Document:

exh_4-3.htm

    
      

    

    Exhibit 4.3

    

    

     

    REGISTRATION
RIGHTS AGREEMENT

     

    Dated
October 1, 2009

     

    AMONG

     

    FELCOR
LODGING LIMITED PARTNERSHIP,

     

    FELCOR
LODGING TRUST INCORPORATED,

     

    SUBSIDIARY
GUARANTORS NAMED HEREIN,

     

    and

     

    J.P.
MORGAN SECURITIES INC.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    REGISTRATION
RIGHTS AGREEMENT

     

    THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and
entered into as of October 1, 2009, among FELCOR LODGING LIMITED PARTNERSHIP, a
Delaware limited partnership (the “Operating Partnership”),
FELCOR LODGING TRUST INCORPORATED, a Maryland corporation (the “Company”), the Subsidiary
Guarantors (as defined below) and J.P. Morgan Securities Inc. on its own behalf
and as representative of the other Initial Purchasers named in Schedule A hereto
(collectively, the “Initial
Purchasers”).

     

    This
Agreement is made pursuant to the Purchase Agreement dated as of September
17, 2009, among the Operating Partnership, the Company, the Subsidiary
Guarantors and the Initial Purchasers (the “Purchase Agreement”), which
provides for the sale by the Operating Partnership to the Initial Purchasers of
$636,000,000 aggregate principal amount of Senior Secured Notes due 2014 of the
Operating Partnership (the “Notes”) to be issued pursuant
to the Indenture (as defined below).  Each of the Notes is guaranteed
by the Company and the Subsidiary Guarantors (the “Guarantors”) and is entitled
to the benefit of the Guarantees under the Indenture and, unless the context
otherwise requires, reference in this Agreement to a “Note,” an “Exchange Note,”
or a “Registrable Note” shall include a reference to the related
Guarantee.  In order to induce the Initial Purchasers to enter into
the Purchase Agreement, the Operating Partnership and the Guarantors have agreed
to provide to the Initial Purchasers and their direct and indirect transferees
the registration rights with respect to the Notes set forth in this
Agreement.  The execution of this Agreement is a condition to the
closing under the Purchase Agreement.  This Agreement will not become
operative unless and until the Release Date (as defined in the Purchase
Agreement) occurs.

     

    In
consideration of the foregoing, the parties hereto agree as
follows:

     

    1.           Definitions.  As
used in this Agreement, the following capitalized defined terms shall have the
following meanings:

     

    “1933 Act” shall mean the
Securities Act of 1933, as amended from time to time.

     

    “1934 Act” shall mean the
Securities Exchange Act of 1934, as amended from time to time.

     

    “Closing Date” shall mean the
Closing Date as defined in the Purchase Agreement.

     

    “Company” shall have the
meaning set forth in the preamble to this Agreement.

     

    “Exchange Notes” shall mean
Notes issued by the Operating Partnership under the Indenture containing terms
identical to the Notes (except that (i) interest thereon shall accrue from
the last date on which interest was paid on the Notes or, if no such interest
has been paid, from October 1, 2009, (ii) the Exchange Notes will not
contain restrictions on transfer and

     

    
      
         

      

      
        
        

        
          

        

      

      
         

        
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    (iii) certain
provisions relating to an increase in the stated rate of interest thereon shall
be eliminated) and to be offered to Holders of Notes in exchange for Notes
pursuant to the Exchange Offer.

     

    “Exchange Offer” shall mean the
exchange offer by the Operating Partnership and the Guarantors of Exchange Notes
for Registrable Notes pursuant to Section 2(a) hereof.

     

    “Exchange Offer Registration”
shall mean a registration under the 1933 Act effected pursuant to
Section 2(a) hereof.

     

    “Exchange Offer Registration
Statement” shall mean an exchange offer registration statement on Form
S-4 (or, if applicable, on another appropriate form) and all amendments and
supplements to such registration statement, in each case including the
Prospectus contained therein, all exhibits thereto and all material incorporated
by reference therein.

     

    “FINRA” means the Financial
Industry Regulatory Authority, Inc.

     

    “Guarantors” means the Company
and the Subsidiary Guarantors.

     

    “Holder” shall mean any Initial
Purchaser, for so long as it owns any Registrable Notes, and its successors,
assigns and direct and indirect transferees who become registered owners of
Registrable Notes under the Indenture; provided that for purposes of
Sections 4 and 5 of this Agreement, the term “Holder” shall include
Participating Broker-Dealers (as defined in Section 4(a)).

     

    “Indenture” shall mean the
Indenture relating to the Notes dated as of October 1, 2009 between the
Escrow Subsidiary and U.S. Bank National Association, as trustee, and as the
same may be amended or supplemented from time to time in accordance with the
terms thereof.

     

    “Initial Purchasers” shall have
the meaning set forth in the preamble to this Agreement.

     

    “Majority Holders” shall mean
the Holders of a majority of the aggregate principal amount of outstanding
Registrable Notes; provided that whenever the
consent or approval of Holders of a specified percentage of Registrable Notes is
required hereunder, Registrable Notes held by the Operating Partnership or any
of its affiliates (as such term is defined in Rule 405 under the 1933 Act)
(other than the Initial Purchasers or subsequent holders of Registrable Notes if
such subsequent holders are deemed to be such affiliates solely by reason of
their holding of such Registrable Notes) shall not be counted in determining
whether such consent or approval was given by the Holders of such required
percentage or amount.

     

    “Notes” shall have the meaning
set forth in the second paragraph of this Agreement.

     

    
      
         

      

      
        
        

        
          

        

      

      
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    “Operating Partnership” shall
have the meaning set forth in the preamble of this Agreement.

     

    “Person” shall mean an
individual, partnership, corporation, trust or unincorporated organization, or a
government or agency or political subdivision thereof.

     

    “Prospectus” shall mean the
prospectus included in a Registration Statement, including any preliminary
prospectus, and any such prospectus as amended or supplemented by any prospectus
supplement, including a prospectus supplement with respect to the terms of the
offering of any portion of the Registrable Notes covered by a Shelf Registration
Statement, and by all other amendments and supplements to such prospectus,
including post-effective amendments, and in each case including all material
incorporated by reference therein.

     

    “Purchase Agreement” shall have
the meaning set forth in the second paragraph of this Agreement.

     

    “Registrable Notes” shall mean
the Notes other than the Exchanges Notes; provided, however, that a Note shall
cease to be a Registrable Note (i) when a Registration Statement with
respect to such Note shall have been declared effective under the 1933 Act and
such Note shall have been disposed of pursuant to such Registration Statement or
(ii) when such Note shall have ceased to be outstanding.

     

    “Registration Expenses” shall
mean any and all expenses incident to performance of or compliance by the
Operating Partnership, the Company and the Subsidiary Guarantors with this
Agreement, including without limitation:  (i) all SEC, stock
exchange or FINRA registration and filing fees, (ii) all fees and expenses
incurred in connection with compliance with state securities or blue sky laws
(including reasonable fees and disbursements of counsel for any underwriters or
Holders in connection with blue sky qualification of any of the Exchange Notes
or Registrable Notes), (iii) all expenses of any Persons in preparing or
assisting in preparing, word processing, printing and distributing any
Registration Statement, any Prospectus, any amendments or supplements thereto,
any underwriting agreements, securities sales agreements and other documents
relating to the performance of and compliance with this Agreement, (iv) all
rating agency fees, (v) all fees and disbursements relating to the
qualification of the Indenture under applicable securities laws, (vi) the
fees and disbursements of the Trustee and its counsel, (vii) the fees and
disbursements of counsel for the Operating Partnership, the Company and the
Subsidiary Guarantors and, in the case of a Shelf Registration Statement, the
reasonable fees and disbursements of one counsel for the Holders (which counsel
shall be selected by the Majority Holders and which counsel may also be counsel
for the Initial Purchasers) and (viii) the fees and disbursements of the
independent public accountants of the Operating Partnership and the Company,
including the expenses of any special audits or “cold comfort” letters required
by or incident to such performance and compliance, but excluding fees and
expenses of counsel to the underwriters (other than reasonable fees and expenses
set forth in clause (ii) above) or the Holders and underwriting discounts and
commissions and transfer taxes, if any, relating to the sale or disposition of
Registrable Notes by a Holder.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

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    “Registration Statement” shall
mean any registration statement of the Operating Partnership and the Guarantors
that covers any of the Exchange Notes or Registrable Notes pursuant to the
provisions of this Agreement and all amendments and supplements to any such
Registration Statement, including post-effective amendments, in each case
including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

     

     “SEC” shall mean the Securities
and Exchange Commission.

     

    “Shelf Registration” shall mean
a registration effected pursuant to Section 2(b) hereof.

     

    “Shelf Registration Statement”
shall mean a “shelf” registration statement of the Operating Partnership and the
Guarantors pursuant to the provisions of Section 2(b) of this Agreement
which covers all of the Registrable Notes (but no other Notes unless approved by
the Holders whose Registrable Notes are covered by such Shelf Registration
Statement) on an appropriate form under Rule 415 under the 1933 Act, or any
similar rule that may be adopted by the SEC, and all amendments and supplements
to such registration statement, including post-effective amendments, in each
case including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

     

    “Subsidiary Guarantors” shall
mean each of (i) FelCor/CSS Holdings, L.P., a Delaware limited partnership, (ii)
FelCor/St. Paul Holdings, L.P., a Delaware limited partnership, (iii) FelCor
Canada Co., a Nova Scotia unlimited liability company, (iv) FelCor Hotel Asset
Company, L.L.C., a Delaware limited liability company, (v) FelCor Lodging
Holding Company, L.L.C., a Delaware limited liability company, (vi) FelCor TRS
Borrower 1, L.P., a Delaware limited partnership, (vii) FelCor TRS Borrower 4,
L.L.C., a Delaware limited liability company, and (viii) FelCor TRS Holdings,
L.L.C., a Delaware limited liability company, and each other entity that becomes
a Subsidiary Guarantor in accordance with the terms of the
Indenture.

     

    “Trustee” shall mean the
trustee with respect to the Notes under the Indenture.

     

    “Underwritten Registration” or
“Underwritten Offering”
shall mean a registration in which Registrable Notes are sold to an Underwriter
(as hereinafter defined) for reoffering to the public.

     

    2.           Registration Under The 1933
Act.

     

    (a)  To
the extent not prohibited by any applicable law or applicable interpretation of
the Staff of the SEC, the Operating Partnership and the Guarantors shall cause
to be filed after the Closing Date an Exchange Offer Registration Statement
covering the offer by the Operating Partnership and the Guarantors to the
Holders to exchange all of the Registrable Notes for Exchange Notes, use their
commercially reasonable efforts to have such Registration Statement declared
effective by the SEC, and to have such Exchange Offer Registration Statement
remain effective until the closing of the Exchange Offer.  The
Operating Partnership and the Guarantors shall commence the Exchange Offer
promptly after the Exchange Offer Registration Statement has been declared
effective by the SEC and use

     

    
      
         

      

      
        
        

        
          

        

      

      
         

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    their
commercially reasonable efforts to have the Exchange Offer consummated not later
than 180 days after the Closing Date.  The Operating Partnership and
the Guarantors shall commence the Exchange Offer by mailing the related exchange
offer Prospectus and accompanying documents to each Holder stating, in addition
to such other disclosures as are required by applicable law:

     

    (i)       that
the Exchange Offer is being made pursuant to this Agreement and that all
Registrable Notes validly tendered will be accepted for exchange;

     

    (ii)       the
dates of acceptance for exchange (which shall be a period of at least 20
business days from the date such notice is mailed) (the “Exchange Dates”);

     

    (iii)       that
any Registrable Note not tendered will remain outstanding and continue to accrue
interest in accordance with the terms of the Notes, but will not retain any
rights under this Agreement;

     

    (iv)       that
Holders electing to have a Registrable Note exchanged pursuant to the Exchange
Offer will be required to surrender such Registrable Note, together with the
enclosed letters of transmittal, to the institution and at the address located
in the Borough of Manhattan, The City of New York, specified in the notice prior
to the close of business on the last Exchange Date; and

     

    (v)       that
Holders will be entitled to withdraw their election, not later than the close of
business on the last Exchange Date, by sending to the institution and at the
address located in the Borough of Manhattan, The City of New York, specified in
the notice a telex, facsimile transmission or letter setting forth the name of
such Holder, the principal amount of Registrable Notes delivered for exchange
and a statement that such Holder is withdrawing his election to have such Notes
exchanged.

     

    As soon
as practicable after the last Exchange Date, the Operating Partnership
shall:

     

    (i)       accept
for exchange Registrable Notes or portions thereof tendered and not validly
withdrawn pursuant to the Exchange Offer; and

     

    (ii)       deliver,
or cause to be delivered, to the Trustee for cancellation all Registrable Notes
or portions thereof so accepted for exchange by the Operating Partnership and
issue, and cause the Trustee to promptly authenticate and mail to each Holder,
an Exchange Note equal in principal amount to the principal amount of the
Registrable Notes surrendered by such Holder.

     

    The
Operating Partnership and the Guarantors shall use their commercially reasonable
efforts to complete the Exchange Offer as provided above and shall comply with
the applicable requirements of the 1933 Act, the 1934 Act and other applicable
laws and regulations in connection with the Exchange Offer.  The
Exchange Offer shall not be subject to any conditions, other than that the
Exchange Offer does not violate applicable law or any applicable

     

    
      
         

      

      
        
        

        
          

        

      

      
         

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     interpretation
of the Staff of the SEC.  The Operating Partnership shall inform the
Initial Purchasers, if requested by the Initial Purchasers, of the names and
addresses of the Holders to whom the Exchange Offer is made, and the Initial
Purchasers shall have the right, subject to applicable law, to contact such
Holders and otherwise facilitate the tender of Registrable Notes in the Exchange
Offer.

