Document:

Exhibit 10.36.1 2012 Q1

FIRST AMENDMENT TO CREDIT AGREEMENT
THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) made as of this 21st day of February, 2012, by and among ASHFORD HOSPITALITY LIMITED PARTNERSHIP, a Delaware limited partnership (“Borrower”), ASHFORD HOSPITALITY TRUST INC., a Maryland corporation (“Parent”), and THE ENTITIES LISTED ON THE SIGNATURE PAGES HEREOF AS GUARANTORS (“Guarantors”), KEYBANK NATIONAL ASSOCIATION, a national banking association (“KeyBank”), THE OTHER LENDERS LISTED ON THE SIGNATURES PAGES HEREOF AS LENDERS (KeyBank and the other lenders are listed on the signatures pages hereof as Lenders, collectively, the “Lenders”), and KEYBANK NATIONAL ASSOCIATION, a national banking association, as Agent for the Lenders (the “Agent”).
W I T N E S S E T H:
WHEREAS, Borrower, Parent and KeyBank, individually and as Agent, and the other lenders party thereto entered into that certain Credit Agreement dated as of September 26, 2011 (as the same may be varied, extended, supplemented, consolidated replaced, increased, renewed, modified or amended from time to time, the “Credit Agreement”);
WHEREAS, Borrower has requested that the Agent and the Lenders make certain modifications to the Credit Agreement; and
WHEREAS, the Agent and the Lenders have consented to such modifications, subject to the execution and delivery of this Amendment.
NOW, THEREFORE, for and in consideration of the sum of TEN and NO/100 DOLLARS ($10.00), and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto do hereby covenant and agree as follows:
1.Definitions.  All terms used herein which are not otherwise defined herein shall have the meanings set forth in the Credit Agreement.
2.Modification of the Credit Agreement.  The Agent, the Lenders and the Borrower hereby amend the Credit Agreement by deleting the figures “$45,000,000.00” and “$150,000,000.00” contained in the third and fifth line, respectively, of §2.15 of the Credit Agreement, and inserting in lieu thereof the figures “$120,000,000.00” and “$225,000,000.00”, respectively.
3.References to Credit Agreement.  All references in the Loan Documents to the Credit Agreement shall be deemed a reference to the Credit Agreement as modified and amended herein.
4.Consent of Guarantors.  By execution of this Amendment, the Guarantors hereby expressly consent to the modifications and amendments relating to the Credit Agreement and the Loan Documents as set forth herein, and Borrower and the Guarantors hereby acknowledge, represent and agree that the Loan Documents (including without limitation the Guaranty) remain in full force and effect and constitute the valid and legally binding obligation of Borrower and the Guarantors, respectively, enforceable against such Persons in accordance with their respective terms, and that the Guaranty extends to and applies to the foregoing documents as modified and amended.
5.Representations.  Borrower and the Guarantors represent and warrant to Agent and the Lenders as follows:
(a)Authorization.  The execution, delivery and performance of this Amendment and the transactions contemplated hereby (i) are within the authority of Borrower and the Guarantors, (ii) have been duly authorized by all necessary proceedings on the part of such Persons, (iii) do not and will not conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation to which any of such Persons is subject or any judgment, order, writ, injunction, license or permit applicable to such Persons, (iv) do not and will not conflict with or constitute a default (whether with the passage of time or the giving of notice, or both) under any provision of the partnership agreement or certificate, certificate of formation, operating agreement, articles of incorporation or other charter documents or bylaws of, or any mortgage, indenture, agreement, contract or other instrument binding upon, any of such Persons or any of its properties or to which any of such Persons is subject, and (v) do not and will not result in or require the imposition of any lien or other encumbrance on any of the properties, assets or rights of such Persons, other than the liens and encumbrances created by the Loan Documents.
(b)Enforceability.  The execution and delivery of this Amendment are valid and legally binding obligations of Borrower and the Guarantors enforceable in accordance with the respective terms and provisions hereof, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and the effect of general principles of equity.
(c)Approvals.  The execution, delivery and performance of this Amendment and the transactions contemplated hereby do not require the approval or consent of or approval of any Person or the authorization, consent, approval of or any license or permit issued by, or any filing or registration with, or the giving of any notice to, any court, department, board, commission or other governmental agency or authority other than those already obtained.
(d)Reaffirmation.  Borrower and the Guarantors reaffirm and restate as of the date hereof, each and every representation and warranty made by the Borrower, the Guarantors and their respective Subsidiaries in the Loan Documents or otherwise made by or on behalf of such Persons in connection therewith (except for representations or warranties which expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents).
6.No Default.  By execution hereof, the Borrower and the Guarantors certify that Borrower and the Guarantors are and will be in compliance with all covenants under the Loan Documents after the execution and delivery of this Amendment, and that no Default or Event of Default has occurred and is continuing.
7.Waiver of Claims.  Borrower and the Guarantors acknowledge, represent and agree that Borrower and the Guarantors, as of the date hereof, have no defenses, setoffs, claims, counterclaims or causes of action of any kind or nature whatsoever with respect to the Loan Documents, the administration or funding of the Loans or with respect to any acts or omissions of Agent or any of the Lenders, or any past or present officers, agents or employees of Agent or any of the Lenders, and Borrower and the Guarantors do hereby expressly waive, release and relinquish any and all such defenses, setoffs, claims, counterclaims and causes of action, if any.
8.Ratification.  Except as hereinabove set forth or in any other document previously executed or executed in connection herewith, all terms, covenants and provisions of the Credit Agreement remain unaltered and in full force and effect, and the parties hereto do hereby expressly ratify and confirm the Credit Agreement.  Nothing in this Amendment shall be deemed or construed to constitute, and there has not otherwise occurred, a novation, cancellation, satisfaction, release, extinguishment or substitution of the indebtedness evidenced by the Notes or the other obligations of Borrower and the Guarantors under the Loan Documents (including without limitation the Guaranty).
9.Counterparts.  This Amendment may be executed in any number of counterparts which shall together constitute but one and the same agreement.
10.Miscellaneous.  This Amendment shall be construed and enforced in accordance with the laws of the State of New York applicable to contracts executed, and to be fully performed, in such State.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors, successors-in-title and assigns as provided in the Loan Documents.
11.Effective Date.  This Amendment shall be deemed effective and in full force and effect as of the date hereof upon the execution and delivery of this Amendment by Borrower, the Guarantors, the Requisite Lenders and Agent.

