Document:

Exhibit 10.1

EXECUTION COPY

 

 

FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

Dated as of August 22, 2006

 

by and among

 

HRPT PROPERTIES TRUST,

as Borrower

 

WACHOVIA CAPITAL MARKETS, LLC,

as Lead Arranger

 

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Administrative Agent,

 

Each of

SUNTRUST BANK 

and

ROYAL BANK OF CANADA,

as Syndication Agents,

 

Each of

THE BANK OF NEW YORK

and

SUMITOMO MITSUI BANKING CORPORATION,

as Documentation Agents,

 

Each of

U.S. BANK NATIONAL ASSOCIATION,

PNC BANK, NATIONAL ASSOCIATION,

TD BANKNORTH, N.A.,

AMSOUTH BANK,

MIZUHO CORPORATE BANK, LTD.,

and

SOCIETE GENERALE,

                                          
       as Managing Agents

Each of

BANK HAPOALIM B.M..,

BANK OF CHINA,

SOVEREIGN BANK,

THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND,

BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

and

COMERICA BANK,

                                          
       as Co-Agents

 

and

 

THE FINANCIAL INSTITUTIONS PARTY HERETO
AND THEIR ASSIGNEES UNDER SECTION 12.5 as Lenders

 

FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of August 22, 2006 by and among HRPT PROPERTIES TRUST (the “Borrower”), each of the financial institutions a party hereto (the “Lenders”), and WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent (the “Agent”).

 

WHEREAS, the Borrower, the Lenders and the Agent have entered into that certain Amended and Restated Credit Agreement dated as of January 25, 2005 (as in effect immediately prior to the date hereof, the “Credit Agreement”); and

 

WHEREAS, the Borrower, the Lenders and the Agent desire to amend certain provisions of the Credit Agreement on the terms and conditions contained herein.

 

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

 

Section 1.  Specific Amendments to Credit Agreement.  The parties hereto agree that the Credit Agreement is amended as follows:

 

(a)         The Credit Agreement is amended by restating in full the definitions of “Applicable Margin”, “Capitalization Rate”, “Facility Fee” and “Termination Date” contained in Section 1.1. thereof as follows:

 

“Applicable Margin” means the percentage per annum determined, at any time, based on the range into which the Borrower’s Credit Rating then falls, in accordance with the table set forth below.  Any change in the Borrower’s Credit Rating which would cause it to move to a different Level in such table shall effect a change in the Applicable Margin on the Business Day on which such change occurs.  During any period that the Borrower has received Credit Ratings that are not equivalent, the Applicable Margin shall be determined by the higher of such two Credit Ratings.  During any period for which the Borrower has not received a Credit Rating from either Rating Agency, then the Applicable Margin shall be determined as Level 5.  

 

	
             

Level
 	
            Borrower’s Credit Rating

(S&P/Moody’s (other))
 	
            Applicable Margin for LIBOR Loans
 	
            Applicable Margin for Base Rate Loans
 
	
            1
 	
            > BBB+/Baa1 (or equivalent)
 	
            0.375%
 	
            0.0%
 
	
            2
 	
            BBB+/Baa1 (or equivalent)
 	
            0.425%
 	
            0.0%
 
	
            3
 	
            BBB/Baa2 (or equivalent)
 	
            0.55%
 	
            0.0%
 
	
            4
 	
            BBB-/Baa3 (or equivalent)
 	
            0.75%
 	
            0.0%
 
	
            5
 	
            <BBB-/Baa3 (or equivalent)
 	
            1.00%
 	
            0.25%
 

 

“Capitalization Rate” means 8.25%.

 

“Facility Fee” means the per annum percentage set forth in the table below corresponding to the Level at which the “Applicable Margin” is determined in accordance with the definition thereof:

 

	
            Level
 	
            Facility Fee
 
	
            1
 	
            0.125%
 
	
            2
 	
            0.15%
 
	
            3
 	
            0.15%
 
	
            4
 	
            0.20%
 
	
            5
 	
            0.25%
 

 

“Termination Date” means August 22, 2010, or such later date to which the Termination Date may be extended pursuant to Section 2.13.(a), or such earlier date on which the Commitments are terminated pursuant to Section 2.12., 10.2. or otherwise.

 

	
             
 	
            (b)
 	
            The Credit Agreement is amended by restating Section 3.6.(c) thereof in its entirety as follows:
 

 

(c)           Extension Fee.  If the Borrower exercises its right to extend the Termination Date in accordance with Section 2.13., the Borrower agrees to pay to the Agent for the account of each Lender a fee equal to fifteen one-hundredths of one percent (0.15%) of the amount of such Lender’s Commitment (whether or not utilized) at the time of such extension.  Such fee shall be due and payable in full at the time of such extension.

 

	
             
 	
            (c)
 	
            The Credit Agreement is amended by restating Section 9.1.(b) thereof in its entirety as follows: 
 

 

	
             
 	
            (b)
 	
            [Reserved]
 

 

	
             
 	
            (d)
 	
            The Credit Agreement is amended by restating Section 9.1.(h) thereof in its entirety as follows: 
 

 

(h)           Floating Rate Debt.  The aggregate principal amount of all outstanding Floating Rate Debt to exceed at any time an amount equal to the greater of (i) 25.0% of Total Asset Value and (ii) the sum of (x) the aggregate amount of the Commitments plus (y) four hundred million dollars ($400,000,000).

 

Section 2.  Conditions Precedent.  The effectiveness of this Amendment is subject to receipt by the Agent of each of the following, each in form and substance satisfactory to the Agent:

 

	
             
 	
            (a)
 	
            A counterpart of this Amendment duly executed by the Borrower and each of the Lenders;
 

 

(b)         An Acknowledgment substantially in the form of Exhibit A attached hereto, executed by each Guarantor (the “Guarantor Acknowledgement”);

 

(c)         An opinion of counsel to the Loan Parties addressed to the Agent and the Lenders covering such matters as the Agent may reasonably request; 

 

(d)
         Evidence that all fees due and payable to the Lenders, and all fees and expenses payable to the Agent, in connection with this Amendment have been paid; and 

 

(e)
         Such other documents, instruments and agreements as the Agent may reasonably request.

