SEC Contract Filing

Filing Date: 2022-03-30

Document Content:
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<TYPE>EX-10.46
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<FILENAME>d299617dex1046.htm
<DESCRIPTION>EX-10.46
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<TITLE>EX-10.46</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.46 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXECUTION VERSION </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>FOURTH AMENDMENT TO </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>MASTER REPURCHASE AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>FOURTH AMENDMENT TO MASTER REPURCHASE AGREEMENT</B>, dated<B> </B>January&nbsp;18, 2022 (this &#147;<U>Amendment</U>&#148;), is entered
into by and between <B>FS CREIT FINANCE <FONT STYLE="white-space:nowrap">BB-1</FONT> LLC</B>, a limited liability company organized under the laws of the State of Delaware (&#147;<U>Seller</U>&#148;),<B> </B>and <B>BARCLAYS BANK PLC</B>, a public
limited company organized under the laws of England and Wales (including any successor thereto, &#147;<U>Purchaser</U>&#148;). Capitalized terms used and not otherwise defined herein shall have the meanings given to such terms in the Master
Repurchase Agreement (as defined below). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>RECITALS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Purchaser and Seller are parties to that certain Master Repurchase<B> </B>Agreement, dated as of February&nbsp;22, 2021, as
amended by the First Amendment to Master Repurchase Agreement, dated as of May&nbsp;20, 2021, as further amended by the Second Amendment to Repurchase Agreement, dated as of August&nbsp;5, 2021, and as further amended by the Third Amendment to
Repurchase Agreement, dated as of October&nbsp;7, 2021 (the &#147;<U>Existing Repurchase</U> <U>Agreement</U>&#148; and, as amended by this Amendment, and as hereafter further amended, modified, restated, replaced, waived, substituted, supplemented
or extended from time to time, the &#147;<U>Master</U> <U>Repurchase Agreement</U>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the parties hereto desire
to make certain amendments and modifications to<B> </B>the Existing Repurchase Agreement as further set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW,
THEREFORE</B>, in consideration of the foregoing recitals, and other good and<B> </B>valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 1 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>AMENDMENT
TO THE MASTER REPURCHASE AGREEMENT </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Clause (a)(iii) of the definition of &#147;Eligibility Criteria&#148; in Article 2 of the
Existing Repurchase Agreement is hereby amended and restated as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) accrues interest at a floating rate based
on LIBOR, Term SOFR or the SOFR Average; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Clause (a)(iv) of the definition of &#147;Eligibility Criteria&#148; in Article 2 of the
Existing Repurchase Agreement and on Schedule 3(b) to Exhibit II to the Existing Repurchase Agreement is hereby amended and restated as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) has a benchmark rate cap in place that is acceptable to Purchaser in its sole and absolute discretion; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Article 2 of the Existing Repurchase Agreement is hereby amended by deleting the definition of &#147;Prime Rate.&#148; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Article 2 of the Existing Repurchase Agreement is hereby amended by adding any new
definitions set forth on <U>Exhibit A</U> hereto and amending and restating any existing definitions which are set forth on <U>Exhibit A</U> hereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Clause (C)&nbsp;of Article 6(a)(i) is hereby amended and restated as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(C) to accrue Purchase Price Differential based on the then-applicable Benchmark for any Transaction, then each such Transaction then
outstanding shall be converted automatically to a new Benchmark pursuant to the definition of &#147;Benchmark Replacement&#148; and <U>Article 6(b)</U> on the next Pricing Rate Determination Date or within such earlier period as may be required b