Document:

Exhibit
4.14

ALLOS
THERAPEUTICS, INC.

and

                       ,
AS WARRANT AGENT

FORM OF
DEBT SECURITIES

WARRANT
AGREEMENT

DATED
AS OF

                                                              

ALLOS
THERAPEUTICS, INC.

FORM OF
DEBT SECURITIES WARRANT AGREEMENT

DEBT
SECURITIES WARRANT AGREEMENT, dated as of                               ,
between ALLOS
THERAPEUTICS, INC.,
a Delaware corporation (the “COMPANY”) and                         ,
a [corporation] [national banking association] organized and existing under the
laws of                           
and having a corporate trust office in                           ,
as warrant agent (the “WARRANT AGENT”).

WHEREAS, the Company has entered into an indenture
dated as of [                       
(the “SENIOR INDENTURE”), with                               ,
as trustee (such trustee, and any successors to such trustee, herein called the
“SENIOR TRUSTEE”), providing for the issuance from time to time of its
unsubordinated debt securities, to be issued in one or more series as provided
in the Senior Indenture (the “DEBT SECURITIES”);] [                               (the
“SUBORDINATED INDENTURE”), with                                ,
as trustee (such trustee, and any successors to such trustee, herein called the
“SUBORDINATED TRUSTEE”), providing for the issuance from time to time of its
subordinated debt securities, to be issued in one or more series as provided in
the Subordinated Indenture (the “DEBT SECURITIES”);]

WHEREAS, the Company proposes to sell [If Warrants are
sold with other securities—title of such other Securities being offered (the “OTHER
SECURITIES”) with] warrant certificates evidencing one or more warrants (the “WARRANTS”
or, individually, a “WARRANT”) representing the right to purchase [title of
Debt Securities purchasable through exercise of Warrants] (the “WARRANT DEBT
SECURITIES”), such warrant certificates and other warrant certificates issued
pursuant to this Agreement being herein called the “WARRANT CERTIFICATES”; and

WHEREAS, the Company desires the Warrant Agent to act
on behalf of the Company, and the Warrant Agent is willing so to act, in
connection with the issuance, registration, transfer, exchange, exercise and
replacement of the Warrant Certificates, and in this Agreement wishes to set
forth, among other things, the form and provisions of the Warrant Certificates
and the terms and conditions on which they may be issued, registered,
transferred, exchanged, exercised and replaced;

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NOW, THEREFORE, in consideration of the premises and
of the mutual agreements herein contained, the parties hereto agree as follows:

ARTICLE 1

ISSUANCE OF WARRANTS AND EXECUTION AND DELIVERY OF
WARRANT CERTIFICATES

1.1          Issuance of Warrants.
[If Warrants alone—Upon issuance, each Warrant Certificate shall evidence one
or more Warrants.][If Other Securities and Warrants—Warrant Certificates shall
be [initially] issued in connection with the issuance of the Other Securities
[but shall be separately transferable on and after                                   
(the “DETACHABLE DATE”)] [and shall not be separately transferable] and each
Warrant Certificate shall evidence one or more Warrants.] Each Warrant
evidenced thereby shall represent the right, subject to the provisions
contained herein and therein, to purchase one Warrant Debt Security. [If Other
Securities and Warrants—Warrant Certificates shall be initially issued in units
with the Other Securities and each Warrant Certificate included in such a unit
shall evidence                       
Warrants for each [$                
principal amount] [                  
shares] of Other Securities included in such unit.].

1.2          Execution and Delivery of Warrant
Certificates. Each Warrant Certificate, whenever issued,
shall be in registered form substantially in the form set forth in Exhibit A
hereto, shall be dated the date of its countersignature by the Warrant Agent
and may have such letters, numbers, or other marks of identification or
designation and such legends or endorsements printed, lithographed or engraved
thereon as the officers of the Company executing the same may approve
(execution thereof to be conclusive evidence of such approval) and as are not
inconsistent with the provisions of this Agreement, or as may be required to
comply with any law or with any rule or regulation made pursuant thereto
or with any rule or regulation of any securities exchange on which the
Warrants may be listed, or to conform to usage. The Warrant Certificates shall
be signed on behalf of the Company by any of its present or future chief
executive officers, presidents, senior vice presidents, vice presidents, chief
financial officers, chief legal officers, treasurers, assistant treasurers,
controllers, assistant controllers, secretaries or assistant secretaries under
its corporate seal reproduced thereon. Such signatures may be manual or
facsimile signatures of such authorized officers and may be imprinted or
otherwise reproduced on the Warrant Certificates. The seal of the Company may
be in the form of a facsimile thereof and may be impressed, affixed, imprinted
or otherwise reproduced on the Warrant Certificates.

No Warrant Certificate shall be valid for any purpose,
and no Warrant evidenced thereby shall be exercisable, until such Warrant
Certificate has been countersigned by the manual signature of the Warrant
Agent. Such signature by the Warrant Agent upon any Warrant Certificate
executed by the Company shall be conclusive evidence that the Warrant
Certificate so countersigned has been duly issued hereunder.

In case any officer of the Company who shall have
signed any of the Warrant Certificates either manually or by facsimile
signature shall cease to be such officer before the Warrant Certificates so
signed shall have been countersigned and delivered by the Warrant Agent, such

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Warrant Certificates may be countersigned and
delivered notwithstanding that the person who signed Warrant Certificates
ceased to be such officer of the Company; and any Warrant Certificate may be
signed on behalf of the Company by such persons as, at the actual date of the
execution of such Warrant Certificate, shall be the proper officers of the
Company, although at the date of the execution of this Agreement any such
person was not such officer.

The term “holder” or “holder of a Warrant Certificate”
as used herein shall mean any person in whose name at the time any Warrant
Certificate shall be registered upon the books to be maintained by the Warrant
Agent for that purpose [If Other Securities and Warrants are not immediately
detachable—or upon the registration of the Other Securities prior to the
Detachable Date. Prior to the Detachable Date, the Company will, or will cause
the registrar of the Other Securities to, make available at all times to the
Warrant Agent such information as to holders of the Other Securities as may be
necessary to keep the Warrant Agent’s records up to date].

1.3          Issuance of Warrant Certificates.
Warrant Certificates evidencing the right to purchase Warrant Debt Securities
may be executed by the Company and delivered to the Warrant Agent upon the
execution of this Warrant Agreement or from time to time thereafter. The
Warrant Agent shall, upon receipt of Warrant Certificates duly executed on
behalf of the Company, countersign such Warrant Certificates and shall deliver
such Warrant Certificates to or upon the order of the Company.

ARTICLE 2

WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS

2.1          Warrant Price. During
the period specified in Section 2.2, each Warrant shall, subject to the
terms of this Warrant Agreement and the applicable Warrant Certificate, entitle
the holder thereof, to purchase the principal amount of Warrant Debt Securities
specified in the applicable Warrant Certificate at an exercise price of
             %
of the principal amount thereof [plus accrued amortization, if any, of the
original issue discount of the Warrant Debt Securities] [plus accrued interest,
if any, from the most recent date from which interest shall have been paid on
the Warrant Debt Securities or, if no interest shall have been paid on the Warrant
Debt Securities, from the date of their initial issuance.] [The original issue
discount ($            
for each $1,000 principal amount of Warrant Debt Securities) will be amortized
at a           % annual rate,
computed on a[n][semi-] annual basis [using a 360-day year consisting of
twelve 30-day months].] Such purchase price for the Warrant Debt
Securities is referred to in this Agreement as the “WARRANT PRICE.”

2.2          Duration of Warrants.
Each Warrant may be exercised in whole or in part at any time, as specified
herein, on or after [the date thereof] [          ]
and at or before            p.m.,
[City] time, on or such later date as the Company may designate by notice to
the Warrant Agent and the holders of Warrant Certificates mailed to their
addresses as set forth in the record books of the Warrant Agent (the “EXPIRATION
DATE”). Each Warrant not exercised at or before            p.m.,
[City] time, on the Expiration Date shall become void, and all rights of the
holder of the Warrant Certificate evidencing such Warrant under this Agreement
shall cease.

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2.3          Exercise of Warrants.

(a)           During the period
specified in Section 2.2, the Warrants may be exercised to purchase a
whole number of Warrant Debt Securities in registered form by providing certain
information as set forth on the reverse side of the Warrant Certificate and by
paying in full, in lawful money of the United States of America, [in cash or by
certified check or official bank check in New York Clearing House funds] [by
bank wire transfer in immediately available funds] the Warrant Price for each
Warrant Debt Security with respect to which a Warrant is being exercised to the
Warrant Agent at its corporate trust office, provided that such exercise is
subject to receipt within five business days of such payment by the Warrant
Agent of the Warrant Certificate with the form of election to purchase Warrant
Debt Securities set forth on the reverse side of the Warrant Certificate
properly completed and duly executed. The date on which payment in full of the
Warrant Price is received by the Warrant Agent shall, subject to receipt of the
Warrant Certificate as aforesaid, be deemed to be the date on which the Warrant
is exercised; provided, however, that if, at the date of receipt of such
Warrant Certificates and payment in full of the Warrant Price, the transfer
books for the Warrant Debt Securities purchasable upon the exercise of such
Warrants shall be closed, no such receipt of such Warrant Certificates and no
such payment of such Warrant Price shall be effective to constitute the person
so designated to be named as the holder of record of such Warrant Debt
Securities on such date, but shall be effective to constitute such person as
the holder of record of such Warrant Debt Securities for all purposes at the
opening of business on the next succeeding day on which the transfer books for
the Warrant Debt Securities purchasable upon the exercise of such Warrants
shall be opened, and the certificates for the Warrant Debt Securities in
respect of which such Warrants are then exercised shall be issuable as of the
date on such next succeeding day on which the transfer books shall next be
opened, and until such date the Company shall be under no duty to deliver any
certificate for such Warrant Debt Securities. The Warrant Agent shall deposit
all funds received by it in payment of the Warrant Price in an account of the
Company maintained with it and shall advise the Company by telephone at the end
of each day on which a payment for the exercise of Warrants is received of the
amount so deposited to its account. The Warrant Agent shall promptly confirm
such telephone advice to the Company in writing.

(b)           The Warrant Agent
shall, from time to time, as promptly as practicable, advise the Company of (i) the
number of Warrant Debt Securities with respect to which Warrants were
exercised, (ii) the instructions of each holder of the Warrant
Certificates evidencing such Warrants with respect to delivery of the Warrant
Debt Securities to which such holder is entitled upon such exercise, (iii) delivery
of Warrant Certificates evidencing the balance, if any, of the Warrants for the
remaining Warrant Debt Securities after such exercise, and (iv) such other
information as the Company or the [Senior][Subordinated] Trustee shall reasonably
require.

(c)           As soon as
practicable after the exercise of any Warrant, the Company shall issue,
pursuant to the Indenture, in authorized denominations, to or upon the order of
the holder of the Warrant Certificate evidencing such Warrant, the Warrant Debt
Securities to which such holder is entitled, in fully registered form,
registered in such name or names as may be directed by such holder. If fewer
than all of the Warrants evidenced by such Warrant Certificate were exercised,
the Company shall execute, and an authorized officer of the Warrant Agent shall
manually countersign and deliver, a new Warrant Certificate evidencing Warrants
for the number of Warrant Debt Securities remaining unexercised.

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(d)           The Company shall
not be required to pay any stamp or other tax or other governmental charge
required to be paid in connection with any transfer involved in the issue of
the Warrant Debt Securities, and in the event that any such transfer is
involved, the Company shall not be required to issue or deliver any Warrant
Debt Securities until such tax or other charge shall have been paid or it has
been established to the Company’s satisfaction that no such tax or other charge
is due.

ARTICLE 3

OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF
WARRANT CERTIFICATES

3.1          No Rights as Holders
of Warrant Debt Securities Conferred by Warrants or Warrant Certificates. No
Warrant Certificate or Warrant evidenced thereby shall entitle the holder
thereof to any of the rights of a holder of Warrant Debt Securities, including,
without limitation, the right to receive the payment of principal of (or
premium, if any) or interest, if any, on the Warrant Debt Securities or to
enforce any of the covenants in the Indenture.

3.2          Lost, Stolen, Mutilated or Destroyed
Warrant Certificates. Upon receipt by the Warrant Agent of
evidence reasonably satisfactory to it and the Company of the ownership of and
the loss, theft, destruction or mutilation of any Warrant Certificate and/or
indemnity reasonably satisfactory to the Warrant Agent and the Company and, in
the case of mutilation, upon surrender of the mutilated Warrant Certificate to
the Warrant Agent for cancellation, then, in the absence of notice to the
Company or the Warrant Agent that such Warrant Certificate has been acquired by
a bona fide purchaser, the Company shall execute, and an authorized officer of
the Warrant Agent shall manually countersign and deliver, in exchange for or in
lieu of the lost, stolen, destroyed or mutilated Warrant Certificate, a new
Warrant Certificate of the same tenor and evidencing Warrants for a like
principal amount of Warrant Debt Securities. Upon the issuance of any new
Warrant Certificate under this Section 3.2, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Warrant Agent) in connection therewith. Every substitute
Warrant Certificate executed and delivered pursuant to this Section 3.2 in
lieu of any lost, stolen or destroyed Warrant Certificate shall represent an
additional contractual obligation of the Company, whether or not the lost,
stolen or destroyed Warrant Certificate shall be at any time enforceable by
anyone, and shall be entitled to the benefits of this Agreement equally and
proportionately with any and all other Warrant Certificates duly executed and
delivered hereunder. The provisions of this Section 3.2 are exclusive and
shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement of mutilated, lost, stolen or destroyed Warrant
Certificates.

3.3          Holder of Warrant Certificate May Enforce
Rights. Notwithstanding any of the provisions of this
Agreement, any holder of any Warrant Certificate, without the consent of the
Warrant Agent, the [Senior] [Subordinated] Trustee, the holder of any Warrant
Debt Securities or the holder of any other Warrant Certificate, may, in such
holder’s own behalf and for such holder’s own benefit, enforce, and may
institute and maintain any suit, action or proceeding against the Company
suitable to enforce, or otherwise in respect of, such holder’s

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right to exercise the Warrants evidenced by such
holder’s Warrant Certificate in the manner provided in such holder’s Warrant Certificates
and in this Agreement.

3.4          Merger, Sale, Conveyance or Lease.
In case of (a) any share exchange, merger or similar transaction of the
Company with or into another person or entity (other than a share exchange,
merger or similar transaction in which the Company is the acquiring or
surviving corporation) or (b) the sale, exchange, lease, transfer or other
disposition of all or substantially all of the properties and assets of the
Company as an entirety (in any such case, a “REORGANIZATION EVENT”), then, as a
condition of such Reorganization Event, lawful provisions shall be made, and
duly executed documents evidencing the same from the Company’s successor shall
be delivered to the holders of the Warrants, so that such successor shall
succeed to and be substituted for the Company, and assume all the Company’s
obligations under, this Agreement and the Warrants. The Company shall thereupon
be relieved of any further obligation hereunder or under the Warrants, and the
Company as the predecessor corporation may thereupon or at any time thereafter
be dissolved, wound up or liquidated. Such successor or assuming entity
thereupon may cause to be signed, and may issue either in its own name or in
the name of the Company, any or all of the Warrants issuable hereunder which
heretofore shall not have been signed by the Company, and may execute and
deliver securities in its own name, in fulfillment of its obligations to
deliver Warrant Debt Securities upon exercise of the Warrants. All the Warrants
so issued shall in all respects have the same legal rank and benefit under this
Agreement as the Warrants theretofore or thereafter issued in accordance with
the terms of this Agreement as though all of such Warrants had been issued at
the date of the execution hereof. In any case of any such Reorganization Event,
such changes in phraseology and form (but not in substance) may be made in the
Warrants thereafter to be issued as may be appropriate.

The Warrant Agent may receive a written opinion of
legal counsel as conclusive evidence that any such Reorganization Event
complies with the provisions of this Section 3.4.

3.5          Notice to Warrantholders.
In case the Company shall (a) effect any Reorganization Event or (b) make
any distribution on or in respect of the [title of Warrant Debt Securities] in
connection with the dissolution, liquidation or winding up of the Company, then
the Company shall mail to each holder of Warrants at such holder’s address as
it shall appear on the books of the Warrant Agent, at least ten days prior to
the applicable date hereinafter specified, a notice stating the date on which
such Reorganization Event, dissolution, liquidation or winding up is expected
to become effective, and the date as of which it is expected that holders of
[title of Warrant Debt Securities] of record shall be entitled to exchange
their shares of [title of Warrant Debt Securities] for securities or other
property deliverable upon such Reorganization Event, dissolution, liquidation
or winding up. No failure to mail such notice nor any defect therein or in the
mail in thereof shall affect any such transaction.

ARTICLE 4

EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES

4.1          Exchange and Transfer of Warrant
Certificates. [If Other Securities with Warrants which are
immediately detachable—Upon][If Other Securities with Warrants which are not
immediately detachable—Prior to the Detachable Date, a Warrant Certificate may
be

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exchanged or transferred only together with the Other
Security to which the Warrant Certificate was initially attached, and only for
the purpose of effecting or in conjunction with an exchange or transfer of such
Other Security. Prior to any Detachable Date, each transfer of the Other
Security shall operate also to transfer the related Warrant Certificates. After
the Detachable Date, upon] surrender at the corporate trust office of the
Warrant Agent, Warrant Certificates evidencing Warrants may be exchanged for
Warrant Certificates in other denominations evidencing such Warrants or the
transfer thereof may be registered in whole or in part; provided that such
other Warrant Certificates evidence Warrants for the same aggregate principal
amount of Warrant Debt Securities as the Warrant Certificates so surrendered.
The Warrant Agent shall keep, at its corporate trust office, books in which,
subject to such reasonable regulations as it may prescribe, it shall register
Warrant Certificates and exchanges and transfers of outstanding Warrant
Certificates, upon surrender of the Warrant Certificates to the Warrant Agent
at its corporate trust office for exchange or registration of transfer,
properly endorsed or accompanied by appropriate instruments of registration of
transfer and written instructions for transfer, all in form satisfactory to the
Company and the Warrant Agent. No service charge shall be made for any exchange
or registration of transfer of Warrant Certificates, but the Company may
require payment of a sum sufficient to cover any stamp or other tax or other
governmental charge that may be imposed in connection with any such exchange or
registration of transfer. Whenever any Warrant Certificates are so surrendered
for exchange or registration of transfer, an authorized officer of the Warrant
Agent shall manually countersign and deliver to the person or persons entitled thereto
a Warrant Certificate or Warrant Certificates duly authorized and executed by
the Company, as so requested. The Warrant Agent shall not be required to effect
any exchange or registration of transfer which will result in the issuance of a
Warrant Certificate evidencing a Warrant for a fraction of a Warrant Debt
Security or a number of Warrants for a whole number of Warrant Debt Securities
and a fraction of a Warrant Debt Security. All Warrant Certificates issued upon
any exchange or registration of transfer of Warrant Certificates shall be the
valid obligations of the Company, evidencing the same obligations and entitled
to the same benefits under this Agreement as the Warrant Certificate
surrendered for such exchange or registration of transfer.

4.2          Treatment of Holders of Warrant
Certificates. [If Other Securities and Warrants are not
immediately detachable—Prior to the Detachable Date, the Company, the Warrant
Agent and all other persons may treat the owner of the Other Security as the
owner of the Warrant Certificates initially attached thereto for any purpose
and as the person entitled to exercise the rights represented by the Warrants
evidenced by such Warrant Certificates, any notice to the contrary
notwithstanding. After the Detachable Date and prior to due presentment of a
Warrant Certificate for registration of transfer, the][The] Company, the
Warrant Agent and all other persons may treat the registered holder of a
Warrant Certificate as the absolute owner thereof for any purpose and as the person
entitled to exercise the rights represented by the Warrants evidenced thereby,
any notice to the contrary notwithstanding.

4.3          Cancellation of Warrant Certificates.
Any Warrant Certificate surrendered for exchange, registration of transfer or
exercise of the Warrants evidenced thereby shall, if surrendered to the
Company, be delivered to the Warrant Agent and all Warrant Certificates
surrendered or so delivered to the Warrant Agent shall be promptly canceled by
the Warrant Agent and shall not be reissued and, except as expressly permitted
by this Agreement, no Warrant Certificate shall be issued hereunder in exchange
therefor or in lieu thereof. The

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Warrant Agent shall deliver to the Company from time
to time or otherwise dispose of canceled Warrant Certificates in a manner
satisfactory to the Company.

ARTICLE 5

CONCERNING THE WARRANT AGENT

5.1          Warrant Agent. The
Company hereby appoints                                     
as Warrant Agent of the Company in respect of the Warrants and the Warrant
Certificates upon the terms and subject to the conditions herein set forth, and
                                
hereby accepts such appointment. The Warrant Agent shall have the powers and
authority granted to and conferred upon it in the Warrant Certificates and
hereby and such further power and authority to act on behalf of the Company as
the Company may hereafter grant to or confer upon it. All of the terms and
provisions with respect to such power and authority contained in the Warrant
Certificates are subject to and governed by the terms and provisions hereof.

5.2          Conditions of Warrant Agent’s
Obligations. The Warrant Agent accepts its obligations herein
set forth upon the terms and conditions hereof, including the following to all
of which the Company agrees and to all of which the rights hereunder of the
holders from time to time of the Warrant Certificates shall be subject:

(a)           Compensation and Indemnification.
The Company agrees promptly to pay the Warrant Agent the compensation to be
agreed upon with the Company for all services rendered by the Warrant Agent and
to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including
reasonable counsel fees) incurred without negligence, bad faith or willful
misconduct by the Warrant Agent in connection with the services rendered
hereunder by the Warrant Agent. The Company also agrees to indemnify the
Warrant Agent for, and to hold it harmless against, any loss, liability or
expense incurred without negligence, bad faith or willful misconduct on the part
of the Warrant Agent, arising out of or in connection with its acting as
Warrant Agent hereunder, including the reasonable costs and expenses of
defending against any claim of such liability.

(b)           Agent for the Company.
In acting under this Warrant Agreement and in connection with the Warrant
Certificates, the Warrant Agent is acting solely as agent of the Company and
does not assume any obligations or relationship of agency or trust for or with
any of the holders of Warrant Certificates or beneficial owners of Warrants.

(c)           Counsel. The
Warrant Agent may consult with counsel satisfactory to it, which may include
counsel for the Company, and the written advice of such counsel shall be full
and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in accordance with the
advice of such counsel.

(d)           Documents. The
Warrant Agent shall be protected and shall incur no liability for or in respect
of any action taken or omitted by it in reliance upon any Warrant Certificate,
notice, direction, consent, certificate, affidavit, statement or other paper or
document reasonably believed by it to be genuine and to have been presented or
signed by the proper parties.

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(e)           Certain Transactions.
The Warrant Agent, and its officers, directors and employees, may become the
owner of, or acquire any interest in, Warrants, with the same rights that it or
they would have if it were not the Warrant Agent hereunder, and, to the extent
permitted by applicable law, it or they may engage or be interested in any
financial or other transaction with the Company and may act on, or as
depositary, trustee or agent for, any committee or body of holders of Warrant
Securities or other obligations of the Company as freely as if it were not the
Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed to
prevent the Warrant Agent from acting as [Senior] [Subordinated] Trustee under
the [Senior][Subordinated] Indenture.

(f)            No Liability for Interest.
Unless otherwise agreed with the Company, the Warrant Agent shall have no
liability for interest on any monies at any time received by it pursuant to any
of the provisions of this Agreement or of the Warrant Certificates.

(g)           No Liability for Invalidity.
The Warrant Agent shall have no liability with respect to any invalidity of
this Agreement or any of the Warrant Certificates (except as to the Warrant
Agent’s countersignature thereon).

(h)           No Responsibility for Representations.
The Warrant Agent shall not be responsible for any of the recitals or
representations herein or in the Warrant Certificates (except as to the Warrant
Agent’s countersignature thereon), all of which are made solely by the Company.

(i)            No Implied Obligations.
The Warrant Agent shall be obligated to perform only such duties as are herein
and in the Warrant Certificates specifically set forth and no implied duties or
obligations shall be read into this Agreement or the Warrant Certificates
against the Warrant Agent. The Warrant Agent shall not be under any obligation
to take any action hereunder which may tend to involve it in any expense or
liability, the payment of which within a reasonable time is not, in its
reasonable opinion, assured to it. The Warrant Agent shall not be accountable
or under any duty or responsibility for the use by the Company of any of the
Warrant Certificates authenticated by the Warrant Agent and delivered by it to
the Company pursuant to this Agreement or for the application by the Company of
the proceeds of the Warrant Certificates. The Warrant Agent shall have no duty
or responsibility in case of any default by the Company in the performance of
its covenants or agreements contained herein or in the Warrant Certificates or
in the case of the receipt of any written demand from a holder of a Warrant
Certificate with respect to such default, including, without limiting the
generality of the foregoing, any duty or responsibility to initiate or attempt
to initiate any proceedings at law or otherwise or, except as provided in Section 6.2
hereof, to make any demand upon the Company.

5.3          Resignation, Removal and Appointment
of Successors.

(a)           The Company agrees,
for the benefit of the holders from time to time of the Warrant Certificates,
that there shall at all times be a Warrant Agent hereunder until all the
Warrants have been exercised or are no longer exercisable.

(b)           The Warrant Agent
may at any time resign as agent by giving written notice to the Company of such
intention on its part, specifying the date on which its desired

 9
 

resignation shall become
effective; provided that such date shall not be less than three months after
the date on which such notice is given unless the Company otherwise agrees. The
Warrant Agent hereunder may be removed at any time by the filing with it of an
instrument in writing signed by or on behalf of the Company and specifying such
removal and the intended date when it shall become effective. Such resignation
or removal shall take effect upon the appointment by the Company, as
hereinafter provided, of a successor Warrant Agent (which shall be a bank or
trust company authorized under the laws of the jurisdiction of its organization
to exercise corporate trust powers) and the acceptance of such appointment by
such successor Warrant Agent. The obligation of the Company under Section 5.2(a) shall
continue to the extent set forth therein notwithstanding the resignation or
removal of the Warrant Agent.

(c)           In case at any time
the Warrant Agent shall resign, or shall be removed, or shall become incapable
of acting, or shall be adjudged a bankrupt or insolvent, or shall commence a
voluntary case under the Federal bankruptcy laws, as now or hereafter
constituted, or under any other applicable Federal or state bankruptcy,
insolvency or similar law or shall consent to the appointment of or taking
possession by a receiver, custodian, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Warrant Agent or its property
or affairs, or shall make an assignment for the benefit of creditors, or shall
admit in writing its inability to pay its debts generally as they become due,
or shall take corporate action in furtherance of any such action, or a decree
or order for relief by a court having jurisdiction in the premises shall have
been entered in respect of the Warrant Agent in an involuntary case under the
Federal bankruptcy laws, as now or hereafter constituted, or any other
applicable Federal or state bankruptcy, insolvency or similar law, or a decree
or order by a court having jurisdiction in the premises shall have been entered
for the appointment of a receiver, custodian, liquidator, assignee, trustee,
sequestrator (or similar official) of the Warrant Agent or of its property or
affairs, or any public officer shall take charge or control of the Warrant
Agent or of its property or affairs for the purpose of rehabilitation,
conservation, winding up or liquidation, a successor Warrant Agent, qualified
as aforesaid, shall be appointed by the Company by an instrument in writing,
filed with the successor Warrant Agent. Upon the appointment as aforesaid of a
successor Warrant Agent and acceptance by the successor Warrant Agent of such
appointment, the Warrant Agent shall cease to be Warrant Agent hereunder.

(d)           Any successor
Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its
predecessor and to the Company an instrument accepting such appointment
hereunder, and thereupon such successor Warrant Agent, without any further act,
deed or conveyance, shall become vested with all the authority, rights, powers,
trusts, immunities, duties and obligations of such predecessor with like effect
as if originally named as Warrant Agent hereunder, and such predecessor, upon
payment of its charges and disbursements then unpaid, shall thereupon become
obligated to transfer, deliver and pay over, and such successor Warrant Agent
shall be entitled to receive, all monies, securities and other property on
deposit with or held by such predecessor, as Warrant Agent hereunder.

(e)           Any corporation
into which the Warrant Agent hereunder may be merged or converted or any
corporation with which the Warrant Agent may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the
Warrant Agent shall be a party, or any corporation to which the Warrant Agent
shall sell or otherwise transfer all or substantially all the assets and
business of the Warrant Agent, provided that it shall be

 10
 

qualified as aforesaid,
shall be the successor Warrant Agent under this Agreement without the execution
or filing of any paper or any further act on the part of any of the parties
hereto.

ARTICLE 6

MISCELLANEOUS

6.1          Amendment. This
Agreement may be amended by the parties hereto, without the consent of the
holder of any Warrant Certificate, for the purpose of curing any ambiguity, or
of curing, correcting or supplementing any defective provision contained
herein, or making any other provisions with respect to matters or questions
arising under this Agreement as the Company and the Warrant Agent may deem
necessary or desirable; provided that such action shall not materially
adversely affect the interests of the holders of the Warrant Certificates.

6.2          Notices and Demands to the Company and
Warrant Agent. If the Warrant Agent shall receive any notice
or demand addressed to the Company by the holder of a Warrant Certificate
pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall
promptly forward such notice or demand to the Company.

6.3          Addresses. Any
communication from the Company to the Warrant Agent with respect to this
Agreement shall be addressed to                                     ,
Attention:                            ,
and any communication from the Warrant Agent to the Company with respect to
this Agreement shall be addressed to Allos Therapeutics, Inc., 11080
CirclePoint Road, Suite 200, Westminster, Colorado 80020, Attention:  Corporate Secretary (or such other address as
shall be specified in writing by the Warrant Agent or by the Company).

6.4          Governing Law. This
Agreement and each Warrant Certificate issued hereunder shall be governed by
and construed in accordance with the laws of the State of New York.

6.5          Delivery of Prospectus.
The Company shall furnish to the Warrant Agent sufficient copies of a
prospectus meeting the requirements of the Securities Act of 1933, as amended,
relating to the Warrant Debt Securities deliverable upon exercise of the
Warrants (the “PROSPECTUS”), and the Warrant Agent agrees that upon the
exercise of any Warrant, the Warrant Agent will deliver to the holder of the
Warrant Certificate evidencing such Warrant, prior to or concurrently with the
delivery of the Warrant Debt Securities issued upon such exercise, a
Prospectus. The Warrant Agent shall not, by reason of any such delivery, assume
any responsibility for the accuracy or adequacy of such Prospectus.

6.6          Obtaining of Governmental Approvals.
The Company will from time to time take all action which may be necessary to
obtain and keep effective any and all permits, consents and approvals of
governmental agencies and authorities and securities act filings under United
States Federal and state laws (including without limitation a registration
statement in respect of the Warrants and Warrant Debt Securities under the
Securities Act of 1933, as amended), which may be or become requisite in
connection with the issuance, sale, transfer, and delivery of the Warrant Debt
Securities issued upon exercise of the Warrants, the issuance, sale, transfer
and delivery of the Warrants or upon the expiration of the period during which
the Warrants are exercisable.

 11
 

6.7          Persons Having Rights Under Warrant
Agreement. Nothing in this Agreement shall give to any person
other than the Company, the Warrant Agent and the holders of the Warrant
Certificates any right, remedy or claim under or by reason of this Agreement.

6.8          Headings. The
descriptive headings of the several Articles and Sections of this Agreement are
inserted for convenience only and shall not control or affect the meaning or
construction of any of the provisions hereof.

6.9          Counterparts. This
Agreement may be executed in any number of counterparts, each of which as so
executed shall be deemed to be an original, but such counterparts shall
together constitute but one and the same instrument.

6.10        Inspection of Agreement.
A copy of this Agreement shall be available at all reasonable times at the
principal corporate trust office of the Warrant Agent for inspection by the
holder of any Warrant Certificate. The Warrant Agent may require such holder to
submit his Warrant Certificate for inspection by it.

 12
 

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

	
  

  	
   

  	
  Allos Therapeutics, Inc.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Warrant Agent

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

[SIGNATURE PAGE TO DEBT SECURITIES WARRANT AGREEMENT]

 

 13

EXHIBIT
A

FORM OF
WARRANT CERTIFICATE

[FACE OF WARRANT CERTIFICATE]

[[Form if Warrants are attached to Other
Securities and are not immediately detachable.]

[Prior to                                     ,
this Warrant Certificate cannot be transferred or exchanged unless attached to
a [Title of Other Securities].]

[Form of Legend if Warrants are not immediately
exercisable.]

[Prior to                                   ,
Warrants evidenced by this Warrant Certificate cannot be exercised.]

EXERCISABLE ONLY
IF COUNTERSIGNED BY THE WARRANT AGENT AS PROVIDED HEREIN

VOID AFTER                      P.M.,
[CITY] TIME, ON                                         

 1
 

ALLOS
THERAPEUTICS, INC.

WARRANT
CERTIFICATE REPRESENTING

WARRANTS
TO PURCHASE

[TITLE
OF WARRANT DEBT SECURITIES]

	
  No.                          

  	
   

  	
               Warrants

  

 

This certifies that                                   
or registered assigns is the registered owner of the above indicated number of
Warrants, each Warrant entitling such owner [If Warrants are attached to Other
Securities and are not immediately detachable—, subject to the registered owner
qualifying as a “Holder” of this Warrant Certificate, as hereinafter defined)]
to purchase, at any time [after                    p.m.,
[City] time, on                     
and] on or before                p.m.,
[City] time, on                           ,
$                  
principal amount of [Title of Warrant Debt Securities] (the “WARRANT DEBT
SECURITIES”), of Allos Therapeutics, Inc. (the “COMPANY”), issued or to be
issued under the Indenture (as hereinafter defined), on the following basis:
during the period from                     ,
through and including                           ,
each Warrant shall entitle the Holder thereof, subject to the provisions of
this Agreement, to purchase the principal amount of Warrant Debt Securities
stated in the Warrant Certificate at the warrant price (the “WARRANT PRICE”) of
       % of the principal amount thereof
[plus accrued amortization, if any, of the original issue discount of the
Warrant Debt Securities] [plus accrued interest, if any, from the most recent
date from which interest shall have been paid on the Warrant Debt Securities
or, if no interest shall have been paid on the Warrant Debt Securities, from
the date of their original issuance]. [The original issue discount ($            
for each $1,000 principal amount of Warrant Debt Securities) will be amortized
at a          % annual rate,
computed on a[n] [semi-]annual basis [using a 360-day year consisting of
twelve 30-day months]. The Holder may exercise the Warrants evidenced
hereby by providing certain information set forth on the back hereof and by
paying in full, in lawful money of the United States of America, [in cash or by
certified check or official bank check in New York Clearing House funds] [by
bank wire transfer in immediately available funds], the Warrant Price for each
Warrant Debt Security with respect to which this Warrant is exercised to the
Warrant Agent (as hereinafter defined) and by surrendering this Warrant
Certificate, with the purchase form on the back hereof duly executed, at the
corporate trust office of [name of Warrant Agent], or its successor as warrant
agent (the “WARRANT AGENT”), which is, on the date hereof, at the address
specified on the reverse hereof, and upon compliance with and subject to the
conditions set forth herein and in the Warrant Agreement (as hereinafter
defined).

The term “HOLDER” as used herein shall mean [If
Warrants are attached to Other Securities and are not immediately detachable—,
prior to                     ,
(the “DETACHABLE DATE”), the registered owner of the Company’s [title of Other
Securities] to which this Warrant Certificate was initially attached, and after
such Detachable Date,] the person in whose name at the time this Warrant Certificate
shall be registered upon the books to be maintained by the Warrant Agent for
that purpose pursuant to Section 4 of the Warrant Agreement.

 2
 

 

The Warrants evidenced by this Warrant Certificate may
be exercised to purchase Warrant Debt Securities in the principal amount of
$1,000 or any integral multiple thereof in registered form. Upon any exercise
of fewer than all of the Warrants evidenced by this Warrant Certificate, there
shall be issued to the Holder hereof a new Warrant Certificate evidencing Warrants
for the aggregate principal amount of Warrant Debt Securities remaining
unexercised.

This Warrant Certificate is issued under and in
accordance with the Warrant Agreement dated as of                           
(the “WARRANT AGREEMENT”), between the Company and the Warrant Agent and is
subject to the terms and provisions contained in the Warrant Agreement, to all
of which terms and provisions the Holder of this Warrant Certificate consents
by acceptance hereof. Copies of the Warrant Agreement are on file at the
above-mentioned office of the Warrant Agent.

The Warrant Debt Securities to be issued and delivered
upon the exercise of Warrants evidenced by this Warrant Certificate will be
issued under and in accordance with an Indenture, [dated as of                           
(the “SENIOR INDENTURE”), between the Company and                              ,
as trustee (such trustee, and any successors to such trustee, the “SENIOR
TRUSTEE”)] [dated as of                           
(the “SUBORDINATED INDENTURE”), between the Company and                                     ,
as trustee (such trustee, and any successors to such trustee, the “SUBORDINATED
TRUSTEE”)] and will be subject to the terms and provisions contained in the
Warrant Debt Securities and in the Indenture. Copies of the [Senior]
[Subordinated] Indenture, including the form of the Warrant Debt Securities,
are on file at the corporate trust office of the Trustee.

[If Warrants are attached to Other Securities and are
not immediately detachable—Prior to the Detachable Date, this Warrant
Certificate may be exchanged or transferred only together with the [Title of
Other Securities] (the “OTHER SECURITIES”) to which this Warrant Certificate
was initially attached, and only for the purpose of effecting or in conjunction
with, an exchange or transfer of such Other Security. Additionally, on or prior
to the Detachable Date, each transfer of such Other Security on the register of
the Other Securities shall operate also to transfer this Warrant Certificate. After
such date, transfer of this] [If Warrants are attached to Other Securities and
are immediately detachable—Transfer of this] Warrant Certificate may be
registered when this Warrant Certificate is surrendered at the corporate trust
office of the Warrant Agent by the registered owner or such owner’s assigns, in
the manner and subject to the limitations provided in the Warrant Agreement.

[If Other Securities with Warrants which are not
immediately detachable-Except as provided in the immediately preceding paragraph,
after] [If Other Securities with Warrants which are immediately detachable or
Warrants alone—After] countersignature by the Warrant Agent and prior to the
expiration of this Warrant Certificate, this Warrant Certificate may be
exchanged at the corporate trust office of the Warrant Agent for Warrant
Certificates representing Warrants for the same aggregate principal amount of
Warrant Debt Securities.

This Warrant Certificate shall not entitle the Holder
hereof to any of the rights of a holder of the Warrant Debt Securities,
including, without limitation, the right to receive payments of principal of
(and premium, if any) or interest, if any, on the Warrant Debt Securities or to
enforce any of the covenants of the Indenture.

 3
 

 

Reference is hereby made to the further provisions of
this Warrant Certificate set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this
place.

This Warrant Certificate shall be governed by and
construed in accordance with the laws of the State of New York.

This Warrant Certificate shall not be valid or
obligatory for any purpose until countersigned by the Warrant Agent.

 4
 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be executed in its name and on its
behalf by the facsimile signatures of its duly authorized officers.

	
  Dated:

  	
   

  	
   

  	
  Allos Therapeutics, Inc.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Its:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Countersigned:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  As Warrant Agent

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Authorized Signature

  

 

 

 5

[REVERSE
OF WARRANT CERTIFICATE]

(Instructions for
Exercise of Warrant)

To exercise any Warrants evidenced hereby for Warrant
Debt Securities (as hereinafter defined), the Holder must pay, in lawful money
of the United States of America, [in cash or by certified check or official
bank check in New York Clearing House funds] [by bank wire transfer in
immediately available funds], the Warrant Price in full for Warrants exercised,
to [Warrant Agent] [address of Warrant Agent], Attn:                                ,
which payment must specify the name of the Holder and the number of Warrants
exercised by such Holder. In addition, the Holder must complete the information
required below and present this Warrant Certificate in person or by mail
(certified or registered mail is recommended) to the Warrant Agent at the
appropriate address set forth above. This Warrant Certificate, completed and
duly executed, must be received by the Warrant Agent within five business days
of the payment.

(To be executed
upon exercise of Warrants)

The undersigned hereby irrevocably elects to exercise                                 
Warrants, evidenced by this Warrant Certificate, to purchase $                      
principal amount of the [Title of Warrant Debt Securities], (the “WARRANT DEBT
SECURITIES”), of Allos Therapeutics, Inc. and represents that he has
tendered payment for such Warrant Debt Securities, in lawful money of the
United States of America, [in cash or by certified check or official bank check
in New York Clearing House funds] [by bank wire transfer in immediately
available funds], to the order of Allos Therapeutics, Inc., c/o [insert
name and address of Warrant Agent], in the amount of $                          
in accordance with the terms hereof. The undersigned requests that said Warrant
Debt Securities be in fully registered form in the authorized denominations,
registered in such names and delivered all as specified in accordance with the
instructions set forth below.

If the number of Warrants
exercised is less than all of the Warrants evidenced hereby, the undersigned
requests that a new Warrant Certificate evidencing the Warrants for the number
of Warrant Debt Securities remaining unexercised be issued and delivered to the
undersigned unless otherwise specified in the instructions below.

	
  Dated

  	
   

  	
   

  	
  Name

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (Please Print)

  
	
  Address

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  (Insert Social Security or Other Identifying Number
  of Holder)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature
  Guaranteed

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Signature

  	
   

  	
   

  	
   

  
						

 

(Signature must conform in all respects to name of
holder as specified on the face of this Warrant Certificate and must bear a
signature guarantee by a bank, trust company or member broker of 

 1
 

the New York, Midwest or Pacific Stock Exchange). This
Warrant may be exercised at the following addresses:

	
  By hand at

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By mail at

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

[Instructions as to form and delivery of Warrant Debt
Securities and, if applicable, Warrant Certificates evidencing Warrants for the
number of Warrant Debt Securities remaining unexercised—complete as
appropriate.]

 2
 

 

ASSIGNMENT

[Form of
assignment to be executed if Warrant Holder desires to transfer Warrant)

FOR VALUE RECEIVED,                                       
hereby sells, assigns and transfers unto:

	
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Please print
  name and address including zip code)

  	
   

  	
  Please insert Social
  Security or other identifying number

  

 

the right
represented by the within Warrant to purchase $                    
aggregate principal amount of [Title of Warrant Debt Securities] of Allos
Therapeutics,  Inc. to which the within
Warrant relates and appoints                               
attorney to transfer such right on the books of the Warrant Agent with full
power of substitution in the premises.

	
  Dated

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Signature

  

 

(Signature must
conform in all respects to name of holder as specified on the face of the
Warrant)

	
  Signature Guaranteed

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 3Exhibit 4.1

 

SUPPLEMENTAL INDENTURE NO. 9

by and between

HOSPITALITY PROPERTIES TRUST

and

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

as of June ___, 2006

SUPPLEMENTAL TO THE INDENTURE DATED AS OF FEBRUARY 25, 1998

 

HOSPITALITY PROPERTIES TRUST

6.30% Senior Notes due 2016

 

 

 

This SUPPLEMENTAL INDENTURE NO.
9 (this “Supplemental Indenture”)
made and entered into as of June ___, 2006 between HOSPITALITY PROPERTIES
TRUST, a Maryland real estate investment trust (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national
banking association, as Trustee (the “Trustee”).

WITNESSETH THAT:

WHEREAS, the Company and the
Trustee are parties to an Indenture, dated as of February 25, 1998 (the “Indenture”), relating to the Company’s
issuance, from time to time, of various series of debt securities;

WHEREAS, the Company has
determined to issue debt securities known as its 6.30% Senior Notes due 2016;
and

WHEREAS, the Indenture provides
that certain terms and conditions for each series of debt securities issued by
the Company thereunder may be set forth in an indenture supplemental to the
Indenture;

NOW, THEREFORE, THIS
SUPPLEMENTAL INDENTURE WITNESSETH:

ARTICLE
1

DEFINED
TERMS

Section 1.1             The following definitions supplement, and, to the extent
inconsistent with, replace the definitions in Section 101 of the
Indenture:

“Acquired Debt” means Debt of a Person (i) existing at
the time such Person becomes a Subsidiary or (ii) assumed in connection
with the acquisition of assets from such Person, in each case, other than Debt
incurred in connection with, or in contemplation of, such Person becoming a
Subsidiary or such acquisition. Acquired Debt shall be deemed to be incurred on
the date of the related acquisition of assets from any Person or the date the
acquired Person becomes a Subsidiary.

“Annual Debt Service” as of any date means the maximum amount
which is expensed in any 12-month period for interest on Debt of the
Company and its Subsidiaries.

“Business Day” means any day other than a Saturday or Sunday
or a day on which banking institutions in the City of New York or in the city
in which the Corporate Trust Office of the Trustee is located, are required or
authorized to close.

“Capital Stock” means, with respect to any Person, any
capital stock (including preferred stock), shares, interests, participation or
other ownership interests (however designated) of such Person and any rights
(other than debt securities convertible into or exchangeable for capital
stock), warrants or options to purchase any thereof.

“Consolidated Income Available for Debt Service” for any
period means Earnings from Operations of the Company and its Subsidiaries plus
amounts which have been deducted, and 

 

minus amounts which have been
added, for the following (without duplication): (i) interest on Debt of
the Company and its Subsidiaries, (ii) cash reserves made by lessees as
required by the Company’s leases for periodic replacement and refurbishment of
the Company’s assets, (iii) provision for taxes of the Company and its
Subsidiaries based on income, (iv) amortization of debt discount and
deferred financing costs, (v) provisions for gains and losses on
properties and property depreciation and amortization, (vi) the effect of
any noncash charge resulting from a change in accounting principles in
determining Earnings from Operations for such period and (vii) amortization
of deferred charges.

“Corporate Trust Office” means One Federal Street, 3rd Floor, Boston, Massachusetts 02110, or such other
address as may be designated from time to time by the Trustee by providing written
notice to the Company.

“Debt” of the Company or any Subsidiary means, without
duplication, any indebtedness of the Company or any Subsidiary, whether or not
contingent, in respect of (i) borrowed money or evidenced by bonds, notes,
debentures or similar instruments, (ii) indebtedness for borrowed money
secured by any Encumbrance existing on property owned by the Company or any
Subsidiary, to the extent of the lesser of (x) the amount of indebtedness
so secured and (y) the fair market value of the property subject to such
Encumbrance, (iii) the reimbursement obligations, contingent or otherwise,
in connection with any letters of credit actually issued (other than letters of
credit issued to provide credit enhancement or support with respect to other indebtedness
of the Company or any Subsidiary otherwise reflected as Debt hereunder) or
amounts representing the balance deferred and unpaid of the purchase price of
any property or services, except any such balance that constitutes an accrued
expense or trade payable, or all conditional sale obligations or obligations
under any title retention agreement, (iv) the principal amount of all
obligations of the Company or any Subsidiary with respect to redemption,
repayment or other repurchase of any Disqualified Stock, or (v) any lease
of property by the Company or any Subsidiary as lessee which is reflected on
the Company’s consolidated balance sheet as a capitalized lease in accordance
with GAAP, to the extent, in the case of items of indebtedness under (i) through
(iii) above, that any such items (other than letters of credit) would
appear as a liability on the Company’s consolidated balance sheet in accordance
with GAAP, and also includes, to the extent not otherwise included, any
obligation by the Company or any Subsidiary to be liable for, or to pay, as
obligor, guarantor or otherwise (other than for purposes of collection in the
ordinary course of business), Debt of another Person (other than the Company or
any Subsidiary) (it being understood that Debt shall be deemed to be incurred
by the Company or any Subsidiary whenever the Company or such Subsidiary shall
create, assume, guarantee or otherwise become liable in respect thereof).

“Disqualified Stock” means, with respect to any Person, any
Capital Stock of such Person which by the terms of such Capital Stock (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 (i) matures
or is mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise (other than Capital Stock which is redeemable solely in exchange for
common stock or shares), (ii) is convertible into or exchangeable or
exercisable for Debt or Disqualified Stock, or (iii) is redeemable at the
option of the Holder thereof, in whole or in part (other than Capital Stock
which is redeemable solely in exchange for common stock or shares), in each
case on or prior to the stated maturity of the Notes.

 2
 

 

“Earnings from Operations” for any period means net earnings
excluding gains and losses on sales of investments, extraordinary items, gains
and losses from early extinguishment of debt and property valuation losses, as
reflected in the financial statements of the Company and its Subsidiaries for
such period, determined on a consolidated basis in accordance with GAAP.

“Encumbrance” means any mortgage, lien, charge, pledge or
security interest of any kind.

“Make-Whole Amount”
means, in connection with any optional
redemption or accelerated payment of any Notes prior to December 15, 2015,
the excess, if any, of (i) the aggregate present value as of the date of
such redemption or accelerated payment of each dollar of principal being
redeemed or paid and the amount of interest (exclusive of interest accrued to
the date of redemption or accelerated payment) that would have been payable in
respect of such dollar if such redemption or accelerated payment had been made
on December 15, 2015, determined by discounting, on a semiannual basis,
such principal and interest at the Reinvestment Rate (determined on the third
Business Day preceding the date such notice of redemption is given or
declaration of acceleration is made) from the respective dates on which such
principal and interest would have been payable if such redemption or
accelerated payment had been made on December 15, 2015, over (ii) the
aggregate principal amount of the Notes being redeemed or paid. In the case of
any redemption or accelerated payment of notes on or after December 15,
2015, the Make-Whole Amount means zero. For purposes of this
Supplemental Indenture and the Notes, references in the Indenture to the
payment of the principal (and premium, if any) and interest on the Notes shall
be deemed to include the payment of the Make-Whole Amount, if any, due upon
redemption with respect to the Notes. The Make-Whole Amount shall be calculated
by the Company and set forth in an Officer’s Certificate delivered to the
Trustee, and the Trustee shall be entitled to rely on said Officer’s
Certificate.

“Notes” means the Company’s 6.30% Senior Notes due 2016,
issued under this Supplemental Indenture and the Indenture, as amended or
supplemented from time to time.

“Reinvestment Rate” means a rate per annum equal to the sum
of 0.20% (twenty one hundredths of a percent) plus the yield on treasury
securities at constant maturity under the heading “Week Ending” published in
the Statistical Release under the caption “Treasury Constant Maturities” for
the maturity (rounded to the nearest month) corresponding to the remaining life
to maturity (which, the case of maturities corresponding to the principal and
interest due on the notes at their maturity, shall be deemed to be December 15,
2015), as of the payment date of the principal being redeemed or paid. If no
maturity exactly corresponds to such maturity, yields for the two published
maturities most closely corresponding to such maturity shall be calculated
pursuant to the immediately preceding sentence and the Reinvestment Rate shall
be interpolated or extrapolated from such yields on a straight-line basis,
rounding in each of such relevant periods to the nearest month. For purposes of
calculating the Reinvestment Rate, the most recent Statistical Release
published prior to the date of determination of the Make-Whole Amount shall be
used.

“Secured Debt” means Debt secured by any mortgage, lien,
charge, pledge or security interest of any kind.

 3
 

 

“Statistical Release” means the statistical release
designated “H.15(519)” or any successor publication which is published weekly by
the Federal Reserve System and which establishes yields on actively traded
United States government securities adjusted to constant maturities or, if such
statistical release is not published at the time of any determination under
this Supplemental Indenture, then any publicly available source of similar
market data which shall be designated by the Company.

“Subsidiary” means any corporation or other entity of which a
majority of (i) the voting power of the voting equity securities or (ii) the
outstanding equity interests of which are owned, directly or indirectly, by the
Company or one or more other Subsidiaries of the Company. For the purposes of
this definition, “voting equity securities” means equity securities having
voting power for the election of directors, whether at all times or only so
long as no senior class of security has such voting power by reason of any
contingency.

“Total Assets” as of any date means the sum of (i) the
Undepreciated Real Estate Assets and (ii) all other assets of the Company
and its Subsidiaries determined in accordance with GAAP (but excluding accounts
receivable and intangibles).

“Total Unencumbered Assets” means the sum of (i) those
Undepreciated Real Estate Assets not subject to an Encumbrance for borrowed
money and (ii) all other assets of the Company and its Subsidiaries not
subject to an Encumbrance for borrowed money determined in accordance with GAAP
(but excluding accounts receivable and intangibles).

“Undepreciated Real Estate Assets” as of any date means the
cost (original cost plus capital improvements) of, real estate assets of the
Company and its Subsidiaries on such date, before depreciation and amortization
determined on a consolidated basis in accordance with GAAP.

“Unsecured Debt” means Debt which is not secured by any of
the properties of the Company or any Subsidiary.

ARTICLE
2

TERMS
OF THE NOTES

Section 2.1             Pursuant to Section 301 of the Indenture, the Notes
shall have the following terms and conditions:

(a)           Title;
Aggregate Principal Amount; Form of Notes. The Notes shall be
Registered Securities under the Indenture and shall be known as the Company’s “6.30%
Senior Notes due 2016.”  The aggregate
principal amount of Notes to be authenticated and delivered under this
Supplemental Indenture shall initially be limited to $275,000,000, except as
otherwise permitted by the provisions of the Indenture; provided that the
Company may, without the consent of the Holders of the Notes, reopen this
series and issue additional Notes under the Indenture and this Supplemental
Indenture in addition to the $275,000,000 of Notes authorized as of the date
hereof. The Notes (together with the Trustee’s certificate of authentication)
shall be substantially in the form of Exhibit A hereto, which is hereby
incorporated in and made a part of this Supplemental Indenture.

 4
 

 

The Notes will be issued in the form of one
or more registered global securities without coupons (“Global Notes”) which will be deposited
with, or on behalf of, The Depository Trust Company (“DTC”), and registered in the name of DTC’s
nominee, Cede & Co. Except under the circumstance described below, the
Notes will not be issuable in definitive form. Unless and until it is exchanged
in whole or in part for the individual Notes represented thereby, a Global Note
may not be transferred except as a whole by DTC to a nominee of DTC or by a
nominee of DTC to DTC or another nominee of DTC or by DTC or any nominee of DTC
to a successor depositary or any nominee of such successor.

So long as DTC or its nominee is
the registered owner of a Global Note, DTC or such nominee, as the case may be,
will be considered the sole owner or holder of the Notes represented by such
Global Note for all purposes under this Supplemental Indenture. Except as
described below, owners of beneficial interest in Notes evidenced by a Global
Note will not be entitled to have any of the individual Notes represented by
such Global Note registered in their names, will not receive or be entitled to
receive physical delivery of any such Notes in definitive form and will not be
considered the owners or holders thereof under the Indenture or this
Supplemental Indenture.

If DTC is at any time unwilling,
unable or ineligible to continue as depositary and a successor depositary is
not appointed by the Company within 90 days, the Company will issue individual
Notes in exchange for the Global Note or Global Notes representing such Notes. In
addition, the Company may at any time and in its sole discretion, subject to
certain limitations set forth in the Indenture, determine not to have any of
such Notes represented by one or more Global Notes and, in such event, will
issue individual Notes in exchange for the Global Note or Global Notes
representing the Notes. Individual Notes so issued will be issued in
denominations of $1,000 and integral multiples thereof.

(b)           Interest
and Interest Rate. The Notes will bear interest at a rate of 6.30% per
annum, from June 15, 2006 (or, in the case of Notes issued upon the
reopening of this series of Notes, from the date designated by the Company in
connection with such reopening) or from the immediately preceding Interest
Payment Date to which interest has been paid or duly provided for, payable
semi-annually in arrears on June 15 and December 15 of each year,
commencing December 15, 2006, or if such day is not a Business Day, on the
next succeeding Business Day (each of which shall be an “Interest Payment Date”), to the Persons in
whose names the Notes are registered in the Security Register at the close of
business on the day falling 14 calendar days immediately preceding the
applicable interest payment date (whether or not a Business Day), as the case
may be (each, a “Regular Record Date”).

(c)           Principal
Repayment; Currency. The stated maturity of the Notes is June 15,
2016; provided, however, the Notes may be earlier redeemed at the option of the
Company as provided in paragraph (d) below. The principal of each Note
payable on its maturity date shall be paid against presentation and surrender
thereof at the Corporate Trust Office of the Trustee, in such coin or currency
of the United States of America as at the time of payment is legal tender for
the payment of public or private debts. The Company will not pay Additional
Amounts (as defined in the Indenture) on the Notes.

 5
 

 

(d)           Redemption at the Option of the Company. The Notes will be subject to redemption
at any time at the option of the Company, in whole or in part, upon not less
than 30 nor more than 60 days’ notice to each Holder of Notes to be redeemed at
its address appearing in the Security Register, at a price equal to the sum of (i) the
principal amount of the Notes being redeemed, plus accrued and unpaid interest
to but excluding the applicable Redemption Date, plus (ii) the Make-Whole
Amount, if any. If the notes are redeemed on or after December 15, 2015,
the redemption price will not include the Make-Whole Amount.

(e)           Notices.
All notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given if mailed or transmitted by any standard form of
telecommunication. Notices to the Company shall be directed to it at 400 Centre
Street, Newton, Massachusetts 02458, Attention: 
President; notices to the Trustee shall be directed to it at One Federal
Street, 3rd Floor, Boston, Massachusetts 02110, Attention: Corporate Trust
Department, Re: Hospitality Properties Trust 6.30% Senior Notes due 2016, or as
to either party, at such other address as shall be designated by such party in
a written notice to the other party.

(f)            Global
Note Legend. Each Global Note shall bear the following legend on the face
thereof:

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

(g)           Applicability
of Discharge, Defeasance and Covenant Defeasance Provisions. The Discharge,
Defeasance and Covenant Defeasance provisions in Article Fourteen of the
Indenture will apply to the Notes.

 6
 

 

ARTICLE 3

ADDITIONAL
COVENANTS

Section 3.1             In addition to the covenants of the Company set forth in
Article Ten of the Indenture, for the benefit of the Holders of the Notes:

(a)           Limitations
on Incurrence of Debt.

(i)            The Company will
not, and will not permit any Subsidiary to, incur any Debt if, immediately
after giving effect to the incurrence of such additional Debt and the
application of the proceeds thereof, the aggregate principal amount of all
outstanding Debt of the Company and its Subsidiaries on a consolidated basis
determined in accordance with GAAP is greater than 60% of the sum (“Adjusted Total Assets”) of (without
duplication) (i) the Total Assets of the Company and its Subsidiaries as
of the end of the calendar quarter covered in the Company’s Annual Report on Form 10-K,
or the Quarterly Report on Form 10-Q, as the case may be, most
recently filed with the Securities and Exchange Commission (or, if such filing
is not permitted under the Securities Exchange Act of 1934, as amended, with
the Trustee) prior to the incurrence of such additional Debt and (ii) the
purchase price of any real estate assets or mortgages receivable acquired, and
the amount of any securities offering proceeds received (to the extent that
such proceeds were not used to acquire real estate assets or mortgages
receivable or used to reduce Debt), by the Company or any Subsidiary since the
end of such calendar quarter, including those proceeds obtained in connection
with the incurrence of such additional Debt.

(ii)           In addition to the
foregoing limitations on the incurrence of Debt, the Company will not, and will
not permit any Subsidiary to, incur any Secured Debt if, immediately after
giving effect to the incurrence of such additional Secured Debt and the
application of the proceeds thereof, the aggregate principal amount of all
outstanding Secured Debt of the Company and its Subsidiaries on a consolidated
basis is greater than 40% of Adjusted Total Assets.

(iii)          In addition to the
foregoing limitations on the incurrence of Debt, the Company will not, and will
not permit any Subsidiary to, incur any Debt if the ratio of Consolidated Income
Available for Debt Service to the Annual Debt Service for the four consecutive
fiscal quarters most recently ended prior to the date on which such additional
Debt is to be incurred shall have been less than 1.5 to 1.0, on a pro forma
basis after giving effect thereto and to the application of the proceeds
therefrom, and calculated on the assumption that (A) such Debt and any
other Debt incurred by the Company and its Subsidiaries since the first day of
such four-quarter period and the application of the proceeds therefrom,
including to refinance other Debt, had occurred at the beginning of such
period; (B) the repayment or retirement of any other Debt by the Company
and its Subsidiaries since the first date of such four-quarter period had been
repaid or retired at the beginning of such period (except that, in making such
computation, the amount of Debt under any revolving credit facility shall be
computed based upon the average daily balance of such Debt during such period);
(C) in the case of Acquired Debt or Debt 

 7
 

 

incurred
in connection with any acquisition since the first day of such four-quarter
period, the related acquisition had occurred as of the first day of such period
with appropriate adjustments with respect to such acquisition being included in
such pro forma calculation; and (D) in the case of any acquisition or
disposition by the Company or its Subsidiaries of any asset or group of assets
since the first day of such four-quarter period, whether by merger, stock
purchase or sale, or asset purchase or sale, such acquisition or disposition or
any related repayment of Debt had occurred as of the first day of such period
with the appropriate adjustments with respect to such acquisition or
disposition being included in such pro forma calculation. If the Debt giving
rise to the need to make the foregoing calculation or any other Debt incurred
after the first day of the relevant four-quarter period bears interest at a
floating rate then, for purposes of calculating the Annual Debt Service, the
interest rate on such Debt shall be computed on a pro forma basis as if the
average interest rate which would have been in effect during the entire such
four-quarter period had been the applicable rate for the entire such period.

(b)           Maintenance
of Total Unencumbered Assets. The Company and its Subsidiaries will
maintain at all times Total Unencumbered Assets of not less than 150% of the
aggregate outstanding principal amount of the Unsecured Debt of the Company and
its Subsidiaries on a consolidated basis.

ARTICLE
4

ADDITIONAL
EVENTS OF DEFAULT

Section 4.1             For purposes of this Supplemental Indenture and the
Notes, in addition to the Events of Default set forth in Section 501 of
the Indenture, it shall also constitute an “Event of Default” if a default
under any bond, debenture, note or other evidence of indebtedness of the
Company (including a default with respect to any other series of securities),
or under any mortgage, indenture or other instrument of the Company under which
there may be issued or by which there may be secured or evidenced any
indebtedness for money borrowed by the Company (or by any Subsidiary, the
repayment of which the Company has guaranteed or for which the Company is
directly responsible or liable as obligor or guarantor) having an aggregate
principal amount outstanding of at least $20,000,000, whether such indebtedness
now exists or shall hereafter be incurred or created, which default shall have
resulted in such indebtedness becoming or being declared due and payable prior
to the date on which it would otherwise have become due and payable, without
such indebtedness having been discharged or such acceleration having been
rescinded or annulled within a period of ten days after there shall have been
given, by registered or certified mail, to the Company by the Trustee or to the
Company and the Trustee by the Holders of at least 25% in principal amount of
the outstanding Notes, a written notice specifying such default and requiring
the Company to cause such indebtedness to be discharged or cause such
acceleration to be rescinded or annulled and stating that such notice is a “Notice
of Default” hereunder.

Section 4.2             Notwithstanding any provisions to the contrary in the
Indenture, upon any acceleration of the Notes under Section 502 of the
Indenture, the amount immediately due and payable in respect of the Notes shall
equal the Outstanding principal amount thereof, plus 

 8
 

 

accrued and unpaid interest
thereon, plus, if such acceleration occurs prior to December 15, 2015, the
Make-Whole Amount.

ARTICLE
5

EFFECTIVENESS

This Supplemental Indenture
shall be effective for all purposes as of the date and time this Supplemental
Indenture has been executed and delivered by the Company and the Trustee in
accordance with Article Nine of the Indenture. As supplemented hereby, the
Indenture is hereby confirmed as being in full force and effect.

ARTICLE
6

MISCELLANEOUS

Section 6.1             In the event any provision of this Supplemental
Indenture shall be held invalid or unenforceable by any court of competent
jurisdiction, such holding shall not invalidate or render unenforceable any
other provision hereof or any provision of the Indenture.

Section 6.2             To the extent that any terms of this Supplemental
Indenture or the Notes are inconsistent with the terms of the Indenture, the
terms of this Supplemental Indenture or the Notes shall govern and supersede
such inconsistent terms.

Section 6.3             This Supplemental Indenture shall be governed by and
construed in accordance with the laws of The Commonwealth of Massachusetts.

Section 6.4             This Supplemental Indenture may be executed in several
counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument.

[Signature Page Follows]

 9

 

IN WITNESS WHEREOF, the Company
and the Trustee have caused this Supplemental Indenture to be executed as an
instrument under seal in their respective corporate names as of the date first
above written.

 

	
  

  	
   

  	
  HOSPITALITY PROPERTIES TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  U.S. BANK NATIONAL
  ASSOCIATION, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

[Signature Page to
Supplemental Indenture No. 9]

 

EXHIBIT A

(Face of Note)

6.30% Senior Note due 2016

	
  No.

  	
  $

  

HOSPITALITY PROPERTIES TRUST

promises to pay to                                                         
or registered assigns, the principal sum of                                
($          ) on June 15, 2016, subject to the terms
set forth on the reverse of this Note and the terms of the Indenture referred
to therein.

Interest Payment Dates:  Each June 15
and December 15 (or if such day is not a Business Day, the next succeeding
Business Day), commencing December 15, 2006.

Record Dates:  The day falling 14
calendar days prior to any Interest Payment Date.

[CUSIP No:               ]

[ISIN No:                  ]

	
  

  	
  HOSPITALITY PROPERTIES TRUST

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

CERTIFICATE
OF AUTHENTICATION

Dated:

This is one of the Notes referred to in the within-mentioned Indenture:

U.S. BANK NATIONAL ASSOCIATION, as Trustee

	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Officer

  	
   

  

 

 A-1
 

 

[THE FOLLOWING CONSTITUTES THE REVERSE OF THE SECURITY]

HOSPITALITY PROPERTIES TRUST

6.30% Senior Note due 2016

Capitalized terms used herein
have the meanings assigned to them in the Indenture (as defined below) unless
otherwise indicated.

1.             Interest.
Hospitality Properties Trust, a Maryland real estate investment trust (the “Company”),
promises to pay interest on the principal amount of this Note at the rate and
in the manner specified below.

The Company shall pay in cash
interest on the principal amount of this Note at the rate per annum of 6.30%. The
Company will pay interest semi-annually in arrears on June 15 and December 15
of each year, beginning on December 15, 2006, or if any such day is not a
Business Day (as defined in the Indenture), on the next succeeding Business Day
(each an “Interest Payment Date”), to Holders of record on the day falling 14
calendar days immediately preceding such Interest Payment Date (whether or not
a Business Day).

Interest will be computed on the
basis of a 360-day year consisting of twelve 30-day months. Interest
shall accrue from the most recent date to which interest has been paid or, if
no interest has been paid, from June 15, 2006.

2.             Method
of Payment. The Company will pay interest on the Notes (except defaulted
interest) to the Persons who are registered Holders of Notes at the close of
business on the record date next preceding the Interest Payment Date, even if
such Notes are canceled after such record date and on or before such Interest
Payment Date. The Company will pay principal and interest in money of the
United States that at the time of payment is legal tender for payment of public
and private debts. The Company, however, may pay principal, premium, if any,
and interest by check payable in such money. It may mail an interest check to a
Holder’s registered address.

3.             Indenture.
The Company issued the Notes under an Indenture dated as of February 25,
1998 and Supplemental Indenture No. 9 dated as of June     ,
2006 (collectively, the “Indenture”) between the Company and the Trustee. The
terms of the Notes include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939, as in effect on
the date of the Indenture and Holders of the Notes are referred to the
Indenture and such Act for a statement of such terms. The terms of the
Indenture shall govern any inconsistencies between the Indenture and the Notes.
The Notes are senior unsecured general obligations of the Company initially
issued in an aggregate principal amount of $275,000,000.

4.             Optional
Redemption. The Notes will be subject to redemption at any time at the
option of the Company, in whole or in part, upon not less than 30 nor more than
60 days’ notice, at a redemption price equal to the sum of (i) the
principal amount of the Notes being redeemed, plus accrued and unpaid interest
to but excluding the applicable Redemption Date and (ii) the Make-Whole
Amount.

 A-2
 

 

As used herein the term “Make-Whole Amount” means, in connection with
any optional redemption or accelerated payment of any Notes prior to December 15,
2015, the excess, if any, of (i) the
aggregate present value as of the date of such redemption or accelerated
payment of each dollar of principal being redeemed or paid and the amount of
interest (exclusive of interest accrued to the date of redemption or
accelerated payment) that would have been payable in respect of such dollar if
such redemption or accelerated payment had been made on December 15,
2015, determined by discounting, on a
semiannual basis, such principal and interest at the Reinvestment Rate
(determined on the third Business Day preceding the date such notice of
redemption is given or declaration of acceleration is made) from the respective
dates on which such principal and interest would have been payable if such
redemption or accelerated payment had been made on December 15,
2015, over (ii) the aggregate
principal amount of the Notes being redeemed or paid. In the case of any
redemption or accelerated payment of notes on or after December 15, 2015,
the Make-Whole Amount means zero. For purposes of the Indenture and the
Notes, references in the Indenture to the payment of the principal (and
premium, if any) and interest on the Notes shall be deemed to include the
payment of the Make-Whole Amount, if any, due upon redemption with respect to
the Notes. The Make-Whole Amount shall be calculated by the Company and set
forth in an Officer’s Certificate delivered to the Trustee, and the Trustee
shall be entitled to rely on said Officer’s Certificate.

As used herein the term “Reinvestment
Rate” means a rate per annum equal to the sum of 0.20% (twenty one hundredths
of a percent) plus the yield on treasury securities at constant maturity under
the heading “Week Ending” published in the Statistical Release (as defined herein)
under the caption “Treasury Constant Maturities” for the maturity (rounded to
the nearest month) corresponding to the remaining life to maturity (which, in
the case of maturities corresponding to the principal and interest due on the
Notes at their maturity, shall be deemed to be December 15, 2015), as of the payment date of the principal being
redeemed or paid. If no maturity exactly corresponds to such maturity, yields
for the two published maturities most closely corresponding to such maturity
shall be calculated pursuant to the immediately preceding sentence and the
Reinvestment Rate shall be interpolated or extrapolated from such yields on a
straight-line basis, rounding in each of such relevant periods to the nearest
month. For purposes of calculating the Reinvestment Rate, the most recent
Statistical Release published prior to the date of determination of the
Make-Whole Amount shall be used.

As used herein the term “Statistical
Release” means the statistical release designated “H.15(519)” or any successor
publication which is published weekly by the Federal Reserve System and which
establishes yields on actively traded United States government securities
adjusted to constant maturities or, if such statistical release is not
published at the time of any determination under the Indenture, then any
publicly available source of similar market data which shall be designated by
the Company.

5.             Mandatory
Redemption. The Company shall not be required to make sinking fund or
redemption payments with respect to the Notes.

6.             Notice
of Redemption. Notice of redemption shall be mailed at least 30 days but
not more than 60 days before the Redemption Date to each Holder of Notes to be
redeemed at its registered address. Notes may be redeemed in part but only in whole
multiples of $1,000, unless

 A-3
 

 

all of the Notes held by a
Holder are to be redeemed. On and after the Redemption Date, interest ceases to
accrue on Notes or portions of them called for redemption.

7.             Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in
denominations of $1,000 and integral multiples of $1,000 in excess thereof. The
transfer of Notes may be registered and Notes may be exchanged as provided in
the Indenture. The Security Registrar and the Trustee may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents
and to pay any taxes and fees required by law or permitted by the Indenture. The
Security Registrar need not exchange or register the transfer of any Note or
portion of a Note selected for redemption. Also, it need not exchange or
register the transfer of any Notes for a period of 15 days before the mailing
of a notice of redemption of Notes, or during the period between a record date
and the corresponding Interest Payment Date.

8.             Defaults
and Remedies. In case an Event of Default (as defined in the Indenture)
with respect to the Notes shall have occurred and be continuing, the principal
hereof may be declared, and upon such declaration shall become, due and
payable, in the manner, with the effect and subject to the provisions provided
in the Indenture.

9.             Actions
of Holders. The Indenture contains provisions permitting the Holders of not
less than a majority of the aggregate principal amount of the outstanding
Notes, subject to certain exceptions as provided in the Indenture, on behalf of
the Holders of all such Notes at a meeting duly called and held as provided in
the Indenture, to make, give or take any request, demand, authorization,
direction, notice, consent, waiver or other action provided in the Indenture to
be made, given or taken by the Holders of the Notes, including without
limitation, waiving (a) compliance by the Company with certain provisions
of the Indenture, and (b) certain past defaults under the Indenture and
their consequences. Any resolution passed or decision taken at any meeting of
the Holders of the Notes in accordance with the provisions of the Indenture
shall be conclusive and binding upon such Holders and upon all future Holders
of this Note and other Notes issued upon the registration of transfer hereof or
in exchange heretofore or in lieu hereof.

10.           Persons
Deemed Owners. The Company, the Trustee, and any agent of the Company or
the Trustee may deem and treat the Person in whose name this Note is registered
on the Security Register as its absolute owner for all purposes.

11.           Authentication.
This Note shall not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent.

12.           Governing
Law. THE INTERNAL LAW OF THE COMMONWEALTH OF MASSACHUSETTS SHALL GOVERN AND
BE USED TO CONSTRUE THE INDENTURE AND THE NOTES.

13.           No
Personal Liability. THE DECLARATION OF TRUST OF THE COMPANY, AMENDED AND
RESTATED ON AUGUST 21, 1995, A COPY OF WHICH, TOGETHER WITH ALL AMENDMENTS AND
SUPPLEMENTS THERETO (THE “DECLARATION”), IS DULY FILED IN THE OFFICE OF THE
STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OF MARYLAND, PROVIDES THAT THE
NAME “HOSPITALITY

 A-4
 

 

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 COMPANY SHALL BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY, FOR
ANY OBLIGATION OF, OR CLAIM AGAINST, THE COMPANY. ALL PERSONS DEALING WITH THE
COMPANY, IN ANY WAY, SHALL LOOK ONLY TO THE ASSETS OF THE COMPANY FOR THE
PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION.

The Company will furnish to any
Holder upon written request and without charge a copy of the Indenture. Request
may be made to:

Hospitality Properties Trust

400 Centre Street

Newton, MA 02458

Telecopier No.:  (617) 964-8389

Attention: President

or such other
address as the Company may specify pursuant to the Indenture.

 A-5
 

 

ASSIGNMENT
FORM

To assign this Note, fill in the form
below:

[I] [We]
assign and transfer this Note to                                                                                                                              

                                                                                                       
[Print or type assignee’s name, address and zip code]

                                                                                                                   
[Insert assignee’s soc. sec. or tax I.D. no.]
and

irrevocably appoint                                                                                                                                                           
to

transfer this Note on the books of the Company. The agent may substitute
another to act for him.

	
  Date: 

  	
   

  	 

	
   

  	
  Your Signature:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Sign exactly as your name appears on

  
	
   

  	
  the face of this Note]

  
	
  Signature Guarantee:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	 

	
  [The signature must be guaranteed by

  	
   

  	 

	
  an officer of a participant in a recognized

  	
   

  
	
  signature guarantee program. Notarized

  	
   

  
	
  or witnessed signatures are not acceptable.]

  	
   

  
					

 

 A-6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]