EXECUTION COPY
as Borrower,
as Parent,
as Arranger,
as Administrative Agent,
each of
and
MERRILL LYNCH BANK USA,
as Co-Syndications Agents ,
and
CALYON NEW YORK BRANCH,
as Co-Documentation Agents,
AND THEIR ASSIGNEES PURSUANT TO SECTION 12.5.,
as Lenders
Article I. Definitions | 1 | |||
Section 1.1. Definitions | 1 | |||
Section 1.2. General; References to Times | 25 | |||
Section 1.3. Financial Attributes of Non-Wholly Owned Subsidiaries | 26 | |||
Article II. Credit Facility | 26 | |||
Section 2.1. Revolving Loans | 26 | |||
Section 2.2. Term Loans | 28 | |||
Section 2.3. Letters of Credit | 29 | |||
Section 2.4. Rates and Payment of Interest on Loans | 33 | |||
Section 2.5. Number of Interest Periods | 35 | |||
Section 2.6. Repayment of Loans | 35 | |||
Section 2.7. Prepayments | 35 | |||
Section 2.8. Continuation | 36 | |||
Section 2.9. Conversion | 36 | |||
Section 2.10. Notes | 37 | |||
Section 2.11. Voluntary Reductions of the Revolving Commitment | 38 | |||
Section 2.12. Extension of Revolving Termination Date and Term Loan Maturity Date | 38 | |||
Section 2.13. Expiration or Maturity Date of Letters of Credit Past Revolving Termination Date | 40 | |||
Section 2.14. Amount Limitations | 40 | |||
Article III. Payments, Fees and Other General Provisions | 40 | |||
Section 3.1. Payments | 40 | |||
Section 3.2. Pro Rata Treatment | 40 | |||
Section 3.3. Sharing of Payments, Etc. | 41 | |||
Section 3.4. Several Obligations | 42 | |||
Section 3.5. Minimum Amounts | 42 | |||
Section 3.6. Fees | 42 | |||
Section 3.7. Computations | 44 | |||
Section 3.8. Usury | 44 | |||
Section 3.9. Agreement Regarding Interest and Charges | 44 | |||
Section 3.10. Statements of Account | 44 | |||
Section 3.11. Defaulting Lenders | 45 | |||
Section 3.12. Taxes | 46 | |||
Article IV. Yield Protection, Etc. | 48 | |||
Section 4.1. Additional Costs; Capital Adequacy | 48 | |||
Section 4.2. Suspension of LIBOR Loans | 49 | |||
Section 4.3. Illegality | 49 | |||
Section 4.4. Compensation | 50 | |||
Section 4.5. Affected Lenders | 50 |
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Section 4.6. Treatment of Affected Loans | 51 | |||
Section 4.7. Change of Lending Office | 51 | |||
Section 4.8. Assumptions Concerning Funding of LIBOR Loans | 51 | |||
Article V. Conditions Precedent | 52 | |||
Section 5.1. Initial Conditions Precedent | 52 | |||
Section 5.2. Conditions Precedent to All Loans and Letters of Credit | 55 | |||
Article VI. Representations and Warranties | 56 | |||
Section 6.1. Representations and Warranties | 56 | |||
Section 6.2. Survival of Representations and Warranties, Etc. | 61 | |||
Article VII. Affirmative Covenants | 62 | |||
Section 7.1. Preservation of Existence and Similar Matters | 62 | |||
Section 7.2. Compliance with Applicable Law | 62 | |||
Section 7.3. Maintenance of Property | 62 | |||
Section 7.4. Conduct of Business | 63 | |||
Section 7.5. Insurance | 63 | |||
Section 7.6. Payment of Taxes and Claims | 63 | |||
Section 7.7. Visits and Inspections | 63 | |||
Section 7.8. Use of Proceeds; Letters of Credit | 64 | |||
Section 7.9. Environmental Matters | 64 | |||
Section 7.10. Books and Records | 64 | |||
Section 7.11. Further Assurances | 65 | |||
Section 7.12. Additional Guarantors and Pledges | 65 | |||
Section 7.13. Release of Guarantors and Pledges | 66 | |||
Section 7.14. REIT Status | 66 | |||
Section 7.15. Exchange Listing | 66 | |||
Article VIII. Information | 67 | |||
Section 8.1. Quarterly Financial Statements | 67 | |||
Section 8.2. Year-End Statements | 67 | |||
Section 8.3. Compliance Certificate | 67 | |||
Section 8.4. Other Information | 68 | |||
Section 8.5. Electronic Delivery of Certain Information | 69 | |||
Section 8.6. Public/Private Information | 71 | |||
