Eleventh Amendment to Credit Agreement among Starwood Hotels & Resorts and Lenders

Summary

This amendment, dated November 20, 2001, modifies the existing Credit Agreement between Starwood Hotels & Resorts, its affiliates, and a group of lenders. The changes include adjustments to repayment schedules, financial covenants, and limits on certain financial activities. It also allows for specific transactions involving the transfer and restructuring of ownership in Italian hotel assets. The amendment sets new conditions for dividend payments, investments, and intercompany transactions, and outlines requirements for releasing certain guarantors and collateral if specific conditions are met.

EX-10.1 3 a2064982zex-10_1.txt EXHIBIT 10.1 EXHIBIT 10.1 ELEVENTH AMENDMENT TO CREDIT AGREEMENT ELEVENTH AMENDMENT TO CREDIT AGREEMENT (this "AMENDMENT"), dated as of November 20, 2001, among STARWOOD HOTELS & RESORTS, a Maryland real estate investment trust ("STARWOOD REIT"), SLT REALTY LIMITED PARTNERSHIP, a Delaware limited partnership ("SLT RLP"), STARWOOD HOTELS & RESORTS WORLDWIDE, INC., a Maryland corporation (the "CORPORATION"), SHERATON HOLDING CORPORATION, a Nevada corporation (f/k/a ITT Corporation) ("ITT" and, together with Starwood REIT, SLT RLP and the Corporation, the "ORIGINAL BORROWERS"), the other Credit Parties (as defined in the Credit Agreement referred to below), the lenders from time to time party to the Credit Agreement referred to below (the "LENDERS"), BANKERS TRUST COMPANY and THE CHASE MANHATTAN BANK, as Administrative Agents (in such capacity, the "ADMINISTRATIVE AGENTS") and LEHMAN COMMERCIAL PAPER INC. and BANK OF MONTREAL, as Syndication Agents (in such capacity, the "SYNDICATION AGENTS") and BANKERS TRUST COMPANY, as Collateral Agent (in such capacity, the "COLLATERAL AGENT"). Unless otherwise defined herein, all capitalized terms used herein shall have the respective meanings provided such terms in the Credit Agreement referred to below. W I T N E S S E T H: - - - - - - - - - - WHEREAS, the Original Borrowers, the Lenders, the Administrative Agents and the Syndication Agents are parties to that certain Credit Agreement, dated as of February 23, 1998 (as amended, modified or supplemented to the date hereof, the "CREDIT AGREEMENT"); WHEREAS, the Corporation and its Subsidiaries desire to (i) modify certain Tranche II Scheduled Repayment Dates and Tranche II Scheduled Repayment amounts set forth in Section 4.02(b)(ii) of the Credit Agreement for Tranche II Term Loan repayments, (ii) modify certain mandatory repayment requirements, based upon voluntary prepayments of Senior Notes, set forth in Section 4.02(k) of the Credit Agreement, (iii) obtain a waiver of the limits under Section 9.03(a)(ii) of the Credit Agreement with respect to Starwood REIT's Dividend payment to its shareholders for the fourth quarter of Fiscal Year 2001 in an amount not to exceed $42,000,000; (iv) provide for certain conditions in Section 9.03(a)(iv) of the Credit Agreement with respect to the ability of Starwood REIT and/or the Corporation to repurchase shares of their common stock or make payments in respect of Forward Equity Transactions, (v) reduce the maximum dollar amount for aggregate Capitalized Lease Obligations and the aggregate principal amount of Non-Recourse Indebtedness permitted to be incurred under Section 9.04(iv) of the Credit Agreement, (vi) reduce the maximum dollar amount for aggregate investments for the purpose of obtaining management contracts set forth in Section 9.05(xi) of the Credit Agreement, (vii) reduce the maximum dollar amount for the aggregate amount permitted to be invested to purchase mortgage notes under Section 9.05(xii) of the Credit Agreement, (viii) reduce the maximum dollar amount for aggregate Capital Expenditures set forth in Section 9.07(c) of the Credit Agreement, (ix) modify the required Combined Interest Coverage Ratio set forth in Section 9.08 of the Credit Agreement for the period from and including April 1, 2001 and thereafter, (x) modify the maximum Combined Leverage Ratio set forth in Section 9.09 of the Credit Agreement for the period from and including July 1, 2000 and thereafter, (xi) modify the Combined Adjusted Interest Coverage Ratio set forth in Section 9.10 of the Credit Agreement for the period from and including April 1, 2001 and thereafter, (xii) increase the dollar threshold set forth in Section 10.04 of the Credit Agreement for cross defaults under other agreements and (xiii) modify the Euro Rate Loan Margin percentages set forth in the definition of "Applicable Commitment Commission Percentage and Applicable Margin" under Section 11.01 of the Credit Agreement; WHEREAS, the Corporation and its Subsidiaries desire also to modify the Credit Agreement and the other Credit Documents so that, from and after the Guarantor Release Date, if such date occurs, (i) certain Guarantors shall be released from the Guaranty and certain Pledge and Security Collateral shall be released from the Pledge and Security Agreement, all as more particularly described in this Amendment, and (ii) the Corporation and its Subsidiaries may enter into certain intercompany transactions with the released Guarantors; WHEREAS, Sheraton International, Inc., a Delaware corporation ("SHERATON INTERNATIONAL") owns one hundred percent (100%) of the Capital Stock of Starwood Italia SRL, an Italian company ("NEW CIGA OWNER"); WHEREAS, (i) Sheraton International and New CIGA Owner and (ii) Starwood CIGA Holdings, LLC, a Delaware limited liability company ("CIGA BORROWER"), currently own, respectively, thirty-four percent (34%) and sixty-six percent (66%) of the Ordinary Shares of CIGA Compagnia Italiana Grandi Alberghi S.p.A., an Italian company ("CIGA"); WHEREAS, CIGA owns one hundred percent (100%) of the Capital Stock of CIGA Hotels Italia, SRL, an Italian company ("CIGA ITALIA HOLDINGS"); WHEREAS, CIGA Italia Holdings owns one hundred percent (100%) of the Capital Stock of various Subsidiaries which own the CIGA hotel assets in Italy, including real property and hotel improvements, the "going concern" assets, personal property and leasing and management agreements relating to the operation of the CIGA hotel assets in Italy (such assets being referred to, collectively, as the "CIGA ASSETS"); WHEREAS, the Corporation and its Subsidiaries desire to transfer all of the Ordinary Shares and any other Capital Stock in CIGA owned by CIGA Borrower and Sheraton International to New CIGA Owner, so that after giving effect to such transfers, CIGA shall become a Wholly-Owned Foreign Subsidiary of New CIGA Owner (such transfers being referred to, collectively, as the "CIGA STOCK TRANSFER"); WHEREAS, in connection with the CIGA Stock Transfer, the Corporation and its Subsidiaries desire the flexibility to cause New CIGA Owner (i) to issue to CIGA Borrower and Sheraton International, proportionate to their respective contributions, new Capital Stock in New CIGA Owner and (ii) to incur intercompany Indebtedness, which, when combined with (a) the fair market value of the newly-issued Capital Stock in New CIGA Owner and (b) the New CIGA Owner Financing (as defined below), if any, will be equal to the fair market value in respect of the Capital Stock transferred in the CIGA Stock Transfer (such new Capital Stock in New CIGA Owner being referred to herein as the "NEW CIGA OWNER SHARES", and the -2- transactions contemplated thereby being referred to, collectively, as the "NEW CAPITAL STOCK TRANSACTION"); WHEREAS, in connection with the CIGA Stock Transfer and the New Capital Stock Transaction, the Corporation and its Subsidiaries desire the flexibility to incur, or cause New CIGA Owner to incur, Indebtedness, or to cause CIGA Borrower to amend and modify the CIGA Bridge Loan, PROVIDED, such Indebtedness is to be incurred, or such amendment or modification of the CIGA Bridge Loan is to be made, only to the extent such Indebtedness is permitted under Section 9.04(xvii) of the Credit Agreement and Section 12 of Part I of this Amendment (such new Indebtedness or modification and amendment to the CIGA Bridge Loan, the "NEW CIGA OWNER FINANCING"); WHEREAS, the Corporation and its Subsidiaries agree that, as a condition to the consummation of the New CIGA Owner Financing, the CIGA Bridge Loan shall be permanently repaid in full and all commitments thereunder shall be terminated; WHEREAS, the New CIGA Owner Financing may require, among other things, that the New CIGA Owner pledge for the benefit of the lenders under the New CIGA Owner Financing (such lenders being referred to herein as the "NEW CIGA LENDERS") all of New CIGA Owner's right, title and interest in and to the Ordinary Shares of CIGA as security for the New CIGA Owner Financing; WHEREAS, in connection with, and after giving effect to, the CIGA Stock Transfer and the New Capital Stock Transaction, the Corporation and its Subsidiaries desire the flexibility to transfer the CIGA Assets between and among certain of the Wholly-Owned Foreign Subsidiaries to facilitate future sales from time to time of all or a portion of the CIGA Assets to third party buyers (the transfers and dispositions contemplated thereby being referred to, collectively, as the "NEW CIGA OWNER RESTRUCTURING"); WHEREAS, the Original Borrowers desire to modify the Credit Agreement so that the ability to incur Alternate Currency Revolving Loans denominated in French Francs shall be replaced with the ability to incur Alternate Currency Revolving Loans denominated in Euros; and WHEREAS, in connection with the foregoing, the Borrowers wish to request certain modifications to provisions in the Credit Agreement and the Credit Documents and certain waivers from restrictions set forth in certain sections of the Credit Agreement and the Credit Documents in order to permit the matters described herein, subject to all of the terms and provisions contained in this Amendment and only to the extent set forth in this Amendment. NOW, THEREFORE, it is agreed: PART I. WAIVERS, AMENDMENTS AND AGREEMENTS WITH RESPECT TO THE CREDIT AGREEMENT AND THE OTHER CREDIT DOCUMENTS. SECTION 1. MANDATORY REPAYMENTS; SECTIONS 4.02(b)(ii), 4.02(e) AND 4.02(k). (a) From and after the Section 1 Effective Date (as defined in Part II hereof), Section 4.02(b)(ii) of the Credit Agreement shall be amended by (i) deleting the Tranche II Scheduled Repayment -3- Dates and corresponding Tranche II Scheduled Repayment amounts for the period following and including "November 23, 2001" and (ii) inserting in lieu thereof the following: "February 23, 2002 $25,000,000 May 23, 2002 $25,000,000 August 23, 2002 $75,000,000 November 23, 2002 $75,000,000 Tranche II Maturity Date $600,000,000". (b) From and after the Eleventh Amendment Effective Date, Section 4.02(e) of the Credit Agreement shall be amended by inserting after the last word of the last sentence thereof the following text: "and any Net Sale Proceeds from any Asset Sales occurring after the Eleventh Amendment Effective Date (other than Asset Sales involving the Assets of Foreign Subsidiaries (including the CIGA Assets)) shall not be permitted to be reinvested pursuant to this Section 4.02(e)". (c) From and after the Eleventh Amendment Effective Date, Section 4.02(k) of the Credit Agreement shall be amended by inserting immediately after the phrase "requirements of the Eighth Amendment" appearing therein the following text: "and excluding any payment of Series A Convertible Senior Notes on or about May 25, 2002 as a result of any exercise of the purchase rights by the holders thereof requiring the Corporation to purchase such holders' outstanding Series A Convertible Senior Notes on such date". SECTION 2. RESTRICTED PAYMENTS; SECTIONS 9.03(a)(ii) AND 9.03(a)(iv). (a) Notwithstanding anything in the Credit Agreement to the contrary and so long as no Specified Default and no Event of Default then exists or would exist after giving effect to this Amendment, the Lenders hereby waive any violation of the limits under Section 9.03(a)(ii) of the Credit Agreement that may result from Starwood REIT's fourth quarter Dividend payment to its shareholders for Fiscal Year 2001, PROVIDED such Dividend payment shall not exceed $42,000,0000. (b) Section 9.03(a)(iv) of the Credit Agreement is hereby amended by inserting immediately after the last parenthesis at the end of the paragraph therein the following proviso: "; PROVIDED that (i) from and after the Eleventh Amendment Effective Date to and including March 31, 2002, Starwood REIT and/or the Corporation will not be permitted to repurchase shares of their own common stock or make payments in respect of Forward Equity Transactions pursuant to this Section 9.03(a)(iv) and (ii) thereafter, Starwood REIT and/or the Corporation will not -4- be permitted to repurchase shares of their own common stock or make payments in respect of Forward Equity Transactions pursuant to this Section 9.03(a)(iv) without the consent of the Required Lenders if, at the time of the respective stock repurchase or Forward Equity Transaction pursuant to this Section 9.03(a)(iv) and after giving effect thereto, the Combined Leverage Ratio is greater than 4.5:1.0". SECTION 3. INDEBTEDNESS; SECTIONS 9.04(iv), 9.04(vii) AND 9.04(x). (a) Section 9.04(iv) of the Credit Agreement shall be amended by (i) deleting the dollar amount "$300,000,000" therein and (ii) inserting in lieu thereof the dollar amount "$150,000,000". (b) From and after the New CIGA Owner Financing Date, Section 9.04(vii) of the Credit Agreement shall be amended by (i) deleting the phrase "or Section 9.05(xvii)" appearing therein and (ii) inserting in lieu thereof the phrase "Section 9.05(xvii) or Section 9.05(xviii)". (c) Section 9.04(x) of the Credit Agreement shall be amended by (i) deleting both references to the dollar amount "$300,000,000" appearing therein and (ii) inserting in lieu thereof the dollar amount "$150,000,000". SECTION 4. INVESTMENTS; SECTIONS 9.05(xi) AND 9.05(xii). (a) Section 9.05(xi) of the Credit Agreement is hereby amended by (i) deleting the text "$400,000,000 in any Fiscal Year" therein and (ii) inserting in lieu thereof the following text: "$300,000,000 for the period from and including January 1, 2001 to and including September 30, 2001, $100,000,000 for the period from and including October 1, 2001 to the Final Maturity Date or $400,000,000 in any Fiscal Year ended prior to January 1, 2001". (b) Section 9.05(xii) of the Credit Agreement is hereby amended by (i) deleting the dollar amount "$150,000,000" therein and (ii) replacing said amount with "$100,000,000". SECTION 5. CAPITAL EXPENDITURES; SECTION 9.07(c). Section 9.07(c) of the Credit Agreement is hereby amended by (i) deleting the phrase "and for any Fiscal Year thereafter, $400,000,000" appearing therein and (ii) inserting in lieu thereof the following text: ", for Fiscal Year 2000, $400,000,000, for the period from and including January 1, 2001 to and including September 30, 2001, $300,000,000 and for the period from and including October 1, 2001 to the Final Maturity Date, $250,000,000". SECTION 6. COMBINED INTEREST COVERAGE RATIO; SECTION 9.08. From and after the Eleventh Amendment Effective Date, Section 9.08 of the Credit Agreement shall be amended by (i) deleting the reference periods and corresponding ratios for the periods including and following "April 1, 2001 to and including March 31, 2002" and (i) inserting in lieu thereof the following: "April 1, 2001 to and including 2.75:1.00 December 31, 2001 -5- From and including January 1, 2002 to 2.50:1.00 and including June 30, 2002 July 1, 2002 and thereafter 2.75:1.00". SECTION 7. MAXIMUM COMBINED LEVERAGE RATIO; SECTION 9.09. From and after the Eleventh Amendment Effective Date, Section 9.09 of the Credit Agreement shall be amended by (i) deleting the text "From and including July 1, 2000 and thereafter" thereof and the ratio "4.50:1.00" therein and (ii) inserting in lieu thereof the following reference periods and corresponding ratios: "From and including July 1, 2000 to the Eleventh 4.50:1.00 Amendment Effective Date From and including the Eleventh Amendment 5.5:1.00 Effective Date to and including December 31, 2001 From and including January 1, 2002 5.75:1.00 to and including March 31, 2002 From and including April 1, 2002 6.25:1.00 to and including June 30, 2002 From and including July 1, 2002 5.75:1.00 to and including September 30, 2002 From and including October 1, 2002 4.75:1.00 and thereafter". SECTION 8. COMBINED ADJUSTED INTEREST COVERAGE RATIO; SECTION 9.10. From and after the Eleventh Amendment Effective Date, Section 9.10 of the Credit Agreement shall be amended by (i) deleting the Combined Adjusted Interest Coverage Ratios for the Test Periods appearing therein for the period from and including April 1, 2001 and thereafter and (ii) inserting in lieu thereof the following periods and corresponding ratios: "April 1, 2001 to and including 1.25:1.00 June 30, 2002 July 1, 2002 and thereafter 1.30:1.00". SECTION 9. CROSS DEFAULTS; SECTION 10.04. Section 10.04 of the Credit Agreement is amended by (i) deleting the amount "$10,000,000" in clause (A) of the proviso thereof and replacing the same with the amount "$50,000,000" and (ii) deleting the amount "$20,000,000" in the three instances it appears in clause (B) of the proviso thereof and replacing each such reference with the amount "$50,000,000". SECTION 10. EURO RATE LOAN MARGINS; SECTION 11.01. The Euro Rate Loan Margin percentages set forth in the definition of "Applicable Commitment Commission -6- Percentage and Applicable Margin" under Section 11.01 of the Credit Agreement shall be modified, prospectively only and for all periods after the Eleventh Amendment Effective Date, by increasing each Euro Rate Loan Margin percentage therein for each corresponding Level by ten basis points (.10%). SECTION 11. RELEASE OF CERTAIN GUARANTORS AND PLEDGORS. Notwithstanding anything to the contrary contained in the Credit Agreement or the other Credit Documents (including without limitation, Sections 8.13, 8.14, 8.15 and 9.16(b) of the Credit Agreement and the Sixth, Eighth, Ninth and Tenth Amendments), upon and subject to the occurrence of the Guarantor Release Date, each of the following shall occur and thereafter apply: (a) PROVISIONS RELATING TO THE GUARANTY. With respect to the Guaranty, the following provisions shall apply and control: (i) each existing Released Guarantor shall be released as a Guarantor under the Guaranty; all of the obligations, duties and liabilities of any existing Released Guarantor under the Guaranty shall be forever discharged; except for certain Subsidiaries of the Corporation for which the election described in clause (iii) below has been made, no Released Guarantor shall at any time be (or at any time be required to become) a Guarantor under the Guaranty; and the Guaranty shall, as to each such Released Guarantor, have no force or effect; (ii) the only Guarantors required to remain or become, as the case may be, a Guarantor under the Guaranty shall be the Remaining Guarantors, which shall consist of the Principal Guarantors and the Other Remaining Guarantors; and (iii) if any Subsidiary of the Corporation is a Released Guarantor as a result of the application of this Section, the Corporation may elect (but is under no obligation to make such election), at any time and from time to time, by written notice to the Lead Agents, to designate such Subsidiary as a Guarantor under the Credit Documents, in which case such designated Subsidiary shall execute and deliver counterparts of the Guaranty and the Pledge and Security Agreement in accordance with the provisions of Section 8.15 of the Credit Agreement and take all other required actions pursuant to said Section, and from and after the date of the taking of such required actions, such designated Subsidiary shall be deemed to be a Remaining Guarantor and shall thereafter comply with all of the liabilities, duties, and obligations under the Guaranty and the other Credit Documents applicable to a Guarantor, including, without limitation, the requirement to pledge to the Collateral Agent all of the Equity Interests owned by such Remaining Guarantor to the extent required by the Credit Agreement and the other Credit Documents; PROVIDED that, notwithstanding anything in this clause (a) to the contrary, in no event shall any Principal Guarantor be released from any of its obligations pursuant to the Guaranty or any of the other Credit Documents as a result of the provisions of this Section (except as may be expressly provided in this Amendment). -7- (b) RELEASE FROM PLEDGE AND SECURITY AGREEMENT. With respect to the Pledge and Security Agreement and the Pledge and Security Agreement Collateral pledged thereunder, the following provisions shall apply and control: (i) upon the release of any Released Guarantor from the Guaranty in accordance with the provisions of the preceding clause (a), each such Released Guarantor shall, in accordance with the provisions of Section 21 of the Pledge and Security Agreement, be simultaneously released as a Pledgor from the Pledge and Security Agreement; all of the obligations, duties and liabilities of any Released Guarantor under the Pledge and Security Agreement or any applicable Credit Document shall be forever discharged; and the Pledge and Security Agreement shall, as to such Released Guarantor only, have no further force or effect; (ii) no Released Guarantor (except if such Person ceases to constitute a Released Guarantor in accordance with the proviso to the definition thereof) shall at any time be required to (x) become a Pledgor under the Pledge and Security Agreement, (y) execute and deliver counterparts of the Pledge and Security Agreement, or (z) cause all or any portion of the Equity Interests owned by such Released Guarantor to be pledged to the Collateral Agent under the Pledge and Security Agreement or otherwise; PROVIDED that, except as may be expressly provided in this Amendment with respect to the release of certain Released Collateral, in no event shall any Principal Guarantor be released as a Pledgor pursuant to the Pledge and Security Agreement as a result of the provisions of this Section; and (iii) all of the Released Collateral shall be released from the Pledge and Security Agreement, which shall, as to such Released Collateral only, have no further force or effect; and no Released Collateral shall at any time constitute Pledge and Security Agreement Collateral or be required to be pledged to the Collateral Agent under the Pledge and Security Agreement or any other Credit Document; provided that if any Subsidiary becomes a Guarantor pursuant to the provisions of preceding Section 11(a)(iii) of this Amendment, the Equity Interests owned by such Guarantor shall be required to be pledged in accordance with the requirements of preceding Section 11(a)(iii) and the applicable provisions of the Pledge and Security Agreement. (c) NEGATIVE PLEDGE AGREEMENT RELATING TO RELEASED COLLATERAL; AMENDMENT TO CREDIT AGREEMENT; SECTION 9.01. To induce the Lenders to agree to the provisions contained in the preceding clauses (a) and (b), the parties hereto agree that the Credit Agreement is hereby amended by inserting, immediately after the last word of clause (xix) of Section 9.01 (as new paragraphs after said clause (xix) thereof), the following new paragraphs: "In addition to the restrictions contained above in this Section 9.01, and notwithstanding anything to the contrary contained elsewhere in this Credit Agreement or in any other Credit Document, no Borrower will, nor will any Borrower permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Lien upon or with respect to any Restricted Asset other than Liens on Restricted Assets to the extent such Liens are permitted under -8- Section 9.01(i) or (xi). As used herein, the term "RESTRICTED ASSET" means any of the following: (x) any Released Collateral, (y) any Pledge and Security Agreement Collateral or other similar Assets constituting Equity Interests owned by any Released Guarantor which would have been required to be delivered as Collateral pursuant to the Pledge and Security Agreement or any other Credit Document but for the provisions of Section 11 of Part I of the Eleventh Amendment and (z) the Capital Stock of CIGA Borrower, New CIGA Owner and CIGA, PROVIDED, (1) the term "RESTRICTED ASSET" shall not include (i) any Released Collateral described in SCHEDULE 3C to the Eleventh Amendment or (ii) except for the Capital Stock described in preceding clause (z), any Asset which is not required to be delivered as Collateral pursuant to the Pledge and Security Agreement or any other Credit Document as a result of any amendments, modifications or waivers heretofore or hereafter entered into (other than the amendment and waivers pursuant to Section 11 of Part I of the Eleventh Amendment); (2) so long as the CIGA Bridge Loan remains outstanding, same may be secured by the Capital Stock of CIGA in accordance with, and to the extent expressly permitted by, the terms of the Tenth Amendment; and (3) the Corporation and its Subsidiaries shall be permitted to create, incur, assume or suffer to exist any Lien upon or with respect to the Capital Stock of CIGA or New CIGA Owner, in either case, to secure the New CIGA Owner Financing to the extent permitted under Section 12 of Part I of the Eleventh Amendment, PROVIDED any such Liens upon the Capital Stock of New CIGA Owner shall be limited to up to sixty-six (66%) percent of such Capital Stock and shall be permitted only if the CIGA Bridge Loan is restructured, modified and amended as the "New CIGA Owner Financing"." (d) TECHNICAL AMENDMENTS TO REFLECT RELEASE OF GUARANTORS AND PLEDGORS. (i) The Credit Agreement is amended by (1) inserting SCHEDULE 7.35 attached to this Amendment as a new SCHEDULE 7.35 to the Credit Agreement and (2) inserting, immediately after the last word of Section 7.34 thereof (as a new Section 7.35), the following new Section 7.35: "7.35 RESTRICTED ASSETS. As of the date of the Eleventh Amendment, SCHEDULE 7.35 lists all Restricted Assets." (ii) Section 8.01(e) of the Credit Agreement shall be amended by (1) deleting the word "Furthermore," from the last sentence thereof and replacing same with "Furthermore, (x)" and (2) inserting, immediately after the last word of the last sentence of said Section 8.01(e), the following: -9- "and (y) from and after the Guarantor Release Date, each certificate delivered pursuant to this clause (e) shall also include an updated SCHEDULE 7.35 to the Credit Agreement which Schedule shall show any changes from the previously delivered certificate and which revised Schedule shall be certified as being true and correct in all material respects as of the date of such certificate." (iii) Section 8.13(a) of the Credit Agreement is amended by inserting, immediately after the last word of the first sentence thereof, the following proviso: "; PROVIDED that, notwithstanding anything contained hereunder or the other Credit Documents to the contrary, no Released Guarantor shall at any time be required to comply with the foregoing provisions of this Section 8.13." (iv) Section 8.14 of the Credit Agreement is amended by inserting, immediately after the last word thereof, the following proviso: "; PROVIDED that, notwithstanding anything contained hereunder or the other Credit Documents to the contrary, no Released Guarantor shall at any time be required to comply with the foregoing provisions of this Section 8.14." (v) Section 8.15(a) of the Credit Agreement is amended by inserting, immediately after the last word thereof, the following proviso: "; PROVIDED that, notwithstanding anything contained hereunder or the other Credit Documents to the contrary, no Released Guarantor shall at any time be required to comply with the foregoing provisions of this Section 8.15." (vi) Section 9.01 of the Credit Agreement is hereby amended by inserting in clause (xiv) thereof the phrase "or Released Guarantor" immediately after each reference to the phrase "Credit Party" in said clause (xiv). (vii) Section 9.02 of the Credit Agreement is hereby amended by: (1) deleting the phrase "any Original Borrower or any Wholly-Owned Domestic Subsidiary of any Original Borrower which is a Credit Party" in each instance it appears in clause (xiii) of said Section 9.02 and by replacing said phrase in each such instance with the following phrase: "any Original Borrower, any Wholly-Owned Domestic Subsidiary of any Original Borrower which is a Credit Party, or any Released Guarantor", (2) deleting the phrase "thereof; and" in the last line of said clause (xiii) of Section 9.02 and replacing same with the following phrase: -10- "thereof; PROVIDED that (w) the aggregate value of all transfers, conveyances, purchases, sales, loans, advances, leases, dispositions and other transactions (in each case determined without regard to any write-down or write-offs) actually made (or deemed made) pursuant to this clause (xiii) by, from, to or in all Released Guarantors (taken as a whole) shall not exceed one hundred million dollars ($100,000,000) at any time (but without duplication of any such amounts); (x) any transfer, conveyance, purchase, sale, loan, advance, lease, disposition or other transaction (in each case determined without regard to any write-downs or write-offs) actually made pursuant to this clause (xiii) from the date of the Eleventh Amendment through the Guarantor Release Date by, from, to or in any Credit Party which subsequently becomes a Released Guarantor on the Guarantor Release Date pursuant to the Eleventh Amendment shall, for the purpose of calculating the availability of the $100,000,000 basket referred to in preceding clause (w), be deemed to have been made by a Released Guarantor on the Guarantor Release Date (but without duplication of any such amounts); (y) the $100,000,000 basket referred to in preceding clause (w) shall be reduced dollar for dollar (but without duplication of any amounts) by the aggregate amount (in each case determined without regard to any write-downs or write-offs) of all Investments, loans, advances, and other transactions actually made (or deemed made) pursuant to Section 9.05(viii) hereof by, from, to or in any Released Guarantor on the Guarantor Release Date and thereafter; and (z) the transfers, conveyances, purchases, sales, loans, advances, leases, dispositions and other transactions actually made (or deemed made) pursuant to this Section 9.02(xiii) shall be permitted only if the $100,000,000 basket referred to in preceding clause (w) would not be reduced below $0, and", and (3) deleting the phrase "Credit Parties" appearing in clause (iv) in the first sentence of the first paragraph immediately following clause (xiv) of Section 9.02 and inserting the phrase "Credit Party Subsidiary" in its place. (viii) Section 9.04 of the Credit Agreement is hereby amended by (1) inserting "(x)" immediately preceding the first reference to the phrase "Affiliate Debt" in the first sentence following clause (xvi) of said Section 9.04 and (2) inserting, immediately following the last word of said sentence, the following phrase: "and (y) in no event and at no time shall the Released Guarantors incur any Indebtedness pursuant to Section 9.04 from and after September 30, 2001 (but excluding any Indebtedness incurred by any Released Guarantor under clause (z) of Section 9.04(vii))." (ix) Section 9.05(viii) of the Credit Agreement is hereby amended and restated to read as follows: -11- "(viii) after the Initial Borrowing Date and subject to Section 9.03, (I) the Corporation, any Subsidiary of the Corporation which is a Guarantor or any Released Guarantor may make intercompany loans and advances of cash to the Corporation, any other Subsidiary of the Corporation which is a Guarantor, or any Released Guarantor and (II) provided no Specified Default and no Event of Default then exists or would result therefrom, the Corporation, any Original Borrower, any Released Guarantor or any Wholly-Owned Domestic Subsidiary of any Original Borrower which is a Credit Party may (x) make Investments or intercompany loans and advances, in each case, resulting from intercompany Asset transfers made in accordance with the requirements of Section 9.02(xiii) and (y) cancel, forgive, eliminate, exchange, prepay, redeem or otherwise reduce the amount of any intercompany loans or advances of cash or any other Assets owed to it by any other Credit Party or Released Guarantor; PROVIDED that all intercompany loans and advances made pursuant to this clause (viii) are subject to the provisions of validly executed Subordination Agreements as required by the last paragraph of Section 9.04; and PROVIDED FURTHER that (w) the aggregate value of all outstanding Investments, loans, advances, and other transactions (in each case determined without regard to any write-downs or write-offs thereof) actually made (or deemed made) pursuant to this clause (viii) by, from, to, or in all Released Guarantors (taken as a whole) shall not exceed one hundred million dollars ($100,000,0000) at any time (but without duplication of any such amounts); (x) any Investment, loan, advance or other transaction actually made pursuant to this clause (viii) from the date of the Eleventh Amendment through the Guarantor Release Date by, from, to, or in any Credit Party which subsequently becomes a Released Guarantor on the Guarantor Release Date pursuant to the Eleventh Amendment shall, for the purpose of calculating the availability of the $100,000,000 basket referred to in preceding clause (w), be deemed to have been made by, from, to or in (as the case may be) a Released Guarantor on the Guarantor Release Date (but without duplication of any such amounts); (y) the $100,000,000 basket referred to in preceding clause (w) shall be reduced dollar for dollar (but without duplication of any amounts) by the aggregate value of all transfers, conveyances, purchases, sales, loans, advances and other transactions actually made (or deemed made) pursuant to Section 9.02(xiii) hereof by, from, to, or in any Released Guarantor; and (z) the Investments, loans, advances, and other transactions actually made (or deemed made) pursuant to this Section 9.05(viii) shall be permitted only if the $100,000,000 basket referred to in preceding clause (w) would not be reduced below $0;" -12- (x) Section 9.16 of the Credit Agreement is amended by inserting, immediately after the last word of subsection (b) thereof, the following new subsection (as a new subsection (c) therein): "(c) Notwithstanding anything contained hereunder or the other Credit Documents to the contrary (but subject to the provisions of Section 11(a)(iii) of Part I of the Eleventh Amendment to the extent applicable), no Released Guarantor shall at any time be required to comply with the foregoing provisions of this Section and none of the Corporation or any of its Subsidiaries shall be required to pledge any Restricted Assets pursuant to the Pledge and Security Agreement or otherwise." (xi) Section 9.18 of the Credit Agreement is amended by inserting, immediately following the last word of the second sentence thereof, the following phrase: "(subject to the relevant provisions of the Eleventh Amendment)." (xii) Section 10.08 of the Credit Agreement is hereby amended by inserting, immediately following the word "Except" in the first line thereof, the following: "in accordance with the release provisions of the Credit Agreement (including, without limitation, the terms and provisions of the Eleventh Amendment) and except". (xiii) The definition of "Authorized Officer" in Section 11.01 of the Credit Agreement is amended by inserting the phrase "or Released Guarantor" immediately following each reference to the phrase "Credit Party" appearing therein. In addition, the following definitions in Section 11.01 of the Credit Agreement shall be amended and restated to read as follows: "Credit Party" shall mean each Borrower and each Guarantor (but specifically excluding any Released Guarantor). "Guarantor" shall mean and include each Principal Guarantor and each Subsidiary of the Corporation which executes and delivers the Guaranty, or a counterpart thereof, as (x) required by Section 5.11, 8.15 or any other provision of this Agreement or (y) permitted by the relevant provisions of this Agreement or the Eleventh Amendment; PROVIDED that any such Subsidiary shall cease to be a Guarantor (although, in accordance with the provisions of the Eleventh Amendment, a Subsidiary which ceases to be a Guarantor may, at the option of the Corporation and the respective such Subsidiary, subsequently become a Guarantor, in which case this proviso shall no longer be applicable to the respective such Subsidiary) at such time, if any, as it is released from the Guaranty in accordance with the express provisions thereof or hereof -13- (including, without limitation, by application of the Eleventh Amendment). As of the Initial Borrowing Date, the Guarantors are listed in Part I of Schedule 7.16. As of the Eleventh Amendment Effective Date, the Guarantors are the Remaining Guarantors as described in the Eleventh Amendment." (e) AUTHORIZATION OF COLLATERAL AGENT ACTIONS. From and after the Guarantor Release Date, the Lenders hereby authorize the Collateral Agent, upon the request of any Credit Party or one or more of the Released Guarantors, and at the joint and several expense of the Credit Parties and the Released Guarantors, to (x) deliver to the Corporation or the respective Released Guarantors such Released Collateral as is then in possession of the Collateral Agent and (y) execute such other documents, notices and assurances as may be reasonably requested of the Collateral Agent, and in each case in form and substance satisfactory to the Collateral Agent, to effect or evidence the releases expressly authorized by this Section 11. (f) EFFECTIVENESS OF THE PROVISIONS OF THIS SECTION 11. Notwithstanding anything to the contrary contained elsewhere in this Amendment, the provisions of this Section 11 shall only become effective, and the releases contemplated hereby shall only occur, upon the date (the "GUARANTOR RELEASE DATE") upon which each and every condition set forth below is satisfied to the reasonable satisfaction of the Administrative Agents, PROVIDED such Guarantor Release Date shall not occur in any event prior to January 31, 2002: (i) the Eleventh Amendment Effective Date (as defined below) shall have occurred; (ii) (A) all Senior Secured Bridge Notes outstanding on the date of the Eleventh Amendment Effective Date shall have been permanently repaid in full or (B) the holders of all the outstanding principal amount of such Notes shall have consented to this Amendment, including the release of the Released Guarantors and the Released Collateral; (iii) since the date of the Eleventh Amendment, there has been no material amendment or modification to paragraph (f) of Rule 3-10 or Rule 3-16 of Regulation S-X of the Securities and Exchange Commission; (iv) no Subsidiary of the Corporation (other than the Principal Guarantors and any other Remaining Guarantor) shall be obligated (as guarantor or otherwise) with respect to any outstanding ITT Notes or Senior Notes, and no outstanding ITT Notes or Senior Notes shall under any circumstance (other than the respective Subsidiary subsequently furnishing guarantees in respect of Indebtedness pursuant to this Agreement) require that any Subsidiaries of the Corporation (other than the Principal Guarantors and any other Remaining Guarantor) execute and deliver any guaranty or other Contingent Obligation in respect of the ITT Notes or such Senior Notes; (v) no Default or Event of Default shall exist on the Guarantor Release Date or immediately after giving effect thereto; -14- (vi) all representations and warranties contained in the Credit Agreement and in the other Credit Documents shall be true and correct in all material respects on the Guarantor Release Date (and immediately after giving effect thereto) with the same effect as though such representations and warranties had been made on the Guarantor Release Date (both before and after giving effect thereto); provided that any representation or warranty which by its terms is made as of a specified date shall be true and correct in all material respects only as of such specified date; (vii) the Corporation shall have delivered to the Administrative Agents (each dated the Guarantor Release Date) (A) an officers' certificate in form and substance, and executed by officers, reasonably satisfactory to the Administrative Agents, certifying the satisfaction of all conditions to the occurrence of the Guarantor Release Date as contained herein and (B) the Opinion Certificate, which shall be addressed to the Lenders, executed by an Authorized Officer of the Corporation and which shall be in the form of the Opinion Certificate attached as Exhibit A to the form of opinion from Sidley Austin Brown & Wood attached hereto as Exhibit A, with any modifications thereto to be reasonably satisfactory to the Administrative Agents, and with the blanks therein to be filled out to the reasonable satisfaction of the Administrative Agents; and (viii) the Administrative Agents shall have received a legal opinion, addressed to the Lenders and dated the Guarantor Release Date, from each of (A) Sidley Austin Brown & Wood, (B) Ballard Spahr Andrews and Ingersoll, LLP as to certain matters of Maryland law, and (C) in-house counsel of the Corporation, in each case, covering such matters as may have been reasonably requested by the Administrative Agents; it being acknowledged that the opinion from Sidley Austin Brown & Wood shall be in the form of opinion attached hereto as EXHIBIT A. The Paying Agent