     

    (b)           In
the event that (i) the Operating Partnership determines that the Exchange
Offer Registration provided for in Section 2(a) above is not available or
may not be consummated as soon as practicable after the last Exchange Date
because it would violate applicable law or the applicable interpretations of the
Staff of the SEC, (ii) the Exchange Offer is not for any other reason
consummated on or prior to 180 days after the Closing Date, or (iii) in the
opinion of counsel for the Initial Purchasers a Registration Statement must be
filed and a Prospectus must be delivered by the Initial Purchasers in connection
with any offering or sale of Registrable Notes, the Operating Partnership and
the Guarantors shall cause to be filed as soon as practicable after such
determination, date or notice of such opinion of counsel is given to the
Operating Partnership, a Shelf Registration Statement providing for the sale by
the Holders of all of the Registrable Notes and use their commercially
reasonable efforts to have such Shelf Registration Statement declared effective
by the SEC.  In the event the Operating Partnership and the Guarantors
are required to file a Shelf Registration Statement solely as a result of the
matters referred to in clause (iii) of the preceding sentence, the Operating
Partnership and the Guarantors shall file and use their commercially reasonable
efforts to have declared effective by the SEC both an Exchange Offer
Registration Statement pursuant to Section 2(a) with respect to all
Registrable Notes and a Shelf Registration Statement (which may be a combined
Registration Statement with the Exchange Offer Registration Statement) with
respect to offers and sales of Registrable Notes held by the Initial Purchasers
after completion of the Exchange Offer.  The Operating Partnership and
the Guarantors agree to use their commercially reasonable efforts to keep the
Shelf Registration Statement continuously effective until the date that is one
year after the first date on which such Shelf Registration Statement becomes
effective or such earlier date when all of the Registrable Notes covered by the
Shelf Registration Statement have been sold pursuant to the Shelf Registration
Statement.  The Operating Partnership and the Guarantors further agree
to supplement or amend the Shelf Registration Statement if required by the
rules, regulations or instructions applicable to the registration form used by
the Operating Partnership and the Guarantors for such Shelf Registration
Statement or by the 1933 Act or by any other rules and regulations thereunder
for shelf registration or if reasonably requested by a Holder with respect to
information relating to such Holder, and to use its commercially reasonable
efforts to cause any such amendment to become effective and such Shelf
Registration Statement to become usable as soon as thereafter
practicable.  The Operating Partnership agrees to furnish to the
Holders of Registrable Notes copies of any such supplement or amendment promptly
after its being used or filed with the SEC.

     

    (c)           The
Operating Partnership and the Guarantors shall pay all Registration Expenses in
connection with the registration pursuant to Section 2(a) or
Section 2(b).  Each Holder shall pay all underwriting discounts
and commissions and transfer taxes, if any, relating to the sale or disposition
of such Holder’s Registrable Notes pursuant to the Shelf Registration
Statement.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

        
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    (d)           An
Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a
Shelf Registration Statement pursuant to Section 2(b) hereof will not be
deemed to have become effective unless it has been declared effective by the
SEC; provided, however, that, if, after it
has been declared effective, the offering of Registrable Notes pursuant to a
Shelf Registration Statement is interfered with by any stop order, injunction or
other order or requirement of the SEC or any other governmental agency or court,
such Registration Statement will be deemed not to have become effective during
the period of such interference until the offering of Registrable Notes pursuant
to such Registration Statement may legally resume. As provided for in the
Indenture, in the event that the Exchange Offer is not consummated, and if a
Shelf Registration Statement is required hereby, the Shelf Registration
Statement is not declared effective on or prior to 180 days after the Closing
Date, the interest rate on the Notes (and the Exchange Notes) will increase by
0.5% per annum until the Exchange Offer is consummated or a Shelf Registration
Statement is declared effective.

     

    (e)           Without
limiting the remedies available to the Initial Purchasers and the Holders, the
Operating Partnership and the Guarantors acknowledge that any failure to comply
with their respective obligations under Section 2(a) and Section 2(b)
hereof may result in material irreparable injury to the Initial Purchasers or
the Holders for which there is no adequate remedy at law, that it will not be
possible to measure damages for such injuries precisely and that, in the event
of any such failure, the Initial Purchasers or any Holder may obtain such relief
as may be required to specifically enforce the respective obligations of the
Operating Partnership and the Guarantors under Section 2(a) and
Section 2(b) hereof.

     

    3.           Registration
Procedures.  In connection with the obligations of the
Operating Partnership and the Guarantors with respect to the Registration
Statements pursuant to Section 2(a) and Section 2(b) hereof, the
Operating Partnership and the Guarantors shall as expeditiously as
possible:

     

    (a)           prepare
and file with the SEC a Registration Statement on the appropriate form under the
1933 Act, which form (x) shall be selected by the Operating Partnership and
(y) shall, in the case of a Shelf Registration, be available for the sale
of the Registrable Notes by the selling Holders thereof and (z) shall comply as
to form in all material respects with the requirements of the applicable form
and include all financial statements required by the SEC to be filed therewith,
and use its commercially reasonable efforts to cause such Registration Statement
to become effective and remain effective in accordance with Section 2
hereof;

     

    (b)           prepare
and file with the SEC such amendments and post-effective amendments to each
Registration Statement as may be necessary to keep such Registration Statement
effective for the applicable period and cause each Prospectus to be supplemented
by any required prospectus supplement and, as so supplemented, to be filed
pursuant to Rule 424 under the 1933 Act; to keep each Prospectus current during
the period described under Section 4(3) and Rule 174 under the 1933 Act
that is applicable to transactions by brokers or dealers with respect to the
Registrable Notes or Exchanges Notes;

     

    
      
         

      

      
        
        

        
          

        

      

      
         

        
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    (c)           in
the case of a Shelf Registration, furnish to each Holder of Registrable Notes,
to counsel for the Initial Purchasers, to counsel for the Holders and to each
Underwriter of an Underwritten Offering of Registrable Notes, if any, without
charge, as many copies of each Prospectus, including each preliminary
Prospectus, and any amendment or supplement thereto and such other documents as
such Holder or Underwriter may reasonably request, in order to facilitate the
public sale or other disposition of the Registrable Notes; and the Operating
Partnership and the Guarantors consent to the use of such Prospectus and any
amendment or supplement thereto in accordance with applicable law by each of the
selling Holders of Registrable Notes and any such Underwriters in connection
with the offering and sale of the Registrable Notes covered by and in the manner
described in such Prospectus or any amendment or supplement thereto in
accordance with applicable law;

     

    (d)           use
their commercially reasonable efforts to register or qualify the Registrable
Notes under all applicable state securities or “blue sky” laws of such
jurisdictions as any Holder of Registrable Notes covered by a Registration
Statement shall reasonably request in writing by the time the applicable
Registration Statement is declared effective by the SEC, to cooperate with such
Holders in connection with any filings required to be made with the FINRA and do
any and all other acts and things which may be reasonably necessary or advisable
to enable such Holder to consummate the disposition in each such jurisdiction of
such Registrable Notes owned by such Holder; provided, however, that none of the
Operating Partnership or any Guarantor shall be required to (i) qualify as
a foreign corporation or as a broker or dealer in securities in any jurisdiction
where it would not otherwise be required to qualify but for this
Section 3(d), (ii) file any general consent to service of process or
(iii) subject itself to taxation in any such jurisdiction that it is
already not so subject;

     

    (e)           in
the case of a Shelf Registration, notify each Holder of Registrable Notes,
counsel for the Holders and counsel for the Initial Purchasers promptly and, if
requested by any such Holder or counsel, confirm such advice in writing
(i) when such Registration Statement has become effective and when any
post-effective amendment thereto has been filed and becomes effective,
(ii) of any request by the SEC or any state securities authority for
amendments and supplements to such Registration Statement and Prospectus or for
additional information after such Registration Statement has become effective,
(iii) of the issuance by the SEC or any state securities authority of any
stop order suspending the effectiveness of such Registration Statement or the
initiation of any proceedings for that purpose, (iv) if, between the
effective date of such Registration Statement and the closing of any sale of
Registrable Notes covered thereby, the representations and warranties of the
Operating Partnership and the Guarantors contained in any underwriting
agreement, securities sales agreement or other similar agreement, if any,
relating to the offering cease to be true and correct in any material respect or
if the Operating Partnership receives any notification with respect to the
suspension of the qualification of the Registrable Notes for sale in any
jurisdiction or the initiation of any proceeding for such purpose, (v) of
the happening of any event during the period a Shelf Registration Statement is
effective such that such Registration Statement or the related

     

    
      
         

      

      
        
        

        
          

        

      

      
         

        
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    Prospectus
contains an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make statements therein not
misleading and (vi) of any determination by the Operating Partnership and
the Guarantors that a post-effective amendment to such Registration Statement
would be appropriate;

     

    (f)           make
every reasonable effort to obtain the withdrawal of any order suspending the
effectiveness of a Registration Statement at the earliest possible moment and
provide immediate notice to each Holder of the withdrawal of any such
order;

     

    (g)           in
the case of a Shelf Registration, furnish to each Holder of Registrable Notes,
without charge, at least one conformed copy of each Registration Statement and
any post-effective amendment thereto (without documents incorporated therein by
reference or exhibits thereto, unless requested);

     

    (h)           in
the case of a Shelf Registration, cooperate with the selling Holders of
Registrable Notes to facilitate the timely preparation and delivery of
certificates representing Registrable Notes to be sold and not bearing any
restrictive legends and enable such Registrable Notes to be in such
denominations (consistent with the provisions of the Indenture) and registered
in such names as the selling Holders may reasonably request at least one
business day prior to the closing of any sale of Registrable Notes;

     

    (i)           in
the case of a Shelf Registration, upon the occurrence of any event contemplated
by Section 3(e)(v) or (vi) hereof, use its commercially reasonable efforts
to prepare and file with the SEC a supplement or post-effective amendment to a
Registration Statement or the related Prospectus or any document incorporated
therein by reference or file any other required document so that, as thereafter
delivered to the purchasers of the Registrable Notes, such Prospectus will not
contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.  The Operating Partnership
and the Guarantors agree to notify the Holders to suspend use of the Prospectus
as promptly as practicable after the occurrence of such an event, and the
Holders hereby agree to suspend use of the Prospectus upon receipt of such
notice until the Operating Partnership and the Guarantors have amended or
supplemented the Prospectus to correct such misstatement or
omission;

     

    (j)           a
reasonable time prior to the filing of any Registration Statement, any
Prospectus, any amendment to a Registration Statement or amendment or supplement
to a Prospectus or any document which is to be incorporated by reference into a
Registration Statement or a Prospectus after initial filing of a Registration
Statement, provide copies of such document to the Initial Purchasers and their
counsel, upon request, (and, in the case of a Shelf Registration Statement, the
Holders and their counsel) and make such of the representatives of the Operating
Partnership and the Guarantors as shall be reasonably requested by the Initial
Purchasers or their counsel (and, in the case of a Shelf Registration Statement,
the Holders or their counsel) available for discussion of such

     

    
      
         

      

      
        
        

        
          

        

      

      
         

        
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     document,
and shall not at any time file or make any amendment to the Registration
Statement, any Prospectus or any amendment of or supplement to a Registration
Statement or a Prospectus or any document which is to be incorporated by
reference into a Registration Statement or a Prospectus, of which the Initial
Purchasers and their counsel (and, in the case of a Shelf Registration
Statement, the Holders and their counsel) shall not have previously been advised
and furnished a copy or to which the Initial Purchasers or their counsel (and,
in the case of a Shelf Registration Statement, the Holders or their counsel)
shall reasonably object;

     

    (k)           cause
the Indenture to be qualified under the Trust Indenture Act of 1939, as amended
(the “TIA”), in
connection with the registration of the Exchange Notes or Registrable Notes, as
the case may be, cooperate with the Trustee and the Holders to effect such
changes to the Indenture as may be required for the Indenture to be so qualified
in accordance with the terms of the TIA and execute, and use its commercially
reasonable efforts to cause the Trustee to execute, all documents as may be
required to effect such changes and all other forms and documents required to be
filed with the SEC to enable the Indenture to be so qualified in a timely
manner;

     

    (l)           in
the case of a Shelf Registration, make available for inspection by a
representative of the Holders of the Registrable Notes, any Underwriter
participating in any disposition pursuant to such Shelf Registration Statement,
and attorneys and accountants designated by the Holders, at reasonable times and
in a reasonable manner, all financial and other records, pertinent documents and
properties of the Company, the Operating Partnership and their subsidiaries, and
cause the respective officers, directors and employees of the Operating
Partnership and the Guarantors to supply all information reasonably requested by
any such representative, Underwriter, attorney or accountant in connection with
a Shelf Registration Statement;

     

    (m)           in
the case of a Shelf Registration, use their commercially reasonable efforts to
cause all Registrable Notes to be listed on any securities exchange or any
automated system on which similar securities issued by the Operating Partnership
or the Guarantors are then listed if requested by the Majority Holders, to the
extent such Registrable Notes satisfy applicable listing
requirements;

     

    (n)           use
their commercially reasonable efforts to cause the Exchange Notes or Registrable
Notes, as the case may be, to be rated by two nationally recognized statistical
rating organizations (as such term is defined in Rule 436(g)(2) under the 1933
Act);

     

    (o)           if
reasonably requested by any Holder of Registrable Notes covered by a
Registration Statement in order to accurately reflect information regarding such
Holder or such Holder’s plan of distribution as required by such Registration
Statement, (i) promptly incorporate in a Prospectus supplement or
post-effective amendment such required information with respect to such Holder
as such Holder reasonably requests to be included therein and (ii) make all
required filings of such Prospectus supplement or

     

    
      
         

      

      
        
        

        
          

        

      

      
         

        
          11

        

      

    

    

     

    such
post-effective amendment as soon as the Operating Partnership has received
notification of the matters to be incorporated in such filing; and

     

    (p)           in
the case of a Shelf Registration, use their commercially reasonable efforts to
enter into such customary agreements and take all such other actions in
connection therewith (including those requested by the Holders of a majority of
the Registrable Notes being sold) in order to expedite or facilitate the
disposition of such Registrable Notes including, but not limited to, an
Underwritten Offering and in such connection, (i) to the extent possible,
make such representations and warranties to the Holders and any Underwriters of
such Registrable Notes with respect to the business of the Company, the
Operating Partnership and their subsidiaries, the Registration Statement,
Prospectus and documents incorporated by reference or deemed incorporated by
reference, if any, in each case, in form, substance and scope as are customarily
made by issuers to underwriters in Underwritten Offerings (but in no event more
onerous to the Company, the Operating Partnership and the Subsidiary Guarantors
than those contained in the Purchase Agreement), and confirm the same if and
when requested, (ii) obtain opinions of counsel to the Company, the
Operating Partnership and the Subsidiary Guarantors (which counsel and opinions,
in form, scope and substance, shall be reasonably satisfactory to the Holders
and such Underwriters and their respective counsel) addressed to each selling
Holder and Underwriter of Registrable Notes covering the matters customarily
covered in opinions requested in Underwritten Offerings (but in no event more
onerous to the Company, the Operating Partnership and the Subsidiary Guarantors
than those opinions required in the Purchase Agreement), (iii) obtain “cold
comfort” letters from the independent certified public accountants of the
Company and the Operating Partnership (and, if necessary, any other certified
public accountant of any subsidiary of the Company or the Operating Partnership,
or of any business acquired by the Company or the Operating Partnership for
which financial statements and financial data are or are required to be included
in the Registration Statement) addressed to each selling Holder and Underwriter
of Registrable Notes, such letters to be in customary form and covering matters
of the type customarily covered in “cold comfort” letters in connection with
Underwritten Offerings, and (iv) deliver such documents and certificates as
may be reasonably requested by the Holders of a majority in principal amount of
the Registrable Notes being sold or the Underwriters, and which are customarily
delivered in Underwritten Offerings, to evidence the continued validity of the
representations and warranties of the Company, the Operating Partnership and the
Subsidiary Guarantors made pursuant to clause (i) above and to evidence
compliance with any customary conditions contained in an underwriting
agreement.

     

    In the
case of a Shelf Registration Statement, the Operating Partnership may require
each Holder of Registrable Notes to furnish to the Operating Partnership such
information regarding such Holder and the proposed distribution by such Holder
of such Registrable Notes as the Operating Partnership may from time to time
reasonably request in writing.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

        
          12

        

      

    

    

     

    In the
case of a Shelf Registration Statement, each Holder agrees that, upon receipt of
any notice from the Operating Partnership of the happening of any event of the
kind described in Section 3(e)(v) or (vi) hereof, such Holder will
forthwith discontinue disposition of Registrable Notes pursuant to a
Registration Statement until such Holder’s receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 3(i) hereof,
and, if so directed by the Operating Partnership, such Holder will deliver to
the Operating Partnership (at its expense) all copies in its possession, other
than permanent file copies then in such Holder’s possession, of the Prospectus
covering such Registrable Notes current at the time of receipt of such
notice.  The Operating Partnership may suspend the availability of any
Shelf Registration Statement for not more than two times during any 365 day
period and any such suspensions may not exceed 30 days for each
suspension.  If the Operating Partnership shall give any such notice
to suspend the disposition of Registrable Notes pursuant to a Registration
Statement, the Operating Partnership and the Guarantors shall extend the period
during which the Registration Statement shall be maintained effective pursuant
to this Agreement by the number of days during the period from and including the
date of the giving of such notice to and including the date when the Operating
Partnership and the Guarantors shall have made available to the Holders copies
of the supplemented or amended Prospectus necessary to resume such
dispositions.

     

    The
Holders of Registrable Notes covered by a Shelf Registration Statement who
desire to do so may sell such Registrable Notes in an Underwritten Offering;
provided that the
Company, the Operating Partnership and the Subsidiary Guarantors shall be
required to use their commercially reasonable efforts to make an Underwritten
Offering only upon the request of Holders of at least 25% of the Registrable
Notes outstanding at the time such request is delivered to the Operating
Partnership.  In the case of any Underwritten Offering, the Operating
Partnership shall (x) provide written notice to the Holders of all Registrable
Notes of such Underwritten Offering at least 30 days prior to the filing of a
prospectus for such Underwritten Offering, (y) specify a date, which shall
be no earlier than 10 days following the date of such notice, by which each such
Holder must inform the Operating Partnership of its intent to participate in
such Underwritten Offering and (z) include reasonable procedures that are
customary to underwritten offerings of the type contemplated herein that such
Holder must follow in order to participate in such Underwritten
Offering.  In any such Underwritten Offering, the investment banker or
investment bankers and manager or managers (each, an “Underwriter” and,
collectively, the “Underwriters”) that will
administer the offering will be selected by the Majority Holders of the
Registrable Notes included in such offering and shall be approved by the
Operating Partnership, which approval shall not be unreasonably
withheld.

     

    4.           Participation of
Broker-Dealers In Exchange Offer.

     

      (b)  The
Staff of the SEC has taken the position that any broker-dealer that receives
Exchange Notes for its own account in the Exchange Offer in exchange for Notes
that were acquired by such broker-dealer as a result of market-making or other
trading activities (a “Participating Broker-Dealer”),
may be deemed to be an “underwriter” within the meaning of the 1933 Act and must
deliver a prospectus meeting the requirements of the 1933 Act in connection with
any resale of such Exchanges Notes.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

        
          13

        

      

    

    

     The
Operating Partnership and the Guarantors understand that it is the Staff’s
position that if the Prospectus contained in the Exchange Offer Registration
Statement includes a plan of distribution containing a statement to the above
effect and the means by which Participating Broker-Dealers may resell the
Exchange Notes, without naming the Participating Broker-Dealers or specifying
the amount of Exchange Notes owned by them, such Prospectus may be delivered by
Participating Broker-Dealers to satisfy their prospectus delivery obligation
under the 1933 Act in connection with resales of Exchange Notes for their own
accounts, so long as the Prospectus otherwise meets the requirements of the 1933
Act.

     

    (b)           In
light of the above, notwithstanding the other provisions of this Agreement, the
Operating Partnership and the Guarantors agree that the provisions of this
Agreement as they relate to a Shelf Registration shall also apply to an Exchange
Offer Registration to the extent, and with such reasonable modifications thereto
as may be, reasonably requested by the Initial Purchasers or by one or more
Participating Broker-Dealers, in each case as provided in clause (ii) below, in
order to expedite or facilitate the disposition of any Exchange Notes by
Participating Broker-Dealers consistent with the positions of the Staff recited
in Section 4(a) above; provided that:

     

    (i)       None
of the Company, the Operating Partnership or any Subsidiary Guarantor shall be
required to amend or supplement the Prospectus contained in the Exchange Offer
Registration Statement, as would otherwise be contemplated by Section 3(i),
for a period exceeding 180 days after the last Exchange Date (as such period may
be extended pursuant to the penultimate paragraph of Section 3 of this
Agreement) and Participating Broker-Dealers shall not be authorized by the
Operating Partnership or the Guarantors to deliver and shall not deliver such
Prospectus after such period in connection with the resales contemplated by this
Section 4; and

     

    (ii)       the
application of the Shelf Registration procedures set forth in Section 3 of
this Agreement to an Exchange Offer Registration, to the extent not required by
the positions of the Staff of the SEC or the 1933 Act and the rules and
regulations thereunder, will be in conformity with the reasonable request to the
Operating Partnership by the Initial Purchasers or with the reasonable request
in writing to the Operating Partnership by one or more broker-dealers who
certify to the Initial Purchasers, the Operating Partnership and the Guarantors
in writing that they anticipate that they will be Participating Broker-Dealers;
and provided further
that, in connection with such application of the Shelf Registration
procedures set forth in Section 3 to an Exchange Offer Registration, the
Operating Partnership and the Guarantors shall be obligated (x) to deal only
with one entity representing the Participating Broker-Dealers, which shall be
J.P. Morgan Securities Inc. unless it elects not to act as such representative,
(y) to pay the fees and expenses of only one counsel representing the
Participating Broker-Dealers, which shall be counsel to the Initial Purchasers
unless such counsel elects not to so act and (z) to cause to be delivered only
one, if any, “cold comfort” letter with respect to the Prospectus in the form
existing on the last Exchange Date and with respect to each subsequent amendment
or supplement, if any, effected during the period specified in clause (i)
above.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

        
          14

        

      

    

    

     

    (c)           The
Initial Purchasers shall have no liability to the Company, the Operating
Partnership or the Subsidiary Guarantors or any Holder with respect to any
request that it may make pursuant to Section 4(b) above.

     

    5.           Indemnification and
Contribution.  (c)  The Company, the Operating
Partnership and each Subsidiary Guarantor, jointly and severally, agree to
indemnify and hold harmless each Initial Purchaser, each Holder and each person,
if any, who controls any Initial Purchaser or any Holder within the meaning of
either Section 15 of the 1933 Act or Section 20 of the 1934 Act, or is
under common control with, or is controlled by, any Initial Purchaser or any
Holder, from and against all losses, claims, damages and liabilities (including,
without limitation, any legal or other expenses reasonably incurred by any
Initial Purchaser, any Holder or any such controlling or affiliated person in
connection with defending or investigating any such action or claim) caused by
any untrue statement or alleged untrue statement of a material fact contained in
any Registration Statement (or any amendment thereto) pursuant to which Exchange
Notes or Registrable Notes were registered under the 1933 Act, including all
documents incorporated therein by reference, or caused by any omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, or caused by any
untrue statement or alleged untrue statement of a material fact contained in any
Prospectus (as amended or supplemented if the Operating Partnership and the
Guarantors shall have furnished any amendments or supplements thereto), or
caused by any omission or alleged omission to state therein a material fact
necessary to make the statements therein in the light of the circumstances under
which they were made not misleading, except insofar as such losses, claims,
damages or liabilities are caused by any such untrue statement or omission or
alleged untrue statement or omission based upon information relating to any
Initial Purchaser or any Holder furnished to the Operating Partnership and the
Guarantors in writing by such Initial Purchaser or such Holder expressly for use
therein.  In connection with any Underwritten Offering permitted by
Section 3, the Company, the Operating Partnership and each Subsidiary
Guarantor will also indemnify the Underwriters, if any, their officers and
directors and each Person who controls such Persons (within the meaning of the
Securities Act and the Exchange Act) to the same extent as provided above with
respect to the indemnification of the Holders, if requested in connection with
any Registration Statement.

     

    (b)           Each
Holder agrees, severally and not jointly, to indemnify and hold harmless the
Company, the Operating Partnership, the Subsidiary Guarantors, the Initial
Purchasers and the other selling Holders, and each of their respective
directors, officers who sign the Registration Statement and each person, if any,
who controls the Company, the Operating Partnership, the Subsidiary Guarantors,
the Initial Purchasers and any other selling Holder within the meaning of either
Section 15 of the 1933 Act or Section 20 of the 1934 Act to the same
extent as the foregoing indemnity from the Company, the Operating Partnership
and each Subsidiary Guarantor to the Initial Purchasers and the Holders, but
only with reference to information relating to such Holder furnished to the
Company and the Operating Partnership in writing by such Holder expressly for
use in any Registration Statement (or any amendment thereto) or any Prospectus
(or any amendment or supplement thereto).

     

    
      
         

      

      
        
        

        
          

        

      

      
         

        
          15

        

      

    

    

    (c)           In
case any proceeding (including any governmental investigation) shall be
instituted involving any person in respect of which indemnity may be sought
pursuant to either paragraph (a) or paragraph (b) above, such person (the “indemnified party”) shall
promptly notify the person against whom such indemnity may be sought (the “indemnifying party”) in
writing and the indemnifying party, upon request of the indemnified party, shall
retain counsel reasonably satisfactory to the indemnified party to represent the
indemnified party and any others the indemnifying party may designate in such
proceeding and shall pay the reasonable fees and disbursements of such counsel
related to such proceeding.  In any such proceeding, any indemnified
party shall have the right to retain its own counsel, but the fees and expenses
of such counsel shall be at the expense of such indemnified party unless
(i) the indemnifying party and the indemnified party shall have mutually
agreed to the retention of such counsel, (ii) the named parties to any such
proceeding (including any impleaded parties) include both the indemnifying party
and the indemnified party and representation of both parties by the same counsel
would be inappropriate due to actual or potential differing interests between
them or (iii) the indemnifying party does not, within a reasonable period
of time after request of such indemnified party, retain counsel to represent
such indemnified party. It is understood that the indemnifying party shall not,
in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for (A) the reasonable fees and expenses of more
than one separate firm (in addition to any local counsel) for the Initial
Purchasers and all persons, if any, who control the Initial Purchasers within
the meaning of either Section 15 of the 1933 Act or Section 20 of the
1934 Act, (B) the reasonable fees and expenses of more than one separate
firm (in addition to any local counsel) for the Company, the Operating
Partnership, the Subsidiary Guarantors, their respective directors and officers
who sign the Registration Statement and each person, if any, who controls the
Company, the Operating Partnership and the Subsidiary Guarantors within the
meaning of either such Section and (C) the fees and expenses of more
than one separate firm (in addition to any local counsel) for all Holders and
all persons, if any, who control any Holders within the meaning of either such
Section, and that all such fees and expenses shall be reimbursed as they are
incurred.  In such case involving the Initial Purchasers and persons
who control the Initial Purchasers, such firm shall be designated in writing by
J.P. Morgan Securities Inc.  In such case involving the Holders and
such persons who control Holders, such firm shall be designated in writing by
the Majority Holders.  In all other cases, such firm shall be
designated by the Operating Partnership.  The indemnifying party shall
not be liable for any settlement of any proceeding effected without its written
consent but, if settled with such consent or if there be a final judgment for
the plaintiff, the indemnifying party agrees to indemnify the indemnified party
from and against any loss or liability by reason of such settlement or
judgment.  Notwithstanding the foregoing sentence, if at any time an
indemnified party shall have requested an indemnifying party to reimburse the
indemnified party for reasonable fees and expenses of counsel as contemplated by
the second and third sentences of this paragraph, the indemnifying party agrees
that it shall be liable for any settlement of any proceeding effected without
its written consent if (i) such settlement is entered into more than 45
days after receipt by such indemnifying party of the aforesaid request and
(ii) such indemnifying party shall not have reimbursed the indemnified
party for such fees and expenses of counsel in accordance with such request
prior to the date of such settlement.  No indemnifying party shall,
without the prior written consent of the indemnified party, effect any
settlement of any pending or threatened proceeding in respect of

     

    
      
         

      

      
        
        

        
          

        

      

      
         

        
          16

        

      

    

    

     

    which
such indemnified party is or could have been a party and indemnity could have
been sought hereunder by such indemnified party, unless such settlement (A)
includes an unconditional release of such indemnified party from all liability
on claims that are the subject matter of such proceeding and (B) does not
include any statements as to an admission of fault, culpability or failure to
act by or on behalf of any indemnified party.

