AMENDMENT TO SECURITIES PURCHASE AGREEMENT
THIS AMENDMENT TO SECURITIES PURCHASE AGREEMENT (the "Amendment") is made
as of June 28, 1999, by and among Patriot American Hospitality, Inc., a Delaware
corporation ("Patriot"), Wyndham International, Inc., a Delaware corporation
("Wyndham," and together with Patriot, the "Companies"), Patriot American
Hospitality Partnership, L.P. ("Patriot OP"), Wyndham International Operating
Partnership, L.P. ("Wyndham OP," and together with Patriot OP, the "Operating
Partnerships") and the parties identified on the signature page hereof as the
Original Investors (the "Original Investors"). All capitalized terms used herein
without definition shall have the meanings ascribed to them in that certain
Securities Purchase Agreement dated as of February 18, 1999 by and among the
Companies, the Operating Partnerships and the Original Investors (the
"Securities Purchase Agreement").
WHEREAS, the Companies, the Operating Partnerships, and the Original
Investors desire to make certain amendments to the Securities Purchase
Agreement.
NOW THEREFORE, in consideration of the foregoing premises and for other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:
1. Definition of Permitted Assignees and Permitted Third Party Transferee.
The term "Permitted Assignees" as defined in Section 1.1(b) of the Securities
Purchase Agreement shall include (i) the voting trusts formed or to be formed by
Beacon Capital Partners, Inc. and Beacon Capital Partners, L.P. ("Beacon") for
the purpose of holding Beacon's Shares, as described in that certain
Confidential Information Statement prepared by Beacon dated June 8, 1999, as
amended, and (ii) The Dartmouth Trust, The Franklin Trust and The Bonnybrook
Trust. The term "Permitted Third Party Transferees" as defined in Section 1.1(b)
of the Securities Purchase Agreement shall include the beneficiaries of AIF/THL
PAH LLC (other than Ares Leveraged Investment Fund, L.P. and Ares Leveraged
Investment Fund II, L.P., which shall be deemed to be Permitted Assignees of
Apollo Investment Fund IV, L.P. and Apollo Real Estate Investment Fund III,
L.P.) to the extent that AIF/THL PAH LLC distributes Shares to these
beneficiaries and these beneficiaries agree to be bound by the terms and
conditions of the Securities Purchase Agreement.
2. Delayed Closing of Portion of Shares Purchase.
(a) Section 1.2 of the Securities Purchase Agreement is hereby amended
by adding the following sentence at the end of Section 1.2:
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"Notwithstanding anything contained in this Agreement to the
contrary, upon the terms and subject to the conditions set forth
herein, on July 1, 0000, Xxxxxxx will issue and sell to Beacon, and,
in reliance on the representations and warranties of the Companies and
the Operating Partnerships contained herein, Beacon will purchase from
Wyndham 450,000 Shares (the "Delayed Purchase Shares") of the
1,500,000 Shares to be purchased by Beacon pursuant to Section 1.1,
for a purchase price of $100.00 per Share. Beacon, in its sole
discretion, may fund up to $45 million (but only to the extent that
the same, less accrued interest and exit fees, has been advanced by
Beacon on or prior to July 1, 1999) of the Purchase Price of the
Delayed Purchase Shares through transfer of all or part of Beacon's
loan receivable, plus accrued interest and exit fees, from PAH Realty
Company, LLC which is secured by a mortgage on the Batterymarch hotel,
Boston, Massachusetts (the "Batterymarch Mortgage Loan")."
(b) Section 2.1 of the Securities Purchase Agreement is hereby amended
by adding the following sentence at the end of Section 2.1:
"Notwithstanding anything contained in this Agreement to the
contrary, for purposes of all matters in this Agreement relating to
the purchase and sale of the Delayed Purchase Shares, including,
without limitation the satisfaction of the conditions precedent
contained in Article V of this Agreement, the term "Closing" shall
mean the closing of the purchase and sale of the Delayed Purchase
Shares, and the term "Closing Date" shall mean July 1, 1999.
3. Unaccredited Investors as Permitted Assignees. Section 4.1(b) of the
Securities Purchase Agreement is amended by deleting the last sentence of
Section 4.1(b) and replacing it with the following"
"Each Investor, other than three of the Permitted Assignees of
Xxxxxx X. Xxx Equity Fund IV, L.P., Xxxxxx X. Xxx Foreign Fund IV,
L.P., Xxxxxx X. Xxx Charitable Investment L.P., and THL-CCI Limited
Partnership qualifies as an "accredited investor" as such term is
defined in Section 2(15) of the Securities Act and Regulation D
promulgated thereunder."
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4. Definition of "Covered Anatole Termination". Section 10.2(a) of the
Securities Purchase Agreement is amended so that the defined term "Covered
Anatole Termination" shall mean any termination of the Anatole Management
Contract pursuant to Section 12.2(2) of the Anatole Management Contract, as
amended February 16, 1999. The Companies and the Operating Partnerships agree to
make no further amendments to Section 12.2(2) of the Anatole Management Contract
without the Investors' prior written consent.
