EXHIBIT 10.20
THIRD AMENDMENT AND WAIVER TO FIRST
AMENDED AND RESTATED CREDIT AGREEMENT
THIS THIRD AMENDMENT AND WAIVER TO FIRST AMENDED AND RESTATED CREDIT
AGREEMENT (this "Amendment and Waiver"), dated as of December 25, 2001, by and
among the lenders listed on the signature pages hereof (the "Lenders"),
CLUBCORP, INC., a Delaware corporation (the "Borrower"), and BANK OF AMERICA,
N.A., as administrative agent for the Lenders (the "Administrative Agent"), to
the extent and in the manner provided for in the Credit Agreement (defined below
and herein so called).
BACKGROUND
A. The Borrower, the Lenders, certain co-agents, certain managing
agents and the Administrative Agent are parties to that certain First Amended
and Restated Credit Agreement, dated as of September 24, 1999, as amended by
that certain First Amendment to First Amended and Restated Credit Agreement,
dated as of November 5, 1999, and that certain Second Amendment to First Amended
and Restated Credit Agreement, dated as of December 20, 2000 (said Credit
Agreement, as amended, the "Credit Agreement"; the terms defined in the Credit
Agreement and not otherwise defined herein shall be used herein as defined in
the Credit Agreement).
B. The Borrower, the Lenders and the Administrative Agent desire to
amend the Credit Agreement.
C. The Borrower has requested a waiver of compliance with Section
7.12 of the Credit Agreement under the Credit Agreement for a limited time.
NOW, THEREFORE, in consideration of the covenants, conditions and
agreements hereafter set forth, and for other good and valuable consideration,
the receipt and adequacy of which are all hereby acknowledged, the parties
hereto covenant and agree as follows:
1. AMENDMENT. Section 8.1 of the Credit Agreement is hereby amended
by (a) deleting "or" at the end of clause (m) thereof; (b) deleting "." at the
end of clause (n) thereof and inserting ";or" in lieu thereof; and (c) adding a
new clause (o) thereto to read as follows:
(o) The Borrower shall fail to deliver to the Administrative
Agent by February 7, 2002 executed deeds of trust or mortgages, as
applicable, on ▇▇▇▇▇▇ Creek Resort, Pinehurst Resort, The Homestead and
Firestone County Club granting a first Lien (subject to Permitted Liens)
in the property covered thereby, in form and substance satisfactory to
the Administrative Agent, together with such opinions, resolutions and
certificates related thereto as required by the Administrative Agent.
2. WAIVER. Subject to the satisfaction of the conditions of
effectiveness set forth in Section 5 hereof and termination of the waiver
provided in this Section 2 as provided in Section 3 hereof; the Lenders hereby
waive compliance with the Leverage Ratio covenant set
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forth in Section 7.12 of the Credit Agreement at the Fiscal Quarter ending
December 25, 2001 (the "Waived Covenant"). The waiver provided herein does not
(a) affect any other covenant or provision of the Credit Agreement or any other
Loan Document or (b) relate to any other Fiscal Quarter.
3. WAIVER TERMINATION. Notwithstanding anything herein to the
contrary, the waiver provided in Section 2 above shall automatically terminate
on the earlier of (a) the date of the occurrence of an Event of Default other
than with respect to the Waived Covenant or (b) 5:00 p.m., Dallas time, February
7, 2002, and shall be of no further force or effect as of such date.
4. REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF DEFAULT. By its
execution and delivery hereof, the Borrower represents and warrants that, as of
the date hereof and after giving effect to the waiver set forth in the foregoing
Section 2:
(a) the representations and warranties contained in the Credit
Agreement and the other Loan Documents are true and correct on and as of the
date hereof as made on and as of such date; and
(b) no event has occurred and is continuing which constitutes a
Default or an Event of Default.
5. CONDITIONS OF EFFECTIVENESS. This Amendment and Waiver shall be
effective as of December 25, 2001, subject to the following:
(a) the representations and warranties set forth in Section 4 of
this Amendment and Waiver shall be true and correct;
(b) the Administrative Agent shall have received counterparts of
this Amendment and Waiver executed by the Determining Lenders;
(c) the Administrative Agent shall have received counterparts of
this Amendment and Waiver executed by the Borrower and acknowledged by each
Guarantor; and
(d) the Administrative Agent shall have received in form and
substance satisfactory to the Administrative Agent, such other documents,
certificates and instruments as the Lenders shall require.
6. AMENDMENT AND WAIVER FEE. The Borrower covenants and agrees to
pay an amendment and waiver fee to the Lenders which execute and deliver this
Amendment and Waiver to the Administrative Agent (or its counsel) not later than
5:00 p.m., Dallas time, December 19, 2001, in an amount equal to the product of
(a) 0.125% multiplied by (b)(i) with respect to each Lender having a portion of
the Revolving Credit Commitment, an amount equal to such Lender's portion of the
Revolving Credit Commitment and (ii) with respect to each Lender which is owed
Facility A Term Loan Advances or Facility B Term Loan Advances, the aggregate
principal amount of Facility A Term Loan Advances and Facility B Term Loan
Advances owed to such Lender. Such amendment and waiver fee shall be paid in
immediately available funds and shall be due and payable to each Lender eligible
for payment pursuant to the preceding sentence no later than one Business Day
after the date on which this Amendment and
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Waiver becomes effective. The Borrower agrees that the failure to pay the
amendment and waiver fee provided in this Section 6 shall be an Event of Default
under Section 8.1(b)(ii) of the Credit Agreement.
7. RESERVATION OF RIGHTS. The Borrower acknowledges that the
Lenders execution and delivery of this Amendment and Waiver shall not be deemed
to create a course of dealing or otherwise obligate the Lenders to execute
similar waivers under the same or similar circumstances in the future.
8. GUARANTOR'S ACKNOWLEDGMENT. By signing below, each Guarantor (i)
acknowledges, consents and agrees to the execution, delivery and performance by
the Borrower of this Amendment and Waiver, (ii) acknowledges and agrees that its
obligations in respect of its Subsidiary Guaranty are not released, diminished,
waived, modified, impaired or affected in any manner by this Amendment and
Waiver, or any of the provisions contemplated herein, (iii) ratifies and
confirms its obligations under its Subsidiary Guaranty and (iv) acknowledges and
agrees that it has no claim or offsets against, or defenses or counterclaims to,
its Subsidiary Guaranty.
