Document:

Exhibit 10.2

 

Loan No.: 1008459

 

FIRST AMENDMENT TO TERM LOAN AGREEMENT

 

THIS FIRST AMENDMENT TO TERM LOAN AGREEMENT (this “Amendment”), dated as of August 27, 2013 by and between RLJ LODGING TRUST, L.P., a limited partnership formed under the laws of the State of Delaware (the “Borrower”), RLJ LODGING TRUST, a Maryland real estate investment trust (“Parent Guarantor”), each of the financial institutions initially a signatory hereto together with their successors and assignees under Section 13.6 of the Loan Agreement (as defined below) (the “Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent.

 

WHEREAS, pursuant to that certain Term Loan Agreement dated as of November 20, 2012, by and between Borrower, Parent Guarantor, the Lenders and Administrative Agent (the “Loan Agreement”), the Lenders made a loan to Borrower (the “Loan”) in the original principal amount of $125,000,000  (capitalized terms used herein and not defined herein have the meanings provided in the Loan Agreement);

 

WHEREAS, Section 2.16.(a) of the Loan Agreement provides that the Borrower may request increases in the aggregate amount of the Commitments, provided that the Outstanding Amount of the Loan shall not exceed $200,000,000; and

 

WHEREAS, the parties hereto desire to amend the Loan Agreement to permit the Borrower to increase the maximum Outstanding Amount of the Loan to $225,000,000 as more particularly set forth herein.

 

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

 

1.                                      Section 1.1 of the Loan Agreement is hereby amended by adding the following definitions:

 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C.  1 et seq.), as amended from time to time, and any successor statute.

 

“Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of its Guaranty of such Swap Obligation is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time such Guaranty becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guaranty is or becomes illegal.

 

 

“Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

 

2.                                      The first sentence of Section 2.16.(a) of the Loan Agreement is hereby amended to read as follows:

 

“The Borrower shall have the right to request increases in the aggregate amount of the Commitments by providing written notice to the Administrative Agent; provided, however, that after giving effect to any such increases the Outstanding Amount of the Loan shall not exceed $225,000,000.”

 

3.                                      Section 11.5 of the Loan Agreement is hereby amended by adding the following language as a separate paragraph at the end of such Section:

 

“Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such Guarantor or such Guarantor’s assets, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocations otherwise set forth above in this Section.”

 

4.                                      The parties hereto agree that the Guarantied Obligations, as defined in that certain Guaranty dated as of November 20, 2012 by Parent Guarantor and the Subsidiary Guarantors party thereto, given in connection with the Loan Agreement, shall not include any Excluded Swap Obligations.

 

5.                                      The Borrower and the Parent Guarantor each hereby certifies that: (a)  no Default or Event of Default exists as of the date hereof or would exist immediately after giving effect to this Amendment; (b) the representations and warranties made or deemed made by the Borrower or any other Loan Party in any Loan Document to which such Loan Party is a party are true and correct in all material respects (unless such representation and warranty is qualified by materiality, in which event such representation and warranty is true and correct in all respects) on and as of the date hereof, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties were true and correct in all material respects (unless such representation and warranty is qualified by materiality, in which event such representation and warranty were true and correct in all respects) on and as of such earlier date) and except as a result of transactions permitted by the Loan Agreement, (c) no consent, approval, order or authorization of, or registration or filing with, any third party (other than any required filing with the SEC, which the Borrower agrees to file in a timely manner) is required in connection with the execution, delivery and carrying out of this Amendment or, if required, has been obtained, and (d) this Amendment has been duly authorized, executed and delivered so that it constitutes the legal, valid and binding obligation of the Borrower and the Parent Guarantor, enforceable in accordance with its terms, except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations contained herein and as may be limited by equitable principles generally.  The Borrower and the Parent Guarantor each confirms that the Obligations remain outstanding without defense, set off, counterclaim, discount or charge of any kind as of the date of this

 

2

 

Amendment.  Except as expressly provided herein, this Amendment shall not constitute an amendment, waiver, consent or release with respect to any provision of any Loan Document, a waiver of any default or Event of Default under any Loan Document, or a waiver or release of any of the Lenders’ or Administrative Agent’s rights and remedies (all of which are hereby reserved).

 

3.                                      Ratification.  The Borrower and the Parent Guarantor each hereby reaffirms and confirms its obligations under the Loan Agreement, as amended hereby.

 

4.                                      GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

5.                                      Counterparts.  To facilitate execution, this Amendment and any amendments, waivers, consents or supplements may be executed in any number of counterparts as may be convenient or required.  It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart.  All counterparts shall collectively constitute a single document.  It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto.

