# EDGAR Filing Document

**Accession Number:** 0001232582
**File Stem:** 0001232582-23-000021
**Filing Date:** 2023-3
**Character Count:** 32617
**Document Hash:** 699db7d16037fede194e8d13771d9602
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001232582-23-000021.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001232582-23-000021

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230302

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASHFORD HOSPITALITY TRUST INC
- **CENTRAL INDEX KEY:** 0001232582
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 861062192
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31775
- **FILM NUMBER:** 23701268

**BUSINESS ADDRESS:**
- **STREET 1:** 14185 DALLAS PARKWAY SUITE 1100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254
- **BUSINESS PHONE:** 9724909600

**MAIL ADDRESS:**
- **STREET 1:** 14185 DALLAS PARKWAY SUITE 1100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254

?xml version="1.0" ? aht-20230302

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (date of earliest event reported): March 2, 2023** 

**ASHFORD HOSPITALITY TRUST, INC.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| Maryland | 001-31775 | 86-1062192 |
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS employer identification number) |
| 14185 Dallas Parkway, Suite 1200 |  |  |
| Dallas |  |  |
| Texas |  | 75254 |
| (Address of principal executive offices) |  | (Zip code) |

---

Registrant's telephone number, including area code: (972) 490-9600

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Stock** | **AHT** | **New York Stock Exchange** |
| **Preferred Stock, Series D** | **AHT-PD** | **New York Stock Exchange** |
| **Preferred Stock, Series F** | **AHT-PF** | **New York Stock Exchange** |
| **Preferred Stock, Series G** | **AHT-PG** | **New York Stock Exchange** |
| **Preferred Stock, Series H** | **AHT-PH** | **New York Stock Exchange** |
| **Preferred Stock, Series I** | **AHT-PI** | **New York Stock Exchange** |

---

------

**ITEM 1.01&nbsp;&nbsp;&nbsp;&nbsp;ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT**

*Limited Waiver Under Advisory Agreement*

On March 2, 2023, Ashford Hospitality Trust, Inc. ("Ashford Trust" or the "Company") entered into a Limited Waiver Under Advisory Agreement (the "Advisory Agreement Limited Waiver") with Ashford Hospitality Limited Partnership (the "Operating Partnership"), Ashford TRS Corporation ("TRS"), Ashford Inc. ("AINC") and Ashford Hospitality Advisors LLC (together with AINC, the "Advisor").

As previously disclosed, the Company, the Operating Partnership, TRS and the Advisor are parties to a Second Amended and Restated Advisory Agreement, dated as of January 14, 2021 (the "Advisory Agreement"), which (i) allocates responsibility for certain employee costs between the Company and the Advisor, and (ii) permits the board of directors of the Company (the "Board") to issue annual equity awards in the Company or the Operating Partnership to employees and other representatives of the Advisor based on achievement by the Company of certain financial or other objectives, or otherwise as the Board sees fit.

Pursuant to the Advisory Agreement Limited Waiver, the Company, the Operating Partnership, TRS and the Advisor waive the operation of any provision in the Advisory Agreement that would otherwise limit the ability of the Company in its discretion, at the Company's cost and expense, to award during the first and second fiscal quarters of calendar year 2023 (the "Waiver Period"), cash incentive compensation to employees and other representatives of the Advisor; provided that such awarded cash incentive compensation does not exceed $13,063,844, in the aggregate, during the Waiver Period.

The foregoing description of the Advisory Agreement Limited Waiver does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Advisory Agreement Limited Waiver, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

*Limited Waiver to Credit Agreement*

As previously announced in our current report on Form 8-K filed on January 15, 2021, Ashford Trust and the Operating Partnership, as borrower (the "Borrower"), entered into a Credit Agreement (as amended, the "Credit Agreement") with certain funds and accounts managed by Oaktree Capital Management, L.P. (the "Lenders") and Oaktree Fund Administration, LLC, as administrative agent (the "Administrative Agent").

