Document:

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                                                              Exhibit 10.1 (b) 5

                 FIFTH AMENDMENT AND WAIVER TO CREDIT AGREEMENT

         THIS FIFTH AMENDMENT AND WAIVER TO CREDIT AGREEMENT (this
"Agreement"), dated as of March 29, 2000, by and among IRON DYNAMICS, INC., an
Indiana corporation (the "Borrower"), the lenders listed on the signature pages
hereof and MELLON BANK, N.A., a national banking association, as agent for the
Lenders under the Credit Agreement referred to below (the "Agent").

                                   RECITALS:

         WHEREAS the Borrower, certain lenders, the Agent and Mellon Bank,
N.A., as Issuing Bank, entered into a Credit Agreement, dated as of December
31, 1997, as amended by the Amendment and Waiver, dated as of June 10, 1998, by
the Second Amendment to Credit Agreement, dated as of March 15, 1999, the Third
Amendment and Waiver to Credit Agreement, dated as of June 30, 1999 and the
Fourth Amendment to Credit Agreement, dated as of December 21, 1999 (as so
amended, the "Credit Agreement"), pursuant to which the Lenders have agreed to
extend credit to the Borrower;

         WHEREAS, the Borrower has requested the Lenders to effect certain
amendments and waivers to the Credit Agreement and the Required Lenders are
willing to do so to the extent provided herein;

         WHEREAS, capitalized terms not otherwise defined herein shall have the
meanings assigned thereto in the Credit Agreement.

         NOW, THEREFORE, the parties hereto, in consideration of their mutual
covenants and agreements hereinafter set forth and intending to be legally
bound hereby agree as follows:

         Section 1.  Amendments to Credit Agreement.

         (a) Definitions. Section 1.01 of the Credit Agreement is hereby
amended by amending the definitions of "Financial Covenant Date" and "Revolving
Credit Maturity Date" appearing therein to read, in each case in its entirety,
as follows:

         "Financial Covenant Date" shall mean the earlier of (a) the last day
         of the first fiscal quarter after the Final Acceptance Date and (b)
         June 30, 2001.

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         "Revolving Credit Maturity Date" shall mean May 1, 2001.

and by amending the definition of "Project" by adding thereto, prior to the
words "and related improvements" appearing therein, the following:

         "and the related hot briquetted iron facility consisting of at least
         two briquetters yielding an aggregate of approximately 70 metric tons
         per hour of sustained production of hot briquetted iron of a quality
         acceptable for use to feed SDI's furnaces"

         (b) Preliminary Acceptance Date. For the purpose of extending the
deadline for achieving the Preliminary Acceptance Date, the date "March 31,
2000" appearing in each of the following Sections of the Credit Agreement is
hereby changed to "March 31, 2001":

         Section 3.26, titled "Project Compliance With Laws; Permits"

         Section 5.01(j)(viii), titled "Notice of Certain Events"

         Section 5.14, titled "Construction of the Project"

         Section 6.19, titled "Change Orders"

         Section 7.01(q) and 7.01(v), titled "Events of Default"

         (c) Applicability of Borrowing Base. For the purpose of determining
the first date on which the Borrowing Base requirement will be applicable, the
words "Following the date that is 90 days after the Preliminary Acceptance
Date" appearing in Section 2.01(a) of the Credit Agreement are hereby amended
to read "Following the Preliminary Acceptance Date".

         (d) Final Acceptance Date. For the purpose of extending the deadline
for achieving the Final Acceptance Date, the date "December 31, 2000" appearing
in each of the following Sections of the Credit Agreement is hereby changed to
"September 30, 2001":

         Section 5.01(j)(viii), titled "Notice of Certain Events"

         Section 5.14, titled "Construction of the Project"

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         Section 6.19, titled "Change Orders"

         Section 7.01(q) and 7.01(v), titled "Events of Default"

         (e) Construction Progress Reports. Section 5.01(o) of the Credit
 Agreement is hereby amended by adding at the end thereof the following:

         "The furnishing of such reports shall continue from the date of the
         Fifth Amendment to this Agreement until the Final Acceptance Date,
         including with respect to the addition of briquetters to the Project,
         any modification of the submerged arc furnace and any other related or
         appropriate items."

         (f) Additional Project Information. Section 5.01 of the Credit
Agreement is hereby amended by adding at the end thereof a new Section 5.01(q)
to read as follows:

         "(q) Additional Project Information. The Borrower shall promptly
         furnish to the Agent, on a weekly basis (or such other basis as the
         Agent shall approve), such engineering, financial and other
         information, and in such form, as the Agent or the Required Lenders
         shall reasonably request from time to time, including but not limited
         to advance notice of significant engineering decisions and changes and
         weekly production reports (including volumes and compositions) for pig
         iron, direct reduced iron and briquettes.

         (g)  Tangible Net Worth.  Section 6.01(a) of the Credit Agreement is
hereby amended by adding at the end thereof the following:

         "For purposes of this Section 6.01(a), Tangible Net Worth shall be
         calculated by treating the amount of Indebtedness of the Borrower to
         SDI outstanding in accordance with Section 6.03(h) hereof as equity of
         the Borrower and not a liability of the Borrower."

         (h) Negative EBITDA. Section 6.01(c) of the Credit Agreement is hereby
amended to read in its entirety as follows:

         "(c) Negative EBITDA. During the period from January 1, 1998 through
         the Financial Covenant Date cumulative negative EBITDA of the Borrower
         at the end of any fiscal quarter shall not exceed $35,000,000."

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         (i) Indebtedness of the Borrower to SDI. Section 6.03(h) of the Credit
Agreement is hereby amended by adding at the end thereof the following:

         "Any other provision hereof or of the SDI Subordination Agreement or
         of the SDI Loan Documentation referred to therein to the contrary not
         withstanding, no payment of interest on the principal amount of such
         Indebtedness owing to SDI under this Section 6.03(h) shall be paid
         prior to the later of (x) October 1, 2000 and (y) the first date
         following the date on which the Borrower shall have achieved positive
         EBITDA for each of three consecutive months."

         Section 2.  Amendments Related to IDI Mergers.

         (a) Definitions. Section 1.01 of the Credit Agreement is hereby
amended by adding thereto in the proper alphabetical order the following
definitions:

         "SDI Investment Company" shall mean a passive investment company
         formed or to be formed as a wholly-owned subsidiary of SDI to which
         SDI proposes to transfer all of its intellectual property.

         "SDI Organizational Restructuring" shall mean the completion, on a
         substantially contemporaneous basis and pursuant to documentation in
         form and substance satisfactory to the Agent, of each of the following
         transactions:

                  (a) SDI will cause the formation of two Indiana corporations,
              each of which will be a wholly-owned Subsidiary of SDI, one of
              which ("SDILP") will be named Steel Dynamics LP, Inc. or some
              other corporate name chosen by SDI and the other of which
              ("SDIGP") will be named Steel Dynamics GP, Inc. or some other
              corporate name chosen by SDI;

                  (b) All of the properties, assets (except intellectual
              property, the stock of SDI Investment Company and a certain amount
              of cash) and operations of SDI (the "SDI Operating Assets") will
              be transferred to SDILP in exchange for 100% of the issued and
              outstanding shares of SDILP and the assumption by SDILP of all the
              liabilities of SDI. SDI will contribute to SOTGP all of its cash
              not transferred to SDILP

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              in exchange for all of the issued and
              outstanding shares of SDIGP;

                  (c) SDIGP and SDILP will then form Steel Dynamics, LP, an
              Indiana limited partnership (the "Partnership"), with SDILP
              contributing the SDI Operating Assets (subject to SDI's
              liabilities, which will be assumed by the Partnership) in exchange
              for a 99% limited partnership interest, and SDIGP contributing its
              cash for a 1% general partnership interest, in the Partnership.
              All the employees of SDI immediately prior to the consummation of
              the Organizational Restructuring will become employees of the
              Partnership upon such consummation;

                  (d) SDI will also form a new Delaware subsidiary corporation,
              into which Iron Dynamics, Inc. will be merged, with the survivor
              being a wholly-owned Delaware subsidiary of SDI. Immediately
              following such merger, such Delaware subsidiary will be merged
              into a newly formed Delaware limited liability company ("Iron
              Dynamics, LLC"), which will be wholly-owned by the Partnership.

         "IDI Mergers" shall mean the completion, in connection with the SDI
         Organizational Restructuring, on a substantially contemporaneous basis
         and pursuant to documentation in form and substance satisfactory to
         the Agent of each of the following transactions:

                  (a) SDI will also form a new Delaware subsidiary corporation,
              into which Iron Dynamics, Inc. will be merged, with the survivor
              being a wholly-owned Delaware subsidiary of SDI.

                  (b) Immediately following such merger, such Delaware
              subsidiary will be merged into a newly formed Delaware limited
              liability company ("Iron Dynamics, LLC"), which will be
              wholly-owned by the Partnership with the result that Iron
              Dynamics, LLC, as successor by merger to Iron Dynamics, Inc.,
              will be the Borrower under this Agreement.

         (b) Ownership and Control of Borrower. On the date of the
effectiveness of the IDI Mergers, Schedule 3.15 to the

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Credit Agreement shall be amended and restated and replaced by Schedule 3.15
attached to this Agreement and made a part hereof.

         (c) Preservation of Corporate Status. Section 5.04 of the Credit
Agreement is hereby amended by adding at the beginning thereof the words
"Except for the IDI Mergers,".

         (d)  Consolidated Tax Return.  Section 5.11 of the Credit Agreement is
hereby amended and restated in its entirety to read as follows:

              "5.11. Consolidated Tax Return. The Borrower shall not, and shall
         not permit any other Loan Party to, file or consent to the filing of
         any consolidated income tax return with any Person other than a Loan
         party, SDI, the currently existing subsidiaries of SDI (which are New
         Millennium Building Systems, LLC and SDI Investment Company) and the
         other subsidiaries of SDI to be formed in connection with the SDI
         Organizational Restructuring."

         (e) Mergers, Acquisitions, etc. Section 6.09 of the Credit Agreement
is hereby amended by adding at the beginning thereof the words "Except for the
IDI Mergers,".

         (f) Dealings With Affiliates. Section 6.12 of the Credit Agreement is
hereby amended by adding at the end thereof a new Section 6.12(e) to read as
follows:

              "(e)  The IDI Mergers."

         (g) Identity of Borrower. Upon the effectiveness of the IDI Mergers,
the Borrower under the Credit Agreement shall become and be Iron Dynamics, LLC
and all references to "Borrower" in the Credit Agreement, the Notes and the
other Loan Documents shall mean Iron Dynamics, LLC.

         SECTION 2. WAIVER WITH RESPECT TO EBITDA. The Required Lenders hereby
waive (a) any requirement of Section 6.01(c) of the Credit Agreement with
respect to the cumulative negative EBITDA of the Borrower at the end of the
fiscal quarter ended December 31, 1999, and (b) any Event of Default and any
Potential Default which may have arisen pursuant to Section 7.01(d) of the
Credit Agreement as a result of the failure of the Borrower to comply with such
requirement of Section 6.01(c) at the end of such fiscal quarter in the absence
of the foregoing waiver.

         SECTION 4. REPRESENTATIONS AND WARRANTIES. The Borrower has furnished
to the Agent and each Lender a detailed

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work schedule for Completion of the Project, including the briquetters,
modifications to the submerged arc furnace and other capital expenditures, and
projections demonstrating the projected financial condition and results of
operations of the borrower (giving effect to such work schedule) for the period
commencing on January 1, 2000 and ending on December 31, 2002, which
projections are accompanied by a written statement of the assumptions and
estimates underlying such projections. Such projections were prepared on the
basis of such assumptions and estimates. Such projections, assumptions and
estimates and such work schedule, as of the date of preparation thereof and as
of the date of this Agreement, are reasonable, are made in good faith,
represent the Borrower's best judgment as to such matters on the date thereof
and do not contain assumptions or methods of calculation which are inconsistent
with the requirements of the Loan Documents as amended by this Agreement.
Nothing contained in this Section constitutes a representation or warranty that
such future financial performance or results of operations will in fact be
achieved.

         SECTION 5. DIRECTIONS TO AGENT. The Required Lenders hereby direct the
Agent to execute and deliver this Agreement and each document and instrument
referred to in Section 6 hereof to which the signature of the Agent is
necessary or appropriate.

         SECTION 6. EFFECTIVENESS. (a) The terms of this Agreement other than
the terms of Section 2 hereof shall become effective, as of the date of this
Agreement, upon the execution and delivery hereof by the Borrower, the Agent,
each Revolving Credit Lender and such additional Lenders as shall, together
with the Revolving Credit Lenders, constitute the Required Lenders.

         (b) The terms of Section 2 of this Agreement shall become effective
upon the first date on which each of the following conditions shall have been
satisfied:

              (i) Each of the conditions set forth in Section 6(a) hereof shall
         have been satisfied;

              (ii) The Agent shall have received, together with copies for each
         Lender, an omnibus amendment to the Credit Agreement, the Security
         Documents and such other Loan Documents as the Agent shall request,
         duly executed and delivered by Iron Dynamics, LLC, whereby Iron
         Dynamics, LLC confirms that it is the Borrower under the Credit
         Agreement, the Notes and the other Loan Documents, assumes all
         obligations, liabilities and duties of the Borrower thereunder,
         confirms the Liens thereunder and agrees to be bound thereby;

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<PAGE>   8

              (iii) The Agent shall have received replacement Notes duly
         executed by and naming Iron Dynamics, LLC as payor thereunder;