[SIGNATURES BEGIN ON NEXT PAGE]

IN WITNESS WHEREOF, the parties hereto have hereto set their hands and affixed their seals as of the day and year first above written.
BORROWER:
ASHFORD HOSPITALITY LIMITED PARTNERSHIP
		
	By:
	Ashford OP General Partner LLC, its general partner

By:  /s/ David A. Brooks    
Name:    David A. Brooks 
Title:    Vice President
[SIGNATURES CONTINUED ON NEXT PAGE]

GUARANTORS:
ASHFORD 1031 GP LLC
ASHFORD CAPITAL ADVISORS LLC
ASHFORD CREDIT HOLDING LLC
ASHFORD HHC III LLC
ASHFORD HOSPITALITY FINANCE GENERAL PARTNER LLC
ASHFORD HOSPITALITY SERVICING LLC
ASHFORD IHC, LLC
ASHFORD INVESTMENT MANAGEMENT GP LLC
ASHFORD MEZZ BORROWER LLC
ASHFORD OP GENERAL PARTNER LLC
ASHFORD OP LIMITED PARTNER LLC
ASHFORD WQ HOTEL GP, LLC
FL/NY GP LLC
BUCKS COUNTY MEMBER LLC
RFS SPE 2000 LLC

By:__ /s/ David A. Brooks          
Name:    David A. Brooks 
Title:    Vice President

ASHFORD HOSPITALITY TRUST, INC.

By:    /s/ David A. Brooks         
Name:    David A. Brooks 
Title:    Chief Operating Officer and General     Counsel

[SIGNATURES CONTINUED ON NEXT PAGE]

ASHFORD HOSPITALITY FINANCE LP 
By: Ashford Hospitality Finance General Partner LLC, its general partner
ASHFORD INVESTMENT MANAGEMENT LP 
By: Ashford Investment Management GP LLC, its general partner
ASHFORD WQ HOTEL LP 
By: Ashford WQ Hotel GP LLC, its general partner
COMMACK NEW YORK HOTEL LIMITED PARTNERSHIP 
By: FL/NY GP LLC, its general partner
CORAL GABLES FLORIDA HOTEL LIMITED PARTNERSHIP 
By: Ashford 1031 GP LLC, its general partner
HYANNIS MASSACHUSETTS HOTEL LIMITED PARTNERSHIP
By: Ashford 1031 GP LLC, its general partner
SOUTH YARMOUTH MASSACHUSETTS HOTEL LIMITED PARTNERSHIP 
    By: Ashford 1031 GP LLC, its general     partner
WESTBURY NEW YORK HOTEL LIMITED PARTNERSHIP 
    By: FL/NY GP LLC, its general partner

		
	By:
	/s/ David A. Brooks             
Name:    David A. Brooks 
Title:    Vice President

 [SIGNATURES CONTINUED ON NEXT PAGE]

