##### 



Exhibit 10.28.2
  AMENDED AND RESTATED LOAN AGREEMENT
   FELCOR ESMERALDA (SPE), L.L.C.
 FELCOR ESMERALDA LEASING (SPE), L.L.C.,
  GREENWICH CAPITAL FINANCIAL PRODUCTS, INC.




---



##### 



TABLE OF CONTENTS
 PageI. DEFINITIONS; PRINCIPLES OF CONSTRUCTIONSection 1.1.
    
    Definitions
    
    
    1Section 1.2.
    
    Principles of Construction
    
    
    23II. GENERAL TERMSSection 2.1.
    
    Loan Commitment; Disbursement to Borrower
    
    
    242.1.1
    
    Agreement to Assume the Loan
    
    
    242.1.2
    
    Single Disbursement to Borrower
    
    
    242.1.3
    
    The Note, Mortgage and Loan Documents
    
    
    24Section 2.2.
    
    Interest Rate
    
    
    242.2.1
    
    Interest Generally
    
    
    242.2.2
    
    Interest Calculation
    
    
    242.2.3
    
    Determination of Interest Rate
    
    
    242.2.4
    
    Additional Costs
    
    
    282.2.5
    
    Default Rate
    
    
    282.2.6
    
    Usury Savings
    
    
    282.2.7
    
    Interest Rate Cap Agreement
    
    
    29Section 2.3.
    
    Loan Payment
    
    
    312.3.1
    
    Payments Generally
    
    
    312.3.2
    
    Payment on Maturity Date
    
    
    312.3.3
    
    Late Payment Charge
    
    
    312.3.4
    
    Method and Place of Payment
    
    
    31Section 2.4.
    
    Prepayments
    
    
    312.4.1
    
    Voluntary Prepayments
    
    
    312.4.2
    
    Mandatory Prepayments
    
    
    322.4.3
    
    Prepayments After Default
    
    
    322.4.4
    
    Release of Property
    
    
    332.4.5
    
    Release on Payment in Full
    
    
    33Section 2.5.
    
    Cash Management
    
    
    332.5.1
    
    Lockbox Account
    
    
    332.5.2
    
    Cash Management Account
    
    
    342.5.3
    
    Payments Received Under the Cash Management Agreement
    
    
    35Section 2.6.
    
    Extension of the Initial Maturity Date
    
    
    35III. INTENTIONALLY OMITTEDIV. REPRESENTATIONS AND WARRANTIESSection 4.1.
    
    Borrower Representations
    
    
    364.1.1
    
    Organization
    
    
    364.1.2
    
    Proceedings
    
    
    364.1.3
    
    No Conflicts
    
    
    37




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##### 



Page4.1.4
    
    Litigation
    
    
    374.1.5
    
    Agreements
    
    
    374.1.6
    
    Title
    
    
    374.1.7
    
    Solvency
    
    
    384.1.8
    
    Full and Accurate Disclosure
    
    
    384.1.9
    
    No Plan Assets
    
    
    384.1.10
    
    Compliance
    
    
    394.1.11
    
    Financial Information
    
    
    394.1.12
    
    Condemnation
    
    
    394.1.13
    
    Federal Reserve Regulations
    
    
    394.1.14
    
    Utilities and Public Access
    
    
    404.1.15
    
    Not a Foreign Person
    
    
    404.1.16
    
    Separate Lots
    
    
    404.1.17
    
    Assessments
    
    
    404.1.18
    
    Enforceability
    
    
    404.1.19
    
    No Prior Assignment
    
    
    404.1.20
    
    Insurance
    
    
    404.1.21
    
    Use of Property
    
    
    404.1.22
    
    Certificate of Occupancy; Licenses
    
    
    404.1.23
    
    Flood Zone
    
    
    414.1.24
    
    Physical Condition
    
    
    414.1.25
    
    Boundaries
    
    
    414.1.26
    
    Leases
    
    
    414.1.27
    
    Intentionally Omitted.
    
    
    424.1.28
    
    Principal Place of Business; State of Organization
    
    
    424.1.29
    
    Filing and Recording Taxes
    
    
    424.1.30
    
    Special Purpose Entity/Separateness
    
    
    424.1.31
    
    Management Agreement
    
    
    434.1.32
    
    Illegal Activity
    
    
    434.1.33
    
    No Change in Facts or Circumstances; Disclosure
    
    
    434.1.34
    
    Investment Company Act
    
    
    434.1.35
    
    Embargoed Person
    
    
    434.1.36
    
    Cash Management Account
    
    
    444.1.37
    
    Patents, Trademarks, etc
    
    
    444.1.38
    
    Hotel Operating Lease
    
    
    44Section 4.2.
    
    Survival of Representations
    
    
    44V. BORROWER COVENANTSSection 5.1.
    
    Affirmative Covenants
    
    
    455.1.1
    
    Existence; Compliance with Legal Requirements
    
    
    455.1.2
    
    Taxes and Other Charges
    
    
    465.1.3
    
    Litigation
    
    
    465.1.4
    
    Access to Property
    
    
    475.1.5
    
    Intentionally Omitted.
    
    
    475.1.6
    
    Cooperate in Legal Proceedings
    
    
    475.1.7
    
    Perform Loan Documents
    
    
    47




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##### 



Page5.1.8
    
    Award and Insurance Benefits
    
    
    475.1.9
    
    Further Assurances
    
    
    475.1.10
    
    Mortgage Taxes
    
    
    475.1.11
    
    Financial Reporting
    
    
    475.1.12
    
    Business and Operations
    
    
    505.1.13
    
    Title to the Property
    
    
    505.1.14
    
    Costs of Enforcement
    
    
    515.1.15
    
    Estoppel Statement
    
    
    515.1.16
    
    Loan Proceeds
    
    
    515.1.17
    
    Performance by Borrower
    
    
    525.1.18
    
    Confirmation of Representations
    
    
    525.1.19
    
    No Joint Assessment
    
    
    525.1.20
    
    Leasing Matters
    
    
    525.1.21
    
    Alterations
    
    
    545.1.22
    
    Operation of Property
    
    
    555.1.23
    
    Hotel Operating Lease
    
    
    55Section 5.2.
    
    Negative Covenants
    
    
    565.2.1
    
    Operation of Property
    
    
    565.2.2
    
    Liens
    
    
    565.2.3
    
    Dissolution
    
    
    565.2.4
    
    Change in Business
    
    
    565.2.5
    
    Debt Cancellation
    
    
    575.2.6
    
    Zoning
    
    
    575.2.7
    
    Removal of FF&E
    
    
    575.2.8
    
    Principal Place of Business and Organization
    
    
    575.2.9
    
    ERISA
    
    
    575.2.10
    
    Transfers
    
    
    58VI. INSURANCE; CASUALTY; CONDEMNATION; RESTORATIONSection 6.1.
    
    Insurance
    
    
    61Section 6.2.
    
    Casualty
    
    
    65Section 6.3.
    
    Condemnation
    
    
    66Section 6.4.
    
    Restoration
    
    
    66VII. RESERVE FUNDSSection 7.1.
    
    Required Repairs
    
    
    70Section 7.2.
    
    Tax and Insurance Escrow Fund
    
    
    71Section 7.3.
    
    Replacements and Replacement Reserve.
    
    
    717.3.1
    
    Replacement Reserve Fund
    
    
    717.3.2
    
    Disbursements from Replacement Reserve Account
    
    
    727.3.3
    
    Balance in the Replacement Reserve Account
    
    
    727.3.4
    
    Debt Service Reserve
    
    
    72Section 7.4.
    
    Intentionally Omitted.
    
    
    73Section 7.5.
    
    Reserve Funds, Generally
    
    
    73




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##### 



VIII. DEFAULTSSection 8.1.
    
    Event of Default
    
    
    74Section 8.2.
    
    Remedies
    
    
    76IX. SPECIAL PROVISIONSSection 9.1.
    
    Sale of Note and Securitization
    
    
    789.1.2
    
    Mezzanine Loans
    
    
    79Section 9.2.
    
    Securitization Indemnification
    
    
    80Section 9.3.
    
    Intentionally Omitted
    
    
    82Section 9.4.
    
    Exculpation
    
    
    82Section 9.5.
    
    Matters Concerning Manager
    
    
    84Section 9.6.
    
    Servicer
    
    
    85X. MISCELLANEOUSSection 10.1.
    
    Survival
    
    
    85Section 10.2.
    
    Lenders Discretion
    
    
    85Section 10.3.
    
    Governing Law
    
    
    85Section 10.4.
    
    Modification, Waiver in Writing
    
    
    87Section 10.5.
    
    Delay Not a Waiver
    
    
    87Section 10.6.
    
    Notices
    
    
    87Section 10.7.
    
    Trial by Jury
    
    
    88Section 10.8.
    
    Headings
    
    
    89Section 10.9.
    
