authorized to be delivered on behalf
of each Borrower. It is understood that the handling of the Loan Account in a combined fashion, as more fully set forth herein,
is done solely as an accommodation to Borrowers in order to utilize the collective borrowing powers of Borrowers in the most efficient
and economical manner and at their request, and that Agent and the Lenders shall not incur liability to any Borrower as a result
hereof. Each Borrower expects to derive benefit, directly or indirectly, from the handling of the Loan Account in a combined fashion
since the successful operation of each Borrower is dependent on the continued successful performance of the integrated group.
To induce Agent and the Lenders to do so, and in consideration thereof, each Borrower hereby jointly and severally agrees to indemnify
Agent and the Lenders and hold Agent and the Lenders harmless against any and all liability, expense, loss or claim of damage
or injury, made against Agent and the Lenders by any Borrower or by any third party whosoever, arising from or incurred by reason
of (a) the handling of the Loan Accounts of Borrowers as herein provided, or (b) Agent’s or the Lenders’ relying on
any instruction of Administrative Borrower, except that Borrowers will have no liability to the relevant Agent-Related Person
or Lender-Related Person under this Section 2.23 with respect to any liability that has been finally determined by a court
of competent jurisdiction to have resulted primarily from the gross negligence, fraud or willful misconduct of such Agent-Related
Person or Lender-Related Person, as the case may be.

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 2.24          Joint and Several Liability of Borrowers.

 

(a)          Each
Borrower is accepting joint and several liability hereunder and under the other Loan Documents in consideration of the
financial accommodations to be provided by Agent, and the Lenders under this Agreement, for the mutual benefit, directly and
indirectly, of each Borrower and in consideration of the undertakings of the other Borrowers to accept joint and several
liability for the Obligations.

 

(b)          Each
Borrower, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a
co-debtor, joint and several liability with the other Borrowers, with respect to the payment and performance of all of the
Obligations (including any Obligations arising under this Section 2.24), it being the intention of the parties hereto
that all the Obligations shall be the joint and several obligations of each Borrower without preferences or distinction among
them.

 

(c)          If
and to the extent that any Borrower shall fail to make any payment with respect to any of the Obligations as and when due or
to perform any of the Obligations in accordance with the terms thereof, then in each such event the other Borrowers will make
such payment with respect to, or perform, such Obligation until such time as all of the Obligations are paid in
full.

 

(d)
         Obligations
of each Borrower under the provisions of this Section 2.24 constitute the absolute and unconditional, full recourse Obligations
of each Borrower enforceable against each Borrower to the full extent of its properties and assets, irrespective of the validity,
regularity or enforceability of the provisions of this Agreement (other than this Section 2.24(d)) or any other circumstances
whatsoever.

 

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(e)
         Except
as otherwise expressly provided in this Agreement or any other Loan Document, each Borrower hereby waives notice of acceptance
of its joint and several liability, notice of any Loans made under or pursuant to this Agreement, notice of the occurrence of
any Unmatured Event of Default, Event of Default, or of any demand for any payment under this Agreement, notice of any action
at any time taken or omitted by Agent or Lenders under or in respect of any of the Obligations, any requirement of diligence or
to mitigate damages and, generally, to the extent permitted by applicable law, all demands, notices and other formalities of every
kind in connection with this Agreement (except as otherwise provided in this Agreement or any other Loan Document). Each Borrower’s
joint and several obligations hereunder shall be unconditional irrespective of any extension or postponement of the time for the
payment of any of the Obligations, the acceptance of any partial payment of any of the Obligations, the acceptance of any partial
payment thereon, any waiver, consent or other action or acquiescence by Agent or Lenders at any time or times in respect of any
default by any Borrower in the performance or satisfaction of any term, covenant, condition or provision of this Agreement, any
and all other indulgences whatsoever by Agent or Lenders in respect of any of the Obligations, and the taking, addition, substitution
or release, in whole or in part, at any time or times, of any security for any of the Obligations or the addition, substitution
or release, in whole or in part, of any Borrower. Without limiting the generality of the foregoing, each Borrower’s joint
and several obligations hereunder shall be unconditional irrespective of any other action or delay in acting or failure to act
on the part of any Agent or Lender with respect to the failure by any Borrower to comply with any of its respective Obligations,
including, without limitation, any Agent’s or Lender’s failure strictly or diligently to assert any right or to pursue
any remedy or to comply fully with applicable laws or regulations, which might, but for the provisions of this Section 2.24
afford grounds for terminating, discharging or relieving any Borrower, in whole or in part, from any of its Obligations under
this Section 2.24, it being the intention of each Borrower that, so long as any of the Obligations hereunder remain unsatisfied,
the Obligations of each Borrower under this Section 2.24 shall not be discharged except by performance and then only to
the extent of such performance. The Obligations of each Borrower under this Section 2.24 shall not be diminished or rendered
unenforceable by any winding up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to
any other Borrower or Agent or Lender.

 

(f)          Each
Borrower represents and warrants to Agent and Lenders that such Borrower is currently informed of the financial condition of
Borrowers and of all other circumstances which a diligent inquiry would reveal and which bear upon the risk of nonpayment of
the Obligations. Each Borrower further represents and warrants to Agent and Lenders that such Borrower has read and
understands the terms and conditions of the Loan Documents. Each Borrower hereby covenants that such Borrower will continue
to keep informed of Borrowers’ financial condition and of all other circumstances which bear upon the risk of
nonpayment or nonperformance of the Obligations.

 

(g)          The
provisions of this Section 2.24 are made for the benefit of Agent, and the Lenders, and their respective successors
and assigns, and may be enforced by it or them from time to time against any or all Borrowers as often as occasion therefor
may arise and without requirement on the part of Agent, the Lenders, or any of their successors or assigns first to marshal
any of its or their claims or to exercise any of its or their rights against any Borrower or to exhaust any remedies
available to it or them against any Borrower or to resort to any other source or means of obtaining payment of any of the
Obligations hereunder or to elect any other remedy. The provisions of this Section 2.24 shall remain in effect until
all of the Obligations shall have been paid in full or otherwise fully satisfied. If at any time, any payment, or any part
thereof, made in respect of any of the Obligations, is rescinded or must otherwise be restored or returned
by Agent or any Lender upon the insolvency, bankruptcy or reorganization of any Borrower, or otherwise, the provisions of this
Section 2.24 will forthwith be reinstated in effect, as though such payment had not been made

     44

     

    

 

(h)          Each
Borrower hereby agrees that it will not enforce any of its rights of contribution or subrogation against any other Borrower
with respect to any liability incurred by it hereunder or under any of the other Loan Documents, any payments made by it to
Agent or Lenders with respect to any of the Obligations or any collateral security therefor until such time as all of the
Obligations have been paid in full in cash. Any claim which any Borrower may have against any other Borrower with respect to
any payments to any Agent or the Lenders hereunder are hereby expressly made subordinate and junior in right of payment,
without limitation as to any increases in the Obligations arising hereunder or thereunder, to the prior payment in full in
cash of the Obligations and, in the event of any insolvency, bankruptcy, receivership, liquidation, reorganization or other
similar proceeding under the laws of any jurisdiction relating to any Borrower, its debts or its assets, whether voluntary or
involuntary, all such Obligations shall be paid in full in cash before any payment or distribution of any character, whether
in cash, securities or other property, shall be made to any other Borrower therefor. For the avoidance of doubt, nothing in
this clause (h) shall restrict or prohibit any distribution, dividend or investment permitted by Section 6.3 or 6.4.

 

(i)          Each
Borrower hereby agrees that after the occurrence and during the continuance of any Event of Default, such Borrower will not
demand, sue for or otherwise attempt to collect any indebtedness of any other Borrower owing to such Borrower until the
Obligations shall have been paid in full in cash. If, notwithstanding the foregoing sentence, such Borrower shall collect,
enforce or receive any amounts in respect of such indebtedness, such amounts shall be collected, enforced and received by
such Borrower as trustee for Agent, and such Borrower shall deliver any such amounts to Agent for application to the
Obligations in accordance with Section 2.4(a).

 

Article
III

 

CONDITIONS
TO LOANS

 

3.1          Conditions
Precedent to Initial Loan. This effectiveness of this Agreement is subject to the fulfillment, to the reasonable
satisfaction of Agent and its counsel, of each of the following conditions (unless otherwise waived by Agent):

 

(a)
         Agent shall have received this Agreement and
each other Loan Document, executed and delivered by each Borrower and each Lender;

 

(b)
         Agent
shall have received a UCC search from the Secretary of State of the state of each Borrower’s organization, the results of which
shall be satisfactory to Agent, and shall have filed a UCC-1 financing statement in such state, in form and substance satisfactory
to Agent with respect to each Borrower;

 

(c)
         Agent
shall have received a certificate of status with respect each Borrower dated within 20 days of the date of this Agreement, such
certificate to be issued by the Secretary of State of the State of the state of each Borrower’s organization, which certificate
shall indicate that such Borrower is in good standing in such state;

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(d)          Agent
shall have received a true and correct copy of (i) the certificate of incorporation of FS CREIT and Charter, and (ii) the
certificate of formation of Finance Holdings, in each case, certified by the Secretary of State of the State of the state of
each Borrower’s organization within 20 days of the date of this Agreement;

 

(e)           Agent
shall have received a true and correct copy of (i) the Bylaws, certified by a Responsible Officer of FS CREIT as being a
true, correct and complete copy thereof, as in effect as of the date of this Agreement and (ii) the operating agreement of
Finance Holdings certified by a Responsible Officer of Finance Holdings as being a true, correct and complete copy thereof,
as in effect as of the date of this Agreement;

 

(f)           Agent
shall have received a true and correct copy of the Advisory Agreements, certified by a Responsible Officer of FS CREIT as
being a true, correct and complete copy thereof, as in effect as of the date of this Agreement;

 

(g)          Agent
shall have received a certificate of a Responsible Officer of the Borrowers (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
Agreement and the other Loan Documents and (ii) attesting to the incumbency and signatures of the Responsible Officers of
such Borrower executing on behalf of such Borrower this Agreement and the other Loan Documents.

 

(h)          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 Agreement and the other Loan Documents;

 

(i)           Agent
shall have received the written opinions, dated the date of this Agreement, of counsel to the Borrowers, in form and
substance satisfactory to Agent and its counsel;

 

(j)           Agent
shall have received a certificate executed by a Responsible Officer of each Borrower to the effect that such Borrower has
obtained all orders, consents, approvals, and other authorizations and has made all filings and other notifications
(governmental or otherwise) as may be required in connection with the transactions contemplated by the Loan
Documents;

 

(k)          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;

 

(l)
          Agent shall have received a Compliance Certificate
duly executed by a Responsible Officer of Administrative Borrower;

     46

     

    

(m)
         Agent shall have received a Beneficial Ownership
Certification with respect to the Borrowers at least two (2) Business Days prior to the Closing Date;

 

(n)
         Agent
shall have received a Control Agreement with respect to the Distribution Account; and 

 

(o)          all
other documents and legal matters in connection with the transactions
contemplated by this Agreement shall have been delivered or executed or recorded and shall be in form and
substance reasonably satisfactory to Agent and its counsel.

 

3.2          Conditions
Precedent to All Loans. In addition to the satisfaction or waiver of the conditions set forth in Section 3.1, the
obligation of the Lender Group (or any member thereof) to make each Loan hereunder is subject to the fulfillment, at or prior
to the time of the making of such Loan, of each of the following conditions:

 

(a)          the
representations and warranties of each Borrower contained in this Agreement and the other Loan Documents shall be true and
correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of such Loan as
though made on and as of such date (except to the extent that such representations and warranties solely relate to an earlier
date);

 

(b)          no
Event of Default or Unmatured Event of Default shall have occurred and be continuing on the date of such Loan, nor shall
either result from the making of such Loan;

 

(c)
         the Administrative Borrower shall have delivered
to Agent a Request for Borrowing pursuant to the terms of Section 2.7 hereof; and

 

(d)
         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.

 

Article
IV

 

REPRESENTATIONS
AND WARRANTIES

 

Each
Borrower makes the following representations and warranties which shall be true, correct, and complete in all material respects
(except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified
or modified by materiality in the text thereof) as of the date hereof, and shall be true, correct, and complete in all material
respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are
qualified or modified by materiality in the text thereof) as of the Closing Date, at and as of the date of each Loan made thereafter,
and at and as of the date of each issuance of, renewal of, or amendment to any Letter of Credit, as though made on and as of the
date of the making of such Loan or at and as of the date of such issuance of, renewal of, or amendment to any Letter of Credit
(except to the extent that such representations and warranties relate solely to an earlier date) and such representations and
warranties shall survive the execution and delivery of this Agreement and the making of the Loans and the issuance of the Letters
of Credit:

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4.1          Due
Organization. FS CREIT is a corporation duly organized and in good standing under the laws of the State of Maryland.
Finance Holdings is a limited liability company duly organized and validly existing in good standing under the laws of the
State of Delaware. Each Borrower is duly qualified to conduct business in all jurisdictions where its failure to do so could
reasonably be expected to have a Material Adverse Effect on such Borrower.

 

4.2         
Interests in FS CREIT. All common and
preferred share interests of the FS CREIT are owned by the Investors.

 

4.3          Requisite
Power and Authorization. Each Borrower has all requisite organizational power to execute and deliver this Agreement
and the other Loan Documents and to borrow the Loans provided for in this Agreement. Each Borrower has all material
governmental licenses, authorizations, consents, and approvals necessary to own and operate its Assets and to carry on its
businesses as now conducted and as proposed to be conducted. The execution, delivery, and performance of this Agreement and
the other Loan Documents to which it is a party by FS CREIT have been duly authorized by the board of directors of FS CREIT
and all necessary organizational action in respect thereof has been taken, and the execution, delivery, and performance
thereof do not require any consent or approval of any other manager or shareholder of FS CREIT that has not been obtained.
The execution, delivery, and performance of this Agreement and the other Loan Documents to which it is a party by Finance
Holdings have been duly authorized by the member of Finance Holdings and all necessary limited liability company action in
respect thereof has been taken, and the execution, delivery, and performance thereof do not require any consent or approval
of any other manager or member of Finance Holdings that has not been obtained.

 

4.4          Binding
Agreements. This Agreement has been duly executed and delivered by each Borrower and constitutes, and the other Loan
Documents, when executed and delivered by such Borrower, will constitute, the legal, valid, and binding obligations of such
Borrower, enforceable against such Borrower in accordance with their terms, except as the enforceability hereof or thereof
may be affected by: (a) bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting the enforcement
of creditors’ rights generally, and (b) the limitation of certain remedies by certain equitable principles of general
applicability.

 

4.5         
Other Agreements. The execution, delivery,
and performance by each Borrower of this Agreement and the other Loan Documents to which it is a party do not and will not: (a)
violate (i) in any material respect, any provision of any US federal (including the Exchange Act), state, or local law, rule,
or regulation (including Regulations T, U, and X of the Federal Reserve Board) binding on such Borrower, or (ii) in any material
respect, any order of any domestic governmental authority, court, arbitration board, or tribunal binding on such Borrower, or
(iii) the certificate of incorporation or other Governing Documents of such Borrower, the Charter or the Bylaws, or (b) contravene
in any material respect any provisions of, result in a breach of, constitute (with the giving of notice or the lapse of time)
a default under, or result in the creation of any Lien (other than a Permitted Lien) upon any of the Assets of such Borrower pursuant
to, any Contractual Obligation of such Borrower, or (c) require termination of any Contractual Obligation of such Borrower or
(d) constitute a tortious interference with any Contractual Obligation of such Borrower.

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 4.6         Litigation: Adverse Facts.

 

(a)          There
is no action, suit, proceeding, or arbitration (irrespective of whether purportedly on behalf of a Borrower) at law or in
equity, or before or by any US federal, state, municipal, or other governmental department, commission, board, bureau,
agency, or instrumentality, domestic or foreign, pending or, to the actual knowledge of the Borrowers, threatened in writing
against or affecting the Borrowers that reasonably could be expected to have a Material Adverse Effect on the Borrowers, or
reasonably could be expected to materially and adversely affect such Borrower’s ability to perform its obligations
hereunder (including such Borrower’s ability to repay any or all of the Loans when due), or under the other Loan
Documents to which it is a party;

 

(b)         No
Borrower is: (i) in violation of any applicable law in a manner that reasonably could be expected to have a Material Adverse
Effect on the Borrowers or (ii) subject to or in default with respect to any final judgment, writ, injunction, decree, rule,
or regulation of any court or of any US federal, state, municipal, or other governmental department, commission, board,
bureau, agency, or instrumentality, domestic or foreign, in a manner that reasonably could be expected to have a Material
Adverse Effect on such Borrower, or reasonably could be expected to materially and adversely affect such Borrower’s
ability to perform its obligations hereunder (including such Borrower’s ability to repay any or all of the Loans when
due), or under the other Loan Documents to which it is a party; and

 

(c)          (i)
There is no action, suit, proceeding or, to each Borrower’s knowledge, investigation pending or, to the best of such
Borrower’s knowledge, threatened in writing against or affecting such Borrower that questions the validity or the
enforceability of this Agreement or other the Loan Documents and (ii) there is no action, suit, proceeding or injunction
pending against or affecting such Borrower, which, on the date of the making of any Loan hereunder or on the date of each
issuance of, renewal of, or amendment to any Letter of Credit, could reasonably be expected to materially and adversely
affect the validity or enforceability of this Agreement or the other Loan Documents.

 

4.7          Government
Consents. Other than such as may have previously been obtained, filed, or given, as applicable, no consent, license,
permit, approval, or authorization of, exemption by, notice to, report to or registration, filing, or declaration with, any
governmental authority or agency is required in connection with the execution, delivery, and performance by the Borrowers of
this Agreement or the other Loan Documents.

 

4.8          Title
to Assets; Liens. Except for Permitted Liens, all of the Assets of each Borrower (it being acknowledged by the parties
hereto that such Assets shall exclude any Assets of any Subsidiary of such Borrower that is not a Borrower) are free from all
Liens of any nature whatsoever. Except for Permitted Liens, each Borrower has good and sufficient title to all of its Assets
reflected in its books and records as being owned by it or its nominee. Except for Permitted Liens created in favor of Agent
pursuant to the Loan Documents, neither this Agreement, nor any of the other Loan Documents, nor any transaction contemplated
under any such agreement will affect any right, title, or interest of any Borrower in and to any of the Assets of such
Borrower in a manner that could reasonably be expected to have a Material Adverse Effect on such Borrower.

 

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4.9          Payment
of Taxes. All material tax returns and reports of each Borrower (and all taxpayers with which such Borrower is or has
been consolidated) required to be filed by it have been timely filed (inclusive of any permitted extensions), and all
material Taxes, assessments, fees, amounts required to be withheld and paid to a Governmental Authority and all other
governmental charges upon each Borrower (and to such Borrower’s knowledge, charges upon any Subsidiary of such
Borrower), and upon its or their respective Assets, income, and franchises, that are due and payable have been paid, except
to the extent that such Tax, assessment, charge, or claim has not resulted in a Lien and is being contested, in good faith,
by appropriate proceedings promptly instituted and diligently conducted, and an adequate reserve or other appropriate
provision, if any, shall have been made on such Borrower’s books and records. No tax deficiency has been proposed,
asserted, or assessed with respect to any Borrower.

 

 4.10        Governmental Regulation.

 

(a)          No
Borrower is, or immediately after the application by such Borrower of the proceeds of the Loans will it be, required to be
registered as an “investment company” under the Investment Company Act of 1940, as amended.

 

(b)         
No Borrower is required under applicable law
to be duly registered as a broker-dealer or as a member of a self-regulatory organization, such as FINRA.

 

(c)          No
Borrower is, nor are any of its respective officers, directors or managers required to be registered, licensed or qualified
as an investment adviser, broker-dealer representative, or agent in any State of the US.

 

(d)    
     No Borrower is
subject to any law or regulation regulating public utilities or similar entities.

 

(e)
         No Borrower is subject to regulation under the Federal Power Act, the Interstate Commerce Act, or any US federal, state, or
local law, rule, or regulation generally limiting its ability to incur Debt that would prohibit the transaction contemplated
by this Agreement and the other Loan Documents.

 

4.11        Disclosure. The
representations and/or warranties of each Borrower contained in this Agreement or any other document, certificate, or
written statement furnished to Agent or any Lender by or on behalf of such Borrower with respect to the business, operations,
Assets, or condition (financial or otherwise) of such Borrower for use solely in connection with the transactions
contemplated by this Agreement, taken as whole, do not contain any untrue statement of a material fact or omits to state a
material fact necessary in order to make the statements contained herein or therein, in light of the circumstances under
which they were made, not materially misleading. There is no fact known to the Borrowers (other than matters of a general
economic nature) that the Borrowers believe reasonably could be expected to have a Material Adverse Effect on the Borrowers,
that has not been disclosed herein or in such other documents, certificates, and statements furnished to Agent or any Lender
for use in connection with the transactions contemplated hereby. All financial projections represent, as of the date on which
any other such financial projections are delivered by the Borrowers to Agent or any Lender and in light of the circumstances
under which such financial projections were calculated and delivered, the Borrowers’ good faith best estimate of such
Borrower’s future performance for the periods covered thereby.

 

     50

     

    

 

4.12        Debt.
No Borrower has any Debt outstanding (it being acknowledged by the parties hereto that such Debt of such Borrower shall
exclude any Debt of any Subsidiary of such Borrower except for such Borrower’s Contingent Obligations, if any, in
respect of such Debt) other than Debt permitted by Section 6.1 hereof.

 

4.13        Existing
Defaults. No Borrower is in default (in any material respect) in the performance, observance or fulfillment of any of the
obligations, contained in any Contractual Obligation applicable to it, and no condition exists which, with or without the
giving of notice or the lapse of time, would constitute a material default by such Borrower under such Contractual
Obligation. No Borrower is in violation of any law, ordinance, rule, or regulation to which it or any of its Assets is
subject, the failure to comply with which could reasonably be expected to have a Material Adverse Effect on the
Borrowers.

 

 4.14        No Default; No Material Adverse Effect.

 

(a)         
No Event of Default or Unmatured Event of Default
has occurred and is continuing or would result from any proposed Loan or Letter of Credit.

 

(b)         Since
the date that the most recent financial statements were delivered to Agent pursuant to Section 5.2(a) (or, at any time prior
to the delivery of the first financial statements pursuant to Section 5.2(a), since December 31, 2018), there has not
occurred a Material Adverse Effect.

 

4.15       ERISA
Compliance. Except as could not reasonably be expected to have a Material Adverse Effect, (a) no Borrower has underlying
assets which constitute Plan Assets; and (b) neither any Borrower nor any ERISA Affiliate has within the last six years
sponsored, maintained, contributed to, or been required to contribute to and does not have any liability with respect to any
Plan. No ERISA Event has occurred.

 

4.16        Insider.
No Borrower is an “executive officer,” “director,” or “person who directly or indirectly or
acting through or in concert with one or more persons owns, controls, or has the power to vote more than 10% of any class of
voting securities” (as those terms are defined in 12 U.S.C. §375b or in regulations promulgated pursuant thereto)
of any Lender, of a bank holding company of which any Lender is a subsidiary, or of any subsidiary, of a bank holding company
of which any Lender is a subsidiary, of any bank at which any Lender maintains a correspondent account, or of any bank which
maintains a correspondent account with any Lender.

 

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4.17        [Intentionally
Omitted].

 

4.18        Patriot
Act. To the extent applicable, each Borrower is in compliance, in all material respects, with the (a) Trading with the
Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR,
Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto and (b) Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act of 2001)
(the “Patriot Act”). No part of the proceeds of the loans made hereunder will be used, directly or
indirectly, for any payments to any governmental official or employee, political party, official of a political party,
candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business
or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as
amended.

 

4.19        OFAC.
No Borrower is in violation of any of the country or list based economic and trade sanctions administered and enforced by
OFAC. No Borrower (a) is a Sanctioned Person or a Sanctioned Entity, (b) has more than 10% of its assets located in
Sanctioned Entities or (c) derives more than 10% of its revenues from investments in, or transactions with Sanctioned Persons
or Sanctioned Entities. The proceeds of any Loan will not be used to fund any operations in, finance any investments or
activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity.

 

4.20        Margin
Securities. No Borrower is engaged, principally or as one of its important activities, in the business of purchasing or
carrying Margin Securities (within the meaning of Regulation U), or extending credit for the purpose of purchasing or
carrying Margin Securities. Following the application of the proceeds of each Loan or drawing of each Letter of Credit, not
more than twenty-five percent (25%) of the value of the assets of a Borrower are subject to any restriction on the ability of
such Borrower to sell, pledge, or otherwise dispose of such assets contained in any agreement or instrument between such
Borrower and any Lender or any Affiliate of any Lender relating to Debt constitute Margin Securities.

 

4.21       
Beneficial Ownership Regulations. The
information included in the Beneficial Ownership Certification is true and correct in all respects.

 

4.22        Subsidiaries
of the Borrower. Schedule 4.22, as such schedule may be updated from time to time, sets forth a true and
complete list of (i) each direct and indirect Subsidiary of the Borrowers and (ii) each Subsidiary Financing.