On March 2, 2023, Ashford Trust and the Borrower entered into that certain Limited Waiver to Credit Agreement (the "Limited Waiver to Credit Agreement") with the guarantors party thereto, the Lenders party thereto and the Administrative Agent. Pursuant to the Limited Waiver to Credit Agreement, the Borrower, the other Loan Parties (as defined in the Credit Agreement), the Lenders and the Administrative Agent acknowledged and agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) certain deferred cash grants were or are being awarded to employees and/or officers of the Advisor and/or their affiliates pursuant to equity compensation plans during 2022 and 2023, in aggregate amounts of $7,950,817 in 2022 and $13,063,844 in 2023 (*i.e.*, $21,014,661 in the aggregate) (the "Specified Deferred Cash Grants"), which the parties agreed may be made (and were or are being made) in lieu of deferred stock grants that would otherwise be permitted and made under the terms of the Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) accordingly, (i) the departure from the terms of the Advisory Agreement in making the Specified Deferred Cash Grants as described in the foregoing clause (a) shall be deemed to be permitted under Section 7.13(b) of the Credit Agreement; provided, however, the Borrower and the other Loan Parties agree that the Specified Deferred Cash Grants, together with any other Restricted Payments (as defined in the Credit Agreement) made pursuant to Section 7.06(f) of the Credit Agreement, shall not exceed $30,000,000 in the aggregate; (ii) the Lenders and the Administrative Agent waive non-compliance with Section 7.13(b), if any, prior to March 2, 2023, which resulted or would result (absent the waiver) from the making of the Specified Deferred Cash Grants in accordance with the foregoing provisions of Section 2 of the Limited Waiver to Credit Agreement, and (iii) effective from March 2, 2023 Section 7.13(b) shall be deemed to be amended to permit the Specified Deferred Cash Grants in accordance with the foregoing provisions of Section 2 of the Limited Waiver to Credit Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the waiver contained in the Limited Waiver to Credit Agreement shall be effective only in this instance and for the specific purpose for which it was intended and shall not be deemed to be a consent to any other transaction or matter or waiver of compliance in the future, or a waiver of any preceding or succeeding breach of the same or any other covenant or provision of the Credit Agreement.

------

The foregoing description of the Limited Waiver to Credit Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Limited Waiver to Credit Agreement, a copy of which is attached hereto as Exhibit 10.2 and is incorporated herein by reference.

**ITEM 9.01 &nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS AND EXHIBITS** 

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

<u>Exhibit Number</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u> 

10.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Limited Waiver Under Advisory Agreement, dated as of March 2, 2023, by and among Ashford Hospitality Trust, Inc., Ashford Hospitality Limited Partnership, Ashford TRS Corporation, Ashford Inc. and Ashford Hospitality Advisors LLC](ahtexhibit101.htm)</u>

10.2&nbsp;&nbsp;&nbsp;&nbsp;<u>[Limited Waiver to Credit Agreement, dated as of March 2, 2023, by and among Ashford Hospitality Limited Partnership, Ashford Hospitality Trust, Inc., the guarantors party thereto, the Lenders party thereto and Oaktree Fund Administration, LLC, as administrative agent](ahtexhibit102.htm)</u>

104&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

------

**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | ASHFORD HOSPITALITY TRUST, INC. | ASHFORD HOSPITALITY TRUST, INC. |
| Dated: March 2, 2023 | By: | /s/ Alex Rose |
|  |  | Alex Rose |
|  |  | Executive Vice President, General Counsel & Secretary |

---

## Exhibit 10.1

**EXHIBIT 10.1**

**<u>LIMITED WAIVER UNDER ADVISORY AGREEMENT</u>**

This LIMITED WAIVER UNDER ADVISORY AGREEMENT (this "<u>Waiver</u>") is entered into as of March 2, 2023, by and among **ASHFORD HOSPITALITY TRUST, INC.** (the "<u>Company</u>"), **ASHFORD HOSPITALITY LIMITED PARTNERSHIP** (the "<u>Operating Partnership</u>"), **ASHFORD TRS CORPORATION** ("<u>TRS</u>"), **ASHFORD INC.** ("<u>AINC</u>"), and **ASHFORD HOSPITALITY ADVISORS LLC** ("<u>Ashford LLC</u>" and, together with AINC, the "<u>Advisor</u>").