              (iv) The Agent shall have received such additional financing
         statements and/or amendments to financing statements with respect to
         the Collateral and naming Iron Dynamics, LLC, as Debtor, as the Agent
         shall request;

              (v) The Agent shall have received an amendment, in recordable
         form, to the lease with respect to the Project Site whereby Steel
         Dynamics, LP becomes the lessor thereunder and Iron Dynamics, LLC
         confirms that it is the lessee thereunder and each agrees to be bound
         thereby;

              (vi) The Agent shall have received an amendment, in recordable
         form, to the Mortgage with respect to the Project Site whereby Iron
         Dynamics, LLC confirms that it is the Mortgagor thereunder, assumes
         all obligations, liabilities and duties of the mortgagor thereunder,
         confirms the Liens thereunder and agrees to be bound thereby;

              (vii) The Agent shall have received a copy of an agreement
         whereby SDI and Steel Dynamics, LP each agrees and confirms that all
         obligations, liabilities and duties of SDI to the Borrower immediately
         prior to the SDI Organizational Restructuring, pursuant to all
         agreements and documents between SDI and the Borrower immediately
         prior to the SDI Organizational Restructuring, shall survive and
         continue as joint and several obligations, liabilities and duties of
         SDI and Steel Dynamics, LP to and for the benefit of Iron Dynamics,
         LLC;

              (viii) The Agent shall have received the agreement in writing of
         each of SDI, Steel Dynamics, LP and Iron Dynamics, LLC to, at any time
         and from time to time whether before or after the SDI Organizational
         Restructuring, upon request of the Agent, duly execute and deliver any
         and all such further documents, agreements and instruments and take
         any and all such further actions as the Agent may reasonably request
         in order to obtain for the Agent and the Lenders the full benefit of
         the terms of this Section 5 and the rights, powers and remedies
         conveyed under or pursuant to this Section 6;

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              (ix) Each of the documents, agreements and instruments referred
         to in this Section 6(b) shall be in form and substance satisfactory to
         the Agent.

         SECTION 7. MISCELLANEOUS. (a) The Credit Agreement, as amended or
modified by this Agreement, is in all respects ratified, approved and confirmed
and shall, as so amended and modified, remain in full force and effect. From
and after the date hereof, all references to the "Agreement" in the Credit
Agreement and in the other Loan Documents shall be deemed to be references to
the Credit Agreement as amended and modified by this Agreement.

         (b) This Agreement shall be deemed to be a contract under the laws of
the State of New York and for all purposes shall be governed by and construed
and enforced in accordance with the laws of said State.

         (c) This Agreement may be executed in any number of counterparts and
by the different parties hereto on separate counterparts, each of which, when
so executed, shall be deemed an original, but all such counterparts shall
constitute but one and the same instrument.

         IN WITNESS WHEREOF, the parties hereto, by their officers thereunto
duly authorized, have executed and delivered this Agreement as of the date
first above written.

                                            IRON DYNAMICS, INC.

                                            By /s/ Tracy L Shellabarger
                                              --------------------------------
                                            Title:

                                            MELLON BANK, N.A., as Lender,
                                              as Issuing Bank and as Agent

                                            By /s/
                                              --------------------------------
                                            Title:

                                      -9-

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                                            KREDITANSTALT FUR WIEDERAUFBAU

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

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

                                            COMERICA BANK

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

                                            NATIONAL CITY BANK, INDIANA

                                            By /s/
                                              --------------------------------
                                            Title:

                                            LASALLE BANK NATIONAL ASSOCIATION

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

                                      -10-<PAGE>   1

                                                                    EXHIBIT 4(K)

                                 THIRD AMENDMENT
                               TO CREDIT AGREEMENT

     This THIRD AMENDMENT TO CREDIT AGREEMENT (this "THIRD AMENDMENT") is dated
as of October 27, 1999 and entered into by and among PRIME HOSPITALITY CORP., a
Delaware corporation ("COMPANY"), the financial institutions listed on the
signature pages hereof ("LENDERS"), SOCIETE GENERALE, SOUTHWEST AGENCY, as
Documentation Agent, CREDIT LYONNAIS NEW YORK BRANCH, as Syndication Agent and
BANKERS TRUST COMPANY, as agent for Lenders ("AGENT"), and, for purposes of
Section 4 hereof, the Credit Support Parties listed on the signature pages
hereof, and is made with reference to that certain Amended and Restated Senior
Secured Credit Agreement dated as of December 17, 1997, by and among Company,
Lenders, Documentation Agent, Syndication Agent and Agent, as amended or
otherwise modified by that certain First Amendment to Credit Agreement dated as
of February 23, 1998, that certain Limited Waiver to Credit Agreement dated as
of August 5, 1998, and that certain Second Amendment to Credit Agreement dated
as of September 24, 1998 (collectively, the "CREDIT AGREEMENT"). Capitalized
terms used herein without definition shall have the same meanings herein as set
forth in the Credit Agreement.

