Exhibit 10.29
THIRD AMENDMENT
THIS THIRD AMENDMENT (this "AMENDMENT"), dated as of April 16, 1999, is
by and among RESORTQUEST INTERNATIONAL, INC., a Delaware corporation (the
"BORROWER"), the Subsidiaries of the Borrower party hereto (collectively the
"GUARANTORS"), THE PERSONS IDENTIFIED AS "LENDERS" ON THE SIGNATURE PAGES HERETO
(the "LENDERS"), SOCIETE GENERALE, as Co-Agent and NATIONSBANK, N.A., a national
banking association as Agent for the Lenders (the "AGENT").
W I T N E S S E T H:
WHEREAS, pursuant to the Credit Agreement dated as of May 26, 1998 (as
amended by a letter agreement (the "FIRST AMENDMENT") dated as of September 30,
1998 and by a Second Amendment (the "SECOND AMENDMENT") dated as of December 7,
1998, the "EXISTING CREDIT AGREEMENT"), among the Borrower, the Guarantors, the
Lenders party thereto and the Agent, the Lenders have extended commitments to
make certain credit facilities available to the Borrower; and
WHEREAS, the parties hereto have agreed to amend the Existing Credit
Agreement as set forth herein;
NOW, THEREFORE, in consideration of the agreements herein contained,
the parties hereby agree as follows:
PART I
DEFINITIONS
SUBPART 1.1. CERTAIN DEFINITIONS. Unless otherwise defined
herein or the context otherwise requires, the following terms used in
this Amendment, including its preamble and recitals, have the following
meanings:
"AMENDED CREDIT AGREEMENT" means the Existing Credit
Agreement as amended by the Third Amendment.
"AMENDMENT EFFECTIVE DATE" is defined in SUBPART 4.1.
SUBPART 1.2. OTHER DEFINITIONS. Unless otherwise defined
herein or the context otherwise requires, terms used in this Amendment,
including its preamble and recitals, have the meanings provided in the
Amended Credit Agreement.
PART II
AMENDMENTS TO EXISTING CREDIT AGREEMENT
Effective on (and subject to the occurrence of) the Amendment Effective
Date, the Existing Credit Agreement is hereby amended in accordance with this
PART II. Except as so amended, the Existing Credit Agreement shall continue in
full force and effect.
SUBPART 2.1. AMENDMENT TO SECTION 1.1. Section 1.1 is amended
by adding the following definition of "ABBOTT INDEBTEDNESS" in the
appropriate alphabetical order:
"ABBOTT INDEBTEDNESS" means such term as defined in
Section 8.1.
SUBPART 2.2. ADDITIONAL AMENDMENT TO SECTION 1.1. The
definition of "PERMITTED LIENS" contained in Section 1.1 is amended by
replacing clause (xii) thereto with the following clause (xii) and
making the appropriate punctuation changes:
(xii) Liens on Property securing the Abbott
Indebtedness or the Replacement Indebtedness, as applicable,
in accordance with the terms of Section 8.1(f).
SUBPART 2.3. ADDITIONAL AMENDMENT TO SECTION 1.1. Section 1.1
is amended by adding the following definition of "REPLACEMENT
INDEBTEDNESS" in the appropriate alphabetical order:
"REPLACEMENT INDEBTEDNESS" means such term as defined
in Section 8.1.
SUBPART 2.4. ADDITIONAL AMENDMENT TO SECTION 1.1. Section 1.1
is amended by adding the following definition of "THIRD AMENDMENT" in
the appropriate alphabetical order:
"THIRD AMENDMENT" means that certain Third Amendment,
dated as of April 16, 1999, amending this Credit Agreement.
