Washington | 001-13957 | 91-1032187 | ||
(State or Other Jurisdiction | (Commission file number) | (I.R.S. Employer | ||
of Incorporation) | Identification No.) |
| The commitment under the facility was reduced from $37.5 million to $30 million. |
| The maximum permissible total leverage ratio, which was scheduled to decrease to 4.75 to 1.0 on January 1, 2011, was fixed at 5.5 to 1.0 for the remaining term of the facility. |
| The maximum permissible senior leverage ratio, which was scheduled to decrease to 3.75 to 1.0 on January 1, 2011, was fixed at 4.25 to 1.0 for the remaining term of the facility. |
| Interest payable on Eurodollar borrowings was increased by 125 basis points to 450 basis points over LIBOR, while interest payable on base rate loans was also increased by 125 basis points to 350 basis points over the federal funds rate plus 0.5% or the prime rate, whichever is greater. |
| We agreed that, by June 24, 2011, we will pay off and terminate the facility or provide the Administrative Agent with satisfactory evidence that we have arranged for the repayment of the facility by its scheduled maturity on September 13, 2011. |
| With respect to certain other debt obligations in the aggregate amount of approximately $23.4 million that are scheduled to mature in 2011, we agreed as to each such obligation that, by June 24, 2011, we will either extend the maturity of the obligation to at least March 13, 2012, repay the obligation in full, or provide the Administrative Agent with satisfactory evidence that we have arranged for the repayment of the obligation by its scheduled maturity date. |
| We agreed that, if we sell any capital stock or dispose of or refinance any of our properties, we will apply 80% of the net cash proceeds to prepay the facility, and the commitment under the facility will be reduced by the amount of the prepayment. This agreement does not apply to certain dispositions such as the sale of inventory in the ordinary course of business and occasional sales of immaterial assets for fair market value. |
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(d) | Exhibits. |
Exhibit No. | Exhibit | |
10
|
Second Amendment dated January 10, 2011 to Credit Agreement among the Registrant, Credit Agricole Corporate and Investment Bank, Sole Lead Arranger and Administrative Agent, KeyBank National Association, Documentation Agent, CIBC, Inc., Union Bank, N.A. and Wells Fargo Bank, National Association |
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RED LION HOTELS CORPORATION |
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Dated: January 13, 2011 | By: | /s/ Thomas L. McKeirnan | ||
Thomas L. McKeirnan | ||||
Senior Vice President, General Counsel and Secretary |
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Exhibit No. | Exhibit | |
10
|
Second Amendment dated January 10, 2011 to Credit Agreement among the Registrant, Credit Agricole Corporate and Investment Bank, Sole Lead Arranger and Administrative Agent, KeyBank National Association, Documentation Agent, CIBC, Inc., Union Bank, N.A. and Wells Fargo Bank, National Association |