<u>RECITALS</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto are parties to that certain Second Amended and Restated Advisory Agreement, dated as of January 14, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Advisory Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;Section 5 of the Advisory Agreement allocates responsibility for certain employee costs between the Company and the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3 of the Advisory Agreement provides that, subject to the limitations set forth therein, the Board of Directors of the Company shall issue annual equity awards in the Company or the Operating Partnership to employees, officers, consultants, non-employee directors, Affiliates or representatives of the Advisor, based on achievement by the Company of certain financial or other objectives or otherwise as the Board of Directors of the Company sees fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;The Company has determined that it is in the best interests of the Company to award cash compensation to employees, officers, consultants, non-employee directors, Affiliates or representatives of the Advisor, and, as more fully set forth herein, the parties hereto desire to provide for a waiver of the operation of provisions under the Advisory Agreement, if any, that might otherwise limit the Company's ability to make such awards.

<u>AGREEMENT</u>:

In consideration of the premises and mutual covenants herein and for other valuable consideration, the parties hereto agree as follows:

Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. Capitalized terms used in this Waiver but not defined have the meaning provided in the Advisory Agreement. Each reference to "hereof", "hereunder", "herein" and "hereby" and each other similar reference and each reference to "this Agreement" and each other similar reference contained in the Advisory Agreement shall refer to the Advisory Agreement after giving effect to this Waiver.

Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1The Company, the Operating Partnership, TRS and the Advisor hereby waive the operation of any provision in the Advisory Agreement that would otherwise limit the ability of the Company in its discretion, at the Company's cost and expense, to award during the first and second fiscal quarters of calendar year 2023 (the "<u>Waiver Period</u>") cash incentive compensation to employees, officers, consultants, non-employee directors, Affiliates or representatives of the Advisor, in each case on a current, deferred and/or contingent basis and subject to such other terms and conditions as the Board of Directors of the Company or its delegates may establish in their discretion; provided, that, in no event shall this Waiver permit the Company to award during the Waiver Period cash incentive compensation in excess of $13,063,844, in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2The waiver contained in this Waiver shall be effective only in this instance and for the specific purpose for which it was intended and shall not be deemed to be a consent to any other transaction or matter or waiver of compliance in the future, or a waiver of any preceding or succeeding breach of the same or any other covenant or provision of the Advisory Agreement.

------

Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1<u>Advisory Agreement Unaffected</u>. Each reference to the Advisory Agreement shall hereafter be construed as a reference to the Advisory Agreement after giving effect to this Waiver. Except as herein otherwise specifically provided, all provisions of the Advisory Agreement (after giving effect to this Waiver) shall remain in full force and effect and be unaffected hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2<u>Headings</u>. Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3<u>Counterparts</u>. This Waiver may be executed in any number of counterparts, by different parties hereto in separate counterparts and by facsimile signature or other electronic transmissions, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4<u>Governing Law; Consent to Jurisdiction</u>. The provisions of Section 21 of the Advisory Agreement shall be set forth herein *mutatis mutandis*.

