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  Exhibit 10.22    
    

 
    CONTROLLED ACCOUNT AGREEMENT (WATERFALL ACCOUNT)    
    

        CONTROLLED ACCOUNT AGREEMENT (WATERFALL ACCOUNT) (this "Agreement") is entered into as
of December 14, 2011 by and between ACRC Lender W LLC, ("Debtor"), Wells Fargo Bank, National Association, as secured party (in such
capacity, "Secured Party"), and Wells Fargo Bank, National Association, a national banking association, as depository bank
("Bank") with respect to the following: 

        A.    Pursuant
to that certain Amended and Restated Master Repurchase Agreement, dated as of December 14, 2011 (the "Repurchase
Agreement"), by and between Debtor as Seller, and Secured Party, as Buyer, Seller has granted, in favor of Secured Party, a security interest in deposit account
number 4124021965 (the "Waterfall Account") and in the monies from time to time on deposit in the Waterfall Account. 

        B.    Each
of Debtor, Secured Party and Bank are entering into this Agreement to evidence and perfect Secured Party's security interest in the Waterfall Account and to provide
for the disposition of all amounts deposited or at any time credited to the Waterfall Account. 

Accordingly, Debtor, Secured Party and Bank agree as follows: 

        1.     (a)    Bank
shall establish, and thereafter maintain, the Waterfall Account in the name of Debtor (with such additional descriptive detail as Debtor shall
designate to Bank), subject to the security interest (subject to any Permitted Liens) granted by Debtor to Secured Party pursuant to  Section 11.01 of the Repurchase Agreement. Bank is hereby
authorized to follow its usual operating procedures with respect to the administration
of the Waterfall Account and the handling of any amounts and negotiable instruments at any time credited thereto, except as such usual operating procedures are modified by this Agreement. 

        (b)   Notwithstanding
anything to the contrary in any agreement between Debtor and Bank pertaining to the Waterfall Account, Bank will comply with all instructions originated
by Secured Party concerning the disposition of funds in the Waterfall Account (including, without limitation, instructions concerning the disposition of all amounts and negotiable instruments at any
time credited thereto) or from time to time on deposit therein without further consent of Debtor or any other Person. 

        (c)   Debtor
represents and warrants to Secured Party and Bank that it has not assigned or granted a security interest in the Waterfall Account or any amounts credited
thereto, except to Secured Party. 

        (d)   Bank
has not entered into, and until the termination of this Agreement will not enter into, any agreement with any other person relating to the Waterfall Account or the
amounts credited to the Waterfall Account or funds held in the Waterfall Account pursuant to which it has agreed, or will agree, to comply with orders or instructions of such other person. 

        2.     Bank
agrees that (a) it shall not withdraw or otherwise apply any amounts from the Waterfall Account at any time, except as specifically authorized in writing by
Secured Party and (b) that all withdrawals or disbursements from the Waterfall Account shall be made in accordance with the terms of  Section 1(b) of this Agreement and Article 5 of the Repurchase Agreement. All Income
received by Debtor, Secured Party or Bank in respect of the Purchased Assets, shall be deposited directly into the Waterfall Account and shall be applied to and remitted by Bank in accordance with  Article 5 of the Repurchase Agreement. 

        3.     Bank
agrees it shall not offset, charge, deduct or otherwise withdraw funds from the Waterfall Account, except as permitted by  Section 4 below, until it has been advised in writing by Secured Party that
all of Debtor's obligations that are secured by the Waterfall Account
and amounts credited thereto are paid in full. In the event that Bank has or hereafter obtains by agreement, operation of law or otherwise a security interest in the Waterfall Account or amounts 

credited
to the Waterfall Account or funds held in the Waterfall Account, Bank hereby agrees that such security interest shall be subordinate to the security interest of Secured Party. Secured Party
shall notify Bank promptly in writing upon payment in full of Debtor's obligations. 

        4.     Bank
is permitted to charge the Waterfall Account: 

        (a)   for
its fees and charges relating to the Waterfall Account and or associated with this Agreement; and 

        (b)   in
the event that any negotiable instrument deposited into the Waterfall Account is returned unpaid for any reason. 

        5.     If
the balance in the Waterfall Account is not sufficient to compensate Bank for any fees or charges due Bank in connection with this Agreement or to pay Bank for any
returned negotiable instrument, Debtor agrees to pay Bank upon written demand therefore, the amount due to Bank. Debtor will have breached this Agreement if it has not paid Bank, within three Business
Days after the date of such demand, the amount due Bank. 

        (a)   Bank
agrees that it shall not offset against the Waterfall Account until it has been advised in writing by Secured Party that all obligations that are secured by any
negotiable instrument and the Waterfall Account are paid in full. Secured Party shall notify Bank promptly in writing upon payment in full of such obligations and this Agreement shall automatically
terminate upon receipt of such notice. 

