Document:

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                                                                  EXHIBIT 10.4.1

                    MASTER AMENDMENT TO MANAGEMENT AGREEMENTS

This Master Amendment to Management Agreements ("Master Amendment") is entered
into as of the 17th day of September, 2003, by and between:

         FelCor Lodging Trust Incorporated, a Maryland corporation ("FelCor"),
         FelCor Lodging Limited Partnership, a Delaware limited partnership
         ("FLLP"), FelCor TRS I, L.L.C., a Delaware limited liability company
         ("TRS GP"), FelCor TRS Holdings, L.P., a Delaware limited partnership
         ("TRS"), BHR Operations, L.L.C., a Delaware limited liability company
         ("BHR Operations"), BHR Lodging Tenant Company, a Delaware corporation
         ("BHR Lodging"), BHR Salt Lake Tenant Company, L.L.C., a Delaware
         limited liability company ("BHR Salt Lake"), BHR Hotels Finance, Inc.,
         a Delaware corporation ("BHR Hotels"), BHR Dallas Tenant Company, L.P.,
         a Delaware limited partnership ("BHR Dallas"), and BHR Plano Tenant
         Company, L.P., a Delaware limited partnership ("BHR Plano"),

all of which entities may be referred to herein, severally or collectively, as
the "FelCor Entities", and:

         InterContinental Hotels Group Operating Corporation, f/k/a Bass
         (U.S.A.) Incorporated, a Delaware corporation, BHMC Canada, Inc.
         ("BHMC"), an Ontario corporation, Bristol Management, L.P. ("BMLP"), a
         Texas limited partnership, and Bristol SLC Management Company ("BSLC"),
         a Texas corporation.

All of which entities may be referred to herein, severally or collectively, as
the "IHG Entities."

                                  RECITATIONS:

WHEREAS, on or about July 1, 2001, one or more of the FelCor Entities entered
into Management Agreements (each individually a "Management Agreement," and
collectively or severally "Management Agreements") with BHMC, BMLP and BSLC to
provide for the management and operation of a number of hotels collectively
listed on Exhibits "A" through "F" attached hereto, which are collectively
referred to herein as the "Hotels"; and

WHEREAS, the Management Agreements with respect to the Hotels listed in Exhibits
"A" through "E" all provide for a Term ending in the year 2013; and

WHEREAS, the Management Agreements with respect to the Hotels listed in Exhibit
"F" (hereinafter referred to as the "Long Term Hotels") each provides for a Term
ending in the year 2018; and

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WHEREAS, each Management Agreement provides, in sections 15.04 and 15.05
thereof, various continuing fees (the "Replacement Management Fee") and/or
liquidated damages ("Termination Liquidated Damages") payable by a FelCor Entity
upon the sale of a hotel and termination of its individual Management Agreement
prior to expiration of its stated Term; and

WHEREAS, each Management Agreement further provides that any Replacement
Management Fee and/or Liquidated Damages otherwise payable upon the sale of a
Hotel and termination of its individual Management Agreement prior to expiration
of its stated Term, may be reduced, avoided or nullified by the execution of a
new management agreement between a FelCor Entity and an IHG Entity, identical in
all substantive respects to the Management Agreement so terminated, with respect
to a newly-acquired hotel, or by expenditure by a FelCor Entity for an addition
to an existing Hotel, either of which is termed a "Replacement Investment";

WHEREAS, the FelCor Entities wish to sell certain Hotels as provided herein and
terminate the Management Agreements affecting such Hotels at the time of such
sales; and

WHEREAS, the FelCor Entities have already effected the sale of certain Hotels
listed as "Kansas Hotels" on Exhibit "D" and "Sold/Foreclosed Hotels on Exhibit
"E" hereto, and additionally intend to sell many of the "Sale Hotels" set forth
on Exhibit "B" hereto; and

WHEREAS, the parties desire to reach a compromise with respect to any
Replacement Management Fees and Liquidated damages which might otherwise be owed
to or accruing for the benefit of, any IHG Entity, by reason of the sale of
Exhibit "B" Hotels and, under certain circumstances, Exhibit "C" Hotels and/or
the termination of the Management Agreements pertaining to any of such Hotels;

NOW THEREFORE, in consideration of the mutual agreements hereinafter set forth,
the parties, and each of them, agree as follows:

         1) The parties agree that the Terms of the Management Agreements for
         each Hotel identified on Exhibit "A" hereto ("Extension Hotels") shall,
         and by this agreement hereby are, extended until July 31, 2018. Each of
         the FelCor Entities represents and warrants to the IHG Entities that no
         approval or consent of any person is required in order for it to amend
         any of the Management Agreements as provided herein (or that any such
         consents, if required, have been obtained), that the appropriate FelCor
         Entity has the right to extend the Term of and occupy and possess the
         Exhibit "A" Hotel or the land where the Exhibit "A" Hotel is located
         until the end of the extended Term and that the FelCor Entities have
         full power and authority to amend the terms of the Management
         Agreements of such Hotels as provided herein. From and after the date
         of this amendment the Exhibit "A" Hotels shall henceforth be considered
         to be "17.5 Year Hotels" for purposes of Section 15.05 of each
         Management Agreement and any liquidated damages with respect to such
         Hotels shall be calculated accordingly.

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         2) The IHG Entities agree that the FelCor Entities have, by virtue of
         the mutual promises herein, and in addition by virtue of certain
         Replacement Investments accomplished prior to the date hereof, and
         certain Replacement Management Fees paid as of the date hereof,
         satisfied all requirements with respect to Replacement Management Fees
         and Liquidated damages with respect to all Hotels ("Kansas Hotels") set
         forth on Exhibit "D" hereto.

         In addition, one or more FelCor Entities have effected the sale of,
         and/or permitted the foreclosure of, the Hotels listed on Exhibit "E"
         hereto ("Sold/Foreclosed Hotels"), but have not yet paid the required
         Replacement Management Fees and/or Termination Liquidated Damages. The
         parties agree that, as to the Exhibit "E" Hotels the compensation due
         to IHG will be dealt with as provided in paragraphs 3 and 4, below, the
         appropriate amounts shall be calculated as if the respective Management
         Agreements were terminated on the dates indicated in Exhibit "E", and
         shall be debited to the Special Damages Credit (defined below). Any
         Replacement Management Fees received by IHG prior to the date of this
         Amendment may be retained by IHG and credited appropriately against the
         Termination Liquidated Damages.

         3) The parties agree that, in consideration of the Term extensions
         effected with respect to the Exhibit "A" Hotels in Paragraph 1 above,
         FelCor shall receive a special credit of $25,073,718.00 ("Special
         Damages Credit") to be applied to the payment, satisfaction and
         discharge of amounts that the IHG Entities would be entitled to receive
         under the provisions of Sections 15.04 and 15.05 of the Management
         Agreements with respect to Exhibit "B" Hotels, and, under certain
         circumstances, Exhibit "C" Hotels, as follows:

                  A. With respect to the sale of any Exhibit "B" Hotel which a
         FelCor entity may effect at any time to offset Replacement Management
         Fees and/or Liquidated Damages which might otherwise be due or payable
         to an IHG Entity by reason of the termination of the Management
         Agreements pertaining to such Hotels. The FelCor Entity(ies) may sell
         any Exhibit "B" Hotel and terminate the applicable Management Agreement
         upon thirty (30) days prior written notice to the IHG Entity that is
         manager thereunder. Upon termination of the applicable Management
         Agreement, to the extent that the Special Damages Credit balance is
         greater than zero, FelCor will receive a credit against any Termination
         Liquidated Damages applicable to such termination, and shall have no
         further obligation of paying any Replacement Management Fees with
         respect to such Hotel, all as provided for in paragraph 4, below.