 

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Article
V

 

AFFIRMATIVE
COVENANTS

 

Each
Borrower covenants and agrees that, so long as any portion of the Revolver Commitment under this Agreement shall be in effect
and until payment, in full, of the Loans, with interest accrued and unpaid thereon, and any other Obligations (including Obligations
in respect of Letters of Credit) or other amounts due hereunder, Borrowers will do each and all of the following:

 

5.1    
     Accounting
Records and Inspection. Maintain adequate financial and accounting books and records in accordance with sound
business practices applicable to each Borrower’s business and GAAP, and permit any representative of Agent and a
representative of each Lender upon not less than five (5) Business Days’ notice to the Administrative Borrower
(provided, that upon the occurrence and during the continuance of an Event of Default, no such notice shall be
required to be given by Agent or any Lender), at any time during usual business hours, to inspect, audit, and examine such
books and records and to make copies and take extracts therefrom, and to discuss its affairs, financing, and accounts with
such Borrower’s officers and independent public accountants; provided that, unless an Event of Default has occurred and
is continuing, any such visit, inspection, audit, examination or discussion shall occur no more than once per calendar year.
Subject to Section 12.11, each Borrower shall furnish Agent with any information reasonably requested by Agent
regarding such Borrower’s business or finances promptly upon request.

 

5.2      
   Financial Statements and
Other Information. Furnish to Agent:

 

(a)          Within
120 days after the end of each fiscal year of FS CREIT, a copy of the audited balance sheet of the Borrowers as at the end of
such year and the related statements of income and retained earnings and of cash flows for such year, setting forth in each
case in comparative form the figures for the previous year, all of which shall be accompanied by a report and an opinion,
prepared in accordance with generally accepted auditing standards, of independent certified public accountants of recognized
standing selected by the Borrowers and reasonably satisfactory to Agent (which opinion shall be without (i) a “going
concern” or like qualification or exception or (ii) any qualification or exception as to the scope of such
audit);

 

(b)          within
90 days after the end of each of the first three fiscal quarters of each fiscal year of FS CREIT, a copy of the unaudited
balance sheet of the Borrowers, as at the end of such quarter and the related statements of income and retained earnings and
of cash flows for such fiscal quarter, in each case for the period then ended;

 

(c)          within
15 days after the end of each month, statements setting forth the monthly activity related to each Deposit Account of FS
CREIT (other than such accounts maintained with Agent), including, without limitation, the Distribution Account, as at the
end of such month;

 

(d)         
within 45 days after the end of each fiscal quarter
of FS CREIT, a Compliance Certificate duly executed by a Responsible Officer of FS CREIT;

 

(e)          notice,
as soon as possible and, in any event, within five (5) Business Days after any Borrower has knowledge, of: (i) the occurrence
of any Event of Default or any Unmatured Event of Default; or (ii) any payment default or event of default as defined in any
evidence of Debt of a Borrower or under any material agreement, indenture, or other instrument under which such Debt has been
issued (other than this Agreement or any other Loan Document), irrespective of whether such Debt is accelerated or such
default waived. In any such event, the Borrowers also shall supply Agent with a statement from a Responsible Officer of such
Borrower, setting forth the details thereof and the action that such Borrower proposes to take with respect
thereto;

 

     53

     

    

 

(f)       
   notice, as soon as
possible and, in any event, within five (5) Business Days after any Borrower has knowledge, of the occurrence of any event of
default or payment default under any Subsidiary Financing whether or not such Debt is accelerated or such default
waived;

 

(g)  
       as
soon as practicable, any written report pertaining to material items in respect of any Borrower’s internal
control matters submitted to such Borrower by its independent accountants in connection with each annual audit of the
financial condition of such Borrower;

 

(h)          as
soon as practicable, written notice of any condition or event which has resulted or could reasonably be expected to result
in: (i) a Material Adverse Effect on a Borrower or (ii) a breach of, or noncompliance with, any term, condition, or covenant
contained in this Agreement;

 

(i)           (x)
written notice of the dissolution of any Subsidiary of a Borrower, (y) written notice of the entrance into a Subsidiary
Financing by any Subsidiary of a Borrower and (z) written notice of the formation of any Subsidiary upon such Subsidiary
entering into a Subsidiary Financing or acquiring any asset, in each case together with an updated Schedule 4.22,
within five (5) Business Days of such event;

 

(j)           promptly
upon becoming aware of any Person’s seeking to obtain or threatening to seek to obtain a decree or order for relief
with respect to a Borrower in an involuntary case under any applicable bankruptcy, insolvency, or other similar law now or
hereafter in effect, a written notice thereof specifying what action such Borrower is taking or proposes to take with respect
thereto;

 

(k)          promptly,
copies of all material amendments to the certificate of incorporation or other Governing Documents of a Borrower, the
Charter, Bylaws or any agreement that could reasonably be expected to have a material effect on a Borrower’s ability to
maintain its status as a REIT;

 

 (l)           prompt notice of:

 

(i)             all
legal or arbitral proceedings, and all proceedings by or before any governmental or regulatory authority or agency, against
or, to the actual knowledge of any Borrower, threatened in writing against or affecting a Borrower which, if adversely
determined, could reasonably be expected to have a Material Adverse Effect on such Borrower, or on the timely payment of the
principal of or interest on the Loans, or the enforceability of this Agreement or the other Loan Documents, or the rights and
remedies of the Lender Group hereunder or thereunder, as applicable;

 

(ii)             the
issuance to a Borrower by any US federal or state court or any US federal or state regulatory authority of any injunction,
order, or other restraint prohibiting, or having the effect of prohibiting or delaying, the making of the Loans or issuing
Letters of Credit, or the institution of any litigation or similar proceeding against such Borrower seeking any such
injunction, order, or other restraint;

 

     54

     

    

 

(iii)           any
resignation or removal of the Advisor or Sub-Advisor; or

  

(iv)           the determination of FS CREIT’s board of directors to revoke or otherwise terminate FS CREIT’s REIT election
pursuant to Section 856(g) of the Internal Revenue Code; and

 

(m)         promptly,
subject to Section 12.11, such other information and data with respect to the Borrowers, as from time to time may be
reasonably requested by Agent or any Lender.

 

Notwithstanding
anything in this Section 5.2 to the contrary, each Borrower shall be deemed to have satisfied the requirements of this
Section 5.2 if the reports, documents and other information of the type otherwise so required are publicly available when
required to be filed on EDGAR at the www.sec.gov website or any successor service provided by the SEC, provided written notice
of such availability is provided to Agent at or prior to the time period required by this Section 5.2.

 

5.3         
Existence. Preserve and keep in full
force and effect, at all times, its organizational existence.

 

5.4         
 Payment
of Taxes and Claims. Pay all Taxes, assessments, and other governmental charges imposed upon it or any of its Assets
or in respect of any of its businesses, incomes, or Assets before any penalty or interest accrues thereon, and all claims
(including claims for labor, services, materials, and supplies) for sums which have become due and payable and which by law
have or may become a Lien upon any of its Assets, prior to the time when any penalty or fine shall be incurred with respect
thereto; provided, that unless such Taxes, assessments, charges, or claims have become a Lien on any of a
Borrower’s Assets, no such Tax, assessment, charge, or claim need be paid if the same is being contested, in good
faith, by appropriate proceedings promptly instituted and diligently conducted and if an adequate reserve or other
appropriate provision, if any, shall have been made therefor on such Borrower’s books and records.

 

5.5          Compliance
with Laws. Comply in all material respects with the requirements of all applicable laws, rules, regulations (including
Regulations T, U, and X of the Federal Reserve Board), and orders of any governmental authority, noncompliance with which
could reasonably be expected to have a Material Adverse Effect on the Borrower.

 

5.6         
 Subsidiary
Distributions. In the event that a cash dividend is received by Finance Holdings from one of its Subsidiaries, use
commercially reasonable efforts to ensure that such cash (other than de minimis amounts) is either distributed by
Finance Holdings to one its Subsidiaries or distributed by Finance Holdings to FS CREIT, in each case in a manner consistent
with the terms of the Subsidiary Financings and in a manner and timing consistent with the normal business practices of
Finance Holdings and FS CREIT and their Subsidiaries.

 

5.7          Further
Assurances. At any time or from time to time upon the request of Agent, execute and deliver such further documents and do
such other acts and things as Agent may reasonably request in order to effect fully the purposes of this Agreement or the
other Loan Documents, to protect and preserve the priority and validity of the security interest granted hereunder or to
enable Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral and to provide for
payment of the Loans made hereunder, with interest thereon, in accordance with the terms of this Agreement.

 

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5.8          Maintenance
of REIT Status. FS CREIT will take all reasonable action that will cause it to qualify and maintain the status as a
“real estate investment trust” as defined in the Internal Revenue Code (a “REIT”). FS CREIT
will maintain adequate records so as to comply with all record-keeping requirements relating to its qualification as a REIT
as required by the Internal Revenue Code and applicable regulations of the Department of Treasury promulgated thereunder and
will properly prepare and timely file with the Internal Revenue Code all returns and reports required thereby to qualify as a
REIT each year. FS CREIT will request from its manager all information required by the Internal Revenue Code and applicable
regulations of the Department of Treasury promulgated thereunder. Furthermore, FS CREIT shall take all reasonable actions to
avoid Bad REIT Income with respect to its assets or additional taxes under Sections 857 or 4981 of the Internal Revenue Code.
For purposes of this Section 5.8, “Bad REIT Income” shall mean (i) the amount of gross income received by the
Borrower (directly or indirectly) that would not constitute (A) “rents from real property” as defined in Section
856 of the Internal Revenue Code or (B) interest, dividends, gain from sales or other types of income, in each case,
described in Section 856(c)(3) of the Internal Revenue Code, or (ii) the amount of any income
received by the Borrower (directly or indirectly) from any “prohibited transactions” as defined in
Section 857(b)(6)(B) of the Internal Revenue Code.

 

5.9         
Unencumbered Assets. As soon as possible,
and in any event within five (5) Business Days of deposit in or credit to any account that is an Unencumbered Asset of any cash,
Cash Equivalents or other assets that do not constitute Unencumbered Assets, FS CREIT shall transfer such cash, Cash Equivalents
or assets into the Distribution Account.

 

Article
VI

 

NEGATIVE
COVENANTS

 

Each
Borrower covenants and agrees that, so long as any portion of the Revolver Commitment under this Agreement shall be in effect
and until payment, in full, of the Loans, with interest accrued and unpaid thereon, and any other Obligations (including Obligations
in respect of Letters of Credit) or other amounts due hereunder, the Borrowers will not do any of the following:

 

6.1     
    Debt.
Create, incur, assume, permit, guarantee, or otherwise become or remain, directly or indirectly, liable with respect to any
Debt (it being acknowledged by the parties hereto that such Debt of a Borrower shall exclude any Debt of any Subsidiary of
such Borrower or any other entity in which Borrower has an interest except for such Borrower’s Contingent Obligations,
if any, in respect of such Debt), except:

  

(a)         
Obligations evidenced by this Agreement and the other Loan Documents; or

 

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(b)          Contingent
Obligations (i) resulting from the endorsement of instruments for collection in the ordinary course of business or (ii)
incurred in connection with any Subsidiary Financing.

 

6.2          Liens.

 

(a)         
Create, incur, assume, or permit to exist, directly or indirectly, any Lien on or with respect to any of its Assets, of any kind,
whether now owned or hereafter acquired, or any income or profits therefrom, except Permitted Liens; or

 

(b)         Enter
into, assume, or permit to exist any agreement to refrain from granting Liens on the Collateral to or for the benefit of the
Lender Group.

 

6.3         
Investments. Make or own, directly or
indirectly, any Investment in any Person, except a Borrower may make and own Permitted Investments.

 

6.4          Dividends.
So long as no Event of Default has occurred and is continuing or would result therefrom, make or declare, directly or
indirectly, any dividend (in cash, return of capital, or any other form of Assets) on, or make any other payment or
distribution on account of, or set aside Assets for a sinking or other similar fund for the purchase, redemption, or
retirement of, or redeem, purchase, retire, or otherwise acquire any interest of any class of equity interests in a Borrower,
whether now or hereafter outstanding, or grant or issue any warrant, right, or option pertaining thereto, or other security
convertible into any of the foregoing, or make any other distribution in respect thereof, either directly or indirectly,
whether in cash or Assets or in obligations. Notwithstanding anything to the contrary, other than after the occurrence and
during the continuance of an Event of Default under Sections 7.1(a), (d) or (e), FS CREIT shall be
permitted at all times to make, pay or declare any dividend or distribution as necessary in the ordinary course and as
provided in its Governing Documents to ensure that FS CREIT continues to qualify as a “real estate investment
trust” as defined in the Internal Revenue Code.

 

6.5          Restriction
on Fundamental Changes. Change its name, change the nature of its business, enter into any merger, consolidation,
reorganization, or recapitalization, or reclassify its Securities, or convey, sell, assign, lease, transfer, or otherwise
dispose of, in one transaction or a series of transactions, all or any substantial part of its business or Assets, whether
now owned or hereafter acquired or enter into any Division/Series
Transaction except:

 

(a)         
each Borrower may sell Assets in the ordinary course of business; and

  

(b)         upon 30 days’ prior written notice to Agent, a Borrower may change its name, organizational number, identity or
jurisdiction of organization.

 

6.6        
[Reserved].

 

6.7         Transactions
with Affiliates. Enter into or permit to exist, directly or indirectly, any transaction (including the purchase, sale,
lease, or exchange of any Asset or the rendering of any service) with any holder of 5% or more of any class of Securities of
a Borrower or any of its Subsidiaries or Affiliates, or with any Affiliate of such Borrower or of any such holder, on terms
that are less favorable to such Borrower than those terms that might be obtained at the time from Persons who are not such a
holder, Subsidiary, or Affiliate, or if such transaction is not one in which such terms could be obtained from such other
Person on terms that are not negotiated in good faith on an arm’s length basis. Prior to a Borrower engaging in any
such transaction described in this Section 6.7, the board of directors or similar governing body, as applicable, of
such Borrower shall determine that such transaction has been negotiated in good faith and on an arm’s length basis;
such determination shall be evidenced by a certificate of a Responsible Officer of such Borrower to such effect.

 

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6.8          Conduct
of Business. Engage in any business other than the businesses in which it is permitted to conduct under the Charter and
Bylaws or other Governing Documents, or any businesses or activities substantially similar or related thereto.

 

6.9          Amendments or Waivers of Certain Documents;
Actions Requiring the Consent
of Agent.

 

(a)          Without
the prior written consent of Agent and the Required
Lenders, which consent shall not be unreasonably withheld, agree to any amendment to or waiver of the terms or provisions
of its Governing Documents except for: (i) immaterial amendments or waivers permitted thereby or (ii) amendments or waivers which
would not, either individually or collectively, be materially adverse to the interests of the Lender Group. 

 

(b)         Suffer
or permit any event that would cause a Change inof Control Event to
occur.

 

6.10        Use
of Proceeds. Use the proceeds of the Loans made and Letters of Credit issued hereunder for any purpose other than,
consistent with the terms and conditions hereof (i) to refinance Debt incurred by any Subsidiary of the Borrowers under any
Subsidiary Financing, (ii) to fund Permitted Investments including through contributions of capital to such Borrower’s
Subsidiaries and (iii) for other purposes permitted in the Charter and Bylaws or similar Governing Documents.

 

6.11        Misrepresentations. Furnish
Agent any certificate or other document required hereunder regarding the Borrowers that: (a) contains any untrue statement of
material fact or (b) omits to state a fact necessary to make it not materially misleading in light of the circumstances under
which it was furnished.

 

6.12       Margin
Regulation. Use any portion of the proceeds of any of the Loans or Letters of Credit in any manner which might cause the
Loans, the Letters of Credit, the application of such proceeds, or the transactions contemplated by this Agreement to violate
Regulations T, U, or X of the Federal Reserve Board, or any other regulation of such board, or to violate the Exchange Act,
or to violate the Investment Company Act of 1940.

 

 6.13       ERISA Compliance.

 

 (a)          Without the approval of Agent, establish or maintain any Plan; or

 

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(b)
         Without
the approval of Agent, take any action that would cause an ERISA Event.

 

6.14        Net
Asset Value. In the case of FS CREIT, fail to maintain a Net Asset Value greater than or equal to $175,000,000275,000,000 at
any time.

 

6.15        Debt
to Asset Ratio. Permit the Debt to Asset Ratio to be greater than 3.00:1.00 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.

 

Article
VII

 

EVENTS
OF DEFAULT AND REMEDIES

 

7.1          Events
of Default. The occurrence of any one or more of the following events, acts, or occurrences shall constitute an event of
default (“Event of Default”) hereunder:

 

 (a)      
   Failure to Make Payments When
Due.

 

(i)             The
Borrowers shall fail to pay any amount owing hereunder with respect to the principal of any of the Loans or Obligations in
respect of Letters of Credit when such amount is due, whether at stated maturity, by acceleration, or otherwise;

 

(ii)           
The Borrowers shall fail to pay any other amount
owing hereunder, including interest on any of the Loans, within five (5) Business Days after the date when such amount is due;
or

  

(iii)           The
Borrowers fail to make any payment required by Section 2.9 when due; or

 

 (b)         Breach of Certain Covenants.

 

(i)             (i)       Any
Borrower shall fail to perform or comply fully with any covenant, term, or condition contained in Sections 5.3, 5.8,
or 5.9, Article VI (other than Section 6.15) or Article XI;

 

(ii)            (ii)      Any
Borrower shall fail to perform or comply fully with any covenant, term, or condition contained in (x) Section 5.2
hereof and such failure shall not have been remedied or waived within 10 days after the occurrence thereof or (y) Section
6.15 hereof and such failure shall not have been remedied or waived within 45 days after the occurrence
thereof;

 

(iii)          
Any Borrower shall fail to perform or comply
fully with any other covenant, term, or condition contained in this Agreement or other Loan Documents and such failure shall not
have been remedied or waived within 30 days after any Borrower receives notice from Agent or has knowledge of the occurrence thereof;
provided, that this clause (iviii)
shall not apply to: (1) the covenants, terms, or conditions referred to in subsections (a) and (c) of this Section 7.1
or (2) the covenants, terms, or conditions referred to in clauses (i) or (ii) above of this subsection (b); or

 

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(c)          Breach of
Representation or Warranty. Any financial statement, representation, warranty, or certification made or furnished by any
Borrower under this Agreement or in any statement, document, letter, or other writing or instrument furnished or delivered by
or on behalf of any Borrower to Agent or any Lender pursuant to or in connection with this Agreement or as an inducement to
the Lender Group to enter into this Agreement shall have been false, incorrect, or incomplete in any material respect when
made, effective, or reaffirmed, as the case may be; or

 

 (d)
      Involuntary
Bankruptcy.

 

(i)             If an involuntary case seeking the liquidation or
reorganization of any Borrower under Chapter 7 or Chapter 11, respectively, of the Bankruptcy Code or any similar proceeding
shall be commenced against any Borrower under any other applicable law and any of the following events occur: (1) such
Borrower consents to the institution of the involuntary case or similar proceeding, (2) the petition commencing the
involuntary case or similar proceeding is not timely controverted, (3) the petition commencing the involuntary case or
similar proceeding is not dismissed within 60 days of the date of the filing thereof; provided, that during the
pendency of such period, the Lender Group shall be relieved of its obligation to make additional Loans, (4) an interim
trustee is appointed to take possession of all or a substantial portion of the Assets of such Borrower or (5) an order for
relief shall have been issued or entered therein; or

 

(ii)             A
decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator,
custodian, trustee, or other officer having similar powers over any Borrower to take possession of all or a substantial
portion of the Assets of such Borrower, shall have been entered and, within 60 days from the date of entry, is not vacated,
discharged, or bonded against; provided, that during the pendency of such period, the Lender Group shall be relieved
of its obligation to make additional Loans; or

 

(e)          Voluntary
Bankruptcy. Any Borrower shall institute a voluntary case seeking liquidation or reorganization under Chapter 7 or
Chapter 11, respectively, of the Bankruptcy Code; or any Borrower shall file a petition, answer, or complaint or shall
otherwise institute any similar proceeding under any other applicable law, or shall consent thereto; or any Borrower shall
consent to the conversion of an involuntary case to a voluntary case; or any Borrower shall consent or acquiesce to the
appointment of a receiver, liquidator, sequestrator, custodian, trustee, or other officer with similar powers to take
possession of all or a substantial portion of its Assets of such Borrower; or any Borrower shall generally fail to pay debts
as such debts become due or shall admit in writing its inability to pay its debts generally; or any Borrower shall make a
general assignment for the benefit of creditors; or

 

(f)           Dissolution. Any
order, judgment, or decree shall be entered decreeing the dissolution of any Borrower, and such order shall remain
undischarged or unstayed for a period in excess of 60 days or a determination by the board of directors or managers of a
Borrower that such Borrower should dissolve;

 

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 (g)           Change of Control. A Change of Control Event shall occur;

 

(h)           Judgments
and Attachments. Any Borrower shall suffer any money judgment, writ, or warrant of attachment, or similar
process involving payment of money in an amount in excess of 15% of the Maximum Revolver Amount and shall not discharge,
vacate, bond, or stay the same within a period of 30 days;

 

(i)            Agent’s
Liens. Any Loan Document that creates or purports
to create a Lien, shall, for any reason, fail or cease to create a valid and perfected and, except to the extent permitted by
the terms hereof or thereof, first priority Lien on or security interest in the Collateral covered thereby;

 

(j)            Loan
Documents. Any material provision of any Loan Document shall at any time for any reason be declared to be null and void,
or the validity or enforceability of any provision of any Loan Document shall be contested by a Borrower, or a
proceeding shall be commenced by a Borrower, or by any Governmental Authority having jurisdiction over a Borrower, seeking to
establish the invalidity or unenforceability thereof, or a Borrower shall deny that such Borrower has any liability or
obligation purported to be created under any Loan Document;

 

(k)           ERISA.
Any ERISA Event that, alone or together with any other ERISA Events that have occurred, would reasonably be expected to
result in a Material Adverse Effect.

 

(l)            Cross-Default.
Any Borrower (A) shall default in any payment of principal or interest, regardless of the amount, due in respect of any Debt,
including, for the avoidance of doubt, any Subsidiary Financing, issued under the same agreement, if the maximum principal
amount of Debt covered by such agreement is 15% of the Maximum Revolver Amount, or greater, in any case after giving effect
to any period of grace provided in the instrument or agreement under which such Debt was created; or (B) shall default in the
observance or performance of any other material agreement or condition relating to any such Debt or contained in any
instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the
effect of which default or other event or condition is to cause, or to permit the holder or holders of such Debt (or a
trustee or agent on behalf of such holder or holders) to cause, with the giving of notice if required, such Debt to become
due prior to its stated maturity or such Debt to be required to be defeased or purchased; provided, however, that any Event
of Default under this clause (l) solely as a result of an event of default under such other Debt shall cease to be continuing
if such event of default under the other Debt ceases to exist (whether pursuant to a waiver or cure of such event of default
or otherwise), and no exercise of remedies (including without limitation acceleration of all or any of the Loans) as a result
of such Event of Default under this clause (l) has been commenced prior to such event of default under such other Debt.

 

(m)          REIT
Status. FS CREIT’s REIT election pursuant to Section 856(g) of the Internal Revenue Code is revoked or
otherwise terminated.

 

 7.2           Remedies. Upon the occurrence of an Event of Default:

 

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(a)          
If such Event of Default arises under subsections (d) or (e) of Section 7.1 hereof, then the Revolver
Commitments hereunder immediately shall terminate and the unpaid principal amount of and any accrued and unpaid interest on
the Loans and any other amounts owing hereunder or under the other Loan Documents automatically shall become immediately due
and payable (including without limitation the cash collateralization of the Letters of Credit in accordance with the
provisions hereof), without presentment, demand, protest, notice, or other requirements of any kind, all of which are hereby
expressly waived by each Borrower; and

 

(b)          
In the case of any other Event of Default, Agent may (or at the request of the
Required Lenders shall), by written notice to the
Administrative Borrower, may declare the Revolver Commitments hereunder
terminated and the unpaid principal amount of and any accrued and unpaid interest on the Loans and any other amounts owing
hereunder or under the Loan Documents to be, and the same immediately shall become due and payable (including without
limitation the cash collateralization of the Letters of Credit in accordance with the provisions hereof), without
presentment, demand, protest, further notice, or other requirements of any kind, all of which are hereby expressly waived by
each Borrower.

 

(c)          
Upon acceleration, Agent, without notice to or demand upon any Borrower, which are expressly waived by each Borrower to the
fullest extent permitted by law, shall be entitled to proceed to protect, exercise, and enforce the Lender Group’s
rights and remedies hereunder or under the other Loan Documents, or any other rights and remedies as are provided by law or
equity. Agent may determine, in its sole discretion, the order and manner in which the Lender Group’s rights and
remedies are to be exercised. All payments received by Agent shall be applied in accordance with Section
2.4(a)(ii).

