Document:

<PAGE>
                                                                    EXHIBIT 4.34

THIS WARRANT HAS BEEN, AND THE SHARES OF COMMON STOCK WHICH MAY BE RECEIVED
PURSUANT TO THE EXERCISE OF THIS WARRANT WILL BE, ACQUIRED SOLELY FOR INVESTMENT
AND NOT WITH A VIEW TO, OR FOR RESALE IN CONNECTION WITH, ANY DISTRIBUTION
THEREOF. NEITHER THIS WARRANT NOR SUCH SHARES (TOGETHER, THE "SECURITIES") HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR
QUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE
OF SUCH REGISTRATION OR QUALIFICATION OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE COMPANY THAT SUCH DISPOSITION IS EXEMPT FROM THE
REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE ACT AND ANY
REGISTRATION OR QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE SECURITIES
LAWS.

NO. WC-287                                              ISSUED: OCTOBER 22, 2004

                        WARRANT TO PURCHASE COMMON STOCK

                                   ----------

     This certifies that, for good and valuable consideration, THOMAS J.
DEPETRILLO (the "HOLDER") is entitled to purchase from ADVENTRX Pharmaceuticals,
Inc., a Delaware corporation (the "COMPANY"), THREE HUNDRED THOUSAND (300,000)
fully paid and nonassessable shares of Common Stock, par value $0.001 per share
("COMMON STOCK"), of the Company (as adjusted pursuant to Section 3 hereof) (the
"WARRANT SHARES") at a price per share equal to TWO DOLLARS AND FIFTY CENTS
($2.50) (as adjusted pursuant to Section 3 hereof) (the "EXERCISE PRICE"),
subject to the provisions and upon the terms and conditions hereinafter set
forth.

1. EXERCISE; PAYMENT.

          (A) Exercise Period. This Warrant may be exercised in whole or part by
     the Holder during the term (as set forth in Section 10) and in compliance
     with the provisions of this Warrant at any time after the date of issuance
     set forth above (the "WARRANT DATE"), by the surrender of this Warrant
     (with the notice of exercise form attached hereto as Exhibit A (the "NOTICE
     OF EXERCISE") duly executed) at the principal office of the Company. If
     this Warrant shall have been exercised in part, the Company shall, at the
     time of delivery of the certificate or certificates representing Warrant
     Shares, deliver to the Holder a new Warrant evidencing the rights of the
     Holder to purchase the unpurchased shares of Common Stock called for by
     this Warrant, which new Warrant shall in all other respects be identical
     with this Warrant, or at the request of the Holder, appropriate notation
     may be made on this Warrant and the same returned to the Holder.

          (B) Means of Exercise. Upon exercise of this Warrant, the Holder shall
     pay the Company an amount equal to the product of (x) the Exercise Price
     multiplied by (y) the total number of Warrant Shares purchased pursuant to
     this Warrant, by wire transfer or cashier's

<PAGE>

     check payable to the order of the Company. The Holder shall be deemed to
     have become the holder of record of, and shall be treated for all purposes
     as the record holder of, the Warrant Shares represented thereby (and such
     Warrant Shares shall be deemed to have been issued) immediately prior to
     the close of business on the date upon which this Warrant is exercised.

          (C) Stock Certificates. In the event of the exercise of this Warrant,
     certificates for the Warrant Shares so purchased shall be delivered to the
     Holder within a reasonable time after exercise.

2. STOCK FULLY PAID; RESERVATION OF SHARES. All of the Warrant Shares issuable
upon the exercise this Warrant will, upon issuance and receipt of the Exercise
Price therefor, be fully paid and nonassessable, and free from all preemptive
rights, rights of first refusal or first offer, taxes, liens and charges with
respect to the issuance thereof. During the period within which the rights
represented by this Warrant may be exercised, the Company shall at all times
have authorized and reserved for issuance a sufficient number of shares of its
Common Stock to provide for the exercise of this Warrant.

3. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF SHARES. The number and kind of
Warrant Shares purchasable upon the exercise of this Warrant and the Exercise
Price payable therefor shall be subject to adjustment from time to time upon the
occurrence of certain events, as follows:

          (A) Reclassification, Consolidation or Reorganization. In case of any
     reclassification of the Common Stock (other than a change in par value, or
     as a result of a subdivision or combination), or in case of any
     consolidation or merger of the Company with or into another corporation
     (other than a Change of Control, as defined below) (any of which is a
     "REORGANIZATION TRANSACTION"), the Company, or such successor corporation
     as the case may be, shall execute a new warrant, providing that the Holder
     shall have the right to exercise such new warrant, and procure upon such
     exercise and payment of the same aggregate Exercise Price, in lieu of the
     Warrant Shares theretofore issuable upon exercise of this Warrant, the kind
     and amount of shares of stock, other securities, money and property as
     would be payable for the Warrant Shares issuable upon exercise of this
     Warrant as if such Warrant Shares were outstanding immediately prior to the
     consummation of the Reorganization Transaction. For purposes of this
     Warrant, the term "CHANGE OF CONTROL" shall mean (i) any acquisition of the
     Company by means of merger, acquisition, or other form of corporate
     reorganization in which outstanding shares of the Company are exchanged for
     securities or other consideration issued, or caused to be issued, by the
     acquiring corporation or its subsidiary or parent (other than a
     reincorporation transaction or change of domicile) and pursuant to which
     the holders of the outstanding voting securities of the Company immediately
     prior to such consolidation, merger or other transaction fail to hold
     equity securities representing a majority of the voting power of the
     Company or surviving entity immediately following such consolidation,
     merger or other transaction (excluding voting securities of the acquiring
     corporation held by such holders prior to such transaction) or (ii) a sale
     of all or substantially all of the assets of the Company.

          (B) Stock Splits, Dividends and Combinations. In the event that the
     Company shall at any time subdivide the outstanding shares of Common Stock,
     or shall issue a stock dividend

                                       2

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     on its outstanding shares of Common Stock, the number of Warrant Shares
     issuable upon exercise of this Warrant immediately prior to such
     subdivision or to the issuance of such stock dividend shall be
     proportionately increased, and the Exercise Price shall be proportionately
     decreased, and in the event that the Company shall at any time combine the
     outstanding shares of Common Stock, the number of Warrant Shares issuable
     upon exercise of this Warrant immediately prior to such combination shall
     be proportionately decreased, and the Exercise Price shall be
     proportionately increased, effective at the close of business on the date
     of such subdivision, stock dividend or combination, as the case may be.

