Document:

Exhibit

Exhibit 10.34.3

PLEDGE AND SECURITY AGREEMENT
This PLEDGE AND SECURITY AGREEMENT ("this Agreement") is made as of the 19th day of May, 2014, between WATFORD RE LTD. an exempted company with limited liability duly organized and existing under the laws of  Bermuda (the "Pledgor") and LLOYDS BANK PLC (together with its successors and assigns, the "Bank").
WHEREAS:
A.From time to time at the request of Pledgor the Bank may issue one or more standby letters of credit (each, as the same may be amended from time to time with the consent of the Pledgor, a “Credit”) and in connection therewith Pledgor and the Bank have entered into a Facility Letter dated on or about the date hereof (as the same may be amended from time to time, the “Facility Agreement”) and the Pledgor has executed in favor of the Bank a Continuing Standby Letter of Credit Agreement dated on or about the date hereof (as the same may be amended from time to time, the “Continuing Standby Letter of Credit Agreement”)in order to provide for the obligations of Pledgor to the Bank in connection with each Credit.
B.As a condition of the Bank’s issuance of each Credit, the Bank has required the Pledgor to place on deposit with the Bank’s New York Branch and to pledge to the Bank one or more non-personal time or demand deposits, as collateral security for all obligations of the Pledgor to the Bank under the Continuing Standby Letter of Credit Agreement, the Facility Agreement, this Agreement and the Funds Transfer Agreement dated on or about the date hereof between the Pledgor and the Bank  whether contingent or matured, due or to become due, now existing or hereafter created (the "Secured Obligations").
NOW, THEREFORE, the parties hereby agree as follows:
1.There is opened on the books of the New York Branch of the Bank a non-interest bearing cash collateral account designated _________________ (the “Collateral Account”) in the name of the Pledgor but solely within the control of the Bank. Amounts credited to the Collateral Account shall be invested and reinvested in non-personal time or demand deposits) of the Bank as agreed between the Pledgor and the Bank. Said deposits are hereinafter referred to individually and collectively as the “Pledged Deposit”. Any interest paid on the Pledged Deposit shall be credited to the Collateral Account. The Pledgor hereby unconditionally and irrevocably pledges to the Bank, and grants to the Bank a security interest in, the Collateral Account, all amounts on deposit therein, the Pledged Deposit and the proceeds thereof, as collateral security for the prompt payment and performance when due of the Secured Obligations. The Bank is authorized, but is not required, from time to time to attach a Schedule to this Pledge Agreement in order to identify any deposit that would be comprised within the Pledged Deposit.
2.Upon the occurrence of an Event of Default (as defined in the Continuing Standby Letter of Credit Agreement or the failure of the Pledgor to pay to the Bank any Secured Obligation when due, the Bank is hereby authorized to apply for its benefit all or such portion of the Collateral as may be necessary to satisfy any of the Secured Obligations when due and to exercise the remedies of a secured party under the Uniform Commercial Code. Pledgor agrees that the Bank may under applicable law be required, or under separate agreement with Applicant be permitted, to impose premature withdrawal penalties in connection with such application or exercise, and that the obligation to make payment of any such penalty shall be an obligation secured by this Agreement.
3.The Pledgor hereby agrees that it shall have no right to require, and the Bank shall have no obligation to permit, the withdrawal of Collateral such that the aggregate Collateral amount is less than the sum of (x) the aggregate amount of the unreimbursed drawing under the Credits plus (y) the aggregate of amounts available to be drawn under the Credits.
4.Nothing contained in this Agreement shall, or be deemed to, impair the effectiveness and enforceability of the Secured Obligations, which obligations shall remain absolute and unconditional until payment of the Secured 

1

Obligations to the Bank in full, the Bank has no further obligation to pay any amount under any Credit, each Credit is cancelled or expired and any commitment of the Bank under the Facility Agreement to issue or amend any Credit at the request of the Pledgor has expired or terminated.
5.The Pledgor hereby represents and warrants to the Bank as follows:
(a)The Pledgor has no offsets or defenses with respect to the Secured Obligations.
(b) None of the funds represented by the Pledged Deposit, and no other funds or properties which the Pledgor maintains with any office of the Bank, result from, or are the proceeds of, any activity or conduct by the Pledgor or (to the best knowledge of the Pledgor) any other person in violation of any applicable law, and no person or entity other than the Pledgor has any legal or equitable interest in the Collateral.
(c)THE PLEDGOR HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL, AND WITH SUCH OTHER ADVISERS AS HE HAS DEEMED NECESSARY OR APPROPRIATE, REGARDING THIS AGREEMENT, AND THE PLEDGOR HAS EXECUTED THIS AGREEMENT AFTER HAVING RECEIVED THE BENEFIT OF SUCH LEGAL AND OTHER ADVICE AS HE HAS DEEMED NECESSARY.
6.This Agreement shall inure to the benefit of the parties and their successors and assigns.
7.THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA.  THE PLEDGOR HEREBY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE UNITED STATES OF AMERICA AND OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY, NEW YORK IN CONNECTION WITH ANY PROCEEDINGS ARISING UNDER OR OUT OF THIS AGREEMENT.
8.This Agreement may be executed by the parties hereto individually, or in any combination of the parties hereto, in two or more counterparts, each which shall be deemed an original, but all of which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties have signed this Agreement as of the day and year first written above.