shall give the Lenders and the Corporation prompt written notice of the Guarantor Release Date. SECTION 12. CIGA RESTRUCTURING TRANSACTIONS. (a) CONSENT. (1) Subject to compliance with the applicable provisions of the Credit Agreement (as amended hereby), the Lenders hereby consent to the incurrence of the New CIGA Owner Financing so long as each of the following conditions is satisfied: (i) the aggregate principal amount of New CIGA Owner Financing shall at no time outstanding exceed the Maximum New CIGA Owner Financing Amount as then in effect; (ii) the aggregate principal amount of New CIGA Owner Financing from time to time outstanding (or $400,000,000 thereof, if the aggregate principal amount outstanding is greater than $400,000,000) shall be deemed to constitute a utilization of the Recourse Basket, with the New CIGA Owner Financing being permitted to be incurred or remain outstanding, as the case may be, only if the aggregate principal amount thereof (or $400,000,000 thereof, if the aggregate principal amount outstanding is greater than $400,000,000) is justified as being incurred or outstanding pursuant to, and is -15- permitted in accordance with the relevant terms of, Section 9.04(xii) of the Credit Agreement; (iii) at the time of, or prior to, the incurrence of the New CIGA Owner Financing, the CIGA Stock Transfer shall have occurred; (iv) all terms and conditions of the New CIGA Owner Financing shall be reasonably satisfactory to the Lead Agents (including, without limitation, the financial covenants contained therein, the required repayments with asset sale proceeds contained therein and the maturity date thereof, which date shall not occur in any event earlier than the Final Maturity Date); (v) the only Persons permitted to be obligated with respect to the New CIGA Owner Financing (whether directly or indirectly, contingently or otherwise, and including any obligors, guarantors or Persons which grant a security interest in any of their assets) shall be (x) CIGA Borrower, New CIGA Owner, CIGA and Subsidiaries of CIGA, each of whom may be obligated as a direct obligor and/or as a guarantor and (y) the Corporation and Starwood REIT, each of whom may provide an unsecured guarantee in respect of the New CIGA Owner Financing; (vi) the only security for the New CIGA Owner Financing shall consist of assets and/or property of CIGA Borrower, New CIGA Owner, CIGA and Subsidiaries of CIGA; (vii) at the time of, or immediately after, the first incurrence of Indebtedness pursuant to the New CIGA Owner Financing, either (x) the CIGA Bridge Loan shall have been permanently repaid in full and all commitments thereunder shall have been permanently terminated or (y) the CIGA Bridge Loan shall have been modified and amended as the "New CIGA Owner Financing" in a manner satisfying the conditions of this Amendment applicable to the New CIGA Owner Financing; (viii) all net cash proceeds received by the Corporation or any of its Subsidiaries pursuant to the New CIGA Owner Financing shall be used, if such New CIGA Owner Financing consists of new Indebtedness (as opposed to a modification and amendment of the CIGA Bridge Loan) or if such new modification of the CIGA Bridge Loan provides net cash proceeds in excess of the outstanding Indebtedness of the CIGA Bridge Loan, (x) first, if such New CIGA Owner Financing consists of new Indebtedness (as opposed to a modification and amendment of the CIGA Bridge Loan), to permanently repay in full the CIGA Bridge Loan and (y) to the extent in excess of the amounts used as described in preceding clause (x), promptly (but in any event within fifteen (15) days after the New CIGA Owner Financing Date) dividended or loaned, in accordance with the applicable provisions of Section 9.05(xviii), to the CIGA Borrower and/or Sheraton International, PROVIDED that all net cash proceeds applied pursuant to preceding clause (y) shall also be deemed to constitute Debt Proceeds which shall further be required to be applied in accordance with the requirements of Section 4.02(d) of the Credit Agreement (it being understood and agreed that the maximum amount of Debt Proceeds as described above in this proviso which shall be permitted to be reinvested in accordance with clause (z) of the -16- proviso to Section 4.02(d) of the Credit Agreement shall be equal to the remainder (if greater than $0) of (a) the amount of the New CIGA Owner Financing deemed to constitute a utilization of the Recourse Basket pursuant to Section 9.04(xvii) of the Credit Agreement less (b) the aggregate amount of such Debt Proceeds used pursuant to sub-clause (x) of this clause (viii)) and PROVIDED further, that under no circumstance shall any excess cash proceeds pursuant to the New CIGA Owner Financing be used to repay the Senior Secured Bridge Notes; (ix) at the time of the incurrence of the New CIGA Owner Financing and immediately after giving effect thereto, no Specified Default or Event of Default shall be in existence, and the Corporation shall have delivered a certificate to the Paying Agent establishing compliance with the financial covenants contained in Sections 9.08 through 9.11 inclusive, and Sections 9.23 and 9.27 for the Reference Period, on a Pro Forma Basis; (x) if the New CIGA Owner Financing consists of new Indebtedness incurred by an entity other than CIGA Borrower, the CIGA Borrower shall have taken, to the reasonable satisfaction of the Paying Agent and the Collateral Agent, all actions described in Section 8.15 of the Credit Agreement so that the CIGA Borrower becomes a Guarantor pursuant to the Guaranty and for purposes of the Credit Agreement, on the date of the first incurrence of any Indebtedness pursuant to the New CIGA Owner Financing; and (xi) prior to the modification and amendment of the CIGA Bridge Loan as the "New CIGA Owner Financing," the Corporation shall have delivered a notice to the Lead Agents, specifying that the CIGA Bridge Loan, as amended and modified, constitutes the New CIGA Owner Financing and that the final maturity date of the CIGA Bridge Loan, as so modified and amended, and constituting the New CIGA Owner Financing, shall extend up to or beyond the Final Maturity Date. (2) Notwithstanding anything to the contrary contained in the Credit Agreement (including without limitation, Sections 9.02 and 9.05 thereof) or the other Credit Documents, the Lenders consent to (x) the Corporation and its Subsidiaries entering into and consummating the CIGA Stock Transfer and the New Capital Stock Transaction and (y) the consummation of the New CIGA Owner Restructuring, in each case described in clause (x) or (y) above, subject to the conditions of this Amendment and so long as no Specified Default and no Event of Default then exists. (b) PLEDGE AND SECURITY AGREEMENT COLLATERAL; SECTIONS 8.13, 9.02(xiii) AND 9.16. Notwithstanding anything to the contrary contained in the Credit Agreement (including, without limitation, Sections 8.13, 9.02(xiii) and 9.16 thereof and the Tenth Amendment) or the other Credit Documents, the Corporation and its Subsidiaries shall be permitted to do the following: (i) the Corporation, CIGA Borrower, Sheraton International and New CIGA Owner or any of the other Subsidiaries of the Corporation shall not be required to pledge all or any portion of their respective interests in the Capital Stock of CIGA to the Collateral Agent for the benefit of the Secured Creditors; (ii) after giving effect to the CIGA Stock Transfer and the New Capital Stock Transaction, (a) CIGA Borrower and Sheraton International shall not be required -17- to pledge all or any portion of their respective interests in the Capital Stock of New CIGA Owner to the Collateral Agent for the benefit of the Secured Creditors and (b) any Capital Stock in New CIGA Owner previously pledged to the Collateral Agent for the benefit of the Secured Creditors shall be released; and (iii) the New CIGA Owner may instead pledge all or any portion of its right, title and interest in the Capital Stock of CIGA to the New CIGA Lenders or CIGA Borrower shall be permitted to pledge all or any portion of its right, title and interest in up to sixty-six percent (66%) of the Capital Stock of New CIGA Owner to the New CIGA Lenders, in either case, to secure obligations pursuant to the New CIGA Owner Financing. (c) DELETION OF CERTAIN PROVISIONS IN TENTH AMENDMENT. Upon the occurrence of the New CIGA Owner Financing Date, the provisos to Section 1(b) of the Tenth Amendment shall be deemed deleted in their entirety. (d) LIENS; SECTION 9.01(xix). Section 9.01(xix) of the Credit Agreement is hereby amended by deleting the proviso thereto (and the comma immediately preceding said proviso) and inserting the following new text in lieu thereof: "and (xvii), provided that (x) the New CIGA Owner Financing may only be secured by assets owned by New CIGA Owner, CIGA and Subsidiaries of CIGA and up to sixty-six (66%) percent of the Capital Stock of New CIGA Owner owned by CIGA Borrower and (y) prior to the incurrence of any such Indebtedness the Corporation shall deliver a certificate to the Paying Agent establishing compliance with the financial covenants contained in Sections 9.08 through 9.11, inclusive, and Sections 9.23 and 9.27, for the Reference Period, on a Pro Forma Basis". (e) NEW CIGA OWNER FINANCING; SECTION 9.04. Section 9.04 of the Credit Agreement is hereby amended by (i) deleting the word "and" immediately following the clause (xv) thereof, (ii) deleting the period appearing at the end of clause (xvi) thereof and inserting "; and" in lieu thereof and (iii) inserting the following new clause (xvii) immediately after clause (xvi) thereof: "(xvii) in addition to all other permitted Indebtedness described in clauses (i) through (xvi) of this Section 9.04 (except as otherwise provided in clause (x) of the proviso hereto), additional Indebtedness of CIGA Borrower (but only with respect to the amendment and modification of the CIGA Bridge Loan as the "New CIGA Owner Financing"), New CIGA Owner, CIGA and/or Subsidiaries of CIGA (which may be guaranteed on an unsecured basis by the Corporation and Starwood REIT) pursuant to the New CIGA Owner Financing may be incurred and remain outstanding in an aggregate principal amount which shall at no time exceed the Maximum New CIGA Owner Financing Amount as then in effect; provided that (x) the aggregate principal amount of New CIGA Owner Financing from time to time outstanding (or $400,000,000 thereof, if the aggregate principal amount outstanding is greater -18- than $400,000,000) shall be deemed to constitute a utilization of the Recourse Basket, with the New CIGA Owner Financing being permitted to be incurred or remain outstanding, as the case may be, only if the aggregate principal amount thereof (or $400,000,000 thereof, if the aggregate principal amount outstanding is greater than $400,000,000) is justified as being incurred or outstanding pursuant to, and is permitted in accordance with the relevant terms of, Section 9.04(xii) above and (y) all other conditions to the incurrence of the New CIGA Owner Financing as set forth in Section 12(a)(1) of the Eleventh Amendment have been satisfied." (f) INVESTMENTS: SECTION 9.05. (i) From and after the Eleventh Amendment Effective Date, Section 9.05 of the Credit Agreement shall be amended by (i) deleting the word "and" appearing at the end of clause (xvi) thereof, (ii) deleting the period appearing at the end of clause (xvii) and inserting "; and" in lieu thereof and (iii) inserting the following new clause (xviii) immediately after clause (xvii) thereof: "(xviii) Subject to Section 9.03 hereof and so long as no Specified Default and no Event of Default then exists or would exist immediately after giving effect thereto, in addition to other investments permitted hereunder, the Corporation and its Subsidiaries shall be permitted to do any of the following, in each case in accordance with the requirements of the Eleventh Amendment: (A) effect the CIGA Stock Transfer, the New Capital Stock Transaction and the New CIGA Owner Restructuring and (B) Sheraton International and/or the CIGA Borrower may receive promissory notes from New CIGA Owner as partial consideration for the CIGA Stock Transfer (so long as no cash or other assets, other than the Capital Stock conveyed pursuant to the CIGA Stock Transfer, are conveyed or loaned in connection therewith).". (ii) From and after the New CIGA Owner Financing Date, Section 9.05 of the Credit Agreement shall be amended by deleting clauses (xvii) and (xviii) thereof (which clause (xviii) shall have been added pursuant to preceding clause (i)) in their entirety and by inserting the following new text in lieu thereof: "(xvii) (A) the creation and establishment of the CIGA Borrower and the transfer of up to sixty-six percent (66%) of the Ordinary Shares of CIGA to the CIGA Borrower prior to the New CIGA Owner Financing Date in accordance with the provisions of the Tenth Amendment is permitted and (B) any intercompany loans and advances between CIGA Borrower and Sheraton International and outstanding on the New CIGA Owner Financing Date shall be -19- permitted to remain outstanding thereafter so long as same comply with the requirements of (and are thereafter permitted pursuant to) Section 9.05(viii); and (xviii) Subject to Section 9.03 hereof and so long as no Specified Default and no Event of Default then exists or would exist immediately after giving effect thereto, in addition to any other investments permitted hereunder, the Corporation and its Subsidiaries shall be permitted to do any of the following: (A) effect the CIGA Stock Transfer, the New Capital Stock Transaction and the New CIGA Owner Restructuring, in each case in accordance with the requirements of the Eleventh Amendment and (B)(i) Sheraton International and/or the CIGA Borrower may receive promissory notes from New CIGA Owner as partial consideration for the CIGA Stock Transfer (so long as no cash or other assets, other than the Capital Stock conveyed pursuant to the CIGA Stock Transfer, are conveyed or loaned in connection therewith), (ii) the New CIGA Owner may make one or more intercompany loans, distributions (in addition to, and not in limitation of, the payment of any Dividends to the extent permitted under Section 9.03 hereof) and advances of cash to Sheraton International and/or the CIGA Borrower, and Sheraton International and/or the CIGA Borrower may repay any such distributions, advances and loans (together with any interest due thereon) so long as the proceeds of such distributions, advances and loans are promptly used to repay or prepay any amounts owing under the New CIGA Owner Financing and (iii) Sheraton International and/or the CIGA Borrower may make one or more distributions, advances, intercompany loans and such other Investments in or to New CIGA Owner under the preceding clause (B)(ii) for the following: (x) to pay any amounts due under the New CIGA Owner Financing so long as such amounts are promptly used for such purposes and (y) for the ordinary working capital of New CIGA Owner so long as (i) such amounts are not further distributed, advanced or loaned to CIGA or any other Subsidiary of the New CIGA Owner and (ii) any such Investment otherwise complies with Section 9.26; and PROVIDED that all intercompany loans and advances made pursuant to this clause (xviii) shall be subject to the provisions of validly executed Subordination Agreements as required by the last paragraph of Section 9.04.". (g) LIMITATION ON VOLUNTARY PAYMENTS AND MODIFICATIONS OF NEW CIGA OWNER FINANCING; SECTION 9.12. (i) Section 9.12 of the Credit Agreement is hereby amended by inserting immediately after the phrase "any Senior Note (except that" appearing in clause (iii) thereof the following text: -20- "(i) the Series A Convertible Senior Notes may be repaid by the Corporation on or about May 25, 2002 as a result of any exercise of certain purchase rights by the holders thereof requiring the Corporation to purchase such holders' outstanding Series A Convertible Senior Notes on such date and (ii)". (ii) Section 9.12 of the Credit Agreement is also hereby amended by (i) deleting the phrase ", or any other Senior Note Documents," appearing in subclause (ii)(w) thereof and by inserting in lieu thereof the phrase "or any New CIGA Owner Financing, or any other Senior Note Document," in lieu thereof and (ii) deleting the phrase "Maximum QPS Scheduled Asset Sale Credit Amount.)" appearing in subclause (iii) thereof and by inserting in lieu thereof the following new text: "Maximum QPS Scheduled Asset Sale Credit Amount) or any New CIGA Owner Financing (except that the New CIGA Owner Financing may be repaid so long as no Specified Default and no Event of Default then exists or would exist after giving effect to the respective repayment)". (h) CERTAIN RESTRICTIONS ON SUBSIDIARIES; SECTION 9.13. From and after the New CIGA Owner Financing Date, Section 9.13 of the Credit Agreement shall be amended by deleting clause (xiv) thereof in its entirety and by inserting in lieu thereof the following new clause (xiv): ", (xiv) restrictions (and, under certain circumstances, prohibitions) contained in any of the documents evidencing, securing or otherwise relating to the New CIGA Owner Financing, with respect to (A) the payment or distribution of any Dividends, (B) the making of any intercompany loans or advances or (C) the transfer of any property or Assets, in each case, by CIGA Borrower (but only with respect to the amendment and modification of the CIGA Bridge Loan as the "New CIGA Owner Financing"), the New CIGA Owner and/or any of their respective Subsidiaries on the one hand, to the Corporation and/or any of its Subsidiaries (other than CIGA Borrower, New CIGA Owner and their respective Subsidiaries) on the other hand, if such prohibition or restriction arises only after the occurrence (but only during the existence) of an event of default under the New CIGA Owner Financing (which event of default does not arise solely as a result of the breach of a covenant prohibiting the taking of any of the actions described in preceding clauses (A), (B) or (C) (unless such action would cause a breach of a material financial covenant thereunder))." (i) ISSUANCE OF CAPITAL STOCK; SECTION 9.14(B). Section 9.14(b) of the Credit Agreement is amended by (i) deleting the romanette number "(vi)" before the word "issuances" and replacing said romanette number with "(vii)", (ii) deleting the word "and" immediately -21- preceding subclause (vi) thereof and replacing said word with a comma and (iii) inserting, immediately after the last word of clause (vii) (after giving effect to the changes contemplated by clause (i) above), the following: ", and (viii) issuances of Capital Stock by New CIGA Owner and/or its Subsidiaries to any other Subsidiary of the Corporation (each of which Subsidiaries, in the case of issuances of Capital Stock by New CIGA Owner, shall be (or immediately thereafter become) a Guarantor, except for CIGA Borrower, which shall only be required to become a Guarantor if the CIGA Bridge Loan has been repaid in full and has not otherwise been modified or amended as the "New CIGA Owner Financing") in connection with the CIGA Stock Transfer, the New Capital Stock Transaction, the New CIGA Owner Restructuring and the transactions contemplated thereby". (j) CIGA TRANSACTIONS RESTRICTIONS; SECTION 9.26. (i) From and after the New CIGA Owner Financing Date and provided only if the New CIGA Owner Financing consists of an amendment and modification of the CIGA Bridge Loan (and not the incurrence of new Indebtedness by an entity other than CIGA Borrower), Section 9.26 of the Credit Agreement shall be amended by deleting same in its entirety and replacing the text thereof with the following new text: "9.26 CIGA TRANSACTIONS RESTRICTIONS. (a) The CIGA Borrower shall own no Assets other than (i) its ownership interest in the Capital Stock of New CIGA Owner in an amount up to sixty-six percent (66%) of such Capital Stock, (ii) cash and Cash Equivalents held for general corporate and administrative purposes or otherwise in the ordinary course of CIGA Borrower's business (but in no event shall CIGA Borrower hold cash or Cash Equivalents in an amount in excess of $5,000,000 (such amount, the "CIGA BORROWER WORKING CAPITAL AMOUNT") for a period longer than five (5) consecutive Business Days), or (iii) intercompany Indebtedness owed to CIGA Borrower which is expressly permitted pursuant to Section 9.05(xviii), and (b) CIGA Borrower shall not acquire any Assets (other than as described in preceding clause (a)) without the prior written consent of the Required Lenders; PROVIDED, this Section 9.26 shall be deemed to be deleted in its entirety and shall be of no further force or effect from and after the date of the permanent repayment of the New CIGA Owner Financing." (ii) From and after the