EXHIBIT 10.1
[CONFORMED COPY with
EXHIBIT C AND ANNEX D THERETO
CONFORMED AS EXECUTED]
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CHASE
CREDIT AGREEMENT
dated as of
JUNE 30, 1999
among
WYNDHAM INTERNATIONAL, INC.,
The Lenders Party Hereto,
NATIONSBANK, N.A.,
as Syndication Agent,
BANKERS TRUST COMPANY,
as Syndication Agent,
CREDIT LYONNAIS NEW YORK BRANCH,
as Documentation Agent,
BEAR XXXXXXX CORPORATE LENDING INC.,
as Co-Documentation Agent,
and
THE CHASE MANHATTAN BANK,
as Administrative Agent
$1,800,000,000
CHASE SECURITIES INC.,
as Lead Arranger and Book Manager
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TABLE OF CONTENTS
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Page
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ARTICLE I Definitions...................................................................... 1
SECTION 1.01 Defined Terms............................................................... 1
SECTION 1.02 Classification of Loans and Borrowings...................................... 29
SECTION 1.03 Terms Generally............................................................. 29
ARTICLE II The Credits...................................................................... 30
SECTION 2.01 Commitments................................................................. 30
SECTION 2.02 Loans and Borrowings........................................................ 30
SECTION 2.03 Requests for Borrowings..................................................... 31
SECTION 2.04 Swingline Loans............................................................. 31
SECTION 2.05 Letters of Credit........................................................... 33
SECTION 2.06 Funding of Borrowings....................................................... 37
SECTION 2.07 Interest Elections.......................................................... 37
SECTION 2.08 Repayment of Loans; Evidence of Debt........................................ 39
SECTION 2.09 Termination, Reduction and Increase of Commitments.......................... 39
SECTION 2.10 Prepayment of Loans......................................................... 42
SECTION 2.11 Mandatory Applications and Prepayments; Scheduled Commitment Reductions..... 42
SECTION 2.12 Fees........................................................................ 45
SECTION 2.13 Interest.................................................................... 46
SECTION 2.14 Alternate Interest.......................................................... 46
SECTION 2.15 Increased Costs............................................................. 47
SECTION 2.16 Break Funding Payments...................................................... 48
SECTION 2.17 Taxes....................................................................... 49
SECTION 2.18 Payments Generally; Pro Rata Treatment; Sharing of Set-offs................. 50
SECTION 2.19 Mitigation Obligations, Replacement of Lenders.............................. 52
ARTICLE III Representations and Warranties................................................... 53
SECTION 3.01 Financial Condition......................................................... 53
SECTION 3.02 No Change................................................................... 54
SECTION 3.03 Company Existence; Compliance with Law...................................... 54
SECTION 3.04 Company Power; Authorization; Enforceable Obligations....................... 54
SECTION 3.05 No Violation................................................................ 54
SECTION 3.06 Litigation.................................................................. 55
SECTION 3.07 No Default.................................................................. 55
SECTION 3.08 Intellectual Property....................................................... 55
SECTION 3.09 Taxes....................................................................... 55
SECTION 3.10 Federal Regulations......................................................... 56
SECTION 3.11 Labor Matters............................................................... 56
SECTION 3.12 ERISA....................................................................... 56
(i)
Page
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SECTION 3.13 Investment Company Act; Other Regulations................................... 56
SECTION 3.14 Public Utility Holding Company Act.......................................... 56
SECTION 3.15 Subsidiaries; Joint Ventures................................................ 57
SECTION 3.16 Use of Proceeds; Margin Regulations......................................... 57
SECTION 3.17 Hotels...................................................................... 57
SECTION 3.18 Environmental Matters....................................................... 58
SECTION 3.19 Accuracy of Information, etc................................................ 59
SECTION 3.20 Security Documents.......................................................... 59
SECTION 3.21 Solvency.................................................................... 60
SECTION 3.22 Existing Indebtedness....................................................... 60
SECTION 3.23 Year 2000 Matters........................................................... 60
SECTION 3.24 Transaction................................................................. 60
ARTICLE IV Conditions Precedent............................................................. 61
SECTION 4.01 Conditions to Initial Extension of Credit................................... 61
SECTION 4.02 Conditions to Each Extension of Credit...................................... 63
ARTICLE V Affirmative Covenants............................................................ 64
SECTION 5.01 Financial Statements........................................................ 64
SECTION 5.02 Certificates; Other Information............................................. 64
SECTION 5.03 Payment of Obligations...................................................... 66
SECTION 5.04 Maintenance of Existence; Compliance........................................ 66
SECTION 5.05 Maintenance of Property; Insurance.......................................... 66
SECTION 5.06 Inspection of Property; Books and Records; Discussions...................... 66
SECTION 5.07 Notices..................................................................... 67
SECTION 5.08 Environmental Laws.......................................................... 67
SECTION 5.09 Interest Rate Protection.................................................... 68
SECTION 5.10 Additional Collateral; New Subsidiaries, etc................................ 68
SECTION 5.11 Year 2000 Compliance........................................................ 69
SECTION 5.12 Maintenance of Separateness................................................. 69
ARTICLE VI Negative Covenants............................................................... 70
SECTION 6.01 Financial Covenants......................................................... 70
SECTION 6.02 Indebtedness................................................................ 73
SECTION 6.03 Liens....................................................................... 75
SECTION 6.04 Fundamental Changes......................................................... 77
SECTION 6.05 Disposition of Assets or Equity Ownership Interests......................... 78
SECTION 6.06 Investments................................................................. 79
SECTION 6.07 Dividends................................................................... 80
SECTION 6.08 Payments and Modifications of Certain Debt Instruments and Preferred Stock.. 81
SECTION 6.09 Transactions with Affiliates................................................ 81
SECTION 6.10 Clauses Restricting Subsidiary Distributions................................ 82
SECTION 6.11 Changes in Fiscal Periods................................................... 82
(ii)
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SECTION 6.12 Negative Pledge Clauses..................................................... 82
SECTION 6.13 Lines of Business........................................................... 83
SECTION 6.14 Subsidiary Stock............................................................ 83
SECTION 6.15 Derivatives Obligations..................................................... 83
ARTICLE VII Events of Default................................................................ 84
SECTION 7.01 Payments.................................................................... 84
SECTION 7.02 Representations, etc........................................................ 84
SECTION 7.03 Covenants................................................................... 84
SECTION 7.04 Default Under Other Agreements.............................................. 84
SECTION 7.05 Bankruptcy, etc............................................................. 85
SECTION 7.06 ERISA....................................................................... 85
SECTION 7.07 Judgments................................................................... 85
SECTION 7.08 Security Documents.......................................................... 86
SECTION 7.09 Change of Control........................................................... 86
ARTICLE VIII The Administrative Agent......................................................... 87
SECTION 8.01 Appointment................................................................. 87
SECTION 8.02 The Administrative Agent in its Individual Capacity......................... 87
SECTION 8.03 Nature of Duties............................................................ 87
SECTION 8.04 Reliance.................................................................... 88
SECTION 8.05 Resignation or Removal of the Administrative Agent.......................... 88
SECTION 8.06 Lack of Reliance on the Administrative Agent................................ 88
SECTION 8.07 Certain Rights of the Administrative Agent.................................. 89
SECTION 8.08 Indemnification............................................................. 89
SECTION 8.09 Other Agents................................................................ 89
ARTICLE IX Miscellaneous.................................................................... 89
SECTION 9.01 Notices..................................................................... 89
SECTION 9.02 Waivers; Amendments......................................................... 90
SECTION 9.03 Expenses; Indemnity; Damage Waiver.......................................... 91
SECTION 9.04 Successors and Assigns...................................................... 92
SECTION 9.05 Survival.................................................................... 94
SECTION 9.06 Counterparts................................................................ 95
SECTION 9.07 Severability................................................................ 95
SECTION 9.08 Right of Setoff............................................................. 95
SECTION 9.09 Governing Law, Jurisdiction; Consent to Service of Process.................. 95
SECTION 9.10 WAIVER OF JURY TRIAL........................................................ 96
SECTION 9.11 Headings.................................................................... 96
SECTION 9.12 Confidentiality............................................................. 96
SECTION 9.13 Effectiveness............................................................... 97
SECTION 9.14 Domicile of Loans........................................................... 97
SECTION 9.15 Calculations; Computations.................................................. 97
(iii)
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ANNEXES
Annex A - Pricing Grid
SCHEDULES
Schedule I - Approved Procurement Savings
Schedule II - Certain Non-Core Assets
Schedule III - Commitments
Schedule IV - Sponsors
Schedule V - Subsidiaries; Joint Ventures and Equity Ownership Interests
Schedule VI - Unrestricted Assets and Unrestricted Subsidiaries
Schedule VII - Existing Letters of Credit
Schedule VIII - Consents
Schedule IX - Litigation
Schedule X - Real Property; Hotels
Schedule XI - Existing Indebtedness
Schedule XII - Investments
Schedule XIII - Existing Restrictions on Subsidiaries
EXHIBITS
Exhibit A - Assignment and Acceptance
Exhibit B - Compliance Certificate
Exhibit C - Guaranty and Collateral Agreement
Exhibit D - Prepayment Option Notice
Exhibit E - Closing Certificates
Exhibit F - Opinion of Xxxxxxx, Procter & Xxxx
Exhibit G - Solvency Certificate
(iv)
CREDIT AGREEMENT dated as of June 30, 1999 among WYNDHAM
INTERNATIONAL, INC., a Delaware corporation (the "Borrower"), the LENDERS party
hereto from time to time, CHASE SECURITIES INC. ("CSI"), as Lead Arranger and
Book Manager, NATIONSBANK, N.A. and BANKERS TRUST COMPANY as Syndication Agents
(each a "Syndication Agent," together the "Syndication Agents"), CREDIT LYONNAIS
NEW YORK BRANCH as Documentation Agent, BEAR XXXXXXX CORPORATE LENDING INC. as
Co-Documentation Agent (each a "Documentation Agent," together the
"Documentation Agents") and THE CHASE MANHATTAN BANK ("Chase"), as
Administrative Agent (all capitalized terms used herein and defined in Section 1
are used herein as therein defined.)
The parties hereto agree as follows:
ARTICLE I
Definitions
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SECTION 1.01 Defined Terms. As used in this Agreement, the following
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terms have the meanings specified below:
"ABR", when used in reference to any Loan or Borrowing, refers to
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whether such Loan, or the Loans comprising such Borrowing, are bearing interest
at a rate determined by reference to the Alternate Base Rate.
"Accepting Lenders" has the meaning provided in Section 2.18(c).
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"Acquired Business" has the meaning as provided in the term "Permitted
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Acquisitions."
"Additional Basket Amount" has the meaning provided in Section
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6.02(i).
"Adjusted LIBO Rate" means, with respect to any Eurodollar Borrowing
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for any Interest Period, an interest rate per annum (rounded upwards, if
necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest
Period multiplied by (b) the Statutory Reserve Rate.
"Adjustment Date" has the meaning provided in Annex A.
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"Administrative Agent" means The Chase Manhattan Bank, in its capacity
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as administrative agent for the Lenders hereunder, and shall include any
successor to the Administrative Agent appointed pursuant to Section 8.01.
"Administrative Questionnaire" means an Administrative Questionnaire
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in a form supplied by the Administrative Agent.
"Affected Eurodollar Loans" has the meaning provided in Section 2.16.
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"Affiliate" means, with respect to any Person, any other Person that,
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directly or indirectly, is in control of, is controlled by, or is under common
control with, such Person. For purposes of this definition, "control" of a
Person means the power, directly or indirectly, either to (a) vote 10% or more
of the securities having ordinary voting power for the election of directors (or
persons performing similar functions) of such Person or (b) direct or cause the
direction of the management and policies of such Person, whether by contract or
otherwise.
"Agreement" means this Credit Agreement, as amended, modified or
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supplemented from time to time.
"Allocation Percentage" means (i) with respect to the Borrower or
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any Wholly-Owned Subsidiary of any Borrower, 100% and (ii) for any other Person,
with respect to such Person's Subsidiaries and Joint Ventures, the percentage
that the Equity Ownership Interest held by such Person in such Subsidiary or
Joint Venture represents of the entire Equity Ownership Interest of such
Subsidiary or Joint Venture, respectively.
"Alternate Base Rate" means, for any day, a rate per annum equal to
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the greater of (a) the Prime Rate in effect on such day and (b) the Federal
Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in the
Alternate Base Rate due to a change in the Prime Rate or the Federal Funds
Effective Rate shall be effective from and including the effective date of such
change in the Prime Rate or the Federal Funds Effective Rate, respectively.
"Applicable Margin" means with respect to Term Loans, Revolving Loans
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and Commitment Fees, the applicable percentage per annum set forth on the
Pricing Grid attached hereto as Annex A.
"Applicable Percentage" means, with respect to any Lender, the
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percentage of the Revolving Commitments represented by such Lender's Revolving
Commitment. If the Total Revolving Commitments have terminated or expired, the
Applicable Percentages shall be determined based upon the Revolving Commitments
most recently in effect, giving effect to any assignments.
"Approved Procurement Savings" means savings reasonably anticipated to
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be reflected through procurements which have been approved by the Administrative
Agent prior to the Effective Date in the amounts reflected in Schedule I.
"Asset Disposition" means any sale, conveyance, transfer, assignment,
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lease or other disposition (including, without limitation, by merger or
consolidation, and dispositions or transfers arising out of, or in connection
with, a Recovery Event and excluding Exchanges and Dispositions of Unrestricted
Assets) by the Borrower, or any of its Subsidiaries or Joint Ventures to any
Person (other than to the Borrower, or any of its Subsidiaries or Joint
Ventures) of any Equity Ownership Interest (other than new issuances of Equity
Ownership Interests) of any of its Subsidiaries or Joint Ventures or any Hotel
or any other properties and assets, or group of related properties and assets,
in each case other than (i) sales, dispositions leases, and transfers of
inventory, obsolete personal property and fixtures, furniture and equipment,
time share units and residential lots, terminations of franchise and management
agreements, licensing of intellectual
2
property, sales of inventory and (ii) other sales, dispositions leases, and
transfers which generate net proceeds and/or other consideration the fair market
value of which is less than $7,500,000 in the aggregate in any fiscal year of
the Borrower.
"Assignment and Acceptance" means an assignment and acceptance entered
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into by a Lender and an assignee (with the consent of any party whose consent is
required by Section 9.04), and accepted by the Administrative Agent, in the form
of Exhibit A or any other form approved by the Administrative Agent.
"Assumed Indebtedness" means Indebtedness assumed in connection with a
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Permitted Acquisition or assumed in connection with an Exchange of the type
defined in Sections 6.05(c)(i) and (ii), provided that (a) such Indebtedness is
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outstanding at the time of such acquisition and was not incurred in connection
therewith or in contemplation thereof and (b) in the event that such Permitted
Acquisition constitutes an acquisition of assets other than Equity Ownership
Interest, such Indebtedness was incurred in order to acquire or improve such
asset (or refinancing of such Indebtedness whether in connection with the
original acquisition or improvement or the Permitted Acquisition).
"Augmenting Lender" has the meaning as provided in Section 2.09(d).
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"Board" means the Board of Governors of the Federal Reserve System of
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the United States of America (or any successor).
"Borrower" means Wyndham International, Inc., a Delaware corporation.
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"Borrowing" means (a) Revolving Loans or Term Loans of the same Type,
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made, converted or continued on the same date and, in the case of Eurodollar
Loans, as to which a single Interest Period is in effect and (b) Swingline
Loans.
"Borrowing Request" means a request by the Borrower for a Borrowing of
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Revolving Loans or Term Loans in accordance with Section 2.03.
"Business" has the meaning provided in Section 3.18(b).
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"Business Day" means any day that is not a Saturday, Sunday or other
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day on which commercial banks in New York City are authorized or required by law
to remain closed; provided that, with respect to notices and determinations in
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connection with and payments of principal and interest on, Eurodollar Loans,
such day is also a day for trading by and between banks in dollar deposits in
the interbank London Eurodollar market.
"Buy/Sell Arrangement" means an agreement among owners of Equity
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Ownership Interests in another Person pursuant to which an owner has the option
to sell his Equity Ownership Interest or to buy the Equity Ownership Interests
of other owners, and in response to which offer, the offerees in turn have the
option to accept such offer, or to require the initial offeror in the case of an
initial offer to sell, to instead buy the Equity Ownership Interests of the
offerees, or in the case of an initial offer to buy, to instead sell the Equity
Ownership Interest of the offeror to the offerees.
3
"Calculation Period" means the period of four consecutive Fiscal
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Quarters last ended before the date of the respective event or incurrence which
requires calculations to be made on a Pro Forma Basis.
"Capital Expenditures" means for any period, with respect to any
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Person, the aggregate of all expenditures (other than those made pursuant to
Permitted Acquisitions or in connection with a Reinvestment Event) by such
Person and its Subsidiaries for the acquisition or leasing (pursuant to a lease
giving rise to Capital Lease Obligations) of fixed or capital assets or
additions to equipment (including replacements, capitalized repairs and
improvements during such period but excluding merchandise inventory acquired
during such period) that should be capitalized under GAAP on a consolidated
balance sheet of such Person and its Subsidiaries.
"Capital Lease Obligations" of any Person means the obligations of
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such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a
combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such Person under GAAP,
and for the purposes of this Agreement, the amount of such obligations, shall be
the capitalized amount thereof, at such time determined in accordance with GAAP.
"Cash Equivalents" means (a) marketable direct obligations issued by,
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or unconditionally guaranteed by, the United States government or issued by any
agency thereof and backed by the full faith and credit of the United States, in
each case maturing within one year from the date of acquisition; (b)
certificates of deposit, time deposits, eurodollar time deposits or overnight
bank deposits having maturities of six months or less from the date of
acquisition issued by any Lender or by any commercial bank organized under the
laws of the United States or any state thereof having combined capital and
surplus of not less than $500,000,000; (c) commercial paper of an issuer rated
at least A-1 by Standard & Poor's Ratings Services ("S&P") or P-1 by Xxxxx'x
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Investors Service, Inc. ("Moody's"), or carrying an equivalent rating by a
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nationally recognized rating agency, if both of the two named rating agencies
cease publishing ratings of commercial paper issuers generally, and maturing
within six months from the date of acquisition; (d) repurchase obligations of
any Lender or of any commercial bank satisfying the requirements of clause (b)
of this definition, having a term of not more than 30 days, with respect to
securities issued or fully guaranteed or insured by the United States
government; (e) securities with maturities of one year or less from the date of
acquisition issued or fully guaranteed by any state, commonwealth or territory
of the United States, by any political subdivision or taxing authority of any
such state, commonwealth or territory or by any foreign government, the
securities of which state, commonwealth, territory, political subdivision,
taxing authority or foreign government (as the case may be) are rated at least A
by S&P or A by Moody's; (f) securities with maturities of six months or less
from the date of acquisition backed by standby letters of credit issued by any
Lender or any commercial bank satisfying the requirements of clause (b) of this
definition; or (g) shares of money market mutual or similar funds which invest
exclusively in assets satisfying the requirements of clauses (a) through (f) of
this definition.
"Change in Law" means (a) the adoption of any law, rule or regulation
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after the date of this Agreement, (b) any change in any law, rule or regulation
or in the interpretation or application thereof by any Governmental Authority
after the date of this Agreement or (c) compli-
4
ance by any Lender or the Issuing Bank (or, for purposes of Section 2.14(b), by
any lending office of such Lender or by such Lender's or the Issuing Bank's
holding company, if any) with any request, guideline or directive (whether or
not having the force of law) of any Governmental Authority made or issued after
the date of this Agreement.
"Change of Control" means (i) the acquisition, directly or indirectly,
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by any one "person" (as such term is used in Sections 13(d) and 14(d) of the
Exchange Act) (other than the Sponsors, whether collectively or individually
(other than Permitted Third Party Transferees as defined in the Securities
Purchase Agreement)) of beneficial ownership of more than 30% of the Common
Stock of the Borrower on a fully diluted basis); (ii) during any period of 24
consecutive calendar months after the Effective Date, individuals who at the
beginning of such period constituted the Board of Directors of the Borrower
(together with any new directors whose election by such Board of Directors or
whose nomination for election by the stockholders or members, as the case may
be, of the Borrower was approved by a vote of a majority of the directors then
still in office who were either directors at the beginning of such period or
whose election or nomination for election was previously so approved) cease for
any reason to constitute a majority of such Board of Directors then in office;
or (iii) any "Change of Control" or similar event shall occur under the Senior
Notes (or any other unsecured Indebtedness issued or incurred in connection with
an Offering in aggregate principal amount in excess of $100,000,000 issued or
incurred by the Borrower in compliance with this Agreement) or New Preferred
Stock.
"Chase" means The Chase Manhattan Bank.
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"Class", when used in reference to any Loan or Borrowing, refers to
-----
whether such Loan, or the Loans comprising such Borrowing, are Term Loans,
Revolving Loans or Swingline Loans.
"Class A Common Stock" means the Class A Common Stock of the Borrower.
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"Class B Stock" means, collectively, the Class B Common Stock of the
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Borrower and the Series B Convertible Preferred Stock of the Borrower.
"Code" means the Internal Revenue Code of 1986, as amended from time
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to time.
"Collateral" means all assets of the Loan Parties, now owned or
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hereafter acquired, upon which a Lien is purported to be created by any Security
Document.
"Collateral Agent" means The Chase Manhattan Bank, in its capacity as
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Collateral Agent for the Secured Parties under the Loan Documents, and shall
include any successor to the Collateral Agent.
"Commitment" means, as to any Lender, each of the Term Loan Commitment
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and Revolving Commitment of such Lender.
"Commitment Fee" has the meaning provided in Section 2.12(a).
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"Commitment Increase" has the meaning as provided in Section 2.09(e).
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5
"Common Stock" means, with respect to the Borrower, (a) for so long as
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the Class A Common Stock remains a separate class of the Borrower's common stock
and the special voting provisions available to the Class B Stock apply, the
shares of Class A Common Stock then outstanding, on a fully diluted basis,
including, without limitation, any shares of Class A Common Stock issuable upon
the conversion of any securities (including the Series A Convertible Preferred
Stock of the Borrower and the Class B Stock) then outstanding which are or may
be convertible, directly or indirectly, into Class A Common Stock, and (b)
thereafter, all securities of any class of common stock, on a fully diluted
basis, entitling the holders thereof (whether at all times or by reason of the
happening of any contingency) to vote in the election of the members of the
board of directors of the Borrower.
"Commonly Controlled Entity" means an entity, whether or not
--------------------------
incorporated, that is under common control with the Borrower within the meaning
of Section 4001 of ERISA or is part of a group that includes the Borrower and
that is treated as a single employer under Section 414 of the Code.
"Company" means any corporation, limited liability company,
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partnership or other business entity (or the adjectival form thereof, where
appropriate).
"Company Document" means the operative organizational documents of a
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Company, such as the certificate of incorporation, by-laws, partnership
agreement, certificate of partnership and limited liability company agreement.
"Compliance Certificate" means a certificate duly executed by the
----------------------
Responsible Officer substantially in the form of Exhibit B.
"Contingent Purchase Obligations" means (i) obligations for the
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purchase of assets, including Equity Ownership Interests, to be acquired in the
future, unless upon satisfaction of any applicable conditions to closing, the
seller may maintain a suit for the full purchase price thereof; (ii) contingent
deferred obligations for the purchase of assets, including "earn-out" payments,
for property or assets owned, unless and until the amount is then determinable
and satisfaction of the conditions to payment thereof is probable, in Borrower's
reasonable determination, (iii) obligations under options held by others to
compel the purchase of assets in the future, including puts or buy-sell options,
unless and until such option is exercised and (iv) obligations under Buy/Sell
Arrangements unless and until such obligations are non-contingent.
"Contractual Obligation" means, as to any Person, any material
----------------------
provision of any material security issued by such Person or of any material
agreement, instrument or other undertaking to which such Person is a party or by
which it or any of its assets are bound.
"Control Investment Affiliate" means, as to any Person, any other
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Person that (a) directly or indirectly, is in control of, is controlled by, or
is under common control with, such Person and (b) is organized by such Person
primarily for the purpose of making equity or debt investments in one or more
companies. For purposes of this definition, "control" of a Person means the
power, directly or indirectly, to direct or cause the direction of the
management and policies of such Person whether by contract or otherwise.
6
"Core Assets" means Hotels (or Equity Ownership Interest in Persons
-----------
owning such Hotels) branded as Wyndham Hotels, Wyndham Garden Hotels, Wyndham
Resorts and Wyndham Grand Heritage Hotels, or Hotels which will be branded as
such within one year after acquisition thereof (so long as such Hotels are so
branded within such time period); provided, that notwithstanding anything to the
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contrary, the Hotels described in Schedule II and Unrestricted Assets shall not
be included in this definition of Core Assets.
"Default" means any of the events specified in Article VII, whether or
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not any requirement for the giving of notice, the lapse of time, or both, has
been satisfied.
"Defaulting Lender" means any Lender with respect to which a Lender
-----------------
Default is in effect.
"Derivatives Counterparty" has the meaning provided in Section 6.07.
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"Derivatives Obligations" of any Person means all Interest Rate
-----------------------
Protection Agreements and all other obligations of such Person in respect of any
interest rate swap transaction, basis swap, forward rate transaction, commodity
swap, commodity option, equity or equity index swap, forward equity transaction,
equity or equity index option, bond option, interest rate option, foreign
exchange transaction, cap transaction, floor transaction, collar transaction,
currency swap transaction, cross-currency rate swap transaction, currency option
or any other similar transaction (including any option with respect to any of
the foregoing transactions) or any combination of the foregoing transactions.
"Determination Date" has the meaning provided in the definition of Pro
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Forma Basis.
"Disposition" means with respect to any asset, any sale, lease, sale
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and leaseback, assignment, conveyance, transfer or other disposition thereof.
The terms "Dispose" and "Disposed of" shall have correlative meanings.
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"Dividends" has the meaning provided in Section 6.07.
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"Documents" means the Transaction Documents and the Loan Documents.
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"Dollars" or "$" refers to lawful money of the United States of
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America.
"Domestic Subsidiary" means any Subsidiary of the Borrower that is
-------------------
incorporated or organized under the laws of the United States of America or any
State thereof.
"EBITDA" means for any Person for any period, the net income of such
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Person for such period, plus (a) the sum of the following amounts of such Person
for such period determined in conformity with GAAP to the extent included in the
determination of such net income: (i) depreciation expense, (ii) amortization
expense and all other non-cash expenses and charges, (iii) interest expense,
(iv) income tax expense, (v) extraordinary losses (and other losses on sales or
other dispositions of assets not otherwise included in extraordinary losses
determined in conformity with GAAP), (vi) all minority interests, including
minority interests attributable to
7
the OP Units and (vii) commencing with the first Fiscal Quarter in 1999, Non-
Recurring Identified Charges, less (b) extraordinary gains of such Person
determined in conformity with GAAP to the extent included in the determination
of such net income (and other gains on sales or other dispositions of assets not
otherwise included in extraordinary gains determined in conformity with GAAP)
and equity earnings attributable to all minority interests, including equity
earnings attributable to minority interests in the OP Units.
"Effective Date" has the meaning provided in Section 9.13.
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"Environmental Laws" means any and all foreign, Federal, state, local
------------------
or municipal laws, rules, orders, regulations, statutes, ordinances, codes,
decrees, requirements of any Governmental Authority or other Requirements of Law
(including common law) regulating, relating to or imposing liability or
standards of conduct concerning protection of human health or the environment,
as now or may at any time hereafter be in effect.
"Equity Ownership Interest" means any and all shares, interests,
-------------------------
participations or other equivalents (however designated) of capital stock of a
corporation, any and all equivalent ownership interests in a Person (other than
a corporation), including partnership interest and limited liability company
membership interest, and any and all warrants, rights or options to purchase any
of the foregoing (excluding Buy/Sell Arrangements so long as the obligations to
purchase the interests in respect thereof are contingent).
"ERISA" means the Employee Retirement Income Security Act of 1974, as
-----
amended from time to time.
"ERISA Affiliate" means any trade or business (whether or not
---------------
incorporated) that, together with the Borrower, is treated as a single employer
under Section 414(b) or (c) of the Code or, solely for purposes of Section 302
of ERISA and Section 412 of the Code, is treated as a single employer under
Section 414 of the Code.
"Eurodollar" when used in reference to any Loan or Borrowing, refers
----------
to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Adjusted LIBO Rate
"Event of Default" means any of the events specified in Article VII,
----------------
provided that any requirement for the giving of notice, the lapse of time, or
--------
both, has been satisfied.
"Exchange Act" means the Securities Exchange Act of 1934, and the
------------
regulations promulgated thereunder.
"Exchanges" has the meaning provided in Section 6.05(c).
---------
"Excluded Foreign Subsidiary" means any Foreign Subsidiary in respect
---------------------------
of which either the pledge of more than 65% of the capital stock of such
Subsidiary as Collateral or the guaranteeing by such Subsidiary of the
Obligations, would, in the good faith judgment of the Borrower, result in
adverse tax consequences to the Borrower.
8
"Excluded Taxes" means, with respect to the Administrative Agent, any
--------------
Lender, the Issuing Bank or any other recipient of any payment to be made by or
on account of any obligation of the Borrower hereunder, (a) income or franchise
taxes imposed on (or measured by) its net income by the United States of
America, or by the jurisdiction under the laws of which such recipient is
organized or in which its principal office is located or, in the case of any
Lender, in which its applicable lending office is located, (b) any branch
profits taxes imposed by the United States of America or any similar tax imposed
by any other jurisdiction in which the Borrower is located and (c) in the case
of a Foreign Lender (other than an assignee pursuant to a request by the
Borrower under Section 2.19(b)), any withholding tax that is imposed on amounts
payable to such Foreign Lender at the time such Foreign Lender becomes a party
to this Agreement (or designates a new lending office) or is attributable to
such Foreign Lender's failure to comply with Section 2.17(e), except to the
extent that such Foreign Lender (or its assignor, if any) was entitled, at the
time of designation of a new lending office (or assignment), to receive
additional amounts from the Borrower with respect to such withholding tax
pursuant to Section 2.17(a).
"Existing Credit Agreement" means that certain Credit Agreement, dated
-------------------------
as of July 18, 1997, as amended through the Effective Date, among Old Patriot,
Chase, as administrative agent, and others.
"Existing Equity Forwards" means the forward equity transactions
------------------------
entered into by the Borrower with certain counterparties, as in effect
immediately prior to the Effective Date.
"Existing Indebtedness" has the meaning provided in Section 6.02(d).
---------------------
"Facility" means either of the credit facilities established under
--------
this Agreement, i.e., the Term Loan Facility or the Revolving Loan Facility.
----
"Federal Funds Effective Rate" means, for any day, the weighted
----------------------------
average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on
overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers, as published on the next succeeding Business
Day by the Federal Reserve Bank of New York, or, if such rate is not so
published for any day that is a Business Day, the average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the quotations for such day for such
transactions received by the Administrative Agent from three Federal funds
brokers of recognized standing selected by it.
"Fees" mean all amounts payable pursuant to or referred to in Section
----
2.12.
"Fiscal Quarters" means the fiscal quarters of the Borrower ending
---------------
March 31, June 30, September 30 and December 31.
"Foreign Lender" means any Lender that is organized under the laws of
--------------
a jurisdiction other than that the United States of America, each State thereof
and the District of Columbia.
"Foreign Subsidiary" means any Subsidiary of the Borrower that is not
------------------
a Domestic Subsidiary.
9
"Forward Purchase Obligations" means obligations to purchase Hotels
----------------------------
(or an Equity Ownership Interest in a Person which owns such a Hotel) and
related assets, including obligations in the form of take-out financings, upon
the completion of construction or renovation thereof, or upon the occurrence of
another future contingency (excluding obligations under purchase, sale and
acquisition agreements entered into in the ordinary course of business).
"Fronting Fee" has the meaning as provided in Section 2.12(b).
------------
"GAAP" means generally accepted accounting principles in the United
----
States of America consistently applied throughout the periods involved.
"Governmental Authority" means any nation or government, any state or
----------------------
other political subdivision thereof, any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative functions of or
pertaining to government, any securities exchange and any self-regulatory
organization (including the National Association of Insurance Commissioners).
"Guarantee Obligation" means as to any Person (the "guaranteeing
-------------------- ------------
person"), any obligation of (a) the guaranteeing person or (b) another Person
------
(including any bank under any letter of credit) to induce the creation of which
the guaranteeing person has issued a reimbursement, counterindemnity or similar
obligation, in either case guaranteeing or in effect guaranteeing any
Indebtedness, leases, dividends or other obligations (the "primary obligations")
-------------------
of any other third Person (the "primary obligor") in any manner, whether
---------------
directly or indirectly, including any obligation of the guaranteeing person,
whether or not contingent, (i) to purchase any such primary obligation or any
asset constituting direct or indirect security therefor, (ii) to advance or
supply funds (1) for the purchase or payment of any such primary obligation or
(2) to maintain working capital or equity capital of the primary obligor or
otherwise to maintain the net worth or solvency of the primary obligor, (iii) to
purchase asset, securities or services primarily for the purpose of assuring the
owner of any such primary obligation of the ability of the primary obligor to
make payment of such primary obligation or (iv) otherwise to assure or hold
harmless the owner of any such primary obligation against loss in respect
thereof; provided, however, that the term Guarantee Obligation shall not include
-------- -------
endorsements of instruments for deposit or collection in the ordinary course of
business. The amount of any Guarantee Obligation of any guaranteeing person
shall be deemed to be the lower of (a) an amount equal to the stated or
determinable amount of the primary obligation in respect of which such Guarantee
Obligation is made and (b) the maximum amount for which such guaranteeing person
may be liable pursuant to the terms of the instrument embodying such Guarantee
Obligation, unless such primary obligation and the maximum amount for which such
guaranteeing person may be liable are not stated or then determinable, in which
case the amount of such Guarantee Obligation shall be such guaranteeing person's
maximum reasonably anticipated liability in respect thereof as determined by the
Borrower in good faith.
"Guaranty and Collateral Agreement" means the Guaranty and Collateral
---------------------------------
Agreement to be executed and delivered by the Borrower and each Subsidiary
Guarantor, substantially in the form of Exhibit C, as the same may be amended,
supplemented or otherwise modified from time to time.
10
"HIA Reserve Amount" means a hotel improvement allowance reserve
------------------
amount which initially shall be zero, and (i) which may be increased (and
reincreased after any decrease described in clause (ii) below) by the Borrower
in accordance with Section 2.11, not to exceed $300,000,000 at any time and (ii)
which shall be decreased by the amount of Capital Expenditures, together with
investments made in or improvements made to Hotels, by the Borrower and its
Subsidiaries.
"Hospitality/Leisure-Related Business" means the hotel, resort
------------------------------------
(whether or not incorporating hospitality), extended stay lodging, other
hospitality, vacation or timeshare business or any casino (but only if part of a
Hotel and not as a stand-alone or primary business), senior living (excluding
congregate care), leisure or recreational business and other businesses
incidental to, or in support of such business, including without limitation, (i)
developing, managing, operating, improving or acquiring lodging facilities,
restaurants and other food-service facilities, golf facilities or other leisure
or entertainment facilities or club, convention or meeting facilities and
marketing services or reservation systems related thereto, and (ii) acquiring,
developing, managing or improving any real estate ancillary or connected to any
hotel, resort, extended stay lodging, other hospitality-related business, casino
(but only if a part of a Hotel and not as a stand-alone or primary business),
senior living (excluding congregate care) or recreational business or
reservation system constructed, leased, owned, managed or operated (or proposed
to be constructed, leased, owned, managed or operated) by the Borrower or any of
its Subsidiaries at any time.
"Hotel" means any Real Property (including Improvements thereon and
-----
any retail, golf, tennis, spa or other resort amenities appurtenant thereto)
comprising an operating facility offering hotel or lodging services.
"Improvements" means all buildings, structures, fixtures, tenant
------------
improvements and other improvements of every kind and description now or
hereafter located in or on or attached to any Real Property, including all
building materials, water, sanitary and storm sewers, drainage, electricity,
steam, gas, telephone and other utility facilities, parking areas, roads,
driveways, walks and other site improvements; and all additions and betterments
thereto and all renewals, substitutions and replacements thereof.
"Increase Effective Date" has the meaning as provided in Section
-----------------------
2.09(e).
"Increasing Lender" has the meaning as provided in Section 2.09(d).
-----------------
"Increasing Rate Term Loan Facility" means, to the extent the
----------------------------------
Indebtedness under 6.02(f) is incurred on the Effective Date, the collective
reference to (i) the Increasing Rate Note Purchase and Loan Agreement, dated as
of the date hereof, among the Borrower, the lenders from time to time parties
thereto and Chase, as administrative agent for such lenders, together with the
Exchange "Notes" referred to therein, and to the extent any "Exchange Notes" are
issued in connection therewith, such Exchange Notes and the Indenture governing
same and (ii) any other document governing Indebtedness incurred pursuant to
Section 6.02(f)(A)(i) (including any "Notes" or "Exchange Notes" issued
thereunder or in connection therewith).
11
"Increasing Rate Term Loans" means the term loans (including "Notes")
--------------------------
incurred under the Increasing Rate Term Loan Facility.
"Indebtedness" means as to any Person, without duplication, (i) all
------------
indebtedness (including principal, interest, fees and charges) of such Person
for borrowed money or for the deferred purchase price of any asset (including
Forward Purchase Obligations but excluding Contingent Purchase Obligations) or
services; (ii) the maximum amount available to be drawn under all letters of
credit issued for the account of such Person and all unpaid drawings in respect
of such letters of credit, (iii) all Indebtedness of the types described in
clause (i), (ii), (iv), (v), (vi) or (vii) of this definition secured by any
Lien on any asset owned by such Person, whether or not such Indebtedness has
been assumed by such Person, (iv) Capital Lease Obligations, (v) all obligations
of such person to pay a specified purchase price for goods or services, whether
or not delivered or accepted, i.e., take-or-pay and similar obligations, (vi)
----
all Guarantee Obligations of such Person, and (vii) solely for purposes of
Sections 6.03 and 7.04, all net exposure of Derivative Obligations, including
obligations under any Interest Rate Protection Agreement, Other Hedging
Agreements or under any similar type of agreement or arrangement calculated in
accordance with GAAP; provided, that Indebtedness shall not include (a) trade
--------
payables incurred in the ordinary course of business, (b) operating lease
obligations (including, without limitation, the lessee's obligations under (i)
the eleven Lease Agreements dated as of May 2, 1996 and/or May 3, 1996
originally between HPTWN Corporation, as lessor, and Garden Hotel Associates Two
LP, as lessee (subsequently assigned to GHALP Corporation, as lessee), (ii) the
Lease dated as of January 8, 1997 originally between HPTSLC Corporation, as
lessor, and WHC Salt Lake City Corporation, as lessee, and (iii) any other
operating lease pursuant to which the Borrower, or any of its Subsidiaries or
Joint Ventures, as lessee, leases all or any portion of a Hotel from the holder
of an ownership or leasehold interest in such Hotel, as lessor), (c) short term
notes evidencing xxxxxxx money deposits until delivered to the payee and (d) at
the time of determination of outstanding Indebtedness at any time, the aggregate
amount of Forward Purchase Obligations not in excess of $400,000,000 then
outstanding.
"Indemnified Taxes" means Taxes other than Excluded Taxes.
-----------------
"Indemnitee" has the meaning as provided in Section 9.03(b).
----------
"Information" has the meaning as provided in Section 9.12.
-----------
"Information Memorandum" means the Confidential Information Memorandum
----------------------
relating to the Borrower and the Transactions.
"Initial Loans" has the meaning as provided in Section 2.09(e).
-------------
"Insolvency" means, with respect to any Multiemployer Plan, the
----------
condition that such Plan is insolvent within the meaning of Section 4245 of
ERISA.
"Intellectual Property" means the collective reference to all rights,
---------------------
priorities and privileges relating to intellectual property, whether arising
under United States, multinational or foreign laws or otherwise, including
copyrights, copyright licenses, patents, patent licenses, trade-
12
marks, trademark licenses, technology, know-how and processes, and all rights to
xxx at law or in equity for any infringement or other impairment thereof,
including the right to receive all proceeds and damages therefrom.
"Interest Coverage Ratio" means, for any Test Period, the ratio of (i)
-----------------------
Total Adjusted EBITDA for such Test Period to (ii) Total Cash Interest Expense
for such Test Period; provided that for the first three Test Periods ending
after the Effective Date, the Total Cash Interest Expense shall be calculated
from July 1, 1999 through the end of the period ending on each such date (taken
as one accounting period) multiplied by 4, 2 and 4/3, respectively.
"Interest Election Request" means a request by the Borrower to convert
-------------------------
or continue a Borrowing in accordance with Section 2.07
"Interest Payment Date" means (a) with respect to any ABR Loan (other
---------------------
than a Swingline Loan), monthly in arrears on the tenth day of each calendar
month, (b) with respect to any Eurodollar Loan, on the tenth day of each
calendar month and (c) with respect to any Swingline Loan, the day that such
Loan is required to be repaid.
"Interest Period" means with respect to any Eurodollar Borrowing, the
---------------
period commencing on the date of such Borrowing and ending on the numerically
corresponding day in the calendar month that is one, two, three, six months or,
if available from each Lender required to make Loans under such Borrowing, nine
or twelve months thereafter, as the Borrower may elect; provided, that (i) if
--------
any Interest Period would end on a day other than a Business Day, such Interest
Period shall be extended to the next succeeding Business Day unless such next
succeeding Business Day would fall in the next calendar month, in which case
such Interest Period shall end on the next preceding Business Day and (ii) any
Interest Period pertaining to a Eurodollar Borrowing that commences on the last
Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the last calendar month of such Interest Period) shall end
on the last Business Day of the last calendar month of such Interest Period.
For purposes hereof, the date of a Borrowing initially shall be the date on
which such Borrowing is made and thereafter shall be the effective date of the
most recent conversion or continuation of such Borrowing.
"Interest Rate Protection Agreement" means any interest rate swap
----------------------------------
agreement, interest rate cap agreement, interest rate collar agreement
(including costless collars), interest rate hedging agreement, interest rate
floor agreement or other similar agreement or arrangement.
"Investment" has the meaning provided in Section 6.06. In the event
----------
the Borrower or any of its Subsidiaries creates or forms a Subsidiary ("New
Entity") and contemporaneously sells or issues Equity Ownership Interests in the
New Entity to any Person other than to the Borrower and its Subsidiaries such
that after giving effect to such sale or issuance, such New Entity constitutes a
Joint Venture, the Borrower or such Subsidiary shall be deemed to have made an
Investment in the New Entity valued at an amount equal to the lesser of (x) the
fair market value (as determined in good faith by the Borrower) of the Equity
Ownership Interest retained by the Borrower or such Subsidiary in the New Entity
and (y) the aggregate
13
amount of all Investments made by the Borrower and its Subsidiaries in such New
Entity prior to such sale or issuances of Equity Ownership Interests.
"Investment Returns" means, with respect to any Investment, the sum of
------------------
the aggregate amount of cash repayments or returns of principal or capital on
such Investment, cash interest or cash distributions or dividends thereon, and
any other cash returns in respect thereof.
"Issuer" has the meaning provided in the Guaranty and Collateral
------
Agreement.
"Issuing Bank" means The Chase Manhattan Bank, in its capacity as the
------------
issuer of Letters of Credit hereunder, and its successors in such capacity as
provided in Section 2.05. The Issuing Bank may, in its discretion, arrange for
one or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in
which case the term "Issuing Bank" shall include any such Affiliate with respect
to Letters of Credit issued by such Affiliate.
"Joint Venture" means with respect to any Person, at any date, any
-------------
other Person in whom such Person directly or indirectly holds an Investment, and
whose financial results would not be consolidated under GAAP with the financial
results of such Person on the consolidated financial statements of such Person,
if such statements were prepared as of such date; provided that any Joint
--------
Venture of a Person which is an Unrestricted Subsidiary shall not be treated as
a Joint Venture hereunder for so long as such Person is an Unrestricted
Subsidiary.
"LC Disbursement" means a payment made by the Issuing Bank pursuant to
---------------
a Letter of Credit.
"LC Obligations" means at any time, an amount equal to the sum of (a)
--------------
the aggregate then undrawn and unexpired amount of the then outstanding Letters
of Credit and (b) the aggregate amount of LC Disbursements that have not then
been reimbursed pursuant to Section 2.05.
"Lead Arranger and Book Manager" means Chase Securities Inc.
------------------------------
"Leasehold" means, as to any Person, all of the right, title and
---------
interest of such Person as lessee or licensee in, to and under any lease or
license of land, improvements and/or fixture.
"Lender Default" means (i) each Lender which has refused (and which
--------------
has not retracted such refusal) to make available its portion of any Borrowing
or to fund its portion of any unreimbursed payment under a Letter of Credit or
(ii) a Lender which has notified in writing the Borrower and/or the
Administrative Agent that it does not intend to comply with its obligations
under Section 2.01 or Section 2.05, in each case for any reason, including,
without limitation, as a result of any takeover of such Lender by any regulatory
authority or agency.
"Lenders" means on the Effective Date the Persons listed on Schedule
-------
III and thereafter any other Person that shall have become a party hereto
pursuant to a fully executed Assignment and Acceptance, other than any such
Person that ceases to be a party hereto pursuant
14
to an Assignment and Acceptance. Unless the context otherwise requires, the term
"Lenders" includes the Swingline Lender.
"Letter of Credit" has the meaning provided in Section 2.05(a).
----------------
"LIBO Rate" means, with respect to any Eurodollar Borrowing for any
---------
Interest Period, the rate appearing on Page 3750 of the Telerate Service (or on
any successor or substitute page of such Service, or any successor to or
substitute for such Service, providing rate quotations comparable to those
currently provided on such page of such Service, as determined by the
Administrative Agent from time to time for purposes of providing quotations of
interest rates applicable to dollar deposits in the London interbank market) at
approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period, as the rate for dollar deposits with a
maturity comparable to such Interest Period. In the event that such rate is not
available at such time for any reason, then the "LIBO Rate" with respect to such
---------
Eurodollar Borrowing for such Interest Period shall be the rate at which dollar
deposits of $5,000,000 and for a maturity comparable to such Interest Period are
offered by the principal London office of the Administrative Agent in
immediately available funds in the London interbank market at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such
Interest Period.
"Lien" means any mortgage, pledge, hypothecation, assignment, deposit
----
arrangement, encumbrance, lien (statutory or other) or other security agreement
or any preferential arrangement in the nature of the foregoing (including,
without limitation, any conditional sale or other title retention agreement, any
financing or similar statement or notice filed under the UCC or any other
similar recording or notice statute, and any capital lease having substantially
the same effect as any of the foregoing and excluding any equipment operating
leases and any precautionary filings related thereto).
"Loan" means any loan made by any Lender pursuant to this Agreement
----
and shall include Term Loans, Revolving Loans and Swingline Loans.
"Loan Documents" means this Agreement, any Notes and the Security
--------------
Documents.
"Loan Parties" means the Borrower and each Subsidiary of the Borrower
------------
that is a party to a Loan Document.
"Margin Stock" has the meaning provided in Regulation U.
------------
"Material Adverse Effect" means a material adverse effect on (a) the
-----------------------
business, properties, prospects, operations, condition (financial or otherwise)
or results of operations of the Borrower and its Subsidiaries taken as a whole
or (b) the validity or enforceability of this Agreement or any of the other Loan
Documents or the rights or remedies of the Administrative Agent or the Lenders
hereunder or thereunder.
"Materials of Environmental Concern" means any gasoline or petroleum
----------------------------------
(including crude oil or any fraction thereof) or petroleum products or any
hazardous or toxic substances,
15
materials or wastes, defined or regulated as such in or under any Environmental
Law, including asbestos, polychlorinated biphenyls and urea-formaldehyde
insulation.
"Maturity Date" means the Revolving Loan Maturity Date or the Term
-------------
Loan Maturity Date, as the case may be.
"Minimum Borrowing Amount" means (i) for Term Loans, $5,000,000, (ii)
------------------------
for Revolving Loans, $5,000,000 and for (iii) Swingline Loans $1,000,000.
"Multiemployer Plan" means a plan that is a multiemployer plan as
------------------
defined in Section 4001(a)(3) of ERISA.
"Net Cash Proceeds" means (a) for any Asset Disposition or
-----------------
Reinvestment Event, the gross cash proceeds (including any cash received by way
of deferred payment pursuant to a promissory note, receivable or otherwise, but
only as and when received) received by Borrower or any of its Subsidiaries from
any Asset Disposition or Reinvestment Event, net of (i) reasonable transaction
costs (including, without limitation, any underwriting, brokerage or other
customary selling commissions and reasonable legal, advisory, professional and
other fees and expenses, including title and recording expenses, surveys,
insurance premiums and similar costs associated therewith) and payments of
unassumed liabilities relating to the assets sold at the time of, or within 90
days after, the date of such sale, (ii) the amount of such gross cash proceeds
required to be used to repay any Indebtedness (other than Indebtedness of the
Lenders pursuant to this Agreement) which is secured by any of the respective
assets which were the subject of such Asset Disposition or Reinvestment Event,
including any premium, make-whole or breakage amount related thereto, (iii) the
estimated marginal increase in income taxes which will be payable by the
Borrower's consolidated group with respect to the fiscal year in which the sale
occurs or deferred payment is received as a result of such sale, and (iv) all
contractually required distributions and other payments made to other interest
holders of the Borrower or any of its Subsidiaries or Joint Ventures in
connection with such Asset Disposition or Reinvestment Event; provided, however,
-------- -------
that (x) such gross proceeds shall not include any portion of such gross cash
proceeds which the Borrower determines in good faith should be reserved for
post-closing adjustments (including indemnification payments and purchase price
adjustments, to the extent the Borrower delivers to the Lenders a certificate
signed by a Responsible Officer of such Borrower officer as to such
determination), it being understood and agreed that on the day that all such
post-closing adjustments have been determined (which shall not be later than one
year following the date of the respective Asset Disposition or Reinvestment
Event provided, however, such one year period shall be extended to the extent
-------- -------
any amount of such proceeds is subject to a good faith dispute or claim), the
amount (if any) by which the reserved amount in respect of such sale or
disposition exceeds the actual post-closing adjustments payable by the Borrower
or any of its Subsidiaries shall constitute Net Cash Proceeds on such date
received by the Borrower and/or any of its Subsidiaries from such sale, lease,
transfer or other disposition, and (y) with respect to any Asset Disposition or
Recovery Event relating to the assets of a Joint Venture, such Net Cash Proceeds
shall only include the portion of such Net Cash Proceeds received by the
Borrower or any of its Subsidiaries; and (b) in connection with any incurrence
or issuance of Indebtedness, the cash proceeds received from such issuance or
incurrence, net of (i) if such Indebtedness is incurred to refinance other
Indebtedness permitted under Section 6.02, the amount necessary to repay such
16
other Indebtedness, including, without limitation, accrued but unpaid interest,
any breakage costs, penalties, premium, and any other reasonable fees and
expenses incurred in connection therewith, (ii) attorneys' fees, investing
banking fees, accountants' fees, underwriting discounts and commissions and
(iii) other customary fees and expenses actually incurred in connection
therewith.
"New Hotel" shall mean any Hotel owned by the Borrower, its
---------
Subsidiaries or Joint Ventures which is being or has been newly constructed, or
substantially refurbished or rebuilt (so long as any such Hotel is or was
substantially closed while being refurbished or rebuilt); provided that any New
Hotel shall cease to be treated as a New Hotel from and after the earlier of (x)
the first day of the Fiscal Quarter occurring after 18 months from the date such
New Hotel opened or re-opened for business and (y) the Fiscal Quarter in which
the ratio of Total Adjusted EBITDA to Total Cash Interest Expense attributable
to such New Hotel equals or exceeds the Interest Coverage Ratio required to be
exceeded by the Borrower under Section 6.01(c) for the most recent Fiscal
Quarter.
"New Hotel Indebtedness" means, with respect to any New Hotel, the sum
----------------------
of (a) all Indebtedness either secured by such New Hotel or incurred to finance
the construction, refurbishment or rebuilding of such New Hotel and (b) all
other cash outlays in respect of the construction, refurbishment or rebuilding
of such New Hotel, provided, that the interest rate associated with any amounts
--------
under this clause (b) shall be deemed to be the interest rate which would have
been applicable to Revolving Loans under this Agreement which are Eurodollar
Loans having an Interest Period of three months determined on the first day of
the then most recently ended Fiscal Quarter.
"New Preferred Stock" means newly issued shares of the Borrower's
-------------------
Series A Convertible Preferred Stock and Series B Convertible Preferred Stock,
issued on or after the Effective Date pursuant to the Securities Purchase
Agreement and the Certificate of Designation therefor as in effect on the
Effective Date.
"Non-Core Assets" means all assets (other than Unrestricted Assets)
---------------
which are not Core Assets, except that the Xxxxxxx Xxxxxxxx Plaza shall be
included in this definition of Non-Core Assets.
"Non-Defaulting Lenders" means all Lenders other than Defaulting
----------------------
Lenders.
"Non-Increasing Lender" has the meaning as provided in Section
---------------------
2.09(d).
"Non-Recourse Indebtedness" means Indebtedness with respect to which
-------------------------
no portion is guaranteed by, and no recourse claim (other than claims in respect
of customary indemnities and non-recourse carveouts) can be made against, the
Borrower or any of its Subsidiaries (other than Special Purpose Subsidiaries).
"Non-Recurring Identified Charges" means certain identified non-
--------------------------------
recurring charges specifically identified in 5.2(d), Parts II (A)(1)(a)-(m) and
II (D)(4) of the disclosure letter to the Securities Purchase Agreement and
related to EBITDA as described therein.
17
"Note" has the meaning provided in Section 2.08(e).
----
"Obligations" means all amounts owing by any Loan Party to the
-----------
Administrative Agent, the Collateral Agent, the Lead Arranger and Book Manager
or any Lender pursuant to the terms of this Agreement or any other Loan
Document.
"Offering" means a (i) registered public offering of debt securities,
--------
(ii) sale or placement of debt securities pursuant to Rule 144A of the
Securities Act of 1933 ("Rule 144A") or (iii) private placement of debt
securities with a "qualified institutional buyer" as defined in Rule 144A.
"Old Patriot" means Patriot American Hospitality, Inc., prior to the
-----------
Effective Date a publicly traded real estate investment trust.
"OP Units" means Patriot OP Units and Wyndham Partnership OP Units.
--------
"Other Hedging Agreement" means foreign exchange contracts, currency
-----------------------
swap agreements, commodity agreements or other similar agreements or
arrangements designed to protect against the fluctuations in currency values.
"Other Taxes" means any and all present or future stamp or documentary
-----------
taxes or any other excise or property taxes, charges or similar levies arising
from any payment made hereunder or from the execution, delivery or enforcement
of, or otherwise with respect to, this Agreement.
"Participant" has the meaning provided in Section 9.04(e).
-----------
"Participation Fee" has the meaning provided in Section 2.12(b).
-----------------
"Patriot OP" means Patriot American Hospitality Partnership, L.P., a
----------
Virginia limited partnership.
"Patriot OP Units" means the partnership units of Patriot OP which
----------------
remain outstanding immediately after the consummation of the Transaction.
"PBGC" means the Pension Benefit Guaranty Corporation established
----
pursuant to Subtitle A of Title IV of ERISA (or any successor).
"Permitted Acquisition" means any acquisition, consisting of a single
---------------------
transaction or a series of related transactions, by the Borrower or any one or
more of its Subsidiaries of all of the Equity Ownership Interests of, or all or
part of the assets of, or of a business, unit or division of, any Person
organized under the laws of the United States or any state thereof (such
business, unit or division, the "Acquired Business"), provided that (a) the
----------------- --------
consideration paid by the Borrower or such Subsidiary or Subsidiaries pursuant
to such acquisition shall be solely in a form referred to in clause (a), (b),
(c) or (d) of the definition of "Purchase Price" set forth in this Section 1.01
(or some combination thereof), (b) the Borrower shall be in compliance, on a Pro
Forma Basis with the covenants contained in Section 6.01, (c) no Default or
Event of Default shall have occurred
18
and be continuing, or would occur after giving effect to such acquisition and
(d) all actions required to be taken with respect to any acquired or newly
formed Subsidiary or otherwise with respect to the Acquired Business in such
acquisition under Section 3.15 shall have been taken.
"Permitted Encumbrances" means (i) those liens, encumbrances and other
----------------------
matters affecting title to any Real Property and found reasonably acceptable by
the Administrative Agent, (ii) as to any particular Real Property at any time,
such easements, encroachments, covenants, restrictions, rights of way, minor
defects, irregularities or other encumbrances that do not materially impair such
Real Property, (iii) zoning and other municipal ordinances which are not
violated in any material respect by the existing improvements and the present
use made by the mortgagor thereof of the premises, (iv) general real estate
taxes and assessments not yet delinquent, and (v) such other items as the
Administrative Agent may consent to (such consent not to be unreasonably
withheld).
"Permitted Liens" has the meaning as provided in Section 6.03.
---------------
"Person" means any individual, partnership, limited liability company,
------
joint venture, firm, corporation, association, trust or other enterprise or any
government or political subdivision or any agency, department or instrumentality
thereof.
"Plan" means at a particular time any employee benefit plan that is
----
covered by ERISA and in respect of which the Borrower or a Commonly Controlled
Entity is (or if such plan were terminated at such time, would under Section
4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of
ERISA.
"Pledged Notes" has the meaning as provided in the Guaranty and
-------------
Collateral Agreement.
"Pledged Stock" has the meaning as provided in the Guaranty and
-------------
Collateral Agreement.
"Prepayment Date" has the meaning provided in Section 2.18(c).
---------------
"Prepayment Option Notice" has the meaning provided in Section
------------------------
2.18(c).
"Prime Rate" means the rate of interest per annum publicly announced
----------
from time to time by The Chase Manhattan Bank as its prime rate in effect at its
principal office in New York City; each change in the Prime Rate shall be
effective from and including the date such change is publicly announced as being
effective.
"Pro Forma Basis" means with respect to any incurrence of Indebtedness
---------------
or issuance of preferred stock by the Borrower or any of its Subsidiaries or
Joint Ventures or the acquisition or Disposition of a Hotel or other real
property or the consummation of a Permitted Acquisition (or acquisition of the
Equity Ownership Interest of the Person or Persons owning such Hotel or Acquired
Business which is the subject of a Permitted Acquisition), the calculation of
the consolidated results of the Borrower and its Subsidiaries and Joint Ventures
otherwise determined in accordance with this Agreement as if the respective
incurrence of Indebtedness,
19
issuance of preferred stock, acquisition or Permitted Acquisition or Disposition
(and all other Indebtedness incurred, other preferred stock issued or other such
acquisitions or Permitted Acquisition or Disposition effected during the
respective Calculation Period or thereafter and on or prior to the date of
determination) (each such date, a "Determination Date") had been effected on the
------------------
first day of the respective Calculation Period; provided that all such
--------
calculations shall take into account the following assumptions:
(i) pro forma effect shall be given to (1) any Indebtedness
--- -----
incurred or preferred stock issued subsequent to the end of the Calculation
Period and prior to the date of determination, (2) any Indebtedness
incurred or preferred stock issued during such period to the extent such
Indebtedness or preferred stock is outstanding at the date of determination
and (3) any Indebtedness to be incurred or preferred stock to be issued on
the date of determination, in each case as if such Indebtedness had been
incurred or such preferred stock had been issued on the first day of such
Calculation Period and after giving effect to the application of the
proceeds thereof;
(ii) there shall be excluded from preferred stock dividends any
preferred stock dividends related to any preferred stock issued or
outstanding during such Calculation Period or thereafter but that is not
outstanding or is to be redeemed on the date of determination; and
(iii) pro forma effect shall be given to all sales and acquisitions
--- -----
or Dispositions of Hotels or other Real Property or Permitted Acquisitions
that occur during such Calculation Period or thereafter and on or prior to
the Determination Date (including any Indebtedness assumed or acquired in
connection therewith) as if they had occurred on the first day of such
Calculation Period, provided that in connection with any such acquisitions
or Dispositions, pro forma effect (for periods prior to such acquisition)
--- -----
shall be given to the management fees if any payable pursuant to the
respective management agreements as if such management fees had been
payable throughout the Calculation Period.
"Pro Forma Financial Statements" has the meaning as provided in
------------------------------
Section 3.01(a).
"Projections" has the meaning as provided in Section 5.02 (c).
-----------
"Properties" has the meaning provided in Section 3.18(a).
----------
"Purchase Price" means with respect to any Permitted Acquisition, the
--------------
sum (without duplication) of (a) the amount of cash paid by the Borrower and its
Subsidiaries in connection with such acquisition, (b) the value (as determined
for purposes of such acquisition in accordance with the applicable acquisition
agreement) of all capital stock or other equity interests of the Borrower or
Subsidiaries or Joint Ventures issued or given as consideration in connection
with such acquisition, (c) the Net Cash Proceeds of any equity issuance applied
to finance such acquisition and (d) the principal amount (or, if less, the
accreted value) at the time of such acquisition of all Assumed Indebtedness or
other Indebtedness permitted under Sections 6.02 (e), (i), (j) and (l) with
respect thereto.
20
"Real Property" means for any Person, all the right, title and
-------------
interest of such Person in and to land, improvements and fixtures, including
Leaseholds.
"Recovery Event" means the actual receipt by the Borrower, any of its
--------------
Subsidiaries or any of their Joint Ventures of any insurance or condemnation
proceeds payable (i) by reason of theft, physical destruction or damage or any
other similar event with respect to any properties or assets of the Borrower or
any of its Subsidiaries or Joint Ventures, (ii) by reason of any condemnation,
taking, seizing or similar event with respect to any properties or assets of the
Borrower or any of its Subsidiaries or Joint Ventures and (iii) under any policy
of insurance required to be maintained under Section 5.05 (other than liability
or business interruption insurance).
"Register" has the meaning set forth in Section 9.04.
--------
"Regulation D" means Regulation D of the Board as in effect from time
------------
to time.
"Regulation T" means Regulation T of the Board as in effect from time
------------
to time.
"Regulation U" means Regulation U of the Board as in effect from time
------------
to time.
"Regulation X" means Regulation X of the Board as in effect from time
------------
to time.
"Reimbursement Obligation" means the obligation of the Borrower to
------------------------
reimburse the Issuing Bank pursuant to Section 2.05 for amounts paid under
Letters of Credit.
"Reinvestment Assets" means any assets useful in the Borrower's and
-------------------
its Subsidiaries' business.
"Reinvestment Deferred Amount" means with respect to any Reinvestment
----------------------------
Event, the aggregate Net Cash Proceeds received by the Borrower or any of its
Subsidiaries in connection therewith that are not applied pursuant to Section
2.11 as a result of the delivery of a Reinvestment Notice.
"Reinvestment Event" means any Recovery Event or Exchange in respect
------------------
of which the Borrower has delivered a Reinvestment Notice.
"Reinvestment Notice" means a written notice executed by a Responsible
-------------------
Officer stating that no Event of Default has occurred and is continuing and that
the Borrower (directly or indirectly through a Subsidiary or a Joint Venture)
intends and expects to use all or a specified portion of the Net Cash Proceeds
of a Reinvestment Event to acquire assets useful in its business.
"Reinvestment Prepayment Amount" means with respect to any
------------------------------
Reinvestment Event, the Reinvestment Deferred Amount relating thereto less any
amount expended or irrevocably committed pursuant to a binding agreement, prior
to the relevant Reinvestment Prepayment Date, to acquire assets useful in the
Borrower's business, provided that such acquisition made with the Net Cash
Proceeds of Dispositions of Core Assets shall be made in Core Assets.
21
"Reinvestment Prepayment Date" means with respect to any Reinvestment
----------------------------
Event, the date occurring twelve months after such Reinvestment Event (plus an
additional six months in the case of an Asset Disposition of Non-Core Assets for
Net Cash Proceeds of $50,000,000 or greater).
"Related Fund" means, with respect to any Lender that is a fund that
------------
invests in bank loans, any other fund that invests in bank loans and is advised
or managed by the same investment advisor as such Lender or by an Affiliate of
such investment advisor.
"Related Parties" means, with respect to any specified Person, such
---------------
Person's Affiliates and the respective directors, officers, employees, agents,
trustees and advisors of such Person and such Person's Affiliates.
"Reorganization" means, with respect to any Multiemployer Plan, the
--------------
condition that such plan is in reorganization within the meaning of Section 4241
of ERISA.
"Reportable Event" means any of the events set forth in Section
----------------
4043(c) of ERISA, other than those events as to which the thirty day notice
period is waived under subsections .27, .28, .29, .30, .31, .32, .34 or. 35 of
PBGC Reg. (S) 4043.
"Required Lenders" means the Non-Defaulting Lenders, the sum of whose
----------------
outstanding Term Loans (or, if prior to the Effective Date, Term Loan
Commitments) and Revolving Commitments (or after the termination thereof,
outstanding Revolving Loans and Revolving Percentage of Swingline Loans and LC
Obligations) represent an amount greater than 50% of the sum of all outstanding
Term Loans (or, if prior to the Effective Date, Term Loan Commitments) of Non-
Defaulting Lenders and the Total Revolving Commitments (or after the termination
thereof, the sum of the then total outstanding Revolving Loans of Non-Defaulting
Lenders and the aggregate Revolving Percentages of all Non-Defaulting Lenders of
the total outstanding Swingline Loans and LC Obligations at such time).
"Requirement of Law" means, with respect to any Person, any law,
------------------
treaty, rule or regulation or determination of an arbitrator or a court or other
Governmental Authority, in each case applicable to or binding upon such Person
or any of its assets or to which such Person or any of its assets are subject.
"Responsible Officer" means the chief executive officer, president,
-------------------
chief financial officer or treasurer of the Borrower, but in any event, with
respect to financial matters, the chief financial officer or president of the
Borrower.
"Restricted Payment" means any dividend or other distribution (whether
------------------
in cash, securities or other assets) with respect to any shares of any class of
capital stock or other Equity Ownership Interest of the Borrower or any of its
Subsidiaries, or any payment (whether in cash, securities or other assets),
including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, defeasance, acquisition, cancellation or termination of
any such shares of capital stock of the Borrower or Subsidiary, or any option,
warrant or other right to acquire any such shares of capital stock of the
Borrower or such Subsidiary.
22
"Restructuring" means the Restructuring Plan as defined in the
-------------
Securities Purchase Agreement.
"Revolving Commitment" means, with respect to any Lender, the
--------------------
obligation of such Lender, if any, to make Revolving Loans and participate in
Swingline Loans and Letters of Credit in an aggregate principal and/or face
amount not to exceed the amount set forth under the heading "Revolving
Commitment" opposite such Lender's name on Schedule III or in the Assignment and
Acceptance pursuant to which such Lender became a party hereto, as the same may
be changed from time to time pursuant to the terms hereof.
"Revolving Extensions of Credit" means, with respect to any Revolving
------------------------------
Lender at any time, an amount equal to the sum of (a) the aggregate principal
amount of all Revolving Loans held by such Lender then outstanding, (b) such
Lender's Revolving Percentage of the LC Obligations then outstanding and (c)
such Lender's Revolving Percentage of the aggregate principal amount of
Swingline Loans then outstanding.
"Revolving Lender" means each Lender that has a Revolving Commitment
----------------
or that holds Revolving Loans.
"Revolving Loan" has the meaning provided in Section 2.01(a).
--------------
"Revolving Loan Facility" means the Facility evidenced by the Total
-----------------------
Revolving Commitments.
"Revolving Loan Maturity Date" means June 30, 2004.
----------------------------
"Revolving Percentage" means, as to any Revolving Lender at any time,
--------------------
the percentage which such Lender's Revolving Commitment then constitutes of the
Total Revolving Commitments (or, at any time after the Revolving Commitments
shall have expired or terminated, the percentage which the aggregate principal
amount of such Lender's Revolving Loans then outstanding constitutes of the
aggregate principal amount of the Revolving Loans then outstanding).
"Scheduled Repayment" has the meaning provided in Section 2.11(e).
-------------------
"SEC" means the Securities and Exchange Commission, any successor
---
thereto and any analogous Governmental Authority.
"Secured Parties" has the meaning provided in the Guarantee and
---------------
Collateral Agreement.
"Securities Purchase Agreement" means the Securities Purchase
-----------------------------
Agreement, dated February 18, 1999 among the Borrower, Old Patriot, certain of
their Subsidiaries and the Sponsors, as amended by the First Amendment dated on
or about June 30, 1999.
"Security Documents" means the collective reference to the Guaranty
------------------
and Collateral Agreement and all other security documents hereafter delivered to
the Collateral Agent
23
granting a Lien on any asset of any Person to secure the obligations and
liabilities of any Loan Party under any Loan Document.
"Senior Note Indenture" means any Indenture to be entered into by the
---------------------
Borrower in connection with the issuance of senior unsecured notes, together
with all instruments and other agreements entered into by the Borrower in
connection therewith, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with Section 6.08.
"Senior Notes" means the notes of the Borrower to be issued pursuant
------------
to any Senior Note Indenture.
"Senior Secured Leverage Ratio" means, on any date, the ratio of (i)
-----------------------------
Total Indebtedness on such date secured by a Lien on any asset of the Borrower,
its Subsidiaries or Joint Ventures to (ii) Total Adjusted EBITDA for the Test
Period most recently ended on or prior to such date. All calculations of the
Senior Secured Leverage Ratio shall be made on a Pro Forma Basis.
"Single Employer Plan" means any Plan that is covered by Title IV of
--------------------
ERISA, but that is not a Multiemployer Plan.
"Solvent" when used with respect to any Person, means that, as of any
-------
date of determination, (a) the amount of the "present fair saleable value" of
the assets of such Person will, as of such date, exceed the amount of all
"liabilities of such Person, contingent or otherwise", as of such date, as such
quoted terms are determined in accordance with applicable federal and state laws
governing determinations of the insolvency of debtors, (b) the present fair
saleable value of the assets of such Person will, as of such date, be greater
than the amount that will be required to pay the liability of such Person on its
debts as such debts become absolute and matured, (c) such Person will not have,
as of such date, an unreasonably small amount of capital with which to conduct
its business, and (d) such Person will be able to pay its debts as they mature.
For purposes of this definition, (i) "debt" means liability on a "claim", and
(ii) "claim" means any (x) right to payment, whether or not such a right is
reduced to judgment, liquidated, unliquidated, fixed, contingent, matured,
unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y)
right to an equitable remedy for breach of performance if such breach gives rise
to a right to payment, whether or not such right to an equitable remedy is
reduced to judgment, fixed, contingent, matured or unmatured, disputed,
undisputed, secured or unsecured. It is understood that the representation and
warranty contained in Section 3.21 is made (a) without reliance upon, or the
benefit of, the services, analyses, opinions or conclusions of any appraiser or
valuation experts; (b) without investigation or inquiry other than (i) review
of the Borrower's consolidated financial statements and business plans, and (ii)
inquiry of the officers of the Borrower who have responsibility for financial
reporting and accounting matters as to the existence or any events or conditions
that, as of the Effective Date, would cause the representation and warranty
contained in Section 3.21 to be incorrect and (c) without inquiry as to the
legal meanings of the foregoing terms under any laws other than the laws of the
State of New York or federal laws.
"Special Purpose Subsidiary" means any Subsidiary of the Borrower
--------------------------
which is a special purpose entity in connection with any securitization or
similar financing in respect of
24
Indebtedness permitted by Section 6.02 and whose assets consist primarily of
properties and assets subject to such securitization or financing or the Equity
Ownership Interest in any other Special Purpose Subsidiary.
"Sponsors" means the collective reference to the Persons listed on
--------
Schedule IV hereto and their Permitted Assignees and Permitted Third Party
Transferees (as such terms are defined in the Security Purchase Agreement).
"Statutory Reserve Rate" means a fraction (expressed as a decimal),
----------------------
the numerator of which is the number one and the denominator of which is the
number one minus the aggregate of the maximum reserve percentages (including any
marginal, special, emergency or supplemental reserves) expressed as a decimal
established by the Board to which the Administrative Agent is subject with
respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred
to as "Eurocurrency Liabilities" in Regulation D of the Board). Such reserve
percentages shall include those imposed pursuant to such Regulation D.
Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be
subject to such reserve requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender
under such Regulation D or any comparable regulation. The Statutory Reserve
Rate shall be adjusted automatically on and as of the effective date of any
change in any reserve percentage.
"Subsequent Borrowing" has the meaning as provided in Section 2.09(e).
--------------------
"Subsidiary" means as to any Person, (i) any corporation more than 50%
----------
of whose stock of any class or classes having by the terms thereof ordinary
voting power to elect a majority of the directors of such corporation
(irrespective of whether or not at the time stock of any class or classes of
such corporation shall have or might have voting power by reason of the
happening of any contingency) is at the time owned by such person and/or one or
more Subsidiaries of such person and (ii) any partnership, limited liability
company, association, joint venture or other entity in which such Person and/or
one or more subsidiaries of such person has more than a 50% equity interest at
the time. Notwithstanding the foregoing, no Unrestricted Subsidiary shall be
considered a Subsidiary of the Borrower or its Subsidiaries for purposes of this
Agreement.
"Subsidiary Guarantor" means each Subsidiary of the Borrower (other
--------------------
than an Excluded Foreign Subsidiary) as set forth on Schedule V on the Effective
Date or which becomes a Subsidiary as required under Section 5.10 hereof.
"Swingline Expiry Date" means the date which is two Business Days
---------------------
prior to the Revolving Loan Maturity Date.
"Swingline Exposure" means, at any time, the aggregate principal
------------------
amount of all Swingline Loans outstanding at such time. The Swingline Exposure
of any Lender at any time shall be its Revolving Percentage of the total
Swingline Exposure at such time.
"Swingline Lender" means The Chase Manhattan Bank, in its capacity as
----------------
lender of Swingline Loans hereunder.
"Swingline Loan" has the meaning provided in Section 2.04(a).
--------------
25
"Taxes" means any and all present or future taxes, levies, imposts,
-----
duties, deductions, charges or withholdings imposed by any Governmental
Authority.
"Term Loan" has the meaning provided in Section 2.01(b).
---------
"Term Loan Commitment" means, with respect to any Lender, the
--------------------
obligation of such Lender, if any, to make Term Loans in an aggregate principal
amount not to exceed the amount set forth under the heading "Term Commitment"
opposite such Lender's name on Schedule IV or in the Assignment and Acceptance
pursuant to which such Lender became a party hereto, as the same may be changed
from time to time pursuant to the terms hereof.
"Term Loan Facility" means the Facility evidenced by the Total Term
------------------
Loan Commitments.
"Term Loan Lender" means each Lender that has a Term Loan Commitment
----------------
or that holds a Term Loan.
"Term Loan Maturity Date" means June 30, 2006.
-----------------------
"Term Loan Prepayment Amount" has the meaning provided in Section
---------------------------
2.18(c).
"Test Period" means, for any determination, the four consecutive
-----------
Fiscal Quarters then last ended, in each case taken as one accounting period.
"Total Adjusted EBITDA" means, for any period without duplication, (i)
---------------------
the product of (a) EBITDA of the Borrower and its Subsidiaries and Joint
Ventures all on a combined basis in accordance with GAAP for such period (b)
multiplied, in the case of each such Person, by the Allocation Percentage
applicable to such Person, plus (ii) the amount of Approved Procurement Savings
set forth on Schedule I for the Test Period ended on the date set forth thereon.
"Total Cash Interest Expense" means the sum of the total cash interest
---------------------------
expense in respect of Total Indebtedness for such period determined in
conformity with GAAP (excluding interest capitalized in accordance with GAAP,
amortization of deferred financing costs and other non-cash charges and
expenses); provided there shall be excluded from Total Cash Interest Expense the
cash interest expense (not to exceed $20 million for any applicable period of
calculation) attributable to New Hotel Indebtedness.
"Total Indebtedness" means the sum (without duplication) of all
------------------
Indebtedness of the Borrower plus the Allocation Percentage of Indebtedness of
all of the Subsidiaries and Joint Ventures of the Borrower (other than Guarantee
Obligations of the Borrower or any of its Subsidiaries and Joint Ventures in
respect of obligations of the Borrower or any of its Subsidiaries and Joint
Ventures which would otherwise not constitute Indebtedness), without
duplication, determined on a combined basis in accordance with GAAP (adjusted to
exclude the portion of Indebtedness of Subsidiaries and Joint Ventures in excess
of the Allocation Percentages of such Persons' Indebtedness).
26
"Total Leverage Ratio" means, on any date, the ratio of (i) Total
--------------------
Indebtedness on such date to (ii) Total Adjusted EBITDA for the Test Period most
recently ended on or prior to such date. All calculations of the Total Leverage
Ratio shall be made on a Pro Forma Basis.
"Total Revolving Commitment" means, at any time, the aggregate amount
--------------------------
of the Revolving Commitments then in effect. The original amount of the Total
Revolving Commitment is $500,000,000.
"Total Revolving Extensions of Credit" means, at any time, the
------------------------------------
aggregate amount of the Revolving Extensions of Credit of the Revolving Lenders
outstanding at such time.
"Total Term Loan Commitment" means, at any time, the aggregate amount
--------------------------
of the Term Loan Commitments then in effect. The original aggregate amount of
the Total Term Commitment is $1,300,000,000.
"Transaction" means the transaction contemplated to occur on or prior
-----------
to the Effective Date, consisting of (i) the Restructuring, (ii) the issuance of
the New Preferred Stock, (iii) the issuance of the Senior Notes or the
Increasing Rate Loans, (iv) the refinancing of the Existing Credit Agreement and
other Indebtedness described in Section 4.01(b)(ii) and (v) the cash settlement
of the Existing Equity Forwards, and all other transactions contemplated by the
Securities Purchase Agreement.
"Transaction Documents" means the Securities Purchase Agreement, the
---------------------
New Preferred Stock, the documents evidencing the Increasing Rate Term Loan
Facility or the Senior Note Indenture, the documents evidencing or effectuating
the Restructuring and all material agreements relating to the foregoing.
"Type", when used in reference to any Loan or Borrowing, refers to
----
whether the rate of interest on such Loan, or on the Loans comprising such
Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate
Base Rate.
"UCC" means the Uniform Commercial Code as from time to time in effect
---
on the relevant jurisdiction.
"Unencumbered" means with respect to any Hotel, management agreements,
------------
franchise agreements or time share agreements, at any date of determination, the
circumstance that such Hotel or such agreement, as the case may be, on such
date:
(a) is not subject to any Liens (including restrictions on
transferability or assignability, other than commercially reasonable
restrictions in the Company Documents of any Subsidiary of the Borrower
which do not prohibit such Subsidiary from disposing or realizing the value
of, any Hotel owned by it, or the Equity Ownership Interest in such
Subsidiary (including any such Lien or restriction imposed by (i) any
agreement governing Indebtedness, and (ii) the Company Documents of the
Borrower or any of its Subsidiaries)) other than Permitted Liens, and, in
the case of any ground lease (to the extent permitted by the definition
thereof), restrictions on transferability or assignability in respect of
such ground lease;
27
(b) (x) is not subject to any agreement (including (i) any agreement
governing Indebtedness, and (ii) if applicable, the Company Documents of
the Borrower or any of its Subsidiaries) which prohibits or limits the
ability of such Person to create, incur, assume or suffer to exist any Lien
upon such Hotel or such agreement, as the case may be, other than Permitted
Liens (excluding any agreement or organizational document (x) which limits
generally the amount of Indebtedness which may be incurred by such Person
or (y) which limits the amount of obligations secured by Liens upon such
Hotel in a manner which would not prohibit a Lien securing Obligations in
an amount equal to such Person's pro rata share of the value of such
Hotel); and
(c) is not subject to any agreement (including any agreement governing
Indebtedness) which entitles any Person to the benefit of any Lien, other
than Permitted Liens, on such Hotel or such agreement, as the case may be,
or would entitle any Person to the benefit of any such Lien upon the
occurrence of any contingency (including, without limitation, pursuant to
an "equal and ratable" clause).
For the purposes of this Agreement, any Hotel owned by a Subsidiary of the
Borrower shall not be deemed to be Unencumbered unless both (i) such Hotel and
(ii) all Equity Ownership Interest owned directly or indirectly by the Borrower
in such Subsidiary is Unencumbered.
"United States" and "U.S." each mean the United States of America.
------------- ----
"Unrestricted Assets" means those assets as described in Schedule VI,
-------------------
together with (i) any properties and assets acquired in consideration or
exchange for, or with the proceeds of, the sale, lease, conveyance, disposition
or other transfer of, or Recovery Event with respect to, any properties and
assets described Schedule VI or the proceeds thereof, and (ii) the proceeds of
the sale, lease, conveyance, disposition or other transfer of, or Recovery Event
with respect to, any properties and assets described Schedule VI or described in
clause (i) above.
"Unrestricted Subsidiary" means the Persons described on Schedule VI
-----------------------
on the Effective Date, and any other Subsidiary or Joint Venture of the Borrower
(whether existing on, or acquired or created after, the Effective Date) and
designated by the Borrower as an Unrestricted Subsidiary hereunder after the
Effective Date by written notice to the Administrative Agent, provided that the
--------
Borrower shall only be permitted to so designate a new Unrestricted Subsidiary
after the Effective Date and so long as (i) unless such Unrestricted Subsidiary
is capitalized through Investments by the Borrower or any of its Subsidiaries or
Joint Ventures consisting solely of Unrestricted Assets, no Default under
Sections 7.01 or Section 7.05 or Event of Default exists or would result
therefrom, (ii) such Unrestricted Subsidiary shall be capitalized (to the extent
capitalized by the Borrower or any of its Subsidiaries) through Investments as
permitted by, and in compliance with, Section 6.06, with any assets (other than
Unrestricted Assets) owned by any such Unrestricted Subsidiary at the time of
the initial designation thereof to be treated as Investments pursuant to Section
6.06, provided that at the time of the initial Investment by the Borrower or any
--------
Subsidiary in such Subsidiary, the Borrower shall designate such entity as an
Unrestricted Subsidiary in a written notice to the Administrative Agent and
(iii) no obligations of any Unrestricted Subsidiary shall be with recourse to,
or an obligation of, the Borrower or any of its Subsidiaries; provided further,
-------- -------
that each Subsidiary or Joint Venture of
29
an Unrestricted Subsidiary shall also be considered an Unrestricted Subsidiary
for purposes of this Agreement (whether or not such Subsidiary or Joint Venture
shall have been so designated) and shall also cease to be an Unrestricted
Subsidiary upon such direct or indirect parent Unrestricted Subsidiary ceasing
to be an Unrestricted Subsidiary.
"Unutilized Revolving Commitment" means with respect to any Revolving
-------------------------------
Lender, at any time, such Revolving Lender's Revolving Commitment at such time
less the sum of (i) the aggregate outstanding principal amount of Revolving
Loans made by such Revolving Lender and (ii) such Revolving Lender's Revolving
Percentage of LC Obligations.
"Wholly-Owned Subsidiary" means, as to any Person, (i) any corporation
-----------------------
100% of whose capital stock (other than director's qualifying shares) is at the
time owned by such Person and/or one or more Wholly-Owned Subsidiaries of such
Person (ii) any partnership, limited liability company, association, joint
venture or other entity in which such Person and/or one or more Wholly-Owned
Subsidiaries of such Person has a 100% Equity Ownership Interest, at such time,
and (iii) any Subsidiary of the Borrower shall also be considered a Wholly-Owned
Subsidiary of each such Person if (x) 100% of such Subsidiary's capital stock
(other than director's qualifying shares) is at the time owned by both such
Persons and/or one or more Wholly-Owned Subsidiaries of such Persons and (y) if
such Subsidiary is a partnership, limited liability company, association, joint
venture or any other non-corporate entity, both such Persons and/or one or more
Wholly-Owned Subsidiaries of such Persons hold 100% of the Equity Ownership
Interests in such Subsidiary at such time; provided, that notwithstanding the
--------
foregoing, each of Patriot OP and Wyndham Partnership OP shall be deemed to be a
Wholly-Owned Subsidiary except to the extent that Patriot OP Units or Wyndham
Partnership OP Units, as the case may be, are issued after the Effective Date to
Persons other than the Borrower and its Wholly-Owned Subsidiaries (giving effect
to this provision).
"Wholly-Owned Subsidiary Guarantor" means any Subsidiary Guarantor
---------------------------------
that is a Wholly Owned Subsidiary of the Borrower.
"Wyndham Partnership" means Wyndham International Operating
-------------------
Partnership, L.P., a Delaware limited partnership.
"Wyndham Partnership OP Units" means the partnership units of Wyndham
----------------------------
Partnership.
SECTION 1.02 Classification of Loans and Borrowings. For purposes of
--------------------------------------
this Agreement, Loans may be classified and referred to by Class a (e.g.,
----
"Revolving Loan") or by Type (e.g., "Eurodollar Loan") or by Class and Type
----
(e.g., a "Eurodollar Revolving Loan"). Borrowings also may be classified and
-----
referred to by Class (e.g., a "Revolving Borrowing") or by Type (e.g., a
---- ----
"Eurodollar Borrowing") or by Class and Type (e.g., a "Eurodollar Revolving
----
Borrowing").
SECTION 1.03 Terms Generally. The definitions of terms herein shall
---------------
apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms. The word
29
"will" shall be construed to have the same meaning and effect as the word
"shall". Unless the context requires otherwise (a) any definition of or
reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from
time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth
herewith), (b) any reference herein to any Person shall be construed to include
such Person's successors and assigns, (c) all references herein to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, this Agreement, and (d) all
reference herein to "assets" of any Person shall be construed to mean the assets
and properties of such Person.
ARTICLE II
The Credits
-----------
SECTION 2.01 Commitments. (a) Subject to the terms and conditions
-----------
set forth herein, each Revolving Lender agrees to make a revolving loan or
revolving loans (each a "Revolving Loan" and collectively, the "Revolving
Loans") to the Borrower from time to time on or after the Effective Date and
prior to the Revolving Loan Maturity Date in an aggregate principal amount that
will not result in such Lender's Revolving Extension of Credit exceeding such
Lender's Revolving Commitment. Within the foregoing limits and subject to the
terms and conditions set forth herein, the Borrower may borrow, prepay and
reborrow Revolving Loans.
(b) Subject to the terms and conditions set forth herein, each Term
Loan Lender agrees to make a term loan or term loans (each a "Term Loan and
collectively, the "Term Loans") to the Borrower on the Effective Date in an
aggregate principal amount not to exceed such Lender's Term Loan Commitment.
Once repaid, Terms Loans may not be reborrowed.
SECTION 2.02 Loans and Borrowings. (a) (i) Each Revolving Loan
--------------------
shall be made as part of a Borrowing consisting of Revolving Loans made by the
Revolving Lenders ratably in accordance with their respective Revolving
Commitments and (ii) each Term Loan shall be made as part of a Borrowing
consisting of Term Loans made by the Term Loan Lenders ratably in accordance
with their respective Term Loan Commitments in effect on the Effective Date
immediately prior to the Term Loan Borrowing on such date. The failure of any
Lender to make any Loan required to be made by it shall not relieve any other
Lender of its obligations hereunder; provided that the Commitments of the
--------
Lenders are several and no Lender shall be responsible for any other Lender's
failure to make Loans as required.
(b) Subject to Section 2.14, (i) each Revolving Loan Borrowing shall
be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may
request in accordance herewith, (ii) each Term Loan Borrowing shall be comprised
entirely of ABR Loans or Eurodollar Loans as the Borrower may request in
accordance herewith and (iii) each Swingline Loan shall be an ABR Loan. Each
Lender at its option may make any Eurodollar Loan by causing any domestic or
foreign branch or Affiliate of such Lender to make such Loan; provided that any
--------
exercise of such option shall not affect the obligation of the Borrower to repay
such Loan in accordance with the terms of this Agreement.
30
(c) The aggregate principal amount of each Borrowing under a Facility
shall not be less than the Minimum Borrowing Amount for such Facility.
Borrowings of more than one Type and Class may be outstanding at the same time;
provided that there shall not at any time be more than a total of ten Eurodollar
--------
Borrowings outstanding.
(d) Notwithstanding any other provision of this Agreement, the
Borrower shall not be entitled to request, or to elect to convert or continue,
any Borrowing of Eurodollar Loans if the Interest Period requested with respect
thereto would end after the Revolving Loan Maturity Date or the Term Loan
Maturity Date, as the case may be.
SECTION 2.03 Requests for Borrowings. To request a Borrowing under
-----------------------
any Facility, the Borrower shall notify the Administrative Agent of such request
by telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00
a.m., New York City time, three Business Days before the date of the proposed
Borrowing and (b) in the case of an ABR Borrowing, not later than noon, New York
City time, one Business Day before the date of the proposed Borrowing; provided
--------
that any such notice of an ABR Revolving Loan Borrowing to finance the
reimbursement of an LC Disbursement as contemplated by Section 2.05(e) may be
given not later than 10:00 a.m., New York City time, on the date of the proposed
Borrowing. Each such telephonic Borrowing Request shall be irrevocable and
shall be confirmed promptly by hand delivery or telecopy to the Administrative
Agent of a written Borrowing Request in a form approved by the Administrative
Agent and signed by the Borrower. Each such telephonic and written Borrowing
Request shall specify the following information in compliance with Section 2.02:
(i) the aggregate amount of the requested Borrowing;
(ii) the date of such Borrowing, which shall be a Business Day;
(iii) whether such Borrowing is to be an ABR Borrowing or a
Eurodollar Borrowing;
(iv) in the case of a Eurodollar Borrowing, the initial Interest
Period to be applicable thereto, which shall be a period contemplated by
the definition of the term "Interest Period"; and
(v) the location and number of the Borrower's account to which
funds are to be disbursed, which shall comply with the requirements of
Section 2.06.
If no election as to the Type of Borrowing is specified, then the requested
Borrowing shall be an ABR Borrowing. If no Interest Period is specified with
respect to any requested Eurodollar Borrowing, then the Borrower shall be
deemed to have selected an Interest Period of one month's duration. Promptly
following receipt of a Borrowing Request in accordance with this Section, the
Administrative Agent shall advise each Lender of the details thereof and of the
amount of such Lender's Loan to be made as part of the requested Borrowing.
SECTION 2.04 Swingline Loans. (a) Subject to the terms and
---------------
conditions set forth herein, the Swingline Lender in its individual capacity
agrees to make a revolving loan or
31
revolving loans (each a "Swingline Loan and collectively, the "Swingline Loans")
to the Borrower at any time and from time to time on and after the Effective
Date and prior to the Swingline Expiry Date, in an aggregate principal amount at
any time outstanding that will not result in (i) the aggregate principal amount
of outstanding Swingline Loans exceeding $10,000,000 or (ii) the sum of the
total Revolving Extensions of Credit exceeding the total Revolving Commitments;
provided that the Swingline Lender shall not be required to make a Swingline
--------
Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and
subject to the terms and conditions set forth herein, the Borrower may borrow,
prepay and reborrow Swingline Loans.
(b) To request a Swingline Loan, the Borrower shall notify the
Administrative Agent of such request by telephone (confirmed by telecopy), not
later than 12:00 noon, New York City time, on the day of a proposed Swingline
Loan. Each such notice shall be irrevocable and shall specify the requested
date (which shall be a Business Day) and amount of the requested Swingline Loan.
The Administrative Agent will promptly advise the Swingline Lender of any such
notice received from the Borrower. The Swingline Lender shall make each
Swingline Loan available to the Borrower by means of a credit to the general
deposit account of the Borrower with the Swingline Lender (or, in the case of a
Swingline Loan made to finance the reimbursement of an LC Disbursement as
provided in Section 2.05(e), by remittance to the Issuing Bank) by 3:00 p.m.,
New York City time, on the requested date of such Swingline Loan.
(c) The Swingline Lender may by written notice given to the
Administrative Agent not later than 10:00 a.m., New York City time, on any
Business Day require the Revolving Lenders to acquire participations on the
immediately succeeding Business Day, in all or a portion of the Swingline Loans
outstanding. Such notice shall specify the aggregate amount of Swingline Loans
in which Revolving Lenders will participate. Promptly upon receipt of such
notice, the Administrative Agent will give notice thereof to each Revolving
Lender, specifying in such notice such Revolving Lender's Revolving Percentage
of such Swingline Loan. Each Revolving Lender hereby absolutely and
unconditionally agrees, upon receipt of notice as provided above, to pay to the
Administrative Agent on the immediately succeeding Business Day, for the account
of the Swingline Lender, such Revolving Lender's Revolving Percentage of such
Swingline Loan or Loans. Each Revolving Lender acknowledges and agrees that its
obligation to acquire participations in Swingline Loans pursuant to this
paragraph is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including the occurrence and continuance of a Default
or Event of Default (including under Section 7.05) or reduction or termination
of the Revolving Commitment, and that each such payment shall be made without
any offset, abatement, withholding or reduction whatsoever. Each Revolving
Lender shall comply with its obligation under this paragraph by wire transfer of
immediately available funds, in the same manner as provided in Section 2.06 with
respect to Loans made by such Revolving Lender (and Section 2.06 shall apply,
mutatis mutandis, to the payment obligations of the Lenders), and the
------- --------
Administrative Agent shall promptly pay to the Swingline Lender the amounts so
received by it from the Revolving Lenders. The Administrative Agent shall
notify the Borrower of any participations in any Swingline Loan acquired
pursuant to this paragraph, and thereafter payments in respect of such Swingline
Loan shall be made to the Administrative Agent and not to the Swingline Lender.
Any amounts received by the Swingline Lender from the Borrower (or other party
on behalf of the Borrower) in respect of a Swingline Loan after receipt by the
Swingline Lender of the proceeds of a sale of participations therein shall be
promptly remitted to the Administrative Agent;
32
any such amounts received by the Administrative Agent shall be promptly remitted
by the Administrative Agent to the Revolving Lenders that shall have made their
payments pursuant to this paragraph and to the Swingline Lender, as their
interests may appear. The purchase of participations in a Swingline Loan
pursuant to this paragraph shall not relieve the Borrower of any default in the
payment thereof.
SECTION 2.05 Letters of Credit. (a) General. Subject to the terms
----------------- -------
and conditions set forth herein, the Borrower may request the issuance of an
irrevocable standby letter of credit or letters of credit for its own account,
in a form reasonably acceptable to the Administrative Agent and the Issuing
Bank, at any time and from time to time on and after the Effective Date and
prior to the Revolving Loan Maturity Date (each such standby letter of credit, a
"Letter of Credit"). In the event of any inconsistency between the terms and
conditions of this Agreement and the terms and conditions of any form of letter
of credit application or other agreement submitted by the Borrower to, or
entered into by the Borrower with, the Issuing Bank relating to any Letter of
Credit, the terms and conditions of this Agreement shall control. Schedule VII
hereto contains a description of all letters of credit issued pursuant to the
Existing Credit Agreement and outstanding on the Effective Date. Each such
letter of credit, including any extension or renewal thereof, shall constitute a
"Letter of Credit" for all purposes of this Agreement, issued, for purposes of
Section 2.05(a), on the Effective Date.
(b) Notice of Issuance, Amendment, Renewal, Extension, Certain
----------------------------------------------------------
Conditions. To request the issuance of a Letter of Credit (or the amendment,
----------
renewal or extension of an outstanding Letter of Credit), the Borrower shall
hand deliver or telecopy (or transmit by electronic communication, if
arrangements for doing so have been approved by the Issuing Bank) to the Issuing
Bank and the Administrative Agent (reasonably in advance of the requested date
of issuance, amendment, renewal or extension) a notice requesting the issuance
of a Letter of Credit, or identifying the Letter of Credit to be amended,
renewed or extended, and specifying the date of issuance, amendment, renewal or
extension (which shall be a Business Day), the date on which such Letter of
Credit is to expire (which shall comply with paragraph (c) of this Section), the
amount of such Letter of Credit, the name and address of the beneficiary thereof
and such other information as shall be necessary to prepare, amend, renew or
extend such Letter of Credit. If requested by the Issuing Bank, the Borrower
also shall submit a letter of credit application on the Issuing Bank's standard
form in connection with any request for a Letter of Credit. A Letter of Credit
shall be issued, amended, renewed or extended only if (and each request for the
issuance, amendment, renewal or extension of each Letter of Credit by Borrower
shall be deemed to be a representation and warranty that), after giving effect
to such issuance, amendment, renewal or extension (i) the LC Obligations shall
not exceed $50,000,000 and (ii) the sum of the Total Revolving Extensions of
Credit shall not exceed the Total Revolving Commitment.
(c) Expiration Date. Each Letter of Credit shall expire at or prior
---------------
to the close of business on the earlier of (i) the date one year after the date
of the issuance of such Letter of Credit and (ii) the date that is five Business
Days prior to the Revolving Loan Maturity Date, provided that any Letter of
--------
Credit with a tenor of up to one year may provide for the renewal or extension
thereof for additional periods of up to one year (which shall in no event extend
beyond the date referred to in clause (ii) above).
33
(d) Participations. By the issuance of a Letter of Credit (or
--------------
amendment to a Letter of Credit increasing the amount thereof) and without any
further action on the part of the Issuing Bank or the Revolving Lenders, the
Issuing Bank hereby grants to each Revolving Lender, and each Revolving Lender
hereby acquires from the Issuing Bank, a participation in such Letter of Credit
equal to such Revolving Lender's Revolving Percentage of the aggregate amount
available to be drawn under such Letter of Credit. In consideration and in
furtherance of the foregoing, each Revolving Lender hereby absolutely and
unconditionally agrees to pay to the Administrative Agent, for the account of
the Issuing Bank, such Revolving Lender's Revolving Percentage of each LC
Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the
date due as provided in paragraph (e) of this Section, or of any reimbursement
payment required to be refunded to the Borrower for any reason. Each Revolving
Lender acknowledges and agrees that its obligation to acquire participations
pursuant to this paragraph in respect of Letters of Credit is absolute and
unconditional and shall not be affected by any circumstance whatsoever,
including any amendment, renewal or extension of any Letter of Credit or the
occurrence and continuance of a Default or Event of Default or reduction or
termination of the Revolving Commitments, and that each such payment shall be
made without any offset, abatement, withholding or reduction whatsoever.
