e8vk
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 2, 2011
DiamondRock Hospitality Company
(Exact name of registrant as specified in its charter)
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Maryland
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001-32514
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20-1180098 |
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.) |
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3 Bethesda Metro Center, Suite 1500
Bethesda, MD
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20814 |
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(Address of principal executive offices)
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(Zip Code) |
Registrants telephone number, including area code: (240) 744-1150
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 1.01. Entry into a Material Definitive Agreement.
On June 2, 2011, DiamondRock Hospitality Company (the Company) and DiamondRock Hospitality
Limited Partnership (the Operating Partnership) entered into an amendment (the Second
Amendment) to the Second Amended and Restated Credit Agreement, dated August 6, 2010 (the Credit
Agreement). The Credit Agreement amount will remain at $200 million. The following is a summary
of the terms that have been amended pursuant to the Second Amendment.
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The maturity date of the Credit Agreement was extended to August 6, 2014. The Company
has an additional one year extension option to August 6, 2015, subject to the satisfaction
of customary conditions and the payment of applicable fees. |
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The Credit Agreement extension fee was reduced to 25 basis points. |
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Interest accrues on advances under the Credit Agreement at varying rates, based upon
LIBOR plus an applicable margin. The LIBOR floor of 100 basis points was eliminated. The
applicable margin is based upon the Companys ratio of net indebtedness to EBITDA, as
follows: |
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Ratio of Net Indebtedness |
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Level |
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to EBITDA |
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Applicable Margin |
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1 |
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Less than 4.00 to 1.00 |
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2.25 |
% |
2 |
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Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 |
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2.50 |
% |
3 |
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Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00 |
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2.75 |
% |
4 |
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Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00 |
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3.00 |
% |
5 |
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Greater than or equal to 6.00 to 1.00 |
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3.25 |
% |
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The fees paid on the used portion of the Credit Agreement have been lowered to (x)
0.30% if the average used portion is less than or equal to 50% and (y) 0.40% if the
average unused portion is greater than 50%. |
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The financial covenant for the minimum fixed charge coverage ratio is 1.50x for the
entire term of the Credit Agreement. |
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The financial covenant for the minimum tangible net worth has increased to $1.8
billion. |
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The Company has the right to increase the amount of the Credit Agreement to $400
million with the lenders approval. |
The Company incurred $0.9 million in amendment and arranger fees in conjunction with amending the
Credit Agreement. The Operating Partnership had $115 million in borrowings outstanding under the
Credit Agreement as of June 2, 2011.
The foregoing description of the Second Amendment to the Credit Agreement is qualified in its
entirety by the full terms and conditions of the Second Amendment, which is filed as Exhibit 10.1
to this Current Report on Form 8-K and incorporated herein by reference.
ITEM 8.01. Other Events.
On May 17, 2011, the Company and the Operating Partnership entered into the First Amendment to the
Credit Agreement, which is attached as Exhibit 99.1 to this Current Report on Form 8-K (the First
Amendment). The First Amendment provides that the lenders thereunder may accept the assignment of
mortgages securing properties located in the state of New York.
ITEM 9.01. Financial Statements and Exhibits.
(d) Exhibits.
See Index to Exhibits attached hereto.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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DIAMONDROCK HOSPITALITY COMPANY
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Date: June 6, 2011 |
By: |
/s/ William J. Tennis
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William J. Tennis |
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Executive Vice President, General Counsel and
Corporate Secretary |
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EXHIBIT INDEX
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Exhibit No. |
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Description |
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10.1 |
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Second Amendment to Second Amended and Restated Credit
Agreement, dated as of June 2, 2011 |
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99.1 |
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First Amendment to Second Amended and Restated Credit
Agreement, dated as of May 17, 2011 |
exv10w1
Exhibit 10.1
Execution Copy
SECOND AMENDMENT TO SECOND AMENDED AND
RESTATED CREDIT AGREEMENT
THIS SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this Amendment) dated
as of June 2, 2011 by and among DIAMONDROCK HOSPITALITY LIMITED PARTNERSHIP, a limited partnership
formed under the laws of the State of Delaware (the Borrower), DIAMONDROCK HOSPITALITY COMPANY, a
corporation formed under the laws of the State of Maryland (the Parent), each of the Lenders
party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the
Administrative Agent).
WHEREAS, the Borrower, the Parent, the Lenders, the Administrative Agent and certain other
parties have entered into that certain Second Amended and Restated Credit Agreement dated as of
August 6, 2010 (as amended and in effect immediately prior to the date hereof, the Credit
Agreement); and
WHEREAS, the Borrower, the Parent, the Lenders and the Administrative Agent desire to, among
other things, 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 Amendment to Credit Agreement. Subject to satisfaction of the
conditions contained in Section 3 hereof, the parties hereto agree that the Credit Agreement is
modified as follows:
(a) The Credit Agreement is amended by restating in full the definitions of Applicable
Margin, Implied Debt Service, LIBOR, Maximum Loan Availability and Termination Date
contained in Section 1.1 in their entirety as follows:
Applicable Margin means the percentage rate set forth below corresponding to
the Pricing Ratio in effect at such time:
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Level |
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Pricing Ratio |
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Applicable Margin |
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1 |
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Less than 4.00 to 1.00 |
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2.25 |
% |
2 |
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Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 |
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2.50 |
% |
3 |
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Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00 |
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2.75 |
% |
4 |
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Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00 |
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3.00 |
% |
5 |
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Greater than or equal to 6.00 to 1.00 |
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3.25 |
% |
The Applicable Margin shall be determined by the Administrative Agent from time to
time, based on the Pricing Ratio as set forth in the Compliance Certificate most
recently delivered by the Borrower pursuant to Section 9.3. 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 9.3.
