Document:

EX-10.1

 EXHIBIT 10.1 

FIRST AMENDMENT 
 TO

 LOAN AND SECURITY AGREEMENT 

This First Amendment to Loan and Security Agreement (this “Amendment”) is entered into this 5th day of August, 2015, by and between (i) SILICON VALLEY BANK, a California corporation (“Bank”) and (ii) PLANAR SYSTEMS, INC., an Oregon corporation
(“Planar”), CLARITY, A DIVISION OF PLANAR SYSTEMS, INC., an Oregon corporation (“Clarity”), PLANAR CHINA LLC, an Oregon limited liability company (“Planar China”) and PLANAR TAIWAN
LLC, an Oregon limited liability company (“Planar Taiwan” and together with Planar, Clarity and Planar China, individually and collectively, jointly and severally, the “Borrower”). 

RECITALS 

A. Bank and Borrower have entered into that certain Loan and Security Agreement dated as of November 21, 2013, (as the same may
from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”). 
 B. Bank has
extended credit to Borrower for the purposes permitted in the Loan Agreement. 
 C. Borrower has requested that Bank amend the Loan
Agreement to (i) increase the Revolving Line, (ii) extend the Revolving Line Maturity Date and (iii) make certain other revisions to the Loan Agreement as more fully set forth herein. 

D. Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject
to the conditions and in reliance upon the representations and warranties set forth below. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1.
Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement. 

2. Amendments to Loan Agreement. 

2.1 Section 2.4(b) (Termination Fee). Section 2.4(b) is amended in its entirety and replaced with the following: 

(b) [Reserved]. 
  

 2.2 Section 2.4(c) (Unused Revolving Line Facility Fee). Section 2.4(c) is
amended in its entirety and replaced with the following: 
 (c) Unused Revolving Line Facility Fee. Payable monthly in arrears, on the
last day of each month occurring thereafter prior to the Revolving Line Maturity Date, and on the Revolving Line Maturity Date, a fee (the “Unused Revolving Line Facility Fee”) in an amount equal to four-tenths of one percent
(0.40%) per annum of the average unused portion of the Revolving Line, as determined by Bank; provided that during a Quarterly Streamline Period or a Monthly Streamline Period, such fee shall be reduced to one-quarter of one percent (0.25%)
per annum of the average unused portion of the Revolving Line, as determined by Bank. The unused portion of the Revolving Line, for purposes of this calculation, shall be calculated on a calendar year basis and shall equal the difference
between (i) the Revolving Line (including, without limitation, the Non-formula Availability Amount), and (ii) the average for the period of the daily closing balance of the Revolving Line outstanding plus the sum of the aggregate amount of
outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve); 
 2.3
Section 6.6 (Access to Collateral; Books and Records). Section 6.6 is amended in its entirety and replaced with the following: 

6.6 Access to Collateral; Books and Records. At reasonable times, on five (5) Business Days’ notice (provided no notice is
required if an Event of Default has occurred and is continuing), Bank, or its agents, shall have the right to inspect the Collateral and the right to audit and copy Borrower’s Books. The foregoing inspections and audits shall be conducted at
Borrower’s expense and shall occur no more often than once every twelve (12) months (or more frequently as Bank shall determine is necessary); provided, that no such inspections and audits shall be conducted while a
Streamline Period remains in effect. The charge for each such inspection/audit shall be $850 per person per day (or such higher amount as shall represent Bank’s then-current standard charge for the same), plus reasonable out-of-pocket expenses.
In the event Borrower and Bank schedule an audit more than ten (10) days in advance, and Borrower cancels or seeks to or reschedules the audit with less than ten (10) days written notice to Bank, then (without limiting any of Bank’s
rights or remedies) Borrower shall pay Bank a fee of $1,000 plus any out-of-pocket expenses incurred by Bank to compensate Bank for the anticipated costs and expenses of the cancellation or rescheduling. 

2.4 Section 6.8 (Operating Accounts). Section 6.8 is amended in its entirety and replaced with the following: 

6.8 Operating Accounts. 

(a) Maintain all of its and all of its Subsidiaries’ domestic operating and other deposit accounts and securities accounts located in the
United States with Bank and Bank’s Affiliates; 

  
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 (b) Provide Bank five (5) days prior-written notice before establishing any Collateral
Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For each Collateral Account located in the United States that Borrower at any time maintains, Borrower shall cause the applicable bank or financial
institution (other than Bank) at or with which any such Collateral Account, is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Bank’s Lien in such
Collateral Account, in accordance with the terms hereunder which Control Agreement may not be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to deposit accounts (i) located outside
the United States, or (ii) exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such. 