(e) Reimbursement. If the Issuing Bank shall make any LC Disbursement
-------------
in respect of a Letter of Credit, the Borrower shall reimburse such LC
Disbursement by paying to the Administrative Agent an amount equal to such LC
Disbursement not later than 12:00 noon, New York City time, on the date that
such LC Disbursement is made, if the Borrower shall have received notice of such
LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if
such notice has not been received by the Borrower prior to such time on such
date, then not later than 12:00 noon, New York City time, on (1) the Business
Day that the Borrower receives such notice, if such notice is received prior to
10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day
immediately following the day that the Borrower receives such notice, if such
notice is not received prior to such time on the day of receipt; provided that
--------
the Borrower may, subject to the conditions to borrowing set forth herein,
request in accordance with Section 2.03 or 2.04 that such payment be financed
with an ABR Revolving Loan Borrowing or Swingline Loan in an equivalent amount
and, to the extent so financed, the Borrower's obligation to make such payment
shall be discharged and replaced by the resulting ABR Revolving Loan Borrowing
or Swingline Loan. If the Borrower fails to make such payment when due, the
Administrative Agent shall notify each Revolving Lender of the applicable LC
Disbursement, the payment then due from the Borrower in respect thereof and such
Revolving Lender's Revolving Percentage thereof. Promptly following receipt of
such notice, each Revolving Lender shall pay to the Administrative Agent its
Revolving Percentage of the payment then due from the Borrower, in the same
manner as provided in Section 2.06 with respect to Loans made by such Revolving
Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment
------- --------
obligations of the Revolving Lenders), and the Administrative Agent shall
promptly pay to the Issuing Bank the amounts so received by it from the Lenders.
Promptly following receipt by the Administrative Agent of any payment from the
Borrower pursuant to this paragraph, the Administrative Agent shall distribute
such payment to the Issuing Bank or, to the extent that Revolving Lenders have
made payments pursuant to this paragraph to reimburse the Issuing Bank, then to
such Revolving Lenders and the Issuing Bank as their interests may appear. Any
payment made by a Revolving
34
Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC
Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan
as contemplated above) shall not constitute a Revolving Loan and shall not
relieve the Borrower of its obligation to reimburse such LC Disbursement.
(f) Obligations Absolute. The Borrower's obligation to reimburse LC
--------------------
Disbursements as provided in paragraph (e) of this Section shall be absolute,
unconditional and irrevocable, and shall be performed strictly in accordance
with the terms of this Agreement under any and all circumstances whatsoever and
irrespective of (i) any lack of validity or enforceability of any Letter of
Credit or this Agreement, or any term or provision therein, (ii) any draft or
other document presented under a Letter of Credit proving to be forged,
fraudulent or invalid in any respect or any statement therein being untrue or
inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of
Credit against presentation of a draft or other document that does not comply
with the terms of such Letter of Credit, or (iv) any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for
the provisions of this Section, constitute a legal or equitable discharge of, or
provide a right of setoff against, the Borrower's obligations hereunder.
Neither the Administrative Agent, the Revolving Lenders nor the Issuing Bank,
nor any of their Related Parties, shall have any liability or responsibility by
reason of or in connection with the issuance or transfer of any Letter of Credit
or any payment or failure to make any payment thereunder (irrespective of any of
the circumstances referred to in the preceding sentence), or any error,
omission, interruption, loss or delay in transmission or delivery of any draft,
notice or other communication under or relating to any Letter of Credit
(including any document required to make a drawing thereunder), any error in
interpretation of technical terms or any consequence arising from causes beyond
the control of the Issuing Bank; provided that the foregoing shall not be
--------
construed to excuse the Issuing Bank from liability to the Borrower to the
extent of any direct damages (as opposed to consequential damages, claims in
respect of which are hereby waived by the Borrower to the extent permitted by
applicable law) suffered by the Borrower that are caused by the Issuing Bank's
failure to exercise care when determining whether drafts and other documents
presented under a Letter of Credit comply with the terms thereof. The parties
hereto expressly agree that, in the absence of gross negligence or willful
misconduct on the part of the Issuing Bank (as finally determined by a court of
competent jurisdiction), the Issuing Bank shall be deemed to have exercised care
in each such determination. In furtherance of the foregoing and without
limiting the generality thereof, the parties agree that, with respect to
documents presented which appear on their face to be in substantial compliance
with the terms of a Letter of Credit, the Issuing Bank may, in its sole
discretion, either accept and make payment upon such documents without
responsibility for further investigation, regardless of any notice or
information to the contrary, or refuse to accept and make payment upon such
documents if such documents are not in strict compliance with the terms of such
Letter of Credit.
(g) Disbursement Procedures. The Issuing Bank shall, promptly
-----------------------
following its receipt thereof, examine all documents purporting to represent a
demand for payment under a Letter of Credit. The Issuing Bank shall promptly
notify the Administrative Agent and the Borrower by telephone (confirmed by
telecopy) of such demand for payment and whether the Issuing Bank has made or
will make an LC Disbursement thereunder; provided that any failure to give or
--------
delay in giving such notice shall not relieve the Borrower of its obligation to
reimburse the Issuing Bank and the Lenders with respect to any such LC
Disbursement.
35
(h) Interim Interest. If the Issuing Bank shall make any LC
----------------
Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in
full on the date such LC Disbursement is made, the unpaid amount thereof shall
bear interest, for each day from and including the date such LC Disbursement is
made to but excluding the date that the Borrower reimburses such LC
Disbursement, at the rate per annum then applicable to ABR Revolving Loans;
provided that, if the Borrower fails to reimburse such LC Disbursement when due
--------
pursuant to paragraph (e) of this Section, then Section 2.13(c) shall apply.
Interest accrued pursuant to this paragraph shall be for the account of the
Issuing Bank, except that interest accrued on and after the date of payment by
any Revolving Lender pursuant to paragraph of this Section to reimburse the
Issuing Bank shall be for the account of such Revolving Lender to the extent of
such payment.
(i) Replacement of the Issuing Bank. The Issuing Bank may be replaced
-------------------------------
at any time by written agreement among the Borrower, the Administrative Agent,
the replaced Issuing Bank and the successor Issuing Bank. The Administrative
Agent shall notify the Revolving Lenders of any such replacement of the Issuing
Bank. At the time any such replacement shall become effective, the Borrower
shall pay all unpaid fees accrued for the account of the replaced Issuing Bank
pursuant to Section 2.12(b). From and after the effective date of any such
replacement, (i) the successor Issuing Bank shall have all the rights and
obligations of the Issuing Bank under this Agreement with respect to Letters of
Credit to be issued thereafter and (ii) references herein to the term "Issuing
Bank" shall be deemed to refer to such successor or to any previous Issuing
Bank, or to such successor and all previous Issuing Banks, as the context shall
require. After the replacement of an Issuing Bank hereunder, the replaced
Issuing Bank shall remain a party hereto and shall continue to have all the
rights and obligations of an Issuing Bank under this Agreement with respect to
Letters of Credit issued by it prior to such replacement, but shall not be
required to issue additional Letters of Credit.
(j) Cash Collateralization. If any Event of Default shall occur and
----------------------
be continuing, on the Business Day that the Borrower receives notice from the
Administrative Agent at the request of the Required Lenders (or, if the maturity
of the Loans has been accelerated, Revolving Lenders with exposure for LC
Obligations representing greater than 50% of the aggregate LC Obligations)
demanding the deposit of cash collateral pursuant to this paragraph, the
Borrower shall deposit in an account with the Administrative Agent, in the name
of the Administrative Agent and for the benefit of the Revolving Lenders, an
amount in cash equal to the LC Obligations as of such date plus any accrued and
unpaid interest thereon; provided that the obligation to deposit such cash
--------
collateral shall become effective immediately, and such deposit shall become
immediately due and payable, without demand or other notice of any kind, upon
the occurrence of any Event of Default with respect to the Borrower described in
Section 7.05. Such deposit shall be held by the Administrative Agent as
collateral for the payment and performance of the obligations of the Borrower
under this Agreement. The Administrative Agent shall have exclusive dominion
and control, including the exclusive right of withdrawal, over such account.
Other than any interest earned on the investment of such deposits, which
investments shall be made at the option and sole discretion of the
Administrative Agent, but for the Borrower's Account and at the Borrower's risk
and expense, such deposits shall not bear interest. Interest or profits, if
any, on such investments shall accumulate in such account. Moneys in such
account shall be applied by the Administrative Agent to reimburse the Issuing
Bank for LC Disbursements
36
for which it has not been reimbursed and, to the extent not so applied, shall be
held for the satisfaction of the reimbursement obligations of the Borrower for
the LC Obligations at such time or, if the maturity of the Loans has been
accelerated (but subject to the consent of the Revolving Lenders with exposure
for LC Obligations representing greater than 50% of the total LC Obligations),
be applied to satisfy other obligations of the Borrower under this Agreement. If
the Borrower is required to provide an amount of cash collateral hereunder as a
result of the occurrence of an Event of Default, such amount (to the extent not
applied as aforesaid) shall be returned to the Borrower within three Business
Days after all Events of Default have been cured or waived.
SECTION 2.06 Funding of Borrowings. (a) Each Lender shall make each
---------------------
Loan to be made by it hereunder on the proposed date thereof by wire transfer of
immediately available funds by 12:00 noon, New York City time, to the account of
the Administrative Agent most recently designated by it for such purpose by
notice to the Lenders; provided that Swingline Loans shall be made as provided
--------
in Section 2.04. The Administrative Agent will make such Loans available to the
Borrower by promptly crediting the amounts so received, in like funds, to an
account of the Borrower maintained with the Administrative Agent in New York
City and designated by the Borrower in the applicable Borrowing Request;
provided that ABR Revolving Loans made to finance the reimbursement of an LC
--------
Disbursement as provided in Section 2.04(e) shall be remitted by the
Administrative Agent to the Issuing Bank.
(b) Unless the Administrative Agent shall have received notice from a
Lender prior to the proposed date of any Borrowing that such Lender will not
make available to the Administrative Agent such Lender's share of such
Borrowing, the Administrative Agent may assume that such Lender has made such
share available on such date in accordance with paragraph (a) of this Section
and may, in reliance upon such assumption, make available to the Borrower a
corresponding amount. In such event, if a Lender has not made its share of the
applicable Borrowing available to the Administrative Agent, then the applicable
Lender and the Borrower severally agree to pay to the Administrative Agent
forthwith on demand such corresponding amount with interest thereon, for each
day from and including the date such amount is made available to the Borrower to
but excluding the date of payment to the Administrative Agent, at (i) in the
case of such Lender, the greater of the Federal Funds Effective Rate and a rate
determined by the Administrative Agent in accordance with banking industry rules
on interbank compensation or (ii) in the case of the Borrower, the interest rate
applicable to ABR Loans. If such Lender pays such amount to the Administrative
Agent, then such amount shall constitute such Lender's Loan included in such
Borrowing.
SECTION 2.07 Interest Elections. (a) Each Borrowing initially shall
------------------
be of the Type specified in the applicable Borrowing Request and, in the case of
a Eurodollar Borrowing, shall have an initial Interest Period as specified in
such Borrowing Request. Thereafter, the Borrower may elect to convert such
Borrowing to a different Type or to continue such Borrowing and, in the case of
a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in
this Section. The Borrower may elect different options with respect to
different portions of the affected Borrowing, in which case each such portion
shall be allocated ratably among the Lenders holding the Loans comprising such
Borrowing, and the Loans comprising
37
each such portion shall be considered a separate Borrowing. This Section shall
not apply to Swingline Borrowings, which may not be converted or continued.
(b) To make an election pursuant to this Section, the Borrower shall
notify the Administrative Agent of such election by telephone by the time that a
Borrowing Request would be required under Section 2.02 if the Borrower were
requesting a Borrowing of the Type resulting from such election to be made on
the effective date of such election. Each such telephonic Interest Election
Request shall be irrevocable and shall be confirmed promptly by hand delivery or
telecopy to the Administrative Agent of a written Interest Election Request in a
form approved by the Administrative Agent and signed by the Borrower.
(c) Each telephonic and written Interest Election Request shall
specify the following information in compliance with Section 2.02:
(i) the Borrowing to which such Interest Election Request
applies and, if different options are being elected with respect to
different portions thereof, the portions thereof to be allocated to
each resulting Borrowing (in which case the information to be
specified pursuant to clauses (iii) and (iv) below shall be specified
for each resulting Borrowing);
(ii) the effective date of the election made pursuant to such
Interest Election Request, which shall be a Business Day;
(iii) whether the resulting Borrowing is to be an ABR Borrowing
or a Eurodollar Borrowing; and
(iv) if the resulting Borrowing is a Eurodollar Borrowing, the
Interest Period to be applicable thereto after giving effect to such
election, which shall be a period contemplated by the definition of
the term "Interest Period".
If any such Interest Election Request requests a Eurodollar Borrowing but does
not specify an Interest Period, then the Borrower shall be deemed to have
selected an Interest Period of one month's duration.
(d) Promptly following receipt of an Interest Election Request, the
Administrative Agent shall advise each Lender of the details thereof and of such
Lender's portion of each resulting Borrowing.
(e) If the Borrower fails to deliver a timely Interest Election
Request with respect to a Eurodollar Borrowing prior to the end of the Interest
Period applicable thereto, then, unless such Borrowing is repaid as provided
herein, at the end of such Interest Period such Borrowing shall be converted to
an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of
Default has occurred and is continuing and the Administrative Agent, at the
request of the Required Lenders, so notifies the Borrower, then, so long as an
Event of Default is continuing (i) no outstanding Borrowing may be converted to
or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar
Borrowing shall be converted to an ABR Borrowing at the end of the Interest
Period applicable thereto.
38
SECTION 2.08 Repayment of Loans; Evidence of Debt. (a) The Borrower
------------------------------------
hereby unconditionally promises to pay (i) to the Administrative Agent for the
account of each Term Loan Lender the Scheduled Repayments as provided in Section
2.11(e), (ii) to the Administrative Agent for the account of each Revolving
Lender the then unpaid principal amount of each Revolving Loan on the Revolving
Loan Maturity Date and (iii) to the Swingline Lender the then unpaid principal
amount of each Swingline Loan on the earlier of (A) the Swingline Expiry Date
and (B) the first date after such Swingline Loan is made that is the 15th or
last day of a calendar month and is at least two Business Days after such
Swingline Loan is made; provided that on each date that a Revolving Loan
--------
Borrowing is made the Borrower shall repay all Swingline Loans then outstanding.
(b) Each Lender shall maintain in accordance with its usual practice
an account or accounts evidencing the indebtedness of the Borrower to such
Lender resulting from each Loan made by such Lender, including the amounts of
principal and interest payable and paid to such Lender from time to time
hereunder.
(c) The Administrative Agent shall maintain accounts in which it shall
record (i) the amount of each Loan made hereunder, the Class and Type thereof
and the Interest Period applicable thereto, (ii) the amount of any principal or
interest due and payable or to become due and payable from the Borrower to each
Lender hereunder and (iii) the amount of any sum received by the Administrative
Agent hereunder for the account of the Lenders and each Lender's share thereof.
(d) The entries made in the accounts maintained pursuant to paragraph
(b) or (c) of this Section shall be prima facie evidence of the existence and
----- -----
amounts of the obligations recorded therein; provided that the failure of any
--------
Lender or the Administrative Agent to maintain such accounts or any error
therein shall not in any manner affect the obligation of the Borrower to repay
the Loans in accordance with the terms of this Agreement.
(e) Any Lender may request that Loans made by it be evidenced by a
promissory note (the "Note"). In such event, the Borrower shall prepare,
execute and deliver to such Lender a promissory note payable to the order of
such Lender (or, if requested by such Lender, to such Lender and its registered
assigns) and in a form approved by the Administrative Agent. Thereafter, the
Loans evidenced by such promissory note and interest thereon shall at all times
(including after assignment pursuant to Section 9.04(b)) be represented by one
or more promissory notes in such form payable to the order of the payee named
therein (or, if such promissory note is a registered note, to such payee and its
registered assigns).
SECTION 2.09 Termination, Reduction and Increase of Commitments. (a)
--------------------------------------------------
Unless previously terminated, (i) the Total Revolving Commitment shall terminate
on the Revolving Loan Maturity Date and (ii) the Total Term Loan Commitment
shall terminate on the Effective Date after giving effect to the Borrowing of
Term Loans on such date.
(b) The Borrower may at any time terminate, or from time to time
reduce, the Total Revolving Commitment; provided that (i) each reduction of the
--------
Total Revolving Commitment shall be in an amount that is an integral multiple of
$1,000,000 and not less than
39
$5,000,000 and (ii) the Borrower shall not terminate or reduce the Total
Revolving Commitment if, after giving effect to any concurrent prepayment of the
Revolving Loans and Swingline Loans in accordance with Section 2.10, the sum of
the Revolving Extensions of Credit would exceed the Total Revolving Commitment.
(c) The Borrower shall notify the Administrative Agent of any election
to terminate or reduce the Total Revolving Commitment under paragraph (b) of
this Section at least three Business Days prior to the effective date of such
termination or reduction, specifying such election and the effective date
thereof. Promptly following receipt of any notice, the Administrative Agent
shall advise the Revolving Lenders of the contents thereof. Each notice
delivered by the Borrower pursuant to this Section shall be irrevocable;
provided that a notice of termination of the Revolving Commitment delivered by
--------
the Borrower may state that such notice is conditioned upon the effectiveness of
other credit facilities, in which case such notice may be revoked by the
Borrower (by notice to the Administrative Agent on or prior to the specified
effective date) if such condition is not satisfied. Any termination or
reduction of the Total Revolving Commitment shall be permanent. Each reduction
of the Total Revolving Commitment shall be made ratably among the Revolving
Lenders in accordance with their respective Revolving Commitment.
(d) The Borrower may on one occasion at any time not later than twelve
months prior to the Revolving Loan Maturity Date, by written notice to the
Administrative Agent (which shall promptly deliver a copy to each of the
Revolving Lenders), request that the Total Revolving Commitment be increased by
an amount not in excess of $300,000,000. Such notice shall set forth the amount
of the requested increase in the Total Revolving Commitment and the date on
which such increase is requested to become effective (which shall be not less
than 30 days or more than 60 days after the date of such notice), and shall
offer each Revolving Lender the opportunity to increase its Revolving Commitment
by its Applicable Percentage of the proposed increased amount. Each Revolving
Lender shall, by notice to the Borrower and the Administrative Agent given not
more than 30 days after the date of the Borrower's request, either agree to
increase its Revolving Commitment by all or a portion of the offered amount
(each Lender so agreeing being an "Increasing Lender") or decline to increase
its Revolving Commitment (and any Revolving Lender that does not deliver such a
notice within such period of 30 days shall be deemed to have declined to
increase its Revolving Commitment) (each Revolving Lender so declining or deemed
to have declined being a "Non-Increasing Lender"). In the event that, on the
30th day after the Borrower shall have delivered a request pursuant to the first
sentence of this paragraph, the Revolving Lenders shall have agreed pursuant to
the preceding sentence to increase their Revolving Commitments by an aggregate
amount less than the increase in the Total Revolving Commitment requested by the
Borrower, the Administrative Agent may arrange for one or more banks or other
financial institutions (any such bank or other financial institution being
called an "Augmenting Lender"), which may include any Revolving Lender or Term
Lender, to extend a Revolving Commitment or increase its existing Revolving
Commitment in an aggregate amount equal to the unsubscribed amount, provided
--------
that each Augmenting Lender, if not already a Lender hereunder, shall be subject
to the approval of the Borrower and the Administrative Agent (which approvals
shall not be unreasonably withheld) and each Augmenting Lender shall execute all
such documentation as the Administrative Agent shall specify to evidence its
Commitment and its status as a Lender hereunder provided further that if
-------- -------
40
the aggregate amount of the increase in Total Revolving Commitments, after
giving effect to the additional commitments of Increasing Lenders and Augmenting
Lenders, is less than the increase in Total Revolving Commitments requested by
the Borrower, the Borrower may accept such lesser increase. Increased and new
Revolving Commitments created pursuant to this clause (d) shall become effective
on the date specified in the request delivered by the Borrower pursuant to the
first sentence of this paragraph. Notwithstanding the foregoing, no increase in
the Total Revolving Commitment (or in the Revolving Commitment of any Revolving
Lender) shall become effective under this paragraph unless, (i) on the date of
such increase, the conditions set forth in paragraph (a) and (b) of Section 4.02
shall be satisfied (with all references in such paragraphs to a Borrowing being
deemed to be references to such increase) and the Administrative Agent shall
have received a certificate to that effect dated such date and executed by a
member of senior management of the Borrower and (ii) the Administrative Agent
shall have received (with sufficient copies for each of the Revolving Lenders)
documents consistent with those delivered on the Effective Date under clause (f)
of Section 4.01 as to the Company's power to borrow hereunder after giving
effect to such increase; and
(e) On the effective date (the "Increase Effective Date") of any
increase in the Total Revolving Commitment pursuant to Section 2.09(d) (the
"Commitment Increase"), (i) the aggregate principal amount of the Revolving
Loans outstanding (the "Initial Loans") concurrently with giving effect to the
Commitment Increase on the Increase Effective Date shall be deemed to be paid,
(ii) each Increasing Lender and each Augmenting Lender that shall have been a
Revolving Lender prior to the Commitment Increase shall pay to the
Administrative Agent in same day funds an amount equal to the difference between
(A) the product of (1) such Lender's Applicable Percentage (calculated after
giving effect to the Commitment Increase) multiplied by (2) the amount of the
Subsequent Borrowing (as hereinafter defined) and (B) the product of (1) such
Lender's Applicable Percentage (calculated without giving effect to the
Commitment Increase) multiplied by (2) the amount of the Initial Loans, (iii)
each Augmenting Lender that shall not have been a Revolving Lender prior to the
Commitment Increase shall pay to Administrative Agent in same day funds an
amount equal to the product of (1) such Augmenting Lender's Applicable
Percentage (calculated after giving effect to the Commitment Increase)
multiplied by (2) the amount of the Subsequent Borrowings, and (iv) after the
Administrative Agent receives the funds specified in clauses (ii) and (iii)
above, the Administrative Agent shall pay to each Non-Increasing Lender the
portion of such funds that is equal to the difference between (A) the product of
(1) such Non-Increasing Lender' Applicable Percentage (calculated without giving
effect to the Commitment Increase) multiplied by (2) the amount of the Initial
Loans, and (B) the product of (1) such Non-Increasing Lender's Applicable
Percentage (calculated after giving effect to the Commitment Increase)
multiplied by (2) the amount of the Subsequent Borrowings, (v) after the
effectiveness of the Commitment Increase, the Borrower shall be deemed to have
made new Borrowings (the "Subsequent Borrowing") in an aggregate principal
amount equal to the aggregate principal amount of the Initial Loans deemed
repaid and of the types and for the Interest Periods specified in a Borrowing
Request delivered to the Administrative Agent in accordance with Section 2.03,
(vi) each Non-Increasing Lender, each Increasing Lender and each Augmenting
Lender shall be deemed to hold its Applicable Percentage of each Subsequent
Borrowing (calculated after giving effect to the Commitment Increase) and (vii)
the Borrower shall pay each Increasing Lender and each Non-Increasing Lender any
and all accrued but unpaid
41
interest on the Initial Loans. The deemed payments made pursuant to clause (i)
above in respect of each Eurodollar Loan shall be subject to indemnification by
the Borrower pursuant to the provisions of Section 2.16.
SECTION 2.10 Prepayment of Loans. The Borrower shall have the right
-------------------
to prepay the Loans and the right to allocate such prepayments to Revolving
Loans and Term Loans and Swingline Loans on the following terms and conditions:
(i) the Borrower shall give the Administrative Agent (x) not later than 12:00
noon, New York City time at least one Business Day before the date of prepayment
of such Borrower's intent to prepay ABR Loans and (y) not later than 12:00 noon,
New York City time at least three Business Days before the date of prepayment of
such Borrower's intent to prepay Eurodollar Loans and (z) not later than 12:00
Noon, New York City time on the date of prepayment of such Borrower's intent to
prepay Swingline Loans, notice of the amount of such prepayment and the Types of
Loans to be prepaid and, in the case of Eurodollar Loans, the specific Borrowing
or Borrowings pursuant to which made, which notice (other than any notice to
prepay Swingline Loans) the Administrative Agent shall promptly transmit to each
of the Lenders; (ii) each prepayment of Revolving Loans, Term Loans and
Swingline Loans, as the case may be shall be the lesser of (x) the total amount
outstanding for each Loan and (y) the Minimum Borrowing Amount, provided that if
--------
any partial prepayment of Eurodollar Loans made pursuant to any Borrowing shall
reduce the outstanding Eurodollar Loans made pursuant to such Borrowing to an
amount less than the Minimum Borrowing Amount applicable thereto, then such
Borrowing may not be continued as a Borrowing of Eurodollar Loans and any
election of an Interest Period with respect thereto given by the relevant
Borrower shall have no force or effect; (iii) each prepayment in respect of any
Loans made pursuant to a Borrowing shall be applied pro rata among the Lenders
--- ----
which made such Loans, provided that in connection with any prepayment of Loans
--------
pursuant to this Section 2.10, such prepayment shall not be required to be
applied to any Loans of a Defaulting Lender; (iv) optional prepayments of Term
Loans will be made at 102% of the principal amount thereof during the first year
following the Effective Date and 101% of the principal amount thereof during the
second year following the Effective Date and any such prepayment of the Term
Loans shall be applied (x) during the first two years after the Effective Date,
to the next installments of the Scheduled Repayments due in direct order of
maturity of such Term Loans and (y) thereafter, (A) first, to the installments
due on such Term Loans in the following twelve months and (B) second, to the
remaining installments pro rata on the amount of the Term Loans then
outstanding, and (v) prepayments of Term Loans shall be subject to Section 2.18.
SECTION 2.11 Mandatory Applications and Prepayments; Scheduled
-------------------------------------------------
Commitment Reductions. (a) If on any date the sum of (i) the aggregate
---------------------
outstanding principal amount of all Revolving Loans and Swingline Loans (after
giving effect to all other repayments thereof on such date) plus (ii) the
aggregate LC Obligations on such date exceeds the Total Revolving Commitment as
then in effect, the Borrower shall repay on such date the principal of Swingline
Loans, then Revolving Loans, in an aggregate equal to such excess. If, after
giving effect to the prepayment of all outstanding Revolving Loans and Swingline
Loans, the aggregate amount of LC Obligations exceeds the Total Revolving
Commitment as then in effect, the Borrower agrees to pay to the Administrative
Agent on such date an amount in cash and/or Cash Equivalent equal to such excess
(up to the aggregate amount of LC Obligations at such time) and the
Administrative Agent shall hold such payment as security for the obligation of
the Borrower
42
hereunder pursuant to a cash collateral agreement to be entered into in form and
substance reasonably satisfactory to the Administrative Agent and the Borrower
(which shall permit certain investments in Cash Equivalents reasonably
satisfactory to the Administrative Agent, until the proceeds are applied to the
secured obligations or released to the Borrower at such time as the aggregate
amount of LC Obligations shall no longer exceed the Total Revolving Commitment
then in effect).
(b) Notwithstanding anything to the contrary contained in this
Agreement or in any other Loan Document all then outstanding Loans shall be
repaid in full on the respective Maturity Date for such Loans.
(c) In addition to any other mandatory prepayments pursuant to this
Section 2.11,
(i) if the Borrower issues Senior Notes after the Effective Date and
the Net Cash Proceeds of any such issuance are greater than $250,000,000,
the full amount of any such issuance shall be applied as required in
accordance with clause (iv) below.
(ii) If the Borrower issues Senior Notes after the Effective Date and
the Net Cash Proceeds of any such issuance are less than or equal to
$250,000,000, the Borrower may retain up to $250,000,000 of all such
issuances, and shall apply all amounts in excess of $250,000,000 of all
such issuances in the aggregate as required in accordance with clause (iv)
below.
(iii) If the Borrower or any of its Subsidiaries incurs or issues
unsecured Indebtedness (other than Senior Notes) after the Effective Date
and the Net Cash Proceeds thereof are greater than (x) $100,000,000 per
incurrence or issuance or (y) $250,000,000 in the aggregate, such excess
amount shall be applied in accordance with clause (v) below.
(iv) All amounts required to be applied in accordance with this
clause (iv) shall be applied (i) first, to repay outstanding Increasing
Rate Term Loans, if any, (ii) second, to finance the acquisitions of
Investments, assets and businesses, (iii) third, at the option of the
Borrower, to repay obligations in respect of Indebtedness that will become
due within the next six months of the date of receipt of net proceeds, (iv)
fourth, at the option of the Borrower, to refinance other Indebtedness, (v)
fifth, to increase the HIA Reserve Amount, (vi) sixth, to repay outstanding
Swingline Loans and Revolving Loans (without any commitment reduction) and
(vii) seventh, to repay outstanding Term Loans.
(v) All amounts required to be applied in accordance with this
clause (v) shall be applied (i) first, at the option of the Borrower, to
repay outstanding mortgage Indebtedness, (ii) second, to the extent the
Indebtedness which gives rise to such payment obligation is purchase money
Indebtedness (including Capital Lease Obligations) or Assumed Indebtedness,
to finance such acquisition, (iii) third, at the option of the Borrower, to
increase the HIA Reserve Amount, (iv) fourth, to repay outstanding
Swingline Loans and Revolving Loans (without any commitment reduction) and
(v) fifth,
43
to repay Term Loans and Increasing Rate Term Loans then outstanding pro
---
rata (based on the principal amount of Term Loans and Increasing Rate Term
----
Loans then outstanding).
(d) In addition to any other mandatory prepayments pursuant to this
Section 2.11, if on any date the Borrower or any of its Subsidiaries shall
receive Net Cash Proceeds from any Asset Disposition or from any Reinvestment
Event (other than relating to Unrestricted Assets), then, unless a Reinvestment
Notice shall be delivered in respect of such Reinvestment Event (or such Net
Cash Proceeds are applied as permitted pursuant to Section 6.07(b)(iii)), a
prepayment of an amount equal to 100% of such Net Cash Proceeds (or the portion
thereof not subject to a Reinvestment Notice) shall be applied within five
Business Days following such date as follows: (i) first, at the option of the
Borrower, to repay mortgage Indebtedness, (ii) second, at the option of the
Borrower to increase the HIA Reserve Amount, (iii) third, to repay outstanding
Revolving Loans and Swingline Loans (without any commitment reduction) and (iv)
fourth, to repay Term Loans and Increasing Rate Term Loans then outstanding pro
---
rata (based on the principal amount of Term Loans and Increasing Rate Term Loans
----
outstanding). Additionally, on each Reinvestment Prepayment Date, an amount
equal to the Reinvestment Prepayment Amount with respect to the relevant
Reinvestment Event shall be applied as required above.
(e) In addition to any other mandatory repayment pursuant to this
Section 2.11, on each date set forth below, the Borrower shall be required to
repay that principal amount of Term Loans, to the extent then outstanding, as is
set forth opposite such date (each such repayment, as the same may be reduced as
provided in Sections 2.09 and 2.10, a "Scheduled Repayment"):
Scheduled Repayment Date Amount
------------------------------------ -------------------
December 30, 2001 $ 10,000,000
June 30, 2002 $ 5,000,000
December 30, 2002 $ 5,000,000
June 30, 2003 $ 5,000,000
December 30, 2003 $ 5,000,000
June 30, 2004 $ 5,000,000
December 30, 2004 $ 5,000,000
June 30, 2005 $ 5,000,000
December 30, 2005 $ 5,000,000
June 30, 2006 $1,250,000,000
(f) The application of any prepayment under this Section 2.11 shall be
made, (i) first to ABR Loans and, second, to Eurodollar Loans, (ii) pro rata
among the Lenders which made such Loans, (iii) to reduce the Scheduled
Repayments pro rata based on the amount of Term Loans then outstanding and (iv)
shall be subject to Section 2.18. Each prepayment of the Loans under this
Section 2.11 (except in the case of Revolving Loans that are ABR Loans and
44
Swingline Loans) shall be accompanied by accrued interest to the date of such
prepayment on the amount prepaid.
SECTION 2.12 Fees. (a) The Borrower agrees to pay to the
----
Administrative Agent for the account of each Non-Defaulting Lender with a
Revolving Commitment, a commitment fee (the "Commitment Fee") during the period
from and including the Effective Date, but excluding the date on which such
Revolving Commitment terminates computed at a rate for each day equal to the
Applicable Margin on the daily Unutilized Revolving Commitment of such Non-
Defaulting Lender; provided that, if such Non-Defaulting Lender continues to
--------
have any Revolving Extension of Credit after its Revolving Commitment
terminates, then such Commitment Fee shall continue to accrue on the daily
amount of such Non-Defaulting Lender's Revolving Extension of Credit from and
including the date on which its Revolving Commitment terminates to but excluding
the date on which such Non-Defaulting Lender ceases to have any Revolving
Extension of Credit. Accrued Commitment Fees shall be payable in arrears on the
last day of March, June, September and December of each year and on the date on
which the Total Revolving Commitment terminates, commencing on the first such
date to occur after the date hereof, provided that any Commitment Fee accruing
--------
after the date on which the Total Revolving Commitment terminates shall be
payable on demand.
(b) The Borrower agrees to pay (i) to the Administrative Agent for the
account of each Non-Defaulting Lender with a Revolving Commitment a
participation fee with respect to its participations in Letters of Credit (the
"Participation Fee"), which shall accrue at the same Applicable Margin as
interest on Eurodollar Revolving Loans on the average daily amount of such Non-
Defaulting Lender's LC Obligations (excluding any portion thereof attributable
to unreimbursed LC Disbursements) during the period from and including the
Effective Date to but excluding the later of the date on which such Non-
Defaulting Lender's Revolving Commitment terminates and the date on which such
Non-Defaulting Lender ceases to have any LC Obligations, and (ii) to the Issuing
Bank a fronting fee (the "Fronting Fee"), which shall accrue at the rate of .25%
per annum on the average daily amount of the LC Obligations (excluding any
portion thereof attributable to unreimbursed LC Disbursements) during the period
from and including the Effective Date to but excluding the later of the date of
termination of the Revolving Commitments and the date on which there ceases to
be any LC Obligations, as well as the Issuing Bank's standard fees with respect
to the issuance, amendment, renewal or extension of any Letter of Credit or
processing of drawings thereunder. Participation Fees and Fronting Fees accrued
through and including the last day of March, June, September and December of
each year shall be payable on the third Business Day following such last day,
commencing on the first such date to occur after the Effective Date; provided
--------
that all such fees shall be payable on the date on which the Total Revolving
Commitment terminates and any such fees accruing after the date on which the
Total Revolving Commitment terminate shall be payable on demand. Any other fees
payable to the Issuing Bank pursuant to this paragraph shall be payable within
10 days after demand. All Participation Fees and Fronting Fees shall be
computed on the basis of a year of 360 days and shall be payable for the actual
number of days elapsed (including the first day but excluding the last day).
45
(c) The Borrower agrees to pay to the Administrative Agent, for its
own account, fees payable in the amounts and at the times separately agreed upon
between the Borrower and the Administrative Agent.
(d) All fees payable hereunder shall be paid on the dates due, in
immediately available funds, to the Administrative Agent (or to the Issuing
Bank, in the case of fees payable to it) for distribution, in the case of
Commitment Fees and Participation Fees, to the Revolving Lenders entitled
thereto. Fees paid shall not be refundable under any circumstances.
SECTION 2.13 Interest. (a) The Loans comprising each ABR Borrowing
--------
(including each Swingline Loan) shall bear interest at the Alternate Base Rate
plus the Applicable Margin for ABR Loans.
(b) The Loans comprising each Eurodollar Borrowing shall bear interest
at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing
plus the Applicable Margin for Eurodollar Loans.
(c) Notwithstanding the foregoing, if any principal of or interest on
any Loan or any fee or other amount payable by the Borrower hereunder is not
paid when due, whether at stated maturity, upon acceleration or otherwise, such
overdue amount shall bear interest, after as well as before judgment, at a rate
per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the
rate otherwise applicable to such Loan as provided in the preceding paragraphs
of this Section or (ii) to the extent permitted by applicable law in the case of
any other amount, 2% plus the rate applicable to ABR Loans as provided in
paragraph (a) of this Section.
(d) Accrued interest on each Loan shall be payable in arrears on each
Interest Payment Date for such Loan and, in the case of Revolving Loans or
Swingline Loans, upon termination of the Total Revolving Commitment; provided
--------
that (i) interest accrued pursuant to paragraph (c) of this Section shall be
payable on demand and (ii) in the event of any conversion of any Eurodollar Loan
prior to the end of the current Interest Period therefor, accrued interest on
such Loan shall be payable on the effective date of such conversion.
(e) All interest hereunder shall be computed on the basis of a year of
360 days, except that interest computed by reference to the Alternate Base Rate
at times when the Alternate Base Rate is based on the Prime Rate shall be
computed on the basis of a year of 365 days (or 366 days a leap year), and in
each case shall be payable for the actual number of days elapsed (including the
first day but excluding the last day). The applicable Alternate Base Rate,
Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent,
and such determination shall be conclusive absent manifest error.
SECTION 2.14 Alternate Interest. If prior to the commencement of any
------------------
Interest Period for a Eurodollar Borrowing:
(a) the Administrative Agent determines in good faith (which
determination shall be conclusive absent manifest error) that adequate and
reasonable means do not exist
46
for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable,
for such Interest Period; or
(b) the Administrative Agent is advised by the Required Lenders that
the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest
Period will not adequately and fairly reflect the cost to such Lenders (or
Lender) of making or maintaining their Loans (or its Loan) included in such
Borrowing for such Interest Period;
then the Administrative Agent shall give notice thereof to the Borrower and the
Lenders by telephone or telecopy as promptly as practicable thereafter and,
until the Administrative Agent notifies the Borrower and the Lenders that the
circumstances giving rise to such notice no longer exist, (i) any Interest
Election Request that requests the conversion of any Borrowing to, or
continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective,
(ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing
shall be made as an ABR Borrowing.
SECTION 2.15 Increased Costs. (a) If any Change in Law shall:
---------------
(i) impose, modify or deem applicable any reserve, special deposit
or similar requirement against assets of, deposits with or for the account
of, or credit extended by, any Lender (except any such reserve requirement
reflected in the Adjusted LIBO Rate) or the Issuing Bank; or
(ii) impose on any Lender or the Issuing Bank or the London interbank
market any other condition affecting this Agreement or Eurodollar Loans
made by such Lender or any Letter of Credit or participation therein;
and the result of any of the foregoing shall be to increase the cost to such
Lender of making or maintaining any Eurodollar Loan (or of maintaining its
obligation to make any such Loan) or to increase the cost to such Lender or the
Issuing Bank of participating in, issuing or maintaining any Letter of Credit or
to reduce the amount of any sum received or receivable by such Lender or the
Issuing Bank hereunder (whether of principal, interest or otherwise), then the
Borrower will pay to such Lender or the Issuing Bank, as the case may be, such
additional amount or amounts as will compensate such Lender or the Issuing Bank,
as the case may be, for such additional costs incurred or reduction suffered.
(b) If any Lender or the Issuing Bank determines in good faith that
any Change in Law regarding capital requirements has or would have the effect of
reducing the rate of return on such Lender's or the Issuing Bank's capital or on
the capital of such Lender's or the Issuing Bank's holding company, if any, as a
consequence of this Agreement or the Loans made by, or participations in Letters
of Credit held by, such Lender, or the Letters of Credit issued by the Issuing
Bank, to a level below that which such Lender or the Issuing Bank or such
Lender's or the Issuing Bank's holding company could have achieved but for such
Change in Law (taking into consideration such Lender's or the Issuing Bank's
policies and the policies of such Lender's or the Issuing Bank's holding company
with respect to capital adequacy), then from time to time the Borrower will pay
to such Lender or the Issuing Bank, as the case may be, such additional
47
amount or amounts as will compensate such Lender or the Issuing Bank or such
Lender's or the Issuing Bank's holding company for any such reduction suffered.
(c) A certificate of a Lender or the Issuing Bank setting forth the
amount or amounts necessary to compensate such Lender or the Issuing Bank or its
holding company, as the case may be, as specified in paragraph (a) or (b) of
this Section including the calculation thereof in reasonable detail shall be
delivered to the Borrower and shall be conclusive absent manifest error. The
Borrower shall pay such Lender or the Issuing Bank, as the case may be, the
amount shown as due on any such certificate within 10 days after receipt
thereof.
(d) Failure or delay on the part of any Lender or the Issuing Bank to
demand compensation pursuant to this Section shall not constitute a waiver of
such Lender's or the Issuing Bank's right to demand such compensation; provided
--------
that the Borrower shall not be required to compensate a Lender or the Issuing
Bank pursuant to this Section for any increased costs or reductions incurred
more than 270 days prior to the date that such Lender or the Issuing Bank, as
the case may be, notifies the Borrower of the Change in Law giving rise to such
increased costs or reductions and of such Lender's or the Issuing Bank's
intention to claim compensation therefor; provided further, that, if the Change
----------------
in Law giving rise to such increased costs or reductions is retroactive, then
the 270-day period referred to above shall be extended to include the period of
retroactive effect thereof.
SECTION 2.16 Break Funding Payments. In the event of (a) the payment
----------------------
of any principal of any Eurodollar Loan other than on the last day of an
Interest Period applicable thereto (including as a result of an Event of
Default), (b) the conversion of any Eurodollar Loan other than on the last day
of the Interest Period applicable thereto, (c) the failure to borrow, convert,
continue or prepay any Loan on the date specified in any notice delivered
pursuant hereto (regardless of whether such notice may be revoked under Section
2.10 and is revoked in accordance therewith) or (d) the assignment of any
Eurodollar Loan other than on the last day of the Interest Period applicable
thereto as a result of a request by the Borrower pursuant to Section 2.18, then,
in any such event, the Borrower shall compensate each Lender for the loss, cost
and expense attributable to such event. In the case of a Eurodollar Loan, such
loss, cost or expense to any Lender shall be deemed to include an amount
determined by such Lender to be the excess, if any, of (i) the amount of
interest which would have accrued on the principal amount of such Loan had such
event not occurred, at the Adjusted LIBO Rate (in the case of a Eurodollar Loan)
that would have been applicable to such Loan, for the period from the date of
such event to the last day of the then current Interest Period therefor (or, in
the case of a failure to borrow, convert or continue, for the period that would
have been the Interest Period for such Loan), over (ii) the amount of interest
which would accrue on such principal amount for such period at the interest rate
which such Lender would bid were it to bid, at the commencement of such period,
for dollar deposits of a comparable amount and period from other banks in the
eurodollar market. A certificate of any Lender setting forth any amount or
amounts that such Lender is entitled to receive pursuant to this Section shall
be delivered to the Borrower and shall be conclusive absent manifest error. The
Borrower shall pay such Lender the amount shown as due on any such certificate
within 10 days after receipt thereof. Notwithstanding the foregoing provisions
of this Section 2.16, if at any time the Borrower incurs breakage costs under
this Section 2.16 as a result of Eurodollar Loans being prepaid other than on
the last day of an Interest Period applicable thereto
48
(the "Affected Eurodollar Loans"), then the Borrower may in its sole discretion
initially deposit a portion (up to 100%) of the amounts that otherwise would
have been paid in respect of the Affected Eurodollar Loans with the
Administrative Agent (which deposit must be equal in amount to the amount of the
Affected Eurodollar Loans not immediately prepaid) to be held as security for
the obligations of the Borrower hereunder pursuant to a cash collateral
agreement to be entered into in form and substance reasonably satisfactory to
the Administrative Agent and shall provide for investments satisfactory to the
Administrative Agent and the Borrower, with such cash collateral to be directly
applied upon the first occurrence (or occurrences) thereafter of the last day of
an Interest Period applicable to the relevant Loans that are Eurodollar Loans
(or such earlier date or dates as shall be requested by the Borrower), to repay
an aggregate principal amount of such Loans equal to the Affected Eurodollar
Loans not initially prepaid pursuant to this sentence. Notwithstanding anything
to the contrary contained in the immediately preceding sentence, all amounts
deposited as cash collateral pursuant to the immediately preceding sentence
shall be held for the sole benefit of the Lenders whose Loans would otherwise
have been immediately prepaid with the amounts deposited upon the taking of any
action by the Administrative Agent or the Lenders pursuant to the remedial
provisions of Article VIII and amounts held as cash collateral pursuant to this
Section 2.16 shall, subject to the requirements of applicable law, be
immediately applied to the Loans.
SECTION 2.17 Taxes. (a) Any and all payments by or on account of
-----
any obligation of the Borrower hereunder shall be made free and clear of and
without deduction for any Indemnified Taxes or Other Taxes; provided that if the
--------
Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from
such payments, then (i) the sum payable shall be increased as necessary so that
after making all required deductions (including deductions applicable to
additional sums payable under this Section) the Administrative Agent, Lender or
Issuing Bank (as the case may be) receives an amount equal to the sum it would
have received had no such deductions been made, (ii) the Borrower shall make
such deductions and (iii) the Borrower shall pay the full amount deducted to the
relevant Governmental Authority in accordance with applicable law.
(b) In addition, the Borrower shall pay any Other Taxes to the
relevant Governmental Authority in accordance with applicable law.
(c) The Borrower shall indemnify the Administrative Agent, each Lender
and the Issuing Bank, within 10 days after written demand therefor, for the full
amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent,
such Lender or the Issuing Bank, as the case may be, on or with respect to any
payment by or on account of any obligation of the Borrower hereunder (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to
amounts payable under this Section) and any penalties, interest and reasonable
expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the amount of such
payment or liability delivered to the Borrower by a Lender or the Issuing Bank,
or by the Administrative Agent on its own behalf or on behalf of a Lender or the
Issuing Bank, shall be conclusive absent manifest error.
49
(d) As soon as practicable after any payment of Indemnified Taxes or
Other Taxes by the Borrower to a Governmental Authority, the Borrower shall
deliver to the Administrative Agent the original or a certified copy of a
receipt issued by such Governmental Authority evidencing such payment, a copy of
the return reporting such payment or other evidence of such payment reasonably
satisfactory to the Administrative Agent.
(e) Any Foreign Lender that is entitled to an exemption from or
reduction of withholding tax under the law of the jurisdiction in which the
Borrower is located, or any treaty to which such Jurisdiction is a party, with
respect to payments under this Agreement shall deliver to the Borrower (with a
copy to the Administrative Agent), at the time or times prescribed by applicable
law, such properly completed and executed documentation prescribed by applicable
law and reasonably requested by the Borrower as will permit such payments to be
made without withholding or at a reduced rate.
SECTION 2.18 Payments Generally; Pro Rata Treatment; Sharing of Set-
------------------------------------------------------
offs. (a) The Borrower shall make each payment required to be made by it
----
hereunder (whether of principal, interest, fees or reimbursement of LC
Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or
otherwise) prior to 12:00 noon, New York City time, on the date when due, in
immediately available funds, without set-off or counterclaim. Any amounts
received after such time on any date may, in the discretion of the
Administrative Agent, be deemed to have been received on the next succeeding
Business Day for purposes of calculating interest thereon. All such payments
shall be made to the Administrative Agent at its offices at 000 Xxxx Xxxxxx, Xxx
Xxxx, Xxx Xxxx, except payments to be made directly to the Issuing Bank or
Swingline Lender as expressly provided herein and except that payments pursuant
to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons
entitled thereto. The Administrative Agent shall distribute any such payments
received by it for the account of any other Person to the appropriate recipient
promptly following receipt thereof. If any payment hereunder shall be due on a
day that is not a Business Day, the date for payment shall be extended to the
next succeeding Business Day, and, in the case of any payment accruing interest,
interest thereon shall be payable for the period of such extension. All
payments hereunder shall be made in dollars.
(b) If at any time insufficient funds are received by and available to
the Administrative Agent to pay fully all amounts of principal, unreimbursed LC
Disbursements, interest and fees then due hereunder, such funds shall be applied
(i) first, towards payment of interest and fees then due hereunder, ratably
among the parties entitled thereto in accordance with the amounts of interest
and fees then due to such parties, and (ii) second, towards payment of principal
and unreimbursed LC Disbursements then due hereunder, ratably among the parties
entitled thereto in accordance with the amounts of principal and unreimbursed LC
Disbursements then due to such parties.
(c) Notwithstanding anything to the contrary in this Agreement, with
respect to the amount of any optional or mandatory prepayment that would
otherwise be allocated to Term Loans (such amounts, the "Term Loan Prepayment
Amount"), the Borrower may, in lieu of applying such amount to the prepayment of
Term Loans on the date specified for such prepayment as otherwise provided
herein, give the Administrative Agent telephonic notice (promptly confirmed in
writing) requesting that the Administrative Agent prepare and provide to
50
each Lender a notice (each, a "Prepayment Option Notice") as described below. As
promptly as practicable after receiving such notice from the Borrower, the
Administrative Agent will send to each Term Loan Lender a Prepayment Option
Notice, which shall be in the form of Exhibit D and shall include an offer by
the Borrower to prepay, on the date (each a "Prepayment Date") that is 10
Business Days after the date of the Prepayment Option Notice, the Term Loans of
such Lender by an amount equal to the pro rata portion of the Term Loan
Prepayment Amount indicated in such Lender's Prepayment Option Notice as being
applicable to such Lender's Term Loans. The offer of the Borrower to prepay its
Term Loans will be deemed accepted by each Term Loan Lender that does not
respond to the Prepayment Option Notice of the Borrower within 10 Business Days.
On the Prepayment Date, (i) the Borrower shall pay to the relevant Term Loan
Lenders the aggregate amount necessary to prepay that portion of the outstanding
relevant Term Loans in respect of which such Lenders have accepted prepayment as
described above (such Lenders, the "Accepting Lenders") and (ii) the Borrower
shall pay to the Accepting Lenders (unless such Accepting Lender shall decline
to receive such additional payments) an amount equal to the portion of the Term
Loan Prepayment Amount not accepted by the Accepting Lenders, and such amount
shall be applied pro rata to the prepayment of the then outstanding Term Loans
--- ----
of such Accepting Lenders.
(d) If any Lender shall, by exercising any right of set-off or
counterclaim or otherwise, obtain payment in respect of any principal of or
interest on any of its Term Loans, Revolving Loans or participations in LC
Disbursements or Swingline Loans resulting in such Lender receiving payment of a
greater proportion of the aggregate amount of its Term Loans, Revolving Loans
and participations in LC Disbursements and Swingline Loans and accrued interest
thereon than the proportion received by any other Lender, then the Lender
receiving such greater proportion shall purchase (for cash at face value)
participations in the Term Loans, Revolving Loans and participations in LC
Disbursements and Swingline Loans of other Lenders to the extent necessary so
that the benefit of all such payments shall be shared by the Lenders ratably in
accordance with the aggregate amount of principal of and accrued interest on
their respective Term Loans, Revolving Loans and participations in LC
Disbursements and Swingline Loans; provided that (i) if any such participations
--------
are purchased and all or any portion of the payment giving rise thereto is
recovered, such participations shall be rescinded and the purchase price
restored to the extent of such recovery, without interest, and (ii) the
provisions of this paragraph shall not be construed to apply to any payment made
by the Borrower pursuant to and in accordance with the express terms of this
Agreement or any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Loans or participations
in LC Disbursements to any assignee or participant, other than to the Borrower
or any Subsidiary or Affiliate thereof (as to which the provisions of this
paragraph shall apply). The Borrower consents to the foregoing and agrees, to
the extent it may effectively do so under applicable law, that any Lender
acquiring a participation pursuant to the foregoing arrangements may exercise
against the Borrower rights of set-off and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of the Borrower
in the amount of such participation.
(e) Unless the Administrative Agent shall have received notice from
the Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders or the Issuing Bank hereunder that the
Borrower will not make such payment, the Administrative Agent may assume that
the Borrower has made such payment on such
51
date in accordance herewith and may, in reliance upon such assumption,
distribute to the Lenders or the Issuing Bank, as the case may be, the amount
due. In such event, if the Borrower has not in fact made such payment, then each
of the Lenders or the Issuing Bank, as the case may be, severally agrees to
repay to the Administrative Agent forthwith on demand the amount so distributed
to such Lender or Issuing Bank with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of
payment to the Administrative Agent, at the greater of the Federal Funds
Effective Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation.
(f) If any Lender shall fail to make any payment required to be made
by it pursuant to Section 2.04(c), 2.05(d) or (e), 2.06(b) or 2.18(d), then the
Administrative Agent may, in its discretion (notwithstanding any contrary
provision hereof), apply any amounts thereafter received by the Administrative
Agent for the account of such Lender to satisfy such Lender's obligations under
such Sections until all such unsatisfied obligations are fully paid.
SECTION 2.19 Mitigation Obligations, Replacement of Lenders. (a) If
----------------------------------------------
any Lender requests compensation under Section 2.15, or if the Borrower is
required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.17, then such
Lender shall use reasonable efforts to designate a different lending office for
funding or booking its Loans hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the judgment
of such Lender, such designation or assignment (i) would eliminate or reduce
amounts payable pursuant to Section 2.15 or 2.17, as the case may be, in the
future and (ii) would not subject such Lender to any unreimbursed cost or
expense and would not otherwise be disadvantageous to such Lender. The Borrower
hereby agrees to pay all reasonable costs and expenses incurred by any Lender in
connection with any such designation or assignment.
(b) If any Lender requests compensation under Section 2.15, or if the
Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 2.17,
in each case in an amount greater than that generally charged by the other
Lenders, or if any Lender becomes a Defaulting Lender, or if any Lender refuses
to consent to certain proposed changes, waivers, discharges or terminations with
respect to this Agreement or the other Loan Documents which have been approved
by the Required Lenders as provided in Section 9.02(b), then the Borrower may,
at its sole expense and effort, upon notice to such Lender and the
Administrative Agent, require such Lender to assign and delegate, without
recourse (in accordance with and subject to the restrictions contained in
Section 9.04), all its interests, rights and obligations under this Agreement to
an assignee that shall assume such obligations (which assignee may be another
Lender, if a Lender accepts such assignment); provided that (i) the Borrower
--------
shall have received the prior written consent of the Administrative Agent (and,
if a Revolving Commitment is being assigned, the Issuing Bank and Swingline
Lender), which consent shall not unreasonably be withheld, (ii) such Lender
shall have received payment of an amount equal to the outstanding principal of
its Loans and participations in LC Disbursements and Swingline Loans, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder,
from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or the Borrower (in the case of all other amounts) and (iii)
in the case of any such assignment resulting from a claim for compensation under
Section 2.15 or
52
payments required to be made pursuant to Section 2.17, such assignment will
result in a reduction in such compensation or payments. A Lender shall not be
required to make any such assignment and delegation if, prior thereto, as a
result of a waiver by such Lender or otherwise, the circumstances entitling the
Borrower to require such assignment and delegation cease to apply.
ARTICLE III
Representations and Warranties
------------------------------
To induce the Administrative Agent and the Lenders to enter into this
Agreement and to make the Loans and issue or participate in the Letters of
Credit, the Borrower makes the following representations and warranties, to the
Administrative Agent and each Lender, all of which shall survive the execution
and delivery of this Agreement and the making of the Loans and the issuance of
any Letter of Credit:
SECTION 3.01 Financial Condition. (a) The unaudited pro forma
------------------- --- -----
consolidated balance sheet and statement of operations of the Borrower and its
consolidated Subsidiaries as at March 31, 1999, or for the period of four
consecutive fiscal quarters ended, March 31, 1999 (the "Pro Forma Financial
Statements"), copies of which have heretofore been furnished to each Lender,
have been prepared giving effect (as if such events had occurred on such date or
at the beginning of such period, as the case may be) to (i) the consummation of
the Transaction, (ii) the Loans to be made, Letters of Credit to be issued, and
the Senior Notes (or the Increasing Rate Term Loans to be funded, as the case
may be) and New Preferred Stock to be issued on the Effective Date and the use
of proceeds thereof and (iii) the payment of fees and expenses in connection
with the foregoing. The Pro Forma Financial Statements have been prepared based
on the best information available to the Borrower as of the date of delivery
thereof, and present a good faith estimate on a pro forma basis of the financial
--- -----
position of Borrower and its consolidated Subsidiaries as at, or for the period
of four consecutive fiscal quarters ended, March 31, 1999 assuming that the
events specified in the preceding sentence had actually occurred at such date or
at the beginning of such period, as the case may be.
(b) The audited consolidated balance sheets of the Borrower as at
December 31, 1996, December 31, 1997 and December 31, 1998, and the related
consolidated statements of operations, stockholder's equity and cash flows for
the fiscal years ended on such dates, present fairly the consolidated financial
condition of the Borrower as at such date, and the consolidated results of its
operations and its consolidated cash flows for the respective fiscal years then
ended. The unaudited consolidated balance sheet of the Borrower as at March 31,
1999, and the related unaudited consolidated statements of operations,
stockholder's equity and cash flows for the three-month period ended on such
date, present fairly the consolidated financial condition of the Borrower as at
such date, and the consolidated results of its operations and its consolidated
cash flows for the three-month period then ended (subject to normal year-end
audit adjustments). All such financial statements have been prepared in
accordance with GAAP applied consistently throughout the periods involved. The
Borrower and its Subsidiaries do not have any material contingent liabilities
and liabilities for taxes, or any long-term leases or unusual forward or long-
term commitments, including any interest rate or foreign currency swap or
exchange transaction
53
or other obligation in respect of derivatives, all as determined in accordance
with GAAP, that are not reflected in the most recent financial statements
referred to in this paragraph. During the period from December 31, 1998 to and
including the date hereof there has been no Disposition by the Borrower or any
of its Subsidiaries of any material part of its business or assets, other than
has been disclosed to the Lenders prior to the Effective Date.
SECTION 3.02 No Change. Since December 31, 1998 there has been no
---------
development or event that has had or would reasonably be expected to have a
Material Adverse Effect.
SECTION 3.03 Company Existence; Compliance with Law. Each of the
--------------------------------------
Borrower and its Subsidiaries (a) is duly organized, validly existing and in
good standing under the laws of the jurisdiction of its organization, (b) has
the Company power and authority, and the legal right, to own and operate its
assets, to lease the assets it operates as lessee and to conduct the business in
which it is currently engaged, (c) is duly qualified as a foreign Company and in
good standing under the laws of each jurisdiction where its ownership, lease or
operation of assets or the conduct of its business requires such qualification,
except to the extent that the failure to be so qualified and in good standing
would not, in the aggregate, reasonably be expected to have a Material Adverse
Effect, and (d) is in compliance with all Requirements of Law except to the
extent that the failure to comply therewith would not, in the aggregate,
reasonably be expected to have a Material Adverse Effect.
SECTION 3.04 Company Power; Authorization; Enforceable Obligations.
-----------------------------------------------------
Each Loan Party has the Company power and authority, and the legal right to
make, deliver and perform the Loan Documents to which it is a party and, in the
case of the Borrower, to borrow hereunder. Each Loan Party has taken all
necessary Company action to authorize the execution, delivery and performance of
the Loan Documents to which it is a party and, in the case of the Borrower, to
authorize the borrowings on the terms and conditions of this Agreement. All
consents or authorizations of, filings with, notices to or other act by or in
respect of, any Governmental Authority or any other Person required in
connection with the Transaction and the borrowings hereunder or with the
execution, delivery, performance, validity or enforceability of this Agreement
or any of the Loan Documents have been obtained and are in full force and
effect, except consents, authorizations, filings and notices described in
Schedule VIII. Each Loan Document has been duly executed and delivered on
behalf of each Loan Party thereto. This Agreement constitutes, and each other
Loan Document upon execution will constitute, a legal, valid and binding
obligation of each Loan Party thereto, enforceable against each such Loan Party
in accordance with its terms, except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors' rights generally and by general
equitable principles (whether enforcement is sought by proceedings in equity or
at law).
SECTION 3.05 No Violation. The execution, delivery and performance
------------
of this Agreement and the other Loan Documents, the issuance of Letters of
Credit, the borrowings hereunder and the use of the proceeds thereof (i) will
not violate any Requirement of Law or any material Contractual Obligation of the
Borrower or any of its Subsidiaries, (ii) will not conflict with or result in
any breach of any of the terms, covenants, conditions or provisions of, or
consti-
54
tute a default under, or result in the creation or imposition of (or the
obligation to create or impose) any Lien (other than pursuant to the Security
Documents) upon any of the properties or assets of the Borrower or any of its
Subsidiaries, pursuant to the terms of any indenture, mortgage, deed of trust,
credit agreement or loan agreement, or any other material agreement, contract or
instrument, to which the Borrower or any of its Subsidiaries, is a party or by
which it or any of its property or assets is bound or to which it may be
subject, except to the extent that such conflict or default would not reasonably
be expected to have a Material Adverse Effect or (iii) will not violate any
provision of any Company Document of the Borrower or any of its Subsidiaries. No
Requirement of Law or Contractual Obligation applicable to the Borrower or any
of its Subsidiaries would reasonably be expected to have a Material Adverse
Effect.
SECTION 3.06 Litigation. No litigation, investigation or proceeding
----------
of or before any arbitrator or Governmental Authority is pending or, to the
knowledge of the Borrower, threatened by or against the Borrower or any of its
Subsidiaries or against any of their respective properties or revenues (a) with
respect to any of the Loan Documents or any of the transactions contemplated
hereby or thereby or (b) except as set forth on Schedule IX, that would
reasonably be expected to have a Material Adverse Effect.
SECTION 3.07 No Default. Neither the Borrower nor any of its
----------
Subsidiaries is in default under or with respect to any of its Contractual
Obligations in any respect that could reasonably be expected to have a Material
Adverse Effect. No Default or Event of Default has occurred and is continuing.
SECTION 3.08 Intellectual Property. The Borrower and each of its
---------------------
Subsidiaries owns, or is licensed to use, all Intellectual Property necessary
for the conduct of its business as currently conducted. No claim has been
asserted and is pending by any Person challenging or questioning the use of any
Intellectual Property or the validity or effectiveness of any Intellectual
Property which would reasonably be expected to have a Material Adverse Effect,
nor does the Borrower know of any valid basis for any such claim. The use of
Intellectual Property by the Borrower and its Subsidiaries does not infringe on
the rights of any Person in any material respect, except to the extent that such
infringements would not, in the aggregate, be reasonably likely to have a
Material Adverse Effect.
SECTION 3.09 Taxes. Each of the Borrower and each of its
-----
Subsidiaries has filed or caused to be filed all Federal, state and other
material tax returns that are required to be filed and has paid all taxes shown
to be due and payable on said returns or on any assessments made against it or
any of its assets and all other taxes, fees or other charges imposed on it or
any of its assets by any Governmental Authority to the extent due and payable
(other than any the amount or validity of that are currently being contested in
good faith by appropriate proceedings and with respect to which reserves in
conformity with GAAP have been provided on the books of the Borrower or its
Subsidiaries, as the case may be or which would not reasonably be expected to
have a Material Adverse Effect); no material tax Lien has been filed, and, to
the knowledge of the Borrower, no claim is being asserted, with respect to any
such tax, fee or other charge, which claim would reasonably be expected to have
a Material Adverse Effect.
55
SECTION 3.10 Federal Regulations. No part of the proceeds of any
-------------------
Loans will be used for "buying" or "carrying" any "Margin Stock" within the
respective meanings of each of the quoted terms under Regulation U as now and
from time to time hereafter in effect or for any purpose that violates or is
inconsistent with the provisions of the Regulations T, U or X of the Board.
SECTION 3.11 Labor Matters. Except as, in the aggregate, would not
-------------
reasonably be expected to have a Material Adverse Effect: (a) there are no
strikes or other labor disputes against the Borrower or any of its Subsidiaries
pending or, to the knowledge of the Borrower, threatened; (b) hours worked by
and payment made to employees of the Borrower and its Subsidiaries have not been
in violation of the Fair Labor Standards Act or any other applicable Requirement
of Law dealing with such matters; and (c) all payments due from the Borrower or
any of its Subsidiaries on account of employee health and welfare insurance have
been paid or accrued as a liability on the books of the Borrower or the relevant
Subsidiary.
SECTION 3.12 ERISA. Neither a Reportable Event nor an "accumulated
-----
funding deficiency" (within the meaning of Section 412 of the Code or Section
302 of ERISA) has occurred during the five-year period prior to the date on
which this representation is made or deemed made with respect to any Single
Employer Plan which would reasonably be likely to have a Material Adverse
Effect, and each Plan has complied in all material respects with the applicable
provisions of ERISA and the Code, except to the extent that the failure to so
comply would not, in the aggregate, be reasonably likely to have a Material
Adverse Effect. No termination of a Single Employer Plan has occurred, and no
Lien against the Borrower or any Commonly Controlled Entity and in favor of the
PBGC or a Single Employer Plan has arisen, during such five-year period which
would reasonably be likely to have a Material Adverse Effect. The present value
of all accrued benefits under each Single Employer Plan (based on those
assumptions used to fund such Plans) did not, as of the last annual valuation
date prior to the date on which this representation is made or deemed made,
exceed the value of the assets of such Plan allocable to such accrued benefits
by a material amount. Neither the Borrower nor any Commonly Controlled Entity
has had a complete or partial withdrawal from any Multiemployer Plan, and based
on such information provided to the Borrower by the Sponsors of the
Multiemployer Plans, Borrower believes that neither the Borrower nor any
Commonly Controlled Entity would become subject to any material liability under
ERISA which would reasonably be likely to have a Material Adverse Effect if the
Borrower or any such Commonly Controlled Entity were to withdraw completely from
all Multiemployer Plans as of the valuation date most closely preceding the date
on which this representation is made or deemed made. To the knowledge of the
Borrower no such Multiemployer Plan is in Reorganization or in a state of
Insolvency.
SECTION 3.13 Investment Company Act; Other Regulations. No Loan
-----------------------------------------
Party is an "investment company", or a company "controlled" by an "investment
company", within the meaning of the Investment Company Act of 1940, as amended.
No Loan Party is subject to regulation under any Requirement of Law that limits
its ability to incur Indebtedness.
SECTION 3.14 Public Utility Holding Company Act. Neither Borrower
----------------------------------
nor its Subsidiaries is a "holding company," or a "subsidiary company" of a
"holding company," or an
56
"affiliate" of a "holding company" or of a "subsidiary company" of a "holding
company" within the meaning of the Public Utility Holding Company Act of 1935,
as amended.
SECTION 3.15 Subsidiaries; Joint Ventures. (a) On the Effective
----------------------------
Date, Schedule V sets forth the name and jurisdiction of formation of each
Subsidiary and Joint Venture owned directly or indirectly by the Borrower on
such date and, as to each such Subsidiary or Joint Venture, the percentage of
each class of Equity Ownership Interest therein owned by the Borrower or any of
its Subsidiaries, (b) Section 5.10(b)(C) shall have been complied with, to the
extent required thereby, in respect of each Subsidiary or Joint Venture of the
Borrower acquired or created after the Effective Date and (c) there are no
outstanding subscriptions, options, warrants, calls, rights or other agreements
or commitments (other than (i) stock options granted to employees or directors
and directors' qualifying shares and (ii) Buy/Sell Arrangements) of any nature
relating to any Equity Ownership Interests of the Borrower or any Equity
Ownership Interest in any Subsidiary, except as set forth on Schedule V.
SECTION 3.16 Use of Proceeds; Margin Regulations. (a) The proceeds
-----------------------------------
of the Term Loans, and the proceeds (not to exceed $300 million) of the
Revolving Loans shall be used by the Borrower, subject to the other restrictions
set forth in this Agreement, to fund the Transaction and related fees and
expenses. The proceeds of the Revolving Loans shall be used by the Borrower and
its Subsidiaries, to fund (i) the amounts described in the previous sentence,
(ii) acquisitions of assets and businesses, Investments, Capital Expenditures
and capital expenditures for furniture, fixtures and equipment in
Hospitality/Leisure-Related Businesses and (iii) general working capital needs
of the Borrower and its Subsidiaries.
(b) Neither the making of any Loan nor the use of the proceeds thereof
nor the occurrence of any other extension of credit under the Loan Documents
will violate or be inconsistent with the provisions of Regulation T, U or X of
the Board. At the time of the making of each Loan, and after giving effect
thereto and the use of the proceeds thereof, no more than 25% of the value (as
defined in Regulation U of the Board) of the assets of the Borrower, and of the
Borrower and its Subsidiaries on a consolidated basis, subject to the
restrictions in Section 6.03 and 6.05 shall constitute Margin Stock. If
requested by any Lender or the Administrative Agent, the Borrower will furnish
to the Administrative Agent and each Lender a statement to the foregoing effect
in conformity with the requirements of FR Form U-1 or FR Form G-3, as
applicable, referred to in Regulation U.
SECTION 3.17 Hotels. (a) The Borrower and each of its Subsidiaries,
------
and to the best knowledge of the Borrower, its Joint Ventures, has good and
marketable fee simple absolute title to all material Real Property purported to
be owned by them, and has good and marketable title to, or valid leasehold
interests in, all other material Real Property purported to be leased by them,
free and clear of all Liens, other than Permitted Liens. Schedule X contains a
true and complete list of each Hotel owned or leased by the Borrower, any of its
Subsidiaries, or any of its Joint Ventures on the Effective Date, and the type
of interest therein held by the Borrower or any of its Subsidiaries.
(b) All material Real Property leased on the Effective Date by the
Borrower or any of its Subsidiaries as tenant, or any of their Joint Ventures is
listed on Schedule X. To the
57
best knowledge of the Borrower, each of such leases is valid and enforceable in
accordance with its terms and is in full force and effect in all material
respects. None of the Borrower, nor its Subsidiaries, nor, to the best knowledge
of the Borrower, any of its Joint Ventures, or any other party to any such lease
is in default of its obligations thereunder or has delivered or received any
notice of default under any such lease, nor has any event occurred which, with
the giving of notice, the passage of time or both, would constitute a default
under any such lease, except for defaults which would not reasonably be expected
to have a Material Adverse Effect.
(c) Each ground lease with respect to any Hotel which is located on a
Leasehold is in full force and effect and no party thereto has denied or
disaffirmed any of its material obligations thereunder or has defaulted (beyond
applicable cure and notice periods) in the due performance or observance of any
material term, covenant or agreement on its part to be performed or observed
pursuant thereto, except in the case of any ground leases such denials,
disaffirmations and defaults as would not reasonably be expected to have a
Material Adverse Effect.
(d) Each Hotel complies in all material respects with (i) all
Requirements of Law, (ii) all material consents, licenses (including liquor
licenses), certificates and permits required by all Requirements of Law for the
operation of each Hotel have been obtained and are in full force and effect and
(iii) all utility services and facilities necessary for the operation of each
Hotel are available at such Hotel, except in the case of clauses (i), (ii) and
(iii) such non-compliances or failures to comply, obtain or have in full force
and effect and available as would not reasonably be expected to have a Material
Adverse Effect.
SECTION 3.18 Environmental Matters. Except as, in the aggregate,
---------------------
would not reasonably be expected to have a Material Adverse Effect:
(a) to the best knowledge of the Borrower, the facilities and
properties owned, leased or operated by the Borrower or any of its
Subsidiaries (the "Properties") do not contain, and have not previously
contained, any Materials of Environmental Concern in amounts or
concentrations or under circumstances that constitute or constituted a
violation of, or could give rise to liability under, any Environmental Law;
(b) neither the Borrower nor any of its Subsidiaries has received or
is aware of any notice of violation, alleged violation, non-compliance,
liability or potential liability regarding environmental matters or
compliance with Environmental Laws with regard to any of the Properties or
the business operated by the Borrower or any of its Subsidiaries (the
"Business"), nor does the Borrower have knowledge or reason to believe that
any such notice will be received or is being threatened;
(c) to the best knowledge of the Borrower, Materials of Environmental
Concern have not been transported or disposed of from the Properties in
violation of, or in a manner or to a location that could give rise to
liability under, any Environmental Law, nor have any Materials of
Environmental Concern been generated, treated, stored or disposed of at, on
or under any of the Properties in violation of, or in a manner that could
give rise to liability under, any applicable Environmental Law;
58
(d) no judicial proceeding or governmental or administrative action is
pending or, to the knowledge of the Borrower, threatened, under any
Environmental Law to which the Borrower or any Subsidiary is or will be
named as a party with respect to the Properties or the Business, nor are
there any consent decrees or other decrees, consent orders, administrative
orders or other orders, or other administrative or judicial requirements
outstanding under any Environmental Law with respect to the Properties or
the Business;
(e) to the best knowledge of the Borrower, there has been no release
or threat of release of Materials of Environmental Concern at or from the
Properties, or arising from or related to the operations of the Borrower or
any Subsidiary in connection with the Properties or otherwise in connection
with the Business, in violation of or in amounts or in a manner that could
give rise to liability under Environmental Laws;
(f) the Properties and all operations at the Properties are in
compliance, and have in the last five years been in compliance, with all
applicable Environmental Laws, and there is no contamination at, under or
about the Properties or violation of any Environmental Law with respect to
the Properties or the Business; and
(g) neither the Borrower nor any of its Subsidiaries has assumed any
liability of any other Person under Environmental Laws.
SECTION 3.19 Accuracy of Information, etc. No statement or
-----------------------------
information contained in this Agreement, any other Loan Document, or any other
document, certificate or statement furnished by or on behalf of any Loan Party
(other than the Projections, pro forma financial information and forecasts) to
the Administrative Agent or the Lenders, or any of them, for use in connection
with the transactions contemplated by this Agreement or the other Loan
Documents, contained as of the date such statement, information, document or
certificate was so furnished, any untrue statement of a material fact or omitted
to state a material fact necessary to make the statements contained herein or
therein not materially misleading in light of the circumstances in which such
statements are made. The Projections and pro forma financial information
--- -----
contained in the materials referenced above are based upon good faith estimates
and assumptions believed by management of the Borrower to be reasonable at the
time made, it being recognized by the Lenders that such Projections and
financial information as they relate to future events are not to be viewed as
fact, that such Projections and financial information are subject to significant
uncertainties and contingencies, many of which are beyond the control of the
Borrower and its Subsidiaries and that actual results during the period or
periods covered by such financial information may differ from the projected or
estimated results set forth therein by a material amount. As of the date
hereof, there is no fact known to any Loan Party that would reasonably be
expected to have a Material Adverse Effect that has not been expressly disclosed
herein, in the other Loan Documents, or in any other documents, certificates and
statements furnished to the Administrative Agent and the Lenders for use in
connection with the transactions contemplated hereby and by the other Loan
Documents.
SECTION 3.20 Security Documents. The Guaranty and Collateral
------------------
Agreement is, and after the execution and delivery thereof, each other Security
Document will be, effective to
create in favor of the Collateral Agent, for the benefit of the Secured Parties,
a legal, valid and enforceable security interest in the Collateral described
therein. In the case of the certificated Pledged Stock described in the Guaranty
and Collateral Agreement, when stock certificates representing such certificated
Pledged Stock are delivered to the Administrative Agent, in the case of Pledged
Notes described in the Guaranty and Collateral Agreement, when the intercompany
promissory notes representing such Pledged Notes and in the case of the other
Collateral described in the Guaranty and Collateral Agreement, when financing
statements and other filings specified in the opinion delivered pursuant to
Section 4.01(g) (or otherwise notified to the Administrative Agent) in
appropriate form are filed in the offices specified on Annex B to the Guaranty
and Collateral Agreement (or otherwise notified to the Administrative Agent),
the Guaranty and Collateral Agreement shall constitute a fully perfected Lien
on, and security interest in, all right, title and interest of the Loan Parties
in such Collateral and the proceeds thereof, as security for the Obligations (as
defined in the Guaranty and Collateral Agreement), in each case prior and
superior in right to any other Person except, and subject to, Permitted Liens
(except, in the case of Collateral consisting of Pledged Stock or, Pledged
Notes, subject only to Permitted Liens described in Section 6.03).
SECTION 3.21 Solvency. The Loan Parties (taken as a whole) are, and
--------
after giving effect to the Restructuring and the incurrence of all Indebtedness
and obligations being incurred in connection herewith and therewith will be and
will continue to be, Solvent.
SECTION 3.22 Existing Indebtedness. Schedule XI sets forth a true
---------------------
and complete list of all Existing Indebtedness constituting borrowed money and
guarantees of same of the Borrower and its Subsidiaries in excess of $1,000,000
as of the Effective Date and intended to remain outstanding after such date, in
each case showing the aggregate principal amount thereof and the name of the
respective borrower and any other entity which directly or indirectly guaranteed
such debt.
SECTION 3.23 Year 2000 Matters. Any reprogramming required to permit
-----------------
the proper functioning (but only to the extent that such proper functioning
would otherwise be impaired by the occurrence of the year 2000) in and following
the year 2000 of computer systems and other equipment containing embedded
microchips, in either case owned or operated by the Borrower or any of its
Subsidiaries in the conduct of their business, and the testing of all such
systems and other equipment as so reprogrammed, will be completed by October 31,
1999, except to the extent that the failure to so reprogram and test would not
reasonably be expected to have a Material Adverse Effect. The costs to the
Borrower and its Subsidiaries that have not been incurred as of the date hereof
for such reprogramming and testing would not reasonably be expected to have a
Material Adverse Effect.
SECTION 3.24 Transaction. As of the Effective Date, (i) the
-----------
Transaction has been consummated in all material respects in accordance with the
terms of the respective Transaction Documents (except as approved by the
Administrative Agent, such approval not to be unreasonably withheld) and all
applicable laws, (ii) all consents and approvals of, and filings and
registrations with, and all other actions in respect of, all governmental
agencies, authorities or instrumentalities required in order to make or
consummate the Transaction will have been obtained, given, filed or taken and
are or will be in full force and effect (or effective judicial relief
60
with respect thereto has been obtained), except where the failure to so obtain,
give, file or take would not be reasonably expected to have a Material Adverse
Effect, (iii) all applicable waiting periods with respect thereto have or, prior
to the time when required, will have, expired without, in all such cases, any
action being taken by any competent authority which restrains, prevents, or
imposes material adverse conditions upon the Transaction, (iv) there does not
exist any judgment, order or injunction prohibiting or imposing material adverse
conditions upon the Transaction, or any Loan or the performance by any Loan
Party of its obligations under the respective Documents, (v) all actions taken
by each Loan Party pursuant to or in furtherance of the Transaction have been
taken in material compliance with the respective Documents (except for
modifications and waivers consented to by the Administrative Agent pursuant to
Section 4.01(b)) and all applicable laws and (vi) all representations and
warranties of the Loan Parties contained in the Transaction Documents and made
(or deemed made) on the Effective Date shall be true and correct in all material
respects on such date.
ARTICLE IV
Conditions Precedent
---------------------
SECTION 4.01 Conditions to Initial Extension of Credit. The
-----------------------------------------
agreement of each Lender to make the initial extension of credit requested to be
made by it is subject to the satisfaction, prior to or concurrently with the
making of such extension of credit on the Effective Date, of the following
conditions precedent:
(a) Credit Agreement; Guaranty and Collateral Agreement. The
---------------------------------------------------
Administrative Agent shall have received (i) this Agreement, executed and
delivered by the Administrative Agent, the Lenders and the Borrower, (ii) the
Guaranty and Collateral Agreement, executed and delivered by the Borrower and
each Subsidiary Guarantor and (iii) an Acknowledgment and Consent in the form
attached to the Guaranty and Collateral Agreement, executed and delivered by
each Issuer, if any, that is not a Loan Party.
(b) Transaction, etc. (i) On or prior to the Effective Date, there
-----------------
shall have been delivered to the Lenders copies of all Transaction Documents,
all of which shall be certified by a Responsible Officer of the Borrower and/or
its Subsidiaries as true and correct and be in full force and effect and shall
be in form and substance reasonably satisfactory to the Administrative Agent and
the Lenders. On the Effective Date, the Transaction shall have been consummated
in accordance with the Transaction Documents and all applicable laws. All
conditions to the consummation of the Transaction under the Transaction
Documents and related material agreements shall have been satisfied, without
waiver or modification (except with the consent of the Administrative Agent,
which consent shall not be unreasonably withheld).
(ii) In connection therewith, the transactions described below (and to
the extent any of the other transactions described on the Sources and Uses Table
attached to the Securities Purchase Agreement (and updated through the Effective
Date) are to be consummated with such transactions) shall have been consummated
prior to or concurrently with the funding of the initial Loans hereunder and
pursuant to documents, and in a manner, reasonably satisfactory to the
Administrative Agent and the Lenders:
61
(A) the Borrower shall have received at least $1,000,000,000 in gross
cash proceeds from the issuance of New Preferred Stock to the Sponsors,
provided that such amount may be reduced by (x) the excess cash proceeds of
dispositions of Arcadian Hotels (such reduction not to exceed $300,000,000)
as more fully described in the Securities Purchase Agreement, so long as
all proceeds thereof have been used to permanently repay outstandings under
the Existing Credit Agreement and (y) an amount not to exceed $45,000,000
so long as the Sponsor obligated to invest such amount shall be obligated
to do so within one day in a manner satisfactory to the Administrative
Agent (it being agreed and understood that the failure of the Borrower to
receive such amount, which may be received from such Sponsor or any other
Sponsor, shall be an Event of Default);
(B) the Borrower shall have received at least $650,000,000 in gross
cash proceeds from the issuance of the Senior Notes or the incurrence of
Increasing Rate Term Loan;
(C) the Borrower shall have settled for cash its outstanding Existing
Equity Forwards (to the extent not previously settled by the sale of Old
Patriot common stock by any counterparty thereto) and repaid and/or
refinanced its Indebtedness (other than Existing Indebtedness); and
(D) (x) the Administrative Agent shall have received satisfactory
evidence that the Existing Credit Agreement shall have been terminated and
all amounts thereunder shall have been paid in full (or with respect to
letters of credit, assumed under this Agreement) and (y) satisfactory
arrangements shall have been made for the termination of all Liens granted
in connection therewith.
(c) Pro Forma Financial Statements. The Lenders shall have received
------------------------------
the Pro Forma Financial Statements.
(d) Lien Searches. The Administrative Agent shall have received the
-------------
results of a recent lien search in each of the jurisdictions where the Borrower
and its material Subsidiaries are incorporated and to the extent requested by
the Administrative Agent, where material assets of the Loan Parties are located,
and such search shall reveal no liens on any of the assets of the Borrower or
its Subsidiaries, except for Permitted Liens and Liens discharged on or prior to
the Effective Date.
(e) Fees. The Lenders and the Administrative Agent shall have
----
received all fees required to be paid by the Borrower, and all expenses for
which invoices have been presented (including the reasonable fees and expenses
of legal counsel to the Administrative Agent), on or before the Effective Date.
All such amounts may be paid with proceeds of Loans made on the Effective Date
and, to the extent paid in such manner, will be reflected in the funding
instructions given by the Borrower to the Administrative Agent on or before the
Effective Date.
62
(f) Closing Certificate. The Administrative Agent shall have
-------------------
received, a certificate of each Loan Party, dated the Effective Date,
substantially in the form of Exhibit E with appropriate insertions and
attachments.
(g) Legal Opinions. The Administrative Agent shall have received the
--------------
legal opinion of Xxxxxxx Procter & Xxxx LLP, counsel to the Borrower and its
Subsidiaries, substantially in the form of Exhibit F.
(h) Pledged Stock; Stock Powers; Pledged Notes. The Administrative
------------------------------------------
Agent shall have received (i) the certificates representing the shares of
certificated capital stock pledged pursuant to the Guaranty and Collateral
Agreement, together with an undated stock power for each such certificate
executed in blank by a duly authorized officer of the pledgor thereof and (ii)
each promissory note pledged to the Administrative Agent pursuant to the
Guaranty and Collateral Agreement endorsed (without recourse) in blank (or
accompanied by an executed transfer form in blank) by the pledgor thereof.
(i) Filings, Registrations and Recordings. Each document (including
-------------------------------------
any Uniform Commercial Code financing statement) required by the Security
Documents or under law or reasonably requested by the Administrative Agent to be
filed, registered or recorded in order to create in favor of the Administrative
Agent, for the benefit of the Lenders, a perfected Lien on the Collateral
described therein, prior and superior in right to any other Person (other than
with respect to Permitted Liens), shall be in proper form for filing,
registration or recordation.
(j) Solvency Certificate. The Administrative Agent shall have
--------------------
received a solvency certificate from a member of senior management the Borrower
in the form of Exhibit G.
SECTION 4.02 Conditions to Each Extension of Credit. The agreement
--------------------------------------
of each Lender to make any extension of credit requested to be made by it on any
date (including its initial extension of credit) is subject to the satisfaction
of the following conditions precedent:
(a) Representations and Warranties. Each of the representations and
------------------------------
warranties made by any Loan Party in or pursuant to the Loan Documents shall be
true and correct in all material respects on and as of such date as if made on
and as of such date (unless such representations expressly relate to an earlier
date, in which case they shall be true and correct in all material respects on
and as of such earlier date).
(b) No Default. No Default or Event of Default shall have occurred
----------
and be continuing on such date or after giving effect to the extensions of
credit requested to be made on such date.
Each borrowing by and issuance of a Letter of Credit on behalf of the
Borrower hereunder shall constitute a representation and warranty by the
Borrower as of the date of such extension of credit that the conditions
contained in this Section 4.02 have been satisfied.
63
ARTICLE V
Affirmative Covenants
---------------------
The Borrower hereby agrees that, so long as the Commitments remain in
effect, any Letter of Credit remains outstanding or any Loan or other amount is
owing to any Lender or the Administrative Agent hereunder, the Borrower shall
and shall cause each of its Subsidiaries (and each of its Unrestricted
Subsidiaries with respect to Section 5.12 described below) to:
SECTION 5.01 Financial Statements. Furnish to the Administrative
--------------------
Agent with sufficient copies for each Lender:
(a) as soon as available, but in any event within 90 days after the
end of each fiscal year of the Borrower, a copy of the audited consolidated
balance sheet of the Borrower and its consolidated Subsidiaries as at the
end of such year and the related audited consolidated statements of income
and of cash flows for such year, setting forth in each case in comparative
form the figures for the previous year, reported on without a "going
concern" or like qualification or exception, or qualification arising out
of the scope of the audit, by Ernst & Young LLP or other independent
certified public accountants of nationally recognized standing; and
(b) as soon as available, but in any event not later than 45 days
after the end of each of the first three quarterly periods of each fiscal
year of the Borrower, the unaudited consolidated balance sheet of the
Borrower and its consolidated Subsidiaries as at the end of such quarter
and the related unaudited consolidated statements of income and of cash
flows for such quarter and the portion of the fiscal year through the end
of such quarter, setting forth in each case in comparative form the figures
for the previous year, certified by a Responsible Officer as being fairly
stated in all material respects (subject to normal year-end audit
adjustments and the notes thereto).
All such financial statements shall be complete and correct in all material
respects and shall be prepared in reasonable detail and in accordance with GAAP
applied consistently throughout the periods reflected therein and with prior
periods (except as approved by such accountants or officer, as the case may be,
and disclosed therein).
SECTION 5.02 Certificates; Other Information. Furnish to the
-------------------------------
Administrative Agent with sufficient copies for each Lender (or, in the case of
clause (i), to the relevant Lender):
(a) concurrently with the delivery of the financial statements
referred to in Section 5.01(a), a certificate of the independent certified
public accountants reporting on such financial statements stating that in
making the examination necessary therefor no knowledge was obtained of any
Default or Event of Default, except as specified in such certificate;
(b) concurrently with the delivery of any financial statements
pursuant to Section 5.01, (i) a certificate of a Responsible Officer
stating that, to the best of each such
64
Responsible Officer's knowledge, each Loan Party during such period has
observed or performed all of its covenants and other agreements, and
satisfied every condition, contained in this Agreement and the other Loan
Documents to which it is a party to be observed, performed or satisfied by
it, and that such Responsible Officer has obtained no knowledge of any
Default or Event of Default except as specified in such certificate and
(ii) in the case of quarterly or annual financial statements, (x) beginning
with the Compliance Certificate for the Fiscal Quarter ending September 30,
1999, a Compliance Certificate containing all information and calculations
necessary for determining compliance by the Borrower and its Subsidiaries
with the provisions of this Agreement referred to therein as of the last
day of the fiscal quarter or fiscal year of the Borrower, as the case may
be and (y) to the extent not previously disclosed to the Administrative
Agent pursuant to this clause (y), a listing of each new Subsidiary of any
Loan Party acquired or created by any Loan Party since the date of the most
recent list delivered pursuant to this clause (y) (or, in the case of the
first such list so delivered, since the Effective Date);
(c) as soon as available, and in any event no later than 60 days after
the end of each fiscal year of the Borrower, a detailed consolidated budget
for the following fiscal year (including a projected consolidated balance
sheet of the Borrower and its Subsidiaries as of the end of the following
fiscal year, the related consolidated statements of projected cash flow,
projected changes in financial position and projected income and a
description of the underlying assumptions applicable thereto), and, as soon
as available, significant revisions, if any, of such budget and projections
with respect to such fiscal year (collectively, the "Projections"), which
Projections shall in each case be accompanied by a certificate of a
Responsible Officer stating that such Projections are based on estimates,
information and assumptions believed by such Responsible Officer to be
reasonable;
(d) within 60 days after the end of each of the first three fiscal
quarters of each fiscal year of the Borrower, a narrative discussion and
analysis of the financial condition and results of operations of the
Borrower and its Subsidiaries for such fiscal quarter and for the period
from the beginning of the then current fiscal year to the end of such
fiscal quarter, as compared to the portion of the Projections covering such
periods and to the comparable periods of the previous year; provided that
--------
delivery of such narrative discussion and analysis on Form 10-Q filed with
the SEC with respect to such fiscal quarter shall be deemed to satisfy the
foregoing requirement;
(e) promptly after the receipt thereof by the Borrower, a copy of any
"management letter" addressed to the board of directors of the Borrower or
any of its Subsidiaries from its certified public accountants and any
internal control memoranda relating thereto;
(f) at the time of the delivery of the financial statements described
in Section 5.01, a certificate of the chief financial officer of the
Borrower, identifying all Asset Dispositions and Reinvestment Events made
during the fiscal quarter of the Borrower, and the proceeds thereof, and,
except as previously disclosed as having been reinvested or otherwise
applied as required by this Agreement, pursuant to this Section (f), the
information tracking all Asset Dispositions and Reinvestment Events made
prior such
65
fiscal quarter as to the status of the proceeds, thereof, including whether
such proceeds were reinvested or otherwise used as required under this
Agreement;
(g) no later than five Business Days prior to the effectiveness
thereof, copies of substantially final drafts of any proposed amendment,
supplement, waiver or other modification with respect to the Senior Note
Indenture or the Increasing Rate Term Loan Facility as to which the Senior
Note Indenture or the Increasing Rate Term Loan Facility requires the
approval of any percentage of the holders of Indebtedness thereunder;
(h) within five Business Days after the same are sent, copies of all
financial statements and reports that the Borrower sends to the holders of
any class of its debt securities or public equity securities and, within
five Business Days after the same are filed, copies of all financial
statements and reports that the Borrower may make to, or file with, the
SEC; and
(i) promptly, such additional financial and other information as any
Lender may from time to time reasonably request.
SECTION 5.03 Payment of Obligations. Pay, discharge or otherwise
----------------------
satisfy at or before maturity or before they become delinquent, as the case may
be, all its material obligations of whatever nature, except (i) where the amount
or validity thereof is currently being contested in good faith by appropriate
proceedings and reserves in conformity with GAAP with respect thereto have been
provided on the books of the Borrower or its Subsidiaries, as the case may be or
(ii) where the failure to pay, discharge or satisfy would not, in the aggregate,
be reasonably likely to have a Material Adverse Effect.
SECTION 5.04 Maintenance of Existence; Compliance. (a) (i)
------------------------------------
Preserve, renew and keep in full force and effect its corporate existence and
(ii) take all reasonable action to maintain all rights, privileges and
franchises necessary or desirable in the normal conduct of its business, except,
in each case, as otherwise permitted by Section 6.04 and except, in the case of
clause (ii) above, to the extent that failure to do so would not reasonably be
expected to have a Material Adverse Effect; and (b) comply with all Contractual
Obligations and Requirements of Law, except to the extent that failure to comply
therewith would not, in the aggregate, reasonably be expected to have a Material
Adverse Effect.
SECTION 5.05 Maintenance of Property; Insurance. (a) Keep all
----------------------------------
property useful and necessary in its business in good working order and
condition, ordinary wear and tear excepted in accordance with industry standards
and (b) maintain with financially sound and reputable insurance companies
insurance on all its property in at least such amounts and against at least such
risks (but including in any event public liability, product liability and
business interruption expense coverage) as are usually insured against in the
same general area by companies engaged in the same or a similar business.
SECTION 5.06 Inspection of Property; Books and Records; Discussions.
------------------------------------------------------
(a) Keep proper books of records and account in which full, true and correct
entries in conformity with GAAP and all Requirements of Law shall be made of all
dealings and transactions in relation
66
to its business and activities and (b) permit representatives of any Lender,
upon reasonable prior notice, to visit and inspect any of its properties and
examine and make abstracts from any of its books and records at any reasonable
time and as often as may reasonably be desired and to discuss the business,
operations, properties and financial and other condition of the Borrower and its
Subsidiaries with officers and employees of the Borrower and its Subsidiaries
and with its independent certified public accountants.
SECTION 5.07 Notices. Promptly give notice to the Administrative
-------
Agent with sufficient copies for each Lender of:
(a) the occurrence of any Default or Event of Default;
(b) any (i) default or event of default under any Contractual
Obligation of the Borrower or any of its Subsidiaries or (ii) litigation,
investigation or proceeding that may exist at any time between the Borrower
or any of its Subsidiaries and any Governmental Authority, that in either
case would reasonably be expected to have a Material Adverse Effect;
(c) any litigation or proceeding affecting the Borrower or any of its
Subsidiaries in which the amount claimed is $15,000,000 or more and not
covered by insurance or in which injunctive or similar relief is sought
which would reasonably be expected to have a Material Adverse Effect;
(d) the following events, as soon as possible and in any event within
30 days after the Borrower knows or has reason to know thereof, to the
extent such events, in the aggregate, would be reasonably likely to have a
Material Adverse Effect: (i) the occurrence of any Reportable Event with
respect to any Plan, a failure to make any required contribution to a Plan,
the creation of any Lien in favor of the PBGC or a Plan or any withdrawal
from, or the termination, Reorganization or Insolvency of, any
Multiemployer Plan or (ii) the institution of proceedings or the taking of
any other action by the PBGC or the Borrower or any Commonly Controlled
Entity or any Multiemployer Plan with respect to the withdrawal from, or
the termination, Reorganization or Insolvency of, any Single Employer Plan
or Multiemployer Plan; and
(e) any development or event that has had or would reasonably be
expected to have a Material Adverse Effect.
Each notice pursuant to this Section 5.07 shall be accompanied by a statement of
a Responsible Officer setting forth details of the occurrence referred to
therein and stating what action the Borrower or the relevant Subsidiary proposes
to take with respect thereto.
SECTION 5.08 Environmental Laws. Except as would not reasonably be
------------------
expected to have a Material Adverse Effect:
(a) Comply with, and contractually require compliance by all tenants
and subtenants, if any, with, all applicable Environmental Laws, and obtain
and comply with
67
and maintain, and contractually require that all tenants and subtenants
obtain and comply with and maintain, any and all licenses, approvals,
notifications, registrations or permits required by applicable
Environmental Laws.
(b) Conduct and complete all investigations, studies, sampling and
testing, and all remedial, removal and other actions required under
Environmental Laws and promptly comply with all lawful orders and
directives of all Governmental Authorities regarding Environmental Laws.
SECTION 5.09 Interest Rate Protection. In the case of the Borrower,
------------------------
within 180 days after the Effective Date, enter into Interest Rate Protection
Agreements to the extent necessary to provide that at least 50% of the aggregate
principal amount of the Term Loans (or 35% if the Increasing Rate Term Loans are
repaid in full) and Increasing Rate Term Loans outstanding on the date such
Interest Rate Protection Agreement is entered into is subject to either a fixed
interest rate or interest rate protection for a period of not less than three
years, which Interest Rate Protection Agreements shall have terms and conditions
reasonably satisfactory to the Administrative Agent.
SECTION 5.10 Additional Collateral; New Subsidiaries, etc. (a) At
---------------------------------------------
the expense of the Borrower, make, execute, endorse, acknowledge, file and/or
deliver to the Collateral Agent from time to time (subject to the rights and
interests in connection with Liens permitted by Section 6.03 (g)) such vouchers,
invoices, schedules, confirmatory assignments, conveyances, financing
statements, transfer endorsements, powers of attorney, certificates, reports and
other assurances or instruments and take such further steps relating to the
Collateral covered by the Security Documents as the Collateral Agent may
reasonably require. Furthermore, the Borrower shall cause to be delivered to
the Collateral Agent such opinions of counsel from any foreign jurisdiction of
formation of any Issuer or Loan Party and other related documents as may be
reasonably requested by the Collateral Agent to assure itself that this Section
5.10 has been complied with.
(b) With respect to any new Subsidiary (other than an Excluded Foreign
Subsidiary) created or acquired after the Effective Date by the Borrower or its
Subsidiaries (which, for the purposes of this paragraph (b), shall include any
existing Subsidiary that ceases to be an Excluded Foreign Subsidiary), shall
promptly (and in any event within 30 days) (unless the Administrative Agent
otherwise consents, in its reasonable discretion, based on the economic or other
burdens of effecting the following) (i) execute and deliver to the
Administrative Agent such amendments to the Security Documents as the
Administrative Agent deems necessary or advisable to grant to the Administrative
Agent, for the benefit of the Lenders, a perfected first priority security
interest in the Equity Ownership Interest of such new Subsidiary that is owned
by the Borrower or any of its Subsidiaries, (ii) to the extent such ownership
interest is evidenced by certificated capital stock, deliver to the
Administrative Agent the certificates representing such together with undated
stock powers, in blank, executed and delivered by a duly authorized officer of
the Borrower or such Subsidiary, as the case may be and (iii) cause such new
Subsidiary (A) to become a party to the Guaranty and Collateral Agreement, (B)
to take such actions necessary or advisable to grant to the Administrative Agent
for the benefit of the Lenders a perfected first priority security interest in
the Collateral described in the Guaranty and Collateral Agreement with respect
to such new Subsidiary, including the filing of Uniform Commercial Code
financing
68
statements in such jurisdictions as may be required by the Guaranty and
Collateral Agreement or by law or as may be requested by the Administrative
Agent and (C) to deliver to the Collateral Agent a certificate of such
Subsidiary, substantially in the form of Exhibit H to the Guaranty and
Collateral Agreement, with appropriate insertions and attachments. With respect
to any new Joint Venture created or acquired after the Effective Date by the
Borrower or any Subsidiary Guarantor, the actions described in clauses (i) and
(ii) above shall be taken as if such Joint Venture were a Subsidiary and none of
the actions described in clause (iii) above shall be required to be taken.
