EXHIBIT 10.25
SECOND AMENDMENT TO CREDIT AGREEMENT
THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is dated as of
February 11, 1997 (the "Amendment Date") and is among AMERICAN GENERAL
HOSPITALITY OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
("Borrower"), BANK ONE, TEXAS, N.A., as Administrative Agent (the
"Administrative Agent"), SOCIETE GENERALE, SOUTHWEST AGENCY, as Structuring
Agent (the "Structuring Agent"), and the banks and other financial institutions
(the "Banks") that are a party hereto.
RECITALS:
A. The Borrower, the Administrative Agent, the Structuring Agent and the
Banks are parties to that certain Credit Agreement dated as of July 31, 1996, as
amended by First Amendment to Credit Agreement dated as of October 18, 1996 by
and among such parties (the Credit Agreement as so amended being referred to
herein as the "Original Credit Agreement").
B. The parties hereto desire to amend the Original Credit Agreement and
the other Credit Documents (as defined in the Original Credit Agreement) as
hereinafter provided.
NOW, THEREFORE, for and in consideration of the covenants contained herein
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:
1. All terms used in this Amendment, but not defined herein, shall have
the meaning given such terms in the Original Credit Agreement.
2. This Amendment shall become effective as of the Amendment Date if on or
prior to the close of business on February 28, 1997 (the "Termination Date") the
following conditions precedent have been satisfied:
(a) Documentation. The Administrative Agent shall have received
-------------
counterparts of this Amendment executed by the Borrower and the Banks, and the
following duly executed by all the parties thereto, in form and substance
satisfactory to the Agents:
(1) Notes payable to the Banks each in the amount of such Bank's
Commitment as hereinafter provided in this Amendment;
(2) the Guaranties and the other documents set forth on Exhibit "A"
attached hereto;
(3) certificates dated as of the Amendment Date from the Borrower,
each Guarantor, the Parent and the Participating Lessee covering such
matters as the Agents shall reasonably request;
(4) the following in each case addressed to the Agents and the Banks,
dated as of the Amendment Date and satisfactory in form and substance to
the Agents: (A) one or more favorable written opinions of Battle ▇▇▇▇▇▇
L.L.P., special counsel for the Borrower and the Parent, and their
Subsidiaries, (B) a reliance letter from Battle ▇▇▇▇▇▇ L.L.P., as counsel
to the Parent, and each other counsel (other than underwriters' counsel)
delivering an opinion in connection with the Secondary Public Offering (as
hereinafter defined), stating that the Agents and the Banks may rely on
such opinions as if they were original addressees thereof, and in each case
attaching an executed original thereof, (C) one or more favorable written
opinions of the local counsel for the Borrower, the Parent and their
Subsidiaries for each state in which a Hotel Property is located, (D) one
or more favorable written opinions of Ballard, Spahr, ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇,
special Maryland counsel for the Parent;
(5) a Borrowing Base Certificate dated as of the Amendment Date, each
duly completed and executed by the Chief Financial Officer or Treasurer of
the General Partner on behalf of the Borrower; and
(6) such other documents, governmental certificates, agreements or,
lien searches as either Agent may reasonably request.
(b) Representations and Warranties. The representations and warranties
------------------------------
contained in this Amendment, and in each Credit Document and Participating
Lessee Document shall be true and correct in all material respects both as of
the Amendment Date and the date the other conditions to this Amendment's
effectiveness are satisfied.
(c) No Default. No Default or Event of Default shall exist as of either
----------
the Amendment Date or the date the other conditions to this Amendment's
effectiveness are satisfied.
(d) Certain Payments. The Borrower shall have paid the fees required to
----------------
be paid pursuant to the Amendment Fee Letter.
(e) Secondary Public Offering. The Agents shall have received evidence
-------------------------
satisfactory to them that (i) the secondary public offering of approximately
5,500,000 shares of Parent Common Stock (the "Secondary Public Offering") shall
have been
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consummated, (ii) the Administrative Agent shall have received executed or
conformed copies of each of the registration statement and each material
certificate, opinion, agreement, instrument or other document delivered by
Parent or any underwriter pursuant thereto (collectively, the "Secondary Public
Offering Documents"), all in form and substance reasonably satisfactory to the
Structuring Agent, (iii) each of the Secondary Public Offering Documents shall
be in full force and effect, (iv) the Parent shall have received not less than
$100,000,000 in aggregate gross proceeds from the Secondary Public Offering, (v)
the Parent shall have contributed the net proceeds from the Secondary Public
Offering (after deducting expenses and underwriting discounts and commissions)
to the Borrower as an equity contribution, (vi) the Borrower shall have used
such contributions to, among other things, repay the outstanding Advances, (vii)
any additional net proceeds shall be deposited in a Concentration Account with
the Cash Manager to be held until used by the Borrower for a use for which an
Advance would have been permitted to be used under the Credit Agreement and
(viii) all other matters with respect to the Secondary Public Offering shall be
reasonably satisfactory to the Agents. Notwithstanding the foregoing, (a)
outstanding Advances in the amount of $1,000 shall be maintained at all times
prior to the Maturity Date and (b) in connection with the use of net proceeds
from the Secondary Public Offering, the Borrower shall not be obligated to
reduce, pay down or deposit funds as collateral for any Letter of Credit
Exposure at the time of the Secondary Public Offering.