New CIGA Owner Financing Date and provided only if the New CIGA Owner Financing consists of new Indebtedness incurred by an entity other than CIGA Borrower, Section 9.26 of the Credit Agreement shall be amended by deleting same in its entirety and replacing the text thereof with the following new text: -22- "9.26 NEW CIGA OWNER RESTRICTIONS. (a) New CIGA Owner shall own no Assets other than (i) either its one hundred percent (100%) ownership interest in the Capital Stock of CIGA or its direct or indirect one hundred percent (100%) ownership interest in the CIGA Assets or the equity in the Subsidiaries owning such CIGA Assets, (ii) cash and Cash Equivalents held for general corporate and administrative purposes or otherwise in the ordinary course of New CIGA Owner's business (but in no event shall New CIGA Owner hold cash or Cash Equivalents in an amount in excess of $5,000,000 (such amount, the "NEW CIGA OWNER WORKING CAPITAL AMOUNT") for a period longer than five (5) consecutive Business Days), (iii) intercompany Indebtedness owed to New CIGA Owner which is expressly permitted pursuant to Section 9.05(xviii), or (iv) existing Assets which consist solely of certain management agreements, as described on SCHEDULE 9.26 to the Eleventh Amendment; and (b) New CIGA Owner shall not acquire any Assets (other than as described in preceding clause (a)) without the prior written consent of the Required Lenders; PROVIDED, this Section 9.26 shall be deemed to be deleted in its entirety and shall be of no further force or effect from and after the date of the permanent repayment of the New CIGA Owner Financing." (k) CIGA LEVERAGE RATIO; SECTION 9.27. Section 9 of the Credit Agreement is hereby further amended by inserting the following new Section 9.27 immediately after the Section 9.26 thereof: "9.27 MAXIMUM CIGA LEVERAGE RATIO. From the time, and only for so long as, the New CIGA Owner Financing is outstanding, the Borrowers will not permit the CIGA Leverage Ratio at any time (x) prior to December 31, 2002, to be greater than 6.25:1.00 and (ii) at any time on or after December 31, 2002, to be greater than 5.00:1:00." SECTION 13. REPLACEMENT OF RIGHT TO INCUR FRENCH FRANC REVOLVING LOANS WITH RIGHT TO INCUR EURO REVOLVING LOANS. From and after the Eleventh Amendment Effective Date, the provisions permitting the incurrence of French Franc Revolving Loans from Lenders (if any) having French Franc Revolving Loan Sub-Commitments shall be replaced with the right of the respective Alternate Currency Revolving Loan Borrower to incur Euro Revolving Loans from such Lenders (if any) that from time to time have Euro Revolving Loan Sub-Commitments. To effectuate same, the following modifications are hereby made to the Credit Agreement: (a) Section 1.06(a) of the Credit Agreement is hereby amended by deleting clause (vi) thereof in its entirety and by inserting in lieu thereof the following new clause (vi): "(vi) if Euro Revolving Loans, by a promissory note duly executed and delivered by the respective Alternate Currency -23- Revolving Loan Borrower substantially in the form of Exhibit C-6 with blanks appropriately completed in conformity herewith (each a "EURO REVOLVING NOTE" and, collectively, the "EURO REVOLVING NOTES") and". (b) Section 1.06 of the Credit Agreement is hereby further amended by deleting clause (g) thereof in its entirety and by inserting in lieu thereof new clause (g): "(g) The Euro Revolving Note issued by each Alternate Currency Revolving Loan Borrower that desires to incur Euro Revolving Loans to each Lender that has a Euro Revolving Loan Sub-Commitment or outstanding Euro Revolving Loans shall (i) be executed by the respective Alternate Currency Revolving Loan Borrower, (ii) be payable to the order of such Lender (or an affiliate designated by such Lender) and be dated the Initial Borrowing Date (or, if issued thereafter, the date of issuance), (iii) be in a stated principal amount (expressed in Euros) which exceeds by 25% the Euro Equivalent (as of the date of issuance) of the respective Lender's Euro Revolving Loan Sub-Commitment, PROVIDED that if, because of fluctuations in exchange rates after the Initial Borrowing Date, the amount of the Euro Revolving Note of any Alternate Currency Revolving Loan Borrower held by any Lender would not be at least as great as the outstanding principal amount of Euro Revolving Loans made by such Lender at any time outstanding and evidenced thereby, the respective Lender may request (and in such case the respective Alternate Currency Revolving Loan Borrower shall promptly execute and deliver) a new Euro Revolving Note in an amount equal to the greater of (x) that amount (expressed in Euros) which at that time exceeds by 25% the Euro Equivalent of the respective Lender's Euro Revolving Loan Sub-Commitment or (y) the then outstanding principal amount of all Revolving Loans made by such Lender to such Alternate Currency Revolving Loan Borrower, (iv) be payable in Euros in the outstanding principal amount of the Euro Revolving Loans evidenced thereby, (v) mature on the Revolving Loan Maturity Date, (vi) bear interest as provided in the appropriate clause of Section 1.09 in respect of the Euro Revolving Loans made to the respective Alternate Currency Revolving Loan Borrower and evidenced thereby, (vii) be subject to voluntary prepayment as provided in Section 4.01, and mandatory repayment as provided in Section 4.02, and (viii) be entitled to the benefits of this Agreement and the other Credit Documents." (c) Section 1.09(f) of the Credit Agreement is hereby amended by deleting in its entirety and by inserting in lieu thereof the following new clause (f): -24- "(f) Each Alternate Currency Revolving Borrower hereby agrees to pay interest in respect of the unpaid principal amount of each Euro Revolving Loan made to such Borrower from the date the proceeds thereof are made available to such Borrower until the maturity thereof (whether by acceleration or otherwise) at a rate per annum which shall, during each Interest Period applicable thereto, be equal to the sum of the Applicable Margin plus the Euro LIBOR Rate for such Interest Period." (d) Section 1.09(h) of the Credit Agreement is hereby amended by deleting the text of clause (3) thereof in its entirety and by inserting in lieu thereof the following new text: "(3) in the case of overdue principal of, and interest or other amounts owing in respect of, Euro Revolving Loans, equal to 2% per annum in excess of the Applicable Margin (calculated based on level 8 pricing as shown in the definition of Applicable Margin) plus the Euro LIBOR Rate for such successive periods not exceeding three months as the Paying Agent may determine from time to time in respective amounts comparable to the amount not paid and". (e) Section 1.11(b) of the Credit Agreement is hereby amended by deleting the term "French Franc Euro Rate" appearing therein and by inserting in lieu thereof the term "Euro Rate." (f) The following defined terms contained in Section 11 of the Credit Agreement shall be modified as described below: (i) The definitions of "Canadian Dollar Revolving Loan Sub-Commitment" and "Pounds Sterling Revolving Loan Sub-Commitment" are hereby amended by deleting the phrase "French Franc Revolving Loan Sub-Commitment" in each place appearing therein and by substituting therefor the term "Euro Revolving Loan Sub-Commitment". (ii) The definition of "Majority Euro Lenders" is hereby modified by deleting the phrase "French Franc Revolving Loans" contained therein and by inserting in lieu thereof the phrase "Euro Revolving Loans". (iii) The definition of "Payment Office" is hereby modified by amending and restating clause (iv) appearing in said definition to read as follows: "(iv) in respect of Euro Revolving Loans, to Deutsche Bank AG, Frankfurt, Account: Deutsche Bank London, Account #: 9257999, Ref: Starwood Lodging, Attention: Loans Agency, or in each case such other office as the Paying Agent may hereafter designate in writing as such to the other parties hereto." -25- (iv) The definition of "Revolving Notes" is hereby modified by deleting the term "French Franc Revolving Note" appearing therein and by inserting in lieu thereof the term "Euro Revolving Notes." (v) The definition of "Type" is hereby modified by deleting the term "French Franc Revolving Loan" appearing therein and by inserting in lieu thereof the term "Euro Revolving Loan." (g) Section 11 of the Credit Agreement is hereby amended by deleting the defined terms "Alternate Currency", "Alternate Currency Equivalent", "Alternate Currency Revolving Loan Sub-Commitment", "Euro Rate", "Euro Rate Loan", "French Franc Equivalent", "French Franc Euro Rate", "French Franc Revolving Loan", "French Franc Revolving Loan Sub-Commitment", "French Franc Revolving Notes" and "French Francs" appearing therein in their entirety and by inserting in Section 11 of the Credit Agreement the following new defined terms in appropriate alphabetical order: "Alternate Currency" shall mean each of Canadian Dollars, Euros and Pounds Sterling. "Alternate Currency Equivalent" shall mean the Canadian Dollar Equivalent, Euro Equivalent or Sterling Equivalent, as the case may be. "Alternate Currency Revolving Loan Sub-Commitment" means, as to any Alternate Currency Lender, the Pounds Sterling Revolving Loan Sub-Commitment, Canadian Dollar Revolving Loan Sub-Commitment and/or Euro Revolving Loan Sub-Commitment, as appropriate, of the respective Alternate Currency Lender. "Euro Rate" shall mean and include each of the Eurodollar Rate, the Euro LIBOR Rate and the Sterling Euro Rate. "Euro Rate Loan" shall mean each Eurodollar Loan, each Euro Revolving Loan and each Sterling Revolving Loan. "Euro Equivalent" shall mean, at any time for the determination thereof, the amount of Euros which could be purchased with the amount of Dollars involved in such computation at the spot exchange rate therefore as quoted by the Paying Agent as of 11:00 A.M. (London time) on the date two Business Days prior to the date of any determination thereof for purchase on such date. "Euro LIBOR Rate" shall mean (i) the rate per annum that appears on page 3740 of the Dow Jones Markets Screen (or any successor page) for deposits in Euros with maturities comparable to the Interest Period applicable to the Euro Revolving Loans subject to the respective Borrowing commencing two Business Days thereafter as of 11:00 A.M. (London time) on the date which is two Business Days prior to the commencement of the respective Interest Period or (ii) if such a rate does not appear on page 3740 of the Dow Jones Markets Screen (or any successor page), the offered quotation to first-class banks in the London interbank market by BTCo for deposits in Euros of amounts in immediately available funds comparable to the outstanding principal amount of the Euro Loan of BTCo with maturities comparable to the -26- Interest Period applicable to such Euro Revolving Loan commencing two Business Days thereafter as of 11:00 A.M. (London time) on the date which is two Business Days prior to the commencement of such Interest Period; provided, that in the event the Paying Agent has made any determination pursuant to Section 1.11(a)(i) in respect of Euro Revolving Loans, or in the circumstances described in clause (i) to the proviso to Section 1.11(b) in respect of Euro Revolving Loans, the Euro LIBOR Rate determined pursuant to this definition shall instead be the rate determined by BTCo as the all-in-cost of funds for BTCo to fund such Euro Revolving Loan with maturities comparable to the Interest Period applicable thereto. "Euro Revolving Loan" shall mean each Alternate Currency Revolving Loan denominated in Euros at the time of the incurrence thereof. "Euro Revolving Loan Sub-Commitment" means, as to any Alternate Currency Lender, (i) the amount, if any, set forth opposite such Alternate Currency Lender's name in Schedule I-B directly below the column entitled "Euro Revolving Loan Sub-Commitment", as same may be (x) reduced from time to time pursuant to Sections 1.17, 3.02, 3.03 and/or 10 or (y) adjusted from time to time as a result of assignments to or from such Lender pursuant to Section 1.14 or 13.04(b). The Euro Revolving Loan Sub-Commitment of each Alternate Currency Lender is a sub-limit of the Revolving Loan Commitment of the respective Alternate Currency Lender (or its respective affiliate which is a Lender with the related Revolving Loan Commitment) and not an additional commitment and, in no event, may exceed at any time, when added to the Canadian Dollar Revolving Loan Sub-Commitment and Pounds Sterling Revolving Loan Sub-Commitment Loan Commitment of such Alternate Currency Lender (or its respective affiliate which is a Lender with the related Revolving Loan Commitment). "Euro Revolving Notes" shall have the meaning provided in Section 1.06(a). "Euros" and the designation "[EUROS]" shall mean the currency introduced on January 1, 1999 at the start of the third stage of European economic and monetary union pursuant to the Treaty (expressed in Euros). "Treaty" means the Treaty establishing the European Community being the Treaty of Rome of March 25, 1957, as amended by the Single European Act 1986, the Maastricht Treaty (which was signed at Maastricht on February 7, 1992) and the Treaty of Amsterdam (which was signed in Amsterdam on October 2, 1997). (h) Section 13.12 (d) of the Credit Agreement is hereby amended by deleting the term "French Franc Revolving Loan Sub-Commitments" appearing therein and by inserting in lieu thereof the term "Euro Revolving Loan Sub-Commitments." (i) Schedule I-B of the Credit Agreement is hereby amended by deleting the heading "French Franc Alternate Currency Lenders" appearing therein and by inserting in lieu thereof the heading "Euro Alternate Currency Lenders". (j) Exhibit C-6 to the Credit Agreement is hereby deleted and replaced with a new Exhibit C-6 in the form attached as Exhibit C-6 to this Eleventh Amendment. -27- (k) It is acknowledged and agreed that no Lender shall, by reason of this Amendment, have any Alternate Revolving Loan Sub-Commitment. Any such Alternate Revolving Loan Sub-Commitment (including with respect to Euro Revolving Loans) shall only be provided from time to time in accordance with the provisions of the Credit Agreement (including without limitation the relevant provisions of Section 13.12(d) of the Credit Agreement). SECTION 14. CERTAIN DEFINITIONS. The following defined terms, as used in this Amendment, shall have the following meanings and Section 11 of the Credit Agreement is hereby amended by deleting the defined terms "CIGA", "ITT" and "ITT Sheraton" contained therein and by inserting in said Section 11, in appropriate alphabetical order, the following defined terms; provided that the defined terms "Guarantor Release Date", "Other Remaining Guarantors", "Principal Guarantors", "Released Collateral", "Released Guarantors", "Remaining Guarantors" and "Restricted Assets" shall only be inserted in said Section 11 upon the occurrence of the Guarantor Release Date in accordance with the requirements of the Eleventh Amendment: "CIGA" shall mean CIGA Compagnia Italiana Grandi Alberghi S.p.A., an Italian company. "CIGA Assets" shall have the meaning assigned that term in the Eleventh Amendment. "CIGA Leverage Ratio" shall mean the Combined Leverage Ratio, calculated for New CIGA Owner, CIGA and their respective Subsidiaries as if same constituted the Parent Companies and their Subsidiaries, in each case with any necessary reference changes to the component defined terms as used therein. "CIGA Stock Transfer" shall have the meaning assigned that term in the Eleventh Amendment. "Eleventh Amendment" shall mean that certain Eleventh Amendment to Credit Agreement, dated as of November 20, 2001. "Eleventh Amendment Effective Date" shall mean the date upon which the Eleventh Amendment becomes effective in accordance with its terms. "Equity Interests" of any Person means, collectively, all of the Stock, Limited Liability Company Interests, and Partnership Interests (each such term as defined in the Pledge and Security Agreement) owned by such Person. "Guarantor Release Date" shall have the meaning assigned that term in the Eleventh Amendment. "ITT" shall mean Sheraton Holding Corporation, a Nevada corporation formerly known as ITT Corporation. -28- "ITT Sheraton" shall mean The Sheraton Corporation, a Delaware corporation formerly known as ITT Sheraton Corporation, with ITT Sheraton being a direct Wholly-Owned Subsidiary of ITT. "Maximum New CIGA Owner Financing Amount" at any time shall mean (x) $550,000,000 less (y) the aggregate amount of all principal repayments of the New CIGA Owner Financing actually made after the incurrence thereof. "New Capital Stock Transaction" shall have the meaning assigned that term in the Eleventh Amendment. "New CIGA Lenders" shall have the meaning assigned that term in the Eleventh Amendment. "New CIGA Owner" shall have the meaning assigned that term in the Eleventh Amendment. "New CIGA Owner Financing" shall have the meaning assigned that term in the Eleventh Amendment. "New CIGA Owner Financing Date" shall mean the first date upon which (x) (i) Indebtedness is incurred pursuant to the New CIGA Owner Financing or (ii) the CIGA Bridge Loan is amended and modified as the "New CIGA Owner Financing" and notice thereof is provided to the Lead Agents in accordance with Section 12(a)(1) of Part I of the Eleventh Amendment and (y) all conditions thereto as specified in Section 12(a)(1) of Part I of the Eleventh Amendment have been satisfied. "New CIGA Owner Restructuring" shall have the meaning assigned that term in the Eleventh Amendment. "New CIGA Owner Shares" shall have the meaning assigned that term in the Eleventh Amendment. "Other Remaining Guarantors" means, collectively, (i) each of the existing Subsidiaries of the Corporation (other than the Principal Guarantors) listed on SCHEDULE 2 to the Eleventh Amendment, (ii) any Wholly-Owned Domestic Subsidiary (or under the circumstances described in Section 8.14 of the Credit Agreement, any Wholly-Owned Foreign Subsidiary) created, established, or acquired by any Borrower which is required to become a Guarantor under the Credit Documents (after taking into account the Eleventh Amendment), (iii) any Subsidiary which would be a Released Guarantor but becomes a Guarantor in accordance with the provisions of Section 11(a)(iii) of Part I of the Eleventh Amendment and (iv) from and after the New CIGA Owner Financing Date, CIGA Borrower. "Pledgor" means the Corporation and each of its Subsidiaries which is a party to the Pledge and Security Agreement. "Principal Guarantors" shall mean the Corporation, Starwood Holdings, ITT, Starwood REIT, SLT RLP, SLC OLP, Starwood Vacation, and ITT Sheraton. -29- "Released Collateral" shall mean, collectively, (i) the Pledge and Security Agreement Collateral at one time pledged by the Released Guarantors (as further described in SCHEDULE 3A attached to the Eleventh Amendment) and released from the Pledge and Security Agreement pursuant to the Eleventh Amendment on the Guarantor Release Date, (ii) certain additional Pledge and Security Agreement Collateral at one time pledged by certain Remaining Guarantors (as further described in SCHEDULE 3B attached to the Eleventh Amendment) and also released from the Pledge and Security Agreement pursuant to the Eleventh Amendment, and (iii) certain additional Pledge and Security Agreement Collateral as further described in SCHEDULE 3C attached to the Eleventh Amendment; provided that any Equity Interests pledged pursuant to Section 11(a)(iii) of Part I of the Eleventh Amendment shall cease to constitute Released Collateral. "Released Guarantors" means, collectively, (i) each of the existing Subsidiaries of the Corporation listed on SCHEDULE 1 to the Eleventh Amendment and (ii) any Subsidiary of the Corporation (other than any Principal Guarantor) acquired, created or established after the date of the Eleventh Amendment which is not a Wholly-Owned Subsidiary of the Corporation and which would otherwise be required to become a Guarantor pursuant to the Credit Documents (but for the application of the Eleventh Amendment); PROVIDED that (x) any Released Guarantor shall cease to constitute a Released Guarantor if such Person is designated as a Guarantor pursuant to Section 11(a)(iii) of Part I of the Eleventh Amendment and (y) in no event shall any of (A) the CIGA Borrower, (B) any Vistana Restricted Subsidiaries or (C) any Subsidiary which has incurred any indebtedness pursuant to a CMBS Transaction, constitute a Released Guarantor. "Remaining Guarantors" shall mean the Principal Guarantors and the Other Remaining Guarantors. "Restricted Assets" shall have the meaning assigned such term in Section 9.01. "Restricted Vistana Subsidiaries" shall have the meaning assigned that term in the