Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 89

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 15
Chunk 89
---
 sale must be used to repay the 3001 & 3003 Washington Mortgage Loan.     

F-34

Table of ContentsKBS REAL ESTATE INVESTMENT TRUST III, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)December 31, 20248.      NOTES PAYABLE (CONTINUED)

The 3001 & 3003 Washington Mortgage Loan Fifth Modification also provides that, among other conditions, if elected by the 3001 & 3003 Washington Lender, a default will occur under the 3001 & 3003 Washington Mortgage Loan if (i) an event of default occurs under the Carillon Mortgage Loan or (ii) a written demand for payment following a default is delivered to REIT Properties III under the terms of any indebtedness of REIT Properties III, where the demand made or amount guaranteed is greater than $5.0 million.Accenture Tower LoanOn November 2, 2020, the Company, through an indirect wholly owned subsidiary (the “Accenture Tower Borrower”), entered into a loan facility with U.S. Bank, National Association, as administrative agent (the “Accenture Tower Agent”), joint lead arranger and co-book runner; Bank of America, N.A., as syndication agent, joint lead arranger and co-book runner; and each of the financial institutions signatory thereto as lenders (as amended and modified, the “Accenture Tower Loan”).  The current lenders under the Accenture Tower Loan are U.S. Bank, National Association, Bank of America, N.A., Deutsche Pfandbriefbank AG and the National Bank of Kuwait S.A.K.P. Grand Cayman Branch (the “Accenture Tower Lenders”).  The Accenture Tower Loan is secured by Accenture Tower.On November 1, 2024, December 9, 2024, December 12, 2024 and December 18, 2024, the Company, through the Accenture Tower Borrower, entered into agreements with the Accenture Tower Lenders to modify and extend the Accenture Tower Loan. Through these modification and extension agreements, the Accenture Tower Loan maturity date was extended to December 20, 2024. Pursuant to these modification and extension agreements, the Accenture Tower Agent and the Accenture Tower Lenders waived the requirement for REIT Properties III as guarantor to satisfy the net worth covenant, the leverage ratio covenant and the EBITDA to fixed charges ratio covenant for all periods