Document:

EXHIBIT 10.96

 

THIRD AMENDMENT TO

FOURTH AMENDED AND RESTATED

CREDIT AGREEMENT

 

THIS THIRD AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (“Amendment”), dated as of August 27, 2013, is by and among ROYAL HAWAIIAN ORCHARDS, L.P., a Delaware limited partnership formerly known as ML MACADAMIA ORCHARDS, L.P., and ROYAL HAWAIIAN RESOURCES, INC., a Hawaii corporation formerly known as ML RESOURCES, INC. (collectively, “Borrower”), and AMERICAN AGCREDIT, PCA (“Lender”) with respect to the following facts:

 

RECITALS

 

A.            Borrower and Lender entered into a Fourth Amended and Restated Credit Agreement dated as of July 15, 2010 providing Borrower with certain financial accommodations (the “Original Agreement”).  The Original Agreement was amended by that First Amendment to Fourth Amended and Restated Credit Agreement dated March 7, 2011 (the “First Amendment”) and that Second Amendment to Fourth Amended and Restated Credit Agreement dated July 12, 2012 (the “Second Amendment”).  The Original Agreement, the First Amendment and the Second Amendment shall hereinafter be collectively referred to as the “Credit Agreement.”

 

B.            Borrower has requested that Lender amend the Credit Agreement to: (i) increase the amount of the Revolving Loan by $2,000,000.00 (the “Increased Revolver Amount”) from $5,000,000.00 to $7,000,000.00 until December 31, 2013, at which time the Revolving Note shall be reduced to $5,000,000.00;  (ii) add a 50 basis point increase in the interest rate on the Increased Revolver Amount; (iii) change the Consolidated EBITDA definition to include proceeds from a subscription rights offering to be conducted by the Borrower prior to December 31, 2013; (iv) amend the Minimum Consolidated EBITDA financial covenant for September 30, 2013, to $0; and (v) amend the unused commitment fee to be not applicable to the Increased Amount.

 

C.            Lender is willing to grant forgoing request upon the terms and conditions set forth herein below.

 

NOW, THEREFORE, taking the forgoing Recitals into account, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.   Definitions; References; Interpretation.

 

(a)                                 Unless otherwise specifically defined herein, each term used herein (including the Recitals hereof) which is defined in the Credit Agreement shall have the meaning assigned to such term in the Credit Agreement.

 

 

(b)                                 Each reference to “this Amendment”, “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference contained in the Credit Agreement and each reference to “the Agreement” or “the Credit Agreement” and each other similar reference in the other Loan Documents, shall from and after August 27, 2013 refer to the Credit Agreement as amended hereby.

 

2.   Loan Fee.  Borrower shall pay to Lender a fee for this Amendment in the amount of $1,500.00.

 

3.   Increase to Revolving Loan.  The Revolving Loan is hereby increased by $2,000,000.00 to $7,000,000.00 until December 31, 2013.  On January 1, 2014, the Revolving Loan shall be reduced to $5,000,000.00.  On the Maturity Date Borrower shall pay the entire unpaid principal sum together with all interest accrued thereon.  On or before January 1, 2014, herein called “Partial Payment Date”, Borrower shall make a partial payment of principal in such amount as shall be sufficient to reduce the outstanding principal of the Revolving Loan to $5,000,000.00.  Further, all interest and advances (if any) shall be paid in full such that, on the Partial Payment Date, the total of all amounts (principal, interest, advances, or otherwise) owing as and for the Revolving Loan shall be no more than $5,000,000.00 on the Partial Payment Date.  Failure to make such payment on the Partial Payment Date shall be a default on the Revolving Loan.

 

4.   Amendments to Definitions.  The following definitions included in the Credit Agreement are hereby deleted in their entirety and replaced with the following:

 

“Borrower” shall mean Royal Hawaiian Orchards, L.P., a Delaware limited partnership, and Royal Hawaiian Resources, Inc., a Hawaii corporation.

 

“Consolidated EBITDA” shall mean, for any period, for MLO and its Subsidiaries on a consolidated basis, the sum (without duplication) of: (a) Consolidated Net Income; plus (b) the sum of (i) Federal, state, local, and foreign income taxes, (ii) interest expense (including the interest portion of any capitalized lease obligations), (iii) depletion, depreciation and amortization, (iv) extraordinary losses, and (v) net proceeds from MLO’s subscription rights offering to be conducted prior to December 31, 2013; minus (c) the sum of (I) gains on asset sales, and (II) extraordinary gains.

