CMCT obtains lender waiver for Sep 2024 covenant default; credit line cut to $169M; cash flow sweep imposed

Creative Media & Community Trust Corp

Lenders waived an event of default for non-compliance with a financial covenant for the test period ending Sep 30, 2024.
Aggregate commitments under the 2022 credit facility reduced from $206.2M to $169.3M.
Starting April 1, 2025, excess cash flow from borrowing base properties must be deposited into a lender-controlled account.
Modification agreement also amends borrowing base formula and permits release of Sacramento Sheraton Grand Hotel for refinancing.
Waiver does not cover future periods; Dec 31, 2024 compliance not waived.

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