If the Borrower fails to deliver a Compliance Certificate pursuant to Section 9.3.,
the Applicable Margin shall equal the
percentage corresponding to Level 5 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 for Loans as set forth above, the Applicable
Margin shall be determined based on Level 1. Thereafter, the 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).
Implied Debt Service means (a) a given principal balance of Loans and amount
of all Letter of Credit Liabilities multiplied by (b) the greatest of (i) 10% per
annum, (ii) the highest per annum interest rate then applicable to any of the
outstanding principal balance of the Loans and (iii) a mortgage debt constant for a
loan calculated using a per annum interest rate equal to the yield on a 10 year
United States Treasury Note at such time as determined by the Administrative Agent
plus 3.50% and amortizing in full in a 25-year period.
LIBOR means, for the Interest Period for any LIBOR Loan, the rate of
interest, rounded up to the nearest whole multiple of one-hundredth of one percent
(0.01%), obtained by dividing (i) the rate of interest, rounded upward to the
nearest whole multiple of one-sixteenth of one percent (0.0625%), referred to as the
BBA (British Bankers Association) LIBOR rate as set forth by any service selected
by the Administrative Agent that has been nominated by the British Bankers
Association as an authorized information vendor for the purpose of displaying such
rate for deposits in U.S. Dollars at approximately 9:00 a.m. Pacific time, two (2)
Business Days prior to the date of commencement of such Interest Period for purposes
of calculating effective rates of interest for loans or obligations making reference
thereto, for an amount approximately equal to the applicable LIBOR Loan and for a
period of time approximately equal to such Interest Period 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). Any change in such maximum rate shall result in a change
in LIBOR on the date on which such change in such maximum rate becomes effective.
For the avoidance of doubt, the calculation of LIBOR is not subject to a minimum
or floor rate of interest.
Maximum Loan Availability means, at any time, the lesser of (a) the aggregate
amount of the Commitments at such time and (b) the amount by which (i) the lesser of
(x) the Unencumbered Borrowing Base Value and (y) the aggregate principal balance of
Loans and the amount of all Letter of Credit Liabilities that would cause the ratio
of (A) Adjusted NOI of the Unencumbered Borrowing Base Properties at such time to
(B) Implied Debt Service for such period determined with respect to such principal
balance of Loans and amount of Letter of Credit Liabilities to equal 1.35 to 1.00
exceeds (ii) all Secured Recourse Indebtedness of the Parent and its Subsidiaries.
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Termination Date means August 6, 2014, or such later date to which the
Termination Date may be extended pursuant to Section 2.11.
(b) The Credit Agreement is amended by inserting the following new definitions of Pricing
Ratio and Second Amendment Effective Date in the correct alphabetical order in Section 1.1
thereof:
Pricing Ratio means the ratio of (i) Total Indebtedness as of any date of
determination to (ii) the EBITDA of the Parent and its Subsidiaries determined on a
consolidated basis for the period of twelve consecutive fiscal months most recently
ending; provided, however, solely for purposes of determining the Pricing Ratio, (a)
if a Property has not continuously operated for the immediately preceding period of
twelve consecutive months, then the EBITDA of such Person attributable to such
Property shall be calculated by annualizing the historical EBITDA attributable to
such Property for the most recently ending period for which it has been in
continuous operation, determined on a pro forma basis reasonably acceptable to the
Administrative Agent, (b) EBITDA of such Person attributable to any Property that
was acquired during the period of twelve consecutive fiscal months most recently
ending shall include EBITDA attributable to such Property during any portion of such
period that occurred prior to such acquisition, as determined by the Borrower
(subject to the reasonable approval of the Administrative Agent), based on the
operating statements received from the prior owner or operator, (c) Total
Indebtedness shall be determined net of the amount of unrestricted and Lien-free
cash and Cash Equivalents in excess of $15,000,000 and (d) Total Indebtedness shall
not include purchase obligations of the Parent and any of its Subsidiaries in
respect of 136-140 West 42nd Street, New York, New York.
Second Amendment Effective Date means June 2, 2011.
(c) The Credit Agreement is amended by deleting the definition of Floating Rate Indebtedness
contained in Section 1.1 in its entirety.
(d) The Credit Agreement is amended by restating the first sentence of Section 2.14. thereof
in its entirety as follows:
The Borrower shall have the right to request increases in the aggregate amount
of the Commitments by providing written notice to the Administrative Agent, which
notice shall be irrevocable once given; provided, however, that
after giving effect to any such increases the aggregate amount of the Commitments
shall not exceed $400,000,000.
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(e) The Credit Agreement is amended by restating the table set forth in subsection (b) of
Section 3.5. in its entirety as follows:
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Amount by Which Commitments Exceed Loans and Letter of Credit Liabilities |
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Unused Fee |
$0 to and including an amount equal to 50% of the aggregate amount of Commitments |
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0.30% per annum |
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Greater than an amount equal to 50% of the aggregate amount of Commitments |
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0.40% per annum |
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(f) The Credit Agreement is amended by restating subsection (d) of Section 3.5. in its
entirety as follows:
(d) Credit Extension Fee. If the Termination Date is being extended
in accordance with Section 2.11., the Borrower shall pay to the Administrative
Agent for the account of each Lender a fee equal to one quarter of one percent (0.25%)
of the amount of such Lenders Commitment (whether or not utilized). Such fee
shall be due and payable in full on the effective date of such extension.
