Exhibit 10.3

 

Loan No.: 1010219

 

ADDITIONAL LENDER SUPPLEMENT

 

THIS ADDITIONAL LENDER SUPPLEMENT (this “Supplement”), is made as of March 20,
2014, by and between the undersigned Additional Lenders (as defined in the Loan
Agreement (as hereinafter defined)) under that certain Term Loan Agreement dated
as of August 27, 2013 (as amended, restated, supplemented or otherwise modified
from time to time, the “Loan Agreement”), by and between RLJ LODGING TRUST,
L.P., a limited partnership formed under the laws of the State of Delaware, RLJ
LODGING TRUST, a Maryland real estate investment trust, the Lenders party
thereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent.
Capitalized terms used herein and not defined herein have the meanings provided
therefor in the Loan Agreement.

 

W I T N E S S E T H

 

WHEREAS, Section 2.16(a).of the Loan Agreement provides that the Borrower has
the right to increase the aggregate amount of the Commitments under the Loan
Agreement subject to the certain conditions contained therein, and Borrower has
requested that the aggregate amount of the Commitments be increased to
$400,000,000; and

 

WHEREAS, each of the financial institutions listed below (each, an “Increasing
Lender”) is an existing Lender currently party to the Loan Agreement and has
agreed, subject to the terms and conditions of this Supplement, to increase its
Commitment by the amount, and make an Additional Loan Advance in the amount (as
applicable to each Increasing Lender, the “Increased Commitment Amount”), set
forth below:

 

Increasing Lender

 

Increased Commitment Amount

 

 

 

 

 

Wells Fargo Bank, National Association

 

$

25,000,000

 

 

 

 

 

PNC Bank, National Association

 

$

25,000,000

 

 

WHEREAS, to implement the foregoing increased Commitments, the parties hereto
hereby agree to execute and deliver this Supplement to the Loan Agreement in
accordance with Section 2.16. of the Loan Agreement;

 

NOW, THEREFORE, the parties hereto hereby agrees as follows:

 

1.                                      Increased Lenders.  Effective on the
effective date of this Supplement pursuant to Section 2 below, each of the
undersigned Increasing Lenders hereby agrees to increase its Commitment by the
amount of its applicable Increased Commitment Amount.

 

2.                                      Effective Date. This Supplement shall
become effective upon (a) the satisfaction of the conditions precedent specified
in Section 2.16. of the Loan Agreement and (b) receipt by each of the
undersigned Increasing Lenders of such fees as are due and owing to it in
connection with its increased Commitment.

 

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3.                                      Acceptance of Increased Term Loan
Commitments. Effective as of the date provided in Section 2 above (a) Borrower
hereby agrees to and accepts the increased Commitments provided for herein, and
Parent Guarantor and Administrative Agent hereby consent thereto and (b) the
parties hereto acknowledge and agree that the Commitments of the Lenders are as
set forth in Schedule I hereto, which replaces Schedule I to the Loan Agreement.

 

4.                                      Additional Loan Advances.
Notwithstanding anything to the contrary contained in the Loan Agreement, the
parties hereto agree that Borrower shall have the right to request and has
requested that the Additional Loan Advances provided for in this Supplement be
disbursed on March 20, 2014 (the “Borrowing Date”).  Subject to Section 2 above,
each Increasing Lender severally and not jointly agrees to make its portion of
the Additional Loan Advances provided for in this Supplement to the Borrower on
the Borrowing Date, in a principal amount equal to such Increasing Lender’s
Increased Commitment Amount, in accordance with Section 2.16(c) of the Loan
Agreement.

 

5.                                      Loan Document. This Supplement shall
constitute a Loan Document.

 

6.                                      Governing Law. This Supplement shall be
governed by, and construed in accordance with, the laws of the State of New York
applicable to contracts executed, and to be fully performed, in such State.

