Document:

Exhibit

Exhibit 10.2

AMENDMENT NO. 1 
TO 
SUPPLY AGREEMENT

This Amendment is made effective as of the last date indicated on the signature page hereto, by and between Cardiovascular Systems, Inc. (“CSI”) and Fresenius Kabi AB (“FRESENIUS”).

WHEREAS, CSI and FRESENIUS entered into a Supply Agreement dated as of April 4, 2011 (the “Agreement”); and

WHEREAS, the parties wish to amend certain terms of the Agreement.

NOW, THEREFORE, the parties agree as follows:

1.    CSI’s address is hereby changed to 1225 Old Highway 8 NW, St. Paul, MN 55112, USA. 

2.    Section 2.3 of the Agreement is hereby amended by adding the following sentence to the end of such Section:

“FRESENIUS will supply CSI with all non-confidential and non-proprietary documents (including, without limitation, instruments, information and reports) and advice and general assistance as is necessary and reasonably requested by CSI in connection with its Regulatory Approval efforts with respect to the Products.  In the event that CSI requests confidential or proprietary information in connection with such Regulatory Approval efforts, FRESENIUS will provide documents (redacted if necessary) and information to CSI or provide such documents and information directly to the applicable Regulatory Authority, at CSI’s direction.”  

3.    The Agreement is hereby amended to add the following as Section 3.5:

		
	“3.5
	Backorders and Shortages.  If FRESENIUS experiences a backorder or shortage of raw materials, components or other items or supplies used in connection with the manufacture of the Products, FRESENIUS will inform CSI immediately and shall use all its resources to resolve a potential supply shortage as soon as possible. ”

4.    Section 14.1 of the Agreement is hereby amended to extend the Initial Term for an additional five years, to expire on April 4, 2021.  

5.    Section 14.4 of the Agreement is hereby amended by adding the following sentence to the end of such Section:

“In addition, upon termination or expiration of this Agreement, CSI may, at its option, continue to purchase Products under the same terms as set forth in this Agreement until one month after the expiration or termination date of the Agreement.”

6.    Section 14.6 of the Agreement is hereby deleted in its entirety and replaced with the following:

“14.6    FRESENIUS Exit.  

		
	14.6.1
	Notwithstanding anything to the contrary set forth herein, if FRESENIUS elects to withdraw its regulatory file for Intralipid (injectable lipid emulsion) 10% in the USA, FRESENIUS will use commercial reasonable efforts to give CSI written notice 12 months before such a planned withdrawal, and at the end of such 12 month period CSI may make a final purchase for the USA from FRESENIUS of the Product in such quantities as CSI deems necessary.

		
	14.6.2
	Notwithstanding anything to the contrary set forth herein, if FRESENIUS elects to exit the business of making any Product, FRESENIUS will give CSI written notice 24 months before such exit and at the end of such 24 month period CSI may make a final purchase from FRESENIUS of the Product in such quantities as CSI deems necessary, and this Agreement will terminate effective as of the end of such 24 month period.

		
	14.7
	Survival.  The Parties rights and obligations under Articles 1, 8, 9, 10, 11, and 12, the last sentence of Section 14.4, and this Section 14.7 will survive expiration or termination of this Agreement, however the same occurs.”

7.    Except as set forth herein, all provisions of the Agreement will remain in full force and effect without modification.  

8.    Capitalized terms used in this Amendment, but not otherwise defined, have the meanings assigned to them under the Agreement.

[Signature page follows]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed on the dates indicated below.

CARDIOVASCULAR SYSTEMS, INC. 

By: /s/ Laurence L. Betterley        
Name: Laurence L. Betterley 
                    Title: CFO

Date: 3/2/16                

    
FRESENIUS KABI AB             FRESENIUS KABI AB

By: /s/Anton Gerdenitsch            By: /s/Dr. Johann Schlogl
Name: Anton Gerndenitsh             Name: Dr. Johann Schlogl 
    Title: Head of Market Unit            Title:            
Contract Manufacturing 

Date: March 9, 2016                Date: March 17, 2016Exhibit

Exhibit 10.3

AMENDMENT NO. 1 
TO 
PRODUCT SCHEDULE

This Amendment is made effective as of the last date indicated on the signature page hereto, by and between Cardiovascular Systems, Inc. (“CSI”) and Fresenius Kabi AB (“Fresenius”).

WHEREAS, CSI and Fresenius entered into a Supply Agreement dated as of April 4, 2011 and a related Product Schedule (the “Product Schedule”); and

WHEREAS, the parties wish to amend certain terms of the Product Schedule.