SUBPART 2.5. AMENDMENT TO SECTION 8.1. Section 8.1 is amended
in its entirety so that such section now reads as follows:
8.1 INDEBTEDNESS.
The Credit Parties will not permit any Consolidated Party to
contract, create, incur, assume or permit to exist any Indebtedness,
except:
(a) Indebtedness arising under this Credit Agreement
and the other Credit Documents;
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(b) Indebtedness of the Borrower and its Subsidiaries
set forth in SCHEDULE 8.1;
(c) purchase money Indebtedness (including Capital
Leases) or Synthetic Leases hereafter incurred by the Borrower
or any of its Subsidiaries to finance the purchase of fixed
assets PROVIDED that (i) the total of all such Indebtedness
for all such Persons taken together shall not exceed an
aggregate principal amount of $2,500,000 at any one time
outstanding (including any such Indebtedness referred to in
subsection (b) above); (ii) such Indebtedness when incurred
shall not exceed the purchase price of the asset(s) financed;
and (iii) no such Indebtedness shall be refinanced for a
principal amount in excess of the principal balance
outstanding thereon at the time of such refinancing;
(d) obligations of the Borrower or any of its
Subsidiaries in respect of Hedging Agreements entered into in
order to manage existing or anticipated interest rate or
exchange rate risks and not for speculative purposes;
(e) other unsecured Indebtedness of the Borrower and
its Subsidiaries in an amount not to exceed $3,000,000 in the
aggregate at any one time; and
(f) any Indebtedness (the "REPLACEMENT INDEBTEDNESS")
that refinances or replaces the Indebtedness of Abbott Realty
Services, Inc. set forth on SCHEDULE 8.1 (the "ABBOTT
INDEBTEDNESS") and any Guaranty Obligations of the Borrower in
connection with the Replacement Indebtedness; provided,
however, (i) the Replacement Indebtedness must be on terms no
less favorable to Abbott Realty Services, Inc. as the terms of
the Abbott Indebtedness, (ii) the principal amount of the
Replacement Indebtedness shall not exceed the aggregate
principal amount of the Abbott Indebtedness and (iii) the
collateral securing the Replacement Indebtedness shall be the
same collateral that secures the Abbott Indebtedness other
than (A) any such collateral that is released, (B) any
additional real property collateral identified on SCHEDULE A
to the Third Amendment and (C) collateral consisting of an
interest bearing account in an amount equal to approximately
one year's principal and interest payments under the
Replacement Indebtedness.
SUBPART 2.6. AMENDMENTS TO SCHEDULES 2.1(a) AND 6.16. SCHEDULE
2.1(a) and SCHEDULE 6.16 of the Existing Credit Agreement are hereby
deleted in their entirety and new schedules in the form of SCHEDULE
2.1(a) and SCHEDULE 6.16 attached hereto are substituted therefor.
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PART III
WAIVERS
SUBPART 3.1. WAIVER OF SECTIONS 7.12 AND 7.14. The Lenders
agree to waive the requirements set forth in Sections 7.12 and 7.14
with respect to the real properties set forth on SCHEDULE B hereto. In
consideration of such waiver, the Borrower agrees to pledge all of its
interest in any joint venture created to own, operate or develop any
real property set forth on SCHEDULE B.
PART IV
CONDITIONS TO EFFECTIVENESS
SUBPART 4.1. AMENDMENT EFFECTIVE DATE. This Amendment shall be
and become effective as of the date hereof (the "AMENDMENT EFFECTIVE
DATE") when all of the conditions set forth in this PART IV shall have
been satisfied, and thereafter this Amendment shall be known, and may
be referred to, as the "THIRD AMENDMENT."
SUBPART 4.2. EXECUTION OF COUNTERPARTS OF AMENDMENT. The Agent
shall have received counterparts (or other evidence of execution,
including telephonic message, satisfactory to the Agent) of this
Amendment, which collectively shall have been duly executed on behalf
of each of the Borrower, the Guarantors and the Required Lenders.
SUBPART 4.3. AUTHORITY. The Agent shall have received copies
of resolutions of the Board of Directors of each Credit Party approving
and adopting this Amendment, the transactions contemplated herein and
authorizing execution and delivery hereof, certified by a secretary or
assistant secretary of each Credit Party to be true and correct and in
force and effect as of the date hereof.