(g) The Credit Agreement is amended by restating clause (v) in Section 4.1.(b) in its entirety
as follows:
(v) a Compliance Certificate showing (x) pro forma compliance with the covenants
set forth in Section 10.1. and (y) pro forma effect on the Pricing Ratio, in each
case, after giving effect to the addition of such Property in the calculations of the
Unencumbered Borrowing Base Values; and
(h) The Credit Agreement is amended by restating subsection (b) of Section 4.2. in its
entirety as follows:
(b) the Borrower shall have delivered a Compliance Certificate showing (x) pro
forma compliance with the covenants set forth in Section 10.1. and (y) pro forma
effect on the Pricing Ratio, in each case, after giving effect to such
Reclassification; and
(i) The Credit Agreement is amended by restating the first sentence of Section 9.3 in its
entirety as follows:
At the time financial statements are furnished pursuant to Sections 9.1. and
9.2., and if the Requisite Lenders reasonably believe that an Event of Default
specified in Sections 11.1.(a), 11.1.(b), 11.1.(c)(1) resulting from noncompliance
with Section 10.1. and 11.1.(f) or a Default specified in Section 11.1.(g) may
occur, then within 10 days of the Administrative Agents request with respect to any
other fiscal period, a certificate substantially in the form of Exhibit I (a
Compliance Certificate) executed by the chief financial officer or chief
accounting officer of the Parent, among other things, (a) setting forth in
reasonable detail as of the end of such quarterly accounting period, fiscal year, or
other fiscal period, as the case may be, the calculations required to establish (x)
whether the Borrower was in compliance with the covenants contained in Sections
10.1., 10.2 and 10.4. and (y) the Pricing Ratio; and (b) stating that, to the best
of his or her knowledge, information and belief after due inquiry, no Default, Event
of Default or breach of any covenant under this Credit Agreement exists, or, if such
is not the case, specifying such Default or Event of Default and its nature, when it
occurred, whether it is continuing and the steps being taken by the Borrower with
respect to such event, condition or failure.
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(j) The Credit Agreement is amended by restating subsections (b), (c) and (d) of Section 10.1.
in their entirety as follows:
(b) Minimum Fixed Charge Coverage Ratio. The Parent and the Borrower
shall not at any time permit the ratio of (i) Adjusted EBITDA of the Parent and its
Subsidiaries for the period of twelve consecutive fiscal months most recently ending
to (ii) Fixed Charges for such period, to be less 1.50 to 1.00.
(c) Reserved.
(d) Minimum Tangible Net Worth. The Parent and the Borrower shall not
permit Tangible Net Worth at any time to be less than (i) $1,800,000,000
plus (ii) 85% of the Net Tangible Proceeds of all Equity Issuances effected by the Parent and
its Subsidiaries after March 26, 2010 (other than Equity Issuances to the Parent,
the Borrower or any Subsidiary).
(k) The Credit Agreement is amended by replacing Exhibit I attached thereto with Exhibit I
attached hereto.
Section 2. Approval of Manager. Subject to satisfaction of the conditions contained
in Section 3 hereof, the Administrative Agent hereby approves Highgate Hotels, LP and Sage
Management Services, Inc., and their respective Affiliates, as Approved Managers, pursuant to and
as defined in the Credit Agreement.
Section 3. 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:
(a) A counterpart of this Amendment duly executed by the Borrower, the Parent and all of the
Lenders;
(b) An Acknowledgement substantially in the form of Exhibit B attached hereto, executed by
each Guarantor;
(c) An opinion of counsel to the Borrower and the other Loan Parties addressed to the
Administrative Agent and the Lenders covering such matters as the Administrative Agent may
reasonably request;
(d) Evidence that the Borrower shall have paid all Fees due and payable with respect to this
Amendment (including, without limitation, the Fees described in Section 7 below); and
(e) Such other documents, instruments and agreements as the Administrative Agent may
reasonably request.
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Section 4. Representations. The Borrower represents and warrants to the
Administrative Agent and the Lenders that:
(a) Authorization. Each of the Borrower and the Parent has the right and power, and
has taken all necessary action to authorize it, to execute and deliver this Amendment and to
perform its obligations hereunder and under the Credit Agreement, as amended by this Amendment, in
accordance with their respective terms. This Amendment has been duly executed and delivered by a
duly authorized officer of each of the Borrower and the Parent and each of this Amendment and the
Credit Agreement, as amended by this Amendment, is a legal, valid and binding obligation of each of
the Borrower and the Parent enforceable against each such Person in accordance with its respective
terms except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting
the rights of creditors generally and the availability of equitable remedies for the enforcement of
certain obligations (other than the payment of principal) contained herein or therein and as may be
limited by equitable principles generally.
(b) Compliance with Laws, etc. The execution and delivery by each of the Borrower and
the Parent of this Amendment and the performance by each such Person of this Amendment and the
Credit Agreement, as amended by this Amendment, in accordance with their respective terms, do not
and will
not, by the passage of time, the giving of notice or otherwise: (i) require any Government
Approval or violate any Applicable Law relating to any Loan Party; (ii) conflict with, result in a
breach of or constitute a default under the organizational documents of any Loan Party, or any
indenture, agreement or other instrument to which any Loan Party is a party or by which it or any
of its respective properties may be bound; or (iii) result in or require the creation or imposition
of any Lien upon or with respect to any property now owned or hereafter acquired by any Loan Party.
