NINTH
SUPPLEMENTAL INDENTURE, dated as of January 9, 2006 (this
“Supplemental Indenture”), to the Indenture dated as of
July 26, 1995 (the “Indenture”), between La Quinta
Properties, Inc., a Delaware corporation (as successor to
Meditrust, a Massachusetts business trust) (the
“Company”) and U.S. Bank Trust National Association (as
successor to Fleet National Bank), as trustee (the
“Trustee”).
WHEREAS,
the Company and the Trustee have heretofore executed and delivered
the Indenture, and the Company and the Trustee have heretofore
executed and delivered the supplemental indentures pursuant to
which the Company has issued a variety of debt securities, all of
which have been redeemed except for the Company’s 7% Notes
due 2007 (the “Notes”), which Notes were issued
pursuant to the Fifth Supplemental Indenture dated as of
August 15, 1997 (the “Fifth Supplemental
Indenture”);
WHEREAS,
Section 9.02 of the Indenture provides that the Company, when
authorized by a resolution of its Board of Directors, and the
Trustee may, with the requisite consents of the holders, enter into
a supplemental indenture for the purpose of amending certain
provisions of the Indenture as previously amended and
supplemented;
WHEREAS,
the Company has offered to purchase for cash any and all of the
outstanding Notes upon the terms and subject to the conditions set
forth in the Offer to Purchase and Consent Solicitation Statement,
dated December 20, 2005 (as the same may be amended or
supplemented from time to time, the “Statement”), and
in the related Consent and Letter of Transmittal (as the same may
be amended or supplemented from time to time, together with the
Statement, the “Offer”), from each Holder of such
Notes;
WHEREAS,
the Offer is conditioned upon, among other things, certain
amendments to the Indenture, the Fifth Supplemental Indenture and
to the Notes set forth in Article Two and Article Three of
this Supplemental Indenture (the “Amendments”) having
been approved by Holders of at least a majority of the outstanding
principal amount of the Notes (and a supplemental indenture in
respect thereof having been executed and delivered), provided that
the Amendments will not become operative until immediately prior to
the Mergers (as defined in the Statement) and provided all validly
tendered Notes are accepted for purchase pursuant to the Offer upon
consummation of the Mergers (the
“Acceptance”);
WHEREAS,
the Company has received and delivered to the Trustee the consents
from Holders of a majority of the outstanding principal amount of
the Notes to effect the Amendments;
WHEREAS,
the Company has been authorized by a resolution of its Board of
Directors to enter into this Supplemental Indenture; and
2
WHEREAS,
all acts, conditions, proceedings and requirements necessary to
make this Supplemental Indenture a valid, binding and legal
agreement enforceable in accordance with its terms for the purposes
expressed herein, in accordance with its terms, have been duly done
and performed;
NOW,
THEREFORE, in consideration of the premises and the covenants and
agreements contained herein, and for other good and valuable
cons
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