 

Article
VIII

 

EXPENSES AND INDEMNITIES

 

8.1           Expenses.
Irrespective of whether the transactions contemplated hereby are consummated, the Borrowers agree to pay promptly on demand
by Agent (or to the extent applicable, by
any Lender) all of the Lender Group Expenses.

 

8.2           Indemnity.
In addition to the payment of any expenses pursuant to Section 8.1 hereof, and irrespective of whether the
transactions contemplated hereby are consummated, each Borrower agrees to indemnify, exonerate, defend, pay, and
hold harmless the Agent-Related Persons and the Lender-Related Persons (collectively, the “Indemnitees”
and individually as “Indemnitee”) from and against any and all liabilities, obligations, losses, damages,
penalties, actions, causes of action, judgments, suits, claims, costs, expenses, and disbursements of any kind or nature
whatsoever (including, the reasonable fees and disbursements of counsel for such Indemnitees in connection with any
investigation, administrative, or judicial proceeding, whether such Indemnitee shall be designated a party thereto), that may
be imposed on, incurred by, or asserted against such Indemnitee (whether brought by a Borrower
or any other Person), in any manner relating to or arising out of this Agreement or the other Loan Documents, the
Revolver Commitments, the use or intended use of the proceeds of the Loans, or the consummation of the transactions
contemplated by this Agreement, including any matter relating to or arising out of the filing or recordation of any of the
Loan Documents which filing or recordation is done based upon information supplied by a Borrower to Agent and its counsel
(the “Indemnified Liabilities”); provided, that no Borrower shall have any obligation hereunder
with respect to Indemnified Liabilities arising from the gross negligence or willful misconduct of any such Indemnitee as
determined by a court of competent jurisdiction in a final judgment. If any investigative, judicial, or
administrative proceeding arising from any of the foregoing is brought against any Indemnitee indemnified or intended to be
indemnified pursuant to this Section 8.2 the Borrowers will resist and defend such action, suit, or proceeding or
cause the same to be resisted and defended by counsel designated by Borrowers (which counsel shall be reasonably satisfactory
to the Indemnitee or intended Indemnitee). Each Indemnitee will use its reasonable efforts to cooperate in the defense of any
such action, writ, or proceeding. To the extent that the undertaking to indemnify, pay, and hold harmless set forth in the
preceding sentence may be unenforceable because it is violative of any law or public policy, each Borrower shall make
the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities that is permissible under
applicable law. The obligations of the Borrowers under this Section 8.2 shall survive the termination of this
Agreement and the discharge of the Borrowers’ other obligations hereunder.

 

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Article
IX

 

ASSIGNMENT AND PARTICIPATIONS

 

 9.1           Assignments and Participations.

 

(a)           Any
Lender may assign and delegate to one or more assignees (each an “Assignee”; provided, that neither
Borrower nor any of its Affiliates shall be permitted to become an Assignee) that are Eligible Transferees all, or any
ratable part of all, of the Obligations, the Revolver Commitments and the other rights and obligations of such Lender
hereunder and under the other Loan Documents, in a minimum amount, so long as no Event of Default has occurred and is
continuing, of $2,500,000 and any amounts in excess thereof in increments of $1,000 (or the remaining amount of any
Lender’s Revolver Commitment, if less); provided, that (A) so long as an Event of Default has not occurred and
is not continuing, no Lender shall assign any portion of its Revolver Commitment without Administrative Borrower’s
prior written consent (which consent shall not be unreasonably withheld, delayed or conditioned) and (B) the Borrowers and
Agent may continue to deal solely and directly with such Lender in connection with the interest so assigned to an Assignee
until (i) written notice of such assignment, together with payment instructions, addresses, and related information
with respect to the Assignee, have been given to the Administrative Borrower and Agent by such Lender and the Assignee, (ii)
such Lender and its Assignee have delivered to the Administrative Borrower and Agent an Assignment and Acceptance, fully
executed and delivered by each party thereto and (iii) the assigning Lender or
Assignee has paid to Agent for Agent’s separate account a processing fee in the amount of $3,500.

 

(b)          
From and after the date that Agent notifies the assigning Lender (with a copy to the Administrative Borrower) that it has
received an executed Assignment and Acceptance satisfying clause (a) above and payment of the above-referenced
processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder
have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Lender under
the Loan Documents and (ii) the assigning Lender shall, to the extent that rights and obligations hereunder and under the
other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights (except with
respect to Section 8.2 hereof) and be released from any future obligations under this Agreement (and in the case of an
Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under
this Agreement and the other Loan Documents, such Lender shall cease to be a party hereto and thereto), and such assignment
shall effect a novation between the Borrowers and the Assignee; provided, that nothing contained herein shall release
any assigning Lender from obligations that survive the termination of this Agreement, including such assigning Lender’s
obligations under Article 10 and Section 12.1 of this Agreement.

 

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(c)
          By executing and delivering an Assignment and Acceptance, the
assigning Lender thereunder and the Assignee thereunder confirm to and agree with each other and the other parties hereto as
follows: (1) other than as provided in such Assignment and Acceptance, such assigning Lender makes no representation or
warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection
with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement
or any other Loan Document furnished pursuant hereto, (2) such assigning Lender makes no representation or warranty and
assumes no responsibility with respect to the financial condition of any Borrower or the performance or observance by any
Borrower of any of its obligations under this Agreement or any other Loan Document furnished pursuant hereto, (3) such
Assignee confirms that it has received a copy of this Agreement, together with such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance, (4) such
Assignee will, independently and without reliance upon Agent, such assigning Lender or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or
not taking action under this Agreement, (5) such Assignee appoints and authorizes Agent to take such actions and to exercise
such powers under this Agreement as are delegated to Agent, by the terms hereof, together with such powers as are reasonably
incidental thereto and (6) such Assignee agrees that it will perform all of the obligations which by the terms of this
Agreement are required to be performed by it as a Lender.

 

(d)          
Immediately upon Agent’s receipt of the required processing fee payment and the fully executed Assignment and
Acceptance satisfying clause (a) above, this Agreement shall be deemed to be amended to the extent, but only to the
extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Revolver Commitments arising
therefrom. The Revolver Commitment allocated to each Assignee shall reduce such Revolver Commitments of the assigning Lender
pro tanto.

 

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(e)          
Any Lender may at any time sell to one or more commercial banks, financial institutions, or other Persons not Affiliates of
such Lender (a “Participant”) participating interests in its Obligations, the Revolver Commitment, and the
other rights and interests of that Lender (the “Originating Lender”) hereunder and under the other Loan
Documents (provided, that no written consent of Agent shall be required in connection with any sale of any such
participating interests by a Lender to an Eligible Transferee); provided, that (i) the Originating Lender shall remain
a “Lender” for all purposes of this Agreement and the other Loan Documents and the Participant receiving the
participating interest in the Obligations, the Revolver Commitments, and the other rights and interests of the Originating
Lender hereunder shall not constitute a “Lender” hereunder or under the other Loan Documents and the Originating
Lender’s obligations under this Agreement shall remain unchanged, (ii) the Originating Lender shall remain solely
responsible for the performance of such obligations, (iii) the Borrowers, Agent, and the Lenders shall continue to deal
solely and directly with the Originating Lender in connection with the Originating Lender’s rights and obligations
under this Agreement and the other Loan Documents, (iv) no Lender shall transfer or grant any participating interest under
which the Participant has the right to approve any amendment to, or any consent or waiver with respect to, this Agreement or
any other Loan Document, except to the extent such amendment to, or consent or waiver with respect to this Agreement or of
any other Loan Document would (A) extend the final maturity date of the Obligations hereunder in which such Participant is
participating, (B) reduce the interest rate applicable to the Obligations hereunder in which such Participant is
participating, (C) release all or substantially all of the Collateral or guaranties (except to the extent expressly provided
herein or in any of the Loan Documents) supporting the Obligations hereunder in which such Participant is participating, (D)
postpone the payment of, or reduce the amount of, the interest or fees payable to such Participant through such Lender or (E)
change the amount or due dates of scheduled principal repayments or prepayments or premiums and (v) all amounts payable by
the Borrowers hereunder shall be determined as if such Lender had not sold such participation, except that, if amounts
outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon
the occurrence of an Event of Default, each Participant shall be deemed to have the right of set off in respect of its
participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating
interest were owing directly to it as a Lender under this Agreement. The rights of any Participant only shall be derivative
through the Originating Lender with whom such Participant participates and no Participant shall have any rights under this
Agreement or the other Loan Documents or any direct rights as to the other Lenders, Agent, the Borrowers, the collections of
the Borrowers or its Subsidiaries, the Collateral, or otherwise in respect of the Obligations. No Participant shall have the
right to participate directly in the making of decisions by the Lenders among themselves.

 

(f)           
In connection with any such assignment or participation or proposed assignment or participation, a Lender may, subject to the
provisions of Section 12.11, disclose all documents and information which it now or hereafter may have relating to any
Borrower and its Subsidiaries and their respective businesses.

 

(g)          
Any other provision in this Agreement notwithstanding, any Lender may at any time create a security interest in, or pledge,
all or any portion of its rights under and interest in this Agreement in favor of any Federal Reserve Bank in accordance with
Regulation A of the Federal Reserve Bank or U.S. Treasury Regulation 31 CFR §203.24, and such Federal Reserve Bank may
enforce such pledge or security interest in any manner permitted under applicable law.

 

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(h)          
The Agent, acting solely for this purpose as a non-fiduciary agent of the Borrowers, shall maintain a copy of each
Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and
the Revolver Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the
terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent
manifest error, and the Borrowers, the Agent and the Lenders shall treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for
inspection by the Borrowers and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

9.2           Successors. This
Agreement shall bind and inure to the benefit of the respective successors and assigns of each of the parties; provided,
that no Borrower may assign this Agreement or any rights or duties hereunder without the Lenders’ prior written consent
and any prohibited assignment shall be absolutely void ab initio. No consent to assignment by the Lenders shall
release any Borrower from its Obligations. A Lender may assign this Agreement and the other Loan Documents and its rights and
duties hereunder and thereunder pursuant to Section 9.1 hereof and, except as expressly required pursuant
to Section 9.1 hereof, no consent or approval by any Borrower is required in connection with any such assignment.

 

Article
X

 

AGENT; THE LENDER GROUP

 

10.1         Appointment
and Authorization of Agent. Each Lender hereby designates and appoints CNB as its agent under this Agreement and the
other Loan Documents and each Lender hereby irrevocably authorizes Agent to execute and deliver each of the other
Loan Documents on its behalf and to take such other action on its behalf under the provisions of this Agreement and each
other Loan Document and to exercise such powers and perform such duties as are expressly delegated to Agent by the terms of
this Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto. Agent agrees to
act as such on the express conditions contained in this Article X. The provisions of this Article X (other than
the proviso to Section 10.11(a)) are solely for the benefit of Agent, and the Lenders, and the Borrowers and their
Subsidiaries shall have no rights as a third party beneficiary of any of the provisions contained herein. Any provision to
the contrary contained elsewhere in this Agreement or in any other Loan Document notwithstanding, Agent shall not have any
duties or responsibilities, except those expressly set forth herein, nor shall Agent have or be deemed to have any fiduciary
relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall
be read into this Agreement or any other Loan Document or otherwise exist against Agent; it being expressly understood and
agreed that the use of the word “Agent” is for convenience only, that CNB, in its capacity as Agent, is merely
the agent of the Lenders, and only has the contractual duties set forth herein. Except as expressly otherwise provided in
this Agreement, Agent shall have and may use its sole discretion with respect to exercising or refraining from exercising any
discretionary rights or taking or refraining from taking any actions that Agent expressly is entitled to take or assert under
or pursuant to this Agreement and the other Loan Documents. Without limiting the generality of the foregoing, or of any other
provision of the Loan Documents that provides rights or powers to Agent, Lenders agree that Agent shall have the right to
exercise the following powers as long as this Agreement remains in effect: (a) maintain, in accordance with its customary
business practices, ledgers and records reflecting the status of the Obligations, the Collateral, the collections of the
Borrowers and their Subsidiaries, and related matters, (b) execute or file any and all financing or similar statements or
notices, amendments, renewals, supplements, documents, instruments, proofs of claim, notices and other written agreements
with respect to the Loan Documents, (c) make Loans, for itself or on behalf of Lenders as provided in the Loan Documents, (d)
exclusively receive, apply, and distribute the Collectionscollections of
the Borrowers and their Subsidiaries as provided in the Loan Documents, (e) open and maintain such bank accounts and cash
management arrangements as Agent deems necessary and appropriate in accordance with the Loan Documents for the
foregoing purposes with respect to the Collateral and the Collections of the Borrowers and their Subsidiaries, (f) perform,
exercise, and enforce any and all other rights and remedies of the Lender Group with respect to the Borrowers, the
Obligations, the Collateral, the Collections of the Borrowers and their Subsidiaries, or otherwise related to any of same as
provided in the Loan Documents and (g) incur and pay such Lender Group Expenses as Agent may deem necessary or appropriate
for the performance and fulfillment of its functions and powers pursuant to the Loan Documents.

 

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10.2         Delegation
of Duties. Agent may execute any of its duties under this Agreement or any other Loan Document by or through agents,
employees or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to such
duties. Agent shall not be responsible for the negligence or misconduct of any agent or attorney in fact that it selects as
long as such selection was made without gross negligence or willful misconduct.

 

10.3         Liability
of Agent. None of the Agent-Related Persons shall (a) be liable for any action taken or omitted to be taken by any of
them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby
(except for its own gross negligence or willful misconduct) or (b) be responsible in any manner to any of the Lenders for any
recital, statement, representation or warranty made by any Borrower or any Subsidiary or Affiliate of a Borrower, or any
officer or director thereof, contained in this Agreement or in any other Loan Document, or in any certificate, report,
statement or other document referred to or provided for in, or received by Agent under or in connection with, this Agreement
or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or
any other Loan Document, or for any failure of any Borrower or any other party to any Loan Document to perform its
obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Lender to ascertain or to
inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any
other Loan Document, or to inspect the Books or properties of any Borrower or the books or records or properties of any of
Borrower’s Subsidiaries or Affiliates.

 

10.4        
Reliance by Agent. Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution,
notice, consent, certificate, affidavit, letter, facsimile or other electronic method of transmission, telex or telephone message,
statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent, or made by
the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to the Borrowers or counsel to
any Lender), independent accountants and other experts selected by Agent. Agent shall be fully justified in failing or refusing
to take any action under this Agreement or any other Loan Document unless Agent shall first receive such advice or concurrence
of the Lenders as it deems appropriate and until such instructions are received, Agent shall act, or refrain from acting, as it
deems advisable. If Agent so requests, it shall first be indemnified to its reasonable satisfaction by the Lenders against any
and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. Agent shall
in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance
with a request or consent of the requisite Lenders and such request and any action taken or failure to act pursuant thereto shall
be binding upon all of the Lenders.

 

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10.5         Notice
of Default or Event of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of any Unmatured  Event
of Default or Event of Default, except with respect to defaults in the payment of principal, interest, fees, and
expenses required to be paid to Agent for the account of the Lenders and, except with respect to Events of Default of which
Agent has actual knowledge, unless Agent shall have received written notice from a Lender or any Borrower referring to this
Agreement, describing such Default or Event of Default, and stating that such notice is a “notice of
default.” Agent promptly will notify the Lenders of its receipt of any such notice or of any Event of Default of which
Agent has actual knowledge. If any Lender obtains actual knowledge of any Event of Default, such Lender promptly shall notify
the other Lenders and Agent of such Event of Default. Each Lender shall be solely responsible for giving any notices to its
Participants, if any. Subject to Section 10.4, Agent shall take such action with respect to such Default or Event of
Default as may be requested by the Required Lenders in accordance with Section 7.2; provided, that unless and
until Agent has received any such request, Agent may (but shall not be obligated to) take such action, or refrain from taking
such action, with respect to such Default or Event of Default as it shall deem advisable.

 

10.6         Credit Decision. Each Lender acknowledges that none of the
Agent-Related Persons has made any representation or warranty to it, and that no act by Agent hereinafter taken, including
any review of the affairs of any Borrower and its Subsidiaries or Affiliates, shall be deemed to constitute any
representation or warranty by any Agent-Related Person to any Lender. Each Lender represents to Agent that it has,
independently and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed
appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and
other condition and creditworthiness of any Borrower and any other Person party to a Loan Document, and all applicable bank
regulatory laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and
to extend credit to the Borrowers. Each Lender also represents that it will, independently and without reliance upon any
Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make
its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan
Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations,
property, financial and other condition and creditworthiness of any Borrower and any other Person party to a Loan Document.
Except for notices, reports, and other documents expressly herein required to be furnished to the Lenders by Agent, Agent
shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business,
prospects, operations, property, financial and other condition or creditworthiness of any Borrower and any other Person party
to a Loan Document that may come into the possession of any of the Agent-Related Persons.

 

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10.7         Costs
and Expenses; Indemnification. Agent may incur and pay Lender Group Expenses to the extent Agent reasonably
deems necessary or appropriate for the performance and fulfillment of its functions, powers, and obligations pursuant to the
Loan Documents, including court costs, attorneys’ fees and expenses, fees and expenses of financial accountants,
advisors, consultants, and appraisers, costs of collection by outside collection agencies, auctioneer fees and expenses, and
costs of security guards or insurance premiums paid to maintain the Collateral, whether or not the Borrowers are obligated to
reimburse Agent or Lenders for such expenses pursuant to this Agreement or otherwise. Agent is authorized and directed to
deduct and retain sufficient amounts from the Collections of the Borrowers and their Subsidiaries received by Agent to
reimburse Agent for such out-of-pocket costs and expenses prior to the distribution of any amounts to Lenders. In the event
Agent is not reimbursed for such costs and expenses from the Collections of the Borrowers and their Subsidiaries received by
Agent, each Lender hereby agrees that it is and shall be obligated to pay to or reimburse Agent for the amount of such
Lender’s Pro Rata Share thereof. Whether or not the transactions contemplated hereby are consummated, the Lenders shall
indemnify upon demand the Agent-Related Persons (to the extent not reimbursed by or on behalf of the Borrowers and without
limiting the obligation of the Borrowers to do so), according to their Pro Rata Shares, from and against any and all
Indemnified Liabilities; provided, that no Lender shall be liable for the payment to any Agent-Related Person of any
portion of such Indemnified Liabilities resulting solely from such Person’s gross negligence or willful misconduct nor
shall any Lender be liable for the obligations of any Defaulting Lender in failing to make a Loan or other extension of
credit hereunder. Without limitation of the foregoing, each Lender shall reimburse Agent upon demand for such Lender’s
Pro Rata Share of any costs or out of pocket expenses (including attorneys, accountants, advisors, and consultants fees and
expenses) incurred by Agent in connection with the preparation, execution, delivery, administration, modification, amendment,
or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or
responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to
the extent that Agent is not reimbursed for such expenses by or on behalf of the Borrowers. The undertaking in this Section
shall survive the payment of all Obligations hereunder and the resignation or replacement of Agent.

 

10.8         Agent
in Individual Capacity. CNB and its Affiliates may make loans to, issue letters of credit for the account of,
accept deposits from, acquire equity interests in, and generally engage in any kind of banking, trust, financial advisory,
underwriting, or other business with the Borrowers and their Subsidiaries and Affiliates and any other Person party to any
Loan Documents as though CNB were not Agent hereunder, and, in each case, without notice to or consent of the other members
of the Lender Group. The other members of the Lender Group acknowledge that, pursuant to such activities, CNB or its
Affiliates may receive information regarding the Borrowers or their Affiliates and any other Person party to any Loan
Documents that is subject to confidentiality obligations in favor of the Borrowers or such other Person and that prohibit the
disclosure of such information to the Lenders, and the Lenders acknowledge that, in such circumstances (and in the absence of
a waiver of such confidentiality obligations, which waiver Agent will use its reasonable best efforts to obtain), Agent shall
not be under any obligation to provide such information to them. The terms “Lender” and “Lenders”
include CNB in its individual capacity.

 

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10.9         Successor
Agent. Agent may resign as Agent upon 45 days’ notice to the Lenders. If Agent resigns under this Agreement, the
Required Lenders, subject to Administrative Borrower’s consent so long as no Event of Default has occurred and is
continuing (such consent not to be unreasonably withheld, delayed or conditioned) shall appoint a successor Agent for the
Lenders. If, at the time that Agent’s resignation is effective, it is acting as the Issuing Lender, such resignation
shall also operate to effectuate its resignation as the Issuing Lender, as applicable, and it shall automatically be relieved
of any further obligation to issue Letters of Credit. If no successor Agent is appointed prior to the effective date of the
resignation of Agent, Agent may appoint, after consulting with the Lenders, a successor Agent, which successor Agent, so long
as no Event of Default has occurred and is continuing, shall be reasonably satisfactory to the Administrative Borrower (which
approval shall not be unreasonably withheld, delayed, or conditioned). If Agent has materially breached or failed to perform
any material provision of this Agreement or of applicable law, the Required Lenders may agree in writing, subject to
Borrower’s consent so long as no Event of Default has occurred and is continuing (such consent not to be unreasonably
withheld, delayed or conditioned) to remove and replace Agent with a successor Agent from among the Lenders. In any such
event, upon the acceptance of its appointment as successor Agent hereunder, such successor Agent shall succeed to all the
rights, powers, and duties of the retiring Agent and the term “Agent” shall mean such successor Agent and the
retiring Agent’s appointment, powers, and duties as Agent shall be terminated. After any retiring Agent’s
resignation hereunder as Agent, the provisions of this Section 10 shall inure to its benefit as to any actions taken
or omitted to be taken by it while it was Agent under this Agreement. If no successor Agent has accepted appointment as Agent
by the date which is 45 days following a retiring Agent’s notice of resignation, the retiring Agent’s resignation
shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of Agent hereunder until such
time, if any, as the Lenders appoint a successor Agent as provided for above.

 

10.10       Lender
in Individual Capacity. Any Lender and its respective Affiliates may make loans to, issue letters of credit for
the account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust,
financial advisory, underwriting, or other business with any Borrower and its Subsidiaries and Affiliates and any other
Person party to any Loan Documents as though such Lender were not a Lender hereunder without notice to or consent of the
other members of the Lender Group. The other members of the Lender Group acknowledge that, pursuant to such activities, such
Lender and its respective Affiliates may receive information regarding the Borrowers or their Affiliates and any other Person
party to any Loan Documents that is subject to confidentiality obligations in favor of the Borrowers or such other Person and
that prohibit the disclosure of such information to the Lenders, and the Lenders acknowledge that, in such circumstances (and
in the absence of a waiver of such confidentiality obligations, which waiver such Lender will use its reasonable best efforts
to obtain), such Lender shall not be under any obligation to provide such information to them.

 

10.11       Withholding
Taxes.

 

(a)           All
payments made by any Borrower hereunder or under any note or other Loan Document will be made without setoff, counterclaim,
or other defense. In addition, all such payments will be made free and clear of, and without deduction or withholding for,
any present or future Taxes except as required by applicable law, and in the event any deduction or withholding of Taxes is
required, the Borrowers shall comply with the penultimate sentence of this Section 10.11(a). Subject to Section
10.11(g), if any Taxes are so levied or imposed, the Borrowers agree to pay the full amount of such Taxes and such additional
amounts as may be necessary so that every payment of all amounts due under this Agreement, any note, or Loan Document,
including any amount paid pursuant to this Section 10.11(a) after withholding or deduction for or on account of any
Taxes, will not be less than the amount provided for herein. The Borrowers will furnish upon request to Agent as promptly as
practicable after the date the payment of any Tax is due pursuant to applicable law certified copies of tax receipts
evidencing such payment by the Borrowers or such other evidence of such payment reasonably satisfactory to the Agent.

 

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(b)           Each
Lender agrees, to the extent legally entitled to do so, with and in favor of Agent and the Borrowers, to deliver to
Agent:

 

(i)           if
such Lender claims an exemption from US withholding tax pursuant to its portfolio interest exception, (A) a statement of the
Lender, signed under penalty of perjury, that it is not a (I) a “bank” as described in Section 881(c)(3)(A) of
the Internal Revenue Code, (II) a 10% shareholder of a Borrower (within the meaning of Section 871(h)(3)(B) of the
Internal Revenue Code) or (III) a controlled foreign corporation related to the Borrower within the meaning of Section
881(c)(3)(C) of the Internal Revenue Code and (B) a properly completed and executed IRS Form W-8BEN or IRS Form W-8BEN-E, as
applicable, before receiving its first payment under this Agreement and at any other time reasonably requested by Agent or
the Borrowers;

 

(ii)           if
such Lender claims an exemption from, or a reduction of, withholding tax under a US tax treaty, properly completed and
executed IRS Form W-8BEN or IRS Form W-8BEN-E before receiving its first payment under this Agreement and at any other
time reasonably requested by Agent or the Borrowers;

 

(iii)           if
such Lender claims that interest paid under this Agreement is exempt from US withholding tax because it is
effectively connected with a US trade or business of such Lender, two properly completed and executed copies of IRS Form
W-8ECI before receiving its first payment under this Agreement and at any other time reasonably requested by Agent or the
Borrowers; or

 

(iv)           such
other form or forms, including IRS Form W-9, as may be required under the Internal Revenue Code or other laws of the US as a
condition to exemption from, or reduction of, US withholding or backup withholding tax before receiving its first payment
under this Agreement and at any other time reasonably requested by Agent or the Borrowers.