If this Amendment does not become effective prior to the Termination Date, this
Amendment shall be null and void; provided however that the Borrower and the
Parent shall still be obligated to pay the certain fees to Societe Generale,
Southwest Agency and Bank One, Texas, N.A. and reimburse such Banks for costs
and expenses incurred in connection with this Amendment as provided in the Fee
Letter (the "Amendment Fee Letter") and the Commitment Letter (the "Amendment
Commitment Letter"), both executed by such Banks, the Borrower and the Parent
and dated as of January 15, 1997.
3. From and after the Amendment Date, the term "Credit Agreement" as used
in the Credit Documents, shall mean the Original Credit Agreement, as amended by
this Amendment.
4. As of the Amendment Date, "Commitment" means, with respect to any Bank,
the amount set opposite such Bank's signature to this Amendment, or if such Bank
has entered into any Assignment and Acceptance after the Amendment Date, the
amount set forth for such Bank as its Commitment in the Register maintained by
the Administrative Agent pursuant to Section 9.06(c) of the Credit Agreement, as
such amount may be reduced pursuant to Section 2.04 of the Credit Agreement.
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5. With respect to the definition of "Cost Basis" under the Credit
Agreement, expenditures for FF&E purchased pursuant to an Approved Preliminary
Property Plan shall be included within the calculation of Cost Basis for such
Hotel Property. In connection with expenditures for such FF&E, the Borrower
will have to comply with the requirements in the Credit Agreement for providing
any information about or confirmation of Capital Expenditures as well as the
requirements for requesting a Borrowing or a withdrawal from the CAPEX Reserve
pertaining to Capital Expenditures.
6. The definition of "Permitted Other Subsidiary Indebtedness" in the
Credit Agreement is modified by adding the following phrase prior to the period
ending such definition: "and (c) such other Indebtedness of Permitted Other
Subsidiaries (but not the Borrower) which when added to all other Permitted
Other Subsidiary Indebtedness will not in the aggregate exceed $50,000,000."
7. Section 6.02 of the Original Credit Agreement is amended by adding the
phrase "and (c) executing indemnities for certain acts of malfeasance,
misappropriation and misconduct and environmental indemnities for the lenders of
other Permitted Other Subsidiary Indebtedness in connection with such
Indebtedness" at the end of the last sentence in such Section.
8. The definition of "Real Estate Value" in the Credit Agreement is
modified by adding the phrase "and FF&E" after the phrase "once the Capital
Expenditures."
9. The forms of Credit Documents attached to the Credit Agreement are
modified to reflect that the aggregate stated principal amount of the Notes and
the maximum amount of the Obligations is $150,000,000.
10. Section 3.04(h)(ii) of the Original Credit Agreement is amended by
adding the following sentence at the end of such Section: "In addition, the
Administrative Agent shall have received either an original Irrevocable
Direction to Pay Rent executed by such Subsidiary or an accession agreement
executed by such Subsidiary pursuant to which such Subsidiary is made a party to
the Irrevocable Direction to Pay Rent."
11. The Bank of Nova Scotia shall be named a Co-Agent under the Credit
Documents. A new section 8.07 shall be added to the Credit Agreement, which
reads as follows:
"Section 8.07 Co-Agent. The Bank of Nova Scotia shall be named a Co-
Agent under the Credit Documents, but the Co-Agent shall have no duty to
act as agent on behalf of the Banks."
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12. Each party hereto represents to the other parties hereto that such
party is authorized to execute this Amendment. In addition, the Borrower
represents and warrants to the Banks and the Agents that the Borrower and the
Guarantors are authorized to execute the Notes and the other documents set forth
on Exhibit "A" attached hereto to be executed by such Persons, the
representations and warranties contained in this Amendment, and in each Credit
Document and Participating Lessee Document are true and correct in all material
respects as of the Amendment Date and no Default or Event of Default exists as
of the Amendment Date.
13. This Amendment may be executed in multiple counterparts, each of which
shall be an original, but all of which shall constitute but one Amendment.
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Executed as of the date first set forth above.
BORROWER:
--------
AMERICAN GENERAL HOSPITALITY OPERATING
PARTNERSHIP, L.P.
By: AGH GP, Inc., its general partner
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
---------------------------------
Title: Executive Vice President
--------------------------------
ADMINISTRATIVE AGENT:
--------------------
BANK ONE, TEXAS, N.A.
/s/ ▇▇▇▇ ▇▇▇▇▇▇▇
--------------------------------------------
Name: ▇▇▇▇ ▇▇▇▇▇▇▇
---------------------------------------
Title: Vice President
--------------------------------------
STRUCTURING AGENT:
-----------------
SOCIETE GENERALE, SOUTHWEST AGENCY
/s/ ▇▇▇▇▇▇ ▇. Day
--------------------------------------------
Name: ▇▇▇▇▇▇ ▇. Day
---------------------------------------
Title: Vice President
--------------------------------------
COMMITMENT BANKS:
---------- -----
$46,666,666.67 SOCIETE GENERALE, SOUTHWEST AGENCY
/s/ ▇▇▇▇▇▇ ▇. Day
--------------------------------------------
Name: ▇▇▇▇▇▇ ▇. Day
---------------------------------------
Title: Vice President
--------------------------------------
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$46,666,666.67 BANK ONE, TEXAS, N.A.
/s/ ▇▇▇▇ ▇▇▇▇▇▇▇
--------------------------------------------
Name: ▇▇▇▇ ▇▇▇▇▇▇▇
---------------------------------------
Title: Vice President
--------------------------------------
$10,000,000.00 FIRST NATIONAL BANK OF COMMERCE
/s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇
--------------------------------------------
Name: ▇▇▇▇▇ ▇▇▇▇▇▇▇
--------------------------------------
Title: Senior Vice President
--------------------------------------
$46,666,666.67 BANK OF NOVA SCOTIA
/s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
--------------------------------------------
Name: ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
---------------------------------------
Title: Relationship Manager
--------------------------------------
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SOCIETE GENERALE, SOUTHWEST AGENCY
& BANK ONE, TEXAS, N.A.
MODIFICATION OF CREDIT FACILITY FOR
AMERICAN GENERAL HOSPITALITY OPERATING PARTNERSHIP, L.P.
TO INCREASE CREDIT FACILITY TO $150,000,000.00
CLOSING CHECKLIST
Administrative Agent-Bank One, Texas, ▇.▇. ▇▇▇▇▇▇▇-▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇
Structuring Agent - Societe Generale, B&P = ▇▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇, L.L.P.
Southwest Agency
Agents - Structuring Agent and Administrative Agent
Issuing Bank - Bank One, Texas, N.A.
Cash Manager - Bank One, Texas, N.A.
Banks - See Schedule 1 attached
Borrower - American General Hospitality BF-Battle ▇▇▇▇▇▇ LLP
Operating Partnership, L.P.
Parent - American General Hospitality Corporation
Manager - American General Hospitality, Inc.
Lessee - AGH Leasing, Inc.
Guarantors - See Schedule 2 Subsidiaries - See Schedule 3 attached
attached
Responsible Satisfied/
Item Party Signatories Status Executed
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1. Principal Credit Modification Documents
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A. Second Amendment to Credit Agreement B&P Borrower, Agents,
Banks
--------------------------------------------------------------------------------------------------------------------------------
1. Exhibit A - List of Documents B&P -----
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B. Promissory Notes made payable to the B&P Borrower
Banks
--------------------------------------------------------------------------------------------------------------------------------
C. Environmental Indemnity B&P Borrower, Parent &
1. Annex 1 - Accession Agreement Guarantors
--------------------------------------------------------------------------------------------------------------------------------
D. Guaranty and Contribution Agreement B&P Guarantors/Parent
executed by Initial Guarantors
1. Annex 1- Accession Agreement
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E. Security Agreement executed by B&P Borrower/Guarantors
Borrower and Guarantors
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F. Irrevocable Direction to Pay B&P Lessee, Borrower,
1. Annex 1 - Accession Agreement Guarantors
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II. Organizational Documents, Resolutions
and Authorizations
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A. Borrower's and Guarantors' Certificates Borrower and Borrower and
Guarantors Guarantors
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B. Parent's Certificate Parent Parent
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1. Certificates of Incorporation,
Bylaws and Resolutions
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C. Participating Lessee's Certificate Lessee Lessee
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Responsible Satisfied/
Item Party Signatories Status Executed
----------------------------------------------------------------------------------------------------------------------------------
D. Organizational Documents for American
General Hospitaltity Corporation
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1. Certificate of Incorporation - Borrower
Maryland
----------------------------------------------------------------------------------------------------------------------------------
2. Certificate of Good Standing - Borrower
Maryland
----------------------------------------------------------------------------------------------------------------------------------
3. Certified Copy of Articles of Borrower
Incorporation
----------------------------------------------------------------------------------------------------------------------------------
4. Certified Copy of Bylaws Borrower
----------------------------------------------------------------------------------------------------------------------------------
5. Corporate Resolutions and Borrower
Certificates of Incumbency
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6. Certified Copy of Prospectus and Borrower
Other Documentation Executed
in Connection with Secondary
Offering
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E. Organizational Documents of AGH, GP,
Inc.
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1. Certificate of Incorporation - Borrower
Nevada
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2. Certificate of Good Standing - Borrower
Nevada
---------------------------------------------------------------------------------------------------------------------------------
3. Certified Copy of Articles of Borrower
Incorporation
---------------------------------------------------------------------------------------------------------------------------------
4. Certified Copy of Bylaws Borrower
---------------------------------------------------------------------------------------------------------------------------------
5. Corporate Resolutions and Borrower
Certificates of Incumbency
---------------------------------------------------------------------------------------------------------------------------------
F. Organizational Documents of AGH LP,
Inc.
-------------------------------------------------------------------------------------------------------------------------------
1. Certificate of Incorporation - Borrower
Nevada
---------------------------------------------------------------------------------------------------------------------------------
2. Certificate of Good Standing - Borrower
Nevada
----------------------------------------------------------------------------------------------------------------------------------
3. Certified Copy of Articles of Borrower
Incorporation
----------------------------------------------------------------------------------------------------------------------------------
4. Certified Copy of Bylaws Borrower
---------------------------------------------------------------------------------------------------------------------------------
5. Corporate Resolutions and Borrower
Certificates of Incumbency
----------------------------------------------------------------------------------------------------------------------------------
G. Organizational Documents of American
General Hospitality Operating
Parntership, L.P.
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1. Limited Partnership Agreement Borrower
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Responsible Satisfied/
Item Party Signatories Status Executed
----------------------------------------------------------------------------------------------------------------------------------
2. Certificate of Existence - Borrower
Delaware
----------------------------------------------------------------------------------------------------------------------------------
3. Certified Copy of Partnership Borrower
Certificate - Delaware
-----------------------------------------------------------------------------------------------------------------------------------
4. Partnership Authority and Borrower
Consent
-----------------------------------------------------------------------------------------------------------------------------------
5. Partnership Authority and Borrower
Consent
-----------------------------------------------------------------------------------------------------------------------------------
H. Organizational Documents for AGHL GP,
Inc.
