ACRES COMMERCIAL REALTY CORP. : Entering into a Material Definitive Agreement, Creating a Direct Financial Obligation or Obligation Under an Off-Balance Sheet Registrant Arrangement, Financial Statements and Exhibits (Form 8-K)

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Section 1.01 Entering into a Material Definitive Agreement.

As indicated previously, the July 31, 2020, RCC Immobilier SPE Holdings LLC
(“Holdings”), an indirect subsidiary wholly owned by ACRES Commercial Realty Corp.and RCC Real Estate SPE 9 LLC (the “Borrower”), a direct wholly owned subsidiary of Holdings, have entered into a $250 million Loan and Service Agreement (“Loan and Service Agreement”), as amended, with Massachusetts Mutual Life Insurance Company (“MassMutual”), the other lending party (the “Lenders”), Wells Fargo Bank, National Associationas Administrative Agent and Collateral Depositary, MassMutual, as Facilities Management Agent, and ACRES Capital Servicing LLCaffiliate ACRES Capital, LLC, as portfolio manager. Capitalized terms used but not defined herein have the same meaning as in the Loan and Service Agreement, a copy of which was included in Exhibit 10.2 to our current Report on Form 8-K filed on August 4, 2020 and is incorporated herein by reference.

On July 26, 2022Holdings, the Borrower and the Lenders have entered into the Fifth Amendment to the Loan and Service Agreement (the “Amendment”) to (i) extend the period of availability of July 31, 2022 at August 31, 2022 and (ii) modify the rate of interest on the unpaid principal amount of Advances, in respect of Advances made against Eligible Portfolio Assets Transferred to any Borrower after the effective date of the Amendment at the annual rate determined by the Initial Lender or otherwise 5.75% per annum.

The foregoing description of the Amendment is a summary only, does not purport to be complete, and is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under

an off-balance sheet arrangement of a registrant.

The information set out in point 1.01 is incorporated herein by reference.

Item 9.01 Financial statements and supporting documents.


(d) Exhibits.


Exhibit No.   Description
10.1            Fifth Amendment to Loan and Servicing Agreement, dated as of July
              26, 2022, among RCC Real Estate SPE Holdings LLC, RCC Real Estate
              SPE 9 LLC, Massachusetts Mutual Life Insurance Company and Wells
              Fargo Bank, National Association, as the Administrative Agent.

104           Cover Page Interactive Data File (embedded within the Inline XBRL
              document).




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