                  B. With respect to the sale of an Exhibit "C" Hotel, if a
         FelCor Entity sells such a Hotel (i) as part of a "portfolio sale" in
         which there are no fewer than three Hotels in the portfolio and at
         least half the number of Hotels sold in the portfolio are Exhibit "B"
         Hotels, and (ii) the composition of the portfolio has been approved in
         advance by Six Continents Hotels, Inc., then, upon termination of the
         applicable Management Agreement, to the extent that the Special Damages
         Credit

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         balance is greater than zero, FelCor will receive a credit against any
         Termination Liquidated Damages applicable to such sale and termination,
         and shall have no further obligation for the payment of any Replacement
         Management Fees with respect to such Hotel(s), all as provided for in
         paragraph 4, below.

                  C. The FelCor Entities agree that all Net Proceeds of each
         sale of Exhibit "B" or "C" Hotels as to which the Special Damages
         Credit applies shall be held as cash or cash equivalents by FelCor
         pending application only to pay FelCor Qualifying Debt (defined to mean
         any corporate debt with a maturity greater than one (1) year from the
         date it is being measured, any of FelCor's publicly-traded debt such as
         FelCor's Senior Notes, and any mortgage(s) secured by any of the Hotels
         sold). For purposes hereof, any Qualifying Debt repaid by the FelCor
         Entities subsequent to the date of this Master Amendment to Management
         Agreements shall be deemed to have been paid from Net Proceeds of the
         sale of Exhibit "B" or "C" hotels, regardless of whether such sales
         occur before or after the repayment of such Qualifying Debt.

                  D. The Special Damages Credit accruing to the FelCor Entities
         by virtue of this Paragraph 3 may not be used to offset any other
         Replacement Management Fees or Liquidated Damages which might otherwise
         be due or payable with respect to termination of a Management Agreement
         pertaining to any other Hotel under any other circumstances. Further,
         the Special Damages Credit shall not be considered to be part of a
         Replacement Investment Balance as that term is used in the Management
         Agreements.

         4) The parties agree that, with respect to Replacement Management Fees
         and Liquidated Damages due and payable to the IHG entities upon sale of
         an Exhibit "B" Hotel, or an Exhibit "C" Hotel and the termination of
         the related Management Agreement pursuant to paragraph 3(B), above: (i)
         the "Termination Liquidated Damages" for the Hotel shall be calculated
         as provided in Section 15.05 of the affected Management Agreement and
         the Special Damages Credit balance as of the date of termination of the
         Management Agreement shall be applied to the payment, satisfaction and
         discharge of the Termination Liquidated Damages that would be due an
         IHG Entity as a result of such termination; (ii) upon full payment,
         satisfaction and discharge of Termination Liquidated Damages by
         application of the Special Damages Credit, FelCor shall have no further
         obligation for the payment of Replacement Management Fees with respect
         to that Hotel; and (iii) as to any Hotel which is IHG-branded at the
         time of termination of the Management Agreement, in the event the
         purchaser of the Hotel executes a franchise or license agreement for
         that Hotel ("Buyer's Franchise") with an IHG Entity or an Affiliate for
         a term of at least three (3) years, the Special Damages Credit shall be
         credited with (i.e., increased by) a "Franchise Fee Credit". The
         Franchise Fee Credit as to each Hotel shall be calculated as follows:
         Gross Rooms Revenues of the Hotel for the most recent twelve (12)
         months prior to termination, multiplied times each of the applicable
         royalty rates for each of the first three (3) years in the Buyer's
         Franchise, net of any royalty reduction or

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         "advertising assistance" granted to the licensee in the Buyer's
         Franchise or in any side agreement exclusive of any allowance or
         assistance provided from any advertising or marketing fund to which
         franchisees contribute, that may be maintained by IHG Entities or any
         of their Affiliates. The total of the three calculations is the
         Franchise Fee Credit and shall be immediately added to the Special
         Damages Credit. In the event the Buyer's Franchise is terminated for
         any reason other than a breach by the IHG Entity within thirty-six (36)
         months of it being in effect as to the Hotel, the parties shall reduce
         the Special Damages Credit by a number equal to the Franchise Fee
         Credit multiplied by a fraction, the numerator of which is thirty-six
         (36) minus the number of months Buyer's Franchise was in effect, and
         the denominator of which is thirty-six (36).

         5) The parties further acknowledge that the FelCor Entities may, as a
         strategy for disposing of or otherwise repositioning certain Hotels,
         wish to convert them to different brands than they presently have. In
         order to facilitate appropriate brand conversions with respect to all
         Hotels, the parties agree as follows:

                  A. The Whispering Woods Conference Center Hotel, DFW Harvey
         Hotel and DFW Harvey Suites Hotel listed on Exhibit B , and no other
         hotels, may be retained by their respective FelCor entities in lieu of
         sale to a third party and converted to a non-IHG brand. No brand
         conversion of any other Hotel may be effected by FelCor without
         advance, written approval by the IHG Entity serving as Manager under
         the particular Management Agreement, in its sole discretion.

                  B. For purposes of the conversion of Whispering Woods
         Conference Center, DFW Harvey or DFW Harvey Suites, the applicable
         Management Agreement shall be terminated on the date of actual
         conversion and such termination shall, for purposes of compensation to
         IHG, be treated as having occurred as a result of a sale of the Hotel.
         Therefore, "Net Proceeds" shall be deemed to be the fair market value
         of the Hotel as of the day prior to the brand conversion as determined
         by a certified appraisal of the asset conducted by an MAI appraiser
         experienced in appraising hotels (the cost of which shall be paid by
         FelCor), and FelCor shall be obligated to pay Replacement Management
         Fees and Termination Liquidated Damages under Sections 15.04 and 15.05,
         if circumstances at the time require it. The provisions of Section 3(A)
         of this Amendment shall be applicable to such imputed sale(s) if on the
         dates of such imputed sale(s) the Special Damages Credit balance is
         greater than zero.

         6) As an additional concession to the FelCor Entities, the IHG Entities
         agree that, from and after the date the Special Damages Credit is
         exhausted, until, if later, five (5) years from the date of this Master
         Amendment of Management Agreements, a FelCor entity may sell any Hotel
         on Exhibit "B" or "C" and terminate its Management Agreement, and the
         Replacement Management Fees and Termination Liquidated Damages shall be
         calculated as provided in Sections 15.04 and 15.05 of the applicable
         Management Agreements. However, so long as the FelCor Entities apply
         the Net Proceeds of sale of such Hotels to the payment of FelCor
         Qualifying Debt, and so long as the applicable FelCor Entity makes

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         timely payment of all Replacement Management Fees with respect to the
         Hotel as calculated pursuant to Section 15.04 until the Termination
         Liquidated Damages with respect thereto have been satisfied and
         discharged (which period is not limited to one year as contemplated by
         Section 15.05(a)), payment of any Termination Liquidated Damages with
         respect to such Hotel(s) may, at the option of the FelCor Entities, be
         held in abeyance without interest until such time as the Debt-to-EBITDA
         ratio of FelCor (defined to mean FelCor Long Term Debt as of the end of
         any Fiscal Year divided by EBITDA for that year) is 4.5:1 or less, but
         in no event later than five (5) years from the date of this Master
         Amendment. Provided further, that with respect to each such Hotel
         listed on Exhibit "C" as to which FelCor elects to postpone such
         payment, in the event FelCor seeks to reduce or nullify the remaining
         Replacement Management Fee and Termination Liquidated Damages by the
         making of a Replacement Investment by FelCor or any of the FelCor
         Entities by their purchase, while payment of Termination Liquidated
         Damages are postponed or held in abeyance, of a new hotel pursuant to
         Section 15.04(b) of the applicable Management Agreement, which hotel is
         made subject to a new management agreement on the same terms as the
         applicable Management Agreement(s), or by an expansion of an existing
         Hotel approved by IHG as provided in section 15.04(b) of the Management
         Agreements), such new management agreement or expanded hotel shall only
         reduce or nullify the remaining Replacement Management Fees and/or
         Termination Liquidated Damages if the new or existing management
         agreement is given a Term extending until at least July 31, 2018.