 

Lender agrees promptly to
notify Agent and the Administrative Borrower of any change in circumstances which would modify or render invalid any claimed exemption
or reduction.

 

(c)           If
a Lender claims an exemption from withholding tax in a jurisdiction other than the US, to the extent legally entitled to do
so, Lender agrees with and in favor of Agent and the Borrowers, to deliver to Agent any such form or forms, as may be
required under the laws of such jurisdiction as a condition to exemption from, or reduction of, foreign withholding or backup
withholding tax before receiving its first payment under this Agreement and at any other time reasonably requested by Agent
or the Administrative Borrower.

 

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Lender agrees promptly to
notify Agent and the Administrative Borrower of any change in circumstances which would modify or render invalid any claimed exemption
or reduction.

 

(d)           If
a payment made to a Lender under any Loan Document would be subject to US federal withholding Tax imposed by FATCA if such
Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in
Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Lender shall deliver to the Administrative
Borrower and Agent at the time or times prescribed by law and at such time or times reasonably requested by the
Administrative Borrower or Agent such documentation prescribed by Applicable
Lawapplicable  law
(including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation
reasonably requested by the Administrative Borrower or Agent as may be necessary for the Borrowers and Agent to comply with
their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA
or to determine the amount, if any, to deduct and withhold from such payment under FATCA, if any. Solely for purposes of this
paragraph (d), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

(e)           If
any Lender is entitled to a reduction in the applicable withholding tax, Agent may withhold from any interest payment to such
Lender an amount equivalent to the applicable withholding tax after taking into account such reduction. If the forms or other
documentation required by subsection (b) or (c) of this Section 10.11 are not delivered to Agent,
then Agent may withhold from any interest payment to such Lender not providing such forms or other documentation an amount
equivalent to the applicable withholding tax.

 

(f)            If
the IRS or any other Governmental Authority of the US or other jurisdiction asserts a claim that Agent did not
properly withhold tax from amounts paid to or for the account of any Lender due to a failure on the part of the Lender
(because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify Agent of
a change in circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or for any other
reason) such Lender shall indemnify and hold Agent harmless for all amounts paid, directly or indirectly, by Agent, as tax or
otherwise, including penalties and interest, and including any taxes imposed by any jurisdiction on the amounts payable to
Agent under this Section 10.11, together with all costs and expenses (including attorneys’ fees and expenses).
The obligation of the Lenders under this subsection shall survive the payment of all Obligations and the resignation or
replacement of Agent.

 

(g)           The provisions of this Section 10.11 to the contrary
notwithstanding, the Borrowers shall not be required to indemnify any person, or pay any additional amounts to any person,
in respect of Taxes pursuant to this Section 10.11 to the extent that (i) the obligation to withhold amounts with
respect to US federal withholding tax existed on the date such person became a party to this Agreement or (ii) the obligation
to pay such indemnity payment or additional amounts would not have arisen but for a failure by such Lender to comply with the
provisions of clause (b) or clause (c) above, (iii) the Tax is imposed under FATCA, or (iv) the Tax is a tax
imposed on or measured by net income (however denominated), a franchise tax, or a branch profits tax, in each case (a)
imposed as a result of such recipient being organized under the laws of, or having its principal office or, its applicable
lending office located in, the jurisdiction imposing such tax (or any political subdivision thereof) or (b) a tax imposed as
a result of a present or former connection between such recipient and the jurisdiction imposing such tax (other than
connections arising from such recipient having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or
enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

 

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 10.12       Collateral Matters.

 

(a)           The
Lenders hereby irrevocably authorize Agent, at its option and in its sole discretion, to release any Lien on any Collateral
(i) upon the termination of the Revolver Commitments and payment and satisfaction in full by the Borrowers of all
Obligations, (ii) constituting property being sold, or disposed
of or refinancedto a non-Borrower if
a release is required or requested in connection therewith and if the Administrative Borrower certifies to Agent that the
sale or disposition or
refinancing is permitted under this Agreement or the other Loan Documents (and Agent may rely conclusively
on any such certificate, without further inquiry), (iii) constituting property in which no Borrower and no Subsidiary of any
Borrower owned any interest at the time the Agent’s Lien was granted nor at any time thereafter, or (iv) constituting
property leased to any Borrower or its Subsidiaries under a lease that has expired or is terminated in a transaction
permitted under this Agreement. Except as provided above, or to
the extent otherwise required by Section 12.2, Agent will not contractually subordinate any of Agent’s
Liens, without the prior written authorization of (y) if, with respect to the Collateral, the release or contractual
subordination is with respect to all or substantially all of the Collateral, all of the Lenders or (z) otherwise, the
Required Lenders. Upon request by Agent or any Borrower at any time, the Required
Lenders will confirm in writing Agent’s authority to release any such Liens on particular types or items of Collateral
pursuant to this Section 10.12; provided, that (1) Agent shall not be required to execute any document
necessary to evidence such release on terms that, in Agent’s opinion, would expose Agent to liability or create any
obligation or entail any consequence other than the release of such Lien without recourse, representation, or warranty and
(2) such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those
expressly being released) upon (or obligations of any Borrower in respect of) all interests retained by any Borrower,
including, the proceeds of any sale, all of which shall continue to constitute part of the Collateral.

 

(b)           Agent
shall have no obligation whatsoever to any of the Lenders to assure that the Collateral exists or is owned by a Borrower or
is cared for, protected, or insured or has been encumbered, or that the Agent’s Liens have been properly
or sufficiently or lawfully created, perfected, protected, or enforced or are entitled to any particular priority, or to
exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising, any
of the rights, authorities and powers granted or available to Agent pursuant to any of the Loan Documents, it being
understood and agreed that in respect of the Collateral, or any act, omission, or event related thereto, subject to the terms
and conditions contained herein, Agent may act in any manner it may deem appropriate, in its sole discretion given
Agent’s own interest in the Collateral in its capacity as one of the Lenders and that Agent shall have no other duty or
liability whatsoever to any Lender as to any of the foregoing, except as otherwise provided herein.

 

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 10.13       Restrictions on Actions by Lenders; Sharing of Payments.

 

(a)           Each
of the Lenders agrees that it shall not, until an Event of Default has occurred and is continuing, without the express
written consent of Agent, and that it shall, to the extent it is lawfully entitled to do so, upon the written request of
Agent, set off against the Obligations, any amounts owing by such Lender to any Borrower or any deposit accounts of any
Borrower now or hereafter maintained with such Lender. Each of the Lenders further agrees that it shall not, unless
specifically requested to do so in writing by Agent (which request shall not be made by Agent unless an Event of Default has
occurred and is continuing), take or cause to be taken any action, including, the commencement of any legal or equitable
proceedings, to foreclose any Lien on, or otherwise enforce any security interest in, any of the Collateral. The
provisions of this paragraph are for the sole benefit of the Agent and the Lenders  and
shall not afford any right to, or constitute a defense available to, any Borrower.

 

(b)           If,
at any time or times any Lender shall receive (i) by payment, foreclosure, setoff, or otherwise, any
Collateral, any proceeds of Collateral or any payments with respect to the Obligations, except for any such
proceeds or payments received by such Lender from Agent pursuant to the terms of this Agreement or (ii) payments from Agent
in excess of such Lender’s ratable portion of all such distributions by Agent, such Lender promptly shall (1) turn the
same over to Agent, in kind, and with such endorsements as may be required to negotiate the same to Agent, or in immediately
available funds, as applicable, for the account of all of the Lenders and for application to the Obligations in accordance
with the applicable provisions of this Agreement or (2) purchase, without recourse or warranty, an undivided interest and
participation in the Obligations owed to the other Lenders so that such excess payment received shall be applied ratably as
among the Lenders in accordance with their Pro Rata Shares; provided, that to the extent that such excess payment
received by the purchasing party is thereafter recovered from it, those purchases of participations shall be rescinded in
whole or in part, as applicable, and the applicable portion of the purchase price paid therefor shall be returned to such
purchasing party, but without interest except to the extent that such purchasing party is required to pay interest in
connection with the recovery of the excess payment.

 

10.14       Agency
for Perfection. Agent hereby appoints each other Lender as its agent (and each Lender hereby accepts such
appointment) for the purpose of perfecting the Agent’s Liens in assets which, in accordance with Article 8 or Article
9, as applicable, of the Uniform Commercial Code can be perfected only by possession or control. Should any Lender obtain
possession or control of any such Collateral, such Lender shall notify Agent thereof, and, promptly upon Agent’s
request therefor shall deliver possession or control of such Collateral to Agent or in accordance with Agent’s
instructions.

 

10.15       Payments
by Agent to the Lenders. All payments to be made by Agent to the Lenders shall be made by bank wire transfer of
immediately available funds pursuant to such wire transfer instructions as each party may designate for itself by written
notice to Agent. Concurrently with each such payment, Agent shall identify whether such payment (or any portion thereof)
represents principal, premium, fees, or interest of the Obligations.

 

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10.16       Concerning
the Collateral and Related Loan Documents. Each member of the Lender Group authorizes and directs Agent to enter into this
Agreement and the other Loan Documents. Each member of the Lender Group agrees that any action taken by Agent in accordance with
the terms of this Agreement or the other Loan Documents relating to the Collateral and the exercise by Agent of its powers set
forth therein or herein, together with such other powers that are reasonably incidental thereto, shall be binding upon all of
the Lenders.

  

10.17       Other
Reports and Information. By becoming a party to this Agreement, each Lender:

 

(a)           may
from time to time request of Agent in writing that Agent provide to such Lender a copy of any report or document provided by
any Borrower to Agent that has not been contemporaneously provided by any Borrower to such Lender, and, upon receipt of such
request, Agent promptly shall provide a copy of same to such Lender;

 

(b)           to
the extent that Agent is entitled, under any provision of the Loan Documents, to request additional reports or
information from any Borrower, may, from time to time, reasonably request Agent to exercise such right as specified in such
Lender’s notice to Agent, whereupon Agent promptly shall request of such Borrower the additional reports or information
reasonably specified by such Lender, and, upon receipt thereof from such Borrower, Agent promptly shall provide a copy of
same to such Lender; and

 

(c)           shall
be entitled to receive a copy of any statement regarding the Loan Account rendered to any Borrower by Agent and Agent shall
send a copy of such statement to each Lender concurrently with the rendering of such statement to such Borrower.

 

10.18      
Several Obligations; No Liability. Notwithstanding that certain of the Loan Documents now or hereafter may have been
or will be executed only by or in favor of Agent in its capacity as such, and not by or in favor of the Lenders, any and all obligations
on the part of Agent (if any) to make any credit available hereunder shall constitute the several (and not joint) obligations
of the respective Lenders on a ratable basis, according to their respective Revolver Commitments, to make an amount of such credit
not to exceed, in principal amount, at any one time outstanding, the amount of their respective Revolver Commitments. Nothing
contained herein shall confer upon any Lender any interest in, or subject any Lender to any liability for, or in respect of, the
business, assets, profits, losses, or liabilities of any other Lender. Each Lender shall be solely responsible for notifying its
Participants of any matters relating to the Loan Documents to the extent any such notice may be required, and no Lender shall
have any obligation, duty, or liability to any Participant of any other Lender. Except as provided in Section 10.7, no
member of the Lender Group shall have any liability for the acts of any other member of the Lender Group. No Lender shall be responsible
to any Borrower or any other Person for any failure by any other Lender to fulfill its obligations to make credit available hereunder,
nor to advance for it or on its behalf in connection with its Revolver Commitment, nor to take any other action on its behalf
hereunder or in connection with the financing contemplated herein.

 

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10.19      Legal
Representation of Agent. In connection with the negotiation, drafting, and execution of this Agreement and the other Loan
Documents, or in connection with future legal representation relating to loan administration, amendments, modifications,
waivers, or enforcement of remedies, KMR only has represented and only shall represent CNB in its capacity as Agent and as a
Lender. Each other Lender hereby acknowledges that KMR does not represent it in connection with any such matters.

 

		10.20	Erroneous
                                         Payments.

 

(a)          If
Agent notifies a Lender, Issuing Lender or secured party, or any Person who has received funds on behalf of a Lender, Issuing
Lender or secured party (any such Lender, Issuing Lender, secured party or other recipient, a “Payment
Recipient”) that the Agent has determined in its sole discretion (whether or not after receipt of any notice under
immediately succeeding clause (b)) that any funds received by such Payment Recipient from Agent or any of its Affiliates were
erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known
to such Lender, Issuing Lender, secured party or other Payment Recipient on its behalf) (any such funds, whether received as
a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an
“Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion thereof) provided,
that, without limiting any other rights or remedies (whether at law or in equity), Agent may not make any such demand under
this clause (a) with respect to an Erroneous Payment unless such demand is made within 30 days of the date of receipt of such
Erroneous Payment by the applicable Payment Recipient), such Erroneous Payment shall at all times remain the property of
Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of Agent, and such Lender, Issuing
Lender or secured party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause
such Payment Recipient to) promptly, but in no event later than two Business Days thereafter, return to Agent the amount of
any such Erroneous Payment (or portion thereof) as to which such a demand was
made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and
including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount
is repaid to Agent in same day funds at a rate determined by Agent in accordance with banking industry rules on interbank compensation from
time to time in effect. A notice of Agent to any Payment Recipient under this clause
(a) shall be conclusive, absent manifest error.

 

(b)          Without
limiting immediately preceding clause (a), each Lender, Issuing Lender or secured party, or any Person who has received funds
on behalf of a Lender, Issuing Lender or secured party, hereby further agrees that if it receives a payment, prepayment or
repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise)
from Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in
a notice of payment, prepayment or repayment sent by Agent
(or any of its Affiliates) with respect to such payment, prepayment or repayment, (y)
that was not preceded or accompanied by a notice of payment, prepayment or repayment sent
by Agent (or any of its Affiliates), or (z) that such Lender, Issuing Lender or secured party, or other such
recipient, otherwise becomes aware was transmitted, or received, in error
or by mistake (in whole or in part) in each case:

 

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(i)           (A)
in the case of immediately preceding clauses (x) or (y), an error shall be presumed to have been made (absent written
confirmation from Agent to the contrary) or (B) an error has
been made (in the case of immediately preceding clause (z)), in each case,
with respect to such payment, prepayment or repayment; and

 

(ii)          such
Lender, Issuing Lender or secured party shall (and shall cause any other recipient that receives funds on its respective
behalf to) promptly (and, in all events, within one Business Day of its knowledge of such error) notify Agent of its receipt
of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying
the Agent pursuant to this Section 10.20(b).

 

(c)          Each
Lender, Issuing Lender or secured party hereby authorizes Agent to
set off, net and apply any and all amounts at any time owing to such Lender, Issuing Lender or secured party under any Loan
Document, or otherwise payable or distributable by the Administrative
Agent to such Lender, Issuing Lender or secured party from any source, against any amount due to Agent under immediately
preceding clause (a) or under the indemnification provisions of
this Agreement.

 

(d)          In
the event that an Erroneous Payment (or portion thereof) is not recovered by
Agent for any reason, after demand therefor by Agent in accordance with immediately preceding clause (a), from any Lender or
Issuing Lender that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who
received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an “Erroneous
Payment Return Deficiency”), upon Agent’s notice to such Lender or Issuing Lender at
any time, (i) such Lender or Issuing Lender shall be deemed to have assigned its Loans (but not its Revolver
Commitment) with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Class”) in an
amount equal to the Erroneous Payment Return Deficiency (or
such lesser amount as Agent may specify) (such assignment of the Loans (but not Revolver Commitments) of the Erroneous
Payment Impacted Class, the “Erroneous Payment Deficiency Assignment”) at par plus any accrued and unpaid
interest (with the assignment fee to be waived by Agent in such instance), and is hereby (together with Borrowers) deemed to
execute and deliver an Assignment and Acceptance (or, to the extent applicable, an agreement incorporating an Assignment and
Acceptance with respect to such Erroneous Payment Deficiency Assignment), and such Lender or Issuing Lender shall deliver any
Loan Documents evidencing such Loans to Borrowers or Agent,
(ii) Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such
deemed acquisition, the Agent as the assignee Lender shall become a Lender or Issuing Lender, as applicable, hereunder
with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender or assigning Issuing Lender shall cease
to be a Lender or Issuing Lender, as applicable, hereunder with
respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of
doubt, its obligations under the indemnification provisions of this Agreement and its applicable Revolver Commitment which
shall survive as to such assigning Lender or assigning Issuing Lender and (iv) Agent may reflect in the Register its
ownership interest in the Loans subject to the Erroneous Payment Deficiency Assignment. Agent may, in its discretion, sell
any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the
Erroneous Payment Return Deficiency owing by the applicable Lender or Issuing Lender shall be reduced by the net proceeds of
the sale of such Loan (or portion thereof), and Agent shall retain all other rights, remedies and claims against such Lender
or Issuing Lender (and/or against any recipient that receives funds on its respective behalf). For the avoidance of doubt, no
Erroneous Payment Deficiency Assignment will reduce the Revolver Commitment of any Lender or Issuing Lender and such Revolver
Commitment shall remain available in accordance with the terms of this Agreement. In addition, each party hereto agrees that,
except to the extent that Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency
Assignment, and irrespective of whether Agent may be equitably subrogated, Agent shall be contractually subrogated to all the
rights and interests of the applicable Lender, Issuing Lender or secured party under the Loan Documents with respect to each
Erroneous Payment Return Deficiency (the “Erroneous Payment Subrogation
Rights”).

 

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(e)          The
parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations
owed by Borrowers, except, in each case, to the extent such
Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by
Agent from the Borrowers for the purpose of making such Erroneous
Payment.

 

(f)           To
the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and
hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any
demand, claim or counterclaim by Agent for the return of any Erroneous Payment received, including without limitation waiver
of any defense based on “discharge for value” or any similar doctrine.

 

(g)          Each
party’s obligations, agreements and waivers under this Section 10.20 shall survive the resignation or replacement of
Agent, any transfer of rights or obligations by, or the replacement of, a Lender or Issuing Lender, the termination of the
Revolver Commitments and/or the repayment, satisfaction or
discharge of all Obligations (or any portion thereof) under any
Loan Document.

 

Article
XI

 

COLLATERAL

 

		11.1	Collateral
                                         Security; Pledge; Delivery.

 

(a)          Grant
of Security Interest. As collateral security for the prompt payment and performance in full when due of all the
Borrowers’ obligations (including the Obligations) under this Agreement and the other Loan Documents (collectively, the
“Secured Obligations”), each Borrower hereby pledges to Agent and grants a continuing security interest in
favor of Agent for the benefit of all Lenders in all of such Borrower’s right,
title and interest in, to and under (in each case, whether now owned or existing, or hereafter acquired or, arising or created
and wherever located) all assets and
property of such Borrower, including without limitation, Permitted Investments held directly by such Borrower, accounts,
payment intangibles, general intangibles, chattel paper, electronic chattel paper, instruments, deposit accounts, securities
accounts, cash, Cash Equivalents, letter-of-credit rights, investment property, equipment, goods and all proceeds and
products of the foregoing, and any and all other property of any type or nature owned by it (all of the property described in
this clause (a) being collectively referred to herein as “Collateral”), including, without limitation: (1)
each Permitted Investment held directly by such Borrower, (2) all of any Borrower’s interest in each of the Capital
Contribution Account and the Distribution Account and, in each case, all cash, Cash Equivalents and any other property from
time to time credited thereto, (3) in the case of FS CREIT, all of the stock, limited liability company interests,
partnership interests and other Securities in each direct Subsidiary of FS CREIT from time to
time (“Pledged Equity”), (4) all contributions of capital made by the Investors to such Borrower, (5)
all other property of such Borrower and (6) all proceeds thereof, all accessions to and substitutions and replacements for,
any of the foregoing, and all rents, profits and products of any thereof; provided that the Collateral (including any
Pledged Equity) shall not include any
Excluded Property and no Liens shall attach thereto; provided further that upon any
assets ceasing to constitute “Excluded Property,” such asset shall
automatically (and without further action by any Person) be deemed “Collateral” hereunder subject to this
Article XI in all respects. For the avoidance of doubt, it is hereby understood and agreed that the Securities
held by FS CREIT in each of FS Rialto EII LLC, a Delaware limited liability company and FS Rialto QI LLC, a Delaware limited
liability company shall constitute Collateral.

 

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(b)          Delivery
and Other Perfection. In furtherance of the collateral arrangements contemplated herein, each Borrower shall, if any of
the securities, monies or other property constituting Collateral pledged by such Borrower hereunder are received by such
Borrower, forthwith take such action as is necessary to ensure Agent’s perfected security interest in such Collateral
(including delivering such securities, monies or other property to Agent).

 

(c)          Borrowers
Remain Liable. Anything herein to the contrary notwithstanding, (a) the Borrowers shall remain liable under the contracts
and agreements included in the Collateral, to perform all of its respective duties and obligations thereunder to the same
extent as if this Agreement had not been executed, (b) the exercise by Agent of any of the rights hereunder shall not release
any Borrower from any of its duties or obligations under such contracts and agreements included in the Collateral, and (c) no
Borrower shall have any obligation or liability under such contracts and agreements included in the Collateral by reason of
this Agreement, or shall Agent be obligated to perform any of the obligations or duties of a Borrower thereunder or to take
any action to collect or enforce any claim for payment assigned hereunder. Until an Event of Default shall occur and be
continuing, except as otherwise provided in this Agreement, or any other Loan Document, each Borrower shall have the right to
possession and enjoyment of the Collateral that it owns, subject to and upon the terms hereof and the other Loan
Documents.

 

		11.2	Accounts.

 

(a)          Capital
Contribution Account. FS CREIT shall require that all Investors send by wire-transfer to the Capital Contribution
Account, all monies or sums paid or to be paid by any Investor to the capital of such FS CREIT. In addition, FS CREIT shall,
upon receipt, deposit directly in the Capital
Contribution Account described above any payments and monies that FS CREIT receives directly from
any Investors and contributions of capital.

 

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(b)          Distribution
Account. All Subsidiary Distributions shall be paid by Finance Holdings or any other direct Subsidiary of FS CREIT into
the Distribution Account. To the extent any Subsidiary Distributions are not paid to the Distribution Account as provided
above, FS CREIT shall, upon receipt, deposit in the Distribution Account any such amounts.

 

(c)          Account
Transfers. If an Event of Default has occurred and is continuing, FS CREIT covenants and agrees that it will not transfer
any funds in the Capital Contribution Account or the Distribution Account to any other Deposit Account or Securities Account
or otherwise dispose of any such funds without Agent’s prior written consent.

 

(d)          Notice.
So long as no Event of Default has occurred and is continuing, FS CREIT shall be permitted to give instructions with respect to
the funds in the Capital Contribution Account and the Distribution Account without the consent of Agent.

 

(e)          Control
Agreement. FS CREIT agrees that it will take any or all reasonable steps that Agent requests in order for Agent to
obtain control in accordance with Sections 9-104, 9-105, 9-106, and 9-107 of the Code with respect to the Distribution
Account.

 

		11.3	Certain
                                         Representations and Warranties and Covenants.

 

(a)          Name.
The name (within the meaning of Section 9-503 of the Code) and jurisdiction of organization of each Borrower is set forth on Schedule
11.3.

 

(b)          Place
of Business/Chief Executive Office; FEIN. The chief executive office of each Borrower and all other locations at which any
Borrower has a place of business are set forth on Schedule 11.3 hereto. Each Borrower’s FEIN and organizational identification
number are set forth on Schedule 11.3 hereto.

 

(c)          Perfection.
Upon proper filing of UCC financing statements naming each Borrower as debtor and Agent as secured party and describing the Collateral
in appropriate form with the Secretary of State (or other appropriate filing office) of the jurisdiction of organization of such
Borrower (as applicable), together with the payment of any applicable filing fees, the Liens granted to Agent, for benefit of
the Lender Group, hereunder shall constitute valid and perfected Liens in the Collateral, prior to all other Liens, to the extent
that a security interest therein may be perfected by filing a UCC financing statement pursuant to the Uniform Commercial Code
in effect in such jurisdiction.

 

11.4        Subordination
of Claims. Any indebtedness of any Borrower now or hereafter held by any other Borrower is hereby subordinated to the
prior payment in full in cash of the Obligations. Each Borrower agrees not to ask for, demand, sue for, take or receive from
any other Borrower, directly or indirectly, in cash or other property, by setoff or in any other manner (including, without
limitation, from or by way of collateral), payment of all or any of such indebtedness of such Borrower unless and until the
Obligations shall have been fully paid in cash and the Revolver Commitments
shall have been terminated or shall have expired (provided,
however, that
each Borrower agrees that such right of subordination shall be automatically (without any
further action) and irrevocably and permanently waived and released in its entirety if any Collateral is acquired by a
Person as a result of (i) the exercise of remedies under the Loan Documents, (ii)
a court order or (iii) a plan of reorganization or similar dispositive plan).
If any Borrower shall receive any payments from any other Borrower in violation of the preceding sentence, such Borrower
shall act as trustee for Agent and immediately pay over to Agent any amounts received in violation of this Agreement by such
Borrower to be applied against the Obligations in accordance with the terms hereof.

