Document:

EX-10.25

 EXHIBIT 10.25 

FORM OF INDEMNIFICATION AND ADVANCEMENT AGREEMENT 

This Indemnification and Advancement Agreement (“Agreement”) is effective as of ________ __, 20__ by and between Alkami
Technology, Inc., a Delaware corporation (the “Company”), and ______________, [a member of the Board of Directors/an officer/an employee/an agent] of the Company (“Indemnitee”). This Agreement supersedes and
replaces any and all previous agreements between the Company and Indemnitee covering indemnification and advancement. 
 RECITALS 

WHEREAS, the Board of Directors of the Company (the “Board”) believes that highly competent persons have become more
reluctant to serve publicly-held corporations as directors, officers, or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification and advancement of expenses against inordinate risks of
claims and actions against them arising out of their service to and activities on behalf of the corporation; 
 WHEREAS, the Board has
determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain
liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such
insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to
expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The Bylaws and Certificate of Incorporation of the Company as now or
hereafter in effect require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (the “DGCL”). The Bylaws,
Certificate of Incorporation and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of
directors, officers and other persons with respect to indemnification and advancement of expenses; 
 WHEREAS, the uncertainties relating to
such insurance, to indemnification, and to advancement of expenses may increase the difficulty of attracting and retaining such persons; 

WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future; 

  
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 WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate
itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; 

WHEREAS, this Agreement is a supplement to and in furtherance of the Bylaws, Certificate of Incorporation and any resolutions adopted pursuant
thereto, and is not a substitute therefor, nor diminishes or abrogates any rights of Indemnitee thereunder; and 
 WHEREAS, Indemnitee does
not regard the protection available under the Bylaws, the Certificate of Incorporation, the DGCL and insurance as adequate in the present circumstances, and may not be willing to serve or continue to serve as an officer or director without adequate
additional protection, and the Company desires Indemnitee to serve or continue to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that
Indemnitee be so indemnified and be advanced expenses. 
 NOW, THEREFORE, in consideration of the premises and the covenants contained
herein, the Company and Indemnitee do hereby covenant and agree as follows: 
 Section 1. Services to the Company. Indemnitee
agrees to serve as [a director/an officer/an employee/an agent] of the Company. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law). This
Agreement does not create any obligation on the Company to continue Indemnitee in such position and is not an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee. 

Section 2. Definitions. As used in this Agreement: 

(a) “Agent” means any person who is authorized by the Company or an Enterprise to act for or represent the interests of the
Company or an Enterprise, respectively. 
 (b) A “Change in Control” occurs upon the earliest to occur after the date of
this Agreement of any of the following events: 
 i. Acquisition of Stock by Third Party. Any Person (as defined below) is or becomes the
Beneficial Owner (as defined below), directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding securities unless the change in relative
beneficial ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors; 

ii. Change in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this
Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect

  
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a transaction described in Sections 2(b)(i), 2(b)(iii) or 2(b)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute
at least a majority of the members of the Board; 
 iii. Corporate Transactions. The effective date of a merger or consolidation of the
Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or
by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at
least a majority of the board of directors or other governing body of such surviving entity; 
 iv. Liquidation. The approval by the
stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; and 

v. Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of
Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement. 

vi. For purposes of this Section 2(b), the following terms have the following meanings: 

 

	 	1)	 “Beneficial Owner” has the meaning given to such term in Rule
13d-3 under the Exchange Act; provided, however, that Beneficial Owner excludes any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company
with another entity. 

  

	 	2)	 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

  

	 	3)	 “Person” has the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act;
provided, however, that Person excludes (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company and (iii) any corporation owned, directly or indirectly, by the stockholders
of the Company in substantially the same proportions as their ownership of stock of the Company. 

  
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 (c) “Corporate Status” describes the status of a person who is or was
acting as a director, officer, employee, fiduciary, or Agent of the Company or an Enterprise. 
 (d) “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. 

(e) “Enterprise” means any other corporation, limited liability company, partnership, joint venture, trust, employee benefit
plan or other entity for which Indemnitee is or was serving at the request of the Company as a director, officer, employee, or Agent. 
 (f)
“Expenses” includes all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone
charges, postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties, and all other disbursements
or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also include
(i) Expenses incurred in connection with any appeal resulting from any Proceeding, including, without limitation, the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its
equivalent, and (ii) for purposes of Section 14(d) only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise. The
parties agree that for the purposes of any advancement of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of
Indemnitee’s counsel as being reasonable in the good faith judgment of such counsel will be presumed conclusively to be reasonable. Expenses, however, do not include amounts paid in settlement by Indemnitee or the amount of judgments or fines
against Indemnitee. 
 (g) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters
of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee
under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” does not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement. 
 (h) “Potential Change in Control” means the occurrence of any of the following events:
(i) the Company enters into any written or oral agreement, undertaking or arrangement, the consummation of which would result in the occurrence of a Change in Control; (ii) any Person or the Company publicly announces an intention to take
or consider taking actions 

  
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which if consummated would constitute a Change in Control; (iii) any Person who becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 5% or more of
the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors increases his beneficial ownership of such securities by 5% or more over the percentage so owned by such Person on
the date hereof; or (iv) the Board adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred. 

(i) The term “Proceeding” includes any threatened, pending or completed action, suit, claim, counterclaim, cross claim,
arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil,
criminal, administrative, legislative, or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is or will be involved as a party, potential party, non-party
witness or otherwise by reason of Indemnitee’s Corporate Status or by reason of any action taken by Indemnitee (or a failure to take action by Indemnitee) or of any action (or failure to act) on Indemnitee’s part while acting pursuant to
Indemnitee’s Corporate Status, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification, reimbursement, or advancement of Expenses can be provided under this Agreement. A
Proceeding also includes a situation the Indemnitee believes in good faith may lead to or culminate in the institution of a Proceeding. 

Section 3. Indemnity in Third-Party Proceedings. The Company will indemnify Indemnitee in accordance with the provisions of this
Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, the Company
will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect
of such Expenses, judgments, fines and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good
faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding had no reasonable cause to believe that Indemnitee’s conduct was unlawful. 

Section 4. Indemnity in Proceedings by or in the Right of the Company. The Company will indemnify Indemnitee in accordance with
the provisions of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 4, the Company
will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein,
if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. The Company will not indemnify Indemnitee for Expenses under this Section 4 related to any claim,
issue or matter in a Proceeding for which Indemnitee has been finally adjudged by a court to be liable to the Company, unless, and only to the extent that, the Delaware Court of Chancery or any court in which the Proceeding was brought determines
upon application by Indemnitee that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification. 

  
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 Section 5. Indemnification for Expenses of a Party Who is Wholly or Partly
Successful. Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection with
any Proceeding the extent that Indemnitee is successful, on the merits or otherwise. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or
matters in such Proceeding, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with or related to each successfully resolved claim, issue or matter
to the fullest extent permitted by law. For purposes of this Section 5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, will be deemed to be a successful result
as to such claim, issue or matter. 
 Section 6. Indemnification For Expenses of a Witness. Notwithstanding any other provision
of this Agreement and to the fullest extent permitted by applicable law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any Proceeding to
which Indemnitee is not a party but to which Indemnitee is a witness, deponent, interviewee, or otherwise asked to participate. 

Section 7. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the
Company for some or a portion of Expenses, but not, however, for the total amount thereof, the Company will indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. 

Section 8. Additional Indemnification. Notwithstanding any limitation in Sections 3, 4, or 5, the Company will indemnify
Indemnitee to the fullest extent permitted by applicable law (including, but not limited to, the DGCL and any amendments to or replacements of the DGCL adopted after the date of this Agreement that expand the Company’s ability to indemnify its
officers and directors) if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor). 

Section 9. Exclusions. Notwithstanding any provision in this Agreement, the Company is not obligated under this Agreement to make
any indemnification payment to Indemnitee in connection with any Proceeding: 
 (a) for which payment has actually been made to or on behalf
of Indemnitee under any insurance policy or other indemnity provision, except to the extent provided in Section 16(b) of this Agreement and except with respect to any excess beyond the amount paid under any insurance policy or other indemnity
provision; or 

  
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 (b) for (i) an accounting of profits made from the purchase and sale (or sale and
purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law, (ii) any reimbursement of the Company by the Indemnitee of any bonus
or other incentive-based or equity-based compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an
accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities
in violation of Section 306 of the Sarbanes-Oxley Act) or (iii) any reimbursement of the Company by Indemnitee of any compensation pursuant to any compensation recoupment or clawback policy adopted by the Board or the compensation
committee of the Board, including, but not limited to, any such policy adopted to comply with stock exchange listing requirements implementing Section 10D of the Exchange Act; or 

(c) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its
directors, officers, employees or other indemnitees, unless (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s rights to indemnification or advancement, of Expenses, including a Proceeding (or any part of any
Proceeding) initiated pursuant to Section 14 of this Agreement, (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (iii) the Company provides the indemnification, in its sole
discretion, pursuant to the powers vested in the Company under applicable law. 
 Section 10. Advances of Expenses. 

(a) The Company will advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection with any Proceeding (or
any part of any Proceeding) not initiated by Indemnitee or any Proceeding (or any part of any Proceeding) initiated by Indemnitee if (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s rights to obtain indemnification
or advancement of Expenses from the Company or Enterprise, including a proceeding initiated pursuant to Section 14 or (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation. The Company will
advance the Expenses within thirty (30) days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding. 