Ninth Amendment. "Series A Convertible Senior Notes" shall mean the Series A Zero Coupon Convertible Senior Notes due May 25, 2021, issued by the Corporation. "Starwood Holdings" means Starwood Hotels & Resorts Holdings, Inc., an Arizona corporation, which is the company referred to as the New Intermediate Holding Company in the Eighth Amendment. "Starwood Vacation" shall mean Starwood Vacation Ownership, Inc., a Florida corporation previously known as Vistana, Inc. PART II. MISCELLANEOUS PROVISIONS A. Each Guarantor and each Borrower, by their signatures below, hereby confirms that (x) the Guaranty shall remain in full force and effect and the Guaranty covers the obligations of each of the Borrowers under the Credit Agreement, as -30- modified and amended by this Amendment and (y) the Pledge and Security Agreement (as modified by this Amendment) shall remain in full force and effect as security for the obligations under the Credit Agreement, as modified and amended by this Amendment, and the Guaranty. Notwithstanding anything to the contrary contained in the immediately preceding sentence, it is acknowledged and agreed that, from and after the occurrence of the Guarantor Release Date (if same occurs), the releases of Guarantors and Pledgors who are Released Guarantors from the Guaranty and the Pledge and Security Agreement shall be effected in accordance with the provisions of Section 11 of Part I of this Amendment. Each Remaining Guarantor agrees that, from and after the occurrence of any releases of Guarantors pursuant to the Guaranty and/or Pledge and Security Agreement, in accordance with the provisions of Section 11 of Part I of the Eleventh Amendment or otherwise, the provisions of the Guaranty and the Pledge and Security Agreement shall continue in full force and effect with respect to each such Remaining Guarantor, and each such Remaining Guarantor shall remain obligated for all of its other obligations pursuant to each Credit Document to which it is a party. B. The Corporation represents and warrants to the Lenders that, on the Eleventh Amendment Effective Date, before, as of and after giving effect to the execution, delivery and performance by the Corporation of this Amendment and the transactions contemplated hereby, and on the Guarantor Release Date, if same occurs, after giving effect to the execution, delivery and performance by the Corporation of this Amendment and the transactions contemplated hereby, (i) there shall exist no Default or Event of Default and (ii) all representations and warranties contained in the Credit Agreement and in the other Credit Documents, as modified hereby, shall be true and correct in all material respects with the same effect as though such representations and warranties had been made on the Eleventh Amendment Effective Date or the Guarantor Release Date, as the case may be (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be true and correct in all material respects only as of such specified date). C. The Corporation further represents and warrants to the Lenders as of the Eleventh Amendment Effective Date, to the best of its knowledge (assuming for the purpose of this representation only that Section 10.04 of the Credit Agreement has not been amended as set forth herein), the Corporation is not aware of any circumstance that would result in the likelihood of any payment or other default by the Corporation and its Subsidiaries under any agreement that would cause an Event of Default as described in Section 10.04 of the Credit Agreement. D. The Corporation further represents and warrants to the Lenders as of the date hereof that, assuming (x) this Amendment became effective and the Guarantor Release Date occurred, in each case as of the date hereof, and (y)(i) the Released Guarantors were released from the Guaranty, (ii) the Released Guarantors were released as Pledgors from the Pledge and Security Agreement and (iii) the Released Collateral was released from the Pledge and Security Agreement, SCHEDULE 4 sets forth a true and correct description in all material respects of the Collateral of the Remaining Guarantors, which, after the date hereof, would be pledged under the Pledge and Security Agreement after giving effect to this Amendment and the occurrence of the Guarantor Release Date and the consummation of the transactions contemplated hereunder. E. The Corporation further represents and warrants to the Lenders that, to the best of its knowledge, all unaudited information furnished by it to the Administrative Agents prior to the Eleventh Amendment Effective Date with respect to the EBITDA directly attributable to the Remaining Guarantors (as opposed to other Subsidiaries of the Corporation) -31- and the Collateral of the Remaining Guarantors (as opposed to other Subsidiaries of the Corporation), as well as all other related financial information with respect to the Remaining Guarantors (as opposed to the other Subsidiaries of the Corporation), is true and correct in all material respects, and fairly and accurately presents the relevant financial results directly attributable to the Remaining Guarantors (as opposed to the other Subsidiaries of the Corporation) and the Collateral of the Remaining Guarantors (as opposed to the other Subsidiaries of the Corporation). F. This Amendment is limited as specified and shall not constitute a modification, acceptance or waiver of any other provision of the Credit Agreement or any other Credit Document. G. This Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A complete set of counterparts shall be lodged with the Borrowers and the Paying Agent. H. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. I. This Amendment shall become effective on the date (the "ELEVENTH AMENDMENT EFFECTIVE DATE") when each of the Borrowers, each Guarantor and the Required Lenders shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile transmission) the same to the Paying Agent (or its designee); PROVIDED, HOWEVER, notwithstanding the foregoing, Section 1(a) of this Amendment shall not become effective until the first day occurring on or after the Eleventh Amendment Effective Date upon which the Supermajority Lenders of the Tranche II Term Loans shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile transmission) the same to the Paying Agent (or its designee) (with the date described in this proviso being herein called the "SECTION 1 EFFECTIVE DATE"); PROVIDED further that if the Section 1 Effective Date does not occur prior to November 23, 2001, same shall not occur. Agent shall promptly deliver notice to the Corporation of any occurrence of the Eleventh Amendment Effective Date and/or the Section 1 Effective Date. J. From and after the Eleventh Amendment Effective Date, all references in the Credit Agreement and each of the other Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as modified hereby. K. The Borrowers hereby covenant and agree that, so long as the Eleventh Amendment Effective Date occurs, they shall pay (and shall be jointly and severally obligated to pay) each Lender which executes and delivers to the Paying Agent (or its designee) a counterpart hereof by the later to occur of (x) the close of business on the Eleventh Amendment Effective Date or (y) 12:00 p.m. (New York time) on Tuesday, November 20, 2001 (the "OUTSIDE DATE"), or which is an immediate or successive assignee of any Lender described above (with respect to amounts obtained, directly or indirectly, by assignment from such Lender), a non-refundable -32- cash fee in an amount equal to twenty basis points (.20%) of an amount equal to the sum of the outstanding principal amount of Term Loans of such Lender and the Revolving Loan Commitment of such Lender, in each case as same is in effect on the Eleventh Amendment Effective Date, which fees shall be paid by the Borrowers to the Paying Agent for distribution to the Lenders not later than the fifth Business Day following the Outside Date. [SIGNATURE PAGES FOLLOW] -33- IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver this Amendment as of the date first above written. STARWOOD HOTELS & RESORTS WORLDWIDE, INC., a Maryland corporation By: /s/ Jeff S. Drew ------------------- Name: Jeff S. Drew Title: Senior Vice President & Treasurer STARWOOD HOTELS & RESORTS, a Maryland real estate investment trust By: /s/ Jeff S. Drew -------------------------------------- Name: Jeff S. Drew Title: Vice President & Treasurer SLT REALTY LIMITED PARTNERSHIP, a Delaware limited partnership By: Starwood Hotels & Resorts, Maryland real estate investment trust, its general partner By: /s/ Jeff S. Drew ------------------------- Name: Jeff S. Drew Title: Vice President & Treasurer SHERATON HOLDING CORPORATION (f/k/a ITT Corporation), a Nevada corporation By: /s/ Jeff S. Drew ------------------------------ Name: Jeff S. Drew Title: Vice President & Assistant Treasurer [Signature Page to Eleventh Amendment - p. 1] STARWOOD HOTELS & RESORTS HOLDINGS, INC., an Arizona corporation By: /s/ Jeff S. Drew ------------------------------ Name: Jeff S. Drew Title: Vice President & Assistant Treasurer CHARLESTON HOTEL ASSOCIATES, LLC, a New Jersey limited liability company, CRYSTAL CITY HOTEL ASSOCIATES, LLC, a New Jersey limited liability company, LONG BEACH HOTEL ASSOCIATES, LLC, a New Jersey limited liability company, SANTA ROSA HOTEL ASSOCIATES, LLC, a New Jersey limited liability company, SLT ALLENTOWN LLC, a Delaware limited liability company, SLT ARLINGTON LLC, a Delaware limited liability company, SLT ASPEN DEAN STREET, LLC, a Delaware limited liability company, SLT BLOOMINGTON LLC, a Delaware limited liability company, SLT DANIA LLC, a Delaware limited liability company, SLT DC MASSACHUSETTS AVENUE, LLC, a Delaware limited liability company, SLT INDIANAPOLIS LLC, a Delaware limited liability company, SLT KANSAS CITY LLC, a Delaware limited liability company, SLT LOS ANGELES LLC, a Delaware limited liability company, [Signature Page to Eleventh Amendment - p. 2] SLT MINNEAPOLIS LLC, a Delaware limited liability company, SLT PALM DESERT LLC, a Delaware limited liability company, SLT PHILADELPHIA LLC, a Delaware limited liability company, SLT REALTY COMPANY, LLC, a Delaware limited liability company, SLT SAN DIEGO LLC, a Delaware limited liability company, SLT SOUTHFIELD LLC, a Delaware limited liability company, SLT ST. LOUIS LLC, a Delaware limited liability company, SLT TUCSON LLC, a Delaware limited liability company, STARLEX LLC, a New York limited liability company, STARWOOD ATLANTA II LLC, a Delaware limited liability company, STARWOOD ATLANTA LLC, a Delaware limited liability company, STARWOOD MISSION HILLS, L.L.C., a Delaware limited liability company, STARWOOD NEEDHAM LLC, a Delaware limited liability company, [Signature Page to Eleventh Amendment - p. 3] STARWOOD WALTHAM LLC, a Delaware limited liability company, By: SLT Realty Limited Partnership, a Delaware limited partnership, the managing member of each of the above listed entities By: Starwood Hotels & Resorts, a Maryland real estate investment trust, its general partner By: /s/ Jeff S. Drew ------------------------- Name: Jeff S. Drew Title:Vice President & Assistant Treasurer BW HOTEL REALTY, LP, a Maryland limited partnership, CP HOTEL REALTY, LP, a Maryland limited partnership, EDISON HOTEL ASSOCIATES, LP, a New Jersey limited partnership, NOVI HOTEL ASSOCIATES, LP, a Delaware limited partnership, PARK RIDGE HOTEL ASSOCIATES LP, a Delaware limited partnership, SLT FINANCING PARTNERSHIP, a Delaware general partnership, SLT HOUSTON BRIAR OAKS, LP, a Delaware limited partnership, VIRGINIA HOTEL ASSOCIATES, LP, a Delaware limited partnership, [Signature Page to Eleventh Amendment - p. 4] PRUDENTIAL HEI JOINT VENTURE, a Georgia general partnership, By: SLT Realty Limited Partnership, a Delaware limited partnership, the general partner of each of the above listed entities By: Starwood Hotels & Resorts, a Maryland real estate investment trust, its general partner By: /s/ Jeff S. Drew ------------------------- Name: Jeff S. Drew Title: Vice President & Assistant Treasurer HEI HOTELS, L.L.C., a Delaware limited liability company, SLC CENTRAL PARK SOUTH, LLC, a Delaware limited liability company, SLC INDIANAPOLIS LLC, a Delaware limited liability company, STARWOOD MANAGEMENT COMPANY, LLC, a Delaware limited liability company, By: SLC Operating Limited Partnership, a Delaware limited partnership, the managing member of each of the above listed entities By: Starwood Hotels & Resorts Worldwide, Inc., a Maryland corporation, its general partner By: /s/ Jeff S. Drew -------------------- Name: Jeff S. Drew Title: Senior Vice President & Treasurer [Signature Page to Eleventh Amendment - p. 5] SLC OPERATING LIMITED PARTNERSHIP, a Delaware limited partnership, By: Starwood Hotels & Resorts Worldwide, Inc., a Maryland corporation, its general partner By: /s/ Jeff S. Drew -------------------- Name: Jeff S. Drew Title: Senior Vice President & Treasurer MILWAUKEE BROOKFIELD LP, a Wisconsin limited partnership, By: SLC Operating Limited Partnership, a Delaware limited partnership, the general partner of each of the above listed entities By: Starwood Hotels & Resorts Worldwide, Inc., a Maryland corporation, its general partner By: /s/ Jeff S. Drew -------------------- Name: Jeff S. Drew Title: Senior Vice President & Treasurer ITT BROADCASTING CORP., a Delaware corporation By: /s/ Jeff S. Drew -------------------- Name: Jeff S. Drew Title: Vice President & Assistant Treasurer THE SHERATON CORPORATION (f/k/a ITT Sheraton Corporation), a Delaware corporation, DESTINATION SERVICES OF SCOTTSDALE, INC., a Delaware corporation, [Signature Page to Eleventh Amendment - p. 6] GENERAL FIDUCIARY CORPORATION, a Massachusetts corporation, GLOBAL CONNEXTIONS INC., a Delaware corporation, STARWOOD RESERVATIONS CORPORATION (f/k/a ITT Sheraton Reservations Corporation), a Delaware corporation, MANHATTAN SHERATON CORPORATION, a New York corporation, SAN DIEGO SHERATON CORPORATION, a Delaware corporation, SAN FERNANDO SHERATON CORPORATION, a Delaware corporation, SHERATON 45 PARK CORPORATION, a Delaware corporation, SHERATON ASIA-PACIFIC CORPORATION, a Delaware corporation, SHERATON BOSTON CORPORATION a Massachusetts corporation, SHERATON CALIFORNIA CORPORATION, a Delaware corporation, SHERATON FLORIDA CORPORATION, a Delaware corporation, SHERATON HARBOR ISLAND CORPORATION, a Delaware corporation, SHERATON HAWAII HOTELS CORPORATION, a Hawaii corporation, SHERATON INTERNATIONAL DE MEXICO, INC., a Delaware corporation, [Signature Page to Eleventh Amendment - p. 7] SHERATON WARSAW CORPORATION, a Delaware corporation, SHERATON MIAMI CORPORATION, a Delaware corporation, SHERATON MIDDLE EAST MANAGEMENT CORP., a Delaware corporation, SHERATON NEW YORK CORPORATION, a New York corporation, SHERATON OVERSEAS TECHNICAL SERVICES CORPORATION, a Delaware corporation, SHERATON PEACHTREE CORPORATION, a Delaware corporation, SHERATON PHOENICIAN CORPORATION, a Delaware corporation, SHERATON SAVANNAH CORPORATION, a Delaware corporation, ST. REGIS SHERATON CORPORATION, a New York corporation, WORLDWIDE FRANCHISE SYSTEMS, INC., a Delaware corporation, SHERATON VERMONT CORPORATION, a Vermont corporation By: /s/ Jeff S. Drew -------------------- Name: Jeff S. Drew Title: Vice President & Assistant Treasurer [Signature Page to Eleventh Amendment - p. 8] SHERATON INTERNATIONAL, INC., a Delaware corporation, By: /s/ Jeff S. Drew -------------------- Name: Jeff S. Drew Title: Senior Vice President & Treasurer SHERATON MANAGEMENT, LLC (f/k/a Sheraton Management Corporation), a Delaware limited liability company, By: Sheraton International, Inc., a Delaware corporation, its sole member By: /s/ Jeff S. Drew -------------------- Name: Jeff S. Drew Title: Senior Vice President & Treasurer SHERATON OVERSEAS MANAGEMENT CORPORATION, a Delaware corporation, By: /s/ Jeff S. Drew -------------------- Name: Jeff S. Drew Title: Vice President & Treasurer HUDSON SHERATON CORPORATION LLC, a Delaware limited liability company By: The Sheraton Corporation (f/k/a ITT Sheraton Corporation), a Delaware corporation, its managing member By: /s/ Jeff S. Drew -------------------- Name: Jeff S. Drew Title: Senior Vice President & Treasurer [Signature Page to Eleventh Amendment - p. 9] ITT MSG, INC., a Delaware corporation By: /s/ Jeff S. Drew -------------------- Name: Jeff S. Drew Title: Vice President & Assistant Treasurer W&S DENVER CORP., a Delaware corporation, W&S REALTY CORPORATION OF DELAWARE, a Delaware corporation, BENJAMIN FRANKLIN HOTEL, INC., a Washington corporation, LAUDERDALE HOTEL COMPANY, a Delaware corporation, WESTIN BAY HOTEL COMPANY, a Delaware corporation, CINCINNATI PLAZA COMPANY, a Delaware corporation, SOUTH COAST WESTIN HOTEL COMPANY, a Delaware corporation, TOWNHOUSE MANAGEMENT INC., a Delaware corporation, WVC RANCHO MIRAGE, INC., a Delaware corporation, WESTIN ASSET MANAGEMENT COMPANY, a Delaware corporation, W&S ATLANTA CORP., a Delaware corporation, By: /s/ Jeff S. Drew -------------------- Name: Jeff S. Drew Title: Vice President & Assistant Treasurer [Signature Page to Eleventh Amendment - p. 10] WESTIN SEATTLE HOTEL COMPANY, a Washington general partnership, By: Benjamin Franklin Hotel, Inc., its general partner By: /s/ Jeff S. Drew -------------------- Name: Jeff S. Drew Title: Vice President & Assistant Treasurer By: W&S Realty Corporation of Delaware, its general partner By: /s/ Jeff S. Drew -------------------- Name: Jeff S. Drew Title: Vice President & Assistant Treasurer WESTIN PREMIER, INC., a Delaware corporation, WESTIN VACATION MANAGEMENT CORPORATION, a Delaware corporation, STARWOOD VACATION EXCHANGE COMPANY (f/k/a Westin Vacation Exchange Company), a Delaware corporation By: Starwood Hotels & Resorts Worldwide, Inc., a Maryland corporation, the sole stockholder of each of the above listed entities By: /s/ Jeff S. Drew -------------------- Name: Jeff S. Drew Title: Senior Vice President & Treasurer W&S LAUDERDALE CORP., a Delaware corporation, [Signature Page to Eleventh Amendment - p. 11] W&S SEATTLE CORP., a Delaware corporation, By: SLT Realty Limited Partnership, a Delaware limited partnership, the sole stockholder of each of the above listed entities By: Starwood Hotels & Resorts, a Maryland real estate investment trust, its general partner By: /s/ Jeff S. Drew -------------------- Name: Jeff S. Drew Title: Vice President & Treasurer DATA MARKETING ASSOCIATES EAST, INC., a Florida corporation, STARWOOD VACATION SERVICES, INC. (f/k/a Vacation Marketing Services, Inc.), a Florida corporation, VACATION TITLE SERVICES, INC., a Florida corporation, VACATIONWORKS, INC., a Florida corporation, VCH COMMUNICATIONS, INC., a Florida corporation, VCH CONSULTING, INC., a Florida corporation, VCH PORTFOLIO SERVICES, INC., a Florida corporation, VCH SALES, INC., a Florida corporation, VCH SYSTEMS, INC., a Florida corporation, [Signature Page to Eleventh Amendment - p. 12] VCH TRADEMARK, INC., a Florida corporation, VCM OAKS, INC., a Florida corporation, SVO VISTANA VILLAGES, INC. (f/k/a VDI2, Inc.), a Florida corporation, VISTANA ACCEPTANCE CORP., a Florida corporation, VISTANA CAVE CREEK, INC. an Arizona corporation, VISTANA DEVELOPMENT, INC., a Florida corporation d/b/a Vistana Development, Ltd., SVO EAST, INC. (f/k/a Vistana East, Inc.), a Florida corporation, SVO INTERNATIONAL, INC. (f/k/a Vistana International, Inc.), a Florida corporation, SVO MANAGEMENT, INC. (f/k/a Vistana Management, Inc.), a Florida corporation d/b/a Vistana Management, Ltd., SVO MB MANAGEMENT, INC., (f/k/a Vistana MB Management, Inc.), a South Carolina corporation, VISTANA NJ, INC., a New Jersey corporation, VISTANA OP INVESTMENT, INC., a Florida corporation, VISTANA PSL, INC., a Florida corporation, [Signature Page to Eleventh Amendment - p. 13] VISTANA SCOTTSDALE MANAGEMENT, INC., an Arizona corporation, SVO WEST, INC. (f/k/a Vistana West, Inc.), a Florida corporation, POINTS OF COLORADO, INC., a Colorado corporation, SVO PACIFIC, INC. (f/k/a Vistana Pacific, Inc.), a Florida corporation SVO ARIZONA, INC., an Arizona corporation SVO CALIFORNIA, INC., a California corporation SVO CALIFORNIA MANAGEMENT, INC., a California corporation STARWOOD VACATION OWNERSHIP, INC. (f/k/a Vistana, Inc.), a Florida corporation, the sole stockholder of each of the above listed entities By: /s/ Ronald C. Brown -------------------- Name: Ronald C. Brown Title: Vice President and Assistant Treasurer P.O.C. REALTY, INC., a Colorado corporation, By: /s/ Ronald C. Brown -------------------- Name: Ronald C. Brown Title: Vice President and Assistant Treasurer SUCCESS OF ARIZONA, L.L.C., an Arizona limited liability company, SUCCESS OF COLORADO, L.L.C., a Nevada limited liability company, [Signature Page to Eleventh Amendment - p. 14] FIESTA VACATIONS, L.L.C., an Arizona limited liability company, By: SVO West, Inc. (f/k/a Vistana West, Inc.), a Florida corporation, its