	
			
	Pledgor
	WATFORD RE LTD.

	 
	 
	 

	 
	By:
	/s/ Roderick Romeo

	 
	Name:
	Roderick Romeo

	 
	Title:
	Chief Financial Officer

	 
	 
	 

	Bank
	LLOYDS BANK PLC

	 
	 
	 

	 
	By:
	/s/ Karen Weich

	 
	Name:
	Karen Weich

	 
	Title:
	Vice President, W011

	 
	 
	 

	 
	By:
	/s/ Julia R. Franklin

	 
	Name:
	Julia R. Franklin

	 
	Title:
	Vice Present, F014

2

3Exhibit 10.1

 

FOURTH AMENDMENT TO
 AMENDED AND RESTATED LEASE AGREEMENT NO. 1

 

THIS FOURTH AMENDMENT TO AMENDED AND RESTATED LEASE AGREEMENT NO. 1 (this “Amendment”) is made and entered into as of January 29, 2019, by and between HPT TA PROPERTIES TRUST, a Maryland real estate investment trust, and HPT TA PROPERTIES LLC, a Maryland limited liability company, as landlord (collectively, “Landlord”), and TA OPERATING LLC, a Delaware limited liability company, as tenant (“Tenant”).

 

W I T N E S S E T H:

 

WHEREAS, Landlord and Tenant are parties to that certain Amended and Restated Lease Agreement No. 1, dated as of June 9, 2015, as amended by that certain First Amendment to Amended and Restated Lease Agreement No. 1, dated as of June 22, 2016, that certain Second Amendment to Amended and Restated Lease Agreement No. 1, dated as of January 17, 2019, and that certain Third Amendment to Lease Agreement, dated as of January 23, 2019 (as so amended, the “Lease”);

 

WHEREAS, HPT TA Properties Trust is selling to Tenant, and Tenant is acquiring from HPT TA Properties Trust, the Property (this and other capitalized terms used and not otherwise defined in this Amendment shall have the meanings given such terms in the Lease) related to the Travel Center located at 4195 State Rt. 34, Hurricane, West Virginia 25526 (the “Sold Property”);

 

WHEREAS, Landlord and Tenant wish to amend the Lease to remove the Sold Property and to reflect a corresponding reduction in Minimum Rent; and

 

WHEREAS, Guarantor is executing this Amendment solely to confirm the continuation of the Guaranty with respect to the Lease (as amended by this Amendment);

 

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree, as of the date of this Amendment, as follows:

 

1.                                      Sold Property.  The Leased Property shall exclude the Sold Property, but notwithstanding the foregoing, Tenant shall retain all of its obligations with respect to the Sold Property which are attributable to events occurring on or prior to the date hereof or which are addressed pursuant to Section 9.5 of the Lease (as if the Sold Property remained a Property for the remainder of the Term).  In furtherance of the foregoing, however, Tenant shall have no obligation to comply with Section 5.3 of the Lease solely with respect to the Sold Property.

 

2.                                      Minimum Rent.  The defined term “Minimum Rent” set forth in Section 1.66 of the Lease is deleted in its entirety and replaced with the following:

 

 

“Minimum Rent” shall mean Forty-Nine Million Eighteen Thousand Four Hundred Eleven and 00/100ths Dollars ($49,018,411.00), subject to adjustment as provided in Section 3.1.1(b).

 

3.                                      Exhibit A.  Exhibit A to the Lease is hereby amended by (a) deleting the initial page entitled “EXHIBITS A-1 through A-41” therefrom in its entirety and replacing it with the page entitled “EXHIBITS A-1 through A-41” attached hereto and (b) deleting the legal description for the Sold Property from Exhibit A-37 to the Lease and replacing it with “Intentionally deleted”.

 

4.                                      Ratification.  As amended hereby, the Lease is hereby ratified and confirmed and remains in full force and effect.

