Section 1.01 Entering into a Material Definitive Agreement.
January 13, 2022, ACRC Lender C LLC("ACRC Lender C"), a subsidiary of Ares Commercial Real Estate Corporation(the "Company"), and the Company entered into an amendment to the Master Repurchase Agreement (the "Citi Facility") with Citibank, N.A. The purpose of the amendment is to, among other things, extend the current facility expiration date and funding availability period of the Citi Facility for three years, until January 13, 2025. The facility expiration date continues to be subject to two 12-month extensions, each of which may be exercised at ACRC Lender C's option, assuming no existing defaults under the Citi Facility and applicable extension fees being paid, which, if both were exercised, would extend the maturity date of the Citi Facility to January 13, 2027. The amendment also modifies the interest rate provisions in the Citi Facility such that financings under the Citi Facility in connection with new loans pledged to the Citi Facility will utilize term SOFR or a SOFR average, at the election of ACRC Lender C. The foregoing description of the amendment to the Citi Facility is only a summary of certain material provisions of the amendment and is qualified in its entirety by reference to a copy of such amendment, which is filed herewith as Exhibit 10.1 and by this reference incorporated herein.
Item 2.03 Creation of a Direct Financial Obligation or Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
The information required by Section 2.03 contained in Section 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Section 9.01 Financial Statements and Supporting Documents.
Exhibit Number Description 10.1 Sixth Amendment to Master Repurchase
2022, by and among,
ACRC Lender C LLC, as seller, Ares Commercial Real Estate Corporation, as guarantor, and Citibank, N.A., as buyer. 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document 2
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