NOW, THEREFORE, the parties agree as follows:

1.    CSI’s address is hereby changed to 1225 Old Highway 8 NW, St. Paul, MN 55112, USA. 

2.     Section 1 of PART A of the Product Schedule is hereby deleted in its entirety and replaced with the following:

“1.    Product
Intralipid (injectable lipid emulsion) 10% in a final dosage form, packaged and labeled with CSI’s proprietary trademark in a 100mL FreeFlex (Biofine) bag, meeting the Specifications.

3.     Section 1 of PART C of the Product Schedule is hereby deleted in its entirety and replaced with the following:  

“1.    Price

Price in 2016: $[*******]* per container

Price after 2016:

	
		
	Containers ordered / year
	Price [USD] per container

	≥ [*******]* containers
	$[*******]*

	≥ [*******]* containers
	$[*******]*

	≥ [*******]* containers
	$[*******]*

		
	▪
	Price FCA (Incoterms 2010)

		
	▪
	100% optical control

		
	▪
	Batch size = 15,500 containers

		
	▪
	Raw materials and packaging materials prices given by FRESENIUS standard suppliers.

		
	▪
	Product related registration fees (e.g., according to 21 CFR 820) are not included and have to be borne by CSI.”

4.    Except as set forth herein, all provisions of the Product Schedule will remain in full force and effect without modification.  

*Confidential treatment has been requested with respect to certain portions of this exhibit. Omitted portions have been filed separately with the Securities and Exchange Commission. 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed on the dates indicated below.

CARDIOVASCULAR SYSTEMS, INC. 

By: /s/ Laurence L. Betterley        
Name: Laurence L. Betterley 
                    Title: CFO

Date: 3/2/16                

    
FRESENIUS KABI AB             FRESENIUS KABI AB

By: /s/Anton Gerdenitsch            By: /s/Dr. Johann Schlogl
Name: Anton Gerndenitsh             Name: Dr. Johann Schlogl 
    Title: Head of Market Unit            Title:            
Contract Manufacturing 

Date: March 9, 2016                Date: March 17, 2016ex10-9.htm

 

Exhibit 10.9

 

EXECUTION COPY

 

THIRD AMENDMENT TO CREDIT AGREEMENT

THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of April 8, 2016, by and among APPLE TEN HOSPITALITY, INC. (the “Borrower”), each of the Lenders (as defined below) party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”).

WHEREAS, the Borrower, the financial institutions parties thereto as Lenders (the “Lenders”) and the Administrative Agent have entered into that certain Credit Agreement dated as of July 26, 2013, as modified by that certain First Amendment to Credit Agreement dated as of October 3, 2013 and by that certain Second Amendment to Credit Agreement dated as of July 2, 2015 (as so modified and in effect immediately prior to the date hereof, the “Credit Agreement”);

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

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

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

(a)           By restating the first sentence of Section 2.9. of the Credit Agreement in its entirety to read as follows:

The Borrower shall have the right, subject to the receipt of the prior consent of the Administrative Agent, to request increases in the aggregate amount of the Commitments by providing written notice to the Administrative Agent, which notice shall be irrevocable once given; provided, however, that after giving effect to any such increases the aggregate amount of the Commitments shall not exceed $150,000,000 less the aggregate amount of the reductions, if any, of the Commitments pursuant to Section 2.8 (excluding the reduction of the Commitments on the Second Amendment Effective Date).

(b)           By restating Section 9.1.(e) of the Credit Agreement in its entirety to read as follows:

Dividend Payments.  Subject to the other limitations of this subsection, Apple REIT shall not, and shall not permit any of its Subsidiaries to, make any Restricted Payments, except for (x) cash distributions with respect to its common stock not in excess of (i) from the Second Amendment Effective Date through the first anniversary thereof, $0.825 per share per year (with such amount to be adjusted in a manner acceptable to the Administrative Agent to account for stock splits, stock dividends, recapitalizations and other similar events) and (ii) thereafter, 100% of Funds From Operations of Apple REIT during any fiscal year, (y) redemptions by Apple REIT of its common units pursuant to its existing Unit Redemption Program in an amount not to exceed 3.0% of the weighted average number of common units of Apple REIT outstanding during the 12-month period immediately prior to the date of redemption and (z) Restricted Payments from a Subsidiary to the Borrower or a Guarantor.  Subject to the following sentence, if an Event of Default exists, Apple REIT shall not, and shall not permit any of its Subsidiaries to, declare, make or pay any Restricted Payments to its shareholders (i) unless the Administrative Agent, with the authorization of the Requisite Lenders, has consented to any such Restricted Payments in writing, or (ii) until either (A) such Event of Default ceases to exist, or (B) the Loans and all other Obligations have been paid in full and satisfied, the Lenders have no further obligations to fund Loans hereunder, and the Borrower has no right to request Loans hereunder; provided that, subject to the following sentence, the Borrower may declare and make cash distributions to Apple REIT, and Apple REIT may declare and make cash distributions to its shareholders, each in an aggregate amount not to exceed the minimum amount necessary for Apple REIT to remain in compliance with Section 7.5.  If a Default or Event of Default specified in Section 10.1.(a), Section 10.1.(b)(i), Section 10.1.(e) or Section 10.1.(f) shall exist, or if as a result of the occurrence of any other Event of Default any of the Obligations have been accelerated pursuant to Section 10.2.(a), Apple REIT and the Borrower shall not, and shall not permit any Subsidiary to, declare, make or pay any Restricted Payments to any Person except that Subsidiaries may make Restricted Payments to the Borrower or any Guarantor.

 

  

  

  

(c)           By deleting Schedule I to the Credit Agreement and replacing it with Schedule I attached hereto.

(d)           By deleting Schedule 6.1.(d) to the Credit Agreement and replacing it with Schedule 6.1.(d) attached hereto.

(e)           By deleting Schedule 6.1.(j) to the Credit Agreement and replacing it with Schedule 6.1.(j) attached hereto.

(f)           By deleting Schedule 6.1.(k) to the Credit Agreement and replacing it with Schedule 6.1.(k) attached hereto.

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

(a)           a counterpart of this Amendment duly executed by the Borrower;

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

(c)           an Accession Agreement duly executed by Apple Ten SPE Knoxville I, Inc. (“Apple Ten SPE”);

(d)           a certificate of the Secretary, Assistant Secretary, manager or managing member of each Loan Party (other than Apple Ten SPE) certifying (i) as to copies of all corporate or other necessary action taken by such Loan Party to authorize the amendments contemplated by this Amendment and (ii) that there have been no amendments, supplements or other modifications to the articles of incorporation or organization (or equivalent) or the bylaws of such Loan Party since the date last certified to the Administrative Agent (or attaching copies of any such modifications, if applicable);

(e)           (i) good standing certificates (or equivalent) of each Loan Party (including Apple Ten SPE) certified as of a recent date by the appropriate state or government official in such Loan Party’s state of formation and (ii) certificates of qualification to transact business or other comparable certificates issued as of a recent date by each appropriate state or government official (including any state department of taxation, as applicable) of each state in which such Loan Party (including Apple Ten SPE) owns a Hotel;

 

  

  

  

(f)           a certificate of incumbency signed by the Secretary or Assistant Secretary (or other individual performing similar functions) of Apple Ten SPE, with respect to each of the officers of Apple Ten SPE authorized to execute and deliver the Loan Documents to which Apple Ten SPE is a party;

(g)           copies certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of Apple Ten SPE of (i) the articles of incorporation of Apple Ten SPE, (ii) the bylaws of Apple Ten SPE and (iii) all resolutions from the board of directors or other necessary action taken by Apple Ten SPE to authorize the execution, delivery and performance of the Loan Documents to which it is a party;

(h)           an opinion of the Borrower’s general counsel and McGuire Woods LLP, counsel to the Borrower and the other Loan Parties, in each case addressed to the Administrative Agent and the Lenders and addressing such matters as the Administrative Agent may request;

(i)           payment by Borrower of the fees required by the Fee Letter dated February 24, 2016, executed and delivered by Borrower and Administrative Agent in connection herewith;

(j)           Revolving Notes made by Borrower in favor of each Lender, each in the amount of such Lender’s Commitment set forth on Schedule I attached hereto; and

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

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

(a)           Authorization.  The Borrower has the corporate power and authority and the legal right to execute and deliver this Amendment and the other documents contemplated hereby and to perform its obligations in respect of this Amendment, the Credit Agreement as amended by this Amendment, and the other documents contemplated hereby and has taken all necessary corporate action to authorize the execution and delivery of each such document and the performance of its obligations in respect thereof.  This Amendment and the other documents contemplated hereby have been duly executed and delivered on behalf of the Borrower and each of this Amendment, the Credit Agreement as amended by this Amendment and the other documents contemplated hereby constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with the terms of each, subject to the effect of applicable bankruptcy and other similar laws affecting the rights of creditors generally and the effect of equitable principles whether applied in an action at law or a suit in equity.