(b) Advances will be unsecured and interest free. Indemnitee undertakes to repay the amounts advanced (without interest) to the extent that it
is ultimately determined that Indemnitee is not entitled to be indemnified by the Company, thus Indemnitee qualifies for advances upon the execution of this Agreement and delivery to the Company. No other form of undertaking is required other than
the execution of this Agreement. The Company will make advances without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this
Agreement.     

  
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 Section 11. Procedure for Notification of Claim for Indemnification or
Advancement. 
 (a) Indemnitee will notify the Company in writing of any Proceeding with respect to which Indemnitee intends to seek
indemnification or advancement of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. Indemnitee will include in the written notification to the Company a description of the nature of
the Proceeding and the facts underlying the Proceeding and provide such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to
indemnification following the final disposition of such Proceeding. Indemnitee’s failure to notify the Company will not relieve the Company from any obligation it may have to Indemnitee under this Agreement, and any delay in so notifying the
Company will not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of the Company will, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested
indemnification or advancement. 
 (b) The Company will be entitled to participate in the Proceeding at its own expense. 

Section 12. Procedure Upon Application for Indemnification. 

(a) Unless a Change of Control has occurred, the determination of Indemnitee’s entitlement to indemnification will be made: 

i. by a majority vote of the Disinterested Directors, even though less than a quorum of the Board; 

ii. by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of
the Board; 
 iii. if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by written opinion provided
by Independent Counsel selected by the Board; or 
 iv. if so directed by the Board, by the stockholders of the Company. 

(b) If a Change in Control has occurred, the determination of Indemnitee’s entitlement to indemnification will be made by written opinion
provided by Independent Counsel selected by Indemnitee (unless Indemnitee requests such selection be made by the Board). 
 (c) The party
selecting Independent Counsel pursuant to subsection (a)(iii) or (b) of this Section 12 will provide written notice of the selection to the other party. The notified party may, within ten (10) days after receiving written notice of
the selection of Independent Counsel, deliver to the selecting party a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not
meet the requirements of “Independent Counsel” as defined in Section 2 of 

  
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this Agreement, and the objection will set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected will act as Independent
Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware Court has determined that such objection is
without merit. If, within thirty (30) days after the later of (i) submission by Indemnitee of a written request for indemnification pursuant to Section 11(a) hereof and (ii) the final disposition of the Proceeding, Independent
Counsel has not been selected or, if selected, any objection to has not been resolved, either the Company or Indemnitee may petition the Delaware Court for the appointment as Independent Counsel of a person selected by such court or by such other
person as such court designates. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel will be discharged and relieved of any further responsibility in such capacity
(subject to the applicable standards of professional conduct then prevailing). 
 (d) Indemnitee will cooperate with the person, persons or
entity making the determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or
otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. The Company will advance and pay any Expenses incurred by Indemnitee in so cooperating with the person, persons or
entity making the indemnification determination irrespective of the determination as to Indemnitee’s entitlement to indemnification and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Company promptly will
advise Indemnitee in writing of the determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied and providing a copy of any written opinion provided
to the Board by Independent Counsel. 
 (e) If it is determined that Indemnitee is entitled to indemnification, the Company will make payment
to Indemnitee within ten (10) days after such determination. 
 Section 13. Presumptions and Effect of Certain Proceedings.

 (a) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such
determination will, to the fullest extent not prohibited by law, presume Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11(a) of this
Agreement, and the Company will, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption. Neither the failure of the Company (including by its directors or Independent Counsel) to have made a determination
prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its
directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, will be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 

  
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 (b) If the determination of the Indemnitee’s entitlement to indemnification has not
made pursuant to Section 12 within sixty (60) days after the later of (i) receipt by the Company of Indemnitee’s request for indemnification pursuant to Section 11(a) and (ii) the final disposition of the Proceeding for
which Indemnitee requested Indemnification (the “Determination Period”), the requisite determination of entitlement to indemnification will, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee
will be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for
indemnification, or (ii) a prohibition of such indemnification under applicable law. The Determination Period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the
determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, the Determination Period may be
extended an additional fifteen (15) days if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 12(a)(iv) of this Agreement. 

(c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of
nolo contendere or its equivalent, will not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good
faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was
unlawful. 
 (d) For purposes of any determination of good faith, Indemnitee will be deemed to have acted in good faith if Indemnitee acted
based on the records or books of account of the Company, its subsidiaries, or an Enterprise, including financial statements, or on information supplied to Indemnitee by the directors or officers of the Company, its subsidiaries, or an Enterprise in
the course of their duties, or on the advice of legal counsel for the Company, its subsidiaries, or an Enterprise or on information or records given or reports made to the Company or an Enterprise by an independent certified public accountant or by
an appraiser, financial advisor or other expert selected with reasonable care by or on behalf of the Company, its subsidiaries, or an Enterprise. Further, Indemnitee will be deemed to have acted in a manner “not opposed to the best interests of
the Company,” as referred to in this Agreement if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan. The provisions of
this Section 13(d) is not exclusive and does not limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement. 

  
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 (e) The knowledge and/or actions, or failure to act, of any director, officer, trustee,
partner, managing member, fiduciary, agent or employee of the Enterprise may not be imputed to Indemnitee for purposes of determining Indemnitee’s right to indemnification under this Agreement. 

Section 14. Remedies of Indemnitee. 

(a) Indemnitee may commence litigation against the Company in the Delaware Court of Chancery to obtain indemnification or advancement of
Expenses provided by this Agreement in the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company does not advance
Expenses pursuant to Section 10 of this Agreement, (iii) the determination of entitlement to indemnification is not made pursuant to Section 12 of this Agreement within the Determination Period, (iv) the Company does not
indemnify Indemnitee pursuant to Section 5 or 6 or the second to last sentence of Section 12(d) of this Agreement within thirty (30) days after receipt by the Company of a written request therefor, (v) the Company does not
indemnify Indemnitee pursuant to Section 3, 4, 7, or 8 of this Agreement within thirty (30) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi) in the event that the Company or any other
person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be
provided to the Indemnitee hereunder. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration
Association. Indemnitee must commence such Proceeding seeking an adjudication or an award in arbitration within one hundred eighty (180) days following the date on which Indemnitee first has the right to commence such Proceeding pursuant to
this Section 14(a); provided, however, that the foregoing clause does not apply in respect of a Proceeding brought by Indemnitee to enforce Indemnitee’s rights under Section 5 of this Agreement. The Company will not
oppose Indemnitee’s right to seek any such adjudication or award in arbitration. 
 (b) If a determination is made pursuant to
Section 12 of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 will be conducted in all respects as a de novo trial, or arbitration, on
the merits and Indemnitee may not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 14 the Company will have the burden of proving Indemnitee is not entitled to
indemnification or advancement of Expenses, as the case may be and will not introduce evidence of the determination made pursuant to Section 12 of this Agreement. 

(c) If a determination is made pursuant to Section 12 of this Agreement that Indemnitee is entitled to indemnification, the Company will
be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

  
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 (d) The Company is, to the fullest extent not prohibited by law, precluded from asserting in
any judicial proceeding or arbitration commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and will stipulate in any such court or before any such arbitrator that
the Company is bound by all the provisions of this Agreement. 
 (e) It is the intent of the Company that, to the fullest extent permitted by
law, the Indemnitee not be required to incur legal fees or other Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof
would substantially detract from the benefits intended to be extended to the Indemnitee hereunder. The Company, to the fullest extent permitted by law, will (within thirty (30) days after receipt by the Company of a written request therefor)
advance to Indemnitee such Expenses which are incurred by Indemnitee in connection with any action concerning this Agreement, Indemnitee’s right to indemnification or advancement of Expenses from the Company, or concerning any directors’
and officers’ liability insurance policies maintained by the Company and will indemnify Indemnitee against any and all such Expenses unless the court determines that each of the Indemnitee’s claims in such Proceeding were made in bad faith
or were frivolous or are prohibited by law. 
 Section 15. Establishment of Trust. 

(a) In the event of a Potential Change in Control or a Change in Control, the Company will, upon written request by Indemnitee, create a trust
for the benefit of Indemnitee (the “Trust”) and from time to time upon written request of Indemnitee will fund such Trust in an amount sufficient to satisfy the reasonably anticipated indemnification and advancement obligations of
the Company to the Indemnitee in connection with any Proceeding for which Indemnitee has demanded indemnification and/or advancement prior to the Potential Change in Control or Change in Control (the “Funding Obligation”). The
trustee of the Trust (the “Trustee”) will be a bank or trust company or other individual or entity chosen by the Indemnitee and reasonably acceptable to the Company. Nothing in this Section 15 relieves the Company of any of its
obligations under this Agreement. 
 (b) The amount or amounts to be deposited in the Trust pursuant to the Funding Obligation will be
determined by mutual agreement of the Indemnitee and the Company or, if the Company and the Indemnitee are unable to reach such an agreement, by Independent Counsel selected in accordance with Section 12(b) of this Agreement. The terms of the
Trust will provide that, except upon the consent of both the Indemnitee and the Company, upon a Change in Control: (i) the Trust may not be revoked, or the principal thereof invaded, without the written consent of the Indemnitee; (ii) the
Trustee will advance Expenses incurred by Indemnitee, to the fullest extent permitted by applicable law, within two (2) business days of a request by the Indemnitee; (iii) the Company will continue to fund the Trust in accordance with the
Funding Obligation; (iv) the Trustee will promptly pay to the Indemnitee all amounts for which the 

  
 12 

 
Indemnitee is entitled to indemnification pursuant to this Agreement or otherwise; and (v) all unexpended funds in such Trust revert to the Company upon mutual agreement by the Indemnitee
and the Company or, if the Indemnitee and the Company are unable to reach such an agreement, by Independent Counsel selected in accordance with Section 12(b) of this Agreement, that the Indemnitee has been fully indemnified under the terms of
this Agreement. New York law (without regard to its conflicts of laws rules) governs the Trust and the Trustee will consent to the exclusive jurisdiction of Delaware Court of Chancery, in accordance with Section 25 of this Agreement. 