2.5 Section 6.9 (Financial Covenants). Section 6.9 is amended in its entirety and replaced with the following: 

6.9 Financial Covenants. 

(a) Tangible Net Worth. From and after the First Amendment Effective Date, maintain at all times, subject to periodic reporting as of
(i) during a Quarterly Streamline Period, the last day of each quarter; and (ii) at all other times when a Quarterly Streamline Period is not in effect, the last day of each calendar month, on a consolidated basis with respect to Borrower
and its Subsidiaries, a Tangible Net Worth of at least Thirty Two Million Two Hundred Fifty One Thousand Dollars ($32,251,000), increasing by (i) fifty percent (50%) of quarterly Net Income and (ii) seventy-five percent (75%) of
the net proceeds from issuances after the First Amendment Effective Date of additional equity by Borrower and the principal amount of Subordinated Debt issued by Borrower. 

(b) Maximum Capital Expenditures. Do not exceed at any time, subject to periodic reporting as of (i) during a Quarterly Streamline
Period, the last day of each quarter; and (ii) at all other times when a Quarterly Streamline Period is not in effect, the last day of each calendar month, Capital Expenditures, measured on a cumulative basis, on a consolidated basis with
respect to Borrower and its Subsidiaries, in excess of Two Million Dollars ($2,000,000) in the aggregate in any fiscal year. 
 2.6
Section 13.1 (Definitions). The following terms and their respective definitions are hereby deleted: 
 “Existing
Accounts” is defined in Section 6.8(a). 

  
 3 

 “Existing Accounts Trigger Date” is the date that the Existing Accounts are
either (i) closed, with all proceeds thereof transferred to an account of Borrower maintained at Bank or (ii) subject to a Control Agreement in favor of Bank. 

2.7 Section 13.1 (Definitions). The following terms and their respective definition are hereby deleted and replaced with the
following: 
 “Revolving Line” is an aggregate principal amount (including, without limitation, any outstanding Non-formula
Advances), not to exceed Fourteen Million Dollars ($14,000,000) outstanding at any time. 
 “Revolving Line Maturity Date”
is August 5, 2017. 
 2.8 Section 13 (Definitions). The following new terms and their respective definitions are hereby
inserted in Section 13.1, each in its applicable alphabetical order: 
 “First Amendment Effective Date” is
August 5, 2015. 
 2.9 Compliance Certificate. The Compliance Certificate attached as Exhibit D to the Loan Agreement is
amended in its entirety and replaced with Exhibit A attached hereto. 
 3. Limitation of Amendments. 

3.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be
limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have
or may have in the future under or in connection with any Loan Document. 
 3.2 This Amendment shall be construed in connection with
and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and
effect. 
 4. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to
Bank as follows: 
 4.1 Immediately after giving effect to this Amendment (including, without limitation Section 6 below),
(a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which
case they are true and correct in all material respects as of such date), and (b) no Event of Default has occurred and is continuing; 

  
 4 

 4.2 Borrower has the corporate power and authority to execute and deliver this Amendment
and to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 4.3 In connection with this Amendment,
Planar has delivered to Bank its Amended and Restated Articles of Incorporation. All other organizational documents of Borrower delivered to Bank on the Effective Date remain true, accurate and complete and have not been amended, supplemented or
restated and are and continue to be in full force and effect; 
 4.4 The execution and delivery by Borrower of this Amendment and the
performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 
 4.5
The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or
affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or
(d) the organizational documents of Borrower; 
 4.6 The execution and delivery by Borrower of this Amendment and the
performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any
governmental or public body or authority, or subdivision thereof, binding on either Borrower, except as already has been obtained or made; and 

4.7 This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against
Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting
creditors’ rights. 
 5. Fees. Borrower shall reimburse Bank for all legal fees and expenses incurred in connection with this
Amendment and the existing Loan Documents. 
 6. Updated Perfection Certificate. In connection with this Amendment, Borrower has
delivered to Bank an updated Perfection Certificate, dated on or about the date hereof (the “Updated Perfection Certificate”). Such Updated Perfection Certificate amends, restates and replaces in its entirety the Perfection
Certificate previously delivered by Borrower to Bank. From and after the date hereof, each reference in any Loan Document to the “Perfection Certificate” shall be deemed to be a reference to the Updated Perfection Certificate. Borrower
acknowledges, confirms and agrees the disclosures and information Borrower provided to Bank in said Updated Perfection Certificate are true and complete as of the date hereof. 

  
 5 

 7. Ratification of Loan Documents. Other than as may be supplemented, amended or otherwise
updated through and including the date hereof, Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in the Loan Documents, and acknowledges, confirms and agrees that the disclosures and information
provided to Bank in each Loan Document have not changed, as of the date hereof. 
 8. Integration. This Amendment and the Loan
Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of
this Amendment and the Loan Documents merge into this Amendment and the Loan Documents. 
 9. Counterparts. This Amendment may be
executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

10. No Defenses of Borrower. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims
against Bank with respect to the Obligations, or otherwise as of the date hereof, and that if Borrower now has, or ever did have prior to the date hereof, any offsets, defenses, claims, or counterclaims against Bank, whether known or unknown, at law
or in equity, all of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from any liability thereunder. 
 11.
Effectiveness/Conditions Precedent. This Amendment shall be deemed effective on the First Amendment Effective Date upon: 
 (a) the due
execution and delivery to Bank of this Amendment, by each party hereto; 
 (b) Borrower’s payment to Bank of the fees described in
Section 5 above; 
 (c) a duly executed Secretary’s Certificate (with attachments, as necessary) for each Borrower; 

(d) updated evidence of insurance, in form and substance acceptable to Bank; and 

(e) such other documents, as Bank shall reasonably request. 

