Document:

Exhibit 10.20

 

THIRD AMENDMENT TO
MANAGEMENT AGREEMENT

 

THIS THIRD AMENDMENT TO MANAGEMENT AGREEMENT
(this “Third Amendment”)
is made as of February 16, 2005 by and between HPT TRS IHG-1, INC., a Maryland
corporation (“Owner”),
and INTERCONTINENTAL HOTELS GROUP RESOURCES, INC., a Delaware corporation (“Manager”).

 

WHEREAS, Owner and
Manager entered into that certain Management Agreement dated as of July 1,
2003, as amended by that certain First Amendment to Management Agreement dated
as of September 18, 2003 and that certain Second Amendment to Management
Agreement dated as of March, 2004 (as so amended, the “Management Agreement”); and

 

WHEREAS, Owner and
Manager wish to amend the Management Agreement, subject to and upon the terms
and conditions hereinafter provided;

 

NOW, THEREFORE, in
consideration of the mutual promises and covenants herein contained and other
good and valuable consideration, the receipt and sufficiency of which are
herein acknowledged, Owner and Manager, intending to be legally bound, hereby
agree as follows:

 

1.     Capitalized
terms used in this Third Amendment and not otherwise defined herein shall have
the meaning ascribed thereto in the Management Agreement.

 

2.     From
and after the date hereof, Section 1.39 (“Guaranty”) of the Management
Agreement is hereby deleted in its entirety and the following inserted in its
place:

 

“Guaranty”  shall mean
that certain Amended and Restated Consolidated Guaranty Agreement dated as of
February        , 2005 made by IHG for the
benefit of, inter  alia, Owner, or, if applicable, the New
Staybridge Guaranty (as defined in such Amended and Restated Consolidated
Guaranty Agreement), as the same may be amended, supplemented or replaced from
time to time excluding, however, the New Candlewood Guaranty (as defined in
such Amended and Restated Consolidated Guaranty Agreement) as the same may be
amended, supplemented or replaced from time to time.

 

3.     Section
17.2 (“Remedies for Manager Default”) of the Management Agreement is hereby
amended by deleting the sixth (6th) sentence thereof in its entirety
and inserting the following in its place:

 

 

Such liquidated damages shall be equal to the sum of (i) all accrued
but unpaid amounts due to Owner hereunder up until the date of termination,
plus (ii) the Outstanding Balance (as defined in the Guaranty), plus (iii) the
outstanding balance of the Deposit.

 

4.     All references in the
Management Agreement to the Management Agreement shall be deemed to be
references thereto as amended hereby.

 

5.     As
modified hereby, the Management Agreement is in full force and effect and is
hereby ratified and confirmed.

 

6.     This Third Amendment may be
executed in one or more counterparts, all of which counterparts shall
constitute but one and the same document.

 

 

IN WITNESS WHEREOF, the parties hereto have
duly executed and delivered this Third Amendment effective as of the day and
year first above written.

 

	
   

  	
  OWNER:

  
	
   

  	
   

  
	
   

  	
  HPT TRS IHG-1, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John G. Murray

  	
   

  
	
   

  	
   

  	
  John G. Murray

  
	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MANAGER:

  
	
   

  	
   

  
	
   

  	
  INTERCONTINENTAL HOTELS 

  
	
   

  	
  GROUP RESOURCES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert J. Chitty

  	
   

  
	
   

  	
   

  	
  Robert J. Chitty

  
	
   

  	
   

  	
  Vice President

  

 

3Exhibit 10.21

 

FOURTH
AMENDMENT TO MANAGEMENT AGREEMENT

 

THIS FOURTH AMENDMENT TO MANAGEMENT AGREEMENT
(this “Fourth Amendment”)
is made as of January 6, 2006 by and between HPT TRS IHG-1, INC., a Maryland
corporation (“Owner”),
and INTERCONTINENTAL HOTELS GROUP RESOURCES, INC., a Delaware corporation (“Manager”).

 

WHEREAS, Owner and
Manager entered into that certain Management Agreement dated as of July 1,
2003, as amended by that certain First Amendment to Management Agreement dated
as of September 18, 2003, that certain Second Amendment to Management Agreement
dated as of March, 2004 and that certain Third Amendment to Management
Agreement dated as of February 16, 2005 (as so amended, the “Management Agreement”); and

 

WHEREAS, Owner and
Manager wish to amend the Management Agreement, subject to and upon the terms
and conditions hereinafter provided;

 

NOW, THEREFORE, in
consideration of the mutual promises and covenants herein contained and other
good and valuable consideration, the receipt and sufficiency of which are
herein acknowledged, Owner and Manager, intending to be legally bound, hereby
agree as follows:

 

1.             Capitalized
Terms. Capitalized terms used in this Fourth Amendment and not otherwise
defined herein shall have the meaning ascribed thereto in the Management
Agreement.

 

2.             Disbursements.
Section 10.1(k) of the Management Agreement is hereby deleted in its entirety
and replaced with the following:

 

Eleventh, to replenish any portion of the
Deposit which has been drawn upon, regardless of whether such draw was made in
connection with the Secured Obligations or otherwise;

 

3.             Return of
Deposit. Section 17.5(b) of the Management Agreement is hereby deleted in
its entirety and replaced with the following:

 

The Owner shall return any outstanding balance of the Deposit to
Manager within thirty (30) days following the date on which all of the Secured
Obligations, and any other obligations secured by the Deposit in any written
agreement signed by Manager, have been irrevocably satisfied in full.

 

 

In addition, Section 17.5(d) of the
Management Agreement is hereby deleted in its entirety.

 

4.             References to
Management Agreement. All references in the Management Agreement to the
Management Agreement shall be deemed to be references thereto as amended
hereby.

 

5.             Ratification.
As modified hereby, the Management Agreement is in full force and effect and is
hereby ratified and confirmed.

 

6.             Counterparts.
This Fourth Amendment may be executed in one or more counterparts, all of which
counterparts shall constitute but one and the same document.

 

 

IN WITNESS WHEREOF, the parties hereto have
duly executed and delivered this Fourth Amendment effective as of the day and
year first above written.

