Document:

Exhibit 10.2

 

FIRST AMENDMENT TO CONTRIBUTION AGREEMENT

 

This FIRST AMENDMENT TO CONTRIBUTION AGREEMENT (this “Amendment”) dated as of January 22, 2016 is entered into by and among WPPI BELLEVUE MFS, LLC, a Washington limited liability company (“WPPI”), CWI 2 BELLEVUE HOTEL, LLC, a Delaware limited liability company (f/k/a CWI Bellevue Hotel, LLC) (the “Company”), CWI OP, LP, a Delaware limited partnership (“CWI-1”), and CWI 2 OP, LP, a Delaware limited partnership (“CWI-2 Member”).

 

W I T N E S S E T H:

 

WHEREAS, WPPI, the Company, CWI-2 Member, and CWI-1, have entered into that certain Contribution Agreement, dated as of September 11, 2015 (as the same may be amended, modified or supplemented, the “Agreement”; all capitalized terms used but not defined herein shall have the meanings set forth in the Agreement); and

 

WHEREAS, WPPI, the Company, CWI-1, and CWI-2 Member have agreed to amend the Agreement in accordance with the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the mutual promises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.         Removal and Release of CWI 1 Member. Each of WPPI, the Company, CWI-1 and CWI-2 Member hereby agree that CWI-1 is no longer a part of the transactions contemplated by the Agreement and CWI-2 Member shall take on all obligations thereof, including, without limitation, the obligations of CWI-1.  For the avoidance of doubt, CWI-2 Member shall be obligated to perform and hereby assumes all of the obligations of CWI-1 that were originally set forth in the Agreement.  Accordingly, as of the date hereof, WPPI, the Company, CWI-1 and CWI-2 Member agree that (a) CWI-1’s various rights, remedies, powers, privileges, liabilities and obligations (including, without limitation, any of the foregoing that expressly survive termination of the Agreement) are terminated as of the date of this Amendment, (b) CWI-1 is released as to any and all obligations or liabilities under the Agreement, and (c) WPPI is released as to any and all obligations or liabilities originally set forth under the Agreement running to CWI-1; provided, however, for the avoidance of doubt, the foregoing release shall not apply to any obligations under the Agreement that are or shall be owed by WPPI to CWI-2 Member under the Agreement (regardless of when the same arise or arose), including, without limitation, those owing to CWI-2 as a result of this Amendment.  In connection with the foregoing, each of WPPI, the Company, CWI-1 and CWI-2 Member hereby agree that (x) all references to “CWI 1 Member” and “CWI Members” in the Agreement shall be deleted and replaced with “CWI Member”, and (y) after modifying the Agreement pursuant to clause (x) above, any remaining references to CWI-1 in the Agreement shall be deleted in their entirety.

 

2.         Amended and Restated LLC Agreement. Exhibit F of the Agreement is hereby deleted in its entirety and replaced with Exhibit A attached to this Amendment.

 

3.         Indemnification. CWI and WPPI acknowledge that those vendors and their related agreements listed on Schedule 3 attached hereto (collectively, the “Vendor Agreements”) either 

 

 

have not timely complied with requests or have declined to consent to assignments of such Vendor Agreements to an affiliate of CWI in connection with the anticipated Closing.  The parties shall continue to work to cause the counter-parties to the Vendor Agreements to acknowledge the new ownership and either consent to the assignment or enter into new agreements.  CWI agrees to execute normal and customary documentation requested by the counter-parties to the Vendor Agreements for new customers in connection with such assignments.  WPPI shall, per the terms of Section 5.4 of the Agreement, indemnify, defend, protect and hold harmless the CWI Indemnified Parties for Claims and Losses related to periodic payments first due or for itemized services performed or materials supplied under the Vendor Agreements prior to the Closing Date, provided that in this sole instance as to such Vendor Agreements in such timeframe, the Threshold Amount shall not be applicable to such Claims or Losses.  CWI agrees that the periodic payments first due or itemized services performed or materials supplied on or after the Closing Date as to the Vendor Agreements shall be Assumed Liabilities under the Agreement and CWI shall indemnify the WPPI Indemnified Parties therefore under the terms of Section 5.4.2 of the Agreement.  The Parties’ rights and obligations under Section 3 shall survive the Closing.

 

4.         WPPI Contribution.  The first sentence of Section 2.1 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“On the terms and subject to the conditions set forth in this Agreement, at Closing, WPPI shall transfer, assign and contribute to the Company the property and assets set forth in this Section 2.1 (collectively, the “Property”), in exchange for a 4.60% interest (as such percentage may increase or decrease based upon the final capitalization of the Company) in the Company as a capital contribution (the “WPPI Contribution”).”

