Document:

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                                                                 EXHIBIT 10.4(b)

                              EMPLOYMENT AGREEMENT

         AGREEMENT effective July 1, 2000, by and between RFS Managers, Inc.,
a Tennessee corporation (the "Company"), and Kevin M. Luebbers (the
"Executive").

                              W I T N E S S E T H:

         WHEREAS, the Company provides management services to RFS Hotel
Investors, Inc. (the "Parent") pursuant to a Management Services Agreement dated
December 30, 1994 (the "Management Agreement"); and

         WHEREAS, the Company desires to employ the Executive to serve as the
Executive Vice President, Chief Financial Officer, Secretary and Treasurer of
the Company; and

         WHEREAS, the parties desire to enter into this Employment Agreement
effective as of July 1, 2000 as set forth herein.

         NOW, THEREFORE, in consideration of the premises and mutual obligations
hereinafter set forth the parties agree as follows:

         1. EMPLOYMENT. The Company shall employ the Executive, and the
Executive agrees to be so employed, in the capacity of Executive Vice President,
Chief Financial Officer, Secretary and Treasurer of the Company to serve for the
Term hereof, subject to earlier termination as hereinafter provided.

         2. TERM. The term of the Executive's employment hereunder shall
commence on July 1, 2000 and shall continue until December 31, 2002 and shall be
extended automatically, for so long as the Executive remains employed by the
Company hereunder, each January 1 beginning January 1, 2001 for an additional
twelve-month period (such period, as it may be extended from time to time, being
herein referred to as the "Term"), unless terminated earlier in accordance with
the terms of this Agreement, to the effect that on each January 1, the remaining
term of this Agreement and the Executive's employment hereunder shall be three
years.

         3. SERVICES. The Executive shall devote such amount of his time and
attention to the Company's affairs as are necessary to perform his duties to the
Company and to allow the Company to perform its duties specified in the
Management Agreement. Pursuant to the Management Agreement, the Executive shall
have authority and responsibility with respect to the day to day operations and
management of the Parent and RFS Partnership, L.P. (the "Partnership"), for
which the Parent currently serves as sole general partner, as well as
implementation of the long range growth strategy of the Parent and the
Partnership, consistent with direction from the Parent's Board of Directors (the
"Board").

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         4. COMPENSATION. (a) During the Term, the Company shall pay the
Executive for his services an initial annual base salary of $190,000 (the "Base
Salary"), to be paid in semi-monthly payments of $7,916.67, such Base Salary to
increase to $210,000 effective January 1, 2001 and to be subject to any further
increases approved by the Compensation Committee of the Board (the "Compensation
Committee").

            (b) In addition to the Base Salary described in Section 4(a) above,
the Executive shall be entitled to a cash bonus ("Base Salary Bonus") payable on
the date of commencement of employment in the amount of $50,000. Such cash bonus
shall be credited toward any discretionary cash bonus for 2000 which may be
authorized by the Compensation Committee.

            (c) Effective July 1, 2000, the Executive shall be granted an
aggregate of 12,000 shares of common stock of the Parent pursuant to a
Restricted Stock Agreement in the form of Exhibit A hereto and shall be granted
options to purchase an aggregate of 50,000 shares of common stock of the Company
at a price equal to the fair market value of the common stock on May 15, 2000,
pursuant to a Stock Option Agreement in the form of Exhibit B hereto.

            (d) In addition to the Base Salary Bonus, the Executive may be
entitled to receive other incentive compensation, including but not limited to,
additional grants of stock options or shares of stock of the Parent, which
awards shall be made (if at all) in consideration of and as an incentive for
services performed solely for the Company, in accordance with rules and criteria
established by the Compensation Committee. Such criteria may include, but not be
limited to, the growth in the Parent's net income per share, funds from
operations per share or other performance goals.

         5. BENEFITS. The Company agrees to provide the Executive with the
following benefits:

            (a) Vacation. The Executive shall be entitled each calendar year to
a vacation, during which time his compensation shall be paid in full. The time
allotted for such vacation shall be three (3) weeks.

            (b) Employee Benefits. This Agreement shall not be in lieu of any
rights, benefits and privileges to which the Executive may be entitled as a
management level employee of the Company, including but not limited to any
retirement, pension, profit-sharing, insurance, hospital or other plans which
may now be in effect or which may hereafter be adopted. The Executive shall have
the same rights and privileges to participate in such plans and benefits as any
other management level employee during the Term.

         6. EXPENSES. The Company recognizes that the Executive will have to
incur certain out-of-pocket expenses, including but not limited to travel
expenses, related to his services and the Company's and the Parent's business
and the Company agrees to reimburse the Executive for all reasonable expenses
necessarily incurred by him in the performance of his duties upon presentation

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of a voucher or documentation indicating the amount and business purposes of any
such expenses.

         7. TERMINATION IN CASE OF DEATH OR DISABILITY. In the event of the
Executive's death or a complete physical or mental inability, confirmed by a
licensed physician, to perform the services described in Section 3 above that
continues for a period of one hundred twenty (120) consecutive days) ("Permanent
Disability"), the Company may elect to terminate this Agreement, subject to
continuation of the payments described in Section 10.

         8. DEFINITIONS. For purposes of this Agreement, the following terms
shall have the following definitions:

            (a) "Voluntary Termination" means, subject to the provisions of
Section 11 hereof, the Executive's voluntary termination of his employment
hereunder, which may be effected by the Executive giving the Board not less than
90 days' prior written notice of the Executive's desire to terminate his
employment or the Executive's failure to provide substantially all the services
described in Section 3 hereof for a period greater than four consecutive weeks
by reason of the Executive's voluntary refusal to perform such services.
Notwithstanding the foregoing, if the Executive gives notice of Voluntary
Termination and, prior to the expiration of the 90-day notice period, the
Executive voluntarily refuses or fails to provide substantially all the services
described in Section 3 hereof for a period greater than two consecutive weeks,
the Voluntary Termination shall be deemed to be effective as of the date on
which the Executive so ceases to carry out his duties. For purposes of this
Section 8, voluntary refusal to perform services shall not include taking
vacation otherwise permitted in accordance with Section 5(a) hereof, the
Executive's failure to perform services on account of his illness or the illness
of a member of his immediate family, provided such illness is adequately
substantiated at the reasonable request of the Company, or any other absence
from service with the written consent of the Board.

            (b) "Termination Without Cause" means the termination of the
Executive's employment by the Company for any reason other than Voluntary
Termination or Termination With Cause.

            (c) "Termination With Cause" means the termination of the
Executive's employment by act of the Board for any of the following reasons:

                (i) the Executive's conviction for a felony;

                (ii) the Executive's theft, embezzlement, misappropriation of or
                intentional and malicious infliction of damage to the Company's
                or the Parent's property or business opportunity;

                (iii) the Executive's intentional and material breach of the
                noncompetition covenant in Section 11 hereof;

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                (iv) the Executive's continuous neglect of his duties hereunder
                or his continuous failure or refusal to follow any reasonable,
                unambiguous duly adopted written direction of the Board or any
                duly constituted committee thereof that is not inconsistent with
                the description of the Executive's duties set forth in Section 3
                above; and

                (v) the Executive's abuse of alcohol, drugs or other
                substances, or his engaging in other deviant personal activities
                in a manner that, in the reasonable judgment of the Board,
                adversely affects the reputation, goodwill or business position
                of the Company.

            (d) "Involuntary Termination" means conduct on the part of the
Company that constitutes continuous and material interference by the Company
with the Executive's performance of his duties as set forth in Section 3 hereof
or the intentional or material breach by the Company of this Agreement.

         9. VOLUNTARY TERMINATION; TERMINATION WITH CAUSE. If (i) the Executive
shall cease being an employee of the Company on account of a Voluntary
Termination or (ii) there shall be a Termination With Cause, the Executive shall
not be entitled to any compensation after the effective date of such Voluntary
Termination or Termination With Cause (except Base Salary and vacation accrued
but unpaid on the effective date of such event). In the event of a Voluntary
Termination or Termination With Cause, the Executive shall continue to be
subject to the noncompetition covenant contained in Section 11 hereof for the
remainder of the Term.

         10. DEATH OR DISABILITY; TERMINATION WITHOUT CAUSE; OR INVOLUNTARY
TERMINATION. Following (i) the death of the Executive, (ii) Permanent Disability
of the Executive, (iii) an Involuntary Termination, or (iv) a Termination
Without Cause, the Company shall continue to pay the Executive or his heirs,
devisees, executors, legatees or personal representatives, as appropriate, the
semi-monthly payments of the Base Salary then in effect for three years from the
date of the termination of the Executive's employment.

         11. CHANGE OF CONTROL COMPENSATION.

             (a) Compensation. In the event of the termination of the
Executive's employment or the Executive's resignation for Good Reason (as
defined below) on or after a Change of Control (as defined below), the Company
shall, on the date of such termination or resignation, pay the Executive, in
addition to any Base Salary earned but not paid through the date of termination
or resignation, a cash amount (the "Termination Payment") equal to three (3)
times average annual base salary and cash bonus paid to or earned by the
Executive, under this Agreement or otherwise, for the fiscal year in which the
Change of Control occurs and the two preceding fiscal years or, if the Executive
has been employed by the Company for less than this period of time, then the
Termination Payment shall be based on the average annual base salary and cash
bonus paid or earned during the term of the Executive's employment (including
the fiscal year

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in which the Change of Control occurs). For purposes of calculating sums
hereunder: (i) if the salary and cash bonus are paid or earned for any period of
employment of less than twelve months (including the fiscal year in which the
Change of Control occurs) such sums shall be annualized and in the case of a
cash bonus, it shall be assumed that the bonus shall be the same as the
preceding year, and (ii) no fiscal year for which no base salary or cash bonus
is earned or paid shall be considered. Notwithstanding the first sentence of
this Section 11(a), the Termination Payment shall be calculated and paid
immediately prior to the closing of the transactions constituting a Change of
Control if (i) the Executive receives notice prior to the Change of Control that
his employment will be terminated on or after the Change of Control, or (ii)
regardless of whether the Executive is terminated or receives notice that his
employment will be terminated on or after the Change of Control, the Parent or
any of its affiliates enter into an agreement to effect a transaction
substantially similar to that described in Section 11(b)(v) below. In addition,
the Company or the Parent shall cause the Executive's insurance benefits, as in
effect immediately prior to the Change of Control, to remain in effect for at
least one year following the date of termination of Executive's employment by
the Company or the Executive's resignation for Good Reason.

             (b) A "Change of Control", for purposes of this Agreement, shall be
deemed to have occurred if, at any time during the Term, any of the following
events occurs:

                    (i) any "person", as that term is used in Section 13(d) and
               Section 14(d)(2) of the Securities Exchange Act of 1934, as
               amended (the "Exchange Act"), becomes, is discovered to be, or
               files a report on Schedule 13D or 14D-1 (or any successor
               schedule, form or report) disclosing that such person is, a
               beneficial owner (as defined in Rule 13d-3 under the Exchange Act
               or any successor rule or regulation), directly or indirectly, of
               securities of the Parent representing 50% or more of the combined
               voting power of the Parent's then outstanding securities entitled
               to vote generally in the election of directors;

                    (ii) individuals who, as of the Effective Date, constitute
               the Board of Directors of the Parent cease for any reason to
               constitute at least a majority of the Board of Directors of the
               Parent, unless any such change is approved by the vote of at
               least 80% of the members of the Board of Directors of the Parent
               in office immediately prior to such cessation;

                    (iii) the Parent is merged, consolidated or reorganized into
               or with another corporation or other legal person, or securities
               of the Parent are exchanged for securities of another corporation
               or other legal person, and immediately after such merger,
               consolidation, reorganization or exchange less than a majority of
               the combined voting power of the then-outstanding securities of
               such corporation or person immediately after such transaction are
               held, directly or indirectly, in the aggregate by the holders of
               securities entitled to vote generally in the election of
               directors of the Parent immediately prior to such transaction;

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                    (iv) the Parent in any transaction or series of related
               transactions, sells all or substantially all of its assets to any
               other corporation or other legal person and less than a majority
               of the combined voting power of the then-outstanding securities
               of such corporation or person immediately after such sale or
               sales are held, directly or indirectly, in the aggregate by the
               holders of securities entitled to vote generally in the election
               of directors of the Parent immediately prior to such sale;

                    (v) the Parent and its affiliates shall sell or transfer of
               (in a single transaction or series of related transactions) to a
               non-affiliate business operations or assets that generated at
               least two-thirds of the consolidated revenues (determined on the
               basis of the Parent's four most recently completed fiscal
               quarters for which reports have been filed under the Exchange
               Act) of the Parent and its subsidiaries immediately prior
               thereto;

                    (vi) the Parent files a report or proxy statement with the
               Securities and Exchange Commission pursuant to the Exchange Act
               disclosing in response to Form 8-K (or any successor, form or
               report or item therein) that a change in control of the Parent
               has occurred; or

                    (vii) any other transaction or series of related
               transactions occur that have substantially the effect of the
               transactions specified in any of the preceding clauses in this
               sentence.

             (c) Certain Transactions. Notwithstanding the provisions of
Section 11(b)(i) or 11(b)(vi) hereof, unless otherwise determined in a specific
case by majority vote of the Board of Directors of the Parent, a Change in
Control shall not be deemed to have occurred for purposes of this Agreement
solely because (i) the Parent, (ii) an entity in which the Parent directly or
indirectly beneficially owns 50% or more of the voting securities or (iii) any
Parent-sponsored employee stock ownership plan, or any other employee benefit
plan of the Parent, either files or becomes obligated to file a report or a
proxy statement under or in response to Schedule 13D, Schedule 14D-1, Form 8-K
or Schedule 14A (or any successor schedule, form or report or item thereon)
under the Exchange Act, disclosing beneficial ownership by it of shares of stock
of the Parent, or because the Parent reports that a Change in Control of the
Parent has or any have occurred or will or may occur in the future by reason of
such beneficial ownership.

             (d) Good Reason. "Good Reason," for purposes of this Agreement,
shall be deemed to mean any of the following:

                    (i) a change in the Executive's status, position or
               responsibilities (including reporting responsibilities) which, in
               the Executive's reasonable judgment, does not represent a
               promotion from the Executive's status, position or
               responsibilities as in effect immediately prior to a Change in
               Control; the assignment to the Executive of any duties or
               responsibilities which, in the

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               Executive's reasonable judgment, are inconsistent with such
               status, position or responsibilities; or any removal of the
               Executive from or failure to reappoint or reelect the Executive
               to any of such positions, except in connection with a Termination
               with Cause as defined in Section 8(c), as a result of the
               Executive's death or Permanent Disability, or by Voluntary
               Termination;

                    (ii) a reduction in the Executive's Base Salary and Base
               Salary Bonus as in effect on the date hereof or as the same may
               be increased from time to time;

                    (iii) the relocation of the Company's or the Parent's
               principal executive offices to a location outside a thirty-mile
               radius of Memphis, Tennessee or the Company's or the Parent's
               requiring the Executive to be based at any place other than a
               location within a thirty-mile radius of Memphis, Tennessee,
               except for reasonably required travel on the Company's or the
               Parent's business which is not materially greater than such
               travel requirements prior to the Change in Control;

                    (iv) the failure by the Company or the Parent to continue to
               provide the Executive with compensation and benefits provided for
               under this agreement or benefits substantially similar to those
               provided to the Executive under any of the employee benefit plans
               in which the Executive is or becomes a participant, or the taking
               of any action by the Company or the Parent which would directly
               or indirectly materially reduce any of such benefits or deprive
               the Executive of any material fringe benefit enjoyed by the
               Executive at the time of the Change in Control;

                    (v) any material breach by the Company of any provision of
               this Agreement; and

                    (vi) the failure of the Company to obtain a satisfactory
               agreement from any successor or assign of the Company to assume
               and agree to perform this Agreement.

             (e) Tax Matters. If the excise tax on "excess parachute payments,"
as defined in section 280G of the Internal Revenue Code of 1986, as amended (the
"Code"), will be imposed on the Executive under Code section 4999 as a result of
the Executive's receipt of the Termination Payment or any other payment, benefit
or compensation (without regard to the "Additional Amount" described below)
which the Executive receives or has the right to receive from the Company or the
Parent or any of their affiliates (the "Change of Control Benefits"), the
Company shall indemnify the Executive and hold him harmless against all claims,
losses, damages, penalties, expenses, and excise taxes. To effect this
indemnification, the Company shall pay to the Executive the "Additional Amount"
described in this Section 11(e). The Additional Amount shall be the amount that
is sufficient to indemnify and hold the Executive harmless from the application
or Code sections 280G and 4999, including the amount of (i) the excise tax that
will be imposed on the Executive under section 4999 of the Code with respect to
the Change of Control Benefits; (ii)

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the additional (A) excise tax under section 4999 of the Code, (B) hospital
insurance tax under section 3111(b) of the Code and (C) federal, state and local
income taxes for which the Executive is or will be liable on account of the
payment of the amount described in item (i); and (iii) the further excise,
hospital insurance and income taxes for which the Executive is or will be liable
on account of the payment of the amount described in item (ii) and this item
(iii) and any other indemnification payment under this Section 11(e). The
Additional Amount shall be calculated and paid to the Executive at the time that
the Termination Payment is paid to the Executive. In calculating the Additional
Amount, the highest marginal rates of federal and applicable state and local
income taxes applicable to individuals and in effect for the year in which the
Change of Control occurs shall be used. Nothing in this paragraph shall give the
Executive the right to receive indemnification from the Company or the Parent
for federal, state or local income taxes or hospital insurance taxes payable
solely as a result of the Executive's receipt of (a) the Termination Payment, or
(b) any additional payment, benefit or compensation other than additional
compensation in the form of the excise tax payment specified in item (i), above.
As specified in items (ii) and (iii), above, all income, hospital insurance and
additional excise taxes resulting from additional compensation in the form of
the excise tax payment specified in item (i), above, shall be paid to the
Executive.

         The provisions of this Section 11(e) are illustrated by the following
example:

                  Assume that the Termination Payment and all other Change of
Control Benefits result in a total federal, state and local income tax and
hospital insurance tax liability of $180,000; and an excise tax liability under
Code section 4999 of $70,000. Under such circumstances, the Executive is solely
responsible for the $180,000 income and hospital insurance tax liability; and
the Company or the Parent must pay to the Executive $70,000, plus an amount
necessary to indemnify the Executive for all federal, state and local income
taxes, hospital insurance taxes, and excise taxes that will result from the
$70,000 payment to the Executive and from all further indemnification to the
Executive of taxes attributable to the initial $70,000 payment.

         12. NONCOMPETITION. During the Term and for a period of two (2) years
thereafter, the Executive shall not, other than through the Parent or affiliates
of the Parent, own more than a 10% interest in any hotel property (other than
hotels owned by the Parent and the Partnership), as partner, shareholder or
otherwise, or directly or indirectly, for his own account or for the account of
others, either as an officer, director, shareholder, owner, partner, promoter,
employee, consultant, advisor, agent, manager, or in any other capacity engage
in the acquisition, development, operation or management of any hotel property
located within 20 miles of any hotel property owned by the Parent or the
Partnership at the time of termination of employment. The foregoing sentence
shall not restrict the Executive from owning up to 10% of the outstanding
securities of any entity, including any entity whose securities are traded in
public securities markets.

         The Executive agrees that damages at law for violation of the
restrictive covenant contained herein would not be an adequate or proper remedy
to the Company, and that should the Executive violate or threaten to violate any
of the provisions of such covenant, the Company, its successors or

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assigns, shall be entitled to obtain a temporary or permanent injunction against
the Executive in any court having jurisdiction over the person and the subject
matter, prohibiting any further violation of any such covenants. The injunctive
relief provided herein shall be in addition to any award of damages,
compensatory, exemplary or otherwise, payable by reason of such violation.

         Furthermore, the Executive acknowledges that this Agreement has been
negotiated at arms' length by the parties, neither being under any compulsion to
enter into this Agreement, and that the foregoing restrictive covenant does not
in any respect inhibit his ability to earn a livelihood in his chosen profession
without violating the restrictive covenant contained herein. The Company by
these presents has attempted to limit the Executive's right to compete only to
the extent necessary to protect the Company from unfair competition. The Company
recognizes, however, that reasonable people may differ in making such a
determination. Consequently, the Company agrees that if the scope or
enforceability of the restricted covenant contained herein is in any way
disputed at any time, a court or other trier of fact may modify and enforce the
covenant to the extent that it believes to be reasonable under the circumstances
existing at the time.

         13. RELOCATION EXPENSES. The Company shall pay, or shall reimburse the
Executive for, the Executive's direct out-of-pocket costs of relocating from Los
Angeles, California to Memphis, Tennessee, including, but not limited to, moving
and storage expenses and reimbursement for the real estate commission on the
Executive's current home in Los Angeles, California, escrow fees, transfer fees
or taxes and customary fees and expenses related to the purchase of a new home
in Memphis, Tennessee and reasonable costs incurred for temporary housing in
Memphis, Tennessee. It is the intent of the parties that the Company shall pay
or reimburse Executive's relocation expenses in a manner consistent with those
paid to or on behalf of Randall L. Churchey, the Company's President and Chief
Operating Officer.

         14. NOTICES. All notices or deliveries authorized or required pursuant
to this Agreement shall be deemed to have been given when in writing and
personally delivered or when deposited in the U.S. mail, certified, return
receipt requested, postage prepaid, addressed to the parties at the following
addresses or to such other addresses as either may designate in writing to the
other party:

             To the Company:           RFS Managers, Inc.
                                       850 Ridge Lake Boulevard
                                       Suite 220
                                       Memphis, TN 38120

             To the Executive:         Kevin M. Luebbers
                                       850 Ridge Lake Boulevard
                                       Suite 220
                                       Memphis, TN 38120

         15. ENTIRE AGREEMENT. This Agreement contains the entire understanding
between the parties hereto with respect to the subject matter hereof and shall
not be modified in any manner

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except by instrument in writing signed, by or on behalf of, the parties hereto;
provided, however, that any amendment or termination of the covenant of
noncompetition in Section 12 must be approved by a majority of the Directors of
the Parent other than the Executive, if the Executive is then a director of the
Parent. This Agreement shall be binding upon and inure to the benefit of the
heirs, successors and assigns of the parties hereto.

         16. ARBITRATION. Any claim or controversy  arising out of, or relating
to, this Agreement or its breach, shall be settled by arbitration in accordance
with the governing rules of the American Arbitration Association. Judgment upon
the award rendered may be entered in any court of competent jurisdiction.

         17. APPLICABLE LAW. This Agreement shall be governed and construed in
accordance with the laws of the State of Tennessee.

         18. ASSIGNMENT. The Executive acknowledges that his services are unique
and personal. Accordingly, the Executive may not assign his rights or delegate
his duties or obligations under this Agreement, except with respect to certain
rights to receive payments as described in Section 10. The Company's rights and
obligations under this Agreement shall inure to the benefit of and shall be
binding upon the Company's successors and assigns.

         19. HEADINGS. Headings in this Agreement are for convenience only and
shall not be used to interpret or construe its provisions.

         20. AMENDED AGREEMENT. This Agreement amends and restates the Amended
Agreement in its entirety as of the effective date of this Agreement.

         IN WITNESS WHEREOF, the parties have executed this Agreement effective
as of the date first above written.

                                       RFS MANAGERS, INC.

                                       By:
                                          -----------------------------
                                       Name:
                                            ---------------------------
                                       Title:
                                             --------------------------

                                       EXECUTIVE:

                                       -------------------------------
                                       Kevin M. Luebbers

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                                                                   EXHIBIT 10.16

                 FIRST AMENDMENT TO FOURTH AMENDED AND RESTATED
                           REVOLVING CREDIT AGREEMENT

         This FIRST AMENDMENT TO FOURTH AMENDED AND RESTATED REVOLVING CREDIT
AGREEMENT (this "First Amendment") made and entered into as of the ____ day of
March, 2000, by and among BANK OF AMERICA, N.A., a national banking association
(hereinafter referred to individually as "Bank of America" or as the "Agent"),
the several banks, financial institutions and other entities identified as the
Lenders in the Fourth Restated Loan Agreement (collectively, the "Lenders"),
UNION PLANTERS BANK, N.A., a national banking association ("UPB"), RFS HOTEL
INVESTORS, INC., a Tennessee corporation ("Investors"), and RFS PARTNERSHIP,
L.P., a Tennessee limited partnership (the "Borrower").

                                    RECITALS:

         A. The Borrower is primarily engaged in the business of purchasing,
developing, owning, operating, leasing, managing, financing and selling hotel
properties.

         B. Investors is the sole general partner of the Borrower and Investors
is qualified as a real estate investment trust with its common stock listed on
the New York Stock Exchange.

         C. Boatmen's Bank of Tennessee ("BBOT") has heretofore made loans
available to Investors formerly as borrower, in the maximum aggregate principal
amount of $75,000,000 (hereinafter as modified and/or increased called the
"Facility"), as set forth in that certain First Amended Revolving Credit and
Term Loan Agreement dated as of February 20, 1996, as modified by that certain
First Modification of First Amended Revolving Credit and Term Loan Agreement and
of Related Documents dated as of May 19, 1996 (collectively the "BBOT Loan
Agreement").

         D. BBOT has heretofore transferred undivided participation interests in
the Facility (the "Participations") to SouthTrust Bank of Georgia, N.A., First
Tennessee Bank National Association, and First National Bank of Commerce, New
Orleans (collectively the "Participating Lenders"), pursuant to the terms of
that certain First Amended Participation Agreement dated as of May 29, 1996 (the
"Participation Agreement").

         E. By Amended and Restated Revolving Credit and Term Loan Agreement
dated as of July 30, 1997 (the "Restated Loan Agreement"), the Borrower became
the borrower and assumed the obligations of Investors, formerly as the borrower,
relating to the Facility set forth in the BBOT Loan Agreement, the
Participations were converted into a single direct multiple-lender line of
credit, and the Facility was increased to the maximum aggregate principal amount
of $175,000,000.

         F. In connection with the Restated Loan Agreement, BBOT assigned all of
its right, title and interest in and to the Facility, the BBOT Loan Agreement,
the Participation Agreement and the other Loan Documents (as herein defined) to
NationsBank, N.A. ("NationsBank") which then, together with the Participating
Lenders, terminated the Participation Agreement and assigned to the

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Participating Lenders an undivided interest in and to the Facility. NationsBank
also placed of record in each jurisdiction where a Mortgage was already of
record an assignment, modification and assumption agreement, assigning its
rights therein to the Agent as agent for the Lenders, modifying such Mortgage to
reflect the increase in the Facility and extension of the Facility Termination
Date, and reflecting the assumption of the Obligations by the Borrower, and
including certain other matters.

         G. Contemporaneously with the termination of the Participation
Agreement, NationsBank and the Participating Lenders assigned to the remaining
Lenders such portions of the Commitment existing under the BBOT Loan Agreement
as were necessary to properly distribute to all Lenders their proper pro rata
shares of the Commitment existing under the BBOT Loan Agreement, followed
contemporaneously by an increase in the Facility and Commitment as set forth in
the Restated Loan Agreement and the appointment of NationsBank as the Agent for
the Lenders pursuant to the terms thereof. NationsBanc Capital Markets, Inc.
("NCMI"), subsequently known as NationsBanc Montgomery Securities LLC ("NMS")
and now known as Banc of America Securities LLC, ("BAS"), arranged the increase
in the Facility requested by the Borrower and Investors from $75,000,000 to
$175,000,000, and NCMI and NationsBank coordinated the closing of such increase.

         H. By Second Amended and Restated Revolving Credit and Term Loan
Agreement, dated as of October 1, 1997, made and entered into by and among the
Borrower, Investors, the Lenders party thereto and the Agent (the "Second
Restated Loan Agreement"), the parties modified the Restated Loan Agreement to
adjust the interest rate options therein, to add certain additional financial
covenants and delete or modify certain existing financial covenants, and to
include certain other modifications.

         I. By First Amendment to Second Amended and Restated Revolving Credit
and Term Loan Agreement dated as of June 4, 1998, made and entered into by and
among the Borrower, Investors, the Lenders party thereto and the Agent (the
"First Amendment to Second Restated Loan Agreement"), the parties modified the
Second Restated Loan Agreement to increase the Facility to the maximum aggregate
principal amount of $190,000,000, to modify certain existing financial
covenants, and to include certain other modifications, all to be effective from
the date thereof through and including December 31, 1998.

         J. By Second Amendment to Second Amended and Restated Revolving Credit
and Term Loan Agreement dated as of June 30, 1998, made and entered into by and
among the Borrower, Investors, the Lenders party thereto and the Agent (the
"Second Amendment to Second Restated Loan Agreement"; the Second Restated Loan
Agreement, as modified by the First Amendment to Second Restated Loan Agreement
and the Second Amendment to Second Restated Loan Agreement, being hereinafter
referred to as the "Amended Second Restated Loan Agreement"), the parties
modified and added certain definitions.

         K. By letter dated November 6, 1998 (the "Waiver Letter"), the Agent,
on behalf of the Required Lenders, waived any defaults arising due to breaches
of Section 7.18(d) of the Amended Second Restated Loan Agreement through
December 31, 1998.

                                       2
<PAGE>   3

         L. By Third Amended and Restated Revolving Credit Agreement dated as of
December 22, 1998, made and entered into by and among the Borrower, Investors,
the Lenders party thereto and the Agent (the " Third Restated Loan Agreement"),
the parties modified the Amended Second Restated Loan Agreement to decrease the
Facility to the maximum aggregate principal amount of $100,000,000 in exchange
for the release of certain Collateral Pool Property (as defined therein), to
modify certain existing financial covenants, and to include certain other
modifications.

         M. By First Amendment to Third Amended and Restated Revolving Credit
Agreement dated as of June 30, 1998, made and entered into by and among the
Borrower, Investors, the Lenders party thereto and the Agent (the "First
Amendment to Third Restated Loan Agreement"; the Third Restated Loan Agreement,
as modified by the First Amendment to Third Restated Loan Agreement, being
hereinafter referred to as the "Amended Third Restated Loan Agreement"), the
parties modified certain provisions.

         N. By Fourth Amended and Restated Revolving Credit Agreement dated as
of January 7, 2000, made and entered into by and among the Borrower, Investors,
the Lenders party thereto and the Agent (the "Fourth Restated Loan Agreement"),
the parties amended and restated the Amended Third Restated Loan Agreement to
increase the Facility to the aggregate principal amount of $130,000,000.00, to
permit the possible future increase in the Facility to $140,000,000 and to
modify certain existing financial covenants.

         O. In connection with the execution of the Fourth Restated Loan
Agreement, the Agent also placed a record in each jurisdiction where a Mortgage
was already of record a Modification and Extension Agreement modifying such
Mortgage to (i) reflect the changes in the Facility and extension of the
Facility Termination Date and (ii) to include certain other matters.

         P. The Borrower has proposed to increase the Aggregate Commitment by
$10,000,000.00 as contemplated by the terms of the Fourth Restated Loan
Agreement, the funding of which will be supplied by UPB such that UPB shall
become an Additional Lender under the Fourth Restated Loan Agreement (as
modified by the terms hereof) and, in connection with such increase in the
Aggregate Commitment, the Borrower has agreed to cause one of its Affiliates to
execute a negative pledge agreement in favor of the Agent with respect to
certain property more particularly described herein.

         NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto do hereby agree
as follows:

         1. INCREASE IN AGGREGATE COMMITMENT. Contemporaneously with its
execution hereof and as a result thereof, UPB shall become a party to the Fourth
Restated Loan Agreement (as modified by the terms hereof) as an Additional
Lender and, in connection therewith, UPB's Commitment shall be $10,000,000.00.

         2. PERCENTAGE AND COMMITMENT FOR EACH EXISTING LENDER AND ADDITIONAL
LENDER. In connection with the commitment by UPB described herein, the
Percentage and Commitment for each Existing Lender has been modified.
Accordingly, attached hereto as Exhibit "J" is the instrument which correctly

                                       3
<PAGE>   4

sets forth the Percentage and Commitment for each Existing Lender, as well as
the Additional Lender, which Exhibit "J" shall be substituted for and shall
replace for all purposes the existing Exhibit "J" to the Fourth Restated Loan
Agreement.

         3. ADDITIONAL LENDER. In connection with the commitment of UPB
described herein, UPB shall be considered an "Additional Lender" for all
purposes under the Fourth Restated Loan Agreement, as modified by the terms
hereof.

         4. ADDITION OF PROPERTY TO NEGATIVE COLLATERAL POOL. In connection with
the increase in the Facility, Ridge Lake General Partner, Inc. ("Ridge Lake"), a
wholly owned subsidiary of Investors, shall execute and deliver to the Agent a
Negative Pledge Agreement (in the form attached hereto as EXHIBIT "B" and made a
part hereof for all purposes) with respect to the improved real property owned
by Ridge Lake and known locally as the "Hotel Rex", which property is more
particularly described on EXHIBIT "A" attached hereto and made a part hereof for
all purposes (the "Additional Property"). Upon the execution of the Negative
Pledge Agreement with respect to the Additional Property, the Additional
Property shall be deemed to be a part of the Negative Collateral Pool under the
Credit Agreement (as modified by the terms hereof).

         5. MODIFICATION OF EXHIBIT "H". In connection with the addition of the
Additional Property to the Negative Collateral Pool, the parties hereto hereby
acknowledge and agree that EXHIBIT "H" attached hereto and made a part hereof
for all purposes shall be substituted for and shall replace for all purposes the
existing Exhibit "H" attached to the Fourth Restated Loan Agreement.

         6. ENVIRONMENTAL INDEMNITY. In connection with the execution of the
Negative Pledge Agreement by Ridge Lake, Ridge Lake shall simultaneously with
the execution of this First Amendment execute and deliver to the Agent that
certain Environmental Indemnity Agreement with respect to the Additional
Property, a copy of which Environmental Indemnity Agreement is attached hereto
as EXHIBIT "C" and made a part hereof for all purposes.

         7. GUARANTY BY RIDGE LAKE. Simultaneously with the execution of this
First Amendment, Ridge Lake shall execute and deliver to the Agent that certain
Guaranty Agreement (in the form attached hereto as EXHIBIT "D" and made a part
hereof for all purposes) pursuant to the terms of which Ridge Lake shall
guaranty all of the obligations of the Borrower under the Credit Agreement (as
modified by the terms hereof). In this regard, Ridge Lake hereby acknowledges,
represents and warrants that it has derived, or expects to derive, substantial
benefit from the extension of credit by the Agent, the Lenders and the
Additional Lender pursuant to the terms of the Fourth Restated Loan Agreement.

         8. REPRESENTATIONS AND WARRANTIES OF RIDGE LAKE. Ridge Lake, in its
capacity as a guarantor and pledgor under the Negative Pledge Agreement with
respect to the Additional Property, hereby makes to the Agent, the Additional
Lender and the Lenders all of the representations and warranties set forth in
Article VI of the Fourth Restated Loan Agreement (as modified by the terms
hereof) including, without limitation, all of the representations and warranties
set forth in Section 6.24 of the Fourth Restated Loan Agreement (as modified by

                                       4
<PAGE>   5

the terms hereof) with respect to the Additional Property and further represents
and warrants to all such parties that all such representations and warranties
are true, correct and complete as of the date hereof and that all of such
representations and warranties will continue to be true, correct and complete at
all times prior to the Facility Termination Date.

         9. CLARIFICATION OF OWNERSHIP OF ADDITIONAL PROPERTY. Since Ridge Lake
(rather than the Borrower) is the record owner of the Additional Property, all
of the references, statements and certifications in the Fourth Restated Loan
Agreement (as modified by the terms hereof) to the effect that the Borrower is
the owner of all of the Collateral Pool Properties shall be amended and modified
to reflect the fact that Ridge Lake is the owner of the Additional Property and
such fact, in and of itself, shall not cause the Borrower or Investors to be in
violation of, or in default under, the Fourth Restated Loan Agreement (as
modified by the terms hereof).

         10. MODIFICATION OF DEFINITIONS.

                  A. GUARANTOR. The term "Guarantor" as defined in the Fourth
                  Restated Loan Agreement shall be amended and modified to mean
                  and refer to Investors and Ridge Lake (both individually and
                  collectively).

                  B. LENDERS. The term "Lenders" as defined in the Fourth
                  Restated Loan Agreement shall be amended and modified to mean
                  and refer to all of the Lenders named in the Credit Agreement
                  and, in addition, UPB.

                  C. OPINION OF COUNSEL. Contemporaneously with the execution of
                  this First Amendment, the Borrower shall cause to be delivered
                  to the Lenders, the Additional Lender and the Agent an opinion
                  of counsel to the Borrower, Investors, and Ridge Lake
                  containing form and substance satisfactory in all respects to
                  the Agent, the Lenders and the Additional Lender including,
                  without limitation, opinions that this First Amendment is a
                  valid and binding obligation of each of such parties
                  enforceable in accordance with its terms and that the
                  transactions contemplated by the First Amendment, including,
                  without limitation, the execution, delivery and performance of
                  the Guaranty Agreement and the Negative Pledge Agreement, are
                  not usurious.

         11. APPLICABLE LAW. THIS FIRST AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TENNESSEE AND THE LAWS OF
THE UNITED STATES APPLICABLE TO TRANSACTIONS WITHIN TENNESSEE.

         12. BINDING AGREEMENT. This First Amendment shall be binding upon the
parties hereto and their respective heirs, personal representatives, successors
and permitted assigns (if any); provided, however, that the foregoing shall not
be deemed or construed to confer any right, title, benefit, cause of action or
remedy upon any person or entity not a party hereto, which such party would not
or did not otherwise possess.

         13. SEVERABILITY. This First Amendment is intended to be performed in
accordance with, and only to the extent permitted by, all applicable laws and
court decisions. If any provision of this First Amendment or the application

                                       5
<PAGE>   6

thereof to any person or circumstance shall, for any reason or to any extent, be
invalid or unenforceable, neither the remainder of this First Amendment nor the
application of such provision to other persons or circumstances or other
instruments referred to in this First Amendment shall be affected thereby, but
rather the same shall be enforced to the greatest extent permitted by law.

         14. MODIFICATION. Neither this First Amendment nor any provision of
this First Amendment may be waived, modified or amended except by an instrument
in writing signed by the party against which the enforcement of such waiver,
modification or amendment is sought, and then only to the extent set forth in
such instrument.

         15. CONSTRUCTION. The terms, provisions and conditions of this First
Amendment represent the results of negotiations between the parties hereto, each
of whom has either represented itself or has been represented by counsel of its
own choosing, and none of whom has acted under duress or compulsion, whether
legal, economic or otherwise. Accordingly, the terms, provisions and conditions
of this First Amendment shall be interpreted and construed in accordance with
their usual and customary meanings, and each of the parties hereto expressly,
knowingly and voluntarily, waives the application, in connection with the
interpretation and construction of this First Amendment, of any rule of law or
procedure to the effect that ambiguous or conflicting terms, conditions or
provisions shall be interpreted or construed against the party whose attorney
prepared the executed version or any prior drafts of this First Amendment.

         16. ENTIRE AGREEMENT. This First Amendment embodies and constitutes the
entire understanding between the parties hereto with respect to the transactions
contemplated in this First Amendment, and all prior or contemporaneous
agreements, understandings, representations and statements, oral or written, are
merged into this First Amendment.

         17. HEADINGS. Descriptive headings are used in this First Amendment for
convenience only and shall not control, limit, amplify or otherwise modify or
affect the terms and provisions of this First Amendment or the meaning or
construction of the terms and provisions of this First Amendment.

         18. TIME OF ESSENCE. Time is of the essence of this First Amendment and
of each covenant and agreement that is to be performed at a particular time or
within a particular period of time. However, if the date or the final date of
any period which is set out in any provision of this First Amendment falls on a
Saturday, Sunday or legal holiday under the laws of the United States or the
States of Texas or Tennessee, in such event, the date or the time of such period
shall be extended to the next date which is not a Saturday, Sunday or legal
holiday.

         19. MULTIPLE COUNTERPARTS. This First Amendment may be executed in a
number of identical counterparts, each of which for all purposes is deemed an
original, and all of which constitute collectively one First Amendment, but in
making proof of this First Amendment, it shall not be necessary to produce or
account for more than one such counterpart.

                                       6
<PAGE>   7

         20. DEFINED TERMS. Unless otherwise specifically defined herein, the
defined terms used in this First Amendment shall have the same meaning as are
ascribed to such terms in the Fourth Restated Loan Agreement.

         21. EFFECT OF AMENDMENT. Except as modified by the terms of this First
Amendment, the Fourth Restated Loan Agreement shall remain in full force and
effect and the parties hereto do hereby ratify, affirm and confirm all of their
debts, duties, obligations, covenants, representations and warranties set forth
therein (as modified by the terms hereof).

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

                                   The "Borrower"

                                   RFS PARTNERSHIP, L.P.

                                   By:  RFS Hotel Investors, Inc.
                                        Its General Partner

                                   By:
                                      ----------------------------------------
                                   Name:
                                        --------------------------------------
                                   Title:
                                         -------------------------------------

                                   Notice Address:

                                   850 Ridge Lake Blvd., Suite 220
                                   Memphis, Tennessee 38119
                                   Attention:      Mike Pascal
                                   Telephone:      901/767-7005
                                   Facsimile:      901/818-5260

                                       7
<PAGE>   8

                                         "Investors"

                                         RFS HOTEL INVESTORS, INC.,
                                         a Tennessee corporation

                                         By:
                                            -----------------------------------
                                         Name:
                                              ---------------------------------
                                         Title:
                                               --------------------------------

                                         Notice Address:

                                         850 Ridge Lake Blvd., Suite 220
                                         Memphis, Tennessee 38119
                                         Attention:        Mike Pascal
                                         Telephone:        901-767-7005
                                         Facsimile:        901-818-5260

                                       8
<PAGE>   9

                                             "Ridge Lake"

                                             RIDGE LAKE GENERAL
                                             PARTNER, INC.,
                                             a Tennessee corporation

                                             By:
                                                -------------------------------
                                             Name:
                                                  -----------------------------
                                             Title:
                                                   ----------------------------

                                       9
<PAGE>   10

                                        BANK OF AMERICA, N.A.
                                        Individually and as Agent

                                        By:
                                           ------------------------------------
                                        Name:  D. BRYCE LANGEN
                                             ----------------------------------
                                        Title:    ASSISTANT VICE PRESIDENT
                                              ---------------------------------

                                        Notice Address:

                                        Bank of America, N.A.
                                        901 Main Street, 51st Floor
                                        Dallas, Texas 75202
                                        Attention:  D. Bryce Langen
                                        Telephone:        214-209-1074
                                        Facsimile:        214-209-0085

                                       10
<PAGE>   11

                                       SOUTHTRUST BANK, N.A.

                                       By:
                                          -------------------------------------
                                       Name:
                                            -----------------------------------
                                       Title:
                                             ----------------------------------

                                       Notice Address:

                                       600 W. Peachtree St., 22nd Floor
                                       Atlanta, GA 30308
                                       Attention: Robert M. Searson
                                       Telephone:        404-853-5754
                                       Facsimile:        404-853-5766

                                       11
<PAGE>   12

                                 FIRST TENNESSEE BANK NATIONAL
                                 ASSOCIATION

                                 By:
                                    -------------------------------------------
                                 Name:
                                      -----------------------------------------
                                 Title:
                                       ----------------------------------------

                                 Notice Address:

                                 First Tennessee Bank National Association
                                 165 Madison Avenue, 10th Floor
                                 Memphis, Tennessee   38103
                                 Attention: Robert P. Nieman
                                 Telephone:        901-523-4259
                                 Facsimile:        901-523-4235

                                       12
<PAGE>   13

                                    PNC BANK, NATIONAL ASSOCIATION

                                    By:
                                       ----------------------------------------
                                    Name:
                                         --------------------------------------
                                    Title:
                                          -------------------------------------

                                    Notice Address:

                                    249 5th  Avenue
                                    P1-POPP-19-2
                                    Pittsburgh, PA  15222
                                    Attention:        Wayne Robertson
                                    Telephone:        412-762-8452
                                    Facsimile:        412-762-6500

                                       13
<PAGE>   14

                                   WELLS FARGO BANK

                                   By:
                                      ----------------------------------------
                                   Name:
                                        --------------------------------------
                                   Title:
                                         -------------------------------------

                                   Notice Address:

                                   2859 Paces Ferry Rd.
                                   Suite 1805
                                   Atlanta, GA 30339
                                   Attention: Mark D. Imig
                                   Telephone:        770-435-3800
                                   Facsimile:        770-435-2262

                                       14
<PAGE>   15

                                AMSOUTH BANK

                                By:
                                   -------------------------------------------
                                Name:
                                     -----------------------------------------
                                Title:
                                      ----------------------------------------

                                Notice Address

                                1900 5th Ave. North
                                Birmingham, AL 35203
                                Attention: Lawrence Clark
                                Telephone:        205-581-7493
                                Facsimile:        205-326-4075

                                       15
<PAGE>   16

                                 UNION PLANTERS BANK, N.A.,
                                 a national banking association

                                 By:
                                    -------------------------------------------
                                 Name:
                                      -----------------------------------------
                                 Title:
                                       ----------------------------------------

                                       16
<PAGE>   17

STATE OF ___________                SS.
                                    SS.
COUNTY OF __________                SS.

         BEFORE ME, the undersigned, a Notary Public in and for said County and
State, on this day personally appeared __________ known to me (or proved to me
on the oath of __________ or through __________ (description of identity card or
other document)) to be the __________ of RFS Hotel Investors, Inc., a Tennessee
corporation, General Partner of RFS PARTNERSHIP, L.P. a Tennessee limited
partnership, whose name is subscribed to the foregoing instrument and
acknowledged to me that he executed same for the purposes and consideration
therein expressed.

         Given under my hand and seal of office this _____ day of __________,
2000.

(SEAL)                        ------------------------------------------------
                              Notary Public in and for the State of
                                                                     ---------

                              ------------------------------------------------
                              Notary Public Printed or Typed Name

My Commission Expires:

                                       17
<PAGE>   18

STATE OF ___________                SS.
                                    SS.
COUNTY OF __________                SS.

         BEFORE ME, the undersigned, a Notary Public in and for said County and
State, on this day personally appeared __________ known to me (or proved to me
on the oath of __________ or through __________ (description of identity card or
other document)) to be the __________ of RFS HOTEL INVESTORS, INC., a Tennessee
corporation, whose name is subscribed to the foregoing instrument and
acknowledged to me that he executed same for the purposes and consideration
therein expressed.

         Given under my hand and seal of office this _____ day of __________,
2000.

(SEAL)                        ------------------------------------------------
                              Notary Public in and for the State of
                                                                     ---------

                              ------------------------------------------------
                              Notary Public Printed or Typed Name

My Commission Expires:

                                       18
<PAGE>   19

STATE OF ___________                SS.
                                    SS.
COUNTY OF __________                SS.

         BEFORE ME, the undersigned, a Notary Public in and for said County and
State, on this day personally appeared __________ known to me (or proved to me
on the oath of __________ or through __________ (description of identity card or
other document)) to be the __________ of RIDGE LAKE GENERAL PARTNER, INC., a
Tennessee corporation, whose name is subscribed to the foregoing instrument and
acknowledged to me that he executed same for the purposes and consideration
therein expressed.

         Given under my hand and seal of office this _____ day of __________,
2000.

(SEAL)                        ------------------------------------------------
                              Notary Public in and for the State of
                                                                     ---------

                              ------------------------------------------------
                              Notary Public Printed or Typed Name

My Commission Expires:

                                       19
<PAGE>   20

STATE OF TEXAS                    SS.
                                  SS.
COUNTY OF DALLAS                  SS.

         BEFORE ME, the undersigned, a Notary Public in and for said County and
State, on this day personally appeared __________ known to me (or proved to me
on the oath of __________ or through __________ (description of identity card or
other document)) to be the __________ of BANK OF AMERICA, N.A., a national
banking association, whose name is subscribed to the foregoing instrument and
acknowledged to me that he executed same for the purposes and consideration
therein expressed.

         Given under my hand and seal of office this _____ day of __________,
2000.

(SEAL)                        ------------------------------------------------
                              Notary Public in and for the State of Texas

                              ------------------------------------------------
                              Notary Public Printed or Typed Name

My Commission Expires:

                                       20
<PAGE>   21

STATE OF ___________                SS.
                                    SS.
COUNTY OF __________                SS.

         BEFORE ME, the undersigned, a Notary Public in and for said County and
State, on this day personally appeared __________ known to me (or proved to me
on the oath of __________ or through __________ (description of identity card or
other document)) to be the __________ of SOUTHTRUST BANK, N.A., a
_____________________ whose name is subscribed to the foregoing instrument and
acknowledged to me that he executed same for the purposes and consideration
therein expressed.

         Given under my hand and seal of office this _____ day of __________,
2000.

(SEAL)                        ------------------------------------------------
                              Notary Public in and for the State of
                                                                     ---------

                              ------------------------------------------------
                              Notary Public Printed or Typed Name

My Commission Expires:

                                       21
<PAGE>   22

STATE OF ___________                SS.
                                    SS.
COUNTY OF __________                SS.

         BEFORE ME, the undersigned, a Notary Public in and for said County and
State, on this day personally appeared __________ known to me (or proved to me
on the oath of __________ or through __________ (description of identity card or
other document)) to be the __________ of FIRST TENNESSEE BANK NATIONAL
ASSOCIATION whose name is subscribed to the foregoing instrument and
acknowledged to me that he executed same for the purposes and consideration
therein expressed.

         Given under my hand and seal of office this _____ day of __________,
2000.

(SEAL)                        ------------------------------------------------
                              Notary Public in and for the State of
                                                                     ---------

                              ------------------------------------------------
                              Notary Public Printed or Typed Name

My Commission Expires:

                                       22
<PAGE>   23

STATE OF ___________                SS.
                                    SS.
COUNTY OF __________                SS.

         BEFORE ME, the undersigned, a Notary Public in and for said County and
State, on this day personally appeared __________ known to me (or proved to me
on the oath of __________ or through __________ (description of identity card or
other document)) to be the __________ of PNC BANK, NATIONAL ASSOCIATION, whose
name is subscribed to the foregoing instrument and acknowledged to me that he
executed same for the purposes and consideration therein expressed.

         Given under my hand and seal of office this _____ day of __________,
2000.

(SEAL)                        ------------------------------------------------
                              Notary Public in and for the State of
                                                                     ---------

                              ------------------------------------------------
                              Notary Public Printed or Typed Name

My Commission Expires:

                                       23
<PAGE>   24

STATE OF ___________                SS.
                                    SS.
COUNTY OF __________                SS.

         BEFORE ME, the undersigned, a Notary Public in and for said County and
State, on this day personally appeared __________ known to me (or proved to me
on the oath of __________ or through __________ (description of identity card or
other document)) to be the __________ of WELLS FARGO BANK, whose name is
subscribed to the foregoing instrument and acknowledged to me that he executed
same for the purposes and consideration therein expressed.

         Given under my hand and seal of office this _____ day of __________,
2000.

(SEAL)                        ------------------------------------------------
                              Notary Public in and for the State of
                                                                     ---------

                              ------------------------------------------------
                              Notary Public Printed or Typed Name

My Commission Expires:

                                       24
<PAGE>   25

STATE OF ___________                SS.
                                    SS.
COUNTY OF __________                SS.

         BEFORE ME, the undersigned, a Notary Public in and for said County and
State, on this day personally appeared __________ known to me (or proved to me
on the oath of __________ or through __________ (description of identity card or
other document)) to be the __________ of AMSOUTH BANK, whose name is subscribed
to the foregoing instrument and acknowledged to me that he executed same for the
purposes and consideration therein expressed.

         Given under my hand and seal of office this _____ day of __________,
2000.

(SEAL)                        ------------------------------------------------
                              Notary Public in and for the State of
                                                                     ---------

                              ------------------------------------------------
                              Notary Public Printed or Typed Name

My Commission Expires:

                                       25
<PAGE>   26

STATE OF ___________                SS.
                                    SS.
COUNTY OF __________                SS.

         BEFORE ME, the undersigned, a Notary Public in and for said County and
State, on this day personally appeared __________ known to me (or proved to me
on the oath of __________ or through __________ (description of identity card or
other document)) to be the __________ of UNION PLANTERS BANK, N.A.,a national
banking association, whose name is subscribed to the foregoing instrument and
acknowledged to me that he executed same for the purposes and consideration
therein expressed.

         Given under my hand and seal of office this _____ day of __________,
2000.

(SEAL)                        ------------------------------------------------
                              Notary Public in and for the State of
                                                                     ---------

                              ------------------------------------------------
                              Notary Public Printed or Typed Name

My Commission Expires:

                                       26
<PAGE>   27

                                   EXHIBIT "A"

                                LEGAL DESCRIPTION

                                       27
<PAGE>   28

                                   EXHIBIT "B"

                            NEGATIVE PLEDGE AGREEMENT

                                       28
<PAGE>   29

                                   EXHIBIT "C"

                        ENVIRONMENTAL INDEMNITY AGREEMENT

                                       29
<PAGE>   30

                                   EXHIBIT "D"

                               GUARANTY AGREEMENT

                                       30
<PAGE>   31

                                   EXHIBIT "E"

                            [INTENTIONALLY OMITTED.]

                                       31
<PAGE>   32

                                   EXHIBIT "F"

                            [INTENTIONALLY OMITTED.]

                                       32
<PAGE>   33

                                   EXHIBIT "G"

                            [INTENTIONALLY OMITTED.]

                                       33
<PAGE>   34

                                   EXHIBIT "H"

                            NEGATIVE COLLATERAL POOL

                                       34
<PAGE>   35

                                   EXHIBIT "I"

                            [INTENTIONALLY OMITTED.]

                                       35
<PAGE>   36

                                   EXHIBIT "J"

               PERCENTAGE AND COMMITMENT FOR EACH EXISTING LENDER

                                       36

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