Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 124

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 8
Chunk 124
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2024 Credit Agreement with the Lenders to allow for the removal of three assets, The James, Signature Place, and 145 Front Street at City Square from the Collateral Pool Properties, provided that proceeds of their respective sales are applied to the repayment in full of the  $200 million outstanding balance under the 2024 Term Loan. The Company may request increases in the principal amount of the 2024 Revolving Credit Facility and/or new term loans under the 2024 Term Loan Facility in an aggregate amount of up to $200 million, which shall be subject to commercially reasonable syndication efforts.Interest on borrowings under the amended 2024 Term Loan shall be based on applicable interest rate (the “Interest Rate”) plus a margin ranging from 100 basis points to 200 basis points (the “ Term Loan Applicable Rate”) depending on the Interest Rate elected. Borrowings under the amended 2024 Revolving Credit Facility will have a leverage-based Interest Rate plus a margin ranging from 25 basis points to 180 basis points (the “Revolving Credit Applicable Rate”). With respect to borrowings under the amended 2024 Term Loan, the Interest Rate shall be either (A) the Alternative Base Rate plus the Term Loan Applicable Rate and/or (B) the Adjusted Term SOFR Rate plus the Term Loan Applicable Rate.With respect to borrowings under the 2024 Revolving Credit Facility, the Interest Rate shall be either (A) the Alternative Base Rate plus the Revolving Credit Applicable Rate, and/or (B) the Adjusted Term SOFR Rate plus the Revolving Credit Applicable Rate, and/or (C) the Adjusted Daily Effective SOFR Rate plus the Applicable Rate. As used herein: “Alternative Base Rate” means, subject to a floor of 1.00%, the highest of (i) the rate of interest last quoted by The Wall Street Journal in the U.S. as the prime rate in effect (the “Prime Rate”), (ii) the NYFRB Rate from time to time plus 0.5% and (iii) the Adjusted Term SOFR Rate for a one month interest period plus 1%; “Adjusted Term SOFR Rate” means, subject to a floor of 0.0%, the Term SOFR Rate, plus 10 basis points; and “Adjusted Daily Effective SOFR Rate” means, subject to a floor of 0.0%, for any day, the secured overnight financing rate for such business day published