Section 16. Non-exclusivity; Survival of Rights; Insurance; Subrogation. 

(a) The indemnification and advancement of Expenses provided by this Agreement are not exclusive of any other rights to which Indemnitee may at
any time be entitled under applicable law, the Bylaws, the Certificate of Incorporation, any agreement, a vote of stockholders or a resolution of directors, or otherwise. The indemnification and advancement of Expenses provided by this Agreement may
not be limited or restricted by any amendment, alteration or repeal of this Agreement in any way with respect to any action taken or omitted by Indemnitee in Indemnitee’s Corporate Status occurring prior to any amendment, alteration or repeal
of this Agreement. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Bylaws, Certificate of Incorporation, or
this Agreement, it is the intent of the parties hereto that Indemnitee enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every
other right and remedy is cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, will not
prevent the concurrent assertion or employment of any other right or remedy. 
 (b) The Company hereby acknowledges that Indemnitee may have
certain rights to indemnification, advancement of Expenses and/or insurance provided by one or more Persons with whom or which Indemnitee may be associated [(including, without limitation, [Fund] and certain of its affiliates, collectively, the
“Fund Indemnitors”)]. 
 i. The Company hereby acknowledges and agrees: 

1) the Company is the indemnitor of first resort with respect to any request for indemnification or advancement of Expenses made pursuant to
this Agreement concerning any Proceeding arising from or related to Indemnitee’s Corporate Status with the Company; 
 2) the Company
is primarily liable for all indemnification and indemnification or advancement of Expenses obligations for any Proceeding arising from or related to Indemnitee’s Corporate Status, whether created by law, organizational or constituent documents,
contract (including this Agreement) or otherwise; 

  
 13 

 3) any obligation of any other Persons with whom or which Indemnitee may be associated
[(including, without limitation, any Fund Indemnitor)] to indemnify Indemnitee and/or advance Expenses to Indemnitee in respect of any proceeding are secondary to the obligations of the Company’s obligations; 

4) the Company will indemnify Indemnitee and advance Expenses to Indemnitee hereunder to the fullest extent provided herein without regard to
any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated [(including any Fund Indemnitor)] or insurer of any such Person; and 

ii. the Company irrevocably waives, relinquishes and releases [(A)] any other Person with whom or which Indemnitee may be associated
[(including, without limitation, any Fund Indemnitor)] from any claim of contribution, subrogation, reimbursement, exoneration or indemnification, or any other recovery of any kind in respect of amounts paid by the Company to Indemnitee pursuant to
this Agreement[ and (B) any right to participate in any claim or remedy of Indemnitee against any Person (including, without limitation, any Fund Indemnitor (or former Fund Indemnitor)], whether or not such claim, remedy or right arises in
equity or under contract, statute or common law[, including, without limitation, the right to take or receive from any Person (including, without limitation, any Fund Indemnitor (or former Fund Indemnitor), directly or indirectly, in cash or other
property or by set-off or in any other manner, payment or security on account of such claim, remedy or right]. 

iii. In the event any other Person with whom or which Indemnitee may be associated [(including, without limitation, any Fund Indemnitor)] or
their insurers advances or extinguishes any liability or loss for Indemnitee, the payor has a right of subrogation against the Company or its insurers for all amounts so paid which would otherwise be payable by the Company or its insurers under this
Agreement. In no event will payment by any other Person with whom or which Indemnitee may be associated [(including, without limitation, any Fund Indemnitor)] or their insurers affect the obligations of the Company hereunder or shift primary
liability for the Company’s obligation to indemnify or advance of Expenses to any other Person with whom or which Indemnitee may be associated [(including, without limitation, any Fund Indemnitor)]. 

iv. Any indemnification or advancement of Expenses provided by any other Person with whom or which Indemnitee may be associated [(including,
without limitation, any Fund Indemnitor)] is specifically in excess over the Company’s obligation to indemnify and advance Expenses or any valid and collectible insurance (including, but not limited to, any malpractice insurance or professional
errors and omissions insurance) provided by the Company. 
 (c) To the extent that the Company maintains an insurance policy or policies
providing liability insurance for directors, officers, employees, or agents of the Company, the Company will obtain a policy or policies covering Indemnitee to the maximum extent of the coverage available for any such director, officer, employee or
agent under such policy or policies, including coverage in the event the Company does not or cannot, for any reason, indemnify or advance Expenses to Indemnitee as required by this Agreement. If, at the time of the receipt of

  
 14 

 
a notice of a claim pursuant to this Agreement, the Company has director and officer liability insurance in effect, the Company will give prompt notice of such claim or of the commencement of a
Proceeding, as the case may be, to the insurers in accordance with the procedures set forth in the respective policies. The Company will thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee,
all amounts payable as a result of such Proceeding in accordance with the terms of such policies. Indemnitee agrees to assist the Company efforts to cause the insurers to pay such amounts and will comply with the terms of such policies, including
selection of approved panel counsel, if required. 
 (d) Subject to Section 16(b) of this Agreement, the Company’s obligation to
indemnify or advance Expenses hereunder to Indemnitee for any Proceeding concerning Indemnitee’s Corporate Status with an Enterprise will be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses
from such Enterprise. The Company and Indemnitee intend that any such Enterprise (and its insurers) be the indemnitor of first resort with respect to indemnification and advancement of Expenses for any Proceeding related to or arising from
Indemnitee’s Corporate Status with such Enterprise. The Company’s obligation to indemnify and advance Expenses to Indemnitee is secondary to the obligations the Enterprise or its insurers owe to Indemnitee. Indemnitee agrees to take all
reasonably necessary and desirable action to obtain from an Enterprise indemnification and advancement of Expenses for any Proceeding related to or arising from Indemnitee’s Corporate Status with such Enterprise. 

(e) In the event of any payment made by the Company under this Agreement, the Company will be subrogated to the extent of such payment to all
of the rights of recovery of Indemnitee from any Enterprise or insurance carrier. Indemnitee will execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the
Company to bring suit to enforce such rights. 
 Section 17. Duration of Agreement. This Agreement continues until and
terminates upon the later of (a) ten (10) years after the date that Indemnitee ceases to have a Corporate Status and (b) one (1) year after the final termination of any Proceeding then pending in respect of which Indemnitee is granted
rights of indemnification or advancement of Expenses hereunder and of any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement relating thereto. The indemnification and advancement of Expenses rights provided by or
granted pursuant to this Agreement are binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business or assets of the Company), continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or of any other Enterprise, and inure to the benefit of Indemnitee and
Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. 
 Section 18.
Severability. If any provision or provisions of this Agreement is held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement
(including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal 

  
 15 

 
or unenforceable, that is not itself invalid, illegal or unenforceable) will not in any way be affected or impaired thereby and remain enforceable to the fullest extent permitted by law;
(b) such provision or provisions will be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of
this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) will be construed so as to
give effect to the intent manifested thereby. 
 Section 19. Interpretation. Any ambiguity in the terms of this Agreement will
be resolved in favor of Indemnitee and in a manner to provide the maximum indemnification and advancement of Expenses permitted by law. The Company and Indemnitee intend that this Agreement provide to the fullest extent permitted by law for
indemnification in excess of that expressly provided, without limitation, by the Bylaws, the Certificate of Incorporation, vote of the Company stockholders or Disinterested Directors or applicable law. 

Section 20. Enforcement. 

(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order
to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving or continuing to serve as a director or officer of the Company. 

(b) This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all
prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Bylaws, the Certificate of
Incorporation and applicable law, and is not a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 

Section 21. Modification and Waiver. No supplement, modification or amendment of this Agreement is binding unless executed in
writing by the parties hereto. No waiver of any of the provisions of this Agreement will be deemed or constitutes a waiver of any other provisions of this Agreement nor will any waiver constitute a continuing waiver. 

Section 22. Notice by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons,
citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company
does not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise. 
 Section 23.
Notices. All notices, requests, demands and other communications under this Agreement will be in writing and will be deemed to have been duly given if (a) delivered by hand to the other party, (b) sent by reputable overnight courier
to the other party or (c) sent by facsimile transmission or electronic mail, with receipt of oral confirmation that such communication has been received: 

  
 16 

 (a) If to Indemnitee, at the address indicated on the signature page of this Agreement, or
such other address as Indemnitee provides to the Company. 
 (b) If to the Company to: 

 

					
		 	Name:	  	Alkami Technology, Inc.
		 	Address:	  	5601 Granite Parkway, Suite 120
		 		  	Plano, Texas 75024
		 	Attention:	  	Chief Legal Officer
		 	Email:    	  	[    ]

 or to any other address as may have been furnished to Indemnitee by the Company. 

Section 24. Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this
Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, will contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be
paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to
reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers,
employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 
 Section 25. Applicable Law and
Consent to Jurisdiction. This Agreement and the legal relations among the parties are governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with
respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or Proceeding arising out of or in connection with
this Agreement may be brought only in the Delaware Court of Chancery and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the
Delaware Court for purposes of any action or Proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or Proceeding in the Delaware Court and (iv) waive, and agree
not to plead or to make, any claim that any such action or Proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. 

Section 26. Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which will for all
purposes be deemed to be an original but all of which together constitutes one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this
Agreement. 

