GS Capital Partners 2000, L.P. Whitehall Street Global Real Estate Limited Partnership, 2001 c/o Goldman Sachs & Co.Collateral Substitution Agreement, Lease Extension Agreement & Other • October 8th, 2002 • Price Dallas P • Real estate investment trusts
Reference is hereby made to that certain Restructuring Agreement and Limited Waiver (including all exhibits and schedules thereto, the “Restructuring Agreement”) dated as of July 1, 2002, by and among American Golf Corporation (“AGC”), Bank of America, N.A. (“Bank of America”) and the holders (the “Noteholders”) of AGC’s 9.35% senior secured notes due July 1, 2004, pursuant to which (i) David G. Price and the David G. Price Trust (collectively, “David G. Price”) agreed to pledge 354,938 shares of common stock of National Golf Properties, Inc. (“NGP”) and 3,255,694 common limited partnership units of National Golf Operating Partnership, L.P. (“NGOP”) (collectively the “Pledged Securities”) and (ii) David G. Price agreed to cause Mountaingate Land Company, L.P. to grant a second deed of trust on Mountaingate Country Club (the “Mountaingate Mortgage”) as collateral to guarantee certain of AGC’s obligations to Bank of America and the Noteholders (collectively, the “AGC Lenders”). The Restr
