Document:

exv10w15w1

Exhibit 10.15.1

FIRST AMENDMENT TO LOAN AGREEMENT

Dated as of December 26, 2007

By and Between

INTERSTATE WESTCHASE, LP,

as Borrower,

and

UBS REAL ESTATE SECURITIES INC.,

as Lender

 

 

AMENDMENT TO LOAN AGREEMENT

          THIS AMENDMENT TO LOAN AGREEMENT, dated as of December 26th, 2007 this
“Amendment”), by and between the INTERSTATE WESTCHASE, LP, a Delaware limited partnership
(“Borrower”), having its address at c/o Interstate Hotels & Resorts, Inc., 4501 North
Fairfax Drive, Arlington, Virginia 22203 and UBS REAL ESTATE SECURITIES INC., a Delaware
corporation, having an address 1285 Avenue of the Americas, New York, New York 10019 (“Lender”).

W I T
N E S S E T H:

          WHEREAS, Borrower and Lender have executed and delivered a Loan Agreement dated as of February
8, 2007 (the “Original Loan Agreement”) which evidenced a loan made by Lender to Borrower
in the original principal amount of Thirty-Two Million Eight Hundred
Twenty-Five Thousand and No/ 100 Dollars (32,825,000.00) (the “Original Loan Amount”); and

          WHEREAS, Borrower and Lender desire to amend the Original Loan Agreement as more particularly
set forth herein (the Original Loan Agreement as amended by this Amendment is hereafter referred to
as the “Loan Agreement”).

          NOW, THEREFORE, in consideration of the sum of Ten Dollars ($10.00) and for other good and
valuable consideration, each to the other given, the receipt and sufficiency of which are hereby
acknowledged, Borrower and Lender hereby agree that the Original Loan Agreement is hereby amended
to read as follows:

          1. Sections Modified:

     (i) For all purposes under the Loan Agreement, Section 4.1.6(d) shall be
added or
deleted and replaced with the following:

          “(d) Annual Reports. Within ninety (90) days after the end of each calendar year of
Borrower’s operation of the Property, Borrower will furnish to Lender a complete copy of
Borrower’s, annual financial statements prepared in accordance with GAAP covering the Property for
such fiscal year and containing statements of profit and loss for Borrower and the Property and a
balance sheet for Borrower. Such statements shall set forth the financial condition and the results
of operations for the Property for such Fiscal Year, shall include (hut not be limited to) amounts
representing annual Net Cash Flow, Gross Income from Operations, Operating Expenses and Capital
Expenditures and shall be accompanied by a reasonably detailed schedule of all Capital Expenditures
for such fiscal year. Borrower’s annual financial statements shall be accompanied by (i) a
comparison of (A) the budgeted income and expenses and Capital Expenditures and (B) the actual
income and expenses and Capital Expenditures for the prior fiscal year, (ii) an Officer’s
Certificate stating that, to such officer’s knowledge after reasonable inquiry, each such annual
financial statement presents fairly the financial condition and the results of operations of
Borrower and the Property being reported upon and has been prepared in accordance with GAAP and
(iiii) occupancy statistics for the Property. Together with Borrower’s annual financial statements,
Borrower shall furnish to Lender an Officer’s Certificate

 

 

certifying as of the date thereof whether, to such officer’s knowledge after reasonable inquiry,
there exists an event or circumstance which constitutes a Default or Event of Default under the
Loan Documents executed and delivered by, or applicable to, Borrower, and if such Default or Event
of Default exists, the nature thereof, the period of time it has existed and the action then being
taken to remedy the same.

     (ii) For all purposes under the Loan Agreement, Borrower’s notice information in
Section 11.6 shall be added or deleted and replaced with the following:

	 	 	 	 	 
	 

	 	If to Borrower:
	 	INTERSTATE WESTCHASE, LP
	 

	 	 	 	c/o Interstate Hotels Resorts Inc,
	 

	 	 	 	4501 North Fairfax Drive
	 

	 	 	 	Arlington, VA 22203
	 

	 	 	 	Attention: Christopher L. Bennett, Esq.
	 

	 	 	 	Facsimile No.: (703) 542-0965

          2. Borrower Representations and Warranties. Borrower represents and warrants
as of the date hereof that: (i) The representations, warranties, certifications and agreements of
Borrower contained in the Loan Documents made by Borrower in favor of Lender are true, complete and
accurate in all material respects as of the date hereof; (ii) both Borrower and, to the best of
Borrower’s knowledge, Lender have performed all of their respective obligations under the Loan
Documents and Borrower has no knowledge of any event which with the giving of notice, the passage
of time or both would constitute a default by Borrower or Lender under the Loan Documents; (iii)
Borrower has no claim against Lender and no offset or defense to the payment of the Debt or any
counterclaim or right to rescission to enforcement of any of the terms of the Loan Documents; (iv)
no voluntary actions or involuntary actions are pending against Borrower, any member of Borrower,
the Borrower’s managing member, or any guarantor or indemnitor of the Loan under the bankruptcy or
insolvency laws of the United States or any state thereof; and (v) the Loan Documents, as any of
the same have been modified, amended and restated, are the valid, legal and binding obligation of
Borrower.

          3. No Other Amendments. Except as specifically modified and amended herein,
all other terms, conditions and covenants contained in the Original Loan Agreement shall remain in
full force and effect.

          4.
References to Loan Agreement. Wherever reference is made in the Original
Loan Agreement to “the Loan Agreement”, “this Agreement”, “hereof’, “hereunder”, “herein” or words
of similar import, the same shall be deemed to refer to the Loan Agreement (as defined in this
Amendment) and wherever reference is made in any of the Loan Documents to “the Loan Agreement,” the
same shall be deemed to refer to the Loan Agreement (as defined in this Amendment). Capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Loan
Agreement.

          5. Counterparts. This Amendment may be executed in any number of counterparts
with the same effect as if all parties hereto had signed the same document. All such counterparts
shall be construed together and shall constitute one instrument, but in making proof hereof it
shall only be necessary to produce one such counterpart.

 

 

          6. Binding Effect. This Amendment shall be binding upon and inure to the
benefit of the parties and their respective successors and assigns.

          7. Governing Law. This Amendment shall be governed by New York law, without
regard to conflicts of law principles.

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

-4-

 

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

BORROWER:

	 	 	 	 	 
	 	 	INTERSTATE
WESTCHASE, LP, a 
Delaware limited partnership
	 
	 	 	 	 
	 

	 	By:
	 	INTERSTATE WESTCHASE GP, LLC, a
	 

	 	 	 	Delaware limited liability company,
general
	 

	 	 	 	partner
	 
	 	 	 	 
	 

	 	 	 	By: INTERSTATE WESTCHASE MC, LLC, a 

Delaware
limited liability company, manager and sole member.
	 
	 	 	 	 
	 

	 	 	 	     By:
/s/
Bruce Riggins
	 

	 	 	 	 

	 

	 	 	 	     Name:
Bruce Riggins
	 

	 	 	 	     Title:
President

[SIGNATURES
CONTINUE ON NEXT PAGE]

-5-

 

	 	 	 	 	 
	 	LENDER:

UBS REAL ESTATE SECURITIES INC., 

    a Delaware corporation

 	 
	 	By:  	/s/ Maryann Fisher
 	 
	 	 	Name:  	Maryann Fisher 	 
	 	 	Title:  	Associate Director 	 
	 	 	 
	 	By:  	
/s/     Henry Chung
 	 
	 	 	Name:  	Henry Chung 	 
	 	 	Title:  	Directorexv10w5

Exhibit 10.5

Annual Compensation of Non-Employee Directors

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	2009	 	 	2008	 	 	2007	 
	Name/Position	 	Retainer	 	 	Retainer	 	 	Retainer	 
	 
	J. Randolph Babbitt, Non-Employee Director
	 	$	36,000	 	 	$	36,000	 	 	$	36,000	 
	Thomas M. Kody, Non-Employee Director
	 	$	36,000	 	 	$	36,000	 	 	$	36,000	 
	John W. Edgemond IV, Non-Employee Director
	 	$	36,000	 	 	$	36,000	 	 	$	36,000	 
	James L. Jadlos, Non-Employee Director
	 	$	36,000	 	 	$	36,000	 	 	$	36,000	 

The Non-Employee Directors will be paid the 2009 retainer in quarterly installments in the month
following the end of each fiscal quarter.exv10w6

Exhibit 10.6 

Base Salaries for Named Executive Officers

As of January 1, 2009 the following are the base salaries (on an annual basis) of the named
executive officers (as defined in Item 402(a)(3) of Regulation S-K) of Access National Corporation:

	 	 	 	 	 
	Michael W. Clarke
	 	$	300,000	 
	President and Chief Executive Officer
	 	 	 	 
	 
	 	 	 	 
	Dean Hackemer
	 	$	290,000	 
	President and Chief Executive Officer, Access National Mortgage Corp.
	 	 	 	 