 

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		11.5	Remedies,
                                         Etc.

 

(a)          During
the period in which an Event of Default shall have occurred and be continuing, Agent shall have the right to do any of the following:

 

(i)           Exercise
in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the
rights and remedies of a secured party under the UCC (whether or not the UCC applies to the affected Collateral) and also may,
without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private
sale, at any of Agent’s or its designee’s offices or elsewhere, for cash, on credit or for future delivery, and upon
such other terms as Agent or a designee of Agent (acting at the direction of Agent or the Required Lenders) may deem commercially
reasonable. Each Borrower agrees, at the sole cost and expense of the Borrowers, to assemble all or any part of the Collateral
as directed by the Agent and make the same available to Agent at a place to be designated by Agent as provided in the immediately
preceding sentence. Agent may comply with any applicable state or federal law requirements in connection with a disposition of
the Collateral and such compliance will not be considered adversely to affect the commercial reasonableness of any sale of the
Collateral. Each Borrower agrees that, to the extent notice of sale shall be required by law, at least ten (10) calendar days’
prior notice to the Administrative Borrower of the time and place of any public sale or the time after which any private sale
is to be made shall constitute reasonable notification. Agent shall not be obligated to make any sale of the Collateral regardless
of notice of sale having been given. Agent or its designee may adjourn any public or private sale from time to time by announcement
at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was
so adjourned;

 

(ii)          Transfer
or otherwise dispose of all or any part of the Collateral into the name of Agent or a nominee thereof;

 

(iii)         Enforce
collection of any of the Collateral by suit or otherwise, and surrender, release or exchange all or any part thereof, or compromise
or extend or renew for any period (whether or not longer than the original period) any obligations of any nature of any party
with respect thereto;

 

(iv)         Endorse
any checks, drafts, or other writings in any Borrower’s name to allow collection of the Collateral;

 

		(v)	Take
                                         control of any proceeds of the Collateral;

 

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(vi)         Execute
(in the name, place and stead of any Borrower) endorsements, assignments, stock powers and other instruments of conveyance or
transfer with respect to all or any of the Collateral;

 

(vii)        Cause
the Capital Contributions Account and/or any Distribution Account to be liquidated and remit the proceeds thereof to Agent’s
Account; and/or

 

(viii)       Perform such other acts as may be reasonably
required to do to protect Agent’s rights and interest hereunder.

 

(b)         Possession
by Agent. In addition to the rights and remedies of Agent set forth in Section 11.5(a) above, upon the occurrence and
during the continuance of an Event of Default, Agent also shall have the right, without notice or demand, either in person,
by agent or by a receiver to be appointed by a court in accordance with the provisions of applicable law (and each Borrower
hereby expressly consents, to the fullest extent permitted by applicable law, upon the occurrence and during the continuance
of an Event of Default to the appointment of such a receiver), and, to the extent permitted by applicable law, without regard
to the adequacy of any security for the Obligations, to take ownership of the Collateral or any part thereof and to collect
and thereby receive the rents, issues, profits, income and proceeds thereof, without limiting the exercise of any and all
other rights and remedies available to Agent under this Agreement and/or at law or in equity. The taking of ownership of the
Collateral by Agent shall not cure or waive any Event of Default or notice thereof or invalidate any act done pursuant to
such notice. The rights, remedies and powers of any receiver appointed by a court shall be as ordered by said
court.

 

(c)         Private
Sales. To the extent permitted by any applicable law, with respect to any Collateral consisting of securities,
partnership interests, membership interests or the like, and whether or not any of such Collateral has been effectively
registered under the Securities Act of 1933, as amended, or other applicable laws, Agent may, in its sole and absolute
discretion, upon the occurrence and during the continuance of an Event of Default, sell all or any part of such Collateral at
private sale in such manner and under such circumstances as the Lender may deem necessary or advisable in order that the sale
may be lawfully conducted in a commercially reasonable manner. Without limiting the foregoing, Agent may (i) approach and
negotiate with a limited number of potential purchasers, and (ii) restrict the prospective bidders or purchasers to Persons
who will represent and agree that they are purchasing such Collateral for their own account for investment and not with a
view to the distribution or resale thereof. In the event that any such Collateral is sold at private sale, each Borrower
agrees to the extent permitted by applicable law that if such Collateral is sold for a price which is commercially
reasonable, then (A) the Borrowers shall not be entitled to a credit against the Obligations in an amount in excess of the
purchase price, and (B) Agent shall not incur any liability or responsibility to any Borrower in connection
therewith, notwithstanding the possibility that a substantially higher price might have been realized at a public sale. Each
Borrower recognizes that a ready market may not exist for such Collateral if it is not regularly traded on a recognized
securities exchange, and that a sale by Agent of any such Collateral for an amount less than a pro rata share of the fair
market value of the issuer’s assets minus liabilities may be commercially reasonable in view of the difficulties that
may be encountered in attempting to sell a large amount of such Collateral or Collateral that is privately traded.

 

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(d)          Title
of Purchasers. Upon consummation of any sale of Collateral, Agent shall have the right to assign, transfer and deliver to
the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any such sale shall hold the Collateral so
sold absolutely free from any claim or right upon the part of any Borrower or any other Person claiming through any Borrower,
and each Borrower hereby waives (to the extent permitted by applicable law) all rights of redemption, stay and appraisal
which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. If
the sale of all or any part of the Collateral is made on credit or for future delivery, Agent shall not be required to apply
any portion of the sale price to the Obligations until such amount actually is received by Agent, and any Collateral so sold
may be retained by Agent until the sale price is paid in full by the purchaser or purchasers thereof. Agent shall not incur
any liability in case any such purchaser or purchasers shall fail to pay for the Collateral so sold, and, in case of any such
failure, the Collateral may be sold again.

 

(e)          Certain
Waivers. To the extent permitted by applicable law, each Borrower waives all claims, damages and demands against Agent arising
out of the repossession, retention or sale of the Collateral, or any part or parts thereof, except to the extent any such claims,
damages and awards arise out of the gross negligence or willful misconduct of Agent or such action was not taken in accordance
with this Agreement.

 

(f)           Agent’s
Liability for Collateral. So long as Agent complies with its obligations, if any, under the UCC, Agent shall not in any way
or manner be liable or responsible for: (a) the safekeeping of the Collateral, (b) any loss or damage to the Collateral occurring
or arising in any manner or fashion from any cause, or (c) any diminution in the value of the Collateral. All risk of loss, damage,
or destruction of the Collateral shall be borne by the Borrowers.

 

		(g)	Pledged
                                         Equity Remedies.

 

(i)           Voting
Rights. At any time prior to the occurrence and during the continuance of an Event of Default, the Borrowers shall be
entitled to exercise any and all voting and other consensual rights pertaining to the Pledged Equity (including all voting,
consent, administration, management and other rights and remedies under any organizational document
with respect thereto), or any part thereof, for any purpose.

 

(ii)          Dividend
and Distribution Rights. The Borrowers shall be entitled to receive and to retain and use any and all dividends or distributions
paid in respect of the Pledged Equity; provided, however, that, following the occurrence and during the continuance
of an Event of Default, any and all non-cash dividends or non-cash distributions in the form of certificated capital stock,
certificated limited liability interests, instruments or other property received, receivable or otherwise distributed in respect
of, or in exchange for, any Pledged Equity, shall forthwith be delivered to Agent to be held as Collateral or applied to the Obligations
in accordance with this Agreement, as Agent shall elect; and, if received by any Borrower,
shall be received in trust for the benefit of Agent, be segregated from the other property of Borrowers and forthwith be
delivered to Agent in the same form as so received (with any necessary endorsements) to be held as Collateral or applied to the
Obligations, in accordance with this Agreement, as Agent shall elect.

 

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(iii)         Rights
as to Pledged Equity During Event of Default. After an Event of
Default has occurred and while such Event of Default is continuing:

 

(A)          Voting, Dividend and Distribution Rights.
At the option of Agent, all rights of the Borrowers to exercise the voting and other consensual rights which it would otherwise
be entitled to exercise pursuant to Section 11.5(g)(i) above, and to receive the dividends and distributions which it would otherwise
be authorized to receive and retain pursuant to Section 11.5(g)(ii) above, shall cease, and all such rights shall thereupon become
vested in Agent who shall thereupon have the sole right to exercise such voting and other consensual
rights and to receive and to hold as Pledged Equity such dividends and distributions.

 

(B)          Dividends and Distributions Held in Trust.
All dividends and other distributions which are received by the Borrowers contrary to the provisions of Section 11.5(g)(iii)(A)
above shall be received in trust for the benefit of Agent, shall be segregated
from other funds of the Borrowers and forthwith shall be paid over to Agent as Collateral
in the same form as so received (with any necessary endorsements) to be held as Collateral
or applied to the Obligations, as Agent may elect.

 

(iv)        Notwithstanding the remedies set forth in Section 11.5(g)(ii) and 11.5(g)(iii) above, the applicable Borrower shall
be permitted to make the dividends and distributions permitted by Sections 5.6 and 6.4 hereof.

 

(v)         Irrevocable
Proxy. Each Borrower hereby revokes all previous proxies (if any) with regard to the Pledged Equity and appoints Agent as its
proxyholder and attorney in fact to, so long as such actions are performed in accordance with the applicable organizational
documents and applicable law, attend and vote at any and all meetings of the equity holders of the entities which issued the
Pledged Equity (whether or not transferred into the name of Agent), and any adjournments thereof, held on or after the date
of the giving of this proxy and to execute any and all written consents, waivers and ratifications of the Securities holders of
such entities executed on or after the date of the giving of this proxy with the same effect as if the Borrowers
had personally attended the meetings or had personally voted its shares or had personally signed the written consents,
waivers or ratification. For the avoidance of doubt, the revocation of existing proxies (if any) shall not be effective
until, and the appointment of Agent as proxyholder and attorney-in-fact shall not be effective until, the occurrence and
during the continuance of an Event of Default. The Borrowers hereby authorize Agent to substitute another Person (which
Person shall be a successor to the rights of Agent hereunder or a nominee appointed by Agent to serve as proxyholder) as the
proxyholder and, upon the occurrence or during the
continuance of any Event of Default, hereby authorize and direct the proxyholder
to file this proxy and the substitution instrument with the secretary of the appropriate entity. This proxy is
coupled with an interest and is irrevocable until the Secured Obligations have
been paid in full in cash

 

(h)          (g) Remedies
Cumulative. The rights and remedies provided under this Agreement are cumulative and may be exercised singly or
concurrently, and are not exclusive of any other rights and remedies provided by law or equity.

 

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(i)           (h) Agent
Appointed Attorney-in-Fact. Each Borrower hereby appoints Agent as such Borrower’s attorney-in-fact (it
being understood that Agent shall not be deemed to have assumed any of the obligations of the Borrowers by this appointment),
with full authority in the place and stead of the Borrowers and in the name of the Borrowers, from time to time in
the Agent’s discretion, after the occurrence and during the continuation of an Event of Default, to take such action
and to execute any instrument which Agent may deem necessary or advisable to accomplish the purposes of this Agreement.
Each Borrower hereby acknowledges, consents and agrees that the power of attorney granted pursuant to this clause is
irrevocable until the Termination Date and is coupled with an interest. The power of attorney granted pursuant to this clause
shall terminate upon the Termination Date.

 

(j)            (i) Deficiency.
If the proceeds of sale, collection or other realization of or upon the Collateral are insufficient to cover the costs
and expenses of such realization and the payment in full of the Obligations, the Borrowers shall remain liable for
any deficiency.

 

(k)          (j) Termination
and Release. Upon (a) the payment or repayment in full in immediately available funds of (i) the principal amount of,
and interest accrued and unpaid with respect to, all outstanding Loans, together with the payment of any premium applicable
to the repayment of the Loans, (ii) all Lender Group Expenses that have accrued and are unpaid regardless of whether demand
has been made therefor, (iii) all fees or charges that have accrued hereunder or under any other Loan Document and are
unpaid, (b) the receipt by Agent of cash collateral in order to secure any contingent Secured Obligations for which a claim
or demand for payment has been made on or prior to such time or in respect of matters or circumstances known to Agent or a
Lender at such time that are reasonably expected to result in any loss, cost, damage, or expense (including attorneys’
fees and legal expenses), such cash collateral to be in such amount as Agent reasonably determines is appropriate to secure
such contingent Secured Obligations, (c) the payment or repayment in full in immediately available funds of all other
outstanding Secured Obligations other than unasserted contingent indemnification Secured Obligations, and (d) the termination
of all of the Revolver Commitments of the Lenders under this Agreement (the “Termination Date”), the
security interest granted herein shall automatically (and without further action by any party) terminate and all rights to
the Collateral shall revert to the Borrowers. Any Lien on any particular Collateral shall be automatically released (i) upon
the sale, disposition or refinancing of such Collateral in a manner permitted under this Agreement or the other Loan
Documents, (ii) upon any property in which no Borrower and no Subsidiary of any Borrower owned any interest at the time
the Agent’s Lien was granted nor at any time thereafter, and (iii) upon property leased to any Borrower or its
Subsidiaries under a lease that has expired or is terminated in a transaction permitted under this Agreement. Upon any such
termination or release, Agent will, at the Borrowers’ sole expense, deliver to the Administrative Borrower, without
any representations, warranties or recourse of any kind whatsoever, all certificates and instruments representing
or evidencing all of the Collateral, or particular Collateral in the case of a release, held by Agent hereunder or with
respect to the Collateral being released, and execute and deliver to the Administrative Borrower such documents as the
Administrative Borrower shall reasonably request to evidence such termination or release.

 

    85 

    

    

 

Article
XII

 

MISCELLANEOUS

 

12.1      No
Waivers, Remedies. No failure or delay on the part of Agent or any Lender, or the holder of any interest in this
Agreement in exercising any right, power, privilege or remedy under this Agreement or any of the other Loan Documents shall
impair or operate as a waiver thereof, nor shall any single or partial exercise of any such right, power, privilege or remedy
preclude any other or further exercise thereof or the exercise of any other right, power, privilege, or remedy. The waiver of
any such right, power, privilege, or remedy with respect to particular facts and circumstances shall not be deemed to be a
waiver with respect to other facts and circumstances. The remedies provided for under this Agreement or the other Loan
Documents are cumulative and are not exclusive of any remedies that may be available to Agent or any Lender, or the holder of
any interest hereunder at law, in equity, or otherwise.

 

		12.2	Waivers
                                         and Amendments.

 

(a)           No
amendment, modification, restatement, supplement, termination, or waiver of or to this Agreement or any other Loan Document (other
than the Fourth Amendment Fee Letter), or consent to any departure from, any provision of this Agreement or the
other Loan Documents, shall be effective unless the same shall be in writing and signed by the Required Lenders (or by Agent
at the written request of the Required Lenders) and the Administrative Borrower and then any such waiver or consent shall be
effective, but only in the specific instance and for the specific purpose for which given; provided, that no such
waiver, amendment, or consent shall, unless in writing and signed by all of the Lenders affected thereby and the Borrowers,
do any of the following:

 

(i)           increase or, extend or
reinstate any Revolver Commitment of any Lender except pursuant to Section
2.21; provided, that no amendment, modification or waiver of any condition precedent, covenant, Event
of Default or Unmatured Event of Default shall constitute an increase in any Revolver Commitment of any Lender,

 

(ii)          postpone
or delay any date fixed by this Agreement or any other Loan Document for any payment of principal, interest, fees, or other
amounts due hereunder or under any other Loan Document except pursuant to Section 2.20,

 

(iii)         reduce or
forgive the principal of, or the rate of interest on, any loan or other extension of credit hereunder, or reduce
any fees or other amounts payable hereunder or under any other Loan Document or reduce, waive,
forgive, defer, extend or postpone any payment of interest, fees or other
amounts under the Loan Documents,

 

		(iv)	change
the Pro Rata Share that is required to take any action
hereunder,

 

(v)
         amend or modify this Section or any provision of the Agreement providing
for consent or other action by all Lenders, 

 

    86 

    

    

 

(vi)         other
than as permitted by Section 10.12, release Agent’s Lien
in and to any of the Collateral, 

 

(vii)        amend Section
9.1(a) to permit any Borrower or any of its Affiliates to be permitted to become an Assignee, or

 

(viii)       change
or otherwise modify the definition of “Required Lenders” or “Pro Rata
Share” (for the avoidance of doubt, any such change or modification shall be deemed to affect
all Lenders) or change or otherwise modify or consent to any departure from any other provision of this Agreement or the other
Loan Documents (including, without limitation, any provisions of Section 2.4(a)(ii) through (vi) and Section 10.13(b)) in a manner
that would alter (or have the effect of altering) the pro rata sharing and/or application of any payments, distributions or other
amounts under this Agreement or any other Loan Document (for the avoidance of doubt, any change, modification or consent contemplated
by this clause (viii) shall be deemed to affect all Lenders),

 

(ix)          other
than as permitted by Section 10.12, contractually subordinate any of Agent’s Liens,amend,
modify, supplement or waive (or consent to any departure from) the terms of this Agreement or any other Loan Document to the extent
that any such amendment, modification, supplement, waiver or consent would subordinate or prime (or have the effect of subordinating
or priming), whether by contract, structurally or otherwise, (i) the Obligations (or any portion thereof) in right of payment
and/or (ii) the Liens securing (or purporting to secure) the Obligations (or any portion thereof) in right of security to any
other Debt or other debt for borrowed money or commitments or Liens related thereto, whether such other Indebtedness or commitment
or Liens related thereto are documented in this Agreement or in any document or instrument outside of this Agreement (for the
avoidance of doubt, any action contemplated by this clause (ix), if taken, shall
be deemed to affect all Lenders),

 

(x)          other than as permitted by Section 10.12,
release any Borrower from any obligation for the payment of money, or

 

		(xi)	amend
                                         any of the provisions of Section 10.

 

(b)          No
amendment, waiver, modification, or consent shall amend, modify, or waive (i) the definition of,
or any of the terms or provisions of, the Fourth Amendment Fee Letter,
without the written consent of Agent and Administrative Borrower (and shall not require the written consent of any of the
Lenders) or (ii) any provision of Section 10 pertaining to Agent, or any other rights or duties of Agent
under this Agreement or the other Loan Documents, without the written consent of Agent, the Borrowers, and the Required
Lenders.

 

(c)          No
amendment, waiver or consent shall, unless in writing and signed by Agent or Issuing Lender, as applicable, affect the rights
or duties of Agent or Issuing Lender, as applicable, under this Agreement or any other Loan Document. The foregoing
notwithstanding, any amendment, modification, waiver, consent, termination, or release of, or with respect to, any provision
of this Agreement or any other Loan Document that relates only to the relationship of the Lender Group among themselves, and
that does not affect the rights or obligations of the Borrowers, shall not require consent by or the agreement of the
Borrowers.

 

    87 

    

    

 

		(d)	[Intentionally
                                         Omitted].

 

(e)          If
(i) any action to be taken by the Lender Group or Agent hereunder requires the greater than majority or unanimous consent,
authorization, or agreement of all Lenders, and a Lender fails to give its consent, authorization, or agreement, (ii) any
Lender becomes a Defaulting Lender, (iii) any Lender is unable to make, maintain or fund LIBOR Rate Loans or (iv) any
Borrower is required to make additional payments to a Lender or Governmental Authority under Section 10.11 (any such
Lender replaced pursuant to this subsection (e) shall be referred to as a “Replaced Lender”); then Agent,
upon at least five (5) Business Days prior irrevocable notice to the Replaced Lender, may permanently replace the Replaced
Lender with one or more substitute Lenders (each, a “Replacement Lender”), and the Replaced Lender shall
have no right to refuse to be replaced hereunder. Such notice to replace the Replaced Lender shall specify an effective date
for such replacement, which date shall not be later than 15 Business Days after the date such notice is given. Prior to
the effective date of such replacement, the Replaced Lender and each Replacement Lender shall execute and deliver an
Assignment and Acceptance, subject only to the Replaced Lender being repaid its share of the outstanding Obligations
(including an assumption of its Pro Rata Share of the Risk Participation Liability) without any premium or penalty of any
kind whatsoever. If the Replaced Lender shall refuse or fail to execute and deliver any such Assignment and Acceptance prior
to the effective date of such replacement, the Replaced Lender shall be deemed to have executed and delivered such Assignment
and Acceptance. The replacement of any Replaced Lender shall be made in accordance with the terms of Section 9.1.
Until such time as the Replacement Lenders shall have acquired all of the Obligations, the Revolver Commitments, and the
other rights and obligations of the Replaced Lender hereunder and under the other Loan Documents, the Replaced Lender shall
remain obligated to make the Replaced Lender’s Pro Rata Share of Loans and to purchase a participation in each Letter
of Credit, in an amount equal to its Pro Rata Share of the Risk Participation Liability of such Letter of Credit.

 

12.3       Notices.
Except as otherwise provided in Sections 2.7 and 2.8 hereof, all notices, demands, instructions, requests, and
other communications required or permitted to be given to, or made upon, any party hereto shall be in writing and (except for
financial statements and other related informational documents to be furnished pursuant hereto which may be sent by
first-class mail, postage prepaid) shall be personally delivered or sent by registered or certified mail, postage prepaid,
return receipt requested, by courier or facsimile, or e-mail and shall be deemed to be given for purposes of this Agreement
on the day that such writing is received by the Person to whom it is to be sent pursuant to the provisions of this Agreement.
Unless otherwise specified in a notice sent or delivered in accordance with the foregoing provisions of this Section
12.3, notices, demands, requests, instructions, and other communications in writing shall be given to or made upon the
respective parties hereto at their respective addresses (or to their respective facsimile numbers or e-mail addresses)
indicated on Exhibit 9.3 attached hereto.

 

12.4       Successors
and Assigns. This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective
successors and assigns; provided, that no Borrower may assign or transfer any interest or rights hereunder without the
prior written consent of Agent and the Lenderseach
Lender and any such prohibited assignment or transfer shall be absolutely void. Agent may assign this Agreement
and the other Loan Documents and its rights and duties hereunder and thereunder with,
provided no Event of Default shall have occurred and be continuing, the prior written consent of Administrative Borrower,
which consent shall not be unreasonably withheld, delayed or conditioned.in
accordance with Section 10.9.

 

    88 

    

    

 

12.5       Headings.
Article and section headings used in this Agreement and the table of contents preceding this Agreement are for convenience of
reference only and shall neither constitute a part of this Agreement for any other purpose nor affect the construction of
this Agreement.

 

12.6       Execution
in Counterparts; Effectiveness. This Agreement may be executed in any number of counterparts and by different parties on
separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original. All of
such counterparts, taken together, shall constitute but one and the same Agreement. Delivery of an executed counterpart of
this Agreement by facsimile or other electronic transmission shall be equally as effective as delivery of an original
executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by facsimile or other
electronic transmission also shall deliver an original executed counterpart of this Agreement but the failure to deliver an
original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement.

 

12.7       GOVERNING
LAW. EXCEPT AS SPECIFICALLY SET FORTH IN ANY OTHER LOAN DOCUMENT, THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THE
RIGHTS AND OBLIGATIONS OF BORROWERS HEREUNDER AND THEREUNDER 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.

 

12.8       JURISDICTION
AND VENUE. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY HERETO ARISING OUT OF OR RELATING HERETO, OR ANY PARTY’S
OBLIGATIONS HEREUNDER, SHALL BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY
OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY HERETO, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES,
IRREVOCABLY (A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (B) WAIVES ANY
DEFENSE OF FORUM NON CONVENIENS; (C) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE
BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO SUCH PARTY AT ITS ADDRESS PROVIDED HEREIN; (D) AGREES THAT
SERVICE AS PROVIDED IN CLAUSE (C) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER EACH PARTY HERETO IN ANY SUCH
PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND
(E) AGREES THAT AGENT RETAINS THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY
LAW.

 

    89 

    

    

 

12.9       WAIVER
OF TRIAL BY JURY. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. EACH OF THE PARTIES
HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS RELIED ON
THE WAIVER IN EXECUTING AND ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED
FUTURE DEALINGS. EACH OF THE PARTIES HERETO WARRANTS AND REPRESENTS THAT EACH HAS HAD THE OPPORTUNITY OF REVIEWING THIS JURY
WAIVER WITH LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS.

 

12.10     Independence
of Covenants. All covenants under this Agreement and other Loan Documents shall be given independent effect so that if a
particular action or condition is not permitted by any one covenant, the fact that it would be permitted by another covenant,
shall not avoid the occurrence of an Event of Default or Unmatured Event of Default if such action is taken or condition
exists.