    Severability
    
    
    89Section 10.10.
    
    Preferences
    
    
    89Section 10.11.
    
    Waiver of Notice
    
    
    89Section 10.12.
    
    Remedies of Borrower
    
    
    89Section 10.13.
    
    Expenses; Indemnity
    
    
    89Section 10.14.
    
    Schedules Incorporated
    
    
    91Section 10.15.
    
    Offsets, Counterclaims and Defenses
    
    
    91Section 10.16.
    
    No Joint Venture or Partnership; No Third Party Beneficiaries
    
    
    91Section 10.17.
    
    Publicity
    
    
    91Section 10.18.
    
    Waiver of Marshalling of Assets
    
    
    91Section 10.19.
    
    Waiver of Counterclaim
    
    
    92Section 10.20.
    
    Conflict; Construction of Documents; Reliance
    
    
    92Section 10.21.
    
    Prior Agreements
    
    
    92Section 10.22.
    
    Joint and Several Liability
    
    
    93
 SCHEDULESSchedule I
    
    -
    
    Rent RollSchedule II
    
    -
    
    Required RepairsSchedule III
    
    -
    
    Organizational StructureSchedule IV
    
    -
    
    LicensesSchedule V
    
    -
    
    Equipment Leases




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##### 



Schedule VI
    
    -
    
    LitigationSchedule VII
    
    -
    
    Reserve Disbursement Request Schedule




---



##### 



AMENDED AND RESTATED LOAN AGREEMENT
 THIS AMENDED AND RESTATED LOAN AGREEMENT Agreement GREENWICH CAPITAL FINANCIAL PRODUCTS, INC. Lender FELCOR ESMERALDA (SPE), L.L.C., Hotel Owner FELCOR ESMERALDA
LEASING (SPE), L.L.C., Hotel Operator Borrower Borrower
 W I T N E S S E T H:
 WHEREAS Original Loan Agreement
 WHEREAS
 WHEREAS
 WHEREAS
 NOW THEREFORE
 I. DEFINITIONS; PRINCIPLES OF CONSTRUCTION
 Section 1.1. Definitions
 Acceptable Counterparty




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##### 



Additional Insolvency Opinion Section 4.1.30(d)
 Affiliate
 Affiliated Manager
 Allocable Amount Section 10.22.1
 ALTA
 Alteration Threshold Amount
 Annual Budget
 Applicable Interest Rate Section 2.2.3
 Approved Annual Budget Section 5.1.11(d)
 Approved Qualified Manager
 Assignment of Leases
 Assignment of Management Agreement
 -2-




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##### 



Assumed Note Rate
 Assumption Agreement
 Assumption Date
 Award
 Bankruptcy Action
 Basic Carrying Costs
 Borrower
 Breakage Costs Section 2.2.3(h)
 Business Day
 Capital Expenditures
 Cash Management Account Section 2.5.2(a)
 Cash Management Agreement
 -3-




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##### 



Casualty Section 6.2
 Casualty Consultant Section 6.4(b)(iii)
 Casualty Retainage 6.4(b)(iv)
 Closing Date
 Co-Obligor Section 10.22.1
 Co-Obligor Payment Section 10.22.1
 Code
 Collateral Assignment of Interest Rate Cap Agreement
 Condemnation
 Condemnation Proceeds Section 6.4(b)
 Constituent Member
 Contribution Obligations Section 10.22.1
 Counterparty
 -4-




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##### 



Debt
 Debt Service
 Debt Service Coverage Ratio
   Debt Service Coverage Ratio Threshold
 Debt Service Reserve Account Section 7.3.4
 Debt Service Reserve Fund Section 7.3.4
 Default
 Default Rate
 Determination Date th
 Disclosure Document
 Eligible Account
 -5-




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##### 



Eligible Institution
 Embargoed Person Section 4.1.35
 Environmental Indemnity
 ERISA
 Event of Default Section 8.1(a)
 Exchange Act Section 9.2(a)
 Excusable Delay
 Extended Maturity Date Section 2.6
 Extension Option Section 2.6
 FelCor REIT
 FelCor OP
 FF&E
 -6-




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##### 



FF&E Expenditures
 FF&E Expenditures Work
 Fiscal Year
 Fitch
 Foreign Taxes Section 2.2.3(e)
 GAAP
 Governmental Authority
 Gross Income from Operations
 -7-




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##### 



excluding
 Hotel Operator
 Hotel Operating Lease
 Hotel Owner
 Improvements
 Indebtedness
 -8-




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##### 



Indemnified Liabilities Section 10.13(b)
 Independent Director Independent Manager
 Initial Maturity Date
 Insolvency Opinion
 Insurance Premiums Section 6.l(b)
 Insurance Proceeds Section 6.4(b)
 Interest Period st
 -9-




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##### 



Interest Rate Cap Agreement
 Interest Shortfall Section 2.4.1
 Lease
 Legal Requirements
 Lender
 Lender Group Section 9.2(b)
 Liabilities Section 9.2(b)
 LIBOR
 -10-




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##### 



LIBOR Loan
 Licenses Section 4.1.22
 Lien
 Loan
 Loan Documents
 Loan-to-Value Ratio
 Lockbox Account Section 2.5.1(a)
 London Business Day
 Management Agreement
 -11-




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##### 



Manager
 Marriott Manager
 Maturity Date
 Maximum Legal Rate
 Monthly Debt Service Amount
 Moodys
 Mortgage
 Net Cash Flow
 Net Cash Flow Schedule Section 5.1.11(b)
 New Mezzanine Borrower Section 9.1.2
 New Mezzanine Loan Section 9.1.2
 -12-




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##### 



Net Operating Income
 Net Proceeds Section 6.4(b)
 Net Proceeds Deficiency Section 6.4(b)(vi)
 Note
 O&M Agreement
 Officers Certificate Section 9.4
 Operating Equipment and Supplies
 Operating Expenses
 Operating Lease Subordination Agreement
 -13-




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##### 



Other Charges
 Payment Date st
 Payment Date Deficiency Section 7.3.4
 Permitted Encumbrances
 Permitted Investments
 Person
 Personal Property
 Physical Conditions Report
 PIP Requirements Schedule II
 Policies Policy Section 6.1(b)
 -14-




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##### 



Prescribed Laws
 Prime Rate The Wall Street Journal The Wall Street Journal The Wall Street Journal
 Prime Rate Loan
 Prime Rate Spread
 Principal Special Purpose Entity
 Prior Owner
 Property
 Provided Information
 -15-




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##### 



Qualified Manager provided
 Rating Agencies
 Registration Statement Section 9.2(b)
 REMIC Trust
 Rents
 -16-




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##### 



Replacement Interest Rate Cap Agreement provided
 Replacement Management Agreement provided subclause (ii)
 Replacement Reserve Account Section 7.3.1
 Replacement Reserve Fund Section 7.3.1
 Replacement Reserve Monthly Deposit Section
7.3.1
 Replacements Section 7.3.1
 Required Repairs Section 7.1
 Reserve Funds
 Restoration
 Restoration Threshold
 Restricted Party
 -17-




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##### 



S&P
 Sale or Pledge
 Securities Section 9.1
 Securities Act Section 9.2(a)
 Securitization Section 9.1
 Servicer Section 9.6
 Servicing Agreement Section 9.6
 Severed Loan Documents Section 8.2(b)
 Special Purpose Entity
     -18-




---



##### 



provided however
 -19-




---



##### 



provided however provided
 provided however
  provided
 -20-




---



##### 



subclause (ii) Schedule V
  Schedule III
 provided however
      -21-




---



##### 



Sponsor
 Spread
 State
 Strike Price
 Subordinate Mezzanine Intercreditor Agreement Section 5.2.10(f)
 Subordinate Mezzanine Loan Section 5.2.10(f)
 -22-




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##### 



Survey
 Tax and Insurance Escrow Fund Section 7.2
 Taxes
 Title Insurance Policy
 Transfer Section 5.2.10(b)
 Transferee Section 5.2.10(e)
 UCC Uniform Commercial Code
 Underwriter Group Section 9.2(b)
 Uniform System of Accounts
 U.S. Obligations
 Zoning Report
 Section 1.2. Principles of Construction
 -23-




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##### 



II.GENERAL TERMS
 Section 2.1. Loan Assumption.
 2.1.1 Agreement to Assume the Loan .
 2.1.2 Assumption Agreement .
 2.1.3 The Note, Mortgage and Loan Documents .
 Section 2.2. Interest Rate .
 2.2.1 Interest Generally .
 2.2.2 Interest Calculation .
 2.2.3 Determination of Interest Rate . Section 2.2.3(c) (f)
 -24-