          (C) Notice of Corporate Action. If at any time:

               (I) the Company shall take a record of the holders of its Common
               Stock for the purpose of entitling them to receive a dividend
               (other than a cash dividend payable out of earnings or earned
               surplus legally available for the payment of dividends under the
               laws of the jurisdiction of incorporation of the Company) or
               other distribution, or any right to subscribe for or purchase any
               evidences of its indebtedness, any shares of stock of any class
               or any other securities or property, or to receive any other
               right, or

               (II) there shall be any capital reorganization of the Company,
               any reclassification or recapitalization of the capital stock of
               the Company or any consolidation or merger of the Company with,
               or any sale, transfer or other disposition of all or
               substantially all the property, assets or business of the Company
               to, another corporation, or

               (III) there shall be a voluntary or involuntary dissolution,
               liquidation or winding up of the Company;

     then, in any one or more of such cases, the Company shall give to the
     Holder (i) at least five-days' prior written notice of the date on which a
     record date shall be selected for such dividend, distribution or right or
     for determining rights to vote in respect of any such reorganization,
     reclassification, merger, consolidation, sale, transfer, disposition,
     dissolution, liquidation or winding up, and (ii) in the case of any such
     reorganization, reclassification, merger, consolidation, sale, transfer,
     disposition, dissolution, liquidation or winding up, at least five-days'
     prior written notice of the date when the same shall take place. Such
     notice in accordance with the foregoing clause also shall specify (i) the
     date on which any such record is to be taken for the purpose of such
     dividend, distribution or right, the date on which the holders of Common
     Stock shall be entitled to any such dividend, distribution or right, and
     the amount and character thereof, and (ii) the date on which any such
     reorganization, reclassification, merger, consolidation, sale, transfer,
     disposition, dissolution, liquidation or winding up is to take place and
     the time, if any such time is to be fixed, as of which the holders of
     Common Stock shall be entitled to exchange their shares of Common Stock for
     securities or other property deliverable upon such reorganization,
     reclassification, merger, consolidation, sale, transfer, disposition,
     dissolution, liquidation or winding up. Each such written notice shall be
     sufficiently given if addressed to the Holder at the last address of the
     Holder appearing on the books of the Company and delivered in accordance
     with Section 11(d).

                                       3

<PAGE>

4. TRANSFER OF WARRANT AND RESALE OF WARRANT SHARES.

          (A) This Warrant may only be transferred in compliance with federal
     and state securities laws; provided, however, that the Company may withhold
     its consent to transfer or assignment of this Warrant to any person or
     entity who is deemed to be a competitor or prospective competitor of the
     Company, such determination to be made in the reasonable judgment of the
     Board of Directors of the Company.

          (B) At the time of the surrender of this Warrant in connection with
     any transfer of this Warrant or the resale of the Warrant Shares, the
     Company may require, as a condition of allowing such transfer (i) that the
     Holder or transferee of this Warrant or the Warrant Shares as the case may
     be, furnish to the Company a written opinion of counsel that is reasonably
     acceptable to the Company to the effect that such transfer may be made
     without registration under the Securities Act of 1933, as amended (the
     "SECURITIES ACT") or qualification under any state securities laws, (ii)
     that the Holder or transferee execute and deliver to the Company an
     investment representation letter in form and substance acceptable to the
     Company containing among other provisions representations and warranties
     similar to those set forth in Section 5 and (iii) that the transferee be an
     "accredited investor" as defined in Rule 501(a) promulgated under the
     Securities Act. Transfer of this Warrant and all rights hereunder, in whole
     or in part, in accordance with the foregoing provisions, shall be
     registered on the books of the Company to be maintained for such purpose,
     upon surrender of this Warrant at the principal office of the Company or
     the office or agency designated by the Company, together with a written
     assignment of this Warrant substantially in the form of Exhibit B hereto
     duly executed by the Holder or its attorney-in-fact and funds sufficient to
     pay any transfer taxes payable upon the making of such transfer. Upon such
     surrender and, if required, such payment, the Company shall execute and
     deliver a new Warrant or Warrants in the name of the assignee or assignees
     and in the denomination specified in such instrument of assignment, and
     shall issue to the Holder a new warrant evidencing the portion of this
     Warrant not so assigned, and this Warrant shall be deemed cancelled. This
     Section 4 shall survive the exercise or expiration of the Warrant.

5. REPRESENTATIONS AND WARRANTIES OF HOLDER.

          (A) This Warrant is being acquired for the Holder's own account, for
     investment and not with a view to, or for resale in connection with, any
     distribution or public offering thereof within the meaning of the
     Securities Act. Upon exercise of this Warrant, the Holder shall, if so
     requested by the Company, confirm in writing, in a form reasonably
     satisfactory to the Company, that the Warrant Shares issuable upon exercise
     of this Warrant are being acquired for investment and not with a view
     toward distribution or resale.

          (B) The Holder, as indicated by his initials in the appropriate box
     below, is an "accredited investor" within the meaning of the Securities
     Act, because:

     [_____]   (I) The Holder's individual net worth, or joint net worth with
               the Holder's spouse, if applicable, exceeds $1,000,000 as of the
               Warrant Date; or

                                       4

<PAGE>

     [_____]   (II) The Holder had an individual income in excess of $200,000 in
               each of 2002 and 2003 or joint income with the Holder's spouse,
               if applicable, in excess of $300,000 in each of 2002 and 2003 and
               the Holder has a reasonable expectation of reaching the same
               respective income level in 2004.

          (C) The Holder understands that this Warrant and the Warrant Shares
     have not been registered under the Securities Act by reason of their
     issuance in a transaction exempt from the registration and prospectus
     delivery requirements of the Securities Act pursuant to Section 4(2)
     thereof and that the Company's reliance upon such exemption is predicated,
     in part, upon the Holder's representations and warranties set forth in this
     Warrant. The Holder understands that this Warrant and the Warrant Shares
     must be held by the Holder indefinitely, and that the Holder must therefore
     bear the economic risk of such investment indefinitely, unless a subsequent
     disposition thereof is registered under the Securities Act or is exempted
     from such registration. The Holder further understands that this Warrant
     and the Warrant Shares have not been registered or qualified under the
     securities laws of any jurisdiction.