 

12.11     Confidentiality.
Agent and Lenders each individually (and not jointly or jointly and severally) agree that material, non-public information
regarding each Borrower and its Subsidiaries, their operations, assets, and existing and contemplated business plans shall be
treated by Agent and the Lenders in a confidential manner, and shall not be disclosed by Agent and the Lenders to Persons who
are not parties to this Agreement, except: (a) to counsel for and other advisors, accountants, auditors, and consultants to
any member of the Lender Group, (b) to Subsidiaries and Affiliates of any member of the Lender Group; provided, that
any such Subsidiary or Affiliate shall have agreed to receive such information hereunder subject to the terms of this Section
12.11, (c) as may be required by regulatory authorities so long as such authorities are informed of the confidential
nature of such information, (d) as may be required by statute, decision, or judicial or administrative order, rule, or
regulation, or any Governmental Authority (other than any state, federal or foreign authority or examiner regulating banks or
banking); provided, that Agent or any such Lender shall promptly notify Administrative Borrower of such requirement
prior to any disclosure of such information and shall reasonably cooperate with the Administrative Borrower in any lawful
effort by the Administrative Borrower to prevent or limit such disclosure or otherwise protect the confidentiality of such
information, (e)    as may be agreed to in advance by the Borrowers or their respective Subsidiaries or as
requested or required by any Governmental Authority pursuant to any subpoena or other legal process; provided, that in
the case disclosure is required by such Governmental Authority, Agent or any such Lender shall promptly notify the
Administrative Borrower of such requirement prior to any disclosure of such information and shall reasonably cooperate with
the Administrative Borrower in any lawful effort by the Administrative Borrower to prevent or limit such disclosure or
otherwise protect the confidentiality of such information, (f) as requested or required by any state, federal or foreign
authority or examiner regulating banks or banking, (g) as to any such information that is or becomes generally available to
the public (other than as a result of prohibited disclosure by Agent or the Lenders or any of its Subsidiaries or
Affiliates), (h) in connection with any assignment, prospective assignment, sale, prospective sale, participation or
prospective participations, or pledge or prospective pledge of any Lender’s interest under this Agreement; provided,
that any such assignee, prospective assignee, purchaser, prospective purchaser, participant, prospective participant,
pledgee, or prospective pledgee shall have agreed in writing to receive such information hereunder subject to the terms of
this Section and (i) in connection with any litigation or other adversary proceeding involving parties hereto which such
litigation or adversary proceeding involves claims related to the rights or duties of such parties under this Agreement or
the other Loan Documents. The provisions of this Section 12.11 shall survive for 2 years after the payment in full of
the obligations of the Borrowers under this Agreement.

 

    90 

    

    

 

12.12     Revival
and Reinstatement of Obligations; Certain Waivers. If the incurrence or payment of the Obligations by the Borrowers or
the transfer to the Lender Group of any property should for any reason subsequently be asserted, or declared, to be void or
voidable under any state or federal law relating to creditor’s rights, including provisions of the Bankruptcy Code
relating to fraudulent conveyances, preference, or other voidable or recoverable payments of money or transfers of property
(each a “Voidable Transfer”), and if the Lender Group is required to repay or restore, in whole or in
part, any such Voidable Transfer, or elects to do so upon the advice of counsel, then, as to any such Voidable Transfer, or
the amount thereof that the Lender Group is required or elects to repay or restore, and as to all reasonable costs, expenses,
and attorneys’ fees of the Lender Group related thereto, the liability of the Borrowers automatically shall be revived,
reinstated, and restored and shall exist as though such Voidable Transfer had never been made.

 

12.13     USA
PATRIOT Act. Each Lender that is subject to the requirements of the Patriot Act hereby notifies the Borrowers that
pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each
Borrower, which information includes the name and address of each Borrower and other information that will allow such Lender
to identify each Borrower in accordance with the Patriot Act.

 

12.14     Complete
Agreement. This Agreement, together with the exhibits and schedules hereto and the other Loan Documents is intended by
the parties hereto as a final expression of their agreement and is intended as a complete statement of the terms and
conditions of their agreement with respect to the subject matter of this Agreement.

 

12.15     Severability
of Provisions. Each provision of this Agreement shall be severable from every other provision of this Agreement for the
purpose of determining the legal enforceability of any specific provision.

 

[Signature
pages to follow.]

  

    91 

    

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered as of the date first set forth above.

 

	 	FS CREDIT REAL ESTATE
    INCOME TRUST, INC., a Maryland corporation, as a Borrower	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	FS CREIT FINANCE HOLDINGS LLC, 

a Delaware
    limited liability company, as a Borrower	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title	 

 

[SIGNATURE
PAGE TO LOAN AND SECURITY AGREEMENT]

 

     

    

    

 

	 	CITY NATIONAL BANK
    ,	 
	 	a national banking association, as Agent and
     as a Lender	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

     

    

    

 

SCHEDULE
C-1

 

LENDERS’
COMMITMENTS

 

	Lender	Revolver
    Commitment as of the Fourth Amendment Effective Date
	City
    National Bank	$25,000,00035,000,000
	Woodforest
    National Bank	$20,000,000
	All
    Lenders	$25,000,00055,000,000

 

     

    

    

 

ANNEX
B

 

Exhibit
C-1

 

See
attached

 

ny-
2039325

 

     

    

    

 

EXHIBIT
C-1

 

FORM
OF COMPLIANCE CERTIFICATE

 

[on
Administrative Borrower’s letterhead]

 

      

	To:	City National Bank, as Agent

400 Park Avenue, 7th Floor

New York, NY 10022

Attention:    Adam Strauss

 

		Re:	Compliance Certificate dated

 

Ladies and Gentlemen:

 

Reference
is made to that certain CREDIT AGREEMENT (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), dated as of August 22, 2019, by and among on the one hand, FS
CREDIT REAL ESTATE INCOME TRUST, INC., a Maryland corporation (“FS CREIT”), and FS CREIT FINANCE HOLDINGS
LLC, a Maryland limited liability company (“Finance Holdings” and together with FS CREIT, referred to hereinafter
each individually as a “Borrower”, and individually and collectively, jointly and severally, as the “Borrowers”),
and, on the other hand, the lenders from time to time a party thereto (such lenders, together with their respective successors
and permitted assigns, are referred to hereinafter each individually as a “Lender” and collectively as the
“Lenders”), and CITY NATIONAL BANK, a national banking association (“CNB”), as administrative
agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, “Agent”).
All initially capitalized terms used herein without definition shall have the meanings ascribed thereto in the Credit Agreement.

 

Pursuant
to Section 5.2 of the Credit Agreement, a Responsible Officer of Administrative Borrower hereby certifies in [his/her][its]
capacity as a [president] [chief executive officer] [chief operating officer] [chief financial officer] [secretary] [general counsel]
[vice president] [manager] [controller] [authorized signatory] [managing partner] [member] of Administrative Borrower and not
in [his/her][its] individual capacity that:

 

1.             The financial information of Borrowers furnished in Schedule 1 attached hereto (the “Financial Statements”),
has been prepared in accordance with the GAAP methods of accounting (except for the lack of footnotes and being subject to year-end
audit adjustments), and fairly presents in all material respects the financial condition of Borrowers and their respective Subsidiaries
as of the date quarter-end or year-end date to which such financial report applies.

 

2.             Such Responsible Officer has reviewed the terms of the Credit Agreement and the other Loan Documents and has made, or caused to
be made under [his/her][its] supervision, a review in reasonable detail of the transactions and financial condition of the Borrowers
during the accounting period covered by the Financial Statements, with a view to determining whether the Borrowers have fulfilled
all of their obligations under the Loan Documents.

 

     

    

    

 

3.             Such review has not disclosed the existence on and as of the date of the Financial Statements, and the undersigned does not have
knowledge of the existence as of the date of the Financial Statements, of any event or condition that constituted an Event of
Default or an Unmatured Event of Default, except for such conditions or events listed on Schedule 2 attached hereto, specifying
the nature and period of existence thereof and what action the Borrowers have taken, are taking, or propose to take with respect
thereto.

 

4.             On and as of the date hereof, the Net Asset Value of FS CREIT is greater than or equal to $275,000,000.

 

 5.             On and as of the date hereof, the Debt to Asset Ratio is no greater than 3.00:1.00.

 

6.             Attached hereto as Schedule 3 is a true and correct computation of the Borrowing Base as of the date hereof which Borrowing
Base is $                                                 .

 

7.             On and as of the date hereof, the sum of (A) the Revolving Credit Facility Usage plus (B) the Letter of Credit Usage does not
exceed the Borrowing Base set forth in clause 5 above and does not exceed the Maximum Revolver Amount on the date hereof.

 

[Signature
page to follow.]

 

     

    

    

 

IN
WITNESS WHEREOF, this Compliance Certificate is executed by the undersigned this               day
of                                    ,
20             .

 

		[insert signature block of the Responsible Officer]

 

     

    

    

 

SCHEDULE
1

 

Financial
Information

 

     

    

    

 

SCHEDULE
2

 

Event
of Default or Unmatured Event of Default

 

     

    

    

 

SCHEDULE
3

 

Calculation
of Borrowing Base

 

[see attached]p-rilaxind10x21

P-RILA/IND(10/21) 1      PRUCO LIFE INSURANCE COMPANY, PHOENIX, ARIZONA             Service Office Address:           [P.O. Box 7960           Philadelphia, PA 19176               Toll Free: 1-888-PRU-2888           Website:www.prudential.com]          Please read this contract (the “Annuity”) carefully; it is a legal contract between you and Pruco Life  Insurance Company.  Unless you direct otherwise, we will pay the named Owner(s), on the Annuity  Payment Date, the first of a series of annuity payments, the frequency, period, and dollar amounts of  which are determined in accordance with the terms and conditions of the annuity option payable, provided  that both you and the Annuitant(s) are then living.    This Annuity is issued subject to its provisions and in consideration of any Purchase Payments you make  and we accept.     RIGHT TO CANCEL:  You may cancel this Annuity for a refund by notification to us in Good Order or by  returning the Annuity to our Service Office or to the representative who sold it to you within 10 days after  you receive it (30 days if the Annuity is being issued as a replacement for another annuity contract or a  life insurance policy).  Return of this Annuity by mail is effective on being postmarked, properly addressed  and postage prepaid.    The amount of the refund will equal the Account Value as of the Valuation Day we receive the returned  Annuity at our Service Office or the cancellation request in Good Order, plus any fees, charges or Tax  Charges deducted from the Purchase Payment upon allocation to the Annuity.      Signed for Pruco Life Insurance Company:                                                 [                 ] [                               ]  Secretary  President            This is a variable annuity contract with Account Value increasing or decreasing based on the experience  of the Variable Separate Account and Index Strategies Separate Account.  Although the Account Value  may be affected by an Index, the Annuity does not participate directly in any Index.              INDIVIDUAL FLEXIBLE PREMIUM DEFERRED INDEX-LINKED VARIABLE ANNUITY. NON-PARTICIPATING.   PAYOUT OPTIONS ARE SPECIFIED IN THE ANNUITY.  OTHER PAYOUT OPTIONS MAY BE MADE AVAILABLE.    

 

P-RILA/IND(10/21) 2        TABLE OF CONTENTS      ANNUITY SCHEDULE  ........................................................................................... 3    ANNUITY TABLES .................................................................................................. 5    INDEX STRATEGY ENDORSEMENTS........................................................7    DEFINITIONS .......................................................................................................... 14    PURCHASE PAYMENTS ........................................................................................ 16    ACCOUNT VALUE .................................................................................................. 16    ALLOCATION OF ACCOUNT VALUE ................................................................... 17    OPERATION OF THE SEPARATE ACCOUNT(S) ................................................. 18    CHARGES ............................................................................................................... 19    RIGHTS AND DESIGNATIONS .............................................................................. 19    DISTRIBUTIONS ..................................................................................................... 20    DEATH BENEFIT .................................................................................................... 22    ANNUITY PAYOUT OPTIONS ................................................................................ 23    GENERAL PROVISIONS ........................................................................................ 24                                    

 

  P-RILA/IND(10/21) 3    ANNUITY SCHEDULE PAGE      ANNUITY NUMBER: [001-00001] ISSUE DATE:  [March 1, 2013]    TYPE OF BUSINESS:  [Non-Qualified]    OWNER:  [John Doe]            DATE OF BIRTH:  [October 21, 1972] SEX:  [Male]    [OWNER:  [Mary Doe]            DATE OF BIRTH:  [October 15, 1972] SEX:  [Female]]    ANNUITANT:  [John Doe]     DATE OF BIRTH:  [October 21,1972] SEX:  [Male]    [JOINT ANNUITANT:  [Mary Doe]     DATE OF BIRTH:  [January 15, 1952] SEX:  [Female]]    [CONTINGENT ANNUITANT: [Mary Doe] DATE OF BIRTH: [January 15, 1952] SEX: [Female]]      ALLOCATION OF INITIAL PUCHASE PAYMENT    PURCHASE PAYMENT:  [$100,000.00]    INDEX STRATEGY ALLOCATION PERCENTAGE(S):    [Point to Point with Cap Index Strategy   XX%     [Index Name] [Index Term]  [$XXXX.XX] [XX.XX% Buffer]      Tiered Participation Rate Index Strategy   XX%     [Index Name] [Index Term]  [$XXXX.XX] [XX.XX% Buffer]      Step Rate Plus Index Strategy   XX%     [Index Name] [Index Term]  [$XXXX.XX] [XX.XX% Buffer]]      VARIABLE SUB-ACCOUNT ALLOCATION PERCENTAGE:  [VA Fund 1]     XX%]  [VA Fund 2]     XX%]  [VA Fund 3]     XX%]  [VA Fund 4]     XX%]  [VA Fund 5]     XX%]    HOLDING ACCOUNT PERIOD: [30] Days from the Issue Date    PURCHASE PAYMENT AGE LIMITATION: [Purchase Payments may be accepted up to and including  the day prior to the later of: the oldest Owner’s [86th] birthday (the Annuitant’s [86th] birthday if the Annuity  is owned by an entity), or the first anniversary of the Issue Date, unless otherwise required by applicable  law or regulation to maintain the tax status of this Annuity.]     MINIMUM ADDITIONAL PURCHASE PAYMENT:  [$100]    MINIMUM ADDITIONAL PURCHASE PAYMENT UNDER AUTOMATIC PURCHASE PLANS:  [$50]          

 

  P-RILA/IND(10/21) 4    ANNUITY SCHEDULE PAGE (continued)    WITHDRAWALS    MAXIMUM FREE WITHDRAWAL PERCENTAGE: [10% of Purchase Payments]    MINIMUM WITHDRAWAL AMOUNT:  [$100]    MINIMUM SURRENDER VALUE AFTER A PARTIAL WITHDRAWAL:  [$2,000]    ALLOCATION OF ACCOUNT VALUE    MINIMUM VARIABLE SUB-ACCOUNT AMOUNT:  [$20]    MINIMUM INDEX STRATEGY AMOUNT:  [$2,000]    CHARGES    INSURANCE CHARGE (ONLY APPLICABLE TO ACCOUNT VALUE ALLOCATED TO THE  VARIABLE SUB-ACCOUNT(S)):     MORTALITY AND EXPENSE RISK CHARGE:      For Purchase Payments less than [$1,000,000] the Insurance Charge is [X.XX%]      For Purchase Payments of [$1,000,000] or more the Insurance Charge is reduced to [X.XX%]     ADMINISTRATION CHARGE: [0.15%]    CONTINGENT DEFERRED SALES CHARGE: The Contingent Deferred Sales Charge for each  Purchase Payment is a percentage of the Purchase Payment being withdrawn that is in excess of the  Free Withdrawal amount.  The charge decreases as the Purchase Payment ages.  The aging of a  Purchase Payment is measured from the date it is allocated to your Annuity.The charge percentage is  shown below.  The charge is deducted from the Allocation Options in the same proportion as the  withdrawal upon which it is assessed.    [Age of Purchase Payment Being Withdrawn    Year 0-1    Year 1-2    Year 2-3    Year 3-4    Year 4-5    Year 5-6    Year 6  or older    7% 7% 6% 5% 4% 3% 0.00]    ANNUITIZATION    LATEST AVAILABLE ANNUITY DATE:  [The first day of the calendar month next following the oldest  Owner’s or Annuitant’s 95th birthday.]    EARLIEST AVAILABLE ANNUITY DATE:  [Three years from the Issue Date]    MINIMUM ANNUITY PAYMENT:  [$100 per month]    MINIMUM SURRENDER VALUE AT ANNUITIZATION:  [$2,000]              

 

  P-RILA/IND(10/21) 5    ANNUITY SCHEDULE PAGE (continued)    ANNUITY TABLES    The rates in Tables 1 and 2 below are applied to the Account Value on the Annuity Date to compute the  minimum amount of the annuity payment for the payout options described below. Table 1 is used to compute  the minimum annuity payment under Option 1 (Payments for Life with 120 Months Period Certain). Table 2 is  used to compute the minimum initial annuity payment under Option 2 (Joint and Last Survivor).    BASIS OF COMPUTATION FOR ANNUITY OPTIONS: [We use an interest rate of 0.25% per year. The  adjusted age is the Annuitant’s age as of the Annuitant’s last birthday prior to the date on which the first  payment is due, adjusted as shown in the “Translation of Adjusted Age” table below. The actuarial basis  of the Annuity Options is the Annuity 2000 valuation mortality table, with four-year age setback and  projected mortality improvement factors (modified Scale G) projected from the age at annuitization to the  age at which the probability of survival is needed in the calculation of the annuity payment.    Translation of Adjusted Age  Calendar Year in Which  First Payment Is Due  Adjusted Age Calendar Year in Which  First Payment Is Due  Adjusted Age  2020 through 2029 Actual Age minus 2 2070 through 2079 Actual Age minus 7  2030 through 2039 Actual Age minus 3 2080 through 2089 Actual Age minus 8  2040 through 2049 Actual Age minus 4 2090 through 2099 Actual Age minus 9  2050 through 2059 Actual Age minus 5 2100 through 2109   Actual Age minus 10  2060 through 2069 Actual Age minus 6 2110 through 2119 Actual Age minus 11]    AMOUNT OF MONTHLY PAYMENT FOR EACH $1,000 APPLIED    [ANNUITY OPTION 1 Table – Payments for Life with 120 Months Period Certain  Adjusted  Age Male Female  Adjusted  Age Male Female  Adjusted  Age Male Female  41 1.76 1.62 61 2.90 2.60 81 5.83 5.39  42 1.79 1.65 62 2.99 2.68 82 6.03 5.61  43 1.83 1.68 63 3.09 2.76 83 6.22 5.83  44 1.87 1.72 64 3.19 2.85 84 6.41 6.05  45 1.91 1.75 65 3.30 2.94 85 6.60 6.27  46 1.96 1.79 66 3.41 3.04 86 6.78 6.48  47 2.00 1.83 67 3.53 3.15 87 6.96 6.69  48 2.05 1.87 68 3.65 3.26 88 7.12 6.89  49 2.10 1.91 69 3.78 3.37 89 7.28 7.08  50 2.15 1.95 70 3.92 3.50 90 7.43 7.25  51 2.20 2.00 71 4.07 3.63 91 7.56 7.41  52 2.26 2.05 72 4.22 3.77 92 7.69 7.56  53 2.32 2.10 73 4.38 3.91 93 7.80 7.69  54 2.38 2.15 74 4.54 4.07 94 7.91 7.81  55 2.44 2.20 75 4.71 4.23 95 8.00 7.92]  56 2.51 2.26 76 4.89 4.40        57 2.58 2.32 77 5.07 4.59        58 2.65 2.39 78 5.25 4.78        59 2.73 2.45 79 5.44 4.97        60 2.81 2.53 80 5.64 5.18        

 

  P-RILA/IND(10/21) 6                                                    ANNUITY SCHEDULE PAGE (continued)    [ANNUITY OPTION 2 Table - Joint and Last Survivor  Male  Adjusted  Age  Female Adjusted Age  45 50 55 60 65 70 75 80 85 90 95  45 1.59 1.68 1.75 1.80 1.84 1.87   1.89 1.90   1.91   1.91   1.91  50 1.64 1.76 1.86 1.95 2.02 2.07 2.11 2.13 2.14 2.15 2.15  55 1.68 1.82 1.96 2.09 2.21 2.30 2.36 2.40 2.43 2.44 2.45  60 1.71 1.87 2.05 2.22 2.39 2.54 2.65 2.73 2.78 2.81 2.82  65 1.73 1.90 2.11 2.33 2.56 2.79 2.98 3.13 3.23 3.29 3.32  70 1.74 1.92 2.15 2.41 2.70 3.02 3.32 3.58 3.78 3.90 3.97  75 1.74 1.94 2.17 2.46 2.81 3.21 3.64 4.06 4.42 4.68 4.84  80 1.75 1.95 2.19 2.50 2.88 3.35 3.91 4.52 5.12 5.60 5.94  85 1.75 1.95 2.20 2.51 2.92 3.44 4.10 4.91 5.79 6.62 7.26  90 1.75 1.95 2.20 2.53 2.94 3.49 4.23 5.19 6.36 7.62 8.73  95 1.75 1.95 2.21 2.53 2.96 3.52 4.30 5.37 6.78 8.47 10.15]    SEPARATE ACCOUNT(S):    VARIABLE SEPARATE ACCOUNT(S): [Pruco Life Flexible Premium Variable Annuity Account]    INDEX STRATEGIES SEPARATE ACCOUNT(S): [Pruco Life Insurance Company Index Strategies  Separate Account]      RIDERS AND ENDORSEMENTS MADE A PART OF THE ANNUITY ON THE ISSUE DATE:  [Medically Related Surrender Endorsement  Point to Point with Cap Index Strategy Endorsement  Tiered Participation Rate Index Strategy Endorsment  Step Rate Plus Index Strategy Endorsement]      

 

  P-RILA/IND(10/21) 7                                                                        [PLACEHOLDER FOR INDEX STRATEGY ENDORSEMENTS]                                              

 

  P-RILA/IND(10/21) 8    DEFINITIONS    Account Value: The Interim Value for each Index Strategy plus the total value of all allocations to the Variable  Sub-Accounts on any Valuation Day other than the Index Strategy Start Date and Index Strategy End Date.  The  Interim Value does not apply to an Index Strategy on the Index Strategy Start Date and the Index Strategy End  Date.  On an Index Strategy Start Date, the Index Strategy Base applicable to that Index Strategy would be used  instead of the Interim Value.  On an Index Strategy End Date, the Index Strategy Base plus the Index Credit  applicable to that Index Strategy would be used instead of the Interim Value..    Accumulation Period:  The period of time from the Issue Date through the last Valuation Day immediately  preceding the Annuity Date.    Allocation Options: A Variable Sub-Account, Index Strategy or other option we make available as of any given  time to which Account Value may be allocated.    Annuitant/Joint Annuitant:  The natural person(s) named in the Annuity Schedule upon whose life or lives the  annuity payments are based.    Annuity Date:  The date on which we apply your Account Value to the applicable annuity payout option and  begin the Payout Period.    Annuity Payment Date:  The date the first annuity payment is payable.    Annuity Year:  The twelve month period beginning on the Issue Date and continuing through and including the  day immediately preceding the first anniversary of the Issue Date.  Subsequent Annuity Years begin on the  anniversary of the Issue Date and continue through and include the day immediately preceding the next  anniversary of the Issue Date.    Beneficiary(ies):  The natural person(s) or entity(ies) designated as the recipient of the Death Benefit, or to  whom any payments may be paid in accordance with the “Annuity Payout Options” section of the Annuity.     Code or Internal Revenue Code:  The Internal Revenue Code of 1986, as amended from time to time, and the  regulations promulgated thereunder.    Contingent Annuitant:  The natural person named in the Annuity Schedule who becomes the Annuitant upon  the death of Annuitant prior to the Annuity Date.    Due Proof of Death:  Due Proof of Death is satisfied when we receive all of the following in Good Order: (a) a  death certificate or documentation acceptable to us, (b) all representations we require or which are mandated by  applicable law or regulation in relation to the death claim and the payment of death proceeds; and (c) any  applicable election of the method of payment of the Death Benefit, if not previously elected by the Owner(s), by  at least one Beneficiary.    General Account: Our general investment account which contains all of our assets with the exception of the  Variable Separate Account(s) and other segregated asset accounts.    Good Order:  Good Order is the standard that we apply when we determine whether an instruction is  satisfactory.  An instruction will be considered in Good Order if it is received at our Service Office: (a) in a  manner that is satisfactory to us such that it is sufficiently complete and clear that we do not need to exercise  any discretion to follow such instruction and complies with all relevant laws and regulations; (b) on specific forms,  or by other means we then permit (such as via telephone or electronic transmission); and/or (c) with any  signatures and dates as we may require.  We will notify you if an instruction is not in Good Order.    Holding Account: A Variable Sub-Account we make available and designate as such.    Index: The underlying Index or exchange-traded fund used to value the Index Return based on the performance  of the Index Strategies.    

