Document:

Exhibit 10.5

 

LIMITED GUARANTY OF PAYMENT AND PERFORMANCE

This Limited Guaranty of Payment and Performance (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the "Limited Guaranty") is entered into as of December 14, 2016 and given by CONDOR HOSPITALITY TRUST, INC., a Maryland corporation ("Guarantor") to and in favor of GREAT WESTERN BANK ("Bank").

WHEREAS, Bank has made certain Loans to CDOR KCI LOFT, LLC, a Delaware limited liability company and TRS KCI LOFT, LLC, a Delaware limited liability company (individually, a "Borrower" and collectively, "Borrowers") pursuant to the terms of a Loan Agreement dated as of the date hereof among Borrowers and Bank (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the "Loan Agreement"); and

WHEREAS, as a condition to entering into the Loan Agreement, Bank requires Guarantor to execute this Limited Guaranty; and

WHEREAS, upon the request of, and as an accommodation to, Borrowers, Guarantor has agreed to execute this Limited Guaranty.

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

1.            Guaranty.  Guarantor hereby absolutely, irrevocably and unconditionally guarantees (as primary obligor and not merely as surety) to Bank, its successors and assigns, the full and prompt payment (whether at stated maturity, by acceleration, or otherwise) of the Guaranteed Obligations (as defined below), strictly in accordance with the terms of this Limited Guaranty, the Loan Agreement and the other Loan Documents.  The term "Guaranteed Obligations" as used in this Limited Guaranty shall mean:

	
(a)

	
Payment of all Losses (as defined below) Bank incurs due to fraud by or on behalf of any Borrower in connection with the making or the servicing of either Loan;

	
(b)

	
Payment of all Losses Bank incurs due to theft by or on behalf of any Borrower; and

	
(c)

	
Payment of all Losses (as defined below) Bank incurs due to the filing of an involuntary bankruptcy or other debtor relief proceeding against any Borrower.

As used in this Limited Guaranty, the term “Losses” means any and all claims, suits, liabilities (including, without limitation, strict liabilities), actions, proceedings, obligations, debts, damages, losses, costs, expenses, fines, penalties, charges, fees, judgments, awards, amounts paid in settlement of whatever kind or nature (including but not limited to reasonable legal fees).

2.            Right to Amend or Modify Guaranteed Obligations and/or Collateral.  Guarantor authorizes Bank, at its sole discretion, with or without notice and without affecting Guarantor's liability hereunder, from time to time to:  (a) change the time or manner of payment of any Guaranteed Obligation by renewal, extension, modification, acceleration or otherwise; (b) alter or change any provision of any Guaranteed Obligation including, but not limited to, the rate of interest thereon, and any document, instrument or agreement (other than this Limited Guaranty) evidencing, guaranteeing, securing or related to any Guaranteed Obligation; (c) release, discharge, exonerate, substitute or add one or more parties liable on any Guaranteed Obligation or one or more endorsers, cosigners or guarantors for any Guaranteed Obligation; (d) obtain collateral for the payment of any Guaranteed Obligation or any guaranty thereof; (e) release existing or after-acquired collateral on such terms as Bank, in its sole discretion, shall determine; (f) apply any sums received from Borrower, any endorser, cosigner, other guarantor or other Person liable on any Guaranteed Obligation or from the sale or collection of collateral or its proceeds to any Guaranteed Obligation whatsoever owed or to be owed to Bank by either Borrower in any order or amount and regardless of whether or not such Guaranteed Obligation is guaranteed hereby, is secured by collateral or is due and payable; and (g) apply any sums received from Guarantor or from the sale of collateral granted by Guarantor to any Guaranteed Obligation in any order or amount regardless of whether such Guaranteed Obligation is secured by collateral or is due and payable.

3.            Waivers.  Guarantor hereby unconditionally and irrevocably acknowledges and agrees to the matters set forth below:

		(a)	Election of Remedies.  Guarantor waives all rights and defenses arising out of an election of remedies by Bank, including without limitation in connection with any bankruptcy or other debtor relief laws or under any other applicable federal, state or local law, including, but not limited to, those purporting to reduce Bank's right against Guarantor in proportion to the principal amount of the Guaranteed Obligations.

		(b)	Statute of Limitations.  To the maximum extent permitted by law, Guarantor waives the benefit of the statute of limitations affecting Guarantor's liability hereunder or the enforcement hereof.

		(c)	Action Against Borrowers and Collateral.  Guarantor waives all right to require Bank to:  (i) proceed against either Borrower, any endorser, cosigner, other guarantor or other person liable on any Guaranteed Obligation; (ii) join either Borrower or any endorser, cosigner, other guarantor or other Person liable on any Guaranteed Obligation in any action or actions that may be brought and prosecuted by Bank solely and separately against Guarantor on any Guaranteed Obligation; (iii) proceed against any item or items of collateral securing any Guaranteed Obligation or any guaranty thereof; or (iv) pursue or refrain from pursuing any other remedy whatsoever in Bank's power.

		(d)	Borrower's Defenses.  Guarantor waives any defense arising by reason of any disability or other defense of either Borrower, either Borrower's successors or any endorser, cosigner, other guarantor or other Person liable on any Guaranteed Obligation including, without limitation, any statute of limitation defense that may be available to either Borrower or such other Person.  Until all Guaranteed Obligations have been paid in full, even though it may be in excess of the liability incurred hereby and Bank has no further commitment to lend or extend financial accommodations to either Borrower, Guarantor shall not have any right of subrogation and Guarantor waives any benefit of and right to participate in any collateral now or hereafter held by Bank.  Guarantor waives all presentments, demands for performance, notices of nonperformance, protests, notices of protest, notices of dishonor, notices of sale of any collateral securing any Guaranteed Obligation or any guaranty thereof, and notice of the existence, creation or incurring of new or additional Guaranteed Obligations.

		(e)	Borrower's Financial Condition.  Guarantor hereby recognizes, acknowledges and agrees that advances may be made from time to time with respect to any Guaranteed Obligation without authorization from or notice to Guarantor even though the financial condition of either Borrower, any endorser, cosigner, other guarantor or other Person liable on any Guaranteed Obligation may have deteriorated since the date of this Limited Guaranty.  Guarantor waives all right to require Bank to disclose any information with respect to any Guaranteed Obligation; the financial condition, credit or character of either Borrower, any endorser, cosigner, other guarantor or other Person liable on any Guaranteed Obligation; any collateral securing any Guaranteed Obligation or any guaranty thereof; or any action or inaction on the part of Bank, either Borrower or any endorser, cosigner, other guarantor or other Person liable on any Guaranteed Obligation.  Guarantor hereby assumes the responsibility for being informed of the financial condition, credit and character of either Borrower and of all circumstances bearing upon the risk of non-payment of any Guaranteed Obligation which diligent inquiry would reveal.

4.            No Right of Set-off or Grant of Security Interest.  Bank shall have no, and herby waives any right to, a security interest in or a right to set off against any monies, securities or other property of Guarantor now or hereafter in the possession of or on deposit with Bank, Bank's agents or any one or more of them, whether held in general or special account or deposit or for safekeeping or otherwise.

5.            Subordination.  Any indebtedness of either Borrower or any endorser, cosigner, other guarantor or other Person liable on any Guaranteed Obligation now or hereafter owed to Guarantor is hereby subordinated to the Guaranteed Obligations.  Such indebtedness owed to Guarantor shall, if Bank so requests, be collected, enforced and received by Guarantor as trustee for Bank and be paid over to Bank on account of the Guaranteed Obligations but without reducing or affecting in any manner the liability of Guarantor set forth herein.  Should Guarantor fail to collect the proceeds of any such indebtedness owed to it and pay the proceeds to Bank, Bank, as Guarantor's attorney-in-fact, may do such acts and sign such documents in Guarantor's name as Bank considers necessary to effect such collection, and Guarantor hereby appoints Bank as Guarantor’s attorney-in-fact for such purposes.

6.            Invalid, Fraudulent or Preferential Payments.  Guarantor agrees that, to the extent either Borrower or any endorser, cosigner, other guarantor or other Person liable on any Guaranteed Obligation makes a payment or payments to, or is credited for any payment or payments made for or on behalf of either Borrower to Bank, which payment or payments, or any part thereof, is subsequently invalidated, determined to be fraudulent or preferential, set aside or required to be repaid to any trustee, receiver, assignee or any other party whether under any bankruptcy, state or federal law or under any common law or equitable cause or otherwise, then, to the extent thereof, the obligation or part thereof intended to be satisfied thereby shall be revived, reinstated and continued in full force and effect as if such payment or payments had not originally been made or credited.

7.            Joint and Several Obligations; Independent Obligations.  If more than one Guarantor signs this Limited Guaranty, the obligations hereunder are joint and several.  Guarantor's obligations hereunder are independent of the obligations of either Borrower or any endorser, cosigner, other guarantor or other Person liable on any Guaranteed Obligation and a separate action or actions may be brought and prosecuted against Guarantor on any Guaranteed Obligation.

8.            Reporting Requirements.  Guarantor hereby agrees to deliver the following to Bank, as soon as available and in any event:

		(a)	within fifty (50) days after the end of each fiscal quarter, copies of Guarantor's SEC Form 10-Q;

		(b)	within ninety-five (95) days after the end of each fiscal year, copies of Guarantor's SEC Form 10-K and the operating statement for the Hotel that is used in preparing Guarantor's consolidated audit by KMPG;

		(c)	Within one hundred twenty (120) days after the end of each fiscal year, a copy of Guarantor's annual financial statements audited by independent public accountants reasonably acceptable to Bank and otherwise in a form and substance reasonably satisfactory to Bank;

		(d)	Within forty-five (45) days after submission to the Internal Revenue Service, a copy of Guarantor's annual federal tax return, including all schedules attached thereto; and

		(e)	Guarantor will maintain as of the end of each fiscal quarter a "Condor Debt Service Coverage Ratio" (as defined in the Loan Agreement) of at least 1.05 to 1.00.  Any violations of the Condor Debt Service Coverage Ratio may be cured in accordance with the terms of Section 5.01(l) of the Loan Agreement.

9.            Events of Default.  Bank may declare all Guaranteed Obligations to be due and payable under this Limited Guaranty upon the occurrence and during the continuance of any of the following events ("Events of Default"):

		(a)	The occurrence of an "Event of Default" (as defined in the Loan Agreement) under the Loan Agreement; or

		(b)	Guarantor fails to perform any of its obligations under this Limited Guaranty, within 30 days after written notice from Bank; or

		(c)	Guarantor attempts to revoke this Limited Guaranty or this Limited Guaranty becomes ineffective for any reason; or

		(d)	any representation or warranty made or given by Guarantor to Bank proves to be false or misleading in any material respect; or

		(e)	Guarantor becomes insolvent or the subject of any bankruptcy proceeding or other debtor relief proceeding which remains undismissed or unstayed for a period of 60 days.

If an Event of Default shall occur and be continuing, Bank may declare all Guaranteed Obligations to be due and payable, in which event Guarantor shall provide for immediate payment of all Guaranteed Obligations, and Bank may proceed to enforce this Limited Guaranty in accordance with the terms and provisions of this Limited Guaranty and pursue all rights and remedies as provided by applicable law.

10.            Acknowledgment of Receipt.  Receipt of a true copy of this Limited Guaranty is hereby acknowledged by Guarantor.  Guarantor understands and agrees that this Limited Guaranty shall not constitute a commitment of any nature whatsoever by Bank to renew or hereafter extend credit to either Borrower. Guarantor agrees that this Limited Guaranty shall be effective with or without notice from Bank of Bank's acceptance hereof.