PART V
MISCELLANEOUS
SUBPART 5.1. CROSS-REFERENCES. References in this Amendment to
any Part or Subpart are, unless otherwise specified, to such Part or
Subpart of this Amendment.
SUBPART 5.2. INSTRUMENT PURSUANT TO EXISTING CREDIT AGREEMENT.
This Amendment is a Credit Document executed pursuant to the Existing
Credit Agreement and shall (unless otherwise expressly indicated
therein) be construed, administered and applied in accordance with the
terms and provisions of the Existing Credit Agreement.
-4-
SUBPART 5.3. REFERENCES IN OTHER CREDIT DOCUMENTS. At such
time as this Amendment shall become effective pursuant to the terms of
SUBPART 4.1, all references in the Existing Credit Agreement and the
other Credit Documents to the "Credit Agreement" shall be deemed to
refer to the Existing Credit Agreement as amended by this Amendment.
SUBPART 5.4. REPRESENTATIONS AND WARRANTIES OF THE BORROWER.
The Borrower hereby represents and warrants that (a) the conditions
precedent to the initial Loans were satisfied as of the Closing Date
(assuming satisfaction or waiver, if applicable, of all requirements in
such conditions that an item be in form and/or substance reasonably
satisfactory to the Agent or any Lenders or that any event or action
have been completed or performed to the reasonable satisfaction of the
Agent or any Lenders), (b) the representations and warranties contained
in SECTION 6 of the Existing Credit Agreement (as amended by this
Amendment) are correct in all material respects on and as of the date
hereof (except for those which expressly relate to an earlier date) as
though made on and as of such date and after giving effect to the
amendments contained herein and (c) no Default or Event of Default
exists under the Existing Credit Agreement on and as of the date hereof
and after giving effect to the amendments contained herein.
SUBPART 5.5. ACKNOWLEDGMENT OF GUARANTORS. The Guarantors
acknowledge and consent to all of the terms and conditions of this
Third Amendment and agree that this Third Amendment and all documents
executed in connection herewith do not operate to reduce or discharge
the Guarantors' obligations under the Credit Documents
SUBPART 5.6. COUNTERPARTS. This Amendment may be executed by
the parties hereto in several counterparts, each of which shall be
deemed to be an original and all of which shall constitute together but
one and the same agreement.
SUBPART 5.7. GOVERNING LAW. THIS AMENDMENT SHALL BE DEEMED TO
BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE
OF NORTH CAROLINA WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW
PRINCIPLES THEREOF.
SUBPART 5.8. SUCCESSORS AND ASSIGNS. This Amendment shall be
binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns.
[The remainder of this page has been left blank intentionally]
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Each of the parties hereto has caused a counterpart of this Amendment
to be duly executed and delivered as of the date first above written.
BORROWER: RESORTQUEST INTERNATIONAL, INC.
a Delaware corporation
By: /s/ JOHN K. LINES
--------------------------------------------
Name: JOHN K. LINES
------------------------------------------
Title: Senior V.P., General Counsel & Secretary
-----------------------------------------
GUARANTORS: FIRST RESORT SOFTWARE, INC.,
a Colorado corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
B&B ON THE BEACH, INC.,
a North Carolina corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
BRINDLEY & BRINDLEY REALTY &
DEVELOPMENT, INC., a North Carolina corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
SIGNATURE PAGE TO THIRD AMENDMENT TO
RESORTQUEST INTERNATIONAL, INC.
CREDIT AGREEMENT
COASTAL RESORTS REALTY L.L.C.,
a Delaware limited liability company
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
COASTAL RESORTS MANAGEMENT, INC.,
a Delaware corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
COLLECTION OF FINE PROPERTIES, INC.,
a Colorado corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
TEN MILE HOLDINGS, LTD.,
a Colorado corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
HOTEL CORPORATION OF THE PACIFIC, INC.,
a Hawaii corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
SIGNATURE PAGE TO THIRD AMENDMENT TO
RESORTQUEST INTERNATIONAL, INC.