 

  P-RILA/IND(10/21) 9    Index Anniversary Date: The same day, each calendar year, as the day of the initial allocation to an Index  Strategy (Index Effective Date). You may allocate available Account Value to a new Index Strategy(ies) or to the  Variable Sub-Accounts or other options we make available on this date.  You may allocate available Account  Value to the same Index Strategy(ies) on this date once the Index Strategy(ies) has reached the Index Strategy  End Date.    Index Credit: The amount you will be credited to an Index Strategy on an Index Strategy End Date based on the  Index Return.  Index Credit can be negative.    Index Effective Date: The first day of the first Index Strategy allocation.    Index Return: The percentage change in the Index Value from the Index Strategy Start Date to the Index  Strategy End Date, which is used to determine the Index Credit for an Index Strategy.    Index Strategy(ies): Any of the index linked Allocation Options we make available in the Annuity for crediting  interest based on the underlying Index associated with the Index Strategy, Buffer and Index Strategy Term.  We  may offer other Index Strategies from time to time, subject to our rules.    Index Strategy Base: The amount of Account Value allocated to an Index Strategy on an Index Strategy Start  Date.  The Index Strategy Base is used in the calculation of any Index Credit and in the calculation of the Interim  Value.  The Index Strategy Base is reduced for any transfers or withdrawals that occur between the Index  Strategy Start and End Dates in the same proportion that the total withdrawal or transfer amount reduced the  Interim Value.     Index Strategy End Date: the last day of an Index Strategy Term. This is the day any applicable Index Credit  will be credited to the Index Strategy.    Index Strategy Start Date: The first day of an Index Strategy Term.    Index Strategy Term: The time period allocated to each Index Strategy. The Index Strategy Term begins on the  Index Strategy Start Date and ends on the Index Strategy End Date.    Index Value: The value of the Index that is published by the Index provider at the close of each day that the  Index is calculated. If an Index Value is not published for a particular Valuation Day, the closing Index Value of  the next published Valuation Day will be used.      Interim Value: The value of an Index Strategy on any Valuation Day during an Index Strategy Term other than  the Index Strategy Start Date and Index Strategy End Date.  The Interim Value is a calculated value (as  described in each Index Strategy Endorsement) and is used when a withdrawal, Death Benefit payment,  transfer, annuitization, or surrender occurs between an Index Strategy Start Date and Index Strategy End Date.   During an Index Strategy Term, the Interim Value is included in the Account Value and Surrender Value.    Issue Date:  The effective date of your Annuity, as shown in the Annuity Schedule.     Owner(s):  The natural person(s) or entity shown as Owner in the Annuity Schedule unless later changed.    Payout Period:  The period starting on the Annuity Date and during which annuity payments are made.    Portfolio: An underlying mutual fund, or series thereof, in which a Sub-Account of the Separate Account invests.    Purchase Payment(s) :  A cash consideration in the currency of the United States of America given to us in  exchange for the rights, privileges and benefits outlined in this Annuity.  We will deduct any fees, charges or Tax  Charges  prior to allocation to the Allocation Options you select or to the Holding Account for amounts received  between Index Anniversary Dates.    Service Office Address:  The location shown on the cover page of the Annuity where all requests and  payments regarding this Annuity are to be sent.  We refer to this as our “Service Office.”  The Service Office  Address may be changed at any time.  We will notify you in advance of any change in address.    

 

  P-RILA/IND(10/21) 10    Surrender Value:  The Account Value less any applicable Contingent Deferred Sales Charge and any  applicableTax Charges.    Unit:  A share of participation in a Variable Sub-Account used to calculate your Account Value prior to the  Annuity Date.    Unit Price:  The value of each Unit of a Variable Sub-Account on a Valuation Day.    Valuation Day:  Every day the New York Stock Exchange is open for trading or any other day that the Securities  and Exchange Commission requires Portfolios or unit investment trusts to be valued, and an Index Strategy  Index Value is published.     Valuation Period:  The period of time between the close of business of the New York Stock Exchange on  successive Valuation Days.    Variable Sub-Account:  A division of the Variable Separate Account(s).    we, us, our:  Pruco Life Insurance Company.    you, your:  The Owner(s) shown in the Annuity Schedule.    PURCHASE PAYMENTS    Allocation of Initial Purchase Payment(s):  Issuance of an Annuity represents our acceptance of an initial  Purchase Payment.  The amount of your initial Purchase Payment is shown in the Annuity Schedule.  On the  Issue Date, we allocate all or part of your initial Purchase Payment to the Holding Account, Index Strategy(ies)  and/or the Variable Sub-Accounts we make available according to your instructions.      If you allocate all or a portion of your initial Purchase Payment to the Holding Account, on the last Valuation Day  of the Holding Account Period, we will transfer your Account Value in the Holding Account to the Index  Strategy(ies) and/or the Variable Sub-Accounts according to your instructions on file with us.  If there is no  Account Value allocated to the Holding Account, no transfer to the Index Strategy(ies) and/or the Variable Sub- Accounts will occur.      Additional Purchase Payments:  Additional Purchase Payments are subject to the Purchase Payment Age  Limitation and the Minimum Additional Purchase Payment shown in the Annuity Schedule.  We may further limit  or reject certain Purchase Payments.  Additional Purchase Payments will be allocated to the Variable Sub- Accounts according to your instructions.  If you have not provided any allocation instructions with the additional  Purchase Payment, we will allocate it to the Holding Account.      Additional Purchase Payments may not be allocated to an existing Index Strategy  between the Index Strategy  Start and End Dates nor may they be allocated to a new Index Strategy(ies) between Index Anniversary Dates.   We will allocate Additional Purchase Payments to the Holding Account until the next Index Anniversary Date  when you may transfer the Account Value in the Holding Account as decribed in the Allocation of Account Value  section below.      ACCOUNT VALUE    Account Value in the Variable Sub-Accounts:  We determine your Account Value separately for each Variable  Sub-Account we make available.  To determine the Account Value in each Variable Sub-Account, we multiply  the Unit Price, as of the Valuation Day for which the calculation is being made, by the number of Units  attributable to your Annuity in that Variable Sub-Account as of that Valuation Day.     Units:  The number of Units attributable to this Annuity in a Variable Sub-Account is the number of Units   purchased less the number of Units liquidated.  We determine the number of Units involved in any transaction  specified in dollars by dividing the dollar value of the transaction by the Unit Price of the affected Variable Sub- Account as of the Valuation Day applicable to such transaction.    

 

  P-RILA/IND(10/21) 11    Unit Price:  The Unit Price for each Variable Sub-Account is the net investment factor for that Valuation Period,  multiplied by the Unit Price for the immediately preceding Valuation Day.  The Unit Price for a Valuation Period  applies to each Valuation Day in the period.    Net Investment Factor:  Each Variable Sub-Account has a net investment factor. The net investment factor is  an index that measures the investment performance of, and charges assessed against, a Variable Sub-Account  from one Valuation Period to the next.    The net investment factor for a Valuation Period is (a) divided by (b), less (c), where:    (a) is the net result of:  (1) the net asset value per share of the Portfolios held by that Variable Sub-Account at the end  of the current Valuation Period plus the per share amount of any dividend or capital gain  distribution declared and unpaid (accrued) by the Portfolio, plus or minus    (2) any per share charge or credit during the current Valuation Period as a provision for taxes  attributable to the operation or maintenance of that Variable Sub-Account.    (b) is the net result of:  (1) the net asset value per share of the Portfolios held by that Variable Sub-Account at the end  of the preceding Valuation Period plus the per share amount of any dividend or capital gain  distribution declared and unpaid (accrued) by the Portfolio, plus or minus    (2) any per share charge or credit during the preceding Valuation Period as a provision for taxes  attributable to the operation or maintenance of the Variable Sub-Account.    (c) is the Insurance Charge and any applicable charge assessed against a Variable Sub-Account for  any Rider attached to this Annuity corresponding to the portion of the 365 day year (366 for a leap  year) that is in the current Valuation Period.    We value the assets in the Variable Sub-Account(s) at their fair market value in accordance with accepted  accounting practices and applicable laws and regulations. The net investment factor may be greater than, equal to,  or less than one.    Account Value in the Index Strategy(ies):  At any time after the Issue Date, the portion of Account Value  allocated to an Index Strategy is equal to the Interim Value for each Index Strategy as described in the Index  Strategy Endorsements.    ALLOCATION OF ACCOUNT VALUE    You may allocate your Account Value among the Allocation Options we make available, excluding any Allocation  Options to which you are not permitted to electively allocate or transfer Account Value.  We may limit the  availability of Allocation Options for additional Purchase Payments or transfers.  The Variable Sub-Accounts  available for allocation of Account Value as of the Issue Date are the Variable Sub-Accounts of the Variable  Separate Account shown in the Annuity Schedule.  Should you request a transaction that would leave less than  the Minimum Variable Sub-Account Amount or the Minimum Index Strategy Amount shown in the Annuity  Schedule, we may, to the extent permitted by law, add the balance of your Account Value in the applicable  Allocation Option to the transaction and close out your balance in that Allocation Option.    Where permitted by law, you may authorize a third party to transfer Account Values on your behalf.  Such  authorization is subject to our acceptance and to the transfer restrictions described in the preceding paragraph.   We may suspend or cancel our acceptance of the authorization at any time.  We may restrict the Allocation  Options available for transfers or allocation of Purchase Payments by such third party.  If we do so, we will give  the third party advance notice.      We will not restrict the Allocation Options to which you are permitted to electively allocate or transfer Account  Value if we receive evidence satisfactory to us that: (a) a court of competent jurisdiction has appointed such third  party to act on your behalf; or (b) you have executed a power of attorney naming such third party to act on your  

 

  P-RILA/IND(10/21) 12    behalf for insurance transactions.  We may refuse to accept, or suspend or cancel our acceptance of, a power of  attorney at any time.     Transfers Among the Variable Sub-Accounts:  You may transfer Account Value among the Variable Sub- Accounts at any time subject to our allocation and transfer rules.   Your transfer request must be received by us  in Good Order.  We may limit the number of transfers between or among Variable Sub-Accounts in any Annuity  Year for all existing or new Owners in order to preserve the tax status of your Annuity.  In addition, in light of the  risks that frequent transfers impose upon Owners and other investors in the Variable Separate Account(s) and/or  Portfolios that serve as funding vehicles for the Variable Sub-Accounts, we may require transfer requests be in  writing.    Transfers Among the Index Strategy(ies): You may transfer Account Value among the Index Strategy(ies)  according to the rules described in this paragraph.  Transfers from the Variable Sub-Accounts to the Index  Strategy(ies) may only occur on an Index Anniversary Date.  Transfers from the Index Strategy(ies) that have  reached the Index Strategy End Date to Index Strategy(ies) may only occur on an Index Anniversary Date.      Transfers from the Index Strategy(ies) to the Variable Sub-Accounts prior to the Index Strategy End Date will be  at the Interim Value as described in the Index Strategy Endorsement.      We will notify you in writing in advance of any Index Anniversary Date. Upon receipt of your instructions in Good  Order for reallocation of the Account Value to or from an Index Strategy, we will process the reallocation on the  Index Anniversary Date.  If we do not receive instructions from you in Good Order, the Account Value in any  Index Strategy that has reached the Index Strategy End Date will automatically be allocated to the same Index  Strategy and Index Strategy Term.  If the same Index Strategy is no longer available, or the Index Strategy Term  goes beyond the Latest Available Annuity Date, Account Value in any Index Strategy that has reached the Index  Strategy End Date will automatically be allocated to the Holding Account.     OPERATION OF THE SEPARATE ACCOUNT(S)    General:  The assets supporting our obligations under the Annuity may be held in various accounts, depending  on the obligation being supported.  Assets supporting our obligations during the Accumulation Period are held in  separate accounts.  In the Payout Period, assets supporting annuity payments are held in our General Account.    Separate Accounts:  We are the owner of assets in the separate accounts.  Income, gains and losses, whether  or not realized, from assets allocated to these separate accounts, are credited to or charged against each such  separate account in accordance with the terms of the annuities supported by such assets without regard to our  general corporate operations or other income, gains or losses, or to the income, gains or losses in any other of  our separate accounts.  We will maintain assets in each separate account with a total market value at least equal  to the reserve and other liabilities we must maintain in relation to the annuity obligations supported by such  assets.      Variable Separate Account(s):  This separate account(s) consists of the Variable Sub-Accounts we make  available with this Annuity as well as multiple Variable Sub-Accounts made available in other annuities issued by  us.  The Variable Separate Account(s) was established by us pursuant to Arizona law.  The Variable Separate  Account(s) may also hold assets of other annuities issued by us with values and benefits that vary according to  the investment performance of the Variable Sub-Accounts.  These assets may only be charged with liabilities  which arise from such annuities.       The amount of our obligations in relation to allocations to the Variable Separate Account(s) is based on the  investment performance of the Variable Sub-Accounts.  However, the guarantees provided under the Annuity are  our general corporate obligations.    The Variable Separate Account(s) is registered with the Securities and Exchange Commission ("SEC") under the  Investment Company Act of 1940 (the "1940 Act") as a unit investment trust, which is a type of investment  company.  This does not involve any supervision by the SEC of the investment policies, management or  practices of the Variable Separate Account(s).    Variable Sub-Accounts may invest in Portfolios.  We may change the investment policy of any or all Variable  Sub-Accounts, add Variable Sub-Accounts, eliminate Variable Sub-Accounts, combine Variable Sub-Accounts,  

 

  P-RILA/IND(10/21) 13    restrict or prohibit additional allocations to certain Variable Sub-Accounts, limit access to Variable Sub-Accounts,  or substitute Portfolios of Portfolios, subject to any required regulatory approvals.  Please refer to the “Reserved  Rights” section for additional information.  Values and benefits based on allocations to the Variable Sub- Accounts will vary with the investment performance of the Portfolios, as applicable.  We do not guarantee the  investment results of any Variable Sub-Account.    We may transfer assets of the Variable Separate Account(s), which we determine to be associated with the class  of contracts to which this Annuity belongs, to another Variable Separate Account(s).  If this type of transfer is  made, the term "Variable Separate Account(s)" as used in this Annuity, shall include the Variable Separate  Account(s) to which the assets were transferred.    Index Strategies Separate Account: Assets supporting the Index Strategies are held in a non-insulated and non- unitized separate account established under Arizona law.  These assets are subject to the claims of the creditors  of Pruco Life Insurance Company and the benefits provided under the Index Strategies are subject to the claims  paying ability of Pruco Life Insurance Company.  You do not have any interest in or claim on the assets in the  Index Strategies Separate Account.  In addition, amounts allocated to the Index Strategies do not participate in  the performance of the assets held in the Separate Account.  We are not obligated to invest according to specific  guidelines or strategies except as may be required by Arizona and other state insurance laws.      CHARGES    General:  The charges which are, or may be, deducted from your Annuity include, but are not limited to: any  applicable Contingent Deferred Sales Charge, the Insurance Charge, Tax Charges, and any charges for any  benefits provided by rider or endorsement.    Insurance Charge: The Insurance Charge only applies to the portion of Account Value invested in the Variable  Sub-Account(s). The Insurance Charge consists of the Mortality and Expense Risk Charge and Administration  Charge and is assessed on each Valuation Day as part of the net investment factor at the daily equivalent of the  rate shown in the Annuity Schedule, certain endorsements and the Schedule Supplements of certain riders  made a part of this Annuity.    See the “Account Value” section of this Annuity for a description of how the  Insurance Charge is deducted.  For purposes of determining the Insurance Charge we use the sum of all  Purchase Payments prior to the application of any fees, charges or Tax Charges, less the sum of all Partial  Withdrawals and Required Minimum Distributions since the Issue Date.      Tax Charges:  The Annuity may include a charge generally intended to approximate any applicable premium  tax, retaliatory tax and other taxes imposed on us by a state, municipality or other jurisdiction.  In some cases the  Tax Charges may be more, and in some cases less, than the actual amount of taxes we are required to pay with  respect to a particular Annuity.  We may, in our discretion, pay these taxes when due and deduct the Tax  Charges from the Account Value at a later date.    RIGHTS AND DESIGNATIONS    You may exercise the rights, options and privileges granted in this Annuity or permitted by us.  Your rights to  make future changes under this Annuity terminate as of the date we receive notice of death of the decedent.   The person upon whose death the Death Benefit is payable is referred to as the “decedent.” No rights of  survivorship are provided except as provided herein.    You make certain designations that apply to the Annuity.  These designations are subject to our rules and to  various regulatory or statutory requirements, depending on the use of the Annuity.  These designations may  include an Owner(s), an Annuitant, a Joint Annuitant, a Contingent Annuitant(s), a Beneficiary(ies), and a  contingent Beneficiary(ies).  Certain designations are required, as indicated below.  We may not allow some  designations, depending on your use of the Annuity.    Owner(s):  An Owner must be named.  You may name more than one Owner; however, we may limit the  number of Owners.  If you name more than one Owner, all rights reserved to Owners are then held equally by all  Owners.  We require the consent in Good Order of all Owners and any other party with current vested rights for  any transaction for which we require the written consent of Owners.  However, if the Owners each provide us  with instructions that we find acceptable, we will permit an Owner to act independently on behalf of all the  

 

  P-RILA/IND(10/21) 14    Owners with respect to those transactions which would otherwise require the written consent of all Owners.  We  will send all communications to the address of the first named Owner.    Annuitant:  You must name an Annuitant.  You may name a Joint Annuitant or a Contingent Annuitant(s),  subject to our approval.  If an Annuitant who is not an Owner predeceases any Owner who is a natural person,  not an entity:    (a) If a Joint Annuitant is designated and alive, the Joint Annuitant becomes the Annuitant; or    (b) If no Joint Annuitant is designated and alive, the designated Contingent Annuitant becomes the  Annuitant; or    (c) If no Contingent Annuitant is designated or alive, the Owner becomes the Annuitant; or    (d) If no Joint Annuitant or Contingent Annuitant is designated or alive and there are multiple Owners  who are natural persons, the oldest of such Owners becomes the Annuitant.    Beneficiary(ies):  The Death Benefit is payable to the Beneficiary(ies).  You may designate one or more  Beneficiaries and designate one or more classes of Beneficiaries: (i) primary Beneficiaries and (ii) contingent  Beneficiaries.  If you make such a designation, the proceeds are payable in equal shares to the survivors in the  appropriate Beneficiary class, unless you request otherwise in Good Order.     Unless otherwise required by law, if the primary Beneficiary(ies) predeceases the decedent as described in the  Death Benefit section, the Death Benefit proceeds will become payable to the contingent Beneficiary(ies).  If the  Beneficiary(ies) dies after the death of the decedent, but before the Death Benefit proceeds are paid, the Death  Benefit proceeds will be payable to the Beneficiary’s(ies’) estate(s) upon our receipt of Due Proof of Death of the  decedent.  If no Beneficiary is alive when the Death Benefit proceeds are determined or there is no Beneficiary  designation, the proceeds are payable to any surviving Owner(s), including an Owner that is an entity.  If there is  no surviving Owner(s), the proceeds are payable to your estate.     Changing Designations:  You may request to change the Owner(s), Annuitant, Joint Annuitant, Contingent  Annuitant, Beneficiary and contingent Beneficiary designations by sending us a request in Good Order.  Such  changes will be subject to our acceptance.  Some of the changes we may not accept include, but are not limited  to:     (a) a new Owner(s) subsequent to the death of the Owner or, if there are multiple Owners, the first of such  Owners to die, unless the change of Owner is the result of Spousal Continuation;     (b) a new Owner such that the new Owner is older than the age for which we would then issue the Annuity as of  the effective date of such change, unless the change of Owner is the result of Spousal Continuation if we then  permit Spousal Continuation at the age of the proposed Owner;     (c) any new Annuitant subsequent to the Annuity Date if the annuity option selected includes a life contingency;     (d) any change to  any Annuitant prior to the Annuity Date if the Owner is an entity; and     (e) a designation change if the change request is received at our Service Office after the Annuity Date.    If there is a change of Owner(s) or Annuitant, the Latest Available Annuity Date will be based on the age of the  oldest Owner(s) or Annuitant once the change is made.  The Annuity Date must: (a) be on or after the Earliest  Available Annuity Date and on or before the new Latest Available Annuity Date; and (b) must be consistent with  applicable laws and regulations at the time.    A change of Owner or Annuitant will take effect on the date the notice of change is signed, unless otherwise  specified by you, subject to any payments made or actions taken by us prior to our receipt of the notice in Good  Order and our acceptance of the change.  An Owner may seek to transfer ownership of the Annuity, subject to  the interest of any assignee or beneficiary of record. We reserve the right to reject any ownership change at any  time, on a non-discriminatory basis for purposes of satisfying applicable law or regulation. We assume no  responsibility for the validity or tax consequences of any change of ownership.  

 

  P-RILA/IND(10/21) 15      Unless designated as "irrevocable", you may instruct us to change the Beneficiary. An irrevocable Beneficiary is  one whose written consent is needed before you can change the Beneficiary or exercise certain other rights. A  change of Beneficiary will take effect on the date the notice of change is signed, unless otherwise specified by  you, subject to any payments made or actions taken by us prior to our receipt of the notice in Good Order.    DISTRIBUTIONS    General:  We require you to submit a request in Good Order to our Service Office for any withdrawal or  surrender.  We may also require that you send your Annuity to our Service Office as part of any surrender  request.  Unless we receive instructions from you prior to a withdrawal, we will take the withdrawal first pro-rata  from the Variable Sub-Accounts in which your Account Value is allocated.  Once the Account Value in all  Variable Sub-Accounts has been depleted, we will deduct any remaining withdrawals pro-rata from the Index  Strategy(ies) in which you have Account Value allocated.  We price any distribution on the Valuation Day we  receive all required materials in Good Order.     Surrender:  Full Surrender of your Annuity for its Surrender Value is permitted during the Accumulation Period.    Partial Withdrawals:  You may withdraw part of your Surrender Value.  If the amount of the Partial Withdrawal  request reduces your Account Value below the Minimum Surrender Value After a Partial Withdrawal shown in  the Annuity Schedule, we may treat your request as a request for a full surrender.  If a Partial Withdrawal occurs  during an Index Strategy Term, each Index Strategy Base impacted will be reduced proportionally by the  applicable amount that the Partial Withdrawal reduced the Index Strategy’s Interim Value immediately prior to the  Partial Withdrawal.     Free Withdrawals:  Each Annuity Year you may withdraw a limited amount of Account Value without application  of any Contingent Deferred Sales Charge (“free withdrawal”).  The Minimum Withdrawal Amount, the Maximum  Free Withdrawal Percentage, and the Minimum Surrender Value After a Partial Withdrawal are shown in the  Annuity Schedule Page.  Free withdrawal amounts are not available if you surrender your Annuity.  If you do not  make a free withdrawal during an Annuity Year, you are not permitted to carry over the free withdrawal amount  to a subsequent Annuity Year.     The Maximum Free Withdrawal Percentage is applied to the total amount of "new" Purchase Payments to  determine the maximum free withdrawal amount.  "New" Purchase Payments are those received that are still  subject to any applicable Contingent Deferred Sales Charge.  The applicable Contingent Deferred Sales Charge  may apply to withdrawals exceeding the maximum free withdrawal amount.      For partial withdrawal purposes, amounts are deemed to be withdrawn from your Annuity in the following order:     (1) from any amount then available as a free withdrawal; then from     (2) "old" Purchase Payments not previously withdrawn (those Purchase Payments to which  any  applicable Contingent Deferred Sales Charges no longer apply prior to the withdrawal); then  from     (3) "new" Purchase Payments not previously withdrawn (if there are multiple "new" Purchase  Payments, the one received earliest is withdrawn first, then the one received next earliest, and  so forth); then from     (4) other Surrender Value    Required Minimum Distributions:  If your Annuity is being used for certain qualified purposes under the  Internal Revenue Code, you may be required to begin receiving minimum distributions on a periodic basis from  your Annuity.  The total amount of the minimum distributions required under the Code may depend on other  annuities, savings or investments you have.  We will calculate a required minimum distribution amount each  year, based solely on the value of this Annuity.  The amount we calculate (“Required Minimum Distribution”)  will  not be based on any other annuities, savings or investments.  We will notify you of the Required Minimum  Distribution amount each year.  If you choose  to have the Required Minimum Distribution paid out from this  Annuity, you must do so through a program we make available.  

