Ashford Hospitality Trust, Inc. entered into a loan secured by the Residence Inn Manchester, having an original principal amount of $7,400,000 and a loan secured by the Residence Inn Jacksonville, having an original principal amount of $10,800,000. The RI Loans have a stated maturity date of January 6, 2024 and have a fixed interest rate of 5.49%. On July 25, 2014, the Company entered into a loan secured by the Fairfield Inn Kennesaw and Springhill Suites Kennesaw, having an original principal amount of $12,500,000 and a loan secured by the Hampton Inn Buford, Springhill Suites Buford and Hampton Inn Lawrenceville, having an original principal amount of $24,980,000. The Loan Pools have a stated maturity date of August 1, 2024. Loan Pool 1 has a fixed interest rate of 4.85% and Loan Pool 2 has a fixed interest rate of 4.90%. On December 31, 2020, the Company executed forbearance agreements for the RI Loans. Terms of the agreements included deferral of: (a) the monthly debt service payment amounts from June 2020 through December 2020; and (b) the monthly FF&E reserve contributions from June 2020 through December 2020. All deferred amounts are to be paid in nine equal monthly installments commencing January 2021. Additionally, on December 31, 2020, the Company executed forbearance agreements for the Loan Pools. Terms of the agreements included deferral of: (a) the monthly debt service payment amounts from June 2020 through December 2020; and (b) the monthly FF&E reserve contributions from June 2020 through December 2020. All deferred amounts are to be paid in six equal monthly installments commencing July 2021. As previously disclosed, on January 17, 2018, the Company refinanced its $376.8 million mortgage loan. The new mortgage loan totaled $395.0 million (the “ Loan ”). The Loan has a two-year initial term ending February 9, 2020, and five one year extension options, subject to the satisfaction of certain conditions. The Loan is interest only and provides for an interest rate of LIBOR + 2.92%. The Loan is secured by eight hotels: Embassy Suites Portland, Embassy Suites Crystal City, Embassy Suites Orlando, Embassy Suites Santa Clara, Crowne Plaza Key West, Hilton Costa Mesa, Sheraton Minneapolis, and Historic Inns of Annapolis. On January 19, 2021, the Company entered into a Modification and Ratification Agreement with the lender (the “ Modification Agreement ”). Pursuant to the Modification Agreement, the Company paid to the lender the full outstanding amount of delinquent debt service from April 2020 through October 2020. The Modification Agreement waives default interest on the delinquent debt service and, as a result of the Company having previously paid debt service for November 2020 through January 2021, provides that the Loan is no longer in default. In addition, the Company also paid the full outstanding amount of delinquent tax reserve contributions from April 2020 through January 2021. The Modification Agreement waives the monthly FF&E reserve contributions from April 2020 through December 2020. Finally, the Modification Agreement lowers the debt yield extension for the fourth extension period from 10.25% to 8.5% and adds a debt yield extension test for the fifth extension period equal to 9.25%.