-----------------------------------------------------------------------------------------------------------------------------------
1. Certificate of Incorporation - Borrower
Delaware
-----------------------------------------------------------------------------------------------------------------------------------
2. Certificate of Good Standing - Borrower
Delaware
-----------------------------------------------------------------------------------------------------------------------------------
3. Certified Copy of Articles of Borrower
Incorporation
-----------------------------------------------------------------------------------------------------------------------------------
4. Certified Copy of Bylaws Borrower
-----------------------------------------------------------------------------------------------------------------------------------
5. Corporate Resolutions and Borrower
Certificates of Incumbency
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I. Organizational Documents for AGH
Leasing, L.P.
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1. Limited Partnership Agreement Borrower
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2. Certificate of Existence - Borrower
Delaware
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3. Certified Copy of Partnership Borrower
Certificate - Delaware
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4. Partnership Authority and
Consent
-----------------------------------------------------------------------------------------------------------------------------------
J. Organizational Documents for American
General Hospitality UPREIT, Limited
Liability Company
-----------------------------------------------------------------------------------------------------------------------------------
1. Certificate of Formation - Borrower
Delaware
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2. Certificate of Good Standing - Borrower
Delaware
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3. Certified Copy of Limited Borrower
Liability Company Agreement
-----------------------------------------------------------------------------------------------------------------------------------
4. LLC Authority and Consent Borrower
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III. Legal Opinions
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A. Battle ▇▇▇▇▇▇ LLP Legal Opinion BF BF
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Responsible Satisfied/
Item Party Signatories Status Executed
----------------------------------------------------------------------------------------------------------------------------------
B. Reliance Letter BF BF
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▇. ▇▇▇▇▇▇▇▇, Carano, Wilson, McCune, McDonald, McDonald, etc.
▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ & ▇▇▇▇▇ LLP Legal etc.
Opinion
----------------------------------------------------------------------------------------------------------------------------------
D. Ballard, Spahr, ▇▇▇▇▇▇▇ & Ingersoll Ballard, etc. ▇▇▇▇▇▇▇, etc.
Legal Opinion
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E. Local Counsel Opinions
1. California
2. Florida
3. Georgia
4. Louisiana
5. New Mexico
6. North Carolina
7. Ohio
8. Washington, D.C.
9. Wisconsin
10. Other
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IV. Other Due Diligence
----------------------------------------------------------------------------------------------------------------------------------
A. Arlington, IL Radisson Borrower Various
1. Entity Documentation
2. Certificate of Existence, Good
Standing and Authority to do
Business
- State of Creation
- Illinois
3. Management Agreement
4. Lease Agreement
5. Franchise Agreement
6. Loan Documents
7. Lender Estoppel Letter 3 P Lender
----------------------------------------------------------------------------------------------------------------------------------
B. Wyndham Hotel Agreements Borrower
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SCHEDULE 1
Banks
-----
Societe Generale, Southwest Agency
Bank One, Texas, N.A.
First National Bank of Commerce
Bank of Nova Scotia
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SCHEDULE 2
Guarantors
----------
American General Hospitality Corporation
AGH UPREIT, LLC
3100 Glendale Joint Venture
MDV Limited Partnership
Madison Motel Associates
183 Hotel Associates, Ltd.
Richmond Williamsburg Associates, Ltd.
2929 ▇▇▇▇▇▇▇▇ Limited Liability Company
Lake Buena Vista Partners, Ltd.
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SCHEDULE 3
Subsidiaries
------------
AGH UPREIT, LLC
3100 Glendale Joint Venture
MDV Limited Partnership
Madison Motel Associates
183 Hotel Associates, Ltd.
Richmond Williamsburg Associates, Ltd.
2929 ▇▇▇▇▇▇▇▇ Limited Liability Company
Lake Buena Vista Partners, Ltd.
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SOCIETE GENERALE, SOUTHWEST AGENCY
& BANK ONE, TEXAS, N.A.
CREDIT FACILITY FOR AMERICAN GENERAL
HOSPITALITY OPERATING PARTNERSHIP, L.P.
CHECKLIST FOR DURHAM, NORTH CAROLINA
------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RESPONSIBLE SATISFIED/
PROPERTY ITEM PARTY SIGNATORIES STATUS EXECUTED
------------------------------------------------------------------------------------------------------------------------------------
DURHAM, I. Credit Documents
NORTH
CAROLINA ---------------------------------------------------------------------------------------------------------------------------
HILTON A. Amendment to Deed of Trust, B&P Property Owner
Assignment of Leases and Administrative Agent
Collateral Assignment
--------------------------------------------------------------------------------------------------------------------------
II. Other Documents
--------------------------------------------------------------------------------------------------------------------------
A. Lessee Ratification Agreement B&P Lessee
--------------------------------------------------------------------------------------------------------------------------
B. Local Counsel Legal Opinion Smith, Helms, Smith, Helms,
Mulliss & Mulliss &
▇▇▇▇▇, L.L.P. ▇▇▇▇▇, L.L.P.