(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.
(d) Guarantors. As of the date hereof, each Subsidiary required to be a Guarantor
under the Credit Agreement has become a Guarantor.
Section 5. Reaffirmation of Representations. Each of the Borrower and the Parent
hereby repeats and reaffirms all representations and warranties made by such Person to the
Administrative Agent, the Issuing Bank and the Lenders in the Credit Agreement 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, except to the extent
that such representations and warranties expressly relate solely to an earlier date (in which case
such representations and warranties shall have been true and correct in all material respects on
and as of such earlier date) and except for changes in factual circumstances not prohibited under
the Loan Documents.
Section 6. 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. This Amendment shall be deemed to be a Loan Document.
Section 7. Amendment Fee. In consideration of the Lenders party hereto amending the
Credit Agreement as provided herein, the Borrower agrees to pay to the Administrative Agent for the
account of each Lender executing this Amendment an amendment fee equal to 0.25% of the amount of
such Lenders Commitment (whether or not utilized).
Section 8. Expenses. The Borrower shall reimburse the Administrative Agent upon
demand for all reasonable costs and expenses (including reasonable 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 9. Benefits. This Amendment shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and assigns.
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Section 10. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE
FULLY PERFORMED, IN SUCH STATE.
Section 11. 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 12. 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.
Section 13. Definitions. All capitalized terms not otherwise defined herein are used
herein with the respective definitions given them in the Credit Agreement.
[Signatures on Next Page]
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IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to Second Amended and
Restated Credit Agreement to be executed as of the date first above written.
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DIAMONDROCK HOSPITALITY LIMITED PARTNERSHIP
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By: |
DiamondRock Hospitality Company, its sole General Partner |
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DIAMONDROCK HOSPITALITY COMPANY
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By: |
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Name: |
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Title: |
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[Signatures Continued on Next Page]
[Signature Page to Second Amendment to Second Amended and Restated Credit Agreement
for DiamondRock Hospitality Limited Partnership]
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WELLS FARGO BANK, NATIONAL ASSOCIATION, as
Administrative Agent and as a Lender
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By: |
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Name: |
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Title: |
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[Signatures Continued on Next Page]
[Signature Page to Second Amendment to Second Amended and Restated Credit Agreement
for DiamondRock Hospitality Limited Partnership]
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BANK OF AMERICA, N.A., as Syndication Agent and as a
Lender
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By: |
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Name: |
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Title: |
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[Signatures Continued on Next Page]
[Signature Page to Second Amendment to Second Amended and Restated Credit Agreement
for DiamondRock Hospitality Limited Partnership]
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CITIBANK, N.A., as a Lender
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By: |
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Name: |
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Title: |
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[Signatures Continued on Next Page]
[Signature Page to Second Amendment to Second Amended and Restated Credit Agreement
for DiamondRock Hospitality Limited Partnership]
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DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Lender
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By: |
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Name: |
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Title: |
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By: |
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[Signatures Continued on Next Page]
[Signature Page to Second Amendment to Second Amended and Restated Credit Agreement
for DiamondRock Hospitality Limited Partnership]
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KEYBANK NATIONAL ASSOCIATION, as a Lender
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By: |
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Name: |
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Title: |
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[Signatures Continued on Next Page]
[Signature Page to Second Amendment to Second Amended and Restated Credit Agreement
for DiamondRock Hospitality Limited Partnership]
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PNC BANK, NATIONAL ASSOCIATION, as a Lender
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[Signatures Continued on Next Page]
[Signature Page to Second Amendment to Second Amended and Restated Credit Agreement
for DiamondRock Hospitality Limited Partnership]
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GOLDMAN SACHS BANK USA, as a Lender
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[Signatures Continued on Next Page]
[Signature Page to Second Amendment to Second Amended and Restated Credit Agreement
for DiamondRock Hospitality Limited Partnership]
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MORGAN STANLEY SENIOR FUNDING, INC., as a Lender
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Name: |
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EXHIBIT I
FORM OF COMPLIANCE CERTIFICATE
, 20__
Wells Fargo Bank, National Association
1750 H Street, NW, #400
Washington, D.C. 20006
Attention: Mark F. Monahan
Telecopier: 202-429-2985
Telephone: 202-303-3017
Wells Fargo Bank, National Association
MAC E2231-050
2030 Main Street, Suite 500
Irvine, CA 92614
Attention: Liz Donchey
Telecopier: 949-251-4983
Telephone: 949-251-4337
Each of the Lenders Party to the Credit Agreement referred to below
Ladies and Gentlemen:
Reference is made to that certain Second Amended and Restated Credit Agreement dated as of
August 6, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the
Credit Agreement), by and among DiamondRock Hospitality Limited Partnership (the Borrower),
DiamondRock Hospitality Company (the Parent), the financial institutions party thereto and
their assignees under Section 13.6. thereof (the Lenders), Wells Fargo Bank, National
Association, as Administrative Agent (the Administrative Agent), and the other parties
thereto. Capitalized terms used herein, and not otherwise defined herein, have their
respective meanings given to them in the Credit Agreement.
