Document:

Exhibit 10.37

 EXHIBIT 10.37 
  
 AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT 
  
 among 
  
 The Pledgors Named Herein 
  
 and 
  
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
  
 as Collateral Agent 
  
 dated as of
September 10, 2004 
  

 Table of Contents 
  

					
	 	  	 	  	Page

			
	 1.
	  	 SECURITY FOR OBLIGATIONS
	  	2
			
	 2.
	  	 DEFINITION OF STOCK, LIMITED LIABILITY COMPANY INTERESTS, PARTNERSHIP INTERESTS, SECURITIES, ETC.
	  	4
			
	 3.
	  	 PLEDGE OF SECURITIES, ETC.
	  	5
			
	 4.
	  	 APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC.
	  	8
			
	 5.
	  	 VOTING, ETC., WHILE NO EVENT OF DEFAULT
	  	8
			
	 6.
	  	 DIVIDENDS AND OTHER DISTRIBUTIONS
	  	9
			
	 7.
	  	 REMEDIES IN CASE OF EVENT OF DEFAULT
	  	9
			
	 8.
	  	 REMEDIES, ETC., CUMULATIVE
	  	10
			
	 9.
	  	 APPLICATION OF PROCEEDS
	  	11
			
	 10.
	  	 PURCHASERS OF COLLATERAL
	  	12
			
	 11.
	  	 INDEMNITY
	  	13
			
	 12.
	  	 FURTHER ASSURANCES; POWER OF ATTORNEY
	  	13
			
	 13.
	  	 THE PLEDGEE AS AGENT
	  	13
			
	 14.
	  	 TRANSFER BY PLEDGORS
	  	14
			
	 15.
	  	 REPRESENTATIONS, WARRANTIES AND COVENANTS OF PLEDGORS
	  	14
			
	 16.
	  	 PLEDGORS’ OBLIGATIONS ABSOLUTE, ETC.
	  	17
			
	 17.
	  	 REGISTRATION, ETC.
	  	18
			
	 18.
	  	 TERMINATION, RELEASE
	  	18

  

 i 

					
			
	 19.
	  	 NOTICES, ETC.
	  	19
			
	 20.
	  	 WAIVER; AMENDMENT
	  	19
			
	 21.
	  	 RELEASE OF PLEDGORS
	  	20
			
	 22.
	  	 ADDITIONAL PLEDGORS
	  	20
			
	 23.
	  	 RECOURSE
	  	20
			
	 24.
	  	 PLEDGEE NOT BOUND
	  	20
			
	 25.
	  	 CONTINUING PLEDGORS
	  	21
			
	 26.
	  	 NO FRAUDULENT CONVEYANCE
	  	21
			
	 27.
	  	 CANADIAN REVOLVING LOAN BORROWERS
	  	21
			
	 28.
	  	 MISCELLANEOUS
	  	22
			
	 29.
	  	 WAIVER OF TRIAL BY JURY
	  	22
			
	 30.
	  	 SEVERABILITY
	  	22
			
	 31.
	  	 ULC SHARES
	  	22

  
 Annex A - List of Pledged Stock

  
 Annex B - List of Pledged Limited Liability Company Interests 
  
 Annex C - List of Pledged Partnership Interests 
  
 Annex D - Form of Partnership/LLC Notice 
  
 Annex E - Form of Acknowledgment and Agreement 
  
 Annex F - Jurisdiction of Formation and Organizational ID Number 
  
 Annex G - The Pledgee 
  
 Annex H-1 - Form of Supplement to Amended and Restated Pledge and Security Agreement 
  
 Annex H-2 - Form of New Pledgor Supplement 
  

 ii 

 AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT 
  
 AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT, dated as of September 10,
2004 (as amended, modified or supplemented from time to time, this “Agreement”), made by each of the undersigned pledgors (each a “Pledgor”, and together with any entity that becomes a party hereto pursuant to
Section 22 hereof, the “Pledgors”), in favor of DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent, for the benefit of the Secured Creditors (as defined in Section 1 below) (in such capacity, the “Pledgee”).
(Except as otherwise defined herein, terms used herein and defined in the Credit Agreement (as defined below) shall be used herein as therein defined.) 
  
 W I T N E S S E T H : 
  
 WHEREAS, Host Marriott, L.P. (the “U.S. Borrower”), each
Canadian Revolving Loan Borrower from time to time party thereto (a “Canadian Revolving Loan Borrower”), various lenders from time to time party thereto (the “Lenders”), Deutsche Bank Trust Company Americas, as the
Administrative Agent (in such capacity and together with any successor thereto, the “Administrative Agent”), the Syndication Agents and Co-Documentation Agents party thereto (together with the Pledgee, the Lenders, the
Co-Documentation Agents, the Administrative Agent and their respective successors and assigns, the “Lender Creditors”), have entered into a Credit Agreement dated as of June 6, 2002 (the “Original Credit
Agreement”), as amended and restated by the Amended and Restated Credit Agreement dated as of the date hereof (as the same may be amended, modified, extended, renewed, replaced, restated, supplemented or refinanced from time to time, and
including any agreement extending the maturity of, or refinancing or restructuring, including, but not limited to, the inclusion of additional borrowers or guarantors thereunder or any increase in the amount borrowed, the “Credit
Agreement”), providing for the making of Loans and other extensions of credit to the U.S. Borrower and the Canadian Revolving Loan Borrowers as contemplated therein; 
  
 WHEREAS, each Borrower may from time to time be party to (or guaranty the obligations of one or more of its Subsidiaries
under) one or more Interest Rate Protection Agreements and/or Other Hedging Agreements that by its terms requires the obligations of such Borrower under such Interest Rate Protection Agreement or Other Hedging Agreement be secured by the Collateral
(as hereinafter defined) (such Interest Rate Protection or Other Hedging Agreement, a “Secured Hedging Agreement”) with a Lender Creditor or an affiliate of a Lender Creditor (each such Lender Creditor or affiliate, even if the
respective Lender Creditor subsequently ceases to be a Lender under the Credit Agreement for any reason, together with such Lender Creditor’s or affiliate’s successors and assigns, collectively, the “Other Creditors”);

  
 WHEREAS, pursuant to the Amended and Restated Subsidiaries
Guaranty, each Guarantor that is a Domestic Subsidiary (a “Domestic Guarantor”) has jointly and severally guaranteed to the Lender Creditors and the Other Creditors the payment when due of all obligations and liabilities of the
Borrowers under or with respect to (x) the Credit Documents (as used herein, the term “Credit Documents” shall have the meaning provided in the Credit Agreement and shall include any documentation executed and delivered in
connection with any replacement or refinancing of the Credit Agreement) and (y) each Secured Hedging Agreement with one or more of the Other Creditors; 
  

 WHEREAS, on the date hereof, there remain outstanding (A) $5,885,000 93/8% Debentures due
June 2007, (B) $6,848,000 10% Series L Senior Notes due May 2012, and (C) pursuant to the Amended and Restated Indenture, dated as of August 5, 1998, among the U.S. Borrower, the guarantors and subsidiary guarantors named therein and Marine Midland
Bank, as trustee (the “Senior Note Indenture”) (i) $305,063,000 77/8% Series B Senior Notes due August 2008, (ii) $300,000,000 838% Series E Senior Notes
due February 2006, (iii) $242,000,000 91/4% Series G Senior Notes due October 2007, (iv) $450,000,000 91/2% Series I Senior Notes due January 2007, (v) $725,000,000 71/8% Series K Senior Notes due November 2013, (vi) $350,000,000 7% Series L Senior Notes due August 2012, and (vii) $500,000,000 3.25% Exchangeable
Debentures due 2024 (each of the issuances described in subclauses (A) through (C) above, collectively, together with any other issue of senior notes pursuant to the Senior Note Indenture not in violation of the terms of the Credit Agreement, the
“Senior Notes” it being conclusively determined for purposes of this definition that such Senior Notes issued after the date hereof were issued in compliance with the Credit Agreement if prior to issuance thereof the U.S. Borrower
shall have delivered to the Pledgee a certificate of an Authorized Officer certifying that the Senior Notes specified in such Certificate have been issued in compliance with the Credit Agreement (with the holders from time to time of such Senior
Notes being herein called the “Senior Noteholders”);  
  
 WHEREAS, various of the Pledgors have issued, or in the future may enter into, guarantees of the payment when due of all of the obligations and liabilities of the U.S. Borrower under or with respect to the Senior
Notes and the Senior Note Indenture (with any such guarantees, together with the Senior Notes and Senior Note Indenture, being herein collectively called “Senior Note Documents”); 
  
 WHEREAS, it was a condition precedent to the Original Credit Agreement that
each pledgor party thereto shall have executed and delivered to the Pledgee, the Pledge and Security Agreement dated as of June 6, 2002 (the “Original Pledge Agreement”); 
  
 WHEREAS, it is a condition precedent to the Credit Agreement that each Pledgor shall have executed and delivered to the
Pledgee this Agreement which amends and restates the Original Pledge Agreement; and 
  
 WHEREAS, each Pledgor desires to execute this Agreement to satisfy the conditions described in the immediately preceding paragraph; 
  
 NOW, THEREFORE, in consideration of the benefits accruing to each Pledgor, the receipt and sufficiency of which are hereby
acknowledged, each Pledgor hereby amends and restates the Original Pledge Agreement in its entirety as set forth herein: 
  
 1. SECURITY FOR OBLIGATIONS. (a) This Agreement is made by each Pledgor in favor of the Pledgee for the benefit of the Lender Creditors, the Other
Creditors, the Senior Noteholders, and any trustee, agent or other similar representative of any such creditors or holders (collectively, together with the Pledgee, the “Secured Creditors”), to secure on an equal and ratable basis:

  
 (i) the full and prompt payment when due
(whether at the stated maturity, by acceleration or otherwise) of all obligations (including obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and 

  

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liabilities (including, without limitation, indemnities, fees and interest thereon) of such Pledgor (as obligor or guarantor, as the case may be) and each
Borrower to the Lender Creditors, whether now existing or hereafter incurred under, arising out of or in connection with the Credit Agreement and all other Credit Documents to which it is at any time a party (including, without limitation, all such
obligations and liabilities of such Pledgor under the Credit Agreement (if a party thereto) and under any guaranty by it of the obligations under the Credit Agreement) and the due performance and compliance by such Pledgor with the terms of each
such Credit Document (all such obligations and liabilities under this clause (i) being herein collectively called the “Credit Document Obligations”); 
  
 (ii) the full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of
all obligations (including obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and liabilities of such Pledgor (as obligor or guarantor, as the case may be) to the Other Creditors, whether now
existing or hereafter incurred under, arising out of or in connection with any Secured Hedging Agreement (including, without limitation, all such obligations and liabilities of such Pledgor under any guaranty by it of the obligations under any
Secured Hedging Agreement) and the due performance and compliance by such Pledgor with the terms of each such Secured Hedging Agreement (all such obligations and liabilities under this clause (ii) being herein collectively called the “Other
Obligations”); 
  
 (iii) the full and
prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of all obligations (including obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and liabilities
(including, without limitation, indemnities, fees and interest thereon) of such Pledgor (as obligor or guarantor, as the case may be) to the Senior Noteholders, whether now existing or hereafter incurred under, arising out of or in connection with
the Senior Note Documents to which such Pledgor is at any time a party (including, without limitation, all such obligations and liabilities of such Pledgor under the Senior Note Indenture or any guaranty by it of the obligations under the Senior
Note Indenture) and the due performance and compliance by such Pledgor with all of the terms, conditions and agreements on its part contained in each such Senior Note Document (all such obligations and liabilities under this clause (iii) being
herein collectively called the “Senior Note Obligations”); 
  
 (iv) any and all sums advanced by the Pledgee in order to preserve the Collateral (as hereinafter defined) or preserve its security interest in the Collateral; 
  
 (v) in the event of any proceeding for the collection or
enforcement of any indebtedness, obligations, or liabilities referred to in clauses (i) through (iv) above after an Event of Default (such term, as used in this Agreement, shall mean (a) any “Event of Default” at any time under, and
as defined in, any of the Credit Agreement and the Senior Note Documents, and (b) any payment default (after the expiration of any applicable grace period) on any of the Obligations secured hereunder at such time) shall have occurred and be
continuing, the reasonable expenses of retaking, holding, preparing for sale or lease, selling or otherwise disposing or realizing on the Collateral, or of any 

  

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exercise by the Pledgee of its rights hereunder, together with reasonable attorneys’ fees and court costs; and 
  
 (vi) all amounts paid by any Secured Creditor as to which
such Secured Creditor has the right to reimbursement under Section 11 of this Agreement; 
  
 all such obligations, liabilities, sums and expenses set forth in clauses (i) through (vi) of this Section 1, subject to the provisions of following clause (b), being herein collectively called the
“Obligations,” it being acknowledged and agreed that the “Obligations” shall include extensions of credit of the type described above, whether outstanding on the date of this Agreement or extended from time to time
after the date of this Agreement. 
  
 (b) The U.S. Borrower will
give written notice prior to issuance to the Pledgee of any Senior Notes issued after the date hereof (each, a “Notice of Pledge Agreement Entitlement”) as follows: 
  
 Such written notice from the U.S. Borrower (i) shall state that it is a “Notice of Pledge Agreement
Entitlement”, (ii) shall be delivered to the Pledgee, (iii) shall describe the new Senior Note Obligations to be secured hereby, (iv) shall state that it is delivered pursuant to Section 1(b) of this Amended and Restated Pledge and Security
Agreement, (v) shall reference the aggregate principal amount of such new Indebtedness, and (vi) shall state that such new Indebtedness and the incurrence thereof does not violate, and may be incurred and secured hereunder in accordance with, the
applicable provisions of Sections 11.02 of the Credit Agreement and Section 4.7 of the Senior Note Indenture. 
  
 Delivery of a Notice of Pledge Agreement Entitlement, including all of the required information above, prior to the issuance of any Senior Notes issued
after the date hereof shall satisfy the certification requirement in the fourth WHEREAS clause of this Agreement. 
  
 2. DEFINITION OF STOCK, LIMITED LIABILITY COMPANY INTERESTS, PARTNERSHIP INTERESTS, SECURITIES, ETC. (a) As used herein: (i) the term
“Stock” shall mean (x) with respect to corporations incorporated under the laws of the United States or any State or territory thereof (each a “Domestic Corporation”), all of the issued and outstanding shares of
capital stock of any Domestic Corporation at any time owned by any Pledgor and (y) with respect to corporations, companies or other bodies corporate that are not Domestic Corporations (each a “Foreign Corporation”), all of the
issued and outstanding shares of capital stock of any Foreign Corporation at any time owned by any Pledgor (including, without limitation, all of the issued and outstanding shares of capital stock (“ULC Shares”) of any Foreign
Corporation which is an unlimited company (sometimes called an “unlimited liability company”) (each a “ULC”) existing under the Companies Act of Nova Scotia, Canada (the “NSCA”), provided that, (A) except as
provided in the last sentence of this Section 2(a) and except for Foreign Subsidiaries that are Look-Through Subsidiaries, such Pledgor shall not be required to pledge hereunder more than 65% of the total combined voting power of all classes of
capital stock entitled to vote for the directors of such Foreign Corporation (herein called “Voting Stock”) owned by such Pledgor of any Foreign Corporation and (B) such Pledgor shall be 

  

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required to pledge hereunder 100% of the issued and outstanding shares of all capital stock which is not Voting Stock (herein called “Non-Voting
Stock”) at any time owned by such Pledgor of any Foreign Corporation; (ii) the term “Limited Liability Company Interest” shall mean the entire limited liability company interests or membership interests at any time owned by
each Pledgor in any limited liability company (each such limited liability company to the extent an interest therein is required to be pledged pursuant to the Credit Agreement, a “Pledged Limited Liability Company”); (iii) the term
“Partnership Interest” shall mean the entire partnership interests (whether general and/or limited partnership interests) at any time owned by each Pledgor in any partnership (whether a general or limited partnership) (each such
partnership, to the extent an interest therein is required to be pledged pursuant to the Credit Agreement, a “Pledged Partnership”); and (iv) the term “Securities” shall mean all of the Stock, Limited Liability
Company Interests and Partnership Interests. 
  
 In the
circumstances and to the extent provided in Section 10.14 of the Credit Agreement, the limitation set forth in part (A) of the proviso to clause (i)(y) of this Section 2(a) and in Section 3.2 hereof shall no longer be applicable and such Pledgor
shall duly pledge and deliver to the Pledgee such of the Securities not theretofore required to be pledged hereunder. 
  
 (b) All Stock at any time pledged or required to be pledged hereunder and under the Credit Agreement is hereinafter called the “Pledged
Stock,” all Limited Liability Company Interests at any time pledged or required to be pledged hereunder and under the Credit Agreement are hereinafter called the “Pledged Limited Liability Company Interests,” all
Partnership Interests at any time pledged or required to be pledged hereunder and under the Credit Agreement are hereinafter called the “Pledged Partnership Interests,” and all of the Pledged Stock, Pledged Limited Liability Company
Interests and Pledged Partnership Interests together are hereinafter called the “Pledged Securities,” which together with (i) all proceeds thereof, including any securities and moneys received and at the time held by the Pledgee
hereunder, (ii) the entries on the books of any securities intermediary pertaining to the Pledged Stock, Pledged Limited Liability Company Interests and Pledged Partnership Interests, (iii) all dividends, cash, warrants, rights, instruments and
other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Stock, Pledged Limited Liability Company Interests and Pledged Partnership Interests and (iv) all
rights under Sections 3.1(a)(iv) and (v) hereof are hereinafter called the “Collateral”. 
  
 (c) Notwithstanding anything to the contrary contained in this Agreement, no Pledgor shall be required to pledge hereunder the Securities of a Person as,
and to the extent, that the Securities of such Person are not required to be pledged pursuant to Section 10.15(a)(2) of the Credit Agreement, and such Securities shall be excluded from the Collateral hereunder. 
  
