Second Amended and Restated Indenture



 Exhibit 10.50 
 Execution Copy 
  

 U.S. $350,000,000 Floating Rate Public Company Notes Due November 9, 2007 
 SECOND AMENDED AND RESTATED INDENTURE 
 Dated as of November 9, 2005 
 between 
 THE ISSUERS NAMED HEREIN,

 as Issuers, 
 and

 LASALLE BANK NATIONAL ASSOCIATION 
 as Note Trustee 
 Secured by: 
 The Properties Identified on Schedule B Hereto 
  








 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page


	ARTICLE I DEFINITIONS; PRINCIPLES OF CONSTRUCTION
			
	Section 1.1.	 	Definitions	  	8
	Section 1.2.	 	Principles of Construction	  	56
	
	ARTICLE II GENERAL
			
	Section 2.1.	 	The Notes.	  	57
	Section 2.2.	 	Interest.	  	76
	Section 2.3.	 	Repayment	  	80
	Section 2.4.	 	Prepayment	  	82
	Section 2.5.	 	Release of Properties	  	83
	Section 2.6.	 	Substitution of Properties.	  	90
	Section 2.7.	 	Interest Rate Cap Agreements.	  	91
	Section 2.8.	 	Rule 144A Information	  	93
	Section 2.9.	 	Condominium Conversion.	  	93
	Section 2.10.	 	Mexico Intercompany Loan	  	95
	Section 2.11.	 	Allocated Loan Amounts	  	96
	
	ARTICLE III CONDITIONS PRECEDENT
			
	Section 3.1.	 	Conditions Precedent to Initial Funding	  	96
	Section 3.2.	 	Subsequent Funding.	  	101
	Section 3.3.	 	Reliance Language	  	103
	
	ARTICLE IV REPRESENTATIONS AND WARRANTIES
			
	Section 4.1.	 	Issuers’ Representations	  	104
	Section 4.2.	 	Survival of Representations	  	121
	
	ARTICLE V AFFIRMATIVE COVENANTS
			
	Section 5.1.	 	Covenants of the Issuers	  	121
	
	ARTICLE VI NEGATIVE COVENANTS
			
	Section 6.1.	 	Negative Covenants of the Issuers	  	132
	
	ARTICLE VII ALTERATIONS AND EXPANSIONS; LEASING
			
	Section 7.1.	 	Alterations and Expansions	  	140
	Section 7.2.	 	Leasing	  	144

  

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	ARTICLE VIII CASUALTY AND CONDEMNATION
			
	Section 8.1.	 	Insurance; Casualty and Condemnation	  	145
	
	ARTICLE IX ACCOUNTS AND RESERVES
			
	Section 9.1.	 	Establishment and Maintenance of Cash Management Deposit Account	  	155
	Section 9.2.	 	Reserve Accounts	  	157
	Section 9.3.	 	Tax and Insurance Escrow Account	  	167
	Section 9.4.	 	Disbursements from the Deposit Account and the Holding Account; Issuers’ Obligation to Fund Deposit Account	  	169
	Section 9.5.	 	No Release if Event of Default Exists	  	171
	Section 9.6.	 	Grant of Security Interest; Rights upon Default	  	172
	Section 9.7.	 	Note Trustee Not Responsible	  	172
	Section 9.8.	 	Inspections; Undertaking of Work	  	172
	Section 9.9.	 	Bankruptcy	  	173
	
	ARTICLE X DEFAULTS
			
	Section 10.1.	 	Events of Default	  	174
	Section 10.2.	 	Remedies	  	177
	Section 10.3.	 	Remedies Cumulative	  	177
	
	ARTICLE XI PROPERTY MANAGEMENT
			
	Section 11.1.	 	Property Management	  	178
	
	ARTICLE XII MISCELLANEOUS
			
	Section 12.1.	 	Survival	  	179
	Section 12.2.	 	Permitted Investments; Eligible Accounts; Eligible Institutions	  	179
	Section 12.3.	 	Governing Law; Consent to Jurisdiction	  	180
	Section 12.4.	 	Modification, Waiver in Writing	  	181
	Section 12.5.	 	Delay Not a Waiver	  	181
	Section 12.6.	 	Notices	  	181
	Section 12.7.	 	Trial by Jury	  	182
	Section 12.8.	 	Headings	  	183
	Section 12.9.	 	Severability	  	183
	Section 12.10.	 	Preferences	  	183
	Section 12.11.	 	Waiver of Notice	  	183
	Section 12.12.	 	Remedies of Issuers	  	183
	Section 12.13.	 	Expenses; Indemnity	  	184
	Section 12.14.	 	Exhibits and Schedules Incorporated	  	185
	Section 12.15.	 	Offsets, Counterclaims and Defenses	  	185
	Section 12.16.	 	No Joint Venture or Partnership	  	185
	Section 12.17.	 	Publicity	  	185
	Section 12.18.	 	Waiver of Marshalling of Assets	  	185
	Section 12.19.	 	Waiver of Counterclaim	  	185

  

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	Section 12.20.	 	Conflict; Construction of Documents	  	186
	Section 12.21.	 	Brokers and Financial Advisors	  	186
	Section 12.22.	 	No Third Party Beneficiaries	  	186
	Section 12.23.	 	Prior Agreements	  	186
	Section 12.24.	 	Exculpation	  	186
	Section 12.25.	 	Assignability	  	189
	Section 12.26.	 	Exculpation of Note Trustee	  	189
	Section 12.27.	 	Contribution Among Issuers	  	190
	Section 12.28.	 	Joint and Several Obligations.	  	190
	Section 12.29.	 	Note Trustee’s Rights	  	191
	Section 12.30.	 	Acts of Noteholders	  	191
	
	ARTICLE XIII SERVICE PROVIDERS
			
	Section 13.1.	 	Retention of Servicer, Securitization Note Trustee	  	191
	Section 13.2.	 	Pooling and Servicing Agreement	  	192
	Section 13.3.	 	Rating Surveillance	  	193
	Section 13.4.	 	Controlling Class Representative.	  	193
	
	ARTICLE XIV SECURITIZATION
			
	Section 14.1.	 	Sale of Note and Securitization	  	194
	Section 14.2.	 	Cooperation with Rating Agencies	  	195
	Section 14.3.	 	Securitization Financial Statements	  	195
	Section 14.4.	 	Securitization Indemnification	  	195
	
	ARTICLE XV THE NOTE TRUSTEE
			
	Section 15.1.	 	Duties of the Note Trustee	  	198
	Section 15.2.	 	Rights of Note Trustee	  	204
	Section 15.3.	 	Individual Rights of Note Trustee	  	205
	Section 15.4.	 	Note Trustee’s Disclaimer	  	205
	Section 15.5.	 	Notice of Defaults	  	205
	Section 15.6.	 	Compensation and Indemnity	  	206
	Section 15.7.	 	Replacement of Note Trustee	  	206
	Section 15.8.	 	Successor Note Trustee by Merger	  	207
	Section 15.9.	 	Eligibility; Disqualification	  	207
	Section 15.10.	 	Representations and Warranties of the Note Trustee	  	208
	Section 15.11.	 	Conflicting Interests	  	209
	Section 15.12.	 	Self Dealing	  	209
	Section 15.13.	 	Unclaimed Funds	  	209
	Section 15.14.	 	Illegal Acts	  	210
	Section 15.15.	 	Withholding and Information Reporting	  	210
	
	ARTICLE XVI NOTEHOLDERS’ LISTS, REPORTS AND MEETINGS
			
	Section 16.1.	 	Preservation of Information; Communications to Noteholders	  	210
	Section 16.2.	 	Fiscal Year	  	210

  

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	Section 16.3.	 	Voting by Noteholders	  	210
	Section 16.4.	 	Purposes for Which Noteholder Meetings May Be Called	  	211
	Section 16.5.	 	Call, Notice and Place of Meetings	  	211
	Section 16.6.	 	Persons Entitled to Vote at Meetings	  	212
	Section 16.7.	 	Quorum; Action	  	212
	Section 16.8.	 	Determination of Voting Rights; Conduct and Adjournment of Meetings	  	213
	Section 16.9.	 	Counting Votes and Recording Action of Meetings	  	214
	Section 16.10.	 	Remedial Rights.	  	214
	Section 16.11.	 	Return of Funds.	  	215
	Section 16.12.	 	Restrictions on Transfer.	  	216
	Section 16.13.	 	Advancing on the Pari Passu Loans.	  	217
	Section 16.14.	 	Provisions of Other Pooling and Servicing Agreements.	  	219
	
	ARTICLE XVII SUPPLEMENTAL INDENTURES
			
	Section 17.1.	 	Supplemental Indentures Without Consent of Noteholders	  	219
	Section 17.2.	 	Supplemental Indentures with Consent of Noteholders	  	220
	Section 17.3.	 	Execution of Supplemental Indentures	  	221
	Section 17.4.	 	Effect of Supplemental Indenture	  	222
	Section 17.5.	 	Reference in Notes to Supplemental Indentures	  	222

  

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	SCHEDULES	 	 	  	 
	Schedule A	 	-	  	Issuers
	Schedule B-1 - B-8	 	-	  	Description of Mortgaged Premises
	Schedule C	 	-	  	Base Release Amounts
	Schedule D	 	-	  	Property Managers and Brands
	Schedule E	 	-	  	Intentionally Omitted
	Schedule F	 	-	  	Material Agreements
	Schedule G	 	-	  	Property Management Agreements
	Schedule H	 	-	  	Unfunded Obligations
	Schedule I	 	-	  	Form of Monthly Officer Certificate
	Schedule J	 	-	  	Allocated Loan Amounts
	Schedule 1.1	 	-	  	Deferred Maintenance
	Schedule 1.2	 	-	  	Environmental Conditions
	Schedule 2.5.5	 	-	  	Release Prices of Fairmont Chicago Hotel Property Floors
	Schedule 3.1(o)	 	-	  	Schedule of Financial Statements and Operating Statements
	Schedule 4.1(h)	 	-	  	Ground Lease Exceptions
	Schedule 4.1(v)	 	-	  	Schedule of Temporary Certificates of Occupancy
	Schedule 4.1(w)	 	-	  	Schedule of Properties in Flood Zones
	Schedule 4.1(x)	 	-	  	Schedule of Engineering Reports, Environmental Reports and Seismic Reports
	Schedule 4.1(ee)	 	-	  	Breaches of Material Agreements and Property Management Agreements
	Schedule 4.1(gg)	 	-	  	Schedule of Occupancy Reports, Delinquency Reports, Tenant Security Deposits and Letters of Credit and Tenant Arrearages
	Schedule 4.1(ss)	 	-	  	Schedule of Sharing Agreements
	Schedule 4.1(uu)	 	-	  	Schedule of Liquor Licenses
	Schedule 4.1(ddd)	 	-	  	Corporate Structure
	Schedule 6.1(g)	 	-	  	Zoning Exceptions
			
	EXHIBITS	 	 	  	 
	Exhibit A	 	-	  	Form of Disbursement Request
	Exhibit B	 	-	  	Waiver of Prepayment Rights
	Exhibit C	 	-	  	Interest Rate Cap Requirements
	Exhibit D	 	-	  	Pre-approved Transferees
	Exhibit E	 	-	  	Intentionally Omitted
	Exhibit F-1	 	-	  	Property Management Term Sheet for Four Seasons Mexico City Property
	Exhibit F-2	 	-	  	Property Management Term Sheet for Four Seasons Punta Mita Property
	Exhibit F-3	 	-	  	Property Management Term Sheet for Fairmont Chicago Hotel Property
	Exhibit G-1	 	-	  	Las Palmas Outparcel
	Exhibit G-2	 	-	  	Hilton Burbank Airport Outparcel
	Exhibit H-1	 	-	  	Form Notes
	Exhibit H-1-A	 	-	  	Form Amended and Restated Unrestricted Global Note, Form Amended and Restated Restricted Global Note, Form Amended and Restated Regulation S Temporary Global Notes [A-1]
	Exhibit H-1-B	 	-	  	Form Amended and Restated Unrestricted Global Note, Form Amended and Restated Restricted Global Note, Form Amended and Restated Regulation S Temporary Global Notes [A-2, A-3,
A-4]

  

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	Exhibit H-1-C	 	-	  	Form Amended and Restated Definitive Note [A-1]
	Exhibit H-1-D	 	-	  	Form Amended and Restated Definitive Note [A-2, A-3, A-4]
	Exhibit H-2	 	-	  	Form Owner Securities Certification
	Exhibit H-3	 	-	  	Form Investment Representation Letter
	Exhibit H-4	 	-	  	Form Investment Representation Letter
	Exhibit H-5	 	-	  	Form Transferee Securities Certification
	Exhibit H-6	 	-	  	Form Certification
	Exhibit H-7	 	-	  	Form Certification
	Exhibit H-8	 	-	  	Form Instructions for Exchange of Beneficial Interests
	Exhibit I	 	-	  	OCA Work
	Exhibit J	 	-	  	Form of Political Risk Insurance Policy
	Exhibit K-1	 	-	  	Condominium Conversion Term Sheet - Master Condominium Declaration
	Exhibit K-2	 	-	  	Condominium Conversion Term Sheet - Hotel Condominium Unit Declaration
	Exhibit K-3	 	-	  	Condominium Conversion Term Sheet - Rental Agreement
	Exhibit K-4	 	-	  	Condominium Conversion Term Sheet - Amendment to Operating Lease
	Exhibit L-1	 	-	  	Ritz Carlton Half Moon Bay Major Capital Project Description
	Exhibit L-2	 	-	  	Four Seasons Punta Mita Major Capital Project Description
	Exhibit M	 	-	  	Condominium Provisions for the Fairmont Chicago Mortgage

  

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 SECOND AMENDED AND RESTATED INDENTURE, dated as of November 9, 2005 (as amended, restated,
replaced, supplemented or otherwise modified from time to time in accordance with the terms hereof, this “Indenture”), among each of the parties identified on Schedule A hereto, as issuers; and LaSalle Bank National
Association, not in its individual capacity but solely as trustee for the benefit of Noteholders and any successor thereto (in such capacity, the “Note Trustee”). 
 All capitalized terms used herein shall have the respective meanings set forth in Section 1.1 hereof. 
 W I T N E S S E T H: 
 WHEREAS, on June 29, 2004 (the “Original Closing Date”), Issuers (other than the owner of the Ritz Carlton Half Moon Bay Property,
the owner of the Fairmont Chicago Hotel Property and SHC Mexico Lender, LLC) made an issuance to Note Trustee for the benefit of the Noteholders in the amount of $200,000,000, which issuance (the “Original Issuance”) was governed by
that certain Indenture, dated as of the Original Closing Date (the “Original Indenture”), between Issuers and Note Trustee; 
 WHEREAS, on August 24, 2004 (the “Second Closing Date”), Issuers (other than the owner of the Fairmont Chicago Hotel Property and SHC Mexico Lender, LLC) made an additional issuance to Note Trustee for the benefit of
the Noteholders in the amount of $75,000,000 (the “Additional Issuance”), which was combined with the Original Issuance to constitute one issuance in the aggregate amount of $275,000,000 (the “Original Note”) and
was governed by that certain Amended and Restated Indenture, dated as of the Second Closing Date (the “Amended Indenture”), between Issuers and Note Trustee as amended by that certain First Amendment to Amended and Restated
Indenture dated as of March 22, 2005 among Issuers, Note Trustee and Noteholder, which Amended Indenture amended, restated and superseded the Original Indenture; 
 WHEREAS, as of the date hereof (the “Closing Date”), the parties have agreed to amend and restate the Amended Indenture and Issuers have agreed, in exchange for the Original Note, to make an issuance
to Note Trustee (the “Issuance”) for the benefit of Noteholders in the maximum principal amount of $350,000,000; and 
 WHEREAS, Issuers have duly authorized the execution and delivery of this Indenture to provide for the issuance and delivery of the Notes (as defined herein) and secure the same by, among other things, each Issuer’s interest in the real
property identified on Schedule B hereto; 







 NOW, THEREFORE, the Original Indenture and the Amended Indenture are hereby amended, restated and
superseded in their entirety and each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of Holders of the Issuers’ Notes (as defined herein): 
  
 ARTICLE I 
  
 DEFINITIONS; PRINCIPLES OF CONSTRUCTION 
  
 Section 1.1. Definitions. 
  
 For all purposes of this Indenture, except as otherwise expressly provided herein: 
  
 “Acceleration Prepayment Premium” shall mean an amount
equal to 3.0% of the Outstanding Principal Amount prepaid, to be paid in accordance with Section 2.4.3 hereof. 
  
 “Acceptable Counterparty” shall mean a Counterparty, the long-term unsecured debt rating with respect to which is at least “A1”
by Moody’s and “A+” by Standard & Poor’s (or the equivalent by each of the Rating Agencies). 
  
 “Acceptable Property Management Agreement” shall mean, with respect to any Property, a new or amended Property Management Agreement with
the Property Manager of such Property as of the date hereof (as indicated on Schedule D hereto) which agreement shall be upon terms and conditions no less favorable to the applicable Issuer, Operating Lessee, and Note Trustee than those
contained in the Property Management Agreement with respect to such Property in effect as of the Closing Date (provided, that Issuers’ and/or Operating Lessees’ entitlement to, and the timing of the receipt of, cash flows from such
Property and the cash management procedures with respect thereto shall not be adversely affected) or any new or amended Property Management Agreement entered into by any Issuer and/or Operating Lessee with respect to any Property in accordance with
the terms of Article XI hereof. 
  
 “Acceptable
Property Manager” shall mean (i) with respect to each Property, the current Property Manager and current brand as of the Closing Date for such Property as indicated on Schedule D hereto and, at any time prior to two years after
the Closing Date, the property managers and brands listed under “Acceptable Property Manager” for such Property on Schedule D hereto, provided (x) each such property manager or brand continues to be Controlled by
substantially the same Persons Controlling such property manager or brand as of the Closing Date (or if such Property Manager is a publicly traded company, such Property Manager continues to be publicly traded on an established securities market),
and (y) such property manager has under management, at the time of its engagement as Property Manager, not fewer than 20 first class full service resort or business hotel properties (excluding the Properties) containing not fewer than 5,000
hotel rooms in the aggregate; (ii) during such two-year period, any Close Affiliate of any of the foregoing Persons with respect to a Property (provided that such Close Affiliate continues to manage the same Property as the Acceptable
Property Manager of which it is a Close Affiliate (as indicated in clause (i) above) and so long as such Affiliate continues to be Controlled by substantially the same Persons Controlling such Close Affiliate as of the Closing Date (or if such
Close Affiliate is a publicly traded company, such Close Affiliate continues to be publicly traded on an established securities market)); or (iii) any other reputable and experienced professional hotel management company (A) which, or a
Close Affiliate of which, shall have at least five years’ experience in the management of hotel properties substantially similar to the Properties, (B) which, or a Close Affiliate of which, shall have under management, at the time of its
engagement as Property Manager, not fewer than 20 first class full 
  

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 service resort or business hotel properties (excluding the Properties) containing not fewer than 5,000 hotel rooms in the
aggregate, and (C) with respect to which a Rating Confirmation has been obtained. 
  
 “Act” shall have the meaning ascribed to it in Section 12.30(a). 
  
 “Adjusted Operating Income” shall mean, for any specified period, all income received by Issuers and/or Operating Lessee (or by a
Property Manager for the account of an Issuer and/or an Operating Lessee) from any Person during such period in connection with the ownership or operation of the Properties, determined on an accrual basis of accounting determined in accordance with
GAAP, including the following: 
  
 (i) all
revenues derived from rooms, food and beverage, telecommunications, garage and parking, other operating departments, services and rentals and other; 
  
 (ii) all amounts payable to any Issuer and/or any Operating Lessee (or to a Property Manager for the account of any Issuer and/or any
Operating Lessee) pursuant to Operating Agreements relating to any one or more of the Properties; 
  
 (iii) condemnation awards to the extent that such awards are compensation for lost rent allocable to such specified period; 
  
 (iv) business interruption and loss of “rental
value” insurance proceeds to the extent such proceeds are allocable to such specified period; and 
  
 (v) all investment income with respect to the Reserve Accounts. 
  
 Notwithstanding the foregoing clauses (i) through (iv), Adjusted Operating Income shall not include (A) any condemnation or
insurance proceeds (other than of the types described in clauses (iii) and (iv) above), (B) any proceeds resulting from the sale, exchange, transfer, financing or refinancing of all or any part of any Property (other than of the types
described in clause (iii) above), (C) any repayments received from Tenants of principal loaned or advanced to Tenants by Issuers, (D) any type of income that would otherwise be considered Adjusted Operating Income pursuant to the
provisions above but is paid directly by any Tenant to a Person other than any Issuer, Operating Lessee or Property Manager or its agent, (E) any fees or other amounts payable by a Tenant or another Person that are reimbursable to Tenant or
such other Person and (F) any amount payable to Issuers or any of their Affiliates in connection with the Marriott Litigation. 
  
 “Administrative Services Agreement” means any agreement entered into by any Issuer with any Person for the delivery by such Person of
administrative and employee services. 
  
 “Affected
Property Management Agreement” shall have the meaning specified in Section 9.2.20 hereof. 
  
 “Affected Property Management Agreement Termination” shall have the meaning specified in Section 9.2.20 hereof. 

 

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 “Affiliate” shall mean a Person or Persons directly or indirectly, through one or more
intermediaries, Controlling, Controlled by or under common Control with the Person or Persons in question. 
  
 “Agent Member” shall have the meaning set forth in Section 2.1.9(e) hereof. 
  
 “Aggregate DSCR” shall mean, with respect to a particular
period, the ratio of Net Operating Income to Debt Service in respect of such period (except that no principal payment shall be included in such calculation), as computed by the Servicer from time to time, using in all cases an assumed loan constant
equal to the then applicable Maximum Pay Rate per annum (which constant shall be calculated at all times using an actual/360 accrual convention). If no such period is specified, then the period shall be deemed to be the immediately preceding
full 12 months. 
  
 “Aggregate Monthly FF&E Reserve
Amount” shall mean, as of any specified date the sum of the Monthly FF&E Reserve Amounts as of such date for all of such Properties then subject to the Lien of the Mortgage. 
  
 “Aggregate Monthly Incentive Fee Reserve Amount” shall mean, as of any specified date, the sum of the
Monthly Incentive Fee Reserve Amounts as of such date for all of the Properties then subject to the Lien of the Mortgage. 
  
 “Agreements with Managers” shall mean, collectively, each of those certain amended and restated agreements and estoppels entered into as
of the Closing Date, by each of the Property Managers, Note Trustee and Issuers. 
  
 “Allocated Loan Amounts” shall have the meaning specified in Section 2.11 hereof. 
  
 “ALTA” shall mean American Land Title Association, or any successor thereto. 
  
 “Alteration” shall mean any demolition, alteration,
installation, improvement or decoration of or to a Property or any part thereof or the Improvements (including FF&E) thereon (other than any of the foregoing that (i) is permitted to be done and actually is done by or on behalf of the
applicable Property Manager without the consent of the applicable Issuer (it being the intent of the parties that for this purpose amounts expended by a Property Manager in respect of FF&E in the ordinary course of business from amounts reserved
for FF&E under the applicable Acceptable Property Management Agreement shall be deemed not to be an Alteration), or (ii) is paid for out of any Reserve Account described in Section 9.2.1(a), (f) or (h)).

  
 “Ancillary Property” shall mean the Hilton
Burbank Airport Outparcel. 
  
 “Annual Budget”
shall mean the annual operating and capital budget for each Property for any Fiscal Year setting forth, in reasonable detail, (i) the relevant Issuer’s good faith estimates of all Adjusted Operating Income, (ii) all Operating
Expenses, (iii) Management Fees and (iv) Capital Expenditures. 
  

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 “Applicable Interest Rate” shall have the meaning set forth in
Section 2.2.2(a) hereof. 
  
 “Applicable
Procedures” shall have the meaning set forth in Section 2.1.10(d)(iii) hereof. 
  
 “Applicable Property Manager Amount” shall mean, from and after the occurrence of a Management Agreement Trigger Event, with respect to
the Marriott Las Palmas Property, the amount set forth in the Management Agreement Termination Budget delivered to Note Trustee in accordance with the terms of Section 9.2.20 hereof. 
  
 “Appraisal” means an as-is MAI appraisal of a Property,
prepared not more than ninety (90) days (or such longer period as shall be acceptable to Initial Purchaser) prior to the Closing Date for each Property by (a) Hospitality Valuation Services or (b) another member of the American
Institute of Real Estate Appraisers selected by a majority of the Noteholders (or, if such appraiser is selected by Issuers, such appraiser shall be acceptable to Initial Purchaser and shall have at least ten (10) years’ experience in
evaluating and appraising properties similar in type and geographic location as such Property), which appraisal shall meet the minimum appraisal standards for national banks promulgated by the Comptroller of the Currency pursuant to Title XI of the
Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended (FIRREA). 
  
 “Approved Banks” shall mean banks or other financial institutions which have (a) a minimum net worth of $500,000,000 or (b) total assets of $5,000,000,000. 
  
 “Assignment of Agreements” shall mean each first priority
Amended and Restated Assignment of Agreements, Licenses, Permits and Contracts dated as of the Closing Date, as the case may be, from the applicable Issuer and Operating Lessee, as assignor, to the Note Trustee, as assignee, assigning to the Note
Trustee as security for the Notes, to the extent assignable under law, all of such Issuer’s and Operating Lessee’s interest in and to the Property Management Agreements, Operating Agreements, Operating Leases, Material Agreements and all
other licenses, permits and contracts necessary or desirable for the use and operation of each of the Properties, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time pursuant to the provisions thereof
or of the other Transaction Documents, in each case to the extent legally assignable. 
  
 “Assignment of Leases” shall mean each Amended and Restated Assignment of Leases, Rents and Revenues, dated as of the Closing Date, as the case may be, from the applicable Issuer and Operating Lessee,
as assignor, to the Note Trustee, as assignee, together with any further amendments thereto pursuant to the provisions thereof, assigning all the Leases and Rents with respect to each Property. 
  
 “Authorized Officer” with respect to the Issuers, shall mean
any director or officer of the Issuers who is authorized to act for or on behalf of the applicable Issuer in matters relating to that Issuer. With respect to the Note Trustee or any other bank or trust company acting as trustee of an express trust
or as collateral agent or custodian, “Authorized Officer” shall mean a Trust Officer. Each party may receive and accept a certification of the authority of any other 
  

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 party as conclusive evidence of the authority of any person to act, and such certification may be considered as in full
force and effect until receipt by such other party of written notice to the contrary. 
  
 “Bankruptcy Code” shall mean (a) Title 11 of the United States Code entitled “Bankruptcy,” and (b) with respect to the Mexican Issuers only, the Ley de Concursos
Mercantiles as the same may be amended, modified, succeeded or replaced, from time to time. 
  
 “Base Release Amount” shall mean with respect to any Property, the sum of (A) the Base Release Initial Amount and (B) the
product of such Property’s Base Release Amount Percentage and any amounts advanced pursuant to any Subsequent Funding. 
  
 “Base Release Amount Percentage” shall mean with respect to each Property’s, the percentage as set forth in Schedule C
attached hereto. 
  
 “Base Release Initial
Amount” shall mean with respect to any Property, the amount as set forth in Schedule C hereto; provided, however, that with respect to the Fairmont Chicago Hotel Property, such amount shall be reduced dollar for dollar for a
prepayment of the Outstanding Principal Amount in connection with a Condominium Conversion in accordance with Section 2.9. 
  
 “Basic Carrying Costs” shall mean the sum of the following costs associated with the Properties: Taxes, Other Charges and Insurance
Premiums. 
  
 “Beneficial” when used in the
context of beneficial ownership has the analogous meaning to that specified in Rule 13d-3 under the Securities Exchange Act of 1934, as amended. 
  
 “Beneficial Owner” shall mean each Person having an interest in the notes as recorded in the Register. 
  
 “Breakage Costs” means, with respect to the prepayment of
any principal amount of the Notes (other than a voluntary Prepayment following the requisite prior notice which is made pursuant to Section 2.4.2 hereof), an amount equal to the aggregate of (i) the excess, if any, of (A) the
amount of interest that otherwise would have accrued on the principal amount of the Notes so prepaid for the period from the date of such prepayment through and including the last day of the then-current Interest Accrual Period (or, in the case of a
prepayment on a Payment Date without the required notice, the period from and including the first day of the immediately succeeding Interest Accrual Period through and including the final day of such Interest Accrual Period) at the rate of interest
which would have been applicable herein over (B) the amount of interest that otherwise would have accrued on such principal amount for the applicable period at a rate per annum equal to LIBOR measured two Business Days prior to such prepayment;
plus (ii) any and all other losses, costs, fees and expenses of Note Trustee and the Noteholders (including, without limitation, any early termination or upfront payments, brokerage commissions and other transaction costs) incurred or
sustained, directly or indirectly, as a result of such prepayment of the Notes. 
  

 12 








 “Burbank Indebtedness” means that certain indebtedness owed by the Issuer, which owns
the Property known as the Hilton Burbank Airport, Burbank, California, to the Redevelopment Agency of the City of Burbank. 
  
 “Business Day” means any day other than (i) a Saturday and a Sunday and (ii) a day on which federally insured depository
institutions in the State of New York or the state in which the offices of Note Trustee, the Servicer, or any other master servicer, special servicer or trustee in connection with a Securitization are located are authorized or obligated by law,
governmental decree or executive order to be closed. When used with respect to an Interest Determination Date, “Business Day” shall mean a day on which banks are open for dealing in foreign currency and exchange in London.

  
 “Capital Expenditures” means the hard and
soft costs incurred by the Issuers with respect to replacements and capital repairs made to the Properties (including, without limitation, repairs to, and replacements of, the structural components, roofs, building systems, parking garages and
parking lots, but excluding additions to, and replacements of, FF&E) that are permitted to be done and actually are directed to be done or done by the applicable Property Manager without the consent of the applicable Issuer, unless the same
shall have been carried out or directed to have been carried out by the applicable Property Manager at the request or upon the direction of an Issuer or pursuant to items specifically provided for in a budget with respect to a Property approved by
an Issuer. 
  
 “Cash” shall mean coin or currency
of the United States of America or immediately available federal funds, including such funds delivered by wire transfer. 
  
 “Cash and Cash Equivalents” shall mean (i) Cash, (ii) U.S. Government Securities, (iii) interest bearing or discounted
obligations of federal agencies and government sponsored entities or pools of such instruments offered by Approved Banks and dealers, including, without limitation, Federal Home Loan Mortgage Corporation participation sale certificates, Government
National Mortgage Association modified pass-through certificates, Federal National Mortgage Association bonds and notes, Federal Farm Credit System securities (provided all of the obligations described in this clause (iii) shall have a
long-term unsecured debt rating of “AAA” by the Rating Agencies or backed by the full faith and credit of the United States government for full and timely payment), (iv) time deposits, domestic and Eurodollar certificates of deposit,
bankers acceptances or commercial paper rated at least A-1+ (or its equivalent) by the Rating Agencies, and/or guaranteed by an entity having a long-term rating at least equal to the Required Rating, (v) floating rate notes and other money
market instruments each issued by Approved Banks having a minimum long-term senior unsecured debt rating from each of the Rating Agencies at least equivalent to the Required Rating, (vi) obligations issued by state and local governments or
their agencies, carrying a rating at least equal to the Required Rating and/or guaranteed by an irrevocable letter of credit of an Approved Bank having a long-term senior unsecured debt rating of at least AA- from each of the Rating Agencies
(provided that if the scheduled maturity of any such obligation is more than six (6) months after the date of purchase by Issuers or Note Trustee and such obligation is guaranteed by a letter of credit, the letter of credit guaranteeing such
obligation must be issued by an Approved Bank having a long-term senior unsecured debt rating of at least AA- from each of the Rating Agencies), (vii) repurchase agreements with major banks and primary government securities dealers fully
secured by U.S. 
  

 13 








 government or agency collateral with a value equal to or exceeding the principal amount on a daily basis and held in
safekeeping (provided that at the time of purchase the counterparty to such repurchase agreement must have a long-term senior unsecured debt rating at least equal to the Required Rating), and (viii) investments in money market funds and money
market mutual funds all the assets of which are comprised of investments described in clauses (i) through (vii) above, and (ix) any other investment which the Rating Agencies confirm in writing will not in and of itself result in a
downgrading or withdrawal of any of the ratings then assigned to any Notes. Except as otherwise provided in this definition, Cash and Cash Equivalents shall not include any investments commonly known as “derivatives”, any investments
requiring a payment above par for an obligation, and under no circumstances shall Cash and Cash Equivalents include interest-only strips. Any investment in Cash and Cash Equivalents shall have a maturity date not later than one Business Day prior to
the date that the proceeds therefrom are required hereunder. 
  
 “Casualty” means a fire, explosion, flood, collapse, earthquake or other casualty affecting any Property. 
  
 “Certificate of Authentication” shall have the meaning ascribed to it in Section 2.1.4(a). 
  
 “Class” shall mean each group of the Notes bearing the same
designation. Each Class shall be comprised of a Regulation S Temporary Global Note, an Unrestricted Global Note, a Restricted Global Note and, if issued to Institutional Accredited Investors that are not either QIBs, to Pass-Through Entities or
pursuant to Section 2.1.9(a)(ii), one or more Definitive Notes. 
  
 “Clearstream” shall mean Clearstream Banking, société anonyme, or a successor organization thereto. 
  
 “Close Affiliate” shall mean with respect to any Person (the “First Person”) any other Person (each, a “Second
Person”) which is an Affiliate of the First Person and in respect of which any of the following are true: (a) the Second Person owns, directly or indirectly, at least 75% of all of the legal, Beneficial and/or equitable interest in
such First Person, (b) the First Person owns, directly or indirectly, at least 75% of all of the legal, Beneficial and/or equitable interest in such Second Person, or (c) a third Person owns, directly or indirectly, at least 75% of all of
the legal, Beneficial and/or equitable interest in both the First Person and the Second Person. 
  
 “Closing Date” shall mean the date of this Indenture set forth in the first paragraph hereof. 
  
 “Closing Date DSCR” shall mean 1.82 : 1.0. 
  
 “Closing Date Net Operating Income” shall mean
$60,552,258.94. 
  
 “Code” shall mean the
Internal Revenue Code of 1986, as amended, and as it may be further amended from time to time, any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 
  

 14 








 “Collateral” shall mean all monies, accounts, instruments and other property (including,
without limitation, all Rents, revenues, issues, Proceeds, profits, security and other monies payable or receivable under any Transaction Document or with respect thereto and the after-acquired property clauses thereof) subject or intended to be
subject to any Mortgage and the other Transaction Documents for the performance by Issuers of their obligations thereunder or hereunder as of any particular time, and the proceeds of the foregoing. 
  
 “Condemnation” shall mean a taking or voluntary conveyance
during the term hereof of all or any part of any Property or any interest therein or right accruing thereto or use thereof, as the result of, or in settlement of, any condemnation or other eminent domain proceeding by any Governmental Authority,
whether or not the same shall have actually been commenced. 
  
 “Condominium” shall mean the condominium regime created for a portion of the existing hotel rooms located at the Fairmont Chicago Hotel Property. 
  
 “Condominium Conversion” shall mean the conversion of the Fairmont Chicago Hotel Property in accordance
with Section 2.9 into two or more condominium units, including a Hotel Condominium Unit, a Hotel Unit and a Residence Club Unit as described in the Condominium Conversion Term Sheets. 
  
 “Condominium Conversion Term Sheets” shall mean each of the
term sheets attached hereto as Exhibit F-3, Exhibit K-1, Exhibit K-2, Exhibit K-3 and Exhibit K-4 which shall contain all material terms for the documentation necessary to effect the Condominium Conversion. 
  
 “Consumer Price Index” shall mean the Consumer Price Index
for All Urban Consumers published by the United States Department of Labor, national index (all items) (base year 1982-84 = 100), or any successor index thereof as such successor index may be appropriately adjusted to establish substantial
equivalence with the Consumer Price Index. If the Consumer Price Index is converted to a different standard reference base or otherwise revised, then whenever the determination of a CPI Increase figure is called for herein, the Consumer Price Index
shall be converted in accordance with the conversion factors published by the United States Department of Labor, Bureau of Labor Statistics, or, if said Bureau shall not publish the same, as the same may be published by Prentice-Hall, Inc. or any
other nationally recognized publisher of similar statistical information selected by a majority of the Noteholders (in its reasonable discretion). If the Consumer Price Index ceases to be published and there is no successor thereto, such other index
as a majority of the Noteholders shall reasonably select shall be substituted for the Consumer Price Index. 
  
 “Control” shall mean, with respect to a Person that is a corporation, the right to exercise, directly or indirectly, fifty one percent
(51%) or more of the voting rights attributable to the shares of the controlled corporation and, with respect to a Person that is not a corporation, the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of the controlled Person. “Controlling” and “Controlled” have meanings correlative thereto. 
  

 15 








 “Corporate Trust Office” shall mean the principal office of the Note Trustee at which at
any particular time its corporate trust business shall be administered, which as of the Closing Date is 135 S. LaSalle Street, Suite 1625, Chicago, Illinois 60603, Attention: Global Securitization Trust Services Group - Strategic Floating
Rate Company Notes Due November 2007. 
  
 “Cost and
Expense Amount” shall have the meaning set forth in Section 9.2.15(a) hereof. 
  
 “Counterparty” shall mean the counterparty to the Interest Rate Cap Agreement and any counterparty under a Replacement Interest Rate Cap
Agreement or Extension Interest Rate Cap Agreement and, if applicable, any credit support provider identified in the Interest Rate Cap Agreement, Replacement Interest Rate Cap Agreement or Extension Interest Rate Cap Agreement. 
  
 “CPI Increase” shall mean, when used to qualify a fixed
dollar amount set forth herein at the date in question, such fixed dollar amount, as increased by the percentage by which the Consumer Price Index at the time of such measurement shall have increased over such Consumer Price Index for December 2004.

  
 “Credit Facility” shall mean a clean,
irrevocable, unconditional transferable letter of credit, payable on sight draft only, in respect of which an Issuer has no reimbursement obligation and such reimbursement obligation is not secured by any Property or any other property pledged to
secure the Notes, in favor of Note Trustee and entitling Note Trustee to make multiple draws thereon (which in the aggregate of all such draws do not exceed the aggregate face value thereof) in New York City, in such other city as Note
Trustee’s corporate trust office may be located at the time of the issuance of such letter of credit or in any city in which the issuing bank shall have a branch or office, issued by either (i) a domestic bank or the U.S. agency or branch
of a foreign bank, in each case, having a long-term senior unsecured debt rating from the Rating Agencies which at the time such letter of credit is delivered and throughout the term of such letter of credit is at least equal to “AA,” and
a short-term unsecured debt rating at least equal to A-1+ or (ii) any other bank approved by a majority (by Outstanding Principal Amount) of the Noteholders in their sole discretion, and as to which Issuers shall have obtained a Rating
Confirmation. Such Credit Facility shall provide that (x) it will automatically renew unless the issuer of such Credit Facility delivers written notice to Note Trustee, as beneficiary, and Issuers, as account party, at least thirty
(30) days prior to its expiration, that such Credit Facility will not be renewed, (y) in such case, Note Trustee, as beneficiary, shall be entitled to draw upon the full amount of such Credit Facility and (z) such Credit Facility is
freely transferable by Note Trustee without the payment of any imposition or fee by Note Trustee. Without in any way limiting the generality of the foregoing, if any Credit Facility is not renewed or replaced with another Credit Facility prior to
the date that is thirty (30) days prior to its expiration, it is hereby agreed that Note Trustee shall be entitled to draw upon the full amount of such Credit Facility. 
  
 “Current Debt Service Reserve Account” shall have the meaning set forth in Section 9.2.1(g)
hereof. 
  

 16 








 “Custodian” shall mean LaSalle Bank National Association, and any successor custodian,
as custodian under custody agreements, or any similar successor agreement or agreements for DTC. 
  
 “Debt” shall mean the outstanding principal amount set forth in, and evidenced by, the Notes, together with all interest accrued and
unpaid thereon and all other sums due to Note Trustee or the Noteholders in respect of the Notes (including any Breakage Costs), and any sums due under the Notes, this Indenture, the Mortgage or in any other Transaction Document. 
  
 “Debt Securities” shall mean debt obligations, other than
U.S. Government Securities, of any Person, whether evidenced by bonds, notes, debentures, certificates, book entry deposits, certificates of deposit, commercial paper, bankers acceptances, reinvestment letters, funding agreements or other
instruments, which (i) are not subject to prepayment or redemption prior to maturity and (ii) are rated not less than the then Required Rating; or any combination of the foregoing. Any Debt Securities delivered to Note Trustee as
collateral for an obligation shall mature not less than one (1) Business Day prior to the due date of such obligation. 
  
 “Debt Service” shall mean, with respect to any specified date or a particular period of time, principal and interest payments under the
Notes due as of such date or payable with respect to or during such period (including the last day thereof), as applicable and repayment in full of the principal balance of the Notes at the maturity of the Notes or upon the earlier acceleration of
the Notes. 
  
 “Debt Service Amount” shall have
the meaning set forth in Section 9.2.15(a)(iii) hereof. 
  
 “Default” shall mean the occurrence of any event hereunder or under any other Transaction Document which, but for the giving of notice or passage of time, or both, would be an Event of Default. 
  
 “Default Rate” shall mean a rate per annum equal to 300
basis points (3.0%) in excess the Applicable Interest Rates for the Notes (but in no event shall the Default Rate be less than the Prime Rate from time to time plus one percent (1%)). 
  
 “Deferred Maintenance Conditions” shall mean, collectively,
the deferred maintenance conditions and near-term capital requirements, if any, described on Schedule 1.1 attached hereto and made a part hereof. 
  
 “Deferred Maintenance and Environmental Conditions Reserve Account” shall have the meaning set forth in Section 9.2.1(a)
hereof. 
  
 “Deficiency Payment” shall have the
meaning set forth in Section 9.2.11 hereof. 
  
 “Deficiency Reserve Account” shall have the meaning set forth in Section 9.2.1(d) hereof. 
  
 “Definitive Note” shall have the meaning set forth in Section 2.1.6(f) hereof. 
  

 17 








 “Deposit Accounts” shall have the meaning given such term in Section 9.1
hereof. 
  
 “Deposit Account Agreement” shall
mean the Amended and Restated Deposit Account Agreement, dated as of the Closing Date, among Issuers, Operating Lessees, the Note Trustee, and the Depositary Bank, for the Deposit Accounts, relating to the collection and application of disbursements
and other payments from the Property Managers and/or Operating Lessees pursuant to the applicable Property Management Agreements and/or Operating Lease. 
  
 “Depositary” shall mean, with respect to the Global Notes, DTC or such other Person as shall be designated as Depositary by the Issuers
pursuant to Section 2.1.9(a) of this Indenture. 
  
 “Depositary Bank” shall mean the depositary bank under the Deposit Account Agreement. 
  
 “Disqualified Transferee” shall mean any Person that, or any Person that Controls, is Controlled by, or is under common Control with, a
Person that, (i) has (within the past ten (10) years) defaulted, or is now in default, beyond any applicable cure period, of its material obligations, under any written agreement with the Noteholders or any Affiliate of the Noteholders;
(ii) has been convicted in a criminal proceeding for a felony or a crime involving moral turpitude or that is an organized crime figure or is reputed (as determined by the Servicer in its sole discretion) to have substantial business or other
affiliations with an organized crime figure; (iii) has at any time filed a voluntary petition under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law; (iv) as to which an involuntary petition has at any time
been filed under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law; (v) has at any time filed an answer consenting to or acquiescing in any involuntary petition filed against it by any other Person under the
Bankruptcy Code or any other federal or state bankruptcy or insolvency law; (vi) has at any time consented to or acquiesced in or joined in an application for the appointment of a custodian, receiver, trustee or examiner for itself or any of
its property; (vii) has at any time made an assignment for the benefit of creditors, or has at any time admitted its insolvency or inability to pay its debts as they become due; or (viii) has been found by a court of competent jurisdiction
or other Governmental Authority in a comparable proceeding to have violated any federal or state securities laws or regulations promulgated thereunder. 
  
 “Downgrade” shall have the meaning as set forth in Section 2.7(b) hereof. 
  
 “DTC” shall mean The Depository Trust Company, a New York
trust company, and its permitted successors and assigns. 
  
 “Earthquake Deductible Reserve Account” shall have the meaning set forth in Section 9.2.1(b). 
  
 “Earthquake Deductible Reserve Amount” shall mean an amount equal to the deductible amount of the earthquake insurance policy relating to
a Property or Property at which an Earthquake Reserve Event shall have occurred. 
  

 18 








 “Earthquake Reserve Event” shall mean the occurrence of an earthquake or other casualty
covered under an earthquake insurance policy relating to one or more of the Properties located in the state of California which causes damage or destruction in an amount in excess of the deductible amount of the earthquake insurance policy on such
Property or Properties. 
  
 “Eligibility
Requirements” means, with respect to any Person, that such Person (i) have total assets (in name or under management) in excess of $600,000,000 and (except with respect to a pension advisory firm or similar fiduciary) capital/statutory
surplus or shareholder’s equity of $250,000,000 and (ii) is regularly engaged in the business of making or owning commercial real estate loans or operating commercial mortgage properties. 
  
 “Eligible Account” shall mean an identifiable account
separate from all other funds held by the holding institution that is either (i) an account or accounts maintained with a federal or state-chartered depository institution or trust company which complies with the definition of
Eligible Institution or (ii) a segregated trust account or accounts maintained with a federal or state-chartered depository institution or trust company acting in its fiduciary capacity, and which, in the case of a state-chartered
depository institution or trust company is subject to regulations substantially similar to 12 C.F.R. §9.10(b), and has a combined capital and surplus of at least $500,000,000 and is subject to supervision or examination by federal or state
authority. An Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument. 
  
 “Eligible Collateral” shall mean U.S. Government Securities, Debt Securities, Credit Facilities or Cash and Cash Equivalents, or any
combination thereof. 
  
 “Eligible Institution”
shall mean (1) LaSalle Bank National Association (provided that the rating by Standard & Poor’s and Moody’s for LaSalle Bank National Association’s short term unsecured debt obligations or commercial paper and long term
unsecured debt obligations does not decrease below its current ratings) or (2) any other federal or state-chartered depository institution or trust company insured by the Federal Deposit Insurance Corporation and (i) in the case of
accounts in which funds are held for thirty (30) days or less, the short term unsecured debt obligations or commercial paper of which are rated A-1 by Standard & Poors, P-1 by Moody’s, or (ii) in the case of accounts in which
funds are held for more than thirty (30) days, the long term unsecured debt obligations of which are rated at least “AA-” by Standard & Poors and “Aa3” by Moody’s. 
  
 “Employee Benefit Plan” shall mean any employee pension
benefit plan subject to the provisions of Title IV of ERISA or subject to the minimum funding standards under Part 3 of Title I of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which each Issuer or any ERISA
Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
  
 “Engineering Report” means the structural engineering report or reports with respect to each Property
prepared by an Independent Engineer and delivered to the Note Trustee in connection with the delivery of the Notes, and any amendments or supplements thereto delivered to the Note Trustee. 
  

 19 








 “Environmental Auditor” means an independent environmental auditor reasonably approved
by a majority (by Outstanding Principal Amount) of the Noteholders. 
  
 “Environmental Claim” means any written notice, claim, proceeding, investigation, demand or other communication by any Person or Governmental Authority alleging or asserting liability with respect to any Issuer or any
Property arising out of, based on or resulting from (i) the presence, use or Release of any Hazardous Substance, (ii) any fact, circumstance, condition or occurrence forming the basis of any violation, or alleged violation, of any
Environmental Law, or (iii) any alleged injury or threat of injury to property, health or safety or to the environment caused by Hazardous Substances. 
  
 “Environmental Conditions” shall mean those matters which are the subject of environmental and seismic remediation described on
Schedule 1.2 attached hereto. 
  
 “Environmental
Indemnity” shall mean that certain Environmental Indemnity Agreement, dated as of the Closing Date, executed by Issuers and Sponsor in connection with the Notes for the benefit of Note Trustee on behalf of Noteholders. 
  
 “Environmental Laws” means any and all present and future
federal, state or local laws, statutes, ordinances or regulations, any judicial or administrative orders, decrees or judgments thereunder, and any permits, approvals, licenses, registrations, filings and authorizations, in each case as now or
hereafter in effect, relating to the pollution, protection or cleanup of the environment, the impact of Hazardous Substances on property, health or safety, or the use or Release of Hazardous Substances. 
  
 “Environmental Reports” means a “Phase I Environmental
Site Assessment” as referred to in the ASTM Standards on Environmental Site Assessments for Commercial Real Estate, E 1527-94 (and, if necessary, a “Phase II Environmental Site Assessment”), prepared by an Environmental Auditor
and delivered to Initial Purchaser and any amendments or supplements thereto delivered to Initial Purchaser, and shall also include any other environmental reports delivered to Initial Purchaser pursuant to this Indenture and the Environmental
Indemnity. 
  
 “Equipment” shall have the meaning
set forth in the Mortgage. 
  
 “ERISA” means the
Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder. 
  
 “ERISA Affiliate” at any time, means each trade or business (whether or not incorporated) that would, at the time, be treated together
with any Issuer as a single employer under Title IV or Section 302 of ERISA or Section 412 of the Code. 
  
 “Euroclear” shall mean Euroclear Bank S.A./N.V., as operator of the Euroclear System, or a successor organization thereto. 
  
 “Event of Default” shall have the meaning set forth in
Section 10.1(a) hereof. 
  

 20 








 “Exchange Act” shall mean the United States Securities Exchange Act of 1934, as amended
from time to time, and any successor statute thereto. 
  
 “Existing Debt” shall mean any indebtedness assigned to Note Trustee as of the date hereof and amended, restated and/or consolidated pursuant to any Note. 
  
 “Existing Note” shall mean any promissory notes or other instruments evidencing indebtedness assigned to
Note Trustee as of the Closing Date and amended, restated and/or consolidated pursuant to any Notes. 
  
 “Expansion” shall mean any expansion of any Property or any portion thereof or the Improvements thereon. 
  
 “Expenses” shall mean all reasonable origination costs and
all reasonable out-of-pocket expenses and costs incurred by the Note Trustee and/or the Initial Purchasers (or any of their Affiliates) with respect to the issuance of the Notes, including for preparation of audits, reasonable costs of
agreed-upon-procedures, reasonable travel expenses, reasonable costs of preparation of environmental, seismic and engineering reports, reasonable costs of credit reports, reasonable costs of appraisals, reasonable costs of preparation, negotiation,
execution and delivery of the Term Sheet, this Indenture and the other Transaction Documents and the reasonable costs of consummation of the transactions contemplated hereby and thereby (including reasonable attorneys’ fees and disbursements in
connection therewith and in connection with the Note Trustee’s or the Initial Purchaser’s due diligence), mortgage recording taxes and other document filing fees and any other reasonable out-of-pocket expenses relating to credit and
collateral evaluations. 
  
 “Extension Date”
shall have the meaning set forth in Section 2.3.3(b) hereof. 
  
 “Extension Interest Rate Cap Agreement” shall mean, following the Issuers’ exercise of their option to extend the Maturity Date pursuant to Section 2.3.3 (b), an interest rate cap
agreement or agreements (together with the confirmations and schedules relating thereto), each from an Acceptable Counterparty and satisfying the requirements set forth on Exhibit C hereto; provided that, to the extent any such
interest rate cap agreement does not meet the foregoing requirements, an “Extension Interest Rate Cap Agreement” shall be such interest rate cap agreement as may be approved by each of the Rating Agencies (such approval to be evidenced by
the receipt of a Rating Confirmation). 
  
 “Fairmont
Chicago Hotel Property” shall mean that certain property known as the Fairmont Chicago, located in Chicago, Illinois. 
  
 “Fairmont Chicago Hotel Property Management Agreement” shall mean that certain Hotel Management Agreement for the Fairmont Chicago, dated
as of July 1, 2004, between Buckingham Fountain Hotel LLC, as owner and Fairmont Hotels & Resorts (U.S.), Inc., as operator, and assigned to DTRS Columbus Drive, LLC, as owner pursuant to that certain Assignment and Assumption and
First Amendment to Hotel Management Agreement dated as of September 1, 2005 (as the same may be amended, modified or supplemented from time to time in accordance with the terms hereof). 
  

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 “Fairmont Issuer” shall mean SHC Columbus Drive, LLC, a Delaware limited liability
company. 
  
 “Fairmont Master Condominium
Declaration” shall mean condominium declarations with respect to the Fairmont Chicago Hotel Property in connection with the Condominium Conversion, as amended or supplemented from time to time, established in accordance with
Section 2.5 and Section 2.9 hereof and containing terms consistent with the terms described in the Condominium Conversion Term Sheets. 
  

“FF&E” for each of the Properties, shall have the meaning set forth in the applicable Property Management Agreement for such
Property. In the event the term “FF&E” is not used in any one or more of the Property Management Agreements, “FF&E” shall be deemed to refer to whatever term is used in the applicable Property Management Agreement to
describe the furniture, fixtures and Equipment for the applicable Property. 
  
 “FF&E Reserve Account” has the meaning set forth in Section 9.2.1(h) hereof. 
  
 “FF&E Reserve Sub-Accounts” shall have the meaning set forth in Section 9.2.16(a)(i) hereof. 
  
 “Final Completion” shall mean, with respect to any specified
work, the final completion of all such work, including the performance of all “punch list” items, as confirmed by an Officer’s Certificate and, with respect to any Material Alteration or Material Expansion, a certificate of the
Independent Architect, if applicable. 
  
 “First Extension
Term” shall have the meaning set forth in Section 2.3.3(b) hereof. 
  
 “Fiscal Year” shall mean the period commencing on the Closing Date and ending on and including December 31 of the calendar year in which the Closing Date occurs and thereafter each twelve month
period commencing on January 1 and ending on December 31 until the Debt is repaid in full, or such other common fiscal year of Issuers as Issuers may select from time to time with the prior consent of a majority (by Outstanding Principal
Amount) of the Noteholders, such consent not to be unreasonably withheld. 
  
 “Fitch Ratings” shall mean Fitch, Inc., its successors and/or assigns. 
  
 “Form W-8 BEN” shall have the meaning set forth in Section 2.2.2(d)(v)(1) hereof. 
  
 “Form W-8 ECI” shall have the meaning set forth in
Section 2.2.2(d)(v)(1) hereof. 
  
 “Four
Season Mexico City Property” shall mean that certain property known as the Four Seasons Mexico City, located in Mexico City, Mexico. 
  
 “Four Season Punta Mita Property” shall mean that certain property known as the Four Seasons Punta Mita, located in Punta Mita, Mexico.

  
 “Funding Issuer” shall have the meaning set
forth in Section 12.27 hereof. 
  

 22 








 “Funding” shall mean each additional disbursement made after the Closing Date in
accordance with Section 2.1.2(c). 
  
 “GAAP” shall mean generally accepted accounting principles in the United States of America as of the relevant date in question (as supplemented by the Uniform System of Accounts for the Lodging Industry, current edition),
consistently applied. 
  
 “Global Note” shall
mean any Regulation S Temporary Global Note, any Restricted Global Note or any Unrestricted Global Note, as the case may be. 
  
 “Governmental Authority” means any national or federal government, any state, regional, local or other political subdivision of the
United States of America or the United Mexican States thereof with jurisdiction and any Person with jurisdiction exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government or quasi-governmental
issues (including, without limitation, any court). 
  
 “Ground Lease” shall mean that certain Land Lease Agreement, dated as of December 18, 1970, as amended from time to time, between the Lincolnshire Issuer and Ground Lessor. 
  
 “Ground Rent” shall mean any base, percentage, additional or
other rent and any other amounts payable by the Lincolnshire Issuer under the Ground Lease. 
  
 “Ground Lessor” shall mean Indian Creek Investor, Inc., f/k/a Rivershire, Inc. and American National Bank and Trust Company of Chicago, as Trustee under that certain Trust Agreement, dated as of
August 22, 1966 and known as Trust 23830 and under that certain Trust Agreement, dated as of August 22, 1966 and known as Trust 23831. 
  
 “Ground Rent Reserve Account” shall have the meaning set forth in Section 9.2.1(j) hereof. 
  
 “Hazardous Substance” means, collectively, (i) any
petroleum or petroleum products or waste oils, explosives, radioactive materials, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls (“PCBs”), and lead-based paint, (ii) any chemicals or other materials or
substances which are now or hereafter become defined as or included in the definitions of “hazardous substances”, “hazardous wastes”, “hazardous materials”, “extremely hazardous wastes”, “restricted
hazardous wastes”, “toxic substances”, “toxic pollutants”, “contaminants”, “pollutants” or words of similar import under any Environmental Law, (iii) toxic mold and (iv) any other chemical or
any other material or substance, exposure to which is now or hereafter prohibited, limited or regulated under any Environmental Law. 
  
 “Hilton Burbank Airport Outparcel” shall mean that portion of Hilton Burbank Airport Property shown as the cross-hatched parking lot area
on Exhibit G-2 attached hereto. 
  
 “Hilton Burbank
Airport Property” shall mean that certain property known as the Hilton Burbank Airport Hotel, located in Burbank, California. 
  

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 “Hilton Burbank Airport Remaining Property” shall have the meaning given to such term in
Section 2.5.4(b) hereof. 
  
 “Hilton Burbank
Property Management Agreement” shall mean that certain Management Agreement, dated as of August 24, 1998, between the Hilton Burbank Property Manager, as manager and Strategic Hotel Capital Incorporated, as owner, as amended by that
certain First Amendment to Management Agreement, dated as of June 19, 2002 and by that certain Second Amendment to Management Agreement, dated as of July 8, 2003 (as the same may be further amended, modified or supplemented from time to
time in accordance with the terms hereof). 
  
 “Hilton
Burbank Property Manager” shall mean Hilton Hotels Corporation (together with its successors and assigns. 
  
 “Hilton Termination Payment” means any payment pursuant to Section 8.1(f) of the Hilton Burbank Property Management Agreement that
may be payable to the Hilton Burbank Property Manager. 
  
 “Holding Account” shall have the meaning given such term in Section 9.1 hereof. 
  
 “Hotel Condominium Unit” shall mean the condominium unit or units to be established in connection with the Condominium Conversion,
released from the Transaction Documents in accordance with Section 2.9 and conveyed to a Person other than the Issuers or Operating Lessees (but which Person may be an Affiliate of Sponsor). 
  
 “Hotel Operating Accounts” shall mean those accounts
maintained by the applicable Issuer or Property Manager pursuant to the Property Management Agreements into which all Rents from the applicable Property are deposited. 
  
 “Hotel Unit” shall mean the condominium unit to be owned by the Fairmont Issuer which is, as of the Closing
Date, the owner of the Fairmont Chicago Hotel Property and which (a) is established in connection with the Condominium Conversion in accordance with Section 2.9 and (b) has at least 75% of interests in the Condominium and the
condominium association established by the Fairmont Master Condominium Declaration. 
  
 “Improvements” shall have the meaning set forth in the Mortgage. 
  
 “Incentive Fee” shall mean: (a) for the Property known as the Hilton Burbank Airport, Burbank, California, the “Incentive
Management Fee” as defined in the applicable Property Management Agreement; (b) for the Property known as the Fairmont Chicago, Chicago, Illinois, the “Incentive Fee” as defined in the applicable Property Management Agreement;
(c) for the Marriott Las Palmas Property, the “Incentive Management Fee” as defined in the applicable Property Management Agreement and any payments under Section 3 of the “Note” (as defined in the Las Palmas FF&E
Loan Agreement); (e) for the Property known as the Loews Santa Monica, the “Incentive Fee” and the “Super Incentive Fee” as defined in the applicable Property Management Agreement; (f) for the Lincolnshire Property, the
“Adjusted Net House Profit” as defined in the applicable Property Management Agreement (g) for the Four Seasons Mexico City Property, the “Incentive Fee” as defined in the applicable Property Management 
  

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 Agreement, (h) for the Four Seasons Punta Mita Property, the “Incentive Fee” as defined in the applicable
Property Management Agreement and (i) for the Ritz Carlton Half Moon Bay Property, the “Incentive Fee” as defined in the applicable Property Management Agreement. 
  
 “Incentive Fee Sub-Account” shall have the meaning set forth in Section 9.2.13(a) hereof.

  
 “Incentive Management Fee Reserve Account”
shall have the meaning set forth in Section 9.2.1(e) hereof. 
  
 “Increased Cost” shall have the meaning set forth in Section 2.2.2(c) hereof. 
  
 “Independent Architect” shall mean any reputable architecture or construction management firm that is licensed or registered in the
jurisdiction where a Property is located, if required by the laws of such jurisdiction, and not affiliated with any Issuer. 
  
 “Independent Director” means a duly appointed member of the board of directors or board of managers reasonably satisfactory to the
Servicer who shall not have been at the time of such individual’s appointment and while serving as an Independent Director, and who may not have been at any time during the preceding five years (i) an equity holder, member, partner or
director (other than an independent director or manager of an Affiliate of any Issuer that is required to be a single purpose bankruptcy remote entity) of, or an officer or employee of, any Issuer, Sponsor, or any of their respective equity holders
or Affiliates (except in the context of this transaction), (ii) based on information provided by such individual and reasonably believed by Issuers, a creditor or customer of, or supplier or service provider (including a provider of
professional services) to, any Issuer, Sponsor, or any of their respective equityholders, members or Affiliates (other than a company that provides professional independent managers and which also provides other services to an Issuer or such
Issuer’s equityholders, members or Affiliates in the ordinary course of business), (iii) a member of the immediate family of any such equity holder, member, partner, officer, employee, creditor, supplier, service provider or customer or a
member of the immediate family of any other director of such entity or (iv) under common control with the Persons in (i) – (iii) above. 
  
 “Independent Engineer” means such engineer as shall be reasonably approved by a majority (by Outstanding Principal Amount) of the
Noteholders. 
  
 “Initial Funding” shall mean the
initial disbursement of a portion of the Principal Amount on the date hereof in an amount of $220,000,000 pursuant to the terms of this Indenture. 
  
 “Initial Maturity Date” shall mean November 9, 2007. 
  
 “Initial Payment Date” shall mean December 9, 2005. 
  
 “Initial Purchaser” shall mean Deutsche Bank Securities Inc.

  
 “Initial Tax and Insurance Escrow Amount” has
the meaning set forth in Section 9.3.1 hereof. 
  

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 “Initial Tax and Insurance Sub-Account Amount” has the meaning set forth in
Section 9.3.3(a) hereof. 
  
 “Insurance
Premiums” shall have the meaning set forth in Section 8.1(d) hereof. 
  
 “Insurance Requirements” shall mean all terms of any insurance policy required hereunder covering or applicable to any Property or any part thereof, all requirements of the issuer of any such
policy, and all orders, rules, regulations and other requirements of the National Board of Fire Underwriters (or any other body exercising similar functions) applicable to or affecting a Property or any part thereof or any use of any Property or any
part thereof. 
  
 “Interest Accrual Period”
means, in connection with the calculation of interest accrued with respect to any specified Payment Date, with respect to the Notes, the period from and including the fifteenth (15th) day of a calendar month to but excluding the fifteenth (15th) day of the immediately following month; provided, however, that the first Interest Accrual Period with respect to such Notes shall be from the Closing Date to but excluding
November 15, 2005. 
  
 “Interest Determination
Date” means in connection with the calculation of interest accrued for any Interest Accrual Period, the second Business Day preceding the first day of such Interest Accrual Period. 
  
 “Interest Rate Cap Agreement” means an Interest Rate
Agreement or Agreements (together with the confirmation and schedules relating thereto), each between a Counterparty and Issuers obtained by Issuers and collaterally assigned to Note Trustee pursuant to this Indenture, and each satisfying the
requirements set forth in Exhibit C. 
  
 “Issuer” shall mean each of the parties identified on Schedule A hereto, together with its successors and assigns as permitted hereunder and which shall be collectively referred to herein as
“Issuer” or “Issuers,” but excluding any Issuer, all of the real property of which has been released from the Lien of the Transaction Documents pursuant to the provisions thereof. 
  
 “Issuer Order” and “Issuer Request” shall
mean a written order or request signed in the name of an Issuer by any one of its Authorized Officers and delivered to the Note Trustee at least one (1) Business Day prior to the date of the requested action specified therein. 
  
 “Institutional Accredited Investor” shall mean an
institution that is an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act and that is not a QIB. 
  
 “Investment Representation Letter” shall have the meaning set forth in Section 2.1.6(f) hereof.

  
 “knowledge” or words of similar import shall
mean the actual or constructive knowledge of a Person or, if such Person is not an individual, of such Person’s representatives, agents, employees, officers or directors who would be likely to have actual or constructive knowledge of the
relevant subject matter, provided, however, that such term shall not include knowledge of any Property Manager or its representatives, agents, employees, officers or directors which has not been communicated to Issuers. 
  

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 “Las Palmas FF&E Loan Agreement” means that certain Loan Agreement, dated as of
July 1, 1998, between the Las Palmas Issuer (by assumption) and the Las Palmas Holder, as the same has been or may be amended and/or restated in accordance with the terms set forth in the Marriott Side Letter. 
  
 “Las Palmas Holder” means Marriott International Capital
Corporation, a Delaware corporation, its successors and/or assigns. 
  
 “Las Palmas Issuer” means New Rancho, L.L.C., a Delaware limited liability company. 
  
 “Las Palmas Indebtedness” means that certain indebtedness owed by the Las Palmas Issuer to the Las Palmas Holder, pursuant to that
certain “Note” (as defined in the Las Palmas FF&E Loan Agreement, as the same has been or may be amended and/or restated in accordance with the terms set forth in the Marriott Side Letter). 
  
 “Lease” shall mean any lease, sublease, sub-sublease,
license, letting, concession, occupancy agreement or other agreement (whether written or oral and whether now or hereafter in effect), existing as of the Closing Date or hereafter entered into by an Issuer or any Property Manager, pursuant to which
any Person is granted a possessory interest in, or right to use or occupy all or any portion of any space in any Property, and every modification, amendment or other agreement relating to such lease, sublease, sub-sublease, or other agreement
entered into, in accordance with the terms of the Transaction Documents, in connection with such lease, sublease, sub-sublease, or other agreement and all agreements related thereto, and every guarantee of the performance and observance of the
covenants, conditions and agreements to be performed and observed by the other party thereto. Notwithstanding the foregoing, Leases shall exclude the Operating Lease, the Rental Agreements described in Exhibit K-3 that are entered into in connection
with a Condominium Conversion and Property Management Agreements. 
  
 “Legal Requirements” shall mean: 
  
 (i) all governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities (including, without limitation, Environmental Laws) affecting any Issuer or
any Property or any part thereof or the construction, ownership, use, alteration or operation thereof, or any part thereof (whether now or hereafter enacted and in force), 
  
 (ii) all permits, licenses and authorizations and regulations relating thereto, and 
  
 (iii) all covenants, conditions and restrictions contained
in any instruments at any time in force (whether or not involving Governmental Authorities) affecting any Property or any part thereof which, in the case of this clause (iii), require repairs, modifications or alterations in or to a Property or any
part thereof, or in any material way limit or restrict the existing use and enjoyment thereof. 
  

 27 








 “LIBOR” shall mean the rate per annum calculated as set forth below: 
  
 (i) On each Interest Determination Date, LIBOR for the next
Interest Accrual Period will be the rate for deposits in United States dollars for a one-month period which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date. 
  
 (ii) With respect to an Interest Determination Date on which no such rate appears on Telerate Page 3750 as
described above, LIBOR for the next Interest Accrual Period will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on such date to prime
banks in the London interbank market for a one-month period (each a “Reference Bank Rate”). Note Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its Reference Bank Rate. If
at least two such quotations are provided, LIBOR for such Interest Accrual Period will be the arithmetic mean of such quotations. If fewer than two quotations are provided, LIBOR for such Interest Accrual Period will be the arithmetic mean of the
rates quoted by major banks in New York City, selected by Note Trustee, at approximately 11:00 a.m., New York City time, on such date for loans in United States dollars to leading European banks for a one-month period. 
  
 (iii) If on any Interest Determination Date Note Trustee is
required but unable to determine LIBOR in the manner provided in paragraphs (i) and (ii) above, LIBOR for the next Interest Accrual Period shall be LIBOR as determined on the previous Interest Determination Date. 
  
 All percentages resulting from any calculations or determinations referred to in this
definition will be rounded upwards, if necessary, to the nearest multiple of 1/1,000 of 1% and all U.S. dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent or more being rounding
upwards). 
  
 “Licenses” shall have the meaning
set forth in Section 4.1(v) hereof. 
  
 “Lien” shall mean any mortgage, deed of trust, lien (statutory or other), pledge, hypothecation, assignment, preference, priority, security interest, or any other encumbrance or charge on or affecting the interest of an
Issuer or Operating Lessee in a Property or any portion thereof or any Issuer or Operating Lessee, or any interest therein (including, without limitation, any conditional sale or other title retention agreement, any sale-leaseback, any financing
lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement or similar instrument under the Uniform Commercial Code or comparable law of any other jurisdiction, domestic or foreign, and
mechanics’, materialmen’s and other similar liens and encumbrances). 
  
 “Lincolnshire Issuer” means SHC Lincolnshire LLC, a Delaware limited liability company. 
  
 “Lincolnshire Property” means that certain property known as the Marriott Lincolnshire, located in Lincolnshire, Illinois. 
  

 28 








 “Lockout Period” shall mean the period beginning on the Closing Date through but not
including the Permitted Prepayment Date. 
  
 “Loews Santa
Monica Property” shall mean those certain parcels of property known as the Loews Santa Monica Beach Hotel, located in Santa Monica, California. 
  
 “Loews Santa Monica Property Management Agreement” shall mean that certain Management Agreement, dated as of March 4, 1998, between
the Loews Santa Monica Property Manager and New Santa Monica Beach Hotel, L.L.C., as owner by assignment from SHC Santa Monica Beach Hotel III, L.L.C., and further assigned to DTRS Santa Monica, L.L.C. (as the same may be amended, modified or
supplemented from time to time in accordance with the terms hereof). 
  
 “Loews Santa Monica Property Manager” shall mean Loews Santa Monica Hotel, Inc. (together with its successors and assigns). 
  
 “Loews Termination Payment” means the “Termination Amount” that may be payable to the Loews Santa Monica Property Manager
pursuant to the Loews Santa Monica Property Management Agreement. 
  
 “Long-Term Agreement” means any contract or agreement with an unexpired term (inclusive of extension periods) in excess of one year; provided that any contract or agreement which may be terminated by the applicable
Issuer without cause and without penalty on sixty (60) days’ advance notice or less shall not be a Long-Term Agreement for purposes hereof. 
  
 “Major Capital Project” shall mean (i) the capital improvement and renovation project at the Ritz Carlton Half Moon Bay Property,
described on Exhibit L-1 hereto or (ii) the capital improvement and renovation project at the Four Seasons Punta Mita Property, described on Exhibit L-2 hereto. 
  
 “Management Agreement Termination Budget” shall mean, from and after the occurrence of a Management
Agreement Trigger Event with respect to the Marriott Las Palmas Property, the amount set forth in a budget promptly prepared by the applicable Issuer which sets forth a good faith estimate of the aggregate conversion cost associated with the
applicable Issuer entering into a new Acceptable Property Management Agreement and converting the applicable Property to a brand permitted hereunder. 
  
 “Management Agreement Trigger Event” shall have the meaning specified in Section 9.2.20 hereof. 
  
 “Management Control” shall mean, with respect to any direct
or indirect interest in an Issuer or a Property, the power and authority to make and implement or cause to be made and implemented all material decisions with respect to the operation, management, financing and disposition of the specified interest.

  

 29 








 “Management Fees” shall mean all fees, commissions, expenses and other compensation
(including, without limitation, any incentive management fees) payable by any Issuer or Operating Lessee to any Property Manager. 
  
 “Marriott Las Palmas Outparcel” shall have the meaning specified in Section 2.5.3 hereof. 
  
 “Marriott Las Palmas Property” means that certain property
known as Marriott’s Rancho Las Palmas Resort, located in Rancho Mirage, California. 
  
 “Marriott Las Palmas Remaining Property” shall have the meaning set forth in Section 2.5.3(b) hereof. 
  
 “Marriott Side Letter” shall mean that certain side letter dated as of the Original Closing Date from
Issuers to Note Trustee related to the Marriott Litigation. 
  
 “Material Adverse Change” shall mean either a Material Adverse Loan Event or a Material Adverse Market Event. 
  
 “Material Adverse Effect” shall mean any material adverse effect upon (i) the business operations, economic performance, Properties,
assets or condition (financial or otherwise) of the Issuers, taken as a whole (or as specifically indicated herein, for a Property), (ii) the ability of the Issuers to perform, in all material respects, their obligations under each of the
Transaction Documents, (iii) the enforceability or validity of any Transaction Document or the perfection or priority of any Lien on any material asset created under any Transaction Document, (iv) the value of, or cash flow from, the
Properties, taken as a whole (or as specifically indicated herein, for a Property), or the operations thereof or (v) the ability of Note Trustee or the Noteholders, or the Servicer on their behalf, to enforce or collect the Debt. 
  
 “Material Adverse Loan Event” shall mean any circumstances
or conditions with respect to the Properties, any Issuer, any Single Purpose Entity (including SPE Member), Sponsor or Strategic Hotel Capital, Inc. that can reasonably be expected to cause the Notes to become delinquent or be in default, adversely
affect the value or marketability of the Notes or Properties, or cause institutional investors to regard the Notes or any security interest derived in whole or in part from the Transaction Documents as an unacceptable investment. 
  
 “Material Adverse Market Event” shall mean there shall have
occurred or be continuing on or after the date of the Term Sheet any of the following: (i) a suspension or material limitation in trading in securities generally on the New York Stock Exchange; (ii) a general moratorium on commercial
banking activities declared by either Federal or New York State authorities or any material adverse change in the liquidity in the fixed income market and/or condition of the commercial mortgage-backed securities or whole loan market as determined
by Initial Purchaser in its sole discretion; or (iii) the outbreak or escalation of hostilities involving the United States or the declaration by the United States of a national emergency or war, if the effect of any such event specified in
this clause (iii) in the sole discretion of Initial Purchaser makes it impracticable or inadvisable to proceed with the purchase of the Notes on the terms and in the manner contemplated herein and in the Term Sheet. 
  

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 “Material Agreements” means the agreements listed on Schedule F hereto and
each contract and agreement relating to the ownership, management, development, use, operation, leasing, maintenance, repair or improvement of any Property or portion thereof, or otherwise imposing obligations on any Issuer, (a) which has an
unexpired term of one year or less and under which an Issuer would have the obligation to pay more than $100,000 or (b) is a Long-Term Agreement requiring any Issuer to pay more than $50,000 in any twelve-month period or more than $200,000 in
the aggregate during the term thereof; provided, however, that Material Agreements shall include any Long-Term Agreement not identified on Schedule F and under which (1) the aggregate payments required to be made by the applicable Issuer
exceed $25,000, and (2) the aggregate payments required to be made by the applicable Issuer, when aggregated with all the payments required to be made by such Issuer under all such other Long-Term Agreements not included on Schedule F,
would exceed for any Property either (x) $250,000 in any twelve-month period or (y) $500,000 in the aggregate. Notwithstanding the foregoing, Material Agreements shall not include the Property Management Agreements. 
  
 “Material Alteration” shall mean any Alteration (other than
with respect to replacements of FF&E that are funded from reserves for FF&E reserved for hereunder or under the applicable Property Management Agreement by the applicable Property Manager) to be performed by or on behalf of an Issuer at any
Property the cost of which (including, without limitation, construction costs and costs of architects, engineers and other professionals) as reasonably estimated by an Independent Architect, exceeds the Threshold Amount. 
  
 “Material Casualty” shall mean a Casualty where the loss
(i) is in an aggregate amount equal to or in excess of thirty percent (30%) of the outstanding principal amount of the Base Release Amount for the subject Property or (ii) has caused thirty percent (30%) or more of the hotel
rooms or common areas (including banquet and conference facilities) in the applicable Property to be unavailable for its applicable use. 
  
 “Material Condemnation” shall mean a Condemnation where the loss (i) is in an aggregate amount equal to or in excess of thirty
percent (30%) of the outstanding principal amount of the Base Release Amount for the subject Property or (ii) has caused thirty percent (30%) or more of the hotel rooms or common areas (including banquet and conference facilities) in
the applicable Property to be unavailable for its applicable use. 
  
 “Material Expansion” shall mean any Expansion to be performed by or on behalf of an Issuer at any Property or Properties, the total cost of which, as reasonably estimated by an Independent Architect, exceeds the Threshold
Amount. 
  
 “Maturity Date” shall have the
meaning set forth in Section 2.3.3(b) hereof. 
  
 “Maximum Pay Rate” shall mean, (i) 9.35% through the Initial Maturity Date and (ii) from and after the Initial Maturity Date through the final Maturity Date the lesser of (A) the product of (x) 9.35%,
and (y) a fraction, the numerator of which is Net Operating Income for the most recently available twelve (12) month period prior to the later of (I) the date on which the applicable Extension Interest Rate Cap Agreement is purchased
and (II) the date that is thirty (30) days prior to the applicable Maturity Date and the denominator of which is Closing Date Net Operating Income and (B) 10.50%. 
  

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 “Mexican GAAP” shall mean generally accepted accounting principles in Mexico,
consistently applied. 
  
 “Mexican Issuers” shall
mean, Inmobiliaria Nacional Mexicana, S. de R.L. de C.V. and Punta Mita Resort S. de R.L. de C.V. 
  
 “Mexican Properties” shall mean collectively, the Four Seasons Mexico City Property and the Four Seasons Punta Mita Property. 

 
 “Mexican Security Trust” means the trust agreement (as
amended from time to time) entered by and among the Mexican Issuers, the Note Trustee as primary beneficiary, the other parties named therein and a Mexican trustee (the “Mexican Trustee”) to hold collateral in Mexico, including the
Mexican Properties, as security for the payment of the Notes. 
  
 “Mexican Trustee” shall have the meaning set forth in the definition of “Mexican Security Trust”. 
  
 “Mexico” means the United Mexican States. 
  
 “Mexico Intercompany Loan” shall mean the loan from SHC Mexico Lender, LLC to the Mexican Issuers pursuant to that certain Subordinated
Loan Agreement, dated as of the Closing Date, in the principal amount of $51,500,000 which shall be and shall remain at all time subject and subordinate to the terms of this Indenture. 
  
 “Mexico Intercompany Loan Lender” shall mean SHC Mexico Lender, LLC, a Delaware limited liability company.

  
 “Monthly Debt Service Payment Amount” shall
have the meaning set forth in Section 2.3.2 hereof. 
  
 “Monthly FF&E Reserve Amount” shall mean, for any Property, as of any specified date, the excess, if any, of (a) 4.0% of gross revenues of each Property, for the calendar month then most recently ended, as such
gross revenues are computed in accordance with the applicable Property Management Agreement, over (b) the amount paid, reserved or withheld by the applicable Property Manager in accordance with the terms of the applicable Property Management
Agreement for capital expenditures in respect of FF&E for the same calendar month (it being expressly agreed by the parties hereto for purposes hereof that a mere book entry of an amount shall not be deemed to be the payment, reserve or
withholding of such amount). 
  
 “Monthly Incentive Fee
Reserve Amount” shall mean, for any Property, as of any specified date, the excess, if any, of (a) the Incentive Fees owed to the applicable Property Manager accruing for the previous calendar month (computed in accordance with the
applicable Property Management Agreement on the basis of budgeted annual operating performance, as reasonably modified by the Servicer from time to time on the basis of actual operating performance), over (b) the amount paid, reserved or
withheld by the applicable Property Manager in accordance with the terms of the applicable Property Management Agreement for Incentive Fees for the same calendar month (it being expressly agreed by the parties hereto for purposes hereof that a mere
book entry of an amount shall not be deemed to be the payment, reserve or withholding of such amount). 
  

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 “Moody’s” shall mean Moody’s Investors Service, Inc., its successors and/or
assigns. 
  
 “Mortgage” shall mean, collectively,
each of the first priority: (A) Amended and Restated Deed of Trust, Security Agreement, Assignment of Leases, Rents and Revenues and Fixture Filing (California); (B) Amended and Restated Deed of Trust, Security Agreement, Assignment of
Leases, Rents and Revenues and Fixture Filing (California); (C) Amended and Restated Deed of Trust, Security Agreement, Assignment of Leases, Rents and Revenues and Fixture Filing (California); (D) Amended and Restated Mortgage, Security
Agreement, Assignment of Leases, Rents and Revenues and Fixture Filing (Illinois); (E) Amended and Restated Mexican Security Trust (Mexico City, Mexico and Punta Mita, Nayarit, Mexico); (F) Amended and Restated Deed of Trust, Security
Agreement, Assignment of Leases, Rents and Revenues and Fixture Filing (California) and (G) Mortgage, Security Agreement, Assignment of Leases, Rents and Revenues and Fixture Filing (Illinois); (each dated as of the Closing Date), executed and
delivered by the applicable Issuer or Issuers as security for the Notes and encumbering one or more of the Properties, as the same may be amended, restated, replaced, supplemented, consolidated or otherwise modified from time to time pursuant to the
provisions thereof or of the other Transaction Documents). 
  
 “Multiemployer Plan” shall mean a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which any Issuer or any ERISA Affiliate is making or accruing an obligation to make contributions or has
within any of the preceding five plan years made or accrued an obligation to make contributions. 
  
 “Net Operating Income” means, for any specified period, the excess of Adjusted Operating Income over Operating Expenses for the trailing
twelve (12) month period. 
  
 “Net Worth”
shall have the meaning set forth in Section 12.24 hereof. 
  
 “New Note” shall have the meaning set forth in Section 2.1.11 hereof. 
  
 “Non-Hotel Space” means any portion of any Property which is used or intended to be used primarily for retail purposes. 
  
 “Noteholder” or “Holder” shall mean each of
(i) the holder of a Global Note for the benefit of the Beneficial Owners, or, for the purposes of voting and determinations hereunder, as long as the Notes are in global form, each Beneficial Owner and (ii) a holder of a Definitive Note.

  
 “Notes” shall mean collectively,
(a) Promissory Notes A-1, (b) Promissory Notes A-2, (c) Promissory Notes A-3 and (d) Promissory Notes A-4, which notes (i) amend and restate the Existing Note and (ii) evidence in the aggregate the advance made to the
Issuers by Note Trustee on behalf of the Noteholders, as the same may be amended, restated, severed, substituted, replaced, supplemented, exchanged, consolidated or otherwise modified from time to time pursuant to the provisions hereof. 

 

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 “Note Registrar” shall have the meaning ascribed to it in Section 2.1.3(b).

  
 “Note Repayment Amount” shall mean 100% of
the Outstanding Principal Amount of the Notes as determined as of the Business Day immediately prior to the Maturity Date. 
  
 “Note Trustee” shall mean LaSalle Bank National Association, not in its individual capacity but solely as trustee for the benefit of
Noteholders, and its successors hereunder. 
  
 “OFAC
List” shall mean the list of specially designated nationals and blocked persons subject to financial sanctions that is maintained by the U.S. Treasury Department, Office of Foreign Assets Control and accessible through the internet website
www.treas.gov/ofac/t11sdn.pdf. 
  
 “Officer’s
Certificate” shall mean a certificate made by an individual authorized to act on behalf of an Issuer and, to the extent applicable, any constituent Person with respect to such Issuer. Without limiting the foregoing, if the individual
signing the certificate is doing so on behalf of a corporation, then such individual shall hold the office of President, Vice President or Chief Financial Officer (or the equivalent) with respect to such corporation. 
  
 “Operating Agreements” shall mean reciprocal easement and/or
operating agreements; covenants, conditions and restrictions; condominium documents; and similar agreements affecting any Property and binding upon and/or benefiting Issuers and other third parties, but specifically excluding the Property Management
Agreements. 
  
 “Operating Expenses” shall mean,
for any specified period, on an accrual basis, all expenses incurred by or on behalf of an Issuer and/or an Operating Lessee (or by a Property Manager for the account of an Issuer and/or an Operating Lessee) during such period in connection with the
ownership or operation of a Property, including costs (including labor) of providing services including rooms, food and beverage, telecommunications, garage and parking and other operating departments, as well as real estate and other business
taxes, rental expenses, insurance premiums (but specifically excluding political risk insurance premiums), Ground Rent, utilities costs, administrative and general costs, repairs and maintenance costs, franchise fees, Management Fees and other costs
and expenses relating to such Property, amounts deposited into the applicable Hotel Operating Account for FF&E expenditures and legal expenses incurred in connection with the operation of a Property, determined, in each case (other than with
respect to FF&E expenditures), in accordance with GAAP. “Operating Expenses” shall not include (i) depreciation or amortization or other noncash items, (ii) the principal and interest on the Notes, (iii) income taxes or
other taxes in the nature of income taxes, (iv) the cost of any FF&E expenditures (other than amounts deposited into the applicable Hotel Operating Account for FF&E expenditures, which shall be considered an “Operating
Expense” as used herein) or any other capital expenditures, (v) distributions to the members in an Issuer, (vi) the excess of insurance premiums over $550,000 (per annum) incurred by Issuers solely in connection with the purchase of
earthquake insurance pursuant to Section 8.1(b)(viii) or (vii) the excess of insurance premiums over $450,000 (per annum) incurred by Issuers solely in connection with the purchase of terrorism insurance pursuant to
Section 8.1(b)(xi). Expenses that are accrued as Operating Expenses during any period shall not be included in Operating Expenses when paid during any subsequent period. 
  

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 “Operating Lease” shall mean each Lease Agreement, dated as of the Original Closing
Date, the Second Closing Date or Closing Date, as the case may be, from by and between the applicable Issuer and the applicable Operating Lessee with respect to each Property, together with any amendments thereto pursuant to the provisions thereof.

  
 “Operating Lease Subordination Agreement”
shall mean each Amended and Restated Operating Lease Subordination Agreement, dated as of the Closing Date, by and among the applicable Issuer and the applicable Operating Lessee with respect to each Property and Note Trustee, together with any
further amendments thereto pursuant to the provisions thereof, subordinating the Operating Lease to the Notes. 
  
 “Operating Lessee” shall mean each of the parties identified on Schedule A-1 hereto with respect to each Property, together with its
successors and assigns as permitted hereunder and which shall be collectively referred to herein as “Operating Lessee” or “Operating Lessees,” but excluding any Operating Lessee, all of the real property of which has been
released from the Lien of the Transaction Documents pursuant to the provisions thereof. 
  
 “Opinion of Counsel” shall mean one or more written opinions of counsel who may, except as otherwise expressly provided in this Indenture, be counsel to the Issuers (including an employee as such) and
which opinion or opinions shall be addressed to the Note Trustee and, if such opinion is delivered on the Closing Date, the Initial Purchaser in its capacity as such, and shall comply with any applicable requirements of this Indenture. 

 
 “Original Note” shall mean that certain note, dated as of
August 24, 2004, made by certain of the Issuers and certain other Persons pursuant to the Amended Indenture. 
  
 “Other Charges” shall mean all ground rents, maintenance charges, charges associated with any condominium or similar association,
impositions other than Taxes, and any other charges, including vault charges and license fees for the use of vaults and similar areas adjoining any Property, now or hereafter levied or assessed or imposed against any Property or any part thereof and
payable by Issuers. 
  
 “Other Taxes” shall have
the meaning set forth in Section 2.2.2(d)(ii) hereof. 
  
 “Outside Date” shall mean the date that is 364 days after the Closing Date. 
  
 “Outstanding” shall mean, with respect to the Notes, as of any date of determination, all of such Notes theretofore authenticated and
delivered under this Indenture except: 
  
 a) Notes theretofore
cancelled by the Note Trustee or delivered to the Note Trustee for cancellation; 
  
 b) Notes or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Note 
  

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 Trustee in trust for the Holders of such Notes; provided, however, that if such
Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision for such notice has been made, satisfactory to the Note Trustee; 
  
 c) Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture
unless proof satisfactory to the Note Trustee is presented that any such first-mentioned Notes are held by a bona fide purchaser; and 
  
 d) Mutilated Notes or Notes alleged to have been lost or stolen and for which replacement Notes have been issued. 
  
 provided, however, that in determining whether the Holders of
the requisite Outstanding Principal Amount of the Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder (other than with respect to which the consent or approval of each affected Noteholder is required,
including, without limitations, Notes owned by the Issuers or any Affiliate of the Issuers shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Note Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only Notes which the Note Trustee knows to be so owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Note Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuers or any Affiliate of the Issuers. 
  
 “Outstanding Principal Amount” shall mean the Principal Amount of the Notes reduced from time to time by
the amount of any payment of the Principal Amount made by the Issuers in accordance with the terms of this Indenture; provided, however, that the Outstanding Principal Amount for any Note shall not be less than zero. 
  
 “Owner Securities Confirmation” shall have the meaning set
forth in Section 2.1.6(c) hereof. 
  
 “Pass-Through Entity” shall mean a trust or other entity created in a Securitization of which one or more of the Notes is an asset. 
  
 “Pass-Through Entity Representation Letter” has the meaning set forth in Section 2.1.6(f) hereof. 
  
 “Payment Date” shall mean the ninth (9th) day of each calendar month or, if in any month the ninth (9th) day is not a Business Day, then the Payment Date for such month shall be the first Business Day immediately prior to such ninth (9th) day. 
  
 “Permanent Global Note” shall have the meaning ascribed to it in Section 2.1.6 hereof. 
  

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 “Permits” means all licenses, permits, variances and certificates used in connection
with the ownership, operation, use or occupancy of any one or more of the Properties (including, without limitation, business licenses, state health department licenses, licenses to conduct business, licenses to own and operate the Properties as
hotel properties, licenses to sell and serve alcoholic beverages at the Properties and all such other permits, licenses and rights, obtained from any Governmental Authority or private Person concerning ownership, operation, use or occupancy of any
one or more of the Properties). 
  
 “Permitted
Encumbrances” shall mean, collectively, (i) the Liens and security interests created by the Transaction Documents, (ii) all Liens, encumbrances and other matters disclosed in the Qualified Title Policy, (iii) Liens, if any,
for Taxes or Other Charges not yet due and payable or delinquent or which are being diligently contested in good faith in accordance with Section 5.1(b)(ii) hereof, (iv) Liens in respect of property or assets imposed by law which
were incurred in the ordinary course of business, such as carriers’, warehousemen’s, landlord’s, mechanic’s, materialmen’s, repairmen’s and other similar Liens arising in the ordinary course of business, and Liens for
workers’ compensation, unemployment insurance and similar programs, in each case arising in the ordinary course of business which are either not yet due and payable or being diligently contested in good faith in accordance with
Section 5.1(b)(ii) hereof, (v) Leases and Property Management Agreements, (vi) easements, rights-of-way, restrictions, minor defects or irregularities in title and other similar charges or encumbrances (including any of such
matters incurred or entered into by any Issuer in the ordinary course of business) which in each case could not be reasonably expected to have a Material Adverse Effect, do not diminish in any material respect the value of the Properties or affect
in any material respect the validity, enforceability or priority of the Liens created by the Transaction Documents, (vii) Liens securing permitted indebtedness of the type described in clause (iii) of the definition of Permitted
Indebtedness so long as such Lien is only in respect of the specific property relating to such obligation, (viii) deposits securing or in lieu of surety, appeal or custom bonds in processing to which Issuers are a party, (ix) any judgment
Lien provided that the judgment it secures shall have been discharged of record or the execution thereof stayed pending appeal within thirty (30) days after entry thereof or within thirty (30) days after the expiration of any stay, as
applicable in either case provided there is no imminent risk of forfeiture during such thirty (30) day period, (x) Liens securing the Revolver Loan, (xi) the Fairmont Master Condominium Declaration entered into in accordance with
Section 2.9 and any other instrument, encumbrance, agreement, lien or agreement executed and delivered in connection with the Condominium Conversion in accordance with Section 2.5 or Section 2.9 hereof, and
(xii) such other title and survey exceptions as the Servicer has approved or may approve in writing in the reasonable discretion of Servicer. 
  
 “Permitted Fund Manager” means any Person that on the date of determination is (i) a nationally-recognized manager of investment
funds investing in debt or equity interests relating to commercial real estate, (ii) investing through a fund with committed capital of at least $250,000,000 and (iii) not subject to a bankruptcy proceeding. 
  
 “Permitted Indebtedness” shall mean (i) the Debt,
(ii) Trade Payables incurred in the ordinary course of any Issuer’s business, paid by such Issuer within sixty (60) days of incurrence and in fact not more than sixty (60) days outstanding (subject to such Issuer’s right to
contest the same in accordance with Section 5.1(b)(ii) hereof) provided that in no event shall the 
  

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 aggregate amount of such Trade Payables incurred by all of the Issuers exceed three percent (3%) of the aggregate
Base Release Amounts of those Properties still subject to the Lien of the Mortgage, (iii) purchase money indebtedness and capital lease obligations incurred in the ordinary course of business, but in no event shall the annual scheduled debt
service on such indebtedness or obligations exceed the aggregate amount of $600,000 for the Properties then subject to the Lien of the Mortgage (which amount shall, in connection with a permitted partial prepayment of the Notes where a Property is
released from the Mortgage, be reduced by the Servicer on a ratable basis equal to an amount determined by applying a fraction, the numerator of which is the Base Release Amount for the Property or Properties which are released from the Mortgage and
the denominator of which is the aggregate Outstanding Principal Amount of the Notes on the date of such release), (iv) any Management Fees not yet due and payable under any Property Management Agreement, (v) Taxes or Other Charges not yet
due and payable or delinquent or which are being diligently contested in good faith in accordance with Section 5.1(b)(ii) hereof, (vi) indebtedness relating to Liens in respect of property or assets imposed by law which were
incurred in the ordinary course of business, such as carriers’, warehousemen’s, landlord’s, mechanic’s, materialmen’s, repairmen’s and other similar Liens arising in the ordinary course of business, and Liens for
workers’ compensation, unemployment insurance and similar programs, in each case arising in the ordinary course of business which are either not yet due and payable or being diligently contested in good faith in accordance with
Section 5.1(b)(ii) hereof, (vii) the Las Palmas Indebtedness, (viii) the Revolver Loan, (ix) amounts payable in the ordinary course of business (and not as a result of Issuer’s delinquency or default) pursuant to
Permitted Encumbrances of the type described in clauses (ii) or (x) of the definition of Permitted Encumbrances, (x) the Mexico Intercompany Loan, (xi) any amounts required to be repaid to the Property Manager consistent with the
term sheet attached as Exhibit F-2 in connection with the Four Seasons Punta Mita Property and (xii) such other unsecured indebtedness approved by a majority of the Noteholders in their sole discretion and with respect to which Issuers
have received a Rating Confirmation. 
  
 “Permitted
Investments” shall mean the following, subject to qualifications hereinafter set forth: 
  
 (i) Obligations of, or obligations guaranteed as to principal and interest by, the U.S. government or any agency or instrumentality
thereof, when such obligations are backed by the full faith and credit of the United States of America. These obligations include, but are not limited to: 
  

	 	(a)	Treasury obligations, all direct or fully guaranteed obligations 

  

	 	(b)	Farmers Home Administration Certificates of beneficial ownership 

  

	 	(c)	General Services Administration Participation certificates 

  

	 	(d)	U.S. Maritime Administration Guaranteed Title XI financing 

  

	 	(e)	Small Business Administration Guaranteed participation certificates Guaranteed pool certificates 

  

	 	(f)	U.S. Department of Housing and Urban Development Local authority bonds 

  

	 	(g)	Washington Metropolitan Area Transit Authority guaranteed transit bonds 

  

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 (ii) Obligations of government-sponsored agencies that are not backed by the full faith
and credit of the U.S., where the obligation is limited to those instruments that have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change. These obligations are limited to: 
  

	 	(a)	Federal Home Loan Mortgage Corp. (FHLMC) Debt obligations 

  

	 	(b)	Farm Credit System (formerly: Federal Land Banks, Federal Intermediate Credit Banks, and Banks for Cooperatives) Consolidated system wide bonds and notes 


 

	 	(c)	Federal Home Loan Banks (FHL Banks) consolidated debt obligations 

  

	 	(d)	Federal National Mortgage Association (FNMA) Debt obligations 

  

	 	(e)	Student Loan Marketing Association (SLMA) Debt obligations 

  

	 	(f)	Financing Corp. (FICO) Debt obligations 

  

	 	(g)	Resolution Funding Corp. (REFCORP) Debt obligations. 

  
 (iii) Federal funds, unsecured certificates of deposit, time deposits, banker’s acceptances, and repurchase agreements having
maturities of not more than 365 days of any bank, the short-term debt obligations of which are rated “A-1+” (or the equivalent) by each of the Rating Agencies. 
  
 (iv) Deposits that are fully insured by the Federal Deposit Insurance Corp. (FDIC). 
  
 (v) Debt obligations maturing in 365 days or less that are
rated AAA or higher (or the equivalent) by each of the Rating Agencies. 
  
 (vi) Commercial paper rated “A-1+” (or the equivalent) by each of the Rating Agencies and maturing in 365 days or less. 
  
 (vii) Investments in certain short-term debt of issuers rated “A-1+” (or the equivalent) by each
of the Rating Agencies may be permitted with certain restrictions. The total amount of debt from “A-1+” issuers must be limited to the investment of an amount equal to the Monthly Debt Service Payment Amount. The total amount of
“A-1+” investments should not represent more than twenty percent (20%) of the rated issue’s outstanding principal amount and each investment should not mature beyond thirty (30) days. Investment in “A-1+” (or the
equivalent) rated securities are not eligible for reserve accounts, cash collateral accounts, or other forms of credit enhancement. Short-term debt for purposes of this definition includes: commercial paper, federal funds, repurchase agreements,
unsecured certificates of deposit, time deposits, and banker’s acceptances. 
  
 (viii) Investment in money market funds rated “AAAm” or “AAAm-G” (or the equivalent) by each of the Rating Agencies.

  
 (ix) Such other investments as shall be
approved in writing by the Servicer if such investment is made prior to Securitization or by means of a Rating Confirmation if such investment is made after a Securitization. 
  

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 Notwithstanding the foregoing, “Permitted Investments”: (A) shall exclude any security with any Rating
Agency’s symbol attached to the rating indicating high volatility or dramatic fluctuations in their expected returns because of market risk, as well as any mortgage-backed securities and any security of the type commonly known as
“strips”; (B) shall not have maturities in excess of one year; (C) as to the investments described in (i), (ii), (iii), (iv), (v), (vi) and (vii): the obligations shall be limited to those instruments that have a
predetermined fixed dollar of principal due at maturity that cannot vary or change; interest may either be fixed or variable; and any variable interest should be tied to a single interest rate index plus a single fixed spread (if any), and move
proportionately with that index; and (D) shall exclude any investment where the right to receive principal and interest derived from the underlying investment provide a yield to maturity in excess of 120% of the yield to maturity at par of such
underlying investment. No investment shall be made which requires a payment above par for an obligation if the obligation may be prepaid at the option of the issuer thereof prior to its maturity. All investments shall mature or be redeemable upon
the option of the holder thereof on or prior to the earlier of (x) three (3) months from the date of their purchase or (y) the Business Day preceding the day before the date such amounts are required to be applied hereunder.

  
 “Permitted Issuer Transferee” shall mean any
entity (i) that is experienced in owning and operating properties similar to the Properties, (ii) (a) with a net worth, as of a date no more than six (6) months prior to the date of the transfer of at least $1 Billion and
(b) who, immediately prior to such transfer, controls, together with its Close Affiliates real estate equity assets of at least $1 Billion, (iii) which, together with its Close Affiliates own or have under management or act as the
exclusive fund manager or investment advisor, at the time of the transfer, not fewer than 20 first class full service resort or business hotel properties (excluding the Properties) containing not fewer than 5,000 hotel rooms in the aggregate and
(iv) that is not a Disqualified Transferee. 
  
 “Permitted Prepayment Date” shall mean the Payment Date in December 2005. 
  
 “Person” shall mean any individual, sole proprietorship, corporation, general partnership, limited partnership, limited liability company
or partnership, joint venture, association, joint stock company, bank, trust, estate, unincorporated organization, any federal, state, county or municipal government (or any agency or political subdivision thereof), endowment fund or any other form
of entity. 
  
 “Plan” means an employee benefit
plan other than a Multiemployer Plan, (i) which is maintained for employees of any Issuer or any ERISA Affiliate and which is subject to Title IV of ERISA or (ii) with respect to which any Issuer or any ERISA Affiliate could be subjected
to any liability under Title IV of ERISA (including Section 4069 of ERISA). 
  
 “Plan Assets” means assets of any Employee Benefit Plan subject to Part 4, Subtitle A, Title I of ERISA. 
  
 “Policies” shall have the meaning specified in Section 8.1(c) hereof. 
  
 “Pre-approved Transferee” shall mean any of the entities set
forth on Exhibit D hereof, or any Close Affiliates thereof, provided any of the foregoing entities or their Close 
  

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 Affiliates shall only be a “Pre-approved Transferee” if (i) such entity continues to be Controlled by
substantially the same Persons Controlling such entity as of the Closing Date or if such Pre-approved Transferee is a publicly traded company, such Pre-approved Transferee continues to be publicly traded on an established securities market,
(ii) there has been no material adverse change in the financial condition or results of operations of such entity since the Closing Date and (iii) such entity and its Close Affiliates together own, have under management or act as the
exclusive fund manager or investment advisor, at the time of the transfer, not fewer than twenty (20) first class full service resort or business hotel properties (excluding the Properties) containing not fewer than 5,000 hotel rooms in the
aggregate. 
  
 “Predecessor Note” of any
particular Note shall mean every previous Note issued pursuant to this Indenture evidencing all or a portion of the same indebtedness as that evidenced by such particular Note. 
  
 “Prepayment” shall have the meaning specified in Section 2.4.2 hereof. 
  
 “Prepayment Date” shall have the meaning specified in
Section 2.4.2 hereof. 
  
 “Prepayment
Fee” shall mean, with respect to a Prepayment and release of a Property, an amount equal to: 
  
 (i) 1.0000000% of the Outstanding Principal Amount prepaid if such Prepayment and release occurs on or after the Payment Date in December 2005 but prior
to the Payment Date in January 2006, 
  
 (ii) 1.0000000% of the
Outstanding Principal Amount prepaid if such Prepayment and release occurs on or after the Payment Date in January 2006 but prior to the Payment Date in February 2006, 
  
 (iii) 1.0000000% of the Outstanding Principal Amount prepaid if such Prepayment and release occurs on or after the Payment
Date in February 2006 but prior to the Payment Date in March 2006, 
  
 (iv) 1.0000000% of the Outstanding Principal Amount prepaid if such Prepayment and release occurs on or after the Payment Date in March 2006 but prior to the Payment Date in April 2006, 
  
 (v) 1.0000000% of the Outstanding Principal Amount prepaid if such Prepayment
and release occurs on or after the Payment Date in April 2006 but prior to the Payment Date in May 2006, 
  
 (vi) 1.0000000% of the Outstanding Principal Amount prepaid if such Prepayment and release occurs on or after the Payment Date in May 2006 but prior to
the Payment Date in June 2006, 
  
 (vii) 1.0000000% of the
Outstanding Principal Amount prepaid if such Prepayment and release occurs on or after the Payment Date in June 2006 but prior to the Payment Date in July 2006, 
  


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 (viii) 0.9181818% of the Outstanding Principal Amount prepaid if such Prepayment and release occurs on or
after the Payment Date in July 2006 but prior to the Payment Date in August 2006, 
  
 (ix) 0.8363636% of the Outstanding Principal Amount prepaid if such Prepayment and release occurs on or after the Payment Date in August 2006 but prior to the Payment Date in September 2006, 
  
 (x) 0.7545455% of the Outstanding Principal Amount prepaid if such Prepayment
and release occurs on or after the Payment Date in September 2006 but prior to the Payment Date in October 2006, 
  
 (xi) 0.6727273% of the Outstanding Principal Amount prepaid if such Prepayment and release occurs on or after the Payment Date in October 2006 but prior
to the Payment Date in November 2006, 
  
 (xii) 0.5909091% of the
Outstanding Principal Amount prepaid if such Prepayment and release occurs on or after the Payment Date in November 2006 but prior to the Payment Date in December 2006, 
  
 (xiii) 0.5090909% of the Outstanding Principal Amount prepaid if such Prepayment and release occurs on or after the Payment
Date in December 2006 but prior to the Payment Date in January 2007, 
  
 (xiv) 0.4272727% of the Outstanding Principal Amount prepaid if such Prepayment and release occurs on or after the Payment Date in January 2007 but prior to the Payment Date in February 2007, 
  
 (xv) 0.3454545% of the Outstanding Principal Amount prepaid if such
Prepayment and release occurs on or after the Payment Date in February 2007 but prior to the Payment Date in March 2007, 
  
 (xvi) 0.2636364% of the Outstanding Principal Amount prepaid if such Prepayment and release occurs on or after the Payment Date in March 2007 but prior to
the Payment Date in April 2007, 
  
 (xvii) 0.1818182% of the
Outstanding Principal Amount prepaid if such Prepayment and release occurs on or after the Payment Date in April 2007 but prior to the Payment Date in May 2007, and 
  
 (xviii) 0.1000000% of the Outstanding Principal Amount prepaid if such Prepayment and release occurs on or after the Payment
Date in May 2007 but prior to the Payment Date in June 2007, provided there shall be no Prepayment Fee payable on or after the Payment Date in June 2007. 
  