        6.     Resignation
of Bank. 

        (a)   Bank
shall have the right to resign as Bank hereunder upon thirty (30) days' prior written notice to Debtor and Secured Party, and in the event of such
resignation, Debtor shall appoint a successor bank which must be an Eligible Institution (as defined below) and be approved by Secured Party in its sole discretion. 

        (b)   In
connection with any resignation by Bank, the resigning bank shall, at no cost to Secured Party, (A) duly assign, transfer and deliver to the successor bank
this Agreement and all funds held by it hereunder, (B) execute such instruments as may be necessary to give effect to such succession and (C) take such other actions as may be reasonably
required by Debtor or the successor bank in connection with the foregoing. 

        (c)   At
any time Bank fails to meet the requirements of an Eligible Institution, Secured Party may require Debtor to designate a substitute for Bank. Debtor shall designate a
substitute for Bank, which meets the requirements of an Eligible Institution, within thirty (30) days after Secured Party's request, and the substitute designated by Debtor shall be subject to
the approval of Secured Party, not to be unreasonably withheld, conditioned or delayed. If Debtor fails to designate a substitute for Bank within thirty (30) days or if the substitute does not
meet the requirements of an Eligible Institution in Secured Party's reasonable judgment, then Secured Party may designate a substitute for Bank, subject to the reasonable approval of Debtor, which
substitute meets the requirements of an Eligible Institution and such substitute designated by Secured Party shall be deemed Bank. 

        (d)   For
the purposes of this Agreement, "Eligible Institution" mean shall mean a depository institution or trust company
insured by the Federal Deposit Insurance Corporation, the short term unsecured debt obligations or commercial paper of which are rated at least "A-1+" by S&P, "P-1" by Moody's
and "F-1+" by Fitch in the case of accounts in which funds are held for thirty (30) days or less (or, in the case of accounts in which funds are held for more than thirty
(30) days, the long term unsecured debt obligations of which are rated at least "AA" by Fitch and S&P and "Aa2" by Moody's). Bank has no duty to inform Secured Party or Debtor whether it is or
is not an Eligible Institution. 

        7.     (a)    Bank
will not be liable to Debtor or Secured Party for any expense, claim, loss, damage or cost
("Damages") arising out of or relating to its performance under this Agreement 

other
than those Damages which result directly from its acts or omissions constituting negligence, fraud or willful misconduct. 

        (b)   In
no event will Bank be liable for any special, indirect, exemplary or consequential damages, including but not limited to, lost profits. 

        (c)   Bank
will be excused from failing to act or delay in acting, and no such failure or delay shall constitute a breach of this Agreement or otherwise give rise to any
liability of Bank, if (i) such failure or delay is caused by circumstances beyond Bank's reasonable control, including but not limited to legal constraint, emergency conditions, action or
inaction of governmental, civil or military authority, fire, strike, lockout or other labor dispute, war, riot, theft, flood, earthquake or other natural disaster, breakdown of public or private or
common carrier communications or transmission facilities, equipment failure, or act, negligence or default of Debtor or Secured Party or (ii) such failure or delay resulted from Bank's
reasonable belief that the action would have violated any guideline, rule or regulation of any governmental authority. 

        8.     Debtor
shall hereby indemnifies Bank against, and hold it harmless from, any and all liabilities, claims, costs, expenses and damages of any nature (including but not
limited to reasonable attorney's fees and any fees and expenses incurred in enforcing this Agreement) in any way arising out of or relating to disputes or legal actions concerning Bank's performance
under this Agreement or with respect to the Waterfall Account or any negotiable instrument in respect thereof. This section does not apply to any cost or damage attributable to the negligence, fraud
or intentional misconduct of Bank. Debtor's obligations under this section shall survive termination of this Agreement. 

        9.     Debtor
and Secured Party each represent and warrant to Bank that (i) this Agreement constitutes its duly authorized, legal, valid, binding and enforceable
obligation; (ii) the performance of its obligations under this Agreement and the consummation of the transactions contemplated hereunder will not (A) constitute or result in a breach of
its certificate or articles of incorporation, by-laws or partnership agreement, as applicable, or the provisions of any material contract to which it is a party or by which it is bound or
(B) result in the violation of any law, regulation, judgment, decree or governmental order applicable to it; and (iii) all approvals and authorizations required to permit the execution,
delivery, performance and consummation of this Agreement and the transactions contemplated hereunder have been obtained. 

        10.   Debtor
agrees that: 

        (a)   it
cannot, and shall not, withdraw any monies from the Waterfall Account until such time as Secured Party advises Bank in writing that Secured Party no longer claims any
interest in the Waterfall Account and any amounts deposited and to be deposited in the Waterfall Account; and 

        (b)   it
shall not permit the Waterfall Account to become subject to any other pledge, assignment, lien, charge or encumbrance of any kind, nature or description, other than
Secured Party's security interest referred to herein. 

        11.   Secured
Party acknowledges and agrees that Bank has the right to charge the Waterfall Account from time to time, as set forth in this Agreement, as this Agreement may be
amended or otherwise modified from time to time, and that Secured Party has no right to the sums so withdrawn by Bank. 