 

	
   

  	
  OWNER:

  
	
   

  	
   

  
	
   

  	
  HPT TRS IHG-1, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John G. Murray

  	
   

  
	
   

  	
   

  	
  John G. Murray

  
	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MANAGER:

  
	
   

  	
   

  
	
   

  	
  INTERCONTINENTAL HOTELS GROUP
  

  
	
   

  	
  RESOURCES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert J. Chitty

  	
   

  
	
   

  	
   

  	
  Robert J. Chitty

  
	
   

  	
   

  	
  Vice President

  
					

 

3Exhibit 10.26

 

SECOND
AMENDED AND RESTATED CONSOLIDATED GUARANTY AGREEMENT

 

THIS SECOND AMENDED AND RESTATED CONSOLIDATED
GUARANTY AGREEMENT (this “Agreement”) is made
and given as of January 20, 2006 by INTERCONTINENTAL HOTELS
GROUP PLC, a corporation organized and existing under the laws of
England and Wales (the “Guarantor”), for the benefit of HPT TRS IHG-1, INC.,
a Maryland corporation (together with its successors and assigns, “TRS1”),
HPT TRS IHG-2, INC., a Maryland corporation (together
with its successors and assigns, “TRS2”), HPT TRS IHG-3, INC., a Maryland corporation (together with its
successors and assigns, “TRS3”), HPT IHG PR, INC., a Puerto Rico corporation (together
with its successors and assigns, “PR Landlord”), (from and after the JM
Lease (as hereinafter defined) is executed) JM
LANDLORD (as hereinafter defined) and HOSPITALITY
PROPERTIES TRUST, a Maryland real estate investment trust together
with its successors and assigns, “Trust”; and Trust together with TRS1,
TRS2, TRS3, PR Landlord and (subject to the delivery of the JM Lease (as
hereinafter), the JM Landlord, collectively, “HPT” or the “HPT
Parties”).

 

W
I  T  N  E  S  S  E  T  H
:

 

WHEREAS, InterContinental
Hotels Group PLC (now known as InterContinental Hotels Limited) (“Old
Guarantor”) entered into that certain Amended and Restated Consolidated
Guaranty Agreement, dated as of February 16, 2005 (the “Existing Guaranty”),
for the benefit of the HPT Parties; and

 

WHEREAS,
Guarantor assumed all of the obligations of Old Guarantor under the Existing
Guaranty pursuant to that certain Assumption, Termination and Amendment
Agreement dated as of July 1, 2005 between Old Guarantor and Guarantor; and

 

WHEREAS, it is a
condition precedent to TRS3 entering into the IHG5 Management Agreement (as
hereinafter defined) and the consummation of certain other transactions
contemplated by the Transaction Documents (as defined in the IHG5 Management
Agreement) that the Guarantor enter into this Agreement; and

 

WHEREAS, the
transactions contemplated by the Guaranteed Agreements (as hereinafter defined)
and the Transaction Documents are of direct material benefit to the Guarantor;

 

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

 

1.                                      Certain
Terms. Capitalized terms used but not defined herein have
the meaning ascribed thereto in the IHG5 Management Agreement. The following
terms as used in this Agreement shall have the meanings set 

 

 

forth below:

 

“Accounting Principles” shall mean
generally accepted accounting principles, as adopted in the United States of
America, consistently applied or, if the Guarantor’s principal place of
business is the United Kingdom, generally accepted accounting principles, as
adopted in the United Kingdom, consistently applied.

 

“Base Guaranteed Amount” shall mean
the sum of One Hundred Twenty Five Million Dollars ($125,000,000).

 

“Candlewood Hotels” shall mean the
Hotels, as defined therein, under the Candlewood Management Agreement.

 

“Candlewood Management Agreement”
shall mean that certain Management Agreement, dated as of October 27, 2003,
between TRS1 and InterContinental Hotels Group Resources, Inc., as the same may
be amended, modified, supplemented, or otherwise altered from time to time.

 

“Collateral Agency Agreement” shall
mean a written agreement, in form and substance reasonably acceptable to HPT,
among HPT, the Guarantor and the Collateral Agent pursuant to which the
Collateral Agent shall agree to hold any cash delivered to such Collateral
Agent pursuant to the terms of this Agreement as collateral agent on behalf of
HPT, as the same may hereafter be amended, restated, modified, supplemented, or
otherwise altered. Among other things, the Collateral Agency Agreement shall
provide that (a) the Collateral Agent shall look solely to the Guarantor for
any amounts owed to the Collateral Agent in connection with such agreement, (b)
the Collateral Agent shall not offset any amount owed to the Collateral Agent
against the cash delivered to it pursuant to the Collateral Agency Agreement
and this Agreement, (c) the Collateral Agent shall hold such cash as trust
funds and not commingle such cash with any assets of the Collateral Agent and
(d) HPT shall be entitled to apply any cash collateral held by the Collateral
Agent to the overdue obligations of the Guarantor hereunder in such order and
at such times as HPT may determine in its sole judgment.

 

“Collateral Agent” shall mean a bank
or other financial institution reasonably acceptable to HPT having a rating of
not less than BBB-/Baa3 rating from the Rating Agencies, which bank or other
financial institution is the collateral agent under the Collateral Agency
Agreement as such collateral agent may be replaced in accordance with the terms
of the Collateral Agency Agreement.

 

“Dollars” and “$” shall mean
dollars in lawful currency of the United States of America.

 

“Excess JM Amounts” shall mean, with
respect to any “Fiscal Year,” as defined therein, under the JM Lease, the
excess, if any, of (i) the “Gross Revenues,” as defined therein, under the JM
Lease, over (ii) (a) “Operating Costs,” “Minimum Rent,” and “Additional Rent”,

 

 

each as defined therein, under the JM Lease,
(b) amounts deposited into the “FF&E Reserve” pursuant to Section 5.1.2
of the JM Lease, (c) an imputed management fee of five percent (5%), (d)
amounts advanced by the JM Tenant under the JM Guaranty and (e) amounts
advanced by the JM Tenant to replenish the Deposit.

 

“Guaranteed Agreements” shall mean,
collectively, the Management Agreements, the
PR Lease and, when it becomes effective, the JM Lease.

 

“Guaranteed Obligations” shall mean
the payment to TRS1, TRS2, TRS3, PR Landlord, JM Landlord (once the JM Lease
becomes effective) and Trust, as applicable, of: (a) all of the Owner’s First
Priority as and when due under the Candlewood Management Agreement determined
without respect to Gross Revenues thereunder or Operating Profits thereunder;
(b) subject to, and in accordance with, the provisions of Section 10
hereof, all of the Owner’s First Priority as and when due under the IHG4
Management Agreement determined without respect to Gross Revenues thereunder or
Operating Profits thereunder; (c) all of the Owner’s Priority as and when due
under the Staybridge Management Agreement determined without respect to Gross
Revenues thereunder or Operating Profits thereunder; (d) subject to, and in
accordance with, the provisions of Section 10 hereof, all of the Owner’s
First Priority as and when due under the IHG5 Management Agreement determined
without respect to Gross Revenues thereunder or Operating Profits thereunder;
(e) all of the Minimum Rent as and when due under the PR Lease; (f) all of the
Minimum Rent as and when due under the JM Lease; and (g) any and all liquidated
damages due to any of the HPT Parties under any of the Guaranteed Agreements.