          (D) The Holder acknowledges that it is acquiring this Warrant without
     being offered or furnished any offering literature or prospectus. The
     Holder understands that neither the Securities and Exchange Commission (the
     "COMMISSION"), nor any governmental agency charged with the administration
     of the securities laws of any jurisdiction nor any other governmental
     agency has passed upon or reviewed the merits or qualifications of, or
     recommended or approved the issuance of this Warrant or the Warrant Shares.

          (E) The Holder understands that the Company is under no obligation to
     register this Warrant or the Warrant Shares.

          (F) The Holder is a bona fide resident and domiciliary (not a
     temporary or transient resident) of the jurisdiction indicated in the
     signature page hereto and the Holder has no present intention of becoming a
     resident of any other jurisdiction.

          (G) The Holder has such knowledge and experience in financial and
     business matters that it is capable of evaluating the merits and risks of
     the purchase of this Warrant and the Warrant Shares purchasable pursuant to
     the terms of this Warrant and of protecting its interests in connection
     therewith. The Holder is able to bear the economic risk of the purchase of
     the Warrant Shares pursuant to the terms of this Warrant.

          (H) The Holder does not currently have and will not undertake during
     the term of this Warrant any short position with respect to shares of
     Common Stock.

6. CONDITIONS TO EXERCISE OF WARRANT.

          (A) Each certificate evidencing the Warrant Shares issued upon
     exercise of this Warrant shall be stamped or imprinted with a legend
     substantially in the following form:

          THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
          SECURITIES ACT OF 1933 (THE "ACT") AND MAY NOT BE OFFERED, SOLD OR
          OTHERWISE TRANSFERRED,

                                       5

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          PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR,
          IN THE OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE
          ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR
          HYPOTHECATION IS IN COMPLIANCE THEREWITH.

          (B) REMOVAL OF LEGEND AND TRANSFER RESTRICTIONS. Any legend endorsed
     on a certificate pursuant to this Section 6 shall be removed, and the
     Company shall issue a certificate without such legend to the holder of such
     Warrant Shares if (i) such Warrant Shares are resold pursuant to a
     registration statement under the Securities Act and a prospectus meeting
     the requirements of Section 11 of the Securities Act is delivered or deemed
     delivered to the purchaser of such Warrant Shares, (ii) if such holder
     satisfies the requirements of Rule 144(k) under the Securities Act or (iii)
     if such holder provides the Company with an opinion of counsel for such
     holder of the Warrant Shares, reasonably satisfactory to the Company, to
     the effect that a sale, transfer or assignment of such Warrant Shares may
     be made without registration and that upon such sale, transfer or
     assignment such Warrant Shares will not be deemed "restricted securities,"
     as such term is defined in Rule 144 under the Securities Act.

7. FRACTIONAL SHARES. No fractional Warrant Shares will be issued in connection
with any exercise of this Warrant, but in lieu of such fractional shares the
Company shall make a cash payment therefor upon the basis of the Exercise Price
then in effect.

8. RIGHTS OF STOCKHOLDERS. The Holder shall not be entitled to vote or receive
dividends or be deemed the holder of Warrant Shares or any other securities of
the Company which may at any time be issuable on the exercise of this Warrant
for any purpose, nor shall anything contained herein be construed to confer upon
the Holder any of the rights of a stockholder of the Company or any right to
vote for the election of directors or upon any matter submitted to stockholders
at any meeting thereof, or to give or withhold consent to any corporate action
(whether upon any recapitalization, issuance of stock, reclassification of
stock, change of par value, consolidation, merger, conveyance, or otherwise) or
to receive dividends or subscription rights or otherwise with respect to the
Warrant Shares until this Warrant shall have been exercised and the Warrant
Shares purchasable upon the exercise of this Warrant shall have become
deliverable, as provided in this Warrant.

9. REGISTRATION RIGHTS.

          (A) Piggy-back Rights. If (but without any obligation to do so) the
     Company proposes to register any shares of Common Stock solely for cash
     pursuant to a registration statement under the Securities Act, other than a
     registration solely in connection with a transaction under Rule 145
     promulgated under the Securities Act (a "PUBLIC OFFERING"), the Company
     shall promptly give the Holder written notice of such Public Offering, at
     least 10 business days prior to the filing of the registration statement
     under the Securities Act regarding such Public Offering. Upon the written
     request of the Holder given within 5 business days after delivery of such
     written notice by the Company, the Company shall, subject to the provisions
     of this Section 9, use commercially reasonable efforts to cause to be
     registered under the Securities Act all of the Warrant Shares that the
     Holder has requested to

                                       6

<PAGE>

     be registered on such registration statement, provided, that the Company
     shall have no obligation to register such shares if applicable rules,
     regulations or other requirements of the Securities and Exchange Commission
     prohibit the Company from including such Warrant Shares on such
     registration statement on the form thereof used by the Company or require
     that the registration statement be for (or meet all of the requirements of)
     a primary offering if such registration statement pertains to a secondary
     offering.

          (B) Underwriting. If the registration statement under which the
     Company gives notice under this Section 9 is for an underwritten Public
     Offering, the Company shall so advise the Holder. The right of the Holder
     to registration pursuant to Section 9(a) above shall be conditioned upon
     the Holder's participation in such underwriting and the inclusion of the
     Warrant Shares in the underwriting to the extent provided herein. The
     Holder shall (together with the Company and any other holders of Company
     securities distributing their securities through such underwriting) enter
     into an underwriting agreement in customary form with the underwriter or
     underwriters selected for underwriting by the Company. Notwithstanding any
     other provision of this Section 9, if the underwriter determines that
     marketing factors require a limitation of the number of shares to be
     underwritten, the underwriter may exclude some or all of the Warrant Shares
     from such registration and underwriting.

          (C) Furnish Information. It shall be a condition to the Company's
     obligations to take any action under this Section 9 that the Holder shall
     promptly furnish to the Company such information regarding itself, the
     Warrant Shares, and the intended method of disposition of such Warrant
     Shares as shall be required to effect the registration of any Warrant
     Shares. In that connection, the Holder shall be required to represent to
     the Company that all such information which is given is both complete and
     accurate in all material respects when made.

          (D) Delay of Registration. The Holder shall have no right to obtain or
     seek an injunction restraining or otherwise delaying any such registration
     as the result of any controversy that might arise with respect to the
     interpretation or implementation of this Section 9.

