<PAGE> 1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31,1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition from _______________ to _______________
Commission file number 1-11723
-----------
WYNDHAM HOTEL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 75-2636072
- ---------------------------------------- ------------------
(State of other jurisdiction of (I. R. S. Employer
incorporation or organization) Identification No.)
2001 Bryan Street, Suite 2300
Dallas, Texas 75201
- ---------------------------------------- ------------------
(address of principal executive offices) (Zip Code)
(214) 863-1000
----------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorten period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirement for the past 90 days.
YES X NO
----- -----
The number of shares outstanding of the issuer's common stock as of May 9, 1997:
Common Stock, $.01 par value - 20,018,299 shares.
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WYNDHAM HOTEL CORPORATION
FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1997
INDEX
<TABLE>
<CAPTION>
PART I - FINANCIAL INFORMATION PAGE
----
<S> <C>
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Balance Sheets - December 31, 1996 and March 31, 1997 ........ 3
Consolidated Statements of Income - Three Months Ended March 31,
1996 and 1997 ............................................................. 4
Consolidated Statements of Cash Flows - Three Months Ended March 31,
1996 and 1997 ............................................................. 5
Notes to Consolidated Financial Statements ................................ 6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Overview .................................................................. 13
Results of Operations ..................................................... 15
Liquidity and Capital Resources ........................................... 17
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS ................................................ 18
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS .............. 18
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K ................................. 19
SIGNATURES ................................................................ 28
</TABLE>
2
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
WYNDHAM HOTEL CORPORATION
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
<TABLE>
<CAPTION>
DECEMBER 31, MARCH 31,
1996 1997
------------ ------------
(UNAUDITED)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents ............................ $ 11,517 $ 7,087
Cash, restricted ..................................... 865 450
Accounts receivable, less allowance of $941 at
December 31, 1996 and $1,335 at March 31, 1997 ..... 13,330 18,743
Due from affiliates .................................. 12,686 19,665
Inventories .......................................... 1,430 1,417
Deferred income taxes ................................ 1,539 2,045
Other ................................................ 1,412 1,174
------------ ------------
Total current assets ............................. 42,779 50,581
Investment in a hotel partnerships ..................... 1,125 1,091
Notes and other receivables from affiliates ............ 7,685 7,685
Notes receivable ....................................... 6,307 6,340
Property and equipment, net ............................ 134,176 140,923
Management contract costs, net ......................... 7,766 9,990
Security deposits ...................................... 15,288 24,456
Deferred income taxes .................................. 14,148 13,584
Other .................................................. 13,688 12,944
------------ ------------
Total assets ..................................... $ 242,962 $ 267,594
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses ................ $ 23,556 $ 32,879
Deposits ............................................. 959 963
Deposits from affiliates ............................. 344 344
Current portion of long-term debt and capital
lease obligations .................................. 510 522
------------ ------------
Total current liabilities ........................ 25,369 34,708
------------ ------------
Borrowings under revolving credit facility ............. -- 8,000
Long-term debt and capital lease obligations ........... 129,944 129,809
Deferred gain .......................................... 12,065 11,880
------------ ------------
142,009 149,689
------------ ------------
Stockholders' equity:
Common stock ......................................... 200 200
Additional paid-in capital ........................... 84,342 84,342
Retained earnings .................................... 11,714 16,549
Receivables from affiliates .......................... (1,223) (1,255)
Notes receivable from stockholders ................... (19,449) (16,639)
------------ ------------
Total stockholders' equity ....................... 75,584 83,197
------------ ------------
Total liabilities and stockholders' equity ... $ 242,962 $ 267,594
============ ============
</TABLE>
The accompanying notes are an integral part
of the consolidated financial statements.
3
<PAGE> 4
WYNDHAM HOTEL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE AMOUNT)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
--------------------
1996 1997
-------- --------
(UNAUDITED)
<S> <C> <C>
Revenues:
Hotel revenues ...................................... $ 16,829 $ 42,325
Management fees ..................................... 2,601 2,121
Management fees - affiliates ........................ 2,601 3,978
Service fees ........................................ 410 494
Service fees - affiliates ........................... 554 566
Reimbursements ...................................... 1,626 1,341
Reimbursements - affiliates ......................... 1,956 2,028
Other ............................................... 33 --
-------- --------
Total revenues .................................. 26,610 52,853
-------- --------
Operating costs and expenses:
Hotel expenses ...................................... 10,352 31,186
Selling, general and administrative expenses ........ 4,273 5,395
Reimbursable expenses ............................... 1,626 1,341
Reimbursable expenses - affiliates .................. 1,956 2,028
Depreciation and amortization ....................... 1,661 2,559
-------- --------
Total operating costs and expenses .............. 19,868 42,509
-------- --------
Operating income ...................................... 6,742 10,344
Interest income ....................................... 126 445
Interest income - affiliates .......................... 178 186
Interest expense ...................................... (2,114) (3,550)
Equity in earnings (loss) of hotel partnerships ....... 828 (34)
Amortization of deferred gain ......................... -- 185
-------- --------
Income before minority interests and income taxes ..... 5,760 7,576
Income attributable to minority interests ............. 593 --
-------- --------
Income before income taxes ............................ 5,167 7,576
Provision for income taxes ............................ -- 2,992
-------- --------
Net income ............................................ $ 5,167 $ 4,584
======== ========
Earnings per share: Primary and fully diluted ........ N/A $ .23
Average number of common shares outstanding ........... N/A 20,018
</TABLE>
The accompanying notes are an integral part
of the consolidated financial statements.
4
<PAGE> 5
WYNDHAM HOTEL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
--------------------
1996 1997
-------- --------
(UNAUDITED)
<S> <C> <C>
Cash flows from operating activities:
Net income ........................................................... $ 5,167 $ 4,584
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization ...................................... 1,661 2,223
Deferred income taxes .............................................. -- 58
Provision for bad debt ............................................. 119 423
Amortization of deferred debt issuance costs ....................... -- 336
Amortization of deferred gain ...................................... -- (185)
Equity in (earnings) loss of hotel partnerships .................... (455) 34
Minority interest .................................................. 593 --
Net withdrawals from restricted cash ............................... 120 416
Changes to operating assets and liabilities:
Accounts receivable ................................................ (2,904) (6,166)
Net change in due to/from affiliates ............................... (716) (6,980)
Inventories ........................................................ (42) 12
Other .............................................................. 239 (1,454)
Current income taxes ............................................... -- 2,934
Accounts payable and accrued expenses .............................. 757 6,388
Deposits ........................................................... (714) 4
Deposits from affiliates ........................................... (38) --
Security deposits .................................................. -- (7,107)
-------- --------
Net cash provided by (used in) operating activities ............ 3,787 (4,480)
-------- --------
Cash flows from investing activities:
Purchase of property and equipment ................................. (562) (8,733)
Investments in management contracts ................................ (23) (2,078)
Notes and other receivables from affiliates ........................ (36) --
Advances on notes receivable ....................................... -- (53)
Increase in long-term restricted cash .............................. (32) (45)
Collections on notes receivable .................................... -- 20
Other .............................................................. (2,474) --
-------- --------
Net cash used in investing activities .......................... (3,127) (10,889)
-------- --------
Cash flows from financing activities:
Partners' contributed capital ...................................... 4,791 --
Partners' capital distributions .................................... (4,980) --
Increase in payable to minority interest ........................... 4 --
Proceeds from borrowings under revolving credit facility ........... -- 10,750
Repayments on revolving credit facility ............................ -- (2,750)
Proceeds from long-term borrowings ................................. 2,540 9,675
Repayments on long-term borrowings and capital lease obligations ... (1,091) (9,798)
Collections on notes receivable from stockholders .................. -- 3,062
-------- --------
Net cash provided by financing activities ...................... 1,264 10,939
-------- --------
Increase (decrease) in cash and cash equivalents ....................... 1,924 (4,430)
Cash and cash equivalents at beginning of period ....................... 4,160 11,517
-------- --------
Cash and cash equivalents at end of period ............................. $ 6,084 $ 7,087
======== ========
</TABLE>
The accompanying notes are an integral part of
the consolidated financial statements.
5
<PAGE> 6
WYNDHAM HOTEL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. BASIS OF PRESENTATION:
Wyndham Hotel Corporation ("WHC") was incorporated and formed in
February 1996. The accompanying consolidated financial statements of WHC at
December 31, 1996 and March 31, 1997 and for the three months ended March
31, 1997 include the accounts of WHC, its wholly owned subsidiaries and a
30% owned hotel entity which is accounted for using the equity method
(collectively, the "Company"). Financial statements for the three months
ended March 31, 1996 relating to the period prior to the Company's formation
include the combined accounts of WHC and its majority owned entities. All
significant intercompany balances and transactions have been eliminated.
These unaudited consolidated financial statements have been prepared in
accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Rule 10-01
of Regulation S-X. They do not include all of the information and footnotes
required by generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments (consisting of
normal recurring accruals) considered necessary for a fair presentation at
March 31, 1997 have been included. Operating results for the three months
ended March 31, 1997 are not necessarily indicative of the operating results
for the year ending December 31, 1997. These financial statements should be
read in conjunction with the consolidated financial statements and footnotes
thereto included in the annual report on Form 10-K of the Company for the
year ended December 31, 1996.
Certain prior period amounts have been reclassified to conform to the
current period presentation.
2. ACQUISITION OF LEASE AGREEMENT:
In January 1997, the Company entered into a lease agreement relating to
the Wyndham hotel property in Salt Lake City. The lease is qualified as an
operating lease. The lease required the Company to make deposits totaling
$10.0 million with the lessor. The deposits were funded with cash borrowed
under the revolving credit facility. The minimum rent under the lease is
$4.4 million per year. Beginning January 1998 through the end of the term
of the lease, additional rent ranging from 5% to 8% of the excess total
hotel sales, as defined, will be paid.
3. EARNINGS PER SHARE:
Earnings per share for the quarter ended March 31, 1997 are computed
based on the weighted average number of shares of common stock outstanding.
The impact of common stock equivalents to earnings per share is immaterial.
Earnings per share data for the quarter ended March 31, 1996 relates to
period prior to the Company's initial public offerings and therefore is not
presented.
In February 1997, Financial Accounting Standard Board issued Statement
of Financial Accounting Standards No. 128 ("SFAS 128"), Earnings Per Share
("EPS"). SFAS 128 requires basic EPS to be computed by dividing income
available to common stockholders by the weighted-average number of common
shares outstanding for the period and diluted EPS to reflect the potential
dilution that could occur if securities or other contracts to issue common
stock were exercised or converted into common stock or resulted in the
issuance of common stock that then shared in the earnings of the entity.
SFAS 128 is effective for financial statements issued for periods ending
after December 15, 1997 and requires restatement of all prior period EPS
data presented. Earlier application is not permitted. The impact of the
implementation of SFAS 128 on the Company's consolidated financial
statements is expected to be immaterial. Basic EPS and diluted EPS would
have been $.23 and $.22, respectively, for the quarter ended March 31, 1997
if SFAS 128 were adopted.
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<PAGE> 7
4. REFINANCE OF DEBT:
In February 1997, the Company, through a financial institution and a
county authority, issued revenue bonds totaling $9,675,000. The bonds were
issued to refinance the existing bonds that the Company assumed in the
acquisition of the Wyndham Vinings Hotel in May 1996. The bonds initially
bear interest at a weekly rate (the "Weekly Rate Period") determined in
accordance with the indenture of the bonds based on prevailing financial
market conditions for the revenue bonds (at March 31, 1997, such rate was
3.6%) plus a 2% credit enhancement fee. The weekly rate may be converted to
another interest rate determination method on the first business day of any
calendar month at the Company's option, subject to the terms and conditions
set forth in the indenture. The bonds mature in February 2023 and are
subject to redemption in whole or in part during the Weekly Rate Period.
The bonds are credit enhanced by a letter of credit in the amount of
$9,794,281 issued under the revolving credit facility.
5. COMMITMENTS AND CONTINGENCIES:
Litigation has been initiated against the Company pertaining to the
right to use the Wyndham name for hotel service in the New York metropolitan
area. On January 29, 1996, a temporary restraining order was issued by the
Supreme Court of the State of New York which, pending the outcome of a
trial, prevents the Company from using the Wyndham name in the New York
area. An adverse decision in the litigation could prevent the Company from
operating Wyndham brand hotels or advertising the Wyndham name in connection
with the operation of a Wyndham brand hotel within a 50 mile radius of a
hotel in Manhattan operated under the "Wyndham" name. It is management's
opinion, based on legal counsel, that the range of losses resulting from the
ultimate resolution of the aforementioned claim cannot be determined. The
cost of $1,274,000 at March 31, 1997 for defending the trademark has been
capitalized and is being amortized over 17 years, pending the ultimate
resolution. An adverse decision may result in the immediate write-off of
those capitalized costs.
The Company received a Notice of Intent to make Sales and Use Tax audit
changes from the Tampa Region of the Florida Department of Revenue for the
period from July 31, 1990 through June 30, 1995. The audit assessed
additional taxes of $584,000, penalty of $224,000 and interest of $201,000
for a total assessment of $1,009,000. The previous owners (an affiliate)
have agreed to indemnify the Company with respect to any additional sales
and use tax paid by the Company for the audit period. Management, after
review and consultation with legal counsel, believes the Company has
meritorious defenses to this matter and that any potential liability in
excess of the $189,000 recorded would not materially effect the Company's
consolidated financial statements.
The Company has pending several other claims incurred in the normal
course of business which, in the opinion of management, based on the advice
of legal counsel, will not have a material effect on the consolidated
financial statements.
Pursuant to the terms of the management agreements of two
affiliate-owned hotels under construction, the Company has undertaken
certain commitments to provide furniture, fixtures and equipment for each
hotel at a fixed price totaling $8.1 million. As of March 31, 1997, the
Company has satisfied commitments totaling $5.4 million. The Company has
indirectly paid the excess over the fixed price amount of approximately
$444,000 by contributing such amount to the partnership that owns one of the
hotels. The Company is entitled to repayment of the contributed amount out
of distributions made by the partnership. The Company has guaranteed to
fund up to $230,000 in working capital per year for three years after one of
the hotels is opened in the event that the hotel generates inadequate cash
flow and the Company has guaranteed $875,000 in indebtedness.
Pursuant to the terms of a management agreement of a hotel in which the
Company has a 30% ownership, the Company has committed to fund up to $2.5
million for the renovation of the hotel property. The loan will bear an
interest rate at 10% and will be collateralized by the outstanding
partnership interest of the owners. Interest will be due monthly and
principal is payable in installments beginning January 1998 based on the
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<PAGE> 8
operating income of the hotel. As of March 31, 1997, the Company has not
made any of such advances. The Company also guarantees $2,340,000 in
indebtedness of this hotel.
Pursuant to the terms of a management agreement of a hotel owned by an
affiliate, the Company has guaranteed to fund up to $600,000 of working
capital per year to the extent the entity experiences operating deficits,
with a maximum required contribution of $2.3 million over the term of the
guarantee extending from 1995 to 2000. The Company has not to date been
required to make any capital contribution under the guarantee.
The Company is subject to environmental regulations related to the
ownership, management, development and acquisition of real estate (hotels).
The cost of complying with the environmental regulations was not material to
the Company's consolidated statements of income for the three months ended
March 31, 1996 and 1997. The Company is not aware of any environmental
condition on any of its properties which is likely to have a material
adverse effect on the Company's financial statements.
6. CONDENSED COMBINED FINANCIAL INFORMATION OF GUARANTOR SUBSIDIARIES:
In connection with the issuance of the $100 million subordinated notes
("Notes"), all of the Company's direct and indirect subsidiaries, with the
exception of a number of subsidiaries (which subsidiaries are individually
and collectively inconsequential), are fully and unconditionally
guaranteeing the Company's obligations under the Notes on a joint and
several basis (the "Guarantor Subsidiaries"). Accordingly, the condensed
combined financial information set forth below summarizes financial
information for all of the Guarantor Subsidiaries on a combined basis.
Separate complete financial statements and other disclosure for the
Guarantor Subsidiaries have not been presented because management does not
believe that such information is material to investors. The condensed
combined financial information of the Guarantor Subsidiaries as of December
31, 1996 and March 31, 1997, and for the three months ended March 31, 1996
and 1997 are presented as follows:
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GUARANTOR SUBSIDIARIES
CONDENSED COMBINED BALANCE SHEETS
(IN THOUSANDS)
<TABLE>
<CAPTION>
DECEMBER 31, MARCH 31,
1996 1997
------------ ------------
(UNAUDITED)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents .......................................... $ 9,673 $ 5,912
Cash, restricted ................................................... 865 373
Accounts receivable, net ........................................... 22,085 38,510
Other .............................................................. 2,466 2,054
------------ ------------
Total current assets ........................................... 35,089 46,849
Notes and other receivables from affiliates .......................... 7,685 7,685
Notes receivable ..................................................... 1,978 2,031
Property and equipment, net .......................................... 61,062 62,397
Management contract costs, net ....................................... 8,166 9,990
Security deposits .................................................... 15,105 24,275
Other ................................................................ 2,502 3,221
------------ ------------
Total assets ................................................... $ 131,587 $ 156,448
============ ============
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Accounts payable and accrued liabilities ........................... $ 18,169 $ 23,002
Deposits ........................................................... 1,147 972
Current portion of long-term debt and capital lease obligations .... 510 522
Due to affiliates .................................................. 42,666 56,666
------------ ------------
Total current liabilities ...................................... 62,492 81,162
------------ ------------
Long-term debt and capital lease obligations ......................... 29,944 29,809
------------ ------------
Stockholder's equity:
Receivable from affiliates ......................................... (1,223) (1,255)
Additional paid-in capital ......................................... 31,071 31,071
Retained earnings .................................................. 9,303 15,661
------------ ------------
Total stockholder's equity ..................................... 39,151 45,477
------------ ------------
Total liabilities and stockholder's equity .................. $ 131,587 $ 156,448
============ ============
</TABLE>
See note to the condensed combined financial information.
9
<PAGE> 10
GUARANTOR SUBSIDIARIES
CONDENSED COMBINED STATEMENTS OF INCOME
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
--------------------
1996 1997
-------- --------
(UNAUDITED)
<S> <C> <C>
Revenues ............................................... $ 21,145 $ 43,831
-------- --------
Operating costs and expenses ........................... 14,009 31,445
Depreciation and amortization .......................... 1,069 1,421
Other .................................................. 96 134
-------- --------
Total operating costs and expenses ................. 15,174 33,000
-------- --------
Operating income ....................................... 5,971 10,831
Interest expense, net .................................. (889) (322)
Equity in earnings of hotel partnerships ............... 829 --
-------- --------
Income before minority interests and income taxes ...... 5,911 10,509
Income attributable to minority interests .............. 593 --
-------- --------
Income before income taxes ............................. 5,318 10,509
Income taxes ........................................... -- 4,151
-------- --------
Net income ......................................... $ 5,318 $ 6,358
======== ========
</TABLE>
See note to the condensed combined financial information.
10
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GUARANTOR SUBSIDIARIES
CONDENSED COMBINED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
--------------------
1996 1997
-------- --------
(UNAUDITED)
<S> <C> <C>
Net cash provided by (used in) operating activities ........... $ 4,177 $ (9,496)
-------- --------
Cash flows from investing activities:
Purchase of property and equipment .......................... (361) (2,470)
Investments in management contracts ......................... (23) (2,078)
Notes and other receivable from affiliates .................. (36) --
Decrease in long-term restricted cash ....................... -- 533
Other ....................................................... (2,223) (53)
-------- --------
Net cash used in investing activities .................... (2,643) (4,068)
-------- --------
Cash flows from financing activities:
Partners' contributed capital ............................... 4,579 --
Partners' capital distributions ............................. (4,807) --
Increase in receivables from affiliates ..................... -- (4,074)
Increase (decrease) in payables to affiliates .............. (1,162) 14,000
Proceeds from long-term borrowings .......................... 2,540 9,675
Repayment of long-term debt and capital lease obligations ... (843) (9,798)
Other ....................................................... 4 --
-------- --------
Net cash provided by financing activities ................ 311 9,803
-------- --------
Increase (decrease) in cash and cash equivalents .............. 1,845 (3,761)
Cash and cash equivalents at beginning of period .............. 3,708 9,673
-------- --------
Cash and cash equivalents at end of period .................... $ 5,553 $ 5,912
======== ========
</TABLE>
Note to Condensed Combined Financial Information:
(1) The foregoing condensed combined financial information includes GHALP
Corporation, Waterfront Management Corporation, WHCMB, Inc., Wyndham
Management Corporation, Wyndham Hotels & Resorts (Aruba) N.V., WHC Vinings
Corporation, WH Interest, Inc., Wyndham IP Corporation, Rose Hall
Associates, L.P., XERXES Limited, WHC Caribbean, Ltd., WHC Development
Corporation, WHC Franchise Corporation, WHCMB Overland Park, Inc., WHCMB,
Toronto, Inc., WHC Columbus Corporation, Wyndham Hotels & Resorts
Management Ltd. and a management subsidiary for a non-branded hotel. They
all are wholly-owned subsidiaries of the Company at March 31, 1997.
7. SUBSEQUENT EVENTS:
On April 14, 1997, the Company entered into a merger agreement with
Patriot American Hospitality, Inc. ("Patriot"), which also entered into a
related stock purchase agreement (collectively, the "patriot Merger
Agreement"), pursuant to which the Company will merge with and into the
successor to Patriot ("New Patriot REIT") following Patriot's merger with and
into California Jockey Club (the "Cal-Jockey Merger"), with New Patriot REIT
being the surviving company (the "Patriot Merger"). As a result of the Patriot
Merger, New Patriot REIT will acquire all of the assets of the Company,
including the Company's portfolio of 23 owned and leased hotels, with an
aggregate of 4,877 rooms, as well as the Company's 79 managed and franchised
properties throughout North America, and the Wyndham, Wyndham Garden and
Wyndham Hotels & Resorts proprietary brand names. Pursuant to the Patriot
Merger Agreement, each outstanding share of common stock of the Company
("Wyndham Common Stock") will be converted into the right to receive 0.712
shares (the "Patriot Exchange Ratio")
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<PAGE> 12
of common stock of each of New Patriot REIT and Patriot American Hospitality
Operating Company ("New Patriot Operating Company", known as Bay Meadows
Operating Company prior to the Cal-Jockey Merger), which shares will be paired
and transferable and trade together as a single unit following the Cal-Jockey
Merger (the "Paired Shares"). The Patriot Exchange Ratio is subject to
adjustment in the event that the average of the closing prices of the Paired
Shares on the twenty trading days preceding the fifth trading day prior to the
Company's stockholders' meeting called to approve the Patriot Merger (the
"Average Trading Price") is less than $42.13 per Paired Share. If the Average
Trading Price is between $40.21 and $42.13 per Paired Share, the Patriot
Exchange Ratio will be adjusted so that each outstanding share of Wyndham
Common Stock will be converted into the right to receive a number of Paired
Share equal to $30.00 divided by the Average Trading Price. If the Average
Trading Price is less than $40.21 per Paired Share, there will be no further
adjustments to the Patriot Exchange Ratio, which at that point would equate to
0.746 Paired Shares per share of Wyndham Common Stock; however, in such
circumstances, the Company has the right, waivable by it, to terminate the
Patriot Merger Agreement without liability. In lieu of receiving Paired
Shares, the Company's stockholders have the right to elect to receive cash in
an amount per share equal to the Patriot Exchange Ratio (as it may be adjusted)
multiplied by the average of the closing prices of the Paired Shares on the
five trading days immediately preceding the closing of the Patriot Merger, up
to a maximum aggregate amount of $100 million. If stockholders holding shares
of Wyndham Common Stock with a value in excess of this amount elect to receive
cash, such cash will be allocated on a pro rata basis among such stockholders.
In connection with the Patriot Merger, New Patriot REIT will assume the
Company's existing indebtedness, which is approximately $138 million as of
April 14, 1997.
In connection with the execution of the Patriot Merger Agreement, Patriot
also entered into agreements with partnerships affiliated with members of the
Trammell Crow family providing for the acquisition by New Patriot REIT of 11
full-service Wyndham branded hotels with 3,072 rooms, located throughout the
United States, for approximately $331.7 million in cash, plus approximately $14
million in additional consideration if two hotels meet certain operational
targets (the "Crow Acquisition" and, collectively with the Patriot Merger, the
"Proposed Patriot Transactions"). The Patriot Merger and the Crow Acquisition,
which will be consummated concurrently, are subject to various conditions
including, without limitation, the consummation of the Cal-Jockey Merger and
the transactions related thereto and the approval of the Patriot Merger and
certain of the related transactions by the stockholders of New Patriot REIT,
New Patriot Operating Company and the Company. It is currently anticipated
that the stockholder meetings to approve the Proposed Patriot Transactions will
occur in the fourth quarter of 1997.
On April 14, 1997, an action styled Kwalburn v. James D. Carreker, et.
al., was filed in the Delaware Court of Chancery in and for New Castle County,
purportedly as a class action on behalf of the Company's stockholders, against
the Company, Patriot and the members of the Board of Directors of the Company.
The complaint alleges that the Company's Board of Directors breached its
fiduciary duties owed to the Company's public stockholders in connection with
the Board of Director's approval of the Patriot Merger. In particular, the
complaint alleges that the Patriot Merger was negotiated at the expense of the
Company's public stockholders, and that the Company's Board of Directors
permitted Patriot to negotiate on more favorable terms the Crow Acquisition
with members of the Trammell Crow family. The complaint seeks to enjoin,
preliminarily and permanently consummation of the Patriot Merger under the
terms presently proposed and also seeks unspecified damages. The defendants
deny the allegations in the complaint and expect to defend the action
vigorously.
In April 1997, the Company acquired a 200 room hotel property in Dallas,
Texas. The acquisition was paid with cash borrowed under the revolving credit
facility.
12
<PAGE> 13
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.
OVERVIEW
The Company's revenues are derived from the following primary sources:
(1) The Company's hotel revenues are generated from the hotels owned or
leased by the Company during the periods presented and reflect revenues from
room rentals, food and beverage sales and other sources, including telephone,
guest services, meeting room rentals, gift shops and other amenities.
(2) The Company derives management fees from the hotels it manages.
These fees are comprised of base and incentive management fees, as well as
trade name fees. Base management fees are typically calculated based upon a
specified percentage of gross revenues from hotel operations, and incentive
management fees are usually calculated based upon a specified percentage of the
hotel's operating profit or the amount by which the hotel's operating profit
exceeds specified performance targets. Trade name fees are typically
calculated based upon a specified percentage of gross room revenues for hotels
operated under the Wyndham brand name.
(3) The Company generates service fee revenues from hotels that it
manages or franchises. Service fee revenues include fees derived from
accounting, design, construction and purchasing services, as well as technical
assistance provided to managed or franchised portfolio hotels. As a
substantial portion of the fees derived from the provision of design,
construction and initial purchasing services are generated in connection with
hotel construction and renovation activities, the amount of these fees varies
depending upon the level of the Company's external activities, including new
hotel management contracts and construction projects.
(4) The Company derives reimbursement revenues from hotels that it
manages or franchises. These revenues are intended primarily to match
corresponding expenses and serve to reimburse the Company for the expense
associated with providing advertising and promotion, sales and marketing,
centralized reservations and other services.
The following sets forth certain operating data with respect to certain
hotels owned, operated or franchised by the Company or its subsidiaries:
13
<PAGE> 14
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------------------
1996 1997 % CHANGE
------- ------- --------
(FULL-SERVICE PORTFOLIO ONLY,
EXCLUDING FRANCHISED HOTELS)
<S> <C> <C> <C>
TOTAL PORTFOLIO:
Wyndham Hotels .............................. 18 21
Average Daily Rate ....................... $100.67 $106.61 5.9%
Occupancy ................................ 70.2% 71.8% 2.3%
Revenues Per Available Room ("RevPar") ... $ 70.70 $ 76.51 8.2%
Wyndham Garden Hotels ....................... 39 45
Average Daily Rate ....................... $ 81.73 $ 83.22 1.8%
Occupancy ................................ 64.8% 67.0% 3.4%
RevPar ................................... $ 52.97 $ 55.72 5.2%
Wyndham Resorts ............................. 5 6
Average Daily Rate ....................... $127.50 $150.10 17.7%
Occupancy ................................ 65.0% 64.2% -1.2%
RevPar ................................... $ 82.91 $ 96.43 16.3%
Management Services ......................... 3 4
Average Daily Rate ....................... $ 90.58 $154.53 70.6%
Occupancy ................................ 69.2% 77.2% 11.6%
RevPar ................................... $ 62.65 $119.34 90.5%
Total ....................................... 65 76
Average Daily Rate ....................... $ 95.79 $104.60 9.2%
Occupancy ................................ 67.2% 69.4% 3.3%
RevPar ................................... $ 64.33 $ 72.57 12.8%
COMPARABLE HOTEL GROUP (1):
Wyndham Hotels .............................. 16 16
Average Daily Rate ....................... $101.66 $109.48 7.7%
Occupancy ................................ 70.1% 72.2% 3.0%
RevPar ................................... $ 71.25 $ 79.06 11.0%
Wyndham Garden Hotels ....................... 36 36
Average Daily Rate ....................... $ 82.52 $ 86.11 4.4%
Occupancy ................................ 65.1% 70.9% 8.9%
RevPar ................................... $ 53.73 $ 61.03 13.6%
Wyndham Resorts ............................. 5 5
Average Daily Rate ....................... $126.49 $135.51 7.1%
Occupancy ................................ 63.5% 64.4% 1.4%
RevPar ................................... $ 80.38 $ 87.22 8.5%
Management Services ......................... 2 2
Average Daily Rate ....................... $ 95.81 $103.38 7.9%
Occupancy ................................ 69.8% 75.1% 7.6%
RevPar ................................... $ 66.90 $ 77.60 16.0%
Total ....................................... 59 59
Average Daily Rate ....................... $ 96.22 $101.98 6.0%
Occupancy ................................ 67.3% 70.9% 5.3%
RevPar ................................... $ 64.74 $ 72.28 11.6%
</TABLE>
(1) The Comparable Hotel Group statistics reflect the results of the 59
hotels that were operated for the period in both years. Excluding hotels
operating in the Caribbean, RevPar for the comparable group was up 12.5%.
14
<PAGE> 15
RESULTS OF OPERATIONS
The following table sets forth certain financial data expressed as a
percentage of total revenues and certain other data for each of the periods
presented:
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------
1996 1997
-------- --------
(UNAUDITED)
<S> <C> <C>
Revenues:
Hotel revenues ...................................... 63.2% 80.1%
Management fees ..................................... 19.5 11.5
Services fees ....................................... 3.6 2.0
Reimbursement revenues .............................. 13.5 6.4
Other ............................................... .2 --
----- -----
Total revenues ................................... 100.0 100.0
----- -----
Operating costs and expenses:
Hotel expenses ...................................... 38.9 59.0
Selling, general and administrative expenses ........ 16.1 10.2
Reimbursable expenses ............................... 13.5 6.4
Depreciation and amortization ....................... 6.2 4.8
----- -----
Total operating costs and expenses ............... 74.7 80.4
----- -----
Operating income ...................................... 25.3 19.6
Interest expense, net ................................. (6.8) (5.5)
Equity in earnings (loss) of hotel partnerships ....... 3.1 (.1)
Amortization of deferred gain ......................... -- .3
----- -----
Income before minority interests and income taxes ..... 21.6 14.3
Income attributable to minority interests ............. 2.2 --
----- -----
Income before income taxes ....................... 19.4% 14.3%
===== =====
</TABLE>
Total revenues increased by 98.6%, or $26.2 million, to $52.8 million in
1997 from $26.6 million in 1996. Total operating expenses increased by 114%,
or $22.6 million, to $42.5 million in 1997 from $19.9 million in 1996. The
increase in total revenues and expenses was attributable principally to the
consolidation of the operating results of 11 leased hotels (the "GHALP Leases")
which were previously 30% owned by the Company and were accounted for using the
equity method. The GHALP Leases accounted for 64.0%, or $16.8 million, of the
increase in total revenues and 60.3%, or $13.6 million, of the increase in
total expenses. The increase in total revenues and expenses was also
attributable to the addition of five new hotels which accounted for 30.8% , or
$8.1 million, of the increase in total revenues and 33.9%, or $7.7 million, of
the increase in total expenses.
Hotel revenues increased by 151.5%, or $25.5 million, to $42.3 million in
1997 from $16.8 million in 1996. Approximately 65.9% of the increase, or $16.8
million, was due to the GHALP Lease. The acquisition of five new hotels
accounted for 31.7%, or $8.1 million of the increase. The increase in hotel
revenues was also the result of increased revenues of hotels the Company owned
for both reporting periods due to an increase in revenue per available room.
As a percentage of total revenues, hotel revenues increased to 80.1% in 1997
compared to 63.2% in 1996, primarily reflecting the effects of consolidation of
GHALP Leases.
Revenues from management fees increased by 17.2%, or approximately
$897,000, to $6.1 million in 1997 from $5.2 million in 1996. Approximately
$850,000 of the increase resulted from the addition of 15 newly managed hotels
between April 1996 and March 31, 1997 and $1.1 million resulted from improved
operating results of the existing managed hotels. The increase also reflected
management fee revenues of approximately $168,000 as a result of the release
and discharge of the Company for its obligation to make payments to an
affiliate under an
15
<PAGE> 16
agreement which was previously recorded as a reduction in management fees.
These increases were offset by approximately $279,000 from the loss of certain
management contracts and approximately $924,000 from the elimination of the
revenues from GHALP Leases as a result of consolidating its operating results
into the Company.
Revenues from service fees increased by 10.0%, or approximately $96,000,
to $1.1 million in 1997 from approximately $964,000 in 1996. The increase was
due to approximately $319,000 of increased fees derived from central
accounting, technical and purchasing services. The increase was partially
offset by the elimination of approximately $223,000 in fees earned from GHALP
Leases as a result of consolidating its operating results into the Company.
Reimbursements decreased by 5.9%, or approximately $213,000, to $3.4
million in 1997 from $3.6 million in 1996. The decrease was principally
attributable to a new central reservation contract. In September 1996, the
Company entered into a service agreement with an affiliated entity, whereby the
affiliated entity provides centralized reservations and property management
services to all Wyndham brand hotels. The Company is not providing such
services. The reimbursements for such services in the 1996 period was
$318,000. The decrease in reimbursements also reflects the effect of
eliminating approximately $332,000 received from GHALP Leases as a result of
consolidating its operating results into the Company. These decreases were
offset by the increased payments of approximately $437,000 for services such as
administrative, information systems, sales and the Company's marketing fund
from both new and existing portfolio hotels.
Hotel expenses increased by 201.3%, or $20.8 million, to $31.2 million in
1997 from $10.4 million in 1996. Approximately 64.9% of the increase, or $13.5
million was due to consolidating GHALP Leases operating results into the
Company. The balance of the increase, or $7.3 million was the result of the
addition of five new hotels. Hotel expenses increased as a percentage of hotel
revenues to 73.7% in 1997 from 61.5% in 1996, primarily attributable to a $3.4
million lease payment associated with the GHALP Leases and the effect of adding
hotels to the owned portfolio that were undergoing renovation. Excluding the
GHALP Leases, the percentage of hotel expenses to hotel revenues would have
been 65.6%.
Selling, general and administrative expenses ("SG&A") increased by 26.3%,
or $1.1 million, to $5.4 million in 1997 from $4.3 million in 1996. Of the
increase, 33.4%, or approximately $375,000, was attributable to the addition of
corporate management and staff personnel related to the general growth of the
Company. Approximately 13.8% of the increase, or approximately $155,000, was
due to the increase in accounts payable and payroll processing costs as a
result of addition of new hotels to the Company's hotel portfolio. In
addition, 25.2% of the increase, or approximately $283,000, was due to the
increase in the provision for bad debt related to certain receivables. The
increase also reflected additional costs of managing and administering a
publicly held company. As a percentage of total revenues, SG&A expenses
decreased to 10.2% in 1997 from 16.1% in 1996, reflecting the Company's ability
to absorb a portion of the additional owned and managed hotels into its
existing management structure.
Reimbursable expenses decreased by 5.9%, or approximately $213,000, to
$3.4 million in 1997 from $3.6 million in 1996. The decrease was principally
attributable to a new central reservation contract. In September 1996, the
Company entered into a service agreement with an affiliated entity, whereby the
affiliated entity provides centralized reservations and property management
services to all Wyndham brand hotels, therefore, the Company is not incurring
such expenses. The decrease in reimbursable expenses also reflects the effect
of elimination of approximately $332,000 for GHALP Leases as a result of
consolidating its operating results into the Company. These decreases were
offset by the increased payments of approximately $437,000 for services such as
administrative, information systems, sales and the Company's marketing fund
from both new and existing portfolio hotels. As a percentage of total
revenues, reimbursable expenses decreased to 6.4% in 1997 from 13.5% in 1996.
Depreciation and amortization expense increased by 54.1%, or approximately
$898,000, to $2.6 million in 1997 from $1.7 million in 1996. The increase was
due to the acquisition of property and equipment and the amortization of the
acquisition costs of management contracts. The increase in 1997 also included
an increase of approximately $275,000 in the amortization of deferred debt
issuance costs as a result of the Company's issuance of $100 million senior
subordinated notes (the "Notes") and the revolving credit facility.
16
<PAGE> 17
Interest expense increased by 67.9%, or $1.4 million, to $3.5 million in
1997 from $2.1 million in 1996, reflecting the additional interest from the
Notes and the revolving credit facility net of the effect of elimination of
interest expense from the retirement of debt and affiliated borrowings at the
Company's initial public offerings in May 1996. Interest income increased by
107.6%, or approximately $327,000, from approximately $304,000 in 1996 to
approximately $631,000 in 1997. The increase was primarily due to income of
approximately $162,000 earned on a note receivable and approximately $147,000
of interest on security deposits related to a leased hotel.
Equity in earnings of hotel partnerships decreased from earnings of
approximately $828,000 in 1996 to a loss of approximately $34,000 in 1997.
Earnings from the Company's equity investment in GHALP Leases ceased following
the Company's acquisition of the remaining 70% of the partnership interest in
GHALP Leases in May 1996. Since the acquisition, the operating results of
GHALP Leases have been consolidated into the Company. The loss of $34,000 for
1997 represents a 30% hotel partnership interest the Company acquired in
November 1996 which is being accounted for using the equity method.
Income attributable to minority interest was eliminated as a result of the
acquisition of the minority interest at the Company's initial public offerings
in May 1996.
As a result of changes noted above, income before income taxes increased
by 46.6%, or $2.4 million, to $7.6 million in 1997 from $5.2 million in 1996.
Since the Company's incorporation, income taxes have been provided in
accordance with Statement of Financial Accounting Standard No. 109. Operating
results for the quarter ended March 31, 1996 related to the period prior to the
Company's incorporation, the combined companies were either a partnership, an S
corporation or a nontaxable Bermuda corporation, and consequently, were not
subject to federal income taxes, therefore, no income taxes were recorded.
LIQUIDITY AND CAPITAL RESOURCES
The Company's principal capital and liquidity needs include cash to
finance operations, capital requirements relating to ongoing hotel maintenance
and improvements at the Company's owned and leased hotels, capital requirements
associated with the Company's entry into new management contracts and
improvements to the related hotel properties, hotel acquisition financing and
the repayment of indebtedness. Prior to the Company's initial public offerings
in May 1996, the Company had satisfied its capital and liquidity needs through
cash generated by operations, mortgage indebtedness and commercial debt
financing.
Since the Company's initial public offerings in May 1996, the Company has
met its capital and liquidity needs with cash generated from operations, net
proceeds from initial public offerings and amounts available under the
revolving credit facility. At March 31, 1997, approximately $48.9 million in
aggregate principal amount was available for borrowings under the revolving
credit facility, of which $8.0 million was drawn by the Company. In April
1997, additional $8.0 million was drawn for the acquisition of a hotel property
and certain other working capital needs.
During the three months ended March 31, 1997, the Company used cash in
operating activities of $4.5 million as compared to cash generated from
operations of $3.8 million in the 1996 period. The decrease is primarily
attributable to the payment of $7.8 million for a security deposit, as required
under the Salt Lake City lease.
The Company has the following anticipated capital commitments. Pursuant
to the terms of a management agreement in which the Company has a 30% ownership
interest, the Company has committed to fund up to $2.5 million for the
renovation of the hotel property. No such advances has been made as of March
31, 1997. In addition, the Company is obligated, pursuant to the terms of
certain hotel management agreements, to fund loans for hotel acquisition and
improvements in the aggregate amount of $8.1 million, of which $5.4 million had
been funded as of March 31, 1997. Pursuant to capital lease agreements, the
Company is obligated to make lease payments of $2.3 million in 1997.
17
<PAGE> 18
In February 1997, the Company, through a financial institution and a
county authority, issued revenue bonds totaling $9.7 million. The bonds were
issued to refinance the existing bonds that the Company assumed in the
acquisition of a Wyndham Garden Hotel. The bonds initially bear interest at a
weekly rate (the "Weekly Rate Period") determined in accordance with the
indenture of the bonds based on prevailing financial market conditions for
revenue bonds (at March 31, 1997, such rate was 3.6%) plus a 2% credit
enhancement fee, as defined in the indenture. The weekly rate may be converted
to another interest rate determination method on the first business day of any
calendar month at the Company's option, subject to the terms and conditions set
forth in the indenture. Interest payments on the bonds are due on a periodic
basis. The bonds mature in February 2023 and are subject to redemption by the
Company in whole or in part during any Weekly Rate Period.
The Company intends to retain any future earnings for use in its business
and does not intend to declare any cash dividends in the foreseeable future.
The Company believes that cash generated by operations will be sufficient to
fund the Company's operating strategy for the foreseeable future and that any
remaining cash generated by operations, together with capital available under
the revolving credit facility will be adequate to fund the Company's growth
strategy in the near term. The Company may seek an increase in the capital
available to it under the revolving credit facility or otherwise obtain
additional debt or equity financing, depending upon the amount of capital
required to pursue future growth opportunities or address other needs. No
assurance can be given that the amount available under the revolving credit
facility will be increased, or such additional financing will be available, on
acceptable terms, if at all.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
On April 14, 1997, an action styled Kwalburn v. James D. Carreker, et.
al., was filed in the Delaware Court of Chancery in and for New Castle County,
purportedly as a class action on behalf of the Company's stockholders, against
the Company, Patriot and the members of the Board of Directors of the Company.
The complaint alleges that the Company's Board of Directors breached its
fiduciary duties owed to the Company's public stockholders in connection with
the Board of Director's approval of the Patriot Merger. In particular, the
complaint alleges that the Patriot Merger was negotiated at the expense of the
Company's public stockholders, and that the Company's Board of Directors
permitted Patriot to negotiate on more favorable terms the Crow Acquisition
with members of the Trammell Crow family. The complaint seeks to enjoin,
preliminarily and permanently consummation of the Patriot Merger under the
terms presently proposed and also seeks unspecified damages. The defendants
deny the allegations in the complaint and expect to defend the action
vigorously.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The Company held its Annual Meeting of Stockholders on April 28, 1997 (the
"Meeting"). The election of three directors to Class I of the Company's Board
of Directors to serve for a period of three years and until their successors
shall have been elected and qualified was the only matter submitted to a vote
of security holders. The following votes were cast with respect to the
election of the following three nominees as directors of the Company:
<TABLE>
<CAPTION>
Shares Voted Shares Withheld Broker
Nominee For From Voting Non-Voters
------- ------------ --------------- ----------
<S> <C> <C> <C>
James D. Carreker 19,311,520 98,411 0
Harlan R. Crow 19,311,520 98,411 0
James C. Leslie 19,311,520 98,411 0
</TABLE>
18
<PAGE> 19
The remaining directors of the Company, whose term of office continued
after the Meeting are as follows:
Term Expires in 1998
--------------------
Susan T. Groenteman, Philip A. Ward, Robert A. Whitman
Term Expires in 1999
--------------------
Leslie V. Bentley, Daniel A. Decker, Stanley M. Koonce, Jr., Anne L. Raymond
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits:
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
NUMBER DESCRIPTION
<S> <C>
2.1 -- Agreement and Plan of Merger, dated as of April 14, 1997, by
and between Patriot American Hospitality, Inc. and the Company
(incorporated by reference to Exhibit Number 2.2 to Schedule 13D
filed with the Securities and Exchange Commission on April 24,
1997 on behalf of CF Securities, L.P.) The "Disclosure Letters"
referred to in the Agreement and Plan of Merger are omitted, as
they constitute "schedules" within the meaning of Item 601 of
Regulation S-K. The Company undertakes to furnish supplementally
such Disclosure Letters to the Commission upon request.
3.1 -- Amended and Restated Certificate of Incorporation of the
Company (Incorporated by reference to exhibit number 3.1 in
Amendment No. 1 to the Company's Registration Statement on Form
S-1 (Reg. No. 333-2214) filed with the Securities and Exchange
Commission on May 1, 1996).
3.2 -- Amended and Restated Bylaws of the Company (Incorporated by
reference to exhibit number 3.2 in Amendment No. 1 to the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on May 1,
1996).
4.1 -- Form of specimen certificate for the Common Stock
(Incorporated by reference to exhibit number 4.1 in Amendment
No. 2 to the Company's Registration Statement on Form S-1 (Reg.
No. 333-2214) filed with the Securities and Exchange Commission
on May 14, 1996).
4.2 -- Relevant portions of Amended and Restated Certificate of
Incorporation (Reference is hereby made to Exhibit 3.1).
10.1(a) -- Management Agreement dated as of May 10, 1995 by and between
Anatole Hotel Investors, L.P. and Wyndham Hotel Company Ltd.
(Incorporated by reference to exhibit number 10.1(a) in the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on March 11,
1996).
10.1(b) -- Form of Management Agreement dated as of September 27, 1994
by and between Bedrock Annapolis Investment Partners Level I,
L.P. and Wyndham Hotel Company Ltd. (together with attachment)
(Incorporated by reference to exhibit number 10.1(b) in the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on March 11,
1996).
</TABLE>
19
<PAGE> 20
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
NUMBER DESCRIPTION
<S> <C>
10.1(c) -- Management Agreement dated as of March 10, 1988 by and
between Franklin Plaza Associates and Wyndham Hotel Company, as
amended by First Amendment dated November 17, 1993 (Incorporated
by reference to exhibit number 10.1(c) in the Company's
Registration Statement on Form S-1 (Reg. No. 333-2214) filed
with the Securities and Exchange Commission on March 11, 1996).
10.1(d) -- Service Agreement dated as of November 17, 1993 by and
between Franklin Plaza Realty Limited Partnership and Wyndham
Hotel Company Ltd. (Incorporated by reference to exhibit number
10.1(d) in the Company's Registration Statement on Form S-1
(Reg. No. 333-2214) filed with the Securities and Exchange
Commission on March 11, 1996).
10.1(e) -- Management Agreement dated as of December 1, 1984 by and
between Houston Greenspoint Hotel Associates and Wyndham Hotel
Company (Incorporated by reference to exhibit number 10.1(e) in
the Company's Registration Statement on Form S-1 (Reg. No.
333-2214) filed with the Securities and Exchange Commission on
March 11, 1996).
10.1(f) -- Management Agreement dated as of December 4, 1991 by and
between Itasca Hotel Company and Wyndham Hotel Company Ltd., as
amended by Amendment dated March 19, 1996 (Incorporated by
reference to exhibit number 10.1(f) in the Company's
Registration Statement on Form S-1 (Reg. No. 333-2214) filed
with the Securities and Exchange Commission on March 11, 1996).
10.1(g) -- Management Agreement dated as of June 30, 1994 by and between
Waterfront Hotel Associates, S.E. and Old San Juan Management,
Ltd. S.E. (Incorporated by reference to exhibit number 10.1(g)
in Amendment No. 1 to the Company's Registration Statement on
Form S-1 (Reg. No. 333-2214) filed with the Securities and
Exchange Commission on May 1, 1996).
10.1(h) -- Management Agreement dated as of May 26, 1995 by and between
Convention Center Boulevard Hotel, Limited and Wyndham Hotel
Company Ltd. (Incorporated by reference to exhibit number
10.1(h) in Amendment No. 1 to the Company's Registration
Statement on Form S-1 (Reg. No. 333-2214) filed with the
Securities and Exchange Commission on May 1, 1996).
10.1(i) -- Management Agreement dated as of August 25, 1993 by and
between Playhouse Square Hotel Limited Partnership and Wyndham
Hotel Company Ltd. (Incorporated by reference to exhibit number
10.1(i) in Amendment No. 1 to the Company's Registration
Statement on Form S-1 (Reg. No. 333-2214) filed with the
Securities and Exchange Commission on May 1, 1996).
10.1(j) -- Management Agreement dated as of March 1, 1986 by and between
CLC Partnership and Wyndham Hotel Company, as amended by First
Amendment dated June 30, 1988 (Incorporated by reference to
exhibit number 10.1(j) in Amendment No. 1 to the Company's
Registration Statement on Form S-1 (Reg. No. 333-2214) filed
with the Securities and Exchange Commission on May 1, 1996).
</TABLE>
20
<PAGE> 21
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
NUMBER DESCRIPTION
<S> <C>
10.1(k) -- Management Agreement dated as of December 22, 1987 by and
among Badger XVI Limited Partnership, Crow Division Partners and
Wyndham Hotel Company, as amended by First Amendment dated
February 26, 1988 (Incorporated by reference to exhibit number
10.1(k) in Amendment No. 1 to the Company's Registration
Statement on Form S-1 (Reg. No. 333-2214) filed with the
Securities and Exchange Commission on May 1, 1996).
10.1(l) -- Management Agreement dated as of November 20, 1987 by and
between Hotel and Convention Center Partners I, Ltd. And Wyndham
Hotel Corporation II, Inc., as amended by Amendment dated
November 1, 1993 (Incorporated by reference to exhibit number
10.1(l) in Amendment No. 1 to the Company's Registration
Statement on Form S-1 (Reg. No. 333-2214) filed with the
Securities and Exchange Commission on May 1, 1996).
10.2 -- Investment Agreement dated as of May 2, 1994 among The
Hampstead Group, Inc., Wyndham Hotel Company Ltd., The Partners
in Wyndham Hotel Company Ltd., and Crow Family Partnership,
L.P., as amended (Incorporated by reference to exhibit number
10.2 in Amendment No. 1 to the Company's Registration Statement
on Form S-1 (Reg. No. 333-2214) filed with the Securities and
Exchange Commission on May 1, 1996).
10.3(a) -- Lease dated as of April 1, 1996 by and between Hospitality
Properties Trust and Garden Hotel Associates II Limited
Partnership (Incorporated by reference to exhibit number 10.3(a)
in the Company's Registration Statement on Form S-1 (Reg. No.
333-18507) filed with the Securities and Exchange Commission on
January 27, 1997).
10.3(b) -- Lease Agreement dated as of March 1, 1988 by and between
Lincoln Island Associates No. 1, Limited and WHI Limited
Partnership (Incorporated by reference to exhibit number 10.3(b)
in the Company's Registration Statement on Form S-1 (Reg. No.
333-2214) filed with the Securities and Exchange Commission on
March 11, 1996).
10.3(c) -- Lease Agreement dated December 19, 1989 by and between Rose
Hall Hotel Limited and Rose Hall Associates Limited Partnership
(Incorporated by reference to exhibit number 10.3(c) in the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on March 11,
1996).
10.3(d) -- Sublease Agreement dated as of November 17, 1989 by and
between Copley-Commerce-Telegraph #1 Associates, as assignee of
Crow-Staley-Commerce #1 Limited Partnership and Commerce Hotel
Partners Ltd. (Incorporated by reference to exhibit number
10.3(d) in the Company's Registration Statement on Form S-1
(Reg. No. 333-2214) filed with the Securities and Exchange
Commission on March 11, 1996).
10.3(e) -- Ground Lease dated as of March 26, 1987 by and between Fred
C. Boysen, Dorothy Boysen, Ted Boysen and Rose Boysen and Garden
Hotel Associates Limited Partnership, as assignee of Ramada
Hotel Operating Company as amended by First Amendment dated as
of May 7, 1990 (Incorporated by reference to exhibit number
10.3(e) in the Company's Registration Statement on Form S-1
(Reg. No. 333-2214) filed with the Securities and Exchange
Commission on March 11, 1996).
</TABLE>
21
<PAGE> 22
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
NUMBER DESCRIPTION
<S> <C>
10.3(f) -- Lease Agreement dated as of November 26, 1990 by and between
Tower 2001 Limited Partnership and Wyndham Hotel Company Ltd.,
as amended by Letter Agreement dated March 9, 1994 and Letter
Agreement dated March 22, 1995, and as amended by Amendment No.
1 dated as of November 30, 1995 (Incorporated by reference to
exhibit number 10.3(f) in the Company's Registration Statement
on Form S-1 (Reg. No. 333-2214) filed with the Securities and
Exchange Commission on March 11, 1996).
10.3(g) -- Lease Agreement dated as of January 1992 by and between 475
Park Avenue South Co. and Wyndham Hotel Company Ltd., as amended
by Amendment of Lease dated January 30, 1995 (Incorporated by
reference to exhibit number 10.3(g) in the Company's
Registration Statement on Form S-1 (Reg. No. 333-2214) filed
with the Securities and Exchange Commission on March 11, 1996).
10.3(h) -- Sublease dated as of May 31, 1995 between Banc One Mortgage
Corporation and Wyndham Hotels & Resorts (Incorporated by
reference to exhibit number 10.3(h) in the Company's
Registration Statement on Form S-1 (Reg. No. 333-2214) filed
with the Securities and Exchange Commission on March 11, 1996).
10.3(i) -- Lease Agreement dated as of May 16, 1994 by and between Wirtz
Realty Corporation, as agent for 333 Building Corporation and
Wyndham Hotel Company Ltd. (Incorporated by reference to exhibit
number 10.3(i) in Amendment No. 1 to the Company's Registration
Statement on Form S-1 (Reg. No. 333-2214) filed with the
Securities and Exchange Commission on May 1, 1996).
10.3(j) -- Lease Agreement dated as of May 18, 1994 by and between
Columbia Executive Offices, Inc. and The Inn at Semiahmoo a
Wyndham Resort (Incorporated by reference to exhibit number
10.3(j) in Amendment No. 1 to the Company's Registration
Statement on Form S-1 (Reg. No. 333-2214) filed with the
Securities and Exchange Commission on May 1, 1996).
10.3(k) -- Lease Agreement dated as of January 8, 1997 by and between
HPTSLC Corporation and WHC Salt Lake City Corporation
(Incorporated by reference to exhibit number 10.3(k) in the
Company's Registration Statement on Form S-1 (Reg. No.
333-18507) filed with the Securities and Exchange Commission on
January 27, 1997.).
10.4 -- Master Alliance Agreement dated as of January 9, 1997 by and
among American General Hospitality Corporation, American General
Hospitality Operating Partnership, L.P., WHC Franchise
Corporation and WHC Development Corporation (Incorporated by
reference to exhibit number 10.4 in the Company's Registration
Statement on Form S-1 (Reg. No. 333-18507) filed with the
Securities and Exchange Commission on January 27, 1997.).
10.5 -- Limited Guaranty Agreement dated as of January 8, 1997 made
by the Company for the benefit of HPTSLC Corporation
Incorporated by reference to exhibit number 10.5 in the
Company's Registration Statement on Form S-1 (Reg. No.
333-18507) filed with the Securities and Exchange Commission on
January 27, 1997).
</TABLE>
22
<PAGE> 23
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
NUMBER DESCRIPTION
<S> <C>
10.5(a) -- Form of Asset Management Agreement to be entered into between
the Company and various Crow Family Real Estate Entities
(Incorporated by reference to exhibit number 10.5(a) in
Amendment No. 2 to the Company's Registration Statement on Form
S-1 (Reg. No. 333-2214) filed with the Securities and Exchange
Commission on May 14, 1996).
10.6(a) -- Service Agreement, dated as of May 21, 1996, by and between
the Company and ISIS 2000 LP (Incorporated by reference to
exhibit number 10.6(a) in the Company's Registration Statement
on Form S-1 (Reg. No. 333-18507) filed with the Securities and
Exchange Commission on January 27, 1997).
10.6(b) -- Service Agreement, dated as of May 21, 1996, by and between
the Company and Wynright Insurance (Incorporated by reference to
exhibit number 10.6(b) in the Company's Registration Statement
on Form S-1 (Reg. No. 333-18507) filed with the Securities and
Exchange Commission on January 27, 1997).
10.6(c) -- Service Agreement, dated as of May 21, 1996, by and between
the Company and CW Synergistech, LP (Incorporated by reference
to exhibit number 10.6(c) in the Company's Registration
Statement on Form S-1 (Reg. No. 333-18507) filed with the
Securities and Exchange Commission on January 27, 1997).
10.7 -- Indenture relating to the 10 1/2% Senior Subordinated Notes
due 2006 (Incorporated by reference to exhibit number 10.10 in
the Company's Registration Statement on Form S-1 (Reg. No.
333-18507) filed with the Securities and Exchange Commission on
January 27, 1997).
10.8 -- Stockholders' Agreement ("Stockholders' Agreement") among
Wyndham Hotel Corporation and the Stockholders listed on the
signature pages thereof (Incorporated by reference to exhibit
number 10.13 in the Company's Registration Statement on Form S-1
(Reg. No. 333-18507) filed with the Securities and Exchange
Commission on January 27, 1997).
10.9 -- Registration Rights Agreement among Wyndham Hotel Corporation
and the parties identified on the signature pages thereof
(Incorporated by reference to exhibit number 10.14 in the
Company's Registration Statement on Form S-1 (Reg. No.
333-18507) filed with the Securities and Exchange Commission on
January 27, 1997).
10.10(a) -- Indemnification Agreement by and between Wyndham Hotel
Corporation and James D. Carreker (Incorporated by reference to
exhibit number 10.15(a) in the Company's Registration Statement
on Form S-1 (Reg. No. 333-18507) filed with the Securities and
Exchange Commission on January 27, 1997).
10.10(b) -- Indemnification Agreement by and between Wyndham Hotel
Corporation and Anne L. Raymond (Incorporated by reference to
exhibit number 10.15(b) in the Company's Registration Statement
on Form S-1 (Reg. No. 333-18507) filed with the Securities and
Exchange Commission on January 27, 1997).
</TABLE>
23
<PAGE> 24
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
NUMBER DESCRIPTION
<S> <C>
10.10(c) -- Indemnification Agreement by and between Wyndham Hotel
Corporation and Harlan R. Crow (Incorporated by reference to
exhibit number 10.15(c) in the Company's Registration Statement
on Form S-1 (Reg. No. 333-18507) filed with the Securities and
Exchange Commission on January 27, 1997).
10.10(d) -- Indemnification Agreement by and between Wyndham Hotel
Corporation and Daniel A. Decker (Incorporated by reference to
exhibit number 10.15(d) in the Company's Registration Statement
on Form S-1 (Reg. No. 333-18507) filed with the Securities and
Exchange Commission on January 27, 1997).
10.10(e) -- Indemnification Agreement by and between Wyndham Hotel
Corporation and Susan T. Groenteman (Incorporated by reference
to exhibit number 10.15(e) in the Company's Registration
Statement on Form S-1 (Reg. No. 333-18507) filed with the
Securities and Exchange Commission on January 27, 1997).
10.10(f) -- Indemnification Agreement by and between Wyndham Hotel
Corporation and Stanley M. Koonce, Jr. (Incorporated by
reference to exhibit number 10.15(f) in the Company's
Registration Statement on Form S-1 (Reg. No. 333-18507) filed
with the Securities and Exchange Commission on January 27,
1997).
10.10(g) -- Indemnification Agreement by and between Wyndham Hotel
Corporation and Leslie V. Bentley (Incorporated by reference to
exhibit number 10.15(g) in the Company's Registration Statement
on Form S-1 (Reg. No. 333-18507) filed with the Securities and
Exchange Commission on January 27, 1997).
10.10(h) -- Indemnification Agreement by and between Wyndham Hotel
Corporation and Robert A. Whitman (Incorporated by reference to
exhibit number 10.15(h) in the Company's Registration Statement
on Form S-1 (Reg. No. 333-18507) filed with the Securities and
Exchange Commission on January 27, 1997).
10.11(a) -- 6% Promissory Note made by James D. Carreker (Incorporated by
reference to exhibit number 10.16(a) in Amendment No. 1 to the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on May 1,
1996).
10.11(b) -- 6% Promissory Note made by Leslie V. Bentley (Incorporated by
reference to exhibit number 10.16(b) in Amendment No. 1 to the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on May 1,
1996).
10.11(c) -- 6% Promissory Note made by Eric A. Danziger (Incorporated by
reference to exhibit number 10.16(c) in Amendment No. 1 to the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on May 1,
1996).
10.11(d) -- 6% Promissory Note made by Anne L. Raymond (Incorporated by
reference to exhibit number 10.16(d) in Amendment No. 1 to the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on May 1,
1996).
10.11(e) -- 6% Promissory Note made by Stanley M. Koonce, Jr.
(Incorporated by reference to exhibit number 10.16(e) in
Amendment No. 1 to the Company's Registration Statement on Form
S-1 (Reg. No. 333-2214) filed with the Securities and Exchange
Commission on May 1, 1996).
</TABLE>
24
<PAGE> 25
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
NUMBER DESCRIPTION
<S> <C>
10.11(f) -- 6% Promissory Note made by Wyndham Employees Ltd.
(Incorporated by reference to exhibit number 10.16(f) in
Amendment No. 1 to the Company's Registration Statement on Form
S-1 (Reg. No. 333-2214) filed with the Securities and Exchange
Commission on May 1, 1996).
10.12 -- Stockholders' Agreement Consent dated September 30, 1996.
10.13(a) -- Wyndham Employees Savings & Retirement Plan (Incorporated by
reference to exhibit number 10.19(a) in Amendment No. 2 to the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on May 14,
1996).
10.13(b) -- Wyndham Hotel Corporation 1996 Long Term Incentive Plan, as
revised (Incorporated by reference to exhibit number 10.19(b) in
Amendment No. 3 to the Company's Registration Statement on Form
S-1 (Reg. No. 333-2214) filed with the Securities and Exchange
Commission on May 20, 1996).
10.13(c) -- Non-Employee Directors' Retainer Stock Plan, as revised
(Incorporated by reference to exhibit number 10.19(c) in
Amendment No. 3 to the Company's Registration Statement on Form
S-1 (Reg. No. 333-2214) filed with the Securities and Exchange
Commission on May 20, 1996).
10.14 -- Operating Deficit Guaranty and Reserves Agreement dated as of
August 25, 1993 by and among Playhouse Square Hotel Limited
Partnership, Society National Bank and the Lenders (Incorporated
by reference to exhibit number 10.22 in Amendment No. 1 to the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on May 1,
1996).
10.15 -- Registration Rights Agreement dated as of September 30, 1996
between the Company and Smith Barney, Inc.
10.16 -- Registration Rights Agreement dated as of April 29, 1996
between the Company and General Electric Investment Corporation.
10.17 -- Promissory Note dated April 15, 1995 between the Company and
WFLP.
10.18 -- Computerized Reservation Service Agreement between ISIS 2000
and the Company (Incorporated by reference to exhibit number
10.28 in the Company's Registration Statement on Form S-1 (Reg.
No. 333-18507) filed with the Securities and Exchange Commission
on January 27, 1997).
10.19 -- Indemnification Agreements by and between Elise Turner as an
Officer of GHMB, Inc.; MBAH, Inc.; CHMB, Inc.; Waterfront
Management Corporation; PSMB, Inc.; MTMB, Inc.; MDMB, Inc.;
AMMB, Inc.; OHMB, Inc.; WNMB, Inc.; MBWD, Inc.; MBWH, Inc.; and
BHMB, Inc., which Corporations are the Holders of Liquor
Licenses, and Wyndham Management Corporation (Incorporated by
reference to exhibit number 10.29 in the Company's Registration
Statement on Form S-1 (Reg. No. 333-18507) filed with the
Securities and Exchange Commission on January 27, 1997).
</TABLE>
25
<PAGE> 26
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
NUMBER DESCRIPTION
<S> <C>
10.20 -- Senior Secured Revolving Credit Agreement among Wyndham Hotel
Corporation, The Lenders Party Thereto and Bankers Trust Company
(incorporated by reference to the Company's Quarterly Report on
Form 10-Q for the Quarter Ended June 30, 1996).
10.21 -- Management Contract between Homegate Hospitality, Inc. and
the Company, dated August 26, 1996 (incorporated by reference to
Exhibit No. 10.1 of the Company's Quarterly Report on Form 10-Q
for the Quarter ended September 30, 1996).
10.22 -- Proxy Agreement, dated as of April 14, 1997, by and between
Patriot American Hospitality, Inc. and CF Securities, L.P.,
James D. Carreker, Leslie V. Bentley, Anne L. Raymond, Stanley
M. Koonce, Jr. And the Company (incorporated by reference to
Exhibit Number 10.1 to Schedule 13D filed with the Securities
and Exchange Commission on April 24, 1997 on behalf of CF
Securities, L.P.)
10.23 -- Asset Management Agreements between Wyndham Hotel Corporation
and Playhouse Square Hotel L.P. and the other Parties Listed on
Schedule A attached thereto.
10.24 -- Indemnification Agreements between the Company and Susan R.
Bolger and the other Parties Listed on Schedule A attached
thereto.
10.25 -- Capital Contribution Note dated as of December 22, 1995 by
and between Pleasanton Hotel Partners, L.P. and the Company
(Incorporated by reference to Exhibit Number 10.18(a) in
Amendment No. 1 to the Company's Registration Statement on Form
S-1 (Reg. No. 333-2214) filed with the Securities and Exchange
Commission on May 1, 1996).
10.26 -- Capital Contribution Note dated as of October 2, 1995 by and
between WHC-LG Hotel Partners and the Company (Incorporated by
reference to Exhibit Number 10.18(b) in Amendment No. 1 to the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on May 1,
1996)
10.27 -- Capital Contribution Note dated as of May 26, 1995 by and
between New Orleans Hotel I, L.P. and the Company (Incorporated
by reference to Exhibit No. 10.18(c) in Amendment No. 1 to the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on May 1,
1996).
10.28 -- FF&E Contract, dated June 30, 1994, by and between Wyndham
Hotel Company Ltd. and Waterfront Hotel Associates, S.E., as
amended.
10.29 -- FF&E and Technical Services Contract, dated May 26, 1995, by
and between Wyndham Hotel Company Ltd. And Convention Center
Boulevard Hotel, Limited.
10.30 -- Corporate Guaranty Agreements by Wyndham Hotel Corporation on
behalf of ISIS 2000 Limited Partnership for the benefit of Banc
One Leasing Corporation, including Master Lease Agreement and
Schedule of Additional Guaranty Agreements.
10.31 -- Guarantor Agreement, dated May 26, 1995 by and among Convention
Center Boulevard Hotel, Ltd., the Company, Darryl D. Berger and
Roger H. Ogden.
10.32 -- Corporate Guaranty Agreement, dated May 15, 1996, by Wyndham
Hotel Corporation on behalf of ISIS 2000 Limited Partnership
for the benefit of IBM Credit Corporation.
</TABLE>
26
<PAGE> 27
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
NUMBER DESCRIPTION
<S> <C>
11 -- Computation of Earnings Per Share.
27.1 -- Financial Data Schedule.
</TABLE>
(b) Reports on Form 8-K:
On April 23, 1997, the Company filed a Form 8-K reporting the
proposed merger with Patriot American Hospitality, Inc., no financial
statements were included.
27
<PAGE> 28
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WYNDHAM HOTEL CORPORATION
---------------------------------------
(Registrant)
Date: May 12, 1997 By: /s/ James D. Carreker
------------------------------------
James D. Carreker
President and Chief Executive Officer
Date: May 12, 1997 By: /s/ Anne L. Raymond
------------------------------------
Anne L. Raymond
Chief Financial Officer, Executive
Vice President and Director (Principal
Financial Officer)
28
<PAGE> 29
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
NUMBER DESCRIPTION
<S> <C>
2.1 -- Agreement and Plan of Merger, dated as of April 14, 1997, by
and between Patriot American Hospitality, Inc. and the Company
(incorporated by reference to Exhibit Number 2.2 to Schedule 13D
filed with the Securities and Exchange Commission on April 24,
1997 on behalf of CF Securities, L.P.) The "Disclosure Letters"
referred to in the Agreement and Plan of Merger are omitted, as
they constitute "schedules" within the meaning of Item 601 of
Regulation S-K. The Company undertakes to furnish supplementally
such Disclosure Letters to the Commission upon request.
3.1 -- Amended and Restated Certificate of Incorporation of the
Company (Incorporated by reference to exhibit number 3.1 in
Amendment No. 1 to the Company's Registration Statement on Form
S-1 (Reg. No. 333-2214) filed with the Securities and Exchange
Commission on May 1, 1996).
3.2 -- Amended and Restated Bylaws of the Company (Incorporated by
reference to exhibit number 3.2 in Amendment No. 1 to the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on May 1,
1996).
4.1 -- Form of specimen certificate for the Common Stock
(Incorporated by reference to exhibit number 4.1 in Amendment
No. 2 to the Company's Registration Statement on Form S-1 (Reg.
No. 333-2214) filed with the Securities and Exchange Commission
on May 14, 1996).
4.2 -- Relevant portions of Amended and Restated Certificate of
Incorporation (Reference is hereby made to Exhibit 3.1).
10.1(a) -- Management Agreement dated as of May 10, 1995 by and between
Anatole Hotel Investors, L.P. and Wyndham Hotel Company Ltd.
(Incorporated by reference to exhibit number 10.1(a) in the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on March 11,
1996).
10.1(b) -- Form of Management Agreement dated as of September 27, 1994
by and between Bedrock Annapolis Investment Partners Level I,
L.P. and Wyndham Hotel Company Ltd. (together with attachment)
(Incorporated by reference to exhibit number 10.1(b) in the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on March 11,
1996).
</TABLE>
<PAGE> 30
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
NUMBER DESCRIPTION
<S> <C>
10.1(c) -- Management Agreement dated as of March 10, 1988 by and
between Franklin Plaza Associates and Wyndham Hotel Company, as
amended by First Amendment dated November 17, 1993 (Incorporated
by reference to exhibit number 10.1(c) in the Company's
Registration Statement on Form S-1 (Reg. No. 333-2214) filed
with the Securities and Exchange Commission on March 11, 1996).
10.1(d) -- Service Agreement dated as of November 17, 1993 by and
between Franklin Plaza Realty Limited Partnership and Wyndham
Hotel Company Ltd. (Incorporated by reference to exhibit number
10.1(d) in the Company's Registration Statement on Form S-1
(Reg. No. 333-2214) filed with the Securities and Exchange
Commission on March 11, 1996).
10.1(e) -- Management Agreement dated as of December 1, 1984 by and
between Houston Greenspoint Hotel Associates and Wyndham Hotel
Company (Incorporated by reference to exhibit number 10.1(e) in
the Company's Registration Statement on Form S-1 (Reg. No.
333-2214) filed with the Securities and Exchange Commission on
March 11, 1996).
10.1(f) -- Management Agreement dated as of December 4, 1991 by and
between Itasca Hotel Company and Wyndham Hotel Company Ltd., as
amended by Amendment dated March 19, 1996 (Incorporated by
reference to exhibit number 10.1(f) in the Company's
Registration Statement on Form S-1 (Reg. No. 333-2214) filed
with the Securities and Exchange Commission on March 11, 1996).
10.1(g) -- Management Agreement dated as of June 30, 1994 by and between
Waterfront Hotel Associates, S.E. and Old San Juan Management,
Ltd. S.E. (Incorporated by reference to exhibit number 10.1(g)
in Amendment No. 1 to the Company's Registration Statement on
Form S-1 (Reg. No. 333-2214) filed with the Securities and
Exchange Commission on May 1, 1996).
10.1(h) -- Management Agreement dated as of May 26, 1995 by and between
Convention Center Boulevard Hotel, Limited and Wyndham Hotel
Company Ltd. (Incorporated by reference to exhibit number
10.1(h) in Amendment No. 1 to the Company's Registration
Statement on Form S-1 (Reg. No. 333-2214) filed with the
Securities and Exchange Commission on May 1, 1996).
10.1(i) -- Management Agreement dated as of August 25, 1993 by and
between Playhouse Square Hotel Limited Partnership and Wyndham
Hotel Company Ltd. (Incorporated by reference to exhibit number
10.1(i) in Amendment No. 1 to the Company's Registration
Statement on Form S-1 (Reg. No. 333-2214) filed with the
Securities and Exchange Commission on May 1, 1996).
10.1(j) -- Management Agreement dated as of March 1, 1986 by and between
CLC Partnership and Wyndham Hotel Company, as amended by First
Amendment dated June 30, 1988 (Incorporated by reference to
exhibit number 10.1(j) in Amendment No. 1 to the Company's
Registration Statement on Form S-1 (Reg. No. 333-2214) filed
with the Securities and Exchange Commission on May 1, 1996).
</TABLE>
<PAGE> 31
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
NUMBER DESCRIPTION
<S> <C>
10.1(k) -- Management Agreement dated as of December 22, 1987 by and
among Badger XVI Limited Partnership, Crow Division Partners and
Wyndham Hotel Company, as amended by First Amendment dated
February 26, 1988 (Incorporated by reference to exhibit number
10.1(k) in Amendment No. 1 to the Company's Registration
Statement on Form S-1 (Reg. No. 333-2214) filed with the
Securities and Exchange Commission on May 1, 1996).
10.1(l) -- Management Agreement dated as of November 20, 1987 by and
between Hotel and Convention Center Partners I, Ltd. And Wyndham
Hotel Corporation II, Inc., as amended by Amendment dated
November 1, 1993 (Incorporated by reference to exhibit number
10.1(l) in Amendment No. 1 to the Company's Registration
Statement on Form S-1 (Reg. No. 333-2214) filed with the
Securities and Exchange Commission on May 1, 1996).
10.2 -- Investment Agreement dated as of May 2, 1994 among The
Hampstead Group, Inc., Wyndham Hotel Company Ltd., The Partners
in Wyndham Hotel Company Ltd., and Crow Family Partnership,
L.P., as amended (Incorporated by reference to exhibit number
10.2 in Amendment No. 1 to the Company's Registration Statement
on Form S-1 (Reg. No. 333-2214) filed with the Securities and
Exchange Commission on May 1, 1996).
10.3(a) -- Lease dated as of April 1, 1996 by and between Hospitality
Properties Trust and Garden Hotel Associates II Limited
Partnership (Incorporated by reference to exhibit number 10.3(a)
in the Company's Registration Statement on Form S-1 (Reg. No.
333-18507) filed with the Securities and Exchange Commission on
January 27, 1997).
10.3(b) -- Lease Agreement dated as of March 1, 1988 by and between
Lincoln Island Associates No. 1, Limited and WHI Limited
Partnership (Incorporated by reference to exhibit number 10.3(b)
in the Company's Registration Statement on Form S-1 (Reg. No.
333-2214) filed with the Securities and Exchange Commission on
March 11, 1996).
10.3(c) -- Lease Agreement dated December 19, 1989 by and between Rose
Hall Hotel Limited and Rose Hall Associates Limited Partnership
(Incorporated by reference to exhibit number 10.3(c) in the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on March 11,
1996).
10.3(d) -- Sublease Agreement dated as of November 17, 1989 by and
between Copley-Commerce-Telegraph #1 Associates, as assignee of
Crow-Staley-Commerce #1 Limited Partnership and Commerce Hotel
Partners Ltd. (Incorporated by reference to exhibit number
10.3(d) in the Company's Registration Statement on Form S-1
(Reg. No. 333-2214) filed with the Securities and Exchange
Commission on March 11, 1996).
10.3(e) -- Ground Lease dated as of March 26, 1987 by and between Fred
C. Boysen, Dorothy Boysen, Ted Boysen and Rose Boysen and Garden
Hotel Associates Limited Partnership, as assignee of Ramada
Hotel Operating Company as amended by First Amendment dated as
of May 7, 1990 (Incorporated by reference to exhibit number
10.3(e) in the Company's Registration Statement on Form S-1
(Reg. No. 333-2214) filed with the Securities and Exchange
Commission on March 11, 1996).
</TABLE>
<PAGE> 32
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
NUMBER DESCRIPTION
<S> <C>
10.3(f) -- Lease Agreement dated as of November 26, 1990 by and between
Tower 2001 Limited Partnership and Wyndham Hotel Company Ltd.,
as amended by Letter Agreement dated March 9, 1994 and Letter
Agreement dated March 22, 1995, and as amended by Amendment No.
1 dated as of November 30, 1995 (Incorporated by reference to
exhibit number 10.3(f) in the Company's Registration Statement
on Form S-1 (Reg. No. 333-2214) filed with the Securities and
Exchange Commission on March 11, 1996).
10.3(g) -- Lease Agreement dated as of January 1992 by and between 475
Park Avenue South Co. and Wyndham Hotel Company Ltd., as amended
by Amendment of Lease dated January 30, 1995 (Incorporated by
reference to exhibit number 10.3(g) in the Company's
Registration Statement on Form S-1 (Reg. No. 333-2214) filed
with the Securities and Exchange Commission on March 11, 1996).
10.3(h) -- Sublease dated as of May 31, 1995 between Banc One Mortgage
Corporation and Wyndham Hotels & Resorts (Incorporated by
reference to exhibit number 10.3(h) in the Company's
Registration Statement on Form S-1 (Reg. No. 333-2214) filed
with the Securities and Exchange Commission on March 11, 1996).
10.3(i) -- Lease Agreement dated as of May 16, 1994 by and between Wirtz
Realty Corporation, as agent for 333 Building Corporation and
Wyndham Hotel Company Ltd. (Incorporated by reference to exhibit
number 10.3(i) in Amendment No. 1 to the Company's Registration
Statement on Form S-1 (Reg. No. 333-2214) filed with the
Securities and Exchange Commission on May 1, 1996).
10.3(j) -- Lease Agreement dated as of May 18, 1994 by and between
Columbia Executive Offices, Inc. and The Inn at Semiahmoo a
Wyndham Resort (Incorporated by reference to exhibit number
10.3(j) in Amendment No. 1 to the Company's Registration
Statement on Form S-1 (Reg. No. 333-2214) filed with the
Securities and Exchange Commission on May 1, 1996).
10.3(k) -- Lease Agreement dated as of January 8, 1997 by and between
HPTSLC Corporation and WHC Salt Lake City Corporation
(Incorporated by reference to exhibit number 10.3(k) in the
Company's Registration Statement on Form S-1 (Reg. No.
333-18507) filed with the Securities and Exchange Commission on
January 27, 1997.).
10.4 -- Master Alliance Agreement dated as of January 9, 1997 by and
among American General Hospitality Corporation, American General
Hospitality Operating Partnership, L.P., WHC Franchise
Corporation and WHC Development Corporation (Incorporated by
reference to exhibit number 10.4 in the Company's Registration
Statement on Form S-1 (Reg. No. 333-18507) filed with the
Securities and Exchange Commission on January 27, 1997.).
10.5 -- Limited Guaranty Agreement dated as of January 8, 1997 made
by the Company for the benefit of HPTSLC Corporation
Incorporated by reference to exhibit number 10.5 in the
Company's Registration Statement on Form S-1 (Reg. No.
333-18507) filed with the Securities and Exchange Commission on
January 27, 1997).
</TABLE>
<PAGE> 33
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
NUMBER DESCRIPTION
<S> <C>
10.5(a) -- Form of Asset Management Agreement to be entered into between
the Company and various Crow Family Real Estate Entities
(Incorporated by reference to exhibit number 10.5(a) in
Amendment No. 2 to the Company's Registration Statement on Form
S-1 (Reg. No. 333-2214) filed with the Securities and Exchange
Commission on May 14, 1996).
10.6(a) -- Service Agreement, dated as of May 21, 1996, by and between
the Company and ISIS 2000 LP (Incorporated by reference to
exhibit number 10.6(a) in the Company's Registration Statement
on Form S-1 (Reg. No. 333-18507) filed with the Securities and
Exchange Commission on January 27, 1997).
10.6(b) -- Service Agreement, dated as of May 21, 1996, by and between
the Company and Wynright Insurance (Incorporated by reference to
exhibit number 10.6(b) in the Company's Registration Statement
on Form S-1 (Reg. No. 333-18507) filed with the Securities and
Exchange Commission on January 27, 1997).
10.6(c) -- Service Agreement, dated as of May 21, 1996, by and between
the Company and CW Synergistech, LP (Incorporated by reference
to exhibit number 10.6(c) in the Company's Registration
Statement on Form S-1 (Reg. No. 333-18507) filed with the
Securities and Exchange Commission on January 27, 1997).
10.7 -- Indenture relating to the 10 1/2% Senior Subordinated Notes
due 2006 (Incorporated by reference to exhibit number 10.10 in
the Company's Registration Statement on Form S-1 (Reg. No.
333-18507) filed with the Securities and Exchange Commission on
January 27, 1997).
10.8 -- Stockholders' Agreement ("Stockholders' Agreement") among
Wyndham Hotel Corporation and the Stockholders listed on the
signature pages thereof (Incorporated by reference to exhibit
number 10.13 in the Company's Registration Statement on Form S-1
(Reg. No. 333-18507) filed with the Securities and Exchange
Commission on January 27, 1997).
10.9 -- Registration Rights Agreement among Wyndham Hotel Corporation
and the parties identified on the signature pages thereof
(Incorporated by reference to exhibit number 10.14 in the
Company's Registration Statement on Form S-1 (Reg. No.
333-18507) filed with the Securities and Exchange Commission on
January 27, 1997).
10.10(a) -- Indemnification Agreement by and between Wyndham Hotel
Corporation and James D. Carreker (Incorporated by reference to
exhibit number 10.15(a) in the Company's Registration Statement
on Form S-1 (Reg. No. 333-18507) filed with the Securities and
Exchange Commission on January 27, 1997).
10.10(b) -- Indemnification Agreement by and between Wyndham Hotel
Corporation and Anne L. Raymond (Incorporated by reference to
exhibit number 10.15(b) in the Company's Registration Statement
on Form S-1 (Reg. No. 333-18507) filed with the Securities and
Exchange Commission on January 27, 1997).
</TABLE>
<PAGE> 34
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
NUMBER DESCRIPTION
<S> <C>
10.10(c) -- Indemnification Agreement by and between Wyndham Hotel
Corporation and Harlan R. Crow (Incorporated by reference to
exhibit number 10.15(c) in the Company's Registration Statement
on Form S-1 (Reg. No. 333-18507) filed with the Securities and
Exchange Commission on January 27, 1997).
10.10(d) -- Indemnification Agreement by and between Wyndham Hotel
Corporation and Daniel A. Decker (Incorporated by reference to
exhibit number 10.15(d) in the Company's Registration Statement
on Form S-1 (Reg. No. 333-18507) filed with the Securities and
Exchange Commission on January 27, 1997).
10.10(e) -- Indemnification Agreement by and between Wyndham Hotel
Corporation and Susan T. Groenteman (Incorporated by reference
to exhibit number 10.15(e) in the Company's Registration
Statement on Form S-1 (Reg. No. 333-18507) filed with the
Securities and Exchange Commission on January 27, 1997).
10.10(f) -- Indemnification Agreement by and between Wyndham Hotel
Corporation and Stanley M. Koonce, Jr. (Incorporated by
reference to exhibit number 10.15(f) in the Company's
Registration Statement on Form S-1 (Reg. No. 333-18507) filed
with the Securities and Exchange Commission on January 27,
1997).
10.10(g) -- Indemnification Agreement by and between Wyndham Hotel
Corporation and Leslie V. Bentley (Incorporated by reference to
exhibit number 10.15(g) in the Company's Registration Statement
on Form S-1 (Reg. No. 333-18507) filed with the Securities and
Exchange Commission on January 27, 1997).
10.10(h) -- Indemnification Agreement by and between Wyndham Hotel
Corporation and Robert A. Whitman (Incorporated by reference to
exhibit number 10.15(h) in the Company's Registration Statement
on Form S-1 (Reg. No. 333-18507) filed with the Securities and
Exchange Commission on January 27, 1997).
10.11(a) -- 6% Promissory Note made by James D. Carreker (Incorporated by
reference to exhibit number 10.16(a) in Amendment No. 1 to the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on May 1,
1996).
10.11(b) -- 6% Promissory Note made by Leslie V. Bentley (Incorporated by
reference to exhibit number 10.16(b) in Amendment No. 1 to the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on May 1,
1996).
10.11(c) -- 6% Promissory Note made by Eric A. Danziger (Incorporated by
reference to exhibit number 10.16(c) in Amendment No. 1 to the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on May 1,
1996).
10.11(d) -- 6% Promissory Note made by Anne L. Raymond (Incorporated by
reference to exhibit number 10.16(d) in Amendment No. 1 to the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on May 1,
1996).
10.11(e) -- 6% Promissory Note made by Stanley M. Koonce, Jr.
(Incorporated by reference to exhibit number 10.16(e) in
Amendment No. 1 to the Company's Registration Statement on Form
S-1 (Reg. No. 333-2214) filed with the Securities and Exchange
Commission on May 1, 1996).
</TABLE>
<PAGE> 35
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
NUMBER DESCRIPTION
<S> <C>
10.11(f) -- 6% Promissory Note made by Wyndham Employees Ltd.
(Incorporated by reference to exhibit number 10.16(f) in
Amendment No. 1 to the Company's Registration Statement on Form
S-1 (Reg. No. 333-2214) filed with the Securities and Exchange
Commission on May 1, 1996).
10.12 -- Stockholders' Agreement Consent dated September 30, 1996.
10.13(a) -- Wyndham Employees Savings & Retirement Plan (Incorporated by
reference to exhibit number 10.19(a) in Amendment No. 2 to the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on May 14,
1996).
10.13(b) -- Wyndham Hotel Corporation 1996 Long Term Incentive Plan, as
revised (Incorporated by reference to exhibit number 10.19(b) in
Amendment No. 3 to the Company's Registration Statement on Form
S-1 (Reg. No. 333-2214) filed with the Securities and Exchange
Commission on May 20, 1996).
10.13(c) -- Non-Employee Directors' Retainer Stock Plan, as revised
(Incorporated by reference to exhibit number 10.19(c) in
Amendment No. 3 to the Company's Registration Statement on Form
S-1 (Reg. No. 333-2214) filed with the Securities and Exchange
Commission on May 20, 1996).
10.14 -- Operating Deficit Guaranty and Reserves Agreement dated as of
August 25, 1993 by and among Playhouse Square Hotel Limited
Partnership, Society National Bank and the Lenders (Incorporated
by reference to exhibit number 10.22 in Amendment No. 1 to the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on May 1,
1996).
10.15 -- Registration Rights Agreement dated as of September 30, 1996
between the Company and Smith Barney, Inc.
10.16 -- Registration Rights Agreement dated as of April 29, 1996
between the Company and General Electric Investment Corporation.
10.17 -- Promissory Note dated April 15, 1995 between the Company and
WFLP.
10.18 -- Computerized Reservation Service Agreement between ISIS 2000
and the Company (Incorporated by reference to exhibit number
10.28 in the Company's Registration Statement on Form S-1 (Reg.
No. 333-18507) filed with the Securities and Exchange Commission
on January 27, 1997).
10.19 -- Indemnification Agreements by and between Elise Turner as an
Officer of GHMB, Inc.; MBAH, Inc.; CHMB, Inc.; Waterfront
Management Corporation; PSMB, Inc.; MTMB, Inc.; MDMB, Inc.;
AMMB, Inc.; OHMB, Inc.; WNMB, Inc.; MBWD, Inc.; MBWH, Inc.; and
BHMB, Inc., which Corporations are the Holders of Liquor
Licenses, and Wyndham Management Corporation (Incorporated by
reference to exhibit number 10.29 in the Company's Registration
Statement on Form S-1 (Reg. No. 333-18507) filed with the
Securities and Exchange Commission on January 27, 1997).
</TABLE>
<PAGE> 36
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
NUMBER DESCRIPTION
<S> <C>
10.20 -- Senior Secured Revolving Credit Agreement among Wyndham Hotel
Corporation, The Lenders Party Thereto and Bankers Trust Company
(incorporated by reference to the Company's Quarterly Report on
Form 10-Q for the Quarter Ended June 30, 1996).
10.21 -- Management Contract between Homegate Hospitality, Inc. and
the Company, dated August 26, 1996 (incorporated by reference to
Exhibit No. 10.1 of the Company's Quarterly Report on Form 10-Q
for the Quarter ended September 30, 1996).
10.22 -- Proxy Agreement, dated as of April 14, 1997, by and between
Patriot American Hospitality, Inc. and CF Securities, L.P.,
James D. Carreker, Leslie V. Bentley, Anne L. Raymond, Stanley
M. Koonce, Jr. And the Company (incorporated by reference to
Exhibit Number 10.1 to Schedule 13D filed with the Securities
and Exchange Commission on April 24, 1997 on behalf of CF
Securities, L.P.)
10.23 -- Asset Management Agreements between Wyndham Hotel Corporation
and Playhouse Square Hotel L.P. and the other Parties Listed on
Schedule A attached thereto.
10.24 -- Indemnification Agreements between the Company and Susan R.
Bolger and the other Parties Listed on Schedule A attached
thereto.
10.25 -- Capital Contribution Note dated as of December 22, 1995 by
and between Pleasanton Hotel Partners, L.P. and the Company
(Incorporated by reference to Exhibit Number 10.18(a) in
Amendment No. 1 to the Company's Registration Statement on Form
S-1 (Reg. No. 333-2214) filed with the Securities and Exchange
Commission on May 1, 1996).
10.26 -- Capital Contribution Note dated as of October 2, 1995 by and
between WHC-LG Hotel Partners and the Company (Incorporated by
reference to Exhibit Number 10.18(b) in Amendment No. 1 to the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on May 1,
1996)
10.27 -- Capital Contribution Note dated as of May 26, 1995 by and
between New Orleans Hotel I, L.P. and the Company (Incorporated
by reference to Exhibit No. 10.18(c) in Amendment No. 1 to the
Company's Registration Statement on Form S-1 (Reg. No. 333-2214)
filed with the Securities and Exchange Commission on May 1,
1996).
10.28 -- FF&E Contract, dated June 30, 1994, by and between Wyndham
Hotel Company Ltd. and Waterfront Hotel Associates, S.E., as
amended.
10.29 -- FF&E and Technical Services Contract, dated May 26, 1995, by
and between Wyndham Hotel Company Ltd. And Convention Center
Boulevard Hotel, Limited.
10.30 -- Corporate Guaranty Agreements by Wyndham Hotel Corporation on
behalf of ISIS 2000 Limited Partnership for the benefit of Banc
One Leasing Corporation, including Master Lease Agreement and
Schedule of Additional Guaranty Agreements.
10.31 -- Guarantor Agreement, dated May 26, 1995 by and among Convention
Center Boulevard Hotel, Ltd., the Company, Darryl D. Berger and
Roger H. Ogden.
10.32 -- Corporate Guaranty Agreement, dated May 15, 1996, by Wyndham
Hotel Corporation on behalf of ISIS 2000 Limited Partnership
for the benefit of IBM Credit Corporation.
</TABLE>
<PAGE> 37
<TABLE>
<CAPTION>
EXHIBIT EXHIBIT
NUMBER DESCRIPTION
<S> <C>
11 -- Computation of Earnings Per Share.
27.1 -- Financial Data Schedule.
</TABLE>
<PAGE> 1
EXHIBIT 10.23
Wyndham Form
ASSET MANAGEMENT AGREEMENT
MAY 21,1996
between
WYNDHAM HOTEL CORPORATION
and
PLAYHOUSE SQUARE HOTEL L.P.
<PAGE> 2
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C> <C> <C>
ARTICLE 1
ENGAGEMENT OF ASSET MANAGER
Section 1.1 General Engagement . . . . . . . . . . . . . . . . . . . . . 1
ARTICLE 2
ASSET MANAGER DUTIES
Section 2.1 Business Plans . . . . . . . . . . . . . . . . . . . . . . . 1
Section 2.2 Asset and Entity Services . . . . . . . . . . . . . . . . . 2
Section 2.3 Disposition Services . . . . . . . . . . . . . . . . . . . . 4
Section 2.4 Legal Services . . . . . . . . . . . . . . . . . . . . . . . 4
Section 2.5 Retention of Third Parties . . . . . . . . . . . . . . . . . 4
Section 2.6 Books, Records and Reports . . . . . . . . . . . . . . . . . 5
Section 2.7 Payment of Costs and Expenses . . . . . . . . . . . . . . . 5
Section 2.8 Insufficiency of Asset Revenues . . . . . . . . . . . . . . 6
ARTICLE 3
OWNER'S DUTIES
Section 3.1 Information and Cooperation . . . . . . . . . . . . . . . . 6
Section 3.2 Approval Policy . . . . . . . . . . . . . . . . . . . . . . 6
Section 3.3 Funding . . . . . . . . . . . . . . . . . . . . . . . . . . 6
ARTICLE 4
COMPENSATION
Section 4.1 Asset Management Fee . . . . . . . . . . . . . . . . . . . . 6
Section 4.2 Reimbursable Expenses . . . . . . . . . . . . . . . . . . . 7
Section 4.3 Additional Services . . . . . . . . . . . . . . . . . . . . 7
Section 4.4 Emergency Expenditures . . . . . . . . . . . . . . . . . . . 7
</TABLE>
<PAGE> 3
<TABLE>
<S> <C> <C> <C>
ARTICLE 5
LIABILITY INSURANCE AND RISK ALLOCATION
Section 5.1 Fidelity Bond . . . . . . . . . . . . . . . . . . . . . . . 7
Section 5.2 Liability Insurance . . . . . . . . . . . . . . . . . . . . 7
Section 5.3 Evidence of Insurance . . . . . . . . . . . . . . . . . . . 8
Section 5.4 Mutual Waiver of Subrogation . . . . . . . . . . . . . . . . 8
Section 5.5 Indemnification . . . . . . . . . . . . . . . . . . . . . . 8
ARTICLE 6
TERM
Section 6.1 Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Section 6.2 Duties on Termination or Expiration . . . . . . . . . . . . 9
ARTICLE 7
MISCELLANEOUS
Section 7.1 Assignment; Change of Ownership Interest . . . . . . . . . . 10
Section 7.2 Notices . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Section 7.3 Number: Gender; Captions; and References . . . . . . . . . . 11
Section 7.4 Severability . . . . . . . . . . . . . . . . . . . . . . . . 11
Section 7.5 No Waiver of Default . . . . . . . . . . . . . . . . . . . . 11
Section 7.6 Entire Agreement . . . . . . . . . . . . . . . . . . . . . . 11
Section 7.7 Competition . . . . . . . . . . . . . . . . . . . . . . . . 12
Section 7.8 Governing Law. . . . . . . . . . . . . . . . . . . . . . . . 12
Section 7.9 Attorneys' Fees . . . . . . . . . . . . . . . . . . . . . . 12
Section 7.10 Relationship of the Parties . . . . . . . . . . . . . . . . 12
Section 7.11 Representations and Warranties . . . . . . . . . . . . . . . 12
Section 7.12 Confidentiality . . . . . . . . . . . . . . . . . . . . . . 13
Section 7.13 Liability of Owner . . . . . . . . . . . . . . . . . . . . . 13
Section 7.14 Liability of Asset Manager . . . . . . . . . . . . . . . . . 13
Section 7.15 Counterparts . . . . . . . . . . . . . . . . . . . . . . . . 13
</TABLE>
ii
<PAGE> 4
LIST OF DEFINED TERMS
<TABLE>
<CAPTION>
Page No.
--------
<S> <C>
Affiliate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Asset Management Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Asset Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Business Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Disposition Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Effective Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Entity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Hotel Management Agreement . . . . . . . . . . . . . . . . . . . . . . . . . 2
Hotel Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Indemnified Party . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Indemnifying Party . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Owner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Property Managers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Refinancing Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
</TABLE>
iii
<PAGE> 5
ASSET MANAGEMENT AGREEMENT
THIS ASSET MANAGEMENT AGREEMENT (the "Agreement"), is entered into by
PLAYHOUSE SQUARE HOTEL L.P., a Texas limited partnership (the "Owner"), and
WYNDHAM HOTEL CORPORATION, a Delaware corporation (the "Asset Manager"),
effective as of May 21, 1996 (the "Effective Date").
RECITAL
Wyndham Hotel Company LTD, a Texas limited partnership, has been providing
certain asset and entity management services for Owner. Pursuant to that
certain Formation Agreement dated as of March 10, 1996, the assets and
operations of Wyndham Hotel Company LTD will be "rolled-up", together with
other assets, into Asset Manager or its subsidiaries. Owner and Asset Manager
desire to evidence and formalize their agreements with respect to entity and
asset management services.
ARTICLE 1
ENGAGEMENT OF ASSET MANAGER
Section 1.1 GENERAL ENGAGEMENT. Owner engages Asset Manager as an
independent contractor to provide certain services described in this Agreement
relating to (i) the administration of certain aspects of Owner's legal entity
and the legal entities (whether partnerships, corporations or other business
associations) that comprise Owner (the "ENTITIES" and each an "ENTITY"); and
(ii) the acquisition, financing, administration, supervision and disposition of
the assets described in Schedule I (the "ASSETS" and each an "ASSET").
Additional Assets may be brought within the scope of this Agreement by a
supplement to Schedule I signed by the parties. Owner may from time to time
expand or reduce the scope of services to be provided hereunder and either
party, upon request of the other shall execute a schedule that properly
evidences the scope of services then being provided hereunder. The Asset
Manager shall in good faith provide the services set forth in this Agreement in
accordance with normal and prudent practices in the hotel real estate industry
and shall have the authority to take all actions necessary or appropriate to
fulfill its obligations.
ARTICLE 2
ASSET MANAGER DUTIES
Section 2.1 BUSINESS PLANS.
(1) INITIAL BUSINESS PLAN. Pursuant to the terms of a separate
agreement (the "HOTEL MANAGEMENT AGREEMENT"), Owner has engaged Wyndham
Management Corporation, a wholly owned subsidiary of Asset Manager (the "HOTEL
MANAGER") to operate and manage the Assets. The Hotel Management Agreement
provides for Owner and Hotel Manager to agree on an annual
1
<PAGE> 6
budget and capital plan for the operation, management and maintenance of the
Assets. In addition, Owner determines an annual business plan for the Assets
and Entities. In the event that the initial business plan for the Assets and
Entities has not yet been prepared by Owner, Asset Manager shall cooperate with
Hotel Manager to provide all services requested by Owner that are within the
scope of this Agreement to administer, preserve, protect and maintain the
Assets and Entities until the initial business plan is prepared and approved by
or on behalf of Owner.
(2) REVISIONS TO BUSINESS PLANS. To the extent requested by Owner,
Asset Manager shall cooperate with Owner and Hotel Manager in the preparation of
a revised business plan for the following year, and Owner and Asset Manager
shall cooperate so as to have a revised business plan approved by Owner (in its
sole discretion) by April 30 of the operating year to which it relates. After
approval by Owner, the revised plan shall be a "Business Plan" hereunder.
Section 2.2 ASSET AND ENTITY SERVICES. The Asset Manager will provide the
following services (subject to expansion or reduction provided in Section 1.1
above) with regard to the Assets and Entities:
(1) ACCOUNTING SERVICES. Coordinate with Hotel Manager to (i) perform all
normal and customary accounting functions for Owner's legal entity and for all
entities that comprise Owner's legal entity and maintain all necessary books
and records in connection therewith; and (ii) monitor the actual monthly income
and expenses of the Assets and Entities, collect revenues and pay operating
expenses, compare actual results to the relevant operating budgets, and report
to Owner.
(2) RISK MANAGEMENT SERVICES. Assist Owner in review of the insurable
risks of each Asset and the determination of levels of insurance coverage;
develop, administer and implement a risk management program for the Assets in
accordance with the requirements set forth in any loan documents or other legal
documents that are binding against the Assets or Entities and are provided by
Owner to Asset Manager; procure insurance coverage in accordance with Owner's
instructions; and subject to Owner's guidelines and approval, oversee the
investigation and resolution of all casualty and liability claims brought by or
against the Assets or Entities.
(3) TAX SERVICES. Prepare all state and federal income tax returns for
Owner and, to the extent requested by Owner, for those constituent ownership
entities that comprise Owner; review existing assessed valuations of Assets for
ad valorem tax purposes and implement appropriate plans to reduce assessed
valuations, where appropriate; coordinate with Hotel Manager all sales tax
filings and state unemployment tax filings; and coordinate with Owner and Hotel
Manager and oversee any challenges, disputes and audits of any income, sales or
unemployment taxes.
(4) CONSTRUCTION MANAGEMENT SERVICES. Upon Owner's request and in
accordance with Owner's direction and guidelines, Asset Manager shall supervise
the performance of all renovation, improvement, repair, and other construction
work with regard to the Assets and shall, as Owner's agent, engage such
architects, engineers, contractors, managers, and other parties as may be
necessary to accomplish the same.
2
<PAGE> 7
(5) REPAIR, MAINTENANCE, AND ALTERATION REVIEW. Inspection of the Assets
and, in accordance with the Business Plan and at Owner's request,
implementation of any alterations, construction, redemption, renovation, or
repairs that are necessary or desirable to preserve, maintain, or enhance the
value of the Assets.
(6) REGULATORY COMPLIANCE REVIEW. Assist Owner (if requested) in (a)
reviewing Assets to assure compliance with applicable governmental regulations
(including environmental regulations and the Americans With Disabilities Act);
(b) subject to Owner's budgetary constraints, implementing a program to bring
any non-complying Assets into compliance with applicable regulations; and (c)
implementing a program to monitor continuing compliance with governmental
regulations.
(7) FINANCING SERVICES. From time to time, if requested by Owner, Asset
Manager shall act as Owner's agent in financing or refinancing indebtedness
with respect to the Assets. Asset Manager shall:
(a) monitor existing financing;
(b) negotiate and finalize existing financing renewals as required;
(c) monitor and negotiate any equity partner requirements on behalf of
Owner;
(d) negotiate any required refinancing of Assets; and
(e) negotiate any required restructuring/workout of existing financing
(debt or equity).
Although Asset Manager shall make recommendations to Owner concerning terms
and conditions of any financing or refinancing and the lender(s) to provide
the same and shall negotiate the terms thereof and shall assist in
consummating the transactions, Owner shall have the sole authority to
execute the requisite agreements therefor.
Section 2.3 DISPOSITION SERVICES. Upon Owner's request and in accordance
with Owner's direction and guidelines, Asset Manager shall act as Owner's agent
in the disposition of any Assets in accordance with the terms and provisions
contemplated by the Business Plan. Asset Manager shall be primarily responsible
for negotiating disposition agreements and for consummating approved
dispositions within Owner's guidelines, but Owner shall have the sole authority
to approve the final terms of such dispositions and to execute agreements
therefor.
Section 2.4 LEGAL SERVICES. Asset Manager is authorized to engage
attorneys and other advisors (including, without limitation, Asset Manager's
in-house legal staff) as necessary to provide legal services in connection with
the day-to-day operation of the Assets and Entities, including enforcement of
contracts; review of contracts, leases, and other documents; maintenance of the
Entities; and implementing and defending legal actions. Notwithstanding the
foregoing, except for insured litigation, Asset Manager shall be entitled to
make recommendations
3
<PAGE> 8
to Owner regarding the initiation or defense of litigation affecting the Assets
and/or the Entities, but Owner shall have the sole authority to control and
direct such litigation.
Section 2.5 RETENTION OF THIRD PARTIES. Asset Manager is authorized and
empowered, as Owner's agent but subject to the terms and restrictions of this
Agreement, to engage and enter into contracts with third parties to provide the
services referred to in this Article 2, and may delegate performance of its
duties to third parties, including the Hotel Manager. Such contracts shall be
on such terms as Asset Manager approves, provided the same are in compliance
with the Business Plan. Without limiting the generality of the foregoing, the
services of third parties which may be engaged include property management
services, ad valorem tax services, brokerage services, surveyors, title
services, data processing services, construction management services, marketing
and market study services, engineering services, environmental consulting
services, legal services and architectural services. Asset Manager shall not
engage or enter into a contract with an Affiliate (defined below) unless the
compensation payable to the Affiliate for such services does not exceed that
which would be payable to a comparably qualified third party service provider
that is not affiliated with Asset Manager. For the purposes of this Agreement,
an "Affiliate" of any person shall mean any other person that is directly or
indirectly controlling, controlled by, or under common control with that
person, where the term "control" means the possession, directly or indirectly,
of the actual power to direct the affairs of the controlled person.
Section 2.6 BOOKS, RECORDS AND REPORTS.
(1) BOOKS AND RECORDS. Asset Manager shall maintain at its principal
place of business, or at such other location as it may reasonably designate, a
complete and accurate set of files, books and records of all business
activities and operations conducted by Asset Manager with respect to the
Assets. All financial records shall be kept in accordance with sound accounting
principles and practices, with such modifications as Owner may request or
approve. During the Term (defined below) and during the one (1) year period
following the expiration or termination of this Agreement, Owner and its duly
authorized agents may, at reasonable times, examine, inspect, audit, and copy
Asset Manager's books, records, files, and reports pertaining to the Assets.
(2) MONTHLY REPORTS. Asset Manager shall make available to Owner,
within 20 days after the end of each calendar month, reports detailing the
operations of the Assets which shall be in the format specified in Schedule
2.6(b).
(3) QUARTERLY REPORTS. Asset Manager shall make available to Owner,
within 45 days after the end of each calendar quarter, reports detailing the
operations of the Assets which shall be in the format specified in Schedule
2.6(c).
(4) ANNUAL REPORTS. Asset Manager shall, within ninety (90) days
after the end of each calendar year, make available to Owner the following
reports and statements, having been prepared in accordance with sound
accounting principles (as modified at Owner's request and with Owner's
approval):
(a) a balance sheet and statements of income and expenses as
of the end of such year; and
(b) a cash flow statement for such year.
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<PAGE> 9
(5) OTHER REPORTS. Asset Manager shall make available to Owner reports
listed on Schedule 2.
(6) SPECIAL REPORTS. Asset Manager shall also, at Owner's expense,
provide any other reports, summaries, statements or schedules reasonably
requested by Owner.
Section 2.7 PAYMENT OF COSTS AND EXPENSES. In accordance with the
Business Plan, Asset Manager is authorized to pay out of Asset revenues all of
the costs and expenses incurred by Asset Manager in performing its duties
hereunder. Asset Manager shall maintain detailed records of all such payments
with appropriate cash and disbursement controls in compliance with Owner's
requirements.
Section 2.8 INSUFFICIENCY OF ASSET REVENUES. If the Asset revenues are
insufficient to enable Asset Manager to perform its duties, Asset Manager shall
notify Owner, specifying the amounts necessary to enable Asset Manager to
perform its duties. Owner shall fund such amounts within ten (10) days of the
receipt of Asset Manager's notice, failing which, Asset Manager shall be
released from all responsibilities for which it has not been provided
sufficient funds. Asset Manager shall not be obligated to pay any expense of
Owner with Asset Manager's funds to discharge its duties and responsibilities
hereunder.
ARTICLE 3
OWNER'S DUTIES
Section 3.1 INFORMATION AND COOPERATION. Owner shall (1) provide Asset
Manager one copy of all files in its possession pertaining to the Assets, (2)
furnish Asset Manager with all information in Owner's possession reasonably
necessary to enable Asset Manager to perform its duties, and (3) otherwise
cooperate with, and assist Asset Manager in, performance of Asset Manager's
duties.
Section 3.2 APPROVAL POLICY. Owner has delivered to Asset Manager a list of
those parties empowered to approve matters requiring Owner's approval under
this Agreement. Owner may revise such list from time to time by delivering
written notice to Asset Manager. Owner shall cooperate with Asset Manager in
granting or withholding approvals required under this Agreement in a timely
manner. If Asset Manager seeks approval of any matter of Owner hereunder and
Owner does not respond to such request for approval within five (5) business
days following such request, then Owner shall be deemed to have disapproved the
matter in question. When seeking Owner's approval of matters hereunder, Asset
Manager shall endeavor to provide such supporting information as may be
reasonably necessary to enable Owner to evaluate the matter in question.
Section 3.3 FUNDING. Owner shall provide all funds required to enable
Asset Manager to perform its duties hereunder and for Asset Manager's
compensation.
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<PAGE> 10
ARTICLE 4
COMPENSATION
Section 4.1 ASSET MANAGEMENT FEE. For performing its Asset review and
management duties, Owner shall pay to Asset Manager a fee equal to a reasonable
cost allocation of all salaries, cost and overhead of Asset Manager for the
time devoted to performing the duties and services herein described (the "ASSET
MANAGEMENT FEE"). The methodology for determining such cost allocation shall be
agreed to by Owner and Asset Manager at the time Owner prepares its Business
Plan. The Asset Management Fee shall be payable in arrears on or before the
twentieth (20th) day of each calendar quarter in respect of the services
provided during the preceding quarter and Asset Manager shall provide such
reasonable back-up information as requested by Owner.
Section 4.2 REIMBURSABLE EXPENSES. Without duplication of the items
included in the cost allocation determination for the Asset Management Fee,
Owner shall reimburse Asset Manager for all expenses incurred by Asset Manager
in performing its duties hereunder, including, without limitation, expenses of
third parties engaged pursuant to this Agreement; travel and other out-of-
pocket expenses; and filing or other fees paid to third parties. Asset Manager
shall not be reimbursed for legal fees and expenses relating to the negotiation
and preparation of this Agreement.
Section 4.3 ADDITIONAL SERVICES. If Owner requests Asset Manager to
perform services other than those required hereunder, such additional services,
if performed, shall be compensated separately on terms agreed upon by Asset
Manager and Owner prior to the performance of such services, which terms shall
not be (1) less favorable to Asset Manager than the terms under which qualified
unaffiliated persons are then performing such services for comparable
organizations, or (2) less favorable to Owner than the terms under which Owner
could obtain such services from qualified unaffiliated third persons.
Section 4.4 EMERGENCY EXPENDITURES. Subject to any restrictions set forth
in contracts binding against Owner, Asset Manager, Hotel Manager and/or the
Property, in case of an emergency, Asset Manager may make expenditures for the
preservation of the Assets, repairs to the Assets and other items without
Owner's prior written approval if, in the reasonable judgment of Asset Manager,
such expenditures are necessary to prevent damage to the Assets or to preserve
the health or safety of any person. Asset Manager shall inform Owner of any
such expenditures as soon as reasonably practicable but in no event later than
the end of the next business day succeeding the date upon which such
expenditures are made.
ARTICLE 5
LIABILITY INSURANCE AND RISK ALLOCATION
Section 5.1 FIDELITY BOND. Asset Manager shall, at Owner's expense,
maintain a blanket fidelity bond with responsible companies with broad coverage
of all officers, employees or other persons acting in any capacity with respect
to the Assets or handling funds, money, documents and papers relating to the
Assets, insuring Owner against losses including those arising
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<PAGE> 11
from theft, embezzlement, fraud, or misplacement of funds, money, or documents.
The minimum coverage under any such bond shall be at least equal to the amount
specified in Schedule 5.
Section 5.2 LIABILITY INSURANCE. Asset Manager shall, at Owner's expense,
maintain comprehensive general liability, automobile liability, workers'
compensation and other insurance to protect the interests of Asset Manager and
Owner as their interests may appear in connection with the performance of this
Agreement in accordance with the coverage, amounts, and deductibles set forth
in Schedule 5 (which shall include any requirements contained in loan documents
or other legal documents binding against the Assets or the Entities of which
Owner notifies Asset Manager).
Section 5.3 EVIDENCE OF INSURANCE. Upon request, Asset Manager shall
provide to Owner certificates of insurance or other proof evidencing the
insurance coverage required under this Article 5.
Section 5.4 MUTUAL WAIVER OF SUBROGATION. Each party waives on behalf of
the insurers of such party's property any and all claims or rights of
subrogation of any such insurer against the other party hereto for loss or
damage to any property so insured.
Section 5.5 INDEMNIFICATION.
(1) PARTIES' INDEMNITIES. Subject to Section 5.4, Asset Manager shall
indemnify and defend Owner, and Owner's directors, officers and employees from
and against any and all loss, cost, damage, liability and expense, including
reasonable counsel fees, incurred by Owner, resulting from Asset Manager's
gross negligence, willful misconduct, fraud, or breach of this Agreement.
Except for the matters against which Asset Manager has afforded Owner indemnity
in accordance with the preceding sentence and subject to Section 5.4, Owner
shall indemnify and defend Asset Manager, and Asset Manager's directors,
officers and employees from and against any and all loss, cost, damage,
liability and expense, including reasonable counsel fees, incurred by Asset
Manager and resulting from Asset Manager's performance of its duties and
obligations in accordance with this Agreement, including those which arise from
Asset Manager's negligence. The provisions of this Section 5.5(l) are not in
lieu of, but are in addition to, any other rights and obligations of an
indemnified party.
(2) NOTICE. Upon receipt by any party entitled to indemnification
under Section 5.5(l) (an "Indemnified Party") of a complaint, claim or other
notice of any loss, damage or liability giving rise to a claim for
indemnification under Section 5.5(l), such Indemnified Party shall promptly
notify the party from whom indemnification is sought (the "Indemnifying Party"),
but failure to provide such Notice shall not relieve the Indemnifying Party
from its duty to indemnify unless the Indemnifying Party is materially
prejudiced by such failure and had no actual knowledge of such complaint, claim
or other notice.
(3) INDEMNIFICATION RIGHTS. With respect to any claim made or
threatened against any party for which such party is or may be entitled to
indemnification hereunder, the Indemnifying Party shall have the right, upon
reasonable prior notice, in its sole discretion and at its sole expense, but
subject to the right of any insurance company having an interest in the
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<PAGE> 12
outcome of such claim to exercise any rights it may have under any applicable
insurance coverage, to (a) participate in the investigation, defense and
settlement of such claims and (b) control the defense of such claim, including
the right to designate counsel and to control all negotiations, litigation,
arbitration, settlements, compromises and appeals of any such claim, provided
that the Indemnifying Party shall have advised the Indemnified Party that such
party is entitled to be fully indemnified with respect to such claim. The
Indemnified Party and the Indemnifying Party shall cooperate and act in good
faith in the conduct of the defense of any claims to be indemnified hereunder.
(4) SURVIVAL. The terms and provisions of this Section 5.5 shall
survive the expiration or termination of this Agreement.
ARTICLE 6
TERM
Section 6.1 TERM. This Agreement shall commence on the Effective Date and
continue unless terminated by either party giving written notice of termination
to the other at least 30 days prior to the effective termination date (the
"TERM"). The Term is subject to earlier termination as provided below and shall
also end as to any particular Asset upon the disposition thereof by Owner to a
third party that is not an Affiliate.
Section 6.2 DUTIES ON TERMINATION OR EXPIRATION.
(1) ASSET MANAGER'S DUTIES. Upon termination or expiration of this
Agreement, as to any Asset or Assets, Asset Manager shall within fifteen (15)
days thereafter deliver to Owner complete copies of all books and records of
the Assets in question and all funds in possession of Asset Manager belonging
to Owner or received by Asset Manager with regard to such Assets. Asset Manager
shall also be available for a period of not less than thirty (30) days
following termination or expiration to consult with Owner concerning operation
of the Assets in question; Asset Manager shall not receive a fee for such
consultation, but shall be reimbursed for all costs incurred in connection
therewith.
(2) OWNER'S DUTIES. Owner shall, within five (5) days following the
end of the Term compensate Asset Manager for all fees and reimbursements due
hereunder through the date of termination or expiration.
ARTICLE 7
MISCELLANEOUS
Section 7.1 ASSIGNMENT; CHANGE OF OWNERSHIP INTEREST. Asset Manager may
not, without the prior written consent of Owner, assign this Agreement, and any
transfer, assignment, or other conveyance or exchange of any ownership interest
in Asset Manager, other than to an Affiliate (which is hereby permitted), shall
be considered an assignment hereunder. Asset Manager may, however, from time
to time delegate its duties to Affiliates. Subject to the foregoing, this
Agreement shall be binding upon, and inure to the benefit of, Asset Manager and
Owner and their respective successors and assigns, and all references in this
Agreement to "Asset
8
<PAGE> 13
Manager" and "Owner" shall include the respective successors and assigns of
such parties permitted under this Agreement.
NOTICES. Any notice provided for permitted to be given hereunder
shall be in writing and may be given by (1) depositing in the U.S. Mail,
postage prepaid and certified with return receipt requested; (2) delivery
service; or (3) facsimile transmission. Notice shall be effective upon the
earlier of refusal of receipt by addressee or actual receipt at the address of
the intended addressee. The addresses of the parties, until changed by notice
given as provided herein, shall be as follows:
Owner: c/o: Susan T. Groenteman
Crow Family Holdings
2001 Ross Avenue, Suite 3200
Dallas, Texas 75201
Telephone No. (214) 863-4265
Fax No. (214) 863-4249
Asset Manager: 2001 Bryan Street, Suite 2300
Dallas, Texas 75201
Attention: Anne Raymond
Telephone No. (214) 863-1266
Fax No. (214) 863-1262
with copy to:
Legal Department
2001 Bryan Street, Suite 2300
Dallas, Texas 75201
Telephone No. (214) 863-1000
Fax No. (214) 863-1000
Section 7.3 NUMBER: GENDER; CAPTIONS; AND REFERENCES. Pronouns, wherever
used, and whatever gender, shall include natural persons, corporations, and
associates of every kind and character and the singular shall include the
plural wherever and as often as may be appropriate. Section headings are for
convenience of reference and shall not affect the construction or
interpretation of this Agreement. Whenever the terms "hereof", "hereby",
"herein", or words of similar import are used in this Agreement, they shall be
construed as referring to this Agreement in its entirety rather than to a
particular section or provision. Any reference to a particular "section" shall
be construed as referring to the indicated section of this Agreement. The term
"including" shall mean "including, without limitation", except where the
context otherwise specifically requires.
Section 7.4 SEVERABILITY. If any term or provision of this Agreement or
the application thereof to any person or circumstance shall, to any extent, be
invalid or unenforceable, the remainder of this Agreement, or the application
of that term or provision to persons or circumstances other than those as to
which it is held invalid or unenforceable, shall not be affected
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<PAGE> 14
thereby, and each term and provision of this Agreement shall be valid and
enforceable to the fullest extent permitted by law.
Section 7.5 NO WAIVER OF DEFAULT. The failure by Owner or Asset Manager
to insist upon the strict performance of any one of the terms or conditions of
this Agreement or to exercise any right, remedy or election herein contained or
permitted by law shall not constitute or be construed as waiver or
relinquishment for the future of that term, condition, right, remedy or
election, which shall continue and remain in full force and effect. All rights
and remedies that Owner or Asset Manager may have at law, in equity or
otherwise for any breach of any term or condition of this Agreement shall be
distinct, separate and cumulative rights and remedies and no one of them shall
be deemed to be in exclusion of any other right or remedy of Owner or Asset
Manager.
Section 7.6 ENTIRE AGREEMENT AND MODIFICATION. This Agreement constitutes
the entire agreement between the parties with respect to the matters herein
contained and any agreement hereafter made shall be ineffective unless made in
writing and signed by the parties hereto. No provision of this Agreement shall
be modified, waived or terminated except by an instrument in writing signed by
the party against whom such modification, waiver or termination is to be
enforced.
Section 7.7 COMPETITION. Nothing in this Agreement will prevent the Asset
Manager or Owner from, directly or indirectly, engaging in the ownership,
financing, leasing, operation, management, brokerage, development, or sale of
real property, including projects similar to the Assets and whether or not
competitive with the Assets.
Section 7.8 GOVERNING LAW. This Agreement shall be governed by and
constructed in accordance with the laws of the State of Texas.
Section 7.9 ATTORNEYS' FEES. Should either party employ attorneys to
enforce the provisions hereof or to recover damages for the breach of this
Agreement, the non-prevailing party in any such action agrees to pay the
prevailing party all reasonable costs, damages and expenses, including
reasonable attorneys' fees, expended or incurred by the prevailing party in
connection therewith.
Section 7.10 RELATIONSHIP OF THE PARTIES. The relationship of Owner and
Asset Manager shall be that of principal and agent, and nothing contained in
this Agreement, nor any acts of the parties shall create the relationship of a
partnership or a joint venture, or cause the Asset Manager to be responsible in
any way for the debts or obligations of Owner or any other party.
Section 7.11 REPRESENTATIONS AND WARRANTIES.
(1) ASSET MANAGER. Asset Manager represents and warrants to Owner that
(a) Asset Manager is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware, and has all requisite power
and authority to carry on its business as now conducted and to execute, deliver
and perform this Agreement; (b) the execution, delivery
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and performance by Asset Manager of this Agreement is within its power, has
been authorized by all necessary corporate action and does not contravene any
provision of its organizational documents; (c) this Agreement has been duly
executed and delivered by a person authorized to do so on Asset Manager's
behalf, and (d) this Agreement constitutes the valid and binding obligation of
Asset Manager.
(2) OWNER. Owner represents and warrants to Asset Manager that (a)
Owner is a limited partnership, duly organized and validly existing under the
laws of the State of Texas, and has all requisite power and authority to carry
on its business as now conducted and to execute, deliver and perform this
Agreement; (b) the execution, delivery and performance by Owner of this
Agreement is within its power, has been authorized by all necessary partnership
action and does not contravene any provision of its organizational documents;
(c) this Agreement has been duly executed and delivered by a person authorized
to do so on Owner's behalf; and (d) this Agreement constitutes the valid and
binding obligations of Owner.
Section 7.12 CONFIDENTIALITY. Owner and Asset Manager shall keep
confidential all information obtained by one from the other in connection with
this Agreement. The parties shall not disclose such information to any person
(other than their respective agents, representatives and legal counsel), unless
specifically authorized in writing by the other party or if disclosure is
required by subpoena, court order, judicial decree, or law, or is otherwise
required to enable Asset Manager to perform its duties. This confidentiality
obligation shall not be binding on any party with respect to information in the
public domain or information that enters the public domain through no fault of
that party. The provisions of this Section 7.12 shall survive the expiration or
termination of this Agreement.
Section 7.13 LIABILITY OF OWNER. Asset Manager shall look solely to
Owner's interest in the Assets and Entities subject to this Agreement at the
time any such claim accrued for recovery of any judgment or claim against Owner
relating or arising out of this Agreement, and Owner, its partners, officers,
directors, shareholders, agents and representatives shall not be liable
otherwise for any claim of Asset Manager arising out of or relating to this
Agreement.
Section 7.14 LIABILITY OF ASSET MANAGER. Owner shall look solely to Asset
Manager's corporate assets for recovery of any judgment or claim against Asset
Manager relating or arising out of this Agreement, and Asset Manager's
officers, employees, directors, shareholders, agents and representatives shall
not be liable for any claim of Owner arising out of or relating to this
Agreement.
Section 7.15 COUNTERPARTS. This Agreement may be executed in a number of
counterparts, each of which shall be deemed an original and all of which shall
constitute one and the same Agreement.
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Executed as of the day and year first above written.
OWNER: PLAYHOUSE SQUARE HOTEL L.P.
By: Playhouse Partners LP, its general partner
By: Playhouse Square Corporation, its
general partner
By: /s/ ERIC A. DANZIGER
-----------------------------------------------
Name: Eric A. Danziger
---------------------------------------------
Title: Vice President
--------------------------------------------
ASSET MANAGER: WYNDHAM HOTEL CORPORATION,
A DELAWARE CORPORATION
By: /s/ ERIC A. DANZIGER
-----------------------------------------------
Name: Eric A. Danziger
---------------------------------------------
Title: Vice President
--------------------------------------------
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SCHEDULE 2
OWNERSHIP ACCOUNTING AND REPORTING REQUIREMENTS
* Monthly and Quarterly Tax and Legal Processing
* Quarterly Capital Transaction Report
* Annual Accrual Financial Statements
* Asset Reserve Estimation as needed
* Quarterly Pool Cash Forecast for Real Estate Operations
* Annual Database Update
* Annual Budgetary Process
* Annual Tax Return Preparation
* Quarterly Estimate of Crow Equity and Liability
* Monthly EAB cash report and, where applicable, mortgage payment
cash flow reporting
* Annual valuation of each Crow Asset on the Estimated Value Balance
Sheet (EVBS) Basis
13
<PAGE> 18
LIST OF SCHEDULES
Schedule 1 Assets List
Schedule 2.2 Form of Business Plan
Schedule 2.11(b) Form of Monthly Report
Schedule 2.11(c) Form of Quarterly Report
Schedule 5 List of Insurance Coverage
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<PAGE> 19
SCHEDULE 2.11(b)
FORM OF MONTHLY REPORT
<TABLE>
<S> <C>
BALANCE SHEET See Schedule 2.11(c)
INCOME STATEMENT See Schedule 2.11(c)
CASHFLOW STATEMENT See Schedule 2.11(c)
</TABLE>
15
<PAGE> 20
SCHEDULE 2.11(c)
FORM OF QUARTERLY REPORT
<TABLE>
<S> <C>
BALANCE SHEET ATTACHED
INCOME STATEMENT ATTACHED
CASHFLOW STATEMENT ATTACHED
</TABLE>
16
<PAGE> 21
SCHEDULE 5
LIST OF INSURANCE COVERAGE
<TABLE>
<S> <C>
FIDELITY BOND $
LIABILITY INSURANCE $
</TABLE>
17
<PAGE> 22
SCHEDULE A
The Company has entered into Asset Management Agreements identical to
the Asset Management Agreement filed as Exhibit 10.23 with the following
parties:
1. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Waterfront Hotel Associates.
2. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Novi Garden Hotel Associates.
3. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Atlanta Midtown Associates.
4. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Pleasanton Garden Hotel Associates.
5. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Itasca Hotel Company.
6. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and CLC Limited Partnership.
7. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Houston Greenspoint Hotel Associates.
8. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and CFP Riverfront.
9. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and MTD Associates.
10. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Hotel Bel Age Associates.
11. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Franklin Plaza Associates.
12. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Bristol Hotel Associates.
13. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Hotel & Convention Center Partners XI.
<PAGE> 23
14. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Hotel & Convention Center Partners X.
15. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Hotel & Convention Center Partners IX.
16. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Hotel & Convention Center Partners VIII.
17. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Hotel & Convention Center Partners VII.
18. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Hotel & Convention Center Partners VI.
19. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Hotel & Convention Center Partners V.
20. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Hotel & Convention Center Partners IV.
21. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Hotel & Convention Center Partners III.
22. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Hotel & Convention Center Partners II.
23. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Hotel & Convention Center Partners I.
24. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and WHC-LG Hotel Associates LP.
25. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Crow Los Patios, Ltd.
26. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Crow Exchange, Inc.
27. Asset Management Agreement dated May 21, 1996 between Wyndham Hotel
Corporation and Beverly Heritage Associates.
<PAGE> 1
EXHIBIT 10.24
INDEMNIFICATION AGREEMENT
This Indemnification Agreement (this "Agreement") dated as of April
17, 1996, is between Wyndham Hotel Corporation, a Delaware corporation (the
"Company"), and the undersigned officer of the Company (the "Indemnitee"), with
reference to the following facts:
The Indemnitee is currently serving as an officer of the Company and
the Company desires that the Indemnitee continue in such capacity. The
Indemnitee is willing, under certain circumstances, to continue serving as an
officer of the Company.
Section 145 of the General Corporation Law of the State of Delaware,
under which Law the Company is organized, empowers a corporation to indemnify a
person serving as a director, officer, employee or agent of the corporation and
a person who serves at the request of the corporation as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or
other enterprise, and such Section 145 and the bylaws of the Company specify
that the indemnification set forth in said Section 145 and in the bylaws,
respectively, shall not be deemed exclusive of any other rights to which those
seeking indemnification may be entitled under any bylaw, agreement, vote of
stockholders or disinterested directors or otherwise.
In order to induce the Indemnitee to continue to serve as an officer
of the Company and in consideration of his or her continued service, the
Company hereby agrees to indemnify the Indemnitee as follows:
1. Indemnity. The Company shall indemnify the
Indemnitee and his or her executors, administrators or assigns, for
any Expenses (as defined below) that the
<PAGE> 2
Indemnitee is or becomes legally obligated to pay in connection with
any Proceeding. As used in this Agreement the term "Proceeding" shall
include any threatened, pending or completed claim, action, suit,
investigation or proceeding, whether brought by or in the right of the
Company or otherwise and whether of a civil, criminal, administrative
or investigative nature, in which the Indemnitee may be or may have
been involved as a party, witness or otherwise, by reason of the fact
that Indemnitee is or was a director or officer of the Company, by
reason of any actual or alleged error or misstatement or misleading
statement made or suffered by the Indemnitee, by reason of any action
taken by him or her or of any inaction on his or her part while acting
as such director or officer, or by reason of the fact that he or she
was serving at the request of the Company as a director, trustee,
officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise; provided, however, that in each
such case Indemnitee acted in good faith and in a manner which he or
she reasonably believed to be in or not opposed to the best interests
of the Company, and, in the case of a criminal proceeding, in addition
had no reasonable cause to believe that his or her conduct was
unlawful. As used in this Agreement, the term "other enterprise"
shall include (without limitation) employee benefit plans and
administrative committees thereof, and the term "fines" shall include
(without limitation) any excise tax assessed with respect to any
employee benefit plan. Any
INDEMNIFICATION AGREEMENT - Page 2
<PAGE> 3
corporation, partnership, limited liability company or other entity on
behalf of which Indemnitee may be deemed to be acting in connection
with his or her service to the Company shall be entitled to the
benefits of the indemnity provided for by this Agreement to the same
extent and under the same conditions upon which Indemnitee is entitled
to such indemnity.
2. Expenses. As used in this Agreement, the term
"Expenses" shall include, without limitation, damages, judgments,
fines, penalties, settlements and costs, attorneys' fees and
disbursements and costs of attachment or similar bonds,
investigations, and any expenses of establishing a right to
indemnification under this Agreement.
3. Enforcement. If a claim or request under this
Agreement is not paid by the Company, or on its behalf, within 30
calendar days after a written claim or request has been received by
the Company, then the Indemnitee may at any time thereafter bring suit
against the Company to recover the unpaid amount of the claim or
request and if successful in whole or in part, the Indemnitee shall be
entitled to be paid also the Expenses of prosecuting such suit. The
burden of proving that the Indemnitee is not entitled to
indemnification for any reason shall be upon the Company.
4. Subrogation. Upon any payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of the Indemnitee, who shall execute all
papers required and shall do everything that may
INDEMNIFICATION AGREEMENT - Page 3
<PAGE> 4
be necessary to secure such rights, including the execution of such
documents necessary to enable the Company effectively to bring suit to
enforce such rights.
5. Exclusions. The Company shall not be liable under
this Agreement to pay any Expenses in connection with any claim made
against the Indemnitee:
(a) to the extent that payment is actually made
to the Indemnitee under a valid, enforceable and collectible
insurance policy;
(b) to the extent that the Indemnitee is
indemnified and actually paid otherwise than pursuant to this
Agreement;
(c) in connection with a judicial action by or in
the right of the Company, in respect of any claim, issue or
matter as to which the Indemnitee shall have been adjudged to
be liable to the Company unless and only to the extent that
any court in which such action was brought shall determine
upon application that, despite the adjudication of liability
but in view of all the circumstances of the case, the
Indemnitee is fairly and reasonably entitled to indemnity for
such expenses as such court shall deem proper;
(d) if it is proved by final judgment in a court
of law or other final adjudication to have been based upon or
attributable to the Indemnitee's in fact having gained any
personal profit or advantage to which he or she was not
legally entitled;
INDEMNIFICATION AGREEMENT - Page 4
<PAGE> 5
(e) for a disgorgement of profits made from the
purchase and sale by the Indemnitee of securities pursuant to
Section 16(b) of the Securities Exchange Act of 1934, as
amended, and amendments thereto or similar provisions of any
state statutory law or common law; or
(f) for any judgment, fine or penalty which the
Company is prohibited by applicable law from paying.
6. Indemnification of Expenses of Successful Party.
Notwithstanding any other provision of this Agreement, to the extent
that the Indemnitee has been successful on the merits or otherwise in
defense of any Proceeding or in defense of any claim, issue or matter
therein, including dismissal without prejudice, Indemnitee shall be
indemnified against any and all Expenses incurred in connection
therewith.
7. Partial Indemnification. If the Indemnitee is
entitled under any provision of this Agreement to indemnification by
the Company for some or a portion of Expenses, but not, however, for
the total amount thereof, the Company shall nevertheless indemnify the
Indemnitee for the portion of such Expenses to which the Indemnitee is
entitled.
8. Advance of Expenses. Expenses incurred by the
Indemnitee in connection with any Proceeding, except the amount of any
settlement, shall be paid by the Company in advance upon request of
the Indemnitee that the Company pay such expenses. The Indemnitee
hereby undertakes to repay to the Company the amount of any Expenses
theretofore paid by the Company to the extent that it is ultimately
determined that
INDEMNIFICATION AGREEMENT - Page 5
<PAGE> 6
such Expenses were not reasonable or that the Indemnitee is not
entitled to indemnification.
9. Notice of Claim. The Indemnitee, as a condition
precedent to his or her right to be indemnified under this Agreement,
shall give to the Company notice in writing as soon as practicable of
any claim made against him or her for which indemnity will or could be
sought under this Agreement, but a failure to give such notice will
affect the obligations of the Company hereunder only to the extent
that the Company is actually and materially prejudiced thereby.
Notice to the Company shall be given at its corporate headquarters and
shall be directed to the corporate secretary (or such other addressee
as the Company shall designate in writing to the Indemnitee); notice
shall be deemed received if sent by prepaid mail properly addressed,
the date of such notice being the date postmarked. In addition, the
Indemnitee shall give the Company such information and cooperation as
it may reasonably require in connection with such claim.
10. Counterparts. This Agreement may be executed in any
number of counterparts, all of which taken together shall constitute
one instrument.
11. Indemnification Hereunder Not Exclusive. Nothing
herein shall be deemed to diminish or otherwise restrict the
Indemnitee's right to indemnification under any provision of the
Certificate of Incorporation or bylaws of the Company and amendments
thereto or under law.
INDEMNIFICATION AGREEMENT - Page 6
<PAGE> 7
12. Governing Law. This Agreement shall be governed by
and construed in accordance with Delaware law, without giving effect
to the principles of conflict of laws thereof.
13. Saving Clause. Wherever there is conflict between
any provision of this Agreement and any applicable present or future
statute, law or regulation contrary to which the Company and the
Indemnitee have no legal right to contract, the latter shall prevail,
but in such event the affected provisions of this Agreement shall be
curtailed and restricted only to the extent necessary to bring them
within applicable legal requirements.
14. Coverage. The provisions of this Agreement shall
apply with respect to the Indemnitee's service as a [director and/or
officer] of the Company prior to the date of this Agreement and with
respect to all periods of such service after the date of this
Agreement, even though the Indemnitee may have ceased to be an officer
of the Company.
15. Successors and Assigns. This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their
respective heirs, legatees, legal representatives, successors and
permitted assigns.
INDEMNIFICATION AGREEMENT - Page 7
<PAGE> 8
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed and signed as of the day and year first above written.
"COMPANY" WYNDHAM HOTEL CORPORATION
By/s/ James D. Carreker
----------------------------------
"INDEMNITEE" /s/ Susan R. Bolger
------------------------------------
Susan R. Bolger
INDEMNIFICATION AGREEMENT - Page 8
<PAGE> 9
SCHEDULE A
The Company has entered into Indemnification Agreements identical to
the Indemnification Agreement filed as Exhibit 10.24 with the following
parties:
1. Indemnification Agreement between the Company and Glen H. Griffith.
2. Indemnification Agreement between the Company and John vanHartesvelt
3. Indemnification Agreement between the Company and Carla S. Moreland.
4. Indemnification Agreement between the Company and Edward L. Stahl.
5. Indemnification Agreement between the Company and John J. Kelly.
6. Indemnification Agreement between the Company and John P. Klumph.
7. Indemnification Agreement between the Company and Philip J. Ward.
8. Indemnification Agreement between the Company and James C. Leslie.
<PAGE> 1
FF&E CONTRACT
THIS FF&E CONTRACT ("Contract") is made and entered into this 30th day
of June, 1994, by and between WYNDHAM HOTEL COMPANY LTD., a Texas limited
partnership (sometimes d/b/a Wyndham Purchasing) ("WP"), whose address is 2001
Bryan Tower, Suite 2300, Dallas, Texas 75201, and WATERFRONT HOTEL ASSOCIATES,
S.E., a Puerto Rico special partnership ("Owner"), whose address is "A" Street,
No. 23, Mario Julia Industrial Park, Puerto Nuevo, Guaynabo, Puerto Rico 00922,
Attention: ___________________________________.
RECITALS
A. Owner is developing and constructing a 242-room hotel and
related casino in Barrio La Marina (the "Project") as part of a master plan for
the development and revitalization of the Ports Zone of the Old San Juan area
in San Juan, Puerto Rico.
B. Owner desires to retain WP to provide and install furnishings,
fixtures and equipment ("FF&E") for the Project.
NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the parties hereto agree as
follows:
Section 1. Provision and Installation of FF&E.
1.1. Identification of FF&E; Price.
(a) The FF&E to be provided and installed pursuant to
this Contract is furniture, fixtures, and equipment of a quality, number, and
type reasonably comparable to the standards of a "three-star" rated hotel (as
such ratings are established with respect to the physical nature of the FF&E by
[Mobil Travel Guide Publication]). WP shall submit to Owner no less than nine
(9) months prior to the scheduled installation of the FF&E (as set forth in
Section 2.1(a) below), detailed specifications of such FF&E ("Detailed
Specifications"). Owner shall have fifteen (15) business days to make
objections to the Detailed Specifications. Failure of Owner to object in
writing to the Detailed Specifications during this fifteen-day period shall be
deemed to be acceptance of same.
(b) The FF&E to be provided and installed pursuant to
this Contract is itemized in the Schedule of Values attached hereto as Exhibit
A (the "Schedule of Values"). The price to be paid by Owner to WP for the FF&E
shall be $5,000,000 (the "Fixed Price"), which shall include shipping, any
applicable sales and use taxes, insurance until delivery of the FF&E to Owner
and installation (including installation and pre-opening start-up of the
special systems comprising the FF&E) of the FF&E at the Project.
<PAGE> 2
(c) WP will make all arrangements for the purchase,
shipping, delivery and, where applicable, installation of the FF&E. WP may
substitute products of similar quality for those itemized on the Schedule of
Values with the Owner's prior written approval.
(d) Upon installation of the FF&E to be furnished
pursuant to this Contract, Owner shall acquire good title to such FF&E free of
any lien, security interest or encumbrance, except a chattel mortgage in favor
of Scotiabank de Puerto Rico ("Scotiabank"). No portion of the FF&E to be
provided pursuant to this Agreement shall be subject to a lease or any
conditional sales agreement, except as otherwise permitted under the Credit
Agreement between Owner and Scotiabank dated of even date herewith and
otherwise previously agreed to in writing by Owner or the FF&E is of such a
nature that it is required to be leased under any applicable governmental
regulations.
1.2. Change Orders. Owner may request changes in the Detailed
Specifications by submitting a change order to WP. Upon receipt of a change
order from Owner, WP shall submit to Owner an estimate of the cost of such
change, together with a revised Delivery Schedule (hereinafter defined) due to
such change. Upon agreement of the parties as to the change in the Fixed Price
and the Delivery Schedule, each party shall execute the change order to
evidence its agreement to the terms contained therein.
Section 2. Delivery of FF&E.
2.1. Delivery and Installation Schedule.
(a) Upon finalization of the construction schedule for
the Project by Owner and WP, WP shall submit for Owner's approval, a schedule
indicating the required dates of delivery and installation of the FF&E (the
"Delivery Schedule"). The Delivery Schedule shall be amended as necessary to
comply with: (i) any change orders executed by the Owner and WP; (ii) any
delays incurred due to Owner's inability or failure to comply with the Delivery
Schedule; or (iii) Force Majeure (as hereinafter defined) events.
(b) Owner shall be responsible for demurrage or
redelivery charges which are due to Owner's inability or failure to comply with
the Delivery Schedule.
(c) Owner shall be responsible for expenses incurred by
WP for overtime of its employees or subcontractors performed at the direction
of Owner, provided the same is not necessitated by the failure of WP to comply
with the Delivery Schedule.
(d) WP shall be responsible for expenses incurred by WP
for overtime of its employees or subcontractors or other charges imposed or
necessitated by the failure of WP to comply with the Delivery Schedule.
-2-
<PAGE> 3
2.2. Storage.
(a) Owner shall be responsible for providing security
against loss or damage to the FF&E stored at the Project between the date of
delivery and final acceptance by Owner of the FF&E.
(b) WP shall be responsible for costs incurred by WP in
storage, delivery, and insurance of the FF&E at off-site storage locations
unless such costs are incurred as a result of Owner's inability or failure to
comply with the Delivery Schedule, in which case Owner will reimburse WP for
such costs.
2.3. Insurance.
(a) WP or its agents shall maintain full replacement
property insurance on the FF&E until such time as the same is delivered to
Owner. Owner shall maintain property insurance on the FF&E from the time of
delivery of same.
(b) Owner and WP hereby waive and release each other of
and from any and all right of recovery, claim, action or cause of action
against each other, their subcontractors, sub-subcontractors, agents, officers
and employees, for any loss or damage that may occur to the Project, the FF&E,
or personal property within the Project, by reason of fire or other perils
coverable under policies of all risks of physical loss, whether or not such
coverage is in effect, regardless of cause or origin, including the negligence
of Owner or WP and their subcontractors, sub-subcontractors, agents, officers,
and employees. Owner and WP agree immediately to give their respective
insurance companies written notice of the terms of the mutual waivers contained
in this section, and to have the insurance policies properly endorsed, if
necessary, to prevent the invalidation of the insurance coverages by reason of
the mutual waivers.
2.4. Warranties, etc. Included within the Schedule of Values is a
stipulation of the standard warranty available from the manufacturer of each
item of FF&E scheduled therein (the "Standard Warranties"). WP shall use its
best efforts to obtain the Standard Warranties from the manufacturers of the
FF&E and assign all such Standard Warranties to Owner. If WP is unable to
obtain the Standard Warranty for any item of FF&E, WP will provide to Owner the
Standard Warranty for such item. In addition, for one (1) year after
installation, WP will correct, at no expense to Owner, defective installation
of FF&E.
Section 3. Owner's Obligations
3.1. Obligations Regarding FF&E Purchases.
(a) Owner shall have the right to inspect all FF&E and to
reject any or all goods which are in Owner's reasonable judgment defective or
nonconforming. Owner shall
-3-
<PAGE> 4
notify WP of any defective or nonconforming goods within seven (7) days after
notice of delivery to Owner or Owner shall be deemed to have accepted such
goods.
(b) Any portion of any FF&E rejected by Owner in
accordance with Section 3.1(a), without invalidating the remainder, will be
held for disposition at the expense and risk of WP, and such rejected shall be
replaced with conforming and/or non-defective goods.
3.2. Approvals. Owner shall designate one or more representatives
to act on its behalf under this Contract ("Owner's Representative"). Owner's
Representative shall be fully acquainted with the work and shall have authority
to make inspections of the FF&E and the installation thereof, render approvals
and decisions and furnish information on behalf of the Owner.
Section 4. Payment.
4.1. Fixed Price. The Fixed Price shall be payable by Owner to WP
as follows:
(a) The Schedule of Values attached hereto as Exhibit A
shall be used as a basis for reviewing applications for payment by WP.
(b) WP may make an application for payment no more often
than once per month during the term of this Contract. WP shall submit to
Owner's Representative an application for payment, which application shall
indicate that portion of the schedule of values for which WP is requesting
payment. Payment for that portion of the schedule of values for which WP is
requesting payment shall be based on the following percentages:
(1) Forty-five percent (45%) upon receipt by
Owner of an acknowledgement of a purchase order from a vendor;
(2) Forty-five percent (45%) upon receipt by
Owner of a vendor's notification that it has shipped goods under a purchase
order; and
(3) Ten percent (10%) upon installation and
acceptance of the goods by Owner.
(c) Within fifteen (15) days of receipt of an application
for payment by WP, Owner shall make such payment or notify WP in writing of its
reasons for withholding same.
-4-
<PAGE> 5
Section 5. Default; Termination.
5.1. Default.
(a) If WP fails to perform any duties as provided in this
Contract, which failure is not due to the acts or omissions of Owner, its
contractors, agents, or employees, and WP fails to correct such failure within
thirty (30) days after written notice by Owner to WP specifying such failure to
perform, Owner shall be entitled, at its sole election, to exercise any or all
of the following remedies: (i) seek an injunction to prevent further breach,
(ii) seek specific performance, (iii) sue for actual damages at law or equity
against WP or (iv) perform the obligations of WP hereunder that WP has failed
to perform, including, without limitation, purchase the FF&E not provided by
WP, and seek reimbursement of the costs of same from WP. Notwithstanding the
foregoing, if such default is of a type which cannot be cured within thirty
(30) days, WP shall have such additional time as may be reasonably necessary
provided it commences such cure within such thirty (30) days and diligently
prosecutes such cure to completion. WP and Owner expressly agree that this
Contract is not one for personal service or demanding exceptional capability or
talents, that this is an agreement for the purchase and sale and installation
of personal property under special circumstances and conditions, that Owner
cannot go into the open markets and buy goods to replace any which WP may fail
to deliver, and that this Agreement may, among other remedies, be the proper
subject for the remedy of specific performance in the event of a breach of it.
(b) In the event Owner fails to pay WP any portion of the
Fixed Price when due, WP may, upon ten (10) business days written notice to
Owner, suspend any further performance by WP hereunder until such payment is
received. Any such suspension by WP shall not be deemed to be a breach by WP
of this Contract or any conditions or covenants thereof, shall not be deemed to
be a waiver of any other right of WP under this Contract, and (unless otherwise
stated by WP in its notice) shall not be deemed to terminate this Contract. If
Owner fails to pay any amount payable to WP under the terms of this Contract,
or Owner violates any of the other terms or conditions of this Contract, WP may
terminate this Contract if said violations have not been cured within ten (10)
days following written notification of same to Owner. The foregoing right to
terminate this Contract is in addition to and cumulative of any and all rights
and remedies available to WP under this Contract, at law or in equity.
(c) In the event Owner abandons the Project, it shall so
notify WP in writing. WP agrees to use its best efforts to obtain cancellation
of subcontracts and purchase orders at no or minimum cost to Owner or to make
provisions in any such agreements for assignment to Owner. Owner will pay WP,
upon demand, all costs incurred by WP in connection with Owner's abandonment,
including but not limited to cancellation costs, claims by subcontractors and
vendors, and reasonable attorneys' fees.
-5-
<PAGE> 6
5.2. Termination. Upon termination of this Contract by either
party, WP will deliver to Owner copies of all FF&E documentation then in its
possession.
5.3. No Waiver. No waiver, either direct or by operation of law or
in equity, of strict compliance with and performance of any term or condition
of this Contract, or of any breach of it on the part of one party, shall be
held or deemed to be a waiver by the other party of any subsequent failure of
strict compliance with any performance of any term or breach of it.
Section 6. Indemnification.
6.1. Indemnification by Owner. Owner agrees that it shall
indemnify, defend, protect and hold harmless WP, its affiliates, subsidiaries
and partners and their respective officers, directors and employees (the "WP
Indemnitees") from and against any and all claims, liabilities, actions,
obligations, damages, costs or expenses (including reasonable attorneys' fees)
arising from or related to the ownership, development, construction and
operation of the Project or arising out of any breach or event of default on
the part of Owner under this Contract. This indemnity shall not apply to any
claims, liabilities, actions, obligations, damages, costs or expenses arising
by reason of the willful misconduct or gross negligence of the WP Indemnitees,
and WP agrees to indemnify, defend, protect and hold harmless Owner from and
against all such claims, liabilities, actions, obligations, damages, costs and
expenses.
6.2. Indemnification by WP. WP agrees that it shall indemnify,
defend, protect and hold harmless Owner, its affiliates, subsidiaries and
partners and their respective officers, directors and employees (the "Owner
Indemnitees") from and against any and all claims, liabilities, actions,
obligations, damages, costs or expenses (including reasonable attorneys' fees)
arising from or related to any breach or event of default on the part of WP
under this Contract. This indemnity shall not apply to any claims,
liabilities, actions, obligations, damages, costs or expenses arising by reason
of the willful misconduct or gross negligence of the Owner Indemnitees, and
Owner agrees to indemnify, defend, protect and hold harmless WP from and
against all such claims, liabilities, actions, obligations, damages, costs and
expenses.
Section 7. General Provisions.
7.1. Attorney's Fees. In the case of arbitration or litigation
brought by either party pursuant to this Contract, the parties agree that
reasonable attorneys' fees shall be awarded to the prevailing party.
7.2. Force Majeure. Neither party shall be considered in default
or liable for any loss or damage for delay or nonperformance, other than with
respect to the making of a monetary payment, due to acts of God, war,
insurrection, civil commotion, riots, strikes,
-6-
<PAGE> 7
lockouts, embargoes, shortages of labor or materials, fire, casualties, action
or inaction of any governmental authority or any other cause not reasonably
within such party's control.
7.3. Assignment. This Contract shall bind and inure to the benefit
of the parties hereto and their respective heirs, legal representatives and
permitted successors and assigns. None of the rights or obligations of the
parties hereto shall be assignable without the prior written consent of the
other party.
7.4. Entire Agreement. This Contract incorporates the entire
agreement between the parties hereto with respect to the matters covered hereby
and may not be modified in any manner except by an instrument in writing signed
by each of the parties hereto.
7.5. Notices. All notices, demands, consents and approvals which
may or are required to be given by either party to the other hereunder shall be
in writing and shall be deemed to have been fully given when deposited in the
United States mail, certified or registered, postage prepaid, and addressed to
the party to be notified at the following address for such party specified in
this Contract, or to such other place as the party to be notified may from time
to time designate by at least fifteen (15) days notice to the notifying party:
if to Owner, to its address at:
Waterfront Hotel Associates, S.E.
A Street No. 23
Mario Julia Industrial Park, Puerto Nuevo
Guaynabo, Puerto Rico 00922
Attention:
-------------------------------
with copy to:
Hotel Development Corporation
#2 La Princesa St.
La Princesa Bldg.--First Floor
La Puntilla
Old San Juan, P.R. 00901
Director
Paseo Portuario
304 Commercio
Old San Juan, P.R. 00901
-7-
<PAGE> 8
if to WP:
Wyndham Hotel Company, Ltd.
2001 Bryan Tower, Suite 2300
Dallas, Texas 75201
Attention: Construction & Development
7.6. Governing Law. This Contract shall be governed by and
construed under the laws of the Commonwealth of Puerto Rico and, to the extent
applicable, the laws of the United States of America.
7.7. Time is of the Essence. Time is of the essence in the
performance of this Contract. The acceptance by WP of any payments past due or
Acceptance by Owner of late delivery or installations of any goods shall not be
considered a waiver of this clause.
Section 8. Arbitration.
8.1. Use. All claims, disputes and other matters in question
between the parties to this Agreement or the breach thereof, shall be decided
by arbitration in accordance with the Construction Industry Arbitration Rules
of the American Arbitration Association then obtaining unless the parties
mutually agree otherwise. No arbitration arising out of or relating to this
Agreement shall include, by consolidation, joinder or in any other manner, any
additional person not a party to this Agreement except by written consent
containing a specific reference to this Agreement and signed by WP, the Owner,
and any other person sought to be joined. Any consent to arbitration involving
an additional person or persons shall not constitute consent to arbitration of
any dispute not described therein or with any person not named or described
therein. This agreement to arbitrate and any agreement to arbitrate with an
additional person or persons duly consented to by the parties to this Agreement
shall be specifically enforceable under the prevailing arbitration law.
8.2. Notice of Demand. Notice of demand for arbitration shall be
filed in writing with the other party to this Agreement and with the American
Arbitration Association. The demand shall be made within a reasonable time
after the claim, dispute or other matter in question has arisen. In no event
shall the demand for arbitration be made after the date when institution of
legal or equitable proceedings based on such claim, dispute or other matter in
questions would be barred by the applicable statute of limitations.
8.3. Binding Decision. The award rendered by the arbitrators shall
be final, and judgment may be entered upon it in accordance with applicable law
in any court having jurisdiction thereof.
-8-
<PAGE> 9
IN WITNESS WHEREOF, the parties hereto have executed this Contract as
of the year and date first above written.
OWNER:
WATERFRONT HOTEL ASSOCIATES, S.E.
By: San Juan Associates LP, Administrative
General Partner
By: Old San Juan, Inc., General Partner
By: /s/ JUDY HENDRICK
------------------------------------
Name: Judy Hendrick
-------------------------------
Title: Vice President
------------------------------
WP:
WYNDHAM HOTEL COMPANY LTD.
By: Wyndham Hotel Management Corporation,
General Partner
By: /s/ JUDY HENDRICK
---------------------------------------
Name: Judy Hendrick
----------------------------------
Title: Vice President
---------------------------------
-9-
<PAGE> 10
EXHIBIT A
Schedule of Values
Exhibit A - Page 1 of _____
<PAGE> 11
EXHIBIT 10.28
AMENDMENT TO FF&E CONTRACT
This Amendment to FF&E is made by and entered into on this 12 day of
April, 1996 by and among WATERFRONT HOTEL ASSOCIATES, S.E., a Puerto Rico
special partnership ("Owner"), and WYNDHAM HOTEL COMPANY LTD. ("Contractor").
WHEREAS, Owner and Contractor entered into that certain FF&E Contract
dated June 30, 1994 whereby Contractor was to provide and install furnishing,
fixtures and equipment for the Project (as hereinafter defined) (the "FF&E
Contract");
WHEREAS, the square footage of the Casino portion of the Project has
been increased since the date of the FF&E Contract and Contractor and Owner
desire to amend the FF&E Contract to reflect certain matters agreed to by the
parties with respect to the increased costs of the FF&E as a result of such
increase and other matters;
NOW, THEREFORE, for good and valuable consideration, and the actual
covenants herein contained, it is agreed as follows:
1. Definitions. All capitalized terms but not defined herein shall
have the meanings assigned to them in the FF&E Contract.
2. Amendments to the FF&E Contract. The FF&E Contract is hereby
amended as follows:
a. Section 1.1 is amended to delete "$5,000,000.00" in
line 3 thereof and insert "$5,986,203.52" in lieu thereof. All
references in the FF&E Contract to the "Fixed Price" shall be this
modified amount.
b. The Schedule of Values attached as Exhibit A to the
FF&E Contract is deleted and the Schedule of Values attached hereto as
Exhibit A in inserted in lieu thereof.
3. Conflicts, Etc. Except as specifically amended hereby, the
terms and conditions of the FF&E Contract shall remain in full force and
effect. In the event of a conflict between the terms and provisions of the FF&E
Contract and the terms and provision of this Amendment to FF&E Contract, the
terms and provisions of this Amendment to FF&E Contract shall control.
4. Counterparts. This Amendment to FF&E Contract may be executed
in multiple counterparts, each of which will be deemed an original and all of
which when taken together will constitute one and the same instrument.
<PAGE> 12
EXECUTED as of the date first above written.
CONTRACTOR:
WYNDHAM HOTEL COMPANY LTD., a Texas
limited partnership
By: Wyndham Hotel Management Corporation,
General Partner
By: /s/ JOHN VAN HARTESVELT
-----------------------------------------
Name: JOHN VAN HARTESVELT
----------------------------------
Title: Authorized Agent
----------------------------------
Date: March 29, 1996
--------------------------------------------
OWNER:
WATERFRONT HOTEL ASSOCIATES, S.E., a
Puerto Rico special partnership
By: San Juan Associates LP, Administrative General
Partner
By: Old San Juan, Inc., General Partner
By: /s/ JOHN VAN HARTESVELT
------------------------------------
Name: JOHN VAN HARTESVELT
-----------------------------
Title: Authorized Agent
Date: April 12, 1996
--------------------------------------------
<PAGE> 13
EXHIBIT A
Schedule of Values
Project: Wyndham Old San Juan
- -------------------------------------------------------------------------------
FF&E Detail Budget
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Name Quantity Unit Cost Total Vendor
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
GUEST SPACE FF&E
- ---------------------------------------------------------------------------------------------------------------------------------
E:AA01 GENERAL GUESTROOM
- ---------------------------------------------------------------------------------------------------------------------------------
1201 1 Mattress/Boxspring 148.0 ea $ 284.24 $ 42,067.20
- ---------------------------------------------------------------------------------------------------------------------------------
1201 2 Mattress/Boxspring 166.0 ea $ 425.15 $ 70,574.54
- ---------------------------------------------------------------------------------------------------------------------------------
1203 1 Bed frame 148.0 ea $ 43.10 $ 6,378.73
- ---------------------------------------------------------------------------------------------------------------------------------
1203 2 Bed frame 166.0 ea $ 54.43 $ 9,035.74
- ---------------------------------------------------------------------------------------------------------------------------------
1313 4 Bedspread fabrication 148.0 ea $ 55.72 $ 8,246.03
- ---------------------------------------------------------------------------------------------------------------------------------
1313 5 Bedspread fabrication 166.0 ea $ 68.03 $ 11,293.06
- ---------------------------------------------------------------------------------------------------------------------------------
1314 Bedspread fabric 2,936.0 ly $ 9.30 $ 27,299.52
- ---------------------------------------------------------------------------------------------------------------------------------
1317 1 Dustruffle Fabrication 148.0 ea $ 29.15 $ 4,314.52
- ---------------------------------------------------------------------------------------------------------------------------------
1317 2 Dustruffle fabrication 166.0 ea $ 37.19 $ 6,174.04
- ---------------------------------------------------------------------------------------------------------------------------------
1318 Dustruffle fabrication 1,533.0 ly $ 9.08 $ 13,912.04
- ---------------------------------------------------------------------------------------------------------------------------------
1345 ? Shutters 273.0 ea $ 591.18 $ 161,392.02
- ---------------------------------------------------------------------------------------------------------------------------------
1345 ? Shutters 32.0 ea $ 1,998.56 $ 63,953.76
- ---------------------------------------------------------------------------------------------------------------------------------
1401 2 Sofa 40.0 ea $ 476.07 $ 19,042.71
- ---------------------------------------------------------------------------------------------------------------------------------
1402 1 Sofa Fabric 567.0 ea $ 22.24 $ 12,610.81
- ---------------------------------------------------------------------------------------------------------------------------------
1403 1 Sofa Pillow Fabrication 80.0 ea $ 22.32 $ 1,785.25
- ---------------------------------------------------------------------------------------------------------------------------------
1404 1 Sofa Pillow Fabric 80.0 ly $ 17.78 $ 1,422.25
- ---------------------------------------------------------------------------------------------------------------------------------
1410 1 Loveseat - Palor 61" 8.0 ly $ 409.12 $ 3,272.97
- ---------------------------------------------------------------------------------------------------------------------------------
1411 1 Loveseat Fabric 96.0 ly $ 22.24 $ 2,135.16
- ---------------------------------------------------------------------------------------------------------------------------------
1412 1 Sofa Pillow Fabrication 16.0 ea $ 22.32 $ 357.05
- ---------------------------------------------------------------------------------------------------------------------------------
1413 1 Sofa Pillow Fabric 6.0 ly $ 17.78 $ 106.67
- ---------------------------------------------------------------------------------------------------------------------------------
1416 1 Ottoman 97.0 ea $ 163.65 $ 15,873.89
- ---------------------------------------------------------------------------------------------------------------------------------
1418 1 Ottoman Fabric 293.0 ly $ 17.78 $ 5,209.00
- ---------------------------------------------------------------------------------------------------------------------------------
1418 2 Ottoman Fabric 77.0 ly $ 25.29 $ 1,947.42
- ---------------------------------------------------------------------------------------------------------------------------------
1418 3 Ottoman Fabric 68.0 ly $ 25.22 $ 1,714.74
- ---------------------------------------------------------------------------------------------------------------------------------
1418 4 Ottoman Fabric 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
1419 1 Chair - Desk 65.0 ea $ 133.89 $ 8,703.12
- ---------------------------------------------------------------------------------------------------------------------------------
1420 1 Chair - Desk - Fabric 49.0 ly $ 25.29 $ 1,239.26
- ---------------------------------------------------------------------------------------------------------------------------------
1421 1 Chair - Lounge 122.0 ea $ 260.35 $ 31,762.65
- ---------------------------------------------------------------------------------------------------------------------------------
1422 1 Chair - Lounge Fabric 750.5 ly $ 17.78 $ 13,342.51
- ---------------------------------------------------------------------------------------------------------------------------------
1422 2 Chair - Lounge Fabric 228.0 ly $ 25.29 $ 5,766.37
- ---------------------------------------------------------------------------------------------------------------------------------
1422 3 Chair - Lounge Fabric 181.0 ly $ 25.22 $ 4,564.23
- ---------------------------------------------------------------------------------------------------------------------------------
1422 4 Chair - Lounge Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1425 1 Chair - Lounge Small 28.0 ea $ 275.23 $ 6,880.67
- ---------------------------------------------------------------------------------------------------------------------------------
1426 1 Chair - Lounge Small Fabric 230.0 ly $ 25.29 $ 5,816.95
- ---------------------------------------------------------------------------------------------------------------------------------
1426 2 Chair - Lounge Small Fabric 11.5 ly $ 17.78 $ 204.45
- ---------------------------------------------------------------------------------------------------------------------------------
1426 3 Chair - Lounge Small Fabric 46.0 ly $ 25.22 $ 1,159.97
- ---------------------------------------------------------------------------------------------------------------------------------
1427 1 Chair - Dining 18.0 ea $ 297.54 $ 5,355.76
- ---------------------------------------------------------------------------------------------------------------------------------
1427 6 Chair - Dining Arm 6.0 ea $ 334.74 $ 2,008.41
- ---------------------------------------------------------------------------------------------------------------------------------
1428 1 Chair - DiningFabric 60.0 ly $ 22.32 $ 1,338.94
- ---------------------------------------------------------------------------------------------------------------------------------
1448 1 Chair - Game 350.0 ea $ 234.09 $ 81,932.38
- ---------------------------------------------------------------------------------------------------------------------------------
1448 2 Chair- Game
- ---------------------------------------------------------------------------------------------------------------------------------
1449 1 Chair - Game - Fabric 845.0 ly $ 17.78 $ 15,022.54
- ---------------------------------------------------------------------------------------------------------------------------------
1449 2 Chair - Game - Fabric 30.0 ly $ 25.29 $ 758.73
- ---------------------------------------------------------------------------------------------------------------------------------
1450 Outdoor Chair 12.0 ly $ 162.07 $ 1,944.86
- ---------------------------------------------------------------------------------------------------------------------------------
1501 1 Headboard 148.0 ea $ 132.41 $ 19,596.14
- ---------------------------------------------------------------------------------------------------------------------------------
1501 5 Headboard 166.0 ea $ 159.19 $ 26,424.74
- ---------------------------------------------------------------------------------------------------------------------------------
1502 1 Desk 65.0 $ 281.18 $ 18,276.54
- ---------------------------------------------------------------------------------------------------------------------------------
1509 0 Table - Coffee (Square) 18.0 ea $ 394.24 $ 7,096.39
- ---------------------------------------------------------------------------------------------------------------------------------
1509 1 Table - Coffee (Rectangular) 22.0 ea $ 334.74 $ 7,364.17
- ---------------------------------------------------------------------------------------------------------------------------------
1510 1 Nightstand 339.0 ea $ 187.45 $ 63,546.13
- ---------------------------------------------------------------------------------------------------------------------------------
1511 1 Table - End 69.0 ea $ 185.96 $ 12,831.52
- ---------------------------------------------------------------------------------------------------------------------------------
1512 1 Table - Side (Small Round) 8.0 ea $ 483.51 $ 3,868.05
- ---------------------------------------------------------------------------------------------------------------------------------
1512 2 Table - Side (Round) 18.0 ea $ 297.54 $ 5,355.76
- ---------------------------------------------------------------------------------------------------------------------------------
1513 1 Console 13.0 ea $ 520.70 $ 6,769.09
- ---------------------------------------------------------------------------------------------------------------------------------
1515 1 Table - Dining 3.0 ea $ 1,859.64 $ 5,578.92
- ---------------------------------------------------------------------------------------------------------------------------------
1530 2 Armoire 81.0 ea $ 623.35 $ 50,491.46
- ---------------------------------------------------------------------------------------------------------------------------------
1530 3 Armoire 40.0 ea $ 626.33 $ 25,053.07
- ---------------------------------------------------------------------------------------------------------------------------------
1530 6 Armoire - Wardrobe 158.0 ea $ 1,371.67 $ 216,723.94
- ---------------------------------------------------------------------------------------------------------------------------------
1532 1 Table - Game 167.0 ea $ 364.49 $ 60,869.74
- ---------------------------------------------------------------------------------------------------------------------------------
1535 1 Buffet 3.0 ea $ 1,115.78 $ 3,347.35
- ---------------------------------------------------------------------------------------------------------------------------------
1550 1 Outdoor table 4.0 ea $ 162.07 $ 648.29
- ---------------------------------------------------------------------------------------------------------------------------------
1670 In-room Safes 240.0 ea $ 178.53 $ 42,846.11
- ---------------------------------------------------------------------------------------------------------------------------------
1671 Mini-bar 40.0 ea $ 557.89 $ 22,315.68
- ---------------------------------------------------------------------------------------------------------------------------------
1701 1 Lamp-Floor 76.0 ea $ 140.59 $ 10,684.75
- ---------------------------------------------------------------------------------------------------------------------------------
1701 5 Torchiere 276.0 ea $ 191.91 $ 52,968.50
- ---------------------------------------------------------------------------------------------------------------------------------
1702 1 Lamp - Bedside 339.0 ea $ 96.70 $ 32,781.73
- ---------------------------------------------------------------------------------------------------------------------------------
1703 1 Lamp - Table 167.0 ea $ 118.27 $ 19,751.61
- ---------------------------------------------------------------------------------------------------------------------------------
1703 2 Lamp - End Table 69.0 ea $ 105.83 $ 7,288.30
- ---------------------------------------------------------------------------------------------------------------------------------
1706 1 Lamp - Console 20.0 ea $ 145.80 $ 2,915.92
- ---------------------------------------------------------------------------------------------------------------------------------
1706 2 Lamp - Buffet 6.0 ea $ 126.46 $ 758.73
- ---------------------------------------------------------------------------------------------------------------------------------
1801 1 Art 591.0 ea $ 81.82 $ 48,358.08
- ---------------------------------------------------------------------------------------------------------------------------------
1804 2 Mirror (full length) 239.0 ea $ 75.77 $ 18,108.83
- ---------------------------------------------------------------------------------------------------------------------------------
1804 5 Mirror (bath) 239.0 ea $ 119.02 $ 28,445.05
- ---------------------------------------------------------------------------------------------------------------------------------
1804 6 Mirror (over game table) 22.0 ea $ 118.94 $ 2,616.74
- ---------------------------------------------------------------------------------------------------------------------------------
1804 7 Mirror (buffet) 3.0 ea $ 148.77 $ 446.31
- ---------------------------------------------------------------------------------------------------------------------------------
1804 8 Mirror (bath) 3.0 ea
- ---------------------------------------------------------------------------------------------------------------------------------
1804 9 Mirror (bath) 3.0 ea
- ---------------------------------------------------------------------------------------------------------------------------------
1855 1 Planter 3.0 ea
- ---------------------------------------------------------------------------------------------------------------------------------
1857 1 Plants 20.0 ea $ 223.16 $ 4,463.14
- ---------------------------------------------------------------------------------------------------------------------------------
1951 TV/Swivel 279.0 ea $ 22.32 $ 6,226.07
- ---------------------------------------------------------------------------------------------------------------------------------
1952 Radio 239.0 ea $ 17.85 $ 4,266.76
- ---------------------------------------------------------------------------------------------------------------------------------
60313 Bedspread fabrication Attic Stock 15.0 ea $ 60.48 $ 907.13
- ---------------------------------------------------------------------------------------------------------------------------------
60313 1 Bedspread fabrication Attic Stock 16.0 ea $ 73.64 $ 1,176.27
- ---------------------------------------------------------------------------------------------------------------------------------
60314 Bedspread fabric Attic Stock 289.0 ly $ 9.30 $ 2,687.18
- ---------------------------------------------------------------------------------------------------------------------------------
60317 Dustruffle Fabrication 15.0 ea $ (2.57) $ (38.53)
- ---------------------------------------------------------------------------------------------------------------------------------
60317 1 Dustruffle fabrication 16.0 ea $ 2.33 $ 37.22
- ---------------------------------------------------------------------------------------------------------------------------------
60318 Dustruffle fabric 152.0 ly $ 9.08 $ 1,379.41
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL E: AA01 $ 6,346.48 $1,523,155.22
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Item Item
Name PO# / Invoice PO Issued Shipped Installed First 45% Second 45%
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
GUEST SPACE FF&E
- ---------------------------------------------------------------------------------------------------------------------------------
E:AA01 GENERAL GUESTROOM
- ---------------------------------------------------------------------------------------------------------------------------------
1201 1 Mattress/Boxspring
- ---------------------------------------------------------------------------------------------------------------------------------
1201 2 Mattress/Boxspring
- ---------------------------------------------------------------------------------------------------------------------------------
1203 1 Bed frame
- ---------------------------------------------------------------------------------------------------------------------------------
1203 2 Bed frame
- ---------------------------------------------------------------------------------------------------------------------------------
1313 4 Bedspread fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
1313 5 Bedspread fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
1314 Bedspread fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1317 1 Dustruffle Fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
1317 2 Dustruffle fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
1318 Dustruffle fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
1345 ? Shutters
- ---------------------------------------------------------------------------------------------------------------------------------
1345 ? Shutters
- ---------------------------------------------------------------------------------------------------------------------------------
1401 2 Sofa
- ---------------------------------------------------------------------------------------------------------------------------------
1402 1 Sofa Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1403 1 Sofa Pillow Fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
1404 1 Sofa Pillow Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1410 1 Loveseat - Palor 61"
- ---------------------------------------------------------------------------------------------------------------------------------
1411 1 Loveseat Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1412 1 Sofa Pillow Fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
1413 1 Sofa Pillow Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1416 1 Ottoman
- ---------------------------------------------------------------------------------------------------------------------------------
1418 1 Ottoman Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1418 2 Ottoman Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1418 3 Ottoman Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1418 4 Ottoman Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1419 1 Chair - Desk
- ---------------------------------------------------------------------------------------------------------------------------------
1429 1 Chair - Desk - Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1420 1 Chair - Lounge
- ---------------------------------------------------------------------------------------------------------------------------------
1422 1 Chair - Lounge Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1422 2 Chair - Lounge Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1422 3 Chair - Lounge Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1422 4 Chair - Lounge Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1425 1 Chair - Lounge Small
- ---------------------------------------------------------------------------------------------------------------------------------
1426 1 Chair - Lounge Small Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1426 2 Chair - Lounge Small Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1426 3 Chair - Lounge Small Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1427 1 Chair - Dining
- ---------------------------------------------------------------------------------------------------------------------------------
1427 6 Chair - Dining Arm
- ---------------------------------------------------------------------------------------------------------------------------------
1428 1 Chair - DiningFabric
- ---------------------------------------------------------------------------------------------------------------------------------
1448 1 Chair - Game
- ---------------------------------------------------------------------------------------------------------------------------------
1448 2 Chair- Game
- ---------------------------------------------------------------------------------------------------------------------------------
1449 1 Chair - Game - Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1449 2 Chair - Game - Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1450 Outdoor Chair
- ---------------------------------------------------------------------------------------------------------------------------------
1501 1 Headboard
- ---------------------------------------------------------------------------------------------------------------------------------
1501 5 Headboard
- ---------------------------------------------------------------------------------------------------------------------------------
1502 1 Desk
- ---------------------------------------------------------------------------------------------------------------------------------
1509 0 Table - Coffee (Square)
- ---------------------------------------------------------------------------------------------------------------------------------
1509 1 Table - Coffee (Rectangular)
- ---------------------------------------------------------------------------------------------------------------------------------
1510 1 Nightstand
- ---------------------------------------------------------------------------------------------------------------------------------
1511 1 Table - End
- ---------------------------------------------------------------------------------------------------------------------------------
1512 1 Table - Side (Small Round)
- ---------------------------------------------------------------------------------------------------------------------------------
1512 2 Table - Side (Round)
- ---------------------------------------------------------------------------------------------------------------------------------
1513 1 Console
- ---------------------------------------------------------------------------------------------------------------------------------
1515 1 Table - Dining
- ---------------------------------------------------------------------------------------------------------------------------------
1530 2 Armoire
- ---------------------------------------------------------------------------------------------------------------------------------
1530 3 Armoire
- ---------------------------------------------------------------------------------------------------------------------------------
1530 6 Armoire - Wardrobe
- ---------------------------------------------------------------------------------------------------------------------------------
1532 1 Table - Game
- ---------------------------------------------------------------------------------------------------------------------------------
1535 1 Buffet
- ---------------------------------------------------------------------------------------------------------------------------------
1550 1 Outdoor table
- ---------------------------------------------------------------------------------------------------------------------------------
1670 In-room Safes
- ---------------------------------------------------------------------------------------------------------------------------------
1671 Mini-bar
- ---------------------------------------------------------------------------------------------------------------------------------
1701 1 Lamp-Floor
- ---------------------------------------------------------------------------------------------------------------------------------
1701 5 Torchiere
- ---------------------------------------------------------------------------------------------------------------------------------
1702 1 Lamp - Bedside
- ---------------------------------------------------------------------------------------------------------------------------------
1703 1 Lamp - Table
- ---------------------------------------------------------------------------------------------------------------------------------
1703 2 Lamp - End Table
- ---------------------------------------------------------------------------------------------------------------------------------
1706 1 Lamp - Console
- ---------------------------------------------------------------------------------------------------------------------------------
1706 2 Lamp - Buffet
- ---------------------------------------------------------------------------------------------------------------------------------
1801 1 Art
- ---------------------------------------------------------------------------------------------------------------------------------
1804 2 Mirror (full length)
- ---------------------------------------------------------------------------------------------------------------------------------
1804 5 Mirror (bath)
- ---------------------------------------------------------------------------------------------------------------------------------
1804 6 Mirror (over game table)
- ---------------------------------------------------------------------------------------------------------------------------------
1804 7 Mirror (buffet)
- ---------------------------------------------------------------------------------------------------------------------------------
1804 8 Mirror (bath)
- ---------------------------------------------------------------------------------------------------------------------------------
1804 9 Mirror (bath)
- ---------------------------------------------------------------------------------------------------------------------------------
1855 1 Planter
- ---------------------------------------------------------------------------------------------------------------------------------
1857 1 Plants
- ---------------------------------------------------------------------------------------------------------------------------------
1951 TV/Swivel
- ---------------------------------------------------------------------------------------------------------------------------------
1952 Radio
- ---------------------------------------------------------------------------------------------------------------------------------
60313 Bedspread fabrication Attic Stock
- ---------------------------------------------------------------------------------------------------------------------------------
60313 1 Bedspread fabrication Attic Stock
- ---------------------------------------------------------------------------------------------------------------------------------
60314 Bedspread fabric Attic Stock
- ---------------------------------------------------------------------------------------------------------------------------------
60317 Dustruffle Fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
60317 1 Dustruffle fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
60318 Dustruffle fabric
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL E: AA01 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Remaining Warranty
Name Third 10% Budget Period Remarks
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
GUEST SPACE FF&E
- ---------------------------------------------------------------------------------------------------------------------------------
E:AA01 GENERAL GUESTROOM
- ---------------------------------------------------------------------------------------------------------------------------------
1201 1 Mattress/Boxspring $ 42,067.20
- ---------------------------------------------------------------------------------------------------------------------------------
1201 2 Mattress/Boxspring $ 70,574.54
- ---------------------------------------------------------------------------------------------------------------------------------
1203 1 Bed frame $ 6,378.73
- ---------------------------------------------------------------------------------------------------------------------------------
1203 2 Bed frame $ 9,035.74
- ---------------------------------------------------------------------------------------------------------------------------------
1313 4 Bedspread fabrication $ 8,246.03
- ---------------------------------------------------------------------------------------------------------------------------------
1313 5 Bedspread fabrication $ 11,293.06
- ---------------------------------------------------------------------------------------------------------------------------------
1314 Bedspread fabric $ 27,299.52
- ---------------------------------------------------------------------------------------------------------------------------------
1317 1 Dustruffle Fabrication $ 4,314.52
- ---------------------------------------------------------------------------------------------------------------------------------
1317 2 Dustruffle fabrication $ 6,174.04
- ---------------------------------------------------------------------------------------------------------------------------------
1318 Dustruffle fabrication $ 13,912.04
- ---------------------------------------------------------------------------------------------------------------------------------
1345 ? Shutters $ 161,392.02
- ---------------------------------------------------------------------------------------------------------------------------------
1345 ? Shutters $ 63,953.76
- ---------------------------------------------------------------------------------------------------------------------------------
1401 2 Sofa $ 19,042.71
- ---------------------------------------------------------------------------------------------------------------------------------
1402 1 Sofa Fabric $ 12,610.81
- ---------------------------------------------------------------------------------------------------------------------------------
1403 1 Sofa Pillow Fabrication $ 1,785.25
- ---------------------------------------------------------------------------------------------------------------------------------
1404 1 Sofa Pillow Fabric $ 1,422.25
- ---------------------------------------------------------------------------------------------------------------------------------
1410 1 Loveseat - Palor 61" $ 3,272.97
- ---------------------------------------------------------------------------------------------------------------------------------
1411 1 Loveseat Fabric $ 2,135.16
- ---------------------------------------------------------------------------------------------------------------------------------
1412 1 Sofa Pillow Fabrication $ 357.05
- ---------------------------------------------------------------------------------------------------------------------------------
1413 1 Sofa Pillow Fabric $ 106.67
- ---------------------------------------------------------------------------------------------------------------------------------
1416 1 Ottoman $ 15,873.89
- ---------------------------------------------------------------------------------------------------------------------------------
1418 1 Ottoman Fabric $ 5,209.00
- ---------------------------------------------------------------------------------------------------------------------------------
1418 2 Ottoman Fabric $ 1,947.42
- ---------------------------------------------------------------------------------------------------------------------------------
1418 3 Ottoman Fabric $ 1,714.74
- ---------------------------------------------------------------------------------------------------------------------------------
1418 4 Ottoman Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1419 1 Chair - Desk $ 8,703.12
- ---------------------------------------------------------------------------------------------------------------------------------
1429 1 Chair - Desk - Fabric $ 1,239.26
- ---------------------------------------------------------------------------------------------------------------------------------
1420 1 Chair - Lounge $ 31,762.65
- ---------------------------------------------------------------------------------------------------------------------------------
1422 1 Chair - Lounge Fabric $ 13,342.51
- ---------------------------------------------------------------------------------------------------------------------------------
1422 2 Chair - Lounge Fabric $ 5,766.37
- ---------------------------------------------------------------------------------------------------------------------------------
1422 3 Chair - Lounge Fabric $ 4,564.23
- ---------------------------------------------------------------------------------------------------------------------------------
1422 4 Chair - Lounge Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
1425 1 Chair - Lounge Small $ 6,880.67
- ---------------------------------------------------------------------------------------------------------------------------------
1426 1 Chair - Lounge Small Fabric $ 5,816.95
- ---------------------------------------------------------------------------------------------------------------------------------
1426 2 Chair - Lounge Small Fabric $ 204.45
- ---------------------------------------------------------------------------------------------------------------------------------
1426 3 Chair - Lounge Small Fabric $ 1,159.97
- ---------------------------------------------------------------------------------------------------------------------------------
1427 1 Chair - Dining $ 5,355.76
- ---------------------------------------------------------------------------------------------------------------------------------
1427 6 Chair - Dining Arm $ 2,008.41
- ---------------------------------------------------------------------------------------------------------------------------------
1428 1 Chair - DiningFabric $ 1,338.94
- ---------------------------------------------------------------------------------------------------------------------------------
1448 1 Chair - Game $ 81,932.38
- ---------------------------------------------------------------------------------------------------------------------------------
1448 2 Chair- Game
- ---------------------------------------------------------------------------------------------------------------------------------
1449 1 Chair - Game - Fabric $ 15,022.54
- ---------------------------------------------------------------------------------------------------------------------------------
1449 2 Chair - Game - Fabric $ 758.73
- ---------------------------------------------------------------------------------------------------------------------------------
1450 Outdoor Chair $ 1,944.86
- ---------------------------------------------------------------------------------------------------------------------------------
1501 1 Headboard $ 19,596.14
- ---------------------------------------------------------------------------------------------------------------------------------
1501 5 Headboard $ 26,424.74
- ---------------------------------------------------------------------------------------------------------------------------------
1502 1 Desk $ 18,276.54
- ---------------------------------------------------------------------------------------------------------------------------------
1509 0 Table - Coffee (Square) $ 7,096.39
- ---------------------------------------------------------------------------------------------------------------------------------
1509 1 Table - Coffee (Rectangular) $ 7,364.17
- ---------------------------------------------------------------------------------------------------------------------------------
1510 1 Nightstand $ 63,546.13
- ---------------------------------------------------------------------------------------------------------------------------------
1511 1 Table - End $ 12,831.52
- ---------------------------------------------------------------------------------------------------------------------------------
1512 1 Table - Side (Small Round) $ 3,868.05
- ---------------------------------------------------------------------------------------------------------------------------------
1512 2 Table - Side (Round) $ 5,355.76
- ---------------------------------------------------------------------------------------------------------------------------------
1513 1 Console $ 6,769.09
- ---------------------------------------------------------------------------------------------------------------------------------
1515 1 Table - Dining $ 5,578.92
- ---------------------------------------------------------------------------------------------------------------------------------
1530 2 Armoire $ 50,491.46
- ---------------------------------------------------------------------------------------------------------------------------------
1530 3 Armoire $ 25,053.07
- ---------------------------------------------------------------------------------------------------------------------------------
1530 6 Armoire - Wardrobe $ 216,723.94
- ---------------------------------------------------------------------------------------------------------------------------------
1532 1 Table - Game $ 60,869.74
- ---------------------------------------------------------------------------------------------------------------------------------
1535 1 Buffet $ 3,347.35
- ---------------------------------------------------------------------------------------------------------------------------------
1550 1 Outdoor table $ 648.29
- ---------------------------------------------------------------------------------------------------------------------------------
1670 In-room Safes $ 42,846.11
- ---------------------------------------------------------------------------------------------------------------------------------
1671 Mini-bar $ 22,315.68
- ---------------------------------------------------------------------------------------------------------------------------------
1701 1 Lamp-Floor $ 10,684.75
- ---------------------------------------------------------------------------------------------------------------------------------
1701 5 Torchiere $ 52,968.50
- ---------------------------------------------------------------------------------------------------------------------------------
1702 1 Lamp - Bedside $ 32,781.73
- ---------------------------------------------------------------------------------------------------------------------------------
1703 1 Lamp - Table $ 19,751.61
- ---------------------------------------------------------------------------------------------------------------------------------
1703 2 Lamp - End Table $ 7,288.30
- ---------------------------------------------------------------------------------------------------------------------------------
1706 1 Lamp - Console $ 2,915.92
- ---------------------------------------------------------------------------------------------------------------------------------
1706 2 Lamp - Buffet $ 758.73
- ---------------------------------------------------------------------------------------------------------------------------------
1801 1 Art $ 48,358.08
- ---------------------------------------------------------------------------------------------------------------------------------
1804 2 Mirror (full length) $ 18,108.83
- ---------------------------------------------------------------------------------------------------------------------------------
1804 5 Mirror (bath) $ 28,445.05
- ---------------------------------------------------------------------------------------------------------------------------------
1804 6 Mirror (over game table) $ 2,616.74
- ---------------------------------------------------------------------------------------------------------------------------------
1804 7 Mirror (buffet) $ 446.31
- ---------------------------------------------------------------------------------------------------------------------------------
1804 8 Mirror (bath)
- ---------------------------------------------------------------------------------------------------------------------------------
1804 9 Mirror (bath)
- ---------------------------------------------------------------------------------------------------------------------------------
1855 1 Planter
- ---------------------------------------------------------------------------------------------------------------------------------
1857 1 Plants $ 4,463.14
- ---------------------------------------------------------------------------------------------------------------------------------
1951 TV/Swivel $ 6,226.07
- ---------------------------------------------------------------------------------------------------------------------------------
1952 Radio $ 4,266.76
- ---------------------------------------------------------------------------------------------------------------------------------
60313 Bedspread fabrication Attic Stock $ 907.13
- ---------------------------------------------------------------------------------------------------------------------------------
60313 1 Bedspread fabrication Attic Stock $ 1,178.27
- ---------------------------------------------------------------------------------------------------------------------------------
60314 Bedspread fabric Attic Stock $ 2,687.18
- ---------------------------------------------------------------------------------------------------------------------------------
60317 Dustruffle Fabrication $ (38.53)
- ---------------------------------------------------------------------------------------------------------------------------------
60317 1 Dustruffle fabrication $ 37.22
- ---------------------------------------------------------------------------------------------------------------------------------
60318 Dustruffle fabric $ 1,379.41
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL E: AA01 $ 0.00 $1,523,155.22
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 14
Project: Wyndham Old San Juan
- -------------------------------------------------------------------------------
FF&E Detail Budget
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Name Quantity Unit Cost Total Vendor
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
E:CG01 GUESTROOM CORRIDORS (GGC)
- ---------------------------------------------------------------------------------------------------------------------------------
6513 Console Base 7.0 ea $ 1,190.17 $ 8,331.19
- ---------------------------------------------------------------------------------------------------------------------------------
6514 Console Top 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
6514 1 Console Top Cartoning 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
6804 Mirror 7.0 ea $ 595.08 $ 4,165.59
- ---------------------------------------------------------------------------------------------------------------------------------
6804 A Mirror Cartoning 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
6000 Ice machines 7.0 ea $ 4,314.36 $ 30,200.55
=================================================================================================================================
TOTAL E:CG01 $ 6,099.62 $ 42,697.34
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
E:KG01 MOCKUP ROOM
- ---------------------------------------------------------------------------------------------------------------------------------
101.03 Carpet 45.0 sy $ 14.88 $ 669.47
- ---------------------------------------------------------------------------------------------------------------------------------
201.02 Mattress/Boxspring 1.0 ea $ 342.17 $ 342.17
- ---------------------------------------------------------------------------------------------------------------------------------
203.02 Bed frame 1.0 ea $ 43.14 $ 43.14
- ---------------------------------------------------------------------------------------------------------------------------------
345.01 Shutters 1.0 ea $ 1,338.94 $ 1,338.94
- ---------------------------------------------------------------------------------------------------------------------------------
314.12 Bedspread fabric 12.0 ly $ 59.51 $ 714.10
- ---------------------------------------------------------------------------------------------------------------------------------
313.05 Bedspread fabrication 1.0 ea $ 63.23 $ 63.23
- ---------------------------------------------------------------------------------------------------------------------------------
318.03 Dustruffle fabric 6.0 ly $ 14.88 $ 89.26
- ---------------------------------------------------------------------------------------------------------------------------------
317.02 Dustruffle fabrication 1.0 ea $ 41.66 $ 41.66
- ---------------------------------------------------------------------------------------------------------------------------------
448.01 Game Chair 2.0 ea $ 331.76 $ 663.52
- ---------------------------------------------------------------------------------------------------------------------------------
449.01 Game Chair Fabric 5.0 ly $ 95.21 $ 476.07
- ---------------------------------------------------------------------------------------------------------------------------------
502.05 Desk 1.0 ea $ 743.86 $ 743.86
- ---------------------------------------------------------------------------------------------------------------------------------
501.05 Headboard 1.0 ea $ 1,014.92 $ 1,014.92
- ---------------------------------------------------------------------------------------------------------------------------------
501.05 Headboard 1.0 ea $ 357.05 $ 357.05
- ---------------------------------------------------------------------------------------------------------------------------------
530.06 Armoire 1.0 ea $ 2,975.42 $ 2,975.42
- ---------------------------------------------------------------------------------------------------------------------------------
510.10 Nightstand 2.0 ea $ 327.30 $ 654.59
- ---------------------------------------------------------------------------------------------------------------------------------
701.01 Floor Lamp 2.0 ea $ 281.92 $ 563.84
- ---------------------------------------------------------------------------------------------------------------------------------
702.10 Bedside Lamp 2.0 ea $ 148.03 $ 296.05
- ---------------------------------------------------------------------------------------------------------------------------------
730.01 Desk Lamp 1.0 ea $ 103.40 $ 103.40
- ---------------------------------------------------------------------------------------------------------------------------------
Wallsconce (room) 1.0 ea $ 267.79 $ 267.79
- ---------------------------------------------------------------------------------------------------------------------------------
801.01 Art 2.0 ea $ 550.45 $ 1,100.91
- ---------------------------------------------------------------------------------------------------------------------------------
Mirror (full length) 1.0 ea $ 74.39 $ 74.39
- ---------------------------------------------------------------------------------------------------------------------------------
TV Swivel 1.0 ea $ 22.32 $ 22.32
- ---------------------------------------------------------------------------------------------------------------------------------
Radio 1.0 ea $ 16.36 $ 16.36
- ---------------------------------------------------------------------------------------------------------------------------------
090000.00 Construction 1.0 ea $ 7,438.56 $ 7,438.56 S.W. Progressive Enterprises, Inc.
=================================================================================================================================
TOTAL E:KG01 $20,071.02 $ 20,071.02
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Item Item
Name PO# / Invoice PO Issued Shipped Installed First 45% Second 45%
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
E:CG01 GUESTROOM CORRIDORS (GGC)
- ---------------------------------------------------------------------------------------------------------------------------------
6513 Console Base
- ---------------------------------------------------------------------------------------------------------------------------------
6514 Console Top
- ---------------------------------------------------------------------------------------------------------------------------------
6514 1 Console Top Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
6804 Mirror
- ---------------------------------------------------------------------------------------------------------------------------------
6804 A Mirror Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
6000 Ice machines
=================================================================================================================================
TOTAL E:CG01 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
E:KG01 MOCKUP ROOM
- ---------------------------------------------------------------------------------------------------------------------------------
101.03 Carpet 02/15/95 02/15/95 02/15/95 $ 301.26 $ 301.26
- ---------------------------------------------------------------------------------------------------------------------------------
201.02 Mattress/Boxspring 02/15/95 02/15/95 02/15/95 $ 153.98 $ 153.98
- ---------------------------------------------------------------------------------------------------------------------------------
203.02 Bed frame 02/15/95 02/15/95 02/15/95 $ 19.41 $ 19.41
- ---------------------------------------------------------------------------------------------------------------------------------
345.01 Shutters 02/15/95 02/15/95 02/15/95 $ 602.52 $ 602.52
- ---------------------------------------------------------------------------------------------------------------------------------
314.12 Bedspread fabric 02/15/95 02/15/95 02/15/95 $ 321.35 $ 321.35
- ---------------------------------------------------------------------------------------------------------------------------------
313.05 Bedspread fabrication 02/15/95 02/15/95 02/15/95 $ 28.45 $ 28.45
- ---------------------------------------------------------------------------------------------------------------------------------
318.03 Dustruffle fabric 02/15/95 02/15/95 02/15/95 $ 40.17 $ 40.17
- ---------------------------------------------------------------------------------------------------------------------------------
317.02 Dustruffle fabrication 02/15/95 02/15/95 02/15/95 $ 18.75 $ 18.75
- ---------------------------------------------------------------------------------------------------------------------------------
448.01 Game Chair 02/15/95 02/15/95 02/15/95 $ 298.58 $ 298.58
- ---------------------------------------------------------------------------------------------------------------------------------
449.01 Game Chair Fabric 02/15/95 02/15/95 02/15/95 $ 214.23 $ 214.23
- ---------------------------------------------------------------------------------------------------------------------------------
502.05 Desk 02/15/95 02/15/95 02/15/95 $ 334.74 $ 334.74
- ---------------------------------------------------------------------------------------------------------------------------------
501.05 Headboard 02/15/95 02/15/95 02/15/95 $ 456.71 $ 456.71
- ---------------------------------------------------------------------------------------------------------------------------------
501.05 Headboard 02/15/95 02/15/95 02/15/95 $ 160.67 $ 160.67
- ---------------------------------------------------------------------------------------------------------------------------------
530.06 Armoire 02/15/95 02/15/95 02/15/95 $1,338.94 $1,338.94
- ---------------------------------------------------------------------------------------------------------------------------------
510.10 Nightstand 02/15/95 02/15/95 02/15/95 $ 294.57 $ 294.57
- ---------------------------------------------------------------------------------------------------------------------------------
701.01 Floor Lamp 02/15/95 02/15/95 02/15/95 $ 253.73 $ 253.73
- ---------------------------------------------------------------------------------------------------------------------------------
702.10 Bedside Lamp 02/15/95 02/15/95 02/15/95 $ 133.22 $ 133.22
- ---------------------------------------------------------------------------------------------------------------------------------
730.01 Desk Lamp 02/15/95 02/15/95 02/15/95 $ 46.53 $ 46.53
- ---------------------------------------------------------------------------------------------------------------------------------
Wallsconce (room) 02/15/95 02/15/95 02/15/95 $ 120.50 $ 120.50
- ---------------------------------------------------------------------------------------------------------------------------------
801.01 Art 02/15/95 02/15/95 02/15/95 $ 495.41 $ 495.41
- ---------------------------------------------------------------------------------------------------------------------------------
Mirror (full length) 02/15/95 02/15/95 02/15/95 $ 33.47 $ 33.47
- ---------------------------------------------------------------------------------------------------------------------------------
TV Swivel 02/15/95 02/15/95 02/15/95 $ 10.04 $ 10.04
- ---------------------------------------------------------------------------------------------------------------------------------
Radio 02/15/95 02/15/95 02/15/95 $ 7.36 $ 7.36
- ---------------------------------------------------------------------------------------------------------------------------------
090000.00 Construction 150643 02/15/95 02/15/95 02/15/95 $3,347.35 $3,347.35
=================================================================================================================================
TOTAL E:KG01 $9,031.96 $9,031.96
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Remaining Warranty
Name Third 10% Budget Period Remarks
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
E:CG01 GUESTROOM CORRIDORS (GGC)
- ---------------------------------------------------------------------------------------------------------------------------------
6513 Console Base $ 8,331.19
- ---------------------------------------------------------------------------------------------------------------------------------
6514 Console Top
- ---------------------------------------------------------------------------------------------------------------------------------
6514 1 Console Top Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
6804 Mirror $ 4,165.59
- ---------------------------------------------------------------------------------------------------------------------------------
6804 A Mirror Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
6000 Ice machines $ 30,200.55
=================================================================================================================================
TOTAL E:CG01 $ 0.00 $ 42,697.34
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
E:KG01 MOCKUP ROOM
- ---------------------------------------------------------------------------------------------------------------------------------
101.01 Carpet $ 66.95 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
201.02 Mattress/Boxspring $ 34.22 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
203.02 Bed frame $ 4.31 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
345.01 Shutters $ 133.89 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
314.12 Bedspread fabric $ 71.41 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
313.05 Bedspread fabrication $ 6.32 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
318.03 Dustruffle fabric $ 8.93 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
317.02 Dustruffle fabrication $ 4.17 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
448.01 Game Chair $ 66.35 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
449.01 Game Chair Fabric $ 47.61 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
502.05 Desk $ 74.39 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
501.05 Headboard $ 101.49 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
501.05 Headboard $ 35.71 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
530.06 Armoire $ 297.54 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
510.10 Nightstand $ 65.46 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
701.01 Floor Lamp $ 56.38 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
702.10 Bedside Lamp $ 29.61 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
730.01 Desk Lamp $ 10.34 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Wallsconce (room) $ 26.78 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
801.01 Art $ 110.09 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Mirror (full length) $ 7.44 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
TV Swivel $ 2.23 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Radio $ 1.64 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
090000.00 Construction $ 743.86 $ 0.00 1 yr
=================================================================================================================================
TOTAL E:KG01 $2,007.10 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 15
Project: Wyndham Old San Juan
- -------------------------------------------------------------------------------
FF&E Detail Budget
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Name Quantity Unit Cost Total Vendor
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
E:SP01 Presidential Suite
A Bedspread Fabric 12.0 ly $ 17.85 $ 214.23
- ---------------------------------------------------------------------------------------------------------------------------------
B Shutters 4.0 ea $1,997.16 $ 7,988.66
- ---------------------------------------------------------------------------------------------------------------------------------
C Accessories 1.0 ea $1,190.17 $ 1,190.17
- ---------------------------------------------------------------------------------------------------------------------------------
2301 2 Drapery Fabrication 1.0 ea $4,463.14 $ 4,463.14
- ---------------------------------------------------------------------------------------------------------------------------------
2302 3 Drapery Fabric 54.0 ly $ 20.08 $ 1,084.54
- ---------------------------------------------------------------------------------------------------------------------------------
2401 5 Sofa (parlor) - 85" 1.0 ea $ 937.26 $ 937.26
- ---------------------------------------------------------------------------------------------------------------------------------
2402 1 Sofa Fabric (parlor) 16.0 ly $ 14.80 $ 236.84
- ---------------------------------------------------------------------------------------------------------------------------------
2402 9 Sofa Trim 18.0 ly $ 63.23 $ 1,138.10
- ---------------------------------------------------------------------------------------------------------------------------------
2403 1 Pillows 4.0 ea $ 37.19 $ 148.77
- ---------------------------------------------------------------------------------------------------------------------------------
2406 1 Pillows fabric 2.0 ly $ 52.07 $ 104.14
- ---------------------------------------------------------------------------------------------------------------------------------
2421 3 Lounge Chair 1.0 ea $ 740.88 $ 740.88
- ---------------------------------------------------------------------------------------------------------------------------------
2421 4 Lounge Chair Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
2421 5 Lounge Chair Fabric 6.0 ly $ 14.80 $ 88.82
- ---------------------------------------------------------------------------------------------------------------------------------
2427 6 Dining Chair Arm 8.0 ea $ 626.33 $ 5,010.61
- ---------------------------------------------------------------------------------------------------------------------------------
2427 7 Dining Chair Arm Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
2428 6 Dining Chair Arm Fabric 28.0 ly $ 74.39 $ 2,082.80
- ---------------------------------------------------------------------------------------------------------------------------------
2428 A Dining Chair Arm Fabric Fire Retardant
- ---------------------------------------------------------------------------------------------------------------------------------
2509 5 Coffee Table Square 1.0 ea $1,152.98 $ 1,152.98
- ---------------------------------------------------------------------------------------------------------------------------------
2509 6 Coffee Table Square Glass Top
- ---------------------------------------------------------------------------------------------------------------------------------
2511 1 End Table 1.0 ea $ 156.21 $ 156.21
- ---------------------------------------------------------------------------------------------------------------------------------
2513 6 Console 1.0 ea $1,234.80 $ 1,234.80
- ---------------------------------------------------------------------------------------------------------------------------------
2513 6 Console Glass Top
- ---------------------------------------------------------------------------------------------------------------------------------
2515 6 Dining Table Base
- ---------------------------------------------------------------------------------------------------------------------------------
2515 9 Dining Table Top 1.0 ea $ 900.07 $ 900.07
- ---------------------------------------------------------------------------------------------------------------------------------
2522 2 Entertainment Center 1.0 ea $5,459.90 $ 5,459.90
- ---------------------------------------------------------------------------------------------------------------------------------
2701 4 Floor Lamp 1.0 ea $ 446.31 $ 446.31
- ---------------------------------------------------------------------------------------------------------------------------------
2708 1 Console Lamp (parlor) 2.0 ea $ 223.16 $ 446.31
- ---------------------------------------------------------------------------------------------------------------------------------
2801 2 Art 1.0 ea $4,463.14 $ 4,463.14
- ---------------------------------------------------------------------------------------------------------------------------------
2804 5 Mirror 1.0 ea $ 520.70 $ 520.70
- ---------------------------------------------------------------------------------------------------------------------------------
2855 1 Plant/planter 1.0 ea $ 743.86 $ 743.86
- ---------------------------------------------------------------------------------------------------------------------------------
2951 TV/Swivel 2.0 ea $ 22.32 $ 44.63
- ---------------------------------------------------------------------------------------------------------------------------------
3201 2 Mattress/Boxspring 1.0 ea $ 456.73 $ 456.73
- ---------------------------------------------------------------------------------------------------------------------------------
3203 2 Bed frame 1.0 ea $ 58.02 $ 58.02
- ---------------------------------------------------------------------------------------------------------------------------------
3301 2 Drapery Fabrication 1.0 ea $ 967.01 $ 967.01
- ---------------------------------------------------------------------------------------------------------------------------------
3302 3 Drapery Fabric 18.0 ly $ 20.08 $ 361.51
- ---------------------------------------------------------------------------------------------------------------------------------
3305 3 Cornice Fabric 5.0 ly $ 20.08 $ 100.42
- ---------------------------------------------------------------------------------------------------------------------------------
3313 1 Coverlet Labor 1.0 ea $ 74.39 $ 74.39
- ---------------------------------------------------------------------------------------------------------------------------------
3317 2 Dust Ruffle 1.0 ea $ 41.66 $ 41.66
- ---------------------------------------------------------------------------------------------------------------------------------
3318 1 Dust Ruffle fabric 6.0 ly $ 10.27 $ 61.59
- ---------------------------------------------------------------------------------------------------------------------------------
3319 1 Sham fabrication 2.0 ea $ 37.19 $ 74.39
- ---------------------------------------------------------------------------------------------------------------------------------
3319 2 Sham Fabric 4.0 ly $ 17.85 $ 71.41
- ---------------------------------------------------------------------------------------------------------------------------------
3401 1 Sofa (parlor) - 85" 2.0 ea $1,309.19 $ 2,618.37
- ---------------------------------------------------------------------------------------------------------------------------------
3404 1 Sofa Fabric (parlor) 36.0 ly $ 46.04 $ 1,657.61
- ---------------------------------------------------------------------------------------------------------------------------------
3416 1 Ottoman 1.0 ea $ 163.65 $ 163.65
- ---------------------------------------------------------------------------------------------------------------------------------
3418 1 Ottoman Fabric 4.5 ly $ 20.83 $ 93.73
- ---------------------------------------------------------------------------------------------------------------------------------
3421 1 Lounge Chair 1.0 ea $ 260.35 $ 260.35
- ---------------------------------------------------------------------------------------------------------------------------------
3421 3 Lounge Chair Fabric 10.0 ly $ 20.83 $ 208.28
- ---------------------------------------------------------------------------------------------------------------------------------
3422 1 Lounge Chair 2.0 ea $ 852.46 $ 1,704.92
- ---------------------------------------------------------------------------------------------------------------------------------
3422 3 Lounge Chair Fabric 20.0 ly $ 52.07 $ 1,041.40
- ---------------------------------------------------------------------------------------------------------------------------------
3510 1 Nightstand 2.0 ea $ 669.47 $ 1,338.94
- ---------------------------------------------------------------------------------------------------------------------------------
3510 2 Nightstand Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
3511 1 End Table
- ---------------------------------------------------------------------------------------------------------------------------------
3511 2 Side Table 2.0 ea $ 520.70 $ 1,041.40
- ---------------------------------------------------------------------------------------------------------------------------------
3530 3 Entertainment Center 1.0 ea $3,763.91 $ 3,763.91
- ---------------------------------------------------------------------------------------------------------------------------------
3533 6 Dresser 1.0 ea $1,599.29 $ 1,599.29
- ---------------------------------------------------------------------------------------------------------------------------------
3536 1 Canopy Bed 1.0 ea $1,263.07 $ 1,263.07
- ---------------------------------------------------------------------------------------------------------------------------------
3670 In-room Safes
- ---------------------------------------------------------------------------------------------------------------------------------
3671 Mini-bar 1.0 ea $ 557.89 $ 557.89
- ---------------------------------------------------------------------------------------------------------------------------------
3701 1 Floor Lamp 1.0 ea $ 145.05 $ 145.05
- ---------------------------------------------------------------------------------------------------------------------------------
3701 5 Torchier 2.0 ea $ 259.61 $ 519.21
- ---------------------------------------------------------------------------------------------------------------------------------
3702 1 Bedside lamps 2.0 ea $ 260.35 $ 520.70
- ---------------------------------------------------------------------------------------------------------------------------------
3703 3 Table Lamp 1.0 ea $ 278.95 $ 278.95
- ---------------------------------------------------------------------------------------------------------------------------------
3705 1 Dresser Lamp 1.0 ea $ 230.60 $ 230.60
- ---------------------------------------------------------------------------------------------------------------------------------
3801 2 Art
- ---------------------------------------------------------------------------------------------------------------------------------
3804 Mirror 1.0 ea $ 267.79 $ 267.79
- ---------------------------------------------------------------------------------------------------------------------------------
3804 4 Mirror
- ---------------------------------------------------------------------------------------------------------------------------------
3951 TV/Swivel
- ---------------------------------------------------------------------------------------------------------------------------------
3952 Radio
=================================================================================================================================
TOTAL E:SP01 ERR $62,540.08
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Item Item
Name PO# / Invoice PO Issued Shipped Installed First 45% Second 45%
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
E:SP01 Presidential Suite
A Bedspread Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
B Shutters
- ---------------------------------------------------------------------------------------------------------------------------------
C Accessories
- ---------------------------------------------------------------------------------------------------------------------------------
2301 2 Drapery Fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
2302 3 Drapery Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
2401 5 Sofa (parlor) - 85"
- ---------------------------------------------------------------------------------------------------------------------------------
2402 1 Sofa Fabric (parlor)
- ---------------------------------------------------------------------------------------------------------------------------------
2402 9 Sofa Trim
- ---------------------------------------------------------------------------------------------------------------------------------
2403 1 Pillows
- ---------------------------------------------------------------------------------------------------------------------------------
2406 1 Pillows fabric
- ---------------------------------------------------------------------------------------------------------------------------------
2421 3 Lounge Chair
- ---------------------------------------------------------------------------------------------------------------------------------
2421 4 Lounge Chair Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
2421 5 Lounge Chair Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
2427 6 Dining Chair Arm
- ---------------------------------------------------------------------------------------------------------------------------------
2427 7 Dining Chair Arm Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
2426 6 Dining Chair Arm Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
2428 A Dining Chair Arm Fabric Fire Retardant
- ---------------------------------------------------------------------------------------------------------------------------------
2509 5 Coffee Table Square
- ---------------------------------------------------------------------------------------------------------------------------------
2509 6 Coffee Table Square Glass Top
- ---------------------------------------------------------------------------------------------------------------------------------
2511 1 End Table
- ---------------------------------------------------------------------------------------------------------------------------------
2513 6 Console
- ---------------------------------------------------------------------------------------------------------------------------------
2513 6 Console Glass Top
- ---------------------------------------------------------------------------------------------------------------------------------
2515 6 Dining Table Base
- ---------------------------------------------------------------------------------------------------------------------------------
2515 9 Dining Table Top
- ---------------------------------------------------------------------------------------------------------------------------------
2522 2 Entertainment Center
- ---------------------------------------------------------------------------------------------------------------------------------
2701 4 Floor Lamp
- ---------------------------------------------------------------------------------------------------------------------------------
2708 1 Console Lamp (parlor)
- ---------------------------------------------------------------------------------------------------------------------------------
2801 2 Art
- ---------------------------------------------------------------------------------------------------------------------------------
2804 5 Mirror
- ---------------------------------------------------------------------------------------------------------------------------------
2855 1 Plant/planter
- ---------------------------------------------------------------------------------------------------------------------------------
2951 TV/Swivel
- ---------------------------------------------------------------------------------------------------------------------------------
3201 2 Mattress/Boxspring
- ---------------------------------------------------------------------------------------------------------------------------------
3203 2 Bed frame
- ---------------------------------------------------------------------------------------------------------------------------------
3301 2 Drapery Fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
3302 3 Drapery Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
3305 3 Cornice Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
3313 1 Coverlet Labor
- ---------------------------------------------------------------------------------------------------------------------------------
3317 2 Dust Ruffle
- ---------------------------------------------------------------------------------------------------------------------------------
3318 1 Dust Ruffle fabric
- ---------------------------------------------------------------------------------------------------------------------------------
3319 1 Sham fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
3319 2 Sham Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
3401 1 Sofa (parlor) - 85"
- ---------------------------------------------------------------------------------------------------------------------------------
3404 1 Sofa Fabric (parlor)
- ---------------------------------------------------------------------------------------------------------------------------------
3416 1 Ottoman
- ---------------------------------------------------------------------------------------------------------------------------------
3418 1 Ottoman Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
3421 1 Lounge Chair
- ---------------------------------------------------------------------------------------------------------------------------------
3421 3 Lounge Chair Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
3422 1 Lounge Chair
- ---------------------------------------------------------------------------------------------------------------------------------
3422 3 Lounge Chair Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
3510 1 Nightstand
- ---------------------------------------------------------------------------------------------------------------------------------
3510 2 Nightstand Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
3511 1 End Table
- ---------------------------------------------------------------------------------------------------------------------------------
3511 2 Side Table
- ---------------------------------------------------------------------------------------------------------------------------------
3530 3 Entertainment Center
- ---------------------------------------------------------------------------------------------------------------------------------
3533 6 Dresser
- ---------------------------------------------------------------------------------------------------------------------------------
3536 1 Canopy Bed
- ---------------------------------------------------------------------------------------------------------------------------------
3670 In-room Safes
- ---------------------------------------------------------------------------------------------------------------------------------
3671 Mini-bar
- ---------------------------------------------------------------------------------------------------------------------------------
3701 1 Floor Lamp
- ---------------------------------------------------------------------------------------------------------------------------------
3701 5 Torchier
- ---------------------------------------------------------------------------------------------------------------------------------
3702 1 Bedside lamps
- ---------------------------------------------------------------------------------------------------------------------------------
3703 3 Table Lamp
- ---------------------------------------------------------------------------------------------------------------------------------
3705 1 Dresser Lamp
- ---------------------------------------------------------------------------------------------------------------------------------
3801 2 Art
- ---------------------------------------------------------------------------------------------------------------------------------
3804 Mirror
- ---------------------------------------------------------------------------------------------------------------------------------
3804 4 Mirror
- ---------------------------------------------------------------------------------------------------------------------------------
3951 TV/Swivel
- ---------------------------------------------------------------------------------------------------------------------------------
3952 Radio
=================================================================================================================================
TOTAL E:SP01 $0.00 $0.00
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Remaining Warranty
Name Third 10% Budget Period Remarks
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
E:SP01 Presidential Suite
A Bedspread Fabric $ 214.23
- ---------------------------------------------------------------------------------------------------------------------------------
B Shutters $ 7,988.66
- ---------------------------------------------------------------------------------------------------------------------------------
C Accessories $ 1,190.17
- ---------------------------------------------------------------------------------------------------------------------------------
2301 2 Drapery Fabrication $ 4,463.14
- ---------------------------------------------------------------------------------------------------------------------------------
2302 3 Drapery Fabric $ 1,084.54
- ---------------------------------------------------------------------------------------------------------------------------------
2401 5 Sofa (parlor) - 85" $ 937.26
- ---------------------------------------------------------------------------------------------------------------------------------
2402 1 Sofa Fabric (parlor) $ 236.84
- ---------------------------------------------------------------------------------------------------------------------------------
2402 9 Sofa Trim $ 1,138.10
- ---------------------------------------------------------------------------------------------------------------------------------
2403 1 Pillows $ 148.77
- ---------------------------------------------------------------------------------------------------------------------------------
2406 1 Pillows fabric $ 104.14
- ---------------------------------------------------------------------------------------------------------------------------------
2421 3 Lounge Chair $ 740.88
- ---------------------------------------------------------------------------------------------------------------------------------
2421 4 Lounge Chair Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
2421 5 Lounge Chair Fabric $ 88.82
- ---------------------------------------------------------------------------------------------------------------------------------
2427 6 Dining Chair Arm $ 5,010.61
- ---------------------------------------------------------------------------------------------------------------------------------
2427 7 Dining Chair Arm Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
2428 6 Dining Chair Arm Fabric $ 2,082.80
- ---------------------------------------------------------------------------------------------------------------------------------
2428 A Dining Chair Arm Fabric Fire Retardant
- ---------------------------------------------------------------------------------------------------------------------------------
2509 5 Coffee Table Square $ 1,152.98
- ---------------------------------------------------------------------------------------------------------------------------------
2509 6 Coffee Table Square Glass Top
- ---------------------------------------------------------------------------------------------------------------------------------
2511 1 End Table $ 156.21
- ---------------------------------------------------------------------------------------------------------------------------------
2513 6 Console $ 1,234.80
- ---------------------------------------------------------------------------------------------------------------------------------
2513 6 Console Glass Top
- ---------------------------------------------------------------------------------------------------------------------------------
2515 6 Dining Table Base
- ---------------------------------------------------------------------------------------------------------------------------------
2515 9 Dining Table Top $ 900.07
- ---------------------------------------------------------------------------------------------------------------------------------
2522 2 Entertainment Center $ 5,459.90
- ---------------------------------------------------------------------------------------------------------------------------------
2701 4 Floor Lamp $ 446.31
- ---------------------------------------------------------------------------------------------------------------------------------
2708 1 Console Lamp (parlor) $ 446.31
- ---------------------------------------------------------------------------------------------------------------------------------
2801 2 Art $ 4,463.14
- ---------------------------------------------------------------------------------------------------------------------------------
2804 5 Mirror $ 520.70
- ---------------------------------------------------------------------------------------------------------------------------------
2855 1 Plant/planter $ 743.86
- ---------------------------------------------------------------------------------------------------------------------------------
2951 TV/Swivel $ 44.63
- ---------------------------------------------------------------------------------------------------------------------------------
3201 2 Mattress/Boxspring $ 456.73
- ---------------------------------------------------------------------------------------------------------------------------------
3203 2 Bed frame $ 58.02
- ---------------------------------------------------------------------------------------------------------------------------------
3301 2 Drapery Fabrication $ 967.01
- ---------------------------------------------------------------------------------------------------------------------------------
3302 3 Drapery Fabric $ 361.51
- ---------------------------------------------------------------------------------------------------------------------------------
3305 3 Cornice Fabric $ 100.42
- ---------------------------------------------------------------------------------------------------------------------------------
3313 1 Coverlet Labor $ 74.39
- ---------------------------------------------------------------------------------------------------------------------------------
3317 2 Dust Ruffle $ 41.66
- ---------------------------------------------------------------------------------------------------------------------------------
3318 1 Dust Ruffle fabric $ 61.59
- ---------------------------------------------------------------------------------------------------------------------------------
3319 1 Sham fabrication $ 74.39
- ---------------------------------------------------------------------------------------------------------------------------------
3319 2 Sham Fabric $ 71.41
- ---------------------------------------------------------------------------------------------------------------------------------
3401 1 Sofa (parlor) - 85" $ 2,618.37
- ---------------------------------------------------------------------------------------------------------------------------------
3404 1 Sofa Fabric (parlor) $ 1,657.61
- ---------------------------------------------------------------------------------------------------------------------------------
3416 1 Ottoman $ 163.65
- ---------------------------------------------------------------------------------------------------------------------------------
3418 1 Ottoman Fabric $ 93.73
- ---------------------------------------------------------------------------------------------------------------------------------
3421 1 Lounge Chair $ 260.35
- ---------------------------------------------------------------------------------------------------------------------------------
3421 3 Lounge Chair Fabric $ 208.28
- ---------------------------------------------------------------------------------------------------------------------------------
3422 1 Lounge Chair $ 1,704.92
- ---------------------------------------------------------------------------------------------------------------------------------
3422 3 Lounge Chair Fabric $ 1,041.40
- ---------------------------------------------------------------------------------------------------------------------------------
3510 1 Nightstand $ 1,338.94
- ---------------------------------------------------------------------------------------------------------------------------------
3510 2 Nightstand Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
3511 1 End Table
- ---------------------------------------------------------------------------------------------------------------------------------
3511 2 Side Table $ 1,041.40
- ---------------------------------------------------------------------------------------------------------------------------------
3530 3 Entertainment Center $ 3,763.91
- ---------------------------------------------------------------------------------------------------------------------------------
3533 6 Dresser $ 1,599.29
- ---------------------------------------------------------------------------------------------------------------------------------
3536 1 Canopy Bed $ 1,263.07
- ---------------------------------------------------------------------------------------------------------------------------------
3670 In-room Safes
- ---------------------------------------------------------------------------------------------------------------------------------
3671 Mini-bar $ 557.89
- ---------------------------------------------------------------------------------------------------------------------------------
3701 1 Floor Lamp $ 145.05
- ---------------------------------------------------------------------------------------------------------------------------------
3701 5 Torchier $ 519.21
- ---------------------------------------------------------------------------------------------------------------------------------
3702 1 Bedside lamps $ 520.70
- ---------------------------------------------------------------------------------------------------------------------------------
3703 3 Table Lamp $ 278.95
- ---------------------------------------------------------------------------------------------------------------------------------
3705 1 Dresser Lamp $ 230.60
- ---------------------------------------------------------------------------------------------------------------------------------
3801 2 Art
- ---------------------------------------------------------------------------------------------------------------------------------
3804 Mirror $ 267.79
- ---------------------------------------------------------------------------------------------------------------------------------
3804 4 Mirror
- ---------------------------------------------------------------------------------------------------------------------------------
3951 TV/Swivel
- ---------------------------------------------------------------------------------------------------------------------------------
3952 Radio
=================================================================================================================================
TOTAL E:SP01 $0.00 $62,540.08
</TABLE>
<PAGE> 16
Project: Wyndham Old San Juan
- -------------------------------------------------------------------------------
FF&E Detail Budget
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Name Quantity Unit Cost Total Vendor
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
E:SP02 Concierge Lounge
- ---------------------------------------------------------------------------------------------------------------------------------
A Desk Chair 1.0 ea $ 344.50 $ 344.50
- ---------------------------------------------------------------------------------------------------------------------------------
B Desk Chair Fabric 2.0 ly $ 20.67 $ 41.34
- ---------------------------------------------------------------------------------------------------------------------------------
C Pull Up Chair 2.0 ea $ 413.40 $ 826.80
- ---------------------------------------------------------------------------------------------------------------------------------
D Pull Up Chair Fabric 10.0 ly $ 34.45 $ 344.50
- ---------------------------------------------------------------------------------------------------------------------------------
E Loveseat (parlor) - 61" 2.0 ea $ 757.90 $ 1,515.80
- ---------------------------------------------------------------------------------------------------------------------------------
F Loveseat Fabric (parlor) 40.0 ly $ 48.23 $ 1,929,20
- ---------------------------------------------------------------------------------------------------------------------------------
G Accessories 1.0 ea $ 689.00 $ 689.00
- ---------------------------------------------------------------------------------------------------------------------------------
H Plant/planter 3.0 ea $ 206.70 $ 620.10
- ---------------------------------------------------------------------------------------------------------------------------------
5060 TV 1.0 ea $ 689.00 $ 689.00
- ---------------------------------------------------------------------------------------------------------------------------------
5061 Dishwasher 1.0 ea $ 482.30 $ 482.30
- ---------------------------------------------------------------------------------------------------------------------------------
5062 Small commercial icemaker 1.0 ea $ 2,067.00 $ 2,067.00
- ---------------------------------------------------------------------------------------------------------------------------------
5063 Microwave Oven 1.0 ea $ 344.50 $ 344.50
- ---------------------------------------------------------------------------------------------------------------------------------
5054 Double Door Refrigerator/freezer 1.0 ea $ 6,201.01 $ 6,201.01
- ---------------------------------------------------------------------------------------------------------------------------------
5301 1 Shutters 4.0 ea $ 689.00 $ 2,756.00
- ---------------------------------------------------------------------------------------------------------------------------------
5301 2 Drapery Fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
5302 9 Drapery Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
5401 2 Sofa (parlor) - 85" 2.0 ea $ 895.70 $ 1,791.40
- ---------------------------------------------------------------------------------------------------------------------------------
5401 5 Sofa Fabric (parlor) 45.0 ly $ 48.23 $ 2,170.35
- ---------------------------------------------------------------------------------------------------------------------------------
5421 Lounge Chair (Parlor) 4.0 ea $ 482.30 $ 1,929.20
- ---------------------------------------------------------------------------------------------------------------------------------
5421 2 Lounge Chair Fabric (parlor) 16.0 ly $ 34.45 $ 551.20
- ---------------------------------------------------------------------------------------------------------------------------------
5421 3 Lounge Chair (Parlor) 2.0 ea $ 482.30 $ 964.60
- ---------------------------------------------------------------------------------------------------------------------------------
5421 5 Lounge Chair Fabric (parlor) 10.0 ly $ 34.45 $ 344.50
- ---------------------------------------------------------------------------------------------------------------------------------
5421 6 Lounge Chair Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
5421 A Lounge Chair Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
5427 6 Dining Chair w/o Arm (parlor) 12.0 ea $ 413.40 $ 4,960.81
- ---------------------------------------------------------------------------------------------------------------------------------
5428 Dining Chair w/o arm fabric (parlor) 12.0 ea $ 34.45 $ 413.40
- ---------------------------------------------------------------------------------------------------------------------------------
5502 5 Desk 1.0 ea $ 895.70 $ 895.70
- ---------------------------------------------------------------------------------------------------------------------------------
5502 6 Desk Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
5508 1 Coffee Table 1.0 ea $ 757.90 $ 757.90
- ---------------------------------------------------------------------------------------------------------------------------------
5508 2 Coffee Table Glass Top
- ---------------------------------------------------------------------------------------------------------------------------------
5509 5 Coffee Table 1.0 ea $ 826.80 $ 826.80
- ---------------------------------------------------------------------------------------------------------------------------------
5509 6 Coffee Table Glass Top
- ---------------------------------------------------------------------------------------------------------------------------------
5511 1 End Table (parlor) 3.0 ea $ 620.10 $ 1,860.30
- ---------------------------------------------------------------------------------------------------------------------------------
5511 2 End Table Glass Top
- ---------------------------------------------------------------------------------------------------------------------------------
5512 Side Table 2.0 ea $ 620.10 $ 1,240.20
- ---------------------------------------------------------------------------------------------------------------------------------
5512 7 Side Table Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
5513 6 Console (parlor) 1.0 ea $ 689.00 $ 689.00
- ---------------------------------------------------------------------------------------------------------------------------------
5514 6 Sofa Table 1.0 ea $ 620.10 $ 620.10
- ---------------------------------------------------------------------------------------------------------------------------------
5515 Dining Table Top 3.0 ea $ 254.93 $ 764.79
- ---------------------------------------------------------------------------------------------------------------------------------
5515 1 Dining Table Top Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
5515 7 Dining Table Top Cartoning 3.0 ea $ 344.50 $ 1,033.50
- ---------------------------------------------------------------------------------------------------------------------------------
5522 1 Entertainment Center 1.0 ea $ 2,067.00 $ 2,067.00
- ---------------------------------------------------------------------------------------------------------------------------------
5701 Torcheir 2.0 ea $ 275.60 $ 551.20
- ---------------------------------------------------------------------------------------------------------------------------------
5703 End Table Lamp (parlor) 2.0 ea $ 172.25 $ 344.50
- ---------------------------------------------------------------------------------------------------------------------------------
5703 A End Table Lamp (parlor) 3.0 ea $ 158.47 $ 475.41
- ---------------------------------------------------------------------------------------------------------------------------------
5704 Desk Lamp 1.0 ea $ 172.25 $ 172.25
- ---------------------------------------------------------------------------------------------------------------------------------
5708 Console Lamp (parlor) 2.0 ea $ 137.80 $ 275.60
- ---------------------------------------------------------------------------------------------------------------------------------
5801 Art 1.0 ea $ 1,102.40 $ 1,102.40
- ---------------------------------------------------------------------------------------------------------------------------------
5804 Mirror (buffet) 1.0 ea $ 103.35 $ 103.35
- ---------------------------------------------------------------------------------------------------------------------------------
5804 A Mirror (bath) 1.0 ea $ 117.13 $ 117.13
=================================================================================================================================
TOTAL E:SP02 $45,873.68 $ 45,873.68
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
================================================================================================================================
GUEST SPACE SUBTOTAL $ 7,059.74 $1,694,337.34
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Item Item
Name PO# / Invoice PO Issued Shipped Installed First 45% Second 45%
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
E:SP02 Concierge Lounge
- ---------------------------------------------------------------------------------------------------------------------------------
A Desk Chair
- ---------------------------------------------------------------------------------------------------------------------------------
B Desk Chair Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
C Pull Up Chair
- ---------------------------------------------------------------------------------------------------------------------------------
D Pull Up Chair Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
E Loveseat (parlor) - 61"
- ---------------------------------------------------------------------------------------------------------------------------------
F Loveseat Fabric (parlor)
- ---------------------------------------------------------------------------------------------------------------------------------
G Accessories
- ---------------------------------------------------------------------------------------------------------------------------------
H Plant/planter
- ---------------------------------------------------------------------------------------------------------------------------------
5060 TV
- ---------------------------------------------------------------------------------------------------------------------------------
5061 Dishwasher
- ---------------------------------------------------------------------------------------------------------------------------------
5062 Small commercial icemaker
- ---------------------------------------------------------------------------------------------------------------------------------
5063 Microwave Oven
- ---------------------------------------------------------------------------------------------------------------------------------
5064 Double Door Refrigerator/freezer
- ---------------------------------------------------------------------------------------------------------------------------------
5301 1 Shutters
- ---------------------------------------------------------------------------------------------------------------------------------
5301 2 Drapery Fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
5302 9 Drapery Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
5401 2 Sofa (parlor) - 85"
- ---------------------------------------------------------------------------------------------------------------------------------
5401 5 Sofa Fabric (parlor)
- ---------------------------------------------------------------------------------------------------------------------------------
5421 Lounge Chair (Parlor)
- ---------------------------------------------------------------------------------------------------------------------------------
5421 2 Lounge Chair Fabric (parlor)
- ---------------------------------------------------------------------------------------------------------------------------------
5421 3 Lounge Chair (Parlor)
- ---------------------------------------------------------------------------------------------------------------------------------
5421 5 Lounge Chair Fabric (parlor)
- ---------------------------------------------------------------------------------------------------------------------------------
5421 6 Lounge Chair Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
5421 A Lounge Chair Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
5427 6 Dining Chair w/o Arm
- ---------------------------------------------------------------------------------------------------------------------------------
5428 Dining Chair w/o arm fabric (par)
- ---------------------------------------------------------------------------------------------------------------------------------
5502 5 Desk
- ---------------------------------------------------------------------------------------------------------------------------------
5502 6 Desk Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
5508 1 Coffee Table
- ---------------------------------------------------------------------------------------------------------------------------------
5508 2 Coffee Table Glass Top
- ---------------------------------------------------------------------------------------------------------------------------------
5509 5 Coffee Table
- ---------------------------------------------------------------------------------------------------------------------------------
5509 6 Coffee Table Glass Top
- ---------------------------------------------------------------------------------------------------------------------------------
5511 1 End Table (parlor)
- ---------------------------------------------------------------------------------------------------------------------------------
5511 2 End Table Glass Top
- ---------------------------------------------------------------------------------------------------------------------------------
5512 Side Table
- ---------------------------------------------------------------------------------------------------------------------------------
5512 7 Side Table Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
5513 6 Console (parlor)
- ---------------------------------------------------------------------------------------------------------------------------------
5514 6 Sofa Table
- ---------------------------------------------------------------------------------------------------------------------------------
5515 Dining Table Top
- ---------------------------------------------------------------------------------------------------------------------------------
5515 1 Dining Table Top Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
5515 7 Dining Table Top Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
5522 1 Entertainment Center
- ---------------------------------------------------------------------------------------------------------------------------------
5701 Torcheir
- ---------------------------------------------------------------------------------------------------------------------------------
5703 End Table Lamp (parlor)
- ---------------------------------------------------------------------------------------------------------------------------------
5703 A End Table Lamp (parlor)
- ---------------------------------------------------------------------------------------------------------------------------------
5704 Desk Lamp
- ---------------------------------------------------------------------------------------------------------------------------------
5708 Console Lamp (parlor)
- ---------------------------------------------------------------------------------------------------------------------------------
5801 Art
- ---------------------------------------------------------------------------------------------------------------------------------
5804 Mirror (buffet)
- ---------------------------------------------------------------------------------------------------------------------------------
5804 A Mirror (bath)
=================================================================================================================================
TOTAL E:SP02 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
================================================================================================================================
GUEST SPACE SUBTOTAL $9,031.96 $9,031.96
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Remaining Warranty
Name Third 10% Budget Period Remarks
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
E:SP02 Concierge Lounge
- ---------------------------------------------------------------------------------------------------------------------------------
A Desk Chair $ 344.50
- ---------------------------------------------------------------------------------------------------------------------------------
B Desk Chair Fabric $ 41.34
- ---------------------------------------------------------------------------------------------------------------------------------
C Pull Up Chair $ 826.80
- ---------------------------------------------------------------------------------------------------------------------------------
D Pull Up Chair Fabric $ 344.50
- ---------------------------------------------------------------------------------------------------------------------------------
E Loveseat (parlor) - 61" $ 1,515.80
- ---------------------------------------------------------------------------------------------------------------------------------
F Loveseat Fabric (parlor) $ 1,929,20
- ---------------------------------------------------------------------------------------------------------------------------------
G Accessories $ 689.00
- ---------------------------------------------------------------------------------------------------------------------------------
H Plant/planter $ 620.10
- ---------------------------------------------------------------------------------------------------------------------------------
5060 TV $ 689.00
- ---------------------------------------------------------------------------------------------------------------------------------
5061 Dishwasher $ 482.30
- ---------------------------------------------------------------------------------------------------------------------------------
5062 Small commercial icemaker $ 2,067.00
- ---------------------------------------------------------------------------------------------------------------------------------
5063 Microwave Oven $ 344.50
- ---------------------------------------------------------------------------------------------------------------------------------
5064 Double Door Refrigerator/freezer $ 6,201.01
- ---------------------------------------------------------------------------------------------------------------------------------
5301 1 Shutters $ 2,756.00
- ---------------------------------------------------------------------------------------------------------------------------------
5301 2 Drapery Fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
5302 9 Drapery Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
5401 2 Sofa (parlor) - 85" $ 1,791.40
- ---------------------------------------------------------------------------------------------------------------------------------
5401 5 Sofa Fabric (parlor) $ 2,170.35
- ---------------------------------------------------------------------------------------------------------------------------------
5421 Lounge Chair (Parlor) $ 1,929.20
- ---------------------------------------------------------------------------------------------------------------------------------
5421 2 Lounge Chair Fabric (parlor) $ 551.20
- ---------------------------------------------------------------------------------------------------------------------------------
5421 3 Lounge Chair (Parlor) $ 964.60
- ---------------------------------------------------------------------------------------------------------------------------------
5421 5 Lounge Chair Fabric (parlor) $ 344.50
- ---------------------------------------------------------------------------------------------------------------------------------
5421 6 Lounge Chair Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
5421 A Lounge Chair Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
5427 6 Dining Chair w/o Arm $ 4,960.81
- ---------------------------------------------------------------------------------------------------------------------------------
5428 Dining Chair w/o arm fabric (par) $ 413.40
- ---------------------------------------------------------------------------------------------------------------------------------
5502 5 Desk $ 895.70
- ---------------------------------------------------------------------------------------------------------------------------------
5502 6 Desk Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
5508 1 Coffee Table $ 757.90
- ---------------------------------------------------------------------------------------------------------------------------------
5508 2 Coffee Table Glass Top
- ---------------------------------------------------------------------------------------------------------------------------------
5509 5 Coffee Table $ 826.80
- ---------------------------------------------------------------------------------------------------------------------------------
5509 6 Coffee Table Glass Top
- ---------------------------------------------------------------------------------------------------------------------------------
5511 1 End Table (parlor) $ 1,860.30
- ---------------------------------------------------------------------------------------------------------------------------------
5511 2 End Table Glass Top
- ---------------------------------------------------------------------------------------------------------------------------------
5512 Side Table $ 1,240.20
- ---------------------------------------------------------------------------------------------------------------------------------
5512 7 Side Table Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
5513 6 Console (parlor) $ 689.00
- ---------------------------------------------------------------------------------------------------------------------------------
5514 6 Sofa Table $ 620.10
- ---------------------------------------------------------------------------------------------------------------------------------
5515 Dining Table Top $ 764.79
- ---------------------------------------------------------------------------------------------------------------------------------
5515 1 Dining Table Top Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
5515 7 Dining Table Top Cartoning $ 1,033.50
- ---------------------------------------------------------------------------------------------------------------------------------
5522 1 Entertainment Center $ 2,067.00
- ---------------------------------------------------------------------------------------------------------------------------------
5701 Torcheir $ 551.20
- ---------------------------------------------------------------------------------------------------------------------------------
5703 End Table Lamp (parlor) $ 344.50
- ---------------------------------------------------------------------------------------------------------------------------------
5703 A End Table Lamp (parlor) $ 475.41
- ---------------------------------------------------------------------------------------------------------------------------------
5704 Desk Lamp $ 172.25
- ---------------------------------------------------------------------------------------------------------------------------------
5708 Console Lamp (parlor) $ 275.60
- ---------------------------------------------------------------------------------------------------------------------------------
5801 Art $ 1,102.40
- ---------------------------------------------------------------------------------------------------------------------------------
5804 Mirror (buffet) $ 103.35
- ---------------------------------------------------------------------------------------------------------------------------------
5804 A Mirror (bath) $ 117.13
=================================================================================================================================
TOTAL E:SP02 $ 0.00 $ 45,873.68
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
================================================================================================================================
GUEST SPACE SUBTOTAL $2,007.10 $1,694,266.32
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 17
Project: Wyndham Old San Juan
- -------------------------------------------------------------------------------
FF&E Detail Budget
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Name Quantity Unit Cost Total Vendor
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PUBLIC SPACE FF&E
- ---------------------------------------------------------------------------------------------------------------------------------
H:LA01 Lobby (PLA)
- ---------------------------------------------------------------------------------------------------------------------------------
19105 Area Rugs 2.0 ea $ 5,623.55 $ 11,247.10
- ---------------------------------------------------------------------------------------------------------------------------------
19105 A Area Rug Pad 30.0 ea $ 3.33 $ 99.97
- ---------------------------------------------------------------------------------------------------------------------------------
19421 Lounge Chair 8.0 ea $ 543.01 $ 4,344.12
- ---------------------------------------------------------------------------------------------------------------------------------
19421 1 Lounge Chair Fabric 62.0 ly $ 74.39 $ 4,611.91
- ---------------------------------------------------------------------------------------------------------------------------------
19421 2 Lounge Chair Fabric Flameproofing 62.0 ly $ 2.60 $ 161.42
- ---------------------------------------------------------------------------------------------------------------------------------
19425 Side Chairs 4.0 ea $ 1,382.78 $ 5,531.13
- ---------------------------------------------------------------------------------------------------------------------------------
19425 Side Chair Fabric 16.0 ly $ 168.11 $ 2,689.78
- ---------------------------------------------------------------------------------------------------------------------------------
19425 2 Side Chair Fabric Flameproofing 16.0 ly $ 3.79 $ 60.70
- ---------------------------------------------------------------------------------------------------------------------------------
19425 A Side Chair Cartoning 4.0 ea $ 93.73 $ 374.90
- ---------------------------------------------------------------------------------------------------------------------------------
19509 Coffee Tables 2.0 ea $ 2,231.57 $ 4,463.14
- ---------------------------------------------------------------------------------------------------------------------------------
19509 1 Coffee Tables Glass Tops 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
19511 End Tables 4.0 ea $ 148.22 $ 592.88
- ---------------------------------------------------------------------------------------------------------------------------------
19511 1 End Tables Cartoning 4.0 ea $ 56.53 $ 226.13
- ---------------------------------------------------------------------------------------------------------------------------------
19512 Side Tables 2.0 ea $ 743.86 $ 1,487.71
- ---------------------------------------------------------------------------------------------------------------------------------
19512 A Side Table Cartoning 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
19517 Focal Table Top 1.0 ea $ 758.57 $ 758.57
- ---------------------------------------------------------------------------------------------------------------------------------
19517 1 Focal Table Base 1.0 ea $ 119.02 $ 119.02
- ---------------------------------------------------------------------------------------------------------------------------------
19517 2 Focal Table Cartoning 1.0 ea $ 358.49 $ 358.49
- ---------------------------------------------------------------------------------------------------------------------------------
19535 Console 1.0 ea $ 2,668.57 $ 2,668.57
- ---------------------------------------------------------------------------------------------------------------------------------
19535 1 Console Cartoning 1.0 ea $ 124.97 $ 124.97
- ---------------------------------------------------------------------------------------------------------------------------------
19703 Table Lamps 2.0 ea $ 351.84 $ 703.69
- ---------------------------------------------------------------------------------------------------------------------------------
19708 Candlestick Lamps 2.0 ea $ 721.54 $ 1,443.08
- ---------------------------------------------------------------------------------------------------------------------------------
19801 Art ($10,000) 1.0 lot $10,413.98 $ 10,413.98
- ---------------------------------------------------------------------------------------------------------------------------------
19805 Accessories ($3,000) 1.0 lot $ 3,124.20 $ 3,124.20
- ---------------------------------------------------------------------------------------------------------------------------------
19851 Interior Landscape ($10,000) 1.0 lot $10,413.98 $ 10,413.98
- ---------------------------------------------------------------------------------------------------------------------------------
19855 Planters ($325) 10.0 ea $ 338.45 $ 3,384.54
=================================================================================================================================
TOTAL H:LAO1 $69,404.00 $ 69,404.00
- ---------------------------------------------------------------------------------------------------------------------------------
F:BA01 Casino Bar (PBL1)
- ---------------------------------------------------------------------------------------------------------------------------------
20301 Drapery Fabrication 1.0 ea $ 9,705.83 $ 9,705.83
- ---------------------------------------------------------------------------------------------------------------------------------
20301 2 Drapery Fabrication 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
20302 Drapery Fabric 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
20345 Shutters 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
20345 1 Shutters 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
20401 Sofa 2.0 ea $ 1,309.19 $ 2,618.37
- ---------------------------------------------------------------------------------------------------------------------------------
20402 Sofa Fabric 40.0 ly $ 74.39 $ 2,975.42
- ---------------------------------------------------------------------------------------------------------------------------------
20402 1 Sofa Fabric Flameproofing 40.0 ly $ 2.60 $ 104.14
- ---------------------------------------------------------------------------------------------------------------------------------
20402 A Sofa Trim Fabric 18.0 ly $ 62.48 $ 1,124.71
- ---------------------------------------------------------------------------------------------------------------------------------
20421 Lounge Chair 4.0 ea $ 862.87 $ 3,451.49
- ---------------------------------------------------------------------------------------------------------------------------------
20421 1 Lounge Chair Fabric 18.0 ly $ 168.11 $ 3,026.01
- ---------------------------------------------------------------------------------------------------------------------------------
20421 2 Lounge Chair Fabric Flameproofing 18.0 ly $ 3.79 $ 68.29
- ---------------------------------------------------------------------------------------------------------------------------------
20422 Small Lounge Chairs 15.0 ea $ 572.77 $ 8,591.54
- ---------------------------------------------------------------------------------------------------------------------------------
20422 1 Small Lounge Chair Fabric 68.0 ly $ 38.61 $ 2,625.22
- ---------------------------------------------------------------------------------------------------------------------------------
20423 Side Chairs 38.0 ea $ 572.77 $ 21,765.23
- ---------------------------------------------------------------------------------------------------------------------------------
20423 1 Side Chair Fabric 152.0 ly $ 40.09 $ 6,094.26
- ---------------------------------------------------------------------------------------------------------------------------------
20433 Bar Stool 21.0 ea $ 505.82 $ 10,622.26
- ---------------------------------------------------------------------------------------------------------------------------------
20433 1 Bar Stool Leather 567.0 sf $ 8.26 $ 4,681.61
- ---------------------------------------------------------------------------------------------------------------------------------
20508 cocktail Tables 30" round 4.0 ea $ 565.33 $ 2,261.32
- ---------------------------------------------------------------------------------------------------------------------------------
20508 1 Cocktail table base 4.0 ea $ 103.74 $ 414.95
- ---------------------------------------------------------------------------------------------------------------------------------
20508 2 Cocktail Tables 42" round 1.0 ea $ 929.82 $ 929.82
- ---------------------------------------------------------------------------------------------------------------------------------
20508 3 Cocktail Tables Square 4.0 ea $ 682.86 $ 2,731.44
- ---------------------------------------------------------------------------------------------------------------------------------
20508 4 cocktail Table base 5.0 ea $ 150.39 $ 751.96
- ---------------------------------------------------------------------------------------------------------------------------------
20508 5 Cocktail Tables High 3.0 ea $ 592.11 $ 1,776.33
- ---------------------------------------------------------------------------------------------------------------------------------
20508 6 Cocktail table base 3.0 ea $ 102.35 $ 307.06
- ---------------------------------------------------------------------------------------------------------------------------------
20509 Coffee Table 2.0 ea $ 1,779.24 $ 3,558.49
- ---------------------------------------------------------------------------------------------------------------------------------
20509 1 Coffee Table Glass Top 2.0 ea $ 511.03 $ 1,022.06
- ---------------------------------------------------------------------------------------------------------------------------------
20509 2 Coffee Table & Top Cartoning 2.0 ea $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
20512 Side Tables 6.0 ea $ 1,517.47 $ 9,104.80
- ---------------------------------------------------------------------------------------------------------------------------------
20512 1 Side Table Crating 68.0 ly $
- ---------------------------------------------------------------------------------------------------------------------------------
20512 A Side Table Base 68.0 ly $
- ---------------------------------------------------------------------------------------------------------------------------------
20512 B Side Table Base Cartoning 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
20513 Console 1.0 ea $ 2,541.44 $ 2,541.44
- ---------------------------------------------------------------------------------------------------------------------------------
20514 Sofa Table 1.0 ea $ 1,428.20 $ 1,428.20
- ---------------------------------------------------------------------------------------------------------------------------------
20708 Candlestick Lamps 2.0 ea 699.22 $ 1,398.45
- ---------------------------------------------------------------------------------------------------------------------------------
20708 1 Candlestick Lamps 2.0 ea $ 654.59 $ 1,309.19
- ---------------------------------------------------------------------------------------------------------------------------------
20801 Artwork ($5,000) 1.0 lot $ 5,206.99 $ 5,206.99
- ---------------------------------------------------------------------------------------------------------------------------------
20805 Accessories ($3,000) 1.0 lot $ 3,124.20 $ 3,124.20
- ---------------------------------------------------------------------------------------------------------------------------------
20855 Planters ($1,250) 5.0 ea $ 260.35 $ 1,301.75
=================================================================================================================================
TOTAL F:BA01 $116,622.83 116,622.83
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Item Item
Name PO# / Invoice PO Issued Shipped Installed First 45% Second 45%
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PUBLIC SPACE FF&E
- ---------------------------------------------------------------------------------------------------------------------------------
H:LA01 Lobby (PLA)
- ---------------------------------------------------------------------------------------------------------------------------------
19105 Area Rugs
- ---------------------------------------------------------------------------------------------------------------------------------
19105 A Area Rug Pad
- ---------------------------------------------------------------------------------------------------------------------------------
19421 Lounge Chair
- ---------------------------------------------------------------------------------------------------------------------------------
19421 1 Lounge Chair Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
19421 2 Lounge Chair Fabric Flameproofing
- ---------------------------------------------------------------------------------------------------------------------------------
19425 Side Chairs
- ---------------------------------------------------------------------------------------------------------------------------------
19425 Side Chair Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
19425 2 Side Chair Fabric Flameproofing
- ---------------------------------------------------------------------------------------------------------------------------------
19425 A Side Chair Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
19509 Coffee Tables
- ---------------------------------------------------------------------------------------------------------------------------------
19509 1 Coffee Tables Glass Tops
- ---------------------------------------------------------------------------------------------------------------------------------
19511 End Tables
- ---------------------------------------------------------------------------------------------------------------------------------
19511 1 End Tables Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
19512 Side Tables
- ---------------------------------------------------------------------------------------------------------------------------------
19512 A Side Table Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
19517 Focal Table Top
- ---------------------------------------------------------------------------------------------------------------------------------
19517 1 Focal Table Base
- ---------------------------------------------------------------------------------------------------------------------------------
19517 2 Focal Table Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
19535 Console
- ---------------------------------------------------------------------------------------------------------------------------------
19535 1 Console Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
19703 Table Lamps
- ---------------------------------------------------------------------------------------------------------------------------------
19708 Candlestick Lamps
- ---------------------------------------------------------------------------------------------------------------------------------
19801 Art ($10,000)
- ---------------------------------------------------------------------------------------------------------------------------------
19805 Accessories ($3,000)
- ---------------------------------------------------------------------------------------------------------------------------------
19851 Interior Landscape ($10,000)
- ---------------------------------------------------------------------------------------------------------------------------------
19855 Planters ($325)
=================================================================================================================================
TOTAL H:LAO1 $0.00 $0.00
---------------------------------------------------------------------------------------------------------------------------------
F:BA01 Casino Bar (PBL1)
- ---------------------------------------------------------------------------------------------------------------------------------
20301 Drapery Fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
20301 2 Drapery Fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
20302 Drapery Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
20345 Shutters
- ---------------------------------------------------------------------------------------------------------------------------------
20345 1 Shutters
- ---------------------------------------------------------------------------------------------------------------------------------
20401 Sofa
- ---------------------------------------------------------------------------------------------------------------------------------
20402 Sofa Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
20402 1 Sofa Fabric Flameproofing
- ---------------------------------------------------------------------------------------------------------------------------------
20402 A Sofa Trim Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
20421 Lounge Chair
- ---------------------------------------------------------------------------------------------------------------------------------
20421 1 Lounge Chair Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
20421 2 Lounge Chair Fabric Flameproofing
- ---------------------------------------------------------------------------------------------------------------------------------
20422 Small Lounge Chairs
- ---------------------------------------------------------------------------------------------------------------------------------
20422 1 Small Lounge Chair Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
20423 Side Chairs
- ---------------------------------------------------------------------------------------------------------------------------------
20423 1 Side Chair Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
20433 Bar Stool
- ---------------------------------------------------------------------------------------------------------------------------------
20433 1 Bar Stool Leather
- ---------------------------------------------------------------------------------------------------------------------------------
20508 cocktail Tables 30" round
- ---------------------------------------------------------------------------------------------------------------------------------
20508 1 Cocktail table base
- ---------------------------------------------------------------------------------------------------------------------------------
20508 2 Cocktail Tables 42" round
- ---------------------------------------------------------------------------------------------------------------------------------
20508 3 Cocktail Tables Square
- ---------------------------------------------------------------------------------------------------------------------------------
20508 4 cocktail Table base
- ---------------------------------------------------------------------------------------------------------------------------------
20508 5 Cocktail Tables High
- ---------------------------------------------------------------------------------------------------------------------------------
20508 6 Cocktail table base
- ---------------------------------------------------------------------------------------------------------------------------------
20509 Coffee Table
- ---------------------------------------------------------------------------------------------------------------------------------
20509 1 Coffee Table Glass Top
- ---------------------------------------------------------------------------------------------------------------------------------
20509 2 Coffee Table & Top Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
20512 Side Tables
- ---------------------------------------------------------------------------------------------------------------------------------
20512 1 Side Table Crating
- ---------------------------------------------------------------------------------------------------------------------------------
20512 A Side Table Base
- ---------------------------------------------------------------------------------------------------------------------------------
20512 B Side Table Base Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
20513 Console
- ---------------------------------------------------------------------------------------------------------------------------------
20514 Sofa Table
- ---------------------------------------------------------------------------------------------------------------------------------
20708 Candlestick Lamps
- ---------------------------------------------------------------------------------------------------------------------------------
20708 1 Candlestick Lamps
- ---------------------------------------------------------------------------------------------------------------------------------
20801 Artwork ($5,000)
- ---------------------------------------------------------------------------------------------------------------------------------
20805 Accessories ($3,000)
- ---------------------------------------------------------------------------------------------------------------------------------
20855 Planters ($1,250)
=================================================================================================================================
TOTAL F:BA01 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Remaining Warranty
Name Third 10% Budget Period Remarks
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PUBLIC SPACE FF&E
- ---------------------------------------------------------------------------------------------------------------------------------
H:LA01 Lobby (PLA)
- ---------------------------------------------------------------------------------------------------------------------------------
19105 Area Rugs $ 11,247.10
- ---------------------------------------------------------------------------------------------------------------------------------
19105 A Area Rug Pad $ 99.97
- ---------------------------------------------------------------------------------------------------------------------------------
19421 Lounge Chair $ 4,344.12
- ---------------------------------------------------------------------------------------------------------------------------------
19421 1 Lounge Chair Fabric $ 4,611.91
- ---------------------------------------------------------------------------------------------------------------------------------
19421 2 Lounge Chair Fabric Flameproofing $ 161.42
- ---------------------------------------------------------------------------------------------------------------------------------
19425 Side Chairs $ 5,531.13
- ---------------------------------------------------------------------------------------------------------------------------------
19425 Side Chair Fabric $ 2,689.78
- ---------------------------------------------------------------------------------------------------------------------------------
19425 2 Side Chair Fabric Flameproofing $ 60.70
- ---------------------------------------------------------------------------------------------------------------------------------
19425 A Side Chair Cartoning $ 374.90
- ---------------------------------------------------------------------------------------------------------------------------------
19509 Coffee Tables $ 4,463.14
- ---------------------------------------------------------------------------------------------------------------------------------
19509 1 Coffee Tables Glass Tops
- ---------------------------------------------------------------------------------------------------------------------------------
19511 End Tables $ 592.88
- ---------------------------------------------------------------------------------------------------------------------------------
19511 1 End Tables Cartoning $ 226.13
- ---------------------------------------------------------------------------------------------------------------------------------
19512 Side Tables $ 1,487.71
- ---------------------------------------------------------------------------------------------------------------------------------
19512 A Side Table Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
19517 Focal Table Top $ 758.57
- ---------------------------------------------------------------------------------------------------------------------------------
19517 1 Focal Table Base $ 119.02
- ---------------------------------------------------------------------------------------------------------------------------------
19517 2 Focal Table Cartoning $ 358.49
- ---------------------------------------------------------------------------------------------------------------------------------
19535 Console $ 2,668.57
- ---------------------------------------------------------------------------------------------------------------------------------
19535 1 Console Cartoning $ 124.97
- ---------------------------------------------------------------------------------------------------------------------------------
19703 Table Lamps $ 703.69
- ---------------------------------------------------------------------------------------------------------------------------------
19708 Candlestick Lamps $ 1,443.08
- ---------------------------------------------------------------------------------------------------------------------------------
19801 Art ($10,000) $ 10,413.98
- ---------------------------------------------------------------------------------------------------------------------------------
19805 Accessories ($3,000) $ 3,124.20
- ---------------------------------------------------------------------------------------------------------------------------------
19851 Interior Landscape ($10,000) $ 10,413.98
- ---------------------------------------------------------------------------------------------------------------------------------
19855 Planters ($325) $ 3,384.54
=================================================================================================================================
TOTAL H:LAO1 $0.00 $ 69,404.00
- ---------------------------------------------------------------------------------------------------------------------------------
F:BA01 Casino Bar (PBL1)
- ---------------------------------------------------------------------------------------------------------------------------------
20301 Drapery Fabrication $ 9,705.83
- ---------------------------------------------------------------------------------------------------------------------------------
20301 2 Drapery Fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
20302 Drapery Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
20345 Shutters
- ---------------------------------------------------------------------------------------------------------------------------------
20345 1 Shutters
- ---------------------------------------------------------------------------------------------------------------------------------
20401 Sofa $ 2,618.37
- ---------------------------------------------------------------------------------------------------------------------------------
20402 Sofa Fabric $ 2,975.42
- ---------------------------------------------------------------------------------------------------------------------------------
20402 1 Sofa Fabric Flameproofing $ 104.14
- ---------------------------------------------------------------------------------------------------------------------------------
20402 A Sofa Trim Fabric $ 1,124.71
- ---------------------------------------------------------------------------------------------------------------------------------
20421 Lounge Chair $ 3,451.49
- ---------------------------------------------------------------------------------------------------------------------------------
20421 1 Lounge Chair Fabric $ 3,026.01
- ---------------------------------------------------------------------------------------------------------------------------------
20421 2 Lounge Chair Fabric Flameproofing $ 68.29
- ---------------------------------------------------------------------------------------------------------------------------------
20422 Small Lounge Chairs $ 8,591.54
- ---------------------------------------------------------------------------------------------------------------------------------
20422 1 Small Lounge Chair Fabric $ 2,625.22
- ---------------------------------------------------------------------------------------------------------------------------------
20423 Side Chairs $ 21,765.23
- ---------------------------------------------------------------------------------------------------------------------------------
20423 1 Side Chair Fabric $ 6,094.26
- ---------------------------------------------------------------------------------------------------------------------------------
20433 Bar Stool $ 10,622.26
- ---------------------------------------------------------------------------------------------------------------------------------
20433 1 Bar Stool Leather $ 4,681.61
- ---------------------------------------------------------------------------------------------------------------------------------
20508 cocktail Tables 30" round $ 2,261.32
- ---------------------------------------------------------------------------------------------------------------------------------
20508 1 Cocktail table base $ 414.95
- ---------------------------------------------------------------------------------------------------------------------------------
20508 2 Cocktail Tables 42" round $ 929.82
- ---------------------------------------------------------------------------------------------------------------------------------
20508 3 Cocktail Tables Square $ 2,731.44
- ---------------------------------------------------------------------------------------------------------------------------------
20508 4 cocktail Table base $ 751.96
- ---------------------------------------------------------------------------------------------------------------------------------
20508 5 Cocktail Tables High $ 1,776.33
- ---------------------------------------------------------------------------------------------------------------------------------
20508 6 Cocktail table base $ 307.06
- ---------------------------------------------------------------------------------------------------------------------------------
20509 Coffee Table $ 3,558.49
- ---------------------------------------------------------------------------------------------------------------------------------
20509 1 Coffee Table Glass Top $ 1,022.06
- ---------------------------------------------------------------------------------------------------------------------------------
20509 2 Coffee Table & Top Cartoning $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
20512 Side Tables $ 9,104.80
- ---------------------------------------------------------------------------------------------------------------------------------
20512 1 Side Table Crating
- ---------------------------------------------------------------------------------------------------------------------------------
20512 A Side Table Base
- ---------------------------------------------------------------------------------------------------------------------------------
20512 B Side Table Base Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
20513 Console $ 2,541.44
- ---------------------------------------------------------------------------------------------------------------------------------
20514 Sofa Table $ 1,428.20
- ---------------------------------------------------------------------------------------------------------------------------------
20708 Candlestick Lamps $ 1,398.45
- ---------------------------------------------------------------------------------------------------------------------------------
20708 1 Candlestick Lamps $ 1,309.19
- ---------------------------------------------------------------------------------------------------------------------------------
20801 Artwork ($5,000) $ 5,206.99
- ---------------------------------------------------------------------------------------------------------------------------------
20805 Accessories ($3,000) $ 3,124.20
- ---------------------------------------------------------------------------------------------------------------------------------
20855 Planters ($1,250) $ 1,301.75
=================================================================================================================================
TOTAL F:BA01 $0.00 $ 116,622.83
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 18
Project: Wyndham Old San Juan
- -------------------------------------------------------------------------------
FF&E Detail Budget
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Name Quantity Unit Cost Total Vendor
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
F:BA02 Terrace Bar (PBL2)
- ---------------------------------------------------------------------------------------------------------------------------------
17105 Area Rug 1.0 ea $1,472.83 $1,472.83
- ---------------------------------------------------------------------------------------------------------------------------------
17105 B Area Rug pad 30.0 n/a $3.33 $99.97
- ---------------------------------------------------------------------------------------------------------------------------------
17301 Drapery Fabrication 1.0 n/a $7,438.56 $7,438.56
- ---------------------------------------------------------------------------------------------------------------------------------
17302 Drapery Fabric 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
17302 A Drapery Fabric Flameproofing 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
17321 Throw Pillows 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
17322 Throw Pillows Fabric 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
17345 Shutters 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
17401 Sofa 2.0 ea $1,182.73 $2,365.46
- ---------------------------------------------------------------------------------------------------------------------------------
17402 Sofa Fabric 29.0 ly $32.73 $949.16
- ---------------------------------------------------------------------------------------------------------------------------------
17421 Lounge Chairs 7.0 ea $556.40 $3,894.83
- ---------------------------------------------------------------------------------------------------------------------------------
17421 1 Lounge Chair Cartoning 7.0 ea $55.64 $389.48
- ---------------------------------------------------------------------------------------------------------------------------------
17423 Arm Chairs 4.0 ea $580.21 $2,320.83
- ---------------------------------------------------------------------------------------------------------------------------------
17424 Arm Chair Fabric 8.0 ly $44.56 $356.46
- ---------------------------------------------------------------------------------------------------------------------------------
17424 A Side Chair Fabric Flameproofing 8.0 ly $3.79 $30.35
- ---------------------------------------------------------------------------------------------------------------------------------
17425 Side Chairs 21.0 ea $669.47 $14,058.88
- ---------------------------------------------------------------------------------------------------------------------------------
17426 Side Chair Fabric 21.0 ly $38.61 $810.73
- ---------------------------------------------------------------------------------------------------------------------------------
17433 Bar Stools 6.0 ea $431.44 $2,588.62
- ---------------------------------------------------------------------------------------------------------------------------------
17434 Bar Stool Leather 81.0 sf $9.52 $771.23
- ---------------------------------------------------------------------------------------------------------------------------------
17508 Cocktail Table Tops 8.0 ea $714.07 $5,712.58
- ---------------------------------------------------------------------------------------------------------------------------------
17508 A Cocktail Table Base 8.0 ea $334.74 $2,677.88
- ---------------------------------------------------------------------------------------------------------------------------------
17509 Side Tables 2.0 ea $1,324.06 $2,648.13
- ---------------------------------------------------------------------------------------------------------------------------------
17512 Square Coffee Table 2.0 ea $736.42 $1,472.83
- ---------------------------------------------------------------------------------------------------------------------------------
17514 Sofa/Focal Table 1.0 ea $2,305.95 $2,305.95
- ---------------------------------------------------------------------------------------------------------------------------------
17801 Accessories ($2,000) 1.0 lot $5,206.99 $5,206.99
- ---------------------------------------------------------------------------------------------------------------------------------
17805 Art ($5,000) 1.0 lot $2,082,80 $2,082.80
- ---------------------------------------------------------------------------------------------------------------------------------
17855 Planters ($2,000) 8.0 ea $260.35 $2,082.80
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL F:BA02 $61,737.36 $61,737.36
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
F:BA04 TERRACE (PBL3)
- ---------------------------------------------------------------------------------------------------------------------------------
12450 Outdoor Chair 50.0 ea $467.56 $23,377.91
- ---------------------------------------------------------------------------------------------------------------------------------
12550 Outdoor Table - Round 6.0 ea $627.83 $3,766.96
- ---------------------------------------------------------------------------------------------------------------------------------
12550 A Outdoor Table - Square 2.0 ea $543.71 $1,087.43
- ---------------------------------------------------------------------------------------------------------------------------------
12550 B Outdoor Table - 2/top 9.0 ea $527.44 $4,746.95
- ---------------------------------------------------------------------------------------------------------------------------------
12550 C Umbrella 6.0 ea $744.12 $4,464.74
- ---------------------------------------------------------------------------------------------------------------------------------
12550 D Base 6.0 ea $180.76 $1,084.54
- ---------------------------------------------------------------------------------------------------------------------------------
12855 Planters ($2,000) 10.0 ea $297.54 $2,975.42
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL F:BA04 $41,503.97 $41,503.97
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
F:DN01 Restaurant (PRC)
- ---------------------------------------------------------------------------------------------------------------------------------
15301 Drapery Fabrication 1.0 lot $7,438.56 $7,438.56
- ---------------------------------------------------------------------------------------------------------------------------------
15302 Drapery Fabric 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
15345 Shutters 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
15427 Chairs 75.0 ea $490.94 $36,820.87
- ---------------------------------------------------------------------------------------------------------------------------------
15428 Chair Fabric 169.0 ly $26.70 $4,513.05
- ---------------------------------------------------------------------------------------------------------------------------------
15435 Bench 2.0 ea $870.01 $1,740.03
- ---------------------------------------------------------------------------------------------------------------------------------
15436 Bench Fabric 8.0 ly $21.42 $171.38
- ---------------------------------------------------------------------------------------------------------------------------------
15438 Booth 4.0 ea $1,636,48 $6,545.93
- ---------------------------------------------------------------------------------------------------------------------------------
15438 A Banquette 1.0 lot $2,975.42 $2,975.42
- ---------------------------------------------------------------------------------------------------------------------------------
15438 B Booth/Banquette Cartoning 1.0 lot $743.86 $743.86
- ---------------------------------------------------------------------------------------------------------------------------------
15439 Banquette Fabric Seat Only 28.0 ly $17.85 $499.87
- ---------------------------------------------------------------------------------------------------------------------------------
15439 A Banquette Fabric Back Only 28.0 ly $67.32 $1,884.93
- ---------------------------------------------------------------------------------------------------------------------------------
15515 Tabletops - 2 tops 16.0 ea $599.59 $9,593.48
- ---------------------------------------------------------------------------------------------------------------------------------
15515 A Tabletops - 4 tops 11.0 ea $824.01 $9,064.15
- ---------------------------------------------------------------------------------------------------------------------------------
15515 B Tabletops - 60" Round 2.0 ea $1,629.54 $3,259.07
- ---------------------------------------------------------------------------------------------------------------------------------
15515 C Table Base 27.0 ea $89.11 $2,406.08
- ---------------------------------------------------------------------------------------------------------------------------------
15515 D Table Base 2.0 ea $144.81 $289.63
- ---------------------------------------------------------------------------------------------------------------------------------
15534 Console 1.0 ea $2,677.88 $2,677.88
- ---------------------------------------------------------------------------------------------------------------------------------
15537 Maitre'd Stand 1.0 ea $2,610.93 $2,610.93
- ---------------------------------------------------------------------------------------------------------------------------------
15801 Art ($8,000) 1.0 lot $8,331.19 $8,331.19
- ---------------------------------------------------------------------------------------------------------------------------------
15805 Accessories ($3,000) 1.0 lot $3,124.20 $3,124.20
- ---------------------------------------------------------------------------------------------------------------------------------
15855 Planters ($2,100) 6.0 ea $364.49 $2,186.94
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL F:DN01 $106,877.46 $106,877.46
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
G:PF01 Prefunction (PMP1)
- ---------------------------------------------------------------------------------------------------------------------------------
18401 Sofa 1.0 ea $1,309.19 $1,309.19
- ---------------------------------------------------------------------------------------------------------------------------------
18402 Sofa Fabric 20.0 ly $74.39 $1,487.71
- ---------------------------------------------------------------------------------------------------------------------------------
18402 A Sofa Fabric Flameproofing 20.0 ly $2.60 $52.07
- ---------------------------------------------------------------------------------------------------------------------------------
18421 Lounge Chair 2.0 ea $654.59 $1,309.19
- ---------------------------------------------------------------------------------------------------------------------------------
18422 Lounge Chair Fabric 23.0 ly $39.42 $906.76
- ---------------------------------------------------------------------------------------------------------------------------------
18422 A Lounge Chair Fabric Flameproofing 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
18425 Side Chair 2.0 ea $862.87 $1,725.75
- ---------------------------------------------------------------------------------------------------------------------------------
18426 Side Chair Fabric 7.0 ly $38.31 $268.16
- ---------------------------------------------------------------------------------------------------------------------------------
18435 Bench 2.0 ea $706.66 $1,413.33
- ---------------------------------------------------------------------------------------------------------------------------------
18436 Bench Fabric 8.0 ly $103.40 $827.17
- ---------------------------------------------------------------------------------------------------------------------------------
18511 End Table 2.0 ea $670.01 $1,340.01
- ---------------------------------------------------------------------------------------------------------------------------------
18511 1 End Table Cartoning 2.0 ea $80.34 $160.67
- ---------------------------------------------------------------------------------------------------------------------------------
18513 Console Top 1.0 ea $541.07 $541.07
- ---------------------------------------------------------------------------------------------------------------------------------
18513 1 Console Top Cartoning 1.0 ea $90.75 $90.75
- ---------------------------------------------------------------------------------------------------------------------------------
18513 A Console Base 2.0 ea $1,529.20 $3,058.41
- ---------------------------------------------------------------------------------------------------------------------------------
18513 B Console Base Cartoning 2.0 ea $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
18703 End Table Lamp 2.0 ea $217.58 $435.16
- ---------------------------------------------------------------------------------------------------------------------------------
18708 Candlestick Lamp 2.0 ea $699.22 $1,398.45
- ---------------------------------------------------------------------------------------------------------------------------------
18801 Art ($6,000) 1.0 lot $6,248.39 $6,248.39
- ---------------------------------------------------------------------------------------------------------------------------------
18805 Accessories ($2,000) 1.0 lot $2,082.80 $2,082.80
- ---------------------------------------------------------------------------------------------------------------------------------
18855 Planters ($1,800) 6.0 ea $312.42 $1,874.52
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL G:PF01 $26,529.54 $26,529.54
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Item Item
Name PO# / Invoice PO Issued Shipped Installed First 45% Second 45%
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
F:BA02 Terrace Bar (PBL2)
- ---------------------------------------------------------------------------------------------------------------------------------
17105 Area Rug
- ---------------------------------------------------------------------------------------------------------------------------------
17105 B Area Rug pad
- ---------------------------------------------------------------------------------------------------------------------------------
17301 Drapery Fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
17302 Drapery Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
17302 A Drapery Fabric Flameproofing
- ---------------------------------------------------------------------------------------------------------------------------------
17321 Throw Pillows
- ---------------------------------------------------------------------------------------------------------------------------------
17322 Throw Pillows Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
17345 Shutters
- ---------------------------------------------------------------------------------------------------------------------------------
17401 Sofa
- ---------------------------------------------------------------------------------------------------------------------------------
17402 Sofa Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
17421 Lounge Chairs
- ---------------------------------------------------------------------------------------------------------------------------------
17421 1 Lounge Chair Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
17423 Arm Chairs
- ---------------------------------------------------------------------------------------------------------------------------------
17424 Arm Chair Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
17424 A Side Chair Fabric Flameproofing
- ---------------------------------------------------------------------------------------------------------------------------------
17425 Side Chairs
- ---------------------------------------------------------------------------------------------------------------------------------
17426 Side Chair Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
17433 Bar Stools
- ---------------------------------------------------------------------------------------------------------------------------------
17434 Bar Stool Leather
- ---------------------------------------------------------------------------------------------------------------------------------
17508 Cocktail Table Tops
- ---------------------------------------------------------------------------------------------------------------------------------
17508 A Cocktail Table Base
- ---------------------------------------------------------------------------------------------------------------------------------
17509 Side Tables
- ---------------------------------------------------------------------------------------------------------------------------------
17514 Sofa/Focal Table
- ---------------------------------------------------------------------------------------------------------------------------------
17801 Accessories ($2,000)
- ---------------------------------------------------------------------------------------------------------------------------------
17805 Art ($5,000)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL F:BA02 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
F:BAO4 TERRACE (PBL3)
- ---------------------------------------------------------------------------------------------------------------------------------
12450 Outdoor Chair
- ---------------------------------------------------------------------------------------------------------------------------------
12550 Outdoor Table - Round
- ---------------------------------------------------------------------------------------------------------------------------------
12550 A Outdoor Table - Square
- ---------------------------------------------------------------------------------------------------------------------------------
12550 B Outdoor Table - 2/top
- ---------------------------------------------------------------------------------------------------------------------------------
12550 C Umbrella
- ---------------------------------------------------------------------------------------------------------------------------------
12550 D Base
- ---------------------------------------------------------------------------------------------------------------------------------
12855 Planters ($2,000)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL F:BA04 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
F:DN01 Restaurant (PRC)
- ---------------------------------------------------------------------------------------------------------------------------------
15301 Drapery Fabrication
- ---------------------------------------------------------------------------------------------------------------------------------
15302 Drapery Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
15345 Shutters
- ---------------------------------------------------------------------------------------------------------------------------------
15427 Chairs
- ---------------------------------------------------------------------------------------------------------------------------------
15428 Chair Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
15435 Bench
- ---------------------------------------------------------------------------------------------------------------------------------
15436 Bench Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
15438 Booth
- ---------------------------------------------------------------------------------------------------------------------------------
15438 A Banquette
- ---------------------------------------------------------------------------------------------------------------------------------
15438 B Booth/Banquette Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
15439 Banquette Fabric Seat Only
- ---------------------------------------------------------------------------------------------------------------------------------
15439 A Banquette Fabric Back Only
- ---------------------------------------------------------------------------------------------------------------------------------
15515 Tabletops - 2 tops
- ---------------------------------------------------------------------------------------------------------------------------------
15515 A Tabletops - 4 tops
- ---------------------------------------------------------------------------------------------------------------------------------
15515 B Tabletops - 60" Round
- ---------------------------------------------------------------------------------------------------------------------------------
15515 C Table Base
- ---------------------------------------------------------------------------------------------------------------------------------
15515 D Table Base
- ---------------------------------------------------------------------------------------------------------------------------------
15534 Console
- ---------------------------------------------------------------------------------------------------------------------------------
15537 Maitre'd Stand
- ---------------------------------------------------------------------------------------------------------------------------------
15801 Art ($8,000)
- ---------------------------------------------------------------------------------------------------------------------------------
15805 Accessories ($3,000)
- ---------------------------------------------------------------------------------------------------------------------------------
15855 Planters ($2,100)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL F:DN01 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
G:PF01 Prefunction (PMP1)
- ---------------------------------------------------------------------------------------------------------------------------------
18401 Sofa
- ---------------------------------------------------------------------------------------------------------------------------------
18402 Sofa Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
18402 A Sofa Fabric Flameproofing
- ---------------------------------------------------------------------------------------------------------------------------------
18421 Lounge Chair
- ---------------------------------------------------------------------------------------------------------------------------------
18422 Lounge Chair Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
18422 A Lounge Chair Fabric Flameproofing
- ---------------------------------------------------------------------------------------------------------------------------------
18425 Side Chair
- ---------------------------------------------------------------------------------------------------------------------------------
18428 Side Chair Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
18435 Bench
- ---------------------------------------------------------------------------------------------------------------------------------
18436 Bench Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
18511 End Table
- ---------------------------------------------------------------------------------------------------------------------------------
18511 1 End Table Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
18513 Console Top
- ---------------------------------------------------------------------------------------------------------------------------------
18513 1 Console Top Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
18513 A Console Base
- ---------------------------------------------------------------------------------------------------------------------------------
18513 B Console Base Cartoning
- ---------------------------------------------------------------------------------------------------------------------------------
18703 End Table Lamp
- ---------------------------------------------------------------------------------------------------------------------------------
18708 Candlestick Lamp
- ---------------------------------------------------------------------------------------------------------------------------------
18801 Art ($6,000)
- ---------------------------------------------------------------------------------------------------------------------------------
18805 Accessories ($2,000)
- ---------------------------------------------------------------------------------------------------------------------------------
18855 Planters ($1,800)
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL G:PF01 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Remaining Warranty
Name Third 10% Budget Period Remarks
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
F:BA02 Terrace Bar (PBL2)
- ---------------------------------------------------------------------------------------------------------------------------------
17105 Area Rug $1,472.83
- ---------------------------------------------------------------------------------------------------------------------------------
17105 B Area Rug pad $99.97
- ---------------------------------------------------------------------------------------------------------------------------------
17301 Drapery Fabrication $7,438.56
- ---------------------------------------------------------------------------------------------------------------------------------
17302 Drapery Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
17302 A Drapery Fabric Flameproofing
- ---------------------------------------------------------------------------------------------------------------------------------
17321 Throw Pillows
- ---------------------------------------------------------------------------------------------------------------------------------
17322 Throw Pillows Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
17345 Shutters
- ---------------------------------------------------------------------------------------------------------------------------------
17401 Sofa $2,365.46
- ---------------------------------------------------------------------------------------------------------------------------------
17402 Sofa Fabric $949.16
- ---------------------------------------------------------------------------------------------------------------------------------
17421 Lounge Chairs $3,894.83
- ---------------------------------------------------------------------------------------------------------------------------------
17421 1 Lounge Chair Cartoning $389.48
- ---------------------------------------------------------------------------------------------------------------------------------
17423 Arm Chairs $2,320.83
- ---------------------------------------------------------------------------------------------------------------------------------
17424 Arm Chair Fabric $356.46
- ---------------------------------------------------------------------------------------------------------------------------------
17424 A Side Chair Fabric Flameproofing $30.35
- ---------------------------------------------------------------------------------------------------------------------------------
17425 Side Chairs $14,058.88
- ---------------------------------------------------------------------------------------------------------------------------------
17426 Side Chair Fabric $810.73
- ---------------------------------------------------------------------------------------------------------------------------------
17433 Bar Stools $2,588.62
- ---------------------------------------------------------------------------------------------------------------------------------
17434 Bar Stool Leather $771.23
- ---------------------------------------------------------------------------------------------------------------------------------
17508 Cocktail Table Tops $5,712.58
- ---------------------------------------------------------------------------------------------------------------------------------
17508 A Cocktail Table Base $2,677.88
- ---------------------------------------------------------------------------------------------------------------------------------
17509 Side Tables $2,648.13
- ---------------------------------------------------------------------------------------------------------------------------------
17512 Square Coffee Table $1,472.83
- ---------------------------------------------------------------------------------------------------------------------------------
17514 Sofa/Focal Table $2,305.95
- ---------------------------------------------------------------------------------------------------------------------------------
17801 Accessories ($2,000) $5,206.99
- ---------------------------------------------------------------------------------------------------------------------------------
17805 Art ($5,000) $2,082.80
- ---------------------------------------------------------------------------------------------------------------------------------
17855 Planters ($2,000) $2,082.80
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL F:BA02 $0.00 $61,737.36
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
F:BAO4 TERRACE (PBL3)
- ---------------------------------------------------------------------------------------------------------------------------------
12450 Outdoor Chair $23,377.91
- ---------------------------------------------------------------------------------------------------------------------------------
12550 Outdoor Table - Round $3,766.98
- ---------------------------------------------------------------------------------------------------------------------------------
12550 A Outdoor Table - Square $1,087.43
- ---------------------------------------------------------------------------------------------------------------------------------
12550 B Outdoor Table - 2/top $4,746.95
- ---------------------------------------------------------------------------------------------------------------------------------
12550 C Umbrella $4,464.74
- ---------------------------------------------------------------------------------------------------------------------------------
12550 D Base $1,084.54
- ---------------------------------------------------------------------------------------------------------------------------------
12855 Planters ($2,000) $2,975.42
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL F:BA04 $0.00 $41,503.97
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
F:DN01 Restaurant (PRC)
- ---------------------------------------------------------------------------------------------------------------------------------
15301 Drapery Fabrication $7,438.56
- ---------------------------------------------------------------------------------------------------------------------------------
15302 Drapery Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
15345 Shutters
- ---------------------------------------------------------------------------------------------------------------------------------
15427 Chairs $36,820.87
- ---------------------------------------------------------------------------------------------------------------------------------
15428 Chair Fabric $4,513.05
- ---------------------------------------------------------------------------------------------------------------------------------
15435 Bench $1,740.03
- ---------------------------------------------------------------------------------------------------------------------------------
15436 Bench Fabric $171.38
- ---------------------------------------------------------------------------------------------------------------------------------
15438 Booth $6,545.93
- ---------------------------------------------------------------------------------------------------------------------------------
15438 A Banquette $2,975.42
- ---------------------------------------------------------------------------------------------------------------------------------
15438 B Booth/Banquette Cartoning $743.86
- ---------------------------------------------------------------------------------------------------------------------------------
15439 Banquette Fabric Seat Only $499.87
- ---------------------------------------------------------------------------------------------------------------------------------
15439 A Banquette Fabric Back Only $1,884.93
- ---------------------------------------------------------------------------------------------------------------------------------
15515 Tabletops - 2 tops $9,593.48
- ---------------------------------------------------------------------------------------------------------------------------------
15515 A Tabletops - 4 tops $9,064.15
- ---------------------------------------------------------------------------------------------------------------------------------
15515 B Tabletops - 60" Round $3,259.07
- ---------------------------------------------------------------------------------------------------------------------------------
15515 C Table Base $2,406.08
- ---------------------------------------------------------------------------------------------------------------------------------
15515 D Table Base $289.63
- ---------------------------------------------------------------------------------------------------------------------------------
15534 Console $2,677.88
- ---------------------------------------------------------------------------------------------------------------------------------
15537 Maitre'd Stand $2,610.93
- ---------------------------------------------------------------------------------------------------------------------------------
15801 Art ($8,000) $8,331.19
- ---------------------------------------------------------------------------------------------------------------------------------
15805 Accessories $3,124.20
- ---------------------------------------------------------------------------------------------------------------------------------
15855 Planters ($2,100) $2,186.94
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL F:DN01 $0.00 $106,877.46
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
G:PF01 Prefunction (PMP1)
- ---------------------------------------------------------------------------------------------------------------------------------
18401 Sofa $1,309.19
- ---------------------------------------------------------------------------------------------------------------------------------
18402 Sofa Fabric $1,487.71
- ---------------------------------------------------------------------------------------------------------------------------------
18402 A Sofa Fabric Flameproofing $52.07
- ---------------------------------------------------------------------------------------------------------------------------------
18421 Lounge Chair $1,309.19
- ---------------------------------------------------------------------------------------------------------------------------------
18422 Lounge Chair Fabric $906.76
- ---------------------------------------------------------------------------------------------------------------------------------
18422 A Lounge Chair Fabric Flameproofing
- ---------------------------------------------------------------------------------------------------------------------------------
18425 Side Chair $1,725.75
- ---------------------------------------------------------------------------------------------------------------------------------
18426 Side Chair Fabric $268.16
- ---------------------------------------------------------------------------------------------------------------------------------
18435 Bench $1,413.33
- ---------------------------------------------------------------------------------------------------------------------------------
18436 Bench Fabric $827.17
- ---------------------------------------------------------------------------------------------------------------------------------
18511 End Table $1,340.01
- ---------------------------------------------------------------------------------------------------------------------------------
18511 1 End Table Cartoning $160.67
- ---------------------------------------------------------------------------------------------------------------------------------
18513 Console Top $541.07
- ---------------------------------------------------------------------------------------------------------------------------------
18513 1 Console Top Cartoning $90.75
- ---------------------------------------------------------------------------------------------------------------------------------
18513 A Console Base $3,058.41
- ---------------------------------------------------------------------------------------------------------------------------------
18513 B Console Base Cartoning $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
18703 End Table Lamp $435.16
- ---------------------------------------------------------------------------------------------------------------------------------
18708 Candlestick Lamp $1,398.45
- ---------------------------------------------------------------------------------------------------------------------------------
18801 Art ($6,000) $6,248.39
- ---------------------------------------------------------------------------------------------------------------------------------
18805 Accessories ($2,000) $2,082.80
- ---------------------------------------------------------------------------------------------------------------------------------
18855 Planters ($1,800) $1,874.52
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL G:PF01 $0.00 $26,529.54
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 19
Project: Wyndham Old San Juan
- -------------------------------------------------------------------------------
FF&E Detail Budget
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Name Quantity Unit Cost Total Vendor
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
G:BL01 BALLROOM (PSR)
- ---------------------------------------------------------------------------------------------------------------------------------
No Items 0.0 ea ERR $ 0.00
=================================================================================================================================
TOTAL G:BL01 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
G:BR01 BOARDROOM (PBR)
- ---------------------------------------------------------------------------------------------------------------------------------
10345 Shutters 1.0 lot $ 743.86 $ 743.86
- ---------------------------------------------------------------------------------------------------------------------------------
10440 Conference Chairs 14.0 ea $ 738.10 $ 10,333.38
- ---------------------------------------------------------------------------------------------------------------------------------
10441 Conference chair fabric 42.0 ly $ 44.48 $ 1,868.27
- ---------------------------------------------------------------------------------------------------------------------------------
10506 Credenza 1.0 ea $ 3,079.56 $ 3,079.56
- ---------------------------------------------------------------------------------------------------------------------------------
10516 Conference Table 1.0 ea $ 5,950.85 $ 5,950.85
- ---------------------------------------------------------------------------------------------------------------------------------
10801 Art ($3,500) 1.0 lot $ 2,644.89 $ 3,644.89
- ---------------------------------------------------------------------------------------------------------------------------------
10805 Accessories ($1,000) 1.0 lot $ 1,041.40 $ 1,041.40
=================================================================================================================================
TOTAL G:BR01 $26,662.21 $ 26,662.21
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
G:MR01 MEETING ROOMS IN ISLA BONITA (PMR)
- ---------------------------------------------------------------------------------------------------------------------------------
16345 Shutters 142.0 lot $ 32.73 $ 4,647.61
- ---------------------------------------------------------------------------------------------------------------------------------
16345 1 Shutters 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
16403 Stack Chairs 720.0 ea $ 59.51 $ 42,846.11
- ---------------------------------------------------------------------------------------------------------------------------------
16801 Art ($5,000) 1.0 lot $ 7,438.56 $ 7,438.56
=================================================================================================================================
TOTAL G:MR01 $54,932.28 $ 54,932.28
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
G:PF03 ISLA BONITA TERRACE (PMR2)
- ---------------------------------------------------------------------------------------------------------------------------------
A bench 0.0 ea ERR $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
B planters 0.0 ea ERR $ 0.00
=================================================================================================================================
TOTAL G:PF03 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
G:PF02 ISLA BONITA PREFUNCTION (PMP2)
- ---------------------------------------------------------------------------------------------------------------------------------
21345 Shutters 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
21435 Bench 2.0 ea $ 706.66 $ 1,413.33
- ---------------------------------------------------------------------------------------------------------------------------------
21436 Bench Fabric 8.0 ly $ 103.40 $ 827.17
- ---------------------------------------------------------------------------------------------------------------------------------
21513 Console Base 1.0 ea $ 2,729.95 $ 2,729.95
- ---------------------------------------------------------------------------------------------------------------------------------
21513 A Console Top 1.0 ea $ 743.86 $ 743.86
- ---------------------------------------------------------------------------------------------------------------------------------
21801 Art ($3,000) 1.0 lot $ 4,463.14 $ 4,463.14
- ---------------------------------------------------------------------------------------------------------------------------------
21805 Accessories ($1,000) 1.0 lot $ 1,487.71 $ 1,487.71
=================================================================================================================================
TOTAL G:PF02 $11,665.15 $ 11,665.15
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
H:RM01 PUBLIC TOILETS (PPL)
- ---------------------------------------------------------------------------------------------------------------------------------
11801 Art/Accessories (Men's) 1.0 lot $ 1,562.10 $ 1,562.10
- ---------------------------------------------------------------------------------------------------------------------------------
11801 A Art/Accessories (Women's) 1.0 lot $ 1,562.10 $ 1,562.10
=================================================================================================================================
TOTAL H:RM01 $ 3,124.20 $ 3,124.20
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
J:PL01 POOL (PPO)
- ---------------------------------------------------------------------------------------------------------------------------------
13450 Lounge Chair 6.0 ea $ 168.10 $ 1,008.58
- ---------------------------------------------------------------------------------------------------------------------------------
13450 A Side Chair 8.0 ea $ 162.07 $ 1,296.57
- ---------------------------------------------------------------------------------------------------------------------------------
13451 Chaise Lounge 14.0 ea $ 354.88 $ 4,968.30
- ---------------------------------------------------------------------------------------------------------------------------------
13550 Side Table 11.0 ea $ 162.07 $ 1,782.78
- ---------------------------------------------------------------------------------------------------------------------------------
13550 A Table 2.0 ea $ 385.00 $ 770.01
- ---------------------------------------------------------------------------------------------------------------------------------
13550 B Umbrella 0.0 ea ERR $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
13550 C Umbrella Base 0.0 ea ERR $ 0.00
=================================================================================================================================
TOTAL J:PL01 $ 9,826.25 $ 9,826.25
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
H:HE01 EXERCISE ROOM (PHR)
- ---------------------------------------------------------------------------------------------------------------------------------
14600 Universal with stations 1.0 ea $ 3,719.28 $ 3,719.28
- ---------------------------------------------------------------------------------------------------------------------------------
14601 Bike - Recumbent 1.0 ea $ 2,975.42 $ 2,975.42
- ---------------------------------------------------------------------------------------------------------------------------------
14601 A Bike - Upright 2.0 ea $ 2,454.72 $ 4,909.45
- ---------------------------------------------------------------------------------------------------------------------------------
14602 Treadmill 2.0 ea $ 3,868.05 $ 7,736.10
- ---------------------------------------------------------------------------------------------------------------------------------
14605 Rower 1.0 ea $ 3,644.89 $ 3,644.89
- ---------------------------------------------------------------------------------------------------------------------------------
14606 Bells set 1.0 ea $ 1,487.71 $ 1,487.71
- ---------------------------------------------------------------------------------------------------------------------------------
14606 A Bell Rack 1.0 ea $ 669.47 $ 669.47
- ---------------------------------------------------------------------------------------------------------------------------------
14611 Step Machine 1.0 ea $ 3,644.89 $ 3,644.89
- ---------------------------------------------------------------------------------------------------------------------------------
14801 Artwork ($1,500) 1.0 lot $ 2,231.57 $ 2,231.57
=================================================================================================================================
TOTAL H:HE01 $31,018.80 $ 31,018.80
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
L:FM01 OFFICES (AMA)
- ---------------------------------------------------------------------------------------------------------------------------------
executive desk 7.0 ea $ 595.08 $ 4,165.59
- ---------------------------------------------------------------------------------------------------------------------------------
secretarial desk 3.0 ea $ 781.05 $ 2,343.15
- ---------------------------------------------------------------------------------------------------------------------------------
office partition system 3.0 ea $ 2,975.42 $ 8,926.27
- ---------------------------------------------------------------------------------------------------------------------------------
Back-of-House desk 4.0 ea $ 371.93 $ 1,487.71
- ---------------------------------------------------------------------------------------------------------------------------------
guest chair 8.0 ea $ 595.08 $ 4,780.68
- ---------------------------------------------------------------------------------------------------------------------------------
executive chair 22.0 ea $ 446.31 $ 9,818.90
- ---------------------------------------------------------------------------------------------------------------------------------
secretarial chair 3.0 ea $ 297.54 $ 892.63
- ---------------------------------------------------------------------------------------------------------------------------------
Back-of-House chair 4.0 ea $ 446.31 $ 1,785.25
- ---------------------------------------------------------------------------------------------------------------------------------
files 10.0 ea $ 595.08 $ 5,950.85
- ---------------------------------------------------------------------------------------------------------------------------------
end table 2.0 ea $ 297.54 $ 595.08
- ---------------------------------------------------------------------------------------------------------------------------------
lamp 2.0 ea $ 111.58 $ 223.18
- ---------------------------------------------------------------------------------------------------------------------------------
artwork 1.0 lot $ 2,082.80 $ 2,082.80
- ---------------------------------------------------------------------------------------------------------------------------------
Window Treatments 1.0 lot $ 7,438.56 $ 7,438.56
=================================================================================================================================
TOTAL L:FM01 $50,470.63 $ 50,470.63
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
PUBLIC SPACE TOTAL $ 2,543.23 $ 610,374.65
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Item Item
Name PO# / Invoice PO Issued Shipped Installed First 45% Second 45%
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
G:BL01 BALLROOM (PSR)
- ---------------------------------------------------------------------------------------------------------------------------------
No Items
=================================================================================================================================
TOTAL G:BL01 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
G:BR01 BOARDROOM (PBR)
- ---------------------------------------------------------------------------------------------------------------------------------
10345 Shutters
- ---------------------------------------------------------------------------------------------------------------------------------
10440 Conference Chairs
- ---------------------------------------------------------------------------------------------------------------------------------
10441 Conference chair fabric
- ---------------------------------------------------------------------------------------------------------------------------------
10506 Credenza
- ---------------------------------------------------------------------------------------------------------------------------------
10516 Conference Table
- ---------------------------------------------------------------------------------------------------------------------------------
10801 Art ($3,500)
- ---------------------------------------------------------------------------------------------------------------------------------
10805 Accessories ($1,000)
=================================================================================================================================
TOTAL G:BR01 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
G:MR01 MEETING ROOMS IN ISLA BONITA (PMR)
- ---------------------------------------------------------------------------------------------------------------------------------
16345 Shutters
- ---------------------------------------------------------------------------------------------------------------------------------
16345 1 Shutters
- ---------------------------------------------------------------------------------------------------------------------------------
16403 Stack Chairs
- ---------------------------------------------------------------------------------------------------------------------------------
16801 Art ($5,000)
=================================================================================================================================
TOTAL G:MR01 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
G:PF03 ISLA BONITA TERRACE (PMR2)
- ---------------------------------------------------------------------------------------------------------------------------------
A bench
- ---------------------------------------------------------------------------------------------------------------------------------
B planters
=================================================================================================================================
TOTAL G:PF03 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
G:PF02 ISLA BONITA PREFUNCTION (PMP2)
- ---------------------------------------------------------------------------------------------------------------------------------
21345 Shutters
- ---------------------------------------------------------------------------------------------------------------------------------
21435 Bench
- ---------------------------------------------------------------------------------------------------------------------------------
21436 Bench Fabric
- ---------------------------------------------------------------------------------------------------------------------------------
21513 Console Base
- ---------------------------------------------------------------------------------------------------------------------------------
21513 A Console Top
- ---------------------------------------------------------------------------------------------------------------------------------
21801 Art ($3,000)
- ---------------------------------------------------------------------------------------------------------------------------------
21805 Accessories ($1,000)
=================================================================================================================================
TOTAL G:PF02 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
H:RM01 PUBLIC TOILETS (PPL)
- ---------------------------------------------------------------------------------------------------------------------------------
11801 Art/Accessories (Men's)
- ---------------------------------------------------------------------------------------------------------------------------------
11801 A Art/Accessories (Women's)
=================================================================================================================================
TOTAL H:RM01 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
J:PL01 POOL (PPO)
- ---------------------------------------------------------------------------------------------------------------------------------
13450 Lounge Chair
- ---------------------------------------------------------------------------------------------------------------------------------
13450 A Side Chair
- ---------------------------------------------------------------------------------------------------------------------------------
13451 Chaise Lounge
- ---------------------------------------------------------------------------------------------------------------------------------
13550 Side Table
- ---------------------------------------------------------------------------------------------------------------------------------
13550 A Table
- ---------------------------------------------------------------------------------------------------------------------------------
13550 B Umbrella
- ---------------------------------------------------------------------------------------------------------------------------------
13550 C Umbrella Base
=================================================================================================================================
TOTAL J:PL01 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
H:HE01 EXERCISE ROOM (PHR)
- ---------------------------------------------------------------------------------------------------------------------------------
14600 Universal with stations
- ---------------------------------------------------------------------------------------------------------------------------------
14601 Bike - Recumbent
- ---------------------------------------------------------------------------------------------------------------------------------
14601 A Bike - Upright
- ---------------------------------------------------------------------------------------------------------------------------------
14602 Treadmill
- ---------------------------------------------------------------------------------------------------------------------------------
14605 Rower
- ---------------------------------------------------------------------------------------------------------------------------------
14606 Bells set
- ---------------------------------------------------------------------------------------------------------------------------------
14606 A Bell Rack
- ---------------------------------------------------------------------------------------------------------------------------------
14611 Step Machine
- ---------------------------------------------------------------------------------------------------------------------------------
14801 Artwork ($1,500)
=================================================================================================================================
TOTAL H:HE01 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
L:FM01 OFFICES (AMA)
- ---------------------------------------------------------------------------------------------------------------------------------
executive desk
- ---------------------------------------------------------------------------------------------------------------------------------
secretarial desk
- ---------------------------------------------------------------------------------------------------------------------------------
office partition system
- ---------------------------------------------------------------------------------------------------------------------------------
Back-of-House desk
- ---------------------------------------------------------------------------------------------------------------------------------
guest chair
- ---------------------------------------------------------------------------------------------------------------------------------
executive chair
- ---------------------------------------------------------------------------------------------------------------------------------
secretarial chair
- ---------------------------------------------------------------------------------------------------------------------------------
Back-of-House chair
- ---------------------------------------------------------------------------------------------------------------------------------
files
- ---------------------------------------------------------------------------------------------------------------------------------
end table
- ---------------------------------------------------------------------------------------------------------------------------------
lamp
- ---------------------------------------------------------------------------------------------------------------------------------
artwork
- ---------------------------------------------------------------------------------------------------------------------------------
Window Treatments
=================================================================================================================================
TOTAL L:FM01 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
PUBLIC SPACE TOTAL $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Remaining Warranty
Name Third 10% Budget Period Remarks
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
000000.00 A Bedspread fabrication $0,000.00 $0,000,000.00 1 yr Remarks
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
G:BL01 BALLROOM (PSR)
- ---------------------------------------------------------------------------------------------------------------------------------
No Items $ 0.00 By GC
=================================================================================================================================
TOTAL G:BL01 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
G:BR01 BOARDROOM (PBR)
- ---------------------------------------------------------------------------------------------------------------------------------
10345 Shutters $ 743.86
- ---------------------------------------------------------------------------------------------------------------------------------
10440 Conference Chairs $ 10,333.38
- ---------------------------------------------------------------------------------------------------------------------------------
10441 Conference chair fabric $ 1,868.27
- ---------------------------------------------------------------------------------------------------------------------------------
10506 Credenza $ 3,079.56
- ---------------------------------------------------------------------------------------------------------------------------------
10516 Conference Table $ 5,950.85
- ---------------------------------------------------------------------------------------------------------------------------------
10801 Art ($3,500) $ 3,644.89
- ---------------------------------------------------------------------------------------------------------------------------------
10805 Accessories ($1,000) $ 1,041.40
=================================================================================================================================
TOTAL G:BR01 $ 0.00 $ 26,662.21
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
G:MR01 MEETING ROOMS IN ISLA BONITA (PMR)
- ---------------------------------------------------------------------------------------------------------------------------------
16345 Shutters $ 4,647.61
- ---------------------------------------------------------------------------------------------------------------------------------
16345 1 Shutters
- ---------------------------------------------------------------------------------------------------------------------------------
16403 Stack Chairs $ 42,846.11
- ---------------------------------------------------------------------------------------------------------------------------------
16801 Art ($5,000) $ 7,438.56
=================================================================================================================================
TOTAL G:MR01 $ 0.00 $ 54,932.28
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
G:PF03 ISLA BONITA TERRACE (PMR2)
- ---------------------------------------------------------------------------------------------------------------------------------
A bench $ 0.00 By GC
- ---------------------------------------------------------------------------------------------------------------------------------
B planters $ 0.00 By GC
=================================================================================================================================
TOTAL G:PF03 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
G:PF02 ISLA BONITA PREFUNCTION (PMP2)
- ---------------------------------------------------------------------------------------------------------------------------------
21345 Shutters
- ---------------------------------------------------------------------------------------------------------------------------------
21435 Bench $ 1,413.33
- ---------------------------------------------------------------------------------------------------------------------------------
21436 Bench Fabric $ 827.17
- ---------------------------------------------------------------------------------------------------------------------------------
21513 Console Base $ 2,729.95
- ---------------------------------------------------------------------------------------------------------------------------------
21513 A Console Top $ 743.86
- ---------------------------------------------------------------------------------------------------------------------------------
21801 Art ($3,000) $ 4,463.14
- ---------------------------------------------------------------------------------------------------------------------------------
21805 Accessories ($1,000) $ 1,487.71
=================================================================================================================================
TOTAL G:PF02 $ 0.00 $ 11,665.15
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
H:RM01 PUBLIC TOILETS (PPL)
- ---------------------------------------------------------------------------------------------------------------------------------
11801 Art/Accessories (Men's) $ 1,562.10
- ---------------------------------------------------------------------------------------------------------------------------------
11801 A Art/Accessories (Women's) $ 1,562.10
=================================================================================================================================
TOTAL H:RM01 $ 0.00 $ 3,124.20
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
J:PL01 POOL (PPO)
- ---------------------------------------------------------------------------------------------------------------------------------
13450 Lounge Chair $ 1,008.58
- ---------------------------------------------------------------------------------------------------------------------------------
13450 A Side Chair $ 1,296.57
- ---------------------------------------------------------------------------------------------------------------------------------
13451 Chaise Lounge $ 4,968.30
- ---------------------------------------------------------------------------------------------------------------------------------
13550 Side Table $ 1,782.78
- ---------------------------------------------------------------------------------------------------------------------------------
13550 A Table $ 770.01
- ---------------------------------------------------------------------------------------------------------------------------------
13550 B Umbrella $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
13550 C Umbrella Base $ 0.00
=================================================================================================================================
TOTAL J:PL01 $ 0.00 $ 9,826.25
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
H:HE01 EXERCISE ROOM (PHR)
- ---------------------------------------------------------------------------------------------------------------------------------
14600 Universal with stations $ 3,719.28
- ---------------------------------------------------------------------------------------------------------------------------------
14601 Bike - Recumbent $ 2,975.42
- ---------------------------------------------------------------------------------------------------------------------------------
14601 A Bike - Upright $ 4,909.45
- ---------------------------------------------------------------------------------------------------------------------------------
14602 Treadmill $ 7,736.10
- ---------------------------------------------------------------------------------------------------------------------------------
14605 Rower $ 3,644.89
- ---------------------------------------------------------------------------------------------------------------------------------
14606 Bells set $ 1,487.71
- ---------------------------------------------------------------------------------------------------------------------------------
14606 A Bell Rack $ 669.47
- ---------------------------------------------------------------------------------------------------------------------------------
14611 Step Machine $ 3,644.89
- ---------------------------------------------------------------------------------------------------------------------------------
14801 Artwork ($1,500) $ 2,231.57
=================================================================================================================================
TOTAL H:HE01 $ 0.00 $ 31,018.80
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
L:FM01 OFFICES (AMA)
- ---------------------------------------------------------------------------------------------------------------------------------
executive desk $ 4,165.59
- ---------------------------------------------------------------------------------------------------------------------------------
secretarial desk $ 2,343.15
- ---------------------------------------------------------------------------------------------------------------------------------
office partition system $ 8,926.27
- ---------------------------------------------------------------------------------------------------------------------------------
Back-of-House desk $ 1,487.71
- ---------------------------------------------------------------------------------------------------------------------------------
guest chair $ 4,760.68
- ---------------------------------------------------------------------------------------------------------------------------------
executive chair $ 9,818.90
- ---------------------------------------------------------------------------------------------------------------------------------
secretarial chair $ 892.63
- ---------------------------------------------------------------------------------------------------------------------------------
Back-of-House chair $ 1,785.25
- ---------------------------------------------------------------------------------------------------------------------------------
files $ 5,950.85
- ---------------------------------------------------------------------------------------------------------------------------------
end table $ 595.08
- ---------------------------------------------------------------------------------------------------------------------------------
lamp $ 223.16
- ---------------------------------------------------------------------------------------------------------------------------------
artwork $ 2,082.80
- ---------------------------------------------------------------------------------------------------------------------------------
Window Treatments $ 7,438.56
=================================================================================================================================
TOTAL L:FM01 $ 0.00 $ 50,470.63
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
PUBLIC SPACE TOTAL $ 610,374.65
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 20
Project: Wyndham Old San Juan
- -------------------------------------------------------------------------------
FF&E Detail Budget
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Name Quantity Unit Cost Total Vendor
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATING EQUIPMENT AND EXPENDABLES
O&E's - Operations
L:XA01 Administration 1.0 lot $ 40,515.71 $ 40,515.71
- ---------------------------------------------------------------------------------------------------------------------------------
G:XB01 Banquet Eqpt 1.0 lot $110,144.30 $110,144.30
- ---------------------------------------------------------------------------------------------------------------------------------
F:XC01 China 1.0 lot $ 47,486.68 $ 47,486.68
- ---------------------------------------------------------------------------------------------------------------------------------
L:XF01 Forms 1.0 lot $ 21,654.95 $ 21,654.95
- ---------------------------------------------------------------------------------------------------------------------------------
K:XE01 Engineering 1.0 lot $ 17,463.67 $ 17.463.67
- ---------------------------------------------------------------------------------------------------------------------------------
F:XG01 Glassware 1.0 lot $ 17,669.46 $ 17.669.46
- ---------------------------------------------------------------------------------------------------------------------------------
E:HX01 Housekeeping 1.0 lot $162,062.84 $162,062.84
- ---------------------------------------------------------------------------------------------------------------------------------
I:XK01 Kitchen 1.0 lot $ 7,594.16 $ 7,594.16
- ---------------------------------------------------------------------------------------------------------------------------------
G:XL01 Linen - Banquet 1.0 lot $ 18,115.84 $ 18,115.84
- ---------------------------------------------------------------------------------------------------------------------------------
E:XM01 Linen - Rooms 1.0 lot $ 81,031.42 $ 81,031.42
- ---------------------------------------------------------------------------------------------------------------------------------
F:XR01 Bar Eqpt/Supply 1.0 lot $ 15,362.23 $ 15,362.23
- ---------------------------------------------------------------------------------------------------------------------------------
F:XS01 Silver's/Flatware 1.0 lot $ 49,695.37 $ 49,695.37
- ---------------------------------------------------------------------------------------------------------------------------------
F:XT01 Stewarding 1.0 lot $ 6,521.70 $ 6,521.70
- ---------------------------------------------------------------------------------------------------------------------------------
E:XU01 Uniforms 1.0 lot $ 50,993.91 $ 50,993.91
- ---------------------------------------------------------------------------------------------------------------------------------
F:XZ01 Restaurant 1.0 lot $ 71,385.10 $ 71,385.10
=================================================================================================================================
O & E TOTAL $ 2,990.41 $717,697.33
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Item Item
Name PO# / Invoice PO Issued Shipped Installed First 45% Second 45%
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OPERATING EQUIPMENT AND EXPENDABLES
O&E's - Operations
L:XA01 Administration
- ---------------------------------------------------------------------------------------------------------------------------------
G:XB01 Banquet Eqpt
- ---------------------------------------------------------------------------------------------------------------------------------
F:XC01 China
- ---------------------------------------------------------------------------------------------------------------------------------
L:XF01 Forms
- ---------------------------------------------------------------------------------------------------------------------------------
K:XE01 Engineering
- ---------------------------------------------------------------------------------------------------------------------------------
F:XG01 Glassware
- ---------------------------------------------------------------------------------------------------------------------------------
E:HX01 Housekeeping
- ---------------------------------------------------------------------------------------------------------------------------------
I:XK01 Kitchen
- ---------------------------------------------------------------------------------------------------------------------------------
G:XL01 Linen - Banquet
- ---------------------------------------------------------------------------------------------------------------------------------
E:XM01 Linen - Rooms
- ---------------------------------------------------------------------------------------------------------------------------------
F:XR01 Bar Eqpt/Supply
- ---------------------------------------------------------------------------------------------------------------------------------
F:XS01 Silver's/Flatware
- ---------------------------------------------------------------------------------------------------------------------------------
F:XT01 Stewarding
- ---------------------------------------------------------------------------------------------------------------------------------
E:XU01 Uniforms
- ---------------------------------------------------------------------------------------------------------------------------------
F:XZ01 Restaurant
=================================================================================================================================
O & E TOTAL $0.00 $0.00
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Remaining Warranty
Name Third 10% Budget Period Remarks
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATING EQUIPMENT AND EXPENDABLES
O&E's - Operations
L:XA01 Administration $ 40,515.71
- ---------------------------------------------------------------------------------------------------------------------------------
G:XB01 Banquet Eqpt $110,144.30
- ---------------------------------------------------------------------------------------------------------------------------------
F:XC01 China $ 47,486.68
- ---------------------------------------------------------------------------------------------------------------------------------
L:XF01 Forms $ 21,654.95
- ---------------------------------------------------------------------------------------------------------------------------------
K:XE01 Engineering $ 17,463.67
- ---------------------------------------------------------------------------------------------------------------------------------
F:XG01 Glassware $ 17,669.46
- ---------------------------------------------------------------------------------------------------------------------------------
E:HX01 Housekeeping $162,062.84
- ---------------------------------------------------------------------------------------------------------------------------------
I:XK01 Kitchen $ 7,594.16
- ---------------------------------------------------------------------------------------------------------------------------------
G:XL01 Linen - Banquet $ 18,115.84
- ---------------------------------------------------------------------------------------------------------------------------------
E:XM01 Linen - Rooms $ 81,031.42
- ---------------------------------------------------------------------------------------------------------------------------------
F:XR01 Bar Eqpt/Supply $ 15,362.23
- ---------------------------------------------------------------------------------------------------------------------------------
F:XS01 Silver's/Flatware $ 49,695.37
- ---------------------------------------------------------------------------------------------------------------------------------
F:XT01 Stewarding $ 6,521.70
- ---------------------------------------------------------------------------------------------------------------------------------
E:XU01 Uniforms $ 50,993.91
- ---------------------------------------------------------------------------------------------------------------------------------
F:XZ01 Restaurant $ 71,385.10
=================================================================================================================================
$0.00 $717,697.33
=================================================================================================================================
</TABLE>
Project: Wyndham Old San Juan
- -------------------------------------------------------------------------------
FF&E Detail Budget
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Name Quantity Unit Cost Total Vendor
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMUNICATIONS AND SPECIAL SYSTEMS
L:SS01 Special Systems
- ---------------------------------------------------------------------------------------------------------------------------------
Initial Trunking & Setup 241.0 ls $ 33.92 $ 8,174.44
- ---------------------------------------------------------------------------------------------------------------------------------
MIS Travel 1.0 ls $ 13,567.53 $ 13,567.53
- ---------------------------------------------------------------------------------------------------------------------------------
Patroll Processing Setup 1.0 ls $ 3,391.88 $ 3,391.88
- ---------------------------------------------------------------------------------------------------------------------------------
Computers & Printers 241.0 ls $ 101.76 $ 24,523.32
- ---------------------------------------------------------------------------------------------------------------------------------
POS System 1.0 ls $ 40,702.60 $ 40,702.60
- ---------------------------------------------------------------------------------------------------------------------------------
PMS System 241.0 ls $ 542.70 $130,791.03
- ---------------------------------------------------------------------------------------------------------------------------------
Back Office Accounting System Software 0.0 ls ERR $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Back Office Computers & Printers 0.0 ls ERR $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Time Clock 1.0 ls $ 13,906.72 $ 13,906.72
- ---------------------------------------------------------------------------------------------------------------------------------
Telephone Switch 241.0 ls $ 542.70 $130,791.03
- ---------------------------------------------------------------------------------------------------------------------------------
Telephone Devices 289.2 ls $ 67.84 $ 19,618.65
- ---------------------------------------------------------------------------------------------------------------------------------
Call Accounting 241.0 ls $ 142.46 $ 34,332.65
- ---------------------------------------------------------------------------------------------------------------------------------
Credit Card Vouchers 7.0 ea $ 678.38 $ 4,748.64
- ---------------------------------------------------------------------------------------------------------------------------------
Voice Mail 241.0 la $ 134.68 $ 32,697.76
- ---------------------------------------------------------------------------------------------------------------------------------
PMS Cabling 12.1 ea $ 271.35 $ 3,269.78
- ---------------------------------------------------------------------------------------------------------------------------------
POS Cabling 7.0 ea $ 678.38 $ 4,748.64
- ---------------------------------------------------------------------------------------------------------------------------------
Telephone Cabling 289.2 ls $ 169.59 $ 49,046.64
- ---------------------------------------------------------------------------------------------------------------------------------
TV Cabling 241.0 ls $ 271.35 $ 65,395.52
=================================================================================================================================
COMMUNICATIONS AND SPEC SYS TOTAL $ 2,415.45 $579,706.82
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Item Item
Name PO# / Invoice PO Issued Shipped Installed First 45% Second 45%
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
COMMUNICATIONS AND SPECIAL SYSTEMS
L:SS01 Special Systems
- ---------------------------------------------------------------------------------------------------------------------------------
Initial Trunking & Setup
- ---------------------------------------------------------------------------------------------------------------------------------
MIS Travel
- ---------------------------------------------------------------------------------------------------------------------------------
Patroll Processing Setup
- ---------------------------------------------------------------------------------------------------------------------------------
Computers & Printers
- ---------------------------------------------------------------------------------------------------------------------------------
POS System
- ---------------------------------------------------------------------------------------------------------------------------------
PMS System
- ---------------------------------------------------------------------------------------------------------------------------------
Back Office Accounting System Software
- ---------------------------------------------------------------------------------------------------------------------------------
Back Office Computers & Printers
- ---------------------------------------------------------------------------------------------------------------------------------
Time Clock
- ---------------------------------------------------------------------------------------------------------------------------------
Telephone Switch
- ---------------------------------------------------------------------------------------------------------------------------------
Telephone Devices
- ---------------------------------------------------------------------------------------------------------------------------------
Call Accounting
- ---------------------------------------------------------------------------------------------------------------------------------
Credit Card Vouchers
- ---------------------------------------------------------------------------------------------------------------------------------
Voice Mail
- ---------------------------------------------------------------------------------------------------------------------------------
PMS Cabling
- ---------------------------------------------------------------------------------------------------------------------------------
POS Cabling
- ---------------------------------------------------------------------------------------------------------------------------------
Telephone Cabling
- ---------------------------------------------------------------------------------------------------------------------------------
TV Cabling
=================================================================================================================================
COMMUNICATIONS AND SPEC SYS TOTAL $0.00 $0.00
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Remaining Warranty
Name Third 10% Budget Period Remarks
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMUNICATIONS AND SPECIAL SYSTEMS
L:SS01 Special Systems
- ---------------------------------------------------------------------------------------------------------------------------------
Initial Trunking & Setup $ 8,174.44
- ---------------------------------------------------------------------------------------------------------------------------------
MIS Travel $ 13,567.53
- ---------------------------------------------------------------------------------------------------------------------------------
Patroll Processing Setup $ 3,391.88
- ---------------------------------------------------------------------------------------------------------------------------------
Computers & Printers $ 24,523.32
- ---------------------------------------------------------------------------------------------------------------------------------
POS System $ 40,702.60 Includes all PC's.
- ---------------------------------------------------------------------------------------------------------------------------------
PMS System $130,791.03
- ---------------------------------------------------------------------------------------------------------------------------------
Back Office Accounting System Software $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Back Office Computers & Printers $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Time Clock $ 13,906.72
- ---------------------------------------------------------------------------------------------------------------------------------
Telephone Switch $130,791.03
- ---------------------------------------------------------------------------------------------------------------------------------
Telephone Devices $ 19,618.65
- ---------------------------------------------------------------------------------------------------------------------------------
Call Accounting $ 34,332.65
- ---------------------------------------------------------------------------------------------------------------------------------
Credit Card Vouchers $ 4,748.64
- ---------------------------------------------------------------------------------------------------------------------------------
Voice Mail $ 32,697.76
- ---------------------------------------------------------------------------------------------------------------------------------
PMS Cabling $ 3,269.78
- ---------------------------------------------------------------------------------------------------------------------------------
POS Cabling $ 4,748.64
- ---------------------------------------------------------------------------------------------------------------------------------
Telephone Cabling $ 49,046.64
- ---------------------------------------------------------------------------------------------------------------------------------
TV Cabling $ 65,395.52
=================================================================================================================================
COMMUNICATIONS AND SPEC SYS TOTAL $0.00 $579,706.82
=================================================================================================================================
</TABLE>
<PAGE> 21
Project: Wyndham Old San Juan
- -------------------------------------------------------------------------------
FF&E Detail Budget
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Name Quantity Unit Cost Total Vendor
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CASINO
- ---------------------------------------------------------------------------------------------------------------------------------
M:CA02 CASINO GAMING AREA
- ---------------------------------------------------------------------------------------------------------------------------------
F102 ITEMS
- ---------------------------------------------------------------------------------------------------------------------------------
slots stools/backrest 184.0 ea $ 297.54 $ 54,747.80
- ---------------------------------------------------------------------------------------------------------------------------------
carpet 1,321.0 sy $ 40.17 $ 53,062.23
- ---------------------------------------------------------------------------------------------------------------------------------
carpet pad 0.0 sy $ 2.23 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
wall sconces 25.0 ea $ 1,636.48 $ 40,912.08
- ---------------------------------------------------------------------------------------------------------------------------------
decorative lighting 4.0 lot $ 14,877.12 $ 59,508.48
=================================================================================================================================
SUBTOTAL F102 ITEMS $ 208,230.59 $ 208,230.59
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
F105 ITEMS
- ---------------------------------------------------------------------------------------------------------------------------------
black jack tables 16.0 ea $ 1,920.28 $ 30,724.46
- ---------------------------------------------------------------------------------------------------------------------------------
black jack chairs 112.0 ea $ 507.24 $ 56,811.27
- ---------------------------------------------------------------------------------------------------------------------------------
roulette tables 5.0 ea $ 2,681.14 $ 13,405.72
- ---------------------------------------------------------------------------------------------------------------------------------
roulette wheels 5.0 ea $ 14,492.67 $ 72,463.35
- ---------------------------------------------------------------------------------------------------------------------------------
roulette chairs 30.0 ea $ 507.24 $ 15,217.30
- ---------------------------------------------------------------------------------------------------------------------------------
dice game 2.0 ea $ 8,210.10 $ 16,420.20
- ---------------------------------------------------------------------------------------------------------------------------------
chips & lammers 32.0 k $ 951.08 $ 30,434.61
- ---------------------------------------------------------------------------------------------------------------------------------
jack/mini tablecloth 1.0 lot $ 2,968.10 $ 2,968.10
- ---------------------------------------------------------------------------------------------------------------------------------
roulette tablecloth 1.0 lot $ 3,884.04 $ 3,884.04
- ---------------------------------------------------------------------------------------------------------------------------------
dice tablecloth 1.0 lot $ 1,217.38 $ 1,217.38
- ---------------------------------------------------------------------------------------------------------------------------------
games accessories 1.0 lot $ 17,391.20 $ 17,391.20
- ---------------------------------------------------------------------------------------------------------------------------------
slots 183.0 ea $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
slots equipment 1.0 lot $ 57,970.68 $ 57,970.68
=================================================================================================================================
SUBTOTAL F105 ITEMS $ 318,908.32 $ 318,908.32
- ---------------------------------------------------------------------------------------------------------------------------------
=================================================================================================================================
TOTAL M:CA02 $ 527,138.91 $ 527,138.91
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
M:CF01 CASINO OFFICES
- ---------------------------------------------------------------------------------------------------------------------------------
F102 ITEMS
- ---------------------------------------------------------------------------------------------------------------------------------
office equipment 1.0 lot $ 7,438.56 $ 7,438.56
- ---------------------------------------------------------------------------------------------------------------------------------
employee lounge equipment 1.0 lot $ 10,413.96 $ 10,413.96
=================================================================================================================================
SUBTOTAL F102 ITEMS $ 17,852.54 $ 71,852.54
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
F105 ITEMS
- ---------------------------------------------------------------------------------------------------------------------------------
hard count room eqpt 1.0 lot $ 1,449.27 $ 1,449.27
- ---------------------------------------------------------------------------------------------------------------------------------
Slots Equipment 68.0 ly
- ---------------------------------------------------------------------------------------------------------------------------------
soft count rm eqpt 1.0 lot $ 13,043.40 $ 13,043.40
=================================================================================================================================
SUBTOTAL F105 ITEMS $ 14,492.67 $ 14,492.67
- ---------------------------------------------------------------------------------------------------------------------------------
=================================================================================================================================
TOTAL M:CF01 $ 32,345.21 $ 32,345.21
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
M:CS01 CASINO SPECIAL SYSTEMS
- ---------------------------------------------------------------------------------------------------------------------------------
casino management system 1.0 lot $ 86,956.02 $ 86,956.02
- ---------------------------------------------------------------------------------------------------------------------------------
computer hdwe/cable 1.0 lot $ 65,217.02 $ 65,217.02
=================================================================================================================================
TOTAL M:CS01 $ 152,173.04 $ 152,173.04
- ---------------------------------------------------------------------------------------------------------------------------------
=================================================================================================================================
CASINO TOTAL $ 711,657.16 $ 711,657.16
=================================================================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
OTHER PROJECT COSTS
- ---------------------------------------------------------------------------------------------------------------------------------
M:CA01 CASINO GAMING AREA
- ---------------------------------------------------------------------------------------------------------------------------------
finish out construction 13,367.0 0 $ 92.99 $1,243,000.00
- ---------------------------------------------------------------------------------------------------------------------------------
alarms 1.0 0 $ 3,000.00 $ 3,000.00
- ---------------------------------------------------------------------------------------------------------------------------------
CCTV system 1.0 0 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
signage/crowd control 1.0 0 $ 5,200.00 $ 5,200.00
- ---------------------------------------------------------------------------------------------------------------------------------
music/paging system 1.0 0 $ 9,000.00 $ 9,000.00
=================================================================================================================================
TOTAL M:CA01 $1,260,200.00 $1,260,200.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
D:CN02 CONSULTANTS
- ---------------------------------------------------------------------------------------------------------------------------------
Dahl Architectural Casino Design 1.0 0 $ 64,000.00 $ 64,000.00
- ---------------------------------------------------------------------------------------------------------------------------------
Dahl Additional Services 1 1.0 0 $ 7,200.00 $ 7,200.00
- ---------------------------------------------------------------------------------------------------------------------------------
Dahl Additional Services 2 1.0 0 $ 6,000.00 $ 6,000.00
- ---------------------------------------------------------------------------------------------------------------------------------
Dahl Additional Services 3 1.0 0 $ 6,400.00 $ 6,400.00
- ---------------------------------------------------------------------------------------------------------------------------------
Structural Design Consulting 1.0 0 $ 15,000.00 $ 15,000.00
- ---------------------------------------------------------------------------------------------------------------------------------
Reimbursable Expenses 8.0 0 $ 2,500.00 $ 20,000.00
- ---------------------------------------------------------------------------------------------------------------------------------
Add structural engineer reimb. 1.0 0 $ 3,000.00 $ 3,000.00
- ---------------------------------------------------------------------------------------------------------------------------------
DJP Interior Design Base Contract 1.0 0 $ 92,500.00 $ 92,500.00
- ---------------------------------------------------------------------------------------------------------------------------------
DJP Additional Services 1 1.0 0 $ 17,500.00 $ 17,500.00
- ---------------------------------------------------------------------------------------------------------------------------------
DJP Additional Services 2 1.0 0 $ 13,500.00 $ 13,500.00
- ---------------------------------------------------------------------------------------------------------------------------------
DJP Additional Services 3 1.0 0 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Tessi Garcia 1.0 0 $ 28,500.00 $ 28,500.00
- ---------------------------------------------------------------------------------------------------------------------------------
Diego Sorrache 1.0 0 $ 25,000.00 $ 25,000.00
- ---------------------------------------------------------------------------------------------------------------------------------
Reimbursable Expenses 1.0 0 $ 23,630.21 $ 23,630.21
- ---------------------------------------------------------------------------------------------------------------------------------
Extended Cost for time delay 1.0 0 $ 0.00 $ 0.00
=================================================================================================================================
TOTAL D:CN02 $ 322,230.21 $ 322,230.21
- ---------------------------------------------------------------------------------------------------------------------------------
=================================================================================================================================
OTHER TOTAL $1,582,430.21 $1,582,430.21
=================================================================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
=================================================================================================================================
FF&E GRAND TOTAL $2,309,096.19 $5,896,203.52
=================================================================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Item Item
Name PO# / Invoice PO Issued Shipped Installed First 45% Second 45%
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CASINO
- ---------------------------------------------------------------------------------------------------------------------------------
M:CA02 CASINO GAMING AREA
- ---------------------------------------------------------------------------------------------------------------------------------
F102 ITEMS
- ---------------------------------------------------------------------------------------------------------------------------------
slots stools/backrest
- ---------------------------------------------------------------------------------------------------------------------------------
carpet
- ---------------------------------------------------------------------------------------------------------------------------------
carpet pad
- ---------------------------------------------------------------------------------------------------------------------------------
wall sconces
- ---------------------------------------------------------------------------------------------------------------------------------
decorative lighting
=================================================================================================================================
SUBTOTAL F102 ITEMS $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
F105 ITEMS
- ---------------------------------------------------------------------------------------------------------------------------------
black jack tables
- ---------------------------------------------------------------------------------------------------------------------------------
black jack chairs
- ---------------------------------------------------------------------------------------------------------------------------------
roulette tables
- ---------------------------------------------------------------------------------------------------------------------------------
roulette wheels
- ---------------------------------------------------------------------------------------------------------------------------------
roulette chairs
- ---------------------------------------------------------------------------------------------------------------------------------
dice game
- ---------------------------------------------------------------------------------------------------------------------------------
chips & lammers
- ---------------------------------------------------------------------------------------------------------------------------------
jack/mini tablecloth
- ---------------------------------------------------------------------------------------------------------------------------------
roulette tablecloth
- ---------------------------------------------------------------------------------------------------------------------------------
dice tablecloth
- ---------------------------------------------------------------------------------------------------------------------------------
games accessories
- ---------------------------------------------------------------------------------------------------------------------------------
slots
- ---------------------------------------------------------------------------------------------------------------------------------
slots equipment
=================================================================================================================================
SUBTOTAL F105 ITEMS $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
=================================================================================================================================
TOTAL M:CA02 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
M:CF01 CASINO OFFICES
- ---------------------------------------------------------------------------------------------------------------------------------
F102 ITEMS
- ---------------------------------------------------------------------------------------------------------------------------------
office equipment
- ---------------------------------------------------------------------------------------------------------------------------------
employee lounge equipment
=================================================================================================================================
SUBTOTAL F102 ITEMS $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
F105 ITEMS
- ---------------------------------------------------------------------------------------------------------------------------------
hard count room eqpt
- ---------------------------------------------------------------------------------------------------------------------------------
Slots Equipment
- ---------------------------------------------------------------------------------------------------------------------------------
soft count rm eqpt
=================================================================================================================================
SUBTOTAL F105 ITEMS $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
=================================================================================================================================
TOTAL M:CF01 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
M:CS01 CASINO SPECIAL SYSTEMS
- ---------------------------------------------------------------------------------------------------------------------------------
casino management system
- ---------------------------------------------------------------------------------------------------------------------------------
computer hdwe/cable
=================================================================================================================================
TOTAL M:CS01 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
=================================================================================================================================
CASINO TOTAL $ 0.00 $ 0.00
=================================================================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
OTHER PROJECT COSTS
- ---------------------------------------------------------------------------------------------------------------------------------
M:CA01 CASINO GAMING AREA
- ---------------------------------------------------------------------------------------------------------------------------------
finish out construction
- ---------------------------------------------------------------------------------------------------------------------------------
alarms
- ---------------------------------------------------------------------------------------------------------------------------------
CCTV system
- ---------------------------------------------------------------------------------------------------------------------------------
signage/crowd control
- ---------------------------------------------------------------------------------------------------------------------------------
music/paging system
=================================================================================================================================
TOTAL M:CA01 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
D:CN02 CONSULTANTS
- ---------------------------------------------------------------------------------------------------------------------------------
Dahl Architectural Casino Design
- ---------------------------------------------------------------------------------------------------------------------------------
Dahl Additional Services 1
- ---------------------------------------------------------------------------------------------------------------------------------
Dahl Additional Services 2
- ---------------------------------------------------------------------------------------------------------------------------------
Dahl Additional Services 3
- ---------------------------------------------------------------------------------------------------------------------------------
Structural Design Consulting
- ---------------------------------------------------------------------------------------------------------------------------------
Reimbursable Expenses
- ---------------------------------------------------------------------------------------------------------------------------------
Add structural engineer reimb.
- ---------------------------------------------------------------------------------------------------------------------------------
DJP Interior Design Base Contract
- ---------------------------------------------------------------------------------------------------------------------------------
DJP Additional Services 1
- ---------------------------------------------------------------------------------------------------------------------------------
DJP Additional Services 2
- ---------------------------------------------------------------------------------------------------------------------------------
DJP Additional Services 3
- ---------------------------------------------------------------------------------------------------------------------------------
Tessi Garcia
- ---------------------------------------------------------------------------------------------------------------------------------
Diego Sorrache
- ---------------------------------------------------------------------------------------------------------------------------------
Reimbursable Expenses
- ---------------------------------------------------------------------------------------------------------------------------------
Extended Cost for time delay
=================================================================================================================================
TOTAL D:CN02 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
=================================================================================================================================
OTHER TOTAL $ 0.00 $ 0.00
=================================================================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
=================================================================================================================================
FF&E GRAND TOTAL $9,031.96 $9,031.96
=================================================================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Remaining Warranty
Name Third 10% Budget Period Remarks
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CASINO
- ---------------------------------------------------------------------------------------------------------------------------------
M:CA02 CASINO GAMING AREA
- ---------------------------------------------------------------------------------------------------------------------------------
F102 ITEMS
- ---------------------------------------------------------------------------------------------------------------------------------
slots stools/backrest $ 54,747.80
- ---------------------------------------------------------------------------------------------------------------------------------
carpet $ 53,062.23
- ---------------------------------------------------------------------------------------------------------------------------------
carpet pad $ 0.00 By GC
- ---------------------------------------------------------------------------------------------------------------------------------
wall sconces $ 40,912.08
- ---------------------------------------------------------------------------------------------------------------------------------
decorative lighting $ 59,508.48
=================================================================================================================================
SUBTOTAL F102 ITEMS $ 0.00 $ 208,230.59
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
F105 ITEMS
- ---------------------------------------------------------------------------------------------------------------------------------
black jack tables $ 30,724.46
- ---------------------------------------------------------------------------------------------------------------------------------
black jack chairs $ 56,811.27
- ---------------------------------------------------------------------------------------------------------------------------------
roulette tables $ 13,405.72
- ---------------------------------------------------------------------------------------------------------------------------------
roulette wheels $ 72,463.35
- ---------------------------------------------------------------------------------------------------------------------------------
roulette chairs $ 15,217.30
- ---------------------------------------------------------------------------------------------------------------------------------
dice game $ 16,420.20
- ---------------------------------------------------------------------------------------------------------------------------------
chips & lammers $ 30,434.61
- ---------------------------------------------------------------------------------------------------------------------------------
jack/mini tablecloth $ 2,968.10
- ---------------------------------------------------------------------------------------------------------------------------------
roulette tablecloth $ 3,884.04
- ---------------------------------------------------------------------------------------------------------------------------------
dice tablecloth $ 1,217.38
- ---------------------------------------------------------------------------------------------------------------------------------
games accessories $ 17,391.20
- ---------------------------------------------------------------------------------------------------------------------------------
slots $ 0.00 Furnished by Government of Puerto Rico
- ---------------------------------------------------------------------------------------------------------------------------------
slots equipment $ 57,970.68
=================================================================================================================================
SUBTOTAL F105 ITEMS $ 0.00 $ 318,908.32
- ---------------------------------------------------------------------------------------------------------------------------------
=================================================================================================================================
TOTAL M:CA02 $ 0.00 $ 527,138.91
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
M:CF01 CASINO OFFICES
- ---------------------------------------------------------------------------------------------------------------------------------
F102 ITEMS
- ---------------------------------------------------------------------------------------------------------------------------------
office equipment $ 7,438.56
- ---------------------------------------------------------------------------------------------------------------------------------
employee lounge equipment $ 10,413.96
=================================================================================================================================
SUBTOTAL F102 ITEMS $ 0.00 $ 17,852.54
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
F105 ITEMS
- ---------------------------------------------------------------------------------------------------------------------------------
hard count room eqpt $ 1,449.27
- ---------------------------------------------------------------------------------------------------------------------------------
Slots Equipment
- ---------------------------------------------------------------------------------------------------------------------------------
soft count rm eqpt $ 13,043.40
=================================================================================================================================
SUBTOTAL F105 ITEMS $ 0.00 $ 14,492.67
- ---------------------------------------------------------------------------------------------------------------------------------
=================================================================================================================================
TOTAL M:CF01 $ 0.00 $ 32,345.21
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
M:CS01 CASINO SPECIAL SYSTEMS
- ---------------------------------------------------------------------------------------------------------------------------------
casino management system $ 86,956.02
- ---------------------------------------------------------------------------------------------------------------------------------
computer hdwe/cable $ 65,217.02
=================================================================================================================================
TOTAL M:CS01 $ 0.00 $ 152,173.04
- ---------------------------------------------------------------------------------------------------------------------------------
=================================================================================================================================
CASINO TOTAL $ 0.00 $ 711,657.16
=================================================================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
OTHER PROJECT COSTS
- ---------------------------------------------------------------------------------------------------------------------------------
M:CA01 CASINO GAMING AREA
- ---------------------------------------------------------------------------------------------------------------------------------
finish out construction $1,234,000.00
- ---------------------------------------------------------------------------------------------------------------------------------
alarms $ 3,000.00
- ---------------------------------------------------------------------------------------------------------------------------------
CCTV system $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
signage/crowd control $ 5,200.00
- ---------------------------------------------------------------------------------------------------------------------------------
music/paging system $ 9,000.00
=================================================================================================================================
TOTAL M:CA01 $ 0.00 $1,260,200.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
D:CN02 CONSULTANTS
- ---------------------------------------------------------------------------------------------------------------------------------
Dahl Architectural Casino Design $ 64,000.00
- ---------------------------------------------------------------------------------------------------------------------------------
Dahl Additional Services 1 $ 7,200.00
- ---------------------------------------------------------------------------------------------------------------------------------
Dahl Additional Services 2 $ 6,000.00
- ---------------------------------------------------------------------------------------------------------------------------------
Dahl Additional Services 3 $ 6,400.00
- ---------------------------------------------------------------------------------------------------------------------------------
Structural Design Consulting $ 15,000.00
- ---------------------------------------------------------------------------------------------------------------------------------
Reimbursable Expenses $ 20,000.00
- ---------------------------------------------------------------------------------------------------------------------------------
Add structural engineer reimb. $ 3,000.00
- ---------------------------------------------------------------------------------------------------------------------------------
DJP Interior Design Base Contract $ 92,500.00
- ---------------------------------------------------------------------------------------------------------------------------------
DJP Additional Services 1 $ 17,500.00
- ---------------------------------------------------------------------------------------------------------------------------------
DJP Additional Services 2 $ 13,500.00
- ---------------------------------------------------------------------------------------------------------------------------------
DJP Additional Services 3 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Tessi Garcia $ 28,500.00
- ---------------------------------------------------------------------------------------------------------------------------------
Diego Sorrache $ 25,000.00
- ---------------------------------------------------------------------------------------------------------------------------------
Reimbursable Expenses $ 23,630.21
- ---------------------------------------------------------------------------------------------------------------------------------
Extended Cost for time delay $ 0.00
=================================================================================================================================
TOTAL D:CN02 $ 0.00 $ 322,230.21
- ---------------------------------------------------------------------------------------------------------------------------------
=================================================================================================================================
OTHER TOTAL $ 0.00 $1,582,430.21
=================================================================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
=================================================================================================================================
FF&E GRAND TOTAL $2,007.10 $5,876,132.50
=================================================================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 22
WATERFRONT HOTEL ASSOCIATES, S.E.
2001 Bryan Street, suite 2300
Dallas, Texas 75201
March 12, 1996
VIA FEDERAL EXPRESS
Paseo Portuario and Company, S.E.
23A Street, Mario Julia Industrial Park
Puerto Nuevo, Guaynabo, Puerto Rico 00922
Corporacion de Desarrollo Hotelero de Puerto Rico
Paseo de la Princesa #2
Compania de Turismo
Antiguo Edificio La Princesa
Old San Juan, Puerto Rico 00901
Re: Wyndham Old San Juan Hotel and Casino, Old San Juan, Puerto
Rico (the "Hotel")
Gentlemen:
Pursuant to the terms of the Amended and Restated Special Partnership
Agreement of Waterfront Hotel Associates, S.E. (the "Partnership"), dated as of
December 10, 1993, San Juan Associates LP, S.E. as the Administrative General
Partner ("Associates") hereby requests your consent to (a) the revised FF&E
budget attached hereto as Exhibit A and made a part hereof, together with the
corresponding revised Schedule of Values attached hereto as Exhibit B and (b)
the execution by Associates on behalf of the Partnership of the Amendment to
FF&E Contract, the form of which is attached hereto as Exhibit C. The revised
Budget and Schedule of Value reflects the increase in the size of the casino
and other adjustments to the scope of the Project since the date of the June
30, 1994 loan closing and the Amendment to the FF&E Contract incorporates the
new budget.
Please indicate your consent to the items described in (a) and (b) above
by executing one counterpart of this letter and returning it to the undersigned.
If you have any questions regarding the attached, please call Jack
vanHartesvelt.
Very truly yours,
SAN JUAN ASSOCIATES LP, S.E.
By: Old San Juan, Inc., General Partner
By: /s/ JOHN VANHARTESVELT
------------------------------
Name: John vanHartesvelt
Title: Authorized Agent
<PAGE> 23
Paseo Portuario and Company, S.E.
Corporacion de Desarrollo Hotelero de Puerto Rico
March 12, 1996
Page 2
CONSENTED TO THIS ____ DAY OF
MARCH, 1996:
Paseo Portuario and Company, S.E.
By: /s/ FRANCISCO SANCHEZ ARAN
------------------------------
Name: Francisco Sanchez Aran
-------------------------
Title: Executive Director
------------------------
Corporacion de Desarrollo Hotelero de Puerto Rico
By: /s/ ROBERTO LUGO RIGAU
------------------------------
Name: Roberto Lugo Rigau
-------------------------
Title: Vice President Hotel
Development Corporation
------------------------
cc: Susan Olsen
Chick Lietz
Carla Moreland
Paul W.A. Courtnall, Jr.
<PAGE> 1
EXHIBIT 10.29
FF&E AND TECHNICAL SERVICES CONTRACT
(Fixed Price)
THIS FF&E AND TECHNICAL SERVICES CONTRACT (the "Contract") is made and
entered into this 26th day of May, 1995, by and between WYNDHAM HOTEL COMPANY
LTD., a Texas limited partnership ("WHC"), whose address is 2001 Bryan Tower,
Suite 2300, Dallas, Texas 75201, and CONVENTION CENTER BOULEVARD HOTEL,
LIMITED, A LOUISIANA PARTNERSHIP IN COMMENDAM ("Owner"), whose address is Suite
3200, 2001 Ross Avenue, Dallas, Texas 75201.
RECITALS
A. Owner is developing and constructing a hotel of approximately
200 rooms and related facilities (the "Project") on that certain tract of land
located in New Orleans, Louisiana, two blocks from the New Orleans Convention
Center in the block bordered by Convention Center Boulevard and Girod, Fulton
and Notre Dame Streets (the "Site").
B. Pursuant to a Management Agreement of even date with this
Agreement, WHC is providing Owner a guarantee of the pre-opening expenses to be
incurred in connection with the Project.
C. Owner also desires to retain WHC to provide and install
furnishings, fixtures and equipment ("FF&E") for the Project, and to provide
certain technical services (the "Technical Services"), all for the Fixed Price
(hereinafter defined).
D. The FF&E and related installation services are described mcre
particularly in the Schedule of FF&E and Services attached as Exhibit A, which
also includes a reference to the cost of the Technical Services.
E. The Technical Services are described more particularly in
Exhibit B attached hereto.
NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the parties hereto agree as
follows:
Section 1. Provision of FF&E.
1.1. Identification of FF&E.
(a) The FF&E to be provided and installed pursuant to
this Contract is furniture, fixtures, and equipment of a quality,
number, and type reasonably comparable to the standards of the Wyndham
Hotel-Milwaukee Center. WHC shall
<PAGE> 2
submit to Owner no less than six (6) months prior to the scheduled
installation of the FF&E (as set forth in Section 2.1(a) below),
detailed specifications of such FF&E ("Detailed Specifications")
prepared by a design consultant to be designated by WHC at Owner's
expense. Owner shall have fifteen (15) business days to make
reasonable objections to the Detailed Specifications. Failure of Owner
to object in writing to the Detailed Specifications during this
fifteen (15)-day period shall be deemed to be acceptance of same. WHC
will consider Owner's suggestions with regard to selection of
suppliers of FF&E and the pricing thereof in an effort to minimize
costs without compromising quality.
(b) WHC will make all arrangements for the purchase,
shipping, delivery and, where applicable, installation of the FF&E
(herein called the "Work"). WHC may substitute products of similar
quality for those itemized an the Schedule of FF&E and Services
(hereinafter defined) with the Owner's prior written approval such
approval to not be unreasonably withheld or delayed.
(c) Upon delivery, or where installation is required,
upon installation, of the FF&E to be furnished pursuant to this
Contract, Owner shall acquire good title to such FF&E free of any
lien, security interest or encumbrance, except mortgage liens in favor
of First National Bank of Commerce, New Orleans, Louisiana ("FNBC").
No portion of the FF&E to be provided pursuant to this Agreement shall
be subject to a lease or any conditional sales agreement, except as
otherwise permitted under the Construction and Term Loan Agreement
between Owner and FNBC dated January 12, 1995, as amended, and
otherwise agreed to in writing by Owner (the "FNBC Loan Agreement").
1.2. Change Orders. After its acceptance of the Detailed
Specifications, Owner may request changes thereto by submitting a change order
to WHC. Upon receipt of a change order from Owner, WHC shall submit to Owner an
estimate of the cost of such change, together with a revised Delivery Schedule
(hereinafter defined) due to such change. Upon agreement of the parties as to
the change in the Cost of the Work (hereinafter defined) and the Delivery
Schedule, each party shall execute the change order to evidence its agreement
to the terms contained therein.
Section 2. Delivery of FF&E.
2.1. Delivery and Installation Schedule.
(a) Upon finalization of the construction schedule for
the Project by Owner and WHC, WHC shall submit for Owner's approval, a
schedule indicating the required dates of delivery and installation of
the FF&E (the "Delivery Schedule"). The Delivery Schedule shall be
amended as necessary to comply with: (i) any change orders executed
by the Owner and WHC; (ii) any delays incurred due to Owner's
inability or failure to comply with the Delivery Schedule; or (iii)
Force Majeure (as hereinafter defined) events. The Delivery Schedule
will call for completion of the delivery and installation of the FF&E
no later than the date thirty (30) days following substantial
completion of the work under the general construction contract to be
-2-
<PAGE> 3
entered into by Owner for construction of the Project (such date, as
extended pursuant to the immediately preceding sentence, the "Outside
Date").
(b) Owner shall be responsible for demurrage, redelivery
or other charges or expenses which are due to Owner's inability or
failure to comply with the Delivery Schedule, and such charges shall
not be included in the Cost of the Work (as hereinafter defined).
(c) Owner shall be responsible for expenses incurred by
WHC for overtime of its employees or subcontractors performed at the
direction of Owner, provided the same is not necessitated by the
failure of WHC to comply with the Delivery Schedule, and such expenses
shall not be included in the Cost of the Work.
(d) Expenses incurred by WHC for overtime of its
employees or subcontractors or other charges imposed or necessitated
by the failure of WHC to comply with the Delivery Schedule shall be
included in the Cost of the Work.
2.2. Storage.
(a) Owner shall be responsible for providing security
against loss or damage to the FF&E stored at the Project between the
date of delivery and final acceptance by Owner of the FF&E, and the
cost of the same shall not be included in the Cost of the Work.
(b) Costs incurred by WHC in storage, delivery and
insurance of the FF&E at off-site storage locations shall be included
in the Cost of the Work, unless such costs are incurred as a result of
Owner's inability or failure to comply with the Delivery Schedule, in
which case Owner shall be responsible for such costs and they shall
not be included in the Cost of the Work.
2.3. Insurance.
(a) WHC or its agents shall cause the FF&E to be covered,
at Owner's expense, by full replacement property insurance until such
time as the same is delivered to Owner, and the cost of the same shall
be included in the Cost of the Work. Owner shall maintain property
insurance on the FF&E from the time of delivery of same, and the cost
of the same shall not be included in the Cost of the Work.
(b) Owner and WHC hereby waive and release each other of
and from any and all right of recovery, claim, action or cause of
action against each other, their subcontractors, sub-subcontractors,
agents, officers and employees, for any loss or damage that may occur
to the Project, the FF&E, or personal property within the Project, by
reason of fire or other perils coverable under policies of all risks
of physical loss, whether or not such coverage is in effect,
regardless of cause or origin, including the negligence of Owner or WHC
and their subcontractors, subsubcontractors, agents, officers, and
employees. Owner and WHC agree immediately
-3-
<PAGE> 4
to give their respective insurance companies written notice of the
terms of the mutual waivers contained in this section, and to have the
insurance policies properly endorsed, if necessary, to prevent the
invalidation of the insurance coverages by reason of the mutual
waivers.
2.4. Warranties, etc. WHC shall use its best efforts to obtain the
standard warranties from the manufacturers of the FF&E and assign all such
standard warranties to Owner.
Section 3. Owner's Obligations.
3.1. Obligations Regarding FF&E Purchases.
(a) Owner shall have the right to inspect all FF&E and to
reject any or all goods which are defective or nonconforming. Owner
shall notify WHC of any defective or nonconforming goods within seven
(7) days after notice of delivery to Owner or Owner shall be deemed to
have accepted such goods.
(b) Any portion of any FF&E rejected by Owner in
accordance with Section 3.1(a), without invalidating the remainder,
will be held for disposition at the direction of WHC, and such
rejected FF&E shall be replaced with conforming and/or non-defective
goods.
3.2. Approvals. Owner shall designate one or more representatives
to act on its behalf under this Contract ("Owner's Representative"). Pursuant
to a Development Agreement dated May 26, 1995, Owner has designated Darryl D.
Berger and Roger H. Ogden to serve as the "Owner's Representative" under this
Contract. Owner's Representative shall be fully acquainted with the Work and
shall have authority to approve the Detailed Specifications and the Delivery
Schedule, and any change orders thereto, and to make inspections of the FF&E
and the installation thereof; render approvals and decisions and furnish
information on behalf of the Owner under this Contract.
Section 4. Cost of Work; Fee; Fixed Price.
4.1. Cost of the Work.
(a) The FF&E to be provided and installed pursuant to
this Contract is itemized in the Schedule of FF&E and Services attached hereto
as Exhibit A (the "Schedule of FF&E and Services"). The price to be paid by
Owner to WP for the FF&E shall be the costs actually incurred by WHC in the
performance of the Work (the "Cost of the Work") and shall include the purchase
price of the FF&E, together with shipping, any applicable sales and use taxes,
insurance until delivery of the FF&E to Owner and, where applicable,
installation of the FF&E at the Project (including installation of the special
systems and kitchen and laundry equipment included in the FF&E and final
hook-up and start-up of same).
-4-
<PAGE> 5
(b) WHC shall submit to Owner's Representative from time
to time an application for payment, which application shall include the
invoices for the items of FF&E and other items included in the Cost of the Work
with respect to which WHC is requesting payment. Payment for that portion of
the Cost of the Work and the Base Portion of the Purchasing and Technical
Services Fee (as hereinafter defined) with respect to the FF&E for which WHC is
requesting payment, shall be based on the following percentages:
(1) Fifty percent (50%) upon receipt by Owner of
an acknowledgement of a purchase order or
contract from a vendor or contractor;
(2) Forty-five percent (45%) upon arrival of the
FF&E in New Orleans, Louisiana; and
(3) The balance upon installation and acceptance
of the FF&E by Owner.
(c) Within fifteen (15) days of receipt of an application
for payment by WHC, Owner shall make such payment.
4.2. Fees and Reimbursable to WHC.
(a) Fee. Owner will pay to WHC for its services hereunder
a total fee (the "Purchasing and Technical Services Fee") equal to (i)
$109,977 (the "Base Portion"), plus (ii) the amount, if any, (the
"Savings Portion") by which the sum of the Cost of the Work, the Base
Portion and Reimbursable Expenses is less than the Fixed Price (as
hereinafter defined). Payment of the Base Portion will be made in
proportion to the payments for the Cost of the Work as provided in
Section 4.1(b) above. Payment of the Savings Portion, if any, will be
made upon completion of installation and acceptance by Owner of the
FF&E to be furnished pursuant to this Contract.
(b) Reimbursable Expenses. Owner shall reimburse WHC
for all Reimbursable Expenses in addition to the Purchasing and
Technical Services Fee within fifteen (15) days of receipt of a
reasonably detailed statement therefor. As used herein, "Reimbursable
Expenses" shall include transportation expenses in connection with the
services provided by WHC herein, living expenses in connection with
out-of-town travel, long distance telephone, telefaxing, postage and
handling of documents, photocopying and reproductions.
4.3. Fixed Price. the sum of the Cost of the Work, the Purchasing
and Technical Services Fee and Reimbursable Expenses shall be $2,084,906,
subject to additions and deductions by Change Order as provided herein. Such
maximum sum is referred to as the "Fixed Price." Costs which would cause the
sum of the Cost of the Work, the Purchasing and Technical Services Fee and
Reimbursable Expenses to exceed the Fixed Price (an "Overrun") shall be borne
by VHC.
-5-
<PAGE> 6
Section 5. Default; Termination.
5.1. Default.
(a) If WHC fails to perform any duties as provided in
this Contract, which failure is not due to the acts or omissions of
Owner, its contractors, agents, or employees, and WHC fails to correct
such failure within thirty (30) days after written notice by Owner to
WHC specifying such failure to perform, Owner shall be entitled to
terminate this Contract by written notice to WHC. Notwithstanding the
foregoing, if such default is of a type which cannot be cured within
thirty (30) days, WHC shall have such additional time as may be
reasonably necessary provided it commences such cure within such
thirty (30) days and diligently prosecutes such cure to completion,
provided that such cure period shall not cause the completion of the
Work to extend beyond the Outside Date. The foregoing right to
terminate this Contract is in addition to and cumulative of any and
all rights and remedies available to Owner at law or in equity,
provided that WHC shall be responsible in damages only to the extent
of any Overrun and, to the extent WHC fails to complete the Work on or
before the Outside Date and such failure results in a delay in the
opening of the Project to the public, interest on the Owner's
indebtedness under the FNBC Loan Agreement from the Outside Date until
the opening of the Project.
(b) In the event Owner fails to pay WHC any portion of
the Purchasing and Technical Services Fee, the Cost of the Work or
Reimbursable Expenses when due, WHC may, upon written notice to Owner,
suspend any further performance by WHC hereunder until such payment is
received. Any such suspension by WHC shall not be deemed to be a
breach by WHC of this Contract or any conditions or covenants thereof,
shall not be deemed to be a waiver of any other right of WHC under
this Contract, and shall not be deemed to terminate this Contract. If
Owner fails to pay any amount payable to WHC under the terms of this
Contract, or Owner violates any of the other terms or conditions of
this Contract, WHC may terminate this Contract if said violations have
not been cured within ten (10) days following written notification of
same to Owner. The foregoing right to terminate this Contract is in
addition to and cumulative of any and all rights and remedies
available to WHC at law or in equity.
5.2. Termination. Upon termination of this Contract by either
party, WHC Wm deliver to Owner copies of all FF&E documentation then in its
possession.
Section 6. Indemnification.
6.1. Indemnification by Owner. Owner agrees that it shall
indemnify, defend, protect and hold harmless WHC, its affiliates, subsidiaries
and partners and their respective officers, directors and employees (the "WHC
Indemnitees") from and against any and all claims, liabilities, actions,
obligations, damages, costs or expenses (including reasonable attorneys' fees)
arising from or related to the ownership, development, construction and
operation of the Project. This indemnity shall not apply to any claims,
liabilities, actions,
-6-
<PAGE> 7
obligations, damages, costs or expenses arising by reason of the misconduct or
negligence of the WHC Indemnitees or any contractual obligation on the part of
any WHC Indemnitee.
6.2. Indemnification by WHC. WHC agrees that it shall indemnify,
defend, protect and hold harmless Owner, its affiliates, subsidiaries and
partners and their respective officers, directors and employees (the "Owner
Indemnitees") from and against any and all claims, liabilities, actions,
obligations, damages, costs or expenses (including reasonable attorneys' fees)
arising by reason of the willful misconduct or negligence of the WHC
Indemnitees. The foregoing shall be without prejudice to any remedy that Owner
might have with respect to a breach of this Agreement by WHC.
Section 7. General Provisions.
7.1. Attorney's Fees. In the case of arbitration or litigation
brought by either party pursuant to this Contract, the parties agree that
reasonable attorneys' fees shall be awarded to the prevailing party.
7.2. Force Majeure. Neither party shall be considered in default or
liable for any loss or damage for delay or nonperformance, other than with
respect to the making of a monetary payment, due to acts of God, war,
insurrection, civil commotion, riots, strikes, lockouts, embargoes, shortages
of labor or materials, fire, casualties or action or inaction of any
governmental authority, but in each case only to the extent such delay is not
reasonably within such party's control.
7.3. Assignment. This Contract shall bind and inure to the benefit
of the parties hereto and their respective heirs, legal representatives and
permitted successors and assigns. None of the rights or obligations of the
parties hereto shall be assignable without the prior written consent of the
other party.
7.4. Entire Agreement. This Contract incorporates the entire
agreement between the parties hereto with respect to the matters covered
hereby and may not be modified in any manner except by an instrument in writing
signed by each of the parties hereto.
7.5. Notices. All notices, demands, consents and approvals which may
or are required to be given by either party to the other hereunder shall be in
writing and shall be deemed to have been fully given when deposited in the
United States mail, certified or registered, postage prepaid, and addressed to
the party to be notified at the following address for such party specified in
this Contract, or to such other place as the party to be notified may from time
to time designate by at least fifteen (15) days notice to the notifying party:
If to the Owner: Convention Center Boulevard Hotel Limited
c/o Darryl D. Berger and Roger H. Ogden
100 Conti Street
New Orleans, Louisiana 70130
with a copy to: CFP-Riverfront Hotel Partners, L.P.
-7-
<PAGE> 8
2001 Ross Avenue, Suite 3200
Dallas, Texas 75201
Attention: Susan Oelsen
Stone, Pigman, Walther, Wittmann &
Hutchinson, LLP. 546
Carondelet Street New
Orleans, Louisiana 70130
Attention: Kay W. Eagan, Esq.
if to WHC: Wyndham Hotel
Company Ltd. 2001 Bryan
Street, Suite 2300 Dallas,
Texas 75201 Attention:
Construction & Development
with a copy to: Locke Purnell Rain
Harrell 2200 Ross Avenue,
Suite 2200 Dallas, Texas
75201 Attention: M. Charles
Jennings, Esq.
7.6. Governing Law. This Contract shall be governed by and
construed under the laws of the State of Texas and, to the extent applicable,
the laws of the United States of America.
Section 8. Arbitration.
8.1. Use. All claims, disputes and other matters in question
between the parties to this Agreement shall be decided by arbitration in
accordance with the Construction Industry Arbitration Rules of the American
Arbitration Association then obtaining unless the parties mutually agree
otherwise. No arbitration arising out of or relating to this Agreement shall
include, by consolidation, joinder or in any other manner, any additional
person not a party to this Agreement except by written consent containing a
specific reference to this Agreement and signed by WHC, the Owner, and any
other person sought to be joined. Any consent to arbitration involving an
additional person or persons shall not constitute consent to arbitration of any
dispute not described therein or with any person not named or described
therein. This agreement to arbitrate and any agreement to arbitrate with an
additional person or persons duly consented to by the parties to this Agreement
shall be specifically enforceable under the prevailing arbitration law.
8.2. Notice of Demand. Notice of demand for arbitration shall be
filed in writing with the other party to this Agreement and with the American
Arbitration Association. The demand shall be made within a reasonable time
after the claim, dispute or other matter in question has arisen. In no event
shall the demand for arbitration be made after the date when institution of
legal or equitable proceedings based on such claim, dispute or other matter in
questions would be barred by the applicable statute of limitations.
-8-
<PAGE> 9
8.3. Binding Decision. The award rendered by the arbitrators shall
be final, and judgment may be entered upon it in accordance with applicable law
in any court having jurisdiction thereof
IN WITNESS WHEREOF, the parties hereto have executed this Contract as
of the year and date first above written.
OWNER:
CONVENTION CENTER BOULEVARD HOTEL
LIMITED, A LOUISIANA PARTNERSHIP IN
COMMENDAM
By: Convention Center Boulevard Hotel, Inc., a
Louisiana corporation, General Partner
By: /s/ CHARLES E. RIELS
---------------------------------------------
Name: Charles E. Riels
----------------------------------------
Title: Secretary - Treasurer
---------------------------------------
WHC:
WYNDHAM HOTEL COMPANY LTD., a Texas
limited partnership
By: Wyndham Hotel Management Corporation,
a Texas corporation, General Partner
By: /s/ MICHAEL SILVERMAN
---------------------------------------------
Name: Michael Silverman
----------------------------------------
Title: Vice President
---------------------------------------
-9-
<PAGE> 10
EXHIBIT A
Schedule of FF&E and Services
Exhibit A - Page 1 of
---
<PAGE> 11
Wyndham Garden Hotel, New Orleans - Wyndham FF&E Budget
- --------------------------------------------------------------------------------
5/25/95
<TABLE>
<CAPTION>
LAND P NUMBER QUANTITY UNIT COST WHC FF&E
- -------------------------------------- - ------ -------- --------- --------
<S> <C> <C> <C> <C> <C>
A:AA01 Land: General Total: $0.00
A:LD01 Purchase Price Total: $0.00
A:LR01 Costs Related to Land
Purchase Total: $0.00
- -------------------------------------- ---------
LAND TOTAL COST: $0.00
<CAPTION>
FINANCING P NUMBER QUANTITY UNIT COST WHC FF&E
- -------------------------------------- - ------ -------- --------- --------
<S> <C> <C> <C> <C> <C>
B:AA01 Financing: General Total: $0.00
B:FA01 Appraisals, Policies,
Studies Total: $0.00
B:FF01 Loan Fees & Expenses Total: $0.00
B:FL01 Legal Fees Total: $0.00
- -------------------------------------- ---------
FINANCING TOTAL COST: $0.00
<CAPTION>
OPERATIONS P NUMBER QUANTITY UNIT COST WHC FF&E
- -------------------------------------- - ------ -------- --------- --------
<S> <C> <C> <C> <C> <C>
C:AA01 Operations: General Total: $0.00
C:PO01 Pre-Opening Costs Total: $0.00
C:PR01 Project Related Costs Total: $0.00
- -------------------------------------- ---------
OPERATIONS TOTAL COST: $0.00
<CAPTION>
CONSULTANTS P NUMBER QUANTITY UNIT COST WHC FF&E
- -------------------------------------- - ------ -------- --------- --------
<S> <C> <C> <C> <C> <C>
</TABLE>
<PAGE> 12
Wyndham Garden Hotel, New Orleans - Wyndham FF&E Budget Page 2
- --------------------------------------------------------------------------------
5/25/95
<TABLE>
<CAPTION>
CONSULTANTS Continued . . . P NUMBER QUANTITY UNIT COST WHC FF&E
- -------------------------------------- - ------ -------- --------- --------
<S> <C> <C> <C> <C> <C>
D:CN01 Design Consultants
C010 004010.00 Peer Review 1 1.0 ars 1.0 LS $22,500.00 $22,500.00
C100 004100.00 Interior Design 1 1.0 ars 1.0 LS $35,000.00 $35,000.00
----------
D:CN01 Design Consultants Total: $57,500.00
D:CN02 General Contractor Fee and
Overhead Total: $ 0.00
D:GA01 Tax, Freight, Travel
F200 000000.00 Purchasing Fee 1 1.0 ars 1.0 ls $51,984.00 $51,984.00
X180 000000.00 FF&E Tax 1 1.0 ars 1.0 ls $115,673.00 $115,673.00
X190 000000.00 FF&E Freight 1 1.0 ars 1.0 ls $70,689.00 $70,689.00
-----------
D:GA01 Tax, Freight, Travel Total: $238,346.00
D:GA02 Technical Services &
Purchasing Fees
X200 000000.03 Installation/TS Fee 1 1.0 n/a 1.0 LS $57,993.00 $57,993.00
-----------
D:GA02 Technical Services &
Purchasing Fees Total: $57,993.00
D:LC01 Installation/Warehousing
F300 000000.01 Installation 1 1.0 ars 1.0 LS $41,200.00 $41,200.00
F300 000000.02 Warehousing 1 1.0 ars 1.0 LS $21,000.00 $21,000.00
----------
D:LC01 Installation/Warehousing Total: $62,200.00
- -------------------------------------- ----------
CONSULTANTS TOTAL COST: $416,039.00
<CAPTION>
GUEST ROOM FF&E P NUMBER QUANTITY UNIT COST WHC FF&E
- -------------------------------------- - ------ -------- --------- --------
<S> <C> <C> <C> <C> <C>
E:AA01 General Guest Rooms FF&E
F101 000.00 Guest Room FF&E 1 1.0 ars 1.0 LS $744,574.00 $744,574.00
-----------
E:AA01 General Guest Rooms FF&E Total: $744,574.00
- -------------------------------------- -----------
GUEST ROOM FF&E TOTAL COST: $744,574.00
<CAPTION>
PUBLIC FF&E P NUMBER QUANTITY UNIT COST WHC FF&E
- -------------------------------------- - ------ -------- --------- --------
<S> <C> <C> <C> <C> <C>
F:AA01 General Public FF&E
F102 500.01 Public Space FF&E 1 1.0 ars 1.0 LS $120,686.00 $120,686.00
N100 101000.00 Exterior Graphics 1 1.0 ars 1.0 all $20,000.00 $20,000.00
N100 101000.00 Interior Graphics 1 1.0 ars 1.0 all $13,000.00 $13,000.00
-----------
F:AA01 General Public FF&E Total: $153,686.00
- -------------------------------------- -----------
PUBLIC FF&E TOTAL COST: $153,686.00
</TABLE>
<PAGE> 13
Wyndham Garden Hotel, New Orleans - Wyndham FF&E Budget
- --------------------------------------------------------------------------------
5/25/95
<TABLE>
<CAPTION>
KITCHEN & LAUNDRY EQPT P NUMBER QUANTITY UNIT COST WHC FF&E
- -------------------------------------- - ------ -------- --------- --------
<S> <C> <C> <C> <C> <C>
1:AA01 General Kitchen & Laundry
Eqpt
M110 114000.00 Kitchen/Laundry
Equipment 1 1.0 ars 1.0 LS $200,000.00 $200,000.00
-----------
1:AA01 General Kitchen & Laundry
Eqpt Total: $200,000.00
- -------------------------------------- -----------
KITCHEN & LAUNDRY EQPT TOTAL COST: $200,000.00
<CAPTION>
ADMINISTRATIVE FF&E/EQPT P NUMBER QUANTITY UNIT COST WHC FF&E
- -------------------------------------- - ------ -------- --------- --------
<S> <C> <C> <C> <C> <C>
L:AA01 General Administrative
F104 000000.00 Operating Equipment 1 1.0 ars 1.0 LS $220,000.00 $220,000.00
-----------
L:AA01 General Administrative Total: $220,000.00
L:SS01 Special Systems
F107 900.01 Special Systems 1 1.0 ars 1.0 LS $200,000.00 $200,000.00
F107 900.02 Telephone/SS Cabling 1 1.0 ars 202.0 ea $350.00 $70,700.00
-----------
L:SS01 Special Systems Total: $270,700.00
- -------------------------------------- -----------
ADMINISTRATIVE FF&E/EQPT TOTAL COST: $490,700.00
<CAPTION>
CONSTRUCTION COSTS P NUMBER QUANTITY UNIT COST WHC FF&E
- -------------------------------------- - ------ -------- --------- --------
<S> <C> <C> <C> <C> <C>
M:AA01 General Contractor
Construction Total: $0.00
M:AA02 Construction Costs Undertaken
by Berger Total: $0.00
- -------------------------------------- -----------
CONSTRUCTION COSTS TOTAL COST: $0.00
<CAPTION>
CONTINGENCY P NUMBER QUANTITY UNIT COST WHC FF&E
- -------------------------------------- - ------ -------- --------- --------
<S> <C> <C> <C> <C> <C>
M:AA01 General Contingency
X500 000000.00 FF&E Contingency 1 1.0 n/s 1.0 ls $79,907.00 $79,907.00
-----------
M:AA01 General Contingency Total: $79,907.00
- -------------------------------------- -----------
CONTINGENCY TOTAL COST: $79,907.00
</TABLE>
<PAGE> 14
Wyndham Garden Hotel, New Orleans - Wyndham FF&E Budget Page 4
- --------------------------------------------------------------------------------
5/25/95
- --------------------------------------------------------------------------------
New Orleans Riverfront - Revised TOTAL COST: $2,084,906.00
5/25/95 16:18:54 END OF REPORT LDIL
<PAGE> 15
WYNDAM HOTEL, RIVERFRONT
================================================================================
Revised FF&E Summary
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
DBC GUARANTY ALLOWANCES
GC NONGC
WHC BASE BASE GC PROJECT
=======================================================================================
<S> <C> <C> <C> <C> <C>
A. Typical Guestrooms
1. Furniture X
2. Carpet & Pad X
3. Carpet & Pad X
4. Wallcoverings - material 54" - 14 to 20 oz. X
5. Wallcoverings - adhesive and installation X
6. Draperies X
7. Ceiling Finish X
8. Peep hole X
9. Door lock & hardware X
10. Coat hangers X
11. Closet shelf & rod X
12. Televisions X
13. TV stands X
14. TV outlet w/cover X
15. ___ ea. double outlets X
16. Painted wood louvered closet doors X
17. Connecting room doors X
18. Vertical fan coil unit X
19. Light fixtures (vestibule sconce) X
B. Typical Guest Baths
1. Wallcovering material X
2. Wallcovering adhesive & installation X
3. Countertop - synthetic marble with
underhung china bowl X
4. Ceramic tile floor, base & tub surround;
marble threshold X
5. Toilet accessories
a. Double TP holder X
b. Towel rack X
c. Coat hook X
d. Shower/tub soap dish X
e. Shower rod X
f. Shower head X
g. Clothes line (not used)
h. Shower curtain X
i. Mirror X
6. Electrical
a. 2 Double outlets X
b. 1 Single dedicated circuit X
c. Wall sconce X
7. Finish Ceiling X
- ---------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE> 16
WYNDAM HOTEL, RIVERFRONT
================================================================================
Revised FF&E Summary
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
DBC GUARANTY ALLOWANCES
GC NONGC
WHC BASE BASE GC PROJECT
=======================================================================================
<S> <C> <C> <C> <C> <C>
C. Corridors
1. Carpet & pad X
2. Carpet & pad installation X
3. Light Fixtures X
4. Wallcovering material X
5. Wallcovering adhesive and installation X
6. Furniture - mirrors, ash urns, lamps, table,
pictures, planter X
7. Graphics - door nos., directional signs,
fire signage, etc. X
8. Ice maker X
9. Finished ceiling X
D. Public Ares (including Lounge and Dining Area)
1. Drywall partition w/T&F X
2. Lay-in ceiling grid & tile X
3. Carpet & pad X
4. Carpet & pad installation X
5. Light fixture - standard lay-in X
6. a. Decorative fixtures - sconces X
b. Decorative fixtures - chandeliers X
7. Ceramic or quarry tile or marble X
8. Architectural millwork X
9. Doors - standard X
10. Doors frames - standard X
11. Furniture X
12. Artifacts X
13. Draperies X
14. Landscape (exterior) X
Landscape (interior) X
15. Vinyl wallcovering material for lobby X
restaurant, lounge, meeting rooms,
public restrooms, exercise rooms and offices
16. Vinyl wallcovering, adhesive & installation X
17. Support and power for chandeliers X
18. Safe X
19. Safe deposit boxes X
E. Pool n/a
F. Exercise Room
1. All architectural work X
2. Furniture/exercise equipment X
3. Finished ceiling X
4. Wallcovering installation X
5. Wallcovering material X
G. Design fees/Soil Engineering/Surveys/
Laboratory Testing X
- ---------------------------------------------------------------------------------------
</TABLE>
Page 2
<PAGE> 17
WYNDAM HOTEL, RIVERFRONT
================================================================================
Revised FF&E Summary
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
DBC GUARANTY ALLOWANCES
GC NONGC
WHC BASE BASE GC PROJECT
=======================================================================================
<S> <C> <C> <C> <C> <C>
H. Kitchen
1. Kitchen equipment X
2. Kitchen metal shelving X
3. Walk-in coolers w/cooling units X
4. Equipment installation X
5. Exhaust hoods & fans w/hoods X
6. Foundations, depressions for coolers X
7. Cooler floor coverings X
8. Underfloor insulation @ coolers X
9. Perimeter walls X
10. Painting X
11. Ceilings X
12. Light fixtures X
13. Floor & FRP wall finishes X
14. MEP rough-in X
15. Final hook-up of equipment X
16. Exhaust ductwork & fans X
17. Fire sprinklers in hoods X
18. Fire protection in kitchen X
19. Lay-in ceiling to meet code X
J. Office
1. Equipment X
2. Furniture X
3. Computer & cable X
4. Computer cable conduit X
5. Final hook-up of equipment (plug-in only) X
6. Fax/copier X
K. Communication/Telephone
1. Reservation equipment X
2. Computer & cable X
3. Computer cable conduit X
4. Security
a. Alarms & wiring X
b. Two-way radios X
c. TV cameras X
5. Paging system X
6. Telephone system X
7. Energy/property management system X
- ---------------------------------------------------------------------------------------
</TABLE>
Page 3
<PAGE> 18
WYNDAM HOTEL, RIVERFRONT
================================================================================
Revised FF&E Summary
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
DBC GUARANTY ALLOWANCES
GC NONGC
WHC BASE BASE GC PROJECT
=======================================================================================
<S> <C> <C> <C> <C> <C>
L. Employee Locker Room
1. All architectural work X
2. Metal lockers X
3. Benches X
4. MEP X
5. not used n/a
6. Micro-wave X
7. Refrigerator X
8. Bulletin boards X
9. Coffee machine X
10. Lay-in ceiling X
M. Shelving
1. Housekeeping X
2. Laundry X
3. Engineering X
4. Floor linen rooms X
N. Housekeeping Equipment X
O. Engineering/Maintenance Equipment X
P. Material Handling Equipment n/a
Q. Meeting Room
1. Equipment X
2. Projection Screen X
3. Folding partition X
4. Audio/Visual X
5. Bulletin/chalk/tack boards X
6. Ceiling finish X
R. Laundry
1. Laundry equipment X
2. Laundry carts/folding tables X
3. MEP rough-in X
4. Final hook-up of equipment X
5. Laundry equipment pads X
6. Laundry drains X
7. Laundry exhaust fans & ductwork X
8. Laundry shelving X
9. Ceiling finish X
S. Interior/Exterior Signage & Telephone System
1. Interior graphics X
2. Exterior signs X
3. Electrical rough-in X
4. Sign final connection X
5. Telephone equipment X
- ---------------------------------------------------------------------------------------
</TABLE>
Page 4
<PAGE> 19
WYNDAM HOTEL, RIVERFRONT
================================================================================
Revised FF&E Summary
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
DBC GUARANTY ALLOWANCES
GC NONGC
WHC BASE BASE GC PROJECT
=======================================================================================
<S> <C> <C> <C> <C> <C>
T. Operating Equipment
1. China X
2. Glass X
3. Silver X
4. Linen X
5. Uniforms X
6. Supplies X
7. Administrative expense X
- ---------------------------------------------------------------------------------------
</TABLE>
Page 5
<PAGE> 20
WYNDHAM HOTEL - NEW ORLEANS RIVERFRONT
EXHIBIT B
Technical Services
The following describes those technical services to be undertaken by Wyndham
Hotel Company Ltd. (WHC) on behalf of Convention Center Hotel, Limited, a
Louisiana Partnership in Commendam:
1. Prepare preliminary recommendations regarding the design and scope of
work to be incorporated into the Project.
2. Prepare a preliminary project budget reflecting those goods and
services to be provided by WHC.
3. Periodically report on the progress of the work of the Owner's project
consultants during their generation of the schematic design, design
development, and construction documentation phases of the work.
4. Negotiate and execute an Interior Design Agreement. Evaluate and
monitor the work of the Interior Designer to ensure satisfactory
delivery of the Detailed Specifications to the Owner.
5. Prepare and submit to Owner for approval, pre-qualification criteria
for bidders (including FF&E) related to goods and services to be
provided by WHC, and cause to be developed bidders' interest in the
Project.
6. Where applicable, conduct pre-award conferences with successful
bidders. Prepare and execute, with Owner's prior approval, all
construction contracts related to the goods and services to be provided
by WHC. Administer these construction contracts through Completion.
7. Where applicable to the goods and services to be provided by WHC,
assist the Owner in presenting work scopes requiring governmental
approval to the appropriate government authority.
8. Recommend necessary or desirable Change Orders pertaining to the goods
and services to be provided by WHC, as well as pertaining to the goods
and services to be provided by Owner.
9. Monitor the coordination of work to be provided by Owner's own forces
and those to be provided by WHC under this Contract.
10. Ensure that all keys, manuals, record drawings, etc. pertaining to the
goods and services to be provided by WHC are delivered to the Owner.
<PAGE> 1
EXHIBIT 10.30
CORPORATE GUARANTY
Dated 5/2/96
Master Lease Agreement Date: 5/2/96
Lessee Name: ISIS 2000, LIMITED PARTNERSHIP
Equipment Cost: $229,387.55
1. For valuable consideration, the receipt of which is hereby
acknowledged, the undersigned jointly and severally unconditionally guarantee
to BANC ONE LEASING CORPORATION (hereinafter called "Lessor") the full and
prompt performance by the lessee identified above (hereinafter called
"Lessee"), of all obligations which Lessee now has or may hereafter have to
Lessor, including but not limited to obligations under equipment leases and
promissory notes executed in connection with anticipated equipment leases
(including but not limited to all present and future lease schedules and
promissory notes under the Master Lease identified above, with a total original
equipment cost to the Lessor of no more than the amount of the Equipment Cost
set forth above), and unconditionally guarantee the prompt payment when due
(whether at scheduled maturity, upon acceleration or otherwise) of any and all
sums, indebtedness and liabilities of whatsoever nature, due or to become due,
direct or indirect, absolute or contingent, now or hereafter at any time owed
or contracted by Lessee to Lessor, and all costs and expenses of and incidental
to collection of any of the foregoing, including reasonable attorneys' fees
(all of the foregoing hereinafter called "Obligations"). It is the
undersigned's express intention that this guaranty in addition to covering all
present Obligations of Lessee to Lessor, shall extend to all future Obligations
of Lessee to Lessor, whether or not such Obligations are reduced or entirely
extinguished and thereafter increased or are reincurred, whether or not such
Obligations are related to the Master Lease identified above, whether or not
such Obligations exceed the Equipment Cost identified above, and whether or not
such Obligations are specifically contemplated by the undersigned, Lessee, and
Lessor as of the date hereof.
2. This is an absolute and unconditional guarantee of payment and
not of collection. Lessor shall not be required, as a condition of the
liability of the undersigned, to resort to, enforce or exhaust any of its
remedies against the Lessee or any other party who may be liable for payment on
any Obligation or to resort to, marshall, enforce or exhaust any of its
remedies against any leased property or any property given or held as security
for this Guaranty or any Obligation.
3. The undersigned hereby waive and grant to Lessor, without
notice to the undersigned and without in any way affecting the liability of the
undersigned, the right at any time and from time to time, to extend other and
additional credit, leases, loans or financial accommodations to Lessee apart
from the Obligations, to deal in any manner as it shall see fit with any
Obligation of Lessee to Lessor and with any leased property or security for
such Obligation, including, but not limited to, (i) accepting partial payments
on account of any Obligation, (ii) granting extensions or renewals of all or
any part of any Obligation, (iii) releasing, surrendering, exchanging, dealing
with, abstaining
Page 1 of 4
<PAGE> 2
from taking, taking, attaining from perfecting, perfecting or accepting
substitutes for any or all leased property or security which it holds or may
hold for any Obligation, (iv) modifying, waiving, supplementing or otherwise
changing any of the terms, conditions or provisions contained in any Obligation
and (v) the addition or release of any other party or person liable hereon,
liable on the Obligations or liable an any other guaranty executed to guarantee
any of Lessee's Obligations. The undersigned jointly and severally hereby agree
that any and all settlements, compromises, compositions, accounts stated and
agreed balances made in good faith between Lessor and Lessee shall be binding
upon the undersigned.
4. Every right, power and discretion herein granted to Lessor
shall be for the benefit of the successors or assigns of Lessor and of any
transferee or assignee of any Obligation covered by this Guaranty, and in the
event any such Obligation shall be transferred or assigned, every reference
herein to Lessor shall be construed to mean, as to such Obligation, the
transferee or assignee thereof. This Guaranty shall be binding upon each of the
undersigned's executors, administrators, heirs, successors and assigns.
5. This Guaranty shall continue in force for so long as Lessee
shall be obligated to Lessor, and thereafter until Lessor shall have actually
received written notice of the termination hereof from the undersigned, it
being contemplated that Lessee may borrow, lease, repay and subsequently borrow
money from or lease property from, or become obligated to, Lessor from time to
time, and the undersigned, not having given notice of the termination hereof as
herein provided for, shall be deemed to have permitted this Guaranty to remain
in full force and effect for the purpose of inducing Lessor to make further
leases or loans to Lessee; provided, however, no notice of termination of this
Guaranty shall affect in any manner the rights of Lessor arising under this
Guaranty with respect to the following: (a) any Obligation incurred by Lessee
in connection with the Master Lease identified above with a total equipment
cost of no more than the amount of the Total Equipment Cost set forth above,
whether such Obligation is in the form of a lease or a promissory note; or (b)
any Obligation incurred by Lessee prior to receipt by Lessor of written notice
of termination or any Obligation incurred after receipt of such written notice
pursuant to a written agreement entered into by Lessor prior to receipt of such
notice. The undersigned expressly waive notice of the incurring by Lessee of
any Obligation to Lessor. The undersigned also waive presentment, demand of
payment, protest, notice of dishonor or nonpayment of or nonperformance of any
Obligation.
6. The undersigned hereby waive any claims or rights which they
might now have or hereafter acquire against Lessee or any other person
primarily or contingently liable on any Obligation of Lessee, which claims or
rights arise from the existence or performance of the undersigned's Obligations
under this Guaranty or any other guaranty or under any instrument or agreement
with respect to any leased property or any property constituting collateral or
security for this Guaranty or any other guaranty, including, without
limitation, any right of subrogation, reimbursement, exoneration, contribution,
indemnification, or any right to participate in any claim or remedy of Lessor
or any other creditor which the undersigned now has or hereafter acquires,
whether such claim or right arises in equity, under contract or statute, at
common law, or otherwise.
7. Lessor's rights hereunder shall be reinstated and revived, and
this Guaranty shall be fully enforceable, with respect to any amount at any
time paid on account of the Obligations which thereafter shall be required to
be restored or returned by Lessor upon the bankruptcy, insolvency or
reorganization of the Lessee, the undersigned, or any other person, or as a
result of any other fact or circumstance, all as though such amount had not
been paid.
Page 2 of 4
<PAGE> 3
8. The undersigned jointly and severally agree to pay to Lessor
all costs and expenses, including reasonable attorneys' fees, incurred by
Lessor in the enforcement or attempted enforcement of this Guaranty, whether or
not suit is filed in connection therewith, or in the exercise by Lessor of any
right, privilege, power or remedy conferred by this Guaranty.
9. The undersigned represent and warrant that they have relied
exclusively on their own independent investigation of Lessee, the leased
property and the collateral for their decision to guarantee Lessee's
Obligations now existing or thereafter arising. The undersigned agree that they
have sufficient knowledge of the Lessee, the leased property, and the
collateral to make an informed decision about this Guaranty, and that Lessor
has no duty or obligation to disclose any information in its possession or
control about Lessee, the leased property, and the collateral to the
undersigned. The undersigned warrant to Lessor that they have adequate means to
obtain from the Lessee on a continuing basis information concerning the
financial condition of the Lessee and that they are not relying on Lessor to
provide such information either now or in the future.
10. As long as any indebtedness under any of the Obligations
remains unpaid or any credit is available to Lessee under any of the
Obligations, the undersigned agree to furnish to Lessor: (a) annual financial
statements setting forth the financial condition and results of operation of
the undersigned (financial statements shall include balance sheet, income
statement, changes in financial position and all notes thereto) within 120 days
of the end of each fiscal year of the undersigned; (b) quarterly financial
statements setting forth the financial condition and results of operation of
the undersigned within 60 days of the end of each of the first three fiscal
quarters of the undersigned; and (c) such other financial information as Lessor
may from time to time request including, without limitation, financial reports
filed by the undersigned with federal or state regulatory agencies.
11. No postponement or delay on the part of Lessor in the
enforcement of any right hereunder shall constitute a waiver of such right. The
failure of any person or entity to sign this Guaranty shall not discharge the
liability of any of the undersigned.
12. This Guaranty remains fully enforceable irrespective of any
claim, defense or counterclaim which the Lessee may or could assert on any of
the Obligations including but not limited to failure of consideration, breach
of warranty, payment, statute of frauds, statute of limitations, fraud,
bankruptcy, accord and satisfaction, and usury, same of which the undersigned
hereby waive along with any standing by the undersigned to assert any said
claim, defense or counterclaim.
13. This Guaranty contains the entire agreement of the parties and
supersedes all prior agreements and understandings, oral or written, with
respect to the subject matter hereof. This Guaranty is not intended to replace
or supersede any other guaranty which the undersigned have entered into or may
enter into in the future. The undersigned may enter into additional guaranties
in the future which may or may not refer to the Master Lease identified above
and such guaranties are not intended to replace or supersede this Guaranty
unless specifically provided in that additional guaranty. The interpretation,
construction and validity of this guaranty shall be governed by the laws of the
Page 3 of 4
<PAGE> 4
State of Ohio. With respect to any action brought by Lesser against Guarantor
to enforce any term of this guaranty, Guarantor hereby irrevocably consents to
the jurisdiction and venue of any state or federal court in Franklin County,
Ohio, where Lessor has its principal place of business and where payments are
to be made by Lessee and Guarantor.
ALL PARTIES TO THIS GUARANTY, INCLUDING GUARANTOR AND LESSOR, WAIVE ALL RIGHTS
TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY PARTY
AGAINST ANY OTHER PARTY ON ANY MATTER WHATSOEVER ARISING OUT OF, IN CONNECTION
WITH OR IN ANY WAY RELATED TO THIS GUARANTY.
Guarantor:
WYNDHAM HOTEL COMPANY, LTD. 2001 BRYAN STR
- --------------------------------------------------
By: Wyndham Hotel Management Corporation
By: /s/ JOHN P. KLUMPH
-----------------------------------------------
Title: Treasurer
------------------------------------------
Witness: /s/ Dawn Polce
------------------------------------------
(Notary)
Page 4 of 4
<PAGE> 5
PARTNERSHIP LEASE ACKNOWLEDGMENT
(For Corporate Partners)
State of TEXAS )
) SS
County of DALLAS )
The above mentioned foregoing instrument, was acknowledged before me this May
2, 1996, by (Corporate officer's Name) John P. Klumph (Officer's Title)
Treasurer of (Name of Corporate Partner) ISIS CRO, Inc. partner, on behalf of
(Name of Partnership) ISIS 2000, L.P.
DAWN POLCE /s/ DAWN POLCE
Notary Public, State of Texas Notary Public
My Commission Expires 3-18-98 Commission Expires 3/18/96
<PAGE> 6
GUARANTY ACKNOWLEDGEMENT
CORPORATE
State of TEXAS )
) SS
County of DALLAS )
Before a Notary Public in and for said County and State, personally
appeared me, John P. Klumph, Treasurer
(Name) (Title)
who acknowledged that it did sign the foregoing guaranty and that the same is
its free and voluntary act and deed.
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my
seal this 2nd day of May, 1996.
DAWN POLCE /s/ DAWN POLCE
---------------------------------
Notary Public, State of Texas Notary Public
My Commission Expires 3-18-98
<PAGE> 7
ISIS 2000 ORACLE SOFTWARE LEASE FINANCING LEASE
[BANK1ONE LOGO] LEASE SCHEDULE NO. 100005057
-------------------
LESSOR: BANC ONE LEASING CORPORATION
LESSEE: ISIS 2000, LIMITED PARTNERSHIP
-----------------------------------------------------------------------
1. GENERAL. Reference is made to the Master Lease Agreement dated as of
5/2/96 , as amended from time to time ("Master Lease"), between the above
- -----------
Lessee and Lessor. This Lease Schedule is signed and delivered under the Master
Lease. Unless otherwise defined herein, capitalized terms defined in the Master
Lease will have the same meaning when used in this Schedule.
2. FINANCING. Lessor finances for Lessee, and Lessee finances with
Lessor, all of the property ("Equipment") described below:
<TABLE>
<CAPTION>
Quantity Description (New Unless Specified as Used) Amount Financed
-------- ------------------------------------------ ---------------
<S> <C> <C> <C>
SEE ATTACHED SCHEDULE A-1 EQUIPMENT COST 229,387.55
DOCUMENTATION FEE 0.00
SALES TAX 0.00
TOTAL $ ________________________
</TABLE>
3. FINANCING TERM AND INSTALLMENT PAYMENTS. The Lease Term for the
Equipment begins on the earlier of the Acceptance Date or the Commencement Date
and continues for the number of months after the Commencement Date as stated in
the Lease Term box below. The Acceptance Date is the date that Lessor accepts
this Schedule as stated below Lessor's signature. The Commencement Date is the
[ ] 1st [ ] 15th day of the month in which the Acceptance Date occurs.
- --------------- -------------------- ----------------------------------------
Lease Term Number of Payments Installment Payments (excluding Taxes)
1 ADVANCE MONTHLY $7,105.90
36 Months 36 35 MONTHLY $7,105.90
- --------------- -------------------- ----------------------------------------
PAYMENT DUE DATES: On the Commencement Date and on the same day of each MONTH
_______
thereafter until paid in full. Total Advance Payment of $ 7,105.90 to be
________________
applied as follows:
<TABLE>
<S> <C>
$ 0.00 Security Deposit $ 7,105.90 First and Last Payment(s)
____________ ____________ ______
$ 0.00 Set-up/Filing/Search Fees $ 0.00 Other (Specify)
____________ __________
</TABLE>
Lessee shall pay to Lessor all amounts stated above on the due dates stated
above, except that the Total Advance Payment is due on the Commencement Date.
There shall be added to each installment payment all applicable Taxes as in
effect from time to time.
4. SECURITY INTEREST. This Schedule is not intended to be a true lease,
but is intended to be a secured debt financing transaction. As collateral
security for payment and performance of all Secured Obligations (as defined in
Paragraph A on the reverse side of this Schedule) and to induce Lessor to
extend credit from time to time to Lessee (under the Lease or otherwise),
Lessee hereby grants to Lessor a first priority security interest in all of
Lessee's right, title and interest in the Equipment, whether now existing or
hereafter acquired, and in all Proceeds (as defined in Paragraph A on the
reverse side of this Schedule). Lessee represents, warrants and agrees that
Lessee currently is the lawful owner of the Equipment and that good and
marketable title to the Equipment shall remain with Lessee at all times. Lessee
represents, warrants and agrees: that Lessee has granted to Lessor a first
priority security interest in the Equipment and all Proceeds; and that the
Equipment and all Proceeds are, and at all times shall be, free and clear of
any Liens other than Lessor's security interest therein. Lessee at its sole
expense will protect and defend Lessor's first priority security interest in
the Equipment against all claims and demands whatsoever.
5. LESSEE'S ASSURANCES. Lessee irrevocably and unconditionally: (a)
reaffirms all of the terms and conditions of the Master Lease and agrees that
the Master Lease remains in full force and effect; (b) agrees that the
Equipment is and will be used at all times solely for commercial purposes, and
not for personal, family or household purposes; and (c) incorporates all of the
terms and conditions of the Master Lease as if fully set forth in this Schedule.
6. PURCHASE ORDERS AND ACCEPTANCE OF EQUIPMENT. Lessee agrees that (i)
Lessor has not selected, manufactured, sole or supplied any of the Equipment,
(ii) Lessee has selected all of the Equipment and its suppliers, and (iii)
Lessee has received a copy of, and approved, the purchase orders or purchase
contracts for the Equipment. AS BETWEEN LESSEE AND LESSOR, LESSEE AGREES THAT:
(A) LESSEE HAS RECEIVED, INSPECTED AND APPROVED ALL OF THE EQUIPMENT; (B) ALL
EQUIPMENT IS IN GOOD WORKING ORDER AND COMPLIES WITH ALL PURCHASE ORDERS OR
CONTRACTS AND ALL APPLICABLE SPECIFICATIONS; (C) LESSEE IRREVOCABLY ACCEPTS ALL
EQUIPMENT FOR PURPOSES OF THE LEASE "AS-IS, WHERE IS" WITH ALL FAULTS; AND (D)
LESSEE UNCONDITIONALLY WAIVES ANY RIGHT THAT IT MAY HAVE TO REVOKE ITS
ACCEPTANCE OF THE EQUIPMENT.
7. MISCELLANEOUS: PRINCIPAL AMOUNT: $229,387.55 INTEREST RATE PER ANNUM:
7.65% LESSEE PROMISES TO PAY SAID PRINCIPAL AMOUNT WITH INTEREST AT
SAID RATE, IN THE AMOUNT AND AT THE TIMES STATED IN THIS SCHEDULE.
INTEREST WILL BE CALCULATED ON THE BASIS OF A 360-DAY YEAR WITH 12
30-DAY MONTHS. AT LEASE END, LESSEE SHALL MAKE A FINAL PAYMENT OF
$1.00.
LESSEE HAS READ AND UNDERSTOOD ALL OF THE TERMS OF THIS SCHEDULE. LESSEE AGREES
THAT THERE ARE NO ORAL OR UNWRITTEN AGREEMENTS WITH LESSOR REGARDING THE
EQUIPMENT OR THIS SCHEDULE. THIS SCHEDULE IS EXPRESSLY SUBJECT TO THE TERMS AND
CONDITIONS ON THE REVERSE SIDE OF THIS SCHEDULE.
Accepted By: ISIS 2000, LIMITED PARTNERSHIP
--------------------------------------
(Name of Lessee)
BANC ONE LEASING CORPORATION By: ISIS CRO, Inc., its general partner
------------------------------------
By: /s/ BRIAN BRADSHAW By: /s/ JOHN KLUMPH
------------------------------- -----------------------------------
Title: Funding Authority Title: Treasurer
---------------------------- ---------------------------------
Acceptance Date: 5-9-96 Witness Signature:
------------------ ---------------------
White: Lessor's Original Yellow: Duplicate Pink: Duplicate
<PAGE> 8
FINANCING LEASE
[BANK1ONE LOGO] LEASE SCHEDULE NO. 10000505
-------------------
LESSOR: BANC ONE LEASING CORPORATION
LESSEE: ISIS 2000, LIMITED PARTNERSHIP
-----------------------------------------------------------------------
1. GENERAL. Reference is made to the Master Lease Agreement dated as of
5/2/96 , as amended from time to time ("Master Lease"), between the above
- -----------
Lessee and Lessor. This Lease Schedule is signed and delivered under the Master
Lease. Unless otherwise defined herein, capitalized terms defined in the Master
Lease will have the same meaning when used in this Schedule.
2. FINANCING. Lessor finances for Lessee, and Lessee finances with
Lessor, all of the property ("Equipment") described below:
<TABLE>
<CAPTION>
Quantity Description (New Unless Specified as Used) Amount Financed
-------- ------------------------------------------ ---------------
<S> <C> <C> <C>
SEE ATTACHED SCHEDULE A-1 EQUIPMENT COST 229,387.55
DOCUMENTATION FEE 0.00
SALES TAX 0.00
TOTAL $ ________________________
</TABLE>
3. FINANCING TERM AND INSTALLMENT PAYMENTS. The Lease Term for the
Equipment begins on the earlier of the Acceptance Date or the Commencement Date
and continues for the number of months after the Commencement Date as stated in
the Lease Term box below. The Acceptance Date is the date that Lessor accepts
this Schedule as stated below Lessor's signature. The Commencement Date is the
[ ] 1st [ ] 15th day of the month in which the Acceptance Date occurs.
- --------------- -------------------- ----------------------------------------
Lease Term Number of Payments Installment Payments (excluding Taxes)
1 ADVANCE MONTHLY $7,105.90
36 Months 36 35 MONTHLY $7,105.90
- --------------- -------------------- ----------------------------------------
PAYMENT DUE DATES: On the Commencement Date and on the same day of each MONTH
_______
thereafter until paid in full. Total Advance Payment of $ 7,105.90 to be
________________
applied as follows:
<TABLE>
<S> <C>
$ 0.00 Security Deposit $ 7,105.90 First and Last Payment(s)
____________ ____________ ______
$ 0.00 Set-up/Filing/Search Fees $ 0.00 Other (Specify)
____________ __________
</TABLE>
Lessee shall pay to Lessor all amounts stated above on the due dates stated
above, except that the Total Advance Payment is due on the Commencement Date.
There shall be added to each installment payment all applicable Taxes as in
effect from time to time.
4. SECURITY INTEREST. This Schedule is not intended to be a true lease,
but is intended to be a secured debt financing transaction. As collateral
security for payment and performance of all Secured Obligations (as defined in
Paragraph A on the reverse side of this Schedule) and to induce Lessor to
extend credit from time to time to Lessee (under the Lease or otherwise),
Lessee hereby grants to Lessor a first priority security interest in all of
Lessee's right, title and interest in the Equipment, whether now existing or
hereafter acquired, and in all Proceeds (as defined in Paragraph A on the
reverse side of this Schedule). Lessee represents, warrants and agrees that
Lessee currently is the lawful owner of the Equipment and that good and
marketable title to the Equipment shall remain with Lessee at all times. Lessee
represents, warrants and agrees: that Lessee has granted to Lessor a first
priority security interest in the Equipment and all Proceeds; and that the
Equipment and all Proceeds are, and at all times shall be, free and clear of
any Liens other than Lessor's security interest therein. Lessee at its sole
expense will protect and defend Lessor's first priority security interest in
the Equipment against all claims and demands whatsoever.
5. LESSEE'S ASSURANCES. Lessee irrevocably and unconditionally: (a)
reaffirms all of the terms and conditions of the Master Lease and agrees that
the Master Lease remains in full force and effect; (b) agrees that the
Equipment is and will be used at all times solely for commercial purposes, and
not for personal, family or household purposes; and (c) incorporates all of the
terms and conditions of the Master Lease as if fully set forth in this Schedule.
6. PURCHASE ORDERS AND ACCEPTANCE OF EQUIPMENT. Lessee agrees that (i)
Lessor has not selected, manufactured, sole or supplied any of the Equipment,
(ii) Lessee has selected all of the Equipment and its suppliers, and (iii)
Lessee has received a copy of, and approved, the purchase orders or purchase
contracts for the Equipment. AS BETWEEN LESSEE AND LESSOR, LESSEE AGREES THAT:
(A) LESSEE HAS RECEIVED, INSPECTED AND APPROVED ALL OF THE EQUIPMENT; (B) ALL
EQUIPMENT IS IN GOOD WORKING ORDER AND COMPLIES WITH ALL PURCHASE ORDERS OR
CONTRACTS AND ALL APPLICABLE SPECIFICATIONS; (C) LESSEE IRREVOCABLY ACCEPTS ALL
EQUIPMENT FOR PURPOSES OF THE LEASE "AS-IS, WHERE IS" WITH ALL FAULTS; AND (D)
LESSEE UNCONDITIONALLY WAIVES ANY RIGHT THAT IT MAY HAVE TO REVOKE ITS
ACCEPTANCE OF THE EQUIPMENT.
7. MISCELLANEOUS: PRINCIPAL AMOUNT: $229,387.55 INTEREST RATE PER ANNUM:
7.65% LESSEE PROMISES TO PAY SAID PRINCIPAL AMOUNT WITH INTEREST AT
SAID RATE, IN THE AMOUNT AND AT THE TIMES STATED IN THIS SCHEDULE.
INTEREST WILL BE CALCULATED ON THE BASIS OF A 360-DAY YEAR WITH 12
30-DAY MONTHS. AT LEASE END, LESSEE SHALL MAKE A FINAL PAYMENT OF
$1.00.
LESSEE HAS READ AND UNDERSTOOD ALL OF THE TERMS OF THIS SCHEDULE. LESSEE AGREES
THAT THERE ARE NO ORAL OR UNWRITTEN AGREEMENTS WITH LESSOR REGARDING THE
EQUIPMENT OR THIS SCHEDULE. THIS SCHEDULE IS EXPRESSLY SUBJECT TO THE TERMS AND
CONDITIONS ON THE REVERSE SIDE OF THIS SCHEDULE.
Accepted By: ISIS 2000, LIMITED PARTNERSHIP
--------------------------------------
(Name of Lessee)
BANC ONE LEASING CORPORATION By: ISIS CRO, Inc., its general partner
------------------------------------
By: By: /s/ JOHN KLUMPH
------------------------------- -----------------------------------
Title: Title: Treasurer
---------------------------- ---------------------------------
Acceptance Date: Witness Signature:
------------------ ---------------------
White: Lessor's Original Yellow: Duplicate Pink: Duplicate
<PAGE> 9
BANC ONE LEASING CORPORATION
SCHEDULE A-1 EQUIPMENT LEASED HEREUNDER
QUANTITY DESCRIPTION PAGE 1
================================================================================
LOCATION:
2001 Bryan St
STE 2300
Dallas COUNTY
Dallas, TX 75201
COST $229,387.55
"ALL PROPERTY DESCRIBED IN THE INVOICE IDENTIFIED BELOW, WHICH PROPERTY
MAY BE GENERALLY DESCRIBED AS COMPUTER SOFTWARE EQUIPMENT."
<TABLE>
<CAPTION>
VENDOR NAME INVOICE #/DATE INVOICE AMOUNT
----------- -------------- --------------
<S> <C> <C>
CPI 228121 $229,387.55
</TABLE>
TOGETHER WITH ALL ATTACHMENTS, ADDITIONS, ACCESSIONS, PARTS,
REPAIRS, IMPROVEMENTS, REPLACEMENTS AND SUBSTITUTIONS THERETO.
This Schedule A-1 is attached to and made a part of Lease Number 1000050571
and constitutes a true and accurate description of the equipment.
Lessee:
ISIS 2000, Limited Partnership
By: ISIS CRO, INC.
By: /s/ JOHN KLUMPH
--------------------------
Date: May 2, 1996
-------------------------
scheda-1.057
<PAGE> 10
MASTER LEASE AGREEMENT
[BANK1ONE LOGO]
This MASTER LEASE AGREEMENT is made, entered and dated as of ______, by and
between:
LESSOR: LESSEE:
BANC ONE LEASING CORPORATION ISIS 2000, LIMITED PARTNERSHIP
--------------------------------
2400 Corporate Exchange Drive 2001 BRYAN STREET
--------------------------------
Columbus, Ohio 43231 DALLAS, TX 75201
--------------------------------
1. LEASE OF EQUIPMENT: Lessor leases to Lessee, and Lessee leases from Lessor,
all the property described in the Lease Schedules which are signed from time to
time by Lessor and Lessee.
2. CERTAIN DEFINITIONS: "Schedule" means each Lease Schedule signed by Lessee
and Lessor which incorporates the terms of this Master Lease Agreement,
together with all exhibits, riders, attachments and addenda thereto.
"Equipment" means the property described in each Schedule, together with all
attachments, additions, accessions, parts, repairs, improvements, replacements
and substitutions thereto. "Lease", "herein", "hereunder", "hereof" and similar
words mean this Master Lease Agreement and all Schedules, together with all
exhibits, riders, attachments and addenda to any of the foregoing, as the same
may from time to time be amended, modified or supplemented. "Prime Rate" means
the prime rate of interest announced from time to time as the prime rate by
Bank One, Columbus, NA; provided, that the parties acknowledge that the Prime
Rate is not intended to be the lowest rate of interest charged by said bank in
connection with extensions of credit. "Lien" means any security interest, lien,
mortgage, pledge, encumbrance, judgment, execution, attachment, warrant, writ,
levy, other judicial process or claim of any nature whatsoever by or of any
person. "Fair Market Value" means the amount which would be paid for an item of
Equipment by an informed and willing buyer (other than a used equipment or
scrap dealer) and an informed and willing seller neither under a compulsion to
buy or sell. "Lessor's Cost" means the invoiced price of any item of Equipment
plus any other cost to Lessor of acquiring an item of Equipment. All terms
defined in the Lease are equally applicable to both the singular and plural
form of such terms.
3. LEASE TERM AND RENT: The term of the lease of the Equipment described in
each Schedule ("Lease Term") commences on the date stated in the Schedule and
continues for the term stated therein. As rent for the Equipment described in
each Schedule, Lessee shall pay Lessor the rent payments and all other amounts
stated in such Schedule, payable on the dates specified therein. All payments
due under the Lease shall be made in United States dollars at Lessor's office
stated in the opening paragraph or as otherwise directed by Lessor in writing.
4. ORDERING, DELIVERY, REMOVAL AND INSPECTION OF EQUIPMENT. If an event of
default occurs or if for any reason Lessee does not accept, or revokes its
acceptance of, equipment covered by a purchase order or purchase contract or if
any commitment or agreement of Lessor to lease equipment to Lessee expires,
terminates or is otherwise canceled, then automatically upon notice from
Lessor, any purchase order or purchase contract and all obligations thereunder
shall be assigned to Lessee and Lessee shall pay and perform all obligations
thereunder. Lessee agrees to pay, defend, indemnify and hold Lessor harmless
from any liabilities, obligations, claims, costs and expenses (including
reasonable attorney fees and expenses) of whatever kind imposed on or asserted
against Lessor in any way related to any purchase orders to purchase contracts.
Lessee shall make all arrangements for, and Lessee shall pay all costs of,
transportation, delivery, installation and testing of Equipment. The Equipment
shall be delivered to Lessee's premises stated in the applicable Schedule and
shall not be removed without Lessor's prior written consent. Lessor has the
right upon reasonable notice to Lessee to inspect the Equipment wherever
located. Lessor may enter upon any premises where Equipment is located and
remove it immediately, without notice or liability to Lessee, upon the
expiration or other termination of the Lease Term.
5. MAINTENANCE AND USE: Lessee agrees it will, at its sole expense: (a)
repair and maintain the Equipment in good condition and working order and
supply and install all replacement parts or other devices when required to so
maintain the Equipment or when required by applicable law or regulation, which
parts or devices shall automatically become part of the Equipment; (b) use and
operate the Equipment in a careful manner in the normal course of its business
and only for the purposes for which it was designed in accordance with the
manufacturer's warranty requirements, and comply with all laws and regulations
relating to the Equipment, and obtain all permits or licenses necessary to
install, use or operate the Equipment; and (c) make no alterations, additions,
subtractions, upgrades or improvements to the Equipment without Lessor's prior
written consent, but any such alterations, additions, upgrades or improvements
shall automatically become part of the Equipment. The Equipment will not be
used or located outside of the United States.
6. NET LEASE; NO EARLY TERMINATION: The Lease is a net lease. Lessee's
obligation to pay all rent and all other amounts payable under the Lease is
absolute and unconditional under any and all circumstances and shall not be
affected by any circumstances of any character including, without limitation,
(a) any setoff, claim, counterclaim, defense or reduction which Lessee may have
at any time against Lessor or any other party for any reason, or (b) any defect
in the condition, design or operation of, any lack of fitness for use of, any
damage to or loss of, or any lack of maintenance or service for any of the
Equipment. Each Schedule is a noncancelable lease of the Equipment described
therein and Lessee's obligation to pay rent and perform all other obligations
thereunder and under the Lease are not subject to cancellation or termination
by Lessee for any reason.
7. NO WARRANTIES BY LESSOR: LESSOR LEASES THE EQUIPMENT AS-IS, WHERE-IS, AND
WITH ALL FAULTS. LESSOR MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESS OR
IMPLIED, OF ANY KIND AS TO THE EQUIPMENT INCLUDING, WITHOUT LIMITATION: ITS
MERCHANTABILITY; ITS FITNESS FOR ANY PARTICULAR PURPOSE; DESIGN, CONDITION,
QUALITY, CAPACITY, DURABILITY, CAPABILITY, SUITABILITY OR WORKMANSHIP; ITS
NON-INTERFERENCE WITH OR NON-INFRINGEMENT OF ANY PATENT, TRADEMARK, COPYRIGHT
OR OTHER INTELLECTUAL PROPERTY RIGHT; OR ITS COMPLIANCE WITH ANY LAW, RULE,
SPECIFICATION, PURCHASE ORDER OR CONTRACT PERTAINING THERETO. Lessor hereby
assigns to Lessee the benefit of any assignable manufacturer's or supplier's
warranties, but Lessor, at Lessee's written request, will cooperate with Lessee
in pursuing any remedies Lessee may have under such warranties. Any action
taken with regard to warranty claims against any manufacturer or supplier by
Lessee will be at Lessee's sole expense. LESSOR MAKES NO REPRESENTATIONS OR
WARRANTIES, EXPRESS OR IMPLIED, OF ANY KIND AS TO THE FINANCIAL CONDITION OR
FINANCIAL STATEMENTS OF ANY PARTY OR AS TO THE TAX OR ACCOUNTING TREATMENT OR
CONSEQUENCES OF THE LEASE, THE EQUIPMENT OR THE RENTAL PAYMENTS.
8. INSURANCE: Lessee at its sole expense shall at all times keep each item of
Equipment insured against all risks of loss or damage from every cause whatever
for an amount not less than the greater of the full replacement value or the
Lessor's Cost of such item of Equipment. Lessee at its sole expense shall at
all times carry public liability and property damage insurance in amounts
satisfactory to Lessor protecting Lessee and Lessor from liabilities for
injuries to persons and damage to property of others relating in any way to the
Equipment. All insurers shall be reasonably satisfactory to Lessor. Lessee
shall deliver to Lessor satisfactory evidence of such coverage. Proceeds of any
insurance covering damage or loss of the Equipment shall be payable to Lessor
as loss payee and shall, at Lessor's option, be applied toward (a) the
replacement, restoration or repair of the Equipment, or (b) payment of the
obligations of Lessee under the Lease. Proceeds of any public liability or
property insurance shall be payable first to Lessor as additional insured to
the extent of its liability, then to Lessee. If an event of default occurs and
is continuing, or if Lessee fails to make timely payments due under Section 9
hereof, then Lessee automatically appoints Lessor as Lessee's attorney-in-fact
with full power and authority in the place of Lessee and in the name of Lessee
or Lessor to make claim for, receive payment of, and sign and endorse all
documents, checks or drafts for loss or damage under any such policy. Each
insurance policy will require that the insurer give Lessor at least 30 days
prior written notice of any cancellation of such policy and will require that
Lessor's interests remain insured regardless of any act, error, omission,
neglect or misrepresentation of Lessee. The insurance maintained by Lessee
shall be primary without any right of contribution from insurance which may be
maintained by Lessor.
9. LOSS AND DAMAGE: (a) Lessee bears the entire risk of loss, theft, damage
or destruction of Equipment in whole or in part from any reason whatsoever
("Casualty Loss"). No Casualty Loss to Equipment shall relieve Lessee from the
obligation to pay rent or from any other obligation under the Lease.
Page 1 of 4
<PAGE> 11
9. LOSS AND DAMAGE (continued): In the event of Casualty Loss to any item of
Equipment, Lessee shall immediately notify Lessor of the same and Lessee shall,
if so directed by Lessor, immediately repair the same. If Lessor determines
that any item of Equipment has suffered a Casualty Loss beyond repair ("Lost
Equipment"), then Lessee, at the option of Lessor ????? all: (1) Immediately
replace the Lost Equipment with similar equipment in good repair, condition and
working order free and clear of any Liens and deliver to Lessor a bill of sale
covering the replacement equipment, in which event such replacement equipment
shall automatically be Equipment under the Lease; or (2) On the rent payment
date which is at least 30 but no more than 60 days after the date of the
Casualty Loss, pay to Lessor all amounts then due and payable by Lessee under
the Lease for the Lost Equipment plus the Stipulated Loss Value for such Lost
Equipment as of the date of the Casualty Loss. Upon payment by Lessee of all
amounts due under the above clause (2), the lease of the Lost Equipment will
terminate and Lessor shall transfer to Lessee all of Lessor's right, title
and interest in such Equipment on an "as-is, where-is" basis with all faults,
without recourse and without representation or warranty of any kind, express
or implied.
(b) "Stipulated Loss Value" of any item of Equipment during its Lease Term
equals the present value discounted in arrears to the applicable date at the
applicable SLV Discount Rate of (1) the remaining rents and all other amounts
[including, without limitation, any balloon payment and, as to a terminal
rental adjustment clause ("TRAC") lease, the TRAC value stated in the
Schedule, and any other payments required to paid by Lessee at the end of the
applicable Lease Term] payable under the Lease for such item on and after such
date to the end of the applicable Lease Term and (2) an amount equal to the
Economic Value of the Equipment. For any item of Equipment,"Economic Value"
means the Fair Market Value of the Equipment at the end of the applicable Lease
Term as originally anticipated by Lessor at the Commencement Date of the
applicable Schedule; provided, that Lessee agrees that such value shall be
determined by the books of Lessor as of the Commencement Date of the applicable
Schedule. After the payment of all rent due under the applicable Schedule and
the expiration of the Lease Term of any item of Equipment, the Stipulated Loss
Value of such item equals the Economic Value of such item. Stipulated Loss
Value shall also include any Taxes payable by Lessor in connection with its
receipt thereof. For any item of Equipment, "SLV Discount Rate" means an
interest rate equals to the Prime Rate in effect on the Commencement Date of
the Schedule for such item minus two percentage points.
10. TAX BENEFITS INDEMNITY. (a) The Lease has been entered into on the basis
that Lessor shall be entitled to such deductions, credits and other tax
benefits as are provided by federal, state and local income tax law to an owner
of the Equipment (the "Tax Benefits") including, without limitation: (1)
modified accelerated cost recovery deductions on each item of Equipment under
Section 168 of the Code (as defined below) in an amount determined commencing
with the taxable year in which the Commencement Date of the applicable Schedule
occurs, using the maximum allowable depreciation method available under
Section 168 of the Code, using a recovery period (as defined in Section 168 of
the Code) reasonably determined by Lessor, and using an initial adjusted basis
which is equal to the Lessor's Cost of such item; (2) amortization of the
expenses paid by Lessor in connection with the Lease on a straight-line basis
over the term of the applicable Schedule; and (3) Lessor's federal taxable
income will be subject to the maximum rate on corporations in effect under the
Code as of the Commencement Date of the applicable Schedule.
(b) if on any one or more occasions (1) Lessor shall lose, shall not
have or shall lose the right to claim all or any part of the Tax Benefits, (2)
there shall be reduced, disallowed, recalculated or recaptured all or any part
of the Tax Benefits, or (3) all or any part of the Tax Benefits is reduced by a
change in law or regulation (each of the events described in subparagraphs 1,
2 or 3 of this paragraph (b) will be referred to as a "Tax Loss"), then, upon 30
days written notice by Lessor to Lessee that a Tax Loss has occurred, Lessee
shall pay Lessor an amount which, in the reasonable opinion of Lessor and
after the deduction of all taxes required to be paid by Lessor with respect to
the receipt of such amount, will provide Lessor with the same after-tax net
economic yield which was originally anticipated by Lessor as of the
Commencement Date of the applicable Schedule.
(c) A Tax Loss shall occur upon the earliest of: (1) the happening of
any event (such as disposition or change in use of an item of Equipment) which
may cause such Tax Loss; (2) Lessor's payment to the applicable taxing
authority of the tax increase resulting from such Tax Loss; or (3) the
adjustment of Lessor's tax return to reflect such Tax Loss.
(d) Lessor shall not be entitled to payment under this section for any
Tax Loss caused solely by one or more of the following events: (1) a
disqualifying sale or disposition of an item of Equipment by Lessor prior to
any default by Lessee; (2) Lessor's failure to timely or properly claim the Tax
Benefits in Lessor's tax return; (3) a disqualifying change in the nature of
Lessor's business or liquidation thereof; (4) a foreclosure by any person
holding through Lessor a security interest on an item of Equipment which
foreclosure results solely from an act of Lessor; or (5) Lessor's failure to
have sufficient taxable income or tax liability to utilize the Tax Benefits.
(e) "Code" shall mean the Internal Revenue Code of 1986, as amended.
For the purposes of this section 10, the term "Lessor" shall include any
affiliate group (within the meaning of section 1504 of the Code) of which
Lessor is a member for any year in which a consolidated income tax return is
filed for such affiliated group. Lessee's obligations under this section shall
survive the expiration, cancellation or termination of the Lease.
11. GENERAL TAX INDEMNITY: Lessee will pay, and will defend, indemnify and
hold Lessor harmless on an after-tax basis from, any and all Taxes (as defined
below) and related audit and contest expenses on or relating to (a) any of the
Equipment, (b) the Lease, (c) purchase, acceptance, ownership, lease,
possession, use, operation, transportation, return or other disposition of any
of the Equipment, and (d) rentals or earnings relating to any of the Lease.
"Taxes" means present and future taxes or other governmental charges that are
not based on the net income of Lessor, whether they are assessed to or payable
by Lessee or Lessor, including, without limitation (i) sales, use, excise,
licensing, registration, titling, franchise, business and occupation, gross
receipts, stamp and personal property taxes, (ii) levies, imposts, duties,
assessments, charges and withholding, (iii) penalties, fines, and additions to
tax and (iv) interest on any of the foregoing. Unless Lessor elects otherwise,
Lessor will prepare and file all reports and returns relating to any Taxes and
will pay all Taxes to the appropriate taxing authority. Lessee will reimburse
Lessor for all such payments promptly on request. On or after any applicable
assessment/levy/lien date for any personal property Taxes relating to any
Equipment, Lessee agrees that upon Lessor's request Lessee shall pay to Lessor
the personal property Taxes which Lessor reasonably anticipates will be due,
assessed, levied or otherwise imposed on any Equipment during its Lease Term.
If Lessor elects in writing, Lessee will itself prepare and file all such
reports and returns pay all such Taxes directly to the taxing authority, and
send Lessor evidence thereof. Lessee's obligations under this section shall
survive the expiration, cancellation or termination of the Lease.
12. GENERAL INDEMNITY: Lessee assumes all risk and liability for, and shall
defend, indemnify and keep Lessor harmless on an after-tax basis from, any and
all liabilities, obligations, losses, damages, penalties, claims, actions,
suits, costs and expenses, including reasonable attorney fees and expenses, of
whatsoever kind and nature imposed on, incurred by or asserted against Lessor,
in any way relating to or arising out of the manufacture, purchase, acceptance,
rejection, ownership, possession, use, selection, delivery, lease, operation,
condition, sale, return or other disposition of the Equipment or any part
thereof (including, without limitation, any claim for latent or other defects,
whether or not discoverable by Lessee or any other person, any claim for
negligence, tort or strict liability, any claim under any environmental
protection or hazardous waste law and any claim for patent, trademark or
copyright infringement). Lessee will not indemnify Lessor under this section
for loss or liability arising from events which occur after the Equipment has
been returned to Lessor or for loss or liability caused directly and solely by
the gross negligence or willful misconduct of Lessor. In this section, "Lessor"
also includes any director, officer, employee, agent, successor or assign of
Lessor. Lessee's obligations under this section shall survive the expiration,
cancellation or termination of the Lease.
13. PERSONAL PROPERTY: Lessee represents and agrees that the Equipment is, and
shall at all times remain, separately identifiable personal property. Upon
Lessor's request, Lessee shall furnish Lessor a landlord's and/or mortgagee's
waiver and consent to remove all Equipment. Lessor may display notice of its
interest in the Equipment by any reasonable identification. Lessee shall not
alter or deface any such indicia of Lessor's interest.
14. DEFAULT: Each of the following events shall constitute an event of
default under the Lease: (a) Lessee fails to pay any rent or other amount due
under the Lease within ten days of its due date; or (b) Lessee fails to perform
or observe any of its obligations in Sections 8, 18, or 22 hereof; or (c) Lessee
fails to perform or observe any of its other obligations in the Lease for more
than 30 days after Lessor notifies Lessee of such failure; or (d) Lessee or any
Lessee affiliate defaults in the payment, performance or observance of any
obligation under any loan, credit agreement or other lease in which Lessor or
any subsidiary (direct or indirect) of Banc One Corporation (which is Lessor's
ultimate parent corporation) is the creditor or lessor; or (e) any statement,
representation or warranty made by Lessee in the Lease, in any Schedule or in
any document, certificate or financial statement in connection with the Lease
proves at any time to have been untrue or misleading in any material respect as
of the time when made; or (f) Lessee becomes insolvent or bankrupt, or Lessee
admits its inability to pay its debts as they mature, or Lessee makes an
assignment for the benefit of creditors, or Lessee applies for, institutes or
consents to the appointment of a receiver, trustee or similar official for
lessee or any substantial part of its property or any such official is
appointed without Lessee's consent, or Lessee allies for, institutes or
consents to any bankruptcy, insolvency, reorganization, debt moratorium,
liquidation, or similar proceeding relating to Lessee without stay or dismissal
for more than 30 days, or enhancement or credit support Tarentum (whether now
existing of hereafter arising) signed or issued by any party in connection with
all or any part of Lessee's obligations under the Lease, the party signing or
issuing any such agreement defaults in its obligations thereunder or any such
agreement shall cease to be in full force and effect or shall be declared to be
null, void, invalid or unenforceable by the party signing or issuing it; or (h)
there shall occur in Lessor's reasonable opinion any material adverse change in
the financial condition, business or operations of Lessee.
Page 2 of 4
<PAGE> 12
14. DEFAULT (CONTINUED):
As used in this section 14, the term "Lessee" also indemnifies any guarantor
(whether now existing or hereafter arising) of all or any part of Lessee's
obligations under the Lease and/or any issuer of a letter of credit (whether
now existing or hereafter arising) relating to all or any part of Lessee's
obligations under the Lease, and the term "Lease" also includes any guaranty or
letter of credit (whether now existing or hereafter arising) relating to all or
any part of Lessee's obligations under the Lease.
15. REMEDIES. If any event of default exists, Lessor may exercise in any order
one or more of the remedies described in the lettered subparagraphs of this
section, and Lessee shall perform its obligations imposed thereby:
(a) Lessor may require Lessee to return any or all Equipment as provided in
the Lease.
(b) Lessor or its agent may repossess any or all Equipment wherever found,
may enter the premises where the Equipment is located and disconnect, render
unusable and remove it, and may use such premises without charge to store or
show the Equipment for sale.
(c) Lessor may sell any or all Equipment at public or private sale, with or
without advertisement or publication, may re-lease or otherwise dispose of it
or may use, hold or keep it.
(d) Lessor may require Lessee to pay to Lessor on a date specified by
Lessor, with respect to any or all Equipment (i) all accrued and unpaid rent,
late charges and other amounts due under the Lease on or before such date, plus
(ii) as liquidated damages for loss of a bargain and not as a penalty, and in
lieu of any further payments of rent, the Stipulated Loss Value of the
Equipment on such date, plus (iii) interest at the Overdue Rate on the total of
the foregoing ("Overdue Rate" means an interest rate per annum equal to the
higher of 18% or 2% over the Prime Rate, but not to exceed the highest rate
permitted by applicable law). The parties acknowledge that the foregoing money
damage calculation reasonably reflects Lessor's anticipated loss with respect
to the Equipment and the related Lease resulting from the event of default. If
an event of default under section 14 (f) of this Master Lease Agreement exists,
then Lessee will be automatically liable to pay Lessor the foregoing amounts as
of the next rent payment date unless Lessor otherwise elects in writing.
(e) Lessee shall pay all costs, expenses and damages incurred by Lessor
because of the event of default or its actions under this section, including,
without limitation any collection agency and/or attorney fees and expenses, any
costs related to the repossession, safekeeping, storage, repair, reconditioning
or disposition of the Equipment and any incidental and consequential damages.
(f) Lessor may terminate the Lease and/or any or all Schedules, may sue to
enforce Lessee's performance of its obligations under the Lease and/or may
exercise any other right or remedy then available to Lessor at law or in
equity.
Lessor is not required to take any legal process or give Lessee any notice
before exercising any of the above remedies. None of the above remedies is
exclusive, but each is cumulative and in addition to any other remedy available
to Lessor. Lessor's exercise of one or more remedies shall not preclude its
exercise of any other remedy. No action taken by Lessor shall release Lessee
from any of its obligations to Lessor. No delay or failure on the part of
Lessor to exercise any right hereunder shall operate as a waiver thereof, nor
as an acquiescence in any default, nor shall any single or partial exercise of
any right preclude any other exercise thereof or the exercise of any other
right. After any default, Lessor's acceptance of any payment by Lessee under
the Lease shall not constitute a waiver by Lessor of such default, regardless
of Lessor's knowledge or lack of knowledge at the time of such payment, and
shall not constitute a reinstatement of the Lease if the Lease has been
declared in default by Lessor, unless Lessor has agreed in writing to reinstate
the Lease and to waive the default.
If Lessor actually repossesses any Equipment, then it will use commercially
reasonable efforts under the then current circumstances to attempt to mitigate
its damages; provided, that Lessor shall not be required to sell, re-lease or
otherwise dispose of any Equipment prior to Lessor enforcing any of the
remedies described above. Lessor may sell or re-lease the Equipment in any
manner it chooses, free and clear of any claims or rights of Lessee and without
any duty to account to Lessee with respect thereto except as provided below. If
Lessor actually sells or re-leases the Equipment, it will credit the net
proceeds of any sale of the Equipment, or the net present value (discounted at
the then current Prime Rate) of the rents payable under any new lease of the
Equipment, against and up exceeding) Lessee's payment thereof. The term "net"
as used above shall mean such amount after deducting the costs and expenses
described in clause (e) above of this section. If Lessor elects in writing not
to sell or re-lease any Equipment, it will similarly credit or reimburse Lessee
for Lessor's reasonable estimate of such Equipment's Fair Market Value.
16. LESSOR'S RIGHT TO PERFORM: If Lessee fails to make any payment under the
Lease or fails to perform any of its other agreements in the Lease (including,
without limitation, its agreement to provide insurance coverage as stated in
the Lease), Lessor may itself make such payment or perform such agreement, and
the amount of such payment and the amount of the expenses of Lessor incurred in
connection with such payment or performance shall be deemed to be additional
rent, payable by Lessee on demand.
17. FINANCIAL REPORTS: Lessee agrees to furnish to Lessor: (a) annual financial
statements setting forth the financial condition and results of operation of
Lessee (financial statements shall include the balance sheet, income statement
and changes in financial position and all notes thereto) within 120 days of the
end of each fiscal year of Lessee; (b) quarterly financial statements setting
forth the financial condition and results of operation of Lessee within 60 days
of the end of each of the first three fiscal quarters of Lessee; and (c) such
other financial information as Lessor may from time to time reasonably request
including, without limitation, financial reports filed by Lessee with federal
or state regulatory agencies. All such financial information shall be prepared
in accordance with generally accepted accounting principles. If Lessee fails to
furnish the annual financial statements to Lessor within 30 days of Lessor's
written request, then Lessor may, at its option, charge Lessee a
non-performance fee equal to all the rentals due under the Lease for the then
current month (unless otherwise prohibited by law) and such fees shall be
deemed to be additional rent, payable by Lessee on demand.
18. NO CHANGES IN LESSEE: Lessee shall not: (a) liquidate, dissolve or suspend
business; (b) sell, transfer or otherwise dispose of all or a majority of its
assets, except that Lessee may sell its inventory in the ordinary course of its
business; (c) enter into any merger, consolidation or similar reorganization
unless it is the surviving corporation; (d) transfer all or any substantial
part of its operations or assets outside of the United States of America; or
(e) without 30 days advance written notice to Lessor, change its name or chief
place of business. Lessee shall at all times maintain a tangible net worth
which is no less than the greater of 75% of its tangible net worth as of the
date of the Master Lease Agreement or 75% of its highest tangible net worth
thereafter.
19. LATE CHARGES: If any rent or other amount payable under the Lease is not
paid when due, then as compensation for the administration and enforcement of
Lessee's obligation to make timely payments, Lessee shall pay with respect to
each overdue payment on demand an amount equal to the greater of fifteen
dollars ($15.00) or five percent (5%) of the each overdue payment (but not to
exceed the highest late charge permitted by applicable law) plus any collection
agency fees and expenses.
20. NOTICES; POWER OF ATTORNEY: (a) Service of all notices under the Lease
shall be sufficient if given personally or couriered or mailed to the party
involved at its respective address as such party may provide in writing from
time to time. Any such notice mailed to such address shall be effective three
days after deposit in the United States mail with postage prepaid. (b) With
respect to any power of attorney covered by the Lease, the powers conferred on
Lessor thereby; are powers coupled with an interest; are irrevocable; are
solely to protect Lessor's interests under the Lease; and do not impose any
duty on Lessor to exercise such powers. Lessor shall be accountable solely for
amounts it actually receives as a result of its exercise of such powers.
21. ASSIGNMENT BY LESSOR: Lessor and any assignee of Lessor, with or without
notice to or consent of Lessee, may sell, assign, transfer or grant a security
interest in all or any part of Lessor's rights, obligations, title or interest
in the Equipment, the Lease, any Schedule or the amounts payable under the
Lease or any Schedule to any entity ("transferee"). The transferee shall
succeed to all of Lessor's rights in respect to the Lease (including, without
limitation, all rights to insurance and indemnity protection described in the
Lease). Lessee agrees to sign any acknowledgement and other documents
reasonably requested by Lessor or the transferee in connection with any such
transfer transaction. Lessee, upon receiving notice of any such transfer
transaction, shall comply with the terms and conditions thereof. Lessee agrees
that it shall not assert against any transferee any claim, defense, setoff,
deduction or counterclaim which Lessee may now or hereafter be entitled to
assert against Lessor. Unless otherwise agreed in writing, the transfer
transaction shall not relieve Lessor of any of its obligations to Lessee under
the Lease and Lessee agrees that the transfer transaction shall not be
construed as being an assumption of such obligations by the transferee.
22. NO ASSIGNMENT, SUBLEASE OR LIEN BY LESSEE: LESSEE SHALL NOT, DIRECTLY OR
INDIRECTLY, (a) MORTGAGE, ASSIGN, SELL, TRANSFER OR OTHERWISE DISPOSE OF THE
LEASE OR ANY INTEREST THEREIN OR THE EQUIPMENT OR ANY PART THEREOF, OR (b)
SUBLEASE, RENT, LEND OR TRANSFER POSSESSION OR USE OF THE EQUIPMENT OR ANY PART
THEREFOR TO ANY PARTY, OR (c) CREATE, INCUR, GRANT, ASSUME OR ALLOW TO EXIST
ANY LIEN ON THE LEASE, ANY SCHEDULE, THE EQUIPMENT OR ANY PART THEREOF.
Page 3 of 4
<PAGE> 13
23. EXPIRATION OF LEASE TERM: (a) At least 90 days (or earlier if otherwise
specified), but no more than 270 days prior to expiration of the Lease Term of
each Schedule, Lessee shall give written notice of its electing one of the
following options for all or not less than all) of the Equipment covered by
such Schedule: return the Equipment under clause (b) below; or purchase the
Equipment under clause (c) below. The election of an option shall be
irrevocable if Lessee fails to give timely notice of its election, it shall be
deemed to have elected to return the Equipment.
(b) If Lessee elects or is deemed to have elected to return the Equipment at
the expiration of the Lease Term of a Schedule or if Lessee is obligated at any
time to return the Equipment, then Lessee shall, at its sole expense and risk,
deinstall, disassemble, pack, crate, insure and return the Equipment to
Lessor (all in accordance with applicable industry standards) at any location
in the continental United States of America selected by Lessor. The Equipment
shall be in the same condition as when received by Lessee, reasonable wear,
tear and depreciation resulting from normal and proper use excepted (or, if
applicable, in the condition set forth in the Lease or the Schedule), shall be
in good operating order and maintenance as required by the Lease, shall be
certified as being eligible for any available manufacturer's maintenance
program, shall be free and clear of any Liens as required by the Lease, shall
comply with all applicable laws and regulations and shall include all manuals,
specifications, repair and maintenance records and similar documents. Until
Equipment is returned as required above, all terms of the Lease shall remain in
full force and effect including, without limitation, obligations to pay rent
and insure the Equipment; provided, that after the expiration of any Schedule
and before Lessee has completed its return of the Equipment or its purchase
option (if elected), the term of the lease of the Equipment covered by such
Schedule shall be month-to-month or such shorter period as may be specified by
Lessor.
(c) If Lessee gives Lessor timely notice of its election to purchase
Equipment, then on the expiration date of the applicable Schedule Lessee shall
purchase all (but not less than all) of the Equipment and shall pay to Lessor
the Fair Market Value of the Equipment plus all Taxes (other than income taxes
on Lessor's gains on such sale), costs and expenses incurred or paid by Lessor
in connection with such sale plus all accrued but unpaid amounts due with
respect to the Equipment and/or the Schedule. The Stipulated Loss Value of
Economic Value of any item of Equipment shall have no bearing or influence on
the determination of Fair Market Value under this clause (c). Upon payment in
full of the above amounts, and if no default has occurred and is continuing
under the Lease, Lessor shall transfer title to such Equipment to Lessee
"as-is, where-is" with all faults and without recourse to Lessor and without
any representation or warranty of any kind whatsoever by Lessor, express or
implied.
(d) For purposes of the purchase option of the Lease, the determination of
the Fair Market Value of any Equipment shall be determined (1) without
deducting any costs of dismantling or removal from the location of use, (2) on
the assumption that the Equipment is in the condition required by the
applicable return and maintenance provisions of the Lease and is free and clear
of any Liens as required by the Lease, and (3) shall be determined by mutual
agreement of Lessee and Lessor or, if Lessor and Lessee are not able to agree
on such value, by the Appraisal Procedure. "Appraisal Procedure" means the
determination of Fair Market Value by an independent appraiser acceptable to
Lessor and Lessee, or, if the parties are unable to agree on an acceptable
appraiser, by averaging the valuation (disregarding the one which differs the
most from the other two) of three independent appraisers, the first appointed
by Lessor, the second appointed by Lessee and the third appointed by the first
two appraisers. For purposes of the "Remedies" section of the Lease, the Fair
Market Value shall be determined by Lessor in good faith and any such valuation
shall be on an "as-is, where-is" basis without regard to the first sentence of
this clause (d). Lessee, at its sole expense, shall pay all fees, costs and
expenses of the above described appraisers.
24. GOVERNING LAW: THE INTERPRETATION, CONSTRUCTION AND VALIDITY OF THE LEASE
SHALL BE GOVERNED BY THE LAWS OF THE STATE OF OHIO. WITH RESPECT TO ANY ACTION
BROUGHT BY LESSOR AGAINST LESSEE TO ENFORCE ANY TERM OF THE LEASE, LESSEE
HEREBY IRREVOCABLY CONSENTS TO THE JURISDICTION AND VENUE OF ANY STATE OR
FEDERAL COURT IN THE FRANKLIN COUNTY, OHIO, WHERE LESSOR HAS ITS PRINCIPAL
PLACE OF BUSINESS AND WHERE PAYMENTS ARE TO BE MADE BY LESSEE.
25. MISCELLANEOUS: (a) Subject to the limitations herein, the Lease shall be
binding upon and inure to the benefit of the parties hereto and their
respective heirs, administrators, successors and assigns. (b) This Master Lease
Agreement and each Schedule may be executed in any number of counterparts,
which together shall constitute a single instrument. Only one counterpart of
each Schedule shall be marked "Lessor's Original" and all other counterparts
shall be marked "Duplicate". A security interest in any Schedule may be created
through transfer and possession only of the counterpart marked "Lessor's
Original". (c) Section and paragraph headings in this Master Lease Agreement
and the Schedules are for convenience only and have no independent meaning. (d)
The terms of the Lease shall be severable and if any term thereof is declared
unconscionable, invalid, illegal or void, in whole or in part, the decision so
holding shall not be construed as impairing the other terms of the Lease and
the Lease shall continue in full force and effect as if such invalid, illegal,
void or unconscionable term were not originally included herein. (e) All
indemnity obligations of Lessee under the Lease and all rights, benefits and
protections provided to Lessor by warranty disclaimers shall survive the
cancellation, expiration or termination of the Lease. (f) Lessor shall not be
liable to Lessee for any indirect, consequential or special damages for any
reason whatsoever. (g) Each payment made by Lessee shall be applied by Lessor
in such manner as Lessor determines in its discretion which may include,
without limitation, application as follows: first, to accrued late charges;
second, to accrued rent; and third, the balance to any other amounts then due
and payable by Lessee under the Lease. (h) If the Lease is signed by more than
one Lessee, each of such Lessees shall be jointly and severally liable for
payment and performance of all of Lessee's obligations under the Lease.
26. ENTIRE AGREEMENT. THE LEASE REPRESENTS THE FINAL, COMPLETE AND ENTIRE
AGREEMENT BETWEEN THE PARTIES HERETO. THERE ARE NO ORAL OR UNWRITTEN AGREEMENTS
OR UNDERSTANDINGS AFFECTING THE LEASE OR THE EQUIPMENT. Lessee agrees that
Lessor is not the agent of any manufacturer or supplier, that no manufacturer
or supplier is an agent of Lessor, and that any representation, warranty or
agreement made by a manufacturer, supplier or their employees, sales
representatives or agents shall not be binding on Lessor.
27. JURY WAIVER: ALL PARTIES TO THIS MASTER LEASE AGREEMENT WAIVE ALL RIGHTS TO
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY PARTY
AGAINST ANY OTHER PARTY ON ANY MATTER WHATSOEVER ARISING OUT OF, IN CONNECTION
WITH OR IN ANY WAY BELATED TO THIS MASTER LEASE AGREEMENT.
<TABLE>
<S> <C>
BANC ONE LEASE CORPORATION ISIS 2000, LIMITED PARTNERSHIP
----------------------------------
(Name of Lessee)
By: ISIS CRO, its general partner
Lessor ------------------------------
By: /s/ BRIAN BRADSHAW By: /s/ JOHN KLUMPH
------------------------------------- -------------------------------
Title: Funding Authority Title: Treasurer
---------------------------------- ----------------------------
Lessee's Witness _________________
(Notary)
- -----------------------------------------------------------------------------
Regardless of any prior, present or future ISIS 2000, L.P.
oral agreement or course of dealing, ----------------------------------
no term or condition of the Lease may be (Name of Lessee)
amended, modified, waived, discharged,
cancelled or terminated except by a
written instrument signed by the party to
be bound; except Lessee authorizes Lessor By: [ILLEGIBLE]
to complete the Acceptance Date of each -------------------------------
Schedule and the serial numbers of any
Equipment. Title: Treasurer
-----------------------------
(Notary)
- ------------------------------------------------------------------------------
</TABLE>
Page 4 of 4
<PAGE> 14
ADDENDUM I TO MASTER LEASE AGREEMENT
Dated 5/2/96
Master Lease Agreement Dated 5/2/96
Lessee: Isis 2000, Limited Partnership
Reference is made to the Master Lease Agreement identified above ("Master
Lease") by and between Banc One Leasing Corporation ("Lessor") and the lessee
identified above ("Lessee"). This Addendum I modifies the terms and conditions
of the Master Lease. Unless otherwise defined herein, capitalized terms defined
in the Master Lease shall have the same meaning when used herein. As part of
the valuable consideration to induce the execution of the Master Lease, Lessor
and Lessee hereby agree as follows:
1. Clause (c) of the first sentence of Section 5 of the Master
Lease is amended to read in its entirety as follows:
"(c) make no alterations, additions, subtractions, upgrades or
improvements to the Equipment without Lessor's prior written consent
not unreasonably conditioned or withheld with respect to additions,
upgrades or improvements, but any such alterations, additions,
upgrades or improvements shall automatically become part of the
Equipment."
2. The first sentence of Section 8 of the Master Lease is amended
to read in its entirety as follows:
"Lessee at its sole expense shall at all times keep each item of
Equipment insured against all risks of loss or damage from every cause
whatsoever for an amount not less than the greater of the full
replacement value or the Stipulated Loss Value of the item of
Equipment."
3. The third and fourth sentences of Section 9 of the Master
Lease are amended to read in their entirety as follows:
"In the event of Casualty Loss to any item of Equipment, Lessee shall
immediately notify Lessor of the same and Lessee shall immediately
repair the same. If any item of Equipment has suffered a casualty Loss
beyond repair ("Lost Equipment"), then Lessee, at the option of Lessee
(or at the option of Lessor if an event of default exists), shall: (1)
immediately replace the Lost Equipment with similar equipment in good
repair, condition and working order free and clear of any Liens and
deliver to Lessor a bill of sale covering the replacement equipment,
in which event such replacement equipment shall automatically be
Equipment under the Lease; or (2) on the rent payment date which is at
least 30 but no more than 60 days after the date of the Casualty Loss,
pay to Lessor all amounts then due and payable by Lessee under the
<PAGE> 15
Lease for the Lost Equipment plus the Stipulated Loss Value for such
Lost Equipment as of the date of the Casualty Loss."
4. If a Beneficial Change In Tax Law (as defined below) occurs,
then, within 90 days of a written request by Lessee to Lessor, there shall be a
Rent Adjustment (as defined below). "Beneficial Change In Tax Law" shall mean
any amendment of or addition to the Code which occurs or becomes effective
after the Commencement Date of the Lease and which both (a) increases the
depreciation deductions or creates new tax credits available to Lessor under
the Code as the owner of the Equipment and (b) was not reflected in the
calculation of the after-tax net economic yield originally anticipated by
Lessor as of the Commencement Date of the Lease. "Rent Adjustment" shall mean
(a) a reduction of the remaining rentals payable by Lessee under the Lease, (b)
a reduction of all of the rentals payable by Lessee under the Lease for the
entire Lease Term, or (c) a change in the one or more rentals payable by Lessee
under the Lease after the date of the Beneficial Change in Tax Law; provided,
that in any event described in clauses (a), (b) or (c) of this paragraph, the
modified rent payment structure shall, in the reasonable opinion of Lessor,
provide Lessor with the same after-tax net economic yield which was originally
anticipated by Lessor as of the Commencement Date of the Lease; provided
further, that Lessor shall have the option to determine the form of the Rent
Adjustment under clauses (a), (b) or (c) of this paragraph.
5. Clause (h) of the first sentence of Section 14 of the Master
Lease is deleted in its entirety.
6. The definition of "Overdue Rate" as set forth in Section 15 of
the Master Lease is modified to read in its entirety as follows:
"'Overdue Rate' means an interest rate per annum equal to 2% over the
Prime Rate, but not to exceed the highest rate permitted by applicable
law"
7. Clause (e) of the first paragraph of Section 15 of the Master
Lease is amended to read in its entirety as follows:
"(e) Lessee shall pay all reasonable costs, expenses and damages
incurred by Lessor because of the event of default or its actions
under this section, including, without limitation any collection
agency and/or attorney fees and expenses, any costs related to the
repossession, safekeeping, storage, repair, reconditioning or
disposition of the Equipment and any incidental and consequential
damages."
8. The first sentence of Section 16 of the Master Lease is amend
to read in its entirety as follows:
"If Lessee fails after any applicable notice and grace
<PAGE> 16
period to make any payment under the Lease or fails to perform any of
its other agreements in the Lease (including, without limitation, its
agreement to provide insurance coverage as stated in the Lease),
Lessor may itself make such payment or perform such agreement, and the
amount of such payment and the amount of the expenses of Lessor
incurred in connection with such payment or performance shall be
deemed to be additional rent, payable by Lessee on demand."
9. The second sentence of Section 17 of the Master Lease is
amended to read in its entirety as follows:
"All such financial information shall be prepared in accordance with
generally accepted accounting principles or tax basis accounting
principles."
10. Section 19 of the Master Lease is deleted in its entirety.
11. The last sentence of Section 21 of the Master Lease is amended
to read in its entirety as follows:
"Unless otherwise agreed in writing by Lessee, the transfer
transaction shall not relieve Lessor of any of its obligations to
Lessee under the Lease and Lessee agrees that the transfer transaction
shall not be construed as being an assumption of such obligations by
the transferee."
12. Section 24 of the Master Lease is amended to read in its
entirety as follows:
"24. GOVERNING LAW: THE INTERPRETATION, CONSTRUCTION AND VALIDITY
OF THE LEASE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF TEXAS."
13. Subsection (f) of Section 25 of the Master Lease is amended to
read in its entirety as follows:
"(f) Unless specifically provided for herein, each party shall not be
liable to the other party for any indirect, consequential or special
damages for any reason whatsoever."
14. Section 27 of the Master Lease is amended to read in its
entirety as follows:
"27. ARBITRATION. Lessor and Lessee agree that all dispute claims
and controversies between them, whether individual, joint, or class in
nature, arising from this Lease or otherwise, including, without
limitation contract and tort disputes, shall be arbitrated pursuant to
the Rules Of the American Arbitration Association, upon request of
either party. Any arbitrator hereunder must be either a retired judge
or an attorney with at least 10 years experience in equipment leasing.
No act to take or dispose of the Equipment
<PAGE> 17
or any collateral securing this Lease shall constitute a waiver of
this arbitration agreement or be prohibited by this arbitration
agreement. This includes, without limitation, obtaining injunctive
relief or a temporary restraining order; invoking a power of sale
under any deed of trust or mortgage; obtaining a writ or attachment or
imposition of a receiver; or exercising any rights relating to
personal property, including taking or disposing of such property with
or without judicial process pursuant to Article 2A or Article 9 of the
Uniform Commercial Code. Any disputes, claims, or controversies
concerning the lawfulness or reasonableness of any act, or exercise of
any right, concerning any collateral securing this Lease, including
any claim to rescind, reform, or otherwise modify any agreement
relating to the Equipment or collateral securing this Lease, shall
also be arbitrated, provided however that no arbitrator shall have the
right or the power to enjoin or restrain any act of any party.
Judgment upon any award rendered by any arbitrator may be entered in
any court having jurisdiction. Nothing in this Lease shall preclude
any party from seeking equitable relief from a court of competent
jurisdiction. The statute of limitations, estoppel, waiver, laches,
and similar doctrines which would otherwise be applicable in any
action brought by a party shall be applicable in any arbitration
proceeding, and the commencement of an arbitration proceeding shall be
deemed the commencement of an action for these purposes. The Federal
Arbitration Act shall apply to the construction, interpretation, and
enforcement of this arbitration provision."
Except as expressly amended by this Addendum, the Master Lease remains
unchanged and in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Addendum I
as of the date referenced above.
Isis 2000, Limited Partnership Banc One Leasing Corporation
(Lessee) (Lessor)
By: ISIS CRO, Inc., its general partner
By: /s/ JOHN KLUMPH By: /s/ BRIAN BRADSHAW
------------------------------------ ---------------------------------
Title: TREASURER Title: Funding Authority
--------------------------------- ------------------------------
Witness: /s/ DAWN POLCE
-------------------------------
(Notary)
<PAGE> 1
EXHIBIT 10.31
GUARANTOR AGREEMENT
THIS GUARANTOR AGREEMENT (this "Agreement") is made and entered into
on this 26th day of May, 1995 by and among Convention Center Boulevard Hotel,
Limited, a Louisiana Partnership in Commendam (the "Partnership"), Wyndham
Hotel Company Ltd., a Texas limited partnership ("Wyndham"), Darryl D. Berger
("Berger") and Roger H. Ogden ("Ogden").
WHEREAS, certain entities affiliated with Wyndham, Berger and Ogden
are partners (the "Partners") in the Partnership, which has been formed for the
purpose of developing a hotel of approximately 200 rooms in New Orleans,
Louisiana (the "Hotel");
WHEREAS, the Partnership is governed by an Amended and Restated
Agreement of Limited Partnership dated May 26, 1995 (the "Partnership
Agreement");
WHEREAS, the financing for the Hotel includes a $13,750,000 loan (the
"FNBC Debt") from First National Bank of Commerce, New Orleans, Louisiana
("FNBC") pursuant to a Construction and Term Loan Agreement dated January 12,
1995 (as amended, the "FNBC Loan Agreement"), and Wyndham and Berger are
delivering Guaranties in respect of the FNBC Debt (respectively, the "Wyndham
Bank Guaranty" and the "Berger Bank Guaranty" and collectively, the "Bank
Guaranties");
WHEREAS, the Wyndham Bank Guaranty is limited to $875,000 in principal
amount (which is subject to reduction as therein provided), and the Berger Bank
Guaranty covers the entire amount of the FNBC Debt;
WHEREAS, Berger and Ogden are also delivering to the Partnership a
Guaranty in respect of the completion of construction of the Hotel (the
"Completion Guaranty");
WHEREAS, Wyndham is also entering into an FF&E and Technical Services
Contract with the Partnership pursuant to which Wyndham guarantees that the
cost of furniture, fixtures and equipment for the Hotel will be a fixed amount
(the "FF&E Contract");
WHEREAS, Wyndham has also entered into a Management Agreement (the
"Management Agreement") with the Partnership which includes a provision
pursuant to which Wyndham guarantees that the pre-opening expenses for the
Hotel will not exceed $420,000 (the "Preopening-Guaranty" and together with
the Completion Guaranty and the FF&E Contract, the "Other Guaranties");
NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, it is agreed as follows:
1. Joint Responsibility Under Bank Guaranties. Pursuant to the
Bank Guaranties, (i) Wyndham and Berger have liability together with respect to
the first $1,750,000 reduction in principal amount of the FNBC Debt (the "Joint
Exposure") and (ii) Berger is solely liable
<PAGE> 2
pursuant to the Berger Bank Guaranty with respect to the remainder of the FNBC
Debt. Wyndham's liability to the holder of the FNBC Debt is subject to the
limit in the Wyndham Bank Guaranty, which is subject to reduction as therein
provided. Wyndham and Berger agree that, as between them, they each have
responsibility for fifty percent (50%) of amounts paid by them pursuant to the
Bank Guaranties to the extent of the Joint Exposure. Accordingly, in the event
either Wyndham or Berger pays more than fifty percent (50%) of the aggregate
amount paid by both Wyndham and Berger with respect to the Joint Exposure, the
party making the excess payment (the "Payment Guarantor") shall have a right of
contribution against the other party (the "Contribution Guarantor") for such
excess, which amount shall be payable within ten (10) days following demand
by the Payment Guarantor. To the extent such contribution payment is made by
the Contribution Guarantor when due, any Mortgage Contribution (as defined in
the Partnership Agreement) that would otherwise be considered to have been made
with respect to such payment on behalf of a Partner designated by the Payment
Guarantor shall be deemed instead to have been made on behalf of a Partner
designated by the Contribution Guarantor. Wyndham and Berger covenant and
agree that neither of them will obtain or accept the benefits of any release of
liability with respect to the Joint Exposure unless it results in a pro rata
reduction of liability for each of Wyndham and Berger, except, in the case of
Wyndham, as otherwise provided in Section 12.7 of the Management Agreement and
Section 3 of the Completion Guaranty.
2. Mandatory Guaranty Payments. As more fully reflected therein,
the Partnership Agreement contemplates that payments required on the FNBC Debt,
other than regularly scheduled debt service and payments after the regularly
scheduled maturity of the Term Loan (as defined in the FNBC Loan Agreement),
("Principal Reduction Payments") are to be funded directly and primarily by
payments from Wyndham and Berger pursuant to the Bank Guaranties rather than by
the Partnership or its Partners. If the holder of the FNBC Debt notifies the
Partnership that the Maximum Principal Amount (as defined in the FNBC Loan
Agreement is less than the principal balance of the Term Loan or such holder
makes demand for a Principal Reduction Payment, then following demand by the
Partnership or any Partner and prior to the commencement by the holder of the
FNBC Debt of the exercise of any of its rights with respect to Partnership
collateral by reason of an Event of Default thereunder, Wyndham (subject to the
limits of the Wyndham Bank Guaranty) and Berger (subject to the limit
hereinafter set forth) agree, as a direct and primary obligation, subject,
however, to the provisions of paragraph 3 below, to make the required Principal
Reduction Payments, with the responsibility as between them for such Payments
being as set forth in paragraph 1 above. Notwithstanding the Berger Bank
Guaranty, Berger shall not be required by this paragraph 2 to make Principal
Reduction Payments in excess of $2,500,000 (including payments in respect of
the portion of the Joint Exposure for which he is responsible), although his
failure to make Principal Reduction Payments that would otherwise be required
in the absence of such limitation shall nonetheless have the consequences set
forth in Section 2.2(h) of the Partnership Agreement.
3 Management Fee Refunds. Section 7.1 (d) of the Management
Agreement makes provision for refunds of Management Fees by Wyndham in order to
cause the Debt Coverage Requirement under the FNBC Loan Agreement to be
satisfied. The Management Agreement also provides that upon payment to Wyndham
by Berger of all or any portion of a Proposed Refund
-2-
<PAGE> 3
Amount, Wyndham is obligated to make such refund and to assign to Berger its
right to receive the resulting Contingent Fee under the Management Agreement.
The term "Wyndham Portion", when used in this paragraph 3 with reference to a
Proposed Refund Amount shall mean a fraction, the numerator of which is the
amount of the Principal Reduction Payment for which Wyndham would be
responsible under paragraphs 1 and 2 above by reason of the Debt Coverage
Requirement in the absence of the Management Fee refund in question, and the
denominator of which is total of such Principal Reduction Payments for which
Wyndham and Berger would be responsible in the absence of such refund (computed
without regard to the $2,500,000 limitation referred to in paragraph 2 above
and excluding from such calculation any Principal Reduction Payment that would
be owing notwithstanding the refund of the full Proposed Refund Amount). The
term "Berger Portion" means the portion of a Proposed Refund Amount other than
the Wyndham Portion. Notwithstanding anything to the contrary in paragraphs 1
and 2 above, (i) Wyndham may satisfy any obligation it would otherwise have
under this Agreement to make a Principal Reduction Payment by reason of the
Debt Coverage Requirement to the extent it refunds to the Partnership the
Wyndham Portion of the Proposed Refund Amount, (ii) Berger may satisfy any
obligation he would otherwise have under this Agreement to make a Principal
Reduction Payment by reason of the Debt Coverage Requirement to the extent he
pays to Wyndham the Berger Portion of the Proposed Refund Amount, and (iii)
there shall be no right of contribution on the part of a Payment Guarantor to
the extent a payment under a Bank Guaranty results from (x) in the case of
Wyndham, the failure to refund the Wyndham Portion of a Proposed Refund Amount
or (y) in the case of Berger, the failure of Berger to pay to Wyndham the
Berger Portion of the Proposed Refund Amount. Terms used in this paragraph 3
and not otherwise defined in this Agreement shall have the meanings assigned to
them in the Management Agreement.
4. Rights and Remedies of Guarantors. Wyndham, Berger and Ogden
agree that, with respect to the Partnership and the Partners, payments pursuant
to the Bank Guaranties and the Other Guaranties shall be treated as provided in
Section 2.4(c) of the Partnership Agreement and the treatment therein provided,
together with the rights under this Agreement, shall be in lieu of any other
right or remedy that the party making the payment would otherwise have with
respect to the Partnership or the Partners.
5. Binding Effect. This Agreement shall be binding upon, and
inure to the benefit of, the parties hereto and their permitted successors and
assigns, and shall also inure to the benefit of the Partners. Nothing in this
Agreement is intended to benefit any other person or entity, including any
creditor.
6. Notices. All notices and demands to be given hereunder shall
be in writing and may be given by depositing the same in the United Sates mail
addressed to the party to be notified, postpaid and registered or certified
with return receipt requested, or by delivering the same in person to such
party. Notice deposited in the mail in accordance with the provisions hereof
shall be deemed to have been given on the fourth day next following the date
postmarked on the envelope containing such notice, or when actually received,
whichever is earlier. Notice given in any other manner shall be effective only
if and when received by the party to be notified. All notices and demands to be
given to the parties hereto shall be sent to or delivered at the addresses set
forth below:
-3-
<PAGE> 4
If to the Partnership: Convention Center Boulevard Hotel, Limited
Suite 3200
2001 Ross Avenue
Dallas, Texas 75201
Attention: Susan Oelsen
If to Wyndham: Wyndham Hotel Company Ltd.
Suite 2300
2001 Bryan Street
Dallas, Texas 75201
Attention: Carla S. Moreland, Esq.
with a copy to: Locke Purnell Rain Harrell
2200 Ross Avenue, Suite 2200
Dallas, Texas 75201-6776
Attention: M. Charles Jennings, Esq.
If to Berger: Mr. Darryl D. Berger
100 Conti Street
New Orleans, Louisiana 70130
If to Ogden: Mr. Roger H. Ogden
460 Broadway
New Orleans, Louisiana 70118
with a copy to: Stone, Pigman, Walther, Wittmann &
Hutchinson, L.L.P.
546 Carondelet
New Orleans, Louisiana 70130
Attention: Kay W. Eagan, Esq.
By giving the other parties at least five (5) days written notice
thereof, each party hereto shall have the right to change its address and
specify as its new address for the purposes hereof any other address.
7. Unenforceable Provisions. In the event any provision of this
Agreement is declared or adjudged to be unenforceable or unlawful by any court
or governmental authority, then such unenforceable or unlawful provision shall
be excised herefrom, and the remainder of this Agreement, together with all
rights and remedies granted thereby, shall continue and remain in full force
and effect.
8. Entire Agreement. This Agreement constitutes the entire
agreement between the parties hereto with respect to the matters covered
hereby.
-4-
<PAGE> 5
9. Governing Law. This Agreement shall be governed by and
construed under the laws of the State of Louisiana and, to the extent
applicable, the laws of the United States of America.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first set forth above.
PARTNERSHIP: CONVENTION CENTER BOULEVARD HOTEL,
LIMITED, A LOUISIANA PARTNERSHIP IN
COMMENDAM
By: Convention Center Boulevard Hotel,
Inc., a Louisiana corporation,
General Partner
By: /s/ [ILLEGIBLE]
----------------------------------------
Name:
-----------------------------------
Title:
----------------------------------
-5-
<PAGE> 6
WYNDHAM: WYNDHAM HOTEL COMPANY LTD.,
a Texas limited partnership
By: Wyndham Hotel Management Corporation, a
Texas corporation, General Partner
By: /s/ MICHAEL SILVERMAN
----------------------------------------
Name: Michael Silverman
-----------------------------------
Title: Vice President
----------------------------------
BERGER: /s/ DARRYL D. BERGER
--------------------------------------------------
Darryl D. Berger
OGDEN: /s/ ROGER H. OGDEN
--------------------------------------------------
Roger H. Ogden
-6-
<PAGE> 1
EXHIBIT 10.32
IBM CREDIT CORPORATION Stamford, CT 06904
TERM LEASE MASTER AGREEMENT
NAME AND ADDRESS OF LESSEE: AGREEMENT NO.:
ISIS 2000 LP
2001 BRYAN ST. BRANCH OFFICE NO.: YQ4
DALLAS, TX 75201
CUSTOMER NO.:
BRANCH OFFICE ADDRESS: 1605 LBJ FREEWAY
DALLAS, TX 75234-6043
The Lessor pursuant to this Term Lease Master Agreement (Agreement) will be (a)
IBM Credit Corporation, or a subsidiary or affiliate thereof, (b) a partnership
in which IBM Credit Corporation is a partner, or (c) a related business
enterprise for whom IBM Credit Corporation is the agent (Lessor). The subject
matter of the lease shall be machines, field installable upgrades, feature
additions or accessories marketed by International Business Machines
Corporation (IBM) and shall be referred to as Equipment. Any lease transaction
requested by Lessee and accepted by Lessor shall be specified in a Term Lease
Supplement (Supplement). A Supplement shall refer to and incorporate by
reference this Agreement and, when signed by the parties, shall constitute the
lease (Lease) for the Equipment specified therein. Additional details
pertaining to a Lease shall be specified in a Supplement. A Supplement may also
specify additional terms and conditions as well as other amounts to be financed
(Financing). Financing may include licensed program material charges (LPM
Charges) for licensed programs marketed by IBM under the referenced IBM license
agreement (License Agreement).
1. OPTIONS. The Supplement shall designate various lease and
financing options. Option A is a Lease available only for Modifications
(Paragraph 23) to Equipment under Option A prior to enactment of the Tax Reform
Act of 1986. Option B is a Lease with a fair market purchase option at the end
of the Lease. For Equipment under Option B Prime (B), Lessor assumes for tax
purposes that Lessee is the owner. For financing LPM Charges, Option S will
apply.
2. CREDIT REVIEW. For each Lease, Lessee consent to any reasonably
credit investigation and review by Lessor.
3. AGREEMENT TERM. This Agreement shall be effective when signed by
both parties and may be terminated by either party upon one month's written
notice. However, each Lease then in effect shall survive any termination of
this Agreement.
4. CHANGES. Lessor may, upon prior written notice, change the terms
and conditions of this Agreement. Any change will apply on the effective date
specified in the notice to Leases which have an Estimated Shipment Date, or
Effective Date for Additional License, one month or more after the date of
notice. By notice to Lessor in writing prior to delivery, or Effective Date for
Additional License, and within 15 days after receipt of such notice, Lessee may
terminate the Lease for an affected item. Otherwise, the change shall apply.
5. ADVANCE RENT. Lessee shall pay to Lessor, prior to Lessor's
acceptance of a Lease, Advance Rent, if specified. Advance Rent shall be
refunded if Lessor for any reason does not accept the Lease or Lessee
terminates the Lease in accordance with Paragraph 4, 12 or 15.
6. SELECTION AND USE OF EQUIPMENT, PROGRAMMING AND LICENSED PROGRAM
MATERIALS. Lessee agrees that it shall be responsible for the selection, use
of, and results obtained from, the Equipment, any programming supplied by IBM
without additional charge for use on the Equipment (Programming) licensed
program materials, and any other associated equipment, programs or services.
7. ASSIGNMENT TO LESSOR. Lessee hereby assigns, exclusively to
Lessor, Lessee's right to purchase the Equipment from IBM. this assignment is
effective when Lessor accepts the applicable Supplement and Lessor shall be
obligated to purchase and pay for the Equipment. Other than the obligation to
pay the purchase price, all responsibilities and limitations applicable to
Customer as defined in the referenced IBM purchase agreement in effect at the
time the Lease is accepted by Lessor (Purchase Agreement) shall apply to
Lessee.
If the Equipment is subject to a volume procurement amendment to the
Purchase Agreement or to another discount offering, (a) Lessor will pay the
same amount for the Equipment that would have been payable by Lessee, and (b)
Lessee will remain responsible to IBM for any late order change charges,
settlement charges, adjustment charges or any other charges incurred under the
volume procurement amendment or other discount offering.
8. LEASE NOT CANCELLABLE; LESSEE'S OBLIGATIONS ABSOLUTE. Lessee's
obligation to pay shall be absolute and unconditional and shall not be subject
to any delay, reduction, set-off, defense, counterclaim or recoupment for any
reason whatsoever, including any failure of the Equipment, Programming or
licensed program materials or any representations by IBM. If the Equipment,
Programming or licensed program materials are unsatisfactory for any reason,
Lessee shall make any claim solely against IBM and shall, nevertheless, pay
Lessor all amounts payable under the Lease.
9. WARRANTIES. Lessor grants to Lessee the benefit of any and all
warranties made available by IBM in the Purchase Agreement. Lessor warrants
that neither Lessor nor anyone acting or claiming through Lessor, by assignment
or otherwise, will interfere with Lessee's quiet enjoyment of the use of the
Equipment so long as no event of default shall have occurred and be continuing.
EXCEPT FOR LESSOR'S WARRANTY OF QUIET ENJOYMENT, LESSOR MAKES NO WARRANTY,
EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER, INCLUDING, BUT NOT LIMITED TO,
THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
AS TO LESSOR, LESSEE LEASES THE EQUIPMENT AND TAKES
THE ADDITIONAL TERMS AND CONDITIONS ON PAGES 2 THROUGH 4 ARE PART OF THIS
AGREEMENT
LESSEE ACKNOWLEDGES THAT LESSEE HAS READ THE AGREEMENT AND ITS SUPPLEMENT,
UNDERSTANDS THEM, AND AGREES TO BE BOUND BY THEIR TERMS AND CONDITIONS.
FURTHER, LESSEE AGREES THAT THIS AGREEMENT AND ITS SUPPLEMENT ARE THE COMPLETE
AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN THE PARTIES, SUPERSEDING ALL
PROPOSALS OR PRIOR AGREEMENTS, ORAL OR WRITTEN, AND ALL OTHER COMMUNICATIONS
BETWEEN THE PARTIES RELATING TO THE SUBJECT MATTER THEREOF.
<TABLE>
<S> <C>
[ ] INITIAL IF AGREEMENT COVERAGE PAGE IS ATTACHED.
ACCEPTED BY:
IBM CREDIT CORPORATION ISIS 2000 LP
---------------------------------------------
Customer
For or as Lessor:
By: By: /s/ JOHN KLUMPH
--------------------------------------- ------------------------------------------
Authorized Signature Authorized Signature
John Klumph 5/3/96
- ------------------------------------------ ----------------------------------------------
Name (Type or Print) Date Name (Type or Print) Date
</TABLE>
Page 1 of 6
<PAGE> 2
ANY PROGRAMMING "AS IS". IN NO EVENT SHALL LESSOR HAVE ANY LIABILITY FOR, NOR
SHALL LESSEE HAVE ANY REMEDY AGAINST LESSOR FOR, CONSEQUENTIAL DAMAGES, ANY
LOSS OF PROFITS OR SAVINGS, LOSS OF USE, OR ANY OTHER COMMERCIAL LOSS.
10. LESSEE AUTHORIZATION. So long as Lessee is not in default under the
Lease (a) Lessee is authorized to act on Lessor's behalf concerning delivery and
installation of the Equipment, any IBM warranty service for the Equipment, and
any programming services for the Programming, and (b) Lessee shall have, solely
for these purposes, all rights Lessor may have against IBM under the Purchase
Agreement. The foregoing authorization shall not constitute any surrender of
Lessor's interest in the Equipment.
11. DELIVERY AND INSTALLATION. Lessee shall arrange with IBM for the
delivery of the Equipment and Programming and for installation of the
Equipment at the Equipment Location. Lessee shall pay any delivery and
installation charges. Lessor shall not be liable to Lessee for any delay in,
or failure of, delivery of the Equipment and Programming. Lessee shall examine
the Equipment and Programming immediately upon delivery. If the Equipment is
not in good condition or the Equipment or Programming does not correspond to
IBM's specifications, Lessee shall promptly give IBM written notice and shall
provide IBM reasonable assistance to cure the defect or discrepancy.
12. LATE DELIVERY. If the Equipment or licensed program materials are not
delivered to the Equipment Location on or before the 15th day after the
Estimated Shipment Date, Lessor may, upon written notice to Lessee, increase
the Lease Rate. Lessee may terminate the Lease for the affected item by giving
Lessor written notice prior to delivery. Otherwise, the Rent shall be adjusted
to reflect such increase.
13. RENT COMMENCEMENT DATE. The Rent Commencement Date, unless otherwise
specified in the Supplement, shall be the date payment is due IBM under the
applicable referenced agreement. Lessee shall be notified of the Rent
Commencement Date and the serial numbers of the Equipment.
14. LEASE TERM. The Lease shall be effective when signed by both parties.
The initial Term of the Lease shall expire at the end of the number of Payment
Periods, specified as "Term" in the Supplement, after the Rent Commencement
Date. However, obligations under the Lease shall continue until they have been
performed in full.
15. RATE PROTECTION. Unless modified pursuant to Paragraph 12, the Rent
shall be based on the Lease Rate specified in the Supplement or such greater
Lease Rate as may be specified by written notice to Lessee more than one month
before the Estimated Shipment Date or Effective Date for Additional License. By
notice to Lessor in writing prior to delivery, or Effective Date for Additional
License, and within 15 days after receipt of such notice, Lessee may terminate
the Lease for the affected item. Otherwise, the Rent shall be adjusted to
reflect the increase. The Unit Purchase Price and LPM Charges are subject to
change in accordance with the referenced agreements.
16. RENT. During the initial Term, Lessee shall pay Lessor, for each
Payment Period, Rent as determined in Paragraph 15. Lessee's obligation to pay
shall begin on the Rent Commencement Date. Rent will be invoiced in advance as
of the first day of each Payment Period and will be due on the day following
the last day of the Payment Period. When the Rent Commencement Date is not on
the first day of a calendar month and/or when the initial Term does not expire
on the last day of a calendar month, the applicable Rent will be prorated on
the basis of 30-day months. Advance Rent, if any, will be applied to the
initial invoice(s).
17. RENEWAL. If Lessee is not then in default under the Lease, Lessee may
renew the Lease one or more times but not beyond six years from the expiration
of the initial Term. Lessor shall offer renewal Terms of one year and may offer
longer Terms if then generally available. For a renewal Term, upon request by
Lessee, at least five months prior to lease expiration, Lessor shall notify
Lessee, at least four months prior to expiration, of the Rent, any changes to
the Payment Period and due dates, and of any required Purchase Option or
Renewal Option Percents not specified in the Supplement. The Rent shall be
objectively determined by Lessor by using the projected fair market rental
value of the Equipment as of the commencement of such renewal Term. However, for
Option B', the Rent shall be as specified in the Supplement. Lessee may renew
for any renewal Term only by so notifying Lessor in writing at least three
months before expiration.
18. PURCHASE OF EQUIPMENT. If Lessee is not then in default under the
Lease, Lessee may, upon three months prior written notice to Lessor, purchase
Equipment upon expiration of the Lease. Under Option A or B, the purchase price
shall be objectively determined by Lessor by using the projected fair market
sales value of the Equipment as of such expiration date plus, for Equipment
under Option A, any recapture of investment tax credit and any tax due thereon.
Under Option B Prime (B') the purchase price shall be an amount determined by
multiplying the Unit Purchase Price by the Purchase Option Percent for such
Equipment.
If Lessee purchases any Equipment, Lessee shall, on or before the date of
purchase, pay to Lessor the purchase price, any applicable taxes, all Rent due
through the day preceding the date of purchase, any other amounts due, and the
prepayment of Financing (Paragraph 35). Lessor shall, on the date of purchase,
transfer to Lessee by bill of sale, without recourse or warranty of any kind,
express or implied, all of Lessor's right, title and interest in and to such
Equipment on an "As is, Where is" basis except that Lessor shall warrant title
free and clear of all encumbrances.
19. OPTIONAL EXTENSION. If Lessee has not elected to renew or purchase, and
as long as Lessee is not in default under the Lease, the Lease will be extended
unless Lessee notifies Lessor in writing, not less than three months prior to
Lease expiration, that Lessee does not want the extension. The extension will
be under the same terms and conditions then in effect, including Rent (but,
for Options A or B, not less than fair market rental value) and will continue
until the earlier of termination by either party upon three months' prior
written notice or six years after expiration of the initial Term.
20. INSPECTION; MARKING; FINANCING STATEMENT. Upon request, Lessee shall
make the Equipment and its maintenance records available for inspection by
Lessor during Lessee's normal business hours. Lessee shall affix to the
Equipment any labels indicating ownership supplied by Lessor. Lessee shall
execute and deliver to Lessor for filing any Uniform Commercial Code financing
statements or similar documents Lessor may reasonably request.
21. EQUIPMENT USE. Lessee agrees that Equipment will be operated by
competent, qualified personnel, in accordance with applicable operating
instructions, laws and government regulations and that Equipment under Option A
will be used only for business purposes.
22. MAINTENANCE. Lessee, at its expense, shall keep the Equipment in a
suitable environment as specified by IBM and in good condition and working
order, ordinary wear and tear excepted.
23. ALTERATIONS; MODIFICATIONS; PARTS. Lessee may alter or modify the
Equipment only upon written notice to Lessor. Any non-IBM alteration is to be
removed and the Equipment restored to its normal, unaltered condition at
Lessee's expense prior to its return to Lessor. At Lessee's option, any IBM
field installable upgrade, feature addition or accessory added to any item of
Equipment (Modification) may be removed. If removed, the Equipment is to be
restored at Lessee's expense to its normal, unmodified condition. If not
removed, such Modification shall, upon return of the Equipment, become, without
charge, the property of Lessor free of all encumbrances. Restoration will
include replacement of any parts removed in connection with the installation of
an alteration or Modification. Any part installed in connection with warranty
or maintenance service shall be the property of Lessor.
24. LEASES FOR MODIFICATIONS AND ADDITIONS. Lessor will arrange for leasing
of Modifications and Additions under terms and conditions then generally in
effect, subject to satisfactory credit review. Additions shall be machines, or
LPM Charges for licensed program materials, which are associated with the
Equipment. These Modifications and Additions must be ordered by Lessee from
IBM. Any lease for Modifications shall, and any lease for Additions may, expire
at the same time as the Lease for the Equipment. The rent shall be determined
by Lessor and specified in a Supplement. If Lessee purchases Equipment prior to
Lease expiration, Lessee shall simultaneously purchase any Modifications under
the Lease.
25. RETURN OF EQUIPMENT. Upon expiration or termination of the Lease for
any item of Equipment, or upon demand by Lessor pursuant to Paragraph 38,
Lessee shall promptly return the Equipment, freight prepaid, to a location in
the continental United States specified by Lessor. Except for Casualty Loss,
Lessee shall pay any costs and expenses incurred by Lessor to inspect and
Page 2 of 5
<PAGE> 3
qualify the Equipment for IBM's maintenance agreement service. Any parts
removed in connection therewith shall become Lessor's property.
26. CASUALTY INSURANCE: LOSS OR DAMAGE. Lessor will maintain, at its own
expense, insurance covering loss of or damage to the Equipment (but excluding
any Modifications not subject to a Lease and any non-IBM alterations) with a
$5,000 deductible per incident. If any item of Equipment shall be lost, stolen,
destroyed or irreparably damaged by any cause whatsoever (Casualty Loss) before
the Date of Installation as defined in the Purchase Agreement, the Lease for
that item shall terminate. If any item of Equipment suffers Casualty Loss, or
shall be otherwise damaged, on or after the Date of Installation, Lessee shall
promptly inform Lessor. If Lessor determines that the item can be economically
repaired, Lessee shall place the item in good condition and working order and
Lessor will reimburse Lessee the reasonable cost of such repair, less the
deductible. If not so repairable, Lessee shall pay Lessor the lesser of $5,000
or the fair market value of the Equipment immediately prior to the Casualty
Loss. Upon Lessor's receipt of payment the Lease for that item shall terminate.
27. TAXES. Lessee shall promptly reimburse Lessor for, or shall pay directly
if so requested by Lessor, as additional Rent, all taxes, charges, and fees
imposed or levied by any governmental body or agency upon or in connection with
the purchase, ownership leasing, possession, use or relocation of the Equipment
or Programming or in connection with the financing of LPM Charges or otherwise
in connection with the transactions contemplated by the Lease, excluding,
however, all taxes on or measured by the net income of Lessor. Upon request,
Lessee will provide proof of payment. Any other taxes, charges and fees relating
to the licensing, possession or use of licensed program materials will be
governed by the License Agreement.
28. LESSOR'S PAYMENT. If Lessee fails to perform its obligations under
Paragraph 27 or 31 or to discharge any encumbrances created by Lessee, Lessor
shall have the right to substitute performance, in which case, Lessee shall pay
Lessor the cost thereof.
29. TAX INDEMNIFICATION (APPLIES ONLY FOR EQUIPMENT UNDER OPTIONS A OR B).
The Lease is entered into on the basis that under the Internal Revenue Code of
1985, as amended (Code), Lessor shall be entitled to (1) maximum Accelerated
Cost Recovery System (ACRS) deductions for 5-year property and (2) deductions
for interest expense incurred to finance purchase of the Equipment. The
Bulletin "Lessor's Tax Assumptions" will be given to Lessee on request.
Lessee represents, warrants and covenants that at all times during the Lease:
(a) no item of Equipment will constitute "public utility property" as
defined in the Code;
(b) Lessee will not make any election under the Code or take any action,
or fail to take any action, if such election, action or failure to act would
cause any item of Equipment to cease to be eligible for any ACRS deductions or
interest deductions;
(c) Lessee will keep and make available to Lessor the records required
to establish the matters referred to in this Paragraph 29; and
(d) for Equipment located in a United States possession, Lessee
represents that Lessee is a tax exempt entity as defined in the Code.
Furthermore, if Lessee is a tax exempt entity, Lessee covenants that it will
not renew or extend the Lease if such action shall cause Lessor a Tax Loss as
described below.
If, as a result of any act, failure to act, misrepresentation, inaccuracy,
or breach of any warranty or covenant, or default under the Lease, by Lessee,
an affiliate of Lessee, or any person who shall obtain the use of possession of
any item of Equipment through Lessee, Lessor shall lose the right to claim or
shall suffer any disallowance or recapture of all or any portion of any ACRS
deductions or interest deductions (Tax Loss) with respect to any item of
Equipment, then, promptly upon written notice to Lessee that a Tax Loss has
occurred, Lessee shall reimburse Lessor the amount determined below.
The reimbursement shall be an amount that, in the reasonable opinion of
Lessor, shall make Lessor's after-tax rate of return and cash flows (Financial
Returns), over the term of the Lease for such Item of Equipment, equal to the
expected Financial Returns that would have been otherwise available. The
reimbursement shall take into account the effects of any interest, penalties
and additions to tax required to be paid by Lessor as a result of such Tax Loss
and all taxes required to be paid by Lessor as a result of any payments pursuant
to this paragraph. Financial Returns shall be based on economic and tax
assumptions used by Lessor in entering into the Lease.
All the rights and privileges of Lessor arising from this Paragraph 29 shall
survive the expiration or termination of the Lease.
For purposes of determining tax effects under Paragraphs 18, 27, 29 and 30,
the term "Lessor" shall include, to the extent of interests, any partner in
Lessor and any affiliated group of corporations, and each member thereof, of
which Lessor or any such partner is or shall become a member and with which
Lessor or any such partner joins in the filing of consolidated or combined
returns.
30. GENERAL INDEMNITY. This Lease is a net lease. Therefore, Lessee shall
indemnify Lessor against, and hold Lessor harmless from, any and all claims,
actions, damages, obligations, liabilities and liens; and all costs and
expenses, including legal fees, incurred by Lessor in connection therewith;
arising out of the Lease including, without limitation, the purchase,
ownership, lease, licensing, possession, maintenance, condition, use or return
of the Equipment. Programming or licensed program materials; or arising by
operation of law; excluding, however, any of the foregoing which result from
the sole negligence or willful misconduct of Lessor. Lessee agrees that upon
written notice by Lessor of the assertion of any claim, action, damage,
obligation, liability or lien, Lessee shall assume full responsibility for the
defense thereof. Any payment pursuant to this paragraph shall be of such
amount as shall be necessary so that, after payment of any taxes required to be
paid thereon by Lessor, including taxes on or measured by the net income of
Lessor, the balance will equal the amount due hereunder. Lessee's obligations
under this paragraph shall not constitute a guarantee of the residual value or
useful life of any item of Equipment or a guarantee of any debt of Lessor. The
provisions of this paragraph with regard to matters arising during the Lease
shall survive the expiration or termination of the Lease.
31. LIABILITY INSURANCE. Lessee shall obtain and maintain comprehensive
general liability insurance, in an amount of $1,000,000 or more for each
occurrence, with an insurer having a "Best's Policyholders" rating of B+ or
better. The policy shall name Lessor as an additional insured as Lessor's
interests may appear and shall contain a clause requiring the insurer to give
Lessor at least one month's prior written notice of the cancellation, or any
alteration in the terms, of the policy. Lessee shall furnish to Lessor, upon
request, evidence that such insurance coverage is in effect.
32. SUBLEASE AND RELOCATION OF EQUIPMENT; ASSIGNMENT BY LESSEE. Upon
Lessor's prior written consent, which will not be unreasonably withheld, Lessee
may sublet the Equipment or relocate it from the Equipment Location. No
sublease or relocation shall relieve Lessee of its obligations under the Lease.
In no event shall Lessee remove the Equipment from the United States. Lessee
shall not assign, transfer or otherwise dispose of the Lease or Equipment, or
any interest therein, or create or suffer any levy, lien or encumbrance thereof
except those created by Lessor.
33. ASSIGNMENT BY LESSOR. Lessee acknowledges and understands that the terms
and conditions of the Lease have been fixed to enable Lessor to sell and assign
its interest or grant a security interest or interests in the Lease and the
Equipment individually or together, in whole or in part, for the purpose of
securing loans to Lessor or otherwise. If Lessee is given written notice of any
assignment, it shall promptly acknowledge receipt thereof in writing. Each such
assignee shall have all of the rights of Lessor under the Lease. Lessee shall
not assert against any such assignee any setoff, defense or counterclaim that
Lessee may have against Lessor or any other person. Lessor shall not be
relieved of its obligations hereunder as a result of any such assignment unless
Lessee expressly consents thereto.
34. FINANCING. If the Lease provides for financing of LPM Charges, Lessor
will pay such Charges directly to IBM. Any other charges due IBM under the
License Agreement shall be paid directly to IBM by Lessee. Lessee's obligation
to pay Rent shall not be affected by any discontinuance, return or destruction
of any license or licensed program materials under the License Agreement on or
after the date LPM Charges are due. If Lessee discontinues any of the licensed
program materials in accordance with the terms of the License Agreement prior
to the date LPM Charges are due, the financing of affected LPM Charges shall be
cancelled.
Page 3 of 6
<PAGE> 4
35. FINANCING PREPAYMENT. (Does Not Apply For Items or Equipment). Lessee may
terminate an item of Financing (but not an item of Equipment) by prepaying its
remaining Rent. Lessee shall provide Lessor with notice of the intended
prepayment date which shall be at least one month after the date of the notice.
Lessor may, depending on market conditions at the time, make an adjustment in
the remaining Rent to reflect such prepayment and shall advise Lessee of the
balance to be paid. If, prior to Lease expiration, Lessee purchases the
Equipment or if the Lease is terminated, Lessee shall at the same time prepay
any related Financing including that for programs licensed to the Equipment.
36. DELINQUENT PAYMENTS. If any amount to be paid to Lessor is not paid on or
before its due date. Lessee shall pay Lessor on demand 2% of such late payment
for each month or part thereof from the due date until the date paid or, if
less, the maximum allowed by law.
37. DEFAULT; NO WAIVER. Lessee shall be in default under the Lease upon the
occurrence of any of the following events: (a) Lessee fails to pay when due any
amount required to be paid by Lessee under the Lease and such failure shall
continue for a period of seven days after the due date; (b) Lessee fails to
perform any other provisions under the Lease or violates any of the covenants or
representations made by Lessee in the Lease, or Lessee fails to perform any of
its obligations under any other Lease entered into pursuant to this Agreement,
and such failure or breach shall continue unremedied for a period of 15 days
after written notice is received by Lessee from Lessor; (c) Lessee violates any
of the covenants or representations made by Lessee in any application for credit
or in any agreement with IBM with respect to the Equipment or licensed program
materials or fails to perform any provision in any such agreement (except the
obligation to pay the purchase price or LPM Charges); (d) Lessee makes an
assignment for the benefit of creditors, whether voluntary or involuntary, or
consents to the appointment of a trustee or receiver, or if either shall be
appointed for Lessee or for a substantial part of its property without its
consent; (e) any petition or proceeding if filed by or against Lessee under any
Federal or State bankruptcy or insolvency code or similar law; or (f) if
applicable, Lessee makes a bulk transfer subject to the provisions of the
Uniform Commercial Code.
Any failure of Lessor to require strict performance by Lessee or any waiver
by Lessor of any provision in the Lease shall not be construed as a consent or
waiver of any other breach of the same or of any other provision.
38. REMEDIES. If Lessee is in default under the Lease, Lessor shall have the
right, in its sole discretion, to exercise any one or more of the following
remedies in order to protect its interests, reasonably expected profits and
economic benefits. Lessor may (a) declare any Lease entered into pursuant to
this Agreement to be in default; (b) terminate in whole or in part any Lease;
(c) recover from Lessee any and all amounts then due and to become due; (d) take
possession of any or all items of Equipment, wherever located, without demand or
notice, without any court order or other process of law; and (e) demand that
Lessee return any or all such items of Equipment to Lessor in accordance with
Paragraph 25 and, for each day that Lessee shall fail to return any item of
Equipment, Lessor may demand an amount equal to the Rent, pro-rated on the basis
of a 30-day month, in effect immediately prior to such default. Upon
repossession or return of such item or items of Equipment, lessor shall sell,
lease or otherwise dispose of such item or items in a commercially reasonable
manner, with or without notice and on public or private bid, and apply the net
proceeds thereof towards the amounts due under the Lease but only after
deducting (i) in the case of sale, the estimated fair market value of such item
or items as of the scheduled expiration of the Lease; or (ii) in the case of any
replacement lease, the rent due for any period beyond the scheduled expiration
of the Lease for such item or items (iii) in either case, all expenses,
including legal fees, incurred in connection therewith; and (iv) where
appropriate, any amount in accordance with Paragraph 29. Any excess net proceeds
are to be retained by Lessor. Lessor may pursue any other remedy available at
law or in equity, including, but not limited to, seeking damages, specific
performances and an injunction.
No right or remedy is exclusive of any other provided herein or permitted by
law or equity. All such rights and remedies shall be cumulative and may be
enforced concurrently or individually from time to time.
39. LESSOR'S EXPENSE. Lessee shall pay Lessor on demand all costs and
expense, including legal and collection fees, incurred by Lessor in enforcing
the terms, conditions or provisions of the Lease or in protecting Lessor's
rights and interests in the Lease and the Equipment.
40. OWNERSHIP; PERSONAL PROPERTY; LICENSED PROGRAM MATERIALS. The Equipment
under Lease is and shall be the property of Lessor. Lessee shall have no right,
title or interest therein except as set forth in the Lease. The Equipment is,
and shall at all times be and remain, personal property and shall not become a
fixture or realty. Licenses program materials are licensed and provided by IBM
directly to Lessee under the terms and conditions of the License Agreement.
41. NOTICES; ADMINISTRATION. Service of all notices under the Lease shall be
sufficient if delivered personally or mailed to Lessee at its address specified
in the Supplement or to IBM Credit Corporation as Lessor in care of the IBM
Branch Office specified in the Supplement. Notice by mail shall be effective
when deposited in the United States mail, duly addressed and with postage
prepaid. Notices, consents and approvals from or by Lessor shall be given by
Lessor or on its behalf by IBM and all payments shall be made to IBM until
Lessor shall notify Lessee otherwise.
42. LESSEE REPRESENTATION. If the Lease includes Financing, Lessee represents
that it is (a) a corporation if any item of Equipment is located in Ohio,
Mississippi, Virginia or West Virginia, and/or (b) a business corporation if any
item of Equipment is located in Pennsylvania.
43. REVISIONS FOR PREVIOUSLY INSTALLED EQUIPMENT. Equipment installed with
Lessee under an IBM lease or rental agreement may be purchased by Lessor, on the
Effective Date of Purchase (as defined in the Purchase Agreement), for lease to
Lessee under Option B or B'. For such Equipment, the Lease shall be revised as
follows:
Paragraphs 4 and 26 -- replace "Estimated Shipment Date" by "Intended
Effective Date of Purchase": replace "delivery" and "Date of installation" by
"Effective Date of Purchase";
Paragraph 7 -- add at the end of the first paragraph, "Assignment of the
option to purchase installed Equipment at the net purchase option price under
an IBM lease or rental agreement will be permitted only when Lessee submits the
Supplement in sufficient time to achieve the Intended Effective Date of
Purchase. The Effective Date of Purchase under this assignment shall be the
later of the first day of the Quotation Month or the day on which the
applicable Supplement is accepted by Lessor. If the Quotation Month expires and
the purchase of Equipment is not concluded, this assignment and Lease will be
null and void regarding any such Equipment and all rights, duties and
obligations of Lessee and IBM will remain in accordance with the provisions of
the IBM agreement under which the Equipment is currently installed";
Paragraphs 11 and 12 -- delete both paragraphs; and
Paragraph 15 -- replace the entire paragraph with the following: "The Rent
shall be based on the Lease Rate specified in the Supplement or such greater
Lease Rate as may be specified by written notice to Lessee more than one month
before the Effective Date of Purchase. The Unit Purchase Price is subject to
change in accordance with the referenced Purchase Agreement. Lessee may
terminate the Lease for any item subject to an increase by giving Lessor
written notice on or before the Effective Date of Purchase."
44. APPLICABLE LAW; SEVERABILITY. The Lease shall be governed by the laws of
the State of Connecticut, if any provision shall be held to be invalid or
unenforceable, the validity and enforceability of the remaining provisions shall
not in any way be affected or impaired.
<PAGE> 5
290 Harbor Drive
IBM CREDIT CORPORATION Stamford, CT 06904
203/973-5100
- --------------------------------------------------------------------------------
ADDENDUM TO TERM LEASE MASTER AGREEMENT
Enterprise No. 9893301 Term Lease Master Agreement No. See Attached
------------
Customer No. 9895083 Addendum No. I0410496
Lessor and ISIS 2000 LP (Lessee) agree that the Term Lease Master Agreement
between the parties is hereby modified as follows:
Paragraph 12 -- Later Delivery -- in line 3 replace "15th" with "30th".
-- in line 3 replace "upon" with "by 5 business days prior". After the
second sentence, insert "In the event delivery takes place prior to the
effective date specified in the notice, the increase will not apply."
Paragraph 17 -- Renewal -- in lines 5 and 6 delete the phrase "For a
renewal Term, upon request by Lessee, at least five months prior to
Lease expiration,".
-- in line 7 replace "four" with "two".
-- in line 15 replace "three months" with "one month".
Paragraph 18 -- Purchase Equipment -- in line 2 replace "three months"
with "one month".
Paragraph 19 -- Optional Extension -- in line 4 replace "three months"
with "one month".
-- in line 9 replace "three months" with "one month's".
Paragraph 37 -- Default; No Waiver -- in line 11, after "Lessor"
insert ", however, if the nature of the breach is such that it cannot
reasonably be cured within such fifteen (15) day period, and Lessee
commences the cure within such period and diligently pursues it
thereafter, the time period in which to cure the breach shall be
extended for so long as Lessor consents (which will not be unreasonably
withheld)".
Paragraph 38 -- Remedies -- in line 2 insert after "right," "during the
continuance thereof,".
- -------------------------------------------------------------------------------
NO CHANGES TO THIS ADDENDUM ARE AUTHORIZED
Addendum No. I0410496
<PAGE> 6
IBM Credit Corporation
_______________________________________________________________________________
Paragraph 39 - Lessor's Expense - replace the entire paragraph with:
"Lessee or Lessor (as the case may be) shall pay the other party on
demand all reasonable costs and expenses, including reasonable legal
and collection fees, incurred by the other party in enforcing the
terms, conditions or provisions of the lease to be performed by the
non-performing party or in protecting said other party's rights and
interests in this lease and the Equipment."
Paragraph 44 - Applicable Law; Severability - in line 2 replace "State
of Connecticut" with "State of Texas".
Prepared by: M WALKER
April 8, 1996
Accepted by:
IBM Credit Corporation ISIS 2000 LP
For or as Lessor:
by by /s/ JOHN P. KLUMPH
-------------------------- ----------------------------
Authorized Signature Authorized Signature
John P. Klumph 5/3/96
-------------------------- ----------------------------
Name (Type or Print) Date Name (Type or Print) Date
I0410496/BP5
This Addendum is valid if accepted by ISIS 2000 LP and IBM Credit Corporation
no later than May 20, 1996.
_____________________________________________________________________________
NO CHANGES TO THIS ADDENDUM ARE AUTHORIZED
Addendum No. I0410496
<PAGE> 7
ISIS 2000, L.P. HARDWARE EQUIP LEASE
TERM LEASE SUPPLEMENT
DATE PREPARED: 05/01/96 Page 1 of 4
<TABLE>
<S> <C> <C> <C>
Customer No.: 8918194 SUPPLEMENT NUMBER: C00261220 PURCHASE AGREEMENT REF.: HQ12291
CUSTOMER NAME AND ADDRESS INSTALLED AT LOCATION IBM BRANCH OFFICE NO.: MRZ
ISIS 2000 LP ISIS 2000 LP IBM BRANCH OFFICE ADDRESS
2001 BRYAN ST 2001 BRYAN ST DALLAS GB LEASE AGREEMENT NO.: 8918194
SUITE 2300 SUITE 2300 1605 LBJ FREEWAY ASSOCIATED SUPPLEMENT NOS.:
DALLAS, TX 75201-3028 DALLAS, TX 75201-3028 DALLAS, TX 75234-6043
AMENDMENT NOS.:
ADDENDUM NOS.:
QUOTE LETTER NO.: Q0126552907
</TABLE>
CUSTOMER REFERENCE:
<TABLE>
<CAPTION>
Location/ Leased or Financed Item: Plant Order (*) (*)
Line Lessor Installed Type Model/Feature or Serial (*) Purch. Maint. (*)
No. Customer No. State Description MES No. No. Option Option Includ. Term
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
001 8918194/ TX 0483-002 5DJPRK 2626074 C$ $1 Y 36
4688023 CCS CUSTOMIZATION SERVICES
002 8918194/ TX 0483-002 5DJPRK 2626073 C$ $1 Y 36
4688023 CCS CUSTOMIZATION SERVICES
003 8918194/ TX 3153-BG3 C$ $1 Y 36
4688023 GREEN (232 MAIN, 3151EM)
004 8918194/ TX 3153-BG3 C$ $1 Y 36
4688023 GREEN (232 MAIN, 3151EM)
005 8918194/ TX 3590-B11 5DJPPV 12404 C$ $1 Y 36
4688023 'LIC' TAPE DRIVE WITH RACL
- ----------------------------------------------------------------------------------------------------------------------------
Supplier Name Supplier Customer No. Security Deposit
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(*) See page 4 for explanations, definitions and additional terms.
FOR THESE LEASE RATES TO BE VALID, THIS SUPPLEMENT MUST BE SIGNED AND RECEIVED
BY LESSOR BY: 05/30/96.
<TABLE>
<CAPTION>
Unit Purchase Lease (*)Estimated (*)
Line Price/ Rate Commencement Interest
No. Amount Financed $/1000 Rent /Release Date Rate
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
001 540.00 30.38 16 04/96 5.91
002 265.00 30.38 8 04/96 5.91
003 461.60 30.38 14 04/96 5.91
004 461.60 30.38 14 04/96 5.91
005 36,463.50 33.29 1,214 04/96 5.91
- ---------------------------------------------------------------------------------------------
Total Amount Interim Total Rent Payment Period
Financed Rent (this page) MONTHLY IN ARREARS
(this page) Applies? Taxes May Apply ---------------------------
Rent Commencement Date
38,191.70 NO 1,266
- ---------------------------------------------------------------------------------------------
Total Amount Total Rent
Financed (all pages)
(all pages) Taxes May Apply
610,446.48 20,269
--------------- ---------------
</TABLE>
THE LEASE AGREEMENT REFERENCED ABOVE AND THIS SUPPLEMENT CONTAIN THE TERMS FOR
THIS TRANSACTION. LESSEE AUTHORIZES LESSOR TO CHANGE THE AMOUNT FINANCED AND
THE RENT IF LESSEE'S SUPPLIER CHANGES LESSEE'S PURCHASE PRICE. LESSEE FURTHER
AUTHORIZES LESSOR TO INSERT SERIAL NUMBERS ON THIS SUPPLEMENT WITHOUT FURTHER
AUTHORIZATION FROM LESSEE. BY SIGNING BELOW, BOTH PARTIES ACKNOWLEDGE THAT THEY
HAVE READ AND UNDERSTAND THE AGREEMENTS AND AGREE TO THE TERMS. FURTHER LESSEE
AGREES THAT THESE TERMS SUPERSEDE ALL PROPOSALS OR PRIOR AGREEMENTS, ORAL OR
WRITTEN, AND ALL OTHER COMMUNICATIONS BETWEEN BOTH PARTIES RELATING TO THE
ITEMS LISTED HEREIN. DELIVERY OF AN EXECUTED COUNTERPART OF THIS SUPPLEMENT BY
FACSIMILE OR ANY OTHER RELIABLE MEANS SHALL BE DEEMED TO BE AS EFFECTIVE FOR
ALL PURPOSES AS DELIVERY OF THE MANUALLY EXECUTED COUNTERPART. THE LESSEE
UNDERSTANDS THAT LESSOR MAY MAINTAIN A COPY OF THIS SUPPLEMENT IN ELECTRONIC
FORM AND AGREES THAT A COPY PRODUCED FROM THE ELECTRONIC FORM OR BY ANY
RELIABLE MEANS (FOR EXAMPLE, PHOTOCOPY OR FACSIMILE) SHALL IN ALL RESPECTS BE
CONSIDERED EQUIVALENT TO AN ORIGINAL.
Accepted by: ISIS 2000 LP Initial below
IBM CREDIT CORPORATION --------------------------- to request an
Lessee IBM maintenance
For or as Lessor: agreement on
IBM Leased items
By: By: /s/ JOHN KLUMPH
------------------------ ------------------------
Authorized Signature Authorized Signature
/s/ John Klumph 5/3/96
- --------------------------- ---------------------------
Name (Type or Print) Date Name (Type or Print) Date ------------
Z125-3318-17 (10/85)
<PAGE> 8
ISIS 2000, L.P. HARDWARE EQUIP LEASE
TERM LEASE SUPPLEMENT
DATE PREPARED: 05/01/96 Page 2 of 4
<TABLE>
<S> <C> <C> <C>
Customer No.: 8918194 SUPPLEMENT NUMBER: C00261220 PURCHASE AGREEMENT REF.: HQ12291
CUSTOMER NAME AND ADDRESS INSTALLED AT LOCATION IBM BRANCH OFFICE NO.: MRZ
ISIS 2000 LP ISIS 2000 LP IBM BRANCH OFFICE ADDRESS
2001 BRYAN ST 2001 BRYAN ST DALLAS GB LEASE AGREEMENT NO.: 8918194
SUITE 2300 SUITE 2300 1605 LBJ FREEWAY ASSOCIATED SUPPLEMENT NOS.:
DALLAS, TX 75201-3028 DALLAS, TX 75201-3028 DALLAS, TX 75234-6043
AMENDMENT NOS.:
ADDENDUM NOS.:
QUOTE LETTER NO.: Q0126552907
</TABLE>
CUSTOMER REFERENCE:
<TABLE>
<CAPTION>
Location/ Leased or Financed Item: Plant Order (*) (*)
Line Lessor Installed Type Model/Feature or Serial (*) Purch. Maint. (*)
No. Customer No. State Description MES No. No. Option Option Includ. Term
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
008 8918194/ TX 5692-AIX 5DJPMG B14TL S NA 36
4688023 SYSTEM PROGRAM ORDER
007 8918194/ TX 5692-AIX 5DJPRW B15NK S NA 36
4688023 SYSTEM PROGRAM ORDER
008 8918194/ TX 5692-AIX 5DJPSJ B15NL S NA 36
4688023 SYSTEM PROGRAM ORDER
009 8918194/ TX 5696-899 5DJPMC N8452 S NA 36
4688023 IBM PAIDE V2.AG5 AND BELOW
010 8918194/ TX 5696-800 5DJPMD N8453 S NA 36
4688023 IBM PTX V 2.1 G5 AND BELOW
011 8918194/ TX 5696-933 5DJPRV N9444 S NA 36
4688023 IBM HACMP V4.1 FOR AIX
012 8918194/ TX 5696-919 5DJPSG N9445 S NA 36
4688023 IBM HYPERTEXT V 1.1 FOR AIX
013 8918194/ TX 5696-933 5DJPSH N9446 S NA 36
4688023 IBM HCAMP V4.1 FOR AIX
014 8918194/ TX 5765-393 5DJPMB A61BP S NA 36
4688023 AIX VERSION 4.1.4
015 8918194/ TX 5765-423 5DJPMF A61BQ S NA 36
4688023 IBM C FOR AIX VER 3
016 8918194/ TX 5765-393 5DJPRS A62WP S NA 36
4688023 AIX VERSION 4.1.4
017 8918194/ TX 5765-423 5DJPRT A62WQ S NA 36
4688023 IBM C FOR AIX VER 3
018 8918194/ TX 5765-393 5DJPSD A62WR S NA 36
4688023 AIX VERSION 4.1.4
019 8918194/ TX 5765-423 5DJPSF A62WS S NA 36
4688023 IBM C FOR AIX VER 3
020 8918194/ TX 7015-4224 A74229 12653 C$ $1 Y 36
4688023 FEATURES
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(*) See page 4 for explanations, definitions and additional terms.
FOR THESE LEASE RATES TO BE VALID, THIS SUPPLEMENT MUST BE SIGNED AND RECEIVED
BY LESSOR BY: 05/30/96.
<TABLE>
<CAPTION>
Unit Purchase Lease (*)Estimated (*)
Line Price/ Rate Commencement Interest
No. Amount Financed $/1000 Rent /Release Date Rate
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
008 54.13 30.38 2 04/96 5.91
007 54.13 30.38 2 04/96 5.91
008 54.13 30.38 2 04/96 5.91
009 1,066.80 30.38 32 04/96 5.91
010 3,947.18 30.38 120 04/96 5.91
011 12,643.60 30.38 384 04/96 5.91
012 312.14 30.38 9 04/96 5.91
013 12,643.60 30.38 384 04/96 5.91
014 632.18 30.38 19 04/96 5.91
015 485.99 30.38 15 04/96 5.91
016 13,038.71 30.38 396 04/96 5.91
017 485.99 30.38 15 04/96 5.91
018 12,920.18 30.38 393 04/96 5.91
019 485.99 30.38 15 04/96 5.91
020 2,008.23 30.38 61 04/96 5.91
- ---------------------------------------------------------------------------------------------
Total Amount Total Rent Payment Period
Financed (this page)
(this page) Taxes May Apply
MONTHLY IN ARREARS
80,832.98 1,849
- ---------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 9
ISIS 2000, L.P. HARDWARE EQUIP LEASE
TERM LEASE SUPPLEMENT
DATE PREPARED: 05/01/96 Page 3 of 4
<TABLE>
<S> <C> <C> <C>
Customer No.: 8918194 SUPPLEMENT NUMBER: C00261220 PURCHASE AGREEMENT REF.: HQ12291
CUSTOMER NAME AND ADDRESS INSTALLED AT LOCATION IBM BRANCH OFFICE NO.: MRZ
ISIS 2000 LP ISIS 2000 LP IBM BRANCH OFFICE ADDRESS
2001 BRYAN ST 2001 BRYAN ST DALLAS GB LEASE AGREEMENT NO.: 8918194
SUITE 2300 SUITE 2300 1605 LBJ FREEWAY ASSOCIATED SUPPLEMENT NOS.:
DALLAS, TX 75201-3028 DALLAS, TX 75201-3028 DALLAS, TX 75234-6043
AMENDMENT NOS.:
ADDENDUM NOS.:
QUOTE LETTER NO.: Q0126552907
</TABLE>
CUSTOMER REFERENCE:
<TABLE>
<CAPTION>
Location/ Leased or Financed Item: Plant Order (*) (*)
Line Lessor Installed Type Model/Feature or Serial (*) Purch. Maint. (*)
No. Customer No. State Description MES No. No. Option Option Includ. Term
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
021 8918194/ TX 7015-4224 A75700 12650 C$ $1 Y 36
4688023 FEATURES
022 8918194/ TX 7015-2412 A78812 12650 C$ $1 Y 36
4688023 ENHANCED SCSI-2 DIFF F/W ADA
023 8918194/ TX 7015-2412 A78826 12653 C$ $1 Y 36
4688023 ENHANCED SCSI-2 DIFF F/W ADA
024 8918194/ TX 7015-R30 5DJPRJ 12650 C$ $1 Y 36
4688023 'LIC' RISC SYSTEM/6000
025 8918194/ TX 7015-R30 5DJPRX 12653 C$ $1 Y 36
4688023 'LIC' RISC SYSTEM/6000
026 8918194/ TX 7015-R00 5DJPSB 12651 C$ $1 Y 36
4688023 'LIC' RISC SYSTEM/6000
027 8918194/ TX 7015-ROO 5DJPSC 12652 C$ $1 Y 36
4688023 'LIC' RISC SYSTEM/6000
028 8918194/ TX 7132-REP 5DJPRQ 5790698 C$ $1 Y 36
4688023 ORDERING VEHICLE
029 8918194/ TX 7133-010 5DJPRL 00549 C$ $1 Y 36
4688023 'LIC' SSA DSK SUBSYS RK MT M
030 8918194/ TX 7133-010 5DJPRM 00550 C$ $1 Y 36
4688023 'LIC' SSA DSK SUBSYS RK MT M
031 8918194/ TX 7133-010 5DJPRN 00551 C$ $1 Y 36
4688023 'LIC' SSA DSK SUBSYS RK MT M
032 8918194/ TX 7204-317 5HKVCN C$ $1 Y 36
4688023 2.2GB EXTERNAL DISK DRIVE
033 8918194/ TX 7204-317 5HKXVH C$ $1 Y 36
4688023 2.2GB EXTERNAL DISK DRIVE
034 8918194/ TX 7248-132 5DJPLZ H2091 C$ $1 Y 36
4688023 RISC SYSTEM/6000 43P SERIES
035 8918194/ TX 9993-001 S 36
4688023 OTHER IBM FINANCING
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
FOR THESE LEASE RATES TO BE VALID, THIS SUPPLEMENT MUST BE SIGNED AND RECEIVED
BY LESSOR BY: 05/30/96.
<TABLE>
<CAPTION>
Unit Purchase Lease (*)Estimated (*)
Line Price/ Rate Commencement Interest
No. Amount Financed $/1000 Rent /Release Date Rate
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
021 669.42 30.38 20 04/96 5.91
022 1,000.00 30.38 30 04/96 5.91
023 1,000.00 30.38 30 04/96 5.91
024 144,352.38 33.62 4,853 04/96 5.91
025 144,325.38 33.62 4,852 04/96 5.91
026 5,872.85 30.38 178 04/96 5.91
027 5,872.85 30.38 178 04/96 5.91
028 2,127.95 30.38 65 04/96 5.91
029 35,591.15 33.13 1,179 04/96 5.91
030 35,591.15 33.13 1,179 04/96 5.91
031 35,591.15 33.13 1,179 04/96 5.91
032 2,187.50 42.38 92 04/96 5.91
033 2,187.50 42.38 92 04/96 5.91
034 13,169.20 42.38 558 04/96 5.91
035 81,923.32 32.58 2,669 04/30/96 10.66
- ---------------------------------------------------------------------------------------------
Total Amount Total Rent Payment Period
Financed (this page)
(this page) Taxes May Apply
MONTHLY
511,421.80 17,154 IN ARREARS
- ---------------------------------------------------------------------------------------------
</TABLE>
Z123-3478-05 (06/94)
<PAGE> 10
SUPP. NO.: C00261220
TERM LEASE SUPPLEMENT
ADDITIONAL TERMS AND CONDITION
OPTION CODES
B, B+, C, C+ Lease with fair market value end of lease renewal and
purchase options
B, C' Lease with prestated end of lease purchase and renewal
options
B$, C$ Lease with a one dollar ($1) end of lease purchase option
L Lease for Used Equipment
S Financing of IBM One-Time Charges
T Financing of non-IBM One-Time Charges
PURCH. OPTION (PURCHASE OPTION - END OF LEASE ONLY)
FM Fair market sales value, as determined by Lessor, at end of
Lease
CL Contact IBM Credit for purchase price
NA Not Applicable
$1 Purchase Price is One Dollar ($1.00)
number Prestated Purchase Percent - Purchase price will be the Unit
Purchase Price times this percent
MAINT. INCLUD. (Maintenance Included)
Y Lease includes maintenance coverage
TERM
The Initial Term starts on the Rent Commencement Date and continues for the
number of Payment Periods stated under Term. If the Term has a prefix of "CO"
then the Lease is coterminous with the Lease for the Equipment with the
referenced serial number.
ESTIMATED COMMENCEMENT
For Leases, the month stated is the month the Lease must commence for Lessee to
receive the stated Lease Rate. For Financing, the date stated is the intended
start date of the Financing.
INTEREST RATE
The Interest Rate, if stated, is the Annual Percentage Rate (APR) for the Lease
or Financing. In the State of Texas the interest rate for the Lease or
Financing will not exceed the stated interest rate.
RENT PROTECTION
The Lease Rates stated on the Supplement are not subject to change provided the
Lease or Financing commences within the month of the Estimated Commencement.
RENEWAL OF LEASES WITH PRESTATED PURCHASE OPTIONS
Lessee may renew a Lease with a prestated purchase option for a Term of one
year. The Rent will be one-half of the Prestated Purchase Percent times the
Unit Purchase Price stated in the Supplement. Renewal Rent payments will be
annual and due and payable in advance.
LEASES WITH MAINTENANCE INCLUDED
For Leases that include basic maintenance coverage, Lessor will arrange for
maintenance service on the Equipment. The coverage starts at the end of the
warranty period and ends with the Initial Term. The cost will be included in
the Rent. Coverage beyond the basic maintenance will be Lessee's responsibility.
The maintenance service provider alone will be responsible for fulfilling all
contractual commitments. Lessee may finance additional maintenance coverage at
the end of the Initial Term under then current terms.
LESSEE RESPONSIBILITIES FOR LEASES WITH MAINTENANCE INCLUDED
Lessee agrees, that before requesting maintenance service, to ensure that:
1. operational problems have been corrected;
2. error recovery procedures have been followed;
3. failures are clearly identified and logged; and
4. Customer Problem Analysis and Resolution (CPAR) procedures have been
completed for equipment requiring maintenance under this Lease.
Lessee also agrees to complete, and return to IBM, a self-initialization review
form ("Form"). Lessee agrees to ensure that the Equipment location qualifies as
a qualified customer location (as determined by IBM). Lessee acknowledges
having received a copy of that Form.
If Lessee has a Corporate Service Option Attachment to the IBM Customer
Agreement then Lessee agrees to perform all "Customer" obligations under that
agreement for the Equipment on a Lease that includes maintenance.
BASE EXTENSIONS
For machines designated as "Base Extension", this Supplement supersedes the
prior Lease for these machines and incorporates the terms of the Lease
Agreement effective for this Supplement, including those terms with respect to
Purchase of Equipment, which may be different than the terms governing the
superseded Lease. This Lease amends and supersedes the prior Lease for these
machines with respect to Term, Lease Rate, Rent, Payment Period, Purchase
Option Code, and Lease Option. These changes shall become effective on the Rent
Commencement Date specified in this Supplement.
LESSEE REPRESENTATIONS
Lessee represents that for Financing In:
1. Ohio, Maryland, Mississippi, Virginia, or West Virginia, Lessee is a
corporation as defined by the applicable state law;
2. Pennsylvania, Lessee is a business corporation as defined by Pennsylvania
laws; and
3. Alabama or Wisconsin, the Financed Items are not being purchased for
agricultural purposes.
AUTHORITY TO SIGN FINANCING STATEMENTS
Lessee authorizes Lessor or its agent as attorney-in-fact to prepare, execute
in Lessee's name and file any Uniform Commercial Code financing statements or
similar documents covering this Equipment. Lessee authorizes Lessor to fill in
serial numbers on this Supplement after execution by Lessee for the Equipment
listed on the Supplement.
LEASE OPTIONS B+, C+ AND L
This amends the Lease Master Agreement referenced on page 1.
1. In paragraph 18 - Purchase of Equipment - in line 4 replace "Under Options
A or B" with "Equipment with a Purch. Option of 'FM'".
2. In paragraph 19 - Optional Extension - in line 7 replace "Options A or B"
with "Equipment with a Purch. of Option 'FM'".
Page 4 of 4
<PAGE> 11
IBM CREDIT CORPORATION Stamford, CT 06904
AGREEMENT NO. 9895083
--------------
DATE: 05-15-96
----------------------
CONTINUING CONTRACT OF AFFILIATE GUARANTY OF PAYMENT
----------------------------------------------------
In consideration of and to induce IBM Credit Corporation ("Lessor") to enter
into, and act as lessor under, the Term Lease Master Agreement or General
Business Lease Agreement as the case may be, or any other agreement referenced
above, as now in effect and as it may be amended in the future (the "Transaction
Agreement") and to extend credit to Isis 2000 Limited Partnership ("Lessee"), an
entity affiliated through common ownership with the undersigned ("Guarantor"),
the Guarantor, who will directly and indirectly benefit from the Transaction
Agreement and such credit arrangement, and from the credit extended as a result
of this Guaranty, for itself, its successors and assigns, hereby gives this
continuing, absolute, irrevocable, and unconditional Guaranty to Lessor.
Guarantor guarantees the full, prompt, and complete payment of all sums,
obligations, liabilities and indebtedness that are or may become due from
Lessee, whether at the stated due date, by acceleration or otherwise, under the
Transaction Agreement (the "Guaranteed Obligations"), without deduction or
setoff for any claims or defenses of Lessee or Guarantor. This Guaranty is a
continuing guaranty and shall (i) remain in full force and effect until the
indefeasible payment in full of the Guaranteed Obligations and any other
amounts payable under this Guaranty and (ii) be binding upon the Guarantor, its
successors and assigns.
In the event Lessee shall fail punctually to pay unconditionally and in full
any sum due to Lessor under the Transaction Agreement, Lessor shall give
written notice of demand for payment therefor by mail or hand delivery to
Guarantor who shall become immediately liable upon receipt of said notice. Such
notice may be given any time after such payment was due from or for the
account of Lessee under the Transaction Agreement without any requirement as to
timeliness and promptness. Guarantor agrees to pay in full all of such sums due
and unpaid within 30 days after receipt of said notice. Guarantor also agrees
to pay on demand reasonable attorneys' fees and legal expenses incurred by
Lessor to secure payment from Guarantor or Lessee.
Guarantor expressly agrees that Lessor may, without notice to or consent of
Guarantor, renew, compromise or extend the Guaranteed Obligations without
waiving, limiting or otherwise affecting Guarantor's liability hereunder and
Guarantor expressly waives and releases any defenses or claims it may have
arising form or on account of any such renewal, compromise or extension.
If acceleration of the time for payment of any Guaranteed Obligation is stayed
upon the insolvency, bankruptcy or reorganization of the Lessee, all such
amounts otherwise subject to acceleration under the terms of the Transaction
Agreement shall nonetheless be immediately payable to Guarantor hereunder on
written demand by Lessor.
If Lessee undergoes any change in its ownership or organizational structure or
otherwise assigns, transfers or delegates its obligations to any assignee or
transferee resulting form the operation of any assignment or transfer permitted
pursuant to the Transaction Agreement, this Guaranty shall continue to extend
to all sums due from or for the account of Lessee or the new or substituted
legal entity. This Guaranty shall survive any and all bankruptcy or insolvency
proceedings of Guarantor.
Guarantor agrees that a final judgment in any action or proceeding with respect
to this Guaranty shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. To the extent
that Guarantor has or hereafter may acquire any immunity from jurisdiction of
any court from any legal process (whether through service or notice,
attachment prior judgment, attachment in aid of execution, execution or
otherwise) with respect to itself or its property, Guarantor hereby irrevocably
waives such immunity in respect of its obligations under this Guaranty.
Lessor shall not be obligated to elect remedies first which are available to
Lessor in the transaction agreement and may secure payment first from
Guarantor. Securing payment from Guarantor will not constitute a waiver of
remedies against Lessee for breach of the transaction agreement Guarantor
hereby irrevocably waives, to the fullest extent permitted by applicable law,
diligence, presentment, demand (whether for non-payment or protest or
otherwise, except as expressly provided for under paragraph three (3) above)
and notice of acceptance, maturity, extension of time, change in nature or form
of the guaranteed obligations (or any acceptance of security, release of
security, compromise or agreement arrived at as to the amount of, or the terms
of, the guaranteed obligations, notice of adverse change in the financial
condition of Lessee or any other fact which might materially increase the risk
to Guarantor) or all other demands whatsoever and all guaranteed obligations
PAGE 2
<PAGE> 12
shall be conclusively presumed to have been created in reliance upon this
Guaranty. This Guaranty is not in any way directly or indirectly conditioned
upon any attempt to collect from Lessee or upon an other event or contingency,
and shall be binding upon and enforceable against Guarantor without regard to
the validity or enforceability of the Transaction Agreement or this Guaranty in
any jurisdiction in which Guarantor is domiciled or owns assets or conducts
business or under the laws of which Guarantor is organized or is qualified or
licensed to do business. Guarantor stipulates that the remedies at law in
respect of any default or threatened default by Guarantor in the performance of
or compliance with any of the terms of this Guaranty are not and will not be
adequate, and that any of such terms may be specifically enforced by a decree
for specific performance or by any injunction against violation of any such
terms or otherwise.
Upon making any payment with respect to Lessee hereunder, the Guarantor shall be
subrogated to the rights of Lessor against the Lessee with respect to such
payment; provided that the Guarantor shall not enforce any payment by way of
subrogation until all amounts payable by Lessee under the Transaction Agreement
have been paid in full.
This Guaranty has been duly authorized, executed and delivered by Guarantor and
constitutes a legal, valid and binding obligation of Guarantor enforceable in
accordance with its terms. The execution and delivery of this Guaranty and the
consummation of the transactions contemplated hereby will not conflict with or
constitute a breach of, or default under, or result in the creation or
imposition of any lien, charge or encumbrance upon any property or assets of
Guarantor pursuant to, any contract, indenture, mortgage, loan agreement, note,
lease, or other instrument to which Guarantor is a party or by which it may be
bound, or to which any of the property or assets of Guarantor is subject, nor
will such action result in any violation of the provisions of the certificate or
articles of incorporation or other organizing documents or by-laws of
Guarantor, or any applicable law, administrative regulation or administrative
court decree known to it after reasonable investigation.
The obligations of the Guarantor hereunder shall be limited to an aggregate
amount equal to the largest amount that would not render its obligations
hereunder subject to avoidance under Section 548 of the United States Bankruptcy
Code or any comparable provisions of any applicable state law.
THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF TEXAS WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF
LAWS. GUARANTOR AGREES THAT, TO THE EXTENT PERMITTED BY APPLICABLE LAW, SERVICE
OF PROCESS MAY BE MADE UPON IT BY CERTIFIED OR REGISTERED MAIL TO THE ADDRESS
OF GUARANTOR OR ANY METHOD AUTHORIZED BY THE LAWS OF TEXAS AND THE APPLICABLE
RULES OF THE COURTS OF THE UNITED STATES OR THE STATE OF TEXAS.
This Guaranty constitutes the entire agreement with respect to the subject
matter hereof. If any term or provision of this Guaranty or application
thereof shall be invalid or unenforceable, the remainder of this Guaranty shall
remain in full force and effect.
IN WITNESS WHEREOF, this agreement has been signed by an authorized officer of
Guarantor.
GUARANTOR: WYNDHAM HOTEL CO, LTD
-------------------------------
By:
------------------------------------
Name: John Klumph
-----------------------------------
Title: VP, Controller
---------------------------------
Address: 2001 Bryan 23rd Floor
---------------------------------
Dallas, TX 75201
---------------------------------
Telephone: 214 863 1448
------------------------------
Date: 5/22/96
------------------------------
Attest:
------------------------------------------------
Name: Dawn Polce
-----------------------------------------------
Title: Notary Public in and for the State of Texas
----------------------------------------------
<PAGE> 1
EXHIBIT 11
WYNDHAM HOTEL CORPORATION
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED MARCH 31, 1996 AND 1997
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------
1996 1997
-------- --------
<S> <C> <C>
Primary Earnings Per Share:
- ---------------------------
Number of Shares:
Common stock outstanding -- 20,018
Assumed exercise of stock options* -- --
-------- --------
-- 20,018
======== ========
Net income $ 5,167 $ 4,584
======== ========
Earnings per common share outstanding N/A $ .23
========
Fully Diluted Earnings Per Share:
- ---------------------------------
Number of Shares:
Common stock outstanding -- 20,018
Assumed exercise of stock options* -- --
-------- --------
-- 20,018
======== ========
Net income $ 5,167 $ 4,584
======== ========
Earnings per common share outstanding N/A $ .23
========
</TABLE>
* Dilution from assumed exercise of stock options is less than 3 percent of
earnings per common shares outstanding, therefore, is not included in the
calculation.
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 7,087
<SECURITIES> 0
<RECEIVABLES> 39,743
<ALLOWANCES> (1,335)
<INVENTORY> 1,417
<CURRENT-ASSETS> 50,581
<PP&E> 176,911
<DEPRECIATION> (35,988)
<TOTAL-ASSETS> 267,594
<CURRENT-LIABILITIES> 34,708
<BONDS> 109,675
0
0
<COMMON> 200
<OTHER-SE> 82,964
<TOTAL-LIABILITY-AND-EQUITY> 267,594
<SALES> 42,325
<TOTAL-REVENUES> 52,853
<CGS> 0
<TOTAL-COSTS> 31,186
<OTHER-EXPENSES> 10,900
<LOSS-PROVISION> 423
<INTEREST-EXPENSE> 3,550
<INCOME-PRETAX> 7,576
<INCOME-TAX> 2,992
<INCOME-CONTINUING> 4,584
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,584
<EPS-PRIMARY> .23
<EPS-DILUTED> .23
</TABLE>