[Signature page follows.] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be duly executed and delivered as of the date first written above. 
  

									
	PLANAR SYSTEMS, INC.	 		 	CLARITY, A DIVISION OF PLANAR SYSTEMS, INC.
					
	By	 	/s/ Gerald K. Perkel	 		 	By	 	/s/ Gerald K. Perkel
	Name:	 	 Gerald K. Perkel
	 		 	Name:	 	 Gerald K. Perkel

	Title:	 	 President and Chief Executive Officer
	 		 	Title:	 	 President and Chief Executive Officer

  

									
	PLANAR TAIWAN LLC	 		 	PLANAR CHINA LLC
					
	By	 	/s/ Gerald K. Perkel	 		 	By:	 	/s/ Gerald K. Perkel
	Name:	 	 Gerald K. Perkel
	 		 	Name:	 	 Gerald K. Perkel

	Title:	 	 President and Chief Executive Officer
	 		 	Title:	 	 President and Chief Executive Officer

  

			
	BANK:
	
	SILICON VALLEY BANK
		
	By	 	/s/ Mark Peterson
	Name:	 	 Mark Peterson

	Title:	 	 Managing Director

  
 7 

 Exhibit A to First Amendment 

EXHIBIT D 

COMPLIANCE CERTIFICATE 
 TO: SILICON
VALLEY BANK Date: 
 FROM: PLANAR SYSTEMS, INC., et al 

The undersigned authorized officer of Planar Systems, Inc. (for itself and on behalf of each other “Borrower”, the
“Borrower”) certifies that under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (as amended, the “Agreement”), (1) Borrower is in complete compliance for the period ending
                             with all required covenants except as noted below, (2) there are no
Events of Default, (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be
true, accurate and complete in all material respects as of such date, (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes,
assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement, and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries, if
any, relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank. Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in
accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is
not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the
Agreement. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 

 

					
	 
	 Reporting Covenant
	  	 Required
	  	Complies
			
	Monthly consolidated and consolidating financial statements – Borrower prepared	  	Monthly within 30 days when not on a Quarterly Streamline Period	  	Yes     No
			
	Quarterly consolidated financial statements	  	 Quarter end within 30 days for
 each
quarterly period in which Borrower is in a Quarterly Streamline Period and is not required to file with the SEC
	  	Yes     No
			
	Quarterly consolidating financial statements – Borrower prepared	  	 Quarter end within 30 days for
 each
quarterly period in which Borrower is in a Quarterly Streamline Period
	  	Yes     No

  
 8 

					
			
	Compliance Certificate	  	 (i) during a Quarterly Streamline Period, within thirty (30) days after the end of each quarter, and (ii) at all other times when a
Quarterly Streamline Period is
 not in effect, monthly, within thirty (30) days after the end of each month
	  	Yes     No
			
	Annual financial statement (CPA Audited) (on a consolidated basis)	  	FYE within 120 days for each FYE in which Borrower is not required to file with the SEC	  	Yes     No
			
	10-Q, 10-K and 8-K	  	 Within 5 days after filing with
 SEC
	  	Yes     No
			
	A/R & A/P Agings	  	 (i) during a Quarterly Streamline Period, within thirty (30) days after the end of each quarter, and (ii) at all other times when a
Quarterly Streamline Period is
 not in effect, monthly, within thirty (30) days after the end of each month
	  	Yes     No
			
	Transaction Reports	  	 (i) with each request for an Advance; (ii) during a Quarterly Streamline Period, quarterly, within thirty (30) days after the

end of each quarter; (iii) during a Monthly Streamline Period, monthly, within thirty (30) days after the end of each month; and (iii) weekly, on the last
business Day of each week when a Streamline Period is
 not in effect
	  	Yes     No
			
	Projections	  	 within thirty (30) days prior to
 the end of
each fiscal year of Borrower and as updated and/or amended
	  	Yes     No
	
	 The following Intellectual Property was registered after the Effective Date (if no registrations,

state “None”)
  

  

							
	 Financial Covenant
	  	 Required
	  	Actual	  	Complies
	 Maintain as indicated:
	  		  		  	
	 Minimum Tangible Net Worth
	  	*	  	$_______	  	Yes     No
	 Maximum Capital Expenditures
	  	**	  	$________	  	Yes     No

  

	*	See Section 6.9(a) of the Loan and Security Agreement 

	**	See Section 6.9(b) of the Loan and Security Agreement 

  

  
 9 

					
	 	  	 Interest Rate
	  	 Applies

	unrestricted cash plus the unused Availability Amount (excluding, in each calculation, any unused portion of the Non-formula Availability Amount)	  		  	
	 > $12,000,000
	  	LIBOR + 2.25%; Prime + 0.25%	  	Yes     No
	 < $12,000,000
	  	 Prime + 0.75%

(LIBOR Not Applicable)
	  	Yes     No

 The following financial covenant analyses and information set forth in Schedule 1 attached hereto are true and
accurate as of the date of this Certificate. 
 The following are the exceptions with respect to the certification above: (If no exceptions
exist, state “No exceptions to note.”) 
  
