On October 26, 2021, RCC Real Estate SPE 8, LLC (“SPE 8”), an indirect, wholly owned subsidiary of ACRES Commercial Realty Corp. (the “Company”), entered into Amendment No. 3 to Master Repurchase Agreement and Guarantee Agreement (the “JPM Amendment”) with JPMorgan Chase Bank, National Association (“JPM”) and the Company as guarantor, which made certain amendments and modifications to the Master Repurchase Agreement, dated as of October 26, 2018, as amended by that certain First Amendment to the Master Repurchase Agreement, dated as of August 14, 2020 and Amendment No. 2 to Master Repurchase Agreement, dated as of September 1, 2021 (the “Repurchase Facility”). The JPM Amendment, among other things, changed the maturity date from October 26, 2021 to October 26, 2024 and increased the Tangible Net Worth Requirement (as defined in the Guarantee Agreement dated October 26, 2018 as amended by Amendment No. 1 to Guarantee Agreement dated as of May 6, 2020 and Amendment No. 2 to Guarantee Agreement dated as of October 2, 2020).
On October 29, 2021, RCC Real Estate SPE 7, LLC (“SPE 7”), an indirect, wholly owned subsidiary of the Company, entered into the Second Amendment to Master Repurchase Agreement and First Amendment to Fee Letter (the “Barclays Amendment”) with Barclays Bank PLC (“Barclays”), which amended the revolving period to October 29, 2022. Additionally, on October 29, 2021, the Company entered into the Third Amendment to Guaranty, which amended the Guaranty, dated April 10, 2018, as amended, made by the Company in favor of Barclays (the “Amended Guaranty”). The Amended Guaranty limits the financial covenants to be applicable when there are outstanding transactions.
The foregoing descriptions of the JPM Amendment, Barclays Amendment and Amended Guaranty do not purport to be complete and are qualified in their entirety by reference to the full text of the JPM Amendment, Barclays Amendment and Amended Guaranty, which have been filed with this Current Report on Form 8-K as Exhibits 99.1, 99.2 and 99.3.