 3. PLEDGE OF SECURITIES, ETC. 
  
 3.1 Pledge. (a) To secure all Obligations of such Pledgor and for the
purposes set forth in Section 1 hereof, each Pledgor hereby: (i) grants to the Pledgee for the benefit of the Secured Creditors a first priority security interest in all of the Collateral owned by such Pledgor; (ii) pledges and deposits as security
with the Pledgee for the benefit of the Secured Creditors the certificated Pledged Securities owned by such Pledgor on the date hereof, and delivers to the Pledgee all certificates or instruments therefor, if any, accompanied by undated stock powers
duly executed in blank by such Pledgor in the case of Pledged Stock, or such other instruments 

  

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of transfer as are reasonably acceptable to the Pledgee; (iii) (except in the case of ULC Shares) assigns, (except in the case of ULC Shares) transfers, and
(in each case) hypothecates, mortgages, charges and sets over to the Pledgee for the benefit of the Secured Creditors all of such Pledgor’s right, title and interest in and to such Pledged Securities (and in and to all certificates or
instruments evidencing such Pledged Securities), to be held by the Pledgee upon the terms and conditions set forth in this Agreement; (iv) transfers and assigns to the Pledgee for the benefit of the Secured Creditors all of such Pledgor’s
Pledged Limited Liability Company Interests (and delivers any certificates or instruments evidencing such limited liability company or membership interests, duly endorsed in blank) and all of such Pledgor’s right, title and interest in each
Pledged Limited Liability Company, whether now existing or hereafter acquired, including, without limitation: 
  
 (A) all the capital thereof and its interest in all profits, losses, Limited Liability Company Assets (as defined below) and other
distributions to which such Pledgor shall at any time be entitled in respect of such Pledged Limited Liability Company Interests; 
  
 (B) all other payments due or to become due such Pledgor in respect of Pledged Limited Liability Company Interests, whether under any
limited liability company agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; 
  
 (C) all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any limited
liability company agreement or operating agreement, or at law or otherwise in respect of such Pledged Limited Liability Company Interests (except any rights as managing member of a limited liability company which is not a Wholly-Owned Subsidiary, to
the extent the applicable limited liability company agreement or operating agreement contains an enforceable prohibition against the creation of a security interest in such rights); 
  
 (D) all present and future claims, if any, of such Pledgor against any Pledged Limited Liability Company for
moneys loaned or advanced, for services rendered or otherwise; 
  
 (E) subject to Section 5 hereof, all of such Pledgor’s rights under any limited liability company agreement or operating agreement or at law to exercise and enforce every right, power, remedy, authority, option
and privilege of such Pledgor relating to any Pledged Limited Liability Company Interest (except any rights as managing member of a limited liability company which is not a Wholly-Owned Subsidiary, to the extent the applicable limited liability
company agreement or operating agreement contains an enforceable prohibition against the creation of a security interest in such rights), including any power to terminate, cancel or modify any limited liability company agreement or operating
agreement, to execute any instruments and to take any and all other action on behalf of and in the name of such Pledgor in respect of such Pledged Limited Liability Company Interest and any Pledged Limited Liability Company, to make determinations,
to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce, collect or receipt
for any of the foregoing or for any Limited Liability Company Assets, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection with any of the foregoing; 
  

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 (F) all other property hereafter delivered in substitution for or in addition to any of
the foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and from time to time received, receivable or otherwise distributed
in respect of or in exchange for any or all of the foregoing; and 
  
 (G) to the extent not otherwise included, all proceeds of any or all of the foregoing; 
  
 and (v) transfers and assigns to the Pledgee for the benefit of the Secured Creditors such Pledgor’s Pledged Partnership Interests (and delivers any certificates or
instruments evidencing such partnership interests, duly endorsed in blank) and all of such Pledgor’s right, title and interest in each Pledged Partnership including, without limitation: 
  
 (A) all of the capital thereof and its interest in all
profits, losses, Partnership Assets (as defined below) and other distributions to which such Pledgor shall at any time be entitled in respect of any such Pledged Partnership Interests; 
  
 (B) all other payments due or to become due such Pledgor in respect of any such Pledged Partnership
Interests, whether under any partnership agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; 
  
 (C) all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any
partnership or other agreement or at law or otherwise in respect of any such Pledged Partnership Interests (except any rights as general partner of a limited partnership which is not a Wholly-Owned Subsidiary, to the extent the applicable
partnership agreement contains an enforceable prohibition against the creation of a security interest in such rights); 
  
 (D) all present and future claims, if any, of such Pledgor against any Pledged Partnership for moneys loaned or advanced, for services
rendered or otherwise; 
  
 (E) subject to Section
5 hereof, all of such Pledgor’s rights under any partnership agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to any Pledged Partnership Interest (except any rights
as general partner of a limited partnership which is not a Wholly-Owned Subsidiary, to the extent the applicable partnership agreement contains an enforceable prohibition against the creation of a security interest in such rights), including any
power, if any, to terminate, cancel or modify any general or limited partnership agreement, to execute any instruments and to take any and all other action on behalf of and in the name of such Pledgor in respect of such Pledged Partnership Interest
and any Pledged Partnership, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and
authority to demand, receive, enforce, collect or receipt for any of the foregoing or for any Partnership Assets, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection with any of
the foregoing; 
  
 (F) all other property
hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and
from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all thereof; and 
  

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 (G) to the extent not otherwise included, all proceeds of any or all of the foregoing.

  
 (b) As used herein, the term “Limited Liability
Company Assets” shall mean all assets, whether tangible or intangible and whether real, personal or mixed (including, without limitation, all limited liability company capital and interests in other limited liability companies), at any time
owned by any Pledged Limited Liability Company. 
  
 (c) As used
herein, the term “Partnership Assets” shall mean all assets, whether tangible or intangible and whether real, personal or mixed (including, without limitation, all partnership capital and interests in other partnerships), at any
time owned by any Pledged Partnership. 
  
 3.2 Subsequently
Acquired Securities. Subject to Section 2(c) hereof, if any Pledgor shall acquire (by purchase, stock dividend or otherwise) any additional Pledged Securities at any time or from time to time after the date hereof, such Securities shall
automatically (and without any further action being required to be taken) be subject to the pledge and security interests created pursuant to Section 3.1(a) hereof and, furthermore, such Pledgor will within the time periods set forth in Section
10.15(c) of the Credit Agreement deliver to the Pledgee all certificates therefor or instruments thereof, if any, accompanied by undated stock powers duly executed in blank in the case of certificated Stock, Limited Liability Company Interests or
Partnership Interests or such other instruments of transfer as are reasonably acceptable to the Pledgee. 
  
 3.3 Uncertificated Securities. If any Pledged Securities (whether now owned or hereafter acquired) are uncertificated securities, the respective
Pledgor shall promptly notify the Pledgee thereof, and shall within the time periods set forth in Section 10.15(c) of the Credit Agreement and Section 15(d) of this Agreement take all actions required to perfect the security interest of the Pledgee
granted hereby under applicable law (including, in any event, under Sections 8-106, 9-106 and 9-312 of the New York UCC, if applicable, or comparable provisions of other applicable law). 
  
 4. APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC. The Pledgee shall have the right to appoint one or more sub-agents for the
purpose of retaining physical possession of any Pledged Securities that are represented by certificates, which may be held (in the discretion of the Pledgee) in the name of such Pledgor, endorsed or assigned in blank or in favor of the Pledgee or
any nominee or nominees of the Pledgee or a sub-agent appointed by the Pledgee. The Pledgee agrees to promptly notify the relevant Pledgor after the appointment of any sub-agent; provided, however, that the failure to give such notice
shall not affect the validity of such appointment. 
  
 5. VOTING,
ETC., WHILE NO EVENT OF DEFAULT. For greater certainty, unless and until an Event of Default shall have occurred and be continuing, each Pledgor shall be entitled to (i) exercise any and all voting and other consensual rights pertaining to the
Pledged Stock and to give all consents, waivers or ratifications in respect thereof and (ii) exercise any and all voting, consent, administration, management and other rights and remedies under (x) any limited liability company agreement or
operating agreement or otherwise with respect to the Pledged Limited Liability Company Interests of such Pledgor and (y) any partnership agreement or otherwise with respect to the Pledged Partnership Interests of such Pledgor, in each case 

  

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together with all other rights assigned pursuant to Sections 3.1(a)(iv)(E) and 3.1(a)(v)(E) hereof; provided, that no vote shall be cast or any
consent, waiver or ratification given or any other action taken which would violate or be inconsistent with any of the terms of this Agreement or any other Secured Debt Agreement (as defined in Section 7 hereof), or which would have the effect of
impairing the rights, priorities or remedies of the Pledgee or any other Secured Creditor under this Agreement or any other Secured Debt Agreement. Except in the case of ULC Shares which remain registered in the name of the Pledgor, all such rights
of such Pledgor to vote and to give consents, waivers and ratifications shall cease in case an Event of Default shall occur and be continuing, and Section 7 hereof shall become applicable. 
  
 6. DIVIDENDS AND OTHER DISTRIBUTIONS. For greater certainty, unless an Event
of Default shall have occurred and be continuing and subject to the terms of the Secured Debt Agreements, all cash dividends and other cash distributions payable in respect of the Pledged Securities shall be paid to the respective Pledgor.

  
 Nothing contained in this Section 6 shall limit or restrict in any way the
Pledgee’s right to receive proceeds of the Collateral in any form in accordance with Section 3 of this Agreement. All dividends, distributions or other payments which are received by the Pledgor contrary to the provisions of this Section 6 and
Section 7 below shall be received in trust for the benefit of the Pledgee for the benefit of the Secured Creditors, shall be segregated from other property or funds of the Pledgor and shall be forthwith paid over to the Pledgee as Collateral in the
same form as so received (with any necessary endorsement). 
  
 7.
REMEDIES IN CASE OF EVENT OF DEFAULT. In case an Event of Default shall have occurred and be continuing, the Pledgee shall be entitled to exercise all of its rights, powers and remedies (whether vested in it by this Agreement, by any other Credit
Document, by any Senior Note Document or, to the extent then in effect and secured hereby, by any Secured Hedging Agreement (with all of the documents listed above being herein collectively called the “Secured Debt Agreements”) or
by law) for the protection and enforcement of its rights in respect of the Collateral, and the Pledgee shall be entitled to exercise all the rights and remedies of a secured party under the UCC and also shall be entitled, without limitation, to
exercise the following rights, which each Pledgor hereby agrees to be commercially reasonable (provided; however the Pledgee shall not be entitled to exercise any such rights, power or remedies in respect of ULC Shares without prior notice of an
Event of Default provided to the issuer of such ULC Shares): 
  
 (i) except in the case of ULC Shares which have not been transferred to the Pledgee or a nominee of the Pledgee on the register of the issuer, to receive all amounts payable in respect of the Collateral otherwise
payable to such Pledgor under Section 6 hereof; 
  
 (ii) to transfer all or any part of the Pledged Securities into the Pledgee’s name or the name of its nominee or nominees; 
  
 (iii) except in the case of ULC Shares which have not been transferred to the Pledgee or a nominee of the Pledgee on the register of the
issuer, to vote all or any part of the Pledged Stock, Pledged Limited Liability Company Interests or Pledged Partnership Interests (whether or not transferred into the name of the Pledgee) and give all consents, 

  

 Page 9 

 
waivers and ratifications in respect of the Collateral and otherwise act with respect thereto as though it were the outright owner thereof; and 

 
 (iv) at any time or from time to time to sell, assign and
deliver, or grant options to purchase, all or any part of the Collateral, or any interest therein, at any public or private sale, without demand of performance, advertisement or notice of intention to sell or of the time or place of sale or
adjournment thereof or to redeem or otherwise (all of which are hereby waived by each Pledgor), for cash, on credit or for other property, for immediate or future delivery without any assumption of credit risk, and for such price or prices and on
such terms as the Pledgee in its absolute discretion may determine; provided, that at least 10 Business Days’ notice of the time and place of any such sale shall be given to such Pledgor. Every aspect of the disposition of the
Collateral, including the method, manner, time, place and other terms must be commercially reasonable, it being agreed that to the extent such matters are addressed by provisions of this Agreement such provisions are commercially reasonable. Each
Pledgor hereby waives and releases to the fullest extent permitted by law any right or equity of redemption with respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the Collateral and any other
security for the Obligations or otherwise. At any such sale, unless prohibited by applicable law, the Pledgee on behalf of the Secured Creditors may bid for and purchase all or any part of the Collateral so sold free from any such right or equity of
redemption. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives (to the extent permitted by law) all rights of redemption, stay and/or
appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. The Pledgee may adjourn any public or private sale from time to time by announcement at the time and place fixed
therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Pledgor hereby waives any claims against the Pledgee arising by reason of the fact that the price at which any Collateral may have
been sold at such a private sale was less than the price which might have been obtained at a public sale, even if the Pledgee accepts the first offer received and does not offer such Collateral to more than one offeree. If the proceeds of any sale
or other disposition of the Collateral are insufficient to pay all the Obligations, the Pledgors shall be liable for the deficiency and the fees of any attorneys employed by the Pledgee to collect such deficiency. Neither the Pledgee nor any other
Secured Creditor shall be liable for failure to collect or realize upon any or all of the Collateral or for any delay in so doing nor shall any of them be under any obligation to take any action whatsoever with regard thereto. 
  
 8. REMEDIES, ETC., CUMULATIVE. Each right, power and remedy of the Pledgee
provided for in this Agreement or in any other Secured Debt Agreement or now or hereafter existing at law or in equity or by statute shall be cumulative and concurrent and shall be in addition to every other such right, power or remedy. The exercise
or beginning of the exercise by the Pledgee or any other Secured Creditor of any one or more of the rights, powers or remedies provided for in this Agreement or in any other Secured Debt Agreement or now or hereafter existing at law or in equity or
by statute or otherwise shall not preclude the simultaneous or later exercise by the Pledgee or any other Secured Creditor of all such other rights, powers or remedies, and no failure or delay on the part of the Pledgee or any other Secured Creditor
to exercise any such right, power or remedy shall operate as a waiver thereof. 

  

 Page 10 

 
The Secured Creditors agree that this Agreement may be enforced only by the Pledgee acting upon the instructions of the Required Secured Creditors (as
defined in Section 4 of Annex G hereto) and that no other Secured Creditor shall have any right individually to seek to enforce or to enforce this Agreement or to realize upon the security to be granted hereby, it being understood and agreed
that such rights and remedies may be exercised by the Pledgee for the benefit of the Secured Creditors upon the terms of this Agreement. 
  
 9. APPLICATION OF PROCEEDS. (a) All moneys collected by the Pledgee upon any sale or other disposition of the Collateral of each Pledgor, together with
all other moneys received by the Pledgee hereunder, shall be applied as follows: 
  
 (i) first, to the payment of all Obligations owing to the Pledgee and the Secured Creditors of the type provided in clauses (v) and (vi)
of the definition of Obligations in Section 1 hereof; 
  
 (ii) second, to the extent proceeds remain after the application pursuant to the preceding clause (i), an amount equal to the outstanding Primary Obligations (as defined in Section 9(b) below) shall be paid to the Secured Creditors as
provided in Section 9(e) hereof, with each Secured Creditor receiving an amount equal to its outstanding Primary Obligations of such Pledgor or, if the proceeds are insufficient to pay in full all such Primary Obligations, its Pro Rata Share (as
hereinafter defined) of the amount remaining to be distributed; 
  
 (iii) third, to the extent proceeds remain after the application pursuant to the preceding clauses (i) and (ii), an amount equal to the outstanding Secondary Obligations (as defined in Section 9(b) below) shall be
paid to the Secured Creditors as provided in Section 9(e) hereof, with each Secured Creditor receiving an amount equal to its outstanding Secondary Obligations of such Pledgor or, if the proceeds are insufficient to pay in full all such Secondary
Obligations, its Pro Rata Share of the amount remaining to be distributed; and 
  
 (iv) fourth, to the extent proceeds remain after the application pursuant to the preceding clauses (i) through (iii), inclusive, and
following the termination of this Agreement pursuant to Section 18 hereof, to the relevant Pledgor or to whomever may be lawfully entitled to receive such surplus. 
  
 (b) For purposes of this Agreement (x) “Pro Rata Share” shall mean, when calculating a Secured
Creditor’s portion of any distribution or amount, that amount (expressed as a percentage) equal to a fraction the numerator of which is the then unpaid amount of such Secured Credit Primary Obligations or Secondary Obligations, as the case may
be, and the denominator of which is the then outstanding amount of all Primary Obligations or Secondary Obligations, as the case may be, (y) “Primary Obligations” shall mean (i) in the case of the Credit Document Obligations, all
Obligations arising out of or in connection with (including, without limitation, as obligor or guarantor, as the case may be) the principal of, and interest on, all Loans, all unreimbursed drawings or payments in respect of any letters of credit
(together with all interest accrued thereon), and the aggregate stated amounts of all letters of credit issued under the Credit Agreement, and all regularly accruing fees, (ii) in the case of the Senior Note Obligations, all Obligations secured
hereby arising out of or in connection with (including, without limitation, as obligor or guarantor, as the case may be) the principal of, and interest on, 

  

 Page 11 

 
the Senior Notes, and all regularly accruing fees, and (iii) in the case of the Other Obligations, all Obligations arising out of or in connection with
(including, without limitation, as a direct obligor or a guarantor, as the case may be) Secured Hedging Agreements secured hereby (in each case as set forth in clauses (i) through (iii) above, other than indemnities, fees (including, without
limitation, attorneys’ fees) and similar obligations and liabilities), and (z) “Secondary Obligations” shall mean all Obligations of such Pledgor secured hereby other than Primary Obligations. 
  
 (c) When payments to Secured Creditors are based upon their respective Pro
Rata Shares, the amounts received by such Secured Creditors hereunder shall be deemed to be applied (for purposes of making determinations under this Section 9 only) (i) first, to the Primary Obligations and (ii) second, to the Secondary
Obligations. 
  
 (d) If the Lender Creditors are to receive a
distribution in accordance with the procedures set forth above in this Section 9 on account of undrawn amounts with respect to letters of credit issued under the Credit Agreement, such amounts shall be paid to the Administrative Agent under the
Credit Agreement and held by it, for the equal and ratable benefit of the Lender Creditors as such. If any amounts are held as cash security pursuant to the immediately preceding sentence, then upon the termination of any outstanding letter of
credit, and after the application of all such cash security to the repayment of all Obligations owing to the Lender Creditors after giving effect to the termination of such letter of credit, if there remains any excess cash, such excess cash shall
be returned by the Administrative Agent to the Pledgee for distribution in accordance with Section 9(a) hereof. 
  
 (e) Except as set forth in Section 9(d) hereof, all payments required to be made hereunder shall be made (i) if to the Lender Creditors, to the
Administrative Agent under the Credit Agreement for the account of the Lender Creditors, and (ii) if to any other Secured Creditors (other than the Pledgee), to the trustee, paying agent or other similar representative (each a
“Representative”) for such Secured Creditors or, in the absence of such a Representative, directly to the other Secured Creditors. 
  
 (f) For purposes of applying payments received in accordance with this Section 9, the Pledgee shall be entitled to rely upon (i) the Administrative Agent
under the Credit Agreement and (ii) the Representative for any other Secured Creditors or, in the absence of such a Representative, upon the respective Secured Creditors for a determination (which the Administrative Agent, each Representative for
any other Secured Creditors and the Secured Creditors agree (or shall agree) to provide upon request of the Pledgee) of the outstanding Primary Obligations and Secondary Obligations owed to the Secured Creditors. Unless it has actual knowledge
(including by way of written notice from a Representative for any Secured Creditor or directly from a Secured Creditor) to the contrary, the Pledgee, in acting hereunder, shall be entitled to assume that no Secured Hedging Agreements are in
existence. 
  
 (g) It is understood and agreed that each Pledgor
shall remain liable to the extent of any deficiency between the amount of the proceeds of the Collateral pledged by it hereunder and the aggregate amount of the Obligations of such Pledgor. 
  
 10. PURCHASERS OF COLLATERAL. Upon any sale of the Collateral by the Pledgee
hereunder (whether by virtue of the power of sale herein granted, pursuant to judicial process or otherwise), the receipt of the Pledgee or the officer making the sale shall be a 

  

 Page 12 

 
sufficient discharge to the purchaser or purchasers of the Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the
application of any part of the purchase money paid over to the Pledgee or such officer or be answerable in any way for the misapplication or nonapplication thereof. 
  
 11. INDEMNITY. Each Pledgor jointly and severally agrees (i) to indemnify and hold harmless the Pledgee in such capacity,
each Representative of a Secured Creditor in its capacity as such and each other Secured Creditor that is an indemnitor under Section 6 of Annex G hereto from and against any and all claims, demands, losses, judgments and liabilities of whatsoever
kind or nature, and (ii) to reimburse the Pledgee in such capacity, each Representative of a Secured Creditor in its capacity as such and each other Secured Creditor that is an indemnitor under Section 6 of Annex G hereto for all reasonable
costs and expenses, including reasonable attorneys’ fees, in each case to the extent growing out of or resulting from the exercise by the Pledgee of any right or remedy granted to it hereunder except, with respect to clauses (i) and (ii) above,
to the extent arising from the Pledgee’s or such other Secured Creditor’s gross negligence or willful misconduct. In no event shall the Pledgee be liable, in the absence of gross negligence or willful misconduct on its part, for any matter
or thing in connection with this Agreement other than to account for moneys actually received by it in accordance with the terms hereof. If and to the extent that the obligations of the Pledgors under this Section 11 are unenforceable for any
reason, each Pledgor hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable law. 
  
 12. FURTHER ASSURANCES; POWER OF ATTORNEY. (a) Each Pledgor agrees that it will join with the Pledgee in executing and, at
such Pledgor’s own expense, file and refile under the applicable UCC or such other law such financing statements, continuation statements and other documents in such offices as the Pledgee may reasonably deem necessary or appropriate and
wherever required or permitted by law in order to perfect and preserve the Pledgee’s security interest in the Collateral and hereby authorizes the Pledgee to file financing statements and amendments thereto relative to all or any part of the
Collateral without the signature of such Pledgor where permitted by law, and agrees to do such further acts and things and to execute and deliver to the Pledgee such additional conveyances, assignments, agreements and instruments as the Pledgee may
reasonably deem necessary or advisable to carry into effect the purposes of this Agreement or to further assure and confirm unto the Pledgee its rights, powers and remedies hereunder. 
  
 (b) Each Pledgor hereby appoints the Pledgee such Pledgor’s attorney-in-fact, with full authority in the place and
stead of such Pledgor and in the name of such Pledgor or otherwise, to act from time to time after the occurrence and during the continuance of an Event of Default in the Pledgee’s reasonable discretion to take any action and to execute any
instrument which the Pledgee may deem necessary or advisable to accomplish the purposes of this Section 12. Such appointment is coupled with an interest and is irrevocable. 
  
 13. THE PLEDGEE AS AGENT. The Pledgee will hold in accordance with this Agreement all items of the Collateral at any time
received under this Agreement. It is expressly understood and agreed that the obligations of the Pledgee as holder of the Collateral and interests therein and with respect to the disposition thereof, and otherwise under this Agreement, are only
those expressly set forth in this Agreement. The Pledgee shall act hereunder on the terms and 

  

 Page 13 

 
conditions set forth herein and in Annex G hereto, the terms of which shall be deemed incorporated herein by reference as fully as if same were set
forth herein in their entirety. 
  
 14. TRANSFER BY PLEDGORS. No
Pledgor will sell or otherwise dispose of, grant any option with respect to, or mortgage, pledge or otherwise encumber any of the Collateral or any interest therein (except in accordance with the terms of this Agreement and as permitted by the terms
of the Secured Debt Agreements). 
  
 15. REPRESENTATIONS,
WARRANTIES AND COVENANTS OF PLEDGORS. (a) Each Pledgor represents, warrants and covenants that: 
  
 (i) it is the legal, record and beneficial owner of, and has good title to, all Pledged Securities purported to be owned by such Pledgor
(including as shown on Annexes A, B and C hereto), subject to no Lien, except the Liens created by this Agreement; 
  
 (ii) it has full power, authority and legal right to pledge all the Pledged Securities; 
  
 (iii) this Agreement has been duly authorized, executed and
delivered by such Pledgor and constitutes the legal, valid and binding obligation of such Pledgor enforceable in accordance with its terms, except to the extent that the enforceability hereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors’ rights generally and by equitable principles (regardless of whether enforcement is sought in equity or at law); 
  
 (iv) except for the approval of directors of the issuer of ULC Shares pursuant to the articles of
association thereof, no consent of any other party (including, without limitation, any stockholder or creditor of such Pledgor or any of its Subsidiaries and any other partners or members of such Pledgor’s partnerships or limited liability
companies) and no consent, license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing (except any filings required under the UCC, which filings have been made) or declaration with, any governmental
authority is required to be obtained by such Pledgor in connection with the execution, delivery or performance of this Agreement, or in connection with the exercise of its rights and remedies pursuant to this Agreement, in each case except (x) those
which have been obtained or made, (y) as may be required by laws affecting the offer and sale of securities generally in connection with the exercise by the Pledgee of certain of its remedies hereunder, or (z) as may be required to be obtained or
made in order to comply with the terms of or avoid defaults under any contract of the U.S. Borrower or a Subsidiary of the U.S. Borrower otherwise permitted under the Credit Agreement that imposes restrictions upon the sale of, or foreclosure of
liens upon, any Securities of a Subsidiary pledged hereunder in connection with the exercise by the Pledgee of its remedies hereunder; 
  
 (v) the execution, delivery and performance of this Agreement by such Pledgor does not violate any provision of any applicable law or
regulation or of any order, judgment, writ, award or decree of any court, arbitrator or governmental authority, domestic or foreign, or of the certificate of incorporation or by-laws (or analogous constitution or organizational documents) of such
Pledgor or of any securities issued by such Pledgor or any of its Subsidiaries, or of any mortgage, indenture, lease, deed of trust, credit agreement or loan agreement, or any other material agreement, contract or 

  

 Page 14 

 
instrument to which such Pledgor or any of its Subsidiaries is a party or which purports to be binding upon such Pledgor or any of its Subsidiaries or upon
any of their respective assets and will not result in the creation or imposition (or the obligation to create or impose) of any lien or encumbrance on any of the assets of such Pledgor or any of its Subsidiaries; except (x) as contemplated in this
Agreement and (y) for violations and defaults that may arise under contracts of the U.S. Borrower or a Subsidiary thereof otherwise permitted under the Credit Agreement as a result of the sale of, or foreclosure of a lien upon, the Securities of
Subsidiaries pledged hereunder to the extent that the prior consent of other parties to such contracts have not been obtained or other actions specified in such contracts have not been taken in connection with any such sale or foreclosure;

  
 (vi) all the shares of Stock have been duly
and validly issued, are fully paid and nonassessable (except, insofar as in the case of ULC Shares, such shares are assessable pursuant to the NSCA) and subject to no options to purchase or similar rights; 
  
 (vii) the pledge, assignment and delivery (which delivery
has been made) to the Pledgee of the Pledged Stock creates a valid and perfected first priority security interest in such Pledged Stock, subject to no prior lien or encumbrance or to any agreement purporting to grant to any third party (except the
Secured Creditors) a lien or encumbrance on the property or assets of such Pledgor which would include the Securities; 
  
 (viii) each Pledged Partnership Interest and each Pledged Limited Liability Company Interest has been validly acquired and is fully paid
for (to the extent applicable) and is duly and validly pledged hereunder; 
  
 (ix) each partnership agreement and each limited liability company or operating agreement is the legal, valid and binding obligation of the applicable Pledgor, enforceable in accordance with its terms; 
  
 (x) no Pledgor is in default in the payment of any portion
of any mandatory capital contribution, if any, required to be made under any general or limited partnership agreement or any limited liability company or operating agreement to which such Pledgor is a party, and no Pledgor is in violation of any
other material provisions of any partnership agreement or any limited liability company or operating agreement to which such Pledgor is a party, or is otherwise in default or violation thereunder in any material respect; 
  
 (xi) the pledge and assignment of the Pledged Partnership
Interests and/or Pledged Limited Liability Company Interests pursuant to this Agreement, together with the relevant filings or recordings under the UCC (or other steps described in any applicable version of the UCC) (which filings, recordings or
other steps have been made), create a valid perfected and continuing first priority security interest in such Pledged Partnership Interests and/or Pledged Limited Liability Company Interests and the proceeds thereof, subject to no prior lien or
encumbrance or to any agreement purporting to grant to any third party (except the Secured Creditors) a lien or encumbrance on the property or assets of such Pledgee or which would include the Securities; 
  

 Page 15 

 (xii) except for financing statements in connection with the Original Credit Agreement,
there are no currently effective financing statements under the UCC covering property which is now or hereafter may be included in the Collateral and such Pledgor will not, without the prior written consent of the Pledgee, execute and, until the
Termination Date (as hereinafter defined), there will not ever be on file in any public office any enforceable financing statement or statements covering any or all of the Collateral, except financing statements filed or to be filed in favor of the
Pledgee as secured party; 
  
 (xiii) each Pledgor
shall give the Pledgee prompt notice of any written claim it receives relating to the Collateral; and 
  
 (xiv) each Pledgor shall deliver to the Pledgee a copy of each other demand, notice or document received by it which could reasonably be
expected to adversely affect the Pledgee’s interest in the Collateral promptly upon, but in any event within 10 days after, such Pledgor’s receipt thereof. 
  
 Each Pledgor further represents and warrants that on the date hereof (i) the Pledged Stock held by such Pledgor consists of
the number and type of shares of the stock of the corporations as described in Annex A hereto; (ii) such Pledged Stock constitutes that percentage of the issued and outstanding capital stock of the issuing corporation as is set forth in
Annex A hereto; (iii) the Pledged Limited Liability Company Interests held by such Pledgor constitute that percentage of the issued and outstanding equity interests of the respective issuing Pledged Limited Liability Company as is set forth
in Annex B hereto; and (iv) the Pledged Partnership Interests held by such Pledgor constitute that percentage of the entire Partnership Interests of the respective Pledged Partnership as is set forth in Annex C hereto. 
  
 Each Pledgor covenants and agrees that it will defend the Pledgee’s and
the other Secured Creditors’ right, title and security interest in and to the Collateral and the proceeds thereof against the claims and demands of all persons whomsoever; and such Pledgor covenants and agrees that it will have like title to
and right to pledge any other property at any time hereafter pledged to the Pledgee as Collateral hereunder and will likewise defend the right thereto and security interest therein of the Pledgee and the other Secured Creditors. 
  
 (b) Each Pledgor hereby further represents, warrants and covenants that as of
the date hereof, the jurisdiction of formation of such Pledgor and its organizational ID number (as contemplated for use under Article 9 of the UCC) is as indicated on Annex F hereto for such Pledgor. Such Pledgor will not change its
jurisdiction of organization (by merger or otherwise) except to such new location as such Pledgor may establish in accordance with the last sentence of this Section 15(b). No Pledgor shall change its jurisdiction of organization until (i) it shall
have given to the Pledgee prior written notice of its intention to do so, clearly describing such new jurisdiction and providing such other information in connection therewith as the Pledgee may reasonably request, (ii) it shall have delivered to
the Pledgee a written supplement in the form of Annex H-1 hereto as provided in clause (c) below showing the new jurisdiction of organization and (iii) with respect to such new location, it shall have taken all action, reasonably satisfactory
to the Pledgee, to maintain all security interests of the Pledgee in the Collateral intended to be granted hereby at all times fully perfected on a first priority basis and in full force and effect. 
  

 Page 16 

 (c) Without in any way limiting Section 3.2 hereof, at any time and from time to time that any Pledgor
(x) determines that the information with respect to it contained on Annex A, B, C and/or F, as the case may be, is inaccurate or (y) acquires any additional Securities which have not already been pledged hereunder
and reflected on Annexes A through C, as appropriate, such Pledgor shall deliver a supplement to this Agreement, substantially in the form of Annex H-1 hereto (each a “Pledge and Security Agreement Supplement”)
adding (or, in the case of any Securities released pursuant to Section 18 hereof, deleting) such Securities to (or from) Annexes A through C hereto, as appropriate. The execution and delivery of any such supplement shall not require
the consent of any Pledgor hereunder. It is understood and agreed that the pledge and security interests granted hereunder shall apply to all Collateral as provided in Section 3.1 hereof regardless of the failure of any Pledgor to deliver, or any
inaccurate information stated in, any Amended and Restated Pledge and Security Agreement Supplement as otherwise provided above. 
  
 (d) Each Pledgor hereby covenants and agrees that with respect to all Partnership Interests or Limited Liability Company Interests, in each case required
to be pledged by it hereunder, such Pledgor will deliver to the respective Pledged Partnerships or Pledged Limited Liability Companies, as the case may be (with copies to the Pledgee) a notice (appropriately completed) in the form of Annex D
attached hereto (with such changes thereto as may be acceptable to the Pledgee) and by this reference made a part hereof (each such notice a “Partnership/LLC Notice”) and such Pledgor will use its reasonable best efforts to cause to
be delivered to the Pledgee an acknowledgment in the form set forth as Annex E attached hereto (with such changes thereto as may be acceptable to the Pledgee) (each such acknowledgment, a “Pledge Acknowledgment”), duly
executed by the relevant Pledged Partnership and/or Pledged Limited Liability Company, as the case may be, in each case within 45 days following the date of any pledge of any Pledged Partnership Interests or Pledged Limited Liability Company
Interests hereunder. 
  
 16. PLEDGORS’ OBLIGATIONS ABSOLUTE,
ETC. The obligations of each Pledgor under this Agreement shall be absolute and unconditional and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any
circumstance or occurrence whatsoever, including, without limitation: (i) any renewal, extension, amendment or modification of or addition or supplement to or deletion from any Secured Debt Agreement or any other instrument or agreement referred to
therein, or any assignment or transfer of any thereof; (ii) any waiver, consent, extension, indulgence or other action or inaction under or in respect of any such agreement or instrument or this Agreement; (iii) any furnishing of any additional
security to the Pledgee or its assignee or any acceptance thereof or any release of any security by the Pledgee or its assignee; (iv) any limitation on any party’s liability or obligations under any such instrument or agreement or any
invalidity or unenforceability, in whole or in part, of any such instrument or agreement or any term thereof; (v) any limitation on any other Pledgor’s liability or obligations under this Agreement or under any other Secured Debt Agreement or
any invalidity or unenforceability, in whole or in part, of this Agreement or any other Secured Debt Agreement or any term thereof; or (vi) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like
proceeding relating to such Pledgor or any Subsidiary of such Pledgor, or any action taken with respect to this Agreement by any trustee or receiver, or by any court, in any such proceeding, whether or not such Pledgor shall have notice or knowledge
of any of the foregoing. 
  

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 17. REGISTRATION, ETC. If at any time when the Pledgee shall determine to exercise its right to sell all
or any part of the Pledged Securities pursuant to Section 7 hereof, such Pledged Securities or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under the Securities Act, as then in effect, the Pledgee may,
in its sole and absolute discretion, sell such Pledged Securities or part thereof by private sale in such manner and under such circumstances as the Pledgee may deem necessary or advisable in order that such sale may legally be effected without such
registration; provided, that at least 10 Business Days’ notice of the time and place of any such sale shall be given to such Pledgor. Without limiting the generality of the foregoing, in any such event the Pledgee, in its sole and
absolute discretion: (i) may proceed to make such private sale notwithstanding that a registration statement for the purpose of registering such Pledged Securities or part thereof shall have been filed under such Securities Act; (ii) may approach
and negotiate with a single possible purchaser to effect such sale; and (iii) may restrict such sale to a purchaser who will represent and agree that such purchaser is purchasing for its own account, for investment, and not with a view to the
distribution or sale of such Pledged Securities or part thereof. In the event of any such sale, the Pledgee shall incur no responsibility or liability for selling all or any part of the Pledged Securities at a price which the Pledgee, in its sole
and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might be realized if the sale were deferred until after registration as aforesaid so long as such
disposition is otherwise commercially reasonable. 
  
 18.
TERMINATION, RELEASE. (a) After the Termination Date (as defined below), this Agreement shall terminate (provided that all indemnities set forth herein including, without limitation, in Section 11 hereof shall survive any such termination) and the
Pledgee, at the request and expense of the respective Pledgor, will promptly execute and deliver to such Pledgor a proper instrument or instruments acknowledging the satisfaction and termination of this Agreement, and will duly assign, transfer and
deliver to such Pledgor (without recourse and without any representation or warranty) such of the Collateral as may be in the possession of the Pledgee and as has not theretofore been sold or otherwise applied or released pursuant to this Agreement.
As used in this Agreement, “Termination Date” shall mean the earliest of (i) the date upon which the Total Revolving Loan Commitment has been terminated, and all Credit Document Obligations (excluding normal continuing indemnity
obligations which survive in accordance with their terms, so long as no amounts are then due and payable in respect thereof) have been indefeasibly paid in full (provided the terms of the Secured Hedging Agreements and the other Secured Debt
Agreements do not otherwise prohibit the termination hereof), (ii) the Collateral Release Date as defined in Section 10.15(d) of the Credit Agreement (but subject to any deferral requested by the U.S. Borrower pursuant to the last sentence of
Section 10.15(d) and the applicable provisions hereof), (iii) the date upon which the Collateral Agent releases the Collateral in accordance with Section 14.20 of the Credit Agreement and (iv) the date upon which the Credit Documents are amended to
release all Collateral subject to this Agreement. 
  
 (b) In the
event that any part of the Collateral is sold (other than to any Credit Party) in connection with a sale permitted by the Secured Debt Agreements or is otherwise released in accordance with the terms of Section 10.15(a)(2) or Section 10.15(d) of the
Credit Agreement or at the direction of the Required Secured Creditors (and, to the extent required by the Credit Agreement, all of the Lenders)), the Pledgee, at the request and expense of such Pledgor will promptly execute and deliver to such
Pledgor (or authorize such Pledgor to file, as applicable) a proper instrument or instruments acknowledging such release (including any UCC 

  

 Page 18 

 
termination statements and any Pledge and Security Supplement that may be appropriate to evidence such release), and will duly assign, transfer and deliver
to such Pledgor (without recourse and without any representation or warranty) such of the Collateral as is then being (or has been) so sold, distributed or released and as may be in possession of the Pledgee and has not theretofore been released
pursuant to this Agreement. Any proceeds of Collateral sold as contemplated by the immediately preceding sentence shall be applied in accordance with, and to the extent required by, the requirements of the applicable Secured Debt Agreements.