  

 
  
  

 
  

									
	Planar Systems, Inc., for itself and each other Borrower	 		 	BANK USE ONLY
					
		 		 		 	Received by:	 	  

	By:	 	  
	 		 		 	AUTHORIZED SIGNER
					
	Name:	 	  
	 		 	Date:	 	  

					
	Title:	 	  
	 		 	Verified:	 	  

		 		 		 		 	AUTHORIZED SIGNER
					
		 		 		 	Date:	 	  

				
		 		 		 	Compliance Status: Yes     No

  
 10 

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 
 In
the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 
 Dated:
                             

I. Tangible Net Worth (Section 6.9(a)) 
 Required: From
and after the First Amendment Effective Date, maintain at all times, subject to periodic reporting as of (i) during a Quarterly Streamline Period, the last day of each quarter; and (ii) at all other times when a Quarterly Streamline Period
is not in effect, the last day of each calendar month, on a consolidated basis with respect to Borrower and its Subsidiaries, a Tangible Net Worth of at least Thirty Two Million Two Hundred Fifty One Thousand Dollars ($32,251,000), increasing by
(i) fifty percent (50%) of quarterly Net Income and (ii) seventy-five percent (75%) of the net proceeds from issuances after the First Amendment Effective Date of additional equity by Borrower and the principal amount of
Subordinated Debt issued by Borrower. 
 Actual: 
  

							
	 A.
		Consolidated total assets of Borrower and its Subsidiaries		 	$                    	  
		  		  	  
	  
	 
			
	 B.
		Goodwill		 	$                    	  
		  		  	  
	  
	 
			
	 C.
		Intangible items including unamortized debt discount and expense, Patents, Trademarks, Copyrights, and research and development expenses except prepaid expenses		 	$                    	  
		  		  	  
	  
	 
			
	 D.
		Notes, accounts receivable and other obligations owing to Borrower from its officers or other Affiliates		 	$                    	  
		  		  	  
	  
	 
			
	 E.
		Reserves not already deducted from assets		 	$                    	  
		  		  	  
	  
	 
			
	 F.
		Without duplication, outstanding amounts due to Borrower pursuant to that certain promissory note made by Benaq Product Oy		 	$                    	  
		  		  	  
	  
	 
			
	 G.
		Total Liabilities		 	$                    	  
		  		  	  
	  
	 
			
	 H.
		Subordinated Debt		 	$                    	  
		  		  	  
	  
	 
			
	 I.
		TANGIBLE NET WORTH [line A minus line B minus line C minus line D minus line E minus line F minus line G plus line H]		 	$                    	  
		  		  	  
	  
	 

 Is line I equal to or greater than the sum of (i) $32,251,000, plus (ii) fifty percent (50%) of
quarterly Net Income plus (iii) seventy-five percent (75%) of the net proceeds from issuances of additional equity by Borrower after the First Amendment Effective Date and the principal amount of Subordinated Debt issued by
Borrower? 
  

			
	             No, not in compliance		             Yes, in compliance

  
 11 

 II. Maximum Capital Expenditures (Section 6.9(b)) 

Required: Do not exceed at any time, subject to periodic reporting as of (i) during a Quarterly Streamline Period, the last day of each quarter; and
(ii) at all other times when a Quarterly Streamline Period is not in effect, the last day of each calendar month, Capital Expenditures, measured on a cumulative basis, on a consolidated basis with respect to Borrower and its Subsidiaries, in
excess of Two Million Dollars ($2,000,000) in the aggregate in any fiscal year. 
 Actual: 

 

							
	 A.
		Capital Expenditures – fiscal year total		 	$                    	  
		  		  	  
	  
	 

 Is line A equal to or less than $2,000,000 for any fiscal year? 

 

			
	             No, not in compliance		             Yes, in compliance

  
 12ex10-69.htm

Exhibit 10.69

EXECUTION VERSION

SECOND AMENDMENT TO CREDIT AGREEMENT

THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of July 2, 2015, 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 (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 adding the following new definitions of “Anti-Corruption Laws,” “Anti-Terrorism Laws,” “Funds From Operations,” “Sanctioned Country,” “Sanctioned Person,” “Sanctions” and “Second Amendment Effective Date” in Section 1.1 of the Credit Agreement in the appropriate alphabetical order:

“Anti-Corruption Laws” means all Applicable Laws of any jurisdiction concerning or relating to bribery, corruption or money laundering, including without limitation, the Foreign Corrupt Practices Act of 1977, as amended.

