secwatch.observer — SEC 8-K summary
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Issuer:     ACRES Commercial Realty Corp. (ACR)
CIK:        0001332551
Form:       8-K
Filed at:   2022-11-18T23:59:59+00:00
Accession:  0001564590-22-038041
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ACRES Commercial Realty amends credit facility covenants with JPMorgan and Morgan Stanley
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- JPM Amendment (Nov 17): Through Sep 2023, liquidity floor raised to $15M or 7.5% of repurchase price; max leverage 5.5:1; min EBITDA/interest 1.25:1.
- Morgan Stanley Amendment (Nov 18): Through Mar 2024, same liquidity floor of $15M or 7.5%; max leverage 5.5:1; min EBITDA/interest 1.25:1.
- Both amendments modify EBITDA calculation by excluding certain non-cash items and REO construction loan interest.
- The company represents no defaults exist and reaffirms compliance with all covenants post-amendment.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1332551/000156459022038041/0001564590-22-038041-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1332551/000156459022038041/acr-8k_20221117.htm
  HTML page:      https://secwatch.observer/filing/0001564590-22-038041

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