          (E) Termination of Registration Rights. The Company shall have no
     obligation to register Warrant Shares pursuant to this Section 9 with
     respect to any request or requests made by any Holder on or after that date
     which is one year after the date such Warrant Shares were deemed to be
     acquired for purposes of determining the holding period of such Warrant
     Shares under Rule 144 of the Act.

10. TERM OF WARRANT.

          (A) This Warrant shall become exercisable on the Warrant Date and
     shall no longer be exercisable as of the earlier of (i) 5:00 p.m., San
     Diego, California local time, on the date that is the three-year
     anniversary of the Warrant Date; and (ii) immediately prior to the
     consummation of a Change of Control.

          (B) Notwithstanding Section 10(a), the Company may, by at least
     10-days' prior written notice to the Holder (the "TERMINATION NOTICE"),
     terminate this Warrant, at any time,

                                       7

<PAGE>

     provided that the average Market Price over a 10-consecutive-trading-day
     period is equal to or greater than the product of (x) 2 multiplied by (y)
     the Exercise Price, provided, however, that the Company may not deliver a
     Termination Notice unless a registration statement registering the Warrant
     Shares has been declared effective and is effective from the date of
     delivery of the Termination Notice until the date this Warrant shall
     terminate as set forth in the Termination Notice. Nothing in this Section
     10 shall prevent the exercise of the Warrants at any time prior to the
     termination of this Warrant. For purposes of this Section 10(b) the term
     "MARKET PRICE" means (i) the closing price of a share of Common Stock on
     the principal stock exchange or market (including the Nasdaq National
     Market, AMEX, OTCCBB and NYSE) on which shares of Common Stock are then
     listed or admitted to trading, or quoted, as applicable (the "LISTING
     MARKET"), or (ii) if no sale takes place on such day on the Listing Market,
     the last reported closing price on the Listing Market.

          (C) Notwithstanding Section 10(a), if the Holder shall breach the
     terms of (i) this Warrant, (ii) the Settlement Agreement, dated October 22,
     2004, between the Company and the Holder or (iii) the Release, dated
     October 22, 2004, by the Holder in favor of the Company, then the Company
     may terminate this Warrant immediately upon written notice to the Holder.

11. MISCELLANEOUS.

          (A) This Warrant is being delivered in the State of California and
     shall be construed and enforced in accordance with and governed by the laws
     of the State of California, without giving effect to principles of
     conflicts of laws.

          (B) The headings in this Warrant are for purposes of reference only,
     and shall not limit or otherwise affect any of the terms hereof.

          (C) The terms of this Warrant shall be binding upon and shall inure to
     the benefit of any successors or assigns of the Company and of the Holder
     and of the Warrant Shares issued or issuable upon the exercise hereof.

          (D) Any notice provided for or permitted under this Warrant shall be
     treated as having been given (i) upon receipt, when delivered personally,
     (ii) one day after sending, when sent by commercial overnight courier with
     written verification of receipt, (iii) upon confirmed transmission when
     sent via facsimile on a business day prior to 5:00 pm (Pacific time) or, if
     sent after 5:00 pm (Pacific time), the next business day after confirmed
     transmission or (iv) three business days after deposit with the United
     States Postal Service, when mailed postage prepaid by certified or
     registered mail, return receipt requested, addressed, if to the Company, at
     6725 Mesa Ridge Road, Suite 100, San Diego, CA 92121, (f) (858) 552-0876,
     Attention: President, or, if to the Holder, at such address or facsimile
     number as the Holder shall have furnished to the Company in writing, or at
     such other place of which the other party has been notified in accordance
     with the provisions of this Section 11(d).

          (E) This Warrant constitutes the full and entire understanding and
     agreement between the parties with regard to the subjects hereof.

                                       8

<PAGE>

          (F) Upon receipt of evidence reasonably satisfactory to the Company of
     the loss, theft, destruction or mutilation of this Warrant and, in the case
     of any such loss, theft or destruction, upon delivery of an indemnity
     agreement reasonably satisfactory in form and amount to the Company or, in
     the case of any such mutilation, upon surrender and cancellation of such
     Warrant, the Company at the Holder's expense will execute and deliver to
     the holder of record, in lieu thereof, a new Warrant of like date and
     tenor.

          (G) This Warrant and any provision hereof may be amended, waived or
     terminated only by an instrument in writing signed by the Company and the
     Holder.

          (H) Receipt of this Warrant by the Holder shall constitute acceptance
     of and agreement to the foregoing terms and conditions.

                            [Signature page follows.]

                                       9

<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Warrant as of the
Warrant Date.

                                        ADVENTRX PHARMACEUTICALS, INC.

                                        By: /s/ Evan M. Levine
                                            ------------------------------------
                                            Evan M. Levine
                                            President & CEO

                                        /s/ Thomas DePetrillo
                                        ----------------------------------------
                                        THOMAS DEPETRILLO

                                        Address:
                                                 -------------------------------

                                                 -------------------------------
                                        Facsimile:
                                                   -----------------------------
                                        Email:
                                               ---------------------------------

               SIGNATURE PAGE TO WARRANT TO PURCHASE COMMON STOCK

<PAGE>

                                    EXHIBIT A

                               NOTICE OF EXERCISE

TO: Adventrx Pharmaceuticals, Inc.
    6725 Mesa Ridge Road, Suite 100
    San Diego, CA 92121

     Thomas J. DePetrillo hereby elects to purchase ____________ shares of
Common Stock, par value $0.001 per share ("COMMON STOCK"), of ADVENTRX
Pharmaceuticals, Inc. (the "COMPANY") pursuant to the terms of Section 1(b) of
the Warrant to Purchase Common Stock dated October 22, 2004, between the Company
and Thomas J. DePetrillo (the "WARRANT"), and tenders herewith payment of the
Exercise Price (as such term is defined in the Warrant) therefor.

     Please issue a certificate or certificates representing said _________
shares of Common Stock in the name of the undersigned or in such other name as
is specified below:

                                        Name:
                                              ----------------------------------
                                        Address:
                                                 -------------------------------

                                                 -------------------------------

     Thomas J. DePetrillo hereby represents and warrants that the aforesaid
shares of Common Stock are being acquired for the account of the undersigned for
investment and not with a view to, or for resale, in connection with the
distribution thereof, and that the undersigned has no present intention of
distributing or reselling such shares, and that all representations and
warranties of the undersigned set forth in Section 5 of the Warrant were true
and correct as of the Warrant Date (as defined in the Warrant) and are true and
correct as of the date hereof.