“Anti-Terrorism Laws” has the meaning given that term in Section 6.1.(u).

“Funds From Operations” means, with respect to a Person and for a given period, (a) net income (loss) of such Person for such period determined on a consolidated basis, minus (or plus) (b) gains (or losses) from debt restructuring and sales of property during such period, plus (c) depreciation with respect to such Person’s real estate assets and amortization (other than amortization of deferred financing costs) of such Person for such period, all after adjustment for Unconsolidated Affiliates, plus (d) transaction costs associated with the acquisition of hotels included in the income statement for the respective period.  Adjustments for Unconsolidated Affiliates will be calculated to reflect funds from operations on the same basis.

“Sanctioned Country” means, at any time, a country or territory which is, or whose government is, the subject or target of any Sanctions.

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by any Governmental Authority of the United States of America, including without limitation, OFAC or the U.S. Department of State, or by the United Nations Security Council, Her Majesty’s Treasury of the United Kingdom, the European Union or any member state of the European Union, (b) any Person located, operating, organized or resident in a Sanctioned Country, (c) an agency of the government of a Sanctioned County or (d) any Person Controlled by any Person or agency described in any of the preceding clauses (a) through (c).

 

  

  

  

 

“Sanctions” means any sanctions or trade embargoes imposed, administered or enforced by any Governmental Authority of the United States of America, including without limitation, OFAC or the U.S. Department of State, or by the United Nations Security Council, Her Majesty’s Treasury of the United Kingdom, the European Union or any member state of the European Union.

“Second Amendment Effective Date” means July 2, 2015.

(b)           By deleting the definitions of “Applicable Margin,” “LIBOR,” “LIBOR Market Index Rate,” “OFAC,” “Termination Date” and “Total Asset Value” in Section 1.1 of the Credit Agreement and substituting in lieu thereof, respectively, the following definitions:

“Applicable Margin” means the percentage rate set forth below corresponding to the ratio of Total Indebtedness to Total Asset Value as determined in accordance with Section 9.1.(a):

	
 

Level

	
Ratio of Total Indebtedness to 

Total Asset Value

	
 

Applicable Margin

	
1

	
Less than or equal to

0.350 to 1.00

	
1.85%

	
2

	
Greater than 0.350 to 1.00 but less 

than or equal to 0.450 to 1.00

	
2.10%

	
3

	
Greater than 0.450 to 1.00

	
2.35%

The Applicable Margin shall be determined by the Administrative Agent from time to time, based on the ratio of Total Indebtedness to Total Asset Value as set forth in the Compliance Certificate most recently delivered by the Borrower pursuant to Section 8.3.  Any adjustment to the Applicable Margin shall be effective as of the first day of the calendar month immediately following the month during which the Borrower delivers to the Administrative Agent the applicable Compliance Certificate pursuant to Section 8.3.  If the Borrower fails to deliver a Compliance Certificate pursuant to Section 8.3., the Applicable Margin shall equal the percentage corresponding to Level 3 until the first day of the calendar month immediately following the month that the required Compliance Certificate is delivered.  Notwithstanding the foregoing, for the period from the Second Amendment Effective Date through but excluding the date on which the Administrative Agent first determines the Applicable Margin as set forth above, the Applicable Margin shall be determined based on Level 1.  Thereafter, such Applicable Margin shall be adjusted from time to time as set forth in this definition.  The provisions of this definition shall be subject to Section 2.3.(c).

 

  

-2-

  

 

“LIBOR” means the rate of interest obtained by dividing (i) the rate of interest per annum determined on the basis of the rate for deposits in Dollars for a period equal to 30 days which appears on Reuters Screen LIBOR01 Page (or any applicable successor page) at approximately 11:00 a.m. (London time) two Business Days prior to the applicable date of determination by (ii) a percentage equal to 1 minus the stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”) as specified in Regulation D of the Board of Governors of the Federal Reserve System (or against any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Loans is determined or any applicable category of extensions of credit or other assets which includes loans by an office of any Lender outside of the United States of America).  If, for any reason, the rate referred to in the preceding clause (i) does not appear on Reuters Screen LIBOR01 Page (or any applicable successor page), then the rate to be used for such clause (i) shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars would be offered by first class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) two Business Days prior to the applicable date of determination for a period equal to 30 days.  Any change in the maximum rate of reserves described in the preceding clause (ii) shall result in a change in LIBOR on the date on which such change in such maximum rate becomes effective.  If LIBOR determined as provided above would be less than zero, LIBOR shall be deemed to be zero.

 

“LIBOR Market Index Rate” means, for any day, LIBOR as of that day that would be applicable for a Loan having a one-month period determined at approximately 10:00 a.m. Central time for such day (rather than 11:00 a.m. (London time) two Business Days prior to the date of determination as otherwise provided in the definition of “LIBOR”), or if such day is not a Business Day, the immediately preceding Business Day.  The LIBOR Market Index Rate shall be determined on a daily basis.