 

“Maximum Revolving Loan” shall mean Seven Million Dollars ($7,000,000.00) until December 31, 2013, and thereafter until the Maturity Date shall mean Five Million Dollars ($5,000,000.00).

 

“MLO” shall mean Royal Hawaiian Orchards, L.P., a Delaware limited partnership, formerly known as ML Macadamia Orchards, L.P.

 

“Revolving Loan Promissory Note” means Revolving Loan Promissory Note dated July 8, 2008, as amended by that First Amendment to Revolving Loan Promissory Note dated June 30, 2009, as further amended by that Second Amendment to Revolving Loan Promissory Note effective June 29, 2010, as further amended by that Third Amendment to Revolving Loan Promissory Note effective July 15, 2010, as further amended by that Fourth Amendment to Revolving Loan Promissory Note dated July 15, 2010, as further amended by that Fifth Amendment to Revolving Loan Promissory Note dated July 12, 2012, as further amended by that Sixth Amendment to Revolving Loan Promissory Note dated concurrently with this Amendment.

 

 

5.   Interest Rate on Increased Revolver Amount.  Revolving Advances for advances made from the Increased Revolver Amount shall bear interest at the Base Rate plus one-half percent per annum.

 

6.   Amend EBITDA Financial Covenant.  The Minimum Consolidated EBITDA financial covenant is hereby deleted in its entirety and replaced with the following:

 

Minimum Consolidated EBITDA.  MLO shall have Consolidated EBITDA of not less than $0 for the rolling four-quarter period ending September 30, 2013, and not less than $1,500,000 for each rolling four-quarter period thereafter, beginning with the four quarters ended December 31, 2013, followed by the four quarters ended March 30, 2014, and so on for each rolling four-quarter period thereafter.

 

7.   Revolving Loan Unused Commitment Fee.  Borrower agrees to continue to pay Lender three eights of one percent (37.5 basis points) per annum on the daily unused portion of the Revolving Loan, payable in arrears (the “Unused Commitment Fee”), however, the Unused Commitment Fee will not apply to any unused commitment in the Increased Revolver Amount.

 

8.  Conditions of Effectiveness.   The effectiveness of this Amendment shall be subject to the satisfaction of each of the following conditions precedent:

 

(a)                                 Lender shall have received from Borrower a duly executed original of this Amendment and a duly executed original of the Sixth Amendment to Revolving Loan Promissory Note, along with all other documents required by Lender associated with the amendment contemplated herein, in form and content satisfactory to Lender.

 

(b)                                 Borrower shall have executed and delivered to Lender a notarized Additional Charge to And Amendment of Mortgage, Security Agreement, Financing Statement and Assignment of Rents, in form and content satisfactory to Lender and it shall have been duly recorded in the Bureau of Conveyances of the State of Hawaii (with filing of the same with the Land Court of the State of Hawaii to follow as set forth therein).

 

(c)                                  Borrower shall pay to Lender the Loan Fee in Section 2 above.

 

(d)                                 There shall be no liens, encumbrances or interests on the real property securing the Revolving Loan and the Term Loan other than those liens, encumbrances and interests listed in the attached Exhibit “A”.

 

(e)                                  There shall have been no material adverse change in the business, condition (financial or otherwise), operations, performance, or properties of the Borrower.

 

(f)                                   No event shall have occurred that may be or with the passage of time may be considered an Event of Default as defined in the Credit Agreement or any other document or documents signed by Borrower (whether as a borrower, as mortgagor, or debtor).

 

(g)                                  All of the representations and warranties contained in the Credit Agreement shall continue to be true and correct and remain in full force and effect as of the date of this Amendment.

 

 

9.   Continuing Validity.  Except as expressly modified herein, the terms of the original Agreement and all other related loan documents remain unchanged and in full force and effect.  Consent by the Lender to the changes described herein does not waive Lenders’ right to strict performance of the terms and conditions contained in the Credit Agreement as amended.  Nothing in this Amendment will constitute a satisfaction of the Indebtedness.  It is the Lender’s intention to retain as liable parties all makers, guarantors, endorsers of the original Indebtedness, unless Lender expressly releases such party in writing.   The Term Loan (which includes the 2010 Term Loan) (or any other instrument not expressly noted as affected hereby) is not affected by these presents.