        12.   Bank
will provide Secured Party and the Debtor with a duplicate of each statement prepared in respect of the Waterfall Account. 

        13.   Debtor
agrees to pay to Bank, upon receipt of Bank's invoice, all reasonable costs, expenses and attorneys' fees (but not including the costs of any in-house
legal services) incurred by Bank in connection with the enforcement of this Agreement and any instrument or agreement required hereunder, including but not limited to any such reasonable costs,
expenses and fees 

arising
out of the resolution of any conflict, dispute, motion regarding entitlement to rights or rights of action, or other action to enforce Bank's rights in a case arising under Title 11, United
States Code. Debtor agrees to pay Bank, upon receipt of Bank's invoice, all reasonable costs, expenses and attorneys' fees (but not including the costs of any in-house legal services)
incurred by Bank in the preparation and administration of this Agreement (including any amendments hereto or instruments or agreements required hereunder). 

        14.   Notwithstanding
any of the other provisions in this Agreement, in the event of the commencement of a case pursuant to Title 11, United States Code, filed by or against
Debtor, or in the event of the commencement of any similar case under then applicable federal or state law providing for the relief of debtors or the protection of creditors by or against Debtor, Bank
may act as Bank deems reasonably necessary to comply with all applicable provisions of governing statutes and shall be held harmless from any claim of any of the parties for so doing. 

        15.   This
Agreement may be amended only by a writing signed by Debtor, Secured Party and Bank. 

        16.   This
Agreement may be executed in counterparts; all such counterparts shall constitute but one and the same agreement. 

        17.   Any
written notice or other written communication to be given under this Agreement shall be addressed to each party at its address set forth on the signature page of
this Agreement or to such
other address as a party may specify in writing. Except as otherwise expressly provided herein, any such notice shall be effective upon receipt. 

        18.   This
Agreement controls in the event of any conflict between this Agreement and any other document or written or oral statement. This Agreement supersedes all prior
understandings, writings, proposals, representations and communications, oral or written, of any party relating to the subject matter hereof. 

        19.   Neither
Debtor, Secured Party nor Bank may assign any of its respective rights under this Agreement without the prior written consent of the other parties, and any
attempted assignment of this Agreement in violation of this Section 19 shall be null and void. 

        20.   Nothing
contained in the Agreement shall create any agency, fiduciary, joint venture or partnership relationship between Debtor, Secured Party and Bank. 

        21.   Capitalized
terms used herein but not otherwise defined herein shall have the respective meanings given to such terms in the Repurchase Agreement. 

        22.   This
Agreement and any claim, controversy or dispute arising under or related to or in connection with this Agreement, the relationship of the parties, and/or the
interpretation and enforcement of the rights and duties of the parties will be governed by the laws of the State of New York without regard to any conflicts of law principles other than  Section 5-1401 of the New York General Obligations Law. Bank agrees that (a) its "bank's jurisdiction" within the meaning of  Section 9-304(b)(1) of the Uniform Commercial Code as in effect in the
State of New York (the "NY
UCC") shall be the State of New York and (b) the Waterfall Account shall at all times constitute a "deposit account", as such term is defined in  Section 9-102(a)(29) of
the NY UCC. 

        IN
WITNESS WHEREOF, the parties hereto have executed this Agreement by their duly authorized officers as of the day and year first above written. 

 

							
	ACRC LENDER W LLC,

Debtor pursuant to the Repurchase Agreement	 	 
	
 By:	
 	
/s/ Timothy B. Smith

 	
 	
Address for notices:
	 	 	Name:	 	Timothy B. Smith	 	ACRC Holdings LLC
	 	 	Title:	 	Vice President	 	c/o Ares Management LLC

2 North LaSalle Street, 9th Floor

Chicago, Illinois 60602

Attention:    Sharon L. Ephraim
	

 	
 	
 	
 	
 	
 	
ACRC Holdings LLC

c/o Ares Management LLC

2 North LaSalle Street, 9th Floor

Chicago, Illinois 60602

Attention:    Legal Department
	

WELLS FARGO BANK, NATIONAL

ASSOCIATION, Secured Party	
 	

 
	
 By:	
 	
/s/ John Nelson

 	
 	
Address for notices:
	 	 	Name:	 	John Nelson	 	Wells Fargo Bank, National Association
	 	 	Title:	 	Managing Director	 	One Wells Fargo Center

301 South College Street

MAC D1053-053, 12th Floor

Charlotte, North Carolina 28202

Attention:    John Nelson
	

WELLS FARGO BANK, NATIONAL

ASSOCIATION, Depository Bank	
 	

 
	
 By:	
 	
/s/ John Nelson

 	
 	
Address for notices:
	 	 	Name:	 	John Nelson	 	Wells Fargo Bank, National Association
	 	 	Title:	 	Managing Director	 	One Wells Fargo Center