         7) The parties agree that, for purposes of Section 15.04(b), with
         respect to any Exhibit "B" or "C" Hotel transaction used against the
         Special Damages Credit as provided in paragraphs 3 and 4, above, the
         Net Proceeds of the sale of that Hotel shall not be deducted from
         Leasehold Owner's Replacement Investment Balance, nor shall they then
         be added to Leasehold Owner's Replacement Investment Balance as if the
         Liquidated Damages had been paid. It is the intention of the parties
         that the sale of Exhibit "B" or "C" Hotels as to which the Special
         Damages Credit is applied, above, shall have no effect on the
         Replacement Investment Balance.

         8) Within thirty (30) days after the end of each calendar quarter,
         FelCor shall provide a written quarterly report of activity with
         respect to the Special Damages Credit. The report shall include a
         statement of (1) all Hotel sales, and related Management Agreement
         terminations effected in the quarter; (2) Net Proceeds realized from
         any such sales, Qualifying Debt paid, and the carryover from either;
         and (3) debits and credits, by Hotel, applied to the Special Damages
         Credit. The report shall also state the quarter-end Debt-to-EBITDA
         ratio of FelCor for purposes of paragraph 6, above. The IHG Entities
         will promptly provide FelCor the amount of the Franchise Fee Credit
         applicable to any Hotel sale with a new Buyer's Franchise.

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         9) The parties agree, merely as a point of clarification of the
         Management Agreements, that the Net Proceeds of Sale for a hotel
         foreclosed upon by a lender, or transferred to a lender by a FelCor
         Entity by virtue of a deed in lieu of foreclosure, shall be the unpaid
         principal and interest on the relevant loan at the time of such
         foreclosure or deed in lieu of foreclosure, before giving any effect to
         the reduction of the loan by the amount of any deposits, escrow
         balances or other impounds held by the lender or otherwise securing the
         loan.

         10) When and if the Special Damages Credit is fully used by offsetting
         Termination Liquidated Damages arising from the sale of Hotels and the
         termination of Management Agreements, any future sales of Hotels and
         the compensation payable to the IHG Entities for termination of their
         Management Agreements shall be governed by the requirements of Sections
         15.04 and 15.05. Notwithstanding the provisions of Paragraph 7, in the
         event a Hotel is sold whose Termination Liquidated Damages would
         deplete the remaining balance of the Special Damages Credit and leave a
         portion of the Termination Liquidated Damages unpaid (the "SHORTFALL"),
         the applicable FelCor Entity may either (1) immediately pay the
         Shortfall in cash; (2) pay a prorated Replacement Management Fee
         determined by multiplying the normal Replacement Management Fee by a
         fraction, the numerator of which is the amount of the Shortfall and the
         denominator of which is the normal Termination Liquidated Damages
         attributable to the sale of such Hotel; or (3) have deducted from any
         positive Replacement Investment Balance an amount equal to the Net
         Proceeds of such sale multiplied by a fraction, the numerator of which
         is the amount of the Shortfall and the denominator of which is the
         normal Termination Liquidated Damages attributable to the sale of such
         Hotel. If the FelCor Entities pay such prorated Replacement Management
         Fee and there is no Replacement Investment Balance sufficient to
         satisfy the Shortfall pursuant to (2) above within one year of the sale
         of the Hotel, the FelCor Entity shall promptly pay the amount of the
         Shortfall in cash. In the event the Special Damages Credit is not fully
         used by FelCor prior to or in connection with the expiration or
         termination of the last Management Agreements on Exhibit "B" or Exhibit
         "C" to expire or terminate, the parties agree that the then remaining
         balance of the Special Damages Credit has no cash or other credit value
         and the IHG Entities shall have no obligation to pay or reimburse any
         of the FelCor Entities for any such unused balance.

         11) All provisions of the Management Agreements not expressly amended
         by this Master Amendment shall remain in full force and effect. Defined
         terms used herein shall have the same meanings as such terms in the
         Management Agreements unless expressly modified in this Master
         Amendment to Management Agreements.

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FelCor Lodging Trust Incorporated,          InterContinental Hotels Group
a Maryland corporation ("FelCor")           Operating Corporation, f/k/a Bass
                                            (U.S.A.) Incorporated, a Delaware
By: /s/ Thomas J. Corcoran, Jr.             corporation
    ------------------------------------
Title: President
Date:  09/22/03                             By: /s/ Illegible
                                                --------------------------------
                                            Title: Vice President, Treasurer
FelCor Lodging Limited                      Date:_______________________________
Partnership, a Delaware limited
partnership ("FLLP")
By: FelCor Lodging Trust,                   BHMC Canada, Inc. ("BHMC"), an
Incorporated,general partner                Ontario corporation

By: /s/ Thomas J. Corcoran, Jr.             By: /s/ David Hom
    ------------------------------------        --------------------------------
Title: President                            Title: Vice President
Date:  09/22/03                             Date: ______________________________

FelCor TRS I, L.L.C., a Delaware
limited liability company                   Bristol Management, L.P.
("TRS GP")                                  ("BMLP"), a Texas limited
                                            partnership
By: /s/ Thomas J. Corcoran, Jr.             by: BHMC GenPar, LLC, general
    ------------------------------------    partner
Title: President
Date:  09/22/03                             By: /s/ Illegible
                                                --------------------------------
                                            Title: Vice President, Treasurer
FelCor TRS Holdings, L.P.,                  Date: ______________________________
a Delaware limited partnership
("TRS")                                     Bristol SLC Management Company
by: FelCor TRS I, LLC, general              ("BSLC"), a Texas corporation
partner

By: /s/ Thomas J. Corcoran, Jr.             By: /s/ Illegible
    ------------------------------------        --------------------------------
Title:  President                           Title: Vice President, Treasurer
Date:   09/22/03                            Date: ______________________________

BHR Operations, L.L.C., a
Delaware limited liability company
("BHR Operations")

By: /s/ Thomas J. Corcoran, Jr.
    -----------------------------------
Title: President
Date:  09/22/03

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BHR Lodging Tenant Company, a
Delaware corporation ("BHR
Lodging")

By: /s/ Thomas J. Corcoran, Jr.
    -----------------------------------
Title: President
Date:  09/22/03

BHR Salt Lake Tenant Company,
L.L.C., a Delaware limited liability
company ("BHR Salt Lake")

By: /s/ Thomas J. Corcoran, Jr.
    -----------------------------------
Title: President
Date:  09/22/03

BHR Hotels Finance, Inc., a
Delaware corporation ("BHR
Hotels")

By: /s/ Thomas J. Corcoran, Jr.
    ------------------------------------
Title: President
Date:  09/22/03

BHR Dallas Tenant Company, L.P.,
a Delaware limited partnership
("BHR Dallas")
by: BHR Hotels Finance Inc.,
general partner

By: /s/ Thomas J. Corcoran, Jr.
    ------------------------------------
Title:  President
Date:   09/22/03

BHR Plano Tenant Company, L.P.,
a Delaware limited partnership
("BHR Plano")
by: BHR Hotels Finance Inc.,
general partner

By: /s/ Thomas J. Corcoran, Jr.
    ------------------------------------
Title:__________________________________
Date:  09/22/03