  
 17 

 Section 27. Headings. The headings of this Agreement are inserted for
convenience only and do not constitute part of this Agreement or affect the construction thereof. 

  
 18 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above
written. 
  

							
	ALKAMI TECHNOLOGY, INC.	 		  	INDEMNITEE
				
	By:	 	
                     
                                    
	 	            	  	  

	Name:	 		  	Name:
	Office:	 		  	Address:

 [Signature Page to Indemnification Agreement]ex_238826.htm

Exhibit 10.1

 

Execution Version

 

OMNIBUS AMENDMENT TO THE SECOND AMENDED AND RESTATED 

TERM LOAN AGREEMENT AND LOAN DOCUMENTS 

 

Dated as of March 29, 2021

 

OMNIBUS AMENDMENT TO THE SECOND AMENDED AND RESTATED TERM LOAN AGREEMENT AND LOAN DOCUMENTS (this “Amendment”) among HIT NBL CY CBSOH OWNER, LLC, HIT NBL HH ATLGA OWNER, LLC, HIT SMT CY FLGAZ OWNER, LLC, HIT SMT BTRLA001 OWNER, LLC, HIT SMT FTWIN001 OWNER, LLC, HIT SMT MDFOR001 OWNER, LLC, HIT SMT RI FTWIN OWNER, LLC, HIT SMT SHS FLGAZ OWNER, LLC, HIT SMT FIS DENCO OWNER, LLC, HIT SMT FIS BELWA OWNER, LLC, HIT SMT FTCCO002 OWNER, LLC, HIT SMT SHS DENCO OWNER, LLC, HIT SMT RI GRMTN OWNER, LLC and HIT GA TECH HOLDING LLC, each a Delaware limited liability company, and HIT NBL MNTCA001 OWNER, LP and HIT SMT ELPTX001 OWNER, LP, each a Delaware limited partnership (collectively, the “Borrowers”), HOSPITALITY INVESTORS TRUST, INC., a Maryland corporation (the “Parent Guarantor”), HOSPITALITY INVESTORS TRUST OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “Operating Partnership”, and together with the Parent Guarantor, the “Guarantors”; and together with the Borrowers, the “Loan Parties”), CITIBANK, N.A., as administrative agent and collateral agent (in such capacity, the “Agent”) for one or more lenders (collectively, the “Lenders”) and the Lenders party hereto.

 

PRELIMINARY STATEMENTS:

 

(1)    The Borrowers, the Guarantors, the Agent, and the Lenders, have entered into that certain Second Amended and Restated Term Loan Agreement dated as of April 27, 2017 (as amended to date, the “Loan Agreement”) and the Loan Documents. Capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Loan Agreement.

 

(2)    The parties to the Loan Agreement have agreed to amend the Loan Agreement and the Loan Documents on the terms and subject to the conditions hereinafter set forth.

 

SECTION 1.    Forbearance Period.

 

(a)    Each of the Agent and the Lenders hereby agrees, in each case for itself and its respective Affiliates, and each such Person’s current, future and former heirs, executors, administrators, predecessors, successors, assigns, officers, directors, members, shareholders, partners, managers, stockholders, agents, employees, designees, nominees, representatives, attorneys, affiliates, subsidiaries, participants, and all Persons acting by, through, under, or under the control of any of the foregoing (with respect to each such Person, each a “Related Person”, and collectively, the “Related Persons”), for the benefit of each Loan Party and each other party, the Lenders, and each such Lender’s Related Persons, to forbear from exercising any of their remedies pursuant to the Loan Documents, at law, in equity, or otherwise in connection with the Loan or the Loan Documents based on the Chapter 11 Cases (as defined below) (the “Forbearance”) for a period of time commencing on the Initial Effective Date (as defined in Section 6 below) and ending on the first to occur of (i) June 30, 2021, (ii) the Final Effective Date (as defined in Section 6 below), and (iii) the date on which any Forbearance Termination Event occurs (such period, the “Forbearance Period”).

 

 

 

 

 

(b)    The occurrence of any of the following events (collectively, the “Forbearance Termination Events”) shall cause the Forbearance Period to terminate:

 

(i)    If any of the representations and warranties contained in Section 5 of this Amendment shall become untrue for a reason other than a change of facts or circumstances that does not constitute a Default or an Event of Default under the Loan Documents, or was false when made in any material respect. The Loan Parties hereby covenant to notify the Agent immediately in the event that Borrower or Guarantor obtain knowledge that any representation or warranty becomes untrue or was false when made;

 

(ii)    If an Event of Default (other than the filing of the Chapter 11 Cases, or relating to the Georgia Tech Hotel, the Georgia Tech Ground Lease, the Georgia Tech Operating Lease, the Georgia Tech Borrower, the Georgia Tech Pledgor, any Georgia Tech Entity and/or the Approved Management Agreement with respect to the Georgia Tech Hotel) shall occur;

 

(iii)    If any Loan Party shall assert in writing any defense, claim, counterclaim or other assertion as to the full validity and enforceability of the Loan Documents;

 

(iv)    Other than the filing of the Chapter 11 Cases, if an event of default by any Loan Party shall occur in respect of any of the Indebtedness forth on Schedule I attached hereto (the “Material Debt”) and any Loan Party shall have received written notice that the lender under such Material Debt has accelerated the maturity of such Material Debt, has declared to be due and payable or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption), or has otherwise commenced remedies under such Material Debt;

 

(v)    If the Chapter 11 Cases are dismissed or discontinued following the filing thereof, converted to a Chapter 7 proceeding or a Chapter 11 trustee, or examiner with expanded powers is appointed in the Chapter 11 Cases;

 

(vi)    If the Approved Restructuring Support Agreement terminates pursuant to its terms after it is entered into;

 

(vii)    If any of the Borrowers or Guarantors fail to timely comply in any material respect with any of their respective obligations under the Forbearance Agreement (as defined below) or this Amendment;

 

(viii)    If any Party (as defined in the Forbearance Agreement) repudiates, or attempts to repudiate, any of its respective obligations under the Forbearance Agreement or this Amendment, either in writing or in connection with a legal proceeding;

 

(ix)    With the exception of any involuntary, non-collusive bankruptcy of a Georgia Tech Entity, the Georgia Tech Borrower and/or the Georgia Tech Pledgor, if any of the Borrowers shall be the subject of a voluntary or involuntary proceeding under the Bankruptcy Code or any other insolvency, bankruptcy or reorganization law in the United States or elsewhere;

 

(x)    If any Event of Default shall occur pursuant to Section 6.01(f) (other than in respect of the filing of the Chapter 11 Cases and other than in respect to any involuntary, non-collusive bankruptcy of a Georgia Tech Entity, the Georgia Tech Borrower and/or the Georgia Tech Pledgor) or 6.01(m) of the Loan; or

 

2

 

 

(xi)    The entry of an order by a bankruptcy court modifying or altering the Guaranteed Obligations of the Guarantors in any manner that would adversely affect the Lenders in any material respect.

 

“Chapter 11 Cases” means the proceedings under Chapter 11 of Title 11, U.S. Code commenced by each of the Parent Guarantor and the Operating Partnership pursuant to the terms of the Approved Reorganization Plan and the Approved Restructuring Support Agreement.

 

“Approved Reorganization Plan” means the Joint Plan of Reorganization filed by the Parent Guarantor and the Operating Partnership in the Chapter 11 Cases, which (i) shall provide for the ratification and assumption of the Guaranteed Obligations (as amended hereby) by the Guarantors or by their successors in interest, and (ii) must be consistent in all material respects with the terms of this Amendment and the Approved Restructuring Support Agreement, and otherwise satisfactory to the Agent and the Required Lenders as communicated in writing to the Loan Parties.

 

“Approved Restructuring Support Agreement” means the Restructuring Support Agreement entered into or to be entered into by and among the Operating Partnership, the Parent Guarantor and the Brookfield Investor, which must be consistent in all material respects with the terms of this Amendment and otherwise satisfactory to the Agent and the Required Lenders as communicated in writing to the Loan Parties.

 

(c)    The “Forbearance Period”, as defined in that certain Forbearance Agreement dated as of February 1, 2021 (the “Forbearance Agreement”) by and among the Loan Parties and the Lenders, is hereby extended to the first to occur of (i) June 30, 2021, (ii) the Final Effective Date and (iii) the date on which a Forbearance Termination Event occurs.

 

SECTION 2.    Temporary Modifications to Loan Documents during Amendment Period. For the period from the Final Effective Date through October 31, 2022 (the “Amendment Period”), the Loan Documents will be deemed amended as follows:

 

(a)    Section 1 of the Cash Management Agreement is hereby amended by amending and restating the definition of “Low Debt Yield Period” as follows:

 

“Low Debt Yield Period” shall commence if, as of any Test Date, the Debt Yield is less than eight percent (8.0%) for two consecutive Test Dates and shall end if the Collateral Assets have achieved a Debt Yield of at least eight percent (8.0%) for one Test Date, as calculated by the Borrowers in good faith.

 

(b)    Section 1.01 of the Loan Agreement is hereby amended by adding the following proviso to the end of the definition of “Adjusted Net Operating Income” immediately before the period:

 

“; provided, however, that during the Amendment Period Adjusted Net Operating Income shall be calculated based on the fiscal quarter most recently ended for which financial statements are available, calculated on an annualized basis”

 

3

 

 

SECTION 3.    Temporary Modifications to Cash Management Agreement during Reserve Suspension Period.