 

10.  Security Remains In Effect.  All instruments of security (“Security Instruments”), remain in full force and effect and secure all obligations of Borrower, as affected by these presents, including without limitation that Mortgage, Security Agreement, Financing Statement And Assignment Of Rents dated January 8, 2009, recorded in the Bureau of Conveyances of the State of Hawaii on January 14, 2009, as Document No. 2009-004913, and filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii as Document No. 3818975 and noted on Transfer Certificate of Title No. 283473, 337743, 337744, 510502, 589117, and 473851, as additionally charged and amended by that Additional Charge To And Amendment Of Mortgage, Security Agreement, Financing Statement And Assignment Of Rents effective June 30, 2009, recorded as aforesaid as Document No. 2009-103496 through 2009-103497 and filed as aforesaid as Document No. 3875709 through 3876710 and noted on the aforesaid Transfer Certificates of Title, and as additionally charged and amended by that Additional Charge to and Amendment of Mortgage, Security Agreement, Financing Statement and Assignment of Rents made effective on July 15, 2010, recorded in the Bureau of Conveyances of the State of Hawaii on August 6, 2010, as Document No. 2010-0113108, and filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii as Document No. 3986961 and noted on the aforesaid Transfer Certificates of Title, and a security agreement dated May 1, 2000, an supplement thereto dated May 1, 2004, a second supplement thereto dated July 8, 2008, a third supplement thereto dated June 30, 2009, and a forth supplement thereto dated July 15, 2010, and the financing statement(s) recorded as aforesaid as Document No(s). 2000-059003 and 2010-113110.  These presents do not and shall not affect the priority of any of the Security Instruments.  These presents are made as a part of the same transaction(s) as the transaction(s) evidenced by the instruments heretofore recited in these presents.  Borrower jointly and severally re-affirm(s) all of Borrower’s obligations to Lender whether as set forth in this writing or in any other writing or otherwise (and whether as a borrower, mortgagor, debtor, or otherwise).”

 

11.  Miscellaneous.

 

(a)                                 The Borrower acknowledges and agrees that the execution and delivery by Lender of this Amendment shall not be deemed to create a course of dealing or an obligation to execute similar amendments or waivers in the future.

 

(b)                                 This Amendment shall be binding upon and inure to the benefit of the Borrower and the Lender and their respective successors and assigns.

 

(c)                                  This Amendment shall be governed by and construed in accordance with the laws of the State of California, provided that the Lender shall retain all rights arising under federal law.

 

 

(d)                                 This Amendment may be executed in counterparts, each of which shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument.  Each of the parties hereto understands and agrees that this document may be delivered by any party thereto either in the form of an executed original or an executed original sent by facsimile transmission to be followed promptly by mailing of a hard copy original, and that receipt by the Lender of a facsimile transmitted document purportedly bearing the signature of the Borrower shall bind the Borrower with the same force and effect as the delivery of a hard copy original.  Any failure of the Lender to receive the hard copy executed original of such document shall not diminish the binding effect of receipt of the facsimile transmitted executed original of such document of the party whose hard copy page was not received by the Lender.

 

(e)                                  This Amendment contains the entire agreement of the parties hereto with reference to the matters discussed herein.

 

(f)                                   If any term or provision of this Amendment shall be deemed prohibited or invalid under any applicable law, such provision shall be invalidated without affecting the remaining provisions of this Amendment or the Loan Documents and, to the extent possible, the invalid portion shall be reformed and this Amendment and the Loan Documents, as the case may be, shall be enforced as so reformed or without the invalid portion, as appropriate, to accomplish the purposes thereof.  Except as amended by these presents, and as so amended, all documents signed by Borrower (whether as a borrower, mortgagor, debtor, or otherwise) remain in full force and effect (including, without limitation, all promissory notes and amendments thereto, mortgages and additional charges thereto and amendments thereof, security agreements and financing statements and additional charges thereto and amendments thereof, and loan agreements (whether denominated as a credit agreement or otherwise) and all additional charges thereto and amendments thereof) and Lender has, reserves, and shall have all rights thereunder.

 

IN WITNESS WHEREOF the parties have signed this Amendment as of the date first above written.

 

	
BORROWER:
    	
 
    
	
 
    	
 
    
	
ROYAL HAWAIIAN ORCHARDS, L.P., a Delaware   limited partnership formerly known as ML   MACADAMIA ORCHARDS, L.P.
    	