 

 

 

                Section 3.  Representations.  The Borrower represents and warrants to the Agent and the Lenders that:

 

(a)         Authorization.  The Borrower has the right and power, and has taken all necessary action to authorize it, to execute and deliver this Amendment and to perform its obligations hereunder and under the Credit Agreement, as amended by this Amendment, in accordance with their respective terms.  This Amendment has been duly executed and delivered by a duly authorized officer of the Borrower and each of this Amendment and the Credit Agreement, as amended by this Amendment, is a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its respective terms except as (i) the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors rights generally and (ii) the availability of equitable
remedies may be limited by equitable principles of general applicability.

 

(b)         Compliance with Laws, etc.  The execution and delivery by the Borrower of this Amendment and the performance by the Borrower of this Amendment and the Credit Agreement, as amended by this Amendment, in accordance with their respective terms, do not and will not, by the passage of time, the giving of notice or otherwise:  (i) require any Government Approvals or violate any Applicable Laws (including Environmental Laws) relating to the Borrower or any other Loan Party; (ii) conflict with, result in a breach of or constitute a default under the organizational documents of the Borrower or any other Loan Party, or any indenture, agreement or other instrument to which the Borrower or any other Loan Party is a party or by which it or any of its properties may be
bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by the Borrower or any other Loan Party. 

 

(c)         No Default.  No Default or Event of Default has occurred and is continuing as of the date hereof or will exist immediately after giving effect to this Amendment.

 

Section 4.  Reaffirmation of Representations by Borrower.  The Borrower hereby repeats and reaffirms all representations and warranties made by the Borrower and the other Loan Parties to the Agent and the Lenders in the Credit Agreement and the other Loan Documents to which it is a party on and as of the date hereof with the same force and effect as if such representations and warranties were set forth in this Amendment in full.

 

Section 5.  Certain References.  Each reference to the Credit Agreement in any of the Loan Documents shall be deemed to be a reference to the Credit Agreement as amended by this Amendment.  

 

Section 6.  Expenses.  The Borrower shall reimburse the Agent upon demand for all costs and expenses (including attorneys’ fees) incurred by the Agent in connection with the preparation, negotiation and execution of this Amendment and the other agreements and documents executed and delivered in connection herewith.

 

Section 7.  Benefits.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

 

Section 8.  GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

 

                Section 9.  Effect.  Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full force and effect.  The amendments contained herein shall be deemed to have prospective application only, unless otherwise specifically stated herein.

 

Section 10.  Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns.

 

Section 11.  Definitions.  All capitalized terms not otherwise defined herein are used herein with the respective definitions given them in the Credit Agreement.

 

 

[Signatures on Next Page]

 

 

 

               IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Credit Agreement to be executed as of the date first above written.

 

 

	
            THE BORROWER:
 
	
             
 
	
            HRPT PROPERTIES TRUST
 
	
             
 
	
            By:    /s/ John C. Popeo
 
	
            Name: John C. Popeo
 
	
            Title: Treasurer
 
	
             
 
	
             
 
	
             
 
	
            THE AGENT AND THE LENDERS:
 
	
             
 
	
            WACHOVIA BANK, NATIONAL ASSOCIATION,
 
	
            individually and as Agent
 
	
             
 
	
             
 
	
            By:    /s/ Dean R. Whitehill
 
	
            Name: Dean R. Whitehill
 
	
            Title: Vice President
 
	
             
 
	
             
 
	
            SUNTRUST BANK
 
	
             
 
	
             
 
	
            By     /s/ W. John Wendler
 
	
            Name: W. John Wendler
 
	
            Title: Senior Vice President 
 

 

[Signatures Continued on Next Page]

 

 

 

[Signature Page to First Amendment to Amended and Restated 

Credit Agreement with HRPT Properties Trust]

 

 

	
            ROYAL BANK OF CANADA
 
	
             
 
	
             
 
	
            By:    /s/ Dan LePage
 
	
            Name: Dan LePage
 
	
            Title: Authorized Signatory
 
	
             
 
	
             
 
	
             
 
	
            THE BANK OF NEW YORK
 
	
             
 
	
             
 
	
            By:    /s/ David V. Fowler
 
	
            Name: David V. Fowler
 
	
            Title: Managing Director
 
	
             
 
	
             
 
	
            EUROHYPO AG, NEW YORK BRANCH 
 
	
             
 
	
             
 
	
            By:    /s/ Michael A. Seton
 
	
            Name: Michael A. Seton
 
	
            Title: Managing Director
 
	
             
 
	
            By:    /s/ Nicholas Manolas
 
	
            Name: Nicholas Manolas
 
	
            Title: Director
 
	
             
 
	
             
 
	
            PNC BANK, NATIONAL ASSOCIATION
 
	
             
 
	
             
 
	
            By:      /s/ Andrew D. Coler
 
	
            Name: Andrew D. Coler
 
	
            Title: Senior Vice President
 

 

 

[Signatures Continued on Next Page]

 

 

 

[Signature Page to First Amendment to Amended and Restated 

Credit Agreement with HRPT Properties Trust]

 

 

	
            SUMITOMO MITSUI BANKING CORPORATION
 
	
             
 
	
             
 
	
            By:    /s/ Masakazu Hasegawa
 
	
            Name: Masakazu Hasegawa
 
	
            Title: Joint General Manager
 
	
             
 
	
             
 
	
             
 
	
            U.S. BANK NATIONAL ASSOCIATION
 
	
             
 
	
             
 
	
            By:    /s/ Joann St. Peter
 
	
            Name: Joann St. Peter
 
	
            Title: Vice President 
 
	
             
 
	
             
 
	
            TD BANKNORTH, N.A.
 
	
             
 
	
             
 
	
            By:    /s/ Peter M. Brockelman
 
	
            Name: Peter M. Brockelman
 
	
            Title: Senior Vice President 
 
	
             
 
	
             
 
	
            BANK OF MONTREAL
 
	
             
 
	
             
 
	
            By:    /s/ Aaron Lanski
 
	
            Name: Aaron Lanski
 
	
            Title: Vice President
 

 

 

[Signatures Continued on Next Page]

 

 

 

[Signature Page to First Amendment to Amended and Restated

Credit Agreement with HRPT Properties Trust]

 

 

	
            COMERICA BANK
 
	
             
 
	
             
 
	
            By:    /s/ Jessica L. Kempf
 
	
            Name: Jessica L. Kempf
 
	
            Title: Vice President
 
	
             
 
	
             
 
	
             
 
	
            MALAYAN BANKING BERHAD,
 
	
            NEW YORK BRANCH
 
	
             
 
	
             
 
	
            By:    /s/ Fauzi Zulkifli
 
	
            Name:  Fauzi Zulkifli
 
	
            Title:  General Manager
 
	
             
 
	
             
 
	
             
 
	
            MIZUHO CORPORATE BANK, LTD.
 
	
             
 
	
             
 
	
            By:    /s/ Makoto Murata
 
	
            Name: Makoto Murata
 
	
            Title: Deputy General Manager
 
	
             
 
	
             
 
	
             
 
	
            AMSOUTH BANK
 
	
             
 
	
             
 
	
            By:    /s/ Alan Browne
 
	
            Name: Alan Browne
 
	
            Title: Senior Vice President 
 

 

[Signatures Continued on Next Page]

 

 

 

[Signature Page to First Amendment to Amended and Restated 

Credit Agreement with HRPT Properties Trust]

 

 

	
            SOCIETE GENERALE
 
	
             
 
	
             
 
	
            By:    /s/ Michael P. Sassos
 
	
            Name: Michael P. Sassos
 
	
            Title: Director
 
	
             
 
	
             
 
	
             
 
	
            SOVEREIGN BANK
 
	
             
 
	
             
 
	
            By:    /s/ Erin T. Aslakson
 
	
            Name: Erin T. Aslakson
 
	
            Title: Assistant Vice President
 
	
             
 
	
             
 
	
             
 
	
            BANK OF TOKYO-MITSUBISHI UFJ, LTD.
 
	
             
 
	
             
 
	
            By:    /s/ Yoichi Orikasa
 
	
            Name: Yoichi Orikasa
 
	
            Title: Vice President & Manager
 
	
             
 
	
             
 
	
            CHANG HWA COMMERCIAL BANK, LTD.
 
	
             
 
	
             
 
	
            By:    /s/ Kang Yang
 
	
            Name: Kang Yang
 
	
            Title: AVP &AGM
 

 

[Signatures Continued on Next Page]

 

 

 

[Signature Page to First Amendment to Amended and Restated 

Credit Agreement with HRPT Properties Trust]

 

 

	
            CHEVY CHASE BANK, F.S.B.
 
	
             
 
	
             
 
	
            By:    /s/ [Signature illegible]
 
	
            Name: 
 
	
            Title: Vice President
 
	
             
 
	
             
 
	
            BANK OF AMERICA, N.A.
 
	
             
 
	
             
 
	
            By:    /s/ Michael W. Edwards
 
	
            Name: Michael W. Edwards
 
	
            Title: Senior Vice President
 
	
             
 
	
             
 
	
            BANK HAPOALIM B.M.
 
	
             
 
	
             
 
	
            By:    /s/ Helen H. Gateson
 
	
            Name: Helen H. Gateson
 
	
            Title: Vice President
 
	
             
 
	
             
 
	
            By:    /s/ Lenroy Hackett
 
	
            Name: Lenroy Hackett
 
	
            Title: First Vice President 
 
	
             
 
	
             
 
	
            NATIONAL BANK OF EGYPT, NEW YORK BRANCH
 
	
             
 
	
             
 
	
            By:    /s/ William Cleary
 
	
            Name: William Cleary
 
	
            Title: Senior Vice President
 

 

 

[Signatures Continued on Next Page]

 

 

[Signature Page to First Amendment to Amended and Restated 

Credit Agreement with HRPT Properties Trust]

 

 

	
            BANK OF CHINA, NEW YORK BRANCH
 
	
             
 
	
             
 
	
            By:    /s/ Xiaojing Li
 
	
            Name: Xiaojing Li
 
	
            Title: General Manager
 
	
             
 
	
             
 
	
             
 
	
            CITIZENS BANK OF MASSACHUSETTS
 
	
             
 
	
             
 
	
            By:    /s/ Lisa Barry
 
	
            Name: Lisa Barry
 
	
            Title: Vice President
 
	
             
 
	
             
 
	
             
 
	
            FIRST HAWAIIAN BANK
 
	
             
 
	
             
 
	
            By:    /s/ Charles L. Jenkins
 
	
            Name: Charles L. Jenkins
 
	
            Title: Senior Vice President
 
	
             
 
	
             
 
	
             
 
	
            THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND
 
	
             
 
	
             
 
	
            By:    /s/ Ciaran Doyle
 
	
            Name: Ciaran Doyle
 
	
            Title: Authorized Signatory
 
	
             
 
	
            By:    /s/ Carla Ryan
 
	
            Name: Carla Ryan 
 
	
            Title: Authorized Signatory
 

 

 

[Signatures Continued on Next Page]

 

 

 

[Signature Page to First Amendment to Amended and Restated 

Credit Agreement with HRPT Properties Trust]

 

 

	
            MERRILL LYNCH BANK USA
 
	
             
 
	
             
 
	
            By:    /s/ Louis Adler
 
	
            Name: Louis Adler
 
	
            Title: Director
 
	
             
 
	
             
 
	
             
 
	
            REGIONS BANK
 
	
             
 
	
             
 
	
            By:    /s/ Elaine B. Passman
 
	
            Name: Elaine B. Passman
 
	
            Title: Vice President 
 

 

 

 

EXHIBIT A

 

FORM OF GUARANTOR ACKNOWLEDGEMENT

 

THIS GUARANTOR ACKNOWLEDGEMENT dated as of August 22, 2006 (this “Acknowledgment”) executed by each of the undersigned (the “Guarantors”) in favor of WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent (the “Agent”) and each “Lender” a party to the Credit Agreement referred to below (the “Lenders”).

 

WHEREAS, HRPT Properties Trust (the “Borrower”), the Lenders, the Agent and certain other parties have entered into that certain Credit Agreement dated as of January 25, 2005 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);

 

WHEREAS, each of the Guarantors is a party to that certain Guaranty dated as of January 25, 2005 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”) pursuant to which they guarantied, among other things, the Borrower’s obligations under the Credit Agreement on the terms and conditions contained in the Guaranty;

 

WHEREAS, the Borrower, the Agent and the Lenders are to enter into a First Amendment to Amended and Restated Credit Agreement dated as of the date hereof (the “Amendment”), to amend the terms of the Credit Agreement on the terms and conditions contained therein; and

 

WHEREAS, it is a condition precedent to the effectiveness of the Amendment that the Guarantors execute and deliver this Acknowledgment.

 

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

 

Section 1.  Reaffirmation.  Each Guarantor hereby reaffirms its continuing obligations to the Agent and the Lenders under the Guaranty and agrees that the transactions contemplated by the Amendment shall not in any way affect the validity and enforceability of the Guaranty, or reduce, impair or discharge the obligations of such Guarantor thereunder.

 

Section 2.  Governing Law.  THIS ACKNOWLEDGEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

Section 3.  Counterparts.  This Acknowledgement may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns.

 

 

 

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

 

 

	
            THE GUARANTORS:
 
	
             
 
	
            1735 MARKET STREET PROPERTIES TRUST
 
	
            BLUE DOG PROPERTIES TRUST 
 
	
            CANDLER ASSOCIATES, L.L.C.
 
	
            CANDLER PROPERTY TRUST
 
	
            CAUSEWAY HOLDINGS, INC.
 
	
            FIRST ASSOCIATES LLC 
 
	
            FOURTH AND ROMA PROPERTY TRUST
 
	
            HAWAII 2X5 O PROPERTIES TRUST 
 
	
            HEALTH AND RETIREMENT PROPERTIES
 
	
            INTERNATIONAL, INC.
 
	
            HH HUB PROPERTIES LLC 
 
	
            HIGGINS PROPERTIES LLC 
 
	
            HRP GP, LLC 
 
	
            HRPT MEMPHIS LLC  
 
	
            HUB ACQUISITION TRUST
 
	
            HUB LA PROPERTIES TRUST
 
	
            HUB MANAGEMENT, INC.
 
	
            HUB PROPERTIES GA LLC 
 
	
            HUB PROPERTIES TRUST
 
	
            HUB REALTY COLLEGE PARK, INC.
 
	
            HUB REALTY FUNDING, INC.
 
	
            HUB REALTY GOLDEN, INC.
 
	
            HUB REALTY KANSAS CITY, INC.
 
	
            HUB RI PROPERTIES TRUST
 
	
            HUB WOODMONT INVESTMENT TRUST
 
	
            INDEMNITY COLLECTION CORPORATION
 
	
            LTMAC PROPERTIES LLC 
 
	
            MASTERS PROPERTIES LLC
 
	
            NINE PENN CENTER PROPERTIES TRUST
 
	
            ORVILLE PROPERTIES LLC  
 
	
            PARK SAN ANTONIO PROPERTIES TRUST
 
	
            RESEARCH PARK PROPERTIES TRUST
 
	
            RFRI PROPERTIES LLC
 
	
            RIDGE LAKE PROPERTIES LLC 
 
	
            ROBIN 1 PROPERTIES LLC 
 
	
            ROSEDALE PROPERTIES TRUST
 
	
            TANAKA PROPERTIES LLC
 
	
            TEDCAL PROPERTIES LLC 
 
	
            TSM PROPERTIES LLC 
 
	
            Z&A PROPERTIES LLC 
 
	
             
 
	
             
 
	
            By:            
                                        
 
	
            Name:    John C. Popeo
 
	
            Title:      Treasurer and Secretary
 

 

[Signatures Continued on Next Page]

 

 

 

[Signature Page to Guarantor Acknowledgement to

First Amendment to Credit Agreement]

 

 

	
            HUB BD Mixed Sec. Properties, L.P. 
 
	
            By:  HRP GP, LLC, its General Partner
 
	
            HUB LA LIMITED PARTNERSHIP
 
	
            By:  Hub LA Properties Trust, its General Partner
 
	
            HUB REALTY COLLEGE PARK I, LLC
 
	
            By: Hub Management, Inc., its Manager and a Member
 
	
            By: Hub Realty College Park, Inc., a Member
 
	
            HUB WOODMONT LIMITED LIABILITY COMPANY
 
	
            By:  Hub Woodmont Investment Trust, its Manager
 
	
            NINE PENN CENTER ASSOCIATES, L.P.
 
	
            By:  Nine Penn Center Properties Trust, its General Partner
 
	
             
 
	
             
 
	
            By:           
                                        
 
	
            Name:    John C. Popeo
 
	
            Title:      Treasurer and Secretary
 
	
             
 
	
             
 
	
            JOHN C. POPEO AS TRUSTEE OF 4 MAGUIRE ROAD REALTY TRUST
 
	
            JOHN C. POPEO AS TRUSTEE OF 47 HARVARD STREET REAL ESTATE TRUST
 
	
            JOHN C. POPEO AS TRUSTEE OF HRPT MEDICAL BUILDINGS REALTY TRUST
 
	
            JOHN C. POPEO AS TRUSTEE OF HUB MA REALTY TRUST
 
	
            JOHN C. POPEO AS TRUSTEE OF MOB REALTY TRUST
 
	
            JOHN C. POPEO AS TRUSTEE OF PUTNAM PLACE REALTY TRUST
 
	
            JOHN C. POPEO AS TRUSTEE OF UNIVERSITY AVENUE REAL ESTATE TRUST
 
	
             
 
	
             
 
	
            By:                    
                                        
                                        
 
	
            Name:    John C. Popeo, as Trustee and not individuallyExhibit 10.1

EXECUTION COPY

 

FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

Dated as of August 22, 2006

 

by and among

 

HOSPITALITY PROPERTIES TRUST,

as Borrower

 

Each of 

 

WACHOVIA CAPITAL MARKETS, LLC,

and

ROYAL BANK OF SCOTLAND PLC,

as Joint Lead Arrangers

 

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Administrative Agent,

 

THE ROYAL BANK OF SCOTLAND PLC,

as Syndication Agent,

 

EACH OF

CALYON NEW YORK BRANCH, 

ROYAL BANK OF CANADA,

and

SUMITOMO MITSUI BANKING CORPORATION

as Documentation Agents,

 

SOCIETE GENERALE,

as Senior Managing Agent,

 

EACH OF 

MIZUHO CORPORATE BANK, LTD., 

PNC BANK, NATIONAL ASSOCIATION,

UNITED OVERSEAS BANK LIMITED,

U.S. BANK NATIONAL ASSOCIATION,

and

BANK OF MONTREAL

as Managing Agents

and

 

THE FINANCIAL INSTITUTIONS INITIALLY SIGNATORY HERETO

AND THEIR ASSIGNEES PURSUANT TO SECTION 12.5,

as Lenders

 

 

 

 

FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of August 22, 2006 by and among HOSPITALITY PROPERTIES TRUST (the “Borrower”), each of the financial institutions a party hereto (the “Lenders”), and WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent (the “Agent”).

 

WHEREAS, the Borrower, the Lenders and the Agent have entered into that certain Amended and Restated Credit Agreement dated as of May 23, 2005 (as in effect immediately prior to the date hereof, the “Credit Agreement”); and

 

WHEREAS, the Borrower, the Lenders and the Agent desire to amend certain provisions of the Credit Agreement on the terms and conditions contained herein.

 

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

 

Section 1.  Specific Amendments to Credit Agreement.  The parties hereto agree that the Credit Agreement is amended as follows:

 

(a)          The Credit Agreement is amended by restating in full the definitions of “Applicable Margin” and “Termination Date” contained in Section 1.1. thereof as follows:

 

“Applicable Margin” means the percentage per annum determined, at any time, based on the range into which the Borrower’s Credit Rating then falls, in accordance with the levels in the table set forth in Schedule 1.1.(a) (each a “Level”).  Any change in the Borrower’s Credit Rating which would cause it to move to a different Level in such table shall effect a change in the Applicable Margin on the Business Day on which such change occurs.  During any period in which the Borrower has received Credit Ratings that are not equivalent, the Applicable Margin shall be determined by the higher of such two Credit Ratings; provided, however, that if the ratings of S&P and Moody’s are two pricing Levels apart, then the Applicable Margin shall be based on the Level that falls between the Levels
that correspond to the ratings of S&P and Moody’s. During any period for which the Borrower has received a Credit Rating from only one Rating Agency, then the Applicable Margin shall be determined based on such Credit Rating.  During any period for which the Borrower has not received a Credit Rating from either Rating Agency, then the Applicable Margin shall be determined based on Level 5.

 

“Termination Date” means October 24, 2010, or such later date to which the Termination Date may be extended pursuant to Section 2.15., or such earlier date on which the Commitments are terminated pursuant to Section 2.11., 10.2. or otherwise.

 

(b)          The Credit Agreement is amended by restating Section 3.6.(d) thereof in its entirety as follows:

 

(d)          Extension Fees.  If, pursuant to Section 2.15., the Termination Date is extended, the Borrower agrees to pay to the Agent for the account of each Lender an extension fee equal to fifteen one-hundredths of one percent (0.15%) of each such Lender’s Commitment at the time of such extension.  Payment of such fees shall be a condition precedent to the effectiveness of any such extension.

 

 

(c)          The Credit Agreement is amended by restating Section 9.1.(a) thereof in its entirety as follows:            

 

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

 

(d)          The Credit Agreement is amended by restating Section 9.1.(d) thereof in its entirety as follows:

 

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

 

(e)         Schedule 1.1.(a) to the Credit Agreement is hereby superseded and replaced by Schedule 1.1.(a) attached to this Amendment.

 

(f)           Schedule 1.1.(b) to the Credit Agreement is hereby superseded and replaced by Schedule 1.1.(b) attached to this Amendment.

 

Section 2.  Conditions Precedent.  The effectiveness of this Amendment is subject to receipt by the Agent of each of the following, each in form and substance satisfactory to the Agent:

 

(a)         A counterpart of this Amendment duly executed by the Borrower and each of the Lenders;

 

(b)        An Acknowledgment substantially in the form of Exhibit A attached hereto, executed by each Guarantor (the “Guarantor Acknowledgement”);

 

(c)         An opinion of counsel to the Loan Parties addressed to the Agent and the Lenders covering such matters as the Agent may reasonably request; 

 

(d)        Evidence that all fees due and payable to the Lenders, and all fees and expenses payable to the Agent, in connection with this Amendment have been paid; and 

 

(e)        Such other documents, instruments and agreements as the Agent may reasonably request.

***
 

Section 3.  Representations.  The Borrower represents and warrants to the Agent and the Lenders that:

 

(a)         Authorization.  The Borrower has the right and power, and has taken all necessary action to authorize it, to execute and deliver this Amendment and to perform its obligations hereunder and under the Credit Agreement, as amended by this Amendment, in accordance with their respective terms.  This Amendment has been duly executed and delivered by a duly authorized officer of the Borrower and each of this Amendment and the Credit Agreement, as amended by this Amendment, is a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its respective terms except as (i) the enforceability thereof may be limited by bankruptcy, insolvency or similar laws

affecting creditors rights generally and (ii) the availability of equitable remedies may be limited by equitable principles of general applicability.

 

(b)         Compliance with Laws, etc.  The execution and delivery by the Borrower of this Amendment and the performance by the Borrower of this Amendment and the Credit Agreement, as 

 

 

 

amended by this Amendment, in accordance with their respective terms, do not and will not, by the passage of time, the giving of notice or otherwise:  (i) require any Government Approvals or violate any Applicable Laws (including Environmental Laws) relating to the Borrower or any other Loan Party; (ii) conflict with, result in a breach of or constitute a default under the organizational documents of the Borrower or any other Loan Party, or any indenture, agreement or other instrument to which the Borrower or any other Loan Party is a party or by which it or any of its properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by the Borrower or any other Loan Party. 

 

(c)         No Default.  No Default or Event of Default has occurred and is continuing as of the date hereof or will exist immediately after giving effect to this Amendment.

 

Section 4.  Reaffirmation of Representations by Borrower.  The Borrower hereby repeats and reaffirms all representations and warranties made by the Borrower and the other Loan Parties to the Agent and the Lenders in the Credit Agreement and the other Loan Documents to which it is a party on and as of the date hereof with the same force and effect as if such representations and warranties were set forth in this Amendment in full.

 

Section 5.  Certain References.  Each reference to the Credit Agreement in any of the Loan Documents shall be deemed to be a reference to the Credit Agreement as amended by this Amendment.  

 

Section 6.  Expenses.  The Borrower shall reimburse the Agent upon demand for all costs and expenses (including attorneys’ fees) incurred by the Agent in connection with the preparation, negotiation and execution of this Amendment and the other agreements and documents executed and delivered in connection herewith.

 

Section 7.  Benefits.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

 

Section 8.  GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

Section 9.  Effect.  Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full force and effect.  The amendments contained herein shall be deemed to have prospective application only, unless otherwise specifically stated herein.

 

Section 10.  Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns.

 

Section 11.  Definitions.  All capitalized terms not otherwise defined herein are used herein with the respective definitions given them in the Credit Agreement.

 

[Signatures on Next Page]

 

                IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Credit Agreement to be executed as of the date first above written.

 

 

	
            THE BORROWER:
 
	
             
 
	
            HOSPITALITY PROPERTIES TRUST
 
	
             
 
	
            By:   /s/ Mark L. Kleifges
 
	
            Name: Mark L. Kleifges
 
	
            Title: Treasurer
 
	
             
 
	
             
 
	
             
 
	
            THE AGENT AND THE LENDERS:
 
	
             
 
	
            WACHOVIA BANK, NATIONAL ASSOCIATION,
 
	
            individually and as Agent
 
	
             
 
	
             
 
	
            By:   /s/ Dean R. Whitehill
 
	
            Name: Dean R. Whitehill
 
	
            Title: Vice President
 
	
             
 
	
             
 
	
             
 
	
            THE ROYAL BANK OF SCOTLAND PLC
 
	
             
 
	
             
 
	
            By:   /s/ Timothy J. McNaught
 
	
            Name: Timothy J. McNaught
 
	
            Title: Managing Director
 
	
             
 
	
             
 
	
             
 
	
            ROYAL BANK OF CANADA
 
	
             
 
	
             
 
	
            By:   /s/ Dan LePage
 
	
            Name: Dan LePage
 
	
            Title: Authorized Signatory
 

 

 

[Signatures Continued on Next Page]

 

 

 

[Signature Page to First Amendment to Amended and Restated 

Credit Agreement with Hospitality Properties Trust]

 

 

	
            CALYON NEW YORK BRANCH
 
	
             
 
	
             
 
	
            By:   /s/ Joseph A. Asciolla
 
	
            Name: Joseph A. Asciolla
 
	
            Title: Managing Director
 
	
             
 
	
             
 
	
            By:   /s/ Authorized Signatory
 
	
            Name: Authorized Signatory
 
	
            Title: Director
 
	
             
 
	
             
 
	
             
 
	
            SUMITOMO MITSUI BANKING CORPORATION 
 
	
             
 
	
             
 
	
            By:   /s/ Masakazu Hasegawa
 
	
            Name: Masakazu Hasegawa
 
	
            Title: Joint General Manager
 
	
             
 
	
             
 
	
             
 
	
            SOCIETE GENERALE
 
	
             
 
	
             
 
	
            By:   /s/ Michael P. Sassos
 
	
            Name: Michael P. Sassos
 
	
            Title: Director
 

 

 

 

[Signatures Continued on Next Page]

 

 

 

[Signature Page to First Amendment to Amended and Restated 

Credit Agreement with Hospitality Properties Trust]

 

 

	
            PNC BANK, NATIONAL ASSOCIATION
 
	
             
 
	
             
 
	
            By:   /s/ Andrew D. Coler
 
	
            Name: Andrew D. Coler
 
	
            Title: Senior Vice President
 
	
             
 
	
             
 
	
             
 
	
            BANK OF MONTREAL
 
	
             
 
	
             
 
	
            By:   /s/ Aaron Lanski
 
	
            Name: Aaron Lanski
 
	
            Title: Vice President
 
	
             
 
	
             
 
	
             
 
	
            MIZUHO CORPORATE BANK, LTD.
 
	
             
 
	
             
 
	
            By:   /s/ Makoto Murata
 
	
            Name: Makoto Murata
 
	
            Title: Deputy General Manager
 
	
             
 
	
             
 
	
            UNITED OVERSEAS BANK LIMITED, 
 
	
            NEW YORK AGENCY
 
	
             
 
	
             
 
	
            By:   /s/ George Lim
 
	
            Name: George Lim
 
	
            Title: FVP & General Manager
 
	
             
 
	
            By:   /s/ Mario Sheng
 
	
            Name: Mario Sheng
 
	
            Title: AVP
 

 

[Signatures Continued on Next Page]

 

 

 

[Signature Page to First Amendment to Amended and Restated 

Credit Agreement with Hospitality Properties Trust]

 

 

	
            U.S. BANK NATIONAL ASSCOCIATION
 
	
             
 
	
             
 
	
            By:   /s/ Joann St. Peter
 
	
            Name: Joann St. Peter
 
	
            Title: Vice President 
 
	
             
 
	
             
 
	
             
 
	
            BANK OF CHINA, NEW YORK BRANCH
 
	
             
 
	
             
 
	
            By:   /s/ Xiaojing Li
 
	
            Name: Xiaojing Li
 
	
            Title: General Manager
 
	
             
 
	
             
 
	
             
 
	
            AMSOUTH BANK
 
	
             
 
	
             
 
	
            By:   /s/ Alan Browne
 
	
            Name: Alan Browne
 
	
            Title: Senior Vice President 
 
	
             
 
	
             
 
	
             
 
	
            THE BANK OF NEW YORK
 
	
             
 
	
             
 
	
            By:   /s/ David V. Fowler
 
	
            Name: David V. Fowler
 
	
            Title: Managing Director
 

 

 

[Signatures Continued on Next Page]

 

 

 

 

[Signature Page to First Amendment to Amended and Restated 

Credit Agreement with Hospitality Properties Trust]

 

 

	
            LAND BANK OF TAIWAN, LOS ANGELES BRANCH
 
	
             
 
	
             
 
	
            By:   /s/ Henry Ching Rong Leu
 
	
            Name: Henry Ching Rong Leu
 
	
            Title: VP and General Manager
 
	
             
 
	
             
 
	
             
 
	
            SUNTRUST BANK
 
	
             
 
	
             
 
	
            By:   /s/ W. John Wendler
 
	
            Name: W. John Wendler
 
	
            Title: Senior Vice President 
 
	
             
 
	
             
 
	
            BANK OF TAIWAN, LOS ANGELES BRANCH
 
	
             
 
	
             
 
	
            By:   /s/ Carol Tsai
 
	
            Name: Carol Tsai
 
	
            Title: Vice President and Deputy General Manager
 
	
             
 
	
             
 
	
             
 
	
            CHANG HWA COMMERCIAL BANK, LTD.
 
	
             
 
	
             
 
	
            By:   /s/ Kang Yang
 
	
            Name: Kang Yang
 
	
            Title: AVP &AGM
 

 

 

[Signatures Continued on Next Page]

 

 

 

 

[Signature Page to First Amendment to Amended and Restated 

Credit Agreement with Hospitality Properties Trust]

 

 

	
            THE INTERNATIONAL COMMERCIAL BANK OF CHINA, LOS ANGELES BRANCH
 
	
             
 
	
             
 
	
            By:   /s/ Michael C. C. Juang
 
	
            Name: Michael C. C. Juang
 
	
            Title: VP and Deputy GM
 
	
             
 
	
             
 
	
            THE INTERNATIONAL COMMERCIAL BANK OF CHINA, NEW YORK AGENCY (KNOWN AS “MEGA INTERNATIONAL COMMERICAL BANK NEW YORK AGENCY”)
 
	
             
 
	
             
 
	
            By:   /s/ Nae-Yee Lung
 
	
            Name: Nae-Yee Lung
 
	
            Title: EVP and General Manager
 
	
             
 
	
             
 
	
            CHIAO TUNG BANK CO., LTD.
 
	
            NEW YORK AGENCY(KNOWN AS “MEGA INTERNATIONAL COMMERICAL BANK NEW YORK AGENCY”)
 
	
             
 
	
             
 
	
            By:       /s/ Nae-Yee Lung
 
	
            Name: Nae-Yee Lung
 
	
            Title: EVP and General Manager
 
	
             
 
	
             
 
	
            BANK OF AMERICA, N.A.
 
	
             
 
	
             
 
	
            By:       /s/ Roger C. Davis
 
	
            Name: Roger C. Davis
 
	
            Title: Senior Vice President 
 

 

 

[Signatures Continued on Next Page]

 

 

 

[Signature Page to First Amendment to Amended and Restated 

Credit Agreement with Hospitality Properties Trust]

 

 

	
            MERRILL LYNCH BANK USA
 
	
             
 
	
             
 
	
            By:   /s/ Louis Adler
 
	
            Name: Louis Adler
 
	
            Title: Director
 
	
             
 
	
             
 
	
             
 
	
            BANK HAPOALIM B.M. 
 
	
             
 
	
             
 
	
            By:   /s/ Helen H. Gateson
 
	
            Name: Helen H. Gateson
 
	
            Title: Vice President
 
	
             
 
	
             
 
	
            By:   /s/ Lenroy Hackett
 
	
            Name: Lenroy Hackett
 
	
            Title: First Vice President 
 
	
             
 
	
             
 
	
            BANK OF COMMUNICATIONS CO., LTD., 
 
	
            NEW YORK BRANCH
 
	
             
 
	
             
 
	
            By:   /s/ Shelley He
 
	
            Name: Shelley He
 
	
            Title: Deputy General Manager
 
	
             
 
	
             
 

 

 

[Signatures Continued on Next Page]

 

 

 

 

[Signature Page to First Amendment to Amended and Restated 

Credit Agreement with Hospitality Properties Trust]

 

 

	
            CITIZENS BANK OF MASSACHUSETTS
 
	
             
 
	
             
 
	
            By:   /s/ Lisa Barry
 
	
            Name: Lisa Barry
 
	
            Title: Vice President
 
	
             
 
	
             
 
	
             
 
	
            COMERICA BANK
 
	
             
 
	
             
 
	
            By:   /s/ Jessica L. Kempf
 
	
            Name: Jessica L. Kempf
 
	
            Title: Vice President
 
	
             
 
	
             
 
	
            THE FARMERS BANK OF CHINA, LOS ANGELES BRANCH
 
	
             
 
	
             
 
	
            By:   /s/ Henry Po-Chang Ho
 
	
            Name: Henry Po-Chang Ho
 
	
            Title: Vice President & General Manager
 
	
             
 
	
             
 
	
             
 
	
            FIRST HAWAIIAN BANK
 
	
             
 
	
             
 
	
            By:   /s/ Charles L. Jenkins
 
	
            Name: Charles L. Jenkins
 
	
            Title: Senior Vice President
 
	
             
 
	
             
 

 

[Signatures Continued on Next Page]

 

 

 

 

[Signature Page to First Amendment to Amended and Restated 

Credit Agreement with Hospitality Properties Trust]

 

 

	
            TAIPEI FUBON COMMERCIAL BANK CO., LTD. 
 