 

(a)    For the period from the Initial Effective Date through December 31, 2021 (the “Reserve Suspension Period”), the Borrowers’ obligation to deposit funds into the FF&E Reserve Account pursuant to Section 3(d) of the Cash Management Agreement will be suspended and of no force or effect. Immediately following the Reserve Suspension Period the Borrowers’ obligation to deposit funds in to the F&E Reserve Account pursuant to Section 3(d) of the Cash Management Agreement will resume without any obligation to catch-up suspended deposits during the Reserve Suspension Period so long as the failure to make such catch-up payments with respect to any Hotel is not a default or event of default under any applicable Approved Franchise Agreement or Approved Management Agreement other than the Approved Management Agreement with respect to the Georgia Tech Hotel.

 

(b)    The Borrowers hereby authorize the Agent, upon the occurrence of the Initial Effective Date, to direct the Servicer to disburse $1,265,009.00 of PIP Reserve Funds (the “PIP Funds”) to the Agent and to apply the PIP Funds to the outstanding aggregate principal amount of the Loan, together with accrued interest on the principal amount so prepaid.

 

SECTION 4.    Amendments to Loan Agreement. A Low Debt Yield Period is deemed to have commenced on the Initial Effective Date resulting in a Lockbox Trigger Event (and without limitation of Section 2(a) above). Upon the occurrence of the Final Effective Date, the Loan Documents will be deemed amended as follows:

 

(a)    Limited Waivers. The following provisions (collectively, the “Subject Provisions”) shall be deemed waived and no Default or Event of Default shall be deemed to result from any violation thereof:

 

(i)    Section 6.01(f) to the extent relating to the filing of the Chapter 11 Cases;

 

(ii)    Sections 5.01(h), (j), (m), (n), (p), (r), (x) and (cc), and 5.02(b)(iii), (e), (l), (s) and (w) of the Loan Agreement solely to the extent relating to the Georgia Tech Hotel, the Georgia Tech Ground Lease, the Georgia Tech Operating Lease, the Georgia Tech Borrower, the Georgia Tech Pledgor and any Georgia Tech Entity only;

 

(iii)    Section 5.02(k) of the Loan Agreement to the extent relating to Equity Transfers of the Parent Guarantor’s common stock to the Brookfield Investor, including by a debt for equity conversion or exchange or by a sale, in each case pursuant to the Approved Reorganization Plan; and

 

(iv)    Sections 5.01(m), (p), (r) and 5.02(l) of the Loan Agreement to the extent relating to the Approved Management Agreement and the termination of the Georgia Tech Ground Lease with respect to the Georgia Tech Hotel.

 

Without limiting the generality of the provisions of Section 9.01 of the Loan Agreement, the waivers set forth in this subsection (a) shall be limited precisely as written, and nothing herein shall be deemed to (A) constitute a waiver of compliance by any Loan Party with respect to any other term, provision or condition of the Loan Documents or any other instrument or agreement referred to in any of them, or (B) prejudice any right or remedy that any Lender may now have or may have in the future under or in connection with the Loan Agreement, the other Loan Documents or any other instrument or agreement referred to in any of them or under applicable Legal Requirements. For the avoidance of doubt, the waivers of the Subject Provisions set forth herein shall not be effective until the Final Effective Date occurs pursuant to Section 6 of this Amendment.

 

4

 

 

(b)    The Loan Agreement is hereby amended by deleting Schedule VII in its entirety and replacing it with the new Schedule VII attached hereto.

 

(c)    Section 1.01 of the Loan Agreement is hereby amended by adding the following definitions in alphabetical order:

 

“CARES Act” has the meaning provided in Section 9.22(a).

 

“Chapter 11 Cases” means the proceedings under Chapter 11 of Title 11, U.S. Code to be commenced by each of the Parent Guarantor and the Operating Partnership.

 

“March 2021 Omnibus Amendment” means the Omnibus Amendment to the Second Amended and Restated Term Loan Agreement and Loan Documents dated as of March 29, 2021 among the Borrowers, the Parent Guarantor, the Operating Partnership, the Agent and the Lenders.

 

“Georgia Tech Recourse Amount” means, immediately following the Final Effective Date, $9,161,991, as the same may be reduced by prepayments of the Loan pursuant to Section 2.06(b).

 

“PPP Loan” has the meaning provided in Section 9.22(a).

 

“SBA” has the meaning provided in Section 9.22(c).

 

(d)    Section 2.06(b) of the Loan Agreement is hereby amended by adding the following at the end of the paragraph:

 

“The Borrowers shall prepay the Loan, in each case together with accrued interest to the date of such prepayment on the aggregate principal amount prepaid, in the aggregate amount of $3,500,000.00, payable in seven (7) quarterly amortization payments of $500,000.00 each on the payment dates shown in the grid below.  For the avoidance of doubt, to the extent that any such prepayment date would occur after the Maturity Date, then the corresponding amortization payment shall be due and payable on the Maturity Date.

 

 

	 	
			Prepayment Principal Amount

			 

				
			Prepayment Date

			
	
			1.         

				
			$500,000.00

				
			June 30, 2021

			
	
			2.         

				
			$500,000.00

				
			September 30, 2021

			
	
			3.         

				
			$500,000.00

				
			December 31, 2021

			
	
			4.         

				
			$500,000.00

				
			March 31, 2022

			
	
			5.         

				
			$500,000.00

				
			June 30, 2022

			
	
			6.         

				
			$500,000.00

				
			September 30, 2022

			
	
			7.         

				
			$500,000.00

				
			December 31, 2022

			

 

5

 

 

If any Loan Party at any time receives any proceeds, payment or compensation in connection with the sale or transfer of the Georgia Tech Hotel or the termination or transfer of the Georgia Tech Ground Lease, then such Loan Party shall prepay the Loan in the amount of such proceeds together with accrued interest to the date of such prepayment on the aggregate principal amount prepaid.

 

Any and all prepayments made under this Section 2.06(b) shall reduce the Georgia Tech Recourse Amount on a dollar-for-dollar basis.”

 

(e)    Each representation and warranty set forth in Section 4.01 of the Loan Agreement is hereby deemed to except, as applicable, (i) during the Forbearance Period, any Default or Event of Default under the Loan Documents to which the Forbearance applies under Section 1(a) hereof and (ii) at all times, any Default or Event of Default pertaining to the Subject Provisions for which limited waivers have been granted under Section 4(a) hereof (clauses (i) and (ii) collectively, the “Limited Exceptions”). This subsection (e) shall be effective on the Initial Effective Date notwithstanding anything to the contrary in Section 4 of this Amendment.

 

(f)    Section 5.01(j) of the Loan Agreement is hereby amended and restated in its entirety as follows:

 

“(j)         Intentionally Omitted.”

 

(g)    Section 5.01(bb)(viii) of the Loan Agreement is hereby amended by adding the following at the end of the paragraph:

 

“For the avoidance of doubt, following the release of a Collateral Asset in accordance with Section 9.13 and upon request by the Borrowers, the Administrative Agent shall direct the Servicer to disburse any remaining PIP Reserve Funds allocated to such released Collateral Asset to the Borrowers within ten (10) days after such request.”

 

(h)    Section 5.02(e) of the Loan Agreement is hereby amended by (i) deleting “or” at the end of clause (iii), (ii) replacing the period at the end of clause (iv) with “; or” and (iii) adding the following new clause (v) immediately following clause (iv):

 

“(v)         subject to Section 5.02(w), any Transfer of the Georgia Tech Hotel, the Georgia Tech Owner or the Georgia Tech Ground Lease to the Georgia Tech Landlord, whether pursuant to an instrument of transfer (such as a quitclaim deed), a termination of the Georgia Tech Ground Lease, or otherwise.”

 

(i)    Section 5.02(w) of the Loan Agreement is hereby amended and restated in its entirety as follows:

 

“(w) Georgia Tech Ground Lease. Following any sale, transfer or termination of the Georgia Tech Ground Lease in accordance with Section 9.13(c), no Loan Party, or any direct or indirect subsidiary of any Guarantor, shall acquire any direct or indirect ownership interest in the Georgia Tech Hotel, the Georgia Tech Owner or the Georgia Tech Ground Lease.”

 

6

 

 

(j)    Article VIII of the Loan Agreement is hereby supplemented by adding a new Section 8.08 thereto as follows:

 

Section 8.08. Payments in Error. If a payment is made by the Administrative Agent (or its Affiliates) in error or if a Lender or another recipient of funds is not otherwise entitled to receive such funds, then such Lender or recipient shall forthwith on demand repay to the Administrative Agent the portion of such payment that was made in error (or otherwise not intended to be received) in same day funds, together with interest thereon in respect of each day from and including the date such amount was made available by the Administrative Agent (or its Affiliate) to such Lender or recipient to the date such amount is repaid to the Administrative Agent in same day funds at the Federal Funds Rate. Each Lender and other party hereto waives the discharge for value defense in respect of any such payment.

 

(k)    Section 9.01 of the Loan Agreement is hereby amended by adding the following at the end of the Section:

 

“(c) If the Administrative Agent requests the consent of the Lenders pursuant to Section 9.01(a) and any Lender shall fail to respond to such consent request (which response must include any information as may have been reasonably requested by the Administrative Agent from such Lender in connection with such consent request) within the earlier of (x) the applicable time period specified for the granting or withholding of such consent pursuant to the Loan Documents, if any, and (y) ten (10) Business Days after delivery of such request, then the Lender that has failed to respond shall be deemed to have consented to such request.”