                                        ----------------------------------------
                                        THOMAS J. DEPETRILLO

                                        Date:
                                              ----------------------------------

<PAGE>

                                    EXHIBIT B

                                 ASSIGNMENT FORM

FOR VALUE RECEIVED, Thomas J. DePetrillo, the owner of the Warrant to Purchase
Common Stock, dated October 22, 2004 (this "WARRANT"), between ADVENTRX
Pharmaceuticals, Inc. (the "COMPANY") and Thomas J. DePetrillo, hereby sells,
assigns and transfers unto the assignee named below all of the rights of the
undersigned under this Warrant, with respect to the number of shares of Common
Stock set forth below:

-------------------------------------

-------------------------------------

-------------------------------------
(Name and Address of Assignee)

-------------------------------------
(Number of Shares of Common Stock)

and does hereby irrevocably constitute and appoint ____________ attorney-in-fact
to register such transfer on the books of the Company, maintained for the
purpose, with full power of substitution in the premises.

Dated:
       ------------------------------

-------------------------------------
(Print Name and Title)

-------------------------------------
(Signature)

--------------------------------------
(Witness)

NOTICE: The signature on this assignment must correspond with the name as
written upon the face of the Warrant in every particular, without alteration or
enlargement or any change whatsoever.exv10w15w2

 

 

THIRD AMENDMENT TO CREDIT AGREEMENT

dated as of

August 24, 2005

among

ASHFORD HOSPITALITY LIMITED PARTNERSHIP,

as Borrower,

ASHFORD HOSPITALITY TRUST, INC.,

ASHFORD OP GENERAL PARTNER LLC,

ASHFORD OP LIMITED PARTNER LLC,

ASHFORD TRS CORPORATION,

ASHFORD TRS II LLC, and

THE BORROWING BASE SUBSIDIARIES PARTY HERETO,

as Guarantors,

THE LENDERS PARTY HERETO,

CALYON NEW YORK BRANCH,

as Administrative Agent and Sole Lead

Arranger and Book Manager,

and

MERRILL LYNCH CAPITAL, a division of

Merrill Lynch Business Financial Services, Inc.,

as Syndication Agent

 

 

 

     THIRD AMENDMENT TO CREDIT AGREEMENT dated as of August 24, 2005 (this “Amendment”),
among ASHFORD HOSPITALITY LIMITED PARTNERSHIP, a Delaware limited partnership (the
“Borrower”), the Guarantors as of the date hereof, the Lenders as of the date hereof,
CALYON NEW YORK BRANCH, as administrative agent for the Lenders (in its capacity as administrative
agent for the Lenders, together with any permitted successor administrative agent, the
“Administrative Agent”) and sole lead arranger and book manager, and MERRILL LYNCH CAPITAL,
a division of Merrill Lynch Business Financial Services, Inc., as syndication agent (in such
capacity, the “Syndication Agent”).

          WHEREAS, Borrower, Guarantors, Administrative Agent, Syndication Agent and Lenders are parties
to that certain Credit Agreement dated as of February 5, 2004, as modified by that certain (i)
Joinder Agreement and Ratification dated as of March 24, 2004, (ii) Joinder Agreement and
Ratification dated as of May 17, 2004, (iii) First Amendment to Credit Agreement dated as of August
17, 2004, (iv) Borrowing Base Release Agreement dated as of September 2, 2004, (v) Joinder
Agreement, Ratification and Amendment to Credit Agreement dated as of October 1, 2004, (vi) Joinder
Agreement and Ratification dated as of January 21, 2005, (vii) letter agreement dated May 31, 2005
among the parties to the Credit Agreement, and (viii) Second Amendment to Credit Agreement dated as
of May 31, 2005 (as so modified, the “Existing Credit Agreement”) (all capitalized terms
used but not defined herein shall have the meaning set forth in the Existing Credit Agreement); and

          WHEREAS, Borrower, Guarantors, Administrative Agent, Syndication Agent and Lenders desire to
increase the maximum amount of the credit facility, subject to the terms of the Existing Credit
Agreement, as amended hereby, to $100,000,000 and to amend certain other provisions of the Existing
Credit Agreement as set forth herein.

          NOW, THEREFORE, in consideration of the mutual conditions and agreements set forth in this
Amendment, and for good and valuable consideration, the receipt of which is hereby acknowledged,
the parties hereto hereby agree as follows:

ARTICLE I

AMENDMENT TO THE EXISTING CREDIT AGREEMENT

          SECTION 1.01. Additional Definitions. The following definitions are hereby added to
the Existing Credit Agreement:

     (a) “Fixed Charge Coverage Ratio” means, for any fiscal period of the REIT, the
ratio of (a) Adjusted EBITDA for such fiscal period to (b) the sum of (i) Interest Expense
for such fiscal period, (ii) Principal Expense for such fiscal period and (iii) the
aggregate amount of all dividend payments that become due and payable by the REIT and its
Consolidated Subsidiaries during such fiscal period to the holders of preferred shares
(excluding Security Capital convertible preferred dividends).

1

 

     (b) “Principal Expense” means, with respect to any fiscal period as applicable
to the REIT and its Consolidated Subsidiaries, the aggregate amount of all regularly
scheduled principal payments that become due and payable by the REIT and its Consolidated
Subsidiaries during such fiscal period, determined on a Consolidated basis in accordance
with GAAP, and including in any event the portion of any Capitalized Lease Obligation
allocable to principal and payments of principal in kind, provided, that, in clarification
of the foregoing, no non-regularly scheduled payments, such as balloon payments, shall
constitute a “Principal Expense”.

          SECTION 1.02. Amendments. The Existing Credit Agreement is hereby amended as
follows:

     (a) The definition of “Applicable Margin” is hereby deleted in its entirety and
replaced with the following:

     “Applicable Margin” means with respect to Loans maintained as (a) Base
Rate Loans, one and one-quarter of one percent (1.25%) per annum and (b) LIBOR
Loans, (i) one and ninety-five one-hundredths of one percent (1.95%) if the
Loan-to-NOI Ratio is greater than 7.0:1.0, (ii) one and eighty one-hundredths of one
percent (1.80%) if the Loan-to-NOI Ratio is greater than or equal to 6.0:1.0 but
less than or equal to 7.0:1.0, and (iii) one and sixty one-hundredths of one percent
(1.60%) if the Loan-to-NOI Ratio is less than 6.0:1.0, in each of the foregoing
cases, as confirmed by, and effective as of the date of, the notice by the
Administrative Agent to the Borrower of any adjustment delivered pursuant to
Section 5.01(e) hereof (or, if any financial statements, computations or
certificates required pursuant to Section 5.01(c) or (e)(i) hereof
are not delivered to the Administrative Agent within the time required pursuant to
said Sections, as of any date that the Administrative Agent notifies the
Borrower in writing (which notice may be by facsimile transmission to the Borrower
only) of such adjustment).”