(b)           Compliance with Laws, etc.  The execution and delivery by the Borrower of this Amendment and the other documents contemplated hereby and the performance by the Borrower of this Amendment, the Credit Agreement as amended by this Amendment and the other documents contemplated hereby, will not violate any Requirement of Law or any Contractual Obligation of the Borrower, the violation of which could have a Material Adverse Effect.  No consent, approval, authorization of, or registration, declaration or filing with, any Governmental Authority is required on the part of the Borrower in connection with the execution and delivery of this Amendment or the other documents contemplated hereby or the performance of or compliance with the terms, provisions and conditions of this Amendment, the Credit Agreement as amended by this Amendment or the other documents contemplated hereby.

 

  

  

  

(c)           No Default.  No Default or Event of Default has occurred and is continuing as of the date hereof nor will exist immediately after giving effect to this Amendment.

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

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

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

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

Section 8.  GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NORTH CAROLINA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

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

Section 10.  Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Amendment.

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

[Signatures commence on following page.]

 

  

  

  

 

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

APPLE TEN HOSPITALITY, INC., a Virginia corporation

 

 

By: /s/ Bryan Peery                                                     

Name: Bryan Peery                                             

Title: President                                                    

[Signatures continue on the following page]

 

 

 

 

  

[Apple Ten Hospitality, Inc. Third Amendment to Credit Agreement]

  

WELLS FARGO BANK, NATIONAL ASSOCIATION, as 

Administrative Agent, as Swingline Lender and as a Lender

 

 

By: /s/ Anand J. Jobanputra                                     

Name:  Anand J. Jobanputra                             

Title: Senior Vice President, Hospitality Finance Group, Wells Fargo Bank, N.A. 

[Signatures continue on the following page]

 

 

 

 

  

[Apple Ten Hospitality, Inc. Third Amendment to Credit Agreement]

  

 

 

KEY BANK NATIONAL ASSOCIATION, as a Lender

 

 

By: /s/ Tayven Hike                                                    

Name:  Tayven Hike                                           

Title: Vice President                                           

[Signatures continue on the following page]

 

 

 

 

 

  

[Apple Ten Hospitality, Inc. Third Amendment to Credit Agreement]

  

 

BANK OF AMERICA, N.A., as a Lender

 

 

By: /s/ John Sletten                                                   

Name:  John Sletten                                           

Title: Vice President                                            

[Signatures continue on the following page]

 

 

 

 

  

[Apple Ten Hospitality, Inc. Third Amendment to Credit Agreement]

  

 

U.S. BANK NATIONAL ASSOCIATION, as a Lender

 

 

By: /s/ J. Lee Hord                                                      

Name: J. Lee Hord                                                

Title: Senior Vice President                                 

[End signatures]

 

 

 

 

 

  

[Apple Ten Hospitality, Inc. Third Amendment to Credit Agreement]

  

SCHEDULE I

Commitments

	
Lender

	
Commitment

	
Wells Fargo Bank, National Association

	
$60,000,000

	
Key Bank National Association

	
$30,000,000

	
Bank of America, N.A.

	
$30,000,000

	
U.S. Bank National Association

	
$30,000,000

	
TOTAL

	
$150,000,000

 

 

 

 

  

  

  

SCHEDULE 6.1(d)

Hotels

 

	
HOTEL LOCATION

	 	
OWNER

	 	
BRAND

	 	
NAME OF LENDER

	 	
AMOUNT OF INDEBTEDNESS

	 	
OUTSTANDING PRINCIPAL BALANCE AS OF 12/31/15

	 	
MATURITY DATE

	  	 	  	 	  	 	  	 	  	 	  	 	  
	
Boca Raton, FL

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Hilton Garden Inn

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Cedar Rapids, IA

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Hampton Inn & Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Cedar Rapids, IA

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Homewood Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
North Charleston, SC

	 	
Apple Ten Business Trust

	 	
Home2 Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Des Plaines, IL

	 	
Apple Ten  OHare, LLC

	 	
Hilton Garden Inn

	 	
Wells Fargo

	 	
$22,500,000.00

	 	
$19,142,000

	 	
8/1/2016

	
Mason, OH

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Hilton Garden Inn

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Columbia, SC

	 	
Apple Ten Business Trust

	 	
TownePlace Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Davenport, IA

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Hampton Inn & Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Denver, CO

	 	
Apple Ten SPE Denver, Inc.