	
             
 
	
             
 
	
            By:   /s/ Herbert Lai
 
	
            Name: Herbert Lai
 
	
            Title: Senior Vice President/General Manager
 
	
             
 
	
             
 
	
             
 
	
            FIRST COMMERCIAL BANK, NEW YORK AGENCY
 
	
             
 
	
             
 
	
            By:   /s/ Bruce M. J. Ju
 
	
            Name: Bruce M. J. Ju
 
	
            Title: VP & General Manager
 
	
             
 
	
             
 
	
             
 
	
            MORGAN STANLEY BANK
 
	
             
 
	
             
 
	
            By:   /s/ Daniel Twenge
 
	
            Name: Daniel Twenge
 
	
            Title: Authorized Signatory
 
	
             
 
	
             
 
	
             
 
	
            REGIONS BANK
 
	
             
 
	
             
 
	
            By:   /s/ Elaine B. Passman
 
	
            Name: Elaine B. Passman
 
	
            Title: Vice President
 
	
             
 
	
             
 

 

[Signatures Continued on Next Page]

 

 

 

 

[Signature Page to First Amendment to Amended and Restated 

Credit Agreement with Hospitality Properties Trust]

 

 

	
            HUA NAN COMMERCIAL BANK, LTD.,
 
	
            LOS ANGELES BRANCH 
 
	
             
 
	
             
 
	
            By:   /s/ Oliver C. H. Hsu
 
	
            Name: Oliver C.H. Hsu
 
	
            Title: VP and General Manager
 
	
             
 
	
             
 
	
             
 
	
            HUA NAN COMMERCIAL BANK, LTD.,
 
	
            NEW YORK BRANCH 
 
	
             
 
	
             
 
	
            By:   /s/ Te-Chin Wang
 
	
            Name: Te-Chin Wang
 
	
            Title: Assistant Vice President
 

 

 

 

 

 

SCHEDULE 1.1(a)

 

Applicable Margin

 

 

	
             

Level
 	
            Borrower’s Credit Rating

(S&P/Moody’s (other))
 	
            Applicable Margin for LIBOR Loans
 	
            Applicable Margin for Base Rate Loans
 
	
            1
 	
            > BBB+/Baa1 (or equivalent)
 	
            0.375%
 	
            0.0%
 
	
            2
 	
            BBB+/Baa1 (or equivalent)
 	
            0.425%
 	
            0.0%
 
	
            3
 	
            BBB/Baa2 (or equivalent)
 	
            0.55%
 	
            0.0%
 
	
            4
 	
            BBB-/Baa3 (or equivalent)
 	
            0.75%
 	
            0.0%
 
	
            5
 	
            <BBB-/Baa3 (or equivalent)
 	
            1.00%
 	
            0.25%
 

 

 

 

 

 

SCHEDULE 1.1(b)

 

Facility Fee

 

 

	
            Level
 	
            Facility Fee
 
	
            1
 	
            0.125%
 
	
            2
 	
            0.15%
 
	
            3
 	
            0.15%
 
	
            4
 	
            0.20%
 
	
            5
 	
            0.25%
 

 

 

 

 

 

EXHIBIT A

 

FORM OF GUARANTOR ACKNOWLEDGEMENT

 

THIS GUARANTOR ACKNOWLEDGEMENT dated as of August 22, 2006 (this “Acknowledgment”) executed by each of the undersigned (the “Guarantors”) in favor of WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent (the “Agent”) and each “Lender” a party to the Credit Agreement referred to below (the “Lenders”).

 

WHEREAS, Hospitality Properties Trust (the “Borrower”), the Lenders, the Agent and certain other parties have entered into that certain Credit Agreement dated as of May 23, 2005 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);

 

WHEREAS, each of the Guarantors is a party to that certain Guaranty dated as of May 23, 2005 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”) pursuant to which they guarantied, among other things, the Borrower’s obligations under the Credit Agreement on the terms and conditions contained in the Guaranty;

 

WHEREAS, the Borrower, the Agent and the Lenders are to enter into a First Amendment to Amended and Restated Credit Agreement dated as of the date hereof (the “Amendment”), to amend the terms of the Credit Agreement on the terms and conditions contained therein; and

 

WHEREAS, it is a condition precedent to the effectiveness of the Amendment that the Guarantors execute and deliver this Acknowledgment.

 

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

 

Section 1.  Reaffirmation.  Each Guarantor hereby reaffirms its continuing obligations to the Agent and the Lenders under the Guaranty and agrees that the transactions contemplated by the Amendment shall not in any way affect the validity and enforceability of the Guaranty, or reduce, impair or discharge the obligations of such Guarantor thereunder.

 

Section 2.  Governing Law.  THIS ACKNOWLEDGEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

Section 3.  Counterparts.  This Acknowledgement may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns.

 

 

 

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

 

THE GUARANTORS:

 

	
            HH HPT Suite Properties LLC
 
	
            HH HPTCW II Properties LLC
 
	
            HH HPTCY Properties LLC
 
	
            HH HPTMI III Properties LLC
 
	
            HH HPTRI Properties LLC
 
	
            HH HPTWN Properties LLC
 
	
            HPT CW Properties Trust
 
	
            HPT HSD Properties Trust
 
	
            HPT IHG Canada Properties Trust
 
	
            HPT IHG GA Properties LLC
 
	
            HPT IHG PR, Inc.
 
	
            HPT IHG Properties Trust
 
	
            HPT IHG-2 Properties Trust
 
	
            HPTLA Properties Trust
 
	
            HPT Smokey Mountain LLC
 
	
            HPT Suite Properties Trust
 
	
            HPTCY Properties Trust
 
	
            HPTMI Hawaii, Inc.
 
	
            HPTMI II Properties Trust
 
	
            HPTMI Properties Trust
 
	
            HPTRI Properties Trust
 
	
            HPTSHC Properties Trust
 
	
            HPTSY Properties Trust
 
	
            HPTWN Properties Trust
 
	
             
 
	
             
 
	
            By:         
                                       
 
	
            Name: Mark L. Kleifges
 
	
            Title: Treasurer

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