Document:

EX-4.11:

 

Exhibit 4.11

GUARANTEE

     
For value received, each Guarantor (which term includes any
successor Person under the Indenture) has, jointly and
severally, unconditionally guaranteed, to the extent set forth
in the Indenture and subject to the provisions in the Indenture
dated as of February 7, 2005 (the
“Indenture”), among American Real Estate
Partners, L.P. (“AREP”), American Real Estate
Finance Corp. (“AREP Finance”, together with
AREP, the “Company”), the Guarantor party
thereto and Wilmington Trust Company, as trustee (the
“Trustee”), (a) the due and punctual payment of
the principal of, premium and Liquidated Damages, if any, and
interest on, the Notes, whether at maturity, by acceleration,
redemption or otherwise, the due and punctual payment of
interest on overdue principal of and interest on the Notes, if
any, if lawful, and the due and punctual performance of all
other obligations of the Company to the Holders or the Trustee
all in accordance with the terms of the Indenture and (b) in
case of any extension of time of payment or renewal of any Notes
or any of such other obligations, that the same will be promptly
paid in full when due or performed in accordance with the terms
of the extension or renewal, whether at stated maturity, by
acceleration or otherwise. The obligations of the Guarantors to
the Holders of Notes and to the Trustee pursuant to the Note
Guarantee and the Indenture are expressly set forth in
Article 10 of the Indenture and reference is hereby made to
the Indenture for the precise terms of the Note Guarantee. Each
Holder of a Note, by accepting the same, (a) agrees to and shall
be bound by such provisions and (b) appoints the Trustee
attorney-in-fact of such Holder for all purposes.

     
Capitalized terms used but not defined herein have the meanings
given to them in the Indenture.

		
	 	
    AMERICAN REAL ESTATE HOLDINGS LIMITED PARTNERSHIP
	 
	 	
    By: American Property Investors, Inc., its general partner

			
	 	By: 	 /s/ John P. Saldarelli

		
	 	
     

	 	
    Name: John P. Saldarelli
	 	
    Title: Vice President and Chief Financial OfficerEX-10.21

 

Exhibit 10.21

 

81/8% Senior Notes due 2012

			
	No. 1
	 	$353,000,000

AMERICAN REAL ESTATE HOLDINGS LIMITED PARTNERSHIP

promises to pay to the order of American Real Estate Partners, L.P. or registered assigns (the
“Holder”)
the principal sum of THREE HUNDRED FIFTY THREE MILLION DOLLARS on June 1, 2012.

Interest Payment Dates: June 1 and December 1

Dated: May 12, 2004

	 	 	 	 	 
	 	 	AMERICAN REAL ESTATE HOLDINGS LIMITED PARTNERSHIP
	 
	 	 	 	 
	 	 	By: American Property Investors, Inc., its general
partner
	 
	 	 	 	 
	

	 	By:
	 	/s/ John P. Saldarelli
	

	 	 	 	 
	

	 	Name:
	 	John P. Saldarelli
	

	 	Title:
	 	Vice President and Chief Financial Officer

 

 

 

81/8% Senior Notes due 2012

     (1)  Interest. American Real Estate Holdings Limited Partnership, a
Delaware limited partnership (the “Company”), promises to pay to the Holder interest on the
principal amount of this Note at 81/8% per annum from May 12, 2004. The Company will pay
interest semi-annually in arrears on June 1 and December 1 of each year, or if any such day
is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment
Date”). Interest on the Notes will accrue from the most recent date to which interest has
been paid or, if no interest has been paid, from the date of issuance. The Company will pay
interest (including post-petition interest in any proceeding under any bankruptcy law) on
overdue principal and premium, if any, from time to time on demand, at a rate that is 1% per
annum in excess of the rate then in effect to the extent lawful; it will pay interest
(including post-petition interest in any proceeding under any bankruptcy law) on overdue
installments of interest, if any, (without regard to any applicable grace periods) from time
to time on demand at the same rate to the extent lawful. Interest will be computed on the
basis of a 360-day year of twelve 30-day months.

     (2)  Method of Payment. The Notes will be payable as to principal,
premium, and interest at the office or agency of the Company maintained for such purpose
within or without the City and State of New York, or at such other place as may be
designated from time to time by the Holder and the Company. Such payment will be in such
coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts.

     (3)  Defaults and Remedies. Events of Default include:

	(i)  	default for 30 days in the payment when due of interest, if any, with respect
to the Note;
	 
	(ii)  	default in the payment when due of the principal of, or premium, if any, on,
the Note when the same becomes due and payable at maturity, upon redemption (including
in connection with an offer to purchase) or otherwise; or
	 
	(iii)  	the following events of bankruptcy or insolvency with respect to the Company
or any subsidiary of the Company that is a significant subsidiary of the Company (as
defined in section 102(w) of Regulation S-X) (“Significant Subsidiary”)

          (a) the Company or any Significant Subsidiary or any group of subsidiaries of the
Company that, taken together, would constitute a Significant Subsidiary pursuant to or
within the meaning of Title 11, U.S. Code or any similar federal or state law for the relief
of debtors (“Bankruptcy Law”):

     (1) commences a voluntary case;

     (2) consents to the entry of an order for relief against it in an involuntary
case;

     (3) consents to the appointment of a custodian of it or for all or
substantially all of its property;

     (4) makes a general assignment for the benefit of its creditors; or

     (5) generally is not paying its debts as they become due; or

 

 

          (b) a court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that:

     (1) is for relief against the Company or any Significant Subsidiary or any
group of subsidiaries of the Company that, taken together, would constitute a
Significant Subsidiary in an involuntary case;

     (2) appoints a custodian of the Company or any Significant Subsidiary or any
group of subsidiaries of the Company that, taken together, would constitute a
Significant Subsidiary or for all or substantially all of the property of the
Company or any of its Subsidiaries that is a Significant Subsidiary or any group of
Subsidiaries of the Company that, taken together, would constitute a Significant
Subsidiary; or

     (3) orders the liquidation of the Company or any of its Subsidiaries that is a
Significant Subsidiary or any group of Subsidiaries of the Company that, taken
together, would constitute a Significant Subsidiary;

     (4) and the order or decree remains unstayed and in effect for 60 consecutive
days.

     (4) No Recourse Against Others. A director, officer, manager (or
managing member), direct or indirect member, partner, employee, incorporator or stockholder
of the Company or the general partner of the Company, will not have any liability for any
obligations of the Company under this Note, or for any claim based on, in respect of, or by
reason of, such obligation or its creation. The Holder by accepting the Note waives and
releases all such liability. The waiver and release are part of the consideration for the
issuance of the Notes.

     (5)  GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL
GOVERN AND BE USED TO CONSTRUE THIS NOTE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF
CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

********<PAGE>

                                                                 Exhibit 10.17

   DESCRIPTION OF CROWLEY MARITIME CORPORATION BONUS PLAN FOR EXECUTIVES WHOSE
        DIRECT ANNUAL COMPENSATION IS LESS THAN OR EQUAL TO $1.0 MILLION
                               (THE `BONUS PLAN')

PURPOSE OF THE BONUS PLAN

The purpose of the Bonus Plan is to: (i) motivate and reward executives for good
performance; and (ii) allow the Company to vary its compensation expense based
on the Company's financial performance. In accordance with the Company's
compensation policy that cash compensation should vary with Company performance,
a substantial part of each executive's total cash compensation has been tied to
performance of the Company by way of performance-based bonuses under the Bonus
Plan.

ADMINISTRATION OF THE BONUS PLAN

The Plan is administered by the Chairman, President and Chief Executive Officer
(the "CEO"). The CEO has the sole discretion to determine the key employees who
will be granted bonus awards and the amounts, terms and conditions of each bonus
award.

ELIGIBILITY TO RECEIVE AWARDS

Eligibility for the Bonus Plan is determined in the discretion of the CEO,
although any employee whose direct annual compensation exceeds $1.0 million is
ineligible to participate in the Bonus Plan. In selecting participants for the
Bonus Plan, the CEO chooses key employees of the Company and its affiliates who
are likely to have a significant impact on Company performance.

AWARDS AND PERFORMANCE GOALS

Under the Plan, the Board of Directors of the Company establishes funding
criteria for a bonus pool from which individual bonus awards are paid.
Currently, the bonus pool is determined based upon operating income as a
percentage of revenue as well other factors which include maritime and general
industry salary surveys, cash flow, strategic decisions that position the
Company for long-term success and the anticipated performance of the Company for
the coming year. Operating income excludes gains from the sale of vessels and
from discontinued operations. The Board of Directors at its discretion may
approve adjustments, upward or downward, to operating income for the purpose of
establishing bonus pool funding.

The CEO establishes: (1) the performance goals which must be achieved in order
for each participant to actually be paid a bonus award; and (2) as he deems
appropriate, a formula or table for calculating a participant's bonus award,
depending upon how actual performance compares to the preestablished performance
goals. A participant's bonus award will increase or decrease as actual
performance increases or decreases. The CEO also determines the periods for
measuring

<PAGE>

                                      -2-

actual performance (the "performance period"). The CEO may set performance
periods and performance goals, which differ from participant to participant.

DETERMINATION OF ACTUAL AWARDS

After the end of each performance period, a determination will be made by the
CEO as to the extent to which the performance goals applicable to each
participant were achieved or exceeded. The actual bonus award (if any) for each
participant will be determined by applying the formula to the level of actual
performance which was achieved. However, the CEO retains discretion to increase,
eliminate or reduce the actual bonus award which otherwise would be payable
under the applicable formula. Awards under the Bonus Plan generally will be
payable in cash within a reasonable period after the performance period during
which the award was earned.

AMENDMENT AND TERMINATION OF THE BONUS PLAN

The Board of Directors may amend or terminate the Bonus Plan at any time and for
any reason.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}]]