9. REFERENCE TO THE CREDIT AGREEMENT.
(a) Upon and during the effectiveness of this Amendment and Waiver,
each reference in the Credit Agreement to "this Agreement", "hereunder", or
words of like import shall mean and be a reference to the Credit Agreement, as
affected by this Amendment and Waiver.
(b) Except as expressly set forth herein, this Amendment and Waiver
shall not by implication or otherwise limit, impair, constitute a waiver of; or
otherwise affect the rights or remedies of the Administrative Agent or the
Lenders under the Credit Agreement or any of the other Loan Documents, and shall
not alter, modify, amend, or in any way affect the terms, conditions,
obligations, covenants, or agreements contained in the Credit Agreement or the
other Loan Documents, all of which are hereby ratified and affirmed in all
respects and shall continue in full force and effect.
10. COSTS AND EXPENSES. The Borrower shall be obligated to pay the
costs and expenses of the Administrative Agent in connection with the
preparation, reproduction, execution and deliver of this Amendment and Waiver
and the other instruments and documents to be delivered hereunder.
11. EXECUTION IN COUNTERPARTS. This Amendment and Waiver may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed to be an original and all of which when taken together shall constitute
but one and the same instrument. For purposes of this Amendment and Waiver, a
counterpart hereof (or signature page thereto) signed and transmitted by any
Person party hereto to the Administrative Agent (or its counsel) by facsimile
machine, telecopier or electronic mail is to be treated as an original. The
signature of such Person thereon, for purposes hereof, is to be considered as an
original signature, and the counterpart (or signature page thereto) so
transmitted is to be considered to have the same binding effect as an original
signature on an original document.
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12. GOVERNING LAW; BINDING EFFECT. This Amendment and Waiver shall
be governed by and construed in accordance with the laws of the State of Texas
(without giving effect to conflict of laws) and the United States of America,
and shall be binding upon the Borrower and each Lender and their respective
successors and assigns.
13. HEADINGS. Section headings in this Amendment and Waiver are
included herein for convenience of reference only and shall not constitute a
part of this Amendment and Waiver for any other purpose.
14. ENTIRE AGREEMENT. THE CREDIT AGREEMENT, AS AMENDED BY THIS
AMENDMENT AND WAIVER, AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT
BETWEEN THE PARTIES AS TO THE SUBJECT MATTER THEREIN AND HEREIN AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS BETWEEN THE PARTIES.
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment and
Waiver as of the date first above written.
CLUBCORP, INC.
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇ III
-----------------------------
Name: ▇▇▇▇ ▇. ▇▇▇▇▇▇ III
---------------------
Title: Senior Vice President
& Treasurer
---------------------
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BANK OF AMERICA, N.A., as
Administrative Agent, Swing Line
Bank, Issuing Bank, and as a
Lender
By: /s/ ▇▇▇ ▇. ▇▇▇▇▇▇▇
-----------------------------
Name: ▇▇▇ ▇. ▇▇▇▇▇▇▇
---------------------
Title: Managing Director
---------------------
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BANK ONE, TEXAS, N.A.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
-----------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
---------------------
Title: Director, Corporate
Banking
---------------------
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▇▇▇▇▇ FARGO BANK TEXAS, NATIONAL
ASSOCIATION, successor to ▇▇▇▇▇
FARGO BANK (TEXAS), N.A.
By: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇
-----------------------------
Name: ▇▇▇▇ ▇▇▇▇▇▇▇
---------------------
Title: Vice President
---------------------
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CREDIT LYONNAIS NEW YORK BRANCH,
as Managing Agent and as a
Lender
By: /s/ ▇▇▇▇▇▇ ▇▇▇
-----------------------------
Name: ▇▇▇▇▇▇ ▇▇▇
---------------------
Title: SENIOR VICE PRESIDENT
---------------------
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FIRST UNION NATIONAL BANK, as
Managing Agent and as a Lender
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
-----------------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Vice President
10
GUARANTY BANK, as Co-Agent and
as a Lender
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇▇
-------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇▇
-----------------------
Title: Vice President
-----------------------
11
BRANCH BANKING AND TRUST COMPANY,
as Co-Agent and as a
Lender
By: /s/ ▇▇▇▇ ▇▇▇▇▇
-----------------------------
Name: ▇▇▇▇ ▇▇▇▇▇
---------------------
Title: Vice President
---------------------
12
COMERICA BANK, as a Co-Agent and
as a Lender
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
-----------------------------
Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
---------------------
Title: Vice President
---------------------
13
SOUTHTRUST BANK, an Alabama
banking corporation, as a
Co-Agent and as a Lender
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
-----------------------------
Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
---------------------
Title: Senior Vice President
---------------------
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U.S. BANK NATIONAL ASSOCIATION
(formerly FIRSTAR BANK, N.A.)
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
-----------------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Vice President
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COMPASS BANK
By: /s/ R. ▇▇▇▇▇ ▇▇▇▇
-----------------------------
Name: R. ▇▇▇▇▇ ▇▇▇▇
---------------------
Title: Vice President
---------------------
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AMSOUTH BANK, successor in
interest by merger to Deposit
Guaranty National Bank
By: /s/ ▇. ▇. MAY
-----------------------------
Name: ▇. ▇. May
---------------------
Title: Vice President
---------------------
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MELLON BANK, N.A.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
-----------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
---------------------
Title: Vice President
---------------------
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HIBERNIA NATIONAL BANK
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
-----------------------------
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
▇▇. Vice President
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TEXTRON FINANCIAL CORPORATION
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇
-----------------------------
Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇
---------------------
Title: President - Golf
Course Finance
Division
---------------------
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AIM FLOATING RATE FUND
By: INVESCO Senior Secured Management, Inc.
As Attorney in fact
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
------------------------------------
Title: Authorized Signatory
-----------------------------------
21
AERIES FINANCE-II LTD.
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
------------------------------------
Title: Authorized Signatory
-----------------------------------
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METROPOLITAN LIFE INSURANCE
COMPANY
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
------------------------------------
Title: Director
-----------------------------------
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▇▇▇▇▇▇ FINANCIAL, INC.
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇▇ ▇▇▇▇▇▇
------------------------------------
Title: Vice President
-----------------------------------
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PPM SPYGLASS FUNDING TRUST
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
------------------------------------
Title: AUTHORIZED AGENT
-----------------------------------
25
MONUMENTAL CAPITAL LTD.