 

  P-RILA/IND(10/21) 16      If you choose to take your Required Minimum Distribution from this Annuity,  unless we receive other instructions  from you, we will take each Required Minimum Distribution first pro-rata from the Variable Sub-Accounts in which  your Account Value is allocated.  Once the Account Value in all Variable Sub-Accounts has been depleted, we  will deduct any remaining Required Minimum Distribution pro-rata from the Index Strategy(ies) in which you have  Account Value allocated.  If the amount of the Required Minimum Distribution reduces your Account Value below  the Minimum Surrender Value After a Partial Withdrawal, we may treat the distribution as a full surrender of the  Annuity.  After the Annuity Date, we will view the annuity payments as your Required Minimum Distributions with  respect to the Annuity.  If a Required Minimum Distributions occurs during an Index Strategy Term, each Index  Strategy Base impacted will be reduced proportionally by the applicable amount that the Required Minimum  Distribution reduced the Index Strategy’s Interim Value immediately prior to the Required Minimum Distribution.    No Contingent Deferred Sales Charge is assessed against amounts withdrawn as Required Minimum  Distributions over your life or life expectancy, but only if we calculate the Required Minimum Distribution amount  for this Annuity and you are participating in a systematic withdrawal program established for their payment. Any  applicable Contingent Deferred Sales Charge may apply to amounts withdrawn to meet minimum distributions in  relation to other annuities, savings and investments you may have or to any minimum distributions that are  based on this Annuity but which are not calculated by us.    Amounts withdrawn as Required Minimum Distributions are considered to come first from the amounts available  as a free withdrawal.  For purposes of calculating any applicable Contingent Deferred Sales   Charge, Required Minimum Distributions greater than the free withdrawal amount are not deemed to be a  withdrawal of Purchase Payments  DEATH BENEFIT    Death Benefit: The amount of the Death Benefit is equal to the Account Value on the date we receive Due Proof of  Death of the decedent.      A Death Benefit is payable only if your Account Value at the time of the decedent’s death is greater than zero.      If the Owner is a natural person, not an entity, the Owner is the decedent upon his or her death.  If there is more  than one Owner, each being a natural person, the first of such Owners to die is the decedent.     If the Owner is an entity, and there is no Contingent Annuitant, then the Annuitant is the decedent and the Death  Benefit is payable upon the Annuitant’s death or the first Annuitant to die if there are Joint Annuitants.      If the Owner is an entity, and there is a Contingent Annuitant, no Death Benefit is payable upon the death of the  Annuitant. The Contingent Annuitant may become the Annuitant.      The Death Benefit is determined as of the date we receive Due Proof of Death of the decedent.  Unless Spousal  Continuation occurs on the date we receive Due Proof of Death, we transfer all amounts due each Beneficiary from  whom we do not have payment instructions to the Holding Account until we receive such instructions in Good  Order.     In the event of death before the Annuity Date, the Death Benefit must be distributed within: (a) five years of the  date of death of the decedent; or (b) as to each Beneficiary, over a period not extending beyond the life  expectancy of the Beneficiary or over the life of the Beneficiary, with such distributions commencing over the  applicable period within one year of the date of death.  Except as noted below in the “Spousal Continuation”  section, we assume that the Death Benefit is to be paid out under (a), above, unless we receive a different  election.    The Owner(s) may elect the method of payment to each Beneficiary, subject to our then current rules, prior to the  date of death of the decedent.  When no such election is made as to a specific Beneficiary, such Beneficiary must  elect the method of payment within 60 days of the date we receive all required documentation in Good Order in  order to pay the Death Benefit to that Beneficiary.  If no election is made within 60 days, the default will be  distribution within five years of the date of death of the decedent as noted in (a) above.     The Owner may elect to have any amount of the proceeds due to a Beneficiary applied under any of the Annuity  Payout Options described in the “Annuity Payment Options” section, or any other option we then make available.   

 

  P-RILA/IND(10/21) 17    If you make such an election, a Beneficiary may not alter such an election.  However, if you have not previously  made such an election, a Beneficiary may make such an election as to the proceeds due that Beneficiary.  The  Beneficiary will be the “measuring life” for determining the amount of any annuity payments dependent on the  continuation of life.  We may require evidence satisfactory to us of the age of the measuring life prior to  commencement of any annuity payments.    In the event of death on or after the Annuity Date, we distribute any payments due subsequent to an Owner’s or  Annuitant’s death at least as rapidly as under the method of distribution in effect as of the date of such Owner’s  or Annuitant’s death.    Spousal Continuation:  We allow the spouse to continue the Annuity subsequent to a decedent’s death, subject  to our rules and our receipt of Due Proof of Death.  The situations where the Annuity may continue subsequent  to a death will be determined by us.  For example, these situations may include when on the date we receive  Due Proof of Death of the decedent:    (a) there is only one Owner of the Annuity and there is only one Beneficiary who is the Owner’s spouse, or    (b) there are two Owners who are married to each other on the date of death of the decedent, and the  surviving Owner is the sole primary Beneficiary under the Annuity, or    (c) there are two Owners who are married to each other on the date of death of the decedent, and no  Beneficiary designation has been elected, in which case the surviving spouse Owner is the sole  primary Beneficiary pursuant to the Beneficary(ies) section of this Annuity.    Spousal Continuation may occur only once.  Upon continuation of the Annuity by the Spouse, we will waive any  Contingent Deferred Sales Charge applicable to Purchase Payments made before Spousal Continuation.      Common Disaster:  If an Owner and a Beneficiary die in a common disaster, it must be proved to our  satisfaction that the Owner died first and the Beneficiary survived the Owner(s) (or Annuitant if entity owned) by  at least 30 days.  In this situation, the Death Benefit proceeds will be payable to the Beneficiary’s(ies’) estate(s)  upon our receipt of Due Proof of Death of the Decedent.  When there is insufficient evidence to determine the  order of death, then, unless prohibited by law,we will deem the Owner to have survived the Beneficiary.    If: (a) the Owner is an entity; (b) no Contingent Annuitant has been designated, we will deem the Annuitant to be  the last survivor and pay the proceeds to any remaining Beneficiary, or if none, to any remaining contingent  Beneficiary, or if none, to the Owner.      ANNUITY PAYOUT OPTIONS    General:  This Annuity provides for payments under one of the Annuity Options described below. Any other  available Annuity Options, in addition to those shown, may be selected with our consent. Certain Annuity Options  may not be available, depending on the age of the Annuitant and any remaining Contingent Deferred Sales  Charge if applicable.  You will be the payee of the payments under the Annuity Option selected, unless we  receive other instructions in Good Order.  We may limit the length of any Annuity Option including, but not limited  to, any default option and any period certain, to conform with applicable tax rules.    Annuity payments can be guaranteed for a period certain and life, as described below. You may choose an  Annuity Date, an Annuity Option and the frequency of annuity payments. Your choice of Annuity Date and  Annuity Option may be limited, depending on your use of the Annuity.    The Earliest Available Annuity Date and Latest Available Annuity Date as of the Issue Date are shown in the  Annuity Schedule. You may change your choices at any time up to thirty days before any Annuity  Date you selected. We must receive your request in Good Order.    On the Annuity Date we apply the Account Value, less any applicable Tax Charges, to the Annuity Option you  select. If you have not selected an Annuity Option, the default Annuity Option will be Option 1 with a certain  period of 120 months (but not to exceed the life expectancy of the Annuitant at the time the Annuity Option  becomes effective, as computed under applicable IRS tables).    

 

  P-RILA/IND(10/21) 18    If, on the Annuity Date, the amount that would otherwise be applied to the Annuity Option is less than the  Minimum Surrender Value at Annuitization on the Annuity Date, or the initial annuity payment is less than the  Minimum Annuity Payment, we reserve the right to pay you the Account Value in one lump sum in full  satisfaction of our obligations under this Annuity. The Minimum Surrender Value at Annuitization and the  Minimum Annuity Payment are shown in the Annuity Schedule.    Annuity Options:  You may elect one of the Annuity Options listed below or any other Annuity Option we may  make available. Annuity payments available on the Annuity Date will not be less than those provided by the  application of an equivalent amount to the purchase of a single premium immediate annuity contract offered by  us on the Annuity Date to the same class of Annuitants for the same Annuity Option. The basis of computation  for each Annuity Option is shown in the Annuity Schedule.     Option 1: Payments for Life with a Period Certain: We will pay equal periodic payments for the longer  of the Annuitant’s remaining lifetime or a fixed period of time (the “Period Certain”). If this Annuity has  Joint Annuitants, annuity payments will be based on the remaining lifetime of one Annuitant designated  by the Owner. If the Annuitant dies after all annuity payments have been made for the Period Certain,  annuity payments shall end with the last scheduled annuity payment due before the Annuitant’s death.  If  you have not selected an Annuity Option this will be the default Annuity Option.    Option 2: Joint and Last Survivor: We will pay equal periodic payments for the joint remaining  lifetimes of Joint Annuitants. Annuity payments end with the last scheduled annuity payment due before  the last surviving Annuitant’s death. We will not make any annuity payments to the Beneficiary under this  option.    We may require evidence satisfactory to us of the age of the Annuitant upon whose life payment amounts are  calculated prior to commencement of any annuity payments.     Death During the Payout Period:  In the Payout Period, subsequent to the death of the Annuitant, we continue  to pay any Period Certain payments (payments not contingent on the continuance of any life) to the Owner (or  named payee, if requested by the Owner) or, if applicable, any named Beneficiary.  If no Beneficiary has been  named, any remaining Period Certain payments will be paid to your estate.  Note that the Beneficiary designation  during the Accumulation Period is applicable to the Payout Period unless you have indicated otherwise.    Recovery of Excess Annuity Payments:  Other than “Period Certain” payments, we may recover any annuity  payments we have made after the Annuitant’s death under any annuity option.    Annuity Payments: Annuity payments under Option 1 and 2 above do not fluctuate.  The Account Value on the  Annuity Date, less any applicable Tax Charges, is used to determine the annuity payments. The payment amount  will be determined based on the annuity rates for the annuity option and the frequency of payment selected.  The  annuity rates per $1,000 of value for Monthly Annuity Payments under Options 1 (assuming 120 Months Period  Certain) and Option 2 above will not be less than those shown in the Annuity Tables in the Annuity Schedule.     GENERAL PROVISIONS    Claims of Creditors:  To the extent permitted by law, no payment or value under this Annuity is subject to the claims  of your creditors or those of any other Owner, any Annuitant, or any Beneficiary.    Deferral of Transactions:  We may defer any annuity payment for a period not to exceed the lesser of 6 months  or the period permitted by law.  If we defer a distribution or transfer from any annuity payout for more than thirty  days, we will pay interest as required by state law.  We may defer any distribution from any Allocation Option or  any transfer from Allocation Options for a period not to exceed seven calendar days from the date the  transaction is effected.     In addition to the Allocation Rules provision, all transactions into, out of, or based on any Allocation Option may  be postponed whenever: (1) the New York Stock Exchange is closed (other than customary holidays or  weekends) or trading on the New York Stock Exchange is restricted as determined by the SEC; (2) the SEC  permits postponement and so orders; or (3) the SEC determines that an emergency exists making valuation or  disposal of securities not reasonably practical.  

 

  P-RILA/IND(10/21) 19      Entire Contract:  This Annuity, including the Annuity Schedule, any riders, endorsements, schedule  supplements, and amendments that are made part of this Annuity, are the entire contract.  This Annuity may be  changed or modified only in a writing signed by our President, a Vice President, or Secretary.  We are not bound  by any promises or representations made by, or to, any other person.     Evidence of Survival:  Before we make a payment, we have the right to require proof of continued life and any  other documentation we need to make a payment.  We can require this proof for any person whose life or death  determines whether or to whom we must make the payment.    Facility of Payment:  Subject to applicable law, we reserve the right, in settlement of full liability, to make payments  to a guardian, conservator or other legal representative if a payee is legally incompetent.     Incontestability:  We will not contest this Annuity.  Any statements made in applying for the Annuity are  considered representations, not warranties.    Misstatement of Age or Sex:  If there has been a misstatement of the age and/or sex of any person upon  whose life any amounts we are obligated to determine in order to make any payment, including charges and  annuity payments, the Death Benefit or any increase to Account Value under the “Spousal Continuation” section,  we will adjust such amounts to conform to that for the correct age and/or sex.  As to annuity payments: (a) any  underpayments by us will be remedied on the next payment following correction with interest at a rate not less  than that required by applicable law but not exceeding 6%; and (b) any overpayments by us will be charged  against future amounts payable by us under your Annuity.    Nonparticipation:  The Annuity does not share in our profits or surplus earnings.    Participation and Termination of Certain Programs We May Offer:  To elect to participate in, or to terminate  participation in, any program we may offer, we must receive your request in Good Order at our Service Office.    Reports to You:  We will provide you with reports at least once annually.  You may request additional reports; we  may charge up to $50 for each such additional report.    Reserved Rights:  In addition to rights specifically reserved elsewhere in this Annuity, we reserve the right to  perform any or all of the following:  (a) combine a Variable Sub-Account with other Variable Sub-Accounts; (b)  combine the Variable Separate Account(s) shown in the Annuity Schedule with other "unitized" separate accounts;  (c) combine the Index Strategies Separate Account with other “non-unitized,” “non-insulated” separate accounts; (d)  deregister the Variable Separate Account(s) shown in the Annuity Schedule under the Investment Company Act of  1940; (e) operate the Variable Separate Account(s) shown in the Annuity Schedule as a management investment  company under the Investment Company Act of 1940 or in any other form permitted by law; (f) make changes  required by any change in the federal securities laws, including, but not limited to, the Securities Act of 1933, the  Securities Exchange Act of 1934, the Investment Company Act of 1940, or any changes to the Securities and  Exchange Commission’s interpretation thereof;  (g) make changes that are necessary to maintain the tax status of  your Annuity, any rider, amendment or endorsement attached hereto or any charge or distribution from your Annuity  under the Internal Revenue Code; (h) to establish a provision for federal income taxes if we determine, in our sole  discretion, that we will incur a tax as a result of the operation of the Separate Account; (i) make any changes  required by Federal or state laws with respect to annuity contracts; and (j) to the extent dictated by any Portfolio,  impose a redemption fee or restrict transactions within any Variable Sub-Account. We reserve the right to modify  this Annuity without receiving your prior consent, except as may be required by any applicable law, if we are  required to make changes necessary to comply with state regulatory requirements, Internal Revenue Service  ("IRS") requirements or other federal requirements.    We may eliminate Variable Sub-Accounts, restrict or prohibit additional allocations to certain Variable Sub- Accounts, or substitute one or more new Portfolios for the one in which a Variable Sub-Account is invested in  which case any reference to pro-rata allocations would include only those Variable Sub-Accounts that do not  restrict or prohibit additional allocations.  Substitutions may be necessary if we believe a Portfolio no longer suits  the purpose of the Annuity.  This may happen due to a change in laws or regulations, or a change in the  investment objectives or restrictions of a Portfolio, or because the Portfolio is no longer available for investment,  or for any other reason.  We would obtain any regulatory prior approval.   If an Index described in any Index  Strategy Endorsement made a part of your Annuity is no longer available to us, or if the manner by which the  

 

  P-RILA/IND(10/21) 20    Index is determined substantially changes, we will substitute a comparable Index. We would obtain any required  regulatory prior approval. We will notify you and any assignee of the substitution.    Riders or Endorsements: One or more riders or endorsements may be attached and made part of your Annuity  as of the Issue Date or may be added later if we allow such later election at the time you so request.  Such riders  or endorsements may contain additional or different definitions and other provisions which may amend or replace  the definitions and other provisions in your Annuity including, but not limited to, Allocation Options, surrenders,  withdrawals, transfers, Spousal Continuation, and the Death Benefit.  Charges may also apply to any benefit  provided by rider or endorsement.    Please refer to any applicable rider, endorsement and their respective  schedule supplements for details regarding the impact on any provisions in this Annuity.  Riders or  endorsements pertaining to a benefit program, Allocation Option, or special program available as of the Issue  Date of this Annuity may not be available in the future.    Tax Reporting and Withholding:  We comply with all applicable federal and state tax reporting and withholding  laws and regulations with respect to this Annuity.  Events giving rise to such tax reporting and withholding include,  but are not limited to: (a) annuity payments; (b) payment of Death Benefits; (c) other distributions from the Annuity;  and (d) transfers and assignments.     Transfers, Assignments or Pledges:  Generally, your rights in this Annuity may be transferred, assigned or  pledged for loans.  However, these rights may be limited, depending on your use of the Annuity.  You may  assign this Annuity before the Annuity Date.  No assignment of this Annuity shall be binding on us unless a  request to assign this Annuity has been received in our Service Office in Good Order. Any assignment will be  subject to any prior assignment of record. We will not consent if the assignment or other transfer would violate or  result in noncompliance with any applicable state or federal law or regulation.  We will not assume any  responsibility for the validity, sufficiency or tax consequences of an assignment. However, we may require proof  of the nature and extent of the assignee's interest before we make a payment to the assignee. Unless otherwise  specified by the Owner in the request, the assignment shall take effect on the date the notice of assignment is  signed by the Owner, subject to any payments made or actions taken by us prior to recording of the request at  the Service Office.                                                              

 

  P-RILA/IND(10/21) 21                                                                                                                      INDIVIDUAL FLEXIBLE PREMIUM DEFERRED INDEX-LINKED VARIABLE ANNUITY. NON-PARTICIPATING.   PAYOUT OPTIONS ARE SPECIFIED IN THE ANNUITY.  OTHER PAYOUT OPTIONS MAY BE MADE AVAILABLE.  

 

  P-RILA/IND(10/21) 22          IMPORTANT DISCLOSURES:    [S&P 500®:  The [RILA Marketing Name] is not sponsored, endorsed, sold or promoted by Standard & Poor's Financial Services  LLC ("S&P"). Neither S&P nor its third party licensors makes any representation or warranty, express or implied,  to the owners of [RILA Marketing Name]  or any member of the public regarding the advisability of investing  generally or purchasing [RILA Marketing Name] particularly or the ability of the S&P 500 Index (the "Index") to  track general stock market performance. S&P's only relationship to Prudential is the licensing of certain trademarks  and trade names of S&P and of the Index which is determined, composed and calculated by S&P without regard  to Prudential or [RILA Marketing Name]. S&P has no obligation to take the needs of Prudential or the owners of  [RILA Marketing Name]  into consideration in determining, composing or calculating the Index. S&P is not  responsible for and has not participated in the determination of the prices and amount of [RILA Marketing Name]   or the timing of the issuance or sale of [RILA Marketing Name] or in the determination or calculation of the equation  by which [RILA Marketing Name] may be converted into cash. S&P has no obligation or liability in connection with  the administration, marketing or trading of [RILA Marketing Name].    NEITHER S&P, ITS AFFILIATES NOR THEIR THIRD PARTY LICENSORS GUARANTEE THE ADEQUACY,  ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN OR  ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS  (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P, ITS AFFILIATES AND  THEIR THIRD PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY  ERRORS, OMISSIONS OR DELAYS THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND  EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR  PURPOSE OR USE WITH RESPECT TO THE MARKS, THE INDEX OR ANY DATA INCLUDED THEREIN.  WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P, ITS AFFILIATES  OR THEIR THIRD PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE  OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING  LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH  DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.    The S&P®, S&P 500® are trademarks of Standard & Poor's Financial Services LLC and have been licensed for  use by Prudential.    MSCI EAFE:  THE [RILA Marketing Name]  INDEX LINKED VARIABLE ANNUITY (“[RILA Marketing Name] ”) IS NOT  SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. ("MSCI"). ANY OF ITS AFFILIATES, ANY  OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO,  COMPILING, COMPUTING OR CREA TING ANY MSCI INDEX (COLLECTIVELY, THE "MSCI PARTIES"). THE  MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE  SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN  PURPOSES BY PRUDENTIAL. NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR  WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF [RILA Marketing Name]  OR ANY  OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING GENERALLY OR  PURCHASING [RILA Marketing Name]  OR THE ABILITY OF ANY MSCI INDEX TO TRACK  CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS  OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH  ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO [RILA Marketing  Name]  OR THE ISSUER OR OWNERS OF [RILA Marketing Name]  OR ANY OTHER PERSON OR ENTITY.  NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR  OWNERS OF [RILA Marketing Name]  OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN  DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS  RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT,  OR QUANTITIES OF [RILA Marketing Name]  TO BE ISSUED OR IN THE DETERMINATION OR  CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHlCH [RILA Marketing Name]  IS  REDEEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE  

 

  P-RILA/IND(10/21) 23    ISSUER OR OWNERS OF [RILA Marketing Name]  OR ANY OTHER PERSON OR ENTITY IN CONNECTION  WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THIS FUND.     ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION  OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI  PARTIES WARRANTS OR GUARANTEES THE ORIGINALlTY, ACCURACY AND/OR THE COMPLETENESS  OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY  WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF [RILA  Marketing Name] , OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF  ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY  LIABILlTY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI  INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY  EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARITES HEREBY EXPRESSLY  DISCLAIM ALL WARRANTIES OF MERCHANTABILlTY AND FITNESS FOR A PARTICULAR PURPOSE,  WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF  THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY  DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING  LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILlTY OF SUCH DAMAGES. No purchaser, seller or  holder of this product or any other person or entity, should use or refer to any MSCI trade name, trademark or  service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine  whether MSCl's permission is required. Under no circumstances may any person or entity claim any affiliation  with MSCI without the prior written permission of MSCI.    Bloomberg Barclays U.S. Intermediate Credit Index:  BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS® is a trademark  and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates,  including Bloomberg Index Services Limited (“BISL”) (collectively, “Bloomberg”), or Bloomberg’s licensors  own all proprietary rights in the Bloomberg Barclays U.S. Intermediate Credit Index.    Neither Barclays Bank PLC, Barclays Capital Inc., nor any affiliate (collectively “Barclays”) nor Bloomberg  is the issuer or producer of [RILA Marketing Name] and neither Bloomberg nor Barclays has any responsibilities,  obligations or duties to owners of [RILA Marketing Name]. The Bloomberg Barclays U.S. Intermediate Credit  Index is licensed for use by Prudential as the Issuer of [RILA Marketing Name]. The only relationship of  Bloomberg and Barclays with the Issuer in respect of Bloomberg Barclays U.S. Intermediate Credit Index is the  licensing of the Bloomberg Barclays U.S. Intermediate Credit Index, which is determined, composed and  calculated by BISL, or any successor thereto, without regard to the Issuer or [RILA Marketing Name] or the  owners of [RILA Marketing Name].    Additionally, Prudential as the Issuer of [RILA Marketing Name] may for itself execute transaction(s) with  Barclays in or relating to the Bloomberg Barclays U.S. Intermediate Credit Index in connection with [RILA  Marketing Name]. Owners purchase [RILA Marketing Name] from Prudential and owners neither acquire any  interest in Bloomberg Barclays U.S. Intermediate Credit Index nor enter into any relationship of any kind  whatsoever with Bloomberg or Barclays upon purchasing [RILA Marketing Name]. [RILA Marketing Name] is not  sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any  representation or warranty, express or implied, regarding the advisability of purchasing in [RILA Marketing  Name] or the advisability of investing generally or the ability of the Bloomberg Barclays U.S. Intermediate Credit  Index to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the  legality or suitability of [RILA Marketing Name] with respect to any person or entity. Neither Bloomberg nor  Barclays is responsible for or has participated in the determination of the timing of, prices at, or quantities of  [RILA Marketing Name] to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the  Issuer or the owners of [RILA Marketing Name] or any other third party into consideration in determining,  composing or calculating the Bloomberg Barclays U.S. Intermediate Credit Index. Neither Bloomberg nor  Barclays has any obligation or liability in connection with administration, marketing or trading of [RILA Marketing  Name].    The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and  Barclays and not for the benefit of the owners of [RILA Marketing Name], investors or other third parties. In  addition, the licensing agreement between Prudential and Bloomberg is solely for the benefit of Prudential and  Bloomberg and not for the benefit of the owners of [RILA Marketing Name], investors or other third parties.  

 

  P-RILA/IND(10/21) 24      NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVE ANY LIABILITY TO THE ISSUER, OWNERS  OR OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE  BLOOMBERG BARCLAYS U.S. INTERMEDIATE CREDIT INDEX OR ANY DATA INCLUDED THEREIN  OR FOR INTERRUPTIONS IN THE DELIVERY OF THEBLOOMBERG BARCLAYS U.S. INTERMEDIATE  CREDIT INDEX. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY WARRANTY, EXPRESS OR  IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE OWNERS OR ANY OTHER  PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG BARCLAYS U.S. INTERMEDIATE  CREDIT INDEX OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS  MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS  ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE  WITH RESPECT TO THE BLOOMBERG BARCLAYS U.S. INTERMEDIATE CREDIT INDEX OR ANY  DATA INCLUDED THEREIN. BLOOMBERG RESERVES THE RIGHT TO CHANGE THE METHODS OF  CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE  BLOOMBERG BARCLAYS U.S. INTERMEDIATE CREDIT INDEX, AND NEITHER BLOOMBERG NOR  BARCLAYS SHALL BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR  INTERRUPTED PUBLICATION WITH RESPECT TO THE BLOOMBERG BARCLAYS U.S. INTERMEDIATE  CREDIT INDEX. NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY DAMAGES,  INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY  LOST PROFITS, EVEN IF ADVISED OF THE POSSIBLITY OF SUCH, RESULTING FROM THE USE OF THE  BLOOMBERG BARCLAYS U.S. INTERMEDIATE CREDIT INDEX OR ANY DATA INCLUDED THEREIN OR  WITH RESPECT TO [RILA Marketing Name] .    None of the information supplied by Bloomberg or Barclays and used in this publication may be  reproduced in any manner without the prior written permission of both Bloomberg and Barclays Capital,  the investment banking division of Barclays Bank PLC. Barclays Bank PLC is registered in England No.  1026167, registered office 1 Churchill Place London E14 5HP.]

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