301 South College Street

MAC D1053-053, 12th Floor

Charlotte, North Carolina 28202

Attention:    John Nelson

 

 

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Exhibit 10.22

CONTROLLED ACCOUNT AGREEMENT (WATERFALL ACCOUNT)QuickLinks
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  Exhibit 10.23    
    

 
    GUARANTEE AGREEMENT    
    

        GUARANTEE AGREEMENT, dated as of December 14, 2011 (as amended, restated, supplemented, or otherwise modified from time to time,
this "Guarantee"), made by ACRC HOLDINGS LLC, a Delaware limited liability company ("Guarantor")
having its principal place of business c/o Ares Management LLC, 2 North LaSalle Street, 9th Floor, Chicago, IL 60602, in favor of WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association ("Buyer") and any of its parent, subsidiary or affiliated companies (collectively,
"Beneficiary"). 

 
 

  RECITALS    
    

        Pursuant to that certain Master Repurchase and Securities Contract, dated as of December 14, 2011 (as amended, supplemented or
otherwise modified from time to time, the "Repurchase Agreement"), between Wells Fargo Bank, National Association (as
"Buyer") and ACRC Lender W LLC ("Seller"), Seller agreed to sell, from time to time, to Buyer
certain Whole Loans and Senior Interests, each as defined in the Repurchase Agreement (collectively, the "Purchased Assets"), upon the terms and subject
to the conditions as set forth therein. 

        Pursuant
to the terms of that certain Custodial Agreement, dated as of December 14, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the
"Custodial Agreement"), by and between Wells Fargo Bank, National Association ("Custodian"), Buyer and
Seller, Custodian is required to take possession of the Purchased Assets, along with certain other documents specified in the Custodial Agreement, as Custodian of Buyer and any future purchaser, on
several delivery dates, in accordance with the terms and conditions of the Custodial Agreement. The Repurchase Agreement, the Custodial Agreement, this Guarantee and any other agreements executed in
connection with the Repurchase Agreement and the Custodial Agreement shall be referred to herein as the "Repurchase Documents". 

        It
is a condition precedent to Buyer purchasing the Purchased Assets that Guarantor shall have executed and delivered this Guarantee in favor of Beneficiary with respect to the due and
punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following: (a) all payment obligations owing by Seller to Buyer under or in
connection with the Repurchase Agreement and any other Repurchase Documents; (b) any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; (c) all
expenses, including, without limitation, reasonable attorneys' fees and disbursements, that are incurred by Buyer in the enforcement of any of the foregoing or any obligation of Guarantor hereunder;
(d) any other obligations of Seller with respect to Buyer under each of the Repurchase Documents; and (e) if Interim Servicer is an Affiliate of either Seller or Guarantor, the timely
delivery by Interim Servicer of Income into the Waterfall Account in accordance with the applicable provisions of the Repurchase Agreement including, without limitation,  Section 5.01 thereof
(collectively, the "Obligations"). 

        NOW,
THEREFORE, in consideration of the foregoing premises, to induce Buyer to enter into the Repurchase Documents and to enter into the transactions contemplated thereunder, Guarantor
hereby agrees with Buyer as follows: 

        1.    Defined Terms.    Unless otherwise defined herein, terms which are defined in the Repurchase Agreement and used
herein are so used as so defined. 

        "Debt Service":    For any Test Period, the sum of (a) Interest Expense for Guarantor determined on a consolidated basis
for such period, and (b) all regularly scheduled principal payments made with respect to Indebtedness of Guarantor and its Subsidiaries during such period, other than any voluntary prepayment
or prepayment occasioned by the repayment of an underlying asset, or any balloon, bullet, margin or similar principal payment which repays such Indebtedness in full. 

 

        "Fixed Charge Coverage Ratio":    With respect to Guarantor at any time, the EBITDA (as determined in accordance with GAAP) for
the related Test Period, divided by the Fixed Charges for such Test Period. 

        "Fixed Charges":    With respect to Guarantor at any time, the sum of (a) Debt Service, (b) all preferred
dividends that Guarantor is required, pursuant to the terms of the certificate of designation or other similar document governing the rights of preferred shareholders, to pay and is not permitted to
defer, (c) Capital Lease Obligations paid or accrued during such period, (d) capital expenditures (if any), and (e) any amounts payable under any Ground Lease. 

        "Liquidity":    With respect to Guarantor and any date, the amount of cash or cash equivalents (as each term is defined in GAAP)
held by Guarantor, plus all uncalled capital commitments and other instruments acceptable to Buyer unconditionally payable upon the demand of Guarantor by all creditworthy Affiliates of, or investors
in, Guarantor. 

        "Test Period":    The time period from the first day of each calendar quarter, through and including the last day of such
calendar quarter. 