  
 (c) At any time that a Pledgor desires that Collateral be
released as provided in the foregoing Section 18(a) or (b), it shall deliver to the Pledgee a certificate signed by an Authorized Officer of such Pledgor stating that the release of the respective Collateral is permitted pursuant to Section 18(a) or
(b) hereof and does not violate the terms of any Secured Debt Agreement then in effect, and the Pledgee shall be entitled (but not required) to conclusively rely thereon. 
  
 19. NOTICES, ETC. Except as otherwise specified herein, all notices, requests, demands or other communications to or upon
the respective parties hereto shall be deemed to have been given or made when delivered to the party to which such notice, request, demand or other communication is required or permitted to be given or made under this Agreement, addressed as
follows: 
  
 (a) if to any Pledgor c/o the U.S. Borrower at the
address of the U.S. Borrower specified under Section 14.02 of the Credit Agreement; 
  
 (b) if to the Pledgee, at the address of the Administrative Agent determined under Section 14.02 of the Credit Agreement; 
  
 (c) if to any Lender Creditor (other than the Pledgee), (x) to the Administrative Agent, at the address of the Administrative Agent specified in the
Credit Agreement or (y) at such address as such Lender Creditor shall have specified in the Credit Agreement; 
  
 (d) if to any other Secured Creditor, (x) to the Representative for such Secured Creditor or (y) if there is no such Representative, at such address as
such Secured Creditor shall have specified in writing to each Pledgor and the Pledgee; 
  
 or at such other address as shall have been furnished in writing by any Person described above to the party required to give notice hereunder. 
  
 20. WAIVER; AMENDMENT. None of the terms and conditions of this Agreement may be changed, waived, modified or varied in any manner whatsoever unless in
writing duly signed by each Pledgor directly affected thereby (it being understood that additional Pledgors may be added as parties hereto from time to time in accordance with Section 22 hereof, the Collateral may be modified as contemplated by
Section 10.15(a)(2) and Section 10.15(d) of the Credit Agreement and Section 18 hereof, and Pledgors may be released as parties hereto in accordance with Sections 18 and 21 hereof and that no consent of any other Pledgor or of the Secured Creditors
shall be required in connection therewith) and the Pledgee (with the written consent of (x) the Required Lenders (or all the Lenders if required by Section 14.11 of the Credit Agreement) at all times prior to the Termination Date and (y) thereafter,
to the extent expressly 

  

 Page 19 

 
required under any Secured Hedging Agreement, the holders of at least a majority of the outstanding Other Obligations; provided, that (with respect to
preceding clauses (x) and (y)) the U.S. Borrower certifies that any such change, waiver, modification or variance is otherwise permitted by the terms of the respective Secured Debt Agreements or, if not so permitted, that the requisite consents
therefor have been obtained. Notwithstanding anything to the contrary contained above, it is understood and agreed that the Required Lenders may agree to modifications to this Agreement for the purpose, among other things, of securing additional
extensions of credit (including, without limitation, pursuant to the Credit Agreement or any refinancing or extension thereof) and that the Pledgors and the Pledgee may take any actions necessary to implement the recreation of this Agreement and the
pledge hereunder without the consent of the Required Lenders or any other Secured Creditor under the circumstances contemplated by Section 10.15 of the Credit Agreement, with such changes and recreation not being subject to the proviso to the
immediately preceding sentence. Furthermore, the proviso to the first sentence of this Section 20 shall not apply to any release of Collateral effected in accordance with the requirements of Section 18 of this Agreement, or any other release of
Collateral or termination of this Agreement so long as the U.S. Borrower certifies that such actions will not violate the terms of any Secured Debt Agreement then in effect. 
  
 21. RELEASE OF PLEDGORS. In the event that any Pledgor is permitted to be released from this Agreement as, and to the
extent, provided in Section 10.15(a)(2) or Section 10.15(d) of the Credit Agreement, such Pledgor (so long as such Pledgor is not the U.S. Borrower) shall be released from this Agreement and this Agreement shall, as to such Pledgor only, have no
further force or effect. 
  
 22. ADDITIONAL PLEDGORS. Pursuant to
Section 10.15 of the Credit Agreement, certain Subsidiaries of the U.S. Borrower may after the date hereof be required to enter into this Agreement as a Pledgor. Upon execution and delivery, after the date hereof, by the Pledgee and such Subsidiary
of a New Pledgor Supplement in the form of Annex H-2 hereto (a “New Pledgor Supplement”), such Subsidiary shall become a Pledgor hereunder with the same force and effect as if originally named as a Pledgor hereunder. Each
Subsidiary which is required to become a party to this Agreement shall so execute and deliver a copy of the New Pledgor Supplement to the Pledgee and, at such time, shall execute a Supplement to the Amended and Restated Pledge and Security Agreement
in the form of Annex H-1 hereto with respect to all Collateral of such Pledgor required to be pledged hereunder. The execution and delivery of any such instrument shall not require the consent of any other Pledgor hereunder. Upon the
execution and delivery by the Pledgee and such Subsidiary of a New Pledgor Supplement, it is understood and agreed that the pledge and security interests hereunder shall apply to all Collateral of such additional Pledgor as provided in Section 3.1
hereof regardless of any failure of any additional Pledgor to deliver, or any inaccurate information stated in, the Pledge and Security Agreement Supplement. 
  
 23. RECOURSE. Subject to Section 14.17 of the Credit Agreement, this Agreement is made with full recourse to the Pledgors and pursuant to and upon all
representations, warranties, covenants and agreements on the part of the Pledgors contained herein and otherwise in writing in connection herewith. 
  
 24. PLEDGEE NOT BOUND. (a) Nothing herein shall be construed to make the Pledgee or any other Secured Creditor liable as a member of any limited liability
company or 

  

 Page 20 

 
a partner of any partnership and the Pledgee or any other Secured Creditor by virtue of this Agreement or otherwise (except as referred to in the following
sentence) shall not have any of the duties, obligations or liabilities of a member of any limited liability company or partner of any partnership. The parties hereto expressly agree that, unless the Pledgee shall become the absolute owner of the
respective Pledged Limited Liability Company Interest or Pledged Partnership Interest pursuant hereto, this Agreement shall not be construed as creating a partnership or joint venture among the Pledgee, any other Secured Creditor and/or any Pledgor.

  
 (b) Except as provided in the last sentence of paragraph (a)
of this Section 24, the Pledgee, by accepting this Agreement, and the other Secured Creditors did not intend to become a member of any limited liability company or partner of any partnership or otherwise be deemed to be a co-venturer with respect to
any Pledgor or any limited liability company or partnership either before or after an Event of Default shall have occurred. The Pledgee shall have only those powers set forth herein and the Secured Creditors shall assume none of the duties,
obligations or liabilities of a member of any limited liability company or partnership or any Pledgor. 
  
 (c) The Pledgee and the other Secured Creditors shall not be obligated to perform or discharge any obligation of any Pledgor as a result of the collateral
assignment hereby effected. 
  
 (d) The acceptance by the Pledgee
of this Agreement, with all the rights, powers, privileges and authority so created, shall not at any time or in any event obligate the Pledgee or any other Secured Creditor to appear in or defend any action or proceeding relating to the Collateral
to which it is not a party, or to take any action hereunder or thereunder, or to expend any money or incur any expenses or perform or discharge any obligation, duty or liability under the Collateral. 
  
 25. CONTINUING PLEDGORS. The rights and obligations of each Pledgor (other
than the respective released Pledgor in the case of following clause (y)) hereunder shall remain in full force and effect notwithstanding (x) the addition of any new Pledgor as a party to this Agreement as contemplated by Section 22 hereof or
otherwise and/or (y) the release of any Pledgor under this Agreement as contemplated by Section 21 hereof or otherwise. 
  
 26. NO FRAUDULENT CONVEYANCE. Each Pledgor hereby confirms that it is its intention that this Agreement not constitute a fraudulent transfer or conveyance
for purposes of any bankruptcy, insolvency or similar law, the Uniform Fraudulent Conveyance Act or any similar Federal, state or foreign law. To effectuate the foregoing intention, each Pledgor hereby irrevocably agrees that its obligations and
liabilities hereunder shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other (contingent or otherwise) liabilities of such Pledgor that are relevant under such laws, result in the obligations and
liabilities of such Pledgor hereunder in respect of such maximum amount not constituting a fraudulent transfer or conveyance. 
  
 27. CANADIAN REVOLVING LOAN BORROWERS. The Pledgors hereby acknowledge that pursuant to the terms of the Credit Agreement various Canadian Revolving Loan
Borrowers may become a party to the Credit Agreement from time to time and incur Loans thereunder. The Pledgors further acknowledge and agree that all obligations and liabilities of 

  

 Page 21 

 
any Canadian Revolving Loan Borrower under the Credit Agreement shall be fully secured hereunder and no consent of the Pledgors is required to effect the
same. 
  
 28. MISCELLANEOUS. This Agreement shall be binding upon
the successors and assigns of each Pledgor and shall inure to the benefit of and be enforceable by the Pledgee and its successors and assigns; provided that no Pledgor may assign any of its rights or obligations hereunder without the prior written
consent of the Pledgee (with the consent of the Required Lenders and, if required by Section 14.11 of the Credit Agreement, all Lenders) and any such assignment without such consent shall be null and void. THIS AGREEMENT SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS). The headings in this Agreement are for purposes of reference only and shall not limit or define the meaning hereof.
This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which shall constitute one instrument. 
  
 29. WAIVER OF TRIAL BY JURY. EACH PLEDGOR AND EACH SECURED CREDITOR (BY ITS ACCEPTANCE OF THE BENEFITS OF THIS AGREEMENT) HEREBY IRREVOCABLY
WAIVES ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS TO WHICH SUCH PLEDGOR IS A PARTY OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

  
 30. SEVERABILITY. Any provision of this Agreement held to be
invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
  
 31. ULC SHARES. Notwithstanding any provisions to the contrary contained in this Agreement or any other document or agreement among all or some of the
parties hereto, with respect to any Collateral which constitutes ULC Shares, the relevant Pledgor of such ULC Shares is the sole registered and beneficial owner of all ULC Shares and will remain so until such time as such ULC Shares are effectively
transferred into the name of the Pledgee, any Secured Party or any other person on the books and records of the ULC issuer of such ULC Shares. Accordingly, the relevant Pledgor shall be entitled to receive and retain for its own account any dividend
on or other distribution, if any, in respect of such Collateral (except pursuant to Section 3.2 hereof) and shall have the right to vote such Collateral and to control the direction, management and policies of the ULC issuer to the same extent as
the Pledgor would if such Collateral were not pledged to the Pledgee (for its own benefit and for the benefit of the Secured Parties) pursuant hereto. Nothing in this Agreement or any other document or agreement among all or some of the parties
hereto is intended to, and nothing in this Agreement or any other document or agreement among all or some of the parties hereto shall, constitute the Pledgee, any of the Secured Parties or any person other than the Pledgor, a member of a ULC for the
purposes of NSCA until such time as notice is given to the Pledgor and further steps are taken thereunder so as to register the Pledgee or other person as holder of ULC Shares. To the extent any provision hereof would have the effect of constituting
the Pledgee or any of the 

  

 Page 22 

 
Secured Parties as a member of any ULC prior to such time, such provision shall be severed therefrom and ineffective with respect to Collateral which are ULC
Shares without otherwise invalidating or rendering unenforceable this Agreement or invalidating or rendering unenforceable such provision insofar as it relates to Collateral which are not ULC Shares. Except upon the exercise of rights to sell or
otherwise dispose of the Pledged Stock issued by a ULC following the occurrence of an Event of Default hereunder, no Pledgor shall cause or permit, or enable any ULC in which they hold ULC Shares to cause to permit, the Pledgee or other Secured
Parties to: (a) be registered as shareholders or members of such ULC; (b) have any notation entered in their favor in the share register of such ULC; (c) be held out as shareholders or members of such ULC; (d) receive, directly or indirectly, any
dividends, property or other distributions from the ULC by reason of the Pledgee or the Secured Parties holding a security interest in the ULC; or (e) act as a shareholder or member of the ULC, or exercise any rights of a shareholder or member
including the right to attend a meeting of, or to vote the shares of, the ULC. 
  
 *  *  * 
  

 Page 23 

 IN WITNESS WHEREOF, each Pledgor has caused this Agreement to be duly executed and delivered by its duly
authorized officer on the date first above written. 
  

			
	THE PLEDGORS SET FORTH ON SCHEDULE 1 HERETO
		
	By:	 	/s/    JOHN A. CARNELLA        
	 	 	John A. Carnella
	 Title:
	 	Senior Vice President of Host Marriott Corporation and Vice President of the remaining signatories listed on Schedule 1

  
 [Signature Page
to Pledge and Security Agreement] 
  

 Accepted and Agreed to: 
  

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Collateral Agent and Pledgee

		
	By:	 	/s/    LINDA WANG        
	 Name:
	 	Linda Wang
	 Title:
	 	Vice President

  
 [Signature Page to
Pledge and Security Agreement] 
  

 SCHEDULE 1 
 TO 
 AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT 
  
 PLEDGORS: 
  
 HOST MARRIOTT, L.P. 

			
	 By:
	 	HOST MARRIOTT CORPORATION,
	 	 	its General Partner

  
 HOST PARK RIDGE LLC 
  
 HMC CAPITAL LLC 
  
 HMC CAPITAL RESOURCES LLC 
  
 HMC MANHATTAN BEACH LLC 
  
 HMC MEXPARK LLC 
  
 DURBIN LLC 
  
 HMC RETIREMENT PROPERTIES, L.P. 

			
	 By:
	 	DURBIN LLC,
	 	 	its General Partner

  
 HMC PALM DESERT LLC 
  
 HOST LA JOLLA LLC 
  
 HMC AMELIA I LLC 
  
 HMC AMELIA II LLC 
  
 HMC AP GP LLC 
  
 HMC AP LP 
  
 HMC PLP LLC 
  
 HMC OLS I LLC 
  
 HMC OLS I L.P., 

			
	 By:
	 	HMC OLS I LLC,
	 	 	its General Partner

  

 AIRPORT HOTELS LLC 
  
 HOST OF HOUSTON, LTD. 

			
	 By:
	 	AIRPORT HOTELS LLC,
	 	 	its General Partner

  
 HMC DIVERSIFIED LLC 
  
 HMC HPP LLC 
  
 HMC POTOMAC LLC 
  
 HMC SUITES LLC 
  
 PM FINANCIAL LLC 
  
 PRM LLC 
  
 HMH RIVERS LLC 
  

 ANNEX A 
 to  
 AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT 
  
 LIST OF PLEDGED STOCK OF CORPORATIONS 
  
 All of the following Pledged Stock constitutes Collateral under this
Agreement. 
  

					
	 Pledgor

	  	 Pledged Stock

	  	 Percentage Owned

	 HMC AP LP
	  	 HMC AP Canada Company
	  	100

  

 ANNEX B 
 to 
 AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT 
  
 LIST OF PLEDGED LIMITED LIABILITY COMPANY INTERESTS 

 
 All of the following Pledged Limited Liability Company Interests
constitute Collateral under this Agreement. 
  

					
	 Pledgor

	 	 Pledged Limited Liability Company Interests

	 	 Percentage Owned

	 Host Marriott, L.P.
	 	Airport Hotels LLC	 	100
			
	 Host Marriott, L.P.
	 	Chesapeake Financial Services LLC	 	100
			
	 Host Marriott, L.P.
	 	Durbin LLC	 	100
			
	 Host Marriott, L.P.
	 	Farrell’s Ice Cream Parlour Restaurants LLC	 	100
			
	 Host Marriott, L.P.
	 	Fernwood Hotel LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Amelia I LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Amelia II LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC AP GP LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Atlanta LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Capital LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Capital Resources LLC	 	90
	 HMC Capital LLC
	 	 	10
			
	 Host Marriott, L.P.
	 	HMC Chicago LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Copley LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Desert LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Diversified LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC East Side II LLC	 	100
	 Host Marriott, L.P.
	 	HMC Georgia LLC	 	100

  

 Annex B 
 Page 2 
  

					
	 Pledgor

	 	 Pledged Limited Liability Company Interests

	 	 Percentage Owned

	 Host Marriott, L.P.
	 	HMC Grand LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Hartford LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Host Restaurants LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Hotel Development LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC HPP LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC HT LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC IHP Holdings LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC JWDC LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Lenox LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Manhattan Beach LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Maui LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Mexpark LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC NGL LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC OLS I LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Palm Desert LLC	 	100
			
	 HMC Capital Resources LLC
	 	HMC Park Ridge LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC PLP LLC	 	100
			
	 HMC Mexpark LLC
	 	HMC Polanco LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Potomac LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Properties I LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Properties II LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Property Leasing LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC SBM Two LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Seattle LLC	 	100

  

 Annex B 
 Page 3 
  

					
	 Pledgor

	 	 Pledged Limited Liability Company Interests

	 	 Percentage Owned

	 Host Marriott, L.P.
	 	HMC SFO LLC	 	100
			
	 HMC Capital Resources LLC
	 	HMC Suites LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Swiss Holdings LLC	 	100
			
	 Host Marriott, L.P.
	 	HMC Waterford LLC	 	100
			
	 Host Marriott, L.P.
	 	HMH General Partner Holdings LLC	 	100
			
	 HMC Retirement Properties, L.P.
	 	HMH Marina LLC	 	100
			
	 Host Marriott, L.P.
	 	HMH Norfolk LLC	 	100
			
	 Host Marriott, L.P.
	 	HMH Pentagon LLC	 	100
			
	 Host Marriott, L.P.
	 	HMH Restaurants LLC	 	100
			
	 Host Marriott, L.P.
	 	HMH WTC LLC	 	100
			
	 Host Marriott, L.P.
	 	HMT Lessee Parent LLC	 	100
			
	 Host Marriott, L.P.
	 	Host La Jolla LLC	 	100
			
	 Host Marriott, L.P.
	 	Host La Jolla LLC	 	100
			
	 HMC Capital Resources LLC
	 	Host Park Ridge LLC	 	100
			
	 HMC Palm Desert LLC
	 	MDSM Finance LLC	 	100
			
	 Host Marriott, L.P.
	 	Philadelphia Airport Hotel LLC	 	100
			
	 Host Marriott, L.P.
	 	PM Financial LLC	 	100
			
	 HMC Capital Resources LLC
	 	PRM LLC	 	100
			
	 Host Marriott, L.P.
	 	Rockledge Hotel LLC	 	100
			
	 Host Marriott, L.P.
	 	Santa Clara HMC LLC	 	100
			
	 Host La Jolla LLC
	 	Times Square LLC	 	100
			
	 HMC Capital Resources LLC
	 	YBG Associates LLC	 	100

  

 Annex B 
 Page 4 
  

					
	 Pledgor

	 	 Pledged Limited Liability Company Interests

	 	 Percentage Owned

	 Host Marriott, L.P.
	 	HMC Headhouse Funding LLC	 	100
			
	 Host Marriott, L.P.
	 	HMH Rivers LLC	 	100
			
	 Host Marriott, L.P.
	 	Ivy Street Hopewell LLC	 	100

  

 ANNEX C 
 to  
 AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT 
  
 LIST OF PLEDGED PARTNERSHIP INTERESTS 
  
 All of the following Pledged Partnership Interests constitute Collateral
under this Agreement. 
  