Article IX. Negative Covenants | 71 | |||
Section 9.1. Financial Covenants | 71 | |||
Section 9.2. Restricted Payments | 72 | |||
Section 9.3. Indebtedness | 72 | |||
Section 9.4. Certain Permitted Investments | 72 | |||
Section 9.5. Investments Generally | 72 | |||
Section 9.6. Liens; Negative Pledges; Other Matters | 73 | |||
Section 9.7. Merger, Consolidation, Sales of Assets and Other Arrangements | 74 | |||
Section 9.8. Fiscal Year | 74 |
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Section 9.9. Modifications of Organizational Documents | 74 | |||
Section 9.10. Transactions with Affiliates | 75 | |||
Section 9.11. ERISA Exemptions | 75 | |||
Article X. Default | 75 | |||
Section 10.1. Events of Default | 75 | |||
Section 10.2. Remedies Upon Event of Default | 79 | |||
Section 10.3. Remedies Upon Default | 80 | |||
Section 10.4. Allocation of Proceeds | 80 | |||
Section 10.5. Collateral Account | 81 | |||
Section 10.6. Performance by Agent | 82 | |||
Section 10.7. Rights Cumulative | 82 | |||
Article XI. The Agent | 82 | |||
Section 11.1. Authorization and Action | 82 | |||
Section 11.2. Agent’s Reliance, Etc | 83 | |||
Section 11.3. Notice of Defaults | 84 | |||
Section 11.4. Wachovia as Lender | 84 | |||
Section 11.5. Approvals of Lenders | 84 | |||
Section 11.6. Lender Credit Decision, Etc | 85 | |||
Section 11.7. Indemnification of Agent | 86 | |||
Section 11.8. Successor Agent | 86 | |||
Section 11.9. Titled Agents | 87 | |||
Article XII. Miscellaneous | 87 | |||
Section 12.1. Notices | 87 | |||
Section 12.2. Expenses | 88 | |||
Section 12.3. Setoff | 89 | |||
Section 12.4. Litigation; Jurisdiction; Other Matters; Waivers | 89 | |||
Section 12.5. Successors and Assigns | 90 | |||
Section 12.6. Amendments | 93 | |||
Section 12.7. Nonliability of Agent and Lenders | 95 | |||
Section 12.8. Confidentiality | 95 | |||
Section 12.9. Indemnification | 96 | |||
Section 12.10. Termination; Survival | 99 | |||
Section 12.11. Severability of Provisions | 99 | |||
Section 12.12. GOVERNING LAW | 99 | |||
Section 12.13. Patriot Act | 99 | |||
Section 12.14. Counterparts | 100 | |||
Section 12.15. Obligations with Respect to Loan Parties | 100 | |||
Section 12.16. Limitation of Liability | 100 | |||
Section 12.17. Entire Agreement | 100 | |||
Section 12.18. Construction | 100 |
SCHEDULE I | Commitments | |
SCHEDULE 1.1.(A) | Acquisition Portfolio |
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SCHEDULE 1.1.(B) | List of Grantors | |
SCHEDULE 1.1.(C) | List of Loan Parties | |
SCHEDULE 1.1.(D) | List of Pledgors | |
SCHEDULE 6.1.(b) | Ownership Structure | |
SCHEDULE 6.1.(f) | Title to Properties; Liens | |
SCHEDULE 6.1.(g) | Existing Indebtedness | |
SCHEDULE 9.10. | Transactions with Affiliates | |
EXHIBIT A | Form of Assignment and Assumption | |
EXHIBIT B | Form of Notice of Borrowing | |
EXHIBIT C | Form of Notice of Continuation | |
EXHIBIT D | Form of Notice of Conversion | |
EXHIBIT E | Form of Pledge Agreement | |
EXHIBIT F | Form of Security Agreement | |
EXHIBIT G | Form of Revolving Note | |
EXHIBIT H | Form of Term Note | |
EXHIBIT I | Form of Opinion of Counsel | |
EXHIBIT J | Form of Compliance Certificate | |
EXHIBIT K | Form of Guaranty |
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Total Net Indebtedness to | Applicable Margin for | Applicable Margin for | ||||||||||
Level | Total Asset Value | LIBOR Loans | Base Rate Loans | |||||||||
1 | < 0.50 to 1.00 | 1.55 | % | 0.50 | % | |||||||
2 | > 0.50 to 1.00 and < 0.60 to 1.00 | 1.65 | % | 0.75 | % | |||||||
3 | > 0.60 to 1.00 and < 0.70 to 1.00 | 1.75 | % | 1.00 | % | |||||||
4 | > 0.70 to 1.00 | 1.95 | % | 1.25 | % |