--------------------------------------------------------------------------------------------------------------------------
C. Title Chicago Title Chicago Title
1. Down date Endorsement/Modification Company Company
2. Tie-in Endorsement
3. Endorsement increasing policy
amount
4. Revisions to reinsurance
--------------------------------------------------------------------------------------------------------------------------
D. Certificate of Existence, Good Property Owner
Standing and Authority to do
Business for Property Owners and
their Corporate General Partners
1. State of Creation
2. State of Property
------------------------------------------------------------------------------------------------------------------------------------
SOCIETE GENERALE, SOUTHWEST AGENCY
& BANK ONE, TEXAS, N.A.
CREDIT FACILITY FOR AMERICAN GENERAL
HOSPITALITY OPERATING PARTNERSHIP, L.P.
CHECKLIST FOR ORLANDO, FLORIDA
------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RESPONSIBLE SATISFIED/
PROPERTY ITEM PARTY SIGNATORIES STATUS EXECUTED
------------------------------------------------------------------------------------------------------------------------------------
ORLANDO, I. Credit Documents
FLORIDA
DAYS INN ----------------------------------------------------------------------------------------------------------------------
A. Amendment to Deed of Trust, B&P Property Owner
Assignment of Leases and Administrative Agent
Collateral Assignment
----------------------------------------------------------------------------------------------------------------------
II. Other Documents
----------------------------------------------------------------------------------------------------------------------
A. Lessee Ratification Agreement B&P Lessee
----------------------------------------------------------------------------------------------------------------------
B. Local Counsel Legal Opinion Sterns, Weaver, Sterns, Weaver,
Miller, Weissler, Miller, Weissler,
▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇ &
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
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C. Title Chicago Title Chicago Title
1. Down date Company Company
Endorsement/Modification (if
available in Florida)
---------------------------------------------------------------------------------------------------------------------
D. Certificate of Existence, Good Property Owner
Standing and Authority to do
Business for Property Owners and
their Corporate General Partners
1. State of Creation
2. State of Property
------------------------------------------------------------------------------------------------------------------------------------
SOCIETE GENERALE, SOUTHWEST AGENCY
& BANK ONE, TEXAS, N.A.
CREDIT FACILITY FOR AMERICAN GENERAL
HOSPITALITY OPERATING PARTNERSHIP, L.P.
CHECKLIST FOR OCEAN CITY, MARYLAND
----------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RESPONSIBLE SATISFIED/
PROPERTY ITEM PARTY SIGNATORIES STATUS EXECUTED
------------------------------------------------------------------------------------------------------------------------------------
OCEAN CITY, I. Credit Documents
MARYLAND
DAYS INN ----------------------------------------------------------------------------------------------------------------------
A. Amendment to Deed of Trust B&P Lessee
Assignment of Leases and Administrative
Collateral Assignment Agent
----------------------------------------------------------------------------------------------------------------------
II. Other Documents
----------------------------------------------------------------------------------------------------------------------
A. Lessee Ratification Agreement B&P Lessee
----------------------------------------------------------------------------------------------------------------------
B. Local Counsel Legal Opinion Ayres, Jenkins, Ayres, Jenkins,
▇▇▇▇▇ & ▇▇▇▇▇▇, P.A. ▇▇▇▇▇ &Almand, P.A.
----------------------------------------------------------------------------------------------------------------------
C. Title Chicago Title Chicago Title
1. Down date Company Company
Endorsement/Modification
2. Endorsement increasing policy
amount
3. Tie-in Endorsement
4. Revisions to reinsurance
----------------------------------------------------------------------------------------------------------------------
D. Certificate of Existence, Good Property Owner
Standing and Authority to do
Business for Property Owners and
their Corporate General Partners
1. State of Creation
2. State of Property
--------------------------------------------------------------------------------
SOCIETE GENERALE, SOUTHWEST AGENCY
& BANK ONE, TEXAS, N.A.
CREDIT FACILITY FOR AMERICAN GENERAL
HOSPITALITY OPERATING PARTNERSHIP, L.P.
CHECKLIST FOR RICHMOND, VIRGINIA
--------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RESPONSIBLE SATISFIED/
PROPERTY ITEM PARTY SIGNATORIES STATUS EXECUTED
------------------------------------------------------------------------------------------------------------------------------------
RICHMOND, I. Credit Documents
▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇ INN ----------------------------------------------------------------------------------------------------------------------
A. Amendment to Deed of Trust, B&P Property Owner
Assignment of Leases and Administrative Agent
Collateral Assignment
----------------------------------------------------------------------------------------------------------------------
II. Other Documents
----------------------------------------------------------------------------------------------------------------------
A. Lessee Ratification Agreement B&P Lessee
----------------------------------------------------------------------------------------------------------------------
B. Local Counsel Legal Opinion McGuire, McGuire,
▇▇▇▇▇, Battle & ▇▇▇▇▇, Battle &
Booth, ▇.▇. ▇▇▇▇▇, L.P.
----------------------------------------------------------------------------------------------------------------------
C. Title Chicago Title Chicago Title
1. Down date Company Company
Endorsement/Modification
2. Tie-in Endorsement
3. Endorsement increasing policy
amount
4. Revisions to reinsurance
----------------------------------------------------------------------------------------------------------------------
D. Certificate of Existence, Good Property Owner
Standing and Authority to do
Business for Property Owners and
their Corporate General Partners
1. State of Creation
2. State of Property
------------------------------------------------------------------------------------------------------------------------------------
SOCIETE GENERALE, SOUTHWEST AGENCY
& BANK ONE, TEXAS, N.A.
CREDIT FACILITY FOR AMERICAN GENERAL
HOSPITALITY OPERATING PARTNERSHIP, L.P.
