secwatch.observer — SEC 8-K summary
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Issuer:     CIM REAL ESTATE FINANCE TRUST, INC. (CMRF)
CIK:        0001498547
Form:       8-K
Filed at:   2023-12-28T23:59:59+00:00
Accession:  0001498547-23-000088
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CMFT and CLR amend repurchase agreement with Deutsche Bank, add joint guaranty and financial covenants
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- Guarantors (CMFT and CLR) now jointly and severally guarantee up to 25% of aggregate repurchase price of purchased loans.
- Financial covenants include minimum liquidity of $50M, tangible net worth ≥$1B (plus 75% of equity issued), EBITDA/interest ≥1.40x, leverage ≤4.00x.
- A Guarantor Replacement Event allows CLR to become sole guarantor once conditions are met.
- The Second Amendment also updates definitions (Change of Control, Manager) and extends the existing repurchase facility terms.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1498547/000149854723000088/0001498547-23-000088-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1498547/000149854723000088/cmft-20231222.htm
  HTML page:      https://secwatch.observer/filing/0001498547-23-000088

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