 
    
	
 
    	
 
    
	
By:   Royal Hawaiian Resources, Inc., a Hawaii corporation formerly known as   ML Resources, Inc., its managing general partner
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Jon Y. Miyata
    	
 
    
	
 
    	
 
    
	
Name: 
    	
Jon   Y. Miyata
    	
 
    
	
 
    	
 
    
	
Title: 
    	
Vice   President
    	
 
    

 

 

	
ROYAL HAWAIIAN RESOURCES, INC., a Hawaii   corporation formerly known as ML RESOURCES, INC.
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Jon Y. Miyata
    	
 
    
	
 
    	
 
    
	
Name: 
    	
Jon   Y. Miyata
    	
 
    
	
 
    	
 
    
	
Title:
    	
Vice   President
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
LENDER:
    	
 
    
	
 
    	
 
    
	
AMERICAN AGCREDIT, PCA,
    	
 
    
	
a federal production credit association
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Dennis P. Regli
    	
 
    
	
 
    	
Dennis P. Regli
    	
 
    
	
 
    	
 
    
	
Title:
    	
Vice   PresidentExhibit 10.1

 

Execution Version

 

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

Dated as of August 27, 2013

 

by and among

 

	
HOSPITALITY PROPERTIES TRUST,
    
	
 
    	
as   Borrower,
    

 

	
THE FINANCIAL INSTITUTIONS PARTY HERETO,
    
	
 
    	
as   Lenders,
    

 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION,
    
	
 
    	
as   Administrative Agent,
    

 

	
WELLS FARGO SECURITIES, LLC
    
	
and
    
	
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,
    
	
 
    	
as   Joint Lead Arrangers
    
	
 
    	
             and
    
	
 
    	
Joint   Lead Bookrunners,
    

 

	
BANK OF AMERICA, N.A.,
    
	
 
    	
as   Syndication Agent
    

and

 

ROYAL BANK OF CANADA

and

REGIONS BANK,

	
 
    	
as   Documentation Agents
    

 

 

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of August 27, 2013, by and among HOSPITALITY PROPERTIES TRUST, a real estate investment trust organized under the laws of the State of Maryland (the “Borrower”), each of the Lenders party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (together with its successors and assigns, the “Administrative Agent”).

 

WHEREAS, the Borrower, the Lenders, the Administrative Agent and certain other parties have entered into that certain Credit Agreement dated as of September 8, 2011 (as in effect immediately prior to the effectiveness of this Amendment, the “Credit Agreement”); and

 

WHEREAS, the Borrower, the Lenders party hereto and the Administrative Agent desire to amend certain provisions of the Credit Agreement on the terms and conditions contained herein;

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows:

 

Section 1.  Specific Amendments to Credit Agreement.  The parties hereto agree that the Credit Agreement is amended as follows:

 

(a)                                 The Credit Agreement is amended by restating the definition of “LIBOR” set forth in Section 1.1. thereof in its entirety as follows:

 

“LIBOR” means, with respect to any LIBOR Loan for any Interest Period, the rate of interest obtained by dividing (i) the rate appearing on the Reuters Screen LIBOR01 page (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to Dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, on the date that is two Business Days prior to the first day of such Interest Period and having a maturity equal to such Interest Period by (ii) a percentage equal to 1 minus the stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”) as specified in Regulation D of the Board of Governors of the Federal Reserve System (or against any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Loans is determined or any applicable category of extensions of credit or other assets which includes loans by an office of any Lender outside of the United States of America).  Any change in such maximum rate shall result in a change in LIBOR on the date on which such change in such maximum rate becomes effective.

 

(b)                                 The Credit Agreement is amended by restating Section 9.7.(b) thereof in its entirety as follows:

 

(b)                                 The Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, enter into any amendment or modification to any Material Contract which could reasonably be expected to have a Material Adverse Effect.

 

 

(c)                                  The Credit Agreement is amended by restating Section 10.1.(l)(i) in its entirety as follows:

 

(i)                                     Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person will be deemed to have “beneficial ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 25.0% of the total voting power of the then outstanding voting stock of the Borrower;

 

Section 2.  Conditions Precedent.  The effectiveness of this Amendment is subject to receipt by the Administrative Agent of each of the following, each in form and substance satisfactory to the Administrative Agent:

 

(a)                                 A counterpart of this Amendment duly executed by the Borrower, the Administrative Agent and Lenders holding at least 66 2/3% of the aggregate amount of the Commitments of all Lenders;

 

(b)                                 An Acknowledgement substantially in the form of Exhibit A attached hereto, executed by each Guarantor; and

 

(c)                                  Such other documents, instruments and agreements as the Administrative Agent may reasonably request.