        "Total Assets":    With respect to Guarantor and any date, an amount equal to the aggregate book value of all assets owned by
Guarantor on a consolidated basis and the proportionate share of assets owned by all non-consolidated Subsidiaries of Guarantor, less (a) amounts owing to Guarantor from any
Affiliate thereof, or from officers, employees, partners, members, directors, shareholders or other Persons similarly affiliated with Guarantor or any Affiliate thereof, (b) intangible assets
(other than Interest Rate Protection Agreements specifically related to the Purchased Assets), and (c) prepaid taxes and expenses, plus deferred origination fees, net of deferred origination
costs, all on or as of such date. 

        "Total Indebtedness":    With respect to Guarantor and any date, all amounts of Indebtedness and Non-Recourse
Indebtedness of Guarantor, on or as of such date. 

        2.    Guarantee.    (a)    Guarantor hereby unconditionally and irrevocably guarantees to Beneficiary the
prompt and complete payment and performance by Seller when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. 

        (b)   Notwithstanding
anything herein to the contrary, but subject to clause (c) below, the maximum liability of Guarantor hereunder and under the Repurchase Documents
shall in no event exceed the sum of (x) twenty-five percent (25%) of the then-currently unpaid
aggregate Repurchase Price of all Purchased Assets consisting of Core Assets, (y) one-hundred percent (100%) of the then-currently unpaid aggregate Repurchase Price of
all Purchased Assets consisting of Flex Assets, and (z) one hundred percent (100%) of all of the Obligations described in clause (e) of the definition thereof. 

        (c)   Notwithstanding
the foregoing, the limitation on recourse liability as set forth in both of clauses (x) and (y) of subsection (b) above SHALL BECOME
NULL AND VOID and shall be of no further force and effect and the Obligations shall be fully recourse to Seller and Guarantor, jointly and severally, upon the occurrence of any of the following: 

          (i)  a
voluntary bankruptcy or insolvency proceeding is commenced by Seller under the U.S. Bankruptcy Code or any similar federal or state law; 

         (ii)  an
involuntary bankruptcy or insolvency proceeding is commenced against Seller, or Guarantor in connection with which Seller, Guarantor or any Affiliate of any of the
foregoing has or have colluded in any way with the creditors commencing or filing such proceeding; or 

        (iii)  fraud
or intentional misrepresentation by Seller, Guarantor, or any other Affiliate of Seller or Guarantor in connection with the execution and the delivery of this
Guarantee, the Repurchase Agreement, or any of the other Repurchase Documents, or any certificate, report, 

2

 

financial
statement or other instrument or document furnished to Buyer at the time of the closing of the Repurchase Agreement or during the term of the Repurchase Agreement. 

        (d)   In
addition to the foregoing and notwithstanding the limitation on recourse liability set forth in both of clauses (x) and (y) of subsection (b)
above, Guarantor shall be liable for any losses, costs, claims, expenses or other liabilities incurred by Buyer arising out of or attributable to the following items: 

          (i)  any
material breach of the separateness covenants set forth in Article 9 of the Repurchase Agreement; and 

         (ii)  any
material breach of any representations and warranties by Guarantor contained in any Repurchase Document and any material breach by Seller or Guarantor, or any of
their respective Affiliates, of any representations and warranties relating to Environmental Laws, or any indemnity for costs incurred in connection with the violation of any Environmental Law, the
correction of any environmental condition, or the removal of any Materials of Environmental Concern, in each case in any way affecting Seller's or Guarantor's properties or any of the Purchased
Assets. 

        (e)   Nothing
herein shall be deemed to be a waiver of any right which Buyer may have under Section 506(a), 506(b), 1111(b) or any other provision of the U.S.
Bankruptcy Code to file a claim for the full amount of the indebtedness secured by the Repurchase Agreement or to require that all collateral shall continue to secure all of the indebtedness
owing to the Buyer in accordance with the Repurchase Agreement or any other Repurchase Documents. 

        (f)    Guarantor
further agrees to pay any and all reasonable expenses (including, without limitation, all reasonable fees and disbursements of counsel) which may be paid or
incurred by Beneficiary in enforcing, or obtaining advice of counsel in respect of, any rights with respect to, or collecting, any or all of the Obligations and/or enforcing any rights with respect
to, or collecting against, Guarantor under this Guarantee. This Guarantee shall remain in full force and effect until the Obligations are satisfied or paid in full, notwithstanding that from time to
time prior thereto Seller may be free from any Obligations. 

        (g)   No
payment or payments made by Seller or any other Person or received or collected by Beneficiary from Seller or any other Person by virtue of any action or proceeding
or any set-off or appropriation or application, at any time or from time to time, in reduction of or in payment of the Obligations shall be deemed to modify, reduce, release or otherwise
affect the liability of Guarantor hereunder which shall, notwithstanding any such payment or payments, remain liable for the amount of the Obligations until the Obligations are paid in full. 

        (h)   Guarantor
agrees that whenever, at any time, or from time to time, Guarantor shall make any payment to Beneficiary on account of Guarantor's liability hereunder,
Guarantor will notify Buyer in writing that such payment is made under this Guarantee for such purpose. 