*[Signature pages follow.]*

------

**IN WITNESS WHEREOF**, this Waiver has been duly executed and delivered as of the date first above written.

**ASHFORD HOSPITALITY TRUST, INC.**

By: <u>/s/ J. Robison Hays III</u> 

Name: J. Robison Hays III

Title: Chief Executive Officer

**ASHFORD HOSPITALITY LIMITED PARTNERSHIP**

By: Ashford OP General Partner LLC, its general partner

By: <u>/s/ Deric S. Eubanks</u>

Name: Deric S. Eubanks

Title: Chief Financial Officer

**ASHFORD TRS CORPORATION**

By: <u>/s/ Deric S. Eubanks</u>

Name: Deric S. Eubanks

Title: President and Secretary

------

**ASHFORD HOSPITALITY ADVISORS LLC**

By: <u>/s/ Eric Batis</u>

Name: Eric Batis

Title: Chief Executive Officer

**ASHFORD INC.**

By: <u>/s/ Alex Rose</u>

Name: Alex Rose

Title: Executive Vice President, General Counsel & Secretary

## Exhibit 10.2

**EXHIBIT 10.2**

<u>LIMITED WAIVER TO CREDIT AGREEMENT</u>

This LIMITED WAIVER TO CREDIT AGREEMENT (this "<u>Waiver</u>") is entered into as of March 2, 2023, among **ASHFORD HOSPITALITY LIMITED PARTNERSHIP** (the "<u>Borrower</u>"), **ASHFORD HOSPITALITY TRUST, INC.** (the "<u>Parent</u>"), the guarantors party hereto (the "<u>Guarantors</u>"), the Lenders party hereto (the "<u>Lenders</u>") and **OAKTREE FUND ADMINISTRATION, LLC**, as administrative agent (in such capacity, together with its successors and assigns in such capacity, the "<u>Administrative Agent</u>").

<u>RECITALS</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Borrower, the Parent, the Administrative Agent and the Lenders are parties to that certain Credit Agreement, dated as of January 15, 2021, as amended by that certain Amendment No. 1, dated as of October 12, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time through the date hereof, the "<u>Credit Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Borrower, the Parent, the Guarantors, the Administrative Agent and the Lenders have agreed to waive certain provisions set forth in the Credit Agreement, as more fully set forth herein.

<u>AGREEMENT</u>:

In consideration of the premises and mutual covenants herein and for other valuable consideration, the Borrower, the Parent, the Guarantors, the Administrative Agent, and the Lenders party hereto agree as follows:

Section 1.<u>Definitions</u>. Capitalized terms used in this Waiver but not defined have the meaning provided in the Credit Agreement, as modified hereby. Each reference to "hereof", "hereunder", "herein" and "hereby" and each other similar reference and each reference to "this Agreement" and each other similar reference contained in the Credit Agreement shall, after giving effect to this Waiver, refer to the Credit Agreement, as modified hereby.

Section 2.<u>Acknowledgement and Waiver</u>. The Borrower, the other Loan Parties, the Lenders and the Administrative Agent hereby acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) certain deferred cash grants were or are being awarded to employees and/or officers of the Parent, the Advisor and/or their Affiliates pursuant to equity compensation plans during 2022 and 2023, in aggregate amounts of $7,950,817 in 2022 and $13,063,844 in 2023 (i.e. $21,014,661 in the aggregate) (the "<u>Specified Deferred Cash Grants</u>"), which the parties hereto have agreed may be made (and were or are being made) in lieu of deferred stock grants that would otherwise be permitted and made under the terms of the Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) accordingly, (i) the departure from the terms of the Advisory Agreement in making the Specified Deferred Cash Grants as described in the foregoing clause (a) shall be deemed to be permitted under Section 7.13(b) of the Credit Agreement; provided, however, the Borrower and the other Loan Parties agree that the Specified Deferred Cash Grants, together with any other Restricted Payments made pursuant to Section 7.06(f) of the Credit Agreement, shall not exceed $30,000,000 in the aggregate; (ii) the Lenders and the Administrative Agent hereby waive non-compliance with Section 7.13(b), if any, prior to the date hereof, which resulted or would result (absent this waiver) from the making of the Specified Deferred Cash Grants in accordance with the foregoing provisions of this <u>Section 2</u>, and (iii) effective from the date hereof Section 7.13(b) shall be deemed to be amended to permit the Specified Deferred Cash Grants in accordance with the foregoing provisions of this <u>Section 2</u>; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the waiver contained in this Waiver shall be effective only in this instance and for the specific purpose for which it was intended and shall not be deemed to be a consent to any other transaction or matter or waiver of compliance in the future, or a waiver of any preceding or succeeding breach of the same or any other covenant or provision of the Credit Agreement.