 “Prepayment Notice” shall have the meaning specified in Section 2.4.2 hereof. 
  

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 “Prime Rate” shall mean the annual rate of interest published in The Wall Street
Journal from time to time as the “Prime Rate”. If more than one “Prime Rate” is published in The Wall Street Journal for a day, the average of such “Prime Rates” shall be used, and such average shall be
rounded up to the nearest one-eighth of one percent (0.125%). If The Wall Street Journal ceases to publish the “Prime Rate”, the Note Trustee shall select an equivalent publication that publishes such “Prime Rate”, and if
such “Prime Rates” are no longer generally published or are limited, regulated or administered by a governmental or quasi-governmental body, then Note Trustee shall select a comparable interest rate index. 
  
 “Principal Amount” shall mean as of the date hereof,
$220,000,000, which may be increased up to a maximum amount of $350,000,000 pursuant to Section 2.1.2(c). 
  
 “Proceeds” shall mean amounts, awards or payments payable to Issuers (including, without limitation, amounts payable under any title
insurance policies covering Issuers’ ownership interests in the Properties) or Note Trustee with respect to any insurance required to be maintained hereunder (after the deduction therefrom and payment to Issuers and Note Trustee, respectively,
of any and all reasonable expenses incurred by Issuers and Note Trustee in the recovery thereof, including all attorneys’ fees and disbursements, the fees of insurance experts and adjusters and the costs incurred in any litigation or
arbitration with respect to any claim under such insurance policies). 
  
 “Prohibited Person” shall mean any Person identified on the OFAC List or any other Person with whom a U.S. Person may not conduct business or transactions by prohibition of Federal law or Executive Order of the President of
the United States or America. 
  
 “Promissory
Note” shall mean Promissory Note A-1, Promissory Note A-2, Promissory Note A-3 and Promissory Note A-4. 
  
 “Promissory Note A-1” shall mean a pari passu note bearing the designation “A-1”, which shall be in an aggregate initial
principal amount equal to $220,000,000, made payable by Issuers, as maker. 
  
 “Promissory Note A-2” shall mean a pari passu note bearing the designation “A-2”, which together with all other Promissory Notes A-2, shall be in an aggregate maximum principal amount of up
to $130,000,000 less the aggregate principal amount of Promissory Note A-3 and Promissory Note A-4, made payable by Issuers, as maker. 
  
 “Promissory Note A-3” shall mean a pari passu note bearing the designation “A-3”, which together with all other Promissory
Notes A-3, shall be in an aggregate maximum principal amount of up to $130,000,000 less the aggregate principal amount of Promissory Note A-2 and Promissory Note A-4, made payable by Issuers, as maker. 
  
 “Promissory Note A-4” shall mean a pari passu note bearing
the designation “A-4”, which together with all other Promissory Notes A-4, shall be in an aggregate maximum principal amount of up to $130,000,000 less the aggregate principal amount of Promissory Note A-2 and Promissory Note A-3, made
payable by Issuers, as maker. 
  

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 “Property” shall mean each parcel or group of parcels of land described on one of the
Schedules B-1 through B-8, and the improvements thereon owned or leased by the Issuers, and “Properties” shall mean such parcels and improvements, collectively, less, however, any Property (or portion thereof) released
from the Lien of the Mortgage in accordance with the terms hereof. 
  
 “Property Management Agreement” shall mean the hotel operating agreements entered into by an Issuer and/or Operating Lessee and the applicable Property Manager (including any amendments, supplements or modifications
thereof, and including related franchise and licensing agreements) in effect as of the Closing Date, as applicable, as described on Schedule G hereto and previously provided to Initial Purchaser and each hotel operating agreement,
operating lease or other similar agreement entered into by an Issuer and/or Operating Lessee and the applicable Property Manager pursuant to Article 11 hereof, pursuant to which such Property Manager or an Affiliate is to provide hotel
management and other services with respect to a Property or pursuant to which a Property Manager leases all or a portion of a Property. 
  
 “Property Manager” shall mean any Person identified as a current Property Manager on Schedule D hereto or any replacement
“Property Manager” appointed in accordance with Article 11 hereof. 
  
 “Property Manager Reserve Account” shall have the meaning specified in Section 9.2.1(i) hereof. 
  
 “Property Worth” shall mean, with respect to each Issuer, the fair market value of the Property or Properties owned by such Issuer as of
the Closing Date. 
  
 “QIB” shall mean a
“qualified institutional buyer” within the meaning of Rule 144A. 
  
 “Qualified Institutional Lender” means one or more of the following: 
  
 (i) a real estate investment trust, bank, saving and loan association, investment bank, insurance company, trust company, commercial credit corporation,
pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan that satisfies the Eligibility Requirements; 
  
 (ii) an investment company, money management firm or QIB, or an Institutional Accredited Investor that satisfies the Eligibility Requirements; 

 
 (iii) an institution substantially similar to any of the foregoing
entities described in clauses (i) or (ii) that satisfies the Eligibility Requirements; 
  
 (iv) any Affiliate under common control of, or any entity Controlled by, any of the entities described in clauses (i), (ii), or (iii) above;

  
 (v) a Qualified Trustee in connection with (A) a
securitization of, (B) the creation of collateralized debt obligations (“CDO”) secured by, or (C) a financing through an 
  

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 “owner trust” of, a note or a participation interest therein (any of the foregoing, a “Securitization
Vehicle”), provided that (1) one or more classes of securities issued by such Securitization Vehicle is initially rated at least investment grade by each of the Rating Agencies which assigned a rating to one or more classes of securities
issued in connection with a Securitization (it being understood that with respect to any Rating Agency that assigned such a rating to the securities issued by such Securitization Vehicle, a Rating Agency Confirmation will not be required in
connection with a transfer of a Participation Interest to such Securitization Vehicle); (2) in the case of a Securitization Vehicle that is not a CDO, the special servicer of such Securitization Vehicle has a Required Special Servicer Rating
(such entity, an “Approved Servicer”) and such Approved Servicer is required to service and administer such Participation Interest in accordance with servicing arrangements for the assets held by the Securitization Vehicle which require
that such Approved Servicer act in accordance with a servicing standard notwithstanding any contrary direction or instruction from any other Person; or (3) in the case of a Securitization Vehicle that is a CDO, the CDO Asset Manager and, if
applicable, each Intervening Trust Vehicle that is not administered and managed by a CDO Asset Manager which is a Qualified Institutional Lender, are each a Qualified Institutional Lender under clauses (i), (ii), (iii), (iv), (vi) or
(vii) of this definition; 
  
 (vi) an investment fund,
limited liability company, limited partnership or general partnership where a Permitted Fund Manager or an entity that is otherwise a Qualified Institutional Lender under clauses (clauses (i), (ii), (iii), (iv), (v) or (vii) of this
definition and which is investing through a fund with committed capital of at least $250,000,000, acts as the general partner, managing member or fund manager and at least fifty percent (50%) of the equity interests in such investment fund are
owned, directly or indirectly, by one or more of the following: a Qualified Institutional Lender, an Institutional Accredited Investor and/or a QIB provided such Institutional Accredited Investor or QIB that are used to satisfy the 50% test set
forth above in this clause (c)(vi) satisfy the financial tests in clause (i) of the definition of Eligibility Requirements; or 
  
 (vii) any Qualified Institutional Lender that is acting in an agency capacity for a syndicate of lenders, provided more than 50% of the committed loan
amounts or outstanding loan balance are owned by lenders in the syndicate that are Qualified Institutional Lenders. 
  
 For purposes of this definition only, “Control” means the ownership, directly or indirectly, in the aggregate of more than fifty percent
(50%) of the beneficial ownership interests of an entity and the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an entity, whether through the ability to exercise voting power,
by contract or otherwise (“Controlled” has the meaning correlative thereto). Notwithstanding the foregoing or any other provision of this Indenture, a Qualified Institution Lender shall not be a Person designated on the OFAC List.

  
 “Qualified Survey” shall mean a current title
survey of each Property, certified to the title company, Note Trustee, the Initial Purchaser and their successors and assigns, that (i) is in form and content satisfactory to the Initial Purchaser, (ii) is prepared by a professional and
properly licensed land surveyor satisfactory to Initial Purchaser in accordance with the 1992 Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys, (iii) meets the classification of an “Urban Survey”, and the
following additional items from the list of “Optional 
  

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 Survey Responsibilities and Specifications” (Table A) should be added to each survey: 2, 3, 4, 6, 7, 8, 9, 10,
11 and 13, (iv) reflects the same legal description contained in the Qualified Title Policy relating to the applicable Property, (v) includes, among other things, a metes and bounds description of the real property comprising part of the
applicable Property satisfactory to the Initial Purchaser and (vi) contains a certification in form and substance acceptable to the Initial Purchaser. 
  
 “Qualified Title Policy” shall mean an ALTA title insurance policy (1970 unmodified form, where issuable or, if not issuable, 1992
unmodified form so long as the creditors’ rights exception is omitted from the issued policy) issued by one or more title companies acceptable to the Initial Purchaser, with ALTA facultative reinsurance and direct access agreements acceptable
to Initial Purchaser, which title insurance policy shall (i) (a) with respect to the Mexican Properties, provide coverage in the aggregate amount equal to 120% of the Base Release Amount, applicable to the Mexican Properties and
(b) with respect to the remaining Properties not included in the preceding subclause (a), provide blanket coverage in an aggregate amount equal to the Outstanding Principal Amount (as of the Closing Date), (ii) insure Note Trustee that the
Mortgage creates a valid first mortgage lien on the applicable Property, free and clear of all exceptions from coverage other than Permitted Encumbrances and such standard exceptions and exclusions from coverage as the Initial Purchaser shall
approve, (iii) contain such endorsements and affirmative coverages as the Initial Purchaser may reasonably request, (iv) name Note Trustee as the insured and (v) be assignable by its terms with a transfer of the Notes. 
  
 “Qualified Trustee” means (i) a corporation, national
bank, national banking association or a trust company (including LaSalle Bank National Association), organized and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust
powers and to accept the trust conferred, having a combined capital and surplus of at least $100,000,000 and subject to supervision or examination by federal or state authority, (ii) an institution insured by the Federal Deposit Insurance
Corporation or (iii) an institution whose long-term senior unsecured debt is rated either of the then in effect top two rating categories of each of the Rating Agencies. Notwithstanding the foregoing or any other provision of this Indenture, a
Qualified Trustee shall not be a Person designated on the OFAC List. 
  
 “Rating Agency” shall mean any one or more of Standard & Poor’s, Moody’s, Fitch, Inc., and any other nationally recognized statistical rating agency, as selected by a majority of the Noteholders and which
rate the Notes, and their respective successors. 
  
 “Rating Agency Securitization Amount” shall have the meaning set forth in Section 9.2.15(a) hereof. 
  
 “Rating Confirmation”, with respect to the matter in question, shall mean that as a condition thereto the Rating Agencies shall have
confirmed in writing that (i) such investment, replacement, action or inaction shall not result, in and of itself, in a reduction, withdrawal or qualification of any rating then assigned to any outstanding Notes (if a Securitization has
occurred), or (ii) such investment, replacement, action or inaction would not result, in and of itself, in a reduction, withdrawal or qualification of any rating for proposed Notes then under 
  

 46 








 consideration by the Rating Agencies (if a Securitization has not yet occurred); provided that if a Securitization
has not taken (or as certified by a majority of the Noteholders, will not take) the form of a transaction rated by the Rating Agencies, then “Rating Confirmation” shall instead mean that the matter in question shall be subject to the prior
approval of a majority of the Noteholders, which approval shall be granted by a majority of the Noteholders to the extent the Noteholders believe in their reasonable discretion a Rating Confirmation would have been granted with respect to such
matter had a Securitization been in effect at such time. 
  
 “Regulation S” shall mean Regulation S under the Securities Act. 
  
 “Regulation S Distribution Compliance Period” shall mean the period of 40 consecutive days beginning on and including the later of (i) the day that the Initial Purchaser advises the Issuers and
the Note Trustee in writing is the day on which any Notes are first offered to Persons (other than distributors) in reliance upon Regulation S, and (ii) the Closing Date. 
  
 “Regulation S Temporary Global Note” shall have the meaning set forth in Section 2.1.6(b)
hereof. 
  
 “Reference Banks” means four
(4) major banks in the London interbank market selected by the Note Trustee. 
  
 “Register” shall have the meaning provided in Section 2.1.3(b). 
  
 “Regulatory Change” means any change after the date of this Indenture in federal, state or foreign laws or regulations or the adoption or
the making, after such date, of any interpretations, directives or requests applying to a class of banks or companies controlling banks, including Note Trustee and the Initial Purchaser, of or under any federal, state or foreign laws or regulations
(whether or not having the force of law) by any court or governmental or monetary authority charged with the interpretation or administration thereof. 
  
 “Release” means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching or migration
into the indoor or outdoor environment (including, without limitation, the movement of Hazardous Substances through ambient air, soil, surface water, ground water, wetlands, land or subsurface strata). 
  
 “Release Amount” shall mean (a) (i) with respect
to the aggregate amount prepaid (other than amounts prepaid in connection with a release of one or more floors at the Fairmont Chicago Hotel Property pursuant to Section 2.5.5) under this Indenture (including the prepayment then being
made) that does not exceed 20% of the amount funded to Issuers immediately prior to such release, an amount equal to 100% of such Property’s Base Release Amount; (ii) with respect to the aggregate amount prepaid (other than amounts prepaid
in connection with a release of one or more floors at the Fairmont Chicago Hotel Property pursuant to Section 2.5.5) under this Indenture (including the prepayment then being made) that exceeds 20% of the amount funded to Issuers
immediately prior to such release but does not exceed 30% of the amount funded to Issuers immediately prior to such release, an amount equal to 115% of such Property’s Base Release Amount; and (iii) with respect to the aggregate amount
prepaid (other than amounts prepaid in connection with a release of one or more floors at the Fairmont Chicago Hotel Property pursuant to Section 2.5.5) under this Indenture (including the 
  

 47 








 prepayment then being made) that exceeds 30% of the amount funded to Issuers immediately prior to such release, an amount
equal to 120% of such Property’s Base Release Amount, provided that, notwithstanding the foregoing requirements of this clause (a), in the event the entire Debt is repaid in full in no event shall the Release Amount with respect to any Property
exceed the applicable Base Release Amount for such Property and in no event shall the aggregate Release Amounts with respect to all Properties being released exceed the Outstanding Principal Amount and (b) in connection with a floor at the
Fairmont Chicago Hotel Property, the amount set forth in Schedule 2.5.5. 
  
 “Release Instruments” shall have the meaning set forth in Section 2.5.1 herein. 
  
 “Rent Roll Date” shall mean September 30, 2005. 
  
 “Rents” shall mean all rents, rent equivalents, moneys payable as damages pursuant to a Lease or in lieu of
rent or rent equivalents, royalties (including all oil and gas or other mineral royalties and bonuses), income, receivables, receipts, revenues, deposits (including security, utility and other deposits), accounts, cash, issues, profits, charges for
services rendered, and other consideration of whatever form or nature received by or paid to or for the account of or benefit of any Issuer and/or any Operating Lessee or its agents or employees from any and all sources arising from or attributable
to the Properties and/or the use and occupancy thereof, including, without limitation, all room rents related to overnight occupancy of guests at the Properties, all banquet, conference or other room rentals, all greens fees for the use of golf
courses, fees or considerations of any sort, credit card receivables, and all deposits of money as advance rent, for security or as earnest money or as down payment or deposit for the reservation of rooms or other facilities in any of the Properties
and any obligations now existing or hereafter arising or created out of the sale, lease, sublease, license, concession or other grant of the right of the use and occupancy of property or rendering of services by any Issuer and/or Operating Lessee
and proceeds, if any, from business interruption or other loss of income insurance. 
  
 “Replacement Asset” shall mean a property (i) similar to the type and class of properties that are a Property hereunder and (ii) with an appraised value and an underwritten net cash flow
that equals or exceeds the appraised value and underwritten net cash flow of the Property to be replaced based on the Appraisals of such Property. 
  
 “Replacement Interest Rate Cap Agreement” shall mean, in connection with a replacement of an Interest Rate Cap Agreement following a
Downgrade of the Counterparty thereto, an interest rate cap agreement (together with the confirmation and schedules relating thereto) from an Acceptable Counterparty and satisfying the requirements set forth on Exhibit C hereto;
provided that to the extent any such interest rate cap agreement does not meet the foregoing requirements a “Replacement Interest Cap Agreement” shall be such interest rate cap agreement approved by each of the Rating Agencies, such
approval to be evidenced by the receipt of a Rating Confirmation. 
  
 “Required Amount” shall have the meaning specified in Section 9.4.1(x) hereof. 
  

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 “Required Loan-to-Value Ratio” shall mean that the Principal Amount is not more than
forty-five percent (45%) of the appraised value of the Properties as of the Closing Date based on the Appraisals. 
  
 “Required Rating” shall mean the higher of (i) the highest rating then assigned by the Rating Agencies to any of the Notes, and
(ii) “AA” (or its equivalent) by each of the Rating Agencies. 
  
 “Required Records” shall have the meaning set forth in Section 5.1(j)(x) hereof. 
  
 “Required Special Servicer Rating” means (i) a rating of “CSS2” in the case of Fitch, (ii) on the S&P list of
approved special servicers in the case of S&P and (iii) in the case of Moody’s, such special servicer is acting as special servicer in a commercial loan securitization that was rated by Moody’s within the twelve (12) month
period prior to the date of determination, and Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation
of such special servicer as special servicer of such commercial mortgage securities as the cause for such downgrade, withdrawal or watch. 
  
 “Reserve Accounts” shall have the meaning set forth in Section 9.2.1 hereof. 
  
 “Residence Club” or “Residence Club Condominium
Unit” shall mean the condominium unit or units to be established in connection with the Condominium Conversion in accordance with Section 2.9, released from the Transaction Documents and conveyed to a Person other than the Issuers or
Operating Lessees (but which Person may be an Affiliate of Sponsor). 
  
 “Responsible Officer” shall mean, with respect to the Note Trustee, any Trust Officer of the Note Trustee with direct responsibility for the administration of this Indenture and also, with respect to a particular matter,
any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular matter. 
  
 “Restoration” shall have the meaning set forth in Section 8.1.2(b) hereof. 
  
 “Restricted Global Note” shall have the meaning set forth in
Section 2.1.6(e) hereof. 
  
 “Restricted
Notes” shall have the meaning specified in Section 2.1.8 hereof. 
  
 “Revolver Loan” shall mean that certain revolving credit facility from Deutsche Bank Trust Company Americas to Strategic Hotel Funding, L.L.C., evidenced by that certain Amended and Restated Credit
Agreement, dated as of the date hereof, among Strategic Hotel Funding, L.L.C., various financial institutions, as lenders specified therein, Deutsche Bank Trust Company Americas, as the administration agent and Wachovia Bank, National Association,
as the syndication agent, as the same may be amended, restated, supplemented or otherwise modified or replaced, from time to time, with substantially similar terms. 
  

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 “Ritz Carlton Half Moon Bay Management Side Letter” shall mean that certain side letter
dated as of the Closing Date from Half Moon Bay, LLC to Note Trustee related to proposed amendments to the Ritz Carlton Half Moon Bay Property Management Agreement. 
  
 “Ritz Carlton Half Moon Bay Property” means that certain property known as the Ritz Carlton Half Moon Bay,
located in Half Moon Bay, California. 
  
 “Rule
144A” shall mean Rule 144A under the Securities Act. 
  
 “Rule 144A Information” shall mean such information as is specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto) and as is delivered by or at the direction of an Issuer or an
Affiliate of an Issuer pursuant to Section 2.8 hereof. 
  
 “Second Extension Term” shall have the meaning set forth in Section 2.3.3(b) below. 
  
 “Security Agreement” shall have the meaning set forth in Section 2.4.5 hereof. 
  
 “Securities Act” shall mean the United States Securities Act
of 1933, as amended, and the rules and regulations of the United States Securities and Exchange Commission promulgated thereunder from time to time. 
  
 “Securitization” shall mean, collectively, any transaction or transactions pursuant to which the Notes are either syndicated or
participated or pursuant to which securities are issued that are backed in whole or in part by the Notes, which securities may be offered and sold to institutional investors in transactions whether or not required to be registered under the
Securities Act, provided that none of Issuers, Operating Lessees, Sponsor or any Affiliate of Issuers, Operating Lessees, or Sponsor shall be a registrant, co-registrant or have any reporting obligations with respect to any such transactions.

  
 “Servicer” shall mean GMAC Commercial
Mortgage or such other Person designated in writing by a majority of the Noteholders to act as Servicer, and who shall have accepted in writing such appointment to so act, on behalf of the Note Trustee for the benefit of the Noteholders, with power
and responsibility to perform all responsibilities identified as being performed by the Servicer hereunder and as may be more specifically described in a servicing agreement between the Noteholders and the Servicer, either prior to or upon any
Securitization, as shall be determined by the a majority of the Noteholders. The Servicer may be a Noteholder designated as such in writing by a majority of the Noteholders. It is understood and agreed that any servicing agreement may provide that
the Servicer may take certain actions, or refrain from an action, only with the consent of a specified portion (which may be all) of the Noteholders. 
  
 “Single Purpose Entity” shall mean a Person which: 
  
 (a) is formed solely for the purpose of acquiring and directly holding an ownership interest in or leasing one or more of
the Properties or an ownership interest in an Issuer or Operating Lessee, 
  

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 (b) does not engage in any business unrelated to the Properties or the ownership of an Issuer,

  
 (c) does not have any assets other than those related to its
interest in the Properties or an Issuer, as the case may be, or any indebtedness other than Permitted Indebtedness, 
  
 (d) has books, records, accounts, financial statements, stationery, invoices and checks which are separate and apart from those of any other Person,

  
 (e) is subject to and complies with all of the limitations on
powers and separateness requirements set forth in Section 4.1(bb) hereof and in the organizational documentation of the applicable Issuer or the applicable Issuer’s SPE Member (if any), as the case may be, as of the Closing Date,

  
 (f) holds itself out as being a Person separate and apart from
each other Person, conducts its business in its own name and exercises reasonable efforts to correct any known misunderstanding actually known to it regarding its separate identity, 
  
 (g) pays its own liabilities out of its own funds and reasonably allocates any overhead for shared office space, 

 
 (h) maintains a sufficient number of employees in light of its
contemplated business operations, and 
  
 (i) in the case of a
limited partnership, observes all applicable limited partnership formalities in all material respects, has at all times a corporate general partner that is a Single-Purpose Entity, and has a limited partnership agreement which provides that for so
long as the Notes are outstanding and the limited partnership’s assets shall continue to be subject to the Liens securing the Debt, the limited partnership shall not take any of the following actions: 
  
 (i) to the fullest extent permitted by law, the dissolution,
liquidation, consolidation, merger or sale of all or substantially all of the assets of any Issuer or Operating Lessee, except in connection with the sale of any Property as permitted hereunder, 
  
 (ii) the engagement by any Issuer or Operating Lessee in any
business other than the ownership, maintenance and operation of the Properties, 
  
 (iii) the filing, or consent to the filing, of a bankruptcy or insolvency petition, any general assignment for the benefit of creditors or
the institution of any other insolvency proceeding, or the seeking or consenting to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar official for an Issuer or Operating Lessee or a substantial
portion of their properties, without the vote of the partners representing 99% of the corporate capital of the limited partnership, and 
  
 (iv) the amendment or modification of any provision of its limited partnership agreement or certificate of limited partnership that
adversely affects any of the requirements for qualifying as a “Single-Purpose Entity” (except as required by law); or 
  

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 (j) in the case of a corporation, observes all applicable corporate formalities in all material respects,
has at all times at least two (2) Independent Directors on its Board of Directors, and has a Certificate of Incorporation which provides that for so long as the Notes are outstanding and the corporation’s assets continue to be subject to
the Liens securing the Debt, the corporation shall not take or consent to, as the case may be, any of the following actions: 
  
 (i) to the fullest extent permitted by law, the dissolution, liquidation, consolidation, merger or sale of all or substantially all of its
assets or the assets of any Issuer, except in connection with the sale of any Property as permitted hereunder, 
  
 (ii) the engagement by any Issuer in any business other than the ownership, maintenance and operation of the Properties or the engagement
by it in any business other than the ownership of a membership interest in an Issuer, 
  
 (iii) the filing, or consent to the filing, of a bankruptcy or insolvency petition, any general assignment for the benefit of creditors or
the institution of any other insolvency proceeding, or the institution of any other insolvency proceeding, or the seeking or consenting to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar official,
in each case with respect to it or any Issuer without the unanimous vote of all members of its board of directors, and 
  
 (iv) the amendment or modification of any provision of its certificate of incorporation or, if such corporation is the SPE Member or
general partner of an Issuer, such Issuer’s limited liability company agreement or limited partnership agreement, as applicable, or certificate of formation or certificate of limited partnership, as applicable, that adversely affects any of the
requirements for qualifying as a “Single-Purpose Entity” (except as required by law); or 
  
 (k) in the case of a limited liability company, observes all applicable limited liability company formalities in all material respects, has at all times
either (A) a corporate member that is a Single-Purpose Entity or (B) two (2) Independent Directors, and has a limited liability company agreement which provides that for so long as the Notes are outstanding and the limited liability
company’s assets continue to be subject to the Liens securing the Debt, (1) the bankruptcy of any member (including the sole economic member) will not result in a dissolution of such Single-Purpose Entity, and (2) the limited
liability company shall not take any of the following actions: 
  
 (i) to the fullest extent permitted by law, the dissolution, liquidation, consolidation, merger or sale of all or substantially all of the assets of any Issuer, except in connection with the sale of any Property as
permitted hereunder, 
  
 (ii) the engagement by
any Issuer in any business other than the ownership, maintenance and operation of the Properties, 
  

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 (iii) the filing, or consent to the filing, of a bankruptcy or insolvency petition, any
general assignment for the benefit of creditors or the institution of any other insolvency proceeding, or the seeking or consenting to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar official for
an Issuer or a substantial portion of its properties, without the unanimous vote of all members of the limited liability company’s board of directors (including the members who are Independent Directors, if applicable), 
  
 (iv) the amendment or modification of any provision of its
limited liability company agreement or certificate of formation that adversely affects any of the requirements for qualifying as a “Single-Purpose Entity” (except as required by law); or 
  
 (l) in the case of a limited liability company (Sociedad de
Responsabilidad Limitada) organized in Mexico, observes all formalities in all material respects applicable to such types of entities in the Mexican General Corporations Law (Ley General de Sociedades Mercantiles), has at all times at
least two (2) Independent Directors, and has by-laws (estatutos sociales) which provide that for so long as the Notes are outstanding and the limited liability company’s assets continue to be subject to the Liens searing the Debt,
the limited liability company shall not take any of the following actions: 
  
 (i) the dissolution, liquidation, consolidation, merger or sale of all or substantially all of the assets of the company, except with the unanimous approval of the Independent Directors, 
  
 (ii) the engagement by the Issuer in any business other than
the ownership, leasing, maintenance and operation of the Properties, and 
  
 (iii) the filing, or consent to the filing, of a bankruptcy or insolvency petition (concurso mercantil), any general assignment for the benefit of creditors or the institution of any other insolvency
proceeding, or the seeking or consenting to the appointment of a receiver, liquidator, sindico, assignee, trustee, sequestrator, custodian or any similar official for an Issuer or a substantial portion of its properties, without the unanimous vote
of all partners of the limited liability company, or to the extent applicable, the unanimous vote of all members of the board of managers (including the members who are Independent Directors). 
  
 “SPE Member” shall have the meaning set forth in
Section 4.1(bb) hereof. 
  
 “Sponsor”
shall mean Strategic Hotel Funding, L.L.C., a Delaware limited liability company. 
  
 “Sponsor Indemnity Agreement” shall mean that certain Sponsor Indemnity Agreement, dated as of the Closing Date, by Sponsor in favor of Note Trustee. 
  
 “Spread” shall mean 0.85% per annum. 
  
 “Standard & Poor’s” shall mean
Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and its successors and/or assigns. 
  

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 “STAR Report” shall mean (a) a quarterly Smith Travel Accommodations Report
compiled by Smith Travel Research, or (b) should Smith Travel Research cease to compile such reports, a quarterly report containing similar data compiled by a nationally-recognized lodging industry information source which is reasonably
acceptable to the Servicer and (except during any period following the occurrence and during the continuation of an Event of Default) Issuers. 
  
 “Stub Interest” shall mean $181,133.33. 
  
 “Subsequent Funding” shall mean a Funding to the Issuers pursuant to the terms of Section 3.2 hereof. 
  
 “Subsequent Funding Date” shall mean a Funding to the
Issuers that shall occur from and after the date hereof but no later than the Outside Date. 
  
 “Subsequent Funding Holders” shall mean the Holders of the Promissory Notes A-2, Promissory Notes A-3 and Promissory Notes A-4 other than the Holders of the Notes of any such Class that is part of a
Securitization; provided that, if the Notes of all of such Classes are part of Securitizations, until the earliest of (i) the Outside Date, (ii) the date on which an aggregate of $130,000,000 of Subsequent Fundings have been made
and (iii) the date on which the third Subsequent Funding is made, the “Subsequent Funding Holders” shall mean the Holders of the Notes of the last such Class to become a part of a Securitization, unless the Holders of the Notes of
another such Class have been so designated by the Initial Purchaser with the consent of the Holders of all of the Notes of such designated Class. 
  
 “Subsequent Funding Notice” shall have the meaning set forth in Section 2.1.2(c) hereof. 
  
 “Subsequent Interest Rate Cap Agreement” shall have the
meaning set forth in Section 2.7(f) hereof. 
  
 “Tax and Insurance Escrow Account” shall have the meaning set forth in Section 9.3.1 hereof. 
  
 “Tax and Insurance Incremental Amount” shall have the meaning set forth in Section 9.3.3(b) hereof. 
  
 “Tax and Insurance Sub-Account” shall have the meaning set
forth in Section 9.3.3(a) hereof. 
  
 “Taxes” shall mean all real estate and personal property taxes, assessments, fees, taxes on rents or rentals, water rates or sewer rents, and other governmental charges now or hereafter levied or assessed or imposed against
any Issuer or any Property or rents therefrom or which may become Liens. 
  
 “Telerate Page 3750” means the display designated as “Page 3750” on the Dow Jones Telerate Service (or such other page as may replace Page 3750 on that service or such other service as may
be nominated by the British Bankers’ Association as the information vendor for the purpose of displaying British Bankers’ Association Interest Settlement Rates for U.S. Dollar deposits). 
  

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 “Tenant” shall mean any Person liable by contract or otherwise to pay monies (including
a percentage of gross income, revenue or profits) pursuant to a Lease. 
  
 “Term Sheet” shall mean, that certain letter agreement, dated October 11, 2005 between German American Capital Corporation and Strategic Hotel Funding, L.L.C. 
  
 “Third Extension Term” shall have the meaning set forth in
Section 2.3.3(b) below. 
  
 “Third Party
Securitization Amount” shall have the meaning set forth in Section 9.2.15(a) hereof. 
  
 “Threshold Amount” shall mean with respect to each Property, the lesser of 10% of the Base Release Amount for such Property or $10
million. 
  
 “Trade Payables” shall mean
unsecured amounts payable by or on behalf of any Issuer for or in respect of the operation of the Properties in the ordinary course and which would under GAAP be regarded as ordinary expenses, including amounts payable to suppliers, vendors,
contractors, mechanics, materialmen or other Persons providing property or services to any Property or any Issuer (other than compensation payable to Property Managers, exclusive of reimbursements). 
  
 “Transaction Documents” shall mean, collectively, this
Indenture, the Notes, the Mortgage, the Assignment of Agreements, the Assignment of Leases, the Environmental Indemnity, the Deposit Account Agreement, the Sponsor Indemnity Agreement, the Operating Lease Subordination Agreement, each Agreement with
Managers, and any other document executed by Issuer, Operating Lessee or their respective Affiliates in connection with the Notes, as well as all other documents executed and/or delivered in connection with the Notes or hereafter delivered by or on
behalf of any Issuer and Operating Lessee pursuant to the requirements hereof or of any other Transaction Document. 
  
 “Transferee Securities Certification” shall have the meaning set forth in Section 2.1.10(d)(ii) hereof. 
  
 “Trust Officer” shall mean when used with respect to the
Note Trustee, any officer within the Corporate Trust Office (or any successor group of the Note Trustee) including any vice president, assistant vice president or officer of the Note Trustee customarily performing functions similar to those
performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred at the Corporate Trust Office because of his or her knowledge of and familiarity with the particular subject.

  
 “Trustee Indemnified Party” shall have the
meaning set forth in Section 15.1(a)(i). 
  
 “UCC” or “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in the state in which a Property is located. 
  

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 “Unfunded Obligations” shall mean, collectively, the unfunded obligations described on
Schedule H attached hereto and made a part hereof. 
  
 “Unfunded Obligations Account” shall have the meaning set forth in Section 9.2.1(f) hereof. 
  
 “Unrestricted Global Note” shall have the meaning set forth in Section 2.1.6(b) hereof. 
  
 “U.S. Government Securities” shall mean securities
evidencing an obligation to pay principal and interest in a full and timely manner that are (i) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of a
Person Controlled or supervised by and acting as an agency or instrumentality of and guaranteed as a full faith and credit obligation by the United States of America, which in either case are not callable or redeemable at the option of the issuer
thereof (including a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such securities or a specific payment of principal of or interest on any such securities held by
such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from
any amount received by the custodian in respect of the securities or the specific payment of principal of or interest on the securities evidenced by such depository receipt). 
  
 “U.S./Mexico Taxes “ shall have the meaning set forth in Section 2.2.2(d)(i) hereof.

  
 “Year-to-Date Period” shall mean the period
commencing on January 1, 2005 and ending on September 30, 2005. 
  
 Section 1.2. Principles of Construction. All references to sections, schedules and exhibits are to sections, schedules and exhibits in or to this Indenture unless otherwise specified. Unless otherwise
specified, the words “hereof”, “herein” and “hereunder” and words of similar import when used in this Indenture shall refer to this Indenture as a whole and not to any particular provision of this Indenture. The words
“includes”, “including” and similar terms shall be construed as if followed by the words “without limitation”. The terms “Property” or “Properties” shall be construed to be followed by the phrase
“or any part or portion thereof”. The term “Issuers” shall be construed to be followed by the phrase “or any of them”. Unless otherwise specified, all meanings attributed to defined terms herein shall be equally
applicable to both the singular and plural forms of the terms so defined. All accounting terms not specifically defined herein shall be construed in accordance with GAAP, as may be modified herein. As a matter of convenience herein, rating
categories are generally stated in the nomenclature of Standard & Poor’s Ratings Group, it being understood that unless otherwise expressly stated to the contrary, reference to such category shall also be deemed to be a reference to
the comparable category of each other Rating Agency; provided that if a specified rating (or its equivalent) from any of the Rating Agencies is required hereunder with respect to an issuer or a security (other than the Notes), and one of the Rating
Agencies in connection with a Securitization does not rate the issuer or security in question, then such requirement hereunder 
  

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 shall nevertheless be deemed satisfied so long as such Rating Agency has issued a Rating Confirmation with respect
thereto. For purposes of any representation, warranty or covenant herein relating to one or more Operating Lessee, including without limitation Section 4.1(bb) hereof, all defined terms and sections used in or referred to therein or in
any defined terms used therein shall, to the extent not expressly provided for in such definitions or sections, be deemed to refer to Operating Lessees in addition to Issuers. All references herein to “majority of the Noteholders” or any
percentage or fraction of the Noteholders shall mean a majority, or such percentage or fraction of the Noteholders by Outstanding Principal Amount. 
  
 ARTICLE II 
  
 GENERAL 
  
 Section 2.1. The Notes. 
  
 2.1.1
Commitment. Each of the parties hereto agrees and acknowledges that the Issuers received the proceeds of the Initial Funding on the Closing Date. Each of the parties hereto agrees and acknowledges that the Issuers may request the proceeds of
each of the Notes pursuant to a Subsequent Funding be disbursed to Issuer from the Subsequent Funding Holders pursuant to the terms of Section 3.2 no later than the Outside Date. The aggregate funded amount of the Subsequent Fundings
shall not exceed $130,000,000. Each of the Notes shall mature on the Maturity Date. No Person other than the Subsequent Funding Holders shall have any obligation to fund any portion of the Subsequent Fundings. Each Issuer hereby confirms its
issuance of the Notes, subject to and upon the terms and conditions set forth herein. 
  
 2.1.2 Disbursement to Issuers; Subsequent Fundings and Use of Notes Proceeds; Transfer or Principal Amounts Between Classes. 
  
 (a) Promissory Notes A-1 were fully issued and outstanding on the Closing Date. The parties hereto acknowledge that, on the
Closing Date, the Outstanding Principal Amount of the Notes is equal to $220,000,000, subject to payment from such proceeds of the Expenses and subject to funding from such proceeds of (i) the Tax and Insurance Escrow Account and Tax and
Insurance Sub-Account, (ii) the Deferred Maintenance and Environmental Reserve Account, (iii) the FF&E Reserve Account (iv) the Unfunded Obligations Reserve Account and (v) Stub Interest (covering the period through
November 14, 2005), which have been escrowed with Note Trustee, all in accordance with the provisions of this Indenture. 
  
 (b) Each of Promissory Notes A-2, Promissory Notes A-3 and Promissory Notes A-4 are fully issued and outstanding as of the date hereof in a maximum
aggregate principal amount of up to $130,000,000, and each in the initial principal amount of $0; which may be disbursed in accordance with the terms and conditions of Section 2.1.2(c) (which amount shall, in connection with a permitted
partial prepayment of the Notes where a Property, or a portion thereof, is released from the Mortgage, be reduced on a ratable basis equal to an amount determined by applying a fraction, the numerator of which is the Base Release Amount for the
Property or Properties which are released from the Mortgage and the denominator of which is the aggregate Outstanding Principal Amount of the Notes on the date of such release). However, notwithstanding anything to the contrary herein, for purposes
of the first paragraph of Article 11 
  

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 of the Securities Market Law (Ley del Mercado de Valores) of Mexico, no offering or issuance of any Class of
Notes related to any Subsequent Funding (i.e., the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes) will be deemed to take place until the time when the Subsequent Funding is actually made with respect to
such Class of Notes. 
  
 (c) Issuers may request Subsequent
Fundings pursuant to the terms and conditions of this Section 2.1.2 and subject to the conditions set forth in Section 3.2. Issuers shall deliver a written notice to Note Trustee, Servicer, the Subsequent Funding Holders and
Initial Purchaser (the “Subsequent Funding Notice”), which shall include the amount to be funded (which shall not be less than $30,000,000 for any Funding) and the date upon which such Subsequent Funding shall occur, which shall not
be earlier than ten (10) Business Days after the date of such Subsequent Funding Notice. The parties hereto acknowledge that all Subsequent Fundings must be funded no later than the Outside Date, there shall be no more than three
(3) Subsequent Fundings and in no event shall the aggregate of the Subsequent Fundings exceed $130,000,000 (which maximum amount shall, in connection with a permitted partial prepayment of the Notes where a Property, or a portion thereof, is
released from the Mortgage, be reduced on a ratable basis in an amount determined by the Servicer equal to an amount determined by applying a fraction, the numerator of which is the Base Release Amount for the Property or Properties which are
released from the Mortgage and the denominator of which is the aggregate Outstanding Principal Amount of the Notes on the date of such Release). Only Subsequent Funding Holders shall have the obligation to make any Subsequent Funding, provided
however, in no event shall Note Trustee or any other Person have any obligation to make a Subsequent Funding. 
  
 (d) Upon the receipt of notice of a Subsequent Funding, the Subsequent Funding Holders shall direct the Note Trustee in writing (i) as to which Class
of Notes the principal amount of such Subsequent Funding is to be added and, if such principal amount is to be added to more than one Class, the amount to be added to each and (ii) whether the principal amount of such Subsequent Funding is to
be added to the Definitive Note, Regulation S Temporary Global Note or Restricted Global Note for such Class of Note or Notes and the amount to be added to each. If the principal amount of a Subsequent Funding is to be added to a Definitive Note,
such Definitive Note shall be delivered to the Note Trustee by the applicable Holder and, upon the making of the Subsequent Funding, the principal amount thereof shall be increased as directed by the Subsequent Funding Holders by means of an
appropriate adjustment made on the records of the Note Trustee and on the schedule attached to such Definitive Note and such Definitive Note shall be returned to the applicable holder or its designee. If the principal amount of a Subsequent Funding
is to be added to a Regulation S Temporary Global Note or Restricted Global Note and the Note Trustee is acting as Custodian for the Depositary or its nominee with respect to a Global Note, the principal amount thereof shall be increased as directed
by the Subsequent Funding Holders by causing appropriate adjustments to be made on the records of the Depositary and the Note Trustee and on the schedule attached to such Global Note. If the principal amount of a Subsequent Funding is to be added to
a Regulation S Temporary Global Note or Restricted Global Note and the Note Trustee is not acting as Custodian for the Depositary or its nominee with respect to such Global Note, a Definitive Note evidencing such Global Note shall be delivered to
the Note Trustee by the applicable holder and, upon the making of the Subsequent Funding, the principal amount thereof shall be increased as directed by the Subsequent Funding Holders by means of an appropriate adjustment made on the records of the
Note Trustee and on the schedule attached to such Definitive Note and the Definitive Note shall be returned to the applicable holder. 
  

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 (e) The Holder of a Definitive Note of the Classes designated as A-2, A-3 or A-4 or a beneficial interest
in the Regulation S Temporary Global Note, Unrestricted Global Note or Restricted Global Note of such a Class may at any time transfer all or any portion of the principal amount of any such Note to a Definitive Note of another such Class or to the
Regulation S Temporary Global Note, Unrestricted Global Note or Restricted Global Note of another such Class (provided, that with respect to any transfer to or from a Regulation S Temporary Global Note the holder of the beneficial interest being
transferred and Euroclear or Clearstream, as the case may be, must have previously delivered the certificates described in the first paragraph of Section 2.1.6(c) with respect to the beneficial interest being transferred and such transfer may
only be affected in accordance with Regulation S and Rule 144). 
  
 (f) In the case of a transfer from a Definitive Note of one such Class to a Definitive Note of another such Class, the Holder desiring such transfer shall deliver the Definitive Note from which such transfer is being made to the Note
Trustee, as Note Registrar, at its Corporate Trust Office, together (i) with written instructions to reduce the principal amount of the Definitive Note from which the transfer is being made by an amount specified in such instructions and to
increase the principal amount of the Definitive Note to which the transfer is being made by a like principal amount and (ii) if such transfer is being made to a Definitive Note held by the Holder of the Definitive Note from which the transfer
is being made or to an outstanding Definitive Note held by another Person, the Definitive Note to which such transfer is being made. Upon receipt of each of such items, the Note Trustee, as Note Registrar, shall (A) if such transfer is being
made to a Definitive Note held by the Holder of the Definitive Note from which the transfer is being made or to an outstanding Definitive Note held by another Person, decrease the principal amount of the Definitive Note from which such principal
amount is being transferred and increase the principal amount of the Definitive Note to which such principal amount is being transferred as directed by the Holder by means of an appropriate adjustments made on the records of the Note Trustee and on
the schedules attached to such Definitive Notes and deliver such Definitive Notes to the applicable Holder or Holders or (B) if such transfer is being made to new Definitive Note, decrease the principal amount of the Definitive Note from which
such principal amount is being transferred and provide for the issuance pursuant to Section 2.10(a) of a Definitive Note of the desired Class in the principal amount transferred as directed by the holder by means of an appropriate adjustments
made on the records of the Note Trustee and on the schedules attached to such Definitive Notes and deliver such Definitive Notes to the applicable Holder or Holders. 
  
 (g) In the case of a transfer from a Definitive Note of one such Class to a Regulation S Temporary Global Note, Unrestricted
Global Note or Restricted Global Note of another such Class, the holder desiring such transfer shall deliver the Definitive Note from which such transfer is being made to the Note Trustee, as Note Registrar, at its Corporate Trust Office, together
with written instructions to reduce the principal amount of the Definitive Note from which the transfer is being made by an amount specified in such instructions and to increase the principal amount of the Regulation S Temporary Global Note,
Unrestricted Global Note or Restricted Global Note to which the transfer is being made by a like principal amount. Upon receipt of each of such items and each other item required by Section 2.10(e) and in compliance 
  

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 with such Section 2.10(e) (other than the requirement that transfers and exchanges be made only among Notes of like
Class), the Note Trustee, as Note Registrar, shall decrease the principal amount of the Definitive Note from which such principal amount is being transferred and, increase the principal amount of the Regulation S Temporary Global Note, Unrestricted
Global Note or Restricted Global Note to which such principal amount is being transferred as directed by the Holder by causing appropriate adjustments to be made on the records of the Depositary and the Note Trustee and on the schedules attached to
such Notes. 
  
 (h) In the case of a transfer from a Regulation S
Temporary Global Note, Unrestricted Global Note or Restricted Global Note of one such Class to a Regulation S Temporary Global Note, Unrestricted Global Note or Restricted Global Note of another such Class, the Holder desiring such transfer shall
deliver written instructions to reduce the principal amount of the Regulation S Temporary Global Note, Unrestricted Global Note or Restricted Global Note from which the transfer is being made by an amount specified in such instructions and to
increase the principal amount of the Regulation S Temporary Global Note, Unrestricted Global Note or Restricted Global Note to which the transfer is being made by a like principal amount. In compliance with the applicable provisions of
Section 2.10(e) (other than the requirement that transfers and exchanges be made only among Notes of like Class), the Note Trustee, as Note Registrar, shall decrease the principal amount of the Regulation S Temporary Global Note, Unrestricted
Global Note or Restricted Global Note from which such principal amount is being transferred and, increase the principal amount of the Regulation S Temporary Global Note, Unrestricted Global Note or Restricted Global Note to which such principal
amount is being transferred as directed by the Holder by causing appropriate adjustments to be made on the records of the Depositary the Note Trustee and on the schedules attached to such Notes. 
  
 2.1.3 The Notes In General. (a) The Notes evidence an aggregate
principal amount equal to the Principal Amount. Each Note shall bear interest at its Applicable Interest Rate through and including the Interest Accrual Period in which occurs the Maturity Date. The Notes shall be subject to repayment as provided in
Section 2.3 hereof, shall be entitled to the benefits of this Indenture and shall be secured by a Mortgage granting a first mortgage Lien on each Property and by certain of the other Transaction Documents. 
  
 (b) The Issuers shall cause to be kept at the Corporate Trust Office a
register, within the meaning of Section 163(f) of the Code (the “Register”) on which shall be entered the name or names of the registered owner or owners from time to time of the Notes. The Register shall be maintained by the
Note Trustee, which is hereby appointed as “Note Registrar” for purposes of registering Notes and transfers of Notes as provided herein. The Notes (or, if applicable, each Note) may be independently assigned or otherwise transferred in
whole or in part (including, without limitation, the sale of any participation interests in the Notes by the Noteholders) by registration of such assignment or transfer on the Register (and the Notes shall expressly so provide). The Register shall
be available for inspection by Issuers at any reasonable time upon reasonable prior notice. 
  
 (c) Upon surrender for registration of transfer of any Note at the Corporate Trust Office, accompanied by a written instrument of transfer in the form approved by the Issuers and the Note Trustee (it being understood
that, until notice to the contrary is given to Holders, the Issuers and the Note Trustee shall each be deemed to have approved the form of 
  

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 instrument of transfer, if any, printed on the Notes), executed by the registered owner, in Person or by such
Holder’s attorney thereunto duly authorized in writing, such Note shall be transferred upon the Register, and the Issuers shall execute, and the Note Trustee shall authenticate and deliver, in the name of the designated transferee or
transferees, one or more newly registered Notes of like Class, of any authorized denominations and of a like aggregate principal amount. Transfers and exchanges of Notes shall be subject to the restrictions set forth in this
Section 2.1.3 and Section 2.1.10 and in the text of the Notes and such reasonable regulations as may be prescribed by the Issuers or Note Registrar. Successive registrations of transfers as aforesaid may be made from time to
time as desired, and each such registration shall be noted on the Register. 
  
 (d) Any Note (subject, in the case of a Regulation S Temporary Global Note, to the requirements of Section 2.1.6(b)) may be exchanged for two or more Notes of like Class, of any authorized denominations
and of a like aggregate principal amount if the Note to be so exchanged is surrendered for cancellation at the Corporate Trust Office accompanied by the written request of the Holder thereof specifying the denominations of the new Notes to be issued
in exchange therefor. New Notes of like Class, executed by the Issuers and payable to such Holder in the authorized denominations so requested, and in an aggregate principal amount equal to the principal amount of the surrendered Notes, shall be
authenticated and delivered by the Note Trustee to such Holder in exchange for the surrendered Note. 
  
 (e) Issuers agree that they shall, upon request, reasonably cooperate with Note Trustee and any Noteholder in connection with any request by a Noteholder
to reallocate the Spread among the Notes or to sever the Notes into two or more separate series of substitute notes in an aggregate principal amount equal to the Principal Amount and to reapportion the Principal Amount among such separate series of
substitute notes, including, without limitation, by executing and delivering to the Noteholders new substitute notes of such series to replace the Notes, amendments to or replacements of existing Transaction Documents to reflect such severance
and/or legal opinions with respect to such substitute notes, amendments and/or replacements, provided that the Issuers shall not be responsible for fees for any such fractionalization that are incurred following the Closing Date. Notwithstanding the
foregoing, except as set forth in Section 12.13 or Article XIII, Issuers shall not be required to incur any post-closing costs or expenses relating to the severance of the Note, other than Issuers’ internal costs and expenses
and the fees and disbursements of Issuers’ counsel with respect to the issuance of a new enforceability opinion in connection with any such substitute series of notes. Any such series of substitute notes may as among themselves be pari passu,
senior and subordinate and/or otherwise have varying principal amounts and economic terms, provided, however, that, subject to the effect of any prepayments of the notes of such substitute series after an Event of Default, (i) the weighted
average spread applicable to the substitute series of notes shall not exceed the Spread and (ii) the economics of the Notes (or severed portions thereof) and other terms of the Notes, taken as a whole, shall not be modified by such
fractionalization in a manner which is in any material respect adverse to Issuers (except any increase in the weighted average spread applicable to the substitute notes that may result after prepayments of the Notes have been made after an Event of
Default). Upon the occurrence and during the continuance of an Event of Default, the Note Trustee may apply payment of all sums due on the Notes in such order and priority as a majority of the Noteholders may direct, or, in the absence of such
direction, as the Note Trustee shall elect in its sole and absolute discretion (except that without 
  

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 the prior written consent of each Noteholder that is adversely affected by such application of payments, no such
application of payments shall discriminate in favor of any Note or Noteholder over any other Outstanding Note or the Noteholder of any Outstanding Note). 
  
 2.1.4 Forms Generally. The Notes and the Note Trustee’s certificate of authentication thereon (the “Certificate of
Authentication”) shall be in substantially the forms required by this Article, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon, as may be consistent herewith, determined by an Authorized Officer of the Issuers as evidenced by its execution of such Notes. Any portion of the text of any
Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 
  
 2.1.5 Execution, Authentication, Delivery and Dating. The Notes shall be executed on behalf of each of the Issuers by any of their respective
Authorized Officers and the Certificate of Authentication thereon shall be executed on behalf of the Note Trustee by a Responsible Officer. The signature of any such Authorized Officers on the Notes may be manual or by facsimile and the signature of
any such Responsible Officer on the Certificates of Authentication shall be manual. Each Note shall be dated as of the date of its authentication. A Note bearing the manual or facsimile signature of individuals who were at the time of the execution
of such Note Authorized Officers of the Issuers shall bind the Issuers, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the
date of such Notes. 
  
 2.1.6 Form of the Notes.

  
 (a) Except as otherwise provided in this
Section 2.1.6, the Notes are issuable in physical, definitive, fully registered form without coupons in substantially the form of Exhibit H-1 hereto. In each case the Notes shall bear such applicable legends as are provided for in
Section 2.1.7. The Notes are not issuable in bearer form. The Notes are issued in transactions exempt from the registration requirements of the Securities Act. The Notes are issuable in denominations of not less than $25,000 initial
principal amount and integral multiples of $1,000 in excess thereof except that Notes issued to Institutional Accredited Investors which are not QIBs or to Pass-Through Entities shall be in denominations of not less than $250,000 in initial
principal amount and integral multiples of $1,000 in excess thereof. 
  
 (b) Notes that are to be offered and sold in reliance on Regulation S shall be issued initially in the form of a single temporary Global Note (a “Regulation S Temporary Global Note”) in fully registered form without
interest coupons, substantially in the form of Exhibit H-1-A or H-1-B, as applicable hereto with such applicable legends as are provided for in Section 2.1.7. The Regulation S Temporary Global Note shall be duly executed by
the Issuers and authenticated by the Note Trustee, as provided herein, and shall be registered in the name of the Depositary or its nominee and deposited with the Note Trustee, as Custodian, at its Corporate Trust Office, for credit to the accounts
of the Agent Member then acting for Euroclear or Clearstream, as the case may be, for credit to the respective beneficial owners of such Note in accordance with the rules thereof. On or after the termination of the Regulation S Distribution
Compliance Period, interests in the Regulation S Temporary Global Note will be exchangeable 
  

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 for corresponding interests in an unrestricted Global Note (an “Unrestricted Global Note”) in
definitive, fully registered form without interest coupons, substantially in the form of Exhibit H-1-A or H-1-B, as applicable hereto, and with such applicable legends as are provided for in Section 2.1.7. The aggregate
principal amount of the Regulation S Temporary Global Note and the Unrestricted Global Note may from time to time be increased or decreased by adjustments made on the records of the Note Trustee, as custodian for the Depositary, as hereinafter
provided. 
  
 (c) A holder of a beneficial interest in the
Regulation S Temporary Global Note may arrange to receive distributions on account of such interest through Euroclear or Clearstream only after delivery by such Person to Euroclear or Clearstream, as the case may be, of a written certification (an
“Owner Securities Certification”) substantially in the form of Exhibit H-2 hereto. The delivery by such holder of a beneficial interest in the Regulation S Temporary Global Note of such certification shall constitute an
irrevocable instruction by such holder to Euroclear or Clearstream, as the case may be, to exchange such holder’s beneficial interest in the Regulation S Temporary Global Note for a beneficial interest in the Unrestricted Global Note upon the
expiration of the relevant Regulation S Distribution Compliance Period in accordance with paragraph (d). No distribution shall be paid to any holder of a beneficial interest in the Regulation S Temporary Global Note until the foregoing Owner
Securities Certification has been provided to Euroclear or Clearstream, as the case may be, by such holder and, if Euroclear or Clearstream shall notify the Note Trustee in writing that it has not been provided with such Owner Securities
Certification, the Note Trustee shall instruct the Depositary not to make any distribution to Euroclear or Clearstream, as applicable, in respect of such holder’s interest in the Regulation S Temporary Global Note until an Owner Securities
Certification has been delivered with respect to such interest. 
  
 (d) Upon 
  
 (i) the expiration of the
Regulation S Distribution Compliance Period, 
  
 (ii) receipt by Euroclear or Clearstream, as the case may be, of the certification described in paragraph (c), 
  
 (iii) receipt by the Depositary of 
  
 (A) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Depositary to credit or
cause to be credited to a specified Agent Member’s account a beneficial interest in an Unrestricted Global Note in a principal amount equal to that of the beneficial interest in the Regulation S Temporary Global Note for which the necessary
certificates have been delivered, and 
  
 (B) a
written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member, and the Euroclear or Clearstream account for which such Agent Member’s account is held, to be credited with, and
the account of the Agent Member to be debited for, such beneficial interest, and 
  

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 (iv) receipt by the Note Trustee of notification from the Depositary of the transactions
described in (iii) above, 
  
 the Note Trustee, as Note Registrar, shall
instruct the Depositary to reduce the principal amount of the Regulation S Temporary Global Note and to increase the principal amount of the Unrestricted Global Note, by the principal amount of the beneficial interest in the Regulation S Temporary
Global Note to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Unrestricted Global Note having an principal amount equal to the amount by which the
principal amount of the Regulation S Temporary Global Note was reduced upon such transfer. 
  
 (e) Notes that are to be offered and sold to QIBs in accordance with Rule 144A shall be issued in definitive, fully registered form without interest coupons, substantially in the form of Exhibit H-1-A or
H-1-B, as applicable hereto with such applicable legends as are provided for in Section 2.1.7. The Notes issued to QIBs may be issued in the form of a single Global Note (a “Restricted Global Note”). The
Restricted Global Note shall be duly executed by the Issuers and authenticated by the Note Trustee as provided herein and shall be registered in the name of a nominee of the Depositary and deposited with the Note Trustee, as Custodian, at its
Corporate Trust Office, for credit to the respective accounts of the Depositary’s Agent Members who hold interests in the Restricted Global Note. The aggregate principal amount of the Restricted Global Note may from time to time be increased or
decreased by adjustments made on the records of the Depositary and the Note Trustee, as custodian for the Depositary, and on the schedule attached thereto, as hereinafter provided. 
  
 (f) Notes that are to be offered and sold to Institutional Accredited Investors that are not QIBs, sold in each case to an
Institutional Accredited Investor that has executed and delivered to the Note Registrar a letter substantially in the form of Exhibit H-3 hereto (an “Investment Representation Letter”), shall be issued in definitive, fully
registered form without interest coupons, substantially in the form of Exhibit H-1-B or H-1-A, as applicable hereto, as applicable, with such applicable legends as are provided for in Section 2.1.7. The Notes sold to
Institutional Accredited Investors in accordance with the foregoing sentence (each, a “Definitive Note”) shall not be issued in the form of global notes, provided, however, that Definitive Notes acquired by QIBs in accordance
with Rule 144A or acquired in reliance on Regulation S may be exchanged for interests in Global Notes pursuant to Section 2.1.10(e). Definitive Notes shall be in the form of Exhibit H-1-C or H-1-D, as applicable, duly
executed by the Issuers and authenticated by the Note Trustee as provided herein, and shall be registered in the name of the Institutional Accredited Investor purchasing such Note. 
  
 (g) Notes that are to be offered and sold to Pass-Through Entities, sold in each case to an Pass-Through Entity that has
executed and delivered to the Note Registrar a letter substantially in the form of Exhibit H-4 hereto (an “Investment Representation Letter”), shall be issued as Definitive Notes, with such applicable legends as are provided
for in Section 2.1.7. The Notes sold to Pass-Through Entities in accordance with the foregoing sentence shall not be issued in the form of global notes. Such Definitive Notes shall be in the form of Exhibit H-1-C or H-1-D,
as applicable, duly executed by the Issuers and authenticated by the Note Trustee as provided herein, and shall be registered in the name of the Pass-Through Entity purchasing such Note. 
  

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 (h) To the extent that as of the Closing Date DTC is not yet acting as Depositary for a Global Note
evidencing the A-1 Promissory Notes, such Global Note shall be delivered to the Note Trustee for safekeeping and the Holders of all of the A-1 Promissory Notes shall endeavor to arrange for the acceptance by DTC of its designation as Depositary for
such Global Notes promptly after the Closing Date. In connection therewith, the Issuers and the Note Trustee shall cooperate in all reasonable manners with the Holders. 
  
 (i) On the Closing Date, Definitive Notes evidencing the A-2 Promissory Notes, the A-3 Promissory Notes and the A-4
Promissory Notes and registered in the name requested by the Initial Purchaser shall be delivered to the Initial Purchaser or its designee. In addition, Global Notes evidencing the A-2 Promissory Notes, the A-3 Promissory Notes and the A-4
Promissory Notes shall be delivered to the Initial Purchaser or its designee. Upon the making of a Subsequent Funding, the Holders of all of the A-2 Promissory Notes, A-3 Promissory Notes or A-4 Promissory Notes, as the case may be, related to such
Subsequent Funding shall endeavor to arrange for the acceptance by DTC of its designation as Depositary for such Global Notes on or promptly following the date of such Subsequent Funding and shall deliver such Global Notes to the Note Trustee as
custodian for DTC. In connection therewith, the Issuers and the Note Trustee shall cooperate in all reasonable manners with the applicable Holders. 
  
 2.1.7 Legends. 
  
 (a) Restricted Notes (including Restricted Global Notes) shall bear a legend substantially in the following form: 
  
 THE NOTE EVIDENCED HEREBY HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT REGISTRATION UNDER THE SECURITIES ACT, EXCEPT
(A) (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL ACCREDITED INVESTOR AS DEFINED IN RULE 50l(a)(l), (2), (3) OR (7) OF REGULATION D OR AN ENTITY IN WHICH EACH OF THE EQUITY OWNERS IS AN INSTITUTIONAL ACCREDITED
INVESTOR IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, OR (5) IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, TO A TRUST OR OTHER ENTITY THAT WILL OFFER, 
  

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 SELL OR OTHERWISE TRANSFER INTERESTS IN THIS NOTE ONLY IN TRANSACTIONS AND TO PERSONS OF THE TYPES
SPECIFIED IN CLAUSES (A)(1), (2), (3) OR (4), AND, IN EACH CASE, (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES. 
  
 THIS NOTE WILL NOT BE ACCEPTED FOR REGISTRATION OF TRANSFER UNLESS THE NOTE REGISTRAR IS SATISFIED THAT THE RESTRICTIONS ON
TRANSFER SET FORTH ABOVE HAVE BEEN COMPLIED WITH, ALL AS PROVIDED IN THE INDENTURE. 
  
 (b) So long as DTC is acting (pursuant to Section 2.1.6(h) or Section 2.1.6(i), may act) as Depositary, Global Notes shall bear a legend substantially in the following form: 
  
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN. THIS GLOBAL NOTE MAY NOT BE EXCHANGED, IN WHOLE OR IN PART, FOR A NOTE
REGISTERED IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES SET FORTH IN THE INDENTURE. BENEFICIAL INTERESTS IN THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE INDENTURE.

  
 (c) Regulation S Temporary Global Notes shall bear a legend
substantially in the following form: 
  
 THIS NOTE IS A
REGULATION S TEMPORARY GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN. INTERESTS IN THIS REGULATION S TEMPORARY GLOBAL NOTE MAY NOT BE OFFERED OR SOLD TO A U.S. PERSON OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON PRIOR TO THE
EXPIRATION OF THE REGULATION S DISTRIBUTION COMPLIANCE PERIOD (AS DEFINED IN THE INDENTURE), AND NO TRANSFER OR EXCHANGE OF AN INTEREST IN THIS REGULATION S TEMPORARY GLOBAL NOTE MAY 
  

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 BE MADE FOR AN INTEREST IN A RESTRICTED GLOBAL NOTE OR IN AN UNRESTRICTED GLOBAL NOTE UNTIL AFTER THE
DATE ON WHICH THE OWNER SECURITIES CERTIFICATION RELATING TO SUCH INTEREST HAVE BEEN DELIVERED IN ACCORDANCE WITH THE TERMS OF THE INDENTURE, TO THE EFFECT THAT THE BENEFICIAL OWNER OR OWNERS OF SUCH INTEREST ARE NOT U.S. PERSONS AND, IN THE CASE
FOR AN INTEREST IN AN UNRESTRICTED GLOBAL NOTE, UNTIL THE DATE OF TERMINATION OF THE REGULATION S DISTRIBUTION COMPLIANCE PERIOD, IF LATER. 
  
 (d) Definitive Notes sold to Institutional Accredited Investors that are not QIBs, in addition to the legend set forth in Section 2.1.7(a),
will also bear a legend substantially in the following form: 
  
 THIS NOTE WILL NOT BE ACCEPTED IN EXCHANGE FOR A BENEFICIAL INTEREST IN A GLOBAL NOTE UNLESS THE HOLDER OF THIS NOTE, SUBSEQUENT TO SUCH EXCHANGE, WILL HOLD A MINIMUM AGGREGATE BENEFICIAL INTEREST IN SUCH GLOBAL NOTE OF AT LEAST TWO HUNDRED
FIFTY THOUSAND DOLLARS ($250,000). 
  
 2.1.8 Transfer of
Notes. 
  
 The Notes are issued in transactions exempt from
the registration requirements of the Securities Act, and no Note (nor any interest therein) shall be assigned or transferred except in a transaction exempt from registration under the Securities Act. During the period beginning on the Closing Date
and ending on the date two years from the Closing Date, all Notes offered and sold to QIBs in reliance on Rule 144A, all Notes offered and sold to Institutional Accredited Investors that are not QIBs and all Notes offered and sold to Pass-Through
Entities shall be deemed “Restricted Notes” and shall bear on their face, and be subject to the restrictions on transfer provided in, the legend set forth in Section 2.1.7(a); provided, however, that the term
“Restricted Notes” shall not include Notes as to which restrictions have terminated in accordance with Section 2.1.10(c). 
  
 2.1.9 Global Notes. 
  
 (a) (i) Any Note issued in exchange for a Global Note or any portion thereof shall be a Global Note, provided, however, that any such Note so
issued that is registered in the name of a Person other than the Depositary or a nominee thereof shall not be a Global Note. Notwithstanding any other provision of this Indenture, a Global Note shall not be exchanged in whole or in part for a Note
registered in the name of any Person other than the Depositary or one or more nominees thereof, unless (1) the Depositary (A) notifies the Issuers that it is unwilling or unable to continue as Depositary for such Global Note or
(B) ceases to be a clearing agency registered under the Exchange Act, and in either case the Issuers fail to appoint a successor depositary (as described below) or (2) there shall have occurred and be continuing an Event of Default. Any
Global Note exchanged pursuant to clause (1) above shall be so exchanged from time to time in whole and not in part and any Global Note exchanged pursuant to clause (2) above may be exchanged from time to time in whole or in part as
directed by the Depositary. 
  

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 (ii) The Issuers hereby designate DTC as the Depositary with respect to the Global Notes. If at any time
DTC notifies the Issuers that it is unwilling or unable to continue as Depositary for the Global Notes or to accept its appointment as Depositary or if at any time DTC has ceased to be a clearing agency registered under the Exchange Act if so
required by applicable law or regulation, the Issuers shall be entitled to appoint a successor depositary with respect to each Global Note and provide notice to the Note Trustee of such appointment. If (x) a successor depositary for such Global
Note is not appointed by the Issuers within 90 days after the Issuers receive such notice or become aware of such unwillingness, inability or ineligibility, (y) an Event of Default has occurred and is continuing and the beneficial owners
representing a majority in principal amount of the Notes represented by such Global Note advise DTC, with a copy to the Note Trustee and the Issuers, to cease acting as depositary for such Global Note or (z) the Issuers, in their sole
discretion, determine at any time that all (but not less than all) Outstanding Notes issued or issuable in the form of a Global Note shall no longer be represented by such Global Note and advise the Note Trustee and DTC of such determination, then
the Issuers shall execute, and the Note Trustee shall authenticate and deliver, Notes in definitive form in an aggregate principal amount equal to the principal amount of such Global Notes. On or after the earliest date on which such interests may
be so exchanged as described above, each Global Note shall be surrendered for exchange by DTC to the Note Trustee; provided, however, that such exchange is subject to the terms of Section 2.1.10(b) herein, 
  
 (b) Notes issued in exchange for a Global Note or any portion thereof shall
be issued in definitive, fully registered form, shall have an aggregate principal amount equal to that of such Global Note or portion thereof to be so exchanged, shall be registered in such names and be in such authorized denominations as the
Depositary shall designate and shall bear the applicable legends provided for herein. Any Global Note to be exchanged in whole shall be surrendered by the Depositary to the Note Trustee at the Corporate Trust Office to be so exchanged. With regard
to any Global Note to be exchanged in part, either such Global Note shall be so surrendered or exchanged or, if the Note Trustee is acting as Custodian for the Depositary or its nominee with respect to such Global Note, the principal amount thereof
shall be reduced, by an amount equal to the portion thereof to be so exchanged, by means of an appropriate adjustment made on the records of the Depositary and the Note Trustee and on the schedule attached thereto. Upon any such surrender or
adjustment, the Note Trustee shall authenticate and deliver the Note issuable on such exchange to or upon the order of the Depositary or an authorized representative thereof. Any Note delivered in exchange for the Global Note or any portion thereof
shall, except as otherwise provided by Section 2.1.10, bear the legend regarding transfer restrictions required by Section 2.1.7. 
  
 (c) Subject to the provisions in the legends required by Section 2.1.7, a registered Holder may grant proxies and otherwise authorize any
Person, including any Agent Member and any Person who may hold an interest in an Agent Member, to take any action that such Holder is entitled to take under this Indenture. 
  

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 (d) In the event of the occurrence of any of the events specified in paragraph (a) of this
Section 2.1.9, the Issuers will promptly make available to the Note Trustee a reasonable supply of certificated Notes in definitive, fully registered form. 
  
 (e) Neither members of, or participants in, the Depositary (“Agent Members”) nor any other Person on whose
behalf Agent Members may act shall have any rights under this Indenture with respect to any Global Note held on its or their behalf by the Depositary or under any such Global Note, and the Depositary may be treated by the Issuers, the Note Trustee
and any agent of the Issuers or the Note Trustee (including, without limitation, the Servicer) as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuers, the Note
Trustee or any agent of the Issuers or the Note Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary
practices governing the exercise of the rights of a Holder of any Note. With respect to any Global Note deposited on behalf of the subscribers for the Notes represented thereby with the Note Trustee as custodian for the Depositary for credit to
their respective accounts (or to such other accounts as they may direct) at Euroclear or Clearstream, the provisions of the “Operating Procedures of the Euroclear System” and the “Terms and Conditions Governing Use of Euroclear”
and the applicable rules and procedures of Clearstream, respectively, shall be applicable to Global Notes. 
  
 2.1.10 Transfer and Exchange. 
  
 (a) General. At the option of each Holder but subject to the provisions of this Section 2.1.10, Notes may be exchanged for other Notes
of like Class, of any authorized denomination or denominations and of the same aggregate principal amount, upon surrender of the Notes to be exchanged at Corporate Trust Office. Subject to the terms of this Section 2.1.10, upon surrender
for registration of transfer of any Note at the Corporate Trust Office, the Issuers shall prepare and the Issuers shall execute, and the Note Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or
more new Notes of any authorized denomination or denominations and of the same aggregate principal amount. The Note Trustee will, throughout the term of this Indenture, retain in its permanent records executed originals of all retired Notes
delivered to it in connection with any exchanges or replacements hereunder. 
  
 All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuers evidencing the same debt, and entitled to the same benefits under this Indenture and the other
transaction documents as the Notes surrendered upon such registration of transfer or exchange. 
  
 Every Note presented or surrendered for registration of transfer or for exchange shall (if so required by the Issuers or the Note Registrar) be duly endorsed, or be accompanied by a written instrument of transfer in
form satisfactory to the Issuers and the Note Registrar (it being understood that, until notice to the contrary is given to Holders of Notes, the Issuers and the Note Registrar shall each be deemed to have approved the form of instrument of
transfer, if any, printed on any definitive Note), duly executed by the Holder or such Holder’s attorney duly authorized in writing. 
  

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 No service charge shall be made for any registration, registration of transfer or exchange of Notes, but
the Issuers and the Note Trustee shall have the right to require payment from the Holder requesting any such registration of transfer or exchange of an amount in United States Dollars sufficient to pay or discharge any stamp duty, tax or other
governmental charge or insurance charge that may be imposed in connection with such registration of transfer or exchange. 
  
 Neither the Issuers nor the Note Trustee shall be required to register the transfer of, or exchange, any Note as to which a Prepayment Notice has been
given by the Issuers. 
  
 (b) Prepayment Period. Neither
the Issuers nor the Note Trustee shall issue Notes, register the transfer of Notes or exchange Notes during a period beginning at the opening of business fifteen (15) Business Days prior to any proposed Prepayment Date and ending on the
relevant Prepayment Date if the Note for which exchange is requested may be among those selected for prepayment. 
  
 (c) Notes. Every Note, including any Note issued upon transfer or exchange thereof, shall be subject to the restrictions on transfer provided in
the legend required to be set forth on the face of such Note pursuant to Section 2.1.7, and the Holder of each Note, by such Holder’s acceptance thereof, agrees to be bound by such restrictions on transfer. In addition, whenever any
Definitive Note is presented or surrendered for registration of transfer or for exchange for a Note registered in a name other than that of the Holder, such Note must be accompanied by a transferor’s certificate in substantially the form set
forth in Exhibit H-3 or Exhibit H-4, as applicable. The Note Trustee and the Note Registrar are entitled to conclusively rely upon such transferor certification and are under no duty to confirm the representations contained therein.
The Note Trustee and the Note Registrar shall not be required to accept for such registration of transfer or exchange any Note unless the Note Registrar and the Note Trustee are satisfied that such transfer or exchange is being effected in
compliance with the restrictions on transfer as set forth in this Indenture and in such Notes. 
  
 In the case of Restricted Notes, the restrictions imposed by this Section 2.1.10(c) and Sections 2.1.6 and Section 2.1.7 upon the transferability of any particular Restricted Note shall
cease and terminate when such Restricted Note has been (i) sold pursuant to an effective registration statement, (ii) transferred pursuant to Rule 144 (or any successor provision thereto), unless the transferor in such transfer is an
affiliate of any Issuer within the meaning of Rule 144 (or such successor provision), or (iii) transferred pursuant to Regulation S. Any Restricted Note as to which such restrictions on transfer shall have expired in accordance with their
terms or shall have terminated may, upon surrender of such Restricted Note for exchange to the Registrar in accordance with the provisions of this Section 2.1.10 (accompanied, in the event that such restrictions on transfer have
terminated by reason of a transfer pursuant to Rule 144 or any successor provision, by an opinion of counsel having substantial experience in practice under the Securities Act and otherwise reasonably acceptable to the Issuers, addressed to the
Issuers and in form acceptable to the Issuers, to the effect that the transfer of such Restricted Note has been made in compliance with Rule 144 or such successor provision) be exchanged for a new Note or Notes, of like aggregate principal amount,
which shall not bear the restrictive legend required by Section 2.1.7. The Note Trustee shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the aforementioned opinion of counsel and the
Issuers shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the aforementioned opinion of counsel. 
  

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 (d) Transfer of Global Notes and Interests Therein. Notwithstanding any other provision of this
Indenture or the Notes, transfers of a Global Note, in whole or in part, and transfers of interests therein of the kind described in clauses (iii), (iv) or (v) below, shall be made only in accordance with this
Section 2.1.10(d), and all transfers of an interest in a Regulation S Temporary Global Note shall comply with Sections 2.1.10(d)(ii), (v) and (vi) below. 
  
 (i) General. A Global Note may not be transferred, in
whole or in part, to any Person other than the Depositary or a nominee thereof, and no such transfer to any such other Person may be registered; provided, however, that this clause (i) shall not prohibit any transfer of a Note
that is issued in exchange for a Global Note but is not itself a Global Note. No transfer of a Note to any Person shall be effective under this Indenture or the Notes unless and until such Note has been registered in the name of such Person. Nothing
in this Section 2.1.10(d)(i) shall prohibit or render ineffective any transfer of a beneficial interest in a Global Note effected in accordance with the other provisions of this Section 2.1.10(d). 
  
 (ii) Regulation S Temporary Global Note. If the
holder of a beneficial interest in a Regulation S Temporary Global Note wishes at any time to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in such Regulation S Temporary Global
Note of like Class, such transfer may be effected, subject to Applicable Procedures, only in accordance with this Section 2.1.10(d)(ii). Upon delivery (i) by a beneficial owner of an interest in a Regulation S Temporary Global
Note to Euroclear or Clearstream, as the case may be, of an Owner Securities Certification, (ii) by the proposed transferee of such beneficial interest in the Regulation S Temporary Global Note to Euroclear or Clearstream, as the case may
be, of a written certification (a “Transferee Securities Certification”) substantially in the form of Exhibit H-5 hereto, the Note Trustee may direct either Euroclear or Clearstream, as the case may be, to reflect on its records the
transfer of a beneficial interest in the Regulation S Temporary Global Note from the beneficial owner providing the Owner Securities Certification to the Person providing the Transferee Securities Certification. 
  
 (iii) Restricted Global Note to Regulation S
Temporary Global Note. If the holder of a beneficial interest in a Restricted Global Note wishes at any time to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Regulation S
Temporary Global Note of like Class, such transfer may be effected, subject to the rules and procedures of the Depositary, Euroclear or Clearstream and the Agent Member who acts on behalf of Euroclear and Clearstream, in each case to the extent
applicable (the “Applicable Procedures”), only in accordance with the provisions of this Section 2.1.10(d)(iii). Upon receipt by (1) the Depositary of (A) written instructions given in accordance with the
Applicable Procedures from an Agent Member directing the Depositary to credit or cause to be credited to a specified Agent Member’s account a beneficial interest in a Regulation S Temporary Global Note in a principal amount equal to that
of the beneficial interest in such Restricted Global Note to 
  

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 be transferred, (B) a written order from the Agent Member and/or Euroclear or Clearstream, as
applicable, given in accordance with the Applicable Procedures containing information regarding the Euroclear or Clearstream account, as the case may be, to be credited with, and the account of the Agent Member to be debited for, such beneficial
interest and (C) a certificate in substantially the form of Exhibit H-6 attached hereto given by the transferor of such beneficial interest in the Restricted Global Note and (2) the Note Trustee, as Note Registrar, at its Corporate
Trust Office of (A) notification from the Depositary of the transaction described in (1) above and (B) the certificate described in (1)(C) above, then the Note Trustee, as Note Registrar, shall instruct the Depositary to reduce
the principal amount of a Restricted Global Note, and to increase the principal amount of a Regulation S Temporary Global Note by the principal amount of the beneficial interest in the Restricted Global Note to be so transferred, and to credit
or cause to be credited to the account of the Person specified in such instructions (which shall be the Agent Member for Euroclear and/or Clearstream or both, as the case may be) a beneficial interest in such Regulation S Temporary Global Note
having a principal amount equal to the amount by which the principal amount of the Restricted Global Note was reduced upon such transfer. 
  
 (iv) Restricted Global Note to Unrestricted Global Note. If the holder of a beneficial interest in a Restricted Global Note wishes
at any time to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note of like Class, such transfer may be effected, subject to the Applicable Procedures, only in
accordance with this Section 2.1.10(d)(iv). Upon receipt by (1) the Depositary of (A) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Depositary to credit or cause to be
credited to a specified Agent Member’s account a beneficial interest in an Unrestricted Global Note in a principal amount equal to that of the beneficial interest in such Restricted Global Note to be so transferred, (B) a written order
given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member (and, in the case of any such transfer pursuant to Regulation S, the Euroclear or Clearstream account for which such Agent
Member’s account is held) to be credited with, and the account of the Agent Member to be debited for, such beneficial interest and (C) a certificate in substantially the form of Exhibit H-7 attached hereto given by the holder of
such beneficial interest to be transferred and (2) the Note Trustee, as Note Registrar, at its Corporate Trust Office of (A) notification from the Depositary of the transaction described in (1) above and (B) the certificate
described in (1)(C) above, the Note Trustee, as Note Registrar, shall instruct the Depositary to reduce the principal amount of a Restricted Global Note, and to increase the principal amount of an Unrestricted Global Note by the principal
amount of the beneficial interest in the Restricted Global Note to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in such Unrestricted Global Note having a
principal amount equal to the amount by which the principal amount of the Restricted Global Note was reduced upon such transfer. 
  
 (v) Regulation S Temporary Global Note or Unrestricted Global Note to Restricted Global Note. If the holder of a beneficial
interest in a Regulation S Temporary Global Note, or the holder of a beneficial interest in an Unrestricted Global 
  

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 Note at any time, wishes to transfer such interest to a Person who wishes to take delivery thereof in the
form of a beneficial interest in a Restricted Global Note of like Class, such transfer may be effected only in accordance with the Applicable Procedures and this Section 2.1.10(d)(v); provided, that with respect to any transfer of
a beneficial interest in a Regulation S Temporary Global Note (except a transfer pursuant to Section 2.1.10(d)(vii)(2)) the transferor and Euroclear or Clearstream, as the case may be, also must have previously delivered the
certificates described in the first paragraph of Section 2.1.6(c) with respect to such beneficial interest. Upon receipt by (1) the Depositary of (A) written instructions given in accordance with the Applicable Procedures from
an Agent Member, directing the Depositary to credit or cause to be credited to a specified Agent Member’s account a beneficial interest in the Restricted Global Note equal to that of the beneficial interest in a Regulation S Temporary
Global Note or an Unrestricted Global Note to be so transferred and (B) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member to be credited with, and the account of
the Agent Member (and, if such account is held for Euroclear or Clearstream, the Euroclear or Clearstream account, as the case may be) to be debited for, such beneficial interest, and (2) the Note Trustee, as Note Registrar, at its Corporate
Trust Office of notification from the Depositary of the transaction described in (1) above, the Note Trustee, as Note Registrar, shall instruct the Depositary to reduce the principal amount of such Regulation S Temporary Global Note or
Unrestricted Global Note as the case may be and increase the principal amount of the Restricted Global Note, by the principal amount of the beneficial interest in such Regulation S Temporary Global Note or Unrestricted Global Note to be so
transferred, and to credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in such Restricted Global Note having a principal amount equal to the amount by which the principal amount of such
Regulation S Temporary Global Note or Unrestricted Global Note was reduced upon such transfer. 
  
 (vi) Interests in Regulation S Temporary Global Note to be Held Though Euroclear or Clearstream. Until the later of the
termination of the Regulation S Distribution Compliance Period and the delivery of the certifications required by Section 2.6(c), (A) interests in any Regulation S Temporary Global Note may be held only through Agent
Members acting for and on behalf of Euroclear and Clearstream, and (B) any purchaser of Notes in a sale made in reliance on Regulation S may not sell or offer to sell such Notes within the United States or to a U.S. Person or for the
account or benefit of a U.S. Person within the meaning of Regulation S, except to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note or in the form of a Definitive Note. 
  
 (vii) Other Exchanges. (1) In the event that a
Global Note or any portion thereof is exchanged for Notes other than Global Notes, such other Notes may in turn be exchanged (on transfer or otherwise) for Notes that are not Global Notes or for beneficial interests in a Global Note only in
accordance with such procedures, which shall be substantially consistent with the provisions of clauses (i) through (vi) above (including the certification requirements intended to insure that transfers of beneficial interests in a Global
Note comply with Rule 144A, Rule 144 or Regulation S, as the case may be) and any Applicable Procedures, as may be from time to time adopted by the 
  

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 Issuers and the Note Trustee; provided that, except as permitted in Section 2.6(c) or
in paragraph (2) hereof, no beneficial interest in a Regulation S Temporary Global Note shall be exchangeable for a definitive Note until the expiration of the Regulation S Distribution Compliance Period and then only if the
certifications described in Section 2.6(c) have been provided in respect of such interest. 
 (2) Notwithstanding
any other provision of this Section 2.1.10, any Initial Purchaser may exchange beneficial interests in a Regulation S Temporary Global Note held by it for one or more Restricted Notes of like Class (including an interest in a
Restricted Global Note) upon delivery by such Initial Purchaser of instructions for such exchange substantially in the form of Exhibit H-8. Upon receipt of the instruction described in the preceding sentence, the Note Trustee shall instruct
the Depositary to reduce the principal amount of a Regulation S Temporary Global Note by the principal amount of the beneficial interest in such Regulation S Temporary Global Note to be so transferred and either (A) the Note Trustee
shall instruct the Depositary to increase the principal amount of the Restricted Global Note and credit or cause to be credited to the account of such Initial Purchaser a beneficial interest in such Restricted Global Note having a principal amount
equal to the amount by which the principal amount of the Regulation S Temporary Global Note was reduced upon such transfer or (B) authenticate and deliver one or more Restricted Notes in definitive form and in the aggregate principal
amount of the beneficial interest in the Regulation S Temporary Global Note to be so transferred, pursuant to the instructions described in the first sentence of this paragraph. 
 (e) Transfer of Restricted Notes (Other Than a Restricted Global Note) to a Global Note. If the Holder of a Restricted Note (other than a
Restricted Global Note) wishes at any time to transfer such Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Restricted Global Note of like Class, a Regulation S Temporary Global Note or an
Unrestricted Global Note, such transfer may be effected, subject to the other provisions of this Indenture and the Applicable Procedures, only in accordance with this Section 2.1.10(e). Upon receipt by (1) the Depositary of
(A) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Depositary to credit or cause to be credited to a specified Agent Member’s account a beneficial interest in a Restricted Global
Note, a Regulation S Temporary Global Note or an Unrestricted Global Note, as the case may be, in a principal amount equal to the principal amount of the Restricted Note to be so transferred, (B) a written order given in accordance with
the Applicable Procedures containing information regarding the account of the Agent Member (and, in the case of any transfer pursuant to Regulation S, the Euroclear and Clearstream account for which such Agent Member’s account is held, or if
such account is held for Euroclear or Clearstream, the Euroclear or Clearstream account, as the case may be) to be credited with such beneficial interest and (C) an appropriately completed certificate substantially in the form of Exhibit
H-5 hereto and (2) the Note Trustee of (A) the Restricted Note to be transferred, (B) notification from the Depositary of the transaction described in (1) above and (C) the certificate described in (l)(C) above, the Note
Trustee shall cancel the Restricted Note and instruct the Depositary to increase the principal amount of a Restricted Global Note, Regulation S Temporary Global Note or Unrestricted Global Note, as the case may be, by the principal amount of
the Restricted Note so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which, in the case of any increase in the principal amount of such Regulation S Temporary 
  

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 Global Note, shall be the Agent Member for Euroclear or Clearstream or both, as the case may be) a corresponding
principal amount of such Restricted Global Note, such Regulation S Temporary Global Note or such Unrestricted Global Note. Any transfer of a Restricted Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in
a Global Note other than a Restricted Global Note may only be effected in accordance with Regulation S or Rule 144. 
 (f)
Notwithstanding any other provision of this Indenture or the Notes, each purchaser or transferee of a Note will be deemed to have represented and agreed that on each day it holds such Note that (A) it is not itself, and is not acquiring such
Note with “plan assets” of, an employee benefit or other plan subject to Title I of the Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as amended (each, a
“Plan”), or an entity whose underlying assets include “plan assets” by reason of any Plan’s investment in the entity or (B) the use of such assets will not give rise to, or result in, a non-exempt prohibited
transaction under Title I of ERISA or Section 4975 of the Code by reason of the application of one or more administrative or statutory exemptions from such prohibited transaction provisions. 
 (g) Successive registrations and registrations of transfers and exchanges as aforesaid may be made from time to time as desired, and each such
registration shall be noted on the Register. 
 2.1.11 Mutilated, Destroyed, Lost and Stolen Notes. 
 If any mutilated Note is surrendered to the Note Trustee, the Issuers shall execute, and the Note Trustee shall authenticate and deliver in exchange
therefor, a new Note (a “New Note”) of like Class and tenor and principal amount and bearing a number not contemporaneously outstanding. Each New Note issued pursuant to this Section 2.1.11 in exchange for, in
substitution for, or in lieu of a Predecessor Note shall be dated the date of, and be in the form of, such Predecessor Note. 
 If there
shall be delivered to the Issuers and the Note Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Note and (ii) such security or indemnity as may be required by each of them to save each of them and any
agent of either of them harmless, then, in the absence of notice to the Issuers or the Note Trustee that such Note has been acquired by a bona fide purchaser, the Issuers shall execute and upon its request the Note Trustee shall authenticate
and deliver, in lieu of any such destroyed, lost or stolen Note, a New Note of like Class and tenor and principal amount and bearing a number not contemporaneously outstanding. In every case of mutilation or defacement, the applicant shall surrender
to the Note Trustee the Note so mutilated or defaced. Upon the issuance of any substitute Note, the Issuers may require the payment by the applicant of a sum sufficient to cover any stamp duty, tax or other governmental charge or insurance charge
that may be imposed or incurred in relation thereto and any other expenses connected therewith. 
 Every New Note issued pursuant to this
Section 2.1.11 in lieu of any destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuers evidencing the same debt as the Predecessor Note, whether or not the destroyed, lost or stolen

  

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 Note shall be at any time enforceable by anyone having rights in such New Note thereunder and hereunder, and any such New
Note shall be entitled to all the benefits of this Indenture and of the other Transaction Documents to the same extent as such Predecessor Note. 
  
 All Notes shall be held and owned upon the express condition that, to the extent permitted by law, the foregoing provisions are exclusive with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Notes and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes or negotiable
instruments without their surrender. 
  
 Section 2.2.
Interest. 
  
 2.2.1 Generally. Interest on the
Notes shall accrue at the Applicable Interest Rate and shall be calculated on the basis of a 360-day year and charged for the actual number of days elapsed in the Interest Accrual Period in question; provided, however, that, after any
Securitization, interest on the Notes referenced in Section 2.1.3(c) shall accrue at a rate described in such Notes which rate shall be consistent, and determined in accordance, with the provisions of such Section. 
  
 2.2.2 Determination of Interest Rate. 
  
 (a) The rate or rates at which the Outstanding Principal Amount of the Notes
bears interest from time to time shall be referred to as the “Applicable Interest Rate”. The Applicable Interest Rate with respect to the Notes shall be LIBOR plus the applicable Spread with respect to each applicable Interest
Accrual Period. 
  
 (b) Interest shall be charged and payable on
the outstanding principal amount of the Notes at a rate per annum equal to the Applicable Interest Rate, but in no event to exceed the maximum rate permitted under applicable law. Subject to the terms and conditions of this
Section 2.2.2, Issuers shall pay interest on the outstanding principal amount of the Notes at the Applicable Interest Rate for the applicable Interest Accrual Period. Each determination by Note Trustee of the Applicable Interest Rate
shall be conclusive and binding for all purposes, absent manifest error. Issuers hereby agree that at any time prior to a Securitization and provided that there is no material adverse economic impact on Issuers, Initial Purchaser as the Noteholder,
may change the Interest Accrual Period upon ten (10) days prior written notice to Issuers. 
  
 (c) If, at any time prior to the completion of the first Securitization of the Notes, as a result of any Regulatory Change: 
  
 (i) the basis of taxation of payments to the Noteholders of
the principal of or interest on the Notes is changed or the Noteholders or the Note Trustee or the Person controlling any of them shall be subject to any tax, duty, charge or withholding (including without limitation any withholding or similar tax
imposed by Mexico) of any kind with respect to this Indenture (excluding federal taxation of the overall net income of the Noteholders); or 
  
 (ii) any reserve, special deposit or similar requirements (other than such requirements as are taken into account in determining LIBOR)
relating to any 
  

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 extensions of credit or other assets of, or any deposits with or other liabilities of the Noteholders or
the Note Trustee is imposed, modified or deemed applicable to the Noteholders or the Note Trustee; or 
  
 (iii) any other condition affecting the Notes are imposed on the Noteholders or the Note Trustee; 
  
 and the Noteholders or any Person controlling the Noteholders reasonably determines that, by
reason thereof, the cost to the Noteholders or any Person controlling the Noteholders of maintaining or extending the Notes is increased, or any amount receivable by the Noteholders or any Person controlling the Note Noteholders hereunder in respect
of any portion of the Notes are reduced, in each case by an amount deemed by the Noteholders to be material (such increases in cost and reductions in amounts receivable being herein called “Increased Costs”), then Issuers shall pay
to the Noteholders such additional amount or amounts as will compensate the Noteholders or any Person controlling the Noteholders for such Increased Costs to the extent the Noteholders reasonably determines that such Increased Costs are allocable to
the Notes. The Noteholders will notify Issuers of any event occurring after the date hereof which will entitle the Noteholders to compensation pursuant to this Section (c) as promptly as practicable after it obtains knowledge thereof and
determines to request such compensation; provided, however, that, if the Noteholders fail to deliver a notice within 180 days after the date on which an officer of the Noteholders responsible for overseeing the Notes knows or has
reason to know of its right to additional compensation under this Section 2.2.2(c), the Noteholders shall only be entitled to additional compensation for any such Increased Costs incurred from and after the date that is 180 days prior to
the date Issuers received such notice. If the Noteholders request compensation under this Section 2.2.2(c), Issuers may, by notice to the Noteholders, require that (i) the Noteholders furnish to Issuers a reasonably detailed
statement setting forth the basis for requesting such compensation and the method for determining the amount thereof; and/or (ii) the interest rate on the Notes be converted from the then applicable rate to the Prime Rate plus the Spread.

  
 (d) (i) At all times for all amounts payable that accrue
during periods prior to the first Securitization of the Notes and at all times solely with respect to U.S./Mexico Taxes imposed by Mexico, Issuers shall, to the extent permitted by law, make all payments hereunder free and clear of and without
deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, or any liabilities with respect thereto, including those arising after the date hereof as a result of the adoption of or any change in law,
treaty, rule, regulation, guideline or determination of a Governmental Authority or any change in the interpretation or application thereof by a Governmental Authority but excluding, in the case of a Noteholder, such taxes (including income taxes,
franchise taxes and branch profit taxes) as are imposed on or measured by a Noteholder’s net income by the United States of America, Mexico or any Governmental Authority of the jurisdiction under the laws of which such Noteholder is organized
or maintains a lending office (all such non-excluded taxes, levies, imposts, deduction, charges, withholdings and liabilities with respect thereto which a Noteholder determines to be applicable to this Indenture, the other Transaction Documents and
the Notes being hereinafter referred to as “U.S./Mexico Taxes”). If, at any time prior to the first Securitization of the Notes and at all times solely with respect to U.S./Mexico Taxes imposed by Mexico, the Issuers shall be
required by law to deduct any U.S./Mexico Taxes from or in respect of any sum payable 
  

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 hereunder or under any other Transaction Document to a Noteholder, (A) the sum payable shall be increased as may be
necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.2.2(d)) the Noteholders receive an amount equal to the sum it would have received had no such
deductions been made, (B) the Issuers shall make such deductions, and (C) the Issuers shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. If a withholding tax of the United States of
America or any other Governmental Authority shall be or become applicable after the date of this Indenture, to such payments by the Issuers made to the lending office or any other office, the applicable Noteholder shall use reasonable efforts to
make and maintain its lending office in another jurisdiction so as to reduce the Issuers’ liability hereunder, if the making, funding or maintenance of such other lending office does not, in the judgment of such Noteholder, otherwise adversely
affect the Notes or such Noteholder. 
 (ii) In addition, for all amounts payable that accrue during periods prior to the
first Securitization of the Notes, each Issuer agrees to pay any present or future stamp or documentary taxes or other excise or property taxes, charges, or similar levies which arise from any payment made hereunder, or from the execution, delivery
or registration of, or otherwise with respect to, this Indenture, the other Transaction Documents, or the Notes (hereinafter referred to as “Other Taxes”). 
 (iii) The Issuers shall indemnify the Noteholders and the Note Trustee for all periods prior to the first Securitization of the Notes and
solely with respect to U.S./Mexico Taxes imposed by Mexico for all periods during which the Notes are outstanding and for any U.S./Mexico Taxes imposed on any accrued interest paid in connection with a foreclosure or delivery of a deed-in-lieu of
foreclosure for the full amount of U.S./Mexico Taxes and Other Taxes (including any U.S./Mexico Taxes or Other Taxes imposed by any Governmental Authority on amounts payable under this Section 2.2.2(d)) paid by Note Trustee or any
Noteholder and any liability (including penalties, interest, additions thereto, and expenses) arising therefrom or with respect thereto, whether or not such U.S./Mexico Taxes or Other Taxes were correctly or legally asserted. This indemnification
shall be made within thirty (30) days after the date Note Trustee or a Noteholder makes written demand therefore. 
 (iv)
Without prejudice to the survival of any other agreement of the Issuers and Note Trustee hereunder, the agreements and obligations of the Issuers contained in Section 2.2.2(c) and this Section 2.2.2(d)) shall survive the
payment in full of principal and interest hereunder, and the termination of this Indenture. 
 (v) Prior to the first
Securitization of the Notes, if a Noteholder is a foreign person (i.e., a person other than a United States person for United States federal income tax purposes), such Noteholder shall: 
 (1) not later than the Closing Date (or, in the case of a successor or assign of the Initial Purchaser, the date such successor or assign
becomes a successor or assign) deliver to Issuers one accurate and complete signed original of Internal Revenue Service Form W-8 ECI or any successor form (“Form W-8 ECI”), or one accurate and complete 
  

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 signed original of Internal Revenue Service Form W-8 BEN or any successor form (“Form W-8
BEN”), as appropriate, in each case indicating that the applicable Noteholder is on the date of delivery thereof entitled to receive payments of principal, interest and fees under this Indenture free from withholding of United States
federal income tax; 
 (2) if at any time it makes any changes necessitating a new Form W-8 ECI or Form W-8 BEN, with
reasonable promptness deliver to Issuers in replacement for, or in addition to, the forms previously delivered by it hereunder, one accurate and complete signed original of Form W-8 ECI or Form W-8 BEN, as appropriate, in each case indicating that
it is on the date of delivery thereof entitled to receive payments of principal, interest and fees under this Indenture free from withholding of United States federal income tax; and 
 (3) promptly upon Issuers’ reasonable request to that effect, deliver to Issuers such other forms or similar documentation as may be
required from time to time by applicable law, treaty, rule or regulation in order to establish its tax status for United States federal tax withholding purposes. 
 (vi) Issuers will not be required to pay any additional amounts in respect of United States federal income tax pursuant to this
Section 2.2.2(d) to the Noteholders if the obligation to pay such additional amounts would not have arisen but for a failure by such Noteholder to comply with its obligations under Section 2.2.2(d)(v) above. 
 (e) Without limiting the effect of Section (c) or (d) above, prior to the first Securitization of the Notes, in the event that,
(i) by reason of any Regulatory Change, Note Trustee or any Noteholder incurs Increased Costs based on or measured by the excess above a specified level of the amount of a category of deposits or other liabilities of Note Trustee or the
Noteholders, which includes deposits by reference to which LIBOR is determined, (ii) Note Trustee or any Noteholder shall have determined in good faith after reasonable investigation that U.S. dollar deposits in the principal amount of the
Notes are not generally available in the London interbank market, (iii) reasonable means do not exist for ascertaining the Applicable Interest Rate, (iv) Note Trustee or any Noteholder ascertains that LIBOR determined or to be determined
for any Interest Accrual Period will not adequately and fairly reflect the cost to Note Trustee and the Noteholder of purchasing and holding the Notes during such Interest Accrual Period, or (v) maintenance of any portions of the Notes at LIBOR
at any suitable lending office would violate any applicable law, rule, regulation or directive, whether or not having the force of law, then, if Note Trustee or the Noteholder so elects by notice to Issuers, the interest rate applicable to the then
outstanding principal balance of the Notes shall be converted to the Prime Rate plus the Spread. 
 (f) Note Trustee and the Noteholders
shall use reasonable good faith efforts to avoid or mitigate any increased cost, reduced receivable or suspension of the availability of LIBOR under Sections 2.2.2(c), (d) or (e) to the greatest extent practicable (including

  

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 transferring the obligations under this Indenture to another lending office or Affiliate of Note Trustee or the
Noteholder, as applicable, and reasonably assisting Issuers’ recovery of any tax payment made by it) unless, in the opinion of Note Trustee or the Noteholder, as applicable, such efforts would be likely to have any material adverse effect upon
the Note Trustee or the Noteholders. 
  
 (g) In the event that
Note Trustee or the Noteholders makes a request to the Issuers for compensation in accordance with Section 2.2.2(c), (d) or (e), then, provided that no Event of Default has occurred and is continuing at such time, the
Issuers may at their option, request that the applicable Noteholder use its reasonable efforts (consistent with legal and regulatory restrictions) to avoid the need for paying such compensation or such inability, including changing the jurisdiction
of its applicable lender office; provided, however, that the taking of such action would not, in the sole judgment of the applicable Noteholder, be disadvantageous to the Note Trustee or the Noteholders. 
  
 2.2.3 Default Rate. If an Event of Default shall have occurred and is
continuing (including the failure of Issuers to make a payment of principal or interest on the Payment Date therefor), Issuers shall pay interest at the Default Rate on the outstanding amount of the Notes and due but unpaid interest thereon, upon
demand from time to time (which interest is payable both before and after Note Trustee has obtained a judgment with respect to the Notes), to the extent permitted by applicable law. Payment or acceptance of the increased rates provided for in this
Section is not a permitted alternative to timely payment or full performance by Issuers and shall not constitute a waiver of any Default or Event of Default or an amendment to this Indenture or any other Transaction Document and shall not otherwise
prejudice or limit any rights or remedies of Note Trustee or the Noteholders. 
  
 Section 2.3. Repayment. 
  
 2.3.1 Payments at Closing. On the Closing Date, Issuers paid an installment of interest in an amount equal to Stub Interest as provided in Section 2.1.2(vi). 
  
 2.3.2 Monthly Debt Service Payments. Commencing with the Initial Payment Date, and on each and every Payment Date
thereafter until but excluding the Maturity Date, Issuers shall pay Note Trustee interest at the Applicable Interest Rate for and through the end of the applicable Interest Accrual Period on the Outstanding Principal Amount as computed in accordance
with Section 2.2.2 hereof (the “Monthly Debt Service Payment Amount”). 
  
 2.3.3 Payment on Maturity Date. (a) Issuers shall repay any Outstanding Principal Amount in full on the Maturity Date, together with all
accrued and unpaid interest thereon through the end of the Interest Accrual Period during which such Maturity Date occurs (even if such period extends beyond the Maturity Date) and all other amounts which are then due and payable to Note Trustee or
the Noteholders hereunder or under the Notes, the Mortgage, and the other Transaction Documents. 
  
 (b) The “Maturity Date” shall initially be the Initial Maturity Date. Notwithstanding the foregoing, the Issuers shall have three
successive options to extend the Initial Maturity Date. The scheduled Maturity Date if (a) one such option is exercised shall be 
  

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 the Payment Date in November, 2008, (b) two such options are exercised shall be the Payment Date in November, 2009,
and (c) three such options are exercised shall be the Payment Date in November, 2010. In order to exercise any such extension right, Issuers shall deliver to the Servicer notice of such extension at least thirty (30) days, but not more
than 120 days, prior to the Maturity Date as in effect immediately prior to such extension (the Maturity Date, as so in effect, is hereinafter referred to as the “Extension Date” applicable to such extension), and the following
conditions must be satisfied as of the Extension Date applicable to the corresponding extension: (i) no Event of Default (including, without limitation, an Event of Default of the type described in Section 10.1(a)(i)) shall then be
continuing; (ii) Issuers shall have obtained an Extension Interest Rate Cap Agreement for the First, Second or Third Extension Term, as applicable, and collaterally assigned such Extension Interest Rate Cap Agreement to Note Trustee as
described in Sections 2.7(b) and 2.7(c); and (iii) Issuers shall have paid (A) all reasonable out-of-pocket expenses incurred by Note Trustee, the Noteholders and the Servicer up to an aggregate total of $10,000, and
(B) the actual expenses incurred by each of the Rating Agencies, in each case, in connection with Issuers’ exercise of such extension option. Upon the giving of each notice of extension hereunder, and subject to the conditions set forth
below in this Section 2.3.3, the Maturity Date as theretofore in effect will be extended to the respective Payment Date specified above (the first, second and third such extension periods are hereinafter respectively referred to as the
“First Extension Term”, the “Second Extension Term” and the “Third Extension Term”). If Issuers fail to exercise any extension option in accordance with the provisions hereof, such extension option,
and any subsequent extension option hereunder, will automatically cease and terminate. 
  
 2.3.4 Making of Payments. Each payment by Issuers hereunder or under the Notes shall be made in funds settled through the New York Clearing House Interbank Payments System or other funds immediately available
to Note Trustee by 11:00 a.m. New York City time, on the date such payment is due and shall be made in lawful money of the United States of America by wire transfer in federal or other immediately available funds to the Deposit Accounts, or
such other account pursuant to such other wiring instructions as provided by Note Trustee. Any funds received by Note Trustee after such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day. The
Servicer shall notify Issuers in writing of any changes in the account to which payments are to be made. Except as otherwise provided herein, whenever any payment hereunder or under the Notes shall be stated to be due on a day which is not a
Business Day, such payment shall be made on the first Business Day immediately prior thereto. 
  
 2.3.5 Intentionally Deleted. 
  
 2.3.6 No Setoffs. All amounts due hereunder or under the Notes or the other Transaction Documents shall be payable without setoff, counterclaim or any other deduction whatsoever. 
  
 2.3.7 Debt Service Account. The Note Trustee shall maintain an account
on its books in the name of Issuers in which will be recorded the Notes and all payments and prepayments of principal of and interest on the Notes (provided that any error in such issuance account shall not in any manner affect the
obligations of Issuers to repay the Notes in accordance with the terms of this Indenture, the Notes and the other Transaction Documents). In addition to 
  

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 the rights of Issuers to have informational computer access to the Deposit Accounts, the Holding Account, the Tax and
Insurance Escrow Account and any other Reserve Accounts, the Servicer shall, upon the written request of Issuers, not more often than monthly, provide such information as it has in its possession regarding the records maintained in accordance with
the first sentence hereof and information regarding funds on deposit in the Holding Account. In addition, the Servicer shall provide to Issuers, within five (5) Business Days of the end of each month, monthly reports showing deposits into and
disbursements, transfers or credits, as the case may be, from the Tax and Insurance Escrow Account and each other Reserve Account, and setting forth, as of the end of each month, a schedule of the Permitted Investments contained in each such account
and schedules of all transactions involving Permitted Investments during the month. 
 Section 2.4. Prepayment. 
 2.4.1 No Prepayment. Other than as set forth in Sections 2.4.2 and 10.1(d) below, or as required or permitted pursuant hereto in
connection with a Casualty or Condemnation, Issuers shall have no right to prepay all or any portion of the Notes prior to the Permitted Prepayment Date. 
 2.4.2 Permitted Prepayment. A. From and after the Permitted Prepayment Date and subject to the terms and conditions set forth in this Section 2.4.2, the Issuers may prepay the Notes at any time in
whole or in part (hereinafter, a “Prepayment”), provided that (a) the Issuers shall provide not less than 30 days’ and not more than 120 days’ prior written notice (a “Prepayment Notice”) to the
Servicer and the Note Trustee specifying the date on which the Prepayment is scheduled to occur and such scheduled payment date shall not be on any date during the period commencing on the first calendar day immediately following a Payment Date to,
but not including, the Interest Determination Date in such calendar month (such scheduled date, the “Prepayment Date”), which notice shall indicate the principal amount of the Notes to be so prepaid and the specific Property to be
released from the Lien of the Transaction Documents pursuant to such Prepayment, (b) the Issuers shall have paid Debt Service (i.e., accrued and unpaid interest on the principal amount being repaid) upon making such Prepayment of all unpaid
interest on the portion of the Principal Amount prepaid, which accrued but unpaid interest shall be calculated (1) in the event such Prepayment is made from the fifteenth (15th) day of any calendar month through the ninth (9th) day of the succeeding calendar month, through the end of the Interest Accrual Period during which such Prepayment occurs and (2) in the event such Prepayment is made from the Interest
Determination Date in any calendar month through the fourteenth (14th) day of any calendar month, through the
end of the Interest Accrual Period next succeeding the Interest Accrual Period in which such Prepayment occurs and in either case, accrued interest shall be calculated as if such Interest Accrual Period extends beyond the date of such Prepayment and
(c) the Issuers shall have paid the Prepayment Fee. It is the intention and agreement of the parties that, subject to the requirements and limitations set forth in the previous sentence, any Property, Ancillary Property or the property to be
released in connection with the Condominium Conversion, may, from and after the Permitted Prepayment Date, be the subject of a Prepayment and simultaneous release of the Liens of the Transaction Documents; provided (i) the amount of the
Prepayment equals or exceeds the Release Amount for the Property, Ancillary Property or the Condominium Conversion, (ii) the applicable provisions of Section 2.5.2 or Section 2.5.4 are complied with and (iii) the
Issuers shall have paid the Prepayment Fee. On the Prepayment Date, Issuers shall pay to Note Trustee the amount of the Prepayment specified in 
  

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 the notice, all accrued and unpaid interest on the principal balance of the Notes being so repaid as determined in this
Section 2.4.2, and all other sums then due under the Notes, this Indenture, the applicable Mortgage and the other Transaction Documents, and all reasonable costs and expenses of Note Trustee, the Servicer or the Noteholders incurred in
connection with the Prepayment, including reasonable attorneys’ fees and disbursements. The Servicer shall not be obligated to accept any Prepayment of the principal balance of the Notes, or any portion thereof, unless it is accompanied by the
prepayment consideration due in connection therewith pursuant to the terms hereof. 
 B. Notwithstanding anything to the contrary herein, if
a Prepayment Notice has been sent in good faith and no Event of Default is then continuing, such Prepayment Notice may be rescinded or deferred by Issuers upon delivery of written notice to the Servicer and the Note Trustee (specifying, in the case
of a deferral, the new Prepayment Date for such Prepayment) at least five Business Days prior to the Prepayment Date specified in the applicable Prepayment Notice (provided that Issuers shall compensate Note Trustee and the Noteholders for
any and all reasonable costs and expenses incurred by Note Trustee, Noteholders, and/or their agents resulting from such rescission or deferral). 
 2.4.3 Repayment upon Default. If all or any part of the principal amount of the Notes are prepaid upon acceleration of the Notes following the occurrence of an Event of Default, Issuers shall be obligated to pay all amounts that
would be payable in connection with a Prepayment under Section 2.4.2A, including all accrued and unpaid interest on the principal balance of the Notes through the date that is the final day of the applicable Interest Accrual Period or,
if prohibited by law, through the date of repayment plus Breakage Costs (including interest owed at the Default Rate), the Acceleration Prepayment Premium (if such prepayment is made during the Lockout Period), all other sums then due under the
Notes, this Indenture, the Mortgage and the other Transaction Documents, and all costs and expenses of Note Trustee and the Noteholders incurred in connection with such Event of Default, including reasonable attorneys’ fees and disbursements.

 2.4.4 Waiver of Prepayment Rights. Each Issuer acknowledges that the inclusion of the waiver of prepayment rights and the agreement
to pay any amounts necessary in connection with the right to prepay the Notes as set forth in this Section 2.4, as applicable, as well as the other agreements set forth herein in respect of prepayment, were separately negotiated with the
Initial Purchaser, that the economic value of the various elements of this waiver and agreement was discussed, that the consideration given by Issuers for the Notes was adjusted to reflect the specific waiver and agreement negotiated between Issuers
and the Initial Purchaser and contained herein. 
 2.4.5 Intentionally Deleted. 
 Section 2.5. Release of Properties. Except as set forth in this Section 2.5, no repayment or prepayment of all or any portion of
the Notes shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of any Mortgage on any Property. 
 2.5.1 Release upon Payment in Full. (a) Note Trustee shall, at the expense of Issuers, upon payment in full of all principal and interest on the Notes and all other amounts due 
  

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 and payable under the Transaction Documents in accordance with the terms and provisions of the Notes and this Indenture,
release or assign (at Issuers’ cost and expense) the Lien of the Mortgage and related Transaction Documents with respect to all of the Properties; provided, however, that voluntary prepayments and any related releases of
Properties from the Lien of the Mortgage will be subject to the conditions set forth in Sections 2.4 and 2.5. 
  
 (b) In connection with the release of the Lien contemplated in Section 2.5.1(a), Issuers shall submit to the Servicer, not less than ten
(10) days prior to the date of such release, a release of Liens (and related Transaction Documents) for each applicable Property (for execution by Note Trustee) in a form appropriate in the applicable state and otherwise satisfactory to the
Servicer in its reasonable discretion and all other documentation the Servicer reasonably requires to be delivered by Issuers in connection with such release (collectively, “Release Instruments”), together with an Officer’s
Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such releases in accordance with the terms of this Indenture. 
  
 2.5.2 Release of Individual Properties. On one or more occasions,
subject to satisfaction of each of the conditions set forth in paragraphs (a) through (e) below and the terms of Section 2.4.2 hereof, the Issuers may obtain (i) the release of any Property or Properties (or portion
thereof as otherwise permitted hereunder) from the Lien of the Mortgage thereon and related Transaction Documents, (ii) the release of the obligations of the Issuers and the applicable Operating Lessee under the Transaction Documents with
respect to such released Property or Properties, or portion thereof (other than those expressly stated to survive) and (iii) the remittance to Issuers of any amounts held in any Reserve Accounts specifically relating to the subject Property or
Properties: 
  
 (a) Issuers shall have paid the Release Amount
for such Property or Ancillary Property, or portion thereof in connection with a Prepayment of the Notes pursuant to Section 2.4.2. 
  
 (b) Issuers shall submit to the Servicer not less than ten (10) days prior to the date of such release, all Release Instruments for each applicable
Property (for execution by Note Trustee) together with an Officer’s Certificate certifying that (i) the Release Instruments are in compliance with all Legal Requirements, (ii) the release to be effected will not violate the terms of
this Indenture, (iii) the release to be effected will not impair or otherwise adversely affect the Liens, security interests and other rights of Note Trustee or the Noteholders under the Transaction Documents not being released (or as to the
parties to the Transaction Documents and Properties subject to the Transaction Documents not being released) and (iv) the requirement described in paragraph (c) below (if applicable) is satisfied in connection with such Release
(together with calculations demonstrating the same in reasonable detail). 
  
 (c) With respect to any release of a Property, other than with respect to property to be released in connection with a Condominium Conversion in accordance with Section 2.9 and Section 2.5.5 or
an Ancillary Property, after giving effect to such release, the Aggregate DSCR as of the date of the proposed release, for all of the Properties then remaining subject to the Liens of the Mortgages shall not be less than the greater of (A) the
Closing Date DSCR and (B) the Aggregate DSCR for the Properties subject to the Lien of the Mortgage 
  

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 immediately prior to the release in question; provided, however, that this Section 2.5.2(c)
shall not be applicable in connection with a partial prepayment of any of the Notes required to be made in connection with a Casualty or Condemnation. Issuers shall have the right to repay a portion of the Notes in excess of the applicable Release
Amount that is necessary to comply with the requirement in this Section 2.5.2(c). For the avoidance of doubt, this Section 2.5.2(c) is not applicable to any release in connection with the Condominium Conversion in accordance
with Section 2.9 and Section 2.5.5 or Ancillary Property in accordance with Section 2.5.4. 
  
 (d) Notwithstanding anything to the contrary contained herein, provided no Event of Default has occurred and is continuing, at Issuers’ request and
at Issuers’ sole cost and expense, in lieu of applying any monies as a prepayment of the Notes along with a release of the Lien of the Mortgage and the other Transaction Documents with respect to any Property released in accordance with the
terms hereof from and after the Permitted Prepayment Date, Note Trustee agrees that it shall, in consideration of an amount equal to the Release Amount for such Property and any additional amount paid pursuant to Section 2.5.2(c) (if
applicable), sever the Note in two, with one Note in the amount of the Release Amount and any additional amount paid pursuant to Section 2.5.2(c) and the other Note in the amount of the remaining Outstanding Principal Amount, endorse the
Note in the amount of the Release Amount and any additional amount paid pursuant to Section 2.5.2(c), and assign the Mortgage and other Transaction Documents with respect to such Property, to a lender designated by Issuer, and Note
Trustee shall execute and deliver to Issuer such instruments and other documents as shall be necessary or appropriate to evidence any such assignment of the Transaction Documents and that portion of the principal balance of the Notes. 
  
 (e) No Event of Default shall exist on the date the Prepayment is made
(except as otherwise provided in Section 10.1(d)). 
  
 (f) Other than in connection with a release of the property in connection with the Condominium Conversion in accordance with Section 2.9 and Section 2.5.5 or Ancillary Property in accordance with
Section 2.5.4 where there are no Aggregate DSCR requirements, provided the Aggregate DSCR requirement in Section 2.5.2(c)(B) is satisfied and subject to the provisions of the next sentence, Issuer shall not be obligated to
prepay the Notes by more than 100% of the net sale proceeds received from a bona-fide third party purchaser in connection with a sale and permitted release of an individual Property or group of Properties. Notwithstanding the foregoing, in no event
shall the principal amount of the Notes prepaid be less than the applicable Release Amount with respect to an individual Property (or portion thereof) or group of Properties, as applicable. 
  
 2.5.3 Release of Marriott Las Palmas Outparcel. In order to comply
with that certain Real Estate Lease, dated August 14, 1981, by and among Marriott Corporation and William Bone, as amended by that certain Assignment and Amendment of Real Estate Lease, dated May 17, 1988, by and among Marriott
Corporation, William Bone, Rancho Las Palmas Association, Inc. and the Equitable Life Assurance Society of the United States (the “Amended Las Palmas Real Estate Lease”), Issuers may obtain (and the Noteholders agree to reasonably
cooperate with Issuers to obtain) (i) releases of the portion of the Marriott Las Palmas Property set forth on Exhibit G-1 (as such release parcel legal description may be modified as required by applicable laws or the Amended Las Palmas
Real Estate Lease, provided that such modification 
  

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 does not have a Material Adverse Effect, in the reasonable discretion of the Servicer, on the use or value of the
Marriott Las Palmas Property) required to be transferred to the Ranchos Las Palmas Association, Inc. pursuant to the Amended Las Palmas Real Estate Lease (the “Marriott Las Palmas Outparcel”) from the Lien of the Mortgage thereon
and related Transaction Documents and (ii) the release of the obligations of the Issuers under the Transaction Documents with respect to the Las Palmas Outparcel (other than those expressly stated to survive), upon the satisfaction by Issuer of
each of the conditions set forth below in paragraphs (a) through (k): 
  
 (a) Each of the Marriott Las Palmas Outparcel and the Mariott Las Palmas Remaining Property shall constitute a separate conveyable legal parcel in accordance with the subdivision map act or the equivalent thereof in
the jurisdiction of the applicable Property or other relevant granted government approvals in such jurisdiction. 
  
 (b) To the extent any easements benefiting or burdening the Las Palmas Outparcel are necessary or appropriate for the use or operation of such parcel or
the remaining portions of the Marriott Las Palmas Property (such remaining portion of the Marriott Las Palmas Property Property, the “Marriott Las Palmas Remaining Property”), such easements shall have been granted or reserved prior
to or at the time of the release or reconveyance of the Marriott Las Palmas Outparcel and shall either (i) be required by the Amended Las Palmas Real Estate Lease or (ii) have been approved by a majority (by Outstanding Principal Amount)
of the Noteholders, which approval shall not be unreasonably withheld or delayed. 
  
 (c) The Marriott Las Palmas Remaining Property shall remain a legal parcel (or parcels) in compliance in all material respects with all Legal Requirements, zoning, subdivision, land use and other applicable laws and
regulations. 
  
 (d) At the time of, but not prior to, any release
or reconveyance, the Marriott Las Palmas Outparcel shall be transferred to a person or entity that does not result in a breach of Issuer’s obligation to be a Single Purpose Entity. 
  
 (e) The Servicer shall have received satisfactory evidence that (i) any tax, bond or assessment that constitutes a lien
against the Marriott Las Palmas Property has prior to such release, been properly allocated between the Marriott Las Palmas Outparcel and the Marriott Remaining Property and (ii) all of the necessary papers have been filed with the appropriate
agencies to provide for separate assessment against each of the Marriott Las Palmas Outparcel and the Marriott Las Palmas Remaining Property. 
  
 (f) The Servicer shall have received such endorsements to the Qualified Title Policy (or substantially equivalent assurance) for the Marriott Las Palmas
Remaining Property as the Servicer may reasonably require confirming continuing title insurance and that (i) the Mortgage constitutes a first priority lien (subject to Permitted Encumbrances) on the Marriott Las Palmas Remaining Property after
the release and (ii) such release shall not result in the Marriott Las Palmas Remaining Property ceasing to comply in all material respects with all applicable zoning, land use and subdivision laws. 
  

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 (g) Issuer shall have executed and delivered such documents (including amendments to the Transaction
Documents) as the Servicer may reasonably require to reflect such release. 
  
 (h) Issuer shall impose deed restrictions (which run with the land) or obtain such transferee’s covenant (which, in either case, shall be enforceable by the owner of the Marriott Las Palmas Remaining Property and
its successors and assigns) as provided in Section 5.1 of the Amended Las Palmas Real Estate Lease above and Issuer shall further covenant and agree to enforce in Issuer’s reasonable judgment, such transferee’s deed restrictions and
covenants, the foregoing covenants of Issuer shall survive the release of the Marriott Las Palmas Outparcel. 
  
 (i) Issuer shall pay to Note Trustee all reasonable out-of-pocket costs and expenses incurred by Note Trustee, the Noteholders or the Servicer (including,
without limitation, attorneys fees and any applicable costs and expenses of the Rating Agencies) in connection with the release. 
  
 (j) Issuer shall have provided the Servicer at least thirty (30) days prior written notice of the release. 
  
 (k) Issuers shall submit to the Servicer not less than ten (10) days
prior to the date of such release, all Release Instruments for the Marriott Las Palmas Outparcel (for execution by Note Trustee) together with an Officer’s Certificate certifying that (i) the Release Instruments are in compliance with all
Legal Requirements, (ii) the release to be effected will not violate the terms of this Indenture and (iii) the release to be effected will not impair or otherwise adversely affect the Liens, security interests and other rights of Note
Trustee or the Noteholders under the Transaction Documents not being released (or as to the parties to the Transaction Documents and Properties subject to the Transaction Documents not being released). 
  
 2.5.4 Release of Hilton Burbank Airport Outparcel. Issuers may obtain
(and the Noteholders agree to reasonably cooperate with Issuers to obtain) (i) releases all or a portion of the Hilton Burbank Airport Outparcel (as such release parcel may be modified as required by applicable laws provided that such
modification does not have a Material Adverse Effect, in the reasonable judgment of the Servicer, on the use or value of the Hilton Burbank Airport Property) from the Lien of the Mortgage thereon and related Transaction Documents and (ii) the
release of the obligations of the Issuers and applicable Operating Lessee under the Transaction Documents with respect to Hilton Burbank Airport Outparcel (other than those expressly stated to survive), upon the satisfaction by Issuer of each of the
conditions set forth below in paragraphs (a) through (k): 
  
 (a) Each of the portion of the Hilton Burbank Airport Outparcel that is proposed to be released and the Hilton Burbank Airport Remaining Property shall constitute a separate conveyable legal parcel in accordance with the subdivision map act
or the equivalent thereof in the jurisdiction of the applicable Property or other relevant granted government approvals in such jurisdiction. 
  

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 (b) To the extent any easements benefiting or burdening the Hilton Burbank Airport Outparcel are
necessary or appropriate for the use or operation of such parcel or the remaining portions of the Hilton Burbank Airport Property (such remaining portion of the Marriott Las Palmas Property Property, the “Hilton Burbank Airport Remaining
Property”), such easements shall have been granted or reserved prior to or at the time of the release or reconveyance of the Hilton Burbank Airport Outparcel and shall have been approved by the Servicer, which approval shall not be
unreasonably withheld or delayed. 
  
 (c) The Hilton Burbank
Airport Remaining Property shall remain a legal parcel (or parcels) in compliance in all material respects with all Legal Requirements, zoning, subdivision, land use and other applicable laws and regulations. 
  
 (d) At the time of, but not prior to, any release or reconveyance, the Hilton
Burbank Airport Outparcel shall be transferred to a person or entity that does not result in a breach of Issuer’s obligation to be a Single Purpose Entity. 
  

(e) The Servicer shall have received satisfactory evidence that (i) any tax, bond or assessment that constitutes a lien against the Hilton Burbank
Airport Property has prior to such release, been properly allocated between the Hilton Burbank Airport Outparcel and the Hilton Burbank Airport Remaining Property and (ii) all of the necessary papers have been filed with the appropriate
agencies to provide for separate assessment against each of the Hilton Burbank Airport Outparcel and the Hilton Burbank Airport Remaining Property. 
  
 (f) The Servicer shall have received such endorsements to the Qualified Title Policy (or substantially equivalent assurance) for the Hilton Burbank
Airport Remaining Property as the Servicer may reasonably require confirming continuing title insurance and that (i) the Mortgage constitutes a first priority lien (subject to Permitted Encumbrances) on the Hilton Burbank Airport Remaining
Property after the release and (ii) such release shall not result in the Hilton Burbank Airport Remaining Property ceasing to comply in all material respects with all applicable zoning, land use and subdivision laws. 
  
 (g) Issuer shall have executed and delivered such documents (including
amendments to the Transaction Documents) as the Servicer may reasonably require to reflect such release. 
  
 (h) Issuer shall pay to Note Trustee and the Servicer, as applicable, all reasonable out-of-pocket costs and expenses incurred by Note Trustee or the
Servicer (including, without limitation, attorneys fees) in connection with the release. 
  
 (i) Issuer shall have provided the Servicer at least thirty (30) days prior written notice of the release. 
  
 (j) Issuers shall submit to the Servicer not less than ten (10) days prior to the date of such release, all Release Instruments for the Hilton
Burbank Airport Outparcel (for execution by Note Trustee) together with an Officer’s Certificate certifying that (i) the Release Instruments are in compliance with all Legal Requirements, (ii) the release to be effected will not
violate the terms of this Indenture and (iii) the release to be effected will not impair or otherwise adversely affect the Liens, security interests and other rights of Note Trustee or the Noteholders under the Transaction Documents not being
released (or as to the parties to the Transaction Documents and Properties subject to the Transaction Documents not being released). 
  

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 (k) In the event Issuers desire to obtain a release of more than fifty percent (50%) of the square
footage of entire Hilton Burbank Airport Outparcel (in the aggregate with all prior releases of such parcel of land), Issuers shall (i) submit to the Servicer at least thirty (30) days prior to the requested date of such release, an MAI
appraisal of the fair market value of the entire Hilton Burbank Airport Outparcel that is issued by an appraiser that is reasonably acceptable to the Servicer which MAI appraisal shall have a valuation date not more than sixty (60) days prior
to the date of such release; and (ii) pay to the Note Trustee on the date of such release as a partial prepayment of the Notes an amount equal to the pro rata portion of the fair market value that is provided in such MAI appraisal for the
portion of the Hilton Burbank Airport Outparcel released that exceeds fifty percent (50%) of the square footage of the entire Hilton Burbank Airport Outparcel (in the aggregate with all prior releases of such parcel of land) (i.e., in the event
sixty percent (60%) in the aggregate of the square footage of the Hilton Burbank Airport Outparcel is released, Issuers shall be required to pay an amount equal to ten percent (10%) of the fair market value of the entire Hilton Burbank
Airport Outparcel that is provided in such MAI appraisal), together with such other amounts as shall be due and payable in connection with such prepayment in accordance with Section 2.4.2. 
 2.5.5 Release of Floors at the Fairmont Chicago Hotel Property. On one or more occasions, subject to satisfaction of each of the conditions set
forth in paragraphs (a) through (e) below and the terms of Section 2.4.2 hereof, the Issuers may obtain (i) the release of one or more floors located between the 27th and 36th floors inclusive
at the Fairmont Chicago Hotel Property in connection with the Residence Club or the Hotel Condominium Unit in connection with the Condominium Conversion in accordance with Section 2.9 from the Lien of the Mortgage on the Fairmont Chicago
Hotel Property and related Transaction Documents and (ii) the release of the obligations of the Issuers and Operating Lessees under the Transaction Documents with respect to such released portion of the Fairmont Chicago Hotel Property (other
than those expressly stated to survive): 
 (a) Issuers shall have paid the Release Amount for the applicable floor or floors at the Fairmont
Chicago Hotel Property that will be subject to the release that will be included in such Condominium Conversion in connection with a Prepayment of the Notes pursuant to Section 2.4.2 pursuant to Schedule 2.5.5. 
 (b) The Residence Club or the Hotel Condominium Units to be included in the Condominium Conversion shall constitute one or more separate conveyable legal
parcel in accordance with the applicable condominium documents filed in connection with the Condominium Conversion. 
 (c) Issuers shall
submit to the Servicer not less than ten (10) days prior to the date of such release, all Release Instruments for the Residence Club or the Hotel Condominium Units to be included in such Condominium Conversion (for execution by Note Trustee)
together with an Officer’s Certificate certifying that (i) the Release Instruments are in compliance with all Legal Requirements, (ii) the release to be effected will not violate the terms of this Indenture and (iii) the release
to be effected will not impair or otherwise adversely affect the Liens, security 
  

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 interests and other rights of Note Trustee or the Noteholders under the Transaction Documents not being released (or as
to the parties to the Transaction Documents and Properties subject to the Transaction Documents not being released). 
 (d) Notwithstanding
anything to the contrary contained herein, provided no Event of Default has occurred and is continuing, at Issuers’ request and at Issuers’ sole cost and expense, in lieu of applying any monies as a prepayment of the Notes along with a
release of the Lien of the Mortgage and the other Transaction Documents with respect to any Property released in accordance with the terms hereof from and after the Permitted Prepayment Date, Note Trustee agrees that it shall, in consideration of an
amount equal to the Release Amount for such Property, sever the Note in two, with one Note in the amount of the Release Amount and the other Note in the amount of the remaining Outstanding Principal Amount, endorse the Note in the amount of the
Release Amount, and assign the Mortgage and other Transaction Documents with respect to such Property, to a lender designated by Issuer, and Note Trustee shall execute and deliver to Issuer such instruments and other documents as shall be necessary
or appropriate to evidence any such assignment of the Transaction Documents and that portion of the principal balance of the Notes. 
 (e)
Issuers shall have provided an Opinion of Counsel with respect to non-consolidation in the event any floor at the Fairmont Chicago Hotel Property is conveyed to an Affiliate of Sponsor in form and substance reasonably acceptable to Servicer.

 (f) No Event of Default shall exist on the date the Prepayment is made (except as otherwise provided in Section 10.1(d)).

 2.5.6 Further Assurances. To the extent any Release Instrument executed and delivered under Sections 2.5.2(b),
2.5.3(k), 2.5.4(k) or 2.5.5(c), as the case may be, is insufficient to effect the release to be effected in accordance with the terms hereof, the Servicer and the Note Trustee shall remain obligated to execute and deliver, at
the expense of the Issuers, such further Release Instruments as Issuers may reasonably request and submit to the Servicer for execution by the Note Trustee, together with an Officer’s Certificate covering the matters to be covered in the
Officer’s Certificate described in Sections 2.5.2(b) , 2.5.3(k), 2.5.4(k) or 2.5.5(c), as the case may be whereupon, at the request of the Servicer, the Note Trustee shall execute and deliver as the Servicer may
specify such further Release Instrument. 
 In addition to the foregoing, the Issuer which as of the Closing Date was the owner of a Property
being released from the Lien of the Mortgage pursuant to any provision of Section 2.5 hereof, shall be released from all liability with respect to the Debt, the Notes and all other Transaction Documents with the express exception that such
Issuer shall continue to be jointly and severally liable for and with respect to any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever
which (and to the extent) have become due and payable under Section 12.13 prior to the date of the release of such Property. 
 Section 2.6. Substitution of Properties. Issuer shall have the right to substitute and replace a Property with an aggregate Base Release Amount up to 15% of the Outstanding Principal Amount with a Replacement Asset provided the
following conditions are 
  

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 satisfied: (i) there shall be no Event of Default existing as of the date of the proposed substitution and
replacement, (ii) after giving effect to such a substitution and replacement, the Aggregate DSCR shall not be less than the greater of (A) the Closing Date DSCR and (B) the Aggregate DSCR for the Properties calculated immediately
prior to the proposed substitution and replacement, (iii) Issuer must deliver a non-disqualification opinion by tax counsel acceptable to Note Trustee and the Initial Purchaser in their sole discretion, (iv) Issuer must obtain a Rating
Confirmation in connection with the Replacement Asset and (v) Issuer shall pay all reasonable expenses incurred by Note Trustee, Servicer, Initial Purchaser or Noteholders. 
  
 Section 2.7. Interest Rate Cap Agreements. 
  
 (a) Issuers shall maintain the Interest Rate Cap Agreement with an Acceptable Counterparty in effect and having a term
extending through November 14, 2007 and an initial notional amount equal to the Outstanding Principal Amount. The Interest Rate Cap Agreement shall have a strike rate equal to an amount such that the maximum interest rate paid by Issuers after
giving effect to payments made under the Interest Rate Cap Agreement shall equal no more than the Maximum Pay Rate. The notional amount of the Interest Rate Cap Agreement may be reduced from time to time and in an amount equal to any prepayment
which is applied to reduce the principal balance of the Notes in accordance with Section 2.4 hereof; provided that the strike rate shall be equal to an amount such that the maximum interest rate paid by Issuers after giving effect
to payments made under the Interest Rate Cap Agreement shall equal no more than the Maximum Pay Rate. 
  
 (b) In the event of (x) any downgrade, withdrawal or qualification (each, a “Downgrade”) of the rating of the Counterparty such
that, thereafter, the Counterparty shall cease to be an Acceptable Counterparty and (y) the Counterparty shall fail to comply with the requirements contained in the Interest Rate Cap Agreement which are described in Exhibit C upon such
occurrence, the Issuers shall either (i) obtain a Rating Confirmation from the Applicable Rating Agency with respect to the Counterparty or (ii) replace the Interest Rate Cap Agreement with a Replacement Interest Cap Agreement,
(x) having a term extending through the end of the Interest Accrual Period in which occurs the Maturity Date, (y) in a notional amount at least equal to the Outstanding Principal Amount, and (z) having a strike rate equal to an amount
such that the maximum interest rate paid by Issuer after giving effect to payments made under such Replacement Interest Rate Cap Agreement shall equal no more than the Maximum Pay Rate. 
  
 (c) Each Issuer hereby pledges, assigns, transfers, delivers and grants a continuing first priority lien to Note Trustee, as
security for payment of all sums due in respect of the Notes and the performance of all other terms, conditions and covenants of this Indenture and any other Transaction Document on such Issuer’s part to be paid and performed, in, to and under
all of such Issuer’s right, title and interest: (i) in the Interest Rate Cap Agreement (as soon as such agreement is effective or when and if any replacement agreement becomes effective, any Replacement Interest Rate Cap Agreement or
Extension Interest Rate Cap Agreement); (ii) to receive any and all payments under the Interest Rate Cap Agreement (or, when and if any such agreement becomes effective, any Replacement Interest Rate Cap Agreement or Extension Interest Rate Cap
Agreement), whether as contractual obligations, damages or otherwise; and (iii) to all claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under or arising out of the Interest Rate Cap
Agreement (as soon as such agreement is 
  

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 effective or when and if any such agreement becomes effective, any Replacement Interest Rate Cap Agreement or Extension
Interest Rate Cap Agreement), in each case including all accessions and additions to, substitutions for and replacements, products and proceeds of any of the foregoing. Issuers shall deliver to Note Trustee an executed counterpart of such Interest
Rate Cap Agreement, Replacement Interest Rate Cap Agreement or Extension Interest Rate Cap Agreement (which shall, by its terms, authorize the assignment to Note Trustee and require that payments be made directly to Note Trustee) and notify the
Counterparty of such assignment (either in such Interest Rate Cap Agreement, Replacement Interest Rate Cap Agreement or Extension Interest Rate Cap Agreement or by separate instrument). No Issuer shall, without obtaining the prior written consent of
a majority (by Outstanding Principal Amount) of the Noteholders, further pledge, transfer, deliver, assign or grant any security interest in the Interest Rate Cap Agreement (or, when and if any such agreement becomes effective, any Replacement
Interest Rate Cap Agreement or Extension Interest Rate Cap Agreement), or permit any Lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements or any other notice or instrument as may be required under
the UCC, as appropriate, except those naming Note Trustee as the secured party, to be filed with respect thereto. 
  
 (d) Issuers shall comply with all of their obligations under the terms and provisions of the Interest Rate Cap Agreement (or, as applicable, any
Replacement Interest Rate Cap Agreement or Extension Interest Rate Cap Agreement). All amounts paid by the Counterparty under the Interest Rate Cap Agreement (or, as applicable, any Replacement Interest Rate Cap Agreement or Extension Interest Rate
Cap Agreement) to Issuers or Note Trustee shall be deposited immediately into the Deposit Accounts. Issuers shall take all action reasonably requested by Note Trustee or the Servicer to enforce Note Trustee’s rights under the Interest Rate Cap
Agreement (or, as applicable, any Replacement Interest Rate Cap Agreement or Extension Interest Rate Cap Agreement) in the event of a default by the Counterparty and shall not waive, amend or otherwise modify any of its rights thereunder.

  
 (e) If Issuers exercise any of their options to extend the
Maturity Date pursuant to Section 2.3.3(b) hereof, then, on or prior to each Extension Date, the Issuers shall obtain or have in place an Extension Interest Rate Cap Agreement (i) having a term through the end of the Interest
Accrual Period in which occurs the Maturity Date as so extended, (ii) in a notional amount at least equal to the Outstanding Principal Amount as of such Extension Date, and (iii) having a strike rate equal to an amount such that the
maximum interest rate paid by the Issuers after giving effect to payments made under such Extension Interest Rate Cap Agreement shall equal no more than the Maximum Pay Rate. 
  
 (f) If Issuers exercise their options to obtain Subsequent Fundings, Issuers shall obtain or have in place an Interest Rate
Cap Agreement in accordance with the terms and provisions of this Section 2.7 in connection with each Subsequent Funding (the “Subsequent Interest Rate Cap Agreement”) with an Acceptable Counterparty (i) having a
term extending through November 14, 2007, (ii) in a notional amount equal to such Subsequent Funding and (iii) having a strike rate equal to an amount such that the maximum interest rate paid by Issuers after giving effect to payments
made under the Interest Rate Cap Agreement shall equal no more than the Maximum Pay Rate. 
  

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 Section 2.8. Rule 144A Information. For so long as any of the Notes remain Outstanding and are
“restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, the Issuers will, during any period in which the Issuers are neither subject to Section 13 or 15(d) under the Exchange Act nor exempt from
reporting under the Exchange Act pursuant to Rule 12g3-2(b) thereunder, make available to any Holder of a Restricted Note or any owner of a beneficial interest in a Restricted Global Note, to a prospective purchaser of such Note or beneficial
interest therein who is a QIB, or to the Note Trustee for delivery to such Holder or beneficial owner or prospective purchaser, as the case may be, in connection with any sale thereof, in each case at a Holder’s or the Note Trustee’s
written request to the Issuers, the Rule 144A Information. 
  
 Section 2.9. Condominium Conversion. 
  
 (a)
Notwithstanding any other provision of this Indenture or any other Transaction Documents, on one or more occasions if and only if, the terms and conditions set forth in (b) of this Section 2.9 are satisfied, the Issuers and
Operating Lessees shall be permitted to take any and all actions to effect the Condominium Conversion, including, without limitation, to (i) execute and file with any Governmental Authority, one or more Fairmont Master Condominium Declarations
consistent with the Condominium Conversion Term Sheets, (ii) amend the Operating Lease with respect to the Fairmont Chicago Hotel Property consistent with the Condominium Conversion Term Sheets, (iii) execute and file with any Governmental
Authority any reciprocal easements or similar agreements or instruments consistent with the Condominium Conversion Term Sheets, (iv) amend the Property Management Agreement relating to the Fairmont Chicago Hotel Property consistent with
Exhibit F-3 and Article XI hereof and (v) enter into such other and further agreements or instruments that are consistent with the Condominium Conversion, the Condominium Conversion Term Sheets and this Section. 
  
 (b) Any and all of the actions described in (a) above shall be permitted
if and only if at the time any such action is taken or agreement is executed, filed or takes effect, the following terms and conditions are determined by the Servicer, in its reasonable determination, to be satisfied: 
  
 (i) Prior to any release of property, the Issuers shall
promptly pay to the Note Trustee the Release Price for the applicable floor or floors of the Fairmont Chicago Hotel Property to be released and execute and otherwise comply with such documentation required to release such floor or floors pursuant to
Section 2.5.5; 
  
 (ii) Prior to the
filing of any agreement, instrument or declaration described above, the Issuers shall provide the Servicer with an Officer’s Certificate identifying and attaching for reference any and all condominium conversion plan documentation, including
the Fairmont Master Condominium Declaration, drafted consistent with the Condominium Conversion Term Sheets and this Indenture; 
  
 (iii) The Issuers shall not allow, and the Condominium Declaration shall prohibit, alterations or other construction in the building that
contains the Fairmont Chicago Hotel Property, including, without limitation, in the Residence Club or Hotel Condominium Units, that could reasonably be expected to materially adversely affect the use, occupancy or value of the Hotel in the Fairmont
Chicago Hotel Property; 
  

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 (iv) Any construction of or alteration of rooms in connection with the Condominium
Conversion within the Hotel Unit or common areas shall be substantially completed no later than six (6) months prior to the Extension Date; 
  
 (v) At no time shall any Issuer incur indebtedness (other than Permitted Indebtedness) or any liability in connection with the cost of any
such construction or alterations in the Residence Club or Hotel Condominium Units in connection with the Condominium Conversion; 
  
 (vi) From time to time, including upon periodic written request and as of the date the Issuers request that the Servicer take any action
to affirmatively consent or approve any action in furtherance of the Condominium Conversion, the Issuers shall provide Noteholders and the Servicer with the most recent plan for the Condominium Conversion; 
  
 (vii) The Fairmont Master Condominium Declaration shall
equitably allocate any and all costs and expenses in connection with operating, maintenance and capital expenses among the Hotel Unit, the Hotel Condominium Unit and the Residence Club Condominium Unit to ensure the Hotel Unit does not subsidize the
Hotel Condominium Unit, the Residence Club Condominium Unit or any portions thereof; 
  
 (viii) The Fairmont Master Condominium Declaration shall require that in connection with any Casualty, insurance Proceeds shall be used
for restoration of the Fairmont Chicago Hotel Property and the building containing the Hotel Unit unless such alternate use of Proceeds is approved by 75% of the owners of interests in the Condominium and the Servicer; 
  
 (ix) The Issuers shall cause the condominium documents
prepared in connection with the Condominium Term Sheets to satisfy all applicable requirements of Governmental Authorities; 
  
 (x) The Issuers shall comply with any and all Laws or Regulations relating to the formation of the condominium units; 
  
 (xi) The Issuers shall cause the condominium to be duly and
validly created; 
  
 (xii) The Issuers shall not
take or omit to take any action or fail to cause the obtaining of any approval or other compliance with any federal or state securities law or other Legal Requirement required in connection with the sale of condominium units, Residence Club or Hotel
Units; 
  
 (xiii) Simultaneously with the
execution of the Master Condominium Declaration, Issuer shall, on Note Trustee’s behalf, provide to the master condominium 
  

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 association, notice pursuant to the condominium declaration requesting that the condominium association
provide all notices specified in the condominium declaration to the Servicer on behalf of the Note Trustee; 
  
 (xiv) The Issuers promptly pay all costs, fees and expenses incurred by the Servicer or the Note Trustee in connection with the
Condominium Conversion, at Issuers’ sole cost and expense, including, but not limited to, such reasonable attorney’s fees; and 
  
 (xv) Simultaneously with the execution of the Master Condominium Declaration, Issuer shall, execute and deliver and cause the recording of
an amendment to the Mortgage for the Fairmont Chicago Hotel Property in a form reasonably acceptable to the Servicer that incorporates the provisions set forth in Exhibit M attached hereto. 
  
 (c) The Servicer, Initial Purchaser, and the Note Trustee agree to cooperate
in good faith and to review in a timely manner such reasonable consents or waivers requested by Issuers in connection with the release described in Section 2.5.5 hereof and in connection with the Condominium Conversion and related
actions provided for in this Section 2.9 without the necessity of seeking Rating Confirmations or the consent of Noteholders. In connection with the Condominium Conversion, Note Trustee shall deliver to Issuers a subordination agreement
determined by the Issuers to be reasonably necessary to implement the Condominium Conversion and subordinating the Lien of the Mortgage for the Fairmont Chicago Hotel Property and the Transaction Documents to the Fairmont Master Condominium
Declaration in a form that is reasonably acceptable to the Servicer on behalf of the Note Trustee. 
  
 (d) If a Hotel Condominium Unit or Residence Club Condominium Unit is rented to an Issuer or Operating Lessee, the parties shall enter into a rental
agreement and such rental agreement shall be collaterally assigned to the Servicer on behalf of the Note Trustee upon execution of such rental agreement. 
  
 (e) Issuer and Operating Lessees will do, or cause to be done, all things necessary in connection with the proposed Condominium Conversion, to ensure that
Issuers and Operating Lessees comply with the provisions of this Section 2.9. 
  
 Section 2.10. Mexico Intercompany Loan. Mexico Intercompany Loan Lender hereby pledges, assigns, transfers, delivers and grants a continuing first priority lien to Note Trustee, as security for payment of
all sums due in respect of the Notes and the performance of all other terms, conditions and covenants of this Indenture and any other Transaction Document on Mexico Intercompany Loan Lender’s part to be paid and performed, in, to and under all
of Mexico Intercompany Loan Lender’s right, title and interest: (i) in the Mexico Intercompany Loan (as the same may be amended, restated, severed, substituted, replaced, supplemented or otherwise modified); (ii) to receive any and
all payments under the Mexico Intercompany Loan, whether as contractual obligations, damages or otherwise; and (iii) to all claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under or arising
out of the Mexico Intercompany Loan, in each case including all accessions and additions to, substitutions for and replacements, products and proceeds of any of the foregoing. Mexico Intercompany Loan Lender shall deliver to Note Trustee an executed
counterpart of such 
  

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 Mexico Intercompany Loan (which shall, by its terms, authorize the assignment to Note Trustee and require that payments
be made directly to Note Trustee). Mexico Intercompany Loan Lender shall not, without obtaining the prior written consent of a majority (by Outstanding Principal Amount) of the Noteholders, further pledge, transfer, deliver, assign or grant any
security interest in the Mexico Intercompany Loan, or permit any Lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements or any other notice or instrument as may be required under the UCC, as
appropriate, except those naming Note Trustee as the secured party, to be filed with respect thereto. 
  
 Section 2.11. Allocated Loan Amounts. The allocated loan amounts with respect to each Property are set forth on Schedule J attached hereto
(the “Allocated Loan Amounts”). Notwithstanding the Allocated Loan Amounts, each Issuer is and shall remain jointly and severally liable with respect to the full amount of the entire Outstanding Principal Amount and all obligations and
amounts due and payable under this Indenture and the other Transaction Documents, until an Issuer is released from its obligation under the Transaction Documents pursuant to the terms of this Indenture in connection with a Release. 
  
 ARTICLE III 
  
 CONDITIONS PRECEDENT 
  
 Section 3.1. Conditions Precedent to Initial Funding. The closing is subject to the fulfillment by Issuers or waiver by Initial Purchaser of the
following conditions precedent no later than the Closing Date; provided, however, that unless a condition precedent shall expressly survive the Closing Date pursuant to a separate agreement, by funding the Notes, the Initial Purchaser
shall be deemed to have waived any such conditions not theretofore fulfilled or satisfied. The Note Trustee shall have no responsibility for determining the satisfaction of any such conditions, nor for the delivery, receipt or custody of any
agreements, documents or other materials specified in this Section 3.1 which are required to be delivered to or received by any party other than the Note Trustee. With respect to the documents described in Section 3.1(d)(i) and
(ii) which are the only documents to be received by the Note Trustee, the Note Trustee shall have no responsibility for the review of such documents, but shall be responsible only to receive such documents as are actually delivered to it, and
any review thereof and determination with respect to compliance with Sections 3.1(d)(i) and (ii) shall be made by the Initial Purchaser. 
  
 (a) Representation and Warranties; Compliance with Conditions. Each of the representations and warranties of Issuers contained in this Indenture or
any other Transaction Document shall be true and correct in all material respects on and as of the Closing Date with the same effect as if made as of such date, and no Default or Event of Default shall have occurred and be continuing; and Issuers
shall be in compliance in all respects with all terms and conditions set forth in this Indenture and in each other Transaction Document on its part to be observed or performed. 
  
 (b) Indenture and Note. Note Trustee shall have received an original of this Indenture and the Notes, in each case,
duly executed and delivered on behalf of each Issuer. 
  

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 (c) Transfer of Certain Operating Lessee Interests. Mexican Issuers shall cause Punta Mita TRS, S.
de R.L. de C.V. (“Punta Mita TRS”), and Punta Mita TRS agrees, to transfer its right and/or interest in all property management agreements, third party leases and all other contracts and agreements relating to the Four Seasons
Mexico City Property and the Four Seasons Punta Mita Property (other than its rights as lessee under the Operating Leases) to the trust established by the Mexican Security Trust. 
  
 (d) Delivery of Transaction Documents; Title Insurance; Reports; Leases. 
  
 (i) Mortgage, Assignments of Agreements. Note Trustee
shall have received from Issuers fully executed and acknowledged counterparts of each Mortgage, Assignment of Leases and the appropriate UCC financing statements, each in form satisfactory for recording or filing in the appropriate public records,
and evidence that counterparts of each Mortgage, Assignment of Leases and UCC financing statements shall have been delivered to the title company for recording or filing, so as to effectively create upon such recording a valid and enforceable Lien
upon each Property, of first lien priority, in favor of Note Trustee (or Mexican Trustee or a deed trustee if required or desired under local law), subject only to the Permitted Encumbrances and such other Liens as are permitted pursuant to the
Transaction Documents. Note Trustee shall have also received fully executed counterparts of each of the Agreements with Managers, each Assignment of Agreements, the Environmental Indemnity and each of the other Transaction Documents. 
  
 (ii) Title Insurance. Note Trustee shall have
received a Qualified Title Policy with respect to each Property and evidence that all premiums in respect thereof have been paid. 
  
 (iii) Survey. Initial Purchaser shall have received a Qualified Survey with respect to each Property, subject to the terms of
Section 4.1(z) hereof. 
  
 (iv)
Insurance. Initial Purchaser shall have received valid certificates of insurance for the policies of insurance required hereunder, satisfactory to Initial Purchaser in its reasonable discretion, and evidence of the payment of all premiums
then due and payable for the existing policy period. 
  
 (v) Environmental Reports. Initial Purchaser shall have received Phase I environmental reports (and, where recommended by such Phase I environmental reports, Phase II environmental reports) in respect of each Property that are
satisfactory to Initial Purchaser. 
  
 (vi)
Zoning. Initial Purchaser shall have received, at Initial Purchaser’s option, letters or other evidence with respect to each Property from the appropriate authorities (or other Persons) concerning applicable zoning and building laws, or
zoning endorsements in the Qualified Title Policy, if available. 
  
 (vii) Encumbrances. Issuers shall have taken or caused to be taken such actions in such a manner so that Note Trustee has a valid and perfected first priority Lien as of the Closing Date with respect to the
Mortgage on each Property, subject only 
  

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 to the Permitted Encumbrances and such other Liens as are permitted pursuant to the Transaction
Documents, and evidence thereof satisfactory to Initial Purchaser shall have been received thereby. 
  
 (viii) Engineering Reports. Initial Purchaser shall have received engineering reports in respect of each Property satisfactory to
Initial Purchaser. 
  
 (ix) Material
Agreements; Operating Lease; Property Management Agreements. Initial Purchaser shall have received true and complete copies of all Material Agreements, Operating Leases and all of the Property Management Agreements. 
  
 (x) Operating Agreements. Initial Purchaser shall
have received true and complete copies of all Operating Agreements and any ground leases with respect to any Property. 
  
 (xi) Intentionally Omitted. 
  
 (e) Related Documents. Each additional document not specifically referenced herein, but relating to the transactions contemplated herein, shall
have been duly authorized, executed and delivered by all parties thereto and Initial Purchaser shall have received and approved certified copies thereof. 
  
 (f) Delivery of Organizational Documents. On or before the Closing Date, Issuers shall deliver or cause to be delivered to Initial
Purchaser copies certified by an officer of the managing member of each Issuer and/or Operating Lessee of all organizational documentation related to such Issuer and/or Operating Lessee and/or the formation, structure, existence, good standing
and/or qualification to do business as Initial Purchaser may request in its reasonable discretion, including good standing certificates, qualifications to do business in the appropriate jurisdictions, resolutions authorizing the entering into of the
transactions contemplated by the Transaction Documents and incumbency certificates as may be requested by Initial Purchaser. 
  
 (g) Opinions of Counsel to the Issuers. Initial Purchaser shall have received legal opinions of Issuers’ counsel reasonably satisfactory to
Initial Purchaser (i) with respect to the non-consolidation of each Issuer in the event of an insolvency proceeding being brought against, or the bankruptcy of certain Beneficial owners of such Issuer, (ii) with respect to due execution,
delivery, authority, enforceability of this Indenture, each Mortgage and each of the other Transaction Documents and (iii) with respect to each Issuer’s continued existence as a limited liability company under the laws of the State of
Delaware or limited liability company under the laws of Mexico, as applicable, and such other matters as Initial Purchaser and the Noteholders may require, all such opinions in form, scope and substance satisfactory to Initial Purchaser and the
Noteholders and Initial Purchaser’s and Noteholder’s counsel in their sole discretion. 
  
 (h) Budgets. Issuers shall have delivered the Annual Budget for the Properties for 2005. 
  

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 (i) Completion of Proceedings. All corporate, partnership or limited liability company and other
proceedings taken or to be taken in connection with the transactions contemplated by this Indenture and other Transaction Documents and all documents incidental thereto shall be satisfactory in form and substance to Initial Purchaser, and Initial
Purchaser shall have received all such counterpart originals or certified copies of such documents as Initial Purchaser may reasonably request. 
  
 (j) Estoppels. Initial Purchaser shall have received estoppel letters from (i) the Ground Lessor, in each case in form, scope and substance
satisfactory to Initial Purchaser. 
  
 (k) Photographs. If
Initial Purchaser shall have so requested, Initial Purchaser shall have received photographs of the interior and exterior of each Property. 
  
 (l) No Material Adverse Change. On the Closing Date, Initial Purchaser shall be satisfied that since October 11, 2005, there shall have been
no Material Adverse Change. 
  
 (m) Rental Agreements. The
Fairmont Issuer and Operating Lessee for the Fairmont Chicago Hotel Property shall have collaterally assigned their interest under all rental agreements to Note Trustee as additional security for the obligations under the Transaction Documents
pursuant to pledge and security agreements in form and substance reasonably acceptable to Servicer. 
  
 (n) Operating Agreement Estoppels. Initial Purchaser shall have received an executed estoppel letter from each party to an Operating Agreement,
which shall be in form and substance satisfactory to Initial Purchaser. 
  
 (o) Appraisals. Initial Purchaser shall have received an Appraisal for each Property satisfactory to Initial Purchaser evidencing that the Required Loan-to-Value Ratio has been satisfied. 
  
 (p) Financial Statements. Issuers shall have provided operating
statements for the Properties described in Schedule 3.1(o) together with operating statements for each Property for the Year-to-Date Period (which statements are either audited, combined or prepared in accordance with agreed upon procedures which
are mutually acceptable to the Issuers and the Initial Purchaser, all as specified in such Schedule 3.1(o)), and, to the extent that such Year-to-Date Period statements show material changes to the operating results of any Property since the most
recent operating statements relating to such Property, a letter from a “Big Four” accounting firm verifying Year-to-Date Period expenses and revenues for the Properties if requested by the Initial Purchaser in its sole discretion. Each of
the operating statements and financial statements described in the previous sentence shall be satisfactory to Initial Purchaser and shall be accompanied by an Officer’s Certificate certifying that each such financial statement presents fairly
the financial condition or operating results, as applicable, of each Issuer and Property in question and, if such statement is audited, has been prepared in accordance with GAAP with respect to the accounts presented therein, as applicable.

  
 (q) Seismic Reports. Initial Purchaser shall have
received seismic reports in respect of the Properties located in the State of California satisfactory to Initial Purchaser (which reports shall include, without limitation, calculations of probable maximum losses for such Properties). 
  

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 (r) Deposit Account Agreement. Initial Purchaser shall have received the Deposit Account Agreement
duly executed by Issuers and the depository institutions party thereto. 
  
 (s) Property Management Agreement; Agreements with Managers. Initial Purchaser shall have received a copy of (i) each Property Management Agreement duly executed by Issuers and the applicable Property Manager certified as true
and correct pursuant to an Officer’s Certificate and (ii) each Agreement with Manager in form and substance satisfactory to Initial Purchaser duly executed by each Property Manager. 
  
 (t) Certified Rent Rolls. Initial Purchaser shall have received a rent
roll for each Property, dated as of the Rent Roll Date, accompanied by an Officer’s Certificate certifying that such rent roll is true, complete and correct as of its date. 
  
 (u) Consents, Licenses, Approvals, Etc. Initial Purchaser shall have received copies or other evidence of all
material consents, licenses and approvals, if any, required in connection with the execution, delivery and performance by each Issuer and each Property Manager, and the validity and enforceability, of the Transaction Documents, and such consents,
licenses and approvals shall be in full force and effect. 
  
 (v)
Closing Statement. Initial Purchaser shall have received a detailed closing statement from Issuers in a form acceptable to Initial Purchaser, which includes a complete description of Issuers’ sources and uses of funds on the Closing
Date, together with a fully executed counterpart of the Closing Statement prepared by Initial Purchaser. 
  
 (w) No Injunction. No law or regulation shall have been adopted, no order, judgment or decree of any Governmental Authority shall have been issued,
and no litigation shall be pending or threatened, which in the good faith judgment of Initial Purchaser would enjoin, prohibit or restrain, or impose or result in the imposition of any material adverse condition upon, the making or repayment of the
Notes or the consummation of the transactions contemplated hereby. 
  
 (x) Payments by Issuers. Issuers shall have paid all Expenses. 
  
 (y) Additional Information. Initial Purchaser shall have received such other information and documentation with respect to Issuers and its Affiliates, Sponsor, the Properties and the transactions contemplated
herein as Initial Purchaser may reasonably request (including, without limitation, such information as is necessary for the determination of coverage amounts under the Policies required pursuant to Sections 8.1(b)(i) and (ix)), such
information and documentation to be satisfactory in form and substance to Initial Purchaser. 
  
 (z) Interest Rate Cap Agreement. Issuers shall have delivered to Initial Purchaser written evidence that the Interest Rate Cap Agreement required to be maintained by Issuers in accordance with
Section 2.7 hereof has been purchased. 
  

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 (aa) Appointment of Process Agent. The Mexican Issuers shall have granted their appointed process
agent (as provided in Section 12.3(b) hereunder) a power-of-attorney for lawsuits and collections, in form and substance satisfactory to Initial Purchaser. 
  
 (bb) Registration of Notes with CNBV. The Notes shall have been approved for registration with the Special Section
(Sección Especial) of the National Securities Registry (Registro Nacional de Valores) maintained by the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) of Mexico. 
  
 (cc) Mexico Intercompany Loan. Issuers shall have provided Note
Trustee with fully executed copies of all documentation in connection with the Mexico Intercompany Loan, together with an allonge in blank with respect to the Mexico Intercompany Loan. 
  
 Section 3.2. Subsequent Funding. 
  
 3.2.1 Conditions Precedent to Subsequent Funding. Each Subsequent Funding shall be subject to the following
conditions precedent: 
  
 (a) Prior Conditions Satisfied.
All conditions precedent to the Initial Funding were at the time, and, if applicable, shall continue to be, provided, however, the condition specified in Section 3.1(l) shall not be included in this condition, satisfied or waived as of
the date of such Funding. 
  
 (b) Performance; No Default.
Issuers shall have performed and complied with all terms and conditions in the Indenture required to be performed or complied with by them at or prior to the date of such Funding, and on the date of such Funding there shall exist no Default or Event
of Default. 
  
 (c) No Material Adverse Effect. There shall
not have occurred any change, event or condition which has or is reasonably likely to cause, a Material Adverse Effect. 
  
 (d) Material Adverse Loan Event. 
  
 (i) In the event a Material Adverse Loan Event occurs during the period from and after the Closing Date to and including May 8, 2006,
such Material Adverse Loan Event shall not affect Initial Purchaser’s obligation to fund any Subsequent Funding occurring during such period because of a Material Adverse Loan Event (but subject to the satisfaction of the other conditions to
such Subsequent Funding) without a change in the Spread or the Interest Rate. 
  
 (ii) In the event a Material Adverse Loan Event occurs during the period from and after May 9, 2006 to and including August 8, 2006, Initial Purchaser shall be obligated to fund any Subsequent Funding
subject to the satisfaction of the other conditions to such Subsequent Funding provided that, Initial Purchaser shall have the right, in its sole and absolute discretion based on such Material Adverse Loan Event, to change the Spread or the
Applicable Interest Rate in connection with any Subsequent Funding occurring during such period. 
  

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 (iii) In the event a Material Adverse Loan Event occurs during the period from and after
August 9, 2006 to and including November 8, 2006, Initial Purchaser shall not be required to fund any Subsequent Funding, provided Initial Purchaser retains all discretion as to any decision to fund any Subsequent Funding. 
  
 (iv) Initial Purchaser shall not grant any right to any
third party to participate in or veto any decision with respect to a Subsequent Funding at any time. 
  
 (e) Indenture; Mortgage. The Transaction Documents shall be in full force and effect. The Mortgage shall constitute a valid first priority lien
upon each Property, free and clear of all Liens except Permitted Encumbrances and subject to any releases previously obtained. 
  
 (f) Representations and Warranties. The representations and warranties made by Issuers in the Transaction Documents shall have been true and
correct in all material respects on the date on which made and shall also be true and correct in all material respects on the date of such Funding as if made on and as of such date which representations and warranties shall be deemed remade as of
the date of such Funding, as if made on and as of such date. 
  
 (g) No Damage. The Improvements shall not have been injured or damaged by fire, explosion, accident, flood or other casualty, unless Note Trustee shall have received insurance proceeds sufficient in the reasonable judgment of
Servicer on behalf of the Note Trustee to effect the satisfactory restoration of the Improvements. 
  
 (h) Endorsement to Qualified Title Policy. A “date down” endorsement to each Qualified Title Policy in a form acceptable to Servicer on
behalf of the Note Trustee, dated as of the date of such Funding, which shall state, among other things, (i) the increased amount of each Qualified Title Policy which shall be increased (x) for each Property (other than the Mexican
Properties) by an amount that is the product of (A) the Base Release Amount Percentage and (B) the amount of such Subsequent Funding and (y) for each of the Mexican Properties by an amount that is 120% of the product of
(A) the Base Release Amount Percentage and (B) the amount of such Subsequent Funding, (ii) that since the last Funding on the Loan there have been no changes in the state of title and (iii) that there are no additional survey
exceptions, not previously approved by the Servicer on behalf of the Note Trustee, which approval shall not be unreasonably withheld so long as any additional such title or survey exceptions were created in the ordinary course of business and do
not, individually or in the aggregate, impair the Initial Purchaser’s or the Noteholders’ collateral. 
  
 (i) Payments by Issuers. Issuers shall have paid all Expenses. 
  
 (j) Interest Rate Cap Agreement. Issuers shall have delivered to Initial Purchaser written evidence that the Interest
Rate Cap Agreement required to be maintained by Issuers in accordance with Section 2.7 hereof has been purchased in the amount of the Subsequent Funding. 
  
 (k) Additional Information. Initial Purchaser shall have received such other information and documentation with
respect to Issuers and its Affiliates, Sponsor, the Properties and the transactions contemplated herein as Initial Purchaser may reasonably request, such information and documentation to be satisfactory in form and substance to Initial Purchaser,
but, subject, in all events, to the obligations of Initial Purchaser to fund a Subsequent Funding upon the satisfaction of the conditions to each Subsequent Funding provided in this Section 3.2 hereof. 
  

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 (l) Approval of CNBV Application. Issuers shall have obtained the approval of the Mexican National
Banking and Securities Commission (Comisión Nacional Bancoria a de Valores) required in connection with Class A-2 Notes, Class A-3 Notes and Class A-4 Notes. 
  
 (m) Additional Approvals of the CNBV. Issuers shall file, or shall cause to be filed, within five (5) days of
any Subsequent Funding, any and all required approvals with the Mexican National Banking and Securities Commission (Comisión Nacional Bancoria a de Valores). 
  
 3.2.2 CNBV Amendments. If prior to a Securitization the Issuers shall be unable to obtain the approval of the
registration of the Notes (the “CNBV Approval”) with the Special Section (Sección Especial) of the National Securities Registry (Registro Nacional de Valores) maintained by the National Banking and Securities Commission
(Comisión Nacional Bancaria y de Valores) of Mexico, then the Issuers shall have the option, by written notice to Servicer, provided no Event of Default shall have occurred and be continuing, to propose amendments to the Transaction Documents
(the “CNBV Amendments”) that will restructure the transaction contemplated in connection with the Subsequent Fundings in a manner that would eliminate the need for the CNBV Approval under the applicable Mexican Legal Requirements, provided
the CNBV Amendments shall not modify the economic terms of the Transaction Document. Issuers shall submit to the Servicer drafts of all CNBV Amendments together with an Officer’s Certificate certifying that (i) the CNBV Amendments are in
compliance with all Legal Requirements, (ii) the CNBV Amendments will not have an adverse impact on the economics or other material adverse change in the transaction contemplated by the Transaction Documents, taken as a whole, (iii) the
CNBV Amendments will not impair or otherwise adversely affect the Liens, security interests and other rights of Note Trustee or the Noteholders under the Transaction Documents and (iv) the CNBV Approval will not be needed for any Subsequent
Funding under applicable Mexican Legal Requirements. The CNBV Amendments shall be conditioned upon (i) the consent of each of the Noteholders, which consent shall not be unreasonably withheld, (ii) Issuer obtaining a Rating Confirmation
with respect to the CNBV Amendments, (iii) delivery of any opinions reasonably requested by the Noteholders, Servicer or the Rating Agencies, including, without limitation, an enforceability opinion and a non-disqualification opinion by tax
counsel acceptable to Note Trustee and the Noteholders in their sole discretion and (iv) Issuer paying all reasonable expenses incurred by Note Trustee, Servicer, Rating Agencies and Noteholders with respect to the CNBV Amendments. 

 
 Section 3.3. Reliance Language. All third party reports delivered
to the Note Trustee or the Initial Purchaser pursuant to Section 3.1, as the same may be updated or amended pursuant to Section 3.2 shall contain reliance language satisfactory to Initial Purchaser in its sole discretion.

  

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 ARTICLE IV 
  
 REPRESENTATIONS AND WARRANTIES 
  
 Section 4.1. Issuers’ Representations. Each Issuer represents and warrants that, as of the Closing Date: 
  
 (a) Organization. Each of Issuer and Operating Lessee has been duly
organized and is validly existing and in good standing with requisite limited liability company power and authority to own its properties and to transact the businesses in which it is now engaged. Each of Issuer and Operating Lessee is duly
qualified to do business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its properties, businesses and operations. Each of Issuer and Operating Lessee possesses all rights, licenses, permits
and authorizations, governmental or otherwise, necessary to entitle it to own its properties and to transact the businesses in which it is now engaged, and its sole business has been and is the ownership, management and operation of one or more of
the Properties. 
  
 (b) Proceedings. Each of Issuer and
Operating Lessee has taken all necessary action to authorize the execution, delivery and performance of this Indenture and the other Transaction Documents to which it is a party. This Indenture and such other Transaction Documents have been duly
executed and delivered by it and constitute legal, valid and binding obligations of such Issuer and Operating Lessee enforceable against such Issuer and Operating Lessee in accordance with their respective terms, subject to applicable bankruptcy,
insolvency and similar laws affecting rights of creditors generally and general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) without offset, defense or counterclaim. 
  
 (c) No Conflicts. The execution, delivery and performance of this
Indenture and the other Transaction Documents by each of Issuer and Operating Lessee will not conflict with or result in a material breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition
of any lien, charge or encumbrance (other than pursuant to the Transaction Documents) upon any of its properties or assets pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, License, partnership agreement, Property
Management Agreement, Operating Lease, or other Material Agreement to which it is a party or to which any of its properties or assets is subject nor will such action result in any violation of the provisions of any statute or any order, rule or
regulation of any court or governmental agency or body having jurisdiction over it or any of its properties or assets, and any consent, approval, authorization, order, registration or qualification of or with any court or any such regulatory
authority or other governmental agency or body required for the execution, delivery and performance by it of this Indenture or any other Transaction Documents to which it is a party has been obtained and is in full force and effect except where the
failure to obtain the same could not reasonably be expected to have a Material Adverse Effect. 
  
 (d) Litigation. There are no actions, suits or proceedings at law or in equity by or before any Governmental Authority or other agency now pending and to the best of its knowledge there are no such actions,
suits or proceedings threatened against or affecting each of Issuer and Operating Lessee or a Property, which actions, suits or proceedings, alone or in the aggregate, if determined against it or a Property, are likely to have a Material Adverse
Effect. 
  

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 (e) Agreements. Each of Issuer and Operating Lessee is not a party to any agreement which is
likely to have a Material Adverse Effect. Each of Issuer and Operating Lessee is not in default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Permitted
Encumbrance or any other agreement or instrument to which it is a party or by which it or a Property is bound. 
  
 (f) Title. It has good, marketable and indefeasible title in fee to the real property comprising part of each Property (except for (a) the
Lincolnshire Property, as to which the Lincolnshire Issuer has good and marketable title to the leasehold estate created therein pursuant to the Ground Lease, and (b) the Mexican Properties as to which the Mexican Issuers have good and
marketable title to the rights of second beneficiary under the Mexican Security Trust), and Issuer or Operating Lessee has good and marketable title to the balance of each Property, in each case free and clear of all Liens whatsoever except the
Permitted Encumbrances, such other Liens as are permitted pursuant to the Transaction Documents and the Liens created by the Transaction Documents. Each Mortgage, when properly recorded in the appropriate records (and public registries), together
with the Assignment of Leases and any Uniform Commercial Code financing statements required to be filed in connection therewith, will create (i) a valid, perfected first priority lien on the Properties or its leasehold interest therein, as the
case may be, subject only to Permitted Encumbrances and (ii) perfected security interests in and to, and perfected collateral assignments of, all personality (including the Leases), all in accordance with the terms thereof, in each case subject
only to any applicable Permitted Encumbrances, such other Liens as are permitted pursuant to the Transaction Documents and the Liens created or permitted by the Transaction Documents. The Permitted Encumbrances do not and will not materially
adversely affect or interfere with the value, or current use or operation, of any Property, or the security intended to be provided by the Mortgage or Issuers’ ability to repay the Notes or any other Transaction Document in accordance with the
terms of the Transaction Documents. Except as indicated in and insured over by a Qualified Title Insurance Policy issued as of the Closing Date, there are no claims for payment for work, labor or materials affecting any Property which are or may
become a lien prior to, or of equal priority with, the Liens created by the Transaction Documents (other than mechanics’ or materialmen’s liens for work or materials performed or supplied the costs for which are not yet past due or which
are being contested in accordance with Section 5.1(b)(ii) hereof). Nothing in this paragraph may be relied on by the title insurance company issuing a policy covering any Property. Each Assignment of Leases, when properly recorded in the
appropriate records (and public registries), creates a valid first priority assignment of, or a valid first priority security interest in, certain rights under the related Leases and the Rents, subject only to the terms of such Assignments of
Leases, including a license granted to the applicable Issuer or Operating Lessee to exercise certain rights and to perform certain obligations of the lessor under such Leases, including the right to operate the applicable Property. Except as set
forth in the Property Management Agreements, no Person other than the applicable Issuer and/or Operating Lessee owns any interest in any payments due under such Leases that is superior to or of equal priority with the Note Trustee’s interest
therein. 
  
 (g) No Bankruptcy Filing. Each of Issuer and
Operating Lessee is not contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of its assets or property, and it has no knowledge of any Person contemplating the filing of any
such petition against it. 
  

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 (h) Ground Leased Property. Other than those items specifically identified on Schedule
4.1(h) hereto, with respect to the Lincolnshire Property: 
  
 (i) the Ground Lease or a memorandum thereof has been duly recorded; the Ground Lease permits the interest of the lessee thereunder to be encumbered by the Mortgage and does not restrict the use of the Lincolnshire
Property by the Lincolnshire Issuer in a manner that would adversely affect the value or use of the Lincolnshire Property or the security provided to Note Trustee by the Mortgage; and a true and complete copy of the Ground Lease has been delivered
to Initial Purchaser; 
  
 (ii) the Ground Lease
has an original term (or an original term plus one or more optional renewal terms which have been previously exercised) which extends not less than ten (10) years beyond the Maturity Date (assuming the exercise of all applicable extension
options by Issuer hereunder); and the base rental under the Ground Lease is not subject to increase; 
  
 (iii) the Ground Lease is not subject to any liens or encumbrances superior to, or of equal priority with, the Mortgage (other than the
related ground lessor’s fee interest); there is no deed of trust or Lien encumbering Ground Lessor’s fee interest (or if any such deed of trust or Lien exists, it is subordinate to the Lien held by Note Trustee under the Mortgage), and the
Ground Lease shall remain prior to any deed of trust or other Lien upon the related fee interest that may hereafter be granted; 
  
 (iv) the Ground Lease is assignable by a holder of a deed of trust or mortgage encumbering the Lincolnshire Issuer’s interest therein
upon a foreclosure of such deed of trust or mortgage without the consent of the Ground Lessor; 
  
 (v) on the date hereof, the Ground Lease is in full force and effect and no default has occurred under the Ground Lease nor, to the best
of the Lincolnshire Issuer’s knowledge after due inquiry and investigation, is there any existing condition which, but for the passage of time or the giving of notice or both, would result in a default under the terms of the Ground Lease;

  
 (vi) the Ground Lease requires the Ground
Lessor to give notice of any default by the Lincolnshire Issuer to a holder of a deed of trust or mortgage encumbering the Lincolnshire Issuer’s interest therein; and the Ground Lease further provides that no notice given thereunder is
effective against such holder, unless a copy has been given to such holder in the manner described in the Ground Lease; Note Trustee constitutes a “mortgagee” as such term is used in the Ground Lease; 
  
 (vii) a holder of a deed of trust or mortgage encumbering
the Lincolnshire Issuer’s interest therein is permitted at least thirty (30) days in addition to the Lincolnshire Issuer’s applicable cure period to cure any default under the Ground Lease which is curable after the receipt of notice
of any such default before the Ground Lessor may terminate the Ground Lease (and, where necessary, is permitted the 
  

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 opportunity to gain possession of the interest of the Lincolnshire Issuer under the Ground Lease through
legal proceedings or to take other action so long as such holder is proceeding diligently); in the case of any such default which is not curable by a holder of a deed of trust or mortgage encumbering the Lincolnshire Issuer’s interest therein,
or in the event of the bankruptcy or insolvency of the Lincolnshire Issuer under the Ground Lease, such holder has the right, following termination of the existing Ground Lease or rejection thereof by a bankruptcy trustee or similar party, to enter
into a new ground lease with the Ground Lessor on the same terms as the existing Ground Lease; and all rights of the lessee under the Ground Lease may be exercised by or on behalf of such holder; 
  
 (viii) the Ground Lease does not impose any restrictions on
subletting; and the Ground Lessor is not permitted to disturb the possession, interest or quiet enjoyment of any subtenant of the Lincolnshire Issuer in the relevant portion of the Lincolnshire Property subject to the Ground Lease for any reason, or
in any manner, which could reasonably be expected to adversely affect the security provided to Note Trustee by the Mortgage; and 
  
 (ix) under the terms of the Ground Lease, any Proceeds from a Condemnation or Casualty (or any portion thereof) will be applied either to
restoration of the Lincolnshire Property (with Note Trustee or a third-party trustee having the right to hold and disburse the Proceeds as the restoration progresses) or (after payment to the Ground Lessor of an amount equal to the value of the
leased land) to the repayment of the Notes. 
  
 (i) No Plan
Assets. It is not an Employee Benefit Plan subject to Title I of ERISA, and none of its assets constitutes or will constitute Plan Assets. 
  
 (j) Compliance. Except as set forth on Schedule 6.1(g), each of Issuer and Operating Lessee and each Property and the use thereof comply in all
material respects with all applicable Legal Requirements, including building and zoning ordinances and codes. Except as set forth on Schedule 6.1(g), each Property is not a non-conforming use or legal non-conforming use (except to the extent that
the same would not affect in any material respect the operation, maintenance, value or use of the Property in question or the ability to reconstruct such Property). Each of Issuer and Operating Lessee is not in default or violation of any order,
writ, injunction, decree or demand of any Governmental Authority (including laws and regulations concerning facility licensing and operation and certificate of need), the violation of which could have a Material Adverse Effect. There has not been
committed by or on behalf of each of Issuer and Operating Lessee or, to the best of its knowledge, any other person in occupancy of or involved with the operation or use of any Property any act or omission affording the federal government or any
state or local government the right of forfeiture as against any Property or any part thereof or any monies paid in performance of its obligations under any of the Transaction Documents. Each of Issuer and Operating Lessee hereby covenants and
agrees not to commit, and to use all reasonable efforts not to permit or suffer to exist any act or omission affording such right of forfeiture. 
  
 (k) Contracts. Except as disclosed in Schedule F, there are no Material Agreements. Each contract, other than the Operating Lease, affecting
each Property has been 
  

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 entered into at arm’s length in the ordinary course of business by or on behalf of the applicable Issuer or its
predecessors in interest and provides for the payment of fees in amounts and upon terms not less favorable to the applicable Issuer than market rates and terms. 
  

(l) Financial Information. All financial statements described in Schedule 3.1(o) were prepared by or on behalf of Issuers and delivered
to Initial Purchaser prior to the date hereof, (i) are true, complete and correct in all material respects, to the extent not subsequently corrected in a written document delivered to Initial Purchaser, (ii) accurately represent in all
respects, with respect to each Property, the financial condition or operating results, as applicable, of the Properties, the Issuers and/or Sponsor as of the date of such reports, and (iii) to the extent that such financial statements are
audited financial statements, such financial statements have been prepared in accordance with GAAP (or, in respect of the Mexican Issuers, Mexican GAAP) with respect to the accounts presented therein. Issuers do not have any material contingent
liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments, that are known to it and reasonably likely to have a materially adverse effect on any Property or the
operation thereof, except as referred to or reflected in said financial statements and operating statements and except for other contingent liabilities not prohibited by Section 6.1(h) hereof. Except as set forth in the certified
information delivered to Initial Purchaser pursuant to Section 3.1(o) hereof, since the Closing Date, there has been no change in the financial condition, operations or business of Issuers from that set forth in said financial statements
and operating statements that could reasonably be expected to have a Material Adverse Effect. 
  
 (m) Condemnation. No Condemnation or other proceeding has been commenced or, to its best knowledge, is contemplated with respect to all or any portion of any Property or for the relocation of roadways providing
access to any Property. 
  
 (n) Federal Reserve
Regulations. No part of the proceeds of the Notes will be used for the purpose of purchasing or acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other
purpose which would be inconsistent with such Regulation U or any other Regulations of such Board of Governors, or for any purposes prohibited by Legal Requirements or by the terms and conditions of this Indenture or the other Transaction Documents.

  
 (o) Utilities and Public Access. Each Property has
rights of access to dedicated public ways (and makes no material use of any means of access or egress that is not pursuant to such dedicated public ways or recorded, irrevocable rights-of-way or easements) and is served by water, sewer, sanitary
sewer and storm drain facilities adequate to service such Property for its current uses. All public utilities necessary for the full use and enjoyment of each Property are located in the public right-of-way abutting the applicable Property or in or
through a recorded irrevocable easement in favor of such Property, and all such utilities are connected so as to serve the applicable Property without passing over other property, except to the extent that such utilities are accessible to the
applicable Property by virtue of a recorded irrevocable easement or similar agreement or right. All roads necessary for the use of each Property for its current purposes have been completed and are either part of the applicable Property (by way of
deed or recorded easement) or dedicated to public use and accepted by all relevant Governmental Authorities. 
  

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 (p) Not a Foreign Person. Each Issuer other than the Issuers that own the Mexican Properties, or
if any such Issuer is classified as a “disregarded entity” for United States federal income tax purposes (a “DRE”), the owner of such Issuer (and, if such owner is a DRE, the first upper-tier entity that is not a DRE), is
not a “foreign person” within the meaning of § 1445(f)(3) of the Code. 
  
 (q) Separate Lots. Each Property is comprised of one (1) or more parcels which constitute one or more separate tax lots which do not include any property not a part of the applicable Property. 

 
 (r) Basic Carrying Costs; Assessments. Except for Basic Carrying
Costs deposited with Note Trustee in accordance with this Indenture or deposited in the applicable Hotel Operating Account pursuant to the applicable Property Management Agreement, it has paid all Basic Carrying Costs due and payable as of the
Closing Date. To the best of its knowledge there are no pending or proposed special or other assessments for public improvements or other matters affecting any Property (except as shown in the financial statements described in clause
(l) above), nor, to the best of its knowledge, are there any contemplated improvements to any Property that are likely to result in such special or other assessments. 
  
 (s) Enforceability. The Transaction Documents are not subject to any right of rescission, set-off, counterclaim or
defense by any Issuer and/or Operating Lessee, including the defense of usury, nor would the operation of any of the terms of the Transaction Documents, or the exercise of any right thereunder, render the Transaction Documents unenforceable, subject
to laws affecting the enforcement of the rights or remedies of creditors generally and/or equitable principles of general application, and no Issuer has asserted any right of rescission, set-off, counterclaim or defense with respect thereto.

  
 (t) No Prior Assignment. There are no prior assignments
of the Leases or any portion of the Rents due and payable or to become due and payable which are presently outstanding, except in connection with indebtedness either to be repaid in full from the proceeds of the Notes or secured by Liens which have
been released concurrently with the Closing Date. 
  
 (u)
Insurance. It has obtained and has delivered to Initial Purchaser insurance policies reflecting the insurance coverages, amounts and other requirements set forth in this Indenture. All premiums on such insurance policies required to be paid
as of the date hereof have been paid for the current policy period. No claims have been made under any such policy that would have a material adverse effect with respect to any Property, and no Person, including any Issuer, has done, by act or
omission, anything which would impair the coverage of any such policy. 
  
 (v) Certificate of Occupancy; Licenses. Except as disclosed in Schedule 4.1(v), Issuers have obtained, or have caused each of the Property Managers to obtain pursuant to the Property Management Agreements, all material
certifications, permits, licenses, approvals registrations, authorizations, accreditations or consents (collectively, the “Licenses”), including certificates of completion and occupancy permits (or other local equivalent), required
by, and accomplished all filings, notifications, registrations and qualifications with (or obtained 
  

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 exemptions from any of the foregoing from), any federal, state, or local government or government department, agency,
board, commission, bureau or instrumentality (i) to properly and legally own, manage and operate the Properties after any restructuring that will occur in connection with the transaction contemplated by the Transaction Documents and
(ii) which are necessary for the conduct of its business. Each License has been duly obtained, is valid and in full force and effect, and is not subject to any pending or, to the knowledge of any Issuer, threatened administrative or judicial
proceeding to revoke, cancel or declare such License invalid in any respect. No Issuer is in default or violation with respect to any of the Licenses in a manner that would have a Material Adverse Effect, and no event has occurred which constitutes,
or with due notice or lapse of time or both may constitute, a default by any Issuer under, or a violation of, any License that would have a Material Adverse Effect. Each Property has a certificate of occupancy or other local equivalent (where
required by applicable Legal Requirements) and the use being made of each Property is in conformity with such applicable certificate of occupancy. 
  
 (w) Flood Zone. Except as may be disclosed in Schedule 4.1(w), none of the Improvements on any Property is located in an area as identified
by the Federal Emergency Management Agency or the Federal Insurance Administration as an area having special flood hazards (Zone A), and, to the extent that any part of any Property is located in an area identified by the Federal Emergency
Management Agency as an area federally designated a “100 year flood plain,” such Property is covered by flood insurance meeting the requirements set forth in Section 8.1(b)(i) hereof. 
  
 (x) Physical Condition. Except as disclosed in the engineering reports
listed on Schedule 4.1(x), each Property, including all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators,
exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all respects material to the use, operation or value of the applicable Property. There exists no structural or
other material defects or damages in any Property, whether latent or otherwise (except for such matters as are expressly referred to in Section 9.2, for which reserves are being established), after taking into account in making such
determination remedial efforts being taken by any Issuer to correct such defect or damages following discovery thereof. It has not received written notice and is not otherwise aware from any insurance company or bonding company of any defects or
inadequacies in any Property, or any part thereof, which would, alone or in the aggregate, adversely affect in any material respect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any
termination or threatened termination of any policy of insurance or bond. 
  
 (y) Leases. No Person has any possessory interest in any Property or right to occupy the same except under and pursuant to the provisions of the Leases, and true and complete copies of all Leases executed and
delivered on or before the Rent Roll Date have been delivered to Initial Purchaser (and any Leases executed and delivered since such date shall be delivered promptly after the Closing Date). As to all present Leases and (upon execution thereof) all
future Leases relating to each Property, the applicable Issuer or Operating Lessee will be the sole owner of the lessor’s interest. As to all Leases: 
  
 (i) There are no outstanding landlord obligations with respect to tenant allowances or free rent periods or tenant improvement work; all
of the obligations and duties of landlord under the Leases that are due or are to be performed (as applicable) on or prior to the date hereof have been fulfilled, and there are no pending claims asserted by any Tenant for offsets or abatements
against rent or any other monetary claim; 
  

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 (ii) All of the Leases are free and clear of any right or interest of any real estate
broker or any other person (whether or not such brokers or other persons have negotiated the Leases or have contracted with Issuers for the collection of the rents thereunder), and no brokerage or leasing commission or other compensation is or will
be due or payable to any person, firm, corporation or other entity with respect to or on account of any of the Leases; 
  
 (iii) Schedule 4.1(gg) sets forth all security deposits and letters of credit held by or on behalf of the lessor under the Leases.
All security deposits have been held in accordance with law and the terms of the applicable Leases, and no security deposits have been applied, or letters of credit drawn upon, following a default by a Tenant still in possession; 
  
 (iv) An Issuer or Operating Lessee is the sole owner of the
lessor’s interest in all of the Leases and no Issuer has given or suffered any other assignment, pledge or encumbrance in respect of any of the Leases or its interests thereunder, and the applicable Issuer or Property Manager has the sole right
to collect rents and other amounts due under the Leases; 
  
 (v) Except as disclosed on Schedule 4.1(gg), no Tenant (i) is more than thirty (30) days in arrears on its rent or other amounts due to the landlord under its Lease and (ii) no Issuer has
accepted Rent under any Lease or Operating Agreement for more than one month in advance, except for security deposits, which on the Closing Date have been deposited with the Note Trustee in accordance with the provisions hereof relating to security
deposits received from and after the date hereof; and 
  
 (vi) None of the Leases contains any option to purchase, any right of first refusal to purchase or any right to terminate the lease term (except in the event of the destruction of all or substantially all of the applicable Property).

  
 (z) Survey. Except as disclosed in writing to Initial
Purchaser, the survey for each Property delivered to Initial Purchaser in connection with this Indenture is a Qualified Survey. Except as may be shown on the Qualified Survey, all of the improvements relating to each Property lie wholly within the
boundaries and building restriction lines of the applicable Property, and no improvements on adjoining properties encroach upon such Property, and no easements or other encumbrances upon such Property encroach upon any of the improvements, so as, in
either case, to materially adversely affect the value or marketability of the Property in question except Permitted Encumbrances and those which are insured against by a Qualified Title Insurance Policy. Since the date of the Qualified Survey
relating to each Property referenced in the applicable Qualified Title Insurance Policy, no new improvement has been constructed on such Property and there has been no alteration to the exterior of any existing 
  

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 improvement on such Property (other than routine repair and replacements of roofs, walls or windows) other than
improvements that are being constructed in connection with the Major Capital Project at the Four Seasons Punta Mita Property. 
  
 (aa) Filing and Recording Taxes. All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to be
paid by any Person under applicable Legal Requirements currently in effect in connection with the transfer of any of a Property to any Issuer have been paid in full or deposited with the issuer of a Qualified Title Insurance Policy for payment upon
recordation of the deeds effecting such transfer. All mortgage, mortgage recording, stamp, intangible or other similar tax required to be paid by any Person under applicable Legal Requirements currently in effect in connection with the execution,
delivery, recordation, filing, registration, perfection or enforcement of any of the Transaction Documents, including the Mortgage, and the Liens intended to be created thereby, have been paid or deposited with the issuer of a Qualified Title
Insurance Policy for payment upon recordation of the Mortgage. 
  
 (bb) Single-Purpose. Each Issuer and Operating Lessee hereby represents and warrants to, and covenants with, Note Trustee that, as of the date hereof, and except with respect to the Mexican Issuers, at all times prior hereto and
until such time as the Debt shall be paid in full or its property is no longer subject to the Lien securing the Debt: 
  
 (i) It has not owned and will not own any property or any other assets other than (A) with respect to the Issuer, the Properties
currently owned by it, and (B) with respect to the Issuer and the Operating Lessee, incidental personal and intangible property relating to the ownership, leasing or operation of the Properties; 
  
 (ii) It was formed solely for the purpose of engaging in,
and has not engaged and will not engage in, any business other than the ownership, leasing, management, financing and operation of the Properties; 
  
 (iii) It has not entered and will not enter into any contract or agreement with any of its Affiliates (other than the Transaction
Documents and Operating Leases), any of its constituent parties or any Affiliate of any constituent party, except contracts or agreements that are upon terms and conditions that are substantially similar to those that would be available on an
arm’s-length basis with third parties; 
  
 (iv) It will not incur any indebtedness, secured or unsecured, direct or indirect, absolute or contingent (including guaranteeing any obligation), other than the Permitted Indebtedness. Except as set forth in the immediately preceding
sentence, no indebtedness other than the Debt may be secured (subordinate or pari passu) by any Property and no indebtedness other than the Debt and the indebtedness described in clauses (iii) and (vi) of the
definition of Permitted Indebtedness may be secured (subordinate or pari passu) by any personal property; 
  
 (v) Other than as provided in the Transaction Documents, it will not make any loans or advances to, and it will not pledge its assets for
the benefit of, any other Person (including any Affiliate or constituent party or any Affiliate of any constituent party), and shall not acquire obligations or securities of any Affiliate or constituent party or any Affiliate of any constituent
party; 
  

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 (vi) It is and will remain solvent and it will pay its debts and liabilities (including
employment and overhead expenses) from its assets as the same shall become due; 
  
 (vii) It has done or caused to be done and will do all things necessary to observe limited liability company formalities (in all material
respects), as the case may be, and preserve its existence, and it will not, nor, to the extent possible under applicable law, will it permit or suffer any constituent party to amend, modify or otherwise change its partnership certificate,
partnership agreement, certificate of formation (except as required by law), limited liability company agreement, articles of incorporation and bylaws (estatutos sociales), trust or other organizational documents or those of such constituent
party in a manner which would adversely affect its existence as a Single Purpose Entity; 
  
 (viii) It has and will maintain books and records, financial statements and accounts separate and apart from those of any other Person and
it will file its own tax returns (except to the extent consolidation is required under GAAP or Mexican GAAP, permitted for tax purposes or as a matter of law, provided that any consolidated financial statements contain a note indicating that it and
its Affiliates are separate legal entities and maintain records, books of account and accounts separate and apart from any other Person); 
  
 (ix) It has and will be, and at all times has held and will hold itself out to the public as, a legal entity separate and distinct from
any other entity (including any of its Affiliates, any of its constituent parties or any Affiliate of any constituent party), has and shall conduct business in its own name, has and shall exercise reasonable efforts to correct any known
misunderstanding actually known to it regarding its separate identity, and has and shall maintain and utilize separate stationery, invoices and checks and it will reasonably allocate any overhead that is shared with any Affiliate, including, but not
limited to, paying for shared office space and services performed by any officer or employee of an Affiliate; 
  
 (x) It has and will maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character
and in light of its contemplated business operations; 
  
 (xi) To the fullest extent permitted by law, neither it nor any constituent party has nor will seek any Issuer’s or Operating Lessee’s dissolution or winding up, in whole or in part; 
  
 (xii) It does not and will not commingle its funds and other
assets with those of any Affiliate or constituent party or any Affiliate of any constituent party or any other Person except that each Issuer and Operating Lessee may commingle its funds with the funds of the other Issuers and Operating Lessees in
the Deposit Accounts, in the Holding Account, in the Tax and Insurance Escrow Account and in each of the other Reserve Accounts; 
  

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 (xiii) It has and will maintain its assets in such a manner that it will not be costly or
difficult to segregate, ascertain or identify its individual assets from those of any Affiliate or constituent party or any Affiliate of any constituent party or any other Person; 
  
 (xiv) Except in its capacity as a co-obligor under the Notes together with the other Issuers, if applicable,
it does not and will not hold itself or its credit out to be responsible for or available to satisfy, and it has not guaranteed or otherwise become liable for, and has not and will not guarantee or otherwise become liable for, the debts, securities
or obligations of any other Person; 
  
 (xv) If
it is a limited liability company, either (a) at least one of its members is and shall be a Single Purpose Entity (the “SPE Member”) whose sole assets are its interest in the applicable Issuer or Operating Lessee and that has
no less than a one percent (1%) membership interest in the applicable Issuer or Operating Lessee, and such Issuer or Operating Lessee shall be deemed hereby to have made each of the representations, warranties and covenants contained in this
Section 4.1(bb) with respect to the SPE Member, and the SPE Member shall have two (2) Independent Directors as duly appointed members of its board of directors or (b) it shall have two (2) Independent Directors on its
board of managers or board of directors (as applicable); 
  
 (xvi) It has and shall, at all times, have a limited liability company agreement or estatutos sociales which provides that, for so long as the Notes are outstanding and the applicable Issuer’s Property
remains subject to the Lien securing the Debt, its board of directors (or (a) if such Issuer or Operating Lessee is a limited liability company with a managing member SPE Member, the board of directors of the SPE Member or (b) if such
Issuer or Operating Lessee is a board managed limited liability company with two (2) Independent Directors on its board of directors) will not be permitted to take any action which, under applicable law or the terms of any certificate of
incorporation or certificate of formation, limited liability company agreement, by-laws or any voting trust agreement with respect to any common stock, requires the vote of its board of directors or board of managers, unless at the time of such
action there shall be at least two members of such board who are Independent Directors; provided, however, that, subject to any applicable Legal Requirement, its board of directors (or if such Issuer or Operating Lessee is a limited
liability company and is not self managed, the board of directors of its SPE Member) may, at its discretion, be permitted to take any action without regard to the preceding clause of this sentence other than the following actions, which actions may
not be taken: (A) to the fullest extent permitted by law, dissolve or liquidate, in whole or in part; (B) consolidate or merge with or into any other entity or convey or transfer all or substantially all of its properties and assets to any
entity unless the applicable Issuer is releasing that Property from the Lien of the Mortgage or paying off the Notes in accordance with the terms herein; (C) engage in any business other than the ownership, maintenance and operation of the
Properties or, with respect to the SPE Member (if applicable), acting as a member of an Issuer or Operating Lessee; 
  

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 (D) institute any proceeding to be adjudicated as bankrupt or insolvent, or consent to the
institution of bankruptcy or insolvency proceedings against it, or file a petition or answer or consent seeking reorganization or relief under the Bankruptcy Code or consent to the filing of any such petition or to the appointment of a receiver,
rehabilitator, conservator, liquidator, assignee, trustee, custodian or sequestrator (or other similar official) of its SPE Member or any Issuer or Operating Lessee or of any substantial part of their property, or ordering the winding up or
liquidation of its affairs, or make or consent to an assignment for the benefit of creditors, or admit in writing its inability to pay its debts generally as they become due, or take any action in furtherance of any of the foregoing; (E) except
as required by law, amend its SPE Member’s certificate of incorporation (if applicable) or the limited liability company agreement of the applicable Issuer or Operating Lessee, but only to the extent such amendment impacts the Company’s
status as a Single Purpose Entity; (F) enter into any transaction with an Affiliate not in the ordinary course of the applicable Issuer’s or Operating Lessee’s business; or (G) withdraw the SPE Member, if applicable, or remove
the two (2) Independent Directors of an Issuer or Operating Lessee; provided, however, clause (D) above may be taken with the affirmative consent of the two (2) Independent Directors; 
  
 (xvii) It has no liabilities, contingent or otherwise, other
than those normal and incidental to the ownership, operation and leasing of the Properties; 
  
 (xviii) Each Issuer and Operating Lessee shall conduct its business so that the assumptions made with respect to such Issuer or Operating
Lessee in that certain opinion letter dated the date hereof delivered by Perkins Coie LLP addressing substantive non-consolidation and other matters in connection with the Notes shall at all times be true and correct in all respects; 
  
 (xix) No Issuer or Operating Lessee will permit any
Affiliate or constituent party independent access to its bank accounts except that each Issuer and Operating Lessee may commingle its funds with the funds of the other Issuers and Operating Lessees in the Deposit Accounts, in the Holding Account, in
the Tax and Insurance Escrow Account and in each of the other Reserve Accounts; 
  
 (xx) Each Issuer and Operating Lessee has and shall pay the salaries of its own employees (or paid the appropriate consideration under the
corresponding Administrative Services Agreement), if any, and maintain a sufficient number of employees in light of its contemplated business operations; 
  
 (xxi) Each Issuer and Operating Lessee has and shall compensate each of its consultants and agents from its funds for services provided to
it and pay from its own assets all obligations of any kind incurred. Upon the withdrawal or the disassociation of the Independent Director from any constituent entity of any Issuer or Operating Lessee (or from an Issuer or Operating Lessee
directly), such Issuer or Operating Lessee shall immediately appoint a new director or special member or cause such entity to appoint a new director or special member that satisfies the requirements of an Independent Director under this Indenture;
and 
  

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 (xxii) Each Issuer and Operating Lessee is subject to and complies with all of the
limitations on powers and separateness requirements set forth in its organizational documentation as of the Closing Date. 
  
 (cc) Investment Company Act. Each of Issuer and Operating Lessee is not (i) an “investment company” or a company
“controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended; or (ii) a “holding company” or a “subsidiary company” of a “holding company” or an
“affiliate” of either a “holding company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 1935, as amended. Its sole business is the ownership, operation, maintenance, repair,
financing, refinancing and disposition of the Properties and such matters as are incidental to the foregoing. 
  
 (dd) Fraudulent Transfer. Each of Issuer and Operating Lessee (i) has not entered into the Notes, the Operating Leases, or any Transaction
Document with the actual intent to hinder, delay, or defraud any creditor and (ii) has received reasonably equivalent value in exchange for its obligations under the Transaction Documents and the Operating Leases. Giving effect to the
transactions contemplated by the Transaction Documents, the fair saleable value of each of Issuer’s and Operating Lessee’s assets exceeds and will, immediately following the execution and delivery of the Transaction Documents, exceed its
total liabilities, including subordinated, unliquidated, disputed or contingent liabilities. The fair saleable value of its assets is and will, immediately following the execution and delivery of the Transaction Documents, be greater than each of
its probable liabilities, including the maximum amount of its contingent liabilities or its debts as such debts become absolute and matured. Each of Issuer’s and Operating Lessee’s assets do not and, immediately following the execution and
delivery of the Transaction Documents will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Each of Issuer and Operating Lessee does not intend to, and does not believe that it will,
incur debts and liabilities (including contingent liabilities and other commitments) beyond its ability to pay such debts as they mature (taking into account the timing and amounts to be payable on or in respect of its obligations). 
  
 (ee) Material Agreements, Operating Leases, and Property Management
Agreements. Each of the Material Agreements, the Operating Leases and each Property Management Agreement is in full force and effect and is valid and enforceable in all material respects, subject in each case to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and, where applicable, to general equity principles; there are no defaults, breaches or violations thereunder
by any Issuer or Operating Lessee, and neither Issuer nor Operating Lessee has given written notice of any defaults, breaches or violations by any other party thereto except as have already been cured or as are disclosed on Schedule 4.1(ee)
hereto, where with respect to any such Agreement the effect of one or more of any such defaults would have a Material Adverse Effect. Neither the execution and delivery of the Transaction Documents, the performance of the Issuers or Operating
Lessees thereunder, the recordation of each Mortgage, nor the exercise of any remedies by Note Trustee, will adversely affect any Issuer’s or Operating Lessee’s rights under any of the Material Agreements, the Operating Leases, or Property
Management Agreements. 
  
 (ff) Employees. Each of Issuer
and Operating Lessee either has no employees or has no material liability which has been incurred by it and remains unsatisfied for any taxes or 
  

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 penalties with respect to (i) any Employee Benefit Plan established, sponsored, maintained or contributed to by it
on behalf of its employees at any Property or (ii) any Multiemployer Plan as to which it is making or has an obligation to make contributions or (iii) any lien which has been imposed on its assets pursuant to Section 412 of the Code
or Sections 302 or 4068 of ERISA or (iv) in the case of the Mexican Issuers, any similar employee benefit plan established, sponsored, maintained or contributed to by it on behalf of its employees at any Mexican Property. 
  
 (gg) Rent Roll. The Leases reflected in the most recent occupancy
reports described in Schedule 4.1(gg) are in full force and effect, and are valid and enforceable in all material respects, subject in each case to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
general applicability relating to or affecting creditors’ rights and, where applicable, to general equity principles and (ii) except as set forth in Schedule 4.1(gg), the Leases are in full force and effect, there are no material
defaults thereunder by any Issuer or, to the best of each Issuer’s knowledge, the other party thereto, and to the best of each Issuer’s knowledge, there are no conditions (other than payments that are due but not yet delinquent and other
non-delinquent executory obligations) that, with the passage of time or the giving of notice, or both, would constitute a material default thereunder. 
  
 (hh) Legal Compliance. To its best knowledge, neither any Property, nor any portion thereof, is on the date hereof in violation of any Legal
Requirement or any Insurance Requirement (including, without, limitation all Legal Requirements relating to all security deposits with respect to any Property), in a manner that is likely to have a Material Adverse Effect. 
  
 (ii) No Change in Facts or Circumstances; Disclosure. All information
submitted by Issuers to Initial Purchaser and in all financial statements, rent rolls, reports, certificates and other documents submitted in connection with the Notes or in satisfaction of the terms thereof and all statements of fact made by any
Issuer in this Indenture or in any other Transaction Document, are, or with respect to any such documents or information that were prepared by a third-party, are to the best of Issuer’s knowledge, accurate, complete and correct in all material
respects. There has been no material adverse change in any condition, fact, circumstance or event that would have a Material Adverse Effect. Each Issuer has disclosed to Initial Purchaser all material facts to which such Issuer has knowledge and has
not failed to disclose any material fact of which it has knowledge that would have a Material Adverse Effect. 
  
 (jj) Illegal Activity. No Issuer has purchased any portion of any Property with proceeds of any illegal activity. 
  
 (kk) Loans to Related Parties. Except for the Mexico Intercompany
Loan, there are no loans payable by any Issuer (a) to any member of such Issuer or to any other lender which is an Affiliate or subsidiary entity of such Issuer or of any such member of such Issuer; (b) to any stockholder, officer,
director, member, or general or limited partner of any member of any Issuer or to any other lender which is an Affiliate or subsidiary entity of any such stockholder, officer, director, member, or general or limited partner of any member of such
Issuer; (c) to any stockholder, officer, director, member, or general or limited partner of any member of any Issuer or to any other lender which is an Affiliate or subsidiary entity of any such stockholder, officer, director, member, or
general or limited partner of any member of such Issuer; or (d) to any 
  

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 stockholder, officer, director, member, or general or limited partner of any stockholder, officer or director of any
member of any Issuer or to any other lender which is an Affiliate or subsidiary entity of any such stockholder, officer, director, member, or general or limited partner of any stockholder, officer or director of any member of such Issuer.

  
 (ll) Compliance with Anti-Terrorism, Embargo and Anti-Money
Laundering Laws. (i) None of Issuers, Operating Lessees, Sponsor or any Person who Controls Issuer or Sponsor is currently identified on the OFAC List or otherwise qualifies as a Prohibited Person, and Issuer has implemented procedures to
ensure that no Person who now or hereafter owns any direct equity interest in Issuer is a Prohibited Person or Controlled by a Prohibited Person, and (ii) none of Issuer, Operating Lessee, or Sponsor is in violation of any Legal Requirements
relating to anti-money laundering or anti-terrorism, including, without limitation, Legal Requirements related to transacting business with Prohibited Persons or the requirements of the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001, U.S. Public Law 107-56, and the related regulations issued thereunder, including temporary regulations, all as amended from time to time. To the best of Issuer’s knowledge, no
Manager or tenant at any of the Properties is currently identified on the OFAC List or otherwise qualifies as a Prohibited Person, and no Manager or tenant at any of the Properties is owned or Controlled by a Prohibited Person. Issuer has determined
that Manager has implemented procedures to ensure that no tenant at any of the Properties is a Prohibited Person or owned or Controlled by a Prohibited Person. 
  

(mm) Breach by Affiliate. The breach by an Affiliate of any agreement to which any Issuer and its Affiliates are parties shall not affect the
enforceability of the terms hereof or of any Transaction Document against Issuers. 
  
 (nn) Consents. No consent, approval, authorization or order of, or qualification with, any court or Governmental Authority is required in connection with the execution, delivery or performance by any Issuer of
this Indenture or the other Transaction Documents which has not been obtained. 
  
 (oo) Environmental Matters. Except for matters set forth in the Environmental Reports delivered to Initial Purchaser prior to the date hereof: 
  
 (i) Each Property is in compliance with all applicable Environmental Laws (which compliance includes, but is
not limited to, the possession by the applicable Issuer or the applicable Property Manager of all environmental, health and safety permits, approvals, licenses, registrations and other governmental authorizations required in connection with the
ownership and operation of each Property under all Environmental Laws) except where the failure to comply with such laws is not reasonably likely to result in a Material Adverse Effect. 
  
 (ii) There is no Environmental Claim pending or, to the actual knowledge of any Issuer, threatened, except
as is not reasonably likely to result in a Material Adverse Effect. 
  

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 (iii) There are no present, or to the knowledge of any Issuer, past Releases of any
Hazardous Substance that are reasonably likely to form the basis of any Environmental Claim except as is not reasonably likely to result in a Material Adverse Effect. 
  
 (iv) Without limiting the generality of the foregoing, there is not present at, on, in or under any
Property, PCB-containing equipment, asbestos or asbestos containing materials, underground storage tanks or surface impoundments for Hazardous Substances, lead in drinking water (except in concentrations that comply with all Environmental Laws), or
lead-based paint, except as is not reasonably likely to result in a Material Adverse Effect. 
  
 (v) No Liens are presently recorded with the appropriate land records under or pursuant to any Environmental Law with respect to any
Property and, to each Issuer’s actual knowledge, no Governmental Authority has been taking or is in the process of taking any action to subject any Property to Liens under any Environmental Law. 
  
 (vi) There have been no material environmental
investigations, studies, audits, reviews or other analyses conducted by or that are in the possession of any Issuer in relation to any Property which have not been made available to Initial Purchaser. 
  
 (pp) Adequate Parking. Except as set forth on Schedule 6.1(g)
hereto, each Property has available to it adequate parking to comply with all Legal Requirements and to permit the operation of the Property as a first class full service resort or business hotel, operated in compliance with the standards set forth
in the applicable Property Management Agreement. 
  
 (qq) Rooms
in Service. All of the rooms at each Property are in service, except for rooms that are temporarily out of service for remodeling in the ordinary course of business, routine maintenance and repair or in connection with the Condo Conversion or a
Major Capital Project. 
  
 (rr) Funds for Capital Expenditures
and FF&E Expenses. It has or anticipates that it will have sufficient funds available to it for implementing its reasonable anticipated Capital Expenditures and FF&E expenditures. 
  
 (ss) Sharing Agreements. Other than as set forth on
Schedule 4.1(ss) hereto, there are no joint services, reciprocal easement or other similar sharing agreements relating to any of the Properties. 
  
 (tt) Labor Matters. No Issuer is a party to any collective bargaining agreements. 
  
 (uu) Liquor Licenses. The legal arrangements for service of alcoholic beverages at the Properties are as identified
on Schedule 4.1(uu). 
  

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 (vv) Ancillary Property. Issuer has parcelized the Ancillary Property or has begun the process of
parcelizing the Ancillary Property and has provided to the Initial Purchaser such documentation from any and all local and state governmental authorities evidencing the final parcelization or the progress of the parcelization of the Ancillary
Property reasonably satisfactory to the Initial Purchaser. The Ancillary Property shall be included in the collateral for the Notes in the event Issuer has not provided evidence of final parcelization; provided, however, that upon the
final parcelization of any Ancillary Property, such Ancillary Property will be released pursuant to this Indenture. 
  
 (ww) Intentionally Omitted. 
  
 (xx) Intentionally Omitted. 
  
 (yy) Office of Foreign Asset Control. Neither Issuers, Operating Lessees, nor Sponsor shall (a) be or become subject at any time to any law,
regulation, or list of any government agency (including, without limitation, the OFAC List) that prohibits or limits Note Trustee or any Noteholder from making any advance or extension of credit to Issuer or from otherwise conducting business with
Issuer, Operating Lessee and/or Sponsor, or (b) fail to provide documentary and other evidence of identity of the Issuers as may be requested by Note Trustee or any Noteholder at any time to enable Note Trustee or any Noteholder to verify
Issuer’s identity or to comply with any applicable law or regulation, including, without limitation, Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318 (the “Patriot Act”). In addition, Issuer hereby
agrees to provide to Note Trustee and any Noteholder with any additional information that Note Trustee or any Noteholder deems reasonably necessary from time to time in order to ensure compliance with all Legal Requirements concerning money
laundering and similar activities. 
  
 (zz) Intentionally
Deleted. 
  
 (aaa) Intentionally Deleted. 

 
 (bbb) Las Palmas Indebtedness. Issuers have delivered to Initial
Purchaser true, correct and complete copies of the Las Palmas FF&E Loan Agreement, the guaranty related thereto and Note (as defined in the Las Palmas FF&E Loan Agreement) (and all amendments and modifications in connection therewith). The
Las Palmas FF&E Loan Agreement is in full force and effect and the Las Palmas Issuer is not in default thereunder and has not received any notice of default thereunder. Except for such copies so delivered, there are no other documents related to
the Las Palmas Indebtedness. The outstanding amount of the Las Palmas Indebtedness as of the date hereof is $6,917,747 of which $0 represents interest amounts which have been capitalized and added to principal pursuant to the Las Palmas
Indebtedness. 
  
 (ccc) Common Charges. All amounts owed to
date by owners of the Properties in the nature of common area maintenance expenses, parking fees, common association dues, assessments and similar charges have been paid in full. 
  
 (ddd) Corporate Structure. Schedule 4.1(ddd) contains a true and complete diagram showing all direct and
indirect ownership interests of the Sponsor in the Issuers and Operating Lessees as of the Closing Date. Except as set forth on Schedule 4.1(ddd), Sponsor owns, directly or indirectly, 100% of the legal, beneficial and equitable interests in
the Issuers and Operating Lessees. 
  

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 (eee) Non-Consolidation. None of the Issuers or Operating Lessees is a party to any agreements
with either Sponsor or any other Affiliate of Sponsor, pertaining to allocation and reimbursement of general overhead expenses. 
  
 (fff) Outstanding Debts. Except with respect to the Las Palmas Indebtedness, and amounts that are due (but not delinquent) to Property Managers
under the Property Management Agreements and their affiliates on account of Management Fees and payments for centralized services paid by Issuers in the ordinary course under the Property Management Agreements, there are no outstanding loans,
advances or other indebtedness of any kind owing by any of the Issuers to any Property Manager or Affiliate of any Property Manager. 
  
 Section 4.2. Survival of Representations. Each Issuer agrees that all of the representations and warranties of each Issuer set forth in
Section 4.1 hereof and elsewhere in this Indenture and in the other Transaction Documents shall survive for so long as any portion of the Debt is outstanding (it being acknowledged by Initial Purchaser that such representations and
warranties have been made as of the Closing Date). All representations, warranties, covenants and agreements made in this Indenture or in the other Transaction Documents by any Issuer shall be deemed to have been relied upon by Initial Purchaser
notwithstanding any investigation heretofore or hereafter made by Initial Purchaser or on its behalf. 
  
 ARTICLE V 
  
 AFFIRMATIVE COVENANTS 
  
 Section 5.1.
Covenants of the Issuers. Each Issuer hereby covenants and agrees with the Note Trustee for the benefit of the Noteholders, as follows. All such covenants and agreements shall be enforced, and all associated rights shall be exercised, by the
Servicer on behalf of the Note Trustee for the benefit of the Noteholders, and all related documents to be delivered to the Note Trustee, amounts to be deposited with the Note Trustee and all accounts to be maintained by the Note Trustee shall be so
delivered, deposited and maintained by the Servicer on behalf of the Note Trustee for the benefit of the Noteholders. 
  
 (a) Existence; Compliance with Legal Requirements; Insurance. Each of Issuer and Operating Lessee shall do or cause to be done
all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises and comply in all material respects with all Legal Requirements applicable to it and each Property. Each of Issuer and
Operating Lessee shall at all times maintain and preserve each Property and shall keep each Property in good working order and repair, reasonable wear and tear excepted, and from time to time make, or cause to be made, all reasonably necessary and
desirable repairs, renewals, replacements, betterments and improvements thereto except as would not have a Material Adverse Effect with respect to any Property. Each of Issuer and Operating Lessee will operate, maintain, repair and improve each
Property, or will cause each Property to be operated, maintained, repaired or improved in compliance with all Legal Requirements, and will not cause or allow the same to be misused or wasted or to deteriorate. 
  

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 (b) Taxes and Other Charges; Contest for Taxes and Other Charges, Legal Requirements and Liens.

  
 (i) Subject to the provisions of
Section 5.1(b)(ii) hereof, Issuers shall pay, or cause to be paid, all Taxes and Other Charges now or hereafter levied or assessed or imposed against any Property or any part thereof prior to the date on which such sums become
delinquent. Issuers will deliver, or cause to be delivered, to the Servicer, upon request, receipts for payment or other evidence satisfactory to the Servicer that the Taxes and Other Charges have been so paid (provided, however, that
Issuers shall not be required to furnish such receipts for payment of Taxes in the event that such Taxes have been paid by the Servicer pursuant to Section 9.3.2 hereof). Subject to the provisions of Section 5.1(b)(ii) hereof
and other than Permitted Encumbrances, Issuers shall not suffer and shall promptly cause to be paid and discharged any lien or charge whatsoever which may be or become a lien or charge against any Property, and shall promptly pay for or cause to be
paid all utility services provided to each Property. Subject to Section 5.1(b)(ii) hereof, Issuers shall pay, bond or otherwise discharge, or cause to be paid, bonded or otherwise discharged, from time to time when the same shall become
due, all claims and demands of mechanics, materialmen, laborers and others that, if unpaid, might result in, or permit the creation of, a lien or encumbrance on any Property (as defined in the Mortgage), or on the Rents arising therefrom.

  
 (ii) Notwithstanding the foregoing, after
prior written notice to Note Trustee and the Servicer, an Issuer, at its own expense, may contest by appropriate legal, administrative or other proceeding, promptly initiated and conducted in good faith and with due diligence, the amount or validity
or application in whole or in part of any Taxes or Other Charges or Lien therefor or any Legal Requirement or Insurance Requirement or the application of any instrument of record affecting a Property or any part thereof (other than the Transaction
Documents) or any claims or judgments of mechanics, materialmen, suppliers, vendors or other Persons or any Lien therefor, and may withhold payment of the same pending such proceedings if permitted by law; provided that (A) no Event of
Default has occurred and remains uncured, except for, prior to acceleration, a Default caused by the matter being contested, (B) such proceeding shall suspend any collection of the contested Taxes, Other Charges or Liens from the applicable
Property, Issuers or Note Trustee, (C) neither the applicable Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, canceled or lost, (D) to the extent not already reserved with the
Property Manager or the Servicer under Section 9.3 hereof or bonded or otherwise deposited or paid in connection with such proceedings, Issuers shall have furnished the Note Trustee with security (in an amount approved by a majority (by
Outstanding Principal Amount) of the Noteholders) to insure the payment of any such Taxes or Other Charges, or the cost of the contested Legal Requirement or Insurance Requirement or the removal of the Lien, in each case together with all reasonably
anticipated interest and penalties thereon, (E) in the case of an Insurance Requirement, the failure of Issuers to comply therewith shall not impair the validity of any insurance required to be maintained by the Issuers hereunder or the right
to full payment of any claims thereunder, (F) in the case of any essential or significant service with respect to any Property, any contest or failure to pay will not result in a discontinuance of any such service except to the extent such
service is replaced, (G) in 
  

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 the case of any instrument of record affecting a Property or any part thereof, the contest or failure to
perform under any such instrument shall not result in the placing of any Lien on such Property or any part thereof (except if such Lien would be removed upon completion of such proceedings and the compliance by the parties with the terms of the
resulting order, decision or determination and the removal costs for such Lien have been escrowed with Note Trustee or the Servicer or in the proceeding or bonded or otherwise deposited or paid in connection with such proceedings), (H) neither
the failure to pay or perform any obligation which an Issuer is permitted to contest under this Section nor an adverse determination of any such contest could reasonably be expected to have a Material Adverse Effect, and (I) Issuers shall
promptly upon final determination thereof pay the amount of any such Taxes, Other Charges or Liens, together with all costs, interest and penalties which have been determined to be due and payable in connection therewith. The Servicer may pay over
any such cash deposit or part thereof held by the Servicer to the claimant entitled thereto at any time when, in the reasonable judgment of the Servicer, the entitlement of such claimant is finally determined, and the Servicer shall otherwise remit
any remaining such amounts to the Issuers. The Servicer shall give Issuers written notice of any such payments promptly following the making thereof. Subject to the foregoing, upon the timely request from the Issuers, the Servicer shall not pay from
the Tax and Insurance Escrow Account the contested Taxes or Other Charges being contested. 
  
 (c) Litigation. Each Issuer shall give prompt written notice to Note Trustee and the Servicer of any litigation or governmental proceedings pending or threatened in writing against any Issuer, Operating Lessee
or against or affecting any Property which, if determined adversely to any Issuer, Operating Lessee or any Property, could be reasonably expected to result in a Material Adverse Effect. 
  
 (d) Inspection. Issuers and Operating Lessees shall permit agents, representatives and employees of the Servicer and
the Initial Purchaser to inspect a Property on any Business Day at reasonable hours upon reasonable advance notice. 
  
 (e) Notice of Default. Issuers shall promptly advise the Servicer of any change in any Issuer’s or Operating Lessee’s condition
(financial or otherwise) that could be expected to materially impair the ability of any Issuer or Operating Lessee to comply with its obligations hereunder, or of the occurrence of any Default or Event of Default of which any Issuer has knowledge.

  
 (f) Cooperate in Legal Proceedings. Issuers shall
cooperate fully in good faith with Note Trustee and the Servicer with respect to any proceedings before any court, board or other Governmental Authority which may in any way affect the rights of Note Trustee or the Servicer hereunder or any rights
obtained by Note Trustee or the Servicer under any of the other Transaction Documents and, in connection therewith, permit Note Trustee and the Servicer, at its election, to participate in any such proceedings. 
  
 (g) Intentionally Omitted. 
  

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 (h) Insurance Benefits. Issuers shall cooperate in good faith with Note Trustee and the Servicer
in obtaining for Note Trustee or, in the case of the Mexican Issuers, the Mexican Trustee the benefits of any insurance proceeds lawfully or equitably payable in connection with any Property, and Note Trustee and the Servicer or, in its case,
Mexican Trustee shall be reimbursed for any out-of-pocket expenses reasonably incurred in connection therewith (including reasonable attorneys’ fees and disbursements, and, if reasonably necessary to collect such proceeds, the expense of an
appraisal on behalf of Note Trustee or the Servicer in case of a fire or other Casualty affecting a Property or any part thereof) out of such insurance proceeds. 
  
 (i) Further Assurances. Each Issuer shall, at such Issuer’s sole (but reasonable) cost and expense: 

 
 (i) furnish to Note Trustee all instruments, documents,
boundary surveys, footing or foundation surveys, certificates, plans and specifications, appraisals, title and other insurance reports and agreements, and each and every other document, certificate, agreement and instrument required to be furnished
by Issuers pursuant to the terms of the Transaction Documents or, without additional material expense to Issuers, reasonably requested by Note Trustee or the Servicer in connection therewith; 
  
 (ii) execute and deliver to Note Trustee such documents,
instruments, certificates, assignments and other writings, and do such other acts necessary or desirable, to evidence, preserve and/or protect the Lien of the Note Trustee at any time securing or intended to secure the obligations of Issuers under
the Transaction Documents, as Note Trustee or the Servicer may reasonably require; 
  
 (iii) be responsible for, and shall pay within thirty (30) days after demand therefore all Expenses; and 
  
 (iv) do and execute all and such further lawful and
reasonable acts, conveyances and assurances for the better and more effective carrying out of the intents and purposes of this Indenture and the other Transaction Documents, as Note Trustee or the Servicer shall reasonably require from time to time.

  
 (j) Financial Reporting and Other Information.

  
 (i) Issuers will keep and maintain or will
cause to be kept and maintained on a Fiscal Year basis, in accordance with GAAP or, in respect of the Mexican Issuers, Mexican GAAP, to the extent applicable, proper and accurate books, records and accounts reflecting all of its financial affairs
and all items of Adjusted Operating Income, Operating Expenses and Capital Expenditures. Note Trustee and the Servicer shall have the right from time to time at all times during normal business hours upon reasonable notice to examine such books,
records and accounts at the office of Issuers or subject to the Property Management Agreements, such other Person maintaining such books, records and accounts and to make such copies or extracts thereof, as Note Trustee or the Servicer shall desire.
After the occurrence of an Event of Default, Issuers shall pay any costs and expenses incurred by Note Trustee and the Servicer to examine its accounting records with respect to the Properties, as Note Trustee or the Servicer shall determine to be
necessary or appropriate. 
  

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 (ii) Issuers shall furnish to the Note Trustee and the Servicer within ninety
(90) days following the end of each Fiscal Year (A) a complete copy of the annual financial statements of the Issuers in the aggregate, audited by a “Big Four” accounting firm or another independent certified public accounting
firm acceptable to the Servicer (which audit report may rely on the report of another independent certified public accounting firm provided such other independent certified public accounting firm is also a “Big Four” accounting firm
or other independent certified public accounting firm acceptable to a majority of the Noteholders), in accordance with GAAP, or Mexican GAAP, as applicable, for such Fiscal Year and containing a balance sheet, a statement of operations, and
(B) unaudited annual income statements with respect to each Issuer, including a statement of operations for each Issuer. The annual financial statements of the Issuers in the aggregate and each Issuer’s annual financial statements shall be
accompanied by (i) an Officer’s Certificate certifying that each such annual financial statement presents fairly, in all material respects, the financial condition and results of operation of the Property or Properties being reported upon
and has been prepared in accordance with GAAP or Mexican GAAP, as the case may be, and (ii) a management report, in form and substance reasonably satisfactory to the Servicer, discussing the reconciliation between the financial statements for
such Fiscal Year and the most recent Annual Budget. Together with such Issuer’s annual financial statements, the applicable Issuer shall furnish to Note Trustee (A) an Officer’s Certificate certifying as of the date thereof whether,
to Issuers’ knowledge, there exists a Default or Event of Default, and if such Default or Event of Default exists, the nature thereof, the period of time it has existed and the action then being taken to remedy the same; and (B) an annual
report, for the most recently completed fiscal year, containing: 
  
 (1) Capital Expenditures (including for this purpose any and all additions to, and replacements of, FF&E,) made in respect of any Property, including separate line items with respect to any project costing in
excess of $500,000; 
  
 (2) occupancy levels at
each Property and the Properties for such period; and 
  
 (3) average daily room rates at each Property and for the Properties for such period. 
  
 (iii) Intentionally Omitted. 
  
 (iv) Issuers will furnish, or cause to be furnished, to the Note Trustee or the Servicer on or before the forty-fifth (45th) day
after the end of each fiscal quarter or, if unable to provide the same on or before the forty-fifth (45th) day, shall use their best efforts to provide as promptly thereafter as possible, the following items, accompanied by an Officer’s
Certificate, certifying that such items are true, correct, accurate and complete and fairly present the financial condition and results of the 
  

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 operations of Issuers and the Properties in a manner consistent with GAAP or Mexican GAAP, as applicable
(subject to normal year end adjustments), to the extent applicable: 
  
 (A) quarterly and year to date financial statements prepared for such fiscal quarter with respect to the Issuers in the aggregate, including a balance sheet and operating statement for such quarter, and with respect
to each Issuer, including a balance sheet and operating statement for each Issuer for such quarter; 
  
 (B) a comparison of the budgeted income and expenses and the actual income and expenses for such quarter for the Properties, together with
a detailed explanation of any variances of twenty percent (20%) or more between budgeted and actual amounts in the aggregate and on a line-item basis for such period and year to date; provided, however, that Issuers shall not be
obligated to provide such detailed explanation for line items the actual amounts for such quarter of which are less than $250,000; 
  
 (C) to the extent available from the Property Managers, occupancy levels at the Properties for such period, including average daily room
rates and the average revenue per available room; 
  
 (D) concurrently with the provision of such reports, each Issuer shall also furnish a report of Adjusted Operating Income and Operating Expenses (as well as a calculation of Net Operating Income based thereon) with respect to each Property,
and for the Issuers and the Properties in the aggregate, in each case for the most recently completed quarter; 
  
 (E) a STAR Report for the most recently completed quarter and, to the extent available from the Property Managers, PACE Report as of the
most recently completed quarter; 
  
 (F) to the
extent available from the Property Managers, a report of aged accounts receivable relating to each Property as of the most recently completed quarter; and 
  
 (G) a statement that the representations and warranties of Issuers set forth in Section 4.1(bb)(iv) hereof are true and
correct as of the date of such certificate. 
  
 (v) Issuers shall furnish to the Note Trustee and Servicer, within twenty-five days after the end of each calendar month, unaudited operating statements (provided, that such monthly operating statements do not have to be prepared in a
manner consistent with GAAP), aged accounts receivable reports, rent rolls, STAR Reports and PACE Reports; occupancy and ADR reports, in each case, for each Property and for the Properties in the aggregate and accompanied by an Officer’s
Certificate, certifying that (i) with respect to the operating statements, that such statements are true, correct, accurate and complete and fairly present the results of the operations of Issuers and the Properties, (ii) with respect to
the aged accounts receivable reports, rent rolls, occupancy and ADR reports, that such items are to the best of Issuers’ knowledge true, correct and accurate 
  

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 and fairly present the results of the operations of Issuers and the Properties (provided that
Issuers shall not be required to (x) furnish to the Servicer any information which Issuers have been unable to obtain from the applicable Property Manager after using reasonable efforts to do so or (y) provide the certification in clauses
(i) or (ii) above solely with respect to the monthly Star Reports and Pace Reports and (iii) a calculation of Aggregate DSCR for the trailing twelve (12) month period ending with such month. Issuers shall also furnish to the
Servicer, within twenty-five days after the end of each calendar month, a certificate in the form of Schedule I to this Indenture; 
  
 (vi) Issuers shall furnish to the Servicer, within ten (10) Business Days after request, such further detailed information with
respect to the operation of any Property and the financial affairs of Issuers as may be reasonably requested by a majority of the Noteholders; provided that Issuers shall not be required to furnish to the Servicer any information which
Issuers can only obtain from the applicable Property Manager if either (i) Issuers are not entitled to such information under the applicable Property Management Agreement, or (ii) Issuers have been unable to obtain such information from
the applicable Property Manager after using reasonable efforts to do so. 
  
 (vii) Issuers shall furnish to the Note Trustee and the Servicer, promptly after receipt, a copy of any notice received by or on behalf of any Issuer from any Governmental Authority having jurisdiction over any of the
Properties with respect to a condition existing or alleged to exist or emanate therefrom or thereat. 
  
 (viii) Issuers will, at any and all times, within a reasonable time after written request by the Note Trustee, furnish or cause to be
furnished to the Note Trustee, in such manner and in such detail as may be requested by the Note Trustee, such information as may be necessary to permit the Note Trustee to comply with any request for information made by an investor or prospective
investor in the Notes and to be furnished under Rule 144A(d) under the Securities Act. 
  
 (ix) Intentionally Deleted 
  
 (x) If any Issuer fails to provide to the Note Trustee or the Servicer or its designee any of the financial statements, certificates,
reports or information (the “Required Records”) required by this Section 5.1(j) on the date upon which such Required Record is due, the same shall become an Event of Default; provided that the Note Trustee or the
Servicer shall have given to Issuers at least thirty (30) days’ prior written notice of such failure by Issuers to timely submit the applicable Required Records and Issuers shall not have delivered such Required Records within such 30 day
notice period. Notwithstanding anything to the contrary contained herein, if, following written notice from Issuers to the Note Trustee and the Servicer of the Servicer’s failure (or the failure of any servicer in connection with a
Securitization) to provide any financial information pursuant to Section 2.3.7 hereof, Issuers are unable to include certain financial information required to be included in such Required Record or to make certain calculations required
therefor, due to the failure of the Servicer or its agents, representatives or employees to deliver such financial information, Issuers shall prepare and deliver to the Note Trustee and the Servicer the Required Records without such 
  

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 information, and calculations to the extent feasible (and, to the extent feasible, with good faith
estimates with respect to such missing information, clearly stated as estimates); provided, further, that Issuers shall deliver revised financial reports or statements promptly following receipt of the necessary financial information
from the Servicer or other sources. 
  
 (xi) The
information required to be furnished by Issuers to the Servicer under this Section 5.1(j) shall be provided in both hard copy format and electronic format; provided that Issuers shall only be required to provide the information
required under this Section 5.1(j) in electronic format if such information is so available in the ordinary course of the operations of the Issuers and Property Managers and without significant expense. 
  
 (xii) Note Trustee and the Servicer shall have the right at
any time and from time to time to audit the financial information provided by Issuers pursuant to the terms of this Indenture in accordance with the then customary audit policies and procedures of Note Trustee or the Servicer, as case may be. The
Noteholders shall pay for the costs of such audit. 
  
 (k)
Business and Operations; Material Agreements; Operating Leases; Property Management Agreements. Each Issuer and Operating Lessee will continue to engage in the businesses currently conducted by it as and to the extent the same are necessary
for the ownership, maintenance, management and operation of each Property. Each Issuer and Operating Lessee will qualify to do business and will remain in good standing under the laws of each jurisdiction as and to the extent the same are required
for the ownership, maintenance, management and operation of each Property. Issuers shall complete the work described in the letter attached as Exhibit I hereto in a good and workmanlike manner. Issuers shall at all times (i) maintain
each Property or cause each Property to be maintained at a standard at least equal to that maintained by prudent owners of similar facilities or land in the region where the applicable Property is located and as required under the Property
Management Agreements; (ii) maintain or cause to be maintained sufficient inventory and Equipment of types and quantities at each Property to enable the operation of each Property and as required under the Property Management Agreements;
(iii) maintain such licenses and permits, or arrangements in connection therewith so as to permit each of the Properties to be maintained at a standard at least equal to that maintained by prudent owners of similar hotel properties located near
any Property and as required under the Property Management Agreements; (iv) promptly perform and/or observe in all material respects all of the covenants and agreements required to be performed and observed by the Issuers and Operating Lessee
under each Property Management Agreement and any Material Agreement, and do all things necessary to preserve and to keep unimpaired the rights of the Issuers thereunder; (v) promptly notify Note Trustee and the Servicer in writing of the giving
of any notice of any default by any party under any Material Agreement of which it is aware, each Property Management Agreement and Operating Lease; and (vi) promptly enforce in a commercially reasonable manner the performance and observance of
all of the material covenants and agreements required to be performed and/or observed by the other party under each Material Agreement, Operating Lease and each Property Management Agreement. 
  

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 (l) Title to the Properties. Each Issuer will warrant and defend against the claims of all Persons
whomsoever (i) with respect to its title to each Property and every part thereof and (ii) the validity and priority of the Lien of the Mortgage, subject only in each case to Liens permitted under the Transaction Documents (including
Permitted Encumbrances) and will provide notice to Note Trustee and the Servicer of any title defects or claims made under any title insurance policy insuring Issuers’ interests in the Properties. 
  
 (m) Costs of Enforcement. In the event (i) that any Mortgage is
foreclosed in whole or in part or any of the Notes, or any Transaction Document, including any Mortgage, is put into the hands of an attorney for collection, suit, action or foreclosure, (ii) of the foreclosure of any Lien or mortgage prior to
or subsequent to any Mortgage in which proceeding Note Trustee is made a party, (iii) of the bankruptcy, insolvency, rehabilitation or other similar proceeding in respect of any Issuer or an assignment by any Issuer for the benefit of its
creditors, or (iv) Note Trustee or the Servicer on its behalf shall attempt to remedy any Event of Default hereunder, Issuers and their successors or assigns shall be chargeable with and agree to pay all reasonable costs incurred by Note
Trustee and/or the Servicer as a result thereof, including costs of collection and defense (including reasonable attorneys’, experts’, consultants’ and witnesses’ fees and disbursements) in connection therewith and in connection
with any appellate proceeding or post-judgment action involved therein, which shall be due and payable together with all required service or use taxes. 
  
 (n) Estoppel Statement. 
  
 (i) After written request by the Note Trustee or Servicer, Issuers shall within fifteen (15) Business Days furnish the Servicer with
a statement, duly acknowledged and certified, setting forth (A) the unpaid principal amount of the Notes, (B) the Applicable Interest Rates, (C) the date installments of interest and/or principal were last paid, (D) any offsets
or defenses to the payment of the Debt, (E) that the Notes, this Indenture, each Mortgage and the other Transaction Documents are valid, legal and binding obligations and have not been modified or if modified, giving particulars of such
modification, and (F) such other matters as Note Trustee or the Servicer may reasonably request. Any prospective purchaser of any interest in the Notes shall be permitted to rely on such certificate. 
  
 (ii) Issuers shall request and use all reasonable efforts to
obtain for the Note Trustee, upon request by the Servicer or the Note Trustee, (i) Tenant estoppel certificates from each Tenant and (ii) and an estoppel certificate from Ground Lessor, in each case on forms reasonably satisfactory to the
Servicer; provided that Issuers shall not be required to deliver such certificates more frequently than once in any calendar year (including estoppel certificates obtained in connection with the origination of the Notes); provided,
however, that there shall be no limit on the number of times Issuers may be required to obtain such certificates if a Default hereunder or under any of the Transaction Documents has occurred and is continuing. 
  
 (o) Ancillary Property. If Issuer has not provided evidence of the
final parcelization of any Ancillary Property prior to the Closing Date and such Ancillary Property has been included in the collateral for the Note, Issuer shall diligently pursue such final parcelization of the Ancillary Property. Each Ancillary
Property shall be released from the lien of the Mortgage pursuant to the provisions of this Indenture. 
  

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 (p) Performance by Issuers. Issuers shall (i) cure the Deferred Maintenance Conditions on or
prior to the first anniversary of the funding of the Notes, and (ii) remediate Environmental Conditions in a reasonably diligent manner, in each case in the manner set forth in Section 7.1(g) herein. In addition, each Issuer shall
observe, perform and satisfy in a commercially reasonable manner or cause the applicable Property Manager to observe, perform and satisfy in a commercially reasonable manner all of the terms, provisions, covenants and conditions required to be
observed, performed or satisfied by it or the applicable Property Manager, and shall pay when due all costs, fees and expenses required to be paid by it and/or the applicable Property Manager under the applicable Property Management Agreement
subject, in each case, to any applicable cure periods provided therein. 
  
 (q) Annual Budget. Not later than March 1 of each Fiscal Year hereafter, Issuers shall prepare or cause to be prepared and deliver to the Servicer, for informational purposes only, an Annual Budget in respect of the Properties
for the Fiscal Year in which such delivery date falls. If Issuers subsequently amend the Annual Budget, Issuers shall promptly deliver the amended Annual Budget to the Servicer. 
  
 (r) No Joint Assessment. Issuers shall not suffer, permit or initiate the joint assessment of any Property
(i) with any other real property constituting a tax lot separate from such Property, and (ii) unless required by applicable law, with any portion of such Property which may be deemed to constitute personal property, or any other procedure
whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to the applicable Property. 
  
 (s) Leasing Matters. 
  
 (i) Issuers shall not, and shall not permit the applicable Property Manager to, amend or modify any existing Lease or Leases or enter into
any new Lease or Leases if the same would have a Material Adverse Effect. 
  
 (ii) Issuers shall furnish Servicer pm behalf of Note Trustee with an executed copy of each Lease within thirty (30) days after execution thereof. 
  
 (iii) All new Leases entered into from and after the date hereof shall be the result of arm’s-length
negotiations, shall provide for “market” rental rates and other market terms and shall not contain any terms which would adversely affect Note Trustee’s or the Noteholders, rights under the Transaction Documents; provided that
the rent payable under a new Lease may be below market rate if the rent from the space leased under the new Lease was, immediately prior to the entry into that new Lease, below market rate and such new Lease was given in exchange for the surrender
of the prior Lease. 
  
 (iv) All Leases (except
for Leases with respect to the Mexican Properties) shall provide that they are subordinate to the Mortgage and, subject to Note Trustee entering into a Subordination, Non-Disturbance and Attornment Agreement satisfactory to the Servicer, that the
lessee thereunder agrees to attorn to Note Trustee at Note Trustee’s or the Servicer’s request. 
  

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 (v) Issuers (A) shall observe and perform the obligations imposed upon the lessor
under the Leases in a commercially reasonable manner; (B) shall enforce the terms, covenants and conditions contained in the Leases on the part of the lessee thereunder to be observed or performed in a commercially reasonable manner;
(C) shall not collect any of the base or minimum rents more than one (1) month in advance (other than security deposits) and (D) shall not execute any assignment of lessor’s interest in the Leases or the Rents (except for the
Assignment of Leases). 
  
 (vi) Any proposed
Lease in excess of 20,000 square feet shall be subject to approval by a majority (by Outstanding Principal Amount) of the Noteholders (not to be unreasonably withheld). Any proposed Lease submitted to the Servicer for approval shall be accompanied
by a summary of the terms of such proposed Lease and (including the economic terms and any termination options) shall be deemed approved if the Servicer shall have not notified Issuers in writing of its disapproval (together with a statement of the
grounds of such disapproval) within ten (10) Business Days after Issuers shall have given the Servicer written notice confirming that at least two (2) Business Days have elapsed since such submission. 
  
 (vii) Issuers shall not enter into a Lease of all or
substantially all of any one or more of the Properties except after having received a Rating Confirmation as to such Lease and the Tenant thereunder, and otherwise in compliance with all terms and conditions hereof and the other Transaction
Documents. Any such Lease shall (A) not result in a decrease in Issuers’ Net Operating Income of each affected Property from the Net Operating Income of such Property immediately prior to the effective date of such Lease or, if higher, the
Net Operating Income of such Property as of the Closing Date, (B) be subject and subordinate to the Lien of the Mortgage and Note Trustee shall not be obligated to deliver a nondisturbance agreement in favor of the Tenant thereunder, and
(C) impose on the Tenant thereunder all the obligations of Issuers hereunder in respect of each affected Property. 
  
 (t) Security Deposits. Issuers shall, immediately upon receipt, deliver (and with respect to security deposits, letters of credit or other
collateral already paid or delivered to any Issuer or its predecessor in interest, Issuers are concurrently herewith delivering) to Servicer on behalf of the Note Trustee all security deposits, letters of credit or other collateral that it receives
(or has received) from time to time from any Tenant as security for the performance by such Tenant of its obligations under its Lease (1) the cash portion of which exceeds $100,000, or (2) the aggregate amount of which (both cash and
non-cash portions) exceeds $185,000. Servicer on behalf of the Note Trustee shall deposit (or shall direct the applicable Issuers to deposit directly) any cash to be delivered by any Issuer pursuant to the preceding sentence in an escrow account in
the name of Note Trustee and, except to the extent required by law or the applicable Lease, such account shall be maintained in accordance with the terms of Section 12.2 hereof. Servicer on behalf of the Note Trustee shall make such
security available to Issuers or the applicable Tenant on or prior to the tenth (10th) Business Day after notice from Issuers to the extent required to comply with obligations owed to such Tenant under the terms of its Lease or 
  

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 to Issuers, in the event of such Tenant’s default under its Lease, subject to the Servicer’s approval, which
approval shall not be unreasonably withheld (based on, among other things, the intended use of such deposit and whether a replacement Lease has been executed). Note Trustee may commingle funds deposited hereunder and Note Trustee shall not be
obligated to segregate, designate or separately account for any specific security deposit, except to the extent that any Issuer notifies Note Trustee in writing at or prior to the time of any deposit that such deposit is required to be segregated by
the applicable Lease or under applicable law. Notwithstanding the foregoing, (x) Note Trustee shall not acquire a security interest or Lien in respect of security deposits to the extent that such acquisition would be prohibited by applicable
law and (y) to the extent required by law, security deposits shall be maintained within the state in which the Property in question is situate and, if permitted by law, shall be transferred to escrow accounts in the name of Note Trustee within
the applicable states (which escrow accounts shall be maintained in accordance with the terms of Section 12.2 hereof). 
  
 (u) Plan Assets. Each Issuer will do, or cause to be done, all things necessary to ensure that it will not be deemed to hold Plan Assets at any
time. 
  
 (v) Intentionally Omitted. 
  
 (w) Adequate Parking. Issuers will ensure that each Property has
available to it adequate parking to comply with all Legal Requirements and to permit the operation of the Property as a first class full service resort or business hotel, operated in compliance with the standards set forth in the applicable Property
Management Agreement. 
  
 ARTICLE VI 
  
 NEGATIVE COVENANTS 
  
 Section 6.1. Negative Covenants of the Issuers. Each Issuer and
Operating Lessee covenants and agrees with the Note Trustee for the benefit of the Noteholders that it will not, directly or indirectly, violate any of the following covenants and agreements. All such covenants and agreements shall be enforced, and
all associated rights shall be exercised, by the Servicer on behalf of the Note Trustee for the benefit of the Noteholders, and all related documents to be delivered to the Note Trustee, amounts to be deposited with the Note Trustee and all accounts
to be maintained by the Note Trustee shall be so delivered, deposited and maintained by the Servicer on behalf of the Note Trustee for the benefit of the Noteholders. 
  
 (a) Operation of Property. Each of Issuer and Operating Lessee shall not, without the prior consent of a majority (by
Outstanding Principal Amount) of the Noteholders (except as elsewhere herein expressly provided): (i) surrender or terminate any Material Agreement or Operating Lease unless the other party thereto is in material default and the termination of
such agreement would be commercially reasonable, (ii) surrender or terminate any Property Management Agreement (unless such Property Manager is being replaced with an Acceptable Property Manager pursuant to an Acceptable Property Management
Agreement), or permit or suffer any significant delegation or contracting of the applicable Property Manager’s duties unless the applicable Property Manager has the right to do so under the applicable Property Management Agreement without the
consent of the applicable Issuer and/or the 
  

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 applicable Operating Lessee or unless such delegation or contracting would not constitute a Material Agreement if entered
into by the applicable Issuer or the applicable Operating Lessee itself, (iii) increase or consent to the increase of the amount of any charges under any Material Agreement, except as provided therein or on an arm’s-length basis and
commercially reasonable terms; or (iv) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under any Material Agreement in any material respect, except on an arm’s-length basis and
commercially reasonable terms. 
  
 (b) Liens. Subject to
Section 5.1(b)(ii) hereof, no Issuer or Operating Lessee shall, without the prior written consent of a majority (by Outstanding Principal Amount) of the Noteholders, create, incur, assume, permit or suffer to exist any Lien on any
portion of any Property, except (i) Permitted Encumbrances, (ii) Liens created by or permitted pursuant to the Transaction Documents and (iii) Liens for Taxes or Other Charges not yet delinquent. 
  
 (c) Dissolution. Each of Issuer and Operating Lessee shall not
dissolve, terminate, liquidate, merge with or consolidate into another Person. Each of Issuer and Operating Lessee shall not, prior to the release of its Property from the Lien of the Mortgage, (i) except as expressly permitted in Sections
2.5 and 6.1(i) hereof, transfer, lease or sell, in one transaction or any combination of transactions, the assets or all or substantially all of its properties or assets, or (ii) cause any other member of any Issuer or Operating
Lessee to (A) dissolve, wind up or liquidate or take any action, or omit to take any action, as a result of which such Issuer or Operating Lessee would be dissolved, wound up or liquidated in whole or in part, or (B) amend, modify, waive
or terminate the limited liability company agreement of any Issuer or Operating Lessee, without, in each instance, obtaining the prior written consent of a majority (by Outstanding Principal Amount) of the Noteholders. 
  
 (d) Change in Business. No Issuer or Operating Lessee shall enter into
any line of business other than the ownership, maintenance, financing, refinancing and operation of the Properties (in each case subject to the terms hereof), or make any material change in the scope or nature of its business objectives or purposes,
or undertake or participate in activities other than the continuance of its present business. 
  
 (e) Debt Cancellation. No Issuer or Operating Lessee shall cancel or otherwise forgive or release any claim or debt owed to such Issuer or Operating Lessee by any Person, including any arising under any of the
Leases, the Property Management Agreements and Material Agreements except (i) with respect to the Leases, the Property Management Agreements and Material Agreements, in accordance with and subject to the terms of this Indenture, (ii) with
respect to other matters, for adequate consideration in the ordinary course of such Issuer’s or Operating Lessee’s business and on commercially reasonable terms, subject to other restrictions contained herein or in any other Transaction
Document. 
  
 (f) Affiliate Transactions. No Issuer or
Operating Lessee shall enter into, or be a party to, any transaction with an Affiliate of such Issuer or Operating Lessee or any of the members of such Issuer or Operating Lessee except in the ordinary course of business and on terms which are fully
disclosed to Initial Purchaser, if entered into on or before the Closing Date, or the Servicer, if entered into after the Closing Date, in advance and, for any transaction entered into on or after the Closing Date, are no less favorable to such
Issuer or Operating Lessee or such 
  

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 Affiliate than would be obtained in a comparable arm’s-length transaction with an unrelated third party,
provided, however, that the foregoing shall not prohibit any transfer permitted by the terms of Section 6.1(i) hereof. 
  
 (g) Zoning and Uses. Except as disclosed on Schedule 6.1(g) hereto, no Issuer or Operating Lessee shall (i) initiate or support
any limiting change in the permitted uses of any Property (or to the extent applicable, zoning reclassification of any Property) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the
extent applicable, zoning ordinances) applicable to any Property or use or permit the use of any Property in a manner that would result in such use becoming a non-conforming use under applicable land-use restrictions (and, if any, zoning ordinances)
or that would violate the terms of the Transaction Documents or of any Lease, Legal Requirements or any Permitted Encumbrance, (ii) modify, amend or supplement any of the terms of any Permitted Encumbrance in a manner adverse to the interests
of the Noteholders or that could reasonably be expected to have a Material Adverse Effect with respect to such Property, (iii) modify, amend or supplement any of the terms of any other Permitted Encumbrance in a manner adverse to the interest
of the Noteholders or that could reasonably be expected to have a Material Adverse Effect, (iv) impose or permit or suffer the imposition of any restrictive covenants, easements or encumbrances upon any Property in any manner that could
reasonably be expected to have a Material Adverse Effect, (v) execute or file any subdivision plat affecting a Property, institute, or permit the institution of, proceedings to alter any tax lot comprising any Property or (vi) permit or suffer
a Property to be used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement. 
  
 (h) Debt. Other than the Permitted Indebtedness, no Issuer or Operating Lessee shall create, incur or assume any of
the following: (i) indebtedness for borrowed money or for the deferred purchase price of property or services; (ii) indebtedness evidenced by a note, bond, debenture or similar instrument; (iii) any letter or letters of credit issued
for the account of an Issuer or Operating Lessee to the extent there are unreimbursed amounts drawn thereunder; (iv) indebtedness secured by a Lien on any property owned by any Issuer or Operating Lessee (whether or not such indebtedness has
been assumed) except obligations for impositions which are not yet due and payable; (v) any obligation of any Issuer or Operating Lessee directly or indirectly guaranteeing any indebtedness or other obligation of any other Person in any manner;
(vi) any payment obligations of any Issuer or Operating Lessee under any interest rate protection agreement (including, without limitation, any interest rate swaps, caps, floors, collars or similar agreements) and similar agreements (except
with respect to the Interest Rate Cap Agreement or any replacement thereof, which obligations (other than replacements) each Issuer or Operating Lessee represents have been satisfied in full by a one-time payment made on or prior to the date
hereof); (vii) any debt secured by direct or indirect ownership interests in Issuer, or (viii) any contractual indemnity obligations of any Issuer or Operating Lessee other than as set forth in (A) the Property Management Agreements
or (B) any other normal and customary agreements entered into in the ordinary course of business. 
  
 (i) Transfers. 
  
 (i) General Limitation. Unless such action is permitted by the subsequent provisions of this Section 6.1(i), is a Lease
which complies with Section 5.1(s), 
  

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 is permitted by Section 2.5 or Section 2.9 hereof or is a sale of a Property upon
or after its release from the Lien of the Transaction Documents in accordance with Section 2.5 hereof (or is a sale of ownership interests in an Issuer or Operating Lessee after such release of the Property of such Issuer or Operating
Lessee), Issuers and Operating Lessees will not, without the consent of a majority (by Outstanding Principal Amount) of the Noteholders and a Rating Confirmation with respect to the transfer or other matter in question, (A) sell, assign,
convey, transfer or otherwise dispose of or encumber (except as otherwise provided herein or in connection with the Revolver Loan and the exercise of any remedies with respect thereto) legal, Beneficial or direct or indirect equitable interests in
all or any part of any Property, any Issuer, any Operating Lessee or any SPE Member, (B) permit or suffer any owner, directly or indirectly, of a legal, Beneficial or equitable interest in any Property, any Issuer, any Operating Lessee or any
SPE Member to transfer such interest, whether by transfer of stock or other legal, Beneficial or equitable interest in any of Issuer, Operating Lessee or SPE Member (except in connection with the Revolver Loan and the exercise of any remedies with
respect thereto), (C) mortgage, hypothecate or otherwise encumber or grant a security interest in all or any part of the legal, Beneficial or equitable interests in all or any part of any Property, any Issuer, any Operating Lessee or any SPE
Member (except in connection with the Revolver Loan and the exercise of any remedies with respect thereto), or (D) except with respect to the Fairmont Chicago Hotel Property, file a declaration of condominium with respect to any Property.
Except as provided in this Section 6.1(i) Sponsor may not sell, assign, convey, transfer, mortgage, hypothecate, encumber or otherwise dispose of any legal, Beneficial or equitable interests held by Sponsor directly or indirectly in any
Issuer or Operating Lessee. 
  
 (ii) Sale of
the Properties. In addition to transfers in connection with the Condominium Conversion in accordance with Section 2.5 and Section 2.9 and any transfer of a Property after it has been released from the Lien of the
Transaction Documents pursuant to the provisions of Sections 2.4.5 and 2.5 (which transfers are permitted hereunder without restriction), Issuers and Operating Lessees shall have the one-time-right to sell, assign, convey or transfer
(but not mortgage, hypothecate or otherwise encumber or grant a security interest in) legal or equitable title to all (but not fewer than all) of the Properties only if: 
  
 (A) after giving effect to the proposed transaction: 
  
 (1) the Properties will be owned by one or more Single
Purpose Entities wholly owned by a Permitted Issuer Transferee, Pre-approved Transferee or such other entity (specifically approved in writing by both a majority (by Outstanding Principal Amount) of the Noteholders and each Rating Agency) which will
be in compliance with the representations, warranties and covenants contained in Section 4.1(bb) hereof (as if such transferee shall have remade all of such representations, warranties and covenants as of, and after giving effect to, the
proposed transaction), and which shall have executed and delivered to Note Trustee an assumption agreement and such other agreements as the Servicer may reasonably request (collectively, the “Assumption Agreement”) in form

  

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 and substance acceptable to a Servicer, evidencing the proposed transferee’s
agreement to abide and be bound by all the terms, covenants and conditions set forth in this Indenture, the Notes, the Mortgages and the other Transaction Documents and all other outstanding obligations under the Notes, together with such legal
opinions and title insurance endorsements as may be reasonably requested by a Servicer; 
  
 (2) one or more Acceptable Property Managers with respect to each Property shall continue to act as Property Manager for that Property
pursuant to the existing Property Management Agreements or Acceptable Property Management Agreements; and 
  
 (3) no Event of Default shall have occurred and be continuing; 
  
 (B) the Assumption Agreement shall state the applicable transferee’s agreement to abide by and be bound
by the terms in the Notes (or such other promissory notes to be executed by the transferee, such other promissory note or notes to be on the same terms as the Notes), the Mortgage, this Indenture (or such other agreements to be executed by such
transferee, which shall contain terms substantially identical to the terms hereof) and such other Transaction Documents (or other documents to be delivered by such transferee, which shall contain terms substantially identical to the terms of the
applicable Transaction Documents) whenever arising, and Issuers, and/or such transferee shall deliver such legal opinions and title insurance endorsements as may reasonably be requested by the Servicer; 
  
 (C) upon execution of a contract for the sale of the
Properties and not less than thirty (30) days prior to the date of such sale, Issuers shall submit notice of such sale to the Note Trustee and the Servicer. Issuers shall submit to the Servicer, not less than ten (10) days prior to the
date of such sale, the Assumption Agreement for the Properties subject to the proposed transfer for execution by Note Trustee. Such documents shall be in a form appropriate for the jurisdictions in which the Properties are located and shall be
reasonably satisfactory to the Servicer. In addition, Issuers shall provide all other documentation the Servicer reasonably requires to be delivered by Issuers and Operating Lessees in connection with such assumption, together with an Officer’s
Certificate certifying that (i) the assumption to be effected will be effected in compliance with the terms of this Indenture and (ii) will not impair or otherwise adversely affect the validity or priority of the Lien of the Mortgages;

  
 (D) prior to any such transaction, the
proposed transferee shall deliver to the Note Trustee and the Servicer an Officer’s Certificate stating that either (x) such transferee is an employee pension plan or other retirement arrangement or account that is subject to Title I of
ERISA or is a Plan and the obligations under this Indenture are not, and the exercise of rights under this Indenture will not, constitute a non-exempt prohibited transaction; or (y) the 
  

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 transferee is a “governmental plan” (as defined in Section 3(32) of ERISA), and the
obligations under this Indenture, and the exercise of rights under this Indenture, do not and will not violate any applicable state statutes regulating investments by or fiduciary obligations with respect to governmental plans; or (z) the
proposed transferee is not an Employee Benefit Plan or a “governmental plan” or a Plan, and (i) such proposed transferee is not subject to state statutes regulating investments by or fiduciary obligations with respect to
“governmental plans” and (ii) the underlying assets of the proposed transferee do not, for purposes of ERISA, constitute assets of the Employee Benefit Plans holding an equity interest in such proposed transferee; 
  
 (E) if the transfer is to an entity other than a
Pre-approved Transferee, a Rating Confirmation shall have been received in respect of such proposed transfer (or, if the proposed transfer shall occur prior to a Securitization, such transfer shall be subject to the consent of a majority (by
Outstanding Principal Amount) of the Noteholders in their sole discretion); provided, however, notwithstanding the foregoing, each of Issuer and Operating Lessee hereby agrees that if such proposed transfer is to a Pre-approved Transferee and such
transfer will occur subsequent to the Initital Maturity Date, such transfer shall also require Issuer and/or Operating Lessee to deliver to the Note Trustee and the Servicer a Rating Confirmation in respect of such transfer; 
  
 (F) the terms of Section 6.1(i)(v) shall be
complied with and Issuer shall cause the transferee to deliver to Standard & Poor’s and to any other Rating Agency the Servicer requests its organizational documents solely for the purpose of Standard & Poor’s and any
other Rating Agency the Servicer requests confirming that such organizational documents comply with the single purpose bankruptcy remote entity requirements set forth herein; and 
  
 (G) Note Trustee, the Servicer and the Noteholders shall have received the payment of, or reimbursement for,
all reasonable costs and expenses incurred by Note Trustee, the Servicer and the Noteholders in connection therewith (including, without limitation, reasonable attorneys’ fees and disbursements). 
  
 (iii) Transfers of Interests in any Issuer and/or
Operating Lessee. The holders of any direct or indirect interest in any Issuer and/or Operating Lessee shall have the one-time-right to simultaneously transfer (but not pledge, hypothecate or encumber) an identical portion of its equity interest
in all Issuers and/or Operating Lessees to a Permitted Issuer Transferee without the consent of a majority (by Outstanding Principal Amount) of the Noteholders or a Rating Agency Confirmation if Section 6.1(i)(v) is complied with and,
after giving effect to such transfer: 
  
 (A)
(i) the Properties will be directly owned by one or more Single Purpose Entities in compliance with the representations, warranties and covenants in Section 4.1(bb) hereof (as if each Issuer and/or Operating Lessee shall have remade
all of such representations, warranties and covenants as of, and 
  

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 after giving effect to, the transfer), and which shall have executed and delivered to Note Trustee an
assumption agreement in form and substance acceptable to the Servicer, evidencing the continuing agreement of the Issuers and/or Operating Lessees to abide and be bound by all the terms, covenants and conditions set forth in this Indenture, the
Notes, the Mortgage and the other Transaction Documents and all other outstanding obligations under the Notes, together with such legal opinions and title insurance endorsements as may be reasonably requested by the Servicer; 
  
 (B) one or more Acceptable Property Managers with respect to
each Property shall continue to act as Property Manager for that Property pursuant to the existing Property Management Agreements or Acceptable Property Management Agreements; 
  
 (C) Sponsor or a Close Affiliate of Sponsor owns directly or indirectly at least fifty-one percent
(51%) of the equity interests in each of the Issuers and/or Operating Lessees and the Person that is the proposed transferee is not a Disqualified Transferee; provided that, after giving effect to any such transfer, in no event shall any
Person other than Sponsor or a Close Affiliate of Sponsor exercise Management Control over the Issuers and/or Operating Lessees. In the event that Management Control shall be exercisable jointly by Sponsor or a Close Affiliate of Sponsor with any
other Person or Persons, then Sponsor or such Close Affiliate shall be deemed to have Management Control only if Sponsor or such Close Affiliate retains the ultimate right as between the Sponsor or such Close Affiliate and the transferee to
unilaterally make all material decisions with respect to the operation, management, financing and disposition of the Property subject to the rights and entitlements of the Property Managers; 
  
 (D) if there has been a transfer of forty-nine percent
(49%) or more of the direct membership interests, stock or other direct equity ownership interests in any Issuer and/or Operating Lessee or a transfer of any portion of any SPE Member’s interest in any Issuer and/or Operating Lessee,
Issuers and/or Operating Lessees shall have first delivered to the Note Trustee and the Servicer (and, after a Securitization, the Rating Agencies) an Officer’s Certificate and legal opinion of the types described in clause 6.1(i)(v)
below; 
  
 (E) Issuer shall cause the transferee,
if the Servicer so requests, to deliver to Standard & Poor’s and to any other Rating Agency the Servicer requests its organizational documents solely for the purpose of Standard & Poor’s and such other Rating Agency the
Servicer requests confirming that such organizational documents comply with the single purpose bankruptcy remote entity requirements set forth herein; and 
  
 (F) without limiting the generality of the introductory phrase of this clause Section 6.1(i) , if there has been a transfer of
any direct interest in the SPE Member, such transfer will require an Officer’s Certificate and legal opinion of the types described in clause 6.1(i)(v) below. 
  

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 (iv) Transfer of Interest in Sponsor. Notwithstanding any provision of this
Indenture (including the other provisions of this Section 6.1(i) or the provisions of any other Transaction Document), there shall be no restriction or limitation in any respect to (and no Default or Event of Default shall result or arise from)
the sale, assignment, conveyance, transfer, mortgage, hypothecation or other disposition of or encumbering of any direct or indirect legal, Beneficial or direct or indirect equitable interest in Sponsor or any Person owning a direct or indirect
interest therein. 
  
 (v) Notice Required;
Legal Opinions. Not less than five (5) Business Days prior to the closing of any transaction permitted under the provisions of this Section 6.1(i) (other than a transfer permitted pursuant to clause (iv) of this
Section 6.1(i)), Issuers and/or Operating Lessees shall deliver or cause to be delivered to the Servicer (A) an Officer’s Certificate describing the proposed transaction and stating that such transaction is permitted hereunder
and under the other Transaction Documents, together with any documents upon which such Officer’s Certificate is based, and (B) a legal opinion of counsel to Issuers or the transferee selected by either of them (to the extent approved by a
majority (by Outstanding Principal Amount) of the Noteholders and the Rating Agencies), in form and substance consistent with similar opinions then being required by the Rating Agencies and acceptable to the Rating Agencies, confirming, among other
things, that the assets of each Issuer, and of its managing general partner or SPE Member, as applicable, will not be substantively consolidated with the assets of such owners or Controlling Persons of the applicable Issuer and/or Operating Lessee
as the Servicer or the Rating Agencies may specify, in the event of a bankruptcy or similar proceeding involving such owners or Controlling Persons. 
  
 (vi) Sale of Equipment. Notwithstanding the above provisions of this Section 6.1(i) and to the extent permitted to be
carried out by the Property Managers without the consent of the applicable Issuer, Issuers may transfer or dispose of Equipment that is either being replaced or that is no longer necessary in connection with the operation of any Property free from
the interest of Note Trustee under this Indenture or any other Transaction Document, provided that such transfer or disposal (when compared to the non-transfer or non-disposal of such Equipment) will not materially adversely affect the value
of any Property, will not impair the utility thereof and (except where the same would not have a Material Adverse Effect), will not result in a reduction or abatement of, or right of offset against, the rentals or other amounts payable under any
Lease or any Operating Agreement, in either case as a result thereof, provided that any new Equipment acquired by any Issuer (and not so disposed of) shall be subject to the interest of Note Trustee under this Indenture and the other
Transaction Documents unless leased to Issuers (in which event, Note Trustee shall be made a collateral assignee of the applicable Issuer’s interest in such lease (but, unless expressly subsequently assumed by Note Trustee, Note Trustee shall
have no obligations under the applicable Issuer’s interest therein)). 
  
 (j) Nonexempt ERISA Transactions. No Issuer and/or Operating Lessee shall engage in a nonexempt prohibited transaction described in Section 406 of ERISA or Section 4975 of the Code, as such sections
relate to any Issuer or Operating Lessee, or in any transaction that would cause any obligation or action taken or to be taken hereunder (or the exercise by Note Trustee or the Noteholders of any of their rights under the Notes, this Indenture, any
Mortgage or any other Transaction Document) to be a non-exempt prohibited transaction under ERISA. 
  

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 (k) Misapplication of Funds. No Issuer or Operating Lessee shall distribute any Adjusted Operating
Income from any Property or any Proceeds in violation of the provisions of this Indenture, fail to remit amounts to the Deposit Accounts, the Holding Account or any of the Reserve Accounts if and as required under this Indenture, or misappropriate
any security deposits or portion thereof. 
  
 (l) Assignment of
Licenses and Permits. Except in connection with a transfer permitted under Section 2.5 or Section 6.1(i) hereof, no Issuer or Operating Lessee shall assign or transfer any of its interest in any Permits pertaining to any
Property, or assign, transfer or remove or permit any other Person to assign, transfer or remove any records pertaining to any Property. 
  
 (m) Place of Business. No Issuer or Operating Lessee shall change its chief executive office or its principal place of business without giving the
Note Trustee and the Servicer at least thirty (30) days’ prior written notice thereof and promptly providing the Note Trustee and the Servicer such information as the Note Trustee and the Servicer may reasonably request in connection
therewith. 
  
 (n) Las Palmas Indebtedness. Except as set
forth in the Marriott Side Letter, Las Palmas Issuer shall not amend, modify, supplement or change any of the terms of the documents relating to the Las Palmas Indebtedness without first obtaining the prior written consent of a majority (by
Outstanding Principal Amount) of the Noteholders, which consent may be withheld by the Noteholders in their sole and absolute discretion. 
  
 (o) Intentionally Omitted. 
  
 (p) Ground Lease. Issuer shall not amend, modify, supplement, cancel or terminate the Ground Lease without first obtaining the prior written
consent of a majority (by Outstanding Principal Amount) of the Noteholders, and any such action without such consent is void. 
  
 (q) Termination Payments. Issuer shall not pay (i) the Loews Termination Payment, (ii) the Personal Property Termination Payment and/or
(iii) the Hilton Termination Payment unless such payments are contributed from Sponsor or made from funds disbursed to Issuer pursuant to Section 9.4.1(xii) hereof. 
  
 ARTICLE VII 
  
 ALTERATIONS AND EXPANSIONS; LEASING 
  
 Section 7.1. Alterations and Expansions. No Issuer or Operating Lessee will perform or undertake or consent to the performance or undertaking of
(including, without limitation, the approval of any budget with respect to a Property which includes) any Alteration or Expansion, except in accordance with the following terms and conditions. All such covenants and agreements shall be enforced, and
all associated rights shall be exercised, by the Servicer on 
  

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 behalf of the Note Trustee for the benefit of the Noteholders, and all related documents to be delivered to the Note
Trustee, amounts to be deposited with the Note Trustee and all accounts to be maintained by the Note Trustee shall be so delivered, deposited and maintained by the Servicer on behalf of the Note Trustee for the benefit of the Noteholders.

  
 (a) The Alteration or Expansion shall be undertaken in
accordance with the applicable provisions of this Indenture, the other Transaction Documents, the Property Management Agreements, the Operating Agreements and the Leases, and all Legal Requirements. 
  
 (b) No Event of Default shall have occurred and be continuing or shall occur
as a result of such action. 
  
 (c) A Material Alteration or
Material Expansion, to the extent architects are customarily used for alterations or expansions of those types, but including any structural change to any of the Properties or the Improvements, shall be conducted under the supervision of an
Independent Architect and shall not be undertaken until ten (10) Business Days after there shall have been filed with the Servicer, for information purposes only and not for approval by the Servicer, detailed plans and specifications and cost
estimates therefor, prepared and approved in writing by such Independent Architect. Such plans and specifications may be revised at any time and from time to time, provided that revisions of such plans and specifications shall be filed with the
Servicer, for information purposes only. 
  
 (d) The Alteration or
Expansion may not in and of itself, either during the Alteration or Expansion or upon completion, be reasonably expected to have a Material Adverse Effect with respect to a Property. In addition, if the Aggregate DSCR can reasonably be expected to
be less than 1.50:1.00 during the scheduled period of any Material Alteration or Material Expansion, taking into account the required escrows (or completion bond) provided under Section 7.1(h)(i) below; then in order to proceed with such
Material Alteration or Material Expansion the Issuers shall deliver to Note Trustee Eligible Collateral in the total amount of the estimated reduction in Net Operating Income below 1.50 to 1.00 resulting from such Material Alteration or Material
Expansion as additional security for the Debt; provided, however, in connection with a Major Capital Project, in lieu of posting Eligible Collateral, Issuers may deliver either (i) an Officer’s Certificate stating that the availability of
funds in the Revolver Loan or a revolving credit facility of an Affiliate of Sponsor is in excess of the amount of Elligible Collateral required or (ii) a new guaranty of Sponsor or an Affiliate of Sponsor, provided the net worth of the Person
that will deliver such guaranty is at least $200,000,000, in a form reasonably acceptable to Initial Purchaser and the Noteholders of up to $35,000,000. On each Payment Date during the period in which such Material Alteration or Material Expansion
is being performed, Note Trustee shall release a portion of such Eligible Collateral to Issuer in an amount equal to the estimated reduction in the Net Operating Income resulting from such Material Alteration or Material Expansion for the month in
which the Payment Date occurs. Any remaining Eligible Collateral shall be returned to Issuers after completion of such Material Alteration or Material Expansion if the reduction in Net Operating Income has been restored and no Event of Default has
occurred and is continuing. 
  

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 (e) All work done in connection with any Alteration or Expansion shall be performed with due diligence to
Final Completion in a good and workmanlike manner, all materials used in connection with any Alteration or Expansion shall be not less than the standard of quality of the materials generally used at the applicable Property as of the date hereof (or,
if greater, the then-current customary quality in the submarket in which such Property is located) and all work shall be performed and all materials used in accordance with all applicable Legal Requirements and Insurance Requirements. 
  
 (f) The cost of any Alteration or Expansion shall be promptly and fully paid
for by Issuers, subject to the next succeeding sentence. No payment made prior to the Final Completion of an Alteration or Expansion or Restoration to any contractor, subcontractor, materialman, supplier, engineer, architect, project manager or
other Person who renders services or furnishes materials in connection with such Alteration shall exceed ninety percent (90%) (other than with respect to FF&E for which Issuer may make payments in full prior to Final Completion if it has
received delivery of such items and otherwise has complied with the terms of Section 9.2.16) of the aggregate value of the work performed by such Person from time to time and materials furnished and incorporated into the Improvements.

  
 (g) All work performed in connection with the (i) cure of
the Deferred Maintenance Conditions and (ii) remediation of the Environmental Conditions shall be performed in accordance with the terms and conditions set forth in clauses (a), (c), (e) and (f) of this Section 7.1.
Subject to Section 7.1(f) above, from time to time as the cure or remediation of any particular Deferred Maintenance Condition or Environmental Condition progresses, Note Trustee shall, subject to and upon the satisfaction of the terms
and conditions set forth in Section 9.2.2 herein, disburse to Issuers from the Deferred Maintenance and Environmental Conditions Reserve Account, amounts incurred by Issuers in connection with the cure or remediation of the Deferred
Maintenance Condition or Environmental Condition in question. 
  
 (h) With respect to any Material Alteration or Material Expansion: 
  
 (i) Issuers shall have delivered to Note Trustee Eligible Collateral in an amount equal to at least the total estimated remaining unpaid costs of such Material Alteration or Material Expansion which Eligible
Collateral shall be held by Note Trustee as security for the Debt and released to the applicable Issuer as such work progresses in accordance with Section 7.1(h)(iii) hereof; provided, however, in the event that any
Material Alteration or Material Expansion shall be made in conjunction with any Restoration with respect to which an Issuer shall be entitled to withdraw Proceeds pursuant to Section 8.1.2(b) hereof (including any Proceeds remaining
after completion of such Restoration), the amount of the Eligible Collateral to be furnished pursuant hereto need not exceed the aggregate cost of such Restoration and such Material Alteration or Material Expansion (in either case, as estimated by
the Independent Architect) less the sum of the amount of any Proceeds which any Issuer is entitled to withdraw pursuant to Section 8.1 hereof; provided, further in connection with the Condominium Conversion or a Major
Capital Project, in lieu of posting Eligible Collateral, Issuer may deliver either (i) an Officer’s Certificate stating that the availability of funds in the Revolver Loan or a revolving credit facility of an Affiliate of Sponsor is in
excess of the amount of Eligible Collateral required or (ii) a new guaranty of Sponsor or an Affiliate of Sponsor, provided the net worth of the Person that will deliver such guaranty is at least $200,000,000, in a form reasonably acceptable to
Initial Purchaser and the Servicer of up to $35,000,000; 
  

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 (ii) Prior to commencement of construction of such Material Alteration or Material
Expansion, Issuers shall deliver to the Note Trustee and the Servicer a schedule (with the concurrence of the Independent Architect) setting forth the projected stages of completion of such Alteration or Expansion and the corresponding amounts
expected to be due and payable by or on behalf of Issuers in connection with such completion, such schedule to be updated quarterly by Issuers (and with the concurrence of the Independent Architect) during the performance of such Alteration or
Expansion. 
  
 (iii) Any Eligible Collateral that
an Issuer delivers to Note Trustee pursuant hereto (and the proceeds of any such Eligible Collateral) shall be invested (to the extent such Eligible Collateral can be invested) by Note Trustee in Permitted Investments for a period of time consistent
with the date on which such Issuer notifies the Note Trustee and the Servicer that such Issuer expects to request a release of such Eligible Collateral in accordance with the next succeeding sentence. From time to time as the Alteration or Expansion
progresses, the amount of any Eligible Collateral so furnished may, upon the written request of any Issuer to the Servicer, be withdrawn by Issuers and paid or otherwise applied by or returned to Issuers in an amount equal to the amount Issuers
would be entitled to so withdraw if Section 8.1.2(e) hereof were applicable, and any Eligible Collateral so furnished which is a Credit Facility may be reduced by Issuers in an amount equal to the amount Issuers would be entitled to so
reduce if Section 8.1.2(e) hereof were applicable, subject, in each case, to the satisfaction of the conditions precedent to withdrawal of funds or reduction of the Credit Facility set forth in Section 8.1.2(e) hereof,
provided however that, notwithstanding the terms of Section 8.1.2(e), instead of reimbursing Issuers for amounts already paid in respect of such Alteration or Expansion, Eligible Collateral shall be disbursed to Issuer or, at the
Servicer’s election, the applicable contractor upon presentation to the Servicer of a draw request together with copies of invoices for the amounts to be withdrawn. In connection with the above-described quarterly update of the projected stages
of completion of the Material Alteration or Material Expansion (as concurred with by an Independent Architect), Issuers shall increase (or be permitted to decrease, as applicable) the Eligible Collateral then deposited with Note Trustee as necessary
to comply with Section 7.1(h)(i) hereof. 
  
 (iv) At any time after Final Completion of such Alterations or Expansions the whole balance of any Cash deposited with Note Trustee pursuant to Section 7.1(h) hereof then remaining on deposit may be withdrawn by Issuers and
shall be paid by Note Trustee to Issuers, and any Eligible Collateral so deposited shall, to the extent it has not been called upon, reduced or theretofore released, be released by Note Trustee to Issuers, within ten (10) days after receipt by
the Servicer of an application for such withdrawal and/or release together with an Officer’s Certificate, and as to the following clauses (A) and (B) of this clause also a certificate of the Independent Architect, setting forth in
substance as follows: 
  
 (A) that such
Alteration(s) or Expansion(s) has been completed in all material respects in accordance with any plans and specifications therefor previously filed with Note Trustee and the Servicer under Section 7.1(c) hereof; 
  

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 (B) that to the knowledge of the certifying Person, (x) such Alteration(s) or
Expansion(s) has been completed in compliance with all Legal Requirements, and (y) to the extent required for the legal use or occupancy of the portion of the Property affected by such Alteration(s) or Expansion(s), the applicable Issuer has
obtained a temporary or permanent certificate of occupancy (or similar certificate) or, if no such certificate is required, a statement to that effect; 
  
 (C) that to the knowledge of the certifying Person, all amounts that an Issuer is or may become liable to pay in respect of such
Alteration(s) or Expansion(s) through the date of the certification have been paid in full or adequately provided for and, to the extent that such are customary and reasonably obtainable by prudent property owners in the area where the applicable
Property is located, that Lien waivers have been obtained from the general contractor and subcontractors performing such Alteration(s) or Expansion(s) or at its sole cost and expense, Issuers shall cause a nationally recognized title insurance
company to deliver to the Servicer an endorsement to the Qualified Title Policy, updating such policy and insuring over such Liens without further exceptions to such policy other than Permitted Encumbrances, or shall, at its sole cost and expense,
cause a reputable title insurance company to deliver a lender’s title insurance policy, in such form, in such amounts and with such endorsements as the Qualified Title Policy, which policy shall be dated the date of completion of the Material
Alteration and shall contain no exceptions other than Permitted Encumbrances; provided, however, that if, for any reason, Issuers are unable to deliver the certification required by this clause (C) with respect to any costs or
expenses relating to the Alteration(s) or Expansion(s), then, assuming Issuers are able to satisfy each of the other requirements set forth in clauses (A) and (B) above, Issuers shall be entitled to the release of the difference between
the whole balance of such Eligible Collateral and the total of all costs and expenses to which Issuers are unable to certify; and 
  
 (D) that to the knowledge of the certifying Person, no Event of Default has occurred and is continuing. 
  
 (i) For the avoidance of doubt, the provisions of this
Section 7.1 shall not be applicable to Alterations or other construction to the Hotel Condominium Unit or the Residence Room Unit following the release of such property from the Transaction Document so long as such released Property is
not owned by Issuers and such alterations or other construction does not materially adversely affect the use, occupancy or value of the Hotel in the Chicago Fairmont Hotel Property. 
  
 Section 7.2. Leasing. Each Issuer shall observe the covenants set forth in Section 5.1(s) hereof.

  

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 ARTICLE VIII 
  
 CASUALTY AND CONDEMNATION 
  
 Section 8.1. Insurance; Casualty and Condemnation. 
  
 (a) Issuers, at their sole cost and expense, for the mutual benefit of Issuers and Note Trustee, shall keep each Property insured and obtain and maintain
policies of insurance insuring against loss or damage by standard perils included within the classification “All Risks of Physical Loss” including earthquake damage to the extent required by Section 8.1(b)(viii) hereof and
political risk insurance to the extent required by Section 8.1(b)(xii). Such insurance (other than earthquake insurance and political risk insurance) (i) shall be in an aggregate amount equal to the then full replacement cost of
each Property and the Equipment (without deduction for physical depreciation), or such lesser amounts approved by a majority (by Outstanding Principal Amount) of the Noteholders in their sole discretion (or after a Securitization, upon receipt of a
Rating Confirmation), and (ii) shall have deductibles no greater than $500,000 (as escalated by the CPI Increase) (or, with respect to windstorm insurance, deductibles no greater than 5% of the full replacement cost of each Property, and, with
respect to earthquake insurance, deductibles no greater than 10% of the full replacement cost of each Property). The policies of insurance carried in accordance with this paragraph shall be paid annually in advance and shall contain a
“Replacement Cost Endorsement” with a waiver of depreciation. 
  
 (b) Issuers, at their sole cost and expense, for the mutual benefit of Issuers and Note Trustee, shall also obtain and maintain the following policies of insurance: 
  
 (i) Flood insurance if any part of any Property is located
in an area identified by the Federal Emergency Management Agency as an area federally designated a “100 year flood plain” (an “Affected Property” and collectively the “Affected Properties”) and
(A) flood insurance is generally available at reasonable premiums and in such amount as generally required by institutional lenders for similar properties or (B) if not so available from a private carrier, from the federal government at
commercially reasonable premiums to the extent available. In either case, the flood insurance shall be in an amount at least equal to the aggregate principal amount of the Notes outstanding from time to time or the maximum limit of coverage
available with respect to the applicable Property under said program, whichever is less; provided, however, notwithstanding the foregoing, Issuers hereby agree to maintain at all times flood insurance in an amount equal to at least $25,000,000 (per
occurrence) for the Affected Properties; 
  
 (ii)
Commercial general liability insurance, including broad form property damage, blanket contractual and personal injuries (including death resulting therefrom) coverages and containing minimum limits per occurrence of $1,000,000 with a $2,000,000
general aggregate for any policy year. In addition, at least $100,000,000 excess and/or umbrella liability insurance shall be obtained and maintained for claims, including legal liability imposed upon Issuers and all related court costs and
attorneys’ fees and disbursements; 
  

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 (iii) Rental loss and/or business interruption insurance (“Business Interruption
Insurance”) in an amount sufficient to avoid any co-insurance penalty and equal to the greater of (A) the estimated gross revenues from the operation of the applicable Property (including (x) the total payable under the Leases and
all Rents and (y) the total of all other amounts to be received by Issuers or third parties that are the legal obligation of the Tenants), net of non-recurring expenses, for a period of up to the next succeeding eighteen (18) months, or
(B) the projected Operating Expenses (including debt service) for the maintenance and operation of the applicable Property for a period of up to the next succeeding eighteen (18) months as the same may be reduced or increased from time to
time due to changes in such Operating Expenses. The amount of such Business Interruption Insurance shall be increased from time to time as and when the Rents increase or the estimates of (or the actual) gross revenue, as may be applicable, increases
or decreases to the extent Rents or the estimates of gross revenue decrease; 
  
 (iv) Insurance against loss or damage from (A) leakage of sprinkler systems and (B) explosion of steam boilers, air conditioning equipment, high pressure piping, machinery and equipment, pressure vessels or
similar apparatus now or hereafter installed in any of the Improvements (without exclusion for explosions) and insurance against loss of occupancy or use arising from any breakdown, in such amounts as are generally available at reasonable premiums
and are generally required by institutional lenders for properties comparable to the Properties; 
  
 (v) Worker’s compensation insurance with respect to all employees of Issuers as and to the extent required by any Governmental
Authority or Legal Requirement and employer’s liability coverage of at least $2,000,000 which is scheduled to the excess and/or umbrella liability insurance as referenced in clause (ii) above; 
  
 (vi) During any period of repair or restoration, completed
value (non-reporting) builder’s “all risk” insurance in an amount equal to not less than the full insurable value of the applicable Property against such risks (including fire and extended coverage and collapse of the Improvements to
agreed limits) as the Servicer may request, in form and substance acceptable to the Servicer; 
  
 (vii) Coverage to compensate for the cost of demolition and the increased cost of construction for the applicable Property; 
  
 (viii) With respect to the Mexican Properties, the Marriott
Las Palmas Property, the Property known as the Hilton Burbank Airport, Burbank, California, the Ritz Carlton Half Moon Bay Property and the Loews Santa Monica, Los Angeles, California, earthquake insurance in an amount equal to the lesser of
(a) twice the probable maximum loss (as determined by the Servicer in its sole discretion) of the applicable Property and (b) $25,000,000 (such amount, the “Earthquake Coverage Amount”), provided that (A) any
credit enhancement proposed to be provided by or on behalf of Issuers in connection with the deductible on such earthquake insurance shall be subject to the prior receipt of a Rating Confirmation, and (B) in the event that such earthquake
insurance shall not be available for any reason, Issuers shall have the right, subject to a Rating Confirmation, to deliver to the Servicer in lieu of such insurance 
  

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 coverage Eligible Collateral or a guarantee from an entity acceptable to the Servicer (prior to a
Securitization) and each of the Rating Agencies in such amount and in such form and substance as shall be approved by a majority (by Outstanding Principal Amount) of the Noteholders (prior to a Securitization) and each of the Rating Agencies in
their sole discretion (provided that such Eligible Collateral or guarantee will not be required to exceed the amount of coverage that would have been required if earthquake insurance were still available under this Section (viii)).
Notwithstanding the foregoing, Issuer agrees at all times to maintain earthquake insurance coverage throughout the term of the Notes (including extension terms) in an amount not less than that which can be purchased for a sum equal to $550,000 (the
“Earthquake Maximum Premium Amount”) in any single policy year, provided, that under no circumstance shall earthquake coverage in excess of the Earthquake Coverage Amount (per occurrence) of coverage be required hereunder. In the
event of any change in the Earthquake Coverage Amount, the parties hereby agree that the Earthquake Maximum Premium Amount shall also be ratably reduced from time to time based on the ratio that the (1) then applicable Earthquake Coverage
Amount bears to (2) the Earthquake Coverage Amount in effect on the Closing Date; 
  
 (ix) Windstorm insurance in an amount equal to the probable maximum loss (as determined by the Servicer in its sole discretion) of the
applicable Property provided, that any credit enhancement proposed to be provided by or on behalf of Issuers in connection with the deductible on such windstorm insurance shall be subject to the prior receipt of a Rating Confirmation;

  
 (x) Law and ordinance insurance coverage in
an amount no less than that set forth in the insurance policies covering the Properties as of the date hereof; 
  
 (xi) Provided that insurance coverage relating to the acts of terrorist groups or individuals is available at commercially reasonable
rates, Issuer shall be required to carry terrorism insurance throughout the term of the Notes (including any extension terms) with respect to “certified” and “non-certified” acts of terrorism in an amount equal to the lesser of
(A) the Release Amount applicable to the Property with the highest Base Release Amount from time to time and (B) the sum of (i) 100% of the full replacement cost inclusive of furniture, fixtures and equipment (but exclusive of costs
of excavation, foundations, footings and underground utilities), and (ii) twelve (12) months business interruption insurance (net operating income), in both cases attributable to the Property with the highest Base Release Amount from time
to time (“Terrorism Coverage Amount”). The Noteholders agree that terrorism insurance coverage may be provided under a blanket policy that is acceptable to the Servicer. Notwithstanding the foregoing, Issuer agrees at all times to
maintain terrorism insurance coverage throughout the term of the Notes (including extension terms) in an amount not less than that which can be purchased for a sum equal to $450,000 (the “Maximum Premium Amount”) in any single
policy year provided that such Maximum Premium Amount shall in no event exceed two times the Insurance Premium amount, provided further, that under no circumstance shall terrorism coverage in excess of the Terrorism Coverage Amount (per occurrence)
of coverage be required hereunder. In the event of any change in the Terrorism Coverage Amount, the parties hereby agree that the Maximum Premium Amount shall also be 
  

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 ratably reduced from time to time based on the ratio that the (1) then applicable Terrorism Coverage
Amount bears to (2) the Terrorism Coverage Amount in effect on the Closing Date; 
  
 (xii) Political Risk insurance for the Mexican Properties, including, without limitation, Confiscation, Expropriation, Nationalization and
Deprivation (“CEND” insurance coverage) and Currency Transfer/Inconvertibility in an amount equal to one hundred (100%) percent of the combined Base Release Amount applicable to the Mexican Properties for the term of the loan without
a coinsurance clause, which shall name Note Trustee as a named insured in a form substantially similar to the form policy attached as Exhibit J hereto; and 
  
 (xiii) Such other insurance as may from time to time be reasonably required by the Servicer in order to protect the interests of the
Noteholders. 
  
 (c) All policies of insurance (the
“Policies”) required pursuant to this Section 8.1 shall be issued by companies approved by a majority (by Outstanding Principal Amount) of the Noteholders and licensed or authorized to do business in the state where the
applicable Property is located. Further, unless otherwise approved by a majority (by Outstanding Principal Amount) of the Noteholders in their reasonable discretion (prior to a Securitization) and the Rating Agencies in writing, the issuer(s) of the
Policies required under this Section 8.1 shall have a claims paying ability rating of “A” or better by Standard & Poor’s and “Aa2” or better by Moody’s, except that the issuer(s) of the Policies
required under Section 8.1(b)(viii) hereof shall have a claims paying ability rating of “A-” or better by Standard & Poor’s and “A2” or better by Moody’s; provided, however, if the insurance
provided hereunder is procured by a syndication of more then five (5) insurers then the foregoing requirements shall not be violated if at least (i) sixty percent (60%) of the coverage is with carriers having a claims paying ability
rating of “A” or better by Standard & Poor’s and “Aa2” or better by Moody’s and (ii) each other carrier providing coverage has a claims paying ability rating of “BBB-” or better by
Standard & Poor’s and Fitch Ratings and “Baa3” or better by Moody’s. The Policies (i) shall name Note Trustee (or an agent on Note Trustee’s behalf) or, in the case of the Mexican Properties, Mexican Trustee
and its successors and/or assigns as their interest may appear as an additional insured or as a loss payee (except that in the case of general liability insurance, Note Trustee (or an agent on Note Trustee’s behalf) or, in the case of the
Mexican Properties, Mexican Trustee shall be named an additional insured and not a loss payee); (ii) shall contain a Non-Contributory Standard Lender Clause and, except with respect to general liability insurance, a Lender’s Loss Payable
Endorsement, or their equivalents, naming Note Trustee or, in the case of the Mexican Properties, Mexican Trustee as the Person to which all payments made by such insurance company shall be paid; (iii) shall include effective waivers by the
insurer of all claims for insurance premiums against all loss payees, additional insureds and named insureds (other than Issuers) and all rights of subrogation against any loss payee, additional insured or named insured; (iv) shall be assigned
to Note Trustee or, in the case of the Mexican Properties, Mexican Trustee; (v) except as otherwise provided above, shall be subject to a deductible, if any, not greater in any material respect than the deductible for such coverage on the date
hereof; (vi) shall contain such provisions as the Servicer deems reasonably necessary or desirable to protect the interests of the Noteholders, including endorsements providing that neither Issuers, Note Trustee nor any other party shall be a
Contributor-insurer under said Policies and that no material modification, 
  

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 reduction, cancellation or termination in amount of, or material change (other than an increase) in, coverage of any of
the Policies shall be effective until at least thirty (30) days after receipt by each named insured, additional insured and loss payee of written notice thereof or ten (10) days after receipt of such notice with respect to nonpayment of
premium; (vii) shall permit Note Trustee to pay the premiums and continue any insurance upon failure of Issuers to pay premiums when due, upon the insolvency of Issuers or through foreclosure or other transfer of title to the applicable
Property (it being understood that Issuers’ rights to coverage under such policies may not be assignable without the consent of the insurer); and (viii) shall provide that any proceeds shall be payable to Note Trustee and held and applied
at the direction of the Servicer and that the insurance shall not be impaired or invalidated by virtue of (A) any act, failure to act, negligence of, or violation of declarations, warranties or conditions contained in such policy by any Issuer,
Note Trustee or any other named insured, additional insured or loss payee, except for the willful misconduct of Note Trustee knowingly in violation of the conditions of such policy, (B) the occupation, use, operation or maintenance of the
applicable Property for purposes more hazardous than permitted by the terms of the Policy, (C) any foreclosure or other proceeding or notice of sale relating to the applicable Property, or (D) any change in the possession of the applicable
Property without a change in the identity of the holder of actual title to such Property (provided that with respect to items (C) and (D), any notice requirements of the applicable Policies are satisfied). Notwithstanding the foregoing,
for purposes hereof, the Noteholders hereby approve the existing blanket insurance policy and any renewals thereof with the same insurance ratings and terms. 
  
 (d) Insurance Premiums; Certificates of Insurance. 
  
 (i) Issuers shall pay the premiums for such Policies (the “Insurance Premiums” ) as the same become due and payable and
shall furnish to the Servicer the receipts for the payment of the Insurance Premiums or other evidence of such payment reasonably satisfactory to the Servicer (provided, however, that Issuers are not required to furnish such evidence
of payment to the Servicer if such Insurance Premiums are to be paid by Note Trustee pursuant to the terms of this Indenture). Within thirty (30) days after request by the Servicer, Issuers shall obtain such increases in the amounts of coverage
required hereunder as may be reasonably requested in writing by the Servicer or as may be requested in writing by the Rating Agencies, taking into consideration changes in liability laws, changes in prudent customs and practices, and the like. In
the event Issuers satisfy the requirements under this Section 8.1 through the use of a Policy covering properties in addition to the Properties (a “Blanket Policy”), then (unless such policy is provided in substantially
the same manner as it is as of the date hereof), Issuers shall provide evidence satisfactory to the Servicer that the Insurance Premiums for the applicable Property or Properties are separately allocated under such Policy to the applicable Property
or Properties and that payment of such allocated amount (A) shall maintain the effectiveness of such Policy as to such Property or Properties and (B) shall otherwise provide the same protection as would a separate policy that complies with
the terms of this Indenture as to such Property or Properties, notwithstanding the failure of payment of any other portion of the insurance premiums. If no such allocation is available, the Servicer shall have the right to increase the amount
required to be deposited into the Tax and Insurance Escrow Account in an amount sufficient to purchase a non-blanket Policy covering the applicable Property or Properties from insurance companies which qualify under this Indenture. 
  

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 (ii) Issuers shall deliver to Initial Purchaser on or prior to the Closing Date
certificates setting forth in reasonable detail the material terms (including any applicable notice requirements) of all Policies from the respective insurance companies (or their authorized agents) that issued the Policies, including that such
Policies may not be canceled or modified in any material respect without thirty (30) days’ prior notice to Note Trustee, or ten (10) days’ notice with respect to nonpayment of premium. Issuers shall deliver to the Servicer,
concurrently with each change in any Policy, a certificate with respect to such changed Policy certified by the insurance company issuing that Policy, in substantially the same form and containing substantially the same information as the
certificates required to be delivered by Issuers pursuant to the first sentence of this clause (d)(ii) and stating that all premiums then due thereon have been paid to the applicable insurers and that the same are in full force and effect (or
if such certificate and/or other information described in clause (d)(ii) shall not be obtainable by Issuers, Issuers may deliver an Officer’s Certificate to such effect in lieu thereof). 
  
 (e) Renewal and Replacement of Policies. 
  
 (i) Not less than fifteen (15) Business Days prior to
the expiration, termination or cancellation of any Policy, Issuers shall renew such policy or obtain a replacement policy or policies (or a binding commitment for such replacement policy or policies), which shall be effective no later than the date
of the expiration, termination or cancellation of the previous policy, and shall deliver to the Servicer a certificate in respect of such policy or policies (A) containing the same information as the certificates required to be delivered by
Issuers pursuant to clause (d)(ii) above, or a copy of the binding commitment for such policy or policies and (B) confirming that such policy complies with all requirements hereof. 
  
 (ii) If Issuers do not furnish to the Servicer the
certificates as required under clause (e)(i) above, the Servicer may procure, but shall not be obligated to procure, such replacement policy or policies and pay the Insurance Premiums therefor, and Issuers agree to reimburse the Servicer and
the Noteholders for the cost of such Insurance Premiums promptly on demand. 
  
 (iii) Concurrently with the delivery of each replacement policy or a binding commitment for the same pursuant to this clause (e), Issuers shall deliver to Note Trustee and the Servicer a report or attestation
from a duly licensed or authorized insurance broker or from the insurer, setting forth the particulars as to all insurance obtained by Issuers pursuant to this Section 8.1 and then in effect and stating that all Insurance Premiums then
due thereon have been paid in full to the applicable insurers, that such insurance policies are in full force and effect and that, in the opinion of such insurance broker or insurer, such insurance otherwise complies with the requirements of this
Section 8.1 (or if such report shall not be available after Issuers shall have used reasonable efforts to provide the same, Issuers will deliver to Note Trustee and the Servicer an Officer’s Certificate containing the information to
be provided in such report). 
  

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 (f) Separate Insurance. Issuers will not take out separate insurance concurrent in form or
contributing in the event of loss with that required to be maintained pursuant to this Section 8.1 unless such insurance complies with clause (c) above. 
 (g) Securitization. Following any Securitization and upon receipt of notice providing the necessary information therefor, Issuers shall name any
trustee, servicer or special servicer designated by the Servicer as a loss payee, and any trustee, servicer and special servicer as additional insureds, with respect to any Policy for which Note Trustee is to be so named hereunder. 
 8.1.2 Casualty; Application of Proceeds. 
 (a) Right to Adjust. 
 (i) If any Property is damaged or destroyed, in whole or in part, by a Casualty,
Issuers shall give prompt written notice thereof to the Servicer, generally describing the nature and extent of such Casualty, and the Servicer shall provide notice of such Casualty to the Note Trustee and Noteholders. Following the occurrence of a
Casualty, Issuers, regardless of whether proceeds are available, shall in a reasonably prompt manner proceed to restore, repair, replace or rebuild the affected Property to the extent practicable to be of at least equal value and of substantially
the same character as prior to the Casualty, all in accordance with the terms hereof applicable to Alterations. 
 (ii)
Subject to clause (v) below, in the event of a Casualty where the loss does not exceed $500,000, Issuers may settle and adjust such claim; provided that such adjustment is carried out in a competent and timely manner. In such case,
Issuers are hereby authorized to collect and receipt for Note Trustee any Proceeds. 
 (iii) Subject to clause (v) below,
in the event of a Casualty where the loss exceeds $500,000, Issuers may settle and adjust such claim only with the consent of the Servicer (which consent shall not be unreasonably withheld or delayed). 
 (iv) The proceeds of any Policy shall be due and payable solely to Note Trustee or in the case of the Mexican Properties, to the Mexican
Trustee and held and applied at the direction of the Servicer (or, if mistakenly paid to any Issuer, shall be held in trust by such Issuer for the benefit of Note Trustee and shall be paid over to Note Trustee by such Issuer within one
(1) Business Day of receipt). 
 (v) Notwithstanding the terms of clauses (ii) and (iii) above, the Servicer
shall have the sole authority to adjust any claim with respect to a Casualty and to collect all Proceeds if an Event of Default shall have occurred and is continuing. 
 (b) Right of the Issuers to Apply to Restoration. In the event of (i) a Casualty that does not constitute a Material Casualty, or (ii) a Condemnation that does not constitute a Material Condemnation,
the Servicer shall permit the application of the Proceeds (after reimbursement of any expenses incurred by Note Trustee, the Servicer or the Noteholders) to reimburse Issuers for the cost of restoring, repairing, replacing or rebuilding or otherwise
curing title defects at the applicable Property (the “Restoration”), in the manner required hereby,  
  

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 provided and on the condition that (1) no Event of Default shall have occurred and be then continuing and
(2) in the reasonable judgment of the Servicer: 
 (i) the applicable Property can be restored to an economic unit not
less valuable (taking into account the effect of the termination of any Leases or Material Agreements and the proceeds of any rental loss or business interruption insurance which any Issuer receives or is entitled to receive, in each case, due to
such Casualty or Condemnation) and not less useful than the same was prior to the Casualty or Condemnation, 
 (ii) the
applicable Property, after such Restoration and stabilization, will adequately secure the outstanding balance of the Notes, 
 (iii) the Restoration can be completed by the earliest to occur of: 
 (A) the 180th day following the receipt of the
Proceeds (or if earlier, the 365th day after the Casualty or Condemnation, as applicable), or, with Rating Confirmation, such longer period as may reasonably be required; 
 (B) the 180th day prior to the Maturity Date, and 
 (C) with respect to a Casualty, the expiration of the payment period on the rental loss or business interruption insurance coverage in
respect of such Casualty; and 
 (iv) after receiving reasonably satisfactory evidence to such effect, during the period of
the Restoration, the sum of (A) income derived from the applicable Property, plus (B) proceeds of rental loss insurance or business interruption insurance, if any, payable together with such other monies as Issuers may irrevocably make
available for the Restoration, will equal or exceed 105% of the sum of (1) Operating Expenses and (2) the Debt Service. 
 Notwithstanding the
foregoing, if any of the conditions set forth in sub-clauses (1) and (2) of the proviso in this clause (b) is not satisfied, then, unless the Servicer shall otherwise elect, at its sole option, the Proceeds shall be applied in the
following order of priority: (A) first, to prepay the principal of the Notes in an amount up to the Release Amount of the Property which suffered the Casualty or Condemnation; (B) second, to pay the amount of (1) all accrued and
unpaid interest in respect of the principal amount of the Debt so prepaid through the date which is the final day of the Interest Accrual Period in which such prepayment is made or, if prohibited by law, through the date of repayment plus Breakage
Costs (including, if an Event of Default has occurred and is then continuing, interest owed at the Default Rate), and (2) all other sums then due and owing under the Transaction Documents; and (C) third, to reimburse Note Trustee, the
Servicer and the Noteholders for any fees and expenses of Note Trustee, the Servicer and the Noteholders incurred in connection therewith (it being agreed that, upon satisfaction in full of the entitlements under clauses (A),
(B) and (C) of this sentence, Issuers shall be entitled to receive a release of the Lien of the Mortgage and the other Transaction Documents with respect to the affected Property in accordance with and subject to the terms of
Section 2.5 hereof). Notwithstanding the foregoing, or anything else to the contrary contained herein, all Proceeds 
  

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 with respect to the insurance determined pursuant to Section 8.1(b)(iii) shall be deposited directly into the
Deposit Accounts and shall be disbursed in accordance with Article IX as if such Proceeds are applied in the manner Operating Income is applied. 
  
 (c) Material Casualty or Condemnation and Right to Apply. In the event of a Material Casualty or a Material Condemnation or any title claim or
defect, then the Servicer on behalf of the Note Trustee shall have the option to (i) apply the Proceeds hereof in the following order of priority: (A) first, to prepay the principal of the Notes in an amount up to the Release Amount of the
Property which suffered the Casualty or Condemnation or title claim; (B) second, to pay the amount of (1) all accrued and unpaid interest in respect of the principal amount of the Debt so prepaid through the date which is the final day of
the Interest Accrual Period in which such prepayment is made or, if prohibited by law, through the date of repayment plus Breakage Costs (including, if an Event of Default has occurred and is then continuing, interest owed at the Default Rate), and
(2) all other sums then due and owing under the Transaction Documents; and (C) third, to reimburse the Servicer and Note Trustee for any fees and expenses of the Service, Note Trustee and the Noteholders incurred in connection therewith
(it being agreed that, upon satisfaction in full of the entitlements under clauses (A), (B) and (C) of this sentence, Issuers shall be entitled to receive a release of the Lien of the Mortgage and the other Transaction
Documents with respect to the affected Property in accordance with and subject to the terms of Section 2.5 hereof), or (ii) make such Proceeds available to reimburse Issuers for the cost of any Restoration or curing of such title
defect in the manner set forth below in Section 8.1.2(e) hereof; provided, however, that, if the applicable Property Management Agreement provides that the applicable Issuer is required to use the Proceeds to restore the
Property in question and such Issuer does not have the right to terminate the applicable Property Management Agreement pursuant to the terms of the applicable Property Management Agreement as a result of such Casualty or Condemnation or otherwise,
then the Servicer shall be obligated to make such Proceeds available to such Issuer for the Restoration of such Property pursuant to clause (e) below. Notwithstanding anything to the contrary contained herein, in the event of a Material
Casualty or a Material Condemnation or title defect, where the applicable Issuer cannot restore, repair, replace or rebuild the affected Property to be of at least equal value and of substantially the same character as prior to the Material Casualty
or Material Condemnation or title defect because the affected Property is a legally non-conforming use or as a result of any other Legal Requirement, Issuer hereby agrees that the Servicer may elect to apply the Proceeds payable in connection
therewith in accordance with clauses (A), (B) and (C) above. 
  
 (d) Intentionally Omitted. 
  
 (e) Manner of
Restoration and Reimbursement. If an Issuer is entitled pursuant to Section 8.1.2(b) or (c) above to reimbursement out of Proceeds (and the conditions specified therein shall have been satisfied), such Proceeds shall be
disbursed on a monthly basis upon the Servicer’s being furnished with (i) such architect’s certificates, waivers of lien, contractor’s sworn statements, title insurance endorsements, bonds, plats of survey and such other
evidences of cost, payment and performance as a majority (by Outstanding Principal Amount) of the Noteholders may reasonably require and approve, and (ii) all plans and specifications for such Restoration, such plans and specifications to be
approved by a majority (by Outstanding Principal Amount) of the Noteholders prior to commencement of any work (such approval not to be unreasonably withheld or delayed). In addition, no payment made prior 
  

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 to the Final Completion of the Restoration shall exceed ninety percent (90%) of the aggregate value of the work
performed from time to time; funds other than Proceeds shall be disbursed prior to disbursement of such Proceeds; and at all times, the undisbursed balance of such Proceeds remaining in the hands of Note Trustee, together with funds deposited for
that purpose or irrevocably committed to the satisfaction of the Noteholders by or on behalf of Issuers for that purpose, shall be at least sufficient in the reasonable judgment of the Servicer to pay for the cost of completion of the Restoration,
free and clear of all Liens or claims for Lien. Prior to any disbursement, the Noteholders shall have received evidence reasonably satisfactory to them of the estimated cost of completion of the Restoration (such estimate to be made by Issuers’
architect or contractor and approved by a majority (by Outstanding Principal Amount) of the Noteholders in their reasonable discretion), and Issuers shall have deposited with Note Trustee Eligible Collateral in an amount equal to the excess (if any)
of such estimated cost of completion over the net Proceeds. Any surplus which may remain out of Proceeds received pursuant to a Casualty shall be paid to Issuers after payment of such costs of Restoration. Any surplus which may remain out of
Proceeds received pursuant to a Condemnation shall be delivered to Note Trustee for deposit into the Deposit Accounts to be held and disbursed in accordance with the terms of this Indenture. 
  
 8.1.3 Condemnation. 
  
 (a) Issuers shall promptly give the Note Trustee and the Servicer written
notice of the actual or threatened commencement of any Condemnation and shall deliver to the Note Trustee and the Servicer copies of any and all papers served in connection with such Condemnation. Following the occurrence of a Condemnation, Issuers,
regardless of whether Proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the same to the extent practicable to be of at least equal value and of substantially the same character as prior to such Condemnation, all
to be effected in accordance with the terms hereof applicable to Alterations. 
  
 (b) Note Trustee is hereby irrevocably appointed as each Issuer’s attorney-in-fact, coupled with an interest, with exclusive power to collect, receive and retain any Proceeds in respect of a Condemnation and to
make any compromise or settlement in connection with such Condemnation, subject to the provisions of this Section. Provided no Event of Default has occurred and is continuing, (x) in the event of a Condemnation where the loss does not exceed
$250,000, Issuers may settle and compromise such Proceeds; provided that the same is effected in a competent and timely manner, and (y) in the event of a Condemnation, where the loss exceeds $250,000, Issuers may settle and compromise
the Proceeds only with the consent of a majority (by Outstanding Principal Amount) of the Noteholders (which consent shall not be unreasonably withheld or delayed) and Note Trustee, the Servicer or their designee on behalf of the Noteholders shall
have the opportunity to participate, at Issuers’ cost, in any litigation and settlement discussions in respect thereof. Notwithstanding any Condemnation by any public or quasi-public authority (including any transfer made in lieu of or in
anticipation of such a Condemnation), Issuers shall continue to pay the Debt at the time and in the manner provided for in the Notes, this Indenture and the other Transaction Documents, and the Debt shall not be reduced unless and until any Proceeds
shall have been actually received and applied by Note Trustee to discharge the Debt, pay required interest and pay any other required amounts, in each case, pursuant to the terms of Sections 8.1.2(b) and (c) above. Note Trustee
shall not be limited 
  

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 to the interest paid on the Proceeds by the condemning authority but shall be entitled to receive out of the Proceeds
resulting from Condemnation interest at the rate or rates provided in the Notes. Issuers shall cause any Proceeds resulting from Condemnation that are payable to Issuers to be paid directly to Note Trustee to be held and applied in accordance with
the terms hereof. With respect to a total or partial condemnation of the Mexican Properties, each Mexican Issuer agrees to deliver, at the request of the Note Trustee, a notarized power-of-attorney appointing Note Trustee as its attorney-in-fact for
the purposes set forth in this paragraph (b). Condemnation proceeds received in respect of a condemnation of a Mexican Property will be initially received by the Mexican Trustee and forthwith delivered by Mexican Trustee to Note Trustee for
application as provided herein. 
  
 ARTICLE IX 
  
 ACCOUNTS AND RESERVES 
  
 Section 9.1. Establishment and Maintenance of Cash Management Deposit
Account. 
  
 (a) On or prior to the Closing Date, Issuers and
Operating Lessees shall establish with Note Trustee, or if Note Trustee is not a depository institution or if Note Trustee shall otherwise elect, with one or more depository institutions selected by the Note Trustee, a separate deposit account for
the Properties located in the United States (the “U.S. Deposit Account”) which has been established as a deposit account, a separate deposit account for the Properties located in Mexico (the “Mexican Deposit
Account” and together with the U.S. Deposit Account, the “Deposit Accounts”) which has been established as a deposit account, and a separate holding account (the “Holding Account”) which has been
established as a securities account. All Operating Income and Proceeds from Business Interruption Insurance received from the Fairmont Chicago Hotel Property, the Hilton Burbank Airport Property, the Marriott Las Palmas Property, the Ritz Carlton
Half Moon Bay Property, the Lincolnshire Property and the Loews Santa Monica Property shall be deposited into the U.S. Deposit Account and all Operating Income and Proceeds from Business Interruption Insurance received from the Four Seasons Punta
Mita Property and the Four Seasons Mexico City Property shall be deposited into the Mexican Deposit Account. Amounts deposited into the Mexican Deposit Account in an amount equal to make monthly principal and interest payments due on the Mexico
Intercompany Loan (such amount the “Monthly Mexico Intercompany Loan Debt Service”), to the extent it is outstanding, shall first be transferred to the U.S. Deposit Account, thereafter, all funds remaining in the Mexican Deposit
Account shall be released to Issuer as provided in Section 9.4.1(xii) hereof, provided that, in the event the funds held in the U.S. Deposit Account are insufficient to make all of the payments pursuant to the
Section 9.4.0(i) through Section 9.4.1(xi) or if the Mexico Intercompany Loan is no longer outstanding, the funds in the Mexican Deposit Account shall be transferred to the U.S. Deposit Account. Both the Deposit Accounts and
the Holding Account shall be in the name of and under the sole dominion and control of Note Trustee, subject only to Note Trustee’s obligations hereunder to advance funds therefrom in accordance with this Indenture and the other Transaction
Documents, and no Issuer or Operating Lessee shall have the authority or power to make withdrawals from either the Deposit Accounts or the Holding Account; provided that the Deposit Accounts and the Holding Account shall be administered and managed
by the Servicer on behalf of the Note Trustee for the benefit of Noteholders. Funds in 
  

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 either the Deposit Accounts or the Holding Account shall not be commingled with any other monies. Pursuant to the Deposit
Account Agreement, Depositary Bank on a daily basis shall transfer all collected and available funds as determined by Depositary Bank’s then current funds availability schedule received in the Mexican Deposit Account in an amount necessary to
pay the Monthly Mexico Intercompany Debt Service, to the extent the Mexico Intercompany Loan is outstanding, otherwise all amounts on deposit in the Mexican Deposit Account, to the U.S. Deposit Account and shall then transfer all collected and
available funds as determined by Depositary Bank’s then current funds availability schedule received in the U.S. Deposit Account to the Holding Account. In recognition of Note Trustee’s security interest in the funds deposited into the
Deposit Accounts and the Holding Account, Issuer and Operating Lessee shall identify both the Deposit Accounts and the Holding Account with the name of Note Trustee, as secured party. The U.S. Deposit Account shall be named as follows:
“Strategic Hotel Floating Rate Public Portfolio f/b/o LaSalle Bank National Association, as Note Trustee Deposit Account”). The Mexican Deposit Account shall be named as follows: “Strategic Hotel Floating Rate Public Portfolio f/b/o
LaSalle Bank National Association, as Note Trustee Mexican Deposit Account”). The Holding Account shall be named as follows: “Strategic Hotel Floating Rate Public Portfolio f/b/o LaSalle Bank National Association, as Note Trustee Holding
Account”). Without limiting the foregoing, all deposits into either the Deposit Accounts or the Holding Account shall be applied and disbursed in accordance with the terms and provisions of Article IX hereof and the Deposit Account
Agreement. 
  
 (b) On or prior to the date the Interest Rate Cap
Agreement is effective or any Subsequent Interest Rate Cap Agreement shall be effective, Issuers shall notify the Counterparty to make all payments due to each Issuer under the Interest Rate Cap Agreement and such Subsequent Interest Rate Cap
Agreement (and Issuers shall similarly notify the Counterparty under any Replacement Interest Rate Cap Agreement or Extension Interest Rate Cap Agreement) payable directly to the U.S. Deposit Account (the form of such notice shall be subject to the
approval of the Note Trustee and, shall be irrevocable without the consent of a majority (by Outstanding Principal Amount), of the Noteholders until the Debt has been paid in full), and if either Deposit Account is changed, a comparable notice shall
be sent to the Counterparty. If, notwithstanding the provisions of this Section 9.1(b), an Issuer receives any sums due under the Interest Rate Cap Agreement or such Subsequent Interest Rate Cap Agreement (or any Replacement Interest
Rate Cap Agreement or Extension Interest Rate Cap Agreement) then the applicable Issuer (x) shall be deemed to hold such amounts in trust for Note Trustee and (y) shall deposit any such sums in the Deposit Account within one Business Day
of receipt thereof. 
  
 (c) On or prior to the date hereof,
(x) Operating Lessees shall notify each of the Property Managers to make all payments due to an Operating Lessee under the applicable Property Management Agreement and/or Operating Lease or otherwise payable (including any “key” or
similar funds paid by any Property Manager or Affiliate thereof to Issuer or Operating Lessee and any Proceeds of Business Interruption Insurance) directly to the U.S. Deposit Account or, in the case of the Mexican Properties, to the trust accounts
maintained by the Mexican Trustee (the form of such notice shall be subject to the approval of the Servicer and, shall be irrevocable without the consent of the Servicer the Debt has been paid in full, it being understood that the notice contained
in the Agreements with Managers is hereby approved by the Servicer), and (y) Issuers shall notify Operating Lessees to make all payments due to Issuers under the Operating Leases (but only to the extent amounts received under the Operating
Lease 
  

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 were not paid from amounts received by the Operating Lessee pursuant to Sections 9.4.1 (xii), 9.2 or 9.3 hereof)
directly into the Deposit Account or, in the case of the Mexican Properties, to the trust accounts maintained by the Mexican Trustee (the form of such notice shall be subject to the approval of the Servicer and, shall be irrevocable without the
consent of a majority (by Outstanding Principal Amount) of the Noteholders until the Debt has been paid in full, it being understood that the notice contained in the Agreements with Managers is hereby approved by Noteholders). If either Deposit
Account is changed, a comparable notice shall be sent to each Property Manager and Operating Lessee. All funds from the trust account maintained by the Mexican Trustee shall be transferred to the Mexican Deposit Account pursuant to the terms of the
Mexican Security Trust. If, notwithstanding the provisions of this Section 9.1(c), an Issuer or Operating Lessee receives any sums due under a Property Management Agreement, Operating Lease (but only to the extent amounts received under
the Operating Lease were not paid from amounts received by the Operating Lessee pursuant to Sections 9.4.1 (xii), 9.2 or 9.3 hereof) or other amount (including any “key” or similar funds paid by any Property Manager or Affiliate
thereof to Issuer or Operating Lessee and any Proceeds of Business Interruption Insurance) otherwise payable to such Issuer or Operating Lessee (except for amounts payable to such Issuer or Operating Lessee pursuant to Sections 9.4.1(xii) or
amounts otherwise permitted to be paid or distributed to or on behalf of Issuers or Operating Lessees under Section 9.2 or Section 9.3 hereof), then the applicable Issuer or Operating Lessee (x) shall be deemed to hold
such amounts in trust for Note Trustee and (y) shall deposit any such sums in the Deposit Accounts within one Business Day of receipt thereof. Issuers or Operating Lessees agree to provide the Servicer with written notice of any amounts
reimbursed to Sponsor pursuant to this Section within ten (10) Business Days from the date of such reimbursement. If and to the extent Sponsor or any affiliate (other than an Issuer or an Operating Lessee) makes a capital expenditure with
respect to a Property that is provided for in an Annual Budget, provided no Event of Default has occurred and is continuing, Issuer will be entitled to receive reimbursement from the applicable Property Manager from the FF&E reserve account
established under the applicable Property Management Agreement. 
  
 Section 9.2. Reserve Accounts. 
  
 9.2.1
Establishment and Maintenance of Reserve Accounts. At the respective times set forth below in Sections (a) though (j) of this Section 9.2.1, Issuer and Operating Lessee shall establish with Note Trustee, or
if Note Trustee is not a depository institution or if Note Trustee shall otherwise elect, a depository institution designated by the Note Trustee, the following subaccounts of the Holding Account which shall be maintained on a ledger entry basis:

  
 (a) on or before the date hereof, an account (the
“Deferred Maintenance and Environmental Conditions Reserve Account”) in the initial amount of the $170,625 for the payment of the cost of remediating the Deferred Maintenance Conditions and the Environmental Conditions; which shall
be maintained in accordance with Sections 9.2.2 and 9.2.3 hereof; 
  
 (b) subsequent to the Closing Date, at any time after the occurrence of an Earthquake Reserve Event, an account (the “Earthquake Deductible Reserve Account”) which shall be maintained in accordance
with Section 9.2.8 hereof; 
  
 (c) Intentionally
Deleted; 
  

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 (d) subsequent to the Closing Date, an account (the “Deficiency Reserve Account”), which
shall be maintained in accordance with Section 9.2.11 hereof; 
  
 (e) on or before the Closing Date, an account (the “Incentive Management Fee Reserve Account”), which shall be maintained in accordance with Section 9.2.13 hereof; 
  
 (f) on or before the date hereof, an account (the “Unfunded
Obligations Account”), in an amount equal to $0, which shall be maintained in accordance with Section 9.2.14 hereof; 
  
 (g) on or before the date hereof, an account (the “Current Debt Service Reserve Account”), which shall be maintained in accordance with
Section 9.2.15 hereof; 
  
 (h) on or before the date
hereof, an account (the “FF&E Reserve Account”), which shall be maintained in accordance with Section 9.2.16 hereof; 
  
 (i) on or before the date hereof, an account (the “Property Manager Reserve Account”) in an amount equal to $0, which shall be maintained
in accordance with Section 9.2.20 hereof; and 
  
 (j)
on or before the date hereof, an account (the “Ground Rent Reserve Account”), in an amount equal to $0, which shall be maintained in accordance with Section 9.2.10 hereof. 
  
 In addition, Issuers shall establish the Tax and Insurance Escrow Account as
provided in Section 9.3 below. 
  
 Each of the Deposit Accounts, the
Holding Account, the Deferred Maintenance and Environmental Conditions Reserve Account, the FF&E Reserve Account, the Ground Rent Reserve Account, the Deficiency Reserve Account, the Incentive Management Fee Reserve Account, the Unfunded
Obligations Account, the Current Debt Service Reserve Account, the Earthquake Deductible Reserve Account, the Property Manager Reserve Account and the Tax and Insurance Escrow Account (except for the Deposit Accounts, each, a “Reserve
Account” and collectively, the “Reserve Accounts”) shall be in the name of and under the sole dominion and control of Note Trustee, subject only to Note Trustee’s obligations hereunder to advance or otherwise disburse
or apply funds therefrom in accordance with this Indenture, and no Issuer or Operating Lessee shall have the authority or power to make withdrawals from the Reserve Accounts. The amount required in each Reserve Account as of the Closing Date may, at
Note Trustee’s election, be deposited on Issuers’ behalf by Note Trustee’s funding said amount out of the Notes proceeds. Funds in each Reserve Account shall not be commingled with any other monies. Issuers shall pay the costs of
establishing and maintaining any Reserve Account and shall pay the costs to maintain and shall maintain all Reserve Accounts throughout the term of the Notes. Note Trustee, in its sole discretion, may permit Borrower to provide a letter of credit
from an Approved Bank, with a minimum rating of “AA/Aa2” from S&P, Moody’s or Fitch or other similar rating agency, acceptable to Note Trustee in its sole discretion. 
  
 9.2.2 Periodic Disbursements from the Deferred Maintenance and Environmental Conditions Reserve Account. Issuers
shall have the right to obtain disbursements 
  

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 from time to time with respect to the Deferred Maintenance and Environmental Conditions Reserve Account, in accordance
with Sections 7.1(g), 9.2.3 and 9.2.5, on the following terms and conditions: 
  
 (a) disbursements shall be made only to pay or to reimburse Issuers in respect of actual costs of the work, which costs were (i) approved by a
majority (by Outstanding Principal Amount) of the Noteholders (such approval not to be unreasonably withheld or delayed), (ii) set forth on Schedule 1.1 or Schedule 1.2, as the case may be, or (iii) made in accordance with
Section 7.1 hereof; 
  
 (b) each request for
disbursement from the Deferred Maintenance and Environmental Conditions Reserve Account shall be substantially in a form attached hereto as Exhibit A, shall specify the work for which the disbursement is requested and shall include an
Officer’s Certificate certifying that such funds will be applied to pay or reimburse for materials or work permitted hereunder and done in accordance herewith, and copies of invoices for all items or materials purchased and all contracted labor
or services shall be provided; 
  
 (c) The Servicer shall have
received from Issuers evidence reasonably satisfactory to the Servicer that Issuers have incurred such expenses and that the materials for which the request is made are on site at the applicable Property and are properly secured or have been
installed in such Property, funds remaining in the Deferred Maintenance and Environmental Conditions Reserve Account are, in the Servicer’s reasonable judgment, sufficient to pay the balance of the items contemplated to be funded therefrom when
required to be so paid, and the Servicer shall receive any Lien waivers or other releases which would customarily be obtained with respect to the work in question; 
  
 (d) The Servicer shall disburse from the Deferred Maintenance and Environmental Conditions Reserve Account, or authorize
such disbursement, within five (5) Business Days after the receipt of Issuers’ request for such disbursement and the satisfaction of the other conditions set forth above in this Section, but in no event more often than once in any 30-day
period, the amount requested by Issuers for such expenses, provided, however, that the Issuers shall be permitted to make one additional disbursement request in any given 30-day period in an amount in excess of $250,000 and
provided, further in no event shall the amount so disbursed exceed the amount set forth in Schedule 1.1 attached hereto for the remediation of the item in question. 
  
 9.2.3 Final Disbursements from Deferred Maintenance and Environmental Conditions Reserve Account and Unfunded Obligations
Account upon Completion or Determination. Upon the completion of, as applicable, the remediation of all of the Deferred Maintenance Conditions and the Environmental Conditions or all of the Unfunded Obligations, in each case to the reasonable
satisfaction of the Servicer, the Servicer shall disburse to Issuers from the Deferred Maintenance and Environmental Conditions Reserve Account (in the case of the completion of the remediation of all of the Deferred Maintenance Conditions and the
Environmental Conditions) or the Unfunded Obligations Account (in the case of the completion of the remediation of all of the Unfunded Obligations) any amounts remaining therein. In addition, if the Servicer shall determine in its discretion,
reasonably exercised, and concurred in by a Rating Confirmation, that one or more Deferred Maintenance Conditions, Environmental 
  

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 Conditions or Unfunded Obligations do not in fact require remediation, then the Servicer shall disburse from, as
applicable, the Deferred Maintenance and Environmental Conditions Reserve Account or the Unfunded Obligations Reserve Account the amount reserved for such work (i.e., 125% of the originally estimated cost of such work). 
  
 9.2.4 Intentionally Omitted. 
  
 9.2.5 Release of Reserve Accounts upon Repayment. Notwithstanding
anything to the contrary contained herein: 
  
 (a) The Servicer
shall pay to Issuers and Operating Lessees, on the date that the Debt shall be paid in full by Issuers, all amounts remaining in the Holding Account, the Reserve Accounts and the Deposit Accounts (or at the option, and written direction, of the
Issuers and Operating Lessees, the Servicer shall apply such amounts to the full payment of the Debt on such date). 
  
 (b) In the event of any prepayment of the Notes by the Issuers that is permitted or required under this Indenture (whether or not such prepayment is
accompanied by the release of any Property), the Servicer shall, provided no Event of Default has occurred and is continuing, disburse to the Issuers and Operating Lessees funds from the Current Debt Service Reserve Account (or, at the option and
written direction of Issuers, the Servicer shall apply such amounts to such Prepayment and provide Issuers and Operating Lessees a credit against any amounts due in connection with such Prepayment), representing the same proportion of the total
amount deposited in such accounts immediately prior to such disbursement as the amount of the Notes prepaid by the Issuers bears to the total Debt outstanding immediately prior to such Prepayment. 
  
 (c) In the event of any prepayment of the Notes by the Issuers that is
permitted or required under this Indenture which prepayment includes a release of a Property pursuant to the provisions hereof, (i) the Servicer shall, provided no Event of Default has occurred and is continuing, disburse to the Issuers and
Operating Lessees funds from each of the Reserve Accounts (and subaccounts thereof) (or, at the option and written direction of Issuers and Operating Lessees, the Servicer shall apply such amounts to such Prepayment and provide Issuers a credit
against any amounts due in connection with such Prepayment) which are allocable hereunder to the applicable Property, and (ii) thereafter, the on-going amounts which are required to be deposited into each of the Reserve Accounts (and
subaccounts thereof) shall be reduced accordingly to reflect the release of such Property and such Prepayment. 
  
 9.2.6 Obligations Unaffected. The insufficiency of any balance in any Reserve Account shall not relieve any Issuer from its obligation to fulfill
all preservation and maintenance covenants in the Transaction Documents. 
  
 9.2.7 Intentionally Deleted. 
  
 9.2.8 Earthquake Deductible Reserve Account. (a) After the occurrence of an Earthquake Reserve Event, by no later than the Payment Date immediately following the occurrence of such Earthquake Reserve Event, and by no later than
each Payment Date thereafter to the extent necessary, Issuers shall be required to make deposits or monies shall be transferred 
  

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 in accordance with Section 9.4 hereof from the Holding Account into the Earthquake Deductible Reserve Account
in an amount up to the applicable Earthquake Deductible Reserve Amount; provided, however, that if an Earthquake Event occurs within 10 Business Days prior to any Payment Date, Issuer shall make the required deposits within 10 Business Days after
such Earthquake Event. 
  
 (b) Issuers and Operating Lessees shall
have the right to obtain disbursements from the Earthquake Deductible Reserve Account within five (5) Business days after the Servicer’s receipt of Issuers’ or Operating Lessees’ request for such disbursement; provided
that (i) such request shall set forth Issuers’ or Operating Lessees’ good faith estimate of the amounts required to be disbursed in connection with the Restoration of the damaged Property (or Properties) together with reasonable
evidence supporting such amounts and (ii) any amounts so disbursed by the Note Trustee at the direction of the Servicer shall be applied by Issuers or Operating Lessees only to the Restoration of such Property (or Properties). Upon the
completion of the Restoration of the Property (or Properties) subject to the Earthquake Reserve Event in question to the Servicer’s reasonable satisfaction, any amounts remaining on deposit in the Earthquake Deductible Reserve Account shall be
disbursed to Issuers and Operating Lessees. 
  
 9.2.9 Funding
of Certain Reserve Accounts. (a) Notwithstanding any other provisions in this Section 9.2 to the contrary, Issuers and Operating Lessees may satisfy the obligation to fund each or any of the Reserve Accounts (or subaccounts
thereof) other than the Current Debt Service Reserve Account and the Ground Rent Reserve Account by delivering to Note Trustee, a Credit Facility pledged to Note Trustee permitting the drawing thereunder by Note Trustee upon presentation to the
issuing bank of a notice from Note Trustee or the Servicer that the Note Trustee is entitled to draw on such Credit Facility pursuant to this Indenture and otherwise in form and substance acceptable to the Servicer in the total amount of the sum
required to be maintained in such Reserve Account (or any subaccount thereof), provided that, if the sum required to be maintained in such Reserve Account (or any subaccount thereof) should change, the Issuers or Operating Lessees as
applicable shall immediately change the total amount of such Credit Facility to reflect the same. In addition, at any time subsequent to the Closing Date, Issuers and Operating Lessees may also satisfy the obligation to fund each or any of the
Reserve Accounts (or subaccounts thereof) other than the Current Debt Service Reserve Account and the Ground Rent Reserve Account by delivering to the Note Trustee a Credit Facility pledged to Note Trustee permitting the drawing thereunder by Note
Trustee upon presentation to the issuing bank of a notice from Note Trustee or the Servicer that Note Trustee is entitled to draw on such Credit Facility pursuant to this Indenture and otherwise in form and substance acceptable to the Servicer in
the total amount of the sum required to be maintained in each Reserve Account (or any subaccount thereof), provided that, if the sum required to be maintained in such Reserve Account (or any subaccount thereof) should change, the Issuers or
Operating Lessees as applicable shall immediately change the total amount of such Credit Facility to reflect the same. Upon the issuance of a Credit Facility as described in the previous sentence, all funds on deposit in the applicable Reserve
Account (or subaccount thereof) shall be released to Issuers and Operating Lessees. 
  
 (b) Notwithstanding anything to the contrary contained herein, to the extent funds deposited in any Reserve Account have not been utilized during any Fiscal Year, such funds shall not be released to the Issuers and
Operating Lessees and shall continue to remain in 
  

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 such Reserve Account, provided that, other than with respect to the FF&E Reserve Accounts, such remaining
funds shall be credited against future amounts required to be deposited into such Reserve Account pursuant to the terms hereof. 
  
 9.2.10 Ground Rent Reserve Account. By no later than each Payment Date, Issuers shall deposit or monies shall be transferred in accordance with
Section 9.4 hereof from the Holding Account into the Ground Rent Reserve Account as follows: 
  
 (a) one-twelfth (1/12) of the Ground Rent that is payable by the Lincolnshire Issuer (if such amounts have not been paid, reserved or set aside for
such purpose by the applicable Property Manager) that the Servicer reasonably estimates (it being agreed that Issuer will promptly furnish to the Servicer any information reasonably requested by the Servicer to enable the Servicer to calculate such
estimate) will be payable during the twelve (12) months next ensuing after such Payment Date in order to accumulate with Note Trustee sufficient funds to pay all Ground Rent at least thirty (30) days prior to its respective past due dates;

  
 (b) the Ground Rent Reserve Account shall be in the name of
and under the sole dominion and control of Note Trustee, subject only to Note Trustee’s obligations hereunder to advance funds therefrom in accordance with this Indenture, and no Issuer shall have the authority or power to make withdrawals from
the Ground Rent Reserve Account. Funds in the Ground Rent Reserve Account shall not be commingled with any other monies. Issuers shall pay the costs of establishing and maintaining the Ground Rent Reserve Account. On the Closing Date, Issuers shall
deposit to the Ground Rent Reserve Account an amount equal to $0; 
  
 (c) To the extent required to be paid by the Lincolnshire Issuer, the Note Trustee at the direction of the Servicer will apply (or authorize the application of) amounts in the Ground Rent Reserve Account to either (x) pay Ground Rent
required to be paid by the Lincolnshire Issuer under the Ground Lease (and so long as the Ground Rent Reserve Account shall have a balance at least equal to the then-payable Ground Rent, Issuers shall not be in default hereunder if the Note Trustee
at the direction of the Servicer shall have not so applied (or authorized the application of) such balance to the payment of such Ground Rent, unless the Note Trustee at the direction of the Servicer shall have not so applied such balance at the
request of Issuers) or (y) to reimburse Issuers for such amounts (provided there is a sufficient amount on deposit in the Ground Rent Reserve Account to enable the Servicer to make such reimbursement) upon presentation of evidence of payment
and an Officer’s Certificate in form and substance satisfactory to the Servicer. In making any payment from or to the Ground Rent Reserve Account, the Servicer may do so according to any bill, statement or estimate procured from Issuers and
Operating Lessees and/or the Ground Lessor, without inquiry into the accuracy of such bill, statement or estimate so procured or into the validity of such bill, statement or estimate unless given written notice by Issuers of such inaccuracy,
invalidity or other contest in each case in accordance with Section 5.1(b)(ii) hereof. If the amount in the Ground Rent Reserve Account shall exceed the amounts due for Ground Rent, the Servicer shall, at its option, direct the Note
Trustee to return any excess to Issuers and Operating Lessees or credit such excess against future payments to be made to the Ground Rent Reserve Account. If at any time the Servicer determines that the amount in the Ground Rent Reserve Account is
not or will not be sufficient to pay the items set forth in Sections 9.2.10(a) above, the Servicer shall notify Issuers of such determination and Issuers shall increase its monthly payments to the Note Trustee by the amount 
  

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 that the Servicer estimates is sufficient to make up the deficiency at least thirty (30) days prior to delinquency
of the Ground Rent. Issuer agrees to immediately provide Note Trustee and the Servicer with written notice of any failure of the applicable Property Manager to pay Ground Lessor any Ground Rent due under the Ground Lease. 
  
 9.2.11 Deficiency Reserve Account. If at any time the Property Manager
with respect to (i) the Loews Santa Monica Property makes any payment pursuant to Section 8.2 of the currently existing Property Management Agreement for such Property, (ii) the Lincolnshire Property makes any payment pursuant to the
third sentence of Section 3.02 of the currently existing Property Management Agreement for such Property (iii) the Four Seasons Mexico City Property makes any payment pursuant to Section 8.02 of the currently existing Property
Management Agreement for such Property, (iv) the Four Seasons Punta Mita Property makes any payment pursuant to Sections 8.02, 10.02 and 13.01 of the currently existing Property Management Agreement for such Property (v) the Ritz Carlton
Half Moon Bay Property makes any payment pursuant to Section 2.7 of the currently existing Property Management Agreement for such Property or (vi) any Property Manager makes any payment on behalf of Issuer or Operating Lessee pursuant to
any Property Management Agreement for such Property (any such payments, a “Deficiency Payment”) on account of any working capital advance, shortfall or deficiency at any such Property or Properties, then, by no later than the
Payment Date immediately following such payment or payments, and by no later than each Payment Date thereafter to the extent necessary, Issuers and Operating Lessees shall be required to make cash deposits into the Deficiency Reserve Account until
such time as the aggregate amount on deposit in the Deficiency Reserve Account shall equal the sum of all such payments. Provided no Default shall have occurred and be continuing, Note Trustee at the direction of the Servicer shall disburse to
Issuers and Operating Lessees from the Deficiency Reserve Account an amount equal to the sum of any amounts required to be paid and actually paid by the Issuers or Operating Lessees to the Property Manager for such Property under the currently
existing Property Management Agreement for such Property. 
  
 9.2.12 Intentionally Omitted. 
  
 9.2.13
Incentive Management Fee Reserve Account. (a) The Incentive Management Fee Reserve Account shall consist of eight (8) sub-accounts (each, an “Incentive Fee Sub-Account”), one corresponding to each Property. The
funds in each Incentive Fee Sub-Account shall not be commingled with any other monies. 
  
 (b) By no later than each Payment Date, the Issuers and Operating Lessees shall deposit or monies shall be transferred in accordance with Section 9.4 hereof from the Holding Account into the Incentive
Management Fee Reserve Account in an amount equal to the Aggregate Monthly Incentive Fee Reserve Amount, and such amount shall be allocated on each Payment Date to the Incentive Fee Reserve Sub-Accounts such that an amount equal to the Monthly
Incentive Fee Reserve Amount for the corresponding Property shall be deposited into the respective Sub-Account. 
  
 (c) Upon the request of Issuers or Operating Lessees, the Servicer will, within five (5) Business Days after the receipt of such request and the
satisfaction of the other conditions set forth in this Section, cause disbursements to the respective Issuers or Operating 
  

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 Lessees from the applicable Incentive Fee Sub-Accounts to pay or to reimburse Issuers or Operating Lessees for actual
costs incurred in connection with Incentive Fees at the applicable Property (to the extent such Incentive Fees are required under the applicable Property Management Agreement), provided that (A) the Note Trustee and the Servicer have
either received evidence of payment of Incentive Fees or received invoices evidencing that the Incentive Fees for which such disbursements are requested are due and payable, are in respect of Incentive Fees at the applicable Property, and have not
been previously paid; (B) any amounts previously disbursed pursuant to this paragraph have been properly applied; and (C) the Note Trustee and the Servicer has received an Officer’s Certificate confirming that the conditions in the
foregoing clauses (A) and (B) have been satisfied and that the copies of invoices (to the extent required above) attached to such Officer’s Certificate are true, complete and correct. 
  
 (d) The parties hereby expressly agree that, under no circumstance, shall
funds in any Incentive Fee Sub-Account be used to fund expenses of any kind incurred at any Property other than the Property to which such Sub-Account corresponds. 
  
 9.2.14 Unfunded Obligations Account. Issuers shall have the right to obtain disbursements from time to time with
respect to Unfunded Obligations on the following terms and conditions: 
  
 (a) disbursements shall be made only to pay or to reimburse Issuers in respect of actual costs incurred in connection with Unfunded Obligations set forth on Schedule H; 
  
 (b) each request for disbursement from the Unfunded Obligations Account shall be substantially in a form attached hereto as
Exhibit A, shall specify the work for which the disbursement is requested and shall include an Officer’s Certificate certifying that such funds will be applied to pay or reimburse the Issuers for materials or work relating to Unfunded
Obligations Account permitted hereunder and done in accordance herewith which the Issuers are required to fund, and copies of invoices relating thereto shall be provided; 
  
 (c) Note Trustee and the Servicer shall have received from Issuers evidence reasonably satisfactory to the Servicer that
Issuers have incurred such expenses and that any materials relating to such request are on site at the applicable Property and are properly secured or have been installed in such Property, funds remaining in the Unfunded Obligations Account are, in
the Servicer’s reasonable judgment, sufficient to pay the balance of the items contemplated to be funded therefrom when required to be so paid, and the Servicer shall receive any Lien waivers or other releases which would customarily be
obtained with respect to the work in question; 
  
 (d) The
Servicer shall disburse from the Unfunded Obligations Account, or authorize such disbursement, within five (5) Business Days after the receipt of Issuers’ request for such disbursement and the satisfaction of the other conditions set forth
above in this Section, but in no event more often than once in any 30-day period, the amount requested by Issuers for such expenses, provided, however, that the Issuers shall be permitted to make one additional disbursement request in
any given 30-day period in an amount in excess of $250,000 and provided, further in no event shall the amount so disbursed exceed the amount set forth in Schedule H attached hereto for the funding of the item in question. 

 

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 9.2.15 Current Debt Service Reserve Account. (a) By no later than each Payment Date, the
Issuers shall deposit or monies shall be transferred in accordance with Section 9.4 hereof from the Holding Account into the Current Debt Service Reserve Account in an amount equal to the sum of: (i) the amount necessary to pay any
fees and expenses which will be due and payable as of such Payment Date to any trustee, fiscal agent, servicer and/or special servicer, including without limitations, any master servicing fees, special servicing fees and servicer advances
(“Third Party Securitization Amount”); plus (ii) following any Securitization, the amount necessary to pay any costs which will be due and payable as of such Payment Date and which were incurred in connection with the
ongoing rating surveillance being provided by the Rating Agencies in connection with such Securitization (“Rating Agency Securitization Amount”); plus (iii) (a) the amount of all scheduled or past due Debt Service,
(b) all amounts paid on account of any prepayment of the Notes, including, without limitation, all Acceleration Prepayment Premiums, if any made by the Issuers pursuant to Section 2.4.3 hereof and (c) all Proceeds required to
be paid to the Note Trustee pursuant to Sections 8.1.2 or 8.1.3 hereof (other than Proceeds to be applied to the restoration or repair of a related Property) (collectively, the “Debt Service Amount”); plus
(iv) the amount of all interest, costs, expenses, fees and other amounts which will be due and payable under the Transaction Documents or incurred by Noteholders as of such Payment Date, other than Debt Service Amounts (“Cost and
Expense Amount”). 
  
 9.2.16 Disbursements from the
FF&E Reserve Account. (a) The FF&E Reserve Account shall consist of eight (8) sub-accounts (such eight (8) sub-accounts, which shall each correspond to one Property, each being, a “FF&E Reserve
Sub-Account”). The funds in each FF&E Reserve Sub-Account shall not be commingled with any other monies. 
  
 (i) By no later than each Payment Date, the Issuers and Operating Lessees shall deposit or monies shall be transferred in accordance with
Section 9.4 hereof from the Holding Account into the FF&E Reserve Account in an amount equal to the Aggregate Monthly FF&E Reserve Amount, and such amount shall be allocated on each Payment Date to the FF&E Reserve
Sub-Accounts such that an amount equal to the Monthly FF&E Reserve Amount for the corresponding Property shall be deposited into the corresponding Sub-Account. 
  
 (ii) Upon the request of Issuers and Operating Lessees, the Servicer will, within five (5) Business
Days after the receipt of such request and the satisfaction of the other conditions set forth in this clause (ii), cause disbursements to Issuers and Operating Lessees from the applicable FF&E Reserve Sub-Account to pay or to reimburse Issuers
and Operating Lessees for actual costs incurred in connection with capital expenditures relating to FF&E at the applicable Property (to the extent such expenditures are not prohibited hereunder and under the applicable Property Management
Agreement), provided that (A) the Servicer has received invoices evidencing that the costs for which such disbursements are requested are due and payable and are in respect of capital expenditures relating to FF&E at the applicable
Property, (B) Issuers and Operating Lessees have applied any amounts previously received by them in accordance with this Section 9.2.16(a) for the expenses to which specific draws made hereunder relate and received any Lien waivers
or other releases which would customarily be obtained with respect to the work in question, (C) the applicable Property Manager has 
  

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 theretofore disbursed for capital expenditures relating to FF&E at the applicable Property all
amounts it originally reserved in the applicable Hotel Operating Account (or otherwise withheld from disbursement to the Operating Lessees) for such purpose pursuant to the related Property Management Agreement; and (D) the Servicer has
received an Officer’s Certificate confirming that the conditions in the foregoing clauses (A) through (C) have been satisfied and that the copies of invoices and evidence of Lien waivers (to the extent required above) attached to such
Officer’s Certificate are true, complete and correct. 
  
 9.2.17 Intentionally Deleted. 
  
 9.2.18
Intentionally Deleted. 
  
 9.2.19 Intentionally
Deleted. 
  
 9.2.20 Disbursements from the Property Manager
Reserve Account. Pursuant to and in accordance with the provisions of Section 9.4.1, if at any time (i) Operating Lessee or any Affiliate of Operating Lessee shall provide notice to the applicable Property Manager of its
intention to terminate the Property Management Agreement for the Marriott Las Palmas Property (such Property Management Agreement, an “Affected Property Management Agreement”) or (ii) Operating Lessee has consented that it will
agree to an assignment of an Affected Property Management Agreement by the then applicable Property Manager to a new Acceptable Property Manager which is not an Affiliate of such Property Manager (the effective date of any such termination or
assignment, an “Affected Property Management Agreement Termination”), commencing twenty (20) Business Days prior to any such Affected Property Management Agreement Termination (such date, a “Management Agreement Trigger
Event”), monies shall be transferred in accordance with Section 9.4.1 from the Holding Account into the Property Manager Reserve Account established by the Note Trustee, and retained by the Note Trustee as additional security
for the Debt and shall be applied or disbursed as hereinafter provided. At least twenty-five (25) Business Days prior to an Affected Property Management Agreement Termination, Operating Lessee agree to deliver to the Servicer (i) written
notice thereof and (ii) a copy of the applicable Management Agreement Termination Budget. From and after the occurrence and continuation of an Event of Default, the Note Trustee at the direction of Servicer shall have the right to apply any
amounts then remaining in the Property Manager Reserve Account to repay the Debt or any other amounts due hereunder or under the other Transaction Documents in such order, manner and amount as the Servicer shall determine in its sole discretion. The
Servicer shall make (or shall authorize) disbursements from the Property Manager Reserve Account to Issuers and Operating Lessees in an amount equal to the Applicable Property Manager Amount relating to the Property for which a Management Agreement
Trigger Event has occurred (to the extent sufficient funds are on deposit in such account) within five (5) Business Days after Issuer or Operating Lessee delivers to the Servicer an Officer’s Certificate (i) attaching a duly signed
and effective copy of an Acceptable Property Management Agreement with an Acceptable Property Manager for such Property entered into in accordance with the terms hereof and (ii) certifying that such disbursements shall be used to pay for the
costs associated with Issuers and Operating Lessees entering into the new Acceptable Property Management Agreement and converting the applicable Property to a new acceptable brand. In addition, the Servicer shall remit to Issuers and Operating
Lessees excess funds remaining on deposit in the Property Manager Reserve Account within five (5) Business Days after Issuers and Operating Lessees deliver to the Servicer an Officer’s Certificate to the effect that all applicable
conversion costs have been paid or duly provided for. 
  

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 Section 9.3. Tax and Insurance Escrow Account. 
  
 9.3.1 Establishment. On the Closing Date, Issuers and Operating
Lessees shall establish and maintain with Note Trustee, or if Note Trustee is not a depository institution or if Note Trustee shall otherwise elect, with one or more depository institutions selected by the Servicer, a separate account (the
“Tax and Insurance Escrow Account”) and, by no later than each Payment Date, Issuers and Operating Lessees shall deposit or monies shall be transferred in accordance with Section 9.4 hereof from the Holding Account into
the Tax and Insurance Escrow Account: 
  
 (a) one-twelfth
(1/12) of the Taxes and Other Charges that are payable by an Issuer or Operating Lessee (except to the extent that such amounts are paid, reserved or set aside for such purpose by the applicable Property Manager) (plus any deficiency in any
amounts required to be deposited into a tax and insurance premiums reserve account each month by a Property Manager pursuant to the Agreements with Managers) that the Servicer reasonably estimates will be payable during the twelve (12) months
next ensuing after such Payment Date in order to accumulate with Note Trustee sufficient funds to pay all such Taxes and Other Charges at least thirty (30) days prior to their respective past due dates, and 
  
 (b) at any time when the insurance required to be maintained pursuant to this
Indenture is provided under a Blanket Policy in accordance with Article VIII hereof and the premiums in respect of such Blanket Policy are not paid or caused to be paid at least 3 months before such premiums become due and payable, one-twelfth
(1/12) of the Insurance Premiums that are paid by an Issuer or Operating Lessees (except to the extent that such amounts are paid, reserved or set aside for such purpose by the applicable Property Manager) pursuant to any Property Management
Agreement or otherwise (plus any deficiency in any amounts required to be deposited into a tax and insurance premiums reserve account each month by a Property Manager pursuant to the Agreements with Managers) that the Servicer estimates will be
payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Note Trustee sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the
Policies. 
  
 The Tax and Insurance Escrow Account shall be in the name of and
under the sole dominion and control of Note Trustee, subject only to the Note Trustee’s obligations hereunder to advance funds therefrom at the direction of the Servicer in accordance with this Indenture, and no Issuer or Operating Lessee shall
have the authority or power to make withdrawals from the Tax and Insurance Escrow Account. Funds in the Tax and Insurance Escrow Account shall not be commingled with any other monies. Issuers shall pay the costs of establishing and maintaining the
Tax and Insurance Escrow Account. On the Closing Date, Issuers and Operating Lessees shall deposit to the Tax and Insurance Escrow Account an amount (the “Initial Tax and Insurance Escrow Amount”) equal to (i) the product of
the next installment of Taxes and Other Charges that are payable by an Issuer or Operating Lessee (rather than the applicable Property Manager) times a fraction, the numerator of which is the number of months in the installment period for such Taxes
and Other Charges elapsed as of the Closing Date (rounded up to the nearest integer) and the denominator of which is the number of months in such installment period, and (ii) the product of the next installment of Insurance Premiums that are
payable by an Issuer or Operating Lessee (rather than the applicable Property Manager) times a fraction, the numerator of which is the number of months in the installment period for such premiums elapsed as of the Closing Date (rounded up to the
nearest integer) 
  

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 and the denominator of which is the number of months in such installment period; provided that if Issuers and
Operating Lessees have a Blanket Policy that covers properties in addition to the Properties, the Servicer shall have the right to increase the amount required to be deposited into the Tax and Insurance Escrow Account in an amount sufficient to
purchase a non-blanket Policy in accordance with the terms of Section 8.1(d)(i) hereof. 
  
 9.3.2 Application Generally. To the extent required to be paid by an Issuer with respect to a Property, the Note Trustee at the direction of the
Servicer will apply amounts in the Tax and Insurance Escrow Account either: (x) to pay Taxes and Other Charges (excluding any Ground Rent) and Insurance Premiums required to be paid by Issuers or Operating Lessees hereunder (and so long as the
Tax and Insurance Escrow Account shall have a balance at least equal to the then-payable Taxes, Other Charges and Insurance Premiums, Issuers shall not be in default hereunder if the Servicer shall have not so applied such balance to the payment of
such Taxes, Other Charges and Insurance Premiums, unless the Note Trustee at the direction of the Servicer, shall have not so applied such balance at the request of Issuers or Operating Lessees) or (y) to reimburse Issuers or Operating Lessees
for such amounts upon presentation of evidence of payment and an Officer’s Certificate in form and substance satisfactory to the Servicer, subject, however, to Issuers’ and Operating Lessees’ right to contest Taxes and Other Charges
in accordance with the terms hereof. In directing the Note Trustee to make any payment from or to the Tax and Insurance Escrow Account, the Servicer may do so according to any bill, statement or estimate procured from the appropriate public office
(with respect to Taxes and Other Charges) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or
title or claim thereof unless given written notice by Issuers or Operating Lessees of such inaccuracy, invalidity or other contest, in each case in accordance with Section 5.1(b)(ii) hereof. If the amount in the Tax and Insurance Escrow
Account shall exceed the amounts due for Taxes and Other Charges and Insurance Premiums, the Note Trustee at the direction of the Servicer shall, at the Servicer’s option, return any excess to Issuers and Operating Lessees or credit such excess
against future payments to be made to the Tax and Insurance Escrow Account. Provided no Event of Default has occurred and is continuing, Issuers and Operating Lessees shall have the right to have the Note Trustee at the direction of the Servicer
apply amounts deposited in the Tax and Insurance Escrow Account on account of Taxes and Other Charges toward the payment of such Taxes and Other Charges prior to their delinquent dates for the purpose of achieving a discount on such Taxes and Other
Charges. If at any time the Servicer determines that the amount in the Tax and Insurance Escrow Account is not or will not be sufficient to pay the items set forth in Sections 9.3.1(a) and 9.3.1(b) above, the Servicer shall notify
Issuers of such determination and Issuers and Operating Lessees shall increase their monthly payments to the Note Trustee by the amount that the Servicer estimates is sufficient to make up the deficiency at least thirty (30) days prior to
delinquency of the Taxes and Other Changes and/or expiration of the Policies, as the case may be. 
  

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 9.3.3 Tax and Insurance Sub-Account. (a) On the Closing Date, Issuers and Operating Lessees
shall establish and maintain with Note Trustee, or, if Note Trustee is not a depository institution or if Note Trustee shall otherwise elect, with one or more depository institutions selected by the Servicer, a separate sub-account of the Tax and
Insurance Escrow Account (the “Tax and Insurance Sub-Account”). On the Closing Date, Issuers shall deposit into the Tax and Insurance Sub-Account an amount equal to $0 (the “Initial Tax and Insurance Sub-Account
Amount”) 
  
 (b) The parties hereby agree that, if, at
any time, the aggregate Taxes, Other Charges and (at any time when insurance required hereunder is not provided under a Blanket Policy) Insurance Premiums estimated by the Servicer to be payable by or on behalf of the Issuers and Operating Lessees
in respect of the Properties during the ensuing twelve months increases over such aggregate as of the Closing Date, then, in the event of such an increase, by no later than the first Payment Date following such an increase, the Issuers and Operating
Lessees shall deposit, or monies shall be transferred in accordance with Section 9.4 hereof from the Holding Account, into the Tax and Insurance Sub-Account, in an amount equal to the Tax and Insurance Incremental Amount at such time.
The “Tax and Insurance Incremental Amount” at any time means the positive excess (if any) of (i) an amount equal to one-twelfth of the aggregate Taxes, Other Charges and (at any time when insurance required hereunder is not
provided under a Blanket Policy) Insurance Premiums estimated by the Servicer to be payable by or on behalf of the Issuers and Operating Lessees in respect of the Properties during the ensuing twelve months, over (ii) the amount then on deposit
in the Tax and Insurance Sub-Account. 
  
 Section 9.4.
Disbursements from the Deposit Account and the Holding Account; Issuers’ Obligation to Fund Deposit Account. 
  
 9.4.1 Disbursements. On each Business Day the Depositary Bank shall transfer all collected and available funds in the Mexican Deposit Account in an
amount equal to the Monthly Mexico Intercompany Loan Debt Service for the applicable month to the U.S. Deposit Account and all collected and available funds in the U.S. Deposit Account to the Holding Account, and on each Business Day (or as
otherwise provided for in the Deposit Account Agreement), provided no Event of Default has occurred and is continuing, and subject to Section 9.4.2 hereof, the Note Trustee at the direction of the Servicer shall transfer all funds in the
U.S. Deposit Account to make all of the payments in Section 9.4.1(i) through Section 9.4.1(xi) (or authorize such transfer) in accordance with the terms of the Deposit Account Agreement, to the extent available therein, and
after all such funds are applied from the U.S. Deposit Account, thereafter to the extent there are not sufficient funds in the U.S. Deposit Account to make all payments required in Section 9.4.1(i) through Section 9.4.1(xi),
all funds remaining in the Mexican Deposit Account shall be transferred to the U.S. Deposit Account to be applied to make all of the payments in Section 9.4.1(i) through Section 9.4.1(xi) (or authorize such transfer) in
accordance with the terms of the Deposit Account Agreement, the following payments in accordance with the following priorities: 
  
 (i) First, to the Tax and Insurance Escrow Account, payment of all amounts in the Holding Account until the amounts required to be
deposited in the Tax and Insurance Escrow Account by the next Payment Date (or if such Business Day is a Payment Date, by such Payment Date) pursuant to Section 9.3 hereof (other than Section 9.3.3(b)) have been so deposited;

  

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 (ii) Second, to the Tax and Insurance Sub-Account, payment of all amounts in the Holding
Account until the Tax and Insurance Incremental Amount, if any, required to be deposited in the Tax and Insurance Sub-Account by the next Payment Date (or if such Business Day is a Payment Date, by such Payment Date) pursuant to
Section 9.3.3(b) hereof have been so deposited; 
  
 (iii) Third, to the Ground Rent Reserve Account, payment of all amounts in the Holding Account until all amounts required to be deposited in the Ground Rent Reserve Account by the next Payment Date (or if such
Business Day is a Payment Date, by such Payment Date) pursuant to Section 9.2.10 hereof have been so deposited 
  
 (iv) Fourth, to the Current Debt Service Reserve Account, payment of all amounts in the Holding Account until the Third Party
Securitization Amount and the Rating Agency Securitization Amount required to be deposited in the Current Debt Service Reserve Account by the next Payment Date (or if such Business Day is a Payment Date, by such Payment Date) pursuant to
Section 9.2.15 hereof have been so deposited; 
  
 (v) Fifth, to the Current Debt Service Reserve Account, payment of all amounts in the Holding Account until the Debt Service Amount required to be deposited in the Current Debt Service Reserve Account by the next
Payment Date (or if such Business Day is a Payment Date, by such Payment Date) pursuant to Section 9.2.15 hereof has been so deposited; 
  
 (vi) Sixth, after the occurrence of an Earthquake Reserve Event, payment of all amounts in the Holding Account until the amounts required
to be deposited in the Earthquake Deductible Reserve Account by the next Payment Date (or if such Business Day is a Payment Date, by such Payment Date) pursuant to Section 9.2.8 hereof have been so deposited. 
  
 (vii) Seventh, after the occurrence of a Deficiency Payment,
payment of all amounts in the Holding Account until the amounts required to be deposited in the Deficiency Reserve Account by the next Payment Date (or if such Business Day is a Payment Date, by such Payment Date) pursuant to
Section 9.2.11 hereof have been so deposited; 
  
 (viii) Eighth, to the Current Debt Service Reserve Account, payment of all amounts in the Holding Account until the Cost and Expense Amount required to be deposited in the Current Debt Service Reserve Account by the
next Payment Date (or if such Business Day is a Payment Date, by such Payment Date) pursuant to Section 9.2.15 hereof has been so deposited; 
  
 (ix) Ninth, to the FF&E Reserve Account, payment of all amounts in the Holding Account until the amounts required to be deposited in
the FF&E Reserve Account by the next Payment Date (or if such Business Day is a Payment Date, by such Payment Date) pursuant to Section 9.2.16 hereof have been so deposited; 
  

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 (x) Tenth, to the Incentive Management Fee Reserve Account, payment of all amounts in the
Holding Account until the amounts required to be deposited in the Incentive Management Fee Reserve Account by the next Payment Date (or if such Business Day is a Payment Date, by such Payment Date) pursuant to Section 9.2.13 hereof have
been so deposited; 
  
 (xi) Eleventh, to the
extent a Management Agreement Trigger Event has occurred, to the Property Manager Reserve Account, a sum equal to (i) if only one of the Affected Property Management Agreements has been terminated, the Applicable Property Manager Amount
corresponding to such Property or (ii) if more than one of the Affected Property Management Agreements have been terminated, the sum of each Applicable Property Manager Amount corresponding to each applicable Property (the amount required to be
transferred to the Property Reserve Account pursuant to foregoing clauses (i) and (ii) is referred to herein as the “Required Amount”), in each case until the amount on deposit in the Property Manager Reserve Account is
equal to the Required Amount; and 
  
 (xii)
Twelfth, if no monetary Default or Event of Default is then continuing to such accounts of Issuers and Operating Lessees, as Issuers and Operating Lessees may direct, all amounts remaining in the Mexican Deposit Account and the Holding Account.

  
 9.4.2 Obligation to Fund; Deemed Payment. In the event
that on any Payment Date the amount in the Holding Account shall be insufficient to make all of the transfers described in Sections 9.4.1(i) through and including (xi) as applicable, Issuers shall first transfer all funds
then being held in the Mexican Deposit Account to the U.S. Deposit Account on such Payment Date and if such funds from the Mexican Deposit Account are insufficient to make all of the transfers described in Sections 9.4.1(i) through and
including (xi) as applicable, Issuers shall then deposit into the U.S. Deposit Account on such Payment Date the amount of such deficiency (without the need for any notice or demand from the Servicer (but subject to the terms of the
Deposit Account Agreement)), and if Issuers shall fail to make such transfer or such deposit, the same shall be an Event of Default and, in addition to all other rights and remedies provided for hereunder, the Note Trustee at the direction of the
Servicer may disburse and apply the amounts in the Holding Account in such order as the Servicer may determine. If on any Payment Date the amount in the Holding Account shall be sufficient to make all of the transfers described in Sections
9.4.1(i) through and including (xi) as applicable, Issuers shall be deemed to have paid the Monthly Debt Service Payment Amount unless the Note Trustee is legally constrained from transferring such amount as aforesaid by reason of
any insolvency related to any Issuer or any other event. 
  
 Section 9.5. No Release if Event of Default Exists. Notwithstanding the terms hereof, in no event shall the Servicer have any obligation direct the Note Trustee to disburse funds from the Deposit Accounts, the Holding Account, the
Tax and Insurance Escrow Account or any other Reserve Account for so long as an Event of Default shall have occurred and be continuing. 
  

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 Section 9.6. Grant of Security Interest; Rights upon Default. 
  
 (a) Each Issuer and Operating Lessee hereby pledges, assigns and grants a
security interest to Note Trustee, as security for payment of all sums due in respect of the Notes and the performance of all other terms, conditions and covenants of this Indenture and any other Transaction Document on such Issuer’s part to be
paid and performed, in all of such Issuer’s and Operating Lessee’s right, title and interest in and to the Deposit Accounts, the Holding Account and each Reserve Account (including, without limitation, the Tax and Insurance Escrow
Account), together with the deposits therein, including all interest earned thereon and Permitted Investments held therein. No Issuer or Operating Lessee shall, without obtaining the prior written consent of a majority (by Outstanding Principal
Amount) of the Noteholders, further pledge, assign or grant any security interest in the Deposit Accounts, the Holding Account or any Reserve Account (including, without limitation, the Tax and Insurance Escrow Account), or permit any Lien or
encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements or any other notice or instrument as may be required under the UCC, as appropriate, except those naming Note Trustee as the secured party, to be filed
with respect thereto. 
  
 (b) Upon the occurrence and continuation
of an Event of Default, Note Trustee at the request of the Servicer may apply amounts in the Deposit Accounts, the Holding Account and any Reserve Account (including the Tax and Insurance Escrow Account) (or any portion thereof) for any of the
following purposes relating to the Notes or Issuers’ or Operating Lessees’ obligations hereunder or under any other Transaction Document, and in any order, as the Servicer shall elect in its sole discretion: (i) Taxes and Other
Charges; (ii) Insurance Premiums; (iii) interest on the unpaid principal balance of the Notes; (iv) amortization of the unpaid principal balance of the Notes; (v) completion of all work required to be performed hereunder;
(vi) reimbursement of Note Trustee or the Servicer for all losses and expenses (including reasonable legal fees and disbursements) suffered or incurred by Note Trustee or the Servicer as a result of such Event of Default; (vii) the cost of
any necessary or reasonable repair or replacement to any Property; (viii) payment of any amount expended in exercising rights and remedies available to Note Trustee at law or in equity or under this Indenture or under any of the other
Transaction Documents; (ix) Operating Expenses; or (x) any other portion of the Debt. 
  
 Section 9.7. Note Trustee Not Responsible. Nothing in this Article IX or elsewhere in the Transaction Documents shall make Note Trustee or
the Servicer responsible for making or completing any work in respect of any Property, or obligate Note Trustee or the Servicer to demand from any Issuer additional sums to make or complete any work. 
  
 Section 9.8. Inspections; Undertaking of Work. 
  
 (a) Subject to the applicable Property Management Agreement, Issuers and
Operating Lessees shall permit the Servicer and the Servicer’s agents and representatives to enter onto the applicable Property during normal business hours after reasonable notice (subject to the rights of Tenants under the Leases other than
the Operating Leases) to inspect the progress of 
  

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 any work being performed by or on behalf of any Issuer or Operating Lessee, including any Alterations, and all materials
being used in connection therewith, to examine all plans and shop drawings relating thereto and, upon the occurrence and during the continuance of an Event of Default, to undertake and complete any work required to be undertaken in accordance with
the terms hereof. Issuers shall cause all contractors and subcontractors to cooperate with the Servicer or the Servicer’s representatives or such other persons described above in connection with inspections described in this
Section 9.8 or the undertaking or completion of work pursuant to this Section 9.8. 
  
 (b) Subject to the applicable Property Management Agreement, the Servicer may inspect the applicable Property in connection with any work undertaken by or
on behalf of any Issuer or Operating Lessee at such Property (subject to the limitations set forth in Section 9.8(a) above) prior to disbursing funds, from any Reserve Account or otherwise, for such work. The Servicer, at Issuers’
expense, may require that such inspection be conducted by an appropriate independent qualified professional selected by the Servicer and/or may require a copy of a certificate of completion by an independent qualified professional acceptable to the
Servicer prior to the disbursement of any amounts therefor. Issuers shall pay a reasonable inspection fee for each inspection conducted by a third party. 
  
 (c) Issuers and Operating Lessees shall collaterally assign to Note Trustee, as additional security for the Notes, to the extent permitted, all rights and
claims any Issuer or Operating Lessee may have against all Persons supplying labor or materials in connection with any Alterations; provided, however, Note Trustee may not pursue any such right or claim unless an Event of Default has
occurred and remains uncured. 
  
 Section 9.9. Bankruptcy.
Each Issuer, Operating Lessee and Note Trustee hereby acknowledge and agree that upon the filing of a bankruptcy petition by or against any Issuer or Operating Lessee under the Bankruptcy Code, the Reserve Accounts and the Adjusted Operating Income
(whether then already in the Reserve Account, or then due or becoming due thereafter) shall be deemed not to be property of the applicable Issuer’s or Operating Lessee’s bankruptcy estate within the meaning of Section 541 of the
Bankruptcy Code or Title Third of the Ley de Concursos Mercantiles. In the event, however, that a court of competent jurisdiction determines that, notwithstanding the foregoing characterization of the Reserve Accounts and the Adjusted
Operating Income by each Issuer, Operating Lessee and Note Trustee, the Reserve Accounts and/or the Adjusted Operating Income do constitute property of the applicable Issuer’s or Operating Lessee’s bankruptcy estate, then each Issuer,
Operating Lessee and Note Trustee hereby further acknowledge and agree that all such Adjusted Operating Income, whether due and payable before or after the filing of the petition, are and shall be cash collateral of Note Trustee. Each Issuer and
Operating Lessee acknowledges that Noteholders do not consent to any Issuer’s or Operating Lessee’s use of such cash collateral and that, in the event a majority (by Outstanding Principal Amount) of the Noteholders elects (in their sole
discretion) to give such consent, such consent shall only be effective if given in writing signed by such majority of the Noteholders. Except as provided in the immediately preceding sentence, no Issuer or Operating Lessee shall have the right to
use or apply or require the use or application of such cash collateral (i) unless the applicable Issuer or Operating Lessee shall have received a court order authorizing the use of the same, and (ii) the applicable Issuer or Operating
Lessee shall have provided such adequate protection to Note Trustee as shall be required by the bankruptcy court in accordance with the Bankruptcy Code. 
  

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 ARTICLE X 
  
 DEFAULTS 
  
 Section 10.1. Events of Default. (a) Each of the following events shall constitute an event of default hereunder (each, an “Event of
Default”): 
  
 (i) Payment. If
any portion of the Debt is not paid when due (subject to the final sentence of Section 9.4.2 hereof); 
  
 (ii) Taxes and Other Charges. If any of the Taxes or Other Charges are not paid prior to the date when the same become delinquent,
subject to Issuers’ right to contest Taxes in accordance with Section 5.1(b)(ii) hereof and subject to Section 9.3.2(x) hereof; 
  
 (iii) Insurance Policies. (x) If the Policies are not kept in full force, or (y) if the Policies or insurance
certificates or other evidence of insurance acceptable to the Servicer are not delivered to the Servicer within ten (10) days after written notice thereof from the Servicer; 
  
 (iv) Transfers. If (A) any Issuer or Operating Lessee transfers or encumbers all or any portion
of any Property, except as permitted herein, (B) any direct or indirect interest in any Issuer or Operating Lessee is transferred or assigned, other than, in each case, for Permitted Encumbrances or as is permitted in Section 6.1(i)
hereof, or (C) Sponsor shall make any transfer in violation of Section 6.1(i) or otherwise violate the provisions of Section 6.1(i); 
  
 (v) Representations. If any representation or warranty made by any Issuer or any Operating Lessee
herein or in any other Transaction Document shall be false in any material respect as of the date the representation or warranty was made and, with respect to any such false statement that is reasonably susceptible to cure and does not have a
Material Adverse Effect with respect to any Property, the Liens intended to be created by the Transaction Documents thereon or any other collateral or the Single Purpose Entity structure of any Issuer is not cured within thirty (30) days after
receipt by Issuer of notice thereof; 
  
 (vi)
Inability to Pay Debts. If any Issuer or any Operating Lessee shall make an assignment for the benefit of creditors, or if any Issuer shall generally not be paying its debts as they become due or has admitted in writing its inability to pay
its debts; 
  
 (vii) Bankruptcy. If a
receiver, liquidator or trustee shall be appointed for any Issuer or Operating Lessee or if any Issuer or Operating Lessee shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, concurso mercantil reorganization or
arrangement pursuant to federal bankruptcy law, or any similar federal 
  

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 or state law, shall be filed by or against, consented to, or acquiesced in by, any Issuer or Operating
Lessee, or if any proceeding for the dissolution or liquidation of any Issuer shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by such Issuer or
Operating Lessee, upon the same not being discharged, stayed or dismissed within sixty (60) days; 
  
 (viii) Prohibited Assignment. If any Issuer or Operating Lessee attempts to assign its respective rights under this Indenture or
under any other Transaction Document or any interest herein or therein in contravention of this Indenture or any of the Transaction Documents; 
  
 (ix) Breach of Covenant. If any Issuer or Operating Lessee breaches any of its negative covenants contained in
Section 6.1 hereof or if any Issuer or Operating Lessee breaches any covenant contained in Section 4.1(bb) hereof and, if the same is susceptible of cure, the same is not cured within fifteen (15) days after written
notice thereof from Note Trustee or the Servicer; provided that no cure of a breach of any covenant contained in Section 4.1(bb) hereof shall be effective unless Issuers cause to be delivered to Note Trustee the Servicer an
opinion as to non-consolidation in form and substance and from counsel reasonably satisfactory to the Servicer, which opinion takes into account such breach; 
  

(x) Default under Other Transaction Documents. If an Event of Default as defined or described in any of the other Transaction
Documents occurs, or if any other event shall occur or condition shall exist, if the effect of such event or condition is to accelerate the maturity of any portion of the Debt or to permit the Servicer to accelerate the maturity of all or any
portion of the Debt in accordance with the terms of any such Transaction Document; 
  
 (xi) Failure to Deposit Reserve Payments. Subject to the final sentence of Section 9.4.2 hereof, if any Issuer shall be
in default of its obligations to make deposits into the Tax and Insurance Escrow Account, or any of the other Reserve Accounts or in any other reserve or escrow account required hereunder; or 
  
 (xii) Covenant Defaults. If any Issuer or Operating
Lessee shall continue to be in default under any of the other terms, covenants or conditions of this Indenture not specified in Sections (i) to (xi) above, for ten (10) days after notice to Issuers from the Note Trustee or
Servicer, in the case of any Default which can be cured by the payment of a sum of money, or for thirty (30) days after notice from the Servicer in the case of any other Default; provided, however, that if such non-monetary
Default is susceptible of cure but cannot reasonably be cured within such 30-day period and Issuers or Operating Lessees shall have commenced to cure such default within such 30-day period and thereafter diligently and expeditiously proceeds to cure
the same, such 30-day period shall be extended for an additional period of time as is reasonably necessary for Issuers or Operating Lessees in the exercise of due diligence to cure such Default, but the aggregate cure period under this Section
(xii) shall not exceed one hundred and twenty (120) days. 
  

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 (xiii) Property Management Agreements; Material Agreements; Operating Leases.
(a) If any Issuer shall be in default in any material respect under any Property Management Agreement, Operating Lease, or Material Agreements to which it is party, subject to any applicable cure periods set forth therein or (b) if any
Property Management Agreement shall be terminated and an Acceptable Property Manager is no longer managing the Property pursuant to an Acceptable Property Management Agreement, unless, subject to Section 6.1(a), contemporaneously with
such termination the applicable Issuer enters into an Acceptable Property Management Agreement with an Acceptable Property Manager. 
  
 (xiv) Ground Lease Default. If the Lincolnshire Issuer shall fail, beyond any applicable notice and grace period permitted to the
Lincolnshire Issuer under the Ground Lease, to pay any rent, additional rent or other charge mentioned in or made payable pursuant to the Ground Lease when such rent, additional rent or other charge is due and payable (other than where the same is
being contested in good faith in accordance with the terms of Section 5.1(b)(ii) hereof); or if the leasehold estate created by the Ground Lease shall be surrendered or the Ground Lease shall be terminated or canceled for any reason or
under any circumstances whatsoever. 
  
 (b) Upon the occurrence
and during the continuation of an Event of Default and at any time thereafter, the Note Trustee may, in addition to any other rights or remedies available to it pursuant to this Indenture or any other Transaction Document, or at law or in equity,
take such action, without notice or demand, that the Note Trustee deems advisable to protect and enforce its rights against any Issuer and in and to all or any part of a Property, including, without limitation, declaring the Debt to be immediately
due and payable (provided, however, with respect to an Event of Default described in clause (vi), (vii) or (viii) above, the Debt and all other obligations of any Issuer hereunder and under the other
Transaction Documents shall immediately and automatically become due and payable, without notice or demand, and each Issuer hereby expressly waives any such notice or demand, anything contained herein or in any other Transaction Document to the
contrary notwithstanding), and the Note Trustee may enforce or avail itself of any or all rights or remedies provided in the Transaction Documents against any Issuer and all or any portion of a Property, including all rights or remedies available at
law or in equity. 
  
 (c) Upon the occurrence and during the
continuation of any Event of Default, the Note Trustee may, but without any obligation to do so and without notice to or demand on any Issuer and without releasing any Issuer from any obligation hereunder, take any action to cure such Event of
Default. The Note Trustee or Servicer may enter upon any Property upon reasonable notice to Issuers for such purposes or appear in, defend, or bring any action or proceeding to protect their interests and the interests of Note Trustee in such
Property or to foreclose the applicable Mortgage or collect the Debt. The costs and expenses incurred by Note Trustee or the Servicer in exercising rights under this paragraph (including reasonable attorneys’ fees to the extent permitted by
law), with interest at the Default Rate for the period after notice from Note Trustee or the Servicer that such costs or expenses were incurred to the date of payment to Note Trustee or the Servicer, shall constitute a portion of the Debt, shall be
secured by the Mortgages and the other Transaction Documents and shall be due and payable to Note Trustee or the Servicer upon demand therefor. 
  

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 (d) Notwithstanding anything contained herein or in the other Transaction Documents, if an Event of
Default is caused by a Default in respect of a Property (such as, without limitation, a Default arising from an inability to maintain a material license for the operation of a Property), then, provided (i) the Notes have not been
accelerated, and (ii) the elimination of such Property from the collateral securing the Notes and from the ownership of Issuers would eliminate the condition or circumstance giving rise to the Event of Default, then Issuers may, after the
expiration of the Lockout Period, by notice to the Servicer, elect to prepay the Notes in the manner provided in (and subject to the requirements of) Section 2.4 in an amount equal to the Release Amount of such Property, so as to obtain
the release thereof from the Lien of the applicable Mortgage pursuant to Section 2.5, together with accrued interest in respect of such amount through the end of the applicable Interest Accrual Period. Upon such prepayment and release,
such Event of Default shall be deemed cured hereunder. 
  
 Section
10.2. Remedies. Upon the occurrence and during the continuation of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to Note Trustee against any Issuer under this Indenture or any of
the other Transaction Documents executed and delivered by, or applicable to, any Issuer or at law (including, without limitation, an action for collection) or in equity may be exercised by Note Trustee on behalf of the Noteholders at any time and
from time to time, whether or not all or any of the Debt shall be declared due and payable, and whether or not Note Trustee or the Noteholders shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and
remedies under any of the Transaction Documents with respect to all or any portion of a Property. Any such actions taken by Note Trustee or the Servicer shall be cumulative and concurrent and may be pursued independently, singly, successively,
together or otherwise, at such time and in such order as the Note Trustee or the Servicer may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Note
Trustee permitted by law, equity or contract or as set forth herein or in the other Transaction Documents. Without limiting the generality of the foregoing, each Issuer agrees that if an Event of Default is continuing (i) Note Trustee and the
Servicer are not subject to any “one action” or “election of remedies” law or rule, and (ii) all liens and other rights, remedies or privileges provided to Note Trustee and the Noteholders shall remain in full force and
effect until Note Trustee and the Noteholders have exhausted all of its remedies against each Property and each Mortgage has been foreclosed, sold and/or otherwise realized upon in satisfaction of the Debt or the Debt has been paid in full.

  
 Section 10.3. Remedies Cumulative. The rights, powers
and remedies of Note Trustee and the Noteholders under this Indenture shall be cumulative and not exclusive of any other right, power or remedy which Note Trustee and the Servicer may have against any Issuer pursuant to this Indenture or the other
Transaction Documents, or existing at law or in equity or otherwise. Note Trustee’s and the Servicer’s rights, powers and remedies may be pursued singly, concurrently or otherwise, at such time and in such order as the Servicer may
determine in the Servicer’s sole discretion. No delay or omission to exercise any remedy, right or power accruing upon the occurrence and during the continuation of an Event of Default shall impair any such remedy, right or power or shall be
construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of Default with respect to an Issuer shall not be construed to be a
waiver of any subsequent Default or Event of Default with respect to any Issuer or to impair any remedy, right or power consequent thereon. 
  

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 ARTICLE XI 
  
 PROPERTY MANAGEMENT 
  
 Section 11.1. Property Management. 
  
 (a) Each Issuer or Operating Lessee represents, warrants and covenants that each Property shall at all times be managed by an Acceptable Property Manager
pursuant to an Acceptable Property Management Agreement. 
  
 (b)
Notwithstanding any provision to the contrary contained herein or in the other Transaction Documents, except as provided in Section 2.5, Section 2.9 or this Section 11.1(b), no Issuer or Operating Lessee may
amend, modify, supplement, alter or waive any right under any Property Management Agreement without the receipt of a Rating Confirmation. Without the receipt of a Rating Confirmation, an Issuer or Operating Lessee shall be permitted to make any
nonmaterial modification, change, supplement, alteration or amendment to any Property Management Agreement and to waive any nonmaterial rights thereunder, provided that no such modification, change, supplement, alteration, amendment or waiver
shall affect the cash management procedures set forth in the Property Management Agreements or the Transaction Documents, decrease the cash flow of the applicable Property covered thereunder, adversely affect the marketability of the applicable
Property covered thereunder, change the definitions of “default” or “event of default,” change the definitions of “operating expense” or words of similar meaning to add additional items to such definitions, change the
definitions of “owner’s distribution” or “owner’s equity” or “debt service amount” or words of similar meaning so as to reduce the payments due the related Issuer thereunder, change the timing of remittances
to the related Issuer or Operating Lessee thereunder, increase or decrease reserve requirements, change the term of such Property Management Agreement or increase any Management Fees payable under such Property Management Agreement. 
  
 (c) An Issuer or Operating Lessee may enter into a new Property Management
Agreement with an Acceptable Property Manager upon receipt of a Rating Confirmation with respect to such Property Management Agreement. 
  
 (d) Issuer and Operating Lessee hereby agrees that subject to the terms of the respective Property Management Agreement (as modified by any Agreement with
Managers) or Acceptable Property Management Agreements, the Servicer shall have the right to terminate and replace property managers subsequent to (i) an Event of Default under this Indenture and (ii) an acceleration of the Notes.

  
 (e) The Noteholders by their acceptance of the Notes hereby
agree that upon delivery by Issuers of amendments to the Management Agreements described in the Marriott Side Letter, Ritz Carlton Half Moon Bay Management Side Letter, the Condominium Conversion Term Sheets or on Exhibit F-1, F-2 and F-3
hereto in a form and substance no less favorable to Issuers and the Noteholders than the applicable terms set forth on the term sheets 
  

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 attached hereto as Exhibit F-1, F-2 and F-3, the Condominium Conversion Term Sheets, the Ritz Carlton Half Moon
Bay Management Side Letter or in the Marriott Side Letter (as determined by Servicer in its reasonable discretion) shall consent to Issuers entering into such amendments. 
  
 ARTICLE XII 
  
 MISCELLANEOUS 
  
 Section 12.1. Survival. This Indenture and all covenants, agreements, representations and warranties made herein and in the certificates delivered
pursuant hereto shall survive the issuance of the Notes, and shall continue in full force and effect so long as all or any of the Debt of Issuers is outstanding and unpaid. Whenever in this Indenture any Person is referred to, such reference shall
be deemed to include the legal representatives, successors and assigns of such Person (provided that the foregoing shall not be deemed to permit any transfer of any ownership interest that is otherwise prohibited hereunder). All covenants,
promises and agreements in this Indenture contained, by or on behalf of any Issuer, shall inure to the benefit of the respective legal representatives, successors and assigns of Note Trustee and the Noteholders. 
  
 Section 12.2. Permitted Investments; Eligible Accounts; Eligible
Institutions. Note Trustee shall invest any amounts to be held by Note Trustee in accordance with the terms of this Indenture or any other Transaction Document (other than amounts held in the Deposit Accounts, which may be an interest bearing
account), pending the application of such amounts to the purposes herein or therein provided, in one of the Permitted Investments as directed by Issuers from time to time (provided no Event of Default has occurred and is continuing); or Note Trustee
from time to time (if any Event of Default has occurred and is continuing). Note Trustee shall not be responsible for its inability to invest funds received after 1:30 p.m. New York City time, but shall invest such sums on the following
Business Day. After application to the purposes for which any amounts invested pursuant to this Section 12.2 are held and so long as no Event of Default has occurred and is continuing hereunder, any investment income earned from such
investments shall be paid to Issuers. All accounts maintained hereunder, including the Deposit Accounts, the Holding Account, the Tax and Insurance Escrow Account and the other Reserve Accounts, shall, at Note Trustee’s election, be Eligible
Accounts. No Eligible Account shall be evidenced by a certificate of deposit, passbook or other instrument. Each Eligible Account (A) shall be a separate and identifiable account from all other funds held by the holding institution,
(B) shall be established and maintained in the name of the Note Trustee (and subsequent to any Securitization, shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the holders of the Notes),
(C) shall be under the sole dominion and control of Note Trustee, and should contain only funds held for its benefit. Following a rating downgrade, withdrawal, qualification or suspension of an Eligible Institution which maintains an Eligible
Account each such Eligible Account must promptly (and in any case within not more than thirty (30) calendar days) be moved to a qualifying Eligible Institution. The out-of-pocket costs reasonably incurred in establishing and maintaining any
account or reserve held by Note Trustee pursuant to this Indenture or any other Transaction Document shall be borne by Issuers. 
  

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 Section 12.3. Governing Law; Consent to Jurisdiction. 
  
 (a) THIS INDENTURE WAS NEGOTIATED IN THE STATE OF NEW YORK, AND THE PROCEEDS
OF THE NOTES DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING MATTERS
OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS INDENTURE AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE AND
ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH ISSUER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS INDENTURE AND THE NOTES,
AND THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
  
 (b) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST NOTE TRUSTEE OR ANY ISSUER ARISING OUT OF OR RELATING TO THIS INDENTURE
SHALL BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, PURSUANT TO § 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND NOTE TRUSTEE AND EACH ISSUER WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND NOTE TRUSTEE AND EACH ISSUER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. NOTE TRUSTEE AND EACH ISSUER HEREBY WAIVE THE JURISDICTION OF ANY
OTHER COURTS THAT MAY CORRESPOND TO IT BY REASON OF ITS PRESENT OR FUTURE DOMICILE OR OTHERWISE. EACH ISSUER DOES HEREBY DESIGNATE AND APPOINT CORPORATION SERVICE COMPANY, WITH OFFICES AT 1133 AVENUE OF THE AMERICAS, SUITE 3100, NEW YORK, NEW YORK
10036, OR AT SUCH OTHER OFFICE IN NEW YORK, NEW YORK, 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 WRITTEN NOTICE OF SAID SERVICE OF ANY ISSUER MAILED OR DELIVERED TO ANY ISSUER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF
PROCESS UPON SUCH ISSUER, IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. EACH ISSUER (I) SHALL GIVE PROMPT NOTICE TO NOTE TRUSTEE OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM
TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH OFFICE SHALL BE DESIGNATED AS THE 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. 
  

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 Section 12.4. Modification, Waiver in Writing. No modification, amendment, extension, discharge,
termination or waiver of any provision of this Indenture, or of the Notes, or of any other Transaction Document, nor consent to any departure by any Issuer therefrom, shall in any event be effective unless the same shall be in a writing signed by
the party against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to, or demand on any
Issuer, shall entitle an Issuer to any other or future notice or demand in the same, similar or other circumstances. 
  
 Section 12.5. Delay Not a Waiver. Neither any failure nor any delay on the part of Note Trustee, the Servicer or the Noteholders in insisting upon
strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Notes or under any other Transaction Document, or any other instrument given as security therefor, shall
operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of limitation, by accepting
payment after the due date of any amount payable under this Indenture, the Notes or any other Transaction Document, Note Trustee, the Servicer and the Noteholders shall not be deemed to have waived any right either to require prompt payment when due
of all other amounts due under this Indenture, the Notes or the other Transaction Documents, or to declare a default for failure to effect prompt payment of any such other amount. 
  
 Section 12.6. Notices. All notices, consents, approvals and requests required or permitted hereunder or under any
other Transaction Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, or (b) expedited prepaid delivery service, either
commercial or United States Postal Service, with proof of attempted delivery, addressed as follows (or at such other address and person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the
other parties hereto in the manner provided for in this Section): 
  
 If to Note Trustee: 
  
 LaSalle Bank National
Association 
 135 South LaSalle Street, Suite 1625 
 Chicago, Illinois 60603 
 Attention: GSTS - Strategic Hotel - 2005 
  
 With a copy to: 
  
 Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 
 New York, New York 10036

 Attention: Harvey R. Uris, Esq. 
  

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 With a copy to: 
  
 GMAC Commercial Mortgage 
 118 Welsh Road 
 Horsham, Pennsylvania 19044 
 Attention: Karen Repeckyj 
  
 If to the Servicer: 
  
 GMAC Commercial Mortgage 
 118 Welsh Road

 Horsham, Pennsylvania 19044 
 Attention: Karen Repeckyj 
  
 If to any Issuer:

  
 c/o Strategic Hotel Funding, L.L.C. 
 77 West Wacker, Suite 4600 
 Chicago,
Illinois 60601 
 Attention: Chief Financial Officer and 
 General Counsel 
  
 with a copy
to: 
  
 Perkins Coie LLP 
 131 South Dearborn Street, Suite 1700 
 Chicago, IL 60603-5559 
 Attention: Bruce A. Bonjour 
  
 A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the case of registered or certified
mail, when delivered or the first attempted delivery on a Business Day; or in the case of expedited prepaid delivery, upon the first attempted delivery on a Business Day. 
  
 Section 12.7. Trial by Jury. NOTE TRUSTEE AND EACH ISSUER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY
ISSUE TRIABLE OF RIGHT BY JURY, WHETHER IN CONTRACT OR IN TORT, 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 TRANSACTION 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 EACH OF NOTE TRUSTEE AND EACH ISSUER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO
A TRIAL BY JURY WOULD OTHERWISE ACCRUE. NOTE TRUSTEE AND EACH ISSUER ARE HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER. 
  

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 Section 12.8. Headings. The Article and/or Section headings and the Table of Contents in this
Indenture are included herein for convenience of reference only and shall not constitute a part of this Indenture for any other purpose. 
  
 Section 12.9. Severability. Wherever possible, each provision of this Indenture shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Indenture shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Indenture. 
  
 Section 12.10. Preferences. Subject to Article IX hereof, Note Trustee, the Servicer and the Noteholders shall have the continuing and exclusive right to apply or reverse and reapply any and all payments by Issuers to any
portion of the obligations of Issuers hereunder. To the extent any Issuer makes a payment or payments to Note Trustee, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside
or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds received, the obligations hereunder or part thereof
intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by Note Trustee. 
  
 Section 12.11. Waiver of Notice. No Issuer shall be entitled to any notices of any nature whatsoever from Note Trustee, the Servicer or the
Noteholders except with respect to matters for which this Indenture or the other Transaction Documents specifically and expressly provide for the giving of notice by Note Trustee, the Servicer or the Noteholders to Issuers and except with respect to
matters for which Issuers are not, pursuant to applicable Legal Requirements, permitted to waive the giving of notice. Each Issuer hereby expressly waives the right to receive any notice from Note Trustee, the Servicer or the Noteholders with
respect to any matter for which this Indenture or the other Transaction Documents do not specifically and expressly provide for the giving of notice by Note Trustee, the Servicer or the Noteholders to Issuers. 
  
 Section 12.12. Remedies of Issuers. In the event that a claim or
adjudication is made that Note Trustee, the Servicer or the Noteholders, have acted unreasonably or unreasonably delayed (or refrained from), acting in any case where by law or under this Indenture or the other Transaction Documents, Note Trustee,
the Servicer or the Noteholders, as the case may be, has an obligation to act reasonably or promptly, each Issuer agrees that neither Note Trustee, the Servicer nor the Noteholders shall be liable for any monetary damages, and Issuers’ sole
remedies shall be limited to commencing an action seeking injunctive relief or declaratory judgment, except in any instance in which it has been finally determined that Note Trustee’s, the Servicers or the Noteholders action, delay or inaction
has constituted gross negligence, fraud, willful misconduct or an illegal act. The parties hereto agree that any action or proceeding to determine whether Note Trustee, the Servicer or the Noteholders have acted reasonably shall be determined by an
action seeking declaratory judgment. 
  

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 Section 12.13. Expenses; Indemnity. 
  
 (a) Each Issuer covenants and agrees to reimburse Note Trustee, the Servicer and the Noteholders upon receipt of written
notice for all (i) Expenses; (ii) costs and expenses reasonably incurred by Note Trustee, the Servicer or the Noteholders in connection with (A) Issuers’ ongoing performance of and compliance with Issuers’ respective
agreements and covenants contained in this Indenture and the other Transaction Documents on its part to be performed or complied with after the Closing Date, including confirming compliance with environmental and insurance requirements; (B) the
negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to this Indenture and the other Transaction Documents and any other documents or matters requested by any Issuer or by Note
Trustee, the Servicer or the Noteholders; (C) filing and recording fees and expenses, title insurance and reasonable fees and disbursements of counsel for providing to Note Trustee, the Servicer or the Noteholders all required legal opinions,
and other similar expenses incurred in creating and perfecting the Liens in favor of Note Trustee pursuant to this Indenture and the other Transaction Documents; (D) enforcing or preserving any rights, in response to third party claims or the
prosecuting or defending of any action or proceeding or other litigation, in each case against, under or affecting Issuers, this Indenture, the other Transaction Documents or any other security given for the Notes or the Properties; and
(E) enforcing any obligations of or collecting any payments due from any Issuer under this Indenture, the other Transaction Documents or with respect to the Properties or in connection with any refinancing or restructuring of the credit
arrangements provided under this Indenture in the nature of a “work-out” or of any insolvency or bankruptcy proceedings; provided , however, that Issuers shall not be liable for the payment of any such costs and expenses to
the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Note Trustee, the Servicer or the Noteholders. Any costs and expenses due and payable to Note Trustee, the Servicer, or the Noteholders
hereunder which are not paid by Issuers within thirty (30) days after demand may be paid from any amounts in the Holding Account, with notice thereof to Issuers. Notwithstanding the foregoing, except as provided in Article XIII herein,
Issuer shall not be required to pay (and the Noteholders shall promptly reimburse Issuer for) any costs or expenses relating to the securitization, note splitting, syndication or sale of participation interests in the Notes, other than Issuer’s
internal costs and expenses and the fees and disbursements of Issuer’s counsel with the review of any documentation related to such transactions and the delivery of legal opinions (other than a 10(b)(5) opinion) in connection with any such
securitization, syndication or sale or participation interests in the Notes, provided Issuer shall not be required to incur unreimbursed third party costs and expenses in excess of $10,000. 
  
 (b) Issuers shall indemnify and hold harmless Note Trustee, the Servicer and
the Noteholders from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable fees and
disbursements of counsel for Note Trustee, the Servicer and the Noteholders in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not Note Trustee or the Noteholders shall be designated a
party thereto), that may be imposed on, incurred by, or asserted against Note Trustee or the Noteholders in any manner relating to or arising out of any breach by any Issuer of its obligations under, or any misrepresentation by any Issuer contained
in, this Indenture or the other Transaction Documents; provided, however, no Issuer shall be liable for the payment of any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or
willful misconduct of Note Trustee, the Servicer or the Noteholders. Any 
  

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 costs and expenses due and payable to Note Trustee, the Servicer or the Noteholders hereunder which are not paid by
Issuers within ten (10) days after demand may be paid from any amounts in the Holding Account, with notice thereof to Issuers. 
  
 Section 12.14. Exhibits and Schedules Incorporated. The Exhibits and Schedules annexed hereto are hereby incorporated herein as a part of this
Indenture with the same effect as if set forth in the body hereof. 
  
 Section 12.15. Offsets, Counterclaims and Defenses. Any assignee of Note Trustee’s or a Noteholders interest in and to this Indenture, the Notes and the other Transaction Documents shall take the same free and clear of all
offsets, counterclaims or defenses which are unrelated to such documents which any Issuer may otherwise have against any assignor of such documents, and no such unrelated counterclaim or defense shall be interposed or asserted by an Issuer in any
action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert any such unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by each Issuer.

  
 Section 12.16. No Joint Venture or Partnership.
Issuers, Note Trustee the Noteholder intend that the relationships created hereunder and under the other Transaction Documents be solely that of Issuer, Note Trustee and Noteholders. Nothing herein or therein is intended to create a joint venture,
partnership, tenancy-in-common, or joint tenancy relationship between Issuers, Note Trustee and the Noteholders nor to grant Note Trustee any interest in the Properties other than that of mortgagee or lender. 
  
 Section 12.17. Publicity. All news releases, publicity or advertising
by any Issuer or its Affiliates through any media intended to reach the general public which refers to the Transaction Documents or the financing evidenced by the Transaction Documents, to Note Trustee, the Initial Purchaser, the Servicer or the
trustee in a Securitization shall be subject to the prior written approval of the Noteholders. 
  
 Section 12.18. Waiver of Marshalling of Assets. To the fullest extent Issuers may legally do so, each Issuer waives all rights to a marshalling of the assets of Issuers, Issuers’ partners, if any, and
others with interests in Issuers, and of the Properties, or to a sale in inverse order of alienation in the event of foreclosure of the interests hereby created, and agrees not to assert any right under any laws pertaining to the marshalling of
assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Note Trustee under the Transaction Documents to a sale of any
one or more of the Properties for the collection of the related Debt without any prior or different resort for collection, of the right of Note Trustee or any deed of trust trustee to the payment of the related Debt out of the net proceeds of the
Properties in preference to every other claimant whatsoever. In addition, each Issuer, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Mortgage, any equitable right otherwise available to any Issuer
which would require the separate sale of portions of a Property. 
  
 Section 12.19. Waiver of Counterclaim. Each Issuer hereby waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action or proceeding brought against it by Note Trustee, the Servicer or the
Noteholders. 
  

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 Section 12.20. Conflict; Construction of Documents. In the event of any conflict between the
provisions of this Indenture and any of the other Transaction Documents, the provisions of this Indenture shall control. The parties hereto acknowledge that they were represented by counsel in connection with the negotiation and drafting of the
Transaction Documents and that such Transaction Documents shall not be subject to the principle of construing their meaning against the party which drafted same. 
  
 Section 12.21. Brokers and Financial Advisors. Each Issuer hereby represents that it has dealt with no financial
advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Indenture. Issuers hereby indemnify Note Trustee and the Noteholders and hold Note Trustee and the Noteholders harmless
from and against any and all claims, liabilities, costs and expenses of any kind in any way relating to or arising from a claim by any Person that such Person acted on behalf of any Issuer in connection with the transactions contemplated herein. The
provisions of this Section 12.21 shall survive the expiration and termination of this Indenture and the repayment of the Debt. 
  
 Section 12.22. No Third Party Beneficiaries. This Indenture and the other Transaction Documents are solely for the benefit of Note Trustee, the
Noteholders, the Servicer and the Issuers, and nothing contained in this Indenture or the other Transaction Documents shall be deemed to confer upon anyone other than Note Trustee, the Noteholders, the Servicer and Issuers any right to insist upon
or to enforce the performance or observance of any of the obligations contained herein or therein. All conditions to the obligations of Note Trustee under this Indenture are imposed solely and exclusively for the benefit of Note Trustee and the
Noteholders, and no other Person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Note Trustee will refuse to enter into this Indenture and the Noteholders will refuse to
purchase the Notes in the absence of strict compliance with any or all thereof and no other Person shall under any circumstances be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Note
Trustee if, in Note Trustee’s sole discretion, Note Trustee deems it advisable or desirable to do so. 
  
 Section 12.23. Prior Agreements. This Indenture and the other Transaction Documents contain the entire agreement of the parties hereto and thereto
in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or written, between any Issuer and Note Trustee are superseded by the terms of this Indenture and the other
Transaction Documents. 
  
 Section 12.24. Exculpation.
Anything contained herein, in the Notes or in any other Transaction Document to the contrary notwithstanding (except as set forth in the balance of this Section or in the Environmental Indemnity), no recourse shall be had for the payment of the
principal or interest on the Notes or for any other portion of the Debt hereunder or under the other Transaction Documents against (i) any Affiliate, parent company, trustee or advisor of any Issuer or owner of a direct or indirect Beneficial
or equitable interest in an Issuer or Sponsor, any member in any Issuer, or any partner, shareholder or member therein (other than against Sponsor pursuant to the Sponsor Indemnity Agreement); (ii) any legal representative, heir, estate,
successor or assign of any thereof; (iii) any corporation (or any officer, director, employee or 
  

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 shareholder thereof), individual or entity to which any ownership interest in any Issuer shall have been transferred;
(iv) any purchaser of any asset of any Issuer; or (v) any other Person (except Issuers), for any deficiency or other sum owing with respect to the Notes or the Debt. It is understood that the Notes and the Debt (except as set forth in the
balance of this Section 12.24 and in the Environmental Indemnity) may not be enforced against any Person described in clauses (i) through (v) above (other than against Sponsor pursuant to the Sponsor Indemnity
Agreement as set forth in clause (i) above) and Note Trustee agrees not to sue or bring any legal action or proceeding against any such Person in such respect. Notwithstanding the foregoing, the foregoing shall not: (a) prevent
recourse to the Issuers or the assets of any Issuer, or enforcement of the Mortgages or other instrument or document by which Issuers are bound pursuant to the Transaction Documents; (b) estop Note Trustee from instituting or prosecuting a
legal action or proceeding or otherwise making a claim against Issuer as a result of any of the following or against the Person or Persons committing any of the following: (i) fraud or intentional misrepresentation by any Issuer or Operating
Lessee in connection with the Notes, (ii) the misappropriation by any Issuer, Operating Lessee or any Affiliate of Issuer or Operating Lessee of any Proceeds (including, without limitation, any Rents and any security deposits), (iii) the
breach of any representation, warranty, covenant or indemnification provision in the Environmental Indemnity, (iv) any transfer in violation of Section 6.1(i) or otherwise violate the provisions of such Section 6.1(i); (v) any
loss, damage, cost or expense incurred by or on behalf of Note Trustee or the Noteholders by reason of all or any part of the Property, the Deposit Accounts, the Holding Account, the Reserve Accounts or the Rate Cap Agreement being encumbered by a
Lien (other than pursuant to the Transaction Documents in favor of Note Trustee) in violation of the Transaction Documents, (vi) physical damage to any Property from intentional waste committed by any Issuer, Operating Lessee or any Affiliate
of any Issuer or Operating Lessee, (vii) any loss, damage, cost or expense incurred by or on behalf of Note Trustee or the Noteholders by reason of the failure of any Issuer and/or any Operating Lessee to comply with any of the provisions of
Article XIV hereof, (viii) any and all liabilities, obligations, losses, damages, costs and expenses (including, without limitation, reasonable attorneys’ fees, causes of action, suits, claims, demands and adjustments of any nature
or description whatsoever) which may at any time be imposed upon, incurred by or awarded against Note Trustee, in the event (and arising out of such circumstances) that (x) any Issuer should raise any defense, counterclaim and/or allegation in
any foreclosure action by Note Trustee relative to the Property, the Deposit Accounts, the Holding Account, the Reserve Accounts or assignment of any Issuer’s rights to the Interest Rate Cap Agreement (including the right to receive any
proceeds derived therefore) or any part thereof which is found by a court to have been raised by any Issuer or Operating Lessee in bad faith or to be wholly without basis in fact or law, or (y) an involuntary case is commenced against any
Issuer or Operating Lessee under the Bankruptcy Code with the collusion of any Issuer or Operating Lessee, Sponsor or any of their Affiliates or (z) an order for relief is entered with respect to any Issuer or Operating Lessee under the
Bankruptcy Code through the actions of any Issuer or Operating Lessee, Sponsor or any of their Affiliates, (ix) to the extent of the Existing Debt, any loss or damage actually incurred by Note Trustee or the Noteholders by reason of any
previous assignment, transfer, encumbrance or satisfaction (in whole or in part) of any Existing Notes prior to the date hereof, (x) any loss, damage, cost or expense incurred by or on behalf of Note Trustee or the Noteholders (including, by
(i) any successor and or assign of Note Trustee or (ii) any nominee, designee or purchaser of any portion of the Notes or Properties in connection with a foreclosure or deed in lieu of foreclosure 
  

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 transaction) by reason of the failure of any Issuer to (x) pay all termination payments relating to the Four
Seasons Punta Mita Property to the extent amended pursuant to the term sheet attached hereto as Exhibit F-2, the Personal Property Termination Payment, the Hilton Termination Payment and/or the Loews Termination Payment when due in accordance
with the terms of the Personal Property Lease, the Hilton Burbank Property Management Agreement or the Loews Santa Monica Property Management Agreement (as applicable) or (y) complete and pay for the work set forth on Exhibit A to
the Sponsor Indemnity Agreement at the Properties; (xi) any loss, damage, cost or expense incurred by or on behalf of Note Trustee or the Noteholders, including any successor and or assign of Note Trustee, by reason of any U.S./Mexico Taxes or
withholding taxes being imposed by the United Mexican States, while the Notes are outstanding or on any accrued interest paid in connection with a foreclosure or delivery of a deed-in-lieu of foreclosure; or (xii) attorney’s fees, costs
and expenses incurred by Note Trustee or the Noteholders, their agents or any servicer of the Notes in connection with any successful suit by Note Trustee or the Noteholders to enforce the terms of the Transaction Documents; or (c) estop Note
Trustee from enforcing its rights under the indemnity agreement being executed concurrently herewith by the Sponsor in favor of the Note Trustee, for losses caused by any of the foregoing items set forth in section (b) above. Issuer hereby
agrees that notwithstanding any provision to the contrary herein or in any other Transaction Document, to the extent otherwise permitted by law, its obligations pursuant to clause (b)(x) of this Section shall survive the full repayment of the Notes
and/or the passage of title to all or any portion of the Properties to Note Trustee. 
  
 Notwithstanding the foregoing, (i) Note Trustee agrees that its sole recourse against any Operating Lessee for such Operating Lessee’s obligations hereunder or under the other Transaction Documents shall be
to the collateral owned by such Operating Lessee and pledged to Note Trustee pursuant to the terms of the Transaction Documents and (ii) the total liability of any Issuer under this Indenture, the Notes, the Mortgages or any of the other
Transaction Documents shall not: 
  
 (i) at any
time during the period from the Closing Date to a date one year and a day after the Closing Date exceed the sum of (A) the Base Release Amount for the Property or Properties as being owned by such Issuer plus (B) such Issuer’s Net
Worth on the date hereof, less (C) $1,000, and 
  
 (ii) at any time after the period referred to in clause (i) above exceed the sum of (A) the Base Release Amount for the Properties as being owned by such Issuer plus (B) the greater of such Issuer’s Net Worth on
the date hereof and such Issuer’s Net Worth on the date such determination is being made (it being understood that for purposes of determining such Issuer’s Net Worth on any date subsequent to the date that is one year and a day after the
Closing Date, such Issuer’s liabilities shall only include liabilities that are permitted under the terms of the Transaction Documents), less (C) $1,000. 
  
 For purposes of the foregoing, “Net Worth” of an Issuer shall mean the positive net worth of such Issuer,
based on the sum of (x) the fair saleable value of its assets (determined after giving effect to distributions, if any, by such Issuer to such Issuer’s partners, members or other equity investors, as applicable, of the proceeds of the
Notes received by such Issuer on account of the issuance of the Notes and determined in accordance with applicable laws 
  

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 governing determinations of the insolvency of debtors), less (y) its liabilities (determined as in clause
(x) above), including a portion of the Notes (as applicable) equal to the Base Release Amount for the Property or Properties identified on Schedule A as being owned by such Issuer, but excluding amounts payable under this Indenture,
the Transaction Documents, the Notes, the Mortgages and any other Transaction Documents in excess of such Base Release Amount. 
  
 Section 12.25. Assignability. This Indenture and the Notes, and each Note Trustee’s and the Noteholders’ rights, remedies and privileges
hereunder and the other Transaction Documents, shall be assignable by the Note Trustee and the Noteholders at any time and from time to time, in whole or in part, in such Note Trustee’s discretion. In addition, the Noteholders may participate
to one or more Persons all or any portion of its rights and obligations hereunder and the other Transaction Documents (including without limitation, all or a portion of the Notes) utilizing such documentation to evidence such participation and the
parties’ respective rights thereunder as Noteholder, in its sole discretion, shall elect. Each assignee pursuant to this Section may sell participations to one or more Persons (other than Issuer or any of its Affiliates) in or to all or
a portion of its rights and obligations hereunder and the other Transaction Documents (including, without limitation, all or a portion of the Notes held by it); provided, however, that (i) such assignee’s obligations hereunder and the
other Transaction Documents shall remain unchanged, (ii) such assignee shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) such assignee shall remain the holder of any such Notes for
all purposes of hereunder and the other Transaction Documents, and (iv) Issuer, Note Trustee and the assignees pursuant to this Section shall continue to deal solely and directly with such assignee in connection with such assignee’s
rights and obligations hereunder and the other Transaction Documents. In the event that more than one (1) party comprises the Note Trustee or Noteholders, the Note Trustee or the Noteholders, as applicable, shall designate one party to act on
the behalf of all parties comprising the Noteholders in providing approvals and all other necessary consents under the Transaction Documents and on whose statements Issuer may rely. Prior to the transfer of any interest in the Notes to any Person,
such Person shall be required by the transferor of such interest to deliver to such transferor a certificate executed by an authorized signatory for such Person making a representation that such transfer will not result in a prohibited transaction
under Section 406(a) of ERISA or Section 4975 of the Code for which no exemption is available. Except as expressly set forth in Section 6.1(i)(ii), no Issuer may sell, assign or transfer any interest in the Transaction Documents or
any portion thereof (including, without limitation, any Issuer’s rights, title, interests, remedies, powers and duties hereunder and thereunder). 
  
 Section 12.26. Exculpation of Note Trustee. Note Trustee neither undertakes nor assumes any responsibility or duty to any Issuer or any other party
to select, review, inspect, examine, supervise, pass judgment upon or inform any Issuer or any third party of (a) the existence, quality, adequacy or suitability of appraisals of any Property or any other collateral, (b) any environmental
report, (c) any other matters or items, including, but not limited to, engineering, soils and seismic reports which are contemplated in the Transaction Documents, (d) issuance of the Notes or the negotiations of the Transaction Documents,
or (e) the selection of the Servicer. Any such selection, review, inspection, examination and the like, and any other due diligence conducted by Note Trustee or the Noteholders, is solely for the purpose of protecting Note Trustee’s rights
under the Transaction Documents, and shall not render Note Trustee liable to any Issuer or any third party for the existence, sufficiency, accuracy, completeness or legality thereof. 
  

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 Section 12.27. Contribution Among Issuers. 
  
 (a) Contribution. To provide for just and equitable contribution
among Issuers, if any payment is made by an Issuer (a “Funding Issuer”) hereunder or under the Notes or any other Transaction Document in respect of the Obligations such Funding Issuer shall be entitled to a contribution from other
Issuers for all payments, damages and expenses incurred by such Funding Issuer under or in connection with such Obligations, such contributions to be made in the manner and to the extent set forth below. Any amount payable as a contribution under
this Indenture shall be determined as of the date on which the related payment is made by a Funding Issuer. 
  
 (b) Calculation of Contributions. Each Issuer shall be liable for contribution to each Funding Issuer in respect of all payments, damages and
expenses incurred by such Funding Issuer hereunder or under the Notes or any other Transaction Document in an aggregate amount, subject to Section 12.27(c) below, equal to (i) the ratio of (x) the Base Release Amount for each
Property owned by such Issuer to (y) the aggregate Base Release Amounts, multiplied by (ii) the aggregate amount of such payments, damages and expenses incurred by such Funding Issuer under or in connection with the Obligations.

  
 (c) Rights to Contribution Subordinated. Each Issuer
agrees that all of its rights to receive contribution under this Section 12.27 (whether for payments, damages, expenses or otherwise) and all of its rights, if any, to be subrogated to any of the rights of Note Trustee and the
Noteholders shall be subordinated in right of payment (in liquidation or otherwise) to the prior payment in full in cash of all of the obligations of the Issuers in respect of the Debt (whether for principal, interest, premium or otherwise). If any
amount shall at any time be paid to an Issuer on account of such rights of contribution or subrogation, or in contravention of the provisions of this Section 12.27(c) at any time, such amount shall be held in trust, segregated from the
other assets of such Issuer, for the benefit of the Note Trustee and shall promptly be paid to the Note Trustee. The foregoing shall constitute a continuing offer to, and agreement with, all persons that from time to time may become holders of, or
continue to hold, obligations under this Indenture, and the provisions of the foregoing sentence are made for the benefit of such holders and such holders, as third party beneficiaries hereunder, are entitled to enforce such provisions. 

 
 Section 12.28. Joint and Several Obligations. 
  
 (a) Notwithstanding anything to the contrary set forth in this Indenture or
any of the other Transaction Documents, until such time (if ever) as an Issuer or Operating Lessee is released pursuant to Section 2.5.3, the obligations of the Issuers hereunder shall be joint and several (as to the Mexican Issuers,
their obligations hereunder are considered to be Obligaciones Solidarios for purposes of articles 1987 and 1988 of the Federal Civil Code of Mexico). 
  

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 (b) Each Issuer’s or Operating Lessee’s obligations hereunder shall remain outstanding until
all Debt has been paid in full or such Issuer or Operating Lessee is released pursuant to Section 2.5.3, whichever occurs first. 
  
 (c) No payment or payments with respect to the obligations of any Issuer hereunder made by any other Issuer or any other Person or received or collected
by the Note Trustee from such other Issuer or such other Person by virtue of any action or proceeding or any setoff or appropriation or application, at any time or from time to time, in reduction of or in payment of the Debt or any release of
security hereunder shall be deemed to modify, reduce, release or otherwise affect the primary liability of such Issuer in respect thereof. 
  
 (d) If any amount shall at any time be paid to an Issuer on account of such rights of contribution or subrogation, in contravention of the provisions of
this Section 12.28 at any time, such amount shall be held in trust, segregated from the other assets of such Issuer, for the benefit of the Note Trustee and shall promptly be paid to the Note Trustee. 
  
 Section 12.29. Note Trustee’s Rights. The rights of “Note
Trustee” under this Indenture with respect to any time shall mean the rights of each and every Note Trustee at such time. 
  
 Section 12.30. Acts of Noteholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise
expressly provided such action shall become effective when such instrument or instruments are delivered to the Note Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied herein
and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 15.1) conclusive in favor of the Note Trustee and the Issuer, if made in the manner provided in this Section 12.30. 
  
 (b) The ownership of the Notes shall be proved by the Register. 
  
 (c) Any request, demand, authorization, direction, notice, consent, waiver or
other action by the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Note Trustee or the
Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 
  
 ARTICLE XIII 
  
 SERVICE
PROVIDERS 
  
 Section 13.1. Retention of Servicer,
Securitization Note Trustee. The Noteholders agree to the servicing of the Promissory Notes by a Servicer pursuant to the terms and conditions of a pooling and servicing agreement, and each Noteholder will irrevocably 
  

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 appoint Promissory Note A-1 Noteholder as its respective attorney in fact to engage one or more servicers, pursuant to a
pooling and servicing agreement (the “Note A-1 Pooling and Servicing Agreement”), for purposes of servicing and administering the Promissory Notes and any related Property from time to time. Each Noteholder shall be deemed to have
agreed by its acceptance of its Note that from and after the execution and delivery of the Note A-1 Pooling and Servicing Agreement, its respective rights in, to and under its respective Promissory Note and the related Promissory Notes shall be
subject to the servicing under the Note A-1 Pooling and Servicing Agreement, and that the servicing and administration of its respective Promissory Note, including, without limitation, the right to modify the terms of such Promissory Note, shall be
governed exclusively by Note A-1 Pooling and Servicing Agreement. Each Noteholder shall be deemed to have agreed by its acceptance of its Note that from and after the execution and delivery of the Note A-1 Pooling and Servicing Agreement, the
Promissory Notes shall be serviced and administered in accordance with this Article XIII and the Note A-1 Pooling and Servicing Agreement. Each Noteholder agrees that to the extent Promissory Note A-1 Noteholder is required, pursuant to the
Note A-1 Pooling and Servicing Agreement, to indemnify or reimburse a party, and the Note A-1 Pooling and Servicing Agreement permits contribution or reimbursement from such Noteholder, such Noteholder, including its respective Securitization, shall
be required to pay its pro rata share. Issuers shall be responsible for the payment of such Servicer’s fees and expenses for servicing, master servicing or subservicing, including, without limitation, any fee or expense for any special
servicing and any fees and expenses of such servicer, including, without limitation, in connection with a release of any Property, satisfaction of any Mortgage, assumption of the Notes, modification of the Notes made at Issuers’ request, any
requests by Issuers for waivers or consents, protective advances, and the enforcement of the Transaction Documents. Issuers shall have the right to rely on any notices given by the Servicer with the same force and affect as if Note Trustee had given
such notices. In addition, in connection with a Securitization, at the direction of a majority (by Outstanding Principal Amount) of the Noteholders, Note Trustee shall retain a Securitization trustee for the benefit of the holders of the Notes that
is designated by a majority of the Noteholders. Issuers shall pay all costs associated with the retention and ongoing services provided by the Securitization trustee pursuant to any indenture or similar document. 
  
 Section 13.2. Pooling and Servicing Agreement. For so long as any
Promissory Note is included in a Securitization, references herein to the Note A-1 Pooling and Servicing Agreement shall be deemed to include any replacement servicing agreement that is substantially similar; provided, however, that until a
replacement servicing agreement has been entered into, the Promissory Note A-1 Noteholder shall cause the Promissory Notes to be serviced pursuant to the provisions of such Note A-1 Pooling and Servicing Agreement as if such agreement was still in
full force and effect with respect to the Promissory Notes; provided, further, however, that until a replacement servicing agreement is in place, the actual servicing of the Promissory Notes may be performed by any Person appointed by the Promissory
Note A-1 Noteholder and does not have to be performed by the service providers set forth under such Note A-1 Pooling and Servicing Agreement. To the extent that any Promissory Note is then in a Securitization, a replacement servicing agreement may
not be entered into unless each Rating Agency rating such Securitization provides written confirmation that entering into such replacement servicing agreement will not result in the downgrade, qualification or withdrawal of its ratings of the
certificates issued in such Securitization. For purposes of this Indenture, if no Promissory Note is then included in a Securitization, the Noteholders shall make decisions regarding the servicing of the Promissory Notes in accordance with this
Indenture. 
  

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 Section 13.3. Rating Surveillance. The Noteholders will have the right to retain the Rating
Agencies to provide rating surveillance services in connection with or prior to a Securitization and the annual cost of such ongoing surveillance will be at the expense of the Issuers. 
  
 Section 13.4. Controlling Class Representative. 
  
 (a) Notwithstanding anything to the contrary contained herein, each Noteholder shall be deemed to have agreed by its
acceptance of its Note that any decision to be made under the Note A-1 Pooling and Servicing Agreement that requires the approval of the majority of holders of the then controlling class of the Securitization (with respect to the Securitization of
the Promissory Note A-1, the “A-1 Note Controlling Class Representative” and with respect to any Securitization, a “Controlling Class Representative”) or otherwise requires approval under this Section shall
require the approval of Noteholders (or their designees) then holding a majority of the Outstanding Principal Amount of the Promissory Notes. If majority of the Noteholders (or their designees) are not able to agree on a course of action that
satisfies the servicing standard within 45 days (or such shorter period as may be required by the Transaction Documents or the Note A-1 Pooling and Servicing Agreement to the extent the Noteholder’s approval is required) after receipt of a
request for consent to any action by the Servicer, the A-1 Note Controlling Class Representative shall be entitled to direct the Servicer on a course of action that satisfies the requirements set forth in the Note A-1 Pooling and Servicing Agreement
(including that such action does not violate the servicing standard or any other provision of the Note A-1 Pooling and Servicing Agreement or the Promissory Notes), and the Servicer shall implement the course of action in accordance with the
servicing standard set forth in the Note A-1 Pooling and Servicing Agreement. For purposes of this Indenture, if any Promissory Note has been deposited into a Securitization, references herein to “Noteholder” shall mean the Controlling
Class Representative of the Securitization relating to the relevant Promissory Note. 
  
 (b) Notwithstanding anything contained in this Indenture to the contrary, no advice, direction or objection from or by any Controlling Class Representative or any of their respective designees may (A) require or
cause the Servicer to violate the terms of the Transaction Documents, applicable law or any provision of this Indenture or the Note A-1 Pooling and Servicing Agreement, including the Servicer’s obligation to act in accordance with the servicing
standard and to maintain the REMIC status of any REMIC or (B) result in the imposition of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions. In addition, if the Servicer determines in
accordance with the servicing standard that immediate action is necessary to protect the interests of the Noteholders (as a collective whole), the Servicer may take any such action without waiting for a response from the Controlling Class
Representative or any Noteholder, as applicable. 
  

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 ARTICLE XIV 
  
 SECURITIZATION 
  
 Section 14.1. Sale of Note and Securitization. At the request of the Noteholders and, to the extent not already required to be provided by Issuers
and Operating Lessees under this Indenture, Issuers or Operating Lessees shall use reasonable efforts to satisfy the market standards which may be reasonably required in the marketplace or by the Rating Agencies in connection with the Securitization
of rated single or multi-class securities (the “Securities”) secured by or evidencing ownership interests in the Note and this Indenture, including using reasonable efforts to do (or cause to be done) the following (but Issuers and
Operating Lessees will not in any event be required to incur, suffer or accept (except to a de minimis extent) (i) any lesser rights or greater obligations than as currently set forth in the Transaction Documents and (ii) any expense or
any liability subject to the limitations in Section 12.13 or Article XIII: 
  
 14.1.1 Provided Information. (i) Provide such non-confidential financial and other information (but not projections) with respect to the Property, Issuers, Operating Lessees and Property Managers to the
extent such information is reasonably available to Issuers, Operating Lessees or Property Managers, (ii) provide business plans (but not projections) and budgets relating to the Property, to the extent prepared by the Issuers, Operating Lessees
or Property Managers and (iii) cooperate with the holder of the Note (and its representatives) in obtaining such site inspection, appraisals, market studies, environmental reviews and reports, engineering reports and other due diligence
investigations of the Property, as may be reasonably requested by the holder of the Note or reasonably requested by the Rating Agencies (all information provided pursuant to this Section 14.1 together with all other information
heretofore provided to Note Trustee or the Noteholders in connection with the Notes, as such may be updated, at Issuer’s or Operating Lessee’s request, in connection with a Securitization, or hereafter provided to Note Trustee or the
Noteholders in connection with the Notes or a Securitization, being herein collectively called the “Provided Information”); 
  
 14.1.2 Updates to Opinions of Counsel. Shall use reasonable efforts to cause to be rendered such customary updates or customary modifications to
the opinions of counsel delivered at the closing of the Notes as may be reasonably requested by the holder of the Note or the Rating Agencies in connection with the Securitization (it being agreed that in no event shall Issuer or Operating Lessee be
obligated to deliver an opinion of counsel with respect to “true sale”, “ or no fraudulent conveyance” matters). Issuers’ or Operating Lessees’ failure to use reasonable efforts to deliver or cause to be delivered the
opinion updates or modifications required hereby within twenty (20) Business Days after written request therefor shall constitute an “Event of Default” hereunder. 
  
 14.1.3 Modifications to Transaction Documents. Execute such amendments to the Mortgage and Transaction Documents as
may be reasonably requested by the Noteholders or the Rating Agencies in order to achieve the required rating or to effect the Securitization (including, without limitation, modifying the Payment Date to a date other than as originally set forth in
this Indenture), provided, that nothing contained in this Section 14.1.3 shall result in any economic or other material adverse change in the transaction contemplated by the Transaction 
  

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 Documents (unless Issuers and Operating Lessees are made whole by the holder of Note) or result in any operational
changes that are unduly burdensome to the Properties, Issuers or Operating Lessees. 
  
 Notwithstanding anything to the contrary contained herein, neither Issuer nor Operating Lessee shall be required to modify any Transaction Document or organizational document in a manner which would increase
Issuer’s or Operating Lessee’s obligations or have adverse effect whatsoever on Issuers or Operating Lessees (other than to a de-minimis extent). 
  
 Section 14.2. Cooperation with Rating Agencies. Issuers and Operating Lessees shall (i) at the request of a
majority of the Noteholders, meet with representatives of such Rating Agencies at reasonable times to discuss the business and operations of the Property, and (ii) cooperate with the reasonable requests of the Rating Agencies in connection with
the Property and (iii) gather any reasonable environmental information reasonably required by the Rating Agencies in connection with the Securitization. 
  
 Section 14.3. Securitization Financial Statements. Issuers and Operating Lessees acknowledge that all such financial information delivered by
Issuers or Operating Lessees to Note Trustee or the Noteholders pursuant to Section 5.1(j) may, at the Noteholders’ option, be delivered to the Rating Agencies. 
  
 Section 14.4. Securitization Indemnification. 
  
 14.4.1 Disclosure Documents. Each of Issuers and Operating Lessees understands that certain of the Provided
Information may be included in disclosure documents in connection with the Securitization, including a prospectus or private placement memorandum or a public registration statement (each, a “Disclosure Document”) and may also be
included in filings with the Securities and Exchange Commission pursuant to the Securities Act or the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or to the Mexican National Banking and Securities Commission
(Comisión Nacional Bancoria a de Valores) in connection with any registration of Notes with such Commission or provided or made available to investors or prospective investors in the Securities, the Rating Agencies, and service
providers relating to the Securitization. In the event that the Disclosure Document is required to be revised prior to the sale of all Securities, upon request, each of Issuers and Operating Lessees will reasonably cooperate with the holder of the
Note in updating the Provided Information for inclusion or summary in the Disclosure Document by providing all current information pertaining to Issuers, Operating Lessees and the Properties necessary to keep the Disclosure Documents accurate and
complete in all material respects with respect to such matters. 
  
 14.4.2 Indemnification Certificate. In connection with each of (x) a preliminary and a private placement memorandum, or (y) a preliminary and final prospectus, as applicable, each of Issuers and Operating Lessees agree to
provide, at the Noteholders’ reasonable request, an indemnification certificate: 
  
 (i) certifying that each of Issuers and Operating Lessees have carefully examined those portions of such memorandum or prospectus, as
applicable, reasonably designated in writing by the Noteholders for Issuers’ or Operating Lessees’ 
  

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 review pertaining to Issuers, Operating Lessees, the Properties, the Notes and/or the Provided
Information) and insofar as such sections or portions thereof specifically pertain to Issuers, Operating Lessees, the Properties, the Provided Information or the Notes, (the “Relevant Portions”), the Relevant Portions do not (except
to the extent specified by Issuers or Operating Lessees if Issuers or Operating Lessees do not agree with the statements therein), as of the date of such certificate, to Issuers’ and Operating Lessees’ actual knowledge, contain any untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading; and 
  
 (ii) indemnifying Note Trustee, the Noteholders, Deutsche
Bank Securities, Inc., and the Affiliates of Deutsche Bank Securities, Inc. (collectively, “DBS”) that have filed the Disclosure Document relating to the Securitization, each of its directors, each of its officers who have signed
the Disclosure Document and each person or entity who controls DBS within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “DBS Group”), and DBS, together with the DBS
Group, each of their respective directors and each person who controls DBS or the DBS Group, within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act (collectively, the “Underwriter Group”)
for any actual, out-of-pocket losses, third party claims, damages (excluding lost profits, diminution in value and other consequential damages) or liabilities arising out of third party claims (the “Liabilities”) to which any member
of the Underwriter Group may become subject to the extent such Liabilities arise out of or are based upon any untrue statement of any material fact contained in the Relevant Portions or arise out of or are based upon the omission by Issuer or
Operating Lessee to state therein a material fact required to be stated in the Relevant Portions in order to make the statements in the Relevant Portions or in light of the circumstances under which they were made, not misleading (except that
(x) Issuers’ and Operating Lessees’ obligation to indemnify in respect of any information contained in a preliminary or final registration statement, private placement memorandum or preliminary or final prospectus that is derived in
part from information provided by Issuers or Operating Lessees and in part from information provided by others unrelated to or not employed by Issuers or Operating Lessees shall be limited to any untrue statement or omission of material fact therein
known to Issuers or Operating Lessees that results directly from an error in any information provided (or which should have been provided) by Issuers or Operating Lessees which either of Issuers or Operating Lessees have been given the opportunity
to examine and reasonably and promptly approve and (y) Issuers and Operating Lessees shall have no responsibility for the failure of any member of the Underwriting Group to accurately transcribe written information supplied by Issuers or
Operating Lessees or to include such portions of the Provided Information). 
  
 (iii) Each of Issuers’ and Operating Lessees’ liability under clauses (a) and (b) above shall be limited to Liabilities arising out of or based upon any such untrue statement or omission by Issuers
or Operating Lessees made therein in reliance upon and in conformity with information furnished to the Noteholders by, or furnished at the direction and on behalf of Issuers or Operating Lessees in connection with the preparation of those portions
of the registration statement, memorandum or prospectus pertaining to Issuers, Operating Lessees, the Properties or the Notes, including financial 
  

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 statements of Issuers or Operating Lessees and operating statements with respect to the Properties. This
indemnity agreement will be in addition to any liability which Issuers or Operating Lessees may otherwise have. 
  
 (iv) Promptly after receipt by an indemnified party under this Article XIV of notice of the commencement of any action, such
indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Article XIV, notify the indemnifying party in writing of the commencement thereof, but the omission to so notify the indemnifying
party will not relieve the indemnifying party from any liability which the indemnifying party may have to any indemnified party hereunder except to the extent that failure to notify causes prejudice to the indemnifying party. In the event that any
action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled, jointly with any other indemnifying party, to participate therein and, to the extent that
it (or they) may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party.
After notice from the indemnifying party to such indemnified party under this Article XIV of its assumption of such defense, the indemnifying party shall not be liable for any legal or other expenses subsequently incurred by such indemnified
party in connection with the defense thereof; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there
are any legal defenses available to it and/or other indemnified parties that are different from or in conflict with those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assert
such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties at the expense of the indemnifying party. The indemnifying party shall not be liable for the expenses of separate counsel
unless an indemnified party shall have reasonably concluded that there may be legal defenses available to it that are different from or in conflict with those available to another indemnified party 
  
 (v) In order to provide for just and equitable contribution
in circumstances in which the indemnity provided for in this Article XIV is for any reason held to be unenforceable by an indemnified party in respect of any actual, out-of-pocket losses, claims, damages or liabilities relating to third party
claims (or action in respect thereof) referred to therein which would otherwise be indemnifiable under this Article XIV, the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such
actual, out of pocket losses, third party claims, damages or liabilities (or action in respect thereof) (but excluding damages for loss profits, diminution in value of the Property and consequential damages); provided, however, that no
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution for Liabilities arising therefrom from any person who was not guilty of such fraudulent
misrepresentation. In determining the amount of contribution to which the respective parties are entitled, the following factors shall be considered: (i) the DBS Group’s and Issuer’s or Operating Lessee’s relative knowledge and
access to information concerning the matter with respect to which claim was asserted; (ii) the opportunity to correct and prevent any statement or 
  

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 omission; (iii) the limited responsibilities and obligations of Issuer and Operating Lessee as
specified herein; and (iv) any other equitable considerations appropriate in the circumstances. 
  
 ARTICLE XV 
  
 THE NOTE TRUSTEE 
  
 Section 15.1. Duties of
the Note Trustee (a) The duties, responsibilities and liabilities of the Note Trustee in respect of the Transaction Documents and the other duties and liabilities of the Note Trustee under this Indenture shall be as follows: 
  
 (i) The Note Trustee (and the Servicer on its behalf) shall have the full
power and authority to do all things not inconsistent with the provisions of this Indenture or any other Transaction Document that it may deem advisable in order to enforce the provisions hereof or thereof or to take any action with respect to a
default or an Event of Default hereunder or thereunder, or to institute, appear in or defend any suit or other proceeding with respect hereto or thereto, or to protect the interests of the Holders; provided, however, that notwithstanding the
foregoing or any other provisions of this Indenture to the contrary, the Notes shall be serviced by the Servicer and the powers vested in the Servicer hereunder shall not be exercised by the Note Trustee except as expressly set forth herein. Neither
the Note Trustee nor any of its directors, officers, shareholders, agents or employees (each, a “Trustee Indemnified Party” and, collectively, the “Trustee Indemnified Parties”) shall be answerable to or accountable
for, except for its or their own bad faith, willful misconduct or negligence, and the Issuers agree to indemnify and save harmless the Trustee Indemnified Parties from, any costs, expenses, liabilities and damages that any of them may incur or
sustain, in good faith and without willful misconduct or negligence, in the exercise and performance of the Note Trustee’s powers and duties hereunder and the acceptance or administration of the trust or trusts hereunder, under the Indenture or
under any other Transaction Document, including the cost and expense of defending themselves against any claim or liability in connection with the exercise or performance thereof; provided, however, that if it is found that any such claim or
liability has resulted from the bad faith, willful misconduct or negligence of any Trustee Indemnified Party in the performance of its duties hereunder, such Trustee Indemnified Party shall repay such portion of the reimbursed amounts that is
attributable to expenses incurred in relation to that portion of its acts or omissions that is the subject of such finding. If any Trustee Indemnified Party is entitled to receive indemnification hereunder with respect to any such action or
proceeding brought by a third party, the Issuers shall be entitled to assume the defense of any such action or proceeding with counsel reasonably satisfactory to such Trustee Indemnified Party who shall not, except with the consent of such Trustee
Indemnified Party, be counsel to the Issuers or any Affiliate thereof. Upon assumption by the Issuers of the defense of any such action or proceeding, such Trustee Indemnified Party shall have the right to participate in such action or proceeding
and to retain its own separate counsel, but the Issuers shall not be liable for any legal fees or expenses of such a separate counsel subsequently incurred by such Trustee Indemnified Party in connection with the defense thereof unless (i) the
Issuers have agreed to pay such fees and expenses or (ii) counsel provided by the Issuers pursuant to the foregoing is counsel to the Issuers and such Trustee Indemnified Party shall have been advised by such counsel that representation of such
Trustee Indemnified Party by such counsel provided by the Issuers pursuant to the foregoing would be 
  

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 inappropriate due to actual or potential conflicting interests between the Issuers and such Trustee Indemnified Party,
including situations in which there are one or more legal defenses available to such Trustee Indemnified Party that are different from or additional to those available to the Issuers; provided, however, that the Issuers shall not, in connection with
any such action or proceeding, or separate but substantially similar action or proceeding arising out of the same general allegations, be liable for the fees and expenses of more than one separate firm of attorneys at any time, in addition to any
local counsel, for any such Trustee Indemnified Party. The Issuers shall not consent to the terms of any compromise or settlement of any action defended by the Issuers in accordance with the foregoing without the prior consent of the Trustee
Indemnified Party. The Issuers shall not be required to indemnify any Trustee Indemnified Party for any amount paid or payable by such Trustee Indemnified Party in settlement of any action, proceeding or investigation without the prior written
consent of the Issuers, which consent shall not be unreasonably withheld. Promptly after receipt by any Trustee Indemnified Party of notice of its involvement (or the involvement of any of its Affiliates or such Affiliate’s directors, officers,
shareholders, agents or employees) in any action, proceeding or investigation, such Trustee Indemnified Party shall, if a claim for indemnification in respect thereof is to be made against the Issuers hereunder, notify the Issuers in writing of such
involvement, but the failure of such Trustee Indemnified Party to provide such notice shall neither cause the forfeiture of the right to receive indemnity hereunder nor limit such right, except to the extent, if any, that the Issuers are prejudiced
by the failure of the Trustee Indemnified Party to promptly give such notice. The Issuers’ indemnification obligations under this Section 15.1(a)(1) shall survive payment of the Notes and any resignation, removal or replacement of the Note
Trustee. The indemnification provided herein is limited in each case to actual damages and does not extend to consequential damages. 
  
 The Note Trustee shall be authorized to make, at the expense of the Issuers, all required refilings of any Transaction Document to preserve the liens
created thereby to the extent not so done by the Issuers, the Servicer as provided herein or therein, but shall have no obligation to take any action to protect, preserve or enforce any rights or interests in the Transaction Documents or towards the
execution or enforcement of the trusts hereby or thereby created which, in its opinion, shall be likely to involve expense or liability to the Note Trustee, unless the Note Trustee shall have received an agreement satisfactory to the Note Trustee in
its sole discretion to indemnify it against such liability and expense. The Note Trustee shall not be required to ascertain or inquire as to the performance or observance of any of the covenants or agreements contained herein, or in any other
Transaction Document or in any other instruments to be performed or observed by the Issuers or any other party to any Transaction Document (including, without limitation, the necessity or desirability under any applicable state law to re-record,
re-register or re-file any Transaction Document). In accepting the trusts hereunder and under the Transaction Documents, the Note Trustee is acting solely as Note Trustee hereunder and not in its individual capacity and all Persons, other than the
Issuers and the Holders, having any claim against the Note Trustee arising by reason hereof shall look only to the Collateral for payment or satisfaction thereof except as provided herein. 
  
 (ii) The Note Trustee shall incur no liability in acting upon any signature,
notice, request, consent, certificate, opinion, or other instrument reasonably believed by it to be genuine. In administering the trusts, the Note Trustee may exercise any of the powers hereof directly or through its agents or attorneys and may, at
the expense of the Issuers, consult with 
  

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 counsel, accountants and other skilled Persons to be selected and employed by it, and the reasonable expenses thereof
shall be paid by the Issuers, and the Note Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice of any such Person nor for any error of judgment made in good faith by a Responsible
Officer, unless it shall be proved that the Note Trustee was negligent in ascertaining the pertinent facts. 
  
 (iii) The Note Trustee shall have no duty to make, arrange or ensure the completion of any recording, filing or registration of any Transaction Document,
any instrument of further assurance, any instrument constituting part of any of the Mortgaged Properties, or any amendments or supplements to any of said instruments and the Note Trustee shall have no duty to make, arrange or ensure the completion
of the payment of any fees, charges or taxes in connection therewith (and the Note Trustee may act with respect to the Transaction Documents and pay out deposited monies without regard thereto), or to give any notice thereof, or to make, arrange or
ensure the completion of the payment of or be under any duty in respect of any tax, assessment or other governmental charge that may be levied or assessed on any of the Mortgaged Properties or any part thereof or against the Issuers. Notwithstanding
the foregoing, the Note Trustee agrees that it will notify the Issuers in writing of any filings, fees, taxes or other payments required in connection with the satisfaction of the Issuers’ obligations hereunder and under the other Transaction
Documents known to any Responsible Officer of the Note Trustee assigned to its Corporate Trust Office and actively involved in the administration of the Loan. 
  

(iv) Whenever, in administering the trust, the Note Trustee shall deem it necessary or desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Note Trustee may, in the absence of bad faith on the part of the Note Trustee, request and rely upon (unless other evidence in respect thereof be specifically prescribed herein or in any
Transaction Document) an Officer’s Certificate of the Issuers, and such Officer’s Certificate shall be full warrant to the Note Trustee for any action taken, suffered or omitted by it on the faith thereof, but in its discretion the Note
Trustee may in lieu thereof accept other evidence of such fact or matter or may require such further or additional evidence as it may deem reasonable. 
  
 (v) Whenever, in administering the trust, the Note Trustee shall be permitted whether pursuant to the terms of this Indenture or any other Transaction
Document, to determine to grant or withhold its consent to or waiver or approval of any matter described herein or therein or to take or omit to take any action or course of conduct permitted or required hereunder or thereunder, the Note Trustee
shall be fully protected in making such determination based solely upon the written direction of the Servicer or, absent such direction, (a) on the basis of the related submission required by this Indenture or by such other Transaction
Document, as the case may be, or (b) if a standard for such determination is specified herein or therein, on the basis of its determination in good faith as to whether or not such standard has been satisfied, or (c) if no such standard is
specified, on the basis of its determination in good faith as to (x) with respect to any act, omission or course of conduct, whether such act, omission or course of conduct is reasonable (which determination may be made solely on the basis of
advice from professionals selected by the Note Trustee with reasonable care) and (y) with respect to the selection of any professional, whether the party proposing the engagement of such professional is motivated primarily by interests contrary
to those of the Holders in making such proposal; provided, that in each case, that the Note Trustee grants or withholds its consent or approval or takes any other 
  

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 action on a timely basis. The Note Trustee shall not be required to seek the individual consents or approvals of the
Holders with respect to any such consent or approval unless the same shall be explicitly required by the terms of this Indenture or such other Transaction Document, as the case may be. Without limiting the generality of the foregoing, in the event
the approval of the Note Trustee is requested by the Servicer with respect to a settlement of an insurance claim pursuant to the Indenture, the Note Trustee shall be fully protected in granting such approval based on directions from the Servicer.
Notwithstanding anything to the contrary herein or in any of the other Transaction Documents, neither the Note Trustee (at the request of the Servicer) nor the Servicer on its behalf shall consent to any transfer of any of the Mortgaged Properties
or any beneficial interest therein, any modification or waiver of the other Transaction Documents or the terms of this Indenture (other than modifications or waivers that may be made unilaterally (within the meaning of Treas. Reg.
Section 1.1001-3, or any successor provision) as provided herein or in the other Transaction Documents), any release of any property pledged pursuant to this Indenture or the other Transaction Documents, or any release of the Issuers from their
obligations hereunder or under the other Transaction Documents (other than any actions expressly contemplated by this Indenture or the other Transaction Documents in connection with payments on the Notes (including any redemptions) or
otherwise), unless the Issuers have obtained and delivered to the Note Trustee and the Servicer an Opinion of Counsel from counsel experienced in federal income tax matters that such consent or modification, or waiver, as the case may be, will not
be treated as an exchange of any Note for a newly issued obligation pursuant to Section 1001 of the Code and provided, further, that in the case of a transfer of any portion of any of the Mortgaged Properties without release of
such transferred portion a further opinion shall be furnished to the Note Trustee to the effect that (i) such transfer shall not adversely affect the status of the Notes as debt for federal income tax purposes or (ii) result in the
creation of a “taxable mortgage pool” within the meaning of Section 7701 of the Code. 
  
 (vi) The Note Trustee shall have no obligation to see to the payment or discharge of any liens (other than the liens of the Transaction Documents, and
then only to the extent therein provided), or to see to the application of any payment of the principal of or interest on any Note secured thereby or to the delivery or transfer to any Person of any property released from any such lien, or to give
notice to or make demand upon any mortgagor, mortgagee, trustor, beneficiary or other Person for the delivery or transfer of any such property. 
  
 (vii) The Note Trustee shall not be concerned with or accountable to any Person for the use or application of any deposited monies that shall be released
or withdrawn in accordance with the provisions hereof or of any other Transaction Document or of any property or securities or the proceeds thereof that shall be released from the lien hereof or thereof in accordance with the provisions hereof or
thereof and the Note Trustee shall have no liability for the acts of other parties hereto that are not in accordance with the provisions hereof. 
  
 (viii) The Note Trustee shall not be charged with knowledge of any Event of Default hereunder or under any other Transaction Document (except default in
the payment of monies to the Note Trustee that the Issuers are required to pay or cause to be paid to the Note Trustee on or before a specified date and except default in the delivery of any certificate, opinion or other document expressly required
to be delivered to the Note Trustee by any provision hereof or any Transaction Document) or any condition which after notice and/or the passage of time would constitute an Event of Default or any other fact, circumstance or event the occurrence of

  

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 which would require the Note Trustee to give any notice or otherwise take any action (any such Event of Default,
condition, circumstance or other event, an “Event”), unless either (i) a Responsible Officer of the Note Trustee assigned to its Corporate Trust Office shall have actual knowledge of such Event or (ii) written notice of
such Event shall have been given to and received by the Note Trustee, by any Issuer, the Servicer or any Holder or Holders of at least 25% in aggregate principal amount of the Notes. 
  
 (ix) The Note Trustee shall not be responsible of any act or omission of the Servicer and Servicer shall not be responsible
for any act or omission of the Note Trustee. 
  
 (b) Except during
the continuance of an Event of Default, the Note Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the
Note Trustee. 
  
 (c) In the absence of actual knowledge on the
part of a Responsible Officer to the contrary or bad faith on its part, the Note Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the
Note Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Note Trustee, the Note Trustee shall be under a
duty to examine the same to determine whether or not they conform on their face to the requirements of this Indenture. 
  
 (d) In the case an Event of Default known to the Note Trustee has occurred and is continuing, the Note Trustee shall exercise (subject, in all cases, to
the rights and powers vested in the Servicer pursuant to this Indenture), with respect to the Notes, such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent Person would
exercise or use under the circumstances in the conduct of his own affairs. 
  
 (e) No provision of this Indenture shall be construed to relieve the Note Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct or bad faith,
except that: 
  
 (i) this Subsection (e) shall not be
construed to limit the effect of Subsections (a) or (b) of this Section; 
  
 (ii) the Note Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved by a court of competent jurisdiction that the Note Trustee was negligent in
ascertaining the pertinent facts; and 
  
 (iii) the Note Trustee
shall not be liable with respect to any action taken or omitted to be taken by it in good faith and without negligence in accordance with the directions of the Noteholders or the Servicer required by this Indenture relating to the time, method and
place of conducting any proceeding for any remedy available to the Note Trustee, or exercising any trust or power conferred upon the Note Trustee, under this Indenture with respect to the Notes or the Transaction Documents. 
  

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 (f) At any time or times, for the purpose of meeting the legal requirements of any jurisdiction in which
any of the Collateral may at the time be located, the Issuers and the Note Trustee shall have power to appoint, and, upon the written request of the Note Trustee or of the Holders of a majority of the Noteholders, the Issuers shall for such purpose
join with the Note Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Note Trustee either to act as co-trustee, jointly with the Note Trustee, of
all or any part of the Collateral, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any
property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section 15.1(f). If the Issuers do not join in such appointment within 15 days after the receipt by them of a request so to do, or in case an
Event of Default has occurred and is continuing, the Note Trustee alone shall have power to make such appointment. 
  
 If any written instrument from the Issuers should be required by any co-trustee or separate trustee so appointed to more fully verify such
co-trustee’s or separate trustee’s power with respect to such property, title, right or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the Issuer. 
  
 Every co-trustee or separate trustee shall, to the extent permitted by law,
but to such extent only, be appointed subject to the following terms: 
  
 (i) The Notes shall be authenticated and delivered, and all rights, powers, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the
Note Trustee hereunder, shall be exercised solely, by the Note Trustee. 
  
 (ii) The rights, powers, duties and obligations hereby conferred or imposed upon the Note Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Note Trustee (or
by the Note Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee), except to the extent that, under any law of any jurisdiction in which any particular act is
to be performed, the Note Trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed by such co-trustee or separate trustee. 
  
 (iii) The Note Trustee, at any time, by an instrument in writing executed by
it, with the consent of the Issuers evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section 15.1(f), and, if an Event of Default has occurred and is continuing,
the Note Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the consent of the Issuers. Upon the written request of the Note Trustee, the Issuers shall join with the Note Trustee in the
execution, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in
this Section 15.1(f). 
  

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 (iv) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or
omission of the Note Trustee, or any other such trustee hereunder. Any fees or expenses of any co-trustee or separate trustee shall not be an expense of the Note Trustee. 
  
 (v) Any Act of Noteholders delivered to the Note Trustee shall be deemed to have been delivered to each such co-trustee and
separate trustee. 
  
 Section 15.2. Rights of Note Trustee.
(a) The Note Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper Person. The Note Trustee need not investigate any fact or matter stated in such document. 
  
 (b) Any request or direction of the Issuers mentioned herein shall be
sufficiently evidenced by an Issuer Order or an Issuer Request and any resolution of a board of directors may be sufficiently evidenced by a resolution of such board of directors. 
  
 (c) Before the Note Trustee acts or refrains from acting, it may require an Authorized Officer Certificate or an Opinion of
Counsel. The Note Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Authorized Officer Certificate or Opinion of Counsel. 
  
 (d) The Note Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by
or through delegates, agents or attorneys or a custodian or nominee, and the Note Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed
with due care by it hereunder. 
  
 (e) The Note Trustee shall not
be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers. 
  
 (f) The Note Trustee may consult with counsel, and the advice or opinion of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in reliance thereon. 
  
 (g) The Note Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of
any of the Noteholders pursuant to this Indenture or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Noteholders pursuant to this Indenture, unless such Noteholders
shall have offered to the Note Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 
  
 (h) The Note Trustee shall not be bound to make any investigation into the
facts or matters stated in any document, but the Note Trustee, in its direction, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Note Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises of the Issuers, personally or by an agent or attorney; and 
  

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 (i) The Note Trustee shall not be required to give any bond or surety in respect of the execution of the
trust created hereby or the powers granted hereunder. 
  
 (j) With
respect to all conditions to be satisfied or determinations permitted or required to be made by or to the satisfaction of the Note Trustee hereunder with respect to the closing the Note Trustee shall be entitled to receive and rely conclusively upon
a certificate or instruction from the Initial Purchaser. 
  
 (k)
With respect to the exercise of all rights, powers and authority of the Note Trustee hereunder, and with respect to any actions permitted or required to be taken by the Note Trustee hereunder, the Note Trustee shall at all times be entitled to
request, rely, and act only upon, the written instruction of the Noteholders, and in the absence of such instruction and indemnity reasonably acceptable to the Note Trustee with respect thereto, the Note Trustee shall have no obligation to act.

  
 (l) With respect to all matters relating to the ongoing
administration and servicing of the loan, including without limitation all matters relating to monitoring and enforcing the Issuers’ obligations hereunder, the Note Trustee shall enter into such servicing agreements as the Noteholder shall
request, with such servicers, master servicers and/or special servicers as shall be selected and designated by a majority of the Noteholders, and the Note Trustee shall have no responsibility or liability therefore. 
  
 Section 15.3. Individual Rights of Note Trustee. The Note Trustee, in
its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuers or its Affiliates with the same rights it would have had if it were not Note Trustee. 
  
 Section 15.4. Note Trustee’s Disclaimer. The Note Trustee
(i) shall not be responsible for, and makes no representation, as to the validity or adequacy of this Indenture or the Notes and (ii) shall not be accountable for the Issuers’ use of the proceeds from the Notes, or responsible for any
statement of the Issuers in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Note Trustee’s Certificate of Authentication. 
  
 Section 15.5. Notice of Defaults. If a Default occurs and is
continuing and if it is actually known to a Responsible Officer of the Note Trustee, the Note Trustee shall mail to each Noteholder and the Issuers with a copy to the Rating Agency, notice of such Default within thirty (30) calendar days after
obtaining actual knowledge of such Default. Except in the case of a Default in payment of principal of or interest on any Note, the Note Trustee may withhold the notice, and be protected against liability in withholding such notice, if, and so long
as the Note Trustee in good faith determines that withholding the notice is in the best interests of the Noteholders and shall so advise the Issuers in writing. Where a notice of the occurrence of an Event of Default has been given to the
Noteholders pursuant to this Section 15.5 and the Event of Default is thereafter cured, the Note Trustee shall give notice that the Event of Default is no longer continuing to the Noteholders within thirty (30) calendar days after a
Responsible Officer of the Note Trustee obtains actual knowledge that the Event of Default has been cured. 
  

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 Section 15.6. Compensation and Indemnity. (a) On the Closing Date and from time to time
thereafter, the Issuers shall pay to the Note Trustee any costs, fees and expenses of its counsel and a fee payable monthly on each Payment Date for the related Interest Accrual Period at an annual fee rate of approximately 0.0053% times the
outstanding principal balance of the Note as of the first day of such related Interest Accrual Period, calculated on the basis of a 360-day year and charged for the actual number of days elapsed in the related Interest Accrual Period, as
compensation for its services as Note Trustee hereunder. The Note Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuers shall reimburse the Note Trustee upon request for all
reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include, but will not be limited to, the reasonable compensation and expenses,
disbursements and advances of the Note Trustee’s agents (including any receiver), delegates, counsel, accountants and experts. The Issuers shall indemnify the Note Trustee against any and all loss, liability or expense (including reasonable
attorney’s fees) incurred by it in connection with the administration of this trust and the performance of its duties in its various capacities hereunder including the costs and expenses of defending itself against any claim or liability in
connection with the exercise or performance of any of its powers or duties hereunder. The Note Trustee shall notify the Issuers and the Noteholders promptly of any claim for which it may seek indemnity. Failure by the Note Trustee to so notify the
Issuers shall not relieve the Issuers of its obligations hereunder. The Issuers need not reimburse any expense or indemnity against any loss, liability or expense incurred by the Note Trustee through the Note Trustee’s own willful misconduct,
negligence or bad faith. To the extent the Note Trustee renders services or incurs expenses after an Event of Default specified in Section 10.1(a)(vii), the compensation for services and expenses incurred by it are intended to constitute
expenses of administration under any applicable federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect. 
  
 (b) The Issuers’ payment obligations to the Note Trustee pursuant to this Section 15.6 shall survive the resignation or removal of the
Note Trustee and the discharge of this Indenture. 
  
 Section
15.7. Replacement of Note Trustee. (a) No resignation or removal of the Note Trustee, and no appointment of a successor Note Trustee, shall become effective until the acceptance of appointment by the successor Note Trustee pursuant to
this Section 15.7. The Note Trustee may resign at any time by so notifying the Issuers upon not less than sixty (60) calendar days prior written notice. The Holders of two-thirds of the Outstanding Principal Amount of the Notes may
remove the Note Trustee without cause by so notifying the Note Trustee and the Issuers and may appoint a successor Note Trustee. The Issuers shall remove the Note Trustee promptly if: 
  
 (i) the Note Trustee fails to comply with Section 15.10; 
  
 (ii) the Note Trustee is adjudged to be bankrupt or
insolvent; 
  

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 (iii) a receiver or other public officer takes charge of the Note Trustee or its
property; or 
  
 (iv) the Note Trustee otherwise
becomes incapable of acting. 
  
 If the Note Trustee resigns or is removed or if a
vacancy exists in the office of Note Trustee for any reason (the Note Trustee in such event being referred to herein as the retiring Note Trustee), the Issuers shall promptly appoint a successor Note Trustee. 
  
 (b) Any successor Note Trustee shall deliver a written acceptance of its
appointment to the retiring Note Trustee and to the Issuers. Thereupon, the resignation or removal of the retiring Note Trustee shall become effective, and the successor Note Trustee shall have all the rights, powers and duties of the Note Trustee
under this Indenture. The successor Note Trustee shall mail a notice of its succession to Noteholders. If the retiring Note Trustee resigns or is removed, the retiring Note Trustee, the Issuers or the Holders of a majority of the Outstanding
Principal Amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Note Trustee. If the Note Trustee fails to comply with Section 15.10, any Noteholder may petition any court of competent
jurisdiction for the removal of the Note Trustee and the appointment of a successor Note Trustee. 
  
 (c) Notwithstanding the replacement of the Note Trustee pursuant to this Section 15.7, the Issuers’ obligations under
Section 15.6 shall continue for the benefit of the retiring Note Trustee. 
  
 Section 15.8. Successor Note Trustee by Merger. (a) If the Note Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business or assets to,
another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be the successor Note Trustee; provided, however, that such corporation or banking association shall
be otherwise qualified and eligible under Section 15.9 and Section 15.10. The Note Trustee shall provide the Rating Agency with written notice of any such transaction. 
  
 (b) In case at the time such successor or successors by merger, conversion or
consolidation to the Note Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Note Trustee may adopt the Certificate of Authentication of any
predecessor trustee, and deliver such Notes so authenticated, and in case at that time any of the Notes shall not have been authenticated, any successor to the Note Trustee may authenticate such Notes either in the name of any predecessor hereunder
or in the name of the successor to the Note Trustee. In all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Note Trustee shall have. 
  
 Section 15.9. Eligibility; Disqualification The Note Trustee or its
parent shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report and shall have a long-term senior unsecured debt rating of no lower than “BBB-” by the Rating Agency, or shall
otherwise be acceptable to the Rating Agency. 
  

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 Section 15.10. Representations and Warranties of the Note Trustee 
  
 The Note Trustee hereby represents and warrants to the other parties hereto
that, as of the Closing Date: 
  
 (i) the Note Trustee has been
duly organized and is validly existing under the laws of the United States of America; 
  
 (ii) the execution and delivery of this Indenture and the other Transaction Documents to which it is a party by the Note Trustee have been duly authorized by all necessary corporate action on the part of the Note
Trustee; the Note Trustee is duly authorized under applicable law, its articles of incorporation and its by-laws to accept and to perform its obligations under this Indenture and each of the other Transaction Documents to which it is a party, and
all corporate action necessary or required therefor has been duly and effectively taken or obtained; none of the execution, delivery and performance of this Indenture, or the consummation of the transactions herein contemplated, nor the compliance
with the provisions hereof, will conflict with or result in a breach of, or constitute a default under (A) the terms of any agreement or instrument to which the Note Trustee is a party or by which it is bound; (B) the certificate of
incorporation or bylaws of the Note Trustee; or (C) to the Note Trustee’s knowledge, the provisions of any law, governmental rule, regulation, judgment, decree or order binding on the Note Trustee or its properties; neither the Note
Trustee nor any of its Affiliates is a party to, bound by, or in breach of or in violation of any material indenture or other agreement or instrument, or subject to or in violation of any statute, order or regulation of any court, regulatory body,
administrative agency or governmental body having jurisdiction over it, which materially and adversely affects or to the knowledge of the Note Trustee may in the future materially and adversely affect (X) the ability of the Note Trustee to
perform its obligations under this Indenture or (Y) the business, operations, financial condition, properties or assets of the Note Trustee; 
  
 (iii) the execution and delivery of this Indenture and the consummation of the transactions contemplated hereby (with the benefit of the provisions
hereof) do not require any consent, approval, authorization, order, registration or qualification of or with any court or any regulatory authority or other governmental agency or body, except such as has been obtained and is in full force and
effect; 
  
 (iv) this Indenture has been duly executed and
delivered by the Note Trustee and, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid and legally binding obligation of the Note Trustee enforceable against it in accordance with its terms, subject to
(A) applicable bankruptcy, fraudulent conveyance or transfer, insolvency, reorganization, moratorium or similar laws of general applicability relating to or affecting the rights and remedies of creditors generally and (B) the application
of principles of equity (regardless of whether considered and applied in a proceeding in equity or at law); 
  
 (v) there are no actions, suits or proceeding pending, or to the Note Trustee’s knowledge, threatened against the Note Trustee, before or by any
court, administrative agency, arbitrator or governmental body (A) with respect to any of the transactions contemplated by this Indenture or (B) with respect to any other matter which could, if determined adversely to the Note Trustee,
materially and adversely affect it or its business, assets, operations or condition, financial or otherwise, or adversely affect its ability to perform its obligations under this Indenture; and 
  

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 (vi) Note Trustee is not in default with respect to any order or decree of any court or any order,
regulation or demand of any federal, state, municipal or governmental agency, which default might have consequences that would materially and adversely affect the condition (financial or otherwise) or operations of the Note Trustee or its properties
or might have consequences that would materially and adversely affect its performance hereunder. 
  
 Within thirty (30) days of the earlier of discovery by the Note Trustee or receipt of notice by the Note Trustee of the breach of any representation
or warranty of the Note Trustee set forth in this Section 15.10, the Note Trustee shall cure such breach in all material respects. 
  
 Section 15.11. Conflicting Interests 
  
 If the Note Trustee has or shall acquire any conflicting interest (as defined in Section 310 of the Trust Indenture Act of 1939, as amended, applied
as if this Indenture were an Indenture to be qualified under such Act), such Note Trustee shall, within ninety (90) days after ascertaining that it has such conflicting interest and if the default (as defined in Section 310 of such Act)
has not been cured or duly waived or otherwise eliminated before the end of such ninety-day period, either eliminate such conflicting interest or resign, such resignation to become effective upon the appointment of a successor Note Trustee and such
successor’s acceptance of such appointment, and the Issuers shall take prompt steps to have a successor appointed in the manner provided in Section 6.10 hereof. 
  
 Section 15.12. Self Dealing 
  
 The Note Trustee may purchase Eligible Investments through the Note Trustee, in its individual capacity, and through its
Affiliates, and such Persons may retain any charges or commissions customarily imposed for such purchases. 
  
 Section 15.13. Unclaimed Funds 
  
 At the expiration of two (2) years following the Scheduled Maturity Date, of the Notes issued hereunder, any monies deposited in the Holdover Account
for such Notes then remaining on deposit and unclaimed by the lawful owner thereof shall be paid to the Issuers (or in accordance with any directions previously given to the Note Trustee by the Issuers) and the Person entitled to receive such monies
thereafter shall look only to the Issuers for payment thereof as an unsecured general creditor (without regard to any limitation on recourse contained herein or in the Notes or any other Transaction Document), and all liability of the Note Trustee
with respect to such trust money shall thereupon cease; provided that the Note Trustee, before being required to make any such repayment, may, at the expense of the Issuers, cause to be published at least once but not more than three times in
any Authorized Newspaper (if the Notes were, as of the Note Trustee’s receipt of such payment, listed on a securities exchange) and in two newspapers in the English language customarily published on each Business Day and of general circulation,
one in New York, New York and the other in London, England, a notice to the effect that said monies remain unclaimed and have not been applied for the purpose for which they were deposited, and that after a date specified therein, which shall be not
less than 
  

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 thirty (30) days after the date of first publication of said notice, any unclaimed balance of said monies then
remaining in the hands of the Note Trustee will be paid to the Issuers upon their written directions. Any successor to the Issuers through merger, consolidation or otherwise or any recipient of substantially all the assets of the Issuers in a
liquidation of the Issuers shall remain liable for the amount of any unclaimed balance paid to the Issuer pursuant to this paragraph. 
  
 Section 15.14. Illegal Acts 
  
 No provision of this Indenture or any amendment or supplement hereto shall be deemed to impose any duty or obligation on the Note Trustee to do any act in
the performance of its duties hereunder or to exercise any right, power, duty or obligation conferred or imposed on it, which under any present or future law shall be unlawful, or which shall be beyond the corporate powers, authorization or
qualification of the Note Trustee. 
  
 Section 15.15.
Withholding and Information Reporting 
  
 The Note Trustee
agrees with the Issuers that the Note Trustee will comply with all applicable tax withholding and reporting requirements. The Issuers and Paying Agents agree to cooperate with the Note Trustee in order to enable it to comply with such requirements.

  
 ARTICLE XVI 
  
 NOTEHOLDERS’ LISTS, REPORTS AND MEETINGS 
  
 Section 16.1. Preservation of Information; Communications to
Noteholders. The Note Trustee shall preserve in as current a form as is reasonably practicable, the names and addresses of Holders of Global Notes received by the Note Trustee in its capacity as Note Registrar. 
  
 Section 16.2. Fiscal Year. Unless the Issuers otherwise
determine, the fiscal year of the Issuers shall correspond to the calendar year. 
  
 Section 16.3. Voting by Noteholders. Except as otherwise provided in the Indenture (including, without limitation, the provisions of Section 17.2) all resolutions of the Noteholders shall be
passed by votes representing more than 50 percent of the Outstanding Principal Amount. In addition, except as otherwise provided herein, approval from the majority Noteholders shall be required with respect to the following: 
  
 (a) any modification or amendment of, or waiver with respect to, the
Indenture, the Promissory Notes or the Transaction Documents that would result in the extension of the Maturity Date thereof, a reduction in the interest rate borne thereby or the payment, which relates to any exit fee or Prepayment Fee payable
thereon or a deferral or forgiveness of interest on or principal of the Promissory Notes, a modification or waiver of any other monetary term of the Transaction Documents relating to the timing or amount of any payment of principal and interest
(other than interest at the Default Rate) or a modification or waiver of any provision of this Indenture which restricts the related Issuer from incurring additional indebtedness or from transferring a Property or any transfer of direct or indirect
equity interests in such Issuer; 
  

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 (b) any modification or amendment of, or waiver with respect to, the Transaction Documents that would
result in a discounted pay-off of the Promissory Notes; 
  
 (c)
any foreclosure upon or comparable conversion of the ownership of a Property securing the Promissory Notes or any acquisition of a related Property by deed-in-lieu of foreclosure; 
  
 (d) any proposed or actual sale of a Property (other than a sale and Release that is permitted under this Indenture without
Noteholders consent); 
  
 (e) any proposed or actual sale of the
Promissory Notes by the Servicer other than pursuant the Note A-1 Pooling and Servicing Agreement (or similar provision in any other servicing agreement, if applicable); 
  
 (f) any release of an Issuer, the Sponsor or other obligor from liability with respect to the Promissory Notes (other than
as permitted under this Indenture without Noteholders consent); 
  
 (g) any determination not to enforce a “due-on-sale” or “due-on-encumbrance” clause (unless such clause is not exercisable under applicable law or such exercise is reasonably likely to result in successful legal action
by an Issuer) as provided in a pooling and servicing agreement (or similar provision in any other servicing agreement, if applicable); 
  
 (h) any action to bring a Property into compliance with environmental laws or otherwise address hazardous materials located at a Property; 
  
 (i) any substitution or release of collateral or acceptance of additional
collateral for the Promissory Notes including the release of additional collateral for the Promissory Notes unless permitted by the Transaction Documents (other than any release made pursuant to Section 2.5.5, Section 2.6 or
Section 2.9 or the grant of a non-material easement or right-of-way or other non-material release); and 
  
 (j) adoption or approval of a plan in a bankruptcy of an Issuer. 
  

Section 16.4. Purposes for Which Noteholder Meetings May Be Called. A meeting of Noteholders may be called at any time and from time to
time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by the Noteholders. 
  
 Section 16.5. Call, Notice and Place of Meetings. 
  
 (a) The Note Trustee may at any time call a meeting of Noteholders for any
purpose specified in Section 16.4, to be held at such time and at such place in New York, New York as the Note Trustee shall determine. Notice of every meeting of Noteholders, setting forth the time and place of such meeting and in
general terms the action proposed to be taken at such meeting, shall be given by the Note Trustee, in the manner provided in Section 12.6, not less than ten (10) nor more than 180 calendar days prior to the date fixed for the
meeting. 
  

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 (b) In case at any time an Issuer, pursuant to a resolution of the Board of Directors of such Issuer, or
the Holders of at least ten percent (10%) of the Outstanding Principal Amount of the Notes shall have requested the Note Trustee to call a meeting of the Noteholders for any purpose specified in Section 16.4, by written request
setting forth in reasonable detail the action proposed to be taken at the meeting, and the Note Trustee shall not have made the first publication of the notice of such meeting within ten (10) calendar days after receipt of such request or shall
not thereafter proceed to cause the meeting to be held as provided herein, then the Issuers or the Noteholders in the amount above specified, as the case may be, may determine the time and the place in New York, New York, for such meeting and may
call such meeting for such purposes by giving notice thereof as provided in subsection (a) above. 
  
 Section 16.6. Persons Entitled to Vote at Meetings. 
  

To be entitled to vote at any meeting of the Noteholders a Person shall (a) be a Holder of one or more of the Outstanding Notes or (b) be a
Person appointed by an instrument in writing as proxy by a Holder of one or more Outstanding Notes. The only Persons who shall be entitled to be present or to speak at any meeting of Noteholders shall be the Persons entitled to vote at such meeting
and their counsel and any representatives of the Note Trustee and its counsel, and any representatives of the Issuers and their counsel. 
  
 Section 16.7. Quorum; Action. 
  
 The Persons entitled to vote at least a majority of the Outstanding Principal Amount of the Notes shall constitute a quorum for a meeting of the
Noteholders. In the absence of a quorum within 60 minutes of the time appointed for any such meeting, the meeting shall, if convened at the request of Noteholders, be dissolved. In any other case the meeting may be adjourned for a period of not less
than ten (10) calendar days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not
less than ten (10) calendar days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 12.6, except
that such notice need be given only once not less than five (5) calendar days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as
provided above, of the Outstanding Principal Amount of the Notes that shall constitute a quorum. 
  
 Except as limited by the proviso to the first paragraph of Section 17.2, any resolution presented to a meeting or adjourned meeting duly
reconvened at which a quorum is present as aforesaid may be adopted by the affirmative vote of the Holders of at least a majority of the Outstanding Principal Amount of the Notes; provided, however, that, except as limited by the proviso to the
first paragraph of Section 17.2, any resolution with respect to any consent or waiver that this Indenture expressly provides may be given by the Holders of at least a majority of the Outstanding Principal Amount of the Notes may be
adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid only by the affirmative vote of the Holders of at least a majority of the Outstanding Principal Amount of the Notes; and provided, further,
that, except as limited by the proviso to the first paragraph of Section 17.2, any 
  

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 resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action that
this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority of the Outstanding Principal Amount of the Notes may be adopted at a meeting or an adjourned meeting duly
reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage of the Outstanding Principal Amount of the Notes. 
  
 Any resolution passed or decision taken at any meeting of Holders of Notes duly held in accordance with this
Section 16.7 shall be binding on all the Noteholders, whether or not present or represented at the meeting. 
  
 Notwithstanding the foregoing provisions of this Section 16.7, if any action is to be taken at a meeting of Noteholders with respect to any
request, demand, authorization, direction, notice, consent, waiver or other action that this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage in aggregate Outstanding Principal Amount of the Notes
affected thereby, or of the Noteholders: 
  
 (i)
there shall be no minimum quorum requirement for such meeting; and 
  
 (ii) the aggregate Outstanding Principal Amount of the Notes that vote in favor of such request, demand, authorization, direction, notice, consent, waiver or other action shall be taken into account in determining
whether such request, demand, authorization, direction, notice, consent, waiver or other action has been made, given or taken under this Indenture. 
  
 Section 16.8. Determination of Voting Rights; Conduct and Adjournment of Meetings. 
  
 (a) Notwithstanding any other provisions of this Indenture, the Note Trustee
may make such reasonable regulations as it may deem advisable for any meeting of Noteholders in regard to proof of the holding of the Notes and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the
submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such
regulations, the holding of Notes shall be proved in the manner specified in Section 2.1.10 and the appointment of any proxy shall be proved in the manner specified in Section 2.1.10 or by having the signature of the person
executing the proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 2.1.10 to certify to the holding of Notes. Such regulations may provide that written instruments appointing proxies, regular on their
face, may be presumed valid and genuine without the proof specified in Section 2.1.10 or other proof. 
  
 (b) The Note Trustee shall, by an instrument in writing, appoint a chairman of the meeting, unless the meeting shall have been called by the Issuers or by
Holders of Notes as provided in Section 16.5, in which case the Issuers or the Holders of Notes calling the meeting, as the case may be, shall in like manner appoint a chairman. A permanent chairman and a permanent secretary of the
meeting shall be elected by vote of the Persons entitled to vote at least a majority of the Outstanding Principal Amount of the Notes represented at the meeting. 
  

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 (c) At any meeting each Noteholder or proxy shall be entitled to one vote for each $1,000 of the
Outstanding Principal Amount of the Notes held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not Outstanding and ruled by the chairman of the meeting to be not
Outstanding. The chairman of the meeting shall have no right to vote, except as a Noteholder or of a proxy. 
  
 (d) Any meeting of Noteholders duly called pursuant to Section 16.5 at which a quorum is present may be adjourned from time to time by Persons
entitled to vote at least a majority of the Outstanding Principal Amount of the Notes represented at the meeting; and the meeting may be held as so adjourned without further notice. 
  
 Section 16.9. Counting Votes and Recording Action of Meetings. 
  
 The vote upon any resolution submitted to any meeting of Noteholders shall
be by written ballots on which shall be subscribed the signatures of the Noteholders or their representatives by proxy and the principal amounts and serial numbers of the Notes held or represented by them. The permanent chairman of the meeting shall
appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A
record, at least in duplicate, of the proceedings of each meeting of Noteholders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken
thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 16.5 and, if applicable,
Section 16.7. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Issuers, and another to the Note Trustee to be preserved by the
Note Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 
  
 Section 16.10. Remedial Rights. 
  
 (a) Subject to Section 16.3, all decisions, consents, waivers, approvals and other actions (collectively,
“Decisions”) authorized to be taken under or in connection with any of the Transaction Documents by any Noteholder shall be taken by Promissory Note A-1 Noteholder in accordance with the Note A-1 Pooling and Servicing Agreement, and no
other Noteholder shall exercise any such rights with respect to its respective Promissory Note or otherwise. All Noteholders recognize that pursuant to the Note A-1 Pooling and Servicing Agreement all servicing and administrative functions with
respect to the Indenture shall be exercised by the Servicer, and that the Servicer may exercise all rights and remedies of the Promissory Note A-1 Noteholder under this Indenture on behalf of Promissory Note A-1 Noteholder. All Decisions made by the
Servicer on behalf of the Noteholders pursuant to and in accordance with the Note A-1 Pooling and Servicing Agreement shall be deemed to be reasonable so long as such decisions are in accordance with the servicing standard. Subject to 
  

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 the terms of the Note A-1 Pooling and Servicing Agreement and Section 16.3 hereof, Promissory Note A-1
Noteholder may (i) consent or withhold consent to any action by Issuers, (ii) exercise or refrain from exercising any power, rights or remedies under the Transaction Documents or otherwise in respect of the Promissory Notes,
(iii) waive any conditions in any Transaction Documents, (iv) amend the Transaction Documents or (v) take any other action authorized to be taken under or in connection with the Transaction Documents or the Note A-1 Pooling and
Servicing Agreement. Noteholders agree that the pari passu status of any Promissory Note shall not be affected by any (x) extension of the Maturity Date or of any installment of interest, principal or yield maintenance payment,
(y) reduction in fees or expenses payable to the Noteholders, or (z) release of collateral. 
  
 (b) In addition to the foregoing, until the satisfaction in full of the obligations of the Issuers under the Promissory Notes, each Noteholder hereby
covenants and agrees that it shall not institute or commence a proceeding or case under or file a petition (in each case, either by itself or in conjunction with any other Persons) under the United States Bankruptcy Code (or join any Person in any
such petition) or otherwise invoke or cause any other Person to institute or commence an insolvency proceeding with respect to or against Issuers or seek to appoint a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar
official with respect to Issuers or all or any part of its property or assets ordering the winding-up or liquidation of the affairs of Issuers. Each Noteholder hereby appoints Promissory Note A-1 Noteholder as its agent, and grants Promissory Note
A-1 Noteholder an irrevocable power of attorney coupled with an interest, and its proxy, for the purpose of exercising any and all rights and taking any and all actions available to such Noteholder in connection with any case by or against Issuers
under the United States Bankruptcy Code or in any other insolvency proceeding, including without limitation, the right to file and/or prosecute any claim, vote to accept or reject a plan, make any election under Section 1111(b) of the United
States Bankruptcy Code with respect to the Promissory Notes, and to file a motion to modify, lift or terminate the automatic stay with respect to the Promissory Notes following the commencement of a bankruptcy case. Each Noteholder also agrees that
it will not assert or in any way utilize the Promissory Notes as the basis for any set-off, offset or recoupment in any action or proceeding brought by Issuers against it. Each Noteholder hereby agrees that, upon the request of Promissory Note A-1
Noteholder, it shall execute, acknowledge and deliver to Promissory Note A-1 Noteholder all such further deeds, conveyances and instruments as Promissory Note A-1 Noteholder may reasonably request for the better assuring and evidencing of the
foregoing appointment and grant. All references to Promissory Note A-1 Noteholder in this paragraph shall be deemed to apply equally to Servicer and Note Trustee acting on behalf of Promissory Note A-1 Noteholder pursuant to the Note A-1 Pooling and
Servicing Agreement. 
  
 Section 16.11. Return of
Funds. 
  
 (a) If, at any time that Promissory Note A-1 is
outstanding, the Servicer or Note Trustee shall have paid to any Noteholder any amount received on the Promissory Notes, and such payment was made in error, then such Noteholder shall promptly return such amount to the Servicer or Note Trustee, as
applicable, on demand, and if such payment is not made, the Servicer or Note Trustee will diligently seek to obtain the recovery of such amounts from such Noteholder (which recovery may be effected from subsequent collections on such
Noteholder’s Promissory Note, as applicable, and will include interest thereon). If the Servicer or Note Trustee, as appropriate, determines that any amount received or collected by Servicer or Note Trustee must be returned to Issuers or paid
to any other 
  

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 Person pursuant to any bankruptcy or insolvency law or ruling (or the equivalent), the Servicer or Note Trustee, as
appropriate, shall not be obligated to distribute such amount to any Noteholder, but, if any amount is so distributed, such Noteholder shall promptly return such amount to the Servicer or Note Trustee, as applicable, on demand, and if such payment
is not made, the Servicer or Note Trustee, as appropriate, will diligently seek to obtain the recovery of such amounts therefrom (which recovery may be effected from subsequent collections on such Noteholder’s Promissory Note and will include
interest thereon). If any Promissory Note is part of a Securitization, the parties to such Securitization shall use general collections of the related securitization trust to reimburse the master servicer or Note Trustee for such amount, and any
such Securitization shall provide for such reimbursements to the Servicer or Note Trustee. 
  
 (b) The foregoing provisions are agreed and covenanted to by the parties hereto notwithstanding that any such amounts might at any time be held in the related collection account for the benefit of any Noteholder, and
each Noteholder hereby releases and relinquishes any claim or security on such amount that it is not entitled to retain in accordance with this Indenture. 
  
 (c) Each of the duties and obligations specified in this Section shall survive any termination of this Indenture. 
  
 Section 16.12. Restrictions on Transfer. 
  
 (a) Each Noteholder (and any subsequent holder of such Noteholder’s
Promissory Note) agrees that it shall not sell, assign, transfer, pledge, syndicate, sell, hypothecate, contribute, encumber or otherwise dispose of (a “Transfer”) all or any portion of its respective Promissory Note without Promissory
Note A-1 Noteholder’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed, or Rating Agency Confirmation; provided that: 
  
 (i) each such Noteholder shall have the right to Transfer its Promissory Note, or any portion thereof, to a
Qualified Institutional Lender, without obtaining Promissory Note A-1 Noteholder’s or the Servicer’s prior written consent or Rating Agency Confirmation, as long as Note Trustee and the Servicer are provided prior to the date of any
Transfer with (i) an officer’s certificate from a senior officer of the transferee, certifying that it is a Qualified Institutional Lender and (ii) a copy of the assignment and assumption agreement referred to in clause
(y) below, and 
  
 (ii) if such Noteholder
wishes to Transfer its Promissory Note, or any portion thereof, to an entity that is not a Qualified Institutional Lender, it must first obtain the consent of Promissory Note A-1 Noteholder or the Servicer, which will be conditioned upon receipt by
Note Trustee of a Rating Agency Confirmation. 
  
 (b)
Notwithstanding the foregoing, both prior to and from and after the closing date of a Securitization of Promissory Note A-1 (x) without Promissory Note A-1 Noteholder’s prior consent and the receipt of Rating Agency Confirmation, which
will be given in Promissory Note A-1 Noteholder’s sole discretion, no other Noteholder shall Transfer all or any portion of its Promissory Notes to any Issuer or an affiliate thereof, and any such Transfer shall be void ab initio and
(y) in connection with any Transfer of a Promissory Note, the transferee shall execute an assignment and assumption agreement whereby such transferee 
  

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 assumes all of the obligations of the related Noteholder hereunder with respect to such Promissory Note, from and after
the date of such assignment; provided, that if such Promissory Note is being securitized and the Note A-1 Pooling and Servicing Agreement is being entered into in connection therewith, (i) the officer’s certificate specified in
Section 16.12(a)(i) shall not be required and (ii) no separate assignment and assumption agreement shall be required. Each Noteholder agrees by its acceptance of the Note that it will pay the expenses of Promissory Note A-1
Noteholder (including all expenses of the Servicer and the Note Trustee) and all expenses relating to a Rating Agency Confirmation in connection with such Transfer by such Noteholder. 
  
 Section 16.13. Advancing on the Pari Passu Loans. 
  
 (a) The Servicer and, if the Servicer fails to do so, the trustee for the securitization of Promissory Note A-1 (the
“A-1 Trustee”) shall make the following advances, subject to the terms of the Note A-1 Pooling and Servicing Agreement (but subject to the recoverability standard set forth therein) and this Indenture: (i) servicing or property
protective advances (a “Property Advance”) on the Mortgaged Properties and the Promissory Notes and (ii) principal and/or interest advances (a “P&I Advance”) on the Promissory Note A-1. Each of the Servicer
and the A-1 Trustee will be entitled to reimbursement for a Property Advance made by such Person, first from the Holding Account, and then, if funds in the Holding Account are insufficient to reimburse such Person, such Person shall be entitled to
reimbursement for such Property Advance from general collections of the Promissory Note A-1 securitization as provided in the Note A-1 Pooling and Servicing Agreement. In the event that the Servicer or the A-1 Trustee makes any Property Advance with
respect to the Promissory Notes that become a non-recoverable advance, then each Noteholder shall promptly reimburse the Servicer or the A-1 Trustee, as applicable, upon demand, for its pro rata share of such Property Advance, together with
interest thereon. In addition, by its acceptance of its Note, each Noteholder is deemed to have agreed that it will promptly reimburse the Servicer for its pro rata share of any fees, costs or expenses that related directly to the servicing
of its respective Note as to which the Servicer or the A-1 Trustee is entitled to be reimbursed pursuant to the Note A-1 Pooling and Servicing Agreement. If the Note A-1 Pooling and Servicing Agreement permits the Servicer or the A-1 Trustee to
reimburse itself from a general collections account, then the Servicer or the A-1 Trustee, as applicable, may do so and, if required under the Note A-1 Pooling and Servicing Agreement, the Servicer or the A-1 Trustee will seek reimbursement from the
Noteholders. If any Promissory Note is part of a Securitization, the related pooling and servicing agreement shall provide that the related servicer or trustee in such Securitization shall use general collections of the related securitization trust
to pay such Noteholder’s proportionate share of the amounts described in this paragraph. Each Noteholder shall be responsible for its proportionate share of any non-recoverable servicing advances (and advance interest thereon) that relate
directly to the servicing of the Promissory Notes whether or not such Note is in a Securitization, provided that if none of the Promissory Notes are in a Securitization any Noteholder may instruct the servicer not to make any servicing
advances. 
  
 (b) The servicer under each of the Securitizations
other than the Promissory Note A-1 Securitization (each, an “Other Servicer”) shall be required to make P&I Advances on the related Promissory Note, from time to time, subject to the terms of the pooling and servicing agreement
for the related Securitization (each an “Other Pooling and Servicing Agreement”), the Note A-1 Pooling and Servicing Agreement of the Promissory Note A-1 Securitization and this Indenture. Each Other Pooling and Servicing Agreement
shall also provide that if the related 
  

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 Other Servicer fails to make such a P&I Advance, as required, the trustee for such securitization or a fiscal agent
in its stead, (the “Other Trustee”) will make such P&I Advance subject to the terms of such Other Pooling and Servicing Agreement. The Servicer and each Other Servicer shall each independently make its own recoverability
determination with respect to a P&I Advance for its Promissory Note based on the information that each has on hand and in accordance with such pooling and servicing agreement, as applicable, for the related Securitization. If either the Servicer
or any Other Servicer makes a non-recoverability determination with respect to such P&I Advance, no Other Servicer or Other Trustee shall make any related P&I Advance for the Promissory Notes included in the related securitization trust;
provided however, if the Servicer is not a servicer approved by a Rating Agency that is rating the other Securitization, each Other Servicer or Other Trustee shall be required to make its own non-recoverability determination. Each Servicer shall be
required to advise the other servicers of the amount of its P&I Advance within two Business Days of making such advance. If either the Servicer or any Other Servicer determines that a proposed P&I Advance, if made, would be non-recoverable
or an outstanding P&I Advance is or would be non-recoverable or if the Servicer subsequently determines that a proposed Property Advance would be non-recoverable or an outstanding Property Advance is or would be non-recoverable, it will advise
each Other Servicer within one Business Day of making such determination. Once notice of such determination has been delivered by the Servicer or the Servicer receives written notice of such determination by any Other Servicer, none of the Servicer,
the A-1 Trustee, an Other Servicer or Other Trustee or any other party to the related pooling and servicing agreement shall make any additional P&I Advances with respect to the Promissory Notes until the Servicer has consulted with the
applicable Other Servicers and they agree that circumstances with respect to the Promissory Notes have changed such that a proposed future P&I Advance would not be a non-recoverable advance. Each servicer, trustee, fiscal agent or other maker of
a P&I Advance shall only be entitled to reimbursement for a P&I Advance that becomes non-recoverable first from amounts allocated to the related Promissory Notes pursuant to this Indenture, and then, if such funds are
insufficient to reimburse such servicer or other advancing party, such servicer, trustee, fiscal agent or other advancing party shall be entitled to reimbursement for such P&I Advance from general collections of the related securitization trust,
in each case, pursuant to the terms of the Note A-1 Pooling and Servicing Agreement or the Other Pooling and Servicing Agreement for the applicable Securitization. 
  
 (c) Each Noteholder by its acceptance of its Note is deemed to have agreed that the servicer selected for the applicable
Securitization of the related Promissory Note shall be a Servicer that is approved by S&P (an “S&P Approval”), Moody’s (a “Moody’s Approval”) and Fitch (a “Fitch Approval”)
provided that such servicer need only be approved by S&P, Moody’s or Fitch if such rating agency is rating the related Securitization. Each Noteholder further agrees that the related Other Pooling and Servicing Agreement entered into
in connection with the related Securitization shall contain a provision to the effect that if the trustee of such Securitization (each, an “Other Trustee”) or the Other Servicer for such Securitization (each an “Other
Securitization Party”) has received notice from S&P, Moody’s or Fitch that such Other Servicer no longer has S&P Approval, Moody’s Approval or Fitch Approval, as applicable, then such Other Securitization Party shall
promptly notify the master servicer and the Other Securitization Party of the same. The Noteholders agree that in the absence of such S&P Approval, Moody’s Approval or Fitch Approval, neither the Servicer nor any Other Servicer shall be
required under the Note A-1 Pooling and Servicing Agreement or an Other Pooling and Servicing Agreement to abide by, nor may it rely on, any determination of non-recoverability by any Other Servicer or the Servicer, as applicable. 
  

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 Section 16.14. Provisions of Other Pooling and Servicing Agreements. 
  
 Each Noteholder by its acceptance of its Note is deemed to have agreed that
its related Other Pooling and Servicing Agreement shall contain provisions to the following effect: (1) each Noteholder shall be responsible for its proportionate share of any non-recoverable Property Advances (and advance interest thereon)
that relate directly to the servicing of the Promissory Notes, including any unpaid special servicing fees relating to the Promissory Notes, and that in the event that the funds received with respect to each respective Promissory Note are
insufficient to cover such Property Advances (x) the applicable Other Servicer and, if such Other Servicer does not perform its obligations, Other Trustee will be required to promptly reimburse the Servicer or A-1 Trustee, as applicable, out of
general funds in the collection account (or equivalent account) established under the Other Pooling and Servicing Agreement, and (y) if the Note A-1 Pooling and Servicing Agreement permits the Servicer or A-1 Trustee to reimburse itself then
the Servicer or A-1 Trustee, as applicable, may do so and the Other Servicer will be required to make reimbursements out of general funds in the collection account (or equivalent account) established under the Other Pooling and Servicing Agreement,
(2) each of the Servicer and the A-1 Trustee shall be indemnified against any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with
the Note A-1 Pooling and Servicing Agreement or applicable Other Pooling and Servicing Agreement that relate directly to its servicing of the Promissory Notes, and the applicable Other Servicer will be required to reimburse the Servicer or A-1
Trustee, as applicable, out of general funds in the collection account (or equivalent account) established under the related Other Pooling and Servicing Agreement, (3) the related Other Servicer or Other Trustee will be required to deliver
notice to the Note Trustee and the Servicer of the deposit of a Promissory Note into a securitization trust (which notice shall also provide contact information for the related Other Trustee, the Other Servicer and the related Controlling Class
Representative), accompanied by a certified copy of the executed Other Pooling and Servicing Agreement, (4) in the event that Promissory Note A-1 is no longer an asset in a Securitization and the Promissory Notes are being serviced pursuant to
another pooling and servicing agreement, a Rating Agency Confirmation with respect to the related Securitization shall be required to be delivered, and (5) the Servicer shall be third party beneficiaries of the provisions in each Other Pooling
and Servicing Agreement that effect the foregoing clauses (1) through (3). Each of the foregoing obligations of each Noteholder shall be deemed satisfied to the extent that the related Other Pooling and Servicing Agreement contains a provision
corresponding to the obligation set forth in this Section 16.14. 
  
 ARTICLE XVII 
  
 SUPPLEMENTAL INDENTURES

  
 Section 17.1. Supplemental Indentures Without Consent
of Noteholders. Without the consent of the Noteholders but with prior notice to the Rating Agency, the Issuers and the Note Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures
supplemental hereto, in form satisfactory to the Note Trustee, for any of the following purposes: 
  
 (i) to evidence the succession, in compliance with the applicable provisions hereof, of another Person to the Issuers, and the assumption
by any such successor of the covenants of the Issuers herein and in the Notes; 
  

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 (ii) to add to the covenants of the Issuers, for the benefit of the Holders of the Notes,
or to surrender any right or power herein conferred upon the Issuers; 
  
 (iii) to convey, transfer, assign, mortgage or pledge any property to or with the Note Trustee; 
  
 (iv) to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be inconsistent with
any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this Indenture which will not be inconsistent with other provisions of the Indenture; 
  
 (v) to evidence and provide for the acceptance of the
appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant
to the requirements of Article XV; or 
  
 (vi) to
evidence any changes as required in connection with a Subsequent Funding or the Condominium Conversion permitted hereunder; 
  
 provided, however, that (i) such action shall not, as evidenced by an Opinion of Counsel, adversely affect the interests of any Noteholder, (ii) a Rating
Confirmation shall have been obtained with respect to such action and (iii) such action shall not amend, modify or waive any of the subordination provisions. The Note Trustee is hereby authorized to join in the execution of any such
supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained. 
  
 Section 17.2. Supplemental Indentures with Consent of Noteholders. The Issuers and the Note Trustee, when authorized by an Issuer Order, also
may, with the consent of the Holders of not less than a majority of the Outstanding Principal Amount of the Notes affected thereby, by Act of such Holders evidenced by a resolution adopted at a meeting of the Noteholders delivered to the Issuers and
the Note Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided that so long as any of the Notes are included in a Securitization (i) a Rating Confirmation shall have been obtained with respect to such action and (ii) no such supplemental indenture
shall, without the consent of the Holder of each Outstanding Note affected thereby: 
  
 (i) change the Maturity Date or any Payment Date, or reduce the Outstanding Principal Amount thereof, the interest rate thereon (or manner
of calculation 
  

 220 








 of the interest rate) or change any time or place of payment where, or the coin or currency in which, any
principal of or interest on any Note is payable, or impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article X, to the payment of any
such amount due on the Notes on or after the respective due dates thereof; 
  
 (ii) reduce the percentage of the Outstanding Principal Amount of the Notes the consent of the respective Noteholders of which is required for any such supplemental indenture, or the consent of the respective
Noteholders of which is required for any waiver of future compliance with certain provisions of this Indenture or certain past defaults hereunder and their consequences provided for in this Indenture; 
  
 (iii) modify any provision of this Indenture specifying a
percentage of the aggregate Outstanding Principal Amount of the Notes necessary to amend this Indenture or the other Transaction Documents except to increase any percentage specified herein or to provide that certain additional provisions of this
Indenture or the other Transaction Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; 
  
 (iv) modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest
or the Note Repayment Amount, as applicable, due on any Note on any Payment Date or Maturity Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Holders of the Notes to the benefit
of any provisions for the mandatory redemption of the Notes contained herein; 
  
 (v) change the dates upon which optional redemption of the Notes are permitted; 
  
 (vi) deprive the holder of any Note of the benefit of a first priority security interest in the Collateral as provided in herein; or

  
 (vii) modify the final sentence of
Section 2.1.3 hereof. 
  
 It shall not be necessary
for any Act of the Noteholders under this Section 17.2 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
  
 Promptly after the execution by the Issuers and the Note Trustee of any
supplemental indenture pursuant to this Section 17.2, the Note Trustee shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such
supplemental indenture. Any failure of the Note Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
  
 Section 17.3. Execution of Supplemental Indentures. In executing,
or permitting the additional trusts created by, any supplemental indenture permitted by this Article XVII or the modification thereby of the trusts created by this Indenture, the Note Trustee shall be 
  

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 entitled to receive, and subject to Sections 15.1 and 15.2, shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent to the execution and delivery of such supplemental indenture have been satisfied. The Note
Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Note Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 
  
 Section 17.4. Effect of Supplemental Indenture. Upon the
execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights,
limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Note Trustee, the Issuers and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to
such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
  
 Section 17.5. Reference in Notes to Supplemental Indentures.
Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article XVII may, and if required by the Note Trustee shall, bear a notation in form approved by the Note Trustee as to any matter provided for in
such supplemental indenture. If the Issuers or the Note Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Note Trustee and the Issuers, to any such supplemental indenture may be prepared and executed by the
Issuers and authenticated and delivered by the Note Trustee in exchange for Outstanding Notes. 
  
 [REMAINDER OF PAGE INTENTIONALLY BLANK] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed by their duly
authorized representatives, all as of the day and year first above written. 
  

			
	NOTE TRUSTEE:
	LASALLE BANK NATIONAL ASSOCIATION, a national banking association
		
	 By:
	 	 /s/ Alyssa C. Stahl

	Name:	 	Alyssa C. Stahl
	Title:	 	First Vice President


  

 223 








  

			
	ISSUERS:
	
	SHC Lincolnshire LLC, a Delaware limited liability company
		
	 By:
	 	 /s/ Monte Huber

	Name:	 	Monte Huber
	Title:	 	Vice President, Controller and Treasurer
	
	SHC Columbus Drive, LLC, a Delaware limited liability company
		
	 By:
	 	 /s/ Monte Huber

	Name:	 	Monte Huber
	Title:	 	Vice President, Controller and Treasurer
	
	New Rancho, L.L.C., a Delaware limited liability company
		
	 By:
	 	 /s/ Monte Huber

	Name:	 	Monte Huber
	Title:	 	Vice President, Controller and Treasurer
	
	New Santa Monica Beach Hotel, L.L.C., a Delaware limited liability company
		
	 By:
	 	 /s/ Monte Huber

	Name:	 	Monte Huber
	Title:	 	Vice President, Controller and Treasurer
	
	New Burbank, L.L.C., a Delaware limited liability company
		
	 By:
	 	 /s/ Monte Huber

	Name:	 	Monte Huber
	Title:	 	Vice President, Controller and Treasurer


  

 224 









			
	Inmobiliaria Nacional Mexicana, S. de R.L. de
C.V., a Mexican limited liability company
		
	 By:
	 	 /s/ Monte Huber

	Name:	 	Monte Huber
	Title:	 	Vice President, Controller and Treasurer
	
	Punta Mita Resort S. de R.L. de C.V., a Mexican limited liability company
		
	 By:
	 	 /s/ Monte Huber

	Name:	 	Monte Huber
	Title:	 	Vice President, Controller and Treasurer
	
	SHC Half Moon Bay, LLC, a Delaware limited liability company
		
	 By:
	 	 /s/ Monte Huber

	Name:	 	Monte Huber
	Title:	 	Vice President, Controller and Treasurer
	
	SHC Mexico Lender, LLC, a Delaware limited liability company
		
	 By:
	 	 /s/ Monte Huber

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer


  

 225 








 By signing below, Operating Lessee agrees, in consideration of the substantial benefit that it will
receive from the transaction contemplated by this Indenture, to comply (or permit Issuer to take such action necessary to comply) with all of the terms, conditions, obligations and restrictions expressly applicable to Operating Lessee set forth
herein: 
  

			
	OPERATING LESSEES:
	
	DTRS Lincolnshire, L.L.C., a Delaware limited liability company
		
	By:	 	 /s/ Monte Huber

	Name:	 	Monte Huber
	Title:	 	Vice President, Controller and Treasurer
	
	DTRS Columbus Drive, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Monte Huber

	Name:	 	Monte Huber
	Title:	 	Vice President, Controller and Treasurer
	
	DTRS Rancho Las Palmas, L.L.C., a Delaware limited liability company
		
	By:	 	 /s/ Monte Huber

	Name:	 	Monte Huber
	Title:	 	Vice President, Controller and Treasurer
	
	DTRS Santa Monica, L.L.C., a Delaware limited liability company
		
	By:	 	 /s/ Monte Huber

	Name:	 	Monte Huber
	Title:	 	Vice President, Controller and Treasurer
		 	


  

 226 









			
	 DTRS Burbank, L.L.C., a Delaware limited
 liability company

		
	By:	 	 /s/ Monte Huber

	Name:	 	Monte Huber
	Title:	 	Vice President, Controller and Treasurer
	
	Punta Mita TRS, S. de R.L. de C.V., a Mexican limited liability company
		
	By:	 	 /s/ Monte Huber

	Name:	 	Monte Huber
	Title:	 	Vice President, Controller and Treasurer
	
	DTRS Half Moon Bay, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Monte Huber

	Name:	 	Monte Huber
	Title:	 	Vice President, Controller and Treasurer


  

 227 









			
	NOTEHOLDER:
	
	GERMAN AMERICAN CAPITAL CORPORATION, Maryland corporation
		
	By:	 	 /s/ Todd O. Sammann

	Name:	 	Todd O. Sammann
	Title:	 	Vice President
		
	By:	 	 /s/ Christopher Dunn

	Name:	 	Christopher Dunn
	Title:	 	Vice President
		 	


  

 228 








 SCHEDULE A 
  

ISSUERS 
  

			
	 Issuer

	  	 Property


	SHC Lincolnshire LLC	  	Marriott Lincolnshire Resort
	SHC Columbus Drive, LLC	  	Fairmont Chicago Hotel
	New Rancho, L.L.C.	  	Marriott Rancho Las Palmas
	New Santa Monica Beach Hotel, L.L.C.	  	Loews Santa Monica
	New Burbank, L.L.C.	  	Hilton Burbank Airport
	Punta Mita Resort S. de R.L. de C.V.	  	Four Seasons Punta Mita
	Inmobiliaria Nacional Mexicana, S. de R.L. de C.V.	  	Four Seasons Mexico City
	SHC Half Moon Bay, LLC	  	Ritz Carlton Half Moon Bay
	SHC Mexico Lender, LLC	  	N/A

  

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 SCHEDULE A-1 
  
 OPERATING LESSEES 
  

			
	 Operating Lessees

	  	 Property


	DTRS Lincolnshire, L.L.C.	  	Marriott Lincolnshire Resort
	DTRS Columbus Drive, LLC	  	Fairmont Chicago Hotel
	DTRS Rancho Las Palmas, L.L.C.	  	Marriott Rancho Las Palmas
	DTRS Santa Monica, L.L.C.	  	Loews Santa Monica
	DTRS Burbank, L.L.C.	  	Hilton Burbank Airport
	Punta Mita TRS, S. de R.L. de C.V.	  	Four Seasons Punta Mita
	Punta Mita TRS, S. de R.L. de C.V.	  	Four Seasons Mexico City
	DTRS Half Moon Bay, LLC	  	Ritz Carlton Half Moon Bay

  

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 SCHEDULE B 
  

DESCRIPTION OF MORTGAGED PREMISES 
  
 Marriott Lincolnshire Resort 
  
 Leasehold Estate, as defined in ALTA 13.1 leasehold loan endorsement, created by the instrument herein referred to as the Lease, said Land Lease Agreement
dated December 18, 1970, by and between Rivershire, Inc. and American National Bank and Trust Company of Chicago, Trustee under that certain Trust Agreement, dated August 22, 1966 and known as Trust 23831 and under that certain Trust
Agreement, dated August 22, 1966 and known, as Trust 23830 (“Trustee”), collectively as landlord, and Marriott Hotels, Inc., as tenant; a memorandum of which Land Lease Agreement was recorded on May 31, 1972 in the Office of the
Recorder of Deeds, Lake County, Illinois, as Document No. 1559989; and amended by that certain Amendment dated August 29 1975, by and between Trustee and Indian Creek Investors Inc. (formerly known as Rivershire, Inc.), and the Marriott
Corporation (successor by merger with Marriott Hotels, Inc,), a Delaware Corporation, a short form of which was recorded In the Office of the Recorder of Deeds, Lake County Illinois as Document No. 1729391; and which Land Lease was assigned by
Marriott Corporation, successor by merger with Marriott Hotels, Inc., to the Prudential Insurance Company of America, pursuant to that certain Assignment of Land Lease and Assumption of obligations, dated August 29, 1975 and recorded in the
Office of the Recorder of Deeds, Lake County, Illinois, as Document 1729392 which Land Lease was further amended by that certain unrecorded Second Amendment to Land Lease Agreement dated June 29, 1980 between American National Bank and Trust
Company of Chicago, as Trustee under that certain Trust Agreement dated August 22, 1966 and known as Trust No, 23831 and under that certain Trust Agreement dated August 22, 1966 and known as Trust No. 23830 and Indian Creek Investors
Inc., formerly known as Rivershire Inc., collectively as Landlord, and the Prudential Insurance Company of America, as Tenant; and which Land Lease was assigned by The Prudential Insurance Company of America to Strategic Hotel Capital Limited
Partnership pursuant to that certain ground Lease Assignment, dated September 30, 1997, and recorded in Lake County, Illinois on October 1, 1997 as Document No, 4026946, and which Land Lease was further amended by that certain third
Amendment to Land Lease Agreement dated August 24, 1999 and recorded in Lake County Illinois on September 7, 1999 as Document No. 4415622; and which Land Lease was assigned by Strategic Hotel Capital Limited Partnership to SHC
Lincolnshire LLC pursuant to that certain Ground Lease Assignment recorded in Lake County, Illinois on September 20, 1999 as Document No. 4422066, which leasehold is for a current term of years ending January 1, 2021, and three
additional periods of ten years each, in the following real estate: 
  
 PARCEL 1: 
  
 THAT PART OF THE SOUTHWEST 1/4 OF SECTION
14, TOWNSHIP 43 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL Meridian LYING SOUTHERLY OF THE CENTER LINE OF STATE ROUTE 22 AND WESTERLY OF THE CENTER LINE OF THE DES PLAINES RIVER, EXCEPT THAT PART CONDEMNED FOR ROAD PURPOSES BY PROCEEDINGS IN THE
CIRCUIT COURT OF LAKE COUNTY, ILLINOIS 
  

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 KNOWN AS CASE 80ED8 AND EXCEPT THAT PART CONDEMNED FOR ROAD PURPOSES BY PROCEEDINGS IN THE CIRCUIT COURT OF LAKE COUNTY
KNOWN AS CASE 86ED7, IN LAKE COUNTY, ILLINOIS. 
  
 PARCEL 2:

  
 THAT PART OF THE WEST 1/2 OF THE NORTHWEST 1/4 OF SECTION 23,
TOWNSHIP 43 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF THE NORTHWEST 1/4 OF SAID SECTION 23, THENCE SOUTH ALONG THE WEST LINE THEREOF, 603. O5 FEET TO THE CENTER LINE OF INDIAN
CREEK, AS CENTER LINE WAS LOCATED ON AUGUST 26, 1948; THENCE EASTERLY AND SOUTHERLY ALONG THE CENTER LINE AND THE CENTER LINE EXTENDED OF INDIAN CREEK TO THE CENTER LINE OF THE DES PLAINES RIVER. AS SAID CENTER LINE WAS LOCATED ON AUGUST 26, 1948;
THENCE NORTHEASTERLY. ALONG SAID CENTER LINE OF THE DES PLAINES RIVER TO A POINT ON THE EAST LINE OF THE WEST 1/2 OF THE NORTHWEST 1/4 OF SAID SECTION 23, 228.6 FEET SOUTHERLY OF THE NORTHEAST CORNER OF SAID WEST 1/2 OF THE NORTHWEST 1/4; THENCE
NORTHERLY ALONG SAID EAST LINE, 228.60 FEET TO THE NORTHEAST CORNER OF SAID WEST 1/2 OF THE NORTHWEST 1/4; THENCE WESTERLY ALONG THE NORTH LINE OF SAID WEST 1/2 OF THE NORTHWEST 1/4, 1338-85 FEET TO THE PLACE OF BEGINNING, IN LAKE COUNTY, ILLINOIS.

  
 PARCEL 3: 
  
 THAT PART OF THE WEST 1/2 OF THE NORTHWEST 1/4 OF SECTION 23, TOWNSHIP 43
NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS BEGINNING AT A POINT WHICH IS SOUTH 72 DEGREES 40 MINUTES EAST 501.1 FEET FROM A POINT ON THE WEST LINE OF SAID WEST 1/2 OF THE NORTHWEST 1/4 OF SECTION 23, WHICH IS 783.9
FEET SOUTH FROM THE NORTHWEST CORNER OF SAID SECTION 23; THENCE SOUTH 23 DEGREES EAST 654.1 FEET TO A POINT WHICH IS 733.9 FEET EAST OF THE WEST LINE AND IS 1515. 7 FEET SOUTH OF THE NORTH LINE OF SAID WEST 1/2 OF THE NORTHWEST 1/4; THENCE NORTH 67
DEGREES EAST 410 FEET, MORE OR LESS, TO THE CENTER OF DES PLAINES RIVER, AS SAID CENTER LINE WAS LOCATED ON SEPTEMBER 20, 1934; THENCE NORTHERLY ALONG THE CENTER OF SAID RIVER, 680 FEET, MORE OR LESS, TO THE CENTER LINE EXTENDED OF INDIAN CREEK ;
THENCE WESTERLY, ALONG THE CENTER OF SAID CREEK, 435 FEET, MORE OR LESS, TO A POINT WHICH IS 542.6 FEET EAST FROM THE WEST LINE AND 750.3 FEET SOUTH FROM THE NORTH LINE OF SAID WEST 1/2 OF THE NORTHWEST 1/4; THENCE SOUTH 19 DEGREES 20 MINUTES WEST
205 FEET TO THE PLACE OF BEGINNING IN LAKE COUNTY, ILLINOIS. 
  

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 PARCEL 4: 
  
 THAT PART OF THE WEST 1/2 OF THE NORTHWEST 1/4 OF SECTION 23, TOWNSHIP 43 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN. DESCRIBED AS FOLLOWS:

  
 BEGINNING AT A POINT ON .THE WEST LINE OF SAID WEST 1/2.
764.05 FEET SOUTH OF THE NORTHWEST CORNER THEREOF; THENCE NORTH 89 DEGREES 25 MINUTES 30 SECONDS EAST, 167.60 FEET, THENCE SOUTHEASTERLY ALONG A CURVE TANGENT TO THE LAST DESCRIBED COURSE HAVING A RADIUS OF 275.45 FEET AND CONCAVE SOUTHWESTERLY A
DISTANCE OF 238.06 FEET, CHORD MEASURE; THENCE SOUTH 39 DEGREES 22 MINUTES EAST 14.15 FEET: THENCE SOUTHEASTERLY ALONG A CURVE TANGENT TO THE LAST DESCRIBED COURSE HAVING A RADIUS OF 114.06 FEET AND CONCAVE NORTHEASTERLY, A DISTANCE OF 100.90 FEET,
MORE OR LESS, CHORD MEASURE TO THE NORTHWESTERLY LINE OF PREMISES CONVEYED BY WARRANTY DEED DATED MAY 20, 1946, AND RECORDED MAY 27, 1946 AS DOCUMENT NUMBER 590919, FROM GENE T. DYER AND HIS WIFE TO DOROTHY T. JONES; THENCE NORTH 19 DEGREES 20
MINUTES EAST ALONG SAID NORTHWESTERLY LINE, 186.50 FEET, MORE OR LESS, TO THE CENTER LINE OF INDIAN CREEK AS SAID CENTER LINE WAS LOCATED ON AUGUST 26, 1948; THENCE WESTERLY AND NORTHERLY ALONG SAID CENTER LINE TO A POINT ON THE WEST LINE OF THE
WEST 1/2 OF THE NORTHWEST 1/4, 603.05 FEET SOUTH OF THE NORTHWEST CORNER THEREOF; THENCE SOUTH ALONG SAID WEST LINE, 161.0 FEET TO THE PLACE OF BEGINNING, IN LAKE COUNTY, ILLINOIS. 
  
 PARCEL 5: 
  
 THAT PART OF THE WEST 1/2 OF THE NORTHWEST 1/4 OF SECTION 23, TOWNSHIP 43 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS:

  
 BEGINNING AT A POINT ON THE WEST LINE OF SAID WEST 1/2,
764.05 FEET SOUTH OF THE NORTHWEST CORNER THEREOF; THENCE NORTH 89 DEGREES 25 MINUTES 30 SECONDS EAST 167.60 FEET THENCE SOUTHEASTERLY ALONG A CURVE HAVING A RADIUS OF 275.45 FEET AND CONCAVE SOUTHWESTERLY, A DISTANCE OF 238.06 FEET; CHORD MEASURE;
THENCE SOUTH 39 DEGREES 22 MINUTES EAST 14.15 FEET; THENCE SOUTHEASTERLY ALONG A CURVE HAVING A RADIUS OF 114.06 FEET AND CONCAVE NORTHEASTERLY A DISTANCE OF 100.90 FEET, MORE OR LESS, CHORD MEASURE, TO THE NORTHWESTERLY LINE OF PREMISES CONVEYED BY
WARRANTY DEED, DATED MAY 20, 1946 AND RECORDED MAY 27, 1946 AS DOCUMENT NUMBER 590919, FROM GENE T, DYER AND WIFE TO DOROTHY T. JONES; THENCE SOUTH 19 DEGREES 20 MINUTES WEST ALONG THE NORTHWESTERLY LINE OF SAID DOROTHY T. JONES PROPERTY, 18-55 FEET
TO A POINT WHICH IS SOUTH 72 DEGREES 40 MINUTES EAST 501.10 FEET FROM A POINT ON THE WEST LINE OF SAID WEST 1/2 OF THE NORTHWEST 1/4, WHICH IS 783.90 FEET SOUTH FROM THE 
  

 233 








 NORTHWEST CORNER OF SAID SECTION 23 THENCE SOUTH 23 DEGREES EAST 654.10 FEET TO A POINT WHICH IS 733.90 FEET EAST OF THE
WEST LINE AND 1515.70 FEET SOUTH OF THE NORTH LINE OF SAID WEST 1/2 OF THE NORTHWEST 1/4; THENCE NORTH 67 DEGREES EAST 410.0 FEET, MORE OR LESS, TO THE CENTER, OF THE DES PLAINES RIVER AS CENTER WAS LOCATED ON SEPTEMBER 20, 1934; THENCE
SOUTHEASTERLY ALONG THE CENTER OF SAID DES PLAINES RIVER TO A POINT ON THE EAST LINE OF THE WEST 1/2 OF THE NORTHEAST 1/4 OF SAID SECTION 23, 999.0 FEET NORTH OF THE SOUTHEAST CORNER THEREOF; THENCE SOUTH ALONG SAID EAST LINE 715.20 FEET TO THE
NORTH LINE OF THE SOUTH 4.30 CHAINS (283.80 FEET) THEREOF; THENCE WEST ALONG SAID NORTH LINE OF THE SOUTH 4.30 CHAINS, 1331.0 FEET TO THE WEST LINE OF THE WEST 1/2 OF THE NORTHWEST 1/4 OF SAID SECTION 23 AND THENCE NORTH ALONG THE WEST LINE OF THE
WEST 1/2 OF THE NORTHWEST 1/4 OF SAID SECTION 23, 1605.75 FEET TO THE PLACE OF BEGINNING, EXCEPTING THEREFROM THAT PART PORTION LYING SOUTHWESTERLY OF A LINE 1450.00 FEET NORTHEASTERLY OF AND PARALLEL TO THE CENTER LINE OF MILWAUKEE AVENUE, ALL IN
LAKE COUNTY, ILLINOIS. 
  
 PARCEL 6: 
  
 LOT “A” IN LINCOLNSHIRE UNIT NUMBER 6, BEING A SUBDIVISION IN
SECTIONS 14 AND 23, TOWNSHIP 43 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED JUNE 6, 1958 AS DOCUMENT 992285, IN BOOK 34 OF PLATS, PAGE 70, IN LAKE COUNTY, ILLINOIS. 
  
 PARCEL 7: 
  
 THAT PART OF THE NORTHWEST 1/4 OF SECTION 23, TOWNSHIP 43 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED
AS FOLLOWS: BEGINNING AT THE SOUTHWEST CORNER OF SAID NORTHWEST 1/4; THENCE NORTHERLY ALONG THE WEST LINE OF SAID NORTHWEST 1/4, A DISTANCE OF 283.8 FEET; THENCE EASTERLY PARALLEL WITH THE SOUTH LINE OF SAID NORTHWEST 1/4 A DISTANCE OF 1331.25 FEET
TO THE EAST LINE OF THE WEST 1/2 OF SAID NORTHWEST 1/4, THENCE NORTHERLY ALONG THE EAST LINE OF THE WEST 1/2 OF SAID NORTHWEST 1/4, A DISTANCE OF 541.2 FEET; THENCE EASTERLY PARALLEL WITH THE SOUTH LINE OF SAID NORTHWEST 1/4, A DISTANCE OF 493.0
FEET TO THE CENTER LINE OF THE DES PLAINES RIVER THENCE SOUTHERLY ALONG THE CENTER LINE OF THE DES PLAINES RIVER, A DISTANCE OF 929.0 FEET TO THE SOUTH LINE OF SAID NORTHWEST 1/4; THENCE WESTERLY ALONG THE SOUTH LINE OF SAID NORTHWEST 1/4, A
DISTANCE OF 2205.0 FEET TO THE PLACE OF BEGINNING EXCEPTING THEREFROM THE PORTION LYING IN THE WEST 1/2 OF SAID NORTHWEST 1/4, ALL IN LAKE COUNTY, ILLINOIS. 
  

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 PARCEL 8: 
  
 THAT PART OF THE SOUTH 1/2 OF SECTION 23, TOWNSHIP 43 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS, TO WIT: COMMENCING AT
THE WEST 1/4 SECTION CORNER OF SAID SECTION 23, THENCE SOUTH ALONG THE WEST LINE OF SAID SECTION 528.7 FEET TO THE CENTER OF THE NORTH MILL ROAD (SO CALLED) THENCE SOUTH 64 1/4 DEGREES EAST ALONG THE CENTER OF SAID ROAD, 2470.2 FEET TO AN IRON BAR;
THENCE SOUTH 24 1/4 DEGREES WEST ALONG THE CENTER OF THE WEST RIVER ROAD (SO CALLED) 70 FEET THENCE SOUTH 71 DEGREES EAST 604.5 FEET TO AN IRON BAR IN THE CENTER OF THE ROAD TO LAKE FOREST, WHICH SAID BAR IS IN A LINE WITH THE CENTER OF SAID NORTH
MILL ROAD CONTINUED; THENCE NORTH 64 1/2 DEGREES EAST ALONG THE CENTER OF SAID LAKE FOREST ROAD, 440.9 FEET TO A STAKE; THENCE NORTH 48 1/2 DEGREES EAST ALONG THE CENTER OF SAID LAST NAMED ROAD, 483.6 FEET; THENCE NORTH 7 1/2 DEGREES EAST ALONG THE
CENTER OF SAID LAST NAMED ROAD, 462.1 FEET; THENCE EAST ON A LINE PARALLEL WITH THE EAST AND WEST 1/4 SECTION LINE 1725 FEET TO THE EAST LINE OF SAID SECTION; THENCE NORTH ALONG THE EAST LINE OF SAID SECTION, 861.9 FEET TO THE EAST 1/4 SECTION
CORNER OF SAID SECTION, THENCE WEST ALONG THE EAST AND WEST 1/4 SECTION LINE TO THE PLACE OF BEGINNING EXCEPTING THEREFROM THAT PART THEREOF, DESCRIBED AS FOLLOWS TO WIT: COMMENCING AT THE NORTHEAST CORNER OF THE SOUTHEAST 1/4 OF SAID SECTION 23;
THENCE SOUTH ON THE EAST LINE OF SAID SECTION, 861.9 FEET; THENCE WEST ON A LINE PARALLEL WITH THE EAST AND WEST 1/4 SECTION LINE, 1729.2 FEET; THENCE SOUTH 6 DEGREES 36 MINUTES WEST 462.1 FEET THENCE SOUTH 48 1/2 DEGREES WEST 108 FEET; THENCE NORTH
4 DEGREES 14 MINUTES WEST, 180.8 FEET TO THE CENTER OF DES PLAINES RIVER; THENCE NORTH 43 DEGREES 14 MINUTES WEST ALONG THE CENTER OF THE DES PLAINES RIVER, 54 FEET; THENCE NORTH 7 DEGREES 5 MINUTES WEST 1179.5 FEET TO THE NORTH LINE OF THE SAID
SOUTHEAST 1/4 OF SAID SECTION 23 THENCE EAST ALONG THE NORTH LINE OF SAID SOUTHEAST 1/4 OF SAID SECTION TO THE PLACE OF BEGINNING. 
  
 AND ALSO EXCEPTING THEREFROM THAT PART DESCRIBED AS FOLLOWS: 
  
 BEGINNING AT A POINT ON THE CENTER LINE OF NORTH MILL ROAD (SO CALLED) 2393.02 FEET SOUTHEASTERLY, AS MEASURED ALONG SAID CENTER LINE OF THE INTERSECTION
OF SAID CENTER LINE AND THE WEST LINE OF SAID SECTION 23; THENCE NORTHWESTERLY ALONG THE SAID CENTER LINE, A DISTANCE OF 1427.0 FEET; THENCE NORTHEASTERLY AT RIGHT ANGLES TO SAID CENTER LINE, A DISTANCE OF 550.0 FEET; THENCE SOUTHEASTERLY ALONG A
LINE FORMING AN ANGLE OF 88 DEGREES TO THE RIGHT WITH THE LAST DESCRIBED COURSE EXTENDED, A DISTANCE OF 767.0 FEET; THENCE SOUTHEASTERLY ALONG A LINE FORMING AN ANGLE OF 40 DEGREES TO THE RIGHT WITH THE LAST DESCRIBED COURSE EXTENDED, A DISTANCE OF
190.0 FEET; THENCE NORTHEASTERLY ALONG A LINE FORMING AN ANGLE OF 86 DEGREES TO THE LEFT WITH THE LAST DESCRIBED COURSE EXTENDED, A DISTANCE OF 675.25 FEET; THENCE SOUTHWESTERLY 963.40 FEET, MORE OR LESS 
  

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 TO THE PLACE OF BEGINNING ALSO EXCEPTING THEREFROM THAT PART OF THE SOUTH 1/2 OF SECTION 23, TOWNSHIP 43 NORTH, RANGE 11,
EAST OF THE THIRD PRINCIPAL, MERIDIAN LYING EASTERLY OF THE CENTER LINE OF THE DES PLAINES RIVER ALSO EXCEPTING THEREFROM THAT PART OF SAID SOUTH 1/2 DESCRIBED AS FOLLOWS: 
  
 COMMENCING AT A POINT ON THE CENTER LINE OF NORTH MILL ROAD, 2393 .02 FEET SOUTHEASTERLY, AS MEASURED ALONG SAID CENTER LINE
OF THE INTERSECTION OF SAID CENTER LINE AND THE WEST LINE OF SAID SECTION 23, THENCE NORTHWESTERLY ALONG SAID CENTER LINE A DISTANCE OF 1427.0 FEET TO THE POINT OF BEGINNING; THENCE NORTHEASTERLY AT RIGHT ANGLES TO SAID CENTER LINE A DISTANCE OF
550.0 FEET; THENCE SOUTHEASTERLY ALONG A LINE FORMING AN ANGLE OF 88 DEGREES TO THE RIGHT WITH THE LAST DESCRIBED COURSE EXTENDED A DISTANCE OF 767.0 FEET; THENCE SOUTHEASTERLY ALONG A LINE FORMING AN ANGLE 40 DEGREES TO THE RIGHT WITH THE LAST
DESCRIBED COURSE EXTENDED, A DISTANCE OF 190.0 FEET; THENCE NORTHEASTERLY ALONG A LINE FORMING AN ANGLE OF .86 DEGREES TO THE LEFT WITH THE LAST DESCRIBED COURSE EXTENDED, A DISTANCE OF 591.3 FEET; THENCE NORTHWESTERLY A DISTANCE OF 1232.1 FEET,
MORE OR LESS, TO A POINT ON THE NORTH LINE OF THE SOUTH 1/2 OF SAID SECTION 23, THENCE WESTERLY ALONG SAID NORTH LINE A DISTANCE OF 1430.4 FEET TO THE NORTHWEST CORNER OF SAID SOUTH 1/2; THENCE SOUTHERLY ALONG THE WEST LINE OF SAID SOUTH 1/2 528.7
FEET TO ITS INTERSECTION WITH THE CENTER LINE OF THE NORTH MILL ROAD; THENCE SOUTHEASTERLY ALONG SAID CENTER LINE, A DISTANCE OF 966.02 FEET, MORE OR LESS, TO THE POINT OF BEGINNING, ALL IN LAKE COUNTY, ILLINOIS. 
  
 PARCEL 9: 
  
 THAT PART OF THE NORTHEAST 1/4 OF SECTION 22, TOWNSHIP 43 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED
AS FOLLOWS; BEGINNING AT THE NORTHEAST CORNER OF SAID SECTION 22 THENCE SOUTH ALONG THE EAST LINE OF SAID SECTION 22, A DISTANCE OF 764.05 FEET TO A POINT, SAID POINT FURTHER DESCRIBED AS NORTH 99 DEGREES 25 MINUTES 30 SECONDS EAST A DISTANCE OF
1313.40 FEET FROM A POINT ON THE CENTER LINE OF MILWAUKEE AVENUE, WHICH IS SOUTHEASTERLY 813.60 FEET ALONG SAID CENTER LINE FROM THE INTERSECTION OF SAID CENTER LINE AND THE NORTH LINE OF SAID SECTION 22; THENCE SOUTH 89 DEGREES 25 MINUTES 30
SECONDS WEST A DISTANCE OF 101.8 FEET; THENCE NORTH 5 DEGREES 5 MINUTES 20 SECONDS WEST A DISTANCE OF 262.00 FEET, MORE OR LESS, TO A POINT ON THE CENTER LINE OF INDIAN CREEK AS LOCATED ON AUGUST 26, 1948, SAID POINT BEING FURTHER DESCRIBED AS
BEARING NORTH 51 DEGREES 41 MINUTES 30 SECONDS WEST ALONG SAID INDIAN CREEK CENTER LINE, A DISTANCE OF 159.61 FEET FROM A POINT ON THE EAST LINE OF SAID SECTION 22, 603.05 FEET SOUTH OF THE NORTHEAST CORNER OF SAID SECTION 22; THENCE NORTHEASTERLY A
DISTANCE OF 519.38 FEET, MORE OR LESS, TO THE POINT OF BEGINNING IN LAKE COUNTY, ILLINOIS. 
  

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 PARCEL 10: 
  
 THE EAST 466.00 FEET OF THE SOUTH 283.80 FEET OF THE WEST 1/2 OF THE NORTHWEST 1/4 OF SECTION 23. TOWNSHIP 43 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL
MERIDIAN IN LAKE COUNTY/ ILLINOIS. 
  
 PARCEL 11: 
  
 THAT PART OF THE WEST 1/2 OF THE NORTHWEST 1/4 OF SECTION 23, TOWNSHIP 43
NORTH RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN. DESCRIBED AS FOLLOWS: BEGINNING AT THE INTERSECTION OF THE NORTH LINE OF THE SOUTH 4.30 CHAINS (283.8 FEET) AND A LINE 1450.0 FEET NORTHEASTERLY OF AND PARALLEL TO THE CENTER LINE OF MILWAUKEE
AVENUE; THENCE NORTHWESTERLY ALONG SAID PARALLEL LINE 454.4 FEET; THENCE SOUTHWESTERLY 439.6 FEET TO A POINT ON THE NORTH LINE OF THE SOUTH 4.30 CHAINS (283.9 FEET) OF SAID WEST 1/2, SAID POINT BEING 448.3 FEET EAST OF THE WEST LINE OF SAID WEST 1/2
AS MEASURED ALONG SAID NORTH LINE; THENCE EASTERLY ALONG SAID NORTH LINE 171,0 FEET, MORE OR LESS, TO THE POINT OF BEGINNING, IN LAKE COUNTY, ILLINOIS. 
  
 PARCEL 12: 
  
 THAT PART OF THE SOUTH 1/2 OF SECTION 23, TOWNSHIP 43 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, BEING A STRIP OF LAND 25.0 FEET IN WIDTH MORE
PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT A POINT ON THE CENTER LINE OF NORTH MILL ROAD, 2393.02 FEET SOUTHEASTERLY, AS MEASURED ALONG SAID CENTER LINE OF THE INTERSECTION OF SAID CENTER LINE AND THE WEST LINE OF SAID SECTION 23; THENCE
NORTHWESTERLY ALONG SAID CENTER LINE A DISTANCE OF 1427.0 FEET; THENCE NORTHEASTERLY AT RIGHT ANGLES TO SAID CENTER LINE A DISTANCE OF 550.0 FEET; THENCE SOUTHEASTERLY ALONG A LINE FORMING AN ANGLE OF 88 DEGREES TO THE RIGHT WITH THE LAST DESCRIBED
COURSE EXTENDED, A DISTANCE OF 767.0 FEET; THENCE SOUTHEASTERLY ALONG A LINE FORMING AN ANGLE OF 40 DEGREES TO THE RIGHT WITH THE LAST DESCRIBED COURSE EXTENDED, A DISTANCE OF 190.0 FEET; THENCE NORTHEASTERLY ALONG A LINE FORMING AN ANGLE OF 86
DEGREES TO THE LEFT WITH THE LAST DESCRIBED COURSE EXTENDED, A DISTANCE OF 561.49 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING NORTHEASTERLY ALONG THE LAST DESCRIBED COURSE 29.81 FEET THENCE NORTHWESTERLY A DISTANCE OF 1232.1 FEET, MORE OR
LESS, TO A POINT ON THE NORTH LINE OF THE SOUTH 1/2 OF SAID SECTION 23; THENCE WESTERLY ALONG SAID NORTH LINE A DISTANCE OF 1016.0 FEET, MORE OR LESS, TO A POINT ON SAID NORTH LINE 414.4 FEET EAST OF. THE NORTHWEST CORNER OF SAID SOUTH 1/2, AS
MEASURED ALONG SAID NORTH LINE; THENCE SOUTHERLY AT RIGHT ANGLES TO THE LAST DESCRIBED COURSE 25.0 FEET; THENCE EASTERLY PARALLEL TO THE NORTH LINE OF SAID SOUTH 1/2 1008.4 FEET; THENCE SOUTHEASTERLY 1208.3 FEET TO THE POINT OF BEGINNING, IN LAKE
COUNTY, ILLINOIS. 
  

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 PARCEL 13: 
  
 THE SOUTH 4.30 CHAINS (283.8 FEET) OF THE WEST 1/2 OF THE NORTHWEST 1/4 OF SECTION 23, TOWNSHIP 43 NORTH RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN,
EXCEPTING THEREFROM THE EAST 466.0 FEET AND THAT PORTION LYING WEST OF THE FOLLOWING DESCRIBED LINE; BEGINNING AT A POINT ON THE NORTH LINE OF THE SOUTH 4.30 CHAINS (283.8 FEET) OF SAID WEST 1/2, 449.8 FEET EAST OF THE WEST LINE OF SAID WEST 1/2 AS
MEASURED ALONG SAID NORTH LINE; THENCE SOUTHWESTERLY 285.4 FEET MORE OR LESS TO A POINT ON THE SOUTH LINE OF THE SOUTH 4.30 CHAINS (283.8 FEET) OF SAID WEST 1/2, 414.4 FEET EAST OF THE WEST LINE OF SAID WEST 1/2, AS MEASURED ALONG SAID SOUTH LINE,
IN LAKE COUNTY, ILLINOIS. 
  
 PARCEL 14: 
  
 AN EASEMENT FOR INGRESS AND EGRESS TO THE ABOVE DESCRIBED PROPERTY CREATED BY
A GRANT RECORDED MAY 31, 1972 AS DOCUMENT 1559990, AND AMENDED BY A DOCUMENT RECORDED JULY 10. 1975 AS DOCUMENT 1717425, OVER THE FOLLOWING DESCRIBED PROPERTY: THAT PART OF THE WEST 1/2 OF THE NORTHWEST 1/4 OF SECTION 23, TOWNSHIP 43 NORTH RANGE 11,
EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS: BEGINNING AT A POINT ON THE WEST LINE OF SAID WEST 1/2 764.05 FEET SOUTH OF THE NORTHEAST CORNER THEREOF; THENCE NORTH 89 DEGREES 25 MINUTES 30 SECONDS EAST 167.60 FEET; THENCE
SOUTHEASTERLY ALONG A CURVE HAVING A RADIUS OF 275.45 FEET AND CONCAVE SOUTHWESTERLY A DISTANCE OF 17.14 FEET, CHORD MEASURE, MORE OR LESS, TO A POINT ON A LINE 1450,00 FEET NORTHEASTERLY OF AND PARALLEL TO THE CENTER LINE OF MILWAUKEE AVENUE;
THENCE SOUTH 15 DEGREES 05 MINUTES 20 SECONDS EAST ALONG THE PREVIOUSLY DESCRIBED LINE 30.43 FEET; THENCE WESTERLY PARALLEL WITH THE FIRST COURSE OF THIS DESCRIPTION 192.66 FEET MORE OR LESS, TO A POINT ON THE WEST LINE OF SAID WEST 1/2 30.00 FEET
SOUTH OF THE POINT OF BEGINNING; THENCE NORTHERLY ALONG THE WEST LINE OF SAID WEST 1/2 30.00 FEET TO THE POINT OF BEGINNING, IN LAKE COUNTY, ILLINOIS. 
  
 Fairmont Chicago Hotel 
  
 PARCEL 1: 
  
 THAT PART OF THE LANDS LYING EAST OF AND ADJOINING FORT DEARBORN ADDITION TO CHICAGO, BEING THE WHOLE OF THE SOUTHWEST FRACTIONAL 1/4 OF SECTION 10, TOWNSHIP 39 NORTH, RANGE 14, EAST OF THE THIRD PRINCIPAL MERIDIAN,
IN COOK COUNTY, ILLINOIS, BOUNDED AND DESCRIBED AS FOLLOWS: 
  
 COMMENCING AT THE
POINT OF INTERSECTION OF THE EAST LINE OF NORTH STETSON AVENUE, 74 FEET WIDE, AS SAID NORTH STETSON AVENUE IS SHOWN 
  

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 AND DEFINED ON THE PLAT TITLED “PLAT OF MID-AMERICA, A RESUBDIVISION OF THE PRUDENTIAL AND ILLINOIS CENTRAL
SUBDIVISION,” AND RECORDED IN THE RECORDER’S OFFICE OF SAID COOK COUNTY, ILLINOIS ON NOVEMBER 20, 1957, AS DOCUMENT NO. 17069914, WITH THE NORTH LINE OF EAST LAKE STREET, 74.00 FEET WIDE, AS SAID EAST LAKE STREET WAS DEDICATED TO THE CITY
OF CHICAGO BY INSTRUMENT RECORDED IN SAID RECORDER’S OFFICE ON THE 26TH DAY OF MARCH, 1984, AS DOCUMENT NO. 27018354 (SAID POINT OF INTERSECTION BEING 460.193 FEET, MEASURED ALONG SAID EAST LINE OF NORTH STETSON AVENUE, NORTH FROM THE POINT OF
INTERSECTION OF SAID EAST LINE WITH THE NORTH LINE OF EAST RANDOLPH STREET, AS SAID EAST RANDOLPH STREET WAS DEDICATED AND CONVEYED TO THE CITY OF CHICAGO BY INSTRUMENT RECORDED IN SAID RECORDER’S OFFICE ON MARCH 14, 1979 AS DOCUMENT 24879731),
AND RUNNING THENCE EAST ALONG SAID NORTH LINE OF EAST LAKE STREET, SAID NORTH LINE BEING PERPENDICULAR TO SAID EAST LINE OF NORTH STETSON AVENUE, A DISTANCE OF 352.541 FEET TO THE POINT OF BEGINNING AT THE SOUTHEAST CORNER OF THE HEREINAFTER
DESCRIBED PARCEL OF LAND, SAID POINT OF BEGINNING BEING ALSO THE POINT OF INTERSECTION OF SAID NORTH LINE OF EAST LAKE STREET WITH THE WEST LINE OF NORTH COLUMBUS DRIVE, AS SAID NORTH COLUMBUS DRIVE WAS DEDICATED AND CONVEYED TO THE CITY OF CHICAGO
BY INSTRUMENT RECORDED IN SAID RECORDER’S OFFICE ON THE 5TH DAY OF JUNE, 1972 AS DOCUMENT NO. 21925615; THENCE NORTH ALONG SAID WEST LINE OF NORTH COLUMBUS DRIVE, SAID WEST LINE BEING PERPENDICULAR TO SAID NORTH LINE OF EAST LAKE STREET, A
DISTANCE OF 205.542 FEET; THENCE WEST ALONG A LINE PERPENDICULAR TO SAID WEST LINE OF NORTH COLUMBUS DRIVE A DISTANCE OF 107.541 FEET; THENCE SOUTH ALONG A LINE PARALLEL WITH SAID WEST LINE OF NORTH COLUMBUS DRIVE A DISTANCE OF 30.00 FEET; THENCE
WEST ALONG A LINE PERPENDICULAR TO THE LAST DESCRIBED COURSE A DISTANCE OF 120.00 FEET; THENCE SOUTH ALONG A LINE PARALLEL WITH SAID WEST LINE OF NORTH COLUMBUS DRIVE A DISTANCE OF 175.542 FEET TO AN INTERSECTION WITH SAID NORTH LINE OF EAST LAKE
STREET; THENCE EAST ALONG SAID NORTH LINE OF EAST LAKE STREET A DISTANCE OF 227.541 FEET TO THE POINT OF BEGINNING. 
  
 EXCEPTING FROM THE ABOVE DESCRIBED PARCEL THAT PART OF THE PROPERTY AND SPACE DEDICATED FOR EAST LAKE STREET, WHICH PART IS BOUNDED AND DESCRIBED AS FOLLOWS:

  
 COMMENCING AT THE POINT OF INTERSECTION OF THE EAST LINE OF NORTH STETSON
AVENUE AS SHOWN AND DEFINED ON THE “PLAT OF MID-AMERICA, A RESUBDIVISION OF THE PRUDENTIAL AND ILLINOIS CENTRAL SUBDIVISION,” AND RECORDED IN THE OFFICE OF THE RECORDER OF COOK COUNTY, ILLINOIS, ON NOVEMBER 20, 1957 AS DOCUMENT NO.
17069914, WITH THE NORTH LINE, EXTENDED EAST OF EAST RANDOLPH STREET, AND RUNNING THENCE NORTH ALONG SAID EAST LINE OF NORTH STETSON AVENUE (SAID EAST LINE BEING A LINE WHICH IS 451.50 FEET, MEASURED PERPENDICULARLY, EAST FROM AND PARALLEL WITH THE
EAST LINE OF NORTH BEAUBIEN COURT), A DISTANCE OF 
  

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 460.193 FEET; THENCE EAST ALONG A LINE WHICH IS PERPENDICULAR TO SAID EAST LINE OF NORTH STETSON AVENUE, A DISTANCE OF
332.541 FEET TO THE POINT OF BEGINNING; THENCE NORTHEASTWARDLY ALONG A STRAIGHT LINE A DISTANCE OF 28.284 FEET TO A POINT WHICH IS 352.541 FEET, MEASURED PERPENDICULARLY, EAST FROM SAID EAST LINE OF NORTH STETSON AVENUE AND 20.00 FEET, MEASURED
PERPENDICULARLY, NORTH FROM SAID LAST DESCRIBED COURSE EXTENDED EAST (SAID POINT BEING ON THE WEST LINE OF NORTH COLUMBUS DRIVE AS SAID NORTH COLUMBUS DRIVE WAS DEDICATED AND CONVEYED TO THE CITY OF CHICAGO BY INSTRUMENT RECORDED IN SAID
RECORDER’S OFFICE ON THE 5TH DAY OF JUNE, 1972, AS DOCUMENT NO. 21925615); THENCE SOUTH ALONG SAID WEST LINE OF NORTH COLUMBUS DRIVE A DISTANCE OF 20.00 FEET; THENCE WEST ALONG A LINE WHICH IS PERPENDICULAR TO SAID EAST LINE OF NORTH STETSON
AVENUE, A DISTANCE OF 20.00 FEET TO THE POINT OF BEGINNING; AND WHICH LIES BELOW AND EXTENDS DOWNWARD FROM AN ELEVATION OF 35.10 FEET ABOVE CHICAGO CITY DATUM AND WHICH LIES ABOVE AND EXTENDS UPWARD FROM AN ELEVATION OF 27.60 FEET ABOVE CHICAGO CITY
DATUM. 
  
 PARCEL 2: 
  
 EASEMENTS FOR THE BENEFIT OF PARCEL 1, AS CREATED IN THE TRUSTEE’S DEED DATED AUGUST
16, 1983, AND RECORDED IN THE RECORDER’S OFFICE OF COOK COUNTY, ILLINOIS ON AUGUST 26, 1983, AS DOCUMENT NO. 26751440 AS FOLLOWS: 
  
 PEDESTRIAN AREA EASEMENT, MADE AVAILABLE ON THE DECK, AS THEREINAFTER DEFINED, FOR PEDESTRIAN USE (“PEDESTRIAN AREA”) HAVING A MINIMUM WIDTH OF 20 FEET
AND EXTENDING FROM THE NORTH LINE TO THE SOUTH LINE OF THE DECK. THE PEDESTRIAN AREA SHALL PROVIDE ACCESS TO THE DECK AT THE SOUTHERLY LINE OF THE PROPERTY DEFINED AS PARCEL 1 AND SHALL BE AT SUCH LOCATION AS DETERMINED BY GRANTEE, PURSUANT TO THE
TERMS AND PROVISIONS CONTAINED IN PARAGRAPH 2 OF SAID TRUSTEE’S DEED; 
  
 ALSO 
  
 ENTRANCE AREA EASEMENT, FOR PEDESTRIAN ACCESS TO
THE ADJOINING PROPERTY, (THE APPROXIMATE LOCATION OF WHICH IS DEPICTED ON THE DRAWING ENTITLED EXHIBIT C ATTACHED TO THE DEED) PURSUANT TO THE TERMS AND PROVISIONS CONTAINED IN PARAGRAPH 3 OF SAID TRUSTEE’S DEED; 
  
 ALSO 
  
 A PEDESTRIAN WALKWAY (THE MID-BLOCK WALKWAY), FOR THE PURPOSE OF PROVIDING ACCESS TO THE BUILDING ON THE REALTY PROPERTY (SOUTH AND
ADJOINING) AND TO THE BUILDING OR BUILDINGS TO BE LOCATED ON THE 
  

 240 








 LAND INSURED HEREIN AS PARCEL 1, (THE APPROXIMATE LOCATION OF WHICH IS DEPICTED ON THE DRAWING ENTITLED EXHIBIT C
ATTACHED TO THE DEED), PURSUANT TO THE TERMS AND PROVISIONS CONTAINED IN PARAGRAPH 4 OF SAID TRUSTEE’S DEED. 
  
 PARCEL 3: 
  
 A PERPETUAL AND EXCLUSIVE EASEMENT TO CONSTRUCT, USE, OPERATE, MAINTAIN, REPAIR, RECONSTRUCT AND REPLACE, (AT THE SOLE COST AND EXPENSE OF THE OWNER(S) OF PARCEL 1), A DRIVEWAY FOR INGRESS TO AND EGRESS, FROM
THAT PART OF THE BLOCK OWNED BY THE LC TRUST MARKED “LC PROPERTY” ON EXHIBIT “A”, FOR THE BENEFIT OF PARCEL 1, PURSUANT TO THE TERMS AND PROVISIONS CONTAINED IN PARAGRAPH 1.2 OF A CERTAIN RECIPROCAL EASEMENT AGREEMENT DATED
SEPTEMBER 30, 1985 AND RECORDED SEPTEMBER 30, 1985 AS DOCUMENT NO. 85,211,829, AS AMENDED BY AMENDMENT TO RECIPROCAL EASEMENT AGREEMENT DATED OCTOBER 1, 1985 AND RECORDED MARCH 25, 1986 AS DOCUMENT NO. 86115106, AT AN ELEVATION OF APPROXIMATELY 55
FEET, 6 INCHES ABOVE THE CHICAGO CITY DATUM AND WITHIN AN AREA OF THE BLOCK, HEREAFTER DEFINED, HAVING A LENGTH OF 74 FEET AND A WIDTH OF 10 FEET MARKED “DRIVEWAY EASEMENT” ON EXHIBIT “A” OF SAID RECIPROCAL EASEMENT AGREEMENT,
SAID BLOCK DEFINED AS THAT PART OF THE LANDS LYING EAST OF AND ADJOINING FORT DEARBORN ADDITION TO CHICAGO, BEING THE WHOLE OF THE SOUTHWEST FRACTIONAL 1/4 OF SECTION 10, TOWNSHIP 39 NORTH, RANGE 14, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK
COUNTY, ILLINOIS, BOUNDED AS FOLLOWS: 
  
 ON THE NORTH BY THE SOUTH LINE OF EAST
SOUTH WATER STREET, ON THE EAST BY THE WEST LINE OF NORTH COLUMBUS DRIVE, ON THE SOUTH BY THE NORTH LINE OF EAST LAKE STREET AND ON THE WEST BY THE EAST LINE OF NORTH STETSON AVENUE. 
  
 ALSO 
  
 PERPETUAL AND NON-EXCLUSIVE EASEMENTS TO USE, MAINTAIN AND REPAIR, AT THE SOLE COST AND EXPENSE OF THE GRANTEE, TWO EMERGENCY EXITWAYS FOR PEDESTRIAN USE, FOR THE
BENEFIT OF PARCEL 1, PURSUANT TO THE TERMS AND PROVISIONS CONTAINED IN PARAGRAPH 1.3 OF SAID RECIPROCAL EASEMENT AGREEMENT AT AN ELEVATION OF APPROXIMATELY 57.0 FEET ABOVE CHICAGO CITY DATUM, EACH HAVING AN UNOBSTRUCTED WIDTH OF 3 FEET 8 INCHES
EXTENDING FROM THE WEST LINE OF PARCEL 1 TO NORTH STETSON AVENUE MARKED “EXITWAY EASEMENTS” ON EXHIBIT “A” OF SAID RECIPROCAL EASEMENT AGREEMENT. 
  
 ALSO 
  
 PERPETUAL AND NON-EXCLUSIVE EASEMENTS TO ENTER UPON THAT PART OF THE BLOCK OWNED BY GRANTOR AS MAY BE REASONABLY NECESSARY, FOR 
  

 241 








 THE PURPOSE OF WINDOW WASHING, CAULKING, TUCKPOINTING, SEALING AND ANY OTHER MAINTENANCE OR REPAIR OF THE
IMPROVEMENTS CONSTRUCTED ON PARCEL 1 ALONG THE COMMON BOUNDARIES OF THE PROPERTY OWNED BY GRANTOR AND GRANTEE, TO THE EXTENT REASONABLY PRACTICABLE ALL SUCH MAINTENANCE AND REPAIR WORK WILL BE PERFORMED IN THE AIR RIGHTS, PURSUANT TO THE TERMS
AND PROVISIONS CONTAINED IN PARAGRAPH 1.5 OF SAID RECIPROCAL EASEMENT AGREEMENT. 
  
 PARCEL 4: THE EMERGENCY EGRESS EASEMENT 
  
 A PERPETUAL EASEMENT
FOR EMERGENCY EGRESS, FOR THE BENEFIT OF PARCEL 1, PURSUANT TO THE TERMS AND PROVISIONS CONTAINED IN PARAGRAPH I OF A CERTAIN HOTEL EASEMENT AGREEMENT DATED SEPTEMBER 30, 1985 AND RECORDED SEPTEMBER 30, 1985 AS DOCUMENT NO. 85211830 ON AN AREA
DESCRIBED AND DEFINED AS THE “DECK EASEMENT AREA” IN SAID HOTEL EASEMENT AGREEMENT AND AMENDED BY AMENDMENT TO HOTEL EASEMENT AGREEMENT, RECORDED MARCH 25, 1986 AS DOCUMENT NO. 86115107, AND FURTHER AMENDED BY SECOND AMENDMENT TO HOTEL
EASEMENT AGREEMENT DATED DECEMBER 30, 1993 RECORDED JANUARY 4, 1994 AS DOCUMENT NUMBER 94007534 AMENDING SAID EASEMENT TO THE AREA DEPICTED ON EXHIBIT “C-1” AND LEGALLY DESCRIBED ON EXHIBIT “D” ATTACHED THERETO AND MADE A PART
THEREOF. 
  
 ALSO, THE OPERATING EASEMENT 
  
 EASEMENT FOR INGRESS AND EGRESS FOR MAINTENANCE AND REPAIR OF THE SOUTH FACADE OF THE HOTEL
BUILT ON PARCEL 1, FOR THE BENEFIT OF PARCEL 1, CONTAINED IN PARAGRAPH II OF SAID HOTEL EASEMENT AGREEMENT ONTO THE NORTH 39 INCHES, MORE OR LESS, OF THE “AMOCO PROPERTY” AS DESCRIBED AND DEFINED IN SAID HOTEL EASEMENT AGREEMENT RECORDED
MARCH 25, 1986 AS DOCUMENT NO. 86115107. 
  
 ALSO, THE AIRSPACE EASEMENTS

  
 A PERPETUAL EASEMENT FOR THE BENEFIT OF PARCEL 1, TO INSTALL DAVITS OR
OTHER DEVICES ONTO THE HOTEL INTO THE AIRSPACE OVER THE DECK AND TO UTILIZE SAID AIRSPACE FOR MAINTENANCE AND REPAIR OF THE HOTEL FROM SCAFFOLDS OR OTHER DEVICES ATTACHED THERETO, PURSUANT TO THE TERMS AND PROVISIONS CONTAINED IN PARAGRAPH III A.,
OF SAID HOTEL EASEMENT AGREEMENT INTO THE AIRSPACE OVER THE “DECK” AS DESCRIBED AND DEFINED IN SAID HOTEL EASEMENT AGREEMENT. 
  
 AND 
  
 A PERPETUAL EASEMENT, FOR THE BENEFIT OF PARCEL 1, TO PERMANENTLY ATTACH A CORNICE AND WINDOW WASHING TRACK ONTO THE TURRET PORTION AT THE TOP OF THE HOTEL INTO THE AIRSPACE ABOVE THE DECK (AS THEREIN DEFINED) AND TO
UTILIZE SUCH AIRSPACE FOR THE WASHING OF 
  

 242 








 WINDOWS AND MAINTENANCE OF THE TURRET PORTION OF THE HOTEL, PURSUANT TO THE TERMS AND PROVISIONS CONTAINED IN PARAGRAPH
III B., OF SAID HOTEL EASEMENT AGREEMENT. 
  
 PARCEL 5: 
  
 NON-EXCLUSIVE EASEMENT FOR THE BENEFIT OF PARCEL 1 AS CREATED IN THE STAIRWAY AND VESTIBULE
EASEMENT AGREEMENT MADE BY AND BETWEEN GO ACIC ASSOCIATES LIMITED PARTNERSHIP, AN ILLINOIS LIMITED PARTNERSHIP AND AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO, AS TRUSTEE UNDER TRUST AGREEMENT DATED JULY 17, 1985 AND KNOWN AS TRUST NUMBER
64971 DATED OCTOBER 1, 1994 RECORDED NOVEMBER 29, 1994 AS DOCUMENT 04002367, FOR EMERGENCY PEDESTRIAN EGRESS, AND USE OF VESTIBULE AREA, OVER, UPON AND ACROSS THAT PORTION OF THE LAND AS SHOWN ON THE EXHIBIT “C” ATTACHED TO SAID EASEMENT
AGREEMENT. 
  
 Rancho 
  
 All that certain real property situated in the County of
Riverside, State of California, described as follows: 
  
 Parcel 1: 
  
 Lots 18 through 33, both inclusive, of Tract
7251-1, in the City of RANCHO MIRAGE, County of RIVERSIDE, State of California, as per map recorded in Book 87, page(s) 29 through 38, inclusive, of Maps, in the office of the County Recorder of Riverside County. 
  
 Parcel 1-A: 
  
 All rights to easements, private roadways, and common areas on Tract No. 7251-1 as
shown by map on file in Book 85, page(s) 29 through 38, inclusive, of Maps, Records of Riverside County, California, and on Tract No. 7251 as shown by Map on file in Book 91, page(s) 86 through 89, inclusive, of Records of Riverside County,
California, specifically described in the Declaration of Covenants, Conditions and Restrictions recorded December 30, 1976 as Instrument No. 202382 of Official Records of Riverside County, California. 
  
 Parcel 2: 
  
 Lot 5 of Tract No. 7263, in the City of RANCHO MIRAGE, County of RIVERSIDE, State of
California, as per map recorded in Book 90, page(s) 52 and 53, inclusive, of Maps, in the office of the County Recorder of Riverside County. 
  
 Parcel 2A: 
  
 All rights to easements, private roadways, and common areas on Tract No. 7263 as shown by map on file in Book 90, page(s) 52 and 53 of Maps, Records of Riverside
County, California, specifically described in the Declaration of Covenants, Conditions and Restrictions recorded December 10, 1976 as Instrument No. 202382 of Official Records of Riverside County, California. 
  

 243 








 Parcel 3: 
  
 Lots 1 through 55, inclusive, and Lots A through F, inclusive of Tract No. 8829, in the City of RANCHO MIRAGE, County of RIVERSIDE,
State of California, as per map recorded in Book 92, page(s) 88 through 93, of Maps, in the office of the County Recorder of Riverside County. 
  
 Parcel 3A: 
  
 All rights to easements, private roadways, and common areas on Tract No. 7251-1 as shown by map on file in Book 85, page(s) 29 through 38, inclusive, of Maps,
Records of Riverside County, California, and on Tract No. 7251 as shown by Map on file in Book 91, page(s) 86 through 89, inclusive, of Records of Riverside County, California, specifically described in the Declaration of Covenants, Conditions
and Restrictions recorded December 30, 1976 as Instrument No. 202382 of Official Records of Riverside County, California. 
  
 Parcel 4: 
  
 Lot 11 of Tract No. 7251, in the City of RANCHO MIRAGE, County of RIVERSIDE, State of California, as per map recorded in Book 91, page(s) 86 through 89, inclusive,
of Maps, in the office of the County Recorder of Riverside County. 
  
 Parcel 4A: 
  
 All rights to easements,
private roadways, and common area on Tract No. 7251 as shown by map on file in Book 91, page(s) 86 through 89, inclusive, of Maps, Records of Riverside County, California, specifically described in the Declaration of Covenants, Conditions and
Restrictions recorded December 30, 1976 as Instrument No. 202382 of Official Records of Riverside County, California. 
  
 Loews Santa Monica 
  
 All that certain real property situated in the County of Los Angeles, State of California, described as follows: 
  
 Lots 23 to 26 inclusive of Scott’s Addition to Santa Monica, in the City of Santa
Monica, County of Los Angeles, State of California, as per Map recorded in Book 7, Page(s) 58 and 59 of Miscellaneous Records, in the office of the County Recorder of said County, and lots 44 to 61 inclusive of The Carl F. Schader Seaside Terrace,
as per map recorded in book 17 pages 10 and 11 of maps, in the office of the County Recorder of said County, together with that certain 18 foot strip of land, vacated shown as “Autoway” adjacent to lots 51 to 57 inclusive of the last
mentioned tract as shown on the map of said last mentioned tract and lot 6 of tract 542 as per map recorded in book 17 page 7 of maps, in the office of the County Recorder of said County. 
  

			
	Assessor’s Parcel Number	  	4290-019-011
		
	Joint Plant Number	  	NYN 04-000415

  

 244 








 Burbank Hilton 
  
 All that certain real property situated in the County of Los Angeles, State of California, described as follows: 
  
 Parcel A: 
  
 Parcel 1 of parcel map no. 24868, in the City of Burbank, County of Los Angeles, State of
California, as shown on map filed in book 279 pages 84 to 86 of parcel maps, in the office of the County Recorder of said County. 
  
 Parcel B: 
  
 Non-exclusive easements over Parcel 2 of the above referenced parcel map set forth in Reciprocal Parking and Maintenance Agreement (“Reciprocal Agreement”)
recorded December 24, 1997 as Instrument No. 97-2019758 for Pedestrian, Vehicular Ingress and Egress and Parking on the terms and conditions set forth therein. 
  

			
	Assessor’s Parcel Number:	  	2464-004-015

  
 Ritz Carlton Half Moon Bay

  
 PARCEL ONE: 
  
 Parcel A and B, as delineated upon that certain Map entitled, “Parcel Map, Being a
division of Parcel 1 as described in that certain Lot Line Adjustment recorded on January 14th, 1985 in the Recorder’s Office of San Mateo, State of California as document #85003957 of Official Records “, filed for record on
April 23, 2001 in Book 73, Page 64 of Parcel Maps in the Office of the Recorder of the County of San Mateo, State of California. 
  
 PARCEL TWO: 
  
 A nonexclusive easement for sign purposes as conveyed in Grant of Easements recorded March 5, 1990 in Official Records under Recorder’s Serial Number 90029638,
over a portion of Parcel “A” of that certain Parcel Map filed in Book 61 of Parcel Maps at Pages 92 and 93, in the Office of the County Recorder, County of San Mateo, State of California more particularly described as follows: 

 
 Beginning at point on the Southerly boundary of said Parcel “A”, said point of
beginning being the Easterly terminus of that certain course labeled “N 82° 08’ 44” E 77.71’”; thence from said point of beginning Westerly along said line South 82° 08’ 44” West a distance of 18.91 feet;

  

 245 








 thence North 10° 02’ 19” West a distance of 33.65 feet to the Southerly edge of that certain 24’
Waterline easement as shown on said map; thence Northeasterly along the Southeasterly edge of said easement through a central angle of 56° 57’ 38” a distance of 44.24 feet; thence South 87° 00’ 00” East a distance of
24.52 feet to the Easterly boundary of said Parcel “A”; thence Southerly along said boundary line through a central angle of 00° 12’ 19.2” a distance of 35.62 feet (record) ((00° 11’ 26.2” a distance of 33.07
feet) (actual)) to the beginning of a compound curve; thence along said curve having a radius of 30.00 feet through a central angle of 83° 53’ 26”, a distance of 43.92 feet to the point of beginning. 
  
 PARCEL THREE: 
  
 Non-exclusive easement for parking as conveyed to Vestar-Athens/YCP II Half Moon Bay, L.L.C.
in reciprocal Easement recorded January 22, 1999 in Official Records, under Recorder’s Serial Number 99012002, San Mateo County Records. 
  
 PARCEL FOUR: 
  
 Non-exclusive easements as conveyed to Vestar-Athens/YCP II Half Moon Bay, L.L.C. in Easement Agreements recorded January 22, 1999 in Official Records, under
Recorder’s Serial Numbers 99012016 through 99012024, San Mateo County Records. 
  
 PARCEL FIVE: 
  
 Those certain rights for the use and enjoyment of golf courses located on the “Original Course Property” and “Ocean Course Property” as contained in
an instrument entitled “Hotel, Golf Courses and Colony Club Operation and Access Agreement”, a Memorandum of which was recorded January 22, 1999, Serial No. 99012028, San Mateo County Records, on the Terms, Covenants and
Conditions contained therein. 
  

			
	JPN:	  	066-009-092-31
	 	  	066-009-092-31.02

  
 PARCEL SIX: 
  
 A Leasehold interest created by that certain Ground
Lease dated August 15, 2002 executed by Clara K. Alves, Surviving Trustee under the Ernest and Clara K. Alves Family Trust Agreement dated June 25, 1999; Clara K. Alves, Executor of the Estate of Ernest Alves; and Frank Alves and Ruth C.
Alves, Trustees of the Trust of Frank Alves and Ruth C. Alves under Agreement dated January 13, 1992 (Landlord), in favor of Vestar-Athens/YCP II Half Moon Bay, L.L.C. (Tenant), disclosed by Memorandum of Ground Lease recorded January 09,
2003 under Instrument No. 2003-006046, Official Records, in and to the following: 
  
 The land referred to is situated in the State of California, County of San Mateo, partly in the City of Half Moon Bay, and partly in an unincorporated area and described as follows: 
  

 246 








 Parcel 1: 
  
 Portion of Lot 13 1/2, as delineated upon that certain Map entitled “Map of the Johnston Ranch Near Half Moon Bay, San Mateo Co.”, filed for record in the Office of the Recorder of the County of San Mateo, State of California, on
January 25, 1883 in Book “B” of Maps, at Page 31, and a copy entered in Book 2, Page 4 of Maps, more particularly described as follows: 
  

BEGINNING at a point on the easterly line of the Coast Highway, as established by Deed from Frank Enos Alves and Virginia Alves, his wife, to the State of California
recorded October 21, 1952 in Book 2314, page 508, Official Records of San Mateo County, distant thereon the following courses and distances from an iron pipe monument marking the northeasterly corner of land described in the above deed; South
4° 51’ 40” East 471.01 feet to a concrete highway monument and southerly on the arc of a curve to the right, tangent to the preceding course with a radius of 10,060.00 feet, through a central angle of 0° 49’ 53”, an arc
distance of 146.00 feet to said point of beginning, thence from point of beginning, leaving said easterly line of Coast Highway North 85° 08’ 30” East 320.00 feet thence South 4° 51’ 40” East 200.02 feet, thence South
85° 08’ 30” West 324.89 feet to the easterly line of the Coast Highway, thence along said easterly line on the arc of a curve to the left, from a tangent bearing North 2° 53’ 24” West with a radius of 10,060.00 feet,
through a central angle of 1° 08’ 23”, an arc distance of 200.10 feet to the point of beginning. 
  

			
	JPN:	  	066-009-093-11
	 	  	066-009-093-13

  
 Parcel 2: 
  
 Portion of Lot 13 1/2, as delineated upon that certain Map entitled “Map of the Johnston Ranch Near Half Moon Bay, San Mateo
Co.”, filed for record in the Office of the Recorder of the County of San Mateo, State of California, on January 25, 1883 in Book “B” of Maps, at Page 31, and a copy entered in Book 2, Page 4 of Maps, more particularly described
as follows: 
  
 BEGINNING at the point of intersection of the easterly
line of the State Highway, as established by Deed from Frank Enos Alves and Virginia Alves, his wife, to the State of California, dated August 27, 1952 and recorded October 21, 1952 in Book 2314, Page 508, Official Records of San Mateo
County, California, with the southerly line of the lands described in the deed from Virginia Alves to Frank Alves and Ernest Alves, dated April 4, 1962 and recorded April 5, 1962 in Book 4180, Page 580, Official Records of San Mateo
County, California; thence from said point of beginning North 85° 08’ 06” East along said southerly line 324.89 feet to the southeasterly corner thereof; thence South 4° 51’ 40” East along the southerly prolongation of
the easterly line of said lands of Frank Alves, above mentioned, to the southerly line of said Lot 13 1/2; thence
South 78° 27’ 00” West along the last mention line to the said easterly line of State Highway; thence northerly, along said easterly line, on the arc of a curve to the left, from tangent with bears North 1° 48’ 31” West,
said curve having a radius of 10,060.00 feet and a central angle of 1° 04’ 54” an arc distance of 189.92 feet to the point of beginning. 
  

			
	JPN:	  	066-009-093-12
	 	  	066-009-093-18

  

 247 








 PARCEL SEVEN: 
  
 A Leasehold interest created by an unrecorded Ground Lease dated January 01, 2003, executed by County of San Mateo, (Landlord) in favor
of Vestar-Athens/YCP II Half Moon Bay, L.L.C., (Tenant), a memorandum of which recorded May 18, 2004, Instrument No. 2004-100675, Official Records in and to the following: 
  
 Situate in the County of San Mateo, State of California, and being a portion of lands described in the grant deed to the County of San
Mateo, recorded May 11, 1998 in Instrument No. 98-070330, Official Records of San Mateo County, being more particularly described as follows: 
  
 BEGINNING at the most northwesterly corner of said deed to the County of San Mateo; 
  
 1. thence along the northerly line of lands described in said deed, North 78° 27’
00” East, a distance of 274.62 feet, to the true point of beginning of this description; 
  
 2. thence continuing along said northerly line, North 78° 27’ 00” East, a distance of 44.47 feet; 
  
 3. thence leaving said northerly line, South 26° 31’ 54” West, a distance of 71.75 feet; 
  
 4. thence South 71° 14’ 48” West, a distance of 49.75 feet; 
  
 5. thence North 26° 31’ 54” East, a distance of 79.67 feet, to the true point of beginning. 
  

	JPN:    	066-008-082-01.01 portion 

  

	Assessor’s	Parcel Numbers: 066-092-770 and 066-092-780, 006-093-110, 120,130 and 180, 066-082-040 

  
 Four Seasons Punta Mita 
  

			
	Parcel One:	  	Unit H-3/A, having an approximate surface area of 76,245.39 square meters and Cadastral Number 020-027-003-001-0002
		
	Parcel Two:	  	Unit H-3/B, having an approximate surface area of 27,785.722 square meters and Cadastral Number 020-027-003-001-0001
		
	Parcel Three:	  	Sub-Condominium RC-1/A of Sub-Condominium RC-1 of Punta Mita Condominium, together with its undivided interest in the common areas, and having an approximate surface area of 3,032.344 square
meters and Cadastral Number 020-027-001-500-0046
		
	Parcel Four:	  	Sub-Condominium RC-1/B of Sub-Condominium RC-1 of Punta Mita Condominium, together with its undivided interest in the common areas, and having an approximate surface area of 3,426.862 square
meters and Cadastral Number 020-027-001-500-0099

  

 248 









			
	Parcel Five:	  	Sub-Condominium RC-1/G of Sub-Condominium RC-1 of Punta Mita Condominium, together with its undivided interest in the common areas, and having an approximate surface area of 912.022 square
meters and Cadastral Number 020-027-001-500-0098

  
 Parcels One, Two, Three, Four and Five are commonly known as the Punta Mita Four Seasons Hotel. 
  

			
	Parcel Six:	  	A non-exclusive access easement (“Servidumbre de Paso y Uso”) over and across the common areas of Punta Mita Condominium as established in Escritura Pública No. 277,691,
Volume 10,351 of the protocol of Lic. Georgina Schila Olivera Gonzalez, Notary Public No. 207 in association with Lic. Tomas Lozano Molina, Notary Public No. 10, in and for the Distrito Federal and registered on July 7, 2000 at Entry No. 20,
Book 78, First Section, Series “A” in the Public Registry of Bucerias, Municipality of Bahía de Banderas, State of Nayarit, México.

  
 Parcels One, Two, Three, Four, Five
and Six are located in Punta Mita, Municipality of Bahía de Banderas, State of Nayarit, México 
  
 Four Seasons Mexico City 
  
 A
parcel of land commonly known as the Mexico City Four Seasons Hotel, presently registered under folio real number 808,743 in the Public Registry of Property and Commerce of the Distrito Federal as 319 Calle Hamburgo, with an approximate surface area
of 6,588.50 square meters, and Cadastral Number 011-171-03-0007 and located at No. 500 Paseo de la Reforma in Colonía Juarez Reforma Chapultepec, Delegación Cuauhtémoc, Distrito Federal, México. 
  

 249 








 SCHEDULE C 
  

BASE RELEASE AMOUNTS AND 
 BASE RELEASE
AMOUNT PERCENTAGES 
  

										
	 Property

	  	 Base Release
 Initial Amount
upon initial
disbursement of
$220,000,000

	  	Base Release
Amount
  Percentage of  
Subsequent
Fundings

	 	 	Base Release
Amount upon full
disbursement of
$350,000,000


	 Ritz Carlton Half Moon Bay
	  	$	45,885,714	  	20.86	%	 	$	73,000,000
	 Loews Santa Monica Beach
	  	$	45,257,143	  	20.57	%	 	$	72,000,000
	 Hilton Burbank Airport
	  	$	25,142,857	  	11.43	%	 	$	40,000,000
	 Marriott Lincolnshire Resort
	  	$	15,714,286	  	7.14	%	 	$	25,000,000
	 Fairmont Chicago Hotel
	  	$	46,357,143	  	21.07	%	 	$	73,750,000
	 Marriott Rancho Las Palmas
	  	$	9,428,571	  	4.29	%	 	$	15,000,000
	 Four Seasons Mexico City
	  	$	13,357,143	  	6.07	%	 	$	21,250,000
	 Four Seasons Punta Mita
	  	$	18,857,143	  	8.57	%	 	$	30,000,000
				
	 Total Portfolio
	  	$	220,000,000	  	100.00	%	 	$	350,000,000

  

 250 








 SCHEDULE D 
  

PROPERTY MANAGERS AND BRANDS 
  

					
	 Property

	 	 Acceptable Property Managers

	 	 Acceptable Brands


	Hilton Burbank Airport	 	 KSL
 Bass PLC
 Starwood Hotels & Resorts1
 MeriStar Hotels & Resorts
 Marriott
International
 Sheraton
 Millenium
 Hyatt
	 	 Crowne Plaza
 Sheraton
 Marriott
 Hilton
 JW Marriott
 Loews
 Renaissance

			
	Fairmont Chicago Hotel	 	 KSL
 Hyatt Corporation2
 Fairmont Hotels
 Marriott International
 Starwood Hotels & Resorts
 Loews Hospitality
 St. Regis
 Hilton
	 	 Hyatt
 Fairmont
 Marriott, JW Marriott
 Renaissance
 Intercontinental
 Loews
 Conrad

			
	Marriott Lincolnshire Resort	 	 KSL
 Hilton Hotels Corporation
 Starwood Hotels & Resorts
 Bass PLC
 Hyatt Corporation
 Renaissance
 Loews
 Sheraton
	 	 Hilton
 Westin
 Inter-Continental
 Hyatt
 Marriott
 Sheraton

			
	Marriott Rancho Las Palmas	 	 KSL
 Hilton Hotels Corporation
 Starwood Hotels & Resorts
 Bass PLC
 Hyatt Corporation
 Sheraton
 Loews
	 	 Hilton
 Sheraton
 Inter-Continental
 Hyatt
 Marriott
 Renaissance

			
	Loews Santa Monica	 	 KSL
 Hyatt Corporation
 Fairmont Hotels
 Marriott International
 Starwood Hotels & Resorts
 Bass PLC
 Renaissance
 Sheraton
	 	 Hyatt
 Fairmont
 Marriott, JW Marriott
 Renaissance
 Westin
 Inter-Continental

			
	Four Seasons Punta Mita	 	 KSL
 Four Seasons, Ltd.
 The Peninsula Group
 Starwood Hotels & Resorts
 Mandarin-Oriental
	 	 Four Seasons
 Peninsula
 St. Regis
 Rosewood
 One & Only
 Fairmont




	1	Starwood means Westin, Luxury Collection, St. Regis, Sheraton 


	2	Hyatt means all brands including Park Hyatt 

  

 251 









					
	Four Seasons Mexico City	 	 KSL
 Four Seasons, Ltd.
 The Peninsula Group
 Starwood Hotels & Resorts
 Fairmont
 Mandarin-Oriental
	 	 Four Seasons
 Peninsula
 St. Regis

			
	Ritz Carlton Half Moon Bay	 	 KSL
 Marriott International
 Four Seasons, Ltd.
 The Peninsula Group
 Starwood Hotels & Resorts
 Intercontinental
 Conrad
	 	 Ritz-Carlton
 Four Seasons
 Peninsula
 St. Regis
 Intercontinental
 Rosewood
 Mandarin-Oriental


  

 252 








 SCHEDULE E 
  

Intentionally Omitted 
  

 253 








 SCHEDULE F 
  

MATERIAL AGREEMENTS 
  
 Burbank Airport Hilton 
  
 1. Master Lease Agreement dated June 7, 1999 between NTFC Capital Corporation and SHC Burbank, LLC 
  
 2. Letter Agreement dated January 1, 2002 between Diamond Contract Services, Inc. and Hilton Burbank Airport & Convention
Center 
  
 Marriott Lincolnshire Resort 
  
 1. Interior Space Lease dated March 21, 2001 between CGA Investment Company,
L.L.C. and Marriott Lincolnshire Theater Corporation 
  
 Fairmont Chicago
Hotel 
  
 1. Maintenance Agreement dated June 1, 1998 between
Otis Elevator Company and Fairmont Hotel Management Company for the Fairmont Hotel Chicago 
  
 2. Minibar Lease dated January 21, 2004 between Minibar North America, Inc. and SHC Columbus Drive, LLC (as assignee) 
  

Marriott Rancho Las Palmas 
  
 1. Master Lease Agreement between Textron Financial Corporation and SHC Rancho, L.L.C. 
  
 2. Lease Agreement between Marriott International, Inc. and Canon Financial Services, Inc. 
  
 Loews Santa Monica Beach Hotel 
  
 1. Maintenance Services Agreement dated August 10, 1997 between Loews Santa Monica
Beach Hotel and Tidy Enterprise, Inc. 
  
 Four Seasons Mexico City

  
 1. License Agreement dated September 1, 2004 between Punta
Mita TRS de RL de CV and Four Seasons Hotels and Resorts BV 
  
 2. Capital
Refurbishing Agreement dated September 1, 2004 between Punta Mita TRS de RL de CV and Four Seasons Hotels Limited 
  
 3. Marketing Service Agreement dated September 1, 2004 between Punta Mita TRS de RL de CV and Four Seasons Hotels Limited. 
  

 254 








 Four Seasons Punta Mita 
  
 1. Hotel Advisory Agreement dated as of July 18, 1997 by and between Punta Mita Resort, S.A. de C.V. and Four Seasons Hotels Limited

  
 2. Hotel Services Agreement dated as of July 18, 1997 by and between
Punta Mita Resort, S.A. de C.V. and Four Seasons Hotels Limited 
  
 3. Hotel
License Agreement dated July 18, 1997 between Four Seasons Hotels Limited and Punta Mita Resort, S.A. de C.V. 
  
 4. Employee transportation agreement with Transportes Especializados y Servicos, SA de CV beginning March 1, 2004 and terminating February 28, 2006 

 
 5. Public Relations Agreement with JL Kennedy
Communications beginning January 1, 2004 
  
 6. On Command Video System agreement with Spectradyne International, beginning November 18, 1999 
  
 7. Florist Agreement with Grupo Floristar, S. de R.L. de C.V. beginning August 1, 2005 and terminating July 31, 2006 
  

8. Copiers and Faxes Lease Agreement with Docuforms, S.A. de C.V. (Xerox) beginning March 24, 2004 and terminating March 2006 
  
 Ritz Carlton Half Moon Bay 
  
 1. Agreements with Ocean Colony Association 
  
 (a) Hotel Agreement with Ocean Colony Association dated March 29,
1999 
  
 (b) Colony Club Lease dated May 29, 1996

  
 (c) Partial Assignment and Assumption Agreement (of
Colony Club Lease) dated January 14, 1999 
  
 2. Hotel Golf Course and
Colony Club Operation and Access Agreement dated as of January 14, 1999 between OCP, SWC and VA/YCP 
  
 3. Club Operating Agreement dated June 1, 2001 between VA/YCP and The Ritz-Carlton Hotel Company, L.L.C., to the extent such agreement qualifies as a “Material Agreement” in any given year (as of
11/8/05, the Club Operating Agreement expired by its terms on December 31, 2004)
  
 4. Cleaning Services Agreement dated March 5, 2001 between The Ritz-Carlton Hotel Company, L.L.C. and Excel Building Services 
  
 5. Agreement between The Ritz-Carlton Hotel Company, L.L.C. and Allbay Landscaping, Inc. 
  
 6. Agreement between The Ritz-Carlton Hotel Company,
L.L.C. and JRS International 
  
 7. Agreement between The Ritz-Carlton Hotel Company, L.L.C. and Presentation Services 
  
 8. Agreement between The Ritz-Carlton Hotel Company, L.L.C. and USA Parking System 
  

 255 








 SCHEDULE G 
  
 PROPERTY MANAGEMENT AGREEMENTS 
  

			
	PROPERTY

	  	 MANAGEMENT AGREEMENT


	Fairmont
Chicago Hotel	  	Hotel Management Agreement for the Fairmont Chicago, dated as of July 1, 2004, as amended by that certain Assignment and Assumption and First Amendment to Hotel Management Agreement dated as of
September 1, 2005
		
	Marriott
Lincolnshire	  	Management Agreement dated as of December 31, 1983 by and between The Prudential Insurance Company (“Prudential”), and Marriott Corporation, predecessor in interest to Manager,
as amended by (i) that certain Assignment and Assumption of Agreements dated as of June 19, 1993 pursuant to which Marriott Corporation assigned all of its obligations under, and right, title and interest in, the Management Agreement to Manager,
(ii) that certain Assignment and Assumption of Management Agreement dated as of September 30, 1997 pursuant to which Prudential assigned all of its obligations under, and right, title and interest in, the Management Agreement to Strategic Hotel
Capital Limited Partnership, a Delaware limited partnership (“Strategic”), (iii) that certain Assignment and Assumption of Leases, Contracts, Licenses, Warranties and Permits dated as of September 10, 1999 pursuant to which
Strategic assigned all of obligations under, and right, title and interest in, the Management Agreement to Borrower, (iv) that certain First Amendment to Management Agreement dated as of January 1, 2000 by and between Borrower and Manager, (v) that
certain Restructuring Agreement dated as of January 7, 2000 by and between Strategic Hotel Capital, L.L.C. (“SHC”) and Marriott International, Inc. (“MI”), (vi) that certain First Amendment to Restructuring
Agreement dated February 15, 2000 by and between SHC and MI, (vii) that certain Restructuring Agreement dated as of June 29, 2004 by and between SHC and MI, (viii) that certain Consent to Assignment, Agreement and Estoppel dated as of June 29, 2004
by and among Borrower, Lender and Manager, but only to the extent that it constitutes a continuing amendment to the Management Agreement by and between Manager and Borrower only, (ix) that certain Cash Flow Forecasts and Cash Distribution Letter
dated as of June 29, 2004 by and between Borrower and Manager, and (x) that certain Amendment to Management Agreement dated June 29, 2004 by and between Borrower and Manager.
		
	Loews Santa
Monica	  	Management Agreement, dated as of March 4, 1998 as amended by Amendment No. 1 to Management Agreement dated April 12, 2000, Amendment No. 2 dated June 29, 2004 and Amendment No. 3 dated April
22, 2005.
		
	Hilton
Burbank	  	Management Agreement dated as of August 24, 1998, as amended by (i) that certain Consent to Assignment, Agreement and Estoppel dated April 12, 2001, (ii) that certain First Amendment to
Management Agreement dated as of June 19, 2002 and (ii) that certain Second Amendment to Management Agreement dated as of July 8, 2003
		
	Ranchos Las
Palmas	  	Management Agreement dated as of January 22, 1998, by and between SHC Rancho, L.L.C. (“Original Owner”), and Manager, as amended by (i) that certain First Amendment to
Management Agreement dated January 1, 2000 between Original Owner and Manager, (ii) that certain Restructuring Agreement dated January 7, 2000 by and between Strategic Hotel Capital, L.L.C. and Marriott International, Inc. (“MI”), (iii)
that certain First Amendment to Restructuring Agreement dated February 15, 2000 by and between SHC and MI, (iv) that certain Letter Agreement dated April 11, 2001 between SHC and MI (and certain of its affiliates) with respect to the applicability
of certain guarantees by SHC, (v) that certain direction letter dated January 29, 2003 from SHC

  

 256 









			
	PROPERTY

	  	 MANAGEMENT AGREEMENT


	 	  	Rancho III, L.L.C. (“Rancho III”) to Manager regarding withdrawals from the FF&E loan, (vi) that certain Restructuring Agreement dated as of June 29, 2004 by and between SHC and
MI, (vii) that certain Consent to Assignment, Agreement and Estoppel dated as of June 29, 2004 by and among Borrower, Lender and Manager, but only to the extent that it constitutes a continuing amendment to the Management Agreement by and between
Manager and Borrower only, (viii) that certain Cash Flow Forecasts and Cash Distribution Letter dated as of June 29, 2004 by and between Borrower and Manager, and (ix) that certain Amendment to Management Agreement dated June 29, 2004 by and between
Borrower and Manager
		
	Four Seasons
Mexico City	  	Hotel Management Agreement dated as of March 14, 1994, as amended by that certain Hotel Management Agreement Amending Agreement dated as of October 20, 1994 and by an acknowledgement and
confirmation dated March 14, 1996.
		
	Four Seasons
Punta Mita	  	Hotel Management Agreement dated as of July 18, 1997, as amended by letter agreement dated September 25, 2000, that certain First Amendment of Hotel Agreements and Golf Club Agreements dated as
of February 22, 2001.
		
	Ritz Carlton
Half Moon
Bay	  	Operating Agreement, dated October 8, 1998, as amended by that certain Pre-Commencement Agreement, dated October 8, 1998, as further amended by that certain first Side Letter, dated October 8,
1998, as further amended by that certain second Side Letter, dated October 8, 1998, as further amended by that certain third Side Letter, dated October 8, 1998, as further amended by that certain fourth Side Letter, dated October 8, 1998, as further
amended by that certain Side Letter, dated November 20, 1998, as further amended by that certain Side Letter dated January 6, 1999, as further amended by that certain Amendment to Operating Agreement dated August 24, 2004, as further amended by that
certain Owner Agreement (Hotel) dated August 24, 2004, as further amended by that certain Assignment and Assumption of Operating Agreement and Intangibles dated August 24, 2004, as further amended by that certain Consent to Assignment, Agreement and
Estoppel dated August 24, 2004, as further amended by that certain Subordination, Nondisturbance, and Attornment Agreement dated August 24, 2004.

  

 257 








 SCHEDULE H 
  

SCHEDULE OF UNFUNDED OBLIGATIONS 
 (LISTED BY
PROPERTY, CONDITION, 
 ESTIMATED COST AND TIME FOR COMPLETION) 
  
 None. 
  

 258 








 SCHEDULE I 
  

FORM OF MONTHLY OFFICER CERTIFICATE 
  
 I hereby certify as follows: 
  
 1. I am a duly elected and acting officer of each of [insert name of each Issuer under the Second Amended and Restated Indenture] (collectively, the
Issuers). 
  
 2. The Issuers are the Issuers under, and this
Certificate is delivered in connection with, the Second Amended and Restated Indenture, dated as of November [    ], 2005 (the Indenture). Capitalized terms used but not defined in this Certificate have the meanings set
forth in the Indenture. 
  
 3. This Certificate is delivered as
required by Section 5.1(j)(v) of the Indenture. 
  
 4. To the
best of my knowledge, the enclosed monthly operating statements, although not prepared in a manner consistent with GAAP, are true, correct, accurate, complete and fairly present the results of the operations of the Issuers and the Properties for the
month ended                 , 200    . 
  
 5. To the best of my knowledge, the enclosed aged accounts receivable reports, rent rolls, occupancy and ADR reports are true, correct and accurate and
fairly present the results of the operations of Issuers and the Properties (provided that Issuers were not required to furnish any information which Issuers were unable to obtain from the applicable Property Manager after using reasonable
efforts to do so) for the month ended                 , 200    . 
  
 6. To the best of my knowledge, any GAAP adjustments subsequently made to the enclosed operating statements will not reduce
the Aggregate DSCR below the level shown in the enclosed operating statements except as follows:
                                        
        
                                        
                                        
                                        
                                        
                                        
        . 
  
 7. To the
best of my knowledge, no Default or Event of Default presently exists and no event or circumstance presently exists that, with notice or the passage of time or both, would constitute a Default or Event of Default, except as follows:
                            
                                       
                                        
                                        
                                        
                                        
         . 
  

			
	Dated:                     , 200    	 	  


	 	 	  


	 	 	[Print officer’s name and title]

  

 259 








 SCHEDULE J 
  

ALLOCATED LOAN AMOUNTS AND 
 ALLOCATED LOAN
AMOUNT PERCENTAGES 
  

										
	 Property

	  	Allocated Loan
Amount as of Closing
Date upon initial
disbursement of
$220,000,000

	  	Allocated Loan
Amount Percentage of
Subsequent Fundings

	 	 	Allocated Loan
Amount upon full
disbursement of
$350,000,000


	 Ritz Carlton Half Moon Bay
	  	$	53,757,322	  	24.44	%	 	$	85,523,013
	 Loews Santa Monica Beach
	  	$	53,020,921	  	24.10	%	 	$	84,351,464
	 Hilton Burbank Airport
	  	$	29,456,067	  	13.39	%	 	$	46,861,925
	 Marriott Lincolnshire Resort
	  	$	18,410,042	  	8.37	%	 	$	29,288,703
	 Fairmont Chicago Hotel
	  	$	54,309,623	  	24.69	%	 	$	86,401,674
	 Marriott Rancho Las Palmas
	  	$	11,046,025	  	5.01	%	 	$	17,573,221
	 Four Seasons Mexico City
	  	$	0	  	0	%	 	$	0
	 Four Seasons Punta Mita
	  	$	0	  	0	%	 	$	0
				
	 Total Portfolio
	  	$	220,000,000	  	100.00	%	 	$	350,000,000

  

 260 








 SCHEDULE 1.1 
  
 SCHEDULE OF DEFERRED MAINTENANCE 
 (LISTED BY PROPERTY, CONDITION, 
 ESTIMATED COST AND TIME FOR COMPLETION) 
  
 SUMMARY 
  

				
	 Property

	  	IMMEDIATE
CAPITAL


	 Hilton Burbank Airport
	  	$	0
	 Fairmont Chicago Hotel
	  	$	17,000
	 Marriott Lincolnshire Resort
	  	$	61,000
	 Loews Santa Monica
	  	$	0
	 Marriott Rancho Las Palmas
	  	$	5,000
	 Four Seasons Hotel Mexico D.F.
	  	$	0
	 Four Seasons Resort - Punta Mita
	  	$	22,000
	 Ritz Carlton Half Moon Bay
	  	$	31,500
	 	  	
	

	 TOTALS
	  	$	136,500
	 	  	
	

	 Reserve @ 125%
	  	$	170,625
	 	  	
	


  
 INDIVIDUAL PROPERTIES

  
 Hilton Burbank Airport 
  

								
	 Project Number

	  	        Title        

	  	 Quantities/Description
 (if applicable)

	  	Total Cost
2005


	 Terracon - Immediate Repairs
	  	 	  	 	  	$	 0 -
	 	  	 	  	 	  	
	

	 Total Immediate Repairs
	  	 	  	NONE	  	$	 0 -
	 	  	 	  	 	  	
	

				
	Fairmont Chicago Hotel	  	 	  	 	  	 	 
				
	 Project Number

	  	        Title        

	  	 Quantities/Description
 (if applicable)

	  	Total Cost
2005


	M&H -Immediate Repairs	  	Roof	  	standing seam metal roof at the penthouse mechanical space has been damaged by a fallen flagpole	  	$	1,500
	M&H -Immediate Repairs	  	Roof	  	Install web stiffener plates to reinforce the dunnage steel	  	$	2,500
	M&H -Immediate Repairs	  	Boiler Room	  	Improve ventilationin the boiler room	  	$	3,000
	M&H -Immediate Repairs	  	Plumbing	  	improve roof drainage in the upper roof	  	$	4,000
	M&H -Immediate Repairs	  	Electrical	  	develop schematic drawings of the existing utility company services and distribution within the hotel in order in facilitate operations and maintenance	  	$	5,000
	M&H -Immediate Repairs	  	Life Safety	  	Install additional smoke and heat detectors in the elevator machine room	  	$	1,000
	 	  	 	  	 	  	
	

	 Total Immediate Repairs
	  	 	  	 	  	$	17,000
	 	  	 	  	 	  	
	


  

 261 








 Marriott Lincolnshire 
  

								
	 Project Number

	  	        Title        

	  	 Quantities/Description
 (if applicable)

	  	Total Cost
2005


	 Terracon - Immediate Repairs
	  	Outdoor Pool	  	Replace pool circulating pump.	  	$	6,000
	 Terracon - Immediate Repairs
	  	Walls	  	Perform scanning tests of the remaining original galvanized piping within the common areas to determine wall thickness and quality.	  	$	4,000
	 Terracon - Immediate Repairs
	  	Elevator
Machinery	  	Replace and refurbish at three elevators.	  	$	51,000
	 	  	 	  	 	  	
	

	 Total Immediate Repairs
	  	 	  	NONE	  	$	61,000
	 	  	 	  	 	  	
	

				
	Loews Santa Monica	  	 	  	 	  	 	 
	 Project Number

	  	        Title        

	  	 Quantities/Description
 (if applicable)

	  	Total Cost
2005


	 Terracon - Immediate Repairs
	  	 	  	 	  	$	 0 -
	 	  	 	  	 	  	
	

	 Total Immediate Repairs
	  	 	  	NONE	  	$	 0 -
	 	  	 	  	 	  	
	

				
	Marriott Rancho Las Palmas	  	 	  	 	  	 	 
				
	 Project Number

	  	Title

	  	 Quantities/Description
 (if applicable)

	  	Total Cost
2005


	 Terracon - Immediate Repairs
	  	Patio areas	  	Replace cracked tiles and repair joints.	  	$	5,000
	 	  	 	  	 	  	
	

	 Total Immediate Repairs
	  	 	  	 	  	$	5,000
	 	  	 	  	 	  	
	

			
	Four Seasons Hotel Mexico D.F.	  	 	  	 	 
				
	 Project Number

	  	Title

	  	 Quantities/Description
 (if applicable)

	  	Total Cost
2005


	 Terracon - Immediate Repairs
	  	 	  	 	  	$	 0 -
	 	  	 	  	 	  	
	

	 Total Immediate Repairs
	  	 	  	NONE	  	$	 0 -
	 	  	 	  	 	  	
	


  

 262 









								
	Four Seasons Resort - Punta Mita	  	 	  	 	 
				
	 Project Number

	  	        Title        

	  	 Quantities/Description
 (if applicable)

	  	Total Cost
2005


	 Terracon - Immediate Repairs
	  	Spanish Tile
Repairs	  	repair loose and missing tiles	  	$	10,000
	 Terracon - Immediate Repairs
	  	cooling tower	  	removal of corrosion and corroded bolts of cooling tower supports. Install pipe support column anchor bolts	  	$	12,000
	 	  	 	  	 	  	
	

	 Total Immediate Repairs
	  	 	  	 	  	$	22,000
	 	  	 	  	 	  	
	


  
 Ritz Carlton Half Moon Bay

  

						
	 Project Number

	  	 Quantities/Description
 (if applicable)

	  	Total Cost
2005


	Property Solutions - Immediate Repairs	  	sand blast and repaint rusted fire sprinkler line	  	$	12,000
	Property Solutions - Immediate Repairs	  	Positively connect HVAC and refrigeration equipment sleepers to roof	  	$	5,000
	Property Solutions - Immediate Repairs	  	sand blast and repaint rusted fire sprinkler line	  	$	—  
	Property Solutions - Immediate Repairs	  	replace rusted fire sprinklers at parking structure	  	$	13,000
	Property Solutions - Immediate Repairs	  	Cut a drain at the area of standing water at the northeast corner of the top level of the parking garage	  	$	1,500
	 	  	 	  	
	

	Total Immediate Repairs	  	 	  	$	31,500
	 	  	 	  	
	


  

 263 








 SCHEDULE 1.2 
  
 SCHEDULE OF ENVIRONMENTAL CONDITIONS 
 (LISTED BY PROPERTY, CONDITION AND ESTIMATED COST) 
  
 Issuers shall use their best efforts to remediate any and all mold conditions found at the Hilton Burbank Airport Property prior to the Initial Maturity Date. 
  

 264 








 SCHEDULE 2.5.5 
  
 RELEASE PRICES OF FAIRMONT CHICAGO HOTEL PROPERTY FLOORS 
  

				
	 Hotel/Condo Floors

	  	Release Price


	 27
	  	$	2,344,653.18
	 28
	  	$	2,414,992.77
	 29
	  	$	2,485,332.37
	 30
	  	$	2,555,671.97
	 31
	  	$	2,626,011.56
	 32
	  	$	2,696,351.16
	 33
	  	$	2,766,690.75
	 34
	  	$	2,837,030.35
	 35
	  	$	2,907,369.94
	 36
	  	$	2,977,709.54
	 	  	
	

	 Total Release
	  	$	26,611,813.58
	 	  	
	


  

 265 








 SCHEDULE 3.1(o)3 
  
 SCHEDULE OF FINANCIAL STATEMENTS AND 
 OPERATING STATEMENTS 
  
 SUMMARY OF AUDITED FINANCIAL STATEMENTS 
  

[BORROWER TO PROVIDE] 
  
 SUMMARY OF UNAUDITED OPERATING STATEMENTS 
  
 Marriott Lincolnshire 
  
 – January 2005 through September 2005 monthly operating statement 
 – December 2004 operating statement 
 – December 2003 operating statement 
 – December 2002 operating statement 
  
 Fairmont Chicago Hotel 
  
 – January 2005 through September 2005 monthly operating statement 
 – December 2004 operating statement 
 – December 2003 operating statement 
 – December 2002 operating statement 
  
 Hilton Burbank Airport 
  
 – January 2005 through September 2005 monthly operating statement 
 – December 2004 operating statement 
 – December 2003 operating statement 
 – December 2002 operating statement 
  
 Marriott Rancho Las Palmas 
  
 – January 2005 through September 2005 monthly operating statement 
 – December 2004 operating statement 
 – December 2003 operating statement 
 – December 2002 operating statement 
  
 Loews Santa Monica 
  
 – January 2005 through September 2005 monthly operating statement 
 – December 2004 operating statement 
 – December 2003 operating statement 
 – December 2002 operating statement 
  
 Four Seasons Mexico City 
  
 – January 2005 through September 2005 monthly operating statement 
 – December 2004 operating statement 
 – December 2003 operating statement 
 – December 2002 operating statement 
  


	3	Borrower to update. 

  

 266 








 Four Seasons Punta Mita 
  

– January 2005 through September 2005 monthly operating statement 
 – December 2004 operating statement 
 – December 2003 operating statement 
 – December 2002 operating statement 
  
 Ritz Carlton Half Moon Bay 
  
 – January 2005 through September 2005 monthly operating statement 
 – December 2004 operating statement 
 – December 2003 operating statement 
 – December 2002 operating statement 
  

 267 








 SCHEDULE 4.1(h) 
  
 GROUND LEASE EXCEPTIONS 
  
 None. 
  

 268 








 SCHEDULE 4.1(v) 
  
 SCHEDULE OF TEMPORARY CERTIFICATES OF OCCUPANCY 
  
 NONE 
  

 269 








 SCHEDULE 4.1(w) 
  
 SCHEDULE OF PROPERTIES IN FLOOD ZONES 
  

			
	 PROPERTY

	  	 FLOOD ZONE


	Burbank Airport Hilton	  	According to the Federal Emergency Management Agency Community Panel Number 065018 0005 C, dated January 20, 1999, the property is located within Zone X, which is an area designated as outside
of the 500-year flood plain.
		
	Fairmont Chicago Hotel	  	According to the National Flood Insurance Program’s Flood Insurance Rate Map Number 17031C0438 F, Community: City of Chicago, Number 170074, Panel: 0438, Suffix: F, Effective Date: November
6, 2000, the property is located within Zone X, which is an area designated as outside of the 500-year flood plain.
		
	Marriott’s Lincolnshire Resort	  	According to the Federal Emergency Management Agency Community Panel Number 179097C0258, effective September 3, 1997, the property is located in flood zone AE, a special flood hazard area
inundated by 100-year flood.
		
	Loews Santa Monica Beach Hotel	  	According to Federal Emergency Management Agency Map Number #060159-0071C dated April 30, 1982, no part of the property is located in a 100-year flood plain.
		
	Marriott Rancho Las Palmas	  	According to Federal Insurance Rate Map #060259 0005B, dated June 2, 1992, the subject land is located in Zone A with respect to the Flood Channel and Zone B with respect to the remainder of the
site.
		
	Four Seasons Mexico City	  	The property is located within an area having a zone designation of “Corredor Urbano” (Urban Corridor) as indicated in the “Plano de Usos de Suelo” of the Plan Director of
the City of Mexico City.
		
	Four Seasons Punta Mita	  	Mexico does not belong to the National Flood Hazard Area designations nor the Federal Emergency Management Agency and does not have an equivalent flood designation. The site was visually
inspected by the surveyor for evidence of major flooding and none was found, however the area is located at approximately 100m above sea level; therefore any flooding would occur temporarily.
		
	Ritz Carlton Half Moon Bay	  	Zone C, Community P and No 060319 0005 A, dated June 3, 1986 Area of Mineral Flooding

  

 270 








 SCHEDULE 4.1(x) 
 SCHEDULE OF ENGINEERING REPORTS, 
 ENVIRONMENTAL REPORTS AND SEISMIC REPORTS 
 Environmental – All reports by ATC Associates, Inc. (other than Fairmont Chicago Hotel which was URS Corporation)

  

			
	 Property Name
	  	Report As Of
	 Loews Santa Monica Beach Hotel
	  	11/7/2005
	 Hilton Burbank Airport
	  	11/4/2005
	 Rancho Las Palmas Marriott
	  	__________
	 Fairmont Chicago Hotel
	  	6/29/2005
	 Marriott Lincolnshire Resort
	  	11/7/2005
	 Four Seasons Mexico City
	  	11/7/2005
	 Four Seasons Punta Mita
	  	11/7/2005
	 Ritz Carlton Half Moon Bay
	  	11/7/2005

 Engineering – all reports by Terracon, Inc. (other than Ritz Carlton Half Moon Bay which was
Property Solutions and Fairmont Chicago Hotel which was Merritt & Harris) 
  

			
	 Property Name
	  	Report As Of
	 Loews Santa Monica Beach Hotel
	  	11/2/2005
	 Hilton Burbank Airport
	  	11/2/2005
	 Rancho Las Palmas Marriott
	  	11/2/2005
	 Fairmont Chicago Hotel
	  	8/12/2005
	 Marriott Lincolnshire Resort
	  	11/2/2005
	 Four Seasons Mexico City
	  	11/2/2005
	 Four Seasons Punta Mita
	  	11/2/2005
	 Ritz Carlton Half Moon Bay
	  	10/25/2005

 Seismic – all reports by J.S. Dyer & Associates, Inc. (other than Ritz Carlton Half Moon
Bay which was Property Solutions) 
  

			
	 Property Name
	  	Report As Of
	 Loews Santa Monica Beach Hotel
	  	11/1/2005
	 Hilton Burbank Airport
	  	11/1/2005
	 Rancho Las Palmas Marriott
	  	11/1/2005
	 Four Seasons Mexico City
	  	11/1/2005
	 Four Seasons Punta Mita
	  	11/1/2005
	 Ritz Carlton Half Moon Bay
	  	10/25/2005

  

 271 








 SCHEDULE 4.1(ee) 
  
 BREACHES OF MATERIAL AGREEMENTS 
 AND PROPERTY MANAGEMENT AGREEMENTS 
  
 NONE 
  

 272 








 SCHEDULE 4.1(gg) – (i) 
  
 OCCUPANCY REPORTS 
  
 SEE ATTACHED 
  

 273 








 SCHEDULE 4.1(gg) - (ii) 
  
 DELINQUENCY REPORTS 
  
 None. 
  

 274 








 SCHEDULE 4.1(gg) - (iii) 
  
 SCHEDULE OF TENANT SECURITY DEPOSITS 
 AND LETTERS OF CREDIT 
  
 Schedule of Security
Deposits and Letters of Credit 
 September 30, 2005 
  

						
	 Property

	  	 Tenant

	  	Amount


	Loews Santa Monica Beach Hotel	  	Riviera Partners	  	$	5,350.00
	Loews Santa Monica Beach Hotel	  	Empress Corporation	  	$	2,500.00
			
	Fairmont Chicago Hotel Property	  	Food Pantry, Ltd. (d/b/a Lamont’s)	  	$	6,666.66
	 	  	 	  	
	

	 	  	 	  	$	14,516.66
	 	  	 	  	
	


  

 275 








 SCHEDULE 4.1(gg) - (iv) 
 SCHEDULE OF TENANT ARREARAGES 
 None. 
  

 276 








 SCHEDULE 4.1(ss) 
  
 SHARING AGREEMENTS 
  

	1.	Fourth Implementation Agreement dated September 9, 1988 by and between the Redevelopment Agency of the City of Burbank and Burbank Partners L.L. C., as amended by First
Amendment to the Fourth Implementation Agreement dated as of August 31, 1989, Second Amendment to the Fourth Implementation Agreement dated as of May 10, 1991 and Assignment and Assumption Agreement dated as of January 30, 1998 with
respect to certain premises located at 2500 Hollywood Way, Burbank, California and commonly know as the Burbank Airport Hilton Hotel & Convention Center 

  

	2.	Declaration dated October 2, 1978 by Strategic Hotel Funding, L.L.C., a Delaware limited liability company, successor in interest to Chicago Title and Trust Company of Chicago,
as Trustee under Trust No. 1070759, as amended by that certain First Amendment to Declaration of Protective Covenants for Woodfield Corporate Center dated May 20, 1998, as further amended by that certain Declaration of Easement and Second
Amendment to Declaration of Protective Covenants for Woodfield Corporate Center dated May 20, 1998 

  

	3.	Master Declaration of Covenants, Conditions and Restrictions, and Reservation of Easements for University Center dated November 26, 1984 by E. F. Hutton Life Insurance Company,
a California corporation 

  

	4.	Reciprocal Parking and Maintenance Agreement dated December, 1997 by Burbank Partners, LLC, a California limited liability company 

  
 Ritz-Carlton Half Moon Bay 
  

	1.	Declaration and Establishment of Covenants, Conditions, Restrictions, and Reservations dated October 8, 1974 by Half Moon Bay Properties, Inc., a Delaware corporation
(“Half Moon”), as amended by that certain Amendment to Declaration and Establishment of Covenants, Conditions, Restrictions and Reservations dated December 29, 1975 by Half Moon, and as further amended by that Declaration of
Covenants and Restrictions dated November 29, 1984 by Declarant with concurrence by Half Moon and further amended by that Amendment to Ocean Colony Declaration and Establishment of Covenants, Conditions, Restrictions and Reservations dated
August 13, 1991. 

  

	2.	Hotel Agreement with Ocean Colony Association, dated March 29, 1999. 

  

	3.	Hotel, Golf Courses and Colony Club Operation and Access Agreement, dated as of January 14, 1999, between OCP, SWC, and VA/YCP. 

  

 277 








 Fairmont Chicago Hotel Property 
  

	1.	Reciprocal Easement Agreement dated September 30, 1985 made by and between American National Bank and Trust Company of Chicago, a national banking association, as trustee under
Trust Agreement dated December 1, 1982 and known as trust number 56375 and American National Bank and Trust Company of Chicago, as trustee under Trust Agreement dated June 28, 1972 and known as trust number 46968 and American National Bank
and Trust Company of Chicago, a national banking association, as trustee under Trust Agreement dated July 17, 1985 and known as trust number 64971, its successors and assigns, as amended by Amendment to Reciprocal Easement Agreement dated
October 1, 1985. 

  

	2.	Stairway and Vestibule Easement Agreement recorded November 29, 1994 made by and between GO ACIC Associates Limited Partnership and American National Bank and Trust Company, as
trustee under Trust Agreement dated July 17, 1985 and known as trust number 64971. 

  

	3.	Hotel Easement Agreement dated September 30, 1985, as amended by Amendment to Hotel Easement Agreement recorded March 25, 1986 and Second Amendment to Hotel Easement
Agreement dated December 30, 1993 

  

 278 








 SCHEDULE 4.1(uu) 
  
 LIQUOR LICENSES 
  

	1.	Fairmont Chicago Hotel – The current licensee is Fairmont Hotels & Resorts US Inc.. 

  

	2.	Hilton Burbank Airport – The current licensee is SHC Burbank II, L.L.C. An Interim Alcoholic Beverage Agreement dated June 29, 2004 grants New Burbank, L.L.C. the right to
enter the Burbank Hilton for the purpose of operating the alcoholic beverage business pending the transfer of the license to New Burbank, L.L.C. 

  

	3.	Loews Santa Monica Beach Hotel – The current licensee is SHC Santa Monica Beach Hotel III, L.L.C. An Interim Alcoholic Beverage Agreement dated June 29, 2004 grants New
Santa Monica Beach Hotel, L.L.C. the right to enter the Loews Santa Monica Beach Hotel for the purpose of operating the alcoholic beverage business pending the transfer of the license to New Santa Monica Beach Hotel, L.L.C. 


 

	4.	Marriott Lincolnshire Resort – The current licensee is Marriott Hotel Services, Inc. This arrangement will continue. 

  

	5.	Marriott Rancho Las Palmas – The current licensee is Marriott Hotel Services, Inc. This arrangement will continue. 

  

	6.	Four Seasons Mexico City – See Attached. 

  

	7.	Four Seasons Punta Mita – See Attached. 

  

	8.	Ritz Carlton Half Moon Bay – The current licensee is The Ritz Carlton Hotel Company LLC. This arrangement will continue. 

  

 279 








 SCHEDULE 4.1(ddd) 
  
 CORPORATE STRUCTURE 
  
 SEE ATTACHED 
  

 280 








 SCHEDULE 6.1(g) 
  
 ZONING EXCEPTIONS 
  
 Loews Santa Monica Beach Hotel, CA 
  
 Property is zoned R4A and R4Y. The use of the Property as a hotel is permitted under a conditional use permit. 
  

 281 








 EXHIBIT A 
  
 FORM OF DISBURSEMENT REQUEST 
  
 [                                      
  ] 
  
 [ISSUER] 
  
 Reserve Disbursement Form 
  
 TYPE OF DISBURSEMENT: 
  
 DISBURSEMENT TO BE MADE FROM: 
  
 Deferred Maintenance Reserve 
  
 Unfunded Obligations Reserve 
  
 AMOUNT REQUESTED: $ 
  
 AMOUNT SPECIFIED IN SECOND AMENDED AND RESTATED INDENTURE: $

  
 DATE OF REQUEST: 
  
 DATE FUNDS NEEDED: 
  
 The undersigned hereby certifies that these funds will be applied to pay or reimburse for
materials or work permitted under the Second Amended and Restated Indenture and, done in accordance therewith and copies of invoices for all items or materials purchased and all contracted labor or services are attached hereto. 
  
 CERTIFYING OFFICER: 
  
 DISBURSE FUNDS
VIA:            ~     CHECK            ~    WIRE 
  
 WIRING INSTRUCTIONS: 
  
 (if applicable) 
  
 NOTE: SUPPORTING DOCUMENTATION (INVOICES) MUST BE SUBMITTED WITH YOUR REQUEST.

  

 282 








 EXHIBIT B 
  
 WAIVER OF PREPAYMENT RIGHTS 
  
 Each Issuer acknowledges that the inclusion of the waiver of prepayment rights and the agreement to pay any amounts necessary in connection with the right to prepay the
Notes as set forth in this Section 2.4, as applicable, as well as the other agreements set forth herein in respect of prepayment, was separately negotiated with Note Trustee, that the economic value of the various elements of this waiver
and agreement was discussed, that the consideration given by Issuers for the Notes was adjusted to reflect the specific waiver and agreement negotiated between Issuers and Note Trustee and contained herein. 
  
 ISSUERS’ INITIALS
                     
  

 283 








 EXHIBIT C 
  

INTEREST RATE CAP REQUIREMENTS 
  

	•	 	You must have a long-term unsecured or counterparty rating of “A+” from Standard & Poor’s and “A1” from Moody’s. 

  

	•	 	If you are downgraded below “A+” by Standard and Poor’s or “A2” by Moody’s you must within 30 days of the downgrade, either: (i) find a
replacement cap provider acceptable to Standard & Poor’s with the requisite Standard & Poor’s ratings, or (ii) deliver a guarantee that complies with Standard & Poor’s criteria from an entity whose
short-term rating is at least “A-1”. In the event that cap provider does not comply with (i) or (ii) above, cap provider must, within such thirty (30) day period, (x) post collateral in an amount equal to the sum of:
(I) the greater of the mark-to-market value of the cap and zero dollars, and (II) the applicable volatility buffer (as set forth in Standard & Poor’s criteria) multiplied by the notional balance of the cap, and (y) deliver an
opinion in form and substance acceptable to Standard & Poor’s confirming that the pledge of collateral is “enforceable” (i.e. that, notwithstanding the cap provider’s insolvency, the collateral will be available to meet
the cap provider’s obligations free from any preference, claim or moratorium). If a cap provider posts collateral as a result of a downgrade, the cap should be marked-to-market weekly and if necessary, additional collateral must be posted at
such time. The weekly mark-to-market valuations may be based on internal marks, although the marks must be verified by a satisfactory external mark on a monthly basis. The collateral requirement should be based on the greater of the internal and
external marks, and any deficiencies in collateral value must be cured within three days. In addition, annual audits, if applicable, must be amended to include verification of a sample of cap calculations and collateral postings. All collateral must
be (i) invested in eligible investments (other than the debt of the cap provider) in the currency of the rated securities and invested with an eligible institution (other than the cap provider), (ii) segregated and pledged to the trustee
for the benefit of the certificate holders under normal ISDA requirements with terms and conditions approved by the trustee and in the possession of the trustee, and (iii) deposited in an account in the name of the trustee. All filings and
other procedures necessary to grant the pledgee a perfected security interest in the collateral must be completed. Posting of additional collateral may be required under Standard & Poor’s collateral posting requirements. Cap provider
shall, at all times during a downgrade, continue to actively pursue efforts to have an acceptable replacement cap provider in place. Cap provider will continue to perform its obligations until a replacement cap provider meeting the requirements set
forth above is in place. If you fail to satisfy the foregoing it will be an Additional Termination Event as defined by Section 5 (b)(v) of the ISDA Master Agreement, with you as the Affected Party. 

  

	•	 	The form of cap agreement should be the 1992 ISDA Agreement (Multicurrency Cross Border or Local Currency-Single Jurisdiction) subject to the 2000 Definitions.


  

 284 









	•	 	Once the cap premium is paid by Issuer, it cannot default. (Paragraph 4 of the May 1989 ISDA Addendum to Schedule to Interest Rate and Currency Exchange Agreement or similar
language must be incorporated by reference). 

  

	•	 	“Cross Default” provision of Section 5(a)(vi), “Breach of Agreement” Section 5(a)(ii), “Credit Support Default” Section 5(a)(iii),
“Misrepresentation” Section 5(a)(iv), “Default under Specified Transaction” Section 5(a)(v), “Cross Default” Section 5(a)(vi), “Bankruptcy” Section 5(a)(vii) and “Merger without
Assumption” Section 5(a)(viii) of the ISDA Master Agreement will not apply. 

  

	•	 	All events of default set forth in Section 5 of the ISDA Agreements (other than cross default) apply to the cap provider and are not restricted by any amendments to the
Schedule. 

  

	•	 	To the extent the cap provider’s obligations are guaranteed, all events of default set forth in Section 5 of the ISDA Agreements (other than cross default) apply to the
guarantor. 

  

	•	 	Grace and cure periods in Section 5 of the ISDA Master Agreement will not apply. 

  

	•	 	“Credit Event Upon Merger” provisions of Section 5(b)(iv) of the ISDA Master Agreement will not apply. 

  

	•	 	“Automatic Early Termination” provision in Section 6(a) of the ISDA Master Agreement will not apply. 

  

	•	 	Notwithstanding the provisions of Section 5(b), none of the events of Section 5(b) constitute a termination event with respect to the issuer. Therefore, the Schedule to
the ISDA Agreements removes the following termination events with respect to the issuer: Section 5(b)(ii) - Tax Event, Section 5(b)(iii) - Tax Event Upon Merger and Section 5(b)(iv) - Credit Event Upon Merger. If the Schedule to the
ISDA Agreements does not remove Sections 5(b)(ii) and/or 5(b)(iii) (tax events), Sections 5(b)(ii) and 5(b)(iii) of the ISDA Agreements may remain termination events exercisable by cap provider if (a) the cap provider and guarantor (if
applicable) represent in the Schedule that no withholding tax is payable, and (b) the Schedule requires the cap provider and guarantor (if applicable) to remake the representation in (a) above as of the date of any one or more of the
following events: (i) the replacement of the cap provider and guarantor (if applicable) with an entity subject to the laws of a jurisdiction different than the original cap provider or guarantor (if applicable), (ii) any merger,
consolidation, amalgamation or other similar action related to the cap provider or guarantor (if applicable) and/or (iii) any event which results in the existing cap provider or guarantor (if applicable) becoming subject to the laws of a
different jurisdiction from the jurisdiction with respect to which such party made the representation in (a) above. At any time the cap provider and guarantor (if applicable) are unable to make the requisite representations set forth in
(a) and (b) above, then (y) the termination events set forth in Sections 5(b)(ii) and 5(b)(iii) shall no longer be exercisable by the cap provider against issuer and shall solely be exercisable by issuer, and (z) the ISDA Master
Agreement (Multicurrency Cross Border)(“Cross Border Agreement”) “indemnifiable taxes” provisions (as set forth herein) shall apply. 

  

 285 









	•	 	Issuer shall be precluded from payment of any out-of-pocket expenses required under Section 11 of the ISDA Master Agreement and incurred by cap provider related to the
enforcement and protection of cap provider’s rights under the cap agreement. 

  

	•	 	Market Quotation and Second Method will be used for the purpose of computing amounts payable on early termination with a provision for Loss if Market Quotation is not available.


  

	•	 	The parties shall be deemed to have no Affiliates for purposes of the ISDA Master Agreement. 

  

	•	 	“Specified Entities” will not apply for purposes of Sections 5(a)(v), 5(a)(vi), 5(a)(vii) and 5(b)(iv) of the ISDA Master Agreement. 

  

	•	 	Transaction will be governed by New York law. 

  

	•	 	For the purposes of Section 6(e) of the ISDA Master Agreement, set-off and counterclaim will not apply and all payments by cap provider shall be made without set-off or
counterclaim. 

  

	•	 	If this transaction will be guaranteed by a parent to provide a required rating, the guarantee must be unconditional, irrevocable, continuing and a guarantee of payment, not
collection, and otherwise satisfy Rating Agency requirements. Any act or omission of such guarantor that would constitute an event of default by the cap provider (other than a cross default) under Section 5 of the ISDA Master Agreement will
constitute an event of default under the ISDA Master Agreement. 

  

	•	 	There will be a collateral assignment of the cap. Cap provider will be required to countersign an acknowledgement of the assignment agreement, which among other things will require
(i) the consent of the Note Trustee and Rating Agency Confirmation in connection with any amendment to the cap agreement (including the confirmation, schedule, ISDA Agreement and collateral assignment agreement), (ii) that all directions
to the cap provider will be from Note Trustee or trustee (or the servicer on its behalf), if securitized, and the cap provider shall not recognize instructions or directions from Issuer, and (iii) that all payments by the cap provider be made
to Note Trustee or trustee (or the servicer on its behalf), if securitized, and not to Issuer (regardless of whether or not an event of default exists under the transaction documents). 

  

	•	 	The definition of LIBOR will be USD-LIBOR-BBA and must match the definition of LIBOR in the indenture. 

  

	•	 	The definition of Business Day must match the definition of Business Day in the indenture. 

  

	•	 	LIBOR must be determined on the LIBOR Determination Date. 

  

	•	 	Payments must be made by the cap provider on or prior to the applicable Payment Date in respect of a period corresponding to the applicable Interest Accrual Period.


  

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	•	 	The Termination Date of the cap must be no earlier than the Maturity Date under the indenture. 

  

	•	 	The Day Count Fraction in the cap must match that contained in the indenture. 

  


	•	 	The Notional Amount in the cap must match the principal amount of the loan as of the date of the indenture. 

  

	•	 	US Dollars are selected as the Termination Currency under the cap. 

  

	•	 	Section 2(c)(ii) of the ISDA Master Agreement will apply to the Transaction. 

  

	•	 	Cap provider and Issuer will represent that it is not a multi-branch party. 

  

	•	 	Cap provider will covenant that it will not petition Issuer into bankruptcy (or join in any such petition) for 365 days after all outstanding rated securities have been paid in
full. 

  

	•	 	If the ISDA Master Agreement (Multicurrency Cross Border)(“Cross Border Agreement”) is utilized, additional scheduled items and provisions to address “indemnifiable
taxes” and other related issues present in cross border transactions must be incorporated: 

  

	 	•	 	Section 2(d)(i)(4) of the Cross Border Agreement must be amended to require the cap provider to unconditionally “gross up” in the event that a withholding tax is
imposed on payments being made by the cap provider. 

  

	 	•	 	The definition of “indemnifiable tax” must cover any and all withholding tax. 

  

	 	•	 	Section 2(d)(i)(4) of the Cross Border Agreement will be deleted such that cap provider is not excused from having to “gross up” due to Issuer’s breach of a tax
representation or failure to notify cap provider of a breach of a tax representation and (ii) Issuer makes no tax representations in the cap agreement or schedule. 

  

	 	•	 	Section 2(d)(ii) of the Cross Border Agreement must be amended to provide that there is no obligation by Issuer to make payments to the cap provider for any payments made by
the cap provider without deduction for taxes (for which there is no obligation to gross up). 

  

	 	•	 	Section 4(e) of the Cross Border Agreement must be amended to provide that there are no payment obligations by Issuer to cap provider for any indemnification resulting from
stamp registration or other documentary tax levied by Issuer’s taxing authority on the cap provider. 

  

	•	 	Cap provider and any guarantor must provide a New York opinion of counsel satisfactory to the Rating Agencies regarding the cap. If cap provider or its guarantor is a non-U.S.
entity, a foreign opinion must be provided as well. The opinion(s) must include customary legal opinions including, without limitation, an opinion delivered by outside counsel opining that the cap agreement (including the confirmation, ISDA Master
Agreement, schedule and collateral assignment agreement) is legal/valid/binding and enforceable against the cap provider and any guarantor. 

  

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	•	 	A choice of law opinion shall be delivered and containing an opinion that (a) the courts in the jurisdictions of the cap provider and guarantor, as applicable, would recognize
and give effect to choice of law in the cap agreement and guarantee, as applicable, and (b) the choice of law is, prima facie, valid and binding under the law of such jurisdiction. 

  

	•	 	Neither party can assign its position in the cap (in whole or in part) to any other third party without your consent, which will not be unreasonably withheld or delayed, subject to
rating agency confirmation, upon prepayment, in whole or in part, of the underlying financing. 

  

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 EXHIBIT D 
  
 PRE-APPROVED TRANSFEREES 
  
 Hilton Hotels Corporation 
 InterContinental
Hotel Group 
 Rosewood Hotels & Resorts 
 Whitehall Street Real Estate Limited Partnership Funds 
 Host Marriott Corporation 
 Hilton Group, PLC 
 Fairmont Hotels &
Resorts 
 Blackstone Group, LP 
 Millenium and Copthorne Hotels, PLC 
 MeriStar Hotels 
 LaSalle Hotel Properties 
 Marriott International, Inc. 
 Starwood Hotels and Resorts Worldwide, Inc. 
 Government of Singapore Investment Corporation 
 Maritz Wolf LLC (subject to rating agency approval) 
 HRH Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud (subject to rating agency approval) 
 CNL Hospitality Corporation 
 KSL Recreation Corporation 
 Morgan Stanley Real Estate Fund 
 Orient Express

 Mandarin 
 Peninsula 

Raffles 
 Hyatt 
 Four Seasons Hotel Inc. 
 Shangrila 

Lowe Hospitality/Lowe Enterprises 
 Strategic
Hotel Capital Inc. 
 MassMutual 
 Prudential 
 Cigna 
 JPMorgan Investment Management 
 CS First Boston Real Estate Capital Partners 
 Oxford Lodging and Investment (subject to rating agency approval) 
 Highgate Holdings
(subject to rating agency approval) 
 Rockwood Capital (subject to rating agency approval) 
 Black Acre Institutional Capital Management (subject to rating agency approval) 
 NH Hotels (subject to rating agency approval) 
 Accor (subject to rating agency approval)

 Vail Resorts (subject to rating agency approval) 
 Benchmark Hospitality (subject to rating agency approval) 
 Ashford Hospitality (subject to rating agency
approval) 
 Highland Hospitality (subject to rating agency approval) 
  

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 EXHIBIT E 
  

INTENTIONALLY OMITTED 
  

 290 








 EXHIBIT F-1 
  
 PROPERTY MANAGEMENT TERM SHEET 
  
 SUMMARY OF TERMS 
 PROPOSED AMENDMENTS
TO HOTEL AGREEMENTS FOR 
 FOUR SEASONS HOTEL 
 MEXICO CITY 
  
 The following summarizes the terms of certain contemplated amendments to the Hotel Agreements described below. 
  
 Definitions 
  

			
	Hotel	  	Four Seasons Hotel, Mexico City
		
	Renovation	  	A renovation of the Hotel guest rooms in the form agreed by Four Seasons and the Owner of the Hotel,
		
	Hotel Agreements	  	Hotel License Agreement and Hotel Management Agreement, each dated March 14, 1994, as amended to date
		
	Amendments	  	 
		
	 Limitation on Four Seasons Fees
  
	  	 
	 	  	 Aggregate fees payable under the Hotel Agreements are capped as follows:
 2006 – 6.20% of Gross Receipts
 2007 – 6.25% of Gross Receipts
 2008 – 6.40% of Gross Receipts
 Thereafter – 6.75% of Gross
Receipts

	 Gross Operating Profit deduction
  
	  	 
	 	  	For three years (anticipated to be 2006, 2007 and 2008), Gross Operating Profit shall be reduced by the following amounts: Year 1: up to $2,538,667, Year 2: up to $2,314,667; Year 3: up to
$2,314,667, all such amounts dependent on the investment made by the Owner in the Renovation.
		
	 	  	In addition, for years following the designated years, an amount equal 10% of Owner’s investment in capital improvements not funded via the FF&E reserve shall be deducted in arriving
at Gross Operating Profit.
		
	Performance Termination	  	Performance Termination not to be applicable for years during which the Renovation is in progress (Note: Renovation substantially complete)

  

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 EXHIBIT F-2 
  
 PROPERTY MANAGEMENT TERM SHEET 
  
 SUMMARY OF TERMS 
 PROPOSED AMENDMENTS
TO HOTEL AGREEMENTS FOR 
 FOUR SEASONS HOTEL 
 PUNTA MITA 
  
 The following summarizes the
terms of certain contemplated amendments to the Hotel Agreements described below. 
  
 Definitions 
  

			
	Hotel	  	Four Seasons Hotel, Punta Mita
		
	Renovation	  	A renovation of the Hotel in the form agreed by Four Seasons and the Owner of the Hotel, contemplated to include development of nine new guest room suites, a second swimming pool 25 new hillside
guest rooms and an additional restaurant
		
	Hotel Agreements	  	Hotel Services Agreement, Hotel License Agreement, Hotel Management Agreement and Hotel Advisory Agreement, each dated July 18, 1997, as amended to date
		
	Amendments	  	 
		
	Four Seasons Contribution	  	Four Seasons shall make a contribution aggregating approximately $2,000,000 payable in three equal annual installments in 2006, 2007 and 2008
		
	 	  	Four Seasons and the Owner are discussing whether any portion of such amounts are required to be repaid on termination of the Hotel Agreements
		
	Limitation on Four Seasons Fees	  	 
		
	 	  	 Aggregate fees payable under the Hotel Agreements are capped as follows:
 2006, 2007 and 2008 – 7.5% of Gross Receipts
 Thereafter – 8% of Gross Receipts

		
	 Gross Operating Profit deduction
  
	  	 
	 	  	An amount equal 10% of Owner’s investment in capital improvements not funded via the FF&E reserve shall be deducted in arriving at Gross Operating Profit, except for purposes of
determining whether Four Seasons has failed the Performance Termination provisions

  

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 EXHIBIT F-3 
  
 PROPERTY MANAGEMENT TERM SHEET 
  
 The Fairmont Chicago Hotel 
 Outline
of a Structure 
 for 
 Certain Management Agreements 
 Creating the Hotel and Club 
  

			
		
	 AMENDMENT TO
 PROPERTY
 MANAGEMENT
 AGREEMENT
	  	 
		
	Parties	  	TRS Columbus Drive, LLC (the lessee of the Hotel “Operating Lessee” or “Owner” for purposes of this Exhibit F-3) and [Manager]
		
	Hotel Unit	  	Only the Hotel Unit, and the rooms and public areas within the Hotel Unit and the Hotel Condominium Units that are subject to rental agreements, will be subject to the Hotel Management
Agreement. The Hotel Management Agreement will not contemplate management of the Common Elements of the building (which will be handled in a Condominium Management Agreement) or any other condominium unit within the building.
		
	 Rooms Out of
 Service
	  	The Hotel Condominium Units will be removed from service under the Hotel Management Agreement. Some of these Hotel Condominium Units may be replaced in Hotel room inventory, but through the
Rental Agreement arrangement.
		
	Rooms Managed	  	Manager shall be responsible for the management of hotel rooms owned by Owner, as well as hotel rooms owned by third parties and subject to rental agreements pursuant to which Owner, as agent
for such third parties, will deliver such hotel rooms to Manager.
		
	Public Areas	  	The public and “back of the house” areas of the Hotel will form a portion of the Hotel Unit and will remain at all times in Owner’s control.
		
	 Allocation of
 Shared
Expenses
	  	Certain of the current costs of management of the Hotel may be properly allocable to the Condominium Association (e.g., maintenance, repair and replacement of all Common Elements, including,
without limitation, the façade, and the landscaping). Owner and Manager agree that such expenses shall be allocated between the Owner of the Hotel

  

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	 	  	Unit and the owners of the other units in a fair and equitable manner, to the extent provided for the in the Condominium Declaration and not appropriate for sharing on the basis of percentage
interests.
		
	Gross Revenues	  	Gross revenues shall include revenues from services or facilities provided by the Hotel to the Hotel Condominium Units (including the revenue earned by Operating Lessee through the Rental
Agreement arrangement (but not revenue payable to the owner of any Hotel Condominium Unit), and any markup on the costs of providing such services and facilities, and service charges for services provided to the condominiums). Gross Revenues will
exclude reimbursements of costs and expenses paid by Hotel Condominium Unit Owners (or the Club Condominium Unit Owners) to the Hotel.
		
	Owners Equity	  	To be decreased to reflect released rooms.
		
	Management Fee	  	Management Fee and other compensation to Manager, measured as a percentage of projected gross revenues of the Hotel Unit shall not exceed 120% of historic averages for the Fairmont Chicago Hotel
Property, as shall be certified by an Officer Certificate.
		
	CONDOMINIUM MANAGEMENT AGREEMENT WITH FAIRMONT	  	 
		
	Parties	  	Manager and the Master Condominium Association
		
	Term	  	[Anticipated to be concurrent with Hotel Management Agreement]
		
	Mandatory Services Provided	  	For a monthly assessment, Manager would provide the following services to the Master Condominium Association with respect to the Common Elements of the building:
		
	 	  	 (i)     Cleaning, maintenance and repair services

		
	 	  	 (ii)    Prepare for and assist in meetings of the Master Association

		
	 	  	 (iii)  Prepare and submit to the Master Association annual operating budgets for the Master Association


  

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	 	  	 (iv)   Bill and collect all common charges, assessments and other amounts due from condominium unit
owners

		
	 	  	 (v)    Employ and supervise all personnel in connection with services provided

		
	 	  	 (vi)   Maintain insurance for the condominium building

		
	 	  	 (vii) Pay, subject to sufficient funds made available by the Master Association (through the collection of assessments and the like), all
bills and other accounts payable of the Master Association

		
	 	  	 (viii)Prepare all tax returns to be filed by the Master Association

		
	Base Fee	  	Manager shall be paid an annual fee for its services
		
	Cost Reimbursement	  	Manager shall be entitled to reimbursement for any reasonable out-of-pocket costs and expenses incurred in the performance of its duties, including, without limitation, salary and other payroll
costs, and third party accounting and legal fees.
		
	Purchasing Charge	  	Manager shall be authorized to purchase supplies and equipment through its centralized purchasing system, and the Association shall pay a charge relating to such centralized purchasing, which
shall be the same charge applicable to properties operating under its brand.

  

 295 








 EXHIBIT G-1 
  
 LAS PALMAS OUTPARCEL 
  
 See attached. 
  

 296 








 EXHIBIT G-2 
  
 HILTON BURBANK AIRPORT OUTPARCEL 
  
 See attached. 
  

 297 








 EXHIBIT H-1 
  
 EXHIBIT H-1-A 
  
 FORM AMENDED AND RESTATED RESTRICTED GLOBAL NOTE 
 FORM AMENDED AND RESTATED UNRESTRICTRED GLOBAL NOTE 
 FORM AMENDED AND RESTATED REGULATION S TEMPORARY GLOBAL NOTE 
  
 COMMERCIAL MORTGAGE-BACKED NOTES SHC 2005-1 
  
 [AMENDED AND RESTATED RESTRICTED GLOBAL NOTE] 
 [AMENDED AND RESTATED TEMPORARY GLOBAL NOTE] 
 [AMENDED AND RESTATED UNRESTRICTED GLOBAL NOTE] 
 A-1 
  
 THIS NOTE REPRESENTS A NON-RECOURSE OBLIGATION OF THE ISSUERS (AS DEFINED HEREIN) SECURED BY AND PAYABLE SOLELY FROM THE
COLLATERAL (AS DEFINED IN THE SECOND AMENDED AND RESTATED INDENTURE (AS DEFINED HEREIN)) AND THE OTHER ASSETS OF THE ISSUERS, IF ANY. THIS NOTE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE NOTE TRUSTEE, ANY SERVICER OR ANY OF THEIR
RESPECTIVE AFFILIATES. THE NOTES ARE NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR BY THE NOTE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. 
  
 [INSERT ADDITIONAL LEGENDS REQUIRED PURSUANT TO SECTION 2.1.7 OF THE SECOND AMENDED AND RESTATED INDENTURE]. 
  

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 CUSIP:
[                    ] 
  
 W I T N E S S E T H 
  
 WHEREAS, all of the promissory notes (the “ORIGINAL NOTES”) issued pursuant to a certain First Amended and Restated Indenture, dated as
of August 24, 2004, by and among the Note Trustee and the issuers named therein and evidencing the indebtedness of such Issuers in the Principal Amount of $275,000,000, have been delivered to such issuers in exchange for Promissory Notes issued
by the Issuers pursuant to the terms of a certain Second Amended and Restated Indenture, dated as of November __2005, by and among the Note Trustee and the Issuers (the “SECOND AMENDED AND RESTATED INDENTURE”); and 
  
 WHEREAS, the Promissory Notes issued or issuable pursuant to the Second
Amended and Restated Indenture are comprised of (i) this Note and other pari passu Promissory Notes A-1 in the aggregate initial Principal Amount of $220,000,000 and (ii) each other pari passu Promissory Note issued pursuant to the Second
Amended and Restated Indenture, which other Promissory Notes may be in an aggregate Principal Amount not to exceed $130,000,000. 
  
 NOW THEREFORE, in consideration of the mutual premises contained herein and for other good and valuable consideration the sufficiency of which is hereby
acknowledged, the parties hereto amend and restate the terms of the Original Notes in their entirety and agree as follows: 
  
 FOR VALUE RECEIVED, SHC Lincolnshire LLC, New Rancho, L.L.C., SHC Columbus Drive, LLC, New Santa Monica Beach Hotel, L.L.C., New Burbank, L.L.C.,
and SHC Half Moon Bay, LLC, each a Delaware limited liability company, and Inmobiliaria Nacional Mexicana, S. de R.L. de C.V. and Punta Mita Resort S. de R.L. de C.V. each a Mexican limited liability company (each individually an
“ISSUER”, and collectively, “ISSUERS”) promise to pay to the order of                     , on or before the
Maturity Date at such place as Note Trustee may from time to time designate in writing, the principal sum of TWO HUNDRED TWENTY MILLION DOLLARS AND NO CENTS ($220,000,000), in lawful money of the United States of America, or such lesser amount as
may be specified in Schedule I, together with interest thereon, to be computed and paid as more particularly set forth in the Second Amended and Restated Indenture; provided that, in no event shall the Principal Amount of this Note, together with
the Principal Amount of each other Promissory Note issued under the Second Amended and Restated Indenture (other than the Promissory Note A-1) exceed $130,000,000 in the aggregate. The terms of this Note are hereby supplemented in full by the terms
of the Second Amended and Restated Indenture, the Amended and Restated Mortgage and the other Transaction Documents, including, without limitation, with respect to Note repayment and Breakage Costs (if any), repayment fees, offsets, counterclaims
and defenses and expenses of Note Trustee. 
  

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 1. Payments of Principal and Interest 
  
 On the date hereof, Issuers shall pay an installment of interest as set forth in Section 2.3.1 of the Second Amended
and Restated Indenture. 
  
 Commencing with the first Payment Date
after the date hereof, and on each and every Payment Date thereafter through but excluding the Maturity Date, Issuers shall, subject to the provisions of Article II of the Second Amended and Restated Indenture, pay interest at the Applicable
Interest Rate on the outstanding principal balance hereof calculated as more fully set forth in the Second Amended and Restated Indenture. Interest on this Note shall be calculated on the basis of a 360-day year and charged for the actual number of
days elapsed in the Interest Accrual Period in question. 
  
 Interest shall be charged and payable on the outstanding Principal Amount of this Note and shall begin to accrue on the date hereof. On the Maturity Date, payment in full of all remaining obligations of Issuers under this Note, the Second
Amended and Restated Indenture and the other Transaction Documents shall become due and payable. 
  
 Payments made at any time hereon (including payments from the proceeds of any sale of any Collateral (as hereinafter defined) pursuant to any of the
Transaction Documents) shall be applied as provided in the Second Amended and Restated Indenture and the Amended and Restated Mortgage. For purposes of this Note, “Collateral” shall mean all monies, accounts, instruments and other property
(including, without limitation, all Rent, revenues, issues, Proceeds, profits, security and other monies payable or receivable under any Transaction Document or with respect thereto and the after-acquired property clauses thereof) subject or
intended to be subject to any Amended and Restated Mortgage and the other Transaction Documents for the performance by Issuers of their obligations thereunder or hereunder as of any particular time, and the proceeds of the foregoing. 
  
 2. Security for this Note. 
  
 This Note is issued pursuant to the Second Amended and Restated Indenture,
and the Note Trustee is and shall be entitled to the benefits thereof and remedies provided therein and the security provided for therein including, without limitation, the security provided by the Amended and Restated Mortgage encumbering the
Mortgaged Property (as defined in each Amended and Restated Mortgage) and the Lien on and security interest in certain other property described therein, and by other Transaction Documents affecting and granting a Lien on and security interest in
other portions of the Collateral, including but not limited to, the Amended and Restated Assignment of Leases and the Amended and Restated Assignment of Agreements. 
  
 3. Acceleration. 
  
 The Second Amended and Restated Indenture, among other things, contains provisions for acceleration of the maturity hereof upon the happening of certain
stated events, and for the payment of certain amounts (if the circumstances require) by Issuers upon the terms and conditions therein specified. 
  

 300 








 4. Events of Default. 
 Upon the occurrence and during the continuation of an Event of Default, the entire principal sum hereof outstanding, together with accrued interest thereon and all other fees, premiums, charges, and costs due under
the Transaction Documents, if any, shall, at the option of the Note Trustee (unless otherwise specified under the Second Amended and Restated Indenture), at once become due and payable without notice. Failure to exercise the aforementioned option
shall not constitute a waiver of the right to exercise the same in the event of any subsequent Event of Default. In addition to principal and interest, each Issuer agrees to pay to Note Trustee (i) all costs of collection incurred by Note
Trustee, including reasonable attorneys’ fees and disbursements and (ii) any other payments which may become due under the Second Amended and Restated Indenture or the other Transaction Documents. 
 5. Default Interest Rate. 
 Issuers do hereby agree
that, if an Event of Default shall have occurred and is continuing, Issuers shall pay interest at the Default Rate on the outstanding amount of the Note and due but unpaid interest thereon, upon demand from time to time, to the extent permitted by
applicable law. 
 6. Authority. 
 Each
Issuer represents that it has full power, authority and legal right to execute and deliver this Note and to perform its obligations hereunder, and that this Note constitutes the valid and binding obligation of such Issuer, enforceable against such
Issuer in accordance with its terms, except as enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally and
(ii) general principles of equity, regardless of whether considered in proceedings at law or in equity. 
 7. Notices. 
 All notices or other communications required or permitted to be given pursuant hereto shall be given in the manner specified in the Second Amended and
Restated Indenture directed to the parties at their respective addresses as provided therein. 
 8. Consent to Jurisdiction; Governing Law.

 (a) THIS NOTE WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY ISSUERS AND ACCEPTED BY NOTE TRUSTEE IN THE STATE OF NEW YORK, AND
THE PROCEEDS DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING MATTERS
OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS NOTE AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO NOTES MADE AND PERFORMED IN SUCH STATE AND ANY
APPLICABLE LAW OF THE UNITED STATES OF AMERICA. IT IS UNDERSTOOD THAT THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE VALIDITY 
  

 301 








 AND THE ENFORCEABILITY OF THIS NOTE AND ALL OF THE INDEBTEDNESS OR OBLIGATIONS ARISING HEREUNDER. TO THE FULLEST EXTENT
PERMITTED BY LAW, EACH ISSUER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS NOTE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK PURSUANT TO § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 (b) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST ANY ISSUER OR
NOTE TRUSTEE ARISING OUT OF OR RELATING TO THIS NOTE SHALL BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, PURSUANT TO § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND EACH ISSUER WAIVES ANY OBJECTION WHICH IT MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH ISSUER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING. EACH ISSUER HEREBY WAIVES THE JURISDICTION OF ANY
OTHER COURT THAT MAY CORRESPOND TO IT BY REASON OF ITS PRESENT OR FUTURE DOMICILE OR OTHERWISE. EACH ISSUER DOES HEREBY DESIGNATE AND APPOINT CORPORATION SERVICE COMPANY, WITH OFFICES AT 1133 AVENUE OF THE AMERICAS, SUITE 3100, NEW YORK, NEW YORK
10036, OR AT SUCH OTHER OFFICE IN NEW YORK, NEW YORK, 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 WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH ISSUER IN THE MANNER PROVIDED IN THE SECOND AMENDED AND RESTATED INDENTURE SHALL BE DEEMED IN EVERY
RESPECT EFFECTIVE SERVICE OF PROCESS UPON SUCH ISSUER, IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. ISSUERS (I) SHALL GIVE PROMPT NOTICE TO NOTE TRUSTEE OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY
AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH OFFICE SHALL BE DESIGNATED AS THE 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. 
 9. Waiver of Jury Trial. 

EACH ISSUER AND, BY ITS ACCEPTANCE HEREOF, THE NOTE TRUSTEE HEREOF, HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY,
WHETHER IN CONTRACT OR IN TORT, 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 
  

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 KNOWINGLY AND VOLUNTARILY BY EACH ISSUER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO
WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. NOTE TRUSTEE AND EACH ISSUER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY EACH ISSUER. 
 10. Savings Clause. 
 It is expressly stipulated and
agreed to be the intent of Issuers and Note Trustee at all times to comply with applicable state law and applicable United States federal law (to the extent that it permits Note Trustee to contract for, charge, take, reserve, or receive a greater
amount of interest than under state law) and that this paragraph shall control every other covenant and agreement in this Note and the other Transaction Documents. If the applicable law (state or federal) is ever judicially interpreted so as to
render usurious any amount called for under this Note or under any of the other Transaction Documents, or contracted for, charged, taken, reserved, or received with respect to the Debt, or if Note Trustee’s exercise of the option to accelerate
the Maturity Date, or if any prepayment results in Issuers having paid any interest in excess of that permitted by applicable law, then it is Note Trustee’s express intent that all excess amounts theretofore collected by Note Trustee shall be
credited on the principal balance of this Note and all other Debt and the provisions of this Note and the other Transaction Documents immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the
necessity of the execution of any new documents, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder or thereunder. All sums paid or agreed to be paid to Note Trustee for the
use, forbearance, or detention of the Debt shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Debt until payment in full so that the rate or amount of interest on
account of the Debt does not exceed the maximum lawful rate from time to time in effect and applicable to the Debt for so long as the Debt is outstanding. Notwithstanding anything to the contrary contained herein or in any of the other Transaction
Documents, it is not the intention of Note Trustee to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration. 
 11. Miscellaneous. 
 (a) No release of any security
for the Debt evidenced hereby or any Person liable for payment of the Debt evidenced hereby, no extension of time for payment of the Debt evidenced hereby or any installment hereof, and no alteration, amendment or waiver of any provision of the
Transaction Documents made by agreement between Note Trustee and any other Person or party shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Issuers or any other Person or party who might be or
become liable for the payment of all or any part of the Debt evidenced hereby, under the Transaction Documents, except as explicitly provided in a writing satisfying the requirements of paragraph 11(c) hereof. 
 (b) Issuers and all others who may become liable for the payment of all or any part of the Debt evidenced hereby do hereby severally waive presentment
and demand for 
  

 303 








 payment, notice of dishonor, protest, notice of protest, notice of non-payment, and notice of intent to accelerate the
maturity hereof and (except as may be expressly provided for in the Transaction Documents) of actual acceleration. 
 (c) This Note may not
be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of any Issuer or Note Trustee, but only by an agreement in writing signed by the party against whom enforcement of any
modification, amendment, waiver, extension, change, discharge or termination is sought. 
 (d) Whenever used, the singular number shall
include the plural, the plural the singular, and the words “Note Trustee” and “Issuer” shall include their respective successors, assigns, heirs, executors and administrators as permitted under the Transaction Documents.

 (e) As provided in the Second Amended and Restated Indenture and subject to the limitations therein set forth, the transfer of this Note
is registrable in the Register, upon surrender of this Note for registration of transfer to the Note Trustee, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuers and the Note Trustee duly executed
by, the Noteholder hereof or his or her attorney duly authorized in writing, and thereupon one or more New Notes, of like Class, of authorized denominations and for the same aggregate principal amount (or Notional Amount), will be issued to the
designated transferee or transferees. Notwithstanding any other provision to the contrary herein, any transfer of this Note is subject to applicable transfer restrictions set forth in the Second Amended and Restated Indenture, including, without
limitation, Section 2.1.3 of the Second Amended and Restated Indenture. 
 (f) The provisions of Section 12.24, Section 12.27
and Section 12.28 of the Second Amended and Restated Indenture are hereby incorporated by reference, as if set forth in full herein. 
 [Remainder of Page Intentionally Left Blank] 
  

 304 








 IN WITNESS WHEREOF, as of November [    ], 2005 each Issuer has duly executed
or has caused its respective duly authorized officers to execute this Note on its behalf, as of the day and year first above written. 
  

			
	ISSUERS:
	
	SHC Lincolnshire LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	New Rancho, L.L.C., a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	New Burbank, L.L.C., a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	New Santa Monica Beach Hotel, L.L.C., a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	Inmobiliaria Nacional Mexicana, S. de R.L. de C.V., a Mexican limited liability company










			
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	Punta Mita Resort S. de R.L. de C.V., a Mexican limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	SHC Half Moon Bay, LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	SHC Columbus Drive, LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	SHC Mexico Lender, LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer


  

 306 









			
	This Note is one of the Notes referred to in the
above-mentioned Second Amended and Restated
Indenture.
	
	LASALLE BANK NATIONAL ASSOCIATION, as Note Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	


  

 307 








 SCHEDULE 1 
 REPAYMENT OF PRINCIPAL, IF ANY, AND 

TRANSFERS AFFECTING THE NOTE 
  

							
	 Amount of Repayment or
 Transfer to or From Another
 Note
	 	 Date of Repayment or
 Transfer
	 	 Balance After Repayment or
Transfer
	 	 Notation Made By:

	Initial Principal Amount represented by this Unrestricted Global Note certificate is zero dollars ($0).	 		 		 	

  

 308 








 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto
                            
                                        
                                        
                                       
                                        
                                        
             
                             (please print or typewrite name(s) and address(es), including postal zip
code(s) of assignee(s)) (“Assignee(s)”) the entire principal amount represented by the within Note and hereby authorizes) the registration of transfer of such interest to Assignee(s) on the Register for the Notes. 
 I (we) further direct the Note Trustee to issue a new Note of the entire principal amount represented by the within Note to the above-named Assignee(s)
and to deliver such Note to the following address: 
 _________________________________________________________________________________________________________________________________ 
 _________________________________________________________________________________________________________________________________ 
  

			
	Date:	 	  

		 	Signature by or on behalf of Assignor(s)
		 	  

		 	Taxpayer Identification Number










 EXHIBIT H-1-B 
 EXHIBIT H-1-B 
 FORM AMENDED AND RESTATED RESTRICTED GLOBAL NOTES 
 FORM AMENDED AND RESTATED UNRESTRICTRED GLOBAL NOTES 
 FORM AMENDED AND RESTATED REGULATION S TEMPORARY GLOBAL NOTES 
 COMMERCIAL MORTGAGE-BACKED NOTES SHC 2005-1 
 [AMENDED AND RESTATED RESTRICTED GLOBAL NOTE] 
 [AMENDED AND RESTATED TEMPORARY GLOBAL NOTE] 
 [AMENDED AND RESTATED UNRESTRICTED GLOBAL NOTE] 
 [A-2, A-3, A-4] 
 THIS NOTE REPRESENTS A
NON-RECOURSE OBLIGATION OF THE ISSUERS (AS DEFINED HEREIN) SECURED BY AND PAYABLE SOLELY FROM THE COLLATERAL (AS DEFINED IN THE SECOND AMENDED AND RESTATED INDENTURE (AS DEFINED HEREIN)) AND THE OTHER ASSETS OF THE ISSUERS, IF ANY. THIS NOTE DOES
NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE NOTE TRUSTEE, ANY SERVICER OR ANY OF THEIR RESPECTIVE AFFILIATES. THE NOTES ARE NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR BY THE NOTE TRUSTEE OR ANY OF THEIR
RESPECTIVE AFFILIATES. 
 [INSERT ADDITIONAL LEGENDS REQUIRED PURSUANT TO SECTION 2.1.7 OF THE SECOND AMENDED AND RESTATED INDENTURE].

  

 310 








 CUSIP:
[                    ] 
 W I T N E
S S E T H 
 WHEREAS, all of the promissory notes (the “ORIGINAL NOTES”) issued pursuant to a certain First Amended and
Restated Indenture, dated as of August 24, 2004, by and among the Note Trustee and the issuers named therein and evidencing the indebtedness of such Issuers in the Principal Amount of $275,000,000, have been delivered to such issuers in
exchange for Promissory Notes issued by the Issuers pursuant to the terms of a certain Second Amended and Restated Indenture, dated as of November __2005, by and among the Note Trustee and the Issuers (the “SECOND AMENDED AND RESTATED
INDENTURE”); and 
 WHEREAS, the Promissory Notes issued or issuable pursuant to the Second Amended and Restated Indenture are
comprised of (i) Promissory Notes A-1 in the aggregate initial Principal Amount of $220,000,000 and (ii) this Note and each other pari passu Promissory Note issued pursuant to the Second Amended and Restated Indenture, which other
Promissory Notes, together with this Note, may be in an aggregate Principal Amount not to exceed $130,000,000. 
 NOW THEREFORE, in
consideration of the mutual premises contained herein and for other good and valuable consideration the sufficiency of which is hereby acknowledged, the parties hereto amend and restate the terms of the Original Notes in their entirety and agree as
follows: 
 FOR VALUE RECEIVED, SHC Lincolnshire LLC, New Rancho, L.L.C., SHC Columbus Drive, LLC, New Santa Monica Beach Hotel,
L.L.C., New Burbank, L.L.C., and SHC Half Moon Bay, LLC, each a Delaware limited liability company, and Inmobiliaria Nacional Mexicana, S. de R.L. de C.V. and Punta Mita Resort S. de R.L. de C.V. each a Mexican limited liability company (each
individually an “ISSUER”, and collectively, “ISSUERS”) promise to pay to the order of                     ,
on or before the Maturity Date at such place as Note Trustee may from time to time designate in writing, the principal sum of ONE HUNDRED THIRTY MILLION DOLLARS AND NO CENTS ($130,000,000), in lawful money of the United States of America, or such
lesser amount as may be specified in Schedule I, together with interest thereon, to be computed and paid as more particularly set forth in the Second Amended and Restated Indenture; provided that, in no event shall the Principal Amount of this Note,
together with the Principal Amount of each other Promissory Note issued under the Second Amended and Restated Indenture (other than the Promissory Note A-1) exceed $130,000,000 in the aggregate. The terms of this Note are hereby supplemented in full
by the terms of the Second Amended and Restated Indenture, the Amended and Restated Mortgage and the other Transaction Documents, including, without limitation, with respect to Note repayment and Breakage Costs (if any), repayment fees, offsets,
counterclaims and defenses and expenses of Note Trustee. 
  

 311 








 1. Payments of Principal and Interest 
 On the date hereof, Issuers shall pay an installment of interest as set forth in Section 2.3.1 of the Second Amended and Restated Indenture.

 Commencing with the first Payment Date after the date hereof, and on each and every Payment Date thereafter through but excluding the
Maturity Date, Issuers shall, subject to the provisions of Article II of the Second Amended and Restated Indenture, pay interest at the Applicable Interest Rate on the outstanding principal balance hereof calculated as more fully set forth in
the Second Amended and Restated Indenture. Interest on this Note shall be calculated on the basis of a 360-day year and charged for the actual number of days elapsed in the Interest Accrual Period in question. 
 Interest shall be charged and payable on the outstanding Principal Amount of this Note and shall begin to accrue on the date hereof. On the Maturity
Date, payment in full of all remaining obligations of Issuers under this Note, the Second Amended and Restated Indenture and the other Transaction Documents shall become due and payable. 
 Payments made at any time hereon (including payments from the proceeds of any sale of any Collateral (as hereinafter defined) pursuant to any of the
Transaction Documents) shall be applied as provided in the Second Amended and Restated Indenture and the Amended and Restated Mortgage. For purposes of this Note, “Collateral” shall mean all monies, accounts, instruments and other property
(including, without limitation, all Rent, revenues, issues, Proceeds, profits, security and other monies payable or receivable under any Transaction Document or with respect thereto and the after-acquired property clauses thereof) subject or
intended to be subject to any Amended and Restated Mortgage and the other Transaction Documents for the performance by Issuers of their obligations thereunder or hereunder as of any particular time, and the proceeds of the foregoing. 
 2. Security for this Note. 
 This Note is issued
pursuant to the Second Amended and Restated Indenture, and the Note Trustee is and shall be entitled to the benefits thereof and remedies provided therein and the security provided for therein including, without limitation, the security provided by
the Amended and Restated Mortgage encumbering the Mortgaged Property (as defined in each Amended and Restated Mortgage) and the Lien on and security interest in certain other property described therein, and by other Transaction Documents affecting
and granting a Lien on and security interest in other portions of the Collateral, including but not limited to, the Amended and Restated Assignment of Leases and the Amended and Restated Assignment of Agreements. 
 3. Acceleration. 
 The Second Amended and Restated
Indenture, among other things, contains provisions for acceleration of the maturity hereof upon the happening of certain stated events, and for the payment of certain amounts (if the circumstances require) by Issuers upon the terms and conditions
therein specified. 
  

 312 








 4. Events of Default. 
 Upon the occurrence and during the continuation of an Event of Default, the entire principal sum hereof outstanding, together with accrued interest thereon and all other fees, premiums, charges, and costs due under
the Transaction Documents, if any, shall, at the option of the Note Trustee (unless otherwise specified under the Second Amended and Restated Indenture), at once become due and payable without notice. Failure to exercise the aforementioned option
shall not constitute a waiver of the right to exercise the same in the event of any subsequent Event of Default. In addition to principal and interest, each Issuer agrees to pay to Note Trustee (i) all costs of collection incurred by Note
Trustee, including reasonable attorneys’ fees and disbursements and (ii) any other payments which may become due under the Second Amended and Restated Indenture or the other Transaction Documents. 
 5. Default Interest Rate. 
 Issuers do hereby agree
that, if an Event of Default shall have occurred and is continuing, Issuers shall pay interest at the Default Rate on the outstanding amount of the Note and due but unpaid interest thereon, upon demand from time to time, to the extent permitted by
applicable law. 
 6. Authority. 
 Each
Issuer represents that it has full power, authority and legal right to execute and deliver this Note and to perform its obligations hereunder, and that this Note constitutes the valid and binding obligation of such Issuer, enforceable against such
Issuer in accordance with its terms, except as enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally and
(ii) general principles of equity, regardless of whether considered in proceedings at law or in equity. 
 7. Notices. 
 All notices or other communications required or permitted to be given pursuant hereto shall be given in the manner specified in the Second Amended and
Restated Indenture directed to the parties at their respective addresses as provided therein. 
 8. Consent to Jurisdiction; Governing Law.

 (a) THIS NOTE WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY ISSUERS AND ACCEPTED BY NOTE TRUSTEE IN THE STATE OF NEW YORK, AND
THE PROCEEDS DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING MATTERS
OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS NOTE AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO NOTES MADE AND PERFORMED IN SUCH STATE AND ANY
APPLICABLE LAW OF THE UNITED STATES OF AMERICA. IT IS UNDERSTOOD THAT THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE VALIDITY 
  

 313 








 AND THE ENFORCEABILITY OF THIS NOTE AND ALL OF THE INDEBTEDNESS OR OBLIGATIONS ARISING HEREUNDER. TO THE FULLEST EXTENT
PERMITTED BY LAW, EACH ISSUER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS NOTE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK PURSUANT TO § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 (b) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST ANY ISSUER OR
NOTE TRUSTEE ARISING OUT OF OR RELATING TO THIS NOTE SHALL BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, PURSUANT TO § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND EACH ISSUER WAIVES ANY OBJECTION WHICH IT MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH ISSUER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING. EACH ISSUER HEREBY WAIVES THE JURISDICTION OF ANY
OTHER COURT THAT MAY CORRESPOND TO IT BY REASON OF ITS PRESENT OR FUTURE DOMICILE OR OTHERWISE. EACH ISSUER DOES HEREBY DESIGNATE AND APPOINT CORPORATION SERVICE COMPANY, WITH OFFICES AT 1133 AVENUE OF THE AMERICAS, SUITE 3100, NEW YORK, NEW YORK
10036, OR AT SUCH OTHER OFFICE IN NEW YORK, NEW YORK, 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 WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH ISSUER IN THE MANNER PROVIDED IN THE SECOND AMENDED AND RESTATED INDENTURE SHALL BE DEEMED IN EVERY
RESPECT EFFECTIVE SERVICE OF PROCESS UPON SUCH ISSUER, IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. ISSUERS (I) SHALL GIVE PROMPT NOTICE TO NOTE TRUSTEE OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY
AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH OFFICE SHALL BE DESIGNATED AS THE 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. 
 9. Waiver of Jury Trial. 

EACH ISSUER AND, BY ITS ACCEPTANCE HEREOF, THE NOTE TRUSTEE HEREOF, HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY,
WHETHER IN CONTRACT OR IN TORT, 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 
  

 314 








 KNOWINGLY AND VOLUNTARILY BY EACH ISSUER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO
WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. NOTE TRUSTEE AND EACH ISSUER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY EACH ISSUER. 
 10. Savings Clause. 
 It is expressly stipulated and
agreed to be the intent of Issuers and Note Trustee at all times to comply with applicable state law and applicable United States federal law (to the extent that it permits Note Trustee to contract for, charge, take, reserve, or receive a greater
amount of interest than under state law) and that this paragraph shall control every other covenant and agreement in this Note and the other Transaction Documents. If the applicable law (state or federal) is ever judicially interpreted so as to
render usurious any amount called for under this Note or under any of the other Transaction Documents, or contracted for, charged, taken, reserved, or received with respect to the Debt, or if Note Trustee’s exercise of the option to accelerate
the Maturity Date, or if any prepayment results in Issuers having paid any interest in excess of that permitted by applicable law, then it is Note Trustee’s express intent that all excess amounts theretofore collected by Note Trustee shall be
credited on the principal balance of this Note and all other Debt and the provisions of this Note and the other Transaction Documents immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the
necessity of the execution of any new documents, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder or thereunder. All sums paid or agreed to be paid to Note Trustee for the
use, forbearance, or detention of the Debt shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Debt until payment in full so that the rate or amount of interest on
account of the Debt does not exceed the maximum lawful rate from time to time in effect and applicable to the Debt for so long as the Debt is outstanding. Notwithstanding anything to the contrary contained herein or in any of the other Transaction
Documents, it is not the intention of Note Trustee to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration. 
 11. Miscellaneous. 
 (a) No release of any security
for the Debt evidenced hereby or any Person liable for payment of the Debt evidenced hereby, no extension of time for payment of the Debt evidenced hereby or any installment hereof, and no alteration, amendment or waiver of any provision of the
Transaction Documents made by agreement between Note Trustee and any other Person or party shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Issuers or any other Person or party who might be or
become liable for the payment of all or any part of the Debt evidenced hereby, under the Transaction Documents, except as explicitly provided in a writing satisfying the requirements of paragraph 11(c) hereof. 
 (b) Issuers and all others who may become liable for the payment of all or any part of the Debt evidenced hereby do hereby severally waive presentment
and demand for 
  

 315 








 payment, notice of dishonor, protest, notice of protest, notice of non-payment, and notice of intent to accelerate the
maturity hereof and (except as may be expressly provided for in the Transaction Documents) of actual acceleration. 
 (c) This Note may not
be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of any Issuer or Note Trustee, but only by an agreement in writing signed by the party against whom enforcement of any
modification, amendment, waiver, extension, change, discharge or termination is sought. 
 (d) Whenever used, the singular number shall
include the plural, the plural the singular, and the words “Note Trustee” and “Issuer” shall include their respective successors, assigns, heirs, executors and administrators as permitted under the Transaction Documents.

 (e) As provided in the Second Amended and Restated Indenture and subject to the limitations therein set forth, the transfer of this Note
is registrable in the Register, upon surrender of this Note for registration of transfer to the Note Trustee, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuers and the Note Trustee duly executed
by, the Noteholder hereof or his or her attorney duly authorized in writing, and thereupon one or more New Notes, of like Class, of authorized denominations and for the same aggregate principal amount (or Notional Amount), will be issued to the
designated transferee or transferees. Notwithstanding any other provision to the contrary herein, any transfer of this Note is subject to applicable transfer restrictions set forth in the Second Amended and Restated Indenture, including, without
limitation, Section 2.1.3 of the Second Amended and Restated Indenture. 
 (f) The provisions of Section 12.24, Section 12.27
and Section 12.28 of the Second Amended and Restated Indenture are hereby incorporated by reference, as if set forth in full herein. 
 [Remainder of Page Intentionally Left Blank] 
  

 316 








 IN WITNESS WHEREOF, as of November
[            ], 2005 each Issuer has duly executed or has caused its respective duly authorized officers to execute this Note on its behalf, as of the day and year first above
written. 
  

			
	ISSUERS:
	
	SHC Lincolnshire LLC, a Delaware limited liability
company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	New Rancho, L.L.C., a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	New Burbank, L.L.C., a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	New Santa Monica Beach Hotel, L.L.C., a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	Inmobiliaria Nacional Mexicana, S. de R.L. de C.V., a Mexican limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer












			
	Punta Mita Resort S. de R.L. de C.V., a Mexican
limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	SHC Half Moon Bay, LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	SHC Columbus Drive, LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	SHC Mexico Lender, LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer


  

 318 









			
	This Note is one of the Notes referred to in the
above-mentioned Second Amended and Restated
Indenture.
	
	LASALLE BANK NATIONAL ASSOCIATION, as Note Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	


  

 319 








 SCHEDULE 1 
 REPAYMENT OF PRINCIPAL, IF ANY, AND 

TRANSFERS AFFECTING THE NOTE 
  

							
	 Amount of Subsequent
 Funding Repayment
or
 Transfer to or From Another
 Note
	 	 Date of Subsequent
 Funding Repayment
or
 Transfer
	 	 Balance After Subsequent
 Funding Repayment
or
 Transfer
	 	 Notation Made By:

	Initial Principal Amount represented by this Unrestricted Global Note certificate is zero dollars ($0).	 		 		 	

  

 320 








 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto
                            
                                        
                                        
                                        
                                        
                                        
            
                                        
                         (please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s))
(“Assignee(s)”) the entire principal amount represented by the within Note and hereby authorizes) the registration of transfer of such interest to Assignee(s) on the Register for the Notes. 
 I (we) further direct the Note Trustee to issue a new Note of the entire principal amount represented by the within Note to the above-named Assignee(s)
and to deliver such Note to the following address: 
 _______________________________________________________________________________________________________________________________________ 
 _______________________________________________________________________________________________________________________________________ 
  

			
	Date:	 	  

		 	Signature by or on behalf of Assignor(s)
		 	  

		 	Taxpayer Identification Number










 EXHIBIT H-1-C 
 FORM AMENDED AND RESTATED DEFINITIVE NOTE 
 COMMERCIAL MORTGAGE-BACKED NOTES SHC 2005-1 
 AMENDED AND RESTATED DEFINITIVE NOTE A-1 
 THIS
NOTE REPRESENTS A NON-RECOURSE OBLIGATION OF THE ISSUERS (AS DEFINED HEREIN) SECURED BY AND PAYABLE SOLELY FROM THE COLLATERAL (AS DEFINED IN THE SECOND AMENDED AND RESTATED INDENTURE (AS DEFINED HEREIN)) AND THE OTHER ASSETS OF THE ISSUERS, IF ANY.
THIS NOTE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE NOTE TRUSTEE OR ANY OF ITS RESPECTIVE AFFILIATES. THE NOTES ARE NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR BY THE NOTE TRUSTEE OR ANY OF THEIR
RESPECTIVE AFFILIATES. 
 [INSERT ADDITIONAL LEGENDS REQUIRED PURSUANT TO SECTION 2.1.7 OF THE SECOND AMENDED AND RESTATED INDENTURE].

  

 322 








 CUSIP:
[                    ] 
 W I T N E
S S E T H 
 WHEREAS, all of the promissory notes issued pursuant to a certain First Amended and Restated Indenture, dated as of
August 24, 2004, by and among the Note Trustee and the issuers named therein and evidencing the indebtedness of such Issuers in the Principal Amount of $275,000,000, have been delivered to such issuers in exchange for Promissory Notes issued by
the Issuers pursuant to the terms of a certain Second Amended and Restated Indenture, dated as of November __2005, by and among the Note Trustee and the Issuers (the “SECOND AMENDED AND RESTATED INDENTURE”); and 
 WHEREAS, the Promissory Notes issued or issuable pursuant to the Second Amended and Restated Indenture are comprised of (i) this Note and other pari
passu Promissory Notes A-1 in the aggregate initial Principal Amount of $220,000,000 and (ii) each other pari passu Promissory Note issued pursuant to the Second Amended and Restated Indenture, which other Promissory Notes may be in an
aggregate Principal Amount not to exceed $130,000,000. 
 NOW THEREFORE, in consideration of the mutual premises contained herein and for
other good and valuable consideration the sufficiency of which is hereby acknowledged, the parties hereto amend and restate the terms of the Original Note in its entirety and agree as follows: 
 FOR VALUE RECEIVED, SHC Lincolnshire LLC, New Rancho, L.L.C., SHC Columbus Drive, LLC, New Santa Monica Beach Hotel, L.L.C., New Burbank, L.L.C.,
and SHC Half Moon Bay, LLC, each a Delaware limited liability company, and Inmobiliaria Nacional Mexicana, S. de R.L. de C.V. and Punta Mita Resort S. de R.L. de C.V., each a Mexican limited liability company (each individually an ISSUER, and
collectively, ISSUERS) promise to pay to the order of                      on or before the Maturity Date at such place as the Holder
hereof may from time to time designate in writing, the principal sum of TWO HUNDRED TWENTY MILLION DOLLARS AND NO CENTS ($220,000,000) (the “PRINCIPAL AMOUNT”), in lawful money of the United States of America, together with interest
thereon, to be computed and paid as more particularly set forth in the Second Amended and Restated Indenture. The terms of this Note are hereby supplemented in full by the terms of the Second Amended and Restated Indenture, the Amended and Restated
Mortgage and the other Transaction Documents, including, without limitation, with respect to Note repayment and Breakage Costs (if any), repayment fees, offsets, counterclaims and defenses and expenses of Note Trustee. 
  

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 1. Payments of Principal and Interest 
 On the date hereof, Issuers shall pay an installment of interest as set forth in Section 2.3.1 of the Second Amended and Restated Indenture.

 Commencing with the first Payment Date after the date hereof, and on each and every Payment Date thereafter through but excluding the
Maturity Date, Issuers shall, subject to the provisions of Article II of the Second Amended and Restated Indenture, pay interest at the Applicable Interest Rate on the outstanding principal balance hereof calculated as more fully set forth in
the Second Amended and Restated Indenture. Interest on the Note shall be calculated on the basis of a 360-day year and charged for the actual number of days elapsed in the Interest Accrual Period in question. 
 Interest shall be charged and payable on the outstanding Principal Amount of this Note and shall begin to accrue on the date hereof. On the Maturity
Date, payment in full of all remaining obligations of Issuers under this Note, the Second Amended and Restated Indenture and the other Transaction Documents shall become due and payable. 
 Payments made at any time hereon (including payments from the proceeds of any sale of any Collateral (as hereinafter defined) pursuant to any of the
Transaction Documents) shall be applied as provided in the Second Amended and Restated Indenture and the Amended and Restated Mortgage. For purposes of this Note, “Collateral” shall mean all monies, accounts, instruments and other property
(including, without limitation, all Rent, revenues, issues, Proceeds, profits, security and other monies payable or receivable under any Transaction Document or with respect thereto and the after-acquired property clauses thereof) subject or
intended to be subject to any Amended and Restated Mortgage and the other Transaction Documents for the performance by Issuers of their obligations thereunder or hereunder as of any particular time, and the proceeds of the foregoing. 
 2. Security for this Note. 
 This Note is issued
pursuant to the Second Amended and Restated Indenture, and the Note Trustee is and shall be entitled to the benefits thereof and remedies provided therein and the security provided for therein including, without limitation, the security provided by
the Amended and Restated Mortgage encumbering the Mortgaged Property (as defined in each Amended and Restated Mortgage) and the Lien on and security interest in certain other property described therein, and by other Transaction Documents affecting
and granting a Lien on and security interest in other portions of the Collateral, including but not limited to, the Amended and Restated Assignment of Leases and the Amended and Restated Assignment of Agreements. 
 3. Acceleration. 
 The Second Amended and Restated
Indenture, among other things, contains provisions for acceleration of the maturity hereof upon the happening of certain stated events, and for the payment of certain amounts (if the circumstances require) by Issuers upon the terms and conditions
therein specified. 
  

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 4. Events of Default. 
 Upon the occurrence and during the continuation of an Event of Default, the entire principal sum hereof outstanding, together with accrued interest thereon and all other fees, premiums, charges, and costs due under
the Transaction Documents, if any, shall, at the option of the Note Trustee (unless otherwise specified under the Second Amended and Restated Indenture), at once become due and payable without notice. Failure to exercise the aforementioned option
shall not constitute a waiver of the right to exercise the same in the event of any subsequent Event of Default. In addition to principal and interest, each Issuer agrees to pay to Note Trustee (i) all costs of collection incurred by Note
Trustee, including reasonable attorneys’ fees and disbursements and (ii) any other payments which may become due under the Second Amended and Restated Indenture or the other Transaction Documents. 
 5. Default Interest Rate. 
 Issuers do hereby agree
that, if an Event of Default shall have occurred and is continuing, Issuers shall pay interest at the Default Rate on the outstanding amount of the Note and due but unpaid interest thereon, upon demand from time to time, to the extent permitted by
applicable law. 
 6. Authority. 
 Each
Issuer represents that it has full power, authority and legal right to execute and deliver this Note and to perform its obligations hereunder, and that this Note constitutes the valid and binding obligation of such Issuer, enforceable against such
Issuer in accordance with its terms, except as enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally and
(ii) general principles of equity, regardless of whether considered in proceedings at law or in equity. 
 7. Notices. 
 All notices or other communications required or permitted to be given pursuant hereto shall be given in the manner specified in the Second Amended and
Restated Indenture directed to the parties at their respective addresses as provided therein. 
 8. Consent to Jurisdiction; Governing Law.

 (a) THIS NOTE WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY ISSUERS AND ACCEPTED BY NOTE TRUSTEE IN THE STATE OF NEW YORK, AND
THE PROCEEDS DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING MATTERS
OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS NOTE AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO NOTES MADE AND PERFORMED IN SUCH STATE AND ANY

  

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 APPLICABLE LAW OF THE UNITED STATES OF AMERICA. IT IS UNDERSTOOD THAT THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE
VALIDITY AND THE ENFORCEABILITY OF THIS NOTE AND ALL OF THE INDEBTEDNESS OR OBLIGATIONS ARISING HEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH ISSUER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY
OTHER JURISDICTION GOVERNS THIS NOTE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 (b) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST ANY ISSUER OR NOTE TRUSTEE ARISING OUT OF OR RELATING TO THIS NOTE SHALL BE INSTITUTED IN ANY FEDERAL OR
STATE COURT IN NEW YORK, NEW YORK, PURSUANT TO § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND EACH ISSUER WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH
ISSUER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING. EACH ISSUER HEREBY WAIVES THE JURISDICTION OF ANY OTHER COURT THAT MAY CORRESPOND TO IT BY REASON OF ITS PRESENT OR FUTURE DOMICILE OR
OTHERWISE. EACH ISSUER DOES HEREBY DESIGNATE AND APPOINT CORPORATION SERVICE COMPANY, WITH OFFICES AT 1133 AVENUE OF THE AMERICAS, SUITE 3100, NEW YORK, NEW YORK 10036, OR AT SUCH OTHER OFFICE IN NEW YORK, NEW YORK, 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
WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH ISSUER IN THE MANNER PROVIDED IN THE SECOND AMENDED AND RESTATED INDENTURE SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON SUCH ISSUER, IN ANY SUCH SUIT, ACTION OR
PROCEEDING IN THE STATE OF NEW YORK. ISSUERS (I) SHALL GIVE PROMPT NOTICE TO NOTE TRUSTEE OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN
OFFICE IN NEW YORK, NEW YORK (WHICH OFFICE SHALL BE DESIGNATED AS THE 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. 
 9. Waiver of Jury Trial. 
 EACH ISSUER AND, BY ITS ACCEPTANCE HEREOF, THE NOTE TRUSTEE HEREOF, HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, WHETHER IN CONTRACT OR IN TORT, 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 
  

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 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 EACH ISSUER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. NOTE TRUSTEE AND EACH ISSUER IS HEREBY AUTHORIZED TO FILE
A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY EACH ISSUER. 
 10. Savings Clause. 
 It is expressly stipulated and agreed to be the intent of Issuers and Note Trustee at all times to comply with applicable state law and applicable United
States federal law (to the extent that it permits Note Trustee to contract for, charge, take, reserve, or receive a greater amount of interest than under state law) and that this paragraph shall control every other covenant and agreement in this
Note and the other Transaction Documents. If the applicable law (state or federal) is ever judicially interpreted so as to render usurious any amount called for under this Note or under any of the other Transaction Documents, or contracted for,
charged, taken, reserved, or received with respect to the Debt, or if Note Trustee’s exercise of the option to accelerate the Maturity Date, or if any prepayment results in Issuers having paid any interest in excess of that permitted by
applicable law, then it is Note Trustee’s express intent that all excess amounts theretofore collected by Note Trustee shall be credited on the principal balance of this Note and all other Debt and the provisions of this Note and the other
Transaction Documents immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new documents, so as to comply with the applicable law, but so as to permit
the recovery of the fullest amount otherwise called for hereunder or thereunder. All sums paid or agreed to be paid to Note Trustee for the use, forbearance, or detention of the Debt shall, to the extent permitted by applicable law, be amortized,
prorated, allocated, and spread throughout the full stated term of the Debt until payment in full so that the rate or amount of interest on account of the Debt does not exceed the maximum lawful rate from time to time in effect and applicable to the
Debt for so long as the Debt is outstanding. Notwithstanding anything to the contrary contained herein or in any of the other Transaction Documents, it is not the intention of Note Trustee to accelerate the maturity of any interest that has not
accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration. 
 11. Miscellaneous. 
 (a) No release of any security for the Debt evidenced hereby or any Person liable for payment of the Debt evidenced hereby, no extension of time for
payment of the Debt evidenced hereby or any installment hereof, and no alteration, amendment or waiver of any provision of the Transaction Documents made by agreement between Note Trustee and any other Person or party shall release, modify, amend,
waive, extend, change, discharge, terminate or affect the liability of Issuers or any other Person or party who might be or become liable for the payment of all or any part of the Debt evidenced hereby, under the Transaction Documents, except as
explicitly provided in a writing satisfying the requirements of paragraph 11(c) hereof. 
  

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 (b) Issuers and all others who may become liable for the payment of all or any part of the Debt evidenced
hereby do hereby severally waive presentment and demand for payment, notice of dishonor, protest, notice of protest, notice of non-payment, and notice of intent to accelerate the maturity hereof and (except as may be expressly provided for in the
Transaction Documents) of actual acceleration. 
 (c) This Note may not be modified, amended, waived, extended, changed, discharged or
terminated orally or by any act or failure to act on the part of any Issuer or Note Trustee, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or
termination is sought. 
 (d) Whenever used, the singular number shall include the plural, the plural the singular, and the words “Note
Trustee” and “Issuer” shall include their respective successors, assigns, heirs, executors and administrators as permitted under the Transaction Documents. 
 (e) As provided in the Second Amended and Restated Indenture and subject to the limitations therein set forth, the transfer of this Note is registrable in the Register, upon surrender of this Note for registration of
transfer to the Note Trustee, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuers and the Note Trustee duly executed by, the Noteholder hereof or his or her attorney duly authorized in writing,
and thereupon one or more New Notes, of like Class, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. Notwithstanding any other provision to the contrary herein, any
transfer of this Note is subject to applicable transfer restrictions set forth in the Second Amended and Restated Indenture, including, without limitation, Section 2.1.3 of the Second Amended and Restated Indenture. 
 (f) The provisions of Section 12.24, Section 12.27 and Section 12.28 of the Second Amended and Restated Indenture are hereby incorporated
by reference, as if set forth in full herein. 
 [Remainder of Page Intentionally Left Blank] 
  

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 IN WITNESS WHEREOF, as of November [    ], 2005 each Issuer has duly executed
or has caused its respective duly authorized officers to execute this Note on its behalf, as of the day and year first above written. 
  

			
	ISSUERS:
	
	SHC Lincolnshire LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	New Rancho, L.L.C., a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	New Burbank, L.L.C., a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	New Santa Monica Beach Hotel, L.L.C., a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	Inmobiliaria Nacional Mexicana, S. de R.L. de C.V., a Mexican limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer










			
	Punta Mita Resort S. de R.L. de C.V., a Mexican limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	SHC Half Moon Bay, LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	SHC Columbus Drive, LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	SHC Mexico Lender, LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer


  

 330 









			
	NOTE HOLDER:
	
	 _________________________________________________, a

	
	 _____________________________________________________

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	


  

 331 









			
	This Note is one of the Notes referred to in the above-mentioned Second Amended and Restated Indenture.
	
	LASALLE BANK NATIONAL ASSOCIATION,
        as Note Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	


  

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 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto
                         
                                       
                                        
                                        
                                        
                                        
             
                                       
                                        
                                        
                                        
                                        
             
 (please print or typewrite name(s) and address(es), including postal zip
code(s) of assignee(s)) (“Assignee(s)”) the entire principal amount represented by the within Note and hereby authorizes) the registration of transfer of such interest to Assignee(s) on the Register for the Notes. 
 I (we) further direct the Note Trustee to issue a new Note of the entire principal amount represented by the within Note to the above-named Assignee(s)
and to deliver such Note to the following address: 
  

			
	  

	  

		
	Date:	  	  

		  	 Signature by or on behalf of
 Assignor(s)

		
		  	  

		  	Taxpayer Identification Number

  

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 EXHIBIT H-1-D 
 FORM AMENDED AND RESTATED DEFINITIVE NOTE 
 COMMERCIAL MORTGAGE-BACKED NOTES SHC 2005-1 
 AMENDED AND RESTATED DEFINITIVE NOTE [A-2, A-3, A-4] 
 THIS NOTE REPRESENTS A NON-RECOURSE OBLIGATION OF THE ISSUERS (AS DEFINED HEREIN) SECURED BY AND PAYABLE SOLELY FROM THE COLLATERAL (AS DEFINED IN THE SECOND AMENDED AND RESTATED INDENTURE (AS DEFINED HEREIN)) AND THE OTHER ASSETS OF THE
ISSUERS, IF ANY. THIS NOTE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE NOTE TRUSTEE OR ANY OF ITS RESPECTIVE AFFILIATES. THE NOTES ARE NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR BY THE NOTE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. 
 [INSERT ADDITIONAL LEGENDS REQUIRED PURSUANT TO SECTION 2.1.7 OF THE SECOND AMENDED AND RESTATED
INDENTURE]. 
  

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 CUSIP:
[                                    ] 
 W I T N E S S E T H 
 WHEREAS, all of the
promissory notes issued pursuant to a certain First Amended and Restated Indenture, dated as of August 24, 2004, by and among the Note Trustee and the issuers named therein and evidencing the indebtedness of such Issuers in the Principal Amount
of $275,000,000, have been delivered to such issuers in exchange for Promissory Notes issued by the Issuers pursuant to the terms of a certain Second Amended and Restated Indenture, dated as of November     2005, by and
among the Note Trustee and the Issuers (the “SECOND AMENDED AND RESTATED INDENTURE”); and 
 WHEREAS, the Promissory Notes
issued or issuable pursuant to the Second Amended and Restated Indenture are comprised of (i) the Promissory Notes A-1 in the aggregate initial Principal Amount of $220,000,000 and (ii) this Note and each other pari passu Promissory Note
issued or issuable pursuant to the Second Amended and Restated Indenture in an aggregate Principal Amount not to exceed $130,000,000. 
 NOW
THEREFORE, in consideration of the mutual premises contained herein and for other good and valuable consideration the sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 FOR VALUE RECEIVED, SHC Lincolnshire LLC, New Rancho, L.L.C., SHC Columbus Drive, LLC, New Santa Monica Beach Hotel, L.L.C., New Burbank, L.L.C.,
and SHC Half Moon Bay, LLC, each a Delaware limited liability company, and Inmobiliaria Nacional Mexicana, S. de R.L. de C.V. and Punta Mita Resort S. de R.L. de C.V., each a Mexican limited liability company (each individually an
“ISSUER”, and collectively, the “ISSUERS”) promise to pay to the order of
                                       
                  on or before the Maturity Date at such place as the Holder hereof may from time to time designate in writing, the principal sum of ONE HUNDRED
THIRTY MILLION DOLLARS AND NO CENTS ($130,000,000) or such lesser amount as may be specified in Schedule I hereto, together with interest thereon, in lawful money of the United States of America, to be computed and paid as more particularly set
forth in the Second Amended and Restated Indenture; provided that, in no event shall the Principal Amount of this Note, together with the Principal Amount of each other Promissory Note issued under the Second Amended and Restated Indenture
(other than the Promissory Notes A-1), exceed $130,000,000 in the aggregate. The terms of this Note are hereby supplemented in full by the terms of the Second Amended and Restated Indenture, the Amended and Restated Mortgage and the other
Transaction Documents, including, without limitation, with respect to Note repayment and Breakage Costs (if any), repayment fees, offsets, counterclaims and defenses and expenses of Note Trustee. 
  

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 1. Payments of Principal and Interest 
 On the date hereof, Issuers shall pay an installment of interest as set forth in Section 2.3.1 of the Second Amended and Restated Indenture.

 Commencing with the first Payment Date after the date hereof, and on each and every Payment Date thereafter through but excluding the
Maturity Date, Issuers shall, subject to the provisions of Article II of the Second Amended and Restated Indenture, pay interest at the Applicable Interest Rate on the outstanding principal balance hereof calculated as more fully set forth in
the Second Amended and Restated Indenture. Interest on this Note shall be calculated on the basis of a 360-day year and charged for the actual number of days elapsed in the Interest Accrual Period in question. 
 Interest shall be charged and payable on the outstanding Principal Amount of this Note and shall begin to accrue on the date hereof. On the Maturity
Date, payment in full of all remaining obligations of Issuers under this Note, the Second Amended and Restated Indenture and the other Transaction Documents shall become due and payable. 
 Payments made at any time hereon (including payments from the proceeds of any sale of any Collateral (as hereinafter defined) pursuant to any of the
Transaction Documents) shall be applied as provided in the Second Amended and Restated Indenture and the Amended and Restated Mortgage. For purposes of this Note, “Collateral” shall mean all monies, accounts, instruments and other property
(including, without limitation, all Rent, revenues, issues, Proceeds, profits, security and other monies payable or receivable under any Transaction Document or with respect thereto and the after-acquired property clauses thereof) subject or
intended to be subject to any Amended and Restated Mortgage and the other Transaction Documents for the performance by Issuers of their obligations thereunder or hereunder as of any particular time, and the proceeds of the foregoing. 
 2. Security for this Note. 
 This Note is issued
pursuant to the Second Amended and Restated Indenture, and the Note Trustee is and shall be entitled to the benefits thereof and remedies provided therein and the security provided for therein including, without limitation, the security provided by
the Amended and Restated Mortgage encumbering the Mortgaged Property (as defined in each Amended and Restated Mortgage) and the Lien on and security interest in certain other property described therein, and by other Transaction Documents affecting
and granting a Lien on and security interest in other portions of the Collateral, including but not limited to, the Amended and Restated Assignment of Leases and the Amended and Restated Assignment of Agreements. 
 3. Acceleration. 
 The Second Amended and Restated
Indenture, among other things, contains provisions for acceleration of the maturity hereof upon the happening of certain stated events, and for the payment of certain amounts (if the circumstances require) by Issuers upon the terms and conditions
therein specified. 
  

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 4. Events of Default. 
 Upon the occurrence and during the continuation of an Event of Default, the entire principal sum hereof outstanding, together with accrued interest thereon and all other fees, premiums, charges, and costs due under
the Transaction Documents, if any, shall, at the option of the Note Trustee (unless otherwise specified under the Second Amended and Restated Indenture), at once become due and payable without notice. Failure to exercise the aforementioned option
shall not constitute a waiver of the right to exercise the same in the event of any subsequent Event of Default. In addition to principal and interest, each Issuer agrees to pay to Note Trustee (i) all costs of collection incurred by Note
Trustee, including reasonable attorneys’ fees and disbursements and (ii) any other payments which may become due under the Second Amended and Restated Indenture or the other Transaction Documents. 
 5. Default Interest Rate. 
 Issuers do hereby agree
that, if an Event of Default shall have occurred and is continuing, Issuers shall pay interest at the Default Rate on the outstanding amount of the Note and due but unpaid interest thereon, upon demand from time to time, to the extent permitted by
applicable law. 
 6. Authority. 
 Each
Issuer represents that it has full power, authority and legal right to execute and deliver this Note and to perform its obligations hereunder, and that this Note constitutes the valid and binding obligation of such Issuer, enforceable against such
Issuer in accordance with its terms, except as enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally and
(ii) general principles of equity, regardless of whether considered in proceedings at law or in equity. 
 7. Notices. 
 All notices or other communications required or permitted to be given pursuant hereto shall be given in the manner specified in the Second Amended and
Restated Indenture directed to the parties at their respective addresses as provided therein. 
 8. Consent to Jurisdiction; Governing Law.

 (a) THIS NOTE WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY ISSUERS AND ACCEPTED BY NOTE TRUSTEE IN THE STATE OF NEW YORK, AND
THE PROCEEDS DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING MATTERS
OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS NOTE AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO NOTES MADE AND PERFORMED IN SUCH STATE AND ANY

  

 337 








 APPLICABLE LAW OF THE UNITED STATES OF AMERICA. IT IS UNDERSTOOD THAT THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE
VALIDITY AND THE ENFORCEABILITY OF THIS NOTE AND ALL OF THE INDEBTEDNESS OR OBLIGATIONS ARISING HEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH ISSUER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY
OTHER JURISDICTION GOVERNS THIS NOTE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 (b) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST ANY ISSUER OR NOTE TRUSTEE ARISING OUT OF OR RELATING TO THIS NOTE SHALL BE INSTITUTED IN ANY FEDERAL OR
STATE COURT IN NEW YORK, NEW YORK, PURSUANT TO § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND EACH ISSUER WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH
ISSUER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING. EACH ISSUER HEREBY WAIVES THE JURISDICTION OF ANY OTHER COURT THAT MAY CORRESPOND TO IT BY REASON OF ITS PRESENT OR FUTURE DOMICILE OR
OTHERWISE. EACH ISSUER DOES HEREBY DESIGNATE AND APPOINT CORPORATION SERVICE COMPANY, WITH OFFICES AT 1133 AVENUE OF THE AMERICAS, SUITE 3100, NEW YORK, NEW YORK 10036, OR AT SUCH OTHER OFFICE IN NEW YORK, NEW YORK, 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
WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH ISSUER IN THE MANNER PROVIDED IN THE SECOND AMENDED AND RESTATED INDENTURE SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON SUCH ISSUER, IN ANY SUCH SUIT, ACTION OR
PROCEEDING IN THE STATE OF NEW YORK. ISSUERS (I) SHALL GIVE PROMPT NOTICE TO NOTE TRUSTEE OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN
OFFICE IN NEW YORK, NEW YORK (WHICH OFFICE SHALL BE DESIGNATED AS THE 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. 
 9. Waiver of Jury Trial. 
 EACH ISSUER AND, BY ITS ACCEPTANCE HEREOF, THE NOTE TRUSTEE HEREOF, HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, WHETHER IN CONTRACT OR IN TORT, 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 
  

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 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 EACH ISSUER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. NOTE TRUSTEE AND EACH ISSUER IS HEREBY AUTHORIZED TO FILE
A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY EACH ISSUER. 
 10. Savings Clause. 
 It is expressly stipulated and agreed to be the intent of Issuers and Note Trustee at all times to comply with applicable state law and applicable United
States federal law (to the extent that it permits Note Trustee to contract for, charge, take, reserve, or receive a greater amount of interest than under state law) and that this paragraph shall control every other covenant and agreement in this
Note and the other Transaction Documents. If the applicable law (state or federal) is ever judicially interpreted so as to render usurious any amount called for under this Note or under any of the other Transaction Documents, or contracted for,
charged, taken, reserved, or received with respect to the Debt, or if Note Trustee’s exercise of the option to accelerate the Maturity Date, or if any prepayment results in Issuers having paid any interest in excess of that permitted by
applicable law, then it is Note Trustee’s express intent that all excess amounts theretofore collected by Note Trustee shall be credited on the principal balance of this Note and all other Debt and the provisions of this Note and the other
Transaction Documents immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new documents, so as to comply with the applicable law, but so as to permit
the recovery of the fullest amount otherwise called for hereunder or thereunder. All sums paid or agreed to be paid to Note Trustee for the use, forbearance, or detention of the Debt shall, to the extent permitted by applicable law, be amortized,
prorated, allocated, and spread throughout the full stated term of the Debt until payment in full so that the rate or amount of interest on account of the Debt does not exceed the maximum lawful rate from time to time in effect and applicable to the
Debt for so long as the Debt is outstanding. Notwithstanding anything to the contrary contained herein or in any of the other Transaction Documents, it is not the intention of Note Trustee to accelerate the maturity of any interest that has not
accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration. 
 11. Miscellaneous. 
 (a) No release of any security for the Debt evidenced hereby or any Person liable for payment of the Debt evidenced hereby, no extension of time for
payment of the Debt evidenced hereby or any installment hereof, and no alteration, amendment or waiver of any provision of the Transaction Documents made by agreement between Note Trustee and any other Person or party shall release, modify, amend,
waive, extend, change, discharge, terminate or affect the liability of Issuers or any other Person or party who might be or become liable for the payment of all or any part of the Debt evidenced hereby, under the Transaction Documents, except as
explicitly provided in a writing satisfying the requirements of paragraph 11(c) hereof. 
  

 339 








 (b) Issuers and all others who may become liable for the payment of all or any part of the Debt evidenced
hereby do hereby severally waive presentment and demand for payment, notice of dishonor, protest, notice of protest, notice of non-payment, and notice of intent to accelerate the maturity hereof and (except as may be expressly provided for in the
Transaction Documents) of actual acceleration. 
 (c) This Note may not be modified, amended, waived, extended, changed, discharged or
terminated orally or by any act or failure to act on the part of any Issuer or Note Trustee, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or
termination is sought. 
 (d) Whenever used, the singular number shall include the plural, the plural the singular, and the words “Note
Trustee” and “Issuer” shall include their respective successors, assigns, heirs, executors and administrators as permitted under the Transaction Documents. 
 (e) As provided in the Second Amended and Restated Indenture and subject to the limitations therein set forth, the transfer of this Note is registrable in the Register, upon surrender of this Note for registration of
transfer to the Note Trustee, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuers and the Note Trustee duly executed by, the Noteholder hereof or his or her attorney duly authorized in writing,
and thereupon one or more New Notes, of like Class, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. Notwithstanding any other provision to the contrary herein, any
transfer of this Note is subject to applicable transfer restrictions set forth in the Second Amended and Restated Indenture, including, without limitation, Section 2.1.3 of the Second Amended and Restated Indenture. 
 (f) The provisions of Section 12.24, Section 12.27 and Section 12.28 of the Second Amended and Restated Indenture are hereby incorporated
by reference, as if set forth in full herein. 
 [Remainder of Page Intentionally Left Blank] 
  

 340 








 IN WITNESS WHEREOF, as of November [    ], 2005 each Issuer has duly executed
or has caused its respective duly authorized officers to execute this Note on its behalf, as of the day and year first above written. 
  

			
	ISSUERS:
	
	SHC Lincolnshire LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	New Rancho, L.L.C., a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	New Burbank, L.L.C., a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	New Santa Monica Beach Hotel, L.L.C., a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer










			
	 Inmobiliaria Nacional Mexicana, S. de R.L.
     de C.V., a Mexican limited liability company

		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	Punta Mita Resort S. de R.L. de C.V., a Mexican limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	SHC Half Moon Bay, LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	SHC Columbus Drive, LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer
	
	SHC Mexico Lender, LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	Monte Huber
	Office:	 	Vice President, Controller and Treasurer


  

 342 








  

			
	NOTE HOLDER:
	
	 _________________________________________________, a

	
	 _____________________________________________

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	


  

 343 









			
	This Note is one of the Notes referred to in the above-mentioned Second Amended and Restated Indenture.
	
	LASALLE BANK NATIONAL ASSOCIATION,
        as Note Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	


  

 344 








 SCHEDULE I 
 Principal Amount of the Note 
  

								
	 Amount of
 Subsequent
 Funding,
 Repayment or
 Transfer to or
 from
Another
 Note Applicable
 to
Promissory
 Note A-3
	 	 Date of
 Subsequent
 Funding,
 Repayment
or
Transfer
	 	Balance After
Subsequent Funding,
Repayment or Transfer	 	Notation
Made By:
	$0	 	November     , 2005	 	$	0	 	

  

 345 








 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto
                       
                                       
                                        
                                        
                                        
                                        
           
                                       
                                        
                                        
                                        
                                        
           
 (please print or typewrite name(s) and address(es), including postal zip code(s) of
assignee(s)) (“Assignee(s)”) the entire principal amount represented by the within Note and hereby authorizes) the registration of transfer of such interest to Assignee(s) on the Register for the Notes. 
 I (we) further direct the Note Trustee to issue a new Note of the entire principal amount represented by the within Note to the above-named Assignee(s)
and to deliver such Note to the following address: 
  

			
	  

	  

		
	Date:	  	  

		  	 Signature by or on behalf of
 Assignor(s)

		
		  	  

		  	Taxpayer Identification Number

  

 346 








 EXHIBIT H-2 
 [FORM OF CERTIFICATION TO BE GIVEN BY HOLDERS OF 
 BENEFICIAL INTEREST IN A REGULATION S 
 TEMPORARY GLOBAL NOTE] 
 OWNER SECURITIES
CERTIFICATION 
 NEW BURBANK, L.L.C., 
 SHC COLUMBUS DRIVE, LLC, 
 SHC LINCOLNSHIRE LLC, 
 NEW RANCHO, L.L.C., 
 NEW SANTA MONICA
BEACH HOTEL, L.L.C., 
 PUNTA MITA RESORT S. DE R.L. DE C.V. 
 INMOBILIARIA NACIONAL MEXICANA, S. DE R.L. DE. C.V 
 SHC HALF MOON BAY, LLC

 SHC MEXICO LENDER, LLC 
 Floating Rate Commercial Mortgage-Backed Notes, 
 SHC 2005-1 
 CUSIP No.                      
 Reference is hereby made to the amended and restated indenture dated as of November [    ], 2005 (the “Indenture”),
among New Burbank, L.L.C., SHC Columbus Drive, LLC, SHC Lincolnshire LLC, New Rancho, L.L.C., New Santa Monica Beach Hotel, L.L.C., SHC Half Moon Bay, LLC, SHC Mexico Lender, LLC, Punta Mita Resort, S. de. R.L. de C.V. and Inmobiliaria Nacional
Mexicana, S. de. R.L. de C.V. as Issuers, LaSalle Bank National Association, as Trustee and Lender, Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 This is to certify that, as of the date hereof,
U.S.$                     principal amount of the above-captioned Notes are beneficially owned by non-U.S. person(s). As used in this
paragraph, the term “U.S. person” has the meaning given to it by Regulation S under the Securities Act of 1933, as amended. 
 We undertake to advise you promptly by tested telex or by electronic transmission on or prior to the date on which you intend to submit your certification relating to the Notes held by you for our account in accordance with your operating
procedures if any applicable statement herein is not correct on such date, and in the absence of any such notification it may be assumed that this certification applies as of such date. 
  

	1/	Insert the letter and number designation of applicable Class. 

 We understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce this certificate to any interested party in such proceedings. 
  

 347 








 This certificate and the statements contained herein are made for your benefit and the benefit of the Issuers and the
Trustee. 
 Dated:
                    ,              
  

			
	By:	 	  

		 	 As, or as agent for, the beneficial owner(s)
 of the
Notes to which this certificate relates.


  

 348 








 EXHIBIT H-3 
 FORM OF INVESTMENT REPRESENTATION LETTER 
 (INSTITUTIONAL ACCREDITED INVESTOR CERTIFICATES)

 Strategic Hotel Funding, L.L.C. 
 77 West Wacker, Suite 4600 
 Chicago, Illinois 60601 
 LaSalle Bank National Association 
 135 South LaSalle Street 
 Suite 1625 
 Chicago, Illinois 60603 
 Attention: Asset-Backed Securities Trust Services Group— 
 Commercial Mortgage-Backed Notes, 2005-1 
 Re: Commercial Mortgage-Backed Notes, 2005-1 (the “Notes”) 
 Ladies and Gentlemen: 
 This letter is delivered in connection with the purchase by the undersigned (the “Purchaser”) of
$[            ] principal amount of the Notes (the “Purchased Notes”). Terms used but not defined herein shall have the meanings ascribed thereto in the Amended and Restated
Indenture dated as of November [    ], 2005 (the “Indenture”), between New Burbank, L.L.C., SHC Lincolnshire LLC, SHC Columbus Drive, LLC, New Rancho, L.L.C., New Santa Monica Beach Hotel, L.L.C., SHC Half Moon
Bay, LLC, SHC Mexico Lender, LLC, Punta Mita Resort, S. de. R.L. de C.V. and Inmobiliaria Nacional Mexicana, S. de. R.L. de C.V (the “Issuers”) and LaSalle Bank National Association, as Trustee for the benefit of Noteholders. This letter
is an Investor Representation Letter required by Section 2.1.6(f) of the Indenture. 
 In connection with such purchase, the undersigned
hereby confirms that: 
 1. We are an institutional “accredited investor” (an entity meeting the requirements of
Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”)) or an entity of which all of the equity owners are institutional “accredited investors” and have such
knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Purchased Notes, and we are able to bear the economic risk of our investment. We are acquiring the Purchased
Notes purchased by us for our own account. We are not acquiring the Purchased Notes with a view to distribution thereof (within the meaning of the Securities Act) or with any present intention of offering or selling any of the Purchased Notes
[INSERT IF APPLICABLE—other than to a Pass-Through Entity (as defined in the Indenture)] provided that the disposition of our property shall remain at all times within our control. 
  

 349 








 2. The Purchaser understands that the Purchased Notes will be delivered to it in
certificated, registered form only and that they will bear legends to the effect set forth below and in the Indenture. 
 3.
The Purchaser acknowledges that the Purchased Notes have not been registered or qualified under the Securities Act or the securities laws of any state or any other jurisdiction. The Purchaser agrees that the Purchased Notes may not be reoffered,
resold, pledged or otherwise transferred except (1) (a) (i) to a person whom it reasonably believes is a “qualified institutional buyer” within the meaning of Rule 144A of the Securities Act in a transaction meeting the
requirements of Rule 144A, (ii) pursuant to an exemption from registration under the Securities Act provided by Rule 144 (if available), (iii) in an offshore transaction complying with Rule 903 or 904 of Regulation S to an institutional
accredited investor in a transaction exempt form the registration requirements under the Securities Act or (iv) to an institutional “accredited investor” as defined in Rule 50l(a)(l), (2), (3) or (7) of Regulation D or an
entity in which each of the equity owners is an institutional “accredited investor” in a transaction exempt from the registration requirements of the Securities Act, (b) in a transaction exempt from the registration requirements of
the Securities Act, to a trust or other entity that will offer, sell or otherwise transfer interests in the Purchased Notes only in transactions and to persons of the types specified in clauses (a)(i), (ii), (iii) or (iv) (a
“Pass-Through Entity”), and (2) in each case, in accordance with any applicable federal securities laws and any applicable securities laws of any state of the United States or any other jurisdiction. 
 4. The Purchaser hereby undertakes to be bound by the terms and conditions of the Indenture in its capacity as an owner of the Purchased
Notes in all respects as if it were a signatory thereto. This undertaking is made for the benefit of the Issuers, the Note Registrar and all holders of the Notes present and future. 
 5. On each day the Purchaser holds the Notes, the Purchaser will not sell or otherwise transfer any portion of the Purchased Notes, except
in compliance with the Indenture (including the provisions thereof requiring delivery of an investment representation letter and such other certifications, opinions of counsel or other information as the Note Registrar shall require to confirm that
such sale or transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act) and in compliance with the provisions hereof. 
 (a) 6. Each purchaser or transferee of a Note will be deemed to have represented and agreed that on each day it holds such Note that (A) it is not
itself, and is not acquiring such Note with “plan assets” of, an employee benefit or other plan subject to Title I of the Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code
of 1986, as amended (each, a “Plan”), or an entity whose underlying assets include “plan assets” by reason of any Plan’s investment in the entity or (B) the use of such assets will not give rise to, or result in,
a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code by reason of the application of one or more administrative or statutory exemptions from such prohibited transaction provisions. 
  

 350 








 7. Check one of the following: 
  ̈ The Purchaser is a “U.S.
Person” and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9 (or successor form). The Purchaser’s taxpayer identification number is
[            ]. 
  ̈ The Purchaser is not a “U.S. Person” and under applicable law in effect on the date hereof, no taxes will be required to be withheld by the Trustee (or its agent) with
respect to distributions to be made on the Purchased Notes. The Purchaser has attached hereto either (i) a duly executed IRS Form W-8 BEN (or successor form), which identifies such Purchaser as the beneficial owner of the Purchased Notes and
states that such Purchaser is not a U.S. Person or (ii) two duly executed copies of IRS Form W-8ECI (or successor form), which identify such Purchaser as the beneficial owner of the Purchased Notes and state that interest and original issue
discount on the Purchased Notes are, or are expected to be, effectively connected with a U.S. trade or business. The Purchaser agrees to provide to the Note Registrar updated IRS Forms W-8 BEN or IRS Forms W-8ECI, as the case may be, any applicable
successor IRS forms, or such other certifications as the Note Registrar may reasonably request, on or before the date that any such IRS form or certification expires or becomes obsolete, or promptly after the occurrence of any event requiring a
change in the most recent IRS form of certification furnished by it to the Note Registrar. 
 For the purpose of paragraph [7][8],
“U.S. Person” means a citizen or resident of the United States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States or any of its political
subdivisions, an estate the income of which is subject to U.S. federal income taxation regardless of its source, or a trust if (i) a U.S. court is able to exercise primary supervision over the trust administration and (ii) one or more U.S.
persons have the authority to control all of the trust’s substantial decisions. 
 8. Please make all payments due on
the Purchased Notes:(1) 
  


	(1)	Please select (a) or (b) 

 [(a)] by wire transfer to
the following account at a bank or entity in the United States, having appropriate facilities therefor: 
 Account number:

 Institution: 
 [(b)] by mailing a check to the following address: 
  

 351 








 9. All notices to the Holder of the Purchased Notes should be sent to the following address and facsimile
number: 
  

 352 









			
	We acknowledge that the addressees hereof, the Issuers and others will rely on our confirmations, acknowledgments and agreements set forth herein. THIS LETTER SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATION LAW THEREOF.
	
	Very truly yours,
	
	[Name of Purchaser]
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  



 Dated: 
  

 353 








 EXHIBIT H-4 
 INVESTMENT REPRESENTATION LETTER 
 (INSTITUTIONAL ACCREDITED INVESTOR CERTIFICATES) 

Strategic Hotel Funding, L.L.C. 
 77 West Wacker, Suite 4600 
 Chicago, Illinois 60601 
 LaSalle Bank National Association 
 135 South LaSalle Street 
 Suite 1625 
 Chicago, Illinois 60603 

			
	Attention:	 	Asset-Backed Securities Trust Services Group—
		 	Commercial Mortgage-Backed Notes, 2005-1
		
	Re:	 	Commercial Mortgage-Backed Notes, 2005-1 (the “Notes”) 

 Ladies and Gentlemen: 
 This letter is delivered in connection with the transfer of
$                     principal amount of the Notes (the “Transferred Notes”) to a [trust][other entity] created in a Securitization
(the “Pass-Through Entity”). Terms used but not defined herein shall have the meanings ascribed thereto in the Second Amended and Restated Indenture dated as of November [    ], 2005 (the “Indenture”),
between New Burbank, L.L.C., SHC Columbus Drive, LLC, SHC Lincolnshire LLC, New Rancho, L.L.C., New Santa Monica Beach Hotel, L.L.C., SHC Half Moon Bay, LLC, SHC Mexico Lender, LLC, Punta Mita Resort, S. de. R.L. de C.V. and Inmobiliaria Nacional
Mexicana, S. de. R.L. de C.V (the “Issuers”) and LaSalle Bank National Association, as Trustee for the benefit of Noteholders. This letter is an Investor Representation Letter required by Section 2.1.6(g) of the Indenture. 

In connection with such purchase, the undersigned hereby confirms [on behalf of the Pass-Through Entity] that: 
 1. The undersigned is the [Pass-Through Entity][the depositor of the Pass-Through Entity] [the seller of the Transferred Notes to the
depositor of the Pass-Through Entity] [the trustee of the Pass-Through Entity]. 
 2. The Pass-Through Entity will offer, sell
or otherwise transfer interests in the Transferred Notes only (a)(i) to persons whom it reasonably believes are “qualified institutional buyers” within the meaning of Rule 144A of the Securities Act in transactions meeting the requirements
of Rule 144A, (ii) in an offshore transactions complying with Rule 903 or 904 of Regulation S to institutional accredited investors in transactions exempt from the registration requirements under the Securities Act, and (iv) to
institutional “accredited investors” as defined in Rule 50l(a)(l), (2), (3) or (7) of Regulation D or entities in which each of the equity owners is an institutional “accredited investor” in 
  

 354 








 transactions exempt from the registration requirements of the Securities Act and (b) in each case,
in accordance with any applicable federal securities laws and any applicable securities laws of any state of the United States or any other jurisdiction 
 3. The Pass-Through Entity understands that the Transferred Notes will be delivered to it in certificated, registered form only and that they will bear legends to the effect set forth below and in the Indenture.

 4. The Pass-Through Entity acknowledges that the Transferred Notes have not been registered or qualified under the
Securities Act or the securities laws of any state or any other jurisdiction. The Pass-Through Entity agrees that the Transferred Notes may not be reoffered, resold, pledged or otherwise transferred except (1) (a) (i) to a person whom
it reasonably believes is a “qualified institutional buyer” within the meaning of Rule 144A of the Securities Act in a transaction meeting the requirements of Rule 144A, (ii) pursuant to an exemption from registration under the
Securities Act provided by Rule 144 (if available), (iii) in an offshore transaction complying with Rule 903 or 904 of Regulation S to an institutional accredited investor in a transaction exempt form the registration requirements under the
Securities Act, or (iv) to an institutional “accredited investor” as defined in Rule 50l(a)(l), (2), (3) or (7) of Regulation D or an entity in which each of the equity owners is an institutional “accredited
investor” in a transaction exempt from the registration requirements of the Securities Act, or (b) in a transaction exempt from the registration requirements of the Securities Act, to another Pass-Through Entity, and (2) in each case,
in accordance with any applicable federal securities laws and any applicable securities laws of any state of the United States or any other jurisdiction. 
 5. The Pass-Through Entity hereby undertakes to be bound by the terms and conditions of the Indenture in its capacity as an owner of the Transferred Notes in all respects as if it were a signatory thereto. This
undertaking is made for the benefit of the Issuers, the Note Registrar and all holders of the Notes present and future. 
 6.
On each day the Purchaser holds the Notes, the Pass-Through Entity will not sell or otherwise transfer any portion of the Transferred Notes, except in compliance with the Indenture (including the provisions thereof requiring delivery of an
investment representation letter and such other certifications, opinions of counsel or other information as the Note Registrar shall require to confirm that such sale or transfer is being made pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act) and in compliance with the provisions hereof. 
 7. The
Pass-Through Entity represents that on each day it holds the Transferred Notes that (A) it is not itself, and is not acquiring such Notes with “plan assets” of, an employee benefit or other plan subject to Title I of the Employee
Retirement Income Security Act of 1974, as amended, or Section 4975 
  

 355 








 of the Internal Revenue Code of 1986, as amended (each, a “Plan”), or an entity whose
underlying assets include “plan assets” by reason of any Plan’s investment in the entity or (B) the use of such assets will not give rise to, or result in, a non-exempt prohibited transaction under Title I of ERISA or
Section 4975 of the Code by reason of the application of one or more administrative or statutory exemptions from such prohibited transaction provisions. 
 8. Please make all payments due on the Transferred Notes:(1) 
 (a) by wire transfer to the following account
at a bank or entity in the United States, having appropriate facilities therefor: 
 Account number:
[                        ] 
 Institution: [                                ] 
 9. All notices to the Holder of the Transferred Notes should be sent to the following address: 
  

 356 









			
	 We acknowledge that the addressees hereof, the Issuers and others will rely on our confirmations, acknowledgments and agreements
set forth herein. THIS LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATION LAW
THEREOF.

	
	Very truly yours,
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  



 Dated: 
  

 357 








 EXHIBIT H-5 
 [FORM OF CERTIFICATION TO BE GIVEN BY 
 TRANSFEREE OF BENEFICIAL INTEREST IN A 
 REGULATION S TEMPORARY GLOBAL NOTE] 
 TRANSFEREE SECURITIES CERTIFICATION 
 NEW BURBANK, L.L.C., 
 SHC COLUMBUS DRIVE, LLC 
 SHC LINCOLNSHIRE LLC, 
 NEW RANCHO, L.L.C., 
 NEW SANTA MONICA
BEACH HOTEL, L.L.C., 
 PUNTA MITA RESORT S. DE R.L. DE C.V. 
 INMOBILIARIA NACIONAL MEXICANA, S. DE R.L. DE. C.V, 
 SHC HALF MOON BAY, LLC

 SHC MEXICO LENDER, LLC 
 Commercial Mortgage-Backed Notes, 
 SHC-2005 
 CUSIP No.                      
 Reference is hereby made to the Second Amended and Restated Indenture, dated as of November [    ], 2005 (the
“Indenture”), among New Burbank, L.L.C., SHC Columbus Drive, LLC, SHC Lincolnshire LLC, New Rancho, L.L.C., New Santa Monica Beach Hotel, L.L.C., SHC Half Moon Bay, LLC, Punta Mita Resort, S. de. R.L. de C.V. and Inmobiliaria Nacional
Mexicana, S. de. R.L. de C.V. as Issuers and LaSalle Bank National Association, as Trustee for the benefit of Noteholders and Lender. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

For purpose of acquiring a beneficial interest in the Regulation S Temporary Global Note, the undersigned certifies that it is not a U.S. Person
as defined by Regulation S under the Securities Act of 1933, as amended. 
 We undertake to advise you promptly by tested telex or
electronic transmission on or prior to the date on which you intend to submit your certification relating to the Notes held by you in which we intend to acquire a beneficial interest in accordance with your operating procedures if any applicable
statement herein is not correct on such date, and in the absence of any such notification it may be assumed that this certification applies as of such date. 
  

	1/	Insert the letter and number designation of the applicable Class. 

 We understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce this certificate to any interested party in such proceeding. 
  

 358 








 This certificate and the statements contained herein are made for your benefit and the benefit of the Issuers and the
Trustee. 
 Dated:
                     
  

			
	By:	 	  

		 	 As, or as agent for, the beneficial transferee
 of the
Notes to which this certificate relates.


  

 359 








 H-6 
 FORM OF CERTIFICATION FOR TRANSFER OR 
 EXCHANGE OF CLASS [ ]1/ RESTRICTED GLOBAL 
 NOTE TO CLASS [
]1/ REGULATION S TEMPORARY GLOBAL NOTE 
 (Exchanges or transfers pursuant to Section 3.8(e)(iii) of the Indenture) 
 LaSalle Bank National
Association, 
     as Trustee, 
 135 South
LaSalle Street, Suite 1625 
 Chicago, Illinois 60603 
 Attention:
Asset Backed Securities Trust Services Group — Strategic Hotels [        ] 
  

	 	Re:	New Burbank, L.L.C., SHC Columbus Drive, LLC, SHC Lincolnshire LLC, New Rancho, L.L.C., New Santa Monica Beach Hotel, L.L.C., SHC Half Moon Bay, LLC, SHC Mexico Lender, LLC, Punta
Mita Resort, S. de. R.L. de C.V. and Inmobiliaria Nacional Mexicana, S. de. R.L. de C.V. Floating Rate Commercial Mortgage-Backed Notes, 2005-1, CUSIP No.
                     

 Reference is hereby made to the Second Amended and Restated Indenture dated as of November [    ], 2005 (the “Indenture”), among New Burbank, L.L.C., SHC Columbus Drive, LLC, SHC Lincolnshire LLC, New
Rancho, L.L.C., New Santa Monica Beach Hotel, L.L.C., SHC Half Moon Bay, LLC, SHC Mexico Lender, LLC, Punta Mita Resort, S. de. R.L. de C.V. and Inmobiliaria Nacional Mexicana, S. de. R.L. de C.V., as Issuers and LaSalle Bank National Association,
as Trustee for the benefit of Noteholders and Lender. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 This letter relates to U.S.$             principal amount of Notes which are held in the form of the Restricted Global Note (CUSIP No.
                    ) with the Depositary in the name of [insert name of transferor] (the “Transferor”). The Transferor has
requested an exchange or transfer of such beneficial interest for an interest in the Class [    ]1/ Regulation S Temporary Global Note (CUSIP No.             ) to be held with the Depositary in the name of [Euroclear] [Clearstream Banking,
société anonyme]. 
 In connection with such request and in respect of such Notes, the Transferor does hereby certify that such
exchange or transfer has been effected in accordance with the transfer restrictions set forth in the Notes and pursuant to and in accordance with Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), and
accordingly the Transferor does hereby certify that: 
 (1) the offer of the Notes was not made to a person in the United
States; 
 [(2) at the time the buy order was originated, the transferee was outside the United States or the Transferor and
any person acting on its behalf reasonably believed that the transferee was outside the United States;]1/

  

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 [(3) the transaction was executed in, on or through the facilities of a designated
offshore securities market and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]1/ 
 (4) no directed selling efforts
have been made in contravention of the requirements of Rule 903 or 904(a) of Regulation S, as applicable; and 
 (5) the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act. 
 We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein are made for your benefit and the benefit of the Issuers and the Trustee. 
  

			
	[Insert Name of Transferor]
		
	By:	 	  

		
	Name:	 	
		
	Title:	 	


 Dated:
                     
  


	2/	Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S. 

  

 361 








 EXHIBIT H-7 
 FORM OF CERTIFICATION FOR TRANSFER OR EXCHANGE OF 
 CLASS [ ]1/ RESTRICTED GLOBAL NOTE TO 
 CLASS [ ]1/ UNRESTRICTED GLOBAL NOTE 
 (Exchanges or transfers pursuant to Section 3.8(e)(iv) of the Indenture) 
 LaSalle Bank National Association, 
     as Trustee, 
 135 South LaSalle Street, Suite 1625 
 Chicago, Illinois 60603 
 Attention: Asset Backed Securities Trust Services Group — Strategic Hotels 2005-SHC1 
  

	 	Re:	New Burbank, L.L.C., SHC Columbus Drive, LLC, SHC Lincolnshire LLC, New Rancho, L.L.C., New Santa Monica Beach Hotel, L.L.C., SHC Half Moon Bay, LLC, SHC Mexico Lender, LLC, Punta
Mita Resort, S. de. R.L. de C.V. and Inmobiliaria Nacional Mexicana, S. de. R.L. de C.V. Commercial Mortgage-Backed Notes, [    ], CUSIP No.
                     

 Reference is hereby made to the Second Amended and Restated Indenture and Servicing Agreement dated as of                     , 2004
(the “Indenture”), among New Burbank, L.L.C., SHC Columbus Drive, LLC, SHC Lincolnshire LLC, New Rancho, L.L.C., New Santa Monica Beach Hotel, L.L.C., SHC Half Moon Bay, LLC, SHC Mexico Lender, LLC, Punta Mita Resort, S. de. R.L. de C.V.
and Inmobiliaria Nacional Mexicana, S. de. R.L. de C.V., as Issuers and LaSalle Bank National Association, as Trustee for the benefit of Noteholders and Lender. Capitalized terms used but not defined herein shall have the meanings given to them in
the Indenture. 
 This letter relates to
U.S.$                     principal amount of Notes which are held in the form of the Restricted Global Note (CUSIP No.
            ) with the Depositary in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested an exchange or transfer of such beneficial
interest for an interest in the Unrestricted Global Note (CUSIP No.                     ). 
 In connection with such request, and in respect of such Notes, the Transferor does hereby certify that such exchange or transfer has been effected in
accordance with the transfer restrictions set forth in the Notes and, (i) with respect to transfers made in reliance on Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), the Transferor does hereby
certify that: 
 (1) the offer of the Notes was not made to a person in the United States; 
 [(2) at the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its
behalf reasonably believed that the transferee was outside the United States;]2/. 
  

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 [(2) the transaction was executed in, on or through the facilities of a designated
offshore securities market and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]2/ 
 (3) no directed selling efforts have been made in contravention of the requirements of Rule 903 or 904(a) of Regulation S, as
applicable; and 
 (4) the transaction is not part of a plan or scheme to evade the registration requirements of the
Securities Act; 
 and (ii) with respect to transfers made in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the
Notes are being transferred in a transaction permitted by Rule 144 under the Securities Act. 
 We understand that this certificate is
required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein are made for your benefit and the benefit of the Issuers and the Trustee. 
  

			
	[Insert Name of Transferor]
		
	By:	 	  

	Name:	 	
	Title:	 	


 Dated:
                     
  


	2/	Insert one of these two provisions, which come from the definition of “offshore transactions” in Regulation S. 

  

 363 








 EXHIBIT H-8 
 FORM OF INSTRUCTION FOR EXCHANGE 
 EXCHANGE INSTRUCTIONS 
 NEW BURBANK, L.L.C., 
 SHC COLUMBUS
DRIVE, LLC, 
 SHC LINCOLNSHIRE LLC, 
 NEW RANCHO, L.L.C., 
 NEW SANTA MONICA BEACH HOTEL, L.L.C., 
 PUNTA MITA RESORT S. DE R.L. DE C.V. 
 INMOBILIARIA NACIONAL MEXICANA, S. DE R.L. DE. C.V, 
 SHC HALF MOON BAY, LLC 
 SHC MEXICO LENDER, LLC 
 Commercial
Mortgage-Backed Notes, 
 2005-1 
 Pursuant to Section 2.1.10(d)(vii)(2) of the Second Amended and Restated Indenture, dated as of November [    ], 2005 (the “Indenture”), among New Burbank, L.L.C., SHC
Columbus Drive, LLC, SHC Lincolnshire LLC, New Rancho, L.L.C., New Santa Monica Beach Hotel, L.L.C., SHC Half Moon Bay, LLC, SHC Mexico Lender, LLC, Punta Mita Resort, S. de. R.L. de C.V. and Inmobiliaria Nacional Mexicana, S. de. R.L. de C.V., as
Issuers and LaSalle Bank National Association, as Trustee for the benefit of Noteholders. [Name of Initial Purchaser] hereby requests that
US$                    aggregate principal amount of the above-captioned Notes held by you for our account in the Regulation S Temporary
Global Note (CUSIP No.             ) (as defined in the Indenture) be exchanged for one or more Restricted [Global] Notes [(CUSIP No.
            )] in the denominations and registered in the names of the holders requested as set forth below: 
  

			
	 Denominations
	  	 Registered Name

	Dated:	  	[Name of Initial Purchaser]
		  	By:
                                        
                
		
	Dated:	  	[Name of Initial Purchaser]
		  	By:
                                        
                

  


	1/	Insert the letter and number designation of the applicable Class. 

  

 364 








 EXHIBIT I 
 OCA WORK LETTER 







 EXHIBIT J 
 FORM POLITICAL RISK INSURANCE POLICY 
  

 366 








 EXHIBIT K-1 
 CONDOMINIUM CONVERSION TERM SHEET 
 MASTER CONDOMINIUM DECLARATION 
 The Fairmont Chicago Hotel 
 Term
Sheet 
 for 
 Master
Condominium Declaration 
  

			
	 CONDOMINIUM
 DECLARATION
	  	
		
	Parties	  	SHC Columbus Drive, LLC (“Fairmont Issuer”) as Declarant
		
	Units	  	Describes each of the units:
		
		  	 (1)    Fairmont Issuer’s Declaration will describe and delineate the Hotel Unit, and the Club Unit and/or the Hotel
Condominium Unit, reserving certain common areas within the Club Unit and the Hotel Condominium Unit.

		
		  	 (2)    The Hotel Unit will be owned by Fairmont Issuer, and will include the lobby, parking and amenities such as the new
spa, restaurants, etc, with easement rights granted to the Hotel Condominium Unit and Residence Club Condominium Unit for, e.g., access through the lobby. Fairmont Issuer shall have a percentage interest in excess of 75%.

		
		  	 (3)    Declarant will retain control of corridors and common areas within the Hotel Condominium Unit through its control
of the Association. The Hotel Condominium Unit may be conveyed to an affiliate of Issuers or Sponsor and ultimately be further subdivided and sold to parties.

		
		  	 (4)    Residence Club Condominium Unit ultimately will be conveyed to the Club Developer (which may be an affiliate of the
Issuers or Sponsor), for further subdivision by such Club Developer into fractional units.

		
		  	 (5)    The rooms to be converted to the Hotel Condominium Unit and/or Residence Club Condominium Unit shall be located on
Floors 27 through 36, or any portion thereof.

		
	Common Elements	  	Describes the Common Elements, such as façade, landscaping, roof, hallways and corridors (excluding hallways and corridors within the Residence Club Condominium Unit), structural support
facilities, utility facilities, etc. All Common Elements will be subject to the jurisdiction of the Condominium Association.

  

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	Easements	  	Reserves for the benefit of appropriate Unit owners:
		
		  	 •        Non-exclusive easement to all structural members, foundations and any other supporting
components located within a Unit;

		
		  	 •        Non-exclusive easement for the use of facilities located within Units and connected to
facilities located in other Units which provide any utilities or other services necessary to the operation of a Unit;

		
		  	 •        Easement to maintain encroachments in the event that due to the original construction of
the building, any reconstruction, minor surveying errors, or any subsequent settlement or shifting of the any part of the building, any part of the building located within a Unit encroaches upon any part of another Unit;

		
		  	 •        Easement for the maintenance of easement facilities;

		
		  	 •        Non-exclusive easement for ingress and egress through the areas designated as Common
Areas as needed by a Unit;

		
		  	 •        Non-exclusive easement for ingress and egress through the sections of the common or fire
stairways located in Units;

		
		  	 •        Non-exclusive easement for use of other appropriate sections of the Common
Areas;

		
		  	 •        Non-exclusive easement through a Unit (i) to permit maintenance, (ii) during an
emergency situation, (iii) to construct and maintain substitute or additional support for the building; and

		
		  	 •        Non-exclusive easement to employ façade cleaning and repair platform guide rails,
supports and accessories on the exterior surface of the building to transport the façade cleaning and repair platform.

		
	 Condominium
 Association
Governance
	  	Owner of the Hotel Unit may retain control of voting for all decisions, including possible sale of entire building in accordance with the Illinois Condominium Act (“Act”), i.e.,
percentage ownership of a super majority (75%) may be retained. Voting powers will be in accordance with percentage interests in the condominium (i.e., if Fairmont Issuer has a 78% interest, Fairmont Issuer has 78% of the votes).
		
	Standards	  	Standards for the Common Elements will be established in the Condominium Declaration and the Condominium Association will be responsible for enforcing those standards, which responsibility will
also flow to SHC-TRS and its manager. In any event, standards will be consistent with those required under the Hotel Management Agreement.
		
	Building Services	  	The Condominium Association, will be responsible for furnishing the following services to the owners of the Non-Hotel Units:
		
		  	 •        Production and circulation of chilled water;


  

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		  	 •        Delivery of City water;

		
		  	 •        Emergency electrical service;

		
		  	 •        Maintenance of the portions of the fire alarm system and emergency telephone system
serving;

		
		  	 •        (a) Maintenance of the smoke tower dampers, linkages and actuation devices serving the
Non-Hotel Units, (b) making available to the Non-Hotel Units a connection to the master television and radio antenna system serving the Hotel Unit and (c) providing maintenance of that system;

		
		  	 •        Maintenance of the hot water system;

		
		  	 •        Maintenance of fire protection systems;

		
		  	 •        Maintenance of building façade;

		
		  	 •        Maintenance of Common Areas.

		
	 Maintenance and
 Repair; Damage to
the
 Building
	  	Except as set forth above, each owner shall, at its sole cost and expense, keep its respective portion of the building, its easement facilities and fixtures, equipment and appurtenances therein,
in good and safe order and condition, and shall make all repairs or replacements of such property necessary to keep the property in good and safe order and condition, and shall make all repairs necessary to keep the property in safe first-class
order, whether repairs are necessitated by wear, tear, obsolescence, defects or otherwise, subject to appropriate provisions for casualty.
		
	Assessments	  	The Condominium Association will have the power to establish budgets and levy and collect assessments from each of the unit owners. Assessments for Common Areas will be assessed based upon each
unit owner’s proportionate interest. Assessments will also be made on the Hotel Condominium Unit and Residence Club Condominium Unit for the availability for their use of the revenue generating amenities such as the spa and restaurants, and for
non-revenue generating facilities such as maintenance costs for the lobby (which will be part of the Hotel Unit).
		
	Relationship to Non-Hotel Units	  	As separate units in the building, the Residence Club Condominium Unit and Hotel Condominium Unit each would be entitled to representation (through their Associations) in the Condominium
Association in accordance with the percentage interests assigned to the Residence Club Condominium Unit and Hotel Condominium Unit, respectively. The Residence Club Condominium Unit and Hotel Condominium Unit, and any subdivisions of the Residence
Club Condominium Unit and Hotel Condominium Unit, shall necessarily abide by all rules and regulations established in or pursuant to the

  

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		  	Condominium Declaration. The internal organization of the Residence Club Condominium Unit and Hotel Condominium Unit, however (e.g., the establishment of unit-specific Associations, rules and
regulations of the unit’s operation) would be established by the Developer of such unit..
		
	Residence Club Condominium Unit Facilities	  	The Residence Club Condominium Unit will need a designated area for check in of its members, as well as a storage area to store members’ property when not at the hotel.

  

 370 








 EXHIBIT K-2 
 CONDOMINIUM CONVERSION TERM SHEET 
 HOTEL CONDOMINIUM UNIT DECLARATION 
 The Fairmont Chicago Hotel 
 Term
Sheet 
 for 
 Hotel
Condominium Unit Declaration 
  

			
	 CONDOMINIUM
 DECLARATION
	  	
		
	Parties	  	Hotel Condominium Unit Developer (“SHC-TRS II”), as Declarant
		
	Units	  	Describes each of the units:
		
		  	 (1)    The Declaration will describe and delineate the individual units within the Hotel Condominium
Unit.

		
		  	 (2)    Under the Master Declaration, corridors and common areas within the Hotel Condominium Unit are under the control of
the Master Association.

		
		  	 (3)    The Hotel Condominium Unit Declaration will be subordinate to the Master Declaration in all
respects.

		
	Common Elements	  	Describes the Common Elements within the Hotel Condominium Unit, to the extent not addressed in the Master Declaration. All Common Elements will be subject to the jurisdiction of the Hotel
Condominium Unit Association.
		
	Easements	  	Reserves for the benefit of the Hotel Condominium Unit owners.
		
	Standards	  	Standards for the Common Elements will be established in the Master Declaration and the Master Association will be responsible for enforcing those standards. Standards will be consistent with
those required under the Master Declaration and the Hotel Management Agreement.
		
	Hotel Condominium Unit Services	  	The Hotel Condominium Unit Association will be responsible for maintaining the Common Areas within the Hotel Condominium Unit (to the extent not otherwise maintained by Master Developer under
the Master Declaration):
		
	Maintenance and Repair; Damage to the Building	  	Except as set forth above, each owner shall, at its sole cost and expense, keep its respective portion of the building, its easement facilities and fixtures, equipment and appurtenances
therein, in good and safe order and condition, and shall make all repairs or replacements of such property necessary to keep the property in good and safe order and condition, and shall make all repairs necessary to keep the property in safe
first-class order, whether repairs are necessitated by wear, tear, obsolescence, defects or otherwise, subject to appropriate provisions for casualty.

  

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	Assessments	  	The Hotel Unit Condominium Association will have the power to establish budgets and levy and collect assessments from each of the Hotel Condominium Unit owners. Assessments for Common Areas
will be assessed based upon each Hotel Condominium Unit owner’s proportionate interest.

  

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 EXHIBIT K-3 
 CONDOMINIUM CONVERSION TERM SHEET 
 RENTAL AGREEMENT 
 The Fairmont Chicago Hotel 
 Outline of a Structure 
 for 
 Rental Agreement 

 

			
	GENERAL INFORMATION	  	
		
	Operating Lessee	  	DTRS COLUMBUS DRIVE, LLC
		
	Hotel	  	The Fairmont Hotel Chicago, 200 North Columbus Drive, Chicago, Illinois
		
	Property Manager	  	Fairmont Hotels & Resorts (U.S.) Inc., or any successor manager
		
	Hotel Condominium Unit	  	Hotel condominium units within the Hotel to be owned by third parties (currently projected to be units located on one or more floors between Floors 27 through 36 with remodeled rooms that will
include a wet bar).
		
	Owner	  	Each Individual Hotel Condominium Unit Owner electing to participate in the rental program.
		
	RENTAL AGREEMENT	  	
		
	Parties	  	Operating Lessee and each Owner participating in the rental pool.
		
	Placement in Rental Program	  	Each Owner will have the opportunity to place its Individual Hotel Condominium Unit into the room inventory of the Hotel. The Owner shall engage the Operating Lessee, as agent, and grant to the
Operating Lessee the right to lease, operate and control the Individual Hotel Condominium Unit during the agreed upon term of the Rental Agreement as the Owner’s agent.
		
	Management of Units	  	Operating Lessee will cause the Property Manager to treat each Individual Hotel Condominium Unit in the rental program as part of the “inventory” of rooms.
		
	Revenues and Expenses	  	Revenues and expenses will be divided as set forth in the Rental Agreement. Expenses will include all upgrades to the FF&E, management fees, cleaning and servicing, a portion of overhead
(related to reservation systems, etc.) and all other costs inherent in operating a hotel room. Revenues will be split between Operating Lessee and the Owner on agreed upon terms. Generally, the sharing ratios adjust depending on the number of weeks
the Owner chooses to retain for its own use.

  

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	Term	  	The Rental Agreement generally has an initial term of one year (provided that the term shall commence no earlier than the closing of the Owner’s acquisition of the fee simple to the
Individual Hotel Condominium Unit). Upon expiration of the initial term, the Rental Agreement generally automatically renews for successive one-year periods unless either party gives written notice to the other party of its election not to extend
the term at least 60 days prior to the effective date of any renewal term. Notwithstanding the foregoing, the Rental Agreement shall remain in full force and effect for any reservations of the Individual Hotel Condominium Unit that have been
confirmed prior to termination of the Rental Agreement (subject to the Operating Lessee’s right to transfer any such confirmed reservation to another Individual Hotel Condominium Unit in the rental program or to a guest room in the Hotel) and
the Owner will specifically agree to honor the Rental Agreement as to such periods of confirmed occupancy.
		
	Rental Procedure and Rates	  	Rates for leasing of the Individual Hotel Condominium Unit by Operating Lessee shall be determined by Operating Lessee in accordance with the rate schedule established by Operating Lessee
from time to time in its sole discretion. This rate schedule may be revised by the Operating Lessee from time to time without notice to Owner to reflect changes in operating costs and rates of comparable properties, special discounts and other
conditions and matters deemed relevant by Operating Lessee.
		
		  	Operating Lessee will not guarantee that Owner will receive any minimum payments under the Rental Agreement or that Owner will receive rental income equivalent to that generated by any other
Individual Hotel Condominium Unit in the rental program. Further, Operating Lessee will not be liable if the Individual Hotel Condominium Unit is not rented and will not be liable for any loss or damage to the Individual Hotel Condominium Unit (or
its contents) as a consequence of the Individual Hotel Condominium Unit being rented under the Rental Agreement.
		
		  	Operating Lessee shall request the Property Manager maintain a reservation system through which the reservations for the Individual Hotel Condominium Unit in the rental program may be
processed. The Operating Lessee shall request the Property Manager to lease the Individual Hotel Condominium Unit in accordance with a fair rotation system for all Individual Hotel Condominium Units which are in the rental program to be established
by the Property Manager in order to enable Individual Hotel Condominium Units which are in the rental program to be fairly and equitably offered for rental, but taking into account guest requests and those factors which differentiate such Individual
Hotel Condominium Units, such as size, location, view, type of unit, and other relevant factors.
		
		  	Owner will not, during the term, rent the Individual Hotel Condominium Unit except pursuant to the terms of the Rental Agreement. Operating Lessee may from time to time establish additional
rules and regulations with respect to use of the Individual Hotel Condominium Unit by guests and/or Owner Occupants.

  

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	Owner’s Obligations for Expenses Attributable to its Individual Hotel Condominium Unit	  	Owner may be required to timely and fully pay the following obligations with respect to its Individual Hotel Condominium Unit directly to the applicable payee: (i) all assessments and other
amounts due pursuant to (a) any services or management agreement with Property Manager, (b) any easement agreements, (c) the articles of association, and (d) the condominium declaration; (ii) real estate and personal property taxes and assessments;
(iii) debt service with respect to any mortgage and/or other financing of the Individual Hotel Condominium Unit (and all items therein); and (iv) all insurance costs with respect to the insurance required to be maintained and obtained by
Owner.
		
		  	Owner may also be required to timely and fully pay monthly amounts to Operating Lessee of charges for Hotel services used during an Owner Occupancy Period (as herein defined) but which are
not otherwise collected at check-out and all amounts necessary and/or appropriate (as determined by the Property Manager) such that the Individual Hotel Condominium Unit and all items therein are at all times in accordance with the
Standard.
		
	Insurance	  	Owner may obtain and maintain from insurers approved by Operating Lessee (A) public liability insurance for injury to or death of persons and damage to or loss of property, and (B) insurance
of the contents, furniture, furnishings, fixtures and equipment contained in the Individual Hotel Condominium Unit, all in such amounts, with such deductibles and insuring such risks as required by Operating Lessee. Such insurance may be required to
name the Operating Lessee, Property Manager (and any other party designated by Operating Lessee, collectively, the “Hotel Owner Parties”) as additional insureds and may be required to contain an endorsement waiving any rights of
subrogation against such Hotel Owner Parties. Prior to the commencement of the term of the Rental Agreement and thereafter prior to expiration of any such policy, Owner may be required to deliver to the Hotel Owner Parties evidence of such insurance
policies in compliance with this Section. Operating Lessee may elect in its discretion to obtain and maintain such insurance on behalf of, and at the expense of, the Owner upon delivery of written notice to Owner. Each insurance policy required to
be carried may be required to have attached thereto an endorsement that such policy may not be canceled or changed without at least thirty (30) days’ prior written notice to the Hotel Owner Parties.
		
	Maintenance of Standard	  	Owner may be required to acknowledge and agree that acceptance of the Individual Hotel Condominium Unit for inclusion in the rental program shall at all times be subject to the Individual
Hotel Condominium Unit (and all furnishings, furniture, finishes, items and equipment therein) being as of the commencement of the term of the Rental Agreement, and remaining thereafter throughout the term, at Owner’s sole cost and expense, in
compliance with the standard for the Hotel established by the Property Manager from time to time (the “Standard”), as determined by the Property Manager in its discretion.

  

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		  	In the event that the Individual Hotel Condominium Unit (or any item therein) is not at any time during the term in accordance with the Standard as determined by Property Manager, Owner may
be required to agree that the Operating Lessee may deduct from any amount owed to Owner all such amounts as appropriate to cure such deficiency and shall cure such deficiency on Owner’s behalf but only to the extent of funds available or
provided to (and, if so required herein, the consent of Owner being granted to) the Operating Lessee. Owner may be required to agree and understand that if Owner elects to have Operating Lessee correct any such deficiency on Owner’s behalf,
Operating Lessee may charge a fee for such service provided by Operating Lessee, including (without limiting) a procurement charge for purchasing of items therefore, a refurbishing fee for any Individual Hotel Condominium Unit refurbishing or
capital improvement, and/or a service fee for coordinating any repairs or scheduled maintenance with respect to the Individual Hotel Condominium Unit or items therein, in such amount as agreed between the Operating Lessee and Owner.
		
		  	Owner may be required to acknowledge and agree that the failure of the Individual Hotel Condominium Unit (or any item therein) to meet the Standard at any time during the term shall be a
default by Owner under the Rental Agreement entitling the Operating Lessee to terminate the Rental Agreement immediately without extending Owner a right to cure such default in Operating Lessee’s sole discretion, and/or immediately suspend the
leasing of the Individual Hotel Condominium Unit and the provision of other services under the Rental Agreement until such time as the foregoing deficiency is cured to Operating Lessee’s satisfaction.
		
	Owner Occupancy	  	Neither Owner nor its guests (each, and including Owner, an “Owner Occupant”) may be permitted to use, occupy or enter the Individual Hotel Condominium Unit without a
confirmed reservation therefor (each such period, an “Owner Occupancy Period”). By no later than a certain date of each year of the term as set forth in the Rental Agreement (“Owner Election Date”), Owner may be
required to submit in writing to the Hotel a schedule designating and requesting reservations for all desired Owner Occupancy Periods for the Individual Hotel Condominium Unit for the next ensuing calendar year (“Owner’s
Schedule”); provided that, with respect to Owner Occupancy Periods for initial term of the Rental Agreement, the Owner Election Date may be the date of execution of the Rental Agreement by Owner and the Owner’s Schedule may be as set
forth in the Rental Agreement. The Hotel may issue confirmed reservations for all Owner Occupancy Periods designated in the Owner’s Schedule but only if such Owner’s Schedule is received by the Hotel on or before the Owner Election
Date.
		
		  	In addition, Owner may request space available reservations for desired Owner Occupancy Periods for the Individual Hotel Condominium Unit at any time during the term, provided that all space
available reservation requests may be

  

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		  	confirmed by the Hotel only if no other confirmed reservation for the Individual Hotel Condominium Unit for such period has been issued at such time by the Hotel.
		
		  	There is no guarantee that the Individual Hotel Condominium Unit will be available for a requested Owner Occupancy Period unless the Owner Occupancy Period is included in Owner’s
Schedule and the same is received by the Hotel on or before the Owner Election Date. Owner may be required to agree that after each Owner Election Date, the Hotel may accept and confirm reservations with respect to the Individual Hotel Condominium
Unit for any periods during the ensuing calendar year which have not otherwise been confirmed to Owner in accordance with the foregoing section.
		
		  	In the event that an Owner Occupant requests or otherwise uses any service or amenities provided by the Operating Lessee at the Individual Hotel Condominium Unit or otherwise at the Hotel,
including without limiting housekeeping and/or room service (the “Hotel Services”) during an Owner Occupancy Period, the Owner Occupant may be required to pay to the Hotel (at check-out from the Individual Hotel Condominium Unit)
the costs for all such services. In the event that an Owner Occupant shall fail to pay to the Operating Lessee such amounts at check-out, such unpaid amounts may be deducted from any future payments made by Operating Lessee to
Owner.
		
		  	All Owner Occupants may be required to check-in and check-out with the Operating Lessee at the beginning and at the expiration of each Owner Occupancy Period, and the posting of a credit card
at check-in may be required by the Operating Lessee in its discretion for payment of Hotel Services incurred during such Owner Occupancy Period.

  

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 EXHIBIT K-4 
 CONDOMINIUM CONVERSION TERM SHEET 
 AMENDMENT TO OPERATING LEASE 
 The Fairmont Chicago Hotel 
 Outline
of Amendments 
 to Operating Lease 
  

			
	GENERAL INFORMATION	  	
		
	Owner	  	COLUMBUS DRIVE, LLC
		
	Hotel Lessee	  	DTRS Columbus Drive, LLC
		
	Hotel	  	The Fairmont Hotel Chicago, 200 North Columbus Drive, Chicago, Illinois
		
		  	 1.      Permanently delete Residence Club Condominium Units from Operating Lease upon release from
Transaction Documents pursuant to Section 2.5.5 of the Indenture. The Base Rental and Incentive Rental shall be decreased equitably based upon the number of rooms deleted and taking into account the value of the released
property.

		
		  	 2.      Permanently delete Hotel Condominium Units from Operating Lease upon release from Transaction
Documents pursuant to Section 2.5.5 of the Indenture. The Base Rental and Incentive Rental shall be decreased equitably based upon the number of rooms deleted and taking into account the value of the released property, provided, however, the
Owner(s) of the Hotel Condominium Unit(s) may lease back Hotel Condominium Unit(s) to Operating Lessee pursuant to the Rental Agreement (see Exhibit K-3).


  

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 EXHIBIT L-1 
 RITZ CARLTON HALF MOON BAY MAJOR CAPITAL PROJECT DESCRIPTION 
 Ritz-Carlton, Half Moon Bay 
 Colony Club Replacement 
 The Colony Club is a building containing
recreational facilities located within the hotel property, including the swimming pool, meeting rooms, kitchen facilities, exercise room, sauna, Jacuzzis, locker rooms, and restrooms. Apart from the building itself, the Colony Club facility also
includes adjacent parking spaces and six tennis courts. 
 The Colony Club building will be demolished and replaced to include increased meeting space, total
approximately 6,000 square feet, and a Club Level Lounge for the 51 existing adjacent guesthouse rooms. 
 The new building
would then house the functional areas of the existing building in a modern structure: 
  

	 	1.	Pool Area/Fitness Center 


	 	2.	Meeting Space and Pre-Function Space, 


	 	3.	Recreation Area , including Ritz-Kids, 


	 	4.	Club Lounge and In-Room Dining Kitchen 


	 	5.	Recreational Storage Space 

 The new
facility would house approximately 22,000 square feet of space. 
  

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 EXHIBIT L-2 
 FOUR SEASONS PUNTA MITA MAJOR CAPITAL PROJECT DESCRIPTION 
 Four Seasons Punta Mita 
 Nayarit, Mexico 
 Expansion Description 
 2005 
  

	 	1.	The Zen Pool consists of two separate rectangular bodies of water, terrace space for approximately 105 chaise lounges, circular Jacuzzi, full bar and 10 exclusive cabanas to be
rented for a daily fee. The cabanas include a day bed, two chaise lounges, two end tables, mini-bar, ceiling fan, plasma televisions, DVD players, network access and telephones. The cabana structure consists of a curtained front and back wall with
permanent sidewalls and roof. The current square footage of total construction space is approximately 22,000 square feet. 

  

	 	2.	The Suite Expansion is one oceanfront building (approx. 14,000 sq. feet of indoor and outdoor space) containing five inter-connecting rooms. The room mix consists of one
Presidential Suite with an oversized outdoor plunge pool, one Executive Suite with an outdoor plunge pool, and one king bedroom and two double-double bedrooms. All five units may be interconnected to create one large suite if needed.


 2006 
  

	 	1.	The company will build an additional 5-oceanfront suite building similar to the one completed in 2005 (above). It is Management’s current intention to include a more exclusive
FF&E package to make this suite the most exclusive at the resort. 

  

	 	2.	Management is currently contemplating building an additional 24 standard rooms on a vacant hillside lot. These rooms would be standard and would have minimal ocean views.


  

	 	3.	The Beach Restaurant will be constructed in front of the existing Ketsi Restaurant with an exterior and covered deck area for 80 seats. This will be a casual dining venue with an
open bar, pantry, kitchen, storage, washrooms and baths for service. 

  

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 EXHIBIT M 
 CONDOMINIUM PROVISIONS FOR FAIRMONT CHICAGO HOTEL MORTGAGE 
 (a) This Article constitutes a present,
absolute, effective, irrevocable and completed assignment by Issuer to Lender of all of Issuer’s right, title and interest in and to the [Condominium Declaration] and any and all rights, remedies and powers of Issuer thereunder, including, but
not limited to the right to exercise any voting rights under the [Condominium Declaration] and the right to appoint members of the board of managers (collectively, the “Condominium Rights”); it being intended by Issuer that this
assignment constitutes a present, absolute assignment and not an assignment for additional security only. In accordance with Section [            ] of the [Condominium Declaration] but
subject to the terms of subsection (c) herein, Note Trustee hereby assumes all of Issuer’s right, title and interest in and to the [Condominium Declaration] and the rights to exercise the Condominium Rights. Nevertheless, until the
acceleration under the Indenture following an Event of Default, Note Trustee grants to Issuer a revocable license to exercise the Condominium Rights, subject, however, to compliance with the provisions of this Security Instrument and the other
Transaction Documents. 
 (b) Upon the acceleration under the Indenture following an Event of Default, the license granted in subsection
(a) above shall, to the extent permitted by law, immediately cease and terminate, without waiver of such Event of Default, with or without notice, and without any action or proceeding or the intervention of a receiver appointed by a court, and
Note Trustee or an agent or receiver appointed by Note Trustee may, to the extent permitted by law, without regard for the adequacy of the security for the Secured Obligations, the commission of waste or the solvency of Borrower, without limiting
any of the Note Trustee’s rights and remedies under any of the Transaction Documents or otherwise available at law or in equity and subject to applicable statutory requirements, if any, immediately be entitled to exercise all of the Condominium
Rights, whether or not Note Trustee enters upon or takes control of the Issuer Property. 
 (c) Until such time as Note Trustee has taken
actual possession and title of the Issuer Property, this Article shall not be construed to bind Note Trustee to the performance of any of the covenants, conditions or provisions contained in the [Condominium Declaration] or otherwise impose any
obligation upon Note Trustee. From and after the date Note Trustee has taken actual possession and title of the Issuer Property, any liability imposed upon Note Trustee with respect to the [Condominium Declaration] shall be limited in all respects
to its then current interest in the Issuer Property. Nothing in this Article shall be construed as constituting Note Trustee a “mortgagee in possession” in the absence of the taking of actual possession and title of the Issuer Property by
Note Trustee or any of its agents. 
 (d) In addition to any other rights Note Trustee may be granted pursuant to this Article and
notwithstanding anything to the contrary contained in this Article, Note Trustee shall be a [Permitted Mortgagee] (as such term is defined in the [Condominium Declaration]) for all purposes under the [Condominium Declaration] and shall be entitled
to exercise any and all rights granted therein to a [Permitted Mortgagee]. 
  

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