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Total Net Indebtedness to | Applicable Margin for | Applicable Margin for | ||||||||||
Level | Total Asset Value | LIBOR Loans | Base Rate Loans | |||||||||
1 | < 0.50 to 1.00 | 1.40 | % | 0.40 | % | |||||||
2 | > 0.50 to 1.00 and < 0.60 to 1.00 | 1.55 | % | 0.65 | % | |||||||
3 | > 0.60 to 1.00 and < 0.70 to 1.00 | 1.65 | % | 0.90 | % | |||||||
4 | > 0.70 to 1.00 | 1.85 | % | 1.15 | % |
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Parent’s Credit Rating | Applicable Margin for | Applicable Margin for | ||||||||||
Level | (S&P/Moody’s) | LIBOR Loans | Base Rate Loans | |||||||||
1 | BB+/Ba1 or higher | 1.50 | % | 0.50 | % | |||||||
2 | BB/Ba2 | 1.75 | % | 0.75 | % | |||||||
3 | BB-/Ba3 | 2.00 | % | 1.00 | % | |||||||
4 | B+/B1 | 2.25 | % | 1.25 | % | |||||||
5 | B/B2 or lower | 2.50 | % | 1.50 | % |
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Unused Amount | Unused Fee | |||
≥ 50% of the aggregate amount of Revolving Commitments | 0.20 | % | ||
< 50% of the aggregate amount of Revolving Commitments | 0.125 | % |
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Four-Quarter Period Ending | Ratio | |
On or before December 31, 2008 | 1.250 to 1.00 | |
After December 31, 2008 and on or before December 31, 2009 | 1.350 to 1.00 | |
After December 31, 2009 | 1.50 to 1.0 |
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14185 Dallas Parkway, Suite 1100
Dallas, Texas 75245
Attn: David Brooks, Chief Legal Officer
Telephone: (972) 778-9207
Telecopy: (972) 490-9605
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301 S. College Street, NC0172
Charlotte, North Carolina 28288
Attn: David M. Blackman
Telephone: (704) 374-6272
Telecopy: (704) 383-6205
Administrative Details Form;
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ASHFORD HOSPITALITY LIMITED PARTNERSHIP By: Ashford OP General Partner LLC, its general partner | ||||
By: | /s/ David Brooks | |||
Name: | David Brooks | |||
Title: | Vice President | |||
ASHFORD HOSPITALITY TRUST, INC. | ||||
By: | /s/ David Brooks | |||
Name: | David Brooks | |||
Title: | Vice President | |||
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WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent and as a Lender | ||||
By: | /s/ Matthew Ricketts | |||
Name: | Matthew Ricketts | |||
Title: | Vice President | |||
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MERRILL LYNCH BANK USA, as a Lender | ||||
By: | /s/ Derek Betus | |||
Name: | Derek Betus | |||
Title: | Vice President | |||
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MORGAN STANLEY SENIOR FUNDING, INC., as a Lender | ||||
By: | /s/ Daniel Twenge | |||
Name: | Daniel Twenge | |||
Title: | Morgan Stanley Senior Funding Inc. | |||
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BANK OF AMERICA, N.A., as a Lender | ||||
By: | /s/ Lesa J. Butler | |||
Name: | Lesa J. Butler | |||
Title: | Senior Vice President | |||
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CALYON NEW YORK BRANCH, as a Lender | ||||
By: | /s/ David Bowers | |||
Name: | David Bowers | |||
Title: | Managing Director | |||
By: | /s/ Joseph Asciolla | |||
Name: | Joseph Asciolla | |||
Title: | Managing Director | |||
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AAREAL BANK AG, as a Lender | ||||
By: | /s/ Stefan Kolle | |||
Name: | Stefan Kolle | |||
Title: | Director, Credit Management-America | |||
By: | /s/ Barbara Tracinski | |||
Name: | Barbara Tracinski | |||
Title: | Credit Management Transaction Advisory (Legal Advisory) | |||
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ROYAL BANK OF CANADA, as a Lender | ||||
By: | /s/ Dan LePage | |||
Name: | Dan LePage | |||
Title: | Attorney-in-Fact | |||