        3.    Subrogation.    Upon making any payment hereunder, Guarantor shall be subrogated to the rights of Buyer against
Seller and any collateral for any Obligations with respect to such payment; provided that Guarantor shall not seek to enforce any right or receive any payment by way of subrogation until all amounts
due and payable by Seller to Buyer under the Repurchase Documents or any related documents have been paid in full; and further provided that such subrogation rights shall be subordinate in all
respects to all amounts owing to the Buyer under the Repurchase Documents. 

        4.    Amendments, etc. with Respect to the Obligations.    Until the Obligations shall have been paid or performed in
full, and subject to the provisions of Section 11 of this Guarantee, Guarantor shall remain obligated hereunder notwithstanding that, without any
reservation of rights against Guarantor, and without notice to or further assent by Guarantor, any demand for payment of any of the 

3

 

Obligations
made by Buyer may be rescinded by Buyer and any of the Obligations continued, and the Obligations, or the liability of any other party upon or for any part thereof, or any collateral
security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived,
surrendered or released by Buyer, and any Repurchase Document and any other document in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as Buyer may
deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by Buyer for the payment of the Obligations may be sold, exchanged, waived, surrendered or
released. Buyer shall have no obligation to protect, secure, perfect or insure any lien at any time held by it as security for the Obligations or for this Guarantee or any property subject thereto.
When making any demand hereunder against Guarantor, Buyer may, but shall be under no obligation to, make a similar demand on Seller or any other guarantor, and any failure by Buyer to make any such
demand or to collect any payments from Seller or any such other guarantor or any release of Seller or such other guarantor shall not relieve Guarantor of its Obligations or liabilities hereunder, and
shall not impair or affect the rights and remedies, express or implied, or as a matter of law, of Buyer against Guarantor. For the purposes hereof "demand" shall include the commencement and
continuance of any legal proceedings. 

        5.    Guarantee Absolute and Unconditional.    (a)    Guarantor hereby agrees that its obligations under
this Guarantee constitute a guarantee of payment when due and not of collection. Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations and notice
of or proof of reliance by Beneficiary upon this Guarantee or acceptance of this Guarantee; the Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred
in reliance upon this Guarantee; and all dealings between Seller or Guarantor, on the one hand, and Beneficiary, on the other hand, shall likewise be conclusively presumed to have been had or
consummated in reliance upon this Guarantee. Guarantor waives promptness, diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon Seller or Guarantor with
respect to the Obligations. This Guarantee shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (i) the validity, regularity or enforceability
of any Agreement, any of the Obligations or any collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by Beneficiary, (ii) any
defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by Seller against Beneficiary, (iii) any
requirement that Beneficiary exhaust any right to take any action against Seller or any other Person prior to or contemporaneously with proceeding to exercise any right against Guarantor under this
Guarantee or (iv) any other circumstance whatsoever (with or without notice to or knowledge of Seller or Guarantor) which constitutes, or might be construed to constitute, an equitable or legal
discharge of Seller for the Obligations or of Guarantor under this Guarantee, in bankruptcy or in any other instance. When pursuing its rights and remedies hereunder against Guarantor, Beneficiary
may, but shall be under no obligation, to pursue such rights and remedies that Beneficiary may have against Seller or any other Person or against any collateral security or guarantee
for the Obligations or any right of offset with respect thereto, and any failure by Beneficiary to pursue such other rights or remedies or to collect any payments from Seller or any such other Person
or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of Seller or any such other Person or any such collateral security, guarantee or
right of offset, shall not relieve Guarantor of any liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of
Beneficiary against Guarantor. This Guarantee shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon Guarantor and its successors and assigns
thereof, and shall inure to the benefit of Beneficiary, and its successors, endorsees, transferees and assigns, until all of the Obligations shall have been satisfied in full, notwithstanding any sale
by Buyer of any Purchased Asset as set forth in Article 10 of the Repurchase Agreement or the exercise by Buyer of any of the other rights and
remedies set forth in any of the Repurchase Documents. 

4

 

        (b)   Without
limiting the generality of the foregoing, Guarantor hereby agrees, acknowledges, and represents and warrants to Beneficiary as follows: 

          (i)  Guarantor
hereby waives any defense arising by reason of, and any and all right to assert against Buyer any claim or defense based upon, an election of remedies by
Beneficiary which in any manner impairs, affects, reduces, releases, destroys and/or extinguishes Guarantor's subrogation rights, rights to proceed against Seller, or any other guarantor for
reimbursement or contribution, and/or any other rights of Guarantor to proceed against Seller against any other guarantor, or against any other person or security. 

