Exhibit 10.2
EXHIBIT D TO THE
CREDIT AGREEMENT
AS EXECUTED
SECURITY AGREEMENT
Dated July 23, 1999
From
LODGIAN FINANCING CORP.,
SERVICO, INC.,
IMPAC HOTEL GROUP, LLC,
and
THE OTHER GRANTORS REFERRED TO HEREIN
as Grantors,
to
XXXXXX XXXXXXX SENIOR FUNDING, INC.
as Collateral Agent
TABLE OF CONTENTS
Section Page
1. Grant of Security 2
2. Security for Obligations 6
3. Grantors Remain Liable 6
4. Delivery and Control of Security Collateral, Account Collateral or
Agreement Collateral 6
5. Maintaining the Pledged Accounts 7
6. Maintaining the Collateral Account and the L/C Collateral Account 7
7. Investing of Amounts in the Collateral Account and the L/C Collateral
Account 8
8. Release of Amounts 8
9. Representations and Warranties 8
10. Further Assurances 10
11. As to Equipment and Inventory 11
12. Insurance 12
13. Place of Perfection; Records; Collection of Receivables 13
14. Voting Rights; Dividends; Etc. 14
15. As to the Assigned Agreements 15
16. Payments Under the Assigned Agreements 16
17. Transfers and Other Liens; Additional Shares 16
18. Collateral Agent Appointed Attorney-in-Fact 17
19. Collateral Agent May Perform 17
20. The Collateral Agent's Duties 17
21. Remedies 18
22. Indemnity and Expenses 19
23. Amendments; Waivers; Additional Grantors; Etc 20
24. Notices; Etc 20
25. Continuing Security Interest; Assignments under the Credit Agreement 21
26. Release; Termination 21
27. Security Interest Absolute 21
28. Execution in Counterparts 23
29. The Mortgages 23
30. Governing Law 23
Schedules
Schedule I - Pledged Shares and Pledged Debt
Schedule II - Assigned Agreements
Schedule III - Locations of Equipment and Inventory
Schedule IV - Chief Place of Business, Chief Executive Office and Federal
Tax Identification Number
Schedule V - Trade Names
Schedule VI - Pledged Accounts
Exhibits
Exhibit A - Form of Security Agreement Supplement
Exhibit B - Form of Pledged Account Letter
Exhibit C - Form of Consent and Agreement
SECURITY AGREEMENT
SECURITY AGREEMENT dated July 23, 1999 made by LODGIAN FINANCE
CORP., a Delaware corporation (the "Borrower"), SERVICO, INC., a Florida
corporation ("Servico"), IMPAC HOTEL GROUP, LLC, a Georgia limited liability
company ("Impac" and, together with Servico, the "Affiliate Guarantors"), the
other persons listed on the signature pages hereof and the Additional Grantors
(as defined in Section 23) (the Borrower, the Affiliate Guarantors, the persons
so listed and the Additional Grantors being, collectively, the "Grantors"), to
Xxxxxx Xxxxxxx Senior Funding, Inc., as collateral agent (together with any
successor collateral agent appointed pursuant to Article VII of the Credit
Agreement (as hereinafter defined), the "Collateral Agent") for the Secured
Parties (as defined in the Credit Agreement).
PRELIMINARY STATEMENTS.
(1) The Borrower and the Affiliate Guarantors have entered into a
Credit Agreement dated as of July 23, 1999 (said Agreement, as it may hereafter
be amended, amended and restated, supplemented or otherwise modified from time
to time, being the "Credit Agreement") with the Lender Parties and the Agents
(each as defined therein).
(2) Pursuant to the Credit Agreement, the Grantors are entering into
this Agreement in order to grant to the Collateral Agent for the ratable benefit
of the Secured Parties a security interest in all of its personal property and
fixtures and other assets of the Grantors now owned or hereafter acquired.
(3) Each Grantor is the owner of the shares (the "Initial Pledged
Shares") of stock set forth opposite such Grantor's name on and as otherwise
described in Part I of Schedule I hereto and issued by the corporations named
therein and of the indebtedness (the "Initial Pledged Debt") set forth opposite
such Grantor's name on and as otherwise described in Part II of Schedule I
hereto and issued by the obligors named therein.
(4) The Grantors shall open a collateral securities account in the
name of the Collateral Agent and under the sole control and dominion of the
Collateral Agent and subject to the terms of this Agreement.
(5) The Borrower shall open a collateral securities account (the
"L/C Collateral Account"), in the name of the Collateral Agent and under the
sole control and dominion of the Collateral Agent and subject to the terms of
this Agreement.
(6) It is a condition precedent to the making of Advances and the
issuance of Letters of Credit by the Lender Parties under the Credit Agreement
from time to time that the Grantors shall have granted the assignment and
security interest and made the pledge and assignment contemplated by this
Agreement.
(7) Each Grantor will derive substantial direct and indirect benefit
from the transactions contemplated by the Loan Documents.
(8) Terms defined in the Credit Agreement and not otherwise defined
in this Agreement are used in this Agreement as defined in the Credit Agreement.
Further, unless otherwise defined in this Agreement or in the Credit Agreement,
terms defined in Article 8 or 9 of the Uniform Commercial Code in effect in the
State of New York ("N.Y. Uniform Commercial Code") are used in this Agreement as
such terms are defined in such Article 8 or 9.
NOW, THEREFORE, in consideration of the premises and in order to
induce the Lender Parties to make Advances and issue Letters of Credit under the
Credit Agreement from time to time, each Grantor hereby agrees with the
Collateral Agent for the ratable benefit of the Secured Parties as follows:
Section 1. Grant of Security. Each Grantor hereby assigns and
pledges to the Collateral Agent for the ratable benefit of the Secured Parties,
and hereby grants to the Collateral Agent for the ratable benefit of the Secured
Parties a security interest in, the following, in each case, as to each type of
property described below, whether now owned or hereafter acquired by such
Grantor, wherever located, and whether now or hereafter existing or arising
(collectively, the "Collateral"):
(a) all of such Grantor's right, title and interest in and to all
equipment in all of its forms (including, without limitation, all (i)
bureaus, bookcases, chiffonniers, chests, sofas, divans, couches, chairs,
stools, tables, desks, lamps, mirrors, rugs, carpeting, drapes, draperies,
curtains, venetian blinds, screens, paintings, hangings, sculptures,
pictures and other decorative works, beds, linens, pillows, blankets,
foodcarts, chinaware, glassware, cookware, stoves, ranges, refrigerators,
dishwashers, garbage disposals, incinerators, washers and dryers, laundry
machines, dry cleaning facilities, bars, bar fixtures, liquor and other
drink dispensers, icemakers, vacuum cleaning systems, floor cleaning,
waxing and polishing equipment, brackets, electrical signs, bulbs, cells,
cabinets, lockers, shelving, luggage carts, luggage racks, keys or other
entry systems, radios, television sets, intercom and paging equipment,
switchboards, private telephone systems, conduits, compressors, call
systems, tools, machinery, engines, dynamos, motors, boats, boilers,
spotlighting equipment, golf carts, buggies, motor vehicles, bicycles),
(ii) production, manufacturing, distribution, selling, data processing,
computer and office equipment and tools, (iii) notebooks, drawings,
diagrams, plans, manuals, computer peripherals, hardware, firmware,
software, data storage tapes, disks, diskettes and other computerized
information), and (iv) other customary hotel or similar equipment and
other tangible property of every kind and nature whatsoever and other
property of every kind and description which may be construed to be
personal property of every kind and description, whether now existing or
hereafter attached to, erected upon, situated in or upon, forming a part
of, appurtenant to, used or useful in the construction of or in connection
with, or arising from the use or enjoyment of all or any portion of the
hotels, all fixtures and all parts thereof and all accessions thereto
including, without limitation,
all docks, piers, jetties, and pontoons (any and all such equipment,
fixtures, parts and accessions being the "Equipment");
(b) all of such Grantor's right, title and interest in and to all
inventory in all of its forms, (including, but not limited to all, (i)
provisions in storerooms, refrigerators, pantries and kitchens, beverages
in wine cellars and bars, other merchandise intended for sale, fuel,
mechanical supplies, stationary and other expensed supplies and similar
items and raw materials and work in process therefor, finished goods
thereof and materials used or consumed in the manufacture, production,
preparation or shipping thereof, (ii) goods in which such Grantor has an
interest in mass or a joint or other interest or right of any kind
(including, without limitation, goods in which such Grantor has an
interest or right as consignee) and (iii) goods that are returned to or
repossessed or stopped in transit by such Grantor), and all accessions
thereto and products thereof and documents therefor (any and all such
inventory, accessions, products and documents being the "Inventory");
(c) all of such Grantor's right, title and interest in and to all
accounts, contract rights, chattel paper, instruments, deposit accounts,
general intangibles, and to the extent assignable, all licenses
(including, but not limited to, any operating licenses, alcoholic beverage
licenses or similar licenses), license agreements, contracts, management
contracts or agreements, guaranties, warranties, franchise agreements,
permits, authorities or certificates, and other obligations of any kind,
whether or not arising out of or in connection with the sale or lease of
goods or the rendering of services and whether or not earned by
performance, and all rights now or hereafter existing in and to all
security agreements, leases and other contracts securing or otherwise
relating to any such accounts, contract rights, chattel paper,
instruments, deposit accounts, general intangibles or obligations, (any
and all such accounts, contract rights, chattel paper, instruments,
deposit accounts, instruments, general intangibles and obligations, to the
extent not referred to in clause (d), (e) or (f) below, being the
"Receivables", and any and all such leases, security agreements and other
contracts being the "Related Contracts");
(d) all of such Grantor's right, title and interest in and to the
following (the "Security Collateral"):
(i) the Initial Pledged Shares and the certificates, if
any, representing the Initial Pledged Shares, and all dividends,
cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for
any or all of the Initial Pledged Shares;
(ii) the Initial Pledged Debt and the instruments, if
any, evidencing the Initial Pledged Debt, and all interest, cash,
instruments and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for
any or all of the Initial Pledged Debt;
(iii) all additional shares of stock from time to time
issued by any subsidiary of such Grantor (such shares, together with
the Initial Pledged Shares, being the "Pledged Shares"), and the
certificates, if any, representing such
additional shares, and all dividends, cash, instruments and other
property from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of such
shares;
(iv) all additional indebtedness from time to time owed to
such Grantor (such indebtedness, together with the Initial Pledged
Debt, being the "Pledged Debt") and the instruments, if any,
evidencing such indebtedness, and all interest, cash, instruments
and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all of
such indebtedness;
(v) all other investment property (including, without
limitation, all (A) securities, whether certificated or
uncertificated, (B) security entitlements, and (C) securities
accounts) in which such Grantor has now, or acquires from time to
time hereafter, any right, title or interest in any manner, and the
certificates or instruments, if any, representing or evidencing such
investment property, and all dividends, interest, distributions,
value, cash, instruments and other property from time to time
received, receivable or otherwise distributed in respect of or in
exchange for any or all of such investment property;
(e) all of such Grantor's right, title and interest in and to each
of the agreements listed on Schedule II hereto, and each Hedge Agreement
to which such Grantor is now or may hereafter become a party, in each case
as such agreements may be amended, amended and restated, supplemented or
otherwise modified from time to time (collectively, the "Assigned
Agreements"), including, without limitation, (i) all rights of such
Grantor to receive moneys due and to become due under or pursuant to the
Assigned Agreements, (ii) all rights of such Grantor to receive proceeds
of any insurance, indemnity, warranty or guaranty with respect to the
Assigned Agreements, (iii) claims of such Grantor for damages arising out
of or for breach of or default under the Assigned Agreements and (iv) the
right of such Grantor to terminate the Assigned Agreements, to perform
thereunder and to compel performance and otherwise exercise all remedies
thereunder (all such Collateral being the "Agreement Collateral");
(f) all of such Grantor's right, title and interest in and to the
following (collectively, the "Account Collateral"):
(i) the Collateral Account, all financial assets from time to
time credited to the Collateral Account (including, without
limitation, all Cash Equivalents from time to time credited to the
Collateral Account), and all dividends, interest, cash, instruments
and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all of
such financial assets;
(ii) the L/C Collateral Account, all financial assets from
time to time credited to the L/C Collateral Account (including,
without limitation, all Cash Equivalents from time to time credited
to the L/C Collateral Account), and all dividends, interest, cash,
instruments and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for
any or all of such financial assets;
(iii) the Concentration Account (as hereinafter defined), all
funds held therein and all certificates and instruments, if any,
from time to time representing or evidencing the Concentration
Account;
(iv) all other deposit accounts of such Grantor, all funds
held therein and all certificates and instruments, if any, from time
to time representing or evidencing such deposit accounts;
(v) all notes, certificates of deposit, deposit accounts,
checks and other instruments from time to time delivered to or
otherwise possessed by the Collateral Agent for or on behalf of such
Grantor, including, without limitation, those delivered or possessed
in substitution for or in addition to any or all of the then
existing Account Collateral; and
(vi) all interest, dividends, cash, instruments and
other property from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of the then
existing Account Collateral; and
(g) all proceeds of any and all of the Collateral (including,
without limitation, proceeds that constitute property of the types
described in clauses (a) through (f) of this Section 1 and this clause
(g)) and, to the extent not otherwise included, all (i) payments under
insurance (whether or not the Collateral Agent is the loss payee thereof),
or any indemnity, warranty or guaranty, payable by reason of loss or
damage to or otherwise with respect to any of the foregoing Collateral and
(ii) cash.
Section 2. Security for Obligations. This Agreement secures, in the
case of each Grantor, the payment of all Obligations of such Grantor now or
hereafter existing under the Loan Documents, whether direct or indirect,
absolute or contingent, and including, without limitation, any amendments,
amendment and restatements, supplements, modifications, extensions,
substitutions and renewals thereof, and whether for principal, reimbursement
obligations, interest, fees, premiums, penalties, indemnifications, contract
causes of action, costs, expenses or otherwise (all such Obligations being the
"Secured Obligations"). Without limiting the generality of the foregoing, this
Agreement secures, as to each Grantor, the payment of all amounts that
constitute part of the Secured Obligations and would be owed by such Grantor to
any Secured Party under the Loan Documents but for the fact that they are
unenforceable or not allowable due to the existence of a bankruptcy,
reorganization or similar proceeding involving a Loan Party.
Section 3. Grantors Remain Liable. Anything herein to the contrary
notwithstanding, (a) each Grantor shall remain liable under the contracts and
agreements included in such Grantor's Collateral to the extent set forth therein
to perform all of its duties and obligations thereunder to the same extent as if
this Agreement had not been executed, (b) the exercise by the Collateral Agent
of any of the rights hereunder shall not release any Grantor from any of its
duties or obligations under the contracts and agreements included in the
Collateral and (c) no Secured Party shall have any obligation or liability under
the contracts and agreements included in the Collateral by reason of this
Agreement or any other Loan Document, nor shall any Secured Party be obligated
to perform any of the obligations or duties of any Grantor thereunder or to take
any action to collect or enforce any claim for payment assigned hereunder.
Section 4. Delivery and Control of Security Collateral, Account
Collateral or Agreement Collateral. (a) All certificates or instruments
representing or evidencing Security Collateral, Account Collateral or Agreement
Collateral (and, to the extent requested by the Collateral Agent, any other
Collateral) shall be delivered to and held by or on behalf of the Collateral
Agent pursuant hereto and shall be in suitable form for transfer by delivery, or
shall be accompanied by duly executed instruments of transfer or assignment in
blank, all in form and substance satisfactory to the Collateral Agent. The
Collateral Agent shall have the right, at any time when an Event of Default has
occurred and is continuing, upon prior notice to the Grantors, to transfer to or
to register in the name of the Collateral Agent or any of its nominees any or
all of the Security Collateral, subject only to the revocable rights specified
in Section 14(a). In addition, the Collateral Agent shall have the right at any
time to exchange certificates or instruments held by it representing or
evidencing Security Collateral for certificates or instruments of smaller or
larger denominations.
(b) With respect to any Security Collateral in which any Grantor has
any right, title or interest and that constitutes an uncertificated security,
such Grantor will cause the issuer thereof either (i) to register the Collateral
Agent as the registered owner of such security or (ii) to agree in writing with
such Grantor and the Collateral Agent that such issuer will comply with
instructions with respect to such security originated by the Collateral Agent
without further consent of such Grantor, such agreement to be in form and
substance satisfactory to the Collateral Agent, any such action to be taken by
the Collateral Agent only when an Event of Default has occurred and is
continuing.
(c) With respect to any Security Collateral in which any Grantor has
any right, title or interest and that constitutes a security entitlement, such
Grantor will cause the securities intermediary with respect to such security
entitlement either (i) to identify in its records the Collateral Agent as the
entitlement holder of such security entitlement against such securities
intermediary or (ii) to agree in writing with such Grantor and the Collateral
Agent that such securities intermediary will comply with entitlement orders
(that is, notifications communicated to such securities intermediary directing
transfer or redemption of the financial asset to which such Grantor has a
security entitlement) originated by the Collateral Agent without further consent
of such Grantor, such agreement to be in form and substance reasonably
satisfactory to the Collateral Agent (such agreement being a "Securities Account
Control Agreement"), any
such action to be taken by the Collateral Agent only when an Event of Default
has occurred and is continuing.
(d) With respect to any Security Collateral in which any Grantor has
any right, title or interest and that constitutes a securities account, such
Grantor will, comply with subsection (c) of this Section 4 with respect to all
security entitlements credited to such securities account.
Section 5. Maintaining the Pledged Accounts. So long as any Advance
or any other Obligation of any Loan Party under any Loan Document shall remain
unpaid, any Letter of Credit shall be outstanding or any Lender Party shall have
any Commitment under the Credit Agreement, the Borrower will maintain its cash
management concentration account (the "Concentration Account") only with a bank
that has entered into a letter agreement in substantially the form of Exhibit B
hereto or otherwise in form and substance satisfactory to the Collateral Agent
with the Borrower and the Collateral Agent (the "Pledged Account Letter").
Section 6. Maintaining the Collateral Account and the L/C Collateral
Account. So long as any Advance or any other Obligation of any Loan Party under
any Loan Document shall remain unpaid, any Letter of Credit shall be outstanding
or any Lender shall have any Commitment under the Credit Agreement:
(a) The Borrower will maintain the Collateral Account and the L/C
Collateral Account with the Collateral Agent or another commercial bank
acceptable to the Collateral Agent that has entered into a Pledged Account
Letter (the Collateral Agent or bank with which the Collateral Account and
the L/C Collateral Account are maintained being the "Collateral Bank").
(b) It shall be a term and condition of each of the Collateral
Account and the L/C Collateral Account, notwithstanding any term or
condition to the contrary in any other agreement relating to the
Collateral Account or the L/C Collateral Account, as the case may be, and
except as otherwise provided by the provisions of Section 8 and Section
21, that no amount (including interest on Cash Equivalents credited
thereto) will be paid or released to or for the account of, or withdrawn
by or for the account of, the Borrower or any other Person from the
Collateral Account or the L/C Collateral Account, as the case may be.
Section 7. Investing of Amounts in the Collateral Account and the
L/C Collateral Account. The Collateral Agent will, subject to the provisions of
Section 8 and Section 21, from time to time direct the Collateral Bank to (a)
invest amounts received with respect to the Collateral Account and the L/C
Collateral Account in such Cash Equivalents credited to the Collateral Account
and the L/C Collateral Account, respectively, as the Borrower may select and (b)
invest interest paid on the Cash Equivalents referred to in clause (a) above,
and reinvest other proceeds of any such Cash Equivalents that may mature or be
sold, in each case in such Cash Equivalents credited to the Collateral Account
and the L/C Collateral Account, respectively, as the Borrower may select.
Interest and proceeds that are not invested or reinvested in Cash
Equivalents as provided above shall be deposited and held in a deposit account
with the Collateral Bank in the name of the Collateral Agent and under the sole
control and dominion of the Collateral Agent, such deposit account to be deemed
to constitute part of the Collateral Account or the L/C Collateral Account, as
the case may be. In addition, the Collateral Agent shall have the right at any
time to direct the Collateral Bank to exchange such Cash Equivalents for similar
Cash Equivalents of smaller or larger determinations, or for other Cash
Equivalents, credited to the Collateral Account or the L/C Collateral Account,
as the case may be.
Section 8. Release of Amounts. So long as no Event of Default shall
have occurred and be continuing, the Collateral Agent will direct the Collateral
Bank to pay and release to the Borrower or at its order or, at the request of
the Borrower, to the Administrative Agent to be applied to the Obligations of
the Borrower under the Loan Documents, such amount, if any, as is then on
deposit in the Collateral Account or the L/C Collateral Account, as the case may
be, provided, however, that with respect to amounts deposited in the L/C
Collateral Account pursuant to Section 2.06(b), 5.01(j) or 6.02 of the Credit
Agreement, such amounts will be released only to the extent permitted by the
terms of the Credit Agreement.
Section 9. Representations and Warranties. Each Grantor represents
and warrants as follows:
(a) All of the Equipment and Inventory of such Grantor are located
at the places specified therefor in Schedule III hereto, as such Schedule
III may be amended, amended and restated, supplemented or otherwise
modified from time to time pursuant to Section 11(a). The chief place of
business and chief executive office of such Grantor are located at the
address specified therefor in Schedule IV hereto, as such Schedule IV may
be amended, amended and restated, supplemented or otherwise modified from
time to time pursuant to Section 13(a). Such Grantor's federal tax
identification number is set forth opposite such Grantor's name in IV
hereto. All Security Collateral consisting of certificated securities and
instruments have been delivered to the Collateral Agent. None of the
Receivables or Agreement Collateral is evidenced by a promissory note or
other instrument that has not been delivered to the Collateral Agent.
(b) Such Grantor is the legal and beneficial owner of the Collateral
of such Grantor free and clear of any Lien, claim, option or right of
others, except for the security interest created under this Agreement or
Liens permitted by the Credit Agreement. Such Grantor has the trade names
listed on Schedule V hereto.
(c) Such Grantor has exclusive possession and control of
substantially all of the Equipment and Inventory owned by it.
(d) The Pledged Shares pledged by such Grantor hereunder have been
duly authorized and validly issued and are fully paid and non-assessable.
The Pledged Debt pledged by such Grantor hereunder has been duly
authorized, authenticated or issued and delivered, to the best knowledge
of the Grantor is the legal, valid and binding obligation
of the issuers thereof, is evidenced by one or more promissary notes
(which notes have been delivered to the Collateral Agent) and is not in
default.
(e) The Initial Pledged Shares constitute the percentage of the
issued and outstanding shares of stock of the issuers thereof indicated on
Schedule I hereto as of the date hereof. The Initial Pledged Debt
constitutes all of the outstanding indebtedness owed to such Grantor by
the issuers thereof and is outstanding, as of the date hereof, in the
principal amount indicated on Schedule I hereto as of the date hereof.
(f) The Assigned Agreements to which such Grantor is a party, true
and complete copies of which (other than the Hedge Agreements) have been
furnished to each Secured Party, have been duly authorized, executed and
delivered by all parties thereto, have not been amended, amended and
restated, supplemented or otherwise modified, are in full force and effect
and are binding upon and enforceable against all parties thereto in
accordance with their terms. There exists no default under any Assigned
Agreement to which such Grantor is a party by any party thereto. Each
party to the Assigned Agreements listed on Schedule II hereto to which
such Grantor is a party other than the Grantors has executed and delivered
to such Grantor a consent, in substantially the form of Exhibit C hereto
or otherwise in form and substance satisfactory to the Collateral Agent,
to the assignment of the Agreement Collateral to the Collateral Agent
pursuant to this Agreement.
(g) As of the date hereof, such Grantor has no deposit accounts
other than the deposit accounts listed on Schedule VI hereto. In
accordance with its normal business practice, each Grantor deposits or
causes to be deposited all payments received by it to a deposit account,
amounts deposited to which are transferred to the concentration account
(the "Concentration Account") in accordance with the Borrower's normal
business practice.
(h) All filings and other actions necessary or desirable to perfect
and protect the security interest in the Collateral created under this
Agreement have been duly made or taken, and this Agreement creates in
favor of the Collateral Agent for the benefit of the Secured Parties a
valid and, together with such filings and other actions, perfected first
priority security interest in the Collateral of such Grantor, securing the
payment of the Secured Obligations.
(i) No authorization or approval or other action by, and no notice
to or filing with, any governmental authority or regulatory body or any
other third party is required for (i) the grant by such Grantor of the
assignment, pledge and security interest granted hereunder or for the
execution, delivery or performance of this Agreement by such Grantor, (ii)
the perfection or maintenance of the assignment, pledge and security
interest created hereunder (including the first priority nature of such
assignment, pledge or security interest), except for the filing of
financing and continuation statements under the Uniform Commercial Code,
which financing statements have been duly filed and are in full force and
effect, and the actions described in Section 4 with respect to Security
Collateral, which actions have been taken and are in full force and
effect, or (iii) for the exercise by the Collateral Agent of its voting or
other rights provided for in this Agreement or the remedies in respect of
the Collateral pursuant to this Agreement, except as may be required in
connection with the disposition of any portion of the Security Collateral
by laws affecting the offering and sale of securities generally.
Section 10. Further Assurances. (a) Each Grantor agrees that from
time to time, at the expense of such Grantor, such Grantor will promptly execute
and deliver all further instruments and documents, and take all further action,
that may be necessary or desirable, or that the Collateral Agent may request, in
order to perfect and protect any pledge, assignment or security interest granted
or purported to be granted hereby or to enable the Collateral Agent to exercise
and enforce its rights and remedies hereunder with respect to any Collateral.
Without limiting the generality of the foregoing, each Grantor will promptly:
(i) at the request of the Collateral Agent, xxxx conspicuously each document
included in the Inventory, each chattel paper included in the Receivables, each
Related Contract, each Assigned Agreement and each of its records pertaining to
the Collateral with a legend, in form and substance satisfactory to the
Collateral Agent, indicating that such document, chattel paper, Related
Contract, Assigned Agreement or Collateral is subject to the security interest
granted hereby; (ii) if any Collateral shall be evidenced by a promissory note
or other instrument or chattel paper in repsect of an amount of $100,000 or
more, deliver and pledge to the Collateral Agent hereunder such note or
instrument or chattel paper duly indorsed and accompanied by duly executed
instruments of transfer or assignment, all in form and substance satisfactory to
the Collateral Agent; (iii) execute and file such financing or continuation
statements, or amendments thereto, and such other instruments or notices, as may
be necessary or desirable, or as the Collateral Agent may request, in order to
perfect and preserve the security interest granted or purported to be granted
hereunder ; (iv) deliver and pledge to the Collateral Agent for benefit of the
Secured Parties certificates representing the Pledged Shares accompanied by
undated stock powers executed in blank; and (v) deliver to the Collateral Agent
evidence that all other action that the Collateral Agent may deem reasonably
necessary or desirable in order to perfect and protect the security interest
created under this Agreement has been taken.
(b) Each Grantor hereby authorizes the Collateral Agent to file one
or more financing or continuation statements, and amendments thereto, relating
to all or any part of the Collateral without the signature of such Grantor where
permitted by law. A photocopy or other reproduction of this Agreement or any
financing statement covering the Collateral or any part thereof shall be
sufficient as a financing statement where permitted by law.
(c) Each Grantor will furnish to the Collateral Agent from time to
time statements and schedules further identifying and describing the Collateral
and such other reports in connection with the Collateral as the Collateral Agent
may reasonably request, all in reasonable detail.
Section 11. As to Equipment and Inventory. (a) Each Grantor will
keep the Equipment and Inventory of such Grantor (other than Inventory sold in
the ordinary course of business) at the places therefor specified in Section
9(a) or, upon 30 days' prior written notice to
the Collateral Agent, at such other places in a jurisdiction where all action
required by Section 10 shall have been taken with respect to such Equipment and
Inventory (and, upon the taking of such action in such jurisdiction, Schedule
III hereto shall be automatically amended to include such other places).
(b) Each Grantor will cause the Equipment of such Grantor to be
maintained and preserved in the same condition, repair and working order as when
new, ordinary wear and tear excepted, and in accordance with any manufacturer's
manual, and will forthwith, or in the case of any loss or damage to any of such
Equipment as soon as practicable after the occurrence thereof, make or cause to
be made all repairs, replacements and other improvements in connection therewith
that are necessary or desirable to such end. Each Grantor will promptly furnish
to the Collateral Agent a statement respecting any loss or damage exceeding
$500,000 to any of the Equipment or Inventory of such Grantor.
(c) Each Grantor will pay promptly when due all property and other
taxes, assessments and governmental charges or levies imposed upon, and all
claims (including, without limitation, claims for labor, materials and supplies)
against, the Equipment and Inventory of such Grantor. In producing the
Inventory, each Grantor will comply in all material respects with all
requirements of applicable law, including, without limitation, the Fair Labor
Standards Act.
Section 12. Insurance. (a) Each Grantor will, at its own expense,
maintain insurance with respect to the Equipment and Inventory of such Grantor
in such amounts, against such risks, in such form and with such insurers, as
shall be in accordance with industry practice and reasonably satisfactory to the
Collateral Agent from time to time. Each policy for liability insurance shall
provide for all losses to be paid on behalf of the Collateral Agent and such
Grantor as their interests may appear, and each policy for property damage
insurance shall provide for all losses (except for losses of less than $500,000
per occurrence) to be paid directly to the Collateral Agent. Each such policy
shall in addition, to the extent reasonably available (i) name such Grantor and
the Collateral Agent as insured parties thereunder (without any representation
or warranty by or obligation upon the Collateral Agent) as their interests may
appear, (ii) contain the agreement by the insurer that any loss thereunder in
excess of $500,000 shall be payable to the Collateral Agent notwithstanding any
action, inaction or breach of representation or warranty by such Grantor, (iii)
provide that there shall be no recourse against the Collateral Agent for payment
of premiums or other amounts with respect thereto and (iv) provide that at least
10 days' prior written notice of cancellation or of lapse shall be given to the
Collateral Agent by the insurer. Each Grantor will, if so requested by the
Collateral Agent, deliver to the Collateral Agent original or duplicate policies
of such insurance and, as requested by the Collateral Agent (but not more than
once a year), a report of a reputable insurance broker with respect to such
insurance. Further, each Grantor will, at the request of the Collateral Agent,
duly execute and deliver instruments of assignment of such insurance policies to
comply with the requirements of Section 10 and cause the insurers to acknowledge
notice of such assignment.
(b) Reimbursement under any liability insurance maintained by any
Grantor pursuant to this Section 12 may be paid directly to the Person who shall
have incurred liability
covered by such insurance. In case of any loss involving damage to Equipment or
Inventory when subsection (c) of this Section 12 is not applicable, the
applicable Grantor will make or cause to be made the necessary repairs to or
replacements of such Equipment or Inventory, and any proceeds of insurance
properly received by or released to such Grantor shall be used by such Grantor,
except as otherwise required hereunder or by the Credit Agreement, to pay or as
reimbursement for the costs of such repairs or replacements.
(c) So long as no Event of Default shall have occurred and be
continuing, all insurance payments received by the Collateral Agent in
connection with any loss, damage or destruction of any Inventory or Equipment
will be released by the Collateral Agent to the applicable Grantor for the
repair, replacement or restoration thereof, subject to such terms and conditions
with respect to the release thereof as the Collateral Agent may reasonably
require.
Section 13. Place of Perfection; Records; Collection of Receivables.
(a) Each Grantor will keep its chief place of business and chief executive
office at the location therefor specified in Section 9(a) or, upon 30 days'
prior written notice to the Collateral Agent, at such other location in a
jurisdiction where all actions required by Section 10 shall have been taken with
respect to the Collateral (and, upon the taking of such action in such
jurisdiction, Schedule IV hereto shall be automatically amended to include such
other location). Each Grantor will hold and preserve its records relating to the
Collateral, the Assigned Agreements, the Related Contracts and chattel paper and
will permit representatives of the Collateral Agent at any time during normal
business hours to inspect and make abstracts from such records and other
documents. No Grantor will change or add any securities intermediary that
maintains any securities account in which any of the Collateral is credited or
carried, or change or add any such securities account, in each case without
first complying with the provisions of Section 4 in order to perfect the
security interest granted hereunder in such Collateral.
(b) Except as otherwise provided in this subsection (b), each
Grantor will continue to collect, at its own expense, all amounts due or to
become due such Grantor under the Receivables and the Related Contracts. In
connection with such collections, such Grantor may take (and, at the Collateral
Agent's direction, will take) such action as such Grantor or the Collateral
Agent may deem necessary or advisable to enforce collection of the Receivables
and the Related Contracts; provided, however, that the Collateral Agent shall
have the right at any time, upon the occurrence and during the continuance of an
Event of Default and upon written notice to such Grantor of its intention to do
so, to notify the Obligors under any Receivables or Related Contracts of the
assignment of such Receivables or Related Contracts to the Collateral Agent and
to direct such Obligors to make payment of all amounts due or to become due to
such Grantor thereunder directly to the Collateral Agent and, upon such
notification and at the expense of such Grantor, to enforce collection of any
such Receivables or Related Contracts, and to adjust, settle or compromise the
amount or payment thereof, in the same manner and to the same extent as such
Grantor might have done. After receipt by any Grantor of the notice from the
Collateral Agent referred to in the proviso to the preceding sentence, (i) all
amounts and proceeds (including instruments) received by such Grantor in respect
of the Receivables and the Related Contracts shall be received in trust for the
benefit of the Collateral Agent hereunder, shall be segregated from other funds
of such Grantor and shall be forthwith paid over to the Collateral
Agent in the same form as so received (with any necessary indorsement) to be
deposited in the Collateral Account and either (A) released to such Grantor on
the terms set forth in Section 8 so long as no Event of Default shall have
occurred and be continuing or (B) if any Event of Default shall have occurred
and be continuing, applied as provided in Section 21(b) and (ii) such Grantor
will not adjust, settle or compromise the amount or payment of any Receivable,
release wholly or partly any Obligor thereof, or allow any credit or discount
thereon. No Grantor will permit or consent to the subordination of its right to
payment under any of the Receivables or the Related Contracts to any other
indebtedness or obligations of the Obligor thereof.
Section 14. Voting Rights; Dividends; Etc. (a) So long as no Event
of Default shall have occurred and be continuing:
(i) Each Grantor shall be entitled to exercise any and all voting
and other consensual rights pertaining to the Security Collateral of such
Grantor or any part thereof for any purpose; provided however, that such
Grantor will not exercise or refrain from exercising any such right if
such action would have a material adverse effect on the value of the
Security Collateral or any part thereof.
(ii) Each Grantor shall be entitled to receive and retain any and
all dividends, interest and other distributions paid in respect of the
Security Collateral of such Grantor if and to the extent that the payment
thereof is not otherwise prohibited by the terms of the Loan Documents;
provided, however, that any and all
(A) dividends, interest and other distributions paid or
payable other than in cash in respect of, and instruments and other
property received, receivable or otherwise distributed in respect
of, or in exchange for, any Security Collateral,
(B) dividends and other distributions paid or payable in
cash in respect of any Security Collateral in connection with a
partial or total liquidation or dissolution or in connection with a
reduction of capital, capital surplus or paid-in-surplus and
(C) cash paid, payable or otherwise distributed in
respect of principal of, or in redemption of, or in exchange for,
any Security Collateral
shall be, and shall be forthwith delivered to the Collateral Agent to hold
as, Security Collateral and shall, if received by such Grantor, be
received in trust for the benefit of the Collateral Agent, be segregated
from the other property or funds of such Grantor and be forthwith
delivered to the Collateral Agent as Security Collateral in the same form
as so received (with any necessary indorsement).
(iii) The Collateral Agent will execute and deliver (or cause to be
executed and delivered) to each Grantor all such proxies and other
instruments as such Grantor may reasonably request for the purpose of
enabling such Grantor to exercise the voting and
other rights that it is entitled to exercise pursuant to paragraph (i)
above and to receive the dividends or interest payments that it is
authorized to receive and retain pursuant to paragraph (ii) above.
(b) Upon the occurrence and during the continuance of an Event of
Default]:
(i) All rights of each Grantor (x) to exercise or refrain from
exercising the voting and other consensual rights that it would otherwise
be entitled to exercise pursuant to Section 14(a)(i) shall, upon notice to
such Grantor by the Collateral Agent, cease and (y) to receive the
dividends, interest and other distributions that it would otherwise be
authorized to receive and retain pursuant to Section 14(a)(ii) shall
automatically cease, and all such rights shall thereupon become vested in
the Collateral Agent, which shall thereupon have the sole right to
exercise or refrain from exercising such voting and other consensual
rights and to receive and hold as Security Collateral such dividends,
interest and other distributions.
(ii) All dividends, interest and other distributions that are
received by any Grantor contrary to the provisions of paragraph (i) of
this Section 14(b) shall be received in trust for the benefit of the
Collateral Agent, shall be segregated from other funds of such Grantor and
shall be forthwith paid over to the Collateral Agent as Security
Collateral in the same form as so received (with any necessary
indorsement).
(iii) The Collateral Agent shall be authorized to send to each
Securities Intermediary as defined in and under any Control Agreement a
Notice of Exclusive Control as defined in and under such Control
Agreement.
Section 15. As to the Assigned Agreements. (a) Each Grantor will at
its expense:
(i) perform and observe all terms and provisions of the Assigned
Agreements to be performed or observed by it, maintain the Assigned
Agreements to which it is a party in full force and effect, enforce the
Assigned Agreements to which it is a party in accordance with the terms
thereof and take all such action to such end as may be requested from time
to time by the Collateral Agent; and
(ii) furnish to the Collateral Agent promptly upon receipt thereof
copies of all notices, requests and other documents received by such
Grantor under or pursuant to the Assigned Agreements to which it is a
party, and from time to time (A) furnish to the Collateral Agent such
information and reports regarding the Assigned Agreements and such other
Collateral of such Grantor as the Collateral Agent may reasonably request
and (B) upon request of the Collateral Agent make to each other party to
any Assigned Agreement to which it is a party such demands and requests
for information and reports or for action as such Grantor is entitled to
make thereunder.
(b) Each Grantor agrees that it will not, except to the extent
otherwise permitted under the Credit Agreement:
(i) cancel or terminate any Assigned Agreement to which it is a
party or consent to or accept any cancellation or termination thereof;
(ii) amend, amend and restate, supplement or otherwise modify any
such Assigned Agreement or give any consent, waiver or approval
thereunder;
(iii) waive any default under or breach of any such Assigned
Agreement;
(iv) consent to or permit or accept any prepayment of amounts to
become due under or in connection with any Assigned Agreement, except as
expressly provided therein; or
(v) take any other action in connection with any such Assigned
Agreement that would impair the value of the interests or rights of such
Grantor thereunder or that would impair the interests or rights of any
Secured Party.
(c) Each Grantor hereby consents on its behalf and on behalf of its
Subsidiaries to the assignment and pledge to the Collateral Agent for benefit of
the Secured Parties of each Assigned Agreement to which it is a party by any
other Grantor hereunder.
Section 16. Payments Under the Assigned Agreements. (a) Each Grantor
agrees, and has effectively so instructed each other party to each Assigned
Agreement to which it is a party, that all payments due or to become due under
or in connection with such Assigned Agreement will be made directly to the
Collateral Account.
(b) All moneys received or collected pursuant to subsection (a)
above shall be (i) released to the applicable Grantor on the terms set forth in
Section 8 so long as no Event of Default shall have occurred and be continuing
or (ii) if any Event of Default shall have occurred and be continuing, applied
as provided in Section 21(b).
Section 17. Transfers and Other Liens; Additional Shares. (a) Each
Grantor agrees that it will not (i) sell, assign or otherwise dispose of, or
grant any option with respect to, any of the Collateral, other than sales,
assignments and other dispositions of Collateral, and options relating to
Collateral, permitted under the terms of the Credit Agreement, or (ii) create or
suffer to exist any Lien upon or with respect to any of the Collateral of such
Grantor except for the pledge, assignment and security interest created under
this Agreement.
(b) Each Grantor agrees that it will (i) cause each issuer of the
Pledged Shares pledged by such Grantor not to issue any stock or other
securities in addition to or in substitution for the Pledged Shares issued by
such issuer, except to such Grantor, and (ii) pledge hereunder, immediately upon
its acquisition (directly or indirectly) thereof, any and all additional shares
of stock or other securities.
Section 18. Collateral Agent Appointed Attorney-in-Fact. Each
Grantor hereby irrevocably appoints the Collateral Agent such Grantor's
attorney-in-fact, with full authority in the place and stead of such Grantor and
in the name of such Grantor or otherwise, from time to time in the Collateral
Agent's discretion, to take any action and to execute any instrument that the
Collateral Agent may deem necessary or advisable to accomplish the purposes of
this Agreement, including, without limitation:
(a) to obtain and adjust insurance required to be paid to the
Collateral Agent pursuant to Section 12,
(b) to ask for, demand, collect, xxx for, recover, compromise,
receive and give acquittance and receipts for moneys due and to become due
under or in respect of any of the Collateral,
(c) to receive, indorse and collect any drafts or other instruments,
documents and chattel paper, in connection with clause (a) or (b) above,
and
(d) to file any claims or take any action or institute any
proceedings that the Collateral Agent may deem necessary or desirable for
the collection of any of the Collateral or otherwise to enforce compliance
with the terms and conditions of any Assigned Agreement or the rights of
the Collateral Agent with respect to any of the Collateral.
Section 19. Collateral Agent May Perform. If any Grantor fails to
perform any agreement contained herein, the Collateral Agent may, but without
any obligation to do so and without notice, itself perform, or cause performance
of, such agreement, and the expenses of the Collateral Agent incurred in
connection therewith shall be payable by such Grantor under Section 22(b).
Section 20. The Collateral Agent's Duties. The powers conferred on
the Collateral Agent hereunder are solely to protect the Secured Parties'
interest in the Collateral and shall not impose any duty upon it to exercise any
such powers. Except for the safe custody of any Collateral in its possession and
the accounting for moneys actually received by it hereunder, the Collateral
Agent shall have no duty as to any Collateral, as to ascertaining or taking
action with respect to calls, conversions, exchanges, maturities, tenders or
other matters relative to any Collateral, whether or not any Secured Party has
or is deemed to have knowledge of such matters, or as to the taking of any
necessary steps to preserve rights against any parties or any other rights
pertaining to any Collateral. The Collateral Agent shall be deemed to have
exercised reasonable care in the custody and preservation of any Collateral in
its possession if such Collateral is accorded treatment substantially equal to
that which it accords its own property. Anything contained herein to the
contrary notwithstanding, the Collateral Agent may from time to time when the
Collateral Agent deems it to be necessary appoint one or more subagents (each a
"Subagent") for the Collateral Agent hereunder with respect to all or any part
of the Collateral. In the event that the Collateral Agent so appoints any
Subagent with respect to any Collateral, (1) the assignment and pledge of such
Collateral and the security interest granted in such Collateral
by each Grantor hereunder shall be deemed for purposes of this Security
Agreement to have been made to such Subagent for the ratable benefit of the
Secured Parties, as security for the Secured Obligations of such Grantor, (2)
such Subagent shall automatically be vested with all rights, powers, privileges,
interests and remedies of the Collateral Agent hereunder with respect to such
Collateral, and (3) the term "Collateral Agent," when used herein in relation to
any rights, powers, privileges, interests and remedies of the Collateral Agent
with respect to such Collateral, shall include such Subagent; provided, however,
that no such Subagent shall be authorized to take any action with respect to any
such Collateral unless and except to the extent expressly authorized in writing
by the Collateral Agent.
Section 21. Remedies. If any Event of Default shall have occurred
and be continuing:
(a) The Collateral Agent may exercise in respect of the Collateral,
in addition to other rights and remedies provided for herein or otherwise
available to it, all the rights and remedies of a secured party upon
default under the N.Y. Uniform Commercial Code (whether or not the N.Y.
Uniform Commercial Code applies to the affected Collateral) and also may:
(i) require each Grantor to, and each Grantor hereby agrees that it will
at its expense and upon request of the Collateral Agent forthwith,
assemble all or part of the Collateral as directed by the Collateral Agent
and make it available to the Collateral Agent at a place and time to be
designated by the Collateral Agent that is reasonably convenient to both
parties; (ii) without notice except as specified below, sell the
Collateral or any part thereof in one or more parcels at public or private
sale, at any of the Collateral Agent's offices or elsewhere, for cash, on
credit or for future delivery, and upon such other terms as the Collateral
Agent may deem commercially reasonable; (iii) occupy any premises owned or
leased by any of the Grantors where the Collateral or any part thereof is
assembled or located for a reasonable period in order to effectuate its
rights and remedies hereunder or under law, without obligation to such
Grantor in respect of such occupation; and (iv) exercise any and all
rights and remedies of any of the Grantors under or in connection with the
Assigned Agreements, the Receivables and the Related Contracts or
otherwise in respect of the Collateral, including, without limitation, any
and all rights of such Grantor to demand or otherwise require payment of
any amount under, or performance of any provision of, the Assigned
Agreements, the Receivables and the Related Contracts. Each Grantor agrees
that, to the extent notice of sale shall be required by law, at least ten
days' notice to such Grantor of the time and place of any public sale or
the time after which any private sale is to be made shall constitute
reasonable notification. The Collateral Agent shall not be obligated to
make any sale of Collateral regardless of notice of sale having been
given. The Collateral Agent may adjourn any public or private sale from
time to time by announcement at the time and place fixed therefor, and
such sale may, without further notice, be made at the time and place to
which it was so adjourned.
(b) Any cash held by or on behalf of the Collateral Agent and all
cash proceeds received by or on behalf of the Collateral Agent in respect
of any sale of, collection from, or other realization upon all or any part
of the Collateral may, in the
discretion of the Collateral Agent, be held by the Collateral Agent as
collateral for, and/or then or at any time thereafter applied (after
payment of any amounts payable to the Collateral Agent pursuant to Section
22) in whole or in part by the Collateral Agent for the ratable benefit of
the Secured Parties against, all or any part of the Secured Obligations in
such order as the Collateral Agent shall elect or as otherwise permitted
or required by the Credit Agreement. Any surplus of such cash or cash
proceeds held by or on the behalf of the Collateral Agent and remaining
after payment in full of all the Secured Obligations shall be paid over to
the applicable Grantor or to whomsoever may be lawfully entitled to
receive such surplus.
(c) All payments received by any Grantor under or in connection with
any Assigned Agreement or otherwise in respect of the Collateral shall be
received in trust for the benefit of the Collateral Agent, shall be
segregated from other funds of such Grantor and shall be forthwith paid
over to the Collateral Agent in the same form as so received (with any
necessary indorsement).
(d) The Collateral Agent may, without notice to any Grantor except
as required by law and at any time or from time to time, charge, set-off
and otherwise apply all or any part of the Secured Obligations against any
funds held in any deposit account that constitutes part of, or is
otherwise related to, the Collateral Account or the L/C Collateral
Account.
Section 22. Indemnity and Expenses. (a) Each Grantor agrees to
indemnify, defend and save and hold harmless each Secured Party and each of
their Affiliates and their respective officers, directors, employees, agents and
advisors (each, an "Indemnified Party") from and against, and shall pay on
demand, any and all claims, damages, losses, liabilities and expenses
(including, without limitation, reasonable fees and expenses of counsel) that
may be incurred by or asserted or awarded against any Indemnified Party, in each
case arising out of or in connection with or resulting from this Agreement
(including, without limitation, enforcement of this Agreement), except to the
extent such claim, damage, loss, liability or expense is found in a final,
non-appealable judgment by a court of competent jurisdiction to have resulted
from such Indemnified Party's gross negligence or willful misconduct.
(b) Each Grantor will upon demand pay to the Collateral Agent the
amount of any and all reasonable expenses, including, without limitation, the
reasonable fees and expenses of its counsel and of any experts and agents, that
the Collateral Agent may incur in connection with (i) the administration of this
Agreement, (ii) the custody, preservation, use or operation of, or the sale of,
collection from or other realization upon, any of the Collateral of such
Grantor, (iii) the exercise or enforcement of any of the rights of the
Collateral Agent or the other Secured Parties hereunder or (iv) the failure by
such Grantor to perform or observe any of the provisions hereof.
Section 23. Amendments; Waivers; Additional Grantors; Etc. (a) No
amendment or waiver of any provision of this Agreement, and no consent to any
departure by any Grantor herefrom, shall in any event be effective unless the
same shall be in writing and signed
by the Collateral Agent, and then such waiver or consent shall be effective only
in the specific instance and for the specific purpose for which given. No
failure on the part of the Collateral Agent or any other Secured Party to
exercise, and no delay in exercising any right hereunder, shall operate as a
waiver thereof; nor shall any single or partial exercise of any such right
preclude any other or further exercise thereof or the exercise of any other
right.
(b) Upon the execution and delivery by any Person of a security
agreement supplement in substantially the form of Exhibit A hereto (each a
"Security Agreement Supplement"), (i) such Person shall be referred to as an
"Additional Grantor" and shall be and become a Grantor and each reference in
this Agreement and the other Loan Documents to "Grantor" shall also mean and be
a reference to such Additional Grantor, and (ii) the annexes attached to each
Security Agreement Supplement shall be incorporated into and become a part of
and supplement Schedules I, II, III, IV, V, and VI hereto, and the Collateral
Agent may attach such annexes as supplements to such Schedules; and each
reference to such Schedules shall mean and be a reference to such Schedules as
supplemented pursuant hereto.
Section 24. Notices; Etc. All notices and other communications
provided for hereunder shall be in writing (including telegraphic, telecopier or
telex communication) and mailed, telegraphed, telecopied, telexed or delivered
to, in the case of the Borrower or the Collateral Agent, addressed to it at its
address specified in the Credit Agreement and, in the case of each Grantor other
than the Borrower, addressed to it at its address set forth opposite such
Grantor's name on Schedule III or on the signature page to the Security
Agreement Supplement pursuant to which it became a party hereto; or, as to any
party, at such other address as shall be designated by such party in a written
notice to the other parties. All such notices and other communications shall,
when mailed, telegraphed, telecopied or telexed, be effective when deposited in
the mails, delivered to the telegraph company, telecopied or confirmed by telex
answerback, respectively, addressed as aforesaid; except that notices and other
communications to the Collateral Agent shall not be effective until received by
the Collateral Agent. Delivery by telecopier of an executed counterpart of any
amendment or waiver of any provision of this Agreement or of any Security
Agreement Supplement or Schedule hereto shall be effective as delivery of an
original executed counterpart thereof.
Section 25. Continuing Security Interest; Assignments under the
Credit Agreement. This Agreement shall create a continuing security interest in
the Collateral and shall (a) remain in full force and effect until the latest of
(i) the payment in full in cash of the Secured Obligations, (ii) the Termination
Date and (iii) the termination or expiration of all Secured Hedge Agreements,
(b) be binding upon each Grantor, its successors and assigns and (c) inure,
together with the rights and remedies of the Collateral Agent hereunder, to the
benefit of the Secured Parties and their respective successors, transferees and
assigns. Without limiting the generality of the foregoing clause (c), any Lender
Party may assign or otherwise transfer all or any portion of its rights and
obligations under the Credit Agreement (including, without limitation, all or
any portion of its Commitments, the Advances owing to it and the Note or Notes,
if any, held by it) to any other Person, and such other Person shall thereupon
become vested with all the benefits in respect thereof granted to such Lender
Party herein or otherwise, in each case as provided in Section 9.07 of the
Credit Agreement.
Section 26. Release; Termination. (a) Upon any sale, lease, transfer
or other disposition of any item of Collateral of any Grantor in accordance with
the terms of the Loan Documents (other than sales of Inventory in the ordinary
course of business), the Collateral Agent will, at such Grantor's expense,
execute and deliver to such Grantor such documents as such Grantor shall
reasonably request to evidence the release of such item of Collateral from the
assignment and security interest granted hereby; provided, however, that (i) at
the time of such request and such release no Event of Default shall have
occurred and be continuing, (ii) such Grantor shall have delivered to the
Collateral Agent, at least five Business Days prior to the date of the proposed
release, a written request for release describing the item of Collateral and the
terms of the sale, lease, transfer or other disposition in reasonable detail,
including, without limitation, the price thereof and any expenses in connection
therewith, together with a form of release for execution by the Collateral Agent
and a certificate of such Grantor to the effect that the transaction is in
compliance with the Loan Documents and as to such other matters as the
Collateral Agent may request and (iii) the proceeds of any such sale, lease,
transfer or other disposition required to be applied, or any payment to be made
in connection therewith, in accordance with Section 2.06 of the Credit Agreement
shall, to the extent so required, be paid or made to, or in accordance with the
instructions of, the Collateral Agent when and as required under Section 2.06 of
the Credit Agreement.
(b) Upon the latest of (i) the payment in full in cash of the
Secured Obligations and (ii) the Termination Date, the pledge, assignment and
security interest granted hereby shall terminate and all rights to the
Collateral shall revert to the applicable Grantor. Upon any such termination,
the Collateral Agent will, at the applicable Grantor's expense, execute and
deliver to such Grantor such documents as such Grantor shall reasonably request
to evidence such termination.
Section 27. Security Interest Absolute. The obligations of each
Grantor under this Agreement are independent of the Secured Obligations or any
other Obligations of any other Loan Party under or in respect of the Loan
Documents, and a separate action or actions may be brought and prosecuted
against each Grantor to enforce this Agreement, irrespective of whether any
action is brought against such Grantor or any other Loan Party or whether such
Grantor or any other Loan Party is joined in any such action or actions. All
rights of the Collateral Agent and the other Secured Parties and the pledge,
assignment and security interest hereunder, and all obligations of each Grantor
hereunder, shall be irrevocable, absolute and unconditional irrespective of, and
each Grantor hereby irrevocably waives (to the maximum extent permitted by
applicable law) any defenses it may now have or may hereafter acquire in any way
relating to, any or all of the following:
(a) any lack of validity or enforceability of any Loan Document or
any other agreement or instrument relating thereto;
(b) any change in the time, manner or place of payment of, or in any
other term of, all or any of the Secured Obligations or any other
Obligations of any other Loan Party under or in respect of the Loan
Documents or any other amendment or waiver of or
any consent to any departure from any Loan Document, including, without
limitation, any increase in the Secured Obligations resulting from the
extension of additional credit to any Loan Party or any of its
Subsidiaries or otherwise;
(c) any taking, exchange, release or non-perfection of any
Collateral or any other collateral, or any taking, release or amendment or
waiver of or consent to departure from any guaranty, for all or any of the
Secured Obligations;
(d) any manner of application of Collateral or any other collateral,
or proceeds thereof, to all or any of the Secured Obligations, or any
manner of sale or other disposition of any Collateral or any other
collateral for all or any of the Secured Obligations or any other
Obligations of any other Loan Party under or in respect of the Loan
Documents or any other assets of any Loan Party or any of its
Subsidiaries;
(e) any change, restructuring or termination of the corporate
structure or existence of any Loan Party or any of its Subsidiaries;
(f) any failure of any Secured Party to disclose to any Loan Party
any information relating to the business, condition (financial or
otherwise), operations, performance, assets, nature of assets, liabilities
or prospects of any other Loan Party now or hereafter known to such
Secured Party (each Grantor waiving any duty on the part of the Secured
Parties to disclose such information);
(g) the failure of any other Person to execute this Agreement or any
other Collateral Document, guaranty or agreement or the release or
reduction of liability of any Grantor or other grantor or surety with
respect to the Secured Obligations; or
(h) any other circumstance (including, without limitation, any
statute of limitations) or any existence of or reliance on any
representation by any Secured Party that might otherwise constitute a
defense available to, or a discharge of, such Grantor or any other Grantor
or a third party grantor of a security interest.
This Agreement shall continue to be effective or be reinstated, as the case may
be, if at any time any payment of any of the Secured Obligations is rescinded or
must otherwise be returned by any Secured Party or by any other Person upon the
insolvency, bankruptcy or reorganization of any Loan Party or otherwise, all as
though such payment had not been made.
Section 28. Execution in Counterparts. This Agreement may be
executed in any number of counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one
and the same agreement. Delivery of an executed counterpart of a signature page
to this Agreement by telecopier shall be effective as delivery of an original
executed counterpart of this Agreement.
Section 29. The Mortgages. In the event that any of the Collateral
hereunder is also subject to a valid and enforceable Lien under the terms of any
Mortgage and the terms of such Mortgage are inconsistent with the terms of this
Agreement, then with respect to such
Collateral, the terms of such Mortgage shall be controlling in the case of
fixtures and real estate leases, letting and licenses of, and contracts and
agreements relating to the lease of, real property, and the terms of this
Agreement shall be controlling in the case of all other Collateral.
Section 30. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York.
IN WITNESS WHEREOF, each Grantor has caused this Agreement to be
duly executed and delivered by its officer thereunto duly authorized as of the
date first above written.
LODGIAN FINANCING CORP.
By /s/ Xxxxxx X. Xxxxxxxx
-------------------------------------
Title:
LODGIAN, INC.
By /s/ Xxxxxx X. Xxxxxxxx
----------------------------
Title:
SERVICO, INC.
By /s/ Xxxxxx X. Xxxxxxxx
----------------------------
Title:
IMPAC HOTEL GROUP, LLC
By /s/ Xxxxxx X. Xxxxxxxx
----------------------------
Title:
SHEFFIELD MOTEL ENTERPRISES,
INC.
DOTHAN HOSPITALITY 3053, INC.
DOTHAN HOSPITALITY 3071, INC.
GADSDEN HOSPITALITY, INC.
LODGIAN ANAHEIM INC.
LODGIAN ONTARIO INC.
SERVICO PENSACOLA, INC.
SERVICO PENSACOLA 7200, INC.
SERVICO PENSACOLA 7330, INC.
SERVICO FT. XXXXXX, INC.
AMI OPERATING PARTNERS, L.P.
SERVICO CENTRE ASSOCIATES, LTD.
SERVICO WEST PALM BEACH, INC.
SERVICO WINTER HAVEN, INC.
ALBANY HOTEL, INC.
SERVICO NORTHWOODS, INC.
BRUNSWICK MOTEL ENTERPRISES,
INC.
LITTLE ROCK LODGING ASSOCIATES
I, L.P.
ATLANTA HILLSBORO LODGING, LLC
LODGIAN RICHMOND, L.L.C.
SERVICO ROLLING XXXXXXX, INC.
SERVICO CEDAR RAPIDS, INC.
SERVICO METAIRIE, INC.
SERVICO COLUMBIA, INC.
SERVICO COLESVILLE, INC.
SERVICO MARYLAND, INC.
NH MOTEL ENTERPRISES, INC.
MINNEAPOLIS MOTEL ENTERPRISES,
INC.
SERVICO ROSEVILLE, INC.
LODGIAN MOUNT LAUREL, INC.
SERVICO JAMESTOWN, INC.
SERVICO NEW YORK, INC.
SERVICO NIAGARA FALLS, INC.
SERVICO GRAND ISLAND, INC.
FAYETTEVILLE MOTEL
ENTERPRISES, INC.
APICO INNS OF GREEN TREE, INC.
APICO HILLS, INC.
SERVICO HILTON HEAD, INC.
SERVICO AUSTIN, INC.
SERVICO MARKET CENTER, INC.
SERVICO HOUSTON, INC.
By: /s/ Xxxxxx X. Xxxxxxxx
----------------------------
Title:
Schedule I to the
Security Agreement
PLEDGED SHARES AND PLEDGED DEBT
See Attached.
Schedule 1 to Security Agreement
PLEDGED SHARES AND PLEDGED DEBT
PART I
----------------------------------------------------------------------------------------------------------------------------
Grantor Name of Issuer State of Class of Par Shares
Organization Stock Value Authorized
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SHEFFIELD MOTEL ENTERPRISES, INC. Alabama Common None 50
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. DOTHAN HOSPITALITY 3053, INC. Alabama Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. DOTHAN HOSPITALITY 3071, INC. Alabama Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. GADSDEN HOSPITALITY, INC. Alabama Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. LODGIAN ANAHEIM INC. California Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. LODGIAN ONTARIO INC. California Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. AMIOP ACQUISITION CORP., as general Delaware Common $0.01 1,000
partner of AMI Operating Partners,
L.P., a Delaware limited partnership.
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. AMI Operating Partners, L.P. Delaware
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERVICO PENSACOLA, INC. Delaware Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERVICO PENSACOLA 7200, INC. Delaware Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERVICO PENSACOLA 7330, INC. Delaware Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERVICO FT. XXXXXX, INC. Delaware Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. PALM BEACH MOTEL ENTERPRISES, INC. Florida Common None 60
as general partner of Servico Centre
Associates, Ltd., a Florida limited
partnership.
----------------------------------------------------------------------------------------------------------------------------
SERVICO CENTRE ASSOCIATES, LTD. Florida
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERVICO WEST PALM BEACH, INC. Florida Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERVICO WINTER HAVEN, INC. Florida Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. ALBANY HOTEL, INC. Florida Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERVICO NORTHWOODS, INC. Florida Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERVICO WINDSOR, INC. Florida Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. BRUNSWICK MOTEL ENTERPRISES, INC. Georgia Common None 200
----------------------------------------------------------------------------------------------------------------------------
IMPAC HOTEL GROUP, LLC Georgia
----------------------------------------------------------------------------------------------------------------------------
IMPAC HOTELS I, LLC Georgia
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. IMPAC SPE #3, Inc., as sole general Georgia Common $0.01 100
partner of Little Rock Lodging
Associates I, L.P., a Georgia limited
partnership.
----------------------------------------------------------------------------------------------------------------------------
LITTLE ROCK LODGING ASSOCIATES I, L.P. Georgia
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. LODGIAN ATLANTA HILLSBORO Lodging, L.L.C. Georgia
----------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Grantor Name of Issuer Stock Certificate Number % of
Number of Shares Outstanding
Shares
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SHEFFIELD MOTEL ENTERPRISES, INC. Certificate No. 4 50 100%
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. DOTHAN HOSPITALITY 3053, INC. Certificate No. 3 1,000 100%
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. DOTHAN HOSPITALITY 3071, INC. Certificate No. 3 1,000 100%
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. GADSDEN HOSPITALITY, INC. Certificate No. 3 1,000 100%
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. LODGIAN ANAHEIM INC. Certificate No. 2 1,000 100%
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. LODGIAN ONTARIO INC. Certificate No. 2 1,000 100%
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. AMIOP ACQUISITION CORP., as general Certificate No. 3 1,000 100%
partner of AMI Operating Partners,
L.P., a Delaware limited partnership.
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. AMI Operating Partners, L.P.
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERVICO PENSACOLA, INC. Certificate No. 2 1,000 100%
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERVICO PENSACOLA 7200, INC. Certificate No. 2 1,000 100%
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERVICO PENSACOLA 7330, INC. Certificate No. 2 1,000 100%
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERVICO FT. XXXXXX, INC. Certificate No. 2 1,000 100%
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. PALM BEACH MOTEL ENTERPRISES, INC. Certificate No. 7 60 100%
as general partner of Servico Centre
Associates, Ltd., a Florida limited
partnership.
---------------------------------------------------------------------------------------------------------------------
SERVICO CENTRE ASSOCIATES, LTD.
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERVICO WEST PALM BEACH, INC. Certificate No. 2 1,000 100%
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERVICO WINTER HAVEN, INC. Certificate No. 2 1,000 100%
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. ALBANY HOTEL, INC. Certificate No. 2 1,000 100%
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERVICO NORTHWOODS, INC. Certificate No. 2 1,000 100%
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERVICO WINDSOR, INC. Certificate No. 2 1,000 100%
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. BRUNSWICK MOTEL ENTERPRISES, INC. Certificate No. 5 200 100%
---------------------------------------------------------------------------------------------------------------------
IMPAC HOTEL GROUP, LLC
---------------------------------------------------------------------------------------------------------------------
IMPAC HOTELS I, LLC
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. IMPAC SPE #3, Inc., as sole general Certificate No. 2 100 100%
partner of Little Rock Lodging
Associates I, L.P., a Georgia limited
partnership.
---------------------------------------------------------------------------------------------------------------------
LITTLE ROCK LODGING ASSOCIATES I, L.P.
---------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. LODGIAN ATLANTA HILLSBORO Lodging, L.L.C.
---------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Grantor Name of Issuer State of Class of Par Shares
Organization Stock Value Authorized
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. LODGIAN RICHMOND SPE. INC., as sole Georgia Common $0.01 1,000
general partner of Lodgian Richmond,
L.L.C., a Gorgian limited liability
company.
----------------------------------------------------------------------------------------------------------------------------
LODGIAN RICHMOND, L.L.C. Georgia
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO ROLLING XXXXXXX, INC. Illinois Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO CEDAR RAPIDS, INC. Iowa Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO METAIRIE, INC. Louisiana Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO COLUMBIA, INC. Maryland Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO COLESVILLE, INC. Maryland Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO MARYLAND, INC. Maryland Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. NH MOTEL ENTERPRISES, INC. Michigan Common $1.00 50,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. MINNEAPOLIS MOTEL ENTERPRISES, INC. Minnesota Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO ROSEVILLE, INC. Minnesota Common $1.00 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. LODGIAN MOUNT LAUREL, INC. New Jersey Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO JAMESTOWN, INC. New York Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO NEW YORK, INC. New York Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO NIAGARA FALLS, INC. New York Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO GRAND ISLAND, INC. New York Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. FAYETTEVILLE MOTEL ENTERPRISES, INC. North Carolina Common $1.00 100,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. APICO INNS OF GREEN TREE, INC. Pennsylvania Common $1.00 100,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. APICO HILLS, INC. Pennsylvania Common $1.00 100,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO HILTON HEAD, INC. South Carolina Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO AUSTIN, INC. Texas Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO MARKET CENTER, INC. Texas Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO HOUSTON, INC. Texas Common $0.01 1,000
----------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Grantor Name of Issuer Stock Certificate Number % of
Number of Shares Outstanding
Shares
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. LODGIAN RICHMOND SPE. INC., as sole Certificate No. 2 100 100%
general partner of Lodgian Richmond,
L.L.C., a Gorgian limited liability
company.
--------------------------------------------------------------------------------------------------------------------
LODGIAN RICHMOND, L.L.C.
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO ROLLING XXXXXXX, INC. Certificate No. 2 1,000 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO CEDAR RAPIDS, INC. Certificate No. 2 1,000 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO METAIRIE, INC. Certificate No. 3 1,000 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO COLUMBIA, INC. Certificate No. 2 1,000 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO COLESVILLE, INC. Certificate No. 2 1,000 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO MARYLAND, INC. Certificate No. 2 1,000 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. NH MOTEL ENTERPRISES, INC. Certificate No. 6 1,000 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. MINNEAPOLIS MOTEL ENTERPRISES, INC. Certificate No. 4 1,000 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO ROSEVILLE, INC. Certificate No. 2 1,000 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. LODGIAN MOUNT LAUREL, INC. Certificate No. 2 1,000 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO JAMESTOWN, INC. Certificate No. 2 1,000 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO NEW YORK, INC. Certificate No. 2 1,000 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO NIAGARA FALLS, INC. Certificate No. 2 1,000 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO GRAND ISLAND, INC. Certificate No. 2 1,000 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. FAYETTEVILLE MOTEL ENTERPRISES, INC. Certificate No. 4 100 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. APICO INNS OF GREEN TREE, INC. Certificate No. 7 1,000 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. APICO HILLS, INC. Certificate No. 5 1,000 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO HILTON HEAD, INC. Certificate No. 2 1,000 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO AUSTIN, INC. Certificate No. 3 1,000 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO MARKET CENTER, INC. Certificate No. 2 1,000 100%
--------------------------------------------------------------------------------------------------------------------
Lodgian Financing Corp. SERIVCO HOUSTON, INC. Certificate No. 3 1,000 100%
--------------------------------------------------------------------------------------------------------------------
PART III
------------------------------------------------------------------------------------------------------------------------------------
Grantor Name of Issuer State of Description Debt Final
Organization of Debt Certificate Number Maturity
------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Grantor Name of Issuer Outstanding
Principal
Amount
---------------------------------------------------------------------------------------
-2-
Schedule II to the
Security Agreement
ASSIGNED AGREEMENTS
Grantor Assigned Agreement
------- ------------------
None.
Schedule III to the
Security Agreement
LOCATIONS OF EQUIPMENT AND INVENTORY
See attached.
--------------------------------------------------------------------------------
Grantor Location of Equipment
------- and Inventory
-------------
--------------------------------------------------------------------------------
Albany Hotel, INC. Omni Albany Hotel
Xxxxx & Xxxxx Xxxxxxx
Xxx Xxxx Xxxxx
Xxxxxx, XX 00000
--------------------------------------------------------------------------------
Apico Hills, INC. Holiday Inn Parkway East
000 Xxxxxxx Xx.
Xxxxxxxxxx, XX 00000
--------------------------------------------------------------------------------
Apico Inns Of Green Tree, INC. Holiday Inn Green Tree
000 Xxxxxxx Xx.
Xxxxxxxxxx, XX 00000
--------------------------------------------------------------------------------
Brunswick Motel Enterprises, INC. Holiday Inn Brunswick
U.S. 341 at X-00
Xxxxxxxxx, XX 00000
--------------------------------------------------------------------------------
Dothan Hospitality 3053, INC. Holiday Inn Dothan
0000 Xxxx Xxxxx Xxxxxx, XX
Xxxxxx, XX 00000
--------------------------------------------------------------------------------
Dothan Hospitality 3071, INC. Holiday Inn Dothan
0000 Xxxx Xxxxx Xxxxxx, XX
Xxxxxx, XX 00000
--------------------------------------------------------------------------------
Fayetteville Motel Enterprises, INC. Holiday Inn Fayetteville
0000 Xxxxx Xxxxx Xx.
Xxxxxxxxxxxx, XX 00000
--------------------------------------------------------------------------------
Gadsen Hospitality, Inc. Holiday Inn Express Gadsen
000 Xxxxxxxxx Xx.
Xxxxxxx, XX 00000
--------------------------------------------------------------------------------
Little Rock Lodging Associates I, Residence Inn by Marriot
L.P. 0000 X. Xxxxxxxxxxx Xxxx
Xxxxxx Xxxx, XX 00000
--------------------------------------------------------------------------------
Lodgian Anaheim Inc 0000 Xxxxx Xxxxxx Xxxxxxxxx
Xxxxxxx, XX 00000
--------------------------------------------------------------------------------
Lodgian Atlanta Hillsboro LLC 0000 Xxxxx xx XX Xxxxxxxxxxx Xxxxx
Xxxxxxxxx, XX 00000
--------------------------------------------------------------------------------
Lodgian Mount Laurel, INC. Xxxxxxxx Xxx
Xxxxxx Xxx
Xxxxx Xxxxxx, XX
--------------------------------------------------------------------------------
Lodgian Ontario, Inc. 0000 Xxxxx xx Xxxx Xxxx Xxxxxxxxx
Xxxxxxx, XX 00000
--------------------------------------------------------------------------------
Lodgian Richmond, L.L.C Xxxxxxxx Xxx
Xxxxxxxx Xxxx.
Xxxxxxxx, XX
--------------------------------------------------------------------------------
Minneapolis Motel Enterprises. INC. Holiday Inn St. Xxxx
0000 Xxxx Xxxxxx Xx.
Xxxx Xx. Xxxx, XX 00000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NH Motel Enterprises, INC. NorthField Hilton
0000 Xxxxxx Xx.
Xxxx, Xxxxxxxx 00000
--------------------------------------------------------------------------------
Servico Austin, INC. Holiday Inn Austin South
0000 Xxxxx XX-00
Xxxxxx, XX 00000
--------------------------------------------------------------------------------
Servico Cedar Rapids, Inc. Five Seasons Hotel
000 0xx Xxx. XX
Xxxxx Xxxxxx, XX 00000
--------------------------------------------------------------------------------
Servico Colesville, INC. Town Center
0000 Xxxxxxxxxx Xx.
Xxxxxx Xxxxxxx, XX 00000
--------------------------------------------------------------------------------
Servico Columbia, INC. Columbia Hilton
0000 Xxxx Xxxxxx Xx.
Xxxxxxxx, XX 00000
--------------------------------------------------------------------------------
Servico Ft. Xxxxxx, INC. Holiday Inn Express Ft. Xxxxxx
0000 Xxxxxxxxxx Xx.
Xxxx Xxxxxx, XX 00000
--------------------------------------------------------------------------------
Servico Grand Island, INC. Holiday Inn Grand Island
000 Xxxxxxxxxx Xx.
Xxxxx Xxxxxx, XX
--------------------------------------------------------------------------------
Servico Hilton Head, INC. Four Points Hotel Hilton Head
00 Xxxxx Xxxxxx Xxxxx Xx.
Xxxxxx Xxxx, XX
--------------------------------------------------------------------------------
Servico Houston, INC. Ramada Plaza Houston
00000 X.X. Xxxxxxx, XX 000
Xxxxxxx, XX
--------------------------------------------------------------------------------
Servico Jamestown, INC. Holiday Inn Jamestown
000 Xxxx 0xx Xx.
Xxxxxxxxx, XX 00000
--------------------------------------------------------------------------------
Servico Market Center, INC. Holiday Inn market Center Dallas
0000 Xxxxxx Xxxxxx Xxxx.
Xxxxxx, XX 00000
--------------------------------------------------------------------------------
Servico Maryland, INC. Holiday Inn Washington, D.C.
0000 Xxxxxxx Xx.
Xxxxxx Xxxxxx, XX 00000
--------------------------------------------------------------------------------
Servico Metairie, INC. Quality Hotel Metairie
0000 Xxxxx Xxxxxxxx Xxxx.
Xxxxxxxx, XX 00000
--------------------------------------------------------------------------------
Servico New York, INC. Clarion Niagara Falls
Third 0000 Xxxxx Xxxxxx
X.X. Xxx 000
Xxxxxxx Xxxxx, XX 00000
--------------------------------------------------------------------------------
Servico Niagara Falls, INC. Holiday Inn Niagara Falls
000 Xxxxxxx Xx.
Xxxxxxx Xxxxx, XX 00000
--------------------------------------------------------------------------------
-2-
--------------------------------------------------------------------------------
Servico Northwoods, INC. Best Western Charleston International
Airport
0000 Xxxxxxxxxx Xxxx.
Xxxxx Xxxxxxxxxx, XX 00000
--------------------------------------------------------------------------------
Servico Pensacola 7200, INC. Holiday Inn University Mall Pensacola
0000 Xxxxxxxxxx Xx.
Xxxxxxxxx, Xx 00000
--------------------------------------------------------------------------------
Servico Pensacola 7330, INC. Hampton Inn Pensacola
0000 Xxxxxxxxxx Xx.
Xxxxxxxxx, Xx 00000
--------------------------------------------------------------------------------
Servico Pensacola, INC. Holiday Inn Express Pensacola
0000 Xxxxxxxxxx Xx.
Xxxxxxxxx, Xx 00000
--------------------------------------------------------------------------------
Servico Rolling Xxxxxxx, Inc. Holiday Inn Rolling Xxxxxxx
0000 Xxxxxxxxx Xx.
Xxxxxxx Xxxxxxx, XX 00000
--------------------------------------------------------------------------------
Servico Roseville, INC. Comfort Inn Roseville
0000 Xxxx Xxxx Xx.
Xxxxxxxxx, XX 00000
--------------------------------------------------------------------------------
Servico Xxxx Xxxx Xxxxx, XXX. Xxxxxxxx Xxxx Xxxx Xxxxx
000 Xxxxxxxxxx Xxxx Xx
Xxxx Xxxx Xxxxx, XX 00000
--------------------------------------------------------------------------------
Servico Windsor, INC. Holiday Inn Select Windsor
0000 Xxxxx Xxxxxx Xx.
Xxxxxxx, Xxxxxxx Xxxxxx
--------------------------------------------------------------------------------
Servico Winter Haven, INC. Holiday Inn Winter Haven
0000 0xx Xx. XX
Xxxxxx Xxxxx, XX 00000
--------------------------------------------------------------------------------
Sheffield Motel Enterprises, INC. Holiday Inn Sheffield
0000 Xxxxx Xxxxxxxxx
Xxxxxxxxx XX 00000
--------------------------------------------------------------------------------
Palm Beach Motel Enterprises, Inc., Omni Hotel West Palm Beach
as the sole general partner 0000 Xxxxxxxxxx Xxxx
of Servico Centre Associates, Ltd., Xxxx Xxxx Xxxxx, XX, 00000
a Florida limited partnership.