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CREDIT SUISSE, CAYMAN ISLANDS, as a Lender | ||||
By: | /s/ Ian Nalitt | |||
Name: | Ian Nalitt | |||
Title: | Managing Director | |||
By: | /s/ James Neira | |||
Name: | James Neira | |||
Title: | Associate | |||
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ALLIED IRISH BANKS, P.L.C., as a Lender | ||||
By: | /s/ Brian Deegan | |||
Name: | Brian Deegan | |||
Title: | Vice President | |||
By: | /s/ Kathryn E. Murdoch | |||
Name: | Kathryn E. Murdoch | |||
Title: | Vice President | |||
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KEYBANK NATIONAL ASSOCIATION, as a Lender | ||||
By: | /s/ Kevin P. Murray | |||
Name: | Kevin P. Murray | |||
Title: | Vice President | |||
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Lender | Revolving Commitment | Term Loan Commitment | ||||||
Wachovia Bank, National Association | $ | 25,000,000 | $ | 85,000,000 | ||||
Merrill Lynch Bank USA | $ | 22,000,000 | $ | 50,000,000 | ||||
Morgan Stanley Senior Funding, Inc. | $ | 22,000,000 | $ | 50,000,000 | ||||
Bank of America, N.A. | $ | 22,000,000 | $ | 25,000,000 | ||||
Calyon New York Branch | $ | 15,000,000 | $ | 35,000,000 | ||||
Aareal Bank AG | $ | 15,000,000 | $ | 35,000,000 | ||||
Royal Bank of Canada | $ | 15,000,000 | $ | 20,000,000 | ||||
Credit Suisse, Cayman Islands Branch | $ | 22,000,000 | -0- | |||||
Allied Irish Banks, p.l.c. | $ | 22,000,000 | -0- | |||||
KeyBank National Association | $ | 20,000,000 | $ | 25,000,000 |
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1 | For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language. | |
2 | For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language. | |
3 | Select as appropriate. | |
4 | Include bracketed language if there are either multiple Assignors or multiple Assignees. |
A-1
1. Assignor[s]: | ||||
2. Assignee[s]: | ||||
[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender] | ||||
3. Borrower(s): | Ashford Hospitality Limited Partnership | |||
4. Administrative Agent: | Wachovia Bank, National Association, as the administrative agent under the Credit Agreement | |||
5. Credit Agreement: | [Credit Agreement dated as of April 10, 2007 among Ashford Hospitality Limited Partnership, the Lenders parties thereto, Wachovia Bank, National Association, as Administrative Agent and the other parties thereto] | |||
6. Assigned Interest[s]: |
Aggregate Amount | ||||||||||||||||||||||||
of Commitment/ | Amount of | Percentage Assigned | ||||||||||||||||||||||
Assignor[s] | Assignee[s] | Facility | Loans for all | Commitment/ | of Commitment/ | CUSIP | ||||||||||||||||||
5 | 6 | Assigned7 | Lenders8 | Loans Assigned | Loans9 | Number | ||||||||||||||||||
$ | $ | % | ||||||||||||||||||||||
$ | $ | % |
5 | List each Assignor, as appropriate. | |
6 | List each Assignee, as appropriate. | |
7 | Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g. “Revolving Credit Commitment,” “Term Loan Commitment,” etc.) | |
8 | Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. | |
9 | Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. | |
10 | To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date. |
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ASSIGNOR[S]11 | ||||||||
[NAME OF ASSIGNOR] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
[NAME OF ASSIGNOR] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
ASSIGNEE[S]12 | ||||||||
[NAME OF ASSIGNEE] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
[NAME OF ASSIGNEE] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
11 | Add additional signature blocks as needed. | |
12 | Add additional signature blocks as needed. |
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By: | ||||||
Name: | ||||||