     (b) The definition of “Commitment Fee Rate” is hereby deleted in its entirety and
replaced with the following:

     “‘Commitment Fee Rate’ means, at any time, the per annum rate equal to
(i) if the aggregate Revolving Credit Exposures of the Lenders at such time is less
than or equal to one-half (1/2) of the Maximum Revolver Amount, thirty-five
one-hundredths of one percent (0.35%) and (ii) if the aggregate Revolving Credit
Exposures of the Lenders is greater than one-half (1/2) of the Maximum Revolver
Amount at such time, one-fifth of one percent (0.20%).”

     (c) The definition of “Implied Debt Service” is hereby deleted in its entirety and
replaced with the following:

     “‘Implied Debt Service’ means, as of any date, the greater of (a) the
aggregate amount of debt service payable at the interest rate in effect hereunder as

2

 

of such date, determined on a weighted average basis based on the respective
principal balances of each Loan and any LC Exposure, with respect to a principal
amount equal to the aggregate Revolving Credit Exposure as of such date, and (b) the
aggregate amount of all principal and interest payments that would be payable based
on a principal amount equal to the aggregate Revolving Credit Exposure as of such
date, a 25-year mortgage-style amortization schedule and an interest rate equal to
the greater of (i) (x) for the period ending on and including August 16, 2007, six
and one-half of one percent (6.50%), (y) for the period from and including August
17, 2007 and ending on and including August 16, 2008 six and three-quarters of one
percent (6.75%) and (z) for each of the First Extension Period and Second Extension
Period, seven percent (7.0%), and (ii) one and three-quarters of one percent (1.75%)
in excess of the then most-recently published annual yield to maturity of the U.S.
Treasury Constant Maturity Series with a ten (10) year maturity, as such yield is
reported on such date in the “Federal Reserve Statistical Release H.15 – Selected
Interest Rates”, or any successor publication, published by the Board in effect on
the date of calculation (and in the event such rate per annum is no longer
available, the rate described in this clause (ii) shall be one and
three-quarters of one percent (1.75%) in excess of the most-recent per annum rate
equal to the annual yield to maturity on a comparable debt security with a ten (10)
year maturity issued by the Federal National Mortgage Association, as determined by
the Administrative Agent).”

     (d) The definition of “Implied Loan Amount” is hereby deleted in its entirety and
replaced with the following:

     “‘Implied Loan Amount’ means the aggregate amount of the Revolving
Credit Exposure which would result in a Debt Service Coverage Ratio of 1.4:1.0.”

     (e) The definition of “Implied Loan Constant Rate” is hereby deleted in its entirety.

     (f) The definition of “Initial Maturity Date” is hereby deleted in its entirety and
replaced with the following:

     “‘Initial Maturity Date’ means August 16, 2008.”

     (g) The definition of “Interest Expense” is hereby amended by inserting the following
immediately after the text “Rate Agreement” in the last line thereof:

          “, but shall in any event exclude non-recurring interest expenses which may be defined
as interest expense under GAAP, including prepayment fees and premiums, exit fees,
defeasance costs and charges and sums similar in nature”

     (h) The definition of “Maximum Revolver Amount” is hereby deleted in its entirety and
replaced with the following:

3

 

          “‘Maximum Revolver Amount’ means $100,000,000, as such amount may be increased
from time to time in accordance with Section 2.09 hereof or reduced from time to
time in accordance with Section 2.08 hereof; provided, however, the
Maximum Revolver Amount shall at no time exceed $150,000,000.”

     (i) The definition of “Obligations” is hereby amended by deleting the text “ (i.e., the
amount of $60,000,000 as it may be increased to up to $75,000,000 pursuant to Section
2.09 hereof)” therein and replacing it with the text “(i.e., the amount of $100,000,000
as it may be increased to up to $150,000,000 pursuant to Section 2.09 hereof)”.

     (j) Section 2.08(b) is hereby amended by changing the reference to
“$30,000,000” therein to “$50,000,000”.

     (k) Section 2.09(a) is hereby amended by changing the references to
“$15,000,000” in the last sentence thereof to “$50,000,000” and the reference to
“$5,000,000” in the last sentence thereof to “$15,000,000”.

     (l) Section 2.21(a) is hereby deleted in its entirety and replaced with the
following:

          “Generally. Subject to the conditions set forth in Section 2.21(b) and
(c) hereof, the Borrower shall have two (2) options to extend the Maturity Date.
The first option shall be exercisable as provided in Section 2.21(b) hereof and
shall extend the Initial Maturity Date to August 16, 2009 (such extension period is referred
to herein as the “First Extension Period”). The second option shall be exercisable
as provided in Section 2.21(c) hereof and shall extend the Maturity Date to August
16, 2010 (such extension period is referred to herein as the “Second Extension
Period”).”

     (m) Clauses (ii) and (iv) of Section 2.21(b) are hereby amended
by changing the references to “June 30, 2007” therein to “June 30, 2008”.

     (n) Clauses (ii) and (iv) of Section 2.21(c) are hereby amended
by changing the references to “June 30, 2008” therein to “June 30, 2009”.

     (o) Section 5.01(e) is hereby amended by adding the text “, Fixed Charge
Coverage Ratio” immediately after the text “Interest Coverage Ratio” therein.

     (p) Section 6.13 is hereby deleted in its entirety and replaced with the
following:

          “Interest Coverage Ratio and Fixed Charge Ratio. The Borrower will not permit
or suffer the Interest Coverage Ratio for each period of four (4) consecutive fiscal
quarters ended on the last day of each fiscal quarter to be less than 1.75:1. The Borrower
will not permit or suffer the Fixed Charge Coverage Ratio for each period of four (4)

4

 

consecutive fiscal quarters ended on the last day of each fiscal quarter to be less
than 1.25:1.”