	 	
Hilton Garden Inn

	 	
Well Fargo

	 	
$35,000,000

	 	
$34,627,000

	 	
6/2025

	
Fairfax, VA

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Marriott

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Gainesville, FL

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Hilton Garden Inn

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Gainesville, FL

	 	
Apple Ten SPE Gainesville, Inc.

	 	
Homewood Suites

	 	
Wells Fargo

	 	
$13,700,000.00

	 	
$12,216,000

	 	
5/8/2017

	
Hoffman Estates, IL

	 	
Apple Ten Illinois, LLC

	 	
Hilton Garden Inn

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Houston, TX

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Residence Inn

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Huntsville, AL

	 	
Sunbelt-I2HA, LLC

	 	
Hampton Inn & Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Huntsville, AL

	 	
Sunbelt-I2HA, LLC

	 	
Home2 Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Jacksonville, NC

	 	
Apple Ten North Carolina, L.P.

	 	
Home2 Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Knoxville, TN

	 	
Apple Ten SPE Knoxville II, Inc.

	 	
Homewood Suites

	 	
Wells Fargo

	 	
$12,200,000.00

	 	
$10,630,000

	 	
10/8/2016

	
Knoxville, TN

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
SpringHill Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Knoxville, TN

	 	
Apple Ten SPE Knoxville I, Inc.

	 	
TownePlace Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Matthews, NC

	 	
Apple Ten North Carolina, L.P.

	 	
Fairfield Inn & Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Merrillville, IN

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Hilton Garden Inn

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Mobile, AL

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Hampton Inn & Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Nashville, TN

	 	
Sunbelt-TNT, LLC

	 	
TownePlace Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Nassau Bay, TX

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Courtyard

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Oceanside, CA

	 	
Apple Ten Calibraska, Inc.

	 	
Courtyard

	 	
Key Bank

	 	
$13,850,000

	 	
$13,810,000

	 	
10/1/2025

	
Omaha, NE

	 	
Apple Ten Calibraska, Inc.

	 	
Hilton Garden Inn

	 	
Key Bank

	 	
$23,000,000

	 	
$22,939,000

	 	
10/1/2025

	
Pensacola, FL

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
TownePlace Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Richmond, VA

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
SpringHill Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Round Rock, TX

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Homewood Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Scottsdale, AZ

	 	
Apple Ten SPE Scottsdale, Inc.

	 	
Hilton Garden Inn

	 	
Wells Fargo

	 	
$11,250,000.00

	 	
$9,811,000

	 	
2/1/2017

	
Skokie, IL

	 	
Apple Ten Skokie, LLC

	 	
Hampton Inn & Suites

	 	
Wells Fargo

	 	
$20,500,000.00

	 	
$17,700,000

	 	
7/1/2016

	
South Bend, IN

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Fairfield Inn & Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Tallahassee, FL

	 	
Sunbelt-FTH, LLC

	 	
Fairfield Inn & Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Winston-Salem, NC

	 	
Apple Ten North Carolina, L.P.

	 	
Hampton Inn & Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Oklahoma City, OK

	 	
Apple Ten Oklahoma, LLC

	 	
Homewood Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Denton, TX

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Homewood Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

 

  

  

  

 

	
Happy Valley (Phoenix), AZ

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Hampton Inn & Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Happy Valley (Phoenix), AZ

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Homewood Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Phoenix, AZ

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Courtyard

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Maple Grove, MN

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Hilton Garden Inn

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Omaha, NE

	 	
Apple Ten Nebraska, LLC

	 	
Hampton Inn & Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Omaha, NE

	 	
Apple Ten Nebraska, LLC

	 	
Homewood Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Colorado Springs

	 	
Apple Ten SPE Colorado Springs, Inc.

	 	
Hampton Inn & Suites

	 	
Wells Fargo

	 	
$8,450,000

	 	
$8,002,000

	 	
7/6/2021

	
Dallas, TX

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Homewood Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Fort Lauderdale/ Dania Beach, FL

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Residence Inn

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Franklin, TN(1)

	 	
Apple Ten SPE Franklin I, Inc.

	 	
Courtyard

	 	
Wells Fargo

	 	
$15,246,000

	 	
$14,824,000

	 	
8/6/2021

	
Franklin, TN(1)

	 	
Apple Ten SPE Franklin II, Inc.

	 	
Residence Inn

	 	
Wells Fargo

	 	
$15,246,000

	 	
$14,824,000

	 	
8/6/2021

	
Houston/Shenandoah, TX

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Courtyard

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Oklahoma City, OK

	 	
Apple Ten Oklahoma, LLC

	 	
Hilton Garden Inn

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Oklahoma City/West, OK

	 	
Apple Ten Oklahoma, LLC

	 	
Homewood Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
San Juan Capistrano, CA

	 	
Apple Ten SPE Capistrano, Inc.