Manager By: /s/ Ronald C. Brown -------------------- Name: Ronald C. Brown Title: Vice President and Assistant Treasurer SUCCESS DEVELOPMENTS, L.L.C., an Arizona limited liability company By: Points of Colorado, Inc., a Colorado corporation, its Manager By: /s/ Ronald C. Brown -------------------- Name: Ronald C. Brown Title: Vice President and Assistant Treasurer SUCCESS OF COLORADO REALTY, L.L.C., a Nevada limited liability company By: Success of Colorado, L.L.C., a Nevada limited liability company, a member By: SVO West, Inc. (f/k/a Vistana West, Inc.), a Florida corporation, its Manager By: /s/ Ronald C. Brown -------------------- Name: Ronald C. Brown Title: Vice President and Assistant Treasurer [Signature Page to Eleventh Amendment - p. 15] STRONG ADVANTAGE FUND, A SERIES OF STRONG ADVANTAGE FUND, INC. By: /s/ Gilbert L. Southwell, III ---------------------------- Name: Gilbert L. Southwell, III Title: Associate Counsel THE ROYAL BANK OF SCOTLAND PLC By: /s/ Peter M. Anscomb -------------------- Name: Peter M. Anscomb Title: Corporate Director, Leisure, and Head of Travel & Hotels OAK HILL SECURITIES FUND, L.P. By: Oak Hill Securities GenPar, L.P. Its General Partner By: Oak Hill Securities MGP, Inc. Its General Partner By: /s/ Scott D. Krase ------------------- Name: Scott D. Krase Title: Vice President OAK HILL SECURITIES FUND II, L.P. By: Oak Hill Securities GenPar II, L.P. Its General Partner By: Oak Hill Securities MGP II, Inc. Its General Partner By: /s/ Scott D. Krase ------------------- Name: Scott D. Krase Title: Vice President [Signature Page to Eleventh Amendment - p. 16] CREDIT SUISSE FIRST BOSTON By: /s/ Bill O'Daly ---------------- Name: Bill O'Daly Title: Vice President By: /s/ Cassandra Droogan ---------------------- Name: Cassandra Droogan Title: Associate CIBC INC. By: /s/ Dean J. Decker ------------------ Name: Dean J. Decker Title: Managing Director CIBC World Markets Corp., as Agent BANK LEUMI USA By: /s/ Joung Hoe Hong ------------------ Name: Joung Hoe Hong Title: Vice President SEQUILS I, LTD. By: TCW Advisors, Inc. as its Collateral Manager By: /s/ Jonathan R. Insull ---------------------- Name: Jonathan R. Insull Title: Senior Vice President By: /s/ Jonathan I. Berg -------------------- Name: Jonathan I. Berg Title: Assistant Vice President WELLS FARGO BANK formerly First Security Bank By: /s/ Gary M. Rigby ----------------- Name: Gary M. Rigby Title: RM [Signature Page to Eleventh Amendment - p. 17] FIRST DOMINION FUNDING I By: /s/ Andrew H. Marshak --------------------- Name: Andrew H. Marshak Title: Authorized Signatory FIRST DOMINION FUNDING II By: /s/ Andrew H. Marshak -------------------- Name: Andrew H. Marshak Title: Authorized Signatory FIRST DOMINION FUNDING III By: /s/ Andrew H. Marshak -------------------- Name: Andrew H. Marshak Title: Authorized Signatory CSAM FUNDING I By: /s/ Andrew H. Marshak --------------------- Name: Andrew H. Marshak Title: Authorized Signatory CREDIT INDUSTRIEL ET COMMERCIAL By: /s/ Marcus Edward /s/ Sean Mounier ----------------------------------- Name: Marcus Edward Sean Mounier Title: Vice President First Vice President SUMITOMO TRUST & BANKING CO., LTD. New York Branch By: /s/ Frances E. Wynne ------------------- Name: Frances E. Wynne Title: Vice President SOUTHERN PACIFIC BANK By: /s/ Mun Young Kim ----------------- Name: Mun Young Kim Title: Vice President [Signature Page to Eleventh Amendment - p. 18] ARAB BANK PLC By: /s/ John Korthuis ----------------- Name: John Korthuis Title: Vice President GENERAL ELECTRIC CAPITAL CORPORATION By: /s/ GREGORY HONG ---------------- Name: Gregory Hong Title: Duly Authorized Signatory CARLYLE HIGH YIELD PARTNERS III, LTD. By: /s/ Linda M. Pace ----------------- Name: Linda M. Pace Title: Vice President CARLYLE HIGH YIELD PARTNERS II, LTD. By: /s/ Linda M. Pace ----------------- Name: Linda M. Pace Title: Vice President CARLYLE HIGH YIELD PARTNERS, L.P. By: /s/ Linda M. Pace ----------------- Name: Linda M. Pace Title: Vice President BANK OF MONTREAL By: /s/ David M. Rubin ------------------ Name: David M. Rubin Title: Managing Director BANK OF SCOTLAND By: /s/ Joseph Fratus ----------------- Name: Joseph Fratus Title: Vice President [Signature Page to Eleventh Amendment - p. 19] BOS (USA) INC. By: Bank of Scotland as Administrative Agent By: /s/ Joseph Fratus ------------------ Name: Joseph Fratus Title: Vice President FIRST HAWAIIAN BANK By: /s/ Charles L. Jenkins ----------------------- Name: Charles L. Jenkins Title: Vice President, Manager BANK ONE, NA By: /s/ Dennis J. Redpath ---------------------- Name: Dennis J. Redpath Title: Director, Capital Markets THE BANK OF NOVA SCOTIA NEW YORK AGENCY By: /s/ Bruce G. Ferguson ---------------------- Name: Bruce G. Ferguson Title: Managing Director CITICORP NORTH AMERICA, INC. By: /s/ MICHAEL CHLOPAK ---------------------- Name: Michael Chlopak Title: Vice President BANCA NAZIONALE DEL LAVORO S.P.A. NEW YORK BRANCH By: /s/ Leonardo Valentini ----------------------- Name: Leonardo Valentini Title: First Vice President By: /s/ Stefano Carsetti --------------------- Name: Stefano Carsetti Title: Vice President [Signature Page to Eleventh Amendment - p. 20] KZH CNC LLC By: /s/ Susan Lee ---------------------- Name: Susan Lee Title: Authorized Agent SOCIETE GENERALE By: /s/ Carina T. Huynh -------------------- Name: Carina T. Huynh Title: Vice President FLEET NATIONAL BANK By: /s/ Kathleen M. Ahern ---------------------- Name: Kathleen M. Ahern Title: Director FLEET NATIONAL BANK (f/k/a BANKBOSTON, N.A.) By: /s/ Kathleen M. Ahern ---------------------- Name: Kathleen M. Ahern Title: Director ~~BNP PARIBAS By: /s/ Janice S. H. Ho /s/ Tjalling Terpstra -------------------------------------------- Name: Janice S. H. Ho Tjalling Terpstra Title: Director Director~~

JPMORGAN CHASE BANK (formerly known as THE CHASE MANHATTAN BANK) By: /s/ John F. Mix ---------------- Name: John F. Mix Title: Vice President LEHMAN COMMERCIAL PAPER INC. By: /s/ Michele Swanson -------------------- Name: Michele Swanson Title: Authorized Signatory [Signature Page to Eleventh Amendment - p. 21] CREDIT LYONNAIS NEW YORK BRANCH By: /s/ Rodrick Rohrbach --------------------- Name: Rodrick Rohrbach Title: Senior Vice President BANK OF AMERICA, N.A. By: /s/ Ansel Mcdowell ------------------- Name: Ansel McDowell Title: Principal RIVIERA FUNDING LLC By: /s/ Ann E. Morris ------------------ Name: Ann E. Morris Title: Asst. Vice President ~~DEUTSCHE BANK AG NEW YORK BRANCH By: /s/ Hans-Josef Thiele /s/ Oliver Schwartz ------------------------------------------- Name: Hans-Josef Thiele Oliver Schwartz Title: Director Vice President~~

BANKERS TRUST COMPANY By: /s/ Linda Wang --------------- Name: Linda Wang Title: Vice President CARAVELLE INVESTMENT FUND II, L.L.C. By: Trimaran Advisors, L.L.C. By: /s/ Dean T. Criares -------------------- Name: Dean T. Criares Title: Managing Director [Signature Page to Eleventh Amendment - p. 22] APEX (TRIMARAN) CDO I, LTD. By: Trimaran Advisors, L.L.C. By: /s/ Dean T. Criares -------------------- Name: Dean T. Criares Title: Managing Director SENIOR DEBT PORTFOLIO By: Boston Management and Research as Investment Advisor By: /s/ Payson F. Swaffield ------------------------ Name: Payson F. Swaffield Title: Vice President INDOSUEZ CAPITAL FUNDING IIA, LIMITED By: Indosuez Capital as Portfolio Advisor By: /S/JACK C. HENRY ---------------- Name: Jack C. Henry Title: Principal INDOSUEZ CAPITAL FUNDING IV, L.P. By: Indosuez Capital as Portfolio Advisor By: /s/ Jack C. Henry ------------------ Name: Jack C. Henry Title: Principal INDOSUEZ CAPITAL FUNDING VI, LIMITED By: Indosuez Capital as Collateral Manager By: /s/ Jack C. Henry ------------------ Name: Jack C. Henry Title: Principal [Signature Page to Eleventh Amendment - p. 23] FIRST COMMERCIAL BANK NEW YORK AGENCY By: /s/ Bruce M. J. Ju ------------------- Name: Bruce M. J. Ju Title: Vice President & General Manager ELT LTD. By: /s/ Ann E. Morris ----------------- Name: Ann E. Morris Title: Authorized Agent WINDSOR LOAN FUNDING, LIMITED By: Stanfield Capital Partners LLC as its Investment Manager By: /s/ Gregory L. Smith --------------------- Name: Gregory L. Smith Title: Partner STANFIELD ARBITRAGE CDO, LTD. By: Stanfield Capital Partners LLC as its Collateral Manager By: /s/ Gregory L. Smith --------------------- Name: Gregory L. Smith Title: Partner NORTH AMERICAN SENIOR FLOATING RATE FUND INC. By: Stanfield Capital Partners LLC as Subadvisor By: /s/ Gregory L. Smith --------------------- Name: Gregory L. Smith Title: Partner [Signature Page to Eleventh Amendment - p. 24] STANFIELD/RMF TRANSATLANTIC CDO LTD. By: Stanfield Capital Partners LLC as its Collateral Manager By: /s/ Gregory L. Smith --------------------- Name: Gregory L. Smith Title: Partner STANFIELD CLO LTD. By: Stanfield Capital Partners LLC as its Collateral Manager By: /s/ Gregory L. Smith --------------------- Name: Gregory L. Smith Title: Partner KZH LANGDALE LLC By: /s/ Susan Lee -------------- Name: Susan Lee Title: Authorized Agent THE DAI-ICHI KANGYO BANK, LTD. By: /s/ Chimie T. Pemba -------------------- Name: Chimie T. Pemba Title: Account Officer [Signature Page to Eleventh Amendment - p. 25] EXHIBIT A TO ELEVENTH AMENDMENT [Attach Form of Opinion to be Delivered from Sidley Austin Brown & Wood] EXHIBIT C-6 FORM OF EURO REVOLVING NOTE(1) ______ New York, New York _____________, 199_ FOR VALUE RECEIVED, [NAME OF ALTERNATE CURRENCY REVOLVING LOAN BORROWER], a _______________ corporation (the "Borrower"), hereby promises to pay to the order of _______________ or its registered assigns (the "Lender"), in the single currency of participating member states of the European union (expressed in euros), in immediately available funds, at the appropriate Payment Office (as defined in the Agreement referred to below) of Bankers Trust Company (the "Paying Agent") on the Revolving Loan Maturity Date (as defined in the Agreement) the principal sum of ____________ EUROS ([EUROS]______) or, if less, the unpaid principal amount of all Euro Revolving Loans (as defined in the Agreement) made by the Lender pursuant to the Agreement. Except as specifically provided in Section 1.17 of the Credit Agreement (which, in the circumstances provided therein, shall require payments to be made in U.S. Dollars as provided therein), all payments hereunder shall be made in Euros. The Borrower also promises to pay interest on the unpaid principal amount hereof in like money at said office from the date hereof until paid at the rates and at the times provided in Section 1.09 of the Agreement. This Note is one of the Euro Revolving Notes referred to in the Credit Agreement, dated as of February 23, 1998, among the Borrower, Starwood Hotels & Resorts, SLT Realty Limited Partnership, Starwood Hotels & Resorts Worldwide, Inc., ITT (as successor in interest to Chess Acquisition Corp.), each Alternate Currency Revolving Loan Borrower from time to time party thereto, the lenders from time to time party thereto (including the Lender), Bankers Trust Company and The Chase Manhattan Bank, as Administrative Agents, and Lehman Commercial Paper Inc. and Bank of Montreal, as Syndication Agents (as amended, modified or supplemented from time to time, the "Agreement"), and is entitled to the benefits thereof and of the other Credit Documents (as defined in the Agreement). This Note is secured by the Security Documents (as defined in the Agreement) and is entitled to the benefits of the Guaranty (as defined in the Agreement). This Note is subject to voluntary prepayment and mandatory repayment prior to the Revolving Loan Maturity Date, in whole or in part, as provided in the Agreement. In case an Event of Default (as defined in the Agreement) shall occur and be continuing, the principal of and accrued interest on this Note may be declared to be due and payable in the manner and with the effect provided in the Agreement. - ---------- (1) Appropriate adjustments shall be made in the case of any Note evidencing Alternate Currency Revolving Loans to the Corporate Borrowers, as joint and several obligors. The Borrower hereby waives presentment, demand, protest or notice of any kind in connection with this Note. THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. [NAME OF ALTERNATE CURRENCY REVOLVING LOAN BORROWER] By_____________________________ Title: SCHEDULE 1 RELEASED GUARANTORS (AS OF THE DATE OF THE ELEVENTH AMENDMENT)
- -------------------------------------------------------------------------------------------------------------- PLACE OF REASON FOR NAME OF RELEASED GUARANTOR ORGANIZATION PARENT RELEASE - -------------------------------------------------------------------------------------------------------------- 1 BW Hotel Realty, LP Maryland SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 2 Charleston Hotel Associates, LLC New Jersey SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 3 CP Hotel Realty LP Maryland SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 4 Crystal City Hotel Associates, LLC New Jersey SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 5 Edison Hotel Associates, LP New Jersey SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 6 Long Beach Hotel Associates, LLC New Jersey SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 7 Novi Hotel Associates, LP Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 8 Park Ridge Hotel Associates, LP Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 9 Prudential HEI Joint Venture Georgia SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 10 Santa Rosa Hotel Associates, LLC New Jersey SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 11 SLT Allentown LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 12 SLT Arlington LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 13 SLT Aspen Dean Street, LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 14 SLT Bloomington LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 15 SLT Dania LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 16 SLT DC Massachusetts Avenue, LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 17 SLT Financing Partnership Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 18 SLT Houston Briar Oaks, LP Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 19 SLT Indianapolis LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 20 SLT Kansas City LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 21 SLT Los Angeles LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 22 SLT Minneapolis LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 23 SLT Palm Desert LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 24 SLT Philadelphia LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 25 SLT Realty Company, LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 26 SLT San Diego LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 27 SLT Southfield LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 28 SLT St. Louis LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 29 SLT Tucson LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 30 Starlex LLC New York SLT Not wholly-owned - --------------------------------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------------------------------- PLACE OF REASON FOR NAME OF RELEASED GUARANTOR ORGANIZATION PARENT RELEASE - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- 31 Starwood Atlanta II LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 32 Starwood Atlanta LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 33 Starwood Mission Hills, L.L.C. Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 34 Starwood Needham LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 35 Starwood Waltham LLC Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 36 Virginia Hotel Associates, LP Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 37 W&S Denver Corp. Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 38 W & S Seattle Corp. Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 39 W & S Realty Corporation of Delaware Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 40 Benjamin Franklin Hotel, Inc. Washington SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 41 Westin Seattle Hotel Company Washington SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 42 W & S Lauderdale Corp. Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 43 Lauderdale Hotel Company Delaware SLT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 44 Westin Bay Hotel Company Delaware REIT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 45 Cincinnati Plaza Company Delaware REIT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 46 South Coast Westin Hotel Company Delaware REIT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 47 Townhouse Management, Inc. Delaware REIT Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 48 HEI Hotels, L.L.C. Delaware SLC Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 49 SLC Central Park South, LLC Delaware SLC Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 50 Starwood Management Company, LLC Delaware SLC Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 51 W&S Atlanta Corp. Delaware SLC Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 52 Success of Colorado Realty, L.L.C. Nevada Vistana Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 53 P.O.C. Realty, Inc. Colorado Vistana Not wholly-owned - -------------------------------------------------------------------------------------------------------------- 54 Starwood Vacation Services, Inc. (f/k/a Florida Vistana Not wholly-owned Vacation Marketing Services, Inc.) - -------------------------------------------------------------------------------------------------------------- 55 Milwaukee Brookfield LP Wisconsin SLC Not wholly-owned - --------------------------------------------------------------------------------------------------------------
SCHEDULE 2 REMAINING GUARANTORS