11.            Non-Reliance.  In executing this Limited Guaranty, Guarantor is not relying, and has not relied, upon any statement or representation made by Bank, or any employee, agent or representative of Bank, with respect to the status, financial condition or other matters related to either Borrower or the relationship between either Borrower and Bank.

12.            Multiple Guaranties.  If Guarantor has executed or does execute more than one guaranty of the Guaranteed Obligations of either Borrower to Bank, the limits of liability thereunder and hereunder shall be cumulative.

13.            Irrevocable Guaranty.  This Limited Guaranty is an irrevocable continuing guaranty.

14.            Assignment.  Bank may, with or without notice, assign this Limited Guaranty in whole or in part.  This Limited Guaranty shall inure to the benefit of Bank, its successors and assigns, and shall bind Guarantor and Guarantor’s heirs, executors, administrators, successors and assigns.

15.            WAIVER OF JURY TRIAL.  GUARANTOR AND BANK HEREBY EXPRESSLY WAIVE ANY AND ALL RIGHTS, WHETHER ARISING UNDER THE STATE CONSTITUTION, ANY RULES OF CIVIL PROCEDURE, COMMON LAW OR OTHERWISE, TO DEMAND A TRIAL BY JURY IN ANY ACTION, MATTER, CLAIM OR CAUSE OF ACTION WHATSOEVER ARISING OUT OF OR IN ANY WAY RELATED TO THIS LIMITED GUARANTY OR ANY OTHER AGREEMENT, DOCUMENT OR TRANSACTION CONTEMPLATED HEREBY WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. GUARANTOR AND BANK EACH AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY.  WITHOUT LIMITING THE FOREGOING, BANK AND GUARANTOR FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS LIMITED GUARANTY OR ANY PROVISION HEREOF.  THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS LIMITED GUARANTY.

16.            Notices.  Unless otherwise expressly provided herein, all notices, certificates, requests, demands, and other communications provided for under this Limited Guaranty shall be in writing and shall be mailed, faxed, or delivered to the address or facsimile number set forth in this Section.  All such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt  by the intended recipient and (ii) (A) if delivered by hand or by courier, upon delivery; (B) if delivered by mail, four Business Days after deposit in the mails, postage prepaid; and (C) if delivered by facsimile, when sent and appropriate answerback has been received by the sender.  Notices and other communications to Bank, however, shall not be effective until actually received by Bank.

	
Information for Notices to Guarantor:

Condor Hospitality Trust, Inc.

Attn: Jonathan Gantt

4800 Montgomery Lane, Suite 220

Bethesda, MD 20814

Facsimile:  (402) 371-4229

	
With a copy to:

Jason D. Benson

McGrath North

1601 Dodge St Ste 3700

Omaha, NE 68102

Facsimile:  (402) 952-6864

	
 

Information for Notices to Bank:

Great Western Bank

Attn:  Michael Phelps

9290 W. Dodge Rd Ste 401

Omaha, NE 68114

Fax: (402) 330-2030

	
 

With a copy to:

Jacqueline Pueppke

Baird Holm LLP

1700 Farnam Street, Suite 1500

Omaha, NE 68102

Facsimile:  (402) 344-0588

17.            Miscellaneous.

		(a)	Governing Law.  This Limited Guaranty shall be governed by and construed according to the internal laws of the State of Nebraska without regard to conflict of law principles. Guarantor hereby submits to the jurisdiction of the Nebraska state courts sitting in Douglas County, Nebraska and the United States District Court for the District of Nebraska.

		(b)	Headings.  The headings used herein are solely for the purpose of identification and have no legal significance.

		(c)	Entire Agreement.  This Limited Guaranty constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and undertaking both written and orally between the parties with respect to the subject matter contained in this Limited Guaranty.

		(d)	Severability.  Should any one or more provisions of this Limited Guaranty be determined to be illegal or unenforceable, all other provisions shall remain effective.

		(e)	Drafting of Agreement.  This Limited Guaranty, as a matter of convenience for all parties, has been prepared by Bank.  The parties hereto agree that in the event of any ambiguity in this Limited Guaranty, such ambiguity shall not be construed against Bank.  It is the express intention of the parties that all aspects of this Limited Guaranty shall be construed and interpreted in as broad a manner as possible to the benefit and protection of Bank.

		(f)	Interpretation.  If there is more than one Guarantor executing this Limited Guaranty, the term "Guarantor" shall mean all and any one or more of them.  As used in this Limited Guaranty, neuter terms include the masculine and feminine, and vice versa.  The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.  Terms used, but not defined herein, shall have the meaning set forth in the Loan Agreement.

		(g)	Attorney's Fees. Guarantor shall pay to Bank all costs and expenses, including, but not limited to reasonable attorney fees, incurred by Bank in connection with the administration, enforcement, including any bankruptcy, at trial and on appeal, or the enforcement of any judgment or any refinancing or restructuring of Guarantor’s obligations under this Limited Guaranty or any document, instrument of agreement executed with respect to, evidencing or securing the indebtedness hereunder.

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[SIGNATURE PAGE TO LIMITED GUARANTY]

Executed by the undersigned Guarantor as of the first date set forth above.

GUARANTOR:

CONDOR HOSPITALITY TRUST, INC., a Maryland corporation

By:  /s/ Jonathan J. Gantt________________

Name: Jonathan J. Gantt

Title:    Senior Vice President and

 Chief Financial OfficerEX-10.1

 Exhibit 10.1 

SECOND AMENDMENT TO SECOND AMENDED 

AND RESTATED CREDIT AGREEMENT 

THIS SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into as of
December 16, 2016 (the “Effective Date”), among RIGNET, INC., a Delaware corporation (“Borrower”), certain subsidiaries of Borrower party hereto, as guarantors
(“Guarantors”), the lenders from time to time party hereto (“Lenders”), and BANK OF AMERICA, N.A., as Administrative Agent for the Lenders (in such capacity, the “Agent”),
Swingline Lender and L/C Issuer. Capitalized terms used but not defined in this Amendment have the meaning given them in the Credit Agreement (defined below). 