“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control.

“Termination Date” means July 2, 2017, or such later date to which the Termination Date may be extended pursuant to and in accordance with Section 2.10.

“Total Asset Value” means, at a given time, the sum (without duplication) of (a) the Adjusted NOI for the period of four consecutive fiscal quarters of the Borrower most recently ended divided by (b) 8.50%.  For purposes of determining Total Asset Value (i) Adjusted NOI from Hotels disposed of by Apple REIT, the Borrower or any other Subsidiary during the period of four consecutive fiscal quarters of the Borrower most recently ended shall be excluded and (ii) with respect to any Hotel acquired during such period, book value of such Hotel shall be used in the calculation of Total Asset Value for the first 12 months following the acquisition of such Hotel.

(c)           By deleting clauses (b) and (c) of Section 3.5 of the Credit Agreement and substituting in lieu thereof, respectively, the following:

 

  

-3-

  

 

(b)           Unused Fee. During the period from the Second Amendment Effective Date to but excluding the Termination Date, the Borrower agrees to pay to the Administrative Agent for the account of the Lenders an unused facility fee equal to the aggregate amount of the Commitments less the average outstanding principal balance of all Loans (including, without limitation, Swingline Loans) during each calendar quarter (as such amount is set forth in the table below) multiplied by the corresponding per annum rate set forth in the table below:

	
Amount by Which Commitments Exceed

Revolving Loans

	
Unused Fee

(percent per annum)

	
Less than or equal to 50% of the aggregate amount of Commitments

	
0.20%

	
Greater than 50% of the aggregate amount of Commitments

	
0.30%

 

Such fee shall be payable quarterly in arrears on the first day of each December, March, June and September during the term of this Agreement and on the Termination Date or any earlier date of termination of the Commitments or reduction of the Commitments to zero.

(c)           Extension Fee.  If the Termination Date is being extended in accordance with Section 2.10., the Borrower shall pay to the Administrative Agent for the account of each Lender a fee equal to 0.15% of the amount of such Lender’s Commitment (whether or not utilized).  Such fee shall be due and payable in full on the date that would have been the Termination Date but for such extension.

(d)           By deleting clause (u) of Section 6.1 of the Credit Agreement and substituting in lieu thereof the following:

(u)           Anti-Corruption Laws and Sanctions; Anti-Terrorism Laws.  None of the Borrower, any Subsidiary, any other Loan Party or, to the knowledge of the Borrower, any of their respective directors, officers, employees and agents (i) is an “enemy” or an “ally of the enemy” within the meaning of Section 2 of the Trading with the Enemy Act of the United States, 50 U.S.C. App. §§ 1 et seq., as amended (the “Trading with the Enemy Act”) or (ii) is in violation of (A) the Trading with the Enemy Act, (B) any of the foreign assets control regulations of the United States Treasury Department (including OFAC) or any enabling legislation or executive order relating thereto, including without limitation, Executive Order No. 13224, effective as of September 24, 2001 relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit or Support Terrorism (66 Fed. Reg. 49079 (2001)) or (C) the Patriot Act (collectively, the “Anti-Terrorism Laws”).  The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents (in their capacities as such) with Anti-Corruption Laws, Anti-Terrorism Laws and applicable Sanctions, and the Borrower, its Subsidiaries and, to the knowledge of the Borrower, their respective directors, officers, employees and agents are in compliance with Anti-Corruption Laws, Anti-Terrorism Laws and applicable Sanctions in all material respects.  None of the Borrower or any Subsidiary is, or derives any of its assets or operating income from investments in or transactions with, a Sanctioned Person and, to the knowledge of the Borrower, none of the respective directors, officers, employees or agents of the Borrower or any of its Subsidiaries is a Sanctioned Person.

 

  

-4-

  

 

(e)           By adding the following new sentence at the end of Section 7.2 of the Credit Agreement:

The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries, each other Loan Party and their respective directors, officers, employees and agents with Anti-Corruption Laws, Anti-Terrorism Laws and applicable Sanctions.

(f)           By adding the following new sentence at the end of Section 7.8 of the Credit Agreement:

No proceeds of any Loan will be used directly or, to the knowledge of the Borrower, indirectly in any manner which would violate Anti-Corruption Laws, Anti-Terrorism Laws or applicable Sanctions.

(g)           By deleting clauses (e) and (g) of Section 9.1 of the Credit Agreement and substituting in lieu thereof, respectively, the following:

(e)           Dividend Payments.  Subject to the other limitations of this subsection, Apple REIT shall not make cash distributions with respect to its common stock 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.  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 dividends or other distributions to its shareholders (i) unless the Administrative Agent, with the authorization of the Requisite Lenders, has consented to any such distribution 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 dividends or other distributions to any Person except that Subsidiaries may pay cash distributions to the Borrower or any Guarantor.