Pursuant to Section 9.3 of the Credit Agreement, the undersigned hereby certifies, in such
persons corporate and not individual capacity, to the Administrative Agent and the Lenders
that:
1. The undersigned is the [ ] of the
Parent.
2. The undersigned has examined the books and records of the Parent and the Borrower and has
conducted such other examinations and investigations as are reasonably necessary to provide this
Compliance Certificate.
3. As of the date of this Compliance Certificate, to the best of my knowledge, information and
belief after due inquiry, no Default or Event of Default exists and the Borrower and its
Subsidiaries are in compliance with all covenants under the Credit Agreement. [if such is not the
case, specify such Default, Event of Default or covenant non-compliance and its nature, when it
occurred and whether it is continuing and the steps being taken by the Borrower with respect to
such event, condition or failure].
A-1
4. Attached hereto as Schedule 1(a) are reasonably detailed calculations establishing
whether or not the Borrower and its Subsidiaries were in compliance with the covenants
contained in Sections 10.1., 10.2. and 10.4. of the Credit Agreement.
5. Attached hereto as Schedule 1(b) are reasonably detailed calculations establishing the
Pricing Ratio.
6. [Attached hereto as Schedule 2 is a report setting forth a statement of Adjusted Funds
From Operations for the trailing four (4) fiscal quarters ending June 18, 2010, the last day of
our 2010 Second Fiscal Quarter]1 [Attached hereto as Schedule 2 is a report setting forth a
statement of Adjusted Funds From Operations as of the last day of the [fiscal [quarter/year]]].
7. [Attached hereto as Schedule 3 is a list of all Persons that are a Material Subsidiary
or a Significant Subsidiary as of the date hereof] 2 [Attached hereto as Schedule 3 is a list
of all Persons that have become a Material Subsidiary or a Significant Subsidiary since the
date of the Compliance Certificate most recently delivered by the Borrower or the Parent prior
to the date hereof.]
8. [Attached hereto as Schedule 4 is a report of the Properties of the Parent, the
Borrower and each of the other Subsidiaries, including their Net Operating Income for the
trailing four (4) fiscal quarters ending June 18, 2010, the last day of our 2010 Second Fiscal
Quarter and mortgage debt as of the date hereof, if any, in each case, as of the date hereof.]3
[Attached hereto as Schedule 4 is a report of newly acquired Properties of the Parent, the
Borrower and each of the other Subsidiaries, including their Net Operating Income for the
trailing four (4) fiscal quarters ending , purchase price, and principal amount of the
mortgage debt as of the date hereof, if any, since the date of the Compliance Certificate most
recently delivered by the Borrower or the Parent prior to the date hereof.]
9. As of the date hereof [the aggregate outstanding principal amount of all outstanding
Loans is less than or equal to the Maximum Loan Availability at such time]. [there are no Loans
outstanding.]
10. Schedule 5 attached hereto accurately and completely sets forth, in reasonable detail,
the information to determine the Unencumbered Borrowing Base Value of all Unencumbered
Borrowing Base Properties and Maximum Loan Availability as of , 20
_____, including,
without limitation, the aggregate principal amount of all Secured Recourse Indebtedness. 4
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Substitute this statement and the corresponding Schedule, upon the
delivery of this Certificate on the Closing Date. |
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Substitute this statement and the corresponding Schedule, upon the
delivery of this Certificate on the Closing Date. |
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Substitute this statement and the corresponding Schedule, upon the
delivery of this Certificate on the Closing Date. |
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If this Certificate is delivered in connection with the submission
of an Eligible Unencumbered Borrowing Base Property as an Unencumbered
Borrowing Base Property pursuant to Section 4.1.(b), then each of the
calculations set forth on Schedules 3 should include such Property as if it is
already an Unencumbered Borrowing Base Property. |
A-2
11. [Each Property listed on Schedule 6 attached hereto constitutes an Eligible Borrowing Base
Property and the Administrative Agent has received such information and reports regarding such
Property as required under Section 4.1.(b) of the Credit Agreement.]5
12. [Schedule 7 attached hereto accurately and completely sets forth, in reasonable detail,
the information required to determine the Unencumbered Borrowing Base Value of each Eligible
Unencumbered Borrowing Base Property as of
, 20_____.]6
13. The representations and warranties of the Borrower and the other Loan Parties
contained in the Credit Agreement and the other Loan Documents to which any is a party, are
true and correct in all material respects on and as of the date hereof, except to the extent
that such representations and warranties expressly relate solely to an earlier date (in which
case such representations and warranties shall have been true and correct on and as of such
earlier date) and except for changes in factual circumstances not prohibited under the Credit
Agreement or the other Loan Documents.
IN WITNESS WHEREOF, the undersigned has executed this certificate as of the date first
above written.