Title: | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
13 | To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. | |
14 | To be added only if the consent of the Borrower and/or other parties is required by the terms of the Credit Agreement. |
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ASSIGNMENT AND ASSUMPTION
15 | Describe Credit Agreement at option of Administrative Agent. |
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One Wachovia Center
301 South College Street, NC0172
Charlotte, North Carolina 28288
Attention: David M. Blackman
1. | Pursuant to Section 2.1.(b) of the Credit Agreement, the Borrower hereby requests that the Lenders make Revolving Loans to the Borrower in an aggregate principal amount equal to $ . |
2. | The Borrower requests that such Revolving Loans be made available to the Borrower on , 20___. |
3. | The Borrower hereby requests that the requested Revolving Loans all be of the following Type: | |
[Check one box only] |
o LIBOR Loans, each with an initial Interest Period for a duration of:
[Check one box only] | o | 1 month | ||||
o | 2 months | |||||
o | 3 months | |||||
o | 6 months |
4. | The proceeds of this borrowing of Revolving Loans will be used for the following purpose: | |
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5. | The Borrower requests that the proceeds of this borrowing of Revolving Loans be made available to the Borrower by . |
ASHFORD HOSPITALITY LIMITED PARTNERSHIP By: Ashford OP General Partner LLC, its general partner | ||||||||||
By: | ||||||||||
Name: | ||||||||||
Title: | ||||||||||
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One Wachovia Center
301 South College Street, NC0172
Charlotte, North Carolina 28288
Attention: David M. Blackman
2. | The aggregate principal amount of Loans subject to the requested Continuation is $ and was originally borrowed by the Borrower on , 20___. |
3. | The portion of such principal amount subject to such Continuation is $ . |
4. | The current Interest Period for each of the Loans subject to such Continuation ends on , 20___. |
5. | The duration of the new Interest Period for each of such Loans or portion thereof subject to such Continuation is: |
[Check one box only] | o | 1 month | ||||
o | 2 months | |||||
o | 3 months | |||||
o | 6 months |
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ASHFORD HOSPITALITY LIMITED PARTNERSHIP By: Ashford OP General Partner LLC, its general partner | ||||||||||
By: | ||||||||||
Name: | ||||||||||
Title: | ||||||||||
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One Wachovia Center
301 South College Street, NC0172
Charlotte, North Carolina 28288
Attention: David M. Blackman
1. | The proposed date of such Conversion is , 20___. | |
2. | The Loans to be Converted pursuant hereto arecurrently: |
[Check one box only] | o | Base Rate Loans | ||||
o | LIBOR Loans |
3. | The aggregate principal amount of Loans subject to the requested Conversion is $ and was originally borrowed by the Borrower on , 20___. | |
4. | The portion of such principal amount subject to such Conversion is $ . |
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5. | The amount of such Loans to be so Converted is to be converted into Loans of the following Type: | |
[Check one box only] |
[Check one box only] | o | 1 month | ||||
o | 2 months | |||||
o | 3 months | |||||
o | 6 months |
ASHFORD HOSPITALITY LIMITED PARTNERSHIP By: Ashford OP General Partner LLC, its general partner | ||||||||||
By: | ||||||||||
Name: | ||||||||||
Title: | ||||||||||
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PLEDGORS: | ||||||||
[NAME OF PLEDGORS] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
as of the date first written above.
PLEDGEE: | ||||||
WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
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[NEW PLEDGOR] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
Attention:
Telecopy Number: ( )
Telephone Number: ( )
Accepted: | ||||||
WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
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Jurisdiction of | Class of Equity | Certificate | Percentage of | |||||||||||||||||
Pledgor | Issuer | Formation | Interest | Number (if any) | Ownership | |||||||||||||||
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Jurisdiction | Class of | Certificate | ||||||||||||||||||
of Formation | Equity | Number | Percentage of | |||||||||||||||||
Pledgor | Issuer | of Issuer | Interest | (if any) | Ownership | |||||||||||||||
Jurisdiction of | ||||||||||||
Pledgor | Formation | Organizational ID No. | Location of Chief Executive Office | |||||||||
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[ISSUER] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
16 | Include only if the Issuer is a partnership or limited liability company. |
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“Certificated Security”
“Chattel Paper”
“Documents”
“Entitlement Holder”
“Entitlement Order”
“Equipment”
“Financial Asset”
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“General Intangible”
“Goods”
“Instruments”
“Inventory”
“Investment Property”
“Securities Intermediary”
“Security”
“Security Entitlement”
“Supporting Obligation”
“Uncertificated Security”
“Payment Intangible”
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GRANTORS: | ||||||||
[NAME OF GRANTORS] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
as of the date first written above.
By: | ||||||
Name: | ||||||
Title: | ||||||
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Grantor | Jurisdiction Where to be Filed | |||
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Jurisdiction of | Chief Executive Office/Sole Place of | |||||||||||
Grantor (Exact Legal Name) | Formation | Org. ID No. | Business | |||||||||
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Grantor | Bank | Account No. | ||||||
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[NEW GRANTOR] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
Address for Notices: | ||||||||
Attention: | ||||||
Telecopy Number: (___) | ||||||
Telephone Number: (___) | ||||||
Accepted: | ||||||
WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
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with respect to the New Grantor]
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$ | , 20___ |
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ASHFORD HOSPITALITY LIMITED PARTNERSHIP By: Ashford OP General Partner LLC, its general partner | ||||||||||
By: | ||||||||||
Name: | ||||||||||
Title: |
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Principal | Amount | Unpaid | ||||||
Date of | Amount of | Paid or | Principal | Notation | ||||
Loan | Loan | Prepaid | Amount | Made By | ||||
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$ | , 20___ |
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ASHFORD HOSPITALITY LIMITED PARTNERSHIP By: Ashford OP General Partner LLC, its general partner | ||||||||||
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Title: |
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Amount | ||||
Paid or | Unpaid Principal | Notation | ||
Prepaid | Amount | Made By | ||
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1. | Due organization or formation of each Loan Party; | |
2. | Power of each Loan Party to (a) execute and deliver, and to perform its obligations under, the Loan Documents to which it is a party, (b) own and use its assets, and (c) conduct its business as presently conducted; | |
3. | Good standing of each Loan Party in jurisdiction of organization or formation and qualification of each Loan Party to transact business in jurisdictions where required to be so qualified; | |
4. | Each Loan Party’s authorization of the execution and delivery of the Loan Documents to which it is a party and the performance by such Loan Party of all of its obligations under each such Loan Document; | |
5. | Each Loan Party’s due execution and delivery of the Loan Documents to which it is a party; | |
6. | Each Loan Document being a valid and binding obligation of each Loan Party which is a party thereto, enforceable against each such Loan Party in accordance with its terms, except as such enforceability may be limited by: (a) applicable bankruptcy, insolvency, reorganization, moratorium, arrangement or similar laws relating to or affecting the enforcement of creditors’ rights generally and (b) the fact that equitable remedies or relief (including, but not limited to, the remedy of specific performance) are subject to the discretion of the court before which any such remedies or relief may be sought; | |
7. | The Pledge Agreement creating a valid and enforceable security interest in favor of the Agent in the Collateral (as defined in the Pledge Agreement) and perfection of such security interest; | |
8. | The Security Agreement creating a valid and enforceable security interest in favor of the Agent in the Collateral (as defined in the Security Agreement) and perfection of such security interest; | |
9. | All financing statements being filed in connection with the Pledge Agreement and Security Agreement being in appropriate form for filing; |
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10. | The execution, delivery and performance by each Loan Party of the Loan Documents to which it is a party not resulting in any: (a) violation of such Loan Party’s organizational documents; (b) violation of any existing federal or state constitution, statute, regulation, rule, order, or law to which such Loan Party or its assets are subject; (c) breach or violation of or default under, any agreement, instrument, indenture or other document evidencing any indebtedness for money borrowed or any other material agreement to which, to our knowledge, such Loan Party is bound or under which a Loan Party or its assets is subject; (d) creation or imposition of a lien or security interest in, on or against the assets of such Loan Party under any agreement, instrument, indenture or other document evidencing any indebtedness for money borrowed or any other material agreement to which, to the knowledge of counsel, such Loan Party is bound or under which a Loan Party or its assets is subject; or (e) violation of any judicial or administrative decree, writ, judgment or order to which, to the knowledge of counsel, such Loan Party or its assets are subject; | |
11. | The execution, delivery and performance by each Loan Party of each Loan Document to which it is a party, and the consummation of the transactions thereunder, not requiring any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority of the United States of America or the States of Delaware, New York or Texas; | |
12. | None of the Loan Parties being, or, after giving effect to any Loan will be, subject to regulation under the Investment Company Act of 1940 or to any federal or state statute or regulation limiting its ability to incur indebtedness for borrowed money; | |
13. | No transfer, mortgage, intangible, documentary stamp or similar taxes being payable by the Agent or the Lenders in connection with (a) the execution and delivery of the Loan Documents, (b) the creation of the Indebtedness and the other Obligations evidenced by any of the Loan Documents or (c) the perfection of the Agent’s Lien in any of the Collateral; | |
14. | Assuming that the Borrower applies the proceeds of the Loans as provided in the Credit Agreement, the transactions contemplated by the Loan Documents not violating the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve System of the United States of America; and | |
15. | The consideration to be paid to the Agent and the Lenders for the financial accommodations to be provided to the Loan Parties pursuant to the Credit Agreement not violating any law of the States of New York or Texas relating to interest and usury. |
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One Wachovia Center
301 South College Street, NC0172
Charlotte, North Carolina 28288
Attention: David M. Blackman
Agreement referred to below
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Name: Title: | |
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[GUARANTORS] | ||||||||
By: | ||||||||
Name: Title: | | |||||||
Address for Notices: | ||||||||
c/o Ashford Hospitality Limited Partnership 14185 Dallas Parkway, Suite 1100 Dallas, Texas 75245 Attention: David Brooks, Chief Legal Officer Telecopy Number: (972) 490-9605 Telephone Number: (972) 778-9207 |
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[NEW GUARANTOR] | ||||||||
By: | ||||||||
Name: Title: | | |||||||
Address for Notices: | ||||||||
c/o Ashford Hospitality Limited Partnership | ||||||||
Attention: Telecopy Number: (_____) Telephone Number: (_____) |
Accepted: | ||||||
WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent | ||||||
By: | ||||||
Name: Title: | |
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