 

(l)    Section 9.07(a)(iv)(B) of the Loan Agreement is hereby amended and restated as follows:

 

“(B) at any other time without the consent of the Administrative Agent (which consent shall not be unreasonably withheld (and such consent shall be deemed given if not denied in writing within ten (10) Business Days following a written request therefor given in accordance with Section 9.02(a)), and”

 

(m)    Section 9.13(c) of the Loan Agreement is hereby amended and restated in its entirety as follows:

 

“(c)         Notwithstanding anything to the contrary in Section 9.13(b), in the event the Loan Parties desire to sell or transfer the Georgia Tech Hotel to any Person that is not a Loan Party or Affiliate of a Loan Party (which may include (x) the transfer by the Georgia Tech Owner of its right, title and interest under the Georgia Tech Ground Lease to the lessor thereunder by quitclaim deed and (y) the termination of the Georgia Tech Ground Lease), the applicable Borrower will have the right to request the release of the applicable Collateral Asset (in whole and not in part) and, if the following conditions are satisfied, the Collateral Agent shall, at the Borrowers’ expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of the related Collateral Asset from the Liens of the Collateral Documents in accordance with the terms of the Loan Documents. Each such release pursuant to this Section 9.13(c) shall be subject to the following conditions: (A) no Default or Event of Default shall exist immediately before or after such release (other than any Default or Event of Default relating to the Georgia Tech Ground Lease, the Georgia Tech Hotel, the Georgia Tech Operating Lease, the Georgia Tech Borrower, the Georgia Tech Pledgor, any Georgia Tech Entity, the Approved Management Agreement with respect to the Georgia Tech Hotel and/or the Chapter 11 Cases that has been waived pursuant to the March 2021 Omnibus Amendment or is then subject to forbearance thereunder), (B) the receipt by the Collateral Agent of a certificate of a Responsible Officer of the Operating Partnership certifying as to the matters in clause (A) and (C) on the date of such release, the Borrowers shall repay the Loan in accordance with Section 2.06 in an amount equal to the proceeds of such sale (if any).”

 

7

 

 

(n)    The Loan Agreement is hereby amended by adding the following new Section 9.22 immediately after Section 9.21:

 

“Section 9.22. Paycheck Protection Program. (a) The Loan Parties have requested consent to the incurrence of one or more unsecured SBA 7(a) loans under the Coronavirus Aid, Relief and Economic Security Act’s (the “CARES Act”) Paycheck Protection Program (each a “PPP Loan”) for the purpose of applying the proceeds thereof toward the payroll and other expenses permitted by the CARES Act.

 

(b)         PPP Loan Consent. The Agent and the Lenders acknowledge that TRS Lessees have applied for PPP Loans prior to the Initial Effective Date. The Agent and the Lenders hereby consent to the incurrence of a single PPP Loan for each TRS Lessee, subject to the terms and conditions hereof.

 

(c)         PPP Loan Representation. Prior to incurring a PPP Loan, each TRS Lessee will provide to the Agent and the Lenders a certificate of a Responsible Officer of such TRS Lessee certifying that it has determined in good faith that it is eligible to apply as a borrower under the Paycheck Protection Program of the CARES Act (including the application of the U.S. Small Business Administration (the “SBA”) affiliation rule to the extent applicable) for a loan in the amount specified in subsection (e) below, and has taken into consideration in making such determination the Interim Final Rule and FAQ’s #31 and #37, issued by the SBA, respectively on April 23, 24 and 28, 2020, which provides, among other things, that the current economic uncertainty makes the loan request necessary to support the ongoing operations of the applicants taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business. After giving effect to each proposed PPP Loan, the applicable TRS Lessee will not be part of a corporate group (determined in accordance with the Interim Final Rule issued by the SBA on April 30, 2020) that has received more than $20,000,000 of PPP Loans in the aggregate. Such Responsible Officer shall also certify that to such TRS Lessee’s knowledge, after due inquiry, such TRS Lessee is legally entitled to the receipt of the PPP Loan.

 

(d)         PPP Loan Covenant. The Loan Parties hereby covenant and agree that each TRS Lessee that incurs a PPP Loan shall (i) repay all interest, unforgiven principal and penalties under the PPP Loan prior to the earliest of (x) five years after such Borrower’s incurrence of the PPP Loan (y) the date the PPP Loan comes due pursuant to the terms thereof, and (z) the Maturity Date, and (ii) otherwise comply with the requirements of the documents evidencing the PPP Loan and any applicable Legal Requirements. 

 

(e)         Terms of PPP Loan. Each PPP Loan shall be unsecured and shall have a term of at least two years and an interest rate not in excess of 1.0% per annum. The principal and interest payments may be deferred for the first six months of each PPP Loan term and the principal may be forgiven in its entirety if certain conditions specified in the CARES Act are satisfied. For avoidance of doubt, any PPP Loan that does not satisfy the foregoing requirements is not consented to hereunder.

 

8

 

 

(f)         PPP Loan Reporting. The Loan Parties shall keep Agent promptly and reasonably informed of the status of the PPP Loans, including each TRS Lessee’s submission of an application (to the extent that any application is submitted following the Initial Effective Date), whether the application is approved, when PPP Loan proceeds are received, when forgiveness is applied for and whether forgiveness is granted. Without limiting the foregoing, the Loan Parties shall deliver to Agent copies of all approved applications (including any such approved applications submitted prior to the Initial Effective Date), loan documents, instruments and other material agreements related to the PPP Loans, and all written notices to or from the lender of the PPP Loans and/or any applicable governmental authorities relating to the PPP Loans, in each case promptly following any Loan Party’s delivery or receipt thereof, as applicable. Each of the Parent Guarantor’s quarterly reporting obligations shall hereafter be accompanied by a certificate of a Responsible Officer certifying to the Agent and the Lenders that the proceeds of each PPP Loan has been applied in accordance with the CARES Act, until the Parent Guarantor has delivered an Officer's Certificate confirming that each such PPP Loan has been repaid or forgiven in full.”

 

(o)    Section 10.02 of the Loan Agreement is hereby amended by adding the following new clause (d) immediately following clause (c):

 

“(d)         Notwithstanding anything to the contrary in this Article X, the obligation of the Loan Parties to repay to the Lenders the Georgia Tech Recourse Amount on the Maturity Date shall be recourse to each of the Loan Parties on a joint and several basis and shall constitute Guaranteed Obligations of each Guarantor.”

 

(p)    Section 10.02(a) of the Loan Agreement is hereby amended by (i) deleting “and/or” from clause (ix), (ii) replacing the period at the end of clause (x) with “; and/or” and (iii) adding the following clause (xi) immediately after clause (x):

 

"(xi)(A) any use of PPP Loan proceeds for purposes not authorized under the CARES Act, (B) any claim that (x) any TRS Lessee was not entitled to the PPP Loan proceeds (or any portion thereof) or (y) the amount of PPP Loan proceeds funded was in excess of the amount permitted under applicable Legal Requirements or (C) any amount of the PPP Loan that is not forgiven or paid in full on or prior to its maturity date."

 

(q)    Section 10.02(b) of the Loan Agreement is hereby amended by deleting “or” before “(ix)” and adding “; or (x) any breach of Section 5.02(w)” immediately before the period.

 

SECTION 5.    Representations and Warranties. Each Loan Party hereby represents and warrants as follows as of the date hereof:

 

(a)    Such Loan Party has taken all necessary corporate and other organizational action to authorize the execution, delivery and performance of this Amendment.

 

(b)    This Amendment has been duly executed and delivered by such Loan Party and constitutes such Loan Party’s legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

 

9

 

 

(c)    The execution and delivery of this Amendment does not (i) contravene any provision of the organizational documents of such Loan Party or its general partner or managing member, in each case as amended to date, (ii) violate any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award applicable to such Loan Party or (iii) conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, the terms of any agreement or instrument to which such Loan Party or any of its Affiliates is a party or by which the properties or assets of such Loan Party or any Affiliate thereof is subject, nor will such action result in any violation of the provisions of any Legal Requirements.

 

(d)    All consents, approvals and authorizations which pertain to such Loan Party and all of such Loan Party’s constituent owners that are required to permit or authorize such Loan Party to enter into and perform all obligations of such Loan Party under or with respect to this Amendment have been obtained and are in full force and effect.

 

(e)    The Guarantors are in compliance with the covenants contained in Section 5.04 of the Loan Agreement.

 

(f)    No Indebtedness is outstanding with respect to such Loan Party (excluding Indebtedness in connection with the Potential Defaults (as defined in the Forbearance Agreement)) that is not permitted under the Loan Agreement.

 

(g)    Other than the Potential Defaults (as defined in the Forbearance Agreement) and the Limited Exceptions, there are no currently outstanding Defaults, Events of Default, offsets or defenses, or any event that has occurred which with the giving of notice, passage of time, or both, would constitute a Default, Event of Default, offset or defense under any Loan Documents.

 

(h)    The representations and warranties of the Loan Parties contained in Section 4.01 of the Loan Agreement are, other than with respect to the Limited Exceptions, true and correct in all material respects on and as of such date (except to the extent that such representations and warranties 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), except to the extent modified by the actions of any Borrower or changes in facts and circumstances that in each case would not constitute a Default or Event of Default (each as defined in the Loan Agreement) (and the parties agree that, in connection with the remaking of any such representations and warranties, any such representations and warranties that are qualified to knowledge shall continue to be qualified to knowledge in the same manner when so remade).

 

(i)    There are no defenses, counterclaims, offsets, cross-complaints, causes of action, rights, claims or demands of any kind or nature whatsoever, including without limitation, any usury or lender liability claims or defenses, arising out of any of the Loan, any Loan Document or any past or present relationship between or among the Loan Parties and the Agent and the Lenders or any of them. Each Loan Party further acknowledges that to the extent that any such claim should in fact exist, including without limitation, any usury or lender liability claim, it is hereby fully, finally and irrevocably waived and released by such Loan Party.