 

Section 3.  Representations.  The Borrower represents and warrants to the Administrative Agent and the Lenders that:

 

(a)                                 Authorization.  The Borrower has the right and power, and has taken all necessary action to authorize it, to execute and deliver this Amendment and to perform its obligations hereunder and under the Credit Agreement, as amended by this Amendment, in accordance with their respective terms.  This Amendment has been duly executed and delivered by a duly authorized officer of the Borrower and each of this Amendment and the Credit Agreement, as amended by this Amendment, is a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its respective terms except as (i) the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and (ii) the availability of equitable remedies may be limited by equitable principles of general applicability.

 

(b)                                 Compliance with Laws, etc.  The execution and delivery by the Borrower of this Amendment and the performance by the Borrower of this Amendment and the Credit Agreement, as amended by this Amendment, in accordance with their respective terms, do not and will not, by the passage of time, the giving of notice or otherwise:  (i) require any Governmental Approval or violate any Applicable Law (including Environmental Laws) relating to the Borrower or any other Loan Party; (ii) conflict with, result in a breach of or constitute a default under the organizational documents of Borrower or any other Loan Party, or any indenture, agreement or other instrument to which the Borrower or any other Loan Party is a party or by which it or any of its properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by the Borrower or any other Loan Party.

 

2

 

(c)                                  No Default.  To the knowledge of the Borrower, no Default or Event of Default has occurred and is continuing as of the date hereof or will exist immediately after giving effect to this Amendment.

 

Section 4.  Reaffirmation of Representations by Borrower.  The Borrower hereby repeats and reaffirms all representations and warranties made by the Borrower and the other Loan Parties to the Administrative Agent and the Lenders in the Credit Agreement and the other Loan Documents on and as of the date hereof with the same force and effect as if such representations and warranties were set forth in this Amendment in full.

 

Section 5.  Certain References.  Each reference to the Credit Agreement in any of the Loan Documents shall be deemed to be a reference to the Credit Agreement as amended by this Amendment.

 

Section 6.  Expenses.  The Borrower shall reimburse the Administrative Agent upon demand for all costs and expenses (including attorneys’ fees) incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this Amendment and the other agreements and documents executed and delivered in connection herewith.

 

Section 7.  Benefits.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

 

Section 8.  GOVERNING LAW.  THIS AMENDMENT 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.

 

Section 9.  Effect.  Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full force and effect.  The amendments contained herein shall be deemed to have prospective application only from the date as of which this Amendment is dated, unless otherwise specifically stated herein.

 

Section 10.  Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns.

 

Section 11.  Definitions.  All capitalized terms not otherwise defined herein are used herein with the respective definitions given them in the Credit Agreement.

 

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IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Credit Agreement to be executed as of the date first above written.

 

	
 
    	
HOSPITALITY   PROPERTIES TRUST
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mark L. Kleifges
    
	
 
    	
 
    	
Name:   Mark L. Kleifges
    
	
 
    	
 
    	
Title:   Treasurer & CFO
    

 

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as   Administrative Agent and as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Anand J. Jobanputra
    
	
 
    	
 
    	
Name:   Anand J. Jobanputra
    
	
 
    	
 
    	
Title:   Vice President
    

 

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BANK OF AMERICA, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Will T. Bowers, Jr.
    
	
 
    	
 
    	
Name:   Will T. Bowers, Jr.
    
	
 
    	
 
    	
Title:   Senior Vice President
    

 

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REGIONS BANK, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michael R. Mellott
    
	
 
    	
 
    	
Name:   Michael R. Mellott
    
	
 
    	
 
    	
Title:   Director
    

 

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ROYAL BANK OF CANADA, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   G. David Cole
    
	
 
    	
 
    	
Name:   G. David Cole
    
	
 
    	
 
    	
Title:   Authorized Signatory
    

 

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MIZUHO CORPORATE BANK, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

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PNC BANK, NATIONAL ASSOCIATION, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Douglas E. Blackman
    
	
 
    	
 
    	
Name:
    	
Douglas   E. Blackman
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    

 

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SUMITOMO MITSUI BANKING CORPORATION, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ William G. Karl
    
	
 
    	
 
    	
Name:
    	
William   G. Karl
    
	
 
    	
 
    	
Title:
    	
General   Manager
    

 

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RBS CITIZENS, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