 

7.                                      Counterparts. To facilitate execution,
this Supplement and any amendments, waivers, consents or supplements may be
executed in any number of counterparts as may be convenient or required.  It
shall not be necessary that the signature of, or on behalf of, each party, or
that the signature of all persons required to bind any party, appear on each
counterpart.  All counterparts shall collectively constitute a single document. 
It shall not be necessary in making proof of this document to produce or account
for more than a single counterpart containing the respective signatures of, or
on behalf of, each of the parties hereto.

 

[remainder of this page intentionally left blank]

 

2

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IN WITNESS WHEREOF, each of the undersigned has caused this Supplement to be
executed and delivered by a duly authorized officer on the date first above
written.

 

 

Wells Fargo Bank, National Association,

 

as an Increasing Lender

 

 

 

By:

/s/ Mark F. Monahan

 

Name: Mark F. Monahan

 

Title: Senior Vice President

 

[2013 Term Loan Agreement - Additional Lender Supplement]

 

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PNC BANK, NATIONAL ASSOCIATION, as an

 

Increasing Lender

 

 

 

 

 

 

 

By:

/s/ Katie Chowdhry

 

 

Name: Katie Chowdhry

 

 

Title: Assistant Vice President

 

 [Signatures Continued on Next Page]

 

[2013 Term Loan Agreement - Additional Lender Supplement]

 

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Accepted and agreed to as of the date first written above:

 

 

 

BORROWER:

 

 

 

RLJ LODGING TRUST, L.P.,

 

a Delaware limited partnership

 

 

 

By:

RLJ Lodging Trust,

 

 

a Maryland real estate investment trust,

 

 

its sole general partner

 

 

 

By:

/s/ Thomas J. Baltimore, Jr.

 

Name: Thomas J. Baltimore, Jr.

 

Title: President and Chief Executive Officer

 

 

 

PARENT GUARANTOR:

 

 

 

RLJ LODGING TRUST,

 

a Maryland real estate investment trust

 

 

 

By:

/s/ Thomas J. Baltimore, Jr.

 

 

Name: Thomas J. Baltimore, Jr.

 

 

Title: President and Chief Executive Officer

 

[2013 Term Loan Agreement - Additional Lender Supplement]

 

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Accepted and agreed to as of the date first written above:

 

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

as Administrative Agent

 

 

 

 

 

By:

/s/ Mark F. Monahan

 

Name: Mark F. Monahan

 

Title: Senior Vice President

 

 

[2013 Term Loan Agreement - Additional Lender Supplement]

 

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SCHEDULE I

 

LENDERS AND COMMITMENTS

 

Lenders

 

Commitment

 

 

 

 

 

Wells Fargo Bank, National Association

 

$

65,000,000

 

 

 

 

 

 

PNC Bank, National Association

 

$

65,000,000

 

 

 

 

 

 

Bank of America N.A.

 

$

35,000,000

 

 

 

 

 

 

Barclays Bank PLC

 

$

35,000,000

 

 

 

 

 

 

Compass Bank, an Alabama banking corporation

 

$

35,000,000

 

 

 

 

 

 

U.S. Bank National Association

 

$

35,000,000

 

 

 

 

 

 

Deutsche Bank AG New York Branch

 

$

25,000,000

 

 

 

 

 

 

Key Bank National Association

 

$

25,000,000

 

 

 

 

 

 

Regions Bank

 

$

15,000,000

 

 

 

 

 

 

Royal Bank of Canada

 

$

15,000,000

 

 

 

 

 

 

Sumitomo Mitsui Banking Corporation

 

$

15,000,000

 

 

 

 

 

 

TD Bank, N.A.

 

$

15,000,000

 

 

 

 

 

 

Branch Banking and Trust Company

 

$

10,000,000

 

 

 

 

 

 

Capital One, N.A.

 

$

10,000,000

 

 

 

 

 

 

Total Commitment:

 

$

400,000,000

 

 

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