EXHIBIT 10.6(a)
FIRST AMENDMENT
REVOLVING CREDIT LOAN AGREEMENT
THIS FIRST AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT is made and
entered into as of the 10th day of August, 1998, by EQUITY INNS PARTNERSHIP,
L.P., a Tennessee limited partnership, and EQUITY INNS/WEST VIRGINIA
PARTNERSHIP, L.P., a Tennessee limited partnership (together herein called
"Borrower"), EQUITY INNS, INC., a Tennessee corporation, and EQUITY INNS TRUST,
a Maryland real estate investment trust (together herein called "Guarantor"),
and NATIONAL BANK OF COMMERCE, Memphis, Tennessee ("Bank").
WHEREAS, the parties executed that Revolving Credit Loan Agreement (the
"Loan Agreement"), dated as of November 14, 1997, which Loan Agreement was
executed simultaneously with a Revolving Credit Promissory Note (the "Note") in
the principal amount of $5,000,000.00, payable to Bank.
WHEREAS, the parties desire to increase the principal amount of the
Note to $10,000,000.00, amend the maturity date of the Note and make
corresponding amendments to the Loan Agreement.
W I T N E S S E T H :
For mutual considerations, receipt and sufficiency of which are hereby
acknowledged, it is agreed as follows:
The definition of "Termination Date" in Section 1.01 is modified to
change the Termination Date to December 31, 1998.
Section 2.01 is deleted in its entirety and replaced with the following
paragraph:
SECTION 2.01 Revolving Credit. Bank agrees on the terms and conditions
hereinafter set forth, to make advances ("Revolving Credit Loans") to Borrower
from time to time during the period from the date of this Agreement up to but
not including the Termination Date in an aggregate amount not to exceed at any
time outstanding TEN MILLION and No/100 DOLLARS ($10,000,000.00). Within the
limits of the Commitment, Borrower may borrow, prepay pursuant to Section 2.06,
and reborrow under this Section 2.01
Section 2.05 is deleted in its entirety and replaced with the following
paragraph:
SECTION 2.05 Revolving Credit Note. All revolving Credit Loans made by
Bank under this Agreement shall be evidenced by, and repaid with interest in
accordance with, a single promissory note of Borrower in substantially the form
of Exhibit B attached hereto duly completed in the principal amount of TEN
MILLION and No/100 DOLLARS ($10,000,000.00), payable to Bank, and maturing as to
principal on the Termination Date (the "Revolving Credit Note"). The amounts
reflected on Bank's internal records shall be deemed conclusive as to the
outstanding balance of principal and interest of the Revolving Credit Loans from
time to time absent Borrower furnishing to Bank conclusive and irrefutable
evidence of an error made by Bank with respect to such records.
Section 5.02 is Amended to change the address at the Bank to:
00000 Xxxxxx Xxxxxx
X.X. Xxx 000000
Xxxxxxxxxx, XX 00000-0000
Attention: Xxx Xxxxxx
Fax Number: (000) 000-0000
GUARANTOR:
EQUITY INNS, INC.,
a Tennessee corporation
By: /s/ Xxxxxx X. Silver
---------------------
Title: President
---------------------
EQUITY INNS TRUST, a
Maryland real estate investment trust
By: /s/ Xxxxxx X. Silver
---------------------
Title: President
---------------------
BANK:
NATIONAL BANK OF COMMERCE
By: /s/ Xxxxx Xxxxx
---------------
Title: Vice President
---------------