	 	
Residence Inn

	 	
Wells Fargo

	 	
$17,150,000

	 	
$16,417,000

	 	
6/1/2020

	
Tustin, CA

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Fairfield Inn & Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Tustin, CA

	 	
Apple Ten Hospitality Ownership, Inc.

	 	
Residence Inn

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
Rosemont, IL

	 	
Apple Ten Illinois, LLC

	 	
Hampton Inn & Suites

	 	
N/A

	 	
N/A

	 	
N/A

	 	
N/A

	
(1)  

	
One loan secured by both hotels.  For purposes of presentation have shown half of loan on each property.

  

  

  

SCHEDULE 6.1 (j)

Ownership Structure

 

	
Subsidiary

	  	
Equity Interest Holder

	  	
Type of Equity Interests Held

	  	
Percentage of Outstanding

Equity Interests Held

	  
	

Apple Ten Alabama Services, LLC

	  	

Apple Ten  Hospitality Management, Inc.

	  	

Membership interest

	  	  	

100

	

%

	

Apple Ten Business Trust

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

Trust interest

	  	  	

100

	

%

	

Apple Ten Hospitality, Inc.

	  	

Apple REIT Ten Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten Hospitality Management, Inc.

	  	

Apple Ten Hospitality, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten Hospitality Ownership, Inc.

	  	

Apple Ten Hospitality, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten Hospitality Texas Services, Inc.

	  	

Apple Ten Hospitality Management, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten Hospitality Texas Services II, Inc.

	  	

Apple Ten Hospitality Management, Inc.

	  	

100 shares common  stock

	  	  	

100

	

%

	

Apple Ten Hospitality Texas Services III, Inc.

	  	

Apple Ten Hospitality Management, Inc.

	  	

100 shares common  stock

	  	  	

100

	

%

	

Apple Ten Hospitality Texas Services IV, Inc.

	  	

Apple Ten Hospitality Management, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten Illinois, LLC

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

Membership interest

	  	  	

100

	

%

	

Apple Ten NC GP, Inc.

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten NC LP, Inc.

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

100 shares common  stock

	  	  	

100

	

%

	

Apple Ten North Carolina, L.P.

	  	

Apple Ten NC GP, Inc.

	  	

Partnership interest

	  	  	

1

	

%

	

Apple Ten North Carolina, L.P.

	  	

Apple Ten NC LP, Inc.

	  	

Partnership interest

	  	  	

99

	

%

	

Apple Ten Nebraska, LLC

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

Membership interest

	  	  	

100

	

%

	

Apple Ten OHare, LLC

	  	

Apple Ten SPE O’Hare, Inc.

	  	

Membership interest

	  	  	

1

	

%

	

Apple Ten OHare, LLC

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

Membership interest

	  	  	

99

	

%

	

Apple Ten Oklahoma, LLC

	  	

Apple REIT Ten Inc.

	  	

Membership interest

	  	  	

100

	

%

	

Apple Ten Residential, Inc.

	  	

Apple REIT Ten Inc.

	  	

100 shares common  stock

	  	  	

100

	

%

	

Apple Ten Skokie, LLC

	  	

Apple Ten SPE Skokie, Inc.

	  	

Membership  interest

	  	  	

1

	

%

	

Apple Ten Skokie, LLC

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

Membership interest

	  	  	

99

	

%

	

Apple Ten SPE Capistrano, Inc.

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten SPE Colorado Springs, Inc.

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

100 shares common  stock

	  	  	

100

	

%

	

Apple Ten SPE Denver, Inc.

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten SPE Franklin I, Inc.

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

100 shares common  stock

	  	  	

100

	

%

	

Apple Ten SPE Franklin II, Inc.

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

100 shares common  stock

	  	  	

100

	

%

	

Apple Ten SPE Gainesville, Inc.

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten SPE Knoxville I, Inc.

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

100 shares common  stock

	  	  	

100

	

%

	

Apple Ten SPE Knoxville II, Inc.

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

100 shares common  stock

	  	  	

100

	

%

	

Apple Ten SPE OHare, Inc.

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten SPE Scottsdale, Inc.

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten SPE Skokie, Inc.