Notwithstanding the foregoing provisions of this paragraph (b), none of the
actions described in clauses (i), (ii) and (iii) above shall be required to be
taken with respect to any Subsidiaries and Joint Ventures financed pursuant to
Section 6.02 (e) or with respect to Special Purpose Subsidiaries.
(c) With respect to any new Excluded Foreign Subsidiary created or
acquired after the Effective Date by the Borrower or any of its Subsidiaries,
promptly (unless the Administrative Agent otherwise consents, in its reasonable
discretion, based on the economic or other burdens of effecting the following)
(i) execute and deliver to the Administrative Agent such amendments to the
Guarantee and Collateral Agreement as the Administrative Agent deems necessary
or advisable to grant to the Administrative Agent, for the benefit of the
Lenders, a perfected first priority security interest in the Equity Ownership
Interest of such new Subsidiary that is owned by the Borrower or any of its
Subsidiaries (provided that in no event shall more than 65% of the total
outstanding voting Equity Ownership Interests of any such new Subsidiary be
required to be so pledged) and (ii) and in the case such Equity Ownership
Interest is evidenced by certificated capital stock, deliver to the
Administrative Agent the certificates representing such certificated capital
stock, together with undated stock powers, in blank, executed and delivered by a
duly authorized officer of the Borrower or such Subsidiary, as the case may be,
and take such other action as may be necessary or, in the opinion of the
Administrative Agent, desirable to perfect the Administrative Agent's security
interest therein.
SECTION 5.11 Year 2000 Compliance. Perform any reprogramming that
--------------------
the Borrower deems necessary to permit the proper functioning of the Borrower
and its Subsidiaries with minimal interruption, in and following the year 2000,
of (i) the Borrower's and each of its Subsidiaries' computer systems and (ii)
equipment containing embedded microchips and the testing of all such systems and
equipment, which reprogramming will be completed by October 31, 1999, in each
case, except to the extent that the failure to effect such reprogramming and
testing would not be reasonably expected to result in a Material Adverse Effect.
SECTION 5.12 Maintenance of Separateness. Satisfy customary
---------------------------
corporate formalities including the holding of regular board of directors' and
shareholders' meetings and the maintenance of corporate offices and records.
None of the Borrower nor any of its Subsidiaries shall make any payment to a
creditor of any Unrestricted Subsidiary or Joint Venture in respect of any
liability of any Unrestricted Subsidiary or Joint Venture which is not a
liability of the Borrower or such Subsidiary (other than Guarantee Obligations
by the Borrower or any Subsidiary of the obligations of Joint Ventures permitted
hereunder), and no bank account of any Unrestricted Subsidiary or Joint Venture
shall be commingled with any bank account of the Borrower or any of its
Subsidiaries. Any financial statements distributed to any creditors of any
Unrestricted Subsidiary or Joint Venture shall, to the extent permitted by GAAP,
clearly establish
69
the corporate separateness of such Unrestricted Subsidiary or Joint Venture from
the Borrower and its Subsidiaries. Finally, neither the Borrower nor any of its
Subsidiaries or Unrestricted Subsidiaries shall take any action, or conduct its
affairs in a manner, which could result in the corporate existence of any
Unrestricted Subsidiary being ignored, or in the assets and liabilities of the
Borrower or any of its Subsidiaries being substantively consolidated with those
of any Unrestricted Subsidiary or Joint Venture in a bankruptcy, reorganization
or other insolvency proceeding.
ARTICLE VI
Negative Covenants
------------------
The Borrower hereby agrees that, so long as the Commitments remain in
effect, any Letters of Credit remain outstanding or any Loan or other amount is
owing to any Lender or the Administrative Agent hereunder, the Borrower shall
not, and shall not permit any of its Subsidiaries to, directly or indirectly:
SECTION 6.01 Financial Covenants.
-------------------
(a) Total Leverage Ratio. Permit the Total Leverage Ratio to exceed
--------------------
on the last day of any Test Period ending during any period set forth below to
exceed the ratio set forth below opposite such period.
Total
Period Leverage Ratio
------ --------------
September 30, 1999 until
December 31, 2000 6.50 to 1.00
January 1, 2001 until
December 31, 2001 6.25 to 1.00
January 1, 2002 until
December 31, 2002 6.00 to 1.00
January 1, 2003 until
December 31, 2003 6.00 to 1.00
January 1, 2004 until
December 31, 2004 5.75 to 1.00
Thereafter 5.75 to 1.00
(b) Senior Secured Leverage Ratio. (i) At any time neither clause
-----------------------------
(ii) nor clause (iii) below applies, permit the Senior Secured Leverage Ratio on
the last day of any Test
70
Period ending during any period set forth below to exceed the ratio set forth
below opposite such period:
Senior
Period Secured Leverage Ratio
------ ----------------------
September 30, 1999 until
December 31, 2000 5.95 to 1.00
January 1, 2001 until
December 31, 2001 5.75 to 1.00
January 1, 2002 until
December 31, 2002 5.50 to 1.00
January 1, 2003 until
December 31, 2003 5.25 to 1.00
January 1, 2004 until
December 31, 2004 5.00 to 1.00
Thereafter 4.75 to 1.00
(ii) At any time after at least $650,000,000 (but less than
$1,000,000,000) of Senior Notes have been issued by the Borrower and no
Increasing Rate Term Loans are outstanding, permit the Senior Secured Leverage
Ratio on the last day of any Test Period ending during any period set forth
below to exceed the ratio set forth below opposite such period:
Senior
Period Secured Leverage Ratio
------ ----------------------
September 30, 1999 until
December 31, 1999 5.00 to 1.00
January 1, 2000 until
June 30, 2000 5.00 to 1.00
July 1, 2000 until
December 31, 2000 5.00 to 1.00
January 1, 2001 until
June 30, 2001 5.00 to 1.00
71
July 1, 2001 until
December 31, 2001 4.75 to 1.00
January 1, 2002 until
June 30, 2002 4.50 to 1.00
July 1, 2002 until
December 31, 2002 4.50 to 1.00
Thereafter 4.375 to 1.00
(iii) At any time after at least $1,000,000,000 of Senior Notes have
been issued by the Borrower and no Increasing Rate Term Loans are outstanding,
permit the Senior Secured Leverage Ratio on the last day of any Test Period
ending during any period set forth below to exceed the ratio set forth below
opposite such period:
Senior
Period Secured Leverage Ratio
------ ----------------------
September 30, 1999 until
December 31, 1999 4.75 to 1.00
January 1, 2000 until
June 30, 2000 4.75 to 1.00
July 1, 2000 until
December 31, 2000 4.75 to 1.00
January 1, 2001 until
June 30, 2001 4.75 to 1.00
July 1, 2001 until
December 31, 2001 4.75 to 1.00
January 1, 2002 until
June 30, 2002 4.50 to 1.00
July 1, 2002 until
December 31, 2002 4.50 to 1.00
Thereafter 4.375 to 1.00
72
(c) Interest Coverage Ratio. Permit the Interest Coverage Ratio to be
-----------------------
less than (x) for any Test Period ending after June 30, 1999 and on or prior to
December 31, 2001, 2.00 to 1.00, (y) for any Test Period ending after December
31, 2001 and on or prior to December 31, 2002, 2.10 to 1.00 and (z) for any Test
Period ending after December 31, 2002, 2.20 to 1.00.
SECTION 6.02 Indebtedness. Create, issue, assume, become liable in
------------
respect of or suffer to exist any Indebtedness, except:
(a) Indebtedness of any Loan Party pursuant to any Loan Document;
(b) Unsecured intercompany Indebtedness of the Borrower to any
Subsidiary and of any Subsidiary to the Borrower or any other Subsidiary,
provided that (i) if the obligor under any such Indebtedness is a Loan
Party, such intercompany Indebtedness shall be subordinated to the
Obligations of such Loan Party and (ii) if the obligor thereunder is not a
Loan Party and the holder of such Indebtedness is a Loan Party, such holder
shall receive an intercompany note as evidence thereof and pledge the same
pursuant to the Security Documents;
(c) Guarantee Obligations (i) by the Borrower in respect of
obligations of its Subsidiaries or Joint Ventures, (ii) by any Wholly-Owned
Subsidiary Guarantor of any obligations of any other Wholly-Owned
Subsidiary Guarantor, (iii) by any Subsidiary of any obligations of any
Person acquired by it which Person becomes a Subsidiary after giving effect
to such acquisition so long as such acquisition is permitted under this
Agreement and (iv) by any Special Purpose Subsidiary of any obligations of
any other Special Purpose Subsidiary;
(d) Indebtedness outstanding on the date hereof (the "Existing
Indebtedness") and to the extent constituting borrowed money and guarantees
of same of the Borrower and its Subsidiaries in excess of $1,000,000 as of
the Effective Date and intended to remain outstanding after such date
(excluding the Loans and intercompany Indebtedness between or among the
Borrower and its Wholly-Owned Subsidiaries) listed on Schedule XI and any
refinancings, refundings, renewals or extensions thereof (without
increasing, or shortening the maturity of, the principal amount thereof or
securing such Indebtedness with Liens on assets not otherwise securing such
Indebtedness on the Effective Date);
(e) Indebtedness (including, without limitation, Capital Lease
Obligations and refinancings of such Indebtedness) secured by Liens
permitted by Section 6.03 (g); provided that (i) such Indebtedness shall be
--------
incurred without recourse to any Subsidiary of the Borrower other than the
Subsidiary incurring such Indebtedness, (ii) such Indebtedness may be
incurred with recourse to the Borrower (or supported by an unsecured
guaranty by the Borrower) and (iii) the principal amount of such
Indebtedness used to acquire Equity Ownership Interests shall not exceed
$150,000,000 in the aggregate;
(f) (A) (i) Indebtedness of the Borrower of at least $650,000,000 in
respect of the Increasing Rate Term Loan Facility or (ii) in respect of any
Senior Notes, and if issued
73
after the Effective Date, the proceeds of which are applied as required in
Section 2.11 and (B) Guarantee Obligations of any Subsidiary Guarantor in
respect of Indebtedness incurred pursuant to clause (A)(i), other than such
Indebtedness evidenced by "Exchange Notes" as described in the Increasing
Rate Term Loan Facility;
(g) Assumed Indebtedness incurred pursuant to Permitted Acquisitions
(including refinancings, refundings, renewals or extensions thereof) or
Exchanges permitted under Section 6.05(c)(i) or (ii); provided that (i)
--------
such Indebtedness shall be incurred without recourse to any Subsidiary of
the Borrower other than the Subsidiary making such Permitted Acquisition
and any Person that becomes a Subsidiary as a result of such Permitted
Acquisition and (ii) such Indebtedness may be incurred with recourse to the
Borrower (or supported by an unsecured guarantee by the Borrower);
(h) Indebtedness (x) in an aggregate amount not to exceed at any time
$200,000,000 with respect to construction loans, completion guarantees,
performance bonds, surety bonds or customs bonds required in the ordinary
course of business or (y) in an aggregate principal amount not to exceed at
any time $15,000,000 in connection with appeal bonds or the enforcement of
rights or claims of any Borrower or any of its Subsidiaries or in
connection with judgments that do not result in a Default under Section
7.07 or an Event of Default;
(i) No more than $200 million (which shall automatically increase to
$400 million if no Increasing Rate Term Loans are outstanding) of
additional secured Indebtedness outstanding at any time (the "Additional
Basket Amount") secured by the assets owned or leased by the Borrower or
its Subsidiaries on the Effective Date (or Reinvestment Assets to the
extent acquired with the proceeds of the Disposition of such assets or
pursuant to an Exchange in respect or such assets (but excluding
Unrestricted Assets)); provided, that (i) such Additional Basket Amount may
--------
be reduced or increased (but not above $200 million (or $400 million if no
Increasing Rate Term Loans are outstanding)), as such amount may be
increased under clause (ii) below) as follows: (A) such amount shall be
increased by an amount equal to the product of (1) the then existing
Additional Basket Amount multiplied by (2) a fraction, the numerator of
which is (I) (x) 70% of the fair market value (determined in good faith by
the senior management of the Borrower) of assets which are acquired and are
Unencumbered after the Effective Date or become Unencumbered after the
Effective Date as a result of the repayment of Indebtedness and (y) 70% of
the amount invested in Unencumbered assets (other than investments
consisting of maintenance Capital Expenditures) and the denominator of
which is (II) 70% of the fair market value (determined in good faith by the
senior management of the Borrower) of all assets which are Unencumbered
immediately prior to giving effect to such acquisition, repayment and
investment and (B) such amount shall be decreased by an amount equal to the
product of (1) the then existing Additional Basket Amount multiplied by (2)
a fraction, the numerator of which is (I) 70% of the fair market value
(determined in good faith by the senior management of the Borrower) of
Unencumbered assets which are disposed of after the Effective Date, or
assets which were Unencumbered prior to the determination of the status
thereof, and no longer are Unencumbered as a result of the incurrence of
Indebtedness secured by such asset or the
74
Equity Ownership Interest of the Subsidiary which owns such asset and the
denominator of which is (II) 70% of the fair market value (determined in
good faith by the senior management of the Borrower) of all assets which
are Unencumbered immediately prior to giving effect to such disposition and
incurrence (ii) from and after the first time the Senior Secured Leverage
Ratio (calculated on a Pro Forma Basis) at the time of incurrence of such
Indebtedness is less than (x) 3.5 to 1.0, such amount of additional
Indebtedness shall be increased to $375 million (or $575 million if no
Increasing Rate Term Loans are outstanding) and (y) 3.0 to 1.0, such amount
of additional Indebtedness shall be increased to $550 million (or $750
million if no Increasing Rate Term Loans are outstanding) and (iii) the
loan to value ratio of any such Indebtedness to the assets so encumbered
shall not be less than 50%;
(j) Additional unsecured Indebtedness of the Borrower and its
Subsidiaries, provided, that such Indebtedness is not of the type described
--------
in clauses (b), (e), (f), (h) or (k) of this Section 6.02;
(k) Indebtedness under Forward Purchase Obligations not to exceed $200
million at any time outstanding; and
(l) If no Increasing Rate Term Loans are outstanding, Indebtedness in
an aggregate principal amount not to exceed $360,000,000 at any time
outstanding secured by Liens under the Security Documents (on a pari passu
basis with the Obligations as set forth therein); provided that to the
--------
extent any Increasing Rate Loans are outstanding, Indebtedness pursuant to
this clause in an aggregate principal amount not to exceed $15,000,000 will
be permitted.
SECTION 6.03 Liens. Create, incur, assume or suffer to exist any Lien
-----
upon any of its assets, whether now owned or hereafter acquired, except
("Permitted Liens"):
(a) Liens for taxes, assessments or governmental charges or levies not
yet due or that are being contested in good faith by appropriate
proceedings, provided that adequate reserves with respect thereto are
--------
maintained on the books of the Borrower or its Subsidiaries, as the case
may be, in conformity with GAAP;
(b) carriers', warehousemen's, mechanics', materialmen's, repairmen's
or other like Liens arising in the ordinary course of business that do not
in the aggregate materially detract from the value of the assets of the
Borrower and its Subsidiaries taken as a whole or materially impair the use
thereof in the operation of the business of the Borrower or such Subsidiary
or that are being contested in good faith by appropriate proceedings;
(c) pledges or deposits in connection with workers' compensation,
unemployment insurance and other social security legislation;
(d) deposits to secure the performance of bids, trade contracts (other
than for borrowed money), leases, purchase contracts, construction
contracts, statutory
75
obligations, surety and appeal bonds, performance bonds and other
obligations of a like nature incurred in the ordinary course of business;
(e) easements, rights-of-way, restrictions and other similar
encumbrances incurred in the ordinary course of business that do not in any
case materially detract from the value of the property subject thereto or
materially interfere with the ordinary conduct of the business of the
Borrower or any of its Subsidiaries;
(f) Liens in existence on the date of this Agreement securing Existing
Indebtedness (including refinancings thereof permitted under Section 6.02
(d), provided that no such Lien is spread to cover any additional assets
--------
after the Effective Date (other than "products" and "proceeds" thereof or
customary after acquired property, as each such term is defined in the
Uniform Commercial Code of the State of New York) and that the amount of
Indebtedness secured thereby is not increased;
(g) Liens securing Indebtedness (including refinancings of such
Indebtedness) of the Borrower or any other Subsidiary incurred pursuant to
Section 6.02 (e) to finance the acquisition of or improvement to fixed or
capital assets or the acquisition or creation after the Effective Date of
Equity Ownership Interest in Subsidiaries and/or Joint Ventures, provided
--------
that (i) such Liens shall be created substantially simultaneously with (or
within 90 days after) the acquisition or creation of or improvement to such
fixed or capital assets or such Equity Ownership Interests (or refinancings
thereof subject to clauses (ii) and (iii) below), (ii) such Liens do not at
any time encumber any assets other than the assets or such Equity Ownership
Interests financed or improved by such Indebtedness (including the
"products" and "proceeds" thereof or customary after acquired property, as
each such term is defined in the Uniform Commercial Code of the State of
New York) and (iii) with respect to refinancings thereof, the amount of
Indebtedness secured thereby is not increased;
(h) Liens created pursuant to the Security Documents;
(i) any interest or title of a lessor or licensor under any lease or
license (including subleases or sublicenses) entered into by the Borrower
or any other Subsidiary in the ordinary course of its business and covering
only the assets so leased;
(j) Liens securing Assumed Indebtedness and Exchanges permitted
pursuant to Section 6.05(c)(i) and (ii) (or refinancings thereof), provided
--------
that such Liens (i) were not incurred in contemplation of the Permitted
Acquisition consummated in conjunction with the assumption of such Assumed
Indebtedness (or refinancing thereof) and (ii) do not encumber any assets
other than the assets acquired pursuant to such acquisition;
(k) Liens securing Indebtedness of the Borrower or any Subsidiary
incurred pursuant to Sections 6.02(h), (i) and (j);
(l) Liens arising from judgments, decrees or attachments or securing
appeal bonds in circumstances not constituting a Default under Section 7.07
or an Event of
76
Default, provided that the amount of cash and assets (determined on a fair
--------
market value basis) deposited or delivered to secure the respective
judgment or decree or subject to attachment or appeal bond shall not exceed
$15,000,000 at any time outstanding;
(m) (i) Liens to secure the performance by the Borrower and its
Subsidiaries of leases of Real Property or personal property, to the extent
incurred or made in the ordinary course of business, (ii) licenses,
sublicenses, leases or subleases entered into the ordinary course of
business not interfering in any material respect with the business of the
Borrower and its Subsidiaries, (iii) Liens arising from precautionary
Uniform Commercial Code financing statements regarding operating leases,
and (iv) statutory and common law landlords' liens under leases to which
any of the Borrower and its Subsidiaries is a party;
(n) Permitted Encumbrances;
(o) Liens in favor of the Borrower or any of its Subsidiary Guarantors
granted by any Subsidiary; and
(p) Customary Liens encumbering the Equity Ownership Interests owned
by the Borrower, any of its Subsidiaries or any Joint Venture (which Equity
Ownership Interests are not required to be pledged pursuant to the
Guarantee and Collateral Agreement) granted in favor of any non-Affiliate
partners or members in any Joint Venture or non-Wholly Owned Subsidiary
owned by Borrower or any Subsidiary and for failure of such Person to
perform its obligations under the relevant Company Documents.
SECTION 6.04 Fundamental Changes. Enter into any merger,
-------------------
consolidation or amalgamation, or liquidate, wind up or dissolve itself (or
suffer any liquidation or dissolution), or Dispose of, all or substantially all
of its assets, or business, except that:
(a) any Subsidiary of the Borrower may be merged or consolidated with
or into the Borrower (provided that the Borrower shall be the continuing or
--------
surviving corporation) or with or into any Subsidiary (provided that if any
--------
such Subsidiary is a Subsidiary Guarantor or Wholly-Owned Subsidiary
Guarantor, such Subsidiary Guarantor or Wholly- Owned Subsidiary Guarantor,
as the case may be, shall be the continuing or surviving corporation);
(b) any Subsidiary of the Borrower may Dispose of any or all of its
assets (upon voluntary liquidation or otherwise) to the Borrower or any
Subsidiary Guarantor; and
(c) any Permitted Acquisition or Exchange may be structured as a
merger with or into the Borrower (provided that the Borrower shall be the
--------
continuing or surviving corporation) or with or into any Subsidiary
(provided that if any such Subsidiary is a Subsidiary Guarantor or Wholly-
---------
Owned Subsidiary Guarantor, such Subsidiary Guarantor or Wholly-Owned
Subsidiary Guarantor, as the case may be, shall be the continuing or
surviving corporation); and
(d) the Borrower and its Subsidiaries may Dispose of Unrestricted
Assets.
77
SECTION 6.05 Disposition of Assets or Equity Ownership Interests.
---------------------------------------------------
Dispose of any of its assets, whether now owned or hereafter acquired, or, in
the case of any Subsidiary, issue or sell any Equity Ownership Interest of such
Subsidiary to any Person, except:
(a) the Disposition of (i) obsolete, damaged or worn out assets in the
ordinary course of business and (ii) Unrestricted Assets;
(b) the sale of inventory in the ordinary course of business;
(c) the following Dispositions (collectively "Exchanges") shall be
permitted: (i) like-kind exchanges pursuant to and in compliance with
Section 1031 of the Code (with any Net Cash Proceeds received in connection
therewith not subject to a Reinvestment Notice to be applied as required
under Section 2.11), (ii) a simultaneous exchange of assets for assets
(with any Net Cash Proceeds received in connection therewith not subject to
a Reinvestment Notice to be applied as required under Section 2.11) and
(iii) Dispositions of Non-Core Assets and Core Assets, for an amount equal
to at least the fair market value thereof (determined in good faith by the
senior management of the Borrower), for at least 75% cash consideration,
provided that (A) on the date of consummation of any Exchange, the Borrower
--------
shall deliver a Reinvestment Notice with respect thereto and any
Reinvestment Prepayment Amount in respect thereof is applied as required
under Section 2.11 and (B) all Net Cash Proceeds of Exchanges resulting
from Dispositions of Core Assets shall be reinvested in Core Assets;
(d) Assets Dispositions (including pursuant to Buy/Sell Agreements)
consisting of (i) Non-Core Assets and (ii) Core Assets, the Net Cash
Proceeds of which shall not exceed $300,000,000 in the aggregate; in the
case of all Assets Dispositions pursuant to this clause (d), such
Disposition shall be for an amount equal to at least the fair market value
thereof (as determined by the senior management of the Borrower) for at
least 75% cash consideration; provided that on the date of consummation of
any such Asset Disposition, the Borrower shall apply the Net Cash Proceeds
thereof as required under Section 2.11 without the delivery of a
Reinvestment Notice;
(e) the sale or issuance of the Equity Ownership Interest in any
Subsidiary or Joint Ventures (i) to the Borrower or any other Subsidiary
of the Borrower, provided that if the Equity Ownership Interests were owned
by the Borrower or a Wholly-Owned Subsidiary Guarantor, such sale or
issuance shall be to the Borrower or Wholly-Owned Subsidiary Guarantor, as
the case may be, or (ii) subject to the limitations in clause (d) above
(other than issuance of Equity Ownership Interests to any other Person
after giving effect to which and after giving effect to any Investment made
by other Persons in such Subsidiary or Joint Venture, the value of the
Investment (reasonably determined by Borrower) retained by the Borrower or
such Subsidiary has not been reduced) to any other Person;
(f) leases and licenses (and subleases and sublicenses) of real or
personal property in the ordinary course of business (so long as any such
lease does not create a Capital Lease Obligation except to the extent
permitted by Section 6.02);
78
(g) licenses and sublicenses of patents, trademarks, copyrights and
know-how to third Persons, in the ordinary course of business, and to one
another; and
(h) Investments permitted by Section 6.06 and as otherwise permitted
pursuant to Section 6.04.
SECTION 6.06 Investments. Make any advance, loan, extension of
-----------
credit (by way of guaranty or otherwise) or capital contribution to, or purchase
any Equity Ownership Interest, bonds, notes, debentures or other debt securities
of, or any assets constituting a business unit of, or make any other investment
in, any other Person (all of the foregoing, "Investments"), except:
(a) the Investments held on the Effective Date and identified on
Schedule XII;
(b) (i) extensions of trade credit in the ordinary course of business
or (ii) extensions of credit resulting from advances by the Borrower and
its Subsidiaries as a manager of a Hotel which will be reimbursed by the
owner thereof in the ordinary course of the business;
(c) investments in Cash Equivalents;
(d) Guarantee Obligations permitted by Section 6.02 (c); provided that
any guaranty by the Borrower or any Wholly-Owned Subsidiary Guarantor of
the obligations of any non-Wholly-Owned Subsidiary, shall not be an
Investment in such non-Wholly Owned Subsidiary subject to clause (f) below;
(e) loans and advances to and guaranties for the benefit of employees
of the Borrower or any Subsidiary of the Borrower (i) in the ordinary
course of business for travel, entertainment, relocation expenses and
similar purposes or (ii) to enable such employee to exercise employee stock
options or stock grants or for other purposes in an aggregate amount not to
exceed $5,000,000;
(f) Investments by the Borrower or any of its Subsidiaries in the
Borrower or any Person that, prior to, or after giving effect to, such
Investment, is a Subsidiary of the Borrower, provided that in the case of
--------
Investments in Subsidiaries the Equity Ownership Interests in which were
acquired with Indebtedness described in Section 6.02 (e), the net amount
(net of Investment Returns relating to Investments made or acquired
pursuant to this Clause (f)) of such Investments (when added to the
Investments in Joint Ventures described in the proviso in (g) below) shall
not exceed $150,000,000 at any time;
(g) Investments by the Borrower and its Subsidiaries in Joint Ventures
not to exceed $200,000,000 per fiscal year of the Borrower, provided that
in the case of Joint Ventures acquired with Indebtedness described in
Section 6.02 (e), the net amount (net of Investment Returns relating to
Investments made or acquired pursuant to this Clause (g)) of such
Investments (when added to the Investments in Subsidiaries described in the
proviso in (f) above) shall not exceed $150,000,000 at any time;
79
(h) Investments constituting Permitted Acquisitions and Exchanges; and
(i) Investments in Unrestricted Subsidiaries (x) from or consisting of
Unrestricted Assets and (y) so long as no Default exists under Sections
7.01 or 7.05 or Event of Default then exists or would arise therefrom, and
if no Increasing Rate Term Loans are outstanding, not to exceed $37,500,000
in any fiscal year of the Borrower; provided that neither the Borrower nor
--------
any of its Subsidiaries shall make such Investment by transferring any Core
Asset (or Equity Ownership Interest in any entity which owner holds Core
Assets) to such Unrestricted Subsidiary; and
(j) Investments by the Borrower and its Subsidiaries received as non-
cash consideration for, or remaining after giving effect to, any
Disposition permitted by Section 6.05(a), (c), (d) and (e).
SECTION 6.07 Dividends. Declare or pay such dividend (other than
---------
dividends payable solely in (i) common stock of the Person making such dividend
or (ii) the same class of Equity Ownership Interest of the Person making such
dividend on which such dividend is being declared or paid) on, or make any
payment on account of, or set apart assets for a sinking or other analogous fund
for, the purchase, redemption, defeasance, retirement or other acquisition of,
any Equity Ownership Interest of the Borrower or any Subsidiary, whether now or
hereafter outstanding, or make any other distribution in respect thereof, either
directly or indirectly, whether in cash or assets, or in obligations of the
Borrower or any Subsidiary or enter into or incur any Derivatives Obligations or
other transaction with any financial institution, commodities or stock exchange
(a "Derivatives Counterparty") obligating it to make payments to such
Derivatives Counterparty as a result of any change in market value of its Equity
Ownership Interests (collectively, "Dividends"), except that:
(a) any Subsidiary may make Restricted Payments to the Borrower or any
Subsidiary Guarantor;
(b) so long as no Default under Sections 7.01 and 7.05 or Event of
Default exists or would result therefrom, the Borrower may (i) pay
regularly accruing cash Dividends on the New Preferred Stock not to exceed
$29,250,000 per fiscal year of the Borrower, with such Dividends to be paid
in accordance with the terms of the certificate of designation therefor,
(ii) redeem up to $300 million of New Preferred Stock at the stated amount
thereof plus accrued but unpaid dividends thereon with the excess proceeds
of a rights offering of additional shares of New Preferred Stock, plus pay
an associated premium of up to 2%, and (iii) redeem New Preferred Stock
with the proceeds of Asset Dispositions of Arcadian Hotels in accordance
with the requirements of the Securities Purchase Agreement;
(c) any non-Wholly-Owned Subsidiary of the Borrower may pay cash
Dividends to the holders of its Equity Ownership Interests generally, so
long as the Borrower or its respective Subsidiary which owns the Equity
Ownership Interest in the Subsidiary paying such Dividends receives at
least its proportionate share thereof (based upon its relative economic
holdings of equity interest in the Subsidiary paying such
80
Dividends and taking into account the relative preferences, if any, of the
various classes of equity interests in such Subsidiary or the terms of any
agreements applicable thereto);
(d) so long as no Default or Event of Default shall have occurred and
be continuing, the Borrower may purchase the Borrower's common stock or
common stock options from present or former officers or employees of the
Borrower or any Subsidiary upon the death, disability or termination of
employment of such officer or employee, provided, that the aggregate amount
--------
of payments under this paragraph (d) after the date hereof (net of any
proceeds received by the Borrower after the date hereof in connection with
resales of any common stock or common stock options so purchased) shall not
exceed $1,000,000; and
(e) Patriot OP and Wyndham Partnership may redeem outstanding OP
Units, provided that any such redemptions to be made in cash may only be
made so long as no Default under Sections 7.01 or 7.05 or Event of Default
exists or would result therefrom.
Notwithstanding the foregoing, any payments made in respect of
indemnity obligations, purchase price adjustments and other similar payments
pursuant to the Securities Purchase Agreement shall not be considered Dividends.
SECTION 6.08 Payments and Modifications of Certain Debt Instruments
------------------------------------------------------
and Preferred Stock. (a) Make or offer to make any payment, prepayment,
-------------------
repurchase or redemption of or otherwise defease or segregate funds with respect
to Senior Notes or Indebtedness under the Increasing Rate Term Loan Facility,
other than interest payments expressly required by the terms thereof and
pursuant to mandatory prepayment provisions contained in the Increasing Rate
Term Loan Facility (and as expressly permitted in this Agreement), (b) amend,
modify, waive or otherwise change, or consent or agree to any amendment,
modification, waiver or other change to, any of the terms of any Senior Note
Indenture or the Increasing Rate Term Loan Facility (other than any such
amendment, modification, waiver or other change that (i) would extend the
maturity or reduce the amount of any payment of principal thereof or reduce the
rate or extend any date for payment of interest thereon and (ii) does not
involve the payment of a consent fee) or (c) amend, modify, waive or otherwise
change, or consent or agree to any amendment, modification, waiver or other
change to, any of the terms of the (A) New Preferred Stock in a manner which (x)
would increase the amount of Dividends or shorten the time of payments thereon,
shorten the time for any scheduled redemption, or increase the amount thereof or
add any additional rights to the holders thereof to receive mandatory
redemptions or add covenants restricting the operations of the Borrower and its
Subsidiaries or (y) would be reasonably likely to be materially adverse to the
Lenders or (B) the Securities Purchase Agreement in a manner which would be
reasonably likely to be materially adverse to the Lenders.
SECTION 6.09 Transactions with Affiliates. Enter into any
----------------------------
transaction, including any purchase, sale, lease or exchange of assets, the
rendering of any service or the payment of any management, advisory or similar
fees, with any Affiliate (other than the Borrower or any Subsidiary, or Joint
Ventures but including any Unrestricted Subsidiary) unless such transaction is
(a) otherwise permitted under this Agreement, (b) in the ordinary course of
business of the Borrower or such Subsidiary, as the case may be, and (c) upon
fair and reasonable terms no less
81
favorable to the Borrower or such Subsidiary, as the case may be, than it would
obtain in a comparable arm's length transaction with a Person that is not an
Affiliate; provided that the following shall in any event be permitted: (i) the
--------
Transaction; (ii) intercompany transactions among the Borrower and its Wholly-
Owned Subsidiaries, and its other Subsidiaries, and loans and advances to
current and former employees, to the extent expressly permitted by Sections 6.06
and 6.07, shall be permitted; (iii) transaction fees and expenses contemplated
to be paid under the Securities Purchase Agreement; (iv) the Borrower and its
Subsidiaries may enter into employment arrangements with respect to the
procurement of services with their respective officers and employees in the
ordinary course of business; (v) the payment on the Effective Date of certain
consulting and advisory fees to the Sponsors pursuant to the Securities Purchase
Agreement, (vi) the payment of consulting or other fees to the Borrower by any
of its Subsidiaries in the ordinary course of business, and (vii) the Borrower
may make payments in respect of indemnity obligations, purchase price
adjustments and other similar payments pursuant to the Securities Purchase
Agreement. In no event shall any management, consulting or similar fee be paid
or payable by the Borrower or any of its Subsidiaries to any Person except as
specifically provided in this Section 6.09 other than pursuant to employment and
severance agreements approved by the compensation committee of Borrower's Board
of Directors.
SECTION 6.10 Clauses Restricting Subsidiary Distributions. Enter
--------------------------------------------
into or suffer to exist or become effective any consensual encumbrance or
restriction on the ability of any Subsidiary of the Borrower to (a) pay
Dividends in respect of any Equity Ownership Interest of such Subsidiary held
by, or pay any Indebtedness owed to, the Borrower or any other Subsidiary of the
Borrower, (b) make loans or advances to, or other Investments in, the Borrower
or any other Subsidiary of the Borrower or (c) transfer any of its assets to the
Borrower or any other Subsidiary of the Borrower, except for such encumbrances
or restrictions existing under or by reason of (i) any restrictions existing
under the Loan Documents or applicable law, (ii) restrictions in the Senior Note
Indenture (or similar restrictions in other documents evidencing Indebtedness
permitted hereunder) or the documents governing the Increasing Rate Term Loan
Facility, and other restrictions in effect on the date hereof and listed on
Schedule XIII, (iii) in the case of clause (c) above, customary non-assignment
clauses in leases and other contracts entered into in the ordinary course of
business, and restrictions in the Company Documents of non-Wholly-Owned
Subsidiaries and Joint Ventures imposing restrictions on the transfers of the
Equity Ownership Interests therein and (iv) any restrictions with respect to a
Subsidiary imposed pursuant to an agreement that has been entered into in
connection with the Disposition of all or substantially all of the Equity
Ownership Interest or assets of such Subsidiary and (v) any restrictions with
respect to a Special Purpose Subsidiary imposed pursuant to the documents
governing the related securitization or financing. It is understood and agreed
that any asset that is Unencumbered shall be deemed not in violation of this
Section 6.10.
SECTION 6.11 Changes in Fiscal Periods. Permit the fiscal year of
-------------------------
the Borrower to end on a day other than December 31 or change the Borrower's
method of determining Fiscal Quarters.
SECTION 6.12 Negative Pledge Clauses. Enter into or suffer to exist
-----------------------
or become effective any agreement that prohibits or limits the ability of the
Borrower or any of its Subsidiaries to create, incur, assume or suffer to exist
any Lien upon any of its assets or revenues,
82
whether now owned or hereafter acquired, other than (a) this Agreement and the
other Loan Documents, (b) any agreements governing any secured Indebtedness
(including in connection with securitizations and similar financings) permitted
hereby (in which case, any prohibition or limitation shall only be effective
against the Equity Ownership Interests or assets financed or leased thereby) or
leasing obligations, (c) the Senior Note Indenture (or similar restrictions in
other documents evidencing Indebtedness permitted hereunder) or the documents
evidencing the Increasing Rate Term Loan Facility, (d) customary negative pledge
and assignment provisions in agreements entered into in the ordinary course of
business, including, without limitation, agreements relating to joint venture
interests (whether conducted as a corporation, partnership, limited liability
company or other legal entity or through other legal or contractual
arrangements), (e) any restrictions with respect to assets imposed pursuant to
an agreement that has been entered into in connection with the Disposition of
such assets and (f) any restrictions with respect to a Special Purpose
Subsidiary imposed pursuant to the documents governing the related
securitization or financing.
SECTION 6.13 Lines of Business. Enter into any business, either
-----------------
directly or through any Subsidiary, except for the Hospitality/Leisure-Related
Business.
SECTION 6.14 Subsidiary Stock. Permit any of its Subsidiaries to
----------------
issue any capital stock (including by way of sales of treasury stock) or any
options or warrants to purchase, or securities convertible into, capital stock,
except (i) for transfers and replacements of then outstanding shares of capital
stock, (ii) for stock splits, stock dividends and additional issuances which do
not decrease the percentage ownership of the Borrower or any of its Subsidiaries
in any class of the capital stock of such Subsidiaries, (iii) to qualified
directors to the extent required by applicable law and (iv) Subsidiaries formed
after the Effective Date may issue capital stock or other Equity Ownership
Interests to any Person so long as the Investments by the Borrower and its
Subsidiaries in such Subsidiaries are in accordance with the requirements of
Section 6.06(e). All capital stock issued in accordance with this Section 6.14
other than capital stock issued by a Special Purpose Subsidiary shall, to the
extent required by the Guaranty and Collateral Agreement, be delivered to the
Collateral Agent for pledge pursuant to the Guarantee and Collateral Agreement.
SECTION 6.15 Derivatives Obligations. Contract, create, incur,
-----------------------
assume or suffer to exist any Derivatives Obligations, except:
(i) Interest Rate Protection Agreements may be entered into by the
Borrower, and its Subsidiaries in compliance with Section 5.09, and such
other non-speculative Interest Rate Protection Agreements which may be
entered into from time to time; and
(ii) Other Hedging Agreements may be entered into by the Borrower and
its Subsidiaries, so long as such Other Hedging Agreements are for bona
fide foreign exchange currency hedging purposes and are not speculative in
nature.
83
ARTICLE VII
Events of Default
If any of the following events shall occur and be continuing:
SECTION 7.01 Payments. The Borrower shall fail to pay any principal
--------
of any Loan or Reimbursement Obligation when due in accordance with the terms
hereof; or the Borrower shall fail to pay any interest on any Loan or
Reimbursement Obligation, or any other amount payable hereunder or under any
other Loan Document, within five Business Days after any such interest or other
amount becomes due in accordance with the terms hereof; or
SECTION 7.02 Representations, etc. Any representation or warranty
---------------------
made or deemed made by any Loan Party herein or in any other Loan Document or
that is contained in any certificate, document or financial or other statement
furnished by it at any time under or in connection with this Agreement or any
such other Loan Document shall prove to have been inaccurate in any material
respect on or as of the date made or deemed made; or
SECTION 7.03 Covenants. (i) The Borrower shall default in the
---------
observance or due performance of any term, covenant or agreement contained in
Sections 4.01(b)(ii)(A)(y), 5.07(a) and Article 6 of this Agreement; or (ii) any
Loan Party shall default in the observance or due performance of any term,
covenant or agreement contained in this Agreement or any other Loan Document
(other than as provided in 7.01, 7.02 or 7.03(i)), and such default shall
continue unremedied for a period of 30 days after notice to the Borrower from
the Administrative Agent or the Required Lenders; or
SECTION 7.04 Default Under Other Agreements. The Borrower or any of
------------------------------
its Subsidiaries shall (i) default in making any payment of any principal of any
Indebtedness (including any Guarantee Obligation in respect of Indebtedness, and
the Increasing Rate Term Loans but excluding the Loans and Non-Recourse
Indebtedness) on the scheduled or original due date with respect thereto beyond
the period of grace, if any, provided in the instrument or agreement under which
such Indebtedness was created; or (ii) default in making any payment of any
interest on any such Indebtedness beyond the period of grace, if any, provided
in the instrument or agreement under which such Indebtedness was created; or
(iii) default in the observance or performance of any other agreement or
condition relating to any such Indebtedness or contained in any instrument or
agreement evidencing, securing or relating thereto, or any other event shall
occur or condition exist, the effect of which default or other event or
condition is to cause, or to permit the holder or beneficiary of such
Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to
cause, with the giving of notice if required, such Indebtedness to become due
prior to its stated maturity or (in the case of any such Indebtedness
constituting a Guarantee Obligation) to become payable; provided, that a
default, event or condition described in clause (i), (ii) or (iii) of this
paragraph (d) shall not at any time constitute a Default or an Event of Default
unless, at such time, one or more defaults, events or conditions of the type
described in clauses (i), (ii) and (iii) of this paragraph (d) shall have
occurred and be continuing with respect to Indebtedness the outstanding
principal amount of which exceeds in the aggregate $15,000,000; or
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SECTION 7.05 Bankruptcy, etc. (i) The Borrower or any of its
----------------
Subsidiaries shall commence any case, proceeding or other action (A) under any
existing or future law of any jurisdiction, domestic or foreign, relating to
bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an
order for relief entered with respect to it, or seeking to adjudicate it a
bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
winding-up, liquidation, dissolution, composition or other relief with respect
to it or its debts, or (B) seeking appointment of a receiver, trustee,
custodian, conservator or other similar official for it or for all or any
substantial part of its assets, or the Borrower or any of its Subsidiaries shall
make a general assignment for the benefit of its creditors; or (ii) there shall
be commenced against the Borrower or any of its Subsidiaries any case,
proceeding or other action of a nature referred to in clause (i) above that (A)
results in the entry of an order for relief or any such adjudication or
appointment which is not vacated, dismissed or stayed pending appeal within 60
days or (B) remains undismissed, undischarged or unbonded for a period of 60
days; or (iii) there shall be commenced against the Borrower or any of its
Subsidiaries any case, proceeding or other action seeking issuance of a warrant
of attachment, execution, distraint or similar process against all or any
substantial part of its assets that results in the entry of an order for any
such relief that shall not have been vacated, discharged, or stayed or bonded
pending appeal within 60 days from the entry thereof, or (iv) the Borrower or
any of its Subsidiaries shall take any action in furtherance of, or indicating
its consent to, approval of, or acquiescence in, any of the acts set forth in
clause (i), (ii), or (iii) above; or
SECTION 7.06 ERISA. Any Person shall engage in any non-exempt
-----
"prohibited transaction" (as defined in Section 406 and 408 of ERISA or Section
4975 of the Code) involving any Plan, (ii) any "accumulated funding deficiency"
(as defined in Section 302 of ERISA), whether or not waived, shall exist with
respect to any Single Employer Plan or any Lien in favor of the PBGC or a Plan
shall arise on the assets of the Borrower or any Commonly Controlled Entity,
(iii) a Reportable Event shall occur with respect to, or proceedings shall
commence under Title IV of ERISA to have a trustee appointed, or a trustee shall
be appointed under Title IV of ERISA, to administer or to terminate, any Single
Employer Plan, which Reportable Event or commencement of proceedings or
appointment of a trustee is, likely to result in the termination of such Plan
for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate
in a "distress termination" or an "involuntary terminations, as such terms are
defined in Title IV of ERISA, (v) the Borrower or any Commonly Controlled Entity
shall, or is likely to, incur any liability in connection with a withdrawal
from, or the Insolvency or Reorganization of, a Multiemployer Plan or (vi) any
other event or condition shall occur or exist with respect to a Plan; and in
each case in clauses (i) through (vi) above, such event or condition, together
with all other such events or conditions, if any, would reasonably be expected
to have a Material Adverse Effect; or
SECTION 7.07 Judgments. One or more judgments or decrees shall be
---------
entered against the Borrower or any of its Subsidiaries involving in the
aggregate a liability (not paid or to the extent not covered by insurance) of
$15,000,000 or more, and all such judgments or decrees shall not have been
vacated, discharged, stayed or bonded pending appeal within 60 days from the
entry thereof; or
85
SECTION 7.08 Security Documents. Any of the Security Documents shall
------------------
cease, for any reason, to be in full force and effect, or any Loan Party or any
Affiliate of any Loan Party shall so assert or any Lien created by any of the
Security Documents shall (except as expressly permitted therein) cease to be
enforceable and of the same effect and priority purported to be created thereby;
or
SECTION 7.09 Change of Control. A Change of Control shall occur;
-----------------
then, and in any such event, (A) if such event is an Event of Default
specified in clause (i) or (ii) of Section 7.05 above with respect to the
Borrower, automatically the Revolving Commitments shall immediately terminate
and the Loans hereunder (with accrued interest thereon) and all other amounts
owing under this Agreement and the other Loan Documents (including all amounts
of LC Obligations, whether or not the beneficiaries of the then outstanding
Letters of Credit shall have presented the documents required thereunder) shall
immediately become due and payable, and (B) if such event is any other Event of
Default, either or both of the following actions may be taken: (i) with the
consent of the Required Lenders, the Administrative Agent may, or upon the
request of the Required Lenders, the Administrative Agent shall, by notice to
the Borrower declare the Revolving Commitments to be terminated forthwith,
whereupon the Revolving Commitments shall immediately terminate; and (ii) with
the consent of the Required Lenders, the Administrative Agent may, or upon the
request of the Required Lenders, the Administrative Agent shall, by notice to
the Borrower, declare the Loans hereunder (with accrued interest thereon) and
all other amounts owing under this Agreement and the other Loan Documents
(including all amounts of LC Obligations, whether or not the beneficiaries of
the then outstanding Letters of Credit shall have presented the documents
required thereunder) to be due and payable forthwith, whereupon the same shall
immediately become due and payable. With respect to all Letters of Credit with
respect to which presentment for honor shall not have occurred at the time of an
acceleration pursuant to this paragraph, the Borrower shall at such time deposit
in a cash collateral account opened by the Administrative Agent an amount equal
to the aggregate then undrawn and unexpired amount of such Letters of Credit.
Amounts held in such cash collateral account shall be applied by the
Administrative Agent to the payment of drafts drawn under such Letters of
Credit, and the unused portion thereof after all such Letters of Credit shall
have expired or been fully drawn upon, if any, shall be applied to repay other
obligations of the Borrower hereunder and under the other Loan Documents. After
all such Letters of Credit shall have expired or been fully drawn upon, all
Reimbursement Obligations shall have been satisfied and all other obligations of
the Borrower hereunder and under the other Loan Documents shall have been paid
in full, the balance, if any, in such cash collateral account shall be returned
to the Borrower (or such other Person as may be lawfully entitled thereto).
Except as expressly provided above in this Section, presentment, demand, protest
and all other notices of any kind (other than notices expressly required
pursuant to this Agreement and any other Loan Document) are hereby expressly
waived by the Borrower.
86
ARTICLE VIII
The Administrative Agent
------------------------
SECTION 8.01 Appointment. The Lenders hereby designate Chase as
------------
Administrative Agent to act as specified herein and in the other Loan Documents
(for purposes of this Section 8, the term "Administrative Agent" shall mean
Chase in its capacity as Administrative Agent hereunder and Collateral Agent
pursuant to the Security Documents). Each Lender hereby irrevocably authorizes
the Administrative Agent to take such action on its behalf under the provisions
of this Agreement, the other Loan Documents and any other instruments and
agreements referred to herein or therein and to exercise such powers and to
perform such duties hereunder and thereunder as are specifically delegated to or
required of the Administrative Agent by the terms hereof and thereof and such
other powers as are reasonably incidental thereto.
SECTION 8.02 The Administrative Agent in its Individual Capacity.
----------------------------------------------------
The Administrative Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it
were not the Administrative Agent, and such bank and its Affiliates may accept
deposits from, lend money to and generally engage in any kind of business with
the Borrower or any Subsidiary or other Affiliate thereof as if it were not the
Administrative Agent hereunder and may accept fees and other consideration from
the Borrower or any Subsidiary or other Affiliate thereof for services in
connection with this Agreement and otherwise without having to account for the
same to the Lenders.
SECTION 8.03 Nature of Duties. The Administrative Agent shall not
-----------------
have any duties or obligations except those expressly set forth herein. Without
limiting the generality of the foregoing, (a) the Administrative Agent shall not
be subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing, (b) the Administrative Agent shall not
have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby
that the Administrative Agent is required to exercise in writing by the Required
Lenders (or such other number or percentage of the Lenders as shall be necessary
under the circumstances as provided in Section 9.02), and (c) except as
expressly set forth herein, the Administrative Agent shall not have any duty to
disclose, and shall not be liable for the failure to disclose, any information
relating to the Borrower or any of its Subsidiaries that is communicated to or
obtained by the bank serving as Administrative Agent or any of its Affiliates in
any capacity. The Administrative Agent shall not be liable for any action taken
or not taken by it with the consent or at the request of the Required Lenders
(or such other number or percentage of the Lenders as shall be necessary under
the circumstances as provided in Section 9.02) or in the absence of its own
gross negligence or willful misconduct. The Administrative Agent shall be
deemed not to have knowledge of any Default unless and until written notice
thereof is given to the Administrative Agent by the Borrower or a Lender, and
the Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or
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representation made in or in connection with this Agreement, (ii) the contents
of any certificate, report or other document delivered hereunder or in
connection herewith, (iii) the performance or observance of any of the
covenants, agreements or other terms or conditions set forth herein, (iv) the
validity, enforceability, effectiveness or genuineness of this Agreement or any
other agreement, instrument or document, or (v) the satisfaction of any
condition set forth in Article IV or elsewhere herein, other than to confirm
receipt of items expressly required to be delivered to the Administrative Agent.
SECTION 8.04 Reliance. The Administrative Agent shall be entitled to
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rely upon, and shall not incur any liability for relying upon, any notice,
request, certificate, consent, statement, instrument, document or other writing
believed by it to be genuine and to have been signed or sent by the proper
Person. The Administrative Agent also may rely upon any statement made to it
orally or by telephone and believed by it to be made by the proper Person, and
shall not incur any liability for relying thereon. The Administrative Agent may
consult with legal counsel (who may be counsel for the Borrower), independent
accountants and other experts selected by it, with respect to all legal matters
pertaining to this Agreement and any other Loan Document and shall not be liable
for any action taken or not taken by it in accordance with the advice of any
such counsel, accountants or experts.
SECTION 8.05 Resignation or Removal of the Administrative Agent.
---------------------------------------------------
Subject to the appointment and acceptance of a successor Administrative Agent as
provided in this paragraph, the Administrative Agent may resign at any time from
the performance of all its functions and duties hereunder and/or under the Loan
Documents by notifying the Lenders, the Issuing Bank and the Borrower. Upon any
such resignation, the Required Lenders shall have the right, in consultation
with the Borrower, to appoint a successor. If no successor shall have been so
appointed by the Required Lenders and shall have accepted such appointment
within 30 days after the retiring Administrative Agent gives notice of its
resignation, then the retiring Administrative Agent may, on behalf of the
Lenders and the Issuing Bank, appoint a successor Administrative Agent which
shall be a bank with an office in New York, New York, or an Affiliate of any
such bank. Upon the acceptance of its appointment as Administrative Agent
hereunder by a successor, such successor shall succeed to and become vested with
all the rights, powers, privileges and duties of the retiring Administrative
Agent, and the retiring Administrative Agent shall be discharged from its duties
and obligations hereunder. The fees payable by the Borrower to a successor
Administrative Agent shall be the same as those payable to its predecessor
unless otherwise agreed between the Borrower and such successor. After the
Administrative Agent's resignation hereunder, the provisions of this Article and
Section 9.03 shall continue in effect for the benefit of such retiring
Administrative Agent, its sub-agents and their respective Related Parties in
respect of any actions taken or omitted to be taken by any of them while it was
acting as Administrative Agent. Furthermore, the Administrative Agent may be
removed by the Required Lenders in the event that it has committed a willful
breach of, or was grossly negligent in the performance of, its material
obligations hereunder.
SECTION 8.06 Lack of Reliance on the Administrative Agent. Each
---------------------------------------------
Lender acknowledges that it has made and shall continue to make (i) its own
independent investigation of the financial condition and affairs of each Loan
Party and each of their Subsidiaries in connection with the making and the
continuance of the Loans, participation in Letters of Credit and the
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taking or not taking of any action in connection herewith and (ii) its own
appraisal of the creditworthiness of each Loan Party and each of their
Subsidiaries and, except as expressly provided in this Agreement, the
Administrative Agent shall not have any duty or responsibility, either initially
or on a continuing basis, to provide any Lender with any credit or other
information with respect thereto, whether coming into its possession before the
making of the Loans or issuance of Letters of Credit or at any time or times
thereafter. The Administrative Agent shall not be responsible to any Lender for
any recitals, statements, information, representations or warranties herein or
in any document, certificate or other writing delivered in connection herewith
or for the execution, effectiveness, genuineness, validity, enforceability,
perfection, collectibility, priority or sufficiency of this Agreement or any
other Loan Document or the financial condition of any Loan Party or any of its
Subsidiaries or be required to make any inquiry concerning either the
performance or observance of any of the terms, provisions or conditions of this
Agreement or any other Loan Document, or the financial condition of any Loan
Party or any of its Subsidiaries or the existence or possible existence of any
Default or Event of Default.
SECTION 8.07 Certain Rights of the Administrative Agent. If the
------------------------------------------
Administrative Agent shall request instructions from the Required Lenders with
respect to any act or action (including failure to act) in connection with this
Agreement or any other Loan Document, the Administrative Agent shall be entitled
to refrain from such act or taking such action unless and until the
Administrative Agent shall have received instructions from the Required Lenders;
and the Administrative Agent shall not incur liability to any Person by reason
of so refraining. Without limiting the foregoing, no Lender shall have any
right of action whatsoever against the Administrative Agent as a result of the
Administrative Agent acting or refraining from acting hereunder or under any
other Loan Document in accordance with the instructions of the Required Lenders.
SECTION 8.08 Indemnification. To the extent that the Administrative
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Agent is not reimbursed and indemnified by the Borrower, the Lenders will
reimburse and indemnify the Administrative Agent, in proportion to their
respective "percentages" as used in determining the Required Lenders, for and
against any and all liabilities, obligations, losses, damages, penalties,
claims, actions, judgments, costs, expenses or disbursements of whatsoever kind
or nature which may be imposed on, asserted against or incurred by the
Administrative Agent in performing its respective duties hereunder or under any
other Loan Document, in any way relating to or arising out of this Agreement or
any other Loan Document; provided that no Lender shall be liable for any portion
--------
of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements resulting from the
Administrative Agent's gross negligence or willful misconduct.
SECTION 8.09 Other Agents. Nothing in this Agreement shall impose on
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any Documentation Agent or Syndication Agent, in each case in such capacity, any
duties or obligations.
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ARTICLE IX
Miscellaneous
-------------
SECTION 9.01 Notices. Except in the case of notices and other
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communications expressly permitted to be given by telephone, all notices and
other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by telecopy, as follows:
(a) if to the Borrower, to it at 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000,
Xxxxxx, Xxxxx 00000, Attention Chief Financial Officer (Telecopy No.
[(000)-000-0000]);
(b) if to the Administrative Agent, to The Chase Manhattan Bank, Loan
and Agency Services Group, One Chase Xxxxxxxxx Xxxxx, 0xx Xxxxx, Xxx Xxxx,
Xxx Xxxx 00000, Attention of Xxxxxxxxx Xxxxx (Telecopy No. (000) 000-0000),
with a copy to The Chase Manhattan Bank, 000 Xxxx Xxxxxx, Xxx Xxxx 00000,
Attention of Xxxx Xxxxxxxx (Telecopy No.(000) 000-0000);
(c) if to any other Lender, to it at its address (or telecopy number)
set forth in its Administrative Questionnaire.
Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. All notices and
other communications given to any party hereto in accordance with the provisions
of this Agreement shall be deemed to have been given on the date of receipt.
SECTION 9.02 Waivers; Amendments. (a) Neither this Agreement nor
-------------------
any other Loan Document nor any terms hereof or thereof may be changed, waived,
discharged or terminated unless such change, waiver, discharge or termination is
in writing signed by the respective Loan Parties party thereto and the Required
Lenders, provided that no such change, waiver, discharge or termination shall,
--------
without the consent of each Lender (other than a Defaulting Lender) with
Obligations being directly modified thereby, (i) extend the final scheduled
maturity of any Loan or extend the stated maturity of any Letter of Credit
(unless such Letter of Credit is not extended beyond the Revolving Loan Maturity
Date), or reduce the rate or extend the time of payment of interest (except in
connection with a waiver of applicability of any post-default increase in
interest rates) or Fees thereon, or reduce the principal amount thereof (except
to the extent repaid in cash), (ii) amend, modify or waive any provision of this
Section 9.02 or reduce the percentage specified in the definition of Required
Lenders (it being understood that, with the consent of the Required Lenders,
additional extensions of credit pursuant to this Agreement may be included in
the determination of the Required Lenders or the provisions of this Section 9.02
on substantially the same basis as the extensions of Term Loans and Revolving
Loan Commitments are included on the Effective Date), (iii) consent to the
assignment or transfer by the Borrower of any of its rights and obligations
under this Agreement or (iv) release all or substantially all of the Collateral
or Subsidiary Guarantors under this Agreement or any other Loan Document (except
as expressly provided in the Loan Documents); provided further, that no such
----------------
change, waiver, discharge or termination shall (x) increase the Commitments of
any Lender
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over the amount thereof then in effect without the consent of such Lender (it
being understood that waivers or modifications of conditions precedent,
covenants, Defaults or Events of Default or of a mandatory reduction in the
Total Revolving Commitment shall not constitute an increase of the Commitment of
any Lender, and that an increase in the available portion of any Commitment of
any Lender shall not constitute an increase in the Commitment of such Lender),
(y) without the consent of the Administrative Agent, amend, modify or waive any
provision of Section 8 as same applies to the Administrative Agent or any other
provision as the same relates to the rights or obligations of the Administrative
Agent, and (z) without the consent of Chase or the respective Issuing Lender,
amend, modify or waive any provision of Section 2.03 or alter its rights or
obligations with respect to Letters of Credit.
(b) If, in connection with any proposed change, waiver, discharge or
termination with respect to any of the provisions of this Agreement as
contemplated by clauses (i) through (v), inclusive, of the first proviso to
Section 9.02(b), the consent of the Required Lenders is obtained but the consent
of one or more of such other Lenders whose consent is required is not obtained,
then the Borrower shall have the right, so long as all non-consenting Lenders
whose individual consent is required are treated as described below, to replace
each such non-consenting Lender or Lenders with one or more replacement Lenders
pursuant to Section 2.19(b) so long as at the time of such replacement, each
such replacement Lender consents to the proposed change, waiver, discharge or
termination, provided, that in any event the Borrowers shall not have the right
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to replace a Lender solely as a result of the exercise of such Lender's rights
(and the withholding of any required consent by such Lender) pursuant to the
second proviso to Section 9.02(a).
SECTION 9.03 Expenses; Indemnity; Damage Waiver. (a) The Borrower
----------------------------------
shall pay (i) all reasonable out-of-pocket expenses incurred by the
Administrative Agent and its Affiliates, including the reasonable fees, charges
and disbursements of White & Case LLP as counsel for the Administrative Agent,
in connection with the syndication of the credit facilities provided for herein,
the preparation and administration of this Agreement or any amendments,
modifications or waivers of the provisions hereof (whether or not the
transactions contemplated hereby or thereby shall be consummated), (ii) all
reasonable out-of-pocket expenses incurred by the Issuing Bank in connection
with the issuance, amendment, renewal or extension of any Letter of Credit or
any demand for payment thereunder and (iii) all out-of-pocket expenses incurred
by the Administrative Agent, the Issuing Bank or any Lender, including the fees,
charges and disbursements of any counsel for the Administrative Agent, the
Issuing Bank or any Lender, in connection with the enforcement or protection of
its rights in connection with this Agreement, including its rights under this
Section, or in connection with the Loans made or Letters of Credit issued
hereunder, including all such out-of-pocket expenses incurred during any
workout, restructuring or negotiations in respect of such Loans or Letters of
Credit.
(b) The Borrower shall indemnify the Administrative Agent, the Issuing
Bank and each Lender, and each Related Party of any of the foregoing Persons
(each such Person being called an "Indemnitee") against, and hold each
----------
Indemnitee harmless from, any and all losses, claims, damages, liabilities and
related expenses, including the fees, charges and disbursements of any counsel
for any Indemnitee, incurred by or asserted against any Indemnitee arising out
of, in connection with, or as a result of (i) the execution or delivery of this
Agreement or any agreement
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or instrument contemplated hereby, the performance by the parties hereto of
their respective obligations hereunder or the consummation of the Transactions
or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit
or the use of the proceeds therefrom (including any refusal by the Issuing Bank
to honor a demand for payment under a Letter of Credit if the documents
presented in connection with such demand do not strictly comply with the terms
of such Letter of Credit), (iii) any actual or alleged presence or release of
Materials of Environmental Concern on or from any property owned or operated by
the Borrower or any of its Subsidiaries, or (iv) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing,
whether based on contract, tort or any other theory and regardless of whether
any Indemnitee is a party thereto; provided that such indemnity shall not, as to
--------
any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities or related expenses are determined by a court of competent
jurisdiction by final and non-appealable judgment to have resulted from the
gross negligence or willful misconduct of such Indemnitee.
(c) To the extent that the Borrower fails to pay any amount required
to be paid by it to the Administrative Agent, the Issuing Bank under paragraph
(a) or (b) of this Section, each Lender severally agrees to pay to the
Administrative Agent, the Lead Arranger or the Issuing Bank as the case may be,
such Lender's Applicable Percentage (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought) of such unpaid
amount; provided that the unreimbursed expense or indemnified loss, claim,
--------
damage, liability or related expense, as the case may be, was incurred by or
asserted against the Administrative Agent or the Issuing Bank in its capacity as
such.
(d) To the extent permitted by applicable law, the Borrower shall not
assert, and hereby waives, any claim against any Indemnitee, on any theory of
liability, for special, indirect, consequential or punitive damages (as opposed
to direct or actual damages) arising out of, in connection with, or as a result
of, this Agreement or any agreement or instrument contemplated hereby, the
Transactions, any Loan or Letter of Credit or the use of the proceeds thereof.
(e) All amounts due under this Section shall be payable not later than
5 days after written demand therefor.
SECTION 9.04 Successors and Assigns. (a) The provisions of this
----------------------
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby (including any
Affiliate of the Issuing Bank that issues any Letter of Credit), except that the
Borrower may not assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of each Lender (and any attempted
assignment or transfer by the Borrower without such consent shall be null and
void). Nothing in this Agreement, expressed or implied, shall be construed to
confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby (including any Affiliate of the Issuing
Bank that issues any Letter of Credit) and, to the extent expressly contemplated
hereby, the Related Parties of each of the Administrative Agent, the Issuing
Bank and the Lenders) and any legal or equitable right, remedy or claim under or
by reason of this Agreement.
(b) Any Lender may assign to one or more assignees all or a portion of
its rights and obligations under this Agreement (including all or a portion of
its Commitment and the
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Loans at the time owing to it); provided that (i) except in the case of an
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assignment to a Lender, an Affiliate of a Lender or a Related Fund of a Lender,
each of the Borrower and the Administrative Agent (and, in the case of an
assignment of all or a portion of a Commitment or any Lender's obligations in
respect of its LC Obligations or Swingline Exposure, the Issuing Bank and the
Swingline Lender) must give their prior written consent to such assignment
(which consent shall not be unreasonably withheld), (ii) except in the case of
an assignment to a Lender or an Affiliate of a Lender or a Related Fund of a
Lender or an assignment of the entire remaining amount of the assigning Lender's
Commitment, the amount of the Commitment of the assigning Lender subject to each
such assignment (determined as of the date the Assignment and Acceptance with
respect to such assignment is delivered to the Administrative Agent) shall not
be less than $5,000,000 (treating any fund that invests in bank loans and any
other fund that invests in bank loans and is managed by the same investment
advisor of such fund or by an affiliate of such fund as a single assignment for
purposes of the minimum amount) unless each of the Borrower and the
Administrative Agent otherwise consent (which consent shall not be unreasonably
withheld, (iii) each partial assignment shall be made as an assignment of a
proportionate part of all the assigning Lender's rights and obligations under
this Agreement, (iv) the parties to each assignment shall execute and deliver to
the Administrative Agent an Assignment and Acceptance, together with a
processing and recordation fee of $3,500, and (v) the assignee, if it shall not
be a Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire; and provided further, that any consent of the Borrower or
----------------
Administrative Agent otherwise required under this paragraph shall not be
required if a Default exists under Sections 7.01 or 7.05 or Event of Default
exists or results therefrom. Subject to acceptance and recording thereof
pursuant to paragraph (d) of this Section, from and after the effective date
specified in each Assignment and Acceptance the assignee thereunder shall be a
party hereto and, to the extent of the interest assigned by such Assignment and
Acceptance, have the rights and obligations of a Lender under this Agreement,
and the assigning Lender thereunder shall, to the extent of the interest
assigned by such Assignment and Acceptance, be released from its obligations
under this Agreement (and, in the case of an Assignment and Acceptance covering
all of the assigning Lender's rights and obligations under this Agreement, such
Lender shall cease to be a party hereto but shall continue to be entitled to the
benefits of Sections 2.15, 2.16, 2.17 and 9.03 as relating to any period of time
prior to the effectiveness of such assignment). Any assignment or transfer by a
Lender of rights or obligations under this Agreement that does not comply with
this paragraph shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with
paragraph (e) of this Section.
(c) The Administrative Agent, acting for this purpose as an agent of
the Borrower, shall maintain at one of its offices in The City of New York a
copy of each Assignment and Acceptance delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitment of,
and principal amount of the Loans and LC Disbursements owing to, each Lender
pursuant to the terms hereof from time to time (the "Register"). The entries in
the Register shall be conclusive, and the Borrower, the Administrative Agent,
the Issuing Bank and the Lenders may treat each Person whose name is recorded in
the Register pursuant to the terms hereof as a Lender hereunder for all purposes
of this Agreement, notwithstanding notice to the contrary. The Register shall
be available for inspection by the Borrower,
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the Issuing Bank and any Lender, at any reasonable time and from time to time
upon reasonable prior notice.
(d) Upon its receipt of a duly completed Assignment and Acceptance
executed by an assigning Lender and an assignee, the assignee's completed
Administrative Questionnaire (unless the assignee shall already be a Lender
hereunder), the processing and recordation fee referred to in paragraph (b) of
this Section and any written consent to such assignment required by paragraph
(b) of this Section, the Administrative Agent shall accept such Assignment and
Acceptance and record the information contained therein in the Register. No
assignment shall be effective for purposes of this Agreement unless it has been
recorded in the Register as provided in this paragraph.
(e) Any Lender may, without the consent of the Borrower, the
Administrative Agent, the Issuing Bank or the Swingline Lender, sell
participations to one or more banks or other entities (a "Participant") in all
or a portion of such Lender's rights and obligations under this Agreement
(including all or a portion of its Commitment and the Loans owing to it);
provided that (i) such Lender's obligations under this Agreement shall remain
--------
unchanged, (ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (iii) the Borrower, the
Administrative Agent, the Issuing Bank and the other Lenders shall continue to
deal solely and directly with such Lender in connection with such Lender's
rights and obligations under this Agreement. Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such
Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided
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that such agreement or instrument may provide that such Lender will not, without
the consent of the Participant, agree to any amendment, modification or waiver
described in the first proviso to Section 9.02(a) that affects such Participant.
Subject to paragraph (f) of this Section, the Borrower agrees that each
Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 to
the same extent as if it were a Lender and had acquired its interest by
assignment pursuant to paragraph (b) of this Section. To the extent permitted
by law, each Participant also shall be entitled to the benefits of Section 9.08
as though it were a Lender, provided such Participant agrees to be subject to
Section 2.18(c) as though it were a Lender.
(f) A Participant shall not be entitled to receive any greater payment
under Section 2.15 or 2.17 than the applicable Lender would have been entitled
to receive with respect to the participation sold to such Participant, unless
the sale of the participation to such Participant is made with the Borrower's
prior written consent. A Participant that would be a Foreign Lender if it were
a Lender shall not be entitled to the benefits of Section 2.17 unless the
Borrower is notified of the participation sold to such Participant and such
Participant agrees, for the benefit of the Borrower, to comply with Section
2.17(e) as though it were a Lender.
(g) Any Lender may at any time pledge or assign a security interest in
all or any portion of its rights under this Agreement to secure obligations of
such Lender, including any pledge or assignment to secure obligations to a
Federal Reserve Bank (or in the case of a Lender that is an investment fund, to
the trustee under the indenture to which such fund is a party), and this Section
shall not apply to any such pledge or assignment of a security interest;
provided that no such pledge or assignment of a security interest shall release
--------
a Lender from any of its
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obligations hereunder or substitute any such pledgee or assignee for such Lender
as a party hereto.
SECTION 9.05 Survival. All covenants, agreements, representations
--------
and warranties made by the Borrower herein and in the certificates or other
instruments delivered in connection with or pursuant to this Agreement shall be
considered to have been relied upon by the other parties hereto and shall
survive the execution and delivery of this Agreement and the making of any Loans
and issuance of any Letters of Credit, regardless of any investigation made by
any such other party or on its behalf and notwithstanding that the
Administrative Agent, the Issuing Bank or any Lender may have had notice or
knowledge of any Default or incorrect representation or warranty at the time any
credit is extended hereunder, and shall continue in full force and effect as
long as the principal of or any accrued interest on any Loan or any fee or any
other amount payable under this Agreement is outstanding and unpaid or any
Letter of Credit is outstanding and so long as the Commitments have not expired
or terminated. The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article
VIII shall survive and remain in full force and effect regardless of the
consummation of the transactions contemplated hereby, the repayment of the
Loans, the expiration or termination of the Letters of Credit and the
Commitments or the termination of this Agreement or any provision hereof.
SECTION 9.06 Counterparts. This Agreement may be executed in
------------
counterparts (and by different parties hereto on different counterparts), each
of which shall constitute an original, but all of which when taken together
shall constitute a single contract. Delivery of an executed counterpart of a
signature page of this Agreement by telecopy shall be effective as delivery of a
manually executed counterpart of this Agreement.
SECTION 9.07 Severability. Any provision of this Agreement held to
------------
be invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability without affecting the validity, legality and enforceability of
the remaining provisions hereof, and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other
jurisdiction.
SECTION 9.08 Right of Setoff. If an Event of Default shall have
---------------
occurred and be continuing, each Lender and each of its Affiliates is hereby
authorized at any time and from time to time, to the fullest extent permitted by
law, to set off and apply any and all deposits (general or special, time or
demand, provisional or final) at any time held and other obligations at any time
owing by such Lender or Affiliate to or for the credit or the account of the
Borrower against any of and all the obligations of the Borrower now or hereafter
existing under this Agreement held by such Lender, irrespective of whether or
not such Lender shall have made any demand under this Agreement and although
such obligations may be unmatured. The rights of each Lender under this Section
are in addition to other rights and remedies (including other rights of setoff)
which such Lender may have.
SECTION 9.09 Governing Law, Jurisdiction; Consent to Service of
--------------------------------------------------
Process. (a) This Agreement shall be construed in accordance with and governed
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by the law of the State of New York.
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(b) The Borrower hereby irrevocably and unconditionally submits, for
itself and its assets, to the nonexclusive jurisdiction of the Supreme Court of
the State of New York sitting in New York County and of the United States
District Court of the Southern District of New York, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this
Agreement, or for recognition or enforcement of any judgment, and each of the
parties hereto hereby irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in such New
York State or, to the extent permitted by law, in such Federal court. Each of
the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Agreement
shall affect any right that the Administrative Agent, the Issuing Bank or any
Lender may otherwise have to bring any action or proceeding relating to this
Agreement against the Borrower or its properties in the courts of any
Jurisdiction.
(c) The Borrower hereby irrevocably and unconditionally waives, to the
fullest extent it may legally and effectively do so, any objection which it may
now or hereafter have to the laying of venue of any suit, action or proceeding
arising out of or relating to this Agreement in any court referred to in
paragraph (b) of this Section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court.
(d) Each party to this Agreement irrevocably consents to service of
process in the manner provided for notices in Section 9.01. Nothing in this
Agreement will affect the right of any party to this Agreement to serve process
in any other manner permitted by law.
SECTION 9.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES,
--------------------
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
SECTION 9.11 Headings. Article and Section headings and the Table of
--------
Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into
consideration in interpreting, this Agreement.
SECTION 9.12 Confidentiality. Each of the Administrative Agent, the
---------------
Issuing Bank and the Lenders agrees to maintain the confidentiality of the
Information (as defined below), except that Information may be disclosed (a) to
its and its Affiliates' directors, officers, employees and agents, including
accountants, legal counsel and other advisors (it being understood that the
96
Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information
confidential), (b) to the extent requested by any regulatory authority
(including the National Association of Insurance Commissioners), (c) to the
extent required by applicable laws or regulations or by any subpoena or similar
legal process, (d) to any other party to this Agreement, (e) in connection with
the exercise of any remedies hereunder or any suit, action or proceeding
relating to this Agreement or the enforcement of rights hereunder, (f) subject
to an agreement containing provisions substantially the same as those of this
Section, to any assignee of or Participant in, or any prospective assignee of or
Participant in, any of its rights or obligations under this Agreement, (g) with
the consent of the Borrower or (h) to the extent such Information (i) becomes
publicly available other than as a result of a breach of this Section or (ii)
becomes available to the Administrative Agent, the Issuing Bank or any Lender on
a nonconfidential basis from a source other than the Borrower. For the purposes
of this Section, "Information" means all information received from the Borrower
relating to the Borrower or its business, other than any such information that
is available to the Administrative Agent, the Issuing Bank or any Lender on a
nonconfidential basis prior to disclosure by the Borrower; provided that, in the
--------
case of information received from the Borrower after the date hereof, such
information is clearly identified at the time of delivery as confidential. Any
Person required to maintain the confidentiality of Information as provided in
this Section shall be considered to have complied with its obligation to do so
if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own
confidential information.
SECTION 9.13 Effectiveness. This Agreement shall become effective on
-------------
the date (the "Effective Date") when (i) the Borrowers and each of the Lenders
shall have signed a counterpart hereof (whether the same or different
counterparts) and shall have delivered (including by way of facsimile) the same
to the Administrative Agent and (ii) the Lenders shall have received the fees
described to them in writing by the Administrative Agent and (iii) the
Administrative Agent shall have received any fees agreed between itself and the
Borrowers which are then due and owing.
SECTION 9.14 Domicile of Loans. Each Lender may transfer and carry
-----------------
its Loans and/or Commitments at, to or for the account of any office, Subsidiary
or Affiliate of such Lender. Notwithstanding anything to the contrary contained
herein, to the extent that a transfer of Loans pursuant to this Section 9.14
would, at the time of such transfer, result in increased costs under Sections
2.05(f), 2.15, 2.16 and 2.17 from those being charged by the respective Lender
prior to such transfer, then the Borrowers shall not be obligated to pay such
increased costs (although the Borrowers shall be obligated to pay any other
increased costs of the type described above resulting from changes after the
date of the respective transfer).
SECTION 9.15 Calculations; Computations. The financial statements to
--------------------------
be furnished to the Lenders pursuant hereto shall be made and prepared in
accordance with generally accepted accounting principles in the United States
consistently applied throughout the periods involved (except as set forth in the
notes thereto or as otherwise disclosed in writing by the Borrowers to the
Lenders) ("GAAP"), except to the extent the definitions in this Agreement
expressly dictate different treatment; provided that, except as otherwise
--------
specifically provided herein, including in the definitions, all computations
determining compliance with Section 6.01,
97
shall utilize accounting principles and policies in conformity with those used
to prepare the annual financial statements first delivered to the Lenders
pursuant to Section 5.01.
* * *
98
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed by their respective authorized officers as of the day and year
first above written.
WYNDHAM INTERNATIONAL, INC.,
By /s/ Xxxx X. Xxxxxxxx
---------------------------------------------
Title: Sr. Vice President
THE CHASE MANHATTAN BANK,
Individually and as Administrative Agent,
By /s/ Xxxxxx X. Xxxxxxx
---------------------------------------------
Title: Vice President
CHASE SECURITIES INC.,
as Lead Arranger and Book Manager
By /s/ Xxxxxx X. Xxxxxxx
---------------------------------------------
Title: Vice President
BANKERS TRUST COMPANY,
Individually and as Syndication Agent
By /s/ Xxxxxxx X. Xxxxxxxxx
---------------------------------------------
Title: Principal
BEAR XXXXXXX CORPORATE LENDING INC.,
Individually and as Co-Documentation Agent
By /s/ Xxxxxxx Xxxxx
---------------------------------------------
Authorized Signatory
CREDIT LYONNAIS NEW YORK BRANCH,
Individually and as Documentation Agent
By /s/ Xxxxxx Xxxxxxx
---------------------------------------------
Title: Vice President
99
NATIONSBANK, N.A.
Individually and as Syndication Agent
By /s/ M. Xxxxx Xxxxxx
---------------------------------------------
Title: Senior Vice President
XXX XXXXXX PRIME RATE INCOME TRUST
By /s/ Xxxx X. Xxxxxxxxx
---------------------------------------------
Title: Vice President
XXX XXXXXX SENIOR INCOME TRUST
By /s/ Xxxx X. Xxxxxxxxx
---------------------------------------------
Title: Vice President
XXXXXXX XXXXX SENIOR FLOATING RATE
FUND II, INC.
By /s/ Xxxx Xxxxxxx
---------------------------------------------
Title: Authorized Signatory
KZH APPALOOSA LLC
By /s/ Xxxxx Xxxx
---------------------------------------------
Title: Authorized Agent
FRANKLIN FLOATING RATE TRUST
By /s/ Xxxxxxxx Xxxxxx
---------------------------------------------
Title: Vice President
100
XXXXXX XXXXXXX XXXX XXXXXX PRIME
INCOME TRUST
By /s/ Xxxxx Xxxxxxx
-------------------------------------------
Title: Authorized Signatory
KZH PAMCO LLC
By /s/ Xxxxxxxx Xxxxxx
-------------------------------------------
Title: Authorized Agent
KZH WATERSIDE LLC
By /s/ Xxxxxxxx Xxxxxx
-------------------------------------------
Title: Authorized Agent
BHF (USA) CAPITAL COROPRATION
By /s/ Xxxxx X. Xxxxx
-------------------------------------------
Title: Vice President
By /s/ Xxxxxxxxx Xxxxxx
-------------------------------------------
Title: Managing Director
KZM SOLEIL-2 LLC
By /s/ Xxxxxxxx Xxxxxx
-------------------------------------------
Title: Authorized Agent
LONGLANE MASTER TRUST IV
By: BankBoston, N.A.,
as its Trust Administrator
By /s/ Xxxxx X. Xxxx
-------------------------------------------
Title: Managing Director
Credit Derivatives
101
DEBT STRATEGIES FUND II, INC.
By /s/ Xxxx Xxxxxxx
-------------------------------------------
Title: Authorized Signatory
PILGRIM PRIME RATE TRUST
By: Pilgrim Investments, Inc.,
as its Investment Manager
By /s/ Xxxxx X. Xxxxx
-------------------------------------------
Title: Assistant Vice President
KZH III LLC
By /s/ Xxxxxxxx Xxxxxx
-------------------------------------------
Title: Authorized Agent
KZH CYPRESSTREE-1 LLC
By /s/ Xxxxxxxx Xxxxxx
-------------------------------------------
Title: Authorized Agent
ALLSTATE INSURANCE COMPANY
By /s/ Xxxxxx X. Xxxxxxxx
-------------------------------------------
Title: Authorized Signatory
By /s/ Xxxxxxxx X. Xxxxxx
-------------------------------------------
Title: Authorized Signatory
CANADIAN IMPERIAL BANK OF COMMERCE
By /s/ Xxxxxxx X. Xxxxxxx
-------------------------------------------
Title: Authorized Signatory
102
FLOATING RATE PORTFOLIO
By: INVESCO Senior Secured Management, Inc.
as attorney in fact
By /s/ Xxxx X. XxXxxxxx
-------------------------------------------
Title: Authorized Agent
KZH CNC LLC
By /s/ Xxxxxxxx Xxxxxx
-------------------------------------------
Title: Authorized Signatory
KZH ING-2 LLC
By /s/ Xxxxxxxx Xxxxxx
-------------------------------------------
Title: Authorized Agent
MASSACHUSETTS MUTUAL LIFE
INSURANCE COMPANY
By /s/ Xxxxxxxx X. Xxxxxx
-------------------------------------------
Title: Senior Managing Director
OAK HILL SECURITIES FUND, L.P.
By: Oak Hill Securities GenPar, L.P.
its General Partner
By: Oak Hill Securities MGP, Inc.
its General Partner
By /s/ Xxxxx X. Xxxxx
-------------------------------------------
Title: Vice President
103
OCTAGON LOAN TRUST
By: Octagon Credit Investors, as Manager
By /s/ Xxxxx X. Xxxxxxxx
-------------------------------------------
Title: Managing Director
TYLER TRADING, INC.
By /s/ Xxxxxx X. Xxxxxx
-------------------------------------------
Title: President
XXXXX XXX & FARNHAM INCORPOATED, as Agent for
KEYPORT LIFE INSURANCE COMPANY
By /s/ Xxxxx X. Good
-------------------------------------------
Title: Vice President and Portfolio Manager
SEQUILS I, LTD.
By: TCW Advisors, Inc, as its Collateral
Manager
By /s/ Xxxxxx X. Xxxxxxxx
-------------------------------------------
Title: Senior Vice President
By /s/ Xxxxxxxx X. Xxxxxx
-------------------------------------------
Title: Vice President
104
ALLSTATE LIFE INSURANCE COMPANY
By /s/ Xxxxxx X. Xxxxxxxx
-------------------------------------------
Title: Authorized Signatory
By /s/ Xxxxxxxx X. Xxxxxx
-------------------------------------------
Title: Authorized Signatory
ARCHIMEDES FUNDING II, Ltd.
By: ING Capital Advisors, LLC
As Collateral Manager
By /s/ Xxxxxxx X. Xxxxxxxx
-------------------------------------------
Title: Senior Vice President &
Portfolio Manager
ING HIGH INCOME PRINCIPAL
PRESERVATION FUND HOLDINGS, LDC.,
By: ING Capital Advisors LLC
As Investment Advisor
By: /s/ Xxxxxxx X. Xxxxxxxx
-------------------------------------------
Title: Senior Vice President &
Portfolio Manager
105
THE ING CAPITAL SENIOR SECURED HIGH
INCOME FUND, L.P.
By: ING Capital Advisors, LLC
as Investment Advisor
By /s/ Xxxxxxx X. Xxxxxxxx
-------------------------------------------
Title: Senior Vice President &
Portfolio Manager
MASSMUTUAL HIGH YIELD PARTNERS II LLC
By: HYP Management, Inc. as Managing Member
By /s/ Xxxxxxxx X. Xxxxxx
-------------------------------------------
Title: Vice President
NEW YORK LIFE INSURANCE & ANNUITY CORPORATION
By /s/ Xxxxxxx Xxxxxx
-------------------------------------------
Title: Director
NEW YORK LIFE INSURANCE COMPANY
By /s/ Xxxxxxx Xxxxxx
-------------------------------------------
Title: Director
XXXXXXX XXXXX SENIOR FLOATING RATE FUND II,
INC.
By /s/ Xxxx Xxxxxxx
-------------------------------------------
Title: Authorized Signatory
000
XXX XXXXXXXX-0 LLC
By /s/ Xxxxxxxx Xxxxxx
-----------------------------------------
Title: Authorized Agent
KZH ING-1 LLC
By /s/ Xxxxxxxx Xxxxxx
-----------------------------------------
Title: Authorized Agent
SENIOR HIGH INCOME PORTFOLIO, INC.
By /s/ Xxxx Xxxxxxx
-----------------------------------------
Title: Authorized Signatory
SRF TRADING, INC.
By /s/ Xxxxx X. Xxxxxx
-----------------------------------------
Title: Vice President
CRESCENT/MACH I PARTNERS, L.P.
By: TCW Asset Management Company, Its
Investment Manager Sequils I, LTD
By /s/ Xxxxxxxx X. Xxxxxx
-----------------------------------------
Title: Vice President
KZH CRESCENT LLC
By /s/ Xxxxxxxx Xxxxxx
-----------------------------------------
Title: Authorized Agent
107
KZH CRESCENT-3 LLC
By /s/ Xxxxxxxx Xxxxxx
-----------------------------------------
Title: Authorized Agent
KZH ING-3 LLC
By /s/ Xxxxxxxx Xxxxxx
-----------------------------------------
Title: Authorized Agent
DEBT STRATEGIES FUND III, INC.
By /s/ Xxxx Xxxxxxx
-----------------------------------------
Title: Authorized Signatory
UNITED OF OMAHA LIFE INSURANCE COMPANY
By: TCW Asset Management Company, Its
Investment Advisor
By /s/ Xxxxxx X. Xxxxxxxx
-----------------------------------------
Title: Senior Vice President
By /s/ Xxxxxxxx X. Xxxxxx
-----------------------------------------
Title: Vice President
CONTINENTAL ASSURANCE COMPANY
By /s/ Xxxxxx X. Xxxxxxxx
-----------------------------------------
Title: Senior Vice President
By /s/ Xxxxxxxx X. Xxxxxx
-----------------------------------------
Title: Vice President
108
CYPRESSTREE INSTITUTIONAL FUND, LLC
By: CypressTrees Investment Management
Company, Inc., its Managing Member
By /s/ Xxxxxxx X. Xxxxx
-----------------------------------------
Title: Managing Director
CYPRESSTREE INVESTMENT FUND, LLC
By: CypressTree Investment Management
Company, Inc. its Managing Director
By /s/ Xxxxxxx X. Xxxxx
-----------------------------------------
Title: Managing Director
CYPRESSTREE INVESTMENT MANAGEMENT
COMPANY, INC.
As: Attorney-in-Fact and on behalf of
First Allmerica Financial Life
Insurance Company as Portfolio
Manager
By /s/ Xxxxxxx X. Xxxxx
-----------------------------------------
Title: Managing Director
NORTH AMERICAN SENIOR FLOATING RATE FUND
By: CypressTree Investment Management
Company, Inc. as Portfolio Manager
By /s/ Xxxxxxx X. Xxxxx
-----------------------------------------
Title: Managing Director
109
XXXXX XXX FLOATING RATE LIMITED
LIABILITY COMPANY,
By /s/ Xxxxx X. Good
-----------------------------------------
Title: Vice President and Portfolio
Manager, Xxxxx Row & Xxxxxxx Incorporated,
as Advisor to the Xxxxx Xxx Floating Rate
Limited Liability Company
CYPRESSTREE SENIOR FLOATING RATE FUND
By: CypressTree Investment Management
Company, Inc. as Portfolio Manager
By /s/ Xxxxxxx X. Xxxxx
-----------------------------------------
Title: Managing Director
THE BANK OF NOVA SCOTIA NEW YORK AGENCY
By /s/ Xxxxxx X. Xxxxxxxxxx
-----------------------------------------
Title: Vice President
BANKBOSTON, N.A.
By /s/ E. Xxxxxx Xxxxx, Xx.
-----------------------------------------
Title: Managing Director
SOCIETE GENERALE, SOUTHWEST AGENCY
By /s/ Xxxxxx X. Xxxxx
-----------------------------------------
Title: Vice President
000
XXXX XX XXXXXX
By /s/ Xxxxxx Xxxxxxxxx
-----------------------------------------
Title: Vice President
BANK LEUMI USA
By /s/ Xxxxxx Xxxxxx
-----------------------------------------
Title: First Vice President
& Managing Director
SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED,
NEW YORK AGENCY
By /s/ Xxxxxx Xxxxxxx
-----------------------------------------
Title: Co-General Manager
By /s/ Xxxxx X. Xxxxx
-----------------------------------------
Title: Assistant General Manager
Corporate Finance and Treasury
111
ANNEX A
-------
PRICING GRID
-----------------------------------------------------------------------------------------------------------------------
Applicable Margin for Applicable Margin for
Eurodollar Loans ABR Loans
------------------------------------------------------------------------------------
Applicable Commitment
Pricing Total Leverage Revolving Loans Term Loans Revolving Loans Term Loans Fee Margin
Level Ratio
-----------------------------------------------------------------------------------------------------------------------
7 Greater than or 2.75% 3.50% 1.75% 2.50% 0.500%
equal to
5.00 to 1.0
-----------------------------------------------------------------------------------------------------------------------
6 Greater than or 2.50% 3.25% 1.50% 2.25% 0.500%
equal to
4.50 to 1.0
and less than
5.00 to 1.0
-----------------------------------------------------------------------------------------------------------------------
5 Greater than or 2.25% 3.00% 1.25% 2.00% 0.500%
equal to
4.00 to 1.0
and less than
4.50 to 1.0
-----------------------------------------------------------------------------------------------------------------------
4 Greater than or 2.00% 3.00% 1.00% 2.00% 0.375%
equal to
3.50 to 1.0
and less than
4.00 to 1.0
-----------------------------------------------------------------------------------------------------------------------
3 Greater than or 1.75% 3.00% 0.75% 2.00% 0.375%
equal to
3.00 to 1.0
and less than
3.50 to 1.0
-----------------------------------------------------------------------------------------------------------------------
2 Greater than or 1.50% 2.75% 0.50% 1.75% 0.250%
equal to
2.50 to 1.0
and less than
3.00 to 1.0
-----------------------------------------------------------------------------------------------------------------------
1 Less than 1.25% 2.75% 0.25% 1.75% 0.250%
2.50 to 1.0
-----------------------------------------------------------------------------------------------------------------------
Changes in the Applicable Margin resulting from changes in the Total
Leverage Ratio shall become effective on the date (the "Adjustment Date") on
---------------
which financial statements
Annex A
Page 2
are delivered to the Lenders pursuant to Section 5.01 (but in any event not
later than the 45th day after the end of each of the first three quarterly
periods of each fiscal year or the 90th day after the end of each fiscal year,
as the case may be) and shall remain in effect until the next change to be
effected pursuant to this paragraph. Each determination of the Total Leverage
Ratio pursuant to this pricing grid shall be made with respect to the period of
four consecutive fiscal quarters of the Borrower ending at the end of the period
covered by the relevant financial statements. If any financial statements
referred to above are not delivered within the time periods specified above,
then until such financial statements are delivered, the Applicable Margins shall
be calculated on the basis of Pricing Level 7. In addition, at any time prior to
the first Adjustment Date occurring after four full Fiscal Quarters have been
completed after the Closing Date (x) the Applicable Commitment Fee Margin shall
be .50% and (y) the Applicable Margins on Loans shall be calculated on the basis
of the higher of (i) Pricing Level 6 and (ii) the Pricing Level otherwise
applicable (with Pricing Level 7 being the highest). At all times while an Event
of Default shall have occurred and is continuing, all Applicable Margins shall
be calculated on the basis of Pricing Level 7. Additionally, at any time that
(i) Pricing Level 6 or lower is in effect and (ii) Senior Secured Leverage Ratio
is (x) equal to or less than 3.25 to 1.0 but greater than 3.00 to 1.0, Pricing
Xxxxx 0 shall apply, (y) equal to or less than 3.00 to 1.0 but greater than 2.50
to 1.0, Pricing Level 2 shall apply and (z) equal to or less than 2.50 to 1.0,
Pricing Xxxxx 0 shall apply.
Notwithstanding the foregoing, as long as any Increasing Rate Term
Loans remain outstanding, the above Applicable Margin for Loans (but not the
Applicable Commitment Fee Margin) shall be increased by .250%.
SCHEDULE I
----------
APPROVED PROCUREMENT SAVINGS
----------------------------
---------------------------------------------
Test Period
Ending
------
======================== ====================
September 30, 1999 $ 40,000,000
------------------------ --------------------
December 30, 1999 $ 34,300,000
------------------------ --------------------
March 31, 2000 $ 28,600,000
------------------------ --------------------
June 30, 2000 $ 22,900,000
------------------------ --------------------
September 30, 2000 $ 17,200,000
------------------------ --------------------
December 30, 2000 $ 11,500,000
------------------------ --------------------
March 31, 2001 $ 5,800,000
---------------------------------------------
Schedule II
Certain Non-Core Assets
1. Xxxxxxx Xxxxxxxx Plaza
SCHEDULE III
------------
COMMITMENTS
Revolving Loan Term Loan
Lender Commitment Commitment
------ -------------- ------------
The Chase Manhattan Bank $145,000,000.00 $607,900,000.00
Bankers Trust Company 50,000,000.00 10,000,000.00
Bear Xxxxxxx Corporate Lending Inc. 50,000,000.00 10,000,000.00
Credit Lyonnais New York Branch 50,000,000.00 20,000,000.00
Nationsbank, N.A. 50,000,000.00 15,500,000.00
Xxx Xxxxxx Prime Rate Income Trust 100,000,000.00
Xxx Xxxxxx Senior Income Trust 75,000,000.00
Xxxxxxx Xxxxx Senior Floating Rate
Fund, Inc. 69,000,000.00
KZH Appaloosa LLC 30,000,000.00
Franklin Floating Rate Trust 25,000,000.00
Xxxxxx Xxxxxxx Xxxx Xxxxxx Prime
Income Trust 25,000,000.00
KZH Pamco LLC 20,000,000.00
KZH Waterside, LLC 20,000,000.00
BHF (USA) Capital Corporation 15,000,000.00
KZH Soleil-2 LLC 15,000,000.00
Longlane Master Trust IV 15,000,000.00
Debt Strategies Fund II, Inc. 13,500,000.00
Pilgrim Prime Rate Trust 13,500,000.00
KZH III LLC 12,600,000.00
KZH CypressTree-1 LLC 12,000,000.00
Allstate Life Insurance Company 10,000,000.00
Canadian Imperial Bank of Commerce 10,000,000.00
Floating Rate Portfolio 10,000,000.00
KHZ CNC LLC 10,000,000.00
KZH ING-2 LLC 10,000,000.00
Massachusetts Mutual Life Insurance
Company 10,000,000.00
Oak Hill Securities Fund, L.P. 10,000,000.00
Octagon Loan Trust 10,000,000.00
Tyler Trading, Inc. 7,500,000.00
Keyport Life Insurance Company 6,000,000.00
Sequils I, Ltd. 6,000,000.00
Allstate Insurance Company 5,000,000.00
Archimedes Funding II, Ltd. 5,000,000.00
Archimedes Funding, LLC 5,000,000.00
ING High Income Principal Preservation
Fund Holdings, LDC 5,000,000.00
ING Capital Senior Secured High Income
Fund, L.P. 5,000,000.00
MassMutual High Yield Partners II LLC 5,000,000.00
New York Life Insurance & Annuity
Corporation 5,000,000.00
New York Life Insurance Company 5,000,000.00
Xxxxxxx Xxxxx Senior Floating Rate
Fund II, Inc. 4,000,000.00
KZH Crescent-2 LLC 3,500,000.00
KZH ING-1 LLC 3,000,000.00
Senior High Income Portfolio, Inc. 3,000,000.00
SRF Trading, Inc. 3,000,000.00
Crescent/Mach I Partners, L.P. 2,500,000.00
KZH Crescent LLC 2,500,000.00
KZH Crescent-3 LLC 2,500,000.00
KZH ING-3 LLC 2,000,000.00
Debt Strategies Fund III, Inc. 2,000,000.00
Schedule III
Page 2
Continental Assurance Company 1,000,000.00
CypressTree Institutional Fund, LLC 1,000,000.00
CypressTree Investment Fund, LLC 1,000,000.00
First Allmerica Financial Life Insurance Company 1,000,000.00
North American Senior Floating Rate Fund 1,000,000.00
Xxxxx Xxx Floating Rate Limited Liability Company 1,000,000.00
CypressTree Senior Floating Rate Fund 500,000.00
The Bank of Nova Scotia New York Agency 45,000,000.00
BankBoston, N.A. 45,000,000.00
Societe Generale, Southwest Agency 45,000,000.00
Bank of Hawaii 10,000,000.00
Bank Leumi USA 5,000,000.00
Siam Commercial Bank Public Company Limited, New York Agency 5,000,000.00
------------------------------------------------------------------------------------------------------
Total $500,000,000.00 $1,300,000,000.00
Schedule IV
Sponsors
Apollo Real Estate Investment Fund IV, L.P.
Apollo Investment Fund IV, L.P.
Apollo Overseas Partners IV, L.P.
Apollo Real Estate Investment Fund, III, L.P.
BCP Voting, Inc., as voting trustee
THL-CCI, Limited Partnership
Xxxxxx X. Xxx Equity Fund IV, L.P.
Xxxxxx X. Xxx Foreign Fund IV, L.P.
Xxxxxx X. Xxx Foreign Fund IV-B, L.P.
State Street Bank & Trust Company
as Trustee of the 1997 Xxxxxx X. Xxx Nominee Trust
Xxxxx X. Xxxxxxx
The 1995 Harkins Gift Trust
Xxxxx X. Xxxxxx
X. Xxxxxx Xxxx
Xxxxxxxx Family Limited Partnership
Xxxxxxx X. XxXxxx
Xxxxxx X. Xxxxxxx
Xxxxxx X. Xxxxx, Xx.
Xxxxx Family Limited Partnership
Xxxx X. Xxxxx
Xxxx X. Xxxxxx
Xxxxxxxx X. Xxxxxx
Xxxx X. Xxxxxxxx
Xxxxxxx X. Xxxxxxx
Xxxxx Xxxxxxx
Xxxxx Xxxxx
Xxxxxx X. Xxxxxxxx
Xxxxxx X. Xxxxxxxxx
Xxxxx X Xxxxxx
Xxxxxx X. Xxxxxxx
Xxxxxx Xxxxxx Xxx 1998 Irrecovable Trust
Xxxxxxx Xxxxxxx Xxx
Xxxxxxx X. Xxxxxx as Custodian for Xxxxx Xxx
Xxxxxxx X. Xxxxxx
Xxxxx Xxxxxx
Xxxxxx X. Xxx Charitable Investment Limited Partnership
Xxxx X. Xxxxxxxx
Xxxxxx X. Xxxxx
Xx. Xxxxxxx Xxxxx
Beacon Capital Partners, L.P.
Strategic Real Estate Investments I, LLC
AIF/THL PAH LLC
Chase Equity Associates, L.P.
CMS Co-Investment Subpartnership
CMS Diversified Partners, L.P.
PW Hotel I, LLC
Guayacan Private Equity Limited Partnership
The Bonnybrook Trust
The Franklin Trust
The Dartmouth Trust
CKE Associates LLC
2
Schedule V
Subsidiaries; Joint Ventures and Equity Ownership Interests
(Includes Unrestricted Subsidiaries)
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
SUBSIDIARIES: Wholly-Owned (Includes Unrestricted Subsidiaries)
------------------------------------------------------------------------------------------------------------------------------------
0000 Xxxxx Xxxxxx Investors II, L.P. DE 1% GP - PAH GP, Inc. Y
99% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
Albuquerque C.I. Associates, L.P. KS 1% GP - PAH-CI Holding, L.L.C. Y
99% LP - Patriot American Hospitality Partnership,
L.P. ("Patriot American Hospitality Partnership,
L.P.")
------------------------------------------------------------------------------------------------------------------------------------
Arcadian (UK) Developments Ltd. England & Wales 100% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
Arcadian France SA France 100% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
Arcadian Group Services Limited England & Wales 99% economic interest - Arcadian International Limited N
100% Voting A Shares/1% economic interest -Wyndham
International Operating Partnership, L.P. ("Wyndham
OP")
------------------------------------------------------------------------------------------------------------------------------------
Arcadian Hotel Bouffemont SARL France 100% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
Arcadian (Italy) Limited England & Wales 100% - Arcadian Group Services Limited N
------------------------------------------------------------------------------------------------------------------------------------
Arcadian Hotels (UK) Limited England & Wales 100% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
Arcadian Hotels Limited England & Wales 100% - Wyndham International Operating Partnership, N
L.P. ("Wyndham OP")
------------------------------------------------------------------------------------------------------------------------------------
Arcadian International Limited England & Wales 100% - Patriot American UK Limited N
------------------------------------------------------------------------------------------------------------------------------------
Arcadian International Resorts, Limited England & Wales 100% - Arcadian Group Services Limited N
------------------------------------------------------------------------------------------------------------------------------------
Arcadian Properties SNC France 100% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
Arcadian Resorts Sarl France 100% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
Atlanta C. I. Associates II, L.P. KS 1% GP - C.I. General, L.L.C. N
50% LP - C.I. Holding, L.L.C.
49% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
BJV Realty, Inc. AZ 100% - PAH Leasing LLC Y
------------------------------------------------------------------------------------------------------------------------------------
Boulders Carefree Sewer Corporation AZ 100% - PAH Leasing LLC Y
------------------------------------------------------------------------------------------------------------------------------------
Boulders Joint Venture AZ 99.9% - Patriot American Hospitality Partnership Y
("Patriot American Hospitality Partnership, L.P.")
.1% - PAH GP, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Bourbon Orleans Investors II, L.P. DE 1% GP - PAH GP, Inc. N
99% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
Burrllen Enterprises of Maryland MD 99% - Wyndham OP Y
1% - Patriot Grand Heritage LLC
------------------------------------------------------------------------------------------------------------------------------------
CFMB, Inc. DE 100% - Wyndham OP N
------------------------------------------------------------------------------------------------------------------------------------
C.I. Albuquerque Lessee GP, LLC DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
C.I. Albuquerque Lessee, L.P. DE 99% LP - Wyndham OP Y
1% GP - C.I. Albuquerque Lessee GP, LLC
------------------------------------------------------------------------------------------------------------------------------------
C.I. Atlanta Lessee, L.P. DE 99% LP - Wyndham OP N
1% GP - C.I. Lessee GP, Inc
------------------------------------------------------------------------------------------------------------------------------------
C.I. General, L.L.C. KS 20% - Patriot American Hospitality Partnership, L.P. N
80% - C.I. Holding, L.L.C.
------------------------------------------------------------------------------------------------------------------------------------
C.I. Holding, L.L.C. KS 99% - Patriot American Hospitality Partnership, L.P. N
1% - PAH-CI Holding, LLC
------------------------------------------------------------------------------------------------------------------------------------
C.I. Knoxville Lessee, L.P. DE 99% LP - Wyndham OP N
1% GP - C.I. Lessee GP, Inc.
------------------------------------------------------------------------------------------------------------------------------------
C.I. Lessee GP, Inc. DE 100% - Wyndham N
------------------------------------------------------------------------------------------------------------------------------------
C.I. Omaha Lessee, L.P. DE 99% LP - Wyndham OP N
1% GP - C.I. Lessee GP, Inc.
------------------------------------------------------------------------------------------------------------------------------------
C.I. Overland Park Lessee, L.P. DE 99% LP - Wyndham OP N
1% GP - C.I. Lessee GP, Inc.
------------------------------------------------------------------------------------------------------------------------------------
C.I. Wichita General, L.L.C. KS 20% - Patriot American Hospitality Partnership, L.P. N
80% - C.I. Holding, L.L.C.
------------------------------------------------------------------------------------------------------------------------------------
C.I. Wichita Lessee, L.P. DE 99% LP - Wyndham OP N
1% GP - C.I. Lessee GP, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Carefree Management LLC DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
Carnicon Holdings Corp. FL 100% - CHC Hotels & Resorts Corp. N
------------------------------------------------------------------------------------------------------------------------------------
Carnicon Puerto La Xxxx Venezuela 100% - Carnicon Venezuela Hotel Consultants LC N
------------------------------------------------------------------------------------------------------------------------------------
Centralized Operations, Inc. AZ 100% - Resort Services, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
CHC Hotels & Resorts Corp. FL 100% - Wyndham Y
------------------------------------------------------------------------------------------------------------------------------------
CHC Lease Partners FL 99% - CHC REIT Lessee Corp. Y
1% - CHC REIT Management Corp.
------------------------------------------------------------------------------------------------------------------------------------
CHC REIT Lessee Corp. FL 100% - CHC Hotels & Resorts Corp. Y
------------------------------------------------------------------------------------------------------------------------------------
CHC REIT Management Corp. FL 100% - CHC Hotels & Resorts Corp. Y
------------------------------------------------------------------------------------------------------------------------------------
Chicago-ES Holding Corp. DE 100% - PAH GP, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
Chicago-ES Member Corp. DE 100% - Chicago-ES Holding Corp. N
------------------------------------------------------------------------------------------------------------------------------------
Chilston Park Limited England and 100% - Arcadian International Limited N
Wales
------------------------------------------------------------------------------------------------------------------------------------
CHMB, Inc. TX 100% - WHCMB, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
Clipper Inns Limited England and 100% - Arcadian (Italy) Limited N
Wales
------------------------------------------------------------------------------------------------------------------------------------
Clubhouse Inns of America, Inc. KS 100% - Wyndham Management Corporation Y
------------------------------------------------------------------------------------------------------------------------------------
Conquistador Holding, Inc. DE 1% - Patriot American Hospitality, Inc. N
99% - Wyndham OP
------------------------------------------------------------------------------------------------------------------------------------
Criterion Hotel Management Corp. FL 100% - CHC Hotels & Resorts Corp. Y
------------------------------------------------------------------------------------------------------------------------------------
Criterion NY Inc. FL 100% - CHC Hotels & Resorts Corp. Y
------------------------------------------------------------------------------------------------------------------------------------
Crossroads Development Company DE 100% - PAH Franchise Holding, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
2
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
CSMC of Kalamazoo, Inc. MI 100% - CHC Hotels & Resorts Corp. Y
------------------------------------------------------------------------------------------------------------------------------------
Deuce Management Company LLC TX 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
Xxx XxXxx Holdings, LLC DE 100% - PAH Franchise Holding, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
DT-Denver, LLC DE 100% Member - DT-Denver Mezz, LLC N
0% Manager (no economic interest) - DT-Denver
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
DT-Denver Manager Corp. DE 100% - DT-Denver Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
DT-Denver Mezz, LLC DE 0% Manager (no economic interest) - DT-Denver Mezz N
Manager Corp.
100% Member - Patriot American Hospitality
Partnership, L.P.
------------------------------------------------------------------------------------------------------------------------------------
DT-Denver Mezz Manager Corp. DE 100% - PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
DT Glenview, LLC DE 100% Member - Glenview Hospitality, L.P. N
0% Manager (no economic interest) - DT Glenview
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
DT Glenview Manager Corp. DE 100% - PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
El Conquistador Ferryboat, Inc. Puerto Rico 100% - Xxxxxxxx Hospitality Group Inc. N
------------------------------------------------------------------------------------------------------------------------------------
El Conquistador Partnership L.P., S.E. DE 50% - WKA El Con Associates N
50% - Conquistador Holding, Inc.
------------------------------------------------------------------------------------------------------------------------------------
El San Xxxx Holding, Inc. DE 1% - Patriot American Hospitality, Inc. N
99% - Wyndham OP
------------------------------------------------------------------------------------------------------------------------------------
ES Phoenix, LLC DE 100% Member - ES Phoenix Mezz, LLC N
0% Manager (no economic interest) - ES Phoenix
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
ES Phoenix Manager Corp. DE 100% - ES Phoenix Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
ES Phoenix Mezz, LLC DE 0% Manager (no economic interest) - ES Phoenix N
Mezz Manager Corp.
100% Member - IHC Realty Partnership, L.P.
------------------------------------------------------------------------------------------------------------------------------------
ES Phoenix Mezz Manager Corp. DE 100% - IHC Realty Corporation N
------------------------------------------------------------------------------------------------------------------------------------
ES Schaumburg, LLC DE 100% Member - ES Schaumburg Mezz, LLC N
0% Manager (no economic interest) - ES
Schaumburg Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
ES Schaumburg Manager Corp. DE 100% - ES Schaumburg Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
ES Schaumburg Mezz, LLC DE 100% Member - Interstone/PAH Partners, L.P. N
0% Manager (no economic interest)- ES
Schaumburg Mezz Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
ES Schaumburg Mezz Manager Corp. DE 100% - IHC Realty Corporation N
------------------------------------------------------------------------------------------------------------------------------------
ESC Greenspoint Holding Corp. DE 100% - Wyndham OP N
------------------------------------------------------------------------------------------------------------------------------------
ESC Greenspoint Lessee, L.P. DE 99% LP - ESC Greenspoint Member, LLC N
1% GP - ESC Greenspoint Member, Corp.
------------------------------------------------------------------------------------------------------------------------------------
ESC Greenspoint Member Corp. DE 100% - ESC Greenspoint Holding Corp. N
------------------------------------------------------------------------------------------------------------------------------------
ESC Greenspoint Member, LLC DE 100% - Wyndham OP N
------------------------------------------------------------------------------------------------------------------------------------
ESJ Hotel Corporation DE 100% - Posados de Puerto Rico Associates, Incorporated N
------------------------------------------------------------------------------------------------------------------------------------
Ettington Park Group Ltd. England & Wales 100% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
3
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
Ettington Park Hotel Limited England & Wales 100% - Arcadian Group Services Limited N
------------------------------------------------------------------------------------------------------------------------------------
European New Timeshare Limited England & Wales 100% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
Fair Oaks Sierra Associates, L.P. KS 1% GP - SFHC Holdings, LLC N
99% LP - Summerfield Hotel Company, L.P.
------------------------------------------------------------------------------------------------------------------------------------
Family Suites Corporation DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
Family Suites Limited Partnership DE 100% GP - Family Suites Corporation N
------------------------------------------------------------------------------------------------------------------------------------
Family Suites Management Corporation DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
Family Suites Management Partnership, L.P. DE 100% GP - Family Suites Corporation N
------------------------------------------------------------------------------------------------------------------------------------
FS Development Corporation DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
GAH-II Corporation DE 100% - CHC REIT Management Corp. N
------------------------------------------------------------------------------------------------------------------------------------
GAH-II, L.P. DE 49.5% LP - CHC REIT Management Y
48.34% LP - Wyndham OP
1.0% GP - GAH-II Corporation
.48% GP - Deuce Management Company LLC
------------------------------------------------------------------------------------------------------------------------------------
GB Hotel Management de Mexico S. de RL de C.V. Mexico 100% - CHC Hotels & Resort Corp. N
------------------------------------------------------------------------------------------------------------------------------------
GH (Cayman) Limited Cayman Islands 100% - Wyndham OP N
------------------------------------------------------------------------------------------------------------------------------------
GH-Atlanta, LLC MD 99% - Wyndham OP Y
1% - Patriot Grand Heritage LLC
------------------------------------------------------------------------------------------------------------------------------------
GH-Chicago, Inc. IL 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
GH-Detroit, Inc. MI 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
GH-Greeneville, Inc. TN 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
GH-Providence, Inc. RI 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
GH Trademarks LLC MD 99% - Wyndham OP Y
1% - Patriot Grand Heritage LLC
------------------------------------------------------------------------------------------------------------------------------------
GH-Wichita, Inc. KS 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
GH-San Diego, Inc. DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
GHALP GP, Inc. DE 100% - PAH-Westmont CI N
Holding, Inc.
------------------------------------------------------------------------------------------------------------------------------------
GHALP Operating GP, Inc. DE 100% - Wyndham N
------------------------------------------------------------------------------------------------------------------------------------
GHALP Operating Partnership, L.P. DE 1% GP - GHALP Operating GP, Inc. N
99% LP - Wyndham OP
------------------------------------------------------------------------------------------------------------------------------------
GHALP Partnership, L.P. DE 1% GP - GHALP GP, Inc. N
99% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
GHMB, Inc. TX 100% - WHCMB, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
GHV-Colorado, Inc. CO 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
GHV-Galveston, Inc. TX 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
Glenview Hospitality, L.P. DE 1% GP - PAH Deuce GP, LLC Y
99% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
Grand Bay Management LLC DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
4
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
Grand Bay Management Company FL 100% - CHC Hotels & Resorts Corp. Y
------------------------------------------------------------------------------------------------------------------------------------
Grand Heritage Hotels, Inc. MD 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
Grand Heritage Leasing, LLC MD 99% - Wyndham OP Y
1% - Patriot Grand Heritage LLC
------------------------------------------------------------------------------------------------------------------------------------
Grand Heritage Real Estate Group LLC MD 99% - Wyndham OP Y
1% - Patriot Grand Heritage LLC
------------------------------------------------------------------------------------------------------------------------------------
Grand Management Services, Inc. FL 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
H-Cleveland, LLC DE 100% Member - H-Cleveland Mezz, LLC N
0% Manager (no economic interest) - H-Cleveland
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
H-Cleveland Manager Corp. DE 100% - H-Cleveland Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
H-Cleveland Mezz, LLC DE 100% Manager - Patriot American Hospitality N
Partnership, L.P.
0% Manager (no economic interest) H-Cleveland Mezz
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
H-Cleveland Mezz Manager Corp. DE 100% - PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
H-Columbus, LLC DE 100% Member - H-Columbus Mezz, LLC N
0% Manager (no economic interest) - H-Columbus
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
H-Columbus Manager Corp. DE 100% - H-Columbus Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
H-Columbus Mezz, LLC DE 0% Manager (no economic interest) - H-Columbus N
Mezz Manager Corp.
100% Member - IHC Realty Partnership, L.P.
------------------------------------------------------------------------------------------------------------------------------------
H-Columbus Mezz Manager Corp. DE 100% - IHC Realty Corporation N
------------------------------------------------------------------------------------------------------------------------------------
H-Xxxxxx, LLC DE 100% Member - H-Xxxxxx Mezz, LLC N
0% Manager (no economic interest) - H-Xxxxxx
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
H-Delmar Manager Corp. DE 100% - H-Delmar Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
H-Delmar Mezz, LLC DE 100% Member - Patriot American Hospitality N
Partnership, L.P.
0% Manager (no economic interest) - H-Xxxxxx Mezz
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
H-Delmar Mezz Manager Corp. DE 100% PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
H-Gateway, LLC DE 100% Member - H-Gateway Mezz, LLC N
0% Manager (no economic interest) - H-Gateway
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
H-Gateway Manager Corp. DE 100% - H-Gateway Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
H-Gateway Mezz, LLC DE 100% Member - IHC Realty Partnership, L.P. N
0% Manager (no economic interest) - H-Gateway
Mezz Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
H-Gateway Mezz Manager Corp. DE 100% - IHC Realty Corporation N
------------------------------------------------------------------------------------------------------------------------------------
H-Melbourne GP, LLC DE 100% Member - Melbourne Hospitality, L.P. N
0% Manager (no economic interest) - H-Melbourne
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
H-Melbourne, L.P. DE 99.5% L.P. - Melbourne Hospitality, L.P. N
0.5% G.P. - H-Melbourne GP, LLC
------------------------------------------------------------------------------------------------------------------------------------
H-Melbourne Manager Corp. DE 100% - PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
HMG Beverage, Inc. TX 100% - PAH-Management Corporation Y
------------------------------------------------------------------------------------------------------------------------------------
5
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
Xxxx-Xxxx, LLC DE 100% Member - Xxxx-Xxxx Mezz, LLC N
0% Manager (no economic interest) - Xxxx-Xxxx
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
Xxxx-Xxxx Manager Corp. DE 100% - Xxxx-Xxxx Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
Xxxx-Xxxx Mezz, LLC DE 100% Member - IHC Realty Partnership, L.P. N
0% Manager (no economic interest) - Xxxx-Xxxx
Mezz Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
Xxxx-Xxxx Mezz Manager Corp. DE 100% - IHC Realty Corporation N
------------------------------------------------------------------------------------------------------------------------------------
Hotel Gressy SNC France 100% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
Hotel L'Horizon Limited Jersey 100% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
Housemanor Limited England & Wales 100% - Arcadian (Italy) Limited N
------------------------------------------------------------------------------------------------------------------------------------
IHC/Burlington Corporation VT 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
IHC/Capital Corporation DE 100% - Patriot American Hospitality, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
IHC/Conshohocken Partnership, L.P. DE 1% GP - IHC Realty Corporation Y
99% LP - IHC Realty Partnership, L.P.
------------------------------------------------------------------------------------------------------------------------------------
IHC/FS Development Corporation DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
IHC/Houston Partnership, L.P. DE 1% GP - IHC Realty Corporation Y
99% LP - IHC Texas Corporation
------------------------------------------------------------------------------------------------------------------------------------
IHC/Interstone Partnership II, L.P. DE 1% GP - PAH-Interstone, Inc. Y
99% LP - Wyndham OP
------------------------------------------------------------------------------------------------------------------------------------
IHC/Jacksonville Corporation DE 100% - Patriot American Hospitality, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
IHC/Jamaica Corporation DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
IHC/Maryville Hotel Corporation DE 100% - Patriot American Hospitality, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
IHC Member Corporation DE 100% - Patriot American Hospitality, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
IHC/Miami Beach Corporation DE 100% - Patriot American Hospitality, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
IHC Miami Mortgage Corporation DE 100% - Patriot American Hospitality, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
IHC/Park West Corporation DE 100% - Patriot American Hospitality, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
IHC/Pittsburgh Partnership, L.P. DE 1% GP-PAH - Real Estate Member, Inc. Y
92.2327% GP - PAH - Pittsburgh, LLC
6.7673% LP - PAH-Franchise Holding, Inc.
------------------------------------------------------------------------------------------------------------------------------------
IHC/Reach Corporation DE 100% - Patriot American Hospitality, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
IHC Realty Corporation DE 100% - Patriot American Hospitality, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
IHC Realty Partnership, L.P. DE 1.0333% GP - IHC Realty Corporation Y
98.9667% LP - IHC Member Corporation
------------------------------------------------------------------------------------------------------------------------------------
IHC/Santa Xxxxx Corporation DE 100% - PAH-Franchise Holding, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
IHC/Texas Corporation DE 100% - IHC Member Corporation Y
------------------------------------------------------------------------------------------------------------------------------------
IHC Title Agency Corporation DE 100% - PAH-Franchise Holding, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
IHP Investment Company, L.L.C. DE 1% GP - IHC Realty Corporation Y
99% LP - IHC Realty Partnership, L.P.
------------------------------------------------------------------------------------------------------------------------------------
IHP Lessee LLC DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
6
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
Interstone/PAH Partners, L.P. DE 98% LP - IHC Realty Partnership, L.P. Y
1% GP - IHC Realty Corporation
1% LP - Patriot American Hospitality Partnership, L.P.
------------------------------------------------------------------------------------------------------------------------------------
INTMB, Inc. DE 100% - PAH-Management Corporation Y
------------------------------------------------------------------------------------------------------------------------------------
Isla Verde Tourism Parking Corporation Puerto Rico 100% - Posados de San Xxxx Associates N
------------------------------------------------------------------------------------------------------------------------------------
Kansas City Hospitality, L.P. DE 99% LP - Patriot American Hospitality Partnership, Y
L.P.
1% GP - PAH Deuce GP, LLC
------------------------------------------------------------------------------------------------------------------------------------
Knoxville C.I. Associates, L.P. TN 1% GP - C.I. General, L.L.C. N
99% LP - C.I. Holding, L.L.C.
------------------------------------------------------------------------------------------------------------------------------------
L'Horizon Hotels Limited England & Wales 100% - Arcadian (Italy) Limited N
------------------------------------------------------------------------------------------------------------------------------------
L'Horizon Hotel (Jersey) Limited Jersey 100% - Wyndham OP N
------------------------------------------------------------------------------------------------------------------------------------
L'Horizon Management (Jersey) Limited Jersey 100% - Wyndham OP N
------------------------------------------------------------------------------------------------------------------------------------
The Malmaison (ELL) Limited Scotland 100% Malmaison Resources Limited N
------------------------------------------------------------------------------------------------------------------------------------
Malmaison Brand Ltd. Scotland 100% - Malmaison Limited N
------------------------------------------------------------------------------------------------------------------------------------
Malmaison Hotels Limited England & Wales 100% - Wyndham OP N
------------------------------------------------------------------------------------------------------------------------------------
Malmaison Limited England & Wales 100% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
Malmaison Resources Limited England & Wales 100% - Malmaison Limited N
------------------------------------------------------------------------------------------------------------------------------------
Mar-Ty, LLC DE 100% Member - Mar-Ty Mezz, LLC N
0% Manager (no economic interest) Mar-Ty
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
Mar-Ty Manager Corp. DE 100% - Mar-Ty Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
Mar-Ty Mezz, LLC DE 100% Member - PA Xxxx Hospitality Investors, L.P. N
0% Manager (no economic interest) Mar-Ty Mezz
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
Mar-Ty Mezz Manager Corp. DE 100% - PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
Marina Hospitality, L.P. DE 99% LP - Patriot American Hospitality Partnership, Y
L.P.
1% GP - PAH Deuce GP, LLC
------------------------------------------------------------------------------------------------------------------------------------
MBAH, Inc. TX 100% - WHCMB, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
Melbourne Hospitality, L.P. DE 99% LP - Patriot American Hospitality Partnership, Y
L.P.
1% GP - PAH Deuce GP, LLC
------------------------------------------------------------------------------------------------------------------------------------
The Mollington Banastre Hotel Limited England & Wales 100% - Arcadian Group Services Limited N
------------------------------------------------------------------------------------------------------------------------------------
O-H Acquisition, Inc. DE 100% - PAH-Westmont CI Holding, Inc Y
------------------------------------------------------------------------------------------------------------------------------------
Omaha C.I. Associates, L.P. KS 1% GP - C.I. General, L.L.C. N
99% LP - C.I. Holding, L.L.C.
------------------------------------------------------------------------------------------------------------------------------------
Overland Park C.I. Associates, L.P. KS 1% GP - C.I. General, L.L.C. N
99% LP - C.I. Holding, L.L.C.
------------------------------------------------------------------------------------------------------------------------------------
7
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
PA Xxxx Valley Investors, L.P. VA 1% GP - PAH-GP, Inc. Y
99% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
PA Ravinia Partners VA 4% GP - Patriot American Hospitality Partnership, L.P. N
96% LP - Wyndham International, Inc.
------------------------------------------------------------------------------------------------------------------------------------
PA Xxxx Hospitality Investors, L.P. DE 1% GP - PAH GP, Inc. Y
99%LP - Patriot American Hospitality Partnership, L.P.
------------------------------------------------------------------------------------------------------------------------------------
Pagle Limited England & Wales 100% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
PAH Acquisition Corporation DE 100% - Patriot American Hospitality, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
PAH Xxxxx Operating Corporation DE 100% - Patriot American Hospitality, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
PAH Asset Management, LLC DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
PAH Batterymarch Realty Company, LLC DE 100% - Patriot American Hospitality Partnership, L.P. N
------------------------------------------------------------------------------------------------------------------------------------
PAH Batterymarch Operating Company, LLC DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
PAH Billerica Realty Company, LLC DE 100% - Patriot American Hospitality Partnership, L.P. N
------------------------------------------------------------------------------------------------------------------------------------
PAH Buttes L.L.C. DE 100% - Patriot American Hospitality Partnership, L.P. Y
------------------------------------------------------------------------------------------------------------------------------------
PAH Deuce GP, LLC DE 100% - Patriot American Hospitality Partnership, L.P. Y
------------------------------------------------------------------------------------------------------------------------------------
PAH (France) Sarl France 100% - PAH G.B., Inc. N
------------------------------------------------------------------------------------------------------------------------------------
PAH GAH Holding, LLC DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
PAH GAH Holdings, L.P. DE 99% LP - Wyndham OP Y
1% GP- PAH GAH Holdings, LLC
------------------------------------------------------------------------------------------------------------------------------------
PAH GP, Inc. DE 100% - Patriot American Hospitality, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
PAH Leasing LLC DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
PAH LP, Inc. DE 100% - Patriot American Hospitality, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
PAH Ravinia, Inc. VA 99% - Patriot American Hospitality Partnership, L.P. N
(class B non-voting)
1% - PA Ravinia Partners
------------------------------------------------------------------------------------------------------------------------------------
PAH River House, L.P. DE 1% GP - PAH-RH, LLC Y
99% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
PAH River North, LLC DE 100% - Patriot American Hospitality Partnership, L.P. Y
------------------------------------------------------------------------------------------------------------------------------------
PAH Stanly Ranch LLC DE 99% - Wyndham OP Y
1.00% - PAH-Stanly Holding LLC
------------------------------------------------------------------------------------------------------------------------------------
PAH Stanly Holding LLC DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
PAH Ventana Canyon, L.P. DE 1% GP - PAH GP, Inc. Y
99% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
PAH Windwatch LLC DE 99% - Patriot American Hospitality Partnership, L.P. N
1% - PAH Windwatch Partners
------------------------------------------------------------------------------------------------------------------------------------
8
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
PAH Windwatch Partners DE 4% GP - Patriot American Hospitality Partnership, N
L.P.
96% LP Wyndham International, Inc.
------------------------------------------------------------------------------------------------------------------------------------
PAH Westlake LLC DE 90% - Patriot American Hospitality Partnership, L.P. N
10% - WI Ohio Investors, Inc.
------------------------------------------------------------------------------------------------------------------------------------
PAH-Akron, L.L.C. DE 90% - Patriot American Hospitality Partnership, L.P. N
10% - WI Ohio Investors, Inc.
------------------------------------------------------------------------------------------------------------------------------------
PAH-Beachwood I, L.L.C. DE 90% - Patriot American Hospitality Partnership, L.P. N
10% - WI Ohio Investors, Inc.
------------------------------------------------------------------------------------------------------------------------------------
PAH-Beachwood II, L.L.C. DE 90% - Patriot American Hospitality Partnership, L.P. N
10% - WI Ohio Investors, Inc.
------------------------------------------------------------------------------------------------------------------------------------
PAH-BV Holding Corp. DE 100% - Patriot American Hospitality, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
PAH-BV Palace Corp. DE 100% - PAH-BV Holding Corp. N
------------------------------------------------------------------------------------------------------------------------------------
PAH-BV Palace, L.P. DE .5% GP - PAH-BV Palace Corp. N
99.5% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
PAH-Carefree, L.P. DE 1% GP - PAH GP, Inc. Y
99% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
PAH-CI Holding, LLC DE 99% - Patriot American Hospitality Partnership, L.P. Y
1% - Patriot American Hospitality, Inc.
------------------------------------------------------------------------------------------------------------------------------------
PAH-Columbus Holding, Inc. DE 1% - Wyndham OP Y
99% - Patriot American Hospitality Partnership, L.P.
------------------------------------------------------------------------------------------------------------------------------------
PAH-Franchise Holding, Inc. DE 94.3464% - Patriot American Hospitality, Inc. Y
4.6536% - Patriot American Hospitality Partnership,
L.P.
1% - Wyndham OP
------------------------------------------------------------------------------------------------------------------------------------
PAH FF&E Holding, Inc. DE 99% - Patriot American Hospitality Partnership, L.P. Y
1% - Wyndham OP
------------------------------------------------------------------------------------------------------------------------------------
PAHG FF&E Holding, Inc. DE 99% - Patriot American Hospitality Partnership, L.P. Y
1% - Wyndham OP
------------------------------------------------------------------------------------------------------------------------------------
PAH-GBM, LLC DE 100% - Patriot American Hospitality Partnership, L.P. Y
------------------------------------------------------------------------------------------------------------------------------------
PAH-XX Xxxxx Partners, L.P. DE 1% GP - PAH Xxxxx Operating Corporation Y
99% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
PAH-Grand Bay Miami, L.P. DE 1% GP - PAH-GBM, LLC Y
99% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
PAH-HVP General Partner Corp. DE 100% - PAH-HVP Holding Corp. N
------------------------------------------------------------------------------------------------------------------------------------
PAH-HVP Holding Corp. DE 100% - Patriot American Hospitality, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
PAH-Interest Holding, Inc. DE 1% - Wyndham OP (100 Class A Voting) Y
99% - Patriot American Hospitality Partnership, L.P.
(9,900 Class B Non-Voting)
------------------------------------------------------------------------------------------------------------------------------------
9
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
PAH-Interstate Holdings, Inc. DE 1% - Wyndham OP (247.58 Class A Voting) Y
52.279% - Patriot American Hospitality, Inc.
(12,943.34 Class B Non-Voting)
47.721% - PAH-Management Corporation (11,567.15 Class
B Non-Voting)
------------------------------------------------------------------------------------------------------------------------------------
PAH-Interstone, Inc. DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
PAH-IP Holding, Inc. DE 1% - Wyndham OP (100 Class A Voting) Y
99% - Patriot American Hospitality Partnership, L.P.
(9,900 Class B Non Voting)
------------------------------------------------------------------------------------------------------------------------------------
PAH-Management Corporation DE 99% - Patriot American Hospitality, Inc. Y
1% - Wyndham OP
------------------------------------------------------------------------------------------------------------------------------------
PAHP FF&E Holding, Inc. DE 99% - Patriot American Hospitality Partnership, L.P. Y
1% - Wyndham OP
------------------------------------------------------------------------------------------------------------------------------------
PAH-Pittsburgh CI Holding, Inc. DE 1% - Wyndham OP (100 Class A Voting) Y
99% - Patriot American Hospitality Partnership, L.P.
(9,900 Class B Non Voting)
------------------------------------------------------------------------------------------------------------------------------------
PAH-Pittsburgh, LLC DE 100% - PAH-Franchise Holding, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
PAH-Real Estate Member, Inc. DE 100% - PAH-Franchise Holding, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
PAH-RH, LLC DE 100% - Patriot American Hospitality Partnership, L.P. Y
------------------------------------------------------------------------------------------------------------------------------------
PAH-Summerfield Holding Corp. DE 9.09% - Patriot American Hospitality Partnership, L.P. Y
90.91% - Wyndham OP
------------------------------------------------------------------------------------------------------------------------------------
PAH-Summerfield Leasing, Inc. DE 9.09% - Patriot American Hospitality Partnership, L.P. Y
90.91% - Wyndham OP
------------------------------------------------------------------------------------------------------------------------------------
PAH-Summerfield LLC DE 100% - PAH-Summerfield Holding Corp. Y
------------------------------------------------------------------------------------------------------------------------------------
PAH-T, LLC DE 100% - Patriot American Hospitality Partnership, L.P. Y
------------------------------------------------------------------------------------------------------------------------------------
PAH-Tampa, L.P. DE 1% GP - PAH-T, LLC Y
99% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
PAH-Westmont CI Holding, Inc. DE 1% - Wyndham OP (110 Class A Voting) Y
99% - Patriot American Hospitality Partnership, L.P.
(10,890 Class B Non Voting)
------------------------------------------------------------------------------------------------------------------------------------
PAH-WMC Holding, Inc. DE 1% - Wyndham OP (100 Class A Voting) Y
99% - Patriot American Hospitality Partnership, L.P.
(9,900 Class B Non Voting)
------------------------------------------------------------------------------------------------------------------------------------
PAH-Xerxes Holding, Inc. DE 1% - Wyndham OP (100 Class A Voting) Y
99% - Patriot American Hospitality Partnership, L.P.
(9,900 Class B Non Voting)
------------------------------------------------------------------------------------------------------------------------------------
PAHMB, Inc. TX 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
PAHMB Maryland, Inc. MD 100% - Wyndham OP N
------------------------------------------------------------------------------------------------------------------------------------
Parsippany, LLC DE 100% Member - IHC Realty Partnership, L.P. N
0% Manager (no economic interest) - Parsippany
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
Parsippany Manager Corp. DE 100% - IHC Realty Corporation N
------------------------------------------------------------------------------------------------------------------------------------
Patriot American Hospitality, Inc. DE 100% - Wyndham International, Inc. ("Wyndham") Y
------------------------------------------------------------------------------------------------------------------------------------
10
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
Patriot American UK Limited England & Wales 100% - Patriot American Hospitality, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
Patriot Bougainvillea Development Company, LLC DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
Patriot Bougainvillea, LLC DE 75% - Wyndham OP Y
25% - Patriot American Hospitality Partnership, L.P.
------------------------------------------------------------------------------------------------------------------------------------
Patriot Grand Heritage, LLC DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
Patriot Holding LLC DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
Patriot Land Holding LLC DE 100% - Patriot American Hospitality Partnership, L.P. Y
------------------------------------------------------------------------------------------------------------------------------------
Patriot Miami Note Holder, L.P. DE 1% GP - PAH GP, Inc. Y
99% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
Patriot Racetrack Land LLC DE 99% - Patriot American Hospitality Partnership, L.P. Y
1% - Patriot Land Holding LLC
------------------------------------------------------------------------------------------------------------------------------------
P.H.G., LLC MD 99% - Wyndham OP Y
1% - Patriot Grand Heritage LLC
------------------------------------------------------------------------------------------------------------------------------------
Pittsburgh C.I., Inc. KS 100% - PAH-Pittsburgh C.I. Holding, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
Polycourt Limited England & Wales 100% - Arcadian (Italy) Limited N
------------------------------------------------------------------------------------------------------------------------------------
Xxxxxxx de Puerto Rico Associates, Incorporated DE 100% - WHG Resorts and Casinos Inc. N
------------------------------------------------------------------------------------------------------------------------------------
Xxxxxxx de Regency, Inc. DE 1% - Patriot American Hospitality, Inc. N
99% - Wyndham OP
------------------------------------------------------------------------------------------------------------------------------------
Xxxxxxx de San Xxxx Associates (New York NY 50% - ESJ Hotel Corporation N
joint venture) 50% - Patriot American Hospitality, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Xxxxxxx Finance Corporation DE 100% - Xxxxxxx de Puerto Rico Associates, Incorporated N
------------------------------------------------------------------------------------------------------------------------------------
PSMB, Inc. CA 100% - WHCMB, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
PW Land Associates Limited Partnership PA 99% GP - IHC/Park West Corporation Y
1% LP - IHC Realty Partnership, L.P.
------------------------------------------------------------------------------------------------------------------------------------
PWMB, Inc. DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
R-Houston GP, LLC DE 100% Member - R-Houston LP, LLC N
0% Manager (no economic interest) - R-Houston GP
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
R-Houston GP Manager Corp. DE 100% - R-Houston LP, LLC N
------------------------------------------------------------------------------------------------------------------------------------
R-Houston, L.P. DE 0.5% GP - R-Houston GP, LLC N
99.5% LP- R-Houston LP, LLC
------------------------------------------------------------------------------------------------------------------------------------
R-Houston LP, LLC DE 100% Member - Patriot American Hospitality N
Partnership, L.P.
0% Manager (no economic interest) - R-Houston LP
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
R-Houston LP Manager Corp. DE 100% - PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
R-Lisle, LLC DE 100% Member - IHC Realty Partnership, L.P. N
0% Manager (no economic interest) - R-Lisle
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
R-Lisle Manager Corp. DE 100% - IHC Realty Corporation N
------------------------------------------------------------------------------------------------------------------------------------
11
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
Rad-Xxxx, LLC DE 100% Member - IHC Realty Partnership, L.P. N
0% Manager (no economic interest) - Rad-Xxxx
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
Rad-Xxxx Manager Corp. DE 100% - IHC Realty Corporation N
------------------------------------------------------------------------------------------------------------------------------------
Rad-Xxxx, LLC DE 100% Member - IHC Realty Partnership, L.P. N
0% Manager (no economic interest) - Rad-Xxxx
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
Rad-Xxxx Manager Corp. DE 100% - IHC Realty Corporation N
------------------------------------------------------------------------------------------------------------------------------------
Ravinia, LLC DE 100% Member - Ravinia Mezz, LLC N
0% Manager (no economic interest) - Ravinia
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
Ravinia Manager Corp. DE 100% - Ravinia Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
Ravinia Mezz, LLC DE 100% Member - PAH Ravinia, Inc. N
0% Manager (no economic interest) - Ravinia Mezz
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
Ravinia Mezz Manager Corp. DE 100% - PAH Ravinia, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
Resorts Limited Partnership DE 1% GP - PAH Carefree, L.P. N
99% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
Resorts Limited Partnership II DE .1% GP - PAH Carefree, L.P. N
99.9% LP - Resorts Limited Partnership
------------------------------------------------------------------------------------------------------------------------------------
Xxxxxxxxxx X.X. Associates, L.P. TX 1% GP - Patriot American Hospitality Partnership, L.P. Y
99% LP - C.I. Holding, L.L.C.
------------------------------------------------------------------------------------------------------------------------------------
Xxxxxx Xxxxxx Properties Limited England & Wales 100% - Arcadian (Italy) Limited N
------------------------------------------------------------------------------------------------------------------------------------
Xxxx Xxxx Associates Limited Partnership TX 99% LP - Patriot American Hospitality Partnership, N
L.P.
1% GP - WHC Caribbean, Ltd.
------------------------------------------------------------------------------------------------------------------------------------
Societe Anonyme du Chateau de Bessy France 100% - Arcadian Group Services Limited N
------------------------------------------------------------------------------------------------------------------------------------
Salt Lake City Operating GP, Inc. DE 100% - Wyndham N
------------------------------------------------------------------------------------------------------------------------------------
Salt Lake City Operating Partnership, L.P. DE 99% LP - Wyndham OP N
1% GP - Salt Lake City Operating GP, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Savannah C.I. Associates, L.P. GA 5% GP - PAH-CI Holding, L.L.C. Y
95% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
SFHC Holdings, LLC KS 100% - Summerfield Hotel Company, L.P. N
------------------------------------------------------------------------------------------------------------------------------------
SFMB, Inc. DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
Sierra Suites Marketing Association KS 100% - Summerfield Hotel Corporation Y
------------------------------------------------------------------------------------------------------------------------------------
St. Louis C.I. Associates, L.P. MO 1% GP - Patriot American Hospitality Partnership, L.P. Y
99% LP - C.I. Holding, L.L.C.
------------------------------------------------------------------------------------------------------------------------------------
Stone Development Sarl France 100% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Hotel Company, L.P. KS 1% GP - PAH-Summerfield, LLC Y
99% LP - PAH-Summerfield Holding Corp.
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Hotel Corporation DE 100% - PAH-Summerfield Holding Corp. Y
------------------------------------------------------------------------------------------------------------------------------------
12
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Hotel Leasing Company, L.P. KS 1% GP - Summerfield Hotel Leasing Corporation N
99% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Hotel Leasing Corporation KS 100% - PAH-Summerfield Leasing, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
Summerfield HPT Lease Company, L.L.C. DE 100% - Patriot American Hospitality Partnership, L.P. N
------------------------------------------------------------------------------------------------------------------------------------
Summerfield HPT Lease Company, L.P. KS 99% LP - Patriot American Hospitality Partnership, N
L.P.
1% - Summerfield HPT Lease Company, L.L.C.
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Marketing Association DE 100% - Summerfield Hotel Corporation Y
------------------------------------------------------------------------------------------------------------------------------------
Syracuse Associates Corporation DE 100% - Patriot American Hospitality, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
TCC Maturin, C.A. Venezuela 100% - TCC Venezuela, L.C. N
------------------------------------------------------------------------------------------------------------------------------------
TCC Venezuela, L.C. FL 50% - CHC Hotels & Resorts Corp. Y
50% - Carnicon Holdings Corp.
------------------------------------------------------------------------------------------------------------------------------------
The Malmaison Company (Edinburgh) Ltd. England & Wales 100% - Malmaison Limited N
------------------------------------------------------------------------------------------------------------------------------------
The Malmaison Hotel (Glasgow) Ltd Scotland 100% - Malmaison Brand Ltd. N
------------------------------------------------------------------------------------------------------------------------------------
The Malmaison Hotel (Leeds) Ltd. England & Wales 100% - Malmaison Limited N
------------------------------------------------------------------------------------------------------------------------------------
The Malmaison Hotel (Manchester) Ltd. England & Wales 100% - Malmaison Limited N
------------------------------------------------------------------------------------------------------------------------------------
The Malmaison Hotel (Newcastle) Ltd. England & Wales 100% - Malmaison Limited N
------------------------------------------------------------------------------------------------------------------------------------
The Reserve Collection Boulders LLC DE 100% - Wyndham OP N
------------------------------------------------------------------------------------------------------------------------------------
The Reserve Collection Peaks LLC DE 100% - Wyndham OP N
------------------------------------------------------------------------------------------------------------------------------------
Tillian Limited England & Wales 100% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
Toledo Hotel Investors, L.P. DE 99% LP - Patriot American Hospitality Partnership, Y
L.P.
1% GP - PAH Deuce GP, LLC
------------------------------------------------------------------------------------------------------------------------------------
Topeka C. I. Associates, L.P. KS 96.51% LP - Patriot American Hospitality Partnership, Y
L.P.
3.49%GP - PAH-CI Holding, LLC
------------------------------------------------------------------------------------------------------------------------------------
Tree-Mass, LLC DE 100% Member - Tree-Mass Mezz, LLC N
0% Manager (no economic interest) - Tree-Mass Manager
Corp.
------------------------------------------------------------------------------------------------------------------------------------
Tree-Mass Manager Corp. DE 100% - Tree-Mass Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
Tree-Mass Mezz, LLC DE 100% Member - Patriot American Hospitality N
Partnership, L.P.
0% Manager (no economic interest) - Tree-Mass Mezz
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
Tree-Mass Mezz Manager Corp. DE 100% - PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
W-Bel Age, LLC DE 100% Member - W-Bel Age Mezz, LLC N
0% Manager (no economic interest) - W-Bel Age Manager
Corp.
------------------------------------------------------------------------------------------------------------------------------------
W-Bel Age Manager Corp. DE 100% - W-Bel Age Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
W-Bel Age Mezz, LLC DE 100% Member - Patriot American Hospitality N
Partnership, L.P.
0% Manager (no economic interest) - W-Bel Age Mezz
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
W-Bel Age Mezz Manager Corp. DE 100% - PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
13
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
W-Brookfield, LLC DE 100% Member - Patriot American Hospitality N
Partnership, L.P.
0% Manager (no economic interest) - W-Brookfield
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
W-Brookfield Manager Corp. DE 100% - PAH-GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
W-Buttes, LLC DE 100% Member - W-Buttes Mezz, LLC N
0% Manager (no economic interest) - W-Buttes
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
W-Buttes Manager Corp. DE 100% W-Buttes Mezz, LLC. N
------------------------------------------------------------------------------------------------------------------------------------
W-Buttes Mezz, LLC DE 100% Member - PAH Buttes L.L.C. N
0% Manager (no economic interest) - W-Buttes
Mezz Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
W-Buttes Mezz Manager Corp. DE 100% - PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
W-Charlotte, LLC DE 100% - Member - Patriot American Hospitality N
Partnership, L.P.
0% Manager (no economic interest) - W-Charlotte
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
W-Charlotte Manager Corp. DE 100% - PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
W-Colinas GP, LLC DE 100% Member - W-Colinas Mezz LP, LLC N
0% Manager (no economic interest) - W-Colinas GP
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
W-Colinas GP Manager Corp. DE 100% - W-Colinas Mezz LP, LLC N
------------------------------------------------------------------------------------------------------------------------------------
W-Colinas, L.P. DE 0.5% GP - W-Colinas GP, LLC N
99.5% LP - W-Colinas Mezz LP, LLC
------------------------------------------------------------------------------------------------------------------------------------
W-Colinas LP Manager Corp. DE 100% Patriot American Hospitality Partnership, L.P. N
------------------------------------------------------------------------------------------------------------------------------------
W-Colinas Mezz LP, LLC DE 100% Member - Patriot American Hospitality N
Partnership, L.P.
0% Manager (no economic interest) - W-Colinas LP
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
W-Commerce, LLC DE 0% Manager (no economic interest) - W-Commerce N
Manager Corp.
100% Member - W-Commerce Mezz, LLC
------------------------------------------------------------------------------------------------------------------------------------
W-Commerce Manager Corp. DE 100% - W- Commerce Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
W-Commerce Mezz, LLC DE 100% Member - Patriot American Hospitality N
Partnership, L.P.
0% Manager (no economic interest) - W-Commerce
Mezz Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
W-Commerce Mezz Manager Corp. DE 100% PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
W-Emerald, LLC DE 100% Member - W-Emerald Mezz, LLC N
0% Manager (no economic interest) - W-Emerald
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
W-Emerald Manager Corp. DE 100% - W-Emerald Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
14
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
W-Emerald Mezz, LLC DE 0% Manager (no economic interest) - W-Emerald N
Mezz Manager Corp.
100% Member - Patriot American Hospitality
Partnership, L.P.
------------------------------------------------------------------------------------------------------------------------------------
W-Emerald Mezz Manager Corp. DE 100% - PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
W-Xxxxxxxx XX, LLC DE 100% Member - W-Franklin Mezz L.P., LLC N
0% Manager (no economic interest) - W-Xxxxxxxx XX
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
W-Xxxxxxxx XX Manager Corp. DE 100% - W-Franklin Mezz, L.P., LLC N
------------------------------------------------------------------------------------------------------------------------------------
W-Xxxxxxxx, X.X. DE 0.5% GP - W-Xxxxxxxx XX, LLC N
95.5% LP - W-Franklin Mezz L.P., LLC
------------------------------------------------------------------------------------------------------------------------------------
W-Xxxxxxxx X.X. Manager Corp. DE 100% PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
W-Franklin Mezz L.P., LLC DE 100% Member - Patriot American Hospitality N
Partnership, L.P.
0% Manager (no economic interest) - W-Xxxxxxxx
X.X. Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
W-Garden Atlanta, LLC DE 100% Member - Patriot American Hospitality N
Partnership, L.P.
0% Manager (no economic interest) - W-Garden
Atlanta Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
W-Garden Atlanta Manager Corp. DE 100% - PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
W-Greenspoint Holding Corp. DE 100% - PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
W-Greenspoint, L.P. DE 1% GP - W-Greenspoint Member Corp. N
99% XX-XX Member, L.L.C.
------------------------------------------------------------------------------------------------------------------------------------
W-Greenspoint Member Corp. DE 100% - W-Greenspoint Holding Corp. N
------------------------------------------------------------------------------------------------------------------------------------
W-Indiana, LLC DE 100% Member - W-Indiana Mezz, LLC N
0% Manager (no economic interest) W-Indiana
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
W-Indiana Manager Corp. DE 100% - W-Indiana Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
W-Indiana Mezz, LLC DE 100% Member - Patriot American Hospitality N
Partnership, L.P.
0% Manager (no economic interest) W-Indiana Mezz
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
W-Indiana Mezz Manager Corp. DE 100% PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
W-Miami Airport GP, LLC DE 0% Manager (no economic interest) - W-Miami Airport N
Manager Corp.
100% Member - PAH-River House, L.P.
------------------------------------------------------------------------------------------------------------------------------------
W-Miami Airport, L.P. DE 0.5% GP - W- Miami Airport GP, LLC N
99.5% LP - PAH-River House, L.P.
------------------------------------------------------------------------------------------------------------------------------------
W-Miami Airport Manager Corp. DE 100% - PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
W-Novi, LLC DE 0% Manager (no economic interest) - W-Novi N
Manager Corp.
100% Member - W-Novi Mezz, LLC
------------------------------------------------------------------------------------------------------------------------------------
W-Novi Manager Corp. DE 100% - W-Novi Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
W-Novi Mezz, LLC DE 0% Manager (no economic interest) - W-Novi Mezz N
Manager Corp.
100% Member - Patriot American Hospitality, Inc.
------------------------------------------------------------------------------------------------------------------------------------
W-Novi Mezz Manager Corp. DE 100% - Patriot American Hospitality, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
15
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
W-Pleasanton, LLC DE 100% Member - W-Pleasanton Mezz, LLC N
0% Manager (no economic interest) - W-Pleasanton
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
W-Pleasanton Manager Corp. DE 100% - W-Pleasanton Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
W-Pleasanton Mezz, LLC DE 100% - Member - Patriot American Hospitality, Inc. N
0% Manager (no economic value) - W-Pleasanton
Mezz Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
W-Pleasanton Mezz Manager Corp. DE 100% - Patriot American Hospitality, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
W-Xxxxxxxxxx XX Corp. DE 100% - W-Xxxxxxxxxx Mezz L.P., LLC N
------------------------------------------------------------------------------------------------------------------------------------
W-Xxxxxxxxxx, X.X. DE 0.5% GP - W- Xxxxxxxxxx XX Corp. N
99.5% LP - W-Xxxxxxxxxx Mezz L.P., LLC
------------------------------------------------------------------------------------------------------------------------------------
W-Xxxxxxxxxx X.X. Manager Corp. DE 100% - PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
W-Xxxxxxxxxx Mezz L.P., LLC DE 0% Manager (no economic interest) - W-Xxxxxxxxxx X.X. N
Manager Corp.
100% Member - Xxxxxxxxxx X.X. Associates, L.P.
------------------------------------------------------------------------------------------------------------------------------------
W-Schaumburg, LLC DE 0% Manager (no economic interest) - N
W-Schaumburg Manager Corp.
100% Member - W-Schaumburg Mezz, LLC
------------------------------------------------------------------------------------------------------------------------------------
W-Schaumburg Manager Corp. DE 100% - W-Schaumberg Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
W-Schaumburg Mezz, LLC DE 0% Manager (no economic interest) - N
W-Schaumburg Mezz Manager Corp.
100% Member - Patriot American Hospitality
Partnership, L.P.
------------------------------------------------------------------------------------------------------------------------------------
W-Schaumburg Mezz Manager Corp. DE 100% - PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
W-SSH, LLC DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
W-Tampa GP, LLC DE 0% Manager (no economic interest) - W-Tampa N
Manager Corp.
100% Member - PAH-Tampa, L.P.
------------------------------------------------------------------------------------------------------------------------------------
W-Tampa, L.P. DE 0.5% GP - W- Tampa GP, LLC N
99.5% LP - PAH-Tampa, L.P.
------------------------------------------------------------------------------------------------------------------------------------
W-Tampa Manager Corp. DE 100% - PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
W-Wood Xxxx, LLC DE 0% Manager (no economic interest) - W-Wood Xxxx N
Manager Corp.
100% Member - W-Wood Xxxx Mezz, LLC
------------------------------------------------------------------------------------------------------------------------------------
W-Wood Xxxx Manager Corp. DE 100% W-Wood Xxxx Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
W-Wood Xxxx Mezz, LLC DE 0% Manager (no economic interest) - W-Wood Xxxx Mezz N
Manager Corp.
100% Member - Patriot American Hospitality, Inc.
------------------------------------------------------------------------------------------------------------------------------------
W-Wood Xxxx Mezz Manager Corp. DE 100% Patriot American Hospitality, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
W& CP (Exeter) Limited England & Wales 100% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
W&C Estates Ltd. England & Wales 100% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
Waterfront Management Corporation DE 100% - Wyndham Management Corporation Y
------------------------------------------------------------------------------------------------------------------------------------
WCHNW, LLC DE 100% Member - Patriot American Hospitality N
Partnership, L.P.
0% Manager (no economic interest) - WCHNW Manager
Corp.
------------------------------------------------------------------------------------------------------------------------------------
16
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
WCHNW Manager Corp. DE 100% - PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
Westminster & Country Construction Company England & Wales 100% - Arcadian (Italy) Limited N
Limited
------------------------------------------------------------------------------------------------------------------------------------
Westminster & Country Finance Limited England & Wales 100% - Arcadian (Italy) Limited N
------------------------------------------------------------------------------------------------------------------------------------
Westminster & Country Properties (Bicester) England & Wales 100% - Arcadian (Italy) Limited N
Limited
------------------------------------------------------------------------------------------------------------------------------------
Westminster & Country Properties (London) England & Wales 100% - Arcadian (Italy) Limited N
Limited
------------------------------------------------------------------------------------------------------------------------------------
WG Member, LLC DE 100% - Patriot American Hospitality Partnership, L.P. N
------------------------------------------------------------------------------------------------------------------------------------
WH Interest, Inc. TX 100% - PAH-Interest Holding, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
WHC Atlanta GP, LLC DE 100% - Patriot American Hospitality Partnership, L.P. N
------------------------------------------------------------------------------------------------------------------------------------
WHC Caribbean, Ltd. Jamaica 1 Share (.5%) - Wyndham Management Corporation N
199 Shares (99.5%) - Xerxes Limited
------------------------------------------------------------------------------------------------------------------------------------
WHC Chicago, LLC DE 100% - Patriot American Hospitality Partnership, L.P. Y
------------------------------------------------------------------------------------------------------------------------------------
WHC Columbus Corporation DE 100% - PAH-Columbus Holding, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
WHC Finance, L.P. DE 1% GP - O-H Acquisition Corp. Y
99% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
WHC Franchise Corporation DE 100% - PAH-Franchise Holding, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
WHCMB, Inc. DE 100% - Wyndham Management Corporation Y
------------------------------------------------------------------------------------------------------------------------------------
WHCMB Overland Park, Inc. KS 100% - WHCMB, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
WHCMB Toronto, Inc. Canada 100% - Wyndham Management Corporation N
------------------------------------------------------------------------------------------------------------------------------------
WHCMB Utah Private Club Corporation (Utah UT 100% - Wyndham Management Corporation N
non-profit corporation)
------------------------------------------------------------------------------------------------------------------------------------
WHG El Con Corp. DE 100% - WHG Resorts and Casinos Inc. N
------------------------------------------------------------------------------------------------------------------------------------
WHG Resorts & Casinos Inc. DE 100% - Wyndham N
------------------------------------------------------------------------------------------------------------------------------------
WI Ohio Investors, Inc. DE 1% - Wyndham OP Y
99% - Patriot American Hospitality Partnership, L.P.
------------------------------------------------------------------------------------------------------------------------------------
Wichita C.I. Associates III, L.P. KS 13.36% GP - C.I. Wichita General, L.L.C. N
86.64% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
Xxxxxxxx Hospitality Group Inc. DE 62% - Xxxxxxx de Puerto Rico, Incorporated N
38% - El San Xxxx Holding, Inc.
------------------------------------------------------------------------------------------------------------------------------------
WKA Development S.E. Puerto Rico 2% - Xxxxxxxx Hospitality Group Inc. N
98% - WKA El Con Associates
------------------------------------------------------------------------------------------------------------------------------------
WKA El Con Associates NY 53.46% - Conquistador Holdings, Inc. N
46.54% - WHG El Con Corp.
------------------------------------------------------------------------------------------------------------------------------------
WMC II, Inc. DE 100% - Wyndham Management II, LLC Y
------------------------------------------------------------------------------------------------------------------------------------
WYN Travel, Inc. DE 100% - Wyndham Y
------------------------------------------------------------------------------------------------------------------------------------
17
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Atlanta Lessee, LLC DE 100% - Wyndham Y
------------------------------------------------------------------------------------------------------------------------------------
Wyndham French Holdings Limited England & Wales 100% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Hotels & Resorts (Aruba) N.V. Aruba 100% - Wyndham Management Corporation N
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Hotels & Resorts Management, Ltd. Bermuda 100% - Wyndham Management Corporation N
------------------------------------------------------------------------------------------------------------------------------------
Wyndham HPT Lessee, L.P. DE 1% GP - Wyndham HPT Lessee LLC N
99% LP - Wyndham OP
------------------------------------------------------------------------------------------------------------------------------------
Wyndham HPT Lessee LLC DE 100% - Wyndham OP N
------------------------------------------------------------------------------------------------------------------------------------
Wyndham International Acquisition Subsidiary DE 100% - Wyndham N
Inc.
------------------------------------------------------------------------------------------------------------------------------------
Wyndham IP Corporation DE 100% - PAH-IP Holding, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Management Corporation DE 100% - PAH-WMC Holding, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Management II, LLC DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Peachtree Holding Corp. DE 100% - PAH GP, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Peachtree Lessee Holding Corp. DE 100% - CHC Lease Partners N
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Peachtree Lessee LLC DE 1% - Wyndham Peachtree Lessee Member Corp. N
99% - Wyndham Peachtree Lessee Member, LLC
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Peachtree Lessee Member, LLC DE 100% - CHC Lease Partners N
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Peachtree Lessee Member Corp. DE 100% - Wyndham Lessee Holding Corp. N
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Peachtree LLC DE 1% - Wyndham Peachtree Member Corp. N
99% - Wyndham Peachtree Member, LLC
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Peachtree Member Corp. DE 100% - Wyndham Peachtree Holding Corp. N
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Peachtree Member, LLC DE 100% - Patriot American Hospitality Partnership, L.P. N
------------------------------------------------------------------------------------------------------------------------------------
Wyndham SN Lessee Corp. DE 100% - Wyndham OP N
------------------------------------------------------------------------------------------------------------------------------------
Wyndham SN Lessee, L.P. DE 99% LP - Wyndham OP N
1% GP Wyndham SN Lessee Corp.
------------------------------------------------------------------------------------------------------------------------------------
Xxxxxxx Xxxxxxxxxxx Lessee, L.P. DE 99% LP - Wyndham OP Y
1% GP - Xxxxxxx Xxxxxxxxxxx Lessee LLC
------------------------------------------------------------------------------------------------------------------------------------
Xxxxxxx Xxxxxxxxxxx Lessee, LLC DE 100% - Wyndham OP Y
------------------------------------------------------------------------------------------------------------------------------------
Wyndham UK Holdings Limited England & Wales 100% - Wyndham OP N
------------------------------------------------------------------------------------------------------------------------------------
Xerxes Limited Jamaica .5% - Wyndham Management Corporation (1 Share) N
99.5% - PAH-Xerxes Holding, Inc. (199 Shares)
------------------------------------------------------------------------------------------------------------------------------------
YO Hotel Investors, L.P. DE 99% LP - Patriot American Hospitality Partnership, Y
L.P.
1% GP - PAH Deuce GP, LLC
------------------------------------------------------------------------------------------------------------------------------------
18
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
SUBSIDIARIES: Non-Wholly-Owned (Includes Unrestricted Subsidiaries)
------------------------------------------------------------------------------------------------------------------------------------
Atlanta American Hotel Investors, L.P. DE 1% GP - WHC Atlanta GP, LLC N
69% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
Casa Marina Realty Partnership, L.P. DE 97.6063% LP - IHC Realty Partnership, L.P. N
1% GP - Casa Marina Realty Corporation
------------------------------------------------------------------------------------------------------------------------------------
Casa Marina Realty Corporation DE 98.6063% - Patriot American Hospitality, Inc. Y
------------------------------------------------------------------------------------------------------------------------------------
Chicago-ES, LLC DE 1% - Chicago-ES Member Corp. N
99% IHP/Class B Partnership, L.P.
------------------------------------------------------------------------------------------------------------------------------------
CHR Consulting Company, L.L.C. DE 99% - Colony Hotels and Resorts Company N
1% - Interstate Member, Inc.
------------------------------------------------------------------------------------------------------------------------------------
CHR Services Company, L.L.C. DE 99% - Colony Hotels and Resorts Company N
1% - Interstate Member, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Clipper Hotels Limited England & Wales 99% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
City Centre Partnership, L.P. DE 92.5% GP - Patriot American Hospitality Partnership, N
L.P.
------------------------------------------------------------------------------------------------------------------------------------
Colony de Mexico, S.A. de C.V. Mexico .002% - Colony International Management Company, N
L.L.C.
99.998% - Colony Hotels and Resorts Company
------------------------------------------------------------------------------------------------------------------------------------
Colony Hotels and Resorts Company DE 100% - Interstate Hotels, LLC N
------------------------------------------------------------------------------------------------------------------------------------
Colony International Management Company, L.L.C. DE 99% - Colony Hotels and Resorts Company N
1% - Interstate Member, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Continental Design & Supplies Company, L.L.C. DE 99% - Interstate Hotels, LLC N
1% - Interstate Member, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Crossroads Future Company, L.L.C. DE 1% - PAH-Crossroads Members, Inc. N
99% - Crossroads Hospitality Company, L.L.C.
------------------------------------------------------------------------------------------------------------------------------------
Crossroads Future Financing Company, L.L.C. DE 100% - Crossroads Future Company, L.L.C. N
Future Financing Member Corporation (Special
Independent Member - no economic interest)
------------------------------------------------------------------------------------------------------------------------------------
Crossroads Hospitality Company, L.L.C. DE 99% - Interstate Hotels, LLC N
1% - Interstate Member, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Crossroads Hospitality Tenant Company, L.L.C. DE 99% - Crossroads Hospitality Company, L.L.C. N
1% - Interstate Member, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Crossroads/Memphis Company, L.L.C. DE 99% - Crossroads Hospitality Company, L.L.C. N
1% - Interstate Member, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Crossroads/Memphis Financing Company, L.L.C. DE 100% - Crossroads/Memphis Partnership, L.P. N
Crossroads/Memphis Financing Corporation (Special
Independent Member - no economic interest)
------------------------------------------------------------------------------------------------------------------------------------
Crossroads/Memphis Financing Company II, L.L.C. DE 100% - Crossroads/Memphis Partnership, L.P. N
Crossroads/Memphis Financing II Corporation (Special
Independent Member - no economic interest)
------------------------------------------------------------------------------------------------------------------------------------
19
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
Crossroads/Memphis Partnership, L.P. DE 83.2329% GP - Crossroads/ N
Memphis Company, L.L.C.
16.7671% LP - Crossroads Hospitality Company, L.L.C.
------------------------------------------------------------------------------------------------------------------------------------
DT-Des Plaines, LLC DE 100% Member - DT-Des Plaines Mezz, LLC N
0% Manager (no economic interest) - DT-Des
Plaines Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
DT-Des Plaines Manager Corp. DE 100% - DT-Des Plaines Mezz, LLC N
------------------------------------------------------------------------------------------------------------------------------------
DT-Des Plaines Mezz, LLC DE 100% Member - PAH-DT Chicago X'Xxxx N
Partners, L.P.
0% Manager (no economic interest) - DT-Des
Plaines Mezz Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
DT-Des Plaines Mezz Manager Corp. DE 100% - PAH-DT Chicago X'Xxxx Partners, L.P. N
------------------------------------------------------------------------------------------------------------------------------------
DT-Miami GP, LLC DE 100% Member - DT-Miami Mezz, L.P. N
0% Manager (no economic interest) - DT Miami GP
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
DT-Miami GP Manager Corp. DE 100% - DT-Miami Mezz, L.P. N
------------------------------------------------------------------------------------------------------------------------------------
DT-Miami L.P. Manager Corp. DE 100% - PAH-DT Miami Airport Partners, L.P. N
------------------------------------------------------------------------------------------------------------------------------------
DT-Miami, L.P. DE 0.5% GP - DT-Miami GP, LLC N
99.5% LP - DT-Miami Mezz, L.P.
------------------------------------------------------------------------------------------------------------------------------------
DT-Miami Mezz, L.P. DE 0.5% GP - DT-Miami L.P. Holding, LLC N
99.5% LP - PAH-DT Miami Airport Partners, L.P.
------------------------------------------------------------------------------------------------------------------------------------
DT-Miami L.P. Holding, LLC DE 100% Member - PAH-DT Miami Airport Partners, L.P. N
0% Manager (no economic interest) - DT-Miami LP
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
DT-Tallahassee GP, LLC DE 100% Member - DT-Tallahassee Mezz, L.P. N
0% Manager (no economic interest) - DT-Tallahassee GP
Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
DT-Tallahassee GP Manager Corp. DE 100% - DT-Tallahassee Mezz, L.P. N
------------------------------------------------------------------------------------------------------------------------------------
DT-Tallahassee, L.P. DE 0.5% GP - DT-Tallahassee GP, LLC N
99.5% LP - DT-Tallahassee Mezz, L.P.
------------------------------------------------------------------------------------------------------------------------------------
DT-Tallahassee L.P. Holding, LLC DE 100% Member - PAH-DT Tallahassee Partners, L.P. N
0% Manager (no economic interest) - DT-Tallahassee
L.P. Manager Corp.
------------------------------------------------------------------------------------------------------------------------------------
DT-Tallahassee L.P. Manager Corp. DE 100% - PAH-DT Tallahassee Partners, L.P. N
------------------------------------------------------------------------------------------------------------------------------------
DT-Tallahassee Mezz, L.P. DE 99.5% LP - PAH-DT Tallahassee Partners, L.P. N
0.5% GP - DT-Tallahassee L.P. Holding, LLC
------------------------------------------------------------------------------------------------------------------------------------
Equity Bluefield, Inc. WV 100% - Crossroads/Memphis Partnership, L.P. N
------------------------------------------------------------------------------------------------------------------------------------
Hilltop Equipment Leasing Company, L.P. DE 99% GP - PAH-Hilltop GP, LLC N
1% LP - Interstate Member, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Hotel Venture Partners, Ltd. FL .5% GP - PAH-HVP General Partner Corp N
88.39% LP - Patriot American Hospitality Partnership,
L.P.
------------------------------------------------------------------------------------------------------------------------------------
IHC/Denver Partnership, L.P. DE 89% LP - IHC Realty Partnership, L.P. Y
1% GP - IHC Realty Corporation
------------------------------------------------------------------------------------------------------------------------------------
20
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
IHC/Moscow Corporation DE 100% - Interstate Hotels, LLC N
------------------------------------------------------------------------------------------------------------------------------------
IHC Services Company, L.L.C. DE 99% - Interstate Hotels, LLC N
1% - Interstate Member, Inc.
------------------------------------------------------------------------------------------------------------------------------------
IHP/Class B Partnership, L.P. DE 98.7829% GP - IHC Realty Partnership, L.P. Y
------------------------------------------------------------------------------------------------------------------------------------
Interstate Hotels, LLC DE 55% - PAH-Interstate Holdings, Inc. N
45% - Northridge Holdings, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Interstate/Montour Associates, Ltd. PA 95.6075% GP - IHC/Park West Corporation Y
------------------------------------------------------------------------------------------------------------------------------------
Interstone Three Partners I L.P. DE 50.5% LP - IHC/Interstone Partnership II, L.P. Y
.5% GP - PAH Interstone, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Interstone Three Partners II L.P. DE 50.5% LP - IHC/Interstone Partnership II, L.P. N
.5% GP - PAH Interstone, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Interstone Three Partners III L.P. DE 50.5% LP - IHC/Interstone Partnership II, L.P. N
.5% GP - PAH Interstone, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Interstone Three Partners IV L.P. DE 50.5% LP - IHC/Interstone Partnership II, L.P. N
.5% GP - PAH Interstone, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Interstone/CGL (WC) Partners LP DE 1% GP - IHC Realty Corporation N
64%LP - IHC Realty Partnership, L.P.
------------------------------------------------------------------------------------------------------------------------------------
Oak Hill Catering Company, Inc. WV 100% - Crossroads/Memphis Partnership, L.P. N
------------------------------------------------------------------------------------------------------------------------------------
PAH-Cambridge Holdings, LLC DE 100% - Interstate Hotels, LLC N
------------------------------------------------------------------------------------------------------------------------------------
PAH-XX Xxxxx Partners, L.P. DE 85% GP - PAH-XX Xxxxx N
Partners, L.P.
------------------------------------------------------------------------------------------------------------------------------------
PAH-DT Chicago X'Xxxx Partners, L.P. DE 90% GP - Patriot American Hospitality Partnership, Y
L.P.
------------------------------------------------------------------------------------------------------------------------------------
PAH-DT Miami Airport Partners, L.P. DE 90% GP - Patriot American Hospitality Partnership, Y
L.P.
------------------------------------------------------------------------------------------------------------------------------------
PAH-DT Minneapolis Suites Partners, L.P. DE 90% GP - Patriot American Hospitality Partnership, Y
L.P.
------------------------------------------------------------------------------------------------------------------------------------
PAH-DT Park Place Partners, L.P. DE 90% GP - Patriot American Hospitality Partnership, Y
L.P.
------------------------------------------------------------------------------------------------------------------------------------
PAH-DT Tallahassee Partners, L.P. DE 90% GP - Patriot American Hospitality Partnership, Y
L.P.
------------------------------------------------------------------------------------------------------------------------------------
PAH-Hilltop GP, LLC DE 100% - Interstate Hotels, LLC N
------------------------------------------------------------------------------------------------------------------------------------
Park West Hotel Associates PA 50% Managing GP - PW Land Associates Limited Y
Partnership
50% GP -Interstate/
Montour Associates
------------------------------------------------------------------------------------------------------------------------------------
Patriot American Hospitality Partnership, L.P. VA 91%LP - PAH LP, Inc. Y
1% GP - PAH GP, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Royal Palace Hotel Associates FL 55% - PAH-BV Palace, L.P. N
------------------------------------------------------------------------------------------------------------------------------------
21
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
Swatara Associates PA 1.3350% GP, 96.6286% LP - IHC Realty Partnership, L.P. N
------------------------------------------------------------------------------------------------------------------------------------
Syracuse Realty Associates, L.P. DE 93% LP - IHC Realty Partnership, L.P. Y
1% GP - Syracuse Associates Corporation
------------------------------------------------------------------------------------------------------------------------------------
The Key West Reach Limited Partnership DE 96.1194% LP - IHC Realty Partnership, L.P. Y
1% GP - IHC Reach Corporation
------------------------------------------------------------------------------------------------------------------------------------
The Peaks Real Estate Services, Inc. AZ 1000 shares Preferred Voting (66.66%) - PAH Leasing Y
LLC
------------------------------------------------------------------------------------------------------------------------------------
Transatlantic Hotel Co. Sarl France 100% - Arcadian (UK) Developments Ltd. N
------------------------------------------------------------------------------------------------------------------------------------
Xxxxxx Real Estate Group Joint Venture TX 65.48% - Patriot American Hospitality Partnership, N
L.P.
------------------------------------------------------------------------------------------------------------------------------------
Water Street Hotel, Ltd. DE 84% LP - IHC Realty Partnership, L.P. Y
1% GP - IHC/Jacksonville Corporation
------------------------------------------------------------------------------------------------------------------------------------
Wyndham International Operating Partnership, DE 1% GP - Wyndham International, Inc. Y
L.P. 80% LP - Wyndham International, Inc.
-----------------------------------------------------------------------------------------------------------------------------------
22
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
JOINT VENTURES (Includes Unrestricted Subsidiaries)
------------------------------------------------------------------------------------------------------------------------------------
Al Jarafe Golf SA Spain 10% - Arcadian Group Service Limited N
------------------------------------------------------------------------------------------------------------------------------------
Ambassador Hotels, Ltd. England & Wales 50% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
Beleggingsmaat-Schappij Stako II BV Netherlands 18.2% - Arcadian Group Service Limited N
------------------------------------------------------------------------------------------------------------------------------------
Block 125 River North Hotel Venture, L.L.C. DE 19.9% - PAH River North, LLC N
------------------------------------------------------------------------------------------------------------------------------------
Cambridge Hotel Associates PA 25% Voting GP (85.7% Dist.) - PAH-Cambridge Holdings, N
LLC
------------------------------------------------------------------------------------------------------------------------------------
Carnicon Venezuela Hotel Consultants LC Florida 50% - CHC Hotels & Resorts Corp. N
------------------------------------------------------------------------------------------------------------------------------------
CPHPAH Dos Pueblos Associates, L.L.C. DE 4% - Patriot American Hospitality Partnership, L.P. N
------------------------------------------------------------------------------------------------------------------------------------
Crossroads/Memphis Financing Corporation DE 100% - Interstate Hotels Corporation N
------------------------------------------------------------------------------------------------------------------------------------
Crossroads/Memphis Financing II Corporation DE 100% - Interstate Hotels Corporation N
------------------------------------------------------------------------------------------------------------------------------------
DFW/H&R, Inc. TX 49% - PAH-Management Corporation N
------------------------------------------------------------------------------------------------------------------------------------
Don Ce Sar Resort Hotel Ltd. FL 12% LP - PAH-Franchise Holding, Inc. N
1% GP - Xxx XxXxx Holdings, LLC
------------------------------------------------------------------------------------------------------------------------------------
Dublin Inn, Ltd. OH 30% - WHC Columbus Corporation N
------------------------------------------------------------------------------------------------------------------------------------
Fattoria Villa Saletta Srl. Italy 9% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
Future Financing Member Corporation DE 100% - Interstate Hotels Corporation N
------------------------------------------------------------------------------------------------------------------------------------
Host/Interstate Partnership, L.P. DE 5% LP - IHC/Pittsburgh Partnership, L.P. N
------------------------------------------------------------------------------------------------------------------------------------
HMC/Interstate Manhattan Beach, L.P. DE 25% LP - PAH-Franchise Holding, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
HMC/Interstate Ontario, L.P. DE 10% LP - PAH-Franchise Holding, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
HMC/Interstate Waterford, L.P. DE 25% LP - PAH-Franchise Holding, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
IHC II, LLC DE 99.99% - Interstate Hotels Corporation N
------------------------------------------------------------------------------------------------------------------------------------
IHP Holdings Partnership, L.P. PA 19.8165% Managing GP - IHP Investment Company, L.L.C. N
29.9299% GP - Chicago-ES, LLC
------------------------------------------------------------------------------------------------------------------------------------
Interstate Hotels Corporation MD 1% - PAH-Interstate Holdings, Inc. N
3% - Patriot American Hospitality, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Interstate Member, Inc. DE 100% - Interstate Hotels Corporation N
------------------------------------------------------------------------------------------------------------------------------------
Las Casitas Development Company Inc. (S.E.) Puerto Rico 50% LP - WKA El Con Associates N
------------------------------------------------------------------------------------------------------------------------------------
Malmaison Management Limited England & Wales 50% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
Marquis Hotel Associates PA 50% - Pittsburgh C.I., Inc. N
------------------------------------------------------------------------------------------------------------------------------------
23
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
Maryville Centre Hotel Joint Venture MO 50% Managing GP - IHC/Maryville Hotel Corporation N
------------------------------------------------------------------------------------------------------------------------------------
Xxxxxxx Beverage Company, LLC CA 50% - CFMB, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
Mentmore Golf & Country Club Plc. England & Wales 10% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
Northridge Holdings, Inc. DE 100% - Interstate Hotels Corporation N
------------------------------------------------------------------------------------------------------------------------------------
Oxford Wyn 633 Investment Company, L.L.C. DE 50% - WHC Chicago, LLC N
------------------------------------------------------------------------------------------------------------------------------------
Resorts Services, Inc. AZ 99% - Wyndham (non-voting) N
------------------------------------------------------------------------------------------------------------------------------------
Santa Xxxxx Joint Venture DE 50% - IHC/Santa Xxxxx Corporation N
------------------------------------------------------------------------------------------------------------------------------------
Xxxxx'x Steak Houses, L.P. DE 49% - W-SSH, LLC N
------------------------------------------------------------------------------------------------------------------------------------
State College BBQ/Concord Joint Venture DE 50% - Crossroads/Memphis Partnership L.P. N
------------------------------------------------------------------------------------------------------------------------------------
The Great Eastern Hotel Company Ltd. England & Wales 50% - Arcadian International Limited N
------------------------------------------------------------------------------------------------------------------------------------
Westmont C.I. Associates, Limited Partnership IL 9.0909% GP - PAH-Westmont CI Holding, Inc. N
------------------------------------------------------------------------------------------------------------------------------------
Westshaw Associates DE 50% - Patriot Bougainvillea, LLC N
------------------------------------------------------------------------------------------------------------------------------------
24
PAYROLL SUBSIDIARIES
(Includes Unrestricted Subsidiaries)
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
HEPC Anatole, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Andover, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Annapolis, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Aruba Beach, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Atlanta Gwinnett, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Atlanta Northlake, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Bel Age, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Bristol, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Brookfield, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Buckhead, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Burlington, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Cedar Rapids, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Charlotte, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Checkers, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Clubhouse, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Colorado Springs, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Columbus, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Commerce, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Xxxxxx, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Xxxxxx City, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Dallas Market Center, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Dedham, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Denver, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Detroit, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Elbow Beach, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Emerald Plaza, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Franklin Plaza, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Garden Albuquerque, Inc. (f/k/a WH Garden TX 100% - Wyndham Management Corporation N
Albuquerque, Inc.)
----------------------------------------------------------------------------------------------------------------------------
HEPC GHALP, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Greenspoint, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Harbour Island, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Indianapolis, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
25
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
HEPC Kansas City, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Kingston, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC LaGuardia, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Las Colinas, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC LAX, Inc. (formerly XX XXX, Inc.) TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC LAX-U, Inc. (formerly XX XXX-U, Inc.) TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Lexington, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Long Term Stay, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Marietta, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Marin County, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Metrocenter, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Midtown Atlanta, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Milwaukee, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Monrovia, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Xxxxxx Bay, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Mt. Olive, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC New Orleans, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Newark, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Northwest Chicago, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Novi, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Oakbrook Terrace, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC X'Xxxx, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Orange County, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Orlando, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Orlando Resort, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Overland Park, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Palm Springs, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Park Central, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Piscataway, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Pittsburgh, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Playhouse Square, Inc. TX 100% - Wyndham Management Corporation N
(formerly WH Playhouse Square, Inc.)
----------------------------------------------------------------------------------------------------------------------------
HEPC Pleasanton, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Pruneyard, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Richmond, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Xxxx Xxxx, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
26
Entity Jurisdiction Wyndham Entities with Equity Ownership in the Guarantor
of Organization Scheduled Entity
------------------------------------------------------------------------------------------------------------------------------------
HEPC Salt Lake City, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Schaumburg, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Semi-Ah-Moo, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Sugar Bay Club, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Sugar Bay, Inc. TX 100% - Wyndham Management Corporation N
(formerly WH Sugar Bay, Inc.)
----------------------------------------------------------------------------------------------------------------------------
HEPC Toronto, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Valley Forge, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC VF, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Vinings, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Waltham, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Warwick, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Windwatch, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Wood Xxxx, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
WIPC, LLC DE 100% - Wyndham OP N
----------------------------------------------------------------------------------------------------------------------------
HEPC Memphis, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Billerica, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
HEPC Miami Beach, Inc. TX 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
WIPC-Buena Vista Palace, LLC DE 100% - Wyndham OP N
----------------------------------------------------------------------------------------------------------------------------
Wyndham Management (Virgin Islands) Corporation DE 100% - Wyndham Management Corporation N
----------------------------------------------------------------------------------------------------------------------------
27
Schedule V (continued):
-----------------------
Outstanding Subscriptions, Options, Warrants, Calls, Rights or Other
--------------------------------------------------------------------
Agreements/Commitments Relating to Equity Ownership Interests
-------------------------------------------------------------
of the Borrower and its Subsidiaries (except stock options to employees or
--------------------------------------------------------------------------
directors, directors' qualifying shares, or Buy/Sell Arrangements)
-------------------------------------------------------------------
A. Outstanding obligations to issue capital stock
----------------------------------------------
1. Preemptive Rights Agreement dated as of September 30, 1997 by and
among Patriot American Partnership, L.P., Wyndham International
Operating Partnership, L.P. and Xxxxx Xxxxxxx
2. Purchase Rights Agreement dated as of September 30, 1997 by and
among Patriot OP, Wyndham OP and each of the Holders (CMRR Eight,
Inc., CRMR Eight, Inc., Xxxxxxx Xxxxxxxxx, Xxxx Xxxxxxxxx, Xxxxx
Xxxxxxxxx, Xxxxxxx Xxxxxxxxx, KC Eight CMRR, Inc. and KC Eight
CRMR, Inc.)
3. Transfer Restriction Agreement dated April 14, 1997 between
Wynopt Investment Partnership, L.P. and Patriot
B. Redemption Rights Agreements
----------------------------
1. Redemption Rights Agreement dated August 15, 1997 by and among
Wyndham and each of Xxxxx Xxxxxx, Xxxxxxx X. Xxxxxxx, Xx., Xxxx X.
Xxxxxx, XX and Xxxxxx Xxxxxx
2. Redemption Rights Agreement dated as of September 30, 1997 by
and among Xxxxx Xxxxxxx and Wyndham OP
3. Redemption Rights Agreement dated July 30, 1998 between Patriot
American Hospitality, Inc., Wyndham, Wyndham OP and Xxx Xxxxx'x
Steak Houses, Inc.
C. Voting Agreements
-----------------
1. Voting Agreements dated as of April 14, 1997 by and between
Patriot American Hospitality, Inc. and the following individuals:
(a) CF Securities, L.P.
(b) Xxxx X. Xxxxxxxx
(c) Xxxxxxx X. Xxxxx III
(d) Xxxxxx X. Xxxxxxx
(e) Xxxxx X. Xxxxxxxx
(f) Xxxxxxx X. Xxxxxx, Xx.
(g) Xxxx X. Xxxxxxx
2. First Amendment to Stockholder Voting Agreement dated January 5,
1998 by and among Patriot American Hospitality, Inc., Wyndham and
Xxxx X. Xxxxxxxx, Xxxxxxx X. Xxxxx III, Xxxxxx X. Xxxxxxx, Xxxxx X.
Xxxxxxxx,
28
Xxxxxxx X. Xxxxxx, Xx. and Xxxx X. Xxxxxxx
3. Voting Agreement dated September 30, 1997 between Wyndham, Patriot
American Hospitality Operating Company Acquisition Subsidiary and
Patriot American Hospitality, Inc. and Xxxxxx X. Xxxxxxxx and
National Amusements, Inc.
4. Voting Agreement dated as of September 30, 1997 by and among
Wyndham and the CHCI Principal Stockholders (Carnival Corporation,
Xxxxxxxx Xxxxxx and Xxxxxx Xxxxxx)
5. Shareholders Agreement dated December 2, 1997 by and among Patriot
American Hospitality, Inc., Wyndham (f/k/a Patriot American
Hospitality Operating Company), Xxxxxx Xxxx and various Fine
trusts.
D. Option Agreements
-----------------
1. Option Agreement dated April 14, 1997 between Patriot OP and the
Grantors (Xxxxx X. Xxxxxxxx, Xxxxxx X. Xxxxxxx, Xxxxxxx X. Xxxxxx,
Xx. (individually), Xxxx X. Xxxxxxx, Crow Family Partnership L.P.,
Xxxxxx X. Xxxx (through ISIS CRO, Inc.), Xxxxxxx X. Xxxxxx (through
ISIS CRO, Inc.) and ISIS CRO, Inc.
2. Option Agreement dated April 14, 1997 between Patriot OP and the
Grantors (WH-MIS LP and Xxxxx X. Xxxxxxxx) and the Consenting
Partners (Xxxxxxxx Xxxx Company, Kinetic Group I, Inc., Xxxxxx X.
Xxxxxxx, Xxxxx X. Xxxxxxxx, Xxxxxxx X. Xxxxxx, Xx., Xxxx X.
Xxxxxxx, Xxxxxx Xxxxx, Xxxx Family Partnership, L.P.
3. Option Agreement dated September 30, 1997 between Wyndham, Patriot
American Hospitality Operating Company Acquisition Subsidiary,
Patriot American Hospitality, Inc. and Xxxxx X. Xxxxxxxx
4. Option Agreement dated March 31, 1998 between Xxxxxxx de Flamboyan,
L.P. and Patriot American Hospitality, Inc. relating to the
purchase of the Flamboyan Wing
5. Flamboyan Interests Option Agreement dated as of March 31, 1998
between Patriot American Hospitality, Inc., Marco Industrial, Inc.,
S.N.L. Realty Corp., Xxxxxx Xxxxxxx, Xxxxxx Xxxxxxx, Xxxxx Xxxxxxx,
Xxxxx Xxxxxxx, Xxxxxxxxx Xxxxxxx, Xxxxxx Xxxxxxx and Xxxxxxx
Xxxxxxx
6. Stock Option Agreement dated January 17, 1997 by and among Xxxxxx
X. Xxxxxx, Xxx X. Xxxxxxx, Xxxxxxx Xxxxxx and each of the Sellers
(Holtzman, Surguine, Nassikas, Goehring, Beckham and Lyon)
7. Non-Qualified Stock Option Agreements, dated as of January 15,
1997, entered into by Patriot American Hospitality, Inc. and each
of Xxxxx Xxxxxxx; Xxxxxxx
29
X. Xxxx; Xxxxx Xxxxxxxx; Xxx Xxxxxx; Xxxxxxx Xxxxxx; Del Xxxxxxxx;
Xxxxxxx Xxxxxxxx; Xxxxxxx X. Xxxxx; Xxxxxxx X. Xxxxxxxxx; Xxxxx
Xxxxx; Xxxxxxx Xxxxxxxx; Xxxxxxx Xxxxx; and Xxxxxxx Xxxxxxxx
E. Subscription Agreements
-----------------------
1. Subscription Agreement dated November 3, 1997 by and between
Wyndham and Wyndham Hotel Corporation
2. Amendment No. 1 to Subscription Agreement dated January 5,
1998 by and between Wyndham and Wyndham Hotel Corporation
3. Subscription Agreement dated as of January 5, 1998 by and between
CF Securities, L.P., Patriot American Hospitality, Inc. and Wyndham
4. Subscription Agreement dated January 16, 1998 between WHG Resorts &
Casinos Inc., Patriot American Hospitality, Inc. and Wyndham
5. Subscription Agreement dated as of March 31, 1998 between
Patriot American Hospitality, Inc. and Wyndham
6. Omnibus Subscription and Exchange Agreement, dated June 4, 1998, by
and among Patriot OP, Patriot American Hospitality, Inc., Wyndham,
and the SFHC Partners' Representative, and the Designated SFHC
Partners regarding subscription by Designated SFHC Partners for
Paired Shares in Lieu of Paired Units
7. Subscription Agreement dated as of July 1, 1997 by and between
Patriot OP and Bay Xxxxxxx Operating Company
8. Subscription Agreement dated as of July 1, 1997 by and between
Patriot OP and Wyndham OP
9. Subscription Agreement dated as of June 2, 1998 among
Interstate, Wyndham and Patriot American Hospitality, Inc.
F. Patriot American Hospitality, Inc. Registration Rights Agreements
-----------------------------------------------------------------
1. Redemption and Registration Rights Agreement dated April 1,
1996 (WestCoast Portfolio)
2. Registration Rights Agreement dated May 1996 with LaSalle
Advisors Limited Partnership (Common Stock)
3. Registration Rights Agreement dated May 1996 with LaSalle
Advisors Limited Partnership (Units and Common Stock)
4. Registration Rights Agreement dated July 1996 with Houston
Greenspoint Hotel
30
Associates (Wyndham Greenspoint Hotel)
5. Registration Rights Agreement dated November 15, 1996 with the
Sellers of the Xxxxxxxx Hotel
6. Registration Rights Agreement dated January 16, 1997 with Lyon
RLP Investments Partnership (Carefree)
7. Registration Rights Agreement dated January 17, 1997 with
Xxxxxx Xxxxxxx (Carefree)
8. Registration Rights Agreement dated July 24, 1997 (Wyndham Merger)
9. Registration Rights Agreement dated August 15, 1997 with
contributors of Grand Heritage
10. Registration Rights Agreement dated September 4, 1997 with
Metropolitan Tower Realty Company. Inc.
11. Registration Rights Agreement dated September 30, 1997 with
the Weisfisch Entities (Carnival/Gencom Merger)
12. Registration Rights Agreement dated September 30, 1997 with
Xxxxx Xxxxxxx (Carnival/Gencom Merger)
13. Registration Rights Agreement dated September 30, 1997 with
the Gencom Interests (Carnival/Gencom Merger)
14. Registration Rights Agreement dated October 1, 1997 with CHCI
Interests (Carnival/Gencom Merger)
15. Registration Rights Agreement dated December 2, 1997 with
Interstate Hotels Company
16. Registration Rights Agreement dated December 30, 1997 with
Contributors of Emerald Plaza
17. Registration Rights Agreement dated January 15, 1998 with
contributors of Buena Vista Hotel
18. Registration Rights Agreement dated March 31, 1998 with
Xxxxxxx (Xxxxxxxx Hotel Group)
19. Registration Rights Agreement dated as of April 1, 1998 with
Metro Hotels, Inc. and Metro Hotel Leasing Corporation
20. Registration Rights Agreement dated April, 1998 with the
Contributions of SF Hotel Company, L.P. (OP Unit Version)
31
21. Registration Rights Agreement dated April, 1998 with the
Contributions of SF Hotel Company, L.P. (Paired Shares Version)
22. Registration Rights Agreement dated June 4, 1998 with certain
SFHC Partners (Paired Shares Version)
23. Registration Rights Agreement dated June 4, 1998 with certain
SFHC Partners (Paired Units Version)
24. Registration Rights Agreement dated June 30, 1998 with
certain CHCI Stockholders
25. Registration Rights Agreement dated July 30, 1998 with the
contributors of Xxxxx'x Steak House
26. Registration Rights Agreement dated July 15, 1998 with
XxXxxxx Investment Co.
G. Approximately 427,000 shares to be issued to six Interstate vice
presidents in satisfaction of severance/retention obligations.
H. Le Manoir de Gressy re: Option to Put Shares/Guaranty
-----------------------------------------------------
Article Three of the Agreement (Protocole d'Accord) dated July 31, 1997, by
and between La Societe Arcadian International PLC ("Arcadian PLC"), La
Societe Arcadian Properties, La Societe Hoteliere de I'lle de France
("S.H.I.F."), La Societe W Finance Participation SARL ("SARL") and La
Societe COPARC ("COPARC") provides that Arcadian PLC will purchase all of
the interests held by S.H.I.F. (and/or SARL, as beneficiary) in SNC Gressy
(owner of the hotel) if the put option is exercised. The option may be
exercised one (1) time during the period from January 1, 1999 until January
31, 1999. (According to a memo attached to the Accord, the put option has
been exercised.) The option price is 40,000,000 french francs which may be
payable in shares (based on a formula linked to the average closing price
of shares over a 60 day period, as traded on the London stock exchange).
According to the correspondence in the file, the shares of Arcadian PLC are
no longer traded on the London market, and Arcadian has proposed to
S.H.I.F. Patriot shares in substitution (acceptance of this offer is being
confirmed by Arcadian). The memo indicates the outside closing date as
March 13, 1999. In addition, Article Four of the Agreement provides that in
the event S.H.I.F. and SARL exercise the put option set forth in Article
Three, Arcadian PLC agrees to guaranty the payment of all sums due COPARC
(under a 51,000,000 french franc credit facility made by COPARC to SNC
Gressy). As of 6/26/99, this transaction is in the process of closing. [See
also final Right of First Refusal/Options Chart below.]
I. Certain Obligations to Issue Company Stock
------------------------------------------
1. Executive Employment Agreement dated February 14, 1997, by and
between Patriot American Hospitality, Inc. and Xxxxxxx X. Xxxxx
III, as amended.
2. Severance Agreement between the Companies and Xxxx X. Xxxxxxxx.
32
J. Gencom Merger
-------------
Obligations to issue stock, registration rights, and other agreements and
commitments relating to Equity Ownership Interests (a) contained in and in
connection with Agreement and Plan of Merger dated as of June 29, 1999 by
and among Wyndham International, Inc., Gencom Interests, Inc., and each of
the Stockholders of Gencom Interests, Inc., or (b) in the alternative,
contained in and in connection with (i) Contribution Agreement (Baltimore
Omni Hotel) Phase II, dated as of September 30, 1997 between Patriot
American Hospitality Partnership, L.P. and Xxxxxx Real Estate Group, Inc.,
and (ii) Ancillary Contribution Agreement, dated September 30, 1997 by and
Among The Persons Named on Schedule A Attached Thereto, Patriot American
Hospitality Partnership, L.P. and Patriot American Hospitality Operating
Partnership, L.P. and the related contribution of interests in the
partnership owning related hotel assets in exchange for cash and/or Equity
Ownership Interests.
33
Number of Outstanding Shares of Unvested
Restricted Stock: 381,670
Number of Outstanding Shares of Unvested
Restricted Paired Units: 1,128,612
Number of Outstanding Deferred Paired Units (for fees due
to Directors through 12/31/98 adjusted for 4th Quarter dividend): 37,255.99
34
Summary of Options to Acquire Common Stock of Borrower Outstanding
After Exchange and With Stock Dividend
Total Number Common Stock Total Number
Long-Term Type of of Options Dividend @ Of Options
Incentive Plan Date of Grant Options Outstanding 7.333% Outstanding
1995 PAH Incentive Plan
9/27/95 NQ** 60,286
10/25/95 ISO 216,967 15,910 232,877
10/25/95 NQ 250,044 18,336 268,380
4/19/96 ISO 23,656 1,735 25,391
4/19/96 NQ** 66,250
4/19/96 NQ 139,002 10,193 149,195
6/3/96 ISO 2,285 168 2,453
1/15/97 NQ 731,511 53,642 785,153
2/14/97 NQ** 57,216
4/1/97 NQ** 1,027,912
6/24/97 NQ* 23,889 1,752 25,641
Total 1995 PAH Incentive Plan 1,387,354 101,735 2,700,753
1997 OpCo Incentive Plan
10/1/97 NQ** 26,934
11/5/97 NQ 50,000 3,667 53,667
1/13/98 NQ 236,768 17,362 254,130
1/13/98 NQ 15,680 1,150 16,830
2/2/98 NQ* 242,348 17,771 260,119
2/6/98 NQ* 3,666 269 3,935
3/9/98 NQ* 18,000 1,320 19,320
5/19/98 NQ* 6,418 471 6,889
5/28/98 NQ 60,000 4,400 64,400
6/2/98 NQ 17,283 1,267 18,550
6/2/98 NQ 3,352 246 3,598
6/2/98 NQ 6,705 492 7,197
6/4/98 NQ* 94,113 6,901 101,014
6/12/98 NQ** 26,933
6/15/98 NQ* 433 32 465
6/19/98 NQ* 12,984 952 13,936
7/7/98 NQ* 822 60 882
7/27/98 NQ* 4,800 352 5,152
8/7/98 NQ* 1,778 130 1,908
8/17/98 NQ* 12,584 923 13,507
8/24/98 NQ* 8,223 603 8,826
10/13/98 NQ 3,500 257 3,757
11/13/98 NQ 30,000 2,200 32,200
12/11/98 NQ 50,000 3,667 53,667
3/25/99 NQ 892,080
4/19/99 NQ 5,600,000
4/21/99 NQ 12,000
5/7/99 NQ 850,000
Total 1997 OpCo Incentive Plan 879,457 64,491 8,351,894
*These grants were eligible for the $8.10 option exchange program.
**These grants were eligible for the $5.1875 option exchange program.
NQ = Non-Qualified Options (no special tax treatment)
ISO = Incentive Stock Options (receive special capital gains tax treatment)
Page 1
Summary of Options to Acquire Common Stock of Borrower Outstanding
After Exchange and With Stock Dividend
Total Number Common Stock Total Number
Long-Term Type of of Options Dividend @ Of Options
Incentive Plan Date of Grant Options Outstanding 7.333% Outstanding
1997 REIT Incentive Plan
11/5/97 NQ 50,000 3,667 53,667
2/2/98 NQ* 37,334 2,738 40,072
5/28/98 NQ 60,000 4,400 64,400
6/15/98 NQ* 671 49 720
Total 1997 REIT Incentive Plan 148,005 10,853 158,858
Bay Xxxxxxx Opr Co 1988 Options
3/29/96 NQ 1,926 141 2,067
PAH Director's Plan
9/27/95 NQ 90,000 6,600 96,600
4/16/98 NQ 30,000 2,200 32,200
Total PAH Director''s Plan 120,000 8,800 128,800
Wyndham Int'l 1996 LTIP
5/21/96 NQ 303,199 22,234 325,433
11/1/96 NQ 27,440 2,012 29,452
11/4/96 NQ 4,116 302 4,418
1/15/97 NQ 20,000 1,467 21,467
1/21/97 NQ 378,328 27,743 406,071
6/18/97 NQ 7,409 543 7,952
10/23/97 NQ* 1,680 123 1,803
Total Wyndham Int'l 1996 LTIP 742,172 54,423 796,595
Grand Total 3,278,914 240,443 12,138,967
*These grants were eligible for the $8.10 option exchange program.
**These grants were eligible for the $5.1875 option exchange program.
NQ = Non-Qualified Options (no special tax treatment)
ISO = Incentive Stock Options (receive special capital gains tax treatment)
Page 2
Options to Purchase, Rights of First Refusal and Similar Rights in
Organizational Documents of Subsidiaries
PART I
Ownership
---------
(In certain instances, the
partnership interests
and/or distributions
attendant thereto may vary Asset
from the percentages -----
Entity Name shown below based upon Name(s) Document ROFR/ROFO Put/Call
----------- economic performance.) ------- -------- --------- --------
---------------------------------------------------------------------------------------------------------------------------------
Swatara Associates IHC Realty Harrisburg Amended and Restated (S)9.4 - GP has None.
Partnership, L.P. Marriott Limited Partnership a Right of First
Pennsylvania (1.3350% GP; 96.6286 Joint Venture Offer ("ROFO")
(Term: December 31, 2078) LP) Agreement of Swatara upon a proposed
Xxxxxx Xxxx Revocable Associates dated as sale/transfer of
Trust and Xxxxxx X. of January 22, 1998. an LP interest
Xxxxxx Testamentary in the entity.
Trust (2.0364% LP
agg.)
------------------------------------------------------------------------------------------------------------------------------------
Interstone/CGL (WC) IHC Realty Warner Interstone/CGL (WC) None. (S)8.1(e) - IHC
Partners L.P. Partnership, L.P. Center Partners L.P. Limited Realty Corporation
(64% LP) Marriott Partnership Agreement or any of its
Delaware IHC Realty dated as of January replacement
(Term: December 31, 2045) Corporation (1% GP) 1, 1999. Affiliates and IHC
Connecticut General Realty
Life Insurance Partnership, L.P.
Company (35% LP) have a right to
buy out CGL LP's
interests upon
certain
action/inaction by
CGL LP.
(S)9.1 - both the
IHC Parties, on
the one hand, and
CGL LP, on the
other, shall, at
any time, have the
right to purchase
or sell all of
their respective
interests in the
Partnership each
to the other
Group, in the
manner set forth
in (S)9.1.
------------------------------------------------------------------------------------------------------------------------------------
Park West Hotel Associates PW Land Associates Pittsburgh First Amended and (S)9.4 - Other None.