     

    (d)           If
the indemnification provided for in paragraph (a) or paragraph (b) of this
Section 5 is unavailable to an indemnified party or insufficient in respect
of any losses, claims, damages or liabilities, then each indemnifying party
under such paragraph, in lieu of indemnifying such indemnified party thereunder,
shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, damages or liabilities in such proportion as is
appropriate to reflect the relative fault of the indemnifying party or parties
on the one hand and of the indemnified party or parties on the other hand in
connection with the statements or omissions that resulted in such losses,
claims, damages or liabilities, as well as any other relevant equitable
considerations.  The relative fault of the Company, the Operating
Partnership, the Subsidiary Guarantors and the Holders shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company, the Operating Partnership and
the Subsidiary Guarantors or by the Holders and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission.  The Holders’ respective obligations to
contribute pursuant to this Section 5(d) are several in proportion to the
respective number of Registrable Notes of such Holder that were registered
pursuant to a Registration Statement.

     

    (e)           The
Company, the Operating Partnership, the Subsidiary Guarantors and each Holder
agree that it would not be just or equitable if contribution pursuant to this
Section 5 were determined by pro rata allocation or by any other method of
allocation that does not take account of the equitable considerations referred
to in paragraph (d) above. The amount paid or payable by an indemnified party as
a result of the losses, claims, damages and liabilities referred to in paragraph
(d) above shall be deemed to include, subject to the limitations set forth
above, any legal or other expenses reasonably incurred by such indemnified party
in connection with investigating or defending any such action or
claim.  Notwithstanding the provisions of this Section 5, no
Holder shall be required to indemnify or contribute any amount in excess of the
amount by which the total price at which Registrable Notes were sold by such
Holder exceeds the amount of any damages that such Holder has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission.  No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the 1933 Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation. The remedies provided for in this Section 5 are not
exclusive and shall not limit any rights or remedies which may otherwise be
available to any indemnified party at law or in equity.

     

    The
indemnity and contribution provisions contained in this Section 5 shall
remain operative and in full force and effect regardless of (i) any
termination of this Agreement, (ii) any investigation made by or on behalf
of any Initial Purchaser, any Holder or any person controlling any Initial
Purchaser or any Holder, or by or on behalf of the Company, the

     

    
      
         

      

      
        
        

        
          

        

      

      
         

        
          17

        

      

    

    

     

    Operating
Partnership, the Subsidiary Guarantors, their respective officers or directors
or any person controlling the Company, the Operating Partnership or the
Subsidiary Guarantors, (iii) acceptance of any of the Exchange Notes and
(iv) any sale of Registrable Notes pursuant to a Shelf Registration
Statement.

     

    6.           Miscellaneous.

     

    (a)           Effectiveness.
Notwithstanding anything to the contrary in this Agreement, the provisions of
this Agreement shall not become operative until the Release Date.  In
the event that the Release Date does not occur prior to December 2, 2009, this
Agreement shall be terminated and of no force or effect.

     

    (b)           No Inconsistent
Agreements.  None of the Company, the Operating Partnership or
the Subsidiary Guarantors has entered into, and on or after the date of this
Agreement will enter into, any agreement which is inconsistent with the rights
granted to the Holders of Registrable Notes in this Agreement or otherwise
conflicts with the provisions hereof. The rights granted to the Holders
hereunder do not in any way conflict with and are not inconsistent with the
rights granted to the holders of the other issued and outstanding securities of
the Company, the Operating Partnership and the Subsidiary Guarantors under any
such agreements.

     

    (c)           Amendments and
Waivers.  The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given
unless the Operating Partnership has obtained the written consent of Holders of
at least a majority in aggregate principal amount of the outstanding Registrable
Notes affected by such amendment, modification, supplement, waiver or consent;
provided, however, that no amendment, modification, supplement, waiver or
consents to any departure from the provisions of Section 5 hereof shall be
effective as against any Holder of Registrable Notes unless consented to in
writing by such Holder.

     

    (d)           Notices.  All
notices and other communications provided for or permitted hereunder shall be
made in writing by hand-delivery, registered first-class mail, facsimile or any
courier guaranteeing overnight delivery (i) if to a Holder, at the most current
address given by such Holder to the Operating Partnership by means of a notice
given in accordance with the provisions of this Section 6(d), which address
initially is, with respect to the Initial Purchasers, the address set forth in
the Purchase Agreement; and (ii) if to the Company, the Operating Partnership or
the Subsidiary Guarantors initially at the Operating Partnership’s address set
forth in the Purchase Agreement and thereafter at such other address, notice of
which is given in accordance with the provisions of this
Section 6(d).

     

    All such
notices and communications shall be deemed to have been duly
given:  at the time delivered by hand, if personally delivered; five
business days after being deposited in the mail, postage prepaid, if mailed;
when receipt is confirmed, if faxed; and on the next business day if timely
delivered to an air courier guaranteeing overnight delivery.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

        
          18

        

      

    

    

     

    Copies of
all such notices, demands, or other communications shall be concurrently
delivered by the person giving the same to the Trustee, at the address specified
in the Indenture.

     

    (e)           Successors and
Assigns.  This Agreement shall inure to the benefit of and be
binding upon the successors, assigns and transferees of each of the parties,
including, without limitation and without the need for an express assignment,
subsequent Holders; provided that nothing herein
shall be deemed to permit any assignment, transfer or other disposition of
Registrable Notes in violation of the terms of the Purchase
Agreement.  If any transferee of any Holder shall acquire Registrable
Notes, in any manner, whether by operation of law or otherwise, such Registrable
Notes shall be held subject to all of the terms of this Agreement, and by taking
and holding such Registrable Notes such person shall be conclusively deemed to
have agreed to be bound by and to perform all of the terms and provisions of
this Agreement and such person shall be entitled to receive the benefits
hereof.  The Initial Purchasers (in their capacity as Initial
Purchasers) shall have no liability or obligation to the Company, the Operating
Partnership or the Subsidiary Guarantors with respect to any failure by a Holder
to comply with, or any breach by any Holder of, any of the obligations of such
Holder under this Agreement.

     

    (f)           Purchases and Sales of
Notes. The Company shall not, and shall use its commercially reasonable
efforts to cause its affiliates (as defined in Rule 405 under the 1933 Act) not
to, purchase and then resell or otherwise transfer any Notes other than Notes
acquired and cancelled.

     

    (g)           Third Party
Beneficiary.  The Holders shall be third party beneficiaries to
the agreements made hereunder between the Company, the Operating Partnership and
the Subsidiary Guarantors, on the one hand, and the Initial Purchasers, on the
other hand, and shall have the right to enforce such agreements directly to the
extent it deems such enforcement necessary or advisable to protect its rights or
the rights of Holders hereunder.

     

    (h)           Counterparts.  This
Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

     

    (i)           Headings.  The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

     

    (j)           Governing
Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK.

     

    (k)           Severability.  In
the event that any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or
unenforceable, the validity, legality and enforceability of any such provision
in every other respect and of the remaining provisions contained herein shall
not be affected or impaired thereby.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first
written above.

     

    
      	 
      	 
      	
              FELCOR
      LODGING TRUST INCORPORATED

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
              By:

            	
              /s/
      Jonathan H. Yellen

            
	 
      	 
      	 
      	
              Name:         Jonathan
      H. Yellen

            
	 
      	 
      	 
      	
              Title:           Executive
      Vice President,

              General Counsel and
      Secretary

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
              FELCOR
      LODGING LIMITED PARTNERSHIP

            
	 
      	 
      	 
      	 
      
	 
      	 
      	
              By:

            	
              FelCor
      Lodging Trust Incorporated, its general partner

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
              By:

            	
              /s/
      Jonathan H. Yellen

            
	 
      	 
      	 
      	
              Name:         Jonathan
      H. Yellen

            
	 
      	 
      	 
      	
              Title:           Executive
      Vice President,

              General Counsel and
      Secretary

            

    

    

    
      
        
          S-1

        

         

      

      
        
        

        
          

        

      

      
         

      

    

    

    
      	 
      	 
      	
              FELCOR/CSS
      HOLDINGS, L.P.

            
	 
      	 
      	
              By:

            	
              FELCOR/CSS
      HOTELS, L.L.C., General Partner

            
	 
      	 
      	
              FELCOR/ST.
      PAUL HOLDINGS, L.P.

            
	 
      	 
      	
              By:

            	
              FELCOR/CSS
      HOTELS, L.L.C., General Partner

            
	 
      	 
      	
              FELCOR
      CANADA CO.

            
	 
      	 
      	
              FELCOR
      HOTEL ASSET COMPANY, L.L.C.

            
	 
      	 
      	
              FELCOR
      LODGING HOLDING COMPANY, L.L.C.

            
	 
      	 
      	
              FELCOR
      TRS BORROWER 1, L.P.

            
	 
      	 
      	
              By:

            	
              FELCOR
      TRS BORROWER GP 1, L.L.C., General Partner

            
	 
      	 
      	
              FELCOR
      TRS BORROWER 4, L.L.C.

            
	 
      	 
      	
              FELCOR
      TRS HOLDINGS, L.L.C.

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
              By:

            	
              /s/
      Jonathan H. Yellen

            
	 
      	 
      	 
      	
              Name:         Jonathan
      H. Yellen

            
	 
      	 
      	 
      	
              Title:           Executive
      Vice President,

              General Counsel and
      Secretary

            

    

    

    

    
      
        
          S-2

        

         

      

      
        
        

        
          

        

      

      
         

      

    

    

     

    

    
      	
              The
      foregoing Registration Rights Agreement

              is
      hereby confirmed and accepted as of the

              date
      hereof by:

              J.P.
      MORGAN SECURITIES INC.

              BANC
      OF AMERICA SECURITIES LLC

              DEUTSCHE
      BANK SECURITIES INC.

              CITIGROUP
      GLOBAL MARKETS INC.

              GOLDMAN,
      SACHS & CO.

              SCOTIA
      CAPITAL (USA) INC.

              UBS
      SECURITIES LLC

               

              By:  J.P.
      MORGAN SECURITIES INC.,

              as
      representative of the Initial
Purchasers

            

    

    

     

    
      	
              By:

            	
              J.P.
      MORGAN SECURITIES, INC.,

              as
      representative of the Initial Purchasers

            
	 
      	 
      
	 
      	 
      
	 
      	
              /s/
      Mark H. Radin

            
	
              By:

            	
              Name:         Mark
      H. Radin

              Title:           Exec.
      Dir.

            

    

    

     

    

    
      
        
          S-3

        

         

      

      
        
        

        
          

        

      

      
         

      

    

    Schedule
A

    

    J.P.
Morgan Securities Inc.

    Banc of
America Securities LLC

    Deutsche
Bank Securities Inc.

    Citigroup
Global Markets Inc.

    Goldman,
Sachs & Co.

    Scotia
Capital (USA) Inc.

    UBS
Securities LLCexh_10-1.htm

    
      

    

     

    Exhibit
10.1

    

    

     

    PLEDGE
AGREEMENT

     

    This
PLEDGE AGREEMENT (this
“Agreement”),
dated as of October 13, 2009, among FELCOR HOLDINGS TRUST, a Massachusetts
business trust (the “LP Assignor”),
FELCOR LODGING LIMITED PARTNERSHIP, a Delaware limited partnership (the “Partnership”), FELCOR
CANADA HOLDING, L.P., a Delaware limited partnership, FELCOR/CSS HOTELS, L.L.C.,
a Delaware limited liability company, FELCOR TRS HOLDINGS, L.L.C., a Delaware
limited liability company, FELCOR TRS BORROWER GP 1, L.L.C., a Delaware
limited liability company, FELCOR HOTEL ASSET COMPANY, L.L.C., a Delaware
limited liability company (the “Subsidiary Assignors”
and together with the LP Assignor and the Partnership each an “Assignor” and
collectively, the “Assignors”), and
FELCOR LODGING TRUST INCORPORATED, a Maryland corporation (“FelCor” and together
with the Partnership, the “Companies”), in favor
of U.S. BANK NATIONAL ASSOCIATION, in its capacity as Collateral Agent for the
Secured Parties (as defined below) (the “Assignee”).