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[INSERT NAME], as [ ] of |
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DiamondRock Hospitality Company |
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Include this statement and the corresponding Schedule, if this
Certificate is delivered in connection with the submission of an Eligible
Unencumbered Borrowing Base Property as an Unencumbered Borrowing Base Property
pursuant to Section 4.1.(b). |
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Include this statement and the corresponding Schedule, if this
Certificate is delivered in connection with the submission of an Eligible
Unencumbered Borrowing Base Property as an Unencumbered Borrowing Base Property
pursuant to Section 4.1.(b). |
A-3
Schedule 1(a)
Financial Covenant Compliance
[Calculations to be Attached]
Schedule 1(b)
Pricing Ratio
[Calculations to be Attached]
Schedule 2
Adjusted Funds From Operation
[Report to be Attached]
Schedule 3
Material Subsidiary or a Significant Subsidiary since __, 20__
Schedule 4
New Properties
[Report to be Attached]
Schedule 5
Maximum Loan Availability
[Report to be Attached]
Schedule 6
Eligible Borrowing Base Properties
[Report to be Attached]
Schedule 7
Unencumbered Borrowing Base Value of each Eligible Unencumbered Borrowing Base Property
[Report to be Attached]
Exhibit B
FORM OF GUARANTOR ACKNOWLEDGEMENT
THIS GUARANTOR ACKNOWLEDGEMENT dated as of June 2, 2011 (this Acknowledgement) executed by
each of the undersigned (the Guarantors) in favor of WELL FARGO BANK, NATIONAL ASSOCIATION, as
Administrative Agent (the Administrative Agent), the Issuing Bank and each Lender a party to the
Credit Agreement referred to below.
WHEREAS, DiamondRock Hospitality Limited Partnership (the Borrower), DiamondRock Hospitality
Company (the Parent), the Lenders, the Administrative Agent and certain other parties have
entered into that certain Second Amended and Restated Credit Agreement dated as of August 6, 2010
(as 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 August 6, 2010
(as amended, restated, supplemented or otherwise modified from time to time, the Guaranty)
pursuant to which they guarantied, among other things, the Borrowers obligations under the Credit
Agreement on the terms and conditions contained in the Guaranty;
WHEREAS, the Borrower, the Parent, the Administrative Agent and the Lenders are to enter into
a Second Amendment to Second Amended and Restated 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 NEW YORK 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.
B-1
IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guarantor
Acknowledgement as of the date and year first written above.
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THE GUARANTORS:
DIAMONDROCK HOSPITALITY COMPANY
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BLOODSTONE TRS, INC.
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DIAMONDROCK ALPHARETTA OWNER, LLC
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DIAMONDROCK ALPHARETTA TENANT, LLC
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DIAMONDROCK ATLANTA PERIMETER OWNER, LLC
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DIAMONDROCK ATLANTA PERIMETER TENANT, LLC
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DIAMONDROCK BETHESDA OWNER LIMITED PARTNERSHIP
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DIAMONDROCK BETHESDA GENERAL, LLC, its general partner
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DIAMONDROCK BETHESDA TENANT, LLC
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DIAMONDROCK BOSTON OWNER, LLC
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DIAMONDROCK CHICAGO CONRAD OWNER, LLC
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DIAMONDROCK GRIFFIN GATE OWNER, LLC
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DIAMONDROCK OAK BROOK OWNER, LLC
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DIAMONDROCK OAK BROOK TENANT, LLC
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DIAMONDROCK SONOMA OWNER, LLC
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DIAMONDROCK SONOMA TENANT, LLC
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DIAMONDROCK TORRANCE OWNER, LLC
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DIAMONDROCK TORRANCE TENANT, LLC
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DIAMONDROCK VAIL OWNER, LLC
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DIAMONDROCK VAIL TENANT, LLC
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exv99w1
Exhibit 99.1
EXECUTION COPY
FIRST AMENDMENT TO SECOND AMENDED AND
RESTATED CREDIT AGREEMENT
THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this Amendment) dated
as of May 17, 2011 by and among DIAMONDROCK HOSPITALITY LIMITED PARTNERSHIP, a limited partnership
formed under the laws of the State of Delaware (the Borrower), DIAMONDROCK HOSPITALITY COMPANY, a
corporation formed under the laws of the State of Maryland (the Parent), each of the Lenders
party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the
Administrative Agent).
WHEREAS, the Borrower, the Parent, the Lenders, the Administrative Agent and certain other
parties have entered into that certain Second Amended and Restated Credit Agreement dated as of
August 6, 2010 (as in effect immediately prior to the date hereof, the Credit Agreement); and
WHEREAS, the Borrower, the Parent, 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 Amendment to Credit Agreement. The parties hereto agree that the
Credit Agreement is amended by adding the following new Section to the end of Article XIII:
Section 13.22. New York Mortgages.
(a) Generally. The parties hereto acknowledge and agree that as an
accommodation to the Parent and the Borrower, the Administrative Agent, the Issuing
Bank and the Lenders may, from time to time, in their sole discretion, accept the
benefits of Mortgages encumbering real property located in the State of New York
assigned from time to time pursuant to the terms of this Section to the
Administrative Agent, for its benefit and the benefit of the Issuing Bank and the
Lenders (any such Mortgage a New York Mortgage).