RECITALS 
 A. Borrower,
the Subsidiaries of Borrower party thereto as Guarantors, Agent, Swingline Lender, L/C Issuer and Lenders are parties to that certain Second Amended and Restated Credit Agreement dated as of October 3, 2013 (as amended by that certain First
Amendment to Second Amended and Restated Credit Agreement dated as of February 24, 2016, and as may be further amended, restated or supplemented, the “Credit Agreement”). 

B. Borrower has requested that the Lenders amend the Credit Agreement, and the Lenders have agreed to amend the Credit Agreement, subject to
the terms and conditions set out in this Amendment. 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the undersigned agree as follows: 
 1. Optional Reduction of Revolving Facility. Pursuant to
Section 2.06(a) of the Credit Agreement, Borrower hereby elects to reduce the Revolving Commitments (in effect prior to this Amendment) from an aggregate amount of $125,000,000 to an aggregate amount of $75,000,000. Agent hereby
acknowledges receipt of such notice required to effectuate such optional reduction. Further, to the extent necessary to effectuate such optional reduction, Borrower will on or prior to the Effective Date, make a voluntary repayment of Revolving
Loans in an amount necessary to reduce the outstanding Revolving Exposure to no more than $75,000,000. 
 2. Amendments to Credit
Agreement. The Credit Agreement is hereby amended as follows: 
 (a) Section 1.01 of the Credit
Agreement is hereby amended to delete the defined terms “Applicable Rate”, “Consolidated EBITDA”, “Consolidated Fixed Charge Coverage Ratio”, and “Revolving
Commitment” and replace them as follows in their appropriate alphabetical order as follows: 

“Applicable Rate” means, for any day, the rate per annum set forth below opposite the applicable Level
then in effect (based on the Consolidated Leverage Ratio): 
  

													
	 Level
	  	 Consolidated Leverage Ratio
	  	Eurodollar Rate &
LIBOR Daily Floating Rate	 	Commitment Fee
	 1
	  	Less than 1.00 to 1.00	  	 	 	1.50	%	 	 	 	0.20	%
	 2
	  	Greater than or equal to 1.00 to 1.00, but less than 1.25 to 1.00	  	 	 	1.75	%	 	 	 	0.20	%
	 3
	  	Greater than or equal to 1.25 to 1.00, but less than 2.25 to 1.00	  	 	 	2.00	%	 	 	 	0.25	%
	 4
	  	Greater than or equal to 2.25 to 1.00	  	 	 	2.50	%	 	 	 	0.30	%

 Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated
Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 2.10(b); provided that, if a Compliance Certificate is not
delivered when due in accordance with such Section, then, upon the request of the Required Lenders, Pricing Level 4 shall apply, in each case as of the fifth Business Day after the date on which such Compliance Certificate was required to have been
delivered and in each case shall remain in effect until the first Business Day following the date on which such Compliance Certificate is delivered. Notwithstanding anything to the contrary contained in this definition, the determination of the
Applicable Rate for any period shall be subject to the provisions of Section 6.02(a). Any adjustment in the Applicable Rate shall be applicable to all Credit Extensions then existing or subsequently made or issued. 

“Consolidated EBITDA” means, for any period, the sum of the following determined on a Consolidated
basis, without duplication, for Borrower and its Subsidiaries in accordance with GAAP or IFRS, as applicable, (a) Consolidated Net Income for the most recently completed Measurement Period; plus (b) the following to the extent
deducted in calculating such Consolidated Net Income (without duplication): (i) Consolidated Interest Charges paid in cash, (ii) the provision for federal, state, local and foreign income Taxes payable, (iii) depreciation and
amortization expense, (iv) non-cash charges and losses (excluding any such non-cash charges or losses to the extent (A) there were cash charges with respect to such charges and losses in past accounting periods or (B) there is a
reasonable expectation that there will be cash charges with respect to such charges and losses in future accounting periods), and (v) all other non-cash finance expenses (including but not limited to (A) changes in valuations of preferred
stock, and (B) non-share based compensation expenses); plus (c) transaction costs and expenses incurred by Borrower and its Subsidiaries in connection with this Agreement; plus (d) reasonable, non-recurring transaction
costs and expenses incurred by Borrower and its Subsidiaries in connection with any Acquisition or other Investment permitted under this Agreement (whether or not consummated); plus (e) any adjustments resulting from purchase accounting
in accordance with GAAP for any Acquisition or other Investment permitted under this Agreement; plus (f) the amount of any business optimization expense and restructuring charge or reserve deducted (and not added back) in such period in
computing Consolidated Net Income, including any restructuring costs incurred in connection with Acquisitions after the Closing Date, costs related to the closure and/or consolidation of facilities, retention charges, systems establishment costs,
conversion costs and excess pension charges and consulting fees incurred in connection with the foregoing, provided such costs (x) are actual and identifiable, and (y) do not exceed ten percent (10%) of Target EBITDA;
plus (g) for such applicable periods, to the extent deducted in calculating such Consolidated Net Income, the amount of the 2015 Special Adjustments (provided that, any recoveries, or reversals by Borrower of any portion of the
2015 Special Adjustments in any subsequent period shall be deducted in calculating such Consolidated Net Income to the extent that such amount recovered or reversed was included in Consolidated Net Income), less (h) without duplication
and to the extent reflected as a gain or otherwise included in the calculation of Consolidated Net 

  
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Income for such period, non-cash gains (excluding any such non-cash gains to the extent (i) there were cash gains with respect to such gains in past accounting periods or (ii) there is
a reasonable expectation that there will be cash gains with respect to such gains in future accounting periods). “Consolidated EBITDA” for any Measurement Period shall be calculated to give pro forma effect to any acquisition
or disposition of assets consummated at any time after the first day of such Measurement Period as if each such acquisition or disposition had occurred on the first day of such Measurement Period, provided that any such pro forma adjustment
shall be (x) made on a basis consistent with GAAP or IFRS, as applicable, and Regulation S-X promulgated under the Securities Act of 1933, and (y) supported by detailed calculations. 

