Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 80

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 15
Chunk 80
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 is delivered to REIT Properties III by the lenders under the Company’s Almaden Mortgage Loan or the Company’s Park Place Village Mortgage Loan, in each case where the demand made or amount guaranteed is greater than $5.0 million.  Both the Fourth and Fifth Extension Agreements required the Amended and Restated Portfolio Loan Facility Borrowers to deposit an additional $5.0 million into the Cash Sweep Collateral Account (which will generally be used to fund capital expenditures and operating cash flow needs of the Portfolio Loan Properties).The Seventh Extension Agreement required that on or prior to December 19, 2024, the Amended and Restated Portfolio Loan Facility Borrowers and REIT Properties III, as guarantor, enter into a customary mandate letter with the Portfolio Loan Agent under which the Portfolio Loan Agent will agree to pursue credit approval (subject to further diligence review and credit approvals by all Portfolio Loan Lenders, and final documentation satisfactory to all parties in their respective sole and absolute discretion) for a restructuring of the Amended and Restated Portfolio Loan Facility on the terms and conditions to be set forth in a term sheet attached to such mandate letter.  On January 23, 2025, the Amended and Restated Portfolio Loan Facility Borrowers entered into a short-term extension agreement with the Portfolio Loan Agent and the Portfolio Loan Lenders (the “January Extension Agreement”) and extended the maturity date of the Amended and Restated Portfolio Loan Facility to February 6, 2025.  On February 6, 2025, the Amended and Restated Portfolio Loan Facility Borrowers entered into an eighth loan modification and extension agreement with the Portfolio Loan Agent and the Portfolio Loan Lenders (the “Eighth Extension Agreement”).  See Note 14, “Subsequent Events – Eighth Modification of the Amended and Restated Portfolio Loan Facility,” for information regarding the January Extension Agreement and the Eighth Extension Agreement, which extended the maturity date of the Amended and Restated Portfolio Loan Facility to January 22, 2027, among other modifications.Modified Portfolio Revolving Loan FacilityOn October 17, 2018, certain of the Company’s indirect wholly owned subsidiaries (the “Modified Portfolio Revolving Loan Borrowers”) entered into a loan facility (as subsequently modified and amended, the “Modified Portfolio Revolving Loan Facility”) with U.S. Bank National Association, as administrative agent (the “Modified Portfolio Revolving Loan Agent”).  The current lenders under the Modified Portfolio Revolving Loan Facility are U.S. Bank  National