(b) Assignment of New York Mortgages. In connection with the
acceptance of the benefits of a New York Mortgage by the Administrative Agent, the
Issuing Bank and the Lenders, the Borrower shall cause to be delivered to the
Administrative Agent each of the following, in form and substance satisfactory to
the Administrative Agent:
(i) the originals (or if not available, copies) of each outstanding
promissory note evidencing the Indebtedness secured by such New York
Mortgage, duly endorsed (by allonge or otherwise) to the order of the
Administrative Agent (collectively, Existing New York Notes);
(ii) an amended and restated promissory note (each a Restated New York
Note) which amends, restates and, if applicable, consolidates the
applicable Existing New York Notes, which (x) shall be payable to the order
of the Administrative Agent for the benefit of itself, the Issuing Bank and
the Lenders, (y) shall be in an initial aggregate principal amount equal to
the principal amount of Loans advanced hereunder in connection with the
transfer of such Existing New York Notes to the Administrative Agent for the
benefit of itself, the Issuing Banks and the Lenders and (z) shall
incorporate by reference all of the applicable terms and conditions of this
Agreement and the other Loan Documents;
(iii) a copy of such New York Mortgage, including all amendments
thereto, showing all recording information thereon certified to the
knowledge of an authorized officer of the Borrower as being true, correct
and complete;
(iv) an assignment of such New York Mortgage, in recordable form,
executed by each holder of the Indebtedness secured by such New York
Mortgage (or an authorized agent acting on behalf of each such holder);
(v) a modification to such New York Mortgage executed by the applicable
Loan Parties, such modification, among other things, to modify such New York
Mortgage (x) to provide that it secures the applicable Restated New York
Note, (y) to provide that the maximum principal sum of Obligations secured
by such New York Mortgage at execution or in the future shall not exceed the
initial principal amount of the applicable Restated New York Note and (z) to
include language reasonably satisfactory to the Administrative Agent to the
effect that payments in respect of the Obligations shall not be deemed to
reduce the amount of the Obligations secured by such New York Mortgage until
such time as the outstanding principal amount of the Obligations shall have
been reduced to the initial principal amount of the applicable Restated New
York Note;
(vi) terminations of, or assignments and modifications to, any
assignment of leases and rents, financing statements and any other document,
instrument or agreement securing the Indebtedness secured by such New York
Mortgage, as the Administrative Agent may reasonably request;
- 2 -
(vii) a copy of any environmental assessment report on the Property
subject to such New York Mortgage available to the Borrower, and if
reasonably requested by the Administrative Agent, reliance letters from the
environmental engineering firms performing such assessments addressed to the
Administrative Agent, the Issuing Bank and the Lenders; provided, however,
if such a reliance letter is not provided, the Administrative Agent, the
Issuing Bank and the Lenders shall have no obligation to accept an
assignment of such New York Mortgage;
(viii) and environmental indemnity agreement executed by the Borrower,
the Parent and any other Loan Party that owns or leases the Property
encumbered by such New York Mortgage in favor of the Administrative Agent
for its benefit and the benefit of the Issuing Bank and the Lenders and in a
form reasonably acceptable to the Administrative Agent; and
(ix) such other documents, agreements and instruments as the
Administrative Agent on behalf of the Issuing Bank and the Lenders may
reasonably request.
(c) Release of New York Mortgages. Notwithstanding any other provision
of this Agreement or any other Loan Document to the contrary, including without
limitation, Section 13.7., (i) upon the Borrowers written request and at the
Borrowers sole cost and expense, the Administrative Agent shall release any or all
of the New York Mortgages or assign any or all of the New York Mortgages to any
Person requested by the Borrower (any such assignment to be without recourse or
warranty whatsoever) and (ii) the Administrative Agent may in its discretion, and
shall at the direction of the Requisite Lenders, release any or all of the New York
Mortgages if the Administrative Agent has, or the Requisite Lenders have, reasonably
determined that holding any of such New York Mortgages could be detrimental to the
Administrative Agent or the Lenders, and so long as the Administrative Agent shall
have given the Borrower written notice at least 5 days prior to any such release;
provided, however, the Administrative Agent shall not be required to give any such
prior notice to the Borrower if the Administrative Agent, in its sole discretion,
has determined that delay of such release would be detrimental to the Administrative
Agent or the Lenders.
(d) Indemnity. Not in limitation of any of the Borrowers obligations
under Section 13.2. or 13.10., the Borrower shall and hereby agrees to indemnify,
defend and hold harmless the Administrative Agent, the Issuing Bank, each Lender and
each other Indemnified Party from and against any and all losses, costs, claims,
damages, liabilities, deficiencies, judgments or expenses of every kind and nature
(including, without limitation, amounts paid in settlement, court costs and the fees
and disbursements of counsel incurred in connection with any
litigation, investigation, claim or proceeding or any advice rendered in connection
therewith) incurred by an Indemnified Party in connection with, arising out of, or
by reason of, any Indemnity Proceeding which is in any way related directly or
indirectly to (i) the failure of any Person to pay any recording tax payable
pursuant to N.Y. Tax Law, Ch. 60, Art. 11, Sec. 253 et seq. or other Applicable Laws
of the State of New York or any political subdivision of such State or (ii) any New
York Mortgage.
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(e) The Borrower represents and warrants that no Property encumbered by a New
York Mortgage is located in an area determined by the Federal Emergency Management
Agency to have special flood hazards.
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:
(a) A counterpart of this Amendment duly executed by the Borrower, the Parent and the Lenders
constituting the Requisite Lenders;
(b) An Acknowledgement substantially in the form of Exhibit A attached hereto, executed by
each Guarantor; and
(c) 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. Each of the Borrower and the Parent has the right and power, and
has taken all necessary action to authorize it, to execute and deliver this Amendment and to
perform its obligations hereunder and under the Credit Agreement, as amended by this Amendment, in
accordance with their respective terms. This Amendment has been duly executed and delivered by a
duly authorized officer of each of the Borrower and the Parent and each of this Amendment and the
Credit Agreement, as amended by this Amendment, is a legal, valid and binding obligation of each of
the Borrower and the Parent enforceable against each such Person in accordance with its respective
terms except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting
the rights of creditors generally and the availability of equitable remedies for the enforcement of
certain obligations (other than the payment of principal) contained herein or therein and as may be
limited by equitable principles generally.