By: Alliance Capital Management L.P., as
Investment Manager
By: Alliance Capital Management Corporation,
as General Partner
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇▇▇ ▇▇▇▇▇
------------------------------------
Title: Vice President
-----------------------------------
26
BALANCED HIGH-YIELD FUND II LTD.
By: ING Capital Advisors LLC, as Asset Manager
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
------------------------------------
Title: Managing Director
-----------------------------------
By:
-----------------------------------------
Name:
------------------------------------
Title:
-----------------------------------
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NORTH AMERICAN SENIOR FLOATING RATE FUND INC.
BY: ▇▇▇▇▇▇▇▇▇ CAPITAL PARTNERS LLC
AS SUBADVISOR
By: /s/ ▇▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
------------------------------------
Title: Managing Director
-----------------------------------
28
BLACK DIAMOND INTERNATIONAL
FUNDING, LTD.
By: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇ ▇▇▇▇▇▇▇
------------------------------------
Title: Director
-----------------------------------
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GALAXY CLO 1999-1, LTD.
By: SAI Investment Adviser, Inc., its
Collateral Manager
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇ ▇. ▇▇▇▇▇▇
------------------------------------
Title: Authorized Agent
-----------------------------------
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AVALON CAPITAL LTD.
By: INVESCO Senior Secured Management, Inc.
as Portfolio Advisor
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
------------------------------------
Title: Authorized Signatory
-----------------------------------
31
BLACK DIAMOND CLO 2000-1 LTD.
By: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇ ▇▇▇▇▇▇▇
------------------------------------
Title: Director
-----------------------------------
32
BLACK DIAMOND CLO 1998-1 LTD.
By: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇ ▇▇▇▇▇▇▇
------------------------------------
Title: Director
-----------------------------------
33
BANK OF TEXAS, N.A.
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇
-----------------------------------------
Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇
------------------------------------
Title: Vice President
-----------------------------------
34
DEBIS FINANCIAL SERVICES, INC.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
------------------------------------
Title: Group Leader
Portfolio Management
-----------------------------------
35
ELT LTD.
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
------------------------------------
Title: Authorized Agent
-----------------------------------
36
FLEETBANK
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
------------------------------------
Title: Director
-----------------------------------
37
OCTAGON INVESTMENT PARTNERS III, LTD.
By: Octagon Credit Investors, LLC
as Portfolio Manager
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
------------------------------------
Title: Portfolio Manager
-----------------------------------
38
OCTAGON INVESTMENT PARTNERS II, LTD.
By: Octagon Credit Investors, LLC
as Portfolio Manager
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
------------------------------------
Title: Portfolio Manager
-----------------------------------
39
SOCIETE GENERALE
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
------------------------------------
Title: MD
-----------------------------------
40
KZH SOLIEL LLC
By: /s/ ▇▇▇▇▇ ▇▇▇
-----------------------------------------
Name: ▇▇▇▇▇ ▇▇▇
------------------------------------
Title: Authorized Agent
-----------------------------------
41
SUNAMERICA LIFE INSURANCE COMPANY
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇ ▇. ▇▇▇▇▇▇
------------------------------------
Title: Authorized Agent
-----------------------------------
42
CHARTER VIEW PORTFOLIO
By: INVESCO Senior Secured Management, Inc.
As Investment Advisor
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
------------------------------------
Title: Authorized Signatory
-----------------------------------
43
AVALON CAPITAL LTD. 2
By: INVESCO Senior Secured Management, Inc.
As Portfolio Advisor
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
-----------------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
------------------------------------
Title: Authorized Signatory
-----------------------------------
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ACKNOWLEDGED AND AGREED:
CLUBCORP USA, INC., a Delaware corporation
THE 191 CLUB, INC., a Georgia corporation
THE 410 CLUB MANAGEMENT CORP., an
Illinois corporation
AKRON MANAGEMENT CORP., an Ohio
corporation
APRIL SOUND MANAGEMENT CORP., a Texas
corporation
ASPEN ▇▇▇▇ GOLF CLUB MANAGEMENT
COMPANY, a Colorado corporation