---



##### 



Section 2.2.3
   Section 2.2.3(e) Foreign Taxes
 -25-




---



##### 



Section 2.3 Section 2.2.3(e)(ii) (iii)
 Section 2.2.3(e) provided
 -26-




---



##### 



Section 2.2.3(e)
    provided Section 2.2.3(g)
  -27-




---



##### 



Breakage Costs provided however Section 2.4.1
 Section 2.2.3(e) Section 2.2.3 Section 2.2.3
 2.2.4 Additional Costs . Section 2.2.3
 2.2.5 Default Rate .
 2.2.6 Usury Savings .
 -28-




---



##### 



2.2.7 Interest Rate Cap Agreement .
   -29-




---



##### 



-30-




---



##### 



Section 2.3. Loan Payment .
 2.3.1 Payments Generally . Section 2.2.3(e)
   2.3.2 Payment on Maturity Date .
 2.3.3 Late Payment Charge .
 2.3.4 Method and Place of Payment .
 Section 2.4. Prepayments .
 2.4.1 Voluntary Prepayments .
 -31-




---



##### 



provided Interest Shortfall provided however Section 2.4.1 Section 2.4 provided however
 2.4.2 Mandatory Prepayments . provided however Section
2.4.2 Section 2.4.2
 2.4.3 Prepayments After Default .
 -32-




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##### 



2.4.4 Release of Property Section 2.4
 2.4.5 Release on Payment in Full .
 Section 2.5. Cash Management .
 2.5.1 Lockbox Account . Lockbox Account
   Section 2.5.1(a) (c)
 -33-




---



##### 



2.5.2 Cash Management Account . Cash Management Account
  Section 7.2
      -34-




---



##### 



Section 2.5.3
  2.5.3 Payments Received Under the Cash Management Agreement . Section 7.4.2
 Section 2.6. Extension of the Initial Maturity Date . Extension Option Extended Maturity Date
   -35-




---



##### 



provided however
 III. INTENTIONALLY OMITTED
 IV. REPRESENTATIONS AND WARRANTIES
 Section 4.1. Borrower Representations .
 4.1.1 Organization . Schedule III
 4.1.2 Proceedings .
 -36-




---



##### 



4.1.3 No Conflicts .
 4.1.4 Litigation . Schedule VI
 4.1.5 Agreements . Section 1.1
 4.1.6 Title .
 -37-




---



##### 



4.1.7 Solvency .
 4.1.8 Full and Accurate Disclosure .
 4.1.9 No Plan Assets .
 -38-




---



##### 



4.1.10 Compliance . Schedule IV
 4.1.11 Financial Information .
 4.1.12 Condemnation .
 4.1.13 Federal Reserve Regulations .
 -39-




---



##### 



4.1.14 Utilities and Public Access .
 4.1.15 Not a Foreign Person .
 4.1.16 Separate Lots .
 4.1.17 Assessments .
 4.1.18 Enforceability .
 4.1.19 No Prior Assignment .
 4.1.20 Insurance .
 4.1.21 Use of Property .
 4.1.22 Certificate of Occupancy; Licenses . Schedule IV
 -40-




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##### 



Licenses
 4.1.23 Flood Zone . Section 6.l(a)(i)
 4.1.24 Physical Condition .
 4.1.25 Boundaries .
 4.1.26 Leases . Schedule I Schedule I
 -41-




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##### 



Schedule I
 4.1.27 Intentionally Omitted .
 4.1.28 Principal Place of Business; State of Organization .
 4.1.29 Filing and Recording Taxes .
 4.1.30 Special Purpose Entity/Separateness .
 Section 4.1.30(a)
  Additional Insolvency Opinion
 -42-




---



##### 



Section 4.1.30
 4.1.31 Management Agreement .
 4.1.32 Illegal Activity .
 4.1.33 No Change in Facts or Circumstances; Disclosure .
 4.1.34 Investment Company Act .
 4.1.35 Embargoed Person .
 -43-




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##### 



Embargoed Person
 4.1.36 Cash Management Account
   4.1.37 Patents, Trademarks, etc .
 4.1.38 Hotel Operating Lease .
 Section 4.2. Survival of Representations . Section 4.1
 -44-




---



##### 



V. BORROWER COVENANTS
 Section 5.1. Affirmative Covenants .
 5.1.1 Existence; Compliance with Legal Requirements .
 -45-




---



##### 



5.1.2 Taxes and Other Charges . provided however Section
7.2 Section 7.2
 5.1.3 Litigation .
 -46-




---



##### 



5.1.4 Access to Property .
 5.1.5 Intentionally Omitted .
 5.1.6 Cooperate in Legal Proceedings .
 5.1.7 Perform Loan Documents .
 5.1.8 Award and Insurance Benefits .
 5.1.9 Further Assurances .
   5.1.10 Mortgage Taxes .
 5.1.11 Financial Reporting .
 -47-




---



##### 



Section 5.1.11
 Net Cash Flow Schedule
 -48-




---



##### 



Section 4.1.30
 Approved Annual Budget THIS IS A REQUEST FOR APPROVAL OF AN ANNUAL BUDGET AND IF LENDER DOES NOT RESPOND WITHIN
TEN (10) BUSINESS DAYS, BORROWER MAY DELIVER A DEEMED APPROVAL NOTICE
 -49-




---



##### 



THIS IS A REQUEST FOR APPROVAL OF AN ANNUAL BUDGET. APPROVAL WILL BE
DEEMED GIVEN IF LENDER DOES NOT RESPOND WITHIN FIVE (5) BUSINESS DAYS provided
  5.1.12 Business and Operations .
 5.1.13 Title to the Property .
 -50-




---



##### 



5.1.14 Costs of Enforcement.
 5.1.15 Estoppel Statement .
   Section 5.1.20
 5.1.16 Intentionally Omitted
 -51-




---



##### 



5.1.17 Performance by Borrower
 5.1.18 Confirmation of Representations
 5.1.19 No Joint Assessment.
 5.1.20 Leasing Matters provided however provided however
 -52-




---



##### 



Section 5.1.20 IF YOU FAIL TO
RESPOND TO OR TO EXPRESSLY DENY THIS REQUEST FOR APPROVAL IN WRITING WITHIN TEN (10) BUSINESS DAYS,
YOUR APPROVAL SHALL BE DEEMED GIVEN IF YOU FAIL TO RESPOND
TO OR TO EXPRESSLY DENY THIS REQUEST FOR APPROVAL IN WRITING WITHIN FIVE (5) BUSINESS DAYS, YOUR
APPROVAL SHALL BE DEEMED GIVEN
 -53-




---



##### 



5.1.21 Alterations Section 5.1.21
 -54-




---



##### 



5.1.22 Operation of Property
  5.1.23 Hotel Operating Lease .
      -55-




---



##### 



Section 5.1.20 Section 5.1.23(b) Section 5.1.20
 Section 5.2. Negative Covenants
 5.2.1 Operation of Property provided
  5.2.2 Liens Section 4.1.30 Section 1.1
 5.2.3 Dissolution
 5.2.4 Change in Business
 -56-




---



##### 



5.2.5 Debt Cancellation
 5.2.6 Zoning
 5.2.7 Removal of FF&E Section 5.2.7 IF YOU FAIL TO RESPOND TO OR TO
EXPRESSLY DENY THIS REQUEST FOR APPROVAL IN WRITING WITHIN TEN (10) BUSINESS DAYS, YOUR APPROVAL
SHALL BE DEEMED GIVEN
 5.2.8 Principal Place of Business and Organization Section 4.1.28
 5.2.9 ERISA
 -57-




---



##### 



5.2.10 Transfers
 Section 5.2.10 Section 5.1.20 Transfer Section 5.2.10(d)
  -58-




---



##### 



Section 5.1.22
 Section 5.2.10 Section 5.2.10(f) Section 5.2.10(f)
 Section 5.2.10
  -59-




---



##### 



Transferee
       Subordinate Mezzanine Loan
  -60-




---



##### 



Subordinate Mezzanine Intercreditor Agreement
     VI. INSURANCE; CASUALTY; CONDEMNATION; RESTORATION
 Section 6.1. Insurance
  -61-




---



##### 



Section 6.1(a)(i)
 -62-




---



##### 



Section 2.6 provided however
       Sections 6.1 (a) Sections 6.1(a)
 -63-




---



##### 



provided however
  Section 6.1(a) Policies Policy IF YOU FAIL TO RESPOND TO OR TO EXPRESSLY DENY
THIS REQUEST FOR APPROVAL IN WRITING WITHIN THIRTY (30) BUSINESS DAYS, YOUR APPROVAL SHALL BE
DEEMED GIVEN Section 6.1(a) Insurance Premiums
 Section 6.1(a)
 Section 6.1(a) Section 6.l(a)(v)
 -64-




---



##### 



Section 6.1
     Section 6.2. Casualty Casualty Section 6.4 provided Section 6.4
 -65-




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##### 



Section 6.3. Condemnation Section
6.4 provided Section 6.4
 Section 6.4. Restoration
 Section 6.4(b)(i)(A) (B) (D) (F)(2) (3) (4) (G) (H) (I)
 Section 6.4 Net Proceeds
 -66-




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Section 6.4 Section 6.1 (a)(i) (iv) (vi) (ix) (x) Insurance Proceeds Condemnation Proceeds
 Section 6.4(a)
     Section 6.l(a)(iii)
 Section 6.1(a)(iii)
  -67-




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Section 6.4(b)
 Casualty Consultant
 -68-




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##### 



minus Casualty Retainage Section 6.4(b) Section 6.4(b) provided however
  Net Proceeds Deficiency
 -69-




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##### 



Section
6.4(b)
 Section 6.4(b)
 Section 6.4(b)(vii) Section 2.4.2
  VII. RESERVE FUNDS
 Section 7.1. Required Repairs Schedule II Required Repairs
 -70-




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##### 



Section 7.2. Tax and Insurance Escrow Fund Tax and
Insurance Escrow Fund Section 5.1.2 Section
5.1.2 Section 7.2 Section 7.2
 Section 7.3. Replacements and Replacement Reserve
 7.3.1 Replacement Reserve Fund Replacement Reserve Monthly
Deposit
 - 71 -




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##### 



Replacements Replacement Reserve Fund Replacement Reserve Account
 7.3.2 Disbursements from Replacement Reserve Account Schedule VII
 7.3.3 Balance in the Replacement Reserve Account
 7.3.4 Debt Service Reserve Section 2.5.2(b)(vi)(A) Section 7.5 Debt Service Reserve Fund Debt Service Reserve Account
 - 72 -




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##### 



Section 2.5.2(b)(ii) Payment
Date Deficiency Section 2.5.2(b)(ii) Section
7.4.3
 Section 7.4. Intentionally Omitted
 Section 7.5. Reserve Funds, Generally
  - 73 -




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##### 



Section 7.5
 provided however
 VIII. DEFAULTS
 Section 8.1. Event of Default Event of Default
 Section
9.1(a)(i)(B)
 Section 7.2
   provided however
 - 74 -




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##### 



provided however
  Section 5.2 Section 4.1.30 Section
5.1.11 Section
4.1.30 Section 5.1.11 Section 5.2 Section 4.1.30
    - 75 -




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Section 5.1.1
  provided however
   Section 8.2. Remedies
 - 76 -




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##### 



Severed
Loan Documents provided however Section
9.1
 Remedies Cumulative; Waivers
 - 77 -




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##### 



IX. SPECIAL PROVISIONS
 Section 9.1. Sale of Note and Securitization Securities Securitization
      - 78 -




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##### 



Section 9.1 Section 9.1.2
 9.1.2 Mezzanine Loans Section 9.1 New Mezzanine Loan provided de minimus Section 9.1.2
 - 79 -




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New Mezzanine
Borrower
 Section 9.2. Securitization Indemnification Securities Act Exchange Act
 Section 9.2 Registration Statement Lender Group Underwriter
 - 80 -




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##### 



Group Liabilities provided however
  Section 9.2 Section 9.2
 - 81 -




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##### 



Section 9.2 provided however
 Section 9.2(b) (c) Section 9.2(b) (c) provided however
 Section 9.4 Section 9.2
 Section 9.3. Intentionally Omitted
 Section 9.4. Exculpation
 - 82 -




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- 83 -




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Section 9.5. Matters Concerning Manager
 - 84 -




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##### 



Section 9.6. Servicer Servicer Servicing Agreement
 provided
 X. MISCELLANEOUS
 Section 10.1. Survival
 Section 10.2. Lenders Discretion
 Section 10.3. Governing Law . (A) THE PARTIES HEREBY AGREE AND IRREVOCABLY ELECT THAT,
IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF
CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS AND
THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK
 - 85 -




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##### 



APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES
THE PROVISIONS FOR THE CREATION, PERFECTION, PRIORITY AND ENFORCEMENT OF THE LIENS AND SECURITY
INTERESTS CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND
CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE PROPERTY IS LOCATED, IT BEING UNDERSTOOD
THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK
SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE
OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER
HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER
JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, THE
NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.
 (B) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS MAY AT LENDERS OPTION BE INSTITUTED IN ANY FEDERAL
OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW
YORK GENERAL OBLIGATIONS LAW AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE
BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER
HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.
BORROWER DOES HEREBY DESIGNATE AND APPOINT:
 CT CORPORATION SYSTEM
111 EIGHTH AVENUE, 13TH FLOOR
NEW YORK, NEW YORK 10011
 AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS
WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW
YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND NOTICE OF
SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY
RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE
STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS
AUTHORIZED AGENT HEREUNDER, (II) MAY
 - 86 -




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##### 



AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW
YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR
SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT
CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR.
 Section 10.4. Modification, Waiver in Writing
 Section 10.5. Delay Not a Waiver
 Section 10.6. Notices Section
10.6
 If to Lender:
    
    Greenwich Capital Financial Products, Inc.600 Steamboat RoadGreenwich, CT 06830Attention: Commercial Mortgage Loan DepartmentFacsimile No. (203) 629-8363
 - 87 -




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##### 



with a copy to:
    
    Greenwich Capital Financial Products, Inc.600 Steamboat RoadGreenwich, CT 06830Legal and Compliance DepartmentAttention: Legal DepartmentFacsimile No. (203) 629-5718with a copy to:
    
    Sidley Austin LLPOne South Dearborn StreetChicago, Illinois 60603Attention: Charles E. SchrankFacsimile No. (312) 853-7036If to Hotel Owner or Hotel
    
    c/o FelCor Lodging Trust IncorporatedOperator:
    
    545 E. John Carpenter Freeway, Suite 1300Irving, Texas 75062Attention: Finance Dept.Facsimile No.: (972) 444-4949With a copy to:
    
    c/o FelCor Lodging Trust Incorporated545 E. John Carpenter Freeway, Suite 1300Irving, Texas 75062Attention: General CounselFacsimile No.: (972) 444-4195With a copy to:
    
    Akin Gump Strauss Hauer & Feld LLP1700 Pacific Avenue, Suite 4100Dallas, Texas 75201Attention: Robert W. DockeryFacsimile No.: (214) 969-4343
  Section 10.7. Trial by Jury . BORROWER AND LENDER EACH HEREBY AGREES NOT TO ELECT A
TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO
THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR
ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO
TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER AND LENDER, AND IS INTENDED TO
ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY
 - 88 -




---



##### 



JURY WOULD OTHERWISE ACCRUE. EACH PARTY IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH
IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER.
 Section 10.8. Headings
 Section 10.9. Severability
 Section 10.10. Preferences
 Section 10.11. Waiver of Notice
 Section 10.12. Remedies of Borrower
 Section 10.13. Expenses; Indemnity
 - 89 -




---



##### 



provided however Section 10.13(a)
 Indemnified Liabilities provided however
  - 90 -




---



##### 



Section 10.14. Schedules Incorporated
 Section 10.15. Offsets, Counterclaims and Defenses
 Section 10.16. No Joint Venture or Partnership; No Third Party Beneficiaries
  Section 10.17. Publicity
 Section 10.18. Waiver of Marshalling of Assets
 - 91 -




---



##### 



Section 10.19. Waiver of Counterclaim
 Section 10.20. Conflict; Construction of Documents; Reliance
 Section 10.21. Brokers and Financial Advisors Section 10.21
 Section 10.21. Prior Agreements
 - 92 -




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##### 



Section 10.22. Joint and Several Liability
 10.22.1 Contribution and Related Provisions .
 Co-Obligor Co-Obligor Payment Contribution
Obligations Allocable Amount et seq
  - 93 -




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[ NO FURTHER TEXT ON THIS PAGE ]
 - 94 -




---



##### 



IN WITNESS WHEREOF,
 FELCOR ESMERALDA (SPE), L.L.C.,a Delaware limited liability companyBy:
    
    /s/ Charles N. NyeName:
    
    Charles N. NyeTitle:
    
    Vice PresidentFELCOR ESMERALDA LEASING (SPE), L.L.C.,a Delaware limited liability companyBy: 
Name:
    
    /s/ Charles N. Nye

Charles N. NyeTitle:
    
    Vice President




---



##### 



LENDER:GREENWICH CAPITAL FINANCIAL PRODUCTS, INC.,a Delaware corporationBy:
    
    /s/ John M. BurkeName:
    
    John M. BurkeTitle:
    
    Managing Director




---



##### 



SCHEDULE I
 (Rent Roll)
 [See attached]




---



##### 



SCHEDULE II
 (Required Repairs)




---



##### 



SCHEDULE III
 (Organizational Chart)




---



##### 



SCHEDULE IV
 (Licenses)




---



##### 



SCHEDULE V
 (Equipment Leases)




---



##### 



SCHEDULE VI
 (Litigation)




---



##### 



SCHEDULE VII
 Reserve Disbursement Request Schedule