“Consolidated Fixed Charge Coverage Ratio” means, as of any date of determination, the ratio of
(a) (without duplication) (i) Consolidated EBITDA, less (ii) cash Taxes, less (iii) Restricted Payments paid in cash by Borrower to the owners of its Equity Interests, less (iv) (x) through the
second anniversary of the Closing Date, Unfinanced Capital Expenditures in excess of $20,000,000, (y) from the second anniversary of the Closing Date through and including December 31, 2016, Unfinanced Capital Expenditures in excess of
$10,000,000, and (z) thereafter, all Unfinanced Capital Expenditures, plus (v) any voluntary prepayment of the Outstanding Amount of Term Loans, in each case for the applicable Measurement Period, plus (vi) only for the
applicable Measurement Periods ended September 30, 2016 and ending December 31, 2016, March 31, 2017 and June 30, 2017, an amount equal to $3,000,000 corresponding to a voluntary repayment made in September, 2016 of a
portion of the Outstanding Amount of Revolving Loans, to (b) the sum of (i) current maturities of long term Indebtedness (including, but not limited to, any Subordinated Debt and Capitalized Leases), but in each case excluding the
scheduled principal payment due and payable by Borrower on the Maturity Date under any Loan made pursuant to this Agreement, plus (ii) Consolidated Interest Charges paid in cash for the applicable Measurement Period, plus
(iii) principal payments made in respect of Subordinated Debt for the applicable Measurement Period. 

“Revolving Commitment” means, as to each Revolving Lender, its obligation to (a) make Revolving
Loans to Borrower pursuant to Section 2.01(b), (b) purchase participations in L/C Obligations, and (c) purchase participations in Swingline Loans, in an aggregate principal amount at any one time outstanding not to
exceed the amount set forth opposite such Lender’s name on Schedule 1.01(b) under the caption “Revolving Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such
Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. After giving effect to the Second Amendment, the Revolving Commitment of all of the Revolving Lenders on the Second
Amendment Closing Date is $75,000,000. 
 (b) Section 1.01 of the Credit Agreement is hereby amended to
add the defined terms “Second Amendment” and “Second Amendment Closing Date” in their appropriate alphabetical order as follows: 

“Second Amendment” means that certain Second Amendment to Second Amended and Restated Credit Agreement
dated as of the Second Amendment Closing Date, among other things, amending certain provisions of this Agreement. 

“Second Amendment Closing Date” means December 16, 2016. 

  
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 (c) Section 2.03(h) of the Credit Agreement is hereby deleted
in its entirety and replaced as follows: 
 (h) Letter of Credit Fees. Borrower shall pay to Agent for the account of
each Revolving Lender in accordance, subject to Section 2.15, with its Applicable Revolving Percentage a Letter of Credit fee (the “Letter of Credit Fee”) (i) for each commercial Letter of Credit equal
to 1.50% per annum times the daily amount available to be drawn under such Letter of Credit and (ii) for each standby Letter of Credit equal to 1.50% per annum times the daily amount available to be drawn under such Letter of Credit.
For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.07. Letter of Credit Fees shall be (A) due and
payable on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and
(B) computed on a quarterly basis in arrears. 
 (d) Section 6.12 of the Credit Agreement is amended
by replacing the phrase “Notify Agent at the time any Person becomes a Subsidiary” with the phrase “Notify Agent on, and concurrently with the delivery of, the Compliance Certificates pursuant to Section 6.02(a)
whether or not during the fiscal quarter then ended any Person has become a Subsidiary, with such information completed or attached to such Compliance Certificate as indicated to be included therein or attached thereto,”. 

(e) Schedule 1.01(a) to the Credit Agreement is hereby deleted in its entirety and replaced with Schedule
1.01(a) attached to this Amendment. 
 (f) Schedule 1.01(b) to the Credit Agreement is hereby deleted
in its entirety and replaced with Schedule 1.01(b) attached to this Amendment. 
 (g) Exhibit C
(Form of Compliance Certificate) is hereby deleted in its entirety and replaced with Exhibit C attached to this Amendment. 

3. Conditions. This Amendment shall be effective as of the Effective Date once all of the following have been satisfied or delivered to
Agent, in each case in form and substance satisfactory to Agent: 
 (a) this Amendment executed by Borrower, Guarantors,
Agent and at least the Required Lenders; 
 (b) a replacement Revolving Note by Borrower payable to the order of each
Revolving Lender requesting a replacement Revolving Note in the amount of each such requesting Revolving Lender’s portion of the Revolving Commitment (after giving effect to this Amendment), and Lenders agree to return to Borrower as soon as
practicable after the Effective Date the executed originals of the Revolving Notes in effect prior to the effectiveness of this Amendment, or lost note affidavits reasonably acceptable to Borrower from the Lenders who cannot locate the executed
originals of said promissory notes; 
 (c) an Officer’s Certificate from each of Borrower and each Guarantor certifying
as to incumbency of officers, that since the date of the certificate delivered to Agent and the Lenders 

  
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in connection with the closing of the Credit Agreement or in the case of the First Amendment to the Credit Agreement, as the case may be, no changes to its certificate of incorporation (or
equivalent thereof) and its bylaws (or equivalent thereof), except for Borrower’s certificate of incorporation and its bylaws which are attached to such Officer’s Certificate for Borrower, and that the resolutions adopted in connection
with the closing of the Credit Agreement have not been amended, rescinded or revoked (other than with respect to officer appointments made subsequent to the Closing Date or the First Amendment to the Credit Agreement, in either case if applicable)
and remain in full force and effect; 
 (d) Certificates of Existence and Good Standing of Borrower and each Guarantor from
its respective jurisdiction of incorporation; and 
 (e) such other documents as Agent may request. 