ATHLETIC CLUB AT THE EQUITABLE CENTER,
INC., a New York corporation
BANKERS CLUB, INC., a Florida corporation
BAY OAKS COUNTRY CLUB, INC., a Texas
corporation
▇▇▇▇▇▇▇ RIDGE COUNTRY CLUB, INC., an
Ohio corporation
BIENVILLE CLUB, INC., an Alabama corporation
BRAEMAR COUNTRY CLUB, INC., a California
corporation
BROKEN ARROW MANAGEMENT CORP., an
Oklahoma corporation
BROOKHAVEN COUNTRY CLUB, INC., a
Texas corporation
BUCKHEAD CLUB, INC., a Georgia corporation
BUNKER HILL CLUB, INC., a California corporation
BR GP, INC., a Georgia corporation
BIRCHRIVER GOLF MANAGEMENT, INC., a
Georgia corporation
CANYON CREST COUNTRY CLUB, INC., a
California corporation
CANYON GATE AT LAS VEGAS, INC., a
Nevada corporation
CANYON SPRINGS GOLF CLUB, INC., a
Texas corporation
CAPITAL CITY CLUB OF ▇▇▇▇▇▇▇▇▇▇, INC.,
an Alabama corporation
CAPITAL CITY CLUB OF RALEIGH, INC., a
North Carolina corporation
CAPITAL CLUB, INC., a Virginia corporation
CCA SILBAND/GOLFCORP/ROUND ROCK,
INC., a Texas corporation
CCA SILBAND HOLDING CORPORATION, a
Nevada corporation
45
CCA SILBAND/GOLFCORP, a California corporation
CCA SILBAND - FAIRFIELD, INC., a California
corporation
CCA SILBAND UPLAND HILLS CORP., a
California corporation
SILBAND SPORTS CORP., a California corporation
PLANTATION SERVICES, INC., a Texas corporation
COUNTRY MEADOW MANAGEMENT, INC., an
Arizona corporation
CCA GOLF CENTERS, INC., a Texas corporation
CCA GOLF CENTER-ARLINGTON, INC., a Texas
corporation
CCA GOLF CENTER-CLEARWATER, INC., a
Florida corporation
CCA SILBAND INVESTMENT CORP., a Texas
corporation
U.S. GOLF MANAGEMENT, INC., a Delaware
corporation
MIDDLETOWN, GOLF, INC., a Pennsylvania
corporation
CENTER CLUB,INC., a California corporation
CENTRE CLUB,INC., a Florida corporation
CITRUS CLUB,INC., a Florida corporation
CITY CLUB OF SAN FRANCISCO, INC., a
California corporation
CITY CLUB OF WASHINGTON, INC., a District
of Columbia corporation
CLEAR CREEK HOLDING COMPANY, a Texas
corporation
CLUB AT BOSTON COLLEGE, INC., a
Massachusetts corporation
THE CLUB AT CANYON GATE, INC., a
Nevada corporation
CLUB AT CIMARRON, INC., a Texas corporation
CLUB AT FRANKLIN SQUARE, INC., a District
of Columbia corporation
CLUB AT ▇▇▇▇ OAKS, INC., an Iowa corporation
CLUB AT SOCIETY CENTER, INC., an Ohio
corporation
CLUB ATHLETIC CONSULTING, INC., a Texas corporation
CLUB CORPORATION OF CANADA, LTD., a
Canadian corporation
CLUB FINANCIAL CORP., a Nevada corporation
CLUB HARRIS BRANCH REALTY, INC., a
Texas corporation
46
CLUB ▇▇ ▇▇▇▇▇, INC., a Tennessee corporation
CLUB ▇▇▇▇▇ BRANCH REALTY, INC., a Texas
corporation
CWBR OF DELAWARE, INC., a Texas corporation
CLUB COMPANY REALTY, INC., a Texas
corporation
CCRI OF DELAWARE, INC. a Delaware corporation
CLUBCORP BUYING SERVICES, INC., a Delaware
corporation
CLUBCORP AVEN HOLDINGS, INC., a Delaware corporation
CLUBCORP GLOBAL HOLDINGS, INC., a
Delaware corporation
CLUBCORP GLOBAL CONSULTING, INC., a
Delaware corporation
CLUBCORP GRAPHICS, INC., a Florida corporation
COLUMBIA CAPITAL CITY CLUB CORP., a
South Carolina corporation
COLUMBIA TOWER CLUB, INC., a Washington
corporation
COMMERCE CLUB, INC., a South Carolina
corporation
COTO PROPERTY HOLDINGS, INC., a California
corporation
COUNTRYSIDE COUNTRY CLUB, INC., a
Florida corporation
CROW CANYON MANAGEMENT CORP., a
California corporation
DAYTON RACQUET CLUB, INC., an Ohio
corporation
DEBARY MANAGEMENT CORP., a Florida
corporation
DES MOINES CLUB TENANT CORP., an
Iowa corporation
DES MOINES CLUB MANAGEMENT, INC., an
Iowa corporation
DESERT FALLS COUNTRY CLUB, INC., a
California corporation
DESERT OASIS GOLF CLUB MANAGEMENT
CORP., a California corporation
DIAMANTE GOLF CLUB MANAGEMENT, INC.,
an Arkansas corporation
DIAMANTE GOLF CLUB PARTNERS, INC., an
Arkansas corporation
DIAMOND RUN CLUB, INC., a Pennsylvania
corporation
47
THE DOWNTOWN CLUB, INC., a Texas corporation
EXCHANGE CLUB MANAGEMENT, INC., an
Illinois corporation
FAIR OAKS CLUB CORP., a Texas corporation
FAIRLANE MANOR, INC., a Michigan corporation
FCS CORP., a Nevada corporation
FIRST CITY CLUB MANAGEMENT, INC., a
Georgia corporation
FLORIDA GOLF CLUB OF GAINESVILLE, INC.,
a Florida corporation
FORT BEND ACQUISITION CORP., a Texas
corporation
FORTUNE FINANCIAL CORP., a Texas corporation
FOSSIL CREEK GOLF, INC., a Texas corporation
GCL CORPORATION, a California corporation
▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ UNIVERSITY CLUB,
INC., a District of Columbia corporation
GLENDALE MANAGEMENT CORP., a
Wisconsin corporation
GLENDALE RACQUET CLUB, INC., a
Wisconsin corporation
GP BEAR'S BEST ATLANTA, INC., a Georgia
corporation
GP BEAR'S BEST LAS VEGAS, INC., a Nevada
corporation
GRANCH GOLF CLUB, INC., an Arizona
corporation
GREENBRIER COUNTRY CLUB, INC., a
Virginia corporation
GREENS GOLF & RACQUET CLUB, INC., an
Oklahoma corporation
GREENSPOINT CLUB, INC., a Texas corporation
HACKBERRY CREEK COUNTRY CLUB, INC.,
a Texas corporation