	 
	 	 	 	 
	Robert C. Shoemaker
	 	$	240,000	 
	Executive Vice President and Chief Credit Officer
	 	 	 	 
	 
	 	 	 	 
	Charles Wimer
	 	$	192,000	 
	Executive Vice President and Chief Financial Officerexv10w24

    Exhibit —
    10.24

 

    CONSOLIDATED
    EBITDA

 

    Earnings before interest, taxes, depreciation and amortization,
    non-cash stock compensation and payments, non-cash charges that
    do not result in future cash obligations, any extraordinary or
    non recurring gains (losses) and any non-cash transactions
    (Consolidated EBITDA) is not intended to present a measure of
    performance in accordance with accounting principles generally
    accepted in the United States (GAAP). Nor should Consolidated
    EBITDA be considered as an alternative to statements of cash
    flows as a measure of liquidity. Consolidated EBITDA is included
    herein as means to measure operating performance that financial
    analysts, lenders, investors and other interested parties find
    to be a useful tool for analyzing companies.

 

    The definition of Consolidated EBITDA is defined in the senior
    secured convertible notes as a measurement for meeting the notes
    covenant requirements. Consolidated Net Debt is defined as the
    sum of (a) aggregate stated balance sheet amount of all
    Indebtedness of the Company plus or minus (b) any
    adjustment required to include the Amended Notes at their face
    amount rather than fair value that is used for GAAP
    presentation, minus (c) the aggregate stated balance sheet
    amount of unrestricted cash and cash equivalents of the Company
    in accordance with GAAP. For the twelve months ended
    December 31, 2008, the quotient of Consolidated Net Debt
    divided by Consolidated EBITDA, was required to be not less than
    4.50 in order for the Company to be compliant with covenant
    requirements of the notes. The Company was in compliance with
    the required covenant at December 31, 2008.

    

    E-2

 

    The following table reconciles our consolidated net earnings per
    GAAP to Consolidated EBITDA:

 

	 	 	 	 	 
	
 
	
 
	
    Twelve Months

    
	
 

	
 
	
 
	
    Ended December 31,

    
	
 

	
 
	
 
	
    2008
	
 

	 

	

    Consolidated Net Loss

	
 
	
    $
	
    (10,442
	
    )

	

    Any extraordinary or non recurring gains or losses

	
 
	
 
	
 
	
 

	

    Loss from disposed operations, net of tax

	
 
	
 
	
    50
	
 

	

    Write-down of Goodwill and long-lived assets

	
 
	
 
	
    3,957
	
 

	

    Gain on sale of subsidiaries

	
 
	
 
	
    (2,750
	
    )

	

    Non-cash charges that do not result in future cash obligations

	
 
	
 
	
 
	
 

	

    Loss from fair value of notes and warrants

	
 
	
 
	
    1,104
	
 

	

    Loss from Sale of Fixed Assets

	
 
	
 
	
    212
	
 

	

    Non-cash expenses associated with stock compensation expense

	
 
	
 
	
    590
	
 

	

    Tax refunds, use of net operating losses to offset taxes or
    other net tax benefits

	
 
	
 
	
 
	
 

	

    Other non-cash charges that do not result in future cash
    obligations

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	

    Adjusted Net Loss before

	
 
	
    $
	
    (7,279
	
    )

	

    Interest Income

	
 
	
 
	
    (760
	
    )

	

    Interest Expense

	
 
	
 
	
    6,732
	
 

	

    Income tax expense

	
 
	
 
	
    216
	
 

	

    Depreciation Expense

	
 
	
 
	
    5,494
	
 

	

    Amortization Expense

	
 
	
 
	
    835
	
 

	

    Any non-cash transactions

	
 
	
 
	
 
	
 

	

    Foreign currency losses

	
 
	
 
	
    2,366
	
 

	

    Adjustments related to Inventory

	
 
	
 
	
    1,089
	
 

	

    Bad Debt Expense

	
 
	
 
	
    673
	
 

	

    Hedge or non-hedge derivative adjustments

	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 

	

    Consolidated EBITDA

	
 
	
    $
	
    9,366
	
 

	
 
	
 
	
 
	
 
	
 

	

    Other Financial Disclosure Required based on terms of
    notes:

	
 
	
 
	
 
	
 

	

    Consolidated Net Interest Expense

	
 
	
    $
	
    5,972
	
 

	
 
	
 
	
 
	
 
	
 

	

    Consolidated Net Debt (Total Debt less Cash and Cash
    Equivalents) at December 31, 2008

	
 
	
    $
	
    1,457
	
 

	
 
	
 
	
 
	
 
	
 

	

    Quotient of Consolidated Net Debt divided by Consolidated
    EBITDA

	
 
	
 
	
    0.16
	
 

	
 
	
 
	
 
	
 
	
 

	

    Covenant Requirement — not more than

	
 
	
 
	
    4.50
	
 

	

    Covenant Status

	
 
	
 
	
    PASSED
	
 

	
 
	
 
	
 
	
 
	
 

    

    E-3

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