 

5.         CWI Contribution.  The first sentence of Section 2.5 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“At Closing, the CWI Members shall contribute One Hundred Seventy-Nine Million Dollars ($179,000,000) (such sum, as adjusted pursuant to the terms of this Agreement and less the Good Faith Deposit) (the “CWI Contribution”) in cash to the Company, in exchange for the CWI Members receiving a 95.40% interest (as such percentage may increase or decrease based upon the final capitalization of the Company) in the Company (the “CWI Membership Interests”).”

 

6.         Closing.  Section 2.6.1 of the Agreement is hereby amended by adding the following sentences to the end of the paragraph:

 

“The parties recognize that, pursuant to in accordance with this Section 2.6.1, CWI has increased the amount of the Good Faith Deposit by Two Hundred Fifty Thousand Dollars ($250,000) and exercised its right to extend the Closing to January 20, 2016.  The parties now agree to further extend the Outside Closing Date by six (6) calendar days to January 26, 2016.”

 

7.         Exceptions to Title. The second sentence of Section 2.8.3(c) of the Agreement is hereby deleted in its entirety and replaced with the following:

 

 

“To the extent the New Title Exception relates to a lien filed against the Property that WPPI is obligated or elects to discharge and such lien was filed against the Property within ten (10) business days of the Target Closing Date or the Outside Closing Date, as applicable, WPPI shall have the right to elect by written notice to CWI to extend the Target Closing Date or the Outside Closing Date, as applicable, up to ten (10) calendar days, but in no event beyond February 2, 2016, to allow WPPI the ability to remove or cure such New Title Exception.”

 

8.         Ratification.  Except as modified hereby, the Agreement shall remain in full force and effect, and is hereby ratified and confirmed in all respects.  To the extent there is any conflict between the terms of this Amendment and the Agreement, the terms of this Amendment shall govern.

 

9.         Counterparts.  This Amendment may be executed in one or more counterparts, each of which shall constitute an original and all of which when taken together shall constitute one and the same instrument.  An executed facsimile or .pdf of this Amendment may be relied upon as having, and shall be deemed to have, the same force and effect as an original.

 

10.       GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF WASHINGTON, WITHOUT GIVING EFFECT TO ANY PRINCIPLES REGARDING CONFLICT OF LAWS.

 

[signature page to follow]

 

 

IN WITNESS WHEREOF, each party hereto has caused this Amendment to be executed and delivered in its name by a duly authorized officer or representative.

 

	
 
    	
WPPI:
    
	
 
    	
 
    
	
 
    	
WPPI   BELLEVUE MFS, LLC,
    
	
 
    	
a   Washington limited liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: /s/   Kevin Carlson
    
	
 
    	
Name:   Kevin Carlson
    
	
 
    	
Title:
    

 

 

[First Amendment to Contribution Agreement]

 

 

	
 
    	
COMPANY:
    
	
 
    	
 
    
	
 
    	
CWI 2   BELLEVUE HOTEL, LLC,
    
	
 
    	
a Delaware   limited liability company
    
	
 
    	
 
    
	
 
    	
By: /s/   Michael G. Medzigian
    
	
 
    	
Name:   Michael G. Medzigian
    
	
 
    	
Title:   Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CWI-1:
    
	
 
    	
 
    
	
 
    	
CWI   OP, LP,
    
	
 
    	
a   Delaware limited partnership
    
	
 
    	
 
    
	
 
    	
By:
    	
Carey   Watermark Investors Incorporated,
    
	
 
    	
 
    	
a Maryland   corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: /s/   Michael G. Medzigian
    
	
 
    	
Name:   Michael G. Medzigian
    
	
 
    	
Title:   Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CWI-2   MEMBER:
    
	
 
    	
 
    
	
 
    	
CWI 2   OP, LP,
    
	
 
    	
a   Delaware limited partnership
    
	
 
    	
 
    
	
 
    	
By:
    	
Carey   Watermark Investors 2 Incorporated,
    
	
 
    	
 
    	
a Maryland   corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: /s/   Michael G. Medzigian
    
	
 
    	
 
    	
Name:   Michael G. Medzigian
    
	
 
    	
 
    	
Title:   Chief Executive Officer
    

 

 

[First Amendment to Contribution Agreement]

 

 

EXHIBIT A

 

AMENDED AND RESTATED LIMITED LIABILITY AGREEMENT

 

 

SCHEDULE 3

 

ASSUMED VENDOR CONTRACTS

 

 

 

	
1.
    	