Limited Partnership Airport Restated Partnership partners have a
Pennsylvania (50% Managing GP) Marriott Agreement of Park ROFO upon a
(Term: December 31, 2085) Interstate/Montour West Hotel Associates proposed
Associates (50% GP) dated as of May 20, sale/transfer of
PW Land Associates 1997. an partnership
Limited Partnership interest in the
is 100% IHC owned. entity.
Interstate/Montour
Associates is owned
as follows:
IHC/Park West
Corporation 95.6075%
GP; Fine Associates
3.9607% LP; Xxxxxx
Xxxx .4318% LP.
------------------------------------------------------------------------------------------------------------------------------------
Interstate/Montour IHC/Park West 50% GP in Second Amended and (S)9.4 - Other None.
Associates Corporation 95.6075% Park West Restated Agreement of partners have a
GP; Fine Associates Associates Limited Partnership ROFO upon a
Pennsylvania 3.9607% LP; Xxxxxx Owner of of Interstate/Montour proposed
(Term: December 31, 2085) Fine .4318% LP. Pittsburgh Associates, Ltd. sale/transfer of
Airport dated as of May 20, an partnership
Marriott 1997. interest in the
entity.
------------------------------------------------------------------------------------------------------------------------------------
37
Ownership
---------
(In certain instances, the
partnership interests
and/or distributions
attendant thereto may vary Asset
from the percentages -----
Entity Name shown below based upon Name(s) Document ROFR/ROFO Put/Call
----------- economic performance.) ------- -------- --------- --------
---------------------------------------------------------------------------------------------------------------------------------
IHP/Class B Partnership, IHC Realty 99% Agreement of Limited (S)9.4 - GP has None.
L.P Partnership, L.P. Interest in Partnership of a ROFO upon a
(98.7829% GP) Chicago-ES, IHP/Class B proposed
Delaware Fine & Xxxxxx LLC Partnership, L.P. sale/transfer of
(Term: December 31, 2085) Associates of Albany dated as of August an LP interest
(.3102% LP) 28, 1997, as amended in the entity.
Xxxxxx Xxxx Revocable by First Amendment to
Trust (.9069% LP) Agreement of Limited
Partnership of
IHP/Class B
Partnership, L.P.
dated as of March 3, 1998.
------------------------------------------------------------------------------------------------------------------------------------
38
Options to Purchase, Rights of First Refusal and Similar Rights in
Organizational Documents
PART II
Ownership
---------
(In certain instances, the
partnership interests
and/or distributions
attendant thereto may vary
from the percentages
Entity Name shown below based upon Document ROFR/ROFO Put/Call
----------- economic performance.) -------- --------- --------
---------------------------------------------------------------------------------------------------------------------------------
PAH-DT Miami Airport Patriot American Amended and Restated (S)8.8(a-c) - right of (S)8.5 Call Options
Partners, L.P. Hospitality Agreement of Limited first offer to the LP if provides that upon certain
Partnership, L.P. Partnership dated as the GP takes certain default/termination events,
(90% GP) of January 1, 1999 transfer actions. the GP has the right to
purchase or to cause the
DTR PAH Holding, Inc. After complying with the Partnership to purchase and
(10% LP) ROFO procedures, the GP require the LP to sell all
may enter into an of its interest at fair
exchange under Section market value.
1031 of the Code in lieu
of sale of the property. Upon certain other
defaults, the GP has the
(S)8.9 provides that if right (the "Default
the GP decides in its Option") to buy or cause
sole discretion to sell the Partnership to buy and
the property and elects require the LP to sell all
to transfer the property of its Partnership
by sale of all Interests at 90% of its
Partnership Interests, fair value.
the LP shall sell as
directed by the GP. The Partnership and the GP
may exercise any of the
above options at GP's sole
discretion.
(S)8.11 Put Option provides
after the certain
default/termination events,
the LP has right to sell
and require the Partnership
to purchase all of its
Limited Partnership
Interest at fair market
determined on the date the
Put Option is exercised.
-----------------------------------------------------------------------------------------------------------------------------------
PAH-DT Minneapolis Suites Patriot American Amended and Restated (S)8.8(a-c) - right of (S)8.5 Call Options
Partners, L.P. Hospitality Agreement of Limited first offer to the LP if provides that upon certain
Partnership, L.P. Partnership dated the GP takes certain default/termination events,
(90% GP) October 1, 1998 actions. the GP has the right to
purchase or to cause the
DTR PAH Holding, Inc. After complying with the Partnership to purchase and
(10% LP) ROFO procedures, the GP require the LP to sell all
may enter into an of its interest at fair
exchange under Section market value.
1031 of the Code in lieu
of sale of the property. Upon certain other
defaults, the GP has the
(S)8.9 provides that if right (the "Default
the GP decides in its Option") to buy or cause
sole discretion to sell the Partnership to buy and
the property and elects require the LP to sell all
to transfer the property of its Partnership
by sale of all Interests at 90% of its
Partnership Interests, fair value.
the LP shall sell as
directed by the GP. The Partnership and the GP
may exercise any of the
above options at GP's sole
discretion.
(S)8.11 Put Option provides
after the certain
default/termination events,
the LP has right to sell
and require the Partnership
to purchase all of its
Limited Partnership
Interest at fair market
determined on the date the
Put Option is exercised.
------------------------------------------------------------------------------------------------------------------------------------
39
Ownership
---------
(In certain instances, the
partnership interests
and/or distributions
attendant thereto may vary
from the percentages
Entity Name shown below based upon Document ROFR/ROFO Put/Call
----------- economic performance.) -------- --------- --------
---------------------------------------------------------------------------------------------------------------------------------
PAH-Akron, L.L.C. Patriot American Operating Agreement (S)8.3 Automatic (S)8.5 Call Option: After
Hospitality dated as of June 30, Buyback: If (S)8.2 two years from the date of
[Currently wholly-owned] Partnership, L.P. 1997 (certain entities' the Agreement or in the
(90%) ("Managing non-affiliation with event of a certain
Member") Patriot/Managing Member) defaults, the Managing
is breached, the LLC Member and the Company can
WH Ohio Investors, must redeem (at fair purchase and require the
Inc. (10%) market value) the amount Minority Member to sell all
of the Minority Member's of the Minority Member's
Company Interest that is Company Interest at fair
necessary for compliance market value,
with (S)8.2.
(Note: an exercise of the
call option shall
automatically be deemed an
exercise of the
corresponding call options
in all of the other
operating agreements of the
other limited liability
companies formed by the
Managing Member with the
other Minority Members to
own hotel properties).
These options are in the
sole discretion of the
Managing Member, the
Company, or both.
(S)8.6 Put Option: From and
after 30 months from the
date of the Agreement, the
Minority Member has the
right (for 4 years) to sell
and require the Company to
purchase all of the
Minority Member's Company
Interest at fair market
value.
(S)8.9 Obligation to Sell
Company Interest: if
Managing Member decides to
sell the Property by means
of sale of all Company
Interests, the Minority
Member shall sell its
interest for a price
determined by a specific
formula.
------------------------------------------------------------------------------------------------------------------------------------
PAH-Beachwood I, L.L.C. Patriot American Operating Agreement (S)8.3 Automatic (S)8.5 Call Option: After
Hospitality dated as of June 30, Buyback: If (S)8.2 two years from the date of
[Currently wholly-owned] Partnership, L.P. 1997 (certain entities' the Agreement or in the
(90%) ("Managing non-affiliation with event of a certain
Member") Patriot/Managing Member) defaults, the Managing
is breached, the LLC Member and the Company can
WH Ohio Investors, must redeem (at fair purchase and require the
Inc. (10%) ("Minority market value) the amount Minority Member to sell all
Member") of the Minority Member's of the Minority Member's
Company Interest that is Company Interest at fair
necessary for compliance market value,
with (S)8.2.
(Note: an exercise of the
call option shall
automatically be deemed an
exercise of the
corresponding call options
in all of the other
operating agreements of the
other limited liability
companies formed by the
Managing Member with the
other Minority Members to
own hotel properties).
These options are in the
sole discretion of the
Managing Member, the
Company, or both.
(S)8.6 Put Option: From and
after 30 months from the
date of the Agreement, the
Minority Member has the
right (for 4 years) to sell
and require the Company to
purchase all of the
Minority Member's Company
Interest at fair market
value.
(S)8.9 Obligation to Sell
Company Interest: if
Managing Member decides to
sell the Property by means
of sale of all Company
Interests, the Minority
Member shall sell its
interest for a price
determined by a specific
formula.
------------------------------------------------------------------------------------------------------------------------------------
40
Ownership
---------
(In certain instances, the
partnership interests
and/or distributions
attendant thereto may vary
from the percentages
Entity Name shown below based upon Document ROFR/ROFO Put/Call
----------- economic performance.) -------- --------- --------
---------------------------------------------------------------------------------------------------------------------------------
PAH-Beachwood II, L.L.C. Patriot American Operating Agreement (S)8.3 Automatic (S)8.5 Call Option: After
Hospitality dated June 30, 1997 Buyback: If (S)8.2 two years from the date of
[Currently wholly-owned] Partnership, L.P. (certain entities' the Agreement or in the
(90%) ("Managing non-affiliation with event of a certain
Member") Patriot/Managing Member) defaults, the Managing
is breached, the LLC Member and the Company can
26300 Chagrin Limited must redeem (at fair purchase and require the
Partnership (10%) market value) the amount Minority Member to sell all
("Minority Member") of the Minority Member's of the Minority Member's
Company Interest that is Company Interest at fair
necessary for compliance market value,
with (S)8.2.
(Note: an exercise of the
call option shall
automatically be deemed an
exercise of the
corresponding call options
in all of the other
operating agreements of the
other limited liability
companies formed by the
Managing Member with the
other Minority Members to
own hotel properties).
These options are in the
sole discretion of the
Managing Member, the
Company, or both.
(S)8.6 Put Option: From and
after 30 months from the
date of the Agreement, the
Minority Member has the
right (for 4 years) to sell
and require the Company to
purchase all of the
Minority Member's Company
Interest at fair market
value.
(S)8.9 Obligation to Sell
Company Interest: if
Managing Member decides to
sell the Property by means
of sale of all Company
Interests, the Minority
Member shall sell its
interest for a price
determined by a specific
formula.
------------------------------------------------------------------------------------------------------------------------------------
Atlanta American Hotel WHC Atlanta GP, Agreement of Limited (S)6.1 Purchase Option. (S)6.2 Put Option: Any time
Investors, L.P. L.L.C. (1% GP) Partnership dated as If certain events occur, after 5 years of the date
of December 19, 1997 any partner other than of the agreement (but no
Patriot American the Seller (the "Buyer") more than once a year),
Hospitality shall have the Americana has the right to
Partnership, L.P. continuing right to require the Wyndham
(69% LP) purchase the entire Partners to purchase all or
interest of the Seller, a portion of the PS
Atlanta Americana including all debts and interest of Americana,
Motor Hotel obligations of the PS including a pro rata
Corporation (30% LP) owing to the Seller, at portion of the debts and
fair market value. If obligations of the PS owing
the Seller is WHC and to Americana, at fair
Wyndham Hotel market value.
Corporation ("Wyndham
Partner"), the other
Wyndham Partners shall
have a preferential
right to purchase the
entire PS interest of
the Seller.
------------------------------------------------------------------------------------------------------------------------------------
PAH-XX Xxxxx Partners, L.P. PAH-XX Xxxxx Amended and Restated (S)8.8(a-c) - ROFO to (S)8.5 Call Options
Partners, L.P. (85% Agreement of Limited the LP if the GP takes provides that upon certain
GP) Partnership dated as certain transfer actions. default/termination events,
DTR PAH Holding, Inc. of September 4, 1997 the GP has the right
(15% LP) After complying with the purchase or to cause the
ROFO procedures, the GP Partnership to purchase and
may enter into an require the LP to sell all
exchange under Section of its interest at fair
1031 of the Code in lieu market value.
of sale of the property.
Upon certain other
(S)8.9 provides that if defaults, the GP has the
the GP decides in its right (the "Default
sole discretion to sell Option") to buy or cause
the property and elects the Partnership to buy and
to transfer the property require the LP to sell all
by sale of all of its Partnership
Partnership Interests, Interests at 90% of its
the LP shall sell as fair value.
directed by the GP.
The Partnership and the GP
may exercise any of the
above options at GP's sole
discretion.
(S)8.11 Put Option provides
after certain
default/termination events,
the LP has the right to
sell and require the
Partnership to purchase all
of its Limited Partnership
Interest at fair market
determined on the date the
Put Option is exercised
------------------------------------------------------------------------------------------------------------------------------------
41
Ownership
---------
(In certain instances, the
partnership interests
and/or distributions
attendant thereto may vary
from the percentages
Entity Name shown below based upon Document ROFR/ROFO Put/Call
----------- economic performance.) -------- --------- --------
---------------------------------------------------------------------------------------------------------------------------------
PAH-DT Park Place Patriot American Amended and Restated (S)8.8(a-c) - ROFO to (S)8.5 Call Options
Partners, L.P. Hospitality Agreement of Limited the LP if the GP takes provides that upon certain
Partnership, L.P. Partnership dated as certain transfer actions. default/termination events,
(90% GP) of October 1, 1998 the GP has the right
After complying with the purchase or to cause the
DTR PAH Holding, Inc. ROFO procedures, the GP Partnership to purchase and
(10% LP) may enter into an require the LP to sell all
exchange under Section of its interest at fair
1031 of the Code in lieu market value.
of sale of the property.
Upon certain other
(S)8.9 provides that if defaults, the GP has the
the GP decides in its right (the "Default
sole discretion to sell Option") to buy or cause
the property and elects the Partnership to buy and
to transfer the property require the LP to sell all
by sale of all of its Partnership
Partnership Interests, Interests at 90% of its
the LP shall sell as fair value.
directed by the GP.
The Partnership and the GP
may exercise any of the
above options at GP's sole
discretion.
(S)8.11 Put Option provides
after certain
default/termination events,
the LP has the right to
sell and require the
Partnership to purchase all
of its Limited Partnership
Interest at fair market
determined on the date the
Put Option is exercised
------------------------------------------------------------------------------------------------------------------------------------
PAH-DT Tallahassee Patriot American Amended and Restated (S)8.8(a-c) - ROFO to (S)8.5 Call Options
Partners, L.P., Hospitality Agreement of Limited the LP if the GP takes provides that upon certain
Partnership, L.P. Partnership dated as certain transfer actions. default/termination events,
(90% GP) of January 1, 1999 the GP has the right
After complying with the purchase or to cause the
DTR PAH Holding, Inc. ROFO procedures, the GP Partnership to purchase and
(10% LP) may enter into an require the LP to sell all
exchange under Section of its interest at fair
1031 of the Code in lieu market value.
of sale of the property.
Upon certain other
(S)8.9 provides that if defaults, the GP has the
the GP decides in its right (the "Default
sole discretion to sell Option") to buy or cause
the property and elects the Partnership to buy and
to transfer the property require the LP to sell all
by sale of all of its Partnership
Partnership Interests, Interests at 90% of its
the LP shall sell as fair value.
directed by the GP.
The Partnership and the GP
may exercise any of the
above options at GP's sole
discretion.
(S)8.11 Put Option provides
after certain
default/termination events,
the LP has the right to
sell and require the
Partnership to purchase all
of its Limited Partnership
Interest at fair market
determined on the date the
Put Option is exercised
------------------------------------------------------------------------------------------------------------------------------------
PAH-Westlake, L.L.C. Patriot American Operating Agreement (S)8.3 Automatic (S)8.5 Call Option: After
Hospitality dated as of June 30, Buyback: If (S)8.2 two years from the date of
[Currently wholly-owned] Partnership, L.P. 1997 (certain entities' the Agreement or in the
(90%) non-affiliation with event of a certain
Patriot/Managing Member) defaults, the Managing
WH Ohio Investors, is breached, the LLC Member and the Company can
Inc. (10%) must redeem (at fair purchase and require the
market value) the amount Minority Member to sell all
of the Minority Member's of the Minority Member's
Company Interest that is Company Interest at fair
necessary for compliance market value,
with (S)8.2.
(Note: an exercise of the
call option shall
automatically be deemed an
exercise of the
corresponding call options
in all of the other
operating agreements of the
other limited liability
companies formed by the
Managing Member with the
other Minority Members to
own hotel properties).
These options are in the
sole discretion of the
Managing Member, the
Company, or both.
(S)8.6 Put Option: From and
after 30 months from the
date of the Agreement, the
Minority Member has the
right (for 4 years) to sell
and require the Company to
purchase all of the
Minority Member's Company
Interest at fair market
value.
(S)8.9 Obligation to Sell
Company Interest: if
Managing Member decides to
sell the Property by means
of sale of all Company
Interests, the Minority
Member shall sell its
interest for a price
determined by a specific
formula.
------------------------------------------------------------------------------------------------------------------------------------
42
Ownership
---------
(In certain instances, the
partnership interests
and/or distributions
attendant thereto may vary
from the percentages
Entity Name shown below based upon Document ROFR/ROFO Put/Call
----------- economic performance.) -------- --------- --------
---------------------------------------------------------------------------------------------------------------------------------
PAH-DT Chicago X'Xxxx Patriot American Amended and Restated (S)8.8(a-c) - right of (S)8.5 Call Options
Partners, L.P. Hospitality Agreement of Limited first offer to the LP if provides that upon certain
Partnership, L.P. Partnership dated as the GP takes certain default/termination events,
(90% GP) of January 1, 1999 actions. the GP has the right to
purchase or to cause the
DTR PAH Holding, Inc. After complying with the Partnership to purchase and
(10% LP) ROFO procedures, the GP require the LP to sell all
may enter into an of its interest at fair
exchange under Section market value.
1031 of the Code in lieu
of sale of the property. Upon certain other
defaults, the GP has the
(S)8.9 provides that if right (the "Default
the GP decides in its Option") to buy or cause
sole discretion to sell the Partnership to buy and
the property and elects require the LP to sell all
to transfer the property of its Partnership
by sale of all Interests at 90% of its
Partnership Interests, fair value.
the LP shall sell as
directed by the GP. The Partnership and the GP
may exercise any of the
above options at GP's sole
discretion.
(S)8.11 Put Option provides
after the certain
default/termination events,
the LP has right to sell
and require the Partnership
to purchase all of its
Limited Partnership
Interest at fair market
determined on the date the
Put Option is exercised.
------------------------------------------------------------------------------------------------------------------------------------
Hotel Venture Partners, PAH-HVP General Amended & Restated None. (S)8.5 Call Options. From
Ltd. Partner Corp. (.5% GP) Agreement of Limited the earlier of the 37th
Partnership dated month after closing or an
Patriot American January 15, 1998 Event of Default by BVIF,
Hospitality the GP may purchase or
Partnership, L.P. cause the Partnership,
("Patriot LP") Patriot LP or the GP's
(88.39% LP) designee to purchase BVIF's
interest. The price shall
Buena Vista be paid by issuance of
Investment Fund, Ltd. Paired Partnership Units
(11.11% LP) having a REIT Shares Value
equal to an agreed price
(all capitalized terms as
defined in the Agreement).
(S)8.7 See the identical
provision below under
PAH-BV Palace, L.P.
------------------------------------------------------------------------------------------------------------------------------------
City Centre Partnership, Patriot American Agreement of Limited None. (S)8.5 Call Option. Four
L.P. Hospitality Partnership dated years from the date of the
Partnership, L.P. November 25, 1997 Agreement, the G.P. and the
(92.5% GP) Partnership shall have the
1143 Associates right but not the
Limited Partnership obligation to purchase and
(7.5% LP) to require the L.P. to sell
all of its Limited
Partnership Interest.
(S)8.6 Put Option. Two
years from the date of the
Agreement, the L.P. shall
have the right but not the
obligation to sell and to
require the Partnership to
purchase all of its Limited
Partnership Interest.
(S)8.3 Automatic Buy-Back.
In the event that Section
8.2 is breached at any time
when the G.P. would be
taxed as a corporation
under (S)7704 of the Code,
but for the application of
(S)7704(c), the Partnership
shall redeem for the
greater of $5,500,000.00 or
the Exercise Price of all
of the L.P.'s Partnership
Interest.
------------------------------------------------------------------------------------------------------------------------------------
43
PATRIOT AMERICAN
OPTIONS/RIGHTS OF FIRST REFUSAL PROVISIONS IN MANAGEMENT AGREEMENTS
Relating to Properties (Owned or Leased)
----------------------------------------
PROPERTY MANAGER DOCUMENT PATRIOT PARTY (S) REFERENCE
Crowne Plaza Ravinia, Holiday Inns, Inc. Management Agreement dated PAH Ravinia, Inc. Article 18 contains a right of
Atlanta, GA December 1, 1995, as ROFO in favor of Holiday Inns,
amended by a First Inc. The Memorandum of
Amendment to Management Management Agreement which was
Agreement dated as of April apparently executed and recorded
30, 1996 recites that the franchise
agreement (which is activated
upon termination of the
management agreement) also
contains a ROFO which runs
consecutively with the right of
first offer in the management
agreement.
------------------------------------------------------------------------------------------------------------------------------------
44
PATRIOT AMERICAN
OPTIONS/RIGHT OF FIRST REFUSAL PROVISIONS IN FRANCHISE AGREEMENTS
Relating to Properties (Owned or Leased)
----------------------------------------
PART I
FRANCHISOR FRANCHISEE HOTEL PROPERTY DOCUMENT (S) REFERENCE
--------------------------------------------------------------------------------------------------------------------------------
MARRIOTT
Marriott International, Inc PAH-Management Corporation Colorado Springs Marriott Inn (S)40 - Franchisor has
as assignee of Interstate Marriott Franchise Agreement ROFR to purchase, lease
Hotels, LLC (100% Owned) dated July 20, 1987, or purchase
as amended. Franchisee's stock.
Owner Agreement dated
March 31, 1994. (S)8(G) of the Owner
Agreement obligates the
Owner to observe and be
bound by all terms,
conditions and
restrictions of (S)40
of the MIFA.
(S)11 of the Owner
Agreement provides for
waiver of the ROFR set
forth in the MIFA in
connection with a
transaction where The
Blackstone Group or
Interstate Hotels
Corporation, or their
affiliates, hold
controlling equity
interests in the owner
of the Inn.
------------------------------------------------------------------------------------------------------------------------------------
Marriott International, PAH-Management Corporation St. Louis Marriott West Marriott Inn (S)15.3 - Franchisor
Inc. as assignee of Interstate (Joint Venture) Franchise Agreement has ROFR to purchase,
Hotels, LLC dated April 6, 1990, lease or purchase
as amended. Franchisee's stock.
Owner Agreement dated (S)1.6 of the Owner
April 6, 1990. Agreement modifies the
right of first refusal
to purchase as set
forth in (S)15.3 of the
MIFA to a right of
first or concurrent
good faith negotiation
in sale situations
where Franchisee,
Approved Substitute
Management or Marriott
will not continue to
manage the Inn.
(S)2.2 of the Owner
Agreement obligates the
Owner to fully observe
and be bound by all
terms, conditions and
restrictions set forth
in the MIFA to the
extent applicable to
the Owner in its
capacity as owner.
------------------------------------------------------------------------------------------------------------------------------------
45
FRANCHISOR FRANCHISEE HOTEL PROPERTY DOCUMENT (S) REFERENCE
--------------------------------------------------------------------------------------------------------------------------------
NON MARRIOTT
Hilton Inns, Inc. Wyndham International Gateway Hilton Hilton Inns, Inc. (S)20(b) - Franchisor
Operating Partnership, (100% Owned) Amended and Restated has ROFR to purchase or
L.P. as assignee of IHC License Agreement lease.
Realty Partnership, L.P. dated August 20, 1997.
---------------------------------------------------------------------------------------------------------
Wyndham International Parsippany Hilton Hilton Inns, Inc. (S)20(c) - Franchisor
Operating Partnership, (100% Owned) Amended and Restated has ROFR to purchase or
L.P. as assignee of IHC License Agreement lease.
Realty Partnership, L.P. dated August 15, 1997.
---------------------------------------------------------------------------------------------------------
Wyndham International Denver Hilton South Hilton Inns, Inc. (S)9(b) - Franchisor
Operating Partnership, (Joint Venture) License Agreement has ROFR to purchase or
L.P. as assignee of dated December 14, lease.
IHC/Denver Partnership, 1994.
L.P.
------------------------------------------------------------------------------------------------------------------------------------
Hilton Inns, Inc. (cont.) Wyndham International Columbus Hilton Hilton Inns, Inc. (S)9b - Franchisor has
Operating Partnership, (100% Owned) License Agreement ROFR to purchase or
L.P. as assignee of IHC dated June 12, 1981, lease. (An undated and
Realty Partnership, L.P. as amended. unexecuted amendment in
the file provides in
(S)3 thereof for ROFR
to purchase or lease.)
------------------------------------------------------------------------------------------------------------------------------------
46
PATRIOT AMERICAN
OPTIONS/RIGHT OF FIRST REFUSAL PROVISIONS IN FRANCHISE AGREEMENTS
Relating to Properties (Owned or Leased)
----------------------------------------
PART II
HOTEL PROPERTY FRANCHISOR FRANCHISEE DOCUMENT (S) REFERENCE
PAH Hilton Inn Xxxxxxxxx Xxxxxx Inns, Inc. CHC Lease Partners License Agreement dated (S) 9(b), 9(e) Transfer of a
South September 28, 1995 controlling interest in the
Licensee (gives rise to a
ROFR in favor of the Licensor.
------------------------------------------------------------------------------------------------------------------------------------
PAH Radisson Hotel & Radisson Hotels CHC Lease Partners License Agreement effective (S) 9(b), 9(e) Transfer of a
Suites T&C Houston International, Inc. 10/2/95 not available - controlling interest in the
Summary herein from Licensee gives rise to a ROFR
11/30/90 agreement) in favor of the Licensor.
------------------------------------------------------------------------------------------------------------------------------------
47
OPTIONS/RIGHT OF FIRST REFUSAL AND SIMILAR RIGHTS IN MISCELLANEOUS AGREEMENTS
PROPERTY/ENTITY DOCUMENT (S) REFERENCE
--------------------------------------------------------------------------------------------------------------------------------
Golden Door Spa Amendment Number Three To Agreement of Purchase (S)9.2(a) If Purchasers desire to offer the Spa
and Sale dated May 28, 1998. or the Art (any of the items of art listed on
Exhibit 1D) for sale with any third party,
Amendment Number Two To Agreement of Purchase and Xxxxxxx Xxxxxxx and Xxxxxxxxx Xxxxxxx must be
Sale dated May 28, 1998. given notice of such decision. During the thirty
day period following such notice, either Xxxxxxx
Amendment Number One To Agreement of Purchase and will attempt to negotiate a mutually satisfactory
Sale dated February 19, 1998. agreement for the purchase of the Spa or the Art.
After the expiration of such thirty day period,
Agreement of Purchase and Sale dated February 19, if a mutually acceptable agreement is not
1998. reached, Purchasers may freely sell the Spa or
the Art.
Purchasers: Patriot American Hospitality, Inc. and
Wyndham International, Inc. (S)9.2(b) The ROFO is to purchase only the
physical assets (and not the name "Golden Door
Sellers: Golden Door, LLC and Deer Springs Ranch, Spa" or related trademarks) located at the
LLC Escondido, CA location only, and shall only apply
if the Spa is sold separately, and not in
connection with (i) a transfer to any Affiliated
Company (any other entity which is, along with
any Seller, a member of a controlled group of
corporations or a controlled group of trades or
businesses as defined in (S)414(b) or (c) of the
Internal Revenue Code, any entity which along
with any Seller is included in an affiliated
service group as defined in (S)414(m) of the
Internal Revenue Code, and any other entity which
is required to be aggregated with any Seller
pursuant to Treasury Regulations under (S)414(o)
of the Internal Revenue Code), (ii) a corporate
transaction involving the concurrent sale of
other Golden Door Spa assets and/or locations, or
(iii) a multi-asset transaction. Any successor to
Purchasers shall be bound by ROFO.
(S)9.2(c) Terms of ROFO with respect to Art.
(S)9.2(d) ROFO is personal to each of the
Szekelys.
(S)9.1 of the Purchase and Sale Agreement states
that if any one of Xxxxxxx Xxxxxxx, Xxxxxxxxx
Xxxxxxx or Xxxxx Xxxxx Brightwood (each a "Rancho
Owner") decides to offer their ownership
interests in Rancho or in the name "Rancho La
Puerte Spa" for sale to a third party, such
Rancho Owners will give Purchaser (PAH
Acquisition Corporation) notice of such decision.
Exhibit 1C of the Purchase and Sale Agreement
(copy of the Exhibit not attached) refers to
non-compete agreements executed by each of the
officers, directors and shareholders or members
of each Seller (Golden Door, LLC, Golden Door,
and Deer Springs Ranch, LLC).
----------------------------------------------------------------------------------------------------------------------------------
48
SCHEDULE VI
UNRESTRICTED ASSETS AND UNRESTRICTED SUBSIDIARIES
------------------------------------------------------------------------------------------------------------------------------------
Unrestricted Asset Owner Unrestricted Subsidiaries/1/
------------------------------------------------------------------------------------------------------------------------------------
Villa Saletta development site Fattoria Villa Saletta SRL [100%] Fattoria Villa Saletta SRL
------------------------------------------------------------------------------------------------------------------------------------
Bessy I development site Chateau de Bessy SA [54.7%] Chateau de Bessy SA
------------------------------------------------------------------------------------------------------------------------------------
Xxxxx XX development site The Transatlantic Hotel Company SARL [100%] The Transatlantic Hotel Company SARL
------------------------------------------------------------------------------------------------------------------------------------
Club Zaudin golf course Al Jarafe Golf, SA [10%] [Al Jarafe Golf, SA]
Interest held by Arcadian Group Services Limited [100%]
------------------------------------------------------------------------------------------------------------------------------------
Mentmore golf & country club Mentmore Golf & Country Club, Plc [10%] [Mentmore Golf & Country Club, Plc]
Interest held by Arcadian International Limited [100%]
------------------------------------------------------------------------------------------------------------------------------------
European timeshare company Beleggingsmaat-Schappij Stako-II BV [18.6%] [Beleggingsmaat-Schappij Stako-II BV]
Interest held by Arcadian Group Services Limited [100%]
------------------------------------------------------------------------------------------------------------------------------------
Bouffemont development site Arcadian Hotel Bouffement SARL [100%] Arcadian Hotel Bouffement SARL
------------------------------------------------------------------------------------------------------------------------------------
DeGressy Hotel Hotel Gressy SNC [25%] Arcadian Properties SNC
Interest held by Arcadian Properties SNC [100%]
------------------------------------------------------------------------------------------------------------------------------------
El Conquistador additional ESJ Hotel Corporation [100%] None
land
------------------------------------------------------------------------------------------------------------------------------------
Myrtle Beach additional land Patriot American Hospitality Partnership, LP [100%] None
------------------------------------------------------------------------------------------------------------------------------------
Border's leasehold Patriot American Hospitality, Inc. [100%] None
[landlord's interest]
------------------------------------------------------------------------------------------------------------------------------------
Boulders commercial access Boulders Joint Venture [100%] None
strip
------------------------------------------------------------------------------------------------------------------------------------
Stanly Ranch development site PAH Stanly Ranch LLC [100%] PAH Stanly Ranch LLC
------------------------------------------------------------------------------------------------------------------------------------
Xxxxxxx del Mar Westshaw Associates, LP [50%] Patriot Bougainvillea LLC [100% Sub]
Interest held by Patriot Bougainvillea LLC [100%]
------------------------------------------------------------------------------------------------------------------------------------
Dos Pueblos golf course, CPH-PAH Dos Pueblos Associates, LLC [4%] [CPH-PAH Dos Pueblos Associates, LLC]
Santa Xxxxxxx Interest held by Patriot American Hospitality Partnership,
LP [100%]
------------------------------------------------------------------------------------------------------------------------------------
Xxxxx Steakhouse franchising Xxxxx'x Steak Houses, LP [49%] W-SSH, LLC
venture Interest held by W-SSH, LLC [100%]
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Unrestricted Asset Owner Unrestricted Subsidiaries/1/
------------------------------------------------------------------------------------------------------------------------------------
Bay Xxxxxxx contingent Patriot American Hospitality, Inc. [100%] None
deferred sale price
------------------------------------------------------------------------------------------------------------------------------------
Interstate assets and other Interstate Hotels, LLC [55%] PAH-Interstate Holdings, Inc.
businesses Interest held by PAH-Interstate Holdings, Inc. [100%] [Interstate Hotels Corporation]
Interstate Hotels Corporation [4%]
1% interest held by PAH-Interstate Holdings, Inc. [100%]
1% interest held by Patriot American Hospitality, Inc.
------------------------------------------------------------------------------------------------------------------------------------
Hyatt Lexington Patriot American Hospitality Partnership, LP [100%] None
------------------------------------------------------------------------------------------------------------------------------------
Redmont Hotel Patriot American Hospitality Partnership, LP [100%] None
------------------------------------------------------------------------------------------------------------------------------------
Grand Heritage Mayfair Patriot American Hospitality Partnership, LP [100%] None
------------------------------------------------------------------------------------------------------------------------------------
Xxx Xxxxx Hotel Xxx Xxxxx Resort Hotel, Ltd. [13%] [Xxx Xxxxx Resort Hotel, Ltd.]
12% interest held by Xxx Xxxxx Holdings LLC [100%] Xxx Xxxxx Holdings LLC
1% interest held by PAH Franchise Holding, Inc. [100%]
------------------------------------------------------------------------------------------------------------------------------------
Manhattan Beach Marriott HMC/Interstate Manhattan Beach, LP [25%] [HMC/Interstate Manhattan Beach, LP]
Interest held by PAH Franchise Holding, Inc, [100%]
------------------------------------------------------------------------------------------------------------------------------------
Pittsburgh Marriott Center Host/Interstate Partnership, LP [5%] IHC Pittsburgh Partnership, LP
Interest held IHC Pittsburgh Partnership, LP [100%]
------------------------------------------------------------------------------------------------------------------------------------
Santa Xxxxx Santa Xxxxx Joint Venture [50%] IHC Santa Xxxxx Corporation
Interest held by IHC Santa Xxxxx Corporation [100%]
------------------------------------------------------------------------------------------------------------------------------------
Waterford Marriott Interstate/HMC Waterford, LP [25%] [Interstate/HMC Waterford, LP]
Interest held by PAH Franchise Holding, Inc. [100%]
------------------------------------------------------------------------------------------------------------------------------------
Ontario Marriott HMC/Interstate Ontario, LP [10%] [HMC/Interstate Ontario, LP]
Interest held by PAH Franchise Holding, Inc. [100%]
------------------------------------------------------------------------------------------------------------------------------------
Clubhouse Westmont Westmont CI Associates, LP [9.0909%] PAH-Westmont CI Holding, Inc.
Interest held by PAH-Westmont CI Holding, Inc. [100%]
------------------------------------------------------------------------------------------------------------------------------------
Clubhouse Pittsburgh Marquis Hotel Associates [50%] Pittsburgh CI, Inc.
Interest held by Pittsburgh CI, Inc. [100%]
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Columbus Dublin Inn, Ltd. [30%] WHC Columbus Corporation
Interest held by WHC Columbus Corporation [100%]
------------------------------------------------------------------------------------------------------------------------------------
Note 1 Entities shown in brackets in this column are "Joint Ventures" rather
than "Subsidiaries"
Schedule VII - Existing Letters of Credit
-----------------------------------------
Letters of Credit
-----------------
Issuer Amount Project Party Expires
-------- ---------- ----------- --------------------------------------------------- --------
Chase 9,794,281 Vinings Wyndman Vinings Industrial Development Revenue Bond 2/15/00
Chase 6,319,000 Summerfield Innkeepers USA LP 6/18/00
Chase 4,600,000 Arcadian Lloyds Bank Plc 12/31/99
Chase 3,700,000 Arcadian Coutes & Co. 5/13/99
-------- ---------- ----------- --------------------------------------------------- --------
Total: 24,413,281
Schedule VIII
Consents; Filing
None.
LITIGATION
------------------------------------------------------------------------------------------------------------------------------------
Schedule IX - Litigation
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
ACTION CLAIMANT COURT OR DESCRIPTION DATE
AGENCY FILED/SERVED
------------------------------------------------------------------------------------------------------------------------------------
Xxxxxxx Xxxxxxx Court of Plaintiffs allege individual Defendants wrongfully acted in Filed 1/12/99
Xxxxxxxxxx et Xxxxxxxxxx Chancery of effectively selling control of the Company to the Apollo
al vs. PAH/WYN et al the State of Acquisition Group for grossly inadequate consideration (the
Delaware, New "Refinancing") without first having adequately considered or
*class action Castle County explored all other alternatives to this sale or having taken
lawsuit steps to have maximized shareholder value.
------------------------------------------------------------------------------------------------------------------------------------
Xxxxxxx, et al, Xxxxx USDC-Northern Putative securities class action case filed on behalf of Filed 5/7/99
v. PAH/XXX Xxxxxxx, et District of class of former shareholders of Bay Xxxxxxx and California
al California Jockey Club who subsequently became shareholders of Patriot/
*Putative class Wyndham alleging securities fraud under Rule 106-B of the
action lawsuit 1934 act and violation of section 11 and section 12(2) of the
1933 act in connection with the acquisition of Bay Xxxxxxx
and California Jockey Club.
------------------------------------------------------------------------------------------------------------------------------------
Xxxxx Xxxxxx, Xxxxx Xxxxxx, USDC for Allegations similar to those in the Xxxxxxx putative class Filed 5/14/99
et al v. et. Al Northern action lawsuit. Same defendants, class, and court named.
PAH/WYN District of Plaintiff's claim as damages the loss of value in Patriot
California stock received by former Bay Xxxxxxx shareholders in exchange
*Putative class for their stock, as well as the loss of the valuable assets
action lawsuit previously owned by Bay Xxxxxxx, including the land and
racetracks.
------------------------------------------------------------------------------------------------------------------------------------
Xxxxxxxxxx Xxxxxxxxxx USDC for Allegations similar to those in the Xxxxxxx putative class Filed 6/11/99
Sola, et xx Xxxx, et al. Northern action lawsuit. Same defendants, class, and court named.
v. PAH/WYN District of Plaintiff's claim as damages the loss of value in Patriot
California stock received by former Bay Xxxxxxx shareholders in exchange
*Putative class for their stock, as well as the loss of the valuable assets
action lawsuit previously owned by Bay Xxxxxxx, including the land and
racetracks.
------------------------------------------------------------------------------------------------------------------------------------
LITIGATION
----------------------------------------------------------------------------------------------------------------------------------
ACTION CLAIMANT COURT OR DESCRIPTION DATE
AGENCY FILED/SERVED
-----------------------------------------------------------------------------------------------------------------------------------
Xxxxx X. Xxxxxx Xxxxx X. Xxxxxx USDC for Allegations similar to those of the Xxxxxxx putative class Filed
et al vs. et al Northern action lawsuit filed on behalf of class of former shareholders 6/15/99
PAH/WYN et al District of Bay Xxxxxxx and California Jockey Club and subsequently
of Texas - became shareholders of Patriot/Wyndham alleging securities
Dallas fraud under Rule 10-B of the 1934 act and violation of section
Division 11 and section 12(2) of the 1933 act in connection with the
acquisition of Bay Xxxxxxx and California Jockey Club.
----------------------------------------------------------------------------------------------------------------------------------
Xxxxxxx Xxxxxxxxx Xxxxxxx USDC for The nature of this action is for false and misleading Filed
et al vs. PAH/WII Xxxxxxxxx Northern statements made under the SEC Act of 1934. 6/23/99 -
and Xxxxx District Serve
Xxxxxxxx & Xxxx of Texas - 6/24/99
Xxxxxxxx Xxxxxx
Division
----------------------------------------------------------------------------------------------------------------------------------
Xxxxx Xxxxxxx Xxxxx USDC for The nature of this action is for false and misleading Filed
et al vs. Xxxxxxx Northern statements made under the SEC Act of 1934. 6/22/99 -
PAH/WII and District Serve
Xxxxx Xxxxxxxx of Texas - 6/24/99
& Xxxx Xxxxxxxx Dallas
Division
----------------------------------------------------------------------------------------------------------------------------------
*The Borrower and the Lenders acknowledge that the aforementioned matters
are each in their preliminary stages, and therefore, the Company
acknowledges that this Schedule is without prejudice to the rights of the
Lenders under Section 4.02(a) with respect to the Company's
representations set forth in Section 3.02 (no Material Adverse Change).
Page 2
SCHEDULE X -- OWNED & LEASED HOTELS
Entity Primary Allocation
Hotel Name Owner/Lessee Type Interest %
------------------------------------------------------------------------------------------------------------------------------------
Arcadian Brandsthatch Place Arcadian Hotels (UK) Limited Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Arcadian Chilston Park Chilston Park Limited Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Arcadian Ettington Park Ettington Park Group Limited Sub Lease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Arcadian Xxxxxxx Arcadian Hotels (UK) Limited & Tillion Limited Sub Lease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Arcadian L'Horizon Hotel L'Horizon Limited Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Arcadian Manoir DeGressy Hotel Gressy SNC JV Fee 25.00
------------------------------------------------------------------------------------------------------------------------------------
Arcadian Mollington Banastre The Mollington Banastre Hotel Limited Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Arcadian Nutfield Priory Arcadian Hotels (UK) Limited Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Arcadian Priest House Arcadian International Limited Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Arcadian Rookery Arcadian Hotels (UK) Limited Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Arcadian Wood Hall Arcadian International Limited Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Arcadian Woodlands Park Arcadian Hotels (UK) Limited Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Clubhouse Albuquerque Albuquerque CI Associates, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Clubhouse Atlanta Atlanta CI Associates, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Clubhouse Nashville Airport Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Clubhouse Nashville Downtown Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Clubhouse Overland Park Overland Park CI Associates, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Clubhouse Pittsburgh Marquis Hotel Associates JV Fee 50.00
------------------------------------------------------------------------------------------------------------------------------------
Clubhouse Savannah Savannah CI Associates, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Clubhouse Topeka Topeka CI Associates, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Clubhouse Valdosta Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Clubhouse Westmont Westmont CI Associates, LP JV Fee 9.0909
------------------------------------------------------------------------------------------------------------------------------------
Crowne Plaza Ravinia Ravinia, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Xxx Xxxxx Resort Xxx Xxxxx Resort Hotel, Ltd. JV Fee 13.00
------------------------------------------------------------------------------------------------------------------------------------
Doubletree Xxxxx Center PAH-XX Xxxxx Partners, LP Sub Fee 85.00
------------------------------------------------------------------------------------------------------------------------------------
Entity Primary Allocation
Hotel Name Owner/Lessee Type Interest %
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Doubletree Anaheim PAH-XX Xxxxx Partners, LP Sub Fee 85.00
------------------------------------------------------------------------------------------------------------------------------------
Doubletree Denver/Boulder DT-Denver, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Doubletree Des Plaines DT-Des Plaines , LLC Sub Fee 90.00
------------------------------------------------------------------------------------------------------------------------------------
Doubletree Glenview DT-Glenview, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Doubletree Luxeford PAH-DT Minneapolis Suites Partners, LP Sub Fee 90.00
------------------------------------------------------------------------------------------------------------------------------------
Doubletree Miami Airport DT-Miami, LP Sub Fee 90.00
------------------------------------------------------------------------------------------------------------------------------------
Doubletree Overland Park PAH-XX Xxxxx Partners, LP Sub Fee 85.00
------------------------------------------------------------------------------------------------------------------------------------
Doubletree Park Place PAH-DT Park Place Partners, LP Sub Fee 90.00
------------------------------------------------------------------------------------------------------------------------------------
Doubletree Post Oak PAH-XX Xxxxx Partners, LP Sub Lease 85.00
------------------------------------------------------------------------------------------------------------------------------------
Doubletree St. Louis PAH-XX Xxxxx Partners, LP Sub Fee 85.00
------------------------------------------------------------------------------------------------------------------------------------
Doubletree Tallahassee DT-Tallahassee, LP Sub Fee 90.00
------------------------------------------------------------------------------------------------------------------------------------
Doubletree Tulsa PAH-XX Xxxxx Partners, LP Sub Fee 85.00
------------------------------------------------------------------------------------------------------------------------------------
Embassy Suites Chicago Chicago-ES, LLC Sub Lease 98.7951
------------------------------------------------------------------------------------------------------------------------------------
Embassy Suites Xxxx Valley PA Xxxx Valley Investors, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Embassy Suites Phoenix N ES Phoenix, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Embassy Suites Schaumburg ES Schaumburg, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Fort Xxxxxxxx IHC Realty Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Grand Bay, Carmel Valley CV Ranch, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Grand Bay Chicago North Michigan [not yet open] Block 125 North Hotel Venture, LLC JV Fee 19.90
------------------------------------------------------------------------------------------------------------------------------------
Grand Bay Golden Door Spa Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Grand Bay Miami PAH-Grand Bay Miami, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Grand Bay, Peaks at Telluride Telluride Resort & Spa, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Grand Bay, The Boulders Boulders JV Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Grand Bay, Ventana Canyon PAH Ventana Canyon, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Grand Heritage Pickwick Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Grand Heritage Redmont Patriot American Hospitality Partnership, LP Sub Lease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Entity Primary Allocation
Hotel Name Owner/Lessee Type Interest %
------------------------------------------------------------------------------------------------------------------------------------
Hilton Cleveland South H-Cleveland, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Hilton Columbus H-Columbus, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Hilton Del Mar H-Xxxxxx, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Hilton Denver IHC/Denver Partnership, LP Sub Fee 90.00
------------------------------------------------------------------------------------------------------------------------------------
Hilton Ft. Lauderdale Interstone/PAH Partners, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Hilton Huntington Xxxx-Xxxx, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Hilton Melbourne H-Melbourne, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Hilton Newark H-Gateway, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Hilton Parsippany Parsippany, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Holiday Inn Aristocrat Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Holiday Inn Brentwood IHC Realty Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Holiday Inn Lenox Patriot American Hospitality Partnership, LP Sub Lease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Holiday Inn North Dallas Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Holiday Inn NW Houston Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Holiday Inn NW Plaza Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Holiday Inn San Xxxxxx Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Holiday Inn San Francisco Airport Patriot American Hospitality, Inc. Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Holiday Inn Westlake PAH-Westlake, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Holiday Inn YO Ranch YO Hotel Investors, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Hyatt Lexington Patriot American Hospitality Partnership, LP Sub Lease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Hyatt Newporter Patriot American Hospitality Partnership, LP Sub Lease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Malmaison Edinburgh The Malmaison Company (Edinburgh) Limited Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Malmaison Glasgow The Malmaison Hotel (Glasgow) Limited Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Malmaison Leeds The Malmaison Hotel (Leeds) Limited Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Malmaison Manchester The Malmaison Hotel (Manchester) Limited Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Malmaison New Castle The Malmaison Hotel (New Castle) Limited Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Entity Primary Allocation
Hotel Name Owner/Lessee Type Interest %
------------------------------------------------------------------------------------------------------------------------------------
Marriott Albany IHP Holdings Partnership, LP JV Fee 49.3858
------------------------------------------------------------------------------------------------------------------------------------
Marriott Andover [conversion to Wyndham] Interstone/PAH Partners, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Marriott Arlington [conversion to Wyndham] IHC Realty Partnership, LP Sub Lease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Marriott Atlanta IHC Realty Partnership, LP Sub Lease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Marriott Casa Marina [conversion to Wyndham Resort] Casa Marina Realty Partnership, LP Sub Fee 98.6063
------------------------------------------------------------------------------------------------------------------------------------
Marriott Colorado Springs IHC Realty Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Marriott Courtyard Beachwood [conversion to Wyndham] PAH Beachwood I, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Marriott Harrisburg Swatara Associates Sub Fee 97.9636
------------------------------------------------------------------------------------------------------------------------------------
Marriott Houston IHC/Houston Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Marriott Indian River IHC Realty Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Marriott Manhattan Beach HMC/Interstate Manhattan Beach, LP JV Fee 25.00
------------------------------------------------------------------------------------------------------------------------------------
Marriott Minneapolis IHP Holdings Partnership, LP JV Fee 49.3858
------------------------------------------------------------------------------------------------------------------------------------
Marriott Ontario Airport HMC/Interstate Ontario, LP JV Fee 10.00
------------------------------------------------------------------------------------------------------------------------------------
Marriott Philadelphia IHC/Conshohocken Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Marriott Pittsburgh Airport Park West Hotel Associates Sub Fee 97.8038
------------------------------------------------------------------------------------------------------------------------------------
Marriott Pittsburgh Center Host/Interstate Partnership, LP JV Lease 5.00
------------------------------------------------------------------------------------------------------------------------------------
Marriott Reach Resort Key West Reach Limited Partnership Sub Fee 97.1192
------------------------------------------------------------------------------------------------------------------------------------
Marriott Roanoke [conversion to Wyndham] IHC Realty Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Marriott San Diego IHP Holdings Partnership, LP JV Fee 49.3858
------------------------------------------------------------------------------------------------------------------------------------
Marriott St. Xxxxx Xxxx [conversion to Wyndham] Maryville Center Hotel JV JV Fee 50.00
------------------------------------------------------------------------------------------------------------------------------------
Marriott Syracuse [conversion to Wyndham] Syracuse Realty Associates, LP Sub Fee 94.00
------------------------------------------------------------------------------------------------------------------------------------
Marriott Xxxx Mar-Ty, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Marriott Tysons Corner Interstone/PAH Partners, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Marriott Valley Forge Interstone/PAH Partners, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Marriott Warner Center [conversion to Wyndham] Interstone/CGL (WC) Partners, LP Sub Fee 65.00
------------------------------------------------------------------------------------------------------------------------------------
Marriott Waterford HMC/Interstate Waterford, LP JV Fee 25.00
------------------------------------------------------------------------------------------------------------------------------------
Entity Primary Allocation
Hotel Name Owner/Lessee Type Interest %
------------------------------------------------------------------------------------------------------------------------------------
Marriott Westborough IHC Realty Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Newark Airport [closed] Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Omni Baltimore Xxxxxx Real Estate Group JV Sub Fee 65.48
------------------------------------------------------------------------------------------------------------------------------------
Radisson Akron PAH-Akron, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Radisson Beachwood PAH-Beachwood II, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Radisson Burlington Rad-Xxxx, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Radisson Dallas Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Radisson Englewood IHC Realty Partnership, LP Sub Lease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Radisson Houston West R-Houston, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Radisson Jacksonville Marina Hospitality, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Radisson Kansas City Kansas City Hospitality, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Radisson Lisle R-Lisle, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Radisson New Orleans 1500 Canal Street Investors II, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Radisson Northbrook Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Radisson Overland Park Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Radisson San Xxxx Rad-Xxxx, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Ramada Inn San Francisco Airport Patriot American Hospitality Partnership, LP Sub Lease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Santa Xxxxx Hotel Santa Xxxxx Joint Venture JV Fee 50.00
------------------------------------------------------------------------------------------------------------------------------------
Sheraton Four Points Blacksburg IHC Realty Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Sheraton Four Points Saginaw Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Sierra Suites Atlanta Cumberland Patriot American Hospitality Partnership, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Sierra Suites Fair Oaks Fair Oaks Sierra Associates, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Sierra Suites Phoenix Camelback Patriot American Hospitality Partnership, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Sierra Suites Westborough Patriot American Hospitality Partnership, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Xxxxxxx Xxxxxxxxxxx Hotel Leasing Company, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Atlanta Buckhead Summerfield HPT Lease Company, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Entity Primary Allocation
Hotel Name Owner/Lessee Type Interest %
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Atlanta Perimeter Summerfield HPT Lease Company, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Belmont Patriot American Hospitality Partnership, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Chatsworth Summerfield HPT Lease Company, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Denver Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Dulles Airport Summerfield HPT Lease Company, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites El Xxxxxxx Xxxxxxxxxxx Hotel Leasing Company, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Hanover Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites International Drive Xxxxxxx Xxxxxxxxxxx HPT Lease Company, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Lake Buena Vista Summerfield HPT Lease Company, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Las Colinas Patriot American Hospitality Partnership, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Malvern Summerfield HPT Lease Company, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Miami Airport [not yet open] Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Morristown Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Mount Xxxxxx Xxxxxxxxxxx Hotel Leasing Company, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Plaza Park Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Princeton Summerfield HPT Lease Company, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites San Francisco Airport Summerfield HPT Lease Company, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites San Xxxx Xxxxxxxxxxx HPT Lease Company, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Schaumburg Summerfield HPT Lease Company, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Somerset Summerfield HPT Lease Company, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites St. Louis Westport Summerfield HPT Lease Company, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Sunnyvale Summerfield HPT Lease Company, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Xxxxxxxx Xxxxxxxxxxx HPT Lease Company, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Waltham Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites West Hollywood Patriot American Hospitality Partnership, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Sunrise Suites Tinton Falls Patriot American Hospitality Partnership, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Entity Primary Allocation
Hotel Name Owner/Lessee Type Interest %
------------------------------------------------------------------------------------------------------------------------------------
WestCoast Long Beach Patriot American Hospitality Partnership, LP Sub Lease 100.00
------------------------------------------------------------------------------------------------------------------------------------
WestCoast Park Shore Patriot American Hospitality Partnership, LP Sub Lease 100.00
------------------------------------------------------------------------------------------------------------------------------------
WestCoast Valley River Inn Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Atlanta American [not yet opened] Atlanta American Hotel Investors, LP Sub Fee 70.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Batterymarch [not yet opened] PAH Batterymarch Realty Company, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Bel Age Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Billerica PAH Billerica Realty Company, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Bristol Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Buttes W-Buttes, LLC Sub Lease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Chicago St. Clair Oxford/Wyn 633 Investment Company, LLC JV Lease 50.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Columbus Dublin Inn, Ltd JV Fee 30.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Emerald Plaza W-Emerald, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Xxxxxxx Xxxxxxxx Plaza W-Xxxxxxxx, XX Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Ft. Lauderdale Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Gateway Miami PAH-River House, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Greenspoint W-Greenspoint, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Harbour Island WH Interest, Inc. Sub CapLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Northwest Chicago WCHNW, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Peachtree Wyndham Peachtree, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Riverfront Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Salt Lake City Salt Lake City Partnership, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Toledo Toledo Hotel Investors, LP Sub Lease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Xxxxxxx Xxxxxxxxxx Xxxx Xxxxxx Xxxx Xxxxxx Partnership, LP Sub Fee 92.50
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Washington DC IHC Realty Partnership, LP Sub Fe 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Westshore PAH-Tampa, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Windwatch PAH Windwatch, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Entity Primary Allocation
Hotel Name Owner/Lessee Type Interest %
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Atlanta Midtown W-Garden Atlanta, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Atlanta Perimeter GHALP Partnership, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Bloomington GHALP Partnership, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Bothell GHALP Partnership, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Brookfield W-Brookfield, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Xxxxxxxx GHALP Partnership, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Charlotte W-Charlotte, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Commerce W-Commerce, LLC Sub Lease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Dallas Market Center Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Dallas Park Central Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Indianapolis W-Indiana, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Kansas City Airport Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Knoxville Knoxville CI Associates, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden LaGuardia Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Las Colinas W-Colinas, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Naperville GHALP Partnership, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Nashville GHALP Partnership, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden North Phoenix GHALP Partnership, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Novi W-Novi, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Omaha Omaha CI Associates LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Overland Park Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Phoenix Airport GHALP Partnership, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Pleasanton W-Pleasanton, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Xxxxxxxxxx W-Xxxxxxxxxx, XX Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Richmond Patriot American Hospitality Partnership, LP Sub CapLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden San Diego GHALP Partnership, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Schaumburg W-Schaumburg, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Entity Primary Allocation
Hotel Name Owner/Lessee Type Interest %
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Sea-Tac GHALP Partnership, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden St. Louis St.Louis CI Associates, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Sunnyvale GHALP Partnership, LP Sub OpLease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Vinings Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Wichita Wichita CI Associates, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Garden Wood Xxxx W- Wood Xxxx, LLC Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Grand Heritage Ambassador West Patriot American Hospitality, Inc. Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Grand Heritage Bourbon Orleans Bourbon Orleans Investors II, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Grand Heritage Fairmont Patriot American Hospitality Partnership, LP Sub Lease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Grand Heritage Mayfair Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Grand Heritage Tremont House Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Grand Heritage Xxxxxxxx Patriot American Hospitality Partnership, LP Sub Lease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Grand Heritage Union Station Patriot American Hospitality, Inc. Sub Lease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Resort Buena Vista Palace Royal Palace Hotel Associates Sub Lease 95.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Resort Condado Plaza Xxxxxxx de Puerto Rico Associates, Inc. Sub Fee & Lease 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Resort El Conquistador El Conquistador Partnership, LP Sub Fee & 100.00
Grand Bay Las Casitas Lease
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Resort El San Xxxx Xxxxxxx de San Xxxx Associates Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Resort Miami Beach IHC/Miami Beach Corporation Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Resort Myrtle Beach Patriot American Hospitality Partnership, LP Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Resort, Regency Hotel [closed] Xxxxxxx de Regency, Inc. Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Resort Xxxx Xxxx Xxxx Xxxx Associates Limited Partnership Sub Fee 100.00
------------------------------------------------------------------------------------------------------------------------------------
[Wyndham] Great Eastern [not yet opened] The Great Eastern Hotel Company Limited JV Lease 50.00
------------------------------------------------------------------------------------------------------------------------------------
Owned and leased real estate held by subsidiaries of Interstate Hotels, LLC
[Unrestricted Subsidiary] intentionally excluded.
"Primary Interest" reflects form of ownership of principal asset; facilities
leases and easement rights are excluded.
Lease = conventional ground lease or building lease. OpLease = operating lease.
CapLease = capital lease.
SITES WITHOUT "HOTELS": DEVELOPMENT SITES & OTHER REAL PROPERTY INTERESTS
Entity Primary Allocation
Hotel Name Owner/Lessee Type Interest %
-----------------------------------------------------------------------------------------------------------------------------
Arcadian Villa Saletta [development site] Fattoria Villa Saletta SRL Sub Fee 100.00
-----------------------------------------------------------------------------------------------------------------------------
Border's site [ground lease to retail tenant] Patriot American Hospitality, Inc. Sub Fee 100.00
-----------------------------------------------------------------------------------------------------------------------------
Bouffemont [development site] Arcadian Hotel Bouffemont SARL Sub Fee 100.00
-----------------------------------------------------------------------------------------------------------------------------
Chateau de Xxxxx XX [development site] The Transatlantic Hotel Company SARL Sub Fee 100.00
-----------------------------------------------------------------------------------------------------------------------------
Chateau de Bessy I [development site] Chateau de Bessy SA Sub Fee 54.70
-----------------------------------------------------------------------------------------------------------------------------
Club Zaudin [golf course] Al Jarafe Golf SA JV Fee 10.00
-----------------------------------------------------------------------------------------------------------------------------
El Conquistador additional land ESJ Hotel Corporation Sub Fee 100.00
-----------------------------------------------------------------------------------------------------------------------------
Xxxxxx Row Company [timeshare units] Beleggingsmaat-Schappij Stako JV JV Fee 18.60
-----------------------------------------------------------------------------------------------------------------------------
Dos Pueblos Golf Course [under development] CPH-PAH Dos Pueblos Associates, LLC JV Fee 4.00
-----------------------------------------------------------------------------------------------------------------------------
Xxxxxxx del Mar [lots, golf course & hotel site] Westshaw Associates, LP JV Fee 50.00
-----------------------------------------------------------------------------------------------------------------------------
Mentmore Golf & Country Club Mentmore Golf & Country Club PLC JV Fee 10.00
-----------------------------------------------------------------------------------------------------------------------------
Stanly Ranch [development site] PAH-Stanly Ranch, LLC Sub Fee 100.00
-----------------------------------------------------------------------------------------------------------------------------
Schedule XI - Existing Indebtedness
Ownership
Lender Property / Facility % Borrower
CSFB Conduit Embassy Suites Chicago 98.80% Chicago-ES, LLC
NatWest Great Eastern 50.00% The Great Eastern Hotel Company Limited
COPARC Gressy Term Loan 25.00% Hotel Gressy SNC
Coutts Consortium Malmaison Facilities 100.00% The Malmaison Limited
Malmaison Leeds 100.00% The Malmaison Company (Leeds) Limited
Malmaison Edinburgh 100.00% The Malmaison Hotel (Edinburgh) Limited
Malmaison Glasgow 100.00% The Malmaison Hotel (Glasgow) Limited
Malmaison Manchester 100.00% The Malmaison Hotel (Manchester) Limited
Malmaison New Castle 100.00% The Malmaison Hotel (New Castle) Limited
Credit Lyonnais Marriott Casa Marina 100.00% Casa Marina Realty Partnership, LP
Mass Mutual Marriott Xxx Xxxxx Resort 13.00% Xxx Xxxxx Resort Hotel, Ltd.
Credit Lyonnais Marriott Harrisburg 97.96% Swatara Associates
Mass Mutual Marriott Pittsburgh Airport 97.80% Park West Hotel Associates
M. Fine/X. Xxxxxx et al Marriott Reach Resort 97.12% Key West Reach Limited Partnership
Mass Mutual Marriott Reach Resort 97.10% Key West Reach Limited Partnership
Bank of the Keys Marriott Santa Xxxxx 50.00% Santa Xxxxx Joint Venture
Lincoln National Bank Marriott St. Xxxxx Xxxx 50.00% Maryville Center Hotel JV
Mass Mutual Marriott Syracuse 94.00% Syracuse Realty Associates, LP
CIGNA Marriott Warner Center 65.00% Interstone/CGL (WC) Partners, LP
Bank One Arizona, XX Xxxxxxx Del Mar - Golf Course 50.00% Westshaw Associates, LP
Bank One Arizona, XX Xxxxxxx Del Mar - Residential 50.00% Westshaw Associates, XX
Xxxxxxx National Bank Radisson Beachwood 100.00% PAH-Beachwood II, LLC
Cassa di Risparmia di Lucca Saletta Term Loan 100.00% Fattoria Villa Saletta SRL
Finova Capital The Lodge at Ventana Canyon 100.00% PAH Ventana Canyon, LP
GMAC Wyndham Atlanta American 70.00% Atlanta American Hotel Investors, LP
Beacon Capital Wyndham Batterymarch 100.00% PAH Batterymarch Realty Company, LLC
Nomura Asset Capital Corp. Wyndham Buena Vista Palace 95.00% Royal Palace Hotel Associates
Xxxxx Xxxxxx Xxxxxxx Chicago St. Claire 50.00% Oxford/WYN 633 Investment Compnay, LLC
Huntington Bank Wyndham Dublin (Columbus) 30.00% Dublin Inn, Ltd
Citibank Wyndham El Conquistador 100.00% El Conquistador Partnership, LP
Government Development Bank Wyndham El Conquistador 100.00% El Conquistador Partnership, LP
Bank of Nova Scotia Wyndham El San Xxxx 100.00% Xxxxxxx de San Xxxx Associates
CSFB Conduit Wyndham Greenspoint 100.00% W-Greenspoint, LP
CSFB Conduit Wyndham Peachtree 100.00% Wyndham Peachtree, LLC
Republic Bank Wyndham Garden Billerica 100.00% PAH Billerica Realty Company, LLC
Development Authority of Xxxx County Wyndham Garden Vinings 100.00% Patriot American Hospitality Partnership, LP
Capital Leases
Harbour Island Capital Lease 100.00% WH Interest, Inc.
Richmond Garden Capital Lease 100.00% Patriot American Hospitality Partnership, LP
Other Capital Leases 100.00%
ISIS Capital Leases 100.00%
Letters of Credit
The Chase Manhattan Bank Arcadia
The Chase Manhattan Bank Arcadia
The Chase Manhattan Bank Summerfield
The Chase Manhattan Bank Vinings
Secured /
Lender Maturity Unsecured Liability Guarantor
CSFB Conduit 10/16/08 S Non-Recourse N/A
NatWest 10/15/10 S Recourse N/A
COPARC 2/1/07 S Non-Recourse N/A
Coutts Consortium 12/31/03 S Recourse Arcadian International Ltd and Malmaison
subsidiaries.
12/31/03 S Recourse Arcadian International Ltd and Malmaison
subsidiaries.
12/31/03 S Recourse Arcadian International Ltd and Malmaison
subsidiaries.
1231//03 S Recourse Arcadian International Ltd and Malmaison
subsidiaries.
12/31/03 S Recourse Arcadian International Ltd and Malmaison
subsidiaries.
12/31/03 S Recourse Arcadian International Ltd and Malmaison
subsidiaries.
Credit Lyonnais 3/31/01 S Non-Recourse N/A
Mass Mutual 7/1/06 S Non-Recourse N/A
Credit Lyonnais 3/31/01 S Non-Recourse N/A
Mass Mutual 4/1/02 S Non-Recourse N/A
M. Fine/X. Xxxxxx et al 7/1/00 S Non-Recourse PAH Franchise Holding, Inc. and PAH-Beachwood I,
LLC
Mass Mutual 10/1/05 S Recourse N/A
Bank of the Keys 8/27/00 S Recourse
Lincoln National Bank 5/1/02 S Non-Recourse N/A
Mass Mutual 12/1/02 S Non-Recourse N/A
CIGNA 1/1/04 S Non-Recourse N/A
Bank One Arizona, NA 5/31/03 S Recourse Partiot American Hospitality, Inc.
Bank One Arizona, NA 5/31/02 S Recourse N/A
Lincoln National Bank 5/31/05 S Non-Recourse N/A
Cassa di Risparmia di Lucca 7/1/14 Recourse Arcadian International Ltd.
Finova Capital 3/1/05 S Non-Recourse N/A
GMAC 8/1/02 S Non-Recourse Patriot American Hospitality Partnership, LP
Wyndham International, Inc., and
Beacon Capital 12/31/99 S Recourse Patriot American Hospitality Partnership, XX
Xxxxxx Asset Capital Corp. 12/11/15 S Non-Recourse N/A
Xxxxx Xxxxxx 8/20/01 S Non-Recourse N/A
Huntington Bank 4/1/09 Non-Recourse N/A
Citibank 6/30/00 S Non-Recourse Partiot American Hospitality, Inc.
Government Development Bank 2/15/06 S Non-Recourse N/A
Bank of Nova Scotia 8/31/03 S Non-Recourse Partiot American Hospitality, Inc.
CSFB Conduit 10/16/08 S Non-Recourse N/A
CSFB Conduit 10/23/01 S Non-Recourse N/A
Wyndham International, Inc.,
Patriot American Hospitality Partnership, LP
Republic Bank 5/14/99 S Recourse and Patriot American Hospitality, Inc.
Development Authority of Xxxx County 2/1/23 U Recourse N/A
Capital Leases
S Recourse
S Non-Recourse
Letters of Credit
The Chase Manhattan Bank 5/13/99
The Chase Manhattan Bank 12/31/99
The Chase Manhattan Bank 6/18/00
The Chase Manhattan Bank 2/15/00
Lender Comments Allocated
CSFB Conduit 40,269,405
NatWest 24,600,000
COPARC 2,448,000
Coutts Consortium
6,822,032
23,387,978
Credit Lyonnais 30,566,000
Mass Mutual 4,410,095
Credit Lyonnais 19,587,750
Mass Mutual 14,326,783
M. Fine/X. Xxxxxx et al Mortgage on Marriott Courtyard Beachwood. 9,347,583
Mass Mutual 14,825,245
Bank of the Keys 2,000,000
Lincoln National Bank 8,203,722
Mass Mutual 9,672,449
CIGNA 32,167,982
Bank One Arizona, NA Completion Guarantee - up to $4 M 8,071,623
Bank One Arizona, NA 5,232,904
Lincoln National Bank 4,970,917
Cassa di Risparmia di Lucca
Finova Capital 28,488,769
GMAC 10% guarantee for 24 months 17,979,500
Beacon Capital Completion Guarantee 45,000,000
Nomura Asset Capital Corp. 7,872,941
Xxxxx Xxxxxx 20,000,000
Huntington Bank 1,975,917
Citibank 90,000,000
Government Development Bank 25,000,000
Bank of Nova Scotia $7.5 Million guarantee. 42,100,000
CSFB Conduit 39,921,574
CSFB Conduit 37,113,331
Republic Bank 16,411,083
Development Authority of Xxxx County 46,158,186
Capital Leases
19,415,738
4,347,431
5,630,786
1,018,285
Letters of Credit
The Chase Manhattan Bank 3,700,000
The Chase Manhattan Bank 4,600,000
The Chase Manhattan Bank 6,319,000
The Chase Manhattan Bank 9,794,281
*In addition, certain inter-company Indebtedness is listed separately on Schedule XII
Schedule XI - Existing Indebtedness
Schedule XI - Existing Indebtedness
Ownership
Lender Property / Facility % Borrower
General Debt
------------
The Chase Manhattan Bank $600 MM Revolving Credit Facility 100.00% Wyndham International
The Chase Manhattan Bank $1.2 BB Term Loan Facility 100.00% Wyndham International
The Chase Manhattan Bank Increasing Rate Notes 100.00% Wyndham International, Inc.
Bank One Trustee, Public Debt Wyndham Senior Sub 100.00% Patriot American Hospitality, Inc.
Golden Door, LLC Golden Door Spa 100.00% Wyndham International, Inc.
Summerfield Associates, LP 100.00% Sierra Suites Marketing Association
Property Debt
-------------
Bear Xxxxxxx New Mortgage Pool I & II
Crowne Plaza Ravinia 100.00% Ravinia, LLC
Doubletree Club Hotel Chicago 90.00% DT-Des Plaines, LLC
Doubletree Club Hotel Miami 90.00% DT-Miami, LLC
Doubletree Hotel Boulder 100.00% DT-Denver, LLC
Doubletree Hotel Tallahassee 90.00% DT-Tallahassee, LLC
Embassy Suites Phoenix North 100.00% ES Phoenix, LLC
Embassy Suites Schaumburg 100.00% ES Schaumburg, LLC
Hilton Columbus 100.00% H-Columbus, LLC
Hilton Del Mar 100.00% H-Xxxxxx, LLC
Hilton Huntington 100.00% Xxxx-Xxxx, LLC
Hilton Inn Cleveland 100.00% H-Clevleand, LLC
Hilton Newark Gateway 100.00% H-Gateway, LLC
Marriott Xxxx 100.00% Mar-Ty, LLC
Radisson Suites Houston 100.00% R-Houston, LP
Wyndham Buttes 100.00% W-Buttes, LLC
Wyndham Emerald Plaza 100.00% W-Emerald, LLC
Xxxxxxx Xxxxxxxx Plaza 100.00% W-Franklin, LLC
Wyndham Garden Indianapolis 100.00% W-Indiana, LLC
Wyndham Garden LA Commerce 100.00% W-Commerce, LLC
Wyndham Garden Las Colinas 100.00% W-Colinas, LLC
Wyndham Garden Novi 100.00% W-Novi, LLC
Wyndham Garden Pleasanton 100.00% W-Pleasanton, LLC
Wyndham Garden Xxxxxxxxxx 100.00% W-Xxxxxxxxxx, LLC
Wyndham Garden Schaumburg 100.00% W-Schaumburg, LLC
Wyndham Garden Wood Xxxx 100.00% W-Wood Xxxx, LLC
Xxxxxx Brothers New Mortgage Pool III
Doubletree Guest Suites Glenview 100.00% DT-Glenview, LLC
Hilton Inn Melbourne Airport 100.00% H-Melbourne, XX
Xxxxxx Inn Parsipanny 100.00% Parsippany, LLC
Radisson Hotel Burlington 100.00% Rad-Xxxx, LLC
Radisson Inn Napervilee-Lisle 100.00% R-Lisle, LLC
Radisson Plaza Hotel San Xxxx Airport 100.00% Rad-Xxxx, LLC
Wyndham Northwest Chicago 100.00% WCHNW, LLC
Wyndham Garden Brookfield 100.00% W-Brookfield, LLC
Wyndham Garden Charlotte 100.00% W-Charlotte, LLC
Wyndham Garden Midtown 100.00% W-Garden Atlant, LLC
Royal Bank of Scotland et al Arcadian 2/98 Facility 100.00% Arcadian International Ltd and
subsidiaries
Royal Bank of Scotland et al Arcadian Additional Loan 100.00% Arcadian International Ltd and
subsidiaries
Royal Bank of Scotland et al Arcadian Overdraft Facility 100.00% Arcadian International Ltd and
subsidiaries
Royal Bank of Scotland et al Arcadian Revolving Credit Facility 100.00% Arcadian International Ltd and
subsidiaries
Royal Bank of Scotland et al Arcadian Term Loan 100.00% Arcadian International Ltd and
subsidiaries
First National Bank of Commerce Bourbon Orleans 100.00% Bourbon Orleans Investors II, XX
Xxxxxxx Brothers Realty Corp. Clubhouse
Clubhouse Atlanta 100.00% Atlanta CI Associates, LP
Clubhouse Knoxville 100.00% Knoxville CI Associates, LP
Clubhouse Omaha 100.00% Omaha CI Associates, LP
Clubhouse Overland Park 100.00% Overland Park CI Associates, LP
Clubhouse Wichita 100.00% Wichita CI Associates, LP
LW - SP2, LP Clubhouse Pittsburgh 50.00% Marquis Hotel Associates
Xxxxxxx de Regency, Inc. and
Xxxxxxx de
Bank of Nova Scotia (refinancing 6/30/99) Condado & Regency (combined) 100.00% Puerto Rico Associates, Inc.
Metropolitan Life Doubletree
Doubletree Xxxxx Center 85.00% PAH-XX Xxxxx Partners, LP
Doubletree Anaheim 85.00% PAH-XX Xxxxx Partners, LP
Doubletree Overland Park 85.00% PAH-XX Xxxxx Partners, LP
Doubletree Post Oak 85.00% PAH-XX Xxxxx Partners, LP
Doubletree St. Louis 85.00% PAH-XX Xxxxx Partners, LP
Doubletree Tulsa 85.00% PAH-XX Xxxxx Partners, LP
Secured /
Lender Maturity UnSecured Liability Guarantor
General Debt
------------
The Chase Manhattan Bank 6/30/05 S Recourse Subsidiaries with exceptions
The Chase Manhattan Bank 6/30/06 S Recourse Subsidiaries with exceptions
The Chase Manhattan Bank 6/30/04 S Recourse Subsidiaries with exceptions
Bank One Trustee, Public Debt 5/15/06 U Recourse N/A
Golden Door, LLC 6/1/01 U Recourse N/A
Summerfield Associates, LP None Recourse N/A
Property Debt
-------------
Bear Xxxxxxx 6/29/04 S Non-Recourse Wyndham International, Inc.
Crowne Plaza Ravinia
Doubletree Club Hotel Chicago
Doubletree Club Hotel Miami
Doubletree Hotel Boulder
Doubletree Hotel Tallahassee
Embassy Suites Phoenix North
Embassy Suites Schaumburg
Hilton Columbus
Hilton Del Mar
Hilton Huntington
Hilton Inn Xxxxxxxxx
Xxxxxx Newark Gateway
Marriott Xxxx
Radisson Suites Houston
Wyndham Buttes
Wyndham Emerald Plaza
Xxxxxxx Xxxxxxxx Plaza
Wyndham Garden Indianapolis
Wyndham Garden LA Commerce
Wyndham Garden Las Colinas
Wyndham Garden Novi
Wyndham Garden Pleasanton
Wyndham Garden Xxxxxxxxxx
Xxxxxxx Garden Schaumburg
Wyndham Garden Wood Xxxx
Xxxxxx Brothers 6/29/02 S Non-Recourse
Doubletree Guest Suites Glenview
Hilton Inn Melbourne Airport
Hilton Inn Parsipanny
Radisson Hotel Burlington
Radisson Inn Napervilee-Lisle
Radisson Plaza Hotel San Xxxx Airport
Wyndham Northwest Chicago
Wyndham Garden Brookfield
Wyndham Garden Xxxxxxxxx
Xxxxxxx Garden Midtown
Royal Bank of Scotland et al 7/31/99 S Recourse Arcadian subsidiaries
Royal Bank of Scotland et al 7/31/99 S Recourse Arcadian subsidiaries
Royal Bank of Scotland et al 7/31/99 U Recourse Arcadian subsidiaries
Royal Bank of Scotland et al 11/14/01 S Recourse Arcadian subsidiaries
Royal Bank of Scotland et al 11/14/01 S Recourse Arcadian subsidiaries
First National Bank of Commerce 1/1/04 S Non-Recourse N/A
Salomon Brothers Realty Corp. 00/0/00 X Xxx-Xxxxxxxx X/X
Xxxxxxxxx Xxxxxxx
Clubhouse Knoxville
Clubhouse Omaha
Clubhouse Overland Xxxx
Xxxxxxxxx Xxxxxxx
XX - XX0, XX 3/15/04 S Non-Recourse Pittsburgh CI, Inc.
Bank of Nova Scotia (refinancing 6/30/99) 6/22/04 S Recourse Wyndham International, Inc.
Associates, Inc.
Metropolitan Life 10/1/07 S Non-Recourse N/A
Doubletree Xxxxx Center
Doubletree Anaheim
Doubletree Overland Park
Doubletree Post Oak
Doubletree St. Louis
Doubletree Tulsa
Lender Comments Allocated Debt
General Debt
------------
The Chase Manhattan Bank 400,000,000
The Chase Manhattan Bank 1,200,000,000
The Chase Manhattan Bank 650,000,000
Bank One Trustee, Public Debt 1,510,000
Golden Door, LLC 4,000,000
Summerfield Associates, LP Cash Flow note. 313,200
Property Debt
-------------
Bear Xxxxxxx Non-recourse carve-outs. 340,000,000
Crowne Plaza Ravinia
Doubletree Club Hotel Chicago
Doubletree Club Hotel Miami
Doubletree Hotel Boulder
Doubletree Hotel Tallahassee
Embassy Suites Phoenix North
Embassy Suites Schaumburg
Hilton Columbus
Hilton Del Mar
Hilton Huntington
Hilton Inn Xxxxxxxxx
Xxxxxx Newark Gateway
Marriott Xxxx
Radisson Suites Houston
Wyndham Buttes
Wyndham Emerald Plaza
Xxxxxxx Xxxxxxxx Plaza
Wyndham Garden Indianapolis
Wyndham Garden LA Commerce
Wyndham Garden Las Colinas
Wyndham Garden Novi
Wyndham Garden Pleasanton
Wyndham Garden Xxxxxxxxxx
Xxxxxxx Garden Schaumburg
Wyndham Garden Wood Xxxx
Xxxxxx Brothers Non-recourse carve-outs 235,000,000
Doubletree Guest Suites Glenview
Hilton Inn Melbourne Airport
Hilton Inn Parsipanny
Radisson Hotel Burlington
Radisson Inn Napervilee-Lisle
Radisson Plaza Hotel San Xxxx Airport
Wyndham Northwest Chicago
Wyndham Garden Brookfield
Wyndham Garden Xxxxxxxxx
Xxxxxxx Garden Midtown
Royal Bank of Scotland et al Secured by all Arcadian assets exc. Malmaison 5,650,050
Royal Bank of Scotland et al Secured by all Arcadian assets exc. Malmaison 6,400,700
Royal Bank of Scotland et al Secured by all Arcadian assets exc. Malmaison 2,573,203
Royal Bank of Scotland et al Secured by all Arcadian assets exc. Malmaison 29,057,400
Royal Bank of Scotland et al Secured by all Arcadian assets exc. Malmaison 20,178,750
First National Bank of Commerce 13,285,365
Salomon Brothers Realty Corp.
Clubhouse Atlanta 4,468,990
Clubhouse Knoxville 4,478,103
Clubhouse Omaha 5,542,293
Clubhouse Overland Park 4,780,686
Clubhouse Wichita 3,096,697
LW - SP2, LP $3.5 Million limited guarantee 2,648,232
$10 Million: $5 Million is secured pari pasu with
Bank of Nova Scotia (refinancing 6/30/99) The Chase Manhattan Bank Term Facility. 55,000,000
Metropolitan Life
Doubletree Xxxxx Center
Doubletree Anaheim
Doubletree Overland Park
Doubletree Post Oak
Doubletree St. Louis
Doubletree Tulsa
Schedule XII
Investments
-----------------------------------------------------------------------------------------------------------------------------------
Investing Party Borrower/Receiving Party Amount Outstanding Additional Information
-----------------------------------------------------------------------------------------------------------------------------------
Employee Loans/Investments
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxx Xxxxxxxx $ 152,074 Outstanding invoices for personal use of
Hospitality Partnership, (as of 5/31/99) corporate jet services and hotel facilities.
L.P.
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxxxxx X. Xxxxx, III $ 424,375 Non-recourse loan (1998) for assistance with
Hospitality, Inc. (as of 6/25/99) payment of income taxes in connection with the
vesting of shares of paired common stock. Due
on November 27, 2003 or 60 days after
termination of employment, if earlier (7.5%
interest per annum) and secured by 53,667 shares
of paired common stock.
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham International, Inc. Xxxxxxxx X. Xxxxx $ 779,524 Non-recourse loan (1998). Due on October 5,
(as of 5/31/99) 2001 (7.0% interest per annum). Xx. Xxxxx'
(includes Employment Agreement provides that a portion of
interest, the loan may be forgiven upon Xx. Xxxxx'
$750,000 note) termination of employment.
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxx Xxxxxxxx Up to Guaranty of loan from NationsBank (due 2005,
Hospitality, Inc. approximately 5.5% interest per annum). Commitment to
$7,794,268 refinance loan as Company loan.
(as of 5/31/99)
-----------------------------------------------------------------------------------------------------------------------------------
1
-----------------------------------------------------------------------------------------------------------------------------------
Investing Party Borrower/Receiving Party Amount Outstanding Additional Information
-----------------------------------------------------------------------------------------------------------------------------------
Employee Loans/Investments
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxx Xxxxxxx $ 5,196,959 Loan (due April 2002, 6% interest per annum)
Hospitality Partnership, (as of 12/31/98) secured by shares in Wyndham International, Inc.
L.P. (includes (the "Xxxxxxx Secured Loan"). Repayment will be
interest). Note made by the security shares; any amount by which
amount $4,417,588. the loan amount due exceeds the value of the
shares (the "Xxxxxxx Debt Forgiveness") will be
forgiven.
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxx Xxxxxxx Amount of tax Commitment to make loan at time Xxxxxxx Secured
Hospitality Partnership, liability arising Loan is due to pay any tax liabilities resulting
L.P. from the Xxxxxxx from the Xxxxxxx Debt Forgiveness.
Debt Forgiveness
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxxx Xxxxxxxx $ 5,769,861 Loan (due July 2002, 6% interest per annum)
Hospitality Partnership, (as of 12/31/98) secured by shares in Wyndham International, Inc.
L.P. (includes (the "Xxxxxxxx Secured Loan"). Repayment will
interest). Note be made by the security shares; any amount by
amount $4,904,573. which the loan amount due exceeds the value of
the shares (the "Xxxxxxxx Debt Forgiveness")
will be forgiven.
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxxx Xxxxxxxx Amount of tax Commitment to make loan at time Xxxxxxxx Secured
Hospitality Partnership, liability arising Loan is due to pay any tax liabilities resulting
L.P. from the Xxxxxxxx from the Xxxxxxxx Debt Forgiveness.
Debt Forgiveness
-----------------------------------------------------------------------------------------------------------------------------------
2
-----------------------------------------------------------------------------------------------------------------------------------
Investing Party Borrower/Receiving Party Amount Outstanding Additional Information
-----------------------------------------------------------------------------------------------------------------------------------
Employee Loans/Investments
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxxx Xxxxxxxx $ 696,214 Note (related to 12/97 salary advance); matures
Hospitality Partnership, (as of 12/31/98) July 2003 (interest at Company's revolver rate)
L.P.
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxxxx Xxxxxxx $ 2,123,607 Loan (due April 2002, 6% interest per annum)
Hospitality Partnership, (as of 12/31/98) secured by shares in Wyndham International, Inc.
L.P. (includes (the "Bentley Secured Loan"). Repayment will be
interest). Note made by the security shares; any amount by which
amount $1,805,133. the loan amount due exceeds the value of the
shares (the "Bentley Debt Forgiveness") will be
forgiven.
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxxxx Xxxxxxx Amount of tax Commitment to make loan at time Bentley Secured
Hospitality Partnership, liability arising Loan is due to pay any tax liabilities resulting
L.P. from the Bentley from the Bentley Debt Forgiveness.
Debt Forgiveness
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxxxxx X. Xxxxxx, Xx. $ 2,163,455 Loan (due April 2002, 6% interest per annum)
Hospitality Partnership, (as of 12/31/98) secured by shares in Wyndham International, Inc.
L.P. (includes (the "Xxxxxx Secured Loan"). Repayment will be
interest). Note made by the security shares; any amount by which
amount $1,839,006. the loan amount due exceeds the value of the
shares (the "Xxxxxx Debt Forgiveness") will be
forgiven.
-----------------------------------------------------------------------------------------------------------------------------------
3
-----------------------------------------------------------------------------------------------------------------------------------
Investing Party Borrower/Receiving Party Amount Outstanding Additional Information
-----------------------------------------------------------------------------------------------------------------------------------
Employee Loans/Investments
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxxxxx X. Xxxxxx, Xx. Amount of tax Commitment to make loan at time Xxxxxx Secured
Hospitality Partnership, liability arising Loan is due to pay any tax liabilities resulting
L.P. from the Xxxxxx from the Xxxxxx Debt Forgiveness.
Debt Forgiveness
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham Management Company Xxxxxx Xxxxxxx $ 430,000 Note; matures April 2002 (7% interest per annum)
(as of 5/31/99)
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham Management Company Xxxx Xxxxxxx $ 200,000 Note (related to margin call response); matures
(as of 5/31/99) April 2002 (7% interest per annum)
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham IP Corporation Xxxxxx Xx $ 63,133 Note (related to taxes on vested restricted
(as of 5/31/99) stock); matures March 2000 (8% interest per
annum)
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham IP Corporation Xxxxx Xxxxxxxxx $ 37,880 Note (related to taxes on vested restricted
(as of 5/31/99) stock); matures March 2000 (8% interest per
annum)
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham IP Corporation Xxxxx Xxxxxx $ 8,820 Note (related to taxes on vested restricted
(as of 5/31/99) stock); matures March 2000 (8% interest per
annum)
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham IP Corporation Xxxxxxx Xxxx $ 6,113 Note (related to taxes on vested restricted
(as of 5/31/99) stock); matures March 2000 (8% interest per
annum)
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham International, Inc. Chief Operating Officer of $ 1,500,000 Present commitment; loan to be made in the
Wyndham future.
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham International, Inc. Xxxxx Xxx $ 8,696 Note related to taxes on vested restricted stock.
(as of 5/31/99)
-----------------------------------------------------------------------------------------------------------------------------------
4
-----------------------------------------------------------------------------------------------------------------------------------
Investing Party Borrower/Receiving Party Amount Outstanding Additional Information
-----------------------------------------------------------------------------------------------------------------------------------
Employee Loans/Investments
-----------------------------------------------------------------------------------------------------------------------------------
Debt Receivables
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American NorthCoast Hotels, LLC $ 2,000,000 Secured by pledge of equity interests in entity
Hospitality Partnership, (as of 6/25/99) owning WestCoast Roosevelt, Gateway and
L.P. Wenatchee hotels. Interest: 8.5% per annum.
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Altamont Properties, LLC $ 6,250,000 Transaction has not closed and has not been
Hospitality Partnership, booked. Is in escrow pending sale of property.
L.P. Secured by leasehold mortgage on WestCoast Long
Beach Hotel. Interest: 10.5% per annum.
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham Management WHC-LG Hotel Partners, L.P. $ 1,993,887 Secured by pledge of equity interests in WHC-LG.
Corporation (as of 6/25/99) Interest: 9.0% per annum.
(includes interest)
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Bluewater Palmas Ltd. $ 5,165,300 Secured by Mortgage and Pledge Agreement on
Hospitality, Inc. (as of 6/25/99) Palmas del Mar. Interest: 10.0% per annum.
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham Management Dublin Inn, Ltd. $ 2,619,127 Secured by pledge of partnership interests in
Corporation (as of 6/25/99) Wyndham Dublin (Columbus), OH. Interest: 13.5%
(includes per annum.
interest)
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham Management San Xxxx Associates, L.P., S.E. $2,095,987 and Secured by pledge of partnership interests in
Corporation $ 473,450 Old San Xxxx Hotel. Two loans - for San Xxxx
(as of 6/25/99) construction and San Xxxx operations.
-----------------------------------------------------------------------------------------------------------------------------------
5
-----------------------------------------------------------------------------------------------------------------------------------
Investing Party Borrower/Receiving Party Amount Outstanding Additional Information
-----------------------------------------------------------------------------------------------------------------------------------
Employee Loans/Investments
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxx X. Xxxxxxx III and Xxxxxx $ 2,150,000 Wyndham Garden -Richmond Airport
Hospitality, Inc. X. Xxxxxx (as of 6/25/99)
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham Management Aruba Hotel Enterprises N.V. $ 1,941,815 Wyndham-Aruba Beach Resort & Casino
Corporation Xxxxxxx Xxxxxxxx Xxxxxxx, Pres. (as of 6/25/99)
-----------------------------------------------------------------------------------------------------------------------------------
Intercompany Loans
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Boulders Carefree Sewer $ 487,850 The Boulders - Grand Bay
Hospitality Partnership, Corporation (as of 5/31/99)
L.P.
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American City Centre Partnership, L.P. Approximately Wyndham City Center
Hospitality Partnership, $ 25,699,997
L.P. (as of 6/30/99)
(includes
interest)
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American PAH-XX Xxxxx Partners $ 35,819,456 Doubletree - Xxxxx Center
Hospitality Partnership, (as of 6/30/99)
L.P. (includes interest)
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American PAH Ravinia, Inc. 41,220,562 Crowne Plaza - Ravinia
Hospitality Partnership, (as of 5/31/99)
L.P.
-----------------------------------------------------------------------------------------------------------------------------------
6
-----------------------------------------------------------------------------------------------------------------------------------
Investing Party Borrower/Receiving Party Amount Outstanding Additional Information
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American PAH Windwatch LLC 31,343,070 Wyndham - Windwatch
Hospitality Partnership, (as of 5/31/99)
L.P.
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American PAH Leasing LLC 9,000,000 Carefree Resorts
Hospitality Partnership, (as of 5/31/99)
L.P.
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Dublin Inn Ltd. $ 1,278,260 Wyndham Garden - Dublin
Hospitality Partnership, (as of 5/31/99)
L.P.
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham International, Inc. Patriot American Hospitality, $119,250,000 Interstate Acquisition
Inc. (as of 5/31/99)
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham International Patriot American Hospitality $ 24,179,761 Patriot/Wyndham Merger
Operating Partnership, Partnership, L.P. (as of 6/30/99)
L.P.
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham International Patriot American Hospitality $ 4,057,323 Subscription Note issued by paired share
Operating Partnership, Partnership, L.P. (as of 6/25/99) company to other paired share company which
L.P. did not receive assets in the Summerfield
transaction.
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham International Patriot American Hospitality $ 1,758,555 Subscription Note issued by paired share
Operating Partnership, Partnership, L.P. (as of 6/25/99) company to other paired share company which
L.P. did not receive assets in the Summerfield
transaction.
-----------------------------------------------------------------------------------------------------------------------------------
7
-----------------------------------------------------------------------------------------------------------------------------------
Investing Party Borrower/Receiving Party Amount Outstanding Additional Information
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham International, Inc. Patriot American Hospitality, $ 34,591,050 Subscription Note issued by paired share company
Inc. (as of 6/25/99) to other paired share company which did not
receive assets in the Interstate transaction.
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham International Patriot American Hospitality $ 9,086,559 Subscription Note issued by paired share company
Operating Partnership, Partnership, L.P. (as of 6/25/99) to other paired share company which did not
L.P. receive assets in the CF Asset transaction.
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham International Patriot American Hospitality $ 21,448,837 Subscription Note issued by paired share company
Operating Partnership, Partnership, L.P. (as of 6/25/99) to other paired share company which did not
L.P. receive assets in the Wyndham transaction.
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Wyndham International $ 2,465,909 Subscription Note issued by paired share company
Hospitality Partnership, Operating Partnership, L.P. (as of 6/25/99) to other paired share company which did not
L.P. receive assets in the Kaufman transaction.
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham International Patriot American Hospitality $ 4,564,980 Subscription Note issued by paired share company
Operating Partnership, Partnership, L.P. (as of 6/25/99) to other paired share company which did not
L.P. receive assets in the UBS transaction.
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham International Patriot American Hospitality $ 6,091,313 Subscription Note issued by paired share company
Operating Partnership, Partnership, L.P. (as of 6/25/99) to other paired share company which did not
L.P. receive assets in the Nations transaction.
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham International Patriot American Hospitality $ 6,955,397 Subscription Note issued by paired share company
Operating Partnership, Partnership, L.P. (as of 6/25/99) to other paired share company which did not
L.P. receive assets in the PaineWebber transaction.
-----------------------------------------------------------------------------------------------------------------------------------
8
-----------------------------------------------------------------------------------------------------------------------------------
Investing Party Borrower/Receiving Party Amount Outstanding Additional Information
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham International, Patriot American Hospitality $ 258,572 Subscription Note issued by paired share company
Inc. Partnership, L.P. (as of 6/25/99) to other paired share company which did not
receive assets in the PAH LP transaction.
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham International, Inc. Wyndham International $ 37,310 Subscription Note issued by paired share company
Operating Partnership, L.P. (as of 6/25/99) to other paired share company which did not
receive assets in the WI transaction.
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Wyndham International, Inc. $133,669,014 Subscription Note issued by paired share company
Hospitality Partnership, (as of 6/25/99) to other paired share company which did not
L.P. receive assets in the WHG transaction.
-----------------------------------------------------------------------------------------------------------------------------------
Other Investments
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham International, Inc. Playhouse Square Hotel Limited No advances made Pursuant to Management Agreement, guaranty of
Partnership (whose owners as of 3/29/99 obligations of Playhouse Square Hotel Limited
include the Crow Family Partnership: up to $600,000 per year to the
Members and Wyndham Senior extent the Hotel Partnership experiences
Executive Officers) operating deficits, with maximum required
advances of $2.3 million over the term of the
guarantee extending from 1995 to 2000.
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham International, Inc. Owners of the Wyndham LAX $4,237,000 had In connection with the Los Angeles Airport
been funded as of Wyndham, the obligation to fund the unadvanced
12/31/98 portion of a $4,560,000 promissory note.
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American ISIS 2000 Aggregate Ownership interests in connection with the
Hospitality Partnership, exercise price of exercise (on May 7, 1999) of options to purchase
L.P. $3,073,000 ownership interests in ISIS 2000.
-----------------------------------------------------------------------------------------------------------------------------------
9
-----------------------------------------------------------------------------------------------------------------------------------
Investing Party Borrower/Receiving Party Amount Outstanding Additional Information
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Anatole Hotel Investors, L.P. $10,000,000, plus Unsecured construction loan agreement (1997).
Hospitality, Inc. $197,267 accrued
interest
(as of 6/30/99)
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham/Patriot Gencom/Travis Stock/OP Investment in Gencom Interests, Inc., Travis
Units/Cash Real Estate Group Joint Venture and/or related
entities as described on Schedule V.
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham International, Various Subsidiaries and Joint N/A See Schedule V list of Equity Ownership Interests
Inc. and its Subsidiaries Ventures
------------------------------------------------------------------------------------------------------------------------------------
10
Schedule XIII
Existing Restrictions on Subsidiaries
None.
Exhibit A
FORM OF
ASSIGNMENT AND ACCEPTANCE
Reference is made to the Credit Agreement, dated as of June 30, 1999
(as amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among Wyndham International, Inc., a Delaware corporation (the
"Borrower"), the Lenders party hereto from time to time, Chase Securities Inc.
("CSI"), as Lead Arranger and Book Manager, NationsBank, N.A. and Bankers Trust
Company as Syndication Agents (each a "Syndication Agent," together the
Syndication Agents"), Credit Lyonnais New York Branch, as Documentation Agent,
Bear Stearns Corporate Lending Inc. as Co-Documentation Agent (each a
"Documentation Agent," together the "Documentation Agents") and The Chase
Manhattan Bank ("Chase"), as Administrative Agent. Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the
meanings given to them in the Credit Agreement.
The Assignor identified on Schedule 1 hereto (the "Assignor") and the
Assignee identified on Schedule 1 hereto (the "Assignee") agree as follows:
1. The Assignor hereby irrevocably sells and assigns to the Assignee
without recourse to the Assignor, and the Assignee hereby irrevocably purchases
and assumes from the Assignor without recourse to the Assignor, as of the
Effective Date (as defined below), the interest described in Schedule 1 hereto
(the "Assigned Interest") in and to the Assignor's rights and obligations under
the Credit Agreement with respect to those credit facilities contained in the
Credit Agreement as are set forth on Schedule 1 hereto (individually, an
"Assigned Facilities"; collectively, the "Assigned Facilities"), in a principal
amount for each Assigned Facility as set forth on Schedule 1 hereto.
2. The Assignor (a) makes no representation or warranty and assumes
no responsibility with respect to any statements, warranties or representations
made in or in connection with the Credit Agreement or with respect to the
execution, legality, validity, enforceability, genuineness, sufficiency or value
of the Credit Agreement, any other Loan Document or any other instrument or
document furnished pursuant thereto, other than that the Assignor has not
created any adverse claim upon the interest being assigned by it hereunder and
that such interest is free and clear of any such adverse claim; and (b) makes no
representation or warranty and assumes no responsibility with respect to the
financial condition of the Borrower, any of its Subsidiaries or any other
obligor or the performance or observance by the Borrower, any of its
Subsidiaries or any other obligor of any of their respective obligations under
the Credit Agreement or any other Loan Document or any other instrument or
document furnished pursuant hereto or thereto.
3. The Assignee (a) represents and warrants that it is legally
authorized to enter into this Assignment and Acceptance; (b) confirms that it
has received a copy of the Credit Agreement, together with copies of the
financial statements delivered pursuant to Section 3.01 thereof and such other
documents and information as it has deemed appropriate to make its own credit
analysis and decision to enter into this Assignment and Acceptance; (c) agrees
that it will,
Exhibit A
Page 2
independently and without reliance upon the Assignor, the Administrative Agent,
the Documentation Agents or any other Lender and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
credit decisions in taking or not taking action under the Credit Agreement, the
other Loan Documents or any other instrument or document furnished pursuant
hereto or thereto; (d) appoints and authorizes the Administrative Agent to take
such action as agent on its behalf and to exercise such powers and discretion
under the Credit Agreement, the other Loan Documents or any other instrument or
document furnished pursuant hereto or thereto as are delegated to the
Administrative Agent by the terms thereof, together with such powers as are
incidental thereto; and (e) agrees that it will be bound by the provisions of
the Credit Agreement and will perform in accordance with its terms all the
obligations which by the terms of the Credit Agreement are required to be
performed by it as a Lender including, if it is organized under the laws of a
jurisdiction outside the United States, its obligation pursuant to subsection
2.17(e) of the Credit Agreement.