4. Representations and Warranties. Borrower and each Guarantor represents and warrants to the Agent and the Lenders on and as of the
date hereof that (a) it possesses the requisite power and authority to execute and deliver this Amendment, (b) this Amendment has been duly authorized and approved by the requisite corporate action on the part of Borrower or such
Guarantor, (c) no other consent of any Person (other than Agent and the Lenders) that has not been obtained is required for this Amendment to be effective, (d) the execution and delivery of this Amendment does not violate its
organizational documents, (e) the representations and warranties in each Loan Document to which it is a party are true and correct in all material respects on and as of the date of this Amendment as though made on the date of this Amendment
(except to the extent that such representations and warranties speak to a specific date, in which case such representation or warranty shall be true and correct in all material respects as of such date), (f) after giving effect to this
Amendment, it is in compliance with all covenants and agreements contained in each Loan Document to which it is a party, (g) after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing and (h) that
each Loan Document to which it is a party remains in full force and effect and is the legal, valid, and binding obligations of Borrower or such Guarantor enforceable against it in accordance with their respective terms, subject to applicable
bankruptcy, insolvency or similar laws affecting creditors’ rights generally and to general principles of equity and principles of good faith and fair dealing. 

5. FATCA. For the purposes of determining withholding Taxes imposed under FATCA, from and after the effective date of this Amendment,
the Borrower and the Agent shall treat (and the Lenders hereby authorize the Agent to treat) the obligations of the Borrower set forth in the Credit Agreement, as modified by this Amendment, as not qualifying as a “grandfathered
obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).
 6. Scope of Amendment; Reaffirmation.
Except as expressly modified by this Amendment, all references to the Credit Agreement shall refer to the Credit Agreement as affected by this Amendment. Except as affected by this Amendment, the Loan Documents are unchanged and continue in full
force and effect. However, in the event of any inconsistency between the terms of the Credit Agreement (as amended by this Amendment) and any other Loan Document, the terms of the Credit Agreement (as amended by this Amendment) shall control and
such other document shall be deemed to be amended to conform to the terms of the Credit Agreement (as amended by this Amendment). 
 7.
Miscellaneous. 
 (a) Binding Effect. The Credit Agreement as amended by this Amendment shall be binding upon
and inure to the benefit of each of the undersigned and their respective legal representatives, successors and permitted assigns. 

  
 5 

 (b) No Waiver of Defaults. This Amendment does not constitute a waiver of,
or a consent to, any present or future violation of or default under, any provision of the Loan Documents, or a waiver of Agent’s or any Lender’s right to insist upon future compliance with each term, covenant, condition and provision of
the Loan Documents. 
 (c) Form. Each agreement, document, instrument or other writing to be furnished the Agent or
any Lender under any provision of this Amendment must be in form and substance reasonably satisfactory to Agent. 
 (d)
Headings. The headings and captions used in this Amendment are for convenience only and will not be deemed to limit, amplify or modify the terms of this Amendment, the Credit Agreement, or the other Loan Documents. 

(e) Costs, Expenses and Attorneys’ Fees. Borrower agrees to pay or reimburse Agent on demand for all its
reasonable out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, and execution of this Amendment, including, without limitation, the reasonable fees and disbursements of Agent’s counsel. 

(f) Multiple Counterparts. This Amendment may be executed in any number of counterparts (and by different parties
hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment, or any certificate
delivered hereunder, by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Amendment. The effectiveness of any such documents and
signatures shall, subject to applicable law, have the same force and effect as manually-signed originals and shall be binding on Borrower, each Guarantor, Agent, and each Lender. Agent may also require that any such documents and signatures be
confirmed by a manually-signed original; provided that, the failure to request or deliver the same shall not limit the effectiveness of any facsimile document or signature. 

(g) Governing Law. This Amendment and the other Loan Documents shall be construed, and their performance enforced,
under Texas law. 
 8. Entirety. THIS AMENDMENT AND THE
OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG BORROWER, GUARANTORS,
LENDERS AND AGENT AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS BY THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.  

[Signatures are on the following pages.] 

  
 6 

 This Amendment is executed as of the Effective Date. 

 

			
	BORROWER:
	
	 RIGNET, INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Charles Schneider

		 	Charles Schneider
		 	Chief Financial Officer
	
	GUARANTORS:
	
	LANDTEL, INC.,
	a Delaware corporation
		
	By:	 	 /s/ Charles Schneider

		 	Charles Schneider
		 	President
	
	 RIGNET SATCOM, INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Charles Schneider

		 	Charles Schneider
		 	Chief Financial Officer
	
	 LANDTEL COMMUNICATIONS, L.L.C.,
 a
Louisiana limited liability company

		
	By:	 	 /s/ Charles Schneider

		 	Charles Schneider
		 	President

  
 [Signature Page to Second
Amendment to Second Amended and Restated Credit Agreement] 

 
			
	AGENT:
	
	 BANK OF AMERICA, N.A.,
 as
Administrative Agent

		
	By:	 	 /s/ Renee Marion

		 	Renee Marion
		 	Assistant Vice President

  
 [Signature Page to Second
Amendment to Second Amended and Restated Credit Agreement] 

 
			
	LENDER:
	
	 BANK OF AMERICA, N.A.,
 as a Lender,
L/C Issuer and Swingline Lender

		
	By:	 	 /s/ Jameson Burke

		 	Jameson Burke
		 	Vice President

  
 [Signature Page to Second
Amendment to Second Amended and Restated Credit Agreement] 