     

    WHEREAS, the LP Assignor
is the legal and beneficial owner of certain units of limited partner interests
of the Partnership, as more particularly described on Exhibit A attached hereto
(the “Issuer LP
Units”);

     

    WHEREAS, the Partnership and
the Assignors are the legal and beneficial owners of the ownership interests of
those certain Subsidiaries (each a “Subsidiary” and
collectively, the “Subsidiaries”) more
particularly described on Exhibit B attached hereto (the “Subsidiary Ownership
Interests”);

     

    WHEREAS, the Companies and
certain other parties have entered into the Indenture dated as of
October 31, 2006 with respect to the Senior Secured Floating Rate Notes due
2011 (the “Floating
Rate Notes”) (such agreement, as modified to date and as further amended,
modified, or amended and restated, the “Floating Rate
Indenture”);

     

    WHEREAS, FelCor Escrow
Holdings, L.L.C. (“Escrow Subsidiary”)
and U.S. Bank National Association as trustee  and collateral agent
(the “Trustee”)
have entered into that certain Indenture (as defined below) dated as of October
1, 2009 with respect to Escrow Subsidiary’s 10% Senior Secured Notes due 2014
(together with any additional Notes issued pursuant to the Indenture from time
to time and the Exchange Notes (as such term is defined in the Indenture),
collectively, the “Notes”);

     

    WHEREAS, the Partnership,
FelCor, the LP Assignor, the subsidiary guarantors and the Trustee have executed
a second supplemental indenture to the Indenture dated as of October 13, 2009
(the “Second
Supplemental Indenture”), by which the Partnership has assumed the rights
and obligations of Escrow Subsidiary under the Indenture (the Indenture, as
modified by a first supplemental indenture dated as of October 12, 2009, the
Second Supplemental Indenture, and as further amended, supplemented or otherwise
modified, the “Indenture”);

     

    WHEREAS, it is a requirement
under the Indenture that the Assignors execute and deliver to the Assignee a
pledge agreement in substantially the form hereof so that the Notes and related
guarantees issued under the Indenture shall be secured by the Collateral (as
defined below) that is granted to secure the Secured Obligations (as defined
below) under the Indenture; and

     

    
      
         

      

      
        
          

        

      

      
         

      

    

    

    WHEREAS, the Assignors and the
Companies are part of a group of related companies, and the Assignors have
received and/or expect to receive substantial direct and indirect benefits from
the loans and extensions of credit to the Companies pursuant to the Indenture
(which benefits are hereby acknowledged);

     

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

     

    1.   DEFINITIONS.

     

    All terms
not specifically defined herein, which terms are defined in the Uniform
Commercial Code as in effect in the State of New York, shall have the meanings
assigned to them therein.  The following terms shall have the
following meanings herein:

     

    Assigned
Interests.  See § 2.1 hereof.

     

    Assignee.  See
preamble.

     

    Assignors.  See
preamble.

     

    Assignor Organizational
Documents.  The charter, bylaws, partnership agreements or
other constitutive documents of each of the Assignors.

     

    Business
Day.  Any day on which banks are open for business in New York,
New York.

     

    Cash
Collateral.  See § 4.2.

     

    Cash Collateral
Account.  See § 4.2.

     

    Collateral.  The
Assigned Interests, the Cash Collateral, the Cash Collateral Account, and all
other property now or hereafter pledged or assigned to the Assignee by the
Assignors hereunder, and all income therefrom, increases therein and proceeds
thereof.

     

    Collateral
Documents.                                           As
defined in the Indenture.

     

    Companies.  See
preamble.

     

    Event of
Default.  As defined in the Indenture.

     

    FelCor.  See
preamble.

     

    Floating Rate
Indenture.  See preamble.

     

    Indenture.  See
preamble.

     

    Issuer LP
Units.  See preamble.

     

    
      
         

      

      
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    Issuer Partnership
Agreement.  The Second Amended and Restated Agreement of
Limited Partnership dated as of December 31, 2001, as amended by Addendum
No. 1 (and the annexes thereto), Addendum No. 2, Addendum No. 3,
Addendum No. 4, First Amendment dated as of April 1, 2002, Second Amendment
dated as of August 31, 2002, Third Amendment dated as of October 1, 2002, Fourth
Amendment dated as of July 1, 2003, Fifth Amendment dated as of April 2, 2004,
Sixth Amendment dated as of August 23, 2004, Seventh Amendment dated as of April
7, 2005, and Eighth Amendment dated as of August 30, 2005, as the same may be
further amended or amended and restated from time to time.

     

    LP Assigned
Interests.  See § 2.1.

     

    LP Assignor.  See
preamble.

     

    Noteholders.  As
defined in the Indenture.

     

    Organizational
Documents.  The Issuer Partnership Agreement and the Subsidiary
Organizational Documents.

     

    Ownership
Interests.  The Issuer LP Units and the Subsidiary Ownership
Interests.

     

    Partnership.  See
preamble.

     

    Secured
Obligations.  (i) all obligations, liabilities and indebtedness
(including, without limitation, principal, premium, interest (including, without
limitation, all interest that accrues after the commencement of any case,
proceeding or other action relating to the bankruptcy, insolvency,
reorganization or similar proceeding of any Company or any Assignor at the rate
provided for in the respective documentation, whether or not such claim for
post-petition interest is allowed in any such proceeding)) owing to the
Collateral Agent, the Trustee and the Noteholders, pursuant to the Notes, under
the Indenture, the Notes and the Collateral Documents and the due performance
and compliance by the Companies and the Assignors with all of the terms,
conditions and agreements contained in the Notes, the Indenture and the
Collateral Documents; (ii) any and all sums advanced by the Collateral Agent in
accordance with the Indenture or any of the Collateral Documents in order to
preserve the Collateral or preserve its security interest in the Collateral; and
(iii) in the event of any proceedings for the collection or enforcement of
any indebtedness, obligations, or liabilities of the Companies and the Assignors
referred to in clause (i) above, the reasonable expenses of retaking, holding,
preparing for sale or lease, selling or otherwise disposing of or realizing on
the Collateral, or of any exercise by the Collateral Agent of its rights
hereunder, together with reasonable attorneys’ fees and court
costs.

     

    Secured
Parties.  The Collateral Agent, the Trustee and the
Noteholders.

     

    Subsidiary.  See
preamble.

     

    Subsidiary Assigned
Interests.  See § 2.1.

     

    Subsidiary
Assignor.  See preamble.

     

    Subsidiary Organizational
Documents.  The charter, bylaws, partnership agreements or
other constitutive documents of the Partnership and each Subsidiary listed on
Exhibit B whose ownership interests are being pledged under this
Agreement.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    Subsidiary Ownership
Interests.  See preamble.

    

    Time
Deposits.  See § 4.2.

     

    Trustee.  U.S
Bank National Association in its capacity as Trustee under the
Indenture.

     

    2.   PLEDGE.

     

    2.1.           Grant of
Security Interest.  (i)  The
LP Assignor hereby pledges, grants a security interest in, mortgages, and
collaterally assigns and transfers to the Assignee, for the benefit of the
Secured Parties, as security for the payment and performance in full when due of
all of the Secured Obligations, all the right, title and interest of the LP
Assignor in and to the Issuer LP Units, directly or indirectly, wherever located
and whether now owned or hereafter acquired or arising, including, without
limitation, (a) all payments or distributions, whether in cash, property or
otherwise, at any time owing or payable to the Assignor on account of its
interest as a limited partner in the Partnership, (b) all of the
LP Assignor’s rights and interests as a limited partner under the Issuer
Partnership Agreement, including all voting rights and all rights to grant or
withhold consents or approvals in its capacity as a limited partner, (c) all
rights as a limited partner of access and inspection to and use of all books and
records, including computer software and computer software programs, of the
Partnership, (d) all other rights, interests, property or claims to which the LP
Assignor may be entitled in its capacity as a limited partner of the
Partnership, and (e) all proceeds and products of any of the foregoing (all of
the foregoing rights, title and interest described in the foregoing clauses (a)
through (e) being herein referred to collectively as the “LP Assigned
Interests”).

     

    (ii)           The
Partnership and each Subsidiary Assignor hereby pledges, grants a security
interest in, mortgages, and collaterally assigns and transfers to the Assignee,
for the benefit of the Secured Parties, as security for the payment and
performance in full when due of all of the Secured Obligations, all the right,
title and interest of the Partnership and each Subsidiary Assignor in and to the
Subsidiary Ownership Interests listed opposite its name on Exhibit B, wherever
located and whether now owned or hereafter acquired or arising, including,
without limitation, (a) all payments or distributions, whether in cash, property
or otherwise, at any time owing or payable to the Partnership and each
Subsidiary Assignor on account of its interest as an equityholder, general
partner, limited partner or member of the Subsidiary Ownership Interests, (b)
all of the Partnership’s and each Subsidiary Assignor’s rights and interests as
an equityholder, general partner, limited partner or member of the Subsidiary
Ownership Interests, including all voting rights and all rights to grant or
withhold consents or approvals in its capacity as an equityholder, general
partner, limited partner or member, (c) all rights as an equityholder, general
partner, limited partner or member of access and inspection to and use of all
books and records, including computer software and computer software programs,
of the Subsidiaries, (d) all other rights, interests, property or claims to
which the Partnership and each Subsidiary Assignor may be entitled in its
capacity as an equityholder, general partner, limited partner or member of the
Subsidiaries, and (e) all proceeds and products of any of the foregoing (all of
the foregoing rights, title and interest described in the foregoing clauses (a)
through (e) being herein referred to collectively as the “Subsidiary Assigned
Interests” and together with the LP Assigned Interests, the “Assigned
Interests”).

     

    2.2.           Pledge of
Cash Collateral Account.  The Assignors
also hereby pledge and assign to the Assignee, for the benefit of the Secured
Parties, and grant to the Assignee, for the benefit of the Secured Parties, a
security interest in, the Cash Collateral Account and all of the Cash
Collateral, subject to the terms of this Agreement.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    2.3.           Waiver of
Certain Organizational Document Provisions.  Each Assignor
irrevocably waives any and all provisions of the Organizational Documents that
(a) prohibit, restrict, condition or otherwise affect the grant hereunder of any
lien, security interest or encumbrance on any of the Collateral or any
enforcement action which may be taken in respect of any such lien, security
interest or encumbrance, or (b) otherwise conflict with the terms of this
Agreement.

     

    2.4.           Authorization
to File Financing Statements.  The Assignors
hereby authorize the Assignee to file in the applicable Uniform Commercial Code
filing offices financing statements naming the applicable Assignor as the debtor
and indicating the Collateral as the collateral.  Such financing
statements may indicate some or all of the collateral on such financing
statements, whether specifically or generally.

     

    2.5.           Tender of
Consents.  Each Assignor has
tendered to the Assignee the consent of any other equityholder, general partner,
limited partner or member of the Partnership or Subsidiary, as the case may be,
deemed necessary or appropriate by the Assignee for the consummation of the
transactions contemplated hereby.

     

    2.6.           Delivery
of Certificates.  The certificates
for the Issuer LP Units and the Subsidiary Ownership Interests, if any,
accompanied by appropriate instruments of assignment thereof duly executed in
blank by the applicable Assignors, have been delivered to the
Assignee.

     

    2.7.           Additional
Interests.  In case the
Assignors shall acquire any additional Ownership Interests (or any other
ownership interests exchangeable for or convertible into Ownership Interests),
whether by purchase, dividend, split or otherwise, then (i) such Ownership
Interests shall automatically be subject to the pledge, assignment and security
interest granted to the Assignee, for the benefit of the Secured Parties, under
this Agreement and the Assigned Interests shall include such additional
Ownership Interests and (ii) the Assignors shall deliver to the Assignee
forthwith any certificates therefor, accompanied by appropriate instruments of
assignment duly executed by the applicable Assignors in
blank, and the Assignee may update Exhibit A and/or B to reflect such additional
Ownership Interests. In any event, on the last day of each fiscal quarter, (a)
the Partnership and the Subsidiary Assignors shall update Exhibit B to reflect
the Ownership Interests then owned by the Partnership and the Subsidiary
Assignors, as applicable and (b) the LP Assignor shall update Exhibit A to
reflect any material changes, if any, in the Ownership Interests then owned by
the LP Assignor (and in any event the LP Assignor shall update Exhibit A to
reflect any changes in such Ownership Interests no later than the last day of
each fiscal year), and the applicable Assignors and the Assignee shall make
deliveries of the certificates for the Ownership Interests pledged under this
Agreement so that such certificates are reconciled with such updated Exhibit A
and/or B.

     

    2.8.           Intercreditor
Agreement.  In the event that
the Collateral Agent enters into any intercreditor agreement pursuant to the
terms of the Indenture, the provisions of this Agreement will be subject to the
provisions of such future intercreditor agreement.

     

    
      
         

      

      
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    2.9.           Limitation
of Security Interest. (i) The Assigned Interests will constitute
Collateral only to the extent that such Assigned Interests and other securities
can secure the Notes without Rule 3-16 of Regulation S-X under the
Securities Act of 1933 (or any other law, rule or regulation) requiring separate
financial statements to be filed with the Securities and Exchange Commission (or
any other governmental agency).  In the event that Rule 3-16 of
Regulation S-X under the Securities Act of 1933 requires or is amended, modified
or interpreted by the Securities and Exchange Commission to require (or is
replaced with another rule or regulation, or any other law, rule or regulation
is adopted, which would require) the filing with the Securities and Exchange
Commission (or any other governmental agency) of separate financial statements
due to the fact that such Assigned Interests and other securities secure the
Notes, then the applicable Assigned Interests and other securities shall
automatically be deemed not to be part of the Collateral (but only to the extent
necessary to not be subject to any such financial statement requirement and only
for so long as such financial statement requirement would otherwise have been
applicable).  In such event, this Agreement may be amended or
modified, without the consent of any Noteholder, to the extent necessary to
release the security interests in the applicable Assigned Interest and other
securities that are so deemed to no longer constitute part of the
Collateral.  Notwithstanding the foregoing, neither
FelCor Lodging Limited Partnership nor any subsidiary shall take any action
in the form of a reorganization, merger or other restructuring a principal
purpose of which is to provide for the release of the security interest on any
Assigned Interest pursuant to this Section 2.9.