                                    RECITALS

     WHEREAS, Company and Lenders desire to amend the Credit Agreement in the
manner set forth below,

     NOW, THEREFORE, in consideration of the premises and the agreements,
provisions and covenants herein contained, the parties hereto agree as follows:

     SECTION 1. AMENDMENTS TO THE CREDIT AGREEMENT

     1.1 AMENDMENTS TO SECTION 1: PROVISIONS RELATING TO DEFINED TERMS

     A. The definition of the term "New Sources" set forth in subsection 1.1 of
the Credit Agreement is hereby amended by deleting it in its entirety and
substituting the following therefor:

     "NEW SOURCES" means, as of any date of determination, the sum, without
duplication, of (a) Net Equity Proceeds and (b) Net Cash Proceeds derived from
any Asset Sale, less (i) any and all Supplemental Amounts expended from New
Sources pursuant to Subsection 5.19, (ii) any and all amounts expended from New
Sources pursuant to subsection 6.5 in connection with any Stock Repurchase
(exclusive of amounts expended pursuant to clause (i)(B) of subsection 6.5), and
(iii) two hundred percent (200%) of any and all amounts expended from New
Sources in connection with any Stock Repurchase pursuant to clause (i)(B) of
subsection 6.5."

     B. Subsection 1.1 of the Credit Agreement is hereby amended by adding
thereto the following definition, which shall be inserted in proper alphabetical
order:

<PAGE>   2

     "THIRD AMENDMENT EFFECTIVE DATE" shall have the meaning assigned to such
term in the Third Amendment to Credit Agreement dated as of October 27, 1999."

     1.2 AMENDMENTS TO SECTION 6: FINANCIAL COVENANTS

     Subsection 6.5 of the Credit Agreement is hereby amended by deleting it in
its entirety and substituting the following therefor:

"6.5 RESTRICTED PAYMENTS.

     The Loan Parties shall not, and shall not permit any of their respective
Subsidiaries to, directly or indirectly, declare, order, pay, make, give, or
publish notice or fix a date in respect of or set apart any sum for any
Restricted Payment, enter into an agreement or make any commitment to effect
any of the foregoing or take any other similar action in furtherance of or
otherwise in connection with the foregoing; provided that, (i) if no Event of
Default or Potential Event of Default exists and Company would then be able to
incur $1 of additional Indebtedness pursuant to the Mortgage Note indenture (as
in effect on the Closing Date), Company may elect to make one or more Stock
Repurchases and pay dividends or make other distributions on shares or purchase
shares of Capital Stock of Company in an aggregate amount not to exceed
$25,000,000, except that Company may (A) at any time during the 1999 calendar
year make one or more Stock Repurchases in an aggregate amount not to exceed
$50,000,000 over and above the $25,000,000 amount otherwise permitted herein
and (B) at any time make one or more Stock Repurchases in an aggregate amount
not to exceed $100,000,000 over and above the $25,000,000 amount or the
$50,000,000 amount, as applicable, otherwise permitted herein, provided that (1)
each such Stock Repurchase pursuant to clause (A) or (B) above shall be effected
only through the use of New Sources and (2) the aggregate amount applied in
respect of any Stock Repurchase pursuant to clause (B) above, if any, shall not
exceed fifty percent (50%) of New Sources then available therefor; (ii) Company
and its Subsidiaries may make Restricted Payments (but not any voluntary
prepayments) in respect of Indebtedness permitted pursuant to subsection 6.1 in
accordance with, and to the extent required by, the terms and provisions of the
applicable Indebtedness; (iii) Company may prepay Indebtedness permitted
pursuant to subsection 6.1 with the proceeds of refinancing indebtedness
permitted pursuant to subsection 6.1(c); (iv) Company may prepay Indebtedness
permitted pursuant to subsection 6.1(d), provided that the aggregate amount of
principal payments prior to the Maturity Date in respect of such Indebtedness
shall not exceed $20,000,000; and (v) Company may prepay Indebtedness referred
to in clause (i) of the definition of the term "Net Cash Proceeds" contained in
Section 1.1."

     SECTION 2. CONDITIONS TO EFFECTIVENESS

     Section 1 of this Third Amendment shall become effective only upon the
satisfaction of all of the following conditions precedent (the date of
satisfaction of such conditions being referred to herein as the "THIRD AMENDMENT
EFFECTIVE DATE"):

     A. On or before the Third Amendment Effective Date, Company shall deliver
to Agent executed copies of this Third Amendment (with sufficient originally
executed copies for each Lender and its counsel) dated the Third Amendment
Effective Date.