- ---------------------------------------------------------------------------------------------------------------- PLACE OF NAME OF REMAINING GUARANTOR ORGANIZATION PARENT - ---------------------------------------------------------------------------------------------------------------- PRINCIPAL GUARANTORS - ---------------------------------------------------------------------------------------------------------------- 1 Starwood Hotels & Resorts Worldwide, Inc. Arizona Corp - ---------------------------------------------------------------------------------------------------------------- 2 Sheraton Holding Corporation (f/k/a ITT Corp) Nevada Corp - ---------------------------------------------------------------------------------------------------------------- 3 The Sheraton Corporation (f/k/a ITT Sheraton) Delaware ITT - ---------------------------------------------------------------------------------------------------------------- 4 Starwood Hotels & Resorts (REIT) Maryland REIT - ---------------------------------------------------------------------------------------------------------------- 5 SLT Realty Limited Partnership Delaware SLT - ---------------------------------------------------------------------------------------------------------------- 6 SLC Operating Limited Partnership Delaware Corp - ---------------------------------------------------------------------------------------------------------------- 7 Starwood Hotels & Resorts Holdings, Inc. Arizona Corp - ---------------------------------------------------------------------------------------------------------------- 8 Starwood Vacation Ownership, Inc. (f/k/a Vistana, Inc.) Florida Corp - ---------------------------------------------------------------------------------------------------------------- OTHER REMAINING GUARANTORS - ---------------------------------------------------------------------------------------------------------------- 9 Westin Premier, Inc. Delaware Corp - ---------------------------------------------------------------------------------------------------------------- 10 Westin Vacation Management Corporation Delaware Corp - ---------------------------------------------------------------------------------------------------------------- 11 Starwood Vacation Exchange Company (f/k/a Westin Vacation Delaware Corp Exchange Company) - ---------------------------------------------------------------------------------------------------------------- 12 WVC Rancho Mirage, Inc. Delaware Corp - ---------------------------------------------------------------------------------------------------------------- 13 Westin Asset Management Company Delaware Corp - ---------------------------------------------------------------------------------------------------------------- 14 SLC Indianapolis LLC Delaware Corp - ---------------------------------------------------------------------------------------------------------------- 15 ITT Broadcasting Corp. Delaware ITT - ---------------------------------------------------------------------------------------------------------------- 16 ITT MSG, Inc. Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 17 Destination Services of Scottsdale, Inc. Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 18 General Fiduciary Corporation Massachusetts Sheraton - ---------------------------------------------------------------------------------------------------------------- 19 Global Connextions, Inc. Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 20 Hudson Sheraton Corporation LLC Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 21 Starwood Reservations Corporation (f/k/a ITT Sheraton Delaware Sheraton Reservations Corp.) - ---------------------------------------------------------------------------------------------------------------- 22 Manhattan Sheraton Corporation New York Sheraton - ---------------------------------------------------------------------------------------------------------------- 23 San Diego Sheraton Corporation Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 24 San Fernando Sheraton Corporation Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 25 Sheraton 45 Park Corporation Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 26 Sheraton Asia-Pacific Corporation Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 27 Sheraton Boston Corporation Massachusetts Sheraton - ----------------------------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------------------------- PLACE OF NAME OF REMAINING GUARANTOR ORGANIZATION PARENT - ---------------------------------------------------------------------------------------------------------------- 28 Sheraton California Corporation Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 29 Sheraton Florida Corporation Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 30 Sheraton Harbor Island Corporation Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 31 Sheraton Hawaii Hotels Corporation Hawaii Sheraton - ---------------------------------------------------------------------------------------------------------------- 32 Sheraton International, Inc. Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 33 Sheraton International De Mexico, Inc. Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 34 Sheraton Management, LLC (f/k/a Sheraton Management Corporation) Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 35 Sheraton Overseas Management Corporation Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 36 Sheraton Warsaw Corporation Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 37 Sheraton Miami Corporation Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 38 Sheraton Middle East Management Corporation Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 39 Sheraton New York Corporation New York Sheraton - ---------------------------------------------------------------------------------------------------------------- 40 Sheraton Overseas Technical Services Corporation Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 41 Sheraton Peachtree Corporation Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 42 Sheraton Phoenician Corporation Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 43 Sheraton Savannah Corporation Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 44 St. Regis Sheraton Corporation New York Sheraton - ---------------------------------------------------------------------------------------------------------------- 45 Worldwide Franchise Systems, Inc. Delaware Sheraton - ---------------------------------------------------------------------------------------------------------------- 46 Sheraton Vermont Corporation Vermont Sheraton - ---------------------------------------------------------------------------------------------------------------- 47 Data Marketing Associates East, Inc. Florida Vistana - ---------------------------------------------------------------------------------------------------------------- 48 Points of Colorado, Inc. Colorado Vistana - ---------------------------------------------------------------------------------------------------------------- 49 Vacation Title Services, Inc. Florida Vistana - ---------------------------------------------------------------------------------------------------------------- 50 vacationWorks, Inc. Florida Vistana - ---------------------------------------------------------------------------------------------------------------- 51 VCH Communications, Inc. Florida Vistana - ---------------------------------------------------------------------------------------------------------------- 52 VCH Consulting, Inc. Florida Vistana - ---------------------------------------------------------------------------------------------------------------- 53 VCH Portfolio Services, Inc. Florida Vistana - ---------------------------------------------------------------------------------------------------------------- 54 VCH Sales, Inc. Florida Vistana - ---------------------------------------------------------------------------------------------------------------- 55 VCH Systems, Inc. Florida Vistana - ---------------------------------------------------------------------------------------------------------------- 56 VCH Trademark, Inc. Florida Vistana - ---------------------------------------------------------------------------------------------------------------- 57 VCM Oaks, Inc. Florida Vistana - ---------------------------------------------------------------------------------------------------------------- 58 SVO Vistana Villages, Inc. (f/k/a VDI2, Inc.) Florida Vistana - ---------------------------------------------------------------------------------------------------------------- 59 Vistana Acceptance Corp. Florida Vistana - ---------------------------------------------------------------------------------------------------------------- 60 Vistana Cave Creek, Inc. Arizona Vistana - ---------------------------------------------------------------------------------------------------------------- 61 Vistana Development, Inc. (d/b/a Vistana Development, Ltd.) Florida Vistana - ----------------------------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------------------------- PLACE OF NAME OF REMAINING GUARANTOR ORGANIZATION PARENT - ---------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------- 62 SVO East, Inc. (f/k/a Vistana East, Inc.) Florida Vistana - ---------------------------------------------------------------------------------------------------------------- 63 SVO International, Inc. (f/k/a Vistana International, Inc.) Florida Vistana - ---------------------------------------------------------------------------------------------------------------- 64 SVO Management, Inc. (f/k/a Vistana Management, Inc. (d/b/a Florida Vistana Vistana Management, Ltd.)) - ---------------------------------------------------------------------------------------------------------------- 65 SVO MB Management, Inc. (f/k/a Vistana MB Management, Inc.) South Carolina Vistana - ---------------------------------------------------------------------------------------------------------------- 66 Vistana NJ, Inc. New Jersey Vistana - ---------------------------------------------------------------------------------------------------------------- 67 Vistana OP Investment, Inc. Florida Vistana - ---------------------------------------------------------------------------------------------------------------- 68 Vistana PSL, Inc. Florida Vistana - ---------------------------------------------------------------------------------------------------------------- 69 Vistana Scottsdale Management, Inc. Arizona Vistana - ---------------------------------------------------------------------------------------------------------------- 70 SVO West, Inc. (f/k/a Vistana West, Inc.) Florida Vistana - ---------------------------------------------------------------------------------------------------------------- 71 Fiesta Vacations, L.L.C. Arizona Vistana - ---------------------------------------------------------------------------------------------------------------- 72 Success Developments, L.L.C. Arizona Vistana - ---------------------------------------------------------------------------------------------------------------- 73 Success of Colorado, L.L.C. Nevada Vistana - ---------------------------------------------------------------------------------------------------------------- 74 Success of Arizona, L.L.C. Arizona Vistana - ---------------------------------------------------------------------------------------------------------------- 75 SVO Pacific, Inc. (f/k/a Vistana Pacific, Inc.) Florida Vistana - ---------------------------------------------------------------------------------------------------------------- 76 SVO Arizona, Inc. Arizona Vistana - ---------------------------------------------------------------------------------------------------------------- 77 SVO California, Inc. California Vistana - ---------------------------------------------------------------------------------------------------------------- 78 SVO California Management, Inc. California Vistana - ----------------------------------------------------------------------------------------------------------------
SCHEDULE 3A The following describes the Pledge and Security Agreement Collateral owned by Released Guarantors which is being released from the Pledge and Security Agreement pursuant to this Amendment:
- -------------------------------------------------------------------------------------------------------------------------- NAME OF PLEDGOR/ PLACE OF RELEASED GUARANTOR ORGANIZATION COLLATERAL BEING RELEASED - -------------------------------------------------------------------------------------------------------------------------- 1. W & S Seattle Corp. Delaware W & S Realty Corporation of Delaware/ Westin Seattle Hotel Company - -------------------------------------------------------------------------------------------------------------------------- 2. W & S Realty Corporation of Delaware Delaware Benjamin Franklin Hotel, Inc. - -------------------------------------------------------------------------------------------------------------------------- 3. Benjamin Franklin Hotel, Inc. Washington Westin Seattle Hotel Company - --------------------------------------------------------------------------------------------------------------------------
SCHEDULE 3B The following describes certain Pledge and Security Agreement Collateral owned by certain Remaining Guarantors which is being released from the Pledge and Security Agreement pursuant to this Amendment:
- ------------------------------------------------------------------------------------------------------------------------------ NAME OF ENTITY WHOSE EQUITY INTERESTS PLACE OF REASON FOR CONSTITUTE ORGANIZATION PLEDGOR RELEASE RELEASED COLLATERAL - ------------------------------------------------------------------------------------------------------------------------------ 1 HEI Hotels, L.L.C. Delaware SLC Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 2 SLC Central Park South, LLC Delaware SLC Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 3 SLT Aspen Dean Street, LLC Delaware SLT Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 4 Westin Seattle Hotel Company Washington SLT Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 5 SLC Operating Limited Partnership Delaware Corp Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 6 Starwood Hotels & Resorts Holdings, Inc. Arizona Corp Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 7 Starwood Ciga Holdings, LLC Delaware Sheraton Int'l, Inc. Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 8 Starwood Management Company Delaware SLC Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 9 Sheraton Holding Corporation (f/k/a ITT Corp) Nevada Corp Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 10 The Sheraton Corporation (f/k/a ITT Sheraton) Delaware ITT Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 11 ITT Broadcasting Corp. Delaware ITT Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 12 ITT MSG, Inc. Delaware Sheraton Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 13 Starwood Reservations Corporation (f/k/a ITT Delaware Sheraton Value of equity Sheraton Reservations Corporation) - ------------------------------------------------------------------------------------------------------------------------------ 14 Hudson Sheraton Corporation Delaware Sheraton Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 15 Manhattan Sheraton Corporation Delaware Sheraton Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 16 Sheraton 45 Park Corporation Delaware Sheraton Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 17 Sheraton Boston Corporation Massachusetts Sheraton Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 18 Sheraton California Corporation Delaware Sheraton Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 19 Sheraton Florida Corporation Delaware Sheraton Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 20 Sheraton Harbor Island Corporation Delaware Sheraton Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 21 Sheraton International, Inc. Delaware Sheraton Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 22 Sheraton O'Hare Corporation Delaware Sheraton Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 23 Sheraton Savannah Corporation Delaware Sheraton Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 24 Sheraton Management, LLC (f/k/a Sheraton Delaware Sheraton Int'l, Inc. Value of equity Management Corporation) - ------------------------------------------------------------------------------------------------------------------------------ 25 Sheraton Overseas Management Corporation Delaware Sheraton Int'l, Inc. Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 26 Sheraton Warsaw Corporation Delaware Sheraton Int'l, Inc Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 27 Sheraton New York Corporation New York Sheraton Value of equity - ------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------ NAME OF ENTITY WHOSE EQUITY INTERESTS PLACE OF REASON FOR CONSTITUTE ORGANIZATION PLEDGOR RELEASE RELEASED COLLATERAL - ------------------------------------------------------------------------------------------------------------------------------ 28 Sheraton Phoenician Corporation Delaware Sheraton Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 29 St. Regis Sheraton Corporation New York Sheraton Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 30 WD Parent Corporation Delaware ITT Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 31 Aerhotel S.p.A. Italy Sheraton Int'l, Inc Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 32 Companhia Palmares Hotels E. Turismo** Brazil Sheraton Int'l, Inc Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 33 Sheraton (Bermuda) Limited Bermuda Sheraton Int'l, Inc Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 34 Sheraton International Gesellschaft mbH Austria Sheraton Int'l, Inc Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 35 Sheraton Management Company Limited Bermuda Sheraton Int'l, Inc Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 36 Sheraton Paris Investment LP Bermuda Sheraton Int'l, Inc Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 37 Sheraton Phillippines Corporation Phillippines Sheraton Int'l, Inc Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 38 Sheraton Warsaw Hotel S.P.Z.O.O.** Poland Sheraton Warsaw Corp. Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 39 Hoteles Sheraton de Argentina S.A.C.** Argentina Sheraton Int'l, Inc Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 40 Hoteles Sheraton S.A. de C.V.** Mexico Sheraton Int'l, Inc. Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 41 Starwood Canada Corp. (f/k/a ITT Sheraton Canada Sheraton Int'l, Inc. Value of equity Canada Ltd.)** - ------------------------------------------------------------------------------------------------------------------------------ 42 ITT Sheraton International Ltd.** Hong Kong Sheraton Int'l, Inc. Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 43 Sheraton Hotels (UK) Plc** United Kingdom Sheraton Int'l, Inc. Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 44 Sheraton Roissy SA** France Sheraton Int'l, Inc. Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 45 Starwood Vacation Ownership, Inc. (f/k/a Florida Corp Value of equity Vistana, Inc.) - ------------------------------------------------------------------------------------------------------------------------------ 46 SVO Arizona, Inc. Arizona SVO Non-reporting entity - ------------------------------------------------------------------------------------------------------------------------------ 47 SVO California Management, Inc. California SVO Non-reporting entity - ------------------------------------------------------------------------------------------------------------------------------ 48 SVO California, Inc. California SVO Non-reporting entity - ------------------------------------------------------------------------------------------------------------------------------ 49 SVO East, Inc. Florida SVO Non-reporting entity - ------------------------------------------------------------------------------------------------------------------------------ 50 SVO West, Inc. Florida SVO Non-reporting entity - ------------------------------------------------------------------------------------------------------------------------------ 51 Starwood Vacation Services, Inc. (f/k/a Florida SVO Non-reporting Vacation Marketing Services, Inc.) entity - ------------------------------------------------------------------------------------------------------------------------------ 52 VCH Consulting, Inc. Florida SVO Non-reporting entity - ------------------------------------------------------------------------------------------------------------------------------ 53 VCH Systems, Inc. Florida SVO Non-reporting entity - ------------------------------------------------------------------------------------------------------------------------------ 54 VCH Trademark, Inc. Florida SVO Non-reporting entity - ------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------ NAME OF ENTITY WHOSE EQUITY INTERESTS PLACE OF REASON FOR CONSTITUTE ORGANIZATION PLEDGOR RELEASE RELEASED COLLATERAL - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ 55 VCM Oaks, Inc. Florida SVO Non-reporting entity - ------------------------------------------------------------------------------------------------------------------------------ 56 Vistana Acceptance Corp. Florida SVO Non-reporting entity - ------------------------------------------------------------------------------------------------------------------------------ 57 Vistana Cave Creek, Inc. Arizona SVO Non-reporting entity - ------------------------------------------------------------------------------------------------------------------------------ 58 Vistana OP Investment, Inc. Florida SVO Non-reporting entity - ------------------------------------------------------------------------------------------------------------------------------ 59 Data Marketing Associates East, Inc. Florida SVO Non-reporting entity - ------------------------------------------------------------------------------------------------------------------------------ 60 P.O.C. Realty, Inc. Colorado Points of Colorado, Inc. Non-reporting entity - ------------------------------------------------------------------------------------------------------------------------------ 61 W&S Seattle Corp. Delaware SLT Value of equity - ------------------------------------------------------------------------------------------------------------------------------ 62 Milwaukee Brookfield LP Wisconsin SLC Value of equity - ------------------------------------------------------------------------------------------------------------------------------
SCHEDULE 3C The following describes certain additional Pledge and Security Agreement Collateral which is being released pursuant to this Amendment:
- -------------------------------------------------------------------------------------------------------------------------- NAME OF ENTITY WHOSE EQUITY INTERESTS CONSTITUTE PLACE OF PLEDGOR RELEASED COLLATERAL ORGANIZATION (NON-GUARANTOR) - -------------------------------------------------------------------------------------------------------------------------- 1 Westin Hotels Ireland Ireland WHR Ireland Holding Company, Ltd. - -------------------------------------------------------------------------------------------------------------------------- 2 Westin Asia Management Company Delaware Westin Asia Management Holding Company - -------------------------------------------------------------------------------------------------------------------------- 3 Westin Ottawa Management Company Delaware Westin Canada Management Company - -------------------------------------------------------------------------------------------------------------------------- 4 Dubbo, Ltd. Fiji Farleigh, Ltd. - -------------------------------------------------------------------------------------------------------------------------- 5 Barton, Ltd. Fiji Farleigh, Ltd. - --------------------------------------------------------------------------------------------------------------------------
