Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 87

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 15
Chunk 87
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 related pledges.  Pursuant to the Carillon pledge, the occurrence of a default or event of default (after any required notice, cure or standstill period, as applicable) under the Credit Facility or 3001 & 3003 Washington Mortgage Loan will cause a default under the Carillon pledge, resulting in cross-defaults under the Credit Facility and 3001 & 3003 Washington Mortgage Loan.  Further, the Credit Facility Sixth Modification Agreement provides that an event of default will occur under the Credit Facility upon the occurrence of a default or event of default under any pledge agreement required by the Credit Facility or the Subordination Agreement.3001 & 3003 Washington Mortgage LoanOn May 21, 2019, the Company, through indirect wholly owned subsidiaries (the “3001 & 3003 Washington Borrowers”), entered into a mortgage loan (as subsequently modified and amended, the “3001 & 3003 Washington Mortgage Loan”) with Bank of America, N.A., as administrative agent and lender (the “3001 & 3003 Washington Lender”).On August 23, 2024, the 3001 & 3003 Washington Borrowers and REIT Properties III entered into the fourth modification and extension agreement of the 3001 & 3003 Washington Mortgage Loan with the 3001 & 3003 Washington Lender (the “3001 & 3003 Washington Fourth Extension Agreement”).  Pursuant to the 3001 & 3003 Washington Fourth Extension Agreement, the 3001 & 3003 Washington Lender agreed to extend the maturity date of the 3001 & 3003 Washington Mortgage Loan to November 6, 2024.  The 3001 & 3003 Washington Fourth Extension Agreement also included, among other requirements, a requirement for the Company to raise not less than $100,000,000 in new equity, debt or a combination of both on or prior to October 15, 2024.In October 2024, the 3001 & 3003 Washington Lender waived certain requirements initially included in the 3001 & 3003 Washington Fourth Extension Agreement, including the requirement for the Company to raise not less than $100,000,000 in new equity, debt or a combination of both, and requires the Company to satisfy other conditions.On November 6, 2024, the 3001 & 3003 Washington Borrowers and REIT Properties III entered into the fifth modification and extension agreement of the 3001 &