secwatch.observer — SEC 8-K summary
======================================

Issuer:     Creative Media & Community Trust Corp (CMCT)
CIK:        0000908311
Form:       8-K
Filed at:   2024-10-29T23:59:59+00:00
Accession:  0000908311-24-000057
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/908311/000090831124000057/0000908311-24-000057-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/908311/000090831124000057/cmct-20241024.htm
  HTML page:      https://secwatch.observer/filing/0000908311-24-000057

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer