EXHIBIT 10.1(C)

 

SECOND AMENDMENT OF AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS SECOND AMENDMENT OF AMENDED AND RESTATED CREDIT AGREEMENT (this “Second
Amendment”) is entered into on January 31, 2003 to be effective as of December
31, 2002, between INNKEEPERS USA TRUST, a Maryland real estate investment trust
(the “Trust”), INNKEEPERS USA LIMITED PARTNERSHIP, a Virginia limited
partnership (the “Partnership;” the Trust and the Partnership are each called a
“Borrower” and collectively called “Borrowers”), each of the banks or other
lending institutions which is a signatory to this Second Amendment
(collectively, “Lenders”), BANK OF AMERICA, N.A., a national banking
association, as Administrative Agent (in such capacity, together with its
successors and permitted assigns, “Administrative Agent”) and as Issuing Bank.

 

R E C I T A L S

 

A. Reference is hereby made to that certain Amended and Restated Credit
Agreement dated as of July 31, 2001, by and among Borrowers, Lenders, and
Administrative Agent (as renewed, extended, modified, and amended from time to
time, the “Credit Agreement”), providing for a revolving line of credit and a
letter of credit facility.

 

B. Borrowers, Lenders, and Administrative Agent executed that certain First
Amendment of Amended and Restated Credit Agreement (the “First Amendment”) dated
effective as of March 29, 2002, which amended certain provisions of the Credit
Agreement for a limited period of time commencing on December 31, 2001 and
ending December 31, 2002 (the “Original Amendment Effective Period”).

 

C. Borrowers, Lenders, and Administrative Agent desire to extend the duration of
the Original Amendment Effective Period through December 31, 2003, subject to
the terms and conditions set forth herein.

 

D. Capitalized terms used herein shall, unless otherwise indicated, have the
respective meanings set forth in the Credit Agreement.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

1. Amendment and Extension of Original Amendment Effective Period. Subject to
the terms and conditions set forth herein, the Original Amendment Effective
Period is hereby extended to December 31, 2003 and the amendments to the Credit
Agreement set forth in Section 1 of the First Amendment shall be effective from
December 31, 2001 through December 31, 2003 (the “New Amendment Effective
Period”); provided, however, that Borrowers shall continue to comply with the
covenant set forth in Section 8.15 of the Credit Agreement (as set forth in
Section 1(d) of the First Amendment) until the date of Borrowers’ delivery of
the Compliance Certificate for the period ending December 31, 2003, as required
pursuant to Section 7.1(a) of the Credit Agreement. Except for Section 8.15 of
the Credit Agreement, after the expiration of the New Amendment Effective
Period, all changes to the Credit Agreement effected by the First Amendment and
this Second Amendment shall cease and be of no further effect, and all terms and
conditions under the Credit Agreement existing on the date prior to the

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first (1st) day of the Original Amendment Effective Period shall be in effect as
if this Second Amendment had never been executed.

 

2. Amendment of Credit Agreement and Other Loan Documents.

 

(a) During the New Amendment Effective Period, all references in the Loan
Documents to the Credit Agreement shall mean the Credit Agreement as modified
and amended by this Second Amendment, and as may, from time to time, be further
modified, amended, restated, extended, renewed, and/or increased.

 

(b) During the New Amendment Effective Period, any and all of the terms and
provisions of the Loan Documents are hereby amended and modified wherever
necessary, even though not specifically addressed herein, so as to conform to
the amendments and modifications set forth herein.

 

3. Ratifications. Each Borrower (a) ratifies and confirms all provisions of the
Loan Documents as amended by this Second Amendment, (b) ratifies and confirms
that all guaranties, assurances, and Liens (if any) granted, conveyed, or
assigned to the Credit Parties under the Loan Documents are not released,
reduced, or otherwise adversely affected by this Second Amendment and continue
to guarantee, assure, and secure full payment and performance of the present and
future Obligation (except to the extent specifically limited by the terms of
such guaranties, assurances, or Liens (if any)), and (c) agrees to perform such
acts and duly authorize, execute, acknowledge, deliver, file, and record such
additional documents and certificates as the Credit Parties may reasonably
request in order to create, perfect, preserve, and protect those guaranties,
assurances, and Liens (if any).

 

4. Representations. Each Borrower represents and warrants to the Credit Parties
that as of the date of this Second Amendment: (a) this Second Amendment has been
duly authorized, executed, and delivered by each Borrower and each of the other
Companies that are parties to this Second Amendment; (b) no action of, or filing
with, any Governmental Authority is required to authorize, or is otherwise
required in connection with, the execution, delivery, and performance of this
Second Amendment by each Borrower and each of the other Companies that are
parties to this Second Amendment; (c) the Loan Documents, as amended by this
Second Amendment, are valid and binding upon each Borrower and the other
Companies that are parties to this Second Amendment and are enforceable against
each Borrower and such other Companies in accordance with their respective
terms, except as limited by Debtor Relief Laws and general principles of equity;
(d) the execution, delivery, and performance by each Borrower and the other
Companies that are parties to this Second Amendment do not require the consent
of any other Person and do not and will not constitute a violation of any
Governmental Requirement, order of any Governmental Authority, or material
agreements to which any Company is a party thereto or by which any Company is
bound; (e) all representations and warranties in the Credit Agreement are true
and correct in all material respects on and as of the date of this Second
Amendment, except to the extent that (i) any of them speak to a different
specific date, or (ii) the facts on which any of them were based have been
changed by transactions contemplated or permitted by the Credit Agreement (as
amended); and (f) after giving effect to this Second Amendment, no Potential
Default or Default exists.

 

5. Conditions. This Second Amendment shall not be effective unless and until:

 

(a) the Credit Parties shall have received this Second Amendment executed by all
of the parties hereto;

 

(b) the representations and warranties in this Second Amendment are true and
correct in all material respects on and as of the date of this Second Amendment,
except to the extent that (i) any of

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them speak to a different specific date, or (ii) the facts on which any of them
were based have been changed by transactions contemplated or permitted by the
Credit Agreement (as amended);

 

(c) after giving effect to this Second Amendment, no Potential Default or
Default exists; and

 

(d) Borrowers shall have paid to each Lender executing this Second Amendment an
amendment fee equal to the product of (i) .075%, times (ii) such Lender’s
Commitment.

 

6. Continued Effect. Except to the extent amended hereby or by any documents
executed in connection herewith, all terms, provisions, and conditions of the
Credit Agreement and the other Loan Documents, and all documents executed in
connection therewith, shall continue in full force and effect and shall remain
enforceable and binding in accordance with their respective terms.

 

7. Miscellaneous. Unless stated otherwise (a) the singular number includes the
plural and vice versa and words of any gender include each other gender, in each
case, as appropriate, (b) headings and captions may not be construed in
interpreting provisions, (c) this Second Amendment shall be construed – and its
performance enforced – under Virginia law, (d) if any part of this Second
Amendment is for any reason found to be unenforceable, all other portions of it
nevertheless remain enforceable, and (e) this Second Amendment may be executed
in any number of counterparts with the same effect as if all signatories had
signed the same document, and all of those counterparts must be construed
together to constitute the same document.

 

8. Parties. This Second Amendment binds and inures to Borrowers and the Credit
Parties and their respective successors and permitted assigns.

 

9. ENTIRETIES. THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS AMENDED BY
THIS SECOND AMENDMENT, REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES ABOUT
THE SUBJECT MATTER OF THE CREDIT AGREEMENT AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES.

 

[Remainder of Page Intentionally Left Blank;

Signature Pages to Follow.]

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SIGNATURE PAGE TO SECOND AMENDMENT OF

AMENDED AND RESTATED CREDIT AGREEMENT BETWEEN

INNKEEPERS USA TRUST, INNKEEPERS USA LIMITED PARTNERSHIP,

BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT,

AND THE LENDERS DEFINED THEREIN

 

EXECUTED as of the day and year first mentioned.

 

INNKEEPERS USA TRUST, a Maryland real

estate investment trust, as a Borrower

 

By:

 

/s/ Mark Murphy

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Mark Murphy

General Counsel and Secretary

 

INNKEEPERS USA LIMITED PARTNERSHIP, a

Virginia limited partnership, as a Borrower

 

By:

 

 INNKEEPERS FINANCIAL CORPORATION, a Virginia corporation, General Partner

 

        By:    

 

/s/ Mark Murphy

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Mark Murphy

Vice President and Sectary

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SIGNATURE PAGE TO SECOND AMENDMENT OF

AMENDED AND RESTATED CREDIT AGREEMENT BETWEEN

INNKEEPERS USA TRUST, INNKEEPERS USA LIMITED PARTNERSHIP,

BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT,

AND THE LENDERS DEFINED THEREIN

 

BANK OF AMERICA, N.A.,

as Administrative Agent, Issuing Bank, and a Lender

By:

 

/s/ Roger Davis

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Roger Davis

Structuring Specialist

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SIGNATURE PAGE TO SECOND AMENDMENT OF

AMENDED AND RESTATED CREDIT AGREEMENT BETWEEN

INNKEEPERS USA TRUST, INNKEEPERS USA LIMITED PARTNERSHIP,

BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT,

AND THE LENDERS DEFINED THEREIN

 

CREDIT LYONNAIS NEW YORK BRANCH,

as Syndication Agent and a Lender

By:

 

 

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Name:

 

 

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Title:

 

 

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SIGNATURE PAGE TO SECOND AMENDMENT OF

AMENDED AND RESTATED CREDIT AGREEMENT BETWEEN

INNKEEPERS USA TRUST, INNKEEPERS USA LIMITED PARTNERSHIP,

BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT,

AND THE LENDERS DEFINED THEREIN

 

FIRST UNION NATIONAL BANK,

as a Lender

By:

 

 

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Name:

 

 

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Title:

 

 

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SIGNATURE PAGE TO SECOND AMENDMENT OF

AMENDED AND RESTATED CREDIT AGREEMENT BETWEEN

INNKEEPERS USA TRUST, INNKEEPERS USA LIMITED PARTNERSHIP,

BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT,

AND THE LENDERS DEFINED THEREIN

 

WELLS FARGO BANK, N.A.,

as a Lender

By:

 

 

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Name:

 

 

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Title:

 

 

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SIGNATURE PAGE TO SECOND AMENDMENT OF

AMENDED AND RESTATED CREDIT AGREEMENT BETWEEN

INNKEEPERS USA TRUST, INNKEEPERS USA LIMITED PARTNERSHIP,

BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT,

AND THE LENDERS DEFINED THEREIN

 

PNC BANK, NATIONAL ASSOCIATION,

as a Lender

By:

 

 

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Name:

 

 

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Title:

 

 

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SIGNATURE PAGE TO SECOND AMENDMENT OF

AMENDED AND RESTATED CREDIT AGREEMENT BETWEEN

INNKEEPERS USA TRUST, INNKEEPERS USA LIMITED PARTNERSHIP,

BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT,

AND THE LENDERS DEFINED THEREIN

 

To induce the Credit Parties to enter into this Second Amendment, the
undersigned (a) consent and agree to this Second Amendment’s execution and
delivery, (b) ratify and confirm that all guaranties, assurances, and Liens (if
any) granted, conveyed, or assigned to the Credit Parties under the Loan
Documents are not released, diminished, impaired, reduced, or otherwise
adversely affected by this Second Amendment and continue to guarantee, assure,
and secure the full payment and performance of the parties’ present and future
Obligation (except to the extent specifically limited by the terms of such
guaranties, assurances, or Liens), (c) agree to perform such acts and duly
authorize, execute, acknowledge, deliver, file, and record such additional
guaranties, assignments, security agreements, deeds of trust, mortgages, and
other agreements, documents, instruments, and certificates as the Credit Parties
may reasonably deem necessary or appropriate in order to create, perfect,
preserve, and protect those guaranties, assurances, and Liens (if any), and (d)
waive notice of acceptance of this consent and agreement, which consent and
agreement binds the undersigned and their successors and permitted assigns and
inures to the Credit Parties and their respective successors and permitted
assigns.

 

 

INNKEEPERS SUNRISE TINTON FALLS, L.P.,

a Virginia limited partnership

By:

 

INNKEEPERS FINANCIAL CORPORATION IV,

a Virginia corporation

By:

 

/s/ Mark Murphy

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Mark Murphy

Vice President and Secretary

 

 

INNKEEPERS HAMPTON NORCROSS, L.P.,
a Virginia limited partnership

By:

 

INNKEEPERS HAMPTON NORCROSS, INC.,

a Virginia corporation

By:

 

/s/ Mark Murphy

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Mark Murphy

Vice President and Secretary

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SIGNATURE PAGE TO SECOND AMENDMENT OF

AMENDED AND RESTATED CREDIT AGREEMENT BETWEEN

INNKEEPERS USA TRUST, INNKEEPERS USA LIMITED PARTNERSHIP,

BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT,

AND THE LENDERS DEFINED THEREIN

 

INNKEEPERS RESIDENCE PORTLAND, L.P.,

a Virginia limited partnership

By:

 

INNKEEPERS RESIDENCE PORTLAND, INC.,

a Virginia corporation

   

By:

 

/s/ Mark Murphy

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Mark Murphy

Vice President and Secretary

 

INNKEEPERS RESIDENCE EDEN PRAIRIE, L.P.,

a Virginia limited partnership

By:

 

INNKEEPERS RESIDENCE EDEN PRAIRIE, INC.,

a Virginia corporation

   

By:

 

/s/ Mark Murphy

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Mark Murphy

Vice President and Secretary

 

INNKEEPERS RI GENERAL, L.P.,

a Virginia limited partnership

By:

 

INNKEEPERS RI GENERAL, INC.,

a Virginia corporation

   

By:

 

/s/ Mark Murphy

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Mark Murphy

Vice President and Secretary

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SIGNATURE PAGE TO SECOND AMENDMENT OF

AMENDED AND RESTATED CREDIT AGREEMENT BETWEEN

INNKEEPERS USA TRUST, INNKEEPERS USA LIMITED PARTNERSHIP,

BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT,

AND THE LENDERS DEFINED THEREIN

 

INNKEEPERS RESIDENCE EAST LANSING,L.P.,

a Virginia limited partnership

By:

 

INNKEEPERS RESIDENCE EAST LANSING, INC.,

a Virginia corporation

   

By:

 

/s/ Mark Murphy

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Mark Murphy

Vice President and Secretary

 

INNKEEPERS RESIDENCE GRAND RAPIDS, L.P.,

a Virginia limited partnership

By:

 

INNKEEPERS RESIDENCE GRAND RAPIDS, INC.,

a Virginia corporation

   

By:

 

/s/ Mark Murphy

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Mark Murphy

Vice President and Secretary

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SCHEDULE 8.15

 

UNSECURED AND RECOURSE DEBT

 

None.