CHECKLIST FOR BEDFORD, TEXAS
----------------------------
------------------------------------------------------------------------------------------------------------------------------------
RESPONSIBLE SATISFIED/
PROPERTY ITEM PARTY SIGNATORIES STATUS EXECUTED
------------------------------------------------------------------------------------------------------------------------------------
BEDFORD, I. Credit Documents
TEXAS
HOLIDAY INN ----------------------------------------------------------------------------------------------------------------------
A. Amendment to Deed of Trust, B&P Property Owner
Assignment of Leases and Collateral Administrative Agent
Assignment
----------------------------------------------------------------------------------------------------------------------
II. Other Documents
----------------------------------------------------------------------------------------------------------------------
A. Lessee Ratification Agreement B&P Lessee
----------------------------------------------------------------------------------------------------------------------
B. Title Chicago Title Chicago Title
1. Texas Equivalent to Down date Company Company
Endorsement/Modification dated the
day before Closing
2. Revisions to reinsurance
----------------------------------------------------------------------------------------------------------------------
C. Certificate of Existence, Good Property Owner
Standing and Authority to do Business
for Property Owners and their
Corporate General Partners
1. State of Creation
2. State of Property
------------------------------------------------------------------------------------------------------------------------------------
SOCIETE GENERALE, SOUTHWEST AGENCY
& BANK ONE, TEXAS, N.A.
CREDIT FACILITY FOR AMERICAN GENERAL
HOSPITALITY OPERATING PARTNERSHIP, L.P.
CHECKLIST FOR KENNER, LOUISIANA
-------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RESPONSIBLE SATISFIED/
PROPERTY ITEM PARTY SIGNATORIES STATUS EXECUTED
------------------------------------------------------------------------------------------------------------------------------------
KENNER, I. Credit Documents
LOUISIANA
HOLIDAY ----------------------------------------------------------------------------------------------------------------------
INN NEW A. Amendment to Mortgage, Assignment B&P Property Owner
ORLEANS of Leases and Collateral Assignment Administrative Agent
AIRPORT ----------------------------------------------------------------------------------------------------------------------
II. Other Documents
----------------------------------------------------------------------------------------------------------------------
A. Lessee Ratification Agreement B&P Lessee
----------------------------------------------------------------------------------------------------------------------
B. Local Counsel Legal Opinion ▇▇▇▇▇▇, ▇▇▇▇ & ▇▇▇▇▇▇, King &
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
----------------------------------------------------------------------------------------------------------------------
C. Title Chicago Title Chicago Title
1. Down date Endorsement/Modification Company Company
2. Tie-in Endorsement
3. Endorsement increasing policy
amount
4. Revisions to reinsurance
----------------------------------------------------------------------------------------------------------------------
D. Certificate of Existence, Good Property Owner
Standing and Authority to do
Business for Property Owners and
their Corporate General Partners
1. State of Creation
2. State of Property
------------------------------------------------------------------------------------------------------------------------------------
SOCIETE GENERALE, SOUTHWEST AGENCY
& BANK ONE, TEXAS, N.A.
CREDIT FACILITY FOR AMERICAN GENERAL
HOSPITALITY OPERATING PARTNERSHIP, L.P.
CHECKLIST FOR NEW ORLEANS, LOUISIANA
------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RESPONSIBLE SATISFIED/
PROPERTY ITEM PARTY SIGNATORIES STATUS EXECUTED
------------------------------------------------------------------------------------------------------------------------------------
NEW ORLEANS, I. Credit Documents
LOUISIANA ----------------------------------------------------------------------------------------------------------------------
MAISON de A. Amendment to Mortgage, Assignment B&P Property Owner
of Leases and Collateral Assignment Administrative Agent
----------------------------------------------------------------------------------------------------------------------
II. Other Documents
----------------------------------------------------------------------------------------------------------------------
A. Lessee Ratification Agreement B&P Lessee
----------------------------------------------------------------------------------------------------------------------
B. Local Counsel Legal Opinion ▇▇▇▇▇▇, ▇▇▇▇ & ▇▇▇▇▇▇, King &
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
----------------------------------------------------------------------------------------------------------------------
C. Title Chicago Title Chicago Title
1. Down date Company Company
Endorsement/Modification
2. Tie-in Endorsement
3. Endorsement increasing policy
amount
4. Revisions to reinsurance
----------------------------------------------------------------------------------------------------------------------
D. Certificate of Existence, Good Property Owner
Standing and Authority to do
Business for Property Owners and
their Corporate General Partners
1. State of Creation
2. State of Property
------------------------------------------------------------------------------------------------------------------------------------
SOCIETE GENERALE, SOUTHWEST AGENCY
& BANK ONE, TEXAS, N.A.
CREDIT FACILITY FOR AMERICAN GENERAL
HOSPITALITY OPERATING PARTNERSHIP, L.P.
CHECKLIST FOR TOLEDO, OHIO
--------------------------
------------------------------------------------------------------------------------------------------------------------------------
RESPONSIBLE SATISFIED/
PROPERTY ITEM PARTY SIGNATORIES STATUS EXECUTED
------------------------------------------------------------------------------------------------------------------------------------
TOLEDO, I. Credit Documents
OHIO
HILTON ----------------------------------------------------------------------------------------------------------------------
A. Amendment to Open End Mortgage, B&P Property Owner
Security Agreement, Assignment of Administrative Agent
Rents, and Financing Statement
----------------------------------------------------------------------------------------------------------------------
II. Other Documents
----------------------------------------------------------------------------------------------------------------------
A. Lessee Ratification Agreement B&P Lessee
----------------------------------------------------------------------------------------------------------------------
B. Local Counsel Legal Opinion McDonald, McDonald,
▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇,▇▇▇▇▇
& ▇▇▇▇▇ Co., & ▇▇▇▇▇ Co.,
L.P.A. L.P.A.