ARTICLE II

REPRESENTATIONS AND WARRANTIES

          Borrower and each Guarantor hereby represents and warrants to the Administrative Agent, the
Syndication Agent and the Lenders as follows:

          SECTION 2.01. Existence and Power. Each such Credit Party is duly organized, validly
existing and in good standing under the laws of its jurisdiction of organization and has all
necessary powers required to enter into this Amendment and to perform its obligations under the
Existing Credit Agreement, as amended hereby.

          SECTION 2.02. Authorization; No Contravention. The execution and delivery by each
such Credit Party of this Amendment and the performance of the Existing Credit Agreement, as
amended hereby, (a) are within its powers and have been duly authorized by all necessary action,
(b) require no action by or in respect of, or filing with, any Governmental Authority, any property
manager or other third party, (c) do not contravene, or constitute a breach of or default under,
any provision of applicable law or regulation, any of its constitutive documents or of any
judgment, injunction, order, decree, permit, license, note, mortgage, agreement or other material
instrument binding upon such Person or any of its Subsidiaries or their respective assets and (d)
do not result in the creation or imposition of any Lien on any asset of any Credit Party or any of
its Subsidiaries (except the Security Interests).

          SECTION 2.03. Binding Effect. This Amendment has been duly executed and delivered by
such Credit Party and the Existing Credit Agreement, as amended hereby, constitutes the valid and
binding agreement of each such Credit Party, in each case enforceable in accordance with their
respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency,
reorganization or moratorium or other similar laws relating to the enforcement of creditors’ rights
generally and by general equitable principles.

          SECTION 2.04. Representations and Warranties in Financing Documents. Without
limiting the foregoing, all representations and warranties of such Credit Party set forth in the
Existing Credit Agreement, as amended hereby, and the other Financing Documents, are, giving effect
to this Amendment, true and correct in all material respects as of the date hereof,
provided that any such representations and warranties that by their express terms are made
as of a specific date are true and correct in all material respects as of such specific date. In
connection with the foregoing representations and warranties, Exhibits B, C,
E, F, G, H and I of the Credit Agreement are each hereby
amended to include the information set forth on Exhibits B, C, D,
E, F, G and H, respectively, attached hereto, the date of September
30, 2003 set forth in clauses (a) and (b) of Section 3.04 of the Credit
Agreement shall refer to June 30, 2005, the reference to “the date hereof” set forth in clause
(i) of Section 3.04 of the Credit Agreement shall refer to the date

5

 

of this Amendment, and the reference to the Effective Date set forth in Section 3.19 of the
Credit Agreement shall refer to the date of this Amendment.

ARTICLE III

MISCELLANEOUS

          SECTION 3.01. Effectiveness of Change of Commitment Fee Rate. The modification of
the Commitment Fee Rate set forth in Section 1.02 hereof shall be effective only as of the
date hereof and shall not reduce or otherwise modify the amount of the Commitment Fee accrued
through the date hereof determined on the basis of the Commitment Fee Rate under the Existing
Credit Agreement. The portion of the Commitment Fee due and payable on September 30, 2005 shall be
determined on the basis of the Commitment Fee Rate under the Existing Credit Agreement for the
period ending on the day immediately preceding the date hereof and on the basis of the Commitment
Fee Rate as modified by this Amendment for the period commencing on the date hereof and ending on
September 30, 2005. Thereafter, the Commitment Fee shall be determined on the basis of the
Commitment Fee Rate as amended by this Amendment.

          SECTION 3.02. Effectiveness of Change of Applicable Margin. The modification of the
Applicable Margin set forth in Section 1.02 hereof shall be effective only as of the date
hereof and shall not reduce or otherwise modify the amount of interest that has accrued through the
date hereof determined on the basis of the Base Rate and/or the Adjusted LIBO Rate, as applicable,
and the Applicable Margin under the Existing Credit Agreement. The portion of interest due and
payable on September 1, 2005 shall be determined on the basis of the Base Rate and/or the Adjusted
LIBO Rate, as applicable, and the Applicable Margin under the Existing Credit Agreement for the
period ending on the day immediately preceding the date hereof and on the basis of the Base Rate
and/or the Adjusted LIBO Rate, as applicable, and the Applicable Margin as modified by this
Amendment for the period commencing on the date hereof and ending on September 1, 2005.
Thereafter, the Applicable Margin shall be determined on the basis of the Applicable Margin as
amended by this Amendment.

          SECTION 3.03. Lenders’ Commitments. The Commitment of each Lender as of the date
hereof, giving effect to this Amendment, is set forth below each Lender’s signature on the
signature page hereof.

          SECTION 3.04. Fee. In consideration of, and as a condition precedent to, Lenders’
entering into this Amendment, Borrower shall pay to Administrative Agent for the benefit of each
Lender (pro rata share based on their Commitments) the amount of $320,000.

          SECTION 3.05. No Other Amendments. Except as amended hereby, the Existing Credit
Agreement remains unmodified. As amended hereby, the Existing Credit Agreement remains in full
force and effect. Each Credit Party ratifies and reaffirms the obligations, waivers and covenants
made under the Existing Credit Agreement, as amended hereby, and the other Financing Documents.
Without limiting the foregoing, the Guarantors

6

 

acknowledge and agree that the Guaranteed Obligations include the Obligations, as amended hereby,
and that the Financing Documents remain in full force and effect and shall secure and otherwise
apply to the Guaranteed Obligations and all other terms of the Existing Credit Agreement, as
amended hereby.

          SECTION 3.06. Counterparts. This Amendment may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original,
but all of which when taken together shall constitute a single contract. Delivery of an executed
counterpart of a signature page of this Amendment by telecopy shall be effective as delivery of a
manually executed counterpart of this Amendment.

          SECTION 3.07. Severability. Any provision of this Amendment held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality
and enforceability of the remaining provisions hereof, and the invalidity of a particular provision
in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

          SECTION 3.08. Headings, Etc. Article and Section headings used herein are for
convenience of reference only, are not part of this Amendment and shall not affect the construction
of, or be taken into consideration in interpreting, this Amendment.

          SECTION 3.09. Governing Law. This Amendment shall be governed by, and construed in
accordance with, the substantive laws of the State of New York.

          SECTION 3.10. Waiver of Trial by Jury. Each party hereto hereby expressly and
unconditionally waives any and every right either party may have to a trial by jury, in any suit,
action or proceeding brought under or with respect to this Amendment.

