EXHIBIT 10.7(b)
SECOND AMENDMENT TO
UNSECURED REVOLVING CREDIT AGREEMENT
This Second Amendment to Unsecured Revolving Credit Agreement (the
"Amendment") is made as of September 28, 1998 by and among Equity Inns
Partnership, L.P. and Equity Inns/West Virginia Partnership, L.P. (collectively,
"Borrower"), The First National Bank of Chicago, individually and as
"Administrative Agent", Credit Lyonnais New York Branch, individually and as
"Syndication Agent" and certain other lenders shown on the signature pages
hereof.
Borrower, Administrative Agent, Syndication Agent and such other
lenders have entered into an Unsecured Revolving Credit Agreement dated as of
October 10, 1997, as amended by a First Amendment thereto dated as of November
24, 1997 (as amended, the "Credit Agreement"). All capitalized terms used herein
and not otherwise defined shall have the meanings given to them in the Credit
Agreement.
Borrower and the Lenders now desire to make a modification to one of
the provisions of the Credit Agreement as provided herein.
Therefore, the Borrower, the Administrative Agent, the Syndication
Agent and the Lenders agree as follows:
1. Modification. The parties agree that the definition of "GAAP" in
Section 1.1 of the Credit Agreement is amended, effective as of
October 10, 1997, by adding the following words at the end thereof:
", provided however that, for purposes of calculating the Borrower's
compliance with the terms of Article IX hereof, there shall be excluded
from the quarterly determinations of Borrower's financial results for
the first three fiscal quarters of any fiscal year (but not from
Borrower's annual financial results for such fiscal year) the deferred
revenue/recognition of deferred revenue adjustments associated with the
application of Issue No. 98-9 titled "Accounting for Contingent Rent in
Interim Financial Periods" and issued by the Emerging Issues Task Force
of the Financial Accounting Standards Board".
2. Guarantors' Joinder. The Borrower has caused the Guarantors to execute
and return a copy of this Amendment as indicated below.
3. Continued Effect. As expressly modified as provided herein, the Credit
Agreement shall continue in full force and effect.
4. Counterparts. This Amendment may be executed in counterparts, which
shall constitute a single effective and binding document once
the Administrative Agent has received a counterpart executed by
the Borrower, the Administrative Agent and the Required Lenders.
IN WITNESS WHEREOF, the parties have executed and delivered this
Amendment as of the date first written above.
BORROWER: EQUITY INNS PARTNERSHIP, L.P.
By: Equity Inns Trust,
its general partner
By: /s/ ▇▇▇▇▇▇ ▇. Silver
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Title: President
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EQUITY INNS/WEST VIRGINIA PARTNERSHIP, L.P.
By: Equity Inns Services, Inc.,
its general partner
By: /s/ ▇▇▇▇▇▇ ▇. Silver
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Title: President
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The undersigned, as Guarantors under the Credit Agreement, hereby
consent to and join in this Amendment and agree that the Guaranty shall continue
in full force and effect.
EQUITY INNS TRUST
By: /s/ ▇▇▇▇▇▇ ▇. Silver
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Title: President
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EQUITY SERVICES, INC.
By: /s/ ▇▇▇▇▇▇ ▇. Silver
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Title: President
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EQUITY INNS, INC.
By: /s/ ▇▇▇▇▇▇ ▇. Silver
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Title: President
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LENDERS: THE FIRST NATIONAL BANK OF CHICAGO
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
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Title: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
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First Vice President
CREDIT LYONNAIS NEW YORK BRANCH
By: /s/ ▇▇▇▇▇▇ ▇. Asciolia
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Title: ▇▇▇▇▇▇ ▇. Asciolia
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Vice President
AMSOUTH BANK
By: /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
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Title: VP
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NATIONSBANK, N.A.
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇
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Title: Vice President
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PNC BANK, KENTUCKY, INC.
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
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Title: Vice President
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FIRST NATIONAL BANK OF COMMERCE
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
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Title: Senior Vice President
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NATIONAL BANK OF COMMERCE
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇
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Title: AVP
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CRESTAR BANK
By:
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Title:
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UNION PLANTERS NATIONAL BANK
By: /s/ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
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Title: Vice President
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BANK HAPOALIM
By:
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Title:
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▇▇▇▇▇ ▇▇▇ COMMERCIAL BANK, LTD.,
NEW YORK BRANCH
/s/ Wan-Tu Yeh
By: WAN-TU YEH
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Title: VP & General Manager
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FIRST TENNESSEE BANK
By: /s/ ▇▇▇ ▇▇▇▇▇▇
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Title: Vice President
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ADMINISTRATIVE AGENT: THE FIRST NATIONAL BANK OF CHICAGO
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
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Title: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
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First Vice President
SYNDICATION AGENT: CREDIT LYONNAIS NEW YORK BRANCH
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Title: Vice President
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AMSOUTH BANK
By: /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
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Title: VP
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