4. The effective date of this Assignment and Acceptance shall be the
Effective Date of Assignment described in Schedule 1 hereto (the "Effective
Date"). Following the execution of this Assignment and Acceptance, it will be
delivered to the Administrative Agent for acceptance by it and recording by the
Administrative Agent pursuant to the Credit Agreement, effective as of the
Effective Date (which shall not, unless otherwise agreed to by the
Administrative Agent, be earlier than five Business Days after the date of such
acceptance and recording by the Administrative Agent).
5. Upon such acceptance and recording, from and after the Effective
Date, the Administrative Agent shall make all payments in respect of the
Assigned Interest (including payments of principal, interest, fees and other
amounts) to the Assignor for amounts which have accrued to the Effective Date
and to the Assignee for amounts which have accrued subsequent to the Effective
Date. The Assignor and the Assignee shall make all appropriate adjustments in
payments by the Administrative Agent for periods prior to the Effective Date or
with respect to the making of this assignment directly between themselves.
6. From and after the Effective Date, (a) the Assignee shall be a
party to the Credit Agreement and, to the extent provided in this Assignment and
Acceptance, have the rights and obligations of a Lender thereunder and under the
other Loan Documents and shall be bound by the provisions thereof and (b) the
Assignor shall, to the extent provided in this Assignment and Acceptance,
relinquish its rights and be released from its obligations under the Credit
Agreement.
7. This Assignment and Acceptance shall be governed by and construed
in accordance with the laws of the State of New York.
Exhibit A
Page 3
IN WITNESS WHEREOF, the parties hereto have caused this Assignment and
Acceptance to be executed as of the date first above written by their respective
duly authorized officers on Schedule 1 hereto.
Schedule 1
to Assignment and Acceptance
Name of Assignor:
-------------------------
Name of Assignee:
-------------------------
Effective Date of Assignment:
-------------
Credit Principal Commitment Percentage Assigned/1/
Facility Assigned Amount Assigned ---------------------------------
----------------- ---------------
$_______ ___._____________%
[Name of Assignee] [Name of Assignor]
By: By:
---------------------------- ------------------------------
Title: Title:
----------------
/1/ Calculate the Commitment Percentage that is assigned to at least 15 decimal
places and show as a percentage of the aggregate commitments of all
Lenders.
[Consented to as of _______ ___, ____:
THE CHASE MANHATTAN BANK, AS
ADMINISTRATIVE AGENT
By:
------------------------------
Title:
WYNDHAM INTERNATIONAL, INC.
By:
------------------------------
Title: ]/1/,/2/
[THE CHASE MANHATTAN BANK, AS
SWINGLINE LENDER
By:
------------------------------
Title: ]/2/
[THE CHASE MANHATTAN BANK, AS
ISSUING BANK
By:
-------------------------------
Title: ]/2/
/1/ The consent of the Borrower and Administrative Agent are required for
assignments pursuant to Section 9.04 of the Credit Agreement except in the
case of an assignment to a Lender, an Affiliate of a Lender or a Related
Fund of a Lender.
/2/ In the case of an assignment of all or a portion of a Commitment or of any
Lender's obligations in respect of its LC Obligations or Swingline
Exposure, the consent of the Borrower, Administrative Agent and the Issuing
Bank or Swingline Lender, as the case may be, are required pursuant to
Section 9.04 of the Credit Agreement.
EXHIBIT B
FORM OF COMPLIANCE CERTIFICATE
Wyndham International, Inc.
1950 Stemmons Freeway
Suite 6001
Dallas, Texas 75207
_______ __, ____
The Chase Manhattan Bank,
as Administrative Agent
for the Lenders party
to the Credit Agreement referred to below
270 Park Avenue
New York, New York 10017
Attention: Alan Breindal
Re: COMPLIANCE CERTIFICATE
---------------------------
This COMPLIANCE CERTIFICATE is delivered pursuant to Sections 5.02(b)
and 5.02(f) of the Credit Agreement, dated as of June 30, 1999 (the "Credit
Agreement"), among Wyndham International, Inc., a Delaware corporation (the
"Borrower"), the Lenders party thereto from time to time, Chase Securities Inc.
("CSI"), as Lead Arranger and Book Manager, NationsBank, N.A. and Bankers Trust
Company, as Syndication Agents (each a "Syndication Agent," together the
Syndication Agents"), Credit Lyonnais New York Branch, as Documentation Agent,
Bear Stearns Corporate Lending Inc., as Co-Documentation Agent (each a
"Documentation Agent," together the "Documentation Agents") and The Chase
Manhattan Bank ("Chase"), as Administrative Agent. Capitalized terms not
defined herein shall have the same meanings ascribed thereto in the Credit
Agreement.
1. The individual executing this Certificate is a duly qualified
Responsible Officer of the Borrower and is executing this
Certificate on behalf of the Borrower.
2. The undersigned has reviewed the terms of the Credit Agreement and
has made a review of the transactions, financial condition and other affairs of
the Borrower, its Subsidiaries and Joint Ventures as of, and during the Fiscal
Quarter ending [ ], and the undersigned has no knowledge of the existence, as of
the date hereof, of any condition or event which (i) renders untrue or incorrect
any of the covenants, and in all material respects the representations and
warranties, contained in Articles III, V and VI of the Credit Agreement (it
being understood and agreed that any covenant, representation or warranty which
by its terms is made as of a specified date shall be required to be true and
correct only as of such specified date) or (ii) constitutes a Default or Event
of Default.
EXHIBIT B
Page 2
3. Schedule I attached hereto accurately and completely sets forth
the financial data, computations and other matters required to establish
compliance with the following Sections of the Credit Agreement:
(a) Section 6.01(a) - Total Leverage Ratio;
(b) Section 6.01(b) - Senior Secured Leverage Ratio;
[(i) Section 6.01(b)(i) - Senior Secured Leverage Ratio];/1/
[(ii) Section 6.01(b)(ii) - Senior Secured Leverage Ratio];/2/
[(iii) Section 6.01(b)(iii) - Senior Secured Leverage Ratio];/3/
(c) Section 6.01(c) - Interest Coverage.
5. Schedule II attached hereto is a list of each new Subsidiary of
any Loan Party acquired or created by any Loan Party during the period covered
by this Certificate.
6. Schedule III attached hereto is a list (i) identifying all Asset
Dispositions, Reinvestment Events and the proceeds thereof made during the
period covered by this Certificate and (ii) all Asset Dispositions and
Reinvestment Events made prior to the period covered by this Certificate (except
as previously disclosed as required by the Credit Agreement) updated to reflect
the status of the proceeds thereof, including whether such proceeds were
reinvested or otherwise used as required under the Credit Agreement.
7. Schedule IV attached hereto is a list of any Hotel that is owned
by the Borrower, its Subsidiaries or Joint Ventures that is being or has been
newly constructed, or substantially refurbished or rebuilt and is being
designated by the Borrower as a New Hotel.
8. The covenants, and in all material respects the representations
and warranties, contained in Articles III, V and VI of the Credit Agreement and
in each of the other Loan Documents are true and correct as though made on and
as of such date (it being understood
-------------------
/1/ Applicable only to the extent that Sections 6.01(b)(ii) and 6.01(b)(iii) of
the Credit Agreement do not apply.
/2/ Applicable only to the extent that at least $650 million (but less than $1
billion) of Senior Notes have been issued by the Borrower and no Increasing
Rate Loans are outstanding.
/3/ Applicable only to the extent that at least $1 billion of Senior Notes have
been issued by the Borrower and no Increasing Rate Loans are outstanding.
EXHIBIT B
Page 3
and agreed that any covenant, representation or warranty which by its terms is
made as of a specified date shall be required to be true and correct only as of
such specified date).
9. No Default or Event of Default has occurred and is continuing.
The Lenders and the Administrative Agent and their respective
successors and assigns may rely on the truth and accuracy of the foregoing in
connection with the extensions of credit to the Borrowers pursuant to the Credit
Agreement.
* * *
EXHIBIT B
Page 4
IN WITNESS WHEREOF, the Borrowers have caused this Compliance Certificate
to be duly executed by their duly authorized Chief Financial Officer on this ___
day of ____, ____.
Wyndham International, Inc.
By:
------------------------------
Name:
Title:
EXHIBIT B
Page 5
6.01(a) Total Leverage Ratio
Total Indebtedness as of __/__/__ __________
Total Adjusted EBITDA (Pro Forma)
Four Fiscal Quarters ended ___/___/___ __________
Ratio __________
(not to exceed 6.5:1.0 until 12/31/00;
6.25:1.00 from 1/01/01 until 12/31/01;
6.00:1.00 from 1/01/02 until 12/31/03;
5.75:1.00 thereafter)
[6.01(b)(i) Senior Secured Leverage Ratio
Total Indebtedness secured by a Lien
on any asset of the Borrower,
its Subsidiaries or Joint Ventures
as of __/__/__ __________
Total Adjusted EBITDA (Pro Forma)
Four Fiscal Quarters ended ___/___/___ __________
Ratio __________
(not to exceed 5.95:1.00 until 12/31/00;
5.75:1.00 from 1/01/01 until 12/31/01;
5.50:1.00 from 1/01/02 until 12/31/02;
5.25:1.00 from 1/01/03 until 12/31/03;
5.00 to 1.00 from 1/01/04 until 12/31/04;
4.75 to 1.00 thereafter)]/4/
------------------
/4/ Applicable only to the extent that Sections 6.01(b)(ii) and 6.01(b)(iii) of
the Credit Agreement do not apply.
EXHIBIT B
Page 6
[6.01(b)(ii) Senior Secured Leverage Ratio
Total Indebtedness secured by a Lien
on any asset of the Borrower,
its Subsidiaries or Joint Ventures
as of ___/___/___ __________
Total Adjusted EBITDA (Pro Forma)
Four Fiscal Quarters ended ___/___/___ __________
Ratio
(not to exceed 5.00:1.00 unit 6/30/01; __________
4.75:1.00 from 7/01/01 until 12/31/01;
4.50:1.00 from 1/01/02 until 12/31/02;
4.375 thereafter)]/5/
-----------------------
/5/ Applicable only to the extent that at least $650 million (but less than $1
billion) of Senior Notes have been issued by the Borrower and no Increasing
Rate Loans are outstanding.
EXHIBIT B
Page 7
[6.01(b)(iii) Senior Secured Leverage Ratio
Total Indebtedness secured by a Lien on any asset of the Borrower,
its Subsidiaries or Joint Ventures
as of ___/___/___ __________
Total Adjusted EBITDA (Pro Forma)
Four Fiscal Quarters ended ___/___/___ __________
Ratio __________
(not to exceed 4.75:1.00 until 12/31/01;
4.50 :1.00 from 01/01/02 until 12/31/02;
4.375 thereafter)]/6/
6.01(c) Interest Coverage
Total Adjusted EBITDA
Four Fiscal Quarters ended ___/___/___ __________
Total Cash Interest Expense
Four Fiscal Quarters ended ___/___/___ __________
Ratio __________
(not less than 2.00:1.00 prior to 12/31/01;
2.10:1.00 prior to 12/31/02;
2.2:1.0 thereafter)
---------------------
/6/ Applicable only to the extent that at least $1 billion of Senior Notes have
been issued by the Borrower and no Increasing Rate Loans are outstanding.
EXHIBIT C
[Conformed as Executed]
================================================================================
CHASE
GUARANTY AND COLLATERAL AGREEMENT
dated as of
JUNE 30, 1999
among
WYNDHAM INTERNATIONAL, INC.,
CERTAIN SUBSIDIARIES OF
WYNDHAM INTERNATIONAL, INC.
and
THE CHASE MANHATTAN BANK,
as Collateral Agent
================================================================================
TABLE OF CONTENTS
-----------------
Page
----
SECTION 1. DEFINED TERMS.......................................................... 2
1.1. Definitions............................................................. 2
SECTION 2. GUARANTY............................................................... 7
2.1. Guaranty................................................................ 7
2.2. Guaranty Absolute and Unconditional..................................... 8
2.3. Guaranty Exclusive and Independent...................................... 8
2.4. Notice.................................................................. 9
2.5. Amendments etc. with respect to Guaranteed Obligations.................. 9
2.6. Invalidity, Irregularity or Unenforceability of Guaranteed Obligations.. 10
2.7. Rights and Remedies Cumulative.......................................... 10
2.8. Subordination of Indebtedness........................................... 11
2.9. Waiver.................................................................. 11
2.10. Representations, Warranties and Covenants.............................. 12
2.11. Right of Set Off....................................................... 13
2.12. Repayment or Recovery.................................................. 13
2.13. Payments by any Guarantor.............................................. 14
2.14. Right of Contribution.................................................. 14
2.15. Designation of Additional Debt......................................... 15
2.16. Designation of Other Debt.............................................. 15
SECTION 3. PLEDGE OF SECURITY INTEREST, ETC....................................... 15
3.1. Security for Obligations................................................ 15
3.2. Pledge.................................................................. 17
3.3. Procedures.............................................................. 20
3.4. Subsequently Acquired Collateral........................................ 21
3.5. Transfer Taxes.......................................................... 22
3.6. Certain Representations and Warranties Regarding the Collateral......... 22
3.7. Appointment of Sub-Agents; Endorsements, etc............................ 22
3.8. Voting, etc., While No Event of Default................................. 22
3.9. Dividends and Distributions............................................. 23
3.10. Remedies in Case of an Event of Default................................ 23
3.11. Remedies, etc., Cumulative............................................. 24
3.12. Application of Proceeds................................................ 25
3.13. Purchasers of Collateral............................................... 27
3.14. Indemnity.............................................................. 27
3.15. Collateral Agent Not Bound............................................. 28
3.16. Further Assurances; Power-of-Attorney.................................. 28
(i)
Page
----
3.17. The Collateral Agent as Collateral Agent............................... 29
3.18. Transfer by the Pledgors............................................... 29
3.19. Representations, Warranties and Covenants of the Pledgors.............. 29
3.20. Chief Executive Office; Records........................................ 31
3.21. Pledgors' Obligations Absolute, etc.................................... 31
3.22. Registration, etc...................................................... 32
SECTION 4. MISCELLANEOUS.......................................................... 33
4.1. Notices, etc............................................................ 33
4.2. Waiver; Credit Facility Amendment....................................... 34
4.3. Assignment.............................................................. 34
4.4. Section Headings........................................................ 34
4.5. Counterparts............................................................ 35
4.6. Severability............................................................ 35
4.7. Recourse................................................................ 35
4.8. Additional Guarantors and Pledgors...................................... 35
4.9. Termination; Release.................................................... 35
4.10. GOVERNING LAW.......................................................... 36
4.11. WAIVER OF JURY TRIAL................................................... 37
SCHEDULE I The Collateral Agent
ANNEX A - List of Subsidiaries and Joint Ventures and Pledgors and Interests
Pledged and not Pledged
ANNEX B - List of Notes
ANNEX C - List of Chief Executive Offices
ANNEX D - Form of Agreement Regarding Uncertificated Securities, Limited
Liability Company Interests and Partnership Interests
ANNEX E - Form of Agreement Supplement
(ii)
GUARANTY AND COLLATERAL AGREEMENT
GUARANTY AND COLLATERAL AGREEMENT, dated as of June 30, 1999, (as
amended, modified or supplemented from time to time, this "Agreement"), made by
---------
each of the undersigned (each a "Credit Party" and, together with any other
------------
entity that becomes a Credit Party hereto as provided herein, the "Credit
------
Parties") in favor of THE CHASE MANHATTAN BANK, as Collateral Agent (including
-------
any successor collateral agent, the "Collateral Agent"), for the benefit of the
----------------
Secured Creditors (as defined below).
W I T N E S S E T H :
-------------------
WHEREAS, Wyndham International, Inc. (the "Borrower"), the Lenders
--------
Party thereto from time to time (the "Credit Facility Lenders"), Chase
-----------------------
Securities Inc. ("CSI"), as Lead Arranger and Book Manager (the "Lead
--- ----
Arranger"), NationsBank, N.A., and Bankers Trust Company, as Syndication Agents
(each as "Syndication Agent," together the "Syndication Agents"), Credit
Lyonnais New York Branch, as Documentation Agent and Bear Stearns Corporate
Lending Inc., as Co-Documentation Agent (each a "Documentation Agent," together
the "Documentation Agents") and The Chase Manhattan Bank ("Chase"), as
-----
Administrative Agent (the Administrative Agent, together with the Credit
Facility Lenders, the Lead Arranger and the Collateral Agent, the "Credit
------
Facility Creditors") have entered into a Credit Agreement, dated as of June 30,
------------------
1999 (as amended, modified or supplemented from time to time, the "Credit
------
Agreement") providing for the making of Loans to the Borrower and the issuance
---------
of, and participation in, Letters of Credit for the account of the Borrower as
contemplated therein;
WHEREAS, the Borrower, the Lenders Party thereto from time to time
(the "IRL Lenders"), CSI as Lead Arranger and Book Manager (the "IRL Lead
----------- --------
Arranger"), Bear, Stearns & Co., Inc. ("BSC"), as Co-Arranger and Syndication
-------- ---
Agent (the "IRL Co-Arranger"), Bankers Trust Company, as Syndication Agent (the
---------------
"IRL Syndication Agent") and Chase, as the Administrative Agent (the "IRL
---
Administrative Agent," and together with the IRL Lenders, the IRL Lead Arranger
--------------------
and the IRL Co-Arranger, the "IRL Creditors," and, the IRL Creditors, together
-------------
with the Credit Facility Creditors, the "Lender Creditors") have entered into an
----------------
Increasing Rate Note Purchase and Loan Agreement, dated as of June 30, 1999 (as
amended, modified or supplemented from time to time, the "IRL Agreement"),
-------------
providing for the making of Increasing Rate Term Loans to the Borrower;
WHEREAS, the Borrower from time to time, as permitted under the Credit
Agreement may enter into one or more agreements ("Additional Debt Agreements")
--------------------------
with one or more lenders to incur indebtedness in an amount not to exceed
$360,000,000 (the "Additional Debt Creditors");
-------------------------
WHEREAS, the Borrower may from time to time enter into one or more
Interest Rate Protection Agreements or Other Hedging Agreements with one or more
Credit Facility Lenders, IRL Lenders or any affiliate thereof (each such Credit
Facility Lender, IRL Lender or affiliate, even if the respective Lender or IRL
Lender subsequently ceases to be a Credit Facility
Lender under the Credit Agreement or and IRL Lender under the IRL Agreement for
any reason, together with such Credit Facility Lenders, IRL Lenders, or their
affiliate's successors and assigns, if any, collectively, the "Other Creditors,"
---------------
and together with the Lender Creditors and the Additional Debt Creditors, the
"Secured Creditors");
-----------------
WHEREAS, each Guarantor (i) guaranties the obligations of the Borrower
under the Credit Agreement and the IRL Agreement pursuant to Section 2 of this
Agreement and (ii) may guaranty the obligations of the Borrower pursuant to
Additional Debt Agreements, Interest Rate Protection Agreements and/or Other
Hedging Agreements upon the execution and delivery to the Collateral Agent of an
Additional Debt Designation or Other Debt Designation, as the case may be,
appropriately completed and countersigned by the Borrower and each Guarantor;
WHEREAS, it is a condition precedent to (i) the making of Loans to the
Borrower and the issuance of, and participation in, Letters of Credit for the
account of the Borrower under the Credit Agreement and the making of Increasing
Rate Term Loans under the IRL Agreement that the Credit Parties shall have
executed and delivered this Agreement and (ii) to the extensions of credit under
the Additional Debt Agreements, Interest Rate Protection Agreements or Other
Hedging Agreements that the Borrower, and to the extent a Guarantor or Pledgor
with respect to such obligations and each other Credit Party shall have executed
and delivered this Agreement;
NOW, THEREFORE, in consideration of the foregoing and to induce the
Credit Facility Creditors to enter into the Credit Agreement, the IRL Creditors
to enter into the IRL Agreement, the Additional Debt Creditors to enter into
Additional Debt Agreements and the Other Creditors to enter into Interest Rate
Protection Agreements and/or Other Hedging Agreements, each Credit Party hereby
covenants and agrees with the Collateral Agent, for the benefit of the Secured
Creditors, as follows:
SECTION 1. DEFINED TERMS
-------------
1.1. Definitions. (a) Unless otherwise defined herein, all
-----------
capitalized terms used herein and defined in the Credit Agreement or the IRL
Agreement shall be used herein as therein defined. Reference to singular terms
shall include the plural and vice versa.
(b) The following capitalized terms used herein shall have the
definitions specified below:
"Additional Debt Agreements" has the meaning set forth in the
--------------------------
Recitals hereto.
"Additional Debt Creditors" has the meaning set forth in the Recitals
-------------------------
hereto.
"Additional Debt Designation" has the meaning set forth in Section
---------------------------
2.16 hereof.
"Additional Debt Documents" shall have the meaning provided in Section
-------------------------
2.1 hereof.
"Additional Debt Obligations" has the meaning set forth in Section
---------------------------
3.1(c) hereof.
2
"Adjusted Net Worth" has the meaning set forth in Section 2.15 hereof.
------------------
"Administrative Agent" has the meaning set forth in the Recitals
--------------------
hereto.
"Adverse Claim" has the meaning given such term in Section 8-102(a)(1)
-------------
of the UCC.
"Aggregate Deficit Amount" has the meaning set forth in Section 2.15
------------------------
hereof.
"Aggregate Excess Amount" has the meaning set forth in Section 2.15
-----------------------
hereof.
"Agreement" has the meaning set forth in the first paragraph hereof.
---------
"Agreement Supplement" means an Agreement Supplement in the form of
--------------------
Annex E hereto, appropriately completed.
"Certificated Security" has the meaning given such term in Section 8-
---------------------
102(a)(4) of the UCC.
"Class" has the meaning set forth in Section 4.2 hereof.
-----
"Clearing Corporation" has the meaning given such term in Section 8-
--------------------
102(a)(5) of the UCC.
"Collateral" has the meaning set forth in Section 3.2 hereof.
----------
"Collateral Accounts" means any and all accounts established and
-------------------
maintained by the Collateral Agent in the name of any Credit Party to which
Collateral may be credited.
"Collateral Agent" has the meaning set forth in the first paragraph
----------------
hereof.
"Contribution Percentage" has the meaning set forth in Section 2.15
-----------------------
hereof.
"Control" has the meaning given such term in Section 8-106 of the UCC.
-------
"Credit Agreement" has the meaning set forth in the Recitals hereto.
----------------
"Credit Facility Creditors" has the meaning set forth in the Recitals
-------------------------
hereto.
"Credit Facility Lenders" has the meaning set forth in the Recitals
-----------------------
hereto.
"Credit Facility Obligations" has the meaning set forth in 3.1(a) of
---------------------------
this Agreement.
"Credit Party" has the meaning set forth in the first paragraph
------------
hereof.
"Event of Default" shall mean any "Event of Default" as defined in the
----------------
Credit Agreement and the IRL Agreement and any payment default under other
Guaranteed Documents,
3
and shall include in any event any payment default on the Obligations, all after
giving effect to any applicable notice and cure period.
"Financial Asset" has the meaning given such term in Section 8-
---------------
102(a)(9) of the UCC.
"Foreign Company" has the meaning provided in Section 3.2 hereof.
---------------
"Guaranteed Additional Debt Obligations" has the meaning provided in
--------------------------------------
Section 2.1.
"Guaranteed Credit Facility Obligations" has the meaning provided in
--------------------------------------
Section 2.1 hereof.
"Guaranteed Documents" has the meaning set forth in Section 2.1
--------------------
hereof.
"Guaranteed IRL Obligations" has the meaning set forth in Section 2.1
--------------------------
hereof.
"Guaranteed Obligations" has the meaning set forth in Section 2.1
----------------------
hereof.
"Guaranteed Other Debt Obligations" has the meaning provided in
---------------------------------
Section 2.1 hereof.
"Guaranteed Parties" means (i) the Lender Creditors and (ii) to the
------------------
extent an Agreement Supplement is delivered to the Administrative Agent
entitling such Secured Creditors to the benefit of the guaranty set forth
herein, any Additional Debt Creditors and/or Other Creditors.
"Guarantor" means the collective reference to each Credit Party, other
---------
than the Borrower (including any such Credit Party which executes and delivers
an Agreement Supplement).
"Guaranty" shall mean the obligations of the Guarantors under Section
--------
2 hereof.
"Indemnitees" has the meaning set forth in Section 3.14 hereof.
-----------
"Instrument" has the meaning given such term in Section 9-105(1)(i) of
----------
the UCC.
"Investment Property" has the meaning given such term in Section 9-
-------------------
115(f) of the UCC.
"IRL Administrative Agent" has the meaning set forth in the Recitals
------------------------
hereto.
"IRL Agreement" has the meaning provided in the Recitals hereto.
-------------
"IRL Co-Arranger" has the meaning set forth in the Recitals hereto.
---------------
"IRL Creditors" has the meaning set forth in Recitals hereto.
-------------
4
"IRL Loan Documents" shall have the meaning provided in Section 2.1
------------------
hereof.
"IRL Lead Arranger" has the meaning set forth in the Recitals hereto.
-----------------
"IRL Lenders" has the meaning set forth in the Recitals hereto.
-----------
"IRL Obligations" has the meaning set forth in Section 3.1(b) hereof.
---------------
"IRL Syndication Agent" has the meaning set forth in the Recitals
----------------------------------------------------------------
hereto.
-------
"Lead Arranger" has the meaning set forth in the Recitals hereto.
-------------
"Lender Creditors" has the meaning set forth in the Recitals hereto.
----------------
"Limited Liability Company Assets" means all assets, whether tangible
--------------------------------
or intangible and whether real, personal or mixed (including, without
limitation, all limited liability company capital and interest in other limited
liability companies), at any time owned or represented by any Limited Liability
Company Interest.
"Limited Liability Company Interests" means the entire limited
-----------------------------------
liability company membership interest at any time owned by any Pledgor in any
limited liability company that is a Subsidiary or Joint Venture of such Pledgor
(excluding Limited Liability Company Interests indicated on Annex A as not being
pledged, or otherwise determined by the Administrative Agent in its reasonable
discretion under Section 5.10(b) of the Credit Agreement, as not required to be
pledged).
"Net Worth" has the meaning set forth in Section 2.16 hereof.
---------
"Non-Voting Stock" means all capital stock which is not Voting Stock.
----------------
"Notes" means all intercompany promissory Notes at any time issued to
-----
any Pledgor.
"Obligations" has the meaning provided in Section 3.1 hereof.
-----------
"Other Creditors" has the meaning provided in the Recitals hereto.
---------------
"Other Debt Documents" has the meaning set forth in Section 2.1
--------------------
hereto.
"Other Debt Designation" has the meaning set forth in section 2.17
----------------------
hereof.
"Other Debt Obligations" has the meaning set forth in Section 3.1(d)
----------------------
hereof.
"Partnership Assets" means all assets, whether tangible or intangible
------------------
and whether real, personal or mixed (including, without limitation, all
partnership capital and interest in other partnerships), at any time owned or
represented by any Partnership Interest.
5
"Partnership Interest" means the entire general partnership interest
--------------------
or limited partnership interest at any time owned by any Pledgor in any general
partnership or limited partnership that is a Subsidiary or Joint Venture of such
Pledgor (excluding Partnership Interests indicated on Annex A as not being
pledged, or otherwise determined by the Administrative Agent in its reasonable
discretion under Section 5.10(b) of the Credit Agreement, as not required to be
pledged).
"Pledged Equity Ownership Interest" means all Equity Ownership
---------------------------------
Interests (including Limited Liability Company Interests, Partnership Interests,
Notes and Stock) pledged or required to be pledged hereunder.
"Pledged Notes" means all Notes at any time pledged or required to be
-------------
pledged hereunder.
"Pledgor" means each Credit Party in its capacity as a Pledgor under
-------
Section 3 of this Agreement (excluding Guarantors indicated on Annex A, or
otherwise determined by the Administrative Agent in its reasonable discretion
under Section 5.10(b) of the Credit Agreement, as not required to be Pledgors
hereunder).
"Primary Obligations" has the meaning set forth in Section 3.12(b)
-------------------
hereof.
"Pro Rata Share" has the meaning set forth in Section 3.12(b) hereof.
--------------
"Proceeds" has the meaning given such term in Section 9-306(l) of the
--------
UCC.
"Relevant Payment" has the meaning set forth in Section 2.15 hereof.
----------------
"Representative" has the meaning set forth in Section 3.12(e) hereof.
--------------
"Required IRL Lenders" has the meaning set forth in Section 4.2
--------------------
hereof.
"Requisite Creditors" shall have the meaning provided in Section 4.2
-------------------
hereof.
"Required Secured Creditors" means (i) Required Lenders (under the
--------------------------
Credit Agreement) at all times prior to the date on which all Credit Facility
Obligations have been paid in full, (ii) the Required IRL Lenders at all times
after the date in clause (i) applies and prior to the date on which all IRL
Obligations have been paid in full and (iii) at any time thereafter the holders
of at least a majority of Additional Debt Obligations and Other Debt
Obligations.
"Secondary Obligations" has the meaning set forth in Section 3.12(b)
---------------------
hereof.
"Secured Creditors" has the meaning set forth in the Recitals hereto.
-----------------
"Securities Account" has the meaning given such term in Section 8-
------------------
501(a) of the UCC.
"Securities Act" means the Securities Act of 1933, as amended, as in
--------------
effect from time to time.
6
"Security" and "Securities" has the meaning given such term in Section
-------- ----------
8-102(a)(15) of the UCC and shall in any event include all Stock and Notes (to
the extent same constitutes "Securities" under Section 8-102(a)(15)).
"Security Entitlement" has the meaning given such term in Section 8-
--------------------
102(a)(17) of the UCC.
"Stock" means all of the issued and outstanding shares of capital
-----
stock at any time owned by any Pledgor of any Foreign Corporation that is a
Subsidiary or Joint Venture of such Pledgor (excluding stock indicated on Annex
A as not being pledged, or otherwise determined by the Administrative Agent in
its reasonable discretion under Section 5.10(b) of the Credit Agreement as not
required to be pledged).
"Termination Date" has the meaning set forth in Section 3.23 hereof.
----------------
"UCC" means the Uniform Commercial Code as in effect in the State of
---
New York from time to time; provided that all references herein to specific
--------
sections or subsections of the UCC are references to such sections or
subsections, as the case may be, of the Uniform Commercial Code as in effect in
the State of New York on the date hereof.
"Uncertificated Security" has the meaning given such term in Section
-----------------------
8-102(a)(18) of the UCC.
"Voting Equity Ownership Interests" means all classes of Equity
---------------------------------
Ownership Interests of any Company entitled to vote.
SECTION 2. GUARANTY
--------
2.1. Guaranty. Each Guarantor, jointly and severally, absolutely,
--------
irrevocably and unconditionally guaranties to the applicable Guaranteed Parties,
as primary obligor and not merely as surety, the full and prompt payment when
due (whether at the stated maturity, by acceleration or otherwise) of (i) the
principal of, interest on and the Loans made to the Borrower under the Credit
Agreement and all reimbursement obligations and LC Obligations with respect to
Letters of Credit, together with all other obligations and liabilities owing by
the Borrower to the Credit Facility Creditors under the Credit Agreement and
each other Loan Document (including, without limitation, indemnities, Fees and
interest thereon), whether now existing or hereafter incurred under, arising out
of or in connection with, the Credit Agreement and each such other Loan
Document, and the due performance and compliance by the Borrower with all of the
terms, conditions and agreements contained in the Loan Documents (the
"Guaranteed Credit Facility Obligations"), (ii) the principal of, interest on
---------------------------------------
and Increasing Rate Term Loans made to the Borrower under the IRL Agreement and
the other loan documents related thereto (the "IRL Loan Documents") (including,
------------------
without limitation, indemnities, fees and interest thereon), whether now
existing or hereafter incurred under, arising out of or in connection with, the
IRL Agreement and IRL Loan Documents, and the due performance and compliance by
the Borrower with all of the terms, conditions and agreements contained in such
agreements (excluding Exchange Notes as defined in the IRL Agreement) (the
"Guaranteed IRL Obligations"), (iii) to the extent any
---------------------------
7
Additional Debt Designation is executed by the Borrower and delivered to the
Collateral Agent entitling the Additional Debt Creditors to the benefit of this
Guaranty as permitted under the Credit Agreement, the principal of, interest on
and any loans made under any Additional Debt Agreement and any other loan
documents related thereto (the "Additional Debt Documents") (including, without
-------------------------
limitation, indemnities, fees and interest thereon), as and to the extent
designated by the Borrower in the Additional Debt Designation, whether now
existing or hereafter incurred under, arising out of or in connection with any
Additional Debt Agreement or Additional Debt Documents as permitted under the
Credit Agreement, and the due performance and compliance by the Borrower with
all of the terms, conditions and agreements contained in such agreements (the
"Guaranteed Additional Debt Obligations") and (iv) to the extent an Other Debt
--------------------------------------
Designation is executed and delivered by the Borrower to the Collateral Agent
entitling any Other Creditors to the benefits of this Guaranty, the obligations
made under any Interest Rate Protection Agreement with any of the Other
Creditors, Other Hedging Agreement with any of the Other Creditors and any other
documents related thereto (the "Other Debt Documents," and together with the
--------------------
Loan Documents, IRL Loan Documents, and the Additional Debt Documents, and this
Agreement, the "Guaranteed Documents") (including, without limitation,
--------------------
indemnities, fees and interest thereon), as and to the extent designated by the
Borrower in the Other Debt Designation whether now existing or hereafter
incurred arising out of or in connection with any Interest Rate Protection
Agreement with any of the Other Creditors, Other Hedging Agreement with any of
the Other Creditors or Other Debt Documents, and the due performance and
compliance by the Borrower with all of the terms, conditions and agreements
contained in such agreements (the "Guaranteed Other Debt Obligations," and all
---------------------------------
such obligations being herein collectively called the "Guaranteed Obligations"),
----------------------
in each case of the relevant Guaranteed Parties. Each Guarantor understands,
agrees and confirms that the Guaranteed Parties may enforce this Guaranty up to
the full amount of the Guaranteed Obligations against each Guarantor without
proceeding against any other Guarantor, against the Borrower, against any
security for the Guaranteed Obligations, or under any other guaranty covering
all or a portion of the Guaranteed Obligations.
2.2. Guaranty Absolute and Unconditional. Additionally, each
-----------------------------------
Guarantor, jointly and severally, absolutely, unconditionally and irrevocably,
guaranties the payment of any and all Guaranteed Obligations to the Guaranteed
Parties whether or not then due or payable by the Borrower upon the occurrence
in respect of the Borrower of any of the events specified in Section 7.05 of the
Credit Agreement, Section 7.05 of the IRL Agreement (or the comparable
provisions of any Additional Debt Agreement or Other Hedging Agreement with any
of the Other Creditors), and absolutely, unconditionally and irrevocably,
jointly and severally, promises to pay the Guaranteed Obligations to the
Guaranteed Parties, on order, on written demand, in lawful money of the United
States. This Guaranty shall constitute a guaranty of payment, and not of
collection.
2.3. Guaranty Exclusive and Independent. (a) The liability of each
----------------------------------
Guarantor hereunder is exclusive and independent of any security for or other
guaranty of the indebtedness of the Borrower, whether executed by such
Guarantor, any other Guarantor, any other guarantor or any other party, and the
liability of each Guarantor hereunder shall not be affected or impaired by any
circumstance or occurrence whatsoever, including, without limitation: (a) any
direction as to application of payment by the Borrower or by any other party,
(b) any other continuing or
8
other guaranty, undertaking or maximum liability of a guarantor or of any other
party as to the indebtedness of the Borrower, (c) any payment on or in reduction
of any such other guaranty or undertaking except to the extent that any such
payment or reduction results in the actual permanent reduction of the Guaranteed
Obligations, (d) any dissolution, termination or increase, decrease or change in
personnel by the Borrower, (e) any payment made to any Guaranteed Party on the
indebtedness which any Secured Creditor repays the Borrower pursuant to a court
order in any bankruptcy, reorganization, arrangement, moratorium or other debtor
relief proceeding, and each Guarantor waives any right to the deferral or
modification of its obligations hereunder by reason of any such proceeding or
(f) any action or inaction by any Guaranteed Party as contemplated in Section
2.5 hereof.
(b) The obligations of each Guarantor hereunder are independent of the
obligations of any other Guarantor, any other guarantor or the Borrower, and a
separate action or actions may be brought and prosecuted against each Guarantor
whether or not action is brought against any other Guarantor, any other
guarantor or the Borrower and whether or not any other Guarantor, any other
Guarantor or the Borrower be joined in any such action or actions. Any payment
by the Borrower or other circumstance which operates to toll any statute of
limitations as to the Borrower shall operate to toll the statute of limitations
as to each Guarantor.
2.4. Notice. Each Guarantor hereby waives, except as required by
------
applicable law and cannot be waived, notice of acceptance of this Agreement and
notice of any liability to which it may apply, and waives promptness, diligence,
presentment, demand of payment, protest, notice of dishonor or nonpayment of any
such liabilities, suit or taking of other action by the Collateral Agent or any
other Guaranteed Parties against, and any other notice to, any party liable
thereon (including such Guarantor, any other Guarantor or the Borrower).
2.5. Amendments etc. with respect to Guaranteed Obligations. Any
------------------------------------------------------
Guaranteed Party may at any time and from time to time without the consent of,
or notice to (except as required under applicable law and cannot be waived), any
Guarantor, and without impairing or releasing the obligations of such Guarantor
hereunder, from time to time and in whole or in part:
(a) change the manner, place or terms of payment of, and/or change or
extend the time of payment of, renew, increase, accelerate or alter, any of
the Guaranteed Obligations (including any increase or decrease in the rate
of interest thereon), any security therefor, or any liability incurred
directly or indirectly in respect thereof, and the guaranty herein made
shall apply to the Guaranteed Obligations as so changed, extended, renewed
or altered;
(b) take and hold security for the payment of the Guaranteed
Obligations and sell, exchange, release, surrender, realize upon or
otherwise deal with in any manner and in any order any property by
whomsoever at any time pledged or mortgaged to secure, or howsoever
securing, the Guaranteed Obligations or any liabilities (including any of
those hereunder) incurred directly or indirectly in respect thereof or
hereof, and/or any offset there against;
9
(c) exercise or refrain from exercising any rights against the
Borrower, any other Guarantor or otherwise act or refrain from acting;
(d) release or substitute any one or more endorsers, Guarantors, other
Guarantors, the Borrower or other obligors;
(e) settle or compromise any of the Guaranteed Obligations or any
liability (including any of those hereunder) incurred directly or
indirectly in respect thereof or hereof, and may subordinate the payment of
all or any part thereof to the payment of any liability (whether due or
not) of the Borrower to creditors of the Borrower other than the Guaranteed
Parties;
(f) apply any sums by whomsoever paid or howsoever realized to any
liability or liabilities of the Borrower to the Guaranteed Parties
regardless of what liabilities of the Borrower remain unpaid;
(g) consent to or waive any breach of, or any act, omission or default
under, the Guaranteed Documents or any of the instruments or agreements
referred to therein or otherwise amend, modify or supplement the Guaranteed
Documents or any of such other instruments or agreements; and
(h) take any other lawful action which would, under otherwise
applicable principles of common law, give rise to a legal or equitable
discharge of such Guarantor from its liabilities under this Guaranty.
2.6. Invalidity, Irregularity or Unenforceability of Guaranteed
----------------------------------------------------------
Obligations. No invalidity, irregularity or unenforceability of all or any part
-----------
of the Guaranteed Obligations or of any security therefore shall affect, impair
or be a defense to this Guaranty, and this Guaranty shall be primary, absolute,
irrevocable and unconditional notwithstanding the occurrence of any event or the
existence of any other circumstances which might constitute a legal or equitable
discharge of a surety or Guarantor except payment in full of the Guaranteed
Obligations.
2.7. Rights and Remedies Cumulative. This Guaranty is a continuing
------------------------------
one and all liabilities to which it applies or may apply under the terms hereof
shall be conclusively presumed to have been created in reliance hereon. No
failure or delay on the part of any Guaranteed Party in exercising any right,
power or privilege hereunder shall operate as a waiver thereof; nor shall any
single or partial exercise of any right, power or privilege hereunder preclude
any other or further exercise thereof or the exercise of any other right, power
or privilege. The rights and remedies herein expressly specified are cumulative
and not exclusive of any rights or remedies which any Guaranteed Parties would
otherwise have. No notice to or demand on any Guarantor in any case shall
entitle such Guarantor to any other or further notice or demand in similar or
other circumstances or constitute a waiver of the rights of any Guaranteed
Parties to any other or further action in any circumstances without notice or
demand. It is not necessary for any Guaranteed Parties to inquire into the
capacity or powers of the Borrower or the officers, directors, partners or
agents acting or purporting to act on their behalf, and any indebtedness
10
made or created in reliance upon the professed exercise of such powers shall be
guaranteed hereunder.
2.8. Subordination of Indebtedness. Any indebtedness of the Borrower
-----------------------------
now or hereafter owing to any Guarantor is hereby subordinated to the
indebtedness of the Borrower to the Guaranteed Parties; and such indebtedness of
the Borrower to any Guarantor, if the Collateral Agent so requests at a time
when an Event of Default exists and is continuing and any Guaranteed Obligations
are outstanding, shall be collected, enforced and received by such Guarantor as
trustee for the Guaranteed Parties and be paid over to the Guaranteed Parties on
account of the indebtedness of the Borrower to the Guaranteed Parties, but
without affecting or impairing in any manner the liability of such Guarantor
under the other provisions of this Agreement. Prior to the transfer by any
Guarantor of any note or negotiable instrument evidencing any indebtedness of
the Borrower to such Guarantor, such Guarantor shall mark such note or
negotiable instrument with a legend that the same is subject to this
subordination. Without limiting the generality of the foregoing, each Guarantor
hereby agrees with the Guaranteed Parties that it will not exercise any right of
subrogation which it may at any time otherwise have as a result of this Guaranty
(whether contractual, under Section 509 of the Bankruptcy Code, or otherwise)
until all Guaranteed Obligations have been paid in full (it being understood
that each Guarantor is not waiving any right of subrogation that it may
otherwise have but is only waiving the exercise thereof as provided above).
2.9. Waiver. (a) Each Guarantor waives any right (except as shall
------
be required by applicable law and cannot be waived) to require the Guaranteed
Parties to: (i) proceed against the Borrower, any other Guarantor, any other
guarantor of the Guaranteed Obligations or any other party; (ii) proceed against
or exhaust any security held from the Borrower, any other Guarantor, any other
guarantor of the Guaranteed Obligations or any other party; or (iii) pursue any
other remedy in the Guaranteed Parties' power whatsoever. Each Guarantor waives
(except as shall be required by applicable law and cannot be waived) any defense
to the obligations of such Guarantor under this Guaranty based on or arising out
of any defense of the Borrower, such Guarantor, any other Guarantor, any other
guarantor of the Guaranteed Obligations or any other party, other than payment
in full of the Guaranteed Obligations, including, without limitation, any
defense based on or arising out of the disability of the Borrower, such
Guarantor, any other Guarantor, any other guarantor of the Guaranteed
Obligations or any other party, or the unenforceability of the Guaranteed
Obligations or any part thereof from any cause, or the cessation from any cause
of the liability of the Borrower, other than payment in full of the Guaranteed
Obligations. The Guaranteed Parties may, at their election, foreclose on any
security held by such Guaranteed Parties or the other Guaranteed Parties by one
or more judicial or non-judicial sales, whether or not every aspect of any such
sale is commercially reasonable (to the extent such sale is permitted by
applicable law), or exercise any other right or remedy the Guaranteed Parties
may have against the Borrower or any other party, or any security, without
affecting or impairing in any way the liability of any Guarantor hereunder,
except to the extent the Guaranteed Obligations have been paid in full. Each
Guarantor waives any defense arising out of any such election by the Guaranteed
Parties, even though such election operates to impair or extinguish any right of
reimbursement or subrogation or other right or remedy of such Guarantor against
the Borrower or any other party or any security.
11
(b) Each Guarantor waives, except as shall be required by applicable
law and cannot be waived, all presentments, demands for performance, protests
and notices, including, without limitation, notices of nonperformance, notices
of protest, notices of dishonor, notices of acceptance of this Guaranty, and
notices of the existence, creation or incurring of new or additional
indebtedness. Each Guarantor assumes all responsibility for being and keeping
itself informed of the Borrower's financial condition and assets, and of all
other circumstances bearing upon the risk of nonpayment of the Guaranteed
Obligations and the nature, scope and extent of the risks which such Guarantor
assumes and incurs hereunder, and agrees that the Guaranteed Parties shall have
no duty to advise any Guarantor of information known to them regarding such
circumstances or risks.
2.10. Representations, Warranties and Covenants. In order to induce
-----------------------------------------
the Guaranteed Parties into (i) the making of Loans to the Borrower, and the
issuance of and participation in, Letters of Credit for the account of the
Borrower under the Credit Agreement, and the making of Increasing Rate Term
Loans under the IRL Agreement and (ii) to granting the extensions of credit
under the Additional Debt Agreements, and to the Other Creditors entering into
Interest Rate Protection Agreements or Hedging Agreements, each Guarantor
represents, warrants and covenants that, except as has been otherwise disclosed
in the Credit Agreement to the Collateral Agent,:
(a) Status. Such Guarantor (i) is a duly organized and validly
------
existing corporation, partnership or limited liability company, as the case
may be, in good standing (if applicable) under the laws of the jurisdiction
of its organization, (ii) has the corporate, partnership or limited
liability company power and authority, as the case may be, and legal right
to own and operate its assets, to lease the assets it operates as lessee
and to conduct the business in which it is currently engaged and (iii) is
duly qualified and is authorized to do business and is in good standing in
each jurisdiction where the conduct of its business requires such
qualification, except for failures to be so qualified which, in the
aggregate, would not reasonably be expected to have a Material Adverse
Effect.
(b) Power and Authority. Such Guarantor has the corporate,
-------------------
partnership or limited liability company power and authority, as the case
may be, to make, deliver and perform the terms and provisions of this
Guaranty and each other Guaranteed Documents, to which it is a party and
has taken all necessary corporate, partnership or limited liability company
action to authorize the execution, delivery and performance by it of each
such Guaranteed Document. Except to the extent already obtained or made,
no consent or authorization of, filing with, notice to or other act by or
in respect of, any Governmental Authority or any other Person is required
in connection with the execution, delivery, performance, validity or
enforceability of this Guaranty or any such Guaranteed Documents. Such
Guarantor has duly executed and delivered this Guaranty and each other
Guaranteed Document to which it is a party and each such Guaranteed
Document constitutes the legal, valid and binding obligation of such
Guarantor enforceable in accordance with its terms, except to the extent
that the enforceability hereof and thereof may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws
generally affecting the enforcement of creditors' rights generally and by
equitable principles (regardless of whether enforcement is sought in equity
or at law).
12
(c) No Violation. The execution, delivery or performance by such
------------
Guarantor of this Guaranty or any other Guaranteed Document to which it is
a party, or compliance by it with the terms and provisions hereof and
thereof (i) will not violate any Requirement of Law or material Contractual
Obligation of such Guarantor, (ii) will not conflict with, or result in any
breach of, any of the terms, covenants, conditions or provisions of, or
constitute a default under, or result in the creation or imposition of (or
the obligation to create or impose) any Lien (other than pursuant to the
Security Documents) upon any of the properties or assets of such Guarantor
or any of its Subsidiaries pursuant to the terms of, any indenture,
mortgage, deed of trust, credit agreement or loan agreement or any other
material agreement, contract or instrument to which such Guarantor or any
of its Subsidiaries is a party or by which it or any of its property or
assets is bound or to which it may be subject, except to the extent that
such conflict or default would not reasonably be expected to have a
Material Adverse Effect or (iii) will not violate any provision of any
Company Document of such Guarantor or any of its Subsidiaries. No
Requirement of Law or Contractual Obligation applicable to such Guarantor
or any of its Subsidiaries would reasonably be expected to have a Material
Adverse Effect.
(d) Each Guarantor represents, warrants, covenants and agrees that on
and after the Effective Date and until all commitments to extend credit
under the Guaranteed Documents have terminated and no Letter of Credit
remains outstanding and all Guaranteed Obligations have been paid in full,
such Guarantor shall, and shall cause each of its Subsidiaries to, take, or
refrain from taking, as the case may be, all actions that are necessary to
be taken or not taken to enable the Borrower to comply with all its
obligations, representations and covenants under the Guaranteed Documents,
and so that no violation of any provision, covenant or agreement contained
in Articles V and VI of the Credit Agreement, Articles V and VI of the IRL
Agreement, and so that no Event of Default, is caused by the actions of
such Guarantor or any of its Subsidiaries.
2.11. Right of Set Off. In addition to any rights now or hereafter
----------------
granted under applicable law (including, without limitation, Section 151 of the
New York Debtor and Creditor Law) and not by way of limitation of any such
rights, upon the occurrence and during the continuance of an Event of Default,
each Guaranteed Party is hereby authorized at any time or from time to time,
without notice to any Guarantor or to any other Person, any such notice being
expressly waived, to set off and to appropriate and apply any and all deposits
(general or special) and any other indebtedness at any time held or owing by
such Guaranteed Party to or for the credit or the account of such Guarantor,
against and on account of the obligations and liabilities of such Guarantor to
such Guaranteed Party under this Guaranty, irrespective of whether or not such
Guaranteed Party shall have made any demand hereunder and although said
obligations, liabilities, deposits or claims, or any of them, shall be
contingent or unmatured.
2.12. Repayment or Recovery. If claim is ever made upon any
---------------------
Guaranteed Party for repayment or recovery of any amount or amounts received in
payment or on account of any of the Guaranteed Obligations and any of the
aforesaid payees repays all or part of said amount by reason of (i) any
judgment, decree or order of any court or administrative body having
jurisdiction over such payee or any of its property or (ii) any settlement or
compromise of any such claim effected by such payee with any such claimant
(including the Borrower), then and in such event
13
each Guarantor agrees that any such judgment, decree, order, settlement or
compromise shall be binding upon such Guarantor, notwithstanding any revocation
hereof or other instrument evidencing any liability of the Borrower, and such
Guarantor shall be and remain liable to the aforesaid payees hereunder for the
amount so repaid or recovered to the same extent as if such amount had never
originally been received by any such payee.
2.13. Payments by any Guarantor. All payments made by any Guarantor
-------------------------
hereunder will be made without setoff, counterclaim or other defense.
2.14. Right of Contribution. At any time a payment in respect of the
---------------------
Guaranteed Obligations is made under this Guaranty, the right of contribution of
each Guarantor against each other Guarantor shall be determined as provided in
the immediately following sentence, with the right of contribution of each
Guarantor to be revised and restated as of each date on which a payment (a
"Relevant Payment") is made on the Guaranteed Obligations under this Agreement.
-----------------
At any time that a Relevant Payment is made by a Guarantor that results in the
aggregate payments made by such Guarantor in respect of the Guaranteed
Obligations to and including the date of the Relevant Payment exceeding such
Guarantor's Contribution Percentage (as defined below) of the aggregate payments
made by all Guarantors in respect of the Guaranteed Obligations to and including
the date of the Relevant Payment (such excess, the "Aggregate Excess Amount"),
-----------------------
each such Guarantor shall have a right of contribution against each other
Guarantor who has made payments in respect of the Guaranteed Obligations to and
including the date of the Relevant Payment in an aggregate amount less than such
other Guarantor's Contribution Percentage of the aggregate payments made to and
including the date of the Relevant Payment by all Guarantors in respect of the
Guaranteed Obligations (the aggregate amount of such deficit, the "Aggregate
---------
Deficit Amount") in an amount equal to (x) a fraction the numerator of which is
--------------
the Aggregate Excess Amount of such Guarantor and the denominator of which is
the Aggregate Excess Amount of all Guarantors multiplied by (y) the Aggregate
Deficit Amount of such other Guarantor. A Guarantor's right of contribution
pursuant to the preceding sentences shall arise at the time of each computation,
subject to adjustment to the time of any subsequent computation; provided that
--------
no Guarantor may take any action to enforce such right until the Guaranteed
Obligations have been paid in full and all commitments by the Guaranteed Parties
to extend credit under the Guaranteed Documents have been terminated, it being
expressly recognized and agreed by all parties hereto that any Guarantor's right
of contribution arising pursuant to this Section 2.15 against any other
Guarantor shall be expressly junior and subordinate to such other Guarantor's
obligations and liabilities in respect of the Guaranteed Obligations and any
other obligations owing under this Guaranty. As used in this Section 2.16: (i)
each Guarantor's "Contribution Percentage" shall mean the percentage obtained by
-----------------------
dividing (x) the Adjusted Net Worth (as defined below) of such Guarantor by (y)
the aggregate Adjusted Net Worth of all Guarantors; (ii) the "Adjusted Net
------------
Worth" of each Guarantor shall mean the greater of (x) the Net Worth (as defined
below) of such Guarantor and (y) zero; and (iii) the "Net Worth" of each
---------
Guarantor shall mean the amount by which the fair salable value of such
Guarantor's assets on the date of any Relevant Payment exceeds its existing
debts and other liabilities (including contingent liabilities, but without
giving effect to any Guaranteed Obligations arising under this Guaranty) on such
date. Each of the Guarantors recognizes and acknowledges that the rights to
contribution arising hereunder shall constitute an asset in favor of the party
entitled to such contribution. In this connection, each Guarantor has the right
to waive its contribution right against any Guarantor to
14
the extent that after giving effect to such waiver such Guarantor would remain
solvent, in the determination of the Required Lenders under the Credit
Agreement.
2.15. Designation of Additional Debt. The Borrower may, by written
-------------------------------
notice to the Collateral Agent (any such notice, an "Additional Debt
Designation"), designate any obligations of the Borrower or any of its
Subsidiaries, Joint Ventures or Unrestricted Subsidiaries as Guaranteed
Additional Debt obligations and Additional Debt Obligations under this
Agreement, provided such designation is permitted under Section 6.02(l) of the
Credit Agreement and 6.02(l) of the IRL Agreement. Any Additional Debt
Designation shall specify the principal amount of the obligation(s), the
obligee(s) thereof, the principal documents evidencing and/or governing such
obligation(s), and, if less than the entire amount of any obligation is so
designated, the portion of such obligation(s) designated as Guaranteed
Additional Debt Obligations and Additional Debt Obligations hereunder. Upon the
delivery of any such Additional Debt Designation permitted under Section 6.02(1)
of the Credit Agreement and the IRL Agreement, the obligations so designated
therein shall thereupon be deemed to be Guaranteed Additional Debt Obligations
or Additional Debt Obligations, as the case may be for all purposed of this
Agreement. The Collateral Agent shall from time to time, at Borrower's request,
give Borrower a written notice identifying all Additional Debt Designations
theretofore received by Collateral Agent form Borrower.
2.16. Designation of Other Debt. The Borrower may, by written notice
--------------------------
to the Collateral Agent (any such notice, an "Other Debt Designation"),
designate any obligations of Borrower or any of its Subsidiaries, Joint Ventures
or Unrestricted Subsidiaries as Guaranteed Other Debt obligations and Other Debt
Obligations under this Agreement, provided such designation is permitted under
the Credit Agreement and the IRL Agreement. Any Other Debt Designation shall
specify all of the material economic terms of the obligation(s), the obligee(s)
thereof, the principal documents evidencing and/or governing such obligation(s),
and, if less than the entire amount of any obligation is so designated, the
portion of such obligation(s) designated as Guaranteed Other Debt Obligations
and Other Debt Obligations hereunder. Upon the delivery of any such Other Debt
Designation permitted under the Credit Agreement and the IRL Agreement, the
obligations so designated therein shall thereupon be deemed to be Guaranteed
Other Debt Obligations or Other Debt Obligations for all purposed of this
Agreement. The Collateral Agent shall from time to time, at Borrower's request,
give Borrower a written notice identifying all Other Debt Designations
theretofore received by Collateral Agent form Borrower.
SECTION 3. PLEDGE OF SECURITY INTEREST, ETC.
---------------------------------
3.1. Security for Obligations. This Agreement is made by each
------------------------
Pledgor for the benefit of the respective Secured Creditors to secure:
(a) the full and prompt payment when due (whether at the stated
maturity, by acceleration or otherwise) of all obligations and indebtedness
(including, without limitation, indemnities, fees and interest thereon) of
the Borrower to the Credit Facility Creditors, whether now existing or
hereafter incurred, arising out of, or in connection with the Credit
Agreement and the other Loan Documents to which the Borrower is a party
(including, in the case of each Guarantor, all Guaranteed Credit Facility
Obligations with
15
respect thereto under this Agreement) and the due performance and
compliance by such Pledgor with all of the terms, conditions and agreements
contained in the Credit Agreement and such other Loan Documents (the
"Credit Facility Obligations");
---------------------------
(b) the full and prompt payment when due (whether at the stated
maturity, by acceleration or otherwise) of all obligations and indebtedness
(including, without limitation, indemnities, fees and interest thereon) of
the Borrower to the IRL Creditors, whether now existing or hereafter
incurred under, arising out of, or in connection with the IRL Agreement,
the other IRL Loan Documents to which the Borrower is a party (including,
in the case of each Guarantor, all Guaranteed IRL Obligations with respect
thereto under this Agreement) and the due performance and compliance by
such Pledgor with all of the terms, conditions and agreements contained in
the IRL Agreement and such other IRL Loan Documents (but in any event
excluding Exchange Notes as defined in the IRL Agreement) (the "IRL
---
Obligations");
-----------
(c) to the extent any Additional Debt Designation is executed by the
Borrower and delivered to the Collateral Agent, the full and prompt payment
when due (whether at the stated maturity, by acceleration or otherwise) of
all obligations and indebtedness of the Borrower to the Additional Debt
Creditors, whether now existing or hereafter incurred, arising out of, or
in connection with the Additional Debt Documents to the extent permitted by
the Credit Agreement to which the Borrower is a party, (including, in the
case of each Guarantor, all Additional Debt Obligations with respect
thereto, if any, under this Agreement), and the due performance and
compliance by such Pledgor with all of the terms, conditions and
agreements, contained in the Additional Debt Documents (the "Additional
----------
Debt Obligations");
----------------
(d) to the extent any Other Debt Designation is executed by the
Borrower and delivered to the Collateral Agent, the full and prompt payment
when due (whether at the stated maturity, by acceleration or otherwise) of
all obligations and liabilities of the Borrower to the Other Creditors
under, or with respect to any Interest Rate Protection Agreement, Other
Hedging Agreement with the Other Creditors or Other Debt Documents
(including, in the case of each Guarantor, all Guaranteed Other Obligations
with respect thereto, if any, under this Agreement), whether such Interest
Rate Protection Agreement with the Other Creditors, Other Hedging Agreement
with the Other Creditors or Other Debt Documents are is now in existence or
hereafter arising, and the due performance and compliance by such Pledgor
with all of the terms, conditions and agreements contained in the Other
Debt Obligations (the "Other Debt Obligations");
----------------------
(e) after an Event of Default any and all sums advanced by Collateral
Agent in order to preserve the Collateral (as hereinafter defined) or
preserve its security interest in the Collateral;
(f) in the event of any proceeding for the collection or enforcement
of any indebtedness, obligations, or liabilities of the Collateral Agent
referred to in clauses (a) - (d) above, after an Event of Default shall
have occurred and be continuing, the reasonable expenses of retaking,
holding, preparing for sale or lease, selling or otherwise disposing of
16
or realizing on the Collateral, or of any exercise by the Collateral Agent
of its rights hereunder, together with reasonable attorneys' fees and court
costs; and
(g) all amounts paid by any Secured Creditor as to which such Secured
Creditor has the right to reimbursement under Section 3.14 of this
Agreement;
all such obligations, liabilities, sums and expenses set forth in clauses (a)
through (g) of this Section 3.1 being herein collectively called the
"Obligations," it being acknowledged and agreed that the "Obligations" shall
------------
include extensions of credit of the types described above, whether outstanding
on the date of this Agreement or extended from time to time after the date of
this Agreement.
3.2. Pledge. To secure the Obligations and for the purposes set
------
forth in Section 3.1, each Pledgor hereby grants, pledges and assigns to the
Collateral Agent for the benefit of the Secured Creditors, and hereby creates a
continuing security interest in favor of the Collateral Agent for the benefit of
the Secured Creditors in, all of the right, title and interest in and to the
following, whether now existing or hereafter from time to time acquired
(collectively, the "Collateral"):
----------
(a) each of the Collateral Accounts including any and all assets of
whatever type or kind deposited by such Pledgor in such Collateral Account,
whether now owned or hereafter acquired, existing or arising, including,
without limitation, all Financial Assets in respect of an equity interest
in any Person of any type or nature deposited or required by the Credit
Agreement, IRL Agreement or any other Guaranteed Documents to be deposited
in such Collateral Account, and all investments and all certificates and
other Instruments (including depository receipts, if any) from time to time
representing or evidencing the same, and all dividends, interest,
distributions, cash and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or
all of the foregoing;
(b) all Securities of such Pledgor from time to time in respect of any
Subsidiary or Joint Venture of such Pledgor (excluding Securities indicated
on Annex A, or otherwise determined by the Administrative Agent in its
reasonable discretion under Section 5.10(b) of the Credit Agreement, as not
required to be pledged);
(c) all Limited Liability Company Interests of such Pledgor from time
to time and all of its right, title and interest in each limited liability
company to which each such interest relates, whether now existing or
hereafter acquired, including, without limitation:
(A) all the capital thereof and its interest in all profits,
losses, Limited Liability Company Assets and other distributions to
which such Pledgor shall at any time be entitled in respect of such
Limited Liability Company Interests;
(B) all other payments due or to become due to such Pledgor in
respect of Limited Liability Company Interests, whether under any
limited liability com-
17
pany agreement or otherwise, whether as contractual obligations,
damages, insurance proceeds or otherwise;
(C) all of its claims, rights, powers, privileges, authority,
options, security interests, liens and remedies, if any, under any
limited liability company agreement or operating agreement, or at law
or otherwise in respect of such Limited Liability Company Interests;
(D) all present and future claims, if any, of such Pledgor
against any such limited liability company for moneys loaned or
advanced, for services rendered or otherwise;
(E) all of such Pledgor's rights under any limited liability
company agreement or operating agreement or at law to exercise and
enforce every right, power, remedy, authority, option and privilege of
such Pledgor relating to such Limited Liability Company Interests,
including any power to terminate, cancel or modify any limited
liability company agreement or operating agreement, to execute any
instruments and to take any and all other action on behalf of and in
the name of any of such Pledgor in respect of such Limited Liability
Company Interests and any such limited liability company, to make
determinations, to exercise any election (including, but not limited
to, election of remedies) or option or to give or receive any notice,
consent, amendment, waiver or approval, together with full power and
authority to demand, receive, enforce, collect or receipt for any of
the foregoing or for any Limited Liability Company Asset, to enforce
or execute any checks, or other instruments or orders, to file any
claims and to take any action in connection with any of the foregoing;
and
(F) all other property hereafter delivered in substitution for or
in addition to any of the foregoing, all certificates and instruments
representing or evidencing such other property and all cash,
securities, interest, dividends, rights and other property at any time
and from time to time received, receivable or otherwise distributed in
respect of or in exchange for any or all thereof;
(d) all Partnership Interests of such Pledgor from time to time and
all of its right, title and interest in each partnership to which each such
interest relates, whether now existing or hereafter acquired, including,
without limitation:
(A) all the capital thereof and its interest in all profits,
losses, Partnership Assets and other distributions to which such
Pledgor shall at any time be entitled in respect of such Partnership
Interests;
(B) all other payments due or to become due to such Pledgor in
respect of Partnership Interests, whether under any partnership
agreement or otherwise, whether as contractual obligations, damages,
insurance proceeds or otherwise;
18
(C) all of its claims, rights, powers, privileges, authority,
options, security interests, liens and remedies, if any, under any
partnership agreement or operating agreement, or at law or otherwise
in respect of such Partnership Interests;
(D) all present and future claims, if any, of such Pledgor
against any such partnership for moneys loaned or advanced, for
services rendered or otherwise;
(E) all of such Pledgor's rights under any partnership agreement
or operating agreement or at law to exercise and enforce every right,
power, remedy, authority, option and privilege of such Pledgor
relating to such Partnership Interests, including any power to
terminate, cancel or modify any partnership agreement or operating
agreement, to execute any instruments and to take any and all other
action on behalf of and in the name of any of such Pledgor in respect
of such Partnership Interests and any such partnership, to make
determinations, to exercise any election (including, but not limited
to, election of remedies) or option or to give or receive any notice,
consent, amendment, waiver or approval, together with full power and
authority to demand, receive, enforce, collect or receipt for any of
the foregoing or for any Partnership Asset, to enforce or execute any
checks, or other instruments or orders, to file any claims and to take
any action in connection with any of the foregoing; and
(F) all other property hereafter delivered in substitution for or
in addition to any of the foregoing, all certificates and instruments
representing or evidencing such other property and all cash,
securities, interest, dividends, rights and other property at any time
and from time to time received, receivable or otherwise distributed in
respect of or in exchange for any or all thereof;
(e) all Security Entitlements of such Pledgor from time to time in any
and all of the foregoing;
(f) all Financial Assets and Investment Property of such Pledgor from
time to time in respect of any of the foregoing; and
(g) to the extent not otherwise included, all Proceeds of any and all
of the foregoing.
Notwithstanding anything to the contrary contained in this Section 3.2, no
Pledgor shall be required at any time to pledge hereunder more than 65% of the
voting Equity Ownership Interest of any Company which is not formed or
incorporated under the laws of the United States or any State thereof (each, a
"Foreign Company"), except that, subject to the Credit Agreement each Pledgor
----------------
shall be required to pledge hereunder 100% of any Non-Voting Stock at any time
and from time to time acquired by such Pledgor of any such Foreign Company.
19
3.3. Procedures. (a) To the extent that any Pledgor at any time or
----------
from time to time owns, acquires or obtains any right, title or interest in any
Collateral, such Collateral shall automatically (and without the taking of any
action by the respective Pledgor) be pledged pursuant to Section 3.2 of this
Agreement and, in addition thereto, such Pledgor shall (to the extent provided
below) take the following actions as set forth below (as promptly as practicable
and, in any event, within 30 days after it obtains such Collateral) for the
benefit of the Collateral Agent and the Secured Creditors:
(i) with respect to a Certificated Security constituting Collateral
(other than a Certificated Security credited on the books of a Clearing
Corporation), the respective Pledgor shall physically deliver such
Certificated Security to the Collateral Agent, endorsed to the Collateral
Agent or endorsed in blank;
(ii) with respect to an Uncertificated Security constituting
Collateral (other than an Uncertificated Security credited on the books of
a Clearing Corporation), the respective Pledgor shall cause the issuer of
such Uncertificated Security to duly authorize and execute, and deliver to
the Collateral Agent, an agreement for the benefit of the Collateral Agent
and the Secured Creditors substantially in the form of Annex D hereto
(appropriately completed to the satisfaction of the Collateral Agent and
with such modifications, if any, as shall be reasonably satisfactory to the
Collateral Agent) pursuant to which such issuer agrees to comply with any
and all instructions originated by the Collateral Agent without further
consent by the registered owner and not to comply with instructions
regarding such Uncertificated Security (and any Partnership Interests and
Limited Liability Company Interests issued by such issuer) originated by
any other Person other than a court of competent jurisdiction;
(iii) with respect to a Certificated Security, Uncertificated
Security, Partnership Interest or Limited Liability Company Interest
credited on the books of a Clearing Corporation (including a Federal
Reserve Bank, Participants Trust Company or The Depository Trust Company),
the respective Pledgor shall promptly notify the Collateral Agent thereof
and shall promptly take all actions reasonably required (i) to comply with
the applicable rules of such Clearing Corporation and (ii) to perfect the
security interest of the Collateral Agent under applicable law (including,
in any event, under Sections 9-115(4)(a) and (b), 9-115(1)(e) and 8-106(d)
of the UCC). The Pledgor further agrees to take such actions as the
Collateral Agent deems reasonably necessary or desirable to effect the
foregoing;
(iv) with respect to a Partnership Interest or a Limited Liability
Company Interest (other than a Partnership Interest or Limited Liability
Interest credited on the books of a Clearing Corporation), (1) if such
Partnership Interest or Limited Liability Company Interest is represented
by a certificate, the procedure set forth in Section 3.3(a)(i) hereof, and
(2) if such Partnership Interest or Limited Liability Company Interest is
not represented by a certificate, the procedure set forth in Section
3.3(a)(ii) hereof;
(v) After the occurrence and continuance of an Event of Default,
with respect to cash which is Proceeds of Collateral (i) establishment by
the Collateral Agent of a cash
20
account in the name of such Pledgor over which the Collateral Agent shall
have exclusive and absolute control and dominion (and no withdrawals or
transfers may be made therefrom by any Person except with the prior written
consent of the Collateral Agent) and (ii) deposit of such cash in such cash
account; and
(vi) with respect to any Note, physical delivery of such Note to the
Collateral Agent, endorsed to the Collateral Agent or endorsed in blank.
(b) In addition to the actions required to be taken pursuant to
preceding Section 3.3(a), each Pledgor shall take the following additional
actions with respect to the Securities and Collateral:
(i) with respect to all Collateral of such Pledgor whereby or with
respect to which the Collateral Agent may obtain "control" thereof within
the meaning of Section 8-106 of the UCC (or under any provision of the UCC
as same may be amended or supplemented from time to time, or under the laws
of any relevant State other than the State of New York), the respective
Pledgor shall take all actions as may be requested from time to time by the
Collateral Agent so that "control" of such Collateral is obtained and at
all times held by the Collateral Agent; and
(ii) each Pledgor shall from time to time cause appropriate
financing statements (on Form UCC-1 or other appropriate form) under the
Uniform Commercial Code as in effect in the various relevant States,
covering all Collateral hereunder for which the filing of such financing
statements is required to perfect the applicable security interest (with
the form of such financing statements to be satisfactory to the Collateral
Agent), to be filed in the relevant filing offices so that at all times the
Collateral Agent has a security interest in all Investment Property and
other Collateral which is perfected by the filing of such financing
statements (in each case to the maximum extent perfection by filing may be
obtained under the laws of the relevant states, including, without
limitation, Section 9-115(4)(b) of the UCC).
3.4. Subsequently Acquired Collateral. If any Pledgor shall acquire
--------------------------------
(by purchase, stock dividend or otherwise) any additional Collateral at any time
or from time to time after the date hereof, such Collateral shall automatically
(and without any further action being required to be taken) be subject to the
pledge and security interests created pursuant to Section 3.2 hereof and,
furthermore, the Pledgor will promptly thereafter take (or cause to be taken)
all action with respect to such Collateral in accordance with the procedures set
forth in Section 3.3 hereof, and will promptly thereafter deliver to the
Collateral Agent (i) a certificate executed by a principal executive officer of
such Pledgor describing such Collateral and certifying that the same has been
duly pledged in favor of the Collateral Agent (for the benefit of the Secured
Creditors) hereunder and (ii) supplements to Annexes A through C hereto as are
necessary to cause such annexes to be complete and accurate at such time.
Without limiting the foregoing, each Pledgor shall be required to pledge
hereunder any Equity Ownership Interest at any time and from time to time after
the date hereof acquired by such Pledgor of any Foreign Company, provided that
no Pledgor shall be required at any time to pledge hereunder more than 65% of
the Voting Equity Ownership Interest of any Foreign Company and subject to the
Credit Agreement each Pledgor shall be
21
required to pledge hereunder 100% of any other Equity Ownership Interest at any
time and from time to time acquired by such Pledgor of any Foreign Company.
3.5. Transfer Taxes. Each pledge of Collateral under Section 3.1 or
--------------
Section 3.4 hereof shall be accompanied by any transfer tax stamps required in
connection with the pledge of such Collateral.
3.6. Certain Representations and Warranties Regarding the Collateral.
---------------------------------------------------------------
Each Pledgor represents and warrants that on the date hereof (i) each Subsidiary
or Joint Venture of such Pledgor, and the direct ownership thereof, is listed in
Annex A hereto; (ii) the Stock held by such Pledgor consists of the number and
type of shares of the stock of the corporations as described in Annex A hereto;
(iii) such Stock constitutes that percentage of the issued and outstanding
capital stock of the issuing corporation as is set forth in Annex A hereto; (iv)
the Notes held by such Pledgor consist of the promissory Notes described in
Annex B hereto where such Pledgor is listed as the lender; (v) the Limited
Liability Company Interests held by such Pledgor consist of the number and type
of interests of the Persons described in Annex A hereto; (vi) each such Limited
Liability Company Interest constitutes that percentage of the issued and
outstanding equity interest of the issuing Person as set forth in Annex A
hereto; (vii) the Partnership Interests held by such Pledgor consist of the
number and type of interests of the Persons described in Annex A hereto; (viii)
each such Partnership Interest constitutes that percentage or portion of the
entire partnership interest of the Partnership as set forth in Annex A hereto;
(ix) the Pledgor has complied with the respective procedure set forth in Section
3.2(a) hereof with respect to each item of Collateral described in Annexes A and
B hereto; and (x) on the date hereof, such Pledgor owns no other Securities
required to be pledged hereunder, Limited Liability Company Interests or
Partnership Interests.
3.7. Appointment of Sub-Agents; Endorsements, etc. The Collateral
---------------------------------------------
Agent shall have the right to appoint one or more sub-agents for the purpose of
retaining physical possession of the Collateral, which may be held (in the
reasonable discretion of the Collateral Agent) in the name of the relevant
Pledgor, endorsed or assigned in blank or in favor of the Collateral Agent or
any nominee or nominees of the Collateral Agent or a sub-agent appointed by the
Collateral Agent.
3.8. Voting, etc., While No Event of Default. Notwithstanding
---------------------------------------
anything to the contrary contained herein, unless and until an Event of Default
shall have occurred and be continuing, each Pledgor shall be entitled to
exercise any and all voting and other consensual rights pertaining to the
Pledged Equity Ownership Interests and to give consents, waivers or
ratifications in respect thereof; provided that no vote shall be cast or not
--------
cast or any consent, waiver or ratification given or not given or any action
taken or not taken which would violate or be inconsistent with any of the terms
of this Agreement or any other Guaranteed Document, or which would have the
effect of materially impairing the position or interests of the Collateral Agent
or any Secured Creditor. All such rights of such Pledgor to vote and to give
consents, waivers and ratifications shall cease in case an Event of Default
shall occur and be continuing, and Section 3.10 hereof shall become applicable.
22
3.9. Dividends and Distributions. Notwithstanding anything to the
---------------------------
contrary contained herein, unless and until there shall have occurred and be
continuing an Event of Default, all cash dividends, cash distributions, cash
Proceeds and other cash amounts payable in respect of the Collateral shall be
paid to the respective Pledgor. Subject to Section 3.3 hereof, the Collateral
Agent shall be entitled to receive directly, and to retain as part of the
Collateral:
(i) all other or additional stock, Notes, limited liability company
interests, partnership interests, instruments or other securities or
property (other than cash) paid or distributed by way of dividend,
distribution or otherwise in respect of the Collateral;
(ii) all other or additional stock, Notes, limited liability company
interests, partnership interests, instruments or other securities or
property paid or distributed in respect of the Collateral by way of merger,
consolidation, conveyance of assets, liquidation, exchange of stock, stock-
split, spin-off, split-up, reclassification, combination of shares or
similar rearrangement; and
(iii) all other property (other than cash) paid or distributed by
way of dividend or distribution in respect of the Collateral.
Nothing contained in this Section 3.9 shall limit or restrict in any way the
Collateral Agent's right to receive proceeds of the Collateral in any form in
accordance with Section 3.2 of this Agreement, provided that in the absence of
an Event of Default, such distributions and dividends may be received free and
clear of the Lien under this Agreement. All dividends, distributions, proceeds
or other payments which are received by any Pledgor contrary to the provisions
of this Section 3.9 and Section 3.10 hereof shall be received in trust for the
benefit of the Collateral Agent, shall be segregated from other property or
funds of such Pledgor and shall be forthwith paid over to the Collateral Agent
as Collateral in the same form as so received (with any necessary endorsement).
3.10. Remedies in Case of an Event of Default. In case an Event of
---------------------------------------
Default shall have occurred and be continuing, then in each and every case the
Collateral Agent shall be entitled to exercise all of the rights, powers and
remedies (whether vested in it by this Agreement or by any other Guaranteed
Document or by law) for the protection and enforcement of its rights in respect
of the Collateral, and the Collateral Agent shall be entitled to exercise all
the rights and remedies of a secured party under the UCC (subject, in the case
of a pledge of Securities, Partnership Interests or Limited Liability Company
Interests in any Subsidiary or Joint Venture to the provisions contained in the
charter or organizational documents of such Subsidiary or Joint Venture) and
also shall be entitled (subject to the immediately proceeding parenthetical), to
exercise the following rights, which each Pledgor hereby agrees to be
commercially reasonable:
(a) to receive all amounts payable in respect of the Collateral
otherwise payable to such Pledgor under Section 3.9 hereof;
(b) to transfer all or any part of the Collateral into the Collateral
Agent's name or the name of its nominee or nominees;
23
(c) to accelerate any Pledged Note which may be accelerated in
accordance with its terms, and take any other lawful action to collect upon
any Pledged Note (including, without limitation, to make any demand for
payment thereon);
(d) to vote all or any part of the Collateral (whether or not
transferred into the name of the Collateral Agent) and give all consents,
waivers and ratifications in respect of the Collateral and otherwise act
with respect thereto as though it were the outright owner thereof (each
Pledgor hereby irrevocably constituting and appointing the Collateral Agent
the proxy and attorney-in-fact of such Pledgor, with full power of
substitution to do so);
(e) at any time and from time to time to sell, assign and deliver, or
grant options to purchase, all or any part of the Collateral, or any
interest therein, at any public or private sale, without demand of
performance, advertisement or notice of intention to sell or of the time or
place of sale or adjournment thereof or to redeem or otherwise (all of
which are hereby waived by each Pledgor), for cash, on credit or for other
property, for immediate or future delivery without any assumption of credit
risk, and for such price or prices and on such terms as the Collateral
Agent in its absolute discretion may determine, provided that at least 10
--------
days' written notice of the time and place of any such sale shall be given
to the respective Pledgor. The Collateral Agent shall not be obligated to
make any such sale of Collateral regardless of whether any such notice of
sale has theretofore been given. Each Pledgor hereby waives and releases
to the fullest extent permitted by law any right or equity of redemption
with respect to the Collateral, whether before or after sale hereunder, and
all rights, if any, of marshalling the Collateral and any other security
for the Obligations or otherwise. At any such sale, unless prohibited by
applicable law, the Collateral Agent on behalf of the Secured Creditors may
bid for and purchase all or any part of the Collateral so sold free from
any such right or equity of redemption. Neither the Collateral Agent nor
any other Secured Creditor shall be liable for failure to collect or
realize upon any or all of the Collateral or for any delay in so doing nor
shall any of them be under any obligation to take any action whatsoever
with regard thereto; and
(f) to set-off any and all Collateral against any and all Obligations,
and to withdraw any and all cash or other Collateral from any and all
Collateral Accounts and to apply such cash and other Collateral to the
payment of any and all Obligations.
3.11. Remedies, etc., Cumulative. Each and every right, power and
--------------------------
remedy of the Collateral Agent provided for in this Agreement or in any other
Guaranteed Document, or now or hereafter existing at law or in equity or by
statute shall be cumulative and concurrent and shall be in addition to every
other such right, power or remedy. The exercise or beginning of the exercise by
the Collateral Agent or any other Secured Creditor of any one or more of the
rights, powers or remedies provided for in this Agreement or any other
Guaranteed Document or now or hereafter existing at law or in equity or by
statute or otherwise shall not preclude the simultaneous or later exercise by
the Collateral Agent or any other Secured Creditor of all such other rights,
powers or remedies, and no failure or delay on the part of the Collateral Agent
or any other Secured Creditor to exercise any such right, power or remedy shall
operate as a waiver thereof. No notice to or demand on any Pledgor in any case
shall entitle it to any other or further notice or demand in similar or other
circumstances or constitute a waiver of any of the rights of the Collateral
Agent
24
or any other Secured Creditor to any other or further action in any
circumstances without notice or demand. The Secured Creditors (including
Guaranteed Parties) agree that this Agreement may be enforced only by the action
of the Administrative Agent or the Collateral Agent, in each case acting upon
the instructions of the Required Lenders under the Credit Agreement (or, after
the date on which all Credit Facility Obligations have been paid in full and all
commitments in respect thereof terminated, the holders of at least the majority
of the outstanding IRL Obligations, Additional Debt Obligations and Other Debt
Obligations) and that no other Secured Creditor shall have any right
individually to seek to enforce or to enforce this Agreement or to realize upon
the security to be granted hereby, it being understood and agreed that such
rights and remedies may be exercised by the Administrative Agent or the
Collateral Agent for the benefit of the Secured Creditors upon the terms of this
Agreement.
3.12. Application of Proceeds. (a) All moneys or other proceeds
-----------------------
collected by the Collateral Agent upon any sale or other disposition of the
Collateral pursuant to the terms of this Agreement, together with all other
moneys or other proceeds received by the Collateral Agent hereunder, shall be
applied to the payment of the Obligations as follows:
(i) first, to the payment of all Obligations owing to the
Collateral Agent of the type described in clauses (e) and (f) of Section
3.1 of this Agreement;
(ii) second, to the extent moneys remain after the application
pursuant to the preceding clause (i), an amount equal to the outstanding
Primary Obligations shall be paid to the Secured Creditors as provided in
Section 3.12(e) hereof, with each Secured Creditor receiving an amount
equal to its outstanding Primary Obligations or, if the moneys are
insufficient to pay in full all such Primary Obligations, its Pro Rata
Share of the Primary Obligations of the amount remaining to be distributed;
(iii) third, to the extent moneys remain after the application
pursuant to the preceding clauses (i) and (ii), an amount equal to the
outstanding Secondary Obligations shall be paid to the Secured Creditors as
provided in Section 3.12(e) hereof, with each Secured Creditor receiving an
amount equal to its outstanding Secondary Obligations or, if the moneys or
proceeds are insufficient to pay in full all such Secondary Obligations,
its Pro Rata Share of the Secondary Obligations of the amount remaining to
be distributed; and
(iv) fourth, to the extent moneys remain after the application
pursuant to the preceding clauses (i) through (iii), inclusive, and
following the termination of this Agreement pursuant to 3.23(a) hereof, to
the relevant Pledgor or to whomever may be lawfully entitled to receive
such surplus.
(b) For purposes of this Agreement (x) "Pro Rata Share" shall mean,
--------------
when calculating a Secured Creditor's portion of any distribution or amount,
that amount (expressed as a percentage) equal to a fraction the numerator of
which is the then unpaid amount of such Secured Creditor's Primary Obligations
or Secondary Obligations, as the case may be, and the denominator of which is
the then outstanding amount of all Primary Obligations or Secondary Obligations,
as the case may be, (y) "Primary Obligations" shall mean collectively (i) in the
-------------------
case of
25
the Credit Facility Obligations, all principal of, and interest on, all
Loans under the Credit Agreement, all LC Obligations (together with all interest
accrued thereon), and all Fees, (ii) in the case of IRL Obligations, all
principal of, and interest on, all Loans under the IRL Agreement, and all fees
payable thereunder, (iii) in the case of Additional Debt Obligations, all
principal of, and interest on, all loans under the Additional Debt Agreements,
all letter of credit reimbursement obligations thereunder (together with all
interest accrued thereon) and all fees payable thereunder and (iv) in the case
of the Other Debt Obligations, all amounts due under the Interest Rate
Protection or Other Hedging Agreements (other than indemnities, reasonable fees
(including, without limitation, reasonable attorneys' fees) and similar
obligations and liabilities) and (z) "Secondary Obligations" shall mean all
---------------------
Obligations other than Primary Obligations.
(c) When payments to Secured Creditors are based upon their respective
Pro Rata Shares, the amounts received by such Secured Creditors hereunder shall
be applied (for purposes of making determinations under this Section 3.12 only)
(i) first, to their Primary Obligations and (ii) second, to their Secondary
Obligations. If any payment to any Secured Creditor of its Pro Rata Share of
any distribution would result in overpayment to such Secured Creditor, such
excess amount shall instead be distributed in respect of the unpaid Primary
Obligations or Secondary Obligations, as the case may be, of the other Secured
Creditors, with each Secured Creditor whose Primary Obligations or Secondary
Obligations, as the case may be, have not been paid in full to receive an amount
equal to such excess amount multiplied by a fraction the numerator of which is
the unpaid Primary Obligations or Secondary Obligations, as the case may be, of
such Secured Creditor and the denominator of which is the unpaid Primary
Obligations or Secondary Obligations, as the case may be, of all Secured
Creditors entitled to such distribution.
(d) Each of the Secured Creditors agrees and acknowledges, by its
acceptance of this Agreement that if the Credit Facility Creditors or Additional
Debt Creditors are to receive a distribution on account of undrawn amounts with
respect to Letters of Credit issued (or deemed issued) under the Credit
Agreement or letters of credit issued under the Additional Debt Agreements
(which shall only occur after all outstanding loans and letter of credit
reimbursement obligations with respect to such Letters of Credit or letters of
credit have been paid in full), such amounts shall be paid to the Administrative
Agent under the Credit Agreement or the representative under the Additional Debt
Agreements, as the case may be and held by it, for the equal and ratable benefit
of the respective Secured Creditors, as cash security for the repayment of
Obligations owing to the Credit Facility Creditors as such. If any amounts are
held as cash security pursuant to the immediately preceding sentence, then upon
the termination of all outstanding Letters of Credit or letters of credit, and
after the application of all such cash security to the repayment of all
Obligations owing to the respective Secured Creditors after giving effect to the
termination of all such Letters of Credit or letters of credit, if there remains
any excess cash, such excess cash shall be returned by the Administrative Agent
to the Collateral Agent for distribution in accordance with Section 3.12(a)
hereof.
(e) Except as set forth in Section 3.12(d) hereof, all payments
required to be made hereunder shall be made (x) if to the Credit Facility
Creditors, to the Administrative Agent for the account of the Credit Facility
Creditors, (y) if to the IRL Creditors, to the IRL Administrative Agent for the
account of the IRL Creditors and (z) if to the Additional Debt
26
Creditors or Other Debt Creditors, to the trustee, paying agent or other similar
representative (each, a "Representative") for the Other Debt Creditors or, in
--------------
the absence of such a Representative, directly to the Additional Debt Creditors
or Other Debt Creditors.
(f) For purposes of applying payments received in accordance with this
Section 3.12, the Collateral Agent shall be entitled to rely upon (i) the
Administrative Agent under the Credit Agreement, (ii) the IRL Administrative
Agent under the IRL Agreement and (iii) the Representative for the Additional
Debt Creditors and Other Debt Creditors or, in the absence of such a
Representative, upon the Additional Debt Creditors and Other Debt Creditors for
a determination (which the Administrative Agent, the IRL Administrative Agent,
each Representative for any Secured Creditor and the Secured Creditors agree (or
shall agree) to provide upon request of the Collateral Agent), of the
outstanding Primary Obligations and Secondary Obligations owed to the respective
Secured Creditors. Unless it has actual knowledge (including by way of written
notice from a Secured Creditor) to the contrary, the Administrative Agent and
each Representative, in furnishing information pursuant to the preceding
sentence, and the Collateral Agent, in acting hereunder, shall be entitled to
assume that no Secondary Obligations are outstanding. Unless it has actual
knowledge (including by way of written notice from an Additional Debt Creditor
or Other Debt Creditor) to the contrary, the Collateral Agent, in acting
hereunder, shall be entitled to assume that no Additional Debt Agreements,
Interest Rate Protection Agreements or Other Hedging Agreements are in
existence.
(g) It is understood and agreed that the Pledgors shall remain jointly
and severally liable to the extent of any deficiency between the amount of the
proceeds of the Collateral hereunder and the aggregate amount of the
Obligations.
3.13. Purchasers of Collateral. Upon any sale of the Collateral by
------------------------
the Collateral Agent hereunder (whether by virtue of the power of sale herein
granted, pursuant to judicial process or otherwise), the receipt of the
Collateral Agent or the officer making the sale shall be a sufficient discharge
to the purchaser or purchasers of the Collateral so sold, and such purchaser or
purchasers shall not be obligated to see to the application of any part of the
purchase money paid over to the Collateral Agent or such officer or be
answerable in any way for the misapplication or nonapplication thereof.
3.14. Indemnity. Each Pledgor jointly and severally agrees (i) to
---------
indemnify and hold harmless the Collateral Agent and each other Secured Creditor
and their respective successors, assigns, employees, agents, affiliates and
servants (individually an "Indemnitee," and collectively the "Indemnitees") from
---------- -----------
and against any and all claims, demands, losses, judgments and liabilities
(including liabilities for penalties) of whatsoever kind or nature, and (ii) to
reimburse each Indemnitee for all costs and expenses, including reasonable
attorneys' fees, in each case growing out of or resulting from this Agreement or
the exercise by any Indemnitee of any right or remedy granted to it hereunder or
under any other Guaranteed Document (but excluding any claims, demands, losses,
judgments and liabilities or expenses to the extent incurred by reason of gross
negligence or willful misconduct of such Indemnitee (as finally determined by a
court of competent jurisdiction)). In no event shall any Indemnitee be liable,
in the absence of gross negligence or willful misconduct on its part, for any
matter or thing in connection with this Agreement other than to account for
monies actually received by it in accordance with the terms
27
hereof. If and to the extent that the obligations of any Pledgor under this
Section 3.14 are unenforceable for any reason, such Pledgor hereby agrees to
make the maximum contribution to the payment and satisfaction of such
obligations which is permissible under applicable law. The indemnity obligations
of each Pledgor contained in this Section 3.14 shall continue in full force and
effect notwithstanding the full payment of all Obligations and notwithstanding
the discharge thereof.
3.15. Collateral Agent Not Bound. (a) Nothing herein shall be
--------------------------
construed to make the Collateral Agent or any other Secured Creditor liable as a
general partner or limited partner of any partnership or as a member of any
limited liability company and the Collateral Agent or any other Secured Creditor
by virtue of this Agreement or otherwise (except as referred to in the following
sentence) shall not have any of the duties, obligations or liabilities of a
general partner or limited partner of any partnership or of a member of any
limited liability company. The parties hereto expressly agree that, unless the
Collateral Agent shall become the absolute owner of a Partnership Interest or a
Limited Liability Company Interest pursuant hereto, this Agreement shall not be
construed as creating a partnership or joint venture among the Collateral Agent,
any other Secured Creditor and/or any Pledgor.
(b) Except as provided in the last sentence of paragraph (a) of this
Section 3.15, the Collateral Agent, by accepting this Agreement, did not intend
to become a general partner or limited partner of any partnership or of a member
of any limited liability company or otherwise be deemed to be a co-venturer with
respect to any Pledgor or any partnership or any limited liability company
either before or after an Event of Default shall have occurred. The Collateral
Agent shall have only those powers set forth herein and shall assume none of the
duties, obligations or liabilities of a general partner or limited partner of
any partnership or of a member of any limited liability company or any Pledgor.
(c) The Collateral Agent and the other Secured Creditors shall not be
obligated to perform or discharge any obligation of any Pledgor as a result of
the pledge hereby effected.
(d) The acceptance by the Collateral Agent of this Agreement, with all
the rights, powers, privileges and authority so created, shall not at any time
or in any event obligate the Collateral Agent or any other Secured Creditor to
appear in or defend any action or proceeding relating to the Collateral to which
it is not a party, or to take any action hereunder or thereunder, or to expend
any money or incur any expenses or perform or discharge any obligation, duty or
liability under the Collateral.
3.16. Further Assurances; Power-of-Attorney. (a) Each Pledgor
-------------------------------------
agrees that it will join with the Collateral Agent in executing and, at such
Pledgor's own expense, file and refile under the UCC or other applicable law
such financing statements, continuation statements and other documents in such
offices as the Collateral Agent may reasonably determine necessary or
appropriate and wherever required or permitted by law in order to perfect and
preserve the Collateral Agent's security interest in the Collateral and hereby
authorizes the Collateral Agent to file financing statements and amendments
thereto relative to all or any part of the Collateral without the signature of
such Pledgor where permitted by law, and agrees to do such further acts (or, in
the case of Securities, Partnership Interests or Limited Liability Company
Interests which
28
are Joint Ventures, such Pledgor shall make reasonable efforts to do such
further acts) and things and to execute and deliver to the Collateral Agent such
additional conveyances, assignments, agreements and instruments as the
Collateral Agent may reasonably require or deem necessary to carry into effect
the purposes of this Agreement or to further assure and confirm unto the
Collateral Agent its rights, powers and remedies hereunder.
(b) Each Pledgor hereby appoints the Collateral Agent such Pledgor's
attorney-in-fact, with full authority in the place and stead of such Pledgor and
in the name of such Pledgor or otherwise, to act from time to time solely after
the occurrence and during the continuance of an Event of Default in the
Collateral Agent's discretion to take any action and to execute any instrument
which the Collateral Agent may deem necessary or advisable to accomplish the
purposes of this Agreement.
3.17. The Collateral Agent as Collateral Agent. The Collateral Agent
----------------------------------------
will hold in accordance with this Agreement all items of the Collateral at any
time received under this Agreement. It is expressly understood and agreed by
each Secured Creditor that by accepting the benefits of this Agreement each such
Secured Creditor acknowledges and agrees that the obligations of the Collateral
Agent as holder of the Collateral and interests therein and with respect to the
disposition thereof, and otherwise under this Agreement, are only those
expressly set forth in this Agreement (including Schedule I hereof). The
Collateral Agent shall act hereunder on the terms and conditions set forth
herein and in Schedule I hereof.
3.18. Transfer by the Pledgors. No Pledgor will sell or otherwise
------------------------
dispose of, grant any option with respect to, or mortgage, pledge or otherwise
encumber any of the Collateral or any interest therein (except as may be
permitted in accordance with the terms of this Agreement and the other
Guaranteed Documents).
3.19. Representations, Warranties and Covenants of the Pledgors. (a)
---------------------------------------------------------
Each Pledgor represents, warrants and covenants that except as otherwise
expressly disclosed:
(i) it is the legal, beneficial and record owner of, and has good
and marketable title to, all Collateral consisting of one or more
Securities and that it has sufficient interest in all Collateral in which a
security interest is purported to be created hereunder for such security
interest to attach (subject, in each case, to no pledge, lien, mortgage,
hypothecation, security interest, charge, option, Adverse Claim or other
encumbrance whatsoever, except the liens and security interests created by
this Agreement or as permitted under the Credit Agreement);
(ii) it has full power, authority and legal right to pledge all the
Collateral pledged by it pursuant to this Agreement;
(iii) this Agreement has been duly authorized, executed and
delivered by such Pledgor and constitutes a legal, valid and binding
obligation of such Pledgor enforceable against such Pledgor in accordance
with its terms, except to the extent that the enforceability hereof and
thereof may be limited by applicable bankruptcy, insolvency,
reorganiza-
29
tion, moratorium or other similar laws generally affecting creditors'
rights and by equitable principles (regardless of whether enforcement is
sought in equity or at law);
(iv) except to the extent already obtained or made, no consent or
(including, without limitation, any stockholder or creditor of such Pledgor
or any of its Subsidiaries) authorization of, filing with, notice to or any
other act by or in respect of, any Governmental Authority or any other
Person is required to be obtained by such Pledgor in connection with (a)
the execution, delivery or performance of this Agreement, (b) the validity
or enforceability of this Agreement (except as set forth in clause (iii)
above), (c) the perfection or enforceability of the Collateral Agent's
security interest in the Collateral or (d) except for compliance with or as
may be required by applicable securities laws, the exercise by the
Collateral Agent of any of its rights or remedies provided herein (it being
understood and agreed that the exercise of rights and remedies hereunder
may breach or create defaults under other agreements to such Pledgor or the
Pledged Equity Ownership Interests);
(v) the execution, delivery and performance by such Pledgor of this
Agreement will not violate any Requirement of Law or material Contractual
Obligation applicable to such Pledgor, or of the certificate of
incorporation, operating agreement, limited liability company agreement,
partnership agreement or by-laws of such Pledgor or of any securities
issued by such Pledgor or any of its Subsidiaries, or of any mortgage, deed
of trust, indenture, lease, loan agreement, credit agreement or other
contract, agreement or instrument or undertaking to which such Pledgor or
any of its Subsidiaries is a party or which purports to be binding upon
such Pledgor or any of its Subsidiaries or upon any of their respective
assets and will not result in the creation or imposition of (or the
obligation to create or impose) any lien or encumbrance on any of the
assets of such Pledgor or any of its Subsidiaries except as contemplated by
this Agreement (it being understood and agreed that the exercise of rights
and remedies hereunder may breach or create defaults under other agreements
to such Pledgor or the Pledged Equity Ownership Interests);
(vi) to the knowledge of such Pledgor, all of the Collateral
(consisting of Securities, Limited Liability Company Interests or
Partnership Interests) has been duly and validly issued, is fully paid and
non-assessable and is subject to no options to purchase or similar rights;
(vii) each of the Pledged Notes constitutes, or when executed by the
obligor thereof will constitute, the legal, valid and binding obligation of
such obligor, enforceable in accordance with its terms, except to the
extent that the enforceability thereof may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws
generally affecting creditors' rights and by equitable principles
(regardless of whether enforcement is sought in equity or at law);
(viii) the pledge, collateral assignment and delivery to the
Collateral Agent of the Collateral consisting of Certificated Securities
pursuant to this Agreement creates a valid and perfected first priority
security interest in such Securities, and the proceeds thereof, subject to
no prior Lien other than as permitted under the Credit Agreement or
30
encumbrance or to any agreement purporting to grant to any third party a
Lien or encumbrance on the property or assets of such Pledgor which would
include the Securities and the Collateral Agent is entitled to all the
rights, priorities and benefits afforded by the UCC or other relevant law
as enacted in any relevant jurisdiction to perfect security interests in
respect of such Collateral; and
(ix) Control has been obtained by the Collateral Agent over all
Collateral consisting of Securities (including Notes which are Securities)
with respect to which such "control" may be obtained pursuant to Section 8-
106 of the UCC.
