Item 1.01 Entry into a Material Definitive Agreement.

On June 15, 2012, PMC Commercial Trust (the "Company") and its wholly owned subsidiary, First Western SBLC, Inc. ("First Western") entered into a Second Amendment to Amended and Restated Credit Agreement (the "Amendment"), which amends their Amended and Restated Credit Agreement dated as of December 28, 2010 (the "Credit Agreement"), among the Company, First Western, JPMorgan Chase Bank, National Association, as a lender and as administrative agent for the lenders (in such capacity, the "Administrative Agent") and the lenders named therein. A copy of the Credit Agreement was filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the U.S. Securities Exchange Commission on January 3, 2011 and is incorporated herein by reference.

The Amendment modifies the Company's minimum net worth covenant from $142.0 million to $139.5 million from June 15 to June 30, 2012; $137.0 million from July 1 to September 30, 2012; $134.5 million from October 1 to December 31, 2012 and $132.0 million from January 1, 2013 and thereafter.

The foregoing summary is qualified in its entirety by reference to the full text of the document attached hereto as Exhibit 10.1 to this Form 8-K, which exhibit is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

10.1 Second Amendment to Amended and Restated Credit Agreement among PMC Commercial Trust, First Western SBLC, Inc., and JPMorgan Chase Bank, National Association, as Administrative Agent, and the lenders named therein, dated June 15, 2012

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