----------------------------------------------------------------------------------------------------------------------
C. Title Chicago Title Chicago Title
1. Down date Company Company
Endorsement/Modification
2. Tie-in Endorsement
3. Endorsement increasing policy
amount
4. Revisions to reinsurance
----------------------------------------------------------------------------------------------------------------------
D. Certificate of Existence, Good Property Owner
Standing and Authority to do
Business for Property Owners and
their Corporate General Partners
1. State of Creation
2. State of Property
----------------------------------------------------------------------------------------------------------------------
SOCIETE GENERALE, SOUTHWEST AGENCY
& BANK ONE, TEXAS, N.A.
CREDIT FACILITY FOR AMERICAN GENERAL
HOSPITALITY OPERATING PARTNERSHIP, L.P.
CHECKLIST FOR SAN DIEGO, CALIFORNIA
-----------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RESPONSIBLE SATISFIED/
PROPERTY ITEM PARTY SIGNATORIES STATUS EXECUTED
------------------------------------------------------------------------------------------------------------------------------------
SAN DIEGO, I. Credit Documents
CALIFORNIA ----------------------------------------------------------------------------------------------------------------------
HOLIDAY A. Amendment to Deed of Trust, B&P Property Owner
INN Assignment of Leases and Administrative Agent
Collateral Assignment
----------------------------------------------------------------------------------------------------------------------
II. Other Documents
----------------------------------------------------------------------------------------------------------------------
A. Lessee Ratification Agreement B&P Lessee
----------------------------------------------------------------------------------------------------------------------
B. Local Counsel Legal Opinion ▇▇▇▇▇▇▇▇-▇▇▇▇▇ ▇▇▇▇▇▇▇▇-▇▇▇▇▇
----------------------------------------------------------------------------------------------------------------------
C. Title Chicago Title Chicago Title
1. Down date Endorsement/Modification Company Company
2. Tie-in Endorsement
3. Endorsement increasing policy amount
4. Revisions to reinsurance
----------------------------------------------------------------------------------------------------------------------
D. Certificate of Existence, Good Standing Property Owner
and Authority to do Business for
Property Owners and their Corporate
General Partners
1. State of Creation
2. State of Property
------------------------------------------------------------------------------------------------------------------------------------
SOCIETE GENERALE, SOUTHWEST AGENCY
& BANK ONE, TEXAS, N.A.
CREDIT FACILITY FOR AMERICAN GENERAL
HOSPITALITY OPERATING PARTNERSHIP, L.P.
CHECKLIST FOR ALBUQUERQUE, NEW MEXICO
-------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RESPONSIBLE SATISFIED/
PROPERTY ITEM PARTY SIGNATORIES STATUS EXECUTED
------------------------------------------------------------------------------------------------------------------------------------
ALBUQUERQUE, I. Credit Documents
NEW MEXICO ----------------------------------------------------------------------------------------------------------------------
▇▇▇▇ ▇▇▇▇▇▇ A. Amendment to New Mexico Deed of B&P Property Owner
HOTEL Trust with Statutory Power of Administrative Agent
Sale, Assignment of Leases and
Collateral Assignment
----------------------------------------------------------------------------------------------------------------------
II. Other Documents
----------------------------------------------------------------------------------------------------------------------
A. Lessee Ratification Agreement B&P Lessee
----------------------------------------------------------------------------------------------------------------------
B. Local Counsel Legal Opinion Sutin, Thayer & ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇ & ▇▇▇▇▇▇
----------------------------------------------------------------------------------------------------------------------
C. Title Chicago Title Chicago Title
1. Down date Endorsement/Modification Company Company
(if available in New Mexico, or
equivalent)
2. Revisions to reinsurance
----------------------------------------------------------------------------------------------------------------------
D. Certificate of Existence, Good Standing Property Owner
and Authority to do Business for
Property Owners and their Corporate
General Partners
1. State of Creation
2. State of Property
------------------------------------------------------------------------------------------------------------------------------------
SOCIETE GENERALE, SOUTHWEST AGENCY
& BANK ONE, TEXAS, N.A.
CREDIT FACILITY FOR AMERICAN GENERAL
HOSPITALITY OPERATING PARTNERSHIP, L.P.
CHECKLIST FOR SAN JOSE, CALIFORNIA
----------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RESPONSIBLE SATISFIED/
PROPERTY ITEM PARTY SIGNATORIES STATUS EXECUTED
------------------------------------------------------------------------------------------------------------------------------------
SAN ▇▇▇▇, I. Credit Documents
CALIFORNIA ----------------------------------------------------------------------------------------------------------------------
LeBARON/ A. Amendment to Subleasehold B&P Property Owner
DOUBLETREE Deed of Trust, Assignment of Administrative Agent
Leases and Collateral
Assignment
----------------------------------------------------------------------------------------------------------------------
II. Other Documents
----------------------------------------------------------------------------------------------------------------------
A. Lessee Ratification Agreement B&P Lessee
----------------------------------------------------------------------------------------------------------------------
B. Local Counsel Legal Opinion ▇▇▇▇▇▇▇▇-▇▇▇▇▇ ▇▇▇▇▇▇▇▇-▇▇▇▇▇
----------------------------------------------------------------------------------------------------------------------
C. Title ALL-CALIFORNIA ALL-CALIFORNIA
1. Down date Endorsement/Modification Company Company
----------------------------------------------------------------------------------------------------------------------
D. Certificate of Existence, Good Standing Property Owner
and Authority to do Business for
Property Owners and their Corporate
General Partners
1. State of Creation
2. State of Property
------------------------------------------------------------------------------------------------------------------------------------
SOCIETE GENERALE, SOUTHWEST AGENCY
& BANK ONE, TEXAS, N.A.