                                        2

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     B. On or before the Third Amendment Effective Date, all corporate and other
proceedings taken or to be taken in connection with the transactions
contemplated hereby and all documents incidental thereto not previously found
acceptable by Agent, acting on behalf of Lenders, and its counsel shall be
satisfactory in form and substance to Agent and such counsel, and Agent and such
counsel shall have received all such counterpart originals or certified copies
of such documents as Agent may reasonably request.

     SECTION 3. COMPANY'S REPRESENTATIONS AND WARRANTIES

     In order to induce Lenders to enter into this Third Amendment and to amend
the Credit Agreement in the manner provided herein, Company represents and
warrants to each Lender that the following statements are true, correct and
complete:

     A. CORPORATE POWER AND AUTHORITY. Each of Company and the Subsidiary
Guarantors that are a party hereto have all requisite corporate power and
authority to enter into this Third Amendment and to carry out the transactions
contemplated by, and perform its respective obligations under, the Credit
Agreement as amended by this Third Amendment (the "AMENDED AGREEMENT").

     B. AUTHORIZATION OF AGREEMENTS. The execution and delivery of this Third
Amendment and the performance of the Amended Agreement have been duly authorized
by all necessary corporate action on the part of Company and the Subsidiary
Guarantors, as the case may be.

     C. NO CONFLICT. The execution and delivery by each of Company and the
Subsidiary Guarantors that are a party hereto of this Third Amendment and the
performance by Company of the Amended Agreement do not, and will not, (i)
violate any provision of any law or any governmental rule or regulation
applicable to Company or any of its Subsidiaries, the Certificate or Articles of
Incorporation or Bylaws of Company or any of its Subsidiaries or any order,
judgment or decree of any court or other agency of government binding on
Company or any of its Subsidiaries, (ii) conflict with, result in a breach of or
constitute (with due notice or lapse of time or both) a default under any
Contractual Obligation of Company or any of its Subsidiaries, (iii) result in or
require the creation or imposition of any Lien upon any of the properties or
assets of Company or any of its Subsidiaries (other than Liens created under any
of the Loan Documents in favor of Agent on behalf of Lenders), or (iv) require
any approval of stockholders or any approval or consent of any Person under any
Contractual Obligation of Company or any of its Subsidiaries, except for such
approvals or consents which have been obtained on or before the Third Amendment
Effective Date and disclosed in writing to Agent and Lenders.

     D. GOVERNMENTAL CONSENTS. The execution and delivery by each of Company and
the Subsidiary Guarantors that are a party hereto of this Third Amendment and
any other operative document delivered pursuant to this Third Amendment and the
performance by Company of the Amended Agreement do not, and will not, require
any registration with, consent or approval of, or notice to, or other action to,
with or by, any federal, state or other governmental authority or regulatory
body.

                                        3

<PAGE>   4

     E. BINDING OBLIGATION. This Third Amendment and the Amended Agreement have
been duly executed and delivered by each of Company and the Subsidiary
Guarantors that are a party hereto, and will be legally valid and binding
obligations of Company and such Subsidiary Guarantors, enforceable against
Company and such Subsidiary Guarantors in accordance with their respective
terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws relating to or limiting creditors' rights generally
or by equitable principles relating to enforceability.

     F. GOVERNMENTAL REGULATION; SECURITIES ACTIVITIES. Neither the making of
the Loans pursuant to the Amended Agreement nor the granting of a Security
Interest in any Collateral (as defined in the Security Agreement) pursuant to
the Security Documents violates Regulations T, U or X of the Board of Governors
of the Federal Reserve System. It is not necessary in connection with the
execution and delivery of this Third Amendment or the Amended Agreement to
register the Loans under the Securities Act or to qualify any indenture under
the Trust Indenture Act of 1939, as amended.

     G. INCORPORATION OF REPRESENTATIONS AND WARRANTIES FROM CREDIT AGREEMENT.
The representations and warranties contained in Section 4 of the Credit
Agreement are and will be true, correct and complete in all material respects on
and as of the Third Amendment Effective Date to the same extent as though made
on and as of that date, except to the extent such representations and warranties
specifically relate to an earlier date, in which case they were true, correct
and complete in all material respects on and as of such earlier date.

     H. ABSENCE OF DEFAULT. No event has occurred and is continuing or will
result from the consummation of the transactions contemplated by this Third
Amendment that would constitute an Event of Default or a Potential Event of
Default.