          SECTION 3.11. Post-Closing Obligation. Within thirty (30) days of the date hereof,
Borrower shall deliver to Agent a fully-paid endorsement issued by Chicago Title Insurance Company
to Agent’s title policy with respect to the Mortgage on Ashford Atlantic Beach LP’s property in
Duval County, Florida with respect to the amendment to the Mortgage being executed and delivered by
Ashford Atlantic Beach LP concurrently herewith in form and substance acceptable to Agent.

[The remainder of this page is intentionally left blank.]

7

 

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

	 	 	 	 	 	 	 	 	 
	 	 	BORROWER:
	 
	 	 	 	 	 	 	 	 
	 	 	ASHFORD HOSPITALITY LIMITED PARTNERSHIP
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Ashford OP General Partner LLC
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Ashford Hospitality Trust, Inc.
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ DAVID A. BROOKS
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Name: David A. Brooks
	 	 	 	 	 	 	Title: Secretary and Chief Legal Counsel

	 	 	 	 	 
	 	 	GUARANTORS:
	 
	 	 	 	 
	 	 	ASHFORD HOSPITALITY TRUST, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ DAVID A. BROOKS
	 

	 	 	 	 
	 	 	Name: David A. Brooks
	 	 	Title: Secretary and Chief Legal Counsel
	 
	 	 	 	 
	 	 	ASHFORD TRS CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ DAVID J. KIMICHIK
	 

	 	 	 	 
	 	 	Name: David J. Kimichik
	 	 	Title: President
	 
	 	 	 	 
	 	 	ASHFORD TRS II LLC
	 
	 	 	 	 
	 	 	By: Ashford TRS Corporation
	 
	 	 	 	 
	 

	 	 	 	By: /s/ DAVID J. KIMICHIK
	 

	 	 	 	 
	 

	 	 	 	Name: David J. Kimichik
	 

	 	 	 	Title: President
	 
	 	 	 	 
	 	 	ASHFORD OP GENERAL PARTNER LLC
	 
	 	 	 	 
	 	 	By: Ashford Hospitality Trust, Inc.
	 
	 	 	 	 
	 

	 	 	 	By: /s/ DAVID A. BROOKS
	 

	 	 	 	 
	 

	 	 	 	Name: David A. Brooks
	 

	 	 	 	Title: Secretary and Chief Legal Counsel

8

 

	 	 	 	 	 	 	 
	 	 	ASHFORD OP LIMITED PARTNER LLC
	 
	 	 	 	 	 	 
	 	 	By:	 	Ashford Hospitality Trust, Inc.
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ DAVID A. BROOKS
	 

	 	 	 	 	 	 
	 	 	 	 	Name: David A. Brooks
	 	 	 	 	Title: Secretary and Chief Legal Counsel
	 
	 	 	 	 	 	 
	 	 	ASHFORD LAWRENCEVILLE LP
	 
	 	 	 	 	 	 
	 	 	By:	 	Ashford Properties General Partner LLC
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ DAVID A. BROOKS
	 

	 	 	 	 	 	 
	 	 	 	 	Name: David A. Brooks
	 	 	 	 	Title: Vice President
	 
	 	 	 	 	 	 
	 	 	ASHFORD ANAHEIM LP
	 
	 	 	 	 	 	 
	 	 	By:	 	Ashford Properties General Partner LLC
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ DAVID A. BROOKS
	 

	 	 	 	 	 	 
	 	 	 	 	Name: David A. Brooks
	 	 	 	 	Title: Vice President
	 
	 	 	 	 	 	 
	 	 	ASHFORD KENNESAW I LP
	 
	 	 	 	 	 	 
	 	 	By:	 	Ashford Properties General Partner LLC
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ DAVID A. BROOKS
	 

	 	 	 	 	 	 
	 	 	 	 	Name: David A. Brooks
	 	 	 	 	Title: Vice President
	 
	 	 	 	 	 	 
	 	 	ASHFORD KENNESAW II LP
	 
	 	 	 	 	 	 
	 	 	By:	 	Ashford Properties General Partner LLC
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ DAVID A. BROOKS
	 

	 	 	 	 	 	 
	 	 	 	 	Name: David A. Brooks
	 	 	 	 	Title: Vice President

9

 

	 	 	 	 	 	 	 	 	 
	 	 	ASHFORD ATLANTIC BEACH LP
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Ashford Properties General Partner Sub II LLC
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Ashford Properties General Partner LLC
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ DAVID A. BROOKS
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Name: David A. Brooks
	 	 	 	 	 	 	Title: Vice President

	 	 	 	 	 
	 	 	ADMINISTRATIVE AGENT:
	 
	 	 	 	 
	 	 	CALYON NEW YORK BRANCH
	 
	 	 	 	 
	 

	 	By:
	 	/s/ JOSEPH A. ASCIOLLA
	 

	 	 	 	 
	 	 	Name: Joseph A. Asciolla
	 	 	Title: Managing Director
	 
	 	 	 	 
	 

	 	By:
	 	/s/ DAVID BOWERS
	 

	 	 	 	 
	 	 	Name: David Bowers
	 	 	Title: Director
	 
	 	 	 	 
	 	 	SYNDICATION AGENT:
	 
	 	 	 	 
	 	 	MERRILL LYNCH CAPITAL, a division of Merrill Lynch

Business Financial Services, Inc.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ KIM LIAUTAUD
	 

	 	 	 	 
	 	 	Name: Kim Liautaud
	 	 	Title: Vice President
	 
	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 
	 	 	CALYON NEW YORK BRANCH
	 
	 	 	 	 
	 

	 	By:
	 	/s/ JOSEPH A. ASCIOLLA
	 

	 	 	 	 
	 	 	Name: Joseph A. Asciolla
	 	 	Title: Managing Director
	 
	 	 	 	 
	 

	 	By:
	 	/s/ DAVID BOWERS
	 

	 	 	 	 
	 	 	Name: David Bowers
	 	 	Title: Director

Commitment: $33,333,333.34

10

 

	 	 	 	 	 
	 	 	MERRILL LYNCH CAPITAL, a division of Merrill Lynch

Business Financial Services, Inc.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ KIM LIAUTAUD
	 

	 	 	 	 
	 	 	Name: Kim Liautaud
	 	 	Title: Vice President
Commitment: $33,333,333.33
	 
	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ DAVID BLACKMAN
	 

	 	 	 	 
	 	 	Name: David Blackman
	 	 	Title: Managing Director
	 	 	Commitment: $33,333,333.33

11

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