 

“IHG4 Coverage Date” shall mean the
date which is the day after the second consecutive calendar year for which the
IHG4 Coverage Ratio is equal to or exceeds 1.3.

 

“IHG4 Coverage Ratio” shall mean for
any period the quotient of (i) the sum of the numerators used in calculating
both the PR Rent Coverage Ratio under this Agreement and the Priority Coverage
Ratio under the IHG4 Management Agreement for such period, divided by (ii) the
sum of the denominators used in calculating both the PR Rent Coverage Ratio
under this Agreement and the Priority Coverage Ratio under the IHG4 Management
Agreement for such period.

 

“IHG4 Guaranteed Obligations” shall
mean the Guaranteed Obligations described under clauses (b), (e) and, to the
extent relating to the IHG4 Management Agreement or the PR Lease, (g), of the
definition of the term “Guaranteed Obligations” herein.

 

“IHG4 Management Agreement” shall mean
that certain Amended and Restated Management Agreement, dated as of January 6,
2006, between TRS2 and IHG Management (Maryland) LLC and InterContinental
Hotels Group (Canada), Inc. as the same may be amended, modified, supplemented,
or otherwise altered from time to time.

 

3

 

“IHG4 Severance Date” shall have the
meaning given such term in Section 10 of this Agreement.

 

“IHG5 Coverage Date” shall mean the
date which is the day after the second consecutive calendar year for which the
IHG5 Priority Coverage Ratio has equaled or exceeded 1.3.

 

“IHG5 Guaranteed Obligations” shall
mean the Guaranteed Obligations described under clauses (d), (f) and, to the
extent relating to the IHG5 Management Agreement or the JM Lease, (g), of the
definition of the term “Guaranteed Obligations” herein.

 

“IHG5 Management Agreement” shall mean
that certain Management Agreement dated as January    , 2006
between TRS3 and IHG Management (Maryland) LLC, as the same may be amended,
modified, supplemented, or otherwise altered.

 

“IHG5 Priority Coverage Ratio” shall
mean, for any period, an amount equal to the quotient of (i) the excess of (a)
the sum of the numerators used in calculating both the JM Rent Coverage Ratio
under this Agreement and the Priority Coverage Ratio under the IHG5 Management
Agreement for such period, over (b) the sum of (A) any advances made by TRS3 on
account of Working Capital under the IHG5 Management Agreement for such period,
and (B) amounts drawn on the Deposit (and not replenished) under the Deposit
Agreement or this Guaranty for such period, (ii) divided by (ii) the sum of the
Owner’s First Priority and the Owner’s Second Priority.

 

“IHG5 Severance Date” shall have the
meaning given such term in Section 10 of this Agreement.

 

“JM Guaranty” shall mean that certain
Guaranty Agreement to be executed and delivered in connection with the closing
under the JM Stock Agreement, from JM Tenant to TRS3 and Trust, as the same may
hereafter be amended, restated, modified, supplemented, or otherwise altered.

 

“JM Landlord” shall have the meaning
given to the term “Landlord” in the JM Lease.

 

“JM Minimum Rent” shall have the
meaning given to the term “Minimum Rent” in the JM Lease.

 

“JM Operating Costs” shall have the
meaning given to the term “Operating Costs” in the JM Lease.

 

“JM Rent Coverage Ratio”  shall mean for any period, the quotient of
(a) the excess of JM Total Hotel Sales over the sum of (i) JM Operating Costs
(other than JM Minimum Rent and JM Additional Rent) for such period and (ii) an
imputed reserve for Capital Expenses equal to six percent (6%) of JM Total
Hotel Sales for such period, divided by (b) the sum of JM Minimum Rent for such
period.

 

4

 

“JM Stock Agreement” shall have the
meaning given such term in the IHG5 Management Agreement.

 

“JM Tenant” shall mean the tenant
under the JM Lease.

 

“JM Total Hotel Sales” shall have the
meaning given to the term “Total Hotel Sales” in the JM Lease.

 

“Management Agreements” shall mean the
Staybridge Management Agreement, the Candlewood Management Agreement, the IHG4
Management Agreement and the IHG5 Management Agreement, collectively.

 

“Managers” shall mean InterContinental
Hotels Group Resources, Inc., IHG Management (Maryland) LLC and
InterContinental Hotels Group (Canada), Inc., collectively.

 

“New Candlewood Guaranty” shall mean a
Guaranty Agreement made by the Guarantor in favor of TRS1 and HPT and otherwise
in the form attached hereto as Exhibit A.

 

“New Guaranties” shall mean the New
Candlewood Guaranty and the New Staybridge Guaranty, collectively.

 

“New Staybridge Guaranty” shall mean a
Guaranty Agreement made by the Guarantor in favor of TRS1 and HPT and otherwise
in the form attached hereto as Exhibit B.

 

“Original Staybridge Guaranty” shall
mean that certain Guaranty Agreement, dated as of July 1, 2003, made by Old
Guarantor for the benefit of TRS1 in connection with the Staybridge Management
Agreement, as amended by that certain First Amendment to Guaranty Agreement,
dated as of September 18, 2003.

 

“Original Candlewood Guaranty” shall
mean that certain Guaranty Agreement, dated as of October 27, 2003, made by Old
Guarantor for the benefit of TRS2 in connection with the Candlewood Management
Agreement.

 

“Other Severance Date” shall have the
meaning given such term in Section 10 of this Agreement.

 

“Outstanding Balance” shall mean, from
time to time, the Base Guaranteed Amount, less the excess of (i) the aggregate
amount paid by the Guarantor under Section 3 hereof over (ii) the sum of
the aggregate of (a) any amounts reimbursed to the Guarantor pursuant to the
terms of the Management Agreements and (b) the aggregate amount of the sum of
the Excess JM Amounts determined for each “Fiscal Year,” as defined therein,
under the JM Lease from and after the effective date of the JM Lease, which
amounts shall be determined, for each such Fiscal Year as the lesser of (i) the
Excess JM Amount for such Fiscal Year or (ii) the excess of (A) the Base
Guaranteed Amount over (B) the then Outstanding Balance as of the last day of
such Fiscal Year.

 

5

 

“PR Additional Rent” shall have the
meaning given to the term “Additional Rent” in the PR Lease.

 

“PR Guaranty” shall mean that certain
Guaranty Agreement dated as of February 16, 2005 from PR Tenant to TRS2 and
Trust, as the same may hereafter be amended, restated, modified, supplemented,
or otherwise altered.

 

“PR Operating Costs” shall have the
meaning given to the term “Operating Costs” in the PR Lease.

 

“PR Rent Coverage Ratio”  shall mean for any period, the quotient of
(a) the excess of PR Total Hotel Sales over the sum of (i) PR Operating Costs
(other than PR Minimum Rent and PR Additional Rent) and (ii) an imputed reserve
for Capital Expenses equal to five percent (5%) of Total Hotel Sales for such
period, divided by (b) the sum of PR Minimum Rent for such period.

 

“PR Minimum Rent” shall have the
meaning given to the term “Minimum Rent” in the PR Lease.

 

“PR Tenant” shall mean the tenant
under the PR Lease.

 

“PR Total Hotel Sales” shall have the
meaning given to the term “Total Hotel Sales” in the PR Lease.

 

“Provide Collateral” or “Provided
Collateral” shall mean:

 

(a)                                                          delivery
to HPT of (i) a Satisfactory Letter of Credit or (ii) cash in an amount equal
to the then Outstanding Balance; or

 

(b)                                                         the
deposit of cash equal to the then Outstanding Balance with the Collateral Agent
to be held by the Collateral Agent in accordance with the Collateral Agency
Agreement provided:(i) the Collateral Agency Agreement has been executed and
delivered by the parties thereto; (ii) HPT has a perfected first priority
security interest in any cash delivered to the Collateral Agent; (iii) HPT has
received favorable opinions of counsel, in form and substance reasonably
satisfactory to HPT, with respect to such perfected first priority interest,
the valid existence and good standing of the other parties to the Collateral
Agency Agreement, the due execution and delivery thereof by such other parties,
the enforceability of the Collateral Agency Agreement against such parties, and
that any cash held by the Collateral Agent pursuant to the Collateral Agency
Agreement shall not be “property of the estate” of Collateral Agent should any
event described in Sections 17.1(a), (b) or (c) of the IHG4
Management Agreement or the IHG5 Management Agreement occur with respect to the
Collateral Agent; or

 

(c)                                                          delivery
to HPT of other collateral satisfactory to HPT in its good faith discretion to
secure the Guaranteed Obligations;

 

6

 

provided,
however, the Guarantor shall not be deemed to have Provided Collateral if at
any time the Outstanding Balance exceeds the sum of (i) the then remaining
balance drawable under the Satisfactory Letter of Credit or the balance of the
cash deposited by the Guarantor hereunder, plus (ii) proceeds of any
Satisfactory Letter of Credit or cash deposited hereunder, in either case,
applied to the Guaranteed Obligations.

 

“Rating Agencies” shall mean,
collectively, Standards & Poor’s Rating Services or its successors and
Moody’s Investor Services, Inc. or its successors; provided, however,
if the Rating Agencies (i) cease operations without successors or (ii) cease to
issue credit ratings, “Rating Agencies” shall mean a nationally recognized
organization periodically issuing ratings of the financial strength and/or
credit of United States domestic and international banking institutions
reasonably agreed to by HPT and the Guarantor.

 

“Reorganization” shall mean any
merger, consolidation, reorganization, change of control or any transaction
pursuant to which the Guarantor shall be or become a Subsidiary of any other
Person.

 

“Satisfactory Letter of Credit” shall
mean a clean irrevocable letter of credit in form and substance reasonably
satisfactory to HPT in an amount equal to the Outstanding Balance issued by a
bank with a credit rating of not less than A2/A (or, if after the date hereof
the system of ratings used by the Rating Agencies changes in a material way,
their then equivalents of such credit rating in HPT’s reasonable judgment) from
the Rating Agencies, having an expiration date of not earlier than one year
after the date on which it was issued and which permits for partial draws.

 

“Severance Date” shall mean, (i) with
respect to the IHG4 Guaranteed Obligations, the IHG4 Severance Date, (ii) with
respect to the IHG5 Guaranteed Obligations, the IHG5 Severance Date, and (iii)
with respect to the Guaranteed Obligations relating to the Staybridge and
Candlewood Hotels, the Other Severance Date.

 

“Staybridge and Candlewood Hotels”
shall mean, collectively, the Staybridge Hotels and the Candlewood Hotels.

 

“Staybridge Hotels” shall mean the
Hotels, as defined therein, under the Staybridge Management Agreement.

 

“Staybridge Management Agreement”
shall mean that certain Management Agreement, dated as of July 1, 2003, between
TRS1 and InterContinental Hotels Group Resources, Inc., as amended by that
certain First Amendment to Management Agreement dated as of September 18, 2003,
that certain Second Amendment to Management Agreement dated as of March, 2004,
that certain Third Amendment to Management Agreement dated as of February 16,
2005 and that certain Fourth Amendment to Management Agreement dated as of
January 6, 2006, as the same may be further amended, modified, supplemented, or
otherwise altered from time to time.

 

7

 

“Staybridge Priority Coverage Ratio”
shall mean, for any period, the ratio of (a) the excess of Gross Revenue under
the Staybridge Management Agreement for such period over the sum of the amounts
distributed or applied for such period pursuant to Sections 10.1(a), (b)
(determined as though the Reserve Percentage thereunder for the Expansion
Hotels (as defined in the Staybridge Management Agreement) was at all times
five percent (5%)), (e), (g), (h), (i), (k) and (l) of the Staybridge
Management Agreement, to (b) the sum for such period of Owner’s Priority under
that Agreement and Owner’s Percentage Priority under that Agreement.

 

“Substitute Guarantor” shall mean a
Person who assumes the Guarantor’s obligations hereunder in accordance with the
terms of Section 2.7 below and is either (a) a Person who satisfies the
Rating Agencies’ requirements for a single purpose bankruptcy remote entity who
has Provided Collateral or (b) a Person(s) with (i) a tangible net worth
determined in accordance with the Accounting Principles of not less than Seven
Hundred Fifty Million Dollars ($750,000,000) and (ii) unencumbered assets with
a fair market value of not less than One Hundred Million Dollars (exclusive of
any note, instrument, security or claim issued by, against or in any way
dependent on the credit of, an Affiliate of Guarantor).

 

2.                                      Representations
and Covenants. The Guarantor represents,
warrants, covenants and agrees that:

 

2.1                               Validity
of Agreement. The Guarantor has duly and
validly executed and delivered this Agreement; this Agreement constitutes the
legal, valid and binding obligation of the Guarantor, enforceable against the
Guarantor in accordance with its terms, except as enforceability may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar laws of
general application affecting the rights and remedies of creditors; and the
execution, delivery and performance of this Agreement have been duly authorized
by all requisite action of the Guarantor and such execution, delivery and
performance by the Guarantor will not result in any breach of the terms,
conditions or provisions of, or conflict with or constitute a default under, or
result in the creation of any lien, charge or encumbrance upon any of the
property or assets of the Guarantor pursuant to the terms of, any indenture,
mortgage, deed of trust, note, other evidence of indebtedness, agreement or
other instrument to which the Guarantor is a party or by which the Guarantor or
any property or assets of the Guarantor is bound, or violate any provision of
law applicable to the Guarantor, or any order, writ, injunction, judgment or
decree of any court applicable to the Guarantor or any order or other public
regulation of any governmental commission, bureau or administrative agency
applicable to the Guarantor.

 

2.2                               Payment
of Expenses. The Guarantor agrees, as principal
obligor and not as guarantor only, to pay to HPT forthwith, upon demand, in
immediately available Federal funds, all costs and expenses (including court
costs and reasonable legal expenses) incurred or expended by HPT in connection
with the enforcement of this Agreement, together with 

 

8

 

interest at the Interest
Rate on amounts recoverable under this Agreement from the time such amounts
become due until payment.

 

2.3                               Reports. The Guarantor
shall timely deliver to HPT the Consolidated Financials required under the
Guaranteed Agreements and otherwise comply with the terms of the Guaranteed
Agreements applicable to it.

 

2.4                               Financial
Condition of Guarantor; Status of Guarantor. So long as the
Guarantor’s obligations under Section 3 below are outstanding,
unless the Guarantor shall have Provided Collateral to secure its obligations
hereunder:

 

(a)                                  The Guarantor
shall at all times maintain a tangible net worth determined in accordance with
the Accounting Principles in an amount not less than Five Hundred Million
Dollars ($500,000,000) or if there has been a Reorganization, or if the
Guarantor is not the originally named Guarantor, Seven Hundred Fifty Million
Dollars ($750,000,000); and

 

(b)                                 The Guarantor
shall not engage in any Reorganization unless following such Reorganization it
has (i) a tangible net worth determined in accordance with the Accounting
Principles in an amount not less than Seven Hundred Fifty Million Dollars
($750,000,000) and (ii) unencumbered assets with a fair market value of not
less than One Hundred Million Dollars ($100,000,000) (exclusive of any note,
instrument, security or claim issued by, against or in any way dependent on the
credit of, an Affiliate of Guarantor).

 

2.5                               Security.

 

(a)                                  Upon the
termination of the Guarantor’s obligations under Section 3 or if the
Outstanding Balance equals zero dollars ($0), HPT will return to the Guarantor
any Satisfactory Letter of Credit previously delivered to HPT or any unapplied
cash collateral then being held by HPT hereunder and shall direct the
Collateral Agent to return any cash being held by it under the Collateral
Agency Agreement to the Guarantor.

 

(b)                                 HPT shall be
entitled to draw upon any Satisfactory Letter of Credit delivered to it (i) for
the full amount thereof if at any time there is less than thirty (30) days
until the expiry date of such Satisfactory Letter of Credit; (ii) for the full
amount thereof if the bank that issued such Satisfactory Letter of Credit shall
not have a credit rating of at least A/A2 (or, if after the date hereof the
system of ratings used by the Rating Agencies changes in a material way, their
then equivalents in HPT’s reasonable judgment) from the Rating Agencies and
such satisfactory Letter of Credit shall not have been replaced within thirty
(30) days with a new Satisfactory Letter of Credit delivered to HPT; or (iii)
to the extent and in the amounts then due and payable hereunder, if the
Guarantor shall fail to pay or perform any of its obligations under this
Agreement in accordance with the terms hereof.

 

9

 

(c)                                  HPT shall be
entitled to apply any cash collateral held by it or the Collateral Agent to the
overdue obligations of the Guarantor hereunder in such order and at such times
as HPT may determine in its sole judgment. Any cash collateral held by HPT
shall not be commingled with its other funds, and shall be invested, at the
Guarantor’s risk, in interest bearing investments reasonably acceptable to the
Guarantor. Any interest on such cash collateral, and any losses in such
investments, shall belong to IHG.

 

2.6                               Legal
Existence. The Guarantor shall do or
cause to be done all things necessary to preserve and keep in full force and
effect its corporate existence. The Guarantor has appointed attorneys Alston
& Bird LLP, having an address at 1201 West Peachtree Street, Atlanta,
Georgia 30309-3424, Attn:  Managing
Partner as its agent for service of process. The Guarantor acknowledges and
agrees that service of process on such agent shall constitute service of
process on Guarantor with respect to any and all claims hereunder, under the
Guaranteed Agreements or under any Transaction Document.

 

2.7                               Substitute
Guarantor. The then Guarantor (the “Departing
Guarantor”) shall be released from obligations under Section 3
hereof on the following terms and conditions:

 

(a)                                  a Substitute
Guarantor shall assume pursuant to a written instrument satisfactory to HPT all
of the Guarantor’s obligations hereunder; and

 

(b)                                 HPT shall receive
an opinion of counsel satisfactory to HPT with respect to, among other things,
the existence and good standing of the Substitute Guarantor and the due
execution, delivery and enforceability of such assumption.

 

Upon the satisfaction of the foregoing conditions
and the expiration of all applicable preference or similar periods, HPT shall
deliver a release to the Departing Guarantor of its obligations under Section
3 hereof and the Substitute Guarantor shall be deemed the “Guarantor”
hereunder. Further, if the Substitute Guarantor has Provided Collateral or has
(i) a tangible net worth determined in accordance with the Accounting
Principles of not less than Seven Hundred Fifty Million Dollars ($750,000,000)
and (ii) unencumbered assets with a fair market value of not less than One
Hundred Million Dollars (exclusive of any note, instrument, security or claim
issued by, against or in any way dependent on the credit of, an Affiliate of
Guarantor), HPT shall return to the Departing Guarantor any letter of credit or
cash delivered by the Departing Guarantor and held by HPT hereunder and shall
direct the Collateral Agent to return to the Departing Guarantor any cash
delivered by the Departing Guarantor and held by such Collateral Agent pursuant
to the terms of the Collateral Agency Agreement.

 

10

 

3.                                      Guarantee.

 

(a)                                  The Guarantor
hereby unconditionally guarantees that the Guaranteed Obligations which become
due and payable shall be paid in full when due and payable subject to any
applicable cure periods, whether upon demand, at the stated or accelerated
maturity thereof or upon any mandatory or voluntary prepayment pursuant to any
Guaranteed Agreement, or otherwise.

