Attached files
| file | filename |
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| EX-10.1 - SUMMIT HOTEL PROPERTIES LLC | v183933_ex10-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 3, 2010
SUMMIT
HOTEL PROPERTIES, LLC
(Exact
name of registrant as specified in its charter)
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South
Dakota
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000-51955
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20-0617340
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(State
or other jurisdiction
of
incorporation or organization)
|
(Commission
File Number)
|
(I.R.S.
employer identification no.)
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2701
South Minnesota Avenue, Suite 6, Sioux Falls, South Dakota 57105
(Address
of principal executive offices, including zip code)
Registrant’s
Telephone Number, Including Area Code: (605)
361-9566
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item 8.01 Other Events.
Fortress
Credit Corp. (“Fortress”) has extended, until May 17, 2010, its agreement to
forbear from declaring a default or otherwise enforcing its rights under Summit
Hotel Properties, LLC’s (“Company”) loan with Fortress (“Fortress
Loan”). The Company and Fortress have agreed to the material
terms of an extension of the Fortress Loan. To permit the parties
time to finalize definitive documentation for the extension, Fortress agreed,
pursuant to a Forbearance Agreement to forbear from declaring a default or
otherwise enforcing its rights under the Fortress Loan until April 5, 2010,
which was amended to April 19, 2010, and further amended to May 3,
2010. (For
additional information see the Current Reports on Form 8-K filed with the SEC on
March 4, 2010, April 6, 2010, and April 21, 2010.) The
Forbearance Agreement has been further amended, pursuant to a Third Amended and
Restated Forbearance Agreement, to extend the period of forbearance until May
17, 2010.
In March
2007 the Company entered into the Fortress Loan, in the amount of $99.7 million
and with a maturity date of March 5, 2010. The balance of the
Fortress Loan was $85.0 million as of April 5, 2010.
Item
9.01 Financial Statements and Exhibits.
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10.1
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Third
Amended and Restated Forbearance Agreement between Summit Hotel
Properties, LLC and Fortress Credit Corp. dated May 3, 2010 concerning a
loan made by Fortress Credit Corp. in the amount of $99.7 million dated
March 5, 2007.
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SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
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SUMMIT
HOTEL PROPERTIES, LLC
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By:
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/s/
Kerry W.
Boekelheide
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Name:
Kerry W. Boekelheide
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Title:
Chief Executive
Officer
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Dated: May
7, 2010