ASHFORD TRS CORPORATION
ASHFORD TRS VI CORPORATION
ASHFORD TRS WQ LLC
ASHFORD WQ LICENSEE LLC

By:    /s/ David J. Kimichik             
Name:    David J. Kimichik 
Title:    President

ASHFORD TRS INVESTMENT MANAGEMENT GP LLC
ASHFORD TRS INVESTMENT MANAGEMENT LP
By: Ashford TRS Investment Management     GP LLC, its general partner

By:    /s/ Montgomery J. Bennett         
Name:    Montgomery J. Bennett 
Title:    President
[SIGNATURES CONTINUED ON NEXT PAGE]

AGENT:
KEYBANK NATIONAL ASSOCIATION, individually and as Agent
By:  /s/ Michael Szuba      
Name:     
Title:    

[SIGNATURES CONTINUED ON NEXT PAGE]
LENDERS:
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
By:  /s/ Mikhail Faybusovich
Name:     
Title:    

By:  /s/ Vipul Dhadda    
Name:     
Title:    

[SIGNATURES CONTINUED ON NEXT PAGE]

UBS LOAN FINANCE LLC, as a Lender
By:  /s/ Irja R. Otsa    
Name:     
Title:    

By:  /s/  Christopher Gomes    
Name:     
Title:    

[SIGNATURES CONTINUED ON NEXT PAGE]
MORGAN STANLEY BANK, N.A., as a Lender
By:  /s/ Nick Zangari    
Name:     
Title:2012 Q2 EX-10.1

Exhibit 10.1
DOLBY LABORATORIES, INC. 
CONSULTING SERVICES AGREEMENT 
This Services Agreement (“Agreement”) is entered into as of February 7, 2012, by and between Dolby Laboratories, Inc., a Delaware corporation (the “Company”) and David Dolby (“Consultant”). 
WHEREAS, the Company desires to retain Consultant as an independent contractor to perform consulting services, and Consultant is willing to perform such services, on the terms described below. In consideration of the mutual promises contained herein, the parties agree as follows: 
1. Services. As of February 7, 2012 (the “Effective Date”), Consultant will serve as a consultant to advise the ad hoc Technology Strategy Committee (the “TSC”) of the Board of Directors of the Company (the “Board”) on technologies and other related matters as the TSC may request.  The services to be performed by Consultant hereunder shall be referred to herein as the “Services.”  The period of the consultancy under this Agreement is referred to herein as the “Consultancy Term.” During the Consultancy Term, Consultant will perform his duties faithfully and to the best of his ability.  In no event will Consultant have the authority to bind the Company or represent the Company to any third party or to provide direction to members of management, except through a recommendation made by the TSC to the Board of Directors.  
Specifically, Consultant will perform research and analyses and work on projects supporting the work of the TSC, as set forth in its charter.  The scope and requirements of the Services will be determined by the Chairman of the TSC in consultation with other members of the TSC and Consultant.  The Consultant's work will be overseen by the Chairman of the Technology Strategy Committee and the Chairman of the Board of Directors. 
2.    Support.  The Company will make available information and access to Consultant necessary to analyze and evaluate the issues being explored by the Technology Strategy Committee
		
	•
	Consultant may participate in internal and external meetings, seminars, and trade shows, where technology-related subjects are reviewed or discussed, to the extent that such attendance is consistent with the current agenda of the TSC and with the prior agreement of the Chairman of the TSC or the Chairman of the Board. 

		
	•
	Consultant will be provided with adequate administrative support as necessary to perform the Services.

3. Compensation. The Company will pay Consultant $8,333 per month ($100,000 annually) for the Services performed under this Agreement.
4. Withholding. Consultant shall have full responsibility for applicable withholding taxes for all compensation paid to Consultant under this Agreement, and for compliance with all applicable labor and employment requirements with respect to Consultant's self-employment, sole proprietorship or other form of business organization. 
 
5. Confidentiality/Corporate Opportunity. Consultant will maintain in confidence and will not, directly or indirectly, disclose or use, either during or after the term of this Agreement, any proprietary information, confidential information, know-how or trade secrets belonging to Company, whether or not it is in written or permanent form, except to the extent necessary to perform the Services and to perform Consultant's duties as a member of the board of directors of the Company. Upon the written request of Company, Consultant shall return to Company all Company proprietary information, confidential information, know-how or trade secrets in Consultant's possession. Consultant shall not appropriate any corporate opportunity rightfully belonging to the Company. 
6. Conflicting Obligations. Consultant certifies that Consultant has no outstanding agreement or obligation that is in conflict with any of the provisions of this Agreement or that would preclude Consultant from complying with the provisions of this Agreement. Consultant will not enter into any such conflicting agreement during the term of this Agreement. 
7. Independent Contractor; Benefits. It is the express intention of the Company and Consultant that Consultant performs the Services as an independent contractor. Nothing in this Agreement shall in any way be construed to constitute Consultant as an employee or entitling Consultant to any of benefits otherwise provided to employees of the Company. Consultant acknowledges and agrees that Consultant is obligated to report as income all compensation received by Consultant pursuant to this Agreement. Consultant agrees to and acknowledges the obligation to pay all self-employment and other taxes on such income.
8. Termination and Survival. 
A. Consultancy Term and Termination. The Consultancy Term shall be one year from the Effective Date. The Company may terminate this Agreement for “Cause”. “Cause” means, the Consultant's: (i) refusal or failure to act in 