(b) Compliance with Laws, etc. The execution and delivery by each of the Borrower and
the Parent of this Amendment and the performance by each such Person of this Amendment and the
Credit Agreement, as amended by this Amendment, in accordance with their respective terms, do not
and will not, by the passage of time, the giving of notice or otherwise: (i) require
any Government Approval or violate any Applicable Law relating to any Loan Party; (ii) conflict
with, result in a breach of or constitute a default under the organizational documents of any Loan
Party, or any indenture, agreement or other instrument to which any Loan Party is a party or by
which it or any of its respective properties may be bound; or (iii) result in or require the
creation or imposition of any Lien upon or with respect to any property now owned or hereafter
acquired by any Loan Party.
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(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.
(d) Guarantors. As of the date hereof, each Subsidiary required to be a Guarantor
under the Credit Agreement has become a Guarantor.
Section 4. Reaffirmation of Representations. Each of the Borrower and the Parent
hereby repeats and reaffirms all representations and warranties made by such Person to the
Administrative Agent, the Issuing Bank and the Lenders in the Credit Agreement 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, except to the extent
that such representations and warranties expressly relate solely to an earlier date (in which case
such representations and warranties shall have been true and correct in all material respects on
and as of such earlier date) and except for changes in factual circumstances not prohibited under
the Loan Documents.
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 costs and expenses (including reasonable 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 NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE
FULLY PERFORMED, IN SUCH STATE.
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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.
Section 11. Definitions. All capitalized terms not otherwise defined herein are used
herein with the respective definitions given them in the Credit Agreement.
[Signatures on Next Page]
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IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Second Amended and
Restated Credit Agreement to be executed as of the date first above written.
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DIAMONDROCK HOSPITALITY LIMITED PARTNERSHIP |
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DiamondRock Hospitality Company, its sole General Partner |
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DIAMONDROCK HOSPITALITY COMPANY
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WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent and as a
Lender
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BANK OF AMERICA, N.A.,
as Syndication Agent and as a Lender
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CITIBANK, N.A., as a Lender
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DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Lender
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KEYBANK NATIONAL ASSOCIATION, as a Lender
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PNC BANK, NATIONAL ASSOCIATION, as a Lender
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GOLDMAN SACHS BANK USA, as a Lender
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MORGAN STANLEY SENIOR FUNDING, INC., as a Lender
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EXHIBIT A
FORM OF GUARANTOR ACKNOWLEDGEMENT
THIS GUARANTOR ACKNOWLEDGEMENT dated as of May
_____, 2011 (this Acknowledgement) executed by
each of the undersigned (the Guarantors) in favor of WELL FARGO BANK, NATIONAL ASSOCIATION, as
Administrative Agent (the Administrative Agent), the Issuing Bank and each Lender a party to the
Credit Agreement referred to below.
WHEREAS, DiamondRock Hospitality Limited Partnership (the Borrower), DiamondRock Hospitality
Company (the Parent), the Lenders, the Administrative Agent and certain other parties have
entered into that certain Second Amended and Restated Credit Agreement dated as of August 6, 2010
(as 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 August 6, 2010
(as amended, restated, supplemented or otherwise modified from time to time, the Guaranty)
pursuant to which they guarantied, among other things, the Borrowers obligations under the Credit
Agreement on the terms and conditions contained in the Guaranty;
WHEREAS, the Borrower, the Parent, the Administrative Agent and the Lenders are to enter into
a First Amendment to Second Amended and Restated 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 NEW YORK 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.
A-1
IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guarantor
Acknowledgement as of the date and year first written above.
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THE GUARANTORS:
DIAMONDROCK HOSPITALITY COMPANY
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BLOODSTONE TRS, INC.
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DIAMONDROCK ALPHARETTA OWNER, LLC
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DIAMONDROCK ALPHARETTA TENANT, LLC
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DIAMONDROCK ATLANTA PERIMETER OWNER, LLC
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DIAMONDROCK ATLANTA PERIMETER TENANT, LLC
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DIAMONDROCK BETHESDA OWNER LIMITED PARTNERSHIP |
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DIAMONDROCK BETHESDA GENERAL, LLC, its
general partner |
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DIAMONDROCK BETHESDA TENANT, LLC
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DIAMONDROCK BOSTON OWNER, LLC
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DIAMONDROCK BOSTON TENANT, LLC
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DIAMONDROCK CHICAGO CONRAD OWNER, LLC
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DIAMONDROCK CHICAGO CONRAD TENANT, LLC
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DIAMONDROCK GRIFFIN GATE OWNER, LLC
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DIAMONDROCK GRIFFIN GATE TENANT, LLC
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DIAMONDROCK OAK BROOK OWNER, LLC
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DIAMONDROCK OAK BROOK OWNER, LLC
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DIAMONDROCK OAK BROOK TENANT, LLC
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DIAMONDROCK SONOMA OWNER, LLC
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DIAMONDROCK SONOMA TENANT, LLC
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DIAMONDROCK TORRANCE OWNER, LLC
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DIAMONDROCK TORRANCE OWNER, LLC
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DIAMONDROCK TORRANCE TENANT, LLC
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DIAMONDROCK VAIL OWNER, LLC
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DIAMONDROCK VAIL TENANT, LLC
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