--------------------------------------------------------------------------------
AMI Operating Partners, L.P. Holiday Inn East Hartford
000 Xxxxxxx Xxxx
Xxxx Xxxxxxxx, XX 00000
Holiday Inn New Haven
00 Xxxxxxx Xxxxxx
Xxx Xxxxx, XX 00000
Frederick Holiday Inn
000 Xxxx Xxxxxxx Xxxxxx
Xxxxxxxxx, XX 00000
--------------------------------------------------------------------------------
-3-
--------------------------------------------------------------------------------
Xxxxxxxx Bridge Holiday Inn
0000 Xxxxxxxx Xxxxxx Xxxx
Xxxxxx, XX 00000
Belmont Holiday Inn
0000 Xxxxxxx Xxxxxx
Xxxxxxxxx, XX 00000
Holiday Inn York Arsenal Road
000 Xxxxxxx Xxxx
Xxxx, XX 00000
--------------------------------------------------------------------------------
IMPAC Hotels I, LLC. Double Tree Club Louisville
0000 Xxxxxxxxx Xxxxxxx
Xxxxxxxxxx, XX 00000
Double Tree Club Philadelphia
0000 Xxxxxxxxx Xxxxxxxxx
Xxxxxxxxxxxx, XX 00000
Fairfield Inn Valdosta
0000 Xx. Xxxxxxxxx Xxxx
Xxxxxxxx, XX 00000
French Quarter Inn Memphis
0000 Xxxxxxx Xxxxxx
Xxxxxxx, XX 00000
Holiday Inn South Birmingham
0000 Xxxxxxxxxx Xxxxxxx
Xxxxxxxxxx, XX 00000
Holiday Inn Marietta
0000 Xxxxxxxx Xxxxx
Xxxxxxxx, XX 00000
Holiday Inn Select DFW
0000 Xxxxxxx 000 xx Xxxxxx
Xxxxxx, XX 00000
Holiday Inn Select Strongsvilie
00000 Xxxxxxxx Xxxxx
Xxxxxxxxx, XX 00000
Holiday Inn St. Louis North
0000 X. Xxxxxxxxx Xxxxxxxxx
Xx. Xxxxx, XX 00000
--------------------------------------------------------------------------------
-4-
--------------------------------------------------------------------------------
Holiday Inn St. Xxxxx Xxxx
0000 Xxxxxxxxx Xxxxx
Xxxxxxxxx, XX 00000
Holiday Inn Valdosta
0000 Xx. Xxxxxxxxx Xxxx
Xxxxxxxx, XX 00000
Super 8 Hazard
000 Xxxxxxx Xxxx
Xxxxxx, XX 00000
Super 8 Prestonburg
000 Xxxxx X.X. 00
Xxxxxxxxxxx, XX 00000
Holiday Inn Express Nashville
000 Xxxxxxxxxxxx Xxxx
Xxxxxxxxx, XX 00000
Courtyard by Marriott
0000 Xxxxxxxxx Xxxxx
Xxxxxxx, XX 00000
Courtyard by Marriott
0000 XxXxxxx Xxxx
Xxxxxxxxxxx, XX 00000
Courtyard by Marriott (Buckhead)
0000 Xxxxxxxxx Xxxx, X.X.
Xxxxxxx, XX 00000
Courtyard by Marriot
00 Xxxxxxxx Xxxxxxxxx
Xxxxxxxx, XX 00000
Comfort Suites
0000 Xxx Xxxxxx Xxxx
Xxxxx, XX 00000
Holiday Inn SunSpree
0000 X. Xxxxx Xxxxxxxxx
Xxxxxxxx Xxxxx, XX 00000
--------------------------------------------------------------------------------
-5-
--------------------------------------------------------------------------------
Courtyard by Marriott
0000 Xxxxxxxxxx Xxxxx
Xxxxxxx, XX 00000
Comfort Inn
0000 X.X. Xxxx #000
Xxx Xxxxxxx, XX 00000
--------------------------------------------------------------------------------
-6-
Schedule IV to the
Security Agreement
CHIEF PLACE OF BUSINESS, CHIEF EXECUTIVE OFFICE
AND FEDERAL TAX IDENTIFICATION NUMBER
Chief Place of Business and Federal Tax
Grantor Chief Executive Office Identification Number
------- ---------------------- ---------------------
See Attached.
------------------------------------------------------------------------------------------------------------------------------------
Grantor Chief Place of Business Chief Executive Federal
------- ----------------------- Office Taxpayer ID
------ Number
------
------------------------------------------------------------------------------------------------------------------------------------
Albany Hotel, INC. Omni Albany Hotel c/o Lodgian, Inc. 00-0000000
State & Lodge Streets 0000 Xxxxxxxxx Xx.
Ten Eyck Plaza Suite 700
Albany, NY 12207 Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Apico Hills, INC. Holiday Inn Parkway East c/o Lodgian, Inc. 00-0000000
000 Xxxxxxx Xx. 0000 Xxxxxxxxx Xx.
Xxxxxxxxxx, XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Apico Inns Of Green Tree, INC. Holiday Inn Green Tree c/o Lodgian, Inc. 00-0000000
401 Holiday Dr. 0000 Xxxxxxxxx Xx.
Xxxxxxxxxx, XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Brunswick Motel Enterprises, INC. Holiday Inn Brunswick c/o Lodgian, Inc. 00-0000000
U.S. 341 at I-95 0000 Xxxxxxxxx Xx.
Xxxxxxxxx, XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Dothan Hospitality 3053, INC. Holiday Inn Dothan c/o Lodgian, Inc. 00-0000000
0000 Xxxx Xxxxx Xxxxxx, XX 0000 Xxxxxxxxx Xx.
Xxxxxx, XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Dothan Hospitality 3071, INC. Holiday Inn Dothan c/o Lodgian, Inc. H.I. DOTHAN
0000 Xxxx Xxxxx Xxxxxx, XX 3445 Peachtree Rd. 00-0000000
Dothan, AL 38301 Suite 700 Hampton:
Xxxxxxx, XX 00000 00-0000000
------------------------------------------------------------------------------------------------------------------------------------
Fayetteville Motel Enterprises, INC. Holiday Inn Fayetteville c/o Lodgian, Inc. 00-0000000
0000 Xxxxx Xxxxx Xx. 0000 Xxxxxxxxx Xx.
Xxxxxxxxxxxx, XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Gadsen Hospitality, Inc. Holiday Inn Express Gadsen c/o Lodgian, Inc. 00-0000000
000 Xxxxxxxxx Xx. 0000 Xxxxxxxxx Xx.
Xxxxxxx, XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Little Rock Lodging Associates I, Residence Inn by Marriot c/o Lodgian, Inc. 00-0000000
L.P. 0000 X. Xxxxxxxxxxx Xxxx 0000 Xxxxxxxxx Xx.
Xxxxxx Xxxx, XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Lodgian Anaheim Inc 0000 Xxxxx Xxxxxx Xxxxxxxxx c/o Lodgian, Inc. 00-0000000
Xxxxxxx, XX 00000 0000 Xxxxxxxxx Xx.
Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Lodgian Atlanta Hillsboro LLC 18000 Block of NW c/o Lodgian, Inc. 00-0000000
Tanasbourne Drive 0000 Xxxxxxxxx Xx.
Xxxxxxxxx, XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
-2-
------------------------------------------------------------------------------------------------------------------------------------
Grantor Chief Place of Business Chief Executive Federal
------- ----------------------- Office Taxpayer ID
------ Number
------
------------------------------------------------------------------------------------------------------------------------------------
Lodgian Mount Laurel, INC. Marriott Inn c/o Lodgian, Inc. 00-0000000
Atrium Way 0000 Xxxxxxxxx Xx.
Xxxxx Xxxxxx, XX Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Lodgian Ontario Inc. 2200 Block of c/o Lodgian, Inc. 00-0000000
East Xxxx Boulevard 0000 Xxxxxxxxx Xx.
Xxxxxxx, XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Lodgian Richmond, L.L.C Marriott Inn c/o Lodgian, Inc. 00-0000000
Dominion Blvd. 0000 Xxxxxxxxx Xx.
Xxxxxxxx, XX Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Minneapolis Motel Enterprises, Holiday Inn St. Xxxx c/o Lodgian, Inc.
INC. 0000 Xxxx Xxxxxx Xx. 0000 Xxxxxxxxx Xx. 00-0000000
Xxxx Xx. Xxxx, XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
NH Motel Enterprises, INC. NorthField Hilton c/o Lodgian, Inc. 00-0000000
0000 Xxxxxx Xx. 0000 Xxxxxxxxx Xx.
Xxxx, Xxxxxxxx 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico Austin, INC. Holiday Inn Austin South c/o Lodgian, Inc. 00-0000000
0000 Xxxxx XX-00 0000 Xxxxxxxxx Xx.
Xxxxxx, XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico Cedar Rapids, Inc. Five Seasons Hotel c/o Lodgian, Inc. 00-0000000
000 0xx Xx. XX 0000 Xxxxxxxxx Xx.
Xxxxx Xxxxxx, XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico Colesville, INC. Town Center c/o Lodgian, Inc. 00-0000000
0000 Xxxxxxxxxx Xx. 0000 Xxxxxxxxx Xx.
Xxxxxx Xxxxxxx, XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico Columbia, INC. Columbia Hilton c/o Lodgian, Inc. Colombia MD
0000 Xxxx Xxxxxx Xx. 0000 Xxxxxxxxx Xx. 00-0000000
Xxxxxxxx, XX 00000 Suite 700 Quality-
Xxxxxxx, XX 00000 Metairie LA
00-0000000
------------------------------------------------------------------------------------------------------------------------------------
Servico Ft. Xxxxxx, INC. Holiday Inn Express Ft. c/o Lodgian, Inc. 00-0000000
Xxxxxx 0000 Xxxxxxxxx Xx.
0000 Xxxxxxxxxx Xx. Xxxxx 000
Xxxx Xxxxxx, XX 00000 Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico Grand Island, INC. Holiday Inn Grand Island c/o Lodgian, Inc. 00-0000000
000 Xxxxxxxxxx Xx. 000 Xxxxxxxxx Xx.
Xxxxx Xxxxxx, XX Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
-3-
------------------------------------------------------------------------------------------------------------------------------------
Grantor Chief Place of Business Chief Executive Federal
------- ----------------------- Office Taxpayer ID
------ Number
------
------------------------------------------------------------------------------------------------------------------------------------
Servico Hilton Head, INC. Four Points Hotel Hilton c/o Lodgian, Inc. 00-0000000
Head 0000 Xxxxxxxxx Xx.
35 South Forest Beach Dr. Suite 700
Hilton Head, SC Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico Houston, INC. Ramada Plaza Houston c/o Lodgian, Inc. 00-0000000
00000 X.X. Xxxxxxx XX 000 0000 Xxxxxxxxx Xx.
Xxxxxxx, XX Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico Jamestown, INC. Holiday Inn Jamestown c/o Lodgian, Inc. 00-0000000
000 Xxxx 0xx Xx. 0000 Xxxxxxxxx Xx.
Xxxxxxxxx, XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico Market Center, INC. Holiday Inn market Center c/o Lodgian, Inc. 00-0000000
Dallas 0000 Xxxxxxxxx Xx.
0000 Xxxxxx Xxxxxx Xxxx. Xxxxx 000
Xxxxxx, XX 00000 Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico Maryland, INC. Holiday Inn Washington, c/o Lodgian, Inc. 00-0000000
D.C. 0000 Xxxxxxxxx Xx.
0000 Xxxxxxx Xx. Xxxxx 000
Xxxxxx Xxxxxx, XX 00000 Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico Metairie, INC. Quality Hotel Metairie c/o Lodgian, Inc. 00-0000000
0000 Xxxxx Xxxxxxxx Xxxx. 0000 Xxxxxxxxx Xx.
Xxxxxxxx, XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico New York, INC. Clarion Niagara Falls c/o Lodgian, Inc. 00-0000000
Third & Xxx Xxxxx Xxxxxxx 0000 Xxxxxxxxx Xx.
X.X. Xxx 000 Xxxxx 000
Xxxxxxx Xxxxx, XX 00000 Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico Niagara Falls, INC. Holiday Inn Niagara Falls c/o Lodgian, Inc. 00-0000000
000 Xxxxxxx Xx. 0000 Xxxxxxxxx Xx.
Xxxxxxx Xxxxx, XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico Northwoods, INC. Best Western Charleston c/o Lodgian, Inc. 00-0000000
International Airport 0000 Xxxxxxxxx Xx.
0000 Xxxxxxxxxx Xxxx. Xxxxx 000
Xxxxx Xxxxxxxxxx, XX 00000 Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico Pensacola 7200, INC. Holiday Inn University Mall c/o Lodgian, Inc. 00-0000000
Pensacola 0000 Xxxxxxxxx Xx.
0000 Xxxxxxxxxx Xx. Xxxxx 000
Xxxxxxxxx, Xx 00000 Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico Pensacola 7330, INC. Hampton Inn Pensacola c/o Lodgian, Inc. 00-0000000
0000 Xxxxxxxxxx Xx. 0000 Xxxxxxxxx Xx.
Xxxxxxxxx, Xx 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico Pensacola, INC. Holiday Inn Express c/o Lodgian, Inc. 00-0000000
Pensacola 0000 Xxxxxxxxx Xx.
------------------------------------------------------------------------------------------------------------------------------------
-4-
------------------------------------------------------------------------------------------------------------------------------------
Grantor Chief Place of Business Chief Executive Federal
------- ----------------------- Office Taxpayer ID
------ Number
------
------------------------------------------------------------------------------------------------------------------------------------
0000 Xxxxxxxxxx Xx. Xxxxx 000
Xxxxxxxxx, Xx 00000 Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico Rolling Xxxxxxx, Inc. Holiday Inn Rolling c/o Lodgian, Inc. 00-0000000
Xxxxxxx 0000 Xxxxxxxxx Xx.
0000 Xxxxxxxxx Xx. Xxxxx 000
Xxxxxxx Xxxxxxx, XX 00000 Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico Roseville, INC. Comfort Inn Roseville c/o Lodgian, Inc. 00-0000000
0000 Xxxx Xxxx Xx. 0000 Xxxxxxxxx Xx.
Xxxxxxxxx, XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico West Palm Reach, INC. Sheraton West Palm Beach c/o Lodgian, Inc. 00-0000000
000 Xxxxxxxxxx Xxxx Xx. 0000 Xxxxxxxxx Xx.
Xxxx Xxxx Xxxxx, XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico Windsor, INC. Holiday Inn Select Windsor c/o Lodgian, Inc.
0000 Xxxxx Xxxxxx Xx. 0000 Xxxxxxxxx Xx. 00-0000000
Xxxxxxx, Xxxxxxx Xxxxxx Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Servico Winter Haven, INC. Holiday Inn Winter Haven c/o Lodgian, Inc.
