LOAN AGREEMENT by and among NEW SANTA MONICA BEACH HOTEL, L.L.C., as Borrower, DTRS SANTA MONICA, L.L.C., as Operating Lessee, THE FINANCIAL INSTITUTIONS PARTY HERETO AND THEIR ASSIGNEES UNDER SECTION 12.12, as Lenders, and WELLS FARGO BANK, NATIONAL...Loan Agreement • July 15th, 2011 • Strategic Hotels & Resorts, Inc • Real estate investment trusts • New York
THIS LOAN AGREEMENT (this “Agreement”) is entered into as of July 14, 2011, by and among NEW SANTA MONICA BEACH HOTEL, L.L.C., a Delaware limited liability company (“Borrower”), DTRS SANTA MONICA, L.L.C., a Delaware limited liability company (“Operating Lessee”), each of the financial institutions initially a signatory hereto together with their successors and assignees under Section 12.12. (“Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for itself and Lenders (“Administrative Agent”).
SECURED PROMISSORY NOTESecured Promissory Note • July 15th, 2011 • Strategic Hotels & Resorts, Inc • Real estate investment trusts
This Note is one of the “Notes” referred to in the Loan Agreement dated as of July 14, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), by and among the Borrower, DTRS Santa Monica, L.L.C., the financial institutions party thereto and their assignees under Section 12.12 thereof, and the Administrative Agent, and is subject to, and entitled to, all provisions and benefits thereof. Capitalized terms used herein and not defined herein shall have the respective meanings given to such terms in the Loan Agreement. The Loan Agreement, among other things, (a) provides for the making of a Loan by the Lender to the Borrower in the Dollar amount first above mentioned, (b) permits the prepayment of the Loans by the Borrower subject to certain terms and conditions and (c) provides for the acceleration of the Loans upon the occurrence of certain specified events.