SCHEDULE 4 The following describes the Collateral of the Remaining Guarantors, which, after the date hereof, would continue to be pledged under the Pledge and Security Agreement after giving effect to this Amendment and the occurrence of the Guarantor Release Date:
I. STARWOOD/WESTIN REALTY ENTITIES - ---------------- ----------------------------------------------- ------------------------------------------------------ ENTITY PLACE OF ORGANIZATION - ---------------- ----------------------------------------------- ------------------------------------------------------ 1. Starwood Hotels & Resorts Maryland - ---------------- ----------------------------------------------- ------------------------------------------------------ 2. BW Hotel Realty, LP Maryland - ---------------- ----------------------------------------------- ------------------------------------------------------ 3. Charleston Hotel Associates, LLC New Jersey - ---------------- ----------------------------------------------- ------------------------------------------------------ 4. CP Hotel Realty LP Maryland - ---------------- ----------------------------------------------- ------------------------------------------------------ 5. Crystal City Hotel Associates, LLC New Jersey - ---------------- ----------------------------------------------- ------------------------------------------------------ 6. Edison Hotel Associates, LP New Jersey - ---------------- ----------------------------------------------- ------------------------------------------------------ 7. Long Beach Hotel Associates, LLC New Jersey - ---------------- ----------------------------------------------- ------------------------------------------------------ 8. Novi Hotel Associates, LP Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 9. Park Ridge Hotel Associates, LP Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 10. Prudential HEI Joint Venture Georgia - ---------------- ----------------------------------------------- ------------------------------------------------------ 11. Santa Rosa Hotel Associates, LLC New Jersey - ---------------- ----------------------------------------------- ------------------------------------------------------ 12. SLT Allentown LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 13. SLT Arlington LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 14. SLT Bloomington LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 15. SLT Dania LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 16 SLT DC Massachusetts Avenue, LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 17 SLT Financing Partnership Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 18. SLT Houston Briar Oaks, LP Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 19. SLT Indianapolis LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 20. SLT Kansas City LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 21. SLT Los Angeles LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 22. SLT Minneapolis LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 23. SLT Palm Desert LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 24. SLT Philadelphia LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 25. SLT Realty Company, LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 26. SLT Realty Limited Partnership Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 27. SLT San Diego LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 28. SLT Southfield LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 29. SLT St. Louis LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 30. SLT Tucson LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 31. Starlex LLC New York - ---------------- ----------------------------------------------- ------------------------------------------------------ 32. Starwood Atlanta II LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 33. Starwood Atlanta LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 34. Starwood Mission Hills, L.L.C. Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 35. Starwood Needham LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 36. Starwood Waltham LLC Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------

- ---------------- ----------------------------------------------- ------------------------------------------------------ ENTITY PLACE OF ORGANIZATION - ---------------- ----------------------------------------------- ------------------------------------------------------ 37. Virginia Hotel Associates, LP Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 38. W&S Denver Corp. Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 39. W & S Lauderdale Corp. Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 40. Lauderdale Hotel Company Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 41. Westin Bay Hotel Company Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 42. Cincinnati Plaza Company Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 43. South Coast Westin Hotel Company Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 44. Townhouse Management, Inc. Delaware - ---------------- ----------------------------------------------- ------------------------------------------------------ 45. SLT Cabo San Lucas S. de R.L. de C.V.** Mexico - ---------------- ----------------------------------------------- ------------------------------------------------------ 46. SLT Cancun S. de R.L. de C.V. ** Mexico - ---------------- ----------------------------------------------- ------------------------------------------------------ 47. SLT Puerto Vallarta S. de R.L. de C.V.** Mexico - ---------------- ----------------------------------------------- ------------------------------------------------------ 48. SLT Mexico S. de R.L. de C.V.** Mexico - ---------------- ----------------------------------------------- ------------------------------------------------------
II. STARWOOD/WESTIN OPERATING ENTITIES
- ---------------- --------------------------------------------------------- -------------------------------------------- ENTITY PLACE OF ORGANIZATION - ---------------- --------------------------------------------------------- -------------------------------------------- 1. SLC Indianapolis LLC Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 2. Westin Premier, Inc. Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 3. Westin Vacation Management Corporation Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 4. Starwood Vacation Exchange Company Delaware (f/k/a Westin Vacation Exchange Company) - ---------------- --------------------------------------------------------- -------------------------------------------- 5. WVC Rancho Mirage, Inc. Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 6. Westin Asset Management Company Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 7. W&S Atlanta Corp. Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 8. Westin License Company Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 9. Westin International Services Company Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 10. Westin Asia Pacific Management PTE, Ltd.** Singapore - ---------------- --------------------------------------------------------- -------------------------------------------- 11. Westin Asia Pacific Marketing PTE, Ltd.** Singapore - ---------------- --------------------------------------------------------- -------------------------------------------- 12. Westin International (U.K.) Ltd.** U.K. - ---------------- --------------------------------------------------------- -------------------------------------------- 13. Westin Hotels Japan Company** Japan - ---------------- --------------------------------------------------------- -------------------------------------------- 14. Westin International (Canada) Ltd.** Ontario - ---------------- --------------------------------------------------------- -------------------------------------------- 15. Westin Hotels Morocco SARL** Morocco - ---------------- --------------------------------------------------------- -------------------------------------------- 16. Westin Call Centre Europe** Ireland - ---------------- --------------------------------------------------------- -------------------------------------------- 17. Westin Ontario (London) Hotel Company** Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 18. Westin London Hotel Company** Nova Scotia - ---------------- --------------------------------------------------------- -------------------------------------------- 19. Westin International Europe B.V.** Netherlands - ---------------- --------------------------------------------------------- -------------------------------------------- 20. Westin Hotels Germany GmbH** Germany - ---------------- --------------------------------------------------------- -------------------------------------------- 21. Westin Hotels Guam ** Guam - ---------------- --------------------------------------------------------- -------------------------------------------- 22. Westin Hotels France SARL** France - ---------------- --------------------------------------------------------- -------------------------------------------- 23. Westin Hotels Australia Pty, Ltd.** Australia - ---------------- --------------------------------------------------------- -------------------------------------------- 24. Westin Mexico S.A. de C.V.** Mexico - ---------------- --------------------------------------------------------- -------------------------------------------- 25. Westin International (Malta) Ltd.** Malta - ---------------- --------------------------------------------------------- -------------------------------------------- 26. Westin Asia Management Holding Company Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 27. Westin Canada Management Company Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 28. Westin Mexico Management Company Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 29. Westin Charlotte Management Company Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 30. Westin River North Management Company Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 31. Westin Maui Management Company Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 32. Westin International Management Company Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 33. Westin France Management Company Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 34. Westin Peachtree Management Company Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 35. Westin Dallas Management Company Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 36. Westin Representation Company Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 37. Westin License Company South Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 38. Westin License Company North Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 39. Westin License Company East Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 40. Westin License Company West Delaware - ---------------- --------------------------------------------------------- -------------------------------------------- 41. Westin Franchise Company Delaware - ---------------- --------------------------------------------------------- --------------------------------------------
**PLEDGE OF UP TO 65% OF VOTING STOCK AND 100% OF NON-VOTING STOCK III. ITT CORPORATION ENTITIES
- ----------------- ------------------------------------------------------ ---------------------------------------------- ENTITY PLACE OF ORGANIZATION - ----------------- ------------------------------------------------------ ---------------------------------------------- A. ACTIVE NON-GAMING SUBSIDIARIES - ----------------- ------------------------------------------------------ ---------------------------------------------- 1. Destination Services of Scottsdale, Inc. Delaware - ----------------- ------------------------------------------------------ ---------------------------------------------- 2. General Fiduciary Corporation Massachusetts - ----------------- ------------------------------------------------------ ---------------------------------------------- 3. Global Connextions, Inc. Delaware - ----------------- ------------------------------------------------------ ---------------------------------------------- 4. San Diego Sheraton Corporation Delaware - ----------------- ------------------------------------------------------ ---------------------------------------------- 5. San Fernando Sheraton Corporation Delaware - ----------------- ------------------------------------------------------ ---------------------------------------------- 6. Sheraton Asia-Pacific Corporation Delaware - ----------------- ------------------------------------------------------ ---------------------------------------------- 7. Sheraton Hawaii Hotels Corporation Hawaii - ----------------- ------------------------------------------------------ ---------------------------------------------- 8. Sheraton International De Mexico, Inc. Delaware - ----------------- ------------------------------------------------------ ---------------------------------------------- 9. Sheraton Miami Corporation Delaware - ----------------- ------------------------------------------------------ ---------------------------------------------- 10. Sheraton Middle East Management Corporation Delaware - ----------------- ------------------------------------------------------ ---------------------------------------------- 11. Sheraton Overseas Technical Services Corporation Delaware - ----------------- ------------------------------------------------------ ---------------------------------------------- 12. Sheraton Peachtree Corporation Delaware - ----------------- ------------------------------------------------------ ---------------------------------------------- 13. Worldwide Franchise Systems, Inc. Delaware - ----------------- ------------------------------------------------------ ---------------------------------------------- 14. Sheraton Vermont Corporation Vermont - ----------------- ------------------------------------------------------ ---------------------------------------------- 15. Hotels Sheraton de Portugal, SARL** Portugal - ----------------- ------------------------------------------------------ ---------------------------------------------- 16 Hoteles Sheraton del Peru S.A.** Peru - ----------------- ------------------------------------------------------ ---------------------------------------------- 17 ITT Industries Belgium, S.A.** Belgium - ----------------- ------------------------------------------------------ ---------------------------------------------- 18. ITT Sheraton Singapore Pte. Ltd.** Singapore - ----------------- ------------------------------------------------------ ---------------------------------------------- 19. MH Limited** United Kingdom - ----------------- ------------------------------------------------------ ---------------------------------------------- 20. Operadora Interamericana de Hoteles S.A. de C.V.** Mexico - ----------------- ------------------------------------------------------ ---------------------------------------------- 21. Operadora Sheraton S.A. de C.V.** Mexico - ----------------- ------------------------------------------------------ ---------------------------------------------- 22. Sheraton de Venezuela C.A.** Venezuela - ----------------- ------------------------------------------------------ ---------------------------------------------- 23. Sheraton Intercontinental Limited** Bahamas - ----------------- ------------------------------------------------------ ---------------------------------------------- 24. Sheraton Management GmbH** Germany - ----------------- ------------------------------------------------------ ---------------------------------------------- 25. Sheraton Overseas Company, Ltd.** Bahamas - ----------------- ------------------------------------------------------ ---------------------------------------------- 26. Sheraton Pacific Hotels Pty. Ltd.** Australia - ----------------- ------------------------------------------------------ ---------------------------------------------- 27. Sociedad Immobiliara San Cristobal S.A.** Chile - ----------------- ------------------------------------------------------ ----------------------------------------------
**PLEDGE OF UP TO 65% VOTING STOCK AND 100% OF NON-VOTING STOCK IV. VISTANA ENTITIES
- ----------------- ------------------------------------------------------ ---------------------------------------------- ENTITY PLACE OF ORGANIZATION - ----------------- ------------------------------------------------------ ---------------------------------------------- 1. Vacation Title Services, Inc. Florida - ----------------- ------------------------------------------------------ ---------------------------------------------- 2. Vacationworks, Inc. Florida - ----------------- ------------------------------------------------------ ---------------------------------------------- 3. VCH Communications, Inc. Florida - ----------------- ------------------------------------------------------ ---------------------------------------------- 4. VCH Portfolio Services, Inc. Florida - ----------------- ------------------------------------------------------ ---------------------------------------------- 5. VCH Sales, Inc. Florida - ----------------- ------------------------------------------------------ ---------------------------------------------- 6. SVO Vistana Villages, Inc. (f/k/a VDI2, Inc.) Florida - ----------------- ------------------------------------------------------ ---------------------------------------------- 7. Vistana Development, Inc. (d/b/a Vistana Florida Development, Ltd.) - ----------------- ------------------------------------------------------ ---------------------------------------------- 8. SVO International, Inc. (f/k/a Vistana Florida International, Inc.) - ----------------- ------------------------------------------------------ ---------------------------------------------- 9. SVO Management, Inc. (f/k/a Vistana Management, Inc. Florida (d/b/a Vistana Management, Ltd.)) - ----------------- ------------------------------------------------------ ---------------------------------------------- 10. Vistana MB Management, Inc. South Carolina - ----------------- ------------------------------------------------------ ---------------------------------------------- 11. Vistana NJ, Inc. New Jersey - ----------------- ------------------------------------------------------ ---------------------------------------------- 12. Vistana PSL, Inc. Florida - ----------------- ------------------------------------------------------ ---------------------------------------------- 13. Vistana Scottsdale Management, Inc. Arizona - ----------------- ------------------------------------------------------ ---------------------------------------------- 14. Fiesta Vacations, L.L.C. Arizona - ----------------- ------------------------------------------------------ ---------------------------------------------- 15. Success Developments, L.L.C. Arizona - ----------------- ------------------------------------------------------ ---------------------------------------------- 16. Success of Colorado, L.L.C. Nevada - ----------------- ------------------------------------------------------ ---------------------------------------------- 17. Success of Arizona, L.L.C. Arizona - ----------------- ------------------------------------------------------ ---------------------------------------------- 18. Success of Colorado Realty, L.L.C. Nevada - ----------------- ------------------------------------------------------ ---------------------------------------------- 19. SVO Pacific, Inc. (f/k/a Vistana Pacific, Inc.) Florida - ----------------- ------------------------------------------------------ ----------------------------------------------
SCHEDULE 7.35 RESTRICTED ASSETS (AS OF THE DATE OF THE ELEVENTH AMENDMENT) 1. The Released Collateral described in Schedules 3A and 3B to the Eleventh Amendment and the Equity Interests in CIGA Borrower, New CIGA Owner and CIGA. SCHEDULE 9.26 MANAGEMENT CONTRACTS (AS OF THE DATE OF THE ELEVENTH AMENDMENT) 1. Management Contract, between New CIGA Owner and Ciga Immobiliare Sardegna Srl for Sardinian owned assets. 2. Management Contract, between New CIGA Owner and Ciga Gestioni Srl for mainland Italy owned assets. 3. Management Contract, between New CIGA Owner and Milano Uno Srl for Europa & Regina in Venice. 4. Management Contract, between New CIGA Owner and Aerhotel Spa for Sheraton Rome.