     SECTION 4. ACKNOWLEDGEMENT AND CONSENT

     Each Credit Support Party hereby acknowledges that it has reviewed the
terms and provisions of the Credit Agreement and this Third Amendment and
consents to the amendment of the Credit Agreement effected pursuant to this
Third Amendment. Each Credit Support Party hereby confirms that each Credit
Support Document to which it is a party or otherwise bound and all Collateral
encumbered thereby will continue to guaranty or secure, as the case may be, to
the fullest extent possible the payment and performance of all "Guarantied
Obligations" and "Secured Obligations," as the case may be (in each case as such
terms are defined in the applicable Credit Support Document), including without
limitation the payment and performance of all such "Guarantied Obligations" or
"Secured Obligations," as the case may be, in respect of the Obligations of
Company now or hereafter existing under or in respect of the Amended Agreement
and the Notes defined therein.

     Each Credit Support Party acknowledges and agrees that any of the Loan
Documents and the Credit Support Documents to which it is a party or otherwise
bound shall continue in full force and effect and that all of its obligations
thereunder (which obligations on the date hereof remain absolute and
unconditional and are not subject to any defenses, set-offs or counterclaims)
shall be valid and enforceable and shall not be impaired or limited by the
execution or effectiveness of this Third Amendment. Each Credit Support Party
represents and

                                       4

<PAGE>   5

warrants that all representations and warranties contained in the Amended
Agreement and the Credit Support Documents to which it is a party or otherwise
bound are true, correct and complete in all material respects on and as of the
Third Amendment Effective Date to the same extent as though made on and as of
that date, except to the extent such representations and warranties specifically
relate to an earlier date, in which case they were true, correct and complete
in all material respects on and as of such earlier date.

      Each Credit Support Party (other than Company) acknowledges and agrees
that (i) notwithstanding the conditions to effectiveness set forth in this Third
Amendment, such Credit Support Party is not required by the terms of the Credit
Agreement or any other Loan Document to consent to the amendments to the Credit
Agreement effected pursuant to this Third Amendment and (ii) nothing in the
Credit Agreement, this Third Amendment or any other Loan Document shall be
deemed to require the consent of such Credit Support Party to any future
amendments to the Credit Agreement.

      SECTION 5. MISCELLANEOUS

      A.  REFERENCE TO AND EFFECT ON THE CREDIT AGREEMENT AND THE OTHER LOAN
DOCUMENTS.

      (i) On and after the Third Amendment Effective Date, each reference in the
      Credit Agreement to "this Agreement", "hereunder", "hereof", "herein" or
      words of like import referring to the Credit Agreement, and each reference
      in the other Loan Documents to the "Credit Agreement", "Thereunder",
      "Thereof" or words of like import referring to the Credit Agreement shall
      mean and be a reference to the Amended Agreement.

      (ii) Except as specifically amended by this Third Amendment, the Credit
      Agreement and the other Loan Documents shall remain in full force and
      effect and are hereby ratified and confirmed.

      (iii) The execution, delivery and performance of this Third Amendment
      shall not, except as expressly provided herein, constitute a waiver of any
      provision of, or operate as a waiver of any right, power or remedy of
      Agent or any Lender under, the Credit Agreement or any of the other Loan
      Documents.

      B. FEES AND EXPENSES. Company acknowledges that all costs, fees and
expenses as described in subsection 8.2 of the Credit Agreement incurred by
Agent and its counsel with respect to this Third Amendment and the documents and
transactions contemplated hereby shall be for the account of Company. Without
limiting the generality of the foregoing, and in addition to any other costs,
fees and expenses required to be paid by Company hereunder or under the Credit
Agreement or the other Loan Documents, Company agrees that it shall pay to each
Lender that consents to this Third Amendment an amount equal to the product of
(i) four hundredths of one percent (0.04%) and (ii) such Lender's Pro Rata Share
of the aggregate amount of the Commitments.

                                        5

<PAGE>   6

      C. EXHIBITS. The Credit Agreement is hereby further amended as follows:
(i) Exhibit XVI and Exhibit XVII to the Credit Agreement shall mean the exhibits
attached to the First Amendment as Annex D and Annex B thereto, respectively;
and (ii) the phrase "Exhibit XVI" in the definition of the term "Development
Plan" set forth in subsection 1.1 of the Credit Agreement is hereby deleted and
the phrase "Exhibit XVIII" substituted therefor.

      D. HEADINGS. Section and subsection headings in this Third Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Third Amendment for any other purpose or be given any substantive
effect.

