Section 1.01 Entering into a Material Definitive Agreement.
June 23, 2022, CMFT Corporate Credit Securities, LLC(the "Borrower"), an indirect wholly owned, bankruptcy-remote subsidiary of CIM Real Estate Finance Trust, Inc.(the "Company"), Citibank, N.A. (the "Bank"), as administrative agent (the "Administrative Agent") and as lender, CMFT Securities Investments, LLC, a wholly owned subsidiary of the Company, as equityholder and as collateral manager (in such capacity, the "Collateral Manager"), the Bank (acting through its Agency & Trustdivision), as both a collateral agent and as a collateral custodian, and Virtus Group, LP, as collateral administrator, entered into Amendment No. 3 to the Credit and Security Agreement (the "Third Amendment") to amend the revolving credit and security agreement dated December 31, 2019(the "Credit and Security Agreement"), as previously discussed in a Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission("SEC") on January 7, 2020, and as amended on March 19, 2020and October 4, 2021as discussed in a Current Report on Form 8-K filed by the Company with the SECon March 24, 2020and October 8, 2021, respectively, to, among other things, modify the interest rate provisions of the existing credit and security agreement to provide that advances may be made based on one-month Term SOFR plus a spread designated by the Buyer. In addition, the Third Amendment expands the Collateral Loan types to include Broadly Syndicated Loans, Middle Market Loans and Private Credit Loans and extends the Reinvestment Period until three years following the date of the Third Amendment. The Third Amendment includes representations and warranties by the Borrower that, as of the date of the Third Amendment, (i) the events of default contained in the Credit and Security Agreement have not occurred and are not continuing and (ii) the representations and warranties of the Borrower contained in the Credit and Security Agreement are true and correct in all material respects on and as of the date of the Third Amendment (other than any representation and warranty that is made as of a specific date). The Company paid certain customary fees in connection with the Third Amendment. Other than the modified terms described above, the material terms of the Credit and Security Agreement remain unchanged. As of June 23, 2022, the Company had approximately $521.5 millionoutstanding under the Credit and Security Agreement.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by the full text of the Amendment, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under a
Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Section 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Section 2.03 in its entirety.
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Amendment No. 3 to Credit and Security
CMFT Corporate Credit Securities, LLC,
as borrower, CMFT
Securities Investments, LLC, as collateral manager
and shareholder, Citibank,
N.A., as administrative agent and as lender,
Agency & Trustdivision), as collateral
custodian and surety agent,
Virtus Group, LP, as collateral administrator. 104 Cover Page Interactive Data File (embedded within
the Inline XBRL document).
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