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U.S. BANK NATIONAL ASSOCIATION, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael E. Hussey
    
	
 
    	
 
    	
Name:
    	
Michael   E. Hussey
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    

 

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COMPASS BANK, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ S. Kent Gorman
    
	
 
    	
 
    	
Name:
    	
S.   Kent Gorman
    
	
 
    	
 
    	
Title:
    	
Sr.   VP
    

 

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THE BANK OF NEW YORK MELLON, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Helga Blum
    
	
 
    	
 
    	
Name:
    	
Helga   Blum
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    

 

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BANK HAPOALIM B.M., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

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LAND BANK OF TAIWAN, LOS ANGELES BRANCH, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

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MEGA INTERNATIONAL COMMERCIAL BANK CO, LTD., NEW YORK   BRANCH, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

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CITIBANK, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   John C. Rowland
    
	
 
    	
 
    	
Name:   John C. Rowland
    
	
 
    	
 
    	
Title:   Vice President
    

 

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UBS LOAN FINANCE LLC, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Lana Gifas
    
	
 
    	
 
    	
Name:   Lana Gifas
    
	
 
    	
 
    	
Title:   Director
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joselin Fernandes
    
	
 
    	
 
    	
Name:   Joselin Fernandes
    
	
 
    	
 
    	
Title:   Associate Director
    

 

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CHANG HWA COMMERCIAL BANK, LTD., NEW YORK BRANCH, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
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COMERICA BANK, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Casey L. Stevenson
    
	
 
    	
 
    	
Name:   Casey L. Stevenson
    
	
 
    	
 
    	
Title:   Vice President
    

 

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MORGAN STANLEY BANK, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
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/s/   Nick Zangari
    
	
 
    	
 
    	
Name:   Nick Zangari
    
	
 
    	
 
    	
Title:   Authorized Signatory
    

 

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BANK OF TAIWAN, LOS ANGELES BRANCH, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
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FIRST COMMERCIAL BANK, NEW YORK BRANCH, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
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HUA NAN COMMERCIAL BANK, LTD., LOS ANGELES BRANCH, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
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HUA NAN COMMERCIAL BANK, LTD., NEW YORK AGENCY, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
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TAIWAN COOPERATIVE BANK, LOS ANGELES BRANCH, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
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MEGA INTERNATIONAL COMMERCIAL BANK CO. LTD., LOS ANGELES   BRANCH, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
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EXHIBIT A

 

FORM OF GUARANTOR ACKNOWLEDGEMENT

 

THIS GUARANTOR ACKNOWLEDGEMENT dated as of August 27, 2013 (this “Acknowledgement”) executed by each of the undersigned (the “Guarantors”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”), and each “Lender” a party to the Credit Agreement referred to below (the “Lenders”).

 

WHEREAS, Hospitality Properties Trust, a real estate investment trust organized under the laws of the State of Maryland (the “Borrower”), the Lenders, the Administrative Agent and certain other parties have entered into that certain Credit Agreement dated as of September 8, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);

 

WHEREAS, each of the Guarantors is a party to that certain Guaranty dated as of September 8, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”) pursuant to which they guarantied, among other things, the Borrower’s obligations under the Credit Agreement on the terms and conditions contained in the Guaranty;

 

WHEREAS, the Borrower, the Administrative Agent and the Lenders are to enter into a First Amendment to Credit Agreement dated as of the date hereof (the “Amendment”), to amend the terms of the Credit Agreement on the terms and conditions contained therein; and

 

WHEREAS, it is a condition precedent to the effectiveness of the Amendment that the Guarantors execute and deliver this Acknowledgement;

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto agree as follows:

 

Section 1.  Reaffirmation.  Each Guarantor hereby reaffirms its continuing obligations to the Administrative Agent and the Lenders under the Guaranty and agrees that the transactions contemplated by the Amendment shall not in any way affect the validity and enforceability of the Guaranty, or reduce, impair or discharge the obligations of such Guarantor thereunder.

 

Section 2.  Governing Law.  THIS ACKNOWLEDGEMENT 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.

 

Section 3.  Counterparts.  This Acknowledgement may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns.

 

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IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guarantor Acknowledgement as of the date and year first written above.

 

	
 
    	
[GUARANTORS]
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Address   for Notices for all Guarantors:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Attention:
    	
 
    
	
 
    	
Telecopier:
    	
 
    
	
 
    	
Telephone:
    	
 
    
					

 

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