5. Restructuring Plan. The first sentence of paragraph number 6 of Exhibit
A - Restructuring Plan, to the Securities Purchase Agreement is hereby amended
to change the reference in such sentence from "voting stock" to "non-voting
stock."
6. Form of Bylaws. Exhibit C to the Securities Purchase Agreement, Form of
Amended and Restated Bylaws of Wyndham, is hereby deleted and replaced in its
entirety with the attached Exhibit C.
7. Form of Certificate of Designation of Series B Convertible Preferred
Stock. Exhibit G to the Securities Purchase Agreement, Form of Certificate of
Designation of Series B Convertible Preferred Stock, is hereby deleted and
replaced in its entirety with the attached Exhibit G.
8. Impact of Amendment. All provisions of the Securities Purchase Agreement
and the exhibits thereto not amended by this Amendment shall remain in full
force and effect.
IN WITNESS WHEREOF, each of the undersigned has caused the foregoing
Agreement to be executed by one of its duly authorized signatories as of the
date first above written.
PATRIOT AMERICAN HOSPITALITY, INC.
By: /s/
--------------------------------------
Name:
Title:
Address: 0000 Xxxxxxxx Xxxxxxx
Xxxxx 0000
Xxxxxx, Xxxxx 00000
[Signatures continued on following page]
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WYNDHAM INTERNATIONAL, INC.
By: /s/
--------------------------------------
Name:
Title:
Address: 0000 Xxxxxxxx Xxxxxxx
Xxxxx 0000
Xxxxxx, Xxxxx 00000
PATRIOT AMERICAN HOSPITALITY
PARTNERSHIP, L.P.
By: PAH GP, INC., its General Partner
By: /s/
------------------------------------
Name:
Title:
Address: 0000 Xxxxxxxx Xxxxxxx
Xxxxx 0000
Xxxxxx, Xxxxx 00000
WYNDHAM INTERNATIONAL OPERATING
PARTNERSHIP, L.P.
By: Wyndham International, Inc.,
its General Partner
By: /s/
------------------------------------
Name:
Title:
Address: 0000 Xxxxxxxx Xxxxxxx
Xxxxx 0000
Xxxxxx, Xxxxx 00000
[Signatures continued on following page]
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ORIGINAL INVESTORS:
APOLLO REAL ESTATE INVESTMENT
FUND III, L.P.
By: Apollo Real Estate Advisors III,
L.P., its General Partner
By: Apollo Real Estate Capital Advisors
III, Inc., its General Partner
By: /s/
------------------------------------
Name:
Title:
APOLLO INVESTMENT FUND IV, L.P.
By: Apollo Advisors, IV, L.P., its General
Partner
By: Apollo Capital Management IV, Inc.,
its General Partner
By: /s/
------------------------------------
Name:
Title:
Address: 1301 Avenue of the
Xxxxxxxx
00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
[Signatures continued on following page]
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XXXXXX X. XXX EQUITY FUND IV, L.P.
By: THL Equity Advisors IV, LLC
By: /s/
------------------------------------
Name:
Title:
Address: 00 Xxxxx Xxxxxx
Xxxxx 0000
Xxxxxx, Xxxxxxxxxxxxx 00000
XXXXXX X. XXX FOREIGN FUND IV, L.P.
By: THL Equity Advisors IV, LLC
By: /s/
------------------------------------
Name:
Title:
Address: 00 Xxxxx Xxxxxx
Xxxxx 0000
Xxxxxx, Xxxxxxxxxxxxx 00000
XXXXXX X. XXX CHARITABLE INVESTMENT L.P.
By: THL Equity Advisors IV, LLC
By: /s/
------------------------------------
Name:
Title:
Address: 00 Xxxxx Xxxxxx
Xxxxx 0000
Xxxxxx, Xxxxxxxxxxxxx 00000
[Signatures continued on following page]
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THL-CCI LIMITED PARTNERSHIP
By: THL Equity Advisors IV, LLC
By: /s/
------------------------------------
Name:
Title:
Address: 00 Xxxxx Xxxxxx
Xxxxx 0000
Xxxxxx, Xxxxxxxxxxxxx 00000
BEACON CAPITAL PARTNERS, L.P.
By: Beacon Capital Partners, Inc., its General
Partner
By: /s/
------------------------------------
Name:
Title:
Address: 0 Xxxxxxx Xxxxxx
00xx Xxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
STRATEGIC REAL ESTATE INVESTMENTS I, L.L.C.
By: /s/
------------------------------------
Name:
Title:
Address: 0000 Xxxxxxxxxx Xxxxxx
Xxxxx 000
Xxxxxxxx, Xxxxxxxxxx 00000
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