(b) Each Pledgor covenants and agrees that it will defend the
Collateral Agent's right, title and security interest in and to the Securities
and the proceeds thereof against the claims and demands of all persons
whomsoever; and each Pledgor covenants and agrees that it will have like title
to and right to pledge any other property at any time hereafter pledged to the
Collateral Agent as Collateral hereunder and will likewise defend the right
thereto and security interest therein of the Collateral Agent and the Secured
Creditors.
(c) Each Pledgor covenants and agrees that on and after the Effective
Date and until the Total Commitment has terminated and when no Letter of Credit
remains outstanding and all Credit Facility Obligations have been paid in full,
such Pledgor shall, and shall cause each of its Subsidiaries to, take, or will
refrain from taking, as the case may be, all actions that are necessary to be
taken or not taken to enable each of the Borrower to comply with all its
respective obligations, representations and covenants under the Credit
Agreement, so that no violation of any provision, covenant or agreement
contained in Sections 5 and 6 of the Credit Agreement, and so that no Event of
Default, is caused by the actions of such Pledgor or any of its Subsidiaries.
(d) Each Pledgor covenants and agrees that it will take no action
which would violate any of the terms of any Guaranteed Document.
3.20. Chief Executive Office; Records. The chief executive office of
-------------------------------
each Pledgor is located at the address specified in Annex C hereto. Each
Pledgor will not move its chief executive office except to such new location as
such Pledgor may establish in accordance with the last sentence of this Section
3.20. No Pledgor shall establish a new location for such offices until (i) it
shall have given to the Collateral Agent not less than 30 days' prior written
notice of its intention so to do, clearly describing such new location and
providing such other information in connection therewith as the Collateral Agent
may reasonably request and (ii) with respect to such new location, it shall have
taken all action, satisfactory to the Collateral Agent, to maintain the security
interest of the Collateral Agent in the Collateral intended to be granted hereby
at all times fully perfected and in full force and effect. Promptly after
establishing a new location for such offices in accordance with the immediately
preceding sentence, the respective Pledgor shall deliver to the Collateral Agent
a supplement to Annex C hereto so as to cause such Annex C hereto to be complete
and accurate.
3.21. Pledgors' Obligations Absolute, etc. The obligations of each
------------------------------------
Pledgor under this Agreement shall be absolute and unconditional and shall
remain in full force and effect (subject to Section 3.23 hereof) without regard
to, and shall not be released, suspended, discharged,
31
terminated or otherwise affected by, any circumstance or occurrence whatsoever,
including, without limitation: (i) any renewal, extension, amendment or
modification of or addition or supplement to or deletion from any Guaranteed
Document or any other instrument or agreement referred to therein, or any
assignment or transfer of any thereof; (ii) any waiver, consent, extension,
indulgence or other action or inaction under or in respect of any such agreement
or instrument including, without limitation, this Agreement; (iii) any
furnishing of any additional security to the Collateral Agent or its assignee or
any acceptance thereof or any release of any security by the Collateral Agent or
its assignee; (iv) any limitation on any party's liability or obligations under
any such instrument or agreement or any invalidity or unenforceability, in whole
or in part, of any such instrument or agreement or any term thereof; or (v) any
bankruptcy, insolvency, reorganization, composition, adjustment, dissolution,
liquidation or other like proceeding relating to any Pledgor or any Subsidiary
or Joint Venture of any Pledgor, or any action taken with respect to this
Agreement by any trustee or receiver, or by any court, in any such proceeding,
whether or not such Pledgor shall have notice or knowledge of any of the
foregoing.
3.22. Registration, etc. (a) If an Event of Default shall have
------------------
occurred and be continuing then, and in every such case, upon receipt by any
Pledgor from the Collateral Agent of a written request or requests that such
Pledgor cause any registration, qualification or compliance under any Federal or
state securities law or laws to be effected with respect to all or any part of
the Collateral consisting of Stock, Limited Liability Company Interests or
Partnership Interests, such Pledgor as soon as practicable and at its expense
will cause such registration to be effected (and be kept effective) and will
cause such qualification and compliance to be declared effected (and be kept
effective) as may be so requested and as would permit or facilitate the sale and
distribution of such Collateral, including, without limitation, registration
under the Securities Act, as then in effect (or any similar statute then in
effect), appropriate qualifications under applicable blue sky or other state
securities laws and appropriate compliance with any other government
requirements, provided that the Collateral Agent shall furnish to such Pledgor
--------
such information regarding the Collateral Agent as such Pledgor may reasonably
request in writing and as shall be required in connection with any such
registration, qualification or compliance. Such Pledgor will cause the
Collateral Agent to be kept advised in writing as to the progress of each such
registration, qualification or compliance and as to the completion thereof, will
furnish to the Collateral Agent such number of prospectuses, offering circulars
or other documents incident thereto as the Collateral Agent from time to time
may reasonably request, and will indemnify the Collateral Agent, each other
Secured Creditor and all others participating in the distribution of such
Collateral against all claims, losses, damages and liabilities caused by any
untrue statement (or alleged untrue statement) of a material fact contained
therein (or in any related registration statement, notification or the like) or
by any omission (or alleged omission) to state therein (or in any related
registration statement, notification or the like) a material fact required to be
stated therein or necessary to make the statements therein not misleading,
except insofar as the same may have been caused by an untrue statement or
omission based upon information furnished in writing to such Pledgor by the
Collateral Agent or such other Secured Creditor expressly for use therein.
(b) If at any time when the Collateral Agent shall determine to
exercise its right to sell all or any part of the Collateral pursuant to Section
3.10 hereof, and such Collateral or the part thereof to be sold shall not, for
any reason whatsoever, be effectively registered under the
32
Securities Act, as then in effect, the Collateral Agent may, in its sole and
absolute discretion, sell such Collateral or part thereof by private sale in
such manner and under such circumstances as the Collateral Agent may deem
necessary or advisable in order that such sale may legally be effected without
such registration. Without limiting the generality of the foregoing, in any such
event the Collateral Agent, in its sole and absolute discretion (i) may proceed
to make such private sale notwithstanding that a registration statement for the
purpose of registering such Collateral or part thereof shall have been filed
under the Securities Act, (ii) may approach and negotiate with a single possible
purchaser to effect such sale, and (iii) may restrict such sale to a purchaser
who will represent and agree that such purchaser is purchasing for its own
account, for investment, and not with a view to the distribution or sale of such
Collateral or part thereof. In the event of any such sale, the Collateral Agent
shall incur no responsibility or liability for selling all or any part of the
Collateral at a price which the Collateral Agent, in its sole and absolute
discretion, in good faith deems reasonable under the circumstances,
notwithstanding the possibility that a substantially higher price might be
realized if the sale were deferred until after registration as aforesaid.
SECTION 4. MISCELLANEOUS
-------------
4.1. Notices, etc. All such notices and communications hereunder
-------------
shall be sent or delivered by mail, telegraph, telex, telecopy, cable or
overnight courier service and all such notices and communications shall, when
mailed, telegraphed, telexed, telecopied, or cabled or sent by overnight
courier, be effective when delivered to the telegraph company, cable company or
overnight courier, as the case may be, or sent by telex or telecopier and when
mailed shall be effective three Business Days following deposit in the mail with
proper postage, except that notices and communications to the Collateral Agent
or the respective Credit Party shall not be effective until received by the
Collateral Agent or the respective Credit Party, as the case may be. All
notices and other communications shall be in writing and addressed as follows:
(a) if to any Credit Party, at its address set forth opposite its
signature below;
(b) if to the Collateral Agent, at:
The Chase Manhattan Bank
Agency Plus
One Chase Manhattan Plaza
8th Floor
New York, New York 10081
Attention: Daniella Cassognol
Telephone No.: (212) 552-7452
Facsimile No.: (212) 552-5701
(c) if to any Credit Facilities Creditor or IRL Creditor, either (x)
to the Administrative Agent, at the address of the Administrative Agent
specified in the Credit Agreement or to the IRL Administrative Agent at the
address of the IRL Administrative Agent specified in the IRL Agreement or
(y) at such address as such Credit Facility Creditor or IRL Creditor shall
have specified in the Credit Agreement or the IRL Agreement, as the case
may be; and
33
(d) if to any Additional Debt Creditor of Other Debt Creditor at such
address as such Additional Debt Creditor or Other Debt Creditor shall have
specified in writing to the Pledgors and the Collateral Agent;
or at such other address as shall have been furnished in writing by any Person
described above to the party required to give notice hereunder.
4.2. Waiver; Credit Facility Amendment. None of the terms and
---------------------------------
conditions of this Agreement may be changed, waived, modified or varied in any
manner whatsoever unless in writing duly signed by each Credit Party directly
affected thereby and the Collateral Agent (with the written consent of (x) the
Required Lenders under the Credit Agreement (or all of the Lenders to the extent
required by Section 9.02 of the Credit Agreement) at all times prior to the date
on which all Credit Facility Obligations have been paid in full or (y) the
Required Lenders under the IRL Agreement (the "Required IRL Lenders") after the
---------------- --------------------
date clause (x) applies and prior to the date on which the Total Revolving Loan
Commitment and all Letters of Credit have been terminated and all IRL
Obligations have been paid in full; provided that any change, waiver,
--------
modification or variance affecting (A) any release of Guarantors of their
obligations under Section 2 shall require the consent of the Required Lenders
under the Credit Agreement (or all of the Lenders to the extent required by
Section 9.02 of the Credit Agreement) and the Required IRL Lenders (or all of
the IRL Lenders to the extent required by Section 9.02 of the IRL Agreement) and
(B) any change, waiver, modification or variance affecting the rights and
benefits of a single Class of Secured Creditors (and not all Secured Creditors
in a like or similar manner) shall also require the written consent of the
Requisite Creditors of such affected Class. For the purpose of this Agreement,
the term "Class" shall mean each class of Secured Creditors, i.e., whether (i)
----- ----
the Credit Facility Creditors as holders of the Credit Document Obligations,
(ii) IRL Creditors as holders of IRL obligations, (iii) Additional Debt
Creditors as holders of Additional Debt Obligations or (iv) the Other Debt
Creditors as the holders of the Other Debt Obligations. For the purpose of this
Agreement, the term "Requisite Creditors" of any Class shall mean each of (i)
-------------------
with respect to the Credit Facility Obligations, the Required Lenders under the
Credit Agreement, (ii) with respect to the IRL Obligations, the Required IRL
Lenders, (iii) with respect to the Additional Debt Obligations or IRL
Obligations, the required IRL Lenders and (iv) with respect to the Other Debt
Obligations, the holders of at least a majority of all obligations outstanding
from time to time under the Additional Debt Agreements or Other Debt Agreements.
4.3. Assignment. This Agreement shall create a continuing security
----------
interest in the Collateral and shall (i) remain in full force and effect,
subject to release and/or termination as set forth herein, (ii) be binding upon
each Credit Party, its successors and assigns; provided, however, that no Credit
-------- -------
Party shall assign any of its rights or obligations hereunder without the prior
written consent of the Collateral Agent (and the prior written consent of the
Required Lenders under the Credit Agreement or, to the extent required by
Section 9.02 of the Credit Agreement, each of the Lenders), and (iii) inure,
together with the rights and remedies of the Collateral Agent hereunder, to the
benefit of the Collateral Agent, the other Secured Creditors and their
respective successors, transferees and assigns.
4.4. Section Headings. The headings of the several sections and
----------------
subsections in this Agreement are for purposes of reference only and shall not
limit or define the meaning hereof.
34
4.5. Counterparts. This Agreement may be executed in any number of
------------
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.
4.6. Severability. In the event that any provision of this Agreement
------------
shall prove to be invalid or unenforceable, such provision shall be deemed to be
severable from the other provisions of this Agreement which shall remain binding
on all parties hereto.
4.7. Recourse. This Agreement is made with full recourse to the
--------
Credit Parties and pursuant to and upon all the representations, warranties,
covenants and agreements on the part of the Pledgors contained herein and in the
other Guaranteed Documents and otherwise in writing in connection herewith or
therewith.
4.8. Additional Guarantors and Pledgors. It is understood and agreed
----------------------------------
that any Subsidiary of the Borrower that is required to execute a counterpart of
this Agreement after the date hereof pursuant to the Credit Agreement shall
automatically become a Guarantor and/or Pledgor hereunder by executing an
Agreement Supplement indicating such designation and delivering same to the
Collateral Agent.
4.9. Termination; Release. (a) After the Termination Date (as
--------------------
defined below), this Agreement, the Guaranty and the security interests created
hereby shall terminate (provided that all indemnities set forth herein
including, without limitation, in Section 3.14 hereof shall survive any such
termination) the Collateral Agent, at the request and expense of any Pledgor,
will execute and deliver to such Pledgor a proper instrument or instruments
acknowledging the satisfaction and termination of this Agreement, including
without limitation, UCC termination statements and instruments of satisfaction,
discharge and/or reconveyance and will duly assign, transfer and deliver to such
Pledgor (without recourse and without any representation or warranty) such of
the Collateral as has not theretofore been sold or otherwise applied or released
pursuant to this Agreement, together with any moneys at the time held by the
Collateral Agent or any of its sub-agents hereunder and, with respect to any
Collateral consisting of an Uncertified Security (other than an Uncertificated
Security credited on the books of a Clearing Corporation), a Partnership
Interest or a Limited Liability Company Interest, a termination of the agreement
relating thereto executed and delivered by the issuer of such Uncertificated
Security pursuant to Section 3.3(a)(ii) hereof or by the respective partnership
or limited liability company pursuant to Section 3.2(a)(iv) hereof. As used in
this Agreement, "Termination Date" shall mean the date upon which the Total
----------------
Revolving Loan Commitment and all Letters of Credit have been terminated and all
Credit Facility Obligations and IRL Obligations have been paid in full; provided
that (i) if on the Termination Date, any Additional Debt Agreement or Other
Debt Agreements remain outstanding, or any Additional Debt Obligations or Other
Debt Obligations remain unpaid and (ii) the Borrower and the holders of any such
outstanding obligations described in clause (i) above appoint a replacement
Collateral Agent to act as such hereunder, the Termination Date shall be
extended to the date agreed to by the parties described in this clause (ii).
(b) In the event that (i) any part of the Collateral is subject to a
Disposition under the Credit Agreement (other than a Disposition to any
Pledgor), (ii) any Pledgor is merged with another Pledgor in accordance with the
Credit Agreement, (iii) any Collateral is required to be released to effectuate
the incurrence of Indebtedness permitted under Sections 6.02 and 6.03
35
of the Credit Agreement or (iv) any Collateral is otherwise released at the
direction of the Required Lenders under the Credit Agreement (or all Lenders if
required by Section 9.02 of the Credit Agreement) and in the case of clauses
(i)-(iv) above, the proceeds of such Indebtedness or Disposition release shall
be applied in accordance with the provisions of the Credit Agreement, to the
extent required to be so applied, the Collateral Agent, at the request and
expense of any Pledgor, will duly assign, transfer and deliver to such Pledgor
(without recourse and without any representation or warranty) such of the
Collateral (and releases therefor) as is then being (or has been) so sold or
released and has not theretofore been released pursuant to this Agreement.
(c) At any time that a Pledgor desires that the Collateral Agent
assign, transfer and deliver Collateral (and releases therefor) as provided in
Section 4.9(a) or (b) hereof, such Pledgor or Borrower shall deliver to the
Collateral Agent a certificate signed by a principal executive officer of such
Pledgor stating that the release of the respective Collateral is permitted
pursuant to such Section 4.9(a) or (b).
(d) The Collateral Agent shall have no liability whatsoever to any
other Secured Creditor as the result of any release of Collateral by it in
accordance with this Section 4.9.
(e) In the event that all of the Equity Ownership Interests in one or
more Guarantors are sold or otherwise disposed of or liquidated in compliance
with the requirements of the Credit Agreement (or such sale or other disposition
has been approved in writing by the Required Lenders under the Credit Agreement
(or all of the Lenders required under Section 9.02 thereof)) and the proceeds of
such sale, disposition or liquidation are applied in accordance with the
provisions of the Credit Agreement, to the extent applicable, such Guarantor
shall be released from this Guaranty and this Guaranty shall, as to each such
Guarantor or Guarantors, terminate, and have no further force or effect (it
being understood and agreed that the sale of one or more Persons that own,
directly or indirectly, all of the Equity Ownership Interests of any Guarantor
shall be deemed to be a sale of such Guarantor for the purposes of this Section
4.9(e)).
4.10. GOVERNING LAW. (a) THIS AGREEMENT AND THE RIGHTS AND
-------------
OBLIGATIONS OF THE SECURED CREDITORS AND OF THE UNDERSIGNED HEREUNDER SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.
Any legal action or proceeding with respect to this Agreement or any other
Guaranteed Document to which any Credit Party is a party may be brought in the
courts of the State of New York or of the United States of America for the
Southern District of New York, and, by execution and delivery of this Credit
Party, each Credit Party hereby irrevocably accepts for itself and in respect of
its property, generally and unconditionally, the jurisdiction of the aforesaid
courts. Each Credit Party hereby further irrevocably waives any claim that any
such courts lack jurisdiction over such Credit Party, and agrees not to plead or
claim in any legal action or proceeding with respect to this Credit Party or any
other Guaranteed Document to which such Credit Party is a party brought in any
of the aforesaid courts that any such court lacks jurisdiction over such Credit
Party. Each Credit Party further irrevocably consents to the service of process
out of any of the aforementioned courts in any such action or proceeding by the
mailing of copies thereof by registered or certified mail, postage prepaid, to
each Credit Party at its address set forth opposite its signature below, such
service to
36
become effective 30 days after such mailing. Each Credit Party hereby
irrevocably waives any objection to such service of process and further
irrevocably waives and agrees not to plead or claim in any action or proceeding
commenced hereunder or under any other Guaranteed Document to which such Credit
Party is a party that service of process was in any way invalid or ineffective.
Nothing herein shall affect the right of any of the Secured Creditors to serve
process in any other manner permitted by law or to commence legal proceedings or
otherwise proceed against each Credit Party in any other jurisdiction.
(b) Each Credit Party hereby irrevocably waives any objection which
it may now or hereafter have to the laying of venue of any of the aforesaid
actions or proceedings arising out of or in connection with this Agreement or
any other Guaranteed Document to which such Credit Party is a party brought in
the courts referred to in clause (a) above and hereby further irrevocably waives
and agrees not to plead or claim in any such court that such action or
proceeding brought in any such court has been brought in an inconvenient forum.
4.11. WAIVER OF JURY TRIAL. EACH CREDIT PARTY AND EACH SECURED
--------------------
CREDITOR (BY ITS ACCEPTANCE OF THE BENEFITS OF THIS AGREEMENT) HEREBY
IRREVOCABLY WAIVES ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGENT, THE OTHER GUARANTEED
DOCUMENTS TO WHICH SUCH CREDIT PARTY IS A PARTY OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY.
* * * *
37
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
as of the date first above written by their respective duly authorized officers.
0000 XXXXX XXXXXX INVESTORS II, L.P.,
as Pledgor and Guarantor
By: PAH GP, Inc.,
its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
ALBUQUERQUE C.I. ASSOCIATES, L.P.,
as Pledgor and Guarantor
By: PAH-CI HOLDING, LLC, its General
Partner
By: Patriot American Hospitality Partnership,
L.P., a Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
BJV REALTY, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
BOULDERS CAREFREE SEWER
CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
BOULDERS JOINT VENTURE,
as Pledgor and Guarantor
By: PAH GP, Inc.,
its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
BURRLLEN ENTERPRISES OF
MARYLAND,
as Pledgor and Guarantor
By: Patriot Grand Heritage, LLC, its General
Partner
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
C.I. ALBUQUERQUE LESSEE GP, LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
C.I. ALBUQUERQUE LESSEE, L.P.,
as Pledgor and Guarantor
By: C.I. Albuquerque Lessee GP, LLC, its
General Partner
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
CAREFREE MANAGEMENT LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
CASA MARINA REALTY CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
CHC HOTELS & RESORTS CORP.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
CHC LEASE PARTNERS,
as Pledgor and Guarantor
By: CHC REIT Management Corp., its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
CHC REIT LESSEE CORP.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
CHC REIT MANAGEMENT CORP.
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
CHICAGO-ES HOLDING CORP.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
CHMB, INC.,
as Pledgor and Guarantor
By /s/ Xxxxxxx X. Xxxxxxx
----------------------
Title: Vice President & Treasurer
CLUBHOUSE INNS OF AMERICA, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
CRITERION HOTEL MANAGEMENT CORP.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
CRITERION NY INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
CROSSROADS DEVELOPMENT
COMPANY,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
CSMC OF KALAMAZOO, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
DEUCE MANAGEMENT COMPANY, LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
FAMILY SUITES CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
Title: Vice President
FAMILY SUITES MANAGEMENT
CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
FS DEVELOPMENT CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
GH-ATLANTA, LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., a Member
By: Wyndham International Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
GH-CHICAGO, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
GH-DETROIT, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
GH-GREENVILLE, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
GH-PROVIDENCE, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
GH-SAN DIEGO, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
GH TRADEMARKS LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., a Member
By: Wyndham International Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
GH-WICHITA, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
GHMB, INC.,
as Pledgor and Guarantor
By /s/ Xxxxxxx X. Xxxxxxx
----------------------
Title: Vice President & Treasurer
GHV-COLORADO, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
GHV-GALVESTON, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
GLENVIEW HOSPITALITY, L.P.,
as Pledgor and Guarantor
By: PAH Deuce GP, LLC,
its General Partner
By: Patriot American Hospitality Partnership,
L.P.,
its sole Member
By: PAH GP, Inc.,
its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
GRAND BAY MANAGEMENT COMPANY,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
GRAND BAY MANAGEMENT LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
GRAND HERITAGE HOTELS, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
GRAND HERITAGE LEASING, LLC,
as Pledgor and Guarantor
By: Patriot Grand Heritage, LLC, a Member
By: Wyndham International Operating
Partnership, L.P., a Member
By: Wyndham International Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
GRAND HERITAGE REAL ESTATE
GROUP LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., a Member
By: Wyndham International Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
GRAND MANAGEMENT SERVICES, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
HMG BEVERAGE, INC.,
as Pledgor and Guarantor
By /s/ Xxxxxxx X. Xxxxxxx
----------------------
Title: Vice President & Treasurer
IHC/BURLINGTON CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxxxxx X. Xxxxxxx
----------------------
Title: Vice President & Treasurer
IHC/CAPITAL CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
IHC/CONSHOHOCKEN PARTNERSHIP
L.P.,
as Pledgor and Guarantor
By: IHC Realty Corporation, its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
IHC/DENVER PARTNERSHIP, L.P.,
as Pledgor and Guarantor
By: IHC Realty Corporation, its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
IHC/FS DEVELOPMENT CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
Title: Vice President
IHC/HOUSTON PARTNERSHIP, L.P.,
as Pledgor and Guarantor
By: IHC Realty Corporation, its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
IHC/INTERSTONE PARTNERSHIP II, LP,
as Pledgor and Guarantor
By: PAH-Interstone, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
IHC/JACKSONVILLE CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
IHC/JAMAICA CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
IHC/MARYVILLE HOTEL CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
Title: Vice President
IHC MEMBER CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
IHC/MIAMI BEACH CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
IHC MIAMI MORTGAGE CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
IHC/PARK WEST CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
IHC/REACH CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
IHC REALTY CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
IHC REALTY PARTNERSHIP, L.P.,
as Pledgor and Guarantor
By: IHC Realty Corporation,
its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
IHC/SANTA XXXXX CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
IHC/TEXAS CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
IHC TITLE AGENCY CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
IHP/CLASS B PARTNERSHIP, L.P.,
as Pledgor and Guarantor
By: IHC Realty Partnership, L.P., its General
Partner
By: IHC Realty Corporation, its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
IHP INVESTMENT COMPANY, L.L.C.,
as Pledgor and Guarantor
By: IHC Realty Partnership, L.P., a Member
By: IHC Realty Corporation, its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
IHP LESSEE, LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
INTERSTATE/MONTOUR ASSOCIATES,
LTD.,
as Pledgor and Guarantor
BY: IHC/Park West Corporation, its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
INTERSTONE/PAH PARTNERS, L.P.,
as Pledgor and Guarantor
By: IHC Realty Corporation, its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
INTERSTONE THREE PARTNERS I L.P.,
as Pledgor and Guarantor
By: PAH Interstone, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
INTMB, INC.,
as Pledgor and Guarantor
By /s/ Xxxxxxx X. Xxxxxxx
----------------------
Title: Vice President & Treasurer
KANSAS CITY HOSPITALITY, L.P.,
as Pledgor and Guarantor
By: PAH Deuce GP, LLC, its General Partner
By: Patriot American Hospitality Partnership,
L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
MARINA HOSPITALITY, L.P.,
as Pledgor and Guarantor
By: PAH Deuce GP, LLC, its General Partner
By: Patriot American Hospitality Partnership,
L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
MBAH, INC.,
as Pledgor and Guarantor
By /s/Xxxxxxx X. Xxxxxxx
---------------------
Title: Vice President & Treasurer
MELBOURNE HOSPITALITY, L.P.,
as Pledgor and Guarantor
By: PAH Deuce GP, LLC,
its General Partner
By: Patriot American Hospitality Partnership,
L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
O-H ACQUISITION, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
P.H.G., LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., a Member
By: Wyndham International Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
PA XXXX VALLEY INVESTORS, L.P.,
as Pledgor and Guarantor
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PA XXXX HOSPITALITY, L.P.
as Pledgor and Guarantor
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH ACQUISITION CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH XXXXX OPERATING CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH ASSET MANAGEMENT, LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
PAH BATTERYMARCH OPERATING
COMPANY, LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
PAH BUTTES L.L.C.,
as Pledgor and Guarantor
By: Patriot American Hospitality Partnership,
L.P., its sole Member
By: PAH GP, Inc.,
its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-CAREFREE, L.P.,
as Pledgor and Guarantor
By: PAH GP, Inc.,
its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-CI HOLDING, LLC,
as Pledgor and Guarantor
By: Patriot American Hospitality Partnership,
L.P., a Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-COLUMBUS HOLDING, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH DEUCE GP, LLC,
as Pledgor and Guarantor
By: Patriot American Hospitality Partnership,
L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-DT PARK PLACE PARTNERS, L.P.,
as Pledgor and Guarantor
By: Patriot American Hospitality Partnership,
L.P., its General Partner
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-DT TALLAHASSEE PARTNERS, L.P.,
as Pledgor and Guarantor
By: Patriot American Hospitality Partnership,
L.P., its General Partner
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-DT MINNEAPOLIS SUITES
PARTNERS, L.P.,
as Pledgor and Guarantor
By: Patriot American Hospitality Partnership,
L.P., its General Partner
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-DT CHICAGO X'XXXX PARTNERS,
L.P.,
as Pledgor and Guarantor
By: Patriot American Hospitality Partnership,
L.P., its General Partner
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-DT MIAMI AIRPORT PARTNERS,
L.P.,
as Pledgor and Guarantor
By: Patriot American Hospitality Partnership,
L.P., its General Partner
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH FF&E HOLDING, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-FRANCHISE HOLDING, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAHG FF&E HOLDING, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH GAH HOLDINGS, LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., its Member
By: Wyndham International Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
PAH GAH HOLDINGS, L.P.,
as Pledgor and Guarantor
By: PAH GAH Holdings, LLC, its General
Partner
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
PAH-GBM, LLC,
as Pledgor and Guarantor
By: Patriot American Hospitality Partnership,
L.P., its sole Member
By: PAH GP, Inc.,
its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-XX XXXXX PARTNERS, L.P.,
as Pledgor and Guarantor
By: PAH-Xxxxx Operating Corporation, its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH GP, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-GRAND BAY MIAMI, L.P.,
as Pledgor and Guarantor
By: PAH-GBM, LLC, its General Partner
By: Patriot American Hospitality Partnership,
L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-INTEREST HOLDING, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-INTERSTONE, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-IP HOLDING, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH LEASING LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
PAH LP, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-MANAGEMENT CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAHP FF&E HOLDING, INC., as Pledgor and
Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-PITTSBURGH, LLC,
as Pledgor and Guarantor
By: PAR-Franchise Holding, Inc., its sole
Member
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-PITTSBURGH CI HOLDING, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-REAL ESTATE MEMBER, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-RH, LLC,
as Pledgor and Guarantor
By: Patriot American Hospitality Partnership,
L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-RIVER HOUSE, L.P.,
as Pledgor and Guarantor
By: PAH-RH, LLC, its General Partner
By: Patriot American Hospitality Partnership,
L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH RIVER NORTH, LLC,
as Pledgor and Guarantor
By: Patriot American Hospitality Partnership,
L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH STANLY HOLDING LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
PAH-SUMMERFIELD HOLDING CORP.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-SUMMERFIELD LEASING, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-SUMMERFIELD LLC,
as Pledgor and Guarantor
By: PAH-Summerfield Holding Corp., its sole
Member
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-T, LLC,
as Pledgor and Guarantor
By: Patriot American Hospitality Partnership,
L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-TAMPA, L.P.,
as Pledgor and Guarantor
By: PAH-T, LLC, its General Partner
By: Patriot American Hospitality Partnership,
L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH VENTANA CANYON, L.P.,
as Pledgor and Guarantor
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-WMC HOLDING, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAH-XERXES HOLDING, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PAHMB, INC.,
as Pledgor and Guarantor
By /s/ Xxxxxxx X. Xxxxxxx
----------------------
Title: Vice President & Treasurer
PARK WEST HOTEL ASSOCIATES,
as Pledgor and Guarantor
By: PW Land Associated Limited Partnership,
a General Partner
By: IHC/Park West Corporation, its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PATRIOT AMERICAN HOSPITALITY, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PATRIOT AMERICAN HOSPITALITY
PARTNERSHIP, L.P., as Pledgor and
Guarantor
By: PAH GP, Inc.,
its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PATRIOT BOUGAINVILLEA
DEVELOPMENT COMPANY, LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
PATRIOT GRAND HERITAGE, LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International Inc.,
its General Partner
By /s/ Xxxx X. Xxxxxxxx
Title: Sr. Vice President
PATRIOT HOLDING LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
PATRIOT LAND HOLDING LLC,
as Pledgor and Guarantor
By: Patriot American Hospitality Partnership,
L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PATRIOT MIAMI NOTE HOLDER, L.P.,
as Pledgor and Guarantor
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PATRIOT RACETRACK LAND LLC,
as Pledgor and Guarantor
By: Patriot American Hospitality Partnership,
L.P., a Member
By: PAH GP, Inc.,
its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PSMB, INC.,
as Pledgor and Guarantor
By /s/ Xxxxxxx X. Xxxxxxx
--------------------
Title: Vice President & Treasurer
PW LAND ASSOCIATES LIMITED
PARTNERSHIP,
as Pledgor and Guarantor
By: IHC/Park West Corporation, its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
PWMB, INC.,
as Pledgor and Guarantor
By /s/ Xxxxxxx X. Xxxxxxx
----------------------
Title: Vice President & Treasurer
XXXXXXXXXX X.X. ASSOCIATES, L.P.,
as Pledgor and Guarantor
By: Patriot American Hospitality Partnership,
L.P., its General Partner
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
SAVANNAH C.I. ASSOCIATES, L.P.,
as Pledgor and Guarantor
By: PAH-CI HOLDING, LLC, its General
Partner
By: Patriot American Hospitality
Partnership, L.P., a Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
SFMB, INC.,
as Pledgor and Guarantor
By /s/ Xxxxxxx X. Xxxxxxx
----------------------
Title: Vice President & Treasurer
SIERRA SUITES MARKETING
ASSOCIATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
ST. LOUIS C.I. ASSOCIATES, L.P.,
as Pledgor and Guarantor
By: Patriot American Hospitality Partnership,
L.P., its General Partner
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
SUMMERFIELD HOTEL COMPANY, L.P.,
as Pledgor and Guarantor
By: PAH-Summerfield LLC, its General
Partner
By: PAH-Summerfield Holding Corp., its sole
Member
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
SUMMERFIELD HOTEL CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
SUMMERFIELD SUITES MARKETING
ASSOCIATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
SYRACUSE ASSOCIATES CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
SYRACUSE REALTY ASSOCIATES, L.P.,
as Pledgor and Guarantor
By: Syracuse Associates Corporation, its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
THE KEY WEST REACH LIMITED
PARTNERSHIP,
as Pledgor and Guarantor
By: IHC/Reach Corporation, its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
THE PEAKS REAL ESTATE SERVICES,
INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
TOLEDO HOTEL INVESTORS, L.P.,
as Pledgor and Guarantor
By: PAH Deuce GP, LLC, its General
Partner
By: Patriot American Hospitality Partnership,
L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
TOPEKA C.I. ASSOCIATES, L.P.,
as Pledgor and Guarantor
By: PAH-CI HOLDING, LLC, its General
Partner
By: Patriot American Hospitality Partnership,
L.P., a Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
WATERFRONT MANAGEMENT
CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxxxxx X. Xxxxxxx
----------------------
Title: Vice President & Treasurer
WATER STREET HOTEL, LTD.,
as Pledgor and Guarantor
By: IHC/Jacksonville Corporation, its General
Partner
By /s/ Xxxxxxx X. Xxxxxxx
--------------------
Title: Vice President & Treasurer
WH INTEREST, INC.,
as Pledgor and Guarantor
By /s/ Xxxxxxx X. Xxxxxxx
--------------------
Title: Vice President & Treasurer
WHC CHICAGO, LLC,
as Pledgor and Guarantor
By: Patriot American Hospitality Partnership,
L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
WHC FINANCE, L.P., as Pledgor and
Guarantor
By: O-H Acquisition, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
WHC FRANCHISE CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxxxxx X. Xxxxxxx
--------------------
Title: Vice President & Treasurer
WHCMB, INC.,
as Pledgor and Guarantor
By /s/ Xxxxxxx X. Xxxxxxx
----------------------
Title: Vice President & Treasurer
WHCMB OVERLAND PARK, INC.,
as Pledgor and Guarantor
By /s/ Xxxxxxx X. Xxxxxxx
Title: Vice President & Treasurer
WI OHIO INVESTORS, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
WMC II, INC.,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
WYN TRAVEL, INC.,
as Pledgor and Guarantor
By /s/ Xxxxxxx X. Xxxxxxx
----------------------
Title: Vice President & Treasurer
WYNDHAM ATLANTA LESSEE, LLC,
as Pledgor and Guarantor
By: Wyndham International, Inc., its sole
member
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
WYNDHAM IP CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
WYNDHAM INTERNATIONAL, INC., as
Pledgor and not as a Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
WYNDHAM INTERNATIONAL
OPERATING PARTNERSHIP, L.P.,
as Pledgor and Guarantor
By: Wyndham International, Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
WYNDHAM MANAGEMENT
CORPORATION,
as Pledgor and Guarantor
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
WYNDHAM MANAGEMENT II, LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
XXXXXXX XXXXXXXXXXX LESSEE, L.P.,
as Pledgor and Guarantor
By: Xxxxxxx Xxxxxxxxxxx Lessee, LLC, its
General Partner
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
XXXXXXX XXXXXXXXXXX LESSEE,
LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Sr. Vice President
YO HOTEL INVESTORS, L.P.,
as Pledgor and Guarantor
By: PAH Deuce GP, LLC, its General Partner
By: Patriot American Hospitality Partnership,
L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
GAH-II, L.P., as Pledgor and Guarantor
By: GAH-II Corp., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
TCC VENEZUELA, L.C., as Pledgor and
Guarantor
By: CHC Hotels & Resorts Corp., its Member
By /s/ Xxxx X. Xxxxxxxx
--------------------
Title: Vice President
THE CHASE MANHATTAN BANK,
not in its individual capacity but solely as
Collateral Agent
By /s/ Xxxxxx X. Xxxxxxx
---------------------
Title: Vice President
SCHEDULE I
----------
THE COLLATERAL AGENT
--------------------
1. Appointment. The Secured Creditors by their acceptance of the
-----------
benefits of this Agreement, hereby irrevocably designate Chase as Collateral
Agent to act as specified herein and in this Agreement. Each Secured Creditor
hereby irrevocably authorizes the Collateral Agent to take such action on its
behalf under the provisions of this Agreement and any other instruments and
agreements referred to herein or therein and to exercise such powers and to
perform such duties hereunder and thereunder as are specifically delegated to or
required of the Collateral Agent by the terms hereof and thereof and such other
powers as are reasonably incidental thereto.
2. The Collateral Agent in its Individual Capacity. The Collateral
-----------------------------------------------
Agent hereunder shall have the same rights and powers in its capacity as a
Lender as any other Lender and may exercise the same as though it were not the
Collateral Agent, and such bank and its Affiliates may accept deposits from,
lend money to and generally engage in any kind of business with the Borrower or
any Subsidiary or other Affiliate thereof as if it were not the Collateral Agent
hereunder and may accept fees and other consideration from the Borrower or any
Subsidiary or other Affiliate thereof for services in connection with this
Agreement and otherwise without having to account for the same to the Lenders.
3. Nature of Duties. The Collateral Agent shall have no duties or
----------------
responsibilities except those expressly set forth in this Agreement. Neither
the Collateral Agent nor any of its officers, directors, employees or agents
shall be liable for any action taken or omitted by it as such under this
Agreement or hereunder or in connection herewith or therewith, unless caused by
its or their gross negligence or willful misconduct. The duties of the
Collateral Agent shall be mechanical and administrative in nature; the
Collateral Agent shall not have by reason of this Agreement or any other
Guaranteed Document a fiduciary relationship in respect of any Secured Creditor;
and nothing in this Agreement, expressed or implied, is intended to or shall be
so construed as to impose upon the Collateral Agent any obligations in respect
of this Agreement except as expressly set forth herein.
4. Reliance. The Collateral Agent shall be entitled to rely upon,
--------
and shall not incur any liability for relying upon, any notice, request,
certificate, consent, statement, instrument, document or other writing believed
by it to be genuine and to have been signed or sent by the proper Person. The
Collateral Agent also may rely upon any statement made to it orally or by
telephone and believed by it to be made by the proper Person, and shall not
incur any liability for relying thereon. The Collateral Agent may consult with
legal counsel (who may be counsel for the Borrower), independent accountants and
other experts selected by it, with respect to all legal matters pertaining to
this Agreement and shall not be liable for any action taken or not taken by it
in accordance with the advice of any such counsel, accountants or experts.
5. Sub-Agents. The Collateral Agent may perform any and all its
----------
duties and exercise its rights and powers by or through any one or more sub-
agents appointed by the Collateral Agent. The Collateral Agent and any such
sub-agent may perform any and all its duties and exercise its rights and powers
through their respective Related Parties. The exculpatory provisions of the
succeeding or preceding paragraphs shall apply to any such sub-agent and to the
Schedule 1
Page 2
Related Parties of the Collateral Agent and any such sub-agent, and shall apply
to their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as Collateral Agent.
6. Resignation of the Collateral Agent. Subject to the appointment
-----------------------------------
and acceptance of a successor Collateral Agent as provided in this paragraph,
the Collateral Agent may resign at any time from the performance of all its
functions and duties hereunder by notifying the Required Secured Creditors.
Upon any such resignation, the Required Secured Creditors shall have the right,
in consultation with the Borrower, to appoint a successor. If no successor
shall have been so appointed by the Required Secured Lenders or shall have
accepted such appointment within 30 days after the retiring Collateral Agent
gives notice of its resignation, then the retiring Collateral Agent may, on
behalf of the Required Secured Creditors, appoint a successor Collateral Agent
which shall be a bank with an office in New York, New York, or an Affiliate of
any such bank. Upon the acceptance of its appointment as Collateral Agent
hereunder by a successor, such successor shall succeed to and become vested with
all the rights, powers, privileges and duties of the retiring Collateral Agent,
and the retiring Collateral Agent shall be discharged from its duties and
obligations hereunder. The fees payable by the Borrower to a successor
Collateral Agent shall be the same as those payable to its predecessor unless
otherwise agreed between the Borrower and such successor. After the Collateral
Agent's resignation hereunder, the provisions herein shall continue in effect
for the benefit of such retiring Collateral Agent, its sub-agents and their
respective Related Parties in respect of any actions taken or omitted to be
taken by any of them while it was acting as Collateral Agent.
7. Lack of Reliance on the Collateral Agent. Each Secured Creditor
----------------------------------------
acknowledges that it has made and shall continue to make (i) its own independent
investigation of the financial condition and affairs of each Credit Party and
each of their Subsidiaries in connection with the making and the continuance of
the Loans, participation in Letters of Credit and the taking or not taking of
any action in connection herewith and (ii) its own appraisal of the
creditworthiness of each Credit Party and each of their Subsidiaries and, except
as expressly provided in this Agreement, the Collateral Agent shall not have any
duty or responsibility, either initially or on a continuing basis, to provide
any Lender with any credit or other information with respect thereto, whether
coming into its possession before the making of the Loans or issuance of Letters
of Credit or at any time or times thereafter. The Collateral Agent shall not be
responsible to any Lender for any recitals, statements, information,
representations or warranties herein or in any document, certificate or other
writing delivered in connection herewith or for the execution, effectiveness,
genuineness, validity, enforceability, perfection, collectability, priority or
sufficiency of this Agreement or any other Credit Document or the financial
condition of any Credit Party or any of its Subsidiaries or be required to make
any inquiry concerning either the performance or observance of any of the terms,
provisions or conditions of this Agreement or any other Credit Document, or the
financial condition of any Loan Party or any of its Subsidiaries or the
existence or possible existence of any Default or Event of Default.
8. Certain Rights of the Collateral Agent. No Secured Creditor shall
--------------------------------------
have the right to cause the Collateral Agent to take any action with respect to
the Collateral, with only the Required Secured Creditors having the right to
direct the Collateral Agent to take any such action. If the Collateral Agent
shall request instructions from the Required Secured Creditors
Schedule 1
Page 3
with respect to any act or action (including failure to act) in connection with
this Agreement, the Collateral Agent shall be entitled to refrain from such act
or taking such action unless and until it shall have received instructions from
the Required Secured Creditors, and to the extent requested, appropriate
indemnification in respect of actions to be taken; and the Collateral Agent
shall not incur liability to any Person by reason of so refraining. Without
limiting the foregoing, no Secured Creditor shall have any right of action
whatsoever against the Collateral Agent as a result of the Collateral Agent
acting or refraining from acting (x) hereunder in accordance with the
instructions of the Required Secured Creditors or (y) under any Guaranteed
Document as provided for therein.
9. Indemnification. To the extent that the Collateral Agent is not
---------------
reimbursed and indemnified by the Borrower, the Secured Creditors will reimburse
and indemnify that the Collateral Agent, in proportion to their respective
principal amounts of Obligations for and against any and all liabilities,
obligations, losses, damages, penalties, claims, actions, judgments, costs,
expenses or disbursements of whatsoever kind or nature which may be imposed on,
asserted against or incurred by the Collateral Agent in performing its
respective duties hereunder, in any way relating to or arising out of this
Agreement; provided that no Secured Creditor shall be liable for any portion of
--------
such liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements resulting from the Collateral Agent's
gross negligence or willful misconduct.
ANNEX A
-------
Pledgor: CHC Hotels & Resorts Corp.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Carnicon Holdings Corp. FL 100% 1,000 shares 100%
Common
----------------------------------------------------------------------------------------------------------------------------------
Carnicon-Venezuela Hotel FL 50% 50% 50%
Consultants, L.C.
----------------------------------------------------------------------------------------------------------------------------------
CHC REIT Lessee Corp. FL 100% 100 shares
Common
----------------------------------------------------------------------------------------------------------------------------------
CHC REIT Management Corporation FL 100% 100 shares
Common
----------------------------------------------------------------------------------------------------------------------------------
Criterion N.Y., Inc. FL 100% 1,000 shares
Common
----------------------------------------------------------------------------------------------------------------------------------
Criterion Hotel Management Corp. FL 100% 1,000 shares
Common
----------------------------------------------------------------------------------------------------------------------------------
CSMC of Kalamazoo, Inc. MI 100% 1,000 shares
Common
----------------------------------------------------------------------------------------------------------------------------------
GB Hotel Management de Mexico S
de RI de C.V. Mexico 100% 35%
----------------------------------------------------------------------------------------------------------------------------------
Grand Bay Management Company FL 100% 1,000 shares
Common
----------------------------------------------------------------------------------------------------------------------------------
TCC Venezuela, L.C. FL 50% 50%
----------------------------------------------------------------------------------------------------------------------------------
Pledgor: CHC Lease Partners
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Wyndham Peachtree Lessee Holding DE 100% 100 shares 100%
Corp.
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham Peachtree Lessee Member LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: CHC REIT Management Corp.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
CHC Lease Partners FL 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
GAH-II Corporation DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
GAH-II, L.P. DE 49.5% 49.5% LP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: CHC REIT Lessee Corp.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
CHC Lease Partners FL 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
-2-
Pledgor: C.I. Albuquerque Lessee GP, LLC
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
C.I. Albuquerque Lessee, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: Casa Marina Realty Corporation
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Casa Marina Realty Partnership, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: Chicago-ES Holding Corp.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Chicago-ES Member Corp. DE 100% 100 shares 100%
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: Deuce Management Company LLC
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
GAH-II, L.P. DE 0.48% 0.48% GP
-----------------------------------------------------------------------------------------------------------------------------------
-3-
Pledgor: Family Suites Corporation
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Family Suites Limited Partnership DE GP GP GP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: Family Suites Management Corporation
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Family Suites Management DE GP GP GP
Partnership, L.P.
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: Glenview Hospitality, L.P.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
DT Glenview, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: IHC/Interstone Partnership II, L.P.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Interstone Three Partners I, L.P. DE 50.5% 50.5% LP
-----------------------------------------------------------------------------------------------------------------------------------
Interstone Three Partners II, L.P. DE 50.5% 50.5% LP 50.5% LP
-----------------------------------------------------------------------------------------------------------------------------------
Interstone Three Partners III, L.P. DE 50.5% 50.5% LP 50.5% LP
----------------------------------------------------------------------------------------------------------------------------------
-4-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Interstone Three Partners IV, L.P. DE 50.5% 50.5% LP 50.5% LP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: IHC/Jacksonville Corporation
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Water Street Hotel, Ltd. DE 1% 1% GP 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: IHC/Maryville Hotel Corporation
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Maryville Centre Hotel Joint Venture MO 50% 50% GP 50% GP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: IHC Member Corporation
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
IHC Realty Partnership, L.P. DE 1.0333% 1.0333% GP
-----------------------------------------------------------------------------------------------------------------------------------
IHC/Texas Corporation DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
-5-
Pledgor: IHC/Park West Corporation
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Interstate/Montour Associates, Ltd. PA 95.6075% 95.6075% GP
-----------------------------------------------------------------------------------------------------------------------------------
PW Land Associates Limited PA 99% 99% GP 99% GP
Partnership
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: IHC/Reach Corporation
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
The Key West Reach Limited DE 1% 1% GP 1% GP
Partnership
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: IHC Realty Corporation
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
ES Phoenix Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
ES Schaumburg Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
H-Columbus Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
H-Gateway Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
-6-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Xxxx-Xxxx Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
IHC/Conshohocken Partnership, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
IHC/Denver Partnership, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
IHC/Houston Partnership, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
IHC Realty Partnership, L.P. DE 1.0333% 1.0333% GP 1.0333% GP
-----------------------------------------------------------------------------------------------------------------------------------
IHP Investment Company, L.L.C. DE 1% 1% 1%
-----------------------------------------------------------------------------------------------------------------------------------
Interstone/CGL (WC) Partners LP DE 1% 1% GP 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Interstone/PAH-Partners, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Parsippany Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
R-Lisle Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Rad-Xxxx. Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Rad-Xxxx Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: IHC Realty Partnership, L.P.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Casa Marina Realty Partnership, L.P. DE 97.6063% 97.6063% LP
-----------------------------------------------------------------------------------------------------------------------------------
ES Phoenix Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
H-Columbus Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
-7-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
H-Gateway Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Xxxx-Xxxx Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
IHC/Denver Partnership, L.P. DE 89% 89% LP
-----------------------------------------------------------------------------------------------------------------------------------
IHC/Conshohocken Partnership, L.P. DE 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
IHP/Class B Partnership, L.P. DE 98.7829% 98.7829% GP 98.7829% GP
-----------------------------------------------------------------------------------------------------------------------------------
IHP Investment Company, L.L.C. DE 99% 99% 99%
-----------------------------------------------------------------------------------------------------------------------------------
Interstone/CGL (WC) Partners LP DE 64% 64% LP 64% LP
-----------------------------------------------------------------------------------------------------------------------------------
Interstone/PAH-Partners L.P. DE 98% 98% LP
-----------------------------------------------------------------------------------------------------------------------------------
The Key West Reach Limited DE 96.1194% 96.1194% LP 96.1194% LP
Partnership
-----------------------------------------------------------------------------------------------------------------------------------
PW Land Associates Limited PA 1% 1% LP 1% LP
Partnership
-----------------------------------------------------------------------------------------------------------------------------------
Parsippany, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
R-Lisle, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Rad-Burlington, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Rad-Xxxx, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Swatara Associates PA 97.9636% 1.3350% GP
96.6286% LP
-----------------------------------------------------------------------------------------------------------------------------------
Syracuse Realty Associates DE 93% 93% LP 93% LP
-----------------------------------------------------------------------------------------------------------------------------------
Water Street Hotel, Ltd. DE 84% 84% LP 84% LP
-----------------------------------------------------------------------------------------------------------------------------------
-8-
Pledgor: IHC/Santa Xxxxx Corporation
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Santa Xxxxx Joint Venture DE 50% 50% GP 50% GP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: IHC/Texas Corporation
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
IHC/Houston Partnership, L.P. DE 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: IHP/Class B Partnership, L.P.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Chicago-ES, LLC DE 99% 99% 99%
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: IHP Investment Company, L.L.C.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
IHP Holdings Partnership, L.P. PA 19.8165% 19.8165% GP 19.8165% GP
-----------------------------------------------------------------------------------------------------------------------------------
-9-
Pledgor: Interstate/Montour Associates, Ltd.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Park West Hotel Associates PA 50% 50% GP 50% GP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: Interstone/PAH-Partners, L.P.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
ES Schaumburg Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: Melbourne Hospitality, L.P.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
-----------------------------------------------------------------------------------------------------------------------------------
H-Melbourne, L.P. DE 99.5% 99.5% LP 99.5% LP
-----------------------------------------------------------------------------------------------------------------------------------
H-Melbourne GP, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: O-H Acquisition, Inc.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
WHC Finance, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
-10-
Pledgor: PA Xxxx Hospitality Investors, L.P.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Mar-Ty Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-Xxxxx Operating Corporation
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
PAH-XX Xxxxx Partners, L.P. DE 1% 1% GP 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-Buttes, L.L.C.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
W-Buttes Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-Carefree, L.P.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Resorts Limited Partnership II DE .1% .1% GP .1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Resorts Limited Partnership DE 1% 1% GP 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
-11-
Pledgor: PAH-CI Holdings, LLC
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Albuquerque C.I. Associates, L.P. KS 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
CI Holding, L.L.C. KS 1% 1%
-----------------------------------------------------------------------------------------------------------------------------------
Savannah C.I. Associates, L.P. GA 5% 5% GP
-----------------------------------------------------------------------------------------------------------------------------------
Topeka C.I. Associates, L.P. KS 3.49% 3.49% GP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-Columbus Holding, Inc.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
WHC Columbus Corporation DE 100% 102 shares 100%
Common
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-DT Chicago X'Xxxx Partners, L.P.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
DT-Des Plaines Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
DT-Des Plaines Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
-12-
Pledgor: PAH-DT Miami Airport Partners, L.P.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
DT Miami LP Holding, L.L.C. DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
DT Miami LP Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-DT Tallahassee Partners, L.P.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
DT Tallahassee LP Holding, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
DT Tallahassee LP Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
DT Tallahassee Mezz, L.P. DE 99.5% 99.5% LP 99.5% LP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-Deuce GP, LLC
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Glenview Hospitality, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Kansas City Hospitality, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Marina Hospitality, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Melbourne Hospitality, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
-13-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Toledo Hotel Investors, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
YO Hotel Investors, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-Franchise Holding, Inc.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Crossroads Development Company DE 100% 600 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
Xxx XxXxx Holdings, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Xxx XxXxx Resort Hotel, Ltd. FL 12% 12% LP 12% LP
-----------------------------------------------------------------------------------------------------------------------------------
HMC/Interstate Ontario, L.P. DE 10% 10% LP 10% LP
-----------------------------------------------------------------------------------------------------------------------------------
HMC/Interstate Manhattan Beach, L.P. DE 25% 25% LP 25% LP
-----------------------------------------------------------------------------------------------------------------------------------
HMC/Interstate Waterford, L.P. DE 25% 25% LP 25% LP
-----------------------------------------------------------------------------------------------------------------------------------
IHC/Pittsburgh Partnership, L.P. DE 6.7673% 6.7673% LP 6.7673% LP
-----------------------------------------------------------------------------------------------------------------------------------
IHC/Santa Xxxxx Corporation DE 100% 600 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
IHC Title Agency Corporation DE 100% 600 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Real Estate Member, Inc. DE 100% 100 shares
Class A
Common
-----------------------------------------------------------------------------------------------------------------------------------
-14-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
PAH-Pittsburgh, LLC DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
WHC Franchise Corporation DE 100% 102 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-GAH Holdings, LLC
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
PAH-GAH Holdings, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-GBM, LLC
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
PAH-Grand Bay Miami, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH GP, Inc.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
0000 Xxxxx Xxxxxx Investors II, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Boulders Joint Venture AZ .1% .1% GP
-----------------------------------------------------------------------------------------------------------------------------------
-15-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Bourbon Orleans Investors II, L.P. DE 1% 1% GP 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Chicago-ES Holding Corp. DE 100% 100 shares
-----------------------------------------------------------------------------------------------------------------------------------
DT Denver Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
DT Glenview Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
H-Cleveland Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
H-Delmar Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
H-Melbourne Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
M-Xxxx Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
PA Xxxx Valley Investors, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
PA Xxxx Hospitality Investors, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Carefree, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Ventana Canyon, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Patriot Miami Note Holder, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American Hospitality VA 1% 1% GP
Partnership, L.P.
-----------------------------------------------------------------------------------------------------------------------------------
R-Houston LP Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Tree-Mass Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Bel Age Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
WCHNW Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Brookfield Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
-16-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
W-Buttes Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Charlotte Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Commerce Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Emerald Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Xxxxxxxx X.X. Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Garden Atlanta Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Greenspoint Holding Corp. DE 100% 100 shares 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Indiana Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Miami Airport Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Xxxxxxxxxx X.X. Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Schaumburg Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Tampa Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham Peachtree Holding Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-XX Xxxxx Partners, L.P.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
PAH-XX Xxxxx Partners, L.P. DE 85% 85% GP 85% GP
-----------------------------------------------------------------------------------------------------------------------------------
-17-
Pledgor: PAH-IP Holding, Inc.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Wyndham IP Corporation DE 100% 102 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-Interest Holding, Inc.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
WH Interest, Inc. TX 100% 100 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-Interstone, Inc.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
IHC/Interstone Partnership II, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Interstone Three Partners I L.P. DE .5% .5% GP
-----------------------------------------------------------------------------------------------------------------------------------
Interstone Three Partners II L.P. DE .5% .5% GP .5% GP
-----------------------------------------------------------------------------------------------------------------------------------
Interstone Three Partners III L.P. DE .5% .5% GP .5% GP
-----------------------------------------------------------------------------------------------------------------------------------
Interstone Three Partners IV L.P. DE .5% .5% GP .5% GP
-----------------------------------------------------------------------------------------------------------------------------------
-18-
Pledgor: PAH LP, Inc.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Patriot American Hospitality VA 91% 91% LP 73.6% LP
Partnership, L.P.
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-Leasing, LLC
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
BJV Realty, Inc. AZ 100% 1,000 shares
Common
----------------------------------------------------------------------------------------------------------------------------------
The Boulders Carefree Sewer AZ 100% 1,000 shares
Corporation Common
-----------------------------------------------------------------------------------------------------------------------------------
The Peaks Real Estate Services, Inc. AZ 66.66% 1,000 shares
Preferred
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-Management Corporation
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
DFW/H&R, Inc. TX 49% 490 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
HMG Beverage, Inc. TX 100% 400 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
-19-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
INTMB, Inc. DE 100% 100 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Interstate Holdings, Inc. DE 46.721% 11,567.15 shares 46.721%
Class B Common
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-Pittsburgh C.I. Holding, Inc.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Pittsburgh C.I., Inc. KS 100% 102 shares 100%
Common
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-Pittsburgh, LLC
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
IHC/Pittsburgh Partnership, L.P. DE 92.2327% 92.2327% GP 92.2327% GP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-RH, LLC
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
PAH-River House, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
-20-
Pledgor: PAH-Real Estate Member, Inc.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
IHC/Pittsburgh Partnership, L.P. DE 1% 1% GP 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-River House, L.P.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
W-Miami Airport GP, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Miami Airport, L.P. DE 99.5% 99.5% LP 99.5% LP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-River North, LLC
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Xxxxx 000 Xxxxx Xxxxx Xxxxx Xxxxxxx, XX 19.9% 19.9% 19.9%
LLC
-----------------------------------------------------------------------------------------------------------------------------------
-21-
Pledgor: PAH-Stanly Holding LLC
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
PAH-Stanly Ranch LLC DE 1% 1% 1%
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-Summerfield Holding Corp.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
PAH-Summerfield LLC DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Summerfield Hotel Company, L.P. KS 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
Summerfield Hotel Corporation DE 100%
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-Summerfield, LLC
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Summerfield Hotel Company L.P. KS 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
-22-
Pledgor: PAH-Summerfield Leasing, Inc.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Summerfield Hotel Leasing Corporation KS 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-T, LLC
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
PAH-Tampa, L.P. DE 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-Tampa, L.P.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
W-Tampa, GP, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Tampa, L.P. DE 99.5% 99.5% 99.5%
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PAH-WMC Holding, Inc.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Wyndham Management Corporation DE 100% 102 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
-23-
Pledgor: PAH-Xerxes Holding, Inc.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Xerxes Limited Jamaica 99.5% 199 shares 35%
Common
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: PW Land Associates Limited Partnership
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Park West Hotel Associates PA 50% 50% GP 50% GP
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: Patriot American Hospitality, Inc.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Casa Marina Realty Corporation DE 98.6063% 600 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
IHC/Park West Corporation DE 100% 600 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
IHC Miami Mortgage Corporation DE 100% 600 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
IHC/Reach Corporation DE 100% 600 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
-24-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
IHC/Jacksonville Corporation DE 100% 600 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
IHC/Maryville Hotel Corporation DE 100% 600 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
IHC/Capital Corporation DE 100% 100 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
IHC Member Corporation DE 100% 100 shares Class
A Common
12,075 shares
Class B Common
-----------------------------------------------------------------------------------------------------------------------------------
IHC Realty Corporation DE 100% 600 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
IHC/Miami Beach Corporation DE 100% 600 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
Interstate Hotels Corporation DE 3% 181,916 shares
Class A
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-LP, Inc. DE 100% 100 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Xxxxx Operating Corporation DE 100% 100 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Acquisition Corp. DE 100% 100 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-GP, Inc. DE 100% 100 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-BV Holding Corp. DE 100% 1000 shares 100%
Common
-----------------------------------------------------------------------------------------------------------------------------------
-25-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
PAH-CI Holding, LLC DE 1% 1%
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Franchise Holding, Inc. DE 94.3464% 20,071.2429
shares Class B
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-HVP Holding Corp. DE 100% 1,000 shares 100%
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Interstate Holdings, Inc. DE 52.279% 12,943.34 shares 52.279%
Class B Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Management Corporation DE 99% 9,900 shares
Class B Common
-----------------------------------------------------------------------------------------------------------------------------------
Syracuse Associates Corporation DE 100% 600 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
W-Novi Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Novi Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Pleasanton Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Pleasanton Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Wood Xxxx Mezz Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Wood Xxxx Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
-26-
Pledgor: Patriot American Hospitality Partnership, L.P.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
0000 Xxxxx Xxxxxx Investors II, L.P. DE 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
Albuquerque C.I. Associates, L.P. KS 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
Atlanta C.I. Associates II, L.P. KS 49% 49% LP 49% LP
-----------------------------------------------------------------------------------------------------------------------------------
Atlanta American Hotel Investors, DE 69% 69% LP 69% LP
L.P.
-----------------------------------------------------------------------------------------------------------------------------------
Boulders Joint Venture AZ 99.9% 99.9% GP
-----------------------------------------------------------------------------------------------------------------------------------
Bourbon Orleans Investors II, L.P. DE 99% 99% LP 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
C.I. Holding, L.L.C. KS 99% 99%
-----------------------------------------------------------------------------------------------------------------------------------
C.I. General L.L.C. KS 20% 20% 20%
-----------------------------------------------------------------------------------------------------------------------------------
C.I. Wichita General, L.L.C. KS 20% 20% 20%
-----------------------------------------------------------------------------------------------------------------------------------
City Centre Partnership, L.P. DE 92.5% 92.5% GP
-----------------------------------------------------------------------------------------------------------------------------------
CPHPAH-Dos Pueblos Associates, LLC DE 4% 4% 4%
-----------------------------------------------------------------------------------------------------------------------------------
DT Denver Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
GHALP Partnership, L.P. DE 99% 99% LP 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
Glenview Hospitality, L.P. DE 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
H-Cleveland Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
H-Delmar Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Hotel Venture Partners, Ltd. FL 88.39% 88.39% LP 88.39% LP
-----------------------------------------------------------------------------------------------------------------------------------
-27-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Kansas City Hospitality, L.P. DE 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
Marina Hospitality, L.P. DE 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
Melbourne Hospitality, L.P. DE 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
PA Ravinia Partners VA 4% 4% GP
-----------------------------------------------------------------------------------------------------------------------------------
PA Xxxx Valley Investors, L.P. VA 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
PA Xxxx Hospitality Investors, L.P. DE 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Akron, L.L.C. DE 90% 90% 90%
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Batterymarch Realty Company, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Beachwood II, LLC DE 90% 90% 90%
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Beachwood I, LLC DE 90% 90% 90%
-----------------------------------------------------------------------------------------------------------------------------------
PAH Billerica Realty Company, LLC DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Buttes L.L.C. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
PAH-BV Palace, L.P. DE 99.5% 99.5% LP 99.5% LP
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Carefree, L.P. DE 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
PAH-CI Holding, LLC DE 99% 99%
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Columbus Holding, Inc. DE 99% 9,900 Shares
Class B Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Deuce GP, LLC DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
-28-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
PAH-DT Chicago X'Xxxx Partners, L.P. DE 90% 90% GP
-----------------------------------------------------------------------------------------------------------------------------------
PAH-DT Miami Airport Partners, L.P. DE 90% 90% GP
-----------------------------------------------------------------------------------------------------------------------------------
PAH-DT Minneapolis Suites Partners, DE 90% 90% GP
L.P.
-----------------------------------------------------------------------------------------------------------------------------------
PAH-DT Park Place Partners, L.P. DE 90% 90% GP
-----------------------------------------------------------------------------------------------------------------------------------
PAH-DT Tallahassee Partners, L.P. DE 90% 90% GP
-----------------------------------------------------------------------------------------------------------------------------------
PAH-FF&E Holding, Inc. DE 99% 99 shares
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Franchise Holding, Inc. DE 4.6536% 9,900 Shares
Class B Common
-----------------------------------------------------------------------------------------------------------------------------------
PAHG FF&E Holding, Inc. DE 99% 99 shares
-----------------------------------------------------------------------------------------------------------------------------------
PAH-GBM, LLC DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
PAH-XX Xxxxx Partners, L.P. DE 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Grand Bay Miami, L.P. DE 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Interest Holding, Inc. DE 99% 9,900 shares
Class B Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-IP Holding, Inc. DE 99% 9,900 shares
Class B Common
-----------------------------------------------------------------------------------------------------------------------------------
PAHP FF&E Holding, Inc. DE 99% 99 shares
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Pittsburgh CI Holding, Inc. DE 99% 9,900 shares
Class B Common
-----------------------------------------------------------------------------------------------------------------------------------
-29-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
PAH Ravinia, Inc. VA 99.04% Class B -
Non-Voting
-----------------------------------------------------------------------------------------------------------------------------------
PAH-RH, LLC DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
PAH-River House, L.P. DE 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
PAH-River North, LLC DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Summerfield Holding Corp. DE 9.09% 100 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Summerfield Leasing, Inc. DE 9.09% 100 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-T, LLC DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Tampa, L.P. DE 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Ventana Canyon, L.P. DE 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Westlake LLC DE 90% 90% 90%
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Westmont CI Holding, Inc. DE 99% 10,890 shares 99%
Class B Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Windwatch Partners DE 4% 4% GP
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Windwatch, LLC DE 99% 99%
-----------------------------------------------------------------------------------------------------------------------------------
PAH-WMC Holding, Inc. DE 99% 9,900 shares
Class B Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Xerxes Holding, Inc. DE 99% 9,900 shares
Class B Common
-----------------------------------------------------------------------------------------------------------------------------------
Patriot Bougainvillea, LLC DE 25% 25% 25%
-----------------------------------------------------------------------------------------------------------------------------------
-30-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Patriot Land Holding LLC DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Patriot Miami Note Holder, L.P. DE 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
Patriot Racetrack Land LLC DE 99% 99%
-----------------------------------------------------------------------------------------------------------------------------------
Resorts Limited Partnership DE 99% 99% LP 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
R-Houston LP, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Xxxxxxxxxx X.X. Associates, L.P. TX 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Xxxx Xxxx Associates Limited TX 99% 99% LP
Partnership
-----------------------------------------------------------------------------------------------------------------------------------
Savannah C.I. Associates, L.P. GA 95% 95% LP
-----------------------------------------------------------------------------------------------------------------------------------
St. Louis C.I. Associates, L.P. MO 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
Summerfield Hotel Leasing Company, KS 99% 99% LP 99% LP
L.P.
-----------------------------------------------------------------------------------------------------------------------------------
Summerfield HPT Lease Company, L.L.C. DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Summerfield HPT Lease Company, L.P. KS 99% 99% LP 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
Toledo Hotel Investors, L.P. DE 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
Topeka C.I. Associates, L.P. KS 96.51% 96.51% LP
-----------------------------------------------------------------------------------------------------------------------------------
Xxxxxx Real Estate Group Joint TX 65.48% 65.48% 65.48%
Venture
-----------------------------------------------------------------------------------------------------------------------------------
Tree-Mass Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Bel Age Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
-31-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
W-Brookfield, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Charlotte, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
WCHNW, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Colinas LP Manager Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Colinas Mezz LP, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Commerce Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Emerald Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Franklin Mezz, LP, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
WG Member, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Garden Atlanta, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
WHC Atlanta GP, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
WHC Chicago, LLC DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
WHC Finance, L.P. DE 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
WI Ohio Investors, Inc. DE 99%
-----------------------------------------------------------------------------------------------------------------------------------
Wichita C.I. Associates III, L.P. KS 86.64% 86.64% LP 86.64% LP
-----------------------------------------------------------------------------------------------------------------------------------
W-Indiana Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
W-Schaumburg Mezz, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham Peachtree Member, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
YO Hotel Investors, L.P. DE 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
-32-
Pledgor: Patriot Grand Heritage, LLC
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Burrllen Enterprises of Maryland MD 1% 1% GP
-----------------------------------------------------------------------------------------------------------------------------------
GH Trademarks, LLC MD 1% 1%
-----------------------------------------------------------------------------------------------------------------------------------
GH-Atlanta, LLC MD 1% 1%
-----------------------------------------------------------------------------------------------------------------------------------
Grand Heritage Leasing, LLC MD 1% 1%
-----------------------------------------------------------------------------------------------------------------------------------
Grand Heritage Real Estate MD 1% 1%
Group LLC
-----------------------------------------------------------------------------------------------------------------------------------
P.H.G., LLC MD 1% 1%
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: Patriot Land Holding LLC
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Patriot Racetrack Land LLC DE 1% 1%
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: Xxxxxxxxxx X.X. Associates, L.P.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
W-Xxxxxxxxxx Mezz L.P., LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
-33-
Pledgor: Summerfield Hotel Corporation
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Sierra Suites Marketing KS 100% 100%
Association
------------------------------------------------------------------------------------------------------------------------------------
Summerfield Suites Marketing DE 100% 100%
Association
------------------------------------------------------------------------------------------------------------------------------------
Pledgor: Syracuse Associates Corporation
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Syracuse Realty Associates, DE 1% 1% GP 1% GP
L.P.
------------------------------------------------------------------------------------------------------------------------------------
Pledgor: TCC Venezuela, L.C.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
TCC Maturin, C.A. FL 100% 100% 35%
------------------------------------------------------------------------------------------------------------------------------------
-34-
Pledgor: WHC Chicago, LLC
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Oxford Wyn 633 DE 50% 50% 50%
Investment Company,
L.L.C.
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: WHCMB, Inc.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
CHMB, Inc. TX 100% 1,000 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
GHMB, Inc. TX 100% 1,000 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
MBAH, Inc. TX 100% 1,000 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
PSMB, Inc. CA 100% 1,000 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
WHCMB Overland Park, KS 100% 1,000 shares
Common
Inc.
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: WI Ohio Investors, Inc.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
PAH-Akron, L.L.C. DE 10% 10% 10%
-----------------------------------------------------------------------------------------------------------------------------------
-35-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
PAH-Beachwood II, LLC DE 10% 10% 10%
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Beachwood I, LLC DE 10% 10% 10%
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Westlake LLC DE 10% 10% 10%
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: Wyndham International, Inc.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
CHC Hotels & Resorts Corp. FL 100% 1,000 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
C.I. Lessee GP, Inc. DE 100% 100 shares 100%
Common
-----------------------------------------------------------------------------------------------------------------------------------
GHALP Operating GP, Inc. DE 100% 100 shares 100%
-----------------------------------------------------------------------------------------------------------------------------------
PAH Ravinia, Inc. VA 1% [1%]
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American DE 100%
Hospitality, Inc.
-----------------------------------------------------------------------------------------------------------------------------------
Resorts Services, Inc. AZ 99% 622.50 shares
Non-voting
Common
-----------------------------------------------------------------------------------------------------------------------------------
Salt Lake City DE 100% 100 shares 100%
Operating GP, Inc.
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham Atlanta Lessee, DE 100% 100%
LLC
-----------------------------------------------------------------------------------------------------------------------------------
-36-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Wyndham International DE 81% 80% LP
Operating Partnership, 1% GP
L.P.
-----------------------------------------------------------------------------------------------------------------------------------
WYN Travel, Inc. DE 100% 100 shares
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: Wyndham International Operating Partnership, L.P.
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Arcadian Hotels Limited UK 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Burrllen Enterprises of MD 99% 99% GP
Maryland
-----------------------------------------------------------------------------------------------------------------------------------
C.I. Albuquerque DE 99% 99% LP
Lessee, L.P.
-----------------------------------------------------------------------------------------------------------------------------------
C.I. Wichita Lessee, DE 99% 99% LP 99% LP
L.P.
-----------------------------------------------------------------------------------------------------------------------------------
C.I. Albuquerque Lessee DE 100% 100%
GP, LLC
-----------------------------------------------------------------------------------------------------------------------------------
C.I. Overland Park DE 99% 99% LP 99% LP
Lessee, L.P.
-----------------------------------------------------------------------------------------------------------------------------------
C.I. Atlanta Lessee, DE 99% 99% LP 99% LP
L.P.
-----------------------------------------------------------------------------------------------------------------------------------
C.I. Knoxville Lessee, DE 99% 99% LP 99% LP
L.P.
-----------------------------------------------------------------------------------------------------------------------------------
C.I. Omaha Lessee, L.P. DE 99% 99% LP 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
Carefree Management LLC DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
CFMB, Inc. DE 100% 100 shares 100%
-----------------------------------------------------------------------------------------------------------------------------------
-37-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Deuce Management TX 100% 100%
Company LLC
-----------------------------------------------------------------------------------------------------------------------------------
ESC Greenspoint Member, DE 100% 100% 100%
LLC
-----------------------------------------------------------------------------------------------------------------------------------
ESC Greenspoint Holding DE 100% 100 shares 100%
Corp.
-----------------------------------------------------------------------------------------------------------------------------------
Family Suites DE 100% 600 shares
Corporation
-----------------------------------------------------------------------------------------------------------------------------------
Family Suites DE 100% 600 shares
Management Corporation
-----------------------------------------------------------------------------------------------------------------------------------
FS Development DE 100% 600 shares
Corporation
-----------------------------------------------------------------------------------------------------------------------------------
GAH-II, L.P. DE 48.34% 48.34% LP
-----------------------------------------------------------------------------------------------------------------------------------
GH (Cayman) Limited Cayman 100% 999 shares 35%
Islands Common
-----------------------------------------------------------------------------------------------------------------------------------
GH Trademarks, LLC MD 99% 99%
-----------------------------------------------------------------------------------------------------------------------------------
GH-Atlanta, LLC MD 99% 99%
-----------------------------------------------------------------------------------------------------------------------------------
GH-Chicago, Inc. IL 100% 1,000 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
GH-Detroit, Inc. MI 100% 1,000 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
GH-Greeneville, Inc. TN 100% 1,000 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
GH-Providence, Inc. RI 100% 1,000 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
-38-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
GH-San Diego, Inc. DE 100% 1,000 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
GH-Wichita, Inc. KS 100% 200 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
GHALP Operating DE 99% 99% LP 99% LP
Partnership, L.P.
-----------------------------------------------------------------------------------------------------------------------------------
GHV-Colorado, Inc. CO 100% 1,000 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
GHV-Galveston, Inc. TX 100% 1,000 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
Grand Bay Management, FL 100% 100%
LLC
-----------------------------------------------------------------------------------------------------------------------------------
Grand Heritage Hotels, MD 100% 6,000 shares
Common
Inc.
-----------------------------------------------------------------------------------------------------------------------------------
Grand Heritage Leasing, MD 99% 99%
LLC
-----------------------------------------------------------------------------------------------------------------------------------
Grand Heritage Real MD 99% 99%
Estate Group, LLC
-----------------------------------------------------------------------------------------------------------------------------------
Grand Management FL 100% 1,000 shares
Services, Inc. Common
-----------------------------------------------------------------------------------------------------------------------------------
IHC/Interstone DE 99% 99% LP
Partnership II, L.P.
-----------------------------------------------------------------------------------------------------------------------------------
IHC/Burlington VT 100% 100 shares
Corporation Common
-----------------------------------------------------------------------------------------------------------------------------------
IHC/FS Development DE 100% 600 shares
Corporation
-----------------------------------------------------------------------------------------------------------------------------------
-39-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
IHC/Jamaica Corporation DE 100% 600 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
IHP Lessee, LLC DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
L'Horizon Management Jersey 100% 100 shares 100%
(Jersey) Ltd. Common
-----------------------------------------------------------------------------------------------------------------------------------
L'Horizon Hotel Jersey 100% 100%
(Jersey) Ltd.
-----------------------------------------------------------------------------------------------------------------------------------
P.H.G. LLC MD 99% 99%
-----------------------------------------------------------------------------------------------------------------------------------
Malmaison Hotels Limited England & 100% 100%
Wales
-----------------------------------------------------------------------------------------------------------------------------------
PAH Asset Management, DE 100% 100%
LLC
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Batterymarch DE 100% 100%
Operating Company, LLC
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Columbus Holding, DE 1% 100 shares
Inc. Class A
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-FF&E Holding, Inc. DE 1% 1 share
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Franchise Holding, DE 1% 212.7398 shares
Inc. Class A
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAHG FF&E Holding, Inc. DE 1% 1 share
-----------------------------------------------------------------------------------------------------------------------------------
PAH-GAH Holdings, L.P. DE 99% 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
PAH-GAH Holding, LLC DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
-40-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
PAH-Interest Holding, DE 1% 100 shares
Inc. Class A
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Interstate DE 1% 247.58 shares 1%
Holdings, Inc. Class A
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Interstone, Inc. DE 100% 100 shares
Class A
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-IP Holding, Inc. DE 1% 100 shares
Class A
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Leasing LLC DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Management DE 1% 100 shares
Corporation Class A
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAHMB Maryland, Inc. MD 100% 100 shares 100%
-----------------------------------------------------------------------------------------------------------------------------------
PAHMB, Inc. TX 100% 100 shares
-----------------------------------------------------------------------------------------------------------------------------------
PAHP FF&E Holding, Inc. DE 1% 1 share
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Pittsburgh CI DE 1% 100 shares
Holding, Inc. Class A
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Stanly Holding LLC DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Stanly Ranch LLC DE 99% 99% 99%
-----------------------------------------------------------------------------------------------------------------------------------
-41-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
PAH-Summerfield Holding DE 90.91% 2 shares
Corp. Class A
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Summerfield DE 90.91% 2 shares
Leasing, Inc. Class A
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Westmont CI DE 1% 110 shares 1%
Holding, Inc. Class A
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-WMC Holding, Inc. DE 1% 100 shares
Class A
Common
-----------------------------------------------------------------------------------------------------------------------------------
PAH-Xerxes Holding, Inc. DE 1% 100 shares
Class A
Common
-----------------------------------------------------------------------------------------------------------------------------------
Patriot Bougainvillea DE 100% 100%
Development Company, LLC
-----------------------------------------------------------------------------------------------------------------------------------
Patriot Bougainvillea, DE 75% 75% 75%
LLC
-----------------------------------------------------------------------------------------------------------------------------------
Patriot Grand Heritage, DE 100% 100%
LLC
-----------------------------------------------------------------------------------------------------------------------------------
Patriot Holding LLC DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
PWMB, Inc. DE 100% 100 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
Reserve Collection DE 100% 100% 100%
Boulders, LLC
-----------------------------------------------------------------------------------------------------------------------------------
Reserve Collection DE 100% 100% 100%
Peaks, LLC
-----------------------------------------------------------------------------------------------------------------------------------
-42-
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Salt Lake City DE 99% 99% LP 99% LP
Operating Partnership,
L.P.
-----------------------------------------------------------------------------------------------------------------------------------
SFMB, Inc. DE 100% 100 shares
-----------------------------------------------------------------------------------------------------------------------------------
WI Ohio Investors, Inc. DE 1% 100 shares
Class Common
-----------------------------------------------------------------------------------------------------------------------------------
W-SSH, LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham HPT Lessee LLC DE 100% 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham HPT Lessee, L.P. DE 99% 99% LP 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham Management II, DE 100% 100%
LLC
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham SN Lessee Corp. DE 100% 100%
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham SN Lessee, L.P. DE 99% 99% LP 99% LP
-----------------------------------------------------------------------------------------------------------------------------------
Xxxxxxx Xxxxxxxxxxx DE 100% 100%
Lessee LLC
-----------------------------------------------------------------------------------------------------------------------------------
Xxxxxxx Xxxxxxxxxxx DE 99% 99% LP
Lessee, L.P.
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham UK Holdings England & 100% 100%
Limited Wales
-----------------------------------------------------------------------------------------------------------------------------------
-43-
Pledgor: Wyndham Management Corporation
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Clubhouse Inns of KS 100% 100 shares
America, Inc. Common
-----------------------------------------------------------------------------------------------------------------------------------
Waterfront Management DE 100% 100 shares
Corporation Common
-----------------------------------------------------------------------------------------------------------------------------------
WHC Caribbean Limited Jamaica .5% 1 share .5%
Common
-----------------------------------------------------------------------------------------------------------------------------------
WHCMB Toronto, Inc. Canada 100% 1 share 35%
Common
-----------------------------------------------------------------------------------------------------------------------------------
WHCMB Utah Private Club UT 100% 100%
Corporation
-----------------------------------------------------------------------------------------------------------------------------------
WHCMB, Inc. DE 100% 100 shares
Common
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham Hotels & Bermuda 100% 12,000 shares 35%
Resorts Management, Ltd. Common
-----------------------------------------------------------------------------------------------------------------------------------
Wyndham Hotels & Aruba 100% 10 shares 35%
Resorts (Aruba) N.V. Common
-----------------------------------------------------------------------------------------------------------------------------------
Xerxes Limited Jamaica .5% 1 share .5%
Common
-----------------------------------------------------------------------------------------------------------------------------------
Pledgor: Wyndham Management II, LLC
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
WMC II, Inc. DE 100% 100 shares
-----------------------------------------------------------------------------------------------------------------------------------
-44-
Pledgor: Xxxxxxx Xxxxxxxxxxx Lessee LLC
Subsidiary/Unconsolidated Entity Jurisdiction Ownership Number and Type Partnership Membership Equity Not
of Shares Interests Interests Being Pledged
----------------------------------------------------------------------------------------------------------------------------------
Xxxxxxx Xxxxxxxxxxx DE 1% 1% GP
Lessee, L.P.
------------------------------------------------------------------------------------------------------------------------------------
-45-
The following Pledgors hold no Securities:
1. 0000 Xxxxx Xxxxxx Investors II, L.P.
2. Albuquerque C.I. Associates, L.P.
3. BJV Realty, Inc.
4. Boulders Carefree Sewer Corporation
5. Boulders Joint Venture
6. Burrllen Enterprises of Maryland
7. CHMB, Inc.
8. C.I. Albuquerque Lessee, L.P.
9. Carefree Management LLC
10. Clubhouse Inns of America, Inc.
11. Criterion Hotel Management Corp.
12. Criterion NY Inc.
13. Crossroads Development Company
14. CSMC of Kalamazoo, Inc.
15. FS Development Corporation
16. GAH-II, L.P.
17. GHMB, Inc.
18. GH-Atlanta, LLC
19. GH-Chicago, Inc.
20. GH-Detroit, Inc.
21. GH-Greeneville, Inc.
22. GH-Providence, Inc.
-46-
23. GH-San Diego, Inc.
24. GH Trademarks, LLC
25. GH-Wichita, Inc.
26. GHV-Colorado, Inc.
27. GHV-Galveston, Inc.
28. Grand Bay Management Company
29. Grand Bay Management, LLC
30. Grand Heritage Hotels, Inc.
31. Grand Heritage Leasing LLC
32. Grand Heritage Real Estate Group LLC
33. Grand Management Services, Inc.
34. HMG Beverage, Inc.
35. IHC/Burlington Corporation
36. IHC/Capital Corporation
37. IHC/Conshohoken Partnership, L.P.
38. IHC/Denver Partnership, L.P.
39. IHC/FS Development Corporation
40. IHC/Houston Partnership, L.P.
41. IHC/Jamaica Corporation
42. IHC/Miami Beach Corporation
43. IHC/Miami Mortgage Corporation
44. IHC/Title Agency Corporation
45. IHP Lessee, LLC
46. INTMB, Inc.
-47-
47. Interstone Three Partners I, L.P.
48. Kansas City Hospitality, L.P.
49. Key West Reach Limited Partnership
50. MBAH, Inc.
51. Marina Hospitality, L.P.
52. P.H.G. LLC
53. PA Xxxx Valley Investors, L.P.
54. PAH-Acquisition Corporation
55. PAH Asset Management, LLC
56. PAH-Batterymarch Operating Company, LLC
57. PAH-DT Minneapolis Suites Partners, L.P.
58. PAH-DT Park Place Partners, L.P.
59. PAH-FF&E Holding, Inc.
60. PAH-GAH Holdings, L.P.
61. PAH-Grand Bay Miami, L.P.
62. PAHG FF&E Holding, Inc.
63. PAHMB, Inc.
64. PAHP FF&E Holding, Inc.
65. PAH-Ventana Canyon, L.P.
66. Park West Hotel Associates
67. Patriot Bougainvillea Development Company, LLC
68. Patriot Holding LLC
69. Patriot Miami Note Holder, L.P.
70. Patriot Racetrack Land LLC
-48-
71. The Peaks Real Estate Services, Inc.
72. PSMB, Inc.
73. PWMB, Inc.
74. SFMB, Inc.
75. Savannah C.I. Associates, L.P.
76. Sierra Suites Marketing Association
77. St. Louis C.I. Associates, L.P.
78. Summerfield Hotel Company, L.P.
79. Summerfield Suites Marketing Association
80. Syracuse Realty Associates, L.P.
81. Toledo Hotel Investors, L.P.
82. Topeka C.I. Associates, L.P.
83. Water Street Hotel, Ltd.
84. Waterfront Management Corporation
85. WH Interest, Inc.
86. WHC Finance, L.P.
87. WHC Franchise Corporation
88. WHCMB Overland Park, Inc.
89. WMC II, Inc.
90. WYN Travel, Inc.
91. Wyndham Atlanta Lessee, LLC
92. Wyndham IP Corporation
93. Xxxxxxx Xxxxxxxxxxx Lessee, L.P.
94. YO Hotel Investors, L.P.
-49-
Annex B
List of Notes
------------------------------------------------------------------------------------------------------------------------------------
Lender Borrower Amount Outstanding Additional Information
------------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxxxxx X. Xxxxx, III $424,375 Non-recourse loan (1998) for assistance with
Hospitality, Inc. (as of 6/25/99) payment of income taxes in connection with the
vesting of shares of paired common stock. Due on
November 27, 2003 or 60 days after termination of
employment, if earlier (7.5% interest per annum)
and secured by 53,667 shares of paired common
stock.
------------------------------------------------------------------------------------------------------------------------------------
Wyndham International, Xxxxxxxx X. Xxxxx $779,524 Non-recourse loan (1998). Due on October 5, 2001
Inc. (as of 5/31/99) (7.0% interest per annum). Xx. Xxxxx' Employment
(includes Agreement provides that a portion of the loan may
interest, be forgiven upon Xx. Xxxxx' termination of
$750,000 note) employment.
------------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxx Xxxxxxx $5,196,959 Loan (due April 2002, 6% interest per annum)
Hospitality Partnership, (as of 12/31/98) secured by shares in Wyndham International, Inc.
L.P. (includes (the "Xxxxxxx Secured Loan"). Repayment will be
interest). Note made by the security shares; any amount by which
amount the loan amount due exceeds the value of the
$4,417,588. shares (the "Xxxxxxx Debt Forgiveness") will be
forgiven.
------------------------------------------------------------------------------------------------------------------------------------
1
------------------------------------------------------------------------------------------------------------------------------------
Lender Borrower Amount Outstanding Additional Information
------------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxxx Xxxxxxxx $5,769,861 Loan (due July 2002, 6% interest per annum)
Hospitality Partnership, (as of 12/31/98) secured by shares in Wyndham International, Inc.
L.P. (includes (the "Xxxxxxxx Secured Loan"). Repayment will be
interest). Note made by the security shares; any amount by which
amount the loan amount due exceeds the value of the
$4,904,573. shares (the "Xxxxxxxx Debt Forgiveness") will be
forgiven.
------------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxxx Xxxxxxxx $696,214 Note (related to 12/97 salary advance); matures
Hospitality Partnership, (as of 12/31/98) July 2003 (interest at Company's revolver rate)
L.P.
------------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxxxx Xxxxxxx $2,123,607 Loan (due April 2002, 6% interest per annum)
Hospitality Partnership, (as of 12/31/98) secured by shares in Wyndham International, Inc.
L.P. (includes (the "Bentley Secured Loan"). Repayment will be
interest). Note made by the security shares; any amount by which
amount the loan amount due exceeds the value of the
$1,805,133. shares (the "Bentley Debt Forgiveness") will be
forgiven.
------------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxxxxx X. Xxxxxx, Xx. $2,163,455 Loan (due April 2002, 6% interest per annum)
Hospitality Partnership, (as of 12/31/98) secured by shares in Wyndham International, Inc.
L.P. (includes (the "Xxxxxx Secured Loan"). Repayment will be
interest). Note made by the security shares; any amount by which
amount the loan amount due exceeds the value of the
$1,839,006. shares (the "Xxxxxx Debt Forgiveness") will be
forgiven.
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Management Company Xxxxxx Xxxxxxx $430,000 Note; matures April 2002 (7% interest per annum)
(as of 5/31/99)
------------------------------------------------------------------------------------------------------------------------------------
2
------------------------------------------------------------------------------------------------------------------------------------
Lender Borrower Amount Outstanding Additional Information
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Management Company Xxxx Xxxxxxx $200,000 Note (related to margin call response); matures
(as of 5/31/99) April 2002 (7% interest per annum)
------------------------------------------------------------------------------------------------------------------------------------
Wyndham IP Corporation Xxxxxx Xx $63,133 Note (related to taxes on vested restricted
(as of 5/31/99) stock); matures March 2000 (8% interest per annum)
------------------------------------------------------------------------------------------------------------------------------------
Wyndham IP Corporation Xxxxx Xxxxxxxxx $37,880 Note (related to taxes on vested restricted
(as of 5/31/99) stock); matures March 2000 (8% interest per annum)
------------------------------------------------------------------------------------------------------------------------------------
Wyndham IP Corporation Xxxxx Xxxxxx $8,820 Note (related to taxes on vested restricted
(as of 5/31/99) stock); matures March 2000 (8% interest per annum)
------------------------------------------------------------------------------------------------------------------------------------
Wyndham IP Corporation Xxxxxxx Xxxx $6,113 Note (related to taxes on vested restricted
(as of 5/31/99) stock); matures March 2000 (8% interest per annum)
------------------------------------------------------------------------------------------------------------------------------------
Wyndham International, Inc. Xxxxx Xxx $8,696 Note related to taxes on vested restricted stock.
(as of 5/31/99)
------------------------------------------------------------------------------------------------------------------------------------
Patriot American NorthCoast Hotels, LLC $2,000,000 Secured by pledge of equity interests in entity
Hospitality Partnership, (as of 6/25/99) owning WestCoast Roosevelt, Gateway and Wenatchee
L.P. hotels. Interest: 8.5% per annum.
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Management WHC-LG Hotel Partners, $1,993,887 Secured by pledge of equity interests in WHC-LG.
Corporation L.P. (as of 6/25/99) Interest: 9.0% per annum.
(includes
interest)
------------------------------------------------------------------------------------------------------------------------------------
Patriot American Bluewater Palmas Ltd. $5,165,300 Secured by Mortgage and Pledge Agreement on
Hospitality, Inc. (as of 6/25/99) Palmas del Mar. Interest: 10.0% per annum.
------------------------------------------------------------------------------------------------------------------------------------
3
------------------------------------------------------------------------------------------------------------------------------------
Lender Borrower Amount Outstanding Additional Information
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Management Dublin Inn, Ltd. $2,619,127 Secured by pledge of partnership interests in
Corporation (as of 6/25/99) Wyndham Dublin (Columbus), OH. Interest: 13.5%
(includes per annum.
interest)
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Management San Xxxx Associates, $2,095,987 and Secured by pledge of partnership interests in Old
Corporation L.P., S.E. $473,450 San Xxxx Hotel. Two loans - for San Xxxx
(as of 6/25/99) construction and San Xxxx operations.
------------------------------------------------------------------------------------------------------------------------------------
Patriot American Xxxx X. Xxxxxxx III and $2,150,000 Wyndham Garden -Richmond Airport
Hospitality, Inc. Xxxxxx X. Xxxxxx (as of 6/25/99)
------------------------------------------------------------------------------------------------------------------------------------
Wyndham Management Aruba Hotel Enterprises N.V. $1,941,815 Wyndham-Aruba Beach Resort & Casino
Corporation Xxxxxxx Xxxxxxxx Xxxxxxx, (as of 6/25/99)
Pres.
------------------------------------------------------------------------------------------------------------------------------------
Patriot American Boulders Carefree Sewer $487,850 The Boulders - Grand Bay
Hospitality Partnership, Corporation (as of 5/31/99)
L.P.
------------------------------------------------------------------------------------------------------------------------------------
Patriot American City Centre Partnership, Approximately Wyndham City Center
Hospitality Partnership, L.P. $25,819,456
L.P. (as of 6/30/99)
(includes
interest)
------------------------------------------------------------------------------------------------------------------------------------
4
------------------------------------------------------------------------------------------------------------------------------------
Lender Borrower Amount Outstanding Additional Information
------------------------------------------------------------------------------------------------------------------------------------
Patriot American PAH-XX Xxxxx Partners $35,819,456 Doubletree - Xxxxx Center
Hospitality Partnership, (as of 6/30/99)
L.P. (includes
interest)
-----------------------------------------------------------------------------------------------------------------------------------
Patriot American PAH Ravinia, Inc. 41,220,562 Crowne Plaza - Ravinia
Hospitality Partnership, (as of 5/31/99)
L.P.
------------------------------------------------------------------------------------------------------------------------------------
Patriot American PAH Windwatch LLC 31,343,070 Wyndham - Windwatch
Hospitality Partnership, (as of 5/31/99)
L.P.
------------------------------------------------------------------------------------------------------------------------------------
Patriot American PAH Leasing LLC 9,000,000 Carefree Resorts
Hospitality Partnership, (as of 5/31/99)
L.P.
------------------------------------------------------------------------------------------------------------------------------------
Patriot American Dublin Inn Ltd. $1,278,260 Wyndham Garden - Dublin
Hospitality Partnership, (as of 5/31/99)
L.P.
------------------------------------------------------------------------------------------------------------------------------------
Wyndham International, Patriot American $119,250,000 Interstate Acquisition
Inc. Hospitality, Inc. (as of 5/31/99)
------------------------------------------------------------------------------------------------------------------------------------
Wyndham International Patriot American $24,179,761 Patriot/Wyndham Merger
Operating Partnership, Hospitality Partnership, (as of 6/30/99)
L.P. L.P.
------------------------------------------------------------------------------------------------------------------------------------
5
------------------------------------------------------------------------------------------------------------------------------------
Lender Borrower Amount Outstanding Additional Information
------------------------------------------------------------------------------------------------------------------------------------
Wyndham International Partnership, L.P. $4,057,323 Subscription Note issued by paired share company
Operating Partnership, (as of 6/25/99) to other paired share company which did not
L.P. receive assets in the Summerfield transaction.
------------------------------------------------------------------------------------------------------------------------------------
Wyndham International Patriot American $1,758,555 Subscription Note issued by paired share company
Operating Partnership, Hospitality Partnership, (as of 6/25/99) to other paired share company which did not
L.P. L.P. receive assets in the Summerfield transaction.
------------------------------------------------------------------------------------------------------------------------------------
Wyndham International, Patriot American $34,591,050 Subscription Note issued by paired share company
Inc. Hospitality, Inc. (as of 6/25/99) to other paired share company which did not
receive assets in the Interstate transaction.
------------------------------------------------------------------------------------------------------------------------------------
Wyndham International Patriot American $9,086,559 Subscription Note issued by paired share company
Operating Partnership, Hospitality Partnership, (as of 6/25/99) to other paired share company which did not
L.P. L.P. receive assets in the CF Asset transaction.
------------------------------------------------------------------------------------------------------------------------------------
Wyndham International Patriot American $21,448,837 Subscription Note issued by paired share company
Operating Partnership, Hospitality Partnership, (as of 6/25/99) to other paired share company which did not
L.P. L.P. receive assets in the Wyndham transaction.
------------------------------------------------------------------------------------------------------------------------------------
Patriot American Wyndham International $2,465,909 Subscription Note issued by paired share company
Hospitality Partnership, Operating Partnership, L.P. (as of 6/25/99) to other paired share company which did not
L.P. receive assets in the Kaufman transaction.
------------------------------------------------------------------------------------------------------------------------------------
Wyndham International Patriot American $4,564,980 Subscription Note issued by paired share company
Operating Partnership, Hospitality Partnership, (as of 6/25/99) to other paired share company which did not
L.P. L.P. receive assets in the UBS transaction.
------------------------------------------------------------------------------------------------------------------------------------
6
------------------------------------------------------------------------------------------------------------------------------------
Lender Borrower Amount Outstanding Additional Information
------------------------------------------------------------------------------------------------------------------------------------
Wyndham International Patriot American $6,091,313 Subscription Note issued by paired share company
Operating Partnership, Hospitality Partnership, (as of 6/25/99) to other paired share company which did not
L.P. L.P. receive assets in the Nations transaction.
------------------------------------------------------------------------------------------------------------------------------------
Wyndham International Patriot American $6,955,397 Subscription Note issued by paired share company
Operating Partnership, Hospitality Partnership, (as of 6/25/99) to other paired share company which did not
L.P. L.P. receive assets in the PaineWebber transaction.
------------------------------------------------------------------------------------------------------------------------------------
Wyndham International, Patriot American Hospitality $258,572 Subscription Note issued by paired share company
Inc. Partnership, L.P. (as of 6/25/99) to other paired share company which did not
receive assets in the PAH LP transaction.
------------------------------------------------------------------------------------------------------------------------------------
Wyndham International, Wyndham International $37,310 Subscription Note issued by paired share company
Inc. Operating Partnership, L.P. (as of 6/25/99) to other paired share company which did not
receive assets in the WI transaction.
------------------------------------------------------------------------------------------------------------------------------------
Patriot American Wyndham International, Inc. $133,669,014 Subscription Note issued by paired share company
Hospitality Partnership, (as of 6/25/99) to other paired share company which did not
L.P. receive assets in the WHG transaction.
------------------------------------------------------------------------------------------------------------------------------------
Wyndham International, Owners of the Wyndham LAX $4,237,000 had In connection with the Los Angeles Airport
Inc. been funded as Wyndham, $4,560,000 promissory note; continuing
of 12/31/98 obligation to fund the unadvanced portion the
note.
------------------------------------------------------------------------------------------------------------------------------------
7
------------------------------------------------------------------------------------------------------------------------------------
Lender Borrower Amount Outstanding Additional Information
------------------------------------------------------------------------------------------------------------------------------------
Patriot American Anatole Hotel Investors, L.P. $10,000,000, Unsecured construction loan agreement (1997).