 
			
	LENDER:
	
	 COMPASS BANK,
 as a
Lender

		
	By:	 	 /s/ Tom Brosig

		 	Tom Brosig
		 	Senior Vice President

  
 [Signature Page to Second
Amendment to Second Amended and Restated Credit Agreement] 

 
			
	LENDER:
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Lender

		
	By:	 	 /s/ Daniel J. Lintner

		 	Daniel J. Lintner
		 	Senior Vice President

  
 [Signature Page to Second
Amendment to Second Amended and Restated Credit Agreement] 

 
			
	LENDER:
	
	 BOKF, NA DBA BANK OF TEXAS,
 as a
Lender

		
	By:	 	 /s/ Ralph F. Walker

		 	Ralph F. Walker
		 	Vice President

  
 [Signature Page to Second
Amendment to Second Amended and Restated Credit Agreement] 

 SCHEDULE 1.01(a) 

CERTAIN ADDRESSES FOR NOTICES 
 RigNet,
Inc. 
 1880 South Dairy Ashford, Suite 300 
 Houston, Texas
77077 
 Attention: Charles Schneider, Chief Financial Officer 

Telephone: 281-674-0118 
 Telecopier: 281-674-0101 

Electronic Mail: chip.schneider@rig.net 
 Website Address:
www.rig.net 
 U.S. Taxpayer Identification Number: 76-0677208 

with a copy to: 
 Norton Rose Fulbright US LLP 

2200 Ross Avenue, Suite 3600 
 Dallas, Texas 75201 

Attention: Anita M. Tarar and Brian Fenske 
 Telephone:
214-855-8235 
 Telecopier: 214-855-8200 
 Electronic Mail:
anita.tarar@nortonrosefulbright.com 

                          
 brian.fenske@nortonrosefulbright.com 
 ADMINISTRATIVE AGENT: 

Administrative Agent’s Office 
 (for
payments and Requests for Credit Extensions): 
 Bank of America, N.A. 

Bank of America Plaza 
 901 Main Street 

Dallas, Texas 75202-3714 
 Attention: Jennifer Ollek, Credit
Service Representative 
 Telephone: 972-338-3767 
 Telecopier:
214-290-8374 
 Electronic Mail: jennifer.a.ollek@bankofamerica.com 

Bank of America, N.A. 
 ABA # 026009593 

Dallas, Texas 
 Acct. # 129-2000-883 

Attn: Corporate Credit Services 
 Ref: RigNet, Inc. 

  
 Schedule 1.01(a) –
Page 1 

 Other Notices as Administrative Agent: 

Bank of America, N.A. - Agency Management 
 Global Commercial
Banking 
 MC# IL4-135-09-61 
 135 S. LaSalle St. 

Chicago, IL 60603 
 Attention: Denise Jones, Agency Management
Officer II 
 Telephone: 312-828-1846 
 Telecopier: 877-206-8413

 Electronic Mail: denise.j.jones@baml.com 
 with a copy
to: 
 Bank of America, N.A. 
 700 Louisiana, 8th Floor 

Houston, Texas 77002 
 Attention: Jameson Burke 

Telephone: 713-247-7062 
 Telecopier: 713-247-7879 

Electronic Mail: jameson.burke@baml.com 
 with a copy to:

 Haynes and Boone, LLP 
 1221 McKinney, Suite 2100 

Houston, Texas 77010 
 Attention: Neal M. Kaminsky 

Telephone: 713-547-2542 
 Telecopier: 713-236-5675 

Electronic Mail: neal.kaminsky@haynesboone.com 

  
 Schedule 1.01(a) –
Page 2 

 SCHEDULE 1.01(b) 

COMMITMENTS 
 AND
APPLICABLE PERCENTAGES 
  

													
	 Lender
	  	Revolving
Commitment	 	  	Term
Commitment	 	  	Applicable
Percentages	 
	 Bank of America, N.A.
	  	$	28,378,378.38	  	  	$	22,702,702.69	  	  	 	37.83783784	% 
	 Compass Bank
	  	$	19,256,756.76	  	  	$	15,405,405.41	  	  	 	25.67567568	% 
	 Wells Fargo Bank, National Association
	  	$	19,256,756.76	  	  	$	15,405,405.41	  	  	 	25.67567568	% 
	 BOKF, NA dba Bank of Texas
	  	$	8,108,108.10	  	  	$	6,486,486.49	  	  	 	10.81081081	% 
	 Total
	  	$	75,000.000.00	  	  	$	60,000,000.00	  	  	 	100.00000000	% 

  
 Schedule 1.01(b) 

 EXHIBIT C 

FORM OF COMPLIANCE CERTIFICATE 

RIGNET, INC. 
 Date:
                         

This certificate is delivered by RigNet, Inc., a Delaware corporation (“Borrower”), pursuant to
Section 6.02 of that certain Second Amended and Restated Credit Agreement dated as of October 3, 2013, among Borrower, the Subsidiaries of Borrower party thereto, as guarantors, Lenders from time to time party thereto, and
Bank of America, N.A., as Administrative Agent, Swingline Lender, and L/C Issuer (as such agreement may have been amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized
terms used herein without definition shall have the meanings set forth in the Credit Agreement. 
 The undersigned hereby certifies that
he/she is a Responsible Officer of Borrower and further certifies, on behalf of Borrower in such capacity and not individually, as of the date hereof to Administrative Agent and Lenders that: 

