CREDIT AGREEMENT dated as of July 31, 2023 among BRAEMAR HOSPITALITY LIMITED PARTNERSHIP, as Borrower, BRAEMAR HOTELS & RESORTS INC., as Parent, BANK OF AMERICA, N.A., as Administrative Agent and L/C Issuer, and The Other Lenders Party Hereto BOFA...Credit Agreement • August 1st, 2023 • Braemar Hotels & Resorts Inc. • Real estate investment trusts • New York
Any increase or decrease in the Applicable Margin resulting from a change in the Net Debt to EBITDA Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 7.02(a); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request of Required Lenders, Pricing Level 4 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and in each case shall remain in effect until the date on which such Compliance Certificate is delivered. The Applicable Margin in effect from the Closing Date until adjusted as set forth above shall be set at Pricing Level 3.
