SECOND AMENDMENT TO 1995 LOAN AGREEMENT
This Second Amendment to 1995 Loan Agreement is executed on this ____
day of February, 1998 by and between HIBERNIA NATIONAL BANK, a national bank
association (hereinafter "BANK") ROYAL SONESTA, INC., a Louisiana corporation
(hereinafter "Borrower") and SONESTA INTERNATIONAL HOTELS CORPORATION, a New
York corporation (hereinafter "Guarantor").
WITNESSETH
WHEREAS, Borrower, Bank and Guarantor have entered into a 1995 Loan
Agreement effective January 1, 1995, as amended by First Amendment to 1995 Loan
Agreement dated as of December 12, 1994, whereunder Bank renewed and extended a
revolving line of credit facility in the amount of $5,000,000.00 (the "1995
Agreement"), and
WHEREAS, Borrower and Guarantor desire to renew and extend the credit
to Borrower with the particulars set forth hereinafter;
NOW THEREFORE, in consideration of the foregoing, the parties agree as
follows:
1. The 1995 Loan Agreement is hereby amended so the Article I.,
Section 1.2, Definitions shall be amended with respect to the term
"Commitment Termination Date" to read as follows:
"Commitment Termination Date" shall mean December 31, 2000, or any
maturity date set forth in the Revolving Credit Note.
2. The 1995 Loan Agreement is further amended to delete the
definition of "Revolving Credit Note" set forth in Section 1.2,
and replace it with the following:
"Revolving Credit Note" shall have the meaning assigned to it in
Section 2.1 (b) hereof, but shall also include all renewals,
modifications, substitutions, and refinancing thereof.
3. The Loan Agreement is further amended to add the following as a
new subsection of Section 6.12:
(g) Out of Debt Covenant. Borrower shall take such actions as may
be needed to ensure that during the term of the Revolving Credit
Note, there shall be a period of at least thirty (30) consecutive
days during which there are no Revolving Credit Advances
outstanding thereunder.
4. All other terms and conditions of the 1995 Loan Agreement and
First Amendment to 1995 Loan Agreement remain in full force and
effect.
IN WITNESS WHEREOF, Bank, Borrower and Guarantor have each caused this
amendment to be executed by their respective officers, hereunto duly authorized,
on the day, month, and year first written above, such amendment to be effective
as of December 31, 1997
WITNESSES: ROYAL SONESTA, INC.
/s/ Xxxxxxx Xxxxxxxxxx /s/ Boy X.X. Xxx Xxxx
_____________________________ BY:__________________________
Boy X.X. xxx Xxxx, Vice President
and Treasurer
/s/ Xxxxxxxxx Xxxxxxxx DATE: February 10, 1998
_____________________________ _______________________
SONESTA INTERNATIONAL HOTELS
CORPORATION
/s/ Xxxxxxx Xxxxxxxxxx /s/ Boy X.X. Xxx Xxxx
_____________________________ BY:__________________________
Boy X.X. xxx Xxxx, Vice President
and Treasurer
/s/ Xxxxxxxxx Xxxxxxxx DATE: February 10, 1998
_____________________________ _______________________
HIBERNIA NATIONAL BANK
/s/ ????????????????? /s/ Xxxxxxxxxxx X. Xxxxx
_____________________________ By:__________________________
/s/ ????????????????? Date: 2/6/98
_____________________________ _______________________