         (ii)  Guarantor
is presently informed of the financial condition of Seller and of all other circumstances which diligent inquiry would reveal and which bear upon the risk of
nonpayment of the Obligations. Guarantor hereby covenants that it will make its own investigation and will continue to keep itself informed about each of Seller's financial condition, the status of
other guarantors, if any, of circumstances which bear upon the risk of nonpayment and that it will continue to rely upon sources other than Buyer for such information and will not rely upon
Beneficiary or any Beneficiary for any such information. Absent a written request for such information by Guarantor to Beneficiary, Guarantor hereby waives the right, if any, to require Beneficiary to
disclose to Guarantor any information which Beneficiary may now or hereafter acquire concerning such condition or circumstances including, but not limited to, the release of or revocation by any other
guarantor. 

        (iii)  Guarantor
has independently reviewed the Repurchase Documents and related agreements and has made an independent determination as to the validity and enforceability
thereof, and in executing and delivering this Guarantee to Beneficiary, Guarantor is not in any manner relying upon the validity, and/or enforceability, and/or attachment, and/or perfection of any
liens or security interests of any kind
or nature granted by Seller or any other guarantor to Buyer or any Buyer, now or at any time and from time to time in the future. 

        6.    Reinstatement.    This Guarantee shall continue to be effective, or be reinstated, as the case may be, if at any
time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by Buyer upon the insolvency, bankruptcy, dissolution, liquidation or reorganization
of Seller or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, any of Seller or any substantial part of Seller's property, or
otherwise, all as though such payments had not been made. 

        7.    Payments.    Guarantor hereby agrees that the Obligations will be paid to Buyer without set-off or
counterclaim in U.S. Dollars at the address specified in writing by Buyer. 

        8.    Representations and Warranties.    Guarantor represents and warrants that: 

        (a)   Guarantor
has the legal capacity and the legal right to execute and deliver this Guarantee and to perform Guarantor's obligations hereunder; 

        (b)   no
consent or authorization of, filing with, or other act by or in respect of, any arbitrator or governmental authority and no consent of any other Person (including,
without limitation, any creditor of Guarantor) is required in connection with the execution, delivery, performance, validity or enforceability of this Guarantee; 

        (c)   this
Guarantee has been duly executed and delivered by Guarantor and constitutes a legal, valid and binding obligation of Guarantor enforceable in accordance with its
terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights generally and by general
principles of equity (whether enforcement is sought in proceedings in equity or at law); 

5

 

        (d)   the
execution, delivery and performance of this Guarantee will not violate any law, treaty, rule or regulation or determination of an arbitrator, a court or other
governmental authority, applicable to or binding upon Guarantor or any of its property or to which Guarantor or any of its property is subject ("Requirement of
Law"), or any provision of any security issued by Guarantor or of any agreement,
instrument or other undertaking to which Guarantor is a party or by which it or any of its property is bound ("Contractual Obligation"), and will not
result in or require the creation or imposition of any lien on any of the properties or revenues of Guarantor pursuant to any Requirement of Law or Contractual Obligation of Guarantor; 

        (e)   no
litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the Knowledge of Guarantor, threatened by or against
Guarantor or against any of Guarantor's properties or revenues with respect to this Guarantee or any of the transactions contemplated hereby; and 

        (f)    except
as disclosed in writing to Buyer prior to the date hereof, Guarantor has filed or caused to be filed all tax returns which, to the Knowledge of Guarantor, are
required to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against him or any of Guarantor's property and all other taxes, fees or other charges
imposed on him or any of Guarantor's property by any Governmental Authority (other than any the amount or validity of which are currently being contested in good faith by appropriate proceedings); no
tax lien has been filed, and, to the Knowledge of Guarantor, no claim is being asserted, with respect to any such tax, fee or other charge. 

        Guarantor
agrees that the foregoing representations and warranties shall be deemed to have been made by Guarantor on the date of each Transaction under the Repurchase Agreement, on and
as of such date of the Transaction, as though made hereunder on and as of such date. 

        9.    Covenants.    

        (a)    Total Indebtedness to Total Assets Ratio.    Guarantor shall not permit the ratio of its Total Indebtedness
(excluding all Contingent Liabilities) to its Total Assets for any Test Period (calculated on a consolidated basis) to be greater than 0.75 seventy-five percent (75%), with compliance to
be tested as of the end of each Test Period. 

        (b)    Minimum Liquidity.    Guarantor shall not permit its Liquidity to be less than $7,500,000 at any time. 

        (c)    Fixed Charge Coverage Ratio.    Commencing with the calendar quarter ending on March 31, 2012, Guarantor
shall not permit its Fixed Charge Coverage Ratio for any Test Period to be less than 1.50 to 1.00, with compliance to be tested as of the end of each Test Period. 

        10.    Severability.    Any provision of this Guarantee which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

        11.    Paragraph Headings.    The paragraph headings used in this Guarantee are for convenience of reference only and
are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 

        12.    No Waiver; Cumulative Remedies.    Buyer shall not by any act (except by a written instrument pursuant to  Section 13
hereof), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any
default or event of default or in any breach of any of the terms and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of Buyer, any right, power or privilege
hereunder shall operate as a waiver thereof. No single or partial 

6

 

exercise
of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by Buyer of any right or
remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which Buyer would otherwise have on any future occasion. The rights and remedies herein provided are
cumulative, may be exercised singly or concurrently and are not exclusive of any rights or remedies provided by law. 

