Document:

exv4wxbyw5

 

EXHIBIT 4(b).5

Retirement Savings Restoration Plan: Description

Eligibility: Employees eligible to participate in the DuPont Retirement Savings Plan
who are hired at Grade 7 or above (or equivalent level for a participating subsidiary). Eligible
employees must elect to participate within 30 days of hire date, and before the first day of each
succeeding calendar year with respect to compensation paid in the calendar year.

Employee: Compensation Deferral Election: Participants may elect to defer up to 6% of
compensation (as defined in the Retirement Savings Plan), to the extent such compensation exceeds
the amount of compensation permitted to be taken into account under the Retirement Savings Plan by
Internal Revenue Code Section 401(a)(17).

Employer Contribution: The employer will credit a matching contribution equal to 100% of
the employee compensation deferral.

Retirement Savings Contribution: For all employees eligible for this plan, whether or not
they elect to make employee deferral contributions, the employer will credit a retirement savings
contribution equal to 3% of the employee’s compensation, to the extent such compensation exceeds
the amount of compensation permitted to be taken into account under the Retirement Savings Plan by
Internal Revenue Code Section 401(a)(17).

Distributions: Participants will elect form of distribution at time of deferral election.
Participants may elect lump sum payment or installments over a period no longer than 15 years.
Distributions will be made as soon as practical following termination of employment.

Funding: The plan will be unfunded.Description of Executive Officer Profit Sharing Program

     

    Exhibit
      10.1

     

     

    AETRIUM
      EXECUTIVE OFFICER PROFIT SHARING PROGRAM 

     

     

    In
      2004,
      our Compensation Committee authorized an Executive Officer Profit Sharing
      Program. The Executive Officer Profit Sharing Program is a cash-based quarterly
      incentive program designed to focus our executive officers’ attention on
      achieving quarterly profitability. Under the Executive Officer Profit Sharing
      Program, the Compensation Committee has the discretion to award up to an
      aggregate of 10% of our pre-tax operating income (before such awards) for the
      quarter as cash bonuses to our executive officers based upon our profitability
      and cash flow for the quarter. The Compensation Committee then determines
      individual executive bonuses after evaluating each individual executive’s
      contributions to the success of our operations for the quarter.ex10-1

    Exhibit
      10.1

    INTERIM
      LOAN AGREEMENT

     

    Dated
      as
      of January 22, 2007

     

    by
      and
      among

     

    HOSPITALITY
      PROPERTIES TRUST,

    as
      Borrower

     

    Each
      of

     

    MERRILL
      LYNCH CAPITAL CORPORATION,

     

    as
      Administrative Agent,

     

    MERRILL
      LYNCH, PIERCE, FENNER & SMITH INCORPORATED

     

    as
      Lead
      Arranger and Lead Bookrunner,

     

    WACHOVIA
      BANK, NATIONAL ASSOCIATION

    RBC
      CAPITAL MARKETS

    UBS
      SECURITIES LLC

    and

    MORGAN
      STANLEY SENIOR FUNDING INC.,

     

    as
      Co-Syndication Agents,

     

    and

     

    THE
      FINANCIAL INSTITUTIONS INITIALLY SIGNATORY HERETO

    AND
      THEIR
      ASSIGNEES PURSUANT TO SECTION 12.5.,

    as
      Lenders

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

    

      
        	 	
                Page

              
	 	 
	
                Article
                  I. Definitions

              	
                2

              
	 	 	 
	
                Section
                  1.1.

              	
                Definitions

              	
                2

              
	
                Section
                  1.2.

              	
                General;
                  References to Times

              	
                28

              
	 	 
	
                Article
                  II. Interim Loans

              	
                29

              
	 	 	 
	
                Section
                  2.1.

              	
                Interim
                  Loans

              	
                29

              
	
                Section
                  2.2.

              	
                [Reserved]

              	
                29

              
	
                Section
                  2.3.

              	
                [Reserved]

              	
                
                  29

                

              
	
                Section
                  2.4.

              	
                Rates
                  and Payment of Interest on Loans

              	
                
                  29

                

              
	
                Section
                  2.5.

              	
                Number
                  of Interest Periods

              	
                30

              
	
                Section
                  2.6.

              	
                Repayment
                  of Loans

              	
                30

              
	
                Section
                  2.7.

              	
                Prepayments

              	
                31

              
	
                Section
                  2.8.

              	
                Continuation

              	
                32

              
	
                Section
                  2.9.

              	
                Conversion

              	
                32

              
	
                Section
                  2.10.

              	
                Notes

              	
                33

              
	
                Section
                  2.11.

              	
                Termination
                  of Commitments

              	
                33

              
	 	 
	
                Article
                  III. Payments, Fees and Other General Provisions

              	
                33

              
	 	 	 
	
                Section
                  3.1.

              	
                Payments

              	
                33

              
	
                Section
                  3.2.

              	
                Pro
                  Rata Treatment

              	
                34

              
	
                Section
                  3.3.

              	
                Sharing
                  of Payments, Etc.

              	
                34

              
	
                Section
                  3.4.

              	
                Several
                  Obligations

              	
                35

              
	
                Section
                  3.5.

              	
                Minimum
                  Amounts

              	
                35

              
	
                Section
                  3.6.

              	
                Fees

              	
                35

              
	
                Section
                  3.7.

              	
                Computations

              	
                35

              
	
                Section
                  3.8.

              	
                Usury

              	
                35

              
	
                Section
                  3.9.

              	
                Agreement
                  Regarding Interest and Charges

              	
                36

              
	
                Section
                  3.10.

              	
                Statements
                  of Account

              	
                36

              
	
                Section
                  3.11.

              	
                Defaulting
                  Lenders

              	
                36

              
	
                Section
                  3.12.

              	
                Taxes

              	
                37

              
	 	 
	
                Article
                  IV. Yield Protection, Etc.

              	
                39

              
	 	 	 
	
                Section
                  4.1.

              	
                Additional
                  Costs; Capital Adequacy

              	
                39

              
	
                Section
                  4.2.

              	
                Suspension
                  of LIBOR Loans

              	
                41

              
	
                Section
                  4.3.

              	
                Illegality

              	
                41

              
	
                Section
                  4.4.

              	
                Compensation

              	
                41

              
	
                Section
                  4.5.

              	
                Affected
                  Lenders

              	
                42

              
	
                Section
                  4.6.

              	
                Treatment
                  of Affected Loans

              	
                42

              
	
                Section
                  4.7.

              	
                Change
                  of Lending Office

              	
                43

              

      

      
        
          
          

        

        
          -i-

          
            

          

        

        
          
          

        

      

      

      
        	 	 	
                Page

              
	 	 	 
	
                Section
                  4.8.

              	
                Assumptions
                  Concerning Funding of LIBOR Loans

              	
                43

              
	 	 
	
                Article
                  V. Conditions Precedent

              	
                43

              
	 	 	 
	
                Section
                  5.1.

              	
                Conditions
                  Precedent

              	
                43

              
	
                Section
                  5.2.

              	
                Conditions
                  as Covenants

              	
                47

              
	 	 
	
                Article
                  VI. Representations and Warranties

              	
                47

              
	 	 	 
	
                Section
                  6.1.

              	
                Representations
                  and Warranties

              	
                47

              
	
                Section
                  6.2.

              	
                Survival
                  of Representations and Warranties, Etc.

              	
                54

              
	 	 
	
                Article
                  VII. Affirmative Covenants

              	
                54

              
	 	 	 
	
                Section
                  7.1.

              	
                Preservation
                  of Existence and Similar Matters

              	
                54

              
	
                Section
                  7.2.

              	
                Compliance
                  with Applicable Law and Material Contracts

              	
                54

              
	
                Section
                  7.3.

              	
                Maintenance
                  of Property

              	
                55

              
	
                Section
                  7.4.

              	
                Conduct
                  of Business

              	
                55

              
	
                Section
                  7.5.

              	
                Insurance

              	
                55

              
	
                Section
                  7.6.

              	
                Payment
                  of Taxes and Claims

              	
                55

              
	
                Section
                  7.7.

              	
                Visits
                  and Inspections

              	
                55

              
	
                Section
                  7.8.

              	
                Use
                  of Proceeds

              	
                56

              
	
                Section
                  7.9.

              	
                Environmental
                  Matters

              	
                56

              
	
                Section
                  7.10.

              	
                Books
                  and Records

              	
                56

              
	
                Section
                  7.11.

              	
                Further
                  Assurances

              	
                56

              
	
                Section
                  7.12.

              	
                New
                  Subsidiaries/Guarantors

              	
                57

              
	
                Section
                  7.13.

              	
                REIT
                  Status

              	
                57

              
	
                Section
                  7.14.

              	
                Exchange
                  Listing

              	
                57

              
	
                Section
                  7.15.

              	
                Refinancing
                  of Interim Loans

              	
                58

              
	 	 
	
                Article
                  VIII. Information

              	
                58

              
	 	 	 
	
                Section
                  8.1.

              	
                Quarterly
                  Financial Statements

              	
                58

              
	
                Section
                  8.2.

              	
                Year
                  End Statements

              	
                59

              
	
                Section
                  8.3.

              	
                Compliance
                  Certificate

              	
                59

              
	
                Section
                  8.4.

              	
                Other
                  Information

              	
                60

              
	 	 
	
                Article
                  IX. Negative Covenants

              	
                62

              
	 	 	 
	
                Section
                  9.1.

              	
                Financial
                  Covenants

              	
                62

              
	
                Section
                  9.2.

              	
                Indebtedness

              	
                63

              
	
                Section
                  9.3.

              	
                Certain
                  Permitted Investments

              	
                64

              
	
                Section
                  9.4.

              	
                Investments
                  Generally

              	
                64

              
	
                Section
                  9.5.

              	
                Liens;
                  Negative Pledges; Other Matters

              	
                65

              
	
                Section
                  9.6.

              	
                Restricted
                  Payments

              	
                65

              
	
                Section
                  9.7.

              	
                Merger,
                  Consolidation, Sales of Assets and Other Arrangements

              	
                66

              

      

      
        
          
          

        

        
          -ii-

          
            

          

        

        
          
          

        

      

      

      
        	 	 	
                Page

              
	 	 	 
	
                Section
                  9.8.

              	
                Fiscal
                  Year

              	
                67

              
	
                Section
                  9.9.

              	
                Modifications
                  to Advisory Agreement and Other Material Contracts

              	
                67

              
	
                Section
                  9.10.

              	
                Transactions
                  with Affiliates

              	
                67

              
	
                Section
                  9.11.

              	
                ERISA
                  Exemptions

              	
                68

              
	 	 
	
                Article
                  X. Default

              	
                68

              
	 	 	 
	
                Section
                  10.1.

              	
                Events
                  of Default

              	
                68

              
	
                Section
                  10.2.

              	
                Remedies
                  Upon Event of Default

              	
                72

              
	
                Section
                  10.3.

              	
                Remedies
                  Upon Default

              	
                72

              
	
                Section
                  10.4.

              	
                Allocation
                  of Proceeds

              	
                73

              
	
                Section
                  10.5.

              	
                [Reserved]

              	
                73

              
	
                Section
                  10.6.

              	
                Performance
                  by Agent

              	
                73

              
	
                Section
                  10.7.

              	
                Rights
                  Cumulative

              	
                73

              
	 	 
	
                Article
                  XI. The Agent

              	
                74

              
	 	 	 
	
                Section
                  11.1.

              	
                Authorization
                  and Action

              	
                74

              
	
                Section
                  11.2.

              	
                Agent’s
                  Reliance, Etc.

              	
                74

              
	
                Section
                  11.3.

              	
                Notice
                  of Defaults.

              	
                75

              
	
                Section
                  11.4.

              	
                Agent
                  as Lender

              	
                75

              
	
                Section
                  11.5.

              	
                Approvals
                  of Lenders

              	
                76

              
	
                Section
                  11.6.

              	
                Lender
                  Credit Decision, Etc.

              	
                76

              
	
                Section
                  11.7.

              	
                Indemnification
                  of Agent

              	
                77

              
	
                Section
                  11.8.

              	
                Successor
                  Agent

              	
                77

              
	
                Section
                  11.9.

              	
                Titled
                  Agents

              	
                78

              
	 	 
	
                Article
                  XII. Miscellaneous

              	
                78

              
	 	 	 
	
                Section
                  12.1.

              	
                Notices

              	
                78

              
	
                Section
                  12.2.

              	
                Expenses

              	
                80

              
	
                Section
                  12.3.

              	
                Setoff

              	
                80

              
	
                Section
                  12.4.

              	
                Litigation;
                  Jurisdiction; Other Matters; Waivers

              	
                81

              
	
                Section
                  12.5.

              	
                Successors
                  and Assigns

              	
                82

              
	
                Section
                  12.6.

              	
                Amendments

              	
                84

              
	
                Section
                  12.7.

              	
                Nonliability
                  of Agent and Lenders

              	
                85

              
	
                Section
                  12.8.

              	
                Confidentiality

              	
                85

              
	
                Section
                  12.9.

              	
                Indemnification

              	
                86

              
	
                Section
                  12.10.

              	
                Termination;
                  Survival

              	
                87

              
	
                Section
                  12.11.

              	
                Severability
                  of Provisions

              	
                88

              
	
                Section
                  12.12.

              	
                GOVERNING
                  LAW

              	
                88

              
	
                Section
                  12.13.

              	
                Counterparts

              	
                88

              
	
                Section
                  12.14.

              	
                Obligations
                  with Respect to Loan Parties

              	
                88

              
	
                Section
                  12.15.

              	
                Limitation
                  of Liability

              	
                88

              
	
                Section
                  12.16.

              	
                Entire
                  Agreement

              	
                89

              
	
                Section
                  12.17.

              	
                Construction

              	
                89

              

      

      
        
          
          

        

        
          -iii-

          
            

          

        

        
          
          

        

      

      

      
        	 	 	
                Page

              
	 	 	 
	
                Section
                  12.18.

              	
                Liability
                  of Trustees, Etc.

              	
                89

              
	
                Section
                  12.19.

              	
                Patriot
                  Act

              	
                89

              

      

      

       

    

    
      	
              SCHEDULE
                1.1.(a)

            	
              Applicable
                Margin

            
	
              SCHEDULE
                1.1.(c)

            	
              List
                of Loan Parties

            
	
              SCHEDULE
                6.1.(b)

            	
              Ownership
                Structure

            
	
              SCHEDULE
                6.1.(f)

            	
              Title
                to Properties; Liens

            
	
              SCHEDULE
                6.1.(g)

            	
              Indebtedness
                and Guaranties

            
	
              SCHEDULE
                6.1.(h)

            	
              Material
                Contracts

            
	
              SCHEDULE
                6.1.(i)

            	
              Litigation

            
	
              SCHEDULE
                6.1.(k)

            	
              Financial
                Statements

            
	
              SCHEDULE
                6.1.(y)

            	
              List
                of Unencumbered Assets

            
	
              EXHIBIT
                A

            	
              Form
                of Assignment and Acceptance Agreement

            
	
              EXHIBIT
                B

            	
              Form
                of Guaranty

            
	
              EXHIBIT
                C

            	
              Form
                of Notice of Borrowing

            
	
              EXHIBIT
                D

            	
              Form
                of Notice of Continuation

            
	
              EXHIBIT
                E

            	
              Form
                of Notice of Conversion

            
	
              EXHIBIT
                F

            	
              Form
                of Solvency Certificate

            
	
              EXHIBIT
                G

            	
              Form
                of Officer’s Certificate

            
	
              EXHIBIT
                H

            	
              Form
                of Interim Note

            
	
              EXHIBIT
                I

            	
              [Reserved]

            
	
              EXHIBIT
                J

            	
              Form
                of Compliance Certificate

            
	
              EXHIBIT
                K

            	
              Form
                of Administrative Questionnaire

            

    

    

    

    

    
      
        
        

        
        

      

      
        -iv-

        
          

        

      

      
        
        

        
          

        

      

    

    THIS
      INTERIM LOAN AGREEMENT (this “Agreement”)
      dated
      as of January 22, 2007 by and among HOSPITALITY PROPERTIES TRUST, a real estate
      investment trust formed under the laws of the State of Maryland (the
“Borrower”),
      MERRILL LYNCH CAPITAL CORPORATION, as Administrative Agent (the “Agent”),
      MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, as Lead Arranger and
      Lead Bookrunner (in each such capacity, the “Lead
      Arranger”
and
      “Lead
      Bookrunner”),
      WACHOVIA BANK, NATIONAL ASSOCIATION, RBC CAPITAL MARKETS, UBS SECURITIES LLC
      and
      MORGAN STANLEY SENIOR FUNDING INC., as Co-Syndication Agents (the “Syndication
      Agents”),
      and
      each of the financial institutions initially a signatory hereto together with
      their assignees pursuant to Section 12.5.(d).

     

    WHEREAS,
      the Borrower has entered into that certain Agreement and Plan of Merger, dated
      as of September 15, 2006 (as amended, supplemented or otherwise modified from
      time to time in accordance with the provisions hereof and thereof (the
“Merger
      Agreement”))
      with
      TravelCenters of America, Inc., a Delaware corporation (the “Target”),
      Oak
      Hill Capital Partners, L.P., a Delaware limited partnership, solely in its
      capacity as the representative of the existing stockholders of the Target and
      HPT TA Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary
      of
      the Borrower (the “Merger
      Sub”),
      pursuant to which Merger Sub will merge with and into the Target, with the
      Target surviving (the “Merger”).

     

    WHEREAS,
      to finance the Merger and related transactions, the Borrower will raise gross
      proceeds of up to $2.0 billion through (i) the issuance of equity, equity-linked
      and debt securities (collectively, the “Securities”)
      and
      (ii) borrowings under this Agreement. 

     

    WHEREAS,
      on the closing date of the Merger, Target and its subsidiaries will repay
      certain indebtedness (the “Existing
      Indebtedness”)
      outstanding on such date (including Target’s existing term loan and revolving
      credit facility) and terminate all commitments to make extensions of credit
      thereunder (the “Refinancing”).

     

    WHEREAS,
      immediately prior to the consummation of the Merger, (i) the Borrower will
      own
      all of the outstanding Equity Interests of HPT TA Properties Trust, a Maryland
      real estate investment trust (“TCA
      REIT”);
      (ii)
      TCA REIT will own all of the outstanding Equity Interests of TravelCenters
      of
      America, LLC (“TCA
      LLC”);
      and
      (iii) TCA LLC will own all of the outstanding Equity Interests of the Merger
      Sub
      (which will merge with and into the Target). The Target will convert from a
      corporation to a limited liability company in connection with the Merger and,
      immediately after giving effect to the Merger, TCA LLC will remain the holder
      of
      all the outstanding Equity Interests of such limited liability company (as
      successor to the Merger Sub).

     

    WHEREAS,
      immediately following the consummation of the Merger, (i) each Travel Center
      Property to be retained by the Borrower will be distributed to TCA REIT or
      one
      of its Subsidiaries and then leased by TCA REIT or one of its Subsidiaries
      to
      TCA LLC or one of its Subsidiaries and (ii) TCA REIT will distribute to the
      Borrower, and the Borrower will distribute to its common shareholders, all
      of
      the outstanding Equity Interests of TCA LLC (such distributions, collectively
      the “Travel
      Centers Distribution”)
      (such
      transactions, collectively, the “Restructuring”).

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    WHEREAS,
      the Borrower has requested that the Lenders extend credit to the Borrower in
      the
      form of an Interim Loan on the Effective Date, in an aggregate principal amount
      up to $2.0 billion.

     

    WHEREAS,
      the proceeds of the Interim Loans are to be used in accordance with Section
      7.8
      hereof.

     

    WHEREAS,
      the Merger, the Refinancing, the Restructuring, the offering of the Securities
      and the closing of the Interim Loan and the other related transactions
      contemplated hereby and thereby are referred to as the “Transactions.”

     

    NOW,
      THEREFORE, for good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged by the parties hereto, the parties hereto agree
      as
      follows:

     

    Article
      I. Definitions

     

    Section
      1.1. Definitions.

     

    In
      addition to terms defined elsewhere herein, the following terms shall have
      the
      following meanings for the purposes of this Agreement:

     

    “Accession
      Agreement”
means
      an Accession Agreement substantially in the form of Annex I to the
      Guaranty.

     

    “Additional
      Costs”
has
      the
      meaning given that term in Section 4.1.

     

    “Adjusted
      EBITDA”
means,
      with respect to a Person for a given period, such Person’s EBITDA for such
      period determined on a consolidated basis less the sum of (a) any FF&E
      Reserves to the extent included in EBITDA and (b) (1) when determining the
      Adjusted EBITDA of a Travel Center Property, the excess, if any, with respect
      to
      each Travel Center Property of such Person, of (i) $150,000 per annum for such
      Travel Center Property (such amount to be appropriately adjusted if such period
      is not a year in duration) over (ii) the FF&E Reserve actually funded during
      such period or prefunded for such period with respect to such Travel Center
      Property pursuant to the applicable Operating Agreement or any related Ancillary
      Agreement or (2) in all other cases, the excess, if any, with respect to each
      Hotel or Hotel Pool (as applicable) of such Person, of (i) 4.0% of total gross
      room revenues of such Hotel or Hotel Pool for such period over (ii) the FF&E
      Reserve actually funded during such period or prefunded for such period with
      respect to such Property or Hotel Pool pursuant to the applicable Operating
      Agreement or any related Ancillary Agreement, and (c) to the extent included
      in
      EBITDA, replacement reserves for (i) any Property that is not a Hotel and is
      part of a Hotel Pool included in Unencumbered Hotels, or (ii) Other Acceptable
      Properties.

     

    “Adjusted
      Eurodollar Rate”
means,
      with respect to each Interest Period for any LIBOR Loan, the rate obtained
      by
      dividing (a) LIBOR for such Interest Period by (b) a percentage equal to 1
      minus
      the stated maximum rate (stated as a decimal) of all reserves, if any, required
      to be maintained with respect to Eurocurrency funding (currently referred to
      as
“Eurocurrency liabilities”) as specified in Regulation D of the Board of
      Governors of the Federal Reserve System (or against any other category of
      liabilities which includes deposits by reference to which the interest

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    rate
      on
      LIBOR Loans is determined or any category of extensions of credit or other
      assets which includes loans by an office of any Lender outside of the United
      States of America to residents of the United States of America).

     

    “Administrative
      Questionnaire”
means
      an Administrative Questionnaire substantially in the form of Exhibit
      K.

     

    “Advisory
      Agreement”
means
      that certain Advisory Agreement dated as of January 1, 1998 by and between
      the
      Borrower and RMR.

     

    “Affected
      Lender”
has
      the
      meaning given such term in Section 4.5.

     

    “Affiliate”
means
      any Person (other than the Agent or any Lender): (a) directly or indirectly
      controlling, controlled by, or under common control with, the Borrower; (b)
      directly or indirectly owning or holding ten percent (10.0%) or more of any
      Equity Interest in the Borrower; or (c) ten percent (10.0%) or more of whose
      voting stock or other Equity Interest is directly or indirectly owned or held
      by
      the Borrower. For purposes of this definition, “control” (including with
      correlative meanings, the terms “controlling”, “controlled by” and “under common
      control with”) means the possession directly or indirectly of the power to
      direct or cause the direction of the management and policies of a Person,
      whether through the ownership of voting securities or by contract or otherwise.
      The Affiliates of a Person shall include any officer or director of such
      Person.

     

    “Agent”
has
      the
      meaning given such term in the preamble to this Agreement.

     

    “Agreement”
has
      the
      meaning given such term in the preamble to this Agreement.

     

    “Agreement
      Date”
means
      the date as of which this Agreement is dated.

     

    “Ancillary
      Agreement”
means,
      with respect to any Operating Agreement, any material incidental agreement
      with
      respect to such Operating Agreement (including, by way of example, guarantees,
      franchise agreements, and, in the case of Leases, management agreements not
      constituting Operating Agreements) to which the Borrower or any Subsidiary
      is a
      party.

     

    “Applicable
      Law”
means
      all applicable provisions of constitutions, statutes, laws, rules, regulations
      and orders of all governmental bodies and all orders and decrees of all courts,
      tribunals and arbitrators.

     

    “Applicable
      Margin”
means
      the percentage per annum determined, at any time, based on the range into which
      the Borrower’s Credit Rating then falls, in accordance with the levels in the
      table set forth in Schedule 1.1.(a) (each a “Level”). Any change in the
      Borrower’s Credit Rating which would cause it to move to a different Level in
      such table shall effect a change in the Applicable Margin on the Business Day
      on
      which such change occurs. During any period in which the Borrower has received
      Credit Ratings that are not equivalent, the Applicable Margin shall be
      determined by the higher of such two Credit Ratings; provided, however, that
      if
      the ratings of S&P and Moody’s are two pricing Levels apart, then the
      Applicable Margin shall be based on the Level that falls between the Levels
      that
      correspond to the ratings of S&P and Moody’s. During any period for which
      the Borrower has received a Credit Rating from only one 

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    Rating
      Agency, then the Applicable Margin shall be determined based on such Credit
      Rating. During any period for which the Borrower has not received a Credit
      Rating from either Rating Agency, then the Applicable Margin shall be determined
      based on Level 6.

     

    “Applicable
      Percentage”
means
      (i) 0.75%, if the Borrower has a Credit Rating on the Effective Date of at
      least
      Baaa3 from Moody’s and at least BBB- from S&P, and (ii) 1.00%, in the event
      that clause (i) hereof does not apply.

     

    “Asset
      Sale”
means
      the sale by the Borrower or any of its Subsidiaries to any Person other than
      the
      Borrower or any of its Wholly Owned Subsidiaries of (i) any Equity Interests
      of
      any of the Borrower’s Subsidiaries, (ii) substantially all of the assets of any
      division or line of business of the Borrower or any of its Subsidiaries or
      (iii)
      any other assets (whether tangible or intangible) of the Borrower or any of
      its
      Subsidiaries; provided that no sale or sales of other assets shall be deemed
      to
      constitute an Asset Sale, unless the aggregate value of such assets sold in
      all
      such asset sales exceeds $50.0 million, and then, only to the extent of such
      excess; provided further, that, notwithstanding the foregoing, any sale of
      other
      assets in a single transaction or a series of related transactions the aggregate
      value of which is equal to or greater than $50.0 million, shall be deemed to
      constitute an Asset Sale in an amount equal to the aggregate value of all such
      assets sold.

     

    “Asset
      Under Development”
means,
      as of any date of determination, any Property on which construction of new
      income-producing improvements has been commenced and is continuing. If such
      construction consists of the construction of tenant or comparable improvements,
      as opposed to material expansion of such Property or any “ground up”
development, such Property shall not be considered to be an Asset Under
      Development. In addition, to the extent any Property includes a revenue
      generating component (e.g. an existing Hotel) and a building under development,
      such revenue generating component shall not be considered to be an Asset Under
      Development but such building under development shall be considered to be an
      Asset Under Development. Further, no Hotel shall be considered an Asset Under
      Development if the opening date with respect to such Hotel has
      occurred.

     

    “Assignee”
has
      the
      meaning given that term in Section 12.5.(d).

     

    “Assignment
      and Acceptance Agreement”
means
      an Assignment and Acceptance Agreement among a Lender, an Assignee and the
      Agent, substantially in the form of Exhibit A.

     

    “Base
      Payments”
means
      the minimum base rent or owner’s priority payment that an Owner is entitled to
      receive under an Operating Agreement. The term excludes: (a) payments (such
      as
      real estate taxes, insurance premiums, and costs of maintenance) that the
      Operating Agreement requires the Operator to pay third parties; (b) any element
      of rent or owner’s priority payment that is conditional, contingent, or not yet
      capable of determination; and (c) FF&E Reserves. If Operating Agreement(s)
      for multiple Hotels do not separately allocate Base Payments to such Hotels,
      then Base Payments shall be reasonably allocated among such Hotels (where
      necessary) in a manner satisfactory to Agent.

     

    “Base
      Rate”
means
      the per annum rate of interest equal to the greater of (a) the Prime Rate or
      (b)
      the Federal Funds Rate plus one half of one percent (0.5%). Any change in the
      Base 

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    Rate
      resulting from a change in the Prime Rate or the Federal Funds Rate shall become
      effective as of 12:01 a.m. on the Business Day on which each such change occurs.
      The Base Rate is a reference rate used by the Agent in determining interest
      rates on certain loans and is not intended to be the lowest rate of interest
      charged by the Agent or any other Lender on any extension of credit to any
      debtor.

     

    “Base
      Rate Loan”
means
      an Interim Loan bearing interest at a rate based on the Base Rate.

     

    “Benefit
      Arrangement”
means
      at any time an employee benefit plan within the meaning of Section 3(3) of
      ERISA
      which is not a Plan or a Multiemployer Plan and which is maintained or otherwise
      contributed to by any member of the ERISA Group.

     

    “Borrower”
has
      the
      meaning set forth in the preamble to this Agreement and shall include the
      Borrower’s successors and permitted assigns.

     

    “Business
      Day”
means
      (a) any day other than a Saturday, Sunday or other day on which banks in New
      York, New York are authorized or required to close and (b) with reference to
      a
      LIBOR Loan, any such day that is also a day on which dealings in Dollar deposits
      are carried out in the London interbank market.

     

    “Capitalization
      Rate”
means
      9.0%.

     

    “Capitalized
      Lease Obligation”
means
      obligations under a lease that is required to be capitalized for financial
      reporting purposes in accordance with GAAP. The amount of a Capitalized Lease
      Obligation is the capitalized amount of such obligation as would be required
      to
      be reflected on the balance sheet prepared in accordance with GAAP of the
      applicable Person as of the applicable date.

     

    “Cash
      Equivalents”
means:
      (a) securities issued, guaranteed or insured by the United States of America
      or
      any of its agencies with maturities of not more than one year from the date
      acquired; (b) certificates of deposit with maturities of not more than one
      year
      from the date acquired issued by a United States federal or state chartered
      commercial bank of recognized standing, or a commercial bank organized under
      the
      laws of any other country which is a member of the Organization for Economic
      Cooperation and Development, or a political subdivision of any such country,
      acting through a branch or agency, which bank at the time of the acquisition
      thereof has capital and unimpaired surplus in excess of $500,000,000.00 and
      which bank or its holding company at the time of the acquisition thereof has
      a
      short term commercial paper rating of at least A 2 or the equivalent by S&P
      or at least P 2 or the equivalent by Moody’s; (c) reverse repurchase agreements
      with terms of not more than seven days from the date acquired, for securities
      of
      the type described in clause (a) above and entered into only with commercial
      banks having the qualifications described in clause (b) above; (d) commercial
      paper issued by any Person incorporated under the laws of the United States
      of
      America or any State thereof and rated at the time of the acquisition thereof
      at
      least A 2 or the equivalent thereof by S&P or at least P 2 or the equivalent
      thereof by Moody’s, in each case with maturities of not more than one year from
      the date acquired; and (e) investments in money market funds registered under
      the Investment Company Act of 1940, which have at the time of the acquisition
      thereof net assets of at least 

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    $500,000,000.00
      and at least 85% of whose assets consist of securities and other obligations
      of
      the type described in clauses (a) through (d) above.

     

    “Casualty
      Event”
means
      any involuntary loss of title, any involuntary loss of, damage to or any
      destruction of, or any condemnation or other taking (including by any
      Governmental Authority) of, any property of the Borrower or any of its
      Subsidiaries. “Casualty Event” shall include but not be limited to any taking of
      all or any part of any Property of any Person or any part thereof, in or by
      condemnation or other eminent domain proceedings pursuant to any requirement
      of
      any Governmental Authority, or by reason of the temporary requisition of the
      use
      or occupancy of all or any part of any Property of any person or any part
      thereof by any Governmental Authority, civil or military, or any settlement
      in
      lieu thereof.

     

    “Commitment”
means,
      as to each Lender, such Lender’s obligation to make an Interim Loan hereunder on
      the Effective Date in the amount set forth for such Lender on its signature
      page
      hereto as such Lender’s “Commitment Amount” or as set forth in the applicable
      Assignment and Acceptance Agreement, as the same may be reduced from time to
      time pursuant to Section 2.11. or as appropriate to reflect any assignments
      to
      or by such Lender effected in accordance with Section 12.5.

     

    “Commitment
      Percentage”
means,
      as to each Lender, the ratio, expressed as a percentage, of (a) the amount
      of
      such Lender’s Commitment to (b) the aggregate amount of the Commitments of all
      Lenders hereunder; provided, however, that if at the time of determination
      the
      Commitments have terminated or been reduced to zero, the “Commitment Percentage”
of each Lender shall be the Commitment Percentage of such Lender in effect
      immediately prior to such termination or reduction.

     

    “Compliance
      Certificate”
has
      the
      meaning given that term in Section 8.3.

     

    “Continue”,
      “Continuation”
and
      “Continued”
each
      refers to the continuation of a LIBOR Loan from one Interest Period to another
      Interest Period pursuant to Section 2.8.

     

    “Convert”,
      “Conversion”
and
      “Converted”
each
      refers to the conversion of an Interim Loan of one Type into an Interim Loan
      of
      another Type pursuant to Section 2.9.

     

    “Credit
      Rating”
means,
      with respect to a Person, the lowest rating assigned by a Rating Agency to
      each
      series of rated senior unsecured long term indebtedness of such
      Person.

     

    “Debt
      Service”
means,
      for any period, the sum of: (a) Interest Expense of the Borrower and its
      Subsidiaries determined on a consolidated basis for such period and (b) all
      regularly scheduled principal payments made with respect to Indebtedness of
      the
      Borrower and its Subsidiaries during such period, other than any balloon, bullet
      or similar principal payment which repays such Indebtedness in
      full.

     

    “Default”
means
      any of the events specified in Section 10.1., whether or not there has been
      satisfied any requirement for the giving of notice, the lapse of time, or
      both.

     

    “Defaulting
      Lender”
has
      the
      meaning set forth in Section 3.11.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    “Derivatives
      Contract”
means
      any “swap agreement” as defined in 11 U.S.C. § 101.

     

    “Derivatives
      Termination Value”
means,
      in respect of any one or more Derivatives Contracts, after taking into account
      the effect of any legally enforceable netting agreement relating to such
      Derivatives Contracts, the termination value(s) thereof determined in accordance
      with GAAP.

     

    “Developable
      Property”
means
      (a) any Property on which there are no improvements (excluding land which is
      leased under a net lease to a third party) or (b) any Property (or portion
      thereof) acquired by the Borrower or any Subsidiary for the purpose of being
      developed. Developable Property shall not include any Property that is an Asset
      Under Development.

     

    “Dollars”
or
      “$”
means
      the lawful currency of the United States of America.

     

    “Due
      Diligence Reports”
means,
      as to any Hotel Pool or individual Hotel not in a Hotel Pool, (a) an Operating
      Agreement Abstract and (b) such other information as the Agent may reasonably
      request in order to evaluate such Hotel Pool or Hotel.

     

    “EBITDA”
means,
      with respect to a Person for a given period: (a) net income (or loss) of such
      Person for such period determined on a consolidated basis exclusive of the
      following (to the extent included in determination of such net income (loss)):
      (i) depreciation and amortization; (ii) interest expense; (iii) income tax
      expense; and (iv) extraordinary or non-recurring gains and losses; plus (b)
      such
      Person’s pro rata share of EBITDA of its Unconsolidated Affiliates. Straight
      line rent leveling adjustments, deferred percentage rent and deferred hotel
      operating income adjustments and amortization of intangibles pursuant to
      Statement of Financial Accounting Standards No. 141 and the like required under
      GAAP, shall be disregarded in determinations of EBITDA (to the extent such
      adjustments would otherwise have been included in the determination of
      EBITDA).

     

    “Effective
      Date”
means
      the later of: (a) the Agreement Date; and (b) the date on which all of the
      conditions precedent set forth in Section 5.1. shall have been fulfilled or
      waived in writing by the Requisite Lenders.

     

    “Eligible
      Assignee”
means
      (a) a Lender, (b) an affiliate of a Lender, (c) an Approved Fund, and (d) any
      other Person (other than a natural person) approved by (i) the Agent and (ii)
      unless a Default or Event of Default specified in Section 10.1 (a), (b), (f)
      or
      (g) shall exist or the Lead Arranger, in consultation with the Borrower, has
      determined that such assignment is necessary to achieve a successful
      syndication, the Borrower (each such approval not to be unreasonably withheld
      or
      delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall
      not include the Borrower or any of the Borrower’s Affiliates or
      Subsidiaries.

     

    “Environmental
      Laws”
means
      any Applicable Law relating to environmental protection or the manufacture,
      storage, disposal or clean up of Hazardous Materials including, without
      limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal
      Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act,
      as amended by the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et
      seq.; Comprehensive Environmental Response, Compensation and Liability Act,
      42
      U.S.C. § 9601 et seq.; National Environmental Policy Act, 42 U.S.C. § 4321 et
      seq.; regulations of the Environmental Protection Agency and any applicable
      

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    rule
      of
      common law and any judicial interpretation thereof relating primarily to the
      environment or Hazardous Materials.

     

    “Equity
      Interest”
means,
      with respect to any Person, any share of capital stock of (or other ownership
      or
      profit interests in) such Person, any warrant, option or other right for the
      purchase or other acquisition from such Person of any share of capital stock
      of
      (or other ownership or profit interests in) such Person, any security (other
      than a security constituting Indebtedness) convertible into or exchangeable
      for
      any share of capital stock of (or other ownership or profit interests in) such
      Person or warrant, right or option for the purchase or other acquisition from
      such Person of such shares (or such other interests), and any other ownership
      or
      profit interest in such Person (including, without limitation, partnership,
      member or trust interests therein), whether voting or nonvoting, and whether
      or
      not such share, warrant, option, right or other interest is authorized or
      otherwise existing on any date of determination.

     

    “Equity
      Issuance”
means
      any issuance by a Person of any Equity Interest and shall in any event include
      the issuance of any Equity Interest upon the conversion or exchange of any
      security constituting Indebtedness that is convertible or exchangeable, or
      is
      being converted or exchanged, for Equity Interests.

     

    “ERISA”
means
      the Employee Retirement Income Security Act of 1974, as in effect from time
      to
      time.

     

    “ERISA
      Group”
means
      the Borrower, any Subsidiary and all members of a controlled group of
      corporations and all trades or businesses (whether or not incorporated) under
      common control which, together with the Borrower or any Subsidiary, are treated
      as a single employer under Section 414 of the Internal Revenue
      Code.

     

    “Event
      of Default”
means
      any of the events specified in Section 10.1., provided that any requirement
      for
      notice or lapse of time or any other condition has been satisfied.

     

    “Excluded
      Subsidiary”
means
      any Subsidiary (a) holding title to or beneficially owning assets which are
      or
      are intended to become collateral for any Secured Indebtedness of such
      Subsidiary, or being a beneficial owner of a Subsidiary holding title to or
      beneficially owning such assets (but having no material assets other than such
      beneficial ownership interests) and (b) which (i) is, or is expected to be,
      prohibited from Guarantying the Indebtedness of any other Person pursuant to
      any
      document, instrument or agreement evidencing such Secured Indebtedness or (ii)
      is prohibited from Guarantying the Indebtedness of any other Person pursuant
      to
      a provision of such Subsidiary’s organizational documents which provision was
      included in such Subsidiary’s organizational documents as a condition or
      anticipated condition to the extension of such Secured
      Indebtedness.

     

    “Existing
      Indebtedness”
has
      the
      meaning given such term in the third “WHEREAS” clause of this
      Agreement.

     

    “Fair
      Market Value”
means,
      with respect to (a) a security listed on a principal national securities
      exchange, the price of such security as reported on such exchange by any widely
      recognized reporting method customarily relied upon by financial institutions
      and (b) with respect to any other property, the price which could be negotiated
      in an arm’s-length free market transac-

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    tion,
      for
      cash, between a willing seller and a willing buyer, neither of which is under
      pressure or compulsion to complete the transaction.

     

    “Federal
      Funds Rate”
means,
      for any day, the rate per annum (rounded upward to the nearest 1/100th of 1%)
      equal to the weighted average of the rates on overnight Federal funds
      transactions with members of the Federal Reserve System arranged by Federal
      funds brokers on such day, as published by the Federal Reserve Bank of New
      York
      on the Business Day next succeeding such day, provided that (a) if such day
      is
      not a Business Day, the Federal Funds Rate for such day shall be such rate
      on
      such transactions on the next preceding Business Day, and (b) if no such rate
      is
      so published on such next succeeding Business Day, the Federal Funds Rate for
      such day shall be the average rate quoted to the Agent by federal funds dealers
      selected by the Agent on such day on such transaction as determined by the
      Agent.

     

    “Fees”
means
      the fees and commissions provided for or referred to in Section 3.6. and any
      other fees payable by the Borrower hereunder or under any other Loan
      Document.

     

    “FF&E
      Reserve”
means,
      for any period and with respect to a given Property or Hotel Pool, an amount
      equal to the amount that the Operating Agreement or any Ancillary Agreement
      for
      such Property or Hotel Pool requires the Operator to reserve during such period
      for (i) replacements and renewals to such Property’s or Hotel Pool’s
      furnishings, fixtures and equipment, (ii) routine repairs and maintenance to
      buildings which are normally capitalized under GAAP and (iii) major repairs,
      alterations, improvements, renewals or replacements to building structures,
      roofs or exterior facade, or for mechanical, electrical, HVAC, plumbing or
      vertical transportation systems.

     

    “Fitch”
means
      Fitch, Inc. and its successors.

     

    “Fixed
      Charges”
means,
      for any period, the sum (without duplication) of (a) Debt Service for such
      period and (b) Preferred Dividends for such period.

     

    “Floating
      Rate Debt”
means
      all Indebtedness of the Borrower and its Subsidiaries which bears interest
      at
      fluctuating rates (excluding, until the date that is one year following the
      effective date of the Merger, all Loans and other Indebtedness of the Borrower
      under the Loan Documents) and for which the Borrower or any such Subsidiary
      has
      not obtained Interest Rate Agreements which effectively cause such variable
      rates to be equivalent to fixed rates less than or equal to (a) the rate (as
      reasonably determined by the Agent) borne by United States 10-year Treasury
      Notes at the time the applicable Interest Rate Agreement became effective plus
      (b) 3.0%.

     

    “Funds
      From Operations”
means,
      for any period, (a) net income of the Borrower for such period determined on
      a
      consolidated basis exclusive of the following (to the extent included in the
      determination of such net income): (i) depreciation and amortization; (ii)
      gains
      and losses from extraordinary or non-recurring items; (iii) gains and losses
      on
      sales of real estate; (iv) gains and losses on investments in marketable
      securities; and (v) provisions/benefits for income taxes for such period,
plus
      (b)
      FF&E Reserves required under Operating Agreements but not included in net
      income, plus
(c)
      the
      Borrower’s share of Funds From Operations from Unconsolidated Affiliates.
      Straight line rent leveling adjustments, deferred percentage rent and deferred
      hotel oper-

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    ating
      income adjustments and amortization of intangibles pursuant to Statement of
      Financial Accounting Standards No. 141 required under GAAP shall be disregarded
      in determinations of Funds From Operations (to the extent such adjustments
      otherwise would be included in the determination of Funds From
      Operations).

     

    “GAAP”
means
      generally accepted accounting principles set forth in the opinions and
      pronouncements of the Accounting Principles Board of the American Institute
      of
      Certified Public Accountants and statements and pronouncements of the Financial
      Accounting Standards Board or in such other statements by such other entity
      as
      may be approved by a significant segment of the accounting profession, which
      are
      applicable to the circumstances as of the date of determination.

     

    “Governing
      Documents”
of
      any
      Person means the declaration of trust, certificate or articles of incorporation,
      by-laws, partnership agreement or operating or members agreement, as the case
      may be, and any other organizational or governing documents, of such
      Person.

     

    “Governmental
      Approvals”
means
      all authorizations, consents, approvals, licenses and exemptions of,
      registrations and filings with, and reports to, all Governmental
      Authorities.

     

    “Governmental
      Authority”
means
      any national, state or local government (whether domestic or foreign), any
      political subdivision thereof or any other governmental, quasi governmental,
      judicial, public or statutory instrumentality, authority, body, agency, bureau
      or entity (including, without limitation, the Federal Deposit Insurance
      Corporation, the Comptroller of the Currency or the Federal Reserve Board,
      any
      central bank or any comparable authority) or any arbitrator with authority
      to
      bind a party at law.

     

    “Ground
      Lease”
means
      a
      ground lease containing the following terms and conditions: (a) either (i)
      a
      remaining term (taking into account extensions which may be effected by the
      lessee without the consent of the lessor) of no less than 30 years from the
      Agreement Date, or (ii) the right of the lessee to purchase the property on
      terms reasonably acceptable to the Agent; (b) the right of the lessee to
      mortgage and encumber its interest in the leased property; (c) the obligation
      of
      the lessor to give the holder of any mortgage Lien on such leased property
      written notice of any defaults on the part of the lessee and that such lease
      will not be terminated until such holder has had a reasonable opportunity to
      cure or complete foreclosures, and fails to do so; and (d) free transferability
      of the lessee’s interest under such lease, including ability to sublease,
      subject to only reasonable consent provisions.

     

    “Guarantor”
means
      any Person that is a party to the Guaranty as a “Guarantor” and in any event
      shall include each Material Subsidiary (unless an Excluded Subsidiary or an
      Unleveraged Non-Domestic Subsidiary).

     

    “Guaranty”,
      “Guaranteed”
or
      to
“Guarantee”
as
      applied to any obligation means and includes: (a) a guaranty (other than by
      endorsement of negotiable instruments for collection in the ordinary course
      of
      business), directly or indirectly, in any manner, of any part or all of such
      obligation, or (b) an agreement, direct or indirect, contingent or otherwise,
      and whether or not constituting a guaranty, the practical effect of which is
      to
      assure the payment or performance (or payment of damages in the event of
      nonperformance) of any part or all of such obligation 

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    whether
      by: (i) the purchase of securities or obligations, (ii) the purchase, sale
      or
      lease (as lessee or lessor) of property or the purchase or sale of services
      primarily for the purpose of enabling the obligor with respect to such
      obligation to make any payment or performance (or payment of damages in the
      event of nonperformance) of or on account of any part or all of such obligation,
      or to assure the owner of such obligation against loss, (iii) the supplying
      of
      funds to or in any other manner investing in the obligor with respect to such
      obligation, (iv) the repayment of amounts drawn down by beneficiaries of letters
      of credit (including Letters of Credit), or (v) the supplying of funds to or
      investing in a Person on account of all or any part of such Person’s obligation
      under a Guaranty of any obligation or indemnifying or holding harmless, in
      any
      way, such Person against any part or all of such obligation. As the context
      requires, “Guaranty” shall also mean the Guaranty to which the Guarantors are
      parties substantially in the form of Exhibit B.

     

    “Hazardous
      Materials”
means
      all or any of the following: (a) substances that are defined or listed in,
      or
      otherwise classified pursuant to, any applicable Environmental Laws as
“hazardous substances”, “hazardous materials”, “hazardous wastes”, “toxic
      substances” or any other formulation intended to define, list or classify
      substances by reason of deleterious properties such as ignitability,
      corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity
      or “EP toxicity”; (b) oil, petroleum or petroleum derived substances, natural
      gas, natural gas liquids or synthetic gas and drilling fluids, produced waters
      and other wastes associated with the exploration, development or production
      of
      crude oil, natural gas or geothermal resources; (c) any flammable substances
      or
      explosives or any radioactive materials; (d) asbestos in any form; (e) toxic
      mold; and (f) electrical equipment which contains any oil or dielectric fluid
      containing levels of polychlorinated biphenyls in excess of fifty parts per
      million.

     

    “Hotel”
means
      any Property, the improvements on which are operated as a hotel, inn or the
      providing of lodging or leisure services, together with any incidental
      improvements on such Property operated in connection with such hotel, inn,
      lodging or leisure facility.

     

    “Hotel
      Net Cash Flow”
means
      the net operating cash flow of a Hotel, after (a) all taxes (except income
      taxes), insurance, salaries, utilities, and other operating expenses, all sums
      that the applicable Operating Agreement or any related Ancillary Agreement
      requires the applicable Operator to pay (excluding (i) all items payable to
      such
      Operator that are subordinated to Base Payments and (ii) Base Payments), and
      (b)
      the greater of (a) FF&E Reserves, or (b) 4.0% of total gross room revenues
      for such period. Hotel Net Cash Flow shall be determined as of any date based
      on
      the last four completed fiscal quarters of the Person that owns such Hotel
      (subject to reasonable adjustment or interpolation to accommodate differences
      between such Person’s fiscal quarters and those of its Operator).

     

    “Hotel
      Pool”
means
      any group of two or more Properties, substantially all of the value of which
      is
      attributable to Hotels, that are (a) leased to or managed by an Operator
      pursuant to a single Operating Agreement, or (b) leased or managed pursuant
      to
      Operating Agreements that are cross-defaulted (as to defaults by Operator),
      together with all other Properties whose Operating Agreements are
      cross-defaulted (as to defaults by Operator) with such Operating
      Agreement.

     

    “Indebtedness”
means,
      with respect to a Person, at the time of computation thereof, all of the
      following (without duplication): (a) all obligations of such Person in respect
      of money borrowed; (b) all obligations of such Person, whether or not for money
      borrowed (1) represented by 

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    notes
      payable, or drafts accepted, in each case representing extensions of credit,
      (2)
      evidenced by bonds, debentures, notes or similar instruments, or (3)
      constituting purchase money indebtedness, conditional sales contracts, title
      retention debt instruments or other similar instruments, upon which interest
      charges are customarily paid or that are issued or assumed as full or partial
      payment for property or services rendered; (c) Capitalized Lease Obligations
      of
      such Person; (d) all reimbursement obligations of such Person under any letters
      of credit or acceptances (whether or not the same have been presented for
      payment); (e) all obligations, contingent or otherwise, of such Person under
      any
      synthetic lease, tax retention operating lease, off balance sheet loan or
      similar off balance sheet financing arrangement if the transaction giving rise
      to such obligation (1) is considered indebtedness for borrowed money for tax
      purposes but is classified as an operating lease under GAAP and (2) does not
      (and is not required pursuant to GAAP to) appear as a liability on the balance
      sheet of such Person; (f) all obligations of such Person to purchase, redeem,
      retire, defease or otherwise make any payment in respect of any Mandatorily
      Redeemable Stock issued by such Person or any other Person, valued at the
      greater of its voluntary or involuntary liquidation preference; (g) all
      obligations of such Person in respect of any take out commitment or forward
      equity commitment (excluding, in the case of the Borrower and its Subsidiaries,
      any such obligation that can be satisfied solely by the issuance of Equity
      Interests (other than Mandatorily Redeemable Stock)); (h) all Indebtedness
      of
      other Persons which such Person has Guaranteed or is otherwise recourse to
      such
      Person, valued at the lesser of (1) the stated or determinable amount of the
      Indebtedness such Person Guaranteed or, if the amount of such Indebtedness
      is
      not stated or determinable, the maximum reasonably anticipated liability in
      respect thereof, and (2) the amount of any express limitation on such Guaranty;
      (i) all Indebtedness of another Person secured by (or for which the holder
      of
      such Indebtedness has an existing right, contingent or otherwise, to be secured
      by) any Lien (other than Permitted Liens of the types described in clauses
      (a)
      through (c) or (e) through (i) of the definition thereof) on property or assets
      owned by such Person, even though such Person has not assumed or become liable
      for the payment of such Indebtedness or other payment obligation, valued, in
      the
      case of any such Indebtedness as to which recourse for the payment thereof
      is
      expressly limited to the property or assets on which such Lien is granted,
      at
      the lesser of (1) the stated or determinable amount of the Indebtedness that
      is
      so secured or, if not stated or determinable, the maximum reasonably anticipated
      liability in respect thereof (assuming such Person is required to perform
      thereunder) and (2) the Fair Market Value of such property or assets; and (j)
      such Person’s pro rata share of the Indebtedness of any Unconsolidated Affiliate
      of such Person.

     

    “Intellectual
      Property”
has
      the
      meaning given that term in Section 6.1.(t).

     

    “Interest
      Expense”
means,
      with respect to a Person for any period of time, (a) the interest expense,
      whether paid, accrued or capitalized (without deduction of consolidated interest
      income) of such Person for such period plus
      (b) in
      the case of the Borrower, the Borrower’s pro rata share of Interest Expense of
      its Unconsolidated Affiliates. Interest Expense shall exclude any amortization
      of (i) deferred financing fees and (ii) debt discounts (but only to the extent
      such discounts do not exceed 3.0% of the initial face principal amount of such
      debt).

     

    “Interest
      Period”
means
      with respect to any LIBOR Loan, each period commencing on the date such LIBOR
      Loan is made or the last day of the next preceding Interest Period for such
      Loan
      and ending one, two, three or six months (or, in the case, of a LIBOR Loan
      pursuant to Section 2.9(b), 14 days) thereafter, as the Borrower may select
      in a
      Notice of Borrowing, Notice 

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

    of
      Continuation or Notice of Conversion, as the case may be, except that each
      Interest Period (other than an Interest Period pursuant to Section 2.9(b))
      that
      commences on the last Business Day of a calendar month shall end on the last
      Business Day of the appropriate subsequent calendar month. Notwithstanding
      the
      foregoing: (i) if any Interest Period would otherwise end after the Maturity
      Date, such Interest Period shall end on the Maturity Date; and (ii) each
      Interest Period that would otherwise end on a day which is not a Business Day
      shall end on the immediately following Business Day (or, if such immediately
      following Business Day falls in the next calendar month, on the immediately
      preceding Business Day).

     

    “Interest
      Rate Agreement”
means
      any interest rate swap agreement, interest rate cap agreement, interest rate
      collar agreement or other similar contractual agreement or arrangement entered
      into with a nationally recognized financial institution then having an
      Investment Grade Rating for the purpose of protecting against fluctuations
      in
      interest rates.

     

    “Interim
      Loan”
means
      a
      loan made by a Lender to the Borrower pursuant to Section 2.1.(a).

     

    “Interim
      Note”
has
      the
      meaning given that term in Section 2.10.(a).

     

    “Internal
      Revenue Code”
means
      the Internal Revenue Code of 1986, as amended and in effect from time to
      time.

     

    “Investment”
means,
      (x) with respect to any Person, any acquisition or investment (whether or not
      of
      a controlling interest) by such Person, by means of any of the following: (a)
      the purchase or other acquisition of any Equity Interest in another Person,
      (b)
      a loan, advance or extension of credit to, capital contribution to, Guaranty
      of
      Indebtedness of, or purchase or other acquisition of any Indebtedness of,
      another Person, including any partnership or joint venture interest in such
      other Person, or (c) the purchase or other acquisition (in one transaction
      or a
      series of transactions) of assets of another Person that constitute the business
      or a division or operating unit of another Person and (y) with respect to any
      Property or other asset, the acquisition thereof. Any commitment to make an
      Investment in any other Person, as well as any option of another Person to
      require an Investment in such Person, shall constitute an Investment. Except
      as
      expressly provided otherwise, for purposes of determining compliance with any
      covenant contained in a Loan Document, the amount of any Investment shall be
      the
      amount actually invested, without adjustment for subsequent increases or
      decreases in the value of such Investment.

     

    “Investment
      Grade Rating”
means
      a
      Credit Rating of BBB-/Baa3 (or equivalent) or higher from both Rating
      Agencies.

     

    “Lead
      Arranger”
has
      the
      meaning given such term in the preamble to this Agreement.

     

    “Lead
      Bookrunner”
has
      the
      meaning given such term in the preamble to this Agreement.

     

    “Lease”
means
      a
      (sub)lease of a Property between the Borrower or a Subsidiary, as (sub)lessor,
      and an Operator, as (sub)lessee; provided that unless the Agent otherwise
      approves, a (sub)lease of a Property from the Borrower or a Subsidiary to a
      TRS
      or any other Subsidiary of the Borrower shall be deemed not to be a “Lease” for
      purposes of this Agreement.

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

    “Lender”
means
      each financial institution from time to time party hereto as a “Lender”,
      together with its respective successors and permitted assigns.

     

    “Lending
      Office”
means,
      for each Lender and for each Type of Loan, the office of such Lender specified
      as such on its signature page hereto or in the applicable Assignment and
      Acceptance Agreement, or such other office of such Lender as such Lender may
      notify the Agent and the Borrower in writing from time to time.

     

    “LIBOR”
means,
      for any LIBOR Loan for any Interest Period therefor, the rate per annum (rounded
      upwards, if necessary, to the nearest 1/100 of 1%) determined by the Agent
      to
      appear on Telerate Page 3750 (or any successor page) as the London interbank
      offered rate for deposits in Dollars at approximately 11:00 a.m. (London time)
      two Business Days prior to the first day of such Interest Period for a term
      comparable to such Interest Period. If for any reason such rate is not
      available, the term “LIBOR” shall mean, for any LIBOR Loan for any Interest
      Period therefor, the rate per annum (rounded upwards, if necessary, to the
      nearest 1/100 of 1%) appearing on the Reuters Screen LIBO Page as the London
      interbank offered rate for deposits in Dollars at approximately 11:00 a.m.
      (London time) two Business Days prior to the first day of such Interest Period
      for a term comparable to such Interest Period; provided, however, if more than
      one rate is specified on the Reuters Screen LIBO Page, the applicable rate
      shall
      be the arithmetic mean of all such rates. If for any reason none of the
      foregoing rates is available, LIBOR shall be, for any Interest Period, the
      rate
      per annum reasonably determined by the Agent as the rate of interest at which
      Dollar deposits in the approximate amount of the LIBOR Loan comprising part
      of
      such borrowing would be offered by the Agent to major banks in the London
      interbank Eurodollar market at their request at or about 11:00 a.m. (London
      time) two Business Days prior to the first day of such Interest Period for
      a
      term comparable to such Interest Period.

     

    “LIBOR
      Loans”
means
      Interim Loans bearing interest at a rate based on LIBOR.

     

    “Lien”
as
      applied to the property of any Person means: (a) any security interest,
      encumbrance, mortgage, deed to secure debt, deed of trust, pledge, lien, charge
      or lease constituting a Capitalized Lease Obligation, conditional sale or other
      title retention agreement, or other security title or encumbrance of any kind
      in
      respect of any property of such Person, or upon the income or profits therefrom;
      (b) any arrangement, express or implied, under which any property of such Person
      is transferred, sequestered or otherwise identified for the purpose of
      subjecting the same to the payment of Indebtedness or performance of any other
      obligation in priority to the payment of the general, unsecured creditors of
      such Person; (c) the filing of any financing statement under the Uniform
      Commercial Code or its equivalent in any jurisdiction, other than a financing
      statement filed (i) in respect of a lease not constituting a Capitalized Lease
      Obligation pursuant to Section 9-505 (or a successor provision) of the Uniform
      Commercial Code as in effect in an a plicable jurisdiction or (ii) in connection
      with a sale or other disposition of accounts or other assets not prohibited
      by
      this Agreement in a transaction not otherwise constituting or giving rise to
      a
      Lien; and (d) any agreement by such Person to grant, give or otherwise convey
      any of the foregoing. 

     

    “Loan”
means
      an Interim Loan.

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

    “Loan
      Document”
means
      this Agreement, each Note, the Guaranty and each other document or instrument
      now or hereafter executed and delivered by a Loan Party in connection with,
      pursuant to or relating to this Agreement.

     

    “Loan
      Party”
means
      each of the Borrower and each other Person who guarantees all or a portion
      of
      the Obligations. Schedule 1.1.(c) sets forth the Loan Parties in addition to
      the
      Borrower as of the Agreement Date.

     

    “Management
      Agreement”
means
      an agreement pursuant to which the Borrower or a Subsidiary, as Owner, contracts
      for the management and operation of a Property by an Operator. In the event
      a
      Property is subject to both a Lease and an agreement that would otherwise
      constitute a Management Agreement under this definition, such agreement shall
      be
      treated as an Ancillary Agreement with respect to such Lease rather than as
      a
      Management Agreement for purposes of this Agreement,

     

    “Managing
      Trustee”
means
      either Mr. Barry M. Portnoy or Mr. Adam D. Portnoy, both having a business
      address c/o RMR.

     

    “Mandatorily
      Redeemable Stock”
means,
      with respect to any Person, any Equity Interest of such Person which by the
      terms of such Equity Interest (or by the terms of any security into which it
      is
      convertible or for which it is exchangeable or exercisable), upon the happening
      of any event or otherwise (a) matures or is mandatorily redeemable, pursuant
      to
      a sinking fund obligation or otherwise (other than an Equity Interest which
      is
      redeemable solely in exchange for common stock or other equivalent common Equity
      Interests), (b) is convertible into or exchangeable or exercisable for
      Indebtedness or Mandatorily Redeemable Stock, or (c) is redeemable at the option
      of the holder thereof, in whole or in part (other than an Equity Interest which
      is redeemable solely in exchange for common stock or other equivalent common
      Equity Interests), in each case on or prior to the date on which all Interim
      Loans are scheduled to be due and payable in full.

     

    “Material
      Adverse Effect”
means
      a
      materially adverse effect on (a) the business, assets, liabilities, financial
      condition, results of operations or business prospects of the Borrower and
      its
      Subsidiaries taken as a whole, (b) the ability of the Borrower or any other
      Loan
      Party to perform its obligations under any Loan Document to which it is a party,
      (c) the validity or enforceability of any of the Loan Documents, (d) the rights
      and remedies of the Lenders and the Agent under any of the Loan Documents or
      (e)
      the timely payment of the principal of or interest on the Loans or other amounts
      payable in connection therewith.

     

    “Material
      Contract”
means
      any contract or other arrangement (other than Loan Documents), whether written
      or oral, to which the Borrower, any Subsidiary or any other Loan Party is a
      party as to which the breach, nonperformance, cancellation or failure to renew
      by any party thereto could reasonably be expected to have a Material Adverse
      Effect, and in any event shall include the Advisory Agreement.

     

    “Material
      Plan”
means
      at any time a Plan or Plans having aggregate Unfunded Liabilities in excess
      of
      $10,000,000.

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

    “Material
      Subsidiary”
means
      any Subsidiary to which 2.0% or more of Total Asset Value is, directly or
      indirectly, attributable.

     

    “Maturity
      Date”
shall
      mean the date which is 364 days after the Effective Date or, if such date is
      not
      a Business Day, the Business Day immediately preceding such date.

     

    “Merger”
has
      the
      meaning given such term in the first “WHEREAS” clause of this
      Agreement.

     

    “Merger
      Agreement”
has
      the
      meaning given such term in the first “WHEREAS” clause of this
      Agreement.

     

    “Merger
      Sub”
has
      the
      meaning given such term in the first “WHEREAS” clause of this
      Agreement.

     

    “Moody’s”
means
      Moody’s Investors Service, Inc. and its successors.

     

    “Multiemployer
      Plan”
means
      at any time an employee pension benefit plan within the meaning of Section
      4001(a)(3) of ERISA to which any member of the ERISA Group is then making or
      accruing an obligation to make contributions or has within the preceding five
      plan years made contributions, including for these purposes any Person which
      ceased to be a member of the ERISA Group during such five year
      period.

     

    “Negative
      Pledge”
means
      a
      provision of any agreement (other than this Agreement or any other Loan
      Document) that prohibits or limits the creation or assumption of any Lien on
      any
      assets of a Person or entitles another Person to obtain or claim the benefit
      of
      a Lien on any assets of such Person; provided, however, the following shall
      not
      constitute a Negative Pledge for purposes of this Agreement: an agreement (a)
      that (i) establishes a maximum ratio of unsecured debt to unencumbered assets,
      or of secured debt to total assets, or otherwise conditions a Person’s ability
      to encumber its assets upon the maintenance of one or more specified ratios
      that
      limit such Person’s ability to encumber its assets, or (ii) limits
      cross-collateralization of specific assets or pools of assets with other assets
      or pools of assets or otherwise imposes documentary, procedural or other
      conditions or requirements in connection with a Person’s encumbering its assets,
      but (b) that does not generally prohibit (i) the encumbrance of its assets
      or
      (ii) the encumbrance of specific assets.

     

    “Net
      Proceeds”
      means:

     

    (a) with
      respect to any Equity Issuance by the Borrower or any of its Subsidiaries,
      the
      aggregate amount of all cash and Cash Equivalents received by such Person in
      respect of such Equity Issuance, net of investment banking fees, legal fees,
      accountants’ fees, underwriting discounts and commissions and other customary
      fees and expenses actually incurred by such Person in connection with such
      Equity Issuance;

     

    (b) with
      respect to any incurrence or issuance of any Indebtedness by the Borrower or
      any
      of its Subsidiaries, the aggregate amount of all cash and Cash Equivalents
      received by such Person in respect of such incurrence or issuance of
      Indebtedness, net of investment banking fees, legal fees, accountants’ fees,
      underwriting discounts and com-

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

    missions
      and other customary fees and expenses actually incurred by such Person in
      connection with such incurrence or issuance of Indebtedness;

     

    
      (c) with
        respect to any Asset Sale by the Borrower or any of its Subsidiaries, the
        aggregate amount of all cash, Cash Equivalents and Fair Market Value of all
        other property received by such Person in respect of such Asset Sale, net
        of (i)
        investment banking fees, legal fees, accountants’ fees, survey costs, title
        insurance premiums, search and recording charges, transfer taxes, deed or
        mortgage recording taxes, brokerage and consultant fees and other customary
        fees
        and expenses actually incurred by such Person in connection with such Asset
        Sale, (ii) the principal amount of any Indebtedness that is secured by the
        applicable asset that is required to be repaid in connection with such
        transaction and (iii) income taxes reasonably estimated to be actually payable
        within two years of the date of the Asset Sale as a result of any gain
        recognized in connection therewith; and

      

             
        (d) with
        respect to any Casualty Event of the Borrower or any of its Subsidiaries,
        the
        cash insurance proceeds, condemnation awards and other compensation received
        by
        such Person in respect of such Casualty Event, net of (i) legal fees,
        accountants’ fees, survey costs, title insurance premiums, search and recording
        charges, transfer taxes, deed or mortgage recording taxes, brokerage and
        consultant fees and other customary fees and expenses actually incurred by
        such
        Person in connection with the collection of the proceeds, awards or other
        compensation relating to such Casualty Event, (ii) the principal amount of
        any
        Indebtedness that is secured by the applicable asset that is required to
        be
        repaid in connection with such Casualty Event and (iii) income taxes reasonably
        estimated to be actually payable within two years of the date of such Casualty
        Event Sale as a result of any gain recognized in connection therewith; provided,
        however, that Net Proceeds of any Casualty Event shall not include any amount
        to
        the extent that, pursuant to the terms of any Operating Agreement or any
        ground
        lease to which the Borrower or any Subsidiary is a party as a tenant or
        subtenant, such amount must be applied to restoration or repair, or acquisition
        or reinvestment, or must be paid over or distributed to third
        parties.

    

     

          
      “Non-Domestic
      Property”
means
      a
      Property located outside a state, territory or commonwealth of the United States
      of America (including without limitation Puerto Rico and the U.S. Virgin
      Islands) or the District of Columbia. Notwithstanding the foregoing, the two
      hotels currently owned by the Borrower located in Ontario, Canada are deemed
      not
      to be Non-Domestic Properties for purposes of this Agreement.

     

    “Nonrecourse
      Indebtedness”
means,
      with respect to a Person, Indebtedness for borrowed money in respect of which
      recourse for payment (except for customary exceptions for fraud, misapplication
      of funds, environmental indemnities, and other similar exceptions to nonrecourse
      liability) is contractually limited to specific assets of such Person encumbered
      by a Lien securing such Indebtedness.

     

    “Note”
means
      an Interim Note.

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

    “Notice
      of Borrowing”
means
      a
      notice in the form of Exhibit C to be delivered to the Agent pursuant to Section
      2.1.(b) evidencing the Borrower’s request for a borrowing of Interim
      Loans.

     

    “Notice
      of Continuation”
means
      a
      notice in the form of Exhibit D to be delivered to the Agent pursuant to Section
      2.8. evidencing the Borrower’s request for the Continuation of a LIBOR
      Loan.

     

    “Notice
      of Conversion”
means
      a
      notice in the form of Exhibit E to be delivered to the Agent pursuant to Section
      2.9. evidencing the Borrower’s request for the Conversion of a Loan from one
      Type to another Type.

     

    “Obligations”
means,
      individually and collectively: (a) the aggregate principal balance of, and
      all
      accrued and unpaid interest on, all Loans and (b) all other indebtedness,
      liabilities, obligations, covenants and duties of the Borrower and the other
      Loan Parties owing to the Agent or any Lender of every kind, nature and
      description, under or in respect of this Agreement or any of the other Loan
      Documents, including, without limitation, the Fees and indemnification
      obligations, whether direct or indirect, absolute or contingent, due or not
      due,
      contractual or tortious, liquidated or unliquidated, and whether or not
      evidenced by any promissory note.

     

    “OFAC”
means
      U.S. Department of the Treasury’s Office of Foreign Assets Control and any
      successor Governmental Authority.

     

    “Operating
      Agreement Abstract”
means,
      as to any Operating Agreement for a Hotel Pool or individual Hotel not in a
      Hotel Pool, an abstract of such Operating Agreement and any Ancillary Agreements
      in form and substance reasonably acceptable to the Agent, which shall include
      a
      reasonably detailed description of the following for such Operating Agreement
      and Ancillary Agreements: (a) all rent and priority payments due to the Owner
      payable under such Operating Agreement, including a description of Base Payments
      and other components of rent and priority payments due to the Owner payable
      under such Operating Agreement, (b) the term (including provisions for
      extension) of the Operating Agreement and any related Ancillary Agreements,
      (c)
      reserves for items of the type described in the definition of FF&E Reserve,
      (d) security deposits and other similar deposits required to made by the
      Operator, (e) the terms of any Guaranty of such Operating Agreement, including
      without limitation, the identity of the guarantor(s), any collateral security
      for the obligations of such guarantor(s) and any provisions providing for
      reduction or release of the obligations of such guarantor(s) thereunder, (f)
      termination events, (g) the terms of any Ancillary Agreements for the Hotel
      Pool
      or Hotel subject to such Operating Agreement, (h) a summary of any restrictions
      on the Owner’s ability to sell, encumber, pledge, mortgage or otherwise grant
      Liens upon the Properties subject to such Operating Agreement, (i) restrictions,
      requirements or other provisions regarding the hotel brand name, trademark
      or
      trade name under which the Operator may operate any Hotel subject to such
      Operating Agreement, and (j) any materials terms that are unusual in nature
      or
      not contained in the majority of the Operating Agreements or Ancillary Agreement
      for the Unencumbered Hotels at such time.

     

    “Operating
      Agreement”
means
      any Lease or Management Agreement.

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

    “Operator”
means
      the (sub)lessee or manager of a Property pursuant to an Operating Agreement,
      provided that unless the Agent otherwise approves, any such (sub)lessee or
      manager which is a TRS or other Subsidiary of the Borrower or an Affiliate
      of
      the Borrower (including, without limitation, RMR, or any Managing Trustee)
      shall
      be deemed not to be an “Operator” for purposes of this Agreement.

     

    “Operator
      Deposits”
means
      the following: (a) any cash or Cash Equivalent that secures the payment of
      Base
      Payments, an Operator’s obligations under such Operator’s Operating Agreement or
      the obligations of a manager or franchisor under an Ancillary Agreement
      (including, without limitation, any cash or Cash Equivalent deposited in
      connection with a Guaranty of an Operator’s obligations under an Operating
      Agreement or of the payment of Base Payments); or (b) the total amount of any
      deferred purchase price payable by the Borrower or any of its Subsidiaries
      to an
      Operator or an Operator’s Affiliates, against which purchase price the Borrower
      or such Subsidiary, as applicable, is entitled, pursuant to such Operator’s
      Operating Agreement, to offset Base Payments, damages resulting from such
      Operator’s default under its Operating Agreement or from a default by a manager
      or franchisor under an Ancillary Agreement.

     

    “Other
      Acceptable Property”
means
      any Property not otherwise qualifying as an Unencumbered Hotel which the
      Requisite Lenders have agreed in their sole discretion and in writing is to
      be
      included as an Unencumbered Asset. A Travel Center Property shall constitute
      an
      Other Acceptable Property so long as such Property satisfies the following
      requirements:

     

    (i)
      such
      Travel Center Property is owned in fee simple solely by the Borrower or a
      Guarantor or leased solely by the Borrower or a Guarantor pursuant to a Ground
      Lease;

     

    (ii)
      such
      Travel Center Property is not an Asset Under Development and is in
      service;

     

    (iii)
      neither such Travel Center Property, nor any interest of the Borrower or such
      Guarantor therein, is subject to any Lien (other than Permitted Liens of the
      types described in clauses (a) through (c) or (e) through (i) of the definition
      thereof or Liens in favor of the Borrower or a Guarantor) or to any Negative
      Pledge;

     

    (iv)
      if
      such Travel Center Property is owned or leased by a Subsidiary, (x) none of
      the
      Borrower’s direct or indirect ownership interest in such Subsidiary is subject
      to any Lien (other than Permitted Liens of the types described in clauses (a)
      through (c) or (e) through (i) of the definition thereof or Liens in favor
      of
      the Borrower or a Guarantor) or to any Negative Pledge, and (y) such Subsidiary
      has not directly or indirectly guarantied or assumed liability for any
      Indebtedness of any Subsidiary that is not a Guarantor;

     

    (v)
      such
      Travel Center Property is free of all structural defects or major architectural
      deficiencies, title defects, environmental conditions or other adverse matters
      which, collectively, materially impair the value of such Travel Center Property;
      

     

    (vi)
      such
      Travel Center Property is leased to TCA LLC or one of its Subsidiaries pursuant
      to an Operating Agreement substantially on the terms described in the Borrower’s
      Current Report on Form 8-K dated December 12, 2006, filed with the Securities
      and Exchange Commission, or on other terms reasonably satisfactory to the Agent;
      and

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

    (vii)
      the
      Borrower has not removed such Travel Center Property voluntarily as an “Other
      Acceptable Property” pursuant to Section 8.4(p).

     

    “Owner”
means
      the Borrower or a Subsidiary in it capacity as (sub)lessor or owner pursuant
      to
      an Operating Agreement.

     

    “Participant”
has
      the
      meaning given that term in Section 12.5.(c).

     

    “Payment
      Date”
means
      the 46th,
      91st,
      136th
      and
      181st
      day
      following the Effective Date; provided, however, that no such date shall be
      a
“Payment Date” if the outstanding aggregate principal amount of, and all accrued
      but unpaid interest on, the Interim Loans, together with all other amounts
      outstanding under this Agreement have been repaid as of such date.

     

    “PBGC”
means
      the Pension Benefit Guaranty Corporation and any successor agency.

     

    “Permitted
      Liens”
means,
      as to any Person: (a) Liens securing taxes, assessments and other charges or
      levies imposed by any Governmental Authority (excluding any Lien imposed
      pursuant to any of the provisions of ERISA) or the claims of materialmen,
      mechanics, carriers, ware-housemen or landlords for labor, materials, supplies
      or rentals incurred in the ordinary course of business, which (i) are not at
      the
      time required to be paid or discharged under Section 7.6., or (ii) are the
      responsibility of a financially responsible Operator to discharge; (b) Liens
      consisting of deposits or pledges made, in the ordinary course of business,
      in
      connection with, or to secure payment of, obligations under workers’
compensation, unemployment insurance or similar Applicable Laws; (c) Liens
      consisting of encumbrances in the nature of zoning restrictions, easements,
      and
      rights or restrictions of record on the use of real property, which do not
      materially detract from the value of such property or impair the use thereof
      in
      the business of such Person and, in the case of the Borrower or any Subsidiary,
      Liens granted by any tenant on its leasehold estate in a Property which are
      subordinate to the interest of the Borrower or a Subsidiary in such Property;
      (d) Liens in existence as of the Agreement Date and set forth in Part II of
      Schedule 6.1.(f); (e) deposits to secure trade contracts (other than for
      Indebtedness), statutory obligations, surety and appeal bonds, performance
      bonds
      and other obligations of a like nature incurred in the ordinary course of
      business; (f) the lessor’s interest in property leased to the Borrower or any of
      its Subsidiaries pursuant to a lease permitted by this Agreement; (g) the
      interests of tenants, operators, franchisors, or managers of Properties; (h)
      Liens in favor of the Agent for the benefit of the Lenders; and (i) Liens which
      are also secured by restricted cash or Cash Equivalents of equal or greater
      value.

     

    “Person”
means
      an individual, corporation, partnership, limited liability company, association,
      trust or unincorporated organization, or a government or any agency or political
      subdivision thereof.

     

    “Plan”
means
      at any time an employee pension benefit plan (other than a Multiemployer Plan)
      which is covered by Title IV of ERISA or subject to the minimum funding
      standards under Section 412 of the Internal Revenue Code and either (a) is
      maintained, or contributed to, by any member of the ERISA Group for employees
      of
      any member of the ERISA Group or (b) has at any time within the preceding five
      years been maintained, or contributed to, by any Person which 

     

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

    was
      at
      such time a member of the ERISA Group for employees of any Person which was
      at
      such time a member of the ERISA Group.

     

    “Post-Default
      Rate”
has
      the
      meaning given such term in Section 2.4(a) hereof.

     

    “Preferred
      Dividends”
means,
      for any given period and without duplication, all Restricted Payments accrued
      or
      paid (and in the case of Restricted Payments paid, which were not accrued during
      a prior period) during such period on Preferred Stock issued by the Borrower
      or
      a Subsidiary. Preferred Dividends shall not include dividends or distributions
      paid or payable (a) solely in Equity Interests (other than Mandatorily
      Redeemable Stock) payable to holders of such class of Equity Interests; (b)
      to
      the Borrower or a Subsidiary; or (c) constituting or resulting in the redemption
      of Preferred Stock, other than scheduled redemptions not constituting balloon,
      bullet or similar redemptions in full.

     

    “Preferred
      Stock”
means,
      with respect to any Person, Equity Interests in such Person which are entitled
      to preference or priority over any other Equity Interest in such Person in
      respect of the payment of dividends or distribution of assets upon liquidation
      or both.

     

    “Prime
      Rate”
means
      the rate of interest per annum quoted
      in
      The Wall Street Journal, Money Rates Section as the Prime Rate, as in
      effect  from time to time. The Prime Rate is not necessarily the
      lowest rate of interest offered by the Agent or any Lender.

     

    “Principal
      Office”
means
      the office of the Agent located at 4 World Financial Center, 22nd floor, New
      York, New York 10080, or such other office of the Agent as the Agent may
      designate from time to time.

     

    “Property”
means
      any parcel of real property, together with all improvements thereon, owned
      or
      leased pursuant to a Ground Lease by the Borrower or any
      Subsidiary.

     

    “Rating
      Agencies”
means
      S&P and Moody’s. If either such corporation ceases to act as a securities
      rating agency or ceases to provide ratings with respect to the senior long-term
      unsecured debt obligations of the Borrower, then the Borrower may designate
      as a
      replacement Rating Agency Fitch or any other nationally recognized securities
      rating agency acceptable to the Agent.

     

    “Refinancing”
has
      the
      meaning given such term in the third “WHEREAS” clause of this
      Agreement.

     

    “Register”
has
      the
      meaning given that term in Section 12.5.(e).

     

    “Regulatory
      Change”
means,
      with respect to any Lender, any change effective after the Agreement Date in
      Applicable Law (including without limitation, Regulation D of the Board of
      Governors of the Federal Reserve System) or the adoption or making after such
      date of any interpretation, directive or request applying to a class of banks,
      including such Lender, of or under any Applicable Law (whether or not having
      the
      force of law and whether or not failure to comply therewith would be unlawful)
      by any Governmental Authority or monetary authority charged 

     

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

    

    with
      the
      interpretation or administration thereof or compliance by any Lender with any
      request or directive regarding capital adequacy.

     

    “REIT”
means
      a
      Person qualifying for treatment as a “real estate investment trust” under
      Sections 856-859 of the Internal Revenue Code.

     

    “Requisite
      Lenders”
means,
      as of any date, Lenders holding at least a majority of the aggregate amount
      of
      the Loans outstanding.

     

    “Responsible
      Officer”
means
      (a) with respect to the Borrower, the Borrower’s President or Treasurer or any
      Managing Trustee of the Borrower and (b) with respect to any other Loan Party,
      such Loan Party’s chief executive officer or chief financial
      officer.

     

    “Restricted
      Payment”
means:
      (a) any dividend or other distribution, direct or indirect, on account of any
      Equity Interest of the Borrower or any of its Subsidiaries now or hereafter
      outstanding, except a dividend payable solely in Equity Interests of an
      identical class to the holders of that class; (b) any redemption, conversion,
      exchange, retirement, sinking fund or similar payment, purchase or other
      acquisition for value, direct or indirect, of any Equity Interest of the
      Borrower or any of its Subsidiaries now or hereafter outstanding; and (c) any
      payment made to retire, or to obtain the surrender of, any outstanding warrants,
      options or other rights to acquire any Equity Interests of the Borrower or
      any
      of its Subsidiaries now or hereafter outstanding.

     

    “Restructuring”
      has the
      meaning given such term in the fifth “WHEREAS” clause of this
      Agreement.

     

    “Revolving
      Credit Agreement”
means
      that certain Amended and Restated Credit Agreement, dated as of May 23, 2005,
      by
      and among the Borrower, Wachovia Capital Markets, LLC and RBS Securities
      Corporation, as joint lead arrangers, Wachovia Capital Markets, LLC, as sole
      book manager, Wachovia Bank, National Association, as administrative agent,
      the
      Royal Bank of Scotland PLC, as syndication agent, Calyon New York Branch, Royal
      Bank of Canada and Sumitomo Mitsui Banking Corporation, as documentation agents
      and the lenders, from time to time, party thereto, as in effect on the Effective
      Date or as thereafter amended or replaced in any manner, that, taken as a whole,
      is not more adverse to the interests of the Lenders in any material respect
      than
      such agreement as it was in effect on the Effective Date.

     

    “RMR”
means
      Reit Management & Research, LLC, together with its successors and permitted
      assigns.

     

    “S&P”
means
      Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies,
      Inc. and its successors.

     

    “Sanctioned
      Entity”
means
      (a) an agency of the government of, (b) an organization directly or indirectly
      controlled by, or (c) a Person resident in, in each case, a country that is
      subject to a sanctions program identified on the list maintained by the OFAC
      and
      published from time to time, as such program may be applicable to such agency,
      organization or Person.

     

    “Sanctioned
      Person”
means
      a
      Person named on the list of Specially Designated Nationals or Blocked Persons
      maintained by the OFAC as published from time to time.

     

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

    “Secured
      Indebtedness”
means,
      with respect to a Person as of any given date, the aggregate principal amount
      of
      all Indebtedness of such Person outstanding at such date and that is secured
      in
      any manner by any Lien, and in the case of the Borrower and the Guarantors,
      shall include (without duplication) the Borrower’s and such Guarantors’ pro rata
      share of the Secured Indebtedness of its Unconsolidated Affiliates.

     

    “Securities”
has
      the
      meaning given such term in the second “WHEREAS” clause of this
      Agreement.

     

    “Securities
      Act”
means
      the Securities Act of 1933, as amended from time to time, together with all
      rules and regulations issued thereunder.

     

    “Solvent”
means,
      when used with respect to any Person, that (a) the fair value and the fair
      salable value of its assets (excluding any Indebtedness due from any affiliate
      of such Person) are each in excess of the fair valuation of its total
      liabilities (including all contingent liabilities computed at the amount which,
      in light of all the facts and circumstances existing at such time, represents
      the amount that could reasonably be expected to become an actual and matured
      liability); (b) such Person is able to pay its debts or other obligations in
      the
      ordinary course as they mature; and (c) such Person has capital not unreasonably
      small to carry on its business and all business in which it proposes to be
      engaged.

     

    “Subsidiary”
means,
      for any Person, any corporation, partnership or other entity of which at least
      a
      majority of the securities or other ownership interests having by the terms
      thereof ordinary voting power to elect a majority of the board of directors
      or
      other persons performing similar functions of such corporation, partnership
      or
      other entity (without regard to the occurrence of any contingency) is at the
      time directly or indirectly owned or controlled by such Person or one or more
      Subsidiaries of such Person or by such Person and one or more Subsidiaries
      of
      such Person, and shall include all Persons the accounts of which are
      consolidated with those of such Person pursuant to GAAP. Notwithstanding the
      foregoing, so long as the Travel Centers Distribution occurs not more than
      5
      Business Days following the effective date of the Merger, none of TCA LLC or
      any
      of its Subsidiaries shall be considered to be a “Subsidiary” of the Borrower for
      purposes of this Agreement.

     

    “Syndication
      Agents”
has
      the
      meaning given such term in the preamble to this Agreement.

     

    “Take-Out
      Banks”
has
      the
      meaning given such term in Section 7.15.

     

    “Take-Out
      Offering”
has
      the
      meaning given such term in Section 7.15.

     

    “Take-Out
      Offering Document”
has
      the
      meaning given such term in Section 7.15.

     

    “Take-Out
      Securities”
has
      the
      meaning given such term in Section 7.15.

     

    “Tangible
      Net Worth”
means,
      as of any given time: (a) the unallocated gross book value (exclusive of
      depreciation and amortization) of all real estate assets of the Borrower and
      its
      Subsidiaries that constitute Properties at such time; plus
      (b) the
      book value of other assets (excluding any real estate assets) of the Borrower
      and its Subsidiaries; less
      (c) all
      amounts appearing on the 

     

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

    

    assets
      side of a consolidated balance sheet of the Borrower for assets separately
      classified as intangible assets under GAAP (except for allocations of property
      purchase prices pursuant to Statement of Financial Accounting Standards No.
      141
      and the like); less
      (d) all
      Total Indebtedness of the Borrower and its Subsidiaries determined on a
      consolidated basis; less (e) all other liabilities of the Borrower and its
      Subsidiaries determined on a consolidated basis (except liabilities resulting
      from allocations of property purchase prices pursuant to Statement of Financial
      Accounting Standards No. 141 and the like).

     

    “Target”
has
      the
      meaning given such term in the first “WHEREAS” clause of this
      Agreement.

     

    “Taxes”
has
      the
      meaning given that term in Section 3.12.

     

    “TCA
      LLC”
has
      the
      meaning given to such term in the fourth “WHEREAS” clause of this
      Agreement.

     

    “TCA
      REIT”
has
      the
      meaning given to such term in the fourth “WHEREAS” clause of this
      Agreement.

     

    “Titled
      Agent”
means
      any of the Lead Arranger, Lead Bookrunner or any Syndication Agent, and their
      respective successors and permitted assigns.

     

    “Total
      Asset Value”
means
      the sum of the following (without duplication) of the Borrower and its
      Subsidiaries for the fiscal quarter most recently ended: (a)(i) with respect
      to
      all Properties owned (or leased pursuant to a Ground Lease) by the Borrower
      or
      any Subsidiary for the entire fiscal quarter most recently ending, Adjusted
      EBITDA attributable to such Properties for such period multiplied by (ii) 4
      and
      divided by (iii) the Capitalization Rate; provided, however, that the value
      of
      any Travel Center Property that the Borrower or a Subsidiary has not owned
      or
      leased for a full fiscal quarter shall equal the purchase price paid for such
      Travel Center Property (less any amounts paid as a purchase price adjustment,
      held in escrow, retained as a contingency reserve, or other similar
      arrangements); (b) the purchase price paid for any Property acquired during
      such
      fiscal quarter (less any amounts paid as a purchase price adjustment, held
      in
      escrow, retained as a contingency reserve, or other similar arrangements but
      including amounts retained as Operator Deposits, and prior to allocations of
      property purchase prices pursuant to Statement of Financial Accounting Standards
      No. 141 and the like); (c) all cash and cash equivalents; (d) accounts
      receivable that are not (i) owing in excess of 90 days as of the end of such
      fiscal quarter or (ii) being contested in writing by the obligor in respect
      thereof (in which case only such portion being contested shall be excluded
      from
      Total Asset Value); (e) prepaid taxes and operating expenses as of the end
      of
      such fiscal quarter; (f) the book value of all Developable Property as of the
      end of such fiscal quarter; (g) the book value of all other tangible assets
      (excluding land or other real property) as of the end of such fiscal quarter;
      (h) the book value of all Unencumbered Mortgage Notes as of the end of such
      fiscal quarter; and (i) the Borrower’s pro rata share of the preceding items of
      any Unconsolidated Affiliate of the Borrower.

     

    “Total
      Indebtedness”
means,
      as of a given date, all liabilities of the Borrower and its Subsidiaries which
      would, in conformity with GAAP, be properly classified as a liability on a
      consolidated balance sheet of the Borrower and its Subsidiaries as of such
      date
      (except liabilities 

     

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

    resulting
      from allocations of property purchase prices pursuant to Statement of Financial
      Accounting Standards No. 141 and the like), and in any event shall include
      (without duplication): (a) all Indebtedness of the Borrower and its
      Subsidiaries; (b) the Borrower’s pro rata share of Indebtedness of its
      Unconsolidated Affiliates; (c) the aggregate amount of all Operator Deposits
      (other than those Operator Deposits held by a Loan Party or an Unleveraged
      Non-Domestic Subsidiary in connection with Operating Agreements for which a
      monetary default exists and has existed for a period of 30 days or more); and
      (d) net obligations of the Borrower and its Subsidiaries under any Derivatives
      Contracts not entered into as a hedge against existing Indebtedness, in an
      amount equal to the Derivatives Termination Value thereof.

     

    “Transactions”
has
      the
      meaning given such term in the eighth “WHEREAS” clause of this
      Agreement.

     

    “Travel
      Center Property”
means
      a
      Property that is (a) developed as a travel related facility and (b) leased
      to
      TCA LLC or one of its Subsidiaries. When determining how long the Borrower
      or a
      Subsidiary has owned or leased a Travel Center Property that was owned or leased
      by the Target or one of its Subsidiaries at the time of the Merger, the Borrower
      or its applicable Subsidiary shall be deemed to have owned or leased such Travel
      Center Property from the date of the Merger.

     

    “Travel
      Centers Distribution”
has
      the
      meaning given to such term in the fifth “WHEREAS” clause of this
      Agreement.

     

    “TRS”
means
      a
      Subsidiary of the Borrower that is a “taxable REIT subsidiary” within the
      meaning of Section 856(l) of the Internal Revenue Code.

     

    “Type”
with
      respect to any Loan, refers to whether such Loan is a LIBOR Loan or Base Rate
      Loan.

     

    “Unconsolidated
      Affiliate”
means,
      with respect to any Person, any other Person in whom such Person holds an
      Investment, which Investment is accounted for in the financial statements of
      such Person on an equity basis of accounting and whose financial results would
      not be consolidated under GAAP with the financial results of such Person on
      the
      consolidated financial statements of such Person.

     

    “Unencumbered
      Asset”
means
      any (a) Unencumbered Hotel, (b) Unencumbered Mortgage Note, or (c) Other
      Acceptable Property.

     

    “Unencumbered
      Asset Certificate”
has
      the
      meaning given that term in Section 8.3.

     

    “Unencumbered
      Asset Value”
means,
      as of the end of a fiscal quarter, the sum of: (a) unrestricted cash of the
      Borrower and its Subsidiaries; (b)(i) Adjusted EBITDA for the fiscal quarter
      most recently ended attributable to Unencumbered Hotels or Travel Center
      Properties constituting Other Acceptable Properties owned or leased by the
      Borrower or any Subsidiary for the entire fiscal quarter of the Borrower most
      recently ended, multiplied by (ii) 4 divided by (iii) the Capitalization
      Rate;
      provided, however, that the value of any Travel Center Property that the
      Borrower or a Subsidiary has not owned or leased for a full fiscal quarter
      shall
      equal the purchase price paid for such Travel Center Property (less any amounts
      paid as a purchase price ad-

     

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

    

    justment,
      held in escrow, retained as a contingency reserve, or other similar
      arrangements);
      (c) the
      purchase price paid for any Unencumbered Hotel acquired during such fiscal
      quarter (less any amounts paid as a purchase price adjustment, held in escrow,
      retained as a contingency reserve, or other similar arrangements); (d) the
      book
      value of all Unencumbered Mortgage Notes of the Borrower and its Subsidiaries
      (excluding any Unencumbered Mortgage Note (i) where the obligor is more than
      30
      days past due with respect to any payment obligation or (ii) secured by a
      Non-Domestic Property); and (e) with respect to all Other Acceptable Properties,
      the value of each such Property determined in accordance with the valuation
      method established by the Requisite Lenders when the Requisite Lenders approved
      of such Property as an Other Acceptable Property. To the extent that (w) the
      sum
      of the book value of Unencumbered Mortgage Notes would, in the aggregate,
      account for more than 10.0% of Unencumbered Asset Value, such excess shall
      be
      excluded; (x) Properties leased by the Borrower, a Guarantor or an Unleveraged
      Non-Domestic Subsidiary pursuant to a Ground Lease having a remaining term
      of
      less than 50 years (taking into account extensions which may be effected by
      the
      lessee without the consent of the lessor) would, in the aggregate, account
      for
      more than 10.0% of Unencumbered Asset Value, such excess shall be excluded;
      (y)
      Non-Domestic Properties which are not Other Acceptable Properties would, in
      the
      aggregate, account for more than 20% of Unencumbered Asset Value, such excess
      shall be excluded; and (z) Properties which are not hotels, inns or lodging
      facilities (or incidental improvements in connection with such hotels, inns
      or
      lodging facilities) and are not Other Acceptable Properties would, in the
      aggregate, account for more than 20% of Unencumbered Asset Value, such excess
      shall be excluded. If an Unencumbered Hotel or Unencumbered Mortgage Note is
      not
      owned as of the last day of a quarter then such asset shall be excluded from
      the
      foregoing calculations.

     

    “Unencumbered
      EBITDA”
means,
      for a given period the aggregate Adjusted EBITDA attributable to the
      Unencumbered Hotels, Unencumbered Mortgage Notes and Other Acceptable
      Properties; provided that for purposes of this definition, revenues of an
      applicable Person during any applicable period constituting payments or accruals
      for payments of amounts more than 30 days past due and any related reserves
      shall be excluded in the calculation of such Person's EBITDA for such
      period.

     

    “Unencumbered
      Hotels”
means
      every Hotel Pool and Hotel that is not in a Hotel Pool that satisfy all of
      the
      following requirements:

     

    (a) such
      Hotel or each Property in such Hotel Pool is (i) owned in fee simple solely
      by
      the Borrower, a Guarantor or an Unleveraged Non-Domestic Subsidiary or (ii)
      leased solely by the Borrower, a Guarantor or an Unleveraged Non-Domestic
      Subsidiary pursuant to a Ground Lease;

     

    (b) such
      Hotel, or in the case of a Hotel Pool, each Property in such Hotel Pool (i)
      is
      not an Asset Under Development and (ii) is in service;

     

    (c) neither
      such Hotel (or in the case of a Hotel Pool, no Property in such Hotel Pool),
      nor
      any interest of the Borrower, such Guarantor or such Unleveraged Non Domestic
      Subsidiary therein, is subject to any Lien (other than Permitted Liens of the
      types described in clauses (a) through (c) or (e) through (i) of the definition
      thereof or 

     

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

    

    Liens
      in
      favor of the Borrower, a Guarantor or such Unleveraged Non-Domestic Subsidiary)
      or to any Negative Pledge;

     

    (d) if
      such
      Hotel or Hotel Pool is owned or leased by a Subsidiary, (i) none of the
      Borrower’s direct or indirect ownership interest in such Subsidiary is subject
      to any Lien (other than Permitted Liens of the types described in clauses (a)
      through (c) or (e) through (i) of the definition thereof or Liens in favor
      of
      the Borrower, a Guarantor or an Unleveraged Non-Domestic Subsidiary) or to
      any
      Negative Pledge, and (ii) such Subsidiary has not directly or indirectly
      guarantied or assumed liability for any Indebtedness of any Subsidiary that
      is
      not a Guarantor or an Unleveraged Non-Domestic Subsidiary;

     

    (e) such
      Hotel, or in the case of a Hotel Pool, each Property in such Hotel Pool, is
      free
      of all structural defects or major architectural deficiencies, title defects,
      environmental conditions or other adverse matters which, collectively,
      materially impair the value of such Property or Hotel Pool;

     

    (f) such
      Hotel or Hotel Pool shall be subject to agreements containing terms and
      conditions which provide the Borrower with substantially the same benefits
      and
      risks as Operating Agreements and Ancillary Agreements of Unencumbered Hotels
      as
      of the Agreement Date, or otherwise satisfactory to the Agent, with Persons
      reasonably satisfactory to Agent; and

     

    (g) such
      Hotel or Hotel Pool (i) has been designated by the Borrower as an “Unencumbered
      Hotel” on Schedule 6.1(y) or on an Unencumbered Asset Certificate delivered by
      the Borrower to the Agent pursuant to Section 8.3 or 8.4(o), and (ii) has not
      been removed voluntarily by the Borrower from “Unencumbered Hotels” pursuant to
      Section 8.4(p).

     

    “Unencumbered
      Mortgage Note”
means
      a
      promissory note satisfying all of the following requirements: (a) such
      promissory note is owned solely by the Borrower, a Guarantor or an Unleveraged
      Non-Domestic Subsidiary; (b) such promissory note is secured by a Lien on real
      property and the improvements on which, include, but are not limited to, a
      hotel, inn or other lodging or leisure facility or other improvements of a
      type
      similar to improvements located on the Properties as of the Agreement Date;
      (c)
      neither such promissory note, nor any interest of the Borrower, such Guarantor
      or an Unleveraged Non-Domestic Subsidiary therein, is subject to any Lien (other
      than Permitted Liens of the types described in clauses (a) through (c) or (e)
      through (i) of the definition thereof or Liens in favor of the Borrower, a
      Guarantor or an Unleveraged Non-Domestic Subsidiary) or to any Negative Pledge;
      (d) if such promissory note is owned by a Subsidiary, (i) none of the Borrower’s
      direct or indirect ownership interest in such Subsidiary is subject to any
      Lien
      (other than Permitted Liens of the types described in clauses (a) through (c)
      or
      (e) through (i) of the definition thereof or Liens in favor of the Borrower,
      a
      Guarantor or Unleveraged Non-Domestic Subsidiary) or to any Negative Pledge
      and
      (ii) the Borrower directly, or indirectly through a Subsidiary, has the right
      to
      sell, transfer or otherwise dispose of such promissory note without the need
      to
      obtain the consent of any Person; (d) such real property and related
      improvements are not subject to (i) any other Lien (other than Permitted Liens
      of the types described in clauses (a) through (c) or (e) through (i) of the
      definition thereof or Liens in favor of the Borrower, a Guarantor or an
      Unleveraged Non-Domestic Subsidiary) or (ii) any en-

     

    
      
        
        

      

      
        -27-

        
          

        

      

      
        
        

      

    

    vironmental
      conditions or other adverse matters which, individually or collectively,
      materially impair the value of such real property or related improvements;
      (e)
      the obligor in respect of such promissory note is not an Affiliate of the
      Borrower or RMR; (f) if the Borrower or any Subsidiary were to acquire such
      real
      property and related improvements, no Default or Event of Default would result
      from such acquisition; and (g) such promissory note (i) has been designated
      by
      the Borrower as an “Unencumbered Mortgage Note” on Schedule 6.1(y) or on an
      Unencumbered Asset Certificate delivered by the Borrower to the Agent pursuant
      to Section 8.3 or 8.4(o), and (ii) has not been removed by the Borrower from
      “Unencumbered Mortgage Notes” pursuant to Section 8.4(p).

     

    “Unfunded
      Liabilities”
means,
      with respect to any Plan at any time, the amount (if any) by which (a) the
      value
      of all benefit liabilities under such Plan, determined on a plan termination
      basis using the assumptions prescribed by the PBGC for purposes of Section
      4044
      of ERISA, exceeds (b) the fair market value of all Plan assets allocable to
      such
      liabilities under Title IV of ERISA (excluding any accrued but unpaid
      contributions), all determined as of the then most recent valuation date for
      such Plan, but only to the extent that such excess represents a potential
      liability of a member of the ERISA Group to the PBGC or any other Person under
      Title IV of ERISA.

     

    “Unleveraged
      Non-Domestic Subsidiary”
means
      any Subsidiary (a) the principal Properties of which are Non-Domestic
      Properties, and (b) which does not have Indebtedness having an aggregate
      outstanding principal amount in excess of 5.0% of the total assets of such
      Subsidiary (excluding Indebtedness owed to the Borrower or one or more
      Guarantors).

     

    “Unsecured
      Debt Service”
means,
      for a given period, Debt Service for such period, with respect to Unsecured
      Indebtedness of the Borrower and its Subsidiaries.

     

    “Unsecured
      Indebtedness”
means,
      with respect to a Person as of any given date, the aggregate principal amount
      of
      all Indebtedness of such Person outstanding at such date that is not Secured
      Indebtedness (excluding Indebtedness associated with Unconsolidated Affiliates
      that is not Guaranteed by a Loan Party) and in the case of the Borrower shall
      include (without duplication) Indebtedness that does not constitute Secured
      Indebtedness.

     

    “Wholly
      Owned Subsidiary”
means
      any Subsidiary of a Person in respect of which all of the equity securities
      or
      other ownership interests (other than, in the case of a corporation, directors’
qualifying shares) are at the time directly or indirectly owned or controlled
      by
      such Person or one or more other Subsidiaries of such Person or by such Person
      and one or more other Subsidiaries of such Person.

     

    Section
      1.2. General; References to Times.

     

    Unless
      otherwise indicated, all accounting terms, ratios and measurements shall be
      interpreted or determined in accordance with GAAP in effect as of the Agreement
      Date. References in this Agreement to “Sections”, “Articles”, “Exhibits” and
“Schedules” are to sections, articles, exhibits and schedules herein and hereto
      unless otherwise indicated. References in this Agreement to any document,
      instrument or agreement (a) shall include all exhibits, schedules and other
      attachments thereto, (b) shall include all documents, instruments or agreements
      issued or exe-

     

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

    

    cuted
      in
      replacement thereof, to the extent permitted hereby and (c) shall mean such
      document, instrument or agreement, or replacement or predecessor thereto, as
      amended, supplemented, restated or otherwise modified as of the date of this
      Agreement and from time to time thereafter to the extent not prohibited hereby
      and in effect at any given time. Wherever from the context it appears
      appropriate, each term stated in either the singular or plural shall include
      the
      singular and plural, and pronouns stated in the masculine, feminine or neuter
      gender shall include the masculine, the feminine and the neuter. Unless
      explicitly set forth to the contrary, a reference to “Subsidiary” means a
      Subsidiary of the Borrower or a Subsidiary of such Subsidiary and a reference
      to
      an “Affiliate” means a reference to an Affiliate of the Borrower. Titles and
      captions of Articles, Sections, subsections and clauses in this Agreement are
      for convenience only, and neither limit nor amplify the provisions of this
      Agreement. Unless otherwise indicated, all references to time are references
      to
      New York, New York time.

     

    Article
      II. Interim Loans

     

    Section
      2.1. Interim Loans.

     

    (a) Generally.
      Subject
      to the terms and conditions hereof, on the Effective Date, each Lender severally
      and not jointly agrees to make Interim Loans to the Borrower in an aggregate
      principal amount not to exceed the amount of such Lender’s Commitment. Amounts
      paid or prepaid in respect of the Interim Loans may not be
      reborrowed.

     

    (b) Procedure
      for Interim Loan Borrowing.
      The
      Borrower shall give the Agent notice pursuant to a Notice of Borrowing of the
      borrowing of Interim Loans. The Notice of Borrowing shall be delivered to the
      Agent before 11:00 a.m. (i) in the case of LIBOR Loans (to the extent the Lead
      Arranger, in its sole discretion, consents to borrowings in the form of LIBOR
      Loans), on the date three Business Days prior to the proposed Effective Date
      and
      (ii) in the case of Base Rate Loans, on the date one Business Day prior to
      the
      proposed Effective Date. The Agent will transmit by telecopy the Notice of
      Borrowing (or the information contained in such Notice of Borrowing) to each
      Lender promptly upon receipt by the Agent. The Notice of Borrowing shall be
      irrevocable once given and binding on the Borrower.

     

    (c) Disbursements
      of Interim Loan Proceeds.
      No
      later than 1:00 p.m. on the date specified in the Notice of Borrowing, each
      Lender will make available for the account of its applicable Lending Office
      to
      the Agent at the Principal Office, in immediately available funds, the proceeds
      of the Interim Loan to be made by such Lender.

     

    Section
      2.2. [Reserved].

     

    Section
      2.3. [Reserved].

     

    Section
      2.4. Rates and Payment of Interest on Loans.

     

    (a) Rates.
      The
      Borrower promises to pay to the Agent for the account of each Lender interest
      on
      the unpaid principal amount of each Loan made by such Lender for the period
      from
      and including the Effective Date to but excluding the date such Loan shall
      be
      paid in full, at the following per annum rates:

     

    
      
        
        

      

      
        -29-

        
          

        

      

      
        
        

      

    

    (i) during
      such periods as such Loan is a Base Rate Loan, at the Base Rate (as in effect
      from time to time) plus the Applicable Margin; and

     

    (ii) during
      such periods as such Loan is a LIBOR Loan, at the Adjusted Eurodollar Rate
      for
      such Loan for the Interest Period therefor plus the Applicable
      Margin.

     

    Notwithstanding
      the foregoing, during the continuance of an Event of Default, all Obligations
      shall, to the extent permitted by Applicable Law, bear interest payable to
      the
      Agent for the account of each Lender, after as well as before judgment, at
      a per
      annum rate equal to (i) in the case of principal of any Loan, 2.0% plus
      the rate
      otherwise applicable to such Loan as provided in Section 2.4(a) or (ii) in
      the
      case of any other Obligation, 2.0% plus the Base Rate as in effect from time
      to
      time (in either case, the “Post-Default
      Rate”).

     

    (b) Payment
      of Interest.
      Accrued
      interest on each Loan shall be payable (i) in the case of a Base Rate Loan,
      quarterly in arrears on the last day of each March, June, September and
      December, (ii) in the case of a LIBOR Loan, on the last day of each Interest
      Period therefor, and if such Interest Period is longer than three months, at
      three month intervals following the first day of such Interest Period, and
      (iii)
      in the case of any Loan, upon the payment, prepayment or Continuation thereof
      or
      the Conversion of such Loan to a Loan of another Type (but only on the principal
      amount so paid, prepaid, Continued or Converted). Interest payable at the
      Post-Default Rate shall be payable from time to time on demand. Promptly after
      the determination of any interest rate provided for herein or any change
      therein, the Agent shall give notice thereof to the Lenders to which such
      interest is payable and to the Borrower. All determinations by the Agent of
      an
      interest rate hereunder shall be conclusive and binding on the Lenders and
      the
      Borrower for all purposes, absent manifest error.

     

    (c) Ratings
      Change.
      If the
      Applicable Margin shall change as a result of a change in the Borrower’s Credit
      Rating and then within a 90 day period change back to the Applicable Margin
      in
      effect at the beginning of such period as a result of another change in such
      Credit Rating, and (i) if the initial change in the Applicable Margin were
      an
      increase, then the Borrower will receive as a credit against its Obligations
      any
      incremental interest expense with respect to the Loans for the period during
      which the increase existed and (ii) if the initial change in the Applicable
      Margin were a decrease, then the Borrower shall promptly pay to the Agent for
      the benefit of the Lenders additional interest with respect to the Loans for
      the
      period during which the decrease existed determined as if such decrease had
      not
      occurred.

     

    Section
      2.5. Number of Interest Periods.

     

    There
      may
      be no more than 6 different Interest Periods for LIBOR Loans outstanding at
      the
      same time.

     

    Section
      2.6. Repayment of Loans.

     

    The
      Borrower shall repay the entire outstanding principal amount of, and all accrued
      but unpaid interest on, the Loans, together with all other amounts then
      outstanding under this Agreement, on the Maturity Date (or such earlier date
      on
      which prepayments are required pursuant to Section 2.7(b) or on which the Loans
      become due and payable pursuant to Section 10).

     

     

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

    

    Section
      2.7. Prepayments.

     

    (a) Optional.
      Subject
      to Section 4.4., the Borrower may prepay any Loan at any time without premium
      or
      penalty. The Borrower shall give the Agent at least one Business Day’s prior
      written notice of the prepayment of any Interim Loan and the Agent shall give
      each Lender notice of any such prepayment promptly upon receipt of such notice
      from the Borrower.

     

    (b) Mandatory.
      

     

    (i) Promptly
      (but in any event, not to exceed ten (10) Business Days) following the receipt
      of any Net Proceeds of any Asset Sale by the Borrower or any of its Subsidiaries
      after the Effective Date, the Borrower shall prepay the Interim Loans in an
      aggregate amount equal to 100% of such Net Proceeds;

     

    (ii) promptly
      (but in any event, not to exceed ten (10) Business Days) following the receipt
      of any Net Proceeds of any incurrence or issuance of Indebtedness by the
      Borrower or any of its Subsidiaries after the Effective Date, the Borrower
      shall
      prepay the Interim Loans in an aggregate amount equal to 100% of such Net
      Proceeds; provided, that no such prepayment shall be required with respect
      to
      the receipt of Net Proceeds of any incurrence or issuance of Indebtedness by
      the
      Borrower or any of its Subsidiaries (A) pursuant to this Agreement,
      (B) pursuant to the Revolving Credit Agreement to the extent that the
      aggregate amount of Indebtedness incurred under the Revolving Credit Agreement
      does not, at any one time, exceed $750.0 million or (C) owed to the
      Borrower or any of its Subsidiaries;

     

    (iii) promptly
      (but in any event, not to exceed ten (10) Business Days) following the receipt
      of any Net Proceeds (from a Person other than the Borrower or any of its
      Subsidiaries) of any Equity Issuance by the Borrower after the Effective Date,
      the Borrower shall prepay the Interim Loans in an aggregate amount equal to
      100%
      of such Net Proceeds; provided, that no such prepayment shall be required with
      respect to the receipt of Net Proceeds of any Equity Issance by the Borrower
      of
      not more than an aggregate amount of $25.0 million to directors, officers or
      employees of the Borrower or any of its Subsidiaries; and

     

    (iv) promptly
      (but in any event, not to exceed ten (10) Business Days) following the receipt
      of any Net Proceeds of any Casualty Event by the Borrower or any of its
      Subsidiaries after the Effective Date, the Borrower shall prepay the Interim
      Loans in an aggregate amount equal to 100% of such Net Proceeds; provided,
      that
      no such prepayment shall be required unless (a) the aggregate Net Proceeds
      of
      all such Casualty Events exceeds $10.0 million, in which case only such excess
      shall be applied to prepay the Interim Loans or (b) the Net Proceeds of any
      Casualty Event exceeds $10.0 million, in which case all Net Proceeds from such
      Casualty Event shall be applied to prepay the Interim Loans.

     

    Such
      payment shall be applied to pay all amounts of principal outstanding on the
      Loans pro rata in accordance with Section 3.2. If any outstanding LIBOR Loans
      are paid by reason of this subsection (b) prior to the end of the applicable
      Interest Period therefor, the Borrower shall pay all amounts due under Section
      4.4.

     

     

    
      
        
        

      

      
        -31-

        
          

        

      

      
        
        

      

    

    Section
      2.8. Continuation.

     

    So
      long
      as no Default or Event of Default shall exist, the Borrower may on any Business
      Day, with respect to any LIBOR Loan, elect to maintain such LIBOR Loan or any
      portion thereof as a LIBOR Loan by selecting a new Interest Period for such
      LIBOR Loan. Each new Interest Period selected under this Section shall commence
      on the last day of the immediately preceding Interest Period. Each selection
      of
      a new Interest Period shall be made by the Borrower giving to the Agent a Notice
      of Continuation not later than 11:00 a.m. on the third Business Day prior to
      the
      date of any such Continuation. Such notice by the Borrower of a Continuation
      shall be in the form of a Notice of Continuation, specifying (a) the proposed
      date of such Continuation, (b) the LIBOR Loans and portions thereof subject
      to
      such Continuation and (c) the duration of the selected Interest Period, all
      of
      which shall be specified in such manner as is necessary to comply with all
      limitations on Loans outstanding hereunder. Each Notice of Continuation shall
      be
      irrevocable by and binding on the Borrower once given. Promptly after receipt
      of
      a Notice of Continuation, the Agent shall notify each Lender by telecopy, or
      other similar form of transmission, of the proposed Continuation. If the
      Borrower shall fail to select in a timely manner a new Interest Period for
      any
      LIBOR Loan in accordance with this Section, or if a Default or Event of Default
      shall exist at such time, such Loan will automatically, on the last day of
      the
      current Interest Period therefor, Convert into a Base Rate Loan notwithstanding
      the first sentence of Section 2.9. or the Borrower’s failure to comply with any
      of the terms of such Section.

     

    Section
      2.9. Conversion.

     

    (a) Subject
      to Section 2.9(b), so long as no Default or Event of Default shall exist, the
      Borrower may on any Business Day, upon the Borrower’s giving of a Notice of
      Conversion to the Agent, Convert all or a portion of an Interim Loan of one
      Type
      into an Interim Loan of another Type. Any Conversion of a LIBOR Loan into a
      Base
      Rate Loan shall be made on, and only on, the last day of an Interest Period
      for
      such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan,
      the
      Borrower shall pay accrued interest to the date of Conversion on the principal
      amount so Converted. Each such Notice of Conversion shall be given not later
      than 11:00 a.m. on the Business Day prior to the date of any proposed Conversion
      into Base Rate Loans and on the third Business Day prior to the date of any
      proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of
      Conversion, the Agent shall notify each Lender by telecopy, or other similar
      form of transmission, of the proposed Conversion. Subject to the restrictions
      specified above, each Notice of Conversion shall be in the form of a Notice
      of
      Conversion specifying (a) the requested date of such Conversion, (b) the Type
      of
      Loan to be Converted, (c) the portion of such Type of Loan to be Converted,
      (d)
      the Type of Loan such Loan is to be Converted into and (e) if such Conversion
      is
      into a LIBOR Loan, the requested duration of the Interest Period of such Loan.
      Each Notice of Conversion shall be irrevocable by and binding on the Borrower
      once given.

     

    (b) Notwithstanding
      Section 2.9(a), the Borrower shall not Convert all or a portion of an Interim
      Loan that is a Base Rate Loan into a LIBOR Loan prior to the date that is 30
      days after the Effective Date unless no Default or Event of Default shall exist
      and (i) the Lead Arranger, in its sole discretion, consents to such Conversion,
      or (ii) the Lead Arranger determines that the completion of the primary
      syndication of the Interim Loan shall have occurred; provided, however, that
      commencing on the fifth day after the Effective Date, the Borrower may
      nevertheless, 

     

    
      
        
        

      

      
        -32-

        
          

        

      

      
        
        

      

    

    until
      the
      date that is 30 days after the Effective Date, unless a Default or Event of
      Default shall exist, Convert all or a portion of an Interim Loan that is a
      Base
      Rate Loan into a LIBOR Loan with an interest period of 14 days.

     

    Section
      2.10. Notes.

     

    (a) Interim
      Note.
      The
      Interim Loans made by each Lender shall, in addition to this Agreement, also
      be
      evidenced by a promissory note of the Borrower substantially in the form of
      Exhibit H (each an “Interim
      Note”),
      payable to the order of such Lender in a principal amount equal to the amount
      of
      its Interim Loan as originally in effect and otherwise duly
      completed.

     

    (b) Records.
      The
      date, amount, interest rate, Type and duration of Interest Periods (if
      applicable) of each Loan made by each Lender to the Borrower, and each payment
      made on account of the principal thereof, shall be recorded by such Lender
      on
      its books and such entries shall be binding on the Borrower absent manifest
      error.

     

    (c) Lost,
      Stolen, Destroyed or Mutilated Notes.
      Upon
      receipt by the Borrower of (i) written notice from a Lender that a Note of
      such
      Lender has been lost, stolen, destroyed or mutilated, and (ii) (A) in the case
      of loss, theft or destruction, an unsecured agreement of indemnity from such
      Lender in form reasonably satisfactory to the Borrower, or (B) in the case
      of
      mutilation, upon surrender and cancellation of such Note, the Borrower shall
      at
      its own expense execute and deliver to such Lender a new Note dated the date
      of
      such lost, stolen, destroyed or mutilated Note.

     

    
      Section
        2.11. Termination
        of Commitments.

    

     

    The
      Commitments shall automatically terminate at 5:00 p.m., New York City time,
      on
      the Effective Date. Notwithstanding the foregoing, all the Commitments shall
      automatically terminate and this Agreement shall be of no further force or
      effect at 5:00 p.m., New York City time, on March 31, 2007 (or June 30, 2007,
      to
      the extent the Borrower has exercised its right under Section 8.01(b) of the
      Merger Agreement to delay the closing of the Merger past March 31, 2007), if
      the
      Interim Loans shall not have been made by such time.

     

    Article
      III. Payments, Fees and Other General Provisions

     

    Section
      3.1. Payments.

     

    Except
      to
      the extent otherwise provided herein, all payments of principal, interest and
      other amounts to be made by the Borrower under this Agreement or any other
      Loan
      Document shall be made in Dollars, in immediately available funds, without
      deduction, set off or counterclaim, to the Agent at its Principal Office, not
      later than 2:00 p.m. on the date on which such payment shall become due
      (each such payment made after such time on such due date to be deemed to have
      been made on the next succeeding Business Day). Subject to Sections 3.2. and
      3.3., the Agent may (but shall not be obligated to) debit the amount of any
      such
      payment which is not made by such time from any special or general deposit
      account of the Borrower with the Agent (with notice to the Borrower). The
      Borrower shall, at the time of making each payment under this Agreement or
      any
      Note, specify to the Agent the amounts payable by the Borrower hereunder to
      which such payment is to be applied. Each payment received by the Agent for
      the

     

    
      
        
        

      

      
        -33-

        
          

        

      

      
        
        

      

    

    account
      of a Lender under this Agreement or any Note shall be paid to such Lender at
      the
      applicable Lending Office of such Lender no later than 5:00 p.m. on the
      date of the Agent’s receipt thereof. If the Agent fails to pay such amount to a
      Lender as provided in the previous sentence, the Agent shall pay interest on
      such amount until paid at a rate per annum equal to the Federal Funds Rate
      from
      time to time in effect. If the due date of any payment under this Agreement
      or
      any other Loan Document would otherwise fall on a day which is not a Business
      Day such date shall be extended to the next succeeding Business Day and interest
      shall be payable for the period of such extension.

     

    Section
      3.2. Pro Rata Treatment.

     

    Except
      to
      the extent otherwise provided herein: (a) each borrowing from the Lenders under
      Section 2.1.(a) shall be made from the Lenders, each payment of the Fees under
      Section 3.6. (other than any administrative agency fee payable to the Agent)
      shall be made for the account of the Lenders, pro rata according to the
      respective outstanding principal amounts of the Interim Loans then held by
      the
      Lenders; (b) each payment or prepayment of principal of Interim Loans by the
      Borrower shall be made for the account of the Lenders pro rata in accordance
      with the respective outstanding principal amounts of the Interim Loans then
      held
      by the Lenders; (c) each payment of interest on Interim Loans by the Borrower
      shall be made for the account of the Lenders pro rata in accordance with the
      respective outstanding principal amounts of the Interim Loans then held by
      the
      Lenders; and (d) the making, Conversion and Continuation of Interim Loans of
      a
      particular Type (other than Conversions provided for by Section 4.6.) shall
      be
      made pro rata among the Lenders according to the respective outstanding
      principal amounts of the Interim Loans then held by the Lenders and the then
      current Interest Period for each Lender’s portion of each Loan of such Type
      shall be coterminous.

     

    Section
      3.3. Sharing of Payments, Etc.

     

    If
      a
      Lender shall obtain payment of any principal of, or interest on, any Loan made
      by it to the Borrower under this Agreement, or shall obtain payment on any
      other
      Obligation owing by the Borrower or a Loan Party through the exercise of any
      right of set off, banker’s lien or counterclaim or similar right or otherwise or
      through voluntary or mandatory prepayments directly to a Lender or other
      payments made by the Borrower to a Lender not in accordance with the terms
      of
      this Agreement and such payment should be distributed to the Lenders pro rata
      in
      accordance with Section 3.2. or Section 10.4., as applicable, such Lender shall
      promptly purchase from the other Lenders participations in (or, if and to the
      extent specified by such Lender, direct interests in) the Loans made by the
      other Lenders or other Obligations owed to such other Lenders in such amounts,
      and make such other adjustments from time to time as shall be equitable, to
      the
      end that all the Lenders shall share the benefit of such payment (net of any
      reasonable expenses which may be incurred by such Lender in obtaining or
      preserving such benefit) pro rata in accordance with Section 3.2. or Section
      10.4. To such end, all the Lenders shall make appropriate adjustments among
      themselves (by the resale of participations sold or otherwise) if such payment
      is rescinded or must otherwise be restored. The Borrower agrees that any Lender
      so purchasing a participation (or direct interest) in the Loans or other
      Obligations owed to such other Lenders may exercise all rights of set off,
      banker’s lien, counterclaim or similar rights with respect to such participation
      as fully as if such Lender were a direct holder of Loans in the amount of such
      participation. Nothing contained herein shall require any Lender to exercise
      any
      such right or 

     

    
      
        
        

      

      
        -34-

        
          

        

      

      
        
        

      

    

    shall
      affect the right of any Lender to exercise, and retain the benefits of
      exercising, any such right with respect to any other indebtedness or obligation
      of the Borrower.

     

    Section
      3.4. Several Obligations.

     

    No
      Lender
      shall be responsible for the failure of any other Lender to make a Loan or
      to
      perform any other obligation to be made or performed by such other Lender
      hereunder, and the failure of any Lender to make a Loan or to perform any other
      obligation to be made or performed by it hereunder shall not relieve the
      obligation of any other Lender to make any Loan or to perform any other
      obligation to be made or performed by such other Lender.

     

    Section
      3.5. Minimum Amounts.

     

    (a) Borrowings
      and Conversions. Each borrowing of Base Rate Loans shall be in an aggregate
      minimum amount of $1,000,000 and integral multiples of $500,000 in excess
      thereof. Each Conversion to LIBOR Loans shall be in the aggregate minimum amount
      of $5,000,000 and integral multiples of $1,000,000 in excess of that
      amount.

     

    (b) Prepayments.
      Each
      voluntary prepayment of Interim Loans shall be in an aggregate minimum amount
      of
      $5,000,000 and integral multiples of $1,000,000 in excess thereof (or, if less,
      the aggregate principal amount of Interim Loans then outstanding).

     

    Section
      3.6. Fees.

     

    (a) Funding
      Fee.
      The
      Borrower Agrees to pay to the Agent for the account of each Lender, on a pro
      rata basis, on each Payment Date, a funding fee equal to (i) 25.0% of the
      Applicable Percentage, multiplied by (ii) the aggregate principal amount of
      the
      Interim Loans outstanding on such Payment Date.

     

    (b) Administrative
      and Other Fees.
      The
      Borrower agrees to pay the administrative and other fees of the Agent as may
      be
      agreed to in writing from time to time.

     

    Section
      3.7. Computations.

     

    Unless
      otherwise expressly set forth herein, any accrued interest on any Loan, any
      Fees
      or any other Obligations due hereunder shall be computed on the basis of a
      year
      of 360 days and the actual number of days elapsed, except that any accrued
      interest on any Loan that is a Base Rate Loan shall be computed on the basis
      of
      a year of 365 days (or 366 days in a leap year) and the actual number of days
      elapsed.

     

    Section
      3.8. Usury.

     

    In
      no
      event shall the amount of interest due or payable on the Loans or other
      Obligations exceed the maximum rate of interest allowed by Applicable Law and,
      if any such payment is paid by the Borrower or any other Loan Party or received
      by any Lender, then such excess sum shall be credited as a payment of principal,
      unless the Borrower shall notify the respective Lender in writing that the
      Borrower elects to have such excess sum returned to it forthwith. It is the
      express intent of the parties hereto that the Borrower not pay and the Lenders
      not receive, 

     

    
      
        
        

      

      
        -35-

        
          

        

      

      
        
        

      

    

    directly
      or indirectly, in any manner whatsoever, interest in excess of that which may
      be
      lawfully paid by the Borrower under Applicable Law.

     

    Section
      3.9. Agreement Regarding Interest and Charges.

     

    The
      parties hereto hereby agree and stipulate that the only charge imposed upon
      the
      Borrower for the use of money in connection with this Agreement is and shall
      be
      the interest specifically described in Section 2.4.(a)(i) and (ii).
      Notwithstanding the foregoing, the parties hereto further agree and stipulate
      that all agency fees, syndication fees, funding fees, closing fees, underwriting
      fees, default charges, late charges, funding or “breakage” charges, increased
      cost charges, attorneys’ fees and reimbursement for costs and expenses paid by
      the Agent or any Lender to third parties or for damages incurred by the Agent
      or
      any Lender, or any other similar amounts are charges made to compensate the
      Agent or any such Lender for underwriting or administrative services and costs
      or losses performed or incurred, and to be performed or incurred, by the Agent
      and the Lenders in connection with this Agreement and shall under no
      circumstances be deemed to be charges for the use of money. All charges other
      than charges for the use of money shall be fully earned and nonrefundable when
      due.

     

    Section
      3.10. Statements of Account.

     

    The
      Agent
      will account to the Borrower monthly with a statement of Loans, accrued interest
      and Fees, charges and payments made pursuant to this Agreement and the other
      Loan Documents, and such account rendered by the Agent shall be deemed
      conclusive upon Borrower absent manifest error. The failure of the Agent to
      deliver such a statement of accounts shall not relieve or discharge the Borrower
      from any of its obligations hereunder.

     

    Section
      3.11. Defaulting Lenders.

     

    (a) Generally.
      If for
      any reason any Lender (a “Defaulting
      Lender”)
      shall
      fail or refuse to make Interim Loans to the Borrower in an aggregate principal
      amount equal to such Lender’s Commitment on the Effective Date, then, in
      addition to the rights and remedies that may be available to the Agent or the
      Borrower under this Agreement or Applicable Law, such Defaulting Lender’s right
      to participate in the administration of the Loans, this Agreement and the other
      Loan Documents, including without limitation, any right to vote in respect
      of,
      to consent to or to direct any action or inaction of the Agent or to be taken
      into account in the calculation of the Requisite Lenders, shall be suspended
      during the pendency of such failure or refusal. If a Defaulting Lender has
      failed to make available to the Agent, in immediate available funds, the full
      amount of the proceeds of the Interim Loan to be made by such Lender pursuant
      to
      Section 2.1.(c) hereof, in addition to other rights and remedies which the
      Agent
      or the Borrower may have under the immediately preceding provisions or
      otherwise, the Agent shall be entitled (i) to collect interest from such
      Defaulting Lender on such delinquent payment for the period from the date on
      which the payment was due until the date on which the payment is made at the
      Federal Funds Rate, (ii) to withhold or setoff and to apply in satisfaction
      of
      the defaulted payment and any related interest, any amounts otherwise payable
      to
      such Defaulting Lender under this Agreement or any other Loan Document and
      (iii)
      to bring an action or suit against such Defaulting Lender in a court of
      competent jurisdiction to recover the defaulted amount and any related interest.
      Any amounts received by the Agent in respect of a Defaulting Lender’s Loans
      shall not 

     

    
      
        
        

      

      
        -36-

        
          

        

      

      
        
        

      

    

    be
      paid
      to such Defaulting Lender and shall be held uninvested by the Agent and either
      applied against the purchase price of such Loans under the following subsection
      (b) or paid to such Defaulting Lender upon the Defaulting Lender’s curing of its
      default.

     

    (b) Purchase
      or Cancellation of Defaulting Lender’s Commitment and Loans.
      Any
      Lender who is not a Defaulting Lender shall have the right, but not the
      obligation, in its sole discretion, to acquire all of a Defaulting Lender’s
      unfunded Commitment and Loans, if any. Any Lender desiring to exercise such
      right shall give written notice thereof to the Agent and the Borrower no sooner
      than 2 Business Days and not later than 5 Business Days after such Defaulting
      Lender became a Defaulting Lender. If more than one Lender exercises such right,
      each such Lender shall have the right to acquire an amount of such Defaulting
      Lender’s unfunded Commitment and Loans, if any, in proportion to the Commitments
      or Loans, as the case may be, of the other Lenders exercising such right. If
      after such 5th Business Day, the Lenders have not elected to purchase all of
      the
      unfunded Commitment and Loans, if any, of such Defaulting Lender, then the
      Borrower may, by giving written notice thereof to the Agent, such Defaulting
      Lender and the other Lenders, demand that such Defaulting Lender assign its
      unfunded Commitment and Loans, if any, to an Eligible Assignee subject to and
      in
      accordance with the provisions of Section 12.5.(d) for the purchase price
      provided for below. No party hereto shall have any obligation whatsoever to
      initiate any such replacement or to assist in finding an Eligible Assignee.
      Upon
      any such purchase or assignment, the Defaulting Lender’s interest in its
      unfunded Commitment and Loans, if any, and its rights hereunder (but not its
      liability in respect thereof or under the Loan Documents or this Agreement
      to
      the extent the same relate to the period prior to the effective date of the
      purchase) shall terminate on the date of purchase, and the Defaulting Lender
      shall promptly execute all documents reasonably requested to surrender and
      transfer such interest to the purchaser or assignee thereof, including an
      appropriate Assignment and Acceptance Agreement and, notwithstanding Section
      12.5.(d), shall pay to the Agent an assignment fee in the amount of $3,500.
      The
      purchase price for the unfunded Commitment and Loans, if any, of a Defaulting
      Lender shall be equal to the amount of the principal balance of the Loans,
      if
      any, outstanding and owed by the Borrower to the Defaulting Lender. Prior to
      payment of such purchase price to a Defaulting Lender, the Agent shall apply
      against such purchase price any amounts retained by the Agent pursuant to the
      last sentence of the immediately preceding subsection (a). There shall be no
      recourse against any Lender or the Agent for the payment of such sums except
      to
      the extent of the receipt of payments from any other party or in respect of
      the
      Loans.

     

    Section
      3.12. Taxes.

     

    (a) Taxes
      Generally.
      All
      payments by the Loan Parties of principal of, and interest on, the Loans and
      all
      other Obligations shall be made free and clear of and without deduction for
      any
      present or future excise, stamp or other taxes, fees, duties, levies, imposts,
      charges, deductions, withholdings or other charges of any nature whatsoever
      imposed by any taxing authority, but excluding (i) any taxes, including, but
      not
      limited to, franchise taxes and taxes imposed on or measured by net income,
      assets, receipts or branch profits, that would not be imposed but for a
      connection between the Agent or a Lender and the jurisdiction imposing such
      taxes (other than a connection arising solely by virtue of the Transactions
      or
      the activities of the Agent or such Lender pursuant to or in respect of this
      Agreement or any other Loan Document), (ii) in the case of a Lender organized
      under the laws of a jurisdiction outside of the United States of America

     

    
      
        
        

      

      
        -37-

        
          

        

      

      
        
        

      

    

    (other
      than an assignee pursuant to a request by the Borrower under Section 4.5),
      any
      U.S. federal withholding tax that is imposed under a law in effect at the time
      such Lender becomes a party hereto (or designates a new Lending Office), except
      to the extent that such Lender (or its assignor, if any) was entitled, at the
      time of designation of a new Lending Office (or assignment), to receive
      additional amounts from the Borrower with respect to such withholding tax
      pursuant to Section 3.12, and (iii) any taxes attributable to a Lender’s failure
      to comply with Section 3.12(c) (such non excluded items being collectively
      called “Taxes”).
      If
      any withholding or deduction from any payment to be made by the Loan Parties
      hereunder is required in respect of any Taxes pursuant to any Applicable Law,
      then the Loan Parties will:

     

    (i) pay
      directly to the relevant Governmental Authority the full amount required to
      be
      so withheld or deducted;

     

    (ii) promptly
      forward to the Agent an official receipt or other documentation reasonably
      satisfactory to the Agent evidencing such payment to such Governmental
      Authority; and

     

    (iii) pay
      to
      the Agent for its account or the account of the applicable Lender, as the case
      may be, such additional amount or amounts as is necessary to ensure that the
      net
      amount actually received by the Agent or such Lender will equal the full amount
      that the Agent or such Lender would have received had no such withholding or
      deduction been required.

     

    (b) Tax
      Indemnification.
      The
      Borrower shall indemnify and hold harmless the Agent and each Lender within
      15
      Business Days after written demand therefor, for the full amount of any Taxes
      imposed on the Agent or such Lender as the case may be, on or with respect
      to
      any payment by or on account of any obligation of the Borrower hereunder or
      under any other Loan Document (including Taxes imposed or asserted on or
      attributable to amounts payable under this Section 3.12) and any interest,
      penalties or reasonable expenses arising therefrom or with respect
      thereto.

     

    (c) Tax
      Forms.
      Prior
      to the date that any Lender or participant organized under the laws of a
      jurisdiction outside the United States of America becomes a party hereto, such
      Person shall deliver to the Borrower and the Agent, to the extent it is legally
      entitled to do so, such certificates, documents or other evidence, as required
      by the Internal Revenue Code or treasury regulations issued pursuant thereto
      (including Internal Revenue Service Forms W-8ECI and W-8BEN,
      as applicable, or appropriate successor forms), properly completed, currently
      effective and duly executed by such Lender or participant establishing that
      payments to it hereunder and under the Notes are (i) not subject to United
      States Federal backup withholding tax and (ii) not subject to United States
      Federal withholding tax under the Internal Revenue Code because (a) such
      payment is effectively connected with the conduct by such Lender or participant
      of a trade or business in the United States, (b) such payment is totally exempt
      from United States Federal withholding tax by reason of the application of
      the
      provisions of a treaty to which the United States is a party or (c) such Lender
      or participant, as applicable, is otherwise wholly exempt. In addition, to
      the
      extent it is legally entitled to do so, any such Lender or participant shall
      deliver to the Borrower and the Agent further copies of any such certificate,
      document or other evidence on or before the date that any such certificate,
      document or other evidence expires or 

     

    
      
        
        

      

      
        -38-

        
          

        

      

      
        
        

      

    

    becomes
      obsolete and after the occurrence of any event requiring a change in the most
      recent form previously delivered by it, in each case establishing that payments
      to it hereunder and under the Notes are (i) not subject to United States Federal
      backup withholding tax and (ii) not subject to United States Federal withholding
      tax under the Internal Revenue Code because (a) such payment is effectively
      connected with the conduct by such Lender or participant of a trade or business
      in the United States, (b) such payment is totally exempt from United States
      Federal withholding tax by reason of the application of the provisions of a
      treaty to which the United States is a party or (c) such Lender or participant,
      as applicable, is otherwise wholly exempt. If an event (including, without
      limitation, any change in Applicable Law) has occurred prior to the date on
      which any such delivery would otherwise be required which would prevent such
      Lender or participant, as applicable, from duly completing and delivering any
      such certificates, documents or other evidence form with respect to it, such
      Lender or participant, as applicable, shall advise the Borrower and the Agent
      in
      writing that it can no longer provide such form.

     

    (d) Refunds
      and Credits.
      If any
      Lender or Agent determines, in its sole discretion, that it has received a
      refund (whether in cash or as a credit against other taxes) in respect of any
      Taxes as to which indemnification or additional amounts have been paid to it
      by
      the Loan Parties pursuant to this Section 3.12, it shall promptly remit such
      refund (or the amount of such credit) (but only to the extent of indemnity
      payments made, or additional amounts paid, by the Loan Parties under this
      Section 3.12 with respect to the Taxes giving rise to such refund (or credit)
      plus any interest included in such refund (or credit) by the relevant taxing
      authority attributable thereto) to the Loan Parties, net of all out-of-pocket
      expenses of the Lender or Agent, as the case may be and without interest (other
      than any interest paid by the relevant taxing authority with respect to such
      refund (or credit)); provided that the Loan Parties, upon the request of the
      Lender or Agent, as the case may be, agree promptly to return such amount to
      such party (plus any interest imposed by the relevant taxing authority) in
      the
      event such party is required to repay such refund (or credit) to the relevant
      taxing authority. Such Lender or Agent, as the case may be, shall, at the
      Borrower’s request, provide the Borrower with a copy of any notice of assessment
      or other evidence of the requirement to repay such refund (or credit) received
      from the relevant taxing authority (provided that such Lender or Agent may
      delete any information therein that such Lender or Agent deems confidential).
      Notwithstanding anything to the contrary, in no event shall any Lender or Agent
      be required to pay to the Borrower any amount the payment of which would leave
      such Lender or Agent in a less favorable net after-tax position than it would
      have been in if the Tax giving rise to additional amounts or indemnification
      payments had not been imposed in the first instance. Nothing herein contained
      shall interfere with the right of a Lender or Agent to arrange its tax affairs
      in whatever manner it thinks fit nor oblige any Lender or Agent to claim any
      tax
      refund or to make available its tax returns or disclose any information relating
      to its tax affairs or any computations in respect thereof or require any Lender
      or Agent to do anything that would prejudice its ability to benefit from any
      other refunds, credits, relief, remissions or repayments to which it may be
      entitled.

     

    Article
      IV. Yield Protection, Etc.

     

    Section
      4.1. Additional Costs; Capital Adequacy.

     

    (a) Additional
      Costs.
      The
      Borrower shall promptly pay to the Agent for the account of a Lender from time
      to time such amounts as such Lender may determine to be necessary to

     

    
      
        
        

      

      
        -39-

        
          

        

      

      
        
        

      

    

    compensate
      such Lender for any costs incurred by such Lender that it determines are
      attributable to its making or maintaining of any LIBOR Loans or its obligation
      to make any LIBOR Loans hereunder, any reduction in any amount receivable by
      such Lender under this Agreement or any of the other Loan Documents in respect
      of any of such Loans or such obligation or the maintenance by such Lender of
      capital in respect of its Loans or its Commitment (such increases in costs
      and
      reductions in amounts receivable being herein called “Additional
      Costs”),
      resulting from any Regulatory Change that: (i) changes the basis of taxation
      of
      any amounts payable to such Lender under this Agreement or any of the other
      Loan
      Documents in respect of any of such Loans or its Commitment (other than taxes,
      fees, duties, levies, imposts, charges, deductions, withholdings or other
      charges which are excluded from the definition of Taxes pursuant to the first
      sentence of Section 3.12.(a)); or (ii) imposes, modifies or deems applicable
      any
      reserve, special deposit or similar requirements (other than Regulation D of
      the
      Board of Governors of the Federal Reserve System or other reserve requirement
      to
      the extent utilized in the determination of the Adjusted Eurodollar Rate for
      such Loan) relating to any extensions of credit or other assets of, or any
      deposits with or other liabilities of, such Lender, or any commitment of such
      Lender (including, without limitation, the Commitment of such Lender hereunder);
      or (iii) has or would have the effect of reducing the rate of return on capital
      of such Lender to a level below that which such Lender could have achieved
      but
      for such Regulatory Change (taking into consideration such Lender’s policies
      with respect to capital adequacy).

     

    (b) Lender’s
      Suspension of LIBOR Loans.
      Without
      limiting the effect of the provisions of the immediately preceding subsection
      (a), if, by reason of any Regulatory Change, any Lender either (i) incurs
      Additional Costs based on or measured by the excess above a specified level
      of
      the amount of a category of deposits or other liabilities of such Lender that
      includes deposits by reference to which the interest rate on LIBOR Loans is
      determined as provided in this Agreement or a category of extensions of credit
      or other assets of such Lender that includes LIBOR Loans or (ii) becomes subject
      to restrictions on the amount of such a category of liabilities or assets that
      it may hold, then, if such Lender so elects by notice to the Borrower (with
      a
      copy to the Agent), the obligation of such Lender to make or Continue, or to
      Convert any other Type of Loans into, LIBOR Loans hereunder shall be suspended
      until such Regulatory Change ceases to be in effect (in which case the
      provisions of Section 4.6. shall apply).

     

    (c) [Reserved].

     

    (d) Notification
      and Determination of Additional Costs.
      Each of
      the Agent and each Lender agrees to notify the Borrower of any event occurring
      after the Agreement Date entitling the Agent or such Lender to compensation
      under any of the preceding subsections of this Section as promptly as
      practicable; provided, however, the failure of the Agent or any Lender to give
      such notice shall not release the Borrower from any of its obligations
      hereunder; provided, however, that notwithstanding the foregoing provisions
      of
      this Section, the Agent or a Lender, as the case may be, shall not be entitled
      to compensation for any such amount relating to any period ending more than
      six
      months prior to the date that the Agent or such Lender, as applicable, first
      notifies the Borrower in writing thereof (except that, if the Regulatory Change
      entitling the Agent or such Lender to compensation is retroactive, then the
      six-month period referred to herein shall be extended to include the period
      of
      retroactive effect thereof) or for any amounts resulting from a change by any
      Lender of its Lending Office (other than changes required by Applicable Law).
      Each of the Agent and each such Lender agrees to furnish to the Borrower a
      certificate 

     

    
      
        
        

      

      
        -40-

        
          

        

      

      
        
        

      

    

    setting
      forth the basis and amount of each request by the Agent or such Lender for
      compensation under this Section. Absent manifest error, determinations by the
      Agent or any Lender of the effect of any Regulatory Change shall be conclusive,
      provided that such determinations are made on a reasonable basis and in good
      faith.

     

    Section
      4.2. Suspension of LIBOR Loans.

     

    Anything
      herein to the contrary notwithstanding, if, on or prior to the determination
      of
      any Adjusted Eurodollar Rate for any Interest Period:

     

    (a) the
      Agent
      reasonably determines (which determination shall be conclusive) that by reason
      of circumstances affecting the relevant market, adequate and reasonable means
      do
      not exist for ascertaining the Adjusted Eurodollar Rate for such Interest
      Period, or

     

    (b) the
      Agent
      reasonably determines (which determination shall be conclusive) that the
      Adjusted Eurodollar Rate will not adequately and fairly reflect the cost to
      the
      Lenders of making or maintaining LIBOR Loans for such Interest
      Period;

     

    then
      the
      Agent shall give the Borrower and each Lender prompt notice thereof and, so
      long
      as such condition remains in effect, the Lenders shall be under no obligation
      to, and shall not, make additional LIBOR Loans, Continue LIBOR Loans or Convert
      Loans into LIBOR Loans and the Borrower shall, on the last day of each current
      Interest Period for each outstanding LIBOR Loan, either repay such Loan or
      Convert such Loan into a Base Rate Loan.

     

    Section
      4.3. Illegality.

     

    Notwithstanding
      any other provision of this Agreement, if it becomes unlawful for any Lender
      to
      honor its obligation to make or maintain LIBOR Loans hereunder, then such Lender
      shall promptly notify the Borrower thereof (with a copy to the Agent) and such
      Lender’s obligation to make or Continue, or to Convert Loans of any other Type
      into, LIBOR Loans shall be suspended until such time as such Lender may again
      make and maintain LIBOR Loans (in which case the provisions of Section 4.6.
      shall be applicable).

     

    Section
      4.4. Compensation.

     

    The
      Borrower shall pay to the Agent for the account of each Lender, upon the request
      of such Lender through the Agent, such amount or amounts as shall be sufficient
      (in the reasonable opinion of such Lender) to compensate it for any loss, cost
      or expense that such Lender determines is attributable to:

     

    (a) any
      payment or prepayment (whether mandatory or optional) of a LIBOR Loan, or
      Conversion of a LIBOR Loan, made by such Lender for any reason (including,
      without limitation, acceleration) on a date other than the last day of the
      Interest Period for such Loan; or

     

    (b) any
      failure by the Borrower for any reason (including, without limitation, the
      failure of any of the applicable conditions precedent specified in Article
      V. to
      be sat-

     

    
      
        
        

      

      
        -41-

        
          

        

      

      
        
        

      

    

    isfied)
      to borrow a LIBOR Loan from such Lender on the date requested for such
      borrowing, or to Convert a Base Rate Loan into a LIBOR Loan or Continue a LIBOR
      Loan on the requested date of such Conversion or Continuation.

     

    Upon
      the
      Borrower’s request, any Lender requesting compensation under this Section shall
      provide the Borrower with a statement setting forth the basis for requesting
      such compensation and the method for determining the amount thereof. Absent
      manifest error, determinations by any Lender in any such statement shall be
      conclusive, provided that such determinations are made on a reasonable basis
      and
      in good faith.

     

    Section
      4.5. Affected Lenders.

     

    If
      (a) a
      Lender requests compensation pursuant to Section 3.12. or 4.1., and the
      Requisite Lenders are not also doing the same, or (b) the obligation of any
      Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into,
      LIBOR Loans shall be suspended pursuant to Section 4.1.(b) or 4.3. but the
      obligation of the Requisite Lenders shall not have been suspended under such
      Sections, then, so long as there does not then exist any Default or Event of
      Default, the Borrower may either (i) demand that such Lender (the “Affected
      Lender”),
      and
      upon such demand the Affected Lender shall promptly, assign its Interim Loans
      to
      an Eligible Assignee subject to and in accordance with the provisions of Section
      12.5.(d) for a purchase price equal to the aggregate principal balance of Loans
      then owing to the Affected Lender plus any accrued but unpaid interest thereon
      and accrued but unpaid fees owing to the Affected Lender, or (ii) pay to the
      Affected Lender the aggregate principal balance of Loans then owing to the
      Affected Lender plus any accrued but unpaid interest thereon and accrued but
      unpaid fees owing to the Affected Lender, whereupon the Affected Lender shall
      no
      longer be a party hereto or have any rights or obligations hereunder or under
      any of the other Loan Documents. Each of the Agent and the Affected Lender
      shall
      reasonably cooperate in effectuating the replacement of such Affected Lender
      under this Section, but at no time shall the Agent, such Affected Lender nor
      any
      other Lender be obligated in any way whatsoever to initiate any such replacement
      or to assist in finding an Eligible Assignee. The exercise by the Borrower
      of
      its rights under this Section shall be at the Borrower’s sole cost and expense
      and at no cost or expense to the Agent, the Affected Lender or any of the other
      Lenders. The terms of this Section shall not in any way limit the Borrower’s
      obligation to pay to any Affected Lender compensation owing to such Affected
      Lender pursuant to Section 3.12., 4.1. or 12.9.

     

    Section
      4.6. Treatment of Affected Loans.

     

    If
      the
      obligation of any Lender to make LIBOR Loans or to Continue, or to Convert
      Base
      Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1.(b),
      4.2. or 4.3., then such Lender’s LIBOR Loans shall be automatically Converted
      into Base Rate Loans on the last day(s) of the then current Interest Period(s)
      for LIBOR Loans (or, in the case of a Conversion required by Section 4.1.(b)
      or
      4.3., on such earlier date as such Lender may specify to the Borrower with
      a
      copy to the Agent) and, unless and until such Lender gives notice as provided
      below that the circumstances specified in Section 4.1. or 4.3. that gave rise
      to
      such Conversion no longer exist:

     

    
      
        
        

      

      
        -42-

        
          

        

      

      
        
        

      

    

    (a) to
      the
      extent that such Lender’s LIBOR Loans have been so Converted, all payments and
      prepayments of principal that would otherwise be applied to such Lender’s LIBOR
      Loans shall be applied instead to its Base Rate Loans; and

     

    (b) all
      Loans
      that would otherwise be made or Continued by such Lender as LIBOR Loans shall
      be
      made or Continued instead as Base Rate Loans, and all Base Rate Loans of such
      Lender that would otherwise be Converted into LIBOR Loans shall remain as Base
      Rate Loans.

     

    If
      such
      Lender gives notice to the Borrower (with a copy to the Agent) that the
      circumstances specified in Section 4.1. or 4.3. that gave rise to the Conversion
      of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which
      such Lender agrees to do promptly upon such circumstances ceasing to exist)
      at a
      time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s
      Base Rate Loans shall be automatically Converted, on the first day(s) of the
      next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the
      extent necessary so that, after giving effect thereto, all Loans held by the
      Lenders holding LIBOR Loans and by such Lender are held pro rata (as to
      principal amounts, Types and Interest Periods) in accordance with the respective
      outstanding principal amounts of the Interim Loans then held by each
      Lender.

     

    Section
      4.7. Change of Lending Office.

     

    Each
      Lender agrees that it will use reasonable efforts to designate an alternate
      Lending Office with respect to any of its Loans affected by the matters or
      circumstances described in Sections 3.12., 4.1. or 4.3. to reduce the liability
      of the Borrower or avoid the results provided thereunder, so long as such
      designation is not disadvantageous to such Lender as determined by such Lender
      in its sole discretion, except that such Lender shall have no obligation to
      designate a Lending Office located in the United States of America.

     

    Section
      4.8. Assumptions Concerning Funding of LIBOR Loans.

     

    Calculation
      of all amounts payable to a Lender under this Article IV. shall be made as
      though such Lender had actually funded LIBOR Loans through the purchase of
      deposits in the relevant market bearing interest at the rate applicable to
      such
      LIBOR Loans in an amount equal to the amount of the LIBOR Loans and having
      a
      maturity comparable to the relevant Interest Period; provided, however, that
      each Lender may fund each of its LIBOR Loans in any manner it sees fit and
      the
      foregoing assumption shall be used only for calculation of amounts payable
      under
      this Article IV.

     

    Article
      V. Conditions Precedent

     

     Section
      5.1. Conditions
      Precedent.

    The
      obligation of the Lenders to make the Interim Loans on the Effective Date is
      subject to the contemporaneous or prior satisfaction of the following conditions
      precedent:

     

    (a) The
      Agent
      shall have received each of the following, in form and substance satisfactory
      to
      the Agent:

     

    
      
        
        

      

      
        -43-

        
          

        

      

      
        
        

      

    

    (i) Counterparts
      of this Agreement executed by each of the parties hereto;

     

    (ii) Interim
      Notes executed by the Borrower, payable to each Lender requesting an Interim
      Note and complying with the applicable provisions of Section 2.10.;

     

    (iii) The
      Guaranty executed by each Guarantor existing as of the Effective Date (including
      TCA REIT and each other Material Subsidiary (other than an Excluded Subsidiary)
      formed or acquired in connection with the Merger and that will remain a
      Subsidiary after giving effect to the Travel Centers Distribution);

     

    (iv) An
      opinion of Sullivan & Worcester LLP, counsel to the Loan Parties, and an
      opinion of Venable LLP, special Maryland counsel to the Loan Parties, addressed
      to the Agent and the Lenders and covering such matters as are customary for
      financings of the type contemplated by the Loan Documents and such other matters
      as the Agent may reasonably request (including an opinion as to the continued
      REIT status of the Borrower after giving effect to the
      Transactions);

     

    (v) The
      declaration of trust of the Borrower certified as of a recent date by the
      Department of Assessments and Taxation of the State of Maryland;

     

    (vi) A
      good
      standing certificate with respect to the Borrower issued as of a recent date
      by
      the Department of Assessments and Taxation of the State of Maryland and
      certificates of qualification to transact business or other comparable
      certificates issued by the Secretary of State (and any state department of
      taxation, as applicable) of each state in which the Borrower is required to
      be
      so qualified and where the failure to be so qualified could reasonably be
      expected to have a Material Adverse Effect;

     

    (vii) A
      certificate of incumbency signed by the Secretary or Assistant Secretary of
      the
      Borrower with respect to each of the officers of the Borrower authorized to
      execute and deliver the Loan Documents to which the Borrower is a party and
      the
      officers of the Borrower then authorized to deliver the Notices of Borrowing,
      Notices of Continuation and Notices of Conversion;

     

    (viii) Copies,
      certified by the Secretary or Assistant Secretary of the Borrower, of all
      corporate (or comparable) action taken by the Borrower to authorize the
      execution, delivery and performance of the Loan Documents to which the Borrower
      is a party;

     

    (ix) The
      Governing Documents of each Guarantor certified as of a recent date by the
      Secretary of State of the State of formation of such Guarantor;

     

    (x) A
      certificate of good standing or certificate of similar meaning with respect
      to
      each Guarantor issued as of a recent date by the Secretary of State of the
      State
      of formation of each such Guarantor and certificates of qualification to
      transact business or other comparable certificates issued by each Secretary
      of

     

    
      
        
        

      

      
        -44-

        
          

        

      

      
        
        

      

    

    State
      (and any state department of taxation, as applicable) of each state in which
      such Guarantor is required to be so qualified and where the failure to be so
      qualified could reasonably be expected to have a Material Adverse
      Effect;

     

    (xi) A
      certificate of incumbency signed by the Secretary or Assistant Secretary (or
      other individual performing similar functions) of each Guarantor with respect
      to
      each of the officers of such Guarantor authorized to execute and deliver the
      Loan Documents to which such Guarantor is a party;

     

    (xii) Copies
      certified by the Secretary or Assistant Secretary of each Guarantor (or other
      individual performing similar functions) of (i) the by-laws of such Guarantor,
      if a corporation, the operating agreement, if a limited liability company,
      the
      partnership agreement, if a limited or general partnership, or other comparable
      document in the case of any other form of legal entity and (ii) all corporate,
      partnership, member or other necessary action taken by such Guarantor to
      authorize the execution, delivery and performance of the Loan Documents to
      which
      it is a party;

     

    (xiii) The
      Fees
      then due and payable under Section 3.6., and any other Fees (including the
      reasonable fees and expenses of Cahill Gordon & Reindel llp)
      payable
      to the Agent and the Lenders on or prior to the Effective Date;

     

    (xiv) A
      Compliance Certificate calculated as of December 31,
      2006 on a pro forma basis after giving effect to the Transactions;

     

    (xv) A
      timely
      Notice of Borrowing;

     

    (xvi) A
      pro
      forma consolidated balance sheet of the Borrower as of the Effective Date,
      after
      giving effect to the Transactions, which balance sheet shall not be materially
      inconsistent with the forecasts previously provided to the Lenders, except
      for
      changes occurring in the ordinary course of business. The Lead Arranger shall
      have received reasonably detailed pro forma consolidated financial projections
      prepared by or on behalf of the Borrower for the Borrower and its consolidated
      entities through the 2011 fiscal year, prepared on a quarterly basis through
      the
      end of 2007, that are not different in a materially adverse manner as compared
      with those made available to the Lead Arranger prior to September 15,
      2006;

     

    (xvii) A
      Solvency Certificate in the form of Exhibit F hereto, dated the Effective Date,
      and signed by the chief financial officer of the Borrower;

     

    (xviii) An
      Officer’s Certificate in the form of Exhibit G hereto, dated the Effective Date,
      and signed by the chief executive officer or chief financial officer of the
      Borrower; and

     

    (xix) Such
      other documents, agreements and instruments as the Agent on behalf of the
      Lenders may reasonably request;

     

    
      
        
        

      

      
        -45-

        
          

        

      

      
        
        

      

    

    (b) In
      the
      good faith judgment of the Agent and the Lenders:

     

    (i) Since
      December 31, 2005, there shall not have been any change, event, circumstance
      or
      effect that has had or would reasonably be expected to have, individually or
      in
      the aggregate, a Target Material Adverse Effect (for purposes hereof, “Target
      Material Adverse Effect” shall mean “Company Material Adverse Effect” (as
      defined in the Merger Agreement)); provided,
      however, that after January 31, 2007, this Section 5.1(b)(i) shall not be a
      condition to making the Interim Loans on the Effective Date;

     

    (ii) No
      litigation, action, suit, investigation or other arbitral, administrative or
      judicial proceeding shall be pending or threatened which could reasonably be
      expected to (1) result in a Material Adverse Effect or (2) restrain or enjoin,
      impose materially burdensome conditions on, or otherwise materially and
      adversely affect the ability of the Borrower or any other Loan Party to fulfill
      its obligations under the Loan Documents to which it is a party;
      and

     

    (iii) The
      Borrower and its Subsidiaries shall have received all approvals, consents and
      waivers, and shall have made or given all necessary filings and notices as
      shall
      be required to consummate the transactions contemplated hereby without the
      occurrence of any default under, conflict with or violation of (1) any
      Applicable Law or (2) any agreement, document or instrument to which the
      Borrower or any other Loan Party is a party or by which any of them or their
      respective properties is bound, except for such approvals, consents, waivers,
      filings and notices the receipt, making or giving of which would not reasonably
      be likely to (A) have a Material Adverse Effect, or (B) restrain or enjoin,
      impose materially burdensome conditions on, or otherwise materially and
      adversely affect the ability of the Borrower or any other Loan Party to fulfill
      its obligations under the Loan Documents to which it is a party;

     

    (c) The
      Merger shall have been consummated in all material respects in accordance with
      the terms of the Merger Agreement and all related agreements (without the waiver
      or amendment of any material term or condition that would be materially adverse
      to the Lenders unless consented to by the Lead Arranger). The Lead Arranger
      shall be reasonably satisfied with the structure and terms of the Restructuring
      (including the tax implications thereof) and all related documentation (it
      being
      understood that insofar as such structure and terms are described in the
      registration statement filed by TravelCenters of America LLC on Form S-1 (No.
      333-139272), as amended as of the date hereof, such structure and terms shall
      be
      deemed reasonably satisfactory);

     

    (d) Simultaneously
      with the making of the Interim Loan, the Borrower shall have effected the
      Refinancing on terms and conditions and pursuant to documentation reasonably
      satisfactory to the Lead Arranger. All liens in respect of the Existing
      Indebtedness (other than those liens in favor of People’s Bank and ARCO Products
      Company set forth in Schedule 4.12 of the disclosure schedules to the Merger
      Agreement) shall have been released (or
      provision satisfactory to the Lead Arranger shall have been made for their
      release),
      and the
      Lead Arranger shall have received evidence thereof satisfactory 

     

    
      
        
        

      

      
        -46-

        
          

        

      

      
        
        

      

    

    to
      the
      Lead Arranger and a “pay-off” letter or letters reasonably satisfactory to the
      Lead Arranger with respect to such Existing Indebtedness;

     

    (e) All
      of
      the other Transactions shall have been consummated (or
      shall
      be consummated immediately following the making of the Interim Loans)
in
      accordance with the terms described in this Agreement;

     

    (f) No
      Default or Event of Default shall exist as of the Effective Date or would exist
      immediately after giving effect to the Interim Loans requested to be made;
      and

     

    (g) The
      representations and warranties made or deemed made by the Borrower and each
      other Loan Party in the Loan Documents to which any of them is a party, shall
      be
      true and correct on and as of the Effective Date.

     

    Section
      5.2. Conditions as Covenants.

     

    If
      the
      Lenders make any Interim Loans prior to the satisfaction of all conditions
      precedent set forth in Sections 5.1., the Borrower shall nevertheless cause
      such
      condition or conditions to be satisfied within 5 Business Days after the date
      of
      the making of such Interim Loans.

     

    Article
      VI. Representations and Warranties

     

    Section
      6.1. Representations and Warranties.

     

    In
      order
      to induce the Agent and each Lender to enter into this Agreement and to make
      Interim Loans, the Borrower represents and warrants (after giving effect to
      the
      Transactions) to the Agent and each Lender as follows:

     

    (a) Organization;
      Power; Qualification.
      As of
      the Effective Date, each of the Loan Parties is a corporation, partnership
      or
      other legal entity, duly organized or formed, validly existing and in good
      standing under the jurisdiction of its incorporation or formation, has the
      power
      and authority to own or lease its respective properties and to carry on its
      respective business as now being and hereafter proposed to be conducted and
      is
      duly qualified and is in good standing as a foreign corporation, partnership
      or
      other legal entity, and authorized to do business, in each jurisdiction in
      which
      the character of its properties or the nature of its business requires such
      qualification or authorization and where the failure to be so qualified or
      authorized would have, in each instance, a Material Adverse Effect.

     

    (b) Ownership
      Structure.
      As of
      the Effective Date, Part I of Schedule 6.1.(b) is a complete and correct list
      of
      all Subsidiaries of the Borrower setting forth for each such Subsidiary, (i)
      the
      jurisdiction of organization of such Subsidiary, (ii) each Person holding any
      Equity Interests in such Subsidiary, (iii) the nature of the Equity Interests
      held by each such Person, (iv) the percentage of ownership of such
      Subsidiary represented by such Equity Interests and (v) whether such
      Subsidiary is a Material Subsidiary, an Excluded Subsidiary and/or an
      Unleveraged Non-Domestic Subsidiary. Except as disclosed in such Schedule,
      as of
      the Effective Date (i) each of the Borrower and its Sub-

     

    
      
        
        

      

      
        -47-

        
          

        

      

      
        
        

      

    

    sidiaries
      owns, free and clear of all Liens, and has the unencumbered right to vote,
      all
      outstanding Equity Interests in each Person shown to be held by it on such
      Schedule, (ii) all of the issued and outstanding capital stock of each such
      Person organized as a corporation is validly issued, fully paid and
      nonassessable and (iii) there are no outstanding subscriptions, options,
      warrants, commitments, preemptive rights or agreements of any kind (including,
      without limitation, any stockholders’ or voting trust agreements) for the
      issuance, sale, registration or voting of, or outstanding securities convertible
      into, any additional shares of capital stock of any class, or partnership or
      other ownership interests of any type in, any such Person. As of the Effective
      Date, Part II of Schedule 6.1.(b) correctly sets forth all Unconsolidated
      Affiliates of the Borrower, including the correct legal name of such Person,
      the
      type of legal entity which each such Person is, and all Equity Interests in
      such
      Person held directly or indirectly by the Borrower.

     

    (c) Authorization
      of Agreement, Etc.
      The
      Borrower has the right and power, and has taken all necessary action to
      authorize it, to borrow the Interim Loans hereunder. The Borrower and each
      other
      Loan Party has the right and power, and has taken all necessary action to
      authorize it, to execute, deliver and perform each of the Loan Documents to
      which it is a party in accordance with their respective terms and to consummate
      the transactions contemplated hereby and thereby. The Loan Documents to which
      the Borrower or any other Loan Party is a party have been duly executed and
      delivered by the duly authorized officers of such Person and each is a legal,
      valid and binding obligation of such Person enforceable against such Person
      in
      accordance with its respective terms except as the same may be limited by
      bankruptcy, insolvency, and other similar laws affecting the rights of creditors
      generally and the availability of equitable remedies for the enforcement of
      certain obligations (other than the payment of principal) contained herein
      or
      therein may be limited by equitable principles generally.

     

    (d) Compliance
      of Loan Documents with Laws, Etc.
      The
      execution, delivery and performance of this Agreement, the Notes and the other
      Loan Documents to which the Borrower or any other Loan Party is a party in
      accordance with their respective terms and the borrowings hereunder do not
      and
      will not, by the passage of time, the giving of notice, or both: (i) require
      any
      Governmental Approval or violate any Applicable Law (including all Environmental
      Laws) relating to the Borrower or any other Loan Party; (ii) conflict with,
      result in a breach of or constitute a default under the organizational documents
      of the Borrower or any other Loan Party, or any indenture, agreement or other
      instrument to which the Borrower or any other Loan Party is a party or by which
      it or any of its respective properties may be bound; or (iii) result in or
      require the creation or imposition of any Lien upon or with respect to any
      property now owned or hereafter acquired by the Borrower or any other Loan
      Party.

     

    (e) Compliance
      with Law; Governmental Approvals.
      The
      Borrower, each Subsidiary and each other Loan Party is in compliance with each
      Governmental Approval applicable to it and in compliance with all other
      Applicable Law (including without limitation, Environmental Laws) relating
      to
      the Borrower, a Subsidiary or such other Loan Party except for noncompliance
      which, and Governmental Approvals the failure to possess which, would not,
      individually or in the aggregate, cause a Default or Event of Default or have
      a
      Material Adverse Effect.

     

    
      
        
        

      

      
        -48-

        
          

        

      

      
        
        

      

    

    (f) Title
      to Properties; Liens; Title Insurance.
      As of
      the Effective Date, Part I of Schedule 6.1.(f) sets forth all of the real
      property owned or leased by the Borrower, each other Loan Party and each other
      Subsidiary. Each such Person has good, marketable and legal title to, or a
      valid
      leasehold interest in, its respective assets. As of the Effective Date, there
      are no Liens against any assets of the Borrower, any Subsidiary or any other
      Loan Party except for Permitted Liens. As to all or substantially all of the
      Hotels, the Borrower or a Subsidiary is the named insured under a policy of
      title insurance issued by a title insurer licensed to do business in the
      jurisdiction where such Hotel is located. As to each such policy of title
      insurance (i) the coverage amount equals or exceeds the acquisition cost of
      the
      related Hotel; (ii) exceptions to title do not include any Liens, except for
      Permitted Liens and Liens that have been released prior to the Effective Date;
      (iii) no claims are pending that, if adversely determined, could reasonably
      be
      expected to have a Material Adverse Effect; and (iv) no title insurer has given
      notice to the insured Person that such policy of title insurance is no longer
      in
      effect. Except for Permitted Liens, neither Borrower nor any Subsidiary has
      knowledge of any defect in title that could, individually or in the aggregate,
      have a Material Adverse Effect.

     

    (g) Existing
      Indebtedness.
      Schedule 6.1.(g) is, as of the Effective Date, a complete and correct listing
      of
      all Indebtedness of the Borrower and its Subsidiaries, including without
      limitation, Guarantees of the Borrower and its Subsidiaries, and indicating
      whether such Indebtedness is Secured Indebtedness or Unsecured Indebtedness.
      During the period from such date to the Effective Date, neither the Borrower
      nor
      any Subsidiary incurred any material Indebtedness except as set forth on such
      Schedule. The Borrower and its Subsidiaries have performed and are in compliance
      with all of the terms of such Indebtedness and all instruments and agreements
      relating thereto, and no default or event of default, or event or condition
      which with the giving of notice, the lapse of time, or both, would constitute
      such a default or event of default, exists with respect to any such
      Indebtedness.

     

    (h) Material
      Contracts and Operating Agreements and Ancillary Agreements.
      Schedule 6.1.(h) is, as of the Effective Date, a true, correct and complete
      listing of all Material Contracts, Operating Agreements and Ancillary
      Agreements. Each of the Borrower, its Subsidiaries and the other Loan Parties
      that is a party to any Material Contract has performed and is in compliance
      with
      all of the terms of such Material Contract, and no default or event of default,
      or event or condition which with the giving of notice, the lapse of time, or
      both, would constitute such a default or event of default, exists with respect
      to any such Material Contract. All Operating Agreement Abstracts provided by
      the
      Borrower to the Agent accurately summarize the relevant provisions of the
      Operating Agreements required to be described therein, and such Operating
      Agreement Abstracts are correct in all material respects.

     

    (i) Litigation.
      Except
      as set forth on Schedule 6.1.(i), there are no actions, suits or proceedings
      pending (nor, to the knowledge of the Borrower, are there any actions, suits
      or
      proceedings threatened, nor is there any basis therefor) against or in any
      other
      way relating adversely to or affecting the Borrower, any Subsidiary or any
      other
      Loan Party or any of its respective property in any court or before any
      arbitrator of any kind or before or by any other Governmental Authority which
      could reasonably be ex-

     

    
      
        
        

      

      
        -49-

        
          

        

      

      
        
        

      

    

    pected
      to
      have a Material Adverse Effect. There are no strikes, slow downs, work stoppages
      or walkouts or other labor disputes in progress or threatened relating to the
      Borrower, any Subsidiary or any other Loan Party which could reasonably be
      expected to have a Material Adverse Effect.

     

    (j) Taxes.
      All
      federal and all material state and other tax returns of the Borrower, any
      Subsidiary or any other Loan Party required by Applicable Law to be filed have
      been duly filed, and all federal and all material state and other taxes,
      assessments and other governmental charges or levies upon the Borrower, any
      Subsidiary and each other Loan Party and its respective properties, income,
      profits and assets which are due and payable have been paid, except any such
      nonpayment which is at the time permitted under the proviso set forth in Section
      7.6. As of the Effective Date, none of the United States income tax returns
      of
      the Borrower, its Subsidiaries or any other Loan Party is under audit. All
      charges, accruals and reserves on the books of the Borrower and each of its
      Subsidiaries in respect of any taxes or other governmental charges are in
      accordance with GAAP.

     

    (k) Financial
      Statements.
      The
      Borrower has furnished to each Lender (i) copies of the audited
      consolidated balance sheet of the Borrower and its consolidated Subsidiaries
      for
      the fiscal year ending December 31, 2005, and the related audited consolidated
      statements of income, shareholders’ equity and cash flow for the fiscal year
      ending on such date, with the opinion thereon of Ernst & Young LLP,
      (ii) copies of the unaudited consolidated balance sheets of the Borrower
      and its consolidated Subsidiaries for each fiscal quarter ending after December
      31, 2005 and 45 days before the Effective Date, and the related unaudited
      consolidated statements of income, shareholders’ equity and cash flow for each
      such quarter and (iii) copies of the unaudited consolidated balance sheets
      of the Target and its consolidated Subsidiaries for each fiscal quarter ending
      after December 31, 2005 and 45 days before the Effective Date, and the related
      unaudited consolidated statements of income, shareholders’ equity and cash flow
      for each such quarter. Such financial statements of the Borrower and its
      consolidated subsidiaries (including in each case related schedules and notes)
      are complete and correct and present fairly, in accordance with GAAP
      consistently applied throughout the periods involved, the consolidated financial
      position of the Borrower and its consolidated Subsidiaries as at their
      respective dates and the results of operations and the cash flow for such
      periods (subject, in the case of unaudited financial statements, to normal
      year-end audit adjustments). Neither the Borrower nor any of its Subsidiaries
      has on the Agreement Date any material contingent liabilities, liabilities,
      liabilities for taxes, unusual or long-term commitments or unrealized or forward
      anticipated losses from any unfavorable commitments, except as referred to
      or
      reflected or provided for in said financial statements or except as set forth
      on
      Schedule 6.1.(k).

     

    (l) No
      Material Adverse Change.
      Since
      December 31, 2005, there has been no material adverse change in the consolidated
      financial condition, results of operations, business or prospects of the
      Borrower and its consolidated Subsidiaries taken as a whole. Each of the
      Borrower, its Subsidiaries and the other Loan Parties is Solvent.

     

    
      
        
        

      

      
        -50-

        
          

        

      

      
        
        

      

    

    (m) ERISA.
      Each
      member of the ERISA Group is in compliance with its obligations under the
      minimum funding standards of ERISA and the Internal Revenue Code with respect
      to
      each Plan and is in compliance with the presently applicable provisions of
      ERISA
      and the Internal Revenue Code with respect to each Plan, except in each case
      for
      noncompliances which could not reasonably be expected to have a Material Adverse
      Effect. As of the Effective Date, no member of the ERISA Group has (i) sought
      a
      waiver of the minimum funding standard under Section 412 of the Internal Revenue
      Code in respect of any Plan, (ii) failed to make any contribution or payment
      to
      any Plan or Multiemployer Plan or in respect of any Benefit Arrangement, or
      made
      any amendment to any Plan or Benefit Arrangement, which has resulted or could
      result in the imposition of a Lien or the posting of a bond or other security
      under ERISA or the Internal Revenue Code or (iii) incurred any liability under
      Title IV of ERISA other than a liability to the PBGC for premiums under Section
      4007 of ERISA.

     

    (n) Not
      Plan Assets; No Prohibited Transaction.
      None of
      the assets of the Borrower, any Subsidiary or any other Loan Party constitute
      “plan assets” within the meaning of ERISA, the Internal Revenue Code and the
      respective regulations promulgated thereunder. The execution, delivery and
      performance of this Agreement and the other Loan Documents, and the borrowing
      and repayment of amounts hereunder, do not and will not constitute “prohibited
      transactions” under ERISA or the Internal Revenue Code.

     

    (o) Absence
      of Defaults.
      Neither
      the Borrower, any Subsidiary nor any other Loan Party is in default under its
      Governing Documents, and no event has occurred, which has not been remedied,
      cured or waived: (i) which constitutes a Default or an Event of Default; or
      (ii)
      which constitutes, or which with the passage of time, the giving of notice,
      a
      determination of materiality, the satisfaction of any condition, or any
      combination of the foregoing, would constitute, a default or event of default
      by
      the Borrower, any Subsidiary or any other Loan Party under any agreement (other
      than this Agreement) or judgment, decree or order to which the Borrower or
      any
      Subsidiary or other Loan Party is a party or by which the Borrower or any
      Subsidiary or other Loan Party or any of their respective properties may be
      bound where such default or event of default could, individually or in the
      aggregate, reasonably be expected to have a Material Adverse
      Effect.

     

    (p) Environmental
      Laws.
      Each of
      the Borrower, its Subsidiaries and the other Loan Parties has obtained all
      Governmental Approvals which are required under Environmental Laws and is in
      compliance with all terms and conditions of such Governmental Approvals which
      the failure to obtain or to comply with could reasonably be expected to have
      a
      Material Adverse Effect. Except for any of the following matters that could
      not
      be reasonably expected to have a Material Adverse Effect, (i) the Borrower
      is
      not aware of, and has not received notice of, any past, present, or future
      events, conditions, circumstances, activities, practices, incidents, actions,
      or
      plans which, with respect to the Borrower, its Subsidiaries and each other
      Loan
      Party, may interfere with or prevent compliance or continued compliance with
      Environmental Laws, or may give rise to any common law or legal liability,
      or
      otherwise form the basis of any claim, action, demand, suit, proceeding,
      hearing, study, or investigation, based on or related to the manufacture,
      processing, distribution, use, treatment, storage, disposal, transport, or
      handling or the emis-

     

    
      
        
        

      

      
        -51-

        
          

        

      

      
        
        

      

    

    sion,
      discharge, release or threatened release into the environment, of any pollutant,
      contaminant, chemical, or industrial, toxic, or other Hazardous Material; and
      (ii) there is no civil, criminal, or administrative action, suit, demand, claim,
      hearing, notice, or demand letter, notice of violation, investigation, or
      proceeding pending or, to the Borrower’s knowledge after due inquiry,
      threatened, against the Borrower, its Subsidiaries and each other Loan Party
      relating in any way to Environmental Laws.

     

    (q) Investment
      Company.
      Neither
      the Borrower nor any Subsidiary nor any other Loan Party is (i) an “investment
      company” or a company “controlled” by an “investment company” within the meaning
      of the Investment Company Act of 1940, as amended, or (ii) subject to any other
      Applicable Law which purports to regulate or restrict its ability to borrow
      money or to consummate the transactions contemplated by this Agreement or to
      perform its obligations under any Loan Document to which it is a
      party.

     

    (r) Margin
      Stock.
      Neither
      the Borrower, any Subsidiary nor any other Loan Party is engaged principally,
      or
      as one of its important activities, in the business of extending credit for
      the
      purpose, whether immediate, incidental or ultimate, of buying or carrying
“margin stock” within the meaning of Regulation U of the Board of Governors of
      the Federal Reserve System.

     

    (s) Affiliate
      Transactions.
      Except
      as permitted by Section 9.10., neither the Borrower, any Subsidiary nor any
      other Loan Party is a party to or bound by any agreement or arrangement (whether
      oral or written) to which any Affiliate of the Borrower, any Subsidiary or
      any
      other Loan Party is a party.

     

    (t) Intellectual
      Property.
      Each of
      the Borrower and each Subsidiary owns or has the right to use, under valid
      license agreements or otherwise, all material patents, licenses, franchises,
      trademarks, trademark rights, trade names, trade name rights, trade secrets
      and
      copyrights (collectively, “Intellectual
      Property”)
      used
      in the conduct of its businesses as now conducted and as contemplated by the
      Loan Documents, without known conflict with any patent, license, franchise,
      trademark, trade secret, trade name, copyright, or other proprietary right
      of
      any other Person, except for such Intellectual Property, the absence of which,
      and for conflicts which, could not reasonably be expected to have a Material
      Adverse Effect. The Borrower and each such Subsidiary have taken all such steps
      as they deem reasonably necessary to protect their respective rights under
      and
      with respect to such Intellectual Property. No material claim has been asserted
      by any Person with respect to the use of any Intellectual Property by the
      Borrower or any Subsidiary, or challenging or questioning the validity or
      effectiveness of any Intellectual Property. The use of such Intellectual
      Property by the Borrower, its Subsidiaries and the other Loan Parties, does
      not
      infringe on the rights of any Person, subject to such claims and infringements
      as do not, in the aggregate, give rise to any liabilities on the part of the
      Borrower and its Subsidiaries that could reasonably be expected to have a
      Material Adverse Effect.

     

    (u) Business.
      As of
      the Effective Date, the Borrower and its Subsidiaries are engaged substantially
      in the business of the acquisition, financing, ownership, develop-

     

    
      
        
        

      

      
        -52-

        
          

        

      

      
        
        

      

    

    ment
      and
      tenancy (through TRSs) of lodging and travel related properties and other
      businesses activities incidental thereto.

     

    (v) Broker’s
      Fees.
      No
      broker’s or finder’s fee, commission or similar compensation will be payable
      with respect to the transactions contemplated hereby. No other similar fees
      or
      commissions will be payable by any Loan Party for any other services rendered
      to
      the Borrower or any of its Subsidiaries ancillary to the transactions
      contemplated hereby.

     

    (w) Accuracy
      and Completeness of Information.
      No
      written information, report or other papers or data (excluding financial
      projections and other forward looking statements) furnished to the Agent or
      any
      Lender by, on behalf of, or at the direction of, the Borrower, any Subsidiary
      or
      any other Loan Party in connection with or relating in any way to this
      Agreement, contained any untrue statement of a fact material to the
      creditworthiness of the Borrower, any Subsidiary or any other Loan Party or
      omitted to state a material fact necessary in order to make such statements
      contained therein, in light of the circumstances under which they were made,
      not
      misleading. All financial statements furnished to the Agent or any Lender by,
      on
      behalf of, or at the direction of, the Borrower, any Subsidiary or any other
      Loan Party in connection with or relating in any way to this Agreement, present
      fairly, in accordance with GAAP consistently applied throughout the periods
      involved, the financial position of the Persons involved as at the date thereof
      and the results of operations for such periods. All financial projections and
      other forward looking statements prepared by or on behalf of the Borrower,
      any
      Subsidiary or any other Loan Party that have been or may hereafter be made
      available to the Agent or any Lender were or will be prepared in good faith
      based on reasonable assumptions. No fact is known to the Borrower which has
      had,
      or may in the future have (so far as the Borrower can reasonably foresee),
      a
      Material Adverse Effect which has not been set forth in the financial statements
      referred to in Section 6.1.(k) or in such information, reports or other papers
      or data or otherwise disclosed in writing to the Agent and the Lenders prior
      to
      the Effective Date.

     

    (x) REIT
      Status.
      The
      Borrower qualifies as and is properly taxed as, and has since 1995 qualified
      as
      and has been properly taxed as, a REIT and is in compliance with all
      requirements and conditions imposed under the Internal Revenue Code to allow
      the
      Borrower to maintain its status as a REIT.

     

    (y) Unencumbered
      Assets.
      As of
      the Agreement Date, Schedule 6.1.(y) is a correct and complete list of all
      Unencumbered Hotels and Unencumbered Mortgage Notes. Each of the Properties
      and
      promissory notes included by the Borrower in calculations of Unencumbered Asset
      Value satisfies all of the requirements contained in the definition of an
      Unencumbered Hotel, Unencumbered Mortgage Note, or Other Acceptable Property,
      as
      applicable.

     

    (z) Insurance.
      The
      Borrower or a Subsidiary maintains, or the related Operating Agreement requires
      the Operator thereunder to maintain, with respect to the Hotels commercially
      reasonable insurance with financially sound and reputable insurance
      com-

     

    
      
        
        

      

      
        -53-

        
          

        

      

      
        
        

      

    

    panies.
      As of the Effective Date, neither the Borrower nor any Subsidiary has received
      notice that any such insurance has been cancelled, nonrenewed, or impaired
      in
      any way.

     

    (aa) Foreign
      Assets Control.
      None of
      the Borrower, any Subsidiary or any Affiliate of the Borrower: (i) is a
      Sanctioned Person, (ii) has any of its assets in Sanctioned Entities, or (iii)
      derives any of its operating income from investments in, or transactions with,
      Sanctioned Persons or Sanctioned Entities.

     

    Section
      6.2. Survival of Representations and Warranties, Etc.

     

    All
      statements contained in any certificate, financial statement or other instrument
      delivered by or on behalf of the Borrower, any Subsidiary or any other Loan
      Party to the Agent or any Lender pursuant to or in connection with this
      Agreement or any of the other Loan Documents (including, but not limited to,
      any
      such statement made in or in connection with any amendment thereto or any
      statement contained in any certificate, financial statement or other instrument
      delivered by or on behalf of the Borrower prior to the Agreement Date and
      delivered to the Agent or any Lender in connection with closing the transactions
      contemplated hereby) shall constitute representations and warranties made by
      the
      Borrower under this Agreement. All representations and warranties made under
      this Agreement and the other Loan Documents shall be deemed to be made at and
      as
      of the Agreement Date, the Effective Date and the date of the occurrence of
      any
      Credit Event, except to the extent that such representations and warranties
      expressly relate solely to an earlier date (in which case such representations
      and warranties shall have been true and accurate on and as of such earlier
      date)
      and except for changes in factual circumstances specifically permitted
      hereunder. All such representations and warranties shall survive the
      effectiveness of this Agreement, the execution and delivery of the Loan
      Documents and the making of the Loans and the issuance of the Letters of
      Credit.

     

    Article
      VII. Affirmative Covenants

     

    For
      so
      long as this Agreement is in effect, unless the Requisite Lenders (or, if
      required pursuant to Section 12.6., all of the Lenders) shall otherwise consent
      in the manner provided for in Section 12.6., the Borrower shall comply with
      the
      following covenants:

     

    Section
      7.1. Preservation of Existence and Similar Matters.

     

    Except
      as
      otherwise permitted under Section 9.7., the Borrower shall preserve and
      maintain, and cause each Subsidiary and each other Loan Party to preserve and
      maintain, its respective existence, rights, franchises, licenses and privileges
      in the jurisdiction of its incorporation or formation and qualify and remain
      qualified and authorized to do business in each jurisdiction in which the
      character of its properties or the nature of its business requires such
      qualification and authorization and where the failure to be so authorized and
      qualified could reasonably be expected to have a Material Adverse
      Effect.

     

    Section
      7.2. Compliance with Applicable Law and Material Contracts.

     

    The
      Borrower shall comply, and cause each Subsidiary and each other Loan Party
      to
      comply, with (a) all Applicable Law, including the obtaining of all Governmental
      Approvals, the 

     

    
      
        
        

      

      
        -54-

        
          

        

      

      
        
        

      

    

    failure
      with which to comply could reasonably be expected to have a Material Adverse
      Effect, and (b) all material terms and conditions of all Material Contracts
      to
      which it is a party.

     

    Section
      7.3. Maintenance of Property.

     

    In
      addition to the requirements of any of the other Loan Documents, the Borrower
      shall, and shall cause each Subsidiary and other Loan Party to, (a) protect
      and
      preserve all of its material properties or cause to be protected and preserved,
      and maintain or cause to be maintained in good repair, working order and
      condition all tangible properties, ordinary wear and tear excepted, and (b)
      make
      or cause to be made all needed and appropriate repairs, renewals, replacements
      and additions to such properties, so that the business carried on in connection
      therewith may be properly and advantageously conducted at all
      times.

     

    Section
      7.4. Conduct of Business.

     

    The
      Borrower shall at all times carry on, and cause its Subsidiaries and the other
      Loan Parties to carry on, its respective businesses as described in Section
      6.1.(u).

     

    Section
      7.5. Insurance.

     

    In
      addition to the requirements of any of the other Loan Documents, the Borrower
      shall, and shall cause each Subsidiary and other Loan Party to, maintain or
      cause to be maintained commercially reasonable insurance with financially sound
      and reputable insurance companies, and from time to time deliver to the Agent
      or
      any Lender upon its request a detailed list, together with copies of all
      policies of the insurance then in effect, stating the names of the insurance
      companies, the amounts and rates of the insurance, the dates of the expiration
      thereof and the properties and risks covered thereby.

     

    Section
      7.6. Payment of Taxes and Claims.

     

    The
      Borrower shall, and shall cause each Subsidiary and other Loan Party to, pay
      and
      discharge or cause to be paid and discharged when due (a) all taxes, assessments
      and governmental charges or levies imposed upon it or upon its income or profits
      or upon any properties belonging to it, and (b) all lawful claims of
      materialmen, mechanics, carriers, warehousemen and landlords for labor,
      materials, supplies and rentals which, if unpaid, might become a Lien on any
      properties of such Person; provided, however, that this Section shall not
      require the payment or discharge of any such tax, assessment, charge, levy
      or
      claim which is being contested in good faith by appropriate proceedings which
      operate to suspend the collection thereof and for which adequate reserves have
      been established on the books of the Borrower, such Subsidiary or such other
      Loan Party, as applicable, in accordance with GAAP.

     

    
      Section
        7.7. Visits
        and Inspections.

    

     

    The
      Borrower shall, and shall cause each Subsidiary and other Loan Party to, permit
      representatives or agents of any Lender or the Agent, from time to time after
      reasonable prior notice if no Event of Default shall be in existence, as often
      as may be reasonably requested, but only during normal business hours and at
      the
      expense of such Lender or the Agent (unless a Default or Event of Default shall
      exist, in which case the exercise by the Agent or such Lender of its

     

    
      
        
        

      

      
        -55-

        
          

        

      

      
        
        

      

    

    rights
      under this Section shall be at the expense of the Borrower), as the case may
      be,
      to: (a) visit and inspect all properties of the Borrower or such Subsidiary
      or
      other Loan Party to the extent any such right to visit or inspect is within
      the
      control of such Person; (b) inspect and make extracts from their respective
      books and records, including but not limited to management letters prepared
      by
      independent accountants; and (c) discuss with its principal officers, and its
      independent accountants, its business, properties, condition (financial or
      otherwise), results of operations and performance. If requested by the Agent,
      the Borrower shall execute an authorization letter addressed to its accountants
      authorizing the Agent or any Lender to discuss the financial affairs of the
      Borrower and any Subsidiary or any other Loan Party with its
      accountants.

     

    Section
      7.8. Use of Proceeds.

     

    The
      Borrower shall use the proceeds of all Interim Loans to finance the Merger
      and
      the Refinancing and to pay related fees and expenses on the date of the
      consummation of the Merger.

     

    Section
      7.9. Environmental Matters.

     

    The
      Borrower shall, and shall cause all of its Subsidiaries and the other Loan
      Parties to, comply with all Environmental Laws the failure with which to comply
      could reasonably be expected to have a Material Adverse Effect. If the Borrower,
      any Subsidiary or any other Loan Party shall (a) receive notice that any
      violation of any Environmental Law may have been committed or is about to be
      committed by such Person, (b) receive notice that any administrative or judicial
      complaint or order has been filed or is about to be filed against the Borrower,
      any Subsidiary or any other Loan Party alleging violations of any Environmental
      Law or requiring the Borrower, any Subsidiary or any other Loan Party to take
      any action in connection with the release of Hazardous Materials or (c) receive
      any notice from a Governmental Authority or private party alleging that the
      Borrower, any Subsidiary or any other Loan Party may be liable or responsible
      for costs associated with a response to or cleanup of a release of Hazardous
      Materials or any damages caused thereby, and such notices, individually or
      in
      the aggregate, could reasonably be expected to have a Material Adverse Effect,
      the Borrower shall provide the Agent and each Lender with a copy of such notice
      within 30 days after the receipt thereof by the Borrower, any Subsidiary or
      any
      other Loan Party. The Borrower shall, and shall cause its Subsidiaries and
      the
      other Loan Parties to, take or cause to be taken promptly all actions necessary
      to prevent the imposition of any Liens on any of their respective properties
      arising out of or related to any Environmental Laws.

     

    Section
      7.10. Books and Records.

     

    The
      Borrower shall, and shall cause each of its Subsidiaries and the other Loan
      Parties to, maintain books and records pertaining to its respective business
      operations in such detail, form and scope as is consistent with good business
      practice and in accordance with GAAP.

     

    Section
      7.11. Further Assurances.

     

    The
      Borrower shall, at the Borrower’s cost and expense and upon request of the
      Agent, execute and deliver or cause to be executed and delivered, to the Agent
      such further instruments, documents and certificates, and do and cause to be
      done such further acts that may be reasonably 

     

    
      
        
        

      

      
        -56-

        
          

        

      

      
        
        

      

    

    necessary
      or advisable in the reasonable opinion of the Agent to carry out more
      effectively the provisions and purposes of this Agreement and the other Loan
      Documents.

     

    Section
      7.12. New Subsidiaries/Guarantors.

     

    (a) Requirement
      to Become Guarantor.
      Within
      30 days of any Person (other than an Excluded Subsidiary or an Unleveraged
      Non-Domestic Subsidiary) becoming a Material Subsidiary after the Effective
      Date, the Borrower shall deliver to the Agent each of the following items,
      each
      in form and substance satisfactory to the Agent: (i) an Accession Agreement
      executed by such Material Subsidiary and (ii) the items with respect to such
      Material Subsidiaries that would have been delivered under Sections 5.1.(a)(iv),
      (ix) through (xii) and (xix) if such Material Subsidiary had been one on the
      Effective Date; provided, however, promptly (and in any event within 5 Business
      Days) upon any Excluded Subsidiary ceasing to be subject to the restriction
      which prevented it from delivering an Accession Agreement pursuant to this
      Section or such Unleveraged Non-Domestic Subsidiary ceasing to qualify as such,
      such Subsidiary shall comply with the provisions of this Section.

     

    (b) Other
      Guarantors.
      The
      Borrower may, at its option, cause any Subsidiary that is not otherwise required
      to be a Guarantor hereunder to become a Guarantor by executing and delivering
      to
      the Agent the items required to be delivered under the immediately preceding
      subsection (a); provided, however, the Borrower need not provide a legal opinion
      with respect to any such Guarantor.

     

    (c) Release
      of a Guarantor.
      The
      Borrower may request in writing that the Agent release, and upon receipt of
      such
      request the Agent shall release (subject to the terms of the Guaranty), a
      Guarantor from the Guaranty so long as: (i) such Guarantor meets, or will meet
      simultaneously with its release from the Guaranty, all of the provisions of
      the
      definition of the term “Excluded Subsidiary” or “Unleveraged Non-Domestic
      Subsidiary” or has ceased to be, or simultaneously with its release from the
      Guaranty will cease to be, a Material Subsidiary; (ii) such Guarantor is not
      otherwise required to be a party to the Guaranty under the immediately preceding
      subsection (a); (iii) no Default or Event of Default shall then be in existence
      or would occur as a result of such release, including without limitation, a
      Default or Event of Default resulting from a violation of any of the covenants
      contained in Section 9.1.; and (iv) the Agent shall have received such written
      request at least 10 Business Days prior to the requested date of release.
      Delivery by the Borrower to the Agent of any such request shall constitute
      a
      representation by the Borrower that the matters set forth in the preceding
      sentence (both as of the date of the giving of such request and as of the date
      of the effectiveness of such request) are true and correct with respect to
      such
      request.

     

    Section
      7.13. REIT Status.

     

    The
      Borrower shall at all times maintain its status as a REIT.

     

    Section
      7.14. Exchange Listing.

     

    The
      Borrower shall maintain at least one class of common shares of the Borrower
      having trading privileges on the New York Stock Exchange or the American Stock
      Exchange or which 

     

    
      
        
        

      

      
        -57-

        
          

        

      

      
        
        

      

    

    is
      the
      subject of price quotations in the over the counter market as reported by the
      National Association of Securities Dealers Automated Quotation
      System.

     

    Section
      7.15. Refinancing of Interim Loans.

     

    The
      Borrower shall (i) cooperate with one or more investment banks reasonably
      satisfactory to the Lead Arranger (the “Take-Out
      Banks”)
      and
      provide the Take-Out Banks with information required by the Take-Out Banks
      in
      connection with an offering (the “Take-Out
      Offering”)
      of
      debt securities, equity securities or equity-linked securities (collectively,
      the “Take-Out
      Securities”)
      or
      other means of refinancing the Interim Loans, (ii) assist the Take-Out Banks
      in
      connection with the marketing of the Take-Out Securities (including promptly
      providing to the Take-Out Banks any information reasonably requested to effect
      the consummation of the Take-Out Offering of the Take-Out Securities and making
      available senior management of the Borrower for investor meetings), (iii)
      cooperate with the Take-Out Banks in the timely preparation of any registration
      statement or private placement memorandum relating to the Take-Out Offering
      (collectively, a “Take-Out
      Offering Document”)
      and
      other marketing materials to be used in connection with the syndication of
      the
      Interim Loans and (iv) prepare and keep updated for use at any time a Take-Out
      Offering Document.

     

    Article
      VIII. Information

     

    For
      so
      long as this Agreement is in effect, unless the Requisite Lenders (or, if
      required pursuant to Section 12.6., all of the Lenders) shall otherwise consent
      in the manner set forth in Section 12.6., the Borrower shall furnish to each
      Lender (or to the Agent if so provided below) at its Lending
      Office:

     

    Section
      8.1. Quarterly Financial Statements.

     

    As
      soon
      as available and in any event within 5 days after the same is required to be
      filed with the Securities and Exchange Commission (but in no event later than
      45
      days after the end of each of the first, second and third fiscal quarters of
      the
      Borrower), the unaudited consolidated balance sheet of the Borrower and its
      Subsidiaries as at the end of such period and the related unaudited consolidated
      statements of income, shareholders’ equity and cash flows of the Borrower and
      its Subsidiaries for such period, setting forth in each case in comparative
      form
      the figures as of the end of and for the corresponding periods of the previous
      fiscal year, all of which shall be certified by the chief financial officer
      or
      chief accounting officer of the Borrower, in his or her opinion, to present
      fairly, in accordance with GAAP as then in effect, the consolidated financial
      position of the Borrower and its Subsidiaries as at the date thereof and the
      results of operations for such period (subject to normal year end audit
      adjustments). Together with such financial statements, the Borrower shall
      deliver reports, in form and detail satisfactory to the Agent, setting forth
      (a)
      a statement of Funds From Operations for the fiscal quarter then ending; (b)
      to
      the extent such information is obtained from Operators, all capital expenditures
      made during the fiscal quarter then ended; (c) a listing of all Properties
      acquired during such fiscal quarter, including the minimum rent or expected
      minimum return of each such Property, acquisition costs and related mortgage
      debt, (d) to the extent such information is obtained from Operators, the
      underlying occupancy, average daily revenues, revenues per available room,
      and
      Hotel Net Cash 

     

    
      
        
        

      

      
        -58-

        
          

        

      

      
        
        

      

    

    Flow
      for
      each Hotel Pool and each Hotel that is not in a Hotel Pool, and (e) such other
      information as the Agent may request.

     

    Section
      8.2. Year End Statements.

     

    As
      soon
      as available and in any event within 5 days after the same is required to be
      filed with the Securities and Exchange Commission (but in no event later than
      90
      days after the end of each fiscal year of the Borrower), the audited
      consolidated balance sheet of the Borrower and its Subsidiaries as at the end
      of
      such fiscal year and the related audited consolidated statements of income,
      shareholders’ equity and cash flows of the Borrower and its Subsidiaries for
      such fiscal year, setting forth in comparative form the figures as at the end
      of
      and for the previous fiscal year, all of which shall be certified by (a) the
      chief financial officer or chief accounting officer of the Borrower, in his
      or
      her opinion, to present fairly, in accordance with GAAP as then in effect,
      the
      consolidated financial position of the Borrower and its Subsidiaries as at
      the
      date thereof and the results of operations for such period and (b) independent
      certified public accountants of recognized national standing, whose certificate
      shall be unqualified and who shall have authorized the Borrower to deliver
      such
      financial statements and certification thereof to the Agent and the Lenders
      pursuant to this Agreement. Together with such financial statements, the
      Borrower shall deliver a report, in form and detail reasonably satisfactory
      to
      the Agent, setting forth the underlying occupancy, average daily revenues,
      revenues per available room, and Hotel Net Cash Flow for each Hotel Pool and
      each Hotel that is not in a Hotel Pool for such fiscal year to the extent such
      information is obtained from Operators.

     

    Section
      8.3. Compliance
      Certificate.

     

    At
      the
      time financial statements are furnished pursuant to Sections 8.1. and 8.2.,
      and
      within 10 Business Days of the Agent’s request with respect to any other fiscal
      period, a certificate substantially in the form of Exhibit J (a “Compliance
      Certificate”)
      executed by the chief financial officer or chief accounting officer of the
      Borrower: (a) setting forth in reasonable detail as at the end of such quarterly
      accounting period, fiscal year, or other fiscal period, as the case may be,
      the
      calculations required to establish whether or not the Borrower was in compliance
      with the covenants contained in Sections 9.1. through 9.3. and 9.6., and (b)
      stating that, to the best of his or her knowledge, information and belief after
      due inquiry, no Default or Event of Default exists, or, if such is not the
      case,
      specifying such Default or Event of Default and its nature, when it occurred,
      whether it is continuing and the steps being taken by the Borrower with respect
      to such event, condition or failure. With each Compliance Certificate, Borrower
      shall also deliver a certificate (an “Unencumbered
      Asset Certificate”)
      executed by the chief financial officer or chief accounting officer of the
      Borrower that: (i) sets forth a list of all Unencumbered Hotels (with a listing
      of all Non-Domestic Properties which are not Other Acceptable Properties, in
      any
      Hotel Pool included in Unencumbered Hotels, together with a certification of
      the
      EBITDA attributable thereto), Unencumbered Mortgage Notes (including a listing
      of all Unencumbered Mortgage Notes that are secured by Non-Domestic Properties,
      together with a certification of the book value of such Unencumbered Mortgage
      Notes), and Other Acceptable Property; and (ii) certifies that all Unencumbered
      Hotels, Unencumbered Mortgage Notes, and Other Acceptable Property so listed
      fully qualify as such under the applicable criteria for inclusion as an
      Unencumbered Hotel, Unencumbered Mortgage Note, or Other Acceptable
      Property.

     

     

    
      
        
        

      

      
        -59-

        
          

        

      

      
        
        

      

    

    Section
      8.4. Other Information.

     

    (a) Management
      Reports.
      Promptly upon receipt thereof, copies of all management reports, if any,
      submitted to the Borrower or its Board of Trustees by its independent public
      accountants;

     

    (b) Securities
      Filings.
      Within
      5 Business Days of the filing thereof, copies of all registration statements
      (excluding the exhibits thereto (unless requested by the Agent) and any
      registration statements on Form S-8 or its equivalent), reports on Forms 10-K,
      10-Q and 8-K (or their equivalents) and all other periodic reports which the
      Borrower, any Subsidiary or any other Loan Party shall file with the Securities
      and Exchange Commission (or any Governmental Authority substituted therefor)
      or
      any national securities exchange;

     

    (c) Shareholder
      Information.
      Promptly upon the mailing thereof to the shareholders of the Borrower generally,
      copies of all financial statements, reports and proxy statements so mailed
      and
      promptly upon the issuance thereof copies of all press releases issued by the
      Borrower, any Subsidiary or any other Loan Party;

     

    (d) ERISA.
      If and
      when any member of the ERISA Group (i) gives or is required to give notice
      to
      the PBGC of any “reportable event” (as defined in Section 4043 of ERISA) with
      respect to any Plan which might constitute grounds for a termination of such
      Plan under Title IV of ERISA, or knows that the plan administrator of any Plan
      has given or is required to give notice of any such reportable event, a copy
      of
      the notice of such reportable event given or required to be given to the PBGC;
      (ii) receives notice of complete or partial withdrawal liability under Title
      IV
      of ERISA or notice that any Multiemployer Plan is in reorganization, is
      insolvent or has been terminated, a copy of such notice; (iii) receives notice
      from the PBGC under Title IV of ERISA of an intent to terminate, impose
      liability (other than for premiums under Section 4007 of ERISA) in respect
      of,
      or appoint a trustee to administer any Plan, a copy of such notice; (iv) applies
      for a waiver of the minimum funding standard under Section 412 of the Internal
      Revenue Code, a copy of such application; (v) gives notice of intent to
      terminate any Plan under Section 4041(c) of ERISA, a copy of such notice and
      other information filed with the PBGC; (vi) gives notice of withdrawal from
      any
      Plan pursuant to Section 4063 of ERISA, a copy of such notice; or (vii) fails
      to
      make any payment or contribution to any Plan or Multiemployer Plan or in respect
      of any Benefit Arrangement or makes any amendment to any Plan or Benefit
      Arrangement which has resulted or could result in the imposition of a Lien
      or
      the posting of a bond or other security, a certificate of the chief financial
      officer of the Borrower setting forth details as to such occurrence and the
      action, if any, which the Borrower or applicable member of the ERISA Group
      is
      required or proposes to take;

     

    (e) Litigation.
      To the
      extent the Borrower or any Subsidiary is aware of the same, prompt notice of
      the
      commencement of any proceeding or investigation by or before any Governmental
      Authority and any action or proceeding in any court or other tribunal or before
      any arbitrator against or in any other way relating adversely to, or adversely
      affecting, the Borrower or any Subsidiary or any of their respective properties,
      assets or businesses which could reasonably be expected to have a Material
      Adverse Effect, and prompt notice of the receipt of notice that any United
      States income tax returns of the Borrower or any of its Subsidiaries are being
      audited;

     

    
      
        
        

      

      
        -60-

        
          

        

      

      
        
        

      

    

    (f) Modification
      of Governing Documents.
      A copy
      of any amendment to a Governing Document of the Borrower or any other Loan
      Party
      promptly upon the Agent’s request;

     

    (g) Change
      of Management or Financial Condition.
      Prompt
      notice of any change in the senior management of the Borrower, any Subsidiary
      or
      any other Loan Party and any change in the business, assets, liabilities,
      financial condition, results of operations or business prospects of the
      Borrower, any Subsidiary or any other Loan Party which has had or could
      reasonably be expected to have Material Adverse Effect;

     

    (h) Default.
      Notice
      of the occurrence of any of the following promptly upon a Responsible Officer
      obtaining knowledge thereof: (i) any Default or Event of Default or (ii) any
      event which constitutes or which with the passage of time, the giving of notice,
      or otherwise, would constitute a default or event of default by the Borrower,
      any Subsidiary or any other Loan Party under any Material Contract, or any
      Operating Agreement or Ancillary Agreement relating to any Unencumbered Hotel
      or
      Other Acceptable Property, to which any such Person is a party or by which
      any
      such Person or any of its respective properties may be bound;

     

    (i) Judgments.
      Prompt
      notice of any order, judgment or decree in excess of $5,000,000 having been
      entered against the Borrower, any Subsidiary or any other Loan Party or any
      of
      their respective properties or assets;

     

    (j) Notice
      of Violations of Law.
      Prompt
      notice if the Borrower, any Subsidiary or any other Loan Party shall receive
      any
      notification from any Governmental Authority alleging a violation of any
      Applicable Law or any inquiry which could reasonably be expected to have a
      Material Adverse Effect;

     

    (k) Material
      Subsidiary.
      Prompt
      notice of any Person becoming a Material Subsidiary;

     

    (l) Material
      Asset Sales.
      Prompt
      notice of the sale, transfer or other disposition of any material assets of
      the
      Borrower, any Subsidiary or any other Loan Party to any Person other than the
      Borrower, any Subsidiary or any other Loan Party;

     

    (m) Material
      Contracts.
      Promptly upon the giving or receipt thereof by the Borrower or any Subsidiary,
      notice alleging that any party to any Material Contract, Unencumbered Mortgage
      Note, or any Operating Agreement or Ancillary Agreement relating to an
      Unencumbered Hotel or Other Acceptable Property, is in default of its
      obligations thereunder;

     

    (n) Financial
      Information Regarding Operators and Mortgagors.
      If
      requested by the Agent and available to the Borrower or any Subsidiary on a
      nonconfidential basis, the Borrower shall deliver to the Agent the same reports
      and information with respect to each mortgagor under any Unencumbered Mortgage
      Note and with respect to each Operator as is required by Sections 8.1. and
      8.2.
      with respect to the Borrower, except that: (i) every reference to the Borrower
      and its Subsidiaries shall be deemed to refer to such material mortgagor or
      Operator; and (ii) the time periods within which the Borrower shall deliver
      such
      reports as to material mortgagors and Operators shall each be 30 days longer
      than the time periods set forth in Sections 8.1. and 8.2.;

     

    
      
        
        

      

      
        -61-

        
          

        

      

      
        
        

      

    

    (o) Additions
      to Unencumbered Assets.
      In
      order to add any Hotel or Hotel Pool to Unencumbered Hotels or add any
      promissory note to Unencumbered Mortgage Notes, the Borrower must deliver to
      the
      Agent an Unencumbered Asset Certificate reflecting such addition, together
      with
      a statement of: (i) the acquisition cost of such Hotel, Hotel Pool, or
      promissory note; and (ii) the same information that the Borrower would be
      required to include in a Compliance Certificate. The Borrower shall provide
      the
      Agent with Due Diligence Reports for any Hotel or Hotel Pool added to
      Unencumbered Hotels within 20 days of its delivery to the Agent of the
      Unencumbered Asset Certificate that added such Hotel or Hotel Pool to
      Unencumbered Hotels;

     

    (p) Removals
      from Unencumbered Assets.
      Within
      10 Business Days after any disposition by the Borrower, any Subsidiary or any
      other Loan Party of any Unencumbered Asset or after any Unencumbered Asset
      ceases to qualify as an Unencumbered Hotel, Unencumbered Mortgage Note or Other
      Acceptable Property, the Borrower shall deliver to the Agent an Unencumbered
      Asset Certificate reflecting such removal or disqualification, together with
      a
      statement of: (i) the identity of the Unencumbered Asset being disposed of
      or
      disqualified, and (ii) the Unencumbered Asset Value attributable to such
      Unencumbered Asset. The Borrower also may voluntarily remove (i) any Hotel
      or
      Hotel Pool from Unencumbered Hotels, (ii) any promissory note from Unencumbered
      Mortgage Notes, and (iii) any Property from Other Acceptable Properties by
      delivering to the Agent an Unencumbered Asset Certificate reflecting such
      removal, together with a statement (a) that no Default or Event of Default
      then
      exists or would, upon the occurrence of such event or with the passage of time,
      result from such removal, and (b) of (i) the identity of the Unencumbered Asset
      being removed, and (ii) the Unencumbered Asset Value attributable to such
      Unencumbered Asset; and

     

    (q) Other
      Information.
      From
      time to time and promptly upon each request, such data, certificates, reports,
      statements, opinions of counsel, documents or further information regarding
      the
      business, assets, liabilities, financial condition, results of operations or
      business prospects of the Borrower or any of its Subsidiaries as the Agent
      or
      any Lender may reasonably request.

     

    Article
      IX. Negative Covenants

     

    For
      so
      long as this Agreement is in effect, unless the Requisite Lenders (or, if
      required pursuant to Section 12.6., all of the Lenders) shall otherwise consent
      in the manner set forth in Section 12.6., the Borrower shall comply with the
      following covenants:

     

    Section
      9.1. Financial Covenants.

     

    The
      Borrower shall not permit:

     

    (a) Leverage
      Ratio.
      The
      ratio of (i) Total Indebtedness to (ii) Total Asset Value, to exceed 0.60 to
      1.00 at any time.

     

    (b) Minimum
      Fixed Charge Coverage Ratio.
      The
      ratio of (i) Adjusted EBITDA of the Borrower and its Subsidiaries determined
      on
      a consolidated basis for the fiscal quarter most recently ending to (ii) Fixed
      Charges for such period, to be less than 1.75 to 1.0 at any time.

     

    
      
        
        

      

      
        -62-

        
          

        

      

      
        
        

      

    

    (c) Secured
      Indebtedness.
      The
      ratio of (i) Secured Indebtedness of the Borrower and its Subsidiaries to (ii)
      Total Asset Value, to be greater than 0.25 to 1.00 at any time.

     

    (d) Unencumbered
      Leverage Ratio.
      The
      ratio of (i) Unencumbered Asset Value to (ii) Unsecured Indebtedness, to be
      less
      than 1.67 to 1.00 at any time.

     

    (e) Unencumbered
      Interest Coverage Ratio.
      The
      ratio of (i) Unencumbered EBITDA to (ii) Unsecured Debt Service for the
      Borrower’s fiscal quarter most recently ending, to be less than 2.00 to 1.00 at
      any time.

     

    (f) Minimum
      Tangible Net Worth.
      Tangible Net Worth at any time to be less than (i) $1,500,000,000 plus (ii)
      75%
      of the Net Proceeds of all Equity Issuances effected by the Borrower or any
      Subsidiary (other than Equity Issuances to the Borrower or any Subsidiary)
      after
      the Agreement Date.

     

    (g) Floating
      Rate Debt.
      The
      aggregate principal amount of all outstanding Floating Rate Debt to exceed,
      at
      any time, the greater of (i) 25% of Total Asset Value and (ii) the aggregate
      amount of the Commitments (as such term is defined in the Revolving Credit
      Agreement).

     

    (h) Total
      Assets Owned by Borrower and Guarantors.
      The
      amount of Total Asset Value directly owned by the Borrower and the Guarantors
      to
      be less than 95.0% of Total Asset Value (excluding the amount of Total Asset
      Value, if any, then attributable to Excluded Subsidiaries and Unleveraged
      Non-Domestic Subsidiaries).

     

    Section
      9.2. Indebtedness.

     

    The
      Borrower shall not, and shall not permit any Subsidiary or any other Loan Party
      to, create, incur, assume, or permit or suffer to exist, any Indebtedness other
      than the following:

     

    (a) the
      Obligations;

     

    (b) Indebtedness
      set forth on Schedule 6.1.(g);

     

    (c) intercompany
      Indebtedness among the Borrower and its Wholly Owned Subsidiaries; provided,
      however, that the obligations of the Borrower, each Guarantor and each
      Unleveraged Non-Domestic Subsidiary in respect of such intercompany Indebtedness
      shall be subordinate to the Obligations; and

     

    (d) any
      other
      Indebtedness of a type not described above in this Section and created, incurred
      or assumed after the Agreement Date so long as immediately prior to the
      creation, incurring or assumption thereof, and immediately thereafter and after
      giving effect thereto, no Default or Event of Default is or would be in
      existence, including without limitation, a Default or Event of Default resulting
      from a violation of any of the covenants contained in Section 9.1.

     

     

    
      
        
        

      

      
        -63-

        
          

        

      

      
        
        

      

    

    Section
      9.3. Certain Permitted Investments.

     

    The
      Borrower shall not, and shall not permit any Subsidiary or any other Loan Party
      to, make any Investment in or otherwise own or hold the following items which
      would cause the aggregate value of all such holdings of the Borrower, such
      other
      Subsidiaries and other Loan Parties (without duplication) to exceed 25.0% of
      Total Asset Value at any time:

     

    (a) Investments
      in Persons which are not Subsidiaries, including without limitation Unencumbered
      Mortgage Notes and other Indebtedness owed to the Borrower or any Subsidiary
      and
      secured by real property;

     

    (b) Assets
      Under Development measured by the aggregate Construction Budget for all such
      Assets Under Development. For purposes of this subsection, (i) “Construction
      Budget” means the fully budgeted costs for the acquisition and construction of a
      given piece of real property (including without limitation, the cost of
      acquiring such piece of real property, reserves for construction interest and
      operating deficits, tenant improvements, leasing commissions, and infrastructure
      costs) as reasonably determined by the Borrower in good faith and (ii) real
      property under construction to be (but not yet) acquired by the Borrower or
      a
      Subsidiary upon completion of construction pursuant to a contract in which
      the
      seller of such real property is required to complete construction prior to,
      and
      as a condition precedent to, such acquisition, shall be subject to this
      subsection; and

     

    (c) Real
      property leased by the Borrower or any Subsidiary as lessee pursuant to a ground
      lease, including any Ground Lease (other than any Ground Lease having a
      remaining term of at least 50 years (taking into account extensions which may
      be
      effected by the lessee without the consent of the lessor)).

     

    Section
      9.4. Investments Generally.

     

    The
      Borrower shall not, and shall not permit any Subsidiary or other Loan Party
      to,
      directly or indirectly, acquire, make or purchase any Investment, or permit
      any
      Investment of such Person to be outstanding on and after the Agreement Date,
      other than the following:

     

    (a) Investments
      in Subsidiaries in existence on the Agreement Date and disclosed on Part I
      of
      Schedule 6.1.(b);

     

    (b) Investments
      in Equity Interests of a Subsidiary or any other Person who after giving effect
      to such acquisition would be a Subsidiary, so long as in each case (i)
      immediately prior to such Investment, and after giving effect thereto, no
      Default or Event of Default is or would be in existence and (ii) if such
      Subsidiary is (or after giving effect to such Investment would become) a
      Material Subsidiary and is not an Excluded Subsidiary and not an Unleveraged
      Non-Domestic Subsidiary, the terms and conditions set forth in Section 7.12.
      are
      satisfied;

     

    (c) Investments
      permitted under Section 9.3.;

     

    (d) Investments
      in Cash Equivalents;

     

    
      
        
        

      

      
        -64-

        
          

        

      

      
        
        

      

    

    (e) intercompany
      Indebtedness among the Borrower and its Wholly Owned Subsidiaries provided
      that
      such Indebtedness is permitted by the terms of Section 9.2.;

     

    (f) loans
      and
      advances to officers and employees for moving, entertainment, travel and other
      similar expenses in the ordinary course of business consistent with past
      practices; and

     

    (g) any
      other
      Investment so long as immediately prior to making such Investment, and
      immediately thereafter and after giving effect thereto, no Default or Event
      of
      Default is or would be in existence, including without limitation, a Default
      or
      Event of Default resulting from a violation of Section 7.4.

     

    Section
      9.5. Liens; Negative Pledges; Other Matters.

     

    (a) The
      Borrower shall not, and shall not permit any Subsidiary or other Loan Party
      to,
      create, assume, or incur any Lien (other than Permitted Liens) upon any of
      its
      properties, assets, income or profits of any character whether now owned or
      hereafter acquired if immediately prior to the creation, assumption or incurring
      of such Lien, or immediately thereafter, a Default or Event of Default is or
      would be in existence, including without limitation, a Default or Event of
      Default resulting from a violation of any of the covenants contained in Section
      9.1.;

     

    (b) The
      Borrower shall not, and shall not permit any Subsidiary or other Loan Party
      to,
      enter into, assume or otherwise be bound by any Negative Pledge except for
      a
      Negative Pledge contained in any agreement (i) evidencing Indebtedness which
      the
      Borrower or such Subsidiary may create, incur, assume, or permit or suffer
      to
      exist under Section 9.2.; (ii) which Indebtedness is secured by a Lien permitted
      to exist and (iii) which prohibits the creation of any other Lien on only the
      property securing such Indebtedness as of the date such agreement was entered
      into;

     

    (c) The
      Borrower shall not, and shall not permit any Subsidiary or other Loan Party
      to,
      create or otherwise cause or suffer to exist or become effective any consensual
      encumbrance or restriction of any kind on the ability of any Subsidiary (other
      than an Excluded Subsidiary) to: (i) pay dividends or make any other
      distribution on any of such Subsidiary’s capital stock or other equity interests
      owned by the Borrower or any Subsidiary; (ii) pay any Indebtedness owed to
      the
      Borrower or any Subsidiary; (iii) make loans or advances to the Borrower or
      any
      Subsidiary; or (iv) transfer any of its property or assets to the Borrower
      or
      any Subsidiary.

     

    Section
      9.6. Restricted Payments.

     

    The
      Borrower shall not, and shall not permit any Subsidiary or other Loan Party
      to,
      declare or make any Restricted Payment; provided, however, that:

     

    (a) the
      Borrower may (i) declare and make cash distributions to its common shareholders
      during any fiscal year in an aggregate amount not to exceed the greater of
      (x)
      90.0% of Funds From Operations of the Borrower for such period, or (y) the
      minimum amount necessary for the Borrower to remain in compliance with Section
      7.13. and (ii) declare and make Preferred Dividends;

     

    
      
        
        

      

      
        -65-

        
          

        

      

      
        
        

      

    

    (b) to
      the
      extent such proceeds are not required to be applied to prepay Interim Loans
      pursuant to Section 2.7(b)(i), the Borrower may declare and make cash
      distributions to its shareholders of capital gains resulting from gains from
      certain asset sales to the extent necessary to avoid payment of taxes on such
      asset sales imposed under Sections 857(b)(3) and 4981 of the Internal Revenue
      Code;

     

    (c) the
      Borrower may make cash payments to repurchase outstanding shares of (i) any
      of
      its Preferred Stock, and (ii) up to $200,000,000 of common stock or other
      similar common Equity Interests; 

     

    (d) Subsidiaries
      may declare and pay Restricted Payments to the Borrower or any other Subsidiary;
      and

     

    (e) TCA
      REIT
      and the Borrower may effect the Travel Centers Distribution so long as no
      Default or Event of Default exists immediately thereafter or would result
      therefrom.

     

    Notwithstanding
      the foregoing, but subject to the following sentence, if a Default or Event
      of
      Default shall exist, the Borrower may only declare or make cash distributions
      to
      its shareholders during any fiscal year in an aggregate amount not to exceed
      the
      minimum amount necessary for the Borrower to remain in compliance with Section
      7.13. If a Default or Event of Default specified in Section 10.1.(a), Section
      10.1.(f) or Section 10.1.(g) shall exist, or if as a result of the occurrence
      of
      any other Event of Default the Obligations have been accelerated pursuant to
      Section 10.2.(a), the Borrower shall not, and shall not permit any Subsidiary
      or
      other Loan Party to, make any Restricted Payments to any Person whatsoever
      other
      than to the Borrower or any Subsidiary.

     

    Section
      9.7. Merger, Consolidation, Sales of Assets and Other
      Arrangements.

     

    The
      Borrower shall not, and shall not permit any Subsidiary or other Loan Party
      to:
      (i) enter into any transaction of merger or consolidation; (ii) liquidate,
      wind up or dissolve itself (or suffer any liquidation or dissolution); or (iii)
      convey, sell, lease, sublease, transfer or otherwise dispose of, in one
      transaction or a series of transactions, all or any substantial part of its
      business or assets, whether now owned or hereafter acquired; provided, however,
      that:

     

    (a) any
      of
      the actions described in the immediately preceding clauses (i) through (iii)
      may
      be taken with respect to any Subsidiary or any other Loan Party (other than
      the
      Borrower) so long as immediately prior to the taking of such action, and
      immediately thereafter and after giving effect thereto, no Default or Event
      of
      Default is or would be in existence;

     

    (b) the
      Borrower, its Subsidiaries and the other Loan Parties may lease and sublease
      their respective assets, as lessor or sublessor (as the case may be), in the
      ordinary course of their business;

     

    (c) a
      Person
      may merge with and into the Borrower so long as (i) the Borrower is the survivor
      of such merger, (ii) immediately prior to such merger, and immediately
      thereafter and after giving effect thereto, no Default or Event of Default
      is or
      would 

     

    
      
        
        

      

      
        -66-

        
          

        

      

      
        
        

      

    

    be
      in
      existence; and (iii) the Borrower shall have given the Agent and the Lenders
      at
      least 10 Business Days’ prior written notice of such merger (except that such
      prior notice shall not be required in the case of the merger of a Subsidiary
      with and into the Borrower); and

     

    (d) the
      Borrower and each Subsidiary may sell, transfer or dispose of assets among
      themselves.

     

    Section
      9.8. Fiscal Year.

     

    The
      Borrower shall not change its fiscal year from that in effect as of the
      Agreement Date.

     

    Section
      9.9. Modifications to Advisory Agreement and Other Material
      Contracts.

     

    The
      Borrower shall not default in any material respect in the performance of any
      of
      its obligations under the Advisory Agreement or permit the Advisory Agreement
      to
      be canceled or terminated prior to its stated maturity. The Borrower shall
      not
      enter into any material amendment, modification or waiver of or with respect
      to
      any of the terms of the Advisory Agreement, except for extensions thereof.
      With
      respect to Material Contracts other than the Advisory Agreement, the Borrower
      shall not, and shall not permit any Subsidiary or other Loan Party to, enter
      into any amendment or modification to any such Material Contract which could
      reasonably be expected to have a Material Adverse Effect. With respect to any
      Operating Agreement or Ancillary Agreement relating to any Unencumbered Hotel
      or
      Other Acceptable Property, the Borrower shall not, and shall not permit any
      Subsidiary or other Loan Party to, enter into any amendment or modification
      to
      any such agreement if (a) such amendment or modification could reasonably be
      expected to have a Material Adverse Effect or (b) after giving pro forma effect
      to such amendment or modification, a Default or Event of Default could
      reasonably be expected to occur, including without limitation, a Default or
      Event of Default resulting from a violation of any of the covenants contained
      in
      Section 9.1. In connection with any amendment or modification to any Operating
      Agreement or Ancillary Agreement relating to any Unencumbered Hotel or Other
      Acceptable Property, the Borrower shall deliver to the Agent, within 10 Business
      Days’ of the Agent’s request, a Compliance Certificate calculated on a pro forma
      basis giving effect to such amendment or modification.

     

    Section
      9.10. Transactions with Affiliates.

     

    The
      Borrower shall not, and shall not permit any of its Subsidiaries or any other
      Loan Party to, permit to exist or enter into, any transaction (including the
      purchase, sale, lease or exchange of any property or the rendering of any
      service) with any Affiliate, except transactions in the ordinary course of
      and
      pursuant to the reasonable requirements of the business of the Borrower or
      any
      of its Subsidiaries and upon fair and reasonable terms which are no less
      favorable to the Borrower or such Subsidiary than would be obtained in a
      comparable arm’s length transaction with a Person that is not an
      Affiliate.

     

     

    
      
        
        

      

      
        -67-

        
          

        

      

      
        
        

      

    

     

    
      Section
        9.11. ERISA
        Exemptions.

       

    

    The
      Borrower shall not, and shall not permit any Subsidiary to, permit any of its
      respective assets to become or be deemed to be “plan assets” within the meaning
      of ERISA, the Internal Revenue Code and the respective regulations promulgated
      thereunder.

     

    Article
      X. Default

     

    Section
      10.1. Events of Default.

     

    Each
      of
      the following shall constitute an Event of Default, whatever the reason for
      such
      event and whether it shall be voluntary or involuntary or be effected by
      operation of Applicable Law or pursuant to any judgment or order of any
      Governmental Authority:

     

    (a) Default
      in Payment of Principal.
      The
      Borrower shall fail to pay when due (whether upon demand, at maturity, by reason
      of acceleration or otherwise) the principal of any of the Loans.

     

    (b) Default
      in Payment of Interest and Other Obligations.
      The
      Borrower shall fail to pay when due any interest on any of the Loans or any
      of
      the other payment Obligations owing by the Borrower under this Agreement or
      any
      other Loan Document, or any other Loan Party shall fail to pay when due any
      payment Obligation owing by such other Loan Party under any Loan Document to
      which it is a party, and such failure shall continue for a period of 5 Business
      Days.

     

    (c) Default
      in Performance.
      (i) The
      Borrower shall fail to perform or observe any term, covenant, condition or
      agreement contained in Section 8.4.(h) or in Article IX. or (ii) the Borrower
      or
      any other Loan Party shall fail to perform or observe any term, covenant,
      condition or agreement contained in this Agreement or any other Loan Document
      to
      which it is a party and not otherwise mentioned in this Section and such failure
      shall continue for a period of 30 days after the earlier of (x) the date upon
      which a Responsible Officer of the Borrower or such Loan Party obtains knowledge
      of such failure or (y) the date upon which the Borrower has received written
      notice of such failure from the Agent.

     

    (d) Misrepresentations.
      Any
      written statement, representation or warranty made or deemed made by or on
      behalf of the Borrower or any other Loan Party under this Agreement or under
      any
      other Loan Document, or any amendment hereto or thereto, or in any other writing
      or statement at any time furnished or made or deemed made by or on behalf of
      the
      Borrower or any other Loan Party to the Agent or any Lender, shall at any time
      prove to have been incorrect or misleading, in light of the circumstances in
      which made or deemed made, in any material respect when furnished or made or
      deemed made.

     

    (e) Indebtedness
      Cross Default.

     

    (i) The
      Borrower, any Subsidiary or any other Loan Party shall fail to pay when due
      and
      payable the principal of, or interest on, any Indebtedness (other than the
      Obligations) having an aggregate outstanding principal amount greater than
      or
      equal to

     

    
      
        
        

      

      
        -68-

        
          

        

      

      
        
        

      

    

    (A)
      $25,000,000 in the case of Indebtedness that is not Nonrecourse Indebtedness
      or
      (B) $75,000,000 in the case of Indebtedness that is Nonrecourse Indebtedness
      (all such Indebtedness being “Material
      Indebtedness”);
      or

     

    (ii) (x)
      the
      maturity of any Material Indebtedness shall have been accelerated in accordance
      with the provisions of any indenture, contract or instrument evidencing,
      providing for the creation of or otherwise concerning such Material Indebtedness
      or (y) any Material Indebtedness shall have been required to be prepaid or
      repurchased prior to the stated maturity thereof; or

     

    (iii) any
      other
      event shall have occurred and be continuing which, with or without the passage
      of time, the giving of notice, or both, would permit any holder or holders
      of
      Material Indebtedness, any trustee or agent acting on behalf of such holder
      or
      holders or any other Person, to accelerate the maturity of any such Material
      Indebtedness or require any such Material Indebtedness to be prepaid or
      repurchased prior to its stated maturity.

     

    (f) Voluntary
      Bankruptcy Proceeding.
      The
      Borrower, any other Loan Party or any Subsidiary (other than (x) a Guarantor
      or
      Unleveraged Non-Domestic Subsidiary that, together with all other Guarantors
      and
      Unleveraged Non-Domestic Subsidiaries then subject to a bankruptcy proceeding
      or
      other proceeding or condition described in this subsection or the immediately
      following subsection, does not account for more than $25,000,000 of Total Asset
      Value, (y) a Subsidiary that, together with all other Subsidiaries (other than
      Excluded Subsidiaries, all Indebtedness of which is Nonrecourse Indebtedness)
      then subject to a bankruptcy proceeding or other proceeding or condition
      described in this subsection or the immediately following subsection, does
      not
      account for more than $50,000,000 of Total Asset Value, or (z) an Excluded
      Subsidiary, all Indebtedness of which is Nonrecourse Indebtedness) shall: (i)
      commence a voluntary case under the Bankruptcy Code of 1978, as amended, or
      other federal bankruptcy laws (as now or hereafter in effect); (ii) file a
      petition seeking to take advantage of any other Applicable Laws, domestic or
      foreign, relating to bankruptcy, insolvency, reorganization, winding up, or
      composition or adjustment of debts; (iii) consent to, or fail to contest in
      a
      timely and appropriate manner, any petition filed against it in an involuntary
      case under such bankruptcy laws or other Applicable Laws or consent to any
      proceeding or action described in the immediately following subsection; (iv)
      apply for or consent to, or fail to contest in a timely and appropriate manner,
      the appointment of, or the taking of possession by, a receiver, custodian,
      trustee, or liquidator of itself or of a substantial part of its property,
      domestic or foreign; (v) admit in writing its inability to pay its debts as
      they
      become due; (vi) make a general assignment for the benefit of creditors; (vii)
      make a conveyance fraudulent as to creditors under any Applicable Law; or (viii)
      take any corporate or partnership action for the purpose of effecting any of
      the
      foregoing.

     

    (g) Involuntary
      Bankruptcy Proceeding.
      A case
      or other proceeding shall be commenced against the Borrower, any other Loan
      Party or any Subsidiary (other than (x) a Guarantor or Unleveraged Non-Domestic
      Subsidiary that, together with all other Guarantors and Unleveraged Non-Domestic
      Subsidiaries then subject to a bankruptcy proceeding or other proceeding or
      condition described in this subsection or the immediately

     

    
      
        
        

      

      
        -69-

        
          

        

      

      
        
        

      

    

    preceding
      subsection, does not account for more than $25,000,000 of Total Asset Value,
      (y)
      a Subsidiary that, together with all other Subsidiaries (other than Excluded
      Subsidiaries, all Indebtedness of which is Nonrecourse Indebtedness) then
      subject to a bankruptcy proceeding or other proceeding or condition described
      in
      this subsection or the immediately preceding subsection, does not account for
      more than $50,000,000 of Total Asset Value, or (z) an Excluded Subsidiary,
      all
      Indebtedness of which is Nonrecourse Indebtedness) in any court of competent
      jurisdiction seeking: (i) relief under the Bankruptcy Code of 1978, as amended,
      or other federal bankruptcy laws (as now or hereafter in effect) or under any
      other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency,
      reorganization, winding up, or composition or adjustment of debts; or (ii)
      the
      appointment of a trustee, receiver, custodian, liquidator or the like of such
      Person, or of all or any substantial part of the assets, domestic or foreign,
      of
      such Person, and such case or proceeding shall continue undismissed or unstayed
      for a period of 60 consecutive calendar days, or an order granting the remedy
      or
      other relief requested in such case or proceeding against the Borrower, such
      Subsidiary or such other Loan Party (including, but not limited to, an order
      for
      relief under such Bankruptcy Code or such other federal bankruptcy laws) shall
      be entered.

     

    (h) Litigation;
      Enforceability.
      (i) The Borrower or any other Loan Party shall disavow, revoke or terminate
      (or attempt to terminate) any Loan Document to which it is a party or shall
      otherwise challenge or contest in any action, suit or proceeding in any court
      or
      before any Governmental Authority the validity or enforceability of this
      Agreement, any Note or any other Loan Document or (ii) this Agreement, any
      Note, the Guaranty or any other Loan Document shall cease to be in full force
      and effect (except as a result of the express terms thereof).

     

    (i) Judgment.
      A
      judgment or order for the payment of money or for an injunction shall be entered
      against the Borrower, any Subsidiary or any other Loan Party, by any court
      or
      other tribunal and (i) such judgment or order shall continue for a period of
      30
      days without being paid, stayed or dismissed through appropriate appellate
      proceedings and (ii) either (A) the amount of such judgment or order (x) for
      which insurance has not been acknowledged in writing by the applicable insurance
      carrier (or the amount as to which the insurer has denied liability) or (y)
      is
      not otherwise subject to indemnification or reimbursement on reasonable terms
      and conditions by Persons reasonably likely to honor such indemnification or
      reimbursement obligations exceeds, individually or together with all other
      such
      outstanding judgments or orders entered against (1) the Borrower, any Guarantor
      or any Unleveraged Non-Domestic Subsidiary, $25,000,000, or (2) any other
      Subsidiaries, $50,000,000, or (B) in the case of an injunction or other
      non-monetary judgment, such judgment could reasonably be expected to have a
      Material Adverse Effect.

     

    (j) Attachment.
      A
      warrant, writ of attachment, execution or similar process shall be issued
      against any property of the Borrower, any Subsidiary or any other Loan Party
      which exceeds, individually or together with all other such warrants, writs,
      executions and processes, (1) for the Borrower, any Guarantor or any Unleveraged
      Non-Domestic Subsidiary, $25,000,000, or (2) for any other Subsidiaries,
      $50,000,000, and such warrant, writ, execution or process shall not be
      discharged, vacated, stayed or

     

    
      
        
        

      

      
        -70-

        
          

        

      

      
        
        

      

    

    bonded
      for a period of 30 days; provided, however, that if a bond has been issued
      in
      favor of the claimant or other Person obtaining such warrant, writ, execution
      or
      process, the issuer of such bond shall execute a waiver or subordination
      agreement in form and substance satisfactory to the Agent pursuant to which
      the
      issuer of such bond subordinates its right of reimbursement, contribution or
      subrogation to the Obligations and waives or subordinates any Lien it may have
      on the assets of any Loan Party.

     

    (k) ERISA.
      Any
      member of the ERISA Group shall fail to pay when due an amount or amounts
      aggregating in excess of $10,000,000 which it shall have become liable to pay
      under Title IV of ERISA; or notice of intent to terminate a Material Plan shall
      be filed under Title IV of ERISA by any member of the ERISA Group, any plan
      administrator or any combination of the foregoing; or the PBGC shall institute
      proceedings under Title IV of ERISA to terminate, to impose liability (other
      than for premiums under Section 4007 of ERISA) in respect of, or to cause a
      trustee to be appointed to administer, any Material Plan; or a condition shall
      exist by reason of which the PBGC would be entitled to obtain a decree
      adjudicating that any Material Plan must be terminated; or there shall occur
      a
      complete or partial withdrawal from, or a default, within the meaning of Section
      4219(c)(5) of ERISA, with respect to, one or more Multiemployer Plans which
      could cause one or more members of the ERISA Group to incur a current payment
      obligation in excess of $10,000,000.

     

    (l) Loan
      Documents.
      An
      Event of Default (as defined therein) shall occur under any of the other Loan
      Documents.

     

    (m) Change
      of Control.

     

    (i) Any
      “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
      Securities Exchange Act of 1934, as amended (the “Exchange Act”)) is or becomes
      the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange
      Act, except that a Person will be deemed to have “beneficial ownership” of all
      securities that such Person has the right to acquire, whether such right is
      exercisable immediately or only after the passage of time), directly or
      indirectly, of more than 15% of the total voting power of the then outstanding
      voting stock of the Borrower; or

     

    (ii) during
      any period of 12 consecutive months ending after the Agreement Date, individuals
      who at the beginning of any such 12 month period constituted the Board of
      Trustees of the Borrower (together with any new trustees whose election by
      such
      Board or whose nomination for election by the shareholders of the Borrower
      was
      approved by a vote of a majority of the trustees then still in office who were
      either trustees at the beginning of such period or whose election or nomination
      for election was previously so approved) cease for any reason to constitute
      a
      majority of the Board of Trustees of the Borrower then in office;
      or

     

    (iii) RMR
      shall
      cease for any reason to act as the sole investment advisor to the
      Borrower.

     

    
      
        
        

      

      
        -71-

        
          

        

      

      
        
        

      

    

    Section
      10.2. Remedies Upon Event of Default.

     

    Upon
      the
      occurrence of an Event of Default the following provisions shall
      apply:

     

    (a) Acceleration;
      Termination of Facilities.

     

    (i) Automatic.
      Upon
      the occurrence of an Event of Default specified in Sections 10.1.(f) or
      10.1.(g), (A) (i) the principal of, and all accrued interest on, the Loans
      and
      the Notes at the time outstanding and (ii) all of the other Obligations of
      the
      Borrower, including, but not limited to, the other amounts owed to the Lenders
      and the Agent under this Agreement, the Notes or any of the other Loan Documents
      shall become immediately and automatically due and payable by the Borrower
      without presentment, demand, protest, or other notice of any kind, all of which
      are expressly waived by the Borrower and (B) all of the Commitments shall all
      immediately and automatically terminate.

     

    (ii) Optional.
      If any
      other Event of Default shall exist, the Agent shall, at the direction of the
      Requisite Lenders: (A) declare (1) the principal of, and accrued interest on,
      the Loans and the Notes at the time outstanding and (2) all of the other
      Obligations, including, but not limited to, the other amounts owed to the
      Lenders and the Agent under this Agreement, the Notes or any of the other Loan
      Documents to be forthwith due and payable, whereupon the same shall immediately
      become due and payable without presentment, demand, protest or other notice
      of
      any kind, all of which are expressly waived by the Borrower and (B) terminate
      the Commitments.

     

    (b) Loan
      Documents.
      The
      Requisite Lenders may direct the Agent to, and the Agent if so directed shall,
      exercise any and all of its rights under any and all of the other Loan
      Documents.

     

    (c) Applicable
      Law.
      The
      Requisite Lenders may direct the Agent to, and the Agent if so directed shall,
      exercise all other rights and remedies it may have under any Applicable
      Law.

     

    (d) Appointment
      of Receiver.
      To the
      extent permitted by Applicable Law, the Agent and the Lenders shall be entitled
      to the appointment of a receiver for the assets and properties of the Borrower
      and its Subsidiaries, without notice of any kind whatsoever and without regard
      to the adequacy of any security for the Obligations or the solvency of any
      party
      bound for its payment, to take possession of all or any portion of the business
      operations of the Borrower and its Subsidiaries and to exercise such power
      as
      the court shall confer upon such receiver.

     

    Section
      10.3. Remedies Upon Default.

     

    Upon
      the
      occurrence of a Default specified in Sections 10.1.(f) or 10.1.(g), the
      Commitments shall immediately and automatically terminate.

     

     

    
      
        
        

      

      
        -72-

        
          

        

      

      
        
        

      

    

    Section
      10.4. Allocation of Proceeds.

     

    If
      an
      Event of Default shall have occurred and the maturity of any of the Obligations
      has been accelerated, all payments received by the Agent under any of the Loan
      Documents, in respect of any principal of or interest on the Obligations or
      any
      other amounts payable by the Borrower hereunder or thereunder, shall be applied
      in the following order and priority:

     

    (a) amounts
      due to the Agent and the Lenders in respect of fees and expenses due under
      Section 12.2.;

     

    (b) payments
      of interest on all Loans, to be applied for the ratable benefit of the
      Lenders;

     

    (c) payments
      of principal of all Loans, to be applied for the ratable benefit of the
      Lenders;

     

    (d) amounts
      due the Agent and the Lenders pursuant to Sections 11.7. and 12.9.;

     

    (e) payments
      of all other amounts due and owing by the Borrower under any of the Loan
      Documents, if any, to be applied for the ratable benefit of the Lenders;
      and

     

    (f) any
      amount remaining after application as provided above, shall be paid to the
      Borrower or whomever else may be legally entitled thereto.

     

    Section
      10.5. [Reserved].

     

    Section
      10.6. Performance by Agent.

     

    If
      the
      Borrower shall fail to perform any covenant, duty or agreement contained in
      any
      of the Loan Documents, the Agent may perform or attempt to perform such
      covenant, duty or agreement on behalf of the Borrower after the expiration
      of
      any cure or grace periods set forth herein. In such event, the Borrower shall,
      at the request of the Agent, promptly pay any amount reasonably expended by
      the
      Agent in such performance or attempted performance to the Agent, together with
      interest thereon at the applicable Post-Default Rate from the date of such
      expenditure until paid. Notwithstanding the foregoing, neither the Agent nor
      any
      Lender shall have any liability or responsibility whatsoever for the performance
      of any obligation of the Borrower under this Agreement or any other Loan
      Document.

     

    Section
      10.7. Rights Cumulative.

     

    The
      rights and remedies of the Agent and the Lenders under this Agreement and each
      of the other Loan Documents shall be cumulative and not exclusive of any rights
      or remedies which any of them may otherwise have under Applicable Law. In
      exercising their respective rights and remedies the Agent and the Lenders may
      be
      selective and no failure or delay by the Agent or any of the Lenders in
      exercising any right shall operate as a waiver of it, nor shall any single
      or
      partial exercise of any power or right preclude its other or further exercise
      or
      the exercise of any other power or right.

     

     

    
      
        
        

      

      
        -73-

        
          

        

      

      
        
        

      

    

    Article
      XI. The Agent

     

    Section
      11.1. Authorization and Action.

     

    Each
      Lender hereby appoints and authorizes the Agent to take such action as
      contractual representative on such Lender’s behalf and to exercise such powers
      under this Agreement and the other Loan Documents as are specifically delegated
      to the Agent by the terms hereof and thereof, together with such powers as
      are
      reasonably incidental thereto. Not in limitation of the foregoing, each Lender
      authorizes and directs the Agent to enter into the Loan Documents for the
      benefit of the Lenders. Each Lender hereby agrees that, except as otherwise
      set
      forth herein, any action taken by the Requisite Lenders in accordance with
      the
      provisions of this Agreement or the Loan Documents, and the exercise by the
      Requisite Lenders of the powers set forth herein or therein, together with
      such
      other powers as are reasonably incidental thereto, shall be authorized and
      binding upon all of the Lenders. Nothing herein shall be construed to deem
      the
      Agent a trustee or fiduciary for any Lender nor to impose on the Agent duties
      or
      obligations other than those expressly provided for herein. At the request
      of a
      Lender, the Agent will forward to such Lender copies or, where appropriate,
      originals of the documents delivered to the Agent pursuant to this Agreement
      or
      the other Loan Documents. The Agent will also furnish to any Lender, upon the
      request of such Lender, a copy of any certificate or notice furnished to the
      Agent by the Borrower, any Loan Party or any other Affiliate of the Borrower,
      pursuant to this Agreement or any other Loan Document not already delivered
      to
      such Lender pursuant to the terms of this Agreement or any such other Loan
      Document. As to any matters not expressly provided for by the Loan Documents
      (including, without limitation, enforcement or collection of any of the
      Obligations), the Agent shall not be required to exercise any discretion or
      take
      any action, but shall be required to act or to refrain from acting (and shall
      be
      fully protected in so acting or refraining from acting) upon the instructions
      of
      the Requisite Lenders (or all of the Lenders if explicitly required under any
      other provision of this Agreement), and such instructions shall be binding
      upon
      all Lenders and all holders of any of the Obligations; provided, however, that,
      notwithstanding anything in this Agreement to the contrary, the Agent shall
      not
      be required to take any action which exposes the Agent to personal liability
      or
      which is contrary to this Agreement or any other Loan Document or Applicable
      Law. Not in limitation of the foregoing, the Agent shall not exercise any right
      or remedy it or the Lenders may have under any Loan Document upon the occurrence
      of a Default or an Event of Default, unless the Requisite Lenders have so
      directed the Agent to exercise such right or remedy.

     

    Section
      11.2. Agent’s Reliance, Etc.

     

    Notwithstanding
      any other provisions of this Agreement or any other Loan Documents, neither
      the
      Agent nor any of its directors, officers, agents, employees or counsel shall
      be
      liable for any action taken or omitted to be taken by it or them under or in
      connection with this Agreement or any other Loan Document, except for its or
      their own gross negligence or willful misconduct as determined by a court of
      competent jurisdiction in a final, non-appealable judgment. Without limiting
      the
      generality of the foregoing, the Agent: (a) may treat the payee of any Note
      as
      the holder thereof until the Agent receives written notice of the assignment
      or
      transfer thereof signed by such payee and in form satisfactory to the Agent;
      (b)
      may consult with legal counsel (including its own counsel or counsel for the
      Borrower or any other Loan Party), independent public accountants and other
      experts selected by it and shall not be liable for any action taken or

     

    
      
        
        

      

      
        -74-

        
          

        

      

      
        
        

      

    

    omitted
      to be taken in good faith by it in accordance with the advice of such counsel,
      accountants or experts; (c) makes no warranty or representation to any Lender
      or
      any other Person and shall not be responsible to any Lender or any other Person
      for any statements, warranties or representations made by any Person in or
      in
      connection with this Agreement or any other Loan Document; (d) shall not have
      any duty to ascertain or to inquire as to the performance or observance of
      any
      of the terms, covenants or conditions of any of this Agreement or any other
      Loan
      Document or the satisfaction of any conditions precedent under this Agreement
      or
      any Loan Document on the part of the Borrower or other Persons (except for
      the
      delivery to it of any certificate or document specifically required to be
      delivered to it pursuant to Section 5.1.) or inspect the property, books or
      records of the Borrower or any other Person; (e) shall not be responsible to
      any
      Lender for the due execution, legality, validity, enforceability, genuineness,
      sufficiency or value of this Agreement or any other Loan Document, any other
      instrument or document furnished pursuant thereto or any collateral covered
      thereby or the perfection or priority of any Lien in favor of the Agent on
      behalf of the Lenders in any such collateral; and (f) shall incur no liability
      under or in respect of this Agreement or any other Loan Document by acting
      upon
      any notice, consent, certificate or other instrument or writing (which may
      be by
      telephone or telecopy) believed by it to be genuine and signed, sent or given
      by
      the proper party or parties.

     

    Section
      11.3. Notice of Defaults.

     

    The
      Agent
      shall not be deemed to have knowledge or notice of the occurrence of a Default
      or Event of Default unless the Agent has received notice from a Lender or the
      Borrower referring to this Agreement, describing with reasonable specificity
      such Default or Event of Default and stating that such notice is a “notice of
      default.” If any Lender (excluding the Lender which is also serving as the
      Agent) becomes aware of any Default or Event of Default, it shall promptly
      send
      to the Agent such a “notice of default.” Further, if the Agent receives such a
“notice of default”, the Agent shall give prompt notice thereof to the
      Lenders.

     

    Section
      11.4. Agent as Lender.

     

    To
      the
      extent the Agent is also a Lender, the Agent, in its capacity as a Lender,
      shall
      have the same rights and powers under this Agreement and any other Loan Document
      as any other Lender and may exercise the same as though it were not the Agent;
      and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated,
      include the Agent in each case in its individual capacity. The Agent and its
      affiliates may each accept deposits from, maintain deposits or credit balances
      for, invest in, lend money to, act as trustee under indentures of, serve as
      financial advisor to, and generally engage in any kind of business with, the
      Borrower, any other Loan Party or any other affiliate thereof as if it were
      any
      other bank and without any duty to account therefor to the other Lenders.
      Further, the Agent and any affiliate may accept fees and other consideration
      from the Borrower for services in connection with this Agreement and otherwise
      without having to account for the same to the other Lenders. The Lenders
      acknowledge that, pursuant to such activities, the Agent or its affiliates
      may
      receive information regarding the Borrower, other Loan Parties, other
      Subsidiaries and other Affiliates (including information that may be subject
      to
      confidentiality obligations in favor of such Person) and acknowledge that the
      Agent shall be under no obligation to provide such information to
      them.

     

     

    
      
        
        

      

      
        -75-

        
          

        

      

      
        
        

      

    

    Section
      11.5. Approvals of Lenders.

     

    All
      communications from the Agent to any Lender requesting such Lender’s
      determination, consent, approval or disapproval (a) shall be given in the form
      of a written notice to such Lender, (b) shall be accompanied by a description
      of
      the matter or issue as to which such determination, approval, consent or
      disapproval is requested, or shall advise such Lender where information, if
      any,
      regarding such matter or issue may be inspected, or shall otherwise describe
      the
      matter or issue to be resolved, (c) shall include, if reasonably requested
      by
      such Lender and to the extent not previously provided to such Lender, written
      materials and a summary of all oral information provided to the Agent by the
      Borrower in respect of the matter or issue to be resolved, and (d) shall include
      the Agent’s recommended course of action or determination in respect thereof.
      Each Lender shall reply promptly, but in any event within 10 Business Days
      (or
      such lesser or greater period as may be specifically required under the Loan
      Documents) of receipt of such communication. Except as otherwise provided in
      this Agreement and except with respect to items requiring the unanimous consent
      or approval of the Lenders under Section 12.6., unless a Lender shall give
      written notice to the Agent that it specifically objects to the recommendation
      or determination of the Agent (together with a written explanation of the
      reasons behind such objection) within the applicable time period for reply,
      such
      Lender shall be deemed to have conclusively approved of or consented to such
      recommendation or determination.

     

    Section
      11.6. Lender Credit Decision, Etc.

     

    Each
      Lender expressly acknowledges and agrees that neither the Agent nor any of
      its
      officers, directors, employees, agents, counsel, attorneys in fact or other
      affiliates has made any representations or warranties as to the financial
      condition, operations, creditworthiness, solvency or other information
      concerning the business or affairs of the Borrower, any other Loan Party, any
      Subsidiary or any other Person to such Lender and that no act by the Agent
      hereafter taken, including any review of the affairs of the Borrower, any other
      Loan Party or any other Subsidiary, shall be deemed to constitute any such
      representation or warranty by the Agent to any Lender. Each Lender acknowledges
      that it has made its own credit and legal analysis and decision to enter into
      this Agreement and the transaction contemplated hereby, independently and
      without reliance upon the Agent, any other Lender or counsel to the Agent,
      or
      any of their respective officers, directors, employees and agents, and based
      on
      the financial statements of the Borrower, the Subsidiaries or any other
      Affiliate thereof, and inquiries of such Persons, its independent due diligence
      of the business and affairs of the Borrower, the Loan Parties, the Subsidiaries
      and other Persons, its review of the Loan Documents, the legal opinions required
      to be delivered to it hereunder, the advice of its own counsel and such other
      documents and information as it has deemed appropriate. Each Lender also
      acknowledges that it will, independently and without reliance upon the Agent,
      any other Lender or counsel to the Agent or any of their respective officers,
      directors, employees and agents, and based on such review, advice, documents
      and
      information as it shall deem appropriate at the time, continue to make its
      own
      decisions in taking or not taking action under the Loan Documents. Except for
      notices, reports and other documents and information expressly required to
      be
      furnished to the Lenders by the Agent under this Agreement or any of the other
      Loan Documents, the Agent shall have no duty or responsibility to provide any
      Lender with any credit or other information concerning the business, operations,
      property, financial and other condition or creditworthiness of the Borrower,
      any
      other Loan Party or any other Affiliate thereof which may come into possession
      of the Agent or any of its officers, 

     

    
      
        
        

      

      
        -76-

        
          

        

      

      
        
        

      

    

    directors,
      employees, agents, attorneys in fact or other affiliates. Each Lender
      acknowledges that the Agent’s legal counsel in connection with the transactions
      contemplated by this Agreement is only acting as counsel to the Agent and is
      not
      acting as counsel to such Lender.

     

    Section
      11.7. Indemnification of Agent.

     

    Each
      Lender agrees to indemnify the Agent (to the extent not reimbursed by the
      Borrower and without limiting the obligation of the Borrower to do so) pro
      rata
      in accordance with the respective outstanding principal amounts of the Interim
      Loans then held by each Lender, from and against any and all liabilities,
      obligations, losses, damages, penalties, actions, judgments, suits, reasonable
      out-of-pocket costs, expenses or disbursements of any kind or nature whatsoever
      which may at any time be imposed on, incurred by, or asserted against the Agent
      (in its capacity as Agent but not as a Lender) in any way relating to or arising
      out of the Loan Documents, any transaction contemplated hereby or thereby or
      any
      action taken or omitted by the Agent under the Loan Documents (collectively,
      “Indemnifiable
      Amounts”);
      provided, however, that no Lender shall be liable for any portion of such
      Indemnifiable Amounts to the extent resulting from the Agent’s gross negligence
      or willful misconduct as determined by a court of competent jurisdiction in
      a
      final, non-appealable judgment or if the Agent fails to follow the written
      direction of the Requisite Lenders (or all of the Lenders if expressly required
      hereunder) unless such failure results from the Agent reasonably following
      the
      advice of counsel to the Agent of which advice the Lenders have received notice.
      Without limiting the generality of the foregoing but subject to the preceding
      proviso, each Lender agrees to reimburse the Agent (to the extent not reimbursed
      by the Borrower and without limiting the obligation of the Borrower to do so)
      promptly upon demand for its ratable share of any out of pocket expenses
      (including reasonable counsel fees of the counsel(s) of the Agent’s own
      choosing) incurred by the Agent in connection with the preparation, negotiation,
      execution, or enforcement of, or legal advice with respect to the rights or
      responsibilities of the parties under, the Loan Documents, any suit or action
      brought by the Agent to enforce the terms of the Loan Documents and/or collect
      any Obligations, any “lender liability” suit or claim brought against the Agent
      and/or the Lenders, and any claim or suit brought against the Agent and/or
      the
      Lenders arising under any Environmental Laws. Such out of pocket expenses
      (including counsel fees) shall be advanced by the Lenders on the request of
      the
      Agent notwithstanding any claim or assertion that the Agent is not entitled
      to
      indemnification hereunder upon receipt of an undertaking by the Agent that
      the
      Agent will reimburse the Lenders if it is actually and finally determined by
      a
      court of competent jurisdiction that the Agent is not so entitled to
      indemnification. The agreements in this Section shall survive the payment of
      the
      Loans and all other amounts payable hereunder or under the other Loan Documents
      and the termination of this Agreement. If the Borrower shall reimburse the
      Agent
      for any Indemnifiable Amount following payment by any Lender to the Agent in
      respect of such Indemnifiable Amount pursuant to this Section, the Agent shall
      share such reimbursement on a ratable basis with each Lender making any such
      payment.

     

    Section
      11.8. Successor Agent.

     

    The
      Agent
      may resign at any time as Agent under the Loan Documents by giving written
      notice thereof to the Lenders and the Borrower. The Agent may be removed as
      Agent under the Loan Documents for good cause by all of the Lenders (other
      than
      any Lender then acting as Agent) upon 30 days’ prior written notice to the
      Agent. Upon any such resignation or removal, 

     

    
      
        
        

      

      
        -77-

        
          

        

      

      
        
        

      

    

    the
      Requisite Lenders (other than any Lender then acting as Agent, in the case
      of
      the removal of the Agent under the immediately preceding sentence) shall have
      the right to appoint a successor Agent which appointment shall, provided no
      Default or Event of Default shall exist, be subject to the Borrower’s approval,
      which approval shall not be unreasonably withheld or delayed (except that the
      Borrower shall, in all events, be deemed to have approved each Lender and its
      affiliates as a successor Agent). If no successor Agent shall have been so
      appointed in accordance with the immediately preceding sentence, and shall
      have
      accepted such appointment, within 30 days after the resigning Agent’s giving of
      notice of resignation or the Lenders’ removal of the resigning Agent, then the
      resigning or removed Agent may, on behalf of the Lenders, appoint a successor
      Agent, which shall be a Lender, if any Lender shall be willing to serve, and
      otherwise shall be a commercial bank having total combined assets of at least
      $50,000,000,000. Upon the acceptance of any appointment as Agent hereunder
      by a
      successor Agent, such successor Agent shall thereupon succeed to and become
      vested with all the rights, powers, privileges and duties of the retiring or
      removed Agent, and the retiring or removed Agent shall be discharged from its
      duties and obligations under the Loan Documents. After any Agent’s resignation
      or removal hereunder as Agent, the provisions of this Article XI. shall continue
      to inure to its benefit as to any actions taken or omitted to be taken by it
      while it was Agent under the Loan Documents.

     

    Section
      11.9. Titled Agents.

     

    Each
      of
      the Titled Agents in each such respective capacity, assumes no responsibility
      or
      obligation hereunder, including, without limitation, for servicing enforcement
      or collection of any of the Loans, nor any duties as an agent hereunder for
      the
      Lenders. The titles of “Lead Arranger”, “Lead Bookrunner” and “Syndication
      Agent” are solely honorific and imply no fiduciary responsibility on the part of
      the Titled Agents to the Agent, the Borrower or any Lender and the use of such
      titles does not impose on the Titled Agents any duties or obligations greater
      than those of any other Lender or entitle the Titled Agents to any rights other
      than those to which any other Lender is entitled.

     

    Article
      XII. Miscellaneous

     

    Section
      12.1. Notices.

     

    (a) Unless
      otherwise provided herein, communications provided for hereunder shall be in
      writing and shall be mailed, telecopied or delivered as follows:

     

    If
      to the
      Borrower:

     

    Hospitality
      Properties Trust

    400
      Centre Street

    Newton,
      Massachusetts 02458

    Attention:
      Mark Kleifges

    Telecopy
      Number: (617)
      969-5730

    Telephone
      Number: (617)
      796-8327

     

    If
      to the
      Agent:

     

    Merrill
      Lynch Capital Corporation

    
      
        
        

      

      
        -78-

        
          

        

      

      
        
        

      

    

    4
      World
      Financial Center, 22nd Floor

    New
      York,
      New York 10080

    Attention:
      John Rowland

    Telecopy
      Number: (212)
      738-1186

    Telephone
      Number: (212)
      449-1351 

     

    If
      to a
      Lender:

     

    To
      such
      Lender’s address or telecopy number,

    as
      applicable, set forth in its Administrative

    Questionnaire
      or in the applicable Assignment

    and
      Acceptance Agreement.

     

    or,
      as to
      each party at such other address as shall be designated by such party in a
      written notice to the other parties delivered in compliance with this Section.
      All such notices and other communications shall be effective (i) if mailed,
      when
      received; (ii) if telecopied, when transmitted; or (iii) if hand delivered
      or
      sent by overnight courier, when delivered.

     

    (b) The
      Lenders, the Agent, the Borrower and the other parties hereto may, in their
      discretion, agree to accept notices and other communications hereunder by
      electronic communications pursuant to procedures approved by such parties and
      communicated in writing to the other parties hereto; provided that approval
      of
      such procedures may be limited to particular notices or communications. Unless
      otherwise prescribed by the Agent, (i) any notices or other electronic
      communications sent to an e-mail address in accordance with this Section
      12.1.(b) shall be deemed received upon the sender’s receipt of an
      acknowledgement from the intended recipient (such as by the “return receipt
      requested” function, as available, return e-mail or other written
      acknowledgement); provided that if such notice or other communication is not
      sent during the normal business hours of the recipient, such notice or
      communication shall be deemed to have been sent at the opening of business
      on
      the next business day for the recipient, and (ii) any notices or other
      electronic communications posted to an Internet or intranet website in
      accordance with this Section 12.1.(b) shall be deemed received upon the deemed
      receipt by the intended recipient at its e-mail address as described in the
      foregoing clause (i) of notification that such notice or communication is
      available and identifying the website address therefor.

     

    (c) Notwithstanding
      Sections 12.1 (a) and (b) above, all notices or communications to the Agent
      or
      any Lender under Article II. shall be effective only when actually received.
      Neither the Agent nor any Lender shall incur any liability to the Borrower
      (nor
      shall the Agent incur any liability to the Lenders) for acting upon any
      telephonic or electronic notice permitted under this Agreement which the Agent
      or such Lender, as the case may be, believes in good faith to have been given
      by
      a Person authorized to deliver such notice or for otherwise acting in good
      faith
      hereunder.

     

    

     

    
      
        
        

      

      
        -79-

        
          

        

      

      
        
        

      

    

    Section
      12.2. Expenses.

     

    The
      Borrower agrees (a) to pay or reimburse each of the Lead Arranger and the Agent
      for all of its reasonable out-of-pocket costs and expenses incurred in
      connection with (i) the preparation, negotiation and execution of (including
      due
      diligence expenses and travel expenses relating to closing), (ii) any amendment,
      supplement or modification to, and (iii) any waiver of, any of the Loan
      Documents, and the consummation of the transactions contemplated thereby,
      including the reasonable fees and disbursements of counsel to the Agent and
      the
      Lead Arranger and costs and expenses in connection with the use of IntraLinks,
      Inc. or other similar information transmission systems in connection with the
      Loan Documents, (b) to pay or reimburse each of the Lead Arranger and the Agent
      and the Lenders for all their reasonable costs and expenses incurred in
      connection with the enforcement or preservation of any rights under the Loan
      Documents, including the reasonable fees, disbursements and other charges of
      their respective counsel (including the allocated fees and expenses of in-house
      counsel) and any payments in indemnification or otherwise payable by the Lenders
      to the Agent or the Lead Arranger pursuant to the Loan Documents, (c) to pay,
      and indemnify and hold harmless each of the Lead Arranger, the Agent and the
      Lenders from, any and all recording and filing fees and any documentary, stamp,
      registration, property, excise and other similar taxes, if any, which may be
      payable or determined to be payable in connection with the execution, delivery,
      registration, enforcement or consummation of any of the Loan Documents or
      arising from any payments thereunder, or consummation of any amendment,
      supplement or modification of, or any waiver or consent under or in respect
      of,
      any Loan Document, and all liabilities with respect to, or resulting from any
      failure to pay or delay in paying the foregoing, (d) to the extent not already
      covered by any of the preceding subsections, to pay or reimburse the Agent,
      each
      of the Lead Arranger and the Lenders for all their costs and expenses incurred
      in connection with any bankruptcy or other proceeding of the type described
      in
      Sections 10.1.(f) or 10.1.(g), including the reasonable fees, disbursements
      and
      other charges of counsel to the Agent and the Lead Arranger and any Lender,
      whether such fees and expenses are incurred prior to, during or after the
      commencement of such proceeding or the confirmation or conclusion of any such
      proceeding, and (e) to pay or reimburse each of the Lead Arranger and Agent
      and
      the Lenders for any civil penalty or fine assessed by the OFAC against, and
      all
      reasonable costs and expenses (including counsel fees and disbursements)
      incurred in connection with defense thereof by, the Agent, the Lead Arranger
      or
      any Lender as a result conduct of the Borrower or any other Loan Party that
      violates a sanction enforced by the OFAC. If the Borrower shall fail to pay
      any
      amounts required to be paid by it pursuant to this Section, the Agent, the
      Lead
      Arranger and/or the Lenders may pay such amounts on behalf of the Borrower
      and
      either deem the same to be Loans outstanding hereunder or otherwise Obligations
      owing hereunder.

     

    Section
      12.3. Setoff.

     

    Subject
      to Section 3.3. and in addition to any rights now or hereafter granted under
      Applicable Law and not by way of limitation of any such rights, the Agent,
      each
      Lender and each Participant is hereby authorized by the Borrower, at any time
      or
      from time to time during the continuance of an Event of Default, without prior
      notice to the Borrower or to any other Person, any such notice being hereby
      expressly waived, but in the case of a Lender or Participant subject to receipt
      of the prior written consent of the Agent exercised in its sole discretion,
      to
      set off and to appropriate and to apply any and all deposits (general or
      special, including, but not limited to, 

     

    
      
        
        

      

      
        -80-

        
          

        

      

      
        
        

      

    

    indebtedness
      evidenced by certificates of deposit, whether matured or unmatured) and any
      other indebtedness at any time held or owing by the Agent, such Lender or any
      affiliate of the Agent or such Lender, to or for the credit or the account
      of
      the Borrower against and on account of any of the Obligations, irrespective
      of
      whether or not any or all of the Loans and all other Obligations have been
      declared to be, or have otherwise become, due and payable as permitted by
      Section 10.2., and although such obligations shall be contingent or unmatured.
      Promptly following any such set-off the Agent shall notify the Borrower thereof
      and of the application of such set-off, provided that the failure to give such
      notice shall not invalidate such set-off.

     

    Section
      12.4. Litigation; Jurisdiction; Other Matters; Waivers.

     

    (a) EACH
      PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG
      THE
      BORROWER, THE AGENT OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND
      COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE
      PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE
      LENDERS, THE AGENT AND THE BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY
      IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL
      IN
      WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT
      OF
      THIS AGREEMENT, THE NOTES, OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER
      SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER,
      THE
      AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN
      DOCUMENTS.

     

    (b) THE
      BORROWER, THE AGENT AND EACH LENDER HEREBY AGREES THAT THE FEDERAL DISTRICT
      COURT OF THE SOUTHERN DISTRICT OF NEW YORK AND ANY STATE COURT LOCATED IN NEW
      YORK, NEW YORK SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR
      DISPUTES BETWEEN OR AMONG THE BORROWER, THE AGENT OR ANY OF THE LENDERS,
      PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, THE LOANS, THE NOTES OR
      ANY
      OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM. THE BORROWER
      AND EACH OF THE LENDERS EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH
      JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS WITH RESPECT
      TO SUCH CLAIMS OR DISPUTES. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT
      MAY
      NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY
      SUCH
      COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM
      AND
      EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN
      THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY
      THE
      AGENT OR ANY LENDER OR THE ENFORCEMENT BY THE AGENT OR ANY LENDER OF ANY
      JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE
      JURISDICTION.

     

    (c) THE
      PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE
      OF
      COUNSEL AND WITH A FULL 

     

    
      
        
        

      

      
        -81-

        
          

        

      

      
        
        

      

    

    UNDERSTANDING
      OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS
      AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS AND
      THE TERMINATION OF THIS AGREEMENT.

     

    Section
      12.5. Successors and Assigns.

     

    (a) The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the parties hereto and their respective successors and permitted assigns, except
      that the Borrower may not assign or otherwise transfer any of its rights or
      obligations under this Agreement without the prior written consent of all
      Lenders and any such assignment or other transfer to which all of the Lenders
      have not so consented shall be null and void.

     

    (b) Any
      Lender may make, carry or transfer Loans at, to or for the account of any of
      its
      branch offices or the office of an affiliate of such Lender except to the extent
      such transfer would result in increased costs to the Borrower.

     

    (c) Any
      Lender may at any time grant to one or more banks or other financial
      institutions (each a “Participant”)
      participating interests in its Commitment or the Obligations owing to such
      Lender. Except as otherwise provided in Section 12.3., no Participant shall
      have
      any rights or benefits under this Agreement or any other Loan Document. A
      Participant shall have the rights and benefits under Section 3.12 but (i) shall
      not be entitled to receive any greater payment under Section 3.12. than the
      applicable Lender would have been entitled to receive with respect to the
      participation sold to such Participant, unless the sale of the participation
      to
      such Participant is made with the Borrower’s prior written consent. and (ii) a
      Participant that would be a Foreign Lender if it were a Lender shall not be
      entitled to the benefits of Section 3.12. unless the Borrower is notified of
      the
      participation sold to such Participant and such Participant agrees, for the
      benefit of the Borrower and the Agent, to comply with Section 3.12.(c) as though
      it were a Lender. In the event of any such grant by a Lender of a participating
      interest to a Participant, such Lender shall remain responsible for the
      performance of its obligations hereunder, and the Borrower and the Agent shall
      continue to deal solely and directly with such Lender in connection with such
      Lender’s rights and obligations under this Agreement. Any agreement pursuant to
      which any Lender may grant such a participating interest shall provide that
      such
      Lender shall retain the sole right and responsibility to enforce the obligations
      of the Borrower hereunder including, without limitation, the right to approve
      any amendment, modification or waiver of any provision of this Agreement;
      provided, however, such Lender may agree with the Participant that it will
      not,
      without the consent of the Participant, agree to (i) increase, or extend the
      term or extend the time or waive any requirement for the reduction or
      termination of, such Lender’s Commitment, (ii) extend the date fixed for the
      payment of principal of or interest on the Loans or portions thereof owing
      to
      such Lender, (iii) reduce the amount of any such payment of principal, (iv)
      reduce the rate at which interest is payable thereon or (v) release any
      Guarantor (except as otherwise permitted under Section 7.12.(c)) or modify
      the
      definition of the term “Unleveraged Non-Domestic Subsidiary”. An assignment or
      other transfer which is not permitted by subsection (d) below shall be given
      effect for purposes of this Agreement only to the extent of a participating
      interest granted in accordance with this subsection (c). Upon request from
      the
      Agent, the selling Lender shall notify the Agent and the Borrower of the sale
      of
      any participation hereunder and, if requested by the Agent, certify to the
      Agent
      that such participation is permitted hereunder.

     

    
      
        
        

      

      
        -82-

        
          

        

      

      
        
        

      

    

         (d) Any
      Lender may assign to one or more Eligible Assignees (each an “Assignee”) all or
      a portion of its Commitment and Interim Loans and its other rights and
      obligations under this Agreement and the Notes; provided, however (i) any
      partial assignment shall be in an amount at least equal to $5,000,000 and
      integral multiples of $1,000,000 in excess thereof and after giving effect
      to
      such assignment the assigning Lender retains a Commitment, or if the Commitments
      have been terminated, holds Interim Loans having an aggregate outstanding
      principal balance of at least $5,000,000 and integral multiples of $1,000,000
      in
      excess thereof (unless the Borrower and the Agent otherwise consent) and (ii)
      each such assignment shall be effected by means of an Assignment and Acceptance
      Agreement. Upon execution and delivery of such instrument and payment by such
      Assignee to such transferor Lender of an amount equal to the purchase price
      agreed between such transferor Lender and such Assignee, such Assignee shall
      be
      deemed to be a Lender party to this Agreement as of the effective date of the
      Assignment and Acceptance Agreement and shall have all the rights and
      obligations of a Lender with respect to the aggregate outstanding amount of
      Interim Loans (or, if prior to the Effective Date, a Commitment) as set forth
      in
      such Assignment and Acceptance Agreement (in addition to any Interim Loans
      or
      Commitment previously held by it as a Lender), and the transferor Lender shall
      be released from its obligations hereunder to a corresponding extent, and no
      further consent or action by any party shall be required. Upon the consummation
      of any assignment pursuant to this subsection (d), the transferor Lender, the
      Agent and the Borrower shall make appropriate arrangements so that new Notes
      are
      issued to the Assignee and such transferor Lender, as appropriate. In connection
      with any such assignment, the transferor Lender shall pay to the Agent an
      administrative fee for processing such assignment in the amount of
      $3,500.

     

    (e) The
      Agent
      shall maintain at the Principal Office a copy of each Assignment and Acceptance
      Agreement delivered to and accepted by it and a register for the recordation
      of
      the names and addresses of the Lenders and the aggregate outstanding amount
      of
      Interim Loans (or, if prior to the Effective Date, the Commitment) of each
      Lender from time to time (the “Register”).
      The
      Agent shall give each Lender and the Borrower notice of the assignment by any
      Lender of its rights as contemplated by this Section. The Borrower, the Agent
      and the Lenders shall treat each Person whose name is recorded in the Register
      as a Lender hereunder for all purposes of this Agreement. The Register and
      copies of each Assignment and Acceptance Agreement shall be available for
      inspection by the Borrower or any Lender at any reasonable time and from time
      to
      time upon reasonable prior notice to the Agent. Upon its receipt of an
      Assignment and Acceptance Agreement executed by an assigning Lender, together
      with each Note subject to such assignment, the Agent shall, if such Assignment
      and Acceptance Agreement has been completed and if the Agent receives the
      processing and recording fee described in subsection (d) above, (i) accept
      such
      Assignment and Acceptance Agreement, (ii) record the information contained
      therein in the Register and (iii) give prompt notice thereof to the
      Borrower.

     

    (f) In
      addition to the assignments and participations permitted under the foregoing
      provisions of this Section, any Lender may assign and pledge all or any portion
      of its Loans and its Notes to any Federal Reserve Bank as collateral security
      pursuant to Regulation A and any Operating Circular issued by such Federal
      Reserve Bank, and such Loans and Notes shall be fully transferable as provided
      therein. No such assignment shall release the assigning Lender from its
      obligations hereunder.

     

    
      
        
        

      

      
        -83-

        
          

        

      

      
        
        

      

    

    (g) A
      Lender
      may furnish any information concerning the Borrower, any other Loan Party or
      any
      of their respective Subsidiaries or Affiliates in the possession of such Lender
      from time to time to Assignees and Participants (including prospective Assignees
      and Participants) subject to compliance with Section 12.8.

     

    (h) Anything
      in this Section to the contrary notwithstanding, no Lender may assign or
      participate any interest in any Loan held by it hereunder to the Borrower,
      any
      other Loan Party or any of their respective Affiliates or
      Subsidiaries.

     

    (i) Each
      Lender agrees that, without the prior written consent of the Borrower and the
      Lead Arranger, it will not make any assignment hereunder in any manner or under
      any circumstances that would require registration or qualification of, or
      filings in respect of, any Loan or Note under the Securities Act or any other
      securities laws of the United States of America or of any other
      jurisdiction.

     

    Section
      12.6. Amendments.

     

    Except
      as
      otherwise expressly provided in this Agreement, any consent or approval required
      or permitted by this Agreement or any other Loan Document to be given by the
      Lenders may be given, and any term of this Agreement or of any other Loan
      Document may be amended, and the performance or observance by the Borrower
      or
      any other Loan Party or any Subsidiary of any terms of this Agreement or such
      other Loan Document or the continuance of any Default or Event of Default may
      be
      waived (either generally or in a particular instance and either retroactively
      or
      prospectively) with, but only with, the written consent of the Requisite Lenders
      (and, in the case of an amendment to any Loan Document, (i) the written consent
      of each Loan Party a party thereto and (ii) if prior to the completion of the
      primary syndication of the Interim Loans, the Lead Arranger). Notwithstanding
      the foregoing, without the prior written consent of each Lender adversely
      affected thereby, no amendment, waiver or consent shall do any of the following:
      (i) increase the Commitments of the Lenders or subject the Lenders to any
      additional obligations; (ii) reduce the principal of, or interest rates that
      have accrued or that will be charged on the outstanding principal amount of,
      any
      Loans or Fees or other Obligations; (iii) reduce the amount of any Fees payable
      hereunder; (iv) postpone any date fixed for any payment of any principal of,
      or
      interest on, any Loans or any other Obligations; (v) change the Commitment
      Percentages (except as a result of any increase in the aggregate amount of
      the
      Commitments contemplated by Section 3.11.(b)) or amend or otherwise modify
      the
      provisions of Section 3.2.; (vi) modify the definition of the term “Requisite
      Lenders” or modify in any other manner the number or percentage of the Lenders
      required to make any determinations or waive any rights hereunder or to modify
      any provision hereof, including without limitation, any modification of this
      Section if such modification would have such effect; (vii) release any Guarantor
      from its obligations under the Guaranty (except as otherwise permitted under
      Section 7.12.(c)) or amend the definition of the term “Unleveraged Non-Domestic
      Subsidiary”; or (viii) amend the definition of the term “Unencumbered Asset
      Value” (or any of the definitions used in such definition for purposes of the
      use thereof in such definition, or the percentages or rates used in the
      calculation thereof);. Further, no amendment, waiver or consent unless in
      writing and signed by the Agent, in addition to the Lenders required hereinabove
      to take such action, shall affect the rights or duties of the Agent under this
      Agreement or any of the other Loan Documents. No waiver shall extend to or
      affect any obligation not expressly waived or impair any right consequent
      thereon and any amendment, 

     

    
      
        
        

      

      
        -84-

        
          

        

      

      
        
        

      

    

    waiver
      or
      consent shall be effective only in the specific instance and for the specific
      purpose set forth therein. Except as otherwise provided in Section 11.5., no
      course of dealing or delay or omission on the part of the Agent or any Lender
      in
      exercising any right shall operate as a waiver thereof or otherwise be
      prejudicial thereto. Except as otherwise explicitly provided for herein or
      in
      any other Loan Document, no notice to or demand upon the Borrower shall entitle
      the Borrower to any other or further notice or demand in similar or other
      circumstances.

     

    Section
      12.7. Nonliability of Agent and Lenders.

     

    The
      relationship between the Borrower and the Lenders and the Agent shall be solely
      that of borrower and lender. Neither the Agent nor any Lender shall have any
      fiduciary responsibilities to the Borrower and no provision in this Agreement
      or
      in any of the other Loan Documents, and no course of dealing between or among
      any of the parties hereto, shall be deemed to create any fiduciary duty owing
      by
      the Agent or any Lender to any Lender, the Borrower, any Subsidiary or any
      other
      Loan Party. Neither the Agent nor any Lender undertakes any responsibility
      to
      the Borrower to review or inform the Borrower of any matter in connection with
      any phase of the Borrower’s business or operations.

     

    Section
      12.8. Confidentiality.

     

    Except
      as
      otherwise provided by Applicable Law, the Agent and each Lender shall utilize
      all non public information obtained pursuant to the requirements of this
      Agreement which has been identified as confidential or proprietary by the
      Borrower in accordance with its customary procedure for handling confidential
      information of this nature and in accordance with safe and sound banking
      practices but in any event may make disclosure: (a) to any of their respective
      affiliates (provided they shall agree to keep such information confidential
      in
      accordance with the terms of this Section); (b) as reasonably requested by
      any
      potential or actual Assignee, Participant or other transferee in connection
      with
      the contemplated transfer of any Interim Loans (or, if prior to the Effective
      Date, Commitment) or participations therein as permitted hereunder (provided
      they shall agree to keep such information confidential in accordance with the
      terms of this Section); (c) as required or requested by any Governmental
      Authority or representative thereof or pursuant to legal process or in
      connection with any legal proceedings or as otherwise required by Applicable
      Law; (d) to the Agent’s or such Lender’s independent auditors and other
      professional advisors (provided they shall be notified of the confidential
      nature of the information); (e) after the happening and during the continuance
      of an Event of Default, to any other Person, in connection with the exercise
      by
      the Agent or the Lenders of rights hereunder or under any of the other Loan
      Documents; and (f) to the extent such information (x) becomes publicly available
      other than as a result of a breach of this Section actually known to such Lender
      to be such a breach or (y) becomes available to the Agent or any Lender on
      a
      nonconfidential basis from a source other than the Borrower or any Affiliate.
      Notwithstanding the foregoing, the Agent and each Lender may disclose any such
      confidential information, without notice to the Borrower or any other Loan
      Party, to Governmental Authorities in connection with any regulatory examination
      of the Agent or such Lender or in accordance with the regulatory compliance
      policy of the Agent or such Lender.

     

     

    
      
        
        

      

      
        -85-

        
          

        

      

      
        
        

      

    

    Section
      12.9. Indemnification.

     

    (a) The
      Borrower shall and hereby agrees to indemnify, defend and hold harmless the
      Agent, any affiliate of the Agent, the Lead Arranger and each of the Lenders
      and
      their respective directors, officers, shareholders, agents, employees and
      counsel (each referred to herein as an “Indemnified
      Party”)
      from
      and against any and all losses, costs, claims, damages, liabilities,
      deficiencies, judgments or expenses of every kind and nature (including, without
      limitation, amounts paid in settlement, court costs and the fees, disbursements
      and other charges of counsel incurred in connection with any litigation,
      investigation, claim or proceeding or any advice rendered in connection
      therewith, but excluding losses, costs, claims, damages, liabilities,
      deficiencies, judgments or expenses indemnification in respect of which is
      specifically covered by Section 3.12. or 4.1. or expressly excluded from the
      coverage of such Sections) incurred by an Indemnified Party in connection with,
      arising out of, or by reason of, any suit, cause of action, claim, arbitration,
      investigation or settlement, consent decree or other proceeding (the foregoing
      referred to herein as an “Indemnity
      Proceeding”)
      which
      is in any way related directly or indirectly to: (i) the Transactions, this
      Agreement or any other Loan Document or the transactions contemplated thereby
      or
      related thereto; (ii) the making of any Loans hereunder; (iii) any actual or
      proposed use by the Borrower of the proceeds of the Loans; (iv) the Agent’s, the
      Lead Arranger’s or such Lender’s entering into this Agreement; (v) the fact that
      the Agent, the Lead Arranger and the Lenders have established the credit
      facility evidenced hereby in favor of the Borrower; (vi) the fact that the
      Agent, the Lead Arranger and the Lenders are creditors of the Borrower and
      have
      or are alleged to have information regarding the financial condition, strategic
      plans or business operations of the Borrower and the Subsidiaries; (vii) the
      fact that the Agent and the Lenders are material creditors of the Borrower
      and
      are alleged to influence directly or indirectly the business decisions or
      affairs of the Borrower and the Subsidiaries or their financial condition;
      (viii) the exercise of any right or remedy the Agent, the Lead Arranger or
      the
      Lenders may have under this Agreement or the other Loan Documents; or (ix)
      any
      violation or non compliance by the Borrower or any Subsidiary of any Applicable
      Law (including any Environmental Law) including, but not limited to, any
      Indemnity Proceeding commenced by (A) the Internal Revenue Service or state
      taxing authority or (B) any Governmental Authority or other Person under any
      Environmental Law, including any Indemnity Proceeding commenced by a
      Governmental Authority or other Person seeking remedial or other action to
      cause
      the Borrower or its Subsidiaries (or its respective properties) (or the Agent
      and/or the Lenders as successors to the Borrower) to be in compliance with
      such
      Environmental Laws; provided, however, that the Borrower shall not be obligated
      to indemnify any Indemnified Party for any acts or omissions of such Indemnified
      Party in connection with the matters described in clauses (i) through (ix)
      above
      to the extent it is determined by a final and nonappealable judgment of a court
      of competent jurisdiction that such losses, costs, claims, damages, liabilities,
      deficiencies, judgments, expenses or disbursements of counsel arose solely
      from
      the bad faith, gross negligence or willful misconduct of such Indemnified
      Party.

     

    (b) The
      Borrower’s indemnification obligations under this Section shall apply to all
      Indemnity Proceedings arising out of, or related to, the foregoing whether
      or
      not an Indemnified Party is a named party in such Indemnity Proceeding. In
      this
      connection, this indemnification shall cover all costs and expenses of any
      Indemnified Party in connection with any deposition of any Indemnified Party
      or
      compliance with any subpoena (including any subpoena requesting the production
      of documents). This indemnification shall, among other things, apply to any
      Indem-

     

    
      
        
        

      

      
        -86-

        
          

        

      

      
        
        

      

    

    nity
      Proceeding commenced by other creditors of the Borrower or any Subsidiary,
      any
      shareholder of the Borrower or any Subsidiary (whether such shareholder(s)
      are
      prosecuting such Indemnity Proceeding in their individual capacity or
      derivatively on behalf of the Borrower), any account debtor of the Borrower
      or
      any Subsidiary or by any Governmental Authority.

     

    (c) This
      indemnification shall apply to any Indemnity Proceeding arising during the
      pendency of any bankruptcy proceeding filed by or against the Borrower and/or
      any Subsidiary.

     

    (d) All
      out
      of pocket fees and expenses of, and all amounts paid to third persons by, an
      Indemnified Party shall be advanced by the Borrower at the request of such
      Indemnified Party notwithstanding any claim or assertion by the Borrower that
      such Indemnified Party is not entitled to indemnification hereunder upon receipt
      of an undertaking by such Indemnified Party that such Indemnified Party will
      reimburse the Borrower if it is actually and finally determined by a court
      of
      competent jurisdiction that such Indemnified Party is not so entitled to
      indemnification hereunder.

     

    (e) An
      Indemnified Party may conduct its own investigation and defense of, and may
      formulate its own strategy with respect to, any Indemnity Proceeding covered
      by
      this Section and, as provided above, all costs and expenses incurred by such
      Indemnified Party shall be reimbursed by the Borrower. No action taken by legal
      counsel chosen by an Indemnified Party in investigating or defending against
      any
      such Indemnity Proceeding shall vitiate or in any way impair the obligations
      and
      duties of the Borrower hereunder to indemnify and hold harmless each such
      Indemnified Party; provided, however, that (i) if the Borrower is required
      to
      indemnify an Indemnified Party pursuant hereto and (ii) the Borrower has
      provided evidence reasonably satisfactory to such Indemnified Party that the
      Borrower has the financial wherewithal to reimburse such Indemnified Party
      for
      any amount paid by such Indemnified Party with respect to such Indemnity
      Proceeding, such Indemnified Party shall not settle or compromise any such
      Indemnity Proceeding without the prior written consent of the Borrower (which
      consent shall not be unreasonably withheld or delayed).

     

    (f) If
      and to
      the extent that the obligations of the Borrower under this Section are
      unenforceable for any reason, the Borrower hereby agrees to make the maximum
      contribution to the payment and satisfaction of such obligations which is
      permissible under Applicable Law.

     

    (g) The
      Borrower’s obligations under this Section shall survive any termination of this
      Agreement and the other Loan Documents and the payment in full in cash of the
      Obligations, and are in addition to, and not in substitution of, any other
      of
      their obligations set forth in this Agreement or any other Loan Document to
      which it is a party.

     

    Section
      12.10. Termination; Survival.

     

    At
      such
      time as (a) all of the Commitments have been terminated, (b) none of the Lenders
      is obligated any longer under this Agreement to make any Loans and (c) all
      Obligations (other than obligations which survive as provided in the following
      sentence) have been paid and satisfied in full, this Agreement shall terminate.
      The indemnities to which the Agent, the Lead Arranger and the Lenders are
      entitled under the provisions of Sections 3.12., 4.1., 4.4., 11.7., 12.2. and
      12.9. and any other provision of this Agreement and the other Loan Documents,
      and the pro-

     

    
      
        
        

      

      
        -87-

        
          

        

      

      
        
        

      

    

    visions
      of Section 12.4., shall continue in full force and effect and shall protect
      the
      Agent, the Lead Arranger and the Lenders (i) notwithstanding any termination
      of
      this Agreement, or of the other Loan Documents, against events arising after
      such termination as well as before and (ii) at all times after any such party
      ceases to be a party to this Agreement with respect to all matters and events
      existing on or prior to the date such party ceased to be a party to this
      Agreement.

     

    Section
      12.11. Severability of Provisions.

     

    Any
      provision of this Agreement which is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective only to the extent
      of such prohibition or unenforceability without invalidating the remainder
      of
      such provision or the remaining provisions or affecting the validity or
      enforceability of such provision in any other jurisdiction.

     

    Section
      12.12. GOVERNING LAW.

     

    THIS
      AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
      OF
      THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY
      PERFORMED, IN SUCH STATE.

     

    Section
      12.13. Counterparts.

     

    This
      Agreement and any amendments, waivers, consents or supplements may be executed
      in any number of counterparts and by different parties hereto in separate
      counterparts, each of which when so executed and delivered shall be deemed
      an
      original, but all of which counterparts together shall constitute but one and
      the same instrument.

     

    Section
      12.14. Obligations with Respect to Loan Parties.

     

    The
      obligations of the Borrower to direct or prohibit the taking of certain actions
      by the other Loan Parties as specified herein shall be absolute and not subject
      to any defense the Borrower may have that the Borrower does not control such
      Loan Parties.

     

    Section
      12.15. Limitation of Liability.

     

    Neither
      the Agent, the Lead Arranger nor any Lender, nor any affiliate, officer,
      director, employee, attorney, or agent of the Agent or any Lender shall have
      any
      liability with respect to, and the Borrower hereby waives, releases, and agrees
      not to sue any of them upon, any claim for any special, indirect, incidental,
      or
      consequential damages suffered or incurred by the Borrower in connection with,
      arising out of, or in any way related to, this Agreement or any of the other
      Loan Documents, or any of the transactions contemplated by this Agreement or
      any
      of the other Loan Documents. The Borrower hereby waives, releases, and agrees
      not to sue the Agent, the Lead Arranger or any Lender or any of the Agent’s, the
      Lead Arranger’s or any Lender’s affiliates, officers, directors, employees,
      attorneys, or agents for punitive damages in respect of any claim in connection
      with, arising out of, or in any way related to, this Agreement or any of the
      other Loan Documents, or any of the transactions contemplated by this Agreement
      or financed hereby.

     

     

    
      
        
        

      

      
        -88-

        
          

        

      

      
        
        

      

    

    Section
      12.16. Entire Agreement.

     

    This
      Agreement, the Notes, and the other Loan Documents referred to herein embody
      the
      final, entire agreement among the parties hereto and supersede any and all
      prior
      commitments, agreements, representations, and understandings, whether written
      or
      oral, relating to the subject matter hereof and thereof and may not be
      contradicted or varied by evidence of prior, contemporaneous, or subsequent
      oral
      agreements or discussions of the parties hereto. There are no oral agreements
      among the parties hereto.

     

    Section
      12.17. Construction.

     

    The
      Agent, the Borrower and each Lender acknowledge that each of them has had the
      benefit of legal counsel of its own choice and has been afforded an opportunity
      to review this Agreement and the other Loan Documents with its legal counsel
      and
      that this Agreement and the other Loan Documents shall be construed as if
      jointly drafted by the Agent, the Borrower and each Lender.

     

    Section
      12.18. Liability of Trustees, Etc.

     

    THE
      PARTIES HERETO ACKNOWLEDGE AND AGREE AS FOLLOWS:

     

    THE
      AMENDED AND RESTATED DECLARATION OF TRUST ESTABLISHING THE BORROWER, DATED
      AUGUST 21, 1995, A COPY OF WHICH, TOGETHER WITH ALL AMENDMENTS THERETO (THE
      “DECLARATION”),
      IS
      DULY FILED IN THE OFFICE OF THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION
      OF
      MARYLAND, PROVIDES 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
      THE
      BORROWER SHALL BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY, FOR
      ANY
      OBLIGATION OF, OR CLAIM AGAINST, THE BORROWER. ALL PERSONS DEALING WITH THE
      BORROWER, IN ANY WAY, SHALL LOOK ONLY TO THE ASSETS OF THE BORROWER FOR THE
      PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION. THE PROVISIONS OF
      THIS
      SECTION SHALL NOT LIMIT ANY OBLIGATIONS OF ANY LOAN PARTY OTHER THAN THE
      BORROWER.

     

    Section
      12.19. Patriot Act.

     

    The
      Lenders and the Agent each hereby notifies the Borrower that pursuant to the
      requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
      law October 26, 2001)), it is required to obtain, verify and record information
      that identifies the Borrower, which information includes the name and address
      of
      the Borrower and other information that will allow such Lender or the Agent,
      as
      applicable, to identify the Borrower in accordance with such Act.

     

    
      
        
        

      

      
        -89-

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
      by
      their authorized officers all as of the day and year first above
      written.

     

    
      	 	
              BORROWER:

            
	 	 
	 	
              HOSPITALITY
                PROPERTIES TRUST

            
	 	 
	 	
              By:
                /s/ Mark L. Kliefges

            
	 	
              Name:
                Mark L. Kliefges

            
	 	
              Title:
                Tresurer and Chief Financial Officer

            
	 	 

    

     

     

     

     

    [Signatures
      Continued on Next Page]

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

     

    

    
      	 	
              MERRILL
                LYNCH CAPITAL CORPORATION, as Agent

            
	 	 
	 	
              By: 
                /s/ John C. Rowland

            
	 	
              Name:
                John C. Rowland

            
	 	
              Title:
                Vice President

            
	 	 

    

    
      
        
        

      

      
        S-2

        
          

        

      

      
        
        

      

    

     

    

    
      	 	
              MERRILL
                LYNCH, PIERCE, FENNER & SMITH INCORPORATED, as Lead Arranger and Lead
                Bookrunner

            
	 	 
	 	
              By:
                /s/ John C. Rowland

            
	 	
              Name: John
                C. Rowland

            
	 	
              Title:
                Vice President

            
	 	 

    

     

    

    

     

    
      
        
        

      

      
        S-3

        
          

        

      

      
        
        

      

    

     

    

    
      	 	
               

              WACHOVIA
                BANK, NATIONAL ASSOCIATION, as Syndication Agent

            
	 	 
	 	
              By: 
                /s/ Dean R. Whitehill

            
	 	
              Name:
                Dean R. Whitehill

            
	 	
              Title:
                Vice President

            
	 	 

    

    
      
        
        

      

      
        S-4

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              RBC
                CAPITAL MARKETS,

              as
                Syndication Agent

            
	 	 
	 	
              By:
                /s/ Kristin Condon

            
	 	
              Name:
                Kristin Condon

            
	 	
              Title:
                Director

            
	 	 

    

    

     

     

     

    
      
        
        

      

      
        S-5

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              UBS
                SECURITIES LLC,

              as
                Syndication Agent

            
	 	 
	 	
              By: 
                /s/ Richard L. Tavrow

            
	 	
              Name:
                Richard L. Tavrow

            
	 	
              Title:
                Director

            
	 	 
	 	
              By: 
                /s/ Irja R. Otsa

            
	 	
              Name:
                Irja R. Otsa

            
	 	
              Title:
                Associate Director

            

    

    

     

    
      
        
        

      

      
        S-6

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              MORGAN
                STANLEY SENIOR FUNDING INC.,

              as
                Syndication Agent

            
	 	 
	 	
              By: 
                /s/ Daniel Twenge

            
	 	
              Name:
                Daniel Twenge

            
	 	
              Title:
                Vice President

            

    

    

     

    
      
        
        

      

      
        S-7

        
          

        

      

      
        
        

      

    

     

    

    
      	 	
              MERRILL
                LYNCH BANK USA,

              as
                Lender

            
	 	 
	 	
              By: 
                /s/ Preston Jackson

            
	 	
              Name:
                Preston Jackson

            
	 	
              Title:
                President

            
	 	 
	 	
              Commitment
                Amount:

            
	 	 
	 	
              $400,000,000

            

    

     

    

    
      
        
        

      

      
        S-8

        
          

        

      

      
        
        

      

    

     

    

    
      	 	
              WACHOVIA
                BANK, NATIONAL ASSOCIATION, as Lender

            
	 	 
	 	
              By: 
                /s/ Dean R. Whitehill

            
	 	
              Name:
                Dean R. Whitehill

            
	 	
              Title:
                Vice President

            
	 	 
	 	
              Commitment
                Amount:

            
	 	 
	 	
              $400,000,000

            

    

     

    

    
      
        
        

      

      
        S-9

        
          

        

      

      
        
        

      

    

     

    

    
      	 	
              ROYAL
                BANK OF CANADA, NEW YORK BRANCH, as Lender

            
	 	 
	 	
              By:
                /s/ Dan LePage

            
	 	
              Name:
                Dan LePage

            
	 	
              Title:
                Authorized Signatory

            
	 	 
	 	
              Commitment
                Amount:

            
	 	 
	 	
              $400,000,000

            

    

     

    

     

    

    
      
        
        

      

      
        S-10

        
          

        

      

      
        
        

      

    

     

    

    
      	 	
              UBS
                LOAN FINANCE LLC,

              as
                Lender

            
	 	 
	 	
              By:
                /s/ Richard L. Tavrow

            
	 	
              Name:
                Richard L. Tavrow

            
	 	
              Title:
                Director

            
	 	 
	 	 By:
              /s/ Irja R. Otsa
	 	      
               Name: Irja R. Otsa
	 	      
               Title:  Associate Director
	 	 
	 	
              Commitment
                Amount:

            
	 	 
	 	
              $400,000,000

            

    

     

    

     

    

    
      
        
        

      

      
        S-11

        
          

        

      

      
        
        

      

    

     

    

    
      	 	
              MORGAN
                STANLEY SENIOR FUNDING INC.,

              as
                Lender

            
	 	 
	 	
              By: 
                /s/ Daniel Twenge

            
	 	
              Name:
                Daniel Twenge

            
	 	
              Title:
                Vice President

            
	 	 
	 	
              Commitment
                Amount:

            
	 	 
	 	
              $400,000,000

            

    

     

    

    
      
        
        

      

      
        S-12

        
          

        

      

      
        
        

      

    

    

    

    SCHEDULE
      1.1(a)

    

    Applicable
      Margin

    

    

    

    
      	
              Level

            	
              Borrower’s
                Credit Rating (S&P/Moody’s (other))

            	
              Applicable
                Margin

              for
                LIBOR Loans

            	
              Applicable
                Margin

              for
                Base Rate Loans

            
	
              1

            	
              >BBB+/Baa1
                (or equivalent)

            	
              0.500%

            	
              0.125%

            
	
              2

            	
              BBB+/Baa1
                (or equivalent)

            	
              0.575%

            	
              0.150%

            
	
              3

            	
              BBB/Baa2
                (or equivalent)

            	
              0.700%

            	
              0.150%

            
	
              4

            	
              BBB-/Baa3
                (or equivalent)

            	
              0.950%

            	
              0.200%

            
	
              5

            	
              BB+/Ba1
                (or equivalent)

            	
              1.250%

            	
              0.250%

            
	
              6

            	
              <BB+/Ba1
                (or equivalent)

            	
              1.500%

            	
              0.500%

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    SCHEDULE
      1.1(c)

    

    List
      of Loan Parties

    

    Borrower

    Hospitality
      Properties Trust (Maryland)

    

    

    Guarantors
       

    
      	
              HH
                HPT Suite Properties LLC (Delaware)

            	
               

            
	
              HH
                HPTCW II Properties LLC (Delaware)

            	
               

            
	
              HH
                HPTCY Properties LLC (Delaware)

            	
               

            
	
              HH
                HPTMI III Properties LLC (Delaware)

            	
               

            
	
              HH
                HPTRI Properties LLC (Delaware)

            	
               

            
	
              HH
                HPTWN Properties LLC (Delaware)

            	
               

            
	
              HPT
                CW Properties Trust (Maryland)

            	
               

            
	
              HPT
                HSD Properties Trust (Maryland)

            	
               

            
	
              HPT
                IHG Canada Properties Trust (Delaware)

            	
               

            
	
              HPT
                IHG GA Properties LLC (Maryland)

            	
               

            
	
              HPT
                IHG PR, Inc. (Puerto Rico)

            	
               

            
	
              HPT
                IHG Properties Trust (Maryland)

            	
               

            
	
              HPT
                IHG-2 Properties Trust (Maryland)

            	
               

            
	
              HPTLA
                Properties Trust (Maryland)

            	
               

            
	
              HPT
                Smokey Mountain LLC (Delaware)

            	
               

            
	
              HPT
                Suite Properties Trust (Maryland)

            	
               

            
	
              HPTCY
                Properties Trust (Maryland)

            	
               

            
	
              HPTMI
                Hawaii, Inc. (Delaware)

            	
               

            
	
              HPTMI
                II Properties Trust (Maryland)

            	
               

            
	
              HPTMI
                Properties Trust (Maryland)

            	
               

            
	
              HPTRI
                Properties Trust (Maryland)

            	
               

            
	
              HPTSHC
                Properties Trust (Maryland)

            	
               

            
	
              HPTSY
                Properties Trust (Maryland)

            	
               

            
	
              HPTWN
                Properties Trust (Maryland)

            	
               

            
	
              HPT
                IHG-3 Properties LLC (Maryland)

            	 
	
              HPT
                IHG-3 Properties Trust (Maryland)

            	 
	
              HPT
                TA Properties Trust (Maryland)

            	 
	
              HPT
                TA Properties LLC (Maryland)

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    SCHEDULE
      6.1(b)

    

    Ownership
      Structure

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    SCHEDULE
      6.1(f)

    

    Title
      to Properties; Liens

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    SCHEDULE
      6.1(g)

    

    Indebtedness
      and Guaranties

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    SCHEDULE
      6.1(h)

    

    Material
      Contracts

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    SCHEDULE
      6.1(i)

    

    Litigation

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    SCHEDULE
      6.1(k)

    

    Certain
      Liabilities Not Disclosed on Financial Statements

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    SCHEDULE
      6.1(y)

    

    List
      of Unencumbered Assets

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    

     

    FORM
      OF
      ASSIGNMENT AND ACCEPTANCE AGREEMENT

     

     

     

     

     

    A-1

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      B

     

    

     

    FORM
      OF
      GUARANTY

     

    THIS
      GUARANTY dated as of January [ ], 2007, executed and delivered by each of the
      undersigned and the other Persons from time to time party hereto pursuant to
      the
      execution and delivery of an Accession Agreement in the form of Annex I hereto
      (each of the undersigned, a “Guarantor,” and together the “Guarantors”) in favor
      of (a) MERRILL
      LYNCH CAPITAL CORPORATION,
      in its
      capacity as Agent (the “Agent”) for the Lenders under that certain Interim Loan
      Agreement dated as of January 22, 2007 (as amended, restated, supplemented
      or
      otherwise modified from time to time, the “Credit Agreement”), by
      and among Hospitality
      Properties Trust (the “Borrower”), the financial institutions party thereto and
      their assignees under Section 12.5. thereof (the “Lenders”), the
      Agent, and the other parties thereto, and (b) the Lenders.

     

    WHEREAS,
      pursuant to the Credit Agreement, the Agent and the Lenders have agreed to
      make
      available to the Borrower certain financial accommodations on the terms and
      conditions set forth in the Credit Agreement;

     

    WHEREAS,
      the Borrower owns, directly or indirectly, at least a majority of the issued
      and
      outstanding Equity Interests in each Guarantor;

     

    WHEREAS,
      the Borrower and each of the Guarantors, though separate legal entities, are
      mutually dependent on each other in the conduct of their respective businesses
      as an integrated operation and have determined it to be in their mutual best
      interests to obtain financing from the Agent and the Lenders through their
      collective efforts;

     

    WHEREAS,
      each Guarantor acknowledges that it will receive direct and indirect benefits
      from the Agent and the Lenders making such financial accommodations available
      to
      the Borrower under the Credit Agreement and, accordingly, each Guarantor is
      willing to guarantee the Borrower’s obligations to the Agent and the Lenders on
      the terms and conditions contained herein; and

     

    WHEREAS,
      each Guarantor’s execution and delivery of this Guaranty is a condition to the
      Agent and the Lenders making such financial accommodations to the
      Borrower.

     

    NOW,
      THEREFORE, for good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged by each Guarantor, each Guarantor agrees as
      follows:

     

    Section 1.
      Guaranty.
      Each
      Guarantor hereby absolutely, irrevocably and unconditionally guaranties the
      due
      and punctual payment and performance when due, whether at stated maturity,
      by
      acceleration or otherwise, of all of the following (collectively referred to
      as
      the “Guaranteed Obligations”): (a) all indebtedness and obligations owing
      by the Borrower to any Lender or the Agent under or in connection with the
      Credit Agreement and any other Loan Document, including without limitation,
      the
      repayment of all principal of the Interim Loans, and the payment of all
      interest, Fees, charges, attorneys’ fees and other amounts payable to any Lender
      or the Agent 

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    thereunder
      or in connection therewith; (b) any and all extensions, renewals,
      modifications, amendments or substitutions of the foregoing; (c) all
      expenses, including, without limitation, reasonable attorneys’ fees and
      disbursements, that are incurred by the Lenders and the Agent in the enforcement
      of any of the foregoing or any obligation of such Guarantor hereunder; and
      (d) all other Obligations.

     

    Section 2.
      Guaranty
      of Payment and Not of Collection.
      This
      Guaranty is a guaranty of payment, and not of collection, and a debt of each
      Guarantor for its own account. Accordingly, none of the Lenders or the Agent
      shall be obligated or required before enforcing this Guaranty against any
      Guarantor: (a) to pursue any right or remedy any of them may have against
      the Borrower, any other Guarantor or any other Person or commence any suit
      or
      other proceeding against the Borrower, any other Guarantor or any other Person
      in any court or other tribunal; (b) to make any claim in a liquidation or
      bankruptcy of the Borrower, any other Guarantor or any other Person; or
      (c) to make demand of the Borrower, any other Guarantor or any other Person
      or to enforce or seek to enforce or realize upon any collateral security held
      by
      the Lenders or the Agent which may secure any of the Guaranteed
      Obligations.

     

    Section 3.
      Guaranty
      Absolute.
      Each
      Guarantor guarantees that the Guaranteed Obligations will be paid strictly
      in
      accordance with the terms of the documents evidencing the same, regardless
      of
      any Applicable Law now or hereafter in effect in any jurisdiction affecting
      any
      of such terms or the rights of the Agent or the Lenders with respect thereto.
      The liability of each Guarantor under this Guaranty shall be absolute,
      irrevocable and unconditional in accordance with its terms and shall remain
      in
      full force and effect without regard to, and shall not be released, suspended,
      discharged, terminated or otherwise affected by, any circumstance or occurrence
      whatsoever, including without limitation, the following (whether or not such
      Guarantor consents thereto or has notice thereof):

     

    (a) (i) any
      change in the amount, interest rate or due date or other term of any of the
      Guaranteed Obligations, (ii) any change in the time, place or manner of
      payment of all or any portion of the Guaranteed Obligations, (iii) any
      amendment or waiver of, or consent to the departure from or other indulgence
      with respect to, the Credit Agreement, any other Loan Document, or any other
      document or instrument evidencing or relating to any Guaranteed Obligations,
      or
      (iv) any waiver, renewal, extension, addition, or supplement to, or
      deletion from, or any other action or inaction under or in respect of, the
      Credit Agreement, any of the other Loan Documents, or any other documents,
      instruments or agreements relating to the Guaranteed Obligations or any other
      instrument or agreement referred to therein or evidencing any Guaranteed
      Obligations or any assignment or transfer of any of the foregoing;

     

    (b) any
      lack
      of validity or enforceability of the Credit Agreement, any of the other Loan
      Documents, or any other document, instrument or agreement referred to therein
      or
      evidencing any Guaranteed Obligations or any assignment or transfer of any
      of
      the foregoing;

     

    (c) any
      furnishing to the Agent or the Lenders of any security for the Guaranteed
      Obligations, or any sale, exchange, release or surrender of, or realization
      on,
      any collateral securing any of the Obligations;

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

    (d) any
      settlement or compromise of any of the Guaranteed Obligations, any security
      therefor, or any liability of any other party with respect to the Guaranteed
      Obligations, or any subordination of the payment of the Guaranteed Obligations
      to the payment of any other liability of the Borrower or any other Loan
      Party;

     

    (e) any
      bankruptcy, insolvency, reorganization, composition, adjustment, dissolution,
      liquidation or other like proceeding relating to such Guarantor, the Borrower,
      any other Loan Party or any other Person, or any action taken with respect
      to
      this Guaranty by any trustee or receiver, or by any court, in any such
      proceeding;

     

    (f) any
      act
      or failure to act by the Borrower, any other Loan Party or any other Person
      which may adversely affect such Guarantor’s subrogation rights, if any, against
      the Borrower to recover payments made under this Guaranty;

     

    (g) any
      nonperfection or impairment of any security interest or other Lien on any
      collateral, if any, securing in any way any of the Obligations;

     

    (h) any
      application of sums paid by the Borrower, any other Guarantor or any other
      Person with respect to the liabilities of the Borrower to the Agent or the
      Lenders, regardless of what liabilities of the Borrower remain
      unpaid;

     

    (i) any
      defect, limitation or insufficiency in the borrowing powers of the Borrower
      or
      in the exercise thereof; or

     

    (j) any
      other
      circumstance which might otherwise constitute a defense available to, or a
      discharge of, a Guarantor hereunder (other than indefeasible payment in
      full).

     

    Section 4.
      Action
      with Respect to Guaranteed Obligations.
      The
      Lenders and the Agent may, at any time and from time to time, without the
      consent of, or notice to, any Guarantor, and without discharging any Guarantor
      from its obligations hereunder, take any and all actions described in
      Section 3 and may otherwise: (a) amend, modify, alter or supplement
      the terms of any of the Guaranteed Obligations, including, but not limited
      to,
      extending or shortening the time of payment of any of the Guaranteed Obligations
      or changing the interest rate that may accrue on any of the Guaranteed
      Obligations; (b) amend, modify, alter or supplement the Credit Agreement or
      any other Loan Document; (c) sell, exchange, release or otherwise deal with
      all, or any part, of any collateral securing any of the Obligations;
      (d) release any other Loan Party or other Person liable in any manner for
      the payment or collection of the Guaranteed Obligations; (e) exercise, or
      refrain from exercising, any rights against the Borrower, any other Guarantor
      or
      any other Person; and (f) apply any sum, by whomsoever paid or however
      realized, to the Guaranteed Obligations in such order as the Lenders shall
      elect.

     

    Section 5.
      Representations
      and Warranties.
      Each
      Guarantor hereby makes to the Agent and the Lenders all of the representations
      and warranties made by the Borrower with respect to or in any way relating
      to
      such Guarantor in the Credit Agreement and the other Loan Documents, as if
      the
      same were set forth herein in full.

     

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

    Section 6.
      Covenants.
      Each
      Guarantor will comply with all covenants which the Borrower is to cause such
      Guarantor to comply with under the terms of the Credit Agreement or any of
      the
      other Loan Documents.

     

    Section 7.
      Waiver.
      Each
      Guarantor, to the fullest extent permitted by Applicable Law, hereby waives
      notice of acceptance hereof or any presentment, demand, protest or notice of
      any
      kind, and any other act or thing, or omission or delay to do any other act
      or
      thing, which in any manner or to any extent might vary the risk of such
      Guarantor or which otherwise might operate to discharge such Guarantor from
      its
      obligations hereunder.

     

    Section 8.
      Inability
      to Accelerate Loan.
      If the
      Agent and/or the Lenders are prevented under Applicable Law or otherwise from
      demanding or accelerating payment of any of the Guaranteed Obligations by reason
      of any automatic stay or otherwise, the Agent and/or the Lenders shall be
      entitled to receive from each Guarantor, upon demand therefor, the sums which
      otherwise would have been due had such demand or acceleration
      occurred.

     

    Section 9.
      Reinstatement
      of Guaranteed Obligations.
      If
      claim is ever made on the Agent or any Lender for repayment or recovery of
      any
      amount or amounts received in payment or on account of any of the Guaranteed
      Obligations, and the Agent or such Lender repays all or part of said amount
      by
      reason of (a) any judgment, decree or order of any court or administrative
      body of competent jurisdiction, or (b) any settlement or compromise of any
      such claim effected by the Agent or such Lender with any such claimant
      (including the Borrower or a trustee in bankruptcy for the Borrower), then
      and
      in such event each Guarantor agrees that any such judgment, decree, order,
      settlement or compromise shall be binding on it, notwithstanding any revocation
      hereof, any release herefrom, or the cancellation of the Credit Agreement,
      any
      of the other Loan Documents, or any other instrument evidencing any liability
      of
      the Borrower, and such Guarantor shall be and remain liable to the Agent or
      such
      Lender for the amounts so repaid or recovered to the same extent as if such
      amount had never originally been paid to the Agent or such Lender.

     

    Section 10.
      Subrogation.
      Upon
      the making by any Guarantor of any payment hereunder for the account of the
      Borrower, such Guarantor shall be subrogated to the rights of the payee against
      the Borrower; provided,
      however,
      that
      such Guarantor shall not enforce any right or receive any payment by way of
      subrogation or otherwise take any action in respect of any other claim or cause
      of action such Guarantor may have against the Borrower arising by reason of
      any
      payment or performance by such Guarantor pursuant to this Guaranty, unless
      and
      until all of the Guaranteed Obligations have been indefeasibly paid and
      performed in full. If any amount shall be paid to such Guarantor on account
      of
      or in respect of such subrogation rights or other claims or causes of action,
      such Guarantor shall hold such amount in trust for the benefit of the Agent
      and
      the Lenders and shall forthwith pay such amount to the Agent to be credited
      and
      applied against the Guaranteed Obligations, whether matured or unmatured, in
      accordance with the terms of the Credit Agreement or to be held by the Agent
      as
      collateral security for any Guaranteed Obligations existing.

     

    Section 11.
      Payments
      Free and Clear.
      Except
      to the extent permitted under the first sentence of Section 3.12.(a) of the
      Credit Agreement, all sums payable by each Guarantor here-

     

    
      
        
        

      

      
        B-4

        
          

        

      

      
        
        

      

    

    under,
      whether of principal, interest, Fees, expenses, premiums or otherwise, shall
      be
      paid in full, without set-off or counterclaim or any deduction or withholding
      whatsoever. If any Guarantor is required by Applicable Law or by a Governmental
      Authority to make any such deduction or withholding in respect of any Taxes,
      such Guarantor shall pay to the Agent and the Lenders such additional amount
      or
      amounts as is necessary to ensure that the net amount actually received by
      the
      Agent or such Lender will equal the full amount that the Agent or such Lender
      would have received had no such withholding or deduction been
      required.

     

    Section 12.
      Set-off.
      In
      addition to any rights now or hereafter granted under any of the other Loan
      Documents or Applicable Law and not by way of limitation of any such rights,
      each Guarantor hereby authorizes the Agent and each Lender, at any time during
      the continuance of an Event of Default, without any prior notice to such
      Guarantor or to any other Person, any such notice being hereby expressly waived,
      but in the case of a Lender subject to receipt of the prior written consent
      of
      the Agent exercised in its sole discretion, to set off and to appropriate and
      to
      apply any and all deposits (general or special, including, but not limited
      to,
      indebtedness evidenced by certificates of deposit, whether matured or unmatured)
      and any other indebtedness at any time held or owing by the Agent, such Lender,
      or any affiliate of the Agent or such Lender, to or for the credit or the
      account of such Guarantor against and on account of any of the Guaranteed
      Obligations, although such obligations shall be contingent or unmatured. Each
      Guarantor agrees, to the fullest extent permitted by Applicable Law, that any
      Participant may exercise rights of setoff or counterclaim and other rights
      with
      respect to its participation as fully as if such Participant were a direct
      creditor of such Guarantor in the amount of such participation.

     

    Section 13.
      Subordination.
      Each
      Guarantor hereby expressly covenants and agrees for the benefit of the Agent
      and
      the Lenders that all obligations and liabilities of the Borrower and each other
      Guarantor to such Guarantor of whatever description, including without
      limitation, all intercompany receivables of such Guarantor from the Borrower
      and
      each other Guarantor (collectively, the “Junior Claims”) shall be subordinate
      and junior in right of payment to all Guaranteed Obligations. If an Event of
      Default shall have occurred and be continuing, then no Guarantor shall accept
      any direct or indirect payment (in cash, property or securities, by setoff
      or
      otherwise) from the Borrower or any other Guarantor on account of or in any
      manner in respect of any Junior Claim until all of the Guaranteed Obligations
      have been indefeasibly paid in full.

     

    Section 14.
      Avoidance
      Provisions.
      It is
      the intent of each Guarantor, the Agent and the Lenders that in any Proceeding,
      such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the
      maximum amount which would not otherwise cause the obligations of such Guarantor
      hereunder (or any other obligations of such Guarantor to the Agent and the
      Lenders) to be avoidable or unenforceable against such Guarantor in such
      Proceeding as a result of Applicable Law, including without limitation,
      (a) Section 548 of the Bankruptcy Code of 1978, as amended (the
“Bankruptcy Code”) and (b) any state fraudulent transfer or fraudulent
      conveyance act or statute applied in such Proceeding, whether by virtue of
      Section 544 of the Bankruptcy Code or otherwise. The Applicable Laws under
      which the possible avoidance or unenforceability of the obligations of such
      Guarantor hereunder (or any other obligations of such Guarantor to the Agent
      and
      the Lenders) shall be determined in any such Proceeding are referred to as
      the
“Avoidance Provisions”. Accordingly, to the extent that the obligations of any
      Guarantor here-

     

    
      
        
        

      

      
        B-5

        
          

        

      

      
        
        

      

    

    under
      would otherwise be subject to avoidance under the Avoidance Provisions, the
      maximum Guaranteed Obligations for which such Guarantor shall be liable
      hereunder shall be reduced to that amount which, as of the time any of the
      Guaranteed Obligations are deemed to have been incurred under the Avoidance
      Provisions, would not cause the obligations of such Guarantor hereunder (or
      any
      other obligations of such Guarantor to the Agent and the Lenders), to be subject
      to avoidance under the Avoidance Provisions. This Section is intended solely
      to
      preserve the rights of the Agent and the Lenders hereunder to the maximum extent
      that would not cause the obligations of any Guarantor hereunder to be subject
      to
      avoidance under the Avoidance Provisions, and no Guarantor or any other Person
      shall have any right or claim under this Section as against the Agent and the
      Lenders that would not otherwise be available to such Person under the Avoidance
      Provisions.

     

    Section 15.
      Information.
      Each
      Guarantor assumes all responsibility for being and keeping itself informed
      of
      the financial condition of the Borrower and the other Guarantors, and of all
      other circumstances bearing upon the risk of nonpayment of any of the Guaranteed
      Obligations and the nature, scope and extent of the risks that such Guarantor
      assumes and incurs hereunder, and agrees that none of the Agent or the Lenders
      shall have any duty whatsoever to advise any Guarantor of information regarding
      such circumstances or risks.

     

    Section 16.
      Governing
      Law.
      THIS
      AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
      OF
      THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY
      PERFORMED, IN SUCH STATE.

     

    Section 17. WAIVER
      OF JURY TRIAL.

     

    (a) EACH
      PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG
      ANY
      GUARANTOR, THE AGENT OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND
      COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE
      PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE
      LENDERS, THE AGENT AND EACH GUARANTOR HEREBY WAIVES ITS RIGHT TO A TRIAL BY
      JURY
      IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL
      IN
      WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT
      OF
      THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE
      OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG ANY GUARANTOR, THE AGENT OR
      ANY
      OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN
      DOCUMENTS.

     

    (b) EACH
      OF
      THE GUARANTORS, THE AGENT AND EACH LENDER HEREBY AGREES THAT THE FEDERAL
      DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK OR ANY STATE COURT LOCATED
      IN NEW YORK, NEW YORK, SHALL
      HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG
      ANY GUARANTOR, THE AGENT OR ANY OF THE 

     

    
      
        
        

      

      
        B-6

        
          

        

      

      
        
        

      

    

    LENDERS,
      PERTAINING DIRECTLY OR INDIRECTLY TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT
      OR
      TO ANY MATTER ARISING HEREFROM OR THEREFROM. EACH GUARANTOR AND EACH OF THE
      LENDERS EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH JURISDICTION IN ANY
      ACTION OR PROCEEDING COMMENCED IN SUCH COURTS WITH RESPECT TO SUCH CLAIMS OR
      DISPUTES. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER
      HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT
      SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES
      NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION
      SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE AGENT OR
      ANY
      LENDER OR THE ENFORCEMENT BY THE AGENT OR ANY LENDER OF ANY JUDGMENT OBTAINED
      IN
      SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION.

     

    (c) THE
      PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE
      OF
      COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND
      SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER
      OR UNDER THE OTHER LOAN DOCUMENTS AND THE TERMINATION OF THIS
      GUARANTY.

     

    Section 18.
      Loan
      Accounts.
      The
      Agent and each Lender may maintain books and accounts setting forth the amounts
      of principal, interest and other sums paid and payable with respect to the
      Guaranteed Obligations, and in the case of any dispute relating to any of the
      outstanding amount, payment or receipt of any of the Guaranteed Obligations
      or
      otherwise, the entries in such books and accounts shall be deemed prima facie
      evidence of the amounts and other matters set forth herein. The failure of
      the
      Agent or any Lender to maintain such books and accounts shall not in any way
      relieve or discharge any Guarantor of any of its obligations
      hereunder.

     

    Section 19.
      Waiver
      of Remedies.
      No
      delay or failure on the part of the Agent or any Lender in the exercise of
      any
      right or remedy it may have against any Guarantor hereunder or otherwise shall
      operate as a waiver thereof, and no single or partial exercise by the Agent
      or
      any Lender of any such right or remedy shall preclude any other or further
      exercise thereof or the exercise of any other such right or remedy.

     

    Section 20.
      Termination.
      This
      Guaranty shall remain in full force and effect until indefeasible payment in
      full of the Guaranteed Obligations and the other Obligations and the termination
      or cancellation of the Credit Agreement in accordance with its
      terms.

     

    Section 21.
      Successors
      and Assigns.
      Each
      reference herein to the Agent or the Lenders shall be deemed to include such
      Person’s respective successors and assigns (including, but not limited to, any
      holder of the Guaranteed Obligations) in whose favor the provisions of this
      Guaranty also shall inure, and each reference herein to each Guarantor shall
      be
      deemed to include 

     

    
      
        
        

      

      
        B-7

        
          

        

      

      
        
        

      

    

    such
      Guarantor’s successors and assigns, upon whom this Guaranty also shall be
      binding. The Lenders may, in accordance with the applicable provisions of the
      Credit Agreement, assign, transfer or sell any Guaranteed Obligation, or grant
      or sell participations in any Guaranteed Obligations, to any Person without
      the
      consent of, or notice to, any Guarantor and without releasing, discharging
      or
      modifying any Guarantor’s obligations hereunder. Each Guarantor hereby consents
      to the delivery by the Agent or any Lender to any Assignee or Participant (or
      any prospective Assignee or Participant) of any financial or other information
      regarding the Borrower or any Guarantor. No Guarantor may assign or transfer
      its
      rights or obligations hereunder to any Person without the prior written consent
      of all Lenders and any such assignment or other transfer to which all of the
      Lenders have not so consented shall be null and void.

     

    Section 22.
      JOINT
      AND SEVERAL OBLIGATIONS.
      THE
      OBLIGATIONS OF THE GUARANTORS HEREUNDER SHALL BE JOINT AND SEVERAL, AND
      ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS LIABLE FOR THE FULL AMOUNT
      OF
      THE “GUARANTEED OBLIGATIONS” AND ALL OF THE OBLIGATIONS AND LIABILITIES OF EACH
      OF THE OTHER GUARANTORS HEREUNDER.

     

    Section 23.
      Amendments.
      This
      Guaranty may not be amended except in writing signed by the Requisite Lenders
      (or all of the Lenders if required under the terms of the Credit Agreement),
      the
      Agent and each Guarantor.

     

    Section 24.
      Payments.
      All
      payments to be made by any Guarantor pursuant to this Guaranty shall be made
      in
      Dollars, in immediately available funds to the Agent at the Principal Office,
      not later than 2:00 p.m. on the date of demand therefor.

     

    Section 25.
      Notices.
      All
      notices, requests and other communications hereunder shall be in writing
      (including facsimile transmission or similar writing) and shall be given (a)
      to
      each Guarantor c/o the Borrower at the address provided for the Borrower in
      the
      Credit Agreement, (b) to the Agent or any Lender at its respective address
      for
      notices provided for in the Credit Agreement. Each such notice, request or
      other
      communication shall be effective (i) if mailed, when received; (ii) if
      telecopied, when transmitted; or (iii) if hand delivered, when
      delivered.

     

    Section 26.
      Severability.
      In case
      any provision of this Guaranty shall be invalid, illegal or unenforceable in
      any
      jurisdiction, the validity, legality and enforceability of the remaining
      provisions shall not in any way be affected or impaired thereby.

     

    Section 27.
      Headings.
      Section
      headings used in this Guaranty are for convenience only and shall not affect
      the
      construction of this Guaranty.

     

    Section 28.
      Trustees,
      Etc. Not Liable.
      IN THE
      CASE OF ANY GUARANTOR THAT IS A TRUST, NO TRUSTEE, OFFICER, SHAREHOLDER,
      EMPLOYEE OR AGENT OF SUCH GUARANTOR SHALL BE HELD TO ANY PERSONAL LIABILITY,
      JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, SUCH GUARANTOR.
      ALL PERSONS DEALING WITH SUCH GUARANTOR, IN ANY WAY, SHALL LOOK ONLY TO THE
      ASSETS OF SUCH GUARANTOR FOR THE PAYMENT OF ANY SUM OR 

     

    
      
        
        

      

      
        B-8

        
          

        

      

      
        
        

      

    

    THE
      PERFORMANCE OF ANY OBLIGATION OWING BY SUCH GUARANTOR HEREUNDER. THE PROVISIONS
      OF THIS SECTION SHALL NOT LIMIT ANY OBLIGATIONS OF ANY LOAN PARTY.

     

    Section 29.
      Limitation
      of Liability.
      Neither
      the Agent nor any Lender, nor any affiliate, officer, director, employee,
      attorney, or agent of the Agent or any Lender, shall have any liability with
      respect to, and each Guarantor hereby waives, releases, and agrees not to sue
      any of them upon, any claim for any special, indirect, incidental, or
      consequential damages suffered or incurred by a Guarantor in connection with,
      arising out of, or in any way related to, this Guaranty or any of the other
      Loan
      Documents, or any of the transactions contemplated by this Guaranty, the Credit
      Agreement or any of the other Loan Documents. Each Guarantor hereby waives,
      releases, and agrees not to sue the Agent or any Lender or any of the Agent’s or
      any Lender’s affiliates, officers, directors, employees, attorneys, or agents
      for punitive damages in respect of any claim in connection with, arising out
      of,
      or in any way related to, this Guaranty, the Credit Agreement or any of the
      other Loan Documents, or any of the transactions contemplated by Credit
      Agreement or financed thereby.

     

    Section 30.
      Definitions.
      (a)  For the purposes of this Guaranty:

     

    “Proceeding”
means
      any of the following: (i) a voluntary or involuntary case concerning any
      Guarantor shall be commenced under the Bankruptcy Code of 1978, as amended;
      (ii) a custodian (as defined in such Bankruptcy Code or any other
      applicable bankruptcy laws) is appointed for, or takes charge of, all or any
      substantial part of the property of any Guarantor; (iii) any other
      proceeding under any Applicable Law, domestic or foreign, relating to
      bankruptcy, insolvency, reorganization, winding-up or composition for adjustment
      of debts, whether now or hereafter in effect, is commenced relating to any
      Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt;
      (v) any order of relief or other order approving any such case or
      proceeding is entered by a court of competent jurisdiction; (vi) any
      Guarantor makes a general assignment for the benefit of creditors;
      (vii) any Guarantor shall fail to pay, or shall state that it is unable to
      pay, or shall be unable to pay, its debts generally as they become due;
      (viii) any Guarantor shall call a meeting of its creditors with a view to
      arranging a composition or adjustment of its debts; (ix) any Guarantor
      shall by any act or failure to act indicate its consent to, approval of or
      acquiescence in any of the foregoing; or (x) any corporate action shall be
      taken by any Guarantor for the purpose of effecting any of the
      foregoing.

     

    (b) Terms
      not
      otherwise defined herein are used herein with the respective meanings given
      them
      in the Credit Agreement.

     

    [Signature
      on Next Page]

    
      
        
        

      

      
        B-9

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guaranty
      as
      of the date and year first written above.

     

    [signed
      by Guarantors]

    
      
        
        

      

      
        B-10

        
          

        

      

      
        
        

      

    

    ANNEX
      I

     

    

     

    FORM
      OF
      ACCESSION AGREEMENT

     

    THIS
      ACCESSION AGREEMENT dated as of ____________, ____, executed and delivered
      by
      ______________________, a _____________ (the “New Subsidiary”), in favor of
      (a) MERRILL
      LYNCH CAPITAL CORPORATION,
      in its
      capacity as Agent (the “Agent”) for the Lenders under that certain Interim Loan
      Agreement dated as of January 22, 2007 (as amended, restated, supplemented
      or
      otherwise modified from time to time, the “Credit Agreement”), by
      and among Hospitality
      Properties Trust (the “Borrower”), the financial institutions party thereto and
      their assignees under Section 12.5. thereof (the “Lenders”), the
      Agent, and the other parties thereto, and (b) the Lenders.

     

    WHEREAS,
      pursuant to the Credit Agreement, the Agent and the Lenders have agreed to
      make
      available to the Borrower certain financial accommodations on the terms and
      conditions set forth in the Credit Agreement;

     

    WHEREAS,
      the Borrower owns, directly or indirectly, at least a majority of the issued
      and
      outstanding Equity Interests in the New Subsidiary;

     

    WHEREAS,
      the Borrower, the New Subsidiary, and the existing Guarantors, though separate
      legal entities, are mutually dependent on each other in the conduct of their
      respective businesses as an integrated operation and have determined it to
      be in
      their mutual best interests to obtain financing from the Agent and the Lenders
      through their collective efforts;

     

    WHEREAS,
      the New Subsidiary acknowledges that it will receive direct and indirect
      benefits from the Agent and the Lenders making such financial accommodations
      available to the Borrower under the Credit Agreement and, accordingly, the
      New
      Subsidiary is willing to guarantee the Borrower’s obligations to the Agent and
      the Lenders on the terms and conditions contained herein; and

     

    WHEREAS,
      the New Subsidiary is executing and delivering this Agreement pursuant to
      Section 7.12 of the Credit Agreement.

     

    NOW,
      THEREFORE, for good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged by the New Subsidiary, the New Subsidiary agrees
      as follows:

     

    Section
      1. Accession
      to Guaranty.
      The New
      Subsidiary hereby agrees that it is a “Guarantor” under that certain Guaranty
      dated as of January [ ], 2007 (as amended, supplemented, restated or otherwise
      modified from time to time, the “Guaranty”), made by each Subsidiary of the
      Borrower a party thereto in favor of the Agent and the Lenders and assumes
      all
      obligations of a “Guarantor” thereunder, all as if the New Subsidiary had been
      an original signatory to the Guaranty. Without limiting the generality of the
      foregoing, the New Subsidiary hereby:

     

    
      
        
        

      

      
        B-11

        
          

        

      

      
        
        

      

    

    (a) irrevocably
      and unconditionally guarantees the due and punctual payment and performance
      when
      due, whether at stated maturity, by acceleration or otherwise, of all Guaranteed
      Obligations (as defined in the Guaranty);

     

    (b) makes
      to
      the Agent and the Lenders as of the date hereof each of the representations
      and
      warranties contained in Section 5 of the Guaranty and agrees to be bound by
      each of the covenants contained in Section 6 of the Guaranty;
      and

     

    (c) consents
      and agrees to each provision set forth in the Guaranty.

     

    Section 2.
      GOVERNING
      LAW.
      THIS
      AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
      THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO
      BE
      FULLY PERFORMED, IN SUCH STATE.

     

    Section 3.
      Definitions.
      Capitalized terms used herein and not otherwise defined herein shall have the
      respective meanings given them in the Credit Agreement.

     

    [Signatures
      on Next Page]

    
      
        
        

      

      
        B-12

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the New Subsidiary has caused this Accession Agreement to
      be
      duly executed and delivered under seal by its duly authorized officers as of
      the
      date first written above.

     

    
      	 	
              [NEW
                SUBSIDIARY]

            
	 	 
	 	
              By:
                _______________________________

            
	 	
              Name:

            
	 	
              Title:

            
	 	 

    

    

     

    
      	
              Accepted:

               

              MERRILL
                LYNCH CAPITAL

            
	 
	
              By:
                _______________________________

            
	
              Name:

            
	
              Title:

            
	 

    

    

     

    
      
        
        

      

      
        B-13

        
          

        

      

      
        
        

      

    

    

    EXHIBIT C

    

    FORM
      OF
      NOTICE OF BORROWING

    

     

     

     

     

     

     

    
      C-1
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

    

    

    EXHIBIT D

    

    FORM
      OF
      NOTICE OF CONTINUATION

    

     

     

     

     

    
      D-1

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

    

    

    EXHIBIT
      E

    

    FORM
      OF
      NOTICE OF CONVERSION

    

     

     

     

     

    
      E-1

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

    

    

     

    EXHIBIT F

     

    FORM
      OF
      SOLVENCY CERTIFICATE

     

     

    

     

     

    

    
      F-1

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

    EXHIBIT
      G

     

    FORM
      OF
      OFFICER’S CERTIFICATE

     

     

     

    
      G-1

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      H

     

    

     

    FORM
      OF
      INTERIM NOTE

     

    
      
        	$____________________ 	
                January [  ],
                  2007

              

      

    

     

    FOR
      VALUE
      RECEIVED, the undersigned, HOSPITALITY PROPERTIES TRUST, a Maryland real estate
      investment trust (the “Borrower”), hereby promises to pay to the order of
      ____________________ (the “Lender”), in care of MERRILL LYNCH CAPITAL
      CORPORATION, as Agent (the “Agent”) to MERRILL LYNCH CAPITAL CORPORATION, 4
      World Financial Center, 22nd Floor, 250 Vesey Street, NY 10080, or at such
      other
      address as may be specified in writing by the Agent to the Borrower, the
      principal sum of ________________ AND ____/100 DOLLARS ($____________) (or
      such
      lesser amount as shall equal the aggregate unpaid principal amount of Interim
      Loans made by the Lender to the Borrower under the Credit Agreement (as herein
      defined)), on the dates and in the principal amounts provided in the Credit
      Agreement, and to pay interest on the unpaid principal amount owing hereunder,
      at the rates and on the dates provided in the Credit Agreement.

     

    The
      date
      and the amount of the Interim Loan made by the Lender to the Borrower and each
      payment made on account of the principal thereof shall be recorded by the Lender
      on its books and, prior to any transfer of this Note, endorsed by the Lender
      on
      the schedule attached hereto or any continuation thereof, provided
      that the
      failure of the Lender to make any such recordation or endorsement shall not
      affect the obligations of the Borrower to make a payment when due of any amount
      owing under the Credit Agreement or hereunder in respect of the Interim Loan
      made by the Lender.

     

    This
      Note
      is one of the Interim Notes referred to in the Interim Loan Agreement dated
      as
      of January 22, 2007 (as amended, restated, supplemented or otherwise modified
      from time to time, the “Credit Agreement”), by
      and among the
      Borrower, the financial institutions party thereto and their assignees under
      Section 12.5. thereof (the “Lenders”), the
      Agent, and the other parties thereto. Capitalized terms used herein, and not
      otherwise defined herein, have the respective meanings given them in the Credit
      Agreement.

     

    The
      Credit Agreement provides for the acceleration of the maturity of this Note
      upon
      the occurrence of certain events and for prepayments of Loans upon the terms
      and
      conditions specified therein.

     

    Except
      as
      permitted by Section 12.5.(d) of the Credit Agreement, this Note may not be
      assigned by the Lender to any other Person.

     

    THIS
      NOTE
      SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
      OF
      NEW YORK APPLICABLE
      TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

     

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

    The
      Borrower hereby waives presentment for payment, demand, notice of demand, notice
      of non-payment, protest, notice of protest and all other similar
      notices.

     

    Time
      is
      of the essence for this Note.

     

    IN
      WITNESS WHEREOF, the undersigned has executed and delivered this Interim Note
      as
      of the date first written above.

     

    
      	 	
              HOSPITALITY
                PROPERTIES TRUST

            
	 	 
	 	
              By:
                _______________________________

            
	 	
              Name:

            
	 	
              Title:

            
	 	 
	 	
              Attest:
                _______________________________

            
	 	
              Name:

            
	 	
              Title:

            

    

    

     

    

     

    
      
        
        

      

      
        H-2

        
          

        

      

      
        
        

      

    

    SCHEDULE
      OF THE INTERIM LOAN

     

    This
      Note
      evidences the Interim Loan made under the within-described Credit Agreement
      to
      the Borrower, on the Effective Date, in the principal amount, bearing interest
      at the rates and maturing on the date set forth below, subject to the payments
      and prepayments of principal set forth below:

     

    
      	
               

              Date
                of

              Loan

            	
              Principal
                

              Amount
                of

              Loan

            	
               

              Interest
                Rate

            	
               

              Maturity
                Date

            	
              Amount

              Paid
                or

              Prepaid

            	
              Unpaid
                Principal Amount

            	
               

              Notation

              Made
                By

            

    

    

    
      
        
        

      

      
        H-3

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      I

    

    

    [Reserved]

     

     

     

     

    
      I-1

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      J

    

    FORM
      OF
      COMPLIANCE CERTIFICATE

    

    

     

     

     

     

    
      J-1

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      K

    

    FORM
      OF
      ADMINISTRATIVE DETAILS FORM

     

     

     

     

     

    
      K-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]