EXHIBIT 10.5(g)
AMENDMENT NO. 2
TO
BANK AGREEMENT
FOR
12% DEBENTURES - SERIES 2
AMENDMENT NO. 2, DATED AS OF JUNE 26, 1998 (THE
"AMENDMENT"), TO BANK AGREEMENT, dated as of October 11, 1991
(the "Agreement"), with respect to 12% Debentures due April 15,
1999, Series 2 (the "Debentures") between J&B Management Company
("J&B") and its affiliates: Leisure Centers Inc., J&B Management
Corp., Sulgrave Realty Corporation and Wilmart Development Corp.
(collectively, the "Affiliates") and The Bank of New York (the
"Bank").
W I T N E S S E T H:
- - - - - - - - - -
WHEREAS, J&B, the Affiliates and the Bank have
heretofore entered into the Agreement;
WHEREAS, Grand Court Lifestyles, Inc. (the "Company")
has acquired substantially all of the assets of J&B, subject to
substantially all of J&B's liabilities;
WHEREAS, the Company has assumed the obligations of J&B
relating to the Debentures;
WHEREAS, the Company is successor by merger to each of
the Affiliates; and
WHEREAS, the Company and the Bank desire to amend the
Agreement;
NOW, THEREFORE, in consideration of the foregoing and
the mutual covenants herein, the Company and the Bank agree as
follows:
1. The Agreement is hereby amended by deleting
Section 5.6 and inserting in its stead the following Section 5.6:
"Section 5.6. Redemption. Whenever the Company
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is required to effect mandatory redemption of part
or all of the Debentures, the Company shall give
written notice thereof to the Bank at least five
(5) days prior to the date set forth for redemption,
the manner in which redemption shall be effected
and all the relevant details thereof. The Bank
shall not be required to give written notice
to Purchasers of that redemption. The Bank shall
register the cancellation of the whole or a portion
of the redeemed Debentures, as appropriate. In any
event, new debentures will not be issued to
reflect the non-redeemed portion of the debentures.
No interest shall be payable on the redeemed portion
of a Debenture from and after the date of redemption."
2. Capitalized terms used herein and not otherwise
defined shall have the meaning assigned to such terms in the
Agreement.
3. This Amendment may be executed in several
counterparts, each of which when executed and delivered shall be
deemed an original and all of which counterparts, taken together,
shall constitute but one and the same Amendment.
4. Except as provided herein, all provisions, terms
and conditions of the Agreement shall remain in full force and
effect. As amended hereby, the Agreement is ratified and
confirmed in all respects.
IN WITNESS WHEREOF, the parties hereto have caused this
Amendment No. 2 to be duly executed as of the date first above
written.
GRAND COURT LIFESTYLES, INC. THE BANK OF NEW YORK
By: /s/ Xxxxxxx X. Xxxxx By: /s/ Xxxxxx Xxxxxxx
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Name: Xxxxxxx X. Xxxxx Name: Xxxxxx Xxxxxxx
Title: President Title: Vice President