					
	 Pledged Partnership Interest

	 	 Pledgor

	 	 Pledged Partnership Percentage

	 Ameliatel, a Florida GP
	 	HMC Amelia I LLC	 	99
	 	 HMC Amelia II LLC
	 	1
			
	 Chesapeake Hotel Limited Partnership
	 	HMC PLP LLC	 	1
	 	 Host Marriott, L.P.
	 	99
			
	 City Center Hotel Limited Partnership
	 	Host Marriott, L.P.	 	97.2
	 	 Host La Jolla LLC
	 	2.8
			
	 HMC AP LP
	 	HMC AP GP LLC	 	.01
	 	 Host Marriott, L.P.
	 	99.99
			
	 HMC Diversified American Hotels, L.P.
	 	HMC Diversified LLC	 	99
	 	 HMC HPP LLC
	 	.99
	 	 Host Marriott, L.P.
	 	.01
			
	 HMC/Interstate Manhattan Beach L.P.
	 	HMC Manhattan Beach LLC	 	75
	 	 Host Marriott, L.P.
	 	25
			
	 HMC OLS I L.P.
	 	HMC OLS I LLC	 	0.1
	 	 Host Marriott, L.P.
	 	99.9
			
	 HMC OLS II L.P.
	 	HMC OLS I L.P.	 	99.9
	 	 HMC OLS I LLC
	 	0.1
			
	 HMC Retirement Properties L.P.
	 	Durbin LLC	 	1
	 	 Host Marriott, L.P.
	 	99

  

 Annex C 
 Page 2 
  

					
	 Pledged Partnership Interest

	 	 Pledgor

	 	 Pledged Partnership
 Percentage

	HMH Rivers, L.P.	 	HMH Rivers LLC	 	1
	 	Host Marriott, L.P.	 	99
			
	HMC Suites Limited Partnership	 	HMC Suites LLC	 	1
	 	HMC Capital Resources LLC.	 	99
			
	Host of Boston, Ltd.	 	Airport Hotels LLC	 	1
	 	Host Marriott, L.P.	 	99
			
	Host of Houston 1979	 	Airport Hotels LLC	 	99
	 	Host of Houston, Ltd.	 	1
			
	Host of Houston, Ltd.	 	Airport Hotels LLC	 	1
	 	Host Marriott, L.P.	 	99
			
	PM Financial LP	 	PM Financial LLC	 	1
	 	Host Marriott, L.P.	 	99
			
	Potomac Hotel Limited Partnership	 	HMC Potomac LLC	 	99
	 	HMC HPP LLC	 	.99
	 	Host Marriott, L.P.	 	.01
			
	Wellsford-Park Ridge HMC Hotel Limited Partnership	 	Host Park Ridge LLC	 	99
	 	PRM LLC	 	1

  

 ANNEX D 
 to 
 AMENDED AND RESTATED PLEDGE AND 
 SECURITY AGREEMENT 
  
 FORM OF PARTNERSHIP/LLC NOTICE OF PLEDGE 1 
  
 [Letterhead of Pledgor] 
  
                                  ,
             
  

	TO:	[Name of Pledged Partnership/Limited Liability Company] 

  
 Notice is hereby given that pursuant to the Amended and Restated Pledge and Security Agreement (a true and correct copy of which is attached hereto) dated
as of September 10, 2004 (as amended, modified or supplemented from time to time in accordance with the terms thereof, the “Pledge Agreement”), among [NAME OF PLEDGOR] (the “Pledgor”), the other pledgors from time
to time party thereto and Deutsche Bank Trust Company Americas (the “Pledgee”), as Collateral Agent on behalf of the Secured Creditors described therein, the Pledgor has pledged and assigned to the Pledgee for the benefit of the
Secured Creditors, and granted to the Pledgee for the benefit of the Secured Creditors, a continuing security interest in, all right, title and interest of the Pledgor, whether now existing or hereafter arising or acquired, [as a [limited] [general]
partner in [NAME OF PLEDGED PARTNERSHIP] (the “Partnership”), and in, to and under the [TITLE OF APPLICABLE PARTNERSHIP AGREEMENT] (the “Partnership Agreement”),] [as a member in [NAME OF PLEDGED LIMITED LIABILITY
COMPANY] (the “LLC”), and into and under its Limited Liability Company Agreement (the “Articles”)] including, without limitation: 
  
 (i) the Pledgor’s interest in all of the capital of the Partnership/LLC and the Pledgor’s interest
in all profits, losses, (as defined in the Pledge Agreement) and other distributions to which the Pledgor shall at any time be entitled in respect of such partnership/limited liability company interest; 
  
 (ii) all other payments due or to become due to the Pledgor
in respect of such partnership/limited liability company interest, whether under the Partnership Agreement/Articles or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; 
  
 (iii) all of the Pledgor’s claims, rights, powers,
privileges, authority, options, security interests, liens and remedies, if any, under the Partnership Agreement/Articles or at law or otherwise in respect of such partnership/limited liability company interest; 
  

	1	This form and Annex E may be changed to cover multiple pledgors and issuers of the Securities in a single form. 

  

 Annex D 
 Page 2 
  

 (iv) all present and future claims, if any, of the Pledgor against the
Partnership/LLC for moneys loaned or advanced, for services rendered or otherwise; 
  
 (v) all of the Pledgor’s rights under the Partnership Agreement/Articles or at law to exercise and enforce every right, power,
remedy, authority, option and privilege of the Pledgor relating to the partnership/limited liability company interest, including any power to terminate, cancel or modify the Partnership Agreement/Articles, to execute any instruments and to take any
and all other action on behalf of and in the name of the Pledgor in respect of the partnership/limited liability company interest and the Partnership/LLC, to make determinations, to exercise any election (including, but not limited to, election of
remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce, collect or receipt for any of the foregoing, to enforce or execute any checks, or other
instruments or orders, to file any claims and to take any action in connection with any of the foregoing; 
  
 (vi) all other property hereafter delivered to the Pledgor in substitution for or in addition to any of the foregoing, all certificates
and instruments representing or evidencing such other property and all cash, securities, interest, dividends, distributions, rights and other property at any time and from time to time received, receivable or otherwise distributed in respect of or
in exchange for any or all of the foregoing; and 
  
 (vii) to the extent not otherwise included, all proceeds of any or all of the foregoing. 
  
 Pursuant to the Pledge Agreement, the Partnership/LLC is hereby authorized and directed to register the Pledgor’s pledge to the Pledgee on behalf of
the Secured Creditors of the interest of the Pledgor on the Partnership’s/LLC’s books. 
  
 The Pledgor hereby irrevocably agrees and authorizes and directs the Partnership/LLC that instructions originated by the Pledgee on behalf of the Secured
Creditors with respect to the Pledgor’s claims, rights, interests, powers, remedies, authorities, options and privileges set forth above shall, unless written notice to the contrary is given by the Pledgee to the Partnership/LLC, be complied
with by the Partnership/LLC, without further consent by the Pledgor. This notice and related confirmation are intended to give the Pledgee “control” of the Pledgor’s interests in the Partnership/LLC as such term is used in Section
8-106 of the New York Uniform Commercial Code. 
  
 The Pledgor
hereby requests the Partnership/LLC to indicate its acceptance of this Notice and consent to and confirmation of its terms and provisions by signing a copy of the attached Acknowledgment and Agreement and returning the same to the Pledgee on behalf
of the Secured Creditors. 
  

 Annex D 
 Page 3 
  

			
	[NAME OF PLEDGOR]
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 ANNEX E 
 to 
 AMENDED AND RESTATED PLEDGE AND 
 SECURITY AGREEMENT 
  
 FORM OF ACKNOWLEDGMENT AND AGREEMENT 
  
 [NAME OF PLEDGED PARTNERSHIP/LIMITED LIABILITY COMPANY] (the “Partnership”/”LLC”) hereby acknowledges receipt of a copy
of the Notice of Pledge dated                     , (the “Notice of Pledge”), by [NAME OF PLEDGOR]
(“Pledgor”) of its interest under the [TITLE OF APPLICABLE PARTNERSHIP AGREEMENT/ARTICLES OF ORGANIZATION] (the “Partnership Agreement”/”Articles”) pursuant to the terms of the Amended and Restated
Pledge and Security Agreement, dated as of September 10, 2004 (as amended, modified or supplemented from time to time in accordance with the terms thereof, the “Pledge Agreement”), among the Pledgor, the other pledgors from time to
time party thereto and Deutsche Bank Trust Company Americas (the “Pledgee”), as Collateral Agent on behalf of the Secured Creditors described therein. The undersigned hereby further confirms the registration of the Pledgor’s
pledge of its interest to the Pledgee on behalf of the Secured Creditors on the undersigned’s books. 
  
 The Partnership/LLC hereby acknowledges the rights of and remedies available to the Secured Creditors under the Pledge Agreement. 
  
 The Partnership/LLC hereby irrevocably agrees to comply with the instructions
originated by the Pledgee, on behalf of the Secured Creditors, of the type referred to in the penultimate paragraph of the Notice of Pledge signed by the Pledgor, without further consent by the Pledgor. The undersigned further hereby irrevocably
agrees, except upon the prior written consent of the Pledgee, not to honor any such instructions given by any other person or entity. This acknowledgment and agreement and related Notice of Pledge to the undersigned Partnership/LLC by the Pledgor
are intended to provide “control” to the Pledgee of the Pledgor’s interest in the Partnership/LLC as such term is defined in Section 8-106 of the New York Uniform Commercial Code. 
  
 Dated:
                                 ,
             
  

					
	[NAME OF PLEDGED PARTNERSHIP/LLC]
			
	By:	 	 	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 ANNEX F 
 to 
 AMENDED AND RESTATED PLEDGE AND 
 SECURITY AGREEMENT 
  
 JURISDICTION OF FORMATION AND ORGANIZATIONAL ID NUMBER 
  

					
	 Entity

	 	 Jurisdiction of Organization
 (Organized in
Delaware unless indicated)

	 	 ID Numbers

	Host Marriott, L.P.	 	 	 	2885265
			
	Airport Hotels LLC	 	 	 	2965003
			
	Durbin LLC	 	 	 	2926216
			
	HMC Amelia I LLC	 	 	 	2968536
			
	HMC Amelia II LLC	 	 	 	2968544
			
	HMC AP GP LLC	 	 	 	2979110
			
	HMC AP LP	 	 	 	2979286
			
	HMC Capital LLC	 	 	 	2918979
			
	HMC Capital Resources LLC	 	 	 	2964934
			
	HMC Diversified LLC	 	 	 	2947971
			
	HMC HPP LLC	 	 	 	2978041
			
	HMC Manhattan Beach LLC	 	 	 	2965136
			
	HMC Mexpark LLC	 	 	 	2965194
			
	HMC OLS I L.P.	 	 	 	2977959
			
	HMC OLS I LLC	 	 	 	2977953
			
	HMC Palm Desert LLC	 	 	 	2965133
			
	HMC Potomac LLC	 	 	 	2947981
			
	HMC PLP LLC	 	 	 	2976968
			
	HMC Retirement Properties, L.P.	 	 	 	2927547
			
	HMC Suites LLC	 	 	 	2971324

  

 Annex F 
 Page 2 
  

					
	 Entity

	 	 Jurisdiction of Organization
 (Organized in
Delaware unless indicated)

	 	 ID Numbers

	HMH Rivers LLC	 	 	 	2966576
			
	Host La Jolla LLC	 	 	 	2976960
			
	Host Park Ridge LLC	 	 	 	2965142
			
	Host of Houston, Ltd.	 	Texas	 	558810
			
	PM Financial LLC	 	 	 	2965198
			
	PRM LLC	 	 	 	2965138

  

 ANNEX G 
 to  
 AMENDED AND RESTATED PLEDGE AND 
 SECURITY AGREEMENT 
  
 THE PLEDGEE 
  
 1. Appointment. The Secured Creditors, by their acceptance of the benefits of the Amended and Restated Pledge and Security Agreement to which this
Annex G is attached (the “Pledge Agreement”) hereby irrevocably designate Deutsche Bank Trust Company Americas (and any successor Pledgee) to act as specified herein and therein and to be bound by the terms of this Annex
G. Unless otherwise defined herein, all capitalized terms used herein (x) and defined in the Pledge Agreement, are used herein as therein defined and (y) not defined in the Pledge Agreement, are used herein as defined in the Credit Agreement
referenced in the Pledge Agreement. Each Secured Creditor hereby irrevocably authorizes, and each holder of any Obligation by the acceptance of such Obligation and by the acceptance of the benefits of the Pledge Agreement shall be deemed irrevocably
to authorize, the Pledgee to take such action on its behalf under the provisions of the Pledge Agreement and any instruments and agreements referred to therein and to exercise such powers and to perform such duties thereunder as are specifically
delegated to or required of the Pledge Agreement by the terms thereof and such other powers as are reasonably incidental thereto. The Pledgee may perform any of its duties hereunder or thereunder by or through its authorized agents, sub-agents or
employees. 
  
 2. Nature of Duties. (a) The Pledgee shall
have no duties or responsibilities except those expressly set forth herein or in the Pledge Agreement. The duties of the Pledgee shall be mechanical and administrative in nature; the Pledgee shall not have by reason of the Pledge Agreement or any
other Secured Debt Agreement a fiduciary relationship in respect of any Secured Creditor; and nothing in the Pledge Agreement or any other Secured Debt Agreement, expressed or implied, is intended to or shall be so construed as to impose upon the
Pledgee any obligations in respect of the Pledge Agreement except as expressly set forth herein and therein. 
  
 (b) The Pledgee shall not be responsible for insuring the Collateral or for the payment of taxes, charges or assessments or discharging of Liens upon the
Collateral or otherwise as to the maintenance of the Collateral. 
  
 (c) The Pledgee shall not be required to ascertain or inquire as to the performance by any Pledgor of any of the covenants or agreements contained in the Pledge Agreement or any other Secured Debt Agreement. 
  
 (d) The Pledgee shall be under no obligation or duty to take any action
under, or with respect to, the Pledge Agreement if taking such action (i) would subject the Pledgee to a tax in any jurisdiction where it is not then subject to a tax or (ii) would require the Pledgee to qualify to do business, or obtain any
license, in any jurisdiction where it is not then so qualified or licensed or (iii) would subject the Pledgee to in personam jurisdiction in any locations where it is not then so subject. 
  
 (e) Notwithstanding any other provision of this Annex G, neither the Pledgee nor any of its officers, directors, employees,
affiliates or agents shall, in its individual capacity, be 

  

 ANNEX G 
 Page 2 
  

 
personally liable for any action taken or omitted to be taken by it in accordance with, or pursuant to this Annex G or the Pledge Agreement except for its
own gross negligence or willful misconduct. 
  
 3. Lack of
Reliance on the Pledgee. Independently and without reliance upon the Pledgee, each Secured Creditor, to the extent it deems appropriate, has made and shall continue to make (i) its own independent investigation of the financial condition and
affairs of each Pledgor and its Subsidiaries in connection with the making and the continuance of the Obligations and the taking or not taking of any action in connection therewith, and (ii) its own appraisal of the creditworthiness of each Pledgor
and its Subsidiaries, and the Pledgee shall have no duty or responsibility, either initially or on a continuing basis, to provide any Secured Creditor with any credit or other information with respect thereto, whether coming into its possession
before the extension of any Obligations or the purchase of any notes or at any time or times thereafter. The Pledgee shall not be responsible in any manner whatsoever to any Secured Creditor for the correctness of any recitals, statements,
information, representations or warranties herein or in any document, certificate or other writing delivered in connection herewith or for the execution, effectiveness, genuineness, validity, enforceability, perfection, collectibility, priority or
sufficiency of the Pledge Agreement or the security interests granted hereunder or the financial condition of any Pledgor or any Subsidiary of any Pledgor or be required to make any inquiry concerning either the performance or observance of any of
the terms, provisions or conditions of the Pledge Agreement, or the financial condition of any Pledgor or any Subsidiary of any Pledgor, or the existence or possible existence of any Default or Event of Default. The Pledgee makes no representations
as to the value or condition of the Collateral or any part thereof, or as to the title of any Pledgor thereto or as to the security afforded by the Pledge Agreement. 
  
 4. Certain Rights of the Pledgee. (a) No Secured Creditor shall have the right to cause the Pledgee to take any
action with respect to the Collateral, with only the Required Secured Creditors (or all of the Secured Creditors in the case of the release of all or substantially all of the Collateral) having the right to direct the Pledgee to take any such
action. If the Pledgee shall request instructions from the Required Secured Creditors, with respect to any act or action (including failure to act) in connection with the Pledge Agreement, the Pledgee shall be entitled to refrain from such act or
taking such action unless and until it shall have received instructions from the Required Secured Creditors and to the extent requested, appropriate indemnification in respect of actions to be taken, and the Pledgee shall not incur liability to any
Person by reason of so refraining. Without limiting the foregoing, no Secured Creditor shall have any right of action whatsoever against the Pledgee as a result of the Pledgee acting or refraining from acting hereunder in accordance with the
instructions of the Required Secured Creditors. As used herein, the term “Required Secured Creditors” shall mean (i) at all times prior to the occurrence of the Termination Date (as defined in the Pledge Agreement), the
holders of at least a majority of the then outstanding Credit Document Obligations and (ii) at all times after the Credit Termination Date, the holders of at least a majority of the then outstanding Obligations entitled to be secured hereby;
provided, however, that if the pledge in favor of the Lenders shall be recreated under Section 10.15 of the Credit Agreement, the provisions of clause (i) shall apply notwithstanding there shall be a period when clause (ii) shall have
applied. Notwithstanding anything to the contrary contained in clause (i) or (ii) of the immediately preceding sentence, if at any time the principal of any Obligations secured hereby has been accelerated, or the final 

  

 ANNEX G 
 Page 3 
  

 
maturity date with respect to any such principal Obligations has occurred, and as a result thereof one or more payment Events of Default (where the aggregate
principal amount of such Obligations accelerated or not paid at final maturity equals or exceeds $50,000,000), which payment Events of Default shall have continued in existence for at least 60 consecutive days after the date of such acceleration or
final maturity, and the Required Secured Creditors (or the Representative thereof) at such time (determined without regard to this sentence) have not directed the Pledgee to commence enforcement proceedings pursuant to the Pledge Agreement, then so
long as such payment Event of Default is continuing the Secured Creditors (or the Representative thereof) holding at least a majority of the outstanding Obligations secured hereby subject to such payment Event of Default shall constitute the
Required Secured Creditors for purposes of causing the Pledgee to commence enforcement proceedings pursuant to the Pledge Agreement, provided that in such event the Secured Creditors who would constitute the Required Secured Creditors in the
absence of this sentence shall have the right to direct the manner and method of enforcement so long as such directions do not materially delay or impair the taking of enforcement action. 
  