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Exhibit "A" - Extension Hotels
Atlanta AP N-HI
Atlanta AP-CP
Atlanta Powers Ferry-CP
Austin Town Lake-HI
Boston Government-HIS
Charleston Mills-HI
Cocoa Beach Ocean-HI
Dallas Park Ctrl-BH
Houston Med Ctr-HI
Irvine-CP
Miami AP-CP
Nashville Opryland-HIS
New Orleans Fr Qtr-HI
Omaha Old Mill-CP
Orlando AP-HIS
Orlando I Drive-HI
Philadelphia Indepen-HI
Pittsburgh Univ Ctr-HIS
Pleasanton-CP
San Antonio AP-HIS
San Antonio Downtown-HI
San Jose Silicon-CP
Santa Barbara-HI
Secaucus Meadow-CP
Stamford-HIS
Toronto AP-HIS
Toronto Yorkdale-HI

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Exhibit "B" - Sale Hotels
Albuquerque Mount-HI
Amarillo I-40-HI
Beaumont Midtown-HI
Cambridge-HI
Columbus AP N-HI
Dallas Addison-CP
Dallas DFW N-HH
Dallas DFW N-HS
Dallas Park Ctrl-CPS
Dallas Plano-HI
Davenport-HI
Greenville Roper-CP
Hartford Downtown-CP
Houston I-10 W-HIS
Jackson Downtown-CP
Jackson N-HI
Kitchener Waterloo-HI
Midland Country Villa-HI
Moline AP-HI
Moline AP-HIX
Odessa Ctr-HI
Odessa-HIX
Olive Branch WW-IND
Omaha Ctrl I-80-HI
Omaha Ctrl-HAM
Omaha SW-HAM
Omaha SW-HIX
Omaha-HWD
Orlando Nikki Bird-HI
Peterborough-HI
Salt Lake City AP-HI
Sarnia-HI
St Louis Westport-HI
Texarkana I-30-HI
Waco I-35-HI

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Exhibit "C" - Unaffected hotels
Atlanta Jonesboro-HI
Atlanta Perimeter-HIS
Dallas Market Ctr-CP
Houston AP-HI
Houston Greenway-HIS
Houston Med Ctr-CP
KC NE-HI
Knoxville W-HI
Montgomery E I-85-HI
SF Financial District-HI

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Exhibit "D" - Kansas Hotels
Hampton Inn - Hays
Holiday Inn - Great Bend
Holiday Inn - Hays
Holiday Inn - Salina
Holiday Inn Express & Suites - Colby
Holiday Inn Express & Suites - Salina I-70

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EXHIBIT "E"SOLD/FORECLOSED HOTELS
Dallas Park Ctrl-HH - August 5, 2003
Dallas Plano-HH - August 5, 2003
Davenport-HAM - May 14, 2003
Moline-HAM - May 14, 2003

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EXHIBIT "F" - LONG-TERM HOTELSChicago
Allerton-CP
Philadelphia Ctr City-CP
SF Fish Wharf-HI
SF Union Square-CP
San Diego on Bay-HI
Tampa Busch-HI

                                       15<PAGE>

                                                                 EXHIBIT 10.19.4

                                FOURTH AMENDMENT

         FOURTH AMENDMENT (the "Fourth Amendment"), dated as of June 25, 2003,
among FELCOR LODGING TRUST INCORPORATED (f/k/a FelCor Suite Hotels, Inc.), a
Maryland corporation ("FelCor"), FELCOR LODGING LIMITED PARTNERSHIP (f/k/a
FelCor Suites Limited Partnership), a Delaware limited partnership ("FelCor LP"
and collectively with FelCor, the "US Borrower"), FELCOR CANADA CO., a Nova
Scotia unlimited liability company (the "Canadian Borrower" and collectively
with the US Borrower, the "Borrower"), the Lenders from time to time party
thereto, DEUTSCHE Bank Trust Company AMERICAS (f/k/a Bankers Trust Company), as
Syndication Agent (the "Syndication Agent") and JPMORGAN CHASE BANK (f/k/a The
Chase Manhattan Bank) ("JPMCB") and J.P. MORGAN Bank Canada (f/k/a The Chase
Manhattan Bank of Canada) ("JPM Canada") as Administrative Agent for the
Lenders. Unless otherwise defined herein, capitalized terms used herein and
defined in the Credit Agreement referred to below are used herein as so defined.

                             W I T N E S S E T H :

         WHEREAS, the Borrower, the Lenders, the Syndication Agent and the
Administrative Agent are party to the Seventh Amended and Restated Credit
Agreement, dated as of July 26, 2001 (as the same has been amended, modified or
supplemented to, but not including, the date hereof, the "Credit Agreement");
and

         WHEREAS, subject to the terms and conditions set forth below, the
parties hereto wish to amend certain provisions the Credit Agreement as provided
herein;

         NOW, THEREFORE, it is agreed;

I.       Amendments

         1.       Section 1.1 of the Credit Agreement is hereby amended by
deleting the definitions of "Adjusted EBITDA," "Applicable Margin,"
"Consolidated Total Revenue," "Status" and "Total Indebtedness" and inserting
the following new definitions in lieu thereof:

                  "Adjusted EBITDA" for any Person for any period, shall be (A)
         the sum of (i) EBITDA of such Person for such period and (ii) for any
         Fiscal Quarter ending after April 1, 2003 and prior to October 1, 2004,
         up to $25,000,000 of Net Proceeds from Asset Sales consumated during
         the Fiscal Quarter of such Person less (B) the FF&E Reserve for such
         Person.

                  "Applicable Margin" means, with respect to each Revolving
         Credit Loan, the applicable percentage per annum set forth below based
         upon (i) with respect to Level I through IV Status, the Status then in
         effect and (ii) with respect to Level V through XVI Status, the Status
         in effect on the most recent Applicable Margin Reset Date, it being

<PAGE>

         understood that the Applicable Margin for (i) Base Rate Loans, Swing
         Advances and Canadian Prime Rate Loans shall be the percentage set
         forth under the column "Base Rate/Canadian Prime Rate Loans", (ii)
         Eurodollar Rate Loans shall be the percentage set forth under the
         column "Eurodollar Rate Loans", and (iii) the Commitment Fee shall be
         the percentage set forth under the column "Commitment Fee":

<TABLE>
<CAPTION>
                                    Base Rate/Canadian
                                        Prime Rate                Eurodollar Rate                 Commitment
                                           Loans                        Loans                         Fee
                                    ------------------            ---------------                 -----------
<S>                                 <C>                           <C>                             <C>
Level I Status                              0.0%                       .875%                         0.125%
Level II Status                             0.0%                      1.000%                         0.150%
Level III Status                            0.0%                      1.125%                         0.150%
Level IV Status                             0.0%                      1.250%                         0.200%
Level V Status                              0.0%                      1.375%                         0.200%
Level VI Status                           0.250%                      1.750%                         0.250%
Level VII Status                          0.375%                      1.875%                         0.250%
Level VIII Status                         0.500%                      2.000%                         0.300%
Level IX Status                           0.625%                      2.125%                         0.375%
Level X Status                            1.000%                      2.500%                         0.500%
Level XI Status                           1.375%                      2.875%                         0.500%
Level XII Status                          1.750%                      3.250%                         0.500%
Level XIII Status                         2.375%                      3.875%                         0.500%
Level XIV Status                          2.625%                      4.125%                         0.500%
Level XV Status                           3.000%                      4.500%                         0.500%
Level XVI Status                          3.500%                      5.000%                         0.500%
</TABLE>

                  "Consolidated Total Revenue" shall mean, for any period, (i)
the aggregate stated amount of all revenue of the US Borrower and its
Subsidiaries on a consolidated basis as determined in accordance with GAAP plus
(ii) the US Borrower's Pro Rata Share of the aggregate stated amount of all
revenue of its Unconsolidated Entities.

                  "Status" means the existence of Level I Status, Level II
Status, Level III Status, Level IV Status, Level V Status, Level VI Status,
Level VII Status, Level VIII Status, Level IX Status, Level X Status, Level XI
Status, Level XII Status, Level XIII Status, Level XIV Status, Level XV or Level
XVI Status, as the case may be.

                  As used in this definition:

                  "Level I Status" exists on any date if, on such date, either
         US Borrower has a long-term senior unsecured actual debt rating of A-
         or better by S&P and A3 or better by Moody's Investor Service, Inc.
         ("Moody's");

                  "Level II Status" exists on any date if, on such date, either
         US Borrower has a long-term senior unsecured actual debt rating of BBB+
         by S&P and Baa1 by Moody's;

                                      -2-
<PAGE>

                  "Level III Status" exists on any date if, on such date, either
         US Borrower has a long-term senior unsecured actual debt rating of BBB
         by S&P and Baa2 by Moody's;

                  "Level IV Status" exists on any date if, on such date, either
         US Borrower has a long-term senior unsecured debt rating of BBB- by S&P
         and Baa3 by Moody's;

                  "Level V Status" exists on any date if, on such date (y) none
         of Level I Status through Level IV Status exists and (z) the Leverage
         Ratio is less than 25%;

                  "Level VI Status" exists on any date if, on such date (y) none
         of Level I Status through Level IV Status exists and (z) the Leverage
         Ratio is equal to or greater than 25% but less than 35%;

                  "Level VII Status" exists on any date if, on such date (y)
         none of Level I Status through Level IV Status exists and (z) the
         Leverage Ratio is equal to or greater than 35% but less than 40%;

                  "Level VIII Status" exists on any date if, on such date (y)
         none of Level I Status through Level IV Status exists and (z) the
         Leverage Ratio is equal to or greater than 40% but less than 45%;

                  "Level IX Status" exists on any date if, on such date (y) none
         of the Level I Status through Level IV Status exists and (z) the
         Leverage Ratio is equal to or greater than 45% but less than 50%;

                  "Level X Status" exists on any date if, on such date (y) none
         of Level I Status through Level IV Status exists and (z) the Leverage
         Ratio is equal to or greater than 50% but less than 55%;

                  "Level XI Status" exists on any date if, on such date (y) none
         of Level I Status through Level IV Status exists and (z) the Leverage
         Ratio is equal to or greater than 55% but less than 60%.

                  "Level XII Status" exists on any date if, on such date (y)
         none of Level I Status through Level IV Status exists and (z) the
         Leverage Ratio is equal to or greater than 60% but less than 65%.

                  "Level XIII Status" exists on any date if, on such date (y)
         none of Level I Status through Level IV Status exists and (z) the
         Leverage Ratio is equal to or greater than 65% but less than 70%.

                  Level XIV Status" exists on any date if, on such date (y) none
         of Level I Status through Level IV Status exists and (z) the Leverage
         Ratio is equal to or greater than 70% but less than 75%.

                  "Level XV Status" exists on any date if, on such date (y) none
         of Level I Status through Level IV Status exists and (z) the Leverage
         Ratio is equal to or greater than 75% but less than 80%.

                                      -3-
<PAGE>

                  "Level XVI Status" exists on any date if, on such date (y)
         none of Level I Status through Level IV Status exists and (z) the
         Leverage Ratio is equal to or greater than 80%.

                  If S&P and/or Moody's shall cease to issue ratings of debt
         securities of real estate investment trusts generally, then the
         Administrative Agent and the US Borrower shall negotiate in good faith
         to agree upon a substitute rating agency or agencies (and to correlate
         the system of ratings of each substitute rating agency with that of the
         rating agency for which it is substituting) and (a) until such
         substitute rating agency or agencies are agreed upon, Status shall be
         determined on the basis of the rating assigned by the other rating
         agency (or, if both S&P and Moody's shall have so ceased to issue such
         ratings, on the basis of the Status in effect immediately prior
         thereto) and (b) after such substitute rating agency or agencies are
         agreed upon, Status shall be determined on the basis of the rating
         assigned by the other rating agency and such substitute rating agency
         or the two substitute rating agencies, as the case may be. If the long
         term senior unsecured actual debt ratings of either US Borrower by S&P
         and Moody's are not equivalent, the higher rating will apply for the
         purposes of determining Status. If the long term senior unsecured
         actual debt ratings of either US Borrower by S&P and Moody's are two or
         more Levels apart, the rating one Level below the higher rating will
         apply for the purposes of determining Status.

                  "Total Indebtedness of any Person means the sum of the
         following (without duplication): (a) all Indebtedness of such Person
         and its Subsidiaries determined on a consolidated basis in conformity
         with GAAP, plus (b) such Person's Pro Rata Share of Indebtedness of
         such Person's Unconsolidated Entities, provided, however, Indebtedness
         of a Person's Subsidiary shall only be included in the calculation of
         Total Indebtedness to the extent of the greater of (x) such Person's
         Pro Rata Share of such Indebtedness and (y) the amount of such
         Indebtedness guaranteed by such Person, provided further, that in
         calculating Total Indebtedness of the US Borrower and its Subsidiaries
         for the purposes of Sections 2.6(e), 2.6(f), 2.6(g), 2.22, 5.5, 7.4(b),
         7.5(d), 7.6(c) 7.13(b) and 7.17, Total Indebtedness shall be reduced by
         unencumbered cash and Cash Equivalents in excess of $25,000,000 held by
         the US Borrower and its Subsidiaries at such time."

         2.       Section 1.1 of the Credit Agreement is hereby further amended
by (A) inserting the following text immediately preceding the period at the end
of the definition of "Net Cash Proceeds", ", it being understood and agreed,
with respect to like-kind exchanges consummated pursuant to, and in compliance
with, Section 1031 of the Code, Net Cash Proceeds shall not be deemed to have
been received by the US Borrower or it Subsidiaries while held by a "qualified
intermediary" (as such term is defined under Section 1031 of the Code)" and (B)
in the definition of "Total Value" (i) deleting clause (D) thereof in its
entirety, (ii) re-designating clauses (E) and (F) of said definition as clauses
(D) and (E), respectively, (iii) in new clause (D), deleting the reference "(D)"
appearing therein and inserting the reference "(C)" in lieu thereof and (iv) in
new clause (E), deleting the reference "(E)" appearing therein and inserting the
reference "(D)" in lieu thereof.

         3.       Section 1.1 of the Credit Agreement is hereby further amended
by inserting the following new defined term in the appropriate alphabetical
order:

                                      -4-
<PAGE>

                  "Specified Purposes" shall mean (i) any operating expenses
         incurred within thirty days of payment thereof by the US Borrower or
         its Subsidiaries in the ordinary course of business including, without
         limitation, interest expense, taxes and maintenance reserves, scheduled
         principal payments and interest in connection therewith on any
         Indebtedness (regardless of when incurred) of the US Borrower or its
         Subsidiaries; provided, however, the redemption or the repayment of any
         Indebtedness other than provided above shall not constitute a Specified
         Purpose and (ii) the prepayment by the US Borrower or any of its
         Subsidiaries of any such operating expenses incurred in the ordinary
         course within thirty days prior to the date such payment is due.

         4.       Sections 2.6(e), (f) and (g) of the Credit Agreement are each
hereby amended to read in their entirety as follows:

                  "(e) In addition to any other mandatory prepayments required
         pursuant to this Section 2.6, if on any date the US Borrower or any of
         its Subsidiaries shall receive Net Cash Proceeds from any Asset Sale
         and the US Borrower's Total Indebtedness for borrowed money is equal to
         or exceeds 70% of Total Value (before giving effect to the application
         of the proceeds thereof), then, unless the proceeds from such Asset
         Sale are required to be reinvested in accordance with any Management
         Agreement governing the sale of such asset, a prepayment of an amount
         equal to 100% of such Net Cash Proceeds (or the portion thereof not
         required to be reinvested pursuant to such Management Agreement) shall
         be applied to repay outstanding Revolving Credit Loans within five
         Business Days following such date.

                  (f) In addition to any other mandatory prepayments required
         pursuant to this Section 2.6, if on any date the US Borrower or any of
         its Subsidiaries shall receive Net Cash Proceeds from the sale or
         issuance of equity by the US Borrower or its Subsidiaries and, if at
         the time of such issuance the US Borrower's Total Indebtedness for
         borrowed money is equal to or exceeds 70% of Total Value (before to
         giving effect to the application of the proceeds thereof), then, a
         prepayment of an amount equal to 100% of such Net Cash Proceeds shall
         be applied to repay outstanding Revolving Credit Loans within five
         Business Days following such date.

                  (g) In addition to any other mandatory prepayments required
         pursuant to this Section 2.6, 45 days after the last day of each Fiscal
         Quarter of the US Borrower, beginning with the Fiscal Quarter ending
         December 31, 2002, if the US Borrower's Total Indebtedness for borrowed
         money is equal to or exceeds 70% of Total Value as of the last day of
         such Fiscal Quarter, then outstanding Revolving Credit Loans shall be
         repaid in an amount equal to 100% of Available Free Cash Flow for such
         Fiscal Quarter."

         5.       Section 2.17(c) of the Credit Agreement is hereby amended by
deleting the amount "$75,000,000" appearing in said Section and inserting the
amount "$15,000,000" in lieu thereof.

                                      -5-
<PAGE>

         6.       The Credit Agreement is hereby further amended by deleting
Sections 2.21(c) and (d) in their entirety.

         7.       Section 2.22 of the Credit Agreement is hereby amended by
deleting clause (iii) thereof in its entirety and inserting the following new
clause (iii) in lieu thereof, "(iii) at the time of the delivery of any notice
pursuant to clause (a) or (b) of this Section 2.22 requesting an extension of
the Final Maturity Date, the US Borrower's Total Indebtedness for borrowed money
shall be equal to or less than (x) in the case of a request to extend the Final
Maturity Date made pursuant to clause (a) hereof, 60% of Total Value at all
times from the delivery of the notice requesting such extension until such
Extension Effective Date and (y) in the case of a request to extend the Final
Maturity Date made pursuant to clause (b) hereof, 55% of Total Value at all
times from the delivery of such notice requesting such extension until such
Extension Effective Date".

         8.       Section 4.18 of the Credit Agreement is hereby amended by
inserting the following text immediately preceding the period at the end
thereof", provided that at any time the US Borrower's Total Indebtedness for
borrowed money is equal to or exceeds 75% of Total Value (or will after giving
effect to the application of proceeds of such Revolving Credit Loans), the
proceeds of the Revolving Credit Loans will be used by the Borrowers solely for
Specified Purposes that can not be funded from operational cash flow".

         9.       Section 5.1 of the Credit Agreement is hereby amended to read
in its entirety as follows:

                  "5.1. Unsecured Interest Expense Coverage. The US Borrower
         shall maintain at the end of each Fiscal Quarter, commencing with the
         Fiscal Quarter ending on June 30, 2000, a ratio of (a) Unencumbered NOI
         to (b) Unsecured Interest Expense, in each case determined on the basis
         of the four (4) Fiscal Quarters ending on the date of determination, of
         not less than 1.90:1.0, provided that, the minimum ratio set forth
         above shall be not less than 1.20:1.0 for the Fiscal Quarters ending
         June 30, 2003 through September 30, 2004."

         10.      Section 5.2 of the Credit Agreement is hereby amended to read
in its entirety as follows:

                  "5.2. Fixed Charge Coverage Ratio. The US Borrower shall
         maintain at the end of each Fiscal Quarter, commencing with the Fiscal
         Quarter ending on June 30, 2000, a ratio of (a) Adjusted EDITDA to (b)
         Fixed Charges, in each case determined on the basis of the four (4)
         Fiscal Quarters ending on the date of determination, of not less than
         1.50:1.0, provided that, the minimum ratio set forth above shall be (i)
         1.00:1.0 for the Fiscal Quarters ending June 30, 2003 through March 31,
         2004, (ii) 1.05:1.0 for the Fiscal Quarters ending June 30, 2004 and
         September 30, 2004.

         11.      Section 5.4 of the Credit Agreement is hereby amended to read
in its entirety as follows:

                                      -6-
<PAGE>

                  "5.4. Limitations on Total Indebtedness. The US Borrower shall
         not, during each Fiscal Quarter on a consolidated basis, permit the
         Total Indebtedness (including, without limitation, the Obligations and
         all Capitalized Lease Obligations) of the US Borrower for borrowed
         money to exceed (i) 70% of Total Value from December 31, 2002 through
         and including June 29, 2003, (ii) 80% of Total Value from and including
         June 30, 2003 through March 31, 2004, (iii) 75% of Total Value from and
         including April 1, 2004 through June 30, 2004, (iv) 70% of Total Value
         from and including July 1, 2004 through September 30, 2004 and (v) 60%
         of Total Value at all other times."

         12.      Section 5.5 of the Credit Agreement is hereby amended to read
in its entirety as follows:

                  "5.5. Limitations on Total Secured Indebtedness. The US
         Borrower shall not, during each Fiscal Quarter on a consolidated basis,
         permit the Total Secured Indebtedness (including, without limitation,
         secured Obligations and Capitalized Lease Obligations) of the US
         Borrower, to exceed 45% of Total Value, provided that, Total Secured
         Indebtedness shall not exceed (i) 32% of Total Value from December 31,
         2002 through and including June 29, 2003 and (ii) 50% of Total Value
         from June 30, 2003 through September 30, 2004."

         13.      Section 7.1(c) of the Credit Agreement is hereby amended by
deleting the percentage "25%" appearing in the second proviso of said Section
and inserting the percentage "50%" in lieu thereof.

         14.      Section 7.4(b) of the Credit Agreement is hereby amended to
read in its entirety as follows:

                  "(b) Notwithstanding anything to the contrary contained in
         clause (a) of this Section 7.4, other than Restricted Payments made in
         accordance with clauses (a)(i) and (a)(ii) of this Section 7.4, the US
         Borrower shall not make Restricted Payments under such clause (a)
         during any Fiscal Quarter ending from and including December 31, 2002
         through September 30, 2004, at any time that the US Borrower's Total
         Indebtedness for borrowed money is equal to or exceeds 55% of Total
         Value, except that (x) to the extent that the US Borrower's Total
         Indebtedness for borrowed money is equal to or exceeds 55% of Total
         Value but is less than 65% of Total Value, at the time of and after
         giving effect to such Restricted Payments, when added to the Restricted
         Payments made during the immediately preceding three consecutive Fiscal
         Quarters, in an amount equal to the lesser of (I) 85% of the
         consolidated Adjusted Funds From Operations and (II) 85% of the Free
         Cash Flow of the US Borrower, in each case for the immediately
         preceding four consecutive Fiscal Quarters and (y) to the extent that
         the US Borrower's Total Indebtedness for borrowed money is equal to or
         exceeds 65% of Total Value but is equal to or less than 70% of Total
         Value, at the time of and after giving effect to any such Restricted
         Payment, when added to the Restricted Payments made during the
         immediately preceding three consecutive Fiscal Quarters, in an amount
         equal to the lesser of (I) 85% of the consolidated Adjusted

                                      -7-
<PAGE>

         Funds From Operations and (II) 75% of the Free Cash Flow of the US
         Borrower, in each case for the immediately preceding four consecutive
         Fiscal Quarters; provided that notwithstanding the above, (A) the US
         Borrower shall be permitted to declare or authorize the payment of
         current dividends on its preferred stock during any Fiscal Quarter in
         an aggregate amount not to exceed the difference of (I) the sum of (x)
         100% of the Free Cash Flow of the US Borrower for the immediately
         preceding four (4) consecutive Fiscal Quarters ending prior to the date
         of payment of such dividend plus (y) up to $25,000,000 of Net Proceeds
         of Asset Sales per Fiscal Quarter consummated in the four (4) Fiscal
         Quarter period ending prior to the date of payment of such dividend,
         less (II) the amount of dividends paid by the US Borrower on its
         preferred stock during the immediately preceding three (3) consecutive
         Fiscal Quarters ending prior to the date of payment of such dividend
         and (B) the US Borrower shall be permitted to declare or authorize the
         payment of current dividends on its Stock during any Fiscal Quarter but
         only to the extent required to maintain its status as a real estate
         investment trust."

         15.      Section 7.5(d) of the Credit Agreement is hereby amended to
read in its entirety as follows:

                  "(d) Notwithstanding anything to the contrary contained in
         this Agreement, for the period from the Third Amendment Effective Date
         through September 30, 2004, the US Borrower may acquire existing Hotel
         properties, so long as (I) the Total Indebtedness for borrowed money of
         the US Borrower does not exceed 60% of Total Value both before and
         after giving effect to such acquisition and (II) at least 10 Business
         Days prior to the consummation of any such acquisition the US Borrower
         shall deliver to the Administrative Agent a certificate of the US
         Borrower's chief financial officer or treasurer certifying (and showing
         calculations in reasonable detail) that the US Borrower would have been
         in compliance with the financial covenants set forth in Sections 5.1,
         5.2, 5.3, 5.4, 5.5, 5.6 and 5.7, as amended hereby, for the most
         recently ended four (4) Fiscal Quarters prior to the date of such
         acquisition, in each case with such financial covenants to be
         determined on a pro forma basis as if such acquisition had been
         consummated on the first day of such four (4) Fiscal Quarter period
         (and assuming that any Indebtedness incurred, issued, assumed or repaid
         in connection therewith had been incurred, issued, assumed or repaid on
         the first day of such four (4) Fiscal Quarter period); provided that
         (i) to the extent that the US Borrower's Total Indebtedness for
         borrowed money exceeds 60% of Total Value but is less than or equal to
         65% of Total Value before such acquisition, the US Borrower may acquire
         existing Hotel properties at such time, so long as (I) the US
         Borrower's Total Indebtedness for borrowed money as a percentage of
         Total Value after giving effect to such acquisition is equal to or less
         than the US Borrower's Total Indebtedness for borrowed money as a
         percentage of Total Value immediately prior to such acquisition, (II)
         at least 10 Business Days prior to the consummation of any such
         acquisition, the US Borrower shall deliver to the Administrative Agent
         a certificate of the US Borrower's chief financial officer or treasurer
         certifying (and showing calculations in reasonable detail) that the US

                                      -8-
<PAGE>

         Borrower would have been in compliance with the financial covenants set
         forth in Sections 5.1, 5.2, 5.3, 5.4, 5.5, 5.6 and 5.7, as amended
         hereby, for the most recently ended (4) Fiscal Quarters prior to the
         date of such acquisition, in each case with such financial covenants to
         be determined on a pro forma basis as if such acquisition had been
         consummated on the first day of such (4) Fiscal Quarter period (and
         assuming that any Indebtedness incurred, issued, assumed or repaid in
         connection therewith had been incurred, issued, assumed or repaid on
         the first day of such four (4) Fiscal Quarter period); (ii) to the
         extent that the US Borrower's Total Indebtedness for borrowed money
         exceeds 65% of Total Value but is less than or equal to 70% of Total
         Value either at the time of or after giving effect to such acquisition,
         the US Borrower may only acquire existing Hotel properties (I) in an
         aggregate amount not to exceed the Specified Acquisition Amount at the
         time of such acquisition and (II) if the US Borrower's Total
         Indebtedness for borrowed money as a percentage of Total Value after
         giving effect to such acquisition is equal to or less than the US
         Borrower's Total Indebtedness for borrowed money as a percentage of
         Total Value immediately prior to such acquisition; provided further,
         that notwithstanding the above, the US Borrower shall be permitted to
         acquire replacement assets required pursuant to management agreements."

         16.      Section 7.5 of the Credit Agreement is hereby further amended
by inserting the following new Sections (e) and (f) at the end thereof:

                  "(e) Notwithstanding anything contained in this Agreement, the
         US Borrower may engage in like-kind exchanges pursuant to, and in
         compliance with, Section 1031 of the Code that may result in Net Cash
         Proceeds in an aggregate amount not to exceed $30,000,000 with respect
         to the Holiday Inn Amarillo; Holiday Inn Texarkana; Holiday Inn Odessa;
         Holiday Inn Moline Airport; Holiday Inn Express Omaha SW; and Hampton
         Omaha SW properties.

                  (f) Notwithstanding anything to the contrary contained in this
         Agreement, the US Borrower may acquire assets if the only consideration
         paid by the US Borrower for such assets is (x) Stock of the US
         Borrower, (y) the assumption of Indebtedness or (z) the payment of
         reasonable fees and expenses in connection with the acquisition of such
         asset; provided that to the extent the US Borrower assumes any
         Indebtedness in connection with the acquisition of an asset, (I) the US
         Borrower's Total Indebtedness for borrowed money as a percentage of
         Total Value after giving effect to such acquisition shall be equal to
         or less than the US Borrower's Total Indebtedness for borrowed money as
         a percentage of Total Value immediately prior to such acquisition and
         (II) at least 10 Business Days prior to the consummation of any such
         acquisition, the US Borrower shall deliver to the Administrative Agent
         a certificate of the US Borrower's chief financial officer or treasurer
         certifying (and showing calculations in reasonable detail) that the US
         Borrower would have been in compliance with the financial covenants set
         forth in Sections 5.1, 5.2, 5.3, 5.4, 5.5, 5.6 and 5.7, as amended
         hereby, for the most recently ended (4) Fiscal Quarters prior to the
         date of such acquisition, in each case with such financial

                                      -9-
<PAGE>

         covenants to be determined on a pro forma basis as if such acquisition
         had been consummated on the first day of such (4) Fiscal Quarter period
         (and assuming that any Indebtedness assumed in connection therewith had
         been assumed on the first day of such four (4) Fiscal Quarter period)."

         17.      Section 7.6(c) of the Credit Agreement is hereby amended to
read in its entirety as follows:

                  "(c) Notwithstanding anything to the contrary contained in
         this Agreement, during the period from the First Amendment Effective
         Date to December 31, 2004 at any time the US Borrower's Total
         Indebtedness for borrowed money is greater than 65% of Total Value, the
         US Borrower shall not, and shall not permit any of its Subsidiaries or
         Eligible Joint Ventures to engage in the construction of new hotels,
         enter into any commitments or agreements to purchase any Hotels under
         or to be under, original construction or to acquire any additional
         budget hotels, limited service hotels or extended stay hotels, other
         than, so long as the US Borrower's Total Indebtedness for borrowed
         money is greater than 65% of Total Value but is less than or equal to
         70% of Total Value, (A) to engage in or continue the construction of
         the Margate complex and (B) to invest an aggregate amount not to exceed
         $65,000,000 in up to three Holiday Inns or Embassy Suites prototypes
         (or any combination thereof) owned by the Borrower or its Subsidiaries,
         it being understood and agreed that if the US Borrower or any of its
         Subsidiaries has commenced construction of the Margate complex or a
         Hotel at a time when it is in compliance with this Section 7.6(c), it
         shall be permitted to complete such construction notwithstanding the
         fact that it is no longer in compliance herewith."