0000 0xx Xx. XX 3445 Peachtree Rd. 00-0000000
Winter Haven, XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Sheffield Motel Enterprises, INC. Holiday Inn Sheffield c/o Lodgian, Inc. 00-0000000
0000 Xxxxx Xxxxxxxxx 0000 Xxxxxxxxx Xx.
Xxxxxxxxx XX 00000 Xxxxx 000
Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
IMPAC Hotels I, LLC. c/o Lodgian, Inc. c/o Lodgian, Inc. 00-0000000
0000 Xxxxxxxxx Xx. 0000 Xxxxxxxxx Xx.
Xxxxx 000 Xxxxx 000
Xxxxxxx, XX 00000 Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
AMI Operating Partners, L.P. c/o Lodgian, Inc. c/o Lodgian, Inc. 00-0000000
0000 Xxxxxxxxx Xx. 0000 Xxxxxxxxx Xx.
Xxxxx 000 Xxxxx 000
Xxxxxxx, XX 00000 Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
Palm Beach Motel Enterprises, Inc., Omni Hotel West Palm Beach c/o Lodgian, Inc. 00-0000000
as the sole general partner of 0000 Xxxxxxxxxx Xxxx 3445 Peachtree Rd.
Servico Centre Associates, Ltd., a Xxxx Xxxx Xxxxx, XX 00000 Xxxxx 000
Xxxxxxx limited partnership. Xxxxxxx, XX 00000
------------------------------------------------------------------------------------------------------------------------------------
-5-
Schedule V to the
Security Agreement
TRADE NAMES
Grantor Trade Names
------- -----------
None.
Schedule VI to the
Security Agreement
DEPOSIT ACCOUNTS
See Attached.
Property Name: Property Address: Bank Name: Account Number: Bank Address:
----------------------------------------------------------------------------------------------------------------------------
Omni Albany Hotel State and Lodge Streets Key Bank NA 325760019167 00 Xxxxx Xx.
Xxx Xxxx Xxxxx Xxxxxx, XX 00000
Xxxxxx, XX 00000
Holiday Inn 000 Xxxxxxx Xx. Mellon Bank 0000000 0000 Xxxxxxx Xxxx.
Xxxxxxx Xxxx Xxxxxxxxxx, XX 00000 Xxxxxxxxxx, XX 00000
Holiday Inn Green 401 Holiday Dr. Pittsburgh National Bank 0002011432 000 Xxxxxx Xx.
Xxxx Xxxxxxxxxx, XX 00000 Xxxxxxxxxx, XX 00000
Holiday Inn U.S. 34-1 at I-98 NationsBank 001229466699 000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx Xxxxxxxxx, XX 00000 Xxxxxxxxxx, Xxxxx Xxxxxxxx 00000
Holiday Inn Dothan 0000 Xxxx Xxxxx Xxxxxx, XX SouthTrust Bank 00000000 X.X. Xxx 000
Xxxxxx, XX 00000 Xxxxxx, XX 00000
Hampton Inn Dothan 0000 Xxxx Xxxxx Xxxxxx, XX SouthTrust Bank 00000000 X.X. Xxx 000
Xxxxxx, XX 00000 Xxxxxx, XX 00000
Holiday Inn 0000 Xxxxx Xxxxx Xx. First Union National 2072685231343 000 Xxxxx Xxxxxx
Xxxxxxxxxxxx Xxxxxxxxxxxx, XX 00000 Xxxxxxxxxxxx, XX 00000
Holiday Inn 000 Xxxxxxxxx Xxxxxx SouthTrust Bank 00000000 X.X. Xxx 000
Xxxxxxx Xxxxxx Xxxxxxx XX 00000 Xxxxxx, XX 00000
Residence Inn by 0000 X. Xxxxxxxxxxx Xxxx XxxxxxxXxxx 0000000000 X.X. Xxx 000000
Xxxxxxxx Xxxxxx Xxxx, XX 00000 Xxxxxx Xxxx, XX 00000-0000
Lodgian Anaheim
Inc.
Lodgian Atlanta
Hillsborough
Marriott Inn Atrium Way
Mount Laurel, New Jersey
Lodgian Ontario
Inc.
Xxxxxxxx Xxx Xxxxxxxx Xxxx.
Xxxxxxxx, Xxxxxxxx
Holiday Inn St. 0000 Xxxx Xxxxxxx Xx. Xxxxxxx Xxxx xx Xxxxxxxxx 3522097408 0000 Xxxx Xxxxxxx Xxxx.X
Xxxx Xxxx Xx. Xxxx, XX 00000 Xxxxx Xxxxx, XX 00000
Northfield Hilton 0000 Xxxxxx Xx. Xxxxxxxx Inc 2401005612 0000 Xxxxxx Xx.
Xxxx, Xxxxxxxx 00000 Xxxx, XX 00000
Holiday Inn Austin 0000 Xxxxx XX-00 Xxxxx Fargo Bank 4169739945 X.X. Xxx 00000
Xxxxx Xxxxxx, XX 00000 Xxx Xxxxxxxxx, XX 00000
Five Seasons Hotel 000 0xx Xxx., XX Norwest Bank 3000438578 000 Xxxxx 00xx Xx.
Xxxxx Xxxxxx, XX 00000 Xxxx Xxx Xxxxxx, XX 00000
Town Center 0000 Xxxxxxxxxx Xx. First Union National Bank 2030000812952 00000 Xxxxxx Xxxxxxxx Xxxx
Xxxxxx Xxxxxx, XX 00000 of MD Xxxxxxxx, XX 00000
Columbia Hilton 0000 Xxxx Xxxxxx Xxxx First Union National Bank 2030000812855 00000 Xxxxxx Xxxxxxxx Xxxx
Xxxxxxxx, XX 00000 of MD Xxxxxxxx, XX 00000
Holiday Inn Express 0000 Xxxxxxxxxx Xx. NationsBank 003300673024 000 Xxxxx Xxxxx Xxxxxx
Xx. Xxxxxx Xxxx Xxxxxx, XX 00000 Xxxxxxxxxx, Xxxxx Xxxxxxxx 00000
Holiday Inn Grand 000 Xxxxxxxxxx Xx. Xxxxxx Xxxxxxx Xxxx 22000020834168900 0000 Xxxxxxx Xxxx.
Xxxxxx Xxxxx Xxxxxx, XX Xxxxxxx Xxxxx, XX 00000
Xxxx Xxxxxx Xxxxxx 00 Xxxxx Xxxxxx Xxxxx Dr. Nations Bank 1611925382 000 Xxxxx Xxxxx Xxxxxx
Xxxx Xxxxxx Xxxx XX Xxxxxxxxxx, Xxxxx Xxxxxxxx 00000
Servico Houston, MO NationsBank [ILLEGIBLE] X.X. Xxx 000000
Xxxxxx Xxxx, XX 00000-0000
Holiday Inn 000 Xxxx 0xx Xx. Xxx Xxxx 327700021055 000 X Xxxx Xx.
Xxxxxxxxx Xxxxxxxxx, XX 00000 Xxxxxxxxx, XX 00000
Holiday Inn Market 0000 Xxxxxx Xxxxxx Xxxx. Xxxxx Fargo Bank 747862087 0000 Xxxx Xxx.
Xxxxxx Xxxxxx Xxxxxx, XX 00000 Xxxxxx, XX 00000
Holiday Inn 0000 Xxxxxxx Xxx. First Union National Bank [ILLEGIBLE] 00000 Xxxxxx Xxxxxxxx Xxxx
Xxxxxxxxxx X.X. Xxxxxx Xxxxxx, XX 00000 of MD Xxxxxxxx, XX 00000
Quality Hotel 0000 Xxxxx Xxxxxxxx Xxxx. Xxxxxxxx National Bank 812393008 X.X. Xxx 00000
Xxxxxxxx Xxxxxxxx, XX 00000 Xxx Xxxxxxx, XX 00000
Clarion Niagara Third & Old Falls Streets Marine Midland 834159981 0000 Xxxxxxxx Xx.
Xxxxx X.X. Xxx 000 Xxxxxxx Xxxxx, XX 00000
Xxxxxxx Xxxxx, XX 00000
Holiday Inn 000 Xxxxxxx Xxx. Marine Midland 834159988 0000 Xxxxxxxx Xx.
Xxxxxxx Xxxxx Xxxxxxx Xxxxx, XX 00000 Xxxxxxx Xxxxx, XX 00000
Best Western 0000 Xxxxxxxxxx Xxxx. First Union National of SC 2010000292006 0000 Xxxxxx Xxxxxx
Xxxxxxxxxx Xxxxx Xxxxxxxxxx, XX 00000 X. Xxxxxxxxxxx, XX 00000
International
Airport
Holiday Inn 0000 Xxxxxxxxxx Xx. NationsBank 1171987399 000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxxx Xxxx Xxxxxxxxx, XX 00000 Xxxxxxxxxx, Xxxxx Xxxxxxxx 00000
Pensacola
Holiday Inn 0000 Xxxxxxxxxx Xx. First Union National [ILLEGIBLE] 0000 Xxxx Xxxxx Xxxxx Xxxx
Express Pensacola Xxxxxxxxx, XX 00000 Xxxx Xxxx Xxxxx, XX 00000
Holiday Inn 0000 Xxxxxxxxx Xx. Bank One 616201570 000 X. Xxxxxxxxx Xxxxxxx Xx.
Rolling Xxxxxxx Rolling Meadows, IL Arlington Heights, IL [ILLEGIBLE]
60008
Comfort Inn 0000 Xxxx Xxxx Xx. Xxxxxxx Xxxx xx XX 0000000000 0000 Xxxxx Xxxxxx Xxxxx
Xxxxxxxxx Xxxxxxxxx, XX 00000 Xxxxx, XX 00000
Sheraton West Palm 000 Xxxxxxxxxx Xxxx Xx. NationsBank [ILLEGIBLE] 000 Xxxxx Xxxxx Xxxxxx
Xxxxx Xxxx Xxxx Xxxxx, XX 00000 Xxxxxxxxxx, Xxxxx Xxxxxxxx 00000
Holiday Inn Select 0000 Xxxxx Xxxxxx Xxxx Xxxxx Xxxx xx Xxxxxx [ILLEGIBLE] 0000 Xxxxx Xxxxxx Xx
Xxxxxxx Xxxxxxx, Xxxxxxx Xxxxxx Windsor, Ontario Canada N9C-2K2
Royal Bank of Canada 0000000 0000 Xxxxx Xxxxxx Xx
Xxxxxxx, Xxxxxxx Xxxxxx X0X-0X0
Holiday Inn Winter 0000 0xx Xxxxxx XX XxxxxxxXxxx [ILLEGIBLE] 000 Xxxxx Xxxxx Xxxxxx
Xxxxx Xxxxxx Xxxxx, XX 00000 Xxxxxxxxxx, Xxxxx Xxxxxxxx 00000
Holiday Inn 0000 Xxxxx Xxxx Colonial Bank of NWA [ILLEGIBLE] [ILLEGIBLE]
Sheffield Xxxxxxxxx, XX 00000 [ILLEGIBLE]
IMPAC Hotels I, LLC 0000 Xxxxxxxxx Xx XX
Xxxxx 000
Xxxxxxx, XX 00000
Comfort Inn San 0000 X.X. Xxxx, 000 Xxxxxxxxxxxxx Xxxx of [ILLEGIBLE] 000 Xxxx Xxxxxx Xx.
Xxxxxxx Xxx Xxxxxxx, XX 00000 Commerce Xxx Xxxxxxx, XX 00000
Comfort Inn 0000 Xxx Xxxxxx Xxxx XX&X xx Xxxxx Xxxxxxxx [ILLEGIBLE] 0000 Xxxxxx Xxxx
Xxxxxxxxxx Xxxxx, XX 00000 Xxxxxxxxxx, XX 00000
Courtyard Buckhead 0000 Xxxxxxxxx Xxxx XX SunTrust [ILLEGIBLE] Mail Code 5099
Xxxxxxx, XX 00000 X.X. Xxx 0000
Xxxxxxx, XX 00000
Courtyard Abilene 0000 Xxxxxxxxx Xxxxx First National Bank of [ILLEGIBLE] X.X. Xxx 000
Xxxxxxx, XX 00000 Abilene Xxxxxxx, XX 00000
Courtyard Florence 00 Xxxxxxxx Xxxx. Star Bank [ILLEGIBLE] 000 Xxxxxx Xxxxxx
Xxxxxxxx, XX 00000 Xxxxxxxxxx, XX 00000-0000
Courtyard 0000 XxXxxxx Xxxx The Bank of Bentonville [ILLEGIBLE] X.X. Xxx 0000
Xxxxxxxxxxx Xxxxxxxxxxx, XX 00000 Xxxxxxxxxxx, XX 00000
DoubleTree Club 0000 Xxxxxxxxx Xxxx. First Union Bank [ILLEGIBLE] 0000 Xxxxxxxxx Xxxx.
Xxxxxxxxxxxx Xxxxxxxxxxxx, XX 00000 Xxxxxxxxxxxx, XX 00000
DoubleTree Club 0000 Xxxxxxxxx Xxxxxxx Bank One-Kentucky [ILLEGIBLE] 000 X. Xxxxxxxxxx Xx.
Xxxxxxxxxx Xxxxxxxxxx, XX 00000 Xxxxxxxxxxxx, XX 00000-0000
French Quarter 0000 Xxxxxxx Xxxxxx Xxxxx Xxxxxxxxx Bank [ILLEGIBLE] X.X. Xxx 00
Xxxxxx
Xxxxxxx Xxxxxxx, XX 00000 Memphis, TN [ILLEGIBLE]
Holiday Inn 0000 Xx. Xxxxxxxxx Xx. Citizens Community Bank [ILLEGIBLE] 000 X. Xxxxxxxx Xx.
Xxxxxxxx Xxxxxxxx, XX 00000 Xxxxxxxx, XX 00000
Fairfield Inn 0000 Xx. Xxxxxxxxx Xx. Citizens Community Bank [ILLEGIBLE] 000 X. Xxxxxxxx Xx.
Xxxxxxxx Xxxxxxxx, XX 00000 Xxxxxxxx, XX 00000
Holiday Inn Select 0000 Xxx. 000 @ Esters Blvd. Xxxxx Fargo Bank [ILLEGIBLE] 0000 Xxxx Xxx.
Xxxxxx Xxxx Xxxxx Irving (Dallas), TX 75083 Xxxxxx, XX 00000
Holiday Inn 0000 Xxxxxxxxxx Xxxxxxx Regions Bank 00-0000-0000 X.X. Xxx 00000
Xxxxxxxxxx Xxxxxxxxxx, XX 00000 Xxxxxxxxxx, XX 00000-0000
Xxxxxxx Xxx Xxxxxx 0000 Xxxxxxxx Xxxxx SunTrust Bank [ILLEGIBLE] Mail Code 0000
Xxxxxxxx Xxxxxxxx, XX 00000 X.X. Xxx 0000
Xxxxxxx, XX 00000
Holiday Inn 0000 X. Xxxxx Xxxx. Wachovia Bank [ILLEGIBLE] X.X. Xxx 0000
Xxxxxxxx Xxxxxxxx Xxxxx, XX 00000 Xxxxxxx-Xxxxx, XX 00000-0000
Myrtle Beach
Holiday Inn 000 Xxxxxxxxxxxx Xxxx First American National [ILLEGIBLE] NA 7201
Express Nashville Xxxxxxxxx, XX 00000 Bank 000 Xxxxxxxxx XX.
Xxxxxxxxx, XX 00000
Xxxxxxx Xxx Xx. 0000 Xxxxxxxxx Xxxxx Mercantile Bank 00000000-5 000 Xxxxxx Xx.
Xxxxx Xxxx Xxxxxxxxx, XX 00000 Xx. Xxxxx, XX 00000
Xxxxxxx Xxx Xx. 0000 X. Xxxxxxxxx Xxxxxxxxx Mercantile Bank 169052079-4 000 Xxxxxx Xx.