     

    (ii)           In
the event that Rule 3-16 of Regulation S-X under the Securities Act of 1933
permits or is amended, modified or interpreted by the Securities and Exchange
Commission to permit (or its replaced with another rule or regulation, or any
other law, rule or regulation is adopted, which would permit) such applicable
Assigned Interest and other securities, which were excluded from Collateral
pursuant to clause (i) above, to secure the Notes in excess of the amount then
pledged without the filing with the Securities and Exchange Commission (or any
other governmental agency) of separate financial statements, then the applicable
Assigned Interest and other securities, which were excluded from Collateral
pursuant to clause (i) above, shall automatically be deemed to be a part of the
Collateral (but only to the extent that would not render them subject to any
such financial statement requirement).  In such event, this Agreement
may be amended or modified, without the consent of any Noteholder, to the extent
necessary to subject to the security interests under the Collateral Documents
such additional Assigned Interest and other securities.

    

    3.   REPRESENTATIONS, WARRANTIES
AND COVENANTS OF ASSIGNORS.

     

    3.1.           Representations
and Warranties.  Each Assignor
hereby represents and warrants to the Assignee as follows:

     

    (a)           (i)  The
Partnership is duly organized, validly existing, and in good standing under the
laws of the State of Delaware and all other jurisdictions where the Partnership
does business; the Issuer Partnership Agreement is in full force and effect; the
LP Assignor is a duly constituted partner of the Partnership pursuant to
the Issuer Partnership Agreement; the persons and entities listed as partners in
the Issuer Partnership Agreement and its related certificates and schedules are
the only partners of the Partnership; and the LP Assigned Interests are
validly issued, non-assessable and fully paid partnership interests in the
Partnership.

     

    (ii)           Each
Subsidiary is duly organized, validly existing, and in good standing under the
laws of the state of its jurisdiction and all other jurisdictions where such
Subsidiary does business; each Subsidiary Organizational Document is in full
force and effect; and the Subsidiary Assigned Interests are validly issued and
non-assessable.

     

    
      
         

      

      
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    (b)           Each
Assignor has full right, power and authority to enter into this Agreement
(including the provisions enabling the Assignee or its nominee, upon the
occurrence of an Event of Default, to exercise the voting or other rights
provided for herein), under the Assignor Organizational Documents and under
applicable law, without the consent, approval or authorization of, or notice to,
any other person, including any regulatory authority or any person having any
interest in the Ownership Interests, as the case may be, other than any consents
to this Agreement required to be given by any other equityholder, general
partner, limited partner or member under the Assignor Organizational Documents,
which consents, if any, have been duly received.

     

    (c)           The
execution, delivery, and performance of this Agreement and the transactions
contemplated hereby (i) have been duly authorized by all necessary corporate,
partnership, trust or limited liability company, as the case may be, proceedings
on behalf of each of the Assignors, (ii) do not conflict with or result in any
breach or contravention of any applicable law, regulation, judicial order or
decree to which any such Assignor is subject, (iii) do not conflict with or
violate any provision of the Assignor Organizational Documents, and (iv) do
not violate, conflict with, constitute a default or event of default under, or
result in any rights to accelerate or modify any obligations under any
agreement, instrument, lease, mortgage or indenture to which such Assignor is
party or subject, or to which any of its assets are subject.

     

    (d)           This
Agreement has been duly executed and delivered by each of the Assignors and is
the legal, valid, and binding obligation of the Assignors enforceable against
them in accordance with the terms hereof except as enforceability is limited by
bankruptcy, insolvency, reorganization, moratorium, or other laws relating to or
affecting generally the enforcement of creditors’ rights and except to the
extent that availability of the remedy of specific performance or injunctive
relief is subject to the discretion of the court before which any case or
proceeding therefor may be brought.

     

    (e)           (i)  The
LP Assignor is the sole, direct, legal and beneficial owner of all LP
Assigned Interests, which LP Assigned Interests constitute at least 95% of the
common limited partnership interest in the Partnership, and has good and
marketable title thereto, free and clear of any lien, security interest,
mortgage or other encumbrance, other than the liens and security interest
granted to the Assignee hereunder; and the liens and security interests
hereunder constitute valid and perfected first priority liens and security
interests.

     

    (ii)           Each
Subsidiary Assignor is the sole, direct, legal and beneficial owner of all
Subsidiary Assigned Interests listed opposite its name on Exhibit B, and has
good and marketable title thereto, free and clear of any lien, security
interest, mortgage or other encumbrance, other than the liens and security
interest granted to the Assignee hereunder; and the liens and security interests
hereunder constitute valid and perfected first priority liens and security
interests.

     

    (f)           Each
Assignor’s type and jurisdiction of organization and such Assignor’s tax
identification number and organizational identification number, if such Assignor
has one, is set forth below the applicable Assignor’s signature to this
Agreement.  The Assignors’ principal place of business, chief
executive office, and the place where each Assignor records concerning the
Collateral are kept is located at 545 E. John Carpenter Freeway, Suite
1300, Irving, Texas 75002.

     

    
      
         

      

      
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    (g)           (i)  The
LP Assignor has no obligation to make any contribution, capital call or
other payment to the Partnership with respect to the LP Assigned
Interests.

     

    (ii)           No
Subsidiary Assignor has any obligation to make any contribution, capital call or
other payment to any of the Subsidiaries with respect to the Subsidiary Assigned
Interests.

     

    (h)           The
copy of each Organizational Document delivered or made available to the Assignee
is a true, correct and complete copy thereof, and no Organizational Document has
been amended or modified in any respect, except for such amendments or
modifications as are attached to the copy thereof delivered or made available to
the Assignee.

     

    (i)           The
partnership interest of the LP Assignor in the Partnership is not, and any
partnership interest or limited liability company interest of any Subsidiary
Assignor in any Subsidiary that is a partnership  or a limited
liability company are not, a security governed by Article 8 of the Uniform
Commercial Code of the jurisdiction in which the Partnership or such Subsidiary,
as applicable, is organized.

     

    3.2.           Covenants.  Each Assignor
covenants to the Assignee as follows:

     

    (a)           (i)  The
LP Assignor will not permit or agree to any amendment or modification of
the Partnership Agreement (except for ministerial or other non-substantive
amendments or modifications) as in effect on the date hereof (or other governing
document with respect to the Assigned Interests), or waive any rights or
benefits under the Partnership Agreement (or such other governing document),
without the prior written consent of the Assignee.

     

    (ii)           No
Subsidiary Assignor will permit or agree to any amendment or modification of the
Subsidiary Organization Documents (except for ministerial or other
non-substantive amendments or modifications) as in effect on the date hereof (or
other governing document with respect to the Subsidiary Assigned Interests), or
waive any rights or benefits under any of the Subsidiary Organization Documents
(or such other governing documents), without the prior written consent of the
Assignee, which consent may not be unreasonably withheld.

     

    (b)           Except
to the extent not permitted under the Indenture, the Collateral Documents or
otherwise, without the prior written consent of the Assignee, no Assignor will
sell, dispose of or assign, beneficially or of record, or grant, create, permit
or suffer any lien or encumbrance on, any of the Assigned Interests, or, with
respect to the LP Assignor or any Subsidiary Assignor that is a partner in
a Subsidiary that is a partnership, withdraw as a limited partner of the
Partnership or such Subsidiary, as applicable.

     

    (c)           Except
to the extent not permitted under the Indenture, the Collateral Documents or
otherwise, without the prior written consent of the Assignee, no Assignor shall
cast any vote or give or grant any consent, waiver or ratification or take any
other action which could reasonably be expected to (i) directly or indirectly
authorize or permit the dissolution, liquidation or sale of the Partnership or
any Subsidiary, whether by operation of law or otherwise, (ii) have the result
of materially and adversely affecting any of the Assignee’s rights under this
Agreement, (iii) violate the terms of this Agreement or the Indenture, (iv) have
the effect of impairing the validity, perfection or priority of the security
interest of the Assignee in any manner whatsoever, or (v) cause an Event of
Default.

     

    
      
         

      

      
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    (d)           Each
Assignor will comply in all material respects with all laws, regulations,
judicial orders or decrees applicable to the Collateral or any portion thereof,
and perform and observe its duties under the Organizational Documents applicable
to it, with respect to the Assigned Interests.

     

    (e)           Each
Assignor will (i) keep and maintain at its own cost and expense at its principal
place of business satisfactory and complete records of the Collateral including
a record of all payments received and all other dealings of a material nature
with the Collateral, and (ii) mark its books and records pertaining to the
Collateral and its books and records kept in its jurisdiction of organization to
evidence this Agreement and the liens and security interests granted
hereby.

     

    (f)           Each
Assignor will pay promptly when due any taxes, assessments, and governmental
charges or levies imposed upon the Collateral or in respect of its income or
profits therefrom, as well as all claims of any kind except that no such charge
need be paid if (i) the validity thereof is being diligently contested in good
faith by appropriate proceedings; (ii) such proceedings do not involve any
danger of the sale, forfeiture, or loss of any of the Collateral or any interest
therein; and (iii) such charge is adequately reserved against.

     

    (g)           The
Assignors will advise the Assignee promptly, in reasonable detail, of (i) any
lien, charge, claim or other encumbrance made or asserted in writing against any
of the Collateral; (ii) any material change in the composition of the
Collateral; (iii) the occurrence of any other event or condition which to its
knowledge would have a material effect on the validity, perfection or priority
of the liens and security interests granted hereunder; and (iv) any bankruptcy
or litigation case or proceeding relating to any of the Collateral.

     

    (h)           No
Assignor will (i) change its type or jurisdiction of organization or, if it has
one, its organizational identification number, (ii) change its principal place
of business or chief executive office or the location of the records concerning
the Collateral without giving prior written notice to the Assignee and taking
such actions as may be necessary or appropriate in the reasonable opinion of the
Assignee duly to perfect and continue the perfection of the Assignee’s first
priority lien and security interest in the Collateral pursuant to the laws of
any jurisdiction into which such place of business, chief executive office, or
records is or are transferred, and (iii) change its name in any matter that
might make any financing statement filed hereunder misleading or invalid unless
such Assignor shall have notified the Assignee thereof and taken all such
actions as may be necessary or appropriate in the reasonable opinion of the
Assignee to make any financing statement filed in favor of the Assignee not
misleading or invalid.

     

    (i)           (i)  The
LP Assignor shall do or cause to be done all things necessary to preserve,
renew and keep in full force and effect its legal existence and that of the
Partnership, the power and authority of each of the LP Assignor and the
Partnership to own its property and carry on its business, the qualification of
each of the LP Assignor and the Partnership to do business in its jurisdiction
of organization, and the qualification of each of the LP Assignor and the
Partnership to do business in each other jurisdiction where such qualification
is necessary except where the failure so to qualify would not have a material
adverse effect on the rights and interests of the Assignee
hereunder.

     

    
       

      
        9

        
          

        

      

      
         

      

    

    

    (ii)           Each
Subsidiary Assignor shall do or cause to be done all things necessary to
preserve, renew and keep in full force and effect its legal existence, the power
and authority of such Subsidiary Assignor to own its property and carry on its
business, the qualification of such Subsidiary Assignor to do business in its
jurisdiction of organization, and the qualification of such Subsidiary Assignor
to do business in each other jurisdiction where such qualification is necessary
except where the failure so to qualify would not have a material adverse effect
on the rights and interests of the Assignee hereunder or except as is not
prohibited by the Indenture.

     

    (j)           Without
the prior written consent of the Assignee, no Assignor will cause or permit the
(i) limited partner interest of  the LP Assignor in the Partnership or
(ii) the partnership interest or limited liability company interest of any
Subsidiary Assignor in any Subsidiary that is a partnership  or
limited liability company to constitute a security governed by Article 8 of the
Uniform Commercial Code of the jurisdiction in which the Partnership or such
Subsidiary, as applicable, is organized.  If any such partnership
interest or such limited liability company interest at any time constitutes a
security governed by Article 8 of the Uniform Commercial Code of the
jurisdiction in which the Partnership or such Subsidiary, as applicable, is
organized, the applicable Assignor will, if it has not already done so,
forthwith obtain an agreement from the Partnership or any such Subsidiary, in
form and substance satisfactory to the Assignee, that the Partnership or any
such Subsidiary will comply with instructions of the Assignee as to the Assigned
Interests without further consent of any such Assignor.

     

    4.   RIGHTS OF
ASSIGNEE.

     

    4.1.           Assignee
Appointed Attorney-in-Fact.  The Assignors
hereby irrevocably constitute and appoint the Assignee, its successors and
assigns, its true and lawful attorney-in fact, with full power and authority and
with full power of substitution, at the expense of the Assignors, either in the
Assignee’s own name or in the name of the Assignors, at any time and from time
to time, in each case as the Assignee in its sole discretion may determine (i)
to take any and all appropriate action and to execute any and all documents and
instruments that may be necessary or desirable to accomplish the purposes of
this Agreement and (ii) upon the occurrence and during the continuance of an
Event of Default:

     

    (a)           to
take any action and execute any instruments that such attorney-in-fact may deem
necessary or advisable to accomplish the purposes hereof;

     

    (b)           to
ask, demand, collect, receive, receipt for, sue for, compound, and give
acquittance for any and all sums or properties that may be or become due,
payable, or distributable in respect of the Collateral or that constitute a part
thereof, with full power to settle, adjust, or compromise any claim thereunder
or therefor as fully as the Assignors could do;

     

    (c)           to
endorse or sign the name of the Assignors on all instruments given in payment or
in part payment thereof and all documents of satisfaction, discharge, or receipt
required or requested in connection therewith; and

     

    (d)           to
file or take any action or institute any case or proceeding that the Assignee
may deem necessary or appropriate to collect or otherwise realize upon any or
all of the Collateral, or effect a transfer thereof, or that may be necessary or
appropriate to protect and preserve the right, title, and interest of the
Assignee in and to the Collateral and the security intended to be afforded
hereby.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    4.2.           Cash
Collateral Account.  Unless applied by
the Assignee to Secured Obligations then due and payable, all sums of money that
are paid to the Assignee pursuant to this Agreement with respect to the
Collateral shall be deposited into an interest bearing account with the Assignee
or another financial institution selected by the Assignee in its sole discretion
(the “Cash Collateral
Account”).  Some or all of the funds from time to time in the
Cash Collateral Account may be invested in time deposits, including certificates
of deposit issued by the Assignee or another financial institution selected by
the Assignee in its sole discretion (such certificates of deposit or other time
deposits being hereinafter referred to, collectively, as “Time Deposits”) that
are satisfactory to the Assignee, provided, in any such case, arrangements
satisfactory to the Assignee are made to perfect, and to ensure the first
priority of, its lien and security interest in such Time
Deposits.  Interest earned on the Cash Collateral Account and on the
Time Deposits, and the principal of the Time Deposits at maturity that is not
invested in new Time Deposits, shall be deposited in the Cash Collateral
Account.  The Cash Collateral Account, all sums from time to time
standing to the credit of the Cash Collateral Account, any and all Time
Deposits, any and all instruments or other writings evidencing Time Deposits,
and any and all proceeds of any thereof are hereinafter referred to as the
“Cash
Collateral.”  If the Cash Collateral Account is not maintained
with the Assignee, the Assignors shall, at the Assignee’s request and option,
pursuant to an agreement in form and substance satisfactory to the Assignee,
either (a) cause the depositary bank with which the Cash Collateral Account is
maintained to agree to comply at any time with instructions from the Assignee to
such depositary bank directing the funds comprising the Cash Collateral, without
further consent of the Assignee, or (b) arrange for the Assignee to become the
customer of such depositary bank with respect to the Cash Collateral
Account.

     

    4.3.           Distributions,
Conversion, Voting, etc.  So long as no
Event of Default shall have occurred and be continuing, the Assignors shall be
entitled to:

     

    (a)           receive
all cash and other distributions paid in respect of the Assigned Interests, not
authorized or made in violation of the Indenture;

     

    (b)           exercise
any voting rights relating to the Assigned Interests; and

     

    (c)           give
consents, waivers, approvals, and ratifications in respect of the Assigned
Interests.

     

    All such
rights of the Assignors to receive cash and other distributions shall cease if
an Event of Default shall have occurred and be continuing, except to the extent
permitted under the Indenture, and in each such case the Assignors shall (i) at
the request of the Assignee, issue appropriate instructions that any such
distributions be paid directly to the Assignee or to such account as the
Assignee may designate, and (ii) hold in trust for the Assignee and immediately
pay over to the Assignee any such distributions received by the Assignors,
except in each case to the extent permitted under the Indenture.  All
such rights of the Assignors referred to in clauses (b) and (c) shall, at the
Assignee’s sole option, as evidenced by the Assignee’s notifying the Assignors
in writing of its exercise of such option, cease in case an Event of Default
shall have occurred and be continuing.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

     

    4.4.           No
Assignment of Duties.  This Agreement
constitutes an assignment of the Assigned Interests and the other Collateral
only and not an assignment of any duties or obligations of the Assignors with
respect thereto, and by its acceptance hereof and whether or not the Assignee
shall have exercised any of its rights or remedies hereunder, the Assignee does
not undertake to perform or discharge, and shall not be responsible or liable
for the performance or discharge of, any such duties or responsibilities,
including, without limitation, for capital calls.  The Assignors agree
that, notwithstanding the exercise by the Assignee of any of its rights
hereunder, the Assignors shall remain liable for the full and prompt performance
of all of the Assignors’ obligations and liabilities under the Organizational
Documents.  Under no circumstances shall the Assignee or any holder of
any of the Secured Obligations as such be deemed to be a partner of the
Partnership or any Subsidiary that is a partnership by virtue of the provisions
of this Agreement unless expressly agreed to in writing by the
Assignee.  Without limiting the generality of the foregoing, the
Assignee shall have no partnership fiduciary duty to the LP Assignor or any
Subsidiary Assignor that is a partner in such Subsidiary, whether by virtue of
the security interests and liens hereunder, or any enforcement action in respect
of such security interests and liens, unless and until the Assignee is admitted
to the Partnership or any such Subsidiary a substitute partner after exercising
enforcement rights under § 9-610 or § 9-620 of the Uniform Commercial
Code in effect in the State of New York, or otherwise.

     

    5.   [INTERNATIONALLY
OMITTED]

     

    6.   REMEDIES.

     

    6.1.           Remedies.  During the
continuance of an Event of Default, the Assignee shall have, in addition to the
rights, powers and authorizations to collect the sums assigned hereunder, all
rights and remedies of a secured party under the Uniform Commercial Code and
under other applicable law with respect to the Assigned Interests and any other
Collateral hereunder, including, without limitation, the following rights and
remedies:

     

    (a)           if
the Assignee so elects and gives written notice of such election to the
Assignors, the Assignee may, in its sole discretion, (i) exercise any voting
rights relating to the Assigned Interests (whether or not the same shall have
been transferred into its name or the name of its nominee or nominees) for any
lawful purpose, including for the amendment or modification of (x) the
Issuer Partnership Agreement or other governing documents or the liquidation of
the assets of the Partnership and (y) the Subsidiary Organizational
Documents, (ii) give all consents, waivers, approvals, and ratification in
respect of such Assigned Interests, and (iii) otherwise act with respect thereto
as though it were the outright owner thereof (the Assignors hereby irrevocably
constituting and appointing the Assignee the proxy and attorney-in-fact of the
Assignors, with full power and authority of substitution, to do
so);

     

    (b)           the
Assignee may, in its sole discretion, demand, sue for, collect, compromise, or
settle any rights or claims in respect of any Collateral, as attorney-in-fact
pursuant to § 4.1 or otherwise;

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    

    (c)           (i)
the Assignee may, in its sole discretion, sell, resell, assign, deliver, or
otherwise dispose of any or all of the Collateral, for cash or credit or both
and upon such terms, in such manner, at such place or places, at such time or
times, and to such persons or entities as the Assignee thinks expedient, all
without demand for performance by the Assignors or any notice or advertisement
whatsoever except as expressly provided herein or as may otherwise be required
by applicable law; and (ii) at the time of any such sale or other disposition,
the Assignee or its nominee or any purchaser of the Collateral at a foreclosure
sale may, in its sole discretion, cause the Partnership or any Subsidiary that
is a partnership to make an election under § 754 of the Internal Revenue
Code as to the basis of any LP Assigned Interest or Subsidiary Assigned
Interest that is an interest in a partnership being sold or otherwise disposed
of;

     

    (d)           the
Assignee may, in its sole discretion, cause all or any part of the Assigned
Interests held by it to be transferred into its name or the name of its nominee
or nominees; and

     

    (e)           the
Assignee may, in its sole discretion, set off against the Secured Obligations or
place an administrative hold or freeze on any and all sums deposited with it or
held by it, including any sums standing to the credit of the Cash Collateral
Account and any Time Deposits issued by the Assignee, with any withdrawal
penalty relating to Time Deposits being an expense of collection.

     

    6.2.           Remedies
Not Exclusive.  No single or
partial exercise by the Assignee of any right, power or remedy hereunder shall
preclude any other or further exercise thereof or the exercise of any other
right, power or remedy.  Each right, power and remedy herein
specifically granted to the Assignee or otherwise available to it shall be
cumulative, and shall be in addition to every other right, power, and remedy
herein specifically given or now or hereafter existing at law, in equity, or
otherwise.  Each such right, power and remedy, whether specifically
granted herein or otherwise existing, may be exercised at any time and from time
to time and as often and in such order as may be deemed expedient by the
Assignee in its sole discretion.

     

    6.3.           Public
Sale.  In the event of
any sale or other disposition of the Collateral as provided in § 6.1(c),
the Assignee shall give to the Assignors at least five (5) Business Days’ prior
written notice of the time and place of any public sale or other disposition of
the Collateral or of the time after which any private sale or any other
disposition is to be made.  Each Assignor hereby acknowledges that
five (5) Business Days’ prior authenticated notice of such sale or other
disposition or sales or other dispositions shall be reasonable
notice.  The Assignee may enforce its rights hereunder without any
other notice and without compliance with any other condition precedent now or
hereafter imposed by law, regulation, judicial order or decree or otherwise (all
of which are hereby expressly waived by each of the Assignors, to the fullest
extent permitted by law).  The Assignee may buy any part or all of the
Collateral at any public sale or other disposition and if any part or all of the
Collateral is of a type customarily sold or otherwise disposed of in a
recognized market or is of a type which is the subject of widely-distributed
standard price quotations, the Assignee may buy at private sale or other
disposition and may make payments thereof by any means.  The Assignee
may apply the cash proceeds actually received from any sale or other disposition
to the reasonable expenses of retaking, holding, preparing for sale, selling,
and the like, to reasonable attorneys’ fees, travel, and all other expenses
which may be incurred by the Assignee in attempting to collect the Secured
Obligations or to enforce this Agreement or in the prosecution or defense of any
case or proceeding related to this Agreement, and then to the Secured
Obligations in accordance with the requirements of this Agreement.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

    6.4.           Private
Sale.  Each Assignor
recognizes that the Assignee may be unable to effect a public sale or other
disposition of the Collateral by reason of the lack of a ready market for the
Collateral, of the limited number of potential buyers of the Collateral or of
certain prohibitions contained in the Securities Act of 1933, state securities
laws, and other applicable laws, and that the Assignee may be compelled to
resort to one or more private sales or other dispositions thereof to a
restricted group of purchasers.  Each Assignor agrees that any such
private sales or other dispositions may be at prices and other terms less
favorable to the seller than if sold at public sales or other dispositions and
that such private sales or other dispositions shall not solely by reason thereof
be deemed not to have been made in a commercially reasonable
manner.  The Assignee shall be under no obligation hereunder or
otherwise (except as provided by applicable law) to delay a sale or other
disposition of any of the Collateral for the period of time necessary to permit
the registration of such securities for public sale or other public disposition
under the Securities Act of 1933 and applicable state securities
laws.  Any such sale or other disposition of all or a portion of the
Collateral may be for cash or on credit or for future delivery and may be
conducted at a private sale or other disposition where the Assignee or any other
person or entity may be the purchaser of all or part of the Assigned Interests
so sold or otherwise disposed of.  Each Assignor agrees that to the
extent notice of sale or other disposition shall be required by law, at least
five (5) Business Days’ prior notice to the applicable Assignor of the time and
place after which any private sale is to be made shall constitute reasonable
notification.  Subject to the foregoing, the Assignee agrees that any
sale or other disposition of the Assigned Interests shall be made in a
commercially reasonable manner.  The Assignee shall incur no liability
as a result of the sale or other disposition of any of the Collateral, or any
part thereof, at any private sale which complies with the requirements of this
§ 6.4.  Each Assignor hereby waives, to the extent permitted by
applicable law, any claims against the Assignee arising by reason of the fact
that the price at which any of the Collateral, or any part thereof, may have
been sold or otherwise disposed of at such private sale was less than the price
that might have been obtained at a public sale or other public disposition, even
if the Assignee accepts the first offer deemed by the Assignee in good faith
deemed to be commercially reasonable under the circumstances and does not offer
any of the Collateral to more than one offeree.

     

    6.5.           Title.  Nothing contained
in this Agreement shall be construed to require the Assignee to take any action
with respect to the Assigned Interests, whether by way of foreclosure or
otherwise and except as required by the Partnership Agreement or other
partnership agreement of any Subsidiary that is a partnership, in order to
permit the Assignee to become a substitute limited partner of the Partnership
under the Partnership Agreement or substitute partner of any Subsidiary that is
a partnership under the partnership agreement governing such
Subsidiary.

     

    6.6.           Priorities.  If
the Collateral Agent collects any money pursuant to this Article Six, it shall
pay out the money in the following order:

     

    First:           to
the Trustee for all amounts due under Section 7.07 of the
Indenture.

     

    Second:  to
the Collateral Agent and Trustee for all amounts due under this Article Six and
the definition of Secured Obligations;

     

    Third:  to
Noteholders for amounts then due and unpaid for principal of, premium, if any,
and interest on the Notes in respect of which or for the benefit of which such
money has been collected, ratably, without preference or priority of any kind,
according to the amounts due and payable on such Notes for principal, premium,
if any, and interest, respectively; and

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    

    Fourth:  to
the Partnership or any other obligors of the Notes, as their interests may
appear, or as a court of competent jurisdiction may direct.

     

    

    7.   ASSIGNMENT NOT AFFECTED BY
OTHER ACTS.

     

    Each
Assignor acknowledges and agrees that the security interests and collateral
assignments herein provided for shall remain in full force and effect and shall
not be impaired by any acceptance by the Assignee of any other collateral
security for or guaranty of any of the Secured Obligations, or by any failure or
neglect or omission on the part of the Assignee to realize upon, collect or
protect any Secured Obligations or any Collateral.  The security
interests and collateral assignments herein provided for shall not in any manner
be affected or impaired by any renewal, extension, modification, amendment,
waiver, or restatement of any of the Secured Obligations or of any collateral
security therefor, or of any guaranty thereof, the Assignors hereby waiving any
and all suretyship defenses to the extent otherwise applicable.  In
order to sell or otherwise dispose of or otherwise realize upon the security
interests and assignments herein granted and provided for, and exercise the
rights granted the Assignee hereunder and under applicable law, there shall be
no obligation on the part of the Assignee at any time to first resort for
payment to any guarantors of the Secured Obligations or any part thereof or to
resort to any other collateral security, property, liens or other rights or
remedies whatsoever, and the Assignee shall have the right to enforce the
security interests and collateral assignments herein provided for irrespective
of whether or not other proceedings are pending for realization upon or from any
of the foregoing.