▇▇▇▇▇ PLANTATION MANAGEMENT CORP.,
a Florida corporation
HARBOUR CLUB OF CHARLESTON, INC., a
South Carolina corporation
HEARTHSTONE COUNTRY CLUB, INC., a
Texas corporation
HERITAGE CLUB, INC., an Alabama corporation
HILLS II OF LAKEWAY, INC., a Texas
corporation
HOUSTON CITY CLUB, INC., a Texas corporation
HUNTER'S GREEN ACQUISITION CORP., a
Florida corporation
48
INDIGO RUN ASSET CORP., a South Carolina
corporation
IRVING CLUB ACQUISITION CORP., a Texas
corporation
IW GOLF CLUB, INC., a California corporation
JEFFERSON CLUB, INC., a Kentucky corporation
KINGWOOD COUNTRY CLUB, INC., a Texas
corporation
KINGWOOD COVE, INC., a Texas corporation
KNOLLWOOD COUNTRY CLUB, INC., an
Indiana corporation
LAKES CLUB, INC., an Arizona corporation
LEGAV CORPORATION, a California corporation
LIONSGATE GOLF CLUB, INC., a Kansas
corporation
MANAGEMENT COMPANY FOR ASPEN ▇▇▇▇,
INC., a Colorado corporation
MANAGEMENT COMPANY FOR STONERIDGE
CLUB, INC., a California corporation
MANAGER FOR CCHH, INC., a South Carolina
corporation
MANAGER FOR INDIGO RUN, INC., a South
Carolina corporation
MEMORIAL STADIUM CLUB MANAGEMENT
CORP., a Texas corporation
MEMPHIS CITY CLUB, INC., a Tennessee
corporation
METROPOLITAN CLUB OF CHICAGO, INC., an
Illinois corporation
METROPOLITAN CLUB OF DENVER, INC. a
Colorado corporation
MISSION HILLS COUNTRY CLUB, INC., a
California corporation
NASHVILLE CLUB MANAGEMENT, INC., a
Tennessee corporation
NETCLUB, INC., a Texas corporation
NEW ENGLAND COUNTRY CLUB MANAGEMENT,
INC., a Massachusetts corporation
NORTHWOOD MANAGEMENT CORP., a Georgia
corporation
OAK POINTE COUNTRY CLUB, INC., a Michigan
corporation
OAKMONT MANAGEMENT CORPORATION, a
Texas corporation
PARADISE VALLEY MANAGEMENT, INC., a
California corporation
▇▇
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, INC. (formerly the Fifth Avenue
Club, Inc.), a New York corporation
PIEDMONT CLUB, INC., a North Carolina corporation
PLAZA CLUB OF SAN ANTONIO, INC., a Texas
corporation
PLAZA CLUB-HAWAII, LTD., a Hawaii corporation
▇▇▇▇▇▇ VALLEY COUNTRY CLUB, INC., a
California corporation
PRESIDENTIAL COUNTRY CLUB, INC., THE, a Florida
corporation
PYRAMID CLUB MANAGEMENT, INC., a Pennsylvania
corporation
QUAIL HOLLOW MANAGEMENT, INC., an Ohio corporation
QUEENS HARBOUR CORPORATION, a Florida corporation
RAVINIA CLUB, INC., a Georgia corporation
RENAISSANCE CLUB, INC., a Michigan corporation
STANDARD CLUB MANAGEMENT, INC., a Michigan
corporation
▇▇▇▇▇▇▇▇▇▇ COUNTRY CLUB CORP., a Texas
corporation
RIVER CREEK COUNTRY CLUB, INC., a Virginia
corporation
RIVERS CLUB, INC., a Pennsylvania corporation
SABAL TRACE CORP., a Florida corporation
SAN FRANCISCO TENNIS CLUB, INC., a California
corporation
THE SAN ▇▇▇▇ CLUB, INC., a California corporation
SAN ▇▇▇▇ RENAISSANCE CLUB, INC., a
California corporation
SHADOW RIDGE GOLF CLUB, INC., a California
corporation
SHADY VALLEY MANAGEMENT CORP., a
Texas corporation
SHOREBY CLUB MANAGEMENT, INC., an Ohio
corporation
SILVER LAKE MANAGEMENT CORP., an Ohio
corporation
SKYLINE CLUB, INC., an Indiana corporation
▇▇▇▇ FARM COUNTRY CLUB, INC., a South
Carolina corporation
SOCIETY MANAGEMENT, INC., a Nevada
corporation
SOUTHERN TRACE COUNTRY CLUB OF
SHREVEPORT, INC., a Louisiana corporation
SPR ENERGY CORPORATION, a Texas corporation
50
SPRING VALLEY LAKE COUNTRY CLUB INC.,
a California corporation
STONEBRIAR CLUB, INC., a Texas corporation
STONEBRIAR MANAGEMENT CORP., a Texas
corporation
STONEHENGE CLUB, INC., a Virginia corporation
SUMMIT CLUB, INC., an Ohio corporation
SUMMIT CLUB, INC., an Alabama corporation
SYMPHONY TOWERS CLUB, INC., a California
corporation
TAMPA PALMS CLUB, INC., a Florida corporation
TEAL BEND GOLF CLUB, INC., a California
corporation
TIMARRON GOLF CLUB, INC., a Texas corporation
TOWER CITY CLUB OF VIRGINIA, INC., a
Virginia corporation
TOWER CLUB OF DALLAS, INC., a Texas corporation
TOWER CLUB, INC., a North Carolina corporation
TOWER CLUB, INC., a Florida corporation
TOWN POINT CLUB, INC., a Virginia corporation.
TRADITION GOLF CLUB, INC., a Texas corporation
TREESDALE COUNTRY CLUB, INC., a Pennsylvania
corporation
TURKEY CREEK GOLF CLUB, INC., a California
corporation
UNC ALUMNI CLUB MANAGEMENT, INC., a
North Carolina corporation
UNIVERSITY CLUB MANAGEMENT COMPANY,
INC., a Florida corporation
UNIVERSITY CLUB OF HOUSTON, INC., a
Texas corporation
UNIVERSITY CLUB OF WEST PALM BEACH, INC.,
a Florida corporation
UNIVERSITY CLUB, INC., a Mississippi corporation
UNIVERSITY CLUB, INC., a Florida corporation
WALNUT CREEK MANAGEMENT CORP., a
Texas corporation
WESTLAKE CITY CLUB, INC., a Texas corporation
WILDFLOWER COUNTRY CLUB, INC., a Texas
corporation
WILLOW CREEK MANAGEMENT, INC., a Texas
corporation
WOODSIDE PLANTATION COUNTRY CLUB, INC., a
South Carolina corporation
ABILENE CLUB MANAGEMENT CORP., a Texas
corporation
51
ACI OF LATIN AMERICA, INC., a Delaware
corporation
AKRON CLUB MANAGEMENT CORP., an