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

 

  

  

  

 

	
Subsidiary

	 	
Equity Interest Holder

	 	
Type of Equity Interests Held

	 	
Percentage of Outstanding

Equity Interests Held

	 
	

Apple Ten Florida Services, Inc.

	  	

Apple Ten Hospitality Management, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten Oklahoma Services, Inc.

	  	

Apple Ten Hospitality Management, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten Services Colorado Springs, Inc.

	  	

Apple Ten Hospitality Management, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten Services Capistrano, Inc.

	  	

Apple Ten Hospitality Management, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten Services Denver, Inc.

	  	

Apple Ten Hospitality Management, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten Services Franklin I, Inc.

	  	

Apple Ten Hospitality Management, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten Services Franklin II, Inc.

	  	

Apple Ten Hospitality Management, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten Services Gainesville, Inc.

	  	

Apple Ten Hospitality Management, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten Services Knoxville I, Inc.

	  	

Apple Ten Hospitality Management, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten Services Knoxville II, Inc.

	  	

Apple Ten Hospitality Management, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten Services OHare, Inc.

	  	

Apple Ten Hospitality Management, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten Services Scottsdale, Inc.

	  	

Apple Ten Hospitality Management, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten Services Skokie, Inc.

	  	

Apple Ten Hospitality Management, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten Ventures, Inc.

	  	

Apple REIT Ten Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Apple Ten Ventures Services, Inc.

	  	

Apple Ten Hospitality Management, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

	

Sunbe1t-FTH, LLC

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

Membership interest

	  	  	

100

	

%

	

Sunbelt-I2HA, LLC

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

Membership interest

	  	  	

100

	

%

	

Sunbelt-TNT,  LLC

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

Membership interest

	  	  	

100

	

%

	

Apple Ten SPE Calibraska, Inc.

	  	

Apple Ten Hospitality Ownership, Inc.

	  	

100 shares common stock

	  	  	

100

	

%

  

  

  

 

SCHEDULE 6.1(k)

Indebtedness and Guaranties

 

	
 

Property

	  	
 

Lender

	  	
 

Maturity Date

	  	
 

Borrowing Entity

	  	
Original Principal

	  	  	
Balance 12/31/2015

	  
	

Omaha, NE

Hilton Garden Inn

	  	

KeyBank

	  	

10/1/2025

	  	

Apple Ten Calibraska, Inc.

	  	  	

23,000,000

	  	  	  	

22,939,000

	  
	

Oceanside, CA

Courtyard

	  	

KeyBank

	  	

10/1/2025

	  	

Apple Ten Calibraska, Inc.

	  	  	

13,850,000

	  	  	  	

13,810,000

	  
	

Knoxville, TN 

Homewood Suites

	  	

Wells Fargo

	  	

10/8/16

	  	

Apple Ten SPE Knoxville II, Inc.

	  	  	

12,200,000

	  	  	  	

10,630,000

	  
	

Gainesville, FL 

Homewood Suites

	  	

Wells Fargo

	  	

5/8/17

	  	

Apple Ten SPE Gainesville, Inc.

	  	  	

13,700,000

	  	  	  	

12,216,000

	  
	

Skokie, IL

Hampton Inn

	  	

Wells Fargo

	  	

7/1/16

	  	

Apple Ten Skokie, LLC

	  	  	

20,500,000

	  	  	  	

17,700,000

	  
	

Chicago O'Hare/

Des Plaines, IL

Hilton Garden Inn

	  	

Wells Fargo

	  	

8/1/16

	  	

Apple Ten O'Hare, LLC

	  	  	

22,500,000

	  	  	  	

19,142,000

	  
	

Scottsdale, AZ 

Hilton Garden Inn

	  	

Wells Fargo

	  	

2/1/17

	  	

Apple Ten SPE Scottsdale, Inc.

	  	  	

11,250,000

	  	  	  	

9,811,000

	  
	

Colorado Springs, CO

Hampton Inn

	  	

Wells Fargo

	  	

7/6/21

	  	

Apple Ten SPE Colorado Springs, Inc.

	  	  	

8,450,000

	  	  	  	

8,002,000

	  
	

Franklin, TN

Courtyard *

	  	

Wells Fargo

	  	

8/6/21

	  	

Apple Ten SPE Franklin I, Inc.

	  	  	

15,637,500

	  	  	  	

14,824,000

	  
	

Franklin, TN

Residence Inn *

	  	

Wells Fargo

	  	

8/6/21

	  	

Apple Ten SPE Franklin II, Inc.