Hospitality, Inc. plus $197,267
accrued interest
(as of 6/30/99)
------------------------------------------------------------------------------------------------------------------------------------
8
ANNEX C
-------
ADDRESSES
Number Entity Address
------------------------------------------------------------------------------------------------------------
1. 0000 Xxxxx Xxxxxx Investors II, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
2. Albuquerque C.I. Associates, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
3. BJV Realty, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
00000 X. Xxxxx Xxxx., Xxxxx 0000, Xxxxxxx, Xxxxxxx 00000
------------------------------------------------------------------------------------------------------------
4. Boulders Carefree Sewer Corporation 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
00000 X. Xxxxx Xxxx., Xxxxx 0000, Xxxxxxx, Xxxxxxx 00000
------------------------------------------------------------------------------------------------------------
5. Boulders Joint Venture 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
00000 X. Xxxxx Xxxx., Xxxxx 0000, Xxxxxxx, Xxxxxxx 00000
------------------------------------------------------------------------------------------------------------
6. Burrllen Enterprises of Maryland 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
7. C.I. Albuquerque Lessee GP, LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
8. C.I. Albuquerque Lessee, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
9. Carefree Management LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
00000 X. Xxxxx Xxxx., Xxxxx 0000, Xxxxxxx, Xxxxxxx 00000
------------------------------------------------------------------------------------------------------------
10. Casa Marina Realty Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
11. CHC Hotels & Resorts Corp. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
12. CHC Lease Partners 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
13. CHC REIT Lessee Corp. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
14. CHC REIT Management Corp. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
15. Chicago-ES Holding Corp. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
16. CHMB, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
17. Clubhouse Inns of America, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
18. Criterion Hotel Management Corp. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
19. Criterion NY Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
20. Crossroads Development Company Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
21. CSMC of Kalamazoo, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
22. Deuce Management Company LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
1
Number Entity Address
------------------------------------------------------------------------------------------------------------
23. Family Suites Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
24. Family Suites Management Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
25. FS Development Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
26. GAH-II, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
27. GH-Atlanta, LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
28. GH-Chicago, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
29. GH-Detroit, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
30. GH-Greeneville, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
31. GH-Providence, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
32. GH Trademarks LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
33. GH-Wichita, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
34. GH-San Diego, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
35. GHMB, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
36. GHV-Colorado, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
37. GHV-Galveston, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
38. Glenview Hospitality, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
39. Grand Bay Management Company 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
40. Grand Bay Management LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
41. Grand Heritage Hotels, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
42. Grand Heritage Leasing, LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
43. Grand Heritage Real Estate Group LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
44. Grand Management Services, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
45. HMG Beverage, Inc. Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
46. IHC/Burlington Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
47. IHC/Capital Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
2
Number Entity Address
------------------------------------------------------------------------------------------------------------
48. IHC/Conshohocken Partnership, X.X. Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
49. IHC/Denver Partnership, X.X. Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
50. IHC/FS Development Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
51. IHC/Houston Partnership, X.X. Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
52. IHC/Interstone Partnership II, X.X. Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
53. IHC/Jacksonville Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
54. IHC/Jamaica Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
55. IHC/Maryville Hotel Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
56. IHC Member Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
57. IHC/Miami Beach Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
58. IHC Miami Mortgage Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
59. IHC/Park West Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
60. IHC/Reach Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
61. IHC Realty Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
62. IHC Realty Partnership, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
63. IHC/Santa Xxxxx Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
64. IHC/Texas Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
65. IHC Title Agency Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
3
Number Entity Address
------------------------------------------------------------------------------------------------------------
66. IHP/Class B Partnership, X.X. Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
67. IHP Investment Company, L.L.C. Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
68. IHP Lessee, LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
69. Interstate/Montour Associates, Ltd. Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
70. Interstone Three Partners I, X.X. Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
71. Interstone/PAH Partners, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000
Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
72. INTMB, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000
Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
73. Kansas City Hospitality, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000
Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
74. Key West Reach Limited Partnership Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
75. Marina Hospitality, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
76. MBAH, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
77. Melbourne Hospitality, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
78. O-H Acquisition, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
79. P.H.G., LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
80. PA Xxxx Valley Investors, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
81. PA Xxxx Hospitality Investors, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
82. PAH Acquisition Corporation 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
83. PAH Xxxxx Operating Corporation 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
84. PAH Asset Management, LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
85. PAH Batterymarch Operating Company, 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
LLC
------------------------------------------------------------------------------------------------------------
86. PAH Deuce GP, LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
87. PAH GAH Holdings, LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
88. PAH GAH Holding, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
4
Number Entity Address
------------------------------------------------------------------------------------------------------------
89. PAH GP, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
90. PAH Leasing LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
00000 X. Xxxxx Xxxx., Xxxxx 0000, Xxxxxxx, Xxxxxxx 00000
------------------------------------------------------------------------------------------------------------
91. PAH LP, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
92. PAH-River House, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
93. PAH River North, LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
94. PAH Stanly Holding LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
00000 X. Xxxxx Xxxx., Xxxxx 0000, Xxxxxxx, Xxxxxxx 00000
------------------------------------------------------------------------------------------------------------
95. PAH Ventana Canyon, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
00000 X. Xxxxx Xxxx., Xxxxx 0000, Xxxxxxx, Xxxxxxx 00000
------------------------------------------------------------------------------------------------------------
96. PAH Buttes L.L.C. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
97. PAH-Carefree, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
00000 X. Xxxxx Xxxx., Xxxxx 0000, Xxxxxxx, Xxxxxxx 00000
------------------------------------------------------------------------------------------------------------
98. PAH-CI Holding, LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
99. PAH-Columbus Holding, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
100. PAH-DT Chicago X'Xxxx Partners, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
101. PAH-DT Miami Airport Partners, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
102. PAH-DT Minneapolis Suites Partners, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
103. PAH-DT Park Place Partners, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
104. PAH-DT Tallahassee Partners, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
105. PAH-Franchise Holding, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
106. PAH FF&E Holding, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
107. PAHG FF&E Holding, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
108. PAH-GBM, LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
109. PAH-XX Xxxxx Partners, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
110. PAH-Grand Bay Miami, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
111. PAH-Interest Holding, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
112. PAH-Interstone, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
113. PAH-IP Holding, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
114. PAH Management Corporation 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
5
Number Entity Address
------------------------------------------------------------------------------------------------------------
115. PAHP FF&E Holding, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
116. PAH-Pittsburgh CI Holding, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
117. PAH-Pittsburgh, LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
118. PAH-Real Estate Member, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
119. PAH-RH, LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000,Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
120. PAH-Summerfield Holding Corp. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
0000 Xxxx 00xx Xxxxxx X., Xxxxxxxx 000, Xxxxxxx, Xxxxxx
00000
------------------------------------------------------------------------------------------------------------
121. PAH-Summerfield Leasing, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
0000 Xxxx 00xx Xxxxxx X., Xxxxxxxx 000, Xxxxxxx, Xxxxxx
00000
------------------------------------------------------------------------------------------------------------
122. PAH-Summerfield LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
0000 Xxxx 00xx Xxxxxx X., Xxxxxxxx 000, Xxxxxxx, Xxxxxx
00000
------------------------------------------------------------------------------------------------------------
123. PAH-T, LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
124. PAH-Tampa, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
125. PAH-WMC Holding, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
126. PAH-Xerxes Holding, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
127. PAHMB, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
128. Park West Hotel Associates Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
129. Patriot Bougainvillea Development 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
Company, LLC 00000 X. Xxxxx Xxxx., Xxxxx 0000, Xxxxxxx, Xxxxxxx 00000
------------------------------------------------------------------------------------------------------------
130. Patriot Grand Heritage, LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
131. Patriot Holding LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
132. Patriot Land Holding LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
133. Patriot Miami Note Holder, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
134. Patriot Racetrack Land LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
135. Peaks Real Estate Services, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
00000 X. Xxxxx Xxxx., Xxxxx 0000, Xxxxxxx, Xxxxxxx 00000
------------------------------------------------------------------------------------------------------------
136. PSMB, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
6
Number Entity Address
------------------------------------------------------------------------------------------------------------
137. PW Land Associates Limited Partnership Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
138. PWMB, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
139. Xxxxxxxxxx X.X. Associates, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
140. Savannah C.I. Associates, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
141. SFMB, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
142. Sierra Suites Marketing Association 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
0000 Xxxx 00xx Xxxxxx X., Xxxxxxxx 000, Xxxxxxx, Xxxxxx
00000
------------------------------------------------------------------------------------------------------------
143. St. Louis C.I. Associates, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
144. Summerfield Hotel Company, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
0000 Xxxx 00xx Xxxxxx X., Xxxxxxxx 000, Xxxxxxx, Xxxxxx
00000
------------------------------------------------------------------------------------------------------------
145. Summerfield Hotel Corporation 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
0000 Xxxx 00xx Xxxxxx X., Xxxxxxxx 000, Xxxxxxx, Xxxxxx
00000
------------------------------------------------------------------------------------------------------------
146. Summerfield Suites Marketing Association 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
0000 Xxxx 00xx Xxxxxx X., Xxxxxxxx 000, Xxxxxxx, Xxxxxx
00000
------------------------------------------------------------------------------------------------------------
147. Syracuse Associates Corporation Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
148. Syracuse Realty Associates, X.X. Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
149. TCC Venezuela, L.C. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
150. Toledo Hotel Investors, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
151. Topeka C. I. Associates, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
152. Waterfront Management Corporation 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
153. Water Street Hotel, Ltd. Xxxxxx Plaza Ten, 000 Xxxxxxxx Xxxxx, Xxxxxxxxxx,
Xxxxxxxxxxxx 00000
------------------------------------------------------------------------------------------------------------
154. WH Interest, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
155. WHC Chicago, LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
156. WHC Finance, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
157. WHC Franchise Corporation 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
7
Number Entity Address
------------------------------------------------------------------------------------------------------------
158. WHCMB, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
159. WHCMB Overland Park, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
160. WI Ohio Investors, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
161. WMC II, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
162. WYN Travel, Inc. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
163. Wyndham Atlanta Lessee, LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
164. Wyndham IP Corporation 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
165. Wyndham Management Corporation 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
166. Wyndham Management II, LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
167. Xxxxxxx Xxxxxxxxxxx Lessee, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
168. Xxxxxxx Xxxxxxxxxxx Lessee, LLC 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
169. YO Hotel Investors, L.P. 0000 Xxxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxx 00000
------------------------------------------------------------------------------------------------------------
8
Annex D
[Conformed as Executed]
Agreement Regarding Uncertificated Securities, Limited Liability
----------------------------------------------------------------
Company Interests and Partnership Interests
-------------------------------------------
AGREEMENT (as amended, modified or supplemented from time to time,
this "Agreement"), dated as of June 30, 1999, among each of the undersigned
pledgors (each a "Pledgor" and, collectively, the "Pledgors"), THE CHASE
MANHATTAN BANK, not in its individual capacity but solely as Collateral Agent
and Wyndham International, Inc. as the issuer of the Uncertificated Securities,
Limited Liability Company Interests and/or Partnership Interests (each as
defined below) (the "Issuer").
W I T N E S S E T H :
--------------------
WHEREAS, each Pledgor and the Collateral Agent are entering into a
Guaranty and Collateral Agreement, dated as of June 30, 1999 (as amended,
amended and restated, modified or supplemented from time to time, the "Guaranty
and Collateral Agreement"), under which, among other things, in order to secure
the payment of the Obligations (as defined in the Guaranty and Collateral
Agreement), each Pledgor will pledge to the Collateral Agent for the benefit of
the Secured Creditors (as defined in the Guaranty and Collateral Agreement), and
grant a security interest in favor of the Collateral Agent for the benefit of
the Secured Creditors in, all of the right, title and interest of such Pledgor
in and to any and all (1) "uncertificated securities" (as defined in Section 8-
102(a)(18) of the Uniform Commercial Code, as adopted in the State of New York)
("Uncertificated Securities"), (2) Partnership Interests (as defined in the
Guaranty and Collateral Agreement) and (3) Limited Liability Company Interests
(as defined in the Guaranty and Collateral Agreement), in each case issued from
time to time by the Issuer, whether now existing or hereafter from time to time
acquired by such Pledgor (with all of such Uncertificated Securities,
Partnership Interests and Limited Liability Company Interests being herein
collectively called the "Issuer Pledged Interests"); and
WHEREAS, each Pledgor desires the Issuer to enter into this Agreement
in order to perfect the security interest of the Collateral Agent under the
Guaranty and Collateral Agreement in the Issuer Pledged Interests, to vest in
the Collateral Agent control of the Issuer Pledge Interests and to provide for
the rights of the parties under this Agreement;
NOW THEREFORE, in consideration of the premises and the mutual
promises and agreements contained herein, and for other valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:
1. Each Pledgor hereby irrevocably authorizes and directs the Issuer,
and the Issuer hereby agrees after the occurrence and continuance of an Event of
Default, to comply with any and all instructions and orders originated by the
Collateral Agent (and its successors and assigns) regarding any and all of the
Issuer Pledged Interests that are consistent and in compliance with the relevant
operating agreements, related documents and applicable law without the further
consent of respective Pledgor), and not to comply with any instructions or
orders regarding any or all of the Issuer Pledged
Interests originated by any person or entity other than the Collateral Agent
(and its successors and assigns) or a court of competent jurisdiction.
2. The Issuer hereby certifies that (i) no notice of any security
interest, lien or other encumbrance or claim affecting the Issuer Pledged
Interests (other than the security interest of the Collateral Agent) has been
received by it, and (ii) the security interest of the Collateral Agent in the
Issuer Pledged Interests has been registered in the books and records of the
Issuer.
3. The Issuer hereby represents and warrants that (i) the pledge by
the Pledgors of, and the granting by the Pledgors of a security interest in, the
Issuer Pledged Interests to the Collateral Agent, for the benefit of the Secured
Creditors, does not violate the charter, by-laws, partnership agreement,
membership agreement or any other agreement governing the Issuer or the Issuer
Pledged Interests, and (ii) the Issuer Pledged Interests are fully paid and
nonassessable.
4. All notices, statements of accounts, reports, prospectuses,
financial statements and other communications to be sent to any Pledgor by the
Issuer in respect of the Issuer will also be sent to the Collateral Agent at the
following address:
The Chase Manhattan Bank
Agency Plus
One Chase Xxxxxxxxx Xxxxx
0xx Xxxxx
Xxx Xxxx, XX 00000
Attention: Daniella Cassognol
Tel: (000) 000-0000
Fax: (000) 000-0000
5. After the occurrence and continuance of an Event of Default, until
the Collateral Agent shall have delivered written notice to the Issuer that all
of the Obligations have been paid in full and this Agreement is terminated, the
Issuer will send any and all redemptions, distributions, interest or other
payments in respect of the Issuer Pledged Interests from the Issuer for the
account of the Pledgor only by wire transfers to the following address:
_____________________
_____________________
_____________________
_____________________
[Account Information]
ABA No.: __________________________
Account in the Name of: ___________
Account No.: ______________________
6. Except as expressly provided otherwise in Sections 4 and 5, all
notices, instructions, orders and communications hereunder shall be sent or
delivered by mail, telex, telecopy or overnight courier service and all such
notices and communications shall, when mailed, telexed, telecopied or sent by
overnight courier, be effective when deposited in the mails or
-2-
delivered to the overnight courier, prepaid and properly addressed for delivery
on such or the next Business Day, or sent by telex or telecopier, except that
notices and communications to the Collateral Agent shall not be effective until
received by the Collateral Agent. All notices and other communications shall be
in writing and addressed as follows:
(a) if to any Pledgor, at:
Wyndham International, Inc.
0000 Xxxxxxxx Xxxxxxx
Xxxxx 0000
Xxxxxx, Xx 00000
Attention: _____________________
Tel: __________________
Fax: (000) 000-0000
(b) if to the Collateral Agent, at:
The Chase Manhattan Bank
Agency Plus
One Chase Xxxxxxxxx Xxxxx
0xx Xxxxx
Xxx Xxxx, XX 00000
Attention: Daniella Cassognol
Tel: (000) 000-0000
Fax: (000) 000-0000
(c) if to the Issuer, at:
Wyndham International, Inc.
0000 Xxxxxxxx Xxxxxxx
Xxxxx 0000
Xxxxxx, Xx 00000
Attention: _____________________
Tel: ____________________
Fax: (000) 000-0000
or at such other address as shall have been furnished in writing by any Person
described above to the party required to give notice hereunder. As used in this
Section 6, "Business Day" means any day other than a Saturday, Sunday, or other
day in which banks in New York are authorized to remain closed.
7. This Agreement shall be binding upon the successors and assigns of
each Pledgor and the Issuer and shall inure to the benefit of and be enforceable
by the Collateral Agent and its successors and assigns. This Agreement may be
executed in any number of counterparts, each of which shall be an original, but
all of which shall constitute one instrument. In the event that any provision
of this Agreement shall prove to be invalid or unenforceable, such provision
-3-
shall be deemed to be severable from the other provisions of this Agreement
which shall remain binding on all parties hereto. None of the terms and
conditions of this Agreement may be changed, waived, modified or varied in any
manner whatsoever except in writing signed by the Collateral Agent, the Issuer
and any Pledgor which at such time owns any Issuer Pledged Interests.
8. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, without regard to its principles of
conflict of laws.
-4-
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the date first above written by their respective duly authorized
officers.
WYNDHAM INTERNATIONAL, INC.
as Issuer
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Sr. Vice President
0000 XXXXX XXXXXX INVESTORS II, L.P.,
as Pledgor and Guarantor
By: PAH GP, Inc.,
its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
ALBUQUERQUE C.I. ASSOCIATES, L.P.,
as Pledgor and Guarantor
By: PAH-CI HOLDING, LLC, its General
Partner
By: Patriot American Hospitality
Partnership, L.P., a Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
BJV REALTY, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-5-
BOULDERS CAREFREE SEWER
CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
BOULDERS JOINT VENTURE,
as Pledgor
By: PAH GP, Inc.,
its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
BURRLLEN ENTERPRISES OF
MARYLAND,
as Pledgor
By: Patriot Grand Heritage, LLC, its
General Partner
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Sr. Vice President
-6-
C.I. ALBUQUERQUE LESSEE GP, LLC,
as Pledgor and Guarantor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Sr. Vice President
C.I. ALBUQUERQUE LESSEE, L.P.,
as Pledgor
By: C.I. Albuquerque Lessee GP, LLC,
its General Partner
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Sr. Vice President
CAREFREE MANAGEMENT LLC,
as Pledgor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International Inc., its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Sr. Vice President
-7-
CASA MARINA REALTY CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
CHC HOTELS & RESORTS CORP.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
CHC LEASE PARTNERS,
as Pledgor
By: CHC REIT Management Corp., its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
CHC REIT LESSEE CORP.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
CHC REIT MANAGEMENT CORP.
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
CHICAGO-ES HOLDING CORP.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-8-
CHMB, INC.,
as Pledgor
By /s/ Xxxxxxx X. Xxxxxxx
--------------------------------
Title: Vice President & Treasurer
CLUBHOUSE INNS OF AMERICA, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
CRITERION HOTEL MANAGEMENT CORP.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
CRITERION NY INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
CROSSROADS DEVELOPMENT COMPANY,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
CSMC OF KALAMAZOO, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-9-
DEUCE MANAGEMENT COMPANY, LLC,
as Pledgor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International Inc., its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
FAMILY SUITES CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
FAMILY SUITES MANAGEMENT CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
FS DEVELOPMENT CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-10-
GH-ATLANTA, LLC,
as Pledgor
By: Wyndham International Operating
Partnership, L.P., a Member
By: Wyndham International Inc., its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
GH-CHICAGO, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
GH-DETROIT, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
GH-GREENVILLE, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
GH-PROVIDENCE, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-11-
GH-SAN DIEGO, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
GH TRADEMARKS LLC,
as Pledgor
By: Wyndham International Operating
Partnership, L.P., a Member
By: Wyndham International Inc., its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
GH-WICHITA, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
GHMB, INC.,
as Pledgor
By /s/ Xxxxxxx X. Xxxxxxx
--------------------------------
Title: Vice President & Treasurer
GHV-COLORADO, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-12-
GHV-GALVESTON, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
GLENVIEW HOSPITALITY, L.P.,
as Pledgor
By: PAH Deuce GP, LLC,
its General Partner
By: Patriot American Hospitality
Partnership, L.P.,
its sole Member
By: PAH GP, Inc.,
its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
GRAND BAY MANAGEMENT COMPANY,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
GRAND BAY MANAGEMENT LLC,
Pledgor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-13-
GRAND HERITAGE HOTELS, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
GRAND HERITAGE LEASING, LLC,
as Pledgor
By: Patriot Grand Heritage, LLC,
a Member
By: Wyndham International Operating
Partnership, L.P., a Member
By: Wyndham International Inc., its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
GRAND HERITAGE REAL ESTATE GROUP LLC,
as Pledgor
By: Wyndham International Operating
Partnership, L.P., a Member
By: Wyndham International Inc., its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
GRAND MANAGEMENT SERVICES, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-14-
HMG BEVERAGE, INC.,
as Pledgor
By /s/ Xxxxxxx X. Xxxxxxx
--------------------------------
Title: Vice President & Treasurer
IHC/BURLINGTON CORPORATION,
as Pledgor
By /s/ Xxxxxxx X. Xxxxxxx
--------------------------------
Title: Vice President & Treasurer
IHC/CAPITAL CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
IHC/CONSHOHOCKEN PARTNERSHIP L.P.,
as Pledgor
By: IHC Realty Corporation, its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
IHC/DENVER PARTNERSHIP, L.P.,
as Pledgor
By: IHC Realty Corporation, its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-15-
IHC/FS DEVELOPMENT CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
IHC/HOUSTON PARTNERSHIP, L.P.,
as Pledgor
By: IHC Realty Corporation, its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
IHC/INTERSTONE PARTNERSHIP II, LP,
as Pledgor
By: PAH-Interstone, Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
IHC/JACKSONVILLE CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
IHC/JAMAICA CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-16-
IHC/MARYVILLE HOTEL CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
IHC MEMBER CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
IHC/MIAMI BEACH CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
IHC MIAMI MORTGAGE CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
IHC/PARK WEST CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
IHC/REACH CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-17-
IHC REALTY CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
IHC REALTY PARTNERSHIP, L.P.,
as Pledgor
By: IHC Realty Corporation,
its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
IHC/SANTA XXXXX CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
IHC/TEXAS CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
IHC TITLE AGENCY CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-18-
IHP/CLASS B PARTNERSHIP, L.P.,
as Pledgor
By: IHC Realty Partnership, L.P., its
General Partner
By: IHC Realty Corporation, its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
IHP INVESTMENT COMPANY, L.L.C.,
as Pledgor
By: IHC Realty Partnership, L.P.,
a Member
By: IHC Realty Corporation, its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
IHP LESSEE, LLC,
as Pledgor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-19-
INTERSTATE/MONTOUR ASSOCIATES, LTD.,
as Pledgor
BY: IHC/Park West Corporation, its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
INTERSTONE/PAH PARTNERS, L.P.,
as Pledgor
By: IHC Realty Corporation, its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
INTERSTONE THREE PARTNERS I L.P.,
as Pledgor
By: PAH Interstone, Inc., its General
Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
INTMB, INC.,
as Pledgor
By /s/ Xxxxxxx X. Xxxxxxx
--------------------------------
Title: Vice President & Treasurer
-20-
KANSAS CITY HOSPITALITY, L.P.,
as Pledgor
By: PAH Deuce GP, LLC, its General
Partner
By: Patriot American Hospitality
Partnership, L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
MARINA HOSPITALITY, L.P.,
as Pledgor
By: PAH Deuce GP, LLC, its General
Partner
By: Patriot American Hospitality
Partnership, L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
MBAH, INC.,
as Pledgor
By /s/ Xxxxxxx X. Xxxxxxx
--------------------------------
Title: Vice President & Treasurer
-21-
MELBOURNE HOSPITALITY, L.P.,
as Pledgor
By: PAH Deuce GP, LLC,
its General Partner
By: Patriot American Hospitality
Partnership, L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
O-H ACQUISITION, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
P.H.G., LLC,
as Pledgor
By: Wyndham International Operating
Partnership, L.P., a Member
By: Wyndham International Inc., its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PA XXXX VALLEY INVESTORS, L.P.,
as Pledgor
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-22-
PA XXXX HOSPITALITY, L.P.
as Pledgor
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAH ACQUISITION CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAH XXXXX OPERATING CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAH ASSET MANAGEMENT, LLC,
as Pledgor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-23-
PAH BATTERYMARCH OPERATING COMPANY, LLC,
as Pledgor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAH BUTTES L.L.C.,
as Pledgor
By: Patriot American Hospitality
Partnership, L.P., its sole Member
By: PAH GP, Inc.,
its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAH-CAREFREE, L.P.,
as Pledgor
By: PAH GP, Inc.,
its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-00-
XXX-XX XXXXXXX, XXX,
as Pledgor
By: Patriot American Hospitality
Partnership, L.P., a Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAH-COLUMBUS HOLDING, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAH DEUCE GP, LLC,
as Pledgor
By: Patriot American Hospitality
Partnership, L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAH-DT PARK PLACE PARTNERS, L.P.,
as Pledgor
By: Patriot American Hospitality
Partnership, L.P., its General
Partner
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-25-
PAH-DT TALLAHASSEE PARTNERS, L.P.,
as Pledgor
By: Patriot American Hospitality
Partnership, L.P., its General
Partner
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAH-DT MINNEAPOLIS SUITES
PARTNERS, L.P.,
as Pledgor
By: Patriot American Hospitality
Partnership, L.P., its General
Partner
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAH-DT CHICAGO X'XXXX PARTNERS, L.P.,
as Pledgor
By: Patriot American Hospitality
Partnership, L.P., its General
Partner
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-26-
PAH-DT MIAMI AIRPORT PARTNERS, L.P.,
as Pledgor
By: Patriot American Hospitality
Partnership, L.P., its General
Partner
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAH FF&E HOLDING, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAH-FRANCHISE HOLDING, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAHG FF&E HOLDING, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-27-
PAH GAH HOLDINGS, LLC,
as Pledgor
By: Wyndham International Operating
Partnership, L.P., its Member
By: Wyndham International Inc., its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Sr. Vice President
PAH GAH HOLDINGS, L.P.,
as Pledgor
By: PAH GAH Holdings, LLC, its General
Partner
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Sr. Vice President
PAH-GBM, LLC,
as Pledgor
By: Patriot American Hospitality
Partnership, L.P., its sole Member
By: PAH GP, Inc.,
its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-28-
PAH-XX XXXXX PARTNERS, L.P.,
as Pledgor
By: PAH-Xxxxx Operating Corporation,
its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAH GP, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAH-GRAND BAY MIAMI, L.P.,
as Pledgor
By: PAH-GBM, LLC, its General Partner
By: Patriot American Hospitality
Partnership, L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAH-INTEREST HOLDING, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAH-INTERSTONE, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-29-
PAH-IP HOLDING, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAH LEASING LLC,
as Pledgor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International Inc., its
General Partner
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Sr. Vice President
PAH LP, INC.,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAH-MANAGEMENT CORPORATION,
as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
PAHP FF&E HOLDING, INC., as Pledgor
By /s/ Xxxx X. Xxxxxxxx
--------------------------------
Title: Vice President
-30-
PAH-PITTSBURGH, LLC,
as Pledgor
By: PAH-Franchise Holding, Inc., its
sole Member
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
PAH-PITTSBURGH CI HOLDING, INC.,
as Pledgor
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
PAH-REAL ESTATE MEMBER, INC.,
as Pledgor
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
PAH-RH, LLC,
as Pledgor
By: Patriot American Hospitality
Partnership, L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
-31-
PAH-RIVER HOUSE, L.P.,
as Pledgor
By: PAH-RH, LLC, its General Partner
By: Patriot American Hospitality
Partnership, L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
PAH RIVER NORTH, LLC,
as Pledgor
By: Patriot American Hospitality
Partnership, L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
PAH STANLY HOLDING LLC,
as Pledgor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International Inc., its
General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Sr. Vice President
PAH-SUMMERFIELD HOLDING CORP.,
as Pledgor
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
-32-
PAH-SUMMERFIELD LEASING, INC.,
as Pledgor
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
PAH-SUMMERFIELD LLC,
as Pledgor
By: PAH-Summerfield Holding Corp.,
its sole Member
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
PAH-T, LLC,
as Pledgor
By: Patriot American Hospitality
Partnership, L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
PAH-TAMPA, L.P.,
as Pledgor
By: PAH-T, LLC, its General Partner
By: Patriot American Hospitality
Partnership, L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
-33-
PAH VENTANA CANYON, L.P.,
as Pledgor
By: PAH GP, Inc., its General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
PAH-WMC HOLDING, INC.,
as Pledgor
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
PAH-XERXES HOLDING, INC.,
as Pledgor
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
PAHMB, INC.,
as Pledgor
By /s/ Richard L. Mahoney
--------------------------------
Title: Vice President & Treasurer
PARK WEST HOTEL ASSOCIATES,
as Pledgor
By: PW Land Associated Limited
Partnership, a General Partner
By: IHC/Park West Corporation, its
General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
-34-
PATRIOT AMERICAN HOSPITALITY, INC.,
as Pledgor
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
PATRIOT AMERICAN HOSPITALITY
PARTNERSHIP, L.P., as Pledgor
By: PAH GP, Inc.,
its General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
PATRIOT BOUGAINVILLEA
DEVELOPMENT COMPANY, LLC,
as Pledgor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its
General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Sr. Vice President
PATRIOT GRAND HERITAGE, LLC,
as Pledgor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International Inc.,
its General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Sr. Vice President
-35-
PATRIOT HOLDING LLC,
as Pledgor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International Inc., its
General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
PATRIOT LAND HOLDING LLC,
as Pledgor
By: Patriot American Hospitality
Partnership, L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
PATRIOT MIAMI NOTE HOLDER, L.P.,
as Pledgor
By: PAH GP, Inc., its General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
-36-
PATRIOT RACETRACK LAND LLC,
as Pledgor
By: Patriot American Hospitality
Partnership, L.P., a Member
By: PAH GP, Inc.,
its General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
PSMB, INC.,
as Pledgor
By /s/ Richard L. Mahoney
--------------------------------
Title: Vice President & Treasurer
PW LAND ASSOCIATES LIMITED
PARTNERSHIP,
as Pledgor
By: IHC/Park West Corporation, its
General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
PWMB, INC.,
as Pledgor
By /s/ Richard L. Mahoney
--------------------------------
Title: Vice President & Treasurer
-37-
RICHARDSON C.I. ASSOCIATES, L.P.,
as Pledgor
By: Patriot American Hospitality
Partnership, L.P., its General
Partner
By: PAH GP, Inc., its General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
SAVANNAH C.I. ASSOCIATES, L.P.,
as Pledgor
By: PAH-CI HOLDING, LLC, its General
Partner
By: Patriot American Hospitality
Partnership, L.P., a Member
By: PAH GP, Inc., its General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
SFMB, INC.,
as Pledgor
By /s/ Richard L. Mahoney
--------------------------------
Title: Vice President & Treausrer
SIERRA SUITES MARKETING
ASSOCIATION,
as Pledgor
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
-38-
ST LOUIS C.I. ASSOCIATES, L.P.
as Pledgor
By: Patriot American Hospitality
Partnership, L.P., its General
Partner
By: PAH GP, Inc., its General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
SUMMERFIELD HOTEL COMPANY, L.P.
as Pledgor
By: PAH-Summerfield LLC, its General
Partner
By: PAH-Summerfield Holding Corp., its
sole Member
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
SUMMERFIELD HOTEL CORPORATION,
as Pledgor
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
SUMMERFIELD SUITES MARKETING
ASSOCIATION,
as Pledgor
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
-39-
SYRACUSE ASSOCIATES CORPORATION,
as Pledgor
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
SYRACUSE REALTY ASSOCIATES, L.P.,
as Pledgor
By: Syracuse Associates Corporation, its
General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
THE KEY WEST REACH LIMITED
PARTNERSHIP,
as Pledgor
By: IHC/Reach Corporation, its General
Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
THE PEAKS REAL ESTATE SERVICES,
INC.,
as Pledgor
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
-40-
TOLEDO HOTEL INVESTORS, L.P.,
as Pledgor
By: PAH Deuce GP, LLC, its General
Partner
By: Patriot American Hospitality
Partnership, L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
TOPEKA C.I. ASSOCIATES, L.P.,
as Pledgor
By: PAH-CI HOLDING, LLC, its General
Partner
By: Patriot American Hospitality
Partnership, L.P., a Member
By: PAH GP, Inc., its General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
WATERFRONT MANAGEMENT
CORPORATION,
as Pledgor
By /s/ Richard L. Mahoney
--------------------------------
Title: Vice President & Treasurer
-41-
WATER STREET HOTEL, LTD.,
as Pledgor
By: IHC/Jacksonville Corporation, its
General Partner
By /s/ Richard L. Mahoney
--------------------------------
Title: Vice President & Treasurer
WH INTEREST, INC.,
as Pledgor
By /s/ Richard L. Mahoney
--------------------------------
Title: Vice President & Treasurer
WHC CHICAGO, LLC,
as Pledgor
By: Patriot American Hospitality
Partnership, L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
WHC FINANCE, L.P., as Pledgor
By: O-H Acquisition, Inc., its
General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
WHC FRANCHISE CORPORATION,
as Pledgor
By /s/ Richard L. Mahoney
--------------------------------
Title: Vice President & Treasurer
-42-
WHCMB, INC.,
as Pledgor
By /s/ Richard L. Mahoney
--------------------------------
Title: Vice President & Treasurer
WHCMB OVERLAND PARK, INC.,
as Pledgor
By /s/ Richard L. Mahoney
--------------------------------
Title: Vice President & Treasurer
WI OHIO INVESTORS, INC.,
as Pledgor
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
WMC II, INC.,
as Pledgor
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
WYN TRAVEL, INC.,
as Pledgor
By /s/ Richard L. Mahoney
--------------------------------
Title: Vice President & Treasurer
WYNDHAM ATLANTA LESSEE, LLC,
as Pledgor
By: Wyndham International, Inc., its
sole member
By /s/ John P. Bohlmann
--------------------------------
Title: Sr. Vice President
-43-
WYNDHAM IP CORPORATION,
as Pledgor
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
WYNDHAM INTERNATIONAL, INC., as
Pledgor and not as a Guarantor
By /s/ John P. Bohlmann
--------------------------------
Title: Sr. Vice President
WYNDHAM INTERNATIONAL
OPERATING PARTNERSHIP, L.P.,
as Pledgor
By: Wyndham International, Inc., its
General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Sr. Vice President
WYNDHAM MANAGEMENT
CORPORATION,
as Pledgor
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
WYNDHAM MANAGEMENT II, LLC,
as Pledgor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its
General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Sr. Vice President
-44-
WYNDHAM SUMMERFIELD LESSEE, L.P.,
as Pledgor
By: Wyndham Summerfield Lessee, LLC, its
General Partner
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham INternational, Inc., its
General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Sr. Vice President
WYNDHAM SUMMERFIELD LESSEE,
LLC,
as Pledgor
By: Wyndham International Operating
Partnership, L.P., its sole Member
By: Wyndham International, Inc., its
General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Sr. Vice President
YO HOTEL INVESTORS, L.P.,
as Pledgor
By: PAH Deuce GP, LLC, its General
Partner
By: Patriot American Hospitality
Partnership, L.P., its sole Member
By: PAH GP, Inc., its General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
-45-
GAH-II, L.P., as Pledgor
By: GAH-II Corp., its General Partner
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
TCC VENEZUELA, L.C., as Pledgor
By: CHC Hotels & Resorts Corp., its
Member
By /s/ John P. Bohlmann
--------------------------------
Title: Vice President
-46-
THE CHASE MANHATTAN BANK,
not in its individual capacity but
solely as Collateral Agent
By /s/ Thomas H. Kozlark
--------------------------------
Title: Vice President
-47-
Annex E
FORM OF AGREEMENT SUPPLEMENT
AGREEMENT SUPPLEMENT (this "Agreement"), dated as of ___________, made
by _____________________, a ___________ corporation (the "New Subsidiary").
Unless otherwise defined herein, capitalized terms used herein and defined in
the Credit Agreement referred to below are used herein as so defined.
W I T N E S S E T H :
-------------------
WHEREAS, Wyndham International, Inc., a Delaware corporation (the
"Borrower"), the Lenders party thereto from time to time, Chase Securities Inc.
("CSI"), as Lead Arranger and Book Manager, NationsBank, N.A., and Bankers Trust
Company as Syndication Agents (each a "Syndication Agent," together the
"Syndications Agents"), and Credit Lyonnais New York Branch, as Documentation
Agent, Bear Stearns Corporate Lending Inc., as Co-Documentation Agent (each a
"Documentation Agent, together the Documentation Agents") and the Chase
Manhattan Bank ("Chase"), as Administrative Agent, have entered into a Credit
Agreement, dated as of June 30, 1999 (as amended, modified or supplemented to
the date hereof, the "Credit Agreement");
WHEREAS, Wyndham International, Inc., a Delaware corporation (the
"Borrower"), the Lenders Party thereto from time to time (the "IRL Lenders")
CSI, as Lead Arranger and Book Manager (the "IRL Lead Arranger"), Bear, Stearns
Co. Inc. ("BSC"), as Co-Arranger and Syndication Agent (the "IRL Co-Arranger"),
Bankers Trust Company, as Syndication Agent (the "IRL Syndication Agent") and
Chase, as Administrative Agent (the "IRL Administrative Agent"), have entered
into an Increasing Rate Note Purchase and Loan Agreement, dated as of June 30,
1999 (as amended, modified or supplemented to the date hereof, the "IRL
Agreement");
WHEREAS, in connection with the Credit Agreement, certain Subsidiaries
of the Borrower have entered into a Guaranty and Collateral Agreement, dated as
of June 30, 1999 (as amended, modified or supplemented to the date hereof, the
"Guaranty and Collateral Agreement");
WHEREAS, pursuant to Section 5.10 of the Credit Agreement and Section
5.9 of the IRL Agreement, the New Subsidiary is required to become a party to
the Guaranty and Collateral Agreement; and
WHEREAS, the New Subsidiary desires to execute and deliver this
Agreement in order to become a party to the Guaranty and Collateral Agreement;
Annex E
Page 2
NOW, THEREFORE, IT IS AGREED:
1. Guaranty and Collateral Agreement. (a) By executing and
---------------------------------
delivering this Agreement, the New Subsidiary hereby becomes a party to the
Guaranty and Collateral Agreement, as a "Guarantor" thereunder, and hereby
expressly and jointly and severally assumes all obligations and liabilities of a
"Guarantor" thereunder. The New Subsidiary hereby makes each of the
representations and warranties contained in Section 2.10 of the Guaranty and
Collateral Agreement on the date hereof, after giving effect to this Agreement.
[(b) By executing and delivering this Agreement, the New Subsidiary
hereby (i) becomes a party to the Guaranty and Collateral Agreement as a
"Pledgor" thereunder, (ii) expressly assumes all obligations and liabilities of
a "Pledgor" thereunder and (iii) pledges and grants to the Collateral Agent (as
defined in the Guaranty and Collateral Agreement) for the benefit of the Secured
Creditors, as collateral security for the prompt payment in full when due
(whether at stated maturity, by acceleration or otherwise) of all of the
Obligations (as defined in the Guaranty and Collateral Agreement), a security
interest in and to all of the New Subsidiary's right, title and interest in, to
and under the Collateral (as defined in the Guaranty and Collateral Agreement).
The Annexes to the Guaranty and Collateral Agreement are each hereby amended as
necessary by supplementing such Annexes with the information contained in the
attached schedule to this Agreement. The New Subsidiary hereby makes each of
the representations and warranties contained in Sections 3.6 and 3.19 of the
Guaranty and Collateral Agreement on the date hereof, after giving effect to
this Agreement.
3. Pledged Securities; Financing Statements. By executing and
----------------------------------------
delivering this Agreement, the New Subsidiary hereby agrees to deposit as
security with the Collateral Agent the Security/1/ (as defined in the Guaranty
and Collateral Agreement) owned by the New Subsidiary on the date hereof, and
deliver to the Collateral Agent certificates or instruments therefor, duly
endorsed in blank by the New Subsidiary in the case of Notes (as defined in the
Guaranty and Collateral Agreement) and accompanied by undated stock or other
powers duly executed in blank by the New Subsidiary in the case of Stock (as
defined in the Guaranty and Collateral Agreement), or such other instruments of
transfer as are acceptable to the Pledgee.]/2/
4. Counterparts. This Agreement may be signed in any number of
------------
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.
-----------------------------------
/1/ If any Securities owned by the New Subsidiary are uncertificated or the New
Subsidiary itself has issued uncertificated Securities, a control agreement
in the form of Annex G to the Guarantee and Collateral Agreement will be
required.
/2/ Applicable only to the extent that the New Subsidiary is required to pledge
Collateral pursuant to the Guaranty and Collateral Agreement.
Annex E
Page 3
5. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
-------------
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
* * *
Annex E
Page 4
IN WITNESS WHEREOF, the undersigned has caused this Agreement to be
duly executed and delivered as of the date first above written.
Address:
-------
[NAME OF NEW SUBSIDIARY]
By
---------------------------------
Name:
Title:
ACKNOWLEDGED AND ACCEPTED:
THE CHASE MANHATTAN BANK,
as Administrative Agent for the Lenders
and as Collateral Agent
for the Secured Creditors
By
---------------------------
Name:
Title:
EXHIBIT D
FORM OF
PREPAYMENT OPTION NOTICE
Attention of [ ]
Telecopy No. [ ]
[Date]
Ladies and Gentlemen:
The undersigned, The Chase Manhattan Bank, as Administrative Agent (in
such capacity, the "Administrative Agent") for the Lenders, refers to the Credit
Agreement, dated as of June 30, 1999 (as amended, supplemented or otherwise
modified from time to time, the "Credit Agreement"), among Wyndham
International, Inc., a Delaware corporation (the "Borrower"), the Lenders party
thereto from time to time, Chase Securities Inc., as Lead Arranger and Book
Manager, NationsBank, N.A. and Bankers Trust Company, as Syndication Agents
(each a "Syndication Agent," together the Syndication Agents"), Credit Lyonnais
New York Branch, as Documentation Agent, Bear Stearns Corporate Lending Inc. as
Co-Documentation Agent (each a "Documentation Agent," together the Documentation
Agents"), and The Chase Manhattan Bank, as Administrative Agent. Capitalized
terms used herein and not otherwise defined herein shall have the meanings
assigned to such terms in the Credit Agreement. The Administrative Agent hereby
gives notice of an offer of prepayment made by the Borrower pursuant to Section
2.18(c) of the Credit Agreement of the Term Loan Prepayment Amount. Amounts
applied to prepay the Term Loans shall be applied pro rata to the Term Loan held
by you. The portion of the prepayment amount to be allocated to the Term Loan
held by you and the date on which such prepayment will be made to you (should
you elect to receive such prepayment) are set forth below:
(A) Total Term Loan Prepayment Amount
_____________
(B) Portion of Term Loan Prepayment Amount to be received
by you _____________
(C) Prepayment Date (10 Business Days after the date of
this Prepayment Option Notice) _____________
EXHIBIT D
Page 2
IF YOU DO NOT WISH TO RECEIVE ALL OF THE TERM LOAN PREPAYMENT AMOUNT
TO BE ALLOCATED TO YOU ON THE PREPAYMENT DATE INDICATED IN PARAGRAPH (B) ABOVE,
please sign this notice in the space provided below and indicate the percentage
of the Term Loan Prepayment Amount otherwise payable which you do not wish to
receive. Please return this notice as so completed via telecopy to the
attention of [_______________] at ____________, no later than 12:00 noon, New
York City time, on the Prepayment Date, at Telecopy No.[_______________]. IF
YOU DO NOT RETURN THIS NOTICE BY THE PREPAYMENT DATE IN PARAGRAPH (C) ABOVE,
YOU WILL RECEIVE 100% OF THE TERM LOAN PREPAYMENT ALLOCATED TO YOU ON THE
PREPAYMENT DATE.
THE CHASE MANHATTAN BANK,
as Administrative Agent
By: _____________________________
Name:
Title:
[Lender]
By: _____________________________
Name:
Title:
Percentage of
Prepayment Amount
Declined: _____%
Exhibit E
FORM OF CLOSING CERTIFICATE
[NAME OF LOAN PARTY]
I, the undersigned, the [Trustee] [Secretary/Assistant Secretary] of
[NAME OF LOAN PARTY] [NAME OF GENERAL PARTNER OF THE APPLICABLE PARTNERSHIP LOAN
PARTY, the General Partner of _____________], a [trust] [corporation]
[partnership] [limited liability company] organized and existing under the laws
of the State of ________ (the "Company"), DO HEREBY CERTIFY that:
1. This Certificate is furnished pursuant Section 4.01(f) to Credit
Agreement, dated as of June 30, 1999, among Wyndham International, Inc., a
Delaware corporation (the "Borrower"), the Lenders Party hereto from time to
time, Chase Securities ("CSI"), as Lead Arranger and Book Manager, NationsBank,
N.A., and Bankers Trust Company, as Syndication Agents (each a "Syndication
Agent," together the Syndication Agents"), Credit Lyonnais New York Branch, as
Documentation Agent, Bear Stearns Corporate Lending Inc., as Co-Documentation
Agent (each a "Documentation Agent," together the "Documentation Agents") and
The Chase Manhattan Bank ("Chase"), as Administrative Agent (such Credit
Agreement as in effect on the date of this Certificate, being herein called the
"Credit Agreement"). Unless otherwise defined herein, capitalized terms used in
this Certificate shall have the meanings set forth in the Credit Agreement.
2. The following named individuals are presently the elected officers
of the Company. Each holds the office of the Company set forth opposite his or
her name below and has held such office as of the date of signing of any Loan
Document. The signature written opposite the name and title of each such
officer below is his or her correct signature.
Name/1/ Office Signature
_________________________ _____________________ ________________________
_________________________ _____________________ ________________________
_________________________ _____________________ ________________________
_________________________ _____________________ ________________________
___________________
/1/ Include name, office and signature of each officer who will sign any Loan
Document.
EXHIBIT E
Page 2
3. Attached hereto as Exhibit A is a true and correct copy of the
[Declaration of Trust] [Certificate of Incorporation of the Company]
[Certificate of Partnership of the Company] [Certificate of Limited Partnership
of the Company] [Certificate of Limited Liability Company] as filed in the
Office of the Secretary of State of the State of its formation, together with
all amendments thereto adopted through the date hereof.
4. Attached hereto as Exhibit B is a true and correct copy of the
[Trust Agreement] [By-Laws of the Company] [Partnership Agreement of the
Company] [Limited Liability Company Agreement], together with all amendments
thereto, which were duly adopted and are in full force and effect on the date
hereof.
5. Attached hereto as Exhibit C is a true and correct copy of
resolutions which were duly adopted on __________, 1999 by [the Trustee]
[unanimous written consent of the Board of [Directors] [Managers] of the
Company] [the written consent of [the required percentage] of the Partners of
the Company] [the written consent of the General Partner of the Company], and
said resolutions have not been rescinded, amended or modified. Except as
attached hereto as Exhibit C, no resolutions have been adopted by the Company
which deal with the execution, delivery or performance of any of the Loan
Documents to which the Company is party.
6. I know of no proceeding for the dissolution or liquidation of the
Company or threatening its existence.
IN WITNESS WHEREOF, I have hereunto set my hand this ___ day of June,
1999.
[NAME OF LOAN PARTY]
By:
-------------------------------
Name:
Title:
Exhibit F
GOODWIN, PROCTER & HOAR LLP
COUNSELLORS AT LAW
599 LEXINGTON AVENUE
NEW YORK, NY 10022
TELEPHONE (212) 813-8800
TELECOPIER (212) 355-3333
June 30, 1999
The Chase Manhattan Bank
380 Madison Avenue
New York, New York 10017
Each of the Lenders
(as defined in the
Credit Agreements)
Re: $1,800,000,000 Senior Credit Facility and
$650,000,000 Increasing Rate Note Facility
in favor of Wyndham International, Inc.
------------------------------------------
Ladies and Gentlemen:
We have acted as special counsel to Wyndham International, Inc., a Delaware
corporation (the "Borrower"), in connection with the preparation, execution and
delivery of the Credit Agreement dated as of June 30, 1999 (the "Senior Credit
Agreement") among the Borrower, the Lenders party thereto, NationsBank, N.A., as
Syndication Agent, Bankers Trust Company, as Syndication Agent, Credit Lyonnais
New York Branch, as Documentation Agent, Bear Stearns Corporate Lending Inc., as
Co-Documentation Agent, The Chase Manhattan Bank, as Administrative Agent. We
have also acted as special counsel to the Borrower in connection with the
preparation, execution and delivery of the Increasing Rate Note Purchase and
Loan Agreement dated as of June 30, 1999 (the "IRN Agreement"; together with the
Senior Credit Agreement, the "Credit Agreements") among the Borrower, the
Lenders party thereto, Bear Stearns Corporate Lending Inc., as Co-Arranger and
Syndication Agent, Bankers Trust Company, as Syndication Agent, and The Chase
Manhattan Bank, as Administrative Agent. We have also acted as special counsel
to those certain affiliates of the Borrower listed on Schedule I hereto (the
----------
"Affiliate Guarantors") and on Schedule II hereto (the "Affiliate Pledgors";
-----------
together with the Borrower and the Affiliate Guarantors, the "Borrower Parties")
in connection with the preparation, execution and delivery of the Guaranty and
Collateral Agreement (as defined in the Credit Agreements).
All capitalized terms used herein which are not otherwise defined herein
and which are defined in the Senior Credit Agreement shall have the meanings
assigned to such terms in the Senior Credit Agreement. This opinion is delivered
to you pursuant to Section 4.01(g) of the Credit Agreements.
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 2
In connection with the transactions contemplated by the Credit Agreements, we
have reviewed and relied solely upon originals, or copies certified or otherwise
authenticated to our satisfaction, of the following documents, each dated on or
as of June 30, 1999, except as otherwise indicated:
A. The Senior Credit Agreement;
B. The IRN Agreement;
C. The Guaranty and Collateral Agreement (the "Guaranty and Collateral
Agreement") by the Affiliate Guarantors and the Affiliate Pledgors in favor
of The Chase Manhattan Bank, as Collateral Agent (in such capacity,
"Collateral Agent");
D. UCC-1 Financing Statements (the "Financing Statements"), each naming
an Affiliate Pledgor as debtor and Collateral Agent as secured party, which
are to be filed in the appropriate filing offices (the "UCC Filing Offices")
with respect to the Collateral (as defined in the Guaranty and Collateral
Agreement) of each Affiliate Pledgor;
E. Copies of the certificates of incorporation and by-laws, limited
liability company agreements, partnership agreements, certificates of
partnership and other organizational documents (collectively, the
"Organizational Documents"), as the case may be, of each of the Borrower
Parties;
F. Copies of resolutions of the respective directors, members and
general partners, as the case may be, of each of the Borrower Parties
authorizing the transactions contemplated by the Credit Agreements; and
G. Copies of the certificates listed on Schedule III hereto issued by
appropriate officials of the jurisdictions of organization of each of the
Borrower Parties.
The documents identified under items A through D above are collectively
referred to herein as the Credit Documents".
In rendering the opinions set forth below, we have assumed, without
independent investigation or verification, (i) the authenticity of all documents
submitted to us as originals, the conformity to authentic original documents of
all documents submitted to us as certified, conformed or photostatic copies, the
genuineness, accuracy, authenticity, and completeness of all signatures on all
documents submitted to us as executed and the legal capacity of all natural
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 3
persons executing all documents submitted to us as executed, and (ii) that the
execution, delivery and performance by each of the Borrower Parties of each of
the Credit Documents to which such corporation, partnership or limited liability
company is a party do not contravene or constitute a breach of or default under
any applicable provision of the laws of any jurisdiction other than the laws of
the United States, the laws of the State of New York, the Delaware General
Corporation Law, the Delaware Revised Uniform Limited Partnership Act or the
Delaware Limited Liability Company Act, or any applicable regulations thereunder
or under any judgment, injunction, order, decree or other instrument binding
upon any of the Borrower Parties.
You have also authorized us to assume, and we have done so without
undertaking any independent investigation, that: (i) the Lenders have all
requisite power and authority and are validly existing and in good standing
under their organizational documents and under the laws of the state of their
organization, to enter into, execute and deliver the Credit Documents and
otherwise to assume and perform the obligations on their part to be assumed and
performed as contemplated by the Credit Documents and that no consent, approval
or authorization by the Lenders or any governmental authority is required in
connection therewith; (ii) the Credit Documents are valid and binding agreements
of the Lenders, enforceable in accordance with their respective terms; (iii) the
execution, delivery and performance by the Lenders of the Credit Documents and
the transactions contemplated therein have been duly authorized, executed and
delivered by each of the Lenders; (iv) there are no agreements or understandings
among the parties, written or oral, and there is no usage of trade or course of
prior dealing among the parties that would, in either case, define, supplement,
or qualify the terms of the Credit Documents; and (v) the Collateral exists, the
Affiliate Pledgors have sufficient rights in the Collateral for a security
interest to attach, and the Lenders acquired the security interests in the
Collateral in good faith, for value and without notice of any adverse claims (in
each case, as such terms are defined for purposes of the Uniform Commercial
Code).
We have also assumed, with your permission (even though the assumptions in
this paragraph are known to us and to you to be contrary to fact), that each
Affiliate Pledgor and each issuer of Collateral consisting of stock, membership
interests in limited liability companies or partnership interests is organized
under the laws of, and has its chief executive office and principal place of
business in, the State of New York.
Whenever a statement herein is qualified by "known to us," "to our
knowledge," or any similar phrase, it is intended to be limited to the present
conscious awareness of the lawyers in this firm who had active involvement in
negotiating the Credit Documents or preparing this opinion. We have not
undertaken any independent investigation to determine the accuracy of any such
statement, and any limited inquiry undertaken by us during preparation of this
opinion
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 4
letter should not be regarded as such an investigation; no inference as to our
knowledge of any matters bearing on the accuracy of any such statement should be
drawn from the fact of our representation of the Borrower Parties.
With respect to our opinion in paragraph 1 below regarding the existence
and good standing of the Borrower Parties, we have relied solely on the
certificates listed on Schedule III hereto.
------------
We express no opinion as to compliance with any environmental, gaming or
liquor laws, rules and regulations.
Members of our firm are admitted to the bar of the State of New York and we
express no opinion other than as to the laws of the United States and the State
of New York, the Delaware General Corporation Law, the Delaware Revised Uniform
Limited Partnership Act, and the Delaware Limited Liability Company Act.
Based upon and subject to the foregoing and to the matters set forth below,
we are of the opinion that:
1. Each of the Borrower Parties is a corporation, partnership or limited
liability company (as the case may be), validly existing in good standing under
the laws of its jurisdiction of organization (except as otherwise indicated on
Annex III hereto), with corporate, partnership and limited liability company
power (as the case may be) adequate for the execution and delivery of the Credit
Documents to which it is a party and the performance of the transactions
contemplated thereby.
2. The execution and delivery by each of the Borrower Parties of the Credit
Documents to which it is a party and the performance of the transactions
contemplated therein are within its corporate, partnership or limited liability
company authority (as the case may be), have been duly authorized by all
necessary corporate, partnership or limited liability company action (as the
case may be) and do not contravene any provision of the Organizational Documents
of such Borrower Party.
3. Each of the Credit Documents have been duly executed and delivered by
each of the Borrower Parties which is a party thereto.
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 5
4. The Credit Documents constitute valid and binding obligations of
Borrower Parties party thereto, and are enforceable against such Borrower
Parties in accordance with their respective terms. The opinion expressed in this
paragraph 4 is subject to the following further qualifications:
(i) Our opinion is subject to the effect of bankruptcy, insolvency,
fraudulent transfer, reorganization, arrangement, moratorium or other
similar laws relating to or affecting the rights of creditors generally.
(ii) The enforceability of the Credit Documents is subject to
limitations imposed by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law).
(iii) Certain remedies, waivers, and other provisions of the Credit
Documents may not be enforceable, but such unenforceability does not render
the Credit Documents invalid as a whole or preclude the practical
realization of the principal benefits intended to be provided by the Credit
Documents.
5. The Guaranty and Collateral Agreement creates in favor of the
Collateral Agent a security interest in the Collateral (as defined therein) as
security for the Obligations (as defined therein). With respect to that portion
of the Collateral that consists of shares of stock evidenced by certificates or
that consists of Pledged Notes, upon the delivery of the original stock
certificates, duly endorsed in blank or accompanied by an undated duly endorsed
in blank stock power thereto, and the original Pledged Notes, duly endorsed in
blank, to the Collateral Agent in New York, the security interest in such shares
and Pledged Notes will be perfected. With respect to that portion of the
Collateral that consists of membership interests in limited liability companies
or partnership interests that, in either case, are not evidenced by
certificates, upon the filing of the applicable Financing Statements, in each
case naming the applicable Affiliate Pledgor as debtor and describing the
applicable membership interest or partnership interest, in the appropriate
filing offices under the Uniform Commercial Code, the security interest in such
interests will be perfected.
6. (i) No registration with, consent or approval of, notice to, or other
action by, any governmental entity is required for the execution, delivery or
performance of the Credit Documents by the Borrower Parties party thereto; and
(ii) the execution and delivery of the Credit Documents by the Borrower Parties
party thereto and the performance of their respective obligations thereunder
will not (a) violate or result in any breach of any of the terms, conditions or
provisions of or constitute a default under any contract, indenture or other
agreement known to
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 6
us, or (b) result in the creation of any lien, charge or encumbrance on any
property or assets of any Borrower Party, contrary or pursuant to the terms of
any contract, indenture or other agreement known to us, or (c) violate any
existing law or regulation that we have, in the exercise of customary
professional diligence, recognized as applicable to the Borrower Parties or to
transactions of the type contemplated by the Credit Documents, or any order
known to us of any court or administrative agency by which any Borrower Party is
bound or to which it is subject.
7. The payment by the Borrower, and the receipt by the Lenders, of all
principal, interest and other amounts to be paid pursuant to the Credit
Documents will not violate the usury laws of the State of New York.
8. In any proceedings duly taken in the courts of the State of New York
(or a Federal court sitting in New York), the choice of New York law as the
substantive law governing the Credit Documents would be recognized and such law
would be applied. However, we express no opinion as to the law that would govern
the perfection, the effect or perfection or non-perfection, or the priority, of
any security interests.
For purposes of the opinions set forth in paragraph 6 above, we have
assumed, with your permission, that any contract, indenture or other agreement
known to us which by its terms prohibits or restricts the "transfer", "sale" or
"assignment" (in those terms or by similar terms of like import) by any Borrower
Party of any membership interest or partnership interest or stock (but which
does not expressly prohibit or restrict the pledge, hypothecation, or grant of a
security interest in, such membership interest or partnership interest or stock)
would not be construed to prohibit or restrict the ability of such Borrower
Party to pledge and grant a security interest in such membership interest or
partnership interest or stock to secure the Obligations, as provided in the
Guaranty and Collateral Agreement. We express no opinion as to whether the
foreclosure of any such security interest would (a) violate or result in any
breach of any of the terms, conditions or provisions of or constitute a default
under any contract, indenture or other agreement, (b) result in the creation of
any lien, charge or encumbrance on any property or assets of any Borrower Party,
contrary or pursuant to the terms of any contract, indenture or other
agreement, or (c) violate any existing law or regulation, or any order of any
court or administrative agency by which any Borrower Party is bound or to which
it is subject.
Also for purposes of the opinions set forth in paragraph 6 above, we have
assumed, with your permission, that the consents delivered with respect to the
agreements identified on Annex A hereto are sufficient to cure any violations,
breaches of or defaults under such agreements arising from any of the
transactions contemplated under the Credit Documents, which could be cured by a
consent from the Person giving the same. We express no opinion
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 7
herein as to whether such assumption is reasonable. Also, excluded from the
scope of the opinions set forth in paragraphs 2 and 6 above are any
contraventions of the Organizational Documents of any Borrower Party and any
violations, breaches of or defaults under any contract, indenture or other
agreement known to us which, in any case, would be cured by consents that could
be given or other actions that could be taken by Persons controlled by the
Borrower, to the extent that such consents have not been given or other actions
taken on the date hereof.
Our opinions set forth herein are limited to the matters expressly set
forth in this opinion letter, and no opinion is implied or may be inferred
beyond the matters expressly so stated. The opinions rendered herein may not be
used or relied upon by any person or entity other than the addressees hereof,
any permitted assignee of any Lender who becomes a party to any Credit Agreement
and any participant of any Lender in the Loans under any Credit Agreement, for
any purpose whatsoever without our prior written consent in each instance.
This opinion speaks as of the date hereof, and we undertake no, and hereby
disclaim any, obligation to advise you of any change in any matter set forth
herein.
Very truly yours,
/s/ GOODWIN, PROCTER & HOAR LLP
GOODWIN, PROCTER & HOAR LLP
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 8
SCHEDULE I
Affiliate Guarantors
--------------------
1500 Canal Street Investors II, L.P.
Albuquerque C.I. Associates, L.P.
BJV Realty, Inc.
Boulders Carefree Sewer Corporation
Boulders Joint Venture
Burrllen Enterprises of Maryland
C.I. Albuquerque Lessee GP, LLC
C.I. Albuquerque Lessee, L.P.
Carefree Management LLC
Casa Marina Realty Corporation
CHC Hotels & Resorts Corp.
CHC Lease Partners
CHC REIT Lessee Corp.
CHC REIT Management Corp.
Chicago-ES Holding Corp.
CHMB, Inc.
Clubhouse Inns of America, Inc.
Criterion Hotel Management Corp.
Criterion NY Inc.
Crossroads Development Company
CSMC of Kalamazoo, Inc.
Deuce Management Company LLC
Family Suites Corporation
Family Suites Management Corporation
FS Development Corporation
GAH-II, L.P.
GH-Atlanta, LLC
GH-Chicago, Inc.
GH-Detroit, Inc.
GH-Greeneville, Inc.
GH-Providence, Inc.
GH Trademarks LLC
GH-Wichita, Inc.
GH-San Diego, Inc.
GHMB, Inc.
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 9
GHV-Colorado, Inc.
OH V-Galveston, Inc.
Glenview Hospitality, L.P.
Grand Bay Management Company
Grand Bay Management LLC
Grand Heritage Hotels, Inc.
Grand Heritage Leasing, LLC
Grand Heritage Real Estate Group LLC
Grand Management Services, Inc.
HMG Beverage, Inc.
IHC/Burlington Corporation
IHC/Capital Corporation
IHC/Conshohocken Partnership, L.P.
IHC/Denver Partnership, L.P.
IHC/FS Development Corporation
IHC/Houston Partnership, L.P.
IHC/Interstone Partnership II, L.P.
IHC/Jacksonville Corporation
IHC/Jamaica Corporation
IHC/Maryville Hotel Corporation
IHC Member Corporation
IHC/Miami Beach Corporation
IHC Miami Mortgage Corporation
IHC/Park West Corporation
IHC/Reach Corporation
IHC Realty Corporation
IHC Realty Partnership, L.P.
IHC/Santa Maria Corporation
IHC/Texas Corporation
IHC Title Agency Corporation
IHP/Class B Partnership, L.P.
IHP Investment Company, L.L.C.
IHP Lessee, LLC
Interstate/Montour Associates, Ltd.
Interstone Three Partners I L.P.
Interstone/PAH Partners, L.P.
INTMB, Inc.
Kansas City Hospitality, L.P.
Key West Reach Limited Partnership
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 10
Marina Hospitality, L.P.
MBAH, Inc.
Melbourne Hospitality, L.P.
O-H Acquisition, Inc.
P.H.G., LLC
PA Hunt Valley Investors, L.P.
PA Troy Hospitality Investors, L.P.
PAH Acquisition Corporation
PAH Allen Operating Corporation
PAH Asset Management, LLC
PAH Batterymarch Operating Company, LLC
PAH Deuce GP, LLC
PAH GAH Holdings, LLC
PAH GAH Holding, L.P.
PAH GP, Inc.
PAH Leasing LLC
PAH LP, Inc.
PAH-River House, L.P.
PAH River North, LLC
PAH Stanly Holding LLC
PAH Ventana Canyon, L.P.
PAH Buttes L.L.C.
PAH-Carefree, L.P.
PAH-CI Holding, LLC
PAH-Columbus Holding, Inc.
PAH-DT Chicago O'Hare Partners, L.P.
PAH-DT Miami Airport Partners, L.P.
PAH-DT Minneapolis Suites Partners, L.P.
PAH-DT Park Place Partners, L.P.
PAH-DT Tallahassee Partners, L.P.
PAH-Franchise Holding, Inc.
PAH FF&E Holding, Inc.
PAHG FF&E Holding, Inc.
PAH-GBM, LLC
PAH-GP Allen Partners, L.P.
PAH-Grand Bay Miami, L.P.
PAH-Interest Holding, Inc.
PAH-Interstone, Inc.
PAH-IP Holding, Inc.
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 11
PAH-Management Corporation
PAHP FF&E Holding, Inc.
PAH-Pittsburgh CI Holding, Inc.
PAH-Pittsburgh, LLC
PAH-Real Estate Member, Inc.
PAH-RH, LLC
PAH-Summerfield Holding Corp.
PAH-Summerfield Leasing, Inc.
PAH -Summerfield LLC
PAH-T, LLC
PAH-Tampa, L.P.
PAH-WMC Holding, Inc.
PAH-Xerxes Holding, Inc.
PAHMB, Inc.
Park West Hotel Associates
Patriot American Hospitality, Inc.
Patriot American Hospitality Partnership, Inc.
Patriot Bougainvillea Development Company, LLC
Patriot Grand Heritage, LLC
Patriot Holding LLC
Patriot Land Holding LLC
Patriot Miami Note Holder, L.P.
Patriot Racetrack Land LLC
Peaks Real Estate Services, Inc.
PSMB, Inc.
PW Land Associates Limited Partnership
PWMB, Inc.
Richardson C.I. Associates, L. P.
Savannah C.I. Associates, L.P.
SFMB, Inc.
Sierra Suites Marketing Association
St. Louis C.I. Associates, L.P.
Summerfield Hotel Company, L.P.
Summerfield Hotel Corporation
Summerfield Suites Marketing Association
Syracuse Associates Corporation
Syracuse Realty Associates, L.P.
TCC Venezuela, L.C.
Toledo Hotel Investors, L.P.
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 12
Topeka C. I. Associates, L.P.
Waterfront Management Corporation
Water Street Hotel, Ltd.
WH Interest, Inc.
WHC Chicago, LLC
WHC Finance, L.P.
WHC Franchise Corporation
WHCMB, Inc.
WHCMB Overland Park, Inc.
WI Ohio Investors, Inc.
WMC II, Inc.
WYN Travel, Inc.
Wyndham Atlanta Lessee, LLC
Wyndham International Operating Partnership, L.P.
Wyndham IP Corporation
Wyndham Management Corporation
Wyndham Management II, LLC
Wyndham Summerfield Lessee, L.P.
Wyndham Summerfield Lessee, LLC
YO Hotel Investors, L.P.
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 13
SCHEDULE II
Affiliate Pledgors
------------------
1500 Canal Street Investors II, L.P.
Albuquerque C.I. Associates, L.P.
BJV Realty, Inc.
Boulders Carefree Sewer Corporation
Boulders Joint Venture
Burrllen Enterprises of Maryland
C.I. Albuquerque Lessee GP, LLC
C.I. Albuquerque Lessee, L.P.
Carefree Management LLC
Casa Marina Realty Corporation
CHC Hotels & Resorts Corp.
CHC Lease Partners
CHC REIT Lessee Corp.
CHC REIT Management Corp.
Chicago-ES Holding Corp.
CHMB, Inc.
Clubhouse Inns of America, Inc.
Criterion Hotel Management Corp.
Criterion NY Inc.
Crossroads Development Company
CSMC of Kalamazoo, Inc.
Deuce Management Company LLC
Family Suites Corporation
Family Suites Management Corporation
FS Development Corporation
GAH-II, L.P.
GH-Atlanta, LLC
GH-Chicago, Inc.
GH-Detroit, Inc.
GH-Greeneville, Inc.
GH-Providence, Inc.
GH Trademarks LLC
GH-Wichita, Inc.
GH-San Diego, Inc.
GHMB, Inc.
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 14
GHV-Colorado, Inc.
GHV-Galveston, Inc.
Glenview Hospitality, L.P.
Grand Bay Management Company
Grand Bay Management LLC
Grand Heritage Hotels, Inc.
Grand Heritage Leasing, LLC
Grand Heritage Real Estate Group LLC
Grand Management Services, Inc.
HMG Beverage, Inc.
IHC/Burlington Corporation
IHC/Capital Corporation
IHC/Conshohocken Partnership, L.P.
IHC/Denver Partnership, L.P.
IHC/FS Development Corporation
IHC/Houston Partnership, L.P.
IHC/Interstone Partnership II, L.P.
IHC/Jacksonville Corporation
IHC/Jamaica Corporation
IHC/Maryville Hotel Corporation
IHC Member Corporation
IHC/Miami Beach Corporation
IHC Miami Mortgage Corporation
IHC/Park West Corporation
IHC/Reach Corporation
IHC Realty Corporation
IHC Realty Partnership, L.P.
IHC/Santa Maria Corporation
IHC/Texas Corporation
IHC Title Agency Corporation
IHP/Class B Partnership, L.P.
IHP Investment Company, L.L.C.
IHP Lessee, LLC
Interstate/Montour Associates, Ltd.
Interstone Three Partners I L.P.
Interstone/PAH Partners, L.P.
INTMB, Inc.
Kansas City Hospitality, L.P.
Key West Reach Limited Partnership
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 15
Marina Hospitality, L.P.
MBAH, Inc.
Melbourne Hospitality, L.P.
O-H Acquisition, Inc.
P.H.G., LLC
PA Hunt Valley Investors, L.P.
PA Troy Hospitality Investors, L.P.
PAH Acquisition Corporation
PAH Allen Operating Corporation
PAH Asset Management, LLC
PAH Batterymarch Operating Company, LLC
PAH Deuce GP, LLC
PAH GAH Holdings, LLC
PAH GAH Holding, L.P.
PAH GP, Inc.
PAH Leasing LLC
PAH LP, Inc.
PAH-River House, L.P.
PAH River North, LLC
PAH Stanly Holding LLC
PAH Ventana Canyon, L.P.
PAH Buttes L.L.C.
PAH-Carefree, L.P.
PAH-CI Holding, LLC
PAH-Columbus Holding, Inc.
PAH-DT Chicago O'Hare Partners, L.P.
PAH-DT Miami Airport Partners, L.P.
PAH-DT Minneapolis Suites Partners, L.P.
PAH-DT Park Place Partners, L.P.
PAH-DT Tallahassee Partners, L.P.
PAH-Franchise Holding, Inc.
PAH FF&E Holding, Inc.
PAHG FF&E Holding, Inc.
PAH-GBM, LLC
PAH-GP Allen Partners, L.P.
PAH-Grand Bay Miami, L.P.
PAH-Interest Holding, Inc.
PAH-Interstone, Inc.
PAH-IP Holding, Inc.
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 16
PAH-Management Corporation
PAHP FF&E Holding, Inc.
PAH-Pittsburgh CI Holding, Inc.
PAH-Pittsburgh, LLC
PAH-Real Estate Member, Inc.
PAH-RH, LLC
PAH-Summerfield Holding Corp.
PAH-Summerfield Leasing, Inc.
PAH-Summerfield LLC
PAH-T, LLC
PAH-Tampa, L.P.
PAH-WMC Holding, Inc.
PAH-Xerxes Holding, Inc.
PAHMB, Inc.
Park West Hotel Associates
Patriot American Hospitality, Inc.
Patriot American Hospitality Partnership, Inc.
Patriot Bougainvillea Development Company, LLC
Patriot Grand Heritage, LLC
Patriot Holding LLC
Patriot Land Holding LLC
Patriot Miami Note Holder, L.P.
Patriot Racetrack Land LLC
Peaks Real Estate Services, Inc.
PSMB, Inc.
PW Land Associates Limited Partnership
PWMB, Inc.
Richardson C.I. Associates, L.P.
Savannah C.I. Associates, L.P.
SFMB, Inc.
Sierra Suites Marketing Association
St. Louis C.I. Associates, L.P.
Summerfield Hotel Company, L.P.
Summerfield Hotel Corporation
Summerfield Suites Marketing Association
Syracuse Associates Corporation
Syracuse Realty Associates, L.P.
TCC Venezuela, L.C.
Toledo Hotel Investors, L.P.
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 17
Topeka C. I. Associates, L.P.
Waterfront Management Corporation
Water Street Hotel, Ltd.
WH Interest, Inc.
WHC Chicago, LLC
WHC Finance, L.P.
WHC Franchise Corporation
WHCMB, Inc.
WHCMB Overland Park, Inc.
WI Ohio Investors, Inc.
WMC II, Inc.
WYN Travel, Inc.
Wyndham Atlanta Lessee, LLC
Wyndham International, Inc.
Wyndham International Operating Partnership, L.P.
Wyndham IP Corporation
Wyndham Management Corporation
Wyndham Management II, LLC
Wyndham Summerfield Lessee, L.P.
Wyndham Summerfield Lessee, LLC
YO Hotel Investors, L.P.
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 18
SCHEDULE III
Certificates Issued by Officials of the
Jurisdictions of Organization of the Borrower Parties
-----------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Entity Jurisdiction Received Good Received Bring Down
Standing Good Standing
-----------------------------------------------------------------------------------------------------------------
Patriot American Hospitality, Inc. DE Y-5/28/99 Yes 6/29/99
-----------------------------------------------------------------------------------------------------------------
Wyndham International, Inc. DE Y-5/28/99 Yes 6/29/99
-----------------------------------------------------------------------------------------------------------------
1500 Canal Street Investors II, L.P. DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------
Albuquerque C.I. Associates, L.P. KS Y-6/25/99 Yes 6/29/99
-----------------------------------------------------------------------------------------------------------------
BJV Realty, Inc. AZ Not in Good Standing Not in Good Standing
-----------------------------------------------------------------------------------------------------------------
Boulders Carefree Sewer Corporation AZ Y-6/23/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------
C.I. Albuquerque Lessee GP, LLC DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------
C.I. Albuquerque Lessee, L.P. DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------
Carefree Management LLC DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------
Casa Marina Realty Corporation DE Y-6/1/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------
CHC Hotels & Resorts Corp. FL Y-6/2/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------
CHC REIT Lessee Corp. FL Y-6/2/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------
CHC REIT Management Corporation FL Y-6/2/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------
Chicago-ES Holding Corp. DE Y-6/2/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------
CHMB, Inc. TX Y-6/7/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------
Clubhouse Inns of America, Inc. KS Y-5/28/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------
Criterion Hotel Management Corp. FL Y-6/2/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------
Criterion NY Inc. FL Y-6/2/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------
Crossroads Development Company DE Y-6/1/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------
CSMC of Kalamazoo, Inc. MI Y-6/1/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 19
-------------------------------------------------------------------------------------------------------
Entity Jurisdiction Received Good Received Bring Down
Standing Good Standing
-------------------------------------------------------------------------------------------------------
Deuce Management Company LLC TX Y-6/1/99 Yes 6/25/99
-------------------------------------------------------------------------------------------------------
Family Suites Corporation DE Y-6/1/99 Yes 6/25/99
-------------------------------------------------------------------------------------------------------
Family Suites Management Corporation DE Y-6/3/99 Yes 6/25/99
-------------------------------------------------------------------------------------------------------
FS Development Corporation DE Y-6/3/99 Yes 6/25/99
-------------------------------------------------------------------------------------------------------
GH-II, LP DE Y-6/3/99 Yes 6/25/99
-------------------------------------------------------------------------------------------------------
GH-Atlanta, LLC MD Y-6/3/99 Not in Good Standing
-------------------------------------------------------------------------------------------------------
GH-Chicago, Inc. IL Y-6/23/99 Yes 6/25/99
-------------------------------------------------------------------------------------------------------
GH-Detroit, Inc. MI Y-6/1/99 Yes 6/25/99
-------------------------------------------------------------------------------------------------------
GH-Greeneville, Inc. TN Y-6/2/99 Yes 6/25/99
-------------------------------------------------------------------------------------------------------
GH-Providence, Inc. RI Y-6/3/99 Yes 6/25/99
-------------------------------------------------------------------------------------------------------
GH Trademarks LLC MD Y-6/25/99 Bring down not
available
-------------------------------------------------------------------------------------------------------
GH-Wichita, Inc. KS Y-5/28/99 Yes 6/25/99
-------------------------------------------------------------------------------------------------------
GH-San Diego, Inc. DE Y-6/1/99 Yes 6/25/99
-------------------------------------------------------------------------------------------------------
GHMB, Inc. TX Y-6/1/99 Yes 6/25/99
-------------------------------------------------------------------------------------------------------
GHV-Colorado, Inc. CO Y-6/9/99 Yes 6/25/99
-------------------------------------------------------------------------------------------------------
GHV-Galveston, Inc. TX Y-6/1/99 Yes 6/25/99
-------------------------------------------------------------------------------------------------------
Glenview Hospitality, L.P. DE Y-6/3/99 Yes 6/25/99
-------------------------------------------------------------------------------------------------------
Grand Bay Management Company FL Y-6/2/99 Yes 6/25/99
-------------------------------------------------------------------------------------------------------
Grand Bay Management LLC DE Y-6/1/99 Yes 6/25/99
-------------------------------------------------------------------------------------------------------
Grand Heritage Hotels, Inc. MD Y-6/3/99 Not in Good Standing
-------------------------------------------------------------------------------------------------------
Grand Heritage Leasing, LLC MD Y-6/3/99 Not in Good Standing
-------------------------------------------------------------------------------------------------------
Grand Heritage Real Estate Group LLC MD Y-6/25/99 Bring down not
available
-------------------------------------------------------------------------------------------------------
Grand Management Services, Inc. FL Y-6/2/99 Yes 6/25/99
-------------------------------------------------------------------------------------------------------
HMG Beverage, Inc. TX Y-6/1/99 Yes 6/25/99
-------------------------------------------------------------------------------------------------------
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 20
---------------------------------------------------------------------------------------------------------------------------
Entity Jurisdiction Received Good Received Bring Down
Standing Good Standing
---------------------------------------------------------------------------------------------------------------------------
IHC/Burlington Corporation VT Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHC/Capital Corporation DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHC/Conshohoken Partnership, L.P. DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHC/Denver Partnership, L.P. DE Y-6/3/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHC/FS Development Corporation DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHC/Houston Partnership, L.P. DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHC/Interstone Partnership II, L.P. DE Y-6/3/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHC/Jacksonville Corporation DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHC/Jamaica Corporation DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHC/Maryville Hotel Corporation DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHC Member Corporation DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHC/Miami Beach Corporation DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHC Miami Mortgage Corporation DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHC/Park West Corporation DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHC/Reach Corporation DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHC Realty Corporation DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHC Realty Partnership, L.P. DE Y-6/3/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHC/Santa Maria Corporation DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHC/Texas Corporation DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHC Title Agency Corporation DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHP/Class B Partnership, L.P. DE Y-6/3/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHP Investment Company, L.L.C. DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
IHP Lessee, L.L.C. DE Y-6/16/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
Interstate/Montour Associates, Ltd. PA Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
Interstone/PAH Partners L.P. DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------------------------
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 21
----------------------------------------------------------------------------------------------------------------------------
Entity Jurisdiction Received Good Received Bring Down
Standing Good Standing
----------------------------------------------------------------------------------------------------------------------------
Interstone Three Partners I L.P. DE Y-6/2/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
INTMB, Inc. DE Y-6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
Kansas City Hospitality, L.P. DE Y-6/3/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
Marina Hospitality, L.P. DE Y-6/3/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
MBAH, Inc. TX Y-6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
Melbourne Hospitality, L.P. DE Y-6/3/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
O-H Acquisition, Inc. DE Y-6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
P.H.G., LLC MD Y-6/3/99 Not in Good Standing
----------------------------------------------------------------------------------------------------------------------------
PA Hunt Valley Investors, L.P. VA Y-6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
PA Troy Hospitality Investors, L.P. DE Y-6/28/99 Yes 6/29/99
----------------------------------------------------------------------------------------------------------------------------
PAH Acquisition Corporation DE Y-6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
PAH Allen Operating Corporation DE Y-6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
PAH Asset Management, LLC DE Y-6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
PAH Batterymarch Operating Company, LLC DE Y-6/3/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
PAH Deuce GP, LLC DE Y-6/3/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
PAH GAH Holdings, LLC DE Y-6/3/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
PAH GAH Holdings, L.P. DE Y-6/3/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
PAH GP, Inc. DE Y-6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
PAH Leasing LLC DE Y-6/3/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
PAH LP, Inc. DE Y-6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
PAH River House, L.P. DE Y-6/3/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
PAH River North, LLC DE Y-6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
PAH Stanly Holding LLC DE Y-6/3/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
PAH Ventana Canyon, L.P. DE Y-6/3/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
PAH-Buttes L.L.C. DE Y-6/3/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 22
-----------------------------------------------------------------------------------------------------------------------------
Entity Jurisdiction Received Good Received Bring Down
Standing Good Standing
-----------------------------------------------------------------------------------------------------------------------------
PAH-Carefree, L.P. DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-CI Holding, LLC DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-Columbus Holding, Inc. DE Y-6/2/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-DT Chicago O'Hare Partners, L.P. DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-DT Miami Airport Partners, L.P. DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-DT Minneapolis Suites Partners, L.P. DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-DT Park Place Partners, L.P. DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-DT Tallahassee Partners, L.P. DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-Franchise Holding, Inc. DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH FF&E Holding, Inc. DE Y-6/1/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAHG FF&E Holding, Inc. DE Y-6/1/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-GBM, LLC DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-GP Allen Partners, L.P. DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-Grand Bay Miami, L.P. DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-Interest Holding, Inc. DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-Interstone, Inc. DE Y-6/15/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-IP Holding, Inc. DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-Management Corporation DE Y-6/2/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAHP FF&E Holding, Inc. DE Y-6/1/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-Pittsburgh CI Holding, Inc. DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-Pittsburgh, LLC DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-Real Estate Member, Inc. DE Y-6/2/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-RH, LLC DE Y-6/3/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-Summerfield Holding Corp. DE Y-6/2/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
PAH-Summerfield Leasing, Inc. DE Y-6/2/99 Yes 6/25/99
-----------------------------------------------------------------------------------------------------------------------------
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 23
---------------------------------------------------------------------------------------------------------
Entity Jurisdiction Received Good Received Bring Down
Standing Good Standing
---------------------------------------------------------------------------------------------------------
PAH-Summerfield LLC DE Y-6/3/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
PAH-T, LLC DE Y-6/3/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
PAH-Tampa, L.P. DE Y-6/3/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
PAH-WMC Holding, Inc. DE Y-6/3/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
PAH-Xerxes Holding, Inc. DE Y-6/3/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
PAHMB, Inc. TX Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
Patriot American Hospitality
Partnership, L.P. VA Y-6/1/99 Yes 6/29/99
---------------------------------------------------------------------------------------------------------
Patriot Bougainvillea Development
Company, LLC DE Y-6/3/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
Patriot Grand Heritage, LLC DE Y-6/3/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
Patriot Holding LLC DE Y-6/3/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
Patriot Land Holding LLC DE Y-6/3/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
Patriot Miami Note Holder, L.P. DE Y-6/3/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
Patriot Racetrack Land LLC DE Y-6/3/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
PSMB, Inc. CA Y-6/8/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
PW Land Associates Limited Partnership PA Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
PWMB, Inc. DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
Richardson C.I. Associates, L.P. TX Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
Savannah C.I. Associates, L.P. GA Y-6/3/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
SFMB, Inc. DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
Sierra Suites Marketing Association KS Y-5/28/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
St. Louis C.I. Associates, L.P. MO Y-6/7/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
Summerfield Hotel Company, L.P. KS Y-6/7/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
Summerfield Hotel Corporation DE Y-6/3/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
Summerfield Suites Marketing Association DE Y-6/3/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
Syracuse Associates Corporation DE Y-6/1/99 Yes 6/25/99
---------------------------------------------------------------------------------------------------------
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 24
----------------------------------------------------------------------------------------------------------------------------
Entity Jurisdiction Received Good Received Bring Down
Standing Good Standing
----------------------------------------------------------------------------------------------------------------------------
TCC Venezuela, LC FL Y - 6/2/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
Syracuse Realty Associates, L.P. DE Y - 6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
The Key West Reach Limited Partnership DE Y - 6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
The Peaks Real Estate Services, Inc. AZ Y - 6/2/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
Toledo Hotel Investors, L.P. DE Y - 6/3/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
Topeka C. I. Associates, L.P. KS Delinquent Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
Waterfront Management Corporation DE Y - 6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
WH Interest, Inc. TX Y - 6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
WHC Chicago, LLC DE Y - 6/3/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
WHC Columbus Corporation DE Y - 6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
WHC Finance, L.P. DE Y - 6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
WHC Franchise Corporation DE Y - 6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
WHCMB, Inc. DE Y - 6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
WHCMB Overland Park, Inc. KS Y - 6/29/99 Bring Down not
available
----------------------------------------------------------------------------------------------------------------------------
WI Ohio Investors, Inc. DE Y - 6/3/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
WMC II, Inc. DE Y - 6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
WYN Travel, Inc. KS Y - 6/14/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
Wyndham Atlanta Lessee, LLC DE Y - 6/3/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
Wyndham International Operating Partnership, L.P. DE Y - 6/3/99 Yes 6/29/99
----------------------------------------------------------------------------------------------------------------------------
Wyndham IP Corporation DE Y - 6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
Wyndham Management Corporation DE Y - 6/1/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
Wyndham Management II, LLC DE Y - 6/3/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
Wyndham Summerfield Lessee, L.P. DE Y - 6/3/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
Wyndham Summerfield Lessee, LLC DE Y - 6/3/99 Yes 6/28/99
----------------------------------------------------------------------------------------------------------------------------
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 25
----------------------------------------------------------------------------------------------------------------------------
Entity Jurisdiction Received Good Received Bring Down
Standing Good Standing
----------------------------------------------------------------------------------------------------------------------------
YO Hotel Investors, L.P. DE Y - 6/3/99 Yes 6/25/99
----------------------------------------------------------------------------------------------------------------------------
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 26
Annex A
Certain Agreements
-----------------------------------------------------------------------------------------------------------------------
Entity Property Agreement Franchisor/Third
Party
-----------------------------------------------------------------------------------------------------------------------
Wyndham International Embassy Suites North Embassy Suites Embassy Suites
Operating Partnership, Phoenix License Agreement (PROMUS Hotels, Inc.)
L.P. dated November 1,
1996.
-----------------------------------------------------------------------------------------------------------------------
Wyndham International Schaumberg Embassy Embassy Suites Embassy Suites
Operating Partnership, Suites License Agreement (PROMUS Hotels, Inc.)
L.P. dated October 14,
1998.
-----------------------------------------------------------------------------------------------------------------------
CHC Lease Partners Four Points by ITT Sheraton ITT Sheraton
(licensee) Sheraton, Saginaw, Corporation License Corporation
Michigan Agreement dated
January 15, 1996.
-----------------------------------------------------------------------------------------------------------------------
CHC Lease Partners Holiday Inn, Lenox Conversion License Holiday Inns
(franchisee) (a/k/a PAH Atlanta Agreement dated Franchising, Inc.
Buckhead), Atlanta, December 22, 1993.
Georgia
-----------------------------------------------------------------------------------------------------------------------
CHC Lease Partners Holiday Inn, North Holiday Inn Change Holiday Inns
West Houston, Texas of Ownership Franchising,
License Agreement Inc.
dated September 28,
1990, as amended by
Amendment to
License Agreement
dated October 2,
1995.
-----------------------------------------------------------------------------------------------------------------------
GOODWIN, PROCTER & HOAR LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 27
---------------------------------------------------------------------------------------------------------
Entity Property Agreement Franchisor/Third
Party
---------------------------------------------------------------------------------------------------------
CHC Lease Holiday Inn Holiday Inn License Agreement (Change Holiday Inns
Partners Northwest Plaza, of Ownership and Renewal) dated January Franchising, Inc.
Austin, Texas 30, 1992 between Holiday Inns Franchising,
Inc. and Travis Real Estate Group Joint
Venture and Amendment to License
Agreement effective October 2, 1995 among
Holiday Inns Franchising, Inc., Travis
Real Estate Group Joint Venture and CHC
Lease Partners.
---------------------------------------------------------------------------------------------------------
CHC Lease Holiday Inn Holiday Inn Conversion License Agreement Holiday Inns
Partners Select, North dated August 13, 1993; Amendment to Franchising, Inc.
(licensee) Dallas, Texas Holiday Inn License Agreement for Brand
Conversion to Holiday Inn Select dated
June 16, 1995; Amendment to License
Agreement dated October 2, 1995 between
Holiday Inns Franchising, Inc., and CHS
Lease Partners.
---------------------------------------------------------------------------------------------------------
XXXXXXX, XXXXXXX & XXXX LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 28
---------------------------------------------------------------------------------------------------------
Entity Property Agreement Franchisor/Third
Party
---------------------------------------------------------------------------------------------------------
CHC Lease Partners Holiday Inn YO, Holiday Inn Holidays Inns
Kerville, Texas Conversion License Franchising, Inc.
Agreement dated
March 30, 1993.
---------------------------------------------------------------------------------------------------------
PAH Leasing, LLC Grand Bay Carmel Operating Lease CV Ranch, L.P.
(lessee) Valley Ranch, Carmel, dated January 7,
California 1997, as amended on
January 31, 1998
and June 30, 1998.
---------------------------------------------------------------------------------------------------------
PAH Leasing, LLC Courtyard by Marriott Courtyard by Marriott International,
(lessee) Beachwood, Ohio Marriott Franchise Inc.
Agreement dated
November 2, 1992,
as amended by
Amendment One to
Franchise
Agreement dated
November 2, 1992
as assigned by
Assignment of
Franchise
Agreement dated
July 1, 1997.
---------------------------------------------------------------------------------------------------------
PAH Leasing, LLC Holiday Inn, Westlake, Franchise Holiday Hospitality
Westlake, Ohio Agreement dated Franchising, Inc.
July 1, 1997.
---------------------------------------------------------------------------------------------------------
PAH-Management Chicago Embassy License Agreement Embassy Suites
Corporation Suites (PROMUS) Hotels, Inc.
---------------------------------------------------------------------------------------------------------
CHC Lease Partners Radisson Hotel and License Agreement Radisson Hotels
Suites T&C, Radisson Hotels International, Inc.
Houston, TX International, Inc.
effective October
2, 1995 and
Addendum
(undated)
---------------------------------------------------------------------------------------------------------
XXXXXXX, XXXXXXX & XXXX LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 29
--------------------------------------------------------------------------------
Entity Property Agreement Franchisor/Third
Party
--------------------------------------------------------------------------------
Kansas City Radisson Kansas Amended and Radisson Hotels
Hospitality, L.P. City, Kansas City, Restated License International, Inc.
MO Agreement date
April 13, 1995
--------------------------------------------------------------------------------
0000 Xxxxx Xxxxxx Radisson New License Agreement Radisson Hotels
Investors II, LP Orleans, Northboro dated January 12, International, Inc.
LA 1995
--------------------------------------------------------------------------------
GAH II, LP Radisson Northbrook, Agreement Radisson Hotels
Northbrook, IL Amending and International, Inc.
Restating Radisson
License
Agreement, First
and Second
Addenda to
License Agreement
(each dated April
30, 1997), Letter
Agreement
granting consent to
Amendment
--------------------------------------------------------------------------------
CHC Lease Partners Radisson Overland Agreement Radisson Hotels
Park, Overland Park, Amending and International, Inc.
KS Restating Radisson
License
Agreement dated
April 30, 1997
--------------------------------------------------------------------------------
Marina Hospitality, Radisson Riverwalk Radisson License Radisson Hotels
L.P. Hotel, Jacksonville, Agreement dated International, Inc.
FL November 27,
1995
--------------------------------------------------------------------------------
XXXXXXX, XXXXXXX & XXXX LLP
The Chase Manhattan Bank
Lenders
June 30, 1999
Page 30
--------------------------------------------------------------------------------
Entity Property Agreement Franchisor/Third
Party
--------------------------------------------------------------------------------
CHC Lease Partners Radisson Suites License Ageement Radisson Hotels
Dallas, Dallas, TX dated October 2, International, Inc.
1995
--------------------------------------------------------------------------------
PAH RSI, LLC Radisson Akron, Agreement Radisson Hotels
Akron, OH Assigning, International, Inc.
Amending, and
Restating Radisson
License Agreement
dated July 1, 1997
--------------------------------------------------------------------------------
PAH RSI, LLC Radisson Beachwood, Agreement Radisson Hotels
Beachwood, OH Assigning, International, Inc.
Amending, and
Restating Radisson
License Agreement
dated July 1, 1997
EXHIBIT G
FORM OF OFFICER'S SOLVENCY CERTIFICATE
I, the undersigned, the [Chairman][President][Chief Financial Officer]
[Treasurer][Chief Accounting Officer] of Wyndham International, Inc., a
corporation organized and existing under the laws of the State of Delaware (the
"Borrower"), do hereby certify on behalf of the Borrower that:
1. This Certificate is furnished pursuant to Section 4.01(j) of the
Credit Agreement, dated as of June 30, 1999, among Wyndham International, Inc.,
a Delaware corporation (the "Borrower"), the Lenders party hereto from time to
time, Chase Securities Inc. ("CSI"), as Lead Arranger and Book Manager,
NationsBank, N.A. and Bankers Trust Company, as Syndication Agents (each a
"Syndication Agent," together the Syndication Agents"), Credit Lyonnais New York
Branch, as Documentation Agent, Bear Xxxxxxx Corporate Lending Inc., as Co-
Documentation Agent (each a "Documentation Agent," together the "Documentation
Agents") and The Chase Manhattan Bank ("Chase"), as Administrative Agent (such
Credit Agreement as in effect on the date of this Certificate being called
herein the "Credit Agreement"). Unless otherwise defined herein, capitalized
terms used in this Certificate shall have the meanings set forth in the Credit
Agreement.
2. For purposes of this Certificate, the terms below shall have the
following definitions:
(a) "Fair Value"
The amount at which the assets, in their entirety, of each of (i) the
Borrower and the Subsidiary Guarantors (taken as a whole) and (ii) the
Borrower (on a stand-alone basis) would change hands between a willing
buyer and a willing seller, within a commercially reasonable period of
time, each having reasonable knowledge of the relevant facts, with
neither being under any compulsion to act.
(b) "Present Fair Salable Value"
The amount that could be obtained by an independent willing seller
from an independent willing buyer if the assets of each of (i) the
Borrower and the Subsidiary Guarantors (taken as a whole) and (ii) the
Borrower (on a stand-alone basis) are sold with reasonable promptness
under normal selling conditions in a current market.
(c) "New Financing"
The indebtedness incurred or to be incurred by the Borrower and the
Subsidiary Guarantors under the Loan Documents and all other financing
contemplated by the Loan Documents.
(d) "Stated Liabilities"
The recorded liabilities (including Contingent Liabilities that would
be recorded in accordance with GAAP consistently applied) of the
Borrower and the Subsidiary
EXHIBIT G
Page 2
Guarantors at June 30, 1999, together with (i) the net change in
long-term debt (including current maturities) between June 30, 1999
and the date hereof and (ii) without duplication, the amount of all
New Financing.
(e) "Contingent Liabilities"
The maximum estimated amount of liability reasonably likely to result
from pending litigation, asserted claims and assessments, guaranties,
uninsured risks and other contingent liabilities of the Borrower and
the Subsidiary Guarantors (exclusive of such Contingent Liabilities to
the extent reflected in Stated Liabilities).
(f) "Will be able to pay its Stated Liabilities, including Contingent
Liabilities, as they mature."
For the period from the date hereof through the stated maturity of all
New Financing, each of (i) the Borrower and the Subsidiary Guarantors
(taken as a whole) and (ii) the Borrower (on a stand-alone basis) will
have sufficient assets and cash flow to pay their respective Stated
Liabilities and Contingent Liabilities as those liabilities mature or
otherwise become due.
(g) "Does not have Unreasonably Small Capital"
For the period from the date hereof through the stated maturity of all
New Financing, each of (i) the Borrower and the Subsidiary Guarantors
(taken as a whole) and (ii) the Borrower (on a stand-alone basis),
after consummation of all Indebtedness (including the Loans) being
incurred or assumed and Liens created by the [Borrower] Subsidiary
Guarantors in connection therewith, is a going concern and has
sufficient capital to ensure that it will continue to be a going
concern for such period and to remain a going concern despite
moderately negative deviations from the Projections discussed below.
3. For purposes of this Certificate, I, or officers of the Borrower
under my direction and supervision, have performed the following procedures as
of and for the periods set forth below.
(a) I have reviewed the financial statements referred to in Section 3.01
of the Credit Agreement.
(b) I have read:
1. the Loan Documents and the respective Schedules and Exhibits
thereto.
(c) With respect to Contingent Liabilities, I:
1. have inquired of certain officials of the Borrower and the
Subsidiary Guarantors who have responsibility for legal,
financial and accounting matters as to the existence and
estimated liability with respect to all Contingent Liabilities
known to them;
EXHIBIT G
Page 3
2. have confirmed with senior officers of the Borrower and the
Subsidiary Guarantors that, to the best of such officers'
knowledge, (i) all appropriate items were included in Stated
Liabilities or Contingent Liabilities made known to me in the
course of my inquiry and that (ii) the amounts relating thereto
were the estimated amount of liability reasonably likely to
result therefrom as of the date hereof;
3. hereby certify that, to the best of my knowledge, all material
Contingent Liabilities have been considered in making the
certification set forth in paragraph 4 below, and with respect to
each such Contingent Liability the estimated amount of liability
reasonably likely to result therefrom was used in making such
certification.
(d) I have made inquiries of certain officers of the Borrower and the
Subsidiary Guarantors which have responsibility for financial
reporting and accounting matters regarding whether they were aware of
any events or conditions that, as of the date hereof, would cause each
of (i) the Borrower and the Subsidiary Guarantors (taken as whole) or
(ii) the Borrower (on a stand-alone basis) after giving effect to the
financing transactions (including the incurrence of the New
Financing), to (x) have assets with a Fair Value or Present Fair
Salable Value that are less than the sum of Stated Liabilities and
Contingent Liabilities; (y) have Unreasonably Small Capital; or (z)
not be able to pay its Stated Liabilities and Contingent Liabilities
as they mature or otherwise become due.
4. Based on and subject to the foregoing, I hereby certify on behalf
of the Borrower that, after giving effect to the financing transactions
(including the New Financing), it is my informed opinion that as of the date
hereof (x) the Fair Value and Present Fair Salable Value of the assets of each
of (i) the Borrower and the Subsidiary Guarantors (taken as a whole) and (ii)
the Borrower (on a stand-alone basis) exceed their respective Stated Liabilities
and Contingent Liabilities; (y) each of (i) the Borrower and the Subsidiary
Guarantors (taken as a whole) and (ii) the Borrower (on a stand-alone basis)
will not have Unreasonably Small Capital; and (z) each of (i) the Borrower and
the Subsidiary Guarantors (taken as a whole) and (ii) the Borrower (on a stand-
alone basis) will be able to pay its respective Stated Liabilities and
Contingent Liabilities as they mature or otherwise become due.
* * *
EXHIBIT G
Page 4
IN WITNESS WHEREOF, Wyndham International, Inc. has caused its duly
authorized chief accounting officer to execute and deliver this Certificate this
_____ day of June, 1999.
WYNDHAM INTERNATIONAL, INC.
By:
----------------------------------
Name:
Title:
