Document:

<PAGE>

                                                                    Exhibit 4.07

                              SIXTH AMENDMENT TO
                    COMPETITIVE ADVANCE AND MULTI-CURRENCY
                          CREDIT FACILITIES AGREEMENT

     This SIXTH AMENDMENT TO COMPETITIVE ADVANCE AND MULTI-CURRENCY CREDIT
FACILITIES AGREEMENT (this "Amendment") is made as of February 2, 2001 by and
among (a) Choice Hotels International, Inc. (the "Borrower"), (b) The Chase
Manhattan Bank ("Chase"), Allfirst Bank, Bank of America, N.A., The Dai-ichi
Kangyo Bank, Ltd., First Union National Bank, The Fuji Bank, Limited, General
Electric Capital Corp., The Industrial Bank of Japan, Limited, New York Branch,
Mellon Bank, N.A., Morgan Guaranty Trust Company of New York,  The Sanwa Bank,
Limited, New York Branch, Summit Bank, Suntrust Bank and the other lending
institutions which may become parties to the Credit Agreement (as defined below)
(collectively, the "Lenders") and (c) Chase, as Agent (in such capacity, the
"Agent") for the Lenders.

     WHEREAS, the Borrower, the Lenders and the Agent are parties to a
Competitive Advance and Multi-Currency Credit Facilities Agreement dated as of
October 15, 1997, as amended by a First Amendment dated as of February 13, 1998,
a Second Amendment dated as of March 30, 1998, a Third Amendment dated as of
April 9, 1998, a Fourth Amendment dated as of December 16, 1998, and a Fifth
Amendment dated as of March 19, 1999 (as so amended, the "Credit Agreement"),
pursuant to which the Lenders have agreed to make loans to the Borrower;

     WHEREAS, the Borrower has requested that the Lenders and the Agent make
certain amendments to the Credit Agreement and the Lenders and the Agent are
willing to amend certain of the provisions of the Credit Agreement upon the
terms set forth herein;

     NOW, THEREFORE, in consideration of the foregoing premises, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and fully intending to be legally bound by this Amendment, the
parties agree to amend the Credit Agreement as follows:

     1.  Definitions.  Capitalized terms used herein without definition shall
         -----------
have the meanings assigned to such terms in the Credit Agreement.
<PAGE>

     2.  Amendments to the Credit Agreement.  Effective as of the Effective Date
         ----------------------------------
(as hereinafter defined), the Credit Agreement is hereby amended in the
following respects:

     2.1.  Section 1.01 of the Credit Agreement is amended by inserting the
following new definition of "Alternative Currency Letter of Credit" immediately
after the definition of "Alternative Currency":

          "'Alternative Currency Letter of Credit' shall mean a Letter of Credit
            -------------------------------------
          denominated in an Alternative Currency."

     2.2.  The definition of "Equivalent Dollar Amount" set forth in Section
1.01 of the Credit Agreement is amended by deleting such definition in its
entirety and substituting the following new definition in place thereof:

          "'Equivalent Dollar Amount' shall mean, (a) with respect to an amount
            ------------------------
          of any Alternative Currency on any date, the amount of dollars that
          may be purchased with such amount of such Alternative Currency at the
          Spot Exchange Rate on such date, and (b) with respect to any amount of
          dollars on any date, such amount of dollars."

     2.3.  The definition of "L/C Exposure" set forth in Section 1.01 of the
Credit Agreement is amended by inserting immediately after the words "the sum
of" on the first line thereof the words "the Equivalent Dollar Amount of".

     2.4.  Section 2.01 of the Credit Agreement is amended by deleting clause
(ii) of the first sentence thereof in its entirety and substituting in place
thereof the following new clause (ii):

          "(ii) at no time shall any Loan be made if, immediately after giving
          effect thereto and to the application of the proceeds thereof, the sum
          of (A) the aggregate Equivalent Dollar Amount of all outstanding
          Eurocurrency Loans plus (B) the aggregate undrawn Equivalent Dollar
          Amount of all outstanding Alternative Currency Letters of Credit would
          exceed the Eurocurrency Sublimit".

     2.5.  Section 2.02(e) of the Credit Agreement is amended by inserting
immediately after the words "Pro Rata Percentage of" on the fourteenth line
thereof the words "the Equivalent Dollar Amount of".

                                      -2-
<PAGE>

     2.6.  Section 2.20(a) of the Credit Agreement is amended by inserting
immediately after the words "denominated in dollars" on the sixth line thereof
the words "or in an Alternative Currency".

     2.7.  Section 2.20(b) of the Credit Agreement is amended by inserting
immediately before the words "the amount of such Letter of Credit" on the
twelfth line thereof the words "whether such Letter of Credit is to be
denominated in dollars or an Alternative Currency,".

     2.8.  Section 2.20(b) of the Credit Agreement is further amended by
deleting the amount "$10,000,00" in clause (A) of the second to last sentence
thereof and substituting in place thereof the amount "$20,000,000".

     2.9.  Section 2.20(b) of the Credit Agreement is further amended by
inserting at the end of the second to last sentence thereof (immediately before
the period) the words "and (C) the sum of (A) the aggregate Equivalent Dollar
Amount of all outstanding Eurocurrency Loans plus (B) the aggregate undrawn
Equivalent Dollar Amount of all outstanding Alternative Currency Letters of
Credit shall not exceed the Eurocurrency Sublimit".

     2.10.  Section 2.20(d) of the Credit Agreement is amended by inserting
immediately after the words "Pro Rata Percentage of" on the twelfth line thereof
the words "the Equivalent Dollar Amount of".

     2.11.  Section 2.20(e) of the Credit Agreement is hereby amended by
inserting immediately after the first sentence thereof the following new
sentence:

          "Notwithstanding anything contained herein to the contrary, however,
     in the case of any Alternative Currency Letter of Credit, the Borrower
     shall reimburse any drawing thereunder in the Alternative Currency in which
     such Alternative Currency Letter of Credit is denominated; provided,
                                                                --------
     however, that if (x) any such drawing is made at a time when there exists
     -------
     an Event of Default or (y) the Borrower shall not have notified the Agent
     and the Issuing Bank prior to 11 a.m. (New York time) at least two (2)
     Business Days immediately prior to such drawing that the Borrower intends
     to reimburse the Issuing Bank in the applicable Alternative Currency, then,
     in either such case, such reimbursement shall instead be made by payment in
     dollars of the Equivalent Dollar Amount of such drawing and in immediately
     available funds."

                                      -3-
<PAGE>

     2.12.  Section 2.21(a) of the Credit Agreement is amended by inserting
immediately after the words "each Eurocurrency Borrowing" on the fifth line
thereof the words "and each undrawn Alternative Currency Letter of Credit".

     2.13.  Section 2.21(b) of the Credit Agreement is amended by inserting
immediately after the words "repaid on such date)" on the fifth line thereof the
words "and the undrawn Equivalent Dollar Amount of each outstanding Alternative
Currency Letter of Credit".

     2.14.  Section 2.21(c) of the Credit Agreement is amended by deleting the
first sentence thereof in its entirety and substituting the following new
sentence in place thereof:

          "If on any Reset Date with respect to Eurocurrency Loans and
     Alternative Currency Letters of Credit outstanding the sum of (A) the
     aggregate Equivalent Dollar Amount of all outstanding Eurocurrency Loans
     plus (B) the aggregate undrawn Equivalent Dollar Amount of all outstanding
     Alternative Currency Letters of Credit exceeds 110% of the Eurocurrency
     Sublimit, the Borrower shall on such date prepay Eurocurrency Loans in an
     aggregate amount such that, after giving effect thereto, the sum of (A) the
     aggregate Equivalent Dollar Amount of all such outstanding Eurocurrency
     Loans plus (B) the aggregate undrawn Equivalent Dollar Amount of all
     outstanding Alternative Currency Letters of Credit shall be equal to or
     less than the Eurocurrency Sublimit."

     2.15.  Section 6.13 of the Credit Agreement is amended by deleting such
Section in its entirety and substituting the following in place thereof:

         "SECTION 6.13.  [Intentionally Omitted.]"

     3.  Previously Issued Letter of Credit.  Each of the Borrower, the Lenders,
         ----------------------------------
the Agent and the Issuing Bank hereby agrees that, from and after the Effective
Date, the standby letter of credit issued by Chase at the request of the
Borrower on January 22, 2001 in the face amount of (Pounds)4,000,000 shall for
all purposes become and thereafter be a Letter of Credit under the Credit
Agreement.

                                      -4-
<PAGE>

     4.  Representations and Warranties.  The Borrower hereby represents and
         ------------------------------
warrants as follows:

          4.1  Representations in Loan Documents.  Each of the representations
               ---------------------------------
and warranties made by or on behalf of the Borrower in any of the Loan Documents
was true and correct when made and is true and correct on and as of the
Effective Date (except to the extent that such representations and warranties
relate expressly to an earlier date) with the same full force and effect as if
each of such representations and warranties had been made by the Borrower on the
Effective Date and in this Amendment.

          4.2.  Defaults.  No Default or Event of Default exists on the
                --------
Effective Date.

          4.3.  Authorization; No Conflicts; Etc.  The execution, delivery and
                --------------------------------
performance by the Borrower of this Amendment (a) have been duly authorized by
all requisite action, (b) will not (i) violate (x) any provision of law,
statute, rule or regulation, or of the certificate or articles of incorporation,
bylaws or other constitutive documents of the Borrower or any Subsidiary, (y)
any order of any Governmental Authority, or (z) any provision of any indenture,
agreement or other instrument to which the Borrower or any Subsidiary is a party
or by which any of them or any of their property is or may be bound, (ii) be in
conflict with, or result in a breach of or constitute (alone or with notice or
lapse of time or both) a default under any such indenture, agreement for
borrowed money or other agreement or instrument or (iii) result in the creation
or imposition of any Lien upon or with respect to any property or assets now
owned or hereafter acquired by the Borrower.

          4.4.  Binding Effect of Documents.  This Amendment has been duly
                ---------------------------
executed and delivered by the Borrower and is in full force and effect as of the
Effective Date, and the respective agreements and obligations of the Borrower
contained herein and therein constitute the legal, valid and binding obligations
of the Borrower enforceable against it in accordance with their respective
terms, subject only to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws relating to or affecting generally the enforcement of
creditors' rights and to the fact that the availability of the remedy of
specific performance or injunctive relief is subject to the discretion of the
court before which any proceeding therefor may be brought.

     5.  Provisions Of General Application.
         ---------------------------------

          5.1.  No Other Changes.  Except as otherwise expressly provided or
                ----------------
contemplated by this Amendment, all of the terms, conditions

                                      -5-
<PAGE>

and provisions of the Credit Agreement and the other Loan Documents remain
unaltered. The Credit Agreement and this Amendment shall be read and construed
as one agreement. The making of the amendments in this Amendment does not imply
any obligation or agreement by the Agent or any Lender to make any other
amendment, waiver, modification or consent as to any matter on any subsequent
occasion.

          5.2.  Governing Law.  This Amendment shall for all purposes be
                -------------
construed in accordance with and governed by the laws of the State of New York.

          5.3.  Assignment.  This Amendment shall be binding upon and inure to
                ----------
the benefit of each of the parties hereto and their respective permitted
successors and assigns.

          5.4.  Counterparts.  This Amendment may be executed in any number of
                ------------
counterparts, but all such counterparts shall together constitute but one and
the same agreement.  In making proof of this Amendment, it shall not be
necessary to produce or account for more than one counterpart thereof signed by
each of the parties hereto.

          5.5.  Expenses.  The Borrower agrees to reimburse the Agent for its
out-of-pocket expenses in connection with this Amendment, including the
reasonable fees and expenses of Agent's counsel.

          5.6.  Conditions Precedent.  The effectiveness of this Amendment is
                --------------------
subject to satisfaction of the following conditions precedent (such date on
which such conditions precedent have been satisfied being referred to herein as
the "Effective Date"):

          (i) execution and delivery to the Agent by the Borrower, the
Guarantor, and the Required Lenders of this Amendment;

          (ii) all legal matters relating to this Amendment shall be
satisfactory to the Required Lenders, the Agent and the Agent's counsel; and

          (iii)  receipt by the Agent of (A) a certificate from an officer of
the Borrower as to organizational documents, authorizing resolutions and
incumbency of officers of each of the Borrower and the Guarantor, in form and
substance satisfactory to the Agent, and (B) such other documents and
certificates as the Agent may reasonably request.

                          [Signature pages to follow]

                                      -6-
<PAGE>

                                      -7-
<PAGE>

     IN WITNESS WHEREOF, the undersigned have duly executed and delivered this
Amendment as of the date first set forth above.

                              CHOICE HOTELS INTERNATIONAL, INC.

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

                              THE CHASE MANHATTAN BANK, individually and as
                              Issuing Bank and Agent

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

                              ALLFIRST BANK

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

                              BANK OF AMERICA, N. A.

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

                              THE DAI-ICHI KANGYO BANK, LTD.

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

                                      -8-
<PAGE>

                              FIRST UNION NATIONAL BANK

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

                              THE FUJI BANK, LIMITED

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

                              GENERAL ELECTRIC CAPITAL CORP.

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

                              THE INDUSTRIAL BANK OF JAPAN, LIMITED, NEW YORK
                              BRANCH

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

                              MELLON BANK, N.A.

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

                                      -9-
<PAGE>

                              MORGAN GUARANTY TRUST COMPANY OF NEW YORK

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

                              THE SANWA BANK, LIMITED, NEW YORK BRANCH

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

                              SUMMIT BANK

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

                              SUNTRUST BANK

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

                                     -10-
<PAGE>

     The undersigned Guarantor hereby acknowledges the foregoing Amendment and
reaffirms its guaranty of the Obligations under the Credit Agreement and the
other Loan Documents, each as amended hereby or in connection herewith, in
accordance with the Guarantee Agreement.

                              CHOICE HOTELS EUROPE, INC.

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

                                     -11-<PAGE>

                                                                   Exhibit 10.20

                       CHOICE HOTELS INTERNATIONAL, INC.
          AMENDED AND RESTATED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

     Effective as of January 1, 2001, Choice Hotels International, Inc. (the
"Company") has adopted the following Amended and Restated Supplemental Executive
Retirement Plan (the "Plan") for the benefit of eligible employees.

                                   ARTICLE I

                                  DEFINITIONS

     As used herein, the following words and phrases shall have the meaning
specified below, unless a different meaning is plainly required by the context:

     Section 1.01.  "Accrued Benefit" shall mean a benefit, payable monthly in
the form of a single life annuity, and equal to the product of a Participant's
Final Average Salary and the Participant's Applicable Benefit Percentage.

     Section 1.02.  "Applicable Benefit Percentage" shall mean the percentage
computed by reference to the number of Years of Service, including portions
thereof, performed by a Participant.  For these purposes, the Applicable Benefit
Percentage with respect to each month commencing on the Employment Date and
continuing through the end of the 14th Year of Service shall be .0833% and the
Applicable Benefit Percentage for each month between the first day of the 15th
Year of Service and continuing through the end of the 25th Year of Service shall
be .125%.

     Section 1.03.  "Board of Directors" shall mean the Board of Directors of
the Company (or any designated committee thereof).

     Section 1.04.  "Early Retirement Date" shall meant the date upon which a
Participant becomes eligible to receive vested benefits hereunder as set forth
in Section 5.01(b).

     Section 1.05.  "Employer" shall mean the Company, its predecessor,
successors and assigns, any subsidiary authorized by the Board of Directors to
participate in this Plan, and any corporation into which an Employer may be
merged or consolidated or to which all or substantially all of its assets may be
transferred, provided such corporation does not affirmatively disavow this Plan.

     Section 1.06.  "Employment Date" shall mean the date upon which a
Participant commenced full-time employment with the Employer.

     Section 1.07.  "Final Average Salary" shall mean the highest average of the
monthly base salary, including any bonuses, earned in a sixty-month period out
of the 120 months of employment immediately prior the Normal Retirement date,
the Early Retirement Date or other date of termination of employment (as the
case may be).

                                  Page 1 of 5
<PAGE>

     Section 1.08.  "Normal Retirement Date" shall mean the date upon which a
Participant becomes eligible to receive vested benefits hereunder as set forth
in Section 5.01(a).

     Section 1.09.  "Participant" shall mean any individual who has been
approved as eligible to participate in the Plan pursuant to Article III
hereunder.

     Section 1.10.  "Termination for Cause" shall mean a termination of
employment with an Employer, with respect to which there has been (i) a
determination by the Board of Directors that the participant has failed on an
ongoing basis to materially perform his duties to an Employer (other than as a
result of his incapacity due to physical or mental illness or injury), (ii) as
determination by the Board of Director's that the Participant has engaged in or
has attempted to engage in conduct materially injurious to an Employee, (iii) a
determination by the Board of Directors that the Participant has been convicted
of or plead guilty or no contest to a felony or (iv) a determination by the
Board of Directors that the Participant has failed to follow reasonable and
appropriate instructions of the Board of Directors.

     Section 1.11.  "Years of Service" shall mean the number of years and months
between the Employment Date and (i) the Normal Retirement Date, (ii) the Early
Retirement Date, or (iii) any other date of termination of employment, excluding
any period during which a Participant is employed on a part-time basis by an
Employer.

                                  ARTICLE II

                             ADMINISTRATION OF PLAN

     Section 2.01.  The Board of Directors shall have responsibility for the
administration of the Plan.  Such responsibility shall include, but not be
limited to, approval of individual Participants, interpretation of the Plan, and
the granting of exceptions to the Plan, if any.  All such determinations by the
Board of Directors shall be conclusive and binding on all Participants.

                                  ARTICLE III

                            PARTICIPANT ELIGIBILITY

     Section 3.01.  Participants shall be the Chief Executive Officer and his
direct reports.  Any other Participants must be individually submitted to, and
approved by, the Board of Directors.

                                  Page 2 of 5
<PAGE>

                                  ARTICLE IV

                      VESTING AND CALCULATION OF BENEFIT

     Section 4.01.  Participants will become fully vested upon completion of 5
Years of Service.  Upon becoming fully vested, Participants will receive a
monthly retirement benefit for life based upon their Accrued Benefit, determined
by reference to Years of Service and Final Average Salary as shown below.  The
amount of the monthly benefit will be paid with no offset for benefits a
Participant may receive from Social Security.

<TABLE>
<CAPTION>
             Years of Service at                            Retirement Benefit as %
            Normal Retirement Date                          of Final Average Salary
          --------------------------                      ---------------------------
               <S>                                                   <C>
                  25 or more                                          30.0%
                      24                                              28.5%
                      23                                              27.0%
                      22                                              25.5%
                      21                                              24.0%
                      20                                              22.5%
                      19                                              21.0%
                      18                                              19.5%
                      17                                              18.0%
                      16                                              16.5%
                      15                                              15.0%
                      14                                              14.0%
                      13                                              13.0%
                      12                                              12.0%
                      11                                              11.0%
                      10                                              10.0%
                      9                                               9.0%
                      8                                               8.0%
                      7                                               7.0%
                      6                                               6.0%
                      5                                               5.0%
</TABLE>

     Section 4.02.  Retirement benefits shown in Section 4.01 above are shown as
single life annuity payments.  Participants may also elect upon retirement a
joint and 50% survivor annuity or a ten-year certain (120 months guaranteed)
payment.  If other than a single life annuity payment is elected, benefit
payments will be adjusted in accordance with standard actuarial tables selected
by the Company.

                                  Page 3 of 5
<PAGE>

                                   ARTICLE V

                              PAYMENT OF BENEFITS

     Section 5.01.  Participants are entitled to benefits when their employment
terminates as follows:

     (a)  Normal Retirement - Participants retiring at age 65 with a minimum of
          -----------------
          5 Years of Service will start receiving monthly benefits upon the
          first day of the month following their retirement.
     (b)  Early Retirement - Participants with a minimum of 10 Years of Service
          ----------------
          may retire after attainment of age 55 and prior to attainment of age
          65.  Benefit payments to such Participants shall start upon the first
          day of the month following their Early Retirement Date.
     (c)  Other Employment Termination - Participants with a minimum 5 Years of
          ----------------------------
          Service, who terminate employment from an Employer (for any reason
          other than a Termination for Cause) prior to attainment of age 55 and
          satisfaction of 10 Years of Service shall be entitled to a monetary
          benefit equal to their Accrued Benefit.  Benefit payments to such a
          Participant shall commence upon the first day of the month following
          the Participant's 65th birthday.
     (d)  Termination for Cause.  In the event a Participant incurs a
          ---------------------
          Termination for Cause, such Participant shall forfeit the right to
          receive benefits under this Plan, whether or not such benefits are
          vested.
     (e)
     Section 5.02.  Participants who desire to work past age 65, and who are
allowed to do so by permission of the Company, may, at their option, be either
(i) paid benefits hereunder in accordance with Section 5.01(a) as if the
Participant had retired, or (ii) have such benefits increased actuarially for
each Year of Service past age 65.

     Section 5.03.  All Participants at the time of retirement, as a condition
of receiving any benefits hereunder, must agree that they shall not become the
owner of, or an officer, director, employee or consultant of any entity which,
in the opinion of the Board of Directors, is in competition with any business of
the Company.

     Section 5.04.

     (a)  Death of Participant While Employed by an Employer and Death of
          ---------------------------------------------------------------
          Participant Prior to Commencement of Benefit Payment to Participant.
          -------------------------------------------------------------------
          The designated beneficiary shall receive a monthly lifetime benefit
          commencing within 60 days after the death of the Participant. Such
          monthly benefit shall be equal to the 50% survivor annuity portion of
          the benefit which would have been payable (i) had the Participant
          elected to receive his Accrued Benefit in the form of a joint and 50%
          survivor annuity and (ii) had the Participant been eligible to
          commence and had indeed elected to commence benefit payment on the day
          immediately prior to his death. No death benefit shall be payable
          hereunder in the event that the Participant had completed less than 5
          Years of Service as of the date of Participant's death.

     (b)  Death After Commencement of Benefit Payment to Participant.  Upon the
          ----------------------------------------------------------
          death of a Participant after the commencement of benefit payments to
          the Participant hereunder, the death benefit, if any, shall be
          determined by reference to the form of benefit payment elected by the
          Participant prior to the date of death, in accordance with Section
          4.02.

                                  Page 4 of 5
<PAGE>

                                  ARTICLE VI

                                EFFECTIVE DATE

     Section 6.01.  The  provisions of the original Plan covers Participants
retiring on or after  November 1, 1996 and before December 31, 2000.  The
provisions of the Amended and Restated Plan covers all Participants retiring on
or after January 1, 2001.  All past Years of Service for an Employer and its
predecessor are recognized.

                                  ARTICLE VII

                           AMENDMENT AND TERMINATION

     Section 7.01.  The Company retains the right to amend and to terminate the
Plan at any time provided that no such amendment shall reduce a vested Accrued
Benefit otherwise earned by a Participant as of the date of such amendment.
Should the Plan be terminated, Participants with at least 5 Years of Service at
time of Plan termination shall be entitled to their Accrued Benefit, as defined
in Article I and described in Article IV, determined on the basis of their Years
of Service and Final Average Salary at the time of Plan termination.  In
addition, Participants who do not have at least 5 Years of Service at the time
of Plan termination but who will have earned at least 5 Years of Service as of
the date of their future date of termination of employment with an Employer,
shall be entitled to receive their Accrued Benefits earned as of the date of the
termination of the Plan.  A Participant who has less than 5 Years of Service on
the date of termination of the Plan and who has less than 5 Years of Service as
of his future date of termination of employment with an Employer shall not be
entitled to any benefits under the Plan.  Payment of such benefits will not
commence prior to the date such payments would have commenced had the Plan
remained in effect.

                                 ARTICLE VIII

                                 MISCELLANEOUS

     Section 8.01.  Any rules, regulations, or procedures that may be necessary
for the proper administration or functioning of this Plan may be promulgated and
adopted by the Board of Directors.

     Section 8.02.  This Plan shall be interpreted and enforced in accordance
with the laws of the State of Maryland, without regard to its conflict of laws
principles.

     Section 8.03.  This Plan shall not be deemed to constitute an employment
contract between an Employer and any Participant or to be a consideration or an
inducement of the employment of any Participant. Nothing contained in this Plan
shall be deemed to give any Participant the right to be retained in the service
of an Employer or to interfere with the right of an Employer to discharge any
Participant at any time regardless of the effect which such discharge shall have
upon him as a Participant of the Plan.

                                  Page 5 of 5

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