 

5.                                      Counterparts.  This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

2

 

IN WITNESS WHEREOF, Landlord and Tenant have caused this Amendment to be duly executed, as a sealed instrument, as of the date first above written.

 

	
 
    	
LANDLORD:
    
	
 
    	
 
    
	
 
    	
HPT TA PROPERTIES   TRUST,
    
	
 
    	
a   Maryland real estate investment trust
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John   G. Murray
    
	
 
    	
 
    	
John G.   Murray
    
	
 
    	
 
    	
President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
HPT TA PROPERTIES   LLC,
    
	
 
    	
a   Maryland limited liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John   G. Murray
    
	
 
    	
 
    	
John G.   Murray
    
	
 
    	
 
    	
President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
TENANT:
    
	
 
    	
 
    
	
 
    	
TA OPERATING LLC,
    
	
 
    	
a   Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark   R. Young
    
	
 
    	
 
    	
Mark R.   Young
    
	
 
    	
 
    	
Executive   Vice President
    

 

 [Signature Page to Fourth Amendment to Amended and Restated Lease Agreement No. 1]

 

 

Reference is made to that certain Guaranty Agreement, dated as of June 9, 2015, given by TRAVELCENTERS OF AMERICA LLC and TRAVELCENTERS OF AMERICA HOLDING COMPANY LLC, each a Delaware limited liability company (collectively, “Guarantors”), to Landlord with respect to Tenant’s obligations under the Lease (the “Guaranty”).  Guarantors hereby confirm that all references in such Guaranty to the word “Lease” shall mean the Lease, as defined therein, as amended by this Amendment (and any prior amendments referenced in this Amendment), and said Guarantors hereby reaffirm the Guaranty.

 

	
 
    	
GUARANTORS:
    
	
 
    	
 
    
	
 
    	
TRAVELCENTERS OF   AMERICA LLC,
    
	
 
    	
a   Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark   R. Young
    
	
 
    	
 
    	
Mark R.   Young
    
	
 
    	
 
    	
Executive   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
TRAVELCENTERS OF   AMERICA HOLDING COMPANY LLC,   a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark   R. Young
    
	
 
    	
 
    	
Mark R.   Young
    
	
 
    	
 
    	
Executive   Vice President
    

 

[Joinder Page to Third Amendment to Amended and Restated Lease Agreement No. 1]

 

 

EXHIBITS A-1 through A-41

 

LAND

 

	
Exhibit
    	
 
    	
TA
   Site No.
    	
 
    	
Property Address
    	
 
    	
Initial
   Base Year
    	
 
    
	
A-1
    	
 
    	
352
    	
 
    	
1724 West Grand Avenue, Gadsden, AL 35904
    	
 
    	
2015
    	
 
    
	
A-2
    	
 
    	
226
    	
 
    	
1501 N. Fort Grant Road, Wilcox, AZ 85643
    	
 
    	
2015
    	
 
    
	
A-3
    	
 
    	
160
    	
 
    	
27769 Lagoon Drive, Buttonwillow, CA 93206
    	
 
    	
2015
    	
 
    
	
A-4
    	
 
    	
162
    	
 
    	
4325 Guasti Road, Ontario, CA 91761
    	
 
    	
2015
    	
 
    
	
A-5
    	
 
    	
163
    	
 
    	
12310 S. Highway 33, Santa Nella, CA 95322
    	
 
    	
2015
    	
 
    
	
A-6
    	
 
    	
174
    	
 
    	
12151 W. 44th Avenue, Wheat Ridge (Denver West), CO 80033
    	
 
    	
2015
    	
 
    
	
A-7
    	
 
    	
171
    	
 
    	
3 East Industrial Road      , Branford   (New Haven), CT 06405
    	
 
    	
2015
    	
 
    
	
A-8
    	
 
    	
178
    	
 
    	
2112 Highway 71 South, Marianna, FL 32448
    	
 
    	
2015
    	
 
    
	
A-9
    	
 
    	
197
    	
 
    	
8909 20th Street, Vero Beach, FL 32966
    	
 
    	
2015
    	
 
    
	
A-10
    	
 
    	
177
    	
 
    	
4401 Highway 17, Richmond Hill (Savannah), GA 31324
    	
 
    	
2015
    	
 
    
	
A-11
    	
 
    	
44
    	
 
    	
19 N. 430 Route 20, Hampshire (Elgin), IL 60140
    	
 
    	
2015
    	
 
    
	
A-12
    	
 
    	
236
    	
 
    	
21 Romines Dr., Morris, IL 60450
    	
 
    	
2015
    	
 
    
	
A-13
    	
 
    	
379
    	
 
    	
1409 S. Country Road #850 East, Greensburg, IN 47240
    	
 
    	
2015
    	
 
    
	
A-14
    	
 
    	
 
    	
 
    	
Intentionally deleted
    	
 
    	
 
    	
 
    
	
A-15
    	
 
    	
46
    	
 
    	
224 Highway 65 South, Tallulah, LA 71284
    	
 
    	
2015
    	
 
    
	
A-16
    	
 
    	
151
    	
 
    	
7401 Assateague Drive, Jessup, MD 20794
    	
 
    	
2015
    	
 
    
	
A-17
    	
 
    	
89
    	
 
    	
200 Baker Road, Dexter (Ann Arbor), MI 48130
    	
 
    	
2015
    	
 
    
	
A-18
    	
 
    	
47
    	
 
    	
2150 Russell Mt. Gilead Rd., Meridian, MS 39301
    	
 
    	
2015
    	
 
    
	
A-19
    	
 
    	
 
    	
 
    	
Intentionally deleted
    	
 
    	
 
    	
 
    
	
A-20
    	
 
    	
172
    	
 
    	
200 North McCarran Blvd., Sparks, NV 89431
    	
 
    	
2015
    	
 
    
	
A-21
    	
 
    	
211
    	
 
    	
108 Ocean Drive, Greenland, NH 03840
    	
 
    	
2015
    	
 
    
	
A-22
    	
 
    	
8
    	
 
    	
3404 W. Highway 66, Gallup, NM 87301
    	
 
    	
2015
    	
 
    
	
A-23
    	
 
    	
14
    	
 
    	
202 N. Motel Blvd., Las Cruces, NM 88005
    	
 
    	
2015
    	
 
    
	
A-24
    	
 
    	
208
    	
 
    	
9616 Commerce Drive, Dansville, NY 14437
    	
 
    	
2015
    	
 
    
	
A-25
    	
 
    	
24
    	
 
    	
940 US Rt. 42, NE, London, OH 43140
    	
 
    	
2015
    	
 
    
	
A-26
    	
 
    	
15
    	
 
    	
8834 Lake Road, Seville, OH 44273
    	
 
    	
2015
    	
 
    
	
A-27
    	
 
    	
58
    	
 
    	
5400 Seventy Six Drive, Youngstown, OH 44515
    	
 
    	
2015
    	
 
    
	
A-28
    	
 
    	
212
    	
 
    	
6 Buckhorn Road, Bloomsburg, PA 17815
    	
 
    	
2015
    	
 
    
	
A-29
    	
 
    	
3
    	
 
    	
245 Allegheny Blvd., Brookville, PA 15825
    	
 
    	
2015
    	
 
    
	
A-30
    	
 
    	
393
    	
 
    	
3001 TV Road, Florence, SC 29501
    	
 
    	
2015
    	
 
    
	
A-31
    	
 
    	
117
    	
 
    	
13011 Old Hickory Blvd., Antioch, TN 37013
    	
 
    	
2015
    	
 
    
	
A-32
    	
 
    	
 
    	
 
    	
Intentionally deleted
    	
 
    	
 
    	
 
    
	
A-33
    	
 
    	
49
    	
 
    	
2105 S. Goliad Street, Rockwall, TX 75087
    	
 
    	
2015
    	
 
    
	
A-34
    	
 
    	
60
    	
 
    	
8836 N. Highway 40, Tooele (Salt Lake City), UT 84074
    	
 
    	
2015
    	
 
    
	
A-35
    	
 
    	
143
    	
 
    	
1025 Peppers Ferry Rd., Wytheville, VA 24382
    	
 
    	
2015
    	
 
    
	
A-36
    	
 
    	
176
    	
 
    	
46630 North Bend Way, North Bend (Seattle East), WA 98045
    	
 
    	
2015
    	
 
    
	
A-37
    	
 
    	
 
    	
 
    	
Intentionally deleted
    	
 
    	
 
    	
 
    
	
A-38
    	
 
    	
 
    	
 
    	
Intentionally deleted
    	
 
    	
 
    	
 
    
	
A-39
    	
 
    	
187
    	
 
    	
4000 I-80 Service Rd., Burns (Cheyenne), WY 82053
    	
 
    	
2015
    	
 
    
	
A-40
    	
 
    	
382
    	
 
    	
4230 West Highway 24, Remington, IN 47977
    	
 
    	
2017
    	
 
    
	
A-41
    	
 
    	
108
    	
 
    	
8050 Dean Martin Drive, Las Vegas, NV 89139
    	
 
    	
2015
    	
 
    

 

[See attached copies.]

 

Exhibits A-1 - A-41

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