(g)           Minimum Net Worth.  At all times during the term of this Agreement, Minimum Net Worth shall not be less than $580,000,000.

(h)           By deleting clause (h)(i) of Section 9.1 of the Credit Agreement and substituting in lieu thereof the following:

(i) Common stock, Preferred Equity Interests, other Equity Interests, and other Investments in Persons (other than Subsidiaries), such that the aggregate value of such interests calculated on the basis of the lower of cost or market, exceeds 10.0% of Total Asset Value;

 

  

-5-

  

 

(i)           By deleting the reference to “; and” at the end of clause (iv) of Section 9.1(h) of the Credit Agreement and substituting in lieu thereof a period; and by deleting clause (v) of Section 9.1(h) of the Credit Agreement in its entirety.

(j)           By deleting clause (ii) of Section 10.1(k) of the Credit Agreement and substituting in lieu thereof a reference to “[Reserved].”

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

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

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

(n)           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 each of Apple Ten NC GP, Inc. (“Apple Ten NC GP”) and Apple Ten NC LP, Inc. (“Apple Ten NC LP”);

(d)           a certificate of the Secretary, Assistant Secretary, manager or managing member of each Loan Party (other than Apple Ten NC GP and Apple Ten NC LP) certifying (i) as to copies 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 NC GP and Apple Ten NC LP) 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 Apple Ten NC GP or Apple Ten NC LP owns a Hotel or any non-hotel real property asset;

(f)           a certificate of incumbency signed by the Secretary or Assistant Secretary (or other individual performing similar functions) of each of Apple Ten NC GP and Apple Ten NC LP, with respect to each of the officers of each such Loan Party authorized to execute and deliver the Loan Documents to which Apple Ten NC GP and Apple Ten NC LP, respectively, are a party;

 

  

-6-

  

 

(g)           copies certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of each of Apple Ten NC GP and Apple Ten NC LP of (i) the articles of organization of such Loan Party, (ii) the bylaws of such Loan Party and (iii) all board of directors or other necessary action taken by such Loan Party 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 May 27, 2015, executed and delivered by Borrower and Administrative Agent in connection herewith; and

(j)           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.

 

  

-7-

  

 

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.

Section 12.  Release of Guarantor.  The parties hereto acknowledge and agree that upon the effectiveness of this Amendment, Apple Ten Ventures Services, Inc., a Virginia corporation, is hereby released from its obligations under the Guaranty and shall no longer constitute a Guarantor under the Credit Agreement.

 

 

 

[Signatures commence on following page.]

 

 

 

 

 

 

  

-8-

  

 

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

 

	  	
APPLE TEN HOSPITALITY, INC., a Virginia corporation

	  	  
	  	  
	  	
By:  /s/ David P. Buckley                                                 

	  	
   Name: David P. Buckley                                                

	  	
   Title:  Vice President                                                     

 

 

[Signatures continue on the following page]

 

 

 

 

 

 

 

 

 

 

 

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

  

  

 

 

	  	

KEY BANK NATIONAL ASSOCIATION, as a Lender

	  	  
	  	  
	  	
By: /s/ Tayven Hike                                                         

	  	
   Name: Tayven Hike, CFA                                            

	  	
   Title:   Vice President                                                    

 

[Signatures continue on the following page]

 

 

 

 

 

 

 

 

 

 

 

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

  

  

 

 

	  	

U.S. BANK NATIONAL ASSOCIATION, as a Lender

	  	  
	  	  
	  	
By:  /s/ Lori Y. Jensen                                                     

	  	
   Name: Lori Y. Jensen                                                   

	  	
   Title:  Senior Vice President                                         

 

 

[End signatures]

 

 

 

 

 

 

 

 

 

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

  

  

 

 

SCHEDULE I

Commitments

	
Lender

	
Commitment

	
Wells Fargo Bank, National Association

	
$50,000,000.00

	
Key Bank National Association

	
$16,666,666.67

	
Bank of America, N.A.

	
$16,666,666.67

	
U.S. Bank National Association

	
$16,666,666.66

	
TOTAL

	
$100,000,000

  

  

  

 

SCHEDULE 6.1.(d)

Hotels

 

	
HOTEL LOCATION

	
OWNER

	
BRAND

	
NAME OF LENDER

	
AMOUNT OF INDEBTEDNESS

	
OUTSTANDING PRINCIPAL BALANCE AS OF 4/30/15

	
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

	
$19,436,000

	
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(1)

	
Apple Ten SPE Denver, Inc.

	
Hilton Garden Inn

	
Well Fargo

	
$35,000,000

	
$35,000,000

	
6/2015

	
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

	
$12,374,000

	
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

	
$10,776,000

	
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

	
Berkadia

	
$8,400,000.00

	
$6,531,000

	
12/11/2015

	
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 Hospitality Ownership, Inc.