     

    8.   MISCELLANEOUS.

     

    8.1.           Additional
Instruments and Assurances.  Each Assignor
hereby agrees, at its own expense, to execute and deliver, from time to time,
any and all father, or other, instruments, and to perform such acts, as the
Assignee may reasonably request to effect the purposes of this Agreement and to
secure to the Assignee the benefits of all rights and remedies conferred upon
the Assignee by the terms of this Agreement.

     

    8.2.           Release.  If and only if
all of the indebtedness and obligations of the Companies under the Indenture
shall have been indefeasibly paid, performed and discharged in full in cash, or
the security interest in the Collateral otherwise shall have been released by
the Trustee in accordance with the Indenture, the lien and security interest
created hereby shall be automatically released with respect to all Secured
Parties and the Assignee shall, upon demand and at the sole expense of the
Assignors, deliver, file or record the proper instrument or instruments to
evidence such release, and such release shall be binding upon all of the Secured
Parties notwithstanding that Secured Obligations may then be
outstanding.

     

    8.3.           Assignee’s
Exoneration.  Under no
circumstances shall the Assignee be deemed to assume any responsibility for or
obligation or duty with respect to any part or all of the Collateral of any
nature or kind or any matter or proceeding arising out of or relating thereto,
other than (a) to exercise reasonable care in the physical custody of the
Collateral and (b) if an Event of Default shall have occurred and be continuing,
to act in a commercially reasonable manner in exercising its rights and remedies
with respect to the Collateral.  Subject to the foregoing, the
Assignee shall not be required to take any action of any kind to collect,
preserve or protect its or the Assignors’ rights in the Collateral.

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    

    8.4.           No
Waiver, etc.  Any term of this
Agreement may be amended or modified with, but only with, the written consent of
the Assignors and the Assignee.  Any term of this Agreement may be
waived by a writing executed by the party to be charged with such
waiver.  No act, failure, or delay by the Assignee shall constitute a
waiver of its rights and remedies hereunder or otherwise.  No single
or partial waiver by the Assignee of any default, right, or remedy that it may
have shall operate as a waiver of any other default, right, or remedy or of the
same default, right, or remedy on a future occasion.

     

    8.5.           Waiver by
Assignors.  The Assignors
hereby waive presentment, notice of dishonor, and protest of all instruments
included in or evidencing any of the Secured Obligations or the Collateral, and
any and all other notices and demands whatsoever (except as expressly provided
herein or in the Collateral Agency Agreement or for notices required in
connection with judicial proceedings).

     

    8.6.           Notice,
etc.  All notices,
requests, and other communications hereunder shall be made and effective in the
manner and at the address set forth on the signature pages hereto or at such
other address as may be set forth or in a notice from the notifying party to the
other parties hereto.

     

    8.7.           Overdue
Amounts.  Until paid, all
amounts due and payable by the Assignors hereunder shall be a debt secured by
the Collateral and shall bear, whether before or after judgment, interest at the
rate of interest for overdue principal set forth in the New
Indenture.

     

    8.8.           Governing
Law; Consent to Jurisdiction.  This Agreement is
intended to take effect as a sealed instrument and shall be governed by, and
construed in accordance with, the laws of the State of New York.  EACH
ASSIGNOR AGREES THAT ANY PROCEEDING FOR THE ENFORCEMENT OF THIS AGREEMENT MAY BE
BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT
SITTING THEREIN AND CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF SUCH COURT AND
TO SERVICE OF PROCESS IN ANY SUCH PROCEEDING BEING MADE UPON EACH ASSIGNOR BY
MAIL AT THE ADDRESS SPECIFIED IN § 8.6.  EACH ASSIGNOR HEREBY
WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH
PROCEEDING OR ANY SUCH COURT OR THAT SUCH PROCEEDING IS BROUGHT IN AN
INCONVENIENT COURT.

     

    8.9.           Waiver of
Jury Trial.  EACH OF THE
ASSIGNORS AND THE ASSIGNEE HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT
TO ANY PROCEEDING ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT,
ANY RIGHTS OR OBLIGATIONS HEREUNDER, OR THE PERFORMANCE OF ANY SUCH RIGHTS OR
OBLIGATIONS.

     

    8.10.           Limitation
of Liability.  Except as
prohibited by applicable law, each of the Assignors and Assignee waives any
right which it may have to claim or recover in any proceeding referred to in the
preceding sentence any special, exemplary, or punitive damages or any damages
other than, or in addition to, actual or consequential damages.  Each
Assignor (a) certifies that neither the Assignee nor any representative, agent,
or attorney of the Assignee has represented, expressly or otherwise, that the
Assignee would not, in the event of any proceeding, seek to enforce the
foregoing waivers and (b) acknowledges that, in entering into this Agreement,
the Assignee is relying upon, among other things, the waivers and certifications
contained in this § 8.10.

     

    8.11.           Severability
and Enforceability.  All provisions
hereof are severable and the invalidity or unenforceability of any of such
provisions shall in no manner affect or impair the validity and enforceability
of the remaining provisions hereof.

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    

     

    8.12.           Successors
and Assigns.  This Agreement
shall be binding upon the Assignors and upon the legal representatives,
successors and assigns of the Assignors and shall inure to the benefit of the
Assignee and its successors and assigns.

     

    8.13.           Counterparts.  This Agreement
may be executed in any number of counterparts, each constituting an original,
but all together one and the same instrument.  Delivery of an executed
counterpart of a signature page of this Agreement by telecopy, email, facsimile
or other electronic transmission shall be effective as delivery of a manually
executed counterpart of this Agreement.

     

    8.14.           Entire
Agreement.  This Agreement
and the Indenture and any other document executed in connection herewith or
therewith express the entire understanding of the parties with respect to the
transactions contemplated hereby.  Neither this Agreement nor any
terms hereof may be changed, waived or terminated except by a writing signed by
each party hereto.

     

    8.15.           Limitation
of Liability.  The
LP Assignor has been formed under the laws of the Commonwealth of
Massachusetts pursuant to a Declaration of Trust dated as of July 31,
2002.  In accordance with the Declaration of Trust, none of the
shareholders, trustees or officers of the LP Assignor shall be personally
liable for the obligations arising under this Agreement, and the Assignee shall
look solely to the trust estate comprising the LP Assignor for the payment
of any claim under such obligations or for the performance of such
obligations.

     

    

    

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the
Assignors and the Assignee have executed this Agreement as of the date first
above written, as an instrument under seal.

    
      

       

      
        	 
      	
                PARTNERSHIP:

              	
                FELCOR
      LODGING LIMITED PARTNERSHIP

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                FelCor
      Lodging Trust Incorporated, its general partner

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/
      Jonathan H. Yellen

              
	 
      	 
      	 
      	
                Name:  Jonathan H.
      Yellen

              
	 
      	 
      	 
      	
                Title:    Executive
      Vice President,

                General Counsel and
      Secretary

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/
      Michael Hughes

              
	 
      	 
      	 
      	
                Name:        Michael
      Hughes

              
	 
      	 
      	 
      	
                Title:          Vice
      President & Treasurer

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Type
      of organization:  limited partnership

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Jurisdiction
      of organization:  Delaware

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Tax
      identification number: 75-2544994

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Organizational
      identification number (or state “none” if the jurisdiction does not issue
      one):  2404747

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Address:

                545
      E. John Carpenter Freeway

                Suite
      1300

                Irving,
      Texas 75062

              

      

      

      

      
        
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      IN WITNESS WHEREOF, the
Assignors and the Assignee have executed this Agreement as of the date first
above written, as an instrument under seal.

       

      
        	 
      	
                LP
      ASSIGNOR:

              	
                FELCOR
      HOLDINGS TRUST

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/
      Lester C. Johnson

              	 
      
	 
      	 
      	 
      	
                Name:          Lester
      C. Johnson

              	 
      
	 
      	 
      	 
      	
                Title::           Trustee

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/
      Larry J. Mundy

              	 
      
	 
      	 
      	 
      	
                Name:          Larry
      J. Mundy

              	 
      
	 
      	 
      	 
      	
                Title:           Trustee

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Type
      of organization:  business trust

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Jurisdiction
      of organization:  Massachusetts

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Tax
      identification number:  68-6222007

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Organizational
      identification number (or state “none” if the jurisdiction does not issue
      one):  000823956

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Address:

                545
      E. John Carpenter Freeway

                Suite
      1300

                Irving,
      Texas 75062

              	 
      

      

      

      
        
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                ASSIGNOR:

              	
                FELCOR
      HOTEL ASSET COMPANY, L.L.C.

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/
      Jonathan H. Yellen

              	 
      
	 
      	 
      	 
      	
                Name:      Jonathan
      H. Yellen

              	 
      
	 
      	 
      	 
      	
                Title:        Executive
      Vice President,

                General Counsel and
      Secretary

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/
      Michael Hughes

              	 
      
	 
      	 
      	 
      	
                Name:         Michael
      Hughes

              	 
      
	 
      	 
      	 
      	
                Title:           Vice
      President & Treasurer

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Type
      of organization:  limited liability company

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Jurisdiction
      of organization:  Delaware

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Tax
      identification number: 75-2770156

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Organizational
      identification number (or state “none” if the jurisdiction does not issue
      one):  2895432

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Address:

                545
      E. John Carpenter Freeway

                Suite
      1300

                Irving,
      Texas 75062

              	 
      

      

      

      

      
        
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                ASSIGNOR:

              	
                FELCOR
      CANADA HOLDING, L.P.

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                FelCor
      Canada Holding GP, L.L.C., its general partner

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/
      Jonathan H. Yellen

              	 
      
	 
      	 
      	 
      	
                Name:      Jonathan
      H. Yellen

              	 
      
	 
      	 
      	 
      	
                Title:         Executive
      Vice President,

                General Counsel and
      Secretary

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/
      Michael Hughes

              	 
      
	 
      	 
      	 
      	
                Name:         Michael
      Hughes

              	 
      
	 
      	 
      	 
      	
                Title:           Vice
      President & Treasurer

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Type
      of organization:  limited partnership

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Jurisdiction
      of organization:  Delaware

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Tax
      identification number: 75-2856328

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Organizational
      identification number (or state “none” if the jurisdiction does not issue
      one):  2922319

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Address:

                545
      E. John Carpenter Freeway

                Suite
      1300

                Irving,
      Texas 75062

              	 
      

      

      

      
        
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                ASSIGNOR:

              	
                FELCOR
      TRS HOLDINGS, L.L.C.

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/
      Jonathan H. Yellen

              	 
      
	 
      	 
      	 
      	
                Name:      Jonathan
      H. Yellen

              	 
      
	 
      	 
      	 
      	
                Title:        Executive
      Vice President,

                General Counsel and
      Secretary

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/
      Michael Hughes

              	 
      
	 
      	 
      	 
      	
                Name:         Michael
      Hughes

              	 
      
	 
      	 
      	 
      	
                Title:           Vice
      President & Treasurer

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Type
      of organization:  limited liability company

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Jurisdiction
      of organization:  Delaware

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Tax
      identification number: 75-2916176

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Organizational
      identification number (or state “none” if the jurisdiction does not issue
      one):  4378932

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Address:

                545
      E. John Carpenter Freeway

                Suite
      1300

                Irving,
      Texas 75062

              	 
      

      

      

      
        
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Agreement]

           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	 
      	
                ASSIGNOR:

              	
                FELCOR
      TRS BORROWER GP 1, L.L.C.

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/
      Jonathan H. Yellen

              	 
      
	 
      	 
      	 
      	
                Name:      Jonathan
      H. Yellen

              	 
      
	 
      	 
      	 
      	
                Title:        Executive
      Vice President,

                General Counsel and
      Secretary

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/
      Michael Hughes

              	 
      
	 
      	 
      	 
      	
                Name:         Michael
      Hughes

              	 
      
	 
      	 
      	 
      	
                Title:           Vice
      President & Treasurer

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Type
      of organization:  limited liability company

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Jurisdiction
      of organization:  Delaware

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Tax
      identification number:  20-3526079

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Organizational
      identification number (or state “none” if the jurisdiction does not issue
      one):  4033766

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Address:

                545
      E. John Carpenter Freeway

                Suite
      1300

                Irving,
      Texas 75062

              	 
      

      

      

      
        
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Agreement]

           

        

        
           

          
            

          

        

        
           

        

      

      

      The
foregoing Agreement is hereby confirmed

      and
accepted as of the date first above written.

      

      
        	 
      	 
      	
                FELCOR
      LODGING TRUST INCORPORATED

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/
      Jonathan H. Yellen

              	 
      
	 
      	 
      	 
      	
                Name:      Jonathan
      H. Yellen

              	 
      
	 
      	 
      	 
      	
                Title:        Executive
      Vice President,

                General Counsel and
      Secretary

              	 
      

      

      

      

      
        
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                ASSIGNOR:

              	
                U.S.
      BANK NATIONAL ASSOCIATION,

                AS
      COLLATERAL AGENT

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/
      Richard Prokosch

              	 
      
	 
      	 
      	 
      	
                Name:       Richard
      Prokosch

              	 
      
	 
      	 
      	 
      	
                Title:         Vice
      President

              	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Address:

                60
      Livingston Avenue

                EP-MN-WS3C

                St.
      Paul, Minnesota 55107-2292

                Attention:  Corporate
      Trust Department

              	 
      

      

      

      
        
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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}]]