Exhibit 10.4

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of December 21,
2015, among Summit Hotel OP, LP (the “Borrower”), KeyBank National Association,
as administrative agent (the “Administrative Agent”), and the financial
institutions party to the Credit Agreement referred to below (collectively, the
“Lender Parties”).

 

PRELIMINARY STATEMENTS:

 

The Borrower, Summit Hotel Properties, Inc. (the “Parent Guarantor”), the other
guarantors named therein, Administrative Agent, and the Lender Parties have
entered into that certain Credit Agreement dated as of April 7, 2015 (the
“Credit Agreement”).  Capitalized terms not otherwise defined in this Amendment
have the same meanings as specified in the Credit Agreement.

 

The Borrower, the Administrative Agent and the Lenders have agreed to amend the
Credit Agreement on the terms and subject to the conditions hereinafter set
forth.

 

SECTION 1.                            Amendment to Credit Agreement. 
Section 5.02(p) of the Credit Agreement is, upon the occurrence of the First
Amendment Effective Date (as defined in Section 3 below), hereby amended and
restated in its entirety to read as follows:

 

“Subsidiary Guarantor Requirements.  Cause or permit any Subsidiary Guarantor to
incur Indebtedness other than trade payables in the ordinary course of business
or otherwise permitted by Section 5.02(b).”

 

SECTION 2.                            Representations and Warranties.  The
Borrower hereby represents and warrants that the representations and warranties
contained in each of the Loan Documents (as amended or supplemented to date,
including pursuant to this Amendment) are true and correct on and as of the
First Amendment Effective Date (defined below), as though made on and as of such
date (except for any such representation and warranty that, by its terms, refers
to an earlier date, in which case as of such earlier date).

 

SECTION 3.                            Conditions of Effectiveness.  This
Amendment shall become effective as of the first date (the “First Amendment
Effective Date”) on which, and only if, each of the following conditions
precedent shall have been satisfied:

 

(a)                                 The Administrative Agent shall have
received, in form and substance reasonably satisfactory to the Administrative
Agent:

 

(i)                                     (x)  counterparts of this Amendment
executed by the Borrower, the Administrative Agent and those Lenders comprising
Required Lenders or, as to any of such Lenders, advice satisfactory to the
Administrative Agent that such Lender has executed this Amendment, and (y) the
consent attached hereto (the “Consent”) executed by each of the Guarantors.

 

(ii)                                  A certificate of the Secretary or an
Assistant Secretary of (a) the Borrower certifying the names and true signatures
of the officers of the Borrower authorized to sign this Amendment and (b) each
Guarantor certifying the names and true signatures of the officers of such
Guarantor authorized to sign the Consent.

 

(b)                                 The representations and warranties set forth
in each of the Loan Documents shall be correct in all material respects on and
as of the First Amendment Effective Date, as though made on and as of such date
(except for any such representation and warranty that, by its terms, refers to a
specific date other than the First Amendment Effective Date, in which case as of
such specific date).

 

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(c)                                  No event shall have occurred and be
continuing, or shall result from the effectiveness of this Amendment, that
constitutes a Default or an Event of Default.

 

(d)                                 Section 5.02(p) of the Existing Credit
Agreement shall be amended as provided in Section 1 above, effective
contemporaneously with the First Amendment Effective Date.

 

The effectiveness of this Amendment is conditioned upon the accuracy of the
factual matters described herein.  This Amendment is subject to the provisions
of Section 9.01 of the Credit Agreement.

 

SECTION 4.                            Reference to and Effect on the Loan
Documents.

 

(a)                                 On and after the effectiveness of this
Amendment, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Credit Agreement,
and each reference in each of the other Loan Documents to “the Credit
Agreement”, “thereunder”, “thereof” or words of like import referring to the
Credit Agreement, shall mean and be a reference to the Credit Agreement, as
amended by this Amendment.

 

(b)                                 The Credit Agreement, as specifically
amended by this Amendment, is and shall continue to be in full force and effect
and is hereby in all respects ratified and confirmed.

 

(c)                                  The execution, delivery and effectiveness
of this Amendment shall not operate as a waiver of any right, power or remedy of
any Lender or the Administrative Agent under any of the Loan Documents, nor
constitute a waiver of any provision of any of the Loan Documents.

 

SECTION 5.                            Costs and Expenses.  The Borrower agrees
to pay on demand all reasonable out-of-pocket costs and expenses of the
Administrative Agent in connection with the preparation, execution, delivery and
administration, modification and amendment of this Amendment and the other
instruments and documents to be delivered hereunder (including, without
limitation, the reasonable fees and expenses of counsel for the Administrative
Agent) in accordance with the terms of Section 9.04 of the Credit Agreement.