Section 3.<u>Representations and Warranties</u>. Each Loan Party, by signing below, hereby represents and warrants to the Administrative Agent and the Lenders that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) they have the legal power and authority to execute and deliver this Waiver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the officers executing this Waiver on behalf of the Loan Parties have been duly authorized to execute and deliver the same and bind the Loan Parties with respect to the provisions hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) immediately after giving effect to this Waiver, no Default or Event of Default exists under the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) this Waiver constitutes the legal, valid and binding agreement and obligation of the Loan Parties, enforceable against the Loan Parties in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors' rights and by equitable principles relating to enforceability (regardless of whether enforcement is sought in equity or at law); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) each of the representations and warranties set forth in Section 5 of the Credit Agreement and in each other Loan Document is true and correct in all material respects (other than those representations and warranties that are expressly qualified by a Material Adverse Effect or other materiality, in which case such representations and warranties shall be true and correct in all respects) on and as of the date hereof after giving effect to this Waiver, except to the extent that any thereof expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (other than those representations and warranties that are expressly qualified by a Material Adverse Effect or other materiality, in which case such representations and warranties shall be true and correct in all respects) on and as of such earlier date.

Section 4.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Credit Agreement Unaffected</u>. Each reference to the Credit Agreement in any Loan Document shall hereafter be construed as a reference to the Credit Agreement, as modified hereby. Except as herein otherwise specifically provided, all provisions of the Credit Agreement (as modified hereby) and the other Loan Documents shall remain in full force and effect and be unaffected hereby. This Waiver shall constitute a "Loan Document" for all purposes under and pursuant to the Credit Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Headings</u>. Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Counterparts</u>. This Waiver may be executed in any number of counterparts, by different parties hereto in separate counterparts and by facsimile signature or other electronic transmissions, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Governing Law; Consent to Jurisdiction</u>. The provisions of Sections 11.14 and 11.15 of the Credit Agreement shall be set forth herein *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Costs and Expenses</u>. The out-of-pocket expenses incurred by the Administrative Agent or any Lender in connection with the preparation, negotiation, execution, delivery and administration of this Waiver shall be paid by the Borrower in accordance with Section 11.04(a) of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>Release</u>. By signing below, each Loan Party hereby releases, remises, acquits and forever discharges the Administrative Agent, the Lenders and their respective employees, agents, representatives, consultants, attorneys, officers, directors, partners, fiduciaries, predecessors, successors and assigns, subsidiary corporations, parent corporations and related corporate divisions (collectively, the "<u>Released Parties</u>"), from any and all actions, causes of action, judgments, executions, suits, debts, claims, demands, liabilities, obligations, damages and expenses of any and every character, known or unknown, direct or indirect, at law or in equity, of whatever nature or kind, whether heretofore or hereafter arising, for or because of any manner of things done, omitted or suffered to be done by any of the Released Parties prior to and including the date of execution hereof, and in any way directly or indirectly arising out of any or in any way connected to this Waiver or any other Loan Document (collectively, the "<u>Released Matters</u>"). Each Loan Party hereby acknowledges that the agreements in this paragraph are intended to be in full satisfaction of all or any alleged injuries or damages arising in connection with the Released Matters. Each Loan Party hereby represents and warrants to the Administrative Agent and each Lender that it has not purported to transfer, assign or otherwise convey any right, title or interest of such Loan Party in any Released Matter to any other Person and that the foregoing constitutes a full and complete release of all Released Matters.

[*Signature pages follow*.]

------

IN WITNESS WHEREOF, this Waiver has been duly executed and delivered as of the date first above written.