Ohio corporation
ARLINGTON CITY CLUB, INC., a Texas corporation
ATLANTA CITY CLUB, INC., a Georgia corporation
ATRIUM CLUB, INC., a New York corporation
BALLENISLES COUNTRY CLUB MANAGEMENT, INC.,
a Florida corporation
BENTWOOD MANAGEMENT CORP., a Texas corporation
BRAE-BURN CLUB MANAGEMENT, INC., a Texas
corporation
CANE RUN CLUB, INC., an Ohio corporation
CANE RUN MANAGEMENT, INC., an Ohio
corporation
THE CAPITOL CLUB, INC., a California corporation
CASCADE ATHLETIC CLUB, INC., an Ohio corporation
CCC HOLDING, INC., a South Carolina corporation
CCT,INC., a Nevada corporation
CENTURY I MANAGEMENT, INC., a Texas corporation
CENTURY II CLUB MANAGEMENT, INC., a Texas
corporation
CHAPARRAL CLUB MANAGEMENT, INC., a Texas
corporation
CIPANGO MANAGEMENT CORPORATION, a Texas
corporation
CITY CLUB OF ROCKFORD, INC., an Illinois
corporation
CITY CLUB OF SAN ANTONIO MGMT., INC., a Texas
corporation
▇▇▇▇▇▇▇ CLUB MANAGEMENT CORP., a Missouri
corporation
CLEAR CREEK MANAGEMENT CORP., a Texas
corporation
CLEAR LAKE GOLF CLUB, INC., a Texas
corporation
CLUB METROPOLITAN OF AUSTIN, INC., a
Texas corporation
COOKS CREEK MANAGEMENT CORP., a Texas
corporation
DALLAS HOSPITALITY SERVICES, INC., a
Texas corporation
▇▇▇▇ ▇▇▇▇ MANAGEMENT CORP., a Tennessee
corporation
DTC MANAGEMENT CORP., a Pennsylvania corporation
DUMFRIES CLUB, INC., a Virginia corporation
▇▇
▇▇▇▇▇ ▇▇▇▇▇ MANAGEMENT CORP., a California
corporation
▇▇▇▇▇ ESTATE MGMT., INC., a Florida corporation
FOREST OAKS COUNTRY CLUB, INC., a Texas
corporation
GOLF CONCEPT, INC., a Nevada corporation
HEATHROW MANAGEMENT CORP., a Florida
corporation
HERITAGE CLUB, INC., a Texas corporation
HIDEAWAY MANAGEMENT CORP., a Florida
corporation
JEFFERSON CLUB MANAGEMENT CORP., a
Virginia corporation
▇▇▇▇▇▇▇ GOLF MANAGEMENT, INC., a
Florida corporation
LACITA MANAGEMENT CORPORATION, a
Florida corporation
LAKE COUNTRY ESTATES COUNTRY CLUB,
INC., a Texas corporation
▇▇▇▇ ▇▇▇▇ CLUB MANAGEMENT, INC., a
Florida corporation
LAKES CLUB, INC., a Washington corporation
LANCERS CLUB, INC., a Texas corporation
LANDMARK CLUB AT PARK CENTRAL, INC.,
a Texas corporation
LOS GATOS TENNIS, INC., a California corporation
LAKEVIEW CLUB, INC., a California corporation
MANAGEMENT COMPANY FOR HAMMOCK
CREEK, INC., a Florida corporation
MANAGEMENT COMPANY FOR THE HARTFORD
CLUB, INC., a Connecticut corporation
THE MANAGER FOR WESTWOOD COUNTRY CLUB,
INC., a Texas corporation
MARINA CLUB MANAGEMENT, INC., a California
corporation
MATTHEWS GOLF CLUB MANAGEMENT CORP.,
a North Carolina corporation
MCC MANAGEMENT CORP., a California corporation
METROPOLITAN CLUB MANAGEMENT CORP.,
an Iowa corporation
MIDLAND PLAZA CLUB, INC., a Texas corporation
MONROE STREET CITY CLUB, INC., an Illinois
corporation
MOUNTAIN SPA CLUB MANAGEMENT INC.,
a Nevada corporation
53
MOUNTAINSIDE CLUB CORPORATION, an
Iowa corporation
MOUNTAINTOP CLUB MANAGEMENT, INC., an
Alabama corporation
NEWPORT NEWS CLUB, INC., a Virginia corporation
NORTH HILLS MANAGEMENT CO., an Arkansas
corporation
NORTHSHORE MANAGEMENT CORP., a Texas
corporation
OAKMEADOW MANAGEMENT CORPORATION,
an Indiana corporation
PARK AVENUE CLUB, INC., a New York corporation
PARK AVENUE CLUB MANAGEMENT, INC., a
New Jersey corporation
PHARAOHS MANAGEMENT CORP., a Texas
corporation
PICKAWAY REAL ESTATE, INC., an Ohio corporation
PINERY COUNTRY CLUB, INC., a Colorado
corporation
PINEWOOD MANAGEMENT CORP., a Texas
corporation
PINNACLE CLUB SERVICES, INC., a Texas
corporation
PINNACLE CLUB, INC., a Texas
corporation
PLAZA ATHLETIC CLUB, INC., a Texas corporation
PLAZA CLUB OF BRYAN, INC., a Texas corporation
PLAZA CLUB OF PHOENIX, INC., an Arizona
corporation
PLAZA CLUB OF TUCSON, INC., an Arizona
corporation
PLAZA CLUB OF TYLER, INC., a Texas corporation
PRE 1-7-00 OPERATOR OF DIAMOND BAR
MANAGEMENT CORP, a California corporation
PRE 10-13-00 OPERATOR OF WILLOWBEND
DEVELOPMENT CORPORATION OF
WICHITA, a Kansas corporation
PRE 2-1-95 OPERATOR COMPANY OF LANDMARK
ATHLETIC CLUB, a Connecticut corporation
PRE 6-1-96 OPERATOR OF THE MANAGER FOR
TOWER RIDGE COUNTRY CLUB, INC., a
Connecticut corporation
PRE ▇-▇-▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇,
▇▇▇., a Delaware corporation
54
PRE 12-31-98 MANAGEMENT COMPANY FOR
TREYBURN COUNTRY CLUB MANAGEMENT
CORPORATION, a North Carolina corporation
PRE 12-21-99 OPERATOR OF THE MISSION DORADO
COUNTRY CLUB, INC., a Texas corporation
PRE 12-23-99 OWNER LAFAYETTE CLUB, INC.
(formerly Lafayette Club, Inc.), a Kentucky corporation
PRE 12/26/96 MANAGEMENT CORP. FOR COLUMBIA
LAKES, a Texas corporation
PRE 12/30/98 OPERATOR OF HALLIFAX CLUB, INC.
(f/k/a Halifax Club, Inc.), a Florida corporation
PRE 5-3-00 OPERATOR OF THE ▇▇▇▇▇▇ CLUB, INC.
(f/k/a ▇▇▇▇▇▇ Club, Inc.), a Tennessee corporation
PRE 8-24-00 OPERATOR OF PEBBLE CREEK COUNTRY
CLUB OF GREENVILLE, INC., a South Carolina corporation
PRE 2-28-01 OPERATOR OF MEADOW CLUB, INC.
(f/k/a Meadow Club, Inc.), an Illinois corporation
PRE 3-16-01 OPERATOR OF BELLE TERRE
MANAGEMENT CORP., a Louisiana corporation
PRE 5-18-01 OPERATOR OF ORANGE PARK
COUNTRY CLUB, INC., a Florida corporation
PRE 5-31-01 OPERATOR OF INVERRARY COUNTRY
CLUB, INC., a Florida corporation
PREMIER ATHLETIC CLUB, INC. a Louisiana corporation
PRIVATE CLUB SERVICES, INC., a Florida corporation
PROVIDENCE MANAGEMENT INC., a North Carolina
corporation
QUAIL VALLEY WORLD OF CLUBS, INC., a Texas
corporation
RAINTREE COUNTRY CLUB, INC., a North Carolina
corporation
RANCHLAND MANAGEMENT CORP., a Texas corporation
REGENCY CLUB, INC., a Texas corporation
RELAY HOUSE CORPORATION, an Alabama corporation
RENAISSANCE CLUB, INC., an Arizona corporation
RIVER CLUB, INC., an Illinois corporation
RIVER NORTH MANAGEMENT CORP., a Georgia
corporation
RMPC MANAGEMENT CORPORATION, a Utah
corporation
ROLLING HILLS MANAGEMENT CORPORATION,
an Alabama corporation
ROYAL DRIVE COUNTRY CLUB, INC., a California
corporation
▇▇
▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇, INC., a Texas
corporation
SATICOY MANAGEMENT, INC., a California
corporation
SCOTTY'S MANAGEMENT CORP., a Texas corporation
SHENANDOAH MANAGEMENT CORP., a Louisiana
corporation
SILVER SPRINGS SHORES COUNTRY CLUB
CORP., a Florida corporation
SKYLINE CLUB, INC., a Michigan corporation
SOUTH SHORE MANAGEMENT CORP., a Texas
corporation
SURREY HILLS MANAGEMENT CORP., an Oklahoma
corporation
SWEETWATER COUNTRY CLUB, INC., a Florida
corporation
TAMPA CLUB MANAGEMENT, INC., a Florida
corporation
TOP SEED MANAGEMENT CORP., an Arizona
corporation
TOPS'L CLUB, INC., a Florida corporation
TREASURE ISLAND TENNIS & YACHT CLUB,
INC., a Florida corporation
TWO THOUSAND ONE ▇▇▇▇▇ TOWER CLUB,
INC., a Texas corporation
UNIVERSITY CLUB OF DALLAS, INC., a Texas
corporation
VITA CENTER MANAGEMENT CORP., a Texas
corporation
WESTBURY MANAGEMENT CORP., an Oklahoma
corporation
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇, III
------------------------------------
▇▇▇▇ ▇. ▇▇▇▇▇▇, III
Vice President
THE PINEHURST COMPANY (f/k/a ClubCorp Resorts,
Inc. & ClubCorp Realty, Inc.), a Delaware corporation
▇▇▇▇▇▇ CREEK RESORT & CLUBS, INC., a
Texas corporation
CCR PROJECT DEVELOPMENT, INC., a North
Carolina corporation
56
CITY WAREHOUSE CORP., a Texas corporation
CLUBCORP REALTY EAST, INC., a North Carolina
corporation
CONCORD REALTY, INC., a Texas corporation
CLUBCORP REALTY HOLDINGS, INC., a Texas
corporation
CLUBCORP REALTY SOUTHWEST, INC., a
Texas corporation
CLUBCORP REALTY HILTON HEAD, INC., a
South Carolina corporation
CLUBCORP REALTY HOMESTEAD, INC., a
Virginia corporation
CLUB ISLAND REALTY CORP., a South Carolina
corporation
BLOODY POINT ASSET CORP, a South Carolina
corporation
MELROSE LANDING CORPORATION, a South
Carolina corporation
HILTON HEAD PLANTATION ASSET CORP., a
South Carolina corporation
MELROSE ASSET CORP., a South Carolina corporation
MELROSE UTILITY COMPANY, INC., a South
Carolina corporation
CSRESORT MANAGEMENT, INC., a Texas
corporation
CLUB RESORTS, INC., a Nevada corporation
COUNTRY CLUB OF PINEWILD MANAGEMENT,
INC., a North Carolina corporation
HOMESTEAD SPRING WATER COMPANY, INC., a
Virginia corporation
MANAGEMENT COMPANY FOR HOMESTEAD,
INC., a Virginia corporation
OPERATIONS COMPANY FOR HOMESTEAD, INC.,
a Virginia corporation
CONSTRUCTION COMPANY OF PINEHURST, INC.,
a North Carolina corporation
DAUFUSKIE CLUB, INC., a South Carolina
corporation
ROSE MIX, INC., a South Carolina corporation
DLGA GOLF ACADEMY, INC., a Florida corporation
▇▇▇▇▇ LAND DEVELOPMENT COMPANY, a
Florida corporation
GFO PARTNER, INC., a Michigan corporation
GP OWNERS CLUB AT ASPEN ▇▇▇▇, INC.,
a Colorado corporation
57
LEGAV COMMERCIAL PROPERTY CORPORATION,
a California corporation
LEGAV HOTEL CORPORATION, a California
corporation
MASTER CLUB, INC., a Nevada corporation
MH VILLAS, INC., a California corporation
NORTHERN MICHIGAN FINANCIAL CORPORATION,
a Michigan corporation
OWNERS CLUB ASSET COMPANY, a Delaware
corporation
OWNERS CLUB AT HILTON HEAD PROPERTY
MANAGEMENT, INC., a South Carolina corporation
PCC REALTY CORP., a North Carolina corporation
PINEHURST ACQUISITION CORP., a North Carolina
corporation
PINEHURST, INC., a North Carolina corporation
PINEHURST CHAMPIONSHIP MANAGEMENT, INC.,
a North Carolina corporation
PINEHURST COUNTRY CLUB, INC., a North Carolina
corporation
PINEHURST HOTEL, INC., a North Carolina
corporation
PINEHURST REALTY CORP., a Nevada corporation
PINEHURST NO. VII, INC., a North Carolina
corporation
PINEWILD MANAGEMENT, INC., a Virginia
corporation
QUAIL HOLLOW DEVELOPMENT, INC., an
Ohio corporation
SHANGRI-LA DEVELOPMENT CORP., an
Oklahoma corporation
SHANGRI-LA MANAGEMENT CORP., an Oklahoma
corporation
SHANGRI-LA COUNTRY CLUB, INC., an Oklahoma
corporation
THE OWNERS CLUB HOLDING II, INC., a
Delaware corporation
THE OWNERS CLUB, INC. (f/k/a The Owners Club
Holding, Inc.), a Delaware corporation
OWNERS CLUB TELLURIDE REALTY, INC.,
a Colorado corporation
OWNERS CLUB AT TELLURIDE, INC., a
Colorado corporation
THE MANAGER OF THE OWNERS CLUB, INC.,
a South Carolina corporation
58
THE OWNERS CLUB AT THE HOMESTEAD,
INC., a Delaware corporation
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇, III
----------------------------
▇▇▇▇ ▇. ▇▇▇▇▇▇, III
Vice President
CLUBCORP INTERNATIONAL, INC., a Nevada
corporation
CLUBCORP INTERNATIONAL RESOURCE
COMPANY, a Nevada corporation
CLUB CORPORATION OF EUROPE, INC.,
a Nevada corporation
CLUBCORP-ASIA, a Nevada corporation
CLUBCORP ASIA INVESTMENT, INC., a
Nevada corporation
CLUBCORP MEXICO, a Nevada corporation
CLUBCORP PANAMA, INC., a Nevada
corporation
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇, III
----------------------------
▇▇▇▇ ▇. ▇▇▇▇▇▇, III
Vice President
ASSOCIATE CLUBS INTERNATIONAL, INC.,
a Nevada corporation
CLUBCORP PUBLICATIONS, INC., a Nevada
corporation
CLUBCORP FINANCIAL MANAGEMENT
COMPANY, a Nevada corporation
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇, III
----------------------------
▇▇▇▇ ▇. ▇▇▇▇▇▇, III
Vice President
59
FIRST FEDERAL FINANCIAL CORPORATION,
a Texas corporation
FRANKLIN FEDERAL BANCORP F.S.B., a
Nevada corporation
GRANITE BAY MANAGEMENT, INC., a
California corporation
BENBROOK BEVERAGE CORPORATION, a
Texas corporation
CLUB AT DAUFUSKIE, a South Carolina
corporation
CLUB AT GREENVILLE, INC., a South Carolina
corporation
CLUB AT PEBBLE CREEK, a South Carolina
corporation
CLUB AT ▇▇▇▇ FARM, a South Carolina
corporation
LE GLUB, INC., a South Carolina corporation
THE CLUB AT WOODSIDE PLANTATION, a
South Carolina corporation
THE CLUB AT HARBOUR, a South Carolina
corporation
THE CLUB AT COLUMBIA CAPITAL, a South
Carolina corporation
THE ▇▇▇ CAT CLUB, a Arkansas corporation
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇, III
------------------------------------
▇▇▇▇ ▇. ▇▇▇▇▇▇, III
Vice President
60
APPLE MOUNTAIN GOLF CLUB, LLC, a
Delaware limited liability company
EMPIRE RANCH, LLC, a Delaware limited
liability company
By: CLUBCORP USA, INC., its sole member
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇, III
------------------------------------
▇▇▇▇ ▇. ▇▇▇▇▇▇, III
Vice President
FLORIDA DEVELOPMENT OF GAINESVILLE,
L.L.C., a Florida limited liability company
By: ClubCorp USA, Inc., its managing member
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇, III
------------------------------------
▇▇▇▇ ▇. ▇▇▇▇▇▇, III
Vice President
ALISO VIEJO GOLF CLUB JOINT VENTURE
ALISO VIEJO COMMERCIAL PROPERTY
JOINT VENTURE
By: GCL Corporation, a California corporation,
its managing venturer
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇, III
------------------------------------
▇▇▇▇ ▇. ▇▇▇▇▇▇, III
Vice President
61
HOMESTEAD, L.C., a Virginia limited liability
company
By: Management Company for Homestead, Inc.,
its managing member
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇, III
------------------------------------
▇▇▇▇ ▇. ▇▇▇▇▇▇, III
Vice President
CANYON SPRINGS GENERAL, L.L.C., a
Delaware limited liability company
TCRI LIMITED, LLC, a Delaware limited
liability company
By: THE PINEHURST COMPANY, f/k/a
ClubCorp Resorts, Inc., its sole member
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇, III
------------------------------------
▇▇▇▇ ▇. ▇▇▇▇▇▇, III
Vice President
THE OWNERS CLUB OF SOUTH CAROLINA,
L.L.C., a South Carolina limited liability company
By: Owners Club Asset Company, its
managing member
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇, III
------------------------------------
▇▇▇▇ ▇. ▇▇▇▇▇▇, III
Vice President
62
THE OWNERS CLUB AT ▇▇▇▇▇▇ CREEK, L.P.,
a Texas Limited Partnership
THE OWNERS CLUB AT HILTON HEAD, L.P.,
a South Carolina limited partnership
THE OWNERS CLUB AT THE HOMESTEAD, L.P.,
a Virginia limited partnership
By: The Pinehurst Company, the general partner
for each
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇, III
------------------------------------
▇▇▇▇ ▇. ▇▇▇▇▇▇, III
Vice President
FFFC GOLF ACQUISITIONS, L.L.C., a Delaware
limited liability company
CLUBCORP GOLF OF CALIFORNIA, L.L.C., a
Delaware limited liability company
CLUBCORP GOLF OF FLORIDA, L.L.C., a
Delaware limited liability company
CLUBCORP GOLF OF MISSOURI, L.L.C., a
Delaware limited liability company
CLUBCORP GOLF OF NORTH CAROLINA, L.L.C.,
a Delaware limited liability company
CLUBCORP GOLF OF OKLAHOMA, L.L.C., an
Oklahoma limited liability company
GOLF MANAGEMENT COMPANY OF LOUISIANA,
L.L.C., a Delaware limited liability company
PIEDMONT GOLFERS' CLUB, L.L.C., a South
Carolina limited liability company
By: First Federal Financial Corporation
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇, III
------------------------------------
▇▇▇▇ ▇. ▇▇▇▇▇▇, III
Vice President
63
CLUBCORP GEN PAR OF TEXAS, L.L.C., a
Delaware limited liability company
By: FFFC Golf Acquisitions, L.L.C., managing
member of each
By: First Federal Financial Corporation, its
sole member
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇, III
------------------------------------
▇▇▇▇ ▇. ▇▇▇▇▇▇, III
Vice President
CLUBCORP GOLF OF TEXAS, L.P., a Texas
limited partnership
CLUBCORP GOLF OF GEORGIA, L.P., a
Georgia limited partnership
By: ClubCorp Golf of Oklahoma, L.L.C., the
general partner for each
By: First Federal Financial Corporation, its
sole member
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇, III
------------------------------------
▇▇▇▇ ▇. ▇▇▇▇▇▇, III
Vice President
CAPITAL CLUB COMPANY, LTD., a China
corporation
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇, III
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▇▇▇▇ ▇. ▇▇▇▇▇▇, III
Vice President
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