Document:

Consent of SPTC Delaware LLC

 Exhibit 10.12(c) 
  

June 12, 2006 
 SPTC Delaware, LLC 
 Sotheby’s Holdings, Inc. 
 1334 York Avenue 
 New York, New York 10021 
  

	 	Re:	Spin-off of Cendant Real Estate Services Group, LLC and its Subsidiaries 

 Ladies and Gentlemen: 
 Reference is made to that certain Trademark License Agreement dated February 17, 2004 by and among
SPTC Delaware, LLC (as assignee of SPTC, Inc., a Delaware corporation). Sotheby’s Holdings, Inc., Cendant Corporation (“Cendant”) and Sotheby’s International Realty Licensee Corporation (f/k/a Monticello Licensee
Corporation) (“Licensee”), as amended (the “License Agreement”). Capitalized terms used but not defined herein shall have the meanings specified in the License Agreement. 
 Cendant has announced that its Board of Directors has approved a plan to separate Cendant into four independent, publicly traded companies, one for each
of its Real Estate Services, Hospitality Services, Travel Distribution Services and Vehicle Rental businesses (the “Plan of Separation”), and, as a result of the Plan of Separation, Licensee is expected to become an indirect wholly-owned subsidiary of Realogy Corporation, a newly formed publicly traded Delaware corporation
(“Ecalogy”) formed to hold the assets and liabilities of Cendant’s Real Estate Services business, which includes, among other things, all of the Licensee Brokerage Business and Licensee’s Residential Real Estate franchise
business, and will no longer be a wholly-owned subsidiary of Cendant (the “Spin-off”). The defined terms Realogy and Spin-off are intended to refer, respectively, to the corporate entity and the transactions that are described in the Form 10 filed by Realogy with the Securities
and Exchange Commission. 
 By your execution of this letter, you hereby acknowledge that the Spin-off and the transactions
contemplated thereby shall not in any way affect the rights or obligations of any party under the License Agreement other than as set forth herein, and the License Agreement shall continue in full force and effect following the completion of the
proposed Spin-off. In particular, you hereby acknowledge and agree that the Spin-Off constitutes a “permitted assignment” for purposes of Section 17.2 of the License Agreement (since, in connection with the Spin-off, a Person will be
acquiring, among other things, all of the Licensee Brokerage Business and Licensee’s Residential Real Estate franchise business, as described above, and such 
  

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 Person agrees to be bound by the terms of the License Agreement) and, as such, the provisions set forth in
Section 17.3(a) of the License Agreement shall not apply. 
 You and we further agree that effective upon the completion of the
Spin-off, Cendant shall be released of all its liabilities and obligations under the License Agreement and Realogy will be deemed to be Parent thereunder, and all rights, benefits, liabilities and obligations of Cendant under the License Agreement
will be transferred to and assumed by Realogy as though Realogy were party to the License Agreement. Realogy agrees, from and after the completion of the Spin-off, to perform and be bound by the terms and conditions applicable to Parent under the
License Agreement. In furtherance of the foregoing, all references to Parent in the License Agreement from and after completion of the Spin-off shall be deemed to be references to Realogy. 
 This letter may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the
same agreement. Please confirm that the foregoing is in accordance with your understanding of our agreement by signing and returning to us a copy of this letter. 
  

					
	 Very truly yours,

	
	CENDANT CORPORATION
		
	By:	 	 /s/ C. Patteson Cardwell, IV

		 	 Name:
	 	 C. Patteson Cardwell, IV

		 	 Title:
	 	 Senior Vice President - Legal

	
	SOTHEBY’S INTERNATIONAL REALTY LICENSEE CORPORATION
		
	By:	 	 /s/ Walter F. Dembiec, Jr.

		 	 Name:
	 	 Walter F. Dembiec, Jr.

		 	 Title:
	 	 Senior Vice President - Legal

	
	For purposes of assuming the obligations of Cendant Corporation under the License Agreement as provided hereinabove:
	
	REALOGY CORPORATION
		
	By:	 	 /s/ C. Patteson Cardwell, IV

		 	 Name:
	 	 C. Patteson Cardwell, IV

		 	 Title:
	 	Executive Vice President and General Counsel

  

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	 Accepted and Agreed to:

	
	 SOTHEBY’S HOLDINGS, INC.

		
	By:	 	/s/ William F. Ruprecht
		 	 Name:
	 	William F. Ruprecht
		 	 Title:
	 	President and Chief Executive Officer
	
	 SPTC DELAWARE, LLC

		
	By:	 	/s/ William F. Ruprecht
		 	 Name:
	 	William F. Ruprecht
		 	 Title:
	 	

  

 3Fourth Amendment to Loan and Security Agreement

 Exhibit 10.64 
 FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT 
 This FOURTH AMENDMENT TO LOAN AND SECURITY
AGREEMENT (“Amendment”) is effective as of June 19, 2006, by and between RESORTS INTERNATIONAL HOTEL, INC., a New Jersey corporation (“Borrower”), and
COMMERCE BANK, N.A., a national banking association (“Lender”). 
 BACKGROUND 
 A. Borrower and Lender are parties to that certain Loan and Security Agreement dated November 4, 2002 (as the same has been or may be supplemented,
restated, superseded, amended or replaced from time to time, the “Loan Agreement”). All capitalized terms used herein without further definition shall have the respective meaning set forth in the Loan Agreement and all other Loan
Documents. 
 B. The Obligations are secured by continuing perfected security interests in the Collateral. 
 C. Borrower has requested that Lender modify, in certain respects, the terms of the Loan Agreement including restructuring the Revolving Credit into a
$10,000,000 tranche A revolving credit facility (which includes a $2,500,000 sublimit for Letters of Credit) and a $5,000,000 tranche B letter of credit facility. 
 D. Lender has agreed to such modifications in accordance with and subject to the satisfaction of the conditions hereof. 
 NOW, THEREFORE, with the foregoing Background incorporated by reference and intending to be legally bound hereby, the parties agree as follows: 
 1. Amendments to Loan Agreement. Upon the effectiveness of this Amendment, the Loan Agreement shall be amended as follows: 
 a. Section 1 of the Loan Agreement shall be amended by deleting the definitions of “Advance(s),” “Letters of
Credit,” and “Revolving Credit Maturity Date,” and replacing each as follows: 
 Advance(s) - Any
monies advanced or credit extended to Borrower by Lender under the Revolving Credit, including without limitation, cash advances and the issuance of Tranche A Letters of Credit. 
 Letters of Credit - (a) standby letters of credit, (b) commercial letters of credit, and (c) Evergreen Letters, in each case issued to,
or to be issued by, Lender for the account of Borrower pursuant to Section 2.2 herein. Letters of Credit include both Tranche A Letters of Credit and Tranche B Letters of Credit. Drafts under commercial letters of credit may be payable at
sight, and/or payable 30 days after sight. 
 Revolving Credit Maturity Date - August 31, 2006. 

 b. Section 1 of the Loan Agreement shall be amended by deleting the definition of “L/C
Commitment.” 
 c. Section 1 of the Loan Agreement shall be amended by inserting the following definitions in the appropriate
alphabetical order: 
 Excess Cage Cash – The cash on hand in the casino “cage” to the extent in excess of Seven Million
Dollars ($7,000,000). 
 Tranche A L/C Commitment – The sum of Two Million Five Hundred Thousand Dollars ($2,500,000). 

Tranche A Letter of Credit Amount - The aggregate Letter of Credit Amount with respect to Tranche A Letters of Credit. 
 Tranche A Letters of Credit - Letters of Credit issued under the Revolving Credit. 
 Tranche B Facility - Section 2.1A. 
 Tranche B L/C Commitment – The sum of Five Million Dollars ($5,000,000). 
 Tranche B Letter of Credit Amount -
The aggregate Letter of Credit Amount with respect to Tranche B Letters of Credit. 
 Tranche B Letters of Credit - Letters of Credit
issued under the Tranche B Facility. 
 Tranche B Obligations – Borrower’s Reimbursement Obligation for draws under Tranche B
Letters of Credit along with the obligation to pay L/C Fees relating to Tranche B Letters of Credit. 
 d. Section 2.1a of the Loan
Agreement shall be amended in its entirety, and shall read as follows: 
 2.1 Revolving Credit and Tranche A Letters of Credit –
Description: 
 a. Subject to the terms and conditions of this Agreement, Lender hereby establishes for the benefit of Borrower a
revolving credit facility (the “Revolving Credit”) which shall include cash Advances extended by Lender to or for the benefit of Borrower, as well as Tranche A Letters of Credit issued for the account of Borrower from time to time
hereunder. The aggregate principal amount of unpaid cash Advances plus the Tranche A Letter of Credit Amounts shall not at any time exceed the Maximum Revolving Credit Amount. Subject to such limitation, the outstanding balance of Advances under the
Revolving Credit may fluctuate from time to time, to be reduced by repayments made by Borrower, to be 
  

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 increased by future Advances which may be made by Lender, to or for the benefit of Borrower, and, subject
to the provisions of Section 6.17 and Section 8, below, shall be due and payable on the Revolving Credit Maturity Date. If the aggregate principal amount of unpaid cash Advances plus the Tranche A Letter of Credit Amounts at any time
exceeds the Maximum Revolving Credit Amount (such excess referred to as “Overadvance”), Borrower shall immediately repay the Overadvance in full. 
 e. The Loan Agreement shall be amended by inserting the following new Section 2.1A to the Loan Agreement: 
 2.1A Tranche B Letters of Credit 
 Subject to the terms and conditions of this Agreement, Lender hereby establishes for the
benefit of Borrower a letter of credit facility (the “Tranche B Facility”). Subject to the terms and conditions of this Agreement, and provided no Event of Default exists, Lender hereby agrees for the benefit of Borrower to issue Letters
of Credit for the account of Borrower from time to time hereunder. The Tranche B Letter of Credit Amounts shall not at any time exceed the Tranche B L/C Commitment. 
 f. Sections 2.2(a) and (b) of the Loan Agreement shall be amended and restated in their entirety to read as follows: 
 (a) As a part of the Revolving Credit, and subject to its terms and conditions, Lender shall make available to Borrower Tranche A Letters of Credit which shall not exceed, in the aggregate at any one time outstanding,
the Tranche A L/C Commitment. As part of the Tranche B Facility, and subject to its terms and conditions, Lender shall make available to Borrower Tranche B Letters of Credit which shall not exceed, in the aggregate at any one time outstanding, the
Tranche B L/C Commitment. Notwithstanding the foregoing, all Letters of Credit shall be in form and substance reasonably satisfactory to Lender. No Letter of Credit shall be issued with an expiry date later than (i) three hundred ninety five
(395) days from the date of issuance for a stand-by letter of credit (including Evergreen Letters), or one hundred eighty (180) days from the date of issuance for documentary letter of credit, or (ii) ten (10) Business Days prior
to the Revolving Credit Maturity Date. Borrower shall execute and deliver to Issuer all Letter of Credit Documents reasonably required by Lender for such purposes. Each Letter of Credit shall comply with the Letter of Credit Documents. 

(b) Each Tranche A Letter of Credit issued from time to time under the Revolving Credit which remains outstanding and undrawn (and the amounts of draws
on Letters of Credit prior to payment as hereinafter set forth) shall reduce, dollar for dollar, the amount available to be borrowed by Borrower under the Revolving Credit. 
  

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 g. Section 3.1 of the Loan Agreement shall be amended in its entirety, and shall read as follows:

 3.1 Revolving Credit Collateral: As security for the payment of the Revolving Credit, and satisfaction by Borrower of all covenants
and undertakings contained in this Agreement and the other Loan Documents (other than the Tranche B Obligations): 
 a.
Personal Property: Borrower hereby assigns and grants to Lender, a continuing Lien on and security interest in, upon and to the following Property, all whether now owned or hereafter acquired, created or arising and wherever located:

 (i) Accounts - All Accounts; 
 (ii) Inventory - All Inventory; 
 (iii) Deposit Accounts - The Deposit Accounts; 
 (iv) Excess Cage Cash - All Excess Cage Cash, subject, however, to obligations of Borrower with respect to (A) chip, token and ticket
redemptions, (B) cage checks, and (C) governmental taxes and obligations. 
 (v) Supporting Obligations – All
Supporting Obligations arising in connection with or relating to the foregoing property described in clauses (i) through (iii); 
 (vi)
CRDA Interest Receivables – All CRDA Interest Receivables; 
 (vii) Property in Lender’s Possession - All Property of
Borrower, now or hereafter in Lender’s possession; and 
 (viii) Proceeds - The Proceeds (including, without limitation,
insurance proceeds), whether cash or non-cash, of all of the foregoing property described in clauses (i) through (vii). 
 Notwithstanding anything contained herein to the contrary, Lender shall have no security interest, right of set-off or other right with respect to the Liquidity Disbursement Account and the funds contained therein. 
 h. The Loan Agreement shall be amended by inserting the following new Section 3.1A to the Loan Agreement: 
  

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 3.1A Tranche B Facility Collateral: As security for the payment of the Tranche B Obligations, and
satisfaction by Borrower of all covenants and undertakings contained in the Tranche B Letter of Credit Documents: 
 a.
Personal Property: Borrower hereby assigns and grants to Lender, a continuing Lien on and security interest in, upon and to the following Property, all whether now owned or hereafter acquired, created or arising and wherever located:

 (i) Excess Cage Cash - All Excess Cage Cash, subject, however, to obligations of Borrower with respect to
(A) chip, token and ticket redemptions, (B) cage checks, and (C) governmental taxes and obligations. 
 i. Section 6.8(a)
of the Loan Agreement shall be amended in its entirety, and shall read as follows: 
 a. Tangible Net Worth –
Resorts shall maintain at all times Tangible Net Worth of not less than $60,000,000, measured quarterly as of each quarter end. 
 2.
Representations and Warranties. Borrower warrants and represents to Lender that: 
 a. No Default or Event of Default exists and no
Default or Event of Default will occur after giving effect to this Amendment. 
 b. The making and performance of this Amendment will not
violate any law, government rule or regulation, court or administrative order or other such order, or the charter, minutes or bylaw provisions of Borrower or violate or result in a default (immediately or with the passage of time) under any
contract, agreement or instrument (including without limitation, the Indenture Agreement), to which Borrower is a party, or by which Borrower is bound. 
 c. Borrower has all requisite power and authority to enter into and perform this Amendment, and to incur the obligations herein provided for, and has taken all proper and necessary action to authorize the execution,
delivery and performance of this Amendment. 
 d. This Amendment, when delivered, will be valid and binding upon Borrower, and enforceable in
accordance with its terms except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles.

 3. Ratification of Loan Documents. This Amendment is hereby incorporated into and made a part of the Loan Agreement and all other
Loan Documents respectively, the terms and provisions of which, except to the extent modified by this Amendment are each ratified and confirmed and continue unchanged in full force and effect. Any reference to the Loan Agreement and all other Loan
Documents respectively in this or any other instrument, document or agreement related thereto or executed in connection therewith shall mean the Loan Agreement and all other Loan Documents respectively as amended by this Amendment. As security for
the payment of the Obligations, and satisfaction by Borrower of all covenants and undertakings contained in the Loan 
  

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 Agreement, Borrower hereby confirms its prior grant to Lender of a continuing first lien on and security interest in,
upon and to all of Borrower’s now owned or hereafter acquired, created or arising Collateral as described in Section 3 of the Loan Agreement. 
 4. Confirmation of Surety. By their execution below, each Surety hereby consents to, and acknowledges the terms and conditions of this Amendment, and agrees that its Surety Agreement dated November 4,
2002, is ratified and confirmed, and shall continue in full force and effect, and shall continue to cover all obligations of Borrower outstanding from time to time, under the Loan Agreement as amended hereby. 
 5. Effectiveness Conditions. This Amendment shall become effective upon the following: 
 a. Execution and delivery by Borrower of this Amendment to Lender; 
 b. Execution and delivery by Borrower of Tranche B Facility promissory note; 
 c. Certified copies of
authorizing resolutions from Borrower’s board of directors; 
 d. An opinion from Borrower’s independent counsel as to such matters
as Lender may require; 
 e. Payment by Borrower of an amendment fee in the amount of Fifty Thousand Dollars ($50,000), which fee is fully
earned on the date hereof, and is non-refundable; and 
 f. Payment by Borrower of all of Lender’s Expenses. 
 6. GOVERNING LAW. THIS AMENDMENT, AND ALL MATERS ARISING OUT OF OR RELATING TO THIS AMENDMENT, AND ALL RELATED AGREEMENTS AND DOCUMENTS, SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF NEW JERSEY. THE PROVISIONS OF THIS AMENDMENT AND ALL OTHER AGREEMENTS AND DOCUMENTS REFERRED TO HEREIN ARE TO BE DEEMED SEVERABLE, AND THE INVALIDITY OR UNENFORCEABILITY OF ANY
PROVISION SHALL NOT AFFECT OR IMPAIR THE REMAINING PROVISIONS WHICH SHALL CONTINUE IN FULL FORCE AND EFFECT. 
 7. Modification. No
modification hereof or any agreement referred to herein shall be binding or enforceable unless in writing and signed by Borrower and Lender. 
 8. Duplicate Originals: Two or more duplicate originals of this Amendment may be signed by the parties, each of which shall be an original but all of which together shall constitute one and the same instrument. 
 9. Waiver of Jury Trial: BORROWER AND LENDER EACH HEREBY WAIVE ANY AND ALL RIGHTS IT MAY HAVE TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION,
PROCEEDING OR COUNTERCLAIM ARISING WITH RESPECT TO RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO OR UNDER THE LOAN DOCUMENTS OR WITH RESPECT TO ANY CLAIMS ARISING OUT OF ANY 
  

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 DISCUSSIONS, NEGOTIATIONS OR COMMUNICATIONS INVOLVING OR RELATED TO ANY PROPOSED RENEWAL, EXTENSION, AMENDMENT,
MODIFICATION, RESTRUCTURE, FORBEARANCE, WORKOUT, OR ENFORCEMENT OF THE TRANSACTIONS CONTEMPLATED BY THE LOAN DOCUMENTS. 
 IN WITNESS
WHEREOF, the undersigned parties have executed this Amendment the day and year first above written. 
  

			
	BORROWER:
	RESORTS INTERNATIONAL HOTEL, INC.
		
	By:	 	 /s/ Francis X. McCarthy

	Name:	 	Francis X. McCarthy
	Title:	 	Executive Vice President - Finance
	
	LENDER:
	COMMERCE BANK, N.A.
		
	By:	 	 /s/ Peter L. Davis

		 	Peter L. Davis, Senior Vice President
	
	SURETIES:
	RESORTS INTERNATIONAL HOTEL & CASINO, INC.
		
	By:	 	 /s/ Francis X. McCarthy

	Name:	 	Francis X. McCarthy
	Title:	 	Executive Vice President – Finance
	
	COLONY RIH HOLDINGS, INC.
		
	By:	 	 /s/ Francis X. McCarthy

	Name:	 	Francis X. McCarthy
	Title:	 	Executive Vice President – Finance
	
	NEW PIER OPERATING COMPANY, INC.
		
	By:	 	 /s/ Francis X. McCarthy

	Name:	 	Francis X. McCarthy
	Title:	 	Executive Vice President - Finance

  

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