CREDIT FACILITY FOR AMERICAN GENERAL
HOSPITALITY OPERATING PARTNERSHIP, L.P.
CHECKLIST FOR SAN JOSE, CALIFORNIA
----------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RESPONSIBLE SATISFIED/
PROPERTY ITEM PARTY SIGNATORIES STATUS EXECUTED
------------------------------------------------------------------------------------------------------------------------------------
SAN ▇▇▇▇, I. Credit Documents
CALIFORNIA ----------------------------------------------------------------------------------------------------------------------
CROWNE PLAZA A. Amendment to Deed of Trust, B&P Property Owner
Assignment of Leases and Administrative Agent
Collateral Assignment
----------------------------------------------------------------------------------------------------------------------
II. Other Documents
----------------------------------------------------------------------------------------------------------------------
A. Lessee Ratification Agreement B&P Lessee
----------------------------------------------------------------------------------------------------------------------
B. Local Counsel Legal Opinion ▇▇▇▇▇▇▇▇-▇▇▇▇▇ ▇▇▇▇▇▇▇▇-▇▇▇▇▇
----------------------------------------------------------------------------------------------------------------------
C. Title Chicago Title Chicago Title
1. Down date Endorsement/Modification Company Company
2. Tie-in Endorsement
3. Endorsement increasing policy amount
4. Revisions to reinsurance
----------------------------------------------------------------------------------------------------------------------
D. Certificate of Existence, Good Standing Property Owner
and Authority to do Business for
Property Owners and their Corporate
General Partners
1. State of Creation
2. State of Property
------------------------------------------------------------------------------------------------------------------------------------
SOCIETE GENERALE, SOUTHWEST AGENCY
& BANK ONE, TEXAS, N.A.
CREDIT FACILITY FOR AMERICAN GENERAL
HOSPITALITY OPERATING PARTNERSHIP, L.P.
CHECKLIST FOR MADISON, WISCONSIN
--------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RESPONSIBLE SATISFIED/
PROPERTY ITEM PARTY SIGNATORIES STATUS EXECUTED
------------------------------------------------------------------------------------------------------------------------------------
MADISON, I. Credit Documents
WISCONSIN ----------------------------------------------------------------------------------------------------------------------
HOLIDAY INN A. Amendment to Deed of Trust, B&P Property Owner
SELECT Assignment of Leases and Administrative Agent
Collateral Assignment
----------------------------------------------------------------------------------------------------------------------
II. Other Documents
----------------------------------------------------------------------------------------------------------------------
A. Lessee Ratification Agreement B&P Lessee
----------------------------------------------------------------------------------------------------------------------
B. Local Counsel Legal Opinion ▇▇▇▇▇▇▇▇-▇▇▇▇▇ ▇▇▇▇▇▇▇▇-▇▇▇▇▇
----------------------------------------------------------------------------------------------------------------------
C. Title Chicago Title Chicago Title
1. Down date Endorsement/Modification Company Company
2. Tie-in Endorsement
3. Endorsement increasing policy amount
4. Revisions to reinsurance
----------------------------------------------------------------------------------------------------------------------
D. Certificate of Existence, Good Standing Property Owner
and Authority to do Business for
Property Owners and their Corporate
General Partners
1. State of Creation
2. State of Property
------------------------------------------------------------------------------------------------------------------------------------
SOCIETE GENERALE, SOUTHWEST AGENCY
& BANK ONE, TEXAS, N.A.
CREDIT FACILITY FOR AMERICAN GENERAL
HOSPITALITY OPERATING PARTNERSHIP, L.P.
CHECKLIST FOR MONTEREY, CALIFORNIA
----------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RESPONSIBLE SATISFIED/
PROPERTY ITEM PARTY SIGNATORIES STATUS EXECUTED
------------------------------------------------------------------------------------------------------------------------------------
MONTEREY, I. Credit Documents
CALIFORNIA ----------------------------------------------------------------------------------------------------------------------
HOLIDAY INN A. Amendment to Deed of Trust, B&P Property Owner
RESORT Assignment of Leases and Administrative Agent
Collateral Assignment
----------------------------------------------------------------------------------------------------------------------
II. Other Documents
----------------------------------------------------------------------------------------------------------------------
A. Lessee Ratification Agreement B&P Lessee
----------------------------------------------------------------------------------------------------------------------
B. Local Counsel Legal Opinion ▇▇▇▇▇▇▇▇-▇▇▇▇▇ ▇▇▇▇▇▇▇▇-▇▇▇▇▇
----------------------------------------------------------------------------------------------------------------------
C. Title Chicago Title Chicago Title
1. Down date Endorsement/Modification Company Company
----------------------------------------------------------------------------------------------------------------------
D. Certificate of Existence, Good Standing Property Owner
and Authority to do Business for
Property Owners and their Corporate
General Partners
1. State of Creation
2. State of Property
------------------------------------------------------------------------------------------------------------------------------------