        13.    Waivers and Amendments; Successors and Assigns; Governing Law.    None of the terms or provisions of this
Guarantee may be waived, amended, supplemented or otherwise modified except by a written instrument executed by Guarantor and Buyer, provided that, subject to any limitations set forth in the
Repurchase Agreement, any provision of this Guarantee may be waived by Buyer in a letter or agreement executed by Buyer or by telex or facsimile transmission from Buyer. This Guarantee shall be
binding upon the heirs, personal representatives, successors and assigns of Guarantor and shall inure to the benefit of Buyer, and their respective successors and assigns. THIS
GUARANTEE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS GUARANTEE, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE
RIGHTS AND DUTIES OF THE PARTIES WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTION 5-1401 OF THE NEW YORK
GENERAL OBLIGATIONS LAW.

        14.    Notices.    Notices by Buyer to Guarantor may be given by mail, or by telecopy transmission, addressed to
Guarantor at the address or transmission number set forth under its signature below and shall be effective (a) in the case of mail, five days after deposit in the postal system, first class
certified mail and postage pre-paid, (b) one Business Day following timely delivery to a nationally
recognized overnight courier service for next Business Day delivery and (c) in the case of telecopy transmissions, when sent, transmission electronically confirmed if prior to 5:00 p.m.
local recipient time on a Business Day, and otherwise on the next succeeding Business Day. Notices to Buyer by Guarantor may be given in the manner set forth in the Repurchase Agreement. 

        15.    SUBMISSION TO JURISDICTION; WAIVERS.    EACH OF GUARANTOR AND BENEFICIARY HEREBY IRREVOCABLY AND
UNCONDITIONALLY: 

        (A)  SUBMITS
FOR GUARANTOR AND GUARANTOR'S PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTEE AND THE OTHER REPURCHASE DOCUMENTS TO WHICH GUARANTOR IS A
PARTY, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE COURTS OF THE UNITED
STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF; 

        (B)  CONSENTS
THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR
PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME; 

        (C)  AGREES
THAT SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING UNDER THIS GUARANTEE MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY
SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO SUCH PARTY AT SUCH PARTY'S ADDRESS, AS SET FORTH UNDER GUARANTOR'S SIGNATURE BELOW, WITH RESPECT TO DELIVERIES SENT TO GUARANTOR, OR, WITH
RESPECT TO DELIVERIES SENT TO BUYER, AT 

7

 

THE
ADDRESS SET FORTH IN THE REPURCHASE AGREEMENT, OR, IN EITHER CASE, AT SUCH OTHER ADDRESS OF WHICH THE OTHER PARTY SHALL HAVE BEEN NOTIFIED; AND 

        (D)  AGREES
THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

        16.    Integration.    This Guarantee represents the agreement of Guarantor with respect to the subject matter hereof
and there are no promises or representations by Buyer or any Buyer relative to the subject matter hereof not reflected herein. 

        17.    Acknowledgments.    Guarantor hereby acknowledges that: 

        (a)   Guarantor
has been advised by counsel in the negotiation, execution and delivery of this Guarantee and the related documents; 

        (b)   neither
Buyer nor any Beneficiary has any fiduciary relationship to Guarantor, and the relationship between Beneficiary and Guarantor is solely that of surety and
creditor; and 

        (c)   no
joint venture exists between or among any of Buyer, the Beneficiary, Guarantor and Seller. 

        18.    WAIVERS OF JURY
TRIAL.    EACH OF GUARANTOR AND BENEFICIARY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL
ACTION OR PROCEEDING RELATING TO THIS GUARANTEE OR ANY RELATED DOCUMENT AND FOR ANY COUNTERCLAIM HEREIN OR THEREIN.

[SIGNATURES
COMMENCE ON THE FOLLOWING PAGE] 

8

        IN
WITNESS WHEREOF, the undersigned has caused this Guarantee Agreement to be duly executed and delivered as of the date first above written. 

 

							
	 
	 	   ACRC HOLDINGS LLC, a Delaware limited liability company

	 
	 	 By:
	 	  /s/ Timothy B. Smith

 
	 
	 	 	 	Name:	 	Timothy B. Smith
	 
	 	 	 	Title:	 	Vice President

 

 Address
for Notices: 

ACRC
Holdings LLC

c/o Ares Management LLC

2 North LaSalle Street, 9th Floor

Chicago, IL 60602

Attention:    Sharon L. Ephraim 

ACRC
Holdings LLC

c/o Ares Management LLC

2 North LaSalle Street, 9th Floor

Chicago, IL 60602

Attention:    Legal Department 

With
a copy to: 

David
M. Stewart, Esq.

Latham & Watkins LLP

885 Third Avenue

New York, NY 10022 

QuickLinks

Exhibit 10.23

GUARANTEE AGREEMENT

RECITALS

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