 

SECTION 6.                            Execution in Counterparts.  This Amendment
may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute but one and the same
agreement.  Delivery of an executed counterpart of a signature page to this
letter by facsimile or as an attachment to an electronic mail message in .pdf,
.jpeg, .TIFF or similar electronic format shall be effective as delivery of a
manually executed counterpart of this letter for all purposes.

 

SECTION 7.                            Governing Law.  This Amendment shall
pursuant to New York General Obligations Law Section 5-1401 be governed by, and
construed in accordance with, the laws of the State of New York.

 

(Signature pages follow)

 

2

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by their respective officers thereunto duly authorized, as of the date first
above written.

 

 

BORROWER:

 

 

 

SUMMIT HOTEL OP, LP,

 

a Delaware limited partnership

 

 

 

By:

SUMMIT HOTEL GP, LLC,

 

 

a Delaware limited liability company,

 

 

its general partner

 

 

 

 

 

By:

SUMMIT HOTEL PROPERTIES, INC., a Maryland corporation,

 

 

 

its sole member

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ Christopher Eng

 

 

 

Name:

Christopher Eng

 

 

 

Title:

Secretary

 

(Signatures continued on next page)

 

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Agreed as of the date first above written:

 

KEYBANK NATIONAL ASSOCIATION,
as Administrative Agent and Initial Lender

 

 

 

 

 

 

 

By:

/s/ James Komperda

 

Name:

James Komperda

 

Title:

Vice President

 

 

(Signatures continued on next page)

 

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REGIONS BANK,

 

as a Lender

 

 

 

 

 

 

By:

/s/ Rob MacGregor

 

 

Name:

Rob MacGregor

 

 

Title:

Director

 

 

(Signatures continued on next page)

 

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RAYMOND JAMES BANK, N.A.,

 

as a Lender

 

 

 

 

 

By:

/s/ James M. Armstrong

 

 

Name:

James M. Armstrong

 

 

Title:

Senior Vice President

 

 

(Signatures continued on next page)

 

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U.S. BANK NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

 

 

By:

/s/ Scott C. DeJong

 

 

Name:

Scott C. DeJong

 

 

Title:

Senior Vice President

 

 

(Signatures continued on next page)

 

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BRANCH BANKING AND TRUST COMPANY,

 

as a Lender

 

 

 

 

 

By:

/s/ Brian Waldron

 

 

Name:

Brian Waldron

 

 

Title:

Assistant Vice President

 

 

(Signatures continued on next page)

 

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AMERICAN BANK, N.A.,

 

as a Lender

 

 

 

 

 

By:

/s/ Stanley D. Tucker

 

 

Name:

Stanley D. Tucker

 

 

Title:

Senior Lending Manager

 

 

(Signatures continued on next page)

 

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CONSENT

 

Dated as of December 21, 2015

 

Each of the undersigned, as a Guarantor under the Guaranty set forth in
Article VII of the Credit Agreement dated as of April 7, 2015, in favor of the
Lender Parties party to the Credit Agreement referred to in the foregoing First
Amendment to Credit Agreement, hereby consents to such First Amendment to Credit
Agreement and hereby confirms and agrees that notwithstanding the effectiveness
of such First Amendment to Credit Agreement, the Guaranty is, and shall continue
to be, in full force and effect and is hereby ratified and confirmed in all
respects.  Without limitation of the foregoing, each Guarantor hereby ratifies
the Credit Agreement as amended to date.

 

 

 

SUMMIT HOTEL PROPERTIES, INC.,

 

a Maryland corporation

 

 

 

 

 

By:

/s/ Christopher Eng

 

 

Name:

Christopher Eng

 

 

Title:

Secretary

 

(Signatures continued on next page)

 

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Summit Hotel TRS 020, LLC

Summit Hospitality I, LLC,

Summit Hotel TRS 021, LLC

a Delaware limited liability company

Summit Hotel TRS 023, LLC

 

Summit Hotel TRS 028, LLC

 

Summit Hotel TRS 029, LLC

By:

/s/ Christopher Eng

Summit Hotel TRS 036, LLC

 

Name:

Christopher Eng

Summit Hotel TRS 037, LLC

 

Title:

Secretary

Summit Hotel TRS 039, LLC

 

Summit Hotel TRS 057, LLC

San Fran JV, LLC,

Summit Hotel TRS 060, LLC

a Delaware limited liability company

Summit Hotel TRS 063, LLC

 

Summit Hotel TRS 066, LLC

 

Summit Hotel TRS 068, LLC

By:

/s/ Christopher Eng

Summit Hotel TRS 069, LLC

 

Name:

Christopher Eng

Summit Hotel TRS 079, LLC

 

Title:

Secretary

Summit Hotel TRS 081, LLC

 

 

 

Summit Hotel TRS 082, LLC

Summit Hospitality 18, LLC,

Summit Hotel TRS 084, LLC

a Delaware limited liability company

Summit Hotel TRS 088, LLC

 