(a) The financial statements delivered with this certificate in accordance with Section 6.01(a) and/or
6.01(b) of the Credit Agreement fairly present in all material respects the results of operations and financial condition of Borrower and the Subsidiaries as of the dates and the accounting period covered by such financial statements
[(subject only to normal year-end adjustments and the absence of footnotes)]1; 
 (b)
The undersigned has reviewed the terms of the Credit Agreement and have made, or caused to be made under his/her supervision, a review in reasonable detail of the transactions and conditions of Borrower and the Subsidiaries during the accounting
period covered by such financial statements; 
 (c) Such review has not disclosed the existence during or at the end of such accounting
period, and the undersigned has no knowledge of the existence as of the date hereof, of any condition or event that constitutes a Default or an Event of Default, except as set forth in Schedule 1 hereto, which includes a
description of the nature and period of existence of such Default or an Event of Default and what action Borrower has taken, is undertaking and proposes to take with respect thereto; 

(d) Borrower is in compliance with the covenants contained in Section 7.11 of the Credit Agreement, as demonstrated by the
calculation of such covenants below, except as set forth below; and 
 (e) The Consolidated Leverage Ratio for the period covered by this
certificate, as demonstrated by the calculations required by Section 7.11(a) attached hereto, is              to 1.0. As a result of the foregoing, Level
             of the Applicable Rate is the applicable Level for purposes of determining the Applicable Rate for all Loans. 

(f) Borrower hereby represents and warrants that [no Person has become a Subsidiary during the period covered by this certificate][certain
Persons have become Subsidiaries during the period covered by this certificate, and (i) Schedule 2 attached hereto includes a list of (A) such Subsidiaries and 

 

	1 	 Include for Section 6.01(b) financial statements.

  
 Exhibit C 

Form of Compliance Certificate 

 
all Subsidiaries, joint ventures and partnerships and other equity investments of such Person; (B) the ownership of shares of each class of Equity Interests in each such Subsidiary
outstanding as of the date of this certificate, and (ii) the outstanding Equity Interests in all such Subsidiaries are validly issued, fully paid and non-assessable and are owned free and clear of all Liens (other than Permitted Liens). 

  
 Exhibit C 

Form of Compliance Certificate 

 IN WITNESS WHEREOF, the undersigned officer has executed and delivered this certificate as of the
date first written above. 
  

			
	RIGNET, INC.,
	a Delaware corporation
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Signature Page to
Compliance Certificate 

 CONSOLIDATED LEVERAGE RATIO 

Section 7.11(a) 
  

			
	Consolidated Leverage Ratio for the applicable Measurement Period is defined as follows:	  	
		
	Consolidated Funded Indebtedness as of the date of determination	  	$                            
		
	Consolidated EBITDA for the most recently completed Measurement Period	  	$                            
		
	Consolidated Leverage Ratio (ratio of Consolidated Funded Indebtedness to EBITDA)	  	             to 1.0
		
	Maximum Consolidated Leverage Ratio for the Measurement Period per Section 7.11(a)	  	             to 1.0
		
	In Compliance	  	Yes or No

  
 Compliance Certificate
– Consolidated Leverage Ratio Worksheet 

 CONSOLIDATED FIXED CHARGE COVERAGE RATIO 

Section 7.11(b) 
  

							
	Consolidated Fixed Charge Coverage Ratio for the applicable Measurement Period is defined as follows:	  	
				
		 	  1.	 	Consolidated EBITDA for the applicable Measurement Period	  	$                            
				
		 	  2.	 	cash Taxes for the applicable Measurement Period	  	$                            
				
		 	  3.	 	Restricted Payments paid in cash by Borrower to the owners of its Equity Interests for the applicable Measurement Period	  	$                            
				
		 	  4.	 	Unfinanced Capital Expenditures [in excess of $20,000,000]1 [in excess of $10,000,000]2 for the applicable Measurement
Period	  	$                            
				
		 	  5.	 	any voluntary prepayment of the Outstanding Amount of the Term Loans for the applicable Measurement Period	  	$                            
				
		 	  6.	 	$3,000,000 corresponding to a voluntary repayment made in September, 2016 of a portion of the Outstanding Amount of Revolving Loans for the applicable Measurement Period3	  	$                            
				
		 	  7.	 	line 1 less line 2 less line 3 less line 4 plus line 5 and, to the extent applicable, plus line 6	  	$                            
				
		 	  8.	 	current maturities of long term Indebtedness (including, but not limited to, any Subordinated Debt and Capitalized Leases), but in each case excluding the scheduled principal payment due and payable by Borrower on the Maturity Date
on any Loan made pursuant to the Credit Agreement	  	$                            
				
		 	  9.	 	Consolidated Interest Charges paid in cash for the applicable Measurement Period	  	$                            
				
		 	10.	 	principal payments made in respect of Subordinated Debt for the applicable Measurement Period	  	$                            
				
		 	11.	 	Sum of Line 8 plus line 9 plus line 10	  	$                            
				
		 	12.	 	Ratio of Line 7 to Line 11	  	             to 1.00
		
	Minimum Consolidated Fixed Charge Coverage for the Measurement Period	  	1.25 to 1.00
		
	In compliance?	  	Yes or No

  

	1	To be used for any Measurement Period ending on or prior to October 3, 2015. Aggregate amount during such period
$                    . 

	2	To be used for any Measurement Period ending after October 3, 2015 but on or prior to December 31, 2016 . Aggregate amount during such period
$                    . 

	3 	To be used only for the Measurement Periods ended September 30, 2016 and ending December 31, 2016, March 31, 2017 and June 30, 2017. 

  
 Compliance Certificate
– Consolidated Fixed Charge Coverage Ratio Worksheet 

 Schedule 1 to 

Compliance Certificate 
 [Borrower to list
any existing Defaults or Events of Default, specifying the nature and period of existence of each, and the actions Borrower has taken, is undertaking and proposes to take in respect thereof. If no Defaults and no Events of Default are then in
existence, such schedule should read “None”.] 

 Schedule 2 to 

Compliance Certificate 
 [Borrower to
include a list of Subsidiaries formed or acquired during the period covered by this certificate with the information set out in paragraph lettered (f) above. If no such Subsidiaries have been formed or acquired during such period, such schedule
should read “None”.]

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