 

SECTION 6.    Conditions to Effectiveness.

 

(a)    The “Initial Effective Date” shall mean the date that each of the following conditions precedent have been satisfied to the reasonable satisfaction of the Agent:

 

(i)    The Agent shall have received the following on or before the Initial Effective Date, each dated such day (unless otherwise specified), in form and substance satisfactory to the Agent (unless otherwise specified) and in sufficient copies for each Lender:

 

10

 

 

(A)    Counterparts of this Amendment and any other agreements executed by each Loan Party and the Lenders for which consents are required under Section 9.01 of the Loan Agreement;

 

(B)    A counterpart of the Consent attached hereto signed by each Guarantor; and

 

(C)    (i) certified copies of the resolutions of the Board of Directors of the Parent Guarantor on its behalf and on behalf of each Loan Party for which it is the ultimate signatory approving the transactions contemplated by this Amendment to which it or such Loan Party is or is to be a party and (ii) an officer’s certificate of each Loan Party (or Responsible Officer of the general partner or managing member of any Loan Party) and of each general partner or managing member (if any) of each Loan Party certifying the names and true signatures of the officers of such Loan Party, or of the general partner or managing member of such Loan Party, authorized to sign this Amendment and any other agreements executed in connection with the transactions contemplated by this Amendment.

 

(ii)    The Borrowers shall have paid all accrued fees of the Agent and the Lenders and all reasonable and documented out-of-pocket expenses of the Agent (including the reasonable and documented fees and expenses of counsel to the Agent) through the Initial Effective Date in connection with the Loan, this Amendment and the transactions contemplated by the Loan Documents in accordance with the terms of Section 9.04 of the Loan Agreement.

 

(b)    The “Final Effective Date” shall mean the date that each of the following conditions precedent have been satisfied to the reasonable satisfaction of the Agent:

 

(i)    The Initial Effective Date has occurred.

 

(ii)    The “Effective Date” of the Approved Reorganization Plan has occurred.

 

(iii)    The Borrowers shall have paid all accrued fees of the Agent and the Lenders and all reasonable and documented out-of-pocket expenses of the Agent (including the reasonable and documented fees and expenses of counsel to the Agent) through the Final Effective Date in connection with the Loan, this Amendment and the transactions contemplated by the Loan Documents in accordance with the terms of Section 9.04 of the Loan Agreement, in each case to the extent not already paid on or before the Initial Effective Date.

 

(c)    In the event the Final Effective Date fails to occur by June 30, 2021, any and all sections of this Amendment conditioned on the occurrence thereof shall be null and void and of no further force or effect, without any action required to be taken by any of the parties hereto.

 

11

 

 

SECTION 7.    Reference to and Effect on the Loan Documents. (a) On and after the Initial Effective Date, each reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Loan Agreement, and each reference in each of the other Loan Documents to “the Loan Agreement”, “thereunder”, “thereof” or words of like import referring to the Loan Agreement, shall mean and be a reference to the Loan Agreement, as amended and modified by this Amendment.

 

(b)    This Amendment shall constitute a Loan Document.

 

(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 Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

 

(d)    This Amendment shall not extinguish the obligations for the payment of money outstanding under the Loan Agreement. Nothing herein contained shall be construed as a substitution or novation of the obligations outstanding under the Loan Agreement, which shall remain in full force and effect, except to any extent modified hereby or as provided in the exhibits hereto. Nothing implied in this Amendment or in any other document contemplated hereby shall be construed as a release or other discharge of any of the Loan Parties from the Loan Documents.

 

(e)    Without limitation of the provisions of Article VIII of the Loan Agreement, the Lenders hereby authorize the Agent to execute and deliver such acknowledgements, certifications and other documentation and to take such actions in its capacity as the Agent on behalf of the Lenders as the Agent shall determine in its discretion are reasonably necessary to implement the terms of this Amendment and to facilitate consummation of the Approved Plan of Reorganization referenced herein.

 

(f)    Notwithstanding anything to the contrary contained in this Amendment, during the Forbearance Period and the “Forbearance Period”, as defined in the Forbearance Agreement and modified by this Amendment, the Loan Parties shall be entitled to any rights provided to it in the Loan Documents that are conditioned on there being no Default or Event of Default in existence but only to the extent such Default or Event of Default is a Default or Event of Default to which Forbearance then applies under Section 1(a) hereof or is a Potential Default to which forbearance then applies under the Forbearance Agreement.

 

SECTION 8.    Ratification. The Loan Agreement (as amended by this Amendment) and each of the other Loan Documents are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. Except as expressly provided in this Amendment, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Secured Party under the Loan Agreement or any of the other Loan Documents, nor constitute a waiver of any provision of the Loan Agreement or any of the other Loan Documents.

 

SECTION 9.    Costs and Expenses. The Borrowers agree to pay on demand all reasonable and documented out-of-pocket costs and expenses of the Agent in connection with the preparation, execution, delivery, administration, modification and amendment of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable and documented fees and expenses of counsel for the Agent) in accordance with the terms of Section 9.04 of the Loan Agreement.

 

SECTION 10.    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. Copies of originals, including copies delivered by facsimile, .pdf, or other electronic means, shall have the same import and effect as original counterparts and shall be valid, enforceable and binding for the purposes of this Agreement. The words “execution,” “signed,” “signature,” and words of like import shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Legal Requirements, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

12

 

 

SECTION 11.    Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

 

SECTION 12.    Pre-Negotiation Agreement. The parties hereto acknowledge and agree that this Amendment is a “written agreement” pursuant to Section 2 of the Pre-Negotiation Agreement entered into by and among the Agent, the Borrowers and the Guarantors dated as of January 14, 2021.

 

SECTION 13.    Successors and Assigns. This Amendment is entered into for the exclusive benefit of the Loan Parties, the Agent and the Lenders and no other party shall derive any rights or benefits herefrom; provided, however, that to the extent permitted by the terms and provisions of the Loan Documents, this Amendment shall be binding upon and inure to the benefit of the Loan Parties, the Agent and the Lenders and their respective permitted successors, and assigns.

 

 

 

 

[Balance of page intentionally left blank.]

 

13

 

 

 

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.

 

	 	
			BORROWERS:

			 

			HIT NBL CY CBSOH OWNER, LLC

			HIT NBL HH ATLGA OWNER, LLC

			HIT SMT CY FLGAZ OWNER, LLC

			HIT SMT BTRLA001 OWNER, LLC

			HIT SMT FTWIN001 OWNER, LLC

			HIT SMT MDFOR001 OWNER, LLC

			HIT SMT RI FTWIN OWNER, LLC

			HIT SMT SHS FLGAZ OWNER, LLC

			HIT SMT FIS DENCO OWNER, LLC

			HIT SMT FIS BELWA OWNER, LLC

			HIT SMT FTCCO002 OWNER, LLC

			HIT SMT SHS DENCO OWNER, LLC

			HIT SMT RI GRMTN OWNER, LLC

			HIT GA TECH HOLDING LLC, 

			each a Delaware limited liability company

			
	 	 
	 	 
	 	By: /s/ Jonathan P. Mehlman
	 	Name: Jonathan P. Mehlman
	 	Title: President & Chief Executive Officer

 

 

 

Signature Page to Omnibus Amendment to the

 Second Amended and Restated Term Loan Agreement

 

 

 

 

	
			 

				
			HIT NBL MNTCA001 OWNER, LP, a Delaware limited partnership

				
			 

			
	 	 	 
	 	By: HIT NBL NTC Owner GP, LLC, a Delaware limited liability company, its general partner	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Jonathan P. Mehlman

				
			 

			
	
			 

				
			 

				
			Name: Jonathan P. Mehlman

				
			 

			
	
			 

				
			 

				
			Title:  President & Chief Executive Officer

				
			 

			
	 	 	 	 
	 	HIT SMT ELPTX001 OWNER, LP, a Delaware limited partnership	 
	 	 	 	 
	 	By: HIT SMT NTC Owner GP, LLC, a Delaware limited liability company, its general partner	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Jonathan P. Mehlman	 
	 	 	Name: Jonathan P. Mehlman	 
	 	 	Title:  President & Chief Executive Officer	 

 

 

Signature Page to Omnibus Amendment to the

 Second Amended and Restated Term Loan Agreement

 

 

 

 

	
			 

				
			ADMINISTRATIVE AGENT AND COLLATERAL AGENT:

				
			 

			
	 	 	 
	 	CITIBANK, N.A., as administrative agent and collateral agent	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Christopher J. Albano

				
			 

			
	
			 

				
			 

				
			Name: Christopher J. Albano

				
			 

			
	
			 

				
			 

				
			Title: Authorized Signatory

				
			 

			

 

 

 

 

	
			 

				
			APPROVED BY: 

				
			 

			
	 	 	 
	 	CITIBANK, N.A., as a Lender	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Christopher J. Albano

				
			 

			
	
			 

				
			 

				
			Name: Christopher J. Albano

				
			 

			
	
			 

				
			 

				
			Title: Authorized Signatory

				
			 

			

 

 

 

 

	
			 

				
			APPROVED BY: 

				
			 

			
	 	 	 
	 	BBVA USA, fka COMPASS BANK, as a Lender	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Scott Place

				
			 

			
	
			 

				
			 

				
			Name: Scott Place

				
			 

			
	
			 

				
			 

				
			Title: SVP

				
			 

			

 

 

 

 

 

	
			 

				
			APPROVED BY: 

				
			 

			
	 	 	 
	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as a Lender	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Simon B. Burce

				
			 

			
	
			 

				
			 

				
			Name: Simon B. Burce

				
			 

			
	
			 

				
			 

