AMENDMENT NO. 1 AND JOINDER TO AMENDED AND RESTATED FUNDING AND COOPERATION AGREEMENT
EXHIBIT
99.11
AMENDMENT
NO. 1 AND JOINDER TO
AMENDED
AND RESTATED
THIS
AMENDMENT NO. 1 AND JOINDER TO AMENDED AND RESTATED FUNDING AND COOPERATION
AGREEMENT ( this “Amendment
No. 1 and Joinder”)
is
entered into as of February 9, 2007, by and among Kingdom Hotels International,
a Cayman Islands company (“Kingdom”),
Cascade Investment, L.L.C., a Washington limited liability company
(“Cascade”),
Triples Holdings Limited, an Ontario corporation (“Triples”),
Xxxxxxx Xxxxx (“Xxxxx”,
and
together with Kingdom, Cascade, and Triples, the “Original
Parties”),
and
FS Acquisition Corp., a British Columbia corporation (“Acquirer”),
and
amends that certain Amended and Restated Funding and Cooperation Agreement,
dated as of February 8, 2007, by and among the Original Parties (the
“Amended
and Restated Funding and Cooperation Agreement”).
RECITALS
WHEREAS,
the Original Parties made a joint proposal (the “Proposal”)
on
November 3, 2006 to acquire all of the outstanding capital stock of the Company,
other than shares held by the Original Parties, certain of their respective
affiliates and the Xxxx and Xxxxxxx Xxxxx Foundation Trust (the “Acquisition”);
and
WHEREAS,
the Original Parties entered into the Amended and Restated Funding and
Cooperation Agreement agreeing to certain terms and conditions relating to
the
funding of the Acquisition and their relationship in connection with the
Proposal and their joint pursuit of the Acquisition; and
WHEREAS,
in connection with the Proposal and with the Original Parties’ and the
Acquirer’s joint pursuit of the Acquisition, the Original Parties wish to amend
the Amended and Restated Funding and Cooperation Agreement to cause Acquirer
to
become a party thereto as the “Acquirer” referred to therein, and Acquirer
wishes to adopt and join the Amended and Restated Funding and Cooperation
Agreement such that Acquirer will become a party thereto and bound by the terms
thereof applicable to the “Acquirer”; and
WHEREAS,
the Original Parties, together with Acquirer, wish to further amend the Amended
and Restated Funding and Cooperation Agreement to provide that Paragraphs 10(c)
and 10(d) survive termination thereof.
NOW,
THEREFORE, in consideration of the mutual covenants contained herein, the
Original Parties and the Acquirer hereby agree as follows:
1. Amendments
and Joinder. The
Amended and Restated Funding and Cooperation Agreement is hereby amended as
follows:
(a) Effective
as of the date hereof, Acquirer hereby joins and adopts the Amended and Restated
Funding and Cooperation Agreement as a party thereto and agrees to be bound
by
the terms and conditions thereof applicable to the “Acquirer” as defined
therein.
(b) Paragraph
11 to the Amended and Restated Funding and Cooperation Agreement is hereby
deleted and replaced with the following:
11. Termination.
This
Agreement shall become effective on the date hereof and shall terminate (except
with respect to Paragraphs 8, 10(a) (but only with respect to Pursuit Costs
incurred prior to termination) 10(c), 10(d) and 12 through 23 and this Paragraph
11, each of which shall survive any such termination) upon the earliest of
(i) 5:00 p.m. Eastern time on February 12, 2007, unless the Acquisition
Agreement shall have been executed and delivered at or before such time,
(ii) the Closing, (iii) the termination of the Acquisition Agreement
and (iv) notice delivered by either Lead Investor to the other Parties prior
to
execution and delivery of an Acquisition Agreement. Termination of this
Agreement shall not relieve any Party of any liability for breach of this
Agreement prior to such termination.
2. Counterparts;
Facsimile Signatures.
This
Amendment No. 1 and Joinder may be executed in multiple counterparts, each
of
which shall be deemed an original and all of which together shall constitute
one
instrument. For purposes hereof, facsimile signatures shall be binding on the
parties to this Amendment No. 1 and Joinder.
3. Full
Force and Effect. Except
as
expressly amended or modified in this Amendment No. 1 and Joinder, all terms
and
conditions of the Amended and Restated Funding and Cooperation Agreement shall
remain in full force and effect, which terms and conditions the parties hereto
hereby ratify and affirm.
4. Governing
Law; Jurisdiction. This
Amendment No. 1 and Joinder shall be enforced, construed and interpreted in
accordance with the laws of the State of New York. Each of the parties hereto
(i) consents to submit itself to the personal jurisdiction of any state or
federal court located in the Borough of Manhattan, State of New York with
respect to any action arising from this Amendment No. 1 and Joinder, (ii) agrees
that it will not attempt to deny or defeat such personal jurisdiction by motion
or other request for leave from any such court and (iii) agrees not to commence
any such action in any forum other than such court. The parties hereto
irrevocably and unconditionally waive any objection to the laying of venue
of
any such action in any such state or federal court, and hereby further
irrevocably and unconditionally waive and agree not to plead or claim in any
such court that any such action brought in any such court has been brought
in an
inconvenient forum. Each of the parties hereto, to the fullest extent permitted
by applicable law, waives any right to a jury trial in any such action.
[Signature
page follows.]
IN
WITNESS WHEREOF,
the
parties hereto have executed this Amendment No. 1 and Joinder to Amended and
Restated Funding and Cooperation Agreement by their duly authorized signatories
as of the date first written above.
KINGDOM HOTELS INTERNATIONAL | ||
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By: | /s/ Xxxxxxx X. Xxxxx | |
Name: | Xxxxxxx X. Xxxxx | |
Title: | Authorized Signatory | |
CASCADE INVESTMENT, L.L.C. | ||
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By: | /s/ Xxxxxxx Xxxxxx | |
Name: | Xxxxxxx Xxxxxx | |
Title: | Business Manager | |
TRIPLES HOLDINGS LIMITED | ||
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By: | /s/ Xxxxxxx Xxxxx | |
Name: | Xxxxxxx Xxxxx | |
Title: | President | |
FS ACQUISITION CORP. | ||
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By: | /s/ Xxxxxxx X. Xxxxx | |
Name: | Xxxxxxx X. Xxxxx | |
Title: | Director | |
By: | /s/ Xxxxxxx Xxxxx | |
Xxxxxxx
Xxxxx
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