NuCO2   Beverage Gas Equipment/Product Supply (Bulk CO2 Tank & Equipment)
    
	
 
    	
 
    
	
2.
    	
Oracle   Sales Contract (formerly Micros Systems, Inc.), by and between Oracle   and Seattle Marriot BellevueEX-10.1

 Exhibit 10.1 

AMENDMENT NO. 3 TO 

AMENDED AND RESTATED FOUR YEAR CREDIT AGREEMENT 

AMENDMENT (this “Amendment”) dated as of January 27, 2016 to the Amended and Restated Four Year Credit Agreement dated
as of March 11, 2011, as amended by Amendment No. 1 dated as of April 19, 2013 and by Amendment No. 2 dated as of October 17, 2014 (the “Credit Agreement”) among LEIDOS HOLDINGS, INC. (formerly known as
SAIC, Inc., the “Borrower”), LEIDOS, INC. (formerly known as Science Applications International Corporation, as guarantor (the “Guarantor”), the LENDERS party thereto (the “Lenders”) and CITIBANK,
N.A., as Administrative Agent (the “Agent”). 
 PRELIMINARY STATEMENTS: 

(1) The Borrower and the Requisite Lenders have agreed to amend the Credit Agreement as hereinafter set forth. 

(2) Pursuant to Section 2.13 of the Credit Agreement, the Borrower has requested that the Maturity Date be extended for one year, to
March 11, 2018. 
 SECTION 1. Defined Terms; References. Unless otherwise specifically defined herein, each term used herein
that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each
reference to “this Agreement” and each other similar reference contained in the Credit Agreement shall, after this Amendment becomes effective, refer to the Credit Agreement as amended hereby. 

SECTION 2. Amendment. The definitions of “FATCA” and “IBOR” are amended in full to read as follows: 

“FATCA” means Sections 1471 through 1474 of the Code or any amended or successor version that is substantially
comparable, any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection with any of the foregoing and
any fiscal or regulatory legislation, rules or practices adopted pursuant to any such intergovernmental agreement. 

“IBOR” shall mean, with respect to any Interest Period for a Dollar LIBOR Loan or Foreign Currency Loan, the rate per annum
determined by the Administrative Agent as follows: 
 (a) in the case of a Dollar LIBOR Loan, the rate (“Dollar LIBOR”)
appearing on Reuters Page LIBOR01 (or on any successor or substitute page of Reuters, or any successor to or substitute for Reuters, providing rate quotations comparable to those currently provided on such page of Reuters, as determined by the
Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in the London interbank market) at 

 
approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for Dollar deposits with a maturity comparable to such Interest Period; or

 (b) in the case of a Euromarket Funded Foreign Currency Loan, the rate (“London IBOR”) appearing on Reuters Screen
LIBOR01 (or on any successor or substitute page of Reuters, or any successor to or substitute for Reuters, providing rate quotations comparable to those currently provided on such page of Reuters, as determined by the Administrative Agent from time
to time for purposes of providing quotations of interest rates applicable to deposits in the London interbank market) at approximately 11:00 A.M., London time, two Business Days prior to the commencement of such Interest Period, as the rate for
deposits in such Foreign Currency with a maturity comparable to such Interest Period; or 
 (c) in the case of a Locally Funded Foreign
Currency Loan, the rate (“Local Market IBOR”) appearing on Reuters Screen LIBOR01 (or on any successor, substitute or alternative page of Reuters, or any successor to, substitute for or alternative to Reuters as determined by the
Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in the applicable interbank market) at approximately 11:00 A.M., local time, two Business Days prior to the commencement of such
Interest Period, as the rate for deposits in such Foreign Currency with a maturity comparable to such Interest Period; 
 provided, in each case, if IBOR
shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 
 SECTION 3. Consent to Extension
Request. Each Lender so indicating on its signature page to this Amendment agrees to extend the Maturity Date with respect to its Commitment for a period of one year, expiring March 11, 2018. This agreement to extend the Maturity Date is
subject in all respects to the terms of the Credit Agreement and is irrevocable. 
 SECTION 4. Representations of Borrower. The
Borrower represents and warrants that (i) the representations and warranties of the Borrower set forth in Article V of the Credit Agreement will be true on and as of the Amendment Effective Date and (ii) no Default will have occurred and
be continuing on such date. 
 SECTION 5. Governing Law. This Amendment shall be governed by and construed in accordance with the
laws of the State of New York. 
 SECTION 6. Counterparts. This Amendment may be signed in any number of counterparts, each of which
shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

  
 2 

 SECTION 7. Effectiveness. Each Lender that consents to the Extension Request shall so
indicate its consent by executing as indicated on the signature pages. Section 2 of this Amendment shall become effective on the date when the following conditions are met (the “Amendment Effective Date”): 

(a) the Agent shall have received from each of the Borrower and the Requisite Lenders a counterpart hereof signed by such party
or facsimile or other written confirmation (in form satisfactory to the Agent) that such party has signed a counterpart hereof; and 

(b) the Agent shall have received an amendment fee for the account of each Lender that agrees to extend the Maturity Date with
respect to its Commitment in an amount equal to 0.04% of such Lender’s Commitment. 