CREDIT AGREEMENT
HOUSTON AND O'LEARY COMPANY,
a Colorado corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
MAUI CONDOMINIUM & HOME REALTY, INC.,
a Hawaii corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
THE MAURY PEOPLE, INC.,
a Massachusetts corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
HOWEY ACQUISITION, INC.,
a Florida corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
REALTY CONSULTANTS, INC.,
a Florida corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
SIGNATURE PAGE TO THIRD AMENDMENT TO
RESORTQUEST INTERNATIONAL, INC.
CREDIT AGREEMENT
RESORT PROPERTY MANAGEMENT, INC.,
a Utah corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
TELLURIDE RESORT ACCOMMODATIONS, INC.,
a Colorado corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
TRUPP-HODNETT ENTERPRISES, INC.,
a Georgia corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
THE MANAGEMENT COMPANY,
a Georgia corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
WHISTLER CHALETS LIMITED,
a British Columbia corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
SIGNATURE PAGE TO THIRD AMENDMENT TO
RESORTQUEST INTERNATIONAL, INC.
CREDIT AGREEMENT
ABBOTT & ANDREWS REALTY, INC.,
a Florida corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
ABBOTT REALTY SERVICES, INC.,
a Florida corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
ABBOTT RESORTS, INC.,
a Florida corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
PLANTATION RESORT MANAGEMENT, INC.,
a Florida corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
TOPS'L SALES GROUP, INC.,
a Florida corporation
By: /s/ JOHN K. LINES
----------------------------
Name: JOHN K. LINES
--------------------------
Title: Sr. V.P.
-------------------------
SIGNATURE PAGE TO THIRD AMENDMENT TO
RESORTQUEST INTERNATIONAL, INC.
CREDIT AGREEMENT
LENDERS: NATIONSBANK, N. A.,
individually in its capacity as a
Lender and in its capacity as Agent
By: /s/ JOHN E. BALL
----------------------------
Name: JOHN E. BALL
--------------------------
Title: Managing Director
-------------------------
SIGNATURE PAGE TO THIRD AMENDMENT TO
RESORTQUEST INTERNATIONAL, INC.
CREDIT AGREEMENT
FIRST TENNESSEE BANK NATIONAL
ASSOCIATION
By:
----------------------------
Name:
--------------------------
Title:
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SIGNATURE PAGE TO THIRD AMENDMENT TO
RESORTQUEST INTERNATIONAL, INC.
CREDIT AGREEMENT
SOCIETE GENERALE,
individually in its capacity as a
Lender and in its capacity as Co-Agent
By: /s/ MAUREEN E. KELLY
----------------------------
Name: MAUREEN E. KELLY
--------------------------
Title: Director
-------------------------
SIGNATURE PAGE TO THIRD AMENDMENT TO
RESORTQUEST INTERNATIONAL, INC.
CREDIT AGREEMENT
UNION PLANTERS BANK, N.A.
By: /s/ ELIZABETH ROUSE
----------------------------
Name: ELIZABETH ROUSE
--------------------------
Title: Vice President
-------------------------
SIGNATURE PAGE TO THIRD AMENDMENT TO
RESORTQUEST INTERNATIONAL, INC.
CREDIT AGREEMENT
SCHEDULE 2.1(a)
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Lender Revolving Commitment
- ------ --------------------
- ------------------------------------------------- --------------------------------------------
NationsBank, N.A. $25,000,000
Independence Center, 15th Floor
NC1-001-15-04
101 North Tryon Street
Charlotte, North Carolina 28255
Attn: Agency Services
- ------------------------------------------------- --------------------------------------------
Societe Generale $20,000,000
One Montgomery St., Suite 3220
San Francisco, CA 94104
Attn: Mary Brickley (Credit Contact)
Societe Generale
2029 Century Park East, Suite 2900
Los Angeles, CA 90067
Attn: Doris Yun (Operations Contact)
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First Tennessee Bank National Association $5,000,000
National Department
165 Madison Avenue
Memphis, TN 38103
Attn: Jim Moore
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Union Planters Bank, N.A. $5,000,000
6200 Poplar Avenue
4th Floor
Memphis, TN 38119
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Totals: $55,000,000
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SCHEDULE A
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Address Usage Owner
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Unit C-3, The Tides Condominium The Tops'l Club of NW Florida, Inc.