Summit Hotel TRS 093, LLC

 

Summit Hotel TRS 094, LLC

By:

/s/ Christopher Eng

Summit Hotel TRS 095, LLC

 

Name:

Christopher Eng

Summit Hotel TRS 097, LLC

 

Title:

Secretary

Summit Hotel TRS 100, LLC

 

 

 

Summit Hotel TRS 102, LLC

Summit Hospitality 17, LLC,

Summit Hotel TRS 104, LLC

a Delaware limited liability company

Summit Hotel TRS 115, LLC

 

Summit Hotel TRS 117, LLC

 

Summit Hotel TRS 030, LLC

By:

/s/ Christopher Eng

Summit Hotel TRS 062, LLC

 

Name:

Christopher Eng

Summit Hotel TRS 118, LLC

 

Title:

Secretary

Summit Hotel TRS 119, LLC

 

 

 

Summit Hotel TRS 121, LLC

Summit Hospitality 039, LLC,

Summit Hotel TRS 122, LLC

a Delaware limited liability company

Summit Hotel TRS 123, LLC

 

 

 

Summit Hotel TRS 026, LLC

 

 

 

Summit Hotel TRS 032, LLC

By:

/s/ Christopher Eng

Summit Hotel TRS 035, LLC

 

Name:

Christopher Eng

Summit Hotel TRS 038, LLC

 

Title:

Secretary

Summit Hotel TRS 044, LLC

 

 

 

Summit Hotel TRS 045, LLC

Summit Hospitality 057, LLC,

Summit Hotel TRS 064, LLC

a Delaware limited liability company

Summit Hotel TRS 065, LLC

 

Summit Hotel TRS 083, LLC

 

 

By:

/s/ Christopher Eng

By:

Summit Hotel TRS, Inc.,

 

Name:

Christopher Eng

 

a Delaware corporation, the sole

 

Title:

Secretary

 

member of each of the above referenced

 

 

 

 

Delaware limited liability companies

 

 

 

 

 

 

 

 

 

By:

/s/ Christopher Eng

 

 

 

 

 

Name:

Christopher Eng

 

 

 

 

 

Title:

Secretary

 

 

 

 

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Summit Hospitality 060, LLC,

Summit Hospitality 079, LLC,

a Delaware limited liability company

a Delaware limited liability company

 

 

 

 

 

 

 

 

By:

/s/ Christopher Eng

 

By:

/s/ Christopher Eng

 

Name:

Christopher Eng

 

Name:

Christopher Eng

 

Title:

Secretary

 

Title:

Secretary

 

 

Summit Hospitality 081, LLC,

Summit Hospitality 082, LLC,

a Delaware limited liability company

a Delaware limited liability company

 

 

 

 

 

 

By:

/s/ Christopher Eng

 

By:

/s/ Christopher Eng

 

Name:

Christopher Eng

 

Name:

Christopher Eng

 

Title:

Secretary

 

Title:

Secretary

 

 

Summit Hospitality 084, LLC,

Summit Hospitality 093, LLC,

a Delaware limited liability company

a Delaware limited liability company

 

 

 

 

 

 

By:

/s/ Christopher Eng

 

By:

/s/ Christopher Eng

 

Name:

Christopher Eng

 

Name:

Christopher Eng

 

Title:

Secretary

 

Title:

Secretary

 

 

Summit Hospitality 100, LLC,

Summit Hospitality 115, LLC,

a Delaware limited liability company

a Delaware limited liability company

 

 

 

 

 

 

By:

/s/ Christopher Eng

 

By:

/s/ Christopher Eng

 

Name:

Christopher Eng

 

Name:

Christopher Eng

 

Title:

Secretary

 

Title:

Secretary

 

 

Summit Hospitality 117, LLC,

Summit Hospitality 118, LLC,

a Delaware limited liability company

a Delaware limited liability company

 

 

 

 

 

 

By:

/s/ Christopher Eng

 

By:

/s/ Christopher Eng

 

Name:

Christopher Eng

 

Name:

Christopher Eng

 

Title:

Secretary

 

Title:

Secretary

 

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Summit Hospitality 119, LLC,

Summit Hospitality 121, LLC,

a Delaware limited liability company

a Delaware limited liability company

 

 

 

 

 

 

By:

/s/ Christopher Eng

 

By:

/s/ Christopher Eng

 

Name:

Christopher Eng

 

Name:

Christopher Eng

 

Title:

Secretary

 

Title:

Secretary

 

 

Summit Hospitality 122, LLC,

Summit Hospitality 123, LLC,

a Delaware limited liability company

a Delaware limited liability company

 

 

 

 

 

 

By:

/s/ Christopher Eng

 

By:

/s/ Christopher Eng

 

Name:

Christopher Eng

 

Name:

Christopher Eng

 

Title:

Secretary

 

Title:

Secretary

 

(Signatures end)

 

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