Exhibit 10.3

 

Loan No.: 1008459

 

ADDITIONAL LENDER SUPPLEMENT

 

THIS ADDITIONAL LENDER SUPPLEMENT (this “Supplement”), is made as of August 27,
2013, 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 November 20, 2012, as amended by First Amendment to Term Loan Agreement of
even date herewith (as so amended and 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
$225,000,000; 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

 

$

15,000,000

 

 

 

 

 

PNC Bank, National Association

 

$

15,000,000

 

 

 

 

 

Capital One, N.A.

 

$

15,000,000

 

 

 

 

 

Branch Banking and Trust Company

 

$

5,000,000

 

 

WHEREAS, each of the financial institutions listed below (each, a “New Lender”)
has agreed, subject to the terms and conditions of this Supplement, to provide
to a new Commitment and make an Additional Loan Advance in the amount (as
applicable to each New Lender, the “New Commitment Amount”) set forth below:

 

New Lender

 

New Commitment Amount

 

 

 

 

 

Regions Bank

 

$

30,000,000

 

 

 

 

 

Royal Bank of Canada

 

$

20,000,000

 

 

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WHEREAS, to implement the foregoing increased and new 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 3 below, each of the
undersigned Increasing Lenders hereby agrees to increase its Commitment by the
amount of its applicable Increased Commitment Amount.

 

2.                                      New Lenders.

 

a.                                      Each of the undersigned New Lenders
agrees to be bound by the provisions of the Loan Agreement and agrees that it
shall, on the effective date of this Supplement pursuant to Section 3 below,
become a Lender for all purposes of the Loan Agreement to the same extent as if
originally a party thereto, and to extend a Commitment in the amount of its
applicable New Commitment Amount. Unless otherwise specified in this Supplement,
for all purposes of the Loan Agreement (as amended hereby), each of the New
Lenders and its respective Commitment shall be deemed to constitute a Lender and
a Commitment, respectively, under and as defined in the Loan Agreement.

 

b.                                      Each of the undersigned New Lenders
(a) represents and warrants that it is legally authorized to enter into this
Supplement; (b) confirms that it has received a copy of the Loan Agreement,
together with copies of the most recent financial statements delivered pursuant
to Sections 9.1. and 9.2. thereof, as applicable, and has reviewed such other
documents and information as it has deemed appropriate to make its own credit
analysis and decision to enter into this Supplement; (c) agrees that it will,
independently and without reliance upon the Administrative Agent or any other
Lender and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking
action under the Loan Agreement or any other instrument or document furnished
pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent
to take such action as agent on its behalf and to exercise such powers and
discretion under the Loan Agreement or any other instrument or document
furnished pursuant hereto or thereto as are delegated to the Administrative
Agent by the terms thereof, together with such powers as are incidental thereto;
(e) agrees that it will be bound by the provisions of the Loan Agreement and
will perform in accordance with its terms all the obligations which by the terms
of the Loan Agreement are required to be performed by it as a Lender; and (f) if
it is a Foreign Lender, confirms that it has delivered any documentation to the
Administrative Agent and the Borrower required to be delivered by it pursuant to
the terms of the Loan Agreement, duly completed and executed by it.

 

3.                                      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)

 

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receipt by each of the undersigned Increasing Lenders and the undersigned New
Lenders of such fees as are due and owing to it in connection with its increased
or new Commitment.

 

4.                                      Acceptance of New and Increased
Commitments.. Effective as of the date provided in Section 3 above (a) Borrower
hereby agrees to and accepts the increased and new 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.

 

5.                                      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 August 30, 2013 (the “Borrowing Date”).  Subject to Section 3
above, each Increasing Lender and New Lender severally and not jointly agrees on
the Borrowing Date 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 or such New
Lender’s New Commitment Amount, as applicable, in accordance with
Section 2.16.(c) of the Loan Agreement.

 

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

 

7.                                      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.

 

8.                                      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]

 

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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

 

Signature Page to

Additional Lender Supplement

 

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Capital One, N.A.,

 

as an Increasing Lender

 

 

 

By:

/s/ Ashish Tandon

 

Name:

Ashish Tandon

 

Title:

Vice President

 

Signature Page to

Additional Lender Supplement

 

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PNC Bank, National Association,

 

as an Increasing Lender

 

 

 

By:

/s/ William R. Lynch

 

Name:

William R. Lynch

 

Title:

Senior Vice President

 

Signature Page to

Additional Lender Supplement

 

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Branch Bank and Trust Company,

 

as an Increasing Lender

 

 

 

By:

/s/ Glenn A. Page

 

Name:

Glenn A. Page

 

Title:

Senior Vice President

 

Signature Page to

Additional Lender Supplement

 

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Regions Bank,

 

as a New Lender

 

 

 

By:

/s/ Lee Surtees

 

Name:

Lee Surtees

 

Title:

Vice President

 

Signature Page to

Additional Lender Supplement

 

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Royal Bank of Canada,

 

as a New Lender

 

 

 

By:

/s/ Joshua Freedman

 

Name:

Joshua Freedman

 

Title:

Authorized Signatory

 

Signature Page to

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 CEO

 

 

 

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 CEO

 

Signature Page to

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

 

 

Signature Page to

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

 

$

40,000,000

 

Capital One, N.A.

 

$

40,000,000

 

Regions Bank

 

$

30,000,000

 

Raymond James Bank, N.A.

 

$

20,000,000

 

Royal Bank of Canada

 

$

20,000,000

 

Branch Banking and Trust Company

 

$

10,000,000

 

 

 

 

 

Total Commitments

 

$

225,000,000

 

 

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