  
 3 

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

			
	LEIDOS HOLDINGS, INC.
		
	By:	 	 /s/ Marc H. Crown

		 	Name: Marc H. Crown
		 	Title: SVP and Treasurer
	
	LEIDOS, INC.
		
	By:	 	 /s/ Marc H. Crown

		 	Name: Marc H. Crown
		 	Title: SVP and Treasurer
	
	CITIBANK, N.A., as Agent and as a Lender
		
	By:	 	 /s/ Susan Olsen

		 	Name: Susan Olsen
		 	Title: Vice President

  
 4 

			
	Consent to the forgoing Amendment:
	
	CITIBANK, N.A.
		
	By	 	 /s/ Susan Olsen

		 	Name: Susan Olsen
		 	Title: Vice President
	
	Consent to the Extension Request:
	
	CITIBANK, N.A.
		
	By	 	 /s/ Susan Olsen

		 	Name: Susan Olsen
		 	Title: Vice President

			
	Consent to the forgoing Amendment:
	
	BANK OF AMERICA, N.A.
		
	By	 	 /s/ Stuart Bonomo

		 	Name: Stuart Bonomo
		 	Title: Director
	
	Consent to the Extension Request:
	
	BANK OF AMERICA, N.A.
		
	By	 	 /s/ Stuart Bonomo

		 	Name: Stuart Bonomo
		 	Title: Director

			
	Consent to the forgoing Amendment:
	
	THE BANK OF NOVA SCOTIA
		
	By	 	 /s/ Winston Lua

		 	Name: Winston Lua
		 	Title: Director
	
	Consent to the Extension Request:
	
	THE BANK OF NOVA SCOTIA
		
	By	 	 /s/ Winston Lua

		 	Name: Winston Lua
		 	Title: Director

			
	Consent to the forgoing Amendment:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By	 	 /s/ Dhiren Desai

		 	Name: Dhiren Desai
		 	Title: Vice President
	
	Consent to the Extension Request:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By	 	 /s/ Dhiren Desai

		 	Name: Dhiren Desai
		 	Title: Vice President

			
	Consent to the forgoing Amendment:
	
	MORGAN STANLEY BANK, N.A.
		
	By	 	 /s/ Michael King

		 	Name: Michael King
		 	Title: Authorized Signatory
	
	Consent to the Extension Request:
	
	MORGAN STANLEY BANK, N.A.
		
	By	 	 /s/ Michael King

		 	Name: Michael King
		 	Title: Authorized Signatory

			
	Consent to the forgoing Amendment:
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By	 	 /s/ Lukas Coleman

		 	Name: Lukas Coleman
		 	Title: Vice President
	
	Consent to the Extension Request:
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By	 	 /s/ Lukas Coleman

		 	Name: Lukas Coleman
		 	Title: Vice President

			
	Consent to the forgoing Amendment:
	
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
		
	By	 	 /s/ Maria Iarriccio

		 	Name: Maria Iarriccio
		 	Title: Director
	
	Consent to the Extension Request:
	
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
		
	By	 	 /s/ Maria Iarriccio

		 	Name: Maria Iarriccio
		 	Title: Director

			
	Consent to the forgoing Amendment:
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By	 	 /s/ Steven Day

		 	Name: Steven Day
		 	Title: AVP
	
	Consent to the Extension Request:
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By	 	 /s/ Steven Day

		 	Name: Steven Day
		 	Title: AVP

			
	Consent to the forgoing Amendment:
	
	THE BANK OF NEW YORK MELLON
		
	By	 	  

		 	Name:
		 	Title:
	
	Consent to the Extension Request:
	
	THE BANK OF NEW YORK MELLON
		
	By	 	  

		 	Name:
		 	Title:

			
	Consent to the forgoing Amendment:
	
	SUNTRUST BANK
		
	By	 	 /s/ Anika Kirs

		 	Name: Anika Kirs
		 	Title: Vice President
	
	Consent to the Extension Request:
	
	SUNTRUST BANK
		
	By	 	 /s/ Anika Kirs

		 	Name: Anika Kirs
		 	Title: Vice President

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