Exhibit (b)(2)
THE CHASE MANHATTAN BANK
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
CHASE SECURITIES INC.
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
September 20, 2000
Side Letter
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Xxxxxxx Xxxxxx Xx.
c/o Sunburst Hospitality Corporation
00000 Xxxxxxxx Xxxx
Xxxxxx Xxxxxx, Xxxxxxxx 00000
Dear Xx. Xxxxxx:
Reference is made to each of (i) the Commitment Letter (the
"Commitment Letter") dated the date hereof among Nova Finance Company LLC
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("Newco"), The Chase Manhattan Bank ("Chase") and Chase Securities Inc. ("CSI"),
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(ii) the Fee Letter (the "Fee Letter") dated the date hereof among Newco, Chase
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and CSI, and (iii) the Engagement Letter (the "Engagement Letter") dated the
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date hereof between Newco and CSI. Terms used but not defined herein have the
meanings assigned to them in the Commitment Letter and the Engagement Letter.
This will confirm your agreement:
(a) to actively assist and cooperate with CSI and to provide any
information required by CSI in connection with the syndication of the
Credit Facilities as described in the fifth and sixth paragraphs of the
Commitment Letter as obligations of Newco. Such assistance and cooperation
shall include, without limitation (i) assistance in the preparation of the
Confidential Information Memorandum, (ii) causing the Borrower to execute
any documentation applicable to the Credit Facilities and (iii) promptly
cooperating with any reasonable requests that Chase and CSI may make in
connection with the syndication of the Credit Facilities; and
(b) in the event that the Commitment Letter, the Fee Letter and the
Engagement Letter are executed but the Closing Date does not occur, you
(and not Newco) will be obligated to pay the fees described in the Fee
Letter in accordance with the terms thereof and you further agree to
reimburse Chase and CSI for their expenses as provided in the Commitment
Letter, the Fee Letter and the Engagement Letter.
2
We acknowledge and agree that, except as set forth above, you have no
other obligations for any of the obligations or liabilities of Newco under the
Commitment Letter, the Fee Letter or the Engagement Letter.
The agreements set forth in this letter shall be superseded by the
definitive documentation with respect to the making of loans by the Lenders upon
execution and delivery of such definitive documentation.
3
If the foregoing correctly sets forth our understanding, please
indicate your acceptance of the terms hereof by signing in the appropriate space
below and returning to us the enclosed duplicate originals hereof, whereupon
this letter shall become a binding agreement between us.
Very truly yours,
THE CHASE MANHATTAN BANK
/s/ XXXXXX X. XXXXXXXX
By: _________________________________
Name: Xxxxxx X. Xxxxxxxx
Title:Vice President
CHASE SECURITIES INC.
/s/ XXXXX X. XXXXXXX
By: _________________________________
Name: Xxxxx X. Xxxxxxx
Title:Managing Director
Accepted and agreed to
as of the date first
written above by:
/s/ XXXXXXX XXXXXX, XX.
____________________________________
Xxxxxxx Xxxxxx, Xx.