      E. APPLICABLE LAW. THIS THIRD AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING
WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF
NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

      F. COUNTERPARTS; EFFECTIVENESS. This Third Amendment may be executed in
any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed an
original, but all such counterparts together shall constitute but one and the
same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages
are physically attached to the same document. This Third Amendment shall become
effective upon the execution of a counterpart hereof by Company, Lenders and
each of the Credit Support Parties and receipt by Company and Agent of written
or telephonic notification of such execution and authorization of delivery
thereof.

                [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                        6

<PAGE>   7

      IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to
be duly executed and delivered by their respective officers thereunto duly
authorized as of the date first written above.

                          PRIME HOSPITALITY CORP.

                          By: /s/ DOUGLAS VICARI
                              --------------------------------------
                              Name: Douglas Vicari
                              Title: SVP & CFO

                          HOMEGATE AUSTIN, INC.,
                          (for purposes of Section 4 only) as a Credit Support
                          Party

                          By: /s/ DOUGLAS VICARI
                              --------------------------------------
                              Name: Douglas Vicari
                              Title: President

                          HOMEGATE HOSPITALITY, INC.,
                          (for purposes of Section 4 only) as a Credit Support
                          Party

                          By: /s/ DOUGLAS VICARI
                              --------------------------------------
                              Name: Douglas Vicari
                              Title: President

                                       S-1

<PAGE>   8

                          BANKERS TRUST COMPANY,
                          as Agent and as a Lender

                          By: /s/ LAURA BURWICK
                              --------------------------------------
                              Name: Laura Burwick
                              Title: Principal

                                       S-2

<PAGE>   9

                          CREDIT LYONNAIS NEW YORK BRANCH,
                          as Syndication Agent and as a Lender

                          By: /s/ BRUNO DeFLOOR
                              --------------------------------------
                              Name: BRUNO DeFLOOR
                              Title: VICE PRESIDENT

                                      S-3
<PAGE>   10

                                  SOCIETE GENERALE, SOUTHWEST
                                  AGENCY,
                                  as Documentation Agent and as a Lender

                                  By: /s/ HUVISHKA ALI
                                     ------------------------------------
                                     Name: HUVISHKA ALI
                                     Title: VICE PRESIDENT

                                       S-4

<PAGE>   11

                                  BANK LEUMI USA,
                                  as a Lender

                                  By: /s/ CYNTHIA C. WILBAR
                                       ----------------------------------
                                       Name: CYNTHIA C. WILBAR
                                       Title: AVP

                                       S-5

<PAGE>   12

                                  BANKBOSTON, N.A.,
                                  as a Lender

                                  By: /s/ ROBERT C. AVIL
                                     ------------------------------------
                                      Name: Robert C. Avil
                                      Title: Director

<PAGE>   13

                                  BANK ONE, TEXAS NATIONAL
                                  ASSOCIATION,
                                  as a Lender

                                  By: /s/ CHARLES L. CRANE
                                     ------------------------------------
                                     Name:
                                     Title:

                                       S-7

<PAGE>   14

                                  CIBC, INC.,
                                  as a Lender

                                  By: /s/ DEAN J. DECKER
                                     ------------------------------------
                                     Name:  Dean J. Decker
                                     Title: Executive Director
                                            CIBC World Markets Corp., AS AGENT

                                       S-8

<PAGE>   15

                                         IMPERIAL BANK,
                                         as a Lender

                                         By:  /s/ STEVEN K. JOHNSON
                                              -------------------------
                                              Name:    STEVEN K. JOHNSON
                                              Title: SENIOR VICE PRESIDENT

                                      S-10

<PAGE>   16

                                         BANK OF AMERICA, N.A.,
                                         f/k/a NATIONSBANK, N.A.,
                                         as a Lender

                                         By:  /s/ MATT JUALL
                                              -----------------
                                              Name:  Matt Juall
                                              Title: Vice President

                                      S-11

<PAGE>   17

                                         ORIX USA CORPORATION,
                                         as a Lender

                                         By:  /s/ KAZUSOSTIA KAWABATA
                                              -------------------------
                                              Name:  Kazusostia Kawabata
                                              Title: Vice President

                                      S-12

<PAGE>   18

                                         PNC BANK, N.A.,
                                         as a Lender

                                         By:  /s/ GREGORY J. McMANUS
                                              -------------------------
                                              Name:  GREGORY J. McMANUS
                                              Title:    VICE PRESIDENT

                                      S-13

<PAGE>   19

                                         SOUTHERN PACIFIC BANK,
                                         as a Lender

                                         By:  /s/ MUNYOUNG KIM
                                              -------------------------
                                              Name:  MunYoung Kim
                                              Title:  Vice President

                                      S-14

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