Ashford Trust waives advisory limits to award $13.1M cash incentives; lenders permit $21M deferred cash grants

ASHFORD HOSPITALITY TRUST INC

Company waives advisory agreement to award up to $13,063,844 in cash incentive compensation to Advisor employees during Q1-Q2 2023.
Lenders (Oaktree) waive credit agreement non-compliance for deferred cash grants of $7,950,817 in 2022 and $13,063,844 in 2023, total $21,014,661.
Aggregate cap of $30M for deferred cash grants plus other restricted payments under the credit agreement.
Waivers are one-time and do not set precedent for future transactions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ASHFORD HOSPITALITY TRUST INC amended Advisory Agreement Limited Waiver with Ashford Hospitality Limited Partnership, Ashford TRS Corporation, Ashford Inc., and Ashford Hospitality Advisors LLC valued at $13,063,844 (effective 2023-03-02).

Action: amendment
Counterparty: Ashford Hospitality Limited Partnership, Ashford TRS Corporation, Ashford Inc., and Ashford Hospitality Advisors LLC
Value: $13,063,844
Effective: 2023-03-02

Exact text from the filing

On March 2, 2023, Ashford Hospitality Trust, Inc. (“Ashford Trust” or the “Company”) entered into a Limited Waiver Under Advisory Agreement (the “Advisory Agreement Limited Waiver”) with Ashford Hospitality Limited Partnership (the “Operating Partnership”), Ashford TRS Corporation (“TRS”), Ashford Inc. (“AINC”) and Ashford Hospitality Advisors LLC (together with AINC, the “Advisor”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ASHFORD HOSPITALITY TRUST INC amended Limited Waiver to Credit Agreement with Oaktree Capital Management, L.P. (the Lenders) and Oaktree Fund Administration, LLC (Administrative Agent) valued at $30,000,000 aggregate limit (effective 2023-03-02).

Action: amendment
Agreement: credit facility
Counterparty: Oaktree Capital Management, L.P. (the Lenders) and Oaktree Fund Administration, LLC (Administrative Agent)
Value: $30,000,000 aggregate limit
Effective: 2023-03-02

Exact text from the filing

On March 2, 2023, Ashford Trust and the Borrower entered into that certain Limited Waiver to Credit Agreement (the “Limited Waiver to Credit Agreement”) with the guarantors party thereto, the Lenders party thereto and the Administrative Agent.

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Source: SEC EDGAR

accession 0001232582-23-000021

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