	  	  	

15,637,500

	  	  	  	

14,824,000

	  
	

San Juan Capistrano, CA

Residence Inn

	  	

Wells Fargo

	  	

6/1/20

	  	

Apple Ten SPE Capistrano, Inc.

	  	  	

17,150,000

	  	  	  	

16,417,000

	  
	

Denver, CO

Hilton Garden Inn

	  	

Wells Fargo

	  	

6/11/25

	  	

Apple Ten SPE Denver, Inc.

	  	  	

35,000,000

	  	  	  	

34,627,000

	  

 

* One loan secured by both hotels. For purposes of presentation 50% of loan has been allocated to each property

 

 

  

  

  

EXHIBIT A

FORM OF GUARANTOR ACKNOWLEDGEMENT

THIS GUARANTOR ACKNOWLEDGEMENT dated as of April 8, 2016 (this “Acknowledgement”) executed by each of the undersigned (the “Guarantors”) in favor of Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”) and the Lenders under the Credit Agreement referred to below.

WHEREAS, Apple Ten Hospitality, Inc. (the “Borrower”), the Administrative Agent and the Lenders have entered into that certain Credit Agreement dated as of July 26, 2013, as modified by that certain First Amendment to Credit Agreement dated as of October 3, 2013 and that certain Second Amendment to Credit Agreement dated as of July 2, 2015 (as so amended, and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);

WHEREAS, each of the Guarantors is a party to that certain Guaranty dated as of July 26, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”) pursuant to which they guarantied, among other things, the Borrower’s obligations under the Credit Agreement on the terms and conditions contained in the Guaranty;

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

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

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

Section 1.  Reaffirmation.  Each Guarantor hereby reaffirms its continuing obligations to the Administrative Agent and the Lenders under the Guaranty and agrees that the transactions contemplated by the Amendment, including without limitation, the increase in the Commitments effected by the Amendment, shall not in any way affect the validity and enforceability of the Guaranty, or reduce, impair or discharge the obligations of such Guarantor thereunder.

Section 2.  Governing Law.  THIS ACKNOWLEDGEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NORTH CAROLINA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

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

[Signatures commence on following page.]

 

  

  

  

 

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

 

THE GUARANTORS:

APPLE REIT TEN, INC., a Virginia corporation

By:                                                                      

Name:                                                         

Title:                                                           

APPLE TEN BUSINESS TRUST, a Virginia trust

By: Apple Ten Hospitality Ownership, Inc., as Trustee

By:                                                                     

Name:                                                                      

Title:                                                                     

APPLE TEN HOSPITALITY OWNERSHIP, INC., a Virginia corporation

By:                                                                      

Name:                                                         

Title:                                                           

APPLE TEN ILLINOIS, LLC, a Virginia limited liability company

By: Apple Ten Hospitality Ownership, Inc., as Managing Member

By:                                                                     

Name:                                                                     

Title:                                                                     

 

[Signatures continue on the following page]

 

  

  

  

 

 

APPLE TEN NORTH CAROLINA, L.P., a Virginia limited partnership

By: Apple Ten NC GP, Inc., its General Partner

By:                                                                     

Name:                                                                         

Title:                                                                         

APPLE TEN NEBRASKA, LLC, a Virginia limited liability company

By: Apple Ten Hospitality Ownership, Inc., as Managing Member

By:                                                                     

Name:                                                                         

Title:                                                                          

SUNBELT – FTH, LLC, a Florida limited liability company

By: Apple Ten Hospitality Ownership, Inc., as Managing Member

By:                                                                     

Name:                                                                    

Title:                                                                     

SUNBELT – I2HA, LLC, an Alabama limited liability company

By: Apple Ten Hospitality Ownership, Inc., as Managing Member

By:                                                                     

Name:                                                                      

Title:                                                                        

[Signatures continue on the following page]

 

  

  

  

 

 

SUNBELT – TNT, LLC, an Alabama limited liability company

By: Apple Ten Hospitality Ownership, Inc., as Managing Member

By:                                                                     

Name:                                                                      

Title:                                                                      

APPLE TEN OKLAHOMA, LLC, a Virginia limited liability company

By: Apple REIT Ten, Inc., as Managing Member

By:                                                                     

Name:                                                                     

Title:                                                                     

APPLE TEN NC GP, INC., a Virginia corporation

By:                                                                     

Name:                                                                      

Title:                                                                    

APPLE TEN NC LP, INC., a Virginia corporation

By:                                                                     

Name:                                                                     

Title:                                                                      

[End signatures]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00258-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00258-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00258-of-00352.parquet"}]]