				
			Title: Executive Director

				
			 

			

 

 

 

 

	
			 

				
			APPROVED BY: 

				
			 

			
	 	 	 
	 	CTBC BANK CO., LTD., New York Branch, as a Lender	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Mingdao Li

				
			 

			
	
			 

				
			 

				
			Name: Mingdao Li

				
			 

			
	
			 

				
			 

				
			Title: SVP & General Manager

				
			 

			

 

 

 

 

	
			 

				
			APPROVED BY: 

				
			 

			
	 	 	 
	 	Deutsche Bank AG New York Branch, as a Lender	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Darrell L. Gustafson

				
			 

			
	
			 

				
			 

				
			Name: Darrell L. Gustafson

				
			 

			
	
			 

				
			 

				
			Title: Managing Director

				
			 

			
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Steven Pack	 
	 	 	Name: Steven Pack	 
	 	 	Title: Managing Director	 

 

 

 

 

	
			 

				
			APPROVED BY

				
			 

			
	 	 	 
	 	GOLDMAN SACHS BANK USA, as a Lender	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Michael Dalton

				
			 

			
	
			 

				
			 

				
			Name: Michael Dalton

				
			 

			
	
			 

				
			 

				
			Title: Authorized Signatory

				
			 

			

 

 

 

 

	
			 

				
			APPROVED BY:

				
			 

			
	 	 	 
	 	Morgan Stanley Bank N.A., as a Lender	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Jane Lam

				
			 

			
	
			 

				
			 

				
			Name: Jane Lam

				
			 

			
	
			 

				
			 

				
			Title: Executive Director

				
			 

			

 

 

 

 

CONSENT

Dated as of March 29, 2021

 

Each of the undersigned, as a Guarantor under the Second Amended and Restated Term Loan Agreement dated as of April 27, 2017, among (i) HIT NBL CY CBSOH OWNER, LLC, HIT NBL HH ATLGA OWNER, LLC, HIT SMT CY FLGAZ OWNER, LLC, HIT SMT BTRLA001 OWNER, LLC, HIT SMT FTWIN001 OWNER, LLC, HIT SMT MDFOR001 OWNER, LLC, HIT SMT RI FTWIN OWNER, LLC, HIT SMT SHS FLGAZ OWNER, LLC, HIT SMT FIS DENCO OWNER, LLC, HIT SMT FIS BELWA OWNER, LLC, HIT SMT FTCCO002 OWNER, LLC, HIT SMT SHS DENCO OWNER, LLC, HIT SMT RI GRMTN OWNER, LLC, and HIT GA TECH HOLDING LLC, each a Delaware limited liability company, and HIT NBL MNTCA001 OWNER, LP and HIT SMT ELPTX001 OWNER, LP, each a Delaware limited partnership, (ii) HOSPITALITY INVESTORS TRUST, INC., a Maryland corporation (the “Parent Guarantor”), HOSPITALITY INVESTORS TRUST OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (together with the Parent Guarantor, the “Guarantors”), and (iii) CITIBANK, N.A., as administrative agent and collateral agent for one or more lenders, and the other parties thereto (as amended to date, the “Loan Agreement”), hereby consents to the Amendment No. 3 to the Second Amended and Restated Term Loan Agreement dated as of the date hereof (the “Amendment”), and hereby confirms and agrees that notwithstanding the effectiveness of the Amendment, the Guaranty contained in the Loan Agreement is and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except that, on and after the effectiveness of the Amendment, each reference in the Loan Documents to “Loan Agreement”, “thereunder”, “thereof” or words of like import shall mean and be a reference to the Loan Agreement, as amended and modified by the Amendment.

 

[Balance of page intentionally left blank.]

 

 

 

 

	
			 

				
			GUARANTORS:

				
			 

			
	 	 	 
	 	HOSPITALITY INVESTORS TRUST, INC., a Maryland corporation	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Jonathan P. Mehlman

				
			 

			
	
			 

				
			 

				
			Name: Jonathan P. Mehlman

				
			 

			
	
			 

				
			 

				
			Title: President & Chief Executive Officer

				
			 

			
	 	 	 	 
	 	 	 	 
	 	HOSPITALITY INVESTORS TRUST OPERATING PARTNERSHIP, L.P., a Delaware limited partnership	 
	 	 	 	 
	 	 	 	 
	 	By:	HOSPITALITY INVESTORS TRUST, INC., a Maryland corporation, its general partner	 
	 	 	 	 
	 	 	By: /s/ Jonathan P. Mehlman	 
	 	 	Name: Jonathan P. Mehlman	 
	 	 	Title: President & Chief Executive Officer	 

 

 

 

 

Consent Signature Page to Omnibus Amendment to the

 Second Amended and Restated Term Loan Agreement

 

 

 

 

SCHEDULE I

 

MATERIAL DEBT

 

 

	
			Description of Indebtedness

				
			Principal Outstanding as of December 

			31, 2020

			 

			
	
			Second Amended and Restated Term Loan

			(16 hotels)

			$310,000,000 Term Loan – Original Principal Balance

			 

				
			$228,849,847.45

			
	
			92 Pack Mortgage Loan (62 hotels)

			$870,000,000 Mortgage Loan - Original Principal Balance

			 

				
			$707,775,193.11

			
	
			92 Pack Mezzanine A Loan (62 hotels)

			$100,000,000 Mezzanine A Loan - Original Principal Balance

			 

				
			$81,352,018.85

			
	
			92 Pack Mezzanine B Loan (62 hotels)

			$70,000,000 Mezzanine B Loan - Original Principal Balance

			 

				
			$56,947,627.87

			
	
			ENN Pool II Loan (21 hotels)

			$232,000,000 Term Loan – Original Principal Balance

			 

				
			$232,000,000.00

			

 

 

 

 

SCHEDULE VII

 

ALLOCATED LOAN AMOUNTS

 

	
			Portfolio

				
			Property

				
			Property Address

				
			Property Owner

				
			Allocated Loan Amount

			
	 
	
			Noble 2

				
			Courtyard Columbus Downtown

				
			35 West Spring Street

			Columbus, Ohio 43215

			(Franklin County)

				
			HIT NBL CY CBSOH Owner, LLC

				
			$18,576,413

			
	
			Summit 1

				
			Courtyard Flagstaff

				
			2650 S. Beulah Blvd., Flagstaff, Arizona 86001 (Coconino County)

				
			HIT SMT CY FLGAZ Owner, LLC

				
			$28,451,243

			
	
			Summit 1

				
			DoubleTree by Hilton Hotel

				
			4964 Constitution Avenue, Baton Rouge, Louisiana 70808 (East Baton Rouge Parish)

				
			HIT SMT BTRLA001 Owner, LLC

				
			$9,288,206

			
	
			Summit 3

				
			Fairfield Inn & Suites Denver

				
			6851 Tower Road

			Denver, Colorado 80249

			(Denver County)

				
			HIT SMT FIS DENCO Owner, LLC

				
			$14,176,736

			
	
			Summit 3

				
			Fairfield Inn & Suites Bellevue

				
			14595 NE 29th Place

			Bellevue, Washington 98007

			(King County)

				
			HIT SMT FIS BELWA Owner, LLC

				
			$17,598,707

			
	
			Summit 1

				
			Hampton Inn

				
			8219 West Jefferson Blvd., Fort Wayne, Indiana 46804 (Allen County)

				
			HIT SMT FTWIN001 Owner, LLC

				
			$13,296,801

			
	
			Summit 1

				
			Hampton Inn

				
			1122 Morrow Road, Medford, Oregon 97504 (Jackson County)

				
			HIT SMT MDFOR001 Owner, LLC

				
			$6,941,712

			
	
			Summit 1

				
			Hampton Inn & Suites

				
			6635 Gateway Blvd. West, El Paso, Texas 79925 (El Paso County)

				
			HIT SMT ELPTX001 Owner, LP

				
			$8,114,959

			
	
			Summit 3

				
			Hilton Garden Inn Ft. Collins

				
			2821 East Harmony Road

			Fort Collins, Colorado 80528

			(Larimer County)

				
			HIT SMT FTCCO002 Owner, LLC

				
			$10,070,371

			
	
			Noble 1

				
			Hilton Garden Inn

				
			1000 Aguajito Road, Monterey, California 93940 (Monterey County)

				
			HIT NBL MNTCA001 Owner, LP

				
			$45,072,244

			
	
			Noble 2

				
			Hyatt House Atlanta Cobb Galleria

				
			3595 Cumberland Blvd.

			Atlanta, Georgia 30339

			(Cobb County)

				
			HIT NBL HH ATLGA Owner, LLC

				
			$18,869,725

			
	
			Summit 1

				
			Residence Inn

				
			7811 West Jefferson Blvd., Fort Wayne, Indiana 46804 (Allen County)

				
			HIT SMT RI FTWIN Owner, LLC

				
			$15,252,213

			
	
			Summit 3

				
			SpringHill Suites Denver

				
			18350 East 68th Avenue

			Denver, Colorado 80249

			(Denver County)

				
			HIT SMT SHS DENCO Owner, LLC

				
			$10,950,307

			
	
			Summit 1

				
			Springhill Suites

				
			2455 S. Beulah Blvd., Flagstaff, Arizona 86001 (Coconino County)

				
			HIT SMT SHS FLGAZ Owner, LLC

				
			$17,109,854

			
	
			Summit 2

				
			Residence Inn Germantown

				
			9314 Poplar Pike, Germantown, Tennessee 38138 (Shelby County)

				
			HIT SMT RI GRMTN Owner, LLC

				
			$8,310,500

			
	
			TOTAL

				
			$242,079,991

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