Xxxxx Xxxxx Xx. Xxxxx, XX 00000 Xx. Xxxxx, XX 00000
Holiday Inn Select 00000 Xxxxxxxx Xxxx Star Bank [ILLEGIBLE] 000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx Xxxxxxxxx, XX 00000 Xxxxxxxxxx, XX 00000-0000
Super 8 Hazard 000 Xxxxxxx Xxxx Peoples Bank and Trust [ILLEGIBLE] X.X. Xxx 000
Xxxxxx, XX 00000 Xxxxxx, XX 00000
Super 0 Xxxxxxxxxxx 000 Xxxxx XX00 First Commonwealth Bank 351003401 First Commonwealth Bank
Xxxxxxxxxxx, XX 00000 Xxxxxxxxxxx, XX 00000
Courtyard Paducah 0000 Xxxxxxxxxx Xxxxx Xxxxx Planters Bank 000-0000-0 X.X. Xxx 000
Xxxxxxx, XX 00000 Xxxxxxx, XX 00000-0000
Holiday Inn East 000 Xxxxxxx Xxxxxx Xxxx xx Xxxxx Xxxxxxx 3311913012 000 Xxxxxxx Xxxxxx
Xxxxxxxx X. Xxxxxxxx, XX 00000 East Hartford, CT [ILLEGIBLE]
Holiday Inn New 00 Xxxxxxx Xxxxxx Xxxx xx Xxxxx Xxxxxxx [ILLEGIBLE] 0000 Xxxxxxxxx Xx.
Xxxxx Xxx Xxxxx, XX 00000 Xxxxx Xxxxxxx, XX 00000-0000
Frederick Holiday 000 X. Xxxxxxx Xxxxxx NationsBank [ILLEGIBLE] 0000 Xxxxxxxx Xxxx.
Xxx Xxxxxxxxx, XX 00000 Xxxxxxxxx, XX 00000
Belmont Holiday Inn 0000 Xxxxxxx Xxxxxx NationsBank [ILLEGIBLE] 0000 Xxxxxxxx Xxxx.
Xxxxxxxxx, XX 00000 Xxxxxxxxx, XX 00000
Holiday Inn 000 Xxxxxxx Xxxx Xxxxxxxxxx-Xxxxx Union [ILLEGIBLE] [ILLEGIBLE] X. Xxxxxx Xx.
Xxxxxxx Xx. Xxxx, XX 00000-0000 Xxxx, XX 00000
Holiday Inn 0000 Xxxxxxxx Xxxxxx Xxxx XxxxxxxXxxx [ILLEGIBLE] 0000 Xxxxxxxx Xxxx.
Xxxxxxxx Xxxxxx Xxxxxx, XX 00000-0000 Xxxxxxxxx, XX 00000
Exhibit A to the
Security Agreement
FORM OF SECURITY AGREEMENT SUPPLEMENT
[Date of Security Agreement Supplement]
----------------------------------,
as the Collateral Agent for the
Secured Parties referred to in the
Credit Agreement referred to below
----------------------------------
----------------------------------
----------------------------------
Attn:
-----------------------------
Lodgian Financing Corp.
Ladies and Gentlemen:
Reference is made to (i) the Credit Agreement dated as of July 23, 1999
(as amended, amended and restated, supplemented or otherwise modified from time
to time, the "Credit Agreement"), among Lodgian Financing Corp., a Delaware
corporation, as the Borrower, the Lender Parties party thereto, Xxxxxx Xxxxxxx
Senior Funding, Inc., as collateral agent (together with any successor
collateral agent appointed pursuant to Article VIII of the Credit Agreement, the
"Collateral Agent"), and Xxxxxx Xxxxxxx Senior Funding, Inc., as administrative
agent for the Lender Parties, and (ii) the Security Agreement dated July __,
1999 (as amended, amended and restated, supplemented or otherwise modified from
time to time, the "Security Agreement") made by the Grantors from time to time
party thereto in favor of the Collateral Agent for the Secured Parties.
Capitalized terms not otherwise defined herein shall have the same meanings as
specified therefor in the Credit Agreement or the Security Agreement.
Section 1. Grant of Security. The undersigned hereby assigns and
pledges to the Collateral Agent for the benefit of the Secured Parties, and
hereby grants to the Collateral Agent for the benefit of the Secured Parties, a
lien on, and security interest in, all of its right, title and interest in and
to all of the Collateral of the undersigned, whether now owned or hereafter
acquired by the undersigned, wherever located and whether now or hereafter
existing, including, without limitation, the property and assets of the
undersigned set forth on the attached supplements to the Schedules to the
Security Agreement.
Section 2. Security for Obligations. The pledge and assignment of,
and the grant of a lien on and security interest in, the Collateral by the
undersigned under this Security Agreement Supplement and the Security Agreement
secures the payment of all Obligations of the undersigned now or hereafter
existing under or in respect of the Loan Documents (including, without
limitation, any extensions, modifications, substitutions, amendments or renewals
of any or all of the foregoing Obligations), whether direct or indirect,
absolute or contingent, and whether for principal, reimbursement obligations,
interest, premiums, penalties, fees, indemnifications, contract causes of
action, costs, expenses or otherwise. Without limiting the generality of the
foregoing, this Security Agreement Supplement and the Security Agreement secures
the payment of all amounts that constitute part of the Secured Obligations and
that would be owed by the undersigned to any Secured Party under the Loan
Documents but for the fact that such Secured Obligations are unenforceable or
not allowable due to the existence of a bankruptcy, reorganization or similar
proceeding involving the undersigned or any Grantor.
Section 3. Supplements to Security Agreement Schedules. The
undersigned has attached hereto supplements to each of the Schedules to the
Security Agreement, and the undersigned hereby certifies, as of the date first
above written, that such supplements have been prepared by the undersigned in
substantially the form of the Schedules to the Security Agreement and are
complete and correct in all material respects.
Section 4. Representations and Warranties. The undersigned hereby
makes each representation and warranty set forth in Section 9 of the Security
Agreement (as supplemented by the attached supplements) to the same extent as
each other Grantor.
Section 5. Obligations Under the Security Agreement. The undersigned
hereby agrees, as of the date first above written, to be bound as a Grantor by
all of the terms and provisions of the Security Agreement to the same extent as
each of the other Grantors. The undersigned further agrees, as of the date first
above written, that each reference in the Security Agreement to an "Additional
Grantor" or a "Grantor" shall also mean and be a reference to the undersigned,
and each reference in any of the other Loan Documents to a "Grantor" or a "Loan
Party" shall also mean and be a reference to the undersigned.
Section 6. Governing Law; Jurisdiction; Etc. This Security
Agreement Supplement shall be governed by and construed in accordance with
the laws of the State of New York.
Very truly yours,
[NAME OF ADDITIONAL GRANTOR]
By_______________________________
Title:
Address of principal place of
business and chief executive office
and for notices:
-----------------------
Exhibit B to the
Security Agreement
FORM OF PLEDGED ACCOUNT LETTER
_______________, ____
[Name and address
of Pledged Account Bank]
[Name of Grantor]
Gentlemen/women:
Reference is made to the concentration account listed on Schedule I
hereto (such concentration or account being the "Pledged Account") maintained
with you by (the "Grantor"). Pursuant to the Security Agreement dated July 23,
1999 (as amended, amended and restated, supplemented or otherwise modified from
time to time, the "Security Agreement"), the Grantor has granted to Xxxxxx
Xxxxxxx Senior Funding, Inc., as Collateral Agent (together with any successor
collateral agent appointed pursuant to Article VIII of the Credit Agreement, the
"Collateral Agent") for the Secured Parties referred to in the Credit Agreement
dated as of July 23, 1999, a security interest in certain property of the
Grantor, including, among other things, the following (the "Account
Collateral"): the Pledged Account, all funds held therein and all certificates
and instruments, if any, from time to time representing or evidencing the
Pledged Account, all interest, dividends, distributions, cash, instruments and
other property from time to time received, receivable or otherwise distributed
in respect of or in exchange for any or all of the then existing Account
Collateral and all proceeds of any and all of the foregoing Account Collateral
and, to the extent not otherwise included, all (i) payments under insurance
(whether or not the Collateral Agent is the loss payee thereof), or any
indemnity, warranty or guaranty, payable by reason of loss or damage to or
otherwise with respect to any of the foregoing Account Collateral and (ii) cash.
It is a condition to the continued maintenance of the Pledged Account with you
that you agree to this letter agreement.
By executing this letter agreement, you acknowledge notice of, and
consent to the grant of the lien on, and security interest in, and the pledge
and assignment of, the Account Collateral to the Collateral Agent for the
benefit of the Secured Parties and you confirm to the Collateral Agent that the
description of the Pledged Account set forth on Schedule I hereto is correct and
that you have not received any notice of any other lien on, security interest
in, pledge or assignment of, or other claim (other than that of the Grantor) on
the Pledged Account. Further, you hereby agree with the Collateral Agent that:
(a) Notwithstanding anything to the contrary in any other agreement
relating to the Pledged Account, the Pledged Account is and will be
subject to the security interest of the Secured Parties in the Pledged
Account, will have the title set forth opposite the account number
therefor on Schedule I hereto and will be subject to written instructions
from an officer of the Collateral Agent.
(b) Unless and until the Collateral Agent shall deliver notice to you (a
"Direction Notice") directing you to no longer permit the Grantor to withdraw
funds from the Pledged Account (which notice shall be delivered only if an Event
of Default has occurred and is continuing under the Credit Agreement (as defined
in the Security Agreement)), the Grantor is authorized by the Collateral Agent
to withdraw funds credited to the Pledged Account. Upon delivery of a Direction
Notice by the Collateral Agent to you and until the Direction Notice is
withdrawn, you shall no longer follow instructions from the Grantor or any
person acting on behalf of the Grantor with respect to the Pledged Account and
shall instead take instructions solely from the Collateral Agent (including
instructions to withdraw and transfer funds from the Pledged Account).
You hereby represent and warrant that the person executing this
letter agreement on your behalf is duly authorized to do so.
No amendment or waiver of any provision of this letter agreement,
nor consent to any departures by you or the Grantor herefrom, shall be effective
unless the same shall be in writing as signed by you, the Grantor and the
Collateral Agent.
This letter agreement shall be binding upon you and your successors
and assigns and shall inure to the benefit of the Secured Parties and their
successors, transferees and assigns. You may terminate this letter agreement
upon thirty days' prior written notice to the Grantor and the Collateral Agent.
This letter agreement may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together
shall constitute one and the same agreement. Delivery of an executed counterpart
of a signature page to this letter agreement by telecopier shall be effective as
delivery of an original executed counterpart of this letter agreement.
Please indicate your acknowledgment of and agreement to the
provisions of this letter agreement by signing in the appropriate space provided
below and returning this letter agreement to ________________, _______________,
__________, ________ ______, Telecopier No.: (212) ___-____, Attention:
________________. If you elect to deliver this letter agreement by telecopier,
please arrange for the executed original to follow by next-day courier.
This letter agreement shall be governed by and construed in
accordance with the laws of the State of New York.
Very truly yours,
[NAME OF GRANTOR]
By
Title:
[NAME OF COLLATERAL AGENT], as
Collateral Agent
By
Title:
Acknowledged and agreed to as of the date first above written:
[NAME OF PLEDGED ACCOUNT BANK]
By _________________________________
Title:
Schedule I to the
Pledged Account Letter
Concentration Account Number Concentration Account Name
---------------------------- --------------------------
Exhibit C to the
Security Agreement
FORM OF CONSENT AND AGREEMENT
The undersigned hereby (a) acknowledges notice of, and consents to
the terms and provisions of, the Security Agreement dated July 23, 1999 (as
amended, amended and restated, supplemented or otherwise modified from time to
time, the "Security Agreement", the terms defined therein being used herein as
therein defined) from ____________________ (the "Grantor") and certain other
grantors from time to time party thereto to Xxxxxx Xxxxxxx Senior Funding, Inc.,
as Collateral Agent (the "Collateral Agent") for the Secured Parties referred to
therein, (ii) consents in all respects to the pledge and assignment to the
Collateral Agent of all of the Grantor's right, title and interest in, to and
under the Assigned Agreement (as defined below) pursuant to the Security
Agreement, (iii) acknowledges that the Grantor has provided it with notice of
the right of the Collateral Agent in the exercise of its rights and remedies
under the Security Agreement to make all demands, give all notices, take all
actions and exercise all rights of the Grantor under the Assigned Agreement, and
(iv) agrees with the Collateral Agent that:
(i) The undersigned will make all payments to be made by it under or
in connection with the __________ Agreement dated _______________, ____
(the "Assigned Agreement") between the undersigned and the Grantor
directly to the Collateral Account or otherwise in accordance with the
instructions of the Collateral Agent.
(ii) All payments referred to in paragraph (i) above shall be made
by the undersigned irrespective of, and without deduction for, any
counterclaim, defense, recoupment or set-off and shall be final, and the
undersigned will not seek to recover from any Secured Party for any reason
any such payment once made.
(iii) The Collateral Agent or its designee shall be entitled to
exercise any and all rights and remedies of the Grantor under the Assigned
Agreement in accordance with the terms of the Security Agreement, and the
undersigned shall comply in all respects with such exercise.
(iv) The undersigned will not, without the prior written consent of
the Collateral Agent, (A) cancel or terminate the Assigned Agreement or
consent to or accept any cancellation or termination thereof, or (B)
amend, amend and restate, supplement or otherwise modify the Assigned
Agreement, except, in each case, to the extent otherwise permitted under
the Credit Agreement referred to in the Security Agreement.
(v) In the event of a default by the Grantor in the performance of
any of its obligations under the Assigned Agreement, or upon the
occurrence or non-occurrence of any event or condition under the Assigned
Agreement which would immediately or with the passage of any applicable
grace period or the giving of notice, or both, enable the
undersigned to terminate or suspend its obligations under the Assigned
Agreement, the undersigned shall not terminate the Assigned Agreement
until it first gives written notice thereof to the Collateral Agent and
permits the Grantor and the Collateral Agent the period of time afforded
to the Grantor under the Assigned Agreement to cure such default.
(vi) The undersigned shall deliver to the Collateral Agent,
concurrently with the delivery thereof to the Grantor, a copy of each
notice, request or demand given by the undersigned pursuant to the
Assigned Agreement.
(vii) Except as specifically provided in this Consent and Agreement,
neither the Collateral Agent nor any other Secured Party shall have any
liability or obligation under the Assigned Agreement as a result of this
Consent and Agreement, the Security Agreement or otherwise.
In order to induce the Lender Parties to make Advances and issue
Letters of Credit under the Credit Agreement and the Hedge Banks to enter into
Secured Hedge Agreements from time to time, the undersigned repeats and
reaffirms for the benefit of the Secured Parties the representations and
warranties made by it in the Assigned Agreement.
This Consent and Agreement shall be binding upon the undersigned and
its successors and assigns, and shall inure, together with the rights and
remedies of the Collateral Agent hereunder, to the benefit of the Secured
Parties and their successors, transferees and assigns. This Consent and
Agreement shall be governed by and construed in accordance with the laws of the
State of New York.
IN WITNESS WHEREOF, the undersigned has duly executed this Consent
and Agreement as of the date set opposite its name below.
Dated: _______________, ____ [NAME OF OBLIGOR]
By
Title:
