How can Crowne Plaza modify a provision of the agreement, and what recourse does the franchisee have?

ce in allowance for credit losses | $ 44,963 | $ 52,355 | | Current period charge (release) for expected credit losses | 9,170 | (1,988) | | Current period charge (release) to System Fund | 4,658 | (1,608) | | Write-offs charged against allowance | (4,231) | (4,127) | | Foreign exchange differences and other | (1,103) | 331 | | The ending balance in the allowance for credit losses | $ 53,457 | $ 44,963 | | 2024 | 2023 | | | Land | $ 6,105 | $ 13,771 | | Building and improvements | 64,941 | 65,074 | | Furniture, fixtures, and equipment (including computer | | | | software) | 930,042 | 932,519 | | Assets held under finance leases | 182,851 | 182,851 | | 1,183,939 | 1,194,215 | | | Less accumulated depreciation and impairment | (752,168) | (700,770) | | Property and equipment, net | $ 431,771 | $ 493,445 |

Amendment To The Holiday Hospitality Franchising, LLC

Crowne Plaza, Crowne Plaza Suites, and Crowne Plaza Resorts License Agreement Pursuant To

The California Department of Financial Protection and Business Oversight

Notwithstanding anything to the contrary set forth in the above License Agreement ("License"), the following provisions shall supersede and apply to each License for an Crowne Plaza, Crowne Plaza Suites, and Crowne Plaza Resort issued in the State of California:

• 1. In accordance with the provisions under the U.S. Bankruptcy Code (11 U.S.C.A. Sec. 101 et seq.), paragraphs 11.C(1)(b) and (d) of the License shall be amended to include the following language: "Enforceability of this provision is a matter governed by the US Bankruptcy Code and enforceability or nonenforceability is subject to that law and rulings of a court of competent jurisdiction."
• 1. California Business and Professions Code Sections 20000 through 20043 provide rights to the Licensee concerning termination or non-renewal of a License. If the License contains a provision that is inconsistent with the law, the law will control.
• 1. The License contains a liquidated damages clause. Under California Civil Code Section 1671, certain liquidated damages clauses are unenforceable,
• 1. The License and Guaranty require application of the laws of Georgia. In accordance with 5050.23 Sec. 310.114.1(c)(5)(B)(v), this provision may not be enforceable under California law.
• 1. With respect to franchises sold in California, a franchisor is prohibited from modifying a franchise agreement, or requiring a general release, in exchange for any assistance related to a declared state or federal emergency.
• 1. This Amendment may be executed in counterparts, which together shall constitute one and the same instrument. Signatures via Conga Sign, DocuSign, .PDF file, facsimile, or other electronic format have the same force and effect as originals.

| Date: | | | |--------------------------------------------------------------|------------------------------------------------------------------------------|--| | Licensee: | | | | «EntityAllCaps» | By: «AuthorizedSignee» «SigneesTitle» | | | IHG: | | | | HOLIDAY HOSPITALITY FRANCHISING, LLC | | | | By: Six Continents Hotels, Inc., | | | | its sole managing member | By: Jenny Tidwell Vice President Franchise Licensing and Compliance | | California Amendment

Amendment To The Holiday Hospitality Franchising, LLC Crowne Plaza, Crowne Plaza Suites, and Crowne Plaza Resorts License Agreement Pursuant To Section 482E-3 of Hawaii Revised Statutes

Notwithstanding anything to the contrary set forth in the above License Agreement ("License"), the following provision shall supersede and apply to each License for an Crowne Plaza, Crowne Plaza Suites, and Crowne Plaza Resort issued in the State of Hawaii:

• 1. Section 13.I of the License is amended to include the following: "The general release language contained in the License shall not relieve IHG or any other person, directly or indirectly, from liability imposed by the laws concerning franchising in the State of Hawaii."
• 1. In accordance with the provision under the U.S. Bankruptcy Code (11 U.S.C.A. Sec. 101 et seq.), paragraphs 11.C(1)(b) and (d) of the License shall be amended to include the following language: "Enforceability of this provision is a matter governed by the U.S. Bankruptcy Code and enforceability or nonenforceability is subject to that law and rulings of a court of competent jurisdiction."
• 1. Hawaii Revised Statutes Section 482E-1 provides rights to the Licensee concerning termination or non-renewal of a License. If the License contains a provision that is inconsistent with the law, the law will control.
• 1. This Amendment may be executed in counterparts, which together shall constitute one and the same instrument. Signatures via Conga Sign, DocuSign, .PDF file, facsimile, or other electronic format have the same force and effect as originals.

Date: __________

Hawaii Amendment

Amendment To The Holiday Hospitality Franchising, LLC Crowne Plaza, Crowne Plaza Suites, and Crowne Plaza Resorts License Agreement Pursuant To The Maryland Franchise Registration And Disclosure Law

Notwithstanding anything to the contrary set forth in the above License Agreement ("License"), the following provisions shall supersede and apply to each License for an Crowne Plaza, Crowne Plaza Suites, and Crowne Plaza Resort issued in the State of Maryland:

• 1. In accordance with the provision under the U.S. Bankruptcy Code (11 U.S.C.A. Sec. 101 et seq.), paragraphs 11.C(1)(b) and (d) of the License shall be amended to include the following language: "Enforceability of this provision is a matter governed by the U.S. Bankruptcy Code and enforceability or nonenforceability is subject to that law and rulings of a court of competent jurisdiction."
• 1. Section 13.I of the License is amended to include the following: "The general release language contained in the License shall not relieve IHG or any other person, directly or indirectly, from liability imposed by the laws concerning franchising in the State of Maryland."
• 1. The provisions of the License which permits all suits to be filed in Georgia is hereby deleted for residents of the State of Maryland and/or franchises to be operated in the State of Maryland.
• 1. Any claims arising under the Maryland Franchise Registration and Disclosure Laws must be brought within three years after the grant of the License.
• 1. Pursuant to the Interpretive Opinion "Adopting NASAA Statement of Policy Regarding the Use of Franchise Questionnaires and Acknowledgments" dated January 23, 2023 (the "Interpretive Opinion"), issued by the State of Maryland Office of the Attorney General Securities Division (the "Division"), the Division requires franchisors selling franchises that are subject to the Maryland Franchise Registration and Disclosure Law to include the following statement in their franchise agreements: "No statement, questionnaire, or acknowledgment signed or agreed to by a franchisee in connection with the commencement of the franchise relationship shall have the effect of (i) waiving any claims under any applicable state franchise law, including fraud in the inducement, or (ii) disclaiming reliance on any statement made by any franchisor, franchise seller, or other person acting on behalf of the franchisor.

Source: Item 23 — Receipts (FDD pages 100–424)