ALL OF THE OWNER'S INTEREST IN SUCH SITE, THE BUILDING THERE, THE
FURNITURE, FIXTURES AND EQUIPMENT THERE, THE OPERATING EQUIPMENT THERE AND THE
OPERATING SUPPLIES THERE; PROVIDED, HOWEVER, UPON THE TERMINATION OF THE
AGREEMENT WITH RESPECT TO LESS THAN ALL OF THE INITIAL HOTELS, PURSUANT TO THE
TERMS HEREOF OR OTHERWISE, THE TERM "INITIAL HOTEL" SHALL, WITH RESPECT TO THE
OBLIGATION OF THE PARTIES THEREAFTER ACCRUING, ONLY REFER TO AN INITIAL HOTEL
WITH RESPECT TO WHICH THIS AGREEMENT IS IN FULL FORCE AND EFFECT.
1.61
"INITIAL HOTELS EFFECTIVE DATE"
SHALL MEAN JULY 1, 2003.
1.62
"INITIAL HOTELS PURCHASE AGREEMENT"
SHALL MEAN THAT CERTAIN
PURCHASE AND SALE AGREEMENT BETWEEN HPT AND MANAGER OR ITS AFFILIATE(S) PURSUANT
TO WHICH PURCHASER ACQUIRED THE INITIAL HOTELS FROM MANAGER OR ITS AFFILIATE(S)
ON THE INITIAL HOTELS EFFECTIVE DATE.
1.63
"INITIAL SITES"
SHALL MEAN THE PARCELS OF REAL ESTATE MORE
PARTICULARLY DESCRIBED ON EXHIBITS A-1 THROUGH A-16.
1.64
"INITIAL TERM"
SHALL MEAN, WITH RESPECT TO EACH HOTEL, THE PERIOD
COMMENCING ON THE EFFECTIVE DATE FOR SUCH HOTEL AND ENDING ON JULY 1, 2031.
1.65
"INITIAL WORKING CAPITAL"
SHALL HAVE THE MEANING GIVEN TO SUCH
TERM IN SECTION 5.1.
13
1.66
"INSURANCE REQUIREMENTS"
SHALL MEAN ALL TERMS OF ANY INSURANCE
POLICY REQUIRED BY THIS AGREEMENT AND ALL REQUIREMENTS OF THE ISSUER OF ANY SUCH
POLICY AND ALL ORDERS, RULES AND REGULATIONS AND ANY OTHER REQUIREMENTS OF THE
NATIONAL BOARD OF FIRE UNDERWRITERS (OR ANY OTHER BODY EXERCISING SIMILAR
FUNCTIONS) BINDING UPON THE HOTELS.
1.67
"INTELLECTUAL PROPERTY"
SHALL HAVE THE MEANING GIVEN TO SUCH TERM
IN SECTION 12.4.
1.68
"INTEREST RATE"
SHALL MEAN A RATE, NOT TO EXCEED THE MAXIMUM LEGAL
INTEREST RATE, EQUAL TO THE GREATER OF (I) TWELVE PERCENT (12%) PER ANNUM AND
(II) TWO PERCENT (2%) PER ANNUM IN EXCESS OF THE DISBURSEMENT RATE DETERMINED AS
OF THE FIRST DAY THAT INTEREST ACCRUES ON ANY AMOUNT TO WHICH SUCH INTEREST RATE
IS TO BE APPLIED.
1.69
"LEASE"
SHALL MEAN, COLLECTIVELY, THE ONE OR MORE LEASE AGREEMENTS
PURSUANT TO WHICH OWNER LEASES THE HOTELS FROM PURCHASER OR CERTAIN OF ITS
AFFILIATES AS IN EFFECT ON THE DATE HEREOF, AS THE SAME MAY BE AMENDED FROM TIME
TO TIME IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT.
1.70
"LEGAL REQUIREMENTS"
SHALL MEAN ALL FEDERAL, STATE, COUNTY,
MUNICIPAL, LOCAL AND OTHER GOVERNMENTAL STATUTES, LAWS, RULES, ORDERS,
REGULATIONS, BY-LAWS, ORDINANCES, JUDGMENTS, DECREES, INJUNCTIONS AND
REQUIREMENTS AFFECTING OWNER(EXCLUDING ANY REQUIREMENTS WHICH AFFECT OWNER'S
STATUS AS A REAL ESTATE INVESTMENT TRUST), PURCHASER, MANAGER, A HOTEL OR THE
MAINTENANCE, CONSTRUCTION, ALTERATION, MANAGEMENT OR OPERATION THEREOF, WHETHER
NOW OR HEREAFTER ENACTED OR IN EXISTENCE, INCLUDING, WITHOUT LIMITATION, (A) ALL
PERMITS, LICENSES, AUTHORIZATIONS, CERTIFICATES AND REGULATIONS NECESSARY TO
OPERATE A HOTEL, (B) ALL COVENANTS, AGREEMENTS, GROUND LEASES, RESTRICTIONS AND
ENCUMBRANCES, (C) THE OUTCOME OF ANY ARBITRATION AND (D) ANY COLLECTIVE
BARGAINING AGREEMENT OR OTHER AGREEMENT OR LEGAL REQUIREMENT PERTAINING TO ANY
UNION REPRESENTING EMPLOYEES OF A HOTEL.
1.71
"LOSS AND EXPENSE"
SHALL HAVE THE MEANING GIVEN SUCH TERM IN
SECTION 2.11.
1.72
"MANAGEMENT