Item 1.01
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Entry into a Material Definitive Agreement.
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On August 29, 2024, CMFT Corporate Credit Securities, LLC (the "Borrower"), an indirect wholly owned, bankruptcy-remote subsidiary of CIM Real Estate Finance Trust, Inc. (the "Company"), Citibank, N.A. (the "Bank"), as administrative agent and as lender, CMFT Securities Investments, LLC, a wholly owned subsidiary of the Company, as equityholder and as collateral manager, the Bank (acting through its Agency & Trust division), as both a collateral agent and as a collateral custodian, and Virtus Group, LP, as collateral administrator, entered into Amendment No. 4 and Waiver of Credit and Security Agreement (the "Fourth Amendment") to amend the revolving credit and security agreement dated December 31, 2019 (as previously amended, the "Credit and Security Agreement"), as previously discussed in a Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission ("SEC") on January 7, 2020, and as amended on March 19, 2020, October 4, 2021 and June 23, 2022 as discussed in a Current Report on Form 8-K filed by the Company with the SEC on March 24, 2020, October 8, 2021 and June 28, 2022, respectively. In connection with the sale of certain of the Collateral (as defined in the Credit Security Agreement), the Fourth Amendment was entered into to, among other things, modify the definition of Facility Amount as used in the Credit and Security Agreement by decreasing available borrowings under the Credit and Security Agreement to $18.0 million and to waive any defaults under the Credit and Security Agreement that may be caused by the sale of such Collateral. In connection with the Fourth Amendment, the Borrower paid down the outstanding balance of the Credit and Security Agreement by $397.5 million and, as of August 29, 2024, the Company had $18.0 million outstanding under the Credit and Security Agreement. Other than the modified terms described above, the material terms of the Credit and Security Agreement remain unchanged.
The foregoing description of the Fourth Amendment does not purport to be complete and is qualified in its entirety by the full text of the Fourth Amendment, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.