**ASHFORD HOSPITALITY TRUST, INC.**

By: <u>/s/ J. Robison Hays III</u> 

Name: J. Robison Hays III

Title: Chief Executive Officer

**ASHFORD OP GENERAL PARTNER LLC ASHFORD OP LIMITED PARTNER LLC**

By: <u>/s/ J. Robison Hays III</u> 

Name: J. Robison Hays III

Title: President and Chief Executive Officer

**ASHFORD HOSPITALITY LIMITED PARTNERSHIP** 

By: Ashford OP General Partner LLC, its general partner

By: <u>/s/ Alex Rose</u>

Name: Alex Rose

Title: Executive Vice President, General Counsel and Secretary

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**ASHFORD A-3 MEZZ LLC**

**ASHFORD AA SENIOR MEZZ LLC**

**ASHFORD C-1 LLC**

**ASHFORD C-2 LLC**

**ASHFORD CHAMBERS GP LLC**

**ASHFORD CREDIT HOLDING LLC**

**ASHFORD D-3 MEZZ LLC**

**ASHFORD FIVE JUNIOR HOLDER LLC**

**ASHFORD FIVE JUNIOR MEZZ LLC**

**ASHFORD FIVE SENIOR MEZZ LLC**

**ASHFORD G-3 MEZZ LLC**

**ASHFORD IHC LLC**

**ASHFORD JUNIOR A LLC**

**ASHFORD JUNIOR B LLC**

**ASHFORD JUNIOR Ml LLC**

**ASHFORD JUNIOR M2 LLC**

**ASHFORD LE PAVILLON SENIOR MEZZ LLC**

**ASHFORD POOL C2 JUNIOR HOLDER LLC**

**ASHFORD POOL C2 JUNIOR MEZZ LLC**

**ASHFORD POOL C2 SENIOR MEZZ LLC**

**ASHFORD SENIOR M1 LLC**

**ASHFORD SENIOR M2 LLC**

**ASHFORD TEN JUNIOR MEZZ LLC**

**ASHFORD TEN SENIOR MEZZ LLC**

**ASHFORD WQ HOTEL GP LLC**

**HH MEZZ BORROWER A-4 LLC**

**HH MEZZ BORROWER G-4 LLC**

**HH SWAP C LLC HH SWAP C-1 LLC**

**HH SWAP F LLC HH SWAP F-1 LLC**

**PIM HIGHLAND HOLDING LLC RFS SPE 2000 LLC**

By: <u>/s/ Alex Rose</u>

Name: Alex Rose

Title: Vice President and Secretary

------

**ASHFORD TRS AA SENIOR MEZZ LLC**

**ASHFORD TRS ASHTON HOLDER LLC**

**ASHFORD TRS C-I LLC**

**ASHFORD TRS C-2 LLC**

**ASHFORD TRS CHAMBERS LLC**

**ASHFORD TRS FIVE JUNIOR HOLDER I LLC**

**ASHFORD TRS FIVE JUNIOR HOLDER II LLC**

**ASHFORD TRS FIVE JUNIOR HOLDER III LLC**

**ASHFORD TRS FIVE JUNIOR HOLDER IV LLC**

**ASHFORD TRS FIVE JUNIOR HOLDER V LLC**

**ASHFORD TRS FIVE JUNIOR MEZZ I LLC**

**ASHFORD TRS FIVE JUNIOR MEZZ II LLC** 

**ASHFORD TRS FIVE JUNIOR MEZZ III LLC**

**ASHFORD TRS FIVE JUNIOR MEZZ IV LLC** 

**ASHFORD TRS FIVE JUNIOR MEZZ V LLC**

**ASHFORD TRS FIVE SENIOR MEZZ I LLC** 

**ASHFORD TRS FIVE SENIOR MEZZ II LLC**

**ASHFORD TRS FIVE SENIOR MEZZ III LLC**

**ASHFORD TRS FIVE SENIOR MEZZ IV LLC**

**ASHFORD TRS FIVE SENIOR MEZZ V LLC** 

**ASHFORD TRS JUNIOR A LLC ASHFORD TRS JUNIOR B LLC**

**ASHFORD TRS JUNIOR MI LLC**

**ASHFORD TRS JUNIOR M2 LLC**

**ASHFORD TRS LE PA VILLON SENIOR MEZZ LLC** 

**ASHFORD TRS POOL C2 JUNIOR HOLDER LLC**

**ASHFORD TRS POOL C2 JUNIOR MEZZ LLC**

**ASHFORD TRS POOL C2 SENIOR MEZZ LLC**

**ASHFORD TRS POOL C3 JUNIOR HOLDER LLC**

**ASHFORD TRS POOL C3 JUNIOR MEZZ LLC**

**ASHFORD TRS POOL C3 SENIOR MEZZ LLC**

**ASHFORD TRS SENIOR M1 LLC**

**ASHFORD TRS SENIOR M2 LLC**

**ASHFORD TRS TEN JUNIOR MEZZ LLC**

**ASHFORD TRS TEN SENIOR MEZZ LLC**

**ASHFORD TRS WQ LLC HH MEZZ BORROWER D-2 LLC**

**HH MEZZ BORROWER D-4 LLC**

**AH TENANT CORPORATION**

**ASHFORD TRS CORPORATION**

**ASHFORD TRS VI CORPORATION**

**CRYSTAL CITY TENANT CORP.**

**LEE VISTA TENANT CORP.**

**SANTA CLARA TENANT CORP.**

By: <u>/s/ Deric S. Eubanks</u>

Name: Deric S. Eubanks

Title: President and Secretary

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**ASHFORD CHAMBERS LP**

By: **ASHFORD CHAMBERS GP LLC,** its general partner

By: <u>/s/ Alex Rose</u>

Name: Alex Rose

Title: Vice President and Secretary

**ASHFORD WQ HOTEL LP**

By: **ASHFORD WQ HOTEL GP LLC,** its general partner

By: <u>/s/ Alex Rose</u>

Name: Alex Rose

Title: Vice President and Secretary

**ASHFORD WQ LICENSEE LLC**

By: **ASHFORD TRS CORPORATION,** its sole member

By: <u>/s/ Deric S. Eubanks</u>

Name: Deric S. Eubanks

Title: President

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**OCM AHT HOLDINGS, LLC**

By: Oaktree Fund GP, LLC, its Manager

By: Oaktree Fund GP I, L.P., its Managing Member

By: <u>/s/ Jordan Mikes</u>

Name: Jordan Mikes

Title: Authorized Signatory

By: <u>/s/ Brian Laibow</u>

Name: Brian Laibow

Title: Authorized Signatory

------

**ROF8 AHT PT, LLC**

By: <u>/s/ Taejo Kim</u>

Name: Taejo Kim

Title: Authorized Signatory

By: <u>/s/ Cary Kleinman</u>

Name: Cary Kleinman

Title: Authorized Signatory

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**OAKTREE PHOENIX INVESTMENT FUND AIF (DELAWARE), L.P.**

By: Oaktree Fund AIF Series, L.P. – Series U, its General Partner

By: Oaktree Fund GP AIF, LLC, its General Partner

By: Oaktree Fund GP III, L.P., its Managing Member

By: <u>/s/ Jordan Mikes</u>

Name: Jordan Mikes

Title: Authorized Signatory

By: <u>/s/ Steven Tesoriere</u>

Name: Steven Tesoriere

Title: Authorized Signatory

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**OAKTREE FUND ADMINISTRATION, LLC**, as Administrative Agent

By: Oaktree Capital Management, L.P., its Managing Member

By: <u>/s/ Henry Orren</u>

Name: Henry Orren

Title: Vice President

By: <u>/s/ Brian Price</u>

Name: Brian Price

Title: Managing Director