 (b) Notwithstanding anything to the contrary contained herein, the Pledgee is authorized, but not obligated, (i) to take any
action reasonably required to perfect or continue the perfection of the liens on the Collateral for the benefit of the Secured Creditors and (ii) when instructions from the Required Secured Creditors have been requested by the Pledgee but have not
yet been received, to take any action which the Pledgee, in good faith, believes to be reasonably required to promote and protect the interests of the Secured Creditors in the Collateral; provided that once instructions have been received,
the actions of the Pledgee shall be governed thereby and the Pledgee shall not take any further action which would be contrary thereto. 
  
 (c) Notwithstanding anything to the contrary contained herein or in the Pledge Agreement, the Pledgee shall not be required to take any action that
exposes or, in the good faith judgment of the Pledgee may expose, the Pledgee or its officers, directors, agents or employees to personal liability, unless the Pledgee shall be adequately indemnified as provided herein, or that is, or in the good
faith judgment of the Pledgee may be, contrary to the Pledge Agreement, any Secured Debt Agreement or applicable law. 
  
 5. Reliance. The Pledgee shall be entitled to rely, and shall be fully protected in relying, upon, any note, writing, resolution, notice,
statement, certificate, telex, teletype or telescopes message, cablegram, radiogram, order or other document or telephone message signed, sent or made by the proper Person or entity, and, with respect to all legal matters pertaining hereto or to the
Pledge Agreement and its duties thereunder and hereunder, upon advice of counsel selected by it. 
  
 6. Indemnification. To the extent the Pledgee is not reimbursed and indemnified by the Pledgors under the Pledge Agreement, the Secured Creditors
(other than the Senior Noteholders) will reimburse and indemnify the Pledgee, in proportion to their respective outstanding principal amounts (including, for this purpose, any unpaid Primary Obligations in respect of Secured Hedging Agreements, as
outstanding principal) of Obligations, for and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred
by or asserted against the Pledgee in performing its duties hereunder, or in any way relating to or 

  

 ANNEX G 
 Page 4 
  

 
arising out of its actions as Pledgee in respect of the Pledge Agreement except for those resulting solely from the Pledgee’s own gross negligence or
willful misconduct. The indemnities set forth in this Section 6 shall survive the repayment of all Obligations, with the respective indemnification at such time to be based upon the outstanding principal amounts (determined as described above) of
Obligations at the time of the respective occurrence upon which the claim against the Pledgee is based or, if same is not reasonably determinable, based upon the outstanding principal amounts (determined as described above) of Obligations as in
effect immediately prior to the termination of the Pledge Agreement. The indemnities set forth in this Section 6 are in addition to any indemnities provided by the Lenders to the Pledgee pursuant to the Credit Agreement, with the effect being that
the Lenders shall be responsible for indemnifying the Pledgee to the extent the Pledgee does not receive payments pursuant to this Section 6 from the Secured Creditors (although in such event, and upon the payment in full of all such amounts owing
to the Pledgee by the Lenders, the Lenders shall be subrogated to the rights of the Pledgee to receive payment from the Secured Creditors). 
  
 7. The Pledgee in its Individual Capacity. With respect to its obligations as a lender under the Credit Agreement and any other Credit Documents to
which the Pledgee is a party, and to act as agent under one or more of such Credit Documents, the Person serving as Pledgee shall have the rights and powers specified therein and herein for a “Lender”, or the “Administrative
Agent”, as the case may be, and may exercise the same rights and powers as though it were not performing the duties specified herein; and the terms “Lenders,” “Required Lenders,” “holders of Notes,” or any similar
terms shall, unless the context clearly otherwise indicates, include the Person serving as Pledgee in its individual capacity. The Person serving as Pledgee and its affiliates may accept deposits from, lend money to, and generally engage in any kind
of banking, investment banking, trust or other business with any Pledgor or any Affiliate or Subsidiary of any Pledgor as if it were not performing the duties specified herein or in the other Credit Documents, and may accept fees and other
consideration from the Pledgors for services in connection with the Credit Agreement, the other Credit Documents and otherwise without having to account for the same to the Secured Creditors. 
  
 8. Holders. The Pledgee may deem and treat the payee of any note as
the owner thereof for all purposes hereof unless and until written notice of the assignment, transfer or endorsement thereof, as the case may be, shall have been filed with the Pledgee. Any request, authority or consent of any person or entity who,
at the time of making such request or giving such authority or consent, is the holder of any note, shall be final and conclusive and binding on any subsequent holder, transferee, assignee or endorsee, as the case may be, of such note or of any note
or notes issued in exchange therefor. 
  
 9. Resignation by the
Pledgee. (a) The Pledgee may resign from the performance of all of its functions and duties hereunder and under the Pledge Agreement at any time by giving 15 Business Days’ prior or written notice to the U.S. Borrower, the Lenders and the
Representatives for the other Secured Creditors or, if there is no such Representative, directly to such Secured Creditors. Such resignation shall take effect upon the appointment of a successor Pledgee pursuant to clause (b) or (c) below.

  
 (b) Upon any notice of resignation by the Pledgee, the
Required Secured Creditors shall appoint a successor Pledgee in accordance with Section 13.09(b) of the Credit 

  

 ANNEX G 
 Page 5 
  

 
Agreement. If a successor Pledgee shall not have been appointed within said 15 Business Day period by the Required Secured Creditors, the Pledgee, with the
consent of the U.S. Borrower, which consent shall not be unreasonably withheld or delayed, shall then appoint a successor Pledgee who shall serve as Pledgee hereunder or thereunder until such time, if any, as the Required Secured Creditors appoint a
successor Pledgee as provided above. 
  
 (c) If no successor
Pledgee has been appointed pursuant to clause (b) above by the 20th Business Day after the date of such notice of
resignation was given by the Pledgee, as a result of a failure by the U.S. Borrower to consent to the appointment of such a successor Pledgee, the Required Secured Creditors shall then appoint a successor Pledgee who shall serve as Pledgee hereunder
or thereunder until such time, if any, as the Required Secured Creditors appoint a successor Pledgee as provided above. 
  

 ANNEX H-1 
 to 
 AMENDED AND RESTATED PLEDGE AND 
 SECURITY AGREEMENT 
  
 FORM OF 
 SUPPLEMENT 

to 
 AMENDED AND RESTATED PLEDGE
AND SECURITY AGREEMENT 
  
 SUPPLEMENT No.
             to AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT, dated as of
                         (this “Supplement”), made by
                        , a
                         (the “Pledgor”), in favor of DEUTSCHE BANK TRUST COMPANY AMERICAS, as
pledgee and as collateral agent (in such capacities, the “Pledgee”) for the Secured Creditors (such term and each other capitalized term used but not defined having the meaning given in the Pledge Agreement (hereinafter defined)).

  
 1. Reference is hereby made to that certain Amended and
Restated Pledge and Security Agreement, dated as of September 9, 2004 (as amended, supplemented or otherwise modified as of the date hereof, the “Pledge Agreement”), made by the Pledgors party thereto in favor of the Pledgee for the
benefit of the Secured Creditors described therein. 
  
 2. The
Pledgor hereby confirms and reaffirms the security interest in the Collateral granted to the Pledgee for the benefit of the Secured Creditors under the Pledge Agreement, and, as additional collateral security for the prompt and complete payment when
due (whether at stated maturity, by acceleration or otherwise) of the Obligations and in order to induce the Secured Creditors to make and continue or maintain loans and other extensions of credit constituting Obligations, the Pledgor hereby
delivers to the Pledgee, for the benefit of the Secured Creditors, [(i) all of the issued and outstanding shares of capital stock listed in Schedule I hereto, together with all stock certificates, options, or rights of any nature whatsoever which
may be issued or granted in respect of such stock while the Pledge Agreement, as supplemented hereby, is in force (the “Additional Pledged Stock”; as used in the Pledge Agreement as supplemented by this Supplement, “Pledged
Stock” shall be deemed to include the Additional Pledged Stock)], [(ii) all limited liability company interests listed on Schedule II hereto (the “Additional Pledged Limited Liability Company Interests”; as used in the
Pledge Agreement as supplemented by this Supplement, “Pledged Limited Liability Company Interests” shall be deemed to include the Additional Pledged Limited Liability Company Interests)], [(iii) all partnership interests listed on
Schedule III hereto (the “Additional Pledged Partnership Interests”; as used in the Pledge Agreement as supplemented by this Supplement, “Pledged Partnership Interests” shall be deemed to include Additional Pledged
Partnership Interests)], and hereby grants to the Pledgee, for the benefit of the Secured Creditors, a first priority security interest in the Additional Pledged Stock, Additional Pledged Partnership Interests and/or Additional Pledged Limited
Liability Company Interests, as the case may be, and all proceeds thereof. 
  
 3. The Pledgor hereby represents and warrants that the representations and warranties contained in Section 15 of the Pledge Agreement are true and correct on the date of this Supplement [with references therein to the
“Pledged Stock” to include the Additional Pledged Stock,] [with references therein to the “Pledged Partnership Interests” to include the Additional Pledged Partnership Interests,] [with references therein to the
“Pledged Limited 

  

 ANNEX H-1 
 Page 2 
  

 
Liability Company Interests” to include the Additional Pledged Limited Liability Company Interests,] and with references therein to the
“Pledge Agreement” to mean the Pledge Agreement as supplemented by this Supplement. 
  
 4. The Pledgor hereby represents and warrants that, as of the date hereof, the jurisdiction of formation of the Pledgor is as indicated on Schedule IV
hereto. 
  
 5. This Supplement is supplemental to the Pledge
Agreement, forms a part thereof and is subject to the terms thereof and the Pledge Agreement is hereby supplemented as provided herein. Without limiting the foregoing, (i) Annex A to the Pledge Agreement shall hereby be deemed to include each item
listed on Schedule I to this Supplement, (ii) Annex B to the Pledge Agreement shall hereby be deemed to include each item listed on Schedule II to this Supplement, (iii) Annex C to the Pledge Agreement shall hereby be deemed to include each term
listed on Schedule III to this Supplement, and (iv) Annex F to the Pledge Agreement shall be deemed to include the jurisdiction of formation listed on Schedule IV to this Supplement. 
  
 *  *  * 
  

 ANNEX H-1 
 Page 3 
  

 IN WITNESS WHEREOF, the Pledgor and the Pledgee have caused this Supplement to be duly executed and
delivered on the date first set forth above. 
  

			
	 [PLEDGOR]

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	 DEUTSCHE BANK TRUST COMPANY
 AMERICAS,
as

	    Pledgee
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 SCHEDULE I 
 to 
 SUPPLEMENT to AMENDED AND 
 RESTATED PLEDGE AND SECURITY 
 AGREEMENT 
  
 PLEDGED STOCK 
  
 All of the following Pledged Stock constitutes Collateral under this
Agreement. 
  

					
	 Pledgor

	 	 Pledged Stock

	 	 Percentage Owned

  

 SCHEDULE II 
 to  
 SUPPLEMENT to AMENDED AND 
 RESTATED PLEDGE AND SECURITY 
 AGREEMENT 
  
 PLEDGED LIMITED
LIABILITY COMPANY INTERESTS 
  
 All of the following
Pledged Limited Liability Interests constitute Collateral under this Agreement. 
  

					
	 Pledgor

	 	 Pledged Limited
 Liability
Company
 Interests

	 	 Percentage Owned

  

 SCHEDULE III 
 to  
 SUPPLEMENT to AMENDED AND 
 RESTATED PLEDGE AND SECURITY 
 AGREEMENT 
  
 PLEDGED PARTNERSHIP
INTERESTS 
  
 All of the following Pledged Partnership
Interests constitute Collateral under this Agreement. 
  

					
	 Pledged Partnership Interest

	 	 Pledgor

	 	 Percentage Owned

  

 SCHEDULE IV 
 to  
 SUPPLEMENT to AMENDED AND 
 RESTATED PLEDGE AND SECURITY 
 AGREEMENT 
  
 JURISDICTION OF
FORMATION AND ORGANIZATIONAL ID NUMBER 
  

 ANNEX H-2 
 to 
 AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT 
  
 FORM OF 
 NEW PLEDGOR SUPPLEMENT 
  
 SUPPLEMENT NO.          dated as of
                        , to the Amended and Restated Pledge and Security Agreement dated as of September 10, 2004
(as amended, supplemented or otherwise modified as of the date hereof, the “Pledge Agreement”), among the Pledgors party thereto (immediately before giving effect to this Supplement) and DEUTSCHE BANK TRUST COMPANY AMERICAS as
collateral agent and as pledgee (in such capacities, the “Pledgee”) for the Secured Creditors (such term and each other capitalized term used but not defined having the meaning given it in the Pledge Agreement). 
  
 A. The Pledgors have entered into the Pledge Agreement in order to induce the
Secured Creditors to make loans and other extensions of credit constituting Obligations as defined in the Pledge Agreement. Pursuant to Section 10.15 of the Credit Agreement, certain Subsidiaries of the U.S. Borrower are, after the date of the
Pledge Agreement, required to enter into the Pledge Agreement as a Pledgor. Section 22 of the Pledge Agreement provides that additional Subsidiaries may become Pledgors under the Pledge Agreement by execution and delivery of an instrument in the
form of this Supplement. The undersigned (the “New Pledgor”) is a Subsidiary of the U.S. Borrower and is executing this Supplement in accordance with the requirements of the Credit Agreement and/or the Pledge Agreement to become a
Pledgor under the Pledge Agreement in order to induce the Secured Creditors to extend, or maintain, Obligations. 
  
 Accordingly, the Pledgee and the New Pledgor agree as follows: 
  
 SECTION 1. The New Pledgor by its signature below becomes a Pledgor under the Pledge Agreement with the same force and effect as if originally named
therein as a Pledgor and the New Pledgor hereby agrees to all the terms and provisions of the Pledge Agreement applicable to it as a Pledgor thereunder. Each reference to a “Pledgor” in the Pledge Agreement shall be deemed to
include the New Pledgor. The Pledge Agreement is hereby incorporated herein by reference. 
  
 SECTION 2. The New Pledgor represents and warrants to the Secured Creditors that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation,
enforceable against it in accordance with its terms, subject to the effects of applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally and equitable principles of general applicability. 
  
 SECTION 3. This Supplement may be executed in two or more counterparts, each
of which shall constitute an original, but all of which, when taken together, shall constitute but one instrument. This Supplement shall become effective when the Pledgee shall have received counterparts of this Supplement that, when taken together,
bear the signatures of the New Pledgor and the Pledgee. 
  
 SECTION 4. Except as expressly supplemented hereby, the Pledge Agreement shall remain in full force and effect. 
  

 ANNEX H-2 
 Page 2 
  

 SECTION 5. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 
  
 SECTION 6. In case any one or more of
the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any respect, neither party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or
unenforceable, but the validity, legality and enforceability of the remaining provisions contained herein and in the Pledge Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to
replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
  
 SECTION 7. All communications and notices hereunder shall be in writing and
given as provided in the Pledge Agreement. All communications and notices hereunder to the New Pledgor shall be given to it at the address set forth under its signature, with a copy to the U.S. Borrower. 
  
 *  *  * 
  

 ANNEX H-2 
 Page 3 
  

 IN WITNESS WHEREOF, the New Pledgor and the Pledgee have duly executed this Supplement to the Pledge
Agreement as of the day and year first above written. 
  

			
	 [NAME OF NEW PLEDGOR]

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	 Address:

  

			
	 DEUTSCHE BANK TRUST COMPANY
 AMERICAS,

	    as Pledgee
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:Exhibit 10.38

 EXHIBIT 10.38 
  
 AMENDED AND RESTATED SUBSIDIARIES GUARANTY 
  
 AMENDED AND RESTATED SUBSIDIARIES GUARANTY, dated as of September 10, 2004 (as amended, modified or supplemented from time
to time, this “Guaranty”), made by each of the undersigned guarantors (each, a “Guarantor” and, together with any other entity that becomes a party hereto pursuant to Section 26 hereof, the
“Guarantors”). (Except as otherwise defined herein, capitalized terms used herein and defined in the Credit Agreement (as defined below) shall be used herein as therein defined.) 
  
 W I T N E S S E T H : 
  
 WHEREAS, Host Marriott, L.P., a Delaware limited partnership (the
“U.S. Borrower”), each Canadian Revolving Loan Borrower from time to time party thereto (together with the U.S. Borrower, the “Borrowers”), various lenders from time to time party thereto (the “Lenders”),
and Deutsche Bank Trust Company Americas, as Administrative Agent (together with any successor administrative agent, the “Administrative Agent”), have entered into a Credit Agreement dated as of June 6, 2002 (the “Original
Credit Agreement”) as amended and restated by the Amended and Restated Credit Agreement dated as of the date hereof, (as the same may be amended, modified, extended, renewed, replaced, restated, supplemented or refinanced from time to time,
and including any agreement extending the maturity of, or refinancing or restructuring, including, but not limited to, the inclusion of additional borrowers or guarantors thereunder or any increase in the amount borrowed, the “Credit
Agreement”), providing for the making of Revolving Loans and other extensions of credit to the Borrowers as contemplated therein (the Lenders, the Administrative Agent and the Collateral Agent are herein called the “Lender
Creditors”); 
  
 WHEREAS, each Borrower may at any time
and from time to time enter into one or more Interest Rate Protection Agreements or Other Hedging Agreements each of which by its terms requires the obligations of such Borrower under such Interest Rate Protection Agreement or Other Hedging
Agreement to be guaranteed pursuant to this Guaranty (“Guaranteed Hedging Agreement”) with one or more Lenders or any affiliate thereof (each such Lender or affiliate, even if the respective Lender subsequently ceases to be a Lender
under the Credit Agreement for any reason, together with such Lender’s or affiliate’s successors and assigns, if any, collectively, the “Other Creditors,” and together with the Lender Creditors, are herein called the
“Creditors”); 
  
 WHEREAS, each Guarantor is a
direct or an indirect Subsidiary of the U.S. Borrower; 
  
 WHEREAS, it was a condition to the making of revolving loans and other extensions of credit under the Original Credit Agreement that the guarantors party to the Guaranty Agreement dated as of June 6, 2002 (the “Original
Guaranty”) shall have executed and delivered the Original Guaranty; and 
  

 WHEREAS, it is a condition to the making of Revolving Loans and other extensions of credit under the
Credit Agreement that each Guarantor shall have amended and restated the Original Guaranty as provided herein; and 
  
 WHEREAS, each Guarantor will obtain benefits from the incurrence of Revolving Loans by, and other extensions of credit to, the Borrowers under the Credit
Agreement and the entering into by the U.S. Borrower of the Guaranteed Hedging Agreements referred to above and, accordingly, desires to execute this Guaranty in order to satisfy the conditions described in the preceding paragraph; 
  
 NOW, THEREFORE, in consideration of the foregoing and other benefits accruing
to each Guarantor, the receipt and sufficiency of which are hereby acknowledged, each Guarantor hereby amends and restates the Original Guaranty in its entirety as set forth herein: 
  
 1. Each Guarantor, jointly and severally, absolutely, irrevocably and unconditionally guarantees: (i) to the Lender
Creditors the full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of (x) the principal of and interest on the Notes issued by, and the Revolving Loans made to, each Borrower under the Credit Agreement and
the reimbursement obligations in respect of all Letters of Credit and (y) all other obligations (including obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and liabilities owing by the
Borrowers to the Lender Creditors under the Credit Agreement and each other Credit Document to which any of the Borrowers is a party (including, without limitation, indemnities, Fees and interest thereon), whether now existing or hereafter incurred
under, arising out of or in connection with the Credit Agreement and each such other Credit Document and the due performance and compliance by the Borrowers with all of the terms, conditions and agreements contained in the Credit Agreement and in
each such other Credit Document (all such principal, interest, liabilities and obligations being herein collectively called the “Credit Agreement Obligations”); and (ii) to each Other Creditor, the full and prompt payment when due (whether
at the stated maturity, by acceleration or otherwise) of all obligations (including obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and liabilities owing by the Borrower under any
Guaranteed Hedging Agreement, whether now in existence or hereafter arising, and the due performance and compliance by the Borrower with all of the terms, conditions and agreements contained in the Guaranteed Hedging Agreements (all such obligations
and liabilities being herein collectively called the “Other Obligations” and, together with the Credit Agreement Obligations, are herein collectively called the “Guaranteed Obligations”). Each Guarantor understands, agrees and
confirms that the Creditors may enforce this Guaranty up to the full amount of the Guaranteed Obligations against each Guarantor without proceeding against any other Guarantor, against any Borrower, against any security for the Guaranteed
Obligations, or under any other guaranty covering all or a portion of the Guaranteed Obligations. 
  
 2. Additionally, each Guarantor, jointly and severally, absolutely, unconditionally and irrevocably, guarantees the payment of any and all Guaranteed
Obligations to the Creditors whether or not due or payable by the Borrowers upon the occurrence in respect of any of the Borrowers of any of the events specified in Section 12.05 of the Credit Agreement, and absolutely, unconditionally and
irrevocably, jointly and severally, promises to pay such 

  

 2 

 
Guaranteed Obligations to the Creditors, or order, on demand, in lawful money of the United States or in such other currency as may be required by the Credit
Agreement. This Guaranty shall constitute a guaranty of payment, and not of collection. 
  
 3. The liability of each Guarantor hereunder is exclusive and independent of any security for or other guaranty of the indebtedness of the Borrowers, whether executed by such Guarantor, any other Guarantor, any other
guarantor or any other party, and the liability of each Guarantor hereunder shall not be affected or impaired by any circumstance or occurrence whatsoever, including, without limitation: (a) any direction as to application of payment by the
Borrowers or by any other party, (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the indebtedness of the Borrowers, (c) any payment on or in reduction of any such other guaranty
or undertaking except to the extent that any such payment or reduction results in the actual permanent reduction of the Guaranteed Obligations, (d) any dissolution, termination or change in personnel by any Borrower, (e) any payment made to any
Creditor on the indebtedness which any Creditor repays any Borrower pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, or otherwise, and each Guarantor waives any right to the
deferral or modification of its obligations hereunder by reason of any such proceeding, (f) any action or inaction by the Creditors as contemplated in Section 6 hereof, or (g) any invalidity, irregularity or unenforceability of all or part of the
Guaranteed Obligations or of any security therefor. 
  
 4. The
obligations of each Guarantor hereunder are independent of the obligations of any other Guarantor, any other guarantor or any Borrower, and a separate action or actions may be brought and prosecuted against each Guarantor whether or not action is
brought against any other Guarantor, any other guarantor or any Borrower and whether or not any other Guarantor, any other guarantor or any Borrower be joined in any such action or actions. Each Guarantor waives, to the fullest extent permitted by
law, the benefit of any statute of limitations affecting its liability hereunder or the enforcement thereof. Any payment by a Borrower or other circumstance which operates to toll any statute of limitations as to such Borrower shall operate to toll
the statute of limitations as to each Guarantor. 
  
 5. Each
Guarantor hereby waives notice of acceptance of this Guaranty and notice of any liability to which it may apply, and waives promptness, diligence, presentment, demand of payment, protest, notice of dishonor or nonpayment of any such liabilities,
suit or taking of other action by the Administrative Agent or any other Creditor against, and any other notice to, any party liable thereon (including such Guarantor, any other guarantor or any Borrower). 
  
 6. Any Creditor may at any time and from time to time without the consent of,
or notice to, any Guarantor, without incurring responsibility to such Guarantor, and without impairing or releasing the obligations of such Guarantor hereunder, upon or without any terms or conditions and in whole or in part: 
  
 (a) change the manner, place or terms of payment of, and/or change or extend
the time of payment of, renew or alter, any of the Guaranteed Obligations (including any increase or decrease in the rate of interest thereon), any security therefor, or any liability incurred 

  

 3 

 
directly or indirectly in respect thereof, and the guaranty herein made shall apply to the Guaranteed Obligations as so changed, extended, renewed or
altered; 
  
 (b) take and hold security for the payment of the
Guaranteed Obligations and sell, exchange, release, surrender, impair, realize upon or otherwise deal with in any manner and in any order any property by whomsoever at any time pledged or mortgaged to secure, or howsoever securing, the Guaranteed
Obligations or any liabilities (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and/or any offset there against, and/or release any Person liable for all or any portion of the Guaranteed Obligations;

  
 (c) act or fail to act in any manner referred to in this
Guaranty which may deprive such Guarantor of its right to subrogation against the Borrowers to recover full indemnity for any payments made pursuant to this Guaranty; and/or 
  
 (d) take any other action which would, under otherwise applicable principles of common law, give rise to a legal or
equitable discharge of such Guarantor from it liabilities under this Guaranty. 
  
 7. No invalidity, irregularity or unenforceability of all or any part of the Guaranteed Obligations or of any security therefor shall affect, impair or be a defense to this Guaranty, and this Guaranty shall be
primary, absolute, irrevocable and unconditional notwithstanding the occurrence of any event or the existence of any other circumstances which might constitute a legal or equitable discharge of a surety or guarantor except indefeasible payment in
full of the Guaranteed Obligations. 
  
 8. This Guaranty is a
continuing one and all liabilities to which it applies or may apply under the terms hereof shall be conclusively presumed to have been created in reliance hereon. No failure or delay on the part of any Creditor in exercising any right, power or
privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The
rights and remedies herein expressly specified are cumulative and not exclusive of any rights or remedies which any Creditor would otherwise have. No notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other or
further notice or demand in similar or other circumstances or constitute a waiver of the rights of any Creditor to any other or further action in any circumstances without notice or demand. It is not necessary for any Creditor to inquire into the
capacity or powers of the Borrowers or the officers, directors, partners or agents acting or purporting to act on its behalf, and any indebtedness made or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder.

  
 9. Any indebtedness of any Borrower now or hereafter held by
any Guarantor is hereby subordinated to the indebtedness of such Borrower to the Creditors; and such indebtedness of such Borrower to any Guarantor, if the Administrative Agent, after an Event of Default has occurred, so requests at a time when any
Guaranteed Obligations are outstanding, shall be collected, enforced and received by such Guarantor as trustee for the Creditors and be paid over to the Creditors on account of the indebtedness of such Borrower to the Creditors, but without
affecting or impairing in any manner the liability of such Guarantor 

  

 4 

 
under the other provisions of this Guaranty. Prior to the transfer by any Guarantor of any note or negotiable instrument evidencing any indebtedness of a
Borrower to such Guarantor, such Guarantor shall mark such note or negotiable instrument with a legend that the same is subject to this subordination. Without limiting the generality of the foregoing, each Guarantor hereby agrees with the Creditors
that it will not exercise any right of subrogation which it may at any time otherwise have as a result of this Guaranty (whether contractual, under Section 509 of the Bankruptcy Code or otherwise) until all Guaranteed Obligations have been paid in
full in cash (it being understood that each Guarantor is not waiving any right of subrogation that it may otherwise have but is only waiving the exercise thereof as provided above). 
  
 10. (a) Each Guarantor waives any right (except as shall be required by applicable statute and cannot be waived) to require
the Creditors to: (i) proceed against the Borrowers, any other Guarantor, any other guarantor of the Guaranteed Obligations or any other party; (ii) proceed against or exhaust any security held from the Borrowers, any other Guarantor, any other
guarantor of the Guaranteed Obligations or any other party; or (iii) pursue any other remedy in the Creditors’ power whatsoever. Each Guarantor waives any defense based on or arising out of any defense of the Borrower, such Guarantor, any other
Guarantor, any other guarantor of the Guaranteed Obligations or any other party other than payment in full of the Guaranteed Obligations, including, without limitation, any defense based on or arising out of the disability of the Borrowers, such
Guarantor, any other Guarantor, any other guarantor of the Guaranteed Obligations or any other party, or the unenforceability of the Guaranteed Obligations or any part thereof from any cause, or the cessation from any cause of the liability of the
Borrowers other than payment in full of the Guaranteed Obligations. The Creditors may, at their election, foreclose on any security held by the Administrative Agent, the Collateral Agent or the other Creditors by one or more judicial or nonjudicial
sales or exercise any other right or remedy the Creditors may have against the Borrowers or any other party, or any security, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Guaranteed
Obligations have been paid in full. Each Guarantor waives any defense arising out of any such election by the Creditors, even though such election operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of
such Guarantor against the Borrowers or any other party or any security. 
  
 (b) Each Guarantor waives all presentments, demands for performance, protests and notices, including, without limitation, notices of nonperformance, notices of protest, notices of dishonor, notices of acceptance of
this Guaranty, and notices of the existence, creation or incurring of new or additional indebtedness. Each Guarantor assumes all responsibility for being and keeping itself informed of each Borrower’s financial condition and assets, and of all
other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks which such Guarantor assumes and incurs hereunder, and agrees that the Creditors shall have no duty to advise any
Guarantor of information known to any of them regarding such circumstances or risks. 
  
 11. In order to induce the Lender Creditors to enter into the Credit Agreement and to make the Revolving Loans pursuant to the Credit Agreement, and to induce the Other Creditors to enter into the Guaranteed Hedging
Agreements, each Guarantor represents, warrants and covenants that: 
  
 (a) Status. Such Guarantor (i) is a duly organized and validly existing corporation, partnership, trust or limited liability company, as the case may be, in good standing (if applicable) under the laws of the jurisdiction of its
organization, (ii) has the corporate, partnership, trust or limited liability company power and authority, as the case may be, to own or lease its property and assets and to transact the business in which it is engaged and presently proposes to
engage and (iii) is duly qualified and is authorized to do business and is in good standing in each jurisdiction where the conduct of its business requires such qualification, except for failures to be so qualified which, individually or in the
aggregate, could not reasonably be expected to have a Material Adverse Effect. 
  

 5 

 (b) Power and Authority. Such Guarantor has the corporate, partnership, trust or limited liability
company power and authority, as the case may be, to execute, deliver and perform the terms and provisions of this Guaranty and each other Credit Document to which it is a party and has taken all necessary corporate, partnership, trust or limited
liability company action, as the case may be, to authorize the execution, delivery and performance by it of each such Credit Document. Such Guarantor has duly executed and delivered this Guaranty and each other Credit Document to which it is a party
and each such Credit Document constitutes the legal, valid and binding obligation of such Guarantor enforceable in accordance with its terms, except to the extent that the enforceability hereof and thereof may be limited by applicable bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws affecting creditors’ rights generally and by equitable principles (regardless of whether enforcement is sought in equity or at law). 
  
 (c) No Violation. Neither the execution, delivery or performance by
such Guarantor of this Guaranty or any other Credit Document to which it is a party, nor compliance by it with the terms and provisions hereof and thereof (i) will contravene any applicable provision of any law, statute, rule or regulation, or any
order, writ, injunction or decree of any court or governmental instrumentality, (ii) will conflict or be inconsistent with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result
in the creation or imposition of (or the obligation to create or impose) any Lien (except pursuant to the Pledge and Security Agreement) upon any of the property or assets of such Guarantor or any of its Subsidiaries pursuant to the terms of, any
indenture, mortgage, deed of trust, credit agreement or loan agreement or any other material agreement, contract or instrument to which such Guarantor or any of its Subsidiaries is a party or by which it or any of its property or assets is bound or
to which it may be subject except for violations and defaults that may arise under contracts of such Guarantor otherwise permitted under the Credit Agreement as a result of the sale of, or foreclosure of a lien upon, the Securities (as defined in
the Pledge and Security Agreement) of Subsidiaries pledged under the Pledge and Security Agreement to the extent that the prior consent of other parties to such contracts have not been obtained or other actions specified in such contracts have not
been taken in connection with any such sale or foreclosure, or (iii) will violate any provision of the certificate of incorporation, certificate of partnership, partnership agreement, limited liability company agreement or by-laws of such Guarantor
or any of its Subsidiaries. 
  
 (d) Governmental Approvals.
No order, consent, approval, license, authorization or validation of, or filing, recording or registration with (except as have been obtained or made), or exemption by, any governmental or public body or authority, or any 

  

 6 

 
subdivision thereof, is required to authorize, or is required in connection with, (i) the execution, delivery and performance of this Guaranty or any other
Credit Document to which such Guarantor is a party or (ii) the legality, validity, binding effect or enforceability of this Guaranty or any other Credit Document to which such Guarantor is a party. 
  
 (e) Litigation. There are no actions, suits or proceedings pending or, to the
best knowledge of such Guarantor, threatened (i) which purport to affect the legality, validity or enforceability of this Guaranty or (ii) that could reasonably be expected to have a Material Adverse Effect. 
  
 12. Each Guarantor covenants and agrees that on and after the Effective Date
and until the Total Revolving Loan Commitment has terminated and when no Note remains outstanding and all Guaranteed Obligations have been paid in full, such Guarantor shall take, or will refrain from taking, as the case may be, all actions that are
necessary to be taken or not taken so that no violation of any provision, covenant or agreement contained in Section 10 or 11 of the Credit Agreement occurs, and so that no Default or Event of Default is caused by the actions of such Guarantor or
any of its Subsidiaries. 
  
 13. The Guarantors hereby jointly and
severally agree to pay all out-of-pocket costs and expenses of each Creditor in connection with the enforcement of this Guaranty (including reasonable legal fees and expenses) and the out-of-pocket costs and expenses of the Administrative Agent in
connection with any amendment, waiver or consent relating hereto (including reasonable legal fees and expenses). 
  
 14. This Guaranty shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of the Creditors and their successors
and assigns; provided, however, that, except as otherwise permitted under the Credit Agreement, no Guarantor may assign or transfer any of its rights or obligations hereunder without the prior written consent of the Required Lenders (and any such
attempted assignment or transfer without such consent shall be null and void). 
  
 15. Neither this Guaranty nor any provision hereof may be changed, waived, discharged or terminated except with the written consent of each Guarantor directly affected thereby and with the written consent of (i) the
Required Lenders, or, to the extent required by Section 14.11 of the Credit Agreement, each of the Lenders under the Credit Agreement, as the case may be, so long as any Credit Agreement Obligations remain outstanding and (ii) in any situation not
covered by preceding clause (i), to the extent expressly required under any Guaranteed Hedging Agreement, the holders of a majority of the outstanding principal amount of the Other Obligations; provided, that any change, waiver, modification or
variance affecting the rights and benefits of a single Class (as defined below) of Creditors (and not all Creditors in a like or similar manner) shall require the written consent of the Requisite Creditors (as defined below) of such Class of
Creditors (it being understood that the addition or release of any Guarantor hereunder shall not constitute a change, waiver, discharge or termination affecting any Guarantor other than the Guarantor so added or released). For the purpose of this
Guaranty, the term “Class” shall mean each class of Creditors, i.e., whether (x) the Lender Creditors as holders of the Credit Agreement Obligations or (y) the Other Creditors as the holders of the Other Obligations. For the purpose of
this Guaranty, the term “Requisite Creditors” of any Class shall 

  

 7 

 
mean (x) with respect to the Credit Agreement Obligations, the Required Lenders, or, to the extent required by Section 14.11 of the Credit Agreement, each of
the Lenders, and (y) with respect to the Other Obligations, the holders of at least a majority of all obligations outstanding from time to time under the respective Guaranteed Hedging Agreements. 
  
 16. Each Guarantor acknowledges that an executed (or conformed) copy of each
of the Credit Documents has been made available to such Guarantor and such Guarantor is familiar with the contents thereof. 
  
 17. In addition to any rights now or hereafter granted under applicable law (including, without limitation, Section 151 of the New York Debtor and
Creditor Law) and not by way of limitation of any such rights, upon the occurrence and during the continuance of an Event of Default (such term to mean and include any “Event of Default” as defined in the Credit Agreement or any payment
default under any Guaranteed Hedging Agreement continuing after any applicable grace period), each Creditor is hereby authorized at any time or from time to time, without notice to any Guarantor or to any other Person, any such notice being
expressly waived, to set off and to appropriate and apply any and all deposits (general or special) and any other indebtedness at any time held or owing by such Creditor to or for the credit or the account of such Guarantor, against and on account
of the obligations and liabilities of such Guarantor to such Creditor under this Guaranty, irrespective of whether or not such Creditor shall have made any demand hereunder and although said obligations, liabilities, deposits or claims, or any of
them, shall be contingent or unmatured. 
  
 18. All notices,
requests, demands or other communications pursuant hereto shall be deemed to have been duly given or made when delivered to the Person to which such notice, request, demand or other communication is required or permitted to be given or made under
this Guaranty, addressed to such party at (i) in the case of any Lender Creditor, as provided in the Credit Agreement, (ii) in the case of any Guarantor, at the address of the U.S. Borrower specified in the Credit Agreement, and (iii) in the case of
any Other Creditor, at such address as such Other Creditor shall have specified in writing to the Guarantors; or in any case at such other address as any of the Persons listed above may hereafter notify the others in writing. 
  
 19. If claim is ever made upon any Creditor for repayment or recovery of any
amount or amounts received in payment or on account of any of the Guaranteed Obligations and any of the aforesaid payees repays all or part of said amount by reason of (i) any judgment, decree or order of any court or administrative body having
jurisdiction over such payee or any of its property or (ii) any settlement or compromise of any such claim effected by such payee with any such claimant (including a Borrower), then and in such event each Guarantor agrees that any such judgment,
decree, order, settlement or compromise shall be binding upon such Guarantor, notwithstanding any revocation hereof or other instrument evidencing any liability of a Borrower, and such Guarantor shall be and remain liable to the aforesaid payees
hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by any such payee. 
  
 20. (A) This Guaranty shall be binding upon the successors and assigns of each Guarantor (although no Guarantor may assign its rights and obligations
hereunder except in accordance with Section 14 hereof) and shall inure to the benefit of and be enforceable by the 

  

 8 

 
Administrative Agent and the other Creditors and their respective successors and assigns. THIS GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE CREDITORS
AND OF THE UNDERSIGNED HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. Any legal action or proceeding with respect to this Guaranty or any other Credit Document to which any Guarantor is a party
may be brought in the courts of the State of New York or of the United States of America for the Southern District of New York, in each case which are located in the City of New York, and, by execution and delivery of this Guaranty, each Guarantor
hereby irrevocably accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts. Each Guarantor hereby further irrevocably waives any claim that any such courts lack jurisdiction over
such Guarantor, and agrees not to plead or claim in any legal action or proceeding with respect to this Guaranty or any other Credit Document to which such Guarantor is a party brought in any of the aforesaid courts that any such court lacks
jurisdiction over such Guarantor. Each Guarantor further irrevocably consents to the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by registered or certified mail,
postage prepaid, to each Guarantor at its address set forth opposite its signature below, such service to become effective 30 days after such mailing. Each Guarantor hereby irrevocably waives any objection to such service of process and further
irrevocably waives and agrees not to plead or claim in any action or proceeding commenced hereunder or under any other Credit Document to which such Guarantor is a party that service of process was in any way invalid or ineffective. Nothing herein
shall affect the right of any of the Creditors to serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against each Guarantor in any other jurisdiction. 
  
 (A) Each Guarantor hereby irrevocably waives any objection which it may now
or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Guaranty or any other Credit Document to which such Guarantor is a party brought in the courts referred to in clause
(a) above and hereby further irrevocably waives and agrees not to plead or claim in any such court that such action or proceeding brought in any such court has been brought in an inconvenient forum. 
  
 (B) WAIVER OF TRIAL BY JURY. EACH GUARANTOR AND EACH CREDITOR (BY
ITS ACCEPTANCE OF THE BENEFITS OF THIS GUARANTY) HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS GUARANTY, THE OTHER CREDIT DOCUMENTS TO WHICH SUCH GUARANTOR IS A
PARTY OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
  
 21. In the event that all of the capital stock of one or more Guarantors is sold or otherwise disposed of or liquidated in compliance with the requirements of the Credit Agreement (or such sale or other disposition has been approved in
writing by the Required Lenders (or, to the extent required by the Credit Agreement, each of the Lenders)) and the proceeds of such sale, disposition or liquidation are applied in accordance with (and to the extent required by) the provisions of the
Credit Agreement, to the extent applicable, or in the circumstances set forth in Section 10.15(a)(2) of the Credit Agreement with respect to a Guarantor or in circumstances where the Collateral is released pursuant to Section 14.20 of the 

  

 9 

 
Credit Agreement, in any such case such Guarantor shall be released from this Guaranty and this Guaranty shall, as to each such Guarantor or Guarantors,
terminate, and have no further force or effect (it being understood and agreed that the sale or other disposition of one or more Persons that own, directly or indirectly, all of the capital stock, partnership interests or limited liability company
interests of any Guarantor shall be deemed to be a sale of such Guarantor for the purposes of this Section 21) and the Administrative Agent, at the request and expense of the respective Guarantor, will promptly execute and deliver to such Guarantor
a proper instrument or instruments acknowledging such release. 
  
 22. Each Guarantor hereby confirms that it is its intention that this Guaranty not constitute a fraudulent transfer or conveyance for purposes of any bankruptcy, insolvency or similar law, the Uniform Fraudulent Conveyance Act or any
similar Federal, state or foreign law. To effectuate the foregoing intention, if enforcement of the liability of any Guarantor under this Guaranty for the full amount of the Guaranteed Obligations would be an unlawful or voidable transfer under any
applicable fraudulent conveyance or fraudulent transfer law or any comparable law, then the liability of such Guarantor hereunder shall be reduced to the maximum amount for which such liability may then be enforced without giving rise to an unlawful
or voidable transfer under any such law. 
  
 23. To the extent
that any Guarantor shall be required hereunder to pay a portion of the Guaranteed Obligations which shall exceed the greater of (i) the amount of the economic benefit actually received by such Guarantor from the incurrence of the Revolving Loans
under the Credit Agreement and the entering into of Guaranteed Hedging Agreements and (ii) the amount which such Guarantor would otherwise have paid if such Guarantor had paid the aggregate amount of the Guaranteed Obligations (excluding the amount
thereof repaid by the Borrower and the other Guarantors) in the same proportion as such Guarantor’s net worth at the date enforcement hereunder is sought bears to the aggregate net worth of all the Guarantors at the date enforcement hereunder
is sought (the “Contribution Percentage”), then such Guarantor shall have a right of contribution against each other Guarantor who has made payments in respect of the Guaranteed Obligations to and including the date enforcement hereunder
is sought in an aggregate amount less than such other Guarantor’s Contribution Percentage of the aggregate payments made to and including the date enforcement hereunder is sought by all Guarantors in respect of the Guaranteed Obligations;
provided, that no Guarantor may take any action to enforce such right until the Guaranteed Obligations have been indefeasibly paid in full and the Total Revolving Loan Commitment has been terminated, it being expressly recognized and agreed by all
parties hereto that any Guarantor’s right of contribution arising pursuant to this Section 23 against any other Guarantor shall be expressly junior and subordinate to such other Guarantor’s obligations and liabilities in respect of the
Guaranteed Obligations and any other obligations owing under this Guaranty. All parties hereto recognize and agree that, except for any right of contribution arising pursuant to this Section 23, each Guarantor who makes any payment in respect of the
Guaranteed Obligations shall have no right of contribution or subrogation against any other Guarantor in respect of such payment. Each of the Guarantors recognizes and acknowledges that the rights to contribution arising hereunder shall constitute
an asset in favor of the party entitled to such contribution. In this connection, each Guarantor has the right to waive its contribution right against any Guarantor to the extent that after giving effect to such waiver such Guarantor would remain
solvent, in the determination of the Required Lenders. 
  

 10 

 24. This Guaranty may be executed in any number of counterparts and by the different parties hereto on
separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A set of counterparts executed by all the parties hereto shall be lodged with the
Guarantors and the Administrative Agent. 
  
 25. All payments made
by any Guarantor hereunder will be made without setoff, counterclaim or other defense. 
  
 26. It is understood and agreed that any Subsidiary of the U.S. Borrower that is required to execute a counterpart of this Guaranty pursuant to the Credit Agreement shall automatically become a Guarantor hereunder by
executing a counterpart hereof and delivering the same to the Administrative Agent or by executing and delivering a supplement hereto in the form of Annex 1 hereto. 
  
 27. Any provision of this Guaranty held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a
particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
  
 * * * 
  

 11 

 IN WITNESS WHEREOF, each Guarantor has caused this Guaranty to be executed and delivered as of the date
first above written. 
  

			
	 THE GUARANTORS LISTED ON SCHEDULE 1
 HERETO

		
	 By:
	 	/S/    JOHN A.
CARNELLA        
	 	 	John A. Carnella
	 Title:
	 	Vice President

  
 [Signature Page
to Subsidiaries Guaranty] 
  

 Accepted and Agreed to: 
  

					
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	as Collateral Agent and Pledgee
		
	By:	 	/S/    LINDA
WANG        
	 	 	 Name:
	 	Linda Wang
	 	 	 Title:
	 	Vice President

  
 [Signature Page to
Subsidiaries Guaranty] 
  

 Schedule 1 to AMENDED AND RESTATED Subsidiaries Guaranty 
  
 GUARANTORS: 
  
 AIRPORT HOTELS LLC 
  

			
	AMELIATEL
	By:	 	 HMC AMELIA I LLC and HMC AMELIA II LLC,

	 	 	 its General Partners

  
 CALGARY CHARLOTTE HOLDINGS COMPANY 
  
 CHESAPEAKE FINANCIAL SERVICES LLC 
  

			
	CHESAPEAKE HOTEL LIMITED PARTNERSHIP
	By:	 	 HMC PLP LLC,

	 	 	 its General Partner

  

			
	CITY CENTER HOTEL LIMITED PARTNERSHIP
	By:	 	 HOST LA JOLLA LLC,

	 	 	 its General Partner

  
 DURBIN LLC 
  
 FARRELL’S ICE CREAM PARLOUR RESTAURANTS LLC

  
 FERNWOOD HOTEL LLC 
  

 14 

 HMC AMELIA I LLC 
  
 HMC AMELIA II LLC 
  

HMC AP CANADA COMPANY 
  
 HMC AP GP LLC 
  

			
	HMC AP LP
	By:	 	 HMC AP GP LLC,

	 	 	 its General Partner

  
 HMC
ATLANTA LLC 
  
 HMC BCR HOLDINGS LLC 

 
 HMC BURLINGAME LLC 
  
 HMC CAPITAL LLC 
  
 HMC CAPITAL RESOURCES LLC 
  
 HMC CHARLOTTE (CALGARY) COMPANY 
  

 15 

			
	HMC CHARLOTTE LP
	By:	 	 HMC CHARLOTTE GP LLC,

	 	 	 its General Partner

  
 HMC
CHARLOTTE GP LLC 
  
 HMC CHICAGO LLC 

 
 HMC COPLEY LLC 
  
 HMC DESERT LLC 
  

					
	HMC DIVERSIFIED AMERICAN HOTELS, L.P.
	By:	 	HMC DIVERSIFIED LLC,
	 	 	its General Partner

  
 HMC
DIVERSIFIED LLC 
  
 HMC EAST SIDE II LLC

  
 HMC GATEWAY LLC 
  
 HMC GEORGIA LLC 
  
 HMC GRACE (CALGARY) COMPANY 
  
 HMC GRAND LLC 
  

 16 

 HMC HANOVER LLC 
  
 HMC HARTFORD LLC 
  

HMC HEADHOUSE FUNDING LLC 
  
 HMC HOST RESTAURANTS LLC 
  
 HMC HOTEL DEVELOPMENT LLC 
  
 HMC HPP LLC 
  
 HMC HT LLC 
  
 HMC IHP HOLDINGS LLC 
  
 HMC JWDC GP LLC 
  
 HMC JWDC LLC 
  
 HMC LENOX LLC 
  
 HMC MANHATTAN BEACH LLC 
  

 17 

 HMC MARKET STREET LLC 
  
 HMC MAUI LLC 
  
 HMC MEXPARK LLC 
  
 HMC NGL LLC 
  

			
	HMC OLS I L.P.,
	By:	 	 HMC OLS I LLC,

	 	 	 its General Partner

  
 HMC
OLS I LLC 
  

			
	 HMC OLS II L.P.,

	By:	 	 HMC OLS I LLC,

	 	 	 its General Partner

  
 HMC
OP BN LLC 
  
 HMC PACIFIC GATEWAY LLC 

 
 HMC PALM DESERT LLC 
  
 HMC PARK RIDGE LLC 
  
 HMC PLP LLC 
  

 18 

 HMC POLANCO LLC 
  
 HMC POTOMAC LLC 
  
 HMC PROPERTIES I LLC 
  
 HMC PROPERTIES II LLC 
  
 HMC PROPERTY LEASING LLC 
  

			
	HMC RETIREMENT PROPERTIES, L.P.
	By:	 	 DURBIN LLC,

	 	 	 its General Partner

  
 HMC
SBM TWO LLC 
  
 HMC SEATTLE LLC 
  
 HMC SFO LLC 
  

			
	HMC SUITES LIMITED PARTNERSHIP
	By:	 	 HMC SUITES LLC,

	 	 	 its General Partner

  
 HMC
SUITES LLC 
  

 19 

 HMC SWISS HOLDINGS LLC 
  
 HMC TORONTO AIRPORT GP LLC 
  

			
	 HMC TORONTO AIRPORT LP

	 By:
	 	 HMC TORONTO AIRPORT GP LLC,
 its General Partner

  
 HMC
TORONTO EC GP LLC 
  

			
	 HMC TORONTO EC LP

	 By:
	 	 HMC TORONTO EC GP LLC,
 its General Partner

	
	 HMC/INTERSTATE MANHATTAN BEACH, L.P.

	 By:
	 	 HMC MANHATTAN BEACH LLC,
 its General Partner

  
 HMH
GENERAL PARTNER HOLDINGS LLC 
  
 HMH MARINA LLC

  
 HMH NORFOLK LLC 
  

			
	 HMH NORFOLK, L.P.

	 By:
	 	 HMH NORFOLK LLC,
 its General Partner

  

 20 

 HMH PENTAGON LLC 
  
 HMH RESTAURANTS LLC 
  
 HMH RIVERS LLC 
  

			
	 HMH RIVERS, L.P.

	 By:
	 	 HMH RIVERS LLC,
 its General Partner

  
 HMH
WTC LLC 
  
 HMT LESSEE PARENT LLC 
  
 HOST LA JOLLA LLC 
  

			
	 HOST OF BOSTON, LTD.

	 By:
	 	 AIRPORT HOTELS LLC,
 its General Partner

  

			
	 HOST OF HOUSTON 1979,

	 By:
	 	AIRPORT HOTELS LLC and HOST OF HOUSTON, LTD.,
	 	 	(By: AIRPORT HOTELS LLC, its General Partner),
	 	 	its General Partners

  

			
	 HOST OF HOUSTON, LTD.

	 By:
	 	 AIRPORT HOTELS LLC,
 its General Partner

  

 21 

 HOST PARK RIDGE LLC 
  
 IVY STREET LLC 
  
 IVY STREET HOPEWELL LLC 
  
 MARKET STREET HOST LLC 
  
 MDSM FINANCE LLC 
  

			
	 NEW MARKET STREET LP

	 By:
	 	 HMC MARKET STREET LLC,
 its General Partner

  
 PHILADELPHIA AIRPORT HOTEL LLC 
  
 PM
FINANCIAL LLC 
  

			
	 PM FINANCIAL LP

	 By:
	 	 PM FINANCIAL LLC,
 its General Partner

  

			
	 POTOMAC HOTEL LIMITED PARTNERSHIP

	 By:
	 	 HMC POTOMAC LLC,
 its General Partner

  
 PRM
LLC 
  

 22 

 ROCKLEDGE HOTEL LLC 
  
 S.D. HOTELS LLC 
  
 SANTA CLARA HMC LLC 
  
 TIMES SQUARE GP LLC 
  
 TIMES SQUARE LLC 
  

			
	WELLSFORD-PARK RIDGE HMC HOTEL LIMITED PARTNERSHIP
	 By:
	 	 HOST PARK RIDGE LLC,
 its General Partner

  
 YBG
ASSOCIATES LLC 
  
 The address for each of the Guarantors listed above is:

  
 c/o Host Marriott, L.P. 
 6903 Rockledge Drive 
 Suite 1500 
 Bethesda, Maryland 20817 
  

 23 

 ANNEX 1 TO AMENDED AND RESTATED 
 SUBSIDIARIES GUARANTY 
  
 FORM OF SUBSIDIARIES GUARANTY SUPPLEMENT 
  
 SUPPLEMENT NO.      dated as of [                            ]
(this “Supplement”), to the Amended and Restated Subsidiaries Guaranty, dated as of                     ,
         (the “Guaranty”), made by the Guarantors party thereto (immediately before giving effect to this Supplement) and accepted by Deutsche Bank Trust Company Americas as Collateral Agent
and Pledgee (each capitalized term used but not defined having the meaning given it in the Guaranty) for the benefit of the Creditors. 
  
 A. Reference is made to the Amended and Restated Credit Agreement, dated as of September 10, 2004 (as amended or modified from time to time, the
“Credit Agreement”), among Host Marriott, L.P. (the “U.S. Borrower”), each Canadian Revolving Loan Borrower from time to time party thereto, the lenders from time to time party thereto (the “Lenders”), and Deutsche Bank
Trust Company Americas, as Administrative Agent. 
  
 B. The
Guarantors have entered into the Guaranty in order to induce the Lenders to make Revolving Loans and to issue, and participate in, Letters of Credit pursuant to, and upon the terms and subject to the conditions specified in, the Credit Agreement.
Pursuant to Section 10.15 of the Credit Agreement, certain Subsidiaries of the U.S. Borrower may, after the date of the Guaranty, be required to enter into the Guaranty as a Guarantor. Section 26 of the Guaranty provides that such additional
Subsidiaries may become Guarantors under the Guaranty by execution and delivery of an instrument in the form of this Supplement. The undersigned (the “New Subsidiary Guarantor”) is a Subsidiary of the U.S. Borrower and is executing this
Supplement in accordance with the requirements of the Credit Agreement to become a Guarantor under the Guaranty in order to induce the Lenders to make additional Revolving Loans and to issue, and participate in, additional Letters of Credit and as
consideration for Loans previously made and Letters of Credit previously issued. 
  
 Accordingly, the Collateral Agent and the New Subsidiary Guarantor agree as follows: 
  
 SECTION 1. In accordance with Section 26 of the Guaranty, the New Subsidiary Guarantor by its signature below becomes a Guarantor under the Guaranty with
the same force and effect as if originally named therein as a Guarantor and the New Subsidiary Guarantor hereby agrees to all the terms and provisions of the Guaranty applicable to it as a Guarantor thereunder. Each reference to a
“Guarantor” in the Guaranty shall be deemed to include the New Subsidiary Guarantor. The Guaranty is hereby incorporated herein by reference. 
  
 SECTION 2. The New Subsidiary Guarantor represents and warrants to the Creditors that (i) this Supplement has been duly authorized, executed and delivered
by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its 

  

 
terms, subject to the effects of applicable bankruptcy, insolvency or similar laws effecting creditors’ rights generally and equitable principles of
general applicability and (ii) the representations and warranties contained in Section 11 of the Guaranty are true and correct as of the date hereof as to the New Subsidiary Guarantor. 
  
 SECTION 3. This Supplement may be executed in two or more counterparts, each of which shall constitute an original, but all
of which, when taken together, shall constitute but one instrument. This Supplement shall become effective when the Administrative Agent shall have received counterparts of this Supplement that, when taken together, bear the signatures of the New
Subsidiary Guarantor and the Administrative Agent. 
  
 SECTION 4.
Except as expressly supplemented hereby, the Guaranty shall remain in full force and effect. 
  
 SECTION 5. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  
 SECTION 6. In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any respect, neither
party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability of the remaining provisions contained herein and in the
Guaranty shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as
possible to that of the invalid, illegal or unenforceable provisions. 
  
 SECTION 7. All communications and notices hereunder shall be in writing and given as provided in the Credit Agreement. All communications and notices hereunder to the New Subsidiary Guarantor shall be given to it at the address set forth
under its signature, with a copy to the U.S. Borrower. 
  

 25 

 IN WITNESS WHEREOF, the New Subsidiary Guarantor and the Collateral Agent have duly executed this
Supplement to the Guaranty as of the day and year first above written. 
  
 Address: 
  

					
	 [NAME OF NEW GUARANTOR],
as Subsidiary Guarantor

			
	By	 	 	 	 

					
	 Name:
	 	 	 	 
	 Title:
	 	 	 	 
	 Address:
	 	 	 	 
	 	 	 	 	 
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Collateral Agent

					
			
	By	 	 	 	 

					
	 Name:
	 	 	 	 
	 Title:
	 	 	 	 

  

 26

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