accordance with any specific, lawful direction or order of the TSC; (ii) unfitness or unavailability for service or unsatisfactory performance (other than as a result of disability); (iii) performance of any act or failure to perform any act in bad faith and to the detriment of the Company; (iv) dishonesty, intentional misconduct or material breach of any agreement with the Company; or (v) commission of a crime involving dishonesty, breach of trust, or physical or emotional harm to any person. At least 30 days prior to the termination of the Agreement pursuant to (i) or (ii) above, the Company shall provide the Consultant with notice of the Company's intent to terminate, the reason therefore, and an opportunity for the Consultant to cure such defects in his service to the Company's satisfaction. 
The Agreement will terminate immediately upon the death or disability of Consultant, or at such time as Consultant is no longer a member of the Board of Directors of the Company. 
B. Survival. Upon any termination, all rights and duties of the Company and Consultant toward each other under this Agreement shall cease except: 
(1) The Company will pay, within thirty (30) days after the effective date of termination, all amounts owing to Consultant for Services completed and accepted by the Company prior to the termination date and related reimbursable expenses, if any, submitted in accordance with the Company's policies; and 
 
 (2) All Sections of this Agreement other than Section 1 (Services), Section 2 (Support), and Section 3 (Compensation) will survive termination of this Agreement. 
9. Miscellaneous. 
A. Governing Law; Consent to Personal Jurisdiction. This Agreement shall be governed by the laws of California without regard to California's conflicts of law rules. To the extent that any lawsuit is permitted under this Agreement, the parties hereby expressly consent to the personal and exclusive jurisdiction and venue of the state and federal courts located in California. 
B. Assignability. This Agreement will be binding upon Consultant's heirs, executors, assigns, administrators, and other legal representatives, and will be for the benefit of the Company, its successors, and its assigns. There are no intended third-party beneficiaries to this Agreement, except as expressly stated.  Except as otherwise provided in this Agreement, Consultant may not sell, assign, or delegate any rights or obligations under this Agreement.  Notwithstanding anything to the contrary herein, Company may assign this Agreement and its rights and obligations under this Agreement to any successor to all or substantially all of Company's relevant assets, whether by merger, consolidation, sale of assets or stock, or otherwise. 
C. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes all prior written and oral agreements between the parties regarding the subject matter of this Agreement. Consultant represents and warrants that he is not relying on any statement or representation not contained in this Agreement. 
D. Headings. Headings are used in this Agreement for reference only and shall not be considered when interpreting this Agreement. 
E. Notices. Any notice or other communication required or permitted by this Agreement to be given to a party shall be in writing and shall be deemed given (i) if delivered personally or by commercial messenger or courier service, (ii) when sent by confirmed facsimile; or (iii) mailed by U.S. registered or certified mail (return receipt requested), to the party at the party's address written below or at such other address as the party may have previously specified by like notice. If sent by mail, delivery shall be deemed effective three business days after mailing in accordance with this Section. 
(1) If to the Company, to: 
Dolby Laboratories, Inc. 
100 Potrero Avenue 
San Francisco, CA 94103 
Attention: General Counsel 
(2) If to Consultant, to the last address of Consultant provided by Consultant to the Company. 
 
F. Severability. If any provision of this Agreement is found to be illegal or unenforceable, the other provisions shall remain effective and enforceable to the greatest extent permitted by law. 
(signature page follows) 

IN WITNESS WHEREOF, the parties hereto have executed this Services Agreement as of the date first written above. 
 
	
							
	 
	 
	 
	 
	 
	 
	 

	CONSULTANT
	 
	 
	 
	DOLBY LABORATORIES, INC.

	 
	 
	 
	 

	/s/ David Dolby
	 
	 
	 
	By:
	 
	/s/ Andy Sherman

	David Dolby
	 
	 
	 
	Name:
Title:
	 
	Andy Sherman
Executive Vice President, General Counsel and Secretary

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