         18.      Section 8.1(c) of the Credit Agreement is hereby amended to
read in its entirety as follows:

                  "(c) any Loan Party shall fail to perform or observe any other
         term, covenant or agreement contained in this Agreement or in any other
         Loan Document if such failure shall remain unremedied for (I) 90 days
         after the earlier of the date on which a Responsible Officer of any
         Borrower becomes aware of such failure or written notice thereof shall
         have been given to the US Borrower by the Administrative Agent or any
         Lender, and (II) if on the last day of the 90 day period set forth in
         clause (I) of this Section 8.1(c), no Revolving Credit Loans are
         outstanding and all Drawings in respect of Letters of Credit have been
         reimbursed, then such period shall be extended for an additional 90
         days so long any Drawing in respect of a Letter of Credit during such
         period is reimbursed within three (3) Business Days of the date of such
         Drawing as provided in Section 2.20(a); provided that the periods
         referred to in this clause (c) shall terminate immediately if at any
         time during such periods the Total Indebtedness of the US Borrower for
         borrowed money exceeds 82.5% of the Total Value ; or"

         19.      Section 8.3(a) of the Credit Agreement is hereby amended by
inserting the text "or upon the occurrence and during the continuation of an
Event of Default under Section 8.1(c)

                                      -10-
<PAGE>

as a result of the US Borrower's Total Indebtedness exceeding 82.5% of Total
Value" immediately following the text "Termination Date" appearing in said
Section.

         20.      Exhibit B to the Credit Agreement is hereby amended by
inserting the following new clause (D) immediately following clause (C) thereof:

                  "[(D) the proceeds of the Revolving Credit Loans shall be used
solely for Specified Purposes that can not be funded from operational cash
flow.]1

         1/ To be included for a Proposed Borrowing at any time the US
Borrower's Total Indebtedness for borrowed money is equal to or exceeds 75% of
Total Value (or will exceed 75% of Total Value after giving effect to the
application of proceeds of such Proposed Borrowing)."

II.      Miscellaneous Provisions

         1.       In order to induce the Lenders to enter into this Fourth
Amendment, each Borrower hereby represents and warrants on behalf of itself and
its respective Subsidiaries that (i) the representations and warranties of
contained in Article IV of the Credit Agreement are true and correct in all
material respects on and as of the Fourth Amendment Effective Date (as defined
below) (except with respect to any representations and warranties limited by
their terms to a specific date, which shall be true and correct in all material
respects as of such date), and (ii) there exists no Default or Event of Default
under the Credit Agreement on the Fourth Amendment Effective Date, in each case
both before and after giving effect to this Fourth Amendment.

         2.       The US Borrower hereby agrees to pay each Lender which
delivers an executed copy of this Fourth Amendment (by hard copy or facsimile)
to the Administrative Agent by no later than 5:00 p.m. (New York time) on June
25, 2003, a fee (the "Amendment Fee") in an amount equal to 0.15% of such
Lender's Revolving Credit Commitment (after giving effect to this Fourth
Amendment), which Amendment Fee shall be due and payable on the first Business
Day following the date on which the Super Majority Lenders shall have executed
and delivered this Fourth Amendment.

         3.       This Fourth Amendment is limited as specified and shall not
constitute an amendment, modification, acceptance or waiver of any other
provision of the Credit Agreement or any other Loan Document.

         4.       THIS FOURTH AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW
OF THE STATE OF NEW YORK.

         5.       This Fourth Amendment shall become effective on the date (the
"Fourth Amendment Effective Date") when (i) each Borrower and the Super Majority
Lenders shall have signed a counterpart hereof (whether the same or different
counterparts) and shall have delivered (including by way of telecopier) the same
to the Administrative Agent and (ii) the US Borrower has terminated Revolving
Credit Commitments in an aggregate amount equal to at least $100,000,000 in
accordance with Section 2.4 of the Credit Agreement.

                                      -11-
<PAGE>

         6.       From and after the Fourth Amendment Effective Date, all
references in the Credit Agreement and in the other Loan Documents shall be
deemed to be referenced to the Credit Agreement as modified hereby.

                                      * * *

                                      -12-
<PAGE>

                                         FELCOR LODGING TRUST
                                           INCORPORATED

                                         By: /s/ Andrew J. Welch
                                             -----------------------------------
                                             Name:  Andrew J. Welch
                                             Title: Senior Vice President

                                         FELCOR LODGING LIMITED
                                           PARTNERSHIP

                                         By: FelCor Lodging Trust Incorporated,
                                             its general partner

                                         By: /s/ Andrew J. Welch
                                             -----------------------------------
                                             Name:  Andrew J. Welch
                                             Title: Senior Vice President

                                         FELCOR CANADA CO.

                                         By: /s/ Andrew J. Welch
                                             -----------------------------------
                                             Name:  Andrew J. Welch
                                             Title: Senior Vice President

<PAGE>

                                         JPMORGAN CHASE BANK (f/k/a The Chase
                                            Manhattan Bank), Individually and as
                                            Administrative Agent

                                         By: /s/ Charles E. Hoagland
                                             -----------------------------------
                                             Name:  Charles E. Hoagland
                                             Title: Vice President

                                         J.P. MORGAN BANK CANADA (f/k/a The
                                            Chase Manhattan Bank of Canada), as
                                            Administrative Agent

                                         By: /s/ Drew McDonald
                                             -----------------------------------
                                             Name:  Drew McDonald
                                             Title: Vice President

                                         JPMORGAN CHASE BANK, TORONTO
                                            BRANCH (f/k/a The Chase Manhattan
                                            Bank, Toronto Branch)

                                         By: /s/ Drew McDonald
                                             -----------------------------------
                                             Name:  Drew McDonald
                                             Title: Vice President

                                         By: ___________________________________
                                             Name:
                                             Title:

                                         BANK OF AMERICA, N.A.

                                         By: /s/ Lesa J. Butler
                                             -----------------------------------
                                             Name:  Lesa J. Butler
                                             Title: Principal

                                         BANK OF MONTREAL

                                         By: ___________________________________
                                             Name:
                                             Title:

<PAGE>

                                         BANK OF NOVA SCOTIA, NEW YORK
                                            AGENCY

                                         By: /s/ T.J. McNaught
                                             -----------------------------------
                                             Name:  T.J. McNaught
                                             Title: Director

                                         DEUTSCHE BANK TRUST COMPANY
                                            AMERICAS (f/k/a Bankers Trust
                                            Company)

                                         By: /s/ George R. Reynolds
                                             -----------------------------------
                                             Name:  George R. Reynolds
                                             Title: Vice President

                                         CHANG HWA COMMERCIAL BANK LTD.,
                                            NEW YORK BRANCH

                                         By: /s/ Ming-Hsien Lin
                                             -----------------------------------
                                             Name:  Ming-Hsien Lin
                                             Title: SVP & General Manager

                                         CITICORP NORTH AMERICA, INC.

                                         By: /s/ Michael P. Psyllos
                                             -----------------------------------
                                             Name:  Michael P. Psyllos
                                             Title: Vice President

                                         CREDIT LYONNAIS, NEW YORK BRANCH

                                         By: /s/ Bruno DeFloor
                                             -----------------------------------
                                             Name:  Bruno DeFloor
                                             Title: Vice President

                                         FLEET NATIONAL BANK, N.A.

                                         By: ___________________________________
                                             Name:
                                             Title:

<PAGE>

                                         HUA NAN COMMERCIAL BANK, LTD.
                                            NEW YORK AGENCY

                                         By: /s/ Yun-Peng Chang
                                             -----------------------------------
                                             Name:  Yun-Peng Chang
                                             Title: SVP & General Manger

                                         MORGAN STANLEY SENIOR FUNDING,
                                            INC.

                                         By: /s/ illegible
                                             -----------------------------------
                                             Name:  illegible
                                             Title: Executive Director

                                         WELLS FARGO, NATIONAL
                                            ASSOCIATION

                                         By: /s/ Stephen P. Prinz
                                             -----------------------------------
                                             Name:  Stephen P. Prinz
                                             Title: Executive Vice President

                                         CITIBANK, N.A.

                                         By: /s/ James B. Maxwell
                                             -----------------------------------
                                             Name:  James B. Maxwell
                                             Title: Attorney-in-fact

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00058-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00058-of-00352.parquet"}]]