Company: KBSR
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001482430-25-000021
Chunk: 90

Company: KBS Real Estate Investment Trust III, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 15
Chunk 90
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 following November 1, 2024 through the then current maturity date. On December 20, 2024, the Company, through the Accenture Tower Borrower, entered into a fourth modification agreement with the Accenture Tower Lenders (the “Accenture Tower Fourth Modification Agreement”).  Pursuant to the Accenture Tower Fourth Modification Agreement, the Accenture Tower Lenders agreed to extend the maturity date of the Accenture Tower Loan to November 2, 2026, with an additional 12-month extension option available pursuant to the loan agreement, subject to certain terms and conditions contained in the loan documents.  Prior to the Accenture Tower Fourth Modification Agreement, the Accenture Tower Loan bore interest at the one-month Term SOFR plus 235 basis points.  Pursuant to the Accenture Tower Fourth Modification Agreement, the Accenture Tower Loan bears interest at one-month Term SOFR plus 300 basis points.  The Accenture Tower Fourth Modification Agreement converted all of the outstanding indebtedness under the Accenture Tower Loan into non-revolving, term debt and provides that any future funding advanced under the loan will be non-revolving, term debt.  Pursuant to the Accenture Tower Fourth Modification Agreement, the aggregate commitment under the Accenture Tower Loan was increased to $322.0 million, consisting of the then-outstanding principal balance of $306.0 million and $16.0 million of new funding (“New Availability”) that may be advanced in accordance with, and subject to the terms and conditions of, the Accenture Tower Fourth Modification Agreement.  Subject to the terms and conditions in the Accenture Tower Fourth Modification Agreement, proceeds from the New Availability may be used solely for approved tenant improvements, leasing commissions and capital improvement costs, certain approved monthly operating shortfall amounts at Accenture Tower, taxes and insurance attributable to Accenture Tower, or other capital expenditures related to Accenture Tower, and the New Funding is only available to the extent there are not sufficient funds available from the Cash Sweep Collateral Account (defined below).  As of December 31, 2024, the outstanding principal balance of the Accenture Tower Loan was $307.1 million and $14.9 million of New Availability on the Accenture Tower Loan was available for future disbursement, subject to the conditions of the Accenture Tower Fourth Modification Agreement. 

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Table of ContentsKBS REAL ESTATE INVESTMENT TRUST III, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONT