Document:

exv10w1

 

EXHIBIT 10.1

DIVIDEND REINVESTMENT PLAN

OF

PATRIOT CAPITAL FUNDING, INC.

     Patriot Capital Funding, Inc., a Delaware corporation (the “Corporation”), hereby adopts the
following plan (the “Plan”) with respect to dividends and distributions declared by its Board of
Directors on shares of its Common Stock:

     1. Unless a stockholder specifically elects to receive cash as set forth below, all
dividends and all distributions hereafter declared by the Board of Directors shall be payable in
shares of the Common Stock of the Corporation, and no action shall be required on such
stockholder’s part to receive a dividend or a distribution in stock.

     2. Such dividends and distributions shall be payable on such date or dates as may be fixed
from time to time by the Board of Directors to stockholders of record at the close of business on
the record date for the dividend and/or distribution involved.

     3. The Corporation shall use primarily newly-issued shares of its Common Stock to implement
the Plan, whether its shares are trading at a premium or at a discount to net asset value.
However, the Corporation reserves the right to purchase shares in the open market in connection
with the implementation of the Plan. The number of newly-issued shares to be issued to a
stockholder shall be determined by dividing the total dollar amount of the distribution payable to
such stockholder by the market price per share of the Corporation’s Common Stock at the close of
regular trading on the principal national securities exchange for the shares on the valuation date
fixed by the Board of Directors for such dividend or distribution. Market price per share on that
date shall be the closing price for such shares on such principal national securities exchange or,
if no sale is reported for such day, at the average of their reported bid and asked prices. Shares
purchased in open market transactions by the Plan Administrator shall be allocated to each
Participant (as defined below) based upon the average purchase price, excluding any brokerage
charges or other charges, of all shares of Common Stock purchased with respect to the applicable
dividend and/or distribution.

     4. A stockholder may, however, elect to receive his, her or its dividends and distributions
in cash. To exercise this option, such stockholder shall notify American Stock Transfer & Trust
Company, the plan administrator and the Corporation’s transfer agent and registrar (collectively
the “Plan Administrator”), in writing so that such notice is received by the Plan Administrator no
later than the record date fixed by the Board of Directors for the dividend and/or distribution
involved.

     5. The Plan Administrator will set up an account for shares acquired pursuant to the Plan
for each stockholder who has not so elected to receive dividends and distributions in cash (each a
“Participant”). The Plan Administrator may hold each Participant’s shares, together with
 the shares of other Participants, in non-certificated form in the Plan Administrator’s name or that
of its nominee. Upon request by a Participant, received in writing no
later than 10 days prior to the record date, the Plan Administrator will, instead of crediting shares to and/or carrying shares
in a Participant’s account, issue, without charge to the Participant, a certificate registered in
the Participant’s name for the number of whole shares payable to the Participant and a check for
any fractional share.

     6. The Plan Administrator will confirm to each Participant each acquisition made pursuant to
the Plan as soon as practicable but not later than 10 business days after the date thereof.
Although each Participant may from time to time have an undivided fractional interest (computed to
three decimal places) in a share of Common Stock of the Corporation, no certificates for a
fractional share will be issued. However, dividends and distributions on fractional shares will be
credited to each Participant’s account. In the event of
termination of a Participant’s account under the Plan, the Plan Administrator will adjust for any such undivided
fractional interest in cash at the market value of the
Corporation’s shares at the time of termination.

     7. The Plan Administrator will forward to each Participant any Corporation related proxy
solicitation materials and each Corporation report or other
communication to stockholders, and will vote any shares held by it under the Plan in accordance with the instructions
set forth on proxies returned by Participants to the Corporation.

     8. In the event that the Corporation makes available to its stockholders rights to purchase
additional shares or other securities, the shares held by the Plan Administrator for each
Participant under the Plan will be added to any other shares held by the Participant in
certificated form in calculating the number of rights to be issued to the Participant.

 

 

     9. The Plan Administrator’s service fee, if any, and expenses for administering the Plan
will be paid for by the Corporation.

     10. Each Participant may terminate his, her or its account under the Plan by so notifying the
Plan Administrator via the Plan Administrator’s website at www.amstock.com, by filling out the
transaction request form located at the bottom of the Participant’s Plan statement and sending it
to American Stock Transfer & Trust Company, P.O. Box 922, Wall Street Station, New York, NY
10269-0560 or by calling the Plan Administrator’s Interactive Voice Response System at
1-877-366-6442. Such termination will be effective immediately if the Participant’s notice is
received by the Plan Administrator at least 2 days prior to any dividend or distribution record
date; otherwise, such termination will be effective only with respect to any subsequent dividend or
distribution. The Plan may be terminated by the Corporation upon notice in writing mailed to each
Participant at least 30 days prior to any record date for the payment of any dividend or
distribution by the Corporation. Upon any termination, the Plan Administrator will cause a
certificate or certificates to be issued for the full shares held for the Participant under the
Plan and a cash adjustment for any fractional share to be delivered to the Participant without
charge to the Participant. If a Participant elects by his, her or its written notice to the Plan
Administrator in advance of termination to have the Plan Administrator sell part or all of his, her or its shares
and remit the proceeds to the Participant, the Plan Administrator is authorized to deduct a $15
 transaction fee plus a $0.10 per share brokerage commission from the proceeds.

     11. These terms and conditions may be amended or supplemented by the Corporation
at any time but, except when necessary or appropriate to comply with applicable law or the rules or
policies of the Securities and Exchange Commission or any other regulatory
authority, only by mailing to each Participant appropriate written notice at least 30 days prior to
the effective date thereof. The amendment or supplement shall be deemed to be accepted by each
Participant unless, prior to the effective date thereof, the Plan Administrator receives written
notice of the termination of his, her or its account under the Plan. Any such amendment may include
an appointment by the Plan Administrator in its place and stead of a successor agent under these
terms and conditions, with full power and authority to perform all or any of the acts to be
performed by the Plan Administrator under these terms and conditions. Upon any such appointment of
any agent for the purpose of receiving dividends and distributions, the
Corporation will be authorized to pay to such successor agent, for each Participant’s account, all
dividends and distributions payable on shares of the Corporation held in the Participant’s
name or under the Plan for retention or application by such successor agent as provided in these
terms and conditions.

     12. The Plan Administrator will at all times act in good faith and use its best efforts
within reasonable limits to ensure its full and timely performance of all services to be performed
by it under this Plan and to comply with applicable law, but assumes no responsibility and shall not be
liable for loss or damage due to errors unless such error is caused by the Plan Administrator’s

negligence, bad faith, or willful misconduct or that of its employees or agents.

     13. These terms and conditions shall be governed by the laws of the State of New York.

February 27, 2008exv4w8w5

 

Exhibit 4.8.5

 

 

FELCOR LODGING LIMITED PARTNERSHIP,

as Issuer

AND

FELCOR LODGING TRUST INCORPORATED

FELCOR/ST. PAUL HOLDINGS, L.P.

FELCOR/CSS HOLDINGS, L.P.

FELCOR HOTEL ASSET COMPANY, L.L.C.

FELCOR PENNSYLVANIA COMPANY, L.L.C.

FELCOR LODGING HOLDING COMPANY, L.L.C.

FELCOR CANADA CO.

FELCOR OMAHA HOTEL COMPANY, L.L.C.

FELCOR TRS HOLDINGS, L.L.C.

MYRTLE BEACH HOTELS, L.L.C.

FELCOR TRS BORROWER 1, L.P.

FELCOR TRS BORROWER 4, L.L.C.

FHAC TEXAS HOLDINGS, L.P.

FELCOR TRS GUARANTOR, L.P.

FELCOR LODGING COMPANY, L.L.C.,

as Guarantors,

FELCOR HOLDINGS TRUST,

as Pledgor

AND

U.S. BANK NATIONAL ASSOCIATION,

AS SUCCESSOR TO SUNTRUST BANK,

as Trustee

 

Fifth Supplemental Indenture

Dated as of August 16, 2007

 

Supplemental Indenture to the Indenture

dated as of June 4, 2001, as amended and supplemented as of July 26, 2001,

October 1, 2002, January 25, 2006 and December 31, 2006

with respect to the

81/2% Senior Notes due 2011

 

 

 

 

     Fifth Supplemental Indenture (this “Fifth Supplemental Indenture”), dated as of August 16,
2007 among FelCor Lodging Limited Partnership, a Delaware limited partnership (“FelCor LP”), FelCor
Lodging Trust Incorporated, a Maryland corporation (“FelCor”), FelCor/CSS Holdings, L.P., a
Delaware limited partnership, FelCor Hotel Asset Company, L.L.C., a Delaware limited liability
company, FelCor Pennsylvania Company, L.L.C., a Delaware limited liability company, FelCor Lodging
Holding Company, L.L.C., a Delaware limited liability company, FelCor TRS Holdings, L.L.C., a
Delaware limited liability company (as successor in interest to FelCor TRS Holdings, L.P.), FelCor
Canada Co., a Nova Scotia unlimited liability company, FelCor Omaha Hotel Company, L.L.C., a
Delaware limited liability company, Myrtle Beach Hotels, L.L.C., a Delaware limited liability
company, FelCor TRS Borrower 1, L.P., a Delaware limited partnership, FelCor TRS Borrower 4,
L.L.C., a Delaware limited liability company, FelCor/St. Paul Holdings, L.P., a Delaware limited
partnership, FHAC Texas Holdings, L.P., a Texas limited partnership, FelCor TRS Guarantor, L.P., a
Texas limited partnership and FelCor Lodging Company, L.L.C., a Delaware limited liability company
and U.S. Bank National Association, as successor to SunTrust Bank, as trustee under the indenture
referred to below (the “Trustee”).

W I T N E S S E T H

     WHEREAS, FelCor LP, FelCor and cthe Subsidiary Guarantors named therein have executed and
delivered to the Trustee an indenture dated as of June 4, 2001, (as amended, modified or
supplemented prior to the date hereof, the “Indenture”), pursuant to which FelCor LP issued and has
outstanding $300,000,000 aggregate principal amount of 81/2% Senior Notes due 2011 (the “Notes”);

     WHEREAS, each of FHAC Texas Holdings, L.P., a Texas limited partnership, FelCor TRS Guarantor,
L.P., a Delaware limited partnership and FelCor Lodging Company, L.L.C., a Delaware limited
liability company (collectively, the “Existing Guarantors”), has Guaranteed the Line of Credit and
by reason thereof, pursuant to Section 4.07 and Section 11.07 of the Indenture, has also delivered
its Subsidiary Guarantee of, and become a Subsidiary Guarantor under, the Indenture; and

     WHEREAS, the Guarantee of each of the Existing Guarantors of the Line of Credit has been, or
is being contemporaneously herewith, released and, pursuant to Section 4.07 and Section 11.07 of
the Indenture, each of the Existing Guarantors is automatically released and discharged from its
Subsidiary Guarantee upon the release and discharge of the Guarantee which resulted in the creation
of such Subsidiary Guarantee; and

     WHEREAS, this Fifth Supplemental Indenture is being executed and delivered pursuant to Section
9.01 of the Indenture.

1

 

     NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, FelCor, FelCor LP, each Subsidiary
Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the
Holders of the Notes as follows:

     SECTION 1.     Definitions.     For all purposes of the Indenture and this Fifth Supplemental
Indenture, except as otherwise expressly provided or unless the context otherwise requires:

     (a)     the words “herein,” “hereof” and “hereunder” and other words of similar import
refer to the Indenture and this Fourth Supplemental Indenture as a whole and not to any particular
Article, Section or subdivision; and

     (b)     capitalized terms used but not defined in this Fourth Supplemental Indenture shall have
the meanings assigned to them in the Indenture.

     SECTION 2.     Release of Certain Guarantors.     The parties hereto hereby confirm and
acknowledge the concurrent release and discharge of each of the Existing Guarantors from any and
all guaranty obligations arising under the Indenture.

     SECTION 3.     NEW YORK LAW TO GOVERN.     THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL
GOVERN AND BE USED TO CONSTRUE THIS FIFTH SUPPLEMENTAL INDENTURE BUT WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY.

     SECTION 4.     The Trustee.     The Trustee shall not be responsible in any manner whatsoever
for or in respect of the validity or sufficiency of this Fifth Supplemental Indenture or for or in
respect of the recitals contained herein, all of which recitals are made solely by FelCor, FelCor
LP and the Subsidiary Guarantors.

     SECTION 5.     Successors and Assigns.     All agreements of FelCor, FelCor LP and the
Subsidiary Guarantors in this Fifth Supplemental Indenture shall bind their respective successors
and assigns. All agreements of the Trustee in this Fifth Supplemental Indenture shall bind its
successors.

     SECTION 6.     Separability.     In case any provision of this Fifth Supplemental Indenture
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

     SECTION 7.     Effect of Headings.     The Section headings herein are for convenience only
and shall not affect the construction hereof.

     SECTION 8.     Counterparts.     The parties may sign any number of copies of this Fourth
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement.

[Signature Page Follows]

2

 

     IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be duly
executed as of the date first above written.

	 	 	 	 	 
	 	FELCOR LODGING LIMITED PARTNERSHIP, a Delaware

limited partnership

 	 
	 	By:  	FELCOR LODGING TRUST INCORPORATED, as its general partner
 	 

	 	 	 	 	 
	 	           By:  	/s/ Jonathan H. Yellen 	 
	 	 	Jonathan H. Yellen 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	FELCOR LODGING TRUST INCORPORATED, a Maryland

corporation

 	 
	 	By:  	/s/ Jonathan H. Yellen
 	 
	 	 	Jonathan H. Yellen 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	FELCOR/CSS HOLDINGS, L.P., a Delaware limited

partnership, and FELCOR/ST. PAUL HOLDINGS,

L.P., a Delaware limited partnership

 	 
	 	By:  	FELCOR/CSS HOTELS, L.L.C., as general partner of each entity
 	 

	 	 	 	 	 
	 	 	 
	 	           By:  	                                                          /s/ Jonathan H. Yellen
 	 
	 	 	Jonathan H. Yellen 	 
	 	 	Executive Vice President 	 
	 

Signature Page to the Fifth Supplemental Indenture

3

 

	 	 	 	 	 
	 	FELCOR HOTEL ASSET COMPANY, L.L.C., a Delaware

limited liability company,

FELCOR PENNSYLVANIA COMPANY, L.L.C., a

Delaware limited liability company,

FELCOR LODGING HOLDING COMPANY, L.L.C., a

Delaware limited liability company,

FELCOR OMAHA HOTEL COMPANY, L.L.C., a Delaware

limited liability company,

FELCOR TRS HOLDINGS, L.L.C., a Delaware

limited liability company

MYRTLE BEACH HOTELS, L.L.C., a Delaware

limited liability company,

FELCOR LODGING COMPANY, L.L.C., a Delaware

limited liability company,

FELCOR TRS BORROWER 4, L.L.C., a Delaware

limited liability company, and FELCOR CANADA

CO., a Nova Scotia unlimited liability company

 	 
	 	By:  	/s/ Jonathan H. Yellen
 	 
	 	 	Jonathan H. Yellen 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	FHAC TEXAS HOLDINGS, L.P., a Texas limited

partnership

 	 
	 	By:  	FelCor Hotel Asset Company, L.L.C., as its general partner 	 

	 	 	 	 	 
	 	           By:  	/s/ Jonathan H. Yellen 	 
	 	 	Jonathan H. Yellen 	 
	 	 	Executive Vice President 	 
	 

	 	 	 	 	 
	 	FELCOR TRS BORROWER 1, L.P., a Delaware

limited partnership

 	 
	 	By:  	FelCor TRS Borrower GP 1, L.L.C., a Delaware limited liability company, as its general partner
 	 

	 	 	 	 	 
	 	           By:  	/s/ Jonathan H. Yellen 	 
	 	 	Jonathan H. Yellen 	 
	 	 	Executive Vice President: 	 
	 

	 	 	 	 	 
	 	FELCOR TRS GUARANTOR, L.P., a Delaware limited

partnership

 	 
	 	By:  	/s/ FelCor TRS Guarantor GP, L.L.C., a Delaware limited liability company, as its general partner
 	 

	 	 	 	 	 
	 	 	 
	 	           By:  	/s/ Jonathan H. Yellen 	 
	 	 	Jonathan H. Yellen 	 
	 	 	Executive Vice President 	 
	 

Signature Page to the Fifth Supplemental Indenture

4

 

	 	 	 	 	 
	 	FELCOR HOLDINGS TRUST,

a Massachusetts business trust

 	 
	 	By:  	/s/ Jonathan H. Yellen
 	 
	 	 	Name:  	Jonathan H. Yellen 	 
	 	 	Title:  	Executive Vice President General Counsel and Secretary 	 

	 	 	 	 	 
	 	By:  	                                                     /s/ Andrew J. Welch
 	 
	 	 	Name:  	Andrew J. Welch 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer 	 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee

 	 
	 	By:  	/s/ Richard Prokosch
 	 
	 	 	Name:  	Richard Prokosch 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to the Fifth Supplemental Indenture

5

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