 

(b)                                 This guarantee
is a guarantee of payment and not of collectibility and is absolute and in no
way conditional or contingent. In case any part of the Guaranteed Obligations
shall not have been paid when due and payable or performed at the time
performance is required, subject to any applicable cure periods, the Guarantor
shall, pay or cause to be paid to HPT the amount thereof as is then due and
payable and unpaid (including interest and other charges, if any, due thereon
through the date of payment in accordance with the applicable provisions of the
Transaction Documents) or perform or cause to be performed such obligations in
accordance with the Transaction Documents. Simultaneously with the giving of
any notice of default to the Managers or PR Tenant under the Guaranteed
Agreements, TRS1, TRS2, TRS3, PR Landlord or JM Landlord, as applicable, shall
give a copy of such notice to the Guarantor. TRS1, TRS2, TRS3, PR Landlord or
JM Landlord, as applicable, shall accept any cure of such default by the
Guarantor provided such cure is completed within the applicable cure period
under the applicable Guaranteed Agreement.

 

4.                                      Unenforceability
of Guaranteed Obligations, Etc. If the Managers, PR Tenant
or (when the JM Lease becomes effective) JM Tenant are for any reason under no
legal obligation to discharge any of the Guaranteed Obligations, or if any
other moneys included in the Guaranteed Obligations have become unrecoverable
from the Managers, PR Tenant or (when the JM Lease becomes effective) JM Tenant
by operation of law or for any other reason, including, without limitation, the
invalidity or irregularity in whole or in part of any Guaranteed Obligation or
of any Guaranteed Agreement or any limitation on the liability of the Managers,
PR Tenant or (when the JM Lease becomes effective) JM Tenant thereunder or any
limitation on the method or terms of payment thereunder which may now or
hereafter be caused or imposed in any manner whatsoever, the guarantees
contained in this Agreement shall nevertheless remain in full force and effect
in accordance with the terms set forth herein and shall be binding upon the
Guarantor to the same extent as if the Guarantor at all times had been the
principal debtor and obligor on all such Guaranteed Obligations.

 

5.                                      Additional
Guarantees. This Agreement shall be in
addition to any other guarantee or other security for the Guaranteed
Obligations and it shall not be prejudiced or rendered unenforceable by the
invalidity of any such other guarantee or security or by any waiver, amendment,
release or modification thereof.

 

6.                                      Consents
and Waivers, Etc. The Guarantor hereby acknowledges receipt of
correct and complete copies of each of the Guaranteed Agreements 

 

11

 

and consents to all of the
terms and provisions thereof, as the same may be from time to time hereafter
amended or changed in accordance therewith, and waives, to the extent the
Guarantor lawfully may do so, (a) presentment, demand for payment, and protest
of nonpayment, of any of the Guaranteed Obligations, (b) notice of acceptance
of this Agreement and of diligence, presentment, demand and protest, (c) notice
of any default hereunder and any default, breach or nonperformance under the
Guaranteed Agreements or a Manager Event of Default or Manager Default under
any Management Agreement or an Event of Default under the PR Lease or JM Lease
except as expressly provided in Section 3, (d) notice of the terms, time
and place of any private or public sale of collateral held as security for the
Guaranteed Obligations, (e) demand for performance or observance of, and any
enforcement of any provision of, or any pursuit or exhaustion of rights or
remedies against the Managers, or
PR Tenant, JM Tenant or any other guarantor of the Guaranteed Obligations,
under or pursuant to the Guaranteed Agreements, or any agreement directly or
indirectly relating thereto and any requirements of diligence or promptness on
the part of the holders of the Guaranteed Obligations in connection therewith,
and (f) any and all demands and notices of every kind and description with
respect to the foregoing or which may be required to be given by any statute or
rule of law.

 

7.                                      No
Impairment, Etc. The obligations, covenants, agreements and
duties of the Guarantor under this Agreement shall not be affected or impaired
by any assignment or transfer in whole or in part of any of the Guaranteed
Obligations without notice to the Guarantor, or any waiver by HPT or any holder
of any of the Guaranteed Obligations or by the holders of all of the Guaranteed
Obligations of the performance or observance by the Managers, PR Tenant, JM Tenant or any other
guarantor of any of the agreements, covenants, terms or conditions contained in
the Guaranteed Obligations or the Guaranteed Agreements or any indulgence in or
the extension of the time for payment by the Managers, PR Tenant, JM Tenant or any other guarantor of any amounts
payable under or in connection with the Guaranteed Obligations or the
Guaranteed Agreements or any other instrument or agreement relating to the
Guaranteed Obligations or of the time for performance by the Managers, PR Tenant, JM Tenant or any other
guarantor of any other obligations under or arising out of any of the foregoing
or the extension or renewal thereof, or the modification or amendment made with
the consent of the Guarantor of any duty, agreement or obligation of the
Managers, PR Tenant or any other
guarantor set forth in any of the foregoing, or the voluntary or involuntary
sale or other disposition of all or substantially all the assets of the
Managers, PR Tenant, JM Tenant or
any other guarantor or insolvency, bankruptcy, or other similar proceedings
affecting the Managers, PR Tenant,
JM Tenant or any other guarantor or any assets of the Managers, PR Tenant, JM Tenant or any such other
guarantor, or the release or discharge of the Managers, PR Tenant, JM Tenant or any such other
guarantor from the performance or observance of any agreement, covenant, term
or condition contained in any of the foregoing without the consent of the
holders of the Guaranteed Obligations by operation of law.

 

12

 

8.                                      Reimbursement,
Subrogation, Etc. The Guarantor hereby covenants and agrees
that the Guarantor will not enforce or otherwise exercise any rights of
reimbursement, subrogation, contribution or other similar rights against the
Managers, PR Tenant or any other
person with respect to the Guaranteed Obligations prior to the irrevocable
payment in full of all amounts then due and owing but unpaid under the
Guaranteed Agreements. Until the Guaranteed Obligations have been satisfied in
full, the Guarantor shall not have any right of subrogation, and the Guarantor
waives any defense it may have based upon any election of remedies by HPT which
destroys the Guarantor’s subrogation rights or the Guarantor’s rights to
proceed against the Managers or PR Tenant for reimbursement, including, without
limitation, any loss of rights the Guarantor may suffer by reason of any
rights, powers or remedies of the Managers or PR Tenant in connection with any
anti-deficiency laws or any other laws limiting, qualifying or discharging the
indebtedness to HPT. Until all obligations of the Managers and PR Tenant
pursuant to the Guaranteed Agreements shall have been irrevocably paid and
satisfied in full, the Guarantor waives any right to enforce any remedy which
HPT now has or may in the future have against the Managers, PR Tenant, any other guarantor or any
other person and any benefit of, or any right to participate in, any security
whatsoever now or in the future held by HPT. Nothing contained in this Section
8 shall limit any of Guarantor’s rights under the Management Agreements.

 

9.                                      Defeasance;
Guaranty Limitations. The Guarantor’s obligations
under Section 3 shall terminate upon the date on which the Guaranteed
Obligations have been paid and performed in full and all other obligations of
the Guarantor to HPT under this Agreement have been irrevocably satisfied in
full; provided, however, certain of the Guarantor’s obligations
under Section 3 shall be subject to early termination subject to, and
upon, the terms and conditions set forth in Section 10 hereof; provided
further, however, if at any time, all or any part of any payment
applied on account of the Guaranteed Obligations is or must be rescinded or
returned for any reason whatsoever (including, without limitation, the
insolvency, bankruptcy or reorganization of the Managers, PR Tenant or JM
Tenant), this Agreement, to the extent such payment is or must be rescinded or
returned, shall be deemed to have continued in existence notwithstanding any
such termination. Notwithstanding anything contained in this Agreement to the
contrary, in no event shall the Guarantor’s liability under Section 3
exceed the Outstanding Balance.

 

10.                               Severance. Subject, in each case, to the second proviso
contained in Section 9 above, the Guarantor’s obligations under this
Agreement shall terminate as follows:

 

10.1                        IHG4. (a)  If (i) the IHG4 Coverage Date shall have
occurred, and (ii) the Guarantor is not then in default of its obligations
under this Agreement, then, on such date (the “IHG4  Severance Date”),
the Guarantor’s obligations under this Agreement shall terminate with respect
to the IHG4 Guaranteed Obligations.

 

13

 

10.2                        IHG5. (a)  If (i) the IHG5 Coverage Date shall have
occurred, and (ii) the Guarantor is not then in default of its obligations
under this Agreement, then, on such date (the “IHG5  Severance Date”),
the Guarantor’s obligations under this Agreement shall terminate with respect
to the IHG5 Guaranteed Obligations.

 

10.3                        Candlewood
and Staybridge. (a)  If (i)
the IHG4 Coverage Severance Date shall have occurred, (ii) the IHG5 Coverage
Severance Date shall have occurred, (iii) the Guarantor is not then in default
of its obligations under this Agreement, and (iv) the Guarantor shall have
delivered to HPT and TRS1 executed counterparts of the New Guaranties and an
opinion of counsel satisfactory to Trust with respect to, among other things,
the existence and good standing of the Guarantor and the due execution,
delivery and enforceability of the New Guaranties then, on the date on which
the New Guaranties and such opinion are delivered (the “Other  Severance Date”), the
Guarantor’s obligations under this Agreement shall terminate.

 

If any Substitute Guarantor has succeeded to
the interests of the Guarantor named herein, then the termination of such
Substitute Guarantor’s obligations under this Agreement shall be further
conditioned upon such Substitute Guarantor satisfying the requirements with
respect to a Substitute Guarantor under each of the New Guaranties, including,
without limitation, the obligation to Provide Collateral under each of the New
Guaranties (if applicable). Notwithstanding the foregoing, the termination of
the Guarantor’s obligations under this Agreement shall not diminish, impair or
otherwise affect the Guarantor’s obligations under the New Guaranties.

 

11.                               Notices. (a)  Any and all notices,
demands, consents, approvals, offers, elections and other communications
required or permitted under this Agreement shall be deemed adequately given if
in writing and the same shall be delivered either by hand, by telecopier with
written acknowledgment of receipt (provided a copy thereof is sent by Federal
Express or similar expedited commercial carrier for delivery on the next
business day), or Federal Express or similar expedited commercial carrier,
addressed to the recipient of the notice, postpaid and registered or certified
with return receipt requested (if by mail), or with all freight charges prepaid
(if by Federal Express or similar carrier).

 

(b) 
All notices required or permitted to be sent hereunder shall be deemed
to have been given for all purposes of this Agreement upon the date of
acknowledged receipt, in the case of a notice by telecopier, and, in all other
cases, upon the date of receipt or refusal, except that whenever under this
Agreement a notice is either received on a day which is not a Business Day or is required to be delivered on or before a specific day
which is not a Business Day, the day of receipt or required delivery shall
automatically be extended to the next Business Day.

 

(c) 
All such notices shall be addressed,

 

14

 

if to HPT to:

 

c/o Hospitality Properties Trust

400 Centre Street

Newton, Massachusetts 02458

Attn: 
Mr. John G. Murray

[Telecopier No. (617) 969-5730]

 

with a copy to:

 

Sullivan & Worcester LLP

One Post Office Square

Boston, Massachusetts 02109

Attn: 
Nancy S. Grodberg, Esq.

[Telecopier No. (617) 338-2880]

 

if to the Guarantor to:

 

Intercontinental Hotels Group PLC

67 Alma Road

Windsor

Berkshire SL4 3HD

ENGLAND

Attn: Company Secretary

Telecopier No. +44 1753 410101

 

with a copy
to:

 

Intercontinental Hotels Resources Group, Inc.

Three Ravinia Drive

Suite 100

Atlanta, Georgia 30346

Attn: 
Vice President, Asset Management

[Telecopier No. 770-604-5340]

 

(d)                                 By
notice given as herein provided, the parties hereto and their respective
successors and assigns shall have the right from time to time and at any time
during the term of this Agreement to change their respective addresses
effective upon receipt by the other parties of such notice and each shall have
the right to specify as its address any other address within the United States
of America.

 

12.                               Successors
and Assigns. Whenever in this Agreement,
any of the parties hereto is referred to, such reference shall be deemed to
include the successors and assigns of such party, including without limitation
the holders, from time to time, of the Guaranteed Obligations; and all
representations, warranties, covenants and agreements by or on behalf of the
Guarantor which are contained in this Agreement shall inure to the benefit of
HPT’s successors and assigns, including, without limitation, such holders,
whether so expressed or not.

 

15

 

13.                               Applicable
Law. Except as to matters regarding the internal affairs
of HPT and issues of or limitations on any personal liability of the
shareholders and trustees of HPT for obligations of HPT, as to which the laws
of the State of Maryland shall govern, this Agreement and any other instruments
executed and delivered to evidence, complete or perfect the transactions
contemplated hereby shall be interpreted, construed, applied and enforced in
accordance with the laws of New York applicable to contracts between residents
of New York which are to be performed entirely within New York, regardless of
(i) where any such instrument is executed or delivered; or (ii) where any
payment or other performance required by any such instrument is made or
required to be made; or (iii) where any breach of any provision of any such
instrument occurs, or any cause of action otherwise accrues; or (iv) where any
action or other proceeding is instituted or pending; or (v) the nationality,
citizenship, domicile, principal place of business, or jurisdiction of
organization or domestication of any party; or (vi) whether the laws of the
forum jurisdiction otherwise would apply the laws of a jurisdiction other than
New York; or (vii) any combination of the foregoing.

 

All actions and proceedings arising out of or
in any way relating to this Agreement shall be brought, heard, and determined
exclusively in an otherwise appropriate federal or state court located within
the State of New York. Guarantor hereby (i) submits to the exclusive
jurisdiction of any New York federal or state court of otherwise competent
jurisdiction for the purpose of any action or proceeding arising out of or
relating to this Agreement and (ii) voluntarily and irrevocably waives, and
agrees not to assert by way of motion, defense, or otherwise in any such action
or proceeding, any claim or defense that it is not personally subject to the
jurisdiction of such a court, that such a court lacks personal jurisdiction
over Guarantor or the matter, that the action or proceeding has been brought in
an inconvenient or improper forum, that the venue of the action or proceeding
is improper, or that this Agreement may not be enforced in or by such a court. To
the maximum extent permitted by applicable law, Guarantor consents to service
of process by registered mail, return receipt requested, or by any other manner
provided by law.

 

To the maximum extent
permitted by applicable law, each of the parties hereto waives its rights to
trial by jury with respect to this Agreement or any matter arising in
connection herewith.

 

14.                               Modification
of Agreement. No modification or waiver of
any provision of this Agreement, nor any consent to any departure by the
Guarantor therefrom, shall in any event be effective unless the same shall be
in writing and signed by HPT, and such modification, waiver or consent shall be
effective only in the specific instances and for the purpose for which given. No
notice to or demand on the Guarantor in any case shall entitle the Guarantor to
any other or further notice or demand in the same, similar or other
circumstances.

 

15.                               Waiver
of Rights by HPT. Neither any failure nor any
delay on HPT’s part in exercising any right, power or privilege under this
Agreement 

 

16

 

shall operate as a waiver
thereof, nor shall a single or partial exercise thereof preclude any other or
further exercise, or the exercise of any other right, power or privilege.

 

16.                               Severability. In case any one
or more of the provisions contained in this Agreement should be invalid,
illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not in any
way be affected or impaired thereby, but this Agreement shall be reformed and
construed and enforced to the maximum extent permitted by applicable law.

 

17.                               Entire
Contract. This Agreement constitutes
the entire agreement between the parties hereto with respect to the subject
matter hereof and shall supersede and take the place of any other instruments
purporting to be an agreement of the parties hereto relating to the subject
matter hereof.

 

18.                               Headings;
Counterparts. Headings in this Agreement
are for purposes of reference only and shall not limit or otherwise affect the
meaning hereof. This Agreement may be executed in any number of counterparts,
each of which shall be an original, but all of which together shall constitute
one instrument, and in pleading or proving any provision of this Agreement, it
shall not be necessary to produce more than one of such counterparts.

 

19.                               Remedies
Cumulative. No remedy herein conferred
upon HPT is intended to be exclusive of any other remedy, and subject to the
limitations set forth in Section 9 above, each and every remedy shall be
cumulative and shall be in addition to every other remedy given hereunder or
now or hereafter existing at law or in equity or by statute or otherwise.

 

20.                               Nonliability
of Trustees. THE DECLARATION OF TRUST ESTABLISHING TRUST, A
COPY OF WHICH, TOGETHER WITH ALL AMENDMENTS THERETO (THE “DECLARATION”),
IS DULY FILED WITH THE DEPARTMENT OF ASSESSMENTS AND TAXATION OF THE STATE OF
MARYLAND, PROVIDES THAT, AND THE GUARANTOR HEREBY AGREES THAT, THE NAME “HOSPITALITY
PROPERTIES TRUST” REFERS TO THE TRUSTEES UNDER THE DECLARATION COLLECTIVELY AS
TRUSTEES, BUT NOT INDIVIDUALLY OR PERSONALLY, AND THAT NO TRUSTEE, OFFICER,
SHAREHOLDER, EMPLOYEE OR AGENT OF TRUST SHALL BE HELD TO ANY PERSONAL
LIABILITY, JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, TRUST.
ALL PERSONS DEALING WITH TRUST, IN ANY WAY, SHALL LOOK ONLY TO THE ASSETS OF
TRUST FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION.

 

21.                               Effective
Date. This Agreement shall be of no force or effect
unless and until the Effective Date occurs.

 

22.                               PR Guaranty
Obligations. Guarantor acknowledges and
agrees that at any time there is any amount due and otherwise payable under the
PR Guaranty, HPT shall be entitled to treat any payment by Guarantor as a
payment by the PR Tenant under the PR Guaranty and to the extent HPT 

 

17

 

so elects such payment shall not result in a reduction in the
Outstanding Balance.

 

23.                               Restatement. This Agreement supercedes, amends and
restates in its entirety the Existing Guaranty.

 

18

 

WITNESS the
execution hereof under seal as of the date above first written.

 

	
   

  	
  INTERCONTINENTAL HOTELS GROUP PLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard Solomons 

  
	
   

  	
   

  	
  Its:

  	
  Director

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stevan Porter

  
	
   

  	
   

  	
  Its:

  	
  Director

  
						

 

 

[Signatures
continue on next page.]

 

19

 

	
  ACKNOWLEDGED AND AGREED:

  	
   

  
	
   

  	
   

  
	
  HPT TRS IHG-1, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ John G. Murray 

  	
   

  
	
   

  	
  John G. Murray

  	
   

  
	
   

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  HPT TRS IHG-2, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ John G. Murray 

  	
   

  
	
   

  	
  John G.
  Murray

  	
   

  
	
   

  	
  Vice
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  HPT TRS IHG-3, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ John G. Murray 

  	
   

  
	
   

  	
  John G.
  Murray

  	
   

  
	
   

  	
  Vice
  President

  	
   

  
	
   

  	
   

  
	
  HPT IHG PR, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ John G. Murray 

  	
   

  
	
   

  	
  John G. Murray

  	
   

  
	
   

  	
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  HOSPITALITY PROPERTIES TRUST

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ John G. Murray 

  	
   

  
	
   

  	
  John G. Murray

  	
   

  
	
   

  	
  President

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