 

6.                                      Headings.  The headings of this Amendment are provided for convenience of reference only and shall not affect its construction or interpretation.

 

REST OF PAGE INTENTIONALLY LEFT BLANK

 

3

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their authorized officers all as of the day and year first above written.

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
RLJ   LODGING TRUST, L.P.,
    
	
 
    	
a   Delaware limited partnership
    
	
 
    	
 
    
	
 
    	
By:
    	
RLJ   Lodging Trust,
    
	
 
    	
 
    	
a   Maryland real estate investment trust,
    
	
 
    	
 
    	
its   sole general partner
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Thomas J. Baltimore, Jr
    
	
 
    	
 
    	
 
    	
Name:
    	
Thomas   J. Baltimore, Jr.
    
	
 
    	
 
    	
 
    	
Title:
    	
President   and CEO
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PARENT   GUARANTOR:
    
	
 
    	
 
    
	
 
    	
RLJ   LODGING TRUST,
    
	
 
    	
a   Maryland real estate investment trust
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas J Baltimore, Jr.
    
	
 
    	
 
    	
Name:
    	
Thomas   J. Baltimore, Jr.
    
	
 
    	
 
    	
Title:
    	
President   and CEO
    
								

 

[Signatures Continued on Next Page]

 

 

Signature Page to First Amendment to Term Loan Agreement dated as of
 August 27, 2013 with RLJ Lodging Trust, L.P.

 

 

	
 
    	
WELLS   FARGO BANK, NATIONAL
    
	
 
    	
ASSOCIATION,   as Administrative Agent, and as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mark F. Monahan
    
	
 
    	
 
    	
Name:
    	
Mark   F. Monahan
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    

 

[Signatures Continued on Next Page]

 

 

Signature Page to First Amendment to Term Loan Agreement dated as of
 August 27, 2013 with RLJ Lodging Trust, L.P.

 

 

	
 
    	
PNC   BANK, NATIONAL ASSOCIATION, as Syndication Agent, and as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   William R. Lynch
    
	
 
    	
 
    	
Name:
    	
William   R. Lynch
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    

 

[Signatures Continued on Next Page]

 

 

Signature Page to First Amendment to Term Loan Agreement dated as of
 August 27, 2013 with RLJ Lodging Trust, L.P.

 

 

	
 
    	
CAPITAL   ONE, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Ashish Tandon
    
	
 
    	
 
    	
Name:
    	
Ashish   Tandon
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

[Signatures Continued on Next Page]

 

 

Signature Page to First Amendment to Term Loan Agreement dated as of
 August 27, 2013 with RLJ Lodging Trust, L.P.

 

 

	
 
    	
RAYMOND   JAMES BANK, N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   James M. Armstrong
    
	
 
    	
 
    	
Name:
    	
James   M. Armstrong
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President
    

 

[Signatures Continued on Next Page]

 

 

Signature Page to First Amendment to Term Loan Agreement dated as of
 August 27, 2013 with RLJ Lodging Trust, L.P.

 

 

	
 
    	
BRANCH   BANKING AND TRUST COMPANY, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Glenn A. Page
    
	
 
    	
 
    	
Name:
    	
Glenn   A. Page
    
	
 
    	
 
    	
Title:
    	
Senior   Vice PresidentExhibit 10.3

 

Loan No.: 1008459

 

ADDITIONAL LENDER SUPPLEMENT

 

THIS ADDITIONAL LENDER SUPPLEMENT (this “Supplement”), is made as of August 27, 2013, by and between the undersigned Additional Lenders (as defined in the Loan Agreement (as hereinafter defined)) under that certain Term Loan Agreement dated as of November 20, 2012, as amended by First Amendment to Term Loan Agreement of even date herewith (as so amended and as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), by and between RLJ LODGING TRUST, L.P., a limited partnership formed under the laws of the State of Delaware, RLJ LODGING TRUST, a Maryland real estate investment trust,  the Lenders party thereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent. Capitalized terms used herein and not defined herein have the meanings provided therefor in the Loan Agreement.

 

W I T N E S S E T H

 

WHEREAS, Section 2.16(a).of the Loan Agreement provides that the Borrower has the right to increase the aggregate amount of the Commitments under the Loan Agreement subject to the certain conditions contained therein, and Borrower has requested that the aggregate amount of the Commitments be increased to $225,000,000; and

 

WHEREAS, each of the financial institutions listed below (each, an “Increasing Lender”) is an existing Lender currently party to the Loan Agreement and has agreed, subject to the terms and conditions of this Supplement, to increase its Commitment by the amount, and make an Additional Loan Advance in the amount (as applicable to each Increasing Lender, the “Increased Commitment Amount”), set forth below:

 

	
Increasing Lender
    	
 
    	
Increased Commitment Amount
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Wells Fargo Bank,   National Association
    	
 
    	
$
    	
15,000,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
PNC Bank, National   Association
    	
 
    	
$
    	
15,000,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Capital One, N.A.
    	
 
    	
$
    	
15,000,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Branch Banking and   Trust Company
    	
 
    	
$
    	
5,000,000
    	
 
    

 

WHEREAS, each of the financial institutions listed below (each, a “New Lender”) has agreed, subject to the terms and conditions of this Supplement, to provide to a new Commitment and make an Additional Loan Advance in the amount (as applicable to each New Lender, the “New Commitment Amount”) set forth below:

 

	
New Lender
    	
 
    	
New Commitment Amount
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Regions Bank
    	
 
    	
$
    	
30,000,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Royal Bank of Canada
    	
 
    	
$
    	
20,000,000
    	
 
    

 

 

WHEREAS, to implement the foregoing increased and new Commitments, the parties hereto hereby agree to execute and deliver this Supplement to the Loan Agreement in accordance with Section 2.16. of the Loan Agreement;

 

NOW, THEREFORE, the parties hereto hereby agrees as follows:

 

1.                                      Increased Lenders.  Effective on the effective date of this Supplement pursuant to Section 3 below, each of the undersigned Increasing Lenders hereby agrees to increase its Commitment by the amount of its applicable Increased Commitment Amount.

 

2.                                      New Lenders.

 

a.                                      Each of the undersigned New Lenders agrees to be bound by the provisions of the Loan Agreement and agrees that it shall, on the effective date of this Supplement pursuant to Section 3 below, become a Lender for all purposes of the Loan Agreement to the same extent as if originally a party thereto, and to extend a Commitment in the amount of its applicable New Commitment Amount. Unless otherwise specified in this Supplement, for all purposes of the Loan Agreement (as amended hereby), each of the New Lenders and its respective Commitment shall be deemed to constitute a Lender and a Commitment, respectively, under and as defined in the Loan Agreement.

 

b.                                      Each of the undersigned New Lenders (a) represents and warrants that it is legally authorized to enter into this Supplement; (b) confirms that it has received a copy of the Loan Agreement, together with copies of the most recent financial statements delivered pursuant to Sections 9.1. and 9.2. thereof, as applicable, and has reviewed such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Supplement; (c) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Agreement or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Loan Agreement or any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers as are incidental thereto; (e) agrees that it will be bound by the provisions of the Loan Agreement and will perform in accordance with its terms all the obligations which by the terms of the Loan Agreement are required to be performed by it as a Lender; and (f) if it is a Foreign Lender, confirms that it has delivered any documentation to the Administrative Agent and the Borrower required to be delivered by it pursuant to the terms of the Loan Agreement, duly completed and executed by it.

 

3.                                      Effective Date. This Supplement shall become effective upon (a) the satisfaction of the conditions precedent specified in Section 2.16. of the Loan Agreement and (b)

 

2

 

receipt by each of the undersigned Increasing Lenders and the undersigned New Lenders of such fees as are due and owing to it in connection with its increased or new Commitment.

 

4.                                      Acceptance of New and Increased Commitments.. Effective as of the date provided in Section 3 above (a) Borrower hereby agrees to and accepts the increased and new Commitments provided for herein, and Parent Guarantor and Administrative Agent hereby consent thereto and (b) the parties hereto acknowledge and agree that the Commitments of the Lenders are as set forth in Schedule I hereto, which replaces Schedule I to the Loan Agreement.

 

5.                                      Additional Loan Advances. Notwithstanding anything to the contrary contained in the Loan Agreement, the parties hereto agree that Borrower shall have the right to request and has requested that the Additional Loan Advances provided for in this Supplement be disbursed on August 30, 2013 (the “Borrowing Date”).  Subject to Section 3 above, each Increasing Lender and New Lender severally and not jointly agrees on the Borrowing Date to make its portion of the Additional Loan Advances provided for in this Supplement to the Borrower on the Borrowing Date, in a principal amount equal to such Increasing Lender’s Increased Commitment Amount or such New Lender’s New Commitment Amount, as applicable, in accordance with Section 2.16.(c) of the Loan Agreement.

 

6.                                      Loan Document. This Supplement shall constitute a Loan Document.

 

7.                                      Governing Law. This Supplement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts executed, and to be fully performed, in such State.

 

8.                                      Counterparts. To facilitate execution, this Supplement and any amendments, waivers, consents or supplements may be executed in any number of counterparts as may be convenient or required.  It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart.  All counterparts shall collectively constitute a single document.  It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto.

 

[remainder of this page intentionally left blank]

 

3

 

IN WITNESS WHEREOF, each of the undersigned has caused this Supplement to be executed and delivered by a duly authorized officer on the date first above written.

 

	
 
    	
Wells Fargo Bank, National Association,
    
	
 
    	
as an Increasing Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark F. Monahan
    
	
 
    	
Name:
    	
Mark F. Monahan
    
	
 
    	
Title:
    	
Senior Vice President
    

 

Signature Page to

Additional Lender Supplement

 

 

	
 
    	
Capital One, N.A.,
    
	
 
    	
as an Increasing Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Ashish Tandon
    
	
 
    	
Name:
    	
Ashish Tandon
    
	
 
    	
Title:
    	
Vice President
    

 

Signature Page to

Additional Lender Supplement

 

 

	
 
    	
PNC Bank, National Association,
    
	
 
    	
as an Increasing Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ William R. Lynch
    
	
 
    	
Name:
    	
William R. Lynch
    
	
 
    	
Title:
    	
Senior Vice President
    

 

Signature Page to

Additional Lender Supplement

 

 

	
 
    	
Branch Bank and Trust Company,
    
	
 
    	
as an Increasing Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Glenn A. Page
    
	
 
    	
Name:
    	
Glenn A. Page
    
	
 
    	
Title:
    	
Senior Vice President
    

 

Signature Page to

Additional Lender Supplement

 

 

	
 
    	
Regions Bank,
    
	
 
    	
as a New Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Lee Surtees
    
	
 
    	
Name:
    	
Lee Surtees
    
	
 
    	
Title:
    	
Vice President
    

 

Signature Page to

Additional Lender Supplement

 

 

	
 
    	
Royal Bank of Canada,
    
	
 
    	
as a New Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Joshua Freedman
    
	
 
    	
Name:
    	
Joshua Freedman
    
	
 
    	
Title:
    	
Authorized Signatory
    

 

Signature Page to

Additional Lender Supplement

 

 

	
 
    	
Accepted and agreed to as of the date first   written above:
    
	
 
    	
 
    
	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
RLJ LODGING TRUST, L.P.,
    
	
 
    	
a Delaware limited partnership
    
	
 
    	
 
    
	
 
    	
By:
    	
RLJ Lodging Trust,
    
	
 
    	
 
    	
a Maryland real estate investment trust,
    
	
 
    	
 
    	
its sole general partner
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Thomas J. Baltimore, Jr.
    
	
 
    	
 
    	
Name:
    	
Thomas J. Baltimore, Jr.
    
	
 
    	
 
    	
Title:
    	
President and CEO
    
	
 
    	
 
    
	
 
    	
PARENT GUARANTOR:
    
	
 
    	
 
    
	
 
    	
RLJ LODGING TRUST,
    
	
 
    	
a Maryland real estate investment trust
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Thomas J. Baltimore, Jr.
    
	
 
    	
 
    	
Name:
    	
Thomas J. Baltimore, Jr.
    
	
 
    	
 
    	
Title:
    	
President and CEO
    

 

Signature Page to

Additional Lender Supplement

 

 

	
Accepted and agreed to as of the date first   written above:
    	
 
    
	
 
    	
 
    
	
WELLS FARGO BANK, NATIONAL ASSOCIATION,
    	
 
    
	
 as Administrative   Agent
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Mark F. Monahan
    	
 
    	
 
    
	
Name:
    	
Mark F. Monahan
    	
 
    
	
Title:
    	
Senior Vice President
    	
 
    
				

 

Signature Page to

Additional Lender Supplement

 

 

SCHEDULE I

 

LENDERS AND COMMITMENTS

 

	
Lenders
    	
 
    	
Commitment
    	
 
    
	
Wells Fargo Bank, National Association
    	
 
    	
$
    	
65,000,000
    	
 
    
	
PNC Bank, National Association
    	
 
    	
$
    	
40,000,000
    	
 
    
	
Capital One, N.A.
    	
 
    	
$
    	
40,000,000
    	
 
    
	
Regions Bank
    	
 
    	
$
    	
30,000,000
    	
 
    
	
Raymond James Bank, N.A.
    	
 
    	
$
    	
20,000,000
    	
 
    
	
Royal Bank of Canada
    	
 
    	
$
    	
20,000,000
    	
 
    
	
Branch Banking and Trust Company
    	
 
    	
$
    	
10,000,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Total Commitments
    	
 
    	
$
    	
225,000,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}]]