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Unit C-4, The Tides Condominium The Tops'l Club of NW Florida, Inc.
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Tops'l Tract II S I I K, Inc.
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SCHEDULE B
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Address Usage Owner
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9011 Hwy. 98, Destin, FL. Administrative Offices, Front Desk, Abbott Realty Services, Inc.
Real Estate Sales
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9011 Hwy. 98, Destin, FL Commercial Lease Space Abbott Realty Services, Inc.
- -------------------------------------------- ----------------------------------------- -----------------------------------------
9011 Hwy 98, Destin, FL. Tennis & Fitness Club Abbott & Andrews Realty, Inc.
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9011 Hwy. 98, Destin, FL. Maintenance Facility & Commercial Abbott & Andrews Realty, Inc.
Laundry
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Unit #101, Gulf Place Caribbean Condominium Short Term Rental Abbott & Andrews Realty, Inc.
- -------------------------------------------- ----------------------------------------- -----------------------------------------
4514 E. Cty. 30-A, Santa Rosa Beach Seagrove Beach Sales & Rental (Includes Abbott & Andrews Realty, Inc.
Parking Lot)
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4734 E. Cty. 30-A, Santa Rosa Beach Seagrove Laundry (Lots 1 and 2) Abbot & Andrews Realty, Inc.
- -------------------------------------------- ----------------------------------------- -----------------------------------------
County Road 393, Santa Rosa Beach Santa Rosa Maintenance and Housekeeping Abbott & Andrews Realty, Inc.
(Includes Parking Lot)
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Tops'l Tract 621 Future Development Tops'll Sales Group, Inc.
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Tops'l Tract 622 Future Development Tops'll Group, Inc.
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Unit #205, Summit Condominium Condominium Short Term Rental Abbott & Andrews Realty, Inc.
- -------------------------------------------- ----------------------------------------- -----------------------------------------
Unit #206, Summit Condominium . Condominium Short Term Rental Abbotts & Andrews Realty, Inc.
- -------------------------------------------- ----------------------------------------- -----------------------------------------
Unit #901, Summit Condominium Condominium Short Term Rental Abbott Resorts, Inc.
- -------------------------------------------- ----------------------------------------- -----------------------------------------
160 Azalea Drive, Destin, FL Commercial Laundry Abbott Realty Services, Inc.
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162 Azalea Drive, Destin, FL Parking Lot Abbott Realty Services, Inc.
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1209 Airport Road, Unit #6, Destin, FL Personnel Office/Mail Center Abbot Realty Services, Inc.
- -------------------------------------------- ----------------------------------------- -----------------------------------------
1209 Airport Road, Unit #9, Destin, FL Personnel Office/Mail Center Abbott & Andrews Realty, Inc.
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Emerald Towers Manager's Office Condominium Manager's Office Abbot Realty Services, Inc.
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High Pointe Pavilion, FL. Food Services Unit Abbott Realty Services, Inc.
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High Pointe Office Office Abbott & Andrews Realty, Inc.
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Units C-1 and C-2, The Tides Condominium Deli/Grocery Store The Tops'l Club of NW Florida, Inc.
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Unit C-3, The Tides Condominium Condominium Short Term Rental The Tops'l Club of NW Florida, Inc.
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Address Usage Owner
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Unit C-4, The Tides Condominium Condominium Short Term Rental The Tops'l Club of NW Florida, Inc.
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Unit C-5, The Tides Condominium Game Room/Retail The Tops'l Club of NW Florida, Inc.
- -------------------------------------------- ----------------------------------------- -----------------------------------------
The Tides Condominium Pavilion and Pool The Tops'l Club of NW Florida, Inc.
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Tops'l Tract 11 Maintenance Building S I I K, Inc.
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