	
Courtyard

	
N/A

	
N/A

	
N/A

	
N/A

	
Omaha, NE

	
Apple Ten Nebraska, LLC

	
Hilton Garden Inn

	
N/A

	
N/A

	
N/A

	
N/A

	
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

	
$9,948,000

	
2/1/2017

	
Skokie, IL

	
Apple Ten Skokie, LLC

	
Hampton Inn & Suites

	
Wells Fargo

	
$20,500,000.00

	
$17,955,000

	
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

	
$8,077,000

	
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(2)

	
Apple Ten SPE Franklin I, Inc.

	
Courtyard

	
Wells Fargo

	
$15,246,000

	
$14,963,000

	
8/6/2021

	
Franklin, TN(2)

	
Apple Ten SPE Franklin II, Inc.

	
Residence Inn

	
Wells Fargo

	
$15,246,000

	
$14,963,000

	
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 (3)

	
Apple Ten SPE Capistrano, Inc.

	
Residence Inn

	
Wells Fargo

	
$17,150,000

	
$16,569,000

	
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

	
(1)  

	
Loan closed in June 2015

	
(2)  

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

	
(3)  

	
Property acquired in June 2015.

 

  

  

  

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

	

%

 

  

  

  

 

SCHEDULE 6.1.(k)

Indebtedness and Guaranties

 

	
 

Property

	  	
 

Lender

	  	
 

Maturity Date

	  	
 

Borrowing Entity

	  	
Original Principal

	  	  	
Balance 5/31/2015

	  
	

Knoxville, TN 

TownePlace Suites

	  	

Berkadia

	  	

12/11/15

	  	

Apple Ten SPE Knoxville I, Inc.

	  	  	

8,400,000

	  	  	  	

6,510,000

	  
	

Knoxville, TN 

Homewood Suites

	  	

Wells Fargo

	  	

10/8/16

	  	

Apple Ten SPE Knoxville II, Inc.

	  	  	

12,200,000

	  	  	  	

10,757,000

	  
	

Gainesville, FL 

Homewood Suites

	  	

Wells Fargo

	  	

5/8/17

	  	

Apple Ten SPE Gainesville, Inc.

	  	  	

13,700,000

	  	  	  	

12,353,000

	  
	

Skokie, IL

Hampton Inn

	  	

Wells Fargo

	  	

7/1/16

	  	

Apple Ten Skokie, LLC

	  	  	

20,500,000

	  	  	  	

17,923,000

	  
	

Chicago O'Hare/

Des Plaines, IL

Hilton Garden Inn

	  	

Wells Fargo

	  	

8/1/16

	  	

Apple Ten O'Hare, LLC

	  	  	

22,500,000

	  	  	  	

19,398,000

	  
	

Scottsdale, AZ 

Hilton Garden Inn

	  	

Wells Fargo

	  	

2/1/17

	  	

Apple Ten SPE Scottsdale, Inc.

	  	  	

11,250,000

	  	  	  	

9,948,000

	  
	

Colorado Springs, CO

Hampton Inn

	  	

Wells Fargo

	  	

7/6/21

	  	

Apple Ten SPE Colorado Springs, Inc.

	  	  	

8,450,000

	  	  	  	

8,067,000

	  
	

Franklin, TN

Courtyard 1

	  	

Wells Fargo

	  	

8/6/21

	  	

Apple Ten SPE Franklin I, Inc.

	  	  	

15,637,500

	  	  	  	

14,945,000

	  
	

Franklin, TN

Residence Inn 1

	  	

Wells Fargo

	  	

8/6/21

	  	

Apple Ten SPE Franklin II, Inc.

	  	  	

15,637,500

	  	  	  	

14,945,000

	  
	

San Juan Capistrano, CA

Residence Inn

	  	

Wells Fargo

	  	

6/1/20

	  	

Apple Ten SPE Capistrano, Inc.

	  	  	

17,150,000

	  	  	  	

16,569,000

	  
	

Denver, CO

Hilton Garden Inn 2

	  	

Wells Fargo

	  	

6/11/25

	  	

Apple Ten SPE Denver, Inc.

	  	  	

35,000,000

	  	  	  	

35,000,000

	  

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

2 Loan closed on 6/10/15.

  

  

  

EXHIBIT A

FORM OF GUARANTOR ACKNOWLEDGEMENT

THIS GUARANTOR ACKNOWLEDGEMENT dated as of July 2, 2015 (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 (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 Second Amendment to Credit Agreement dated as of the date hereof (the “Amendment”), to amend the terms of the Credit Agreement on the terms and conditions contained therein; and

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

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

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

Section 2.  Governing Law.  THIS ACKNOWLEDGEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF 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 Hospitality, Inc. Guarantor Acknowledgment]

  

  

 

 

	  	

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]

 

 

 

 

[Apple Ten Hospitality, Inc. Guarantor Acknowledgment]

  

  

 

 

	  	

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:                                                                                                                                                                       

 

 

 

 

[End signatures]

 

 

 

 

[Apple Ten Hospitality, Inc. Guarantor Acknowledgment]

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