EXTENSION AGREEMENT (this "Agreement"), dated as of August
31, 1998, under the 364-DAY COMPETITIVE ADVANCE AND REVOLVING CREDIT AGREEMENT,
dated as of October 2, 1996 (as the same may be amended, supplemented or
otherwise modified from time to time, the "Credit Agreement"), by and among
CENDANT CORPORATION, a Delaware corporation (the "Borrower"), the financial
institutions parties thereto (the "Lenders"), and THE CHASE MANHATTAN BANK, a
New York banking corporation, as agent for the Lenders (in such capacity, the
"Administrative Agent").
W I T N E S S E T H:
WHEREAS, the current Maturity Date under the Credit Agreement
is September 30, 1998 and the Borrower has requested that the Maturity Date be
extended to October 31, 1998;
NOW THEREFORE, in consideration of the premises and mutual
covenants contained herein, the undersigned hereby agree as follows:
1. Defined Terms. Terms defined in the Credit Agreement and
used herein shall have the meanings given to them in the Credit Agreement.
2. Extension. Each Lender which executes this Amendment (an
"Extending Lender") agrees that the Maturity Date is extended from September 30
to October 31, 1998. Each Extending Lender acknowledges and agrees that each
Lender which does not agree to extend the Maturity Date as provided in the
preceding sentence will be paid principal, interest and other amounts owed to
it under the Credit Agreement (and the Commitment of such non-extending Lender
will be terminated) on September 30, 1998.
3. Effective Date. This Agreement shall become effective on
the date (the "Effective Date") on which the Borrower, the Administrative Agent
and the Required Lenders under the Credit Agreement shall have duly executed
and delivered to the Administrative Agent this Agreement.
4. No Other Amendments; Confirmation. Except as expressly
amended hereby, the provisions of the Credit Agreement and each of the
Fundamental Documents are and shall remain in full force and effect.
5. Governing Law. This Agreement and the rights and
obligations of the parties hereto shall be governed by, and construed and
interpreted in accordance with, the laws of the State of New York.
6. Counterparts. This Agreement may be executed by one or
more of the parties hereto on any number of separate counterparts, and all of
said counterparts taken together shall be deemed to constitute one and the same
instrument. This Agreement may be delivered by facsimile transmission of the
relevant signature pages hereof.
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IN WITNESS WHEREOF, the undersigned have caused this
Agreement to be executed and delivered by their duly authorized officers as of
the date first above written.
CENDANT CORPORATION
By: /s/ Michael P. Monaco
------------------------------------
Name: Michael P. Monaco
Title: Vice Chairman and CFO
THE CHASE MANHATTAN BANK, as
Administrative Agent and as a Lender
By: /s/ Carol Ulmer
----------------------------------
Name: /s/ Carol Ulmer
Title: Vice President
BANK OF AMERICA NT&SA
By: /s/ Steve Aronowitz
----------------------------------
Name: /s/ Steve Aronowitz
Title: Managing Director
BANK OF MONTREAL
By: /s/ Bruce Pietka
----------------------------------
Name: /s/ Bruce Pietka
Title: Director
THE BANK OF NEW YORK
By:
----------------------------------
Name:
Title:
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THE BANK OF NOVA SCOTIA
By: /s/ Stephen Lockhart
----------------------------------
Name: /s/ Stephen Lockhart
Title: Vice President
BANK OF TOKYO-MITSUBISHI TRUST
COMPANY
By: /s/ W.A. DiNicola
----------------------------------
Name: /s/ W.A. DiNicola
Title: Vice President
BANQUE PARIBAS
By: /s/ Duane Helkowski
----------------------------------
Name: /s/ Duane Helkowski
Title: Vice President
By: /s/ David Canavan
----------------------------------
Name: /s/ David Canavan
Title: Director
BAYERISCHE LANDESBANK
GIROZENTRALE
CAYMAN ISLANDS BRANCH
By: /s/ Sean O'Sullivan
----------------------------------
Name: /s/ Sean O'Sullivan
Title: Vice President
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BAYERISCHE VEREINSBANK AG, NEW
YORK BRANCH
By: /s/ Marianne Weinzinger
----------------------------------
Name: /s/ Marianne Weinzinger
Title: Vice President
By: /s/ Pamela Gillons
----------------------------------
Name: /s/ Pamela Gillons
Title: Asst. Treasurer
CANADIAN IMPERIAL
BANK OF COMMERCE
By: /s/ Gerald Girardi
----------------------------------
Name: /s/ Gerald Girardi
Title: Executive Director
COMERICA BANK
By: /s/ Kimberly Kirsten
----------------------------------
Name: /s/ Kimberly Kirsten
Title: Vice President
CREDIT LYONNAIS NEW YORK BRANCH
By: /s/ Rod Hurst
----------------------------------
Name: /s/ Rod Hurst
Title: Vice President
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CREDIT SUISSE FIRST BOSTON
By:
----------------------------------
Name:
Title:
By:
----------------------------------
Name:
Title:
DG BANK DEUTSCHE
GENOSSENSCHAFTSBANK, CAYMAN
ISLAND BRANCH
By: /s/ Stefanie Gaensslen
----------------------------------
Name: /s/ Stefanie Gaensslen
Title: Asst. Vice President
FIRST AMERICAN NATIONAL BANK
By: /s/ Scott Bane
----------------------------------
Name: /s/ Scott Bane
Title: Senior Vice President
THE FIRST NATIONAL BANK OF BOSTON
By:
----------------------------------
Name:
Title:
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THE FIRST NATIONAL BANK OF CHICAGO
By: /s/ Cory Helfand
----------------------------------
Name: /s/ Cory Helfand
Title: Vice President
FIRST NATIONAL BANK OF MARYLAND
By: /s/ Susan Elliott Benninghoff
----------------------------------
Name: /s/ Susan Elliott Benninghoff
Title: Vice President
FIRST UNION NATIONAL BANK
By: /s/ Mark Smith
----------------------------------
Name: /s/ Mark Smith
Title: Senior Vice President
FLEET NATIONAL BANK
By: /s/ Marlene Haddad
----------------------------------
Name: /s/ Marlene Haddad
Title: Vice President
THE FUJI BANK, LIMITED
NEW YORK BRANCH
By: /s/ Raymond Ventura
----------------------------------
Name: /s/ Raymond Ventura
Title: Vice President & Manager
THE INDUSTRIAL BANK OF JAPAN,
LIMITED
NEW YORK BRANCH
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By:
----------------------------------
Name:
Title:
MELLON BANK, N.A.
By: /s/ Donald Cassidy
----------------------------------
Name: /s/ Donald Cassidy
Title: First Vice President
MORGAN GUARANTY TRUST COMPANY OF
NEW YORK
By: /s/ Christopher Kunhardt
----------------------------------
Name: /s/ Christopher Kunhardt
Title: Vice President
NATIONSBANK, N.A.
By: /s/ Eileen Higgins
----------------------------------
Name: /s/ Eileen Higgins
Title: Vice President
THE NORTHERN TRUST COMPANY
By: /s/ Eric Strickland
----------------------------------
Name: /s/ Eric Strickland
Title: Vice President
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ROYAL BANK OF CANADA
By: /s/ Sheryl Greenberg
----------------------------------
Name: /s/ Sheryl Greenberg
Title: Senior Manager
THE SAKURA BANK, LIMITED
By:
----------------------------------
Name:
Title:
THE SUMITOMO BANK, LIMITED,
NEW YORK BRANCH
By: /s/ Kazuyoshi Ogawa
----------------------------------
Name: /s/ Kazuyoshi Ogawa
Title: Joint General Manager
THE TOKAI BANK LIMITED NEW YORK
BRANCH
By:
----------------------------------
Name:
Title:
UNITED STATES NATIONAL BANK OF
OREGON
By:
----------------------------------
Name:
Title:
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WESTDEUTSCHE LANDESBANK
GIROZENTRALE, NEW YORK BRANCH
By: /s/ Alan Bookspan
----------------------------